Unifi Capital PMS Review: Blended Rangoli, APJ 20 & Returns (2026)
Unifi Capital PMS is one of the more established independent portfolio management franchises in India. As of 31 August 2026, Unifi Capital Pvt Ltd reported PMS assets under management of ₹16,468.35 crore across 8,074 clients and five investment approaches, ranging from the flagship multi-cap Blended Rangoli to a cluster of mid-cap strategies.
Below we cover the firm's background, philosophy and reported strategy performance.
Unifi Capital PMS is one of the more established independent portfolio management franchises in India. As of 31 August 2026, Unifi Capital Pvt Ltd reported PMS assets under management of ₹16,468.35 crore across 8,074 clients and five investment approaches, ranging from the flagship multi-cap Blended Rangoli to a cluster of mid-cap strategies. Below we cover the firm's background, philosophy and reported strategy performance. Key takeaways Unifi Capital PMS reports assets under management of ₹16,468.35 crore across 8,074 clients as of 31 August 2026. Investment approaches: 5. Highest 3-year return in the line-up: APJ 20 at 13% a year, against 12.1% for the S&P BSE 500 TRI over the same period (to 31 August 2026). Minimum investment ₹50 lakh; reported returns are TWRR, net of fees but before your taxes. Quick Facts: Unifi Capital PMS Portfolio Manager Unifi Capital Pvt Ltd SEBI Registration No. INP000000613 PMS AUM ₹16,468.35 crore (as on 31 August 2026) Number of Clients 8,074 Investment Approaches 5 Key People Sarath K Reddy (CIO); Baidik Sarkar (Fund Manager); E Prithvi Raj (Fund Manager) Registered Office Chennai, Tamil Nadu Minimum Investment ₹50 lakh (SEBI-mandated minimum for PMS) About Unifi Capital Unifi Capital is headquartered in Chennai and was founded in 2001 by Sarath K Reddy along with a team of experienced professionals. Reddy, who serves as Chief Investment Officer, has a career of about 25 years in investments that began at Standard Chartered Bank in Mumbai before he turned entrepreneur. As CIO he works closely with the research analysts and the fund management team. The firm describes its approach as thematic and built around niche opportunities in Indian capital markets, with the aim of finding an insight that offers an edge and then layering research and due diligence on top to build a portfolio. Unifi characterises itself as a value investor in growth businesses: valuation comes first, but it also expects growth potential from every holding. It also holds the view that stock performance, particularly in mid and small companies, often needs a catalyst, and that an attractive price combined with growth is frequently the best one. Two fund managers are listed alongside the CIO. Baidik Sarkar, a Chartered Accountant, has been with Unifi for about 10 years, covers IT, real estate and agriculture, and assists the CIO on the Spin-Off and APJ funds; he previously worked as a strategy consultant with the Government Reforms and Institutional Development arm of PwC. E Prithvi Raj manages the flagship Blended Rangoli and tracks consumption, oil and gas, and infrastructure; he holds an MBA from Great Lakes Institute of Management and an engineering degree in electronics and communication, and earlier worked as an analyst at a boutique investment bank. Unifi Capital PMS Strategies and Performance Unifi Capital reports five discretionary approaches in public disclosures: one multi-cap and four classified as mid cap. Strategy Category 1Y 2Y 3Y 5Y Inception Blended Rangoli Multi Cap & Flexi Cap 10.45% 1.33% 10.60% 10.74% Jun 2017 BCAD Mid Cap 5.29% -0.57% 8.34% 9.52% Apr 2018 APJ 20 Mid Cap 10.76% 2.52% 13.00% 13.13% Sep 2015 Insider Shadow Mid Cap 9.44% -1.29% 8.18% 8.16% May 2010 BCAD2 Breakout 20 Mid Cap 7.49% -0.08% 9.34% NA Jan 2022 S&P BSE 500 TRI (broad-market reference) Index 4.7% -0.1% 12.1% 10.9% — Nifty Smallcap 250 (small-cap reference) Index 11.3% 0.6% 15.5% 15.7% — Returns as of 31 August 2026, TWRR, as reported by the portfolio manager; returns over one year are annualised. Index rows are shown for reference only, as of 31 August 2026 (index figures as published in Sundaram Alternates' August 2026 PMS performance disclosure); each strategy's own SEBI category benchmark may differ, so ask the manager for its benchmark comparison. Blended Rangoli Blended Rangoli is the strategy Unifi describes as its flagship and is managed by E Prithvi Raj. As the name suggests, it appears to blend several of the firm's themes into one multi-cap and flexi-cap portfolio. Launched in June 2017, it reported 10.45% over one year, 1.33% annualised over two years, 10.60% over three years and 10.74% over five years as of 31 August 2026. APJ 20 APJ 20, launched in September 2015, is one of the funds Baidik Sarkar assists the CIO with. The "20" in the name suggests a concentrated portfolio of around 20 stocks, though investors should confirm the current construction in the Disclosure Document. It has the strongest numbers in the Unifi line-up across most periods: 10.76% over one year, 2.52% over two years, 13.00% over three years and 13.13% over five years. Insider Shadow Insider Shadow is Unifi's oldest listed approach, with a May 2010 inception. As the name suggests, the idea appears to be to follow the buying behaviour of company insiders such as promoters, though the precise rules are set out in the firm's documentation. It reported 9.44% over one year, -1.29% over two years, 8.18% over three years and 8.16% over five years. BCAD and BCAD2 Breakout 20 BCAD (April 2018) and BCAD2 Breakout 20 (January 2022) are both mid-cap approaches. BCAD reported 5.29%, -0.57%, 8.34% and 9.52% over one, two, three and five years, while the younger BCAD2 Breakout 20 reported 7.49%, -0.08% and 9.34% over one, two and three years, with no five-year record yet. The firm's profile does not spell out what "BCAD" stands for, so investors should ask for the strategy note before investing. How to Read These Numbers Headline returns on their own say little. Each Unifi Capital 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. Who Unifi Capital PMS May Suit Investors who want exposure to a long-running, large and established independent PMS house with a stated value-with-growth discipline. Those comfortable with a meaningful mid-cap tilt, since four of the five approaches are classified as mid cap. Investors attracted to differentiated, thematic ideas such as insider-activity or catalyst-driven investing. Investors with a horizon of five years or more who can sit through periods of flat returns like the recent two-year window. Unifi Capital PMS may not suit investors who need steady year-on-year returns, those who want a predominantly large-cap portfolio, or anyone who may need the money within a short period. Fees, Minimum Investment and Taxation The minimum investment in Unifi Capital 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 Unifi Capital 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 Unifi Capital stands out for its vintage, scale and client base. A firm founded in 2001 with a strategy running since 2010 and more than ₹16,000 crore in PMS assets has clearly built a durable franchise, and the stated philosophy of buying value in growth businesses with a catalyst is coherent and consistently articulated across its strategies. On the other hand, the recent numbers are modest. Two-year returns across all five strategies are close to flat or slightly negative, and the five-year figures, between 8.16% and 13.13%, need to be benchmarked carefully against mid-cap and multi-cap indices. Investors should also note the high overlap in category: four mid-cap approaches may behave similarly in a broad mid-cap drawdown. Comparing these numbers with PMS versus mutual funds (/insights/pms-vs-mutual-funds-1-crore-investors) is a sensible step, and readers can also see how Unifi ranks among India's largest PMS players by AUM (/insights/pms-players-in-india-aum-vintage) . Frequently Asked Questions Is Unifi Capital PMS good? Whether Unifi Capital PMS is suitable depends on your goals, horizon and risk tolerance. The firm has a long track record dating to its 2001 founding and reported ₹16,468.35 crore of PMS AUM as of 31 August 2026. Its strategies delivered five-year returns of 8.16% to 13.13%, while two-year returns were roughly flat, so investors should compare performance with relevant benchmarks before deciding. What is the minimum investment in Unifi Capital 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 Unifi Capital PMS strategy? There is no single best strategy; it depends on your objectives. Among the listed approaches, Insider Shadow has the longest track record (since May 2010), Blended Rangoli is described as the flagship, and APJ 20 reported the highest three- and five-year returns (13.00% and 13.13%) as of 31 August 2026. Who manages Unifi Capital PMS? Unifi Capital was founded by Sarath K Reddy, who is the CIO. The public profile also lists fund managers Baidik Sarkar and E Prithvi Raj, with Prithvi Raj managing the flagship Blended Rangoli. Is Unifi Capital PMS registered with SEBI? Yes. Unifi Capital Pvt Ltd is registered with SEBI as a Portfolio Manager under registration number INP000000613. Investors can verify the registration on the SEBI website before investing. Related Reading Portfolio Management Services (PMS) in India: the complete 2026 guide (/insights/pms-india) How PMS works: onboarding, funding, taxation, reporting and exit (/insights/how-pms-works-onboarding-funding-taxation-exit) PMS vs mutual funds above ₹1 crore (/insights/pms-vs-mutual-funds-1-crore-investors) PMS players in India by AUM and vintage (/insights/pms-players-in-india-aum-vintage) Wright Research PMS Review (/insights/wryght-research-and-capital-pms-review) WhiteOak Capital PMS Review (/insights/white-oak-capital-management-consultants-pms-review) Tata Asset Management PMS Review (/insights/tata-asset-management-pms-review) Axis AMC PMS Review (/insights/axis-asset-management-company-pms-review) All PMS reviews (/insights/category/pms) Sources SEBI: registered portfolio managers (https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=10) Association of Portfolio Managers in India (APMI) (https://www.apmiindia.org) 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 Unifi Capital in 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.
