SBI Funds Management Limited · Aggressive Hybrid

SBI AGGRESSIVE HYBRID FUND

Hybrid Schemes - Aggressive Hybrid Fund Direct plan, growth riskometer: Very high benchmark: Index : launched 1 Jan 2005 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 21 Sep 2026

₹346.00

−0.09% since 18 Sep 2026, the previous NAV

1 year

2.3%

return

3 years

12.0%

a year

5 years

9.6%

a year

Since launch

12.5%

a year, over 12.0 years

Assets (AUM)

₹88,060 Cr

Aug 2026 disclosure

Expense ratio, Direct / Regular

0.73% / 1.38%

a year, as of Aug 2026

Holdings

114

top ten are 36% of the fund · Aug 2026

Disclosed history

5.8 yrs

Aug 2018 – Aug 2026 · 5 of 11 checks could run

Fund managers

R Srinivasan · since at least Jun 2026Rajeev Radhakrishnan · since at least Jun 2026Rajeev · since Aug 2026

All managers →

What only Anveshan can tell you

measured from the disclosures, not quoted from a brochure — each links to how it was done

P5Cost, measured

Regular plan costs 0.91 percentage points a year more than Direct

₹25,207 on ₹1 lakh over ten years. Same portfolio, two prices — the difference is what the Regular plan's distribution costs you, read from the two NAVs.

See how it is measured →

P7Whose record

Run by R Srinivasan for at least 3 mo

with Rajeev Radhakrishnan, Rajeev · the factsheet archive starts Jun 2026, so this is a floor. A return earned before they arrived is the house's record, not theirs — the tenure table shows the fund against its category over exactly their months.

R Srinivasan's other funds →

NAVTracking gap

Not replicated: the portfolio cannot be priced line by line in this build.

Each day, the NAV the fund published against the NAV its last disclosed portfolio would have produced at that day's prices. A gap that opens and stays is a change the fund has made and not disclosed yet.

See the daily gap →

P4Consistency

Beat its category in 60% of three-year stretches, and averaged +0.2 percentage points a year across all of them

109 rolling windows since 2014 · ahead by 1.6 percentage points a year when it won, behind by 1.8 when it lost. A single five-year figure depends on the day you look; the share of stretches won does not — and the average margin says whether winning often was worth anything.

See every window →

NAV and drawdown

Direct plan, growth class · as of 21 Sep 2026

Month-end NAV, indexed to 100 at Sep 2014

145 month-ends · ₹84.36 → ₹346.00, 4.1× since Sep 2014

Deepest fall (max drawdown)

−9.9%

2 Jan 2026 → 23 Mar 2026

Worst month

−7.4%

Mar 2026

Days to recover

from the deepest trough back to the old high

Drawdown is measured on the last year of daily NAV; trailing returns are CAGR of the direct growth class. A single end date decides them — the consistency card (P4) below is the record that does not, and it reports both how often the fund beat its category and by how much, because the first without the second can point the wrong way.

Holdings

Aug 2026 disclosure · 114 lines · when each was first held and the change over the last three disclosures

#	Holding	Sector	Weight	First held	Held for	3-mo change
1	TREPS / cash equivalents TREPS · money market	—	6.09%	Nov 2018	7.8 yrs	+0.67% points
2	ICICI Bank Ltd. equity	Banks	4.43%	Aug 2018	8.1 yrs	+0.39% points
3	Solar Industries India Ltd. equity	Chemicals & Petrochemicals	4.06%	Aug 2018	8.1 yrs	+0.17% points
4	State Bank of India equity	Banks	3.95%	Aug 2018	8.1 yrs	+0.16% points
5	Kotak Mahindra Bank Ltd. equity	Banks	3.31%	Jan 2026	8 mo	+0.11% points
6	Adani Energy Solutions Ltd. equity	Power	3.04%	Aug 2025	1.1 yrs	−0.59% points
7	Adani Power Ltd. equity	Power	2.90%	Sep 2025	1.0 yrs	−1.13% points
8	Bajaj Finance Ltd. equity	Finance	2.74%	Jun 2025	1.3 yrs	+0.25% points
9	6.94% CGL 2036 government security	—	2.65%	Jun 2026	3 mo	+2.65% points
10	MRF Ltd. equity	Auto Components	2.56%	Aug 2018	8.1 yrs	+0.06% points
11	Adani Enterprises Ltd. equity	Metals & Minerals Trading	2.41%	Jun 2026	3 mo	+2.41% points
12	Interglobe Aviation Ltd. equity	Transport Services	2.36%	Jan 2023	3.7 yrs	+0.11% points
13	Life Insurance Corporation of India equity	Insurance	2.36%	Aug 2026	1 mo	+2.36% points
14	Muthoot Finance Ltd. equity	Finance	2.35%	Jan 2023	3.7 yrs	−0.44% points
15	Larsen & Toubro Ltd. equity	Construction	2.35%	Mar 2020	6.5 yrs	−0.15% points
16	Avenue Supermarts Ltd. equity	Retailing	2.31%	Apr 2020	6.4 yrs	+0.72% points
17	Bharti Airtel Ltd. equity	Telecom - Services	2.25%	Aug 2018	8.1 yrs	−1.02% points
18	Reliance Industries Ltd. equity	Petroleum Products	2.16%	Jan 2023	3.7 yrs	−0.20% points
19	HDFC Bank Ltd. equity	Banks	2.16%	Sep 2019	7.0 yrs	−0.23% points
20	Divi's Laboratories Ltd. equity	Pharmaceuticals & Biotechnology	2.03%	Aug 2018	8.1 yrs	−0.59% points
21	Coforge Ltd. equity	IT - Software	2.02%	Jun 2026	3 mo	+2.02% points
22	Tata Consultancy Services Ltd. equity	IT - Software	1.89%	Mar 2024	2.5 yrs	+0.81% points
23	Lenskart Solutions Ltd. equity	Retailing	1.72%	Nov 2025	10 mo	+0.29% points
24	Infosys Ltd. equity	IT - Software	1.66%	Aug 2018	8.1 yrs	+0.01% points
25	Asian Paints Ltd. equity	Consumer Durables	1.65%	Jun 2025	1.3 yrs	−0.10% points
26	JSW Energy Ltd. equity	Power	1.47%	Dec 2025	9 mo	−0.30% points
27	AIA Engineering Ltd. equity	Industrial Products	1.39%	Aug 2018	8.1 yrs	−0.16% points
28	Page Industries Ltd. equity	Textiles & Apparels	1.28%	Apr 2020	6.4 yrs	−0.16% points
29	Adani Power Ltd. corporate bond	—	1.12%	Jan 2026	8 mo	−0.06% points
30	JSW Kalinga Steel Ltd. corporate bond	—	1.02%	Mar 2026	6 mo	−0.03% points
31	DLF Ltd. equity	Realty	1.01%	Mar 2026	6 mo	+0.10% points
32	Cholamandalam Investment & Finance Co. Ltd. corporate bond	—	0.99%	May 2026	4 mo	−0.05% points
33	Jindal Steel Ltd. equity	Ferrous Metals	0.94%	Jul 2025	1.2 yrs	−0.07% points
34	8.06% State Government of West Bengal 2049 government security	—	0.93%	Mar 2026	6 mo	−0.04% points
35	Shree Cement Ltd. equity	Cement & Cement Products	0.92%	Sep 2018	8.0 yrs	−0.86% points
36	Astral Ltd. equity	Industrial Products	0.91%	Nov 2024	1.8 yrs	−0.09% points
37	Vishal Mega Mart Ltd. equity	Retailing	0.87%	Dec 2024	1.8 yrs	−0.14% points
38	Coal India Ltd. equity	Consumable Fuels	0.86%	Jan 2026	8 mo	−0.94% points
39	Max Healthcare Institute Ltd. equity	Healthcare Services	0.82%	Mar 2024	2.5 yrs	+0.02% points
40	Meesho Ltd. equity	Retailing	0.82%	Dec 2025	9 mo	+0.05% points
41	JTPM Metal Traders Ltd. corporate bond	—	0.79%	Sep 2025	1.0 yrs	−0.02% points
42	United Breweries Ltd. equity	Beverages	0.74%	Jul 2023	3.2 yrs	+0.27% points
43	Adani Airport Holdings Ltd. corporate bond	—	0.70%	Oct 2024	1.9 yrs	−0.11% points
44	Sun Pharmaceutical Industries Ltd. equity	Pharmaceuticals & Biotechnology	0.67%	Aug 2026	1 mo	+0.67% points
45	Vertis Infrastructure Trust corporate bond	—	0.67%	Jun 2025	1.3 yrs	−0.03% points
46	ITC Ltd. equity	Diversified FMCG	0.66%	Mar 2026	6 mo	−0.13% points
47	GMR Airports Ltd. corporate bond	—	0.66%	Aug 2025	1.1 yrs	−0.02% points
48	Sundaram Finance Ltd. corporate bond	—	0.62%	Nov 2025	10 mo	−0.03% points
49	Oberoi Realty Ltd. equity	Realty	0.61%	Jul 2025	1.2 yrs	−0.30% points
50	Renserv Global Pvt Ltd. corporate bond	—	0.58%	May 2025	1.3 yrs	−0.03% points
51	HDB Financial Services Ltd. money market	—	0.56%	Aug 2026	1 mo	+0.56% points
52	364 DAY T-BILL 08.04.27 government security	—	0.55%	Apr 2026	5 mo	−0.02% points
53	Muthoot Finance Ltd. corporate bond	—	0.53%	May 2026	4 mo	−0.01% points
54	TVS Holdings Ltd. corporate bond	—	0.51%	Jun 2024	2.3 yrs	−0.03% points
55	Tata Housing Development Co. Ltd. corporate bond	—	0.50%	Dec 2025	9 mo	−0.03% points
56	Westlife Foodworld Ltd. equity	Leisure Services	0.46%	Aug 2018	8.1 yrs	+0.05% points
57	Samvardhana Motherson International Ltd. equity	Auto Components	0.46%	Sep 2024	2.0 yrs	−0.01% points
58	Procter & Gamble Hygiene and Health Care Ltd. equity	Personal Products	0.39%	Aug 2018	8.1 yrs	−0.10% points
59	Cholamandalam Investment & Finance Co. Ltd. corporate bond	—	0.39%	Feb 2026	7 mo	−0.02% points
60	Small Industries Development Bank of India corporate bond	—	0.33%	Jun 2026	3 mo	+0.33% points
61	India Infrastructure Finance Company Ltd. corporate bond	—	0.33%	Aug 2025	1.1 yrs	−0.01% points
62	LIC Housing Finance Ltd. corporate bond	—	0.33%	Mar 2025	1.5 yrs	−0.02% points
63	Havells India Ltd. equity	Consumer Durables	0.31%	Aug 2026	1 mo	+0.31% points
64	TREPS / cash equivalents Net Receivable / Payable · money market	—	0.31%	Aug 2018	8.1 yrs	+0.02% points
65	Tata Power Renewable Energy Ltd. (Guaranteed by Tata Power Ltd.) corporate bond	—	0.29%	Sep 2024	2.0 yrs	−0.06% points
66	Aditya Birla Renewables Ltd. corporate bond	—	0.28%	Sep 2024	2.0 yrs	−0.06% points
67	State Bank of India( AT1 Bond under Basel III ) corporate bond	—	0.28%	Aug 2026	1 mo	+0.28% points
68	7.52% State Government of Tamil Nadu 2055 government security	—	0.27%	Mar 2026	6 mo	−0.02% points
69	Torrent Power Ltd. corporate bond	—	0.19%	Jan 2024	2.7 yrs	−0.01% points
70	India Universal Trust AL2 (Obligor - HDFC Bank Ltd.) corporate bond	—	0.19%	Nov 2024	1.8 yrs	−0.04% points
71	Aditya Birla Real Estate Ltd. corporate bond	—	0.18%	Sep 2024	2.0 yrs	0.00% points
72	Muthoot Finance Ltd. corporate bond	—	0.17%	Jul 2026	2 mo	+0.17% points
73	Summit Digitel Infrastructure Pvt. Ltd. corporate bond	—	0.17%	Oct 2024	1.9 yrs	−0.01% points
74	State Bank of India( Tier II Bond under Basel III ) corporate bond	—	0.16%	Mar 2026	6 mo	−0.43% points
75	Varun Beverages Ltd. equity	Beverages	0.15%	Nov 2024	1.8 yrs	−0.06% points
76	Canara Bank( AT1 Bond under Basel III ) corporate bond	—	0.14%	Nov 2025	10 mo	−0.01% points
77	Bharti Telecom Ltd. corporate bond	—	0.14%	Nov 2024	1.8 yrs	−0.01% points
78	Canara Bank( AT1 Bond under Basel III ) corporate bond	—	0.14%	Dec 2025	9 mo	−0.01% points
79	Swiggy Ltd. equity	Retailing	0.13%	Dec 2025	9 mo	−0.58% points
80	Torrent Investments Ltd. corporate bond	—	0.13%	Aug 2025	1.1 yrs	−0.01% points
81	7.57% State Government of West Bengal 2046 government security	—	0.12%	Mar 2026	6 mo	−0.35% points
82	7.64% State Government of Rajasthan 2036 government security	—	0.12%	Jun 2026	3 mo	+0.12% points
83	Small Industries Development Bank of India money market	—	0.11%	Jun 2026	3 mo	+0.11% points
84	Canara Bank( AT1 Bond under Basel III ) corporate bond	—	0.10%	Sep 2024	2.0 yrs	−0.01% points
85	State Bank of India corporate bond	—	0.09%	Jul 2024	2.2 yrs	0.00% points
86	Torrent Power Ltd. corporate bond	—	0.09%	Jun 2023	3.3 yrs	0.00% points
87	Cube Highways Trust government security	—	0.08%	Jul 2026	2 mo	+0.08% points
88	REC Ltd. corporate bond	—	0.06%	Feb 2025	1.6 yrs	−0.01% points
89	Power Finance Corporation Ltd. corporate bond	—	0.06%	Aug 2025	1.1 yrs	0.00% points
90	Cholamandalam Investment & Finance Co. Ltd. corporate bond	—	0.06%	Feb 2026	7 mo	0.00% points
91	Jio Credit Ltd. corporate bond	—	0.06%	Jul 2026	2 mo	+0.06% points
92	HDB Financial Services Ltd. corporate bond	—	0.06%	Apr 2026	5 mo	0.00% points
93	Bajaj Finance Ltd. corporate bond	—	0.06%	May 2024	2.3 yrs	0.00% points
94	Muthoot Finance Ltd. corporate bond	—	0.06%	Sep 2025	1.0 yrs	0.00% points
95	Muthoot Finance Ltd. corporate bond	—	0.06%	Sep 2025	1.0 yrs	0.00% points
96	State Bank of India( AT1 Bond under Basel III ) corporate bond	—	0.05%	Sep 2025	1.0 yrs	0.00% points
97	Torrent Power Ltd. corporate bond	—	0.05%	Jun 2023	3.3 yrs	0.00% points
98	Torrent Power Ltd. corporate bond	—	0.03%	Jan 2024	2.7 yrs	−0.01% points
99	Bharti Telecom Ltd. corporate bond	—	0.03%	Nov 2024	1.8 yrs	0.00% points
100	Bharti Telecom Ltd. corporate bond	—	0.03%	Nov 2025	10 mo	0.00% points
101	National Highways Infra Trust corporate bond	—	0.03%	Oct 2025	11 mo	0.00% points
102	National Bank for Agriculture and Rural Development money market	—	0.03%	Jul 2026	2 mo	+0.03% points
103	Bank of Baroda money market	—	0.03%	Jul 2026	2 mo	+0.03% points
104	TREPS / cash equivalents Margin amount for Derivative positions · money market	—	0.03%	Aug 2018	8.1 yrs	0.00% points
105	Muthoot Finance Ltd. corporate bond	—	0.02%	Oct 2025	11 mo	−0.04% points
106	Bank of India( AT1 Bond Under Basel III ) corporate bond	—	0.02%	Jan 2023	3.7 yrs	0.00% points
107	REC Ltd. corporate bond	—	0.01%	May 2026	4 mo	0.00% points
108	Small Industries Development Bank of India money market	—	0.01%	Apr 2026	5 mo	0.00% points
109	National Bank for Agriculture and Rural Development money market	—	0.01%	Apr 2026	5 mo	0.00% points
110	Numero Uno International Ltd. foreign security	—	—	Aug 2018	8.1 yrs	—
111	Bosch Ltd. foreign security	—	—	Sep 2023	3.0 yrs	—
112	6.79% CGL 2029 government security	—	—	Jun 2026	3 mo	—
113	6.10% CGL 2031 government security	—	—	Jul 2026	2 mo	—
114	National Highways Infra Trust government security	—	—	Mar 2024	2.5 yrs	—

Showing 1–114 of 114 rows per page10 25 50all

Largest sectors, Aug 2026 · grey: a year ago

Banks13.9% · 18.1%

Power7.4% · 3.2%

Retailing5.9% · 4.9%

IT - Software5.6% · 4.5%

Finance5.1% · 6.0%

Chemicals & Petrochemicals4.1% · 3.2%

Auto Components3.0% · 3.1%

Pharmaceuticals & Biotechnology2.7% · 2.9%

share of the book05%10%15%

By market cap, Aug 2026

Large cap50.2%

Mid cap23.4%

Small / micro cap0.5%

Cash & equivalents7.2%

Not classified0.5%

Other18.3%

share of the book025%50%75%100%

"Not classified" is what no cap tier could be inferred for — newly listed names, or lines without an ISIN.

Composition by market cap, month by month — what the fund actually held against what its label says

Large cap 50%
Mid cap 23%
Small / micro 0%
Cash & other 7%

The seven checks, in full

each: the plain claim, where it sits in the category, and — folded — how it is measured and the case against. A flag fires only where headline and record disagree.

P4 Consistency, not a single end date

Beat its category in 60% of three-year stretches, and averaged +0.2 percentage points a year across all of them

109 rolling windows since 2014 · ahead by 1.6 percentage points a year when it won, behind by 1.8 when it lost

What this means. Take every three-year stretch since the fund had a NAV, one starting each month, and ask two things of each: did it beat the typical fund in its category, and by how much. Counting the wins tells you the record does not depend on when you happen to look; averaging the margin tells you whether winning often was worth anything, because four small wins do not pay for one large loss.

How often, and by how much. The count and the average agree. Ahead by 1.6 percentage points a year in the 65 windows it won and behind by 1.8 in the 44 it lost, so the average across all 109 is +0.2 percentage points. The worst window ended Mar 2023, 3.2 percentage points behind.

Why this matters: Can a fund beat its category most of the time and still be behind? 7 min

60%

lowest in categoryhighest in category

61th percentile · above median of 29 funds · category median 53%

windows measured109windows won65average across every window+0.23% points a year · median +0.79when ahead, by how much+1.63% points a year over 65 windowswhen behind, by how much−1.84% points a year over 44 windowsworst window−3.24% points a year, ended Mar 2023best window+4.34% points a year, ended Mar 2020non-overlapping windows in that span4 — the rolling count overlaps, this does not

Fund minus category, each rolling three-year window

ahead of categorybehind

Each bar is one window's margin in percentage points a year. The height of the bars, not the count of green ones, is what the average across every window measures.

How it is measured, and the case against

A fund that beats its category in most rolling three-year windows has a record; one that beats it in a few has an end date. How often it won and by how much are different questions, and this card answers both, because a fund can win four windows in five and still be behind across all five.

How often has it beaten its category, across every window?

Why this might matterRolling every three-year window forward month by month gives hundreds of overlapping observations instead of one. A single end date decides a headline five-year figure; the share of windows won cannot be flattered by when you happen to look. The average margin across every window is that share and the payoff multiplied together — win share x average beat plus loss share x average shortfall is exactly the average — so a high share bought with a few ruinous windows cannot hide behind the count.

Why it might notRolling windows overlap heavily, so they are not independent observations and the true sample is far smaller than the count suggests — the card says how many non-overlapping windows the same span holds, and it is usually a handful. A fund that changed manager or mandate carries a record that is only partly its own. The average margin is only as meaningful as the category: where a category is a grab bag (“Other ETFs” holds gold beside equity), a large shortfall says the comparison is wrong, not that the fund is. And none of this forecasts: our own study found the share of windows won does not predict the next three years, and weighting it by payoff gives no reason to think otherwise.

P5 Cost, measured

Regular plan costs 0.91 percentage points a year more than Direct

₹25,207 on ₹1 lakh over ten years

What this means. The Regular and Direct plans hold the same portfolio; the Regular one pays a distributor out of your money every day. The gap between the two NAVs is that cost, measured from the NAVs rather than quoted from a document.

Why this matters: What does a Regular plan actually cost? 6 min

0.91% points a year

costliest in categorycheapest in category

95th percentile · top decile of 29 funds · category median 1.25% points

on ₹1,00,000 over ten years₹25,207Direct vs Regular, annualised12.5% vs 11.6%measured over12 years

How it is measured, and the case against

The Direct plan is the same portfolio, priced differently; the divergence of the two NAVs is the cost, measured rather than quoted.

What does the Regular plan actually cost against its Direct twin?

Why this might matterSame manager, same holdings, same day. The gap between the two NAV series is the one number on this page that is knowable today rather than hoped for, and it compounds for as long as the units are held.

Why it might notA Regular plan buys advice. If that advice stops someone selling in a drawdown it can be worth more than the fee — the cost is visible and the behavioural saving is not, which makes this comparison unfair in exactly one direction.

P1 Churn, and what it bought

Turns over 49% of the portfolio a year

+0.03% points of excess return per unit of turnover

What this means. How much of the portfolio was bought and sold in a year, computed from what the fund disclosed each month. Trading costs something certain; the extra return it is meant to buy is not.

Why this matters: What does a monthly portfolio not tell you? 6 min

49% a year

costliest in categorycheapest in category

72th percentile · above median of 25 funds · category median 62%

excess return per unit of turnover+0.03% points

How it is measured, and the case against

Turnover measured from consecutive disclosures — Σ|Δweight|/2 — costs something certain; the excess return it is meant to buy is not.

Is the trading paying for itself?

Why this might matterAMCs define their own turnover figure inconsistently. This one is computed from what the fund disclosed month to month, so two funds are comparable on it. Read it beside the excess return per unit of turnover.

Why it might notTurnover computed from month-end snapshots misses everything bought and sold inside a month, and a fund forced to sell by redemptions is charged for churn it did not choose.

P2 Conviction or inertia

Typical top-10 holding kept 30 months

What this means. How long a typical top-10 position has been in the top ten. Long-held positions are a decision; a top ten that changes every quarter is a reaction.

30 months

lowest in categoryhighest in category

39th percentile · below median of 26 funds · category median 41 months

active sharenot yet computable — needs index constituent files

How it is measured, and the case against

The median months a top-10 position has been held separates a portfolio somebody chose from one that drifted.

How long does a top-10 position stay a top-10 position?

Why this might matterConcentration is how a manager expresses conviction, and persistence is how long they keep it. Long-held positions with a rising weight are a decision; a top ten that turns over every quarter is a reaction.

Why it might notPersistence without active share is inertia: a portfolio of 166 names that tracks its category closely has diversified away the reason to pay for it. Active share needs index constituent files, which are not loaded yet.

P3 Hit rate of the top ten

6 of 10 top picks beat their peers over the next 6 months, and averaged 3.8 percentage points ahead of them

640 positions judged, one disclosure at a time · ahead by 16.8 percentage points when it won, behind by 13.4 when it lost

What this means. Take each month's ten largest holdings and check whether each one beat the typical stock its category holds over the next six months, and by how much. A blended return can hide two wins and eight losses; a count of wins can hide one position that lost half its value.

How often, and by how much. The count and the average agree. Ahead by 16.8 percentage points in the 365 positions it won and behind by 13.4 in the 275 it lost, so the average across all 640 is +3.8 percentage points. The worst position was INE397D01024 at the May 2020 disclosure, 49.0 percentage points behind.

Why this matters: Can a fund beat its category most of the time and still be behind? 7 min

57%

lowest in categoryhighest in category

95th percentile · top decile of 24 funds

positions judged640beat the median stock365average across every position+3.82% points · median +3.04when ahead, by how much+16.81% points over 365 positionswhen behind, by how much−13.41% points over 275 positionsworst position−49.03% points, INE397D01024 at the May 2020 disclosurebest position+75.58% points, INE397D01024 at the Oct 2019 disclosure

How it is measured, and the case against

A manager's largest bets, judged one by one over the following six months, say more than the fund's blended return — and how far each one beat or missed the median stock says more than counting how many did.

Of its top-10 positions, how often did they beat the category-median stock?

Why this might matterA fund can beat its category on two positions and lose on eight; the hit rate shows the pattern the aggregate hides. The average margin then shows what the hit rate hides in turn: six winners worth a point each do not pay for four losers worth ten, and only the margin says which happened.

Why it might notSix months is short, sizing matters more than counting, and a manager who is right on the biggest position and wrong on nine small ones has done their job — the margins here are unweighted, so they answer the counting question better, not the sizing one. Overlapping disclosures judge the same position again each month it is held, so one long-held winner is counted many times. And this is a description of six months already past, not a forecast of the next six.

P6 Size against edge

₹88,060 Cr, 98th percentile in category; 7% of growth came from inflows

smaller than 2% of the funds in its category (26 funds) · AUM Sep 2023 → Jul 2026 · Regular plan expense ratio 1.40%

What this means. Where the fund sits by size in its category, and how much of its growth was money arriving rather than the portfolio compounding. A very large fund cannot buy what a small one can; size should buy a lower fee in return.

98th percentile by AUM

largestsmallest

2th percentile · bottom decile of 26 funds

median holding weight, trendrisingexpense ratio, Regular / Direct1.40% / 0.75% · category median 2.18%AUM, Sep 2023 → Jul 2026₹59,822 Cr → ₹88,060 Cr (+15% a year)of that change, from flows rather than returns7% net inflows · NAV +44% over the window

Assets under management, ₹ crore, Jun 2010 – Jul 2026

66 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 2.36% in Jun 2018 → 1.40% in Sep 2026

How it is measured, and the case against

Past a certain size the smaller end of a mandate becomes unreachable, and the fund starts to look like its index; what size should buy in return is a lower expense ratio.

Has the fund outgrown the universe it invests in — and did size buy a lower fee?

Why this might matterSize narrows what the manager can meaningfully hold and should lower what the investor pays. Read the AUM history beside the expense ratio: a fund that has tripled through inflows while its Regular-plan TER sits above the category median has kept the benefit of scale for the house. The flow decomposition says how much of the growth was money arriving rather than the portfolio compounding.

Why it might notScale funds research teams, and plenty of large funds have gone on compounding for decades. Inflows follow performance, so a fund growing fast is usually one that did well; the constraint is real but not automatically binding, and a TER is a ceiling the AMC can cut at any time.

P7 Whose record is this

Run by R Srinivasan for at least 3 mo

with Rajeev Radhakrishnan, Rajeev · the factsheet archive starts Jun 2026, so this is a floor

What this means. How long the people running it now have been running it, read from the monthly factsheets. A five-year record earned under someone else is not evidence about these managers.

Why this matters: Whose record is the three-year number? 5 min

No category distribution for this measure yet.

running it nowR Srinivasan (since at least Jun 2026), Rajeev Radhakrishnan (since at least Jun 2026), Rajeev (since Aug 2026)share of the fund's life under the current teamnot knowable — the archive starts Jun 2026, so the tenure is a floorchanges of hands in the archive1 — last Aug 2026

Who ran it, month by month · factsheets through Sep 2026

running it nowearlier

Manager	Role	From	To	Fund vs category, those months	3-yr stretches won in tenure
R Srinivasan	fund manager	by Jun 2026†	now	2.9% vs 4.8% (−1.84% points)	—
Rajeev Radhakrishnan	fund manager	by Jun 2026†	now	2.9% vs 4.8% (−1.84% points)	—
Rajeev	fund manager	Aug 2026*	now	0.1% vs 0.6% (−0.49% points)	—

* dated by first appearance in the archive we hold, not by a date the factsheet printed. † already named on the first factsheet we hold: the stint is at least this long, and its start is not known. Co-managed months count for every manager named; a factsheet names the manager of record, not who made each call. All managers →

How it is measured, and the case against

A record earned under different people is not evidence about these ones.

Does the displayed record predate the people running it?

Why this might matterA five-year figure on a fund whose longest-serving manager joined two years ago is the house's record more than the person's. The tenure here comes from what each monthly factsheet named, so a change of hands is dated to the month it was disclosed, and the fund's return against its category can be read over exactly those months.

Why it might notFund houses have processes, research desks and mandates that outlast individuals, so a manager change is not a reset. Co-managed funds attribute the same months to every named manager, and a factsheet names the manager of record, not necessarily the person making the calls. And the archive we hold starts in Jun 2026: R Srinivasan was already named on its first sheet, so the tenure here is the floor of what is known, not the month anyone arrived — the record may well belong to the people running it now.

Tracking gap

the NAV the fund published, against the NAV its last disclosed portfolio would have produced at each day's prices

No signal. About 25% of this fund is outside listed Indian equity — a foreign or derivative sleeve, or debt — and there are no daily prices to replicate it with. A wrong signal would be worse than none.

Share classes

latest NAV per AMFI code

Plan	Option	NAV	Date
direct SBI AGGRESIVE HYBRID FUND - DIRECT PLAN - Growth	growth	₹346.00	21 Sep 2026
direct SBI Aggresive Hybrid Fund - Direct Plan - Income Distribution cum Capital Withdrawal Option (IDCW)	idcw	₹101.25	21 Sep 2026
regular SBI AGGRESIVE HYBRID FUND - REGULAR PLAN -Growth	growth	₹310.83	21 Sep 2026
regular SBI Aggresive Hybrid Fund - Regular Plan - Income Distribution cum Capital Withdrawal Option (IDCW)	idcw	₹65.87	21 Sep 2026

The Direct / Regular gap, in money

Direct growth NAV: ₹346.00
Regular growth NAV: ₹310.83
NAV divergence to date: 11.3% — same portfolio, priced differently
Regular costs more by: 0.91% points a year
On ₹1,00,000 over ten years: ₹25,207

A Regular plan buys advice. The fee is visible and the behavioural saving is not; both are shown, neither is netted off.

Compare with

same category, by size

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