Avyay Trust — Vasisth Capital | Wisefolio

Avyay Trust

Vision to be the Best Performing Hedge Fund

Complex or leveraged strategies — long-short, hedge-fund-style and quant funds. Often open-ended, within SEBI leverage limits.

Overview

About

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.

Investment philosophy

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.

Team4

Ramesh Callore

Fund manager

Founder and Fund Manager

MBA (ICFAI), B Tech (JNTU)

Ramesh is Founder and Managing Director of Vasisth Capital, the investment advisor of Vasisth Relative Value Fund. He has got expertise in development of relative valuation models for companies from different sectors. At Vasisth he conceives and implements various trading strategies, portfolio management and optimization. Ramesh has done MBA from ICFAI and B Tech from JNTU.

Prem Kumar

Fund manager

Portfolio Manager

MBA (Finance), Sikkim Manipal University

Prem with his valuable experience in equity markets, manages the portfolio by strictly adhering to the risk management guidelines developed internally. At Vasisth, Prem plans and executes trades harmonious to the Vasisth's relative strategy. Prem Kumar incessantly interacts with the research team for the key updates on the Vasisth's stock universe and takes trading decisions in line with the strategy objectives. He has done MBA finance from Sikkim Manipal University.

Rimpal Chawla

Director and Chief Advisor

Brings deep knowledge of global financial services industry to Vasisth as its Chief Advisor, Investor in Vasisth Capital Pvt Ltd and a limited partner in Vasisth Relative Value Fund. Prior to joining Vasisth, Rimpal was Managing Director at Credit Suisse's private banking and wealth management divisions. Rimpal also held senior management positions at Goldman Sachs and Citibank. Currently he runs his own advisory firm Anitya Ventures and mentors many start-ups.

Sachin Kedia

Head Research

Chartered Accountant, B.Com (Osmania University)

Sachin is associated with Vasisth Capital since 2016. Sachin is a Chartered Accountant and has a degree of Bachelor of Commerce from Osmania University. With more than 6 years of experience during his education and work, he has gained expertise in Research, Compliance and Risk management. At Vasisth, Sachin actively tracks key developments of the stocks in the universe. He contributes immensely in improvement of 'Factor Models' for the strategy. Sachin doubles up as risk manager and focuses on assessing the risk associated with the portfolio and suggesting appropriate measures to mitigate the risk.

Registration

SEBI registration

SEBI-registered

SEBI registration no.IN/AIF3/14-15/0119

RegisteredSept 2014 (12 years ago)

Valid untilPerpetual

AddressLAXMI NILAYAM, H.NO. 1-98/9/3/30,, PLOT NO.47, SILICON VALLEY, MADHAPUR, Hyderabad, Telangana, 500081

Investment manager

Vasisth Capital

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Disclaimer

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