Clairvoyant Capital Services

Clairvoyant is registered with the Securities and Exchange Board of India (SEBI) as a Portfolio Manager under the SEBI (Portfolio Managers) Regulations. This PMS license allows the firm to manage discretionary and non-discretionary equity portfolios for clients, with a minimum investment threshold set by regulation. The PMS framework imposes distinct reporting, custodial, and fee-disclosure requirements compared to India's mutual fund regulations.

A PMS allows Clairvoyant to run concentrated, high-conviction portfolios with significantly more flexibility in position sizing and sector weights than a mutual fund. Mutual funds in India face tighter diversification rules and daily liquidity demands. PMS clients hold shares in their own demat accounts, giving them direct ownership and transparency into each holding, whereas mutual fund investors own units in a pooled trust. This structure also permits tailored portfolios for large clients.

The firm follows a bottom-up, fundamentals-driven equity selection process focused on Indian-listed companies. Portfolios are concentrated, typically holding 15 to 25 names, and the firm does not aim to hug a benchmark index. The investment team conducts proprietary company research and seeks businesses with durable competitive advantages, competent management, and growth potential that it believes is mispriced by the market.

Clairvoyant invests across large-cap, mid-cap, and small-cap Indian equities. The firm uses its PMS mandate's flexibility to move across market capitalizations as its research process identifies opportunities. Sector exposure is an output of bottom-up stock selection rather than a top-down allocation decision, though the firm's public commentary and known PMS holdings suggest significant historical engagement with financials, consumer businesses, and selected industrial companies.

Clairvoyant's primary client base consists of domestic Indian high-net-worth individuals, family offices, and institutions. While some Indian PMS firms have established offshore feeder funds for foreign portfolio investors, there is no public evidence that Clairvoyant operates a significant offshore vehicle. Any international allocation would likely require a separately managed account structure meeting India's FPI regulations.