A broad market recovery helped managers beat large-cap indices, though alpha against wider benchmarks remained more selective and category-dependent

April 2026 turned into a strong month for equity PMS strategies, as the market recovered after four straight months of decline. The Nifty 50 TRI rose 7.49 per cent during the month, while the S&P BSE 500 TRI gained 10.38 per cent, reflecting a broad and high-beta rebound. Against this backdrop, PMS performance was strong across the board. Of the more than 540 PMS strategies tracked, 472 were equity PMSes. Every equity PMS strategy tracked delivered a positive return in April, with the average return at 13.93 per cent, with the best-performing strategy gaining 44.39 per cent.

The outperformance score was especially strong against the Nifty 50 TRI. As many as 445 equity PMSes, or 94.3 per cent of the tracked universe, beat the large-cap benchmark. The record was less one-sided, though still healthy, against the broader S&P BSE 500 TRI, where 340 strategies, or 72 per cent, outperformed. This is important because April’s rally was not confined to index heavyweights. All major sectors ended higher, led by Power and Real Estate, each up 22 per cent, followed by Capital Goods, Oil & Gas and Metals.

Category-wise PMS returns showed a clear risk-on tilt in April 2026. Small-cap strategies led with 20.39 per cent returns, followed by thematic at 17.40 per cent and small & midcap at 16.58 per cent. Midcap, multicap and flexicap strategies also delivered double-digit gains, while largecap and multi-asset trailed.

Here are more details.

Top-10 performers in focus

April’s sharp market rebound was reflected clearly in the PMS leaderboard. The top-10 equity strategies averaged 30.28%, far ahead of the average equity PMS return of 13.93%. This shows that while the month was strong for the broader PMS universe, the biggest gains were concentrated in portfolios exposed to small-cap, small & mid-cap, thematic and flexible equity strategies.

At the top sat Money Grow Asset’s Small Midcap strategy, which gained 44.39% for the month. Close behind was Hem Securities’ India Rising SME Stars in the small-cap category, up 36.77%. Green Portfolio’s Super 30 Dynamic, a thematic strategy, returned 31.92%, making it the third-best performer in April.

Beyond the top three, returns remained very strong. Waya Financial Technologies’ Bin73 Sunrise Alpha delivered 30.05%, while Wallfort Fund Management’s Diversified Fund gained 27.50%. NAFA Asset Managers’ Clean Tech Portfolio followed closely with 27.45%, indicating that the leadership was not confined to one narrow category.

The list also had a strong small-cap and flexible-equity presence. Ametra Investment Managers’ Ametra FactorAlpha Smallcap returned 27.03%, while Amaltas Asset Management’s Keystone Fund gained 26.97%. 

Rounding out the top ten were NMR Capital Advisors’ NMR Growth Strategy and White Pine Investment Management’s White Pine India Emerging Stars, both up 25.36%. Overall, the April leaderboard was decisively tilted towards higher-beta equity strategies rather than defensive or asset-allocation-led approaches.

Here are the top-10 performers.

Category snapshot

April 2026 was a clear risk-on month for PMS categories, with every segment ending in positive territory. The strongest gains came from the higher-beta end of the market. 

Small Cap strategies led with a 20.39% return, followed by Thematic at 17.40% and Small & Midcap at 16.58%. This shows that April’s rebound was not just about large-cap recovery; portfolios with smaller-company and concentrated theme exposure captured the sharpest upside.

The middle of the table also delivered healthy double-digit gains. Midcap strategies returned 14.07%, while Multicap & Flexicap strategies gained 13.13%. Large & Midcap strategies were up 11.70%, suggesting that mixed-cap mandates participated well but still lagged the more aggressive small-cap-oriented buckets.

The relative laggards were Largecap and Multi-Asset. Largecap strategies returned 9.87%, while Multi-Asset delivered 7.49%. Both were positive, but their lower ranking reinforces the month’s equity-risk tilt. 

In other words, April looked less like a defensive or asset-allocation-led month and more like one where exposure to small caps, themes and broader market recovery determined category outcomes.

Small-cap PMSes steal spotlight

Small Cap PMS strategies were the standout performers in April 2026, with the category benefitting from the market’s strong risk-on rebound. Across 27 small-cap schemes, the category average return was 20.39%, far ahead of both the S&P BSE 500 TRI’s 10.38% and the Nifty 50 TRI’s 7.49%. The breadth of outperformance was also strong: 26 of 27 schemes beat the BSE 500 TRI, and the same number outperformed the Nifty 50 TRI.

The top end was led by Hem Securities’ India Rising SME Stars, which delivered a 36.77% return in April. It was followed by Ametra Investment Managers’ Ametra FactorAlpha Smallcap at 27.03% and NMR Capital Advisors’ NMR Growth Strategy at 25.36%. 

The category did not just beat benchmarks on average; it also showed unusually broad participation, with almost the entire tracked small-cap universe outperforming both major indices.

Here are the top 3 performers.

Thematic PMSes ride risk-on rally

Thematic PMS strategies had a strong April 2026, with the category average return at 17.40% across 21 schemes. This was well ahead of both the S&P BSE 500 TRI’s 10.38% and the Nifty 50 TRI’s 7.49%. Breadth was also impressive: 19 of 21 schemes beat the BSE 500 TRI, while all 21 schemes outperformed the Nifty 50 TRI.

The top end was led by Green Portfolio’s Super 30 Dynamic, which returned 31.92% for the month. Green Portfolio also had a strong showing through The Impact ESG Fund, up 24.94%, The Omni Energy Transition strategy delivered 23.16%.

Overall, April was a favourable month for thematic PMSes. The category’s outperformance was broad, but the leaderboard was clearly dominated by Green Portfolio and Omniscience Capital strategies, suggesting that concentrated theme selection worked well in the rebound.

Here are the top 3 performers.

Small & Midcap PMSes power ahead

Small & Midcap PMS strategies delivered a strong April 2026, with the category average return at 16.58% across 57 schemes. This was comfortably ahead of both the S&P BSE 500 TRI’s 10.38% and the Nifty 50 TRI’s 7.49%. The outperformance was also broad-based: 51 of 57 schemes beat the BSE 500 TRI, while 55 schemes outperformed the Nifty 50 TRI.

The category was led by Money Grow Asset’s Small Midcap strategy, which delivered a standout 44.39% return for the month. Waya Financial Technologies’ Bin73 Sunrise Alpha followed with 30.05%, while Wallfort Fund Management’s Diversified Fund gained 27.50%. These three strategies were well ahead of the category average, showing how sharply select portfolios captured April’s rebound.

The Small & Midcap PMSes  category did not merely participate in the market rebound; it generated strong alpha over both major benchmarks, with leadership spread across multiple managers.

Here are the top 3 performers.

Midcap PMSes deliver broad outperformance

Midcap PMS strategies posted a strong April 2026, with the category average return at 14.07% across 24 schemes. This was ahead of both the S&P BSE 500 TRI’s 10.38% and the Nifty 50 TRI’s 7.49%. The breadth was healthy too: 20 of 24 schemes beat the BSE 500 TRI, while all 24 schemes outperformed the Nifty 50 TRI.

The category was led by NAFA Asset Managers’ Clean Tech Portfolio, which gained 27.45% for the month. Sundaram Alternate Assets’ SELF Portfolio followed with 22.23%, while Nuvama Asset Management’s Equities eXpansion Target returned 21.65%. These three strategies were well ahead of the category average, capturing the stronger end of April’s midcap rebound.

Note the category’s performance was not as sharp as Small Cap or Small & Midcap, but it still delivered broad benchmark-beating returns.

Here are the top 3 performers.

Multicap & Flexicap PMSes show depth in rally

Multicap & Flexicap PMS strategies had a strong April 2026, with the category average return at 13.13% across a large universe of 282 schemes. This was ahead of both the S&P BSE 500 TRI’s 10.38% and the Nifty 50 TRI’s 7.49%. The breadth was especially strong against the large-cap benchmark, with 265 of 282 schemes beating the Nifty 50 TRI. Against the broader BSE 500 TRI, 197 schemes outperformed.

The category was led by Keystone Fund, which gained 26.97% for the month. White Pine India Emerging Stars followed with 25.36%, while Money Grow Asset Pvt Ltd’s Blend returned 25.12%.

April was a favourable month for Multicap & Flexicap PMSes. The category did not match the sharper gains seen in Small Cap or Small & Midcap strategies, but its breadth was notable given the much larger scheme count.

Here are the top 3 performers.

Large & Midcap PMSes gain, but alpha narrows

Large & Midcap PMS strategies delivered a positive April 2026, though the category’s outperformance was narrower than in smaller-cap segments. Across 23 schemes, the category average return stood at 11.70%, ahead of the S&P BSE 500 TRI’s 10.38% and the Nifty 50 TRI’s 7.49%. Breadth was stronger against the Nifty, with 21 of 23 schemes outperforming it, while 14 schemes beat the broader BSE 500 TRI.

The category was led by Value Prolific Investments’ Balanced B, which returned 17.66% for the month. Green Lantern Capital’s Alpha Fund followed with 16.32%, while Samvitti Capital’s PMS Long Term Growth was close behind at 16.30%. 

Large & Midcap PMSes participated well in April’s rebound. But compared with Small Cap, Thematic and Small & Midcap strategies, the alpha was more moderate, reflecting the category’s relatively balanced exposure profile.

Here are the top 3 performers.

Largecap PMSes trail broader rally 

Largecap PMS strategies delivered a positive April 2026, but the category lagged the broader-market benchmark. Across 31 schemes, the category average return stood at 9.87%, ahead of the Nifty 50 TRI’s 7.49%, but below the S&P BSE 500 TRI’s 10.38%. This showed up in the breadth numbers: 26 of 31 schemes beat the Nifty 50 TRI, but only 8 schemes managed to outperform the BSE 500 TRI.

The category was led by Tulsian PMS, which delivered a standout 23.65% return for the month. Karma Capital Advisors’ Magnolia followed with 15.86%, while Omniscience Capital’s Omni Emperors gained 13.09%.

So, April was constructive for Largecap PMSes, but not a clear alpha month versus the broader market. The category beat the Nifty comfortably, yet struggled against the BSE 500 TRI as smaller and broader-market segments led the rebound.

Here are the top 3 performers.

Multi-Asset PMSes rise, but trail equity-led categories

Multi-Asset PMS strategies delivered positive returns in April 2026, but the category lagged the stronger equity-led segments. Across 40 schemes, the average return stood at 7.49%, ahead of both NSE Multi Asset Index 1 at 5.65% and NSE Multi Asset Index 2 at 5.64%. Breadth was reasonably healthy, with 27 schemes outperforming each of the two multi-asset benchmarks.

The category was led by Money Grow Asset’s Bespoke, which returned a strong 24.66% for the month. Tradeswift Broking’s Dynamic Gems followed with 16.40%, while Fortune Wealth Management’s Quantitative Alpha Fund delivered 12.05%. 

While April was a constructive month for Multi-Asset PMSes, but with Small Cap, Thematic, Small & Midcap and Midcap strategies delivering much sharper gains, the category’s relatively lower return reflected its more diversified and moderated risk profile.

Here are the top 3 performers.

May-2026 outlook

For PMS investors, the May 2026 setup looks constructive but not risk-free. April’s rebound improved sentiment sharply after four months of weakness, and the broad participation helped many PMS strategies deliver strong alpha. 

The key point is that May should not be treated as a blanket risk-on month. Valuations are no longer as stretched as they were earlier, but they are not cheap enough to ignore earnings delivery, balance-sheet quality and portfolio concentration. For PMS investors, this makes manager selection important. Strategies that benefitted from April’s bounce must now prove whether returns came from durable stock selection or merely from high-beta exposure.

Foreign investor selling remains a watchpoint, even as domestic flows continue to provide support. If global risk appetite weakens, crude prices rise, or the rupee comes under pressure, the impact may be felt more sharply in midcap and smallcap portfolios where liquidity is thinner. At the same time, a normal monsoon, resilient consumption, capex continuity and stable earnings growth can support domestic-oriented strategies.

The practical approach is to stay invested, but avoid extrapolating April’s returns. 

May calls for participation with filters: quality, valuation comfort, liquidity and manager track record matter more than chasing the highest one-month return.

Happy Investing!