PMS Tracker: Amaltas, Pluswealth Capital, Emkay, 7 others deliver up to 11% returns in July

Multi-cap and flexi-cap strategies led the top-performing PMS portfolios in July, with six of the 10 best performers delivering monthly returns of more than 5%. The strong performance came as Indian equities had a solid month, with the Nifty rising 2% and the Sensex gaining 1.8%, supported by strong first-quarter earnings despite escalating tensions over the Iran war.

The broader market outperformed the benchmark indices, with the Nifty Smallcap rising nearly 4% and the Nifty Midcap 100 gaining more than 2%.

Amaltas Asset Management's Strategic Opportunities Series 1 led the pack with a 10.54% return for the month ended July 31, 2026.


Pluswealth Capital Management's PlusWealth Catalyst, the only multi-asset strategy in the top 10, followed with a 9.07% return. White Oak Capital Management Consultants' Digital Leaders, a thematic strategy, was the third-best performer with a 7.88% return.

Emkay Investment Managers' Capital Builder, a multi-cap and flexi-cap strategy, posted a 7.24% return, while Wallfort Fund Management's Avenue Fund, the only small and mid-cap strategy in the top 10, gained 6.98%.

InCred Asset Management's Multicap Portfolio delivered a 6.10% return, followed by Renaissance Investment Managers' Midcap Portfolio at 5.96%. Avestha Fund Management's Long Term Growth strategy returned 5.68%, while Fort Capital Investment Advisory's Dynamic strategy gained 5.67%. DRChoksey FinServ's Alpha Invest rounded out the top 10 with a 5.61% return.

Worst performing PMS’ in July

The weakest-performing PMS strategies in July saw losses of around 4.5% to 5.5%, with Valcreate Investment Managers' Growing India strategy recording the steepest decline at 5.48%.

Valcreate Investment Managers' Recovery Strategy followed with a 4.95% fall, while Bonanza Portfolio's Aegis declined 4.92% during the month. Ametra Investment Managers' Ametra FactorAlpha Smallcap fell 4.80%, followed by Money Grow Asset's Small Midcap, which lost 4.62%.

Moneyfiley Advisory Services' MAS Prime rounded out the list with a 4.48% decline in July.

Stock market outlook

Wall Street major Goldman Sachs sees the Nifty 50 rebounding to 26,500 by June 2027, a level above its current record high of 26,373, as it turns more constructive on India following an improvement in the recent macro backdrop.

The brokerage said lower commodity prices, a stabilised currency, resilient domestic growth, healthy second-quarter earnings expectations and the potential recovery in select domestic sectors have improved the outlook for Indian equities.

Goldman Sachs expects a shift in market leadership in the second half of the year, with investors rotating from growth stocks to value plays. The brokerage said valuation de-rating weighed on market returns in the first half amid concerns over an economic slowdown, while growth stocks outperformed because of the scarcity of earnings.

Looking ahead, it expects investors to increasingly favour reasonably valued segments as expectations of an economic recovery improve. Goldman Sachs also believes that as foreign outflows reverse in the second half, the biggest beneficiaries are likely to be the most-sold and attractively valued pockets of the market, particularly large-cap stocks and banks.

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