Six months. Countless headlines. Endless market twists. The first half of CY2026 reminded investors that markets rarely move in a straight line.
From tariff developments and geopolitical tensions to soaring crude oil prices and an eventual ceasefire, every event tested investor conviction. Through it all, India's PMS industry stood out, with active strategies delivering strong relative performance despite a challenging market backdrop.
Overall PMS Performance
Over the six-month period, the average return across 536 PMS strategies stood at 4.57%, while equity-focused PMS strategies generated an average return of 4.67%. This compares favourably against benchmark indices, with the NIFTY 50 TRI declining 8.10% and the S&P BSE 500 TRI falling 3.53% during the same period. Notably, 451 equity PMS strategies outperformed the NIFTY 50 TRI, while 401 Equity strategies outperformed the S&P BSE 500 TRI, highlighting the value of active portfolio management in navigating a challenging market environment.
Top 10 PMS Performance
The top-performing PMS strategies continued to generate strong alpha during the first six months of CY2026. Despite a challenging market environment marked by global uncertainties and benchmark declines, several active managers delivered exceptional returns, highlighting the ability of select PMS strategies to capitalize on stock-specific opportunities and disciplined portfolio construction. Notably, the top 10 equity PMS strategies generated an average return of 33.22 per cent, substantially outperforming both the broader PMS universe and benchmark indices over the period.
Leading the pack was Pluswealth Capital Management LLP's PlusWealth Catalyst, which generated 52.53 per cent during the period. Money Grow Asset Pvt Ltd's Small Midcap Strategy followed with 37.84 per cent, while Amaltas Asset Management LLP's Keystone Fund secured the third spot with a return of 34.92 per cent.
Beyond the top three, Qode Advisors LLP's Qode Growth Fund delivered 33.12 per cent, followed by Sundaram Alternate Assets Ltd's Rising Stars at 31.03 per cent. Grey Sky Capital Private Limited's GSC Smart Core Portfolio returned 29.14 per cent, while AlfAccurate Advisors' AAA Couture generated 29.08 per cent. PL Asset Management Pvt Ltd's Elevate posted 28.95 per cent, Axis Securities Ltd's Axis Securities Kaizen returned 28.21 per cent, and Sundaram Alternate Assets Ltd's SELF Portfolio delivered 27.40 per cent, rounding out the top ten PMS strategies for the first half of CY2026.
Category Snap Shot
Category performance during the first half of CY2026 reflected broad resilience across equity-oriented PMS strategies, with higher-growth segments continuing to lead the charts. Small Cap strategies emerged as the top-performing category, delivering an average return of 10.68 per cent, followed by Small & Midcap strategies at 7.28 per cent and Thematic strategies at 6.14 per cent. The performance highlights investors' continued preference for growth-oriented segments despite a volatile market environment.
Multicap & Flexicap strategies generated an average return of 4.49 per cent, while Midcap and Multi-Asset strategies delivered 4.35 per cent and 4.14 per cent, respectively, reflecting broad participation across diversified equity portfolios.
Meanwhile, Large & Midcap strategies returned 3.92 per cent, whereas Largecap strategies declined 3.44 per cent, mirroring the weakness seen in broader large-cap benchmarks during the period. Overall, the first half of CY2026 reinforced the strength of active investing in growth-oriented segments, with small-cap focused strategies continuing to outperform their larger-cap counterparts.
The first half of CY2026 demonstrated the value of disciplined active investing. Despite geopolitical uncertainties and benchmark declines, a majority of PMS strategies outperformed their respective indices. Strong returns from small- and mid-cap focused portfolios underscored the importance of selective stock picking and active portfolio management as investors look ahead to the second half of the year.
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