Siddhartha Bhaiya, the counter-stock picker who turned Rs 10 lakh into Rs 4 crore in 13 years

Mumbai-based, 47-year-old chartered accountant Siddhartha Bhaiya, who passed away this Wednesday after suffering a cardiac arrest while on holiday in New Zealand, was a counter-stock picker who looked at both value and growth investing principles to pick smallcap and midcap multibagger stocks early on. His Rs 4,000 crore PMS fund, India Opportunities Fund, has grown at an astonishing growth rate of 33% CAGR, which means that Rs 10 lakh invested in his fund would have grown to around Rs 4 crore in just 13 years.The maverick had managed to pick enough multibaggers like Avanti Feeds (100-bagger), Apar Industries, Sanghvi Movers, JSL, HEG, Finolex Cables and Nilkamal among others in its PMS fund launched in February 2013. What set him apart from his peers was not only his multibagger approach, astonishing returns, but also his daring and contrarian approach.

In November 2024, when most of his peers were cautiously optimistic about the stock market, citing India’s long-term growth prospects, Bhaiya’s firm Aequitas declared the company was 80% cash-ridden, citing a deadly combination of high valuations and tepid economic growth.Also read | India’s top smallcap multibagger fighter Siddhartha Bhaiya passes away after cardiac arrest

He later moved his cash holdings to gold ETFs and managed to top the charts again. In the last year ending November 2025, his fund was the top performer with an annual return of 36%, according to PMS Bazaar data. The bold call to sell multibaggers to buy gold ETFs and make them 81.5% of his portfolio has clearly paid off. At the end of November, the fund also owned stakes in Technocraft Industries and Petronet LNG, in addition to 2% in a silver ETF.

His audacity was on public display last month when, at a prosperity summit, he described the current market as a “bubble of epic proportions” rather than a healthy bull phase.

The multibagger hunter had earlier said that he sees no logic in investing given the valuations that the Indian small cap is currently trading at and the investor frenzy over the Indian capital markets. His investment approach involved identifying currently ignored stocks that have a catalyst that could catapult the company’s revenue and revalue the company’s price-to-earnings ratio.

Bhaiya believed in holding the stock throughout the wealth creation journey, making his average holding period about three years.

“We have had several multi-baggers so far, some of which have been 5 baggers to even 100 baggers for our investors. But the priority and focus is always on the investment process and sticking to our investment DNA. We invest with a high margin of safety in top quality companies with growth potential over a long period of time,” the PMS fund manager had earlier told ET Markets in an interview.

Avanti Feeds, in which Bhaiya achieved 100x returns, is probably his biggest successful stock pick. He made 50x returns in Apar Industries and Sanghvi Movers. Small caps like JSL, GAEL, HEG, Finolex Cables and TIIL were 20-baggers for him. Other stocks where he achieved more than 10x returns are HIL, Garware, CCL Products, Cosmo First, Maithan Alloys, Nilkamal and Powermech.