Nippon Life India · Dynamic Asset Allocation or Balanced Advantage

Nippon India Balanced Advantage Fund

Hybrid Scheme - Dynamic Asset Allocation or Balanced Advantage Direct plan, growth benchmark: CRISIL Hybrid 50+50 - Moderate Index launched 16 Oct 2004 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 21 Sep 2026

₹209.46

+0.09% since 18 Sep 2026, the previous NAV

1 year

2.8%

return

3 years

10.8%

a year

5 years

9.8%

a year

Since launch

10.8%

a year, over 12.0 years

Assets (AUM)

₹9,674 Cr

Jul 2026 factsheet

Expense ratio, Direct / Regular

0.54% / 1.50%

a year, as of Jul 2026

Holdings

148

top ten are 31% of the fund · Aug 2026

Disclosed history

13 yrs

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

Fund managers

Sushil Budhia · since Mar 2021Bhavik Dave · since Jan 2026

All managers →

As the Jul 2026 factsheet printed it: standard deviation 8.5% · portfolio turnover 1.93×. 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 1.18% a year more than Direct

₹28,194 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 5.4 yrs

with Bhavik Dave. 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 71% of three-year stretches, and averaged +0.4 points a year across all of them

109 rolling windows since 2014 · ahead by 0.9 points a year when it won, behind by 0.8 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 →

headline and record disagree One check found the headline number and the underlying record pointing different ways — marked on the cards below.

NAV and drawdown

Direct plan, growth class · as of 21 Sep 2026

Month-end NAV, indexed to 100 at Sep 2014

145 month-ends · ₹61.29 → ₹209.46, 3.4× since Sep 2014

Deepest fall (max drawdown)

−8.6%

26 Sep 2024 → 28 Feb 2025

Worst month

−6.3%

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 · 148 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	ICICI Bank Limited equity	Banks	6.00%	Dec 2014	12 yrs	+0.61%
2	HDFC Bank Limited equity	Banks	5.69%	Sep 2019	7.0 yrs	+0.30%
3	State Bank of India equity	Banks	2.68%	Nov 2014	12 yrs	+0.36%
4	Axis Bank Limited equity	Banks	2.63%	Sep 2019	7.0 yrs	+0.04%
5	Reliance Industries Limited equity	Petroleum Products	2.58%	May 2013	13 yrs	-0.18%
6	Infosys Limited equity	IT - Software	2.52%	Oct 2012	14 yrs	+0.09%
7	Triparty Repo money market	—	2.40%	Sep 2020	6.0 yrs	+0.23%
8	Bharti Airtel Limited equity	Telecom - Services	2.30%	Nov 2017	8.8 yrs	-0.28%
9	Mahindra & Mahindra Limited equity	Automobiles	2.17%	Nov 2021	4.8 yrs	+0.08%
10	Kotak Mahindra Bank Limited equity	Banks	2.04%	Jan 2026	8 mo	+0.71%
11	Larsen & Toubro Limited equity	Construction	1.88%	Jan 2021	5.7 yrs	-0.08%
12	Eternal Limited equity	Retailing	1.83%	Jun 2023	3.3 yrs	+0.47%
13	Bajaj Finance Limited equity	Finance	1.65%	Jun 2025	1.3 yrs	-0.11%
14	NTPC Limited equity	Power	1.56%	Mar 2021	5.5 yrs	-0.55%
15	Cube Highways Trust-InvIT Fund invit	—	1.52%	Apr 2023	3.4 yrs	+0.04%
16	7.48% National Bank For Agriculture and Rural Development government security	—	1.51%	Jun 2025	1.3 yrs	-0.05%
17	Mindspace Business Parks REIT reit	—	1.29%	Feb 2024	2.6 yrs	+0.05%
18	Muthoot Finance Limited** corporate bond	—	1.25%	May 2026	4 mo	-0.06%
19	Samvardhana Motherson International Limited equity	Auto Components	1.24%	Feb 2023	3.6 yrs	-0.15%
20	FSN E-Commerce Ventures Limited equity	Retailing	1.07%	Dec 2024	1.8 yrs	+0.03%
21	TREPS / cash equivalents Cash Margin - Derivatives · cash equivalent	—	1.01%	Mar 2023	3.5 yrs	-1.13%
22	InterGlobe Aviation Limited equity	Transport Services	1.00%	Oct 2024	1.9 yrs	+0.31%
23	Cholamandalam Investment and Finance Company Ltd equity	Finance	0.98%	Jul 2025	1.2 yrs	-0.03%
24	CG Power and Industrial Solutions Limited equity	Electrical Equipment	0.97%	Jan 2024	2.7 yrs	-0.04%
25	8.2% Adani Power Limited** government security	—	0.95%	Jan 2026	8 mo	-0.03%
26	TVS Motor Company Limited equity	Automobiles	0.92%	Jul 2025	1.2 yrs	-0.04%
27	ITC Limited equity	Diversified FMCG	0.92%	Oct 2016	9.9 yrs	-0.15%
28	National Highways Infra Trust invit	—	0.90%	Mar 2024	2.5 yrs	-0.19%
29	Star Health And Allied Insurance Company Limited equity	Insurance	0.87%	Mar 2026	6 mo	-0.04%
30	Pidilite Industries Limited equity	Chemicals & Petrochemicals	0.86%	Feb 2026	7 mo	+0.23%
31	Godrej Consumer Products Limited equity	Personal Products	0.86%	Nov 2020	5.8 yrs	-0.16%
32	IPCA Laboratories Limited equity	Pharmaceuticals & Biotechnology	0.84%	Jan 2022	4.7 yrs	+0.17%
33	Hindustan Aeronautics Limited equity	Aerospace & Defense	0.83%	Nov 2023	2.8 yrs	+0.06%
34	Pine Labs Limited equity	Financial Technology (Fintech)	0.82%	Jul 2026	2 mo	+0.82%
35	Sai Life Sciences Limited equity	Pharmaceuticals & Biotechnology	0.82%	Jul 2025	1.2 yrs	+0.15%
36	Sun Pharmaceutical Industries Limited equity	Pharmaceuticals & Biotechnology	0.81%	Apr 2026	5 mo	+0.05%
37	PB Fintech Limited equity	Financial Technology (Fintech)	0.79%	Feb 2026	7 mo	+0.04%
38	Hindustan Unilever Limited equity	Diversified FMCG	0.78%	Apr 2024	2.4 yrs	+0.08%
39	Maruti Suzuki India Limited equity	Automobiles	0.77%	Aug 2025	1.1 yrs	0.00%
40	Tech Mahindra Limited equity	IT - Software	0.77%	Jul 2025	1.2 yrs	+0.04%
41	8.15% Tata Capital Limited** government security	—	0.76%	Jun 2026	3 mo	+0.76%
42	7.79% Bajaj Finance Limited** government security	—	0.74%	Jul 2026	2 mo	+0.74%
43	Piramal Finance Limited equity	Finance	0.71%	Apr 2026	5 mo	+0.36%
44	Coforge Limited equity	IT - Software	0.70%	Aug 2025	1.1 yrs	-0.02%
45	SBI Life Insurance Company Limited equity	Insurance	0.70%	Feb 2021	5.6 yrs	-0.07%
46	8.08% Suryapet Khammam Road Ltd** government security	—	0.69%	Oct 2024	1.9 yrs	-0.05%
47	Swiggy Limited equity	Retailing	0.68%	May 2026	4 mo	+0.29%
48	Bharat Heavy Electricals Limited equity	Electrical Equipment	0.67%	Nov 2022	3.8 yrs	+0.02%
49	AU Small Finance Bank Limited equity	Banks	0.66%	Aug 2026	1 mo	+0.66%
50	Tata Power Company Limited equity	Power	0.66%	Jul 2024	2.2 yrs	-0.16%
51	9.5% Vedanta Aluminium Metal Limited** government security	—	0.66%	Feb 2025	1.6 yrs	-0.02%
52	7.67% State Government Securities government security	—	0.64%	Mar 2026	6 mo	-0.02%
53	AWL Agri Business Limited equity	Agricultural Food & other Products	0.63%	Jul 2026	2 mo	+0.63%
54	Jubilant Foodworks Limited equity	Leisure Services	0.63%	Feb 2024	2.6 yrs	+0.16%
55	Devyani International Limited equity	Leisure Services	0.62%	Oct 2024	1.9 yrs	+0.17%
56	United Breweries Limited equity	Beverages	0.61%	Nov 2020	5.8 yrs	-0.03%
57	LG Electronics India Ltd equity	Consumer Durables	0.61%	Oct 2025	11 mo	+0.04%
58	GE Vernova T&D India Limited equity	Electrical Equipment	0.61%	Jul 2025	1.2 yrs	-0.20%
59	7.28% REC Limited government security	—	0.60%	Aug 2026	1 mo	+0.60%
60	Vedanta Aluminium Metal Limited equity	Non - Ferrous Metals	0.59%	Apr 2026	5 mo	+0.48%
61	Prestige Estates Projects Limited equity	Realty	0.58%	Jul 2025	1.2 yrs	+0.08%
62	7.29% Small Industries Dev Bank of India government security	—	0.58%	Jul 2026	2 mo	+0.58%
63	NTPC Green Energy Limited equity	Power	0.56%	Jul 2025	1.2 yrs	-0.06%
64	Mphasis Limited equity	IT - Software	0.55%	Jul 2026	2 mo	+0.55%
65	Gillette India Limited equity	Personal Products	0.54%	Jun 2026	3 mo	+0.54%
66	Nexus Select Trust - REIT reit	—	0.53%	Aug 2024	2.1 yrs	+0.02%
67	Varun Beverages Limited equity	Beverages	0.52%	Jul 2025	1.2 yrs	-0.20%
68	Brookfield India Real Estate Trust reit	—	0.52%	Aug 2023	3.1 yrs	-0.01%
69	Net Current Assets cash equivalent	—	0.52%	Oct 2012	14 yrs	-0.18%
70	7.17% Government of India government security	—	0.51%	Mar 2024	2.5 yrs	-0.02%
71	8.15% JIO Credit Limited** government security	—	0.50%	Jun 2026	3 mo	+0.50%
72	7.87% Bajaj Housing Finance Limited government security	—	0.50%	Aug 2026	1 mo	+0.50%
73	7.55% L&T Metro Rail (Hyderabad) Limited** government security	—	0.49%	Apr 2025	1.4 yrs	-0.02%
74	United Spirits Limited equity	Beverages	0.47%	Apr 2021	5.4 yrs	+0.11%
75	ABB India Limited equity	Electrical Equipment	0.47%	May 2024	2.3 yrs	+0.01%
76	Trent Limited equity	Retailing	0.45%	Jul 2026	2 mo	+0.45%
77	Avenue Supermarts Limited equity	Retailing	0.45%	Feb 2023	3.6 yrs	-0.13%
78	Raajmarg Infra Investment Trust invit	—	0.45%	Mar 2026	6 mo	+0.03%
79	3M India Limited equity	Diversified	0.44%	Aug 2023	3.1 yrs	-0.01%
80	LIC Housing Finance Limited equity	Finance	0.43%	Apr 2026	5 mo	-0.18%
81	IndiGrid Infrastructure Trust invit	—	0.43%	Jan 2026	8 mo	-0.01%
82	Brigade Enterprises Limited equity	Realty	0.42%	Apr 2026	5 mo	+0.18%
83	Page Industries Limited equity	Textiles & Apparels	0.42%	Oct 2023	2.9 yrs	-0.01%
84	LTM Limited equity	IT - Software	0.41%	Jun 2024	2.3 yrs	-0.05%
85	8.45% Adani Airport Holdings Limited** government security	—	0.40%	Aug 2026	1 mo	+0.40%
86	Krishna Institute Of Medical Sciences Limited equity	Healthcare Services	0.36%	Apr 2026	5 mo	-0.02%
87	7.18% Government of India government security	—	0.36%	Feb 2024	2.6 yrs	-0.01%
88	National Highways Infra Trust** government security	—	0.36%	Jan 2025	1.7 yrs	0.00%
89	Kirloskar Oil Engines Limited equity	Industrial Products	0.35%	Feb 2025	1.6 yrs	-0.07%
90	Mankind Pharma Limited equity	Pharmaceuticals & Biotechnology	0.34%	Jul 2026	2 mo	+0.34%
91	Knowledge Realty Trust reit	—	0.32%	Aug 2025	1.1 yrs	-0.03%
92	9% Aptus Finance India Private Limited** government security	—	0.32%	Dec 2024	1.8 yrs	-0.04%
93	Britannia Industries Limited equity	Food Products	0.31%	Jul 2025	1.2 yrs	-0.45%
94	Dr. Reddy's Laboratories Limited equity	Pharmaceuticals & Biotechnology	0.31%	Mar 2026	6 mo	-0.05%
95	Kaynes Technology India Limited equity	Industrial Manufacturing	0.30%	Jul 2025	1.2 yrs	-0.02%
96	8.75% Vastu Finserve India Private Limited** government security	—	0.29%	Mar 2026	6 mo	-0.01%
97	JSW Infrastructure Ltd equity	Transport Infrastructure	0.28%	Jun 2026	3 mo	+0.28%
98	HDFC Asset Management Company Limited equity	Capital Markets	0.26%	Jul 2026	2 mo	+0.26%
99	7.41% Government of India government security	—	0.26%	Dec 2025	9 mo	-0.01%
100	7.8% State Government Securities government security	—	0.26%	Jun 2025	1.3 yrs	0.00%
101	7.1% Government of India government security	—	0.26%	Oct 2024	1.9 yrs	0.00%
102	Lupin Limited equity	Pharmaceuticals & Biotechnology	0.25%	Jan 2020	6.7 yrs	-0.49%
103	Mahindra & Mahindra Financial Services Limited** corporate bond	—	0.25%	May 2026	4 mo	-0.01%
104	Tata Capital Limited** corporate bond	—	0.25%	May 2026	4 mo	-0.01%
105	Muthoot Finance Limited** corporate bond	—	0.25%	Jul 2026	2 mo	+0.25%
106	6.94% Government of India government security	—	0.25%	Aug 2026	1 mo	+0.25%
107	7.75% Bharti Telecom Limited government security	—	0.25%	Jul 2026	2 mo	+0.25%
108	9.25% Vastu Finserve India Private Limited** government security	—	0.25%	Jul 2025	1.2 yrs	-0.01%
109	8.9% Veritas Finance Private Limited** government security	—	0.25%	Jun 2026	3 mo	+0.25%
110	7.09% Government of India government security	—	0.24%	Apr 2025	1.4 yrs	0.00%
111	Samriddhi Trust** government security	—	0.24%	Jan 2026	8 mo	-0.23%
112	Balkrishna Industries Limited equity	Auto Components	0.23%	Aug 2026	1 mo	+0.23%
113	Tata Steel Limited equity	Ferrous Metals	0.22%	Oct 2024	1.9 yrs	-0.50%
114	Bagmane Prime Office REIT reit	—	0.22%	May 2026	4 mo	0.00%
115	JSW Energy Limited equity	Power	0.21%	Jun 2026	3 mo	+0.21%
116	8.28% Suryapet Khammam Road Ltd** government security	—	0.21%	Jun 2025	1.3 yrs	-0.03%
117	8.65% Torrent Power Limited** government security	—	0.21%	Jun 2022	4.3 yrs	0.00%
118	Global Health Limited equity	Healthcare Services	0.20%	Jul 2026	2 mo	+0.20%
119	10.4% Muthoot Fincorp Ltd government security	—	0.20%	Mar 2026	6 mo	-0.01%
120	7.61% Kotak Mahindra Investments Limited government security	—	0.20%	Jan 2026	8 mo	-0.01%
121	PNC Infratech Limited equity	Construction	0.15%	Aug 2026	1 mo	+0.15%
122	9.5% Incred Financial Services Limited** government security	—	0.15%	May 2025	1.3 yrs	-0.01%
123	9.4% Vedanta Aluminium Metal Limited government security	—	0.15%	May 2025	1.3 yrs	-0.01%
124	9.95% IndoStar Capital Finance Limited** government security	—	0.15%	May 2024	2.3 yrs	-0.11%
125	Blue Star Limited equity	Consumer Durables	0.14%	Aug 2025	1.1 yrs	-0.02%
126	7.29% Government of India government security	—	0.14%	Jan 2023	3.7 yrs	0.00%
127	9.45% Vedanta Limited** government security	—	0.14%	Jun 2025	1.3 yrs	-0.01%
128	L&T Finance Limited equity	Finance	0.13%	Jul 2025	1.2 yrs	-0.16%
129	National Highways Infra Trust** government security	—	0.13%	Jan 2025	1.7 yrs	0.00%
130	PNB Housing Finance Limited equity	Finance	0.12%	Aug 2026	1 mo	+0.12%
131	7.18% Government of India government security	—	0.11%	Aug 2023	3.1 yrs	-0.01%
132	7.47% India Infrastructure Fin Co Ltd** government security	—	0.10%	Nov 2024	1.8 yrs	0.00%
133	8.95% Vastu Finserve India Private Limited** government security	—	0.10%	Jul 2026	2 mo	+0.10%
134	7.03% State Government Securities government security	—	0.05%	Aug 2022	4.1 yrs	0.00%
135	8.5% Nirma Limited** government security	—	0.05%	Mar 2025	1.5 yrs	0.00%
136	8.55% Aditya Birla Real Estate Limited** government security	—	0.05%	Oct 2024	1.9 yrs	0.00%
137	7.62% National Bank For Agriculture and Rural Development** government security	—	0.05%	Apr 2024	2.4 yrs	0.00%
138	8.95% Vedanta Limited** government security	—	0.05%	May 2026	4 mo	+0.01%
139	7.91% State Government Securities government security	—	0.04%	Apr 2026	5 mo	-0.06%
140	7.85% Power Finance Corporation Limited** government security	—	0.04%	Feb 2022	4.6 yrs	0.00%
141	7.89% Bajaj Housing Finance Limited** government security	—	0.02%	Sep 2022	4.0 yrs	0.00%
142	6.17% Government of India government security	—	0.01%	Apr 2022	4.4 yrs	0.00%
143	6% TVS Motor Co Non Conv Rede Pref Shares 01SEP26** government security	—	0.01%	Aug 2025	1.1 yrs	0.00%
144	TREPS / cash equivalents Cash Margin - CCIL · cash equivalent	—	0.01%	Oct 2014	12 yrs	0.00%
145	8.3% Government of India government security	—	—	Nov 2022	3.8 yrs	—
146	7.84% State Government Securities government security	—	—	Mar 2023	3.5 yrs	—
147	7.04% State Government Securities government security	—	—	Jan 2022	4.7 yrs	—
148	8.3% Mahindra & Mahindra Financial Services Limited** government security	—	—	Mar 2025	1.5 yrs	—

Showing 1–148 of 148 rows per page10 25 50all

Largest sectors, Aug 2026 · grey: a year ago

Banks19.7% · 13.6%

IT - Software5.0% · 5.5%

Retailing4.5% · 3.6%

Finance4.0% · 4.3%

Automobiles3.9% · 4.6%

Pharmaceuticals & Biotechnology3.4% · 2.3%

Power3.0% · 3.4%

Electrical Equipment2.7% · 2.3%

share of the book05%10%15%20%

By market cap, Aug 2026

Large cap52.1%

Mid cap13.9%

Small / micro cap6.4%

Cash & equivalents3.9%

Other23.7%

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 52%
Mid cap 14%
Small / micro 6%
Cash & other 4%

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 headline and record disagree

Beat its category in 71% of three-year stretches, and averaged +0.4 points a year across all of them

109 rolling windows since 2014 · ahead by 0.9 points a year when it won, behind by 0.8 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 0.9 points a year in the 76 windows it won and behind by 0.8 in the 32 it lost, so the average across all 109 is +0.4 points. The worst window ended Jul 2020, 2.2 points behind.

71%

lowest in categoryhighest in category

66th percentile · above median of 30 funds · category median 42%

windows measured109windows won77average across every window+0.43 pts a year · median +0.34when ahead, by how much+0.94 pts a year over 76 windowswhen behind, by how much−0.78 pts a year over 32 windowsworst window−2.19 pts a year, ended Jul 2020best window+4.86 pts a year, ended Feb 2019non-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.

A modest five-year number over a record that beat its category 71% of the time. Rolling every three-year window forward month by month gives hundreds of overlapping observations instead of one. This fund was ahead of its category median in 71% of them, which points the opposite way to the headline figure. A single end date decided that headline.

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.

P5 Cost, measured

Regular plan costs 1.18% a year more than Direct

₹28,194 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.

1.18 pp a year

costliest in categorycheapest in category

76th percentile · top quartile of 35 funds · category median 1.45 pp

on ₹1,00,000 over ten years₹28,194Direct vs Regular, annualised10.8% vs 9.6%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 53% of the portfolio a year

+0.01 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.

53% a year

costliest in categorycheapest in category

63th percentile · above median of 30 funds · category median 62%

excess return per unit of turnover+0.01 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 84 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.

84 months

lowest in categoryhighest in category

90th percentile · top quartile of 30 funds · category median 35 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 0.8 points ahead of them

1404 positions judged, one disclosure at a time · ahead by 13.8 points when it won, behind by 13.6 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 13.8 points in the 732 positions it won and behind by 13.6 in the 672 it lost, so the average across all 1404 is +0.8 points. The worst position was INE062A01012 at the May 2014 disclosure, 112.4 points behind.

52%

lowest in categoryhighest in category

63th percentile · above median of 30 funds

positions judged1404beat the median stock732average across every position+0.79 pts · median +0.56when ahead, by how much+13.81 pts over 732 positionswhen behind, by how much−13.55 pts over 672 positionsworst position−112.44 pts, INE062A01012 at the May 2014 disclosurebest position+84.87 pts, INE149A01033 at the May 2020 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

₹9,674 Cr, 83rd percentile in category; 4% of growth came from inflows

smaller than 17% of the funds in its category (27 funds) · AUM Sep 2023 → Jul 2026 · Regular plan expense ratio 1.98%

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.

83th percentile by AUM

largestsmallest

17th percentile · bottom quartile of 27 funds

median holding weight, trendflatexpense ratio, Regular / Direct1.98% / 0.88% · category median 2.31%AUM, Sep 2023 → Jul 2026₹6,986 Cr → ₹9,674 Cr (+12% a year)of that change, from flows rather than returns4% net inflows · NAV +37% over the window

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

77 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 2.13% in Sep 2019 → 1.98% 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 5.4 yrs

with Bhavik Dave

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.

5.4 yrs · Sushil Budhia

newest teamlongest-serving

79th percentile · top quartile of 14 funds · category median 3.5 yrs

running it nowSushil Budhia (since Mar 2021), Bhavik Dave (since Jan 2026)share of the fund's life under the longest-serving current manager25%changes of hands in the archive5 — last May 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
Sushil Budhia	fund manager	Mar 2021	now	11.7% vs 11.0% p.a. (+0.73 pp)	86% of 29
Bhavik Dave	fund manager	Jan 2026	now	2.2% vs 0.7% (+1.56 pp)	—
Ashutosh Bhargava	fund manager	May 2018	Apr 2026	10.8% vs 10.4% p.a. (+0.43 pp)	80% of 60
Amar Kalkundrikar	fund manager	Oct 2020	Jul 2025	15.6% vs 14.4% p.a. (+1.22 pp)	82% of 22

* 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 28% 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 Balanced Advantage Fund - Direct Plan Growth Plan - Growth Option	growth	₹209.46	21 Sep 2026
direct Nippon India Balanced Advantage Fund - Direct Plan Growth Plan - Bonus Option	growth	₹9.69	23 Dec 2015
direct NIPPON INDIA BALANCED ADVANTAGE FUND - DIRECT Plan - IDCW Option	idcw	₹45.42	21 Sep 2026
regular Nippon India Balanced Advantage Fund-Growth Plan-Growth Option	growth	₹182.42	21 Sep 2026
regular Nippon India Balanced Advantage Fund-Growth Plan-Bonus Option	growth	₹182.42	21 Sep 2026
regular NIPPON INDIA BALANCED ADVANTAGE FUND - IDCW Option	idcw	₹31.08	21 Sep 2026

The Direct / Regular gap, in rupees

Direct growth NAV: ₹209.46
Regular growth NAV: ₹182.42
NAV divergence to date: 14.8% — same portfolio, priced differently
Regular costs more by: 1.18% a year
On ₹1,00,000 over ten years: ₹28,194

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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