Six months. Heightened geopolitical tensions. Persistent inflationary pressures.
The first half of FY27 tested investor resilience as the US–Iran war and escalating tensions across the Middle East fuelled uncertainty, drove volatility in crude oil prices, and raised concerns over inflation and its broader economic impact. Amid shifting market dynamics and an uncertain global outlook, India’s PMS industry continued to demonstrate the importance of active management, with select strategies navigating the challenging environment and delivering relative outperformance.
Over the period, the average return across 566 PMS strategies stood at 18.88%, while equity-focused PMS strategies generated an average return of 20.52%. Both figures compare favourably against benchmark indices, with the NIFTY 50 TRI delivering 2.13% and the S&P BSE 500 TRI returning 8.07% during the same period. Notably, 477 equity PMS strategies outperformed the NIFTY 50 TRI, while 407 outperformed the S&P BSE 500 TRI, highlighting the strong performance of active portfolio management relative to the broader market.
Top 10 PMS Performance
The top-performing PMS strategies delivered exceptional returns during the first half of FY2027 (H1 FY27), with all 10 strategies generating returns of nearly 60 per cent or higher over the six-month period. The performance highlights the strong gains recorded by select portfolio managers, with several strategies delivering returns exceeding 70 per cent.
Leading the rankings was Pluswealth Capital Management LLP’s PlusWealth Catalyst, which generated a return of 81.67 per cent. Amaltas Asset Management LLP’s Keystone Fund secured the second position with 77.51 per cent, followed by Hem Securities Ltd’s India Rising SME Stars at 75.31 per cent. Money Grow Asset Pvt Ltd’s Small Midcap strategy ranked fourth with a return of 72.08 per cent, while Brightseeds Advisors LLP’s Xylem Maverick Strategy delivered 70.20 per cent.
Among the remaining strategies, NMR Capital Advisors LLP’s NMR Growth Strategy returned 64.14 per cent, followed by Valcreate Investment Managers LLP’s Recovery Strategy at 62.57 per cent. Atlas Integrated Finance Limited’s Momentum 20 PMS Fund generated 60.83 per cent, while Wallfort Fund Management LLP’s Ameya Fund delivered 60.30 per cent. Rounding out the top 10, AlfAccurate Advisors’ AAA Couture recorded a return of 59.53 per cent over the six-month period.
Overall, the top 10 PMS strategies recorded returns ranging from 59.53 per cent to 81.67 per cent, underscoring the strong performance of these leading strategies during H1 FY27.
Category Snap Shot
Category performance during the first half of FY2027 (H1 FY27) reflected strong gains across equity-oriented PMS strategies, with small-cap and small & midcap strategies leading the rankings. Small Cap strategies emerged as the top-performing segment, delivering a return of 35.51 per cent over the six-month period, followed by Small & Midcap strategies at 27.63 per cent and Thematic strategies at 22.63 per cent. The performance highlights the strength of growth-oriented portfolios during the period.
Multicap & Flexicap strategies generated a return of 20.07 per cent, while Midcap strategies delivered 18.55 per cent, reflecting strong performance across diversified and mid-sized company portfolios. Multi-Asset strategies recorded a return of 10.81 per cent, followed by Large & Midcap strategies at 10.49 per cent.
Largecap strategies delivered a positive return of 7.91 per cent, making them the lowest-returning segment among the categories considered. Overall, H1 FY27 saw positive returns across all eight PMS categories, with small-cap focused strategies significantly outperforming large-cap portfolios and highlighting the wide variation in performance across market-cap segments.
The first half of FY2027 highlighted the strong performance of active PMS strategies, with all major categories delivering positive returns. Small-cap and small & midcap strategies led the rally, reflecting the strength of growth-oriented portfolios and selective stock picking. With returns varying significantly across market-cap segments, the period underscored the importance of active portfolio management and strategic stock selection as investors look ahead to the second half of FY2027.
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