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    VISION TO BE THE BEST PERFORMING HEDGE FUND
    Delivering best in class risk adjusted returns
    Across market conditions
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    STANDOUT PERFORMANCE
    46% pre fee average annual performance for 5 years
    As certified by Grant Thornton
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    FIRST RELATIVE VALUE STRATEGY AIF CAT III HEDGE FUND IN INDIA
    Take advantage of market volatality
    Through fundamental insights of sectors and companies.
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    Meticulous application of knowledge
    "Í never cared much about others' conclusions - only for the reasoning that led to
    these conclusions. That reasoning had to make sense to me. Through this process
    I improved the chances of being right and I learned a lot from lot of great people."
    - Ray Dalio

Overview

Started in 2009 to create lasting value for our clients through Transparency, Integrity, Professionalism and Responsibility, We foster a culture that emphasizes on lean organization structure, high performance and highest ethical standards.

Investment Advisory

Vasisth Capital is one of the first SEBI registered Investment Advisers based out of Hyderabad, India. Vasisth has provided Investment advice to clients since its inception in 2009. Vasisth's customer base include professionals from various industries. Vasisth has conssistent and excellent track record of pre-fee return of 46% over five years with no negative year.

Investment Management

Vasisth serves as investment manager to Vasisth Relative Value Fund - a SEBI registered Category 3 Alternative Investment Fund. VRV is an open ended scheme offered by Avyay Trust. Vasisth Capital uses relative value strategy to generate alpha with well-defined risk management practices by trading in equity derivatives. It aims to deliver returns in consistent, repeatable and scalable fashion by trading only in companies and industries that adhere to high corporate governance and regulatory standards.

Vision

To be the Best performing Hedge Fund delivering best in class risk adjusted returns

Meet Our Team

We meet and get to know you. We build your wealth to realise your financial goals.

Ramesh Callore / Founder and Fund Manager

Ramesh is Founder and Managing Director of Vasisth Capital, the investment advisor of Vasisth Relative Value Fund. He has got expertise in development of relative valuation models for companies from different sectors. At Vasisth he conceives and implements various trading strategies, portfolio management and optimization. Before founding Vasisth Capital, he was VP and Management Committee member at Transgraph. At Transgraph he helped many large commodity players in A-PAC region implement risk management solutions. Ramesh has done MBA from ICFAI and B Tech from JNTU.

Rimpal Chawla / Director

Brings deep knowledge of global financial services industry to Vasisth as its Chief Advisor, Investor in Vasisth Capital Pvt Ltd and a limited partner in Vasisth Relative Value Fund. Prior to joining Vasisth, Rimpal was Managing Director at Credit Suisse’s private banking and wealth management divisions. Rimpal also held senior management positions at Goldman Sachs and Citibank. Currently he runs his own advisory firm Anitya Ventures and mentors many start-ups.

K Vijaya Saradhi Reddy / Research Advisor

Saradhi has over 10 years of experience in fundamental equity research and in managing an equity portfolio. He has a knack of understanding businesses, their growth drivers, business risks and valuing them accordingly. He specialises in building valuation models across industries. He is also experienced in laying out and streamlining processes required for effectively managing hedge funds. He has done B Tech from JNTU, Hyderabad.

C S Aruna / Director and Portfolio Manager

Aruna is associated with Vasisth since 2011. Over the years, she has gained rich experience in Vasisth’s Relative Value Strategy. At Vasisth, Aruna focuses on designing and implementing trading strategies. Aruna focuses mainly on managing the portfolio by implementing Vasisth’s relative strategy. Aruna plans and executes trades by strictly adhering to the risk management guidelines developed internally. She actively interacts with the research team to keep track of key developments in Vasisth’s trading universe and take trading decisions accordingly. Aruna has done B Tech from SNST, Hyderabad.

Sharath Jutur / Research Head

Sharath has around ten years of experience in Equity Research. At Vasisth, he is responsible for handling all research related activities and to streamline and enhance the research operation of the fund. Prior to joining Vasisth, he was Senior Research Analyst at Photon Capital Group, a hedge fund based in Hyderabad. At Photon his focus areas were global macro, banking and consumer goods. Sharath has a special interest in global financial bubbles which was the topic of his book ‘Financial Bubbles’, which he edited. Sharath holds an MBA from IBS, Hyderabad

50

Years of collective experience

40

Companies tracked

46

Rate of return (%)

Investment Approach

With over 50 years of collective experience, Team Vasisth excels in understanding businesses, analyzing fundamentals and applying relative value techniques

Fundamental Research

Deep insights in multiple sectors including Banking, IT, FMCG etc. enables thorough screening, acceptance and grading of securities, pairs and sectors

Relative Value Modelling

Developed proprietary sector specific relative valuation models for PSU banks, Private banks, IT, FMCG, Cement, Oil sectors that are highly repeatable across business cycles and extremities.

Exploit randomness

Markets are an interesting mechanism reflecting inherent enterprise fundamentals, demand and supply, opinions, over/under reaction to macro and company specific events, biases, fear, greed and more. Volatility and random movement of securities are integral to such markets. We aim to exploit such randomness by separating the ‘core’ movement from the ‘noise’.

Investment Strategy

Vasisth's strategy consists of capturing temporal variations in asset prices - relative valuation gaps. Adopting fundamental factor models to accurately spot the valuation gaps and then making use of IT enabled algorithms for execution, together, makes it a highly repeatable and scalable investment strategy

Fundamental Factor Model

The model takes into account all factors that either positively or negatively impact the growth, efficiency and sustainability of one company over other. A well-structured framework encapsulates key modelling activities. Selection of securities/sectors/factors, Grading analysis, Factor sensitivity analysis, construction of core price series, Factor scoring etc.

Model Accuracy

Relative Factor models at Vasisth are not just back tested. Even in predictive period, Statistics for the model accuracy have shown consistent results even in widely varying industry and company specific cycles.

Streamlined portfolio Management

Real time IT-enabled portfolio management system encapsulating opportunity assessment, portfolio construction, monitoring, balancing and optimization.

Risk Management

“The risk management objective is survival, not profits and losses”
- Nassim Nicholas Taleb

Risk Approach

Risk dependent on the nature of strategy. Assess business-specific risks. Knowable and unknowable unknowns’ paradigm. Allowance for potential black swan events.

Risk Principles

Risk perspective even before position is taken. Independent assessment of risk. Strict adherence to limits. Clearly defined guidelines for hedging. Standard processes – unknowable unknowns.

Risk Methodology and Tools

Comprehensive risk policy statement with clearly defined roles. Automated real time monitoring and report generation. Real time monitoring of risk at exposure, leverage, sector and security limits.

Track record

Vasisth has demonstrated consistent market neutral performance across bull, bear and sideways phases of market over the past few years.

Market Neutral

Relative value strategies are inherently market neutral. Vasisth has consistently delivered returns across bull, bear and sideways market cycles.

Low risk Moderate return

Our fund has exhibited lower volatility in returns much less than the benchmark Index. Vasisth has delivered best-in-class risk adjusted returns compared to most other investment alternatives like ETFs, mutual funds, commodities and currencies. Over six years of existence, we never had a negative year.

Best performance across asset classes

Over past six years, we generated alpha of 20.35%. Generated post tax return of 28% vs Nifty’s return of 7.23% and more than double the return generated some of the best mutual funds.

Vasisth Relative Value Fund

Our flagship product is a SEBI registered Category 3 Alternative Investment Fund (AIF Cat 3) - first in India

Vasisth Realtive Value Fund is India’s first SEBI registered Alternative Investment Category III Fund with relative value strategy. It is the first and flagship offering by the Avyay Trust. Avyay Trust is an irrevocable trust set up in India under the Indian Trusts Act, 1882. The fund will be managed by Vasisth Capital Pvt Ltd, as its investment manager.

VRV is an open ended fund, launched with a corpus of 25 crores, and is expected to reach a corpus of 100 crores. IL&FS Trust Company Limited (ITCL) will act in the capacity of Trustee, and IL&FS Security Services Limited (ISSL) will act in the capacity of the custodian. KPMG helped liaison with SEBI to help with the registration process.

VRV is for investors seeking attractive absolute returns along with diversification into market neutral investments.

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