About Company
Chanakya Capital
Chanakya Fund Trust AIF also known as Chanakya Capital AIF, is a reliable private pooled investment vehicle that allows Indian and foreign investors to profit from a defined investment strategy. We focus on investing in unlisted securities of SMEs or securities of SMEs that are listed or proposed to be listed on a SME exchange or SME segment of an exchange. We are sector-agnostic, and we strive to identify and invest in the best opportunities to achieve our investment objective. As a Category II AIF-SME Fund, our main goal is to arrange, manage, and dispose of investments in Portfolio Entities in accordance with the Regulations. At Chanakya Fund, we take a holistic approach to Finance, Business, and Corporate Law.
What Is Chanakya Multi Cap?
Chanakya Multi Cap is the listed-equity PMS strategy managed by Chanakya Capital Services Private Limited, Mumbai. The strategy has been in operation since 13 August 2018, with Nifty 50 TRI as its benchmark and a minimum investment of ₹50 lakh. APMI currently reports AUM of ₹335.72 crore as of 31 July 2026.
The supplied Chanakya presentation describes the approach around concentrated stock selection, fundamental research, business transformation, margin of safety and a proprietary market-timing algorithm.
Chanakya Capital SEBI Registration and Company Snapshot
| Particular | Details |
| Legal name | Chanakya Capital Services Private Limited |
| Business | Portfolio Management Service (PMS) |
| SEBI PMS registration | INP000006040 |
| Registration date | 25 June 2018 |
| Strategy | Chanakya Multi-Cap |
| Strategy inception | 13 August 2018 |
| Benchmark | Nifty 50 TRI |
| Current AUM | ₹335.72 crore |
| AUM date | 31 July 2026 |
| Minimum investment | ₹50 lakh |
| Registered address stated in presentation | F-115, Nahar & Seth Industrial Estate, Next to P&G Plaza, B D Chakala Road, Andheri (E), Mumbai – 400099 |
| CIN | Not stated in the supplied Chanakya presentation/APMI material reviewed |
APMI identifies Chanakya Capital Services Private Limited under registration number INP000006040, with registration dated 25 June 2018. Its latest available strategy-level disclosure lists Chanakya Multi-Cap with AUM of ₹335.72 crore and a ₹50 lakh minimum investment.
Chanakya Capital's Investment Approach
Chanakya's investment approach combines fundamental company research, valuation discipline and portfolio concentration. The firm says it focuses on understanding management, cash flows and the underlying business rather than relying only on external market information. Its process also emphasises identifying businesses undergoing transformation or moving into a new phase of growth.
A central part of the approach is margin of safety. Chanakya states that it does not invest when the perceived margin of safety is inadequate, even where the underlying business appears attractive. Its valuation framework incorporates discounted cash flow analysis and considers ownership quality, management, values, vision, business model and long-term competitiveness.
The firm also describes a proprietary algorithm for market timing and order management. The stated objective is to deploy capital gradually and seek better pricing during periods of market volatility rather than relying on a single entry point.
Portfolio construction is deliberately selective. The presentation describes a concentrated portfolio in which the top 15 companies can constitute a significant portion of the portfolio, reflecting the firm's stated preference to invest only after developing strong conviction through research.
Chanakya Multi Cap PMS Strategy
APMI currently lists Chanakya Multi-Cap as an equity Portfolio Management Services strategy provided by Chanakya Capital Services Private Limited. The strategy is benchmarked against Nifty 50 TRI and has an inception date of 13 August 2018.
| Strategy | Type | Mandate / Approach |
| Chanakya Multi Cap | Equity PMS | Listed-equity portfolio using fundamental research, management assessment, valuation discipline, margin of safety and selective portfolio construction |
The Chanakya presentation also provides portfolio-composition data dated 30 April 2026. At that date, the portfolio had 48.91% large-cap, 5.33% mid-cap, 28.84% small-cap, 16.56% holding companies and 0.36% cash.
The holding-company allocation represents underlying shares of holding companies, which the presentation separately identifies in its portfolio disclosure.
Chanakya Multi Cap: Key Portfolio Metrics
| Metric | As of 30 April 2026 |
| Large Cap | 48.91% |
| Holding Companies | 16.56% |
| Mid Cap | 5.33% |
| Small Cap | 28.84% |
| Cash | 0.36% |
| Average Market Cap | ₹2.52 lakh crore |
| Average P/E | 19.56 |
| Chanakya-estimated weighted average margin of safety | 300% |
Chanakya Multi Cap Minimum Investment and Fees
The minimum investment for Chanakya Multi-Cap is ₹50 lakh, in line with the PMS minimum investment disclosed by APMI. The strategy's stated benchmark is Nifty 50 TRI.
| Term | Current disclosed detail |
| Minimum investment | ₹50 lakh |
| Benchmark | Nifty 50 TRI |
| Fixed fee | 1.5% AMC charge |
| Performance fee | 20% profit sharing |
| Hurdle | 8% |
| Exit load | NA in APMI disclosure |
| Inception | 13 August 2018 |
| AUM | ₹335.72 crore as of 31 July 2026 |
The supplied Chanakya presentation separately describes the strategy as having no exit load, while APMI's current disclosure records the exit-load field as NA. Investors should therefore confirm the applicable commercial terms in the latest PMS documentation before investing.
Chanakya Multi Cap vs Multi-Cap Mutual Fund
A multi-cap PMS and a multi-cap mutual fund can both invest across large-, mid- and small-cap companies, but the portfolio construction framework can differ materially.
A PMS provides a separately managed portfolio for the client rather than pooling all investors into a common mutual-fund portfolio. This allows the portfolio manager to exercise greater discretion over individual holdings, position sizes and portfolio changes. For investors weighing direct equity vs portfolio management services in India, this discretion is one of the defining differences. A PMS delegates security selection to a professional manager while still holding stocks in the investor's own name, sitting between the hands-on control of direct equity and the fully pooled structure of a mutual fund.
Chanakya Multi Cap's disclosed portfolio illustrates this discretion: as of April 2026, its allocation was not evenly distributed across large-, mid- and small-cap stocks, with almost half of the portfolio in large caps and a substantial allocation to small caps and holding companies.
This distinction is important when comparing a multi-cap PMS with a multi-cap mutual fund. Multi-cap PMS should not automatically be interpreted as a portfolio that maintains equal exposure to each market-cap segment. The actual allocation depends on the PMS's investment mandate and the manager's portfolio-construction decisions.
Key Risks of a Multi-Cap Equity PMS
Chanakya Multi Cap carries the risks associated with listed Indian equities, along with risks arising from its specific portfolio construction approach.
Market risk: Equity valuations can decline because of economic, earnings, interest-rate, geopolitical or market-wide developments.
Concentration risk: Chanakya describes a concentrated portfolio approach, meaning individual holdings can have a meaningful impact on overall portfolio outcomes.
Small-cap and liquidity risk: The April 2026 portfolio had 28.84% in small-cap companies. Smaller companies can experience greater price volatility and lower trading liquidity during stressed markets.
Market-cap allocation risk: Portfolio weights can move materially between large-, mid- and small-cap companies. Different market cycles can favour different segments.
Manager-judgement risk: Fundamental stock selection, valuation assumptions and portfolio construction depend on investment judgement.
Algorithm and execution risk: The strategy uses a proprietary approach to market timing and gradual deployment. Its effectiveness may vary across market environments.
Valuation risk: Even companies with strong businesses can experience declines if market valuations contract.
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Chanakya Multi-Cap
Benchmark: Nifty 50 TRI
Compare fund returns and benchmark performance across multiple investment periods using a visual bar graph.
Review and compare fund returns against benchmark performance across different investment periods in a detailed tabular format.
Chanakya Capital Services Private Limited
| AUM(Cr.) | 1M | 3M | 6M | 1Y | 2Y | 3Y | 4Y | 5Y | Ince. | |
| Performance | ₹347.59 | 3.10 | 5.80 | 2.75 | 19.54 | 9.30 | 16.88 | 19.83 | 17.69 | 15.84 |
| Benchmark | NA | -1.14 | 2.89 | -3.60 | -0.35 | -1.19 | 9.00 | 9.13 | 8.32 | 11.01 |
Learn about the experienced fund managers responsible for investment decisions, portfolio strategy, and long-term fund performance.
Rajesh Kumar
Rajesh Kumar oversees the investment strategies and portfolio management at Acepro. With over nine years of experience in capital markets, investment banking, and business valuation, he specializes in identifying pricing-value mismatches. Prior to his current role, he served as a Research Analyst at firms such as Kotak Securities and Kredent Capital. He holds a B.Com (H) and is a CFA (Domestic) candidate, bringing a data-driven approach to the firm's equity research.
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Find answers to common questions about fund investments, performance, portfolio strategy, and investor services.
Chanakya Multi Cap is an equity PMS strategy offered by Chanakya Capital Services Private Limited. It invests in listed equities and uses fundamental research, valuation discipline, management assessment and portfolio-construction principles. APMI records its inception as 13 August 2018 and its benchmark as Nifty 50 TRI.
The strategy has been referred to as the Growth Plan in the supplied page brief, while APMI's current listing identifies it as Chanakya Multi-Cap. For the current public-facing strategy name, Chanakya Multi-Cap should be used, with the Growth Plan reference retained where the registered nomenclature needs to be explained.
APMI currently lists Dr. Rajesh Kumar Tiwari as the fund manager. He is also identified in the Chanakya presentation as CIO & Principal Officer.
Chanakya Multi Cap is specifically identified with Chanakya Capital Services Private Limited. The available materials reviewed do not establish a corporate relationship between this PMS and other investment products carrying the Chanakya name. They should therefore not be treated as interchangeable entities.
A multi-cap PMS is a professionally managed equity portfolio that can invest across different market-cap segments. Unlike a standard pooled mutual-fund structure, a PMS provides portfolio management for individual client accounts, subject to the applicable mandate and investment terms.
The market-cap allocation of a PMS should be evaluated according to its own mandate and regulatory framework rather than automatically applying the portfolio-allocation rules used for multi-cap mutual funds. Chanakya's disclosed April 2026 portfolio demonstrates that its allocation is not evenly divided between large-, mid- and small-cap segments.
Chanakya Multi Cap is a PMS, allowing portfolio decisions to be implemented at the individual-account level. Its disclosed approach also permits significant concentration and differentiated allocations across market-cap segments.
No. The terms describe different investment approaches. A multi-cap strategy generally maintains exposure across multiple market-cap segments, while a flexicap approach typically gives the manager greater freedom to move between segments. The exact mandate should be checked for each product.
Chanakya's investment process focuses on company fundamentals, management quality, business model, long-term competitiveness, cash flows and margin of safety. Portfolio weights can consequently reflect the firm's conviction in individual opportunities rather than a fixed equal-weight market-cap formula.
APMI reports ₹335.72 crore as of 31 July 2026 for Chanakya Multi-Cap. AUM is subject to change with market movements, subscriptions, redemptions and portfolio activity.
The disclosed minimum investment is ₹50 lakh.
Key risks include equity-market volatility, concentration, small-cap liquidity, valuation risk, market-cap allocation changes, investment-manager judgement and the risks associated with portfolio execution and the strategy's proprietary market-timing process.
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