Fund overlap
Weighted holdings overlap = Σ min(weight_A, weight_B) across common stock holdings, using the latest disclosed month-end portfolio from AMFI scheme disclosures. Cash, derivatives, and non-equity instruments are excluded. Category-level figures are medians across pairwise comparisons of large, well-known funds within each SEBI category. Point-in-time snapshot - portfolios change monthly.
→ Full overlap guide · Monthly Fund Overlap Monitor
Alpha
Alpha = fund 3Y CAGR − benchmark 3Y CAGR. Benchmark resolved in order: (1) AMFI-registered benchmark for the scheme, (2) Punji's curated benchmark mapping, (3) SEBI category default. Sample limited to Direct-Growth schemes with ≥36 months of NAV history. Regular plans, IDCW, and legacy/wound-up schemes excluded. Sectoral benchmark mismatch flagging uses a high-correlation threshold over the same 36-month window.
→ We measured alpha for 1,066 equity funds
Quality vs. alpha (stocks)
Source: NSE regulatory filings and exchange price data. Quality scores computed at each fiscal year-end; forward returns measured to the same date twelve months later. Alpha defined as individual stock return minus Nifty 500 return over the identical period. Banks and insurance companies are assessed against a modified criteria set. Returns are price-only - dividends excluded.
→ The Quality Trap: a 13-year alpha audit
Fund health score
Input metrics: rolling returns, Sortino ratio, Sharpe ratio, alpha, beta, max drawdown, down capture ratio, tracking error - all sourced from Punji's risk & returns analytics engine. Category percentiles are recomputed monthly. Manager tenure is sourced from AMFI scheme metadata; TER from AMFI's latest available monthly disclosure. Profile weights are version-controlled - any weight change triggers a version bump so historical scores remain auditable.
→ Why peer-relative beats absolute thresholds
Flow Watch: AUM change vs. net flow
The AMC × category heatmap in each monthly Flow Watch drop measures AUM change - flow plus market appreciation combined - not net flow in isolation. It is not directly comparable to the separately-reported net-flow totals (equity net inflow, debt net flow) shown alongside it in the same drop. Conflating the two is a common analysis error we deliberately avoid.