CFA Society India hosted the landmark 9^th Value Investing Pioneers Summit (VIPS) in Delhi recently. The summit focused on enduring principles of value investing and importance of continuous learning through shared wisdom and practitioner insights. The conference featured a diverse set of sessions, including insights on navigating market trends by studying macro trends, perspectives on long-term investing from a mutual fund manager’s lens, contrarian investing and a discussion on applying common-sense principles in the evolving era of AI.

The day kickstarted with opening remarks from Margaret Franklin, CFA, President and CEO of CFA Institute expressing gratitude to CFA Society India and acknowledging India’s emergence as one of the largest and most dynamic markets for CFA Institute. She highlighted the growing sophistication of India’s investment ecosystem and the rising demand for ethically grounded, well educated professionals. She reaffirmed the Institute’s commitment to upholding the highest standards of ethics, professional learning, and research especially as technology and AI continue to reshape the landscape of investment decision making.

Rajesh Sehgal, CFA, Chairperson of CFA Society India, and Arati Porwal, Senior Country Head, India, CFA Institute, reflected on CFA Society India’s remarkable 20-year journey. They highlighted the Society’s expanding national footprint and the pivotal role of volunteers in driving its activities. They emphasized the Society’s contribution to the investment management industry through nationwide professional learning events and active participation in regulatory consultations.

The summit began with first session by Dinesh Balachandran, CFA, Head of Equities, SBI Mutual Fund on “From Macro to Micro – Lessons from a Multi-Asset Investment Journey.” He reflected on how the 2007 subprime crisis shaped his career, instilling scepticism toward models and vigilance for early warning signals. Emphasizing integration of macro and micro insights, he noted cross‑asset cues often expose overlooked risks. Dinesh outlined his disciplined idea‑generation framework across cyclical, value, and turnaround opportunities, focusing on supply, capacity, and competition.

This was followed by session on “Approach to long term investing from mutual fund perspective,” by Sailesh Raj Bhan, CIO, Equities, Nippon Life India Asset Management. He shared his first-principle approach as a long-term investor, noting that while investors aspire for sustained returns, many hesitate to embrace the short-term risks necessary to achieve them. He reinforced the importance of valuation discipline and long-term thinking amid market cycles.

Next, Mrinal Singh, Head – Alternates (Listed Equities) Vedartha shared insights on “Investing Using Common Sense in the Era of AI.” He noted that investors continue to oscillate between greed and fear, but the great investors train their mind to remain rational. He emphasized that while data is abundant, its true value lies in thoughtful interpretation where judgement, context, and scepticism outweigh sheer volume. He further noted that a robust process is simply best practices in action, and humility remains far superior to overconfidence.

In the last session on “Approach to Contrarian Investing,” Ganeshram Jayaraman, CIO and Head, Avendus Public Equities demonstrated using real case studies the contrarian approach to identify undervalued opportunities not by chasing low stock prices but mispriced earnings. The discussion highlighted why investment decisions should not depend on the ability to precisely forecast future earnings, but rather on identifying broad misalignments in expectations. He also discussed the evolution of contrarian strategies in algorithmic and quant-driven markets, highlighting the importance of disciplined exit plans, stronger risk controls, and vigilance against unique risks. He concluded with his core belief that contrarian investing is “not about buying cheap companies, it is about buying cheap earnings.”

Left: Sailesh Raj Bhan, CIO – Equities, Nippon Life India Asset Management; Right: Satyadeep Jain, Ambit Private Limited at the 9th Value Investing Pioneers Summit

About CFA Institute

As the global association of investment professionals, CFA Institute sets the standards 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 more than 160 markets, CFA Institute has 9 offices and 158 local societies. Find us at www.cfainstitute.org or follow us on LinkedIn and X @CFAInstitute.

About CFA Society India

CFA Society India is registered as Indian Association of Investment Professionals under Section 8 of the 2013 Companies Act. It is one of the premier societies belonging to CFA Institute. The membership base consists of portfolio managers, investment consultants, and other financial experts. As one of the 160 CFA Institute member societies of the CFA Institute, CFA Society India links its regional members to a globally interconnected network of investment professionals. For more information, visit www.cfasocietyindia.org or follow us on LinkedIn and X @CFASocietyIndia.