Ashutosh Tiwari
Head of AMC and Chief Investment Officer – Public Markets at Equirus Wealth, and the named fund manager of both its PMS strategies since 15 November 2025. A sixteen-year research career — Head of Research, then Head of Equities, then Managing Director of institutional equities at the group's broking arm — before he moved to running money.
Is Ashutosh worth your time?
A well-credentialled research head who took the investment seat recently, at a firm whose investment seat has changed hands repeatedly. Equirus names him fund manager of both its PMS strategies in three independent places — its own team page, its SEBI Disclosure Document and APMI's register — so the attribution is not in doubt. What is in doubt is how much of the published record is his. He has held the seat since 15 November 2025. Roughly 92% of the Long Horizon Fund's since-inception return was earned under Viraj Mehta, who ran it from 2016 to June 2024 and now markets that record at his own firm. The Flexi Cap Fund's track record begins on 1 November 2025, when the clients of a different strategy were migrated into it and 41 months of history was retired. The compliance record is genuinely clean — zero complaints in every year on record. The firm's own filings also show it lost 46% of PMS assets in FY25.
Investors who want a concentrated, research-led small-cap mandate and are willing to underwrite a new manager rather than a long personal record. The compliance position is genuinely clean — zero investor complaints in every year on record across the firm's portfolio management, broking and depository registrations, and no declared regulatory action. The attribution is better evidenced than most: three independent sources name him on both strategies.
- He has managed these strategies since 15 November 2025. Roughly 92% of the Long Horizon Fund's since-inception record was earned under Viraj Mehta, who ran it from 2016 to June 2024 and now presents that record at his own firm.
- The Flexi Cap Fund's track record starts on 1 November 2025. It is the wrapper into which clients of Equirus Core Equity were migrated; that strategy had run since May 2022 and its 41-month record was retired rather than carried forward.
- The investment seat has turned over twice in seventeen months, and the Principal Officer designation five times in five years. An independent adviser has called the churn “a clear red flag” and advised waiting for the new team to build its own record.
- The firm's own SEBI filing shows the portfolio management business fell from 664 clients and ₹942.62 crore in FY2023-24 to 468 clients and ₹509.08 crore in FY2024-25 — a 46% fall in assets — bottoming at ₹395.68 crore in January 2026 before recovering to ₹496.68 crore by July 2026. The firm's own marketing page separately claims a client retention ratio “exceeding ~95% for past 3 successive years”. Both statements are the firm's.
- Against its own secondary benchmark, the NSE SmallCap 250, the Long Horizon Fund has underperformed by roughly 3.6 percentage points over three years and 3.7 over five, while beating the broader BSE 500 TRI over the same periods.
- He is simultaneously fund manager and Principal Officer, so the person running the portfolios is also the person accountable to SEBI for them. The investor-relations and compliance contact is a separate individual.
- The portfolio management team is three people, one of whom heads sales. A single research professional supports the CIO.
- The firm has published no investor communiqué since 2023 and no public factsheet, so holdings, sector weights and attribution are not disclosed.
About Ashutosh Tiwari
Ashutosh Tiwari is Head of AMC and Chief Investment Officer – Public Markets at Equirus Wealth Private Limited, and the named fund manager of both of its portfolio management strategies: the Equirus Long Horizon Fund and the Equirus Flexi Cap Fund. He was appointed to both roles, together with the Principal Officer designation, with effect from 15 November 2025.
He came to fund management from research, and from within the same group. He joined Equirus around 2009–2010 after roughly a year as a research analyst at KR Choksey, and before that worked as a mining engineer at Hindustan Zinc. At Equirus Securities he covered the automobile and metals sectors, then served six years as Head of Research, four as Head of Equities, and latterly as Managing Director and Head of Institutional Equities. He was a regular market commentator throughout that period. The firm states he has over twenty years of professional experience, of which sixteen and a half are in the securities market.
He is MBA-qualified in finance and holds a B.Tech in Mining Engineering from the Indian Institute of Technology (BHU), Varanasi. The firm describes him as known for a contrarian approach, and states he was ranked first for earnings estimates in the automobile sector in the 2015 Thomson StarMine Analyst Awards — a claim we record as the firm's, because it could not be independently confirmed.
Career
- 15 Nov 2025 – present
Head of AMC and CIO – Public Markets; Fund Manager and Principal Officer, Equirus Wealth
Appointed fund manager and Principal Officer of the Equirus Long Horizon Fund, the Equirus Flexi Cap Fund and the non-discretionary book, in place of Sahil Shah. The firm's SEBI Disclosure Document dated 27 February 2026 is the only dated primary record of the appointment; no announcement was made.
- c. 2019 – 2025
Managing Director & Head of Institutional Equities, Equirus Securities
Preceded by four years as Head of Equities and six years as Head of Research. He was quoted in the financial press throughout as Equirus's research head, and later as managing director – research.
- c. 2009/2010 – 2019
Research Analyst, then Head of Research, Equirus Securities
Covered the automobile and metals sectors. The exact joining year cannot be pinned: third-party records give 2009 and the firm's own experience arithmetic implies 2010.
- Before Equirus
Research Analyst, KR Choksey Shares and Securities; Mining Engineer, Hindustan Zinc
Roughly a year in equity research after an engineering career at Hindustan Zinc, part of Vedanta Resources.
Five principles
Two engines, not one
The firm's stated doctrine pairs structural earnings compounding with cyclical return acceleration, on the argument that an approach committed to only one of them misallocates capital across India's phases of growth.
Risk starts at business selection
“Risk management begins at the level of business selection, not portfolio construction. The focus is on avoiding permanent loss of capital.”
No macro calls, no cash calls
The firm states the strategy “avoids macro forecasting, sector rotation, and cash calls — recognising that these are difficult to execute consistently”.
Under-owned companies
“A willingness to take well-researched and calculated risks by investing in under-owned and relatively ignored companies, where market inefficiencies can be meaningfully exploited.”
Concentrated by design
The Long Horizon Fund runs roughly 15–16 holdings; the Flexi Cap Fund 28–31. The disclosure document states the manager “may or may not seek diversification across the various sectors of the equity market”.
The call that shows the method working
Named in three places, in the seat for nine months
The attribution is unusually well evidenced. Three independent sources name him as fund manager of both strategies. Equirus's own PMS team page: “He is the fund manager for Equirus Long Horizon Fund and Equirus Flexi Cap Fund.” Its SEBI Disclosure Document dated 27 February 2026: “Mr. Ashutosh Tiwari has been appointed as the Fund Manager and Principal officer of Equirus Long Horizon Fund, Equirus Flexi Cap Fund & Equirus NDPMS in place of Mr. Sahil Shah, w.e.f. November 15, 2025.” And APMI's register lists him as fund manager of both approaches against a personal email address rather than a compliance mailbox.
The tenure is the thing to weigh, not the attribution. He has held the seat since 15 November 2025. The Long Horizon Fund launched in October 2016 and was run by Viraj Mehta until June 2024 and by Sahil Shah until November 2025 — so roughly 92% of the period behind its since-inception figure predates him, and Mehta now presents that record as his own at the firm he subsequently founded. The Flexi Cap Fund's published record starts on 1 November 2025, the date the clients of Equirus Core Equity were migrated into it; that earlier strategy had run since May 2022 and its record was not carried forward.
Both facts are in the firm's own filing, which is candid about the sequence. Read the returns below as the strategies' records, and his tenure as the short period it is.
- c. 2009/2010Joins Equirus Securities as a research analyst covering automobiles and metals.
- Oct 2016Equirus Long Horizon Fund launches under Viraj Mehta, then at Equirus Securities.
- 7 Dec 2020The PMS business transfers from Equirus Securities to Equirus Wealth Private Limited, SEBI registration INP000007076.
- 18 Jun 2024Sahil Shah replaces Viraj Mehta as fund manager of the Long Horizon Fund. Mehta founds his own firm the following month.
- 1 Nov 2025Clients of the Equirus Core Equity strategy are migrated into the Equirus Flexi Cap Fund. Flexi Cap's published track record starts here; Core Equity's 41-month record is retired.
- 15 Nov 2025Ashutosh Tiwari becomes fund manager and Principal Officer of both strategies, in place of Sahil Shah.
- 27 Feb 2026The firm's SEBI Disclosure Document records the appointment — the only dated primary evidence of it.
- 31 Jul 2026Long Horizon Fund ₹374.43 crore; Flexi Cap Fund ₹122.25 crore; 387 clients across the 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 |
|---|---|---|---|---|
| Equirus Flexi Cap Fund | — | — | — | +4.95% |
| Equirus Securities - Long Horizon Fund | +4.52% | +14.58% | +11.96% | +19.39% |
Figures are historical, unaudited and third-party reported, as of 2026-06-30. Past performance is not indicative of future returns.
What to press Ashutosh on
Bring these to the call.
Ask for performance attributable to his tenure alone.
He has run these books since 15 November 2025. The headline since-inception number on the Long Horizon Fund is overwhelmingly his predecessor's. Ask for the return series from 15 November 2025 and judge that separately.
Why did the last two managers leave?
Neither departure was announced or explained. Viraj Mehta left in June 2024 and founded his own firm the following month; Sahil Shah left in November 2025. Ask the firm directly, and ask what would keep the current CIO in the seat.
What happened to Equirus Core Equity?
Its clients were migrated into the Flexi Cap Fund on 1 November 2025 and its 41-month record was not carried forward. If you are shown Flexi Cap's returns, ask for Core Equity's history too, and for the rationale for the migration.
Ask about the FY25 outflows, with the retention claim beside it.
The firm's own filing shows assets falling 46% and clients 30% in FY2024-25, while its website claims retention above 95% for three successive years. Ask the firm to reconcile the two.
Which benchmark are you being shown?
Against the BSE 500 TRI the Long Horizon Fund looks strong. Against the NSE SmallCap 250 — the index matching what it actually holds — it has trailed over three and five years. Ask for both.
Who is behind the CIO?
One vice-president of research supports him; the third team member heads sales. Ask what happens to the portfolios if he is unavailable, and who has deputy authority.
Ask for a factsheet and current holdings.
The firm publishes no factsheet and has issued no investor communiqué since 2023, so holdings, sector weights and performance attribution are not public. Ask for them in writing before committing.
How they compare
Comparable managers on the platform, by asset class and category · live fund figures.
| Manager | 1Y | 3Y | AUM | Nyra |
|---|---|---|---|---|
| Pratiksha Daftari Aequitas - India Opportunities Product · PMS | +30.1% | +28.5% | ₹0 Cr | 8.6 |
| Naresh Gupta Accuracap - dynamo · PMS | +6.9% | +26.7% | ₹11.14 Cr | 8.1 |
| Piyush Sharma Right Horizon - Minerva India UnderServed · PMS | +0.8% | +49.3% | ₹90 Cr | 8.0 |
| Nirav Parikh Molecule Ventures - Growth · PMS | -3.5% | +30.9% | ₹648.31 Cr | 7.8 |
Ashutosh Tiwari · FAQ
What does Ashutosh Tiwari manage?
How long has he managed them?
Is the Long Horizon Fund's since-inception return his record?
Why does the Flexi Cap Fund have such a short record?
Is he also the Principal Officer?
Does the firm have any regulatory or complaint history?
Is this the same as the Long Horizon Fund from Sameeksha Capital?
Considering Ashutosh'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 Ashutosh Tiwari.