PMS data and methodology

Source: APMI

Every return, AUM and benchmark figure comes from the monthly data portfolio managers report to the Association of Portfolio Managers in India (APMI). SEBI requires portfolio managers to report performance on a time-weighted basis, net of fees and expenses, against a benchmark, so figures from different managers can be compared. We don't adjust them.

Data month and checked date

Each strategy page shows two dates. The data month is the month-end the figures describe (for example, returns to 30 September). The checked date is when we last fetched them. APMI publishes with a lag, so the data month is always behind the checked date. Some strategies, mostly debt, hybrid and multi-asset, have no data month in the source; their figures are shown on their own pages and firm pages but left out of every ranking.

How the rankings work

• Only strategies that reported figures for the newest data month are ranked, so each table is one dated snapshot.
• Strategies with less than ₹25 crore of assets are left out of the rankings: a very small book can post extreme returns from a handful of accounts. They still appear on their own pages and firm pages.
• Rankings use the annualised 3-year return. Three years is long enough to cover more than one market phase and short enough that most strategies qualify. Strategies younger than the period, and periods the source marks as zero, are treated as missing.
• Each row shows the strategy's benchmark return for the same period. "vs benchmark" is the strategy's return minus the benchmark's, in percentage points.
• Strategies are also ranked within their benchmark (BSE 500 TRI, Nifty 50 TRI), because strategies measured against the same index are the fairest comparison.
• The "share beating the benchmark" counts strategies whose return is above their benchmark's for the same period.

Limits of these rankings

• Survivorship: only strategies still reporting are ranked. Strategies that closed or merged, often after poor returns, drop out of the data, and the ₹25 crore floor leaves out smaller ones. Both make the share beating their benchmark look better than the full record.
• Benchmark choice: each portfolio manager picks its benchmark from SEBI's permitted list. A strategy measured against a narrow or low-returning index can show a large gap without being the better choice; compare strategies within the same benchmark.
• One period: a 3-year return to a single month-end can change a lot when that month changes.
• On a strategy page, the peer rank compares it with the other strategies that report against the same benchmark for the same data month, if there are at least ten of them.

What the rankings don't tell you

Past returns don't predict future returns. A ranking doesn't account for risk, concentration, taxes on churn, or whether a strategy suits you. The minimum investment in a PMS is ₹50 lakh, and fees (a fixed fee, often with a share of profits above a hurdle) vary widely; open each strategy for its fee terms.

How often it's updated

We check for new APMI data every week. APMI publishes monthly, so the figures change at most once a month, and each table shows its data month. A strategy page's modified date moves only when its own figures change.

Corrections

If a figure looks wrong, the source report may have changed since we fetched it. Write to hello@foliyo.ai with the strategy name and we'll check it against APMI.