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 USD 850 million 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.
Buoyant Capital Opportunities- Investment Strategy
Focus to generate alpha returns through market cycles
Buoyant Opportunities is a multi-cap strategy that aims to generate alpha through market cycles. The fund manager monitors a) weighted average market-cap b) cash calls and c) mix of small and mid-cap vs large-cap to effectively implement the strategy. During periods of extremely concentrated returns, the fund prioritizes capital protection and aims to take advantage during a distributed market returns scenario.Investment Philosophy
Investing through cycles utilizing Core & Satellite method of Portfolio Construction:- Core: Preferring predictable Cash Flows rather than optional; Reinvestment (Preferring Dividend Yield versus Growth); Preferring industry Leaders rather than challengers.
- Satellite: Investing in cyclicals (such as Metals, CVs, NBFC); Companies making a Turnaround (like Disruption ending: Bharti Airtel); Value (leader largely expensive).
Trailing Performance
| 1yr | 3yr | 5yr | Since Inception | |
|---|---|---|---|---|
| Buoyant Opportunities | 4.2 | 24.2 | 32.5 | 21.7 |
| S&P BSE 500 | -6.6 | 14.7 | 19.2 | 15.2 |
| Alpha over Broad Mkt BM | 10.8 | 9.5 | 13.3 | 6.5 |
Performance as of: 30-Sep-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 | 6 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.
