Wealth Solutions · Portfolio Solutions
MF, PMS, AIF, FD & NCD — explained.
Five product categories, one job: putting your money to work at a risk level you’re actually comfortable with. Here’s what each one is, who it tends to suit, and how it behaves.
The Product Range
No single product does the whole job — that's the point.
We rarely recommend just one of these. A well-built portfolio typically blends two or three, matched to your goals, timeline, and appetite for risk.
Mutual Funds
Pooled investment vehicles that buy a diversified basket of equities, debt, or a mix of both, run by a professional fund manager and regulated by SEBI. You buy units; the fund does the stock- and bond-picking.
Who it suits
Investors who want market exposure without picking individual stocks — from a first SIP to a multi-fund core portfolio.
Risk & return profile
Ranges wide by category: liquid and debt funds sit at the low-volatility end; hybrid funds are moderate; equity and thematic funds carry meaningful short-term swings in exchange for long-term growth potential.
Portfolio Management Services (PMS)
A discretionary or advisory mandate where a dedicated portfolio manager builds and manages a segregated equity or multi-asset portfolio in your own demat account, rather than pooling it with other investors.
Who it suits
Investors with larger, concentrated portfolios who want a customised strategy, direct stock ownership, and more visibility than a pooled fund offers.
Risk & return profile
Typically higher-conviction and more concentrated than a diversified mutual fund, so volatility can be higher — offset by active, research-driven management and closer monitoring.
Alternative Investment Funds (AIF)
SEBI-registered pooled vehicles (Category I, II, or III) that invest in strategies beyond traditional listed equity and debt — private equity, structured credit, real assets, or long-short equity strategies.
Who it suits
Sophisticated investors seeking diversification away from public markets, typically as a satellite allocation alongside a core portfolio, and comfortable with longer lock-ins.
Risk & return profile
Varies by category and strategy, generally higher and less liquid than mutual funds — the trade-off for access to strategies not available through listed markets.
Fixed Deposits (FD)
A lump sum placed with a bank or company for a fixed tenure at a pre-agreed interest rate, paid out on maturity or at chosen intervals.
Who it suits
Conservative investors and anyone who needs a defined, low-volatility anchor for near-term goals or emergency reserves.
Risk & return profile
Low risk and low volatility, with returns known upfront — the trade-off is limited upside and, for company FDs, exposure to the issuer's own creditworthiness rather than a bank guarantee.
Non-Convertible Debentures (NCD)
Fixed-tenure debt instruments issued by companies that pay a stated coupon and cannot be converted into equity — bought either at issue or traded on the exchange.
Who it suits
Investors looking for a fixed-income instrument that typically offers a higher coupon than a bank FD, in exchange for taking on the issuing company's credit risk.
Risk & return profile
Moderate — returns depend on the issuer's credit rating and financial health; secured, highly-rated NCDs sit lower on the risk scale than unsecured or lower-rated paper.
How We Build the Mix
Product first, or plan first? Plan first.
Before we talk about which product goes where, we map your goals, timeline, and liquidity needs — that work lives on our Wealth Structuring page. Once that framework is in place, we allocate across MF, PMS, AIF, FD, and NCD in the proportions that framework calls for — not the other way around.
Ready to Build the Mix
Let’s find the right blend for you.
Every recommendation starts with your goals and risk profile — never a product we’re trying to move.
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