Itmarkets PMS Talk: Rs. 1 crore to 8.8 million – 26% TWRR tour of Samiksha Capital in a decade, Bhavin Shah Decodes

From a gentle start to the most consistent track record in portfolio management space, the Samyaksha Capital’s long journey is a study of disciplinary investment.

Under the steward of founder and CIO Bhavin Shah, the Semaksha Bharat Equity Fund was set up at Rs. Investing Rs 1 crore, which is 26% time-to-time-weight rate (TWRR) clocked before the fee and cost.

In a conversation with Etmarkets next to the APMI conference in Mumbai, Shah conducted this growth-which releases the ability to produce alphana on Bottom-up fundamentals research, a strong macro-overlay, solid valuation discipline, and risk management.

Edited quotes –

Q) Tell us a little about your investment method. The Samiksha Bharat equity fund is to be completed for 10 years. Please take us by display and how much wealth they have created if they invested in the launch.

A) First, in the same, our investment method is in the bottom-up basic analysis with a strong macro-overlay.

We create long -term free cash flow or equivalent models for each business based on detailed industry assessments and the possibility of structural growth of India.

For each company, we estimate the reasonable value of two to three years or more, and discount it back to reach “buy down” prices using the returns needed for earning fluid and instability.

We also consider the traditional valuation matrix and strictly apply qualitative filters such as corporate governance and management quality.

On the side of the sale, if the stock now offers sufficient return possibility or if there is a fundamental waste we trim or exit.

Risk management is integral to our strategy. We size the positions depending on how easily they can be traded without the impact of the market, and dynamically adapts to the tensions of the market when needed.

To answer your question on operations and property creation in about 10 years: Since the establishment in March 2016, the approach of investing in a co -operation has received strong long -term strong results.

For example, the first investors in the lead portfolio will get Rs. 1 crore investment has been around Rs 8.8 crore by 31st July 2025, delivering TWR of 26% before the fee and cost.

These results showed potential property creation that our strategy can provide through disciplinary execution in a varied market cycle.

We have noticed that in the first two years of our operation, we were still making our abilities, we carried a lot of cash in the portfolio, which affected the influence in the early years.

Key Takeway:

• Continuous Outperformance: 53 consecutive rolling of a five-year period of delivering meaningful alpha with an average alpha of 8-9% and top decil performance in each period.
• The brilliant performance in the down markets, with the loss of only 43% in the last five years – also confirms the most owned and respected mutual funds.
• Alpha delivered pre-equal, during Kovid and later periods.
• Alpha delivered for seven consecutive years (including the current partial year).

Q) Which areas are looking attractive, especially after recent tariff measures, and which investors should consider reducing contact?

A) We continue to select personal opportunities in many areas, including IT-enabled services, small-cap IT, digital consumption plays, jewels and related businesses, chemicals and chemicals, and distribution.

We see froths in many high growth areas that have strengthened recent development and are expected to continue this, resulting in a lot of evaluation. These include defense, renewable energe zodiac, engineering and some consumer field names.

(Disclaimer: The views given by recommendations, suggestions, opinions and experts are their own. This does not represent the views of the economic time)