Abakkus investment strategy centers on fundamental research, valuation discipline and long-term ownership of Indian businesses, senior fund manager Aman Chowhan said in an interview published on October 18, 2026. He outlined how the firm's strategies differ in their exposure to large, mid-sized and smaller companies, while sharing an emphasis on earnings potential that he believes is not fully reflected in share prices.
Key Takeaways
- Chowhan described a high-conviction approach that prioritizes business fundamentals over momentum.
- All Cap invests across company sizes, while Emerging favors mid- and small-cap businesses.
- The offshore Aryabhatt India UCITS fund had approximately $172 million in assets, Chowhan said.
Table of Contents
- Abakkus investment strategy starts with business fundamentals
- How the domestic strategies differ
- An offshore route to Indian equities
- Chowhan's path from research to fund management
- Conclusion
Abakkus investment strategy starts with business fundamentals
Chowhan said the investment team combines bottom-up company research, balance-sheet analysis and risk-reward assessment. Its approach is benchmark-agnostic: investment decisions are not constrained to matching a benchmark's holdings or allocations.
The firm's official Abakkus All Cap Approach description similarly emphasizes a diversified portfolio selected through fundamental research, with a typical holding period of three to five years. The product nevertheless lists the BSE 500 TRI as its benchmark, distinguishing a performance reference from a requirement to replicate its composition.
Chowhan described the broader philosophy as patient but flexible, without a fixed commitment to one sector, theme or investment style. He said the team favors independent and sometimes contrarian thinking rather than momentum-driven investing.
| Item | Details |
|---|---|
| All Cap portfolio size | Around 25–35 companies, as described by Chowhan. |
| Emerging screening thresholds | At least two of three: return on equity above 15%, earnings growth above 15%, and a price-to-earnings ratio below 15. |
| Aryabhatt India UCITS assets | Approximately $172 million, as stated in the October 18, 2026 interview. |
How the domestic strategies differ
The All Cap strategy seeks opportunities across large-, mid- and small-cap companies. Chowhan characterized it as value-conscious investing in businesses with growth prospects, with the mindset of owning a business rather than trading a share.
Emerging has a strategic bias toward mid- and small-cap companies. It typically considers second- and third-ranked businesses within a sector where the team sees strong growth potential and a meaningful valuation discount to the market leader. Its screening framework combines profitability, earnings growth and valuation rather than requiring every company to meet all three tests.
The Adaf strategy blends elements of All Cap and Emerging, extending its opportunity set to micro-cap companies. Chowhan said meaningful allocations to large-cap and larger mid-cap businesses are intended to moderate volatility and maintain liquidity. Those are portfolio objectives, not guarantees of lower losses.
An offshore route to Indian equities
Chowhan also described the Aryabhatt India UCITS fund as a long-only Indian equity fund domiciled in Dublin, Ireland. It is an open-ended Article 8 sub-fund of Aryabhata Global Assets Funds ICAV.
The fund's allocation framework allows 40–60% in large-cap companies and 40–60% in mid-cap companies. Chowhan said it offers daily liquidity and is available to international investors across eight major currencies. Its stated allocation framework therefore differs from the broader small- and micro-cap opportunity sets described for other strategies.
Chowhan's path from research to fund management
Chowhan said he heads equity investments for Abakkus's portfolio management services, alternative investment funds and offshore funds, and has been with the firm since its inception.
Born in Raipur and raised and educated in Mumbai, he holds an MBA in finance. He began his career as a research analyst after completing the degree and previously worked at Reliance Mutual Fund, now Nippon AMC, in India and Singapore.
Conclusion
The key distinction is how each strategy allocates across company sizes, rather than a different underlying research philosophy. The stated screens and allocation ranges provide concrete reference points for assessing subsequent portfolio disclosures; they are not evidence of realized investment performance.
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