Siddhartha Bhaiya, the founder and managing director of Aequitas Investment Advisors and one of Dalal Street’s most closely followed stock pickers, died on 31 December 2025 after suffering a sudden cardiac arrest while on holiday in New Zealand. He was 47.
Bhaiya set up Aequitas in 2012 after nearly seven years as a fund manager at Nippon India Mutual Fund. Over the next decade he built the firm into a platform overseeing roughly Rs 7,700 crore across portfolio management services and alternative investment funds, gaining recognition for identifying smallcap and midcap companies at early stages of growth.
Siddhartha Bhaiya’s investment approach
His flagship India Opportunities PMS produced a compounded annual growth rate of nearly 33% over 13 years, delivering about 3,700% in absolute returns, according to ET data. That performance made Bhaiya one of the top-performing portfolio managers on Dalal Street and a reference point for long-term smallcap investing in India.
Bhaiya was trained as a chartered accountant and built a reputation as a contrarian investor who blended value discipline with a growth orientation. He avoided crowded trades and was prepared to hold significant cash positions when valuations in Indian markets appeared stretched. In 2025, his PMS reportedly held close to 80% cash for much of the year.
“If anything, holding 80% cash is the easiest thing to do at this point of time. 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,” he told PMSBazaar in an interview cited by ET. In recent public remarks he described the prevailing market as a “bubble of epic proportions” rather than a sustainable bull phase.
Reflecting that caution, Aequitas has diversified parts of its portfolio into gold ETFs and overseas investments to reduce reliance on Indian equities. The move signalled a pragmatic shift by the firm while remaining anchored in Bhaiya’s emphasis on long-term value and risk awareness.
Aequitas issued a statement paying tribute to its founder. “Siddhartha was the driving force behind Aequitas. He was not only a visionary investor, but also a builder of institutions — deeply committed to intellectual honesty, disciplined decision-making, and long-term thinking,” the firm said, adding that it remains aligned with his investment philosophy and long-term objectives.
Colleagues and investors credit Bhaiya with a rare combination of analytical rigour and patience, qualities that underpinned his early bets on companies that later matured into larger, well-capitalised businesses. His willingness to sit on cash rather than chase frothy valuations drew both praise and debate within investment circles.
As Aequitas navigates the transition, the firm faces the task of preserving the investment principles Bhaiya championed while managing client expectations. For the broader Indian investment community, his death removes a prominent voice advocating caution amid rising valuations, even as markets continue to command global attention.
Further details about memorial arrangements and leadership succession at Aequitas were not available at the time of publication. The firm has said it will provide updates in the coming days.
Key Takeaways:
- Siddhartha Bhaiya, founder and managing director of Aequitas Investment Advisors, died on 31 December 2025 aged 47.
- His India Opportunities PMS delivered nearly 33% CAGR over 13 years, generating about 3,700% absolute returns.
- Siddhartha Bhaiya was known for contrarian investing, holding high cash levels and diversifying into gold and overseas assets.
