BugleRock PMS
PMSIME's View on BugleRock PMS
AMC View
BugleRock Capital (formerly o3 Securities) is a boutique wealth and asset management firm.
AMC Pedigree
BugleRock Capital is the rebranded and spun-off identity of the wealth and asset management division of o3 Securities. O3 is respected niche investment bank. BugleRock formally became independent in 2024, but it inherits its track record, leadership, and client base from its days as o3 Securities, dating back to 2007.
Team Pedigree
BugleRock Capital is led by a highly experienced team with deep roots in Indian public markets. At the helm is E. A. Sundaram, Executive Director and CIO – Public Markets, who brings over 34 years of investment experience across marquee institutions like SBI Mutual Fund, Zurich India, HDFC Mutual Fund, and PGIM India. Supporting him is Apurva Sharma, Fund Manager of the Core Value Strategy, who combines a CFA charter with an MBA and prior experience at Helios Capital, PGIM, Edelweiss, and ICICI Bank. Additionally, Himanshu Upadhyay and Priyank Chandra lead the Special Situations and Thematic portfolios respectively.
Investment Philosophy
BugleRock Capital follows a fundamentally driven, value-conscious investment approach focused on capital preservation and long-term wealth creation. Across strategies, the firm maintains a concentrated, high-conviction approach grounded in business quality and downside protection.
PMS Background
BugleRock Capital (formerly known as o3 Securities) is a Bengaluru-based wealth and asset management firm specialising in portfolio management services. The PMS business was spun off from o3 Capital in 2024 to operate as an independent entity, inheriting the leadership, investment team, and strategy heritage of its predecessor.
BugleRock benefits from experienced public markets professionals, including E.A. Sundaram, Executive Director and CIO – Public Markets, who brings over three decades of investment experience across major asset management institutions. The firm focuses on value-oriented, high-conviction equity strategies tailored to long-term capital preservation and wealth creation.
PMS Investment Philosophy
Buglerock PMS’s primary offering (Buglerock Core Value Strategy) follows a structured value-investing framework aimed at preserving capital while generating above-average returns. The strategy focuses on investing in high-quality businesses with strong management teams at attractive valuations.
Investment Process
- High-Quality Businesses: Screened from a universe of ~6,000 stocks, focusing on companies with over 15 years of operating history, revenues exceeding INR 5 billion, consistent ROCE above 20%, and a sustained record of positive free cash flows.
- Management Quality: Narrowed to ~200 companies based on capital allocation discipline, corporate governance track record, market share stability, and earnings growth expectations higher than industry averages.
- Valuation Discipline: Portfolio of 20–25 stocks, with at least 75% drawn from the screened universe. Investments are typically made during temporary distress or ahead of distant earnings triggers, when valuations are near historical lows, below long-term averages, and not exceeding one standard deviation above historical norms.
Exit Strategy
- Original investment thesis no longer holds.
- Stock price exceeds the manager’s assessment of intrinsic value.
- A superior opportunity emerges at a similar risk level.
- Redemption requirements.
Risk Management
- Maximum 10% exposure to a single stock.
- Maximum 30% exposure to a single sector.
- Minimum exposure across four uncorrelated sectors.
- No use of derivatives or leverage.
- Stock liquidity must support full exit within a maximum of five trading sessions.
Suitable For
Investors seeking a strong value-oriented strategy led by an experienced fund manager, with a focus on capital protection and disciplined risk management.
Investment team
E. A. Sundaram | 4-star rated FM
ED & CIO, Public Markets | 37 yrs Experience | 7 yrs at current firm
Past Experience: ED & CIO Equities (PGIM India Asset Managers Pvt Ltd), Director - PMS Investments (PGIM India Asset Managers Pvt Ltd), Portfolio Manager (M3 Investment Managers Pvt Ltd), Senior Fund Manager (HDFC AMC), Fund Manager (Zurich AMC), Manager - Research (SBI Fund Management Ltd)
E. A. Sundaram comes with over 3 decades of work experience in public equities, fund management, in various formats including close and open-ended funds, family offices & portfolio management services.
Himanshu Upadhyay | 3-star rated FM
Portfolio Manager | 19 yrs Experience | 4 yrs at current firm
Past Experience: Senior Analyst (M3 Investment Pvt Ltd), Analyst (Max New York Life Insurance Co)
Himanshu Upadhyay comes with 11 years of experience in equity markets. He was previously with M3 Investment Managers and Max New York Life Insurance.
Recommended Funds
BugleRock Core Value Concentrated
BugleRock Core Value Regular
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