What is Active Share?
You’re paying an active-management fee, but is the manager actually deviating from the index? Active Share answers this directly by comparing every holding’s weight in the fund against its weight in the benchmark.
Active Share = 100 − Σ min(wfund,i, wbench,i)
0% = holds the index exactly. 100% = zero overlap with the index.
Real comparison across 6 funds
CHART
Active Share - 6 real funds
Share of the portfolio that differs from the fund's own resolved benchmark.
Funds compared: Canara Robeco Flexi Cap Fund - Direct Plan - Growth · Canara Robeco Large and Mid Cap Fund - Direct Plan - Growth · Bandhan Large Cap Fund - Direct Plan - Growth · Franklin India Small Cap Fund - Direct - Growth · Franklin India Large Cap Fund - Direct - Growth · Canara Robeco Infrastructure Fund - Direct Plan - Growth
WHAT THIS MEANS FOR YOU A fund with low Active Share (say, under 40-50%) is a “closet indexer” - you’re paying active fees for what’s mostly index exposure. Check this before assuming an “actively managed” fund is actually behaving differently from a cheap index fund.
METHODOLOGY Computed per-holding against the fund’s own resolved benchmark’s constituent weights, using the latest disclosed portfolio on both sides. Data: July-2026 portfolio disclosure via Punji. Not investment advice.