Sameeksha India Equity Fund

What Is Sameeksha India Equity Fund PMS?

Sameeksha India Equity Fund is a discretionary Indian equity Portfolio Management Service (PMS) from Sameeksha Capital Private Limited that seeks superior absolute returns from a focused portfolio of 15–35 listed companies across market caps and sectors. Running since 1 April 2016 and managed by founder and CIO Bhavin Shah, it is benchmarked to the BSE 500 TRI, requires a minimum investment of ₹50 lakh and managed ₹1,331.97 crore as of 31 August 2026.

Its research-led, bottom-up approach focuses on business quality, management, competitive advantages, cash flow, capital efficiency and valuation. The portfolio can exceed 35 stocks when the manager sees fit, may hold selected ETFs or mutual funds, and can keep cash when attractive opportunities are scarce.

This PMS is separate from the Sameeksha Capital Investment Fund, a Category III AIF; the two have different structures, documents, liquidity, taxation and performance histories.

Sameeksha India Equity Fund PMS Snapshot

Sameeksha India Equity Fund PMS Performance

Sameeksha India Equity Fund PMS has returned 20.67% annualised since inception to 31 August 2026, against 14.76% for the BSE 500 TRI, and 7.29% over one year against 4.72%, as reported to APMI.

As on 31 August 2026. Source: APMI. Returns are TWRR; periods over one year are annualised. Past performance does not indicate future returns. Compare strategies on ALTPORT's PMS performance page.

Sameeksha India Equity Fund Multi-Cap Investment Strategy

Sameeksha India Equity Fund follows a flexible multi-cap, flexi-cap approach, picking large-, mid- and small-cap companies wherever it finds the best risk-adjusted opportunities instead of allocating by index weights.

The portfolio is built from fundamental company research, looking for businesses where growth opportunity, competitive advantage, management quality and valuation combine into an attractive long-term investment. With 15–35 holdings, it can carry meaningful exposure to individual stocks and sectors, which makes position sizing central to the process.

How Sameeksha Selects Stocks for the PMS

Sameeksha India Equity Fund selects companies by weighing business opportunity, competitive advantage, management quality, financial strength and valuation, aiming for attractive absolute and risk-adjusted returns.

Business opportunity: companies in large and growing markets that can support sustainable earnings growth.

Competitive advantage: pricing power, market position, customer relationships, cost advantages, barriers to entry and industry structure that protect margins and share.

Management quality: capital-allocation decisions, corporate governance, promoter behaviour, related-party transactions, business strategy and execution record.

Financial quality: revenue and earnings growth, cash-flow generation, return on invested capital, capital efficiency and balance-sheet strength.

Valuation: a strong business is not attractive at any price, so the team uses methods such as discounted cash flow (DCF) and excess-ROE analysis to judge whether expected returns justify the risk.

Sameeksha's Valuation Discipline and Absolute-Return Approach

Sameeksha India Equity Fund aims for superior absolute returns, meaning it focuses on the size and quality of returns relative to the risk taken, not on beating the index every period. It does not mean positive returns in every market.

Valuation drives this approach. The team weighs current valuation, future earnings, cash flow, return on capital and equity, sustainable growth, competitive position and downside risk. When opportunities are scarce or valuations do not justify more exposure, the portfolio can stay partly in cash rather than fully invested.

Portfolio Construction and Concentration Limits

Sameeksha India Equity Fund typically holds 15–35 companies, with indicative limits of 40% in any one sector and, for any one company, 15% at cost or 30% at market value. These are strategy limits, not a description of current holdings, and actual weights change with investment decisions, market moves and rebalancing.

Role of Cash Across Market Cycles

Sameeksha India Equity Fund adjusts its equity exposure to the opportunities available: it invests more when valuations are attractive and enough strong ideas exist, and holds cash or reduces exposure when they are not.

This can cause cash drag when markets rise strongly, but it gives the manager room to deploy capital when good opportunities appear. It is not a claim that the strategy can consistently time market tops and bottoms.

Sameeksha India Equity Fund Minimum Investment, Fees and Exit Load

The minimum investment in Sameeksha India Equity Fund PMS is ₹50 lakh, in line with SEBI's PMS minimum. Investors can choose a fixed fee of 2.25%, or a variable plan of a 0.6% management fee plus a 20% performance fee above a 7% cumulative hurdle applied to a high-water mark. A 3% exit load applies in the first year.

Fees can vary by client agreement, so confirm the fee plan, GST, expenses, performance-fee mechanics, high-water mark and exit terms before investing.

PMS Taxation

In Sameeksha India Equity Fund PMS, securities are held in the client's own account, so tax depends on each transaction, the holding period, the type of security, the investor's status and current tax rules. Take advice from a qualified tax professional. See ALTPORT's guide to PMS taxation.

Sameeksha India Equity Fund PMS vs Sameeksha Capital Investment Fund AIF

Sameeksha India Equity Fund is a PMS, while Sameeksha Capital Investment Fund is a Category III AIF; they are separate products and their performance should never be used in place of each other.

For a broader comparison, see mutual fund vs PMS vs AIF.

Who Should Invest in Sameeksha India Equity Fund PMS?

Sameeksha India Equity Fund PMS suits HNIs, entrepreneurs, professionals, family offices and other eligible investors who can commit at least ₹50 lakh for the long term and want an actively managed, concentrated multi-cap Indian equity portfolio. Investors should:

• Understand Indian equity-market volatility
• Be comfortable with concentrated portfolios
• Accept periods of underperformance
• Understand that capital is at market risk

It should be judged as part of an overall asset allocation, not on past returns alone. Investors comparing options can browse the best PMS in India or speak to an ALTPORT advisor.

Sameeksha India Equity Fund PMS Risks

The main risks of Sameeksha India Equity Fund PMS are equity-market, concentration, market-cap, valuation, cash-drag, manager, liquidity and capital-loss risk.

Equity-market risk: Market-wide falls reduce portfolio value.

Concentration risk: Large positions in single companies or sectors mean one decline can hit returns hard.

Market-cap risk: Mid and small caps can be more volatile and less liquid.

Valuation risk: A strong company can still deliver poor returns if bought too expensively.

Cash risk: Holding cash can lag the market when equities rise strongly.

Manager risk: Results depend on the manager's research, portfolio construction and execution.

Liquidity risk: Market conditions can make it hard to trade at desired prices.

Capital-loss risk: There is no guarantee of positive returns or capital preservation.

Meet the Fund Manager: Bhavin Shah

Bhavin Shah is the founder and CIO of Sameeksha Capital and the fund manager of Sameeksha India Equity Fund PMS. Before founding Sameeksha Capital, he founded Equirus Securities. His approach centres on process-driven fundamental research, business quality, valuation discipline and finding companies with attractive long-term return potential, rather than tracking market indices.

Related Sameeksha Strategies

Sameeksha Capital also runs the Sameeksha Capital Investment Fund (Category III AIF), the GIFT City-based Sameeksha India Flexicap Equity Fund and the multi-asset Sameeksha India Diversified Investment Strategy. Each has its own structure, objective, asset allocation and risk profile.

How to Invest in Sameeksha India Equity Fund PMS

Investing in Sameeksha India Equity Fund PMS through ALTPORT involves:

1. Confirming eligibility
2. Reviewing the strategy and disclosures
3. Completing KYC
4. Setting up demat and bank accounts
5. Signing the PMS agreement
6. Choosing a fee plan
7. Transferring funds or securities
8. Completing onboarding