September 2026 saw global markets grapple with persistent macroeconomic uncertainty, as rising U.S. bond yields, crude oil prices above $90 per barrel and escalating Middle East tensions kept investors on edge. Concerns over renewed inflationary pressures and tighter financial conditions continued to shape market sentiment. The reported 25-basis-point Federal Reserve rate hike, bringing rates to 3.75–4.00 per cent, added another dimension to the evolving global outlook.

These global headwinds continued to weigh on Indian equities, with investors closely monitoring crude prices, inflationary pressures and global liquidity conditions. Against this backdrop, the Nifty 50 TRI fell 6.03 per cent, while the BSE 500 TRI declined 5.57 per cent during the month.

Despite the market weakness, several portfolio managers demonstrated relative resilience, outperforming the broader benchmarks through active stock selection and portfolio management.

PMS Bazaar tracked 578 PMS strategies in September 2026, including 500 equity strategies. Of these, 401 equity strategies outperformed the Nifty 50 TRI, while 362 outperformed the BSE 500 TRI, highlighting the ability of a number of strategies to navigate the challenging market environment.

Overall, September highlighted the resilience of select PMS strategies, with several managers outperforming the benchmarks even as global uncertainty and domestic market pressures weighed on equity returns.

Top 10 PMS Performers

The top-performing PMS strategies delivered positive returns in September 2026, standing out amid a challenging market environment. The top 10 equity PMS strategies generated an average return of around 4.9 per cent, highlighting the ability of select managers to identify opportunities despite broader market pressures.

Leading the pack was Hem Securities Ltd's India Rising SME Stars, which delivered a return of 7.23 per cent during the month. Amaltas Asset Management LLP's Keystone Fund followed with 5.67 per cent, while East Green Advisors LLP's Quant Strategy secured the third spot with a 5.32 per cent return.

Beyond the top three, Atlas Integrated Finance Limited's Momentum 20 PMS Fund delivered 5.25 per cent, followed by Bonanza Portfolio Limited's Aegis at 5.14 per cent. Centrum PMS's Micro strategy returned 4.31 per cent, while Bharat Bhushan Equity Traders Limited's BB Money Plant gained 4.20 per cent.

Rounding out the top 10 were Wallfort Fund Management LLP's Ameya Fund at 3.92 per cent, Qode Advisors LLP's Qode Growth Fund at 3.90 per cent, and Accelt Asset Management LLP's Long Term Equity Fund, which delivered 3.73 per cent during the month.

Overall, September's leaderboard highlighted the resilience of select PMS strategies, with all 10 leading performers delivering positive returns and demonstrating the scope for strategy- and stock-specific opportunities in a volatile market environment.

Category snapshot

Category performance in September 2026 reflected broad-based weakness across segments, with all major PMS categories recording negative returns. Small Cap strategies were the least affected, declining 0.80 per cent, followed by Small & Midcap at -2.83 per cent and Multi-Asset at -3.11 per cent.

Multicap & Flexicap strategies declined 3.38 per cent, while Thematic strategies fell 4.30 per cent. Midcap strategies recorded a decline of 4.46 per cent, reflecting continued pressure across the mid-sized segment.

Large & Midcap strategies fell 5.69 per cent, while Largecap strategies recorded the steepest decline among the categories at 6.25 per cent.

Overall, September's category performance highlighted relative resilience in Small Cap strategies, while broader market weakness weighed on returns across all major PMS segments.

Small Cap PMS Performance

Small Cap PMS strategies recorded an average decline of 0.80 per cent in September 2026 across 29 tracked schemes. The category significantly outperformed both the BSE 500 TRI, which declined 5.57 per cent, and the Nifty 50 TRI, which fell 6.03 per cent during the month.

The breadth of outperformance was particularly strong, with 28 of the 29 schemes outperforming the BSE 500 TRI, while all 29 schemes beat the Nifty 50 TRI, highlighting the relative resilience of Small Cap PMS strategies amid broader market weakness.

Hem Securities Ltd's India Rising SME Stars led the category with a return of 7.23 per cent, followed by Centrum PMS's Micro strategy at 4.31 per cent and Qode Advisors LLP's Qode Growth Fund at 3.90 per cent.

Overall, September's Small Cap PMS performance demonstrated the segment's relative resilience, with the category recording a significantly smaller decline than both benchmarks and several schemes delivering positive returns despite the challenging market environment.

Mid & Small Cap PMS Performance

Mid & Small Cap PMS strategies recorded an average decline of 2.83 per cent in September 2026 across 63 tracked schemes. The category significantly outperformed both the BSE 500 TRI, which declined 5.57 per cent, and the Nifty 50 TRI, which fell 6.03 per cent during the month.

The breadth of outperformance was particularly strong, with 54 of the 63 schemes outperforming the BSE 500 TRI, while all 63 schemes beat the Nifty 50 TRI, highlighting the relative resilience of Mid & Small Cap PMS strategies amid broader market weakness.

Wallfort Fund Management LLP's Ameya Fund led the category with a positive return of 3.92 per cent, followed by the same AMC's Kosh Value Fund at 3.06 per cent and AlfAccurate Advisors' AAA Couture at 2.83 per cent.

Overall, September's Mid & Small Cap PMS performance demonstrated relative resilience, with the category recording a smaller decline than both benchmarks and several schemes delivering positive returns despite the challenging market environment.

Multi Asset PMS Performance

Multi Asset PMS strategies recorded an average decline of 3.11 per cent in September 2026 across 37 tracked schemes. The category underperformed both NSE Multi Asset Index 1, which declined 2.65 per cent, and NSE Multi Asset Index 2, which fell 2.85 per cent during the month.

The breadth of outperformance remained limited, with 16 of the 37 schemes outperforming each of the two benchmarks, highlighting the challenges faced by Multi Asset PMS strategies amid the broader market weakness.

Pluswealth Capital Management LLP's PlusWealth Catalyst led the category with a positive return of 0.35 per cent, followed by Ametra Investment Managers Private Limited's Ametra FactorCapro at 0.08 per cent. Pluswealth Capital Management LLP's PlusWealth Fusion rounded out the top three, delivering a flat return of 0.00 per cent.

Overall, September's Multi Asset PMS performance reflected a challenging month for the category, with the average decline exceeding both benchmark losses, although a few schemes managed to preserve capital and deliver marginally positive returns.

Multi & Flexicap PMS Performance

Multi & Flexicap PMS strategies recorded an average decline of 3.38 per cent in September 2026 across 293 tracked schemes. The category outperformed both the BSE 500 TRI, which declined 5.57 per cent, and the Nifty 50 TRI, which fell 6.03 per cent during the month.

The breadth of outperformance remained strong, with 225 of the 293 schemes outperforming the BSE 500 TRI, while 240 schemes beat the Nifty 50 TRI, highlighting the relative resilience of a large number of strategies amid broader market weakness.

Amaltas Asset Management LLP's Keystone Fund led the category with a positive return of 5.67 per cent, followed by East Green Advisors LLP's Quant Strategy at 5.32 per cent and Atlas Integrated Finance Limited's Momentum 20 PMS Fund at 5.25 per cent.

Overall, September's Multi & Flexicap PMS performance highlighted the category's relative resilience, with its average decline remaining well below both benchmark declines and several leading schemes delivering positive returns despite the challenging market environment.

Thematic PMS Performance

Thematic PMS strategies recorded an average decline of 4.30 per cent in September 2026 across 21 tracked schemes. The category outperformed both the BSE 500 TRI, which declined 5.57 per cent, and the Nifty 50 TRI, which fell 6.03 per cent during the month.

The breadth of outperformance was relatively encouraging, with 14 of the 21 schemes outperforming the BSE 500 TRI, while 15 schemes beat the Nifty 50 TRI, highlighting the varied performance of thematic strategies amid broader market weakness.

Valcreate Investment Managers LLP's Lifesciences and Specialty Opportunities led the category with a positive return of 0.27 per cent, followed by InCred Asset Management's Focused Healthcare Portfolio at -0.69 per cent and Green Portfolio Pvt Ltd's The Green Ethical Fund at -0.72 per cent.

Overall, September's Thematic PMS performance reflected relative resilience against the broader market, with the category's average decline remaining lower than both benchmark losses and select strategies managing to limit losses or deliver positive returns.

Mid Cap PMS Performance

Mid Cap PMS strategies recorded an average decline of 4.46 per cent in September 2026 across 22 tracked schemes. The category outperformed both the BSE 500 TRI, which declined 5.57 per cent, and the Nifty 50 TRI, which fell 6.03 per cent during the month.

The breadth of outperformance was encouraging, with 14 of the 22 schemes outperforming the BSE 500 TRI, while 16 schemes beat the Nifty 50 TRI, highlighting the relative resilience of several Mid Cap PMS strategies amid broader market weakness.

Eureka Portfolio Management Services Pvt Ltd's Signature Approach led the category with a decline of just 0.51 per cent, followed by Master Portfolio Services Ltd's Master Trust India Growth Strategy at -0.91 per cent and Unifi Capital Pvt Ltd's APJ 20 at -1.30 per cent.

Overall, September's Mid Cap PMS performance highlighted the category's relative strength, with its average decline remaining lower than both benchmark indices and several schemes demonstrating resilience during the market downturn.

Large & Midcap PMS Performance

Large & Midcap PMS strategies recorded an average decline of 5.69 per cent in September 2026 across 25 tracked schemes. The category marginally underperformed the BSE 500 TRI, which declined 5.57 per cent, but outperformed the Nifty 50 TRI, which fell 6.03 per cent during the month.

The breadth of performance was mixed, with 9 of the 25 schemes outperforming the BSE 500 TRI, while 16 schemes beat the Nifty 50 TRI, highlighting the varying ability of fund managers to navigate the challenging market environment.

Green Lantern Capital LLP's Alpha Fund led the category with a decline of 2.92 per cent, followed by EquiPoise Capital Management Pvt Ltd's New India Opportunities at -3.24 per cent and Value Prolific Investments and Consulting Pvt Ltd's Balanced B at -3.68 per cent.

Overall, September's Large & Midcap PMS performance reflected continued market pressure, with the category lagging the broader BSE 500 TRI but showing relative resilience against the Nifty 50 TRI.

Large Cap PMS Performance

Large Cap PMS strategies recorded an average decline of 6.25 per cent in September 2026 across 30 tracked schemes. The category underperformed both the BSE 500 TRI, which declined 5.57 per cent, and the Nifty 50 TRI, which fell 6.03 per cent during the month.

The breadth of performance remained challenging, with only 6 of the 30 schemes outperforming the BSE 500 TRI, while 14 schemes beat the Nifty 50 TRI, highlighting the varying ability of fund managers to navigate the market downturn.

Acepro Advisors Pvt Ltd's Large Cap Strategy led the category with a relatively lower decline of 3.09 per cent, followed by Nippon Life India Asset Management Ltd's Absolute Freedom at -3.93 per cent and Narnolia Financial Services Ltd's Large Cap at -5.26 per cent.

Overall, September's Large Cap PMS performance reflected broad-based market weakness, with the category lagging both benchmarks despite a handful of schemes demonstrating relative resilience.

September 2026 highlighted the resilience of select PMS strategies amid a broad market downturn. Small-cap and mid & small-cap strategies showed relative strength, while active stock selection helped several portfolio managers outperform benchmark indices despite global uncertainty and persistent market pressures.