Sanjay Bakshi is Adjunct Professor at Management Development Institute (MDI), Gurgaon — one of India’s top business schools — where he teaches a popular paper on Behavioral Finance and Business Valuation. MDI students have elected Sanjay as the its best professor for several years.
Sanjay is also a successful value investor with an audited long term track record of of delivering a gross USD return of 24% a year from 2001 to 2012. He is Managing Partner at ValueQuest Capital LLP— a specialist in moats investing. ValueQuest advices some of India’s large family offices in making conservative but meaningful, long-term public market investments. The firm is also the sub-advisor to “ValueQuest India Moat Fund” — an offshore fund which makes long-term, public market investments in undervalued moated businesses run by talented and honest managers. From launch in April 2014 till May 2015, the fund has delivered a gross USD return of 108%, hugely outperforming benchmark indices.
Sanjay writes a popular blog called Fundoo Professor and is also on Twitter. He received his M.Sc. (Economics) from London School of Economics and Political Science. He is also a fellow member of the Institute of Chartered Accountants of India.
He lives in New Delhi with his two daughters, wife, and mother.
In 2005, Sanjay Bakshi wrote this great piece on his background, and everyone should read it before reading this interview. I also need to point out a great interview by Safal Niveshak from 2014. I will try my best to ask supplemental questions to these interviews/commentaries.
How has your fund performed?
How many positions do you currently hold?
What is the average market cap of your equity positions?
What percentage of your current portfolio is the largest equity position?
The position you are up the most in, how much are you up and how long have you been holding it?
Do you have any selling disciplines based solely on stock performance? (i.e we sell half once a stock doubles)
How many new positions have you put on in the last 12 months?
With the bull market in India are finding it much harder to find new investment opportunities?
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