Qode PMS Strategies: All Weather, Tactical Fund & Growth Fund
When investors explore professional portfolio management, they often look for a strategy that matches their investment objectives, risk tolerance and time horizon. Qode PMS strategies provide three different approaches through Qode All Weather, Qode Tactical Fund and Qode Growth Fund.
Although all three strategies have a minimum investment of ₹50 lakh, their investment philosophies are different. Qode All Weather focuses on diversification across equity, gold and cash. Qode Tactical Fund uses momentum, timing and dynamic positioning. Meanwhile, Qode Growth Fund follows a quantitative approach focused on small-cap equities.
Therefore, understanding these differences is important before evaluating historical performance.
This guide explains the three strategies, their investment frameworks, minimum investment, fee structures, reported performance and potential portfolio roles.
Qode PMS Strategies at a Glance
The three strategies are designed for different investment requirements. As a result, investors should look beyond headline returns and understand how each portfolio is constructed.
| Strategy | Investment Approach | Main Exposure | Minimum Investment | Portfolio Role |
|---|---|---|---|---|
| Qode All Weather (QAW) | Diversified, multi-asset and factor-driven | Equity, gold and cash | ₹50 lakh | Diversified allocation |
| Qode Tactical Fund (QTF) | Momentum-driven and dynamic | Equity with tactical protection | ₹50 lakh | Active allocation |
| Qode Growth Fund (QGF) | Quantitative and factor-based | Small-cap equities | ₹50 lakh | Growth allocation |
In simple terms, Qode All Weather focuses on diversification, Qode Tactical Fund focuses on momentum and active positioning, while Qode Growth Fund focuses on small-cap growth.
Consequently, the right way to compare them is not simply to look at which strategy has delivered the highest historical return. Instead, investors should consider the strategy’s objective, risk profile, benchmark, drawdown and role within the overall portfolio.
Qode PMS Fund Manager and Track Record
The three Qode PMS strategies are managed by Rishabh Nahar, who is listed as the Fund Manager across the Qode All Weather, Qode Tactical Fund and Qode Growth Fund factsheets.
However, the three strategies do not have identical live track records.
Qode All Weather began on 18 November 2024. Qode Tactical Fund started on 28 November 2024. In comparison, Qode Growth Fund has a later inception date of 5 March 2025.
This difference matters when looking at historical performance.
For example, a strategy with a shorter live history has experienced fewer market cycles than one that has been operating for longer. Therefore, investors should always read the reported return alongside the strategy’s inception date.
The benchmarks are also different. Qode All Weather uses the Nifty 50 TRI for the supplied performance comparison. Qode Tactical Fund is compared with the Nifty Midcap 150, while Qode Growth Fund is compared with the Nifty Smallcap 250.
As a result, direct comparisons between the three CAGR figures can be misleading unless the investment approach and benchmark are considered together.
Historical performance is useful information. Nevertheless, it doesn’t guarantee future returns.
Qode All Weather: Diversification Across Multiple Assets
Qode All Weather (QAW) follows a diversified, multi-asset approach.
The strategy combines equity, gold and cash. In addition, it uses derivatives as a protection layer during periods of market stress.
Qode describes the strategy through its A.C.E. framework:
- Alpha uses equity factors such as momentum and low volatility to seek returns.
- Cushion uses gold to provide diversification.
- Edge uses derivatives to manage risk during stressed markets.
Therefore, the strategy isn’t dependent solely on equity markets.
Instead, it combines different components with the objective of creating a more diversified portfolio structure.
How Does Qode All Weather Work?
The equity component seeks return opportunities through selected factors. Meanwhile, gold provides another source of exposure, while cash can contribute to portfolio flexibility.
The derivative component adds another layer to the investment framework. Its purpose is to help manage portfolio risk during stressed market conditions.
However, diversification does not eliminate risk.
Even a diversified portfolio can experience losses when market conditions are unfavourable. Therefore, investors should consider both historical returns and maximum drawdown when studying Qode All Weather.
The supplied August 2026 data reports a maximum drawdown of -8.33% for the strategy.
Who May Consider Qode All Weather?
Qode All Weather may be relevant for investors looking for:
- Diversified PMS exposure
- Equity exposure combined with other assets
- A structured multi-asset approach
- Professional portfolio management
- A strategy with a focus on managing market stress
However, suitability depends on the investor’s existing portfolio and financial objectives.
For instance, an investor already holding substantial exposure to gold and defensive assets may have a different portfolio requirement from an investor whose holdings are almost entirely equity-based.
Therefore, the strategy should be considered in the context of the complete portfolio.
Qode Tactical Fund: Momentum and Dynamic Positioning
Qode Tactical Fund (QTF) follows a dynamic investment approach.
Rather than maintaining a fixed allocation throughout different market conditions, the strategy can adjust its exposure based on market trends and proprietary timing models.
The approach is built around three key elements:
Momentum identifies strong and sustained market trends.
Timing helps determine when market exposure should increase or decrease.
Protection adds risk-management measures through tactical positioning and defensive hedges.
As a result, QTF is designed to respond to changing market conditions.
How Does Qode Tactical Fund Use Momentum?
Momentum plays a central role in the strategy.
The basic principle is to identify trends that are showing strength and participate while those trends remain favourable. When momentum weakens, the strategy can adjust its positioning.
However, momentum strategies can face challenges when markets reverse quickly.
For that reason, the strategy also incorporates timing and protection mechanisms. Nevertheless, no investment process can eliminate market risk completely.
The August 2026 figures show a 14.12% annualised CAGR since inception, compared with 7.19% for the Nifty Midcap 150.
The reported maximum drawdown was -10.35%.
These numbers describe historical performance through 31 August 2026. They should not be interpreted as a forecast of future performance.
Who May Consider Qode Tactical Fund?
QTF may be relevant for investors who prefer:
- Active portfolio management
- Momentum-based investing
- Dynamic exposure
- Tactical positioning
- A structured approach to changing market conditions
At the same time, investors should understand that active positioning can produce different results across different market environments.
Therefore, the investment process is just as important as the historical return.
Qode Growth Fund: Quantitative Small-Cap Investing
Qode Growth Fund (QGF) takes a more focused approach to the equity market.
The strategy is long-only and focuses on small-cap companies. Its investment process combines quantitative and fundamental factors.
Qode highlights three areas through its O.N.E. Framework:
- Operational Outperformance looks for improving business performance.
- Normalized Momentum Score evaluates price strength.
- Efficient Pricing considers growth while also looking at valuation.
This approach aims to identify small-cap businesses that demonstrate characteristics associated with growth, quality and attractive pricing.
Why Does Qode Growth Fund Focus on Small Caps?
Small-cap companies can offer significant growth opportunities. At the same time, they can experience greater price volatility than larger companies.
Qode’s small-cap thesis highlights factors such as higher growth potential, lower market coverage and the possibility of faster re-rating when strong businesses attract greater investor attention.
However, these characteristics can also mean greater risk.
Small-cap stocks can experience sharp declines during difficult market conditions. Consequently, investors considering QGF should have an investment horizon that allows them to tolerate periods of volatility.
The supplied August 2026 data reports a 31.88% annualised CAGR since inception, compared with 20.47% for the Nifty Smallcap 250.
The reported maximum drawdown was -16.74%.
Because Qode Growth Fund began on 5 March 2025, investors should also consider its relatively shorter live track record when evaluating these figures.
Qode PMS Fees and Minimum Investment
All three Qode strategies have a minimum investment requirement of ₹50 lakh.
The supplied fee structure provides three options.
Fixed Fee
The Fixed Fee option charges 2.50% and has no performance fee.
Hybrid Fee
The Hybrid Fee option charges a fixed fee of 1.50% along with a 15% performance fee above a 10% hurdle.
Only Profit Sharing
The Only Profit Sharing option has no fixed fee. Instead, it charges 20% on performance, with a 0% hurdle.
The supplied fee schedule also shows 0% exit load at one, two and three years.
However, investors shouldn’t consider the headline management fee in isolation.
Other costs may also apply, including brokerage, taxes and other applicable expenses. In addition, investors should understand exactly how performance fees are calculated.
For more information about PMS fee structures, investors can also review this PMS fee structure guide.
Before investing, carefully review the latest PMS agreement and applicable disclosures.
Qode PMS Performance as of August 2026
The latest supplied factsheets report performance through 31 August 2026.
The information states that the reported figures are post-fees and that since-inception performance is presented as annualised CAGR.
| Qode Strategy | Since-Inception CAGR | Benchmark | Benchmark CAGR | Maximum Drawdown |
|---|---|---|---|---|
| Qode All Weather | 23.86% | Nifty 50 TRI | 2.52% | -8.33% |
| Qode Tactical Fund | 14.12% | Nifty Midcap 150 | 7.19% | -10.35% |
| Qode Growth Fund | 31.88% | Nifty Smallcap 250 | 20.47% | -16.74% |
These figures provide a historical snapshot.
However, they should be interpreted carefully.
First, the strategies have different inception dates. Second, they use different benchmarks. Third, they follow different portfolio construction methods. Finally, their reported maximum drawdowns are different.
Therefore, comparing the three strategies purely on CAGR would leave out important information.
For example, Qode Growth Fund’s reported CAGR is accompanied by the highest reported maximum drawdown among the three strategies. Conversely, Qode All Weather’s reported maximum drawdown is the lowest in the supplied data.
This illustrates why investors should consider risk alongside return.
Past performance is not a guarantee of future performance. Market conditions can change, and future returns can differ significantly from historical results.
Which Qode PMS Strategy May Fit Your Portfolio?
The three approaches can be understood simply:
Qode All Weather focuses on diversification.
Qode Tactical Fund focuses on momentum and dynamic positioning.
Qode Growth Fund focuses on quantitative small-cap investing.
However, portfolio selection should begin with the investor’s existing asset allocation.
For example, an investor who already has significant small-cap exposure through mutual funds or direct stocks may need to consider whether another small-cap strategy would increase concentration.
Similarly, an investor with a predominantly equity portfolio may be interested in understanding how a multi-asset approach could fit within the broader allocation.
Meanwhile, an investor looking for active exposure based on market trends may want to examine the investment process behind Qode Tactical Fund.
Therefore, the key question isn’t simply which strategy has delivered the highest historical return.
Instead, investors should ask:
- What does the strategy invest in?
- How does it select investments?
- What is its benchmark?
- What has its historical drawdown been?
- What are the fees?
- How long is the intended investment horizon?
- How does it fit with the existing portfolio?
This approach provides a more complete framework for evaluating Qode PMS strategies.
Who Should Consider Qode PMS?
Qode PMS may be relevant for investors who can meet the ₹50 lakh minimum investment and are comfortable with market-linked investment risk.
It may also be considered by investors who want professional portfolio management and a structured investment process.
However, PMS may not be appropriate for everyone.
Investors who need their money in the short term should carefully consider liquidity and market risk. Similarly, investors who cannot tolerate temporary portfolio losses should understand the potential volatility of the chosen strategy.
Existing portfolio exposure is another important consideration.
For instance, an investor already heavily exposed to small-cap equities may need to evaluate whether an additional small-cap allocation aligns with their overall asset allocation.
Likewise, investors should consider their investment horizon before selecting an equity-focused or tactical strategy.
Qode’s disclosures also state that its products do not promise or guarantee assured or fixed returns.
Therefore, investors should review the latest PMS documentation, fee structure, portfolio information and risk disclosures before making an investment decision.
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Frequently Asked Questions About Qode PMS Strategies
Qode offers three strategies: Qode All Weather, Qode Tactical Fund and Qode Growth Fund. Each follows a different investment approach.
The minimum investment stated for each strategy is ₹50 lakh.
Qode Growth Fund focuses on small-cap equities and uses quantitative and fundamental factors in its investment process.
Qode All Weather combines equity, gold and cash and uses derivatives as part of its protection framework.
Momentum is a key component of Qode Tactical Fund. Momentum is also used within the investment processes of Qode All Weather and Qode Growth Fund.
Qode All Weather follows a diversified multi-asset approach involving equity, gold and cash. Qode Tactical Fund focuses on dynamic positioning, momentum and timing.
Qode Growth Fund focuses on small-cap equities, whereas Qode All Weather combines equity with gold and cash as part of a diversified portfolio approach.
No. The supplied information states that past performance doesn’t guarantee future results and that Qode doesn’t promise or guarantee assured or fixed returns.
As of 31 August 2026, the supplied factsheets reported annualised since-inception CAGRs of 23.86% for Qode All Weather, 14.12% for Qode Tactical Fund and 31.88% for Qode Growth Fund.
Final Takeaway
The three Qode PMS strategies offer different approaches to professional portfolio management.
Qode All Weather combines equity, gold and cash with a protection layer. Qode Tactical Fund uses momentum, timing and dynamic positioning. Qode Growth Fund focuses on quantitative small-cap investing.
The reported August 2026 performance figures provide useful historical context. However, investors should consider those figures alongside drawdowns, benchmarks, inception dates, fees and portfolio construction.
Most importantly, historical returns shouldn’t be treated as guaranteed future outcomes.
Before investing, review the latest PMS agreement, fee structure, portfolio details and risk disclosures. Also consider how the selected strategy fits into your existing investments.
A well-informed PMS evaluation therefore goes beyond asking which strategy has generated the highest return. Instead, it considers how the strategy works, what risks it takes, what it costs and how it fits into the investor’s broader financial plan.
