Víctor Hugo Bagnulo Fernández (23 July 1915 – 7 February 2008) was a Uruguayan football player and manager.

He is most famous for his managing success at Uruguayan giants Peñarol, with whom he won five national league titles.

In 1958 he had his first coaching spell at Peñarol, with whom he won two league titles in 1958 and 1959 and which continued to dominate South American football in the following few years under the guidance of his successor Roberto Scarone.

Between 1970 and 1973 he had his second spell with Uruguay with whom he qualified for the 1974 FIFA World Cup, but was nevertheless replaced by Roberto Porta before the tournament took place.

His last coaching job was back at Peñarol, whom he took over in 1982 and led through a historic season in which they won the national championship, the Copa Libertadores (beating Chilean side Cobreloa in the final) and the Intercontinental Cup (beating reigning European champions Aston Villa).