Investing Styles of India’s Leading Fund Managers

India is home to some of the brightest minds in equity investing. Whether managing personal portfolios, running investment firms, or handling large-scale mutual fund assets, these professionals have consistently delivered long-term value to investors. 

In this article, we’ll explore the distinct investment styles of some of the most respected fund managers in India. These are not ranked by performance, but selected for their enduring impact and insightful approach to wealth creation. 

Rakesh Jhunjhunwala: The Big Bull’s Timeless Wisdom 

Rakesh Jhunjhunwala, often referred to as the “Warren Buffett of India,” had a rare knack for identifying undervalued companies and holding them with conviction. His most famous investment—Titan Company—turned into a multi-bagger, earning him a fortune of nearly ₹1,000 crore. 

Here are the core principles that shaped his investing decisions: 

• Look for competitive advantage: Invest in businesses with a strong moat and a model that’s hard to imitate. 

• Embrace failure: Accept losses gracefully and learn from mistakes. 

• Be patient: Ignore short-term market noise and allow quality stocks to grow over time. 

• Commit fully: Give your best in everything—whether it's investing or life. 

• Act on conviction: When opportunities align with belief, invest confidently. 

• Balance investing with trading: Use short-term trading gains to fuel long-term investments. 

• Learn, don’t lament: Mistakes are valuable lessons, not regrets. 

Prashant Jain: The Pragmatic Visionary 

Prashant Jain, former CIO of HDFC Mutual Fund, is known for his intuitive and conviction-driven investing approach. Instead of rigid frameworks, he relied on deep understanding of sectors and long-term potential. 

His key evaluation criteria included: 

• Business durability: He asked, “Can this company survive and grow over the next decade?” 

• Sustainable returns: A company without a clear edge won’t deliver consistently strong ROCE (Return on Capital Employed). 

• Management quality: Though subjective, analyzing the track record of directors and auditors helps gauge credibility. 

• Valuation discipline: Jain warned against blindly extrapolating short-term growth into the future—a common market error. 

He held a diversified portfolio and stayed invested for the long haul, focusing on value and quality rather than hype. 

Sunil Singhania: The Portfolio Strategist 

Sunil Singhania, founder of Abakkus Asset Manager, manages over ₹2,200 crore in assets. His philosophy emphasizes clarity, discipline, and long-term perspective. 

His investing rules include: 

• Stick to what you understand: Choose businesses where fundamentals and leverage are clear. 

• Focus on earnings growth: If a company’s growth trajectory is strong, market corrections are just temporary noise. 

• Avoid chasing momentum: Riding the trend without understanding the fundamentals is risky. 

• Use market dips wisely: Corrections offer opportunities to build long-term positions. 

• Think in terms of portfolios: Rather than focusing on individual stocks, evaluate the portfolio's overall balance and diversification. 

• Accept volatility: It’s a constant in markets, and successful investors learn to navigate it patiently. 

Saurabh Mukherjea: The Coffee Can Investor 

Saurabh Mukherjea, founder of Marcellus Investment Managers, advocates the ‘Coffee Can Investing’ strategy—buying high-quality stocks and holding them for a decade or more. This approach relies on the power of compounding and long-term business excellence. 

He’s also well-known for identifying promising small-cap companies, especially those with promoter-driven leadership. 

Here’s his 4-step framework for evaluating small-cap stocks: 

1. Promoter shareholding: Higher stakes indicate stronger commitment from the owners. 

2. Promoter remuneration: A larger variable pay signals incentive alignment with business performance. 

3. Dividend vs. reinvestment: Companies reinvesting profits into the business often have long-term vision and growth plans. 

4. No distractions: Promoters involved in other ventures may lose focus, impacting performance of the core business. 

Mukherjea believes that quality, governance, and capital allocation discipline are the backbone of long-term wealth creation. 

Final Thoughts 

Each of these fund managers brings a unique lens to the world of investing—be it conviction-led decisions, disciplined portfolio construction, or decade-long compounding strategies. By studying their philosophies and approaches, investors can gain valuable insights into identifying fundamentally strong companies.