Sameeksha Equity
Sameeksha PMS | Equity | | PMSIME's View on Sameeksha Equity
Strategy
Concentrated GARP Strategy (with room for aggresive Cash-Calls)
Investment Fund
Sameeksha Capital's Equity Fund strategy is a strong flexi-cap strategy, run by a highly pedigreed fund-manager founder with a strong focus on institutionatlised research process. While we do like the fund, we find (a) a very high 5 cr min requirement (b) the lack of a fixed fee option, as important impediments for a large number of investors.
Fund's Strategy View
Sameeksha's Equity Fund is a concentrated (15-30 stock), Flexi-cap strategy (ability to move across market capitalizations) that follows a GARP (Growth at the Right Price) approach to investing. The strategy allows for more aggressive cash calls based on market views, and hedging of the portfolio (based on client consent) in case of expected market declines.
Fund Performance
The fund has outperformed peers & is amongst the top performing schemes in this category in the last 5 year trailing returns. In terms of longer-term annual performance, performance has been consistent, with the fund having outperformed it's benchmark in over 60% of annual calendar years.
IME's View on Sameeksha PMS
View on AMC
Sameeksha Capital's credibility is based on founder Bhavin Shah's extensive experience as a top-rated senior analyst at JP Morgan & Credit Suisse, and as head of Equirius Research. With a focus on fundamental research and proprietary tools, Sameeksha Capital is a strong boutique option among PMS firms.
AMC's Pedigree
Sameeksha Capital's strong pedigree is founded on founder Bhavin Shah's expertise in fundamental research. The firm has developed robust institutional research processes and proprietary tools to enhance their research capabilities.
AMC Team
Bhavin Shah brings a distinguished track record in equity research, having been a top-ranked institutional Asia-Pacific technology analyst at both Credit Suisse and JP Morgan. He also played a pivotal role in building Equirus Securities from the ground up before founding Sameeksha Capital. Known for his strong research pedigree, Bhavin brings deep fundamental research principles and philosophies to Sameeksha’s investment approach.
Investment Philosophy
Sameeksa Capital uses a rigorous fundamental research process, based on Bhavin's extensive experience as a top-rated equity analyst, to identify appealing investment opportunities. They are fairly dynamic in their approach - taking active cash calls & rotating across market capitalisation based on their market view (for example smallcap exposures have moved from as high as 60% in CY23-24 to sub 30% in CY21-22, & they have taken 20%+ cash calls a few times in the past).
AMC Background
Sameeksha Capital was founded in 2015 by Bhavin Shah, a highly acclaimed equity and technology analyst, initially as a vehicle to manage his personal capital within a structured framework before being opened to external investors via a PMS platform. The AMC’s pedigree is closely tied to Bhavin Shah’s strong fundamental research credentials, particularly in the technology sector, where he has received multiple industry awards. This deep research background has shaped Sameeksha’s identity as a research-led PMS with a strong emphasis on process, discipline, and bottom-up stock selection.
Investment Philosophy
Sameeksha’s investment philosophy is anchored in Bhavin Shah’s time-tested fundamental research approach, which has been institutionalised into robust internal processes and proprietary frameworks. The philosophy focuses on combining business quality with valuation discipline, actively managing downside risks, and continuously reassessing investment merit as prices evolve.
Core Pillars of the Philosophy
- Proprietary Multi-layered Stock Selection Checklist: A structured process designed to eliminate weak business models while reducing behavioural and personal biases.
- Value vs Quality Matrix: A proprietary framework that ensures high-quality businesses are purchased with valuation discipline.
- Active Sell Framework: Continuous reassessment of holdings as stocks approach forward intrinsic value, ensuring capital is redeployed efficiently.
- Detailed Financial Models: Standardised, in-house earnings models that provide granular insights into both business quality and valuation.
Risk Management
- Sectoral Exposure: Capped at <40% to limit concentration risk.
- Loss Minimisation: Mandatory review of positions that decline ~15%, conducted under normal market conditions to distinguish stock-specific issues from broader market volatility.
Portfolio Construction
Sameeksha follows a flexible, bottom-up portfolio construction approach centred on conviction rather than model portfolios. Portfolios are tailored based on prevailing opportunities at the time of investment, with active use of cash and selective hedging when appropriate.
- Concentration: Typically 15–30 stocks, with larger weights in high-conviction ideas.
- Cash & Hedging: Ability to hold cash and partially hedge using index futures (subject to client mandate).
- Investment Horizon: >2 years, with periodic review of all positions.
- Position Limits: Maximum 20% at cost and no more than 30% at market value.
- Execution Flexibility: No rigid model portfolio; only stocks trading below buy levels are added to new client accounts.
Suitable For
Investors seeking a concentrated, research-driven PMS strategy backed by strong fundamental analysis, active portfolio management, and disciplined downside risk controls.
Trailing Performance
| 1yr | 3yr | 5yr | Since Inception | |
|---|---|---|---|---|
| Sameeksha Equity | 6.6 | 25.7 | 25.8 | 22 |
| S&P BSE 500 | 4.9 | 14.6 | 17.2 | 16.2 |
| Alpha over Broad Mkt BM | 1.7 | 11.1 | 8.6 | 5.8 |
Performance as of: 30-Nov-25 | Inception Date: 01-Apr-16 | Performance are post-fees, pre-taxes. Global funds denominated in USD or fund currency.
Investment team
Bhavin Shah | 4-star rated FM
Founder & Fund Manager | 29 yrs Experience | 10 yrs at current firm
Past Experience: Equirius Securities (Founder & CEO), JP Morgan (Head-Asia Pac Tech Research), Credit Suisse (Head-Asia Pac Tech Research)
Bhavin Shah comes with impeccable research credentials, especially in the technology space where he has repeatedly been a top-ranked analyst by Global Institutional Investors. He has also been responsible for building up 3 institutional equity franchises - at Equiris and the technology desks for JP Morgan & Credit Suisse.
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