Compare India's Portfolio Management Services (PMS) — Returns & Rankings

TWRR Returns Across 6M · 1Y · 5Y · Since Inception — 600+ strategies compared · Updated monthly

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₹50 Lac

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Compare 600+ Portfolio Management Services (PMS) funds in India by TWRR returns (Time-Weighted Rate of Return, net of fixed fees), ranked and filterable by category. Held directly in the investor's own demat account for full transactional visibility, unlike pooled mutual funds or AIFs.

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Top 10 strategies are visible. Unlock all 610+ strategies with sortable returns and rankings.

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Returns Risk

All Large Cap Mid Cap Small Cap Micro Cap Multi Cap Flexi Cap Thematic Global

Mid Cap PMS strategies target companies ranked roughly between 101 and 250 by market capitalisation. This segment offers a balance between growth potential and liquidity, with professional managers applying concentrated conviction in companies transitioning from emerging to established.

1M 3M 6M 1Y 5Y SI

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Provider ⇅	Strategy	Category ⇅	AUM ₹Cr ⇅	6M 🔒	Rating 🔒
Abakkus	Emerging Opportunities Approach	Mid Cap	5,943	+0.4	Consistent Performer
Motilal Oswal	Mid To Mega Strategy View PMS Detail	Mid Cap	2,286	+15.4	Consistent Performer
Unifi Capital	Bcad Breakout 20	Mid Cap	1,940	-1.9	Underperformer
Green Lantern	Growth Fund View PMS Detail	Mid Cap	1,769	+9.4	Consistent Performer
Vallum Capital	India Discovery Strategy	Mid Cap	1,257	+6.7	Long-Term Performer
Sundaram Alternate	S.E.L.F View PMS Detail	Mid Cap	1,027	+27.4	Consistent Performer
Care Portfolio	PMS Growth Plus Value	Mid Cap	972	+8.8	Consistent Performer
Unifi Capital	Apj (Formerly Known As Apj 20)	Mid Cap	901	+0.8	Consistent Performer
Alchemy Capital	Smart Alpha 250	Mid Cap	732	+6.4	Recent Performer
Capitalmind Financial	Surge India	Mid Cap	671	+1.5	Long-Term Performer
Axis Securities	Securities Kaizen	Mid Cap	535	🔒	🔒
Nafa Asset	Emerging Blue Chip Portfolio	Mid Cap	445	🔒	🔒
Ambit Investment	Good & Clean Midcap Portfolio	Mid Cap	439	🔒	🔒
Purnartha Investment	Dynamic Midcap	Mid Cap	398	🔒	🔒
Multi-Act Equity	Mid & Small Cap & Special Situations Portfolio	Mid Cap	296	🔒	🔒
Ask Investment	Emerging Opportunities Portfolio	Mid Cap	267	🔒	🔒
Icici Prudential	PMS Emerging Leaders Strategy	Mid Cap	240	🔒	🔒
Multi-Act Equity	Emerging Corporates India Portfolio	Mid Cap	177	🔒	🔒
Moneygrow Asset	Small Midcap	Mid Cap	153	🔒	🔒
Narnolia Financial	Mid And Small Cap Strategy	Mid Cap	141	🔒	🔒
Incred Asset	Small And Midcap Portfolio	Mid Cap	125	🔒	🔒
Emkay Investment	Eiml Smid	Mid Cap	124	🔒	🔒
Composite Investments	India Emerging Stars	Mid Cap	123	🔒	🔒
Renaissance Investment	Midcap Portfolio	Mid Cap	115	🔒	🔒
Axis Asset	Emerging Stars Portfolio	Mid Cap	111	🔒	🔒
Moneygrow Asset	Large Midcap	Mid Cap	109	🔒	🔒
Solidarity Advisors	Emerging Leaders	Mid Cap	108	🔒	🔒
Marcellus Investment	Rising Giants	Mid Cap	92	🔒	🔒
Kotak Mahindra	Evolv Equity Investment Approach	Mid Cap	67	🔒	🔒
Pgim India	Phoenix Portfolio	Mid Cap	62	🔒	🔒
Care Portfolio	PMS Large & Midcap	Mid Cap	54	🔒	🔒

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Consistent Performer

Abakkus

Emerging Opportunities Approach

+0.4%

6M Return

Mid Cap · ₹5,943 Cr

Underperformer

Unifi Capital

Bcad Breakout 20

-1.9%

6M Return

Mid Cap · ₹1,940 Cr

Long-Term Performer

Vallum Capital

India Discovery Strategy

+6.7%

6M Return

Mid Cap · ₹1,256 Cr

Consistent Performer

Care Portfolio

PMS Growth Plus Value

+8.8%

6M Return

Mid Cap · ₹972 Cr

Consistent Performer

Unifi Capital

Apj (Formerly Known As Apj 20)

+0.8%

6M Return

Mid Cap · ₹900 Cr

Recent Performer

Alchemy Capital

Smart Alpha 250

+6.4%

6M Return

Mid Cap · ₹732 Cr

Long-Term Performer

Capitalmind Financial

Surge India

+1.5%

6M Return

Mid Cap · ₹671 Cr

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Axis Securities

Securities Kaizen

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6M Return

Mid Cap · ₹534 Cr

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Nafa Asset

Emerging Blue Chip Portfolio

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6M Return

Mid Cap · ₹445 Cr

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Ambit Investment

Good & Clean Midcap Portfolio

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6M Return

Mid Cap · ₹439 Cr

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Purnartha Investment

Dynamic Midcap

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6M Return

Mid Cap · ₹398 Cr

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Multi-Act Equity

Mid & Small Cap & Special Situations Portfolio

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6M Return

Mid Cap · ₹295 Cr

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Ask Investment

Emerging Opportunities Portfolio

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6M Return

Mid Cap · ₹266 Cr

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Icici Prudential

PMS Emerging Leaders Strategy

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6M Return

Mid Cap · ₹239 Cr

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Multi-Act Equity

Emerging Corporates India Portfolio

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6M Return

Mid Cap · ₹176 Cr

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Moneygrow Asset

Small Midcap

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6M Return

Mid Cap · ₹153 Cr

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Narnolia Financial

Mid And Small Cap Strategy

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6M Return

Mid Cap · ₹141 Cr

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Incred Asset

Small And Midcap Portfolio

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6M Return

Mid Cap · ₹124 Cr

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Emkay Investment

Eiml Smid

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6M Return

Mid Cap · ₹124 Cr

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Composite Investments

India Emerging Stars

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6M Return

Mid Cap · ₹122 Cr

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Renaissance Investment

Midcap Portfolio

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6M Return

Mid Cap · ₹115 Cr

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Axis Asset

Emerging Stars Portfolio

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6M Return

Mid Cap · ₹111 Cr

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Moneygrow Asset

Large Midcap

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6M Return

Mid Cap · ₹109 Cr

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Solidarity Advisors

Emerging Leaders

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6M Return

Mid Cap · ₹107 Cr

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Marcellus Investment

Rising Giants

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6M Return

Mid Cap · ₹92 Cr

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Kotak Mahindra

Evolv Equity Investment Approach

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6M Return

Mid Cap · ₹67 Cr

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Pgim India

Phoenix Portfolio

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6M Return

Mid Cap · ₹61 Cr

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Care Portfolio

PMS Large & Midcap

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6M Return

Mid Cap · ₹53 Cr

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Corpus below ₹50 lakhs? Access similar active equity strategies from ₹10 lakhs via Specialised Investment Funds (SIF) — SEBI's newest investment category with a long-short window unavailable in mutual funds. Explore SIF Dashboard →

Looking for alpha? See strategies ranked by alpha in the Monthly Alpha Report →

About this dashboard · methodology

Returns are Time-Weighted Rate of Return (TWRR), already net of fixed fees — the SEBI-mandated standard that makes every PMS strategy comparable across providers. The top 10 strategies are fully visible; unlock the remaining rows with a quick OTP to sort, rank, and explore the complete universe. Data sourced from SEBI/APMI monthly disclosures and refreshed monthly.

All returns are Time-Weighted Rate of Return (TWRR), already net of fixed fees · Rating is a factual, data-derived classification — not an AND Fintech recommendation

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What is Alpha?

Alpha is how much a strategy earned above its benchmark index. If the benchmark returned 12% and the strategy returned 17%, its alpha is +5% — the value the fund manager added over simply owning the index. Positive alpha is skill; negative alpha means you'd have done better in a low-cost index.

Why consistency matters

One strong year can be luck — a single sector call that happened to work. Alpha that holds across both 1 year and 5 years, through different market cycles, is far harder to fake. That persistence is the closest signal to genuine, repeatable skill.

How we tag each strategy

Consistent Performer Beats its benchmark over 1Y and 5Y

Long-Term Performer Beats over 5Y but not 1Y

Recent Performer Beats 1Y but not 5Y

Recent Launch Under 1 year old or too new to measure

Underperformer Beats neither

A factual classification from published data — not a recommendation.

Unlock to view ranking by alpha in the Monthly Alpha Report →

How PMS is taxed

Same as direct equity

STCG 20% for holdings under 12 months · LTCG 12.5% above ₹1.25 lakh annually · every transaction in your demat is a taxable event — identical to holding stocks directly.

The churn factor

Strategies that trade more frequently to realise gains more often, generate more taxable events. A strategy's turnover, though not the only indicator for taxation, is worth checking with your advisor before you invest.

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Strategies ranked by alpha, refreshed monthly

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Frequently Asked Questions

What is PMS (Portfolio Management Services) in India?

PMS is a SEBI-regulated investment service where a professional fund manager runs an equity portfolio held directly in your own demat account, in your name. The minimum investment is ₹50 lakhs. While most PMS in India operate on a discretionary basis under a Power of Attorney, investors can also opt for non-discretionary PMS, where the provider executes transactions only at the investor's instruction.

What is the minimum investment for PMS in India?

SEBI has set the minimum investment for PMS at ₹50 lakhs. Individual strategies may set higher entry points. As a working rule, PMS suits investors for whom ₹50 lakhs is one allocation within a larger portfolio, not the majority of their investable wealth.

How is PMS taxed in India?

PMS is taxed exactly like direct equity. Every transaction in your demat account is a taxable event — STCG at 20% for listed equity held 12 months or less, LTCG at 12.5% above ₹1.25 lakh annually for longer holdings. Unlike mutual funds, there is no fund-level tax shield.

What does Alpha mean in a PMS strategy?

Alpha is the return a strategy generates above its benchmark index. If the benchmark returned 12% and the strategy returned 17%, it generated 5% alpha. Consistent positive alpha across 1 and 5 years indicates repeatable skill rather than a lucky cycle.

How do I choose the best PMS in India?

Look beyond last year's returns. Evaluate alpha across 1 and 5 years together; consistency across both periods indicates repeatable skill. Then verify fund manager tenure, strategy clarity, complete fee structure, and overlap with your existing holdings.

Which PMS categories can I compare here?

Our dashboard covers eight equity categories: Large Cap, Mid Cap, Small Cap, Micro Cap, Multi Cap, Flexi Cap, Thematic and Global. You can filter and compare strategies within each category by returns and alpha versus their benchmark.

What do the consistency tags mean?

Each strategy is tagged from its published alpha versus benchmark: "Consistent Performer" beats its benchmark over both 1 year and 5 years; "Long-Term Performer" beats over 5 years but not 1 year; "Recent Performer" beats over 1 year but not 5 years; "Recent Launch" is under one year old or lacks measurable alpha data; "Underperformer" beats over neither period. These are factual, data-derived classifications, not recommendations.

How are Portfolio Management Services returns calculated?

All PMS returns in India are reported as TWRR — Time-Weighted Rate of Return — a SEBI-mandated standard. TWRR strips out the effect of investor cash-flow timing (deposits, withdrawals) so that published figures reflect pure investment decision-making. Fixed costs (management fee, brokerage, transaction taxes) are already deducted. Variable performance fees and personal taxes are not included, as these differ per investor.

What is the difference between PMS and mutual funds?

In a mutual fund, your money is pooled with other investors into units. In Portfolio Management Services, stocks are held directly in your own demat account — you see every holding and transaction. PMS has no single-stock concentration cap (mutual funds are limited to 10% per stock), allows covered call strategies, and requires a ₹50 lakh minimum. Mutual funds remain the right vehicle for the building phase; PMS enters when corpus, conviction, and comfort with direct ownership align.

Can NRIs invest in Portfolio Management Services in India?

Yes. NRIs, PIOs, and OCIs can invest in PMS in India, subject to FEMA regulations and RBI guidelines. The investment typically routes through an NRE or NRO account. TDS applies on gains, and the investor may claim DTAA benefits with proper documentation (Form 10F, Tax Residency Certificate). Specific requirements vary by PMS provider and country of residence.

Which PMS gives the highest returns in India?

Returns vary by category and time period. As of our latest quarterly update, the highest 5-year alpha among strategies with ₹1,000+ Cr AUM is held by Aequitas India Opportunities Product, followed by Green Lantern Growth Fund and Valuequest Vision. See our full ranked list at andfintech.in/best-pms-india — sorted by alpha, which measures manager skill rather than market-driven returns.

Is PMS better than mutual funds for ₹1 Crore?

At ₹1 Crore, both PMS and mutual funds are viable. PMS offers direct stock ownership, full portfolio transparency, higher concentration (potential for higher alpha), and tax-loss harvesting on individual positions. Mutual funds offer simplicity, lower fees, and no transaction-level tax events until redemption. Most HNI investors with ₹1 Crore+ use both — PMS for active alpha-seeking allocation and mutual funds for passive or debt allocation.

How can I check PMS performance online?

AND Fintech's PMS Dashboard at andfintech.in/pms lets you compare 600+ SEBI-registered strategies by TWRR returns across 6-month, 1-year, 5-year and since-inception periods. The Monthly Alpha Report at andfintech.in/pms-report ranks every strategy by alpha — return above benchmark. All data is sourced from SEBI/APMI monthly disclosures and updated regularly.

What is the minimum investment for PMS in 2026?

The SEBI-mandated minimum investment for PMS in India is ₹50 lakhs. This was increased from ₹25 lakhs in November 2019 and has remained at ₹50 lakhs through 2026. Some premium PMS strategies may require higher minimums of ₹1 Crore or more, depending on the provider. For investors below ₹50 lakhs, Specialised Investment Funds (SIF) offer similar active strategies from ₹10 lakhs — see andfintech.in/sif.

What are PMS exit loads and lock-in periods?

Most PMS strategies charge an exit load if you redeem within 1-2 years — typically 2-3% in Year 1 and 1% in Year 2, dropping to nil after. There is no SEBI-mandated lock-in period for PMS, but exit loads serve as a soft lock-in. Always check the Investment Management Agreement for the specific exit load schedule before investing. Some strategies have zero exit load from day one.

PMS Section Disclaimer. AND Fintech (ARN-301536, APRN05170) is an AMFI-registered Mutual Fund Distributor and an APMI-registered PMS Distributor — not a SEBI-Registered Investment Adviser. All data is for educational and comparison purposes only and does not constitute investment advice or a recommendation. Performance data is compiled from official regulatory disclosures and updated monthly; while every effort is made to ensure accuracy, AND Fintech accepts no responsibility or liability for any errors, omissions, or discrepancies in the data, or for any decisions taken in reliance on it. Returns are TWRR, net of fixed costs but not variable performance fees or taxes. PMS investments carry market risk and require a minimum of ₹50 lakhs. Tax treatment depends on your individual situation and prevailing law — consult a qualified Chartered Accountant. Past performance is not indicative of future results. Please read all disclosure documents carefully before investing.

Compare India's Portfolio Management Services (PMS) — Returns & Rankings

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