This one’s managed by two experienced professionals — Jigar Mistry and Sachin Khivasara. Jigar is both a CA and CFA, with over 21 years of experience in equity research and investing. His sector expertise runs deep — from banking and financials to global metals, utilities, and India strategy. Before this, he was the Director of Research at HSBC, where he advised some of the top global funds on how to invest in India. That’s the kind of high-level perspective he brings to the table.
On the other hand, you’ve got Sachin — also a CA, along with being a CMA, and he comes with 24+ years of experience. His strength lies in covering sectors like auto and auto ancillaries, capital goods, engineering, and especially small and mid-cap spaces. He’s worked with firms like Nippon AMC, Edelweiss, and Enam Investments. So between the two of them, you’ve got a combination of top-down global understanding and strong bottom-up stock picking across core Indian sectors.
Now what really sets Buoyant apart is their Core & Satellite framework. It gives them the flexibility to shift between aggressive and defensive positions based on market cycles. When the markets are offering high-quality opportunities, they take a more aggressive stance to chase higher returns. But the moment things start looking shaky, they don’t hesitate to go defensive to protect capital. This dynamic approach has consistently helped them deliver strong risk-adjusted returns over time, and most importantly, better than the benchmark.
Their real strength lies in their market cap allocation strategy — they’ve shown great timing. For example, right after Covid when small caps were available at throwaway valuations, they had as much as 60% of the portfolio in small caps. That bet paid off handsomely during the small-cap rally that followed. Later, when the Russia-Ukraine situation triggered uncertainty, they moved a significant chunk — nearly 50% — into large caps to stay defensive.
Now, with small caps again looking overheated, they’ve increased their large cap and cash allocation to about 60%. This shows their ability to read the market mood and reposition accordingly — not just blindly stay put.
This dynamic allocation has paid off well. During the correction between October 2024 and March 2025, while the broader benchmark went down by 11.8%, they limited the downside to just 5.8%. That’s a big deal — especially when protecting capital is half the game in compounding wealth. Their since-inception beta is just 1, meaning they’re not taking unnecessary volatility just for the sake of chasing returns. It’s calculated, it’s thought through.
The minimum investment in the fund is ₹50 lakhs. This is for someone who wants a well-researched, actively managed strategy where the fund managers have the flexibility to shift with the market and the experience to know when to do it. It’s not a strategy that hugs the index — it’s one that tries to beat it, but with control.
Enclosing a webinar done with the fund manager – PMS AIF WORLD x Buoyant
The team at Buoyant Capital Opportunities believes that one cannot know the ‘macro future’ (economies, markets or geopolitics) with any reasonable certainty.
Hence Buoyant PMS follows the following investment philosophies:
• Macros matter, but mining it as investment edge is nearly impossible
• Share price growth more a function of earnings growth
Portfolio optimization(balance of aggressiveness /defensiveness) is critical for Buoyant PMS
• In long-term, trading is a zero sum game
• In the short-term however, things fluctuate between ‘flawless’ to ‘hopeless’
• Balance is adjusted based on earnings / credit / investors’ psychology cycles
Risk is not volatility of returns
• It is (a) likelihood of permanent loss of capital and (b) opportunity risk
Creating wealth should be a source of pleasure
• Taking too much risk interferes with that, and that is why Buoyant PMS limits itself with respect to risks
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a call with our PMS AIF Specialists
