AMC Background

Burman Capital Management Private Limited is a PMS entity and operates as the public markets investment arm of the Burman family office. The Burman family is best known as the promoters and long-term controlling shareholders of Dabur India Limited, and has an extensive multi-decade track record as patient, owner-oriented capital allocators across operating businesses, public equities, and private investments. Burman Capital represents a formalisation of the family office’s public equity investing activity into a regulated PMS platform, allowing external investors to participate alongside family capital within a clearly articulated governance and investment framework.

As a firm, Burman Capital is relatively young in PMS terms, having commenced operations in the early 2020s, but it draws its philosophical foundations from the Burman family’s generational approach to wealth creation - characterised by long holding periods, tolerance for near-term volatility, and a focus on asymmetric payoff opportunities rather than linear compounding alone. The AMC is positioned as a high-conviction, research-intensive boutique rather than a diversified product manufacturer, with a deliberate emphasis on concentrated portfolios and selective idea generation. This positioning reflects the family office lineage, where capital is deployed sparingly, with conviction, and with a strong bias toward outcomes that can meaningfully move the needle over long time horizons.

Investment Philosophy

Burman Capital’s investment philosophy is explicitly oriented toward capturing non-linear outcomes in public equities by identifying opportunities that offer asymmetric reward per unit of risk taken. The firm’s core belief is that long-term wealth creation in equities is driven not by incremental optimisation or benchmark-relative positioning, but by owning a small number of businesses that compound disproportionately over time. In this context, the strategy places a strong emphasis on undiscovered and under-owned small-cap companies, where inefficiencies in information, coverage, and institutional participation create the potential for large valuation and earnings re-rating as the business matures.

Rigorous Research and Under-the-Radar Focus

The firm’s investment process is designed specifically to address the structural challenges of investing in under-researched small-cap companies. Burman Capital actively targets businesses with low institutional ownership and limited analyst or media coverage, where price discovery is still evolving. Such companies often suffer from information asymmetry, governance perception risks, and liquidity constraints, all of which require a more rigorous and forensic research approach than conventional large-cap investing.

Concentrated Portfolio Construction

Portfolio construction at Burman Capital is intentionally concentrated and conviction-led. The firm believes that meaningful non-linear outcomes cannot be achieved through excessive diversification, particularly when investing in under-owned opportunities. As a result, portfolios typically consist of up to 15 companies, with the top five holdings contributing a majority of portfolio returns over a full cycle. Position sizing is therefore an expression of conviction rather than risk parity, with capital allocated more aggressively to ideas where the asymmetry between potential upside and downside is most compelling.