360 ONE Asset Management PMS Review: Multicap & Phoenix Returns (2026)
360 ONE Asset Management PMS is the portfolio management arm of 360 ONE Asset, part of the 360 ONE group (formerly known as IIFL Asset Management). As of 31 August 2026, it reported PMS assets under management of ₹27,182.22 crore across 4,450 clients, offered through 2 investment approaches.
The book is large, yet the product line-up is deliberately narrow: two multi cap and flexi cap strategies, Multicap PMS (launched November 2013) and Phoenix PMS (launched January 2021). Below we look at the team, the numbers as reported, and the kind of investor these strategies may suit.
360 ONE Asset Management PMS is the portfolio management arm of 360 ONE Asset, part of the 360 ONE group (formerly known as IIFL Asset Management). As of 31 August 2026, it reported PMS assets under management of ₹27,182.22 crore across 4,450 clients, offered through 2 investment approaches. The book is large, yet the product line-up is deliberately narrow: two multi cap and flexi cap strategies, Multicap PMS (launched November 2013) and Phoenix PMS (launched January 2021). Below we look at the team, the numbers as reported, and the kind of investor these strategies may suit. Key takeaways 360 ONE Asset Management PMS reports assets under management of ₹27,182.22 crore across 4,450 clients as of 31 August 2026. Investment approaches: 2 (Multicap PMS, Phoenix PMS). Highest 3-year return in the line-up: Phoenix PMS at 14.06% 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: 360 ONE Asset Management PMS Portfolio Manager 360 ONE Asset Management SEBI Registration No. INP000004565 PMS AUM ₹27,182.22 crore (as on 31 August 2026) Number of Clients 4,450 (as on 31 August 2026) Investment Approaches 2 (Multicap PMS, Phoenix PMS) Key People Anup Maheshwari (Chief Investment Officer), Mehul Jani, Mitul Patel, Nishant Vass (Fund Managers) Registered Office Mumbai (Lower Parel) Minimum Investment ₹50 lakh (SEBI-mandated minimum for PMS) About 360 ONE Asset Management 360 ONE Asset describes itself as an India-focused, global asset management firm that gives sophisticated investors, both in India and overseas, access to the Indian growth story. Its stated approach is disciplined, active management built around high-conviction ideas, with an emphasis on sustainable risk-adjusted returns. The firm also highlights co-investment alongside its clients as a way of aligning its interests with theirs. Chief Investment Officer Anup Maheshwari brings 26 years of investment experience. He joined the firm (then IIFL) in August 2018 from DSP BlackRock Investment Managers, where he had worked since July 1997 and was last Chief Investment Officer, Equities, managing its India funds from May 2001 to June 2018. He also had a brief stint as CIO at HSBC Asset Management and earlier worked with Chescor, a British fund manager. He is an IIM Lucknow alumnus. He is supported by three fund managers. Mehul Jani, President of Fund Management, was previously a fund manager and analyst at DSP Investment Managers (which he joined in 2008) and worked earlier at Morgan Stanley in London; he is a CFA charterholder. Mitul Patel, Senior EVP of Fund Management, has 19 years of experience and, between two stints at the firm, headed the listed PMS and AIF business at HDFC Asset Management; he was also a founding member of Laburnum Capital. Nishant Vass, with 15 years of experience, joined in January 2022 from ICICI Securities, where he led automotive sector research in institutional equities. 360 ONE Asset Management PMS Strategies and Performance Strategy Category 1Y 2Y 3Y 5Y Inception Multicap PMS Multi Cap & Flexi Cap 6.72% -1.80% 10.90% 9.13% Nov 2013 Phoenix PMS Multi Cap & Flexi Cap 5.45% -1.19% 14.06% 15.00% Jan 2021 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. Multicap PMS Multicap PMS is the older of the two approaches, with an inception date of November 2013, giving it a track record of close to thirteen years. As of 31 August 2026 it reported 6.72% over one year, -1.80% over two years, 10.90% over three years and 9.13% over five years. As the name suggests, it can invest across large, mid and small caps, and given the firm's stated focus on high-conviction ideas, a relatively focused portfolio is likely; the Disclosure Document details construction limits. Phoenix PMS Phoenix PMS, launched in January 2021, sits in the same Multi Cap & Flexi Cap category. It reported 5.45% over one year, -1.19% over two years, 14.06% over three years and 15.00% over five years. Its three- and five-year numbers are ahead of the older Multicap PMS, while both strategies show a negative two-year figure that coincides with the 2024-26 market correction. The name hints at a recovery or turnaround orientation, but investors should confirm the actual mandate in the Disclosure Document rather than infer it from the label. How to Read These Numbers Absolute returns are only half the picture. Under SEBI's December 2022 framework every PMS strategy is mapped to a category benchmark, and its figures mean most when compared with that benchmark and with category peers over the same period; ask for this comparison in the factsheet or Disclosure Document. The 2-year column largely reflects the 2024-26 correction in Indian equities, particularly in mid and small caps, which is why 2-year figures for many equity strategies look muted next to their 1-year and 3-year numbers. Read the columns together, and treat records under three years with caution. TWRR removes the effect of client inflows and outflows, so your actual return depends on entry timing and top-ups or withdrawals. Returns are reported net of fees and expenses as per SEBI norms, but not net of tax, since capital gains are taxed in each client's hands. PMS portfolios are also usually more concentrated than mutual funds, so a few positions can drive results either way. The reported AUM of ₹27,182.22 crore is large relative to the 4,450 clients, which works out to a high average ticket. Investors should note that a reported PMS figure can include all portfolio management mandates, discretionary, non-discretionary and advisory, so it may not be directly comparable to a boutique's discretionary book. Who 360 ONE Asset Management PMS May Suit Investors looking for a multi cap equity strategy from a large, established asset manager with deep institutional bench strength Investors who value a long track record, with Multicap PMS running since November 2013 Investors who prefer an experienced team whose CIO has managed India equity funds since 2001 Long-term investors with a horizon of five years or more who can sit through drawdowns like the 2024-26 correction It may not suit investors wanting a dedicated small cap, thematic, debt or multi asset option within the same house, or those who need short-term liquidity or are uncomfortable with a negative two-year return. Fees, Minimum Investment and Taxation The minimum investment in 360 ONE Asset Management PMS is ₹50 lakh, the floor mandated by SEBI for all portfolio management services. It can be funded in cash, by transferring existing listed securities, or a combination of both, subject to the portfolio manager's acceptance of the stocks transferred in. PMS fee structures in India typically fall into three types: a fixed management fee charged as a percentage of assets, a hybrid structure combining a lower fixed fee with a performance fee, and a performance-linked fee charged only on returns above a hurdle rate, usually with a high-water mark. Exit loads may apply in early years. The exact fee schedule is in the Disclosure Document. Unlike a mutual fund, securities in a PMS are held in the investor's own demat account, which gives full visibility of every holding and transaction. The flip side is taxation: each trade in the portfolio is a taxable event in the investor's hands. For listed equity, short-term capital gains are taxed at 20%, and long-term capital gains at 12.5% above the annual exemption of ₹1.25 lakh. 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 360 ONE Asset brings scale, institutional processes and a senior team with long experience at large mutual fund houses. The narrow, two-strategy line-up is easy to understand, and Phoenix PMS's three-year (14.06%) and five-year (15.00%) figures are respectable for a multi cap mandate. What to watch: recent numbers are muted. Both strategies reported low single-digit one-year returns and negative two-year returns as of 31 August 2026, and the flagship Multicap PMS's 9.13% five-year figure should be compared carefully against its benchmark. Investors should ask for benchmark-relative data and understand how much of the large AUM sits in the discretionary book. For a broader perspective, read our comparison of PMS versus mutual funds (/insights/pms-vs-mutual-funds-1-crore-investors) , or speak with our team (/contact) to see how these strategies fit your portfolio. Frequently Asked Questions Is 360 ONE Asset Management PMS good? It depends on your goals and risk appetite. The firm offers scale and an experienced team; as of 31 August 2026 Phoenix PMS reported 15.00% over five years and Multicap PMS 9.13%, while both showed negative two-year returns. Compare against benchmarks and peers before deciding. What is the minimum investment in 360 ONE Asset Management PMS? The minimum is ₹50 lakh, as mandated by SEBI for all PMS, which can be invested in cash or by transferring existing securities. Which is the best 360 ONE Asset Management PMS strategy? There is no single best strategy; it depends on your goals. Multicap PMS has the longer record (since November 2013), while Phoenix PMS reported higher three- and five-year returns as of 31 August 2026. Read both Disclosure Documents before choosing. Who manages 360 ONE Asset Management PMS? The investment team is led by Chief Investment Officer Anup Maheshwari, with fund managers Mehul Jani, Mitul Patel and Nishant Vass. Is 360 ONE Asset Management PMS registered with SEBI? Yes. 360 ONE Asset Management is a SEBI-registered portfolio manager with registration number INP000004565. 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 360 ONE Asset Management 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.
