unlocked
Access
Investing once meant knowing the right distributor. Apps and platforms have put almost every fund a few taps away.
PRIM
Portfolio Managers’ Route for Investing in Mutual fund units
- Invests only in mutual funds, ETFs and SIFs
- Minimum investment of ₹25 lakh
- An end-to-end managed portfolio
Why PRIM
A holistic approach to your wealthAll your mutual funds work as a structured plan towards your goals
Oversight you can rely onA SEBI-registered portfolio manager is accountable for your portfolio
Two layers of expertiseA SEBI-registered portfolio manager is accountable for your portfolio construction and management
Mutual fund schemes in India have grown 6x since the year 2000
Over 2,100 mutual fund schemes, all investing in a universe of around 2,000 investable stocks
Number of mutual fund schemes in India. Source: AMFI.
Mutual fund investing is easy to start and hard to get right on your own
01 / Winners rotate
Picking the winning fund is close to a coin flip
13 of 17
years, the top-performing market cap segment changed from the year before.
- A top-quartile fund has about a 25% chance of still being top-quartile three years later. Pure chance is also 25%.
- Only 52% of funds beat their own category benchmark over 1 to 5 year rolling periods.
The top-performing market cap segment, year by year
- LC: Large cap
- MC: Mid cap
- SC: Small cap
Direct plan NAVs, each fund against its respective benchmark. Source: ACE MF, NSE, Dezerv Research.
02 / Top vs bottom funds
The gap between top and bottom funds runs into crores
₹1.51 Cr
gap after seven years on ₹1 crore, top-quartile fund against bottom-quartile fund
- ₹1 crore grew to ₹3.91 crore in a top-quartile fund and to ₹2.40 crore in a bottom-quartile fund over seven years.
- That is roughly 8 percentage points a year between the two.
₹1 crore over seven years, by fund quartile
Gap after 1 year₹11.9 lakh
Gap after 3 years₹40.5 lakh
Gap after 5 years₹76.7 lakh
This is an illustration for informational purposes only. Based on median CAGR per quartile, starting investment of ₹1 crore. Top and bottom quartiles are based on historical fund performance over the stated period and are not indicative of future performance. Source: ACE MF, Dezerv Research.
03 / Chasing returns
Chasing returns means buying the right fund at the wrong time
71%
of AUM in the most popular equity funds arrived after their peak performance
Share of AUM that arrived before and after peak performance
Sector funds
80%+of AUM growth came after peak 1-year performance
BeforeAfter peak
Most popular equity funds
71%of AUM arrived after peak performance
Before peakAfter peak
Peak performance is measured from each fund’s inception to 31 January 2026. Tata Digital India: AUM & NAV as on 31 Jan 2026 | Sector O/P cycles: Nifty sectoral TRI | Source: ACE MF, NSE
04 / The result
More than half of investor portfolios trail their benchmark
~53%
of investor portfolios reviewed on the Dezerv app trailed their benchmark
- Drawn from over 7 lakh portfolio reviews covering more than ₹2.5 lakh crore of assets.
Portfolios reviewed, by result against benchmark
- Trailed the benchmark
- Met or exceeded the benchmark
Each square is roughly 1% of portfolios reviewed.
Portfolios reviewed on the Dezerv app as of 31st March, 2026. Source: Dezerv Research.
Picking funds is only part of building a portfolio
Access and selection have become easier. The harder part is deciding how to allocate and when to rebalance as your portfolio evolves.
partly unlocked
Selection
Ratings, research and advice have made it easier to compare funds and understand their differences.
Still missing
Allocation
Allocating your money across investments based on your goals, time horizon and risk profile.
Still missing
Rebalancing
Adjusting the portfolio as markets and your circumstances change, to keep the allocation aligned with your risk profile.
Same building blocks. Different ways to manage them
Access, selection, allocation and rebalancing matter across every route. What changes is the role you play in each.
| PRIMPortfolio Managers Route for Investing in Mutual Funds | DIYYou run it yourself via broking apps | MFDMutual Fund Distributors | RIARegistered Investment Adviser | |
|---|---|---|---|---|
| Access | Eligible direct plans | Direct plans available on the platform | Regular plans from AMCs they work with | Direct plans within the advisory scope |
| Selection | Selected by the portfolio manager | You select | Distributor recommends; you decide | Adviser recommends; you decide |
| Allocation | Set and managed by the portfolio manager | You decide and manage | Distributor may suggest; you decide | Adviser recommends; you decide |
| Review & Rebalancing | Managed on an ongoing basis within the mandate | You review and rebalance | Distributor may recommend changes; you decide | Adviser reviews and recommends changes; you decide |
| Implementation | Executed by the portfolio manager within the mandate | You place the transactions | You authorise the transactions | With your consent; implementation may also be facilitated by the adviser |
| How they’re paid | Management fee paid by you. Fixed fee capped at 1% of AUM | No advisory or portfolio management fee* | Commission from the AMC | Advisory fee paid by you |
| Minimum investment | ₹25 lakh | None | None | None |
* Platform or transaction charges may apply.
Access: which funds you can invest in. Selection: which mutual funds you should invest in. Allocation: how much to invest in each mutual fund. Review and rebalancing: when to exit, and where to move.
Note: This table illustrates typical differences in how each investment route handles the investment process. It does not assess the quality, suitability or performance of any provider.
Enter PRIM
A professionally managed mutual fund portfolio now starts at ₹25 lakh
Traditionally, accessing a professionally managed portfolio through PMS meant a minimum investment of ₹50 lakh. SEBI has now introduced PRIM, a new route that allows portfolio managers to construct portfolios using mutual-fund products.
Portfolio management service (PMS)
₹50 lakh minimum
Can invest in
- Stocks
- Bonds
- Mutual funds
- Other securities
- Overseas securitiesNEW
PRIM
New₹25 lakh minimum
Can invest in
- Mutual funds
- ETFs
- SIFs
What you get with PRIM
PRIM brings portfolio-level management to your mutual funds
A portfolio manager manages fund selection, allocation and rebalancing as part of your portfolio, subject to the agreed mandate.
Two layers of professional management
Fund managers manage individual funds. Your portfolio manager determines which eligible funds to hold and their allocation within your portfolio.
A mix built around your goals
Your allocation is shaped by your goals, time horizon, risk profile and investment mandate.
Rebalancing handled for you
When market movements change your portfolio mix, your portfolio manager rebalances it in line with your mandate.
One portfolio instead of many
Eligible mutual fund investments are brought together within a professionally managed portfolio.
Held in your name
Investments are held in your name, with holdings and transactions visible to you.*
Regulated at both levels
Mutual fund regulations apply to the underlying funds, while portfolio management regulations govern how your PRIM portfolio is managed.
*Subject to the applicable account/holding structure.
How Dezerv has built its investment approaches
Dezerv has managed investment approaches that primarily invest in mutual fund portfolios since June 2022. Each portfolio starts with a broad universe of Indian mutual funds and is narrowed down through a five-stage selection process. The due-diligence process is primarily quantitative. ₹8,674 Cr of AUM across two investment approaches focused on mutual funds, as on 31 Aug 2026.*
Stage 1 of 5
0.2%of funds make it through
11 yearsof walk-forward testing
Selection counts, testing period and AUM: Dezerv Research and Dezerv factsheets, September 2026. Funnel widths not to scale.
*₹8,674 Cr is the combined AUM of the Dezerv Equity Revival Strategy and the Dezerv Alpha Focus Strategy, as on 31 Aug 2026.