We have a SPIVA report for #mutualfunds, but what about PMS? Using data from PMS Bazaar, Mint has done a similar study. In most categories, less than 50% of PMS strategies beat their corresponding #mutualfund category. To that, add the unfavourable taxation(tax on booked profits) 
There isn't much of an argument for investing in Portfolio Management Services. They have largely grown over the past few years on the back of hefty fees and expenses. This is slowly changing. #Sebi banned upfront commissions in PMS and introduced direct plans only in 2020.
There's much talk about the mushrooming of #mutualfund schemes, but the same has happened with PMS - a vast thicket of strategies offered by each manager. Some portfolio managers have done well, but finding them a priori is very difficult. Better to stick with a simple index fund
PMS managers will sometimes say these are customized portfolios which MFs cannot offer. The 'exclusivity' of them being HNI product is played upon. But in practice, most PMSes are pretty standard off-the shelf strategies. Story by @SatyaSontanam livemint.com/money/personal…
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