PMS · Equity · Flexi Cap
Buoyant - Opportunities
Fund size₹12,257 Cr
Alpha (3Y)3.70%
3Y return16.18%
Fund age10 yrs
From the research desk
Investing where growth is still underpriced.
Buoyant Opportunities is Buoyant Capital's Multi/Flexicap PMS strategy from an independent investment management firm, built on the view that markets are often good at estimating how much a company will grow, but less good at predicting when that growth will happen. The process begins with a top down read on the macro environment, classifying the market as Aggressive or Defensive, then allocates through a Core Satellite framework.
Core holds steady, Satellite moves
The Core stays anchored in predictable, cash generating industry leaders, while the Satellite rotates across Cyclical, Turnaround and Value or Challenger opportunities as the regime changes.
Business quality isn't investment quality
The fund's core belief is that a good business and a good investment aren't the same thing, markets are usually right about how much a company will grow but wrong about when, and that timing gap is where the opportunity sits.
Two regimes, one portfolio decision
A top down analysis of the macro environment sorts conditions into one of two explicit regimes, Aggressive or Defensive, and that call directly decides how capital splits between the Core and Satellite portions of the portfolio, rather than the split staying fixed regardless of what the market is doing.
Fund Managers
Sachin Khivasara
Fund Manager, Buoyant
Sachin has over nineteen years of experience in Indian Capital Markets. A Chartered Accountant and a Graduate Cost and Works Accountant, Sachin has worked extensively with leading Investment Managers like Enam Holdings (a large family office) and Reliance Mutual Fund (one of India’s largest mutual funds). Sachin’s expertise lies in identifying under-researched and mispriced companies which can provide superior returns over medium to long term. Sachin loves Pranayama and Yoga, and regularly travels for a higher actualization of this passion.
Managing AUM₹12,257 Cr
Jigar Mistry
Fund Manager, AIF, Buoyant
Jigar Mistry co-founded Buoyant Capital in 2017 with Sachin Khivasara, after roles at Kotak, Quant Capital, and Director of Research at HSBC, advising global funds on India investing. A CA and CFA charterholder with 23 years in markets, He covers banking, metals, utilities, and India strategy, with roughly 23 years of markets experience.
Managing AUM₹12,257 Cr
Growth of₹Cr
Buoyant Opportunities
Returns: How it has done
| Scheme / Benchmark | YTD | 1Y | 2Y | 3Y | 5Y | Since inception |
|---|---|---|---|---|---|---|
| Buoyant Opportunities | −0.10% | 8.13% | 8.48% | 16.18% | 18.39% | 20.76% |
| Nifty 500 | −3.20% | 2.98% | 0.42% | 11.89% | 12.35% | 14.22% |
| Excess over benchmark | 3.10% | 5.15% | 8.06% | 4.29% | 6.04% | 6.54% |
Returns up to one year are absolute; two years and above are annualised (CAGR). YTD is calendar-year-to-date. As on 30 Jun 2026.
Risk : What you take on to earn the return
Volatility
14.35%
Benchmark approx 14.75%
A standard deviation reflecting historical swings.
Sensitivity
0.87
Beta vs benchmark 1.00 · 13% less reactive
How strongly the scheme moves with the index.
Risk-reward
0.68
Sharpe
Excess return gained per unit of volatility.
Capture ratio
94 / 68
Upside / Downside Capture
Share of market gains captured versus losses absorbed.
How far below its previous high it fell
Over the trailing 3Y window the scheme fell −13.15% from its 30 Oct 2024 peak to a 28 Feb 2025 trough, and recovered on 31 May 2025 after 92 days.
Max drawdowns
−13.15%
Recovery period
92 days
Scheme Drawdown Trajectory
| Drawdown analysis | Peak | Trough | Depth | Fell over | Recovered | Recovery took |
|---|---|---|---|---|---|---|
| Scheme | 30 Oct 2024 | 28 Feb 2025 | −13.15% | 121 days | 31 May 2025 | 92 days |
| Benchmark | 30 Aug 2024 | 28 Feb 2025 | −18.59% | 182 days | – | – |
Scheme
Peak30 Oct 2024
Trough28 Feb 2025
Depth−13.15%
Fell over121 days
Recovered31 May 2025
Recovery took92 days
Benchmark
Peak30 Aug 2024
Trough28 Feb 2025
Depth−18.59%
Fell over182 days
Recovered–
Recovery took–
The benchmark's peak, trough and recovery are read off its month-end curve; the scheme's row is measured on daily NAV. · Risk and drawdown use a trailing 3Y window · As on 30 Jun 2026
Portfolio Details : Where the money actually sits
Stocks
40
P/E ratio
24.82
P/B ratio
3.61
Dividend yield
0.71%
Avg market cap
₹3.67 L Cr
Median market cap
₹1.02 L Cr
Asset class
Equity
Market cap
Large cap55.46%
Mid cap20.86%
Small cap12.30%
Cash & others11.38%
As on 30 Jun 2026
Fees
A fixed plan is cheaper when returns are strong. A performance plan costs less in lean years and shares the upside only when the fund beats a hurdle. Both cost the same at a 18.67% gross return.
FixedPlan A · SimpleFixed Management Fee2.00% / yr
Performance FeeNone
Hurdle RateNot applicable
VariablePlan B · Shared upsideFixed Management Fee1.00% / yr
Performance Fee15% of profit
Hurdle RateAbove 12%
No exit load. Lock-in: Nil.
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