Title: Investment Analyst

Experience:
3 to 6 years total, with at least 2 in an investment or finance role We are hiring an Investment Analyst to cover listed equities and external managers for our investment office, and to own the numbers we report to management. This is a small team with direct access to decision-makers. Your recommendations go straight to the people who allocate capital, and you will be expected to defend them. The role has two halves. Roughly 70% is research: picking stocks, evaluating Portfolio Management Services (PMS) managers, and building the models behind both. Roughly 30% is operations: tracking performance, calculating returns, and producing clean reports. Both halves matter, and the second is not optional. What you will do 1. Listed equities research
- Generate and screen investment ideas in listed equities, primarily Indian markets
- Do fundamental research: business quality, competitive position, management track record and governance, capital allocation, and valuation.
- Write short investment memos with a explicit call (buy, hold, or sell), the thesis, key risks, suggested position size, and the conditions under which you would change your mind.
- Monitor current holdings: quarterly results, earnings calls, filings, and shareholding changes. Flag when a thesis breaks, without being asked. 2. Portfolio Management Services (PMS) evaluation
- Build and maintain a coverage list of PMS managers (and, where relevant, Alternative Investment Funds, or AIFs).
- Evaluate managers on returns after fees against a fair benchmark, consistency across market cycles, drawdowns, portfolio concentration, style drift, team stability, and growth in assets under management.
- Break down fee structures (fixed fee, performance fee, hurdle rate,



high-water mark) and their tax impact, since PMS trades are taxed in the investor's own hands.
- Meet managers, run reference checks, and write recommendations to invest, top up, hold, or redeem.
- Review existing PMS allocations at least quarterly against the original reason for investing. 3. Financial modeling
- Build company models: three-statement models (income statement, balance sheet, cash flow), discounted cash flow (DCF) valuation, comparable-company valuation, and scenario and sensitivity analysis.
- Keep models auditable: inputs separated from calculations and outputs, no hard-coded numbers inside formulas, and sources documented.
- Build portfolio-level analysis as needed: allocation, concentration, and return attribution. 4. Reporting and operations
- Produce monthly and quarterly performance reports for management, including Internal Rate of Return (IRR) and XIRR (IRR adjusted for irregular cash flow dates) by holding, by manager, and for the total portfolio, compared against benchmarks.
- Reconcile holdings and cash flows across custodian, broker, and PMS statements so that reported numbers tie out.
- Maintain the master record of transactions, cost basis, and capital gains, and support the external Chartered Accountant (CA) during tax filing.
- Improve the reporting process over time: fewer manual steps, faster turnaround, fewer errors.



What you bring Required
- At least 2 years in a finance role with real analytical work: equity research (buy-side or sell-side), a PMS firm or asset manager, investment banking, a wealth management research desk, or a family office.
- Strong spreadsheet modeling. You can build a three-statement model from annual reports, not just edit a template.
- Working knowledge of Indian markets: listing and disclosure rules, how PMS and AIFs are regulated by the Securities and Exchange Board of India (SEBI), and how equity gains are taxed.
- Comfort with return math: IRR, XIRR, time-weighted versus money-weighted returns, and why they differ.
- Clear, short writing. A one-page memo that reaches a decision beats a 20-page report that does not. Preferred
- An MBA in finance. A Chartered Accountant (CA) qualification or Chartered Financial Analyst (CFA) charter (or Level II or higher) is an equal substitute.
- Experience with market data tools such as Bloomberg, Capitaline, ACE Equity, or Screener.
- Some coding (Python or SQL) to automate data pulls and reporting.
- Regular, practical use of AI tools for research and analysis.
- A personal investing record you can walk us through, including your mistakes. Who does well here
- Intellectual honesty. You say "I don't know" when you don't, and you change your view when the evidence changes.
- Ownership of the boring parts. A wrong IRR in a management report costs more credibility than a missed stock idea.
- Independent judgment. You can disagree with a well-known fund manager or a popular stock, and show your work.
- Discretion. You will see confidential financial information and must handle it accordingly

📌 Investment Analyst (Pune)
🏢 Calsoft
📍 Pune