5th Masters At Work | Kolkata | Press Release |

Kolkata, 21 February 2026: CFA Society India hosted the 5^th edition of Masters At Work, a full-day conference which brought together investment professionals for discussions on investment discipline, hedging frameworks, compounding, and rate-of-change analysis.

The event commenced with opening remarks by Vinay Bagri, CFA – Volunteer, CFA Society India, who welcomed participants and emphasized the importance of thoughtful capital for development of Indian Capital Markets.

The first session featured Sanjoy Bhattacharyya – Partner, Fortuna Capital, on ‘Winning Investment Habits’. Bhattacharyya underscored the importance of independent thinking, cautioning against imitating celebrated investors without understanding one’s own temperament and edge. He remarked that risk is best defined as not understanding what you own, rather than short-term volatility. He further emphasized that growth creates value only when accompanied by superior return on capital; absent that, it becomes a “growth virus.” Sustainable expansion must be profitable growth—for economies, sectors, and businesses alike. He concluded by reinforcing the importance of integrity, diverse reading, and responsible wealth creation.

The second session was led by Andrew Holland – Head- SIF, Nippon Life India Asset Management Limited, who spoke on long–short strategies and hedge trades within absolute return frameworks. He explained how combining short exposure alongside long positions strengthens portfolio resilience and downside protection. Holland highlighted the growing importance of Specialised Investment Funds (SIFs) in asset allocation, and as potential avenue for capital allocation. He also explained the nuisances of short selling and spoke about risks such as short squeezes.

The third session featured Kenneth Andrade – Founder & CIO, Old Bridge Asset Management, who focused on the power of compounding and how investors often disrupt returns through unnecessary interruptions and excessive churn. Andrade elaborated on the business characteristics that enable durable compounding. In a fireside chat, he reiterated his preference for a bottom-up investment approach, generally avoiding companies at cyclical peaks. Andrade, suggested that superior opportunities often lie in out-of-favour businesses with improving fundamentals, where patient capital can allow compounding to work uninterrupted.

The concluding session on ‘Rate of Change – An Underrated Secret to Superior Investing’ was delivered by Vikas Khemani, CFA – Founder, Carnelian Asset Management & Advisors, who discussed rate-of-change cycles and the limitations of static buy-and-hold investing without continuous evaluation. He firmly rejected the notion of buying at any price, emphasizing that valuation relative to intrinsic value remains non-negotiable. Through case studies, he demonstrated how monitoring R&D intensity, innovation pipelines, and capital allocation cycles can signal inflection points.

About CFA Society India*:

The Indian Association of Investment Professionals (IAIP), the India Society of CFA Institute, was established in April 2005 as an association of local investment professionals consisting of portfolio managers, security analysts, investment advisors and other financial professionals. As one of the over 160 CFA Institute member societies, IAIP connects local CFA Institute members to a global network of investment professionals. For the continuing upgradation of knowledge and skills of members, IAIP conducts speaker events and workshops led by leading finance professionals. Find us at www.cfasocietyindia.org or follow us on LinkedIn and X @CFASocietyIndia.

*CFA Society India is a registered trademark of CFA Institute licensed to be used by the Indian Association of Investment Professionals.

About CFA Institute:

As the global association of investment professionals, CFA Institute sets the standard for professional excellence and credentials. We champion ethical behavior in investment markets and serve as the leading source of learning and research for the investment industry. We believe in fostering an environment where investors’ interests come first, markets function at their best, and economies grow. With more than 200,000 charterholders worldwide across 160 markets, CFA Institute has 10 offices and 160 local societies. Find us at www.cfainstitute.org or follow us on LinkedIn and X at @CFAInstitute.