Investment Products
Managed Portfolio
Portfolios managed by professional experts to a defined strategy, aimed at growing your wealth while managing risk to your goals and risk appetite.
Managed Portfolios
Your portfolio, in expert hands.
A managed portfolio is an investment portfolio run by professional fund managers according to a defined strategy. Instead of picking every stock or bond yourself, you choose a manager and an approach — and they make and monitor the investment decisions within that mandate.
In India, the two main routes are Portfolio Management Services (PMS) and Alternative Investment Funds (AIF). Both are regulated by SEBI and designed for investors with larger portfolios who want professional management beyond conventional mutual funds.
Professional managers
Decisions by dedicated investment teams
Defined strategy
A clear mandate you agree upfront
Regular reporting
Track holdings and performance
One Approach. Two Ways to Invest.
PMS or AIF — which route fits you?
Both offer professional management. They differ in how your money is held, how much you need to invest, and how much the strategy can be tailored.
Option 01 · PMS
Portfolio Management Services
A professional manager runs a portfolio in your own name. You see every holding in your demat account, and the portfolio can reflect your preferences within the chosen strategy.
- Regulated under
- SEBI (Portfolio Managers) Regulations, 2020
- Minimum investment
- ₹50 lakh
- Structure
- Individual account, held in your demat
- Customisation
- Possible within the strategy
- Typically suited to
- Investors who want ownership, transparency and a tailored portfolio
Option 02 · AIF
Alternative Investment Funds
A pooled fund that gathers money from eligible investors to invest in strategies beyond traditional stocks and mutual funds — from private equity and private credit to long-short equity.
- Regulated under
- SEBI (Alternative Investment Funds) Regulations, 2012
- Minimum investment
- ₹1 crore (for most investors)
- Structure
- Pooled fund — you hold units
- Customisation
- Same strategy for all investors in the fund
- Typically suited to
- Investors seeking access to specialised or alternative strategies
Side by Side
How PMS and AIF compare.
PMS
AIF
How your money is held
Securities held directly in your demat account
Units of a pooled fund
Transparency
Every holding and transaction visible to you
Periodic reporting at fund level
Customisation
Can reflect your preferences within the strategy
One strategy for all investors in the scheme
Investment universe
Mainly listed equities, debt and similar securities
Can include unlisted, private and alternative assets
Liquidity
Generally redeemable, subject to exit load
Often closed-ended with a lock-in until the fund term ends
Taxation
Taxed in your hands as if you held the securities
Depends on AIF category — some are pass-through, others taxed at fund level
A general comparison — features, liquidity and tax treatment vary by provider, strategy and AIF category.
Inside Each Option
The choices within PMS and AIF.
PMS service types
Discretionary
The portfolio manager makes buy and sell decisions on your behalf within the agreed strategy. This is the most common form of PMS.
Non-discretionary
The manager recommends trades, but each decision is executed only with your approval.
Advisory
The manager advises on the portfolio; you take and execute the final decisions yourself.
AIF categories
Category I
Invests in areas the government considers economically or socially beneficial — such as start-ups, early-stage ventures, infrastructure and SMEs.
Category II
Funds such as private equity and private debt that do not fall in Category I or III, and do not use leverage beyond day-to-day needs.
Category III
Funds that use complex or trading strategies, which may include leverage — for example, long-short and hedge-fund style strategies.
Your Journey
From first conversation to managed portfolio.
Five clear steps, with Brihanta alongside you from shortlisting a manager to every review that follows.
01
Profile
We understand your goals, time horizon, liquidity needs and risk appetite.
02
Shortlist
We compare suitable PMS strategies or AIFs — approach, track record, team and costs.
03
Onboard
KYC, account opening or fund subscription, and the agreement or contribution documents.
04
Monitor
The manager runs the portfolio; you receive regular statements and reports.
05
Review
We review performance with you and revisit fit as your needs change.
Costs
Fees at a glance.
Fee structures vary by manager and strategy. We set out every charge clearly, so you can compare options on what you will actually pay.
Management fee
A fixed annual fee, charged as a percentage of the assets managed.
Performance fee
A share of returns above a set hurdle — usually subject to a high-water mark.
Exit load
May apply on withdrawals within a specified period.
Other expenses
Custody, fund administration, brokerage and statutory charges.
How Brihanta Helps
Choosing a manager is a big decision. We make it a clear one.
- Portfolio ManagementHelp you explore professionally managed investment options.
- Investment StrategyUnderstand the approach used to manage your investments.
- Risk ManagementAssess investment risks according to your risk profile.
- Performance MonitoringTrack portfolio performance and review progress.
- Goal-Based InvestingAlign investment decisions with your financial objectives.
FAQ
Questions investors often ask.
Can’t find your answer here? Our team will walk you through it.
01What is the minimum investment for PMS and AIF?
Under SEBI rules, the minimum investment is ₹50 lakh for PMS and generally ₹1 crore for AIFs (lower thresholds apply to certain categories, such as the fund’s own employees). Individual providers may set higher minimums.
02How is PMS different from a mutual fund?
In a mutual fund you own units of a pooled scheme. In PMS, the securities are held directly in your own demat account, the portfolio can be more concentrated, and it may be tailored to your preferences within the strategy. PMS also has a much higher minimum investment.
03Who holds my money and securities?
In PMS, the securities sit in a demat account in your name, with funds held in a bank account linked to the portfolio. In an AIF, your money is pooled in the fund and you hold units; the fund’s assets are held with a custodian.
04Can I withdraw my money at any time?
PMS portfolios can generally be withdrawn, in part or in full, subject to the agreement and any exit load. Many AIFs — especially Category I and II — are closed-ended, so your money is committed until the fund’s term ends.
05How are returns taxed?
In PMS, tax applies in your hands as if you held the securities directly. For AIFs, Category I and II funds are largely pass-through for tax, while Category III funds are generally taxed at the fund level. Please consult your tax advisor for your situation.
06How do I track performance?
PMS clients receive periodic statements showing holdings, transactions and performance, and can view holdings in their own demat account. AIF investors receive periodic reports and statements from the fund.
07Are returns guaranteed?
No. PMS and AIF investments are subject to market risk, and the value of your investment can go down as well as up. Past performance of a manager or strategy does not indicate future returns.
08How does Brihanta choose which manager to recommend?
We start from your goals and risk profile, then compare suitable strategies on their approach, team, track record across market cycles, portfolio construction, risk controls and total costs — and explain the trade-offs before you decide.
Investment returns are not guaranteed and may fluctuate with market conditions. Risks, fees, and management arrangements depend on the specific product or service. Read the disclosure document or private placement memorandum carefully before investing.