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Sameeksha Equity

Scheme Rating

IME Scheme Rating

5 of 5 stars

Good Flexi-cap Investment Option: 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.

IME Strategy Rating

4 of 5 stars

Concentrated Flexi-cap Strategy: 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.

PMS Scheme Ratings are driven by IME’s Proprietary Scheme Rating Methodology, which takes into account our ratings of the Scheme’s investment strategy, its maturity, the investment team, and our separate rating on the AMC that runs this particular scheme. Our views on each of these individual criteria are available via the IME RMS – which you can view by reaching out to one of our relationship managers (using either the live chat or book appointment feature on this site).

IME View on Sameeksha Equity

Type: Flexi Cap | GARP | AUM (1540.3 cr) | Inc Date (01 Apr 2016)

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.

Key Aspects of Portfolio Construction

  • 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 44.7 25.4 35.3 24.9
S&P BSE 500 TRI 41.1 18.9 22.9 18.6
Alpha over Broad Mkt BM 3.6 6.5 12.4 6.3
Nifty 500 40.2 17.7 21.5
Alpha over Category BM 4.5 7.7 13.8

Performance as of: 31-Aug-24 | Inception Date: 01-Apr-16

Fund Managers

Bhavin Shah | 5-star rated FM

Founder & Fund Manager | 28 yrs Experience | 9 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.

Fee Structure

Fee StructureFee
Fixed Fee Structure
Variable Fee StructuresOption 1 (1.2% fixed + 20% performance over 10% hurdle) | Option 2 (0.85% fixed + 35% performance over BSE500 TRI)
Exit Fees1yr (3%)

AMC

AMC: Sameeksha PMS (click link for detailed AMC review)

Highly recommended for aggressive investors : Sameeksha Capital's credibility is built on the strong fundamental research credentials of its founder Bhavin Shah. Bhavin has worked as a top-rated senior analyst at JP Morgan & Credit Suisse, post which he headed Equirius Research prior to setting up Sameeksha Capital. The combination of a highly-pedigreed fundamental research driven-manager, robust research processes combined with proprietary research tools, and strong performance make Sameeskha a good boutique option amongst PMS firms.

AMC Rating

5 of 5 stars

AMC Pedigree

4 of 5 stars

AMC Size

4 of 5 stars

Team Pedigree

5 of 5 stars

Inv Philosophy

5 of 5 stars

Performance

5 of 5 stars

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Note: PMS AMC & Scheme Reviews and Ratings are based on IME Capital’s Proprietary Review and Rating Methodology (read more here: AMC Rating & Scheme Ratings). These reflect the unbiased views of our central research team, based on our assessment of the investment value of these PMS/AIF strategies for our investors. We follow a highly stringent rating-criteria, where approximately 50% of PMS AMC’s & strategies would be rated 2-star or below (this is not meant to indicate that these funds are not investment-worthy, but that they do not currently fulfill the requirements we focus on for recommending funds to our investors — based on our internal views on the merit of the AMC/strategy relative to peers). Reviews & Ratings are primarily based on research of publicly available information (SEBI disclosures, PMS websites, PMS-aggregation platforms, webinar recording, media interviews etc.) and no explicit consent is required from AMCs for the same. While we endeavour to do further due-diligence via direct interactions with the investment teams of AMCs, this is typically restricted to AMC’s that meet our foundational fund selection criteria (reviews on lower-rated AMCs are often based solely on publicly available information). The views reflected in our Reviews & Ratings, are our independent views and may not be shared by the AMC’s and the investment teams. Please read detailed disclaimer for more.

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