One cycle-aware Indian equity strategy that deliberately changes risk when the opportunity changes — compounding at 20.8% a year net of fees for ten years, with less risk than the market.
One cycle-aware Indian equity strategy that deliberately changes risk when the opportunity changes — compounding at 20.8% a year net of fees for ten years, with less risk than the market.
A great business isn’t always a good investment—unless you buy it at the right point in its cycle. (deckAug p6). investorpres p5: 'A great business is only a good investment if you buy it at the right point in its cycle.'
Growth at a reasonable price — If forced to choose a label. We prefer strong, predictable cash flows, scalable models, sensible capital allocation and durable advantages — and we refuse to pay for growth at any price. (investorpres p10). deckAug p11 'Growth vs. Value': Buoyant does not explicitly categorize itself as a "Growth" or "Value" manager but describes its style as “Growth at Reasonable Price (GARP)” (if forced to stereotype). The firm prefers businesses with: Strong and predictable cash flows; Scalable models; Sensible capital allocation; Sustainable competitive advantages. The strategy is valuation-sensitive and avoids “growth at any price.”
Aggressive: Core ~30% / Satellite ~70% — Exploit valuation dispersion; beta can rise; more value, cyclicals, turnarounds and challengers. Defensive / conservative: Core ~70% / Satellite ~30% — Prioritise predictable cash flows, leadership and capital protection when valuations are hostile. (playbook section 04). These are reference weights; the actual mix moves gradually as ideas clear the bar. Docket: 'The switch is a direction of travel, not an overnight flip: satellite share and beta have risen since March and continue to as positions are built.'
| Date | Event | Stance |
|---|---|---|
| Jun-20 | Post-COVID | Aggressive |
| Sep-21 | Turning | Defensive |
| Aug-22 | Post Russia–Ukraine | Defensive |
| May-23 | Post-budget | Tactical |
| Jun-24 | Defensive stance | Defensive |
| Nov-25 | Recent low | Defensive |
| Mar-26 | Fourth switch | Aggressive |
| Jul-26 | Now | Aggressive |
| Rolling window | Avg PMS | Avg BSE 500 TRI | Lowest PMS | Ahead |
|---|---|---|---|---|
| 1-yr | 25.4% | 15.8% | -43.0% | 65% |
| 3-yr | 21.1% | 15.3% | -7.8% | 82% |
| 5-yr | 23.4% | 16.5% | 10.1% | 97% |
| 7-yr | 20.7% | 15.2% | 14.4% | 100% |
Full drawdown series requires the NAV export; the firm's own comparison cites a 13.7% NAV decline against a 19–25% market fall in one episode (playbook).
Three of the five largest positions in the latest release, chosen because each has a full approved one-pager and together they show a Core bank, a Core large-cap turnaround-to-core and the house bank thesis. They are not a performance sample and do not represent every investment.
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.
The three have worked together for close to a decade. Analysts own the bottom-up thesis and present to an Investment Committee of the founders; the top-down stance is a committee decision. Every position is monitored against its original thesis. (investorpres p3). Docket FAQ: 'Analysts own the bottom-up thesis and present to an Investment Committee of the three founders; the top-down stance is a committee decision. Positions are monitored against the original thesis and exited when it plays out or breaks. For formal governance detail, offer the DDQ.' deckAug p3: 'Risk is monitored at the stock, portfolio, and liquidity levels. The team actively reassesses positions based on changes in company or macro dynamics.'
Fixed-fee and performance-linked options, as per the Disclosure Document (investorpres p28). pmsFactsheetAug: 'Fees and charges are as set out in your Client Agreement.' deckAug: 'Fees and charges are as set out in the Client Agreement and may differ by distribution channel.'
Fee levels are versioned facts from the Disclosure Document; indicative figures quoted in internal notes are not shown until verified against the current document.
Bloomberg for indices; Buoyant Capital for portfolio data, as at 31 August 2026. Data is for the Buoyant Opportunities PMS (Discretionary), inception 31 May 2016, benchmarked to BSE 500 TRI as prescribed by APMI. Returns up to 12 months are absolute; beyond 12 months annualised (TWRR). Performance is audited annually.
Excess return is the difference between the annualised TWRR of the Investment Approach since inception and the annualised total return of BSE 500 TRI over the same period, expressed in percentage points a year; it is a simple difference in returns and is not adjusted for risk. Beta measures how much the portfolio has tended to move for each 1% move in BSE 500 TRI, calculated from daily returns over the three years to 31 August 2026. Consistency is the share of all five-year rolling periods since inception, measured daily (1,919 periods), in which the annualised return of the Investment Approach exceeded that of BSE 500 TRI — 96.6%, shown rounded. These statistics describe past behaviour and are not forecasts. AUM is the combined assets managed by Buoyant Capital under PMS and AIF mandates as at 31 August 2026, converted at the month-end INR–USD rate.
Holdings are shown for information only, do not represent a recommendation; Buoyant Capital may or may not hold these securities at any time. Portfolio weightages may change at the discretion of BCPL based on market conditions, investment strategy and other relevant factors. Investing in equities involves risk, including the potential loss of principal.
Issued by Buoyant Capital Private Limited, a portfolio manager registered with and regulated by SEBI, intended solely for private circulation in India to persons resident in India and to eligible non-resident Indians. Not an offer or solicitation in any jurisdiction where unlawful. All amounts are in Indian rupees unless stated otherwise.
Information is not intended to be, nor should it be construed as, investment, tax or legal advice, or an offer to sell, or a solicitation of any offer to make investments with Buoyant Capital ("BCPL"). Certain information is based on third-party sources believed to be reliable but not independently verified; BCPL makes no express warranty as to completeness or accuracy. Investors should read the Disclosure Document and the Client Agreement, including the fee schedule and risk factors, before investing. SEBI Registration Nos: INP000005000 (PMS), IN/AIF3/22-23/1125 (AIF).