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Global Investment Council
INDEPENDENT THINKING. COLLECTIVE ACCOUNTABILITY
Every investment decision at Aequitas is grounded in the philosophy that has guided us since inception seeking businesses with significant wealth-creation potential while maintaining valuation discipline and a margin of safety.
Our Global Investment Council meets regularly to explore long-term economic themes, broad asset allocation frameworks, and the future evolution of our shared investment philosophy. Operating entirely at a high level, this forum is dedicated to forward-looking research and strategic insights rather than day-to-day fund management, stock selection, or transaction-level decisions. All portfolio execution and investment choices remain strictly autonomous, managed solely by our dedicated fund managers and authorized product teams. The Global Investment Council brings together investment experience, independent perspectives and governance oversight to challenge every thesis before capital is committed.
GLOBAL INVESTMENT COUNCIL MEMBERS
Fund Manager, India PMS
Pratiksha Daftari
With experience of over 15 years, Pratiksha specializes in the analysis of macro-economic scenario and its bearing on markets at large on investee companies and new investment opportunities. She brings a blend of expertise as a qualified CA and an MBA graduate from the Indian School of Business. Her proactive approach, patience, and passion led to her appointment as Fund Manager for our PMS in India in August 2022.
with Aequitas since 2017
“It’s always about finding those mispriced opportunities, and once you find them, time does its magic and validates your thesis”
Fund Manager & Principal Officer, GIFT City
Subham Agarwal
Subham comes with 10+ yrs. of industry experience which includes Investment Banking. Post completing Chartered Accountancy course he went onto pursue his career in Equity investment in listed space. With an added entrepreneurial background Subham is valued in the team for his fresh and rounded perspective on business challenges and processes. His profound interest and awareness of global events along with his tactical shrewdness to navigate market tides led to his appointment as the Fund Manager for our GIFT City funds, since inception.
with Aequitas since 2019
“True conviction in market can only be made via independent thinking and that’s the paramount principle behind every decision made”
Fund Manager, India AIF
Niharika Jain
She comes with 8+ yrs. of experience. A Fellow Chartered Accountant, having cleared all 3 levels CFA (US), Niharika stands tall for her micro-analytical and data crunching skills. With exposure across all market capitalization companies, she is a specialist in bottom-up stock selection. She was the first intern ever at Aequitas who got absorbed as a full-time employee and eventually got appointed as the Fund Manager for the India AIF in 2023.
with Aequitas since 2021
“One thing that is absolutely non-negotiable for us is Valuation. We would never buy great businesses or booming businesses at any price. We insist on having margin of safety.”
Managing Director
Bhavna Jhunjhunwala
With Master’s in Financial Engineering from Baruch College, New York, she comes with over 20 years of cross-domain experience spanning financial risk analytics, software engineering and entrepreneurship. Her diverse professional experience brings a strong analytical and risk-oriented perspective to the Global Investment Council, complementing Aequitas’ bottom-up investment approach with a structured lens on markets and decision-making.
Principles and processes are sacrosanct at Aequitas. They have defined how we invest, how we operate and how we serve our stakeholders. That will never change.”
Co-Founder & Director of Compliance & Operations
Neerav Shah
A Chartered Accountant with over 20 years of experience, Neerav brings deep institutional and governance expertise to Aequitas. As Aequitas’ Director, Compliance, Neerav provides an independent governance lens to the Global Investment Council, ensuring that investment decisions are supported by robust controls, regulatory discipline and the highest standards of fiduciary responsibility. He has been instrumental in embedding an ‘Investors First’ culture at Aequitas, with transparency and investor interests at the forefront of firm’s operations.
with Aequitas since inception
“Aequitas was founded with ‘Investors First’ principle. Every process and every decision ultimately serve the people who have entrusted us with their capital.”
OUR PRINCIPLES, PRACTISED.
Our principles are best understood not by what we say, but by the decisions we have made when staying true to them wasn’t always the easiest choice.
Investor First, Always
Aequitas was built around direct investor relationships, transparent communication and a no-distributor approach to ensure expectations are understood and made clear right from the first discussion.
We Invest
By Choice
We do not invest simply because markets are rising. When valuations do not offer an adequate margin of safety, we are willing to hold cash and wait rather than compromise on capital preservation.
Principles
Before Business
There have been occasions when we have chosen not to charge fees because we did not believe it was the right outcome for our investors.
Long-term trust matters more than short-term commercial gain.
Conviction
over Capital
When we could not find sufficient value in Indian equities, we stopped accepting fresh capital rather than growing AUM at the cost of investment discipline.
Invested Alongside You
We put our own capital behind the strategies we manage. Aequitas continues to invest meaningfully in its own funds (wherever permissible), aligning our outcomes with those of our investors.
3-PILLARS TO AEQUITAS’ MULTIBAGGER APPROACH
At Aequitas, Multibaggers are discovered at the intersection of three principles: compelling Value, the conviction to think Contrarian, and the potential for sustained Growth, all evaluated with a margin of safety at the forefront. Ideas are researched independently, debated collectively and continuously tested against fundamentals, valuation and downside risk.
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VALUE
The Valuation has to be reasonable. This is important because there has to be potential re-rating. A combination of EPS growth and P/E-rerating leads to multibagger returns.
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CONTRARIAN
Contrarian approach does not mean doing the opposite of others, it rather means doing things differently. Buying in popular names will not provide multibagger returns.
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GROWTH
The company has to be a growth company with above average growth potential for the next 3-5 years. Markets reward a higher P/E multiple for growth companies
Our Principles, Practised
Our principles are best understood not by what we say, but by the decisions we have made when staying true to them wasn't always the easiest choice.
Investor First. Always
Aequitas was built around direct investor relationships, transparent communication and a no-distributor approach to ensure expectations are understood and made clear right from the first discussion.
We Don't Invest Because We Have To
We do not invest simply because markets are rising. When valuations do not offer an adequate margin of safety, we are willing to hold cash and wait rather than compromise on capital preservation.
Doing Right Before Doing Business
There have been occasions when we have chosen not to charge fees because we did not believe it was the right outcome for our investors. Long-term trust matters more than short-term commercial gain.
Conviction over Capital
When we could not find sufficient value in Indian equities, we stopped accepting fresh capital rather than grow AUM at the cost of investment discipline.
Invested Alongside You
We put our own capital behind the strategies we manage. Aequitas continues to invest meaningfully in its own funds, aligning our outcomes with those of our investors.
THE AEQUITAS APPROACH IS UNCHANGED SINCE THE INCEPTION IN 2013
Aequitas was built on the belief that outsized wealth creation comes from independent thinking, deep research, valuation discipline with capital protection and the courage to act differently from the market. Today, those time tested & proven principles are embedded in an institutional investment process and carried forward by a team entrusted with protecting the philosophy while continuously challenging the decisions that emerge from it.
The Aequitas Approach is unchanged from when the firm started in 2013.
Aequitas was built on the belief that outsized wealth creation comes from independent thinking, deep research, valuation discipline with capital protection and the courage to act differently from the market. Today, those principles are embedded in an institutional investment process and carried forward by a team entrusted with protecting the philosophy while continuously challenging the decisions that emerge from it.
ADDRESSING A FEW POINTERS USUALLY ASKED BY INVESTORS
? What is the role of the Global Investment Council at Aequitas?
The Global Investment Council brings together investment expertise, analytical perspectives and governance oversight to explore long-term economic themes, broad asset allocation frameworks, and the future evolution of our shared investment philosophy. Operating entirely at a high level, this forum is dedicated to forward-looking research and strategic insights.
? How are investment decisions made at Aequitas?
Investment ideas emerge from bottom-up research and are tested through analysis, discussion and challenge. Decisions are guided by our core principles of value, growth and contrarian thinking, with valuation discipline and margin of safety at the forefront.
? Who has the final say on investment decisions?
All portfolio execution and investment choices remain strictly autonomous, managed solely by our dedicated fund managers and authorized product teams.
? What role does governance play in the investment process?
Governance provides an independent layer of discipline around the investment process, helping ensure that decisions remain consistent with regulatory requirements, internal frameworks and the fiduciary responsibility we carry towards our investors.
? Does Aequitas invest alongside its investors?
Yes. Aequitas promoters (wherever permissible), along with team members are encouraged to invest their own capital across the investment offerings, aligning our outcomes with those of our investors.
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