The Indian equity markets every year throw up a set of companies that deliver superior absolute returns while beating the benchmark indices by a big margin. There are however few companies that consistently deliver such high returns over the 1-year, 3-year, 5-year, 10-year and 15-year time frame.
The India Whizdom Fund (IWF) has a well-defined investment philosophy that seeks to find these companies in the early stages of their evolution. Many of these companies are in the mid-cap space. Inadequate research and analyst coverage of a number of such companies presents an untapped opportunity to leverage a private equity investment approach to identify high potential investments.
IWF leverages the vast private equity and public market expertise and experience of the fund management team for both pre-investment due diligence and post-investment value add through proactive engagement with management, where necessary.
It is sector agnostic and builds a high conviction concentrated portfolio of companies. The portfolio is built over a period of time after adequate research.
It follows a Buy-and-Hold investment approach keeping in view the risk-reward equation over a 3-5 year investment horizon. The portfolio therefore witnesses negligible churn over its investment horizon.
IWF follows a disciplined and well-defined fundamental investment approach to pick stocks based on the Management-Business-Valuation (MBV) framework.
The fund management team has identified critical quantitative and qualitative parameters to screen each of its targets. The key theme of the Fund is to invest in and patiently hold companies for a long period of time for the compounding effect to play out and for the true value of the investment to be realized.
The Fund has consciously chosen to primarily invest in companies with a market capitalization in the range of INR 10 billion (~USD 150 million) to INR 200 billion (~USD 3 billion), based on its analysis.
CEO – Listed Strategies
Alroy Lobo is a Kotak veteran. He has a total work experience of over 27 years in Indian equity markets...Read More
Bhavin Shah is the Co-founder of Kotak India Whizdom Fund (IWF) and Director - Listed Strategies at Kotak Investment Advisors Ltd.Read More
Gagan Thareja joined Kotak Listed Strategies in April 2016. Gagan has 15+ years of experience in equity research...Read More
Alroy Lobo is a Kotak veteran. He has a total work experience of over 27 years in Indian equity markets.
He joined the Kotak Group as an equity research analyst in September 1993 when Kotak Securities was just building its equity research franchise. Alroy covered IT services, pharmaceuticals and the cement sectors and was ranked highly by polls conducted by Institutional Investors and Asia Money. Alroy rose to become the Head of Equity Research, Equity Strategist and the Head of Institutional Equities at Kotak Securities, at a time when Goldman Sachs was a joint venture partner. Alroy spent about 14 years in the institutional equities business at Kotak Securities, advising global institutional investors. He spearheaded formulation of a proprietary framework called ‘WHIZDOM’ at Kotak Institutional Equities, which is a powerful framework for evaluating stocks. Kotak Institutional Equities is ranked among the best equity research houses in India for several years by institutional investors.
Alroy’s next assignment was at Kotak Asset Management, where he played the role of Chief Strategist and Global Head of Equities Asset Management for over 8 years. He built a solid buy-side research team at Kotak AMC. He institutionalized fund management by creating robust investment systems and processes to aid fund management performance. These included a proprietary portfolio analytics tool called ‘K-PAX’, mid-cap and large cap model portfolios, knowledge management systems, broker voting systems and performance evaluation systems. Alroy, along with his buy-side research team, actively advised Kotak’s equity fund management team across Kotak Group entities, on stocks, sectors, portfolio construction and portfolio optimization. Alroy has spent a great deal of time interacting with institutional investors and family offices across the world to build and grow Kotak’s International Asset Management business.
Alroy joined Kotak Investment Advisors Ltd. in August 2015 as CEO - Listed Strategies to continue his passion in Indian equities. He is the Founding Member of the India Whizdom Fund, where he leverages his wealth of public equity experience and expertise, gathered over more two and a half decades.
Alroy is an accomplished Chartered Financial Analyst from CFA Institute as well as ICFAI. He is a first ranker in Masters in Management Studies (Finance) from Sydenham Institute of Management, Mumbai (1988). He is a gold medalist in Bachelor of Mechanical Engineering from Regional Engineering College, Srinagar (1985). He is also a gold medalist Chartered Financial Analyst from ICFAI (1995).
Bhavin Shah is the Co-founder of Kotak India Whizdom Fund (IWF) and Director - Listed Strategies at Kotak Investment Advisors Ltd.
He brings over 21 years of total work experience in equity investments across private equity, investment banking\M&A and public market investments.
Bhavin has been with the Kotak Group since 2006 across several roles. Bhavin joined Kotak in the Investment Bank where he led private equity fund raising efforts for corporates across multiple sectors. In 2008, he moved to Kotak Private Equity where he led several private equity transactions (listed and unlisted) and represented the fund on company boards.
In 2015, he co-founded the India Whizdom Fund and the listed strategies platform at Kotak Investment Advisors Ltd. He has been instrumental in building the fund’s philosophy of private equity style investment approach in public markets to deliver superior risk adjusted returns. The Fund leverages his private equity experience and expertise to make long term investments in public equities.
Prior to joining Kotak, he worked with a Hong Kong based private equity fund focused on outsourced tech enabled services. Subsequently he set up the India business for a global KPO company and built it to 2,000+ team members.
Bhavin has completed his Masters’ in Business Management from Indian Institute of Management (IIM), Ahmedabad. He is also a qualified Chartered Accountant and holds a Bachelor’s degree in Commerce from Sydenham College, Mumbai.
Gagan Thareja joined Kotak Listed Strategies in April 2016. Gagan has 15+ years of experience in equity research equally split on the buy and sell side. In the last 3 years with India Whizdom Fund as equity analyst, Gagan has helped build the investment portfolio and conducting ongoing maintenance research on invested companies.
Prior to joining Kotak, he spent 4 years with Comgest India Advisors, Indian advisory to Comgest managing their India dedicated fund (AUM USD 200 million) as equity analyst covering multiple sectors including healthcare, industrials, agrochemicals, auto-ancillaries, mid-caps etc. Before Comgest, he spent 7 years with Batlivala & Karani Securities, an institutional broking house, as an equity analyst tracking industrials and capital goods
Gagan holds a Post Graduate degree in Finance from Delhi University and a Bachelor in Engineering (Mechanical) from Rajiv Gandhi Technical University, Bhopal.