Renaissance Investment Managers PMS Review: SQGARP Strategies (2026)
Renaissance Investment Managers PMS is the portfolio management business of Renaissance Investment Managers Pvt Ltd, an equity-focused firm founded in 2016 by Pankaj Murarka. As of 31 August 2026, per PMS Bazaar, it reported PMS assets under management of ₹1,885.26 crore across 1,691 clients and three investment approaches: Midcap, Opportunities and Indianext.
All three strategies follow the firm's proprietary framework, "Sustainable Quality Growth at Reasonable Price" (SQGARP). This review explains that philosophy, the team behind it and how the strategies have performed.
Renaissance Investment Managers PMS is the portfolio management business of Renaissance Investment Managers Pvt Ltd, an equity-focused firm founded in 2016 by Pankaj Murarka. As of 31 August 2026, per PMS Bazaar, it reported PMS assets under management of ₹1,885.26 crore across 1,691 clients and three investment approaches: Midcap, Opportunities and Indianext. All three strategies follow the firm's proprietary framework, "Sustainable Quality Growth at Reasonable Price" (SQGARP). This review explains that philosophy, the team behind it and how the strategies have performed. Quick Facts: Renaissance Investment Managers PMS Portfolio Manager Renaissance Investment Managers Pvt Ltd SEBI Registration No. INP000005455 PMS AUM ₹1,885.26 crore (as on 31 August 2026) Number of Clients 1,691 Investment Approaches 3 Key People Pankaj Murarka (Founder and Fund Manager) Registered Office Mumbai, Maharashtra Minimum Investment ₹50 lakh (SEBI-mandated minimum for PMS) About Renaissance Investment Managers Renaissance was founded in 2016 and says it has a team of more than 70 professionals with presence in six cities. It manages equity assets across PMS, AIF and advisory, including offshore funds, and states total assets under management and advisory of about ₹3,700 crore. The senior management team is described as having more than 140 years of cumulative experience in equities. The investment framework, SQGARP, aims to combine sustainable business quality and growth with a disciplined approach to valuation. In plain terms, the firm looks for companies that can compound earnings for long periods but tries not to overpay for them. Founder Pankaj Murarka has over 25 years of experience in equity research and fund management. He spent nearly a decade at Axis Mutual Fund, where he was part of the team that set up the AMC in 2009 and later served as CIO, overseeing more than $5 billion in Indian equities. Earlier, he was India Portfolio Manager for Merrill Lynch's Strategic Investment Group, was part of the set-up team at Rare Enterprises (the investment office of Rakesh Jhunjhunwala), and worked at Motilal Oswal and UTI AMC. He is a rank-holding Chartered Accountant. Renaissance Investment Managers PMS Strategies and Performance Strategy Category 1Y 2Y 3Y 5Y Inception Midcap Portfolio Mid Cap 0.86% -4.69% 8.29% 15.11% Jan 2018 Opportunities Portfolio Large Cap 2.14% -2.47% 10.02% 13.15% Jan 2018 Indianext Portfolio Multi Cap & Flexi Cap 2.85% -2.18% 13.52% 17.79% Apr 2018 Returns as of 31 August 2026, TWRR, as reported by the portfolio manager to PMS Bazaar; returns over one year are annualised. Indianext Portfolio The Indianext Portfolio, launched in April 2018, is classified as multi cap and flexi cap. As the name suggests, it appears oriented towards businesses positioned for India's next phase of growth. It has the strongest record in the line-up, with 2.85% over one year, -2.18% over two years, 13.52% over three years and 17.79% over five years as of 31 August 2026. Opportunities Portfolio The Opportunities Portfolio, launched in January 2018, is classified as large cap, making it the most conservative of the three by market capitalisation. It reported 2.14% over one year, -2.47% over two years, 10.02% over three years and 13.15% over five years. Midcap Portfolio The Midcap Portfolio, also launched in January 2018, focuses on mid-sized companies. It reported a five-year return of 15.11%, but more recent numbers are weak: 0.86% over one year, -4.69% over two years and 8.29% over three years, reflecting the sharp correction in mid caps during 2024-26. How to Read These Numbers Headline returns on their own say little. Each Renaissance Investment Managers strategy should be set against the benchmark for its category, which the portfolio manager discloses in line with SEBI and APMI norms, and against comparable PMS and mutual fund options. The 2-year column broadly captures the 2024-26 correction in Indian equities, particularly in mid and small caps, which is why many equity strategies show muted or negative two-year numbers alongside healthier three- and five-year figures. The figures are Time-Weighted Rates of Return (TWRR) for the strategy as a whole. An individual client's experience depends on when money went in, any additions or withdrawals, and the specific portfolio held, so personal returns can be noticeably higher or lower. PMS returns are reported net of fees and expenses as per SEBI norms, but tax is not deducted: because every trade happens in the investor's own demat account, capital gains tax applies in the investor's hands and reduces post-tax outcomes. Finally, PMS portfolios usually hold a concentrated set of stocks, so dispersion versus the index can be large in both directions. For Renaissance, the contrast between five-year returns (13.15% to 17.79%) and two-year returns (-4.69% to -2.47%) is striking. All three strategies were negative over two years as of 31 August 2026, so investors should look at how each performed against its benchmark over the same period rather than in isolation. Who Renaissance Investment Managers PMS May Suit Investors who want a quality-growth style backed by a manager with long mutual fund and institutional experience. Investors seeking a choice of market-cap exposure within one house: large cap, mid cap or multi cap. Those with a five-year-plus horizon who can accept periods of negative returns. Investors who value a firm with a sizeable team and a documented investment framework. Renaissance PMS may not suit investors seeking short-term gains, those who are uncomfortable with the recent negative two-year returns, or investors who want a deep-value or contrarian approach rather than quality-growth. Fees, Minimum Investment and Taxation The minimum investment in Renaissance Investment Managers PMS is ₹50 lakh, the floor mandated by SEBI for all portfolio managers. It can typically be funded in cash or by transferring existing securities, subject to the portfolio manager's acceptance. PMS fee structures in India usually take one of three forms: a fixed annual management fee, a hybrid of a lower fixed fee plus a share of profits, or a performance-linked fee charged above a hurdle rate. The exact fee schedule, exit load and other charges for each Renaissance Investment Managers strategy are in the Disclosure Document, which investors should read before signing. Securities are held in the investor's own demat account, so every sale is a taxable event in the investor's hands. For listed equity, short-term capital gains (held up to 12 months) are taxed at 20%, and long-term capital gains are taxed at 12.5% above the annual ₹1.25 lakh exemption. Dividends are taxed at slab rates. For a fuller walk-through, see how PMS onboarding, funding, taxation and exit work (/insights/how-pms-works-onboarding-funding-taxation-exit) . Money n Wealth's View Renaissance has several strengths: a founder with a long institutional track record, a clearly named and consistently applied framework, and three strategies with more than eight years of history. Five-year returns between 13.15% and 17.79% as of 31 August 2026 are respectable on their own terms. The recent period has been difficult. All three strategies are negative over two years, and the Midcap Portfolio's one-year return is just 0.86%. Quality-growth styles often lag when valuations compress, so investors should ask how the portfolios have adjusted. Note also that the firm-wide ₹3,700 crore figure includes AIF and advisory assets, while the PMS figure is ₹1,885.26 crore. Readers can compare this with India's largest PMS players by AUM (/insights/pms-players-in-india-aum-vintage) , or speak with our team (/contact) to discuss fit. Frequently Asked Questions Is Renaissance Investment Managers PMS good? Renaissance Investment Managers has an experienced founder and a clear SQGARP framework, with five-year returns of 13.15% to 17.79% as of 31 August 2026. However, all three strategies were negative over two years. Suitability depends on your horizon and whether a quality-growth style fits your portfolio. What is the minimum investment in Renaissance Investment Managers PMS? The minimum investment is ₹50 lakh, the SEBI-mandated floor for all PMS products. It can usually be funded in cash, by transferring existing securities, or a combination, subject to the portfolio manager's acceptance. Which is the best Renaissance Investment Managers PMS strategy? It depends on your goals. The Indianext Portfolio reported the highest three- and five-year returns (13.52% and 17.79%). The Opportunities Portfolio is large cap and may suit more conservative investors. The Midcap Portfolio and Opportunities Portfolio both date to January 2018, the longest track records in the line-up. Who manages Renaissance Investment Managers PMS? Renaissance Investment Managers PMS is managed by founder Pankaj Murarka, a Chartered Accountant who was previously CIO at Axis Mutual Fund and was part of the set-up team at Rare Enterprises. Is Renaissance Investment Managers PMS registered with SEBI? Yes. Renaissance Investment Managers Pvt Ltd is registered with SEBI as a Portfolio Manager under registration number INP000005455. Investors can verify the registration on the SEBI website before investing. Disclaimer: This article is for general informational and educational purposes only and does not constitute investment advice, a recommendation, or an offer/solicitation to invest in any security or PMS strategy. Portfolio Management Services are subject to market risks; please read the Disclosure Document and Client Agreement carefully before investing. AUM, client and performance figures cited are as reported by Renaissance Investment Managers to PMS Bazaar and in other public disclosures as of 31 August 2026, are calculated using the Time-Weighted Rate of Return method, are not verified by SEBI, and individual client returns may vary. Past performance is not indicative of future returns. Strategies, fees and figures may change without notice and should not be construed as a recommendation to buy or sell. Money n Wealth (Predics Fintech Services Pvt Ltd) is an AMFI-registered Mutual Fund Distributor (ARN-121995) and APMI-registered PMS Distributor (APRN-07444); this is not a SEBI-registered investment advisory service. Please consult your financial advisor before making investment decisions.