Equity & PMS
Direct equity and Portfolio Management Services for investors who want concentrated, professionally-managed exposure — with skin in the game.
For a narrower set of investors, a different vehicle.
Mutual funds are right for most investors most of the time. But for some — those with a meaningful corpus already invested, the temperament for concentrated positions, and a horizon measured in decades rather than years — direct equity and Portfolio Management Services offer something mutual funds can't.
Greater customisation. More concentrated portfolios. Stocks held in your own demat account. Tax treatment that reflects your actual transactions, not a pooled vehicle. And the operational and emotional commitment that comes with that.
This isn't a service we recommend to everyone. When we don't think it's right, we say so. When we do, we apply the same rigour we use on mutual funds — multiplied for the higher stakes.
Three ways to build direct equity exposure.
Each suits a different kind of investor. Each has a different cost, customisation, and commitment profile.
Direct Equity Advisory — Research-backed recommendations and portfolio construction. You execute. Best for clients with ₹10 L+ to deploy and some prior market experience.
Portfolio Management Services (PMS) — Discretionary management in your own demat. ₹50 L minimum per scheme. More concentrated, more customisable than MFs.
Alternative Investment Funds (AIFs) — For ₹1 Cr+ allocations: VC, private equity, long/short equity strategies, structured products. Sophisticated, illiquid, long horizons.
PMS marketing always shows the best 3 years. Our job is to look at the worst 3 years, the manager's behaviour during them, and what kind of clients stayed.— Nikhil Dedhia, COO
Six criteria we apply to every PMS we recommend.
Most PMS strategies underperform the broader market over a full cycle. The minority that genuinely add value share a common set of characteristics. We screen for these before recommending any.
Strategy fit — Does the style match your risk and goals?
Multi-cycle track record — Through bull markets and bear markets, not just the last good run
Process discipline — A repeatable framework, not opportunistic guessing
Fee transparency — Fixed fees, profit-share, hurdle rates — all clear, all reasonable
Risk management — Position sizing, concentration limits, exit discipline
Tax efficiency — Portfolio turnover affects after-tax returns more than people realise
Considering PMS or direct equity?
Let's discuss whether it's the right fit — and which managers we'd actually recommend versus avoid.
Who we'll tell not to do this.
Equity and PMS are not for everyone. Honesty matters more than commission. If any of these apply to you, we'll recommend a different path:
- • First-time investors — start with mutual fund SIPs
- • Anyone needing the money within 5 years
- • Anyone whose total portfolio is under ₹25 L
- • Anyone who has panicked in past market falls
- • Anyone seeking guaranteed or fixed returns
Not sure where to begin?
A 30-minute no-obligation conversation often clarifies more than weeks of online research. We'd be happy to listen.
