Analytics Methodology

Conviction & concentration

How focused a portfolio is and how strongly the manager backs selected ideas

Gini coefficient: The inequality of position weights across the portfolio (0 means every holding is equal-weighted; 1 means all weight is in one security). Conviction labels: Extreme above 0.50, High above 0.38, Moderate above 0.28, otherwise Low.
HHI (Herfindahl-Hirschman Index): The sum of squared position weights, expressed in basis points. A higher HHI means weight is concentrated in fewer holdings.
Top-5 / Top-10 / Top-20 weight: The share of the portfolio held in its largest 5, 10 or 20 positions—a direct reading of concentration.
Maximum position & max-to-equal-weight: The largest holding's weight and how many times larger it is than an equal-weight position. A 5× ratio indicates a very large single position.
High-conviction positions: The count of holdings above twice their equal-weight share.
Position-weight standard deviation: The dispersion of position sizes; higher dispersion indicates a more selective portfolio.

How different a fund is from its designated category benchmark

Active Share: 0.5 × the sum of the absolute differences between each security's fund weight and benchmark weight. Labels: Closet Indexer below 60%, Moderately Active from 60–80%, and Highly Active above 80%.
Weight Overlap: The sum of the minimum of fund weight and index weight per security—the portfolio weight shared with the benchmark.
Cosine similarity: Directional similarity between fund and index weight vectors. 100% means identical direction; lower values indicate greater differentiation.
Jaccard similarity: Overlap of the two security universes regardless of weight: securities held by both divided by securities held by either.

Where a portfolio is positioned at the industry level

Sector weights: Portfolio weight aggregated by the disclosed industry or sector of each holding.
Sector concentration (sector Gini): The Gini coefficient applied to sector weights—how concentrated the fund is across industries rather than individual securities.

Whether growing assets may be changing how a fund is managed

AUM (approximate): Assets under management approximated from disclosed holding market values. It is shown in rupees crore and must not be treated as official AUM.
Capacity stress score: A composite of rank correlations between AUM over time and falling conviction, rising holding count, compressing top-five weight and shrinking average position size. Labels range from No Stress Detected to High Stress.

Where a category agrees and where individual managers differ

Consensus pick: A security held by at least half the funds in a category. Crowded positions may carry herding risk if sentiment changes.
Contrarian position: A security held by exactly one fund in the category, indicating a differentiated position against peers.

A peer-ranked score combining conviction and activeness

Conviction score: A within-category percentile rank weighting Gini (35%), Top-5 weight (25%), high-conviction positions (20%) and HHI (20%).
Activeness score: A within-category percentile rank weighting Active Share (50%), inverted cosine similarity (30%) and inverted Jaccard similarity (20%).
Composite score: The average of conviction and activeness scores. All ranks are calculated within the fund's own category, not across categories.

The disclosed inputs used and how they are cleaned

Source data: Mutual fund portfolio disclosures per holding—fund, date, ISIN, security name, industry, weight and market value—plus NAV history. Figures reflect the reporting date shown on each page.
Filters applied: Derivatives and zero-weight lines are excluded. Indian securities with ISINs beginning IN are used for equity analytics, and weights are normalized per fund-month to 100%.
Market-cap classification: Large, mid and small cap follows the applicable AMFI classification and is refreshed when the classification changes.
Benchmark proxy: Each category is compared with its designated index using disclosed holdings of a tracking index fund when that proxy is available.