MUMBAI, April 23 -- Bigger is proving to be a handicap for portfolio management services (PMS), with five of six large schemes analysed-each managing over Rs.5,000 crore-seeing performance decline after crossing that size, an analysis by Mint shows.

PMS are customized investment portfolios for high-net-worth investors, with a minimum investment of Rs.50 lakh, typically built around a concentrated set of stocks.

The pattern points to a structural constraint: as PMS strategies scale, deploying larger sums into high-conviction small- and mid-cap ideas becomes harder without moving prices, compressing alpha.

There are 15 equity PMS schemes with assets above Rs.5,000 crore as of March 2026, according to data from the Association of Portfoli...