The Indian investment management industry mourns the loss of Siddhartha Bhaiya, Managing Director and Chief Investment Officer of Aequitas Investment Consultancy, who passed away on December 31 due to cardiac arrest during a family vacation in New Zealand. He was 47 years old.

Leadership and Vision at Aequitas

Bhaiya was described as "the driving force behind Aequitas" by the investment firm in a note to investors. The company emphasized that he was not only a visionary investor but also a builder of institutions. His approach prioritized generating returns over building assets under management, viewing AUM growth as a natural byproduct of performance.

The firm's growth trajectory under his leadership demonstrates his investment philosophy's effectiveness:

Investment Philosophy and Approach

A chartered accountant by qualification, Bhaiya founded Aequitas in 2012 with the mission "to break free from the conventional ways of wealth generation" for investors. He was known for taking bold bets in his pursuit of multibagger stocks and generating alpha for investors. His contrarian approach to investing was evident in his recent social media activity, where he posted on LinkedIn just three weeks before his passing: "The market PE doesn't matter. The valuations of your portfolio matters."

According to Aequitas, Bhaiya's "ability to combine rigorous analysis with clarity of purpose shaped Aequitas into a distinctive organisation grounded in strong values, robust processes and a culture of accountability."

Professional Background

Before founding Aequitas, Bhaiya had accumulated over a decade of experience in the asset management industry. His LinkedIn profile indicated he served as one of the youngest fund managers at the portfolio management services division of Nippon India Mutual Fund. His professional journey also included positions at:

• Stratcap Securities
• Principal PNB AMC
• Reliance Capital Asset Management

Industry Recognition

Bhaiya's impact on the investment community extended beyond his firm's performance. Harsh Gupta Madhusudan, Fund Manager at Ionic Asset by Angel One, shared his condolences on social media platform X, describing Bhaiya as "an independent minded and genuinely contrarian investor and entrepreneur" who was "very health conscious" and "regular at the gym."

The sudden loss of Siddhartha Bhaiya represents a significant blow to India's investment management industry, particularly in the small-cap and contrarian investment space where he had established a distinctive presence through Aequitas Investment Consultancy.

Siddhartha Bhaiya, the managing director and chief investment officer at Aequitas, passed away at the age of 47 following a cardiac arrest during a family vacation in New Zealand on December 31. The veteran fund manager's sudden demise has sent shockwaves through India's asset management industry, leaving behind a remarkable legacy of identifying smallcap multibaggers.

Personal Philosophy and Inspiration

In a revealing interview with PMSBazaar, Bhaiya once mentioned he would have been a "bean counter" if he hadn't become an investor. A bean counter is an informal term for an accountant, auditor, or finance professional who is seen as overly focused on numbers, costs, and details. The chartered accountant-turned-fund manager drew inspiration from Warren Buffett, particularly admiring the legendary investor's ability to make consistently sound decisions over long periods of time.

For Bhaiya, longevity separated great fund managers from the good ones, and his motto was not to confuse brilliance with bull markets. This philosophy guided his investment approach throughout his career at Aequitas.

Exceptional Stock Picks and Returns

Bhaiya's investment acumen was demonstrated through his remarkable track record of identifying multibagger opportunities. His portfolio showcased extraordinary returns across various smallcap companies:

Investment Approach and Market Views

Bhaiya's investment philosophy centered on generating outsized returns by investing in small-cap undiscovered companies. His approach was characterized by bottom-up stock selection methodology and a multibagger investment approach with exposure across all market capitalization segments.

Recently, he had described the current market as a "bubble of epic proportions" rather than a healthy bull phase. He maintained a disciplined approach, focusing on individual businesses, their valuation comfort, and growth prospects to manage downside risks while generating good returns.

Contrarian Investment Strategy

As a value investor, Bhaiya strongly advocated for gold, reflecting his contrarian mindset. The November data shows that the ₹4,000.00 crore fund had 81.50% of its holdings invested in gold ETFs. Among bold calls that Aequitas took as a fund house, Bhaiya mentioned buying Gold ETFs and the decision to invest internationally and diversify away from Indian equities.

Leadership Legacy at Aequitas

Bhaiya was instrumental in taking Aequitas from a start-up to one of the consistently best performance track-record in the industry. Under his leadership, the company established itself among the top asset management companies in India, offering specialized services across portfolio management services, alternative investment funds, and offshore fund management. His PMS fund was the top performer in the latest period, cementing his reputation as one of India's most successful smallcap multibagger hunters.