7 Best Performing PMS that Delivered up to 43% Returns in FY26

Why It Matters

The strong PMS returns demonstrate that disciplined, diversified portfolio strategies can generate outsized wealth even in highly volatile environments, signaling attractive opportunities for high‑net‑worth investors seeking alpha.

Key Takeaways

• Aequitas' India Opportunities delivered >43% FY26 return, ~US$456 M AUM.
• Qode All Weather posted ~37% return with ~US$19 M AUM.
• Vallum Multi Activa achieved 30% FY26 gain despite recent dip.
• Capital 8 Infinity generated 24% return, AUM around US$17 M.
• Maximal Capital's Income Fund delivered >23% debt‑portfolio return.

Pulse Analysis

The FY 2026 Indian equity market was a roller‑coaster, with policy flip‑flops and geopolitical tensions driving sharp swings. While many investors saw portfolio erosion, the PMS sector proved resilient, leveraging flexible allocation models and rigorous risk controls. This environment rewarded managers who could pivot between small‑cap growth, multi‑cap flexibility, and defensive debt positions, allowing them to capture upside while limiting downside exposure.

Among the top performers, Aequitas Investment’s small‑cap‑focused India Opportunities product combined aggressive stock selection with a long‑term bias, achieving a 43% annual gain and a ten‑year average of 31%. Qode Advisors’ All Weather strategy diversified across caps and sectors, delivering 37% returns despite a modest US$19 million AUM base. Capital 8’s Infinity Fund and Maximal Capital’s Income Fund illustrate how multi‑cap equity and debt‑oriented portfolios can both thrive, offering investors a spectrum of risk‑adjusted returns.

For high‑net‑worth investors, these results highlight the value of partnering with PMS providers that employ dynamic asset allocation and robust research frameworks. As market volatility persists, the ability to adapt quickly—whether shifting into defensive debt or capitalizing on small‑cap momentum—will be a key differentiator. Prospective clients should assess a manager’s track record, AUM scale, and risk‑management protocols to ensure alignment with their return objectives and tolerance for market turbulence.