3 PMS funds doubled HNI investor wealth in FY24, stars missing in top 10 list

Others in the top 10 list are 's Active Alpha, Asit C Mehta's ACE Midcap, Ambit Global's Alpha Growth, Carnelian's YNG Strategy, Investsavvy's Alpha Fund, Bonanza Portfolio's Value fund and 's .

On an average, PMSes delivered a stellar return of 44.34% on an average in FY24. Data shows that 330 out of 334 PMSes recorded double-digit returns, and 264 exceeded Nifty50 TRI in the financial year.

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The best performing PMS Invasset is known to follow a dynamic approach of four investment styles - value, growth and special situation, quality and pension fund investing.

"When our algorithm detects that the markets are undervalued and fear prevails, we lean towards value investing. The hypothesis here is that we look for value only when there is overall value in the market. What may seem value in a rising market may actually be a value trap. Conversely, when our algorithm signals a bullish market phase, we pivot towards growth investing, which constitutes a significant portion of our strategy," Invasset's Anirudh Garg had told ET Markets earlier.

Star fund managers

When it came to some of the most popular fund managers of Dalal Street, Shyam Sekhar-run ithought's smallcap fund Vrddhi gave 58% return and multicap fund Solitaire recorded a growth of 57%.

Samir Arora's Helios India Rising Fund delivered 50% return while Devina Mehra-owned First Global's India Super 50 fund outperformed Nifty with 38% return. Her Indian Multi-Asset fund gave an annual return of 30%

Saurabh Mukherjea's widely-tracked Consistent Compounder portfolio underperformed with 24% return. His Kings of Capital fund recorded an annual growth of 19%, Rising Giants 14% while the smallcap-focused Little Champs ended FY24 flat with just 0.3% upside.

During the year, mid and smallcap indices rallied by 60% and 63%, respectively, while the largecap Nifty50 went up by 28.6% over the same period. Realty, PSU banks, Auto, Energy, Infra, and Pharma indices were the biggest outperformers in FY24. On the other hand, Media, Private Banks, and FMCG indices delivered muted returns.

"A refreshing observation was the comeback made by the Value factor in FY24. In recent years, particularly since Covid, Momentum has consistently led market returns, while Value struggled to catch up. Finally, FY24 marked the year when the tables turned, and Value outperformed Momentum," said Sujit Modi of Share.Market Research.

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