Vijay Bharadia
Founder and Chief Investment Officer of Wallfort Fund Management, a Mumbai small and mid-cap specialist where APMI names him individually on five separate investment approaches — and assigns a sixth to a different manager. That per-approach split is the strongest attribution evidence you will find in Indian PMS. It also exposes how unevenly his book is distributed: two of the five carry about ninety-five per cent of it.
Is Vijay worth your time?
A concentrated small and mid-cap manager with unusually granular attribution. APMI records Vijay Bharadia as fund manager of five Wallfort approaches — Diversified, Ameya, India Contra Equity, KOSH Value and Focus — while assigning the firm's sixth fund, Wallfort Avenue, to Kaushal Kedia instead. That the register splits the shelf between two people rather than crediting everything to the founder is genuine, checkable evidence rather than marketing. What the same data shows is a lopsided book: Diversified accounts for roughly three-quarters of his assets and Ameya most of the rest. Two of the remaining three launched only in mid-2024. Note also that the firm was renamed from Wallfort PMS & Advisory Services LLP and now trades as Wallfort WAM, keeping the same SEBI registration.
Investors who want concentrated exposure to Indian small and mid caps from a manager whose attribution can actually be checked strategy by strategy on the regulator's register — and who are buying the founding Diversified book with its seven-year record rather than one of the 2024 launches. It asks for a five to seven year horizon and a genuine tolerance for drawdown, which the firm itself puts at twenty to thirty per cent. If you are being shown a five-strategy shelf as evidence of range, look at where the money actually sits before you accept that framing.
- About ninety-five per cent of his book sits in just two of the five strategies — Diversified and Ameya.
- Two of his five approaches launched on 1 July 2024 and are too small and too new to assess.
- APMI names him alone on all five, but the firm's own team page lists co-fund managers, including one on Ameya.
- Published experience figures range from twenty years on APMI to three decades on the firm's homepage.
About Vijay Bharadia
Vijay Bharadia is the founder and Chief Investment Officer of Wallfort Fund Management LLP, a Mumbai portfolio manager registered with SEBI under INP000006192 and operating from Hari Chambers in Fort. The firm was formerly named Wallfort PMS & Advisory Services LLP and now trades as Wallfort WAM, retaining the same registration; it also holds a Category III alternative investment fund registration.
He describes the firm as built on his family's roughly thirty-year history of investing in Indian small and mid-cap equities, and his own career as spanning proprietary investing, institutional markets and portfolio management. APMI records twenty years of work experience and names him as fund manager of five of the firm's six investment approaches, the earliest of which, Diversified, has run since November 2018. He is not credited with the sixth.
Career
- Nov 2018 – present
Founder and Chief Investment Officer, Wallfort Fund Management LLP
SEBI-registered portfolio manager INP000006192, formerly Wallfort PMS & Advisory Services LLP. APMI names him as fund manager of five investment approaches as of 31 July 2026.
- 1 Nov 2018
Diversified — the founding approach
The firm's first and by far its largest strategy, and the source of most of the record attached to his name.
- 7 Dec 2022
Wallfort Ameya Fund
The second-largest approach under his name. The firm's own people page names a co-fund manager on this fund, though APMI does not.
- 2 Jan 2024
Wallfort India Contra Equity Fund
A contrarian mandate launched in 2024, materially smaller than the two founding books.
- 1 Jul 2024
Wallfort KOSH Value Fund and Wallfort Focus Fund
Two approaches launched the same day in mid-2024. Both are very small and neither has a record long enough to assess.
- before Wallfort
Proprietary investing and institutional markets
The firm describes a career across proprietary investing, institutional markets and portfolio management, built on roughly three decades of family investing in Indian equities. Exact employers and dates are not published.
Six principles
Good decisions over good outcomes
The stated first principle. The claim is that a repeatable process matters more than any individual result, and that the market pays for avoiding irreversible mistakes.
Risk is permanent loss, not volatility
An explicit rejection of volatility as the risk measure. The firm pairs it with a plain warning that drawdowns of twenty to thirty per cent are possible.
Concentration with hard caps
Twelve to eighteen businesses, roughly fifteen to twenty stocks in the PMS, no more than fifteen per cent in one company and thirty-five per cent in one sector. The caps are what stop conviction becoming recklessness.
Small and mid caps as the structural edge
The argument is that size prevents large institutions from buying companies early, and that on-the-ground research closes the gap retail investors face there.
Rebalance on thesis, not on weight
Positions are exited when they prove wrong and held when they prove right, rather than trimmed because they have grown. The firm cites a position it let run to twenty-seven per cent before exiting.
No leverage, no market timing
Both are ruled out by policy, alongside businesses the firm judges it could not hold for a decade — constraints that define the strategy as much as the stock picking does.
The call that shows the method working
The register splits the shelf — and shows where the money is
The Association of Portfolio Managers in India records Vijay Bharadia as the fund manager of five Wallfort investment approaches as of 31 July 2026 — Diversified, Ameya, India Contra Equity, KOSH Value and Focus. The more telling entry is the one that does not carry his name: the firm's sixth fund, Wallfort Avenue, is attributed to Kaushal Kedia. A register that assigns different funds within the same firm to different people is not simply crediting everything to the founder, and that makes the five attributions worth more than a marketing claim would be.
The same data undercuts the headline it appears to support. Diversified, running since November 2018, holds about three-quarters of the assets under his name; Ameya holds most of the rest. Together they are roughly ninety-five per cent of his book. India Contra started in January 2024, and KOSH Value and Focus both started on 1 July 2024 — the last two are small enough that they cannot yet tell you anything. Five strategies, in practice, is one long record and one supporting book.
- roughly 30 yearsFamily investing in Indian small and mid-cap equities, which the firm cites as its foundation
- 1 Nov 2018Diversified inception — the founding approach and about three-quarters of his book
- 1 Apr 2022Wallfort Avenue Fund inception — attributed by APMI to Kaushal Kedia, not to Bharadia
- 7 Dec 2022Wallfort Ameya Fund inception — the second-largest approach under his name
- 2 Jan 2024Wallfort India Contra Equity Fund inception
- 1 Jul 2024Wallfort KOSH Value Fund and Wallfort Focus Fund both launch on the same day
- by 2026Firm renamed from Wallfort PMS & Advisory Services LLP to Wallfort Fund Management LLP, keeping registration INP000006192
- 31 Jul 2026APMI records him as fund manager of five approaches, all benchmarked to the BSE 500 TRI
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 |
|---|---|---|---|---|
| Wallfort-Kosh Value Fund | +4.45% | — | — | -3.57% |
| Wallfort-Diversified Fund | +8.26% | +34.27% | +25.41% | +23.89% |
| Wallfort-India Contra Equity Fund | +7.53% | — | — | +22.09% |
| Wallfort-Ameya Fund | +14.77% | +23.05% | — | +37.09% |
| Wallfort Focus Fund | -7.93% | — | — | -4.64% |
Your return will not be the headline number. This is the spread of Vijay'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 Vijay on
Bring these to the call.
Which strategy are you actually buying?
Roughly ninety-five per cent of his book is Diversified and Ameya. Ask for AUM, inception and a dated performance series for the specific approach on your form — not a blended firm number.
Who is named on your approach?
APMI names him alone on all five; the firm's own site names co-fund managers, including one on Ameya. Ask for the current disclosure document and confirm in writing who decides on your mandate and what the Head of Research's veto actually is.
Is there enough history to judge?
KOSH Value and Focus both launched on 1 July 2024 and India Contra in January 2024. If you are being shown one of these, ask what the record is meant to demonstrate and refuse to have Diversified's history read across to it.
Can you sit through twenty to thirty per cent?
The firm states that range itself. Ask for the actual peak-to-trough drawdown on Diversified since 2018, how long recovery took, and what redemptions did during it.
Which entity are you contracting with?
The firm renamed from Wallfort PMS & Advisory Services LLP to Wallfort Fund Management LLP under the same registration. Check the entity name on your agreement matches the current one, and ask what else changed alongside the name.
What are the fees on your approach?
APMI records a 2% charge on Diversified and nothing for the other four. Ask for the fixed fee, performance fee, hurdle, high-water-mark treatment and exit load in writing for the strategy you are buying.
How different are the five books?
All five are benchmarked to the BSE 500 TRI and run on one house philosophy from one research team. Ask for the current holdings overlap between Diversified, Ameya and any newer fund before you treat them as separate allocations.
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 |
| Kaushal Kedia Wallfort-Avenue Fund · PMS | +31.4% | +26.6% | ₹160.31 Cr | 8.3 |
Vijay Bharadia · FAQ
What does Vijay Bharadia manage?
How is his book actually distributed?
Why does the firm have two names?
Does he run these strategies alone?
What is his investment style?
What is the minimum investment, and what are the fees?
Considering Vijay'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 Vijay Bharadia.