Under the steward of founder & CIO Bhavin Shah, the Sameeksha India Equity Fund has converted an RS 1 crore investment at the Inception in March 2016 in approximately RS 8.8 Crore by July 2025, with a time weight (TWR) of 26% for reimbursements and costs.
In a conversation with Etrarkets on the sidelines of the APMI conference in Mumbai, Shah breaks down the investment philosophy that has driven this growth-in bottom-up fundamental research, a strong macro-overlay, rigorous valuation discipline and a laserce on the risks of the capacity, also while also while also while further while Including downturns.
Edited fragments –
V) Tell us something about your investment method. The Sameekha India Equity Fund is about to complete 10 years. Take us through the performance and how much wealth one would have generated if they have invested in the launch. A) First, at Sameeksha, our investment method is rooted in bottom-up fundamental analysis with a strong macro overlay.
We build free cash flow or equivalent models for each company based on detailed industrial assessments and the structural growth potential of India.
For each company we estimate a real value of two to three years or more, and discount it back to arrive at a “buy below” price using a required return adapted for liquidity and volatility of the profit. We also consider traditional valuation statistics and rigorous applying qualitative filters such as corporate governance and management quality.
Risk management is an integral part of our strategy. We provide positions based on how easily they can be traded without market effects and adapt dynamically to market stress when needed.
To answer your question about performance and wealth creation for almost 10 years: since the beginning of March 2016, the investment approach of Sameeksha has yielded strong long -term results.
An RS 1 crore investment by the first investor in the main portfolio, for example, has grown to approximately RS 8.8 Crore by 31 July 2025, which delivers a TWRR of 26% before reimbursements and costs.
These results show the potential wealth creation that our strategy can deliver through disciplined implementation in various market cycles.
We note that in the first two years of our activities, because we were still building our possibilities, wore a lot of money in the portfolio, which influenced the performance in those early years.
Main takeaway restaurants:
- Consistent outperformance: 53 consecutive rolling periods of five years to deliver meaningful Alfa, with a median Alfa of 8-9% and top decile performance in every period.
- Superb performance in downmarkets, with the downward admission of only 43% in the past five years – even for the most possession and respected investment funds.
- Alpha supplied pre-covid, during Covid and post-known periods.
- Alpha delivered seven consecutive years (including the current partial year).
V) Which sectors look attractive, especially after the recent tariff measures, and which should investors consider reducing exposure?
A) We continue to like individual opportunities in many sectors, including IT-Intended Services, select Small-Cap IT, digital consumption games, jewelry and related companies, select chemical and energy companies and distribution.
We see foam in many fast -growing sectors that have supplied strong recent growth and are expected to continue to do this, resulting in very high valuations. This includes names in defense, renewable energy, engineering and some consumer sectors.
(Disclaimer: recommendations, suggestions, views and opinions of experts are their own. These do not represent the views of economic times)
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