Guides
Step-by-step guides for evaluating SEBI-registered PMS in India — from your first factsheet read to advanced metrics like drawdown recovery, capture ratios, and fee structures. Each guide includes worked examples with Indian ticket sizes and cross-links across topic clusters.
Evaluation & Due Diligence
Comparison frameworks, factsheet literacy, and traps that make marketing look like skill.
Start with pillar guide →Alpha Beta Explained
Understand alpha and beta in Indian PMS factsheets: what each measures, how Nifty-linked betas differ across mandates, and why both matter before you compare headline returns.
Backtest Vs Live Performance
Learn why backtested PMS track records differ from live results in India, what SEBI allows managers to show, and how to stress-test simulated histories before investing.
Benchmark Selection
How Indian PMS managers choose benchmarks—and how a mismatched index can flatter or punish performance stats when you compare schemes on Know Your PMS.
Beta Adjusted Returns
Beta-adjusted returns show what a PMS earned relative to the risk it took versus the benchmark—essential for fair comparisons across aggressive and defensive Indian mandates.
Common PMS Red Flags
Spot warning signs in Indian PMS pitches—opaque composites, fee traps, style drift, and disclosure gaps that should pause due diligence before you wire ₹50 lakh.
Correlation To Benchmark
Correlation to benchmark shows how closely an Indian PMS moves with Nifty or its stated index—and when low correlation means diversification vs mandate drift.
How To Compare Schemes
A practical framework to compare SEBI-registered PMS schemes in India—metrics, mandates, fees, and process checks beyond headline CAGR on Know Your PMS.
How To Read Factsheet
Decode Indian PMS monthly factsheets—NAV, AUM, performance vs benchmark, portfolio snapshot, and the footnotes SEBI expects you to actually read.
Peer Group Comparisons
How to compare Indian PMS schemes against the right peer group—mandate, cap bucket, and style—not the entire universe on one leaderboard.
Performance Persistence Myth
Why last year's top Indian PMS often slips next year—performance persistence evidence and how HNIs should weight track records.
Survivorship Bias
Survivorship bias in PMS databases—closed schemes vanish, flattering average performance and peer rankings for Indian investors.
Risk & Return Metrics
Drawdowns, rolling returns, capture ratios, and risk-adjusted measures beyond headline CAGR.
Start with pillar guide →Bull Vs Bear Market Performance
Evaluate how Indian PMS schemes behave in Nifty rallies versus corrections—up-capture, down-capture, and cycle-aware due diligence for HNI portfolios.
Calendar Returns
Calendar-year PMS returns in India—how to read Jan–Dec performance, why they differ from rolling returns, and what fiscal-year thinking means for HNI tax planning.
Calmar Ratio Guide
Calmar ratio for Indian PMS: CAGR divided by max drawdown—when it helps rank risk-adjusted performers and when drawdown timing distorts the number.
Capture Ratios Guide
Up-capture and down-capture ratios decode how Indian PMS schemes participate in Nifty rallies and selloffs—core metrics for asymmetric return profiles.
Downside Protection In Crashes
How Indian PMS managers protect capital in Nifty selloffs—cash, quality tilts, hedges, and what downside stats actually prove for HNI allocators.
Drawdown Clustering
Why PMS drawdowns often arrive in clusters—and how serial correlation in losses affects recovery psychology and redemption timing for Indian HNI portfolios.
Drawdown Recovery Time
Drawdown recovery time measures how long Indian PMS portfolios take to regain prior peaks—often more important to HNIs than the depth of the fall itself.
Hit Rate Win Loss
Hit rate and win/loss ratios in PMS stock picking—how often managers are right, how big wins compare to losses, and limits of batting-average stats.
Information Ratio Guide
Information ratio measures risk-adjusted active return vs benchmark—key for evaluating relative-return Indian PMS on Know Your PMS.
Max Drawdown Explained
Maximum drawdown for Indian PMS—how peak-to-trough loss is calculated, why HNIs fear it, and how to use it without ignoring recovery time.
Maximum Adverse Excursion
Maximum adverse excursion (MAE) in PMS trades—how much positions went against managers before winning, and what it reveals about risk control.
PMS Sharpe Vs Sortino
Sharpe vs Sortino for Indian PMS—penalizing all volatility vs downside only, and which ratio fits which mandate.
Profit Factor Guide
Profit factor for PMS strategies—gross profits divided by gross losses, and how it complements hit rate for Indian equity managers.
Return Dispersion Across Schemes
Return dispersion among Indian PMS schemes—why outcomes vary wildly within the same label and how to interpret spread vs median.
Risk Of Ruin
Risk of ruin intuition for PMS investors—sequential losses, leverage, and why even good strategies can fail with bad sizing.
Rolling Drawdowns
Rolling drawdown charts for PMS—how underwater depth evolves month by month, not just the single worst peak-to-trough statistic.
Rolling Returns Guide
Rolling returns for Indian PMS—3-year and 5-year windows that smooth calendar-year luck and reveal consistency.
Skew Kurtosis
Skew and kurtosis in PMS returns—detecting negative tail risk and fat tails beyond what volatility and Sharpe show.
Sortino Target Return
Sortino ratio with target return—using minimum acceptable return (MAR) instead of risk-free rate for Indian PMS evaluation.
Stability Of Returns
Return stability in PMS—low volatility of monthly outcomes, rolling consistency, and why smooth paths matter for HNI behavior.
Tail Risk Basics
Tail risk in PMS portfolios—rare extreme losses, fat tails, and why normal volatility metrics understate Indian equity crash risk.
Tracking Error Guide
Tracking error for Indian PMS—volatility of active returns vs benchmark and what high or low TE signals about manager style.
Ulcer Index Guide
Ulcer Index for PMS—measuring depth and duration of drawdowns together, a path-risk metric suited to drawdown-averse Indian HNIs.
Volatility Explained
Volatility in PMS returns—standard deviation, what it measures, what it misses, and Indian equity context for HNIs.
Worst Month Best Month
Best and worst monthly PMS returns—tail months that reveal crash behavior and lottery wins beyond average performance.
Fees & Taxation
Fixed vs performance fees, hurdles, turnover taxes, and STCG/LTCG for PMS in India.
Start with pillar guide →Expense Ratio In PMS
PMS fees vs mutual fund expense ratios in India—fixed management charges, performance fees, and how to translate headline costs into net returns.
Fees Fixed Vs Performance
Fixed vs performance-based PMS fees in India—hurdles, high-water marks, and how fee design aligns (or misaligns) manager incentives with HNI outcomes.
HWM Hurdle Explained
High-water marks and hurdle rates in Indian PMS performance fees—how they protect HNIs from paying twice and when hurdles are too easy to clear.
Tax Loss Harvesting
Tax-loss harvesting in Indian PMS—realizing losses to offset gains, wash-sale awareness, and coordination with your CA.
Taxation STCG LTCG
STCG and LTCG taxation for Indian PMS investors—equity holding periods, rates, and why turnover directly hits your ITR.
Turnover And Churn
Portfolio turnover and churn in PMS—how often managers trade, why it matters for costs, taxes, and conviction in India.
Turnover Impact On Taxes
How PMS turnover drives STCG/LTCG outcomes in India—quantifying the tax drag high-churn managers can create for HNIs.
Investor Profiles
Match mandate and ticket size to beginners, HNIs, conservative, aggressive, or family office needs.
Start with pillar guide →PMS For Aggressive Investors
Choosing aggressive Indian PMS for high-risk HNIs—small/mid-cap mandates, concentration, and metrics that matter when you seek equity-like upside.
PMS For Beginners
First PMS for Indian investors—₹50L minimum, due diligence basics, and mistakes beginners make when graduating from mutual funds.
PMS For Conservative Investors
Conservative Indian PMS options—large-cap quality, lower beta, downside focus, and suitability for HNIs who prioritize capital preservation.
PMS For Family Offices
PMS for Indian family offices—reporting, governance, multi-account structures, and manager selection at institutional ticket sizes.
PMS For Hnis
PMS for high-net-worth Indians—₹50L+ entry, customization benefits, tax considerations, and how HNIs should evaluate managers on Know Your PMS.
Portfolio Construction
Concentration, liquidity, capacity, cash levels, sectors, and style drift in live portfolios.
Start with pillar guide →Capacity Constraints In PMS
How rising AUM affects Indian PMS execution, alpha decay, and minimum ticket sizes—capacity signals every HNI should read before allocating.
Impact Of Cash Levels On Returns
How cash holdings in Indian PMS portfolios drag or protect returns—and how to interpret elevated cash as defense, capacity, or deployment failure.
Impact Of Fund Size On Alpha
Why PMS alpha often fades as AUM grows in India—liquidity, position limits, and crowding in mid and small caps explained for HNI allocators.
Leverage And Derivatives In PMS
Leverage and derivatives in SEBI-registered PMS—F&O usage, exposure disclosure, and risk HNIs must understand beyond long-only equity labels.
Liquidity Risk In Small Cap Schemes
Liquidity risk in Indian small-cap PMS—bid-ask spreads, redemption pressure, and why paper gains can evaporate when everyone heads for the exit.
Portfolio Concentration
Portfolio concentration in Indian PMS—top holdings weight, single-stock risk, and when focus drives alpha vs blow-up risk.
Regime Analysis
Regime analysis for PMS—splitting performance by bull, bear, rate-hike, and liquidity cycles in Indian markets.
Sector Allocation
Sector allocation in PMS portfolios—financials, IT, industrials weights, active bets vs benchmark, and sector risk for Indian HNIs.
Style Box
Style box analysis for PMS—market cap vs value/growth positioning and how Indian managers map to Morningstar-style grids.
Style Drift Detection
Detect style drift in PMS—when managers quietly shift from large-cap value to mid-cap growth, invalidating your original thesis.
Advanced Concepts
Tail risk, Kelly intuition, risk parity framing, and regime-aware evaluation.
Start with pillar guide →Kelly Criterion Intuition
Kelly criterion intuition for PMS sizing—why full-Kelly betting is dangerous and how HNIs should think about optimal allocation to a single manager.
Risk Parity Concepts For PMS
Risk parity concepts applied to PMS portfolios—balancing risk contributions, not rupee weights, for Indian HNI allocators.