The Indian financial community is in mourning following the sudden and tragic demise of Siddhartha Bhaiya, the visionary founder and managing director of Aequitas Investment Advisors. Bhaiya, one of Dalal Street's most respected and closely followed stock pickers, passed away on December 31, 2025, after suffering a sudden cardiac arrest. He was on a family vacation in New Zealand at the time. He was 47 years old.
The Architect of a Rs 7,700-Crore Platform
Siddhartha Bhaiya founded Aequitas Investment Consultants in 2012, embarking on an entrepreneurial journey after a successful tenure of nearly seven years as a fund manager at Nippon India Mutual Fund. Over the next decade, through sharp insight and disciplined strategy, he transformed the firm into a powerhouse portfolio management service (PMS) and alternative investment fund (AIF) platform. The firm's assets under management grew to an impressive Rs 7,700 crore.
His investment philosophy was renowned for its focus on identifying promising small-cap and mid-cap companies early in their growth cycles. This approach paid monumental dividends. His flagship offering, the India Opportunities PMS Fund, delivered a compounded annual growth rate (CAGR) of nearly 33% over 13 years. This translated into staggering absolute returns of approximately 3,700%, cementing its status as one of the top-performing portfolio strategies on Dalal Street.
A Contrarian Voice in a Frenzied Market
A chartered accountant by training, Bhaiya was celebrated as a true contrarian investor. He masterfully blended value investing principles with growth-oriented picks, consistently avoiding crowded trades. In recent years, he became increasingly vocal about his caution regarding Indian equity valuations. For much of 2025, his PMS was reported to be holding an unusually high cash level of close to 80%.
In an interview, he had explained this stance, stating, "Given the valuations that the Indian smallcap is currently quoting at and the frenzy across investors about Indian capital markets, I don't see any logic in being invested." Just last month, at a public event, he characterized the prevailing market environment not as a sustainable bull run but as a "bubble of epic proportions."
Reflecting this prudent and forward-looking view, Aequitas had begun strategically diversifying. The firm had started allocating parts of its portfolio into gold ETFs and overseas investments, a move designed to reduce its overall dependence on what Bhaiya perceived as overvalued Indian equities.
A Legacy of Intellectual Honesty and Vision
In an official statement, Aequitas Investment Advisors expressed profound sadness at the loss of its leader. The firm remembered Bhaiya as its driving force, describing him as "not only a visionary investor, but also a builder of institutions." The statement highlighted his deep commitment to intellectual honesty, disciplined decision-making, and long-term thinking.
The firm assured stakeholders that it remains firmly aligned with the investment philosophy and long-term objectives laid down by its founder. His passing leaves a significant void in the Indian investment landscape, but the principles and the formidable institution he built stand as a testament to his exceptional career. Siddhartha Bhaiya's legacy as a disciplined, contrarian thinker who delivered extraordinary returns will continue to influence market participants for years to come.
