Pankaj Tibrewal is the Founder and CIO of IKIGAI Asset Manager. He spent over two decades in fund management, including a 14-year stint at Kotak Mahindra AMC where he ran the Kotak Emerging Equity Fund, Kotak Small Cap Fund and the equity portion of Kotak Equity Hybrid Fund, together managing assets of roughly Rs 56,000 crore. He grew Kotak Emerging Equity Fund from about Rs 113 crore to Rs 36,000 crore and Kotak Small Cap Fund from about Rs 127 crore to Rs 13,000 crore. He holds a Bachelor's degree from St. Xavier's College, Kolkata and a Master's in Finance from the University of Manchester, and has been recognised among India's top fund managers by Outlook Business, The Economic Times and Morningstar.

Pankaj Tibrewal

Built on the core values of Trust, Process and Performance

IKIGAI Emerging Equity Fund is IKIGAI Asset Managers' Mid and Small Cap AIF strategy from a boutique India focused investment manager. It aims to generate long term, risk adjusted returns through a high quality, growth oriented portfolio that compounds capital steadily while maintaining relatively lower volatility through disciplined stock selection. The process screens over 5,500 listed companies down to a focused research universe.

Follows ten explicit investment principles, including avoiding businesses that need leverage, refusing to chase a rising price without a valuation case, and deliberately not over diversifying, rather than a general philosophy statement.

Ten stated rules, including what not to do

Holdings are reviewed continuously so the portfolio stays aligned with how the underlying businesses are actually evolving, not just how prices are moving.

Tracks the business, not the price

Bottom up stock selection is complemented by a top down portfolio overlay that guides sector and portfolio level positioning and supports diversification.

Bottom up ideas, top down discipline

ikigai-emerging-equity-fund

Investing in a a broader pricing opportunity

IKIGAI Small Cap Fund is IKIGAI Asset Managers Small Cap PMS strategy from a boutique India focused investment manager. It is founded on the view that the small cap universe offers a broader pricing opportunity that is less efficiently set than the larger cap universe, and that returns are increasingly driven by fundamental differentiation between companies.

Positioned for a phase of the small cap market where the opportunity lies less in capturing broad index returns and more in identifying businesses capable of delivering sustainable earnings through market cycles.

Built for stock picking, not index riding

Due diligence covers cash conversion, working capital, auditor quality, related party transactions and promoter history, specifically to catch governance risks before they show up in the numbers.

Forensic checks reach all the way to the promoter

Manages risk through position sizing and sector exposure limits alone, with no leverage, short selling or derivative usage anywhere in the portfolio.

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