Kaushal Kedia
A Chartered Accountant who reads market cycles for a living, and who runs one strategy — the Wallfort Avenue Fund — inside a Mumbai house that operates six of them. The firm now trades as Wallfort Fund Management LLP, having been registered as Wallfort PMS & Advisory Services LLP, and its own team page names founder Vijay Bharadia, not Kedia, as the final authority on every investment decision.
Is Kaushal worth your time?
A strategy manager, not a house CIO. Kedia is a Chartered Accountant with over a decade in Indian equity markets whose stated strength is understanding market cycles and identifying sectoral turnarounds. APMI names him as the fund manager of the Wallfort Avenue Fund, live since 1 April 2022 and benchmarked to the BSE 500 TRI. The firm behind it holds SEBI portfolio-manager registration INP000006192, granted on 23 October 2018 to Wallfort PMS & Advisory Services LLP, and now operates as Wallfort Fund Management LLP — same number, new name, and an AIF registration alongside it. Two qualifiers matter: Avenue is one of six PMS strategies at the firm and a minority of its book, and APMI publishes no fee or exit-load information for it at all.
Investors who want small- and mid-cap exposure through a house with a stated, unusually specific set of exclusions — no leverage, no market timing, no banks or NBFCs — and who are comfortable that the strategy they are buying is one of six run inside that house rather than the house itself. It suits a multi-year horizon and someone who will judge a fund that has been live only since April 2022 on that basis, not on the firm's longer or its founder's family record. If you are buying a manager rather than a platform, be clear that Wallfort's own team page places final investment authority with its Chief Investment Officer, and press for the fee schedule in writing before you commit, because it is not on the public register.
- The Avenue Fund is one of six Wallfort PMS strategies and a minority of the firm's book.
- The firm's own team page names founder Vijay Bharadia as the final authority on every investment decision.
- APMI records the fixed fee, the variable fee and the exit load for this strategy all as 'NA'.
- The fund has been live only since April 2022, so APMI carries no five-year figure for it.
About Kaushal Kedia
Kaushal Kedia is the fund manager of the Wallfort Avenue Fund at Wallfort Fund Management LLP, the Mumbai portfolio manager that holds SEBI registration INP000006192, granted on 23 October 2018 under the firm's former name, Wallfort PMS & Advisory Services LLP. APMI names him as the strategy's fund manager, with the fund running since 1 April 2022 against a BSE 500 TRI benchmark.
He is a Chartered Accountant, described by the firm as having over a decade of experience in Indian equity markets with strengths in understanding market cycles and identifying sectoral turnarounds, and as leading the Avenue Fund within the firm's PMS framework. A third-party PMS platform dates his qualification to the Institute of Chartered Accountants of India in 2011. The firm was founded by Vijay Bharadia, its Chief Investment Officer.
Career
- present
Fund Manager, Wallfort Avenue Fund, Wallfort Fund Management LLP
Leads the Avenue Fund within the firm's PMS framework, one of six strategies the house runs. APMI names him as the fund's manager as of 31 July 2026.
- 1 Apr 2022
Wallfort Avenue Fund launched
The start of the live record under his name. The firm's own PMS business predates it by more than three years.
- from c. 2011
Over a decade in Indian equity markets
The firm states over ten years of experience without naming prior employers; exact roles and dates before Wallfort are not publicly disclosed.
- 2011
Qualified as a Chartered Accountant
The Institute of Chartered Accountants of India, per a third-party PMS data platform. The firm's own site confirms the qualification but not the year.
Six principles
Decisions over outcomes
The firm's stated core belief is that a good process is what it can control, and that markets reward avoiding irreversible mistakes more than they reward being right occasionally.
Permanent loss is the risk
Volatility is explicitly not the definition of risk in this house. That framing is what allows a small- and mid-cap book to sit through drawdowns.
Cycles and turnarounds
Kedia's own stated strength is judging where a sector sits in its cycle and buying at the point of turn — the specific contribution he brings to the framework.
Named exclusions
No market timing, no leverage, and no banks or NBFCs. Stating what a portfolio will never hold is rarer and more useful than stating what it might.
Emerging companies, early
The house hunts India's emerging companies early in their growth journey, which it frames as a part of the market that rewards patience and on-ground research rather than screening.
Sell discipline stated in advance
Exit positions that prove wrong; hold positions that prove right, including once they have become large. Worth testing against the actual turnover.
The call that shows the method working
One number, two names — and one strategy among six
The Association of Portfolio Managers in India, the SEBI-recognised self-regulatory body for the PMS industry, records Kaushal Kedia as the fund manager of the Wallfort Avenue Fund as of 31 July 2026, with an inception date of 1 April 2022 and a BSE 500 TRI benchmark. That is independent confirmation of the seat.
The register also documents the firm's change of identity. APMI's PMS-level file lists SEBI registration INP000006192, dated 23 October 2018, against Wallfort PMS & Advisory Services LLP; APMI's own strategy page for the same fund shows the provider as Wallfort Fund Management LLP, and the firm's current website confirms it holds that PMS number alongside an AIF registration, IN/AIF3/26-27/2155. Same licence, new name — but it does mean the public record is split across two names, and the old website's team pages no longer resolve.
What the register does not do is make this the firm. Wallfort runs six PMS strategies; Avenue is one of them, and a minority of the money. The firm's own team page places final investment authority with its founder and Chief Investment Officer. And on fees, the register goes quiet: fixed structure, variable structure and exit load are all recorded as 'NA'.
- 2011Qualifies as a Chartered Accountant, per a third-party PMS platform
- 23 Oct 2018SEBI grants portfolio-manager registration INP000006192 to Wallfort PMS & Advisory Services LLP
- Nov 2018The firm's first strategy, the Diversified Fund, launches — more than three years before Avenue
- 1 Apr 2022Wallfort Avenue Fund inception, per APMI — the start of the record under his name
- 2024The firm adds three further strategies, taking its PMS shelf to six
- 2026Operating as Wallfort Fund Management LLP ('Wallfort WAM'), with AIF registration IN/AIF3/26-27/2155 alongside the unchanged PMS number
- 31 Jul 2026APMI records him as the Avenue Fund's fund manager
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 | Since inception |
|---|---|---|---|
| Wallfort-Avenue Fund | +31.43% | +26.62% | +25.8% |
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 Kaushal on
Bring these to the call.
What does this strategy actually cost?
APMI shows the fixed fee, variable fee and exit load for Avenue as 'NA'. Ask for the fixed rate, any performance fee and its hurdle, high-water-mark treatment, exit load schedule and brokerage arrangements in writing before you sign.
Who overrules whom?
The team page names the CIO as the final authority; the philosophy page describes a senior partnership. Ask what Kedia decides alone on Avenue — idea selection, sizing, sell discipline — and what requires sign-off.
Which strategy won the award?
The Rank 2 Crystal Gazing 2026 claim covers three-year and five-year risk-adjusted small- and mid-cap performance without naming a fund. Avenue has no five-year record. Ask the firm which strategy the recognition refers to.
Whose history are you being shown?
The firm has run PMS money since 2018 and the Bharadia family longer still. Avenue started on 1 April 2022. Ask for Avenue's own dated factsheet and monthly series, and do not borrow the firm's longer record for it.
Which entity are you contracting with?
The SEBI registration was granted to Wallfort PMS & Advisory Services LLP; the firm now trades as Wallfort Fund Management LLP. Check the entity name on your PMS agreement matches, and ask for the current disclosure document under the current name.
Do the six strategies hold the same names?
All six are small- and mid-cap and run on one house framework. If you are shown more than one, ask for the current holdings overlap between them before treating them as separate bets.
What does 'turnaround' mean in practice?
Cycle-reading and sector turnarounds are judgement calls that are easy to describe and hard to evidence. Ask for two or three worked examples — sectors entered at the turn, and the ones he got wrong.
How they compare
Comparable managers on the platform, by asset class and category · live fund figures.
| Manager | 1Y | 3Y | AUM | Nyra |
|---|---|---|---|---|
| Abhishek Bhardwaj Green Lantern - Growth Fund · PMS | +9.1% | +31.1% | ₹0 Cr | 8.5 |
| Rajesh Kothari AlfAccurate Advisors - AAA Budding Beasts · PMS | +15.9% | +21.8% | ₹0 Cr | 8.4 |
| Salvin Shah Aditya Birla Sun Life (ABSL) - SSP · PMS | +9.8% | +24.4% | ₹0 Cr | 8.4 |
| Romil Jain Electrum - Laureate Portfolio · PMS | +14.4% | +21.3% | ₹0 Cr | 8.2 |
Kaushal Kedia · FAQ
What does Kaushal Kedia manage?
Does he make the final call on the portfolio?
Why does the firm have two names?
What is his investment style?
What is the minimum investment, and what are the fees?
Has SEBI taken any action against him or the firm?
Considering Kaushal'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 Kaushal Kedia.