PMS Tracker: March meltdown ensured 97% of strategies sank up to 22%; Money

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The Economic Times daily newspaper is available online now. Read Today's Paper PMS Tracker: March meltdown ensured 97% of strategies sank up to 22%; Money Grow, ASK Investment bled the mostBy Shivendra Kumar, ETMarkets.comLast Updated: Apr 12, 2026, 04:41:00 PM ISTSynopsis

Indian PMS strategies suffered steep losses in March, with 97% delivering negative returns amid a war-led market selloff. Small and midcap strategies were hardest hit, mirroring Nifty’s sharp decline, while only a few debt-oriented and select equity strategies managed marginal gains.

Indian stock markets' complete washout in March reflected in the performance of the domestic PMS market, with an overwhelming 97% strategies out of 518 tracked by PMSBazaar reporting negative returns up to 22%. The villain in the picture is the Iran-Israel/US war which triggered a widespread sell-off across most categories, be it smallcap, midcap, largecap, flexicap, sector fund or multi-asset fund.

Over 500 strategies reported erosion in March with 315 (61%) posting a double-digit decline. The sharpest fall of 22% was recorded in small-midcap strategy by Money Grow Asset Pvt Ltd, an AMC with Assets Under Management (AUM) of approximately Rs 84 crore as of March end.

Next in line was ASK Investment Managers Ltd whose investment approach 'ASK Financial Opportunities Portfolio' witnessed an 18% plunge during the month. It tracks Nifty 50 TRI and has Rs 151 crore worth of AUM. Money Grow Asset's 'Bespoke' strategy also slipped 18%.

Omniscience Capital Advisors (Omni Emperors, Omni Victors and Omni Centurions strategies), Money Grow Asset (Blend), Wallfort Fund Management LLP (India Contra Equity Fund), Wallfort Fund Management (Diversified Fund) and ithought Financial Consulting (VRDDHI) were other AMCs that reported a significant double-digit decline.

Other widely tracked strategies include DRChoksey FinServ's Alpha Invest, ICICI Prudential AMC's Large Cap Strategy, Hem Securities' (Dynamic Research and Emerging Strategy), and Shriram Asset Management Company's Mid & Large Cap strategy. Each of these strategies saw a fall of 13% month-on-month.

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Apart fron this DRChoksey FinServ's 'Chatur Amrit Kaal Fund', InCred Asset Management's 'Multicap Portfolio' and Centrum PMS' 'Built To Last', each reported an over 12% fall. HDFC Asset Management Company (India Ascent Portfolio) and Centrum PMS (Good To Great) also reported over a 12% fall.

Outliers

Just 15 strategies or nearly 3% managed to hold on to the February levels, albeit marginally, and the majority of them were debt-oriented.

Qode Advisors LLP's strategy named Qode Growth Fund (equity) delivered 1.34% returns - the only one to give over 1% gains to investors. Qode Advisors' Qode Future Horizon yielded 0.6% returns in the month gone by.

Indian markets struggled badly in March, with the Nifty falling 11%, its sharpest fall since the Covid-19 pandemic when it tumbled 23% month-over-month. The markets broke their favourable seasonality, dragged by the war which began on February 28.

(Disclaimer: The recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times.)
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