'When There's Blood On Street': Late Siddharth Bhaiya's Bold Multibagger Strategy
The article explores the investment philosophy and legacy of Siddhartha Bhaiya, who passed away at 47, revealing his contrarian 'blood on street' strategy that generated exceptional returns through market corrections. His approach delivered 33% CAGR over 13 years and identified five multibagger stocks including Avanti Feeds (120x returns) and Apar Industries (37x returns), building Aequitas into a Rs 7,700 crore asset management firm.
*this image is generated using AI for illustrative purposes only.
Siddhartha Bhaiya, Managing Director and Chief Investment Officer of Aequitas Investment Advisors, passed away on December 31, 2025, at the age of 47 following a sudden cardiac arrest while on a family vacation in New Zealand. The Mumbai-based chartered accountant was renowned for his contrarian stock-picking approach that combined value and growth investing principles to identify multibagger smallcap and midcap stocks at early stages.
The 'Blood On Street' Investment Philosophy
Bhaiya's investment strategy was built on a bold contrarian principle: "I want to see blood on the Street because that's when you make a multibagger." In an exclusive interview with NDTV Profit, he revealed how Aequitas made substantial profits during market corrections, particularly during March 2020 when COVID-19 lockdowns triggered a major market downturn. "We made a lot of money in small-and midcaps during March 2020," he explained, emphasizing that "whenever there's a correction on the Street, we'll be the one buying most of the stocks."
| Investment Philosophy: | Key Elements |
|---|---|
| Strategy: | Contrarian approach during market corrections |
| Focus Period: | March 2020 COVID correction |
| Target Segments: | Small-cap and mid-cap stocks |
| Approach: | Bottom-up stock selection |
| Market View: | Long-term bullish on India |
Exceptional Investment Performance and Growth
Bhaiya's India Opportunities Fund, launched in February 2013, delivered remarkable returns with a 33.00% compound annual growth rate (CAGR). This exceptional performance meant that Rs 10 lakh invested in his fund would have grown to approximately Rs 4 crore over 13 years. Under his leadership, Aequitas grew to manage assets worth Rs 7,700 crore, offering specialized services including Portfolio Management Services (PMS), Alternative Investment Funds (AIF), and Offshore Fund Management.
| Investment Metric: | Performance Details |
|---|---|
| Fund CAGR: | 33.00% over 13 years |
| Rs 10 Lakh Investment Growth: | Rs 4 crore |
| Fund Launch: | February 2013 |
| Assets Under Management: | Rs 7,700 crore |
| Maximum Absolute Returns: | 2,800% |
| Recent Annual Return: | 36.00% (ending November 2024) |
The Five Multibagger Champions
Aequitas' website showcases five multibagger stocks, all in the small-cap space, that propelled the firm's growth and contributed to its standing among India's best asset management companies. These strategic picks managed to beat the benchmark Nifty 50 by substantial margins during their respective investment periods.
| Stock Name: | Sector | Returns Multiple | Investment Period |
|---|---|---|---|
| Avanti Feeds: | Aquaculture/Shrimp Feed | 120x | April 2012 - April 2018 |
| Apar Industries: | Electrical & Energy | 37x | April 2012 - April 2023 |
| Gujarat Ambuja Exports: | Exports | 27x | December 2012 - December 2022 |
| Power Mech Projects: | Engineering Services | Multibagger | - |
| Jindal Stainless: | Steel | Multibagger | - |
Cautious Market Stance and Recent Positioning
Despite his long-term bullish view on India, Bhaiya maintained a cautious stance in recent years, warning that investor exuberance was running ahead of fundamentals. He described the recent rally as a "bubble of epic proportions" rather than a bull run, noting stretched valuations in Indian markets compared to other Asian emerging markets. In November 2024, Aequitas held 80.00% of its portfolio in cash, later moving these holdings to gold ETFs, making gold 81.50% of the portfolio.
Legacy and Vision
Prior to founding Aequitas in 2012, Bhaiya worked with the PMS division of Nippon India Mutual Fund for nearly seven years, earning recognition as one of its youngest fund managers. His vision was to scale Aequitas into a $1 billion net worth organization. In a statement, Aequitas described Bhaiya as the "driving force" behind the firm and "not only a visionary investor, but also a builder of institutions — deeply committed to intellectual honesty, disciplined decision-making, and long-term thinking."
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