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

TWRR Returns Across 6M · 1Y · 5Y · Since Inception — curated deep dives from 400+ strategies · Updated monthly
400+
Strategies
100+
Curated Deep Dives
8
Categories
₹50 Lac
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💡 Did you know? With PMS, equity stocks are held directly in your own demat account — giving you full transactional visibility, unlike pooled investments like mutual funds or AIFs.
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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 →
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Small Cap PMS strategies

Small Cap Portfolio Management Services focus on companies beyond the top 250 by market capitalisation. Higher growth potential comes with higher volatility — professional managers add value through deep fundamental research and active risk management that individual investors rarely sustain.

Provider ⇅ Strategy Category ⇅ AUM ₹Cr ⇅ 6M 🔒 1Yr 🔒 5Yr 🔒 Since Inception 🔒 Rating 🔒
Valuequest Investment Alpha Small Cap 11,992 +10.5 +8.3 – +21.8 Recent Performer
Icici Prudential Pms Pipe Strategy Small Cap 7,830 +4.5 +6.5 +22.2 +25.1 Consistent Performer
Sageone Investment Mid & Small Cap Small Cap 4,203 +5.5 +8.3 +15.3 +17.5 Consistent Performer
Aequitas Investment India Opportunities Product Small Cap 2,637 +3.0 +32.0 +33.1 +32.0 Consistent Performer
Miv Investment Reverse Research Small Cap 2,092 +13.6 +20.7 +17.7 +23.0 Consistent Performer
Equitree Capital Emerging Opportunities Small Cap 1,512 +5.8 -2.6 +23.2 +7.9 Long-Term Performer
Sageone Investment Small Cap Small Cap 1,221 +10.9 +2.1 +12.0 +21.8 Recent Performer
Valentis Advisors Rising Star Opportunity Fund Small Cap 1,078 +15.7 +10.8 +16.2 +17.3 Consistent Performer
Trust Investment Chanakya Wealth Creation Plan Small Cap 751 -3.4 -9.9 +3.6 +13.5 Underperformer
Nine Rivers Aurum Small Cap Opportunities Small Cap 706 +6.1 -2.9 +12.7 +24.7 Long-Term Performer
White Pine Pine India Emerging Stars Approach Small Cap 502 🔒🔒🔒🔒 🔒
Accuracap Consultancy Picopower Small Cap 456 🔒🔒🔒🔒 🔒
Ithought Financial Alpha Small Cap 400 🔒🔒🔒🔒 🔒
Equirus Wealth Long Horizon Fund Small Cap 369 🔒🔒🔒🔒 🔒
Green Portfolio Portfolio Special Fund Small Cap 348 🔒🔒🔒🔒 🔒
Roha Asset Emerging Champions Portfolio Small Cap 341 🔒🔒🔒🔒 🔒
Alchemy Capital Ascent Small Cap 247 🔒🔒🔒🔒 🔒
Zen Wealth Emerging Opportunities Strategy Small Cap 185 🔒🔒🔒🔒 🔒
Right Horizons Rh Minerva India Under-Served Small Cap 155 🔒🔒🔒🔒 🔒
Securities Investment Simpl Small Cap Value Portfolio Small Cap 133 🔒🔒🔒🔒 🔒
Icici Prudential Pms Rising Stars Strategy Small Cap 130 🔒🔒🔒🔒 🔒
Marcellus Investment Little Champs Small Cap 129 🔒🔒🔒🔒 🔒
Sundaram Alternate Rising Star Small Cap 121 🔒🔒🔒🔒 🔒
Sohum Asset India Opportunities Investment Approach Small Cap 113 🔒🔒🔒🔒 🔒
Samatva Investment Small Cap Strategy Small Cap 106 🔒🔒🔒🔒 🔒
Ikigai Asset Bespoke Small Cap Strategy Small Cap 94 🔒🔒🔒🔒 🔒
Magadh Capital Future Stars Small Cap 83 🔒🔒🔒🔒 🔒
Ambit Investment Emerging Giants Small Cap Portfolio Small Cap 82 🔒🔒🔒🔒 🔒
Invesco Asset India Caterpillar Portfolio Small Cap 81 🔒🔒🔒🔒 🔒
Nafa Asset Small Cap Portfolio Small Cap 52 🔒🔒🔒🔒 🔒
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 Beats its benchmark over 1Y and 5Y
Recent Performer Beats 1Y but not 5Y
Underperformer Beats neither
New Fund Under 1 year old
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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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" beats its benchmark over both 1 year and 5 years; "Recent Performer" beats over 1 year but not 5 years; "Underperformer" beats over neither; "New Fund" is under one year old. 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.
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.

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