Siddhartha Bhaiya's Bold Cash Call: Why Aequitas Held 80% Cash in Late 2024

• Fund manager Siddhartha Bhaiya, MD of Aequitas, passed away at 47; known for successful, often bearish, market bets.
• Aequitas held over 80% cash in late 2024 due to expensive valuations and lack of growth opportunities in Indian markets.
• Bhaiya warned of a "bubble of epic proportions" in Dec 2025, stating headline Nifty PE was misleading due to PSU stocks.
• He advocated buying when there's "blood on the Street" and selling at highs, citing March 2020 as a multi-bagger opportunity.
• Aequitas, founded by Bhaiya in 2013, managed ~Rs 7,700 crore AUM by Jan 2026, focusing on small-cap and bottom-up selection.

Why It Matters: Siddhartha Bhaiya's strategic 80% cash position in 2024 highlighted his bearish market view and valuation concerns.