Buoyant Capital PMS Review: Opportunities Strategy, Returns & Team (2026)
Buoyant Capital PMS is the portfolio management business of Buoyant Capital Pvt Ltd. As of 31 August 2026, it reported PMS assets under management of ₹14,202.74 crore across 9,559 clients, offered through 1 investment approach.
That makes Buoyant one of the more concentrated PMS houses by product: the entire book runs through one multi cap mandate, the Opportunities strategy, launched in June 2016. Below we look at the team, the numbers as reported by the portfolio manager, and the kind of investor the strategy may suit.
Buoyant Capital PMS is the portfolio management business of Buoyant Capital Pvt Ltd. As of 31 August 2026, it reported PMS assets under management of ₹14,202.74 crore across 9,559 clients, offered through 1 investment approach. That makes Buoyant one of the more concentrated PMS houses by product: the entire book runs through one multi cap mandate, the Opportunities strategy, launched in June 2016. Below we look at the team, the numbers as reported by the portfolio manager, and the kind of investor the strategy may suit. Key takeaways Buoyant Capital PMS reports assets under management of ₹14,202.74 crore across 9,559 clients as of 31 August 2026. Investment approaches: 1. Highest 3-year return in the line-up: Opportunities at 15.42% a year, against 12.1% for the S&P BSE 500 TRI over the same period (to 31 August 2026). Minimum investment ₹50 lakh; reported returns are TWRR, net of fees but before your taxes. Quick Facts: Buoyant Capital PMS Portfolio Manager Buoyant Capital Pvt Ltd SEBI Registration No. INP000005000 PMS AUM ₹14,202.74 crore (as on 31 August 2026) Number of Clients 9,559 (as on 31 August 2026) Investment Approaches 1 Key People Jigar Mistry (Fund Manager), Sachin Khivasara (Portfolio Manager), Viral Berawala (Fund Manager) Registered Office Mumbai (Dadar West) Minimum Investment ₹50 lakh (SEBI-mandated minimum for PMS) About Buoyant Capital Buoyant Capital describes itself as a SEBI-registered alternatives asset manager founded in 2016, with an emphasis on consistent, risk-adjusted returns. The firm states that it does not levy entry loads, exit loads or set-up fees, and that it has no lock-in, positioning itself around an investor-first approach. The investment team is led by three experienced professionals. Jigar Mistry has over 21 years of research and investing experience; he is an associate member of ICAI and a CFA charterholder, and before founding Buoyant he was Director, Research at HSBC. Sachin Khivasara has more than nineteen years in Indian capital markets; a Chartered Accountant and Graduate Cost and Works Accountant, he previously worked with Enam Holdings and Reliance Mutual Fund, and his focus is identifying under-researched and mispriced companies with medium to long-term potential. Viral Berawala has been a Director at Buoyant since 2019. Before that he was Chief Investment Officer at Essel Mutual Fund (2017-2019) and at Reliance Nippon Life Insurance (2013-2017), and Assistant Fund Manager at Reliance Mutual Fund (2007-2013). He began his career at Tata Consultancy Services, is a Chartered Accountant with an MBA from IIM Ahmedabad, and his research coverage has spanned IT, real estate, retail and FMCG, oil and gas, and insurance. Buoyant Capital PMS Strategies and Performance Strategy Category 1Y 2Y 3Y 5Y Inception Opportunities Multi Cap & Flexi Cap 11.38% 8.92% 15.42% 18.07% Jun 2016 S&P BSE 500 TRI (broad-market reference) Index 4.7% -0.1% 12.1% 10.9% — Returns as of 31 August 2026, TWRR, as reported by the portfolio manager; returns over one year are annualised. Index rows are shown for reference only, as of 31 August 2026 (index figures as published in Sundaram Alternates' August 2026 PMS performance disclosure); each strategy's own SEBI category benchmark may differ, so ask the manager for its benchmark comparison. Opportunities Opportunities is Buoyant's only listed PMS approach and sits in the Multi Cap & Flexi Cap category, with an inception date of June 2016. As of 31 August 2026 it reported 11.38% over one year, 8.92% over two years, 15.42% over three years and 18.07% over five years, all annualised beyond one year. As the name suggests, the mandate is flexible across market capitalisations, and given Sachin Khivasara's stated focus on under-researched, mispriced companies, investors can expect a bottom-up stock selection style; the Disclosure Document details portfolio construction limits. Notably, the 2-year return of 8.92% held up better than many equity strategies through the 2024-26 correction, and all four reported periods are positive. How to Read These Numbers Absolute returns are only half the picture. Under SEBI's December 2022 framework every PMS strategy is mapped to a category benchmark, and its figures mean most when compared with that benchmark and with category peers over the same period; ask for this comparison in the factsheet or Disclosure Document. The 2-year column largely reflects the 2024-26 correction in Indian equities, especially in mid and small caps, which is why 2-year figures for many equity strategies look muted next to their 1-year and 3-year numbers. Read the columns together rather than relying on any one. TWRR removes the effect of client inflows and outflows, so an individual investor's actual return depends on entry timing and any top-ups or withdrawals. Returns are reported net of fees and expenses as per SEBI norms, but not net of tax: capital gains on portfolio churn are taxed in each client's hands. PMS portfolios are also usually more concentrated than diversified mutual funds, so a few positions can drive results either way. Who Buoyant Capital PMS May Suit Investors seeking a single, long-running multi cap equity strategy with a record of nearly ten years Investors who value a team with institutional research and fund management backgrounds Investors who prefer a firm stating no entry load, exit load, set-up fee or lock-in Long-term investors with a horizon of five years or more who can sit through volatility It may not suit investors who want a choice of strategies within one house, such as a dedicated small cap, debt or multi asset option, or those who need capital back in the short term. Fees, Minimum Investment and Taxation The minimum investment in Buoyant Capital PMS is ₹50 lakh, the floor mandated by SEBI for all portfolio management services. It can be funded in cash, by transferring existing listed securities, or both, subject to the portfolio manager's acceptance. PMS fees typically follow one of three structures: a fixed annual management fee, a hybrid of a lower fixed fee plus a profit share, or a performance fee charged above a hurdle rate, usually with a high-water mark. The exact fee schedule is in the Disclosure Document. Buoyant states that it does not charge entry loads, exit loads or set-up fees and has no lock-in; the management and performance fee options are in its Disclosure Document. Securities are held in the investor's own demat account, so every sale inside the portfolio is taxed in the investor's hands. For listed equity, short-term capital gains are taxed at 20% and long-term capital gains at 12.5% above the annual exemption of ₹1.25 lakh. For a walkthrough of the process, read our guide on how PMS onboarding, funding, taxation and exit work (/insights/how-pms-works-onboarding-funding-taxation-exit) . Money n Wealth's View Buoyant stands out for scale built on a single strategy: ₹14,202.74 crore and 9,559 clients as of 31 August 2026, with a 5-year annualised return of 18.07% and positive figures across every reported period. The team combines sell-side research (HSBC), buy-side fund management (Reliance Mutual Fund, Essel Mutual Fund) and family office experience, and the investor-friendly stance on loads and lock-ins is a genuine differentiator. What to watch: the 1-year return of 11.38% is well below the 3-year and 5-year figures, a reminder that returns are moderating. Rapid asset growth can make it harder to own smaller, under-researched companies, which is part of the stated edge. Investors should also compare the outcome net of fees and taxes with a good flexi cap mutual fund. See where Buoyant sits among India's largest PMS players by AUM (/insights/pms-players-in-india-aum-vintage) , or reach our PMS distribution desk (/products/pms) for the Disclosure Document and onboarding support. Frequently Asked Questions Is Buoyant Capital PMS good? It depends on your goals and risk tolerance. As of 31 August 2026 the Opportunities strategy reported 18.07% annualised over five years and positive returns across 1, 2, 3 and 5-year periods (TWRR, as reported by the portfolio manager). Compare these with the category benchmark and consider fees and taxes before investing. What is the minimum investment in Buoyant Capital PMS? The minimum investment is ₹50 lakh, as mandated by SEBI for all PMS products. It can usually be funded in cash, by transferring existing listed shares, or both, subject to the portfolio manager's approval of the securities. Which is the best Buoyant Capital PMS strategy? Buoyant currently lists one PMS approach, the Opportunities strategy (Multi Cap & Flexi Cap), launched in June 2016. Whether it is right for you depends on your goals, horizon and existing portfolio. Who manages Buoyant Capital PMS? The strategy is managed by a team comprising Jigar Mistry (Fund Manager, formerly Director, Research at HSBC), Sachin Khivasara (Portfolio Manager, formerly with Enam Holdings and Reliance Mutual Fund) and Viral Berawala (Fund Manager, formerly CIO at Essel Mutual Fund and Reliance Nippon Life Insurance). Is Buoyant Capital PMS registered with SEBI? Yes. Buoyant Capital Pvt Ltd is registered with SEBI as a portfolio manager under registration number INP000005000. Related Reading Portfolio Management Services (PMS) in India: the complete 2026 guide (/insights/pms-india) How PMS works: onboarding, funding, taxation, reporting and exit (/insights/how-pms-works-onboarding-funding-taxation-exit) PMS vs mutual funds above ₹1 crore (/insights/pms-vs-mutual-funds-1-crore-investors) PMS players in India by AUM and vintage (/insights/pms-players-in-india-aum-vintage) Wright Research PMS Review (/insights/wryght-research-and-capital-pms-review) WhiteOak Capital PMS Review (/insights/white-oak-capital-management-consultants-pms-review) Tata Asset Management PMS Review (/insights/tata-asset-management-pms-review) Axis AMC PMS Review (/insights/axis-asset-management-company-pms-review) All PMS reviews (/insights/category/pms) Sources SEBI: registered portfolio managers (https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=10) Association of Portfolio Managers in India (APMI) (https://www.apmiindia.org) Disclaimer: This article is for general informational and educational purposes only and does not constitute investment advice, a recommendation, or an offer/solicitation to invest in any security or PMS strategy. Portfolio Management Services are subject to market risks; please read the Disclosure Document and Client Agreement carefully before investing. AUM, client and performance figures cited are as reported by Buoyant Capital in public disclosures as of 31 August 2026, are calculated using the Time-Weighted Rate of Return method, are not verified by SEBI, and individual client returns may vary. Past performance is not indicative of future returns. Strategies, fees and figures may change without notice and should not be construed as a recommendation to buy or sell. Money n Wealth (Predics Fintech Services Pvt Ltd) is an AMFI-registered Mutual Fund Distributor (ARN-121995) and APMI-registered PMS Distributor (APRN-07444); this is not a SEBI-registered investment advisory service. Please consult your financial advisor before making investment decisions.
