ACE PMS Review: Performance, Fees, and Which Strategy Fits You
This ACE PMS review breaks down the four strategies run by Asit C. Mehta Investment Intermediates Ltd. (ACMIIL): Multicap, Ten Trillion Opportunities, Blue-chip and Multi-Asset, using performance data as of 30 September 2026.
In this ACE PMS review, all four strategies have beaten their benchmarks since inception, with since-inception alpha ranging from 0.14 (Blue-chip) to 7.37 (Ten Trillion Opportunities) percentage points a year, as of 30 September 2026. Minimum investment is ₹50 lakh for equity strategies and ₹1 crore for Multi-Asset. Fees run 2.5% fixed (2% for Blue-chip) or a lower fixed fee plus a 15% performance fee above a 10% hurdle. The right strategy depends on your risk appetite and whether you want growth, income, or stability.
What Is ACE PMS?
ACE PMS is the portfolio management services platform run by Asit C. Mehta Investment Intermediates Ltd. (ACMIIL), a SEBI-registered portfolio manager and BSE/NSE member with over 40 years in Indian financial services. ACMIIL is now backed by the Pantomath Group, one of India’s fastest-growing investment banks, which has added research infrastructure and execution capability to the ACE PMS business.
The platform runs four core strategies, each built on the same underlying philosophy but targeting different investor needs:
- ACE Multicap — the flagship, flexi-cap strategy blending large, mid, and small caps
- ACE Ten Trillion Opportunities — a small-mid cap (SMID) strategy aimed at India’s structural growth themes
- ACE Blue-chip — a large-cap-anchored strategy for investors who want stability
- ACE Multi-Asset — a diversified strategy across equity, fixed income, gold, REITs, and InvITs, with an optional monthly payout
Leadership includes Mrs. Deena Mehta, Co-Promoter of ACMIIL and former BSE President, and CA. Prathmesh Agrawal, Principal Officer and Fund Manager, with over 15 years of experience across Enam AMC, Varanium Group, Religare, and Moody’s Analytics.
The Investment Philosophy Behind This ACE PMS Review
Every ACE strategy follows the same core beliefs before a stock is even shortlisted:
- Invest in high-growth industries with a large, structurally addressable market
- Favour businesses with resilient, scalable models and durable competitive moats
- Back managements with a strong capital allocation track record
- Prioritise companies that are minority-shareholder friendly and ROCE-focused
- Avoid permanent capital loss rather than chase maximum short-term return
- Run a focused portfolio of 15–25 high-conviction stocks, agnostic to market cap or sector
- Keep churn low to moderate rather than trade tactically
This philosophy is implemented through a framework called GARP (Growth at a Reasonable Price), a style associated with legendary fund manager Peter Lynch.
The GARP Framework: Core and Satellite
ACE PMS portfolios are split into two buckets:
Core (75–80% of the portfolio): stocks held for 1–3 years with:
- Earnings or revenue growth above 12%
- Debt-to-equity below 2–3x
- PEG ratio typically under 2
- Positive operating cash conversion
- Market cap above ₹1,000 crore
Satellite (20–25% of the portfolio) A tactical sleeve held for under a year, built around special situations:
- Momentum from management changes, mergers, or demergers
- Seasonal or cyclical opportunities
- Supply-demand shocks
From 1,000 Stocks to 25: The ACE PMS Screening Process
- Initial universe — BSE 1000 Index plus select IPOs
- Quantitative screening — market cap above ₹1,000 crore, earnings/revenue growth above 12%, ROCE above 12%, positive operating cash flow
- Qualitative assessment — governance standards, promoter track record, capital allocation history
- Valuation metrics — PEG, P/B versus ROE spread, 3 and 5-year P/E bands, reverse DCF
- Portfolio construction — 15–25 stocks, sized by risk-adjusted return potential
Ideas that clear this funnel go through financial modelling, management meetings, stress testing, and a final review by an investment committee that includes a “devil’s advocate” conviction check.
What This ACE PMS Review Found the Strategy Deliberately Avoids
- Businesses where promoter pledge exceeds roughly 30%
- Companies with a history of weak or negative operating cash conversion
- Buy-at-any-price situations — typically PEG above 2
- Highly leveraged balance sheets — debt-to-equity of 3 or more, or interest coverage below 1.5
- Hot-theme or narrative-driven investing where the story outruns the earnings
- Ultra-short-term trading — portfolio churn of 50% or more
ACE PMS Risk Management: Built In, Not Bolted On
Position and concentration limits apply across every ACE PMS strategy:
- Single stock capped at 15% at cost
- Single sector monitored to stay below 40%
- Single corporate group capped at 25%
- Diversification across 10+ sectors and 5+ thematic buckets
- Periodic rebalancing to keep exposures within these limits
ACE PMS Review: Strategy Comparison (September 2026 Data)
| Strategy | Benchmark | Risk Level | Min. Investment | Since Inception CAGR | Alpha since inception (percentage points a year) |
|---|---|---|---|---|---|
| ACE Multicap | BSE500 TRI | High | ₹50 lakh | 17.85% | 6.27 |
| ACE Ten Trillion Opportunities | BSE 500 TRI | High | ₹50 lakh | 18.72% | 7.37 |
| ACE Blue-chip | BSE500 TRI | Moderate-High | ₹50 lakh | 11.49% | 0.14 |
| ACE Multi-Asset | NSE Multi Asset Index 2 | Moderate | ₹1 crore | 15.92% | 4.96 |
Data as on 30 September 2026. Strategy returns from APMI (TWRR, net of fees and expenses); benchmark returns from SEBI’s portfolio manager monthly report, which names the Multi-Asset benchmark NSE Multi Asset Index 2. Alpha is a Kalviro calculation: since-inception return minus the benchmark’s, in percentage points a year. Since-inception dates: Multicap (23 Aug 2018), Ten Trillion Opportunities and Blue-chip (29 Dec 2017), Multi-Asset (4 Oct 2018). Individual client returns can vary.
ACE Multicap — The Flagship Strategy
ACE Multicap is a flexi-cap strategy blending large-cap stability with mid and small-cap growth. It holds 18 to 25 stocks.
As of 30 September 2026, it returned 16.90% a year over three years and 21.11% a year over five years, against 9.21% and 8.91% for the BSE 500 TRI.
ACE Ten Trillion Opportunities — Betting on India’s Structural Themes
This more aggressive small-mid cap (SMID) strategy is built around India’s journey toward a $10 trillion economy, leaning into Capital Goods, Financials, and Healthcare.
It has the highest three- and five-year returns of the four: 21.84% and 22.19% a year as of 30 September 2026, against 9.21% and 8.91% for the BSE 500 TRI.
ACE Blue-chip — For Stability Seekers
Blue-chip blends India’s top 150 companies by market cap with the best businesses in mid and small cap, running a more concentrated 18–20 stock portfolio with 70% in large caps.
As of 30 September 2026, it returned 12.58% a year over three years and 13.11% a year over five years, against 9.21% and 8.91% for the BSE 500 TRI. Since inception it has returned 11.49% a year against 11.35% for the index, the narrowest margin of the four (0.14 percentage points a year, our calculation). It carries a lower management fee of 2% rather than 2.5%.
ACE Multi-Asset — Diversification With an Optional Payout
The only non-pure-equity strategy in this ACE PMS review, Multi-Asset splits roughly 50-75% into ACE Multicap equity and global ETFs, and the balance into fixed income, gold and silver ETFs, and REITs/InvITs. It’s designed for investors who want moderate, less-volatile growth alongside an optional monthly payout of 0.5% of NAV (about 6% annualised) starting from the 7th month, drawn from dividends, interest, capital gains, and invested capital when needed.
Since inception, it has returned 15.92% a year against 10.96% for the NSE Multi Asset Index 2, its benchmark in SEBI’s report, as of 30 September 2026. Minimum investment here is ₹1 crore.
ACE PMS Fee Structure: What You Actually Pay
| Option | Structure | Best suited for |
|---|---|---|
| Option 1 | Fixed fee of 2.5% on AUM (2% for Blue-chip) | Investors who want fee certainty regardless of performance |
| Option 2 | Fixed fee of 1.5% of AUM + 15% performance fee above a 10% hurdle, with a high watermark | Investors comfortable paying more when the strategy outperforms, less when it doesn’t |
Beyond the headline fee, expect custody and fund accounting charges (5 bps per annum), transaction charges (roughly 1 bps on cash market trades, 0.2 bps on derivatives), SEBI fees (0.0005% on assets under custody), and depository charges of ₹10 per ISIN on debit transactions. Custodian and fund administration are handled by Orbis Financial Corporation Limited, an independent third party, so client assets are held separately from the fund manager.
The performance-fee option only makes sense if you’re confident the strategy will clear its hurdle comfortably and consistently; if returns are volatile or modest, the fixed-fee option can work out cheaper over time.
Who Should Consider Which ACE PMS Strategy?
- Want maximum growth and can tolerate volatility: ACE Ten Trillion Opportunities or ACE Multicap
- Want equity exposure with more stability: ACE Blue-chip
- Want diversification and a regular income stream: ACE Multi-Asset
- New to PMS and unsure: ACE Multicap, given its most established track record (7+ years) among the equity strategies
If you’re comparing this against other investment routes available to NRIs and HNIs, see our guide on NRI investing options in GIFT City for a look at LRS-route outbound funds as an alternative or complement to domestic PMS.
Common Mistakes to Avoid When Evaluating ACE PMS
- Chasing the most recent 1-year number. Ten Trillion Opportunities’ one-year return of 22.29% (to 30 September 2026) covers a single year, and one-year rankings shift quickly.
- Ignoring the alpha-versus-risk tradeoff. Higher-alpha strategies here also carry higher standard deviation — check the Sharpe ratio alongside the return.
- Overlooking that PMS returns aren’t SEBI-verified. Performance figures published by portfolio managers are based on their own model portfolios and calculation methodology; actual client-level returns can differ meaningfully.
- Choosing the performance-fee option without modelling both scenarios. Run the numbers on both fee structures against your expected holding period before committing.
- Not asking about the exit load. All ACE PMS strategies carry a 1% exit load if redeemed within the first year.
Related fund reviews
Frequently Asked Questions
₹50 lakh for the equity strategies (Multicap, Ten Trillion Opportunities, Blue-chip), and ₹1 crore for ACE Multi-Asset.
Yes. ACMIIL operates under SEBI (Portfolio Managers) Regulations, 2020, and performance data is based on the manager’s own calculations rather than SEBI verification.
As of 30 September 2026, ACE Ten Trillion Opportunities: 18.72% a year since inception, 7.37 percentage points a year above the BSE 500 TRI (our calculation, from APMI and SEBI data).
There is no lock-in, but an exit load of 1% applies if you redeem within the first year.
Yes, through ACE Multi-Asset, which offers an optional monthly payout of 0.5% of NAV (roughly 6% annualised) starting from the seventh month.
PMS gives you a directly held, individually customizable portfolio (rather than fund units), generally requires a far higher minimum investment, and offers more flexibility in position sizing — but with less diversification protection and no SEBI-verified performance track record in the way mutual funds are regulated.
Conclusion
ACE PMS runs four strategies on one GARP framework, with written entry, exit and risk rules. Each of the four strategies targets a distinct risk-return profile, and the 30 September 2026 data shows all four ahead of their benchmarks since inception.
The right choice depends less on which strategy has the highest headline number and more on your own time horizon, volatility tolerance, and whether you need a payout along the way. As with any PMS investment, review the disclosure document, understand both fee structures before choosing one, and remember that past performance is not a guarantee of what comes next.
