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Vision to be the Best Performing Hedge Fund
Avyay Trust is a SEBI-registered Category III Alternative Investment Fund (IN/AIF3/14-15/0119) — the first hedge fund with a relative value strategy to receive a SEBI AIF Category III registration in India. The fund is managed by Vasisth Capital Private Limited (CIN: U67190TG2009PTC065415), a Hyderabad-based investment management firm founded by Ramesh Callore in 2009. The fund's flagship offering is the Vasisth Relative Value Fund (VRV) — an open-ended, market-neutral scheme that uses equity derivatives and relative value techniques to generate alpha. VRV was launched in September 2015 with an initial corpus of INR 25 crore and a target of INR 100 crore. IL&FS Trust Company Limited (ITCL) acts as Trustee and IL&FS Security Services Limited (ISSL) acts as custodian. KPMG assisted with the SEBI registration process. Vasisth Capital has delivered 46% average pre-fee annual returns over five years with no negative year, as independently certified by Grant Thornton, and generated a post-tax return of 28% versus Nifty's 7.23% over the same period. The fund is based in Hyderabad, Telangana.
Vasisth Capital's investment philosophy is grounded in relative value — capturing temporal variations in asset prices (relative valuation gaps) through a combination of fundamental factor models and IT-enabled algorithmic execution. The firm believes markets are imperfect mechanisms driven by fear, greed, biases, and over/under-reactions to macro and company-specific events, and aims to exploit such randomness by separating 'core' movement from 'noise'. The strategy is market-neutral and sector-agnostic, focusing on highly liquid, well-governed blue-chip companies. Vasisth has developed proprietary sector-specific relative valuation models for PSU banks, private banks, IT, FMCG, cement, and oil sectors — back-tested and validated in predictive periods across varying cycles. Risk management is a core pillar: the firm follows a comprehensive risk policy with automated real-time monitoring, strict adherence to exposure and leverage limits, and clearly defined hedging guidelines.
Ramesh Callore
FMFounder, Managing Director & Fund Manager
Ramesh Callore is the Founder and Managing Director of Vasisth Capital Private Limited, the investment manager of Avyay Trust / Vasisth Relative Value Fund. He has expertise in developing relative valuation models for companies across multiple sectors, and at Vasisth conceives and implements trading strategies, portfolio management, and optimisation. He holds a B.Tech from JNTU and an MBA from ICFAI.
Prem Kumar
FMPortfolio Manager
Prem Kumar manages the portfolio by strictly adhering to Vasisth's internally developed risk management guidelines. He plans and executes trades in line with the relative value strategy objectives, and maintains close coordination with the research team for key updates on the stock universe. He holds an MBA in Finance from Sikkim Manipal University.
Rimpal Chawla
Director & Chief Advisor
Rimpal Chawla serves as Chief Advisor and Director of Vasisth Capital, and is also an investor and limited partner in the Vasisth Relative Value Fund. Prior to Vasisth, he was Managing Director at Credit Suisse's private banking and wealth management divisions, and held senior management positions at Goldman Sachs and Citibank. He currently also runs his own advisory firm, Anitya Ventures, and mentors startups.
Sachin Kedia
Head of Research
Sachin Kedia has been associated with Vasisth Capital since 2016. A Chartered Accountant with a B.Com from Osmania University, he has expertise in research, compliance, and risk management. At Vasisth, he actively tracks key developments in the stock universe, contributes to the improvement of factor models, and doubles as risk manager — assessing portfolio risk and suggesting mitigation measures. He is also the current SEBI-designated contact person for the fund per Finalyca records.
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