Best PMS In India across Large, Mid, Small Categories
Best PMS in India are professionally managed equity portfolios that deliver strong performance across categories like Large, Mid, and Small Cap. At PMS AIF WORLD, we evaluate and recommend the best PMS in India based on multi-year returns, consistency, and category leadership. Our curated list highlights top portfolio management strategies trusted by investors seeking disciplined and long-term wealth creation.
| Company Name | Scheme Name | Category | AUM (in Rs. Cr) | 1m Return | 3m Return | 6m Return | 1y Return | 2y Return | 3y Return | 5y Return | 10 y Return | SI |
| Abakkus Asset Manager | Emerging Opportunities Approach | Mid & Small Cap | 5,594.95 | 4.00% | 12.30% | -0.90% | 11.20% | 28.20% | 32.10% | - | - | 33.16% |
| Carnelian Capital | Shift | Mid & Small Cap | 4,200.00 | 4.90% | 11.90% | -2.00% | 14.50% | 32.50% | 37.40% | - | - | 38.70% |
| Green Lantern Capital LLP | Growth Fund | Mid & Small Cap | 1,075.00 | 0.97% | 7.38% | 2.61% | 3.67% | 50.94% | 49.10% | 55.01% | - | 25.22% |
| ICICI Prudential PMS | Contra Strategy | Multi Cap | 11,798.30 | 3.23% | 10.04% | 6.61% | 3.48% | 24.64% | 30.76% | 29.23% | 0.00% | 20.57% |
| Negen Capital | Special Situations Fund | Multi Cap | 1,202.06 | 5.13% | 23.88% | 6.31% | 22.10% | 39.42% | 33.48% | 46.99% | - | 20.08% |
| Renaissance | India Next Portfolio | Multi Cap | 834.00 | 3.32% | 10.98% | 2.02% | 10.02% | 24.44% | 28.89% | 39.05% | - | 17.19% |
| SageOne Investment | Core Portfolio | Mid & Small Cap | 4,390.00 | 5.74% | 14.93% | 2.78% | 3.73% | 34.97% | 28.02% | 32.04% | 18.38% | 26.94% |
| Samvitti Capital | Active Alpha Multicap | Multi Cap | 420.83 | 0.89% | 9.14% | -15.07% | -7.16% | 34.13% | 41.12% | - | - | 31.50% |
| Stallion Asset | Core Fund | Multi Cap | 5,568.37 | 5.15% | 12.45% | -3.07% | 21.96% | 50.01% | 44.52% | 37.22% | - | 30.62% |
| Sameeksha Capital | Equity Fund | Multi Cap | 1,114.00 | 5.80% | 13.80% | 9.10% | 18.10% | 32.70% | 33.10% | 34.10% | - | 23.30% |
#Returns as of 30 June 2025. Returns up to 1 Year are absolute, above 1 Year are CAGR.
- Abakkus Emerging Opportunities PMS
- Carnelian Shift Strategy
- Green Lantern Capital Growth PMS
- ICICI Prudential Contra Strategy
- Negen Capital Special Situations & Technology Fund
- Renaissance India Next Portfolio – Dynamic Thematic Portfolio
- SageOne Capital Core Portfolio PMS
- Samvitti Active Alpha PMS
- Stallion Asset PMS – Core Fund Portfolio
- Sameeksha India Equity Fund
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Check the performance of Top 15 Multi Cap, Mid & Small Cap Portfolio Management Services in India
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Explore the Best PMS in India: With Performance & Consistency
Abakkus All Cap Approach PMS
A High-Alpha, Benchmark-Agnostic Strategy Backed by Sunil Singhania
Abakkus All Cap Approach PMS, managed by Sunil Singhania, is among the top PMS in India, delivering alpha-generating returns with a benchmark-agnostic, fundamental strategy. The portfolio combines large-cap stability and mid-small-cap alpha, using the proprietary MEETS framework for bottom-up stock picking. Backed by ~₹37,200 Cr AUM, strong ESG focus, and flexible fee options, Abakkus is ideal for those seeking a top-performing PMS fund in India for long-term wealth creation.
Carnelian Shift Strategy PMS
Ride India’s Structural Shifts in Manufacturing & Tech
Carnelian Asset Management, founded by Vikas Khemani, offers one of India’s most differentiated PMS strategies: the Carnelian Shift Strategy. It aims to outperform the BSE 500 TRI by capturing multi-decade structural shifts like manufacturing revival and India’s tech boom. Using the CLEAR framework, Carnelian combines in-depth forensic analysis with high-conviction investing in 20–25 high-quality mid- and small-cap stocks. Core themes include PLI-led manufacturing and digital transformation. With strong governance filters, active risk control, and proven alpha, Carnelian Shift is ideal for those seeking future-forward, top-performing PMS in India.
Green Lantern Capital PMS
Long-Term Value Investing with Superior Risk-Adjusted Returns
Green Lantern Capital, a SEBI-registered PMS, delivers high-performing small-cap and multicap strategies through deep research-led investing. Founded by a team with 80+ years’ experience, its strategies include Green Lantern Growth Fund and Green Lantern Alpha Fund. Using a business-owner approach, the firm focuses on high ROE, ethical management, and value-driven investing in midcap and smallcap equities. It employs contrarian bets, top-down and bottom-up research, and tactical cash use for capital preservation. Ideal for those seeking alpha-focused smallcap PMS or value-based portfolio management services in India.
ICICI Prudential PMS
Contra Strategy: Long-Term Value Creation Through Contrarian Investing
The ICICI Prudential PMS Contra Strategy is designed for investors seeking a contrarian approach to equity investing. Launched in September 2018, it focuses on fundamentally strong companies temporarily out of favor but poised for long-term value creation. The portfolio is managed by Anand Shah, Chockalingam Narayanan, and Geetika Gupta. It holds ~33 stocks across largecaps, midcaps, and smallcaps, with top sectors like banks, metals, and retail. Strong risk metrics make it ideal for high-conviction, long-term PMS investing.
Negen Capital PMS
Negen PMS known for its tech-focused, high-return strategy blending growth and value investing. It targets Special Situations like demergers, delistings, and turnarounds, while focusing on future-ready, technology-driven businesses. Using real-time data and deep research, Negen identifies early-stage opportunities in midcap and smallcap stocks. The portfolio is actively refreshed to avoid value traps and adapts to changing market dynamics. With flexible exposure to large caps or cash, Negen offers a dynamic, risk-managed path to wealth creation. It’s ideal for those seeking tech-focused PMS strategies or special situations investing in India.
Renaissance India Next PMS
A True Flexicap Strategy for Long-Term Wealth Creation
The Renaissance India Next Portfolio, a top-performing flexicap PMS strategy in India, is designed for long-term investors seeking risk-adjusted returns. Launched in April 2018, it blends large-cap stability with mid and small-cap growth using the proprietary SQGARP™ framework (Sustainability, Quality, Growth at a Reasonable Price).The high-conviction portfolio of 20–25 stocks spans sectors like BFSI, IT, Pharma, and Consumer Discretionary. Renaissance PMS delivers consistent alpha with a bottom-up, sector-agnostic investing approach.
SageOne Investment Managers
One of the Best PMS in India for High-Growth Equity Investing
SageOne Investment Managers, founded by Samit Vartak, is a SEBI-registered PMS and AIF provider with over ₹7,000 Cr AUM. Known for high-conviction, India-focused equity strategies, SageOne follows a bottom-up investing approach to target high-growth, quality businesses with clean management. Other offerings include SageOne Small Cap, Large & Midcap, and Category III AIFs like the India Growth OE Fund. With strong risk management, forensic research, and team alignment, SageOne stands out in long-only midcap stock investing and high-return equity AIFs.
Samvitti Capital PMS
Performance-Driven, Transparent, and Conflict-Free Investing
Samvitti Capital offers a tech-enabled, transparent, and performance-aligned investing model. The strategy focuses on midcap, smallcap, and microcap businesses with earnings visibility, using a two-tier framework combining value and growth investing. Backed by zero brokerage conflict, real-time transparency, and a performance-linked fee, Samvitti provides daily NAV updates, deep research, and founders’ skin in the game, making it ideal for long-term, high-growth PMS investing.
Stallion Asset PMS
High Growth, Award-Winning Multicap Portfolio Management Service
Stallion Asset, led by Amit Jeswani (CFA, CMT), is one of the best-performing PMSs in India, known for its high-growth strategy combining Proven and Emerging Monopolies.Its 4M framework (Market Leadership, Management Quality, Market Opportunity, Margin of Safety) guides long-term investing in scalable, asset-light businesses across Consumer, Financials, Pharma, and Tech, while avoiding PSUs and commoditised sectors. With a multicap portfolio, risk control, and award-winning returns, Stallion is ideal for those seeking a top multicap PMS in India.
Sameeksha Capital PMS
Performance-Led, Founder-Invested, and Technologically Driven
Sameeksha Capital, led by Bhavin Shah, is a high-conviction, founder-led PMS built on transparency, governance, and long-term wealth creation. Over 99.5% of Bhavin’s equity investments are within Sameeksha, ensuring strong skin in the game. The firm follows bottom-up stock selection, using in-house technology tools, backed by an investment committee with 75+ years of experience. Launched in April 2016, it has consistently delivered top-decile performance on risk-adjusted returns. With no distribution conflicts, a transparent fee model, and consistent alpha, Sameeksha is ideal for investors seeking the best PMS in India with performance and integrity.
Why Choose PMS AIF WORLD
At PMS AIF WORLD, we are more than just an investment platform — we are a trusted wealth management firm dedicated to helping high-net-worth individuals (HNIs) navigate the world of alternative investments with confidence, clarity, and conviction.
Our Philosophy: Data-Backed, Diligence-Driven
At the heart of our investment approach lies the 5P Analysis — a proprietary framework designed to go beyond surface-level returns and uncover the quality, intent, and risk behind performance. As one of India’s leading wealth management platforms for alternatives, we evaluate not just what a portfolio earns, but how, why, and at what risk. Every PMS and AIF we shortlist undergoes a deep-dive assessment across five pillars: People, Performance, Philosophy, Portfolio, and Price — ensuring truly informed and high-conviction investment decisions.
Go Beyond the Surface – Join PMS AIF WORLD's Insightful Webinars
What sets us apart is not just our quantitative models, but the hands-on diligence we bring through direct conversations with fund managers. We don’t just analyze what they invest in, but dig deep into why.
Our exclusive webinars and investor briefings offer a front-row seat to this process — where we decode strategies, ask the tough questions, and extract high-conviction insights from India’s top portfolio managers.
Top 30 PMSs – Curated by PMS AIF WORLD
As a leading wealth management company focused on alternatives, PMS AIF WORLD has developed a proprietary framework to evaluate and rank Portfolio Management Services (PMS) — not just on returns, but on what truly matters: risk-adjusted performance and consistency.
Our Top 30 PMS list is curated using our QRC model (Quality, Risk, Consistency), along with a weighted Information Ratio method that evaluates strategies across multiple time frames — 1Y, 2Y, 3Y, 5Y, and since inception. This helps eliminate short-term biases and highlights portfolios that demonstrate sustained alpha with efficient risk management.
Why It Matters
This initiative reflects our commitment to research-backed investing, objective due diligence, and transparency — ensuring you only choose from the most consistently high-performing PMS strategies in India.
Academic Collaboration with IIM Ahmedabad
Our commitment to research-led investing is further strengthened by our ongoing academic association with the Indian Institute of Management – Ahmedabad (IIM-A), India’s top B-school. Through this collaboration, we apply rigorous analytical frameworks to assess investments on risk-adjusted returns and portfolio quality.
As part of this partnership, we identify and award the Top PMS and AIF performers every year, based on transparent, data-driven evaluation.
Explore our annual recognition of top-performing PMS funds, evaluated in association with IIM Ahmedabad:
1. Top PMS 2025
2. Top PMS 2024
3. Top PMS 2023
4. Top PMS 2022
How to Find the Best PMS in India for Investment
1. Evaluate the Portfolio Management Team
When selecting a Portfolio Management Service (PMS), assessing the stability and philosophy of the fund manager is crucial.
- Look for low churn among portfolio managers — frequent changes often lead to inconsistent performance.
- Prefer founder-led PMS houses. They often bring long-term vision and “skin in the game” through personal capital.
- Ask: Is the manager aligned with our investors’ goals?
- Consistency and conviction matter more than short-term returns.
2. Assess the AUM (Assets Under Management)
AUM reflects both trust and scale. However, bigger is not always better.
- PMS funds with moderate AUMs (₹300–3,000 Cr) often deliver better flexibility and alpha generation.
- Overly large AUMs may limit stock selection to large-caps.
- The best PMS in India today leverage India’s $4 trillion economy by focusing on scalable opportunities across small- and mid-cap segments.
3. Analyse Performance Using Risk-Adjusted Metrics
Returns are only part of the story — the quality of those returns is what separates the best from the rest.
Evaluate both monthly and long-term metrics, including:
- Upside/Downside Capture Ratios
- Sharpe Ratio – return per unit of risk
- Information Ratio – consistency vs benchmark
- Alpha – active return over passive strategy
Use our QRC Framework (Quality, Risk, Consistency) to compare PMS strategies across multiple dimensions.
Want the data done for you?
Explore our Best PMS Rankings updated monthly by Sharpe and Information Ratio → Compare PMS Now
Explore our Best PMS Rankings updated monthly by Sharpe and Information Ratio → Compare PMS Now
4. Conduct In-Depth Fund Manager Interviews
Before investing in any PMS, we recommend speaking directly with the investment team or going through our expert Webinars.
- What motivates the portfolio manager?
- How do they handle volatility?
- Do they show conviction, clarity, and consistency?
How to Invest in Best PMS in India – What is the General Process?
At PMS AIF WORLD, we make the PMS investment journey smooth and largely paperless for our clients. Here’s what the process typically involves:
1. Client Onboarding
Begins with a detailed discussion to understand the client’s investment objectives, risk tolerance, and financial goals.
Involves the collection of required documents like PAN card, KYC details, and investment declaration form.
2. Portfolio Ideation
Based on the PMS selected and client’s investment profile (objectives and risk appetite), the PMS provider ideates and begins constructing the investment strategy.
3. Portfolio Construction
After ideation, the PMS provider executes the strategy by purchasing identified stocks. May use a mix of fundamental, technical, or quantitative analysis. Investment style could be growth, value, or a combination of both.
4. Monitoring and Rebalancing
The PMS provider continuously monitors portfolio performance.
Makes adjustments based on expected market valuations, portfolio earnings vs. market, and other relevant factors.
5. Reporting and Communication
Regular portfolio updates are shared with clients—detailing value, returns, and any changes in strategy or stock positions.
Communication also includes market insights or impactful events via quarterly webinars or newsletters.
6. Fees and Charges
PMS providers typically charge a management fee and/or performance-based fee, along with other standard charges.
Fee structures vary depending on the PMS provider and type of service offered.
Frequently Asked Questions - FAQs
Why should one invest in PMS?
Portfolio Management Services (PMS) offer personalized investment strategies managed by experienced fund managers. PMS portfolios often outperform mutual funds over 1-, 3-, 5-, and 10-year periods. Regulated by SEBI, PMS ensures transparency, active management, and tailored asset allocation for high-net-worth investors seeking superior long-term returns.
Is PMS better than Mutual Funds?
Yes, for high-net-worth investors, Portfolio Management Services (PMS) have consistently outperformed mutual funds—especially across 3-, 5-, and 10-year horizons.
As per data as of March 31, 2025, top-performing PMS strategies delivered significantly higher annualized returns compared to leading mutual funds. For example:
Over 5 years, PMS strategies in mid & small-cap space outpaced mutual funds by up to 15–20%, creating ₹13+ crore more wealth on a ₹2.5 crore investment.
Even in flexi-cap strategies, PMS outperformed by 3–4% annually, translating into ₹7+ crore additional wealth.
Across shorter durations (1–3 years), PMS still held the edge, delivering superior returns in most categories.
The edge comes from:
Concentrated portfolios (15–30 high-conviction stocks),
Active management tailored to market cycles,
And personalized strategy unlike one-size-fits-all mutual funds.
Curious to see the actual numbers?
Explore the full PMS vs MF scorecard with wealth gap insights here:
How are PMSs taxed in India?
Since under a PMS, investments are held directly in the investor’s name (and not via a trust like in an MF or AIF), the tax liability for the PMS investor is the same as the investor directly buying or selling shares/securities in their name.
Income from shares purchased through PMS is taxable as Capital Gains, which could be Long-term or Short-term in nature.
To begin with, if listed stocks are held for more than one year, the gains are treated as long-term capital gains (LTCG). In such cases, the applicable tax rate is 12.5%, plus relevant surcharges.
Conversely, if the holding period is less than one year, the gains are classified as short-term capital gains (STCG) and are taxed at 20%, along with applicable surcharges.
In addition to capital gains, investors should also be aware of recent changes to dividend taxation. Effective from 1 April 2025, tax is deducted at source (TDS) at the rate of 10%, but only if the total dividend income exceeds ₹10,000 in a financial year. Previously, the threshold was ₹5,000. As a result, investors receiving lower dividend payouts may no longer see TDS deducted from their earnings.
The Dividend Distribution Tax (DDT) was abolished in FY 2020–21, shifting the tax burden entirely to investors
Can NRIs invest in PMSs in India?
Off-course Yes, NRIs can invest in PMSs in India. Depending upon your country, PMSs have different TnCs for NRIs- to get a more details, regarding NRI Investments in Indian PMSs, please visit:
Content Reviewed by: Mr Kamal Manocha ( CEO and Chief Strategist).
All PMS performance data used on this page has been sourced from the official Association of Portfolio Managers in India (APMI) portal.
Verified at: https://www.apmiindia.org/apmi/welcomeiaperformance.htm?action=PMSmenu
Wish to make INFORMED INVESTMENTS for Long Term WEALTH CREATION
Do not Simply Invest, Make Informed Decisions
BOOK A CALL WITH OUR SPECIALISTS
