Sandip Agarwal
A Chartered Accountant who ranked 31st in India in the CA Final and spent eleven years as Edelweiss's lead technology analyst before co-founding Sowilo Investment Managers in Mumbai. The firm's own factsheets name him Portfolio Manager of both its approaches — and SEBI registered it only in June 2023, so everything you can measure is three years old.
Is Sandip worth your time?
A sell-side specialist who crossed to the buy side and built his own shop. Agarwal is a Partner, Principal Officer and Fund Manager at Sowilo Investment Managers LLP, which SEBI registered as a portfolio manager on 5 June 2023 under INP000008127. From January 2012 to December 2022 he was an Executive Director at Edelweiss Financial Services, now Nuvama, leading its IT, telecom and internet research and selling that work to global institutions including ADIA, T. Rowe, Fidelity, Schroders and Amundi; AsiaMoney's polls ranked him second, first and second among technology analysts in 2020, 2021 and 2022. He runs two approaches: the Sowilo Multicap Fund and the Sowilo Target Return Aggressive Scheme, both launched in June 2023. Two qualifiers before the record: the combined book is small, and the label 'multicap' understates how far down the market it actually sits.
Investors who want a genuinely small-cap-heavy Indian equity book run by a single accountable decision-maker, and who understand that they are backing one person's judgement at a firm that has existed as a licensed portfolio manager since June 2023. It suits someone with a horizon of at least three years — the minimum the firm itself states — who can sit through the drawdowns that come with a portfolio carrying a beta of 1.27 and a standard deviation half again the benchmark's. It suits a satellite allocation rather than a core one. If you need a long verified record, a large stable business behind the manager, or published fee and exit terms you can read before you meet anyone, this is not it.
- SEBI registered the firm only on 5 June 2023, so both strategies have barely three years of live record.
- The two approaches hold about ₹218 crore between them — a small book by PMS standards.
- He is the only named fund manager, supported by a research head with roughly five years' experience.
- Both portfolios sat near 87% in small caps in July 2026, despite one being labelled a multicap fund.
About Sandip Agarwal
Sandip Agarwal is a Partner, Principal Officer and Fund Manager at Sowilo Investment Managers LLP, the Mumbai boutique SEBI registered as a portfolio manager on 5 June 2023 under INP000008127. The firm's factsheets name him Portfolio Manager of both approaches and describe him as co-founder and fund manager; APMI records him as fund manager of each.
He is a Chartered Accountant with an All-India Rank of 31 in the CA Final and more than 22 years in financial research and advisory. From January 2012 to December 2022 he was Executive Director and lead analyst for IT, telecom and internet at Edelweiss Financial Services, now Nuvama, serving global institutions including ADIA, T. Rowe, Fidelity, Schroders and Amundi. AsiaMoney's technology analyst polls ranked him second in 2020, first in 2021 and second in 2022.
Career
- Jun 2023 – present
Partner, Principal Officer and Fund Manager, Sowilo Investment Managers LLP
SEBI registered the firm as a portfolio manager on 5 June 2023 under INP000008127. Its own factsheets list him as Portfolio Manager of both approaches and describe him as co-founder and fund manager; the firm's disclosure document says he is the lead Fund Manager at Sowilo.
- Jun 2022
Sowilo Investment Managers LLP incorporated
Formed on 15 June 2022 under the Limited Liability Partnership Act 2008, a year before the PMS licence was granted. He is one of three designated partners alongside Arvind Chirania and Nitesh Dhandharia.
- Jan 2012 – Dec 2022
Executive Director and Lead Analyst — IT, Telecom & Internet, Edelweiss Financial Services (now Nuvama)
Eleven years covering technology for institutional clients in India and abroad, including ADIA, Oppenheimer Holdings, T. Rowe, Fidelity, Wasatch, Platinum, Amundi and Schroders. Ranked No. 2, No. 1 and No. 2 in AsiaMoney's best technology analyst awards in 2020, 2021 and 2022.
- before 2012
Financial research and advisory
The firm records more than 22 years of experience in total but does not name his employers before Edelweiss, so the earlier decade is not documented here.
- qualification
Chartered Accountant, All-India Rank 31 in CA Final
A commerce graduate and rank holder in the CA Final, per the firm's SEBI disclosure document.
Six principles
Five tests before anything is bought
Scale, returns, technology, leadership and governance. A business that fails any of them does not enter the investible universe, and the portfolio is built only from what is already inside it.
Equities as a way to own businesses
The firm's phrasing is that it perceives buying equities only as a medium to buy great businesses — a deliberate rejection of trading the security rather than owning the company.
Structural, Sectoral, Alpha
Roughly 50% of the book compounds in Structural holdings, about 30% sits in Sectoral positions and about 15% in Alpha ideas, with the balance in cash for opportunities.
Turnover graded by bucket
Churn is limited in Structural, modest in Sectoral and frequent in Alpha. Risk management here is a function of where a position sits, not a separate overlay.
Retreat to Structural when the trade-off sours
The stated discipline is to shift money back into Structural businesses whenever risk and reward stop being compelling in the Sectoral and Alpha sleeves.
Sector depth from a technology desk
His research career was spent on IT, telecom and internet for global institutions. That is where the firm's analytical edge is claimed to be, even though the portfolios themselves are market-cap and sector agnostic.
The call that shows the method working
Named by the firm itself, and clean on the enforcement record
Attribution here is unusually direct. Sowilo's own July 2026 factsheets carry his name twice on each document: once in the Key Terms table as 'Portfolio Manager: Mr. Sandip Agarwal', and once above his biography as 'Sandip Agarwal — Co-founder and Fund Manager'. The firm's SEBI disclosure document goes further and states plainly that he is the lead Fund Manager at Sowilo. APMI records the same name on both approaches as at 31 July 2026.
The enforcement record is the part investors usually cannot check for a young firm, and it is clean. The disclosure document, dated 11 December 2025 and certified by an independent Chartered Accountant, records 'None' against all six heads: penalties or directions from SEBI, penalties for economic offences or securities-law violations, pending material litigation, deficiencies in systems and operations observed by any regulator, and enquiry or adjudication proceedings against the firm, its partners, its principal officer or its employees. The firm's monthly complaint disclosure records nil investor complaints in every month since it began reporting.
What the record cannot supply is time. The licence was granted on 5 June 2023 and both approaches began that same month. Everything measurable about this manager, in this seat, is three years old.
- Jan 2012Joins Edelweiss Financial Services as lead analyst for IT, telecom and internet
- 2020 – 2022Ranked No. 2, then No. 1, then No. 2 in AsiaMoney's best technology analyst awards
- 15 Jun 2022Sowilo Investment Managers LLP incorporated in Mumbai
- Dec 2022Leaves Edelweiss after eleven years as Executive Director
- 5 Jun 2023SEBI grants the firm portfolio-manager registration INP000008127
- 23 Jun 2023Sowilo Target Return Aggressive Scheme inception
- 26 Jun 2023Sowilo Multicap Fund inception
- 11 Dec 2025SEBI disclosure document records 'None' against every penalty, litigation and adjudication head
- 31 Jul 2026APMI records him as fund manager of both approaches; combined AUM about ₹218 crore
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 |
|---|---|---|---|
| Sowilo Multicap Fund | +10.18% | +18.68% | +20.61% |
| Sowilo Target Return Investment Fund | +7.1% | +17.16% | +18.61% |
Your return will not be the headline number. This is the spread of Sandip's 2 tracked strategies' 3-year CAGR. Which strategy you hold, and when you invested, both move your outcome. Strategy-level dispersion, 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 Sandip on
Bring these to the call.
Three years is not a cycle
Both approaches began in June 2023, into a rising small-cap market. Ask how the process would have behaved in 2018 or 2020, and ask for the worst peak-to-trough drawdown either portfolio has already taken.
Who manages the money if he stops?
He is the only fund manager named anywhere. Of the firm's four published professionals, two are on operations and sales. Ask in writing who the designated successor is and what clients would be told.
Why is a multicap fund 87% small cap?
The July 2026 factsheet shows a median market capitalisation of ₹6,641 crore. Ask what the stated cap bands actually are, whether that mix is deliberate or drift, and what would move the book back towards large caps.
Nothing about fees is published
The factsheets say 'as per agreement' and APMI shows 'NA'. Ask for the fixed rate, the performance-fee percentage, the hurdle, the high-water-mark frequency and the exit-charge schedule in writing before you sign.
How quickly could this book be sold?
A small-cap-heavy portfolio of this size can be exited more easily than a large one, but liquidity is still the binding constraint. Ask what capacity the firm has set for each approach and what its impact-cost assumptions are.
Do the two approaches hold the same names?
Landmark Cars, Redington, JK Tyre and Amara Raja appeared in the top ten of both portfolios in July 2026. If you are shown both, ask for the current holdings overlap before treating them as diversification.
Management, or management and advisory?
The factsheets report 'Total Assets under Management & Advisory'. Ask for the split between discretionary PMS assets and advisory assets, so you know how much money the strategies actually run.
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 |
| Rajeev Bajaj Systamatix - Dynamic Investment · PMS | +18.2% | +23.6% | ₹158.52 Cr | 8.4 |
| Madanagopal Ramu Sundaram Alternate - VOYAGER · PMS | +28% | +23.1% | ₹0 Cr | 8.3 |
| Kaushal Kedia Wallfort-Avenue Fund · PMS | +31.4% | +26.6% | ₹160.31 Cr | 8.3 |
Sandip Agarwal · FAQ
What does Sandip Agarwal manage?
How big is the book?
Is the Multicap Fund really a multicap fund?
Does he run these strategies alone?
Has SEBI taken any action against the firm or against him?
What is the minimum investment, and what are the fees?
Considering Sandip'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 Sandip Agarwal.