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

TWRR Returns Across 6M · 1Y · 5Y · Since Inception — 600+ strategies compared · Updated monthly
600+
Strategies
100+
Curated Deep Dives
7
Categories
₹50 Lac
Min Invest
📅 Book a Call 📊 Monthly Alpha Report

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.

🔓
Top 10 strategies are visible. Unlock all 620+ strategies with sortable returns and rankings.
All Equity Multi Asset Debt soon Hybrid soon
Returns Risk
All Large Cap Mid Cap Small Cap Micro Cap Flexi & Multi 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.

🔍
Provider ⇅ Strategy Category ⇅ AUM ₹Cr ⇅ Sharpe 🔒 Sortino 🔒 StDev 🔒 Beta 🔒 MaxDD 🔒 Rating 🔒 Detail ⇅
Abakkus Emerging Opportunities Approach Mid Cap 6,103 +0.7+1.1+19.5+1.0-18.9 Consistent Performer View PMS Detail
Motilal Oswal Mid To Mega Strategy Mid Cap 2,467 +0.9+1.5+21.5+1.1-21.2 Consistent Performer View PMS Detail
Green Lantern Growth Fund Mid Cap 2,020 +1.3+3.5+18.8+0.9-13.7 Consistent Performer View PMS Detail
Unifi Capital Bcad Breakout 20 Mid Cap 1,841 +0.3+0.5+16.5+1.0-21.1 Recent Performer
Vallum Capital India Discovery Strategy Mid Cap 1,305 +0.5+0.7+20.3+1.1-31.6 Consistent Performer
Sundaram Alternate S.E.L.F Mid Cap 1,066 +0.8+1.4+20.9+1.1-17.2 Consistent Performer View PMS Detail
Unifi Capital Apj (Formerly Known As Apj 20) Mid Cap 1,008 +0.6+0.9+17.1+1.0-17.6 Consistent Performer
Care Portfolio PMS Growth Plus Value Mid Cap 948 +0.7+1.2+19.6+1.0-24.4 Consistent Performer
Alchemy Capital Smart Alpha 250 Mid Cap 715 +0.5+0.8+21.6+1.2-26.3 Recent Performer
Capitalmind Financial Surge India Mid Cap 683 +0.8+1.3+18.3+0.9-22.2 Consistent Performer
Axis Securities Securities Kaizen Mid Cap 528 +1.0+1.8+17.7+0.8-19.9 Recent Performer View PMS Detail
Purnartha Investment Dynamic Midcap Mid Cap 467 +0.4+0.6+18.4+1.1-17.4 Recent Performer
Ambit Investment Good & Clean Midcap Portfolio Mid Cap 435 +0.5+0.8+17.4+1.0-20.8 Consistent Performer
Nafa Asset Emerging Blue Chip Portfolio Mid Cap 419 +0.4+0.6+21.1+1.2-25.8 Consistent Performer View PMS Detail
Icici Prudential PMS Emerging Leaders Strategy Mid Cap 276 +0.1+0.2+15.7+0.9-18.7 Recent Performer
Multi-Act Equity Mid & Small Cap & Special Situations Portfolio Mid Cap 227 +0.5+0.8+16.8+0.9-19.5 Consistent Performer
Ask Investment Emerging Opportunities Portfolio Mid Cap 179 -0.1-0.1+18.0+1.1-23.3 Underperformer
Multi-Act Equity Emerging Corporates India Portfolio Mid Cap 168 +0.6+1.0+14.9+0.8-12.6 Recent Performer
Moneygrow Asset Small Midcap Mid Cap 163 +0.5+0.9+44.2+2.2-44.5 Recent Performer
Solidarity Advisors Emerging Leaders Mid Cap 147 +0.7+1.2+24.4+1.0-26.2 Recent Performer
Emkay Investment Eiml Smid Mid Cap 146 -0.4-0.5+24.3+1.3-26.9 Recent Performer
Narnolia Financial Mid And Small Cap Strategy Mid Cap 141 +0.7+1.0+17.2+1.0-20.6 Consistent Performer
Composite Investments India Emerging Stars Mid Cap 135 +0.7+1.1+19.6+1.0-23.3 Consistent Performer
Moneygrow Asset Large Midcap Mid Cap 112 +0.5+0.8+16.0+1.1-18.7 Recent Performer
Renaissance Investment Midcap Portfolio Mid Cap 110 +0.3+0.4+19.1+1.2-28.4 Consistent Performer
Axis Asset Emerging Stars Portfolio Mid Cap 104 +0.1+0.2+19.9+1.0-18.9 Recent Performer
Incred Asset Small And Midcap Portfolio Mid Cap 100 +0.3+0.5+23.8+1.1-32.4 Consistent Performer
Marcellus Investment Rising Giants Mid Cap 79 +0.1+0.2+15.0+0.8-19.5 Recent Performer
Pgim India Phoenix Portfolio Mid Cap 60 +0.3+0.6+21.5+1.1-30.1 Consistent Performer
Care Portfolio PMS Large & Midcap Mid Cap 53 +0.8+1.4+17.4+1.1-18.6 Long-Term Performer
Sort by
Consistent Performer
Abakkus
Emerging Opportunities Approach
0.65
Sharpe Ratio
Mid Cap · ₹6,102 Cr
 Consistent Performer
Motilal Oswal
Mid To Mega Strategy
0.87
Sharpe Ratio
Mid Cap · ₹2,466 Cr
 Consistent Performer
Green Lantern
Growth Fund
1.30
Sharpe Ratio
Mid Cap · ₹2,019 Cr
Recent Performer
Unifi Capital
Bcad Breakout 20
0.33
Sharpe Ratio
Mid Cap · ₹1,840 Cr
Consistent Performer
Vallum Capital
India Discovery Strategy
0.45
Sharpe Ratio
Mid Cap · ₹1,304 Cr
Consistent Performer
Sundaram Alternate
S.E.L.F
0.77
Sharpe Ratio
Mid Cap · ₹1,066 Cr
Consistent Performer
Unifi Capital
Apj (Formerly Known As Apj 20)
0.58
Sharpe Ratio
Mid Cap · ₹1,008 Cr
Consistent Performer
Care Portfolio
PMS Growth Plus Value
0.68
Sharpe Ratio
Mid Cap · ₹948 Cr
Recent Performer
Alchemy Capital
Smart Alpha 250
0.52
Sharpe Ratio
Mid Cap · ₹715 Cr
Consistent Performer
Capitalmind Financial
Surge India
0.79
Sharpe Ratio
Mid Cap · ₹682 Cr
Recent Performer
Axis Securities
Securities Kaizen
0.95
Sharpe Ratio
Mid Cap · ₹527 Cr
Recent Performer
Purnartha Investment
Dynamic Midcap
0.37
Sharpe Ratio
Mid Cap · ₹466 Cr
Consistent Performer
Ambit Investment
Good & Clean Midcap Portfolio
0.52
Sharpe Ratio
Mid Cap · ₹435 Cr
Consistent Performer
Nafa Asset
Emerging Blue Chip Portfolio
0.37
Sharpe Ratio
Mid Cap · ₹419 Cr
Recent Performer
Icici Prudential
PMS Emerging Leaders Strategy
0.12
Sharpe Ratio
Mid Cap · ₹275 Cr
Consistent Performer
Multi-Act Equity
Mid & Small Cap & Special Situations Portfolio
0.46
Sharpe Ratio
Mid Cap · ₹226 Cr
Underperformer
Ask Investment
Emerging Opportunities Portfolio
-0.05
Sharpe Ratio
Mid Cap · ₹179 Cr
Recent Performer
Multi-Act Equity
Emerging Corporates India Portfolio
0.55
Sharpe Ratio
Mid Cap · ₹168 Cr
Recent Performer
Moneygrow Asset
Small Midcap
0.45
Sharpe Ratio
Mid Cap · ₹163 Cr
Recent Performer
Solidarity Advisors
Emerging Leaders
0.67
Sharpe Ratio
Mid Cap · ₹147 Cr
Recent Performer
Emkay Investment
Eiml Smid
-0.35
Sharpe Ratio
Mid Cap · ₹146 Cr
Consistent Performer
Narnolia Financial
Mid And Small Cap Strategy
0.65
Sharpe Ratio
Mid Cap · ₹141 Cr
Consistent Performer
Composite Investments
India Emerging Stars
0.66
Sharpe Ratio
Mid Cap · ₹135 Cr
Recent Performer
Moneygrow Asset
Large Midcap
0.53
Sharpe Ratio
Mid Cap · ₹112 Cr
Consistent Performer
Renaissance Investment
Midcap Portfolio
0.28
Sharpe Ratio
Mid Cap · ₹109 Cr
Recent Performer
Axis Asset
Emerging Stars Portfolio
0.11
Sharpe Ratio
Mid Cap · ₹104 Cr
Consistent Performer
Incred Asset
Small And Midcap Portfolio
0.29
Sharpe Ratio
Mid Cap · ₹100 Cr
Recent Performer
Marcellus Investment
Rising Giants
0.11
Sharpe Ratio
Mid Cap · ₹78 Cr
Consistent Performer
Pgim India
Phoenix Portfolio
0.34
Sharpe Ratio
Mid Cap · ₹59 Cr
Long-Term Performer
Care Portfolio
PMS Large & Midcap
0.83
Sharpe Ratio
Mid Cap · ₹53 Cr
🔒
Unlock all 620+ strategies
Full sortable list with returns, risk metrics and ratings
Unlock Now →
Risk metrics computed on up to 40 months (Equity) and 39 months (Multi Asset) of monthly returns; funds with a shorter history use the months available
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
Unlock PMS Rankings & Alpha Insights
✓ Sort and rank strategies by returns across all categories
✓ Access the Monthly Alpha Report — strategies ranked by alpha
✓ Side-by-side compare with TWRR returns and Alpha returns

We'll remember you on this device for 30 days

Check Alpha before investing

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.
Not sure which fits you?
Free 30-minute call to find the right fit
Book a Call →
🔒 Monthly Alpha Report
Strategies ranked by alpha, refreshed monthly
Unlock Monthly Alpha Report →

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.

Calculators

── SIP ──

SIP Calculator

Step Up SIP

Goal Based SIP

── Lumpsum ──

Lumpsum Calculator

Goal Based Lumpsum

── Advanced ──

Risk Profile

Retirement Calc