 "Siddhartha Bhaiya has passed away. The 47-year-old was the Managing Director and Chief Investment Officer at Aequitas Investment. Image courtesy: LinkedInSiddhartha Bhaiya has passed away. The 47-year-old was the Managing Director and Chief Investment Officer at Aequitas Investment. Image courtesy: LinkedIn")
Fund manager Siddhartha Bhaiya has passed away.
Bhaiya, the Managing Director and Chief Investment Officer at Aequitas Investment, died at the age of 47. He suffered a sudden cardiac arrest while vacationing in New Zealand alongside his family on December 31, 2025.
Aequitas Investment confirmed the development in a statement. “It is with profound sadness that we share the news of the passing of our Managing Director, Mr Siddhartha Bhaiya, on 31 December 2025, following a sudden cardiac arrest while on a family vacation in New Zealand,” the company said.
But who was Bhaiya? What do we know about him?
Let’s take a closer look.
Who was he?
Bhaiya was a veteran fund manager on Dalal Street. He was also a Chartered Accountant certified by the Institute of Chartered Accountants of India.
He had two decades of experience in fund management. Bhaiya began his career as a fund manager at Nippon India Mutual Fund in 2005. At the time, he worked in Nippon’s Portfolio Management Services division. He was also one of the youngest managers there. At the time, the division managed assets worth around $200 million (Rs 18,042 crore).
As per LinkedIn, Bhaiya left the company in 2011. In 2012, he founded the Aequitas Investment Consultancy Pvt. Ltd, which caters to ultra-high-net-worth (UHNW) individuals and families. These individuals are willing to invest large sums of money and take a longer view when it comes to investing.
According to the company website, the fund began as a boutique firm with assets under management (AUM) of around Rs 10 crore. However, today that figure stands at Rs 7,700 crore. The fund says it has generated a 33 per cent CAGR for investors since day one.
Bhaiya, the driving force behind the firm, was famed for his contrarian investing mindset and for picking multi-bagger stocks — shares that appreciate multiple times in value.
‘Epic bubble’
Bhaiya was one of the few voices sounding the alarm on Indian equities, calling it “a bubble of epic proportions”.
Speaking at a Moneycontrol summit in December, Bhaiya said the Nifty only looks reasonably priced because of a few heavyweight public sector stocks that few people own.
He singled out SBI, ONGC, NTPC, Coal India and Power Grid. “Exclude these, and the effective PE multiple of what people actually hold is well above 40,” he said. In mid-caps and small-caps, he noted, multiples have climbed beyond 50.
He also described SIPs, which are driving the market, as “not SIP, but SWT — a Systematic Wealth Transfer from India’s middle class to the rich”.
Bhaiya said retail inflows have matched almost perfectly with promoters selling their stock. “The SIP amount has been matched with promoter offloading.”
“What I am seeing is not a healthy bull market. It is not a healthy capital market. We have been peddling this story of the India growth story for the last 18 months. Everybody cribs about last one-year returns because maximum money came in the last 18 months,” he said.
“Everybody talks about asset allocation, but in 25 years of investing, you know when a bull market comes or a bear market comes, your asset allocation is thrown out of the window,” Bhaiya added. “Be careful. Don’t listen to narratives. Go back, look at your portfolio, what the PE multiple is.”
In 2024, even as Indian markets hit record highs, Bhaiya moved to a cash position. He was proven correct when September came and small- and mid-cap stocks took the biggest hits.
‘Visionary investor’
Aequitas, in a statement, paid homage to its founder.
“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. His ability to combine rigorous analysis with clarity of purpose shaped Aequitas into a distinctive organisation grounded in strong values, robust processes, and a culture of accountability,” the company said.
“Many of us were privileged to learn directly from him, and his influence will continue to guide how we think, act, and invest,” it added.
“While we mourn this immense personal and professional loss, we remain united in our commitment to the principles Siddhartha stood for and the organisation he built. The team at Aequitas continues to work closely together, fully aligned with the firm’s philosophy and long-term objectives, and remains focused on delivering for our investors in the manner Siddhartha envisaged,” the statement said.
“Members of our team will be in touch with you in the coming days should you wish to connect or have any questions,” Aequitas added.
With inputs from agencies