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.
Recent Performer
Valuequest Investment
Alpha
+13.3%
1Y Return
Small Cap · ₹11,843 Cr
Consistent Performer
Icici Prudential
PMS Pipe Strategy
+4.4%
1Y Return
Small Cap · ₹8,085 Cr
Consistent Performer
Sageone Investment
Mid & Small Cap
+8.2%
1Y Return
Small Cap · ₹4,185 Cr
Consistent Performer
Miv Investment
Reverse Research
+30.6%
1Y Return
Small Cap · ₹2,353 Cr
Consistent Performer
Aequitas Investment
India Opportunities Product
+16.7%
1Y Return
Small Cap · ₹2,197 Cr
Consistent Performer
Alfaccurate Advisors
Aaa Budding Beasts Portfolio
+20.6%
1Y Return
Small Cap · ₹1,691 Cr
Long-Term Performer
Equitree Capital
Emerging Opportunities
-2.4%
1Y Return
Small Cap · ₹1,674 Cr
Consistent Performer
Valentis Advisors
Rising Star Opportunity Fund
+22.1%
1Y Return
Small Cap · ₹1,241 Cr
Consistent Performer
Sageone Investment
Small Cap
+12.4%
1Y Return
Small Cap · ₹1,235 Cr
Recent Performer
Nv Alpha
Alpha Emerging Opportunities Fund
+41.4%
1Y Return
Small Cap · ₹864 Cr
Recent Performer
Trust Investment
Chanakya Wealth Creation Plan
+0.1%
1Y Return
Small Cap · ₹788 Cr
Consistent Performer
Nine Rivers
Aurum Small Cap Opportunities
+4.5%
1Y Return
Small Cap · ₹682 Cr
Recent Performer
White Pine
Pine India Emerging Stars Approach
+28.5%
1Y Return
Small Cap · ₹565 Cr
Consistent Performer
Accuracap Consultancy
Picopower
+12.5%
1Y Return
Small Cap · ₹456 Cr
Consistent Performer
Equirus Wealth
Long Horizon Fund
+25.6%
1Y Return
Small Cap · ₹403 Cr
Consistent Performer
Ithought Financial
Alpha
-1.2%
1Y Return
Small Cap · ₹382 Cr
Recent Launch
Icici Prudential
PMS Rising Stars Strategy
—
1Y Return
Small Cap · ₹376 Cr
Consistent Performer
Green Portfolio
Portfolio Special Fund
+18.2%
1Y Return
Small Cap · ₹365 Cr
Consistent Performer
Roha Asset
Emerging Champions Portfolio
+2.9%
1Y Return
Small Cap · ₹234 Cr
Recent Performer
Alchemy Capital
Ascent
+9.8%
1Y Return
Small Cap · ₹213 Cr
Consistent Performer
Right Horizons
Rh Minerva India Under-Served
+30.2%
1Y Return
Small Cap · ₹195 Cr
Consistent Performer
Zen Wealth
Emerging Opportunities Strategy
+5.5%
1Y Return
Small Cap · ₹191 Cr
Consistent Performer
Sundaram Alternate
Rising Star
+43.7%
1Y Return
Small Cap · ₹173 Cr
Recent Performer
Securities Investment
Simpl Small Cap Value Portfolio
+15.9%
1Y Return
Small Cap · ₹158 Cr
Recent Performer
Samatva Investment
Small Cap Strategy
+15.6%
1Y Return
Small Cap · ₹125 Cr
Recent Performer
Sohum Asset
India Opportunities Investment Approach
-0.5%
1Y Return
Small Cap · ₹118 Cr
Recent Performer
Marcellus Investment
Little Champs
-1.3%
1Y Return
Small Cap · ₹112 Cr
Recent Launch
Ikigai Asset
Bespoke Small Cap Strategy
—
1Y Return
Small Cap · ₹102 Cr
Consistent Performer
Magadh Capital
Future Stars
+10.3%
1Y Return
Small Cap · ₹92 Cr
Consistent Performer
Invesco Asset
India Caterpillar Portfolio
+9.5%
1Y Return
Small Cap · ₹80 Cr
Recent Performer
Ambit Investment
Emerging Giants Small Cap Portfolio
+17.3%
1Y Return
Small Cap · ₹77 Cr
Recent Launch
Icici Prudential
Pms Small And Midcap Fpi Strategy
—
1Y Return
Small Cap · ₹76 Cr
Long-Term Performer
Nafa Asset
Small Cap Portfolio
-5.3%
1Y Return
Small Cap · ₹50 Cr
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
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.
