PMS vs mutual funds: 5 reasons to invest, and 5 red flags to watch - The Economic Times

Portfolio Management Services (PMS) offer structural advantages over mutual funds, allowing for concentrated portfolios, significant cash holdings, and investments in illiquid micro-cap companies. While MFs have become more sophisticated, PMS can still provide unique access to niche themes and customised strategies, but investors must be wary of capacity limits and exclusivity traps.

Raccontata daeconomictimes.indiatimes.com