#VIPS 2026 -Value Investing Pioneer’s Summit (VIPS) – Full Day Conference Highlights

New Delhi, October 24, 2026: CFA Society India hosted the 10th edition of the Value Investing Pioneers Summit (VIPS) bringing together experienced investors and practitioners to discuss investment philosophy, market cycles, valuation, global investing and the importance of adapting one’s investment approach.

The Summit featured five sessions exploring how investors can identify opportunities, assess risk and navigate changing market conditions while remaining grounded in fundamental principles.

The event opened with remarks by Vikram Singh, Senior Director, Strategic Partnerships, CFA Institute. He highlighted the importance of continuous learning and independent thinking as the investment profession evolves in the AI age. He also announced the upcoming launch of CFA Institute Associate Membership in India. The offering will include a Career Accelerator Program to help emerging finance professionals build practical workplace skills and connect with the global CFA Institute community.

The first session, “Whales, Cycles and Luck: Lessons From the Market,” by Manish Gunwani, Chief Investment Officer, Equity at Bandhan AMC emphasised that no investment approach works in every market environment. While top-down investing can be effective in most circumstances, turning points often create opportunities for bottom-up stock selection. He also discussed the role of luck in investment outcomes and questioned whether traditional buy-and-hold strategies remain as reliable in markets where information and insights are rapidly commoditised.

This was followed by “World-Class Investors: Made in India,” by Swanand Kelkar, Managing Partner, Breakout Capital Advisors. Using cricket as an analogy, Mr. Kelkar explained why investors must adapt their techniques when moving from Indian markets to international markets. Investment approaches that work in one market may not translate directly to another, given differences in market structure, coverage and local context. He also discussed the role of artificial intelligence, stressing the value of combining machine-led analysis with human judgement, curiosity and implicit knowledge.

In the session “Neff Ratio and Its Applications in Stock Selection, Portfolio Construction, and Risk Management,” Professor Sanjay Bakshi, Adjunct Professor of Finance, FLAME University, revisited John Neff’s Total Return Ratio. He examined how two established approaches to value investing can be combined: Philip Fisher’s emphasis on high-quality businesses and Benjamin Graham’s focus on buying at attractive prices. He highlighted the importance of dividends in long-term total returns and discussed a three-gate approach to portfolio construction: identifying quality businesses with durable competitive advantages and strong balance sheets, determining an appropriate entry price, and deciding how much to invest.

The fourth session, “Changing Market Leadership: Can We Identify the Winners Early?”, was delivered by Maran Govindasamy, Executive Director, UNIFI Capital. Drawing on his analysis of the Indian economy and changing consumption patterns, Mr. Govindasamy discussed how shifts in consumer behaviour, rising affluence and evolving spending priorities can create investment opportunities. He highlighted the limitations of conventional sector classifications, particularly when they overlook specialised sub-sectors and niche businesses.

The final session, “Flexibility in Value Investing,” was led by Anshul Saigal, a private investor and former portfolio manager at Kotak Portfolio Management Services. Mr. Saigal emphasised the importance of studying market cycles and exercising judgement rather than applying investment rules mechanically. A central idea in his presentation was the contrast between the hedgehog and the fox. The hedgehog relies on one overarching idea and the fox, by contrast, draws on multiple ideas and remains adaptable. The analogy underscored the value of intellectual flexibility, self-criticism and an ability to deal with complexity in investment decision-making.

Across the five sessions, the summit explored a common theme: successful investing requires more than a fixed set of rules. It calls for valuation discipline, an understanding of market cycles, independent judgement and the willingness to revisit one’s assumptions as circumstances change.

About CFA SOCIETY INDIA

CFA Society India is registered as the Indian Association of Investment Professionals under Section 8 of the Companies Act, 2013. It is one of the premier societies belonging to CFA Institute, with a membership comprising portfolio managers, investment consultants and other financial professionals. As one of CFA Institute’s member societies, CFA Society India connects investment professionals across the country to a global network committed to ethics, education and professional excellence.

For more information, visit www.cfasocietyindia.org or follow CFA Society India on LinkedIn and X at @CFASocietyIndia.

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. Spanning nearly 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.