India Funds Research

MF leaderboard PMS leaderboard Zerodha Verified P&L

Mutual funds and PMS on one page: allocation, category performance on a common window (Apr-2023 → now, the span both datasets cover completely), rank persistence, and the benchmarks themselves. The leaderboards rank every fund; the pages below each fund carry its full history. Also on EdgePnL: Zerodha Verified P&L — instant professional dashboards for any Zerodha verified profile.

Market size

₹71.5 lakh cr vs ₹4.8 lakh cr

mutual funds vs client-facing discretionary PMS — every active fund in both universes, on one common window (Apr-2023 →)

Where active management worked

Flexi Cap +1.7%/yr · Small Cap -0.5%/yr

median mutual fund's active return vs benchmark — the best and worst equity category

Winners rarely repeat

28% of MF · 27% of PMS

top-quartile funds that stayed top-quartile the following year; random chance would be 25%

Since markets went sideways (Oct-24)

MF median active +1.0%/yr · PMS (vs BSE 500) +0.9%/yr

the window that reduces the influence of the bull-market tailwind

1 · Assets under management — mutual funds vs PMS

Bucket	MF AUM ₹cr	PMS AUM ₹cr	MF flows 12m	PMS flows 12m	MF funds	PMS funds
Equity (diversified)	31,10,277	4,27,320	3,42,823.8	-5,790.6	341	1178
Equity (thematic)	4,25,140	2,011	10,399.0	474.8	218	15
Hybrid & Multi-Asset	12,22,393	33,186	1,58,897.6	930.3	184	201
Debt	16,81,914	18,873	-8,983.7	4,703.0	287	171
Passive (Index & ETF)	7,09,797	—	1,24,436.7	—	426
Total	71,49,521	4,81,390

MF AUM is the latest quarter's average (AAUM) (AMFI central disclosure), summed across all plan codes, active schemes only; MF flows are trailing-4-quarter estimates. PMS AUM is the latest month-end for currently-reporting IAs; flows are trailing-12-month estimates. PMS covers the client-facing discretionary universe only (EPFO/PF mandates, non-discretionary and advisory AUM excluded — see the /pms footer).

2 · Does winning persist?

Averaged over every year-to-next-year transition (FY24→25, FY25→26, FY26→27), only 28% of top-quartile mutual funds and 27% of top-quartile PMS stayed top-quartile the following year. Random chance would be 25%. Quartiles are ranked within each peer pool; every fund-year transition counts once; 'stopped reporting' means the fund left the disclosures — a column only a survivorship-honest panel can show.

Mutual funds (equity)

Year t rank	→ Q1	→ Q2	→ Q3	→ Q4	Stopped reporting	n
Was Q1	28%	26%	19%	26%	0%	332
Was Q2	25%	25%	28%	22%	0%	321
Was Q3	23%	24%	28%	24%	1%	328
Was Q4	26%	24%	25%	25%	0%	315

PMS (equity)

Year t rank	→ Q1	→ Q2	→ Q3	→ Q4	Stopped reporting	n
Was Q1	27%	21%	20%	26%	5%	652
Was Q2	20%	22%	25%	26%	7%	648
Was Q3	19%	29%	28%	18%	6%	649
Was Q4	28%	21%	19%	23%	9%	645

3 · Category performance (Apr-2023 → present)

Category	AUM ₹cr	Funds	Return median CAGR %/yr	Active return vs benchmark, median %/yr	Sharpe median (rf 6%)	Info ratio active/TE, median	Beat benchmark % of funds	Sideways-market active median %/yr since Oct-24
MF · Large Cap	3,97,750	35	15.0%	1.5%	0.66	0.58	77%	1.3%
MF · Large & Mid	3,34,694	34	19.5%	0.6%	0.86	0.12	65%	1.0%
MF · Mid Cap	4,79,084	33	23.9%	-0.2%	1.00	-0.05	43%	0.7%
MF · Small Cap	3,96,537	36	23.3%	-0.5%	0.89	-0.20	39%	3.4%
MF · Multi Cap	2,29,708	32	21.4%	—	0.95	—		2.8%
MF · Flexi Cap	12,72,503	171	18.0%	1.7%	0.78	0.35	73%	0.8%
MF · Thematic	4,25,140	218	18.8%	—	0.79	—		—
PMS · vs Nifty 50 TRI	37,601	96	13.4%	1.3%	0.54	0.23	63%	1.2%
PMS · vs BSE 500 TRI	3,89,720	1082	17.9%	1.8%	0.72	0.24	63%	0.9%
PMS · Sector-constrained	2,011	15	25.0%	8.8%	0.97	0.72	75%	6.2%
PMS · Debt	18,873	171	6.6%	—	0.40	—		—
PMS · Hybrid	12,261	47	10.8%	—	0.66	—		—
PMS · Multi Asset	20,924	154	13.2%	—	0.80	—		—

Medians across funds covering the COMPLETE window (so median active equals median return minus the benchmark's return, by construction). Active/IR vs each MF scheme's SEBI Tier-1 category benchmark (TRI proxy chains); PMS equity vs the comparison benchmark EdgePnL infers from each fund's returns (returns tracking the large-cap index → Nifty 50 TRI; all other equity → BSE 500 TRI) — EdgePnL analysis of benchmark fit, not official categories; declared benchmarks are on each fund's page. Blank active columns mean no benchmark return series exists (debt/hybrid benchmarks are index-provider IP with no index funds to proxy them) — never a metric switch. Beat BM = share of funds with positive full-window active. Sideways active = annualized active return Oct-2024 → now, the window that reduces the influence of the broad bull-market tailwind.

Fiscal years — median return (median active)

Category	FY24 median return (active)	FY25 median return (active)	FY26 median return (active)	FY27 median return (active)
MF · Large Cap	37.1% (+2.8%)	7.5% (+1.6%)	-3.4% (+0.7%)	12.6% (+0.6%)
MF · Large & Mid	43.8% (-1.6%)	10.7% (+3.6%)	-0.7% (+0.4%)	16.9% (+1.3%)
MF · Mid Cap	52.2% (-4.6%)	11.4% (+3.6%)	3.2% (+1.3%)	19.1% (-0.1%)
MF · Small Cap	48.6% (-14.4%)	7.4% (+2.1%)	-1.2% (+4.1%)	25.7% (+0.1%)
MF · Multi Cap	49.4%	9.3%	-0.7% (+1.8%)	19.7% (+3.0%)
MF · Flexi Cap	41.6% (+1.5%)	8.4% (+2.5%)	-2.4% (+0.4%)	16.1% (+1.0%)
MF · Thematic	41.9%	8.0%	-1.1%	17.8%
PMS · vs Nifty 50 TRI	28.4% (-1.7%)	7.6% (+1.0%)	-4.5% (-0.6%)	12.8% (+2.8%)
PMS · vs BSE 500 TRI	41.4% (+1.2%)	5.2% (-0.7%)	-2.8% (+0.4%)	17.9% (+3.3%)
PMS · Sector-constrained	47.9% (+7.7%)	10.4% (+4.4%)	-4.6% (-1.5%)	21.5% (+7.0%)
PMS · Debt	6.9%	7.0%	5.7%	2.2%
PMS · Hybrid	20.4%	7.0%	1.3%	7.4%
PMS · Multi Asset	22.1%	7.7%	5.2%	8.4%

Total returns per FY, never annualized; FY27 is year-to-date.

4 · Benchmark comparison

Benchmark	FY24 total % (vs Nifty 50)	FY25 total % (vs Nifty 50)	FY26 total % (vs Nifty 50)	FY27 total % (vs Nifty 50)	CAGR Apr-23→ (vs N50)	Vol	Sharpe	Max DD	Sideways CAGR Oct-24→ (vs N50)
Nifty 50 TRI	30.1%	6.6%	-4.0%	9.9%	12.1%	13.3%	0.48	-14.7	-1.9%
NIFTY 100 TRI	34.4% (+4.3%)	5.8% (-0.8%)	-4.1% (-0.1%)	12.0% (+2.1%)	13.6% (+1.4%)	14.0%	0.55	-16.1	-2.0% (-0.1%)
NIFTY 500 TRI	40.1% (+10.0%)	5.9% (-0.7%)	-3.1% (+0.9%)	14.8% (+4.8%)	16.2% (+4.1%)	14.8%	0.69	-17.8	-1.0% (+0.9%)
NIFTY LargeMidcap 250 TRI	45.3% (+15.2%)	7.1% (+0.4%)	-1.1% (+2.9%)	15.7% (+5.7%)	18.9% (+6.8%)	15.4%	0.82	-18.2	0.3% (+2.2%)
NIFTY Midcap 150 TRI	56.9% (+26.8%)	7.8% (+1.1%)	1.9% (+5.9%)	19.2% (+9.3%)	24.1% (+12.0%)	17.6%	0.98	-20.4	2.2% (+4.1%)
NIFTY Smallcap 250 TRI	63.0% (+32.9%)	5.3% (-1.4%)	-5.3% (-1.3%)	25.6% (+15.6%)	23.9% (+11.8%)	21.4%	0.83	-24.8	-1.4% (+0.5%)

Bracketed figures are each index's excess over Nifty 50 TRI for the same window — the size/breadth premium at a glance. Nifty 50 is a true-TRI chain (modal consensus of PMS-reported figures, 92% agreement); the NIFTY category chains are index-fund medians (TRI minus ~10-25bp/yr tracking drag), cross-validated against true-TRI chains to ~24bp/yr.

Source: APMI monthly IA-level disclosures (mandated by SEBI's Dec-2022 benchmarking circular); returns are TWRR net of all fees and expenses per SEBI circular of Feb-13-2020, as reported by each portfolio manager. Benchmark series are the cross-reporter modal consensus of manager-reported benchmark figures. Reporting artifacts (impossible values on dormant months) are nulled, never silently dropped; dead funds remain in every month they existed. History begins Apr-2023 (the APMI disclosure floor). Sharpe uses rf 6%, arithmetic monthly convention. Coverage: this site lists the client-facing discretionary PMS universe open to the general public (~₹4.6 lakh crore). SEBI's headline portfolio-manager AUM (₹43.2L cr, Jun-2026) additionally includes ~₹30L+ cr of EPFO/provident-fund special mandates plus non-discretionary (₹3.4L cr) and advisory (₹3.1L cr) assets — none of which publish IA-level returns or are investable products; PF/institutional mandates and private-markets series are excluded from these listings. Independence: all figures are computed from mandatory public disclosures with a fixed methodology applied identically to every fund — no fund can pay for inclusion, exclusion, placement, or altered presentation, and any material commercial relationship will be disclosed on the affected pages. EdgePnL groupings, inferred comparison benchmarks and percentiles are analytical overlays, not official categories; each fund's declared benchmark is always shown. Nothing here is investment advice; past performance does not predict future returns. Generated 2026-08-23 18:19Z · data through Jul 2026 · leaderboard

Feedback, inputs, or bug reports are appreciated — @vivekrmr on X · LinkedIn.