Alchemy Capital PMS Review: 7 Strategies, Returns & Team (2026)
Alchemy Capital Management PMS has a long history in portfolio management, with its oldest listed strategy dating back to May 2002. As of 31 August 2026, it reported PMS assets under management of ₹8,201.65 crore across 2,232 clients, offered through 7 investment approaches.
The line-up spans three long-standing multi cap strategies and four newer, rules-based sounding "Alpha" strategies launched in 2023 across large, mid and small caps. Below we look at the team, each strategy's reported numbers, and the kind of investor these may suit.
Alchemy Capital Management PMS has a long history in portfolio management, with its oldest listed strategy dating back to May 2002. As of 31 August 2026, it reported PMS assets under management of ₹8,201.65 crore across 2,232 clients, offered through 7 investment approaches. The line-up spans three long-standing multi cap strategies and four newer, rules-based sounding "Alpha" strategies launched in 2023 across large, mid and small caps. Below we look at the team, each strategy's reported numbers, and the kind of investor these may suit. Key takeaways Alchemy Capital Management PMS reports assets under management of ₹8,201.65 crore across 2,232 clients as of 31 August 2026. Investment approaches: 7. Highest 3-year return in the line-up: Select Stock at 21.64% 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: Alchemy Capital Management PMS Portfolio Manager Alchemy Capital Management SEBI Registration No. INP000000365 PMS AUM ₹8,201.65 crore (as on 31 August 2026) Number of Clients 2,232 (as on 31 August 2026) Investment Approaches 7 Key People Hiren Ved (Co-Founder & CIO), Alok Agarwal (Fund Manager), Himani Shah, Mythili Balakrishnan, Deven Ved (Co-Fund Managers) Registered Office Mumbai (Colaba) Minimum Investment ₹50 lakh (SEBI-mandated minimum for PMS) About Alchemy Capital Management Alchemy says it has built its reputation over two decades and that it has lent its advice and investment skills to around USD 1.6 billion of group assets (as on 30 June 2025). The firm frames its institutional pedigree around integrity, process and insight, drawing on a network of trade and business analysts to inform its core investment team. Co-Founder and CIO Hiren Ved, a Whole-Time Director, has over 30 years of experience in Indian equities and leads the asset management business. He is known for a long-term philosophy grounded in fundamental, bottom-up research and sector knowledge, and the firm states he managed and advised funds of over USD 931 million (as on 30 June 2023) across domestic PMS and offshore institutional mandates. He holds an accounting degree from Mumbai University and a post-graduation in Management and Cost Accounting. Fund Manager Alok Agarwal has over 21 years of experience and previously managed a flagship fund and headed the offshore equity desk at PGIM India AMC; he is a CA, CFA and CMT. Co-fund managers include Himani Shah (over 20 years in institutional equity research and sales, a CA and CFA charterholder), Mythili Balakrishnan (over 19 years, formerly with Motilal Oswal AMC and JP Morgan, an IIM Ahmedabad alumna and CFA charterholder) and Deven Ved (over 17 years in financial modelling and analytics, with a background in actuarial science and statistics). Alchemy Capital Management PMS Strategies and Performance Strategy Category 1Y 2Y 3Y 5Y Inception High Growth Multi Cap & Flexi Cap 14.90% 0.90% 14.68% 10.31% May 2002 Select Stock Multi Cap & Flexi Cap 18.14% 9.69% 21.64% 16.27% Dec 2008 Ascent Multi Cap & Flexi Cap 14.07% -10.26% 8.50% 7.26% Sep 2019 Alpha 100 Large Cap 12.01% -1.31% 12.45% NA Aug 2023 Smart Alpha 250 Mid & Large Cap 18.36% 0.34% 18.72% NA Aug 2023 Alpha Small Cap Small Cap 21.75% 6.63% NA NA Dec 2023 Smart Alpha Micro and Small Cap Small Cap 18.47% -1.93% NA NA Dec 2023 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. 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. High Growth High Growth is Alchemy's oldest listed approach, with an inception date of May 2002, which gives it more than two decades of history. As of 31 August 2026 it reported 14.90% over one year, 0.90% over two years, 14.68% over three years and 10.31% over five years. It is a multi cap mandate, and its long record makes it the strategy where Hiren Ved's bottom-up style is most visible over full cycles. Select Stock Select Stock, launched in December 2008, has the strongest reported numbers among the long-running strategies: 18.14% over one year, 9.69% over two years, 21.64% over three years and 16.27% over five years. Its positive two-year return held up through the 2024-26 correction better than most of the line-up. As the name suggests, it is likely a more selective, conviction-driven multi cap portfolio. Ascent Ascent (September 2019) is also multi cap but has been the most volatile of the older strategies, with 14.07% over one year, -10.26% over two years, 8.50% over three years and 7.26% over five years. The negative two-year figure stands out and is worth discussing with the manager. The Alpha strategies (2023 launches) Four strategies launched in August and December 2023 cover specific market-cap segments. Alpha 100 (Large Cap) reported 12.01% over one year, -1.31% over two years and 12.45% over three years; Smart Alpha 250 (Mid & Large Cap) reported 18.36%, 0.34% and 18.72%. In small caps, Alpha Small Cap reported 21.75% over one year and 6.63% over two years, while Smart Alpha Micro and Small Cap reported 18.47% and -1.93%. The "Alpha" and "Smart Alpha" naming hints at a systematic or factor-driven element, but the actual process should be confirmed in the Disclosure Document. With under three years of history, these numbers are early. 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. Who Alchemy Capital Management PMS May Suit Investors who value vintage and a team that has managed money through multiple market cycles since 2002 Investors wanting a choice within one house across multi cap, large cap, mid and large cap, and small cap mandates Long-term investors comfortable with a bottom-up, research-led stock picking approach Investors who want to pair a long-running discretionary strategy with a newer segment-specific one It may not suit investors seeking debt or multi asset solutions, those who are uncomfortable with drawdowns such as Ascent's -10.26% two-year figure, or anyone who needs the capital within a few years. Fees, Minimum Investment and Taxation The minimum investment in Alchemy Capital 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 Alchemy stands out for its vintage and continuity of leadership: Hiren Ved has led the investment business for decades, and High Growth's record since May 2002 gives investors more than two decades of data to study. Select Stock's reported 21.64% three-year and 16.27% five-year returns are strong for a multi cap mandate. What to watch: performance is uneven across the line-up. High Growth's 10.31% five-year figure and Ascent's 7.26% five-year figure are more modest, and Ascent's two-year return is -10.26%. The newer Alpha strategies are still young. Investors should evaluate each strategy separately against its benchmark rather than the brand as a whole. For context on scale, see India's largest PMS players by AUM (/insights/pms-players-in-india-aum-vintage) , or our PMS distribution desk (/products/pms) can share the latest factsheets. Frequently Asked Questions Is Alchemy Capital PMS good? It depends on which strategy and your goals. Alchemy has over two decades of history; as of 31 August 2026 Select Stock reported 16.27% over five years, while Ascent reported 7.26% and a -10.26% two-year return. Compare each against its benchmark. What is the minimum investment in Alchemy Capital PMS? The minimum is ₹50 lakh, the SEBI-mandated floor for PMS, payable in cash or by transferring existing securities. Which is the best Alchemy Capital PMS strategy? No single strategy is best for everyone. High Growth has the longest record (since May 2002), and Select Stock reported the highest three- and five-year returns among the older strategies as of 31 August 2026. Choice depends on your market-cap preference and risk appetite. Who manages Alchemy Capital PMS? Co-Founder and CIO Hiren Ved leads the investment team, with Fund Manager Alok Agarwal and co-fund managers Himani Shah, Mythili Balakrishnan and Deven Ved. Is Alchemy Capital PMS registered with SEBI? Yes. Alchemy Capital Management is a SEBI-registered portfolio manager with registration number INP000000365. 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 Alchemy Capital 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.
