Wave Asset PMS Review: Bloom and Pure Alpha Strategies, Returns (2026)
Wave Asset PMS is offered by Wave Asset Private Limited, a Mumbai-based portfolio manager. As of 31 August 2026, it reported PMS assets under management of ₹32.25 crore across 28 clients and two investment approaches: Bloom and Pure Alpha.
Both strategies were launched in 2024, so the track record is just over two years. This review covers the team, the stated approach and what the early numbers show.
Wave Asset PMS is offered by Wave Asset Private Limited, a Mumbai-based portfolio manager. As of 31 August 2026, it reported PMS assets under management of ₹32.25 crore across 28 clients and two investment approaches: Bloom and Pure Alpha. Both strategies were launched in 2024, so the track record is just over two years. This review covers the team, the stated approach and what the early numbers show. Key takeaways Wave Asset PMS reports assets under management of ₹32.25 crore across 28 clients as of 31 August 2026. Investment approaches: 2. Minimum investment ₹50 lakh; reported returns are TWRR, net of fees but before your taxes. Quick Facts: Wave Asset PMS Portfolio Manager Wave Asset Private Limited SEBI Registration No. INP000008428 PMS AUM ₹32.25 crore (as on 31 August 2026) Number of Clients 28 Investment Approaches 2 Key People Ashwin Agarwal (Director and Fund Manager); Rohan Agarwal (Fund Manager) Registered Office Mumbai, Maharashtra Minimum Investment ₹50 lakh (SEBI-mandated minimum for PMS) About Wave Asset Wave Asset describes itself as a client-centric PMS that seeks to deliver absolute returns based on in-depth research and proprietary models. Director and Fund Manager Ashwin Agarwal is a CFA charterholder with 15 years of asset management experience. He was previously a fund manager at Newberry Capital and holds a bachelor's degree in economics and a business certificate from Indiana University, Bloomington. Fund Manager Rohan Agarwal has more than 15 years of experience across asset management, financial advisory and M&A. He was previously a SEBI-registered Investment Adviser and co-founded the investment platform Moneyjar. Alongside bottom-up stock picking, he brings a focus on macro trends and asset allocation. He holds a BA in Economics and an MS in Finance from the University of Illinois at Urbana-Champaign. Wave Asset PMS Strategies and Performance Strategy Category 1Y 2Y 3Y 5Y Inception Bloom Multi Cap & Flexi Cap 0.34% 9.20% NA NA May 2024 Pure Alpha Multi Cap & Flexi Cap 9.69% 11.81% NA NA Mar 2024 S&P BSE 500 TRI (broad-market reference) Index 4.7% -0.1% 12.1% 10.9% — 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. Pure Alpha Pure Alpha, launched in March 2024, is the older of the two multi-cap and flexi-cap strategies. As of 31 August 2026 it reported 9.69% over one year and 11.81% annualised over two years. As the name suggests, it aims to generate returns in excess of the market, in line with the firm's stated absolute-return orientation. Bloom Bloom, launched in May 2024, reported 0.34% over one year and 9.20% annualised over two years. The near-flat one-year figure alongside a healthier two-year number indicates the strategy did well in its first year but struggled in the most recent one. How to Read These Numbers Headline returns on their own say little. Each Wave Asset 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 Wave Asset, both strategies have only about two years of history, so the numbers are early indicators rather than a track record. A positive two-year return through the 2024-26 correction is encouraging, but the small asset base of ₹32.25 crore means results can be sensitive to a handful of positions. Who Wave Asset PMS May Suit Investors comfortable backing a young firm with a research- and model-driven approach. Those who value a team combining bottom-up stock picking with macro and asset-allocation views. Investors seeking an absolute-return orientation within an equity PMS. Investors with a five-year-plus horizon who accept a short track record. Wave Asset PMS may not suit investors who require at least three to five years of strategy history, or those who prefer a large, established firm. Fees, Minimum Investment and Taxation The minimum investment in Wave Asset 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 Wave Asset 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 Wave Asset's two-year returns of 9.20% and 11.81% as of 31 August 2026 are respectable early results, especially given the market correction during that period. The two fund managers bring relevant asset management and advisory experience. What to watch: the firm and its strategies are young, with only 28 clients, and Bloom's one-year return of 0.34% shows recent weakness. "Absolute return" is an objective, not a guarantee, and both strategies remain multi-cap equity portfolios subject to market risk. See PMS versus mutual funds (/insights/pms-vs-mutual-funds-1-crore-investors) , or speak with our team (/contact) . Frequently Asked Questions Is Wave Asset PMS good? Wave Asset PMS reported two-year returns of 9.20% (Bloom) and 11.81% (Pure Alpha) as of 31 August 2026. However, both strategies started in 2024, so the track record is short. Suitability depends on your goals and comfort with a young manager. What is the minimum investment in Wave Asset 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 Wave Asset PMS strategy? It depends on your goals. Pure Alpha has the longer track record (since March 2024) and reported higher returns over one and two years (9.69% and 11.81%). Bloom, launched in May 2024, reported 9.20% over two years but only 0.34% over one year. Who manages Wave Asset PMS? Wave Asset PMS is managed by Director and Fund Manager Ashwin Agarwal, a CFA charterholder formerly with Newberry Capital, and Fund Manager Rohan Agarwal, a former SEBI-registered Investment Adviser and co-founder of Moneyjar. Is Wave Asset PMS registered with SEBI? Yes. Wave Asset Private Limited is registered with SEBI as a Portfolio Manager under registration number INP000008428. 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 Wave Asset 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.