Andrade’s Old Bridge Mutual Fund will launch Old Bridge Focused Equity Fund. It will be open for subscription between January 17-19, 2024.
The focused fund can invest in up to 30 stocks. Andrade said, “Our style has always been mid-market, so it will be more of a focused fund reliant on mid-caps.”
He built a reputation for his strategic investments in hidden mid-cap and small-cap gems and was even hailed as a mid-cap mogul by Forbes India.
He helped IDFC Premier Equity Fund (now IDFC Flexi Cap Fund) achieve 21% returns as against the category average of just 11% between Feb 2007 and Sep 2015
His IDFC Sterling Value Fund (now Bandhan Value Fund) delivered 13.53% returns compared to the category average of 8.89% between March 2008 and June 2013.
He had moved out of the mutual fund industry after his IDFC Mutual Fund stint and ventured into portfolio management with Old Bridge Capital Management in 2015.
Whether Andrade can reclaim his magic is something only time will tell. But it’s good that the mutual fund industry is again drawing the finest minds in the business.