01 /Overview

Opportunities PMS, August 2026.

Published August figures (frozen) above; indicative daily, weekly and monthly value changes from reference prices below them, labelled as such.

Scope Buoyant Opportunities — PMS (Discretionary)

Data date 31 Aug 2026 · IST

Release pms-2026-08 · rev 1 · Published

August /TWRR net of fees · vs BSE 500 TRI

1M return

+1.64%

vs −0.09% · +1.73 pp

1Y return

+11.38%

vs +4.72% · +6.66 pp

Since inception, p.a.

20.77%

since 31 May 2016 · +6.68 pp a year

Beta 3Y · Consistency 5Y

0.89·97%

rolling windows ahead of benchmark

Manager's message · August factsheet

Earnings are not the scarce resource. The price paid for them is.

August confirmed the June-quarter earnings recovery is real and broad-based — profit growth for the broader market crossed 20% year-on-year for the first time in eight quarters, energy aside. The more interesting question is where that growth is already priced in: consensus now expects small-caps to repeat a delivery rate only four in ten managed last year. The RBI's currency-support scheme has done its job on the rupee, but has left banks managing a liquidity surplus that coexists, awkwardly, with tighter financial conditions. Foreign investors kept selling banks even as fundamentals held up — a reminder that flows and fundamentals do not always agree in the short run. To us, that is an opportunity.

Read the market view →

Performance

Portfolio vs benchmark, published periods

Absolute to 12 months, annualised beyond. Same dates, same currency, total-return benchmark. A growth-of-100 chart needs the monthly NAV series, which is not in the source package.

Holdings impact

Largest 1M price moves (reference)

Indo-MIM+43.8%
Indegene+4.5%
Aurobindo Pharma+3.2%
One 97 Communications+1.9%
Shriram Finance−10.6%
Kaynes Technology India−10.9%
Max Financial Services−11.0%
Dalmia Bharat−11.3%

Stock price changes over the trailing month to 29 Sept 2026, not portfolio contribution. Contribution needs dated holdings and transactions (PRD §8.4).

Construction

Sector weights · click a sector for its names

Why these sectors →

Construction

Core / satellite · cash

Core52.8%
Cyclical15.7%
Turnaround12.1%
Value11%
Cash8.4%

Construction

Market-cap mix

Large Cap54.5%
Mid Cap20.6%
Small Cap16.5%
Cash8.4%

Top 10 = 39.5% · top 20 = 64.6%

Why we own what we own

Allocations, and the four reasons behind each

All sectors, with names →

BankingOVERWEIGHT

The cheapest way to own nominal GDP, chosen bank by bank

22.1%

1All four earnings cycles are turning together: deposits +15.4% (a decade high), credit +18.3%, margins troughed in Jun-26 after 125 bp of cuts, net NPAs at 20-year lows (0.3–0.5%).
2Bank Nifty trades below its long-run P/B for a mechanical reason: FPIs sold ₹1.8 lakh cr of Indian equity in FY26 and six of their ten largest holdings are banks.
3Our residual-income model says the large private banks earn 14.5–17.5% on normalised capital against a 12.25–13% cost of equity and compound book at 12–16% a year.
4Selection, not the index: ICICI for certainty of compounding, Axis for improving ROE, SBI for a 1.1% ROA at 1.5x fair P/B; HDFC Bank and Kotak (40% of the index) avoided at 4–5x book.

HeldICICI Bank 7.0%Axis Bank 6.0%State Bank of India 4.0%IDFC First Bank 2.3%HDFC Bank 1.8%

FMCGOVERWEIGHT

The main stake, for the first time in ten years

8.8%

1A cash transfer the size of the IT salary bill has already happened: state welfare ≈ ₹6 lakh cr a year (1.7% of GDP), women-centric schemes alone ₹1.7 lakh cr across 120 mn beneficiaries.
2GST 2.0 repriced ~60% of the FMCG basket to 5%, plus 125 bp of rate cuts and a normal monsoon; ex-cigarette staples volumes are at a two-year high.
3Rural volumes have out-grown urban for seven straight quarters and we expect broad double-digit growth this year.
42021 in reverse: the money has moved but nobody is looking. HUL, Britannia, Trent and Varun have de-rated to 40–50x from 55–70x; we are buying the operating leverage of a volume recovery.

HeldHindustan Unilever 3.3%Trent 3.1%Britannia Industries 2.0%Varun Beverages 1.0%

Info TechTACTICAL

Mostly not IT services

1Only Infosys (0.7%) is the tactical IT-services trade: a mature services company has a floor near 12x and no case above 20x because AI removes the people, not the work. Held at 2–3% of the strategy, to be exited.
2Kaynes is electronics manufacturing: India's EMS market went from $10–12 bn (FY20) to $40–45 bn (FY25) and could exceed $150 bn by FY30, with the country's first private OSAT and HDI-PCB plants ramping.
3Paytm is a payments and lending platform in the world's largest real-time payment system (UPI 24.5 bn transactions a month, +22%) whose regulator-inflicted crisis has passed.
4Indegene is a life-sciences commercialisation outsourcer riding the same $350 bn patent cliff as our pharma names; its AI exposure is a tailwind, not a threat.

HeldKaynes Technology India 2.4%One 97 Communications 2.2%Indegene 1.2%Infosys 0.7%

InsuranceOVERWEIGHT

The largest share of every rupee of household savings, at the cheapest valuation

7.5%

1Life NBP +15.7% in FY26; Aug-26 individual APE +22% at SBI Life and +17% at HDFC Life; the GST cut to zero on life and health is a structural demand tailwind.
2Life insurers trade at 1.6–1.9x FY27E embedded value for 15–20% VNB growth, a lower multiple of a capital-light annuity than most banks command.
3Non-life premiums +9.3% to ₹3.36 lakh cr with standalone health +19%; the motor third-party market (₹60–70k cr) will return through tariff hikes (IRDAI proposed ~18%) and long-term mandatory cover.
4ICICI Lombard bought at a two-year low after the Supreme Court ruling; Max Financial at ~1.9x EV with the Axis rename and 26% VNB growth; SBI Life for the cheapest bancassurance engine.

HeldICICI Lombard General Insurance 3.1%Max Financial Services 2.9%SBI Life Insurance Company 1.1%

HealthCareOVERWEIGHT

Every headwind of 2016–17 has reversed

7.3%

1The four de-rating forces have inverted: PBM pricing power is tied up in litigation, Indian companies now do complex chemistry, peptides and biosimilars, and the FDA has lost ~20% of its staff.
2A $350 bn patent cliff: $142 bn of annual innovator sales lose exclusivity by 2030, more than 60% biologics; a $3–5 bn capture opportunity for Indian firms.
3GLP-1 is real: semaglutide's Indian patent expired 20-Mar-26 and Glenmark, DRL, Sun and Zydus launched at 50–70% discounts the next day; the domestic market grows 10–12% led by chronic therapies.
4Expressed through archetypes, not one bet: a Turnaround (Glenmark), two Value names (Aurobindo, Granules), a Cyclical (Dr Reddy's at the lenalidomide trough) and a Core retailer (MedPlus). Hospitals at 60–80x are respected, not owned.

HeldGlenmark Pharmaceuticals 2.4%Aurobindo Pharma 1.6%Medplus Health Services 0.8%Granules India 0.7%Dr Reddy's Laboratories 0.7%

NBFCOVERWEIGHT

The two franchises whose ROE justifies a premium to banks

7.1%

1NBFC credit grows 15–17% against 10–12% for banks; AUM has doubled to ₹48 lakh cr since 2021 and is heading for ₹70 lakh cr by FY27.
2The regulatory cycle turned: RBI reversed the Nov-23 risk weights on bank lending to NBFCs, revised co-lending and cut repo 125 bp, so the raw material (funding) is getting cheaper.
3Foreign strategic capital arrived: MUFG's ~$4.4 bn for 20% of Shriram Finance marks what a scaled, well-run lender is worth to a global bank.
4A 20–30% ROE lender can carry 5.8x book (Bajaj Finance, Core); a 12% ROE bank cannot carry 2x (Kotak, not owned). Shriram is the used-CV leader at 1.6x book.

HeldBajaj Finance 3.5%Shriram Finance 3.5%

Reasons condensed from "Why We Own What We Own, July 2026 sheet (Buoyant Capital), with datapoints refreshed to the August 2026 Perspectives note". Weights from the active factsheet sector table; names from the disclosed weights sheet. What we deliberately do not own →

Fund flows

Where the money went

Every category and sector, every window →

₹ crore net · MF to 2026-08 · FPI to 2026-09-15

Mutual-fund net inflow by category (AMFI)

Large cap−1,147
Large & mid+3,873
Mid cap+6,989
Small cap+7,973
Multi cap+3,733
Flexi cap+5,059
Thematic + sectoral+2,296
Value + contra+1,352
Focused+995
ELSS−1,078

FPI net investment by sector (NSDL) · top and bottom

Consumer Services+5,441
Healthcare+5,135
Services+2,098
Capital Goods+2,054
Consumer Durables+2,034
Financial Services−2,245
Telecommunication−2,652
Fast Moving Consumer Goods−3,756
Automobile and Auto Components−3,969
Oil, Gas & Consumable Fuels−4,636

Construction snapshot

Where the book is

Core / Satellite: 52.8% / 38.8%
Large / Mid / Small: 54.5 / 20.6 / 16.5
Cash: 8.4%
Top-10 concentration: 39.5%
Fwd P/E FY27E · FY28E: 20.9x · 17.6x (BSE 500 17.8x · 17x)

Open construction →Why these sectors →

What changed

vs the weights sheet of 2026-07-31

Entered
Medplus Health Services
rank 27
Entered
Indo-MIM
rank 30
Not in 30
bajaj-auto
1.6% previously · may still be held below rank 30
Not in 30
varun-beverages
1% previously · may still be held below rank 30
Up 6
Medplus Health Services
rank 33 → 27
Down 6
Aurobindo Pharma
rank 23 → 29

Rank movements are "weight change" signals, not trades: no transactions in the package, so buys and sells cannot be distinguished from market movement. Full diff →

Attention list

Owner tasks

DataPer-name weights are dated 31 Jul 2026; the August package discloses ranks only. Owner: Operations
DataMonthly NAV series and BSE 500 TRI daily levels not licensed — growth-of-100, drawdown and reconciled contribution disabled. Owner: Data steward
Review30 of 30 disclosed names have an approved one-pager; 0 without. Owner: Research
Stale1 dataset past cadence: Per-name weights sheet. Freshness board → Owner: Data steward
ReviewReference prices moved since 31 Aug 2026; valuation review triggers evaluated on the Research Inbox. Owner: Fund manager

Open research inbox →

Approximation, labelled

Weight × 1M price move (not attribution)

Disclosed weight (31 Jul 2026) multiplied by the trailing-month reference price change per name. This is the PRD §8.4 approximation, shown only to rank likely drivers; it does not reconcile to the published +1.64% because trades, cash and dividends are missing.

Indo-MIM+0.35 pp
Indegene+0.05 pp
Aurobindo Pharma+0.05 pp
One 97 Communications+0.04 pp
HDFC Bank+0.01 pp
SBI Life Insurance Company−0.02 pp
Trent−0.28 pp
State Bank of India−0.32 pp
Max Financial Services−0.32 pp
Bajaj Finance−0.34 pp
Shriram Finance−0.37 pp
ICICI Bank−0.64 pp

Session	Index level	Day change	On ₹1 crore	Nifty 500	Relative
29 Sept 2026	98.69	−0.30%	−₹30,339	−0.59%	+0.29 pp
28 Sept 2026	98.99	−1.30%	−₹1,29,899	−1.64%	+0.34 pp
25 Sept 2026	100.29	+0.28%	+₹28,472	+0.23%	+0.06 pp
24 Sept 2026	100.00	−1.57%	−₹1,57,219	−1.67%	+0.10 pp
23 Sept 2026	101.60	+0.52%	+₹51,880	+0.62%	−0.10 pp
22 Sept 2026	101.08	−0.53%	−₹52,728	−0.29%	−0.24 pp
21 Sept 2026	101.61	+0.15%	+₹15,456	+0.09%	+0.07 pp
18 Sept 2026	101.46	+1.15%	+₹1,14,526	+0.82%	+0.32 pp
17 Sept 2026	100.31	+0.73%	+₹73,148	+0.54%	+0.19 pp
16 Sept 2026	99.58	+0.67%	+₹66,695	+0.24%	+0.42 pp
15 Sept 2026	98.92	−1.93%	−₹1,93,415	−1.70%	−0.23 pp
11 Sept 2026	100.87	−0.25%	−₹25,197	−0.37%	+0.12 pp

Portfolio vs benchmark, published periods

Largest 1M price moves (reference)

Sector weights · click a sector for its names

Core / satellite · cash

Market-cap mix

Allocations, and the four reasons behind each

Where the money went

Where the book is

vs the weights sheet of 2026-07-31

Owner tasks

Weight × 1M price move (not attribution)

Portfolio vs benchmark, published periods

Largest 1M price moves (reference)

Sector weights · click a sector for its names

Core / satellite · cash

Market-cap mix

Allocations, and the four reasons behind each

Where the money went

Where the book is

vs the weights sheet of 2026-07-31

Owner tasks

Weight × 1M price move (not attribution)

Disclosed weights held constant vs Nifty 500 (price), rebased to 100