BugleRock Core Value Regular
BugleRock PMS | Equity | | PMSIME's View on BugleRock Core Value Regular
Strategy
Investment Fund
As it follows a value investment approach in high-quality businesses. The strategy is reasonably well defined and there also does appear to be a reasonable level of strategy adherence. This is the diversified option of their Value Strategy.
Fund's Strategy View
The Strategy builds a flexi-cap portfolio, emphasizing 75% allocation to attractive valuations, characterized by factors such as temporary distress, historical valuation lows, and a valuation less than future earnings growth, ensuring a prudent investment approach. A flexi-cap strategy follows a value investment approach in high-quality business.
Fund Performance
Fund returns are largely in-line with category average returns over the past 5 years. In terms of longer-term annual performance, performance has been consistent, with the fund having outperformed it's benchmark in over 60% of annual calendar years.
IME's View on BugleRock PMS
View on AMC
BugleRock Capital (formerly o3 Securities) is a boutique wealth and asset management firm.
AMC's 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.
AMC Team
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.
Trailing Performance
| 1yr | 3yr | 5yr | Since Inception | |
|---|---|---|---|---|
| BugleRock Core Value Regular | 5 | 17.6 | 19.7 | 17 |
| S&P BSE 500 | 4.9 | 14.6 | 17.2 | 17.1 |
| Alpha over Broad Mkt BM | 0.1 | 3 | 2.5 | -0.1 |
Performance as of: 30-Nov-25 | Inception Date: 14-May-19 | Performance are post-fees, pre-taxes. Global funds denominated in USD or fund currency.
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.
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