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
8
Categories
₹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.
All Equity Multi Asset Debt soon Hybrid soon
Returns Risk
All Large Cap Mid Cap Small Cap Micro Cap Multi Cap Flexi Cap Thematic Global

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.

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Provider ⇅ Strategy Category ⇅ AUM ₹Cr ⇅ Sharpe 🔒 Sortino 🔒 StDev 🔒 Beta 🔒 MaxDD 🔒 Rating 🔒
Valuequest Investment
Alpha
Small Cap 11,992 +0.3+0.4+20.0+1.1-12.8 Recent Performer
Icici Prudential
PMS Pipe Strategy View PMS Detail
Small Cap 7,830 +0.2+0.3+17.0+1.0-11.8 Consistent Performer
Sageone Investment
Mid & Small Cap
Small Cap 4,203 +0.3+0.4+21.1+1.1-15.7 Consistent Performer
Aequitas Investment
India Opportunities Product View PMS Detail
Small Cap 2,637 +1.0+2.0+19.8+0.3-11.2 Consistent Performer
Miv Investment
Reverse Research
Small Cap 2,092 +0.7+1.3+21.3+1.1-14.9 Consistent Performer
Equitree Capital
Emerging Opportunities View PMS Detail
Small Cap 1,512 -0.2-0.3+30.5+1.5-28.8 Long-Term Performer
Sageone Investment
Small Cap
Small Cap 1,221 +0.1+0.2+23.2+1.2-19.0 Recent Performer
Valentis Advisors
Rising Star Opportunity Fund
Small Cap 1,078 +0.4+0.8+25.0+1.3-15.4 Consistent Performer
Trust Investment
Chanakya Wealth Creation Plan
Small Cap 751 -0.3-0.4+24.8+1.4-26.7 Underperformer
Nine Rivers
Aurum Small Cap Opportunities
Small Cap 706 +0.0+0.0+27.4+1.5-26.5 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 🔒🔒🔒🔒🔒 🔒
Sort by
Recent Performer
Valuequest Investment
Alpha
0.26
Sharpe Ratio
Small Cap · ₹11,991 Cr
Consistent Performer
Icici Prudential
PMS Pipe Strategy
0.18
Sharpe Ratio
Small Cap · ₹7,829 Cr
Consistent Performer
Sageone Investment
Mid & Small Cap
0.25
Sharpe Ratio
Small Cap · ₹4,203 Cr
Consistent Performer
Aequitas Investment
India Opportunities Product
1.01
Sharpe Ratio
Small Cap · ₹2,637 Cr
Consistent Performer
Miv Investment
Reverse Research
0.70
Sharpe Ratio
Small Cap · ₹2,092 Cr
Long-Term Performer
Equitree Capital
Emerging Opportunities
-0.16
Sharpe Ratio
Small Cap · ₹1,512 Cr
Recent Performer
Sageone Investment
Small Cap
0.09
Sharpe Ratio
Small Cap · ₹1,221 Cr
Consistent Performer
Valentis Advisors
Rising Star Opportunity Fund
0.36
Sharpe Ratio
Small Cap · ₹1,078 Cr
Underperformer
Trust Investment
Chanakya Wealth Creation Plan
-0.25
Sharpe Ratio
Small Cap · ₹750 Cr
Long-Term Performer
Nine Rivers
Aurum Small Cap Opportunities
0.02
Sharpe Ratio
Small Cap · ₹705 Cr
—
White Pine
Pine India Emerging Stars Approach
•••
Sharpe Ratio
Small Cap · ₹501 Cr
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Accuracap Consultancy
Picopower
•••
Sharpe Ratio
Small Cap · ₹455 Cr
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Ithought Financial
Alpha
•••
Sharpe Ratio
Small Cap · ₹399 Cr
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Equirus Wealth
Long Horizon Fund
•••
Sharpe Ratio
Small Cap · ₹368 Cr
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Green Portfolio
Portfolio Special Fund
•••
Sharpe Ratio
Small Cap · ₹348 Cr
—
Roha Asset
Emerging Champions Portfolio
•••
Sharpe Ratio
Small Cap · ₹340 Cr
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Alchemy Capital
Ascent
•••
Sharpe Ratio
Small Cap · ₹246 Cr
—
Zen Wealth
Emerging Opportunities Strategy
•••
Sharpe Ratio
Small Cap · ₹184 Cr
—
Right Horizons
Rh Minerva India Under-Served
•••
Sharpe Ratio
Small Cap · ₹155 Cr
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Securities Investment
Simpl Small Cap Value Portfolio
•••
Sharpe Ratio
Small Cap · ₹132 Cr
—
Icici Prudential
PMS Rising Stars Strategy
•••
Sharpe Ratio
Small Cap · ₹130 Cr
—
Marcellus Investment
Little Champs
•••
Sharpe Ratio
Small Cap · ₹129 Cr
—
Sundaram Alternate
Rising Star
•••
Sharpe Ratio
Small Cap · ₹121 Cr
—
Sohum Asset
India Opportunities Investment Approach
•••
Sharpe Ratio
Small Cap · ₹112 Cr
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Samatva Investment
Small Cap Strategy
•••
Sharpe Ratio
Small Cap · ₹105 Cr
—
Ikigai Asset
Bespoke Small Cap Strategy
•••
Sharpe Ratio
Small Cap · ₹93 Cr
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Magadh Capital
Future Stars
•••
Sharpe Ratio
Small Cap · ₹82 Cr
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Ambit Investment
Emerging Giants Small Cap Portfolio
•••
Sharpe Ratio
Small Cap · ₹82 Cr
—
Invesco Asset
India Caterpillar Portfolio
•••
Sharpe Ratio
Small Cap · ₹81 Cr
—
Nafa Asset
Small Cap Portfolio
•••
Sharpe Ratio
Small Cap · ₹51 Cr
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Risk metrics computed on 14 months of monthly returns
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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✓ 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

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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.
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🔒 Monthly Alpha Report
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.

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