Arpit Shah
Fund Manager of the Stallion Asset Core Fund. Stallion's team page has carried that title for him since at least June 2023, and its current presentation lists an investment team of two: Arpit Shah as Fund Manager and founder Amit Jeswani as CIO and Principal Officer. The firm publishes no biography for him, and this profile does not invent one.
Is Arpit worth your time?
The named fund manager of a single ₹8,686 crore book, on a page thinner than the firm's disclosure allows us to make it. Stallion's website has titled Arpit Shah “Fund Manager” since at least June 2023, its current presentation names him as one of two people in the investment team, and he has represented the firm on earnings calls since 2022. But Stallion publishes no biography, education or qualification for him, and he is not named anywhere in its SEBI Disclosure Document dated 10 December 2025 — a document that names no fund manager at all. He became the sole holder of the title between December 2025 and January 2026, so the strategy's 28.10% since-inception return was not earned under his sole charge. Judge the strategy and the firm on the record below; there is not yet enough published about the man to judge him separately.
Investors who want the Stallion Core Fund strategy — a concentrated multi-cap mandate biased to market leaders, with 46.45% in large caps, 29.04% in small caps and 21.69% in mid caps as at 31 July 2026 — and who are choosing it on the strategy's record and the firm's structure rather than on a named individual's published track record. The firm has zero recorded investor complaints in every year since 2018-19 and invests its own balance sheet alongside clients (₹82.27 crore as on 30 November 2025).
- The 28.10% since-inception return was not earned under his sole charge. The strategy launched in October 2018 under Amit Jeswani as CIO, and Juhi Shah held the Fund Manager title alongside him until December 2025.
- Stallion publishes no biography, education or verified qualification for him, and he is not named in the firm's SEBI Disclosure Document dated 10 December 2025 — which names no fund manager at all.
- The firm's own two channels used different titles for him for roughly two and a half years: “Fund Manager” on the team page from June 2023, “Co-Fund Manager” in the presentations over the same period.
- Two negative calendar years against a positive benchmark, on the firm's own numbers: 2022 at −10.33% against +4.77%, and 2025 at −1.68% against +7.63%.
- Key-person and governance concentration: one firm, one equity strategy, and the compliance officer is also a promoter-director of the firm.
- A SEBI settlement order dated 6 May 2022 concerns founder Amit Jeswani's former research-analyst proprietorship, not this manager and not the PMS entity. It is settled and closed; the full record is set out on this page.
About Arpit Shah
Arpit Shah is the Fund Manager of the Stallion Asset Core Fund at Stallion Asset Private Limited, the Mumbai portfolio manager registered with SEBI as INP000006129. The firm's presentation as on 31 July 2026 names him as one of two people in its investment team, alongside founder and Chief Investment Officer Amit Jeswani.
Stallion's team page has carried the title “Fund Manager” for him continuously since at least June 2023. Its investor presentations used a different word for the same period, listing him as “Co-Fund Manager” under Juhi Shah as Fund Manager — the firm's two channels did not agree. From the firm's December 2025 material onward he is the only fund manager named, Juhi Shah having moved to Senior Research Analyst.
He has represented the firm publicly with listed companies for at least four years. He was named on an Anand Rathi Wealth earnings call in July 2022 as “Arpit Shah — Stallion Asset — Analyst”, has asked questions on other Indian earnings calls since, and a February 2025 exchange filing by Le Travenues Technology (Ixigo) records him attending an analyst meeting as “Senior Analyst” from Stallion Asset, alongside Amit Jeswani.
Stallion publishes no biography for him. No education, no prior employer and no qualification is stated for him in any firm document, and he is not named in the firm's SEBI Disclosure Document. This profile therefore stops here rather than filling the gap from unverified sources — see the research note below.
Career
- Dec 2025 – present
Sole named Fund Manager, Stallion Asset Private Limited
The firm's team page archived on 9 December 2025 shows both Juhi Shah and Arpit Shah with the Fund Manager title; the capture of 15 January 2026 shows Juhi Shah as Senior Research Analyst and Arpit Shah alone as Fund Manager. The presentations track the same change. We found no announcement from the firm.
- Jun 2023 – Dec 2025
Fund Manager (website) / Co-Fund Manager (presentations), Stallion Asset
The firm's own two channels disagreed for roughly two and a half years. Its team page titled him “Fund Manager” in every capture from 27 June 2023 onward, while its investor presentations listed him as “Co-Fund Manager” under Juhi Shah. Both are the firm's own material; the page records both rather than choosing.
- Jul 2022 – Jun 2023
Analyst, Stallion Asset Private Limited
The earliest verifiable public appearance on the firm's behalf: an Anand Rathi Wealth earnings call in July 2022 identifies him as “Arpit Shah — Stallion Asset — Analyst”. The firm's earliest surviving presentation carrying a team slide is the February 2023 edition.
- Before Stallion
Not disclosed
No prior employer can be verified from any primary source. Aggregator profiles list two former employers, but those records are the same class of scraped source that routinely merges people who share a name, and this name has a documented collision. They are omitted rather than published unverified.
Six principles
Market leadership
The firm looks for companies that dominate their industry. In its own words: “There is nothing worse than competition in business, Monopoly is the only condition of every very successful business.”
Size of the opportunity
Stallion states it invests “in companies that address a market which is large enough to allow our investment to grow 4-5x without needing to compete”.
Management integrity
“The Fair Value of a Management with no Integrity is zero.” The firm states it does “all the relevant quality checks on the management integrity”, and lists capital allocation and distribution among the management qualities it looks for.
Growth at a reasonable price, not a PE screen
The firm describes “investing in high-growth stocks at reasonable valuations”. Its earlier presentation was blunter: “We don't use PE Ratio's”, arguing multiples only work where growth is below the cost of capital.
Buy and rotate, not buy and hold
From the historic presentation: “Every bull market has a different leader; we find the leader in every bull market and stick to it”, and “We would rather buy companies that are making 52 week highs than buying new 52 week lows companies.”
Cut losers early
“There is no bigger Mistake in Investing than Holding on to your losers for a Long time. Being wrong is acceptable, Staying wrong is stupid!” — historic presentation. The firm publishes no explicit cash policy; its mandate permits 0–100% equity and it held 2.83% cash at 31 July 2026.
The call that shows the method working
Named by the firm, absent from the filing
Two things are true at once about this attribution, and a reader deserves both.
Stallion names him, and has for years. Its presentation as on 31 July 2026 lists an investment team of exactly two: “Amit Jeswani – CIO & Principal Officer” and “Arpit Shah – Fund Manager”. Its team page has carried the Fund Manager title for him in every archived capture since 27 June 2023. That is the firm's own material, which is the standard this site applies.
The regulatory filing does not. Stallion's SEBI Disclosure Document dated 10 December 2025 contains no mention of Arpit Shah, and names no fund manager for either of its investment approaches. It identifies Amit Jeswani as Principal Officer. The current factsheet's identification block does the same. So the man the firm calls Fund Manager on its website and in its presentation is not identified in its regulatory disclosure at all.
Neither fact cancels the other. The website and presentation attribution is why this page exists; the filing gap is why the page is short, and why the score below should be read as the strategy's record rather than as a verdict on an individual track record.
- 22 Oct 2018Stallion Asset Core Fund launches. SEBI PMS registration INP000006129 was granted on 31 August 2018.
- Jul 2022Earliest verifiable public appearance on the firm's behalf: an Anand Rathi Wealth earnings call names “Arpit Shah — Stallion Asset — Analyst”.
- Feb 2023Earliest surviving Stallion presentation carrying an investment-team slide lists “Arpit Shah – Co-Fund Manager” under Juhi Shah as Fund Manager.
- 27 Jun 2023Earliest archived capture of the firm's team page titling him “Fund Manager” — a title the page then carries continuously.
- 13 Feb 2025Le Travenues Technology (Ixigo) files a Reg-30 disclosure recording “Mr. Arpit Shah, Senior Analyst from Stallion Asset Private Limited” attending an analyst meeting alongside the CIO.
- 9 Dec 2025Team page shows both Juhi Shah and Arpit Shah with the Fund Manager title.
- 15 Jan 2026Team page shows Juhi Shah as Senior Research Analyst and Arpit Shah alone as Fund Manager. We found no announcement.
- 31 Jul 2026Current presentation and factsheet: strategy AUM ₹8,686.39 crore across 6,665 clients; investment team of two.
How the strategies have performed
Trailing returns, net of fees, annualised beyond one year. Shown only when sourced and dated; missing figures are unavailable, never zero.
| Strategy | 1Y | 3Y | 5Y | Since inception |
|---|---|---|---|---|
| Stallion Asset - Core Fund | +15.26% | +33.79% | +23.96% | +28.1% |
Your return will not be a single number. These are the strategy's trailing returns over different holding periods: up to one year absolute, beyond one year annualised. Your own outcome depends on when you invested; this is not a record of individual client accounts.
Figures are historical, unaudited and third-party reported, as of 2026-06-30. Past performance is not indicative of future returns.
What to press Arpit on
Bring these to the call.
Ask the firm to confirm who runs the book, in writing.
Stallion's website and presentation name Arpit Shah as Fund Manager; its SEBI disclosure document names no fund manager at all and identifies only Amit Jeswani as Principal Officer. Ask which is authoritative, and who holds final buy and sell authority.
How long has he actually run it, and how long alone?
Titled Fund Manager on the firm's team page since at least June 2023, and the sole holder of that title only since around January 2026. Ask for performance attributable to his tenure separately from the since-inception figure.
What happened to the other fund manager?
Juhi Shah held the title until December 2025 and remains at the firm as Senior Research Analyst. We found no explanation from the firm. Ask what changed, and what the reporting line between the CIO and the fund manager now is.
One strategy, one book, one family name.
₹8,686 crore sits in a single equity approach. The firm's promoters and directors share the founder's surname, and the compliance officer is also a promoter-director. Ask how compliance sign-off is separated from investment decisions.
Is the mandate still liquid at this size?
The strategy has grown from ₹605.82 crore at 31 March 2023 to ₹8,686.39 crore, and holds 29.04% in small caps. Ask about capacity limits, position-level liquidity, and whether the approach closes to new money.
Why was the research-analyst licence surrendered?
Stallion surrendered registration INH000007270 with effect from 10 July 2024 and gives no reason anywhere. Ask directly.
Read the settlement order yourself.
SO/GR/BM/2022-23/6631 is public and short. It concerns the founder's former research-analyst proprietorship, was settled without admission or denial, and its three-year registration restraint expired on 6 May 2025. Read it rather than any summary, including this one.
Arpit Shah · FAQ
What does Arpit Shah manage?
How long has he been the fund manager?
Is the since-inception return his record?
What are his qualifications?
Why is this profile shorter than others on this site?
Is he the Arpit Shah from Care Portfolio Managers?
Does the SEBI settlement order concern him?
Considering Arpit's strategy?
We'll pull the current Disclosure Document, the actual fee schedule, and a portfolio-overlap check against what you already own.
PMS Sahi Hai is a distributor (APMI Reg. APRN08358), not a SEBI-registered Investment Adviser. APMI registration does not constitute an endorsement. We are paid by the product manufacturer; this does not change the price you pay. PMS & AIF investments are subject to market risks; past performance is not indicative of future returns. This is not investment advice. PMS Sahi Hai is an independent marketplace and is not affiliated with Arpit Shah.