Baroda BNP Paribas · Multi Cap

Baroda BNP Paribas Multi Cap Fund

Equity Scheme - Multi Cap Fund Direct plan, growth riskometer: Very high benchmark: Nifty 500 Multicap 50 25 25 TRI launched 14 Aug 2003 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 21 Sep 2026

₹332.18

−0.17% since 18 Sep 2026, the previous NAV

1 year

2.0%

return

3 years

15.1%

a year

5 years

12.7%

a year

Since launch

13.7%

a year, over 12.0 years

Assets (AUM)

₹3,394 Cr

Jul 2026 factsheet

Expense ratio, Direct / Regular

0.75% / 1.65%

a year, as of Jul 2026

Holdings

top ten are 23% of the fund · Aug 2026

Disclosed history

3.3 yrs

May 2023 – Aug 2026 · 5 of 11 checks could run

Fund managers

Sanjay Chawla · since at least Dec 2024Kirtan Mehta · since Nov 2025Himanshu · since Jun 2026Paresh Jain · since Jun 2026

All managers →

As the Jul 2026 factsheet printed it: portfolio turnover 0.85×. Exit load and minimum investment are not yet extracted from the scheme documents.

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 1.03% a year more than Direct

₹31,339 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 Sanjay Chawla for at least 1.7 yrs

with Kirtan Mehta, Himanshu, Paresh Jain · the factsheet archive starts Dec 2024, 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.

Sanjay Chawla's other funds →

NAVTracking gap

NAV sits 5.2 bp from its disclosed portfolio, but the replication is noisy

5 jumps since the last disclosure. We re-price the last disclosed portfolio every day and compare it with the NAV the fund published; a gap that opens and stays is a trade not yet disclosed.

See the daily gap →

P4Consistency

Beat its category in 25% of three-year stretches, and averaged −0.6 points a year across all of them

109 rolling windows since 2014 · ahead by 1.4 points a year when it won, behind by 1.3 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 · ₹71.07 → ₹332.18, 4.7× since Sep 2014

Deepest fall (max drawdown)

−19.4%

11 Dec 2024 → 28 Feb 2025

Worst month

−10.1%

Feb 2025

Days to recover

521

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 · 87 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	Navin Fluorine International Limited equity	Chemicals & Petrochemicals	2.89%	Jun 2024	2.3 yrs	+0.23%
2	Karur Vysya Bank Limited equity	Banks	2.49%	Jan 2025	1.7 yrs	+0.29%
3	Radico Khaitan Limited equity	Beverages	2.45%	May 2023	3.3 yrs	+0.25%
4	Mahindra & Mahindra Limited equity	Automobiles	2.35%	Jan 2025	1.7 yrs	+0.63%
5	State Bank of India equity	Banks	2.28%	May 2026	4 mo	+0.81%
6	TVS Motor Company Limited equity	Automobiles	2.24%	Sep 2023	3.0 yrs	+0.20%
7	Bharat Heavy Electricals Limited equity	Electrical Equipment	2.19%	Nov 2025	10 mo	-0.63%
8	Titan Company Limited equity	Consumer Durables	2.19%	May 2025	1.3 yrs	+0.08%
9	Shriram Finance Limited equity	Finance	2.14%	Mar 2026	6 mo	+0.12%
10	One 97 Communications Limited equity	Financial Technology (Fintech)	2.07%	May 2025	1.3 yrs	+0.64%
11	Dr. Lal Path Labs Limited equity	Healthcare Services	2.01%	Jan 2025	1.7 yrs	+0.05%
12	ICICI Bank Limited equity	Banks	1.98%	May 2023	3.3 yrs	+0.54%
13	Persistent Systems Limited equity	IT - Software	1.92%	Dec 2024	1.8 yrs	-0.77%
14	Delhivery Limited equity	Transport Services	1.83%	Oct 2025	11 mo	-0.10%
15	Reliance Industries Limited equity	Petroleum Products	1.83%	May 2023	3.3 yrs	-0.38%
16	Torrent Pharmaceuticals Limited equity	Pharmaceuticals & Biotechnology	1.82%	Jul 2026	2 mo	+1.82%
17	Bharti Airtel Limited equity	Telecom - Services	1.82%	May 2023	3.3 yrs	-1.11%
18	Acutaas Chemicals Limited equity	Pharmaceuticals & Biotechnology	1.81%	Jan 2026	8 mo	-0.24%
19	Info Edge (India) Limited equity	Retailing	1.77%	Jul 2026	2 mo	+1.77%
20	Tech Mahindra Limited equity	IT - Software	1.74%	Jul 2025	1.2 yrs	-0.07%
21	Nippon Life India Asset Management Limited equity	Capital Markets	1.68%	Jul 2025	1.2 yrs	0.00%
22	Multi Commodity Exchange of India Limited equity	Capital Markets	1.61%	Mar 2026	6 mo	-0.24%
23	Larsen & Toubro Limited equity	Construction	1.51%	May 2023	3.3 yrs	-0.60%
24	Cummins India Limited equity	Industrial Products	1.46%	Mar 2026	6 mo	-0.69%
25	Aditya Birla Capital Limited equity	Finance	1.41%	Jun 2025	1.3 yrs	+0.30%
26	Maruti Suzuki India Limited equity	Automobiles	1.36%	Sep 2025	1.0 yrs	-0.04%
27	Crompton Greaves Consumer Electricals Limited equity	Consumer Durables	1.35%	Apr 2026	5 mo	-0.36%
28	IndusInd Bank Limited equity	Banks	1.32%	Nov 2025	10 mo	-1.54%
29	BSE Limited equity	Capital Markets	1.32%	Sep 2025	1.0 yrs	-0.57%
30	SBI Life Insurance Company Limited equity	Insurance	1.30%	Jul 2025	1.2 yrs	-0.93%
31	Bajaj Finance Limited equity	Finance	1.29%	Jun 2025	1.3 yrs	+0.11%
32	Sun Pharmaceutical Industries Limited equity	Pharmaceuticals & Biotechnology	1.28%	Feb 2026	7 mo	-0.09%
33	Britannia Industries Limited equity	Food Products	1.28%	Jun 2025	1.3 yrs	-0.31%
34	BEML Limited equity	Agricultural, Commercial & Construction Vehicles	1.27%	Nov 2025	10 mo	-0.15%
35	Timken India Limited equity	Industrial Products	1.26%	Mar 2026	6 mo	+0.15%
36	HDFC Bank Limited equity	Banks	1.26%	May 2023	3.3 yrs	-0.61%
37	NHPC Limited equity	Power	1.25%	Jan 2026	8 mo	0.00%
38	Eternal Limited equity	Retailing	1.22%	Jul 2026	2 mo	+1.22%
39	Solar Industries India Limited equity	Chemicals & Petrochemicals	1.22%	Feb 2026	7 mo	-0.17%
40	Fractal Analytics Ltd equity	IT - Software	1.21%	Feb 2026	7 mo	-0.31%
41	Infosys Limited equity	IT - Software	1.20%	Feb 2024	2.6 yrs	-0.21%
42	Linde India Limited equity	Chemicals & Petrochemicals	1.19%	May 2023	3.3 yrs	-0.24%
43	Max Financial Services Limited equity	Insurance	1.17%	Mar 2026	6 mo	+0.17%
44	Axis Bank Limited equity	Banks	1.10%	Feb 2026	7 mo	-0.96%
45	Clearing Corporation of India Ltd money market	—	1.10%	Jul 2024	2.2 yrs	-1.53%
46	National Aluminium Company Limited equity	Non - Ferrous Metals	1.09%	Jan 2026	8 mo	-0.53%
47	Indian Bank equity	Banks	1.08%	Jul 2026	2 mo	+1.08%
48	RBL Bank Limited equity	Banks	1.03%	Dec 2025	9 mo	+0.03%
49	The India Cements Limited equity	Cement & Cement Products	1.02%	May 2025	1.3 yrs	-0.10%
50	City Union Bank Limited equity	Banks	0.98%	Jun 2026	3 mo	+0.98%
51	Aditya Birla Sun Life AMC Limited equity	Capital Markets	0.98%	Mar 2026	6 mo	+0.01%
52	Pidilite Industries Limited equity	Chemicals & Petrochemicals	0.97%	Jun 2026	3 mo	+0.97%
53	Shiprocket Limited equity	Transport Services	0.96%	Aug 2026	1 mo	+0.96%
54	National Securities Depository Limited equity	Capital Markets	0.93%	Jun 2026	3 mo	+0.93%
55	Travel Food Services Limited equity	Leisure Services	0.90%	Jul 2025	1.2 yrs	-0.01%
56	Ashok Leyland Limited equity	Agricultural, Commercial & Construction Vehicles	0.85%	Aug 2026	1 mo	+0.85%
57	Bandhan Bank Limited equity	Banks	0.84%	May 2026	4 mo	+0.40%
58	Hindustan Unilever Limited equity	Diversified FMCG	0.83%	Jul 2026	2 mo	+0.83%
59	Container Corporation of India Limited equity	Transport Services	0.81%	Jul 2026	2 mo	+0.81%
60	Schaeffler India Limited equity	Auto Components	0.80%	Jul 2026	2 mo	+0.80%
61	Mankind Pharma Limited equity	Pharmaceuticals & Biotechnology	0.80%	Jun 2026	3 mo	+0.80%
62	Blue Star Limited equity	Consumer Durables	0.78%	Feb 2025	1.6 yrs	-0.12%
63	Siemens Energy India Limited equity	Electrical Equipment	0.76%	Jul 2026	2 mo	+0.76%
64	Polycab India Limited equity	Industrial Products	0.73%	Aug 2026	1 mo	+0.73%
65	JK Cement Limited equity	Cement & Cement Products	0.69%	Jul 2026	2 mo	+0.69%
66	Amber Enterprises India Limited equity	Consumer Durables	0.65%	Feb 2025	1.6 yrs	-0.39%
67	NMDC Limited equity	Minerals & Mining	0.63%	May 2025	1.3 yrs	-1.25%
68	Oil India Limited equity	Oil	0.62%	Jul 2026	2 mo	+0.62%
69	The Jammu & Kashmir Bank Limited equity	Banks	0.59%	Apr 2026	5 mo	-0.69%
70	Marico Limited equity	Agricultural Food & other Products	0.59%	Jul 2026	2 mo	+0.59%
71	Hitachi Energy India Limited equity	Electrical Equipment	0.58%	May 2023	3.3 yrs	-1.59%
72	Tenneco Clean Air India Limited equity	Auto Components	0.57%	Aug 2026	1 mo	+0.57%
73	Prudent Corporate Advisory Services Limited equity	Capital Markets	0.57%	Mar 2025	1.5 yrs	+0.07%
74	Life Insurance Corporation Of India equity	Insurance	0.55%	Aug 2026	1 mo	+0.55%
75	Sagility Limited equity	IT - Services	0.53%	Nov 2024	1.8 yrs	-1.35%
76	Vishal Mega Mart Limited equity	Retailing	0.46%	Jul 2026	2 mo	+0.46%
77	GMR Airports Limited equity	Transport Infrastructure	0.38%	Mar 2026	6 mo	+0.03%
78	Sundaram Finance Limited equity	Finance	0.33%	Aug 2026	1 mo	+0.33%
79	HDB Financial Services Limited equity	Finance	0.27%	Aug 2026	1 mo	+0.27%
80	PNB Housing Finance Limited equity	Finance	0.20%	Aug 2026	1 mo	+0.20%
81	364 Days Tbill (MD 17/09/2026) government security	—	0.14%	Jan 2026	8 mo	-0.91%
82	Leela Palaces Hotels & Resorts Limited equity	Leisure Services	0.06%	Aug 2026	1 mo	+0.06%
83	6% TVS Motor Company Limited ** corporate bond	—	0.02%	Sep 2025	1.0 yrs	-0.01%
84	Amex Carb & Chem Limited # equity	Miscellaneous	0.00%	Jul 2024	2.2 yrs	0.00%
85	SIV Industries Limited # equity	Textiles - Synthetic	0.00%	May 2023	3.3 yrs	0.00%
86	DSQ SOFTWARE # equity	Software	0.00%	May 2023	3.3 yrs	0.00%
87	TREPS / cash equivalents Net Receivables / (Payables) · cash equivalent	—	-0.01%	Jul 2024	2.2 yrs	+0.02%

Showing 1–87 of 87 rows per page10 25 50all

Largest sectors, Aug 2026 · grey: a year ago

Banks14.9% · 11.6%

Capital Markets7.1% · 4.3%

Chemicals & Petrochemicals6.3% · 4.7%

IT - Software6.1% · 6.5%

Automobiles5.9% · 3.7%

Pharmaceuticals & Biotechnology5.7%

Finance5.6% · 5.6%

Consumer Durables5.0% · 6.0%

share of the book05%10%15%

By market cap, Aug 2026

Large cap35.5%

Mid cap38.6%

Small / micro cap24.6%

Cash & equivalents1.1%

Other0.2%

share of the book025%50%75%100%

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

Large cap 36%
Mid cap 39%
Small / micro 25%
Cash & other 1%

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 25% of three-year stretches, and averaged −0.6 points a year across all of them

109 rolling windows since 2014 · ahead by 1.4 points a year when it won, behind by 1.3 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 1.4 points a year in the 27 windows it won and behind by 1.3 in the 82 it lost, so the average across all 109 is −0.6 points. The worst window ended Jan 2020, 3.4 points behind.

25%

lowest in categoryhighest in category

37th percentile · below median of 22 funds · category median 49%

windows measured109windows won27average across every window−0.62 pts a year · median −0.58when ahead, by how much+1.39 pts a year over 27 windowswhen behind, by how much−1.29 pts a year over 82 windowsworst window−3.39 pts a year, ended Jan 2020best window+4.53 pts a year, ended Dec 2021non-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 1.03% a year more than Direct

₹31,339 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.

1.03 pp a year

costliest in categorycheapest in category

95th percentile · top decile of 32 funds · category median 1.58 pp

on ₹1,00,000 over ten years₹31,339Direct vs Regular, annualised13.7% vs 12.7%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 109% of the portfolio a year

−0.04 pts 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.

109% a year

costliest in categorycheapest in category

36th percentile · below median of 28 funds · category median 94%

excess return per unit of turnover−0.04 pts

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 18 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.

18 months

lowest in categoryhighest in category

38th percentile · below median of 28 funds · category median 23 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

5 of 10 top picks beat their peers over the next 6 months, and averaged 3.4 points ahead of them

340 positions judged, one disclosure at a time · ahead by 17.2 points when it won, behind by 11.2 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 17.2 points in the 175 positions it won and behind by 11.2 in the 165 it lost, so the average across all 340 is +3.4 points. The worst position was INE536H01010 at the Aug 2023 disclosure, 30.2 points behind.

51%

lowest in categoryhighest in category

40th percentile · below median of 28 funds

positions judged340beat the median stock175average across every position+3.44 pts · median +1.34when ahead, by how much+17.18 pts over 175 positionswhen behind, by how much−11.20 pts over 165 positionsworst position−30.18 pts, INE536H01010 at the Aug 2023 disclosurebest position+84.16 pts, INE07Y701011 at the Jan 2024 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

₹3,394 Cr, 41st percentile in category; 34% of growth came from inflows

smaller than 59% of the funds in its category (28 funds) · AUM Jul 2023 → Jul 2026 · Regular plan expense ratio 2.25%

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.

41th percentile by AUM

largestsmallest

59th percentile · above median of 28 funds

median holding weight, trendfallingexpense ratio, Regular / Direct2.25% / 1.20% · category median 2.22%AUM, Jul 2023 → Jul 2026₹1,839 Cr → ₹3,394 Cr (+23% a year)of that change, from flows rather than returns34% net inflows · NAV +56% over the window

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

100 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 2.59% in Jun 2018 → 2.25% 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 Sanjay Chawla for at least 1.7 yrs

with Kirtan Mehta, Himanshu, Paresh Jain · the factsheet archive starts Dec 2024, 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.

No category distribution for this measure yet.

running it nowSanjay Chawla (since at least Dec 2024), Kirtan Mehta (since Nov 2025), Himanshu (since Jun 2026), Paresh Jain (since Jun 2026)share of the fund's life under the current teamnot knowable — the archive starts Dec 2024, so the tenure is a floorchanges of hands in the archive2 — last Jun 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
Sanjay Chawla	fund manager	by Dec 2024†	now	2.1% vs 5.0% p.a. (−2.98 pp)	—
Kirtan Mehta	fund manager	Nov 2025*	now	2.8% vs 3.9% (−1.10 pp)	—
Himanshu	fund manager	Jun 2026*	now	3.8% vs 5.0% (−1.24 pp)	—
Paresh Jain	fund manager	Jun 2026*	now	3.8% vs 5.0% (−1.24 pp)	—
Sandeep Jain	fund manager	by Dec 2024†	Oct 2025	0.7% vs 4.5% (−3.82 pp)	—

* 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 Dec 2024: Sanjay Chawla 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

NAV sits 5.2 bp from its disclosed portfolio, but the replication is noisy

What this means. 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.

Latest gap beyond expense accrual

−5.2 bp

expense accrual ≈ 0.238 bp a day

Jumps since the disclosure

5noisy

20 Jul 2026 +13 bp · 17 Jul 2026 +11 bp · 24 Aug 2026 −10 bp

Window

60 days

25 Jun 2026 – 18 Sep 2026

Read it this way: daily residuals within ±2 bp are trading noise and the expense ratio accruing. A jump that stays is a portfolio change the fund has not disclosed yet — the size bounds how material. A gap that opens then closes is usually a dividend going ex-date.

Marked noisy: the replication jumped on 27 days in the window. Read the gap as coverage, not as a signal.

Share classes

latest NAV per AMFI code

Plan	Option	NAV	Date
direct Baroda BNP Paribas MULTI CAP FUND - Direct Plan - Growth Option	growth	₹332.18	21 Sep 2026
direct Baroda BNP Paribas MULTI CAP FUND - Direct Plan - IDCW Option	idcw	₹54.58	21 Sep 2026
regular Baroda BNP Paribas MULTI CAP FUND - Regular Plan - Growth Option	growth	₹292.31	21 Sep 2026
regular Baroda BNP Paribas MULTI CAP FUND - Regular Plan - IDCW Option	idcw	₹50.75	21 Sep 2026

The Direct / Regular gap, in rupees

Direct growth NAV: ₹332.18
Regular growth NAV: ₹292.31
NAV divergence to date: 13.6% — same portfolio, priced differently
Regular costs more by: 1.03% a year
On ₹1,00,000 over ten years: ₹31,339

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

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