About Company
BayFort Capital
BayFort Capital is an international investment management and advisory firm founded in 2021 by former Franklin Templeton fund manager Ketul Sakhpara, specializing in managing concentrated, high-growth portfolios of top global companies. Focused on sectors like AI, robotics, and fintech, the firm utilizes a proprietary "RIGHT Analysis" to identify companies with strong moats, primarily focusing on US-listed entities. Based in Mumbai, it helps investors, particularly in India, diversify their portfolios to reduce volatility and hedge against currency depreciation.
Fund Snapshot
| Parameter | Details |
|---|---|
| Portfolio Type | Global Large Cap Growth |
| Structure | PMS / Separately Managed Account |
| Launch Date | 01 July 2022 |
| Benchmark | S&P 500 |
| Number of Stocks | 18–25 |
| Minimum Investment | INR 10,00,000 |
| Annual Management Fee | 2.5% (including GST) |
| Redemption Charge | None |
| Lock-in Period | None |
Fund Overview
The BayFort Capital Global Leaders Portfolio is a concentrated, global large-cap growth strategy designed to capture long-term value from innovation-led businesses across developed and emerging markets. Built as a PMS/Separately Managed Account (SMA), the portfolio focuses on a curated set of high-quality global companies that demonstrate strong competitive advantages, scalable business models, and consistent earnings visibility.
Launched on 1 July 2022, the strategy aims to combine disciplined stock selection with global diversification. The portfolio is benchmarked against the S&P 500, but its positioning is distinctly active, with a focus on outperforming through sector selection, innovation-led themes, and bottom-up analysis.
The portfolio is managed by Ketul Sakhpara, CFA, and follows a structured yet flexible investment framework designed to identify global leaders across high-growth sectors.
Investment Philosophy
The core philosophy is simple but execution-driven: invest in global leaders that are shaping the future of industries.
The strategy avoids over-diversification and instead focuses on identifying companies with:
- Structural growth drivers
- Strong balance sheets
- High return ratios
- Sustainable competitive moats
The emphasis is on long-term capital appreciation supported by innovation, rather than short-term market movements.
Why Consider This Portfolio
1. Global Diversification
The portfolio maintains a geographic allocation of approximately:
- ~70% United States
- ~30% Rest of the World
This ensures exposure to the world’s largest and most innovative markets while also capturing growth opportunities in emerging economies.
2. Access to Global Leaders
The strategy invests in multinational companies that are not listed in India. This allows investors to participate in sectors and business models that are otherwise inaccessible through domestic markets.
3. Innovation-Focused Investing
The portfolio is built around disruptive and future-oriented sectors such as:
- Artificial Intelligence
- Autonomous Vehicles
- Telehealth
- Biotech
- Robotics
- Renewable Energy
- Cloud Infrastructure
These sectors are expected to drive the next phase of global economic growth.
4. Concentrated High-Conviction Approach
With 18–25 stocks, the portfolio is intentionally concentrated. Each position is selected based on deep research and carries meaningful weight, allowing strong ideas to contribute significantly to returns.
5. Currency Diversification
Investing globally provides a natural hedge against rupee depreciation and local market volatility. This becomes particularly relevant for investors with future foreign currency obligations such as overseas education.
Portfolio Composition and Metrics
The portfolio demonstrates strong financial quality across its holdings.
Selected Company Metrics
| Company | Gross Margin | EBITDA Margin | ROE (LTM) | EPS CAGR (CY25–27) |
|---|---|---|---|---|
| Microsoft | 69% | 54% | 36% | 17% |
| Palantir | 82% | 51% | 26% | 41% |
| KLAC | 60% | 41% | 91% | 22% |
| Novo Nordisk | 85% | 49% | 89% | 8% |
| Sea Limited | 42% | 4.8% | 1.4% | 42% |
Portfolio-Level Metrics
| Metric | Value |
|---|---|
| Portfolio Weighted Avg ROE | 50% |
| EPS CAGR (CY24–26) | 22% |
| PE (CY25) | 36.8x |
These metrics indicate a portfolio tilted towards high-return businesses with strong earnings growth visibility.
Sector and Geographic Allocation
The portfolio spans multiple geographies:
- United States
- European Union
- Israel
- Latin America (Brazil, Mexico, Argentina, Peru, Chile)
- APAC (Indonesia, Malaysia, Vietnam, Thailand)
This multi-region exposure reduces dependency on a single economy and enhances diversification.
Investment Strategy: RIGHT Analysis Framework
The portfolio follows a proprietary investment framework known as “RIGHT Analysis.”
Step-wise Process
Step 1: Stock Universe Creation
- Start with ~100 stocks across selected sectors
Step 2: Right to Win + Innovation
- Narrow down to ~50 stocks
- Focus on companies with strong competitive positioning
Step 3: Growth & TAM Analysis
- Reduce to ~35 stocks
- Evaluate companies with at least 15% growth potential and expanding market size
Step 4: Valuation Discipline
- Further filter to ~20 stocks
- Ensure valuation comfort and sustainability
Step 5: High Conviction Portfolio
- Final portfolio of ~15–20 stocks
- Position sizing based on conviction
Sector Selection Approach
The investment process begins with identifying the top 10 sectors globally. The rationale is straightforward—select industries with strong economic tailwinds before selecting individual stocks.
Key filters include:
- High Total Addressable Market (TAM) growth
- Presence of global leaders
- Operating leverage potential
- Digital disruption trends
- Regulatory shifts
- Innovation intensity
This approach ensures that stock selection is supported by favorable sector dynamics.
Alpha Generation Strategy
The portfolio aims to generate alpha through a combination of:
- Identifying inflection points in industries
- Understanding core technology and business models
- Detailed financial analysis and forensic accounting
- Long-term trend alignment
The focus is not just on growth, but on sustainable and high-quality growth.
Risk Management Framework
Risk management is integrated at every stage of the investment process.
Key Principles
- Limit stock-level exposure to less than 20%
- Maintain sector diversification
- Avoid excessive macro exposure
- Focus on high-quality balance sheets
The objective is to reduce systemic risk while allowing stock-specific returns to drive performance.
Global Investing Rationale
Global investing is no longer limited to ultra-high-net-worth investors. It is increasingly becoming relevant for HNIs as well.
Key Benefits
- Access to global innovation
- Exposure to high-growth sectors unavailable in India
- Diversification across currencies and economies
- Participation in global market leaders
- Protection against domestic market volatility
Portfolio Structure and Operational Details
| Parameter | Details |
|---|---|
| Portfolio Weight per Stock | <20% |
| Market Cap Focus | USD 10 Billion and above |
| Depository | US DTC System |
| Investment Route | LRS (via Indian banks) |
| Demat Setup | International account via Interactive Brokers |
Investment Process Strengths
1. Data-Driven Approach
The strategy uses global databases and analytical tools to enhance decision-making.
2. Global Expertise
The team has experience managing international portfolios and identifying cross-market opportunities.
3. Sector-Led Investing
Strong sector selection provides both upside potential and downside protection.
4. Bottom-Up Stock Selection
Every investment is backed by detailed company-level research.
Who Should Consider This Portfolio
This portfolio is suitable for:
- Investors seeking global diversification
- Individuals planning future foreign currency expenses
- HNIs looking for exposure beyond Indian markets
- Investors comfortable with a concentrated strategy
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Learn about the experienced fund managers responsible for investment decisions, portfolio strategy, and long-term fund performance.
Sunil Subramaniam
Shri Sunil Subramaniam is a seasoned professional in the financial services industry with over 40 years of experience spanning the public sector (State Bank of India, United India Insurance), multinational banks (American Express Bank, Bank of America), and the private sector (Sundaram Mutual Fund). He retired as Managing Director of Sundaram Mutual Fund in 2024. Having joined the company in 2005 as Vice President – Retail Distribution, he went on to lead several key functions over the years — including Sales and Marketing (2007), International Business (2013), and served as Deputy CEO (2014), CEO (2015), and Managing Director (2018). During his tenure, the company’s Assets Under Management (AUM) grew at a CAGR of 20.9% per annum, expanding from ₹2,256 crore to ₹80,791 crore.
Ketul Sakhpara
Ketul Sakhpara, CFA, Founder of BayFort Capital, brings over 26 years of cross-functional experience spanning equity research, fund management, and technology innovation. Prior to founding BayFort, he served as Head of Equity Research at Mahindra Manulife Mutual Fund and earlier managed Franklin Templeton’s Global Infrastructure Fund from New York, where he led global research across regions including Europe, South America, Australia, and China, contributing to a consistent four-star Morningstar rating for the flagship fund. He was also part of a long-short equity hedge fund at Tudor Pickering in the US, which outperformed the CS Hedge Fund Index across periods. Earlier in his career, he worked as a Senior Research Engineer at Samsung’s Wireless Terminals Lab in Dallas, holding multiple patents in mobile technology. He is a CFA charterholder with a Bachelor’s in Engineering from the University of Pune, an MS from Rochester Institute of Technology, and an MBA from the University of Texas at Austin.
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The BayFort Capital Global Leaders Portfolio is a global large-cap growth PMS strategy that invests in 18–25 high-conviction stocks across international markets. It focuses on innovation-driven companies with strong financials and long-term growth potential.
The portfolio is managed by Ketul Sakhpara, who brings over 26 years of experience in global equity research, fund management, and technology-led investing.
The minimum initial investment is ₹10,00,000, with additional investments starting from ₹90,000. Investments are made through the Liberalised Remittance Scheme (LRS) for global exposure.
The portfolio typically holds between 18 to 25 stocks, following a concentrated strategy to ensure meaningful allocation to high-conviction ideas.
The portfolio focuses on innovation-led sectors such as AI, biotech, robotics, renewable energy, cloud infrastructure, autonomous vehicles, and digital platforms.