June 2026 saw a largely sideways market with selective pockets of strength. Small Cap and Small & Midcap PMS strategies led the performance charts, while several active managers continued to outperform the benchmarks through disciplined stock selection.

The month's performance reinforces the value of active management in generating alpha despite a range-bound market.

Following the mixed market trend in the previous month, equity PMS strategies delivered a relatively stable performance in June 2026. The Nifty 50 TRI gained 1.67 per cent, while the S&P BSE 500 TRI advanced 1.73 per cent, reflecting broad-based strength across the market. Against this backdrop, PMS performance remained varied, highlighting the importance of active portfolio management. Of the 554 strategies tracked by PMS Bazaar, 478 were equity PMS strategies, with the top-performing strategy delivering a return of 14.54 per cent during the month.

The outperformance ratio moderated in line with the stronger benchmark performance during the month. A total of 344 Equity PMS strategies, or 65.1 per cent of the 554 tracked strategies, outperformed the Nifty 50 TRI. Against the S&P BSE 500 TRI, 343 Equity PMS strategies, or 64.9 per cent of the tracked universe, generated excess returns. The figures reflect a more competitive market environment, where active managers continued to identify opportunities for alpha despite broader market gains.

Top-10 PMS Strategies in Focus 

The top-performing PMS strategies continued to deliver strong alpha in June 2026. The top 10 equity PMS strategies generated an average return of 11.94 per cent, significantly ahead of the average equity PMS return of 3.36 per cent. This highlights the wide dispersion in returns and the ability of select managers to capitalize on stock-specific opportunities.

Leading the pack was Money Grow Asset Pvt Ltd's Small Midcap Strategy, which returned 14.54 per cent during the month. Equirus Wealth Pvt Ltd's Long Horizon Fund followed closely with 14.49 per cent, while Amaltas Asset Management LLP's Strategic Opportunities Series 1 secured the third spot with a return of 11.92 per cent.

Beyond the top three, White Whale Partners LLP's White Whale Partners LLP RISING STAR PF delivered 11.86 per cent, followed by Clockvine Capital Advisors Pvt Ltd's Growth Fund at 11.41 per cent, East Green Advisors LLP's Agile Strategy at 11.35 per cent, and Tradeswift Broking Private Limited's Sparkling Gems at 11.16 per cent. Accelt Asset Management LLP's Long Term Equity Fund returned 10.97 per cent, Electrum Portfolio Managers Pvt Ltd's Laureate Portfolio gained 10.94 per cent, and Equitree Capital Advisors Pvt Ltd's Emerging Opportunities delivered 10.76 per cent, rounding out the top 10 performers for the month.

Overall, June's leaderboard highlighted the ability of select PMS managers to generate double-digit returns even as broader market gains remained relatively moderate.

Category snapshot

Category performance in June 2026 reflected broad-based strength across equity segments, with higher-growth categories leading the gains. Small Cap strategies topped the chart with returns of 5.48 per cent, followed by Small & Midcap at 5.01 per cent and Thematic strategies at 4 per cent. The performance indicates continued investor preference for growth-oriented segments amid improving market sentiment.

Multicap & Flexicap strategies delivered 3.15 per cent, while Midcap strategies returned 3.10 per cent, reflecting healthy participation across diversified equity mandates.

Largecap, Large & Midcap, and Multi-Asset strategies generated comparatively modest returns of 1.75 per cent, 1.11 per cent, and 0.85 per cent, respectively. Overall, June's category performance highlighted broad market participation, with small-cap and growth-oriented strategies continuing to outperform their large-cap peers.

Small PMSes Deliver Strong Alpha

Small Cap PMS strategies remained the best-performing category in June 2026, benefiting from the broad-based rally across the equity market. Across 27 tracked schemes, the category delivered an average return of 5.48 per cent, comfortably outperforming both the S&P BSE 500 TRI, which gained 1.73 per cent, and the Nifty 50 TRI, which advanced 1.67 per cent.

The breadth of outperformance remained robust. 24 of the 27 schemes outperformed the S&P BSE 500 TRI, while 25 schemes beat the Nifty 50 TRI, highlighting the category's ability to consistently generate alpha in a rising market.

Equirus Wealth Pvt Ltd's Long Horizon Fund led the category with a return of 14.49 per cent, followed by Tradeswift Broking Private Limited's Sparkling Gems at 11.16 per cent and Equitree Capital Advisors Pvt Ltd's Emerging Opportunities at 10.76 per cent.

The category's strong relative performance reinforces the continued ability of small-cap focused managers to outperform broader benchmarks through disciplined stock selection and active portfolio management.

 Small & Midcap: Broad-Based Outperformance

Small & Midcap PMS strategies delivered another strong month in June 2026, extending their outperformance over broader market benchmarks. Across 61 tracked schemes, the category generated an average return of 5.01 per cent, significantly ahead of both the S&P BSE 500 TRI, which gained 1.73 per cent, and the Nifty 50 TRI, which advanced 1.67 per cent.

The category exhibited broad-based strength, with 52 of the 61 schemes outperforming both the S&P BSE 500 TRI and the Nifty 50 TRI, reflecting the consistency of alpha generation across managers.

Money Grow Asset Pvt Ltd's Small Midcap Strategy emerged as the top performer with a return of 14.54 per cent, followed by Electrum Portfolio Managers Pvt Ltd's Laureate Portfolio at 10.94 per cent and Waya Financial Technologies Pvt Ltd's Bin73 Sunrise Alpha at 10.16 per cent.

The category's performance underscores the continued strength of active management in the small and mid-cap space, where stock selection and portfolio positioning remained key drivers of excess returns during the month.

Thematic: Themes Stay in Favour

Thematic PMS strategies continued to deliver healthy returns in June 2026, benefiting from strong performance across select investment themes. Across 20 tracked schemes, the category generated an average return of 4 per cent, comfortably outperforming both the S&P BSE 500 TRI, which gained 1.73 per cent, and the Nifty 50 TRI, which advanced 1.67 per cent.

The category displayed solid breadth, with 17 of the 20 schemes outperforming both the S&P BSE 500 TRI and the Nifty 50 TRI, reflecting the ability of thematic portfolios to capitalize on sector-specific opportunities.

Green Portfolio Pvt Ltd dominated the category, with its MNC Advantage Fund emerging as the top performer at 10.35 per cent. The firm's Impact ESG Fund followed with a return of 8.62 per cent, while the Green Ethical Fund delivered 8.48 per cent, completing a clean sweep of the top three positions.

The category's performance highlights how well-defined investment themes and focused portfolio construction continued to create alpha opportunities, even as market participation broadened across sectors.

 Multicap & Flexicap: Diversification Pays Off

Multicap & Flexicap PMS strategies delivered a solid performance in June 2026, benefiting from broad participation across market capitalisations. Across 286 tracked schemes, the category generated an average return of 3.15 per cent, comfortably outperforming both the S&P BSE 500 TRI, which gained 1.73 per cent, and the Nifty 50 TRI, which advanced 1.67 per cent.

The category maintained healthy breadth, with 200 of the 286 schemes outperforming both the S&P BSE 500 TRI and the Nifty 50 TRI, reflecting the strength of diversified portfolio strategies during the month.

Amaltas Asset Management LLP's Strategic Opportunities Series 1 emerged as the top performer with a return of 11.92 per cent, followed closely by White Whale Partners LLP's White Whale Partners LLP RISING STAR PF at 11.86 per cent and Clockvine Capital Advisors Pvt Ltd's Growth Fund at 11.41 per cent.

The category's performance demonstrates the advantage of flexible portfolio construction, allowing managers to capitalize on opportunities across large-, mid-, and small-cap stocks while consistently generating alpha over the broader benchmarks.

Largecap: Modest Gains

Large Cap PMS strategies posted modest gains in June 2026, broadly in line with the benchmark indices. Across 31 tracked schemes, the category delivered an average return of 1.75 per cent, marginally outperforming both the S&P BSE 500 TRI, which gained 1.73 per cent, and the Nifty 50 TRI, which advanced 1.67 per cent.

The category recorded moderate breadth, with 18 of the 31 schemes outperforming both the S&P BSE 500 TRI and the Nifty 50 TRI, reflecting selective alpha generation in a relatively efficient segment of the market.

Marcellus Investment Managers Pvt Ltd's Kings of Capital emerged as the top performer with a return of 5.62 per cent, followed by Right Horizons' India Business Leader at 4.38 per cent and Asit C Mehta Investment Intermediates Ltd's ACE Bluechip at 4.02 per cent.

The category's performance underscores that while large-cap portfolios delivered relatively modest returns during the month, disciplined stock selection continued to help active managers outperform the broader market benchmarks.

 Large & Midcap: Returns Remain Subdued

Large & Midcap PMS strategies delivered relatively muted returns in June 2026, underperforming the broader market benchmarks. Across 23 tracked schemes, the category generated an average return of 1.11 per cent, trailing both the S&P BSE 500 TRI, which gained 1.73 per cent, and the Nifty 50 TRI, which advanced 1.67 per cent.

The category witnessed mixed performance, with 10 of the 23 schemes outperforming both the S&P BSE 500 TRI and the Nifty 50 TRI, indicating a more challenging environment for managers within this segment.

EquiPoise Capital Management Pvt Ltd's New India Opportunities emerged as the top performer with a return of 4.88 per cent, followed by Dynamic Equities Pvt Ltd's Bluechip at 4.72 per cent and Value Prolific Investments and Consulting Pvt Ltd's Balanced B at 3.65 per cent.

The category's performance reflects the relatively subdued returns from large- and mid-cap blended portfolios during the month, with only a select group of managers able to generate meaningful alpha through active stock selection.

Multi-Asset: Mixed Performance Continues

Multi-Asset PMS strategies delivered modest returns in June 2026, with the category trailing its benchmark indices. Across 44 tracked schemes, the category generated an average return of 0.85 per cent, below both NSE Multi Asset Index 1, which gained 1.49 per cent, and NSE Multi Asset Index 2, which advanced 1.71 per cent.

The category saw relatively limited outperformance, with 15 of the 44 schemes outperforming NSE Multi Asset Index 1, while 12 schemes exceeded the returns of NSE Multi Asset Index 2, reflecting a challenging environment for diversified asset allocation strategies.

Money Grow Asset Pvt Ltd's Bespoke emerged as the top performer with a return of 8.60 per cent, followed by Dynamic Equities Pvt Ltd's DynamicMF at 7.60 per cent and Invesq Investment Managers LLP's Optimiser Portfolio at 6.10 per cent.

The category's performance suggests that while diversified portfolios provided stability during the month, only a handful of managers were able to generate meaningful alpha through active asset allocation and security selection.

Despite a largely range-bound market, PMS strategies continued to demonstrate the value of active management in June 2026. Small Cap and Small & Midcap strategies led the performance charts, while several managers generated double-digit returns through disciplined stock selection. Although benchmark indices delivered positive returns, the month's performance reinforced that consistent alpha creation remains driven by research-led investing and active portfolio management.