The PMS returns vary a lot because the strategies are complicated and might work in some scenarios but might not work in other scenarios. For example, the Renaissance Opportunities Portfolio, which is the top performing fund in the last year, does not feature in the three-year top PMS list. Also, Reliance Alpha is in the top five of last year's returns, but at the bottom are three-year returns.\r\rTherefore, we can conclude that the PMS returns vary across the funds and the time period. Seeing the one-year returns, you might be tempted to exit the PMS fund. But this might not be a good strategy. Read below to understand what you should do with your underperforming PMS.