Big Whales March 2017-1-1

Capitalmind March, 2017 The Big Whales Report
Introduction
A Big Whale is an investor who owns a large stake in many companies, and has demonstrated great investing skills. We bring to you the Big Whales of India by analysing
shareholding patterns of all stocks and showing you which companies each person or company is invested in.
Look in further for trends, portfolio values and more. We have 35 entities mentioned in this report, with a macro analysis of which sectors they have focussed on.
Remember though that this is not complete or exhaustive - a person may hold less than 1% in a company (in which case his shareholding information is not public) or
may have positions in futures, options or other equity related products which we cannot track.
Methodology
Criteria
We have considered the holdings of the individual along with their relatives. Ex: The holdings of Rakesh Jhunjhunwala consists of holdings under his own name, his
company RARE Enterprises and his wife Rekha Jhunjhunwala. The holdings of an investor is disclosed only when it is more than 1% of the outstanding share capital. If the
holding of the Investors falls below 1%, then it is not disclosed (we consider such investments as Exits). The cut off date for this report is 15-May-2017 i.e. if the
shareholding data for any of these investors have been disclosed after the cut off date, the holdings have been not been included in this report.
Data Sources
Capitalmind uses a broad range of sources to present the most complete picture possible. In addition to extensive primary sources, Capitalmind uses publicly-available
data from National Stock Exchange (www.nseindia.com), Bombay Stock Exchange (www.bseindia.com), Securities and Exchange Board of India (www.sebi.com), and
other publicly available data. Please send any questions, comments, or corrections to (premium@capitalmind.in) or drop in a message on any of the slack groups
[#general, #stocks-fundamentals].
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Disclaimer
This information has been prepared by Capitalmind solely for informational purposes. It is not, and should not be regarded as, investment advice, as
a recommendation regarding any particular security, or as a course of action. Opinions expressed herein are current opinions as of the date
appearing in this material only and are subject to change without notice.
No part of this document may be reproduced in any manner, in whole or in part, without the prior written permission of Capitalmind. This
information is provided with the understanding that, with respect to the material provided herein, you will make your own independent decision
with respect to any course of action based on your own judgment, and that you are capable of understanding and assessing the merits of a course
of action.
This report is generated from public data released by companies to stock exchanges. Capitalmind makes no guarantees about the accuracy or
exhaustiveness of this data. Please do not assume that this information is sacrosanct.
Neither the information, nor any opinion contained herein, constitute a solicitation or offer by Capitalmind to buy or sell any securities, futures,
options, or other financial instruments or provide any investment advice or service. Capitalmind does not purport to, and does not, in any fashion,
provide broker/dealer, consulting, or any related services.
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Hawkeye View 5 How to Read the Report? 12
Detailed Analysis
• Aberdeen Asset Management 17 • Bhavook Tripathi 43 • Nemish S. Shah 69
• Abu Dhabi Investment Authority 19 • Blackstone Capital Partners 45 • Prof Shivanand Mankekar & Family 71
• Akash Bhanshali & Family 21 • Catamaran Ventures 47 • Radhakishan Damani 73
• Alchemy Capital 23 • Clearwater Capital 49 • Rakesh Jhunjhunwala 75
• Amansa Capital 25 • Dilipkumar Lakhi & Family 51 • Ricky Ishwardas Kirpalani 77
• Anil Kumar Goel & Family 27 • Dolly Khanna 53 • SAIF Partners 79
• Anuj Sheth 29 • Equity Intelligence 55 • Satpal Khattar 83
• Arisaig Partners 31 • Government of Singapore 58 • Steadview Capital 85
• Ashish Dhawan 33 • Haresh Keshwani 60 • ValueQuest Capital 87
• Ashish Kacholia 37 • Hitesh Satishchandra Doshi 62 • Vijay Kishanlal Kedia 90
• Azim Hasham Premji 39 • Multiples Equity 64 • WestBridge Capital 92
• Bharat Jayantilal Patel 41 • Nalanda Capital 67
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OVERVIEW – THE BIG WHALES REPORT
Big Whales – an Individual Investor with substantial We have identified 35 such Individuals who have
holdings in the Indian Capital Market. The Individual made their name from the Indian Capital Markets
may own shares in the name of his firm and/ or including the Big Bull Badshah Rakesh Jhunjhunwala,
relatives etc. We consolidate their holdings under India’s largest philanthropist Azim Hasham Premji who
each of these different accounts (except companies holds a significant stake through Premji Invest and has
where they hold shares as Promoter Group). also invested in the start-up world.
The report provides you a short background of the While our previous reports have only included the 19 -
Investor, the sectoral holdings, changes in the 30 Individual Investors who were classified as Big
investment activity and the detailed holding in each Whales, we went ahead and added a couple of others.
stock for the period ending March, 2017. The newly added investors are not individuals but
Investment Firms, Private Equity Firms among others.
The report is limited to the extent of shareholding
disclosed to the stock exchange. If the Investor holds
lesser than 1% of any stock, the holding is not
disclosed. Therefore if the current holding of a
particular investor in a stock turns out to be zero (in
the report below), we classify that as an exit i.e. the
investor has exited the stock.
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OVERVIEW
Refer “How to Read this Report” for further information on the above table
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OVERVIEW
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OVERVIEW
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OVERVIEW
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SECTOR ALLOCATION INVESTMENT ACTIVITY FOR QUARTER ENDING
MARCH, 2017
OVERVIEW
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HOW TO READ
THE REPORT?
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CONTENT WARNING: FOR BETTER VIEWING EXPERIENCE, PLEASE SWITCH TO FULL SCREEN MODE USING “CTRL + L”
HOW TO READ THE REPORT?
Picture of the Investor. Note Short Bio of the Investor. While some
that not all the Investors have investors are well known, others like
their pictures on the public Haresh Keshwani, Nemish Shah and
domain others remain secretive.
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Market Value: This is the value of
the portfolio held by the Investor
based on the closing price of the
last traded day of the month for
the quarter ended June, 2016.
New Positions: When an investor

enters a stock that was not part of

his holdings in the previous 7
quarters. In this case, the investor
entered 5 new stocks during the
quarter.
Added to Holdings: When an

investor buys in fresh units of the
stock that was previously part of
his holdings.
Every stock that the Investor holds belongs to a particular sector. The classified sectors are Consumer Exited Positions: When an investor
Discretionary, Consumer Staples, Energy, Financials, Health Care, Industrials, Info Tech, Materials, Telecom and sells all the units of the stock that
Utilities. was part of his holdings.
The above pie chart shows the weight of each sector in the Investor’s portfolio. This is calculated by taking the Reduced Allocation: When an
total value of holding in each sector divided by the total value of the portfolio. investor reduces the units of the
stock but continues to hold a lower
In the above example, the total portfolio value is Rs. 38,641 crore and the value of the stocks in the Info Tech quantity.
sector is Rs. 6,440 crore. Hence the weight of this sector in the portfolio would be 6,440/38,641 = 16.66%
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Name of the stock that the The number of shares held at the end of the quarter and the
Investor holds along with change that has taken place over the previous quarter.
the sector classification Red = reduction, Green = addition during the quarter.
Note: An exit does

not always mean
that the investor is

no longer holding
the stock. If his
holding falls below
1%, then it is not
disclosed by the
exchange.
• Ambuja Cement – the investor’s holding will not be reported if the holding falls below 1%.
• Anant Raj – the investor currently holds 12,403,490 shares and based on the last traded share price for the quarter
i.e. Rs. 49/-, the holding is valued at Rs. 60.6 crore. The trend of the
number of shares
• Bajaj Finance – the investor held 1,426,797 shares for the period ended June, 2016 and during the quarter he had held along with the
added 149,347 shares. This means that the holding during the previous quarter was 1,426,797 – 149,347 = 1,277,450 change in holding
shares. Notice the slight increase in the last column of the bar chart (every column stands for a single quarter). value of each
• Castrol India - the investor held 5,633,402 shares for the period ended June, 2016 and this was purchased in the individual stock
current quarter only. In the previous quarter, the Investor did not hold shares of this company.
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DETAILED
ANALYSIS
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ABERDEEN ASSET MANAGEMENT
Aberdeen Asset Management is one of the world's largest independent asset

managers by assets under management. Assets under Management stood at
£308.1 billion as at 31 March 2017. Formed in 1983, the firm has close to 2,700
employees and is one of Europe's largest investment managers.
Aberdeen's investment style in Equities follows certain key points: Bottom-up

investment style, emphasising company fundamentals, buying stocks and
holding them for the long term, First-hand company research, No investment
made without having interviewed the company's management first. By
conducting first hand research the firm gets a complete picture of financial
trends, risks and opportunities from the local level up.
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MARCH, 2017
ABERDEEN ASSET MANAGEMENT
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ABU DHABI INVESTMENT AUTHORITY
The Abu Dhabi Investment Authority (ADIA) is one of the world's leading
investment funds and was established in 1976 by the Emirate of Abu Dhabi as
an independent investment institution.
ADIA pursues a highly diversified investment strategy with exposure to more

than two-dozen asset classes and sub categories. The Sovereign Wealth Fund
Institute puts the estimated assets at US$792 billion.
ADIA's mission is to sustain the long-term prosperity of Abu Dhabi by prudently

growing capital through a disciplined investment process and committed
people who reflect ADIA's cultural values. With a long tradition of prudent
investing, ADIA's decisions are based solely on its economic objectives of
delivering sustained long-term financial returns.
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MARCH, 2017
ABU DHABI INVESTMENT AUTHORITY
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AKASH BHANSHALI & FAMILY
Akash Bhanshali is the nephew of Vallabh Bhanshali, a

storied investment banker who introduced Infosys to the
capital markets and also co-founded Enam Securities
NO PHOTO along with Nemish Shah (another Billionaire Investor).
Akash Bhanshali currently holds stake in Enam Securities

and also spearheads the Visual Percept Solar Projects (a
subsidiary of Talma Chemical Industries Private Limited,
which is owned by the Bhanshali family of the ENAM
group).
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MARCH, 2017
AKASH BHANSHALI & FAMILY
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ALCHEMY CAPITAL
Alchemy Capital Management is the vision of Lashit Sanghvi, Ashwin Kedia,

Rakesh Jhunjhunwala and Hiren Ved. The firm manages/advises about USD 300
million across various funds/mandates and has a track record of 12 years. The
team focuses on bottom up stock picking based on primary research and
discipline for continuous review.
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MARCH, 2017
ALCHEMY CAPITAL
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AMANSA CAPITAL
Amansa Capital is a fund management company based in Singapore. The

company's founders are Akash Prakash (a regular guest author for The Business
Standard) and Narender Nagpal.
Amansa's stock selection strategy is not top down nor does it gravitate towards
a particular sector. It is focused on bottom up research of companies that are
well managed and financially disciplined, with a strong growth potential that
can be held for multiple years and trade at a reasonable price.
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MARCH, 2017
AMANSA CAPITAL
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ANIL KUMAR GOEL & FAMILY
Originally from Amritsar, Goel shifted to Chennai in the mid-60s at

the behest of his grandfather, who wanted a family member to
take care of his business.
At 13, Goel struck his first deal when he sold “slow-moving” steel
angles to grape farmers from Hyderabad at a decent profit.
According to Goel, the period between 2001 and 2007 offered the
best window for investors to make money from the markets. He
expects a similar opportunity in 2016. “I am a believer of the 8-
year cycle. The market throws up one euphoric bull phase every
eight years.” (more here)
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MARCH, 2017
ANIL KUMAR GOEL & FAMILY
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ANUJ ANANTRAI SHETH
Another well known Investor in the Indian Equity

Markets. Anuj Sheth was ranked the "14th Richest
Investor Billionaire" in an article titled "India's Super
NO PHOTO Rich" in 2014 by Business World.
His famous investments include an over 5% stake in

Finolex Industries (India's largest rigid PVC pipes and
fittings manufacturer and the second largest PVC resin
manufacturer) and an over 8% stake in Bannari Amman
Sugars (The Company has 4 Sugar Production units in
South India).
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MARCH, 2017
ANUJ ANANTRAI SHETH
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ARISAIG PARTNERS
Arisaig Partners is an independent, employee-owned, investment management

company established in October 1996.
The firm manages separate client-focused portfolios. It invests in the public

equity markets of Asia (ex-Japan) and Africa. The firm also manages equity
funds for its clients. It primarily invests in the stocks of small-cap and mid-cap
companies employing fundamental analysis. The firm primarily makes its
investments in consumer, distribution, media and service sectors.
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MARCH, 2017
ARISAIG PARTNERS
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ASHISH DHAWAN
Ashish Dhawan headed one of India’s leading private

equity funds: Chrys Capital. He is considered to be the
most accomplished private equity investor in the country.
He quit Chrysalis Capital and in 2014, spearheaded the

launch of India’s first liberal arts university, Ashoka
University, a philanthropic effort of over forty leaders in
education and industry. He is also the Founder and CEO
of Central Square Foundation (CSF) - a philanthropy fund
focused on improving the educational outcomes for low-
income children in India.
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MARCH, 2017
ASHISH DHAWAN
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ASHISH DHAWAN
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ASHISH DHAWAN
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ASHISH KACHOLIA
Ashish Kacholia of Lucky Securities is a darling of many value

investors in stock market. He is a co-founder of Hungama.com
along with Neerja Roy and other well-known investor like
Rakesh Jhunjhunwala.
Ashish began his career with Prime Securities in the

proprietary trading business during 1993. He later grew with
their broking business to become the Head of Research.
He also is an independent portfolio manager for high net

worth individuals.
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MARCH, 2017
ASHISH KACHOLIA
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AZIM HASHAM PREMJI
Azim Premji is an Indian business tycoon, investor and

philanthropist, who is the chairman of Wipro. Informally
he is also known as the Czar of the Indian IT Industry. He
was responsible for guiding Wipro through four decades
of diversification and growth to finally emerge as one of
the global leaders in the Software Industry.
Premji owns a significant stake in Wipro and also owns

a private equity fund - PremjiInvest, which manages his
$2 billion worth of personal portfolio.
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MARCH, 2017
AZIM HASHAM PREMJI
Note: We do not consider promoter holding as part of this report. In this case, holdings in Wipro has not been considered
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BHARAT JAYANTILAL PATEL & FAMILY

Markets. He along with his relatives holds a significant
NO PHOTO
stake in S.Kumars Nationwide Limited (India's leading
textile and apparel company with expertise in multi-fiber
manufacturing).
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MARCH, 2017
BHARAT JAYANTILAL PATEL & FAMILY
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BHAVOOK TRIPATHI
Bhavook Tripathi is least heard of among Investing community

and maintains a low profile. He is said to be the youngest Indian
Investor to hit 1 Billion INR at the age of 40.
Unlike Rakesh Jhunjhunwala who made his kill in Futures trading,

Tripathi has made money through his start-up company and long
term investing alone. Bhavook Tripathi is a metallurgical
engineer and runs an auto ancillary manufacturing unit called
“Sanshu Industries” in Aurangabad. Bhavook Tripathi likes to
wait patiently for that once-in-a-lifetime opportunity to show
up, and when it does, he acts with courage and conviction and
pledges a sizeable chunk of his wealth on that bet.
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MARCH, 2017
BHAVOOK TRIPATHI
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BLACKSTONE CAPITAL PARTNERS
Blackstone - one of the world’s leading investment firms opened its doors with
a staff of four, including the two founders, Peter G. Peterson and Stephen A.
Schwarzman (who had previously worked together at Lehman Brothers) and a
balance sheet of $400,000.
Over the course of two decades, Blackstone has evolved into one of the world's
largest private equity investment firms with $368 billion Assets Under
Management (as of March 31, 2017). This includes investment vehicles focused
on private equity, real estate, public debt and equity, non-investment grade
credit, real assets and secondary funds, all on a global basis.
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MARCH, 2017
BLACKSTONE CAPITAL PARTNERS
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CATAMARAN VENTURES
N R Narayana Murthy's Catamaran Ventures - a proprietary, sector-agnostic,

family office that invests in inspirational early stage and growing companies in
India and overseas.
The investments consist of a wide range from very early to very late stage
businesses. Catamaran has a joint venture with Amazon known as Cloudtail
which is the largest vendor to sell goods on the platform.
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MARCH, 2017
CATAMARAN VENTURES
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CLEARWATER CAPITAL
A private equity firm specializing in direct investments in financial

restructurings operational turnarounds, special situations, stressed,
undervalued assets and securities, & distressed investments.
The firm invests in post-restructured or operationally sound public and private

companies, portfolios, pools and individual non-performing loans. It also makes
credit investments in small to medium sized enterprises. The firm prefers to
invest in diversified companies based in Asia, including Southeast Asia, with a
focus on Australia, China, India, South Korea, Indonesia, Thailand and Malaysia.
Robert Petty is the Managing Partner and Co-Founder of Clearwater Capital

Partners while Amit Gupta is a Partner and Co-Founder of Clearwater.
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MARCH, 2017
CLEARWATER CAPITAL
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DILIPKUMAR LAKHI & FAMILY
Dilipkumar Lakhi is Mumbai's highest individual tax payer

and the CEO of Lakhi Group. Lakhi group has grown to
become the largest manufacturer of cut and polished
diamonds in terms of volumes. He's been one of the
biggest donors to causes like the Gujarat earthquake
relief effort in the past.
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MARCH, 2017
DILIPKUMAR LAKHI & FAMILY
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DOLLY KHANNA & RAJEEV KHANNA
A famous investor in the Indian markets - famous because of her

golden touch in finding big stock moves before they occur. Not
many know who she is - like she’s never been interviewed or
anything, yet everyone talks about this mystical character.
Dolly Khanna is a Chennai-based homemaker and it is her

husband Rajiv Khanna who is the real investing whiz. After
selling the family-owned Kwality Milk Foods to Hindustan
Unilever in 1995, Rajiv Khanna invested in the markets for the
first time. Though the portfolio is now worth of Rs 100 crore, he
maintains that his core business remains that of milk products
with stock trading being just a 'hobby'.
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MARCH, 2017
DOLLY KHANNA & RAJEEV KHANNA
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EQUITY INTELLIGENCE
Equity Intelligence [at the end of March, 2016 – the PMS had an AuM of Rs. 392
crore] is headed by Porinju Veliyath aka Smallcap czar – one with a penchant
for micro and ultra micro-cap stocks with low liquidity. His investment
philosophy is basically: keep it as simple as possible - he gravitates to the
smaller - midcap or small cap -- companies in search of values.
Based out of Kochi, Kerala – his is a rag to riches story. Passion for equities
clubbed with an interest for corporate news paved the way to stock exchange.
He started off with Kotak Securities as a floor trader in 1990 when the team
consisted of a handful of people. One notable stock that he started off with was
Force Motors that was trading below Rs. 400/- then.
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MARCH, 2017
EQUITY INTELLIGENCE
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EQUITY INTELLIGENCE
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GOVERNMENT OF SINGAPORE INVESTMENT CORPORATION
GIC Private Limited - formerly known as Government of Singapore Investment

Corporation, is a sovereign wealth fund established by the Government of
Singapore in 1981 to manage Singapore's foreign reserves.
GIC’s investment strategy is to build a portfolio comprising asset classes that

generate good real returns over the long term, while adhering to the risk
tolerance outlined by the client. GIC has well over US$100 billion in assets
under management.
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MARCH, 2017
GOVERNMENT OF SINGAPORE
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HARESH KESHWANI

Markets. Haresh Keshwani is one of the Investor
Billionaires who have made it big by only investing in
NO PHOTO companies.
His most notable holding is in Nalwa Sons Investments

(It’s the company from one of the largest group in India
and the core investment company that is trading at 80
percent discount to all the investments and holdings like
JSW Steel, Jindal Steel and Power Limited (JSPL), JSW
Energy, Jindal Saw, everything).
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MARCH, 2017
HARESH KESHWANI
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HITESH SATISHCHANDRA DOSHI
Hitesh Satishchandra Doshi is one of the Investor

NO PHOTO
companies.
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MARCH, 2017
HITESH SATISHCHANDRA DOSHI
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MULTIPLES EQUITY
After spending over 3 decades building several businesses in the ICICI Group,
Renuka Ramnath turned entrepreneur in 2009 with Multiples Alternate Asset
Management Private Limited (Multiples).
Multiples believes there are three ingredients to successful investing in India –

careful selection based on conviction in the entrepreneur and opportunity;
finding a solution beyond just providing capital; and mutual selection between
the entrepreneur and the fund.
As of 2017, Multiples crossed the $1 billion assets under management (AUM).

Multiples first fund marked its first full exit activity by selling its stake in South
Indian Bank in January 2015—it made Rs. 235 crore against investment of Rs.
165 crore. In 2015, it also booked profit from Murugappa group’s financial
services firm Cholamandalam Investment & Finance.
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MARCH, 2017
MULTIPLES EQUITY
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MULTIPLES EQUITY
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NALANDA CAPITAL
Nalanda follows the private investment in public enterprises, or PIPE, strategy

that accounts for a majority of deals of some of the top performing and largest
private equity firms in India like ChrysCapital and WestBridge Capital.
Nalanda is headed by Former Warburg Pincus India Managing Director Pulak

Prasad. Mr. Prasad has over eight years of investing experience in India with
Warburg Pincus where he was India Co-Head and Managing Director. He has an
M.B.A. from the Indian Institute of Management, Ahmedabad and a B. Tech
degree from the Indian Institute of Technology, Delhi.
The team at Nalanda consists of Anand Sridharan who was with Bessemer, A.N.
Seshadri who headed Warburg Pincus, India and Ashish Patil who was the Vice
President - Investment Banking/Merger & Acquisition at Merrill Lynch.
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MARCH, 2017
NALANDA CAPITAL
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NEMISH SHAH
Nemish Shah was ranked the "13th Richest Investor

Billionaire" in an article titled "India's Super Rich" in 2014
by Business World.
Nemish Shah is a reclusive man. He has not met the

media for over 15 years. He is the co-founder and
director of Enam Holdings. Investing, according to him, is
simple and complicated at the same time, in a sense a lot
like art. Nemish Shah has been praised by Rakesh
Jhunjhunwala as "I don’t think there is a better analyst of
the Indian stock market than Nemish Shah. There is not
and there will not be”.
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MARCH, 2017
NEMISH SHAH
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PROF SHIVANAND MANKEKAR & FAMILY
Professor Shivanand Shankar Mankekar is no ordinary professor.

Mankekar teaches financial markets at Jamnalal Bajaj Institute of
Management in Mumbai. He came in to limelight with his Pantaloon
investment in 2003. It is said that his returns in Pantaloons has been
NO PHOTO
100-times the investment.
Three things become apparent from the study of Prof. Mankekar's

portfolio - Concentrated bets on a few stocks, not looking for “cheap”
stocks, periodically shuffle the portfolio to weed out the non-
performers.
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MARCH, 2017
PROF SHIVANAND MANKEKAR & FAMILY
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RADHAKISHAN DAMANI
Radhakishan Damani or RK is not just another run-of-the-mill

big-ticket investor. Instead, he enjoys the status of an “investing
legend” owing to his uncanny ability to be able to spot trends
that will prosper in the future. His close friend and India's ace
Investor Rakesh Jhunjhunwala refers to Damani as "guru".
His notable holding is a 26% stake in cigarette maker VST

Industries, an affiliate of British American Tobacco. A big chunk
of his wealth also comes from hypermarket chain D-Mart
(recently listed on the market), which he set up and grew into a
chain of more than 70 outlets, mostly in western India.
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RADHAKISHAN DAMANI
Note: We do not consider promoter holding as part of this report. In this case, holdings in D-Mart has not been considered
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RAKESH JHUNJHUNWALA
“Big Bull Badshah of Dalal Street” Rakesh Jhunjhunwala

needs no introduction. He is known as Stock Guru and
Warren Buffet of India. A qualified Chartered Accountant,
he manages his own portfolio as a partner in his Asset
Management firm, Rare Enterprises.
He started his career with Rs. 5,000 and after 30 years

has a net worth of over Rs. 9,000 Crores. His favourite
stock has been Titan Company in which he owns over 8%.
Rakesh Jhunjhunwala considers Radhakishan Damani
(India's another ace Investor) as his guru.
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RAKESH JHUNJHUNWALA
Note: We do not consider promoter holding as part of this report. In this case, holdings in Aptech has not been considered
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RICKY ISHWARDAS KIRPALANI
Ricky Ishwardas Kirpalani is one of the Investor

companies.
NO PHOTO
His most notable holding is in Nalwa Sons Investments
(It’s the company from one of the largest group in India
and the core investment company that is trading at 80
percent discount to all the investments and holdings like
JSW Steel, Jindal Steel and Power Limited (JSPL), JSW
Energy, Jindal Saw, everything).
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RICKY ISHWARDAS KIRPALANI
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SAIF PARTNERS
From Seed to Growth Capital - SAIF Partners is a venture and growth capital
fund invested in helping Asia's exceptional companies grow from concept to
IPO.
SAIF Partners was founded in 2001 and currently manages over $4 billion in
capital. With over 100 investments since its inception, SAIF has become one of
the largest and most active funds in the region. SAIF is a long-term investor
with local teams in Hong Kong, China, and India.
SAIF Partners portfolio includes BookMyShow, BlueStar, HomeShop18.com,

Havells, JustDial, TV9, NSE, Karur Vysya Bank, MindTree, MakeMyTrip.com and
Edelweiss. Some of its multi-bagger exits include MakeMyTrip, which listed on
NASDAQ a few years ago, and part-exit in Just Dial with about 30x in returns.
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SAIF PARTNERS
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SAIF PARTNERS
81
SAIF PARTNERS
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SATPAL KHATTAR
SatPal Khattar is a prominent lawyer, Indian community

leader and businessman. He is the founder of Khattar
Wong & Partners, one of the largest law firms in
Singapore and the Chairman of Khattar Holdings - a
private investment firm.
Among the many portfolios that he holds, Khattar is the

Chairman of the Singapore Business Federation, member
of the President Council for Minority Rights, life trustee
of the Singapore Indian Development Association
(SINDA), and Co-chairman of the Singapore-India
Partnership Foundation.
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MARCH, 2017
SATPAL KHATTAR
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STEADVIEW CAPITAL
Steadview is a leading alternative asset manager based in Hong Kong. The firm
makes concentrated long-term investments across multiple industries. The firm
has a sophisticated group of institutional investors including leading family
offices, endowments, foundations and pension funds, who seek to capture
attractive long-term returns over managing short-term volatility.
Steadview is headed by Ravi Mehta, who cut his teeth as an Asia analyst for ex-
Tiger Cub Lee Ainslie’s Maverick Capital. Steadview is an investment fund
focused on Asia, investing in both public and private equity.
Steadview Capital is an investor in Flipkart and Ola. LTR Focus Fund and
Steadview Capital Mauritius are both part of the Steadview Capital Hong Kong.
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MARCH, 2017
STEADVIEW CAPITAL
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VALUEQUEST CAPITAL
Sanjay Bakshi is one of India’s best-recognized finance professors who has been
teaching Security Analysis, Behavioural Finance and Business Valuation at
Management Development Institute, Gurgaon since 2001. He also he manages
the ValueQuest India Moat Fund — the flagship fund of the ValueQuest Capital.
This is what the 'fundoo professor‘ says: I don't discuss day-to-day markets.
One should only buy quality stocks; companies that have great competitive
advantage and companies with honest management. One should never
hesitate to pay for quality.
The objective of the ValueQuest India Moat Fund is stated to be “to deliver high
risk-adjusted returns”. It is also stated that “The Fund invests in Moats, i.e.
companies with businesses possessing what the Manager believes are
sustainable competitive advantages”.
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VALUEQUEST CAPITAL
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VALUEQUEST CAPITAL
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VIJAY KISHANLAL KEDIA
Vijay Kishanlal Kedia like Rakesh Jhunjhunwala, Dolly

Khanna and Bhavook Tripathi is an individual who made a
huge fortune from the stock market. He started investing
at the age of 14 and has the magical ability to unearth
multi-bagger stocks out of thin air.
Currently he is the MD of Kedia Securities. His biggest

success story so far is Atul Auto which he bought at Rs.9
way back in 2009.
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VIJAY KISHANLAL KEDIA
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WESTBRIDGE CAPITAL
WestBridge Capital is a highly experienced investment firm, managing over $1.2

billion of capital. WestBridge was co-founded by KP Balaraj, Sumir Chadha, SK
Jain and Sandeep Singhal. The same team of four also co-founded Sequoia
Capital India.
WestBridge seeks to invest in both PIPES and public, mid-market, and later
stage private companies. The firm focuses on investments in the mid-sized
publicly listed companies in the financial services, consumer services,
healthcare, and information technology sectors. The firm typically invests
between $10 million and $80 million in its portfolio companies.
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WESTBRIDGE CAPITAL
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Capitalmind March, 2017 The Big Whales Report

Hawkeye View 5 How to Read the Report? 12

• Aberdeen Asset Management 17 • Bhavook Tripathi 43 • Nemish S. Shah 69

• Akash Bhanshali & Family 21 • Catamaran Ventures 47 • Radhakishan Damani 73

• Alchemy Capital 23 • Clearwater Capital 49 • Rakesh Jhunjhunwala 75

• Amansa Capital 25 • Dilipkumar Lakhi & Family 51 • Ricky Ishwardas Kirpalani 77

• Anil Kumar Goel & Family 27 • Dolly Khanna 53 • SAIF Partners 79

• Anuj Sheth 29 • Equity Intelligence 55 • Satpal Khattar 83

• Arisaig Partners 31 • Government of Singapore 58 • Steadview Capital 85

• Ashish Dhawan 33 • Haresh Keshwani 60 • ValueQuest Capital 87

• Ashish Kacholia 37 • Hitesh Satishchandra Doshi 62 • Vijay Kishanlal Kedia 90

• Azim Hasham Premji 39 • Multiples Equity 64 • WestBridge Capital 92

• Bharat Jayantilal Patel 41 • Nalanda Capital 67

New Positions: When an investor

enters a stock that was not part of

Added to Holdings: When an

Note: An exit does

that the investor is

Aberdeen Asset Management is one of the world's largest independent asset

Aberdeen's investment style in Equities follows certain key points: Bottom-up

ADIA pursues a highly diversified investment strategy with exposure to more

ADIA's mission is to sustain the long-term prosperity of Abu Dhabi by prudently

Akash Bhanshali is the nephew of Vallabh Bhanshali, a

Akash Bhanshali currently holds stake in Enam Securities

Alchemy Capital Management is the vision of Lashit Sanghvi, Ashwin Kedia,

Amansa Capital is a fund management company based in Singapore. The

Originally from Amritsar, Goel shifted to Chennai in the mid-60s at

Another well known Investor in the Indian Equity

His famous investments include an over 5% stake in

Arisaig Partners is an independent, employee-owned, investment management

The firm manages separate client-focused portfolios. It invests in the public

Ashish Dhawan headed one of India’s leading private

He quit Chrysalis Capital and in 2014, spearheaded the

Ashish Kacholia of Lucky Securities is a darling of many value

Ashish began his career with Prime Securities in the

He also is an independent portfolio manager for high net

Azim Premji is an Indian business tycoon, investor and

Premji owns a significant stake in Wipro and also owns

Another well known Investor in the Indian Equity

Bhavook Tripathi is least heard of among Investing community

Unlike Rakesh Jhunjhunwala who made his kill in Futures trading,

N R Narayana Murthy's Catamaran Ventures - a proprietary, sector-agnostic,

A private equity firm specializing in direct investments in financial

The firm invests in post-restructured or operationally sound public and private

Robert Petty is the Managing Partner and Co-Founder of Clearwater Capital

Dilipkumar Lakhi is Mumbai's highest individual tax payer

A famous investor in the Indian markets - famous because of her

Dolly Khanna is a Chennai-based homemaker and it is her

GIC Private Limited - formerly known as Government of Singapore Investment

GIC’s investment strategy is to build a portfolio comprising asset classes that

Another well known Investor in the Indian Equity

His most notable holding is in Nalwa Sons Investments

Hitesh Satishchandra Doshi is one of the Investor

Multiples believes there are three ingredients to successful investing in India –

As of 2017, Multiples crossed the $1 billion assets under management (AUM).

Nalanda follows the private investment in public enterprises, or PIPE, strategy

Nalanda is headed by Former Warburg Pincus India Managing Director Pulak

Nemish Shah was ranked the "13th Richest Investor

Nemish Shah is a reclusive man. He has not met the

Professor Shivanand Shankar Mankekar is no ordinary professor.

Three things become apparent from the study of Prof. Mankekar's

Radhakishan Damani or RK is not just another run-of-the-mill

His notable holding is a 26% stake in cigarette maker VST

“Big Bull Badshah of Dalal Street” Rakesh Jhunjhunwala