About Company
Buoyant Capital
Established in 2016, Buoyant Capital is a SEBI-registered alternative asset manager renowned for consistently achieving superior risk-adjusted returns. Their investor-first approach is evident as they do not impose entry loads, exit loads, setup fees, or lock-in periods. Buoyant Capital stands out for its commitment to putting investors’ interests at the forefront.
What Is Buoyant Opportunities PMS?
Buoyant Opportunities PMS is an equity Portfolio Management Service from Buoyant Capital, designed around cross-cycle investing rather than a simple buy-and-hold approach. The strategy uses a combination of top-down market analysis and bottom-up stock selection to navigate changing market-cap, sectoral, style and stock cycles. Its Core and Satellite framework allows the portfolio to move along an aggressiveness-to-defensiveness continuum depending on market conditions. The strategy is benchmarked against the S&P BSE 500 TRI and has an inception date of 31 May 2016.
Buoyant Opportunities PMS: Fund Snapshot
| Particular | Details |
| Strategy | Equity PMS |
| Inception | 31 May 2016 |
| Benchmark | S&P BSE 500 TRI |
| Minimum Investment | ₹50 lakh |
| AUM | ₹11,548.39 crore |
| Portfolio | Up to 33 stocks |
| Exit Load | 0% |
| Investment Approach | Cross-cycle, Core and Satellite |
| Time Horizon | 3-5 years |
| Data as of | 30 June 2026 for AUM and APMI disclosures |
Buoyant Opportunities PMS Investment Strategy
The Buoyant Opportunities PMS investment strategy seeks to respond to market cycles rather than remain fixed in one style or market-cap segment. The portfolio combines stable businesses with cyclical, value and turnaround opportunities.
Core Portfolio: Stable Long-Term Businesses
The Core portfolio focuses on businesses with relatively predictable cash flows, established competitive positions and long-term compounding potential.
Satellite Portfolio: Cyclical, Value and Turnaround Opportunities
Satellite allocations seek opportunities where changing cycles, valuations or business improvements can create additional return potential. These may include cyclicals, turnaround situations and value opportunities.
Aggressive Portfolio Positioning: Higher Satellite Allocation
When the investment team sees attractive opportunities, the portfolio can adopt a more aggressive stance by increasing Satellite exposure.
Defensive Portfolio Positioning: Higher Core Allocation
When valuations or market conditions warrant greater caution, the strategy can increase Core exposure and reduce risk through a more defensive positioning. The approach is explicitly designed to move between these two stances.
How Does Buoyant Opportunities PMS Select Stocks and Sectors?
Top-Down Analysis of Market and Business Cycles
The strategy evaluates market-capitalisation, sector and broader business cycles before determining where capital should be deployed.
Bottom-Up Fundamental Stock Selection
Individual companies are then assessed through fundamental research, with attention to business quality, cash-flow characteristics, valuation and the sustainability of earnings.
Valuation Discipline and Risk Assessment
The strategy recognises that a good company is not automatically a good investment. The price paid matters, making valuation an important part of portfolio construction.
Portfolio Exit and Sell Discipline
Positions can change as the underlying investment thesis, valuation, business cycle or risk-reward equation changes. The objective is to avoid unnecessary churn while remaining responsive to changing opportunities.
Buoyant Opportunities PMS Portfolio Positioning and Sector Allocation
Sector Allocation
The latest available allocation in the supplied page data showed Banking as the largest sector exposure at 17%, followed by Information Technology at 8%, NBFC at 7%, Chemicals at 7% and Healthcare at 7%.
Large-Cap, Mid-Cap and Small-Cap Allocation
The earlier allocation data showed 53% in Large Caps and cash, 25% in Mid Caps and 22% in Small Caps. These figures should be treated as historical allocation data rather than current holdings.
Core vs Satellite Allocation
The supplied allocation showed 57% Core and 43% Satellite, with Satellite exposure divided across Cyclicals, Turnaround and Value opportunities.
Recent Changes in Portfolio Positioning
The June 2025 positioning increased exposure to Information Technology, Insurance and Banking while reducing Miscellaneous, Healthcare and Media. More recent portfolio figures should be taken from the latest authorised factsheet before publication.
Buoyant Opportunities PMS Fees, Minimum Investment and Exit Load
Minimum Investment in Buoyant Opportunities PMS
The Buoyant Opportunities PMS minimum investment is ₹50 lakh, consistent with the APMI disclosure. This is the standard SEBI minimum for PMS in India, which differs from mutual funds in structure and fees.
Buoyant Opportunities PMS Fee Structure
Available market disclosures indicate a 2% fixed-fee structure and a variable structure involving 20% performance fees above an 8% hurdle, with the precise applicable fee option subject to the investor's agreement. The latest commercial terms should be confirmed before investment. For a broader comparison of costs and structures, see our guide on Mutual Fund vs PMS vs AIF.
Lock-In, Entry Load and Exit Load
Buoyant Capital's investor-first framework highlights no entry load, no setup fee, no lock-in and zero exit load. APMI also reports an exit load of 0%.
What Are the Key Risks of Buoyant Opportunities PMS?
Equity Market and Stock Selection Risk
Equity prices can fall because of company-specific, economic or market-wide factors.
Flexi-Cap and Market-Cap Allocation Risk
The strategy can move across Large, Mid and Small Caps, exposing investors to different levels of volatility and liquidity risk.
Sector Rotation and Market-Cycle Risk
Cross-cycle investing does not eliminate timing risk. A sector or market phase can remain out of favour longer than expected.
Mid-Cap and Small-Cap Liquidity Risk
Smaller companies can experience wider bid-ask spreads and lower liquidity during stressed markets.
Valuation and Benchmark Underperformance Risk
The strategy can underperform the BSE 500 TRI over particular periods, even when the underlying investment process remains unchanged.
Who May Consider Buoyant Opportunities PMS?
Investors evaluating Buoyant Capital PMS may consider the strategy if they are comfortable with equity-market volatility, a concentrated portfolio and a 3-5 year investment horizon. The strategy may appeal to investors looking for a Buoyant Opportunities Portfolio that can adjust between aggressive and defensive positioning rather than follow a fixed market-cap or sector allocation.
The Buoyant Opportunities PMS fund manager team includes Dipen Sheth, Sachin Khivasara, Viral Berawala and Jigar Mistry; Sachin Khivasara is identified as the Principal Officer and Fund Manager in Buoyant Capital's registration disclosures. NRIs can also invest in PMS strategies subject to FEMA and account requirements. To see how Buoyant compares with other leading strategies, explore our ranking of the best PMS in India.
Risk Disclosure: Investments in PMS are subject to market risks. Past performance does not guarantee future results. Actual portfolios and investor outcomes may differ based on account size, investment timing, client restrictions and market conditions. Investors should review all applicable documents carefully before investing.
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Buoyant Opportunities PMS
Benchmark: BSE 500 TRI
Compare fund returns and benchmark performance across multiple investment periods using a visual bar graph.
Review and compare fund returns against benchmark performance across different investment periods in a detailed tabular format.
Buoyant Capital Private Limited
| AUM(Cr.) | 1M | 3M | 6M | 1Y | 2Y | 3Y | 4Y | 5Y | Ince. | |
| Performance | ₹12903.69 | 1.64 | 5.96 | 2.01 | 11.38 | 8.92 | 15.42 | 20.04 | 18.07 | 20.77 |
| Benchmark | NA | -0.09 | 3.86 | 1.43 | 4.72 | -0.11 | 12.09 | 11.90 | 10.91 | 14.09 |
Learn about the experienced fund managers responsible for investment decisions, portfolio strategy, and long-term fund performance.
Dipen Sheth
Dipen has 33 years of diverse professional and entrepreneurial experience spanning sectors such as manufacturing, consulting, infotech, retail, and capital markets. He has previously worked with HDFC Securities and Edelweiss Securities. At HDFC Securities, he was the Head of Institutional Equity Research, advising leading Indian institutional investors. He holds a PGDM from IIM Calcutta and a B.Tech in Chemical Engineering from IIT Kanpur. Dipen is a trained Indian classical musician, a film music buff, and a traveller/photographer who goes off the beaten track.
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Viral Berawala
Viral has over 25 years of equity research and investing experience, covering sectors like Information Technology, FMCG and retailing, Real estate, and Oil & Gas. Viral has previously worked with institutions such as Nippon Asset Management, Nippon Life Insurance, and TCS. Previously, Viral was the Chief Investment Officer at Nippon Life Insurance, running over USD 3 billion in equity and debt assets. Viral is an associate member of the Institute of Chartered Accountants of India, and an alumnus of IIM – Ahmedabad. Outside of work, Viral likes reading books on various topics, especially ones not related just to the world of finance.
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Sachin Khivasara
Sachin has over 26 years of equity research and investing experience, covering sectors like Automobiles and ancillaries, Capital goods and engineering, and small and mid-cap sectors. Sachin has previously worked with institutions such as Nippon Asset Management, Edelweiss, and Enam Investments. Sachin is an associate member of the Institute of Chartered Accountants of India, and an associate Cost & Works Accountant. Outside of work, Sachin is a profound practitioner of yoga.
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Jigar Mistry
Jigar has over 23 years of equity research and investing experience, covering sectors like Banking and financials, Global metals and mining, Utilities and India strategy. Jigar has previously worked with institutions such as HSBC Capital Markets and Kotak Institutional Equities. Prior to founding Buoyant, Jigar was the Director of Research at HSBC, advising top global funds on investing in India. Jigar is an associate member of the Institute of Chartered Accountants of India, and a CFA Charterholder from AIMR, US. Outside of work, Jigar likes playing music and squash.
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Find answers to common questions about fund investments, performance, portfolio strategy, and investor services.
Buoyant Opportunities PMS is the flagship equity portfolio management service of Buoyant Capital, a SEBI-registered portfolio manager, launched in June 2016. The strategy is built on cross-cycle investing — a Core and Satellite construction that deliberately shifts between aggressive and defensive positioning as market and business cycles turn. It holds a diversified portfolio of roughly 40 stocks with the flexibility to move across market caps and sectors rather than staying anchored to a fixed style.
Buoyant Opportunities PMS follows a cross-cycle, flexi-cap investment strategy combining top-down cycle analysis with bottom-up stock selection. Its Core holdings focus on established businesses with relatively predictable cash flows, while Satellite positions pursue cyclical, value, turnaround and special-situation opportunities. The team dynamically adjusts market-cap, sector and portfolio allocations to balance aggressive and defensive positioning as market conditions change.
The minimum investment in Buoyant Opportunities PMS is ₹50 lakh, in line with SEBI's minimum requirement for Portfolio Management Services in India. Investments can be made as a lump sum or by transferring an existing stock portfolio.
Buoyant Opportunities PMS is classified by APMI as a Flexi Cap Strategy. It can invest across large-, mid- and small-cap companies without maintaining a fixed allocation to each market-cap segment. Although some platforms may describe it as multi-cap because of its diversified investment universe, flexi-cap more accurately reflects its ability to change market-cap exposure according to valuations, opportunities and market cycles.
The strategy is benchmarked to the S&P BSE 500 TRI, A broad-market benchmark is a deliberate fit for a flexi-cap strategy, since performance is measured against the full opportunity set the fund can actually invest in.
The Core and Satellite approach divides the portfolio into two parts. Core holdings are intended to provide relative stability through established businesses with durable fundamentals. Satellite positions seek additional return opportunities from cyclical, value, special-situation and turnaround themes. Allocations may change as market conditions and company fundamentals evolve.
Buoyant offers a fixed-fee structure of around 2% per annum, and a variable option with a lower fixed fee plus 20% performance fee on returns above an 8% hurdle. The exact applicable fee option depends on your agreement, so confirm the latest commercial terms before investing.
No. The strategy has no lock-in, no entry load, no setup fee and a 0% exit load as per APMI disclosures. Investors can redeem at any time, though the strategy is designed for a 3–5 year horizon.
As on 30 June 2026 (source: apmiindia.org), the strategy has delivered 17.97% over 3 years and 20.20% over 5 years, against 12.53% and 12.21% for the BSE 500 TRI benchmark, with a since-inception return of 20.75%. Past performance does not guarantee future results.
The strategy is managed by a four-member team: Dipen Sheth, Viral Berawala, Sachin Khivasara and Jigar Mistry, together holding over 100 years of equity research and fund management experience. Sachin Khivasara is the Principal Officer and Fund Manager in Buoyant Capital's SEBI registration.
The strategy is exposed to equity-market volatility, stock-selection risk, sector and market-cap concentration, changing valuations and liquidity constraints. Its allocation to cyclical, value or turnaround opportunities may also experience extended periods of underperformance if business conditions take longer than expected to improve.
The investment team uses market and business-cycle analysis alongside bottom-up company research to adjust sector exposure. Allocations may increase where valuations, earnings prospects and the risk–reward outlook appear favourable, and may be reduced when fundamentals weaken, valuations become stretched or the market cycle changes.
The strategy suits investors with at least ₹50 lakh to allocate, a 3–5 year time horizon, and comfort with equity-market volatility and a concentrated portfolio. It may appeal to those who want a portfolio that actively shifts between aggressive and defensive positioning across market cycles.
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