One stock that united September’s best-performing PMS funds

East Green Advisors’ Quant Strategy, Atlas Integrated Finance’s Momentum 20 Fund and Bonanza Portfolio’s Aegis also carried meaningful positions in Sterlite Technologies. Cupid Limited and MTAR Technologies appeared repeatedly as well, particularly in the books of East Green and Atlas. This is the second consecutive month the same cluster of names has dominated the winning PMS portfolios. In August, the leading strategies already showed heavy overlap in Cupid, Sterlite Technologies, MTAR Technologies and TD Power Systems.

September’s leaders did not disperse. They stayed with the same optical-fibre, data-centre and specialty names that had already worked. How the top three approached it Amaltas Keystone Fund runs a concentrated, high-conviction multi-cap book, typically 10-15 stocks, with a value and special-situations bent. The September portfolio reflected that style: a very large position in Sterlite Technologies, followed by energy and microfinance names.

The strategy is designed to take large bets when the manager sees asymmetric upside. East Green Advisors’ Quant Strategy and Atlas Integrated Finance’s Momentum 20 Fund both sit in the multi-cap/flexi-cap category and showed almost parallel top holdings. Both carried Cupid as a large position, Sterlite Technologies and MTAR Technologies. Atlas also held Laurus Labs and TD Power Systems. The overlap suggests these managers were responding to similar price momentum and thematic signals around optical fibre, data-centre related businesses and select specialty names.

The broader pattern across the top 10 is the dominance of multi-cap and flexi-cap strategies. Small-cap funds made only a limited appearance. The managers who rose to the top were not spreading risk across 60 or 80 stocks. They were willing to run large positions in a narrow set of names. The stocks themselves Sterlite Technologies has been one of the standout performers of 2026, with year-to-date gains reported in the several-hundred-percent range as the market priced in stronger optical-fibre and data-centre demand.

Cupid has also delivered sharp gains through the year, driven by improving business metrics and market re-rating. MTAR Technologies, a precision engineering and aerospace/defence name, has likewise seen strong year-to-date performance. These moves help explain why concentrated exposure to the cluster produced monthly gains even while the broader market sold off. The September data reinforces a simple point.

In a weak market, the best PMS returns came from managers who stayed concentrated and stayed with the same group of stocks that had already proved themselves in the previous month. Whether that concentration continues will depend on how these names behave from here. For now, the pattern is clear: the top of the PMS leaderboard remains tightly linked to a small set of high-conviction ideas rather than broad market participation.