Indian stock markets have had a rough 2026 so far, with the Nifty and Sensex falling by as much as 13%. Yet the best-performing equity portfolio management services (PMS) have held up well. All ten of the top strategies made money in September, with gains between 3.55% and 5.67%.
Amaltas Asset Management’s Keystone Fund took the top spot in the rankings. The result stands out because most investors have watched their holdings lose value this year. Even a small positive month looks strong against a market that has dropped so sharply.
The data also shows which companies fund managers are backing. Cupid and Sterlite Technologies turned up in several of the leading portfolios, meaning more than one manager has chosen to hold them even as the broader market weakened. When different strategies, each with its own style, end up owning the same shares, it often suggests those managers see something valuable in the businesses. It is not a guarantee of future returns, however.
PMS products work differently from mutual funds. Wealthy investors hand over money to a professional manager, who builds a portfolio tailored to a particular approach. Such portfolios are often concentrated in a small number of stocks. That can boost returns when the picks work out, but it can also magnify losses when they do not.
A single strong month does not make a long-term record. Investors weighing a PMS should look at performance over several years, the fees charged, and how the strategy behaved in earlier downturns. They should also check how much of the portfolio sits in a handful of names.
Still, September’s numbers show that careful stock selection can protect and even grow wealth in a falling market. For now, the managers at the top of the table are being rewarded for their choices.