Vallum Capital PMS Review: India Discovery Strategy & Returns (2026)
Vallum Capital PMS is offered by Vallum Capital Advisors Pvt Ltd, a Mumbai-based, SEBI-registered portfolio manager founded in 2010 by Manish Bhandari. As of 31 August 2026, Vallum reported a PMS AUM of ₹1,357.63 crore across 413 clients and 2 investment approaches.
Its main listed strategy, Vallum India Discovery, is a small and mid cap portfolio with a 5-year record, while the newer Vallum Multi Activa Strategy is a multi-asset approach launched in January 2025. This review covers both, along with the team and the firm's stated objectives.
Vallum Capital PMS is offered by Vallum Capital Advisors Pvt Ltd, a Mumbai-based, SEBI-registered portfolio manager founded in 2010 by Manish Bhandari. As of 31 August 2026, Vallum reported a PMS AUM of ₹1,357.63 crore across 413 clients and 2 investment approaches. Its main listed strategy, Vallum India Discovery, is a small and mid cap portfolio with a 5-year record, while the newer Vallum Multi Activa Strategy is a multi-asset approach launched in January 2025. This review covers both, along with the team and the firm's stated objectives. Key takeaways Vallum Capital PMS reports assets under management of ₹1,357.63 crore across 413 clients as of 31 August 2026. Investment approaches: 2 (Vallum India Discovery, Vallum Multi Activa Strategy). Highest 3-year return in the line-up: Vallum India Discovery at 11.84% 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: Vallum Capital PMS Portfolio Manager Vallum Capital Advisors Pvt Ltd SEBI Registration No. INP000007650 PMS AUM ₹1,357.63 crore (as on 31 August 2026) Number of Clients 413 (as on 31 August 2026) Investment Approaches 2 (Vallum India Discovery, Vallum Multi Activa Strategy) Key People Manish Bhandari (Founder, CEO, Director, Principal Officer and Portfolio Manager) Registered Office Mumbai (Andheri East) Minimum Investment ₹50 lakh (SEBI-mandated minimum for PMS) Fee structure Fees, any hurdle or high-water mark, exit charges and other terms are agreement-specific. Check the current Disclosure Document and Client Agreement before investing. Vallum Capital PMS Strategies and Performance Strategy Category 1Y 2Y 3Y 5Y Inception Vallum India Discovery Small & Mid Cap 14.17% -0.98% 11.84% 13.19% Sep 2020 Vallum Multi Activa Strategy Multi Asset 28.29% NA NA NA Jan 2025 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. About Vallum Capital Vallum describes its team as experienced professionals with expertise in equity analysis, portfolio management and capital markets, specialising in portfolio construction and risk management. Its stated goal is to beat the benchmark by 3-5% a year, net of fees, over 3-5 year periods, and to generate superior risk-adjusted returns. This is an objective, not a guarantee. The firm serves institutional investors, family offices and HNIs, and offers an online platform for clients to monitor their investments. The firm's own profile text cites over ₹1,500 crore of AUM and more than 490 clients, which differs from the publicly reported figures as of 31 August 2026; investors should confirm the current numbers directly. Manish Bhandari , founder, CEO and Portfolio Manager, has over two and a half decades of experience in Indian capital markets. Before founding Vallum, he spent six years as Vice President and Portfolio Manager (Equities) at ING Management in India. He also serves as Director and Principal Officer of the firm and was elected a Director on the Board of the Association of Portfolio Managers in India (APMI). He has written for the Economic Times editorial pages and Nikkei Business, Japan, has been described as one of the "Wizards of Dalal Street", and appears on CNBC and ET NOW. Vallum India Discovery The flagship approach, launched in September 2020 and categorised as small and mid cap. As the name suggests, it aims to discover growing Indian businesses before they are widely recognised. As of 31 August 2026, it reported 14.17% over one year, -0.98% annualised over two years, 11.84% over three years and 13.19% annualised over five years. The mildly negative 2-year number reflects the broad correction in smaller companies. Vallum Multi Activa Strategy A multi-asset approach launched in January 2025, so it has only a one-year record: 28.29% over one year. A single strong year for a new strategy says little about how it will behave over a full cycle, and investors should study its asset mix, risk limits and how it differs from the equity strategy before investing. How to Read These Numbers Strategy returns are most meaningful when compared with the category benchmark over the same period, rather than with a headline index or a cherry-picked window. The 2-year column largely captures the 2024-26 correction in Indian equities, particularly in mid and small caps, so many equity strategies show muted or negative 2-year numbers even where 3-year and 5-year figures look healthier. Reading all periods together gives a fairer picture than any single column. 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 top-ups or withdrawals, and the fee structure chosen. PMS returns are reported net of fees and expenses as per SEBI norms, but taxes are paid by each investor separately and vary with holding periods and portfolio churn. PMS portfolios are also typically more concentrated than mutual funds, which can widen the gap between good and bad years. Who Vallum Capital PMS May Suit Investors with ₹50 lakh or more seeking small and mid cap exposure through a manager with a 5-year track record in this strategy. Those who prefer a founder-led firm whose portfolio manager is also an industry body director and a visible market commentator. Investors who value a clearly stated benchmark-beating objective that they can hold the manager to. Investors exploring a multi-asset PMS option, provided they accept the short track record of Multi Activa. It may not suit conservative investors, those who need near-term liquidity, or those who want a long-proven multi-asset strategy. Fees, Minimum Investment and Taxation The minimum investment in Vallum Capital PMS, as in any SEBI-registered PMS, is ₹50 lakh, which can be brought in as cash, as existing securities, or a combination of both. Portfolio managers typically offer a choice of fee structures: a fixed management fee, a hybrid of a lower fixed fee plus a performance share, or a performance-linked fee charged only above a hurdle rate. The exact fee schedule, exit load and other charges are in the Disclosure Document, which investors should read before signing the Client Agreement. In a PMS, the securities sit in a demat account held in the investor's own name, which offers transparency but also means every trade is a taxable event for the investor. For listed equity, short-term capital gains are taxed at 20% and long-term capital gains at 12.5% above the annual ₹1.25 lakh exemption. Debt and other asset classes follow their own rules. For a step-by-step explainer, see how PMS onboarding, funding, taxation and exit work (/insights/how-pms-works-onboarding-funding-taxation-exit) . Money n Wealth's View Vallum combines a long operating history, with the firm founded in 2010, and an experienced founder with prior institutional portfolio management at ING. Vallum India Discovery has delivered 13.19% annualised over five years as of 31 August 2026, and the firm states a clear, measurable objective of outperforming its benchmark net of fees. What to watch: the 2-year figure of -0.98% shows the strategy has not been immune to the small and mid cap correction, and whether it meets its stated 3-5% outperformance target should be checked against the benchmark data in the Disclosure Document. The Multi Activa strategy's one-year number is too short to judge. For broader context, see India's largest PMS players by AUM (/insights/pms-players-in-india-aum-vintage) , or speak with our team (/contact) for current disclosures. Frequently Asked Questions Is Vallum Capital PMS good? Vallum has an experienced founder and a 5-year record in its India Discovery strategy, which reported 13.19% annualised over five years as of 31 August 2026. Whether it suits you depends on your appetite for small and mid cap risk and how the returns compare with the relevant benchmark. What is the minimum investment in Vallum Capital PMS? The minimum investment is ₹50 lakh, the SEBI-mandated minimum, which can be invested in cash or securities. Which is the best Vallum Capital PMS strategy? It depends on your objectives. Vallum India Discovery (September 2020) has the longer track record; Vallum Multi Activa Strategy (January 2025) is a newer multi-asset approach with only a one-year record. Who manages Vallum Capital PMS? Manish Bhandari, who founded Vallum in 2010, is the CEO, Principal Officer and Portfolio Manager. He was earlier a Vice President and Portfolio Manager (Equities) at ING Management in India. Is Vallum Capital PMS registered with SEBI? Yes. Vallum Capital Advisors Pvt Ltd is a SEBI-registered portfolio manager with registration number INP000007650. Investor checklist: capacity, style and risk Capacity: Compare strategy-level AUM and typical position sizes with trading liquidity and market capitalisation; firm-wide AUM alone does not establish a capacity constraint. Style consistency: Compare holdings, turnover and sector or market-cap mix with the stated mandate across market cycles. Ask about material changes. Investment process: Ask how the manager assesses valuation, returns on capital, balance-sheet strength, cash flow and earnings visibility. Treat specific screens or thresholds as manager-specific unless disclosed. Downside risk: Request peak-to-trough drawdown, volatility and the official strategy benchmark over comparable periods. Trailing returns do not measure maximum drawdown. Total cost: Model management and performance fees, hurdle and high-water mark, exit charges, taxes and portfolio turnover. Frequently Asked Questions: PMS What is the minimum investment required for PMS in India? ₹50 lakh is the standard minimum for conventional PMS, subject to applicable regulatory exceptions. Confirm the current SEBI rules and the manager’s offer documents before investing. How are capital gains taxed under a discretionary PMS? In a discretionary PMS, securities are generally held in the client’s own name. Tax treatment depends on the asset, transaction dates, holding period, applicable conditions and the investor’s facts; reconcile the portfolio tax statement with a qualified tax professional. Can I change my portfolio manager or exit a PMS? Check the Client Agreement and Disclosure Document for notice, early-termination, exit-charge and settlement terms. These contractual terms can vary, so confirm them before signing or requesting a transfer. {"@context":"https://schema.org","@type":"FAQPage","mainEntity":[{"@type":"Question","name":"What is the minimum investment required for PMS in India?","acceptedAnswer":{"@type":"Answer","text":"₹50 lakh is the standard minimum for conventional PMS, subject to applicable regulatory exceptions. Confirm the current SEBI rules and the manager’s offer documents before investing."}},{"@type":"Question","name":"How are capital gains taxed under a discretionary PMS?","acceptedAnswer":{"@type":"Answer","text":"In a discretionary PMS, securities are generally held in the client’s own name. Tax treatment depends on the asset, transaction dates, holding period, applicable conditions and the investor’s facts; reconcile the portfolio tax statement with a qualified tax professional."}},{"@type":"Question","name":"Can I change my portfolio manager or exit a PMS?","acceptedAnswer":{"@type":"Answer","text":"Check the Client Agreement and Disclosure Document for notice, early-termination, exit-charge and settlement terms. These contractual terms can vary, so confirm them before signing or requesting a transfer."}}]} 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) Axis AMC PMS Review (/insights/axis-asset-management-company-pms-review) Green Lantern Capital PMS Review (/insights/green-lantern-capital-pms-review) Aditya Birla Sun Life AMC PMS Review (/insights/aditya-birla-sun-life-amc-pms-review) HDFC AMC PMS Review (/insights/hdfc-asset-management-company-pms-review) All PMS reviews (/insights/category/pms) AIF reviews and explainers (/insights/category/aif) How to Choose Mutual Funds: A Portfolio-First Framework (/insights/how-to-choose-mutual-funds-portfolio-framework) 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 Vallum 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.