Nippon Life India · Conservative Hybrid

Nippon India Conservative Hybrid Fund (Existing number of Segregated Portfolios - 1)

Hybrid Scheme - Conservative Hybrid Fund Direct plan, growth benchmark: Crisil Hybrid 85+15 - Conservative Index launched 10 Dec 2003 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 21 Sep 2026

₹69.23

+0.05% since 18 Sep 2026, the previous NAV

1 year

6.8%

return

3 years

8.7%

a year

5 years

8.3%

a year

Since launch

7.0%

a year, over 12.0 years

Assets (AUM)

₹962 Cr

Jul 2026 factsheet

Expense ratio, Direct / Regular

0.85% / 1.53%

a year, as of Jul 2026

Holdings

top ten are 37% of the fund · Aug 2026

Disclosed history

14 yrs

Sep 2012 – Aug 2026 · 5 of 11 checks could run

Fund managers

Sushil Budhia · since Feb 2020Dhrumil Shah · since Sep 2021

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 0.83% a year more than Direct

₹14,806 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 Sushil Budhia for 6.5 yrs

with Dhrumil Shah. 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.

Sushil Budhia'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 28% of three-year stretches, and averaged −2.5 points a year across all of them

109 rolling windows since 2014 · ahead by 0.3 points a year when it won, behind by 3.6 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 · ₹30.76 → ₹69.23, 2.3× since Sep 2014

Deepest fall (max drawdown)

−1.8%

26 Feb 2026 → 23 Mar 2026

Worst month

−1.6%

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 · 93 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	7.03% State Government Securities government security	—	5.07%	Oct 2025	11 mo	-0.11%
2	Triparty Repo money market	—	4.07%	Sep 2020	6.0 yrs	+2.59%
3	10.5% Triumph Composites Limited** government security	—	4.05%	Jul 2026	2 mo	+4.05%
4	8.45% Adani Airport Holdings Limited** government security	—	4.02%	Mar 2026	6 mo	+1.41%
5	9.75% Delhi International Airport Limited** government security	—	3.72%	Sep 2024	2.0 yrs	-0.08%
6	8.55% Aditya Birla Real Estate Limited** government security	—	3.56%	Aug 2024	2.1 yrs	-0.07%
7	5% GMR Airports Limited** government security	—	3.44%	Sep 2025	1.0 yrs	-0.04%
8	10.96% Gaursons India Private Limited** government security	—	3.35%	Apr 2026	5 mo	-0.06%
9	Auxilo Finserve Private Limited** corporate bond	—	3.05%	Feb 2026	7 mo	-0.08%
10	10.4% Muthoot Fincorp Ltd government security	—	3.05%	Feb 2026	7 mo	-0.08%
11	10.2% Navi Finserv Limited** government security	—	3.05%	Dec 2025	9 mo	-0.07%
12	JSW Kalinga Steel Limited** government security	—	2.63%	Mar 2026	6 mo	0.00%
13	9.5% Vedanta Aluminium Metal Limited** government security	—	2.56%	Feb 2025	1.6 yrs	-0.06%
14	9.25% Truhome Finance Limited** government security	—	2.56%	Apr 2024	2.4 yrs	-0.07%
15	8.28% Suryapet Khammam Road Ltd** government security	—	2.56%	Jun 2025	1.3 yrs	-0.33%
16	9.95% Hiranandani Financial Services Private Limited** government security	—	2.55%	Feb 2025	1.6 yrs	-0.06%
17	7.61% Small Industries Dev Bank of India** government security	—	2.54%	May 2026	4 mo	-0.06%
18	8% Adani Power Limited** government security	—	2.53%	Apr 2026	5 mo	-0.06%
19	7.17% Mindspace Business Parks REIT** reit	—	2.51%	Apr 2026	5 mo	-0.06%
20	6.57% State Government Securities government security	—	2.49%	Nov 2025	10 mo	-0.04%
21	8.28% Mancherial Repallewada Road Private Limited** government security	—	2.43%	Jun 2025	1.3 yrs	-0.07%
22	JTPM Metal Traders Limited** government security	—	2.19%	Sep 2025	1.0 yrs	-0.01%
23	Trust Investment Advisors Private Limited** money market	—	2.02%	Jul 2026	2 mo	+2.02%
24	10.81% Bamboo Hotel And Global Centre (Delhi) Private limited** government security	—	1.73%	Jan 2025	1.7 yrs	-0.05%
25	Brookfield India Real Estate Trust reit	—	1.54%	Dec 2024	1.8 yrs	-0.17%
26	7.7% Adani Transmission Step-Two Limited** government security	—	1.52%	Oct 2025	11 mo	-0.04%
27	8.95% Vastu Finserve India Private Limited** government security	—	1.49%	Jul 2026	2 mo	+1.49%
28	Mindspace Business Parks REIT reit	—	1.43%	Dec 2024	1.8 yrs	+0.06%
29	Cube Highways Trust-InvIT Fund invit	—	1.28%	Sep 2024	2.0 yrs	+0.04%
30	Nexus Select Trust - REIT reit	—	1.19%	Aug 2024	2.1 yrs	+0.05%
31	Knowledge Realty Trust reit	—	1.12%	Aug 2025	1.1 yrs	-0.09%
32	6.54% Government of India government security	—	1.01%	Oct 2025	11 mo	-0.02%
33	8.2% Adani Power Limited** government security	—	1.01%	Jul 2026	2 mo	+1.01%
34	8.9% Veritas Finance Private Limited** government security	—	1.00%	Jun 2026	3 mo	+1.00%
35	Net Current Assets cash equivalent	—	1.00%	Sep 2012	14 yrs	-0.15%
36	HDFC Bank Limited equity	Banks	0.85%	Sep 2019	7.0 yrs	-0.15%
37	ICICI Bank Limited equity	Banks	0.82%	Dec 2014	12 yrs	+0.09%
38	Reliance Industries Limited equity	Petroleum Products	0.81%	Mar 2018	8.5 yrs	-0.06%
39	AU Small Finance Bank Limited equity	Banks	0.72%	Apr 2025	1.4 yrs	-0.10%
40	Raajmarg Infra Investment Trust invit	—	0.68%	Mar 2026	6 mo	+0.04%
41	9.4% Indostar Home Finance Private Limited** government security	—	0.61%	May 2024	2.3 yrs	-0.02%
42	7.15% State Government Securities government security	—	0.51%	Nov 2025	10 mo	-0.01%
43	Bharti Airtel Limited equity	Telecom - Services	0.49%	May 2018	8.3 yrs	-0.02%
44	State Bank of India equity	Banks	0.45%	May 2018	8.3 yrs	+0.03%
45	Larsen & Toubro Limited equity	Construction	0.42%	Feb 2013	14 yrs	-0.02%
46	9.45% Vedanta Limited** government security	—	0.41%	Jun 2025	1.3 yrs	-0.01%
47	Infosys Limited equity	IT - Software	0.39%	Sep 2012	14 yrs	-0.02%
48	Mahindra & Mahindra Limited equity	Automobiles	0.35%	May 2018	8.3 yrs	+0.02%
49	Maruti Suzuki India Limited equity	Automobiles	0.34%	Mar 2018	8.5 yrs	0.00%
50	Axis Bank Limited equity	Banks	0.34%	May 2018	8.3 yrs	-0.01%
51	Bajaj Finance Limited equity	Finance	0.31%	Jun 2025	1.3 yrs	+0.03%
52	Tata Consultancy Services Limited equity	IT - Software	0.29%	May 2018	8.3 yrs	0.00%
53	Corporate Debt Market Development Fund Class A2 structured product	—	0.29%	Oct 2023	2.9 yrs	+0.01%
54	ITC Limited equity	Diversified FMCG	0.27%	May 2016	10 yrs	+0.04%
55	Kotak Mahindra Bank Limited equity	Banks	0.26%	Jan 2026	8 mo	+0.02%
56	9% Aptus Finance India Private Limited** government security	—	0.25%	Dec 2024	1.8 yrs	-0.04%
57	Bajaj Auto Limited equity	Automobiles	0.24%	May 2018	8.3 yrs	+0.03%
58	Titan Company Limited equity	Consumer Durables	0.24%	May 2018	8.3 yrs	+0.05%
59	Sun Pharmaceutical Industries Limited equity	Pharmaceuticals & Biotechnology	0.24%	Apr 2015	11 yrs	+0.02%
60	9.25% Muthoot Mcred Limited** government security	—	0.21%	Mar 2026	6 mo	-0.51%
61	Hindustan Unilever Limited equity	Diversified FMCG	0.20%	May 2018	8.3 yrs	-0.02%
62	9.4% Indostar Home Finance Private Limited** government security	—	0.20%	Mar 2024	2.5 yrs	-0.01%
63	IndusInd Bank Limited equity	Banks	0.19%	May 2018	8.3 yrs	+0.02%
64	JSW Energy Limited equity	Power	0.19%	Jun 2026	3 mo	+0.19%
65	Tata Steel Limited equity	Ferrous Metals	0.17%	Jul 2022	4.2 yrs	-0.02%
66	NTPC Limited equity	Power	0.17%	May 2018	8.3 yrs	-0.04%
67	Hero MotoCorp Limited equity	Automobiles	0.16%	May 2018	8.3 yrs	+0.09%
68	Hindalco Industries Limited equity	Non - Ferrous Metals	0.16%	May 2018	8.3 yrs	-0.03%
69	UltraTech Cement Limited equity	Cement & Cement Products	0.15%	May 2018	8.3 yrs	0.00%
70	Grasim Industries Limited equity	Cement & Cement Products	0.15%	Oct 2016	9.9 yrs	+0.01%
71	HCL Technologies Limited equity	IT - Software	0.15%	May 2018	8.3 yrs	+0.01%
72	JSW Steel Limited equity	Ferrous Metals	0.14%	Sep 2018	8.0 yrs	0.00%
73	Bajaj Finserv Limited equity	Finance	0.14%	Sep 2022	4.0 yrs	+0.02%
74	Asian Paints Limited equity	Consumer Durables	0.13%	May 2018	8.3 yrs	-0.01%
75	Divi's Laboratories Limited equity	Pharmaceuticals & Biotechnology	0.13%	Sep 2020	6.0 yrs	+0.03%
76	Power Grid Corporation of India Limited equity	Power	0.13%	May 2018	8.3 yrs	-0.02%
77	Eicher Motors Limited equity	Automobiles	0.12%	Aug 2020	6.1 yrs	+0.01%
78	Nestle India Limited equity	Food Products	0.12%	Jan 2024	2.7 yrs	0.00%
79	Apollo Hospitals Enterprise Limited equity	Healthcare Services	0.10%	Mar 2022	4.5 yrs	0.00%
80	Oil & Natural Gas Corporation Limited equity	Oil	0.10%	May 2018	8.3 yrs	-0.02%
81	8.73% Eris Lifesciences Limited** government security	—	0.10%	Jun 2024	2.3 yrs	0.00%
82	Tata Motors Ltd equity	Agricultural, Commercial & Construction Vehicles	0.09%	Oct 2025	11 mo	+0.01%
83	Coal India Limited equity	Consumable Fuels	0.09%	May 2018	8.3 yrs	-0.02%
84	SBI Life Insurance Company Limited equity	Insurance	0.09%	Sep 2020	6.0 yrs	0.00%
85	Cipla Limited equity	Pharmaceuticals & Biotechnology	0.08%	May 2018	8.3 yrs	-0.01%
86	Dr. Reddy's Laboratories Limited equity	Pharmaceuticals & Biotechnology	0.08%	Oct 2024	1.9 yrs	-0.01%
87	Tata Consumer Products Limited equity	Agricultural Food & other Products	0.07%	Mar 2021	5.5 yrs	-0.01%
88	Britannia Industries Limited equity	Food Products	0.07%	Mar 2019	7.5 yrs	0.00%
89	Tata Motors Passenger Vehicles Limited equity	Automobiles	0.06%	Nov 2017	8.8 yrs	-0.02%
90	Wipro Limited equity	IT - Software	0.06%	May 2018	8.3 yrs	-0.01%
91	HDFC Life Insurance Company Limited equity	Insurance	0.06%	Jul 2020	6.2 yrs	0.00%
92	TREPS / cash equivalents Cash Margin - CCIL · cash equivalent	—	0.03%	Oct 2014	12 yrs	+0.02%
93	ITC Hotels Limited equity	Leisure Services	0.01%	Jan 2025	1.7 yrs	0.00%

Showing 1–93 of 93 rows per page10 25 50all

Largest sectors, Aug 2026 · grey: a year ago

Banks3.6% · 4.3%

Automobiles1.3% · 1.1%

IT - Software0.9% · 1.3%

Petroleum Products0.8% · 1.0%

Pharmaceuticals & Biotechnology0.5% · 0.5%

Telecom - Services0.5% · 0.6%

Power0.5% · 0.3%

Diversified FMCG0.5% · 0.6%

share of the book05%

By market cap, Aug 2026

Large cap10.1%

Mid cap1.3%

Cash & equivalents7.1%

Other81.5%

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 10%
Mid cap 1%
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 28% of three-year stretches, and averaged −2.5 points a year across all of them

109 rolling windows since 2014 · ahead by 0.3 points a year when it won, behind by 3.6 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 0.3 points a year in the 31 windows it won and behind by 3.6 in the 78 it lost, so the average across all 109 is −2.5 points. The worst window ended Oct 2021, 8.7 points behind.

28%

lowest in categoryhighest in category

25th percentile · below median of 17 funds · category median 50%

windows measured109windows won31average across every window−2.45 pts a year · median −0.53when ahead, by how much+0.33 pts a year over 31 windowswhen behind, by how much−3.56 pts a year over 78 windowsworst window−8.74 pts a year, ended Oct 2021best window+0.79 pts a year, ended Sep 2026non-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 0.83% a year more than Direct

₹14,806 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.

0.83 pp a year

costliest in categorycheapest in category

73th percentile · above median of 17 funds · category median 0.93 pp

on ₹1,00,000 over ten years₹14,806Direct vs Regular, annualised7.0% vs 6.2%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 5% of the portfolio a year

+0.69 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.

5% a year

costliest in categorycheapest in category

95th percentile · top decile of 15 funds · category median 12%

excess return per unit of turnover+0.69 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 101 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.

101 months

lowest in categoryhighest in category

95th percentile · top decile of 16 funds · category median 38 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 1.3 points ahead of them

1574 positions judged, one disclosure at a time · ahead by 14.1 points when it won, behind by 12.3 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 14.1 points in the 807 positions it won and behind by 12.3 in the 767 it lost, so the average across all 1574 is +1.3 points. The worst position was INE009A01021 at the Dec 2014 disclosure, 54.6 points behind.

51%

lowest in categoryhighest in category

50th percentile · above median of 15 funds

positions judged1574beat the median stock807average across every position+1.32 pts · median +0.23when ahead, by how much+14.09 pts over 807 positionswhen behind, by how much−12.31 pts over 767 positionsworst position−54.59 pts, INE009A01021 at the Dec 2014 disclosurebest position+91.37 pts, INE105A01035 at the Apr 2014 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

₹962 Cr, 59th percentile in category; 17% of growth came from outflows

smaller than 41% of the funds in its category (16 funds) · AUM Sep 2023 → Jul 2026 · Regular plan expense ratio 1.79%

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.

59th percentile by AUM

largestsmallest

41th percentile · below median of 16 funds

median holding weight, trendrisingexpense ratio, Regular / Direct1.79% / 1.00% · category median 1.80%AUM, Sep 2023 → Jul 2026₹777 Cr → ₹962 Cr (+8% a year)of that change, from flows rather than returns17% net outflows · NAV +28% over the window

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

78 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 1.91% in Sep 2019 → 1.79% 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 Sushil Budhia for 6.5 yrs

with Dhrumil Shah

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 nowSushil Budhia (since Feb 2020), Dhrumil Shah (since Sep 2021)share of the fund's life under the longest-serving current manager29%changes of hands in the archive1 — last Sep 2021

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
Sushil Budhia	fund manager	Feb 2020	now	6.9% vs 8.7% p.a. (−1.74 pp)	43% of 42
Dhrumil Shah	fund manager	Sep 2021	now	8.5% vs 7.7% p.a. (+0.83 pp)	39% of 23

* dated by first appearance in the archive we hold, not by a date the factsheet printed. 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.

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 89% 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 Nippon India Conservative Hybrid Fund - Direct Plan Growth Plan - Growth Option	growth	₹69.23	21 Sep 2026
direct Nippon India Conservative Hybrid Fund - Segregated Portfolio 1 - Direct Plan Growth Plan - Growth Option	growth	₹4.08	10 Jul 2020
direct Nippon India Conservative Hybrid Fund - Segregated Portfolio 2 - Direct Plan - Growth Plan - Growth Option	growth	₹—	—
direct NIPPON INDIA CONSERVATIVE HYBRID FUND - DIRECT Plan - MONTHLY IDCW Option	idcw	₹11.69	21 Sep 2026
direct NIPPON INDIA CONSERVATIVE HYBRID FUND - DIRECT Plan - QUARTERLY IDCW Option	idcw	₹12.79	21 Sep 2026
direct Nippon India Conservative Hybrid Fund - Segregated Portfolio 1 - Direct Plan Monthly Dividend Plan	idcw	₹1.08	10 Jul 2020
direct Nippon India Conservative Hybrid Fund - Segregated Portfolio 1 - Direct Plan Quarterly Dividend Plan	idcw	₹1.09	10 Jul 2020
direct NIPPON INDIA CONSERVATIVE HYBRID FUND - SEGREGATED PORTFOLIO 2 - DIRECT Plan - MONTHLY IDCW Option	idcw	₹—	—
direct NIPPON INDIA CONSERVATIVE HYBRID FUND - SEGREGATED PORTFOLIO 2 - DIRECT Plan - QUARTERLY IDCW Option	idcw	₹—	—
regular Nippon India Conservative Hybrid Fund-Growth Plan	growth	₹62.14	21 Sep 2026
regular Nippon India Conservative Hybrid Fund - Segregated Portfolio 1 - Growth Plan	growth	₹3.84	10 Jul 2020
regular Nippon India Conservative Hybrid Fund - Segregated Portfolio 2 - Growth Plan	growth	₹—	—
regular NIPPON INDIA CONSERVATIVE HYBRID FUND - MONTHLY IDCW Option	idcw	₹11.24	21 Sep 2026
regular NIPPON INDIA CONSERVATIVE HYBRID FUND - QUARTERLY IDCW Option	idcw	₹12.15	21 Sep 2026
regular Nippon India Conservative Hybrid Fund - Segregated Portfolio 1 - Monthly Dividend Plan	idcw	₹1.00	10 Jul 2020
regular Nippon India Conservative Hybrid Fund - Segregated Portfolio 1 - Quarterly Dividend Plan	idcw	₹1.05	10 Jul 2020
regular NIPPON INDIA CONSERVATIVE HYBRID FUND - SEGREGATED PORTFOLIO 2 - MONTHLY IDCW Option	idcw	₹—	—
regular NIPPON INDIA CONSERVATIVE HYBRID FUND - SEGREGATED PORTFOLIO 2 - QUARTERLY IDCW Option	idcw	₹—	—

The Direct / Regular gap, in rupees

Direct growth NAV: ₹69.23
Regular growth NAV: ₹62.14
NAV divergence to date: 11.4% — same portfolio, priced differently
Regular costs more by: 0.83% a year
On ₹1,00,000 over ten years: ₹14,806

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

SBI CONSERVATIVE HYBRID FUND Parag Parikh Conservative Hybrid Fund ICICI Prudential Conservative Hybrid Fund HDFC Conservative Hybrid Fund pick any fund…