Wallfort PMS Review: Six Small & Mid Cap Strategies, Returns (2026)
Wallfort PMS, run by Wallfort Fund Management LLP, reported assets under management of ₹1,181.17 crore across 892 clients and 6 investment approaches as of 31 August 2026,. All six strategies are classified as small and mid cap.
The Mumbai-based firm was founded by Vijay Bharadia and caters to both domestic and offshore investors. This review covers its investment framework, the reported performance of each strategy, and the risks that come with a dedicated small and mid-cap line-up.
Wallfort PMS , run by Wallfort Fund Management LLP, reported assets under management of ₹1,181.17 crore across 892 clients and 6 investment approaches as of 31 August 2026,. All six strategies are classified as small and mid cap. The Mumbai-based firm was founded by Vijay Bharadia and caters to both domestic and offshore investors. This review covers its investment framework, the reported performance of each strategy, and the risks that come with a dedicated small and mid-cap line-up. Key takeaways Wallfort PMS reports assets under management of ₹1,181.17 crore across 892 clients as of 31 August 2026. Investment approaches: 6. Highest 3-year return in the line-up: Diversified Fund at 29.92% 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: Wallfort PMS Portfolio Manager Wallfort Fund Management LLP SEBI Registration No. INP000006192 PMS AUM ₹1,181.17 crore (as of 31 August 2026) Number of Clients 892 (as of 31 August 2026) Investment Approaches 6 Key People Vijay Bharadia (Founder & CIO); Kaushal Kedia (Fund Manager) Registered Office Mumbai (Fort), Maharashtra Minimum Investment ₹50 lakh (SEBI-mandated minimum for PMS) About Wallfort Wallfort PMS is a SEBI-registered portfolio management and investment advisory firm (registration INP000006192). It describes its style as conservative, responsible and non-speculative, with an emphasis on aligning investments with clients' long-term goals. The common investment philosophy is bottom-up and sector agnostic, aimed at businesses positioned to benefit from macro tailwinds and long-term structural growth. Portfolios typically hold 15 to 20 stocks chosen through a "Four P" framework: promoter integrity and passion, product or business moat, profitability metrics, and price or valuation discipline. Risk limits cap any single stock at 15% and any sector at 35% of the portfolio. Founder and CIO Vijay Bharadia began his career in 1997 at Wallfort Financial Services Ltd. He managed proprietary funds in the family office, with a focus on micro-cap investments, and later headed the institutional desk at Wallfort Financial, handling relationships with over 100 institutions, including banks, mutual funds and foreign portfolio investors, before setting up the PMS division. Kaushal Kedia, Fund Manager, has more than 10 years in Indian equities and is responsible for the Wallfort Avenue Fund. A Chartered Accountant (ICAI, 2011), his stated strengths are understanding market cycles and picking sectors at turnaround points. Wallfort PMS Strategies and Performance Strategy Category 1Y 2Y 3Y 5Y Inception Diversified Fund Small & Mid Cap 7.81% 4.90% 29.92% 26.50% Nov 2018 Avenue Fund Small & Mid Cap 31.67% 14.22% 24.57% NA Apr 2022 Ameya Fund Small & Mid Cap 29.61% 14.64% 24.62% NA Dec 2022 India Contra Equity Fund Small & Mid Cap 16.84% 11.77% NA NA Jan 2024 Kosh Value Fund Small & Mid Cap 11.98% -2.72% NA NA Jul 2024 Focus Fund Small & Mid Cap -1.12% -5.91% NA NA Jul 2024 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. "NA" indicates the figure is not available, typically because the strategy has not completed that period. 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. Wallfort Diversified Fund The flagship and oldest strategy, launched in November 2018. It reported 7.81% over 1 year, 4.90% over 2 years, 29.92% over 3 years and 26.50% over 5 years as of 31 August 2026. The 3-year and 5-year figures are high for any category, while the recent 1-year number is far more muted. Wallfort Avenue Fund Managed by Kaushal Kedia and launched in April 2022, Avenue reported 31.67% over 1 year, 14.22% over 2 years and 24.57% over 3 years, with no 5-year record yet. Given his stated focus on sectors at turnaround points, the strategy may be more cyclical in its positioning. Wallfort Ameya Fund Launched in December 2022, Ameya reported 29.61% over 1 year, 14.64% over 2 years and 24.62% over 3 years, broadly similar to Avenue. Newer strategies: India Contra Equity, Kosh Value and Focus India Contra Equity (January 2024) reported 16.84% over 1 year and 11.77% over 2 years; as the name suggests it likely takes contrarian positions. Kosh Value (July 2024) reported 11.98% and -2.72%, and Focus (July 2024) reported -1.12% and -5.91%. These have short records and should be judged cautiously. How to Read These Numbers Each Wallfort strategy should be judged against its own category benchmark over the same period, and against peer PMS strategies with a similar mandate, not against strategies with a different risk profile. The 2-year column covers September 2024 to August 2026 and therefore largely reflects the 2024-26 correction in Indian equities, which was sharper in mid and small-caps. That is why 2-year figures are often well below the 3-year and 5-year numbers. Wallfort's numbers show wide dispersion among strategies run by the same house in the same category: 1-year returns range from -1.12% (Focus) to 31.67% (Avenue). That is a reminder that strategy selection matters, and that small and mid-cap portfolios can diverge sharply over short periods. The figures are Time-Weighted Rates of Return (TWRR), which strip out the effect of client inflows and outflows. An individual investor's actual return depends on when they invested and the fee structure chosen, so it can differ from the headline figure. Under SEBI norms, PMS returns are reported net of fees and expenses but before tax; since every sale in the investor's demat account can trigger capital gains tax, post-tax outcomes vary. With 15 to 20 stocks, single-stock limits of 15% and sector limits of 35%, Wallfort portfolios are concentrated by design. Combined with a small and mid-cap focus, investors should expect larger drawdowns and lower liquidity than in a large-cap portfolio. Who Wallfort PMS May Suit Investors seeking a dedicated small and mid-cap PMS allocation with a defined stock-selection framework Those comfortable with concentrated portfolios of 15 to 20 stocks Long-term investors (five years or more) who can tolerate deep interim falls Investors who already have a large-cap core elsewhere and want a satellite allocation Wallfort PMS may not suit conservative investors, those needing liquidity in the short term, or anyone looking for large-cap, debt or multi-asset exposure, since all six strategies are small and mid cap. Fees, Minimum Investment and Taxation SEBI mandates a minimum investment of ₹50 lakh for any PMS, which can be funded in cash, by transferring existing securities, or a combination of both. Wallfort may offer different fee structures, such as a fixed management fee, a hybrid structure, or a performance fee charged above a hurdle rate; the exact fee schedule, exit load and other charges are in the Disclosure Document, and should be read before signing up. Unlike a mutual fund, the securities in a PMS are held in the investor's own demat account. Every sale by the portfolio manager is therefore a taxable event in the investor's hands. For listed equity, short-term capital gains (holding of 12 months or less) are taxed at 20%, while long-term capital gains are taxed at 12.5% on gains above the ₹1.25 lakh annual exemption. Dividends are taxed at the investor's slab rate. For a fuller walkthrough, see our guide on how PMS onboarding, funding, taxation and exit work (/insights/how-pms-works-onboarding-funding-taxation-exit) . Money n Wealth's View Wallfort's standout feature is the long-period record of its Diversified Fund, with reported 3-year and 5-year returns of 29.92% and 26.50% as of 31 August 2026, and strong 2-year numbers for Avenue and Ameya through a difficult phase for smaller companies. The Four P framework and explicit concentration limits add process clarity. What to watch: the Diversified Fund's 1-year return of 7.81% is far below its longer-term numbers, and the newer Kosh Value and Focus strategies are negative over 2 years. Running six strategies in one category also raises questions about how they differ, which investors should clarify. To see how Wallfort compares by size and vintage, read India's largest PMS players by AUM (/insights/pms-players-in-india-aum-vintage) , or visit our PMS distribution desk (/products/pms) . Frequently Asked Questions Is Wallfort PMS good? Wallfort's flagship Diversified Fund reported 26.50% over 5 years as of 31 August 2026, and several strategies held up well over 2 years, but newer strategies have weaker numbers and all six are small and mid cap. It may suit investors with high risk tolerance and a long horizon. What is the minimum investment in Wallfort PMS? The minimum investment is ₹50 lakh, which is the SEBI-mandated minimum for any PMS. It can be funded in cash or by transferring existing listed securities. Some strategies may set a higher threshold, so check the Disclosure Document for the specific approach. Which is the best Wallfort PMS strategy? It depends on goals. The Diversified Fund has the longest record (since November 2018) and the highest reported 3-year and 5-year returns. Avenue and Ameya reported the strongest 2-year figures. The newer strategies have records of about two years or less, so investors should weigh track-record length as well as returns. Who manages Wallfort PMS? Wallfort PMS is led by founder and CIO Vijay Bharadia, whose career began at Wallfort Financial Services in 1997, with Fund Manager Kaushal Kedia, a Chartered Accountant who runs the Avenue Fund. Is Wallfort PMS registered with SEBI? Yes. Wallfort Fund Management LLP is registered with SEBI as a portfolio manager, with registration number INP000006192 as listed on its public profile. 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) 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) 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 Wallfort 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.