Fund manager Siddhartha Bhaiya shared his final investment perspectives before his untimely passing on December 31, expressing measured optimism about selective global opportunities while maintaining caution on Indian equities. The renowned value investor identified specific regional themes he believed offered better risk-adjusted returns in international markets.

Global Investment Outlook

In his final interview with PMSBazaar, Bhaiya outlined his strategic preferences across major global markets. He expressed particular interest in three distinct regional themes that he viewed as attractive investment opportunities.

"As I said, we currently do not find valuation comfort in the Indian markets. However, we do see some good opportunities in international markets," Bhaiya stated in the interview.

Portfolio Repositioning Strategy

The fund manager had implemented significant portfolio changes in recent months, dramatically reducing equity exposure in favor of gold investments. His ₹4,000 crore fund reflected this strategic shift with substantial precious metals allocation.

Bhaiya identified three key factors driving his decision to reduce equity positions:

• Stretched valuations across Indian markets
• Widespread market euphoria around specific geographies, sectors, and stocks
• Corporate governance concerns affecting investment quality

Investment Philosophy and Approach

"We remain keen observers of market trends and note that current valuations appear quite rich. Regardless of market corrections, our approach remains bottom-up—focused on individual businesses, valuation comfort and growth prospects," Bhaiya explained in his final interview.

The value investor emphasized that overall market price-to-earnings ratios held less relevance than individual portfolio valuations. He particularly viewed Indian small-cap stocks as trading at premium valuations and saw limited rationale for maintaining significant exposure amid growing market frenzy.

Legacy of Multibagger Success

Bhaiya's investment track record included several notable multibagger achievements that established his reputation as a skilled small-cap investor. His most celebrated stock selections delivered exceptional returns over extended periods.

Additional successful investments included JSL, GAEL, HEG, Finolex Cables, and TIIL as 20-baggers, while HIL, Garware, CCL Products, Cosmo First, Maithan Alloys, Nilkamal, and Power Mech Projects generated over 10x returns.

Final Market Assessment

The chartered accountant-run PMS achieved top performance in 2025, reflecting Bhaiya's disciplined investment approach. His final market commentary emphasized the importance of maintaining focus on individual business fundamentals rather than broader market sentiment. This bottom-up methodology had consistently helped manage downside risks while generating substantial returns for investors throughout his career.

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.