October saw a wide divergence in equity PMS performance, with a handful of high-beta strategies driving the month’s gains while several niche themes slipped into the red.
(Source: PMS Bazaar)
Sundaram Alternates’ Rising Stars emerged as the strongest performer with 10.5% gains, followed by Kotak’s Fintech PMS at 9.97% and Right Horizons’ Super Value Aggressive at 9.47%, reflecting how sharply the small- and mid-cap rebound lifted managers positioned in emerging, digital and deep-value names. In contrast, Maxiom’s GEM strategy delivered the weakest return at –2.79%, while Green Portfolio’s MNC Advantage (–2.21%) and Brightseeds’ Xylem Maverick (–2.06%) also ended negative, suggesting that global-tilted, MNC-heavy and contrarian portfolios failed to participate in the month’s risk-on rally.
- Sundaram Alternate Assets - Rising Stars
Led October 2025 at 11.20%, building on strong small-cap momentum. Long-only approach targeting small-cap risers via bottom-up picks and GARP (Growth at Reasonable Price) for sustained upside. Emphasises on emerging leaders with robust moats and fundamentals.
2. Kotak Mahindra Asset Management Company - Fintech
Clocked 10.15% in November 2025, riding digital economy waves. Thematic dive into fintech disruptors like payments and lending platforms, using benchmark-agnostic, growth-oriented selections.
3. InCred Asset Management - Focused Healthcare Portfolio
Delivered 9.85% in November 2025, thriving on aggressive positioning. High-conviction mid/small/micro-cap value hunt for multibaggers with 3-5 year earnings doublers. Bottom-up in overlooked pockets for contrarian edges.
4. InCred Asset Management - Multicap Portfolio
Rose 9.42% in October 2025, extending its sectoral dominance. Concentrated multicap tilt toward healthcare (pharma, hospitals, medtech), zeroing in on global inflection points for thematic growth.
5. InCred Asset Management - Multicap Portfolio
Gained 9.28% in October 2025, mirroring September's strength. Flexible multicap across caps, favoring quality businesses at fair valuations via sector-agnostic, low-churn bottom-up.
6. Elever Investment Adviser Pvt Ltd - Factoralpha Smallcap
Posted 8.92% in October 2025, capitalising on factor rotations. Pure quant small-cap engine blending global factors like value, momentum, and quality for dynamic, data-led alpha generation. Low-discretion model.
7. Right Horizons - Super Value
Achieved 8.75% in October 2025, aligning with its aggressive sibling's success. Value-growth fusion in mid/small-caps, targeting moats and contrarian setups in downcycles for diversified, risk-mitigated returns.
8. Sundaram Alternate Assets Ltd - SELF Portfolio
Climbed 8.58% in October 2025, complementing the Rising Stars' lead. Mid/small-cap emerging leaders via research-heavy theme scans, governance checks, and profitability modeling.
9. ASK Investment Managers - ASK Financial Opportunities Portfolio
Added 7.92% in October 2025, tapping financial recovery. Deep sectoral play in financials (banks, NBFCs, wealth managers), betting on AUM expansion and capex/export synergies.
10. Fident Asset Management - Fident All-Season India Resilient (FAIR)
Rounded out at 7.88% in October 2025, holding firm in turbulence. Multicap resilience via bottom-up growth picks in structurally sound firms with top-tier governance. Thematic on India's mega-trends.
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