Wright Research PMS Review: Factor Fund Returns, Quant Approach (2026)
Wright Research PMS is the quantitative portfolio management service of Wryght Research and Capital Pvt Ltd, a Lucknow-registered firm founded by Sonam Srivastava. As of 31 August 2026, per PMS Bazaar, the firm reports PMS assets under management of ₹279.49 crore across 392 clients, with one investment approach: the Factor Fund.
Launched in August 2023, the Factor Fund now has a three-year record. Its returns have been uneven from year to year, which is typical of systematic strategies. This review explains the approach and the numbers.
Wright Research PMS is the quantitative portfolio management service of Wryght Research and Capital Pvt Ltd, a Lucknow-registered firm founded by Sonam Srivastava. As of 31 August 2026, per PMS Bazaar, the firm reports PMS assets under management of ₹279.49 crore across 392 clients, with one investment approach: the Factor Fund. Launched in August 2023, the Factor Fund now has a three-year record. Its returns have been uneven from year to year, which is typical of systematic strategies. This review explains the approach and the numbers. Quick Facts: Wright Research PMS Portfolio Manager Wryght Research and Capital Pvt Ltd SEBI Registration No. INP000007979 PMS AUM ₹279.49 crore (as on 31 August 2026) Number of Clients 392 Investment Approaches 1 (Factor Fund) Key People Sonam Srivastava (Founder and Fund Manager) Registered Office Lucknow, Uttar Pradesh Minimum Investment ₹50 lakh (SEBI-mandated minimum for PMS) About Wright Research Wright Research positions its PMS at the intersection of technology and finance. It uses quantitative algorithms, factor investing, momentum, and proprietary market regime models to build portfolios, with the aim of balancing growth and capital preservation. The regime models are intended to read broad market conditions so the strategy can be more aggressive in favourable phases and more defensive in weak ones. The firm also emphasises turnover optimisation to keep trading costs down, along with regular reporting to clients. Wright also operates as a SEBI-registered robo-advisory business alongside the PMS. Sonam Srivastava , Founder and Fund Manager, has 10+ years of experience in investment research and portfolio management across systematic, long-short and algorithmic strategies. She began at Forefront Capital (later acquired by Edelweiss), where she designed algorithms for the institutional equity broking desk, then worked at HSBC Europe as a quant building factor-driven portfolios, and at Qplum, an AI-driven robo-advisor. She is an IIT Kanpur graduate with a master's in financial engineering from WorldQuant University, and is visiting faculty at the AI in Finance Institute, New York, and BSE Institute. Wright Research PMS Strategies and Performance Strategy Category 1Y 2Y 3Y 5Y Inception Factor Fund Multi Cap & Flexi Cap 16.93% 0.15% 19.84% NA Aug 2023 Returns as of 31 August 2026, TWRR, as reported by the portfolio manager to PMS Bazaar; returns over one year are annualised. The Inception column shows the month the approach was launched. Wright Factor Fund The Factor Fund is a multi-cap, flexi-cap quant strategy that, as its name suggests, selects stocks using factor and momentum signals, combined with the firm's regime models. As of 31 August 2026 it reports 16.93% over 1 year, 0.15% annualised over 2 years and 19.84% over 3 years. A 5-year figure is not applicable given the August 2023 launch. How to Read These Numbers The Factor Fund's figures show how a systematic strategy can swing: a strong 3-year annualised return of 19.84%, but only 0.15% annualised over 2 years, a window that covers much of the 2024–26 correction. Momentum-oriented models can struggle when markets turn sharply. Investors should compare all periods against the benchmark and ask how the regime model behaved during the drawdown. Compare with the benchmark: each approach is mapped to a category benchmark under SEBI's December 2022 circular and APMI norms. A return figure on its own says little; the gap to that benchmark over the same period is what reveals manager skill. TWRR is not your return: Time-Weighted Rate of Return removes the effect of the timing of client inflows and outflows. An individual investor's money-weighted return depends on when they invested and can differ materially from the reported figure. Fees and taxes: under SEBI norms, PMS returns are reported net of fees and expenses, but taxes are not deducted because each investor's tax position is different. Capital gains tax on churn in your own account is an additional drag. Concentration risk: PMS portfolios usually hold fewer stocks than mutual funds, so returns can swing more sharply in either direction than a diversified fund. Who Wright Research PMS May Suit Investors who prefer rules-based, data-driven investing over discretionary stock-picking Those comfortable with higher portfolio turnover and its tax implications Investors seeking a quant sleeve to diversify a fundamentally managed portfolio Long-term investors who can tolerate periods of flat returns May not suit: investors who want to understand every stock decision in narrative terms, those with a short horizon, or anyone uncomfortable with model-driven strategies that can lag in sudden market reversals. Fees, Minimum Investment and Taxation The minimum investment in Wright Research PMS, as in every PMS in India, is ₹50 lakh, which can be brought in as cash, existing securities, or both. Transferred securities may be sold to align with the model portfolio, which can trigger capital gains in your hands. Typical structures are a fixed fee, a hybrid (lower fixed fee plus a profit share), or a performance fee charged only above a hurdle rate. The exact fee schedule, exit load and other charges are set out in the Disclosure Document, which investors should read before signing. Unlike a mutual fund, a PMS holds the shares directly in the investor's own demat account. Each sale by the manager is therefore taxed in the investor's hands: short-term capital gains on listed equity are taxed at 20%, and long-term gains at 12.5% above the annual ₹1.25 lakh exemption. Dividends are taxed at slab rates. 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 Wright Research stands out for a clearly articulated quant process, a founder with international quant experience, and a 3-year annualised return of 19.84% as of 31 August 2026. It also places stated emphasis on regular client reporting. What to watch: the 2-year return of 0.15% shows the strategy had a difficult stretch, and the record is only three years long. Quant PMS strategies can generate significant short-term gains in the investor's own account, adding to tax costs. Our comparison of PMS versus mutual funds (/insights/pms-vs-mutual-funds-1-crore-investors) can help assess fit, and our PMS distribution desk (/products/pms) can share the Disclosure Document. Frequently Asked Questions Is Wright Research PMS good? Wright's Factor Fund reported 16.93% over 1 year and 19.84% annualised over 3 years as of 31 August 2026, but only 0.15% over 2 years. Whether it suits you depends on your comfort with quant strategies, volatility and a three-year track record. What is the minimum investment in Wright Research PMS? The minimum investment is ₹50 lakh, the floor SEBI mandates for all portfolio management services. It can be funded with cash, eligible listed securities, or a mix, subject to the manager's acceptance. Which is the best Wright Research PMS strategy? Wright Research offers a single PMS approach, the Factor Fund, a multi-cap quant strategy launched in August 2023. Who manages Wright Research PMS? The PMS is managed by Sonam Srivastava, founder of Wright Research and fund manager at Wryght Research and Capital Pvt Ltd. Is Wright Research PMS registered with SEBI? Yes. Wryght Research and Capital Pvt Ltd is registered with SEBI as a portfolio manager under registration number INP000007979. SEBI registration means the firm is regulated; it is not an endorsement of any strategy's returns. 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 Wright Research 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.