Buoyant Opportunities
Buoyant PMS | Equity | | PMSIME's View on Buoyant Opportunities
Strategy
Dynamic Portfolio Allocations (changes on market views)
Investment Fund
Buoyant Capital’s Opportunities PMS is a well-managed, high-conviction fund backed by an experienced and pedigreed team. Its flexible, cycle-aware framework and focus on capital protection and adaptive allocation have driven good returns since inception.
Fund's Strategy View
The Buoyant Opportunities investment strategy rejects a one-size-fits-all approach, adapting to diverse market cycles. It analyzes market-cap, sectoral, investment style, and stock cycles to position the portfolio for expected outperformance. The portfolio is highly flexible, favoring small-caps and aggressive stocks in robust markets, while adopting a more conservative stance in defensive markets. Known for its dynamism, Buoyant's strategy aims for strong outperformance when market calls align, with potential for underperformance if predictions go awry. Given the substantial year-on-year shifts, success hinges on accurately gauging underlying market dynamics.
Fund Performance
The fund has outperformed peers & is amongst the top performing schemes in this category in the last 5 year trailing returns. In terms of longer-term annual performance, performance consistency has been mixed, with the fund having outperformed & underperformed the bechmark roughly in half the years.
IME's View on Buoyant PMS
View on AMC
Buoyant Capital is a boutique investment manager launched in 2016, managing over 7000cr through a single, high-conviction PMS strategy - the Opportunities Scheme. The firm has three founding Investment Team professionals with specific sector expertise. Their dynamic investment philosophy does have value, making them a good option for investors seeking an active and dynamic approach.
AMC's Pedigree
Buoyant Capital, founded in 2016 by Sachin & Jigar, strengthened their investment team with Viral in 2019. With 3 senior investment professionals, a mature AMC, differentiated investment strategy, and established track record, Buoyant is recognized as a quality PMS provider. Key elements contributing to the firm's credibility include all 3 senior professionals holding equity stake, investing majority of personal and company wealth in the strategy, and offering a single strategy for greater focus.
AMC Team
Buoyant Capital is managed by three experienced investment professionals - Viral Berawala, Jigar Mistry, and Sachin Khivasara. Each brings a strong track record in equity research and investments, with Jigar specializing in sell-side equity research and Sachin and Viral having previous fund management experience at top-tier firms. The senior investment team members have specific sector responsibilities based on their expertise and collaborate on portfolio construction, weightages, and macro decisions in an Investment Committee format where all three must agree for investment decisions to be made. This process provides checks and balances and allows for specialized sector focus.
Investment Philosophy
Buoyant’s core investment belief is that “Good companies aren’t always great investments”, especially when cycles dominate outcomes. Buoyant Capital's Investment Philosophy is flexible and focused on cycles, including market-caps, sectors, investment styles, and stocks. The strategy involves moving dynamically across cycles to capitalize on attractive opportunities. They use a Core and Satellite approach to Portfolio Construction, adjusting the mix based on market cycles - Aggressive for higher satellite share, Defensive for higher core share.
PMS Background
Buoyant Capital PMS is a relatively young portfolio management firm established in 2016, led by three experienced investment professionals—Sachin Khivasara, Jigar Mistry and Viral Berawala . Despite its shorter track record, the PMS is backed by a credible and well-regarded investment team and is considered among the stronger PMS platforms, with potential to scale into a more established player over time.
PMS Investment Philosophy
Buoyant Capital follows a cycle-aware Core & Satellite portfolio construction approach, aiming to navigate market cycles while balancing capital protection and return generation.
- Core Portfolio: Focuses on businesses with predictable cash flows, preference for dividend yield over uncertain growth, and industry leaders rather than challengers.
- Satellite Portfolio: Allocated to cyclical opportunities (such as metals, commercial vehicles, and NBFCs), turnaround situations, and selectively to value opportunities where leaders may appear expensive but offer asymmetric upside.
Portfolio allocation between Core and Satellite is actively adjusted based on the manager’s assessment of the market cycle.
- Aggressive Cycle Stance: Core 30% | Satellite 70% — aimed at generating superior returns by increasing exposure to cyclical and turnaround opportunities.
- Defensive Cycle Stance: Core 70% | Satellite 30% — aimed at capital protection during weaker or uncertain market environments.
Suitable For
Investors seeking a quality-focused strategy with growth at a reasonable price, implemented through a flexible, cycle-aware core–satellite framework.
Trailing Performance
| 1yr | 3yr | 5yr | Since Inception | |
|---|---|---|---|---|
| Buoyant Opportunities | 15.1 | 24.1 | 29.6 | 22.2 |
| S&P BSE 500 | 4.9 | 14.6 | 17.2 | 15.5 |
| Alpha over Broad Mkt BM | 10.2 | 9.5 | 12.4 | 6.7 |
Performance as of: 30-Nov-25 | Inception Date: 10-Apr-16 | Performance are post-fees, pre-taxes. Global funds denominated in USD or fund currency.
Investment team
Viral Berawala | 4-star rated FM
Director | 27 yrs Experience | 7 yrs at current firm
Past Experience: CIO (Essel Mutual Fund), CIO (Reliance Nippon Life Insurance), Head - Equities (Reliance Nippon Life Insurance), Assistant Fund Manager (Reliance Mutual Fund), Equity Research Analyst (Reliance Mutual Fund)
Viral Berawala comes with 22 years of experience. He started his career with TCS as an IT Analyst in 1999. It was only in April 2007 that Viral had started his investment management career as an Equity Research Analyst at Reliance Mutual Fund. He steadily rose through the ranks at Reliance to become CIO at Reliance Life Insurane, a position he held for about 5 years.
Jigar Mistry | 4-star rated FM
Co-Founder | 24 yrs Experience | 8 yrs at current firm
Past Experience: Director, Materials Group (HSBC), SVP (Quant Capital), Research Analyst (Kotak Investment Banking), Research Analyst (Prabhudas Lilladher Pvt Ltd)
Jigar Mistry has over 18 years of experience in Indian Capital Markets. He is CA and a CFA Charter holder. Jigar has extensive experience as a sell-side analyst in leading broking houses like HSBC and Kotak Institutional Equities. His expertise lies in conducting detailed research with strong on-the-ground checks.
Sachin Khivasara | 4-star rated FM
Portfolio Manager | 24 yrs Experience | 8 yrs at current firm
Past Experience: Enam, Reliance MF
Sachin has over nineteen years of experience in Indian Capital Markets. Sachin has worked extensively with leading Investment Managers like Enam Holdings and Reliance Mutual Fund.
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