Performance of PMSs is not as frequently discussed as mutual funds. The reason – NAV of mutual fund schemes and performance data are easily available on public domain. Also, the mutual fund industry has 2.28 crore unique investors and hence, the scope and coverage is wider than that of PMS.
Since mutual funds largely cater to retail investors, the market regulator has put several checks and balances on fund management like large cap funds have to invest at least 80% of the total corpus in large cap companies (from the basket of 100 companies) and cap on exposure to single sector or company. However, there is no such restrictions on PMS fund managers as PMSs are meant for well-informed investors who understand nuances of markets.
Let us look at long term performance of PMS. We look at data from pmsbazaar.com which discloses performance of close to 200 PMSs covering 104 PMS providers. Of the 200 odd PMSs, we have shortlisted funds that have generated at least 15% CAGR in 5 years as on March 31, 2021.
Top 15 performers with more than 15% CAGR over 5 years
|
PMS Name |
Fund Name |
Category |
3 Months |
6 months |
1 year |
3 Year |
5 Year |
Since Inception |
|
TCG ADVISORY SERVICES |
TCGAMC MULTICAP FUND |
Multi Cap |
10.43% |
32.70% |
88.27% |
15.49% |
25.21% |
22.71% |
|
GLOBE CAPITAL MARKET |
VALUE |
Multi Cap |
10.20% |
31.05% |
94.38% |
26.57% |
23.40% |
20.80% |
|
BONANZA |
GROWTH |
Large & Mid cap |
4.59% |
17.52% |
65.96% |
14.16% |
23.19% |
22.05% |
|
CENTRUM PMS |
DEEP VALUE |
Mid cap |
17.65% |
37.60% |
121.37% |
21.98% |
21.46% |
19.15% |
|
CENTRUM PMS |
MULTIBAGGER |
Mid cap |
20.99% |
44.57% |
136.23% |
21.49% |
21.36% |
21.95% |
|
GIRIK CAPITAL |
MULTICAP GROWTH EQUITY |
Multi Cap |
6.09% |
17.60% |
53.40% |
8.79% |
20.66% |
19.97% |
|
IIFL |
MULTICAP PMS |
Multi Cap |
3.79% |
28.32% |
68.54% |
20.68% |
20.55% |
19.28% |
|
Master Portfolio |
Vallum India Discovery |
Mid cap |
15.58% |
34.39% |
120.43% |
10.54% |
20.12% |
26.87% |
|
ACCURACAP |
PICOPOWER |
Small Cap |
13.74% |
29.67% |
122.62% |
9.49% |
18.73% |
23.31% |
|
AMBIT INV. ADVISORS |
GOOD & CLEAN INDIA FUND |
Mid cap |
12.61% |
29.79% |
78.40% |
18.24% |
18.68% |
14.45% |
|
SATCO CAPITAL MARKETS |
GROWTH & MOMENTUM |
Multi Cap |
8.93% |
27.35% |
89.11% |
12.56% |
18.42% |
25.25% |
|
NARNOLIA |
INDIA 3T |
Multi Cap |
5.55% |
24.16% |
65.34% |
11.40% |
17.90% |
19.31% |
|
ASK |
IEP |
Multi cap |
6.32% |
32.85% |
68.60% |
15.27% |
16.87% |
18.85% |
|
ASK |
GROWTH |
Multi Cap |
7.68% |
31.60% |
60.86% |
12.32% |
16.81% |
19.96% |
|
QUEST INV ADVISORS |
MULTI |
Multi Cap |
8.71% |
27.59% |
88.73% |
6.70% |
15.94% |
14.68% |
|
Nine River Capital |
Aurum Small Cap Opportunities |
Small Cap |
29.6% |
55.3% |
202.8% |
12.6% |
15.5% |
29.9% |
|
ALFACCURATE ADVISORS |
AAA FOCUS PLAN |
Multi Cap |
3.60% |
26.10% |
67.60% |
10.30% |
15.40% |
13.78% |
Over the last 5 years, Nifty has given a CAGR of 13.67% and BSE 500 (representing multi cap) has given 13.98%.
Now, let us look at these numbers from a different perspective. For the same set of funds, let us sort them by returns since inception.
Top 15 Performers with > 15% CAGR over 5 years, sorted since inception
|
PMS Name |
Fund Name |
Category |
3 Months |
6 months |
1 year |
3 Year |
5 Year |
Since Inception |
|
Nine River Capital |
Aurum Small Cap Opportunities |
Small Cap |
29.6% |
55.3% |
202.8% |
12.6% |
15.5% |
29.9% |
|
Master Portfolio |
Vallum India Discovery |
Mid cap |
15.58% |
34.39% |
120.43% |
10.54% |
20.12% |
26.87% |
|
SATCO CAPITAL MARKETS |
GROWTH & MOMENTUM |
Multi Cap |
8.93% |
27.35% |
89.11% |
12.56% |
18.42% |
25.25% |
|
ACCURACAP |
PICOPOWER |
Small Cap |
13.74% |
29.67% |
122.62% |
9.49% |
18.73% |
23.31% |
|
TCG ADVISORY SERVICES |
TCGAMC MULTICAP FUND |
Multi cap |
10.43% |
32.70% |
88.27% |
15.49% |
25.21% |
22.71% |
|
BONANZA |
GROWTH |
large & Mid Cap |
4.59% |
17.52% |
65.96% |
14.16% |
23.19% |
22.05% |
|
CENTRUM PMS |
MULTIBAGGER |
Mid cap |
20.99% |
44.57% |
136.23% |
21.49% |
21.36% |
21.95% |
|
GLOBE CAPITAL MARKET |
VALUE |
Multi cap |
10.20% |
31.05% |
94.38% |
26.57% |
23.40% |
20.80% |
|
GIRIK CAPITAL |
MULTICAP GROWTH EQUITY |
Multi cap |
6.09% |
17.60% |
53.40% |
8.79% |
20.66% |
19.97% |
|
ASK |
GROWTH |
Multi Cap |
7.68% |
31.60% |
60.86% |
12.32% |
16.81% |
19.96% |
|
NARNOLIA |
INDIA 3T |
Multi cap |
5.55% |
24.16% |
65.34% |
11.40% |
17.90% |
19.31% |
|
IIFL |
MULTICAP PMS |
Multi cap |
3.79% |
28.32% |
68.54% |
20.68% |
20.55% |
19.28% |
|
CENTRUM PMS |
DEEP VALUE |
Mid cap |
17.65% |
37.60% |
121.37% |
21.98% |
21.46% |
19.15% |
|
ASK |
IEP |
Multi cap |
6.32% |
32.85% |
68.60% |
15.27% |
16.87% |
18.85% |
|
QUEST INV ADVISORS |
MULTI |
Multi cap |
8.71% |
27.59% |
88.73% |
6.70% |
15.94% |
14.68% |
|
AMBIT INV. ADVISORS |
GOOD & CLEAN INDIA FUND |
Mid cap |
12.61% |
29.79% |
78.40% |
18.24% |
18.68% |
14.45% |
|
ALFACCURATE ADVISORS |
AAA FOCUS PLAN |
Multi cap |
3.60% |
26.10% |
67.60% |
10.30% |
15.40% |
13.78% |
While the inception dates are different, the CAGR performance is in the range of 14% and 30%.
Conclusion
Of the total 200 PMSs on the pmsbazaar.com universe, only 35 PMSs have a track record of at least 9 years. The implication is, only these funds have a good track record for assessment of performance. The two tables sorted based on 5-year returns till March 2021 and since inception till March 2021 will give you a perspective on performance of these funds.
Deepak Jaggi is Co-founder and Managing Director of Satco Wealth. He can be reached at deepak.jaggi@satcowealth.com. The views expressed in this article are solely of the author and do not necessarily reflect the views of Cafemutual.