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A structured, research-driven guide to evaluating India's leading Portfolio Management Services.
Finding the best Portfolio Management Service (PMS) in India can be challenging, especially with dozens of SEBI-registered portfolio managers offering different investment philosophies, fee structures, and portfolio strategies. While historical returns often attract attention, selecting the right PMS requires evaluating several factors, including consistency, risk management, portfolio concentration, investment process, transparency, and alignment with your financial goals.
This comprehensive guide by Bharat Alternates is designed to help investors compare leading Portfolio Management Services in India using a structured and research-driven approach.
Instead of focusing solely on past performance, we examine the broader aspects that contribute to long-term wealth creation, enabling investors to make informed decisions.
Whether you are an experienced investor, a high-net-worth individual (HNI), a family office, or someone exploring PMS as an alternative to mutual funds, this guide provides practical insights into how Portfolio Management Services work, who they are suitable for, how they differ from other investment products, and the key factors to consider before investing.
Our analysis covers investment styles, minimum investment requirements, fee structures, portfolio management approaches, risk profiles, and important regulatory aspects.
The objective is not to declare a single "best" PMS for everyone, but to help you identify the option that best matches your investment objectives, risk tolerance, and investment horizon.
Performance snapshot
Investment Approach Wise Performance · As on 31/07/2026
| Rank | PMS Strategy | IA Name | Fund Manager | Category | AUM (₹ Cr)* | 1M* | 3M* | 6M* | 1Y* | 3Y* | 5Y* | Since Inception* |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Enam Asset Management Company Private Limited | Enam India Equity Portfolio | Mr.Rahul Shah | Multi Cap & Flexi Cap | ₹22193.21 | 2.23% | 4.98% | 4% | 4.64% | 12.55% | 17.33% | 17.33% |
| 2 | ICICI Prudential Asset Management Company Ltd | ICICI Prudential PMS Contra Strategy | Mr.Anand Shah | Multi Cap & Flexi Cap/ Equity oriented stragies | ₹14208.28 | 1.99% | 2.86% | 2.6% | 6.26% | 16.56% | 18.1% | 18.1% |
| 3 | 360 ONE Asset Management Limited | Customised Discretionary Portfolio - Equity | Mr.Sanket Hedge & Mr.Nishant Vass | Multi Cap & Flexi Cap | ₹14155.01 | 1.55% | 5.08% | 3.12% | 4.93% | 12.2% | 13.57% | 13.57% |
| 4 | Buoyant Capital Private Limited | Buoyant Opportunities PMS | Mr.Sachin Khivasara | Multi Cap/ Sector & Mkt Cap Agnostic | ₹12257.23 | 1.73% | 3.44% | 2.87% | 8.13% | 18.39% | 20.76% | 20.76% |
| 5 | Valuequest Investment Advisors Pvt. Ltd. | ValueQuest Alpha | Mr.Ravi Dharamshi & Mr.Sameer Shah | Multi Cap & Sector Agnostic | ₹11891.70 | -0.7% | 8.86% | 14.88% | 9.02% | NA | 21.14% | 21.14% |
| 6 | Unifi Capital Pvt Ltd | BLENDED- RANGOLI | Mr.Prithvi Raj E | Multi Cap/ Mid & Small -Cap | ₹11464.61 | 3.36% | 9.59% | 7.42% | 2.17% | 10.34% | 17.85% | 17.85% |
| 7 | Enam Asset Management Company Private Limited | Enam India Core Equity Portfolio | Mr.Jiten Doshi | Multi Cap & Flexi Cap | ₹9125.26 | 0.73% | 7.8% | 12.61% | 10.8% | 11.99% | 19.15% | 19.15% |
| 8 | Stallion Asset Private Limited | STALLION ASSET CORE FUND | Mr. Amit Jeswani | Multi Cap & Flexi Cap | ₹8686.39 | 2.12% | 12.61% | 18.32% | 15.26% | 23.96% | 28.1% | 28.1% |
| 9 | ICICI Prudential Asset Management Company Ltd | ICICI Prudential PMS PIPE Strategy | Mr.Anand Shah | Multi Cap & Flexi Cap/ Equity oriented stragies | ₹7993.92 | 0.07% | 3.72% | 9.57% | 9.59% | 19.18% | 24.72% | 24.72% |
| 10 | Abakkus Investment Managers Private Limited | Abakkus All Cap Approach | Mr.Sunil Singhania | Multi Cap/ All-Cap | ₹7768.91 | 0.23% | 3.01% | 2.5% | 8.42% | 12.66% | 22.62% | 22.62% |
* AUM is shown in ₹ crores. Returns are shown as percentages: periods under 1 year are absolute returns, while periods over 1 year are CAGR.
PMS guide
Many investors graduate from mutual funds to Portfolio Management Services when their investment corpus grows and they seek greater customization, transparency, or access to specialized investment strategies.
Some of the reasons investors consider PMS include:
However, PMS also involves higher minimum investment requirements, greater concentration risk in some strategies, and potentially higher costs compared to traditional mutual funds. Understanding these trade-offs is essential before investing.
Investment framework
Every PMS follows a distinct investment philosophy. Choosing a strategy that matches your objectives and risk appetite is just as important as selecting the portfolio manager.
Value-oriented PMS managers invest in companies they believe are trading below their intrinsic worth. These strategies often require patience, as the market may take time to recognize the underlying value of the business.
Suitable for: Long-term investors seeking disciplined investing and willing to wait for value realization.
Growth-focused PMS providers prioritize businesses with strong earnings potential, expanding market share, and scalable business models. These portfolios may experience greater short-term volatility but aim to benefit from sustained business growth over time.
Suitable for: Investors comfortable with moderate to high risk and a long investment horizon.
Quality investing emphasizes financially strong companies with durable competitive advantages, consistent cash flows, prudent capital allocation, and sound corporate governance. Such portfolios often focus on businesses capable of generating steady long-term returns.
Suitable for: Investors seeking stability alongside long-term wealth creation.
These PMS strategies invest primarily in emerging companies with significant growth potential. While they may offer attractive return opportunities, they also tend to exhibit higher volatility compared to large-cap portfolios.
Suitable for: Investors with a higher risk tolerance and a long-term investment horizon.
Multi-cap PMS providers allocate investments across large-cap, mid-cap, and small-cap companies, offering diversification across different market segments. This approach seeks to balance growth opportunities with relative stability.
Suitable for: Investors looking for diversified equity exposure within a single portfolio.
WHY IT MATTERS