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.
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).
Investment Philosophy
Sameeksha Capital's Equity Fund is a multi-cap strategy that is built on the back of a very strong fundamental research process. A core differentiation is that Sameeksha Capital does not follow a 'model portfolio' approach, instead choosing to structure portfolios based on the merits of fresh investments at any given point in time. Additionally, the portfolio retains the flexibility to hedge the portfolio using index futures to reduce downside risk in volatile markets. Sameeksha’s approach constitutes of 4 major factors:- Proprietary multi-layered stock selection checklist: Process addresses personal biases and help eliminate weak business models
- Value vs Quality Matrix: Quality with value discipline on proprietary framework.
- Active Sell Framework: Re-evaluation of hold or sell as stocks approach forward price
- Detailed Financial Models: home grown standardized earnings model providing insights into the quality and the value of the business
Risk Management
- Sectoral Exposure: <40%
- Loss Minimisation: Detailed review of the position at -15%. Typically done under normal market conditions after a review that no extraneous factors are affecting the stock price action.
- Concentration: Typically 15-30 stock concentrated portfolio based on bottom-up ideas. Large bets on very high conviction ideas.
- Cash Position: Flexibility to maintain cash position and partially hedging the portfolio through index futures (if allowed by the client)
- Investment horizon: >2 years but positions are reviewed periodically
- Position limit: 20% at cost and no greater than 30% on market value
- Flexibility: Does not follow a model portfolio approach. Only those stocks below buy level get bought in new accounts.
Trailing Performance
| 1yr | 3yr | 5yr | Since Inception | |
|---|---|---|---|---|
| Sameeksha Equity | 1.5 | 27.2 | 28.4 | 22 |
| S&P BSE 500 | -6.6 | 14.7 | 19.2 | 15.9 |
| Alpha over Broad Mkt BM | 8.1 | 12.5 | 9.2 | 6.1 |
Performance as of: 30-Sep-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.
