Dalal Street loses a multibagger hunter: Aequitas MD Siddhartha Bhaiya dies at 47

Siddhartha Bhaiya, one of Dalal Street’s most respected smallcap investors and the founder and managing director of portfolio management services (PMS) firm Aequitas, passed away on December 31, 2025, following a sudden cardiac arrest. He was 47.

Bhaiya suffered the cardiac arrest while on a family vacation in New Zealand, the firm said in an official statement. The news India’s investing community.

“It is with profound sadness that we share the news of the passing of our Managing Director, Siddhartha Bhaiya, on 31 December 2025, following a sudden cardiac arrest,” Aequitas said.

Often described as a “smallcap multibagger hunter,” Bhaiya built a formidable reputation for identifying high-growth companies at an early stage and backing them with conviction over long investment horizons. Under his leadership, Aequitas grew into one of Dalal Street’s most closely tracked PMS platforms, managing around ₹7,700 crore across PMS and alternative investment fund (AIF) strategies.

According to disclosures and his LinkedIn profile, Bhaiya’s track record stood out even in a market crowded with star investors. His flagship PMS strategy delivered a compounded annual growth rate (CAGR) of about 34%, generating absolute returns of nearly 2,800% — translating into close to 28x returns over the long term. Aequitas is widely regarded as among the top-performing PMS funds in the Indian equity market.

From mutual funds to building Aequitas

A chartered accountant by training, Bhaiya founded Aequitas in 2012 after quitting Nippon India Mutual Fund, where he spent nearly seven years as a fund manager. Colleagues and peers often described him as a deeply analytical and contrarian investor who blended value discipline with growth-oriented stock selection.

His investment philosophy centred on rigorous bottom-up research, strong balance sheets, scalable business models and patient capital allocation. Bhaiya was known for resisting short-term market noise and for holding onto winning bets through multiple market cycles.

A cautious voice amid market euphoria

In recent years, even as Indian equities — particularly small and mid-cap stocks — surged to record highs, Bhaiya emerged as one of the more cautious voices on Dalal Street. He repeatedly warned that valuations were becoming stretched and that investor exuberance was running ahead of fundamentals.

Last month, he described the ongoing rally as a “bubble of epic proportions” rather than a healthy bull market, urging investors to temper expectations and focus on long-term risk-adjusted returns.

Paying tribute, Aequitas said Bhaiya was far more than a successful investor. “Siddhartha was the driving force behind Aequitas — a visionary investor and a builder of institutions. His commitment to intellectual honesty, disciplined decision-making, and long-term thinking shaped our culture and values,” the firm said.

The company added that it remains committed to Bhaiya’s investment philosophy and long-term objectives. One of his stated ambitions was to build Aequitas into a world-class investment firm with a net worth of $1 billion.