Our philosophy
It began with a simple question — what would we actually want, if we were the client?
Lakshya was founded because the honest answer to that question wasn't easy to find. Most of what passes for portfolio management in India is either a diluted index in expensive clothing, or a rotating set of themes chasing whatever the market rewarded last quarter.
We wanted something quieter and more serious. A short list of businesses we could hold with real conviction. A written process we would apply the same way in every mood of the market. A relationship where the client understood what they owned and why — in plain language, without spin.
That is the firm we set out to build, and the firm we work to be, every day.
Four principles
The non-negotiables that shape every decision.
They sound obvious on paper. Holding to them across full market cycles is what makes them valuable.
Discipline over emotion
Our written playbook governs every decision — entry, sizing, monitoring and exit. Consistency across cycles is our real edge; individual quarters are noise.
Deep conviction, concentrated
We hold 15–20 businesses we understand end-to-end. Position size reflects conviction in the thesis, not benchmark weight. If we don't have an opinion, we don't own it.
Understand the ‘why’
We only invest in models we can explain in plain language. If the thesis requires jargon or heroics to hold together, we pass — however exciting the story.
Transparency builds trust
Clients see the same portfolio, the same reasoning and the same risks we see — every quarter. No spin, no selective reporting, no surprises.
How we do it
A private-equity mindset, in listed markets.
Every idea moves through the same five stages. Nothing shortcuts them — not conviction, not urgency, not fear of missing out.
Industry structure
Where does the value pool sit? Who captures it, and for how long?
Company deep-dive
Unit economics, moat, capital intensity, working-capital cycle, incentives.
Management quality
Capital allocation history, related-party hygiene, incentives, and the walk vs. the talk.
Valuation
Reverse-DCF sanity, terminal assumptions, downside case. Price we'd love; price we'd tolerate; price we'd walk away from.
Position sizing
Sized by conviction and correlation with the rest of the book — not by cap or benchmark weight.
Strategy at a glance
What the portfolio actually looks like.
No shorting, no derivatives
Concentrated holdings
Across large, mid & select small caps
Target minimum holding period
Minimum daily-traded liquidity
Benchmark
Investible universe
From five thousand names to fifteen.
Each filter is a promise about what we will and won't own. What survives is small on purpose.
Portfolio construction
How we allocate between conviction and catalyst.
The book is built as two complementary sleeves — a Core of long-duration compounders, and a Thesis-based sleeve of concentrated, catalyst-driven ideas.
| Attribute | Core | Thesis-based |
|---|---|---|
| % of AUM | 60–75% | 25–40% |
| No. of positions | 10–14 | 5–8 |
| Target holding period | 5+ years | 18–36 months |
| Idea generation | Quality screens, industry deep-dives | Catalyst mapping, special situations |
| Underlying thesis | Durable compounders bought at fair prices | Well-defined, dateable value unlock |
Allocation ranges are indicative. Actuals may vary based on opportunity set and risk conditions.
Research isn't a report we produce. It's a habit — the discipline of updating our views only when the facts change, and having the humility to say so when they do.
— [[Head of Research]], Lakshya PMS
Take the next step
Understand the fit before you commit.
Book a 30-minute conversation with our team. No presentations, no pressure — just a plain-language walkthrough of the portfolio and how it fits your goals.