In the dynamic world of wealth management, money flow is a vote of confidence. High-Net-Worth Individuals (HNIs) and serious finance enthusiasts don’t just follow performance — they follow conviction. And there’s no stronger signal than rising inflows into Portfolio Management Services (PMS) strategies that are resonating with India’s discerning investors.
SEBI’s PMS data as of February 2025 offers a clear snapshot: certain PMS strategies have seen inflows surge by over 100% year-to-date, with investors moving capital away from traditional funds to curated, high-performing portfolios.
In this article, we decode the Top PMS strategies that attracted the highest net inflows so far in FY2024- 25. From Stallion Asset’s Core Fund to Dezerv Equity Revival Strategy, we highlight the winners and what makes them so appealing to India’s wealth creators.
A Look at the Numbers: Top Net Inflows (Feb 2025)
Here are the PMS strategies that saw the highest net inflows in February 2025, according to SEBI:
| Rank | Strategy Name | PMS House | Net Flows (Feb) | FYTD AUM Growth |
| 1 | Q India Value Equity Strategy – XIX | Quantum Advisors | ₹346 Cr | New |
| 2 | Stallion Core Fund | Stallion Asset | ₹332 Cr | 183% |
| 3 | ICICI Pru Contra Strategy | ICICI Prudential AMC | ₹209 Cr | 71% |
| 4 | Dezerv. Equity Revival Strategy | Dezerv | ₹171 Cr | 140% |
| 5 | Oaklane Be-spoke-equity | Oaklane Capital | ₹151 Cr | 559% |
Source: SEBI PMS Trends – March 2025
These figures reflect fresh capital flowing into PMS strategies — a strong indicator of investor interest, confidence, and future PMS performance expectations.
Deep Dive into the few high AUM companies
1. Dezerv. Equity Revival Strategy (Dezerv Investments Pvt Ltd)
- AUM- INR 12000 Crore
- Net Inflow: ₹171 Cr (Feb), ₹2,221 Cr FYTD
- FYTD AUM Growth: 140%
- 1-Year Return: 2%
- Since Inception Return: 19%
- Inception: June 2022
Focused on reviving value in underperforming but fundamentally strong companies, this strategy is tech-enabled and risk-aware — ideal for modern investors.
2. Stallion Core Fund (Stallion Asset Pvt Ltd)
- AUM- 4795 Crores
- Net Inflow: ₹332 Cr (Feb), ₹2,467 Cr FYTD
- FYTD AUM Growth: 183%
- 1-Year Return: 25%
- Since Inception Return: 29%
- Inception: Oct 2018
This strategy is built around concentrated high-growth companies in emerging sectors. Stallion’s aggressive stance in equities, supported by consistent alpha, makes it a favorite among growth-seeking HNIs.
3. ICICI Pru Contra Strategy (ICICI Prudential AMC)
- AUM- INR 10645
- Net Inflow: ₹209 Cr (Feb), ₹4,407 Cr FYTD
- FYTD AUM Growth: 71%
- 1-Year Return: 2%
- Since Inception Return: 19%
- Inception: Sep 2018
A contrarian strategy that bets on under-owned sectors and companies, this fund leverages ICICI’s institutional research edge — appealing to conservative yet strategic investors.
4. Oaklane Be-Spoke Equity (Oaklane Capital Management LLP)
- AUM- INR 10000
- Net Inflow: ₹151 Cr (Feb), ₹291 Cr FYTD
- FYTD AUM Growth: 559%
- 1-Year Return: 4%
- Since Inception Return: 14%
- Inception: Dec 2021
Despite being newer and smaller, Oaklane’s strategy saw over 5x growth this year — proving that even boutique PMS houses can lead when backed by performance and narrative.
While still in its early days, this strategy attracted the most inflows in February. Likely driven by marketing and brand pull, investors are yet to see long-term performance.
What Attracts Inflows to a PMS Strategy?
HNIs today are more informed and analytical. Based on conversations with portfolio managers and advisors, here’s what’s driving inflows:
1. Proven Past Performance
- Returns across 1Y, 3Y, and since inception
- Positive alpha vs benchmark (Dezerv’s 3% alpha is a key draw)
2. Strong Research Backing
- HNIs prefer PMS houses with research depth
- Dezerv, ICICI, and Stallion all have strong analyst teams and models
3. Unique Strategy Narrative
- Revival, contrarian, multi-asset, or focused sector plays
- Dezerv’s “equity revival” theme resonates with finance-first investors
4. Transparency & Access
- Digital dashboards, monthly updates, and manager notes
- Dezerv leads in mobile-access PMS reporting
5. Performance-Linked Fees
- Dezerv’s standout model: you only pay if you earn
- Reduces friction for first-time HNIs exploring PMS
What do These Inflows mean for Investors?
While inflows alone don’t guarantee future returns, they do offer insight into market sentiment and strategy momentum.
Advantages of Tracking Inflows:
- Discover strategies with growing investor trust
- Spot themes gaining institutional interest
- Identify boutique funds gaining traction
However, smart investors must combine inflow analysis with return data, alpha, and manager credibility.
Things to Watch Before You Invest
Before parking your ₹50L+ capital into a PMS strategy, consider:
| Factor | Why It Matters |
| Performance Consistency | Avoid chasing 1-year stars |
| Manager Track Record | Past crisis handling |
| Fee Structure | Prefer performance-linked (Dezerv model) |
| Minimum Holding Period | PMS returns often compound over 3–5 years |
| Tax Implications | Direct stock ownership means capital gains tax |
What’s Ahead for PMS Flows in 2025?
If market volatility continues, investors may shift even more capital to managers who demonstrate:
- Risk-adjusted consistency
- Opportunistic asset allocation
- Responsive communication
Expect greater interest in multi-asset PMS, international equity PMS, and debt-plus strategies (like Dezerv’s Dynamic Debt Plus).
Conclusion
Money moves where confidence flows. In 2025, PMS strategies like those from Stallion, ICICI, and especially Dezerv have not only delivered performance, they’ve earned investor trust.
As India’s HNI base continues to grow, PMS is becoming the go-to vehicle for personalized, actively managed, alpha-driven wealth growth.
For investors seeking professional management, consistent updates, and transparent fees, Dezerv offers a compelling balance of performance and platform experience.
