If you’re exploring how to get better returns than standard mutual funds, PMS (Portfolio Management Services) is one of the tools you’d naturally evaluate. In this piece I want to walk you through how to judge and pick among the best PMS funds in India, drawing on data and real examples—so that you don’t fall for marketing hype.
What is PMS, really?
At a high level, PMS is a discretionary or advisory service where a professional portfolio manager handles a large sum of money (typically ₹50 lakhs or more under SEBI rules) and builds a custom portfolio of equities, sometimes debt or other instruments. You don’t pick individual stocks—your manager does, based on agreed strategy and risk profile. The idea is to get returns better than what you might from mutual funds, thanks to active management, concentrated bets, and flexibility.
Because PMS handles large sums, you often get more tailored strategies, more frequent rebalancing, tax-efficient trades, and, crucially, alignment with a manager who is paid based on performance.
What to Watch Out For (Before You Commit)
These are the checklist items I use when comparing PMS options. Think of this like vetting a startup—don’t just go by fancy pitch decks.
| Criterion | Why It Matters | Quick Check |
| Track record (risk-adjusted) | You want consistent performance, not occasional spikes | Look at 3- and 5-year returns, Sharpe / Information Ratio |
| Downside protection | Markets will fall—how much damage do these portfolios take then? | Check max drawdown in bad years |
| Fee structure | High fees can neutralize outperformance | Understand management fee + performance fee |
| Strategy clarity & consistency | Avoid style drift which kills credibility | Compare stated strategy vs. actual holdings over time |
| Transparency & reporting | You should get regular updates, clear books | Ask for audited statements, attribution analysis |
| Liquidity, lock-ins & exit rules | You need flexibility (to some degree) | Check minimum lock-in, exit load, withdrawal terms |
If a PMS provider can’t or won’t provide this information, that’s a red flag. Always ask for their worst years, and how much capital would’ve been lost in drawdowns.
Top PMS Names to Study
Just as a case study you can analyze alongside others.
1. Dezerv
Dezerv’s PMS offering is interesting. They emphasize active monitoring, data-backed decisions, and transparency. As of December 2024, they have crossed ₹10,000 crore in AUM. (Business Standard)
2. Counter Cyclical – Diversified Long Term Value
This PMS has made a mark in performance tables. According to APMI / reported data: 5-year return around 74.53%. With AUM ~ ₹770 crore.
It’s aggressive, but that kind of return demands that in down stretches you need the stomach for volatility.
3. Green Lantern — GLC Growth Fund
Green Lantern is another well-cited name. It has a track record of ~55.01% in the 5-year window per published data. (India Investment Corner)
If you believe in mid-small cap exposure, a fund like this is appealing. But you must ask: how much of that was from one or two bets that could go bad?
4. Aequitas India Opportunities
Aequitas is managed by Siddhartha Bhaiya (noted fund manager). It has shown ~47.19% over 5 years in published data.
Because it’s relatively more “known,” you might find more public commentary and disclosure.
Putting It All Together
When I assess which PMS funds might be among the best for my own money, here’s how I’d proceed:
- Normalize for risk
A fund that gives 50% in three years but crashes 70% in a bear market might end up worse than a steadier 20% fund. - Run scenario checks
What if interest rates rise? What if inflation surprises? How would their portfolio hold up? Ask for sector breakdown, concentration risk. - Estimate net returns (after fees, taxes)
Always take the management + performance fees into account. Also, short-term capital gains, long-term gains etc. - Check consistency, not just best single year
Is their 5-year record built on one great year, or 5 good years? Consistency counts. - Alignment & transparency
Do they show you attribution: which stocks worked, which didn’t? Do they show your portfolio live or with delay? How often do they rebalance?
Sample Comparison (2025 Data Snapshot)
Here’s a table comparing a few of the PMS names I discussed using publicly reported data.
| PMS / Strategy | Approx 5-Year Return | Key Advantage | Key Risk |
| Dezerv (PMS) | Still early / growing | Modern structure, zero fixed fee model | Shorter history for many strategies |
| Counter Cyclical – DLTV | ~74.53% over 5 years | High returns, disciplined value focus | Volatility, concentrated bets |
| Green Lantern – GLC Growth | ~55.01% over 5 years | Strong mid-small exposure | Higher downside in crashes |
| Aequitas Opportunities | ~47.19% over 5 years | More balanced and better disclosures | May underperform in pure growth cycles |
Use this kind of table (with updated numbers you get from PMS portals) to compare side by side before deciding.
Final Thoughts
If you told me: “I am putting in ₹1 crore and leaving it for five years,” I would lean toward a PMS that has shown consistent mid-to-high returns, but not via huge concentration bets. So in summary: the “best PMS funds in India” for you will not just be about the highest return numbers. It will be the ones whose behavior in tough times aligns with your risk tolerance, whose disclosures add confidence, and whose fees don’t swallow your alpha. The Indian private wealth management sector is at a crossroads. While established giants like 360 ONE Asset and Kotak Wealth continue to lead in scale, new-age, tech-driven players like Dezerv are offering a compelling alternative defined by transparency, expert oversight, and better accessibility.
