- Category
- III
- Strategy
- Long-only
- Fund house
- Hill Fort Investment Managers India
Hill Fort Equity Fund
+1.70%
1-year return, after expenses, before tax
Benchmark NIFTY 500 · data as of 31 Aug 2026
Hill Fort Equity Fund, a Category III long-only AIF from Hill Fort Investment Managers India, returned 1.70% (after expenses, before tax) in the year to 31 Aug 2026. It began on 1 Jun 2022.
Key numbers
- AUM
- —
- Benchmark
- NIFTY 500
- Launched
- 1 Jun 2022
- Min. investment
- ₹5 crore
- Returns basis
- After expenses, before tax
Returns
| Period | This fund | NIFTY 500 |
|---|---|---|
| 1 month | +1.80% | −0.04% |
| 3 months | +10.70% | +3.50% |
| 6 months | +11.10% | +1.20% |
| 1 year | +1.70% | +4.40% |
| 2 years | +0.30% | −0.60% |
| 3 years | +14.60% | +11.50% |
| Since inception | +13.10% | +12.50% |
After expenses, before tax, as Hill Fort Investment Managers India reports them, to 31 Aug 2026. AIFs report returns on different bases, so compare like with like.
Fund details
- Category
- Category III
- Strategy
- Long-only
- Market-cap style
- Flexi cap
- Asset type
- —
- Benchmark
- NIFTY 500
- Fund manager
- Puneet Saraogi
Investment approach
Hill Fort Equity Fund seeks to invest in a concentrated portfolio of 15-20 scalable Indian businesses capable of compounding shareholder value over extended periods. The investment approach focuses on identifying companies with durable competitive advantages, high returns on incremental capital, strong management teams, and long growth runways. The Fund follows a high-conviction, research-intensive process, with investment decisions strengthened through a structured "Devil's Advocate" framework that rigorously challenges assumptions and identifies downside risks. Alignment with investors is a core principle of the strategy: Hill Fort employees can invest in India only through the Hill Fort Fund, and employees collectively represent one of the strategy's largest investor groups. Through a patient ownership mindset and disciplined portfolio construction, the Fund seeks to partner with exceptional businesses that can become stronger as they grow, harnessing the power of long-term compounding.
Hill Fort Equity Fund seeks to invest in a concentrated portfolio of 15-20 scalable Indian businesses capable of compounding shareholder value over extended periods. The investment approach focuses on identifying companies with durable competitive advantages, high returns on incremental capital, strong management teams, and long growth runways. The Fund follows a high-conviction, research-intensive process, with investment decisions strengthened through a structured "Devil's Advocate" framework that rigorously challenges assumptions and identifies downside risks. Alignment with investors is a core principle of the strategy: Hill Fort employees can invest in India only through the Hill Fort Fund, and employees collectively represent one of the strategy's largest investor groups. Through a patient ownership mindset and disciplined portfolio construction, the Fund seeks to partner with exceptional businesses that can become stronger as they grow, harnessing the power of long-term compounding.
About the fund manager
Mr. Puneet Saraogi — Director
Puneet is responsible for evaluating investment opportunities and overall investment strategy of the Fund. Puneet is based in India and started his career as an investment analyst with Arisaig Partners in their Mumbai office in June 2007. In his last role at Arisaig, he ran the Indian portfolio for the Asia Fund and was the co-head of their Global Emerging Markets Fund. In 2014, Prior to Hill Fort, he set up a public markets fund in a joint venture with Bay Capital (2014-2018), where he had primary responsibility for advising on investments for the Fund. From September 2018 till date, he has been working as an Investment advisor with Hill Fort LLP that advices Mauritius investment manager of the Mauritius Fund named Hill Fort India Fund LP registered as Foreign Portfolio Investor with SEBI.
As the fund house describes it.
FAQs
What has Hill Fort Equity Fund returned?
1.70% (1-year return) to 31 Aug 2026, after expenses, before tax, as Hill Fort Investment Managers India reports it. 1 month: 1.80%; 3 months: 10.70%; 6 months: 11.10%; 1 year: 1.70%; 2 years: 0.30%; 3 years: 14.60%; Since inception: 13.10%.
What kind of AIF is Hill Fort Equity Fund?
A Category III AIF following a long-only strategy, with a flexi cap style. Category III AIFs trade listed and unlisted securities and may use leverage and derivatives, including short positions.
What is the minimum investment in an AIF?
SEBI sets the minimum at ₹1 crore per investor (₹25 lakh for the fund’s own employees and directors). Hill Fort Equity Fund’s stated minimum is ₹5 crore.
Who manages Hill Fort Equity Fund?
Hill Fort Investment Managers India runs it; the fund manager is Puneet Saraogi.
How are AIF returns reported?
Each fund house reports its own returns on its own basis: Hill Fort Equity Fund’s are after expenses, before tax. Bases differ from fund to fund, so compare like with like.
For information only. Not investment advice or a research report. Past performance does not guarantee future returns. AIF investments carry higher minimums and risks; read the private placement memorandum.
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