Fund Manager's Final Bets: Gold Over Stocks

Fund manager Siddhartha Bhaiya, renowned for his contrarian investing and successful small-cap picks, passed away following a cardiac arrest on December 31st. Bhaiya had recently adopted a cautious stance on Indian equities, citing stretched valuations and market euphoria as key reasons for reducing his portfolio's equity exposure. He strategically shifted a significant portion of his assets into gold ETFs, with 81.5% of his Rs 4,000 crore fund invested in them as of November. Bhaiya also identified selective opportunities in international markets, favoring non-tech themes in the U.S., consumption plays in China, and defensive sectors in Europe. Bhaiya's disciplined, bottom-up investment philosophy focused on individual businesses and valuation comfort. This approach led his PMS to become the top performer in 2025, building on a legacy of delivering exceptional long-term returns through celebrated multibagger stock calls.