Every PMS and AIF brochure shows you a return number. Very few show you the one number that actually tells you whether that return was any good: the benchmark.
A strategy that returned 12% sounds solid — until you learn its benchmark index returned 18% over the same period, at which point that “solid” return is actually underperformance.
This page exists to give you exactly that context — verified, sourced, regularly updated market-cap benchmark data that you can use to evaluate any PMS or AIF’s performance claims, rather than taking a single headline number at face value.
Why Benchmark Data Matters More Than a Single Return Number
A PMS or AIF’s return only means something in relation to two things: what the broader market did over the same period, and how much risk the manager took to get there. Without that context, a return figure is just a number floating in isolation.
That’s why, instead of publishing unverified “top-performing PMS” rankings — which vary wildly and inconsistently across different websites, and which we can’t independently verify for accuracy — we’re taking a more useful and more honest approach on this page: giving you the actual, sourced market-cap benchmark data that any PMS or AIF strategy in a given category should reasonably be measured against.
Pair this with the PMS/AIF glossary to understand exactly what terms like alpha, CAGR, and drawdown mean when you’re doing that comparison yourself.
For context on how these numbers stack up against pooled vehicles, see our PMS vs AIF vs Mutual Funds comparison.
How to Read PMS/AIF Returns Correctly
Before looking at any numbers, it helps to understand a few methodology basics that most brochures gloss over:
CAGR vs. absolute return: CAGR (Compound Annual Growth Rate) annualises returns over multi-year periods; absolute return is the total gain over the full period without annualising.
A 3-year absolute return of 45% is very different from a 45% CAGR — always check which one you’re being shown.
Point-to-point vs. rolling returns: A single point-to-point return (e.g., “returns from April 2021 to April 2026”) can be flattered or hurt by the specific start and end dates chosen.
Rolling returns — measuring performance across many overlapping periods — give a more honest picture of consistency.
Pre-fee vs. post-fee returns: Always confirm whether a quoted return is before or after the PMS fee structure has been deducted — the gap between the two can be significant.
Benchmark-adjusted, not just absolute: As covered above, a return only tells the full story alongside its benchmark.
Two 20% returns aren’t equal if one was achieved against a benchmark that returned 10% and the other against a benchmark that returned 22%.
A headline 15% return means little without knowing the post-tax PMS and AIF returns you’ll actually keep.
Market-Cap Benchmark Returns (NSE Total Returns Indices)
The table below tracks the key market-cap benchmark indices used to evaluate PMS and AIF strategies across categories — smallcap, midcap, and largecap.
These are Total Returns Index (TRI) figures, meaning they include dividend reinvestment, which is the correct basis for comparing against most PMS/AIF strategy returns.
| Index (Total Returns) | QTD | YTD | 1-Year Return | 5-Year CAGR | Since-Inception CAGR |
| Nifty 50 TRI | 1.77% | -5.93% | -0.43% | 10.41% | 12.46% |
| Nifty Midcap 150 TRI | 1.51% | 4.30% | 9.01% | 17.93% | 17.19% |
| Nifty Smallcap 250 TRI | 0.82% | 7.78% | 5.19% | 15.28% | 15.79% |
Data as of: July 31, 2026 | Source: NSE Indices Limited (niftyindices.com) — official index factsheets
What This Data Tells You Right Now
As of this update, the Nifty 50’s 1-year return has turned slightly negative, while midcap and smallcap benchmarks remain in positive territory over the same period — a reminder that market-cap segments don’t move in lockstep, and single-year snapshots can look very different depending on which segment you’re examining.
Zoom out to the 5-year CAGR, however, and a more consistent long-term pattern shows up: midcap has outpaced both smallcap and largecap, smallcap has outpaced largecap, and largecap has delivered the steadiest, lowest-volatility path of the three.
This is exactly the kind of context that matters when a PMS or AIF strategy shows you its own return figures.
If a midcap-focused strategy quotes a 5-year CAGR below 17-18%, for instance, that’s a fair prompt to ask how much alpha (if any) it has actually generated over its benchmark.
How to Compare a Specific PMS or AIF’s Returns to These Benchmarks
Identify the strategy’s category — smallcap, midcap, multicap, or flexicap — from its Disclosure Document or PPM
Match it to the correct benchmark — a smallcap-focused PMS should be compared to the Nifty Smallcap 250 TRI, not the Nifty 50
Compare over the same time period — match the exact 1-year, 3-year, or 5-year window the PMS/AIF is quoting, using rolling returns where possible rather than a single point-to-point figure
Check both return and risk — a strategy that beats its benchmark by a wide margin but also carries a much deeper drawdown may not represent better risk-adjusted performance
Confirm whether the figure is pre-fee or post-fee — request both, since the fee structure materially affects your real, net return
Returns vary sharply by AIF category, so always compare a fund against peers in the same category, not the asset class as a whole.
Where to Find Verified, Fund-Specific PMS/AIF Returns Data
For actual fund-level PMS returns (rather than category benchmarks), SEBI mandates that every registered portfolio manager disclose standardised performance data. The most reliable sources for this fund-specific data are:
APMI (Association of Portfolio Managers in India) — the SEBI-recognised industry body that standardises and publishes PMS performance reporting formats
HNI Portfolio – An online platform offerring PMS and AIF data, along with blogs on various investment techniques
PMS Bazaar — an independent platform that aggregates PMS performance data reported by providers
The individual PMS provider’s own Disclosure Document and monthly/quarterly factsheets — the most authoritative and current source for any specific strategy
We recommend cross-checking any specific PMS or AIF’s quoted returns against at least one of these sources before treating them as final, since presentation formats and reporting periods can vary between a provider’s marketing material and their regulatory disclosures.
A Note on Data Accuracy and Update Frequency
The benchmark data on this page is sourced directly from NSE Indices Limited’s official factsheets and is refreshed quarterly, aligned with each index’s semi-annual/quarterly reporting cycle.
We deliberately avoid publishing fund-specific “best PMS” return rankings on this page, since return figures reported across third-party PMS ranking sites are frequently inconsistent and difficult to independently verify—a limitation worth being transparent about, rather than presenting unverified numbers as fact.
Frequently Asked Questions
Why do you show index (benchmark) returns instead of specific PMS returns on this page?
Individual PMS and AIF returns vary by provider, strategy, and reporting period, and third-party sources often report inconsistent figures for the same fund.
Verified, standardised benchmark index data gives you a reliable reference point to evaluate any specific PMS or AIF’s performance claims against, sourced directly from NSE Indices.
What’s the difference between a Total Returns Index (TRI) and a Price Return Index?
A Total Returns Index includes reinvested dividends in its calculation, while a Price Return Index only tracks price movement.
TRI figures are the more accurate comparison point for PMS/AIF returns, since your actual investment returns also benefit from dividend income.
How often is this page updated?
This page is refreshed quarterly with the latest available NSE Indices data, so the figures reflect the most recent full reporting period rather than real-time index levels.
Where can I check a specific PMS provider’s actual historical returns?
Request the provider’s current Disclosure Document and factsheet directly, or check aggregated data via APMI or PMS Bazaar — see the section above for details.
Should I choose a PMS purely based on which one beat its benchmark by the widest margin?
Not in isolation. A wide margin of outperformance is meaningful, but always check it alongside drawdown history, consistency across market cycles, and the fee structure, since a large short-term outperformance built on high-risk concentration may not hold up over a longer horizon.
Explore Portfolio Management Services and Alternative Investment Funds across India’s SEBI-registered providers, or read our 10-point PMS provider checklist before comparing specific strategies.