Top Performing PMS Strategies in India: 3Y and 5Y Data 2026
Among the PMS strategies Kalviro curates, the top performing PMS in India over five years is Wallfort Diversified Fund PMS, at 26.22%. Over three years the same strategy leads at 31.79%. Over one year, Sundaram Rising Star PMS leads at 43.65%. All three are TWRR returns as of 30 September 2026, from APMI.
So the best performing PMS in India has more than one answer. The name at the top changes with the period you pick, with the part of the market the strategy buys, and with how much money it runs. This page sets out each view and what it can and cannot tell you.
Every table and figure on this page covers only Kalviro’s curated PMS strategies; nothing here ranks or counts the wider PMS market. Each figure comes from the manager’s monthly filing as published by APMI, the industry body for portfolio managers, for the month to 30 September 2026. Two strategies, Tulsian PMS – Large Cap and Neo Yield Enhancer, come from SEBI’s Portfolio Manager Monthly Report for the same month, which Kalviro uses where APMI has no matching row.
A PMS (portfolio management service) is a portfolio of shares that sits in your own demat account, run by a SEBI-registered portfolio manager. You need at least ₹50 lakh. You can usually withdraw on request, subject to the manager’s exit terms. A concentrated portfolio can fall harder than the index in a bad year.
Top performing PMS in India over five years
Five years is the longest period most curated strategies report, which makes it the usual yardstick for a top performing PMS in India. Not every equity and multi-asset strategy on the list has a five-year figure yet; the table below ranks those that do, on that one column.
| # | Strategy | AUM (₹ cr) | 1Y | 3Y | 5Y |
|---|---|---|---|---|---|
| 1 | Wallfort Diversified Fund PMS | 662.11 | 4.06% | 31.79% | 26.22% |
| 2 | Green Portfolio Dividend Yield Fund | 34.98 | 19.12% | 23.49% | 23.99% |
| 3 | ACE Ten Trillion Opportunities PMS | 11.58 | 22.29% | 21.84% | 22.19% |
| 4 | ACE Multicap PMS | 109.27 | 4.81% | 16.90% | 21.11% |
| 5 | Green Portfolio Super 30 Fund | 276.10 | 20.49% | 17.58% | 20.20% |
| 6 | Tulsian PMS – Large Cap (SEBI PMR) | 348.67 | 7.23% | 15.43% | 20.11% |
| 7 | Carnelian Shift Strategy | 6,261.03 | 9.35% | 17.89% | 19.26% |
| 8 | ICICI Pru PMS PIPE Strategy | 8,085.82 | 4.37% | 13.38% | 18.99% |
| 9 | ACE Multi Asset PMS | 12.18 | 6.61% | 16.54% | 18.72% |
| 10 | Negen Capital PMS | 1,558.45 | 12.68% | 19.64% | 18.71% |
| 11 | ICICI Pru PMS Value Strategy | 1,147.00 | 3.00% | 14.39% | 17.57% |
| 12 | Aditya Birla Select Sector Portfolio PMS | 605.09 | 9.29% | 19.29% | 16.42% |
Information as of October 2026. Source: APMI, as of 30 September 2026; Tulsian PMS – Large Cap from the SEBI Portfolio Manager Monthly Report, as of 30 September 2026. TWRR, as printed. Ranked by five-year return only, within Kalviro’s curated PMS strategies that report a five-year figure.
Size matters in reading this list. Four of the top five run less than ₹300 crore, and two run less than ₹50 crore. The two largest names here, Carnelian Shift Strategy and ICICI Pru PMS PIPE Strategy, each manage more than ₹6,000 crore and sit seventh and eighth. Kalviro’s Wallfort Diversified Fund review covers the strategy at the head of both long-term lists.
Top performing PMS in India over three years
On three years, the list of top performing PMS in India keeps five of the same names and brings in seven others.
| # | Strategy | AUM (₹ cr) | 1Y | 3Y | 5Y |
|---|---|---|---|---|---|
| 1 | Wallfort Diversified Fund PMS | 662.11 | 4.06% | 31.79% | 26.22% |
| 2 | Sundaram India Secular Opportunities Portfolio (SISOP) | 2,027.46 | 25.55% | 23.80% | 14.52% |
| 3 | Green Portfolio Dividend Yield Fund | 34.98 | 19.12% | 23.49% | 23.99% |
| 4 | InCred Healthcare Portfolio | 785.68 | 8.51% | 22.55% | 15.76% |
| 5 | Sundaram Emerging Leadership Fund (SELF) | 1,066.07 | 33.73% | 22.49% | 13.53% |
| 6 | Sundaram Voyager PMS | 221.70 | 24.32% | 22.31% | 13.70% |
| 7 | ACE Ten Trillion Opportunities PMS | 11.58 | 22.29% | 21.84% | 22.19% |
| 8 | Carnelian Compounder Strategy | 2,615.00 | 14.82% | 20.30% | 15.21% |
| 9 | Motilal Oswal Mid to Mega Strategy | 2,466.92 | 20.23% | 19.95% | 13.29% |
| 10 | Alchemy Select Stock PMS | 5,382.89 | 14.78% | 19.65% | 14.26% |
| 11 | Negen Capital PMS | 1,558.45 | 12.68% | 19.64% | 18.71% |
| 12 | Aditya Birla Select Sector Portfolio PMS | 605.09 | 9.29% | 19.29% | 16.42% |
Information as of October 2026. Source: APMI, as of 30 September 2026. TWRR, as printed. Ranked by three-year return only, within Kalviro’s curated PMS strategies that report a three-year figure.
The gaps between the two lists say more than either list alone. SISOP is second over three years and 19th over five. SELF is fifth and 24th, Sundaram Voyager PMS sixth and 23rd, and Motilal Oswal Mid to Mega Strategy ninth and 28th. All four also post a one-year return above 20%, so their recent run lifts the shorter windows most. Kalviro’s Motilal Oswal PMS review covers that manager’s seven strategies one by one.
Where the three-year and five-year lists overlap
Five strategies sit in the top 12 on both periods, so they rank as top performing PMS in India on either measure.
| Strategy | AUM (₹ cr) | 3Y rank | 5Y rank |
|---|---|---|---|
| Wallfort Diversified Fund PMS | 662.11 | 1 | 1 |
| Green Portfolio Dividend Yield Fund | 34.98 | 3 | 2 |
| ACE Ten Trillion Opportunities PMS | 11.58 | 7 | 3 |
| Negen Capital PMS | 1,558.45 | 11 | 10 |
| Aditya Birla Select Sector Portfolio PMS | 605.09 | 12 | 12 |
Information as of October 2026. Source: APMI, as of 30 September 2026. Ranked within Kalviro’s curated PMS strategies on each period, from the returns in the tables above.
A place on both lists shows a record that holds across two windows of different length. The reverse case is just as useful. ICICI Pru PMS PIPE Strategy ranks eighth on five years and 31st on three; ICICI Pru PMS Value Strategy ranks 11th and 27th; Tulsian PMS – Large Cap ranks sixth and 24th. For these three, the first two years of the five-year window, October 2021 to September 2023, did more of the work than the last three.
How to read a PMS return table
Many lists of top performing PMS in India print one table and leave the reader to guess what drives the order. Four things change what the numbers mean.
Pick the period before you read the order
Every column ends on 30 September 2026. The one-year figure starts in October 2025, the three-year figure in October 2023 and the five-year figure in October 2021. Ranking on one column ranks one stretch of the market. Short periods swing the most: almost every curated equity strategy shows a negative return for September 2026 alone, and every one shows a positive six-month figure. Periods longer than one year are annualised, so a five-year 18.99% means about that much a year, compounded.
Since-inception returns start on a different date for each strategy, so they don’t compare well across strategies. This page leaves them out of the rankings for that reason.
TWRR, fees and your own account
APMI shows time-weighted returns (TWRR). TWRR strips out the effect of clients adding or withdrawing money, so it measures the manager’s decisions, not anyone’s timing. Your own account will differ, because you hold your own shares, enter on your own date and may add money later. The Buoyant, Negen and WhiteOak factsheets, which show the same figures as APMI, describe them as net of all fees and expenses; check each strategy’s factsheet for its own basis. Kalviro’s guide to PMS performance metrics covers drawdown, Sharpe ratio and other measures beyond the headline return.
AUM and benchmarks
AUM here is the strategy’s total across all clients, in ₹ crore, as of 30 September 2026. A ₹11.58 crore strategy and a ₹13,510.56 crore strategy (ICICI Pru Contra Strategy) can both post a strong year. The smaller one, however, earns it on a much smaller pool of money and has not yet had to invest at scale. Ask how many accounts sit behind a figure, and how long the manager has run that much money.
Each manager also names a benchmark index for the strategy, and APMI’s page lets you set the returns beside the BSE 500 TRI, Nifty 50 TRI or MSEI SX 40 TRI. Benchmark returns are not in the data used for this page, so the tables leave them out. When you check one, compare the strategy only with its own stated benchmark.
Top performing PMS in India by category
A single mixed table of top performing PMS in India favours whichever part of the market ran hardest. The table below groups strategies by the market-cap label on Kalviro’s PMS page, and shows the top three or four in each group by five-year return.
| Category | Strategy | AUM (₹ cr) | 1Y | 3Y | 5Y |
|---|---|---|---|---|---|
| Large cap | Tulsian PMS – Large Cap (SEBI PMR) | 348.67 | 7.23% | 15.43% | 20.11% |
| Large cap | ICICI Prudential PMS Large cap Strategy | 888.63 | 3.02% | 14.74% | 13.50% |
| Large cap | Renaissance Opportunities PMS – Largecap Strategy | 519.39 | -4.30% | 7.17% | 10.38% |
| Small and mid cap | Wallfort Diversified Fund PMS | 662.11 | 4.06% | 31.79% | 26.22% |
| Small and mid cap | ACE Ten Trillion Opportunities PMS | 11.58 | 22.29% | 21.84% | 22.19% |
| Small and mid cap | Green Portfolio Super 30 Fund | 276.10 | 20.49% | 17.58% | 20.20% |
| Small and mid cap | Carnelian Shift Strategy | 6,261.03 | 9.35% | 17.89% | 19.26% |
| Multi, flexi and all cap | ACE Multicap PMS | 109.27 | 4.81% | 16.90% | 21.11% |
| Multi, flexi and all cap | Negen Capital PMS | 1,558.45 | 12.68% | 19.64% | 18.71% |
| Multi, flexi and all cap | ICICI Pru PMS Value Strategy | 1,147.00 | 3.00% | 14.39% | 17.57% |
| Multi, flexi and all cap | Nine Rivers Capital Multiplier PMS | 43.28 | 9.51% | 16.65% | 16.23% |
| Sector and multi-asset | Green Portfolio Dividend Yield Fund | 34.98 | 19.12% | 23.49% | 23.99% |
| Sector and multi-asset | ACE Multi Asset PMS | 12.18 | 6.61% | 16.54% | 18.72% |
| Sector and multi-asset | InCred Healthcare Portfolio | 785.68 | 8.51% | 22.55% | 15.76% |
Information as of October 2026. Source: APMI, as of 30 September 2026; Tulsian PMS – Large Cap from the SEBI Portfolio Manager Monthly Report, as of 30 September 2026. TWRR, as printed. Ranked within Kalviro’s curated PMS strategies; categories follow the labels on Kalviro’s PMS page, not APMI’s.
Large-cap strategies hold the biggest listed companies and usually move closer to the index. Small and mid-cap books can rise and fall much further in the same market, so a five-year 19.26% in that group carries a different kind of risk from 13.50% in large caps. A healthcare portfolio depends on one sector’s run. The large and mid-cap group is left out: its strategy on the list, Alchemy Smart Alpha 250, has no five-year figure yet.
The list also has debt strategies. Neo Yield Enhancer returned 10.38% over one year and 11.17% since inception, on ₹2,293 crore of AUM (SEBI Portfolio Manager Monthly Report). APMI lists Sundaram F.I.R.S.T Debt PMS in three variants: Aggressive returned 9.10% over one year and 10.51% since inception (₹78.19 crore), Moderate 8.35% and 9.55% (₹115.19 crore), and Conservative 7.63% and 8.64% (₹23.47 crore). All are as of 30 September 2026. None has a three-year or five-year figure, and equity returns are the wrong yardstick for a bond book. Kalviro’s guide to debt PMS explains how those strategies work.
Why a top performing PMS in India can show a weak year
Ten curated strategies returned less than 5% over one year while their five-year figure stays above 13%. Four of them are in the five-year top 12.
| Strategy | 1Y | 3Y | 5Y |
|---|---|---|---|
| Wallfort Diversified Fund PMS | 4.06% | 31.79% | 26.22% |
| ACE Multicap PMS | 4.81% | 16.90% | 21.11% |
| ICICI Pru PMS PIPE Strategy | 4.37% | 13.38% | 18.99% |
| ICICI Pru PMS Value Strategy | 3.00% | 14.39% | 17.57% |
| Renaissance India Next Portfolio – Flexi Cap PMS | -2.58% | 10.70% | 14.73% |
| ICICI Pru Contra Strategy | 0.19% | 12.26% | 14.39% |
| ICICI Prudential PMS Large cap Strategy | 3.02% | 14.74% | 13.50% |
| 360 ONE Phoenix Fund | 1.79% | 10.93% | 13.36% |
| Motilal Oswal Value Migration Strategy | -1.38% | 15.69% | 13.16% |
| Nine Rivers Capital Aurum Small Cap PMS | 4.51% | 7.22% | 13.03% |
Information as of October 2026. Source: APMI, as of 30 September 2026. TWRR, as printed. Selected from Kalviro’s curated PMS strategies on one-year return below 5.00% and five-year return above 13.00%; ordered by five-year return.
Wallfort and ACE Multicap are top-five names on five years. A weak year can come from style (value or contrarian books when growth stocks lead), from a few large positions, or from a shift in which part of the market leads. The manager’s monthly commentary usually says which.
Best and top performing PMS in India: what investors ask
Which PMS gives the highest return in India? It depends on the period. In Kalviro’s curated list, Wallfort Diversified Fund PMS has the highest five-year (26.22%) and three-year (31.79%) return, and Sundaram Rising Star PMS the highest one-year return (43.65%), per APMI as of 30 September 2026. This page does not rank strategies outside that list.
What are the top 5 PMS in India by five-year return? Within Kalviro’s curated strategies, as of 30 September 2026: Wallfort Diversified Fund PMS, Green Portfolio Dividend Yield Fund, ACE Ten Trillion Opportunities PMS, ACE Multicap PMS and Green Portfolio Super 30 Fund. Four of the five run less than ₹300 crore.
Which is the top small cap PMS? Among strategies labelled small cap on Kalviro’s PMS page, Green Portfolio Super 30 Fund has the highest five-year return (20.20%) and Sundaram Rising Star PMS the highest one-year return (43.65%). Across the wider small and mid-cap group, Wallfort Diversified Fund PMS has the highest five-year (26.22%) and three-year (31.79%) return. All figures are per APMI, as of 30 September 2026. Nine Rivers Capital Aurum Small Cap PMS, the one strategy with “small cap” in its name and a five-year record, shows 13.03%.
Are PMS returns shown after fees? APMI doesn’t state it on its performance page. Several factsheets that match the APMI figures say net of all fees and expenses. Fees differ by manager, so read the fee terms; Kalviro’s note on PMS fee structures explains fixed and performance fees.
Can NRIs invest in these strategies? Many managers accept NRIs, with extra paperwork and tax at source. Kalviro’s page on PMS for NRIs covers the onshore and GIFT City routes.
From a ranking to a shortlist
Any list of top performing PMS in India gives a starting point, not a decision. Before you narrow it, check the minimum (₹50 lakh at SEBI’s floor, and some managers ask for more), the fee terms, any exit load in the early years and the number of stocks in the portfolio. Tax falls on you as the manager sells each holding, so ask a tax professional how that applies to you. Kalviro’s PMS selection checklist lists the questions to put to a manager.
The trade-off sits in the tables themselves: the highest five-year numbers on this list come mostly from smaller strategies, the largest strategies sit further down, and the one-year leaders often rank lower over five years. Kalviro’s PMS in India page lists the curated strategies with their latest returns and sources.
