Groww · Aggressive Hybrid

Groww Aggressive Hybrid Fund

Hybrid Schemes - Aggressive Hybrid Fund Direct plan, growth riskometer: High benchmark: CRISIL Hybrid 35+65 - Aggressive launched 22 Nov 2018 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 21 Sep 2026

₹23.10

+0.14% since 18 Sep 2026, the previous NAV

1 year

−1.6%

return

3 years

9.2%

a year

5 years

8.3%

a year

Since launch

11.5%

a year, over 7.7 years

Assets (AUM)

₹53 Cr

Aug 2026 factsheet

Expense ratio, Direct / Regular

1.40% / 2.08%

a year, as of Aug 2026

Holdings

top ten are 44% of the fund · Aug 2026

Disclosed history

1.6 yrs

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

Fund managers

Kaustubh Sule · since May 2023Paras Matalia · since Mar 2026Nikhil Satam · since Apr 2026Wilfred Gonsalves · since May 2026

All managers →

As the Aug 2026 factsheet printed it: standard deviation 3.3% · portfolio turnover 0.94×. 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 1.75% a year more than Direct

₹43,066 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 Kaustubh Sule for 3.3 yrs

with Paras Matalia, Nikhil Satam, Wilfred Gonsalves. 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.

Kaustubh Sule'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 0% of three-year stretches, and averaged −1.7 points a year across all of them

58 rolling windows since 2018 · behind by 1.7 when it lost points a year — and never won one. 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 Dec 2018

94 month-ends · ₹9.99 → ₹23.10, 2.3× since Dec 2018

Deepest fall (max drawdown)

−14.3%

26 Sep 2024 → 28 Feb 2025

Worst month

−9.5%

Mar 2026

Days to recover

308

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 · 89 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 01-SEP-2026 money market	—	15.58%	Aug 2026	1 mo	+15.58%
2	TREPS / cash equivalents Net Receivable/Payable · cash equivalent	—	7.11%	Mar 2023	3.5 yrs	+3.56%
3	HDFC Bank Limited equity	Banks	4.27%	Mar 2023	3.5 yrs	-0.30%
4	ICICI Bank Limited equity	Banks	4.11%	Mar 2023	3.5 yrs	+0.49%
5	Reliance Industries Limited equity	Petroleum Products	3.46%	Jun 2025	1.3 yrs	-0.09%
6	Union Bank of India 15-MAR-2027**# money market	—	2.17%	Apr 2026	5 mo	-0.08%
7	Bharti Airtel Limited equity	Telecom - Services	2.14%	Mar 2023	3.5 yrs	-0.08%
8	HDFC Bank Limited 19-OCT-2026**# money market	—	1.86%	Aug 2026	1 mo	+1.86%
9	Larsen & Toubro Limited equity	Construction	1.82%	Mar 2023	3.5 yrs	-0.03%
10	State Bank of India equity	Banks	1.80%	Mar 2023	3.5 yrs	+0.06%
11	Axis Bank Limited equity	Banks	1.61%	Mar 2023	3.5 yrs	-0.03%
12	Infosys Limited equity	IT - Software	1.60%	Mar 2023	3.5 yrs	+0.08%
13	Multi Commodity Exchange of India Ltd. equity	Capital Markets	1.38%	Apr 2026	5 mo	+0.15%
14	The Federal Bank Limited equity	Banks	1.30%	Apr 2026	5 mo	+0.18%
15	Kotak Mahindra Bank Limited equity	Banks	1.17%	Jan 2026	8 mo	+0.10%
16	Mahindra & Mahindra Limited equity	Automobiles	1.15%	Jun 2023	3.3 yrs	+0.02%
17	Bajaj Finance Limited equity	Finance	1.13%	Jun 2025	1.3 yrs	+0.16%
18	Hero MotoCorp Limited equity	Automobiles	1.09%	Apr 2026	5 mo	+0.05%
19	One 97 Communications Limited equity	Financial Technology (Fintech)	1.05%	Apr 2026	5 mo	+0.33%
20	Tata Consultancy Services Limited equity	IT - Software	1.05%	Apr 2026	5 mo	+0.17%
21	Laurus Labs Limited equity	Pharmaceuticals & Biotechnology	1.02%	May 2026	4 mo	+0.29%
22	Dixon Technologies (India) Limited equity	Consumer Durables	1.00%	Apr 2026	5 mo	+0.31%
23	IndusInd Bank Limited equity	Banks	0.99%	Apr 2026	5 mo	+0.05%
24	8.3% Cholamandalam Invest & Finance Co Ltd 09-SEP-2026** corporate bond	—	0.94%	Dec 2024	1.8 yrs	-0.06%
25	AU Small Finance Bank Limited equity	Banks	0.92%	Apr 2026	5 mo	+0.04%
26	PERSISTENT SYSTEMS LTD equity	IT - Software	0.91%	Jan 2026	8 mo	+0.12%
27	ITC Limited equity	Diversified FMCG	0.90%	Apr 2026	5 mo	-0.17%
28	Titan Company Limited equity	Consumer Durables	0.90%	Apr 2026	5 mo	+0.14%
29	The Indian Hotels Company Limited equity	Leisure Services	0.89%	Apr 2026	5 mo	+0.05%
30	Tata Consumer Products Limited equity	Agricultural Food & other Products	0.89%	Jun 2026	3 mo	+0.89%
31	Eternal Limited equity	Retailing	0.89%	Aug 2025	1.1 yrs	+0.21%
32	Bharat Forge Limited equity	Auto Components	0.87%	Apr 2026	5 mo	+0.01%
33	PB Fintech Limited equity	Financial Technology (Fintech)	0.84%	Apr 2026	5 mo	+0.03%
34	Coforge Limited equity	IT - Software	0.80%	Jun 2025	1.3 yrs	+0.19%
35	Sun Pharmaceutical Industries Limited equity	Pharmaceuticals & Biotechnology	0.78%	Nov 2025	10 mo	+0.03%
36	IDFC First Bank Limited equity	Banks	0.77%	Apr 2026	5 mo	+0.04%
37	Suzlon Energy Limited equity	Electrical Equipment	0.75%	Apr 2026	5 mo	-0.16%
38	Maruti Suzuki India Limited equity	Automobiles	0.75%	Jun 2025	1.3 yrs	-0.02%
39	Hindalco Industries Limited equity	Non - Ferrous Metals	0.71%	Apr 2026	5 mo	-0.14%
40	Hindustan Unilever Limited equity	Diversified FMCG	0.70%	Apr 2026	5 mo	-0.06%
41	Marico Limited equity	Agricultural Food & other Products	0.68%	Apr 2026	5 mo	+0.34%
42	Navin Fluorine International Limited equity	Chemicals & Petrochemicals	0.68%	Apr 2026	5 mo	+0.09%
43	Indus Towers Limited equity	Telecom - Services	0.67%	Jun 2026	3 mo	+0.67%
44	Info Edge (India) Limited equity	Retailing	0.66%	Apr 2026	5 mo	+0.13%
45	Aurobindo Pharma Limited equity	Pharmaceuticals & Biotechnology	0.66%	Apr 2026	5 mo	+0.08%
46	Vedanta Limited equity	Diversified Metals	0.66%	Apr 2026	5 mo	+0.07%
47	Tata Steel Limited equity	Ferrous Metals	0.66%	Apr 2026	5 mo	-0.17%
48	Shriram Finance Limited equity	Finance	0.65%	Jan 2026	8 mo	-0.03%
49	BSE Ltd equity	Capital Markets	0.65%	Apr 2026	5 mo	-0.11%
50	FSN E-Commerce Ventures Limited equity	Retailing	0.64%	Apr 2026	5 mo	+0.13%
51	Grasim Industries Limited equity	Cement & Cement Products	0.64%	Apr 2026	5 mo	+0.06%
52	Max Healthcare Institute Limited equity	Healthcare Services	0.64%	Nov 2025	10 mo	-0.33%
53	Adani Port & Special Economic Zone Ltd equity	Transport Infrastructure	0.63%	May 2026	4 mo	-0.09%
54	Max Financial Services Limited equity	Insurance	0.63%	Dec 2024	1.8 yrs	-0.08%
55	Bajaj Auto Limited equity	Automobiles	0.61%	Feb 2026	7 mo	+0.07%
56	UltraTech Cement Limited equity	Cement & Cement Products	0.61%	Mar 2023	3.5 yrs	-0.04%
57	Ashok Leyland Limited equity	Agricultural, Commercial & Construction Vehicles	0.60%	Apr 2026	5 mo	-0.06%
58	Bharat Electronics Limited equity	Aerospace & Defense	0.59%	Nov 2025	10 mo	-0.03%
59	JSW Steel Limited equity	Ferrous Metals	0.59%	Apr 2026	5 mo	+0.01%
60	Fortis Healthcare Limited equity	Healthcare Services	0.58%	May 2026	4 mo	-0.05%
61	Sona BLW Precision Forgings Limited equity	Auto Components	0.57%	Jul 2026	2 mo	+0.57%
62	SRF Limited equity	Chemicals & Petrochemicals	0.56%	Apr 2026	5 mo	-0.07%
63	NTPC Limited equity	Power	0.55%	Dec 2024	1.8 yrs	-0.14%
64	Eicher Motors Limited equity	Automobiles	0.55%	Jun 2025	1.3 yrs	+0.02%
65	NMDC Limited equity	Minerals & Mining	0.54%	Apr 2026	5 mo	-0.08%
66	REC Limited equity	Finance	0.53%	Apr 2026	5 mo	-0.06%
67	The Phoenix Mills Limited equity	Realty	0.53%	Apr 2026	5 mo	+0.01%
68	Yes Bank Ltd equity	Banks	0.53%	May 2026	4 mo	-0.04%
69	ICICI Lombard General Insurance Company equity	Insurance	0.52%	Apr 2026	5 mo	-0.11%
70	Bajaj Holdings & Investment.Ltd equity	Finance	0.52%	May 2026	4 mo	+0.03%
71	Punjab National Bank equity	Banks	0.52%	May 2026	4 mo	+0.04%
72	UPL Limited equity	Fertilizers & Agrochemicals	0.51%	Apr 2026	5 mo	-0.11%
73	Adani Enterprises Limited equity	Metals & Minerals Trading	0.51%	Jul 2026	2 mo	+0.51%
74	Asian Paints Limited equity	Consumer Durables	0.50%	Jul 2026	2 mo	+0.50%
75	RBL Bank Limited equity	Banks	0.50%	Aug 2026	1 mo	+0.50%
76	Bajaj Finserv Limited equity	Finance	0.50%	Aug 2026	1 mo	+0.04%
77	Aditya Birla Capital Limited equity	Finance	0.50%	Jun 2026	3 mo	+0.50%
78	Nestle India Limited equity	Food Products	0.50%	May 2026	4 mo	+0.12%
79	Godrej Consumer Products Limited equity	Personal Products	0.49%	May 2026	4 mo	-0.10%
80	Sundaram Finance Limited equity	Finance	0.48%	Apr 2026	5 mo	+0.01%
81	Steel Authority of India Limited equity	Ferrous Metals	0.46%	May 2026	4 mo	-0.15%
82	TUBE INVESTMENTS OF INDIA LTD equity	Auto Components	0.44%	Jun 2026	3 mo	+0.44%
83	Shree Cement Limited equity	Cement & Cement Products	0.43%	May 2026	4 mo	-0.07%
84	National Aluminium Company Limited equity	Non - Ferrous Metals	0.40%	Apr 2026	5 mo	-0.42%
85	Power Grid Corporation of India Limited equity	Power	0.39%	Apr 2026	5 mo	-0.07%
86	Dr. Reddy's Laboratories Limited equity	PHARMACEUTICALS	0.34%	Aug 2026	1 mo	-0.23%
87	GMR Airports Limited equity	TRANSPORTATION	0.27%	May 2026	4 mo	-0.27%
88	Vedanta Oil & Gas Limited equity	Oil	0.04%	Apr 2026	5 mo	-0.08%
89	Vedanta Power Limited equity	Power	0.03%	Apr 2026	5 mo	-0.09%

Showing 1–89 of 89 rows per page10 25 50all

Largest sectors, Aug 2026 · grey: a year ago

Banks18.5% · 21.1%

IT - Software4.4% · 5.1%

Finance4.3% · 4.7%

Automobiles4.2% · 5.9%

Petroleum Products3.5%

Telecom - Services2.8% · 3.0%

Pharmaceuticals & Biotechnology2.5% · 4.1%

Consumer Durables2.4%

share of the book05%10%15%20%

By market cap, Aug 2026

Large cap44.2%

Mid cap25.9%

Small / micro cap2.2%

Cash & equivalents26.7%

Other0.9%

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 44%
Mid cap 26%
Small / micro 2%
Cash & other 27%

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 0% of three-year stretches, and averaged −1.7 points a year across all of them

58 rolling windows since 2018 · behind by 1.7 when it lost points a year — and never won one

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. It did not win one of the 58; the average across all of them is −1.7 points. The worst window ended Nov 2023, 3.2 points behind.

lowest in categoryhighest in category

5th percentile · bottom decile of 29 funds · category median 53%

windows measured58windows won0average across every window−1.65 pts a year · median −1.62when behind, by how much−1.65 pts a year over 58 windowsworst window−3.21 pts a year, ended Nov 2023best window−0.02 pts a year, ended Jun 2024non-overlapping windows in that span2 — 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 1.75% a year more than Direct

₹43,066 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.

1.75 pp a year

costliest in categorycheapest in category

11th percentile · bottom quartile of 29 funds · category median 1.25 pp

on ₹1,00,000 over ten years₹43,066Direct vs Regular, annualised11.4% vs 9.7%measured over7.75 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 106% of the portfolio a year

−0.02 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.

106% a year

costliest in categorycheapest in category

15th percentile · bottom quartile of 25 funds · category median 62%

excess return per unit of turnover−0.02 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 42 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.

42 months

lowest in categoryhighest in category

51th percentile · above 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

4 of 10 top picks beat their peers over the next 6 months, and averaged 5.0 points behind them

126 positions judged, one disclosure at a time · ahead by 10.1 points when it won, behind by 13.3 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 10.1 points in the 45 positions it won and behind by 13.3 in the 81 it lost, so the average across all 126 is −5.0 points. The worst position was INE009A01021 at the Jan 2026 disclosure, 36.4 points behind.

36%

lowest in categoryhighest in category

5th percentile · bottom decile of 24 funds

positions judged126beat the median stock45average across every position−4.96 pts · median −5.63when ahead, by how much+10.06 pts over 45 positionswhen behind, by how much−13.31 pts over 81 positionsworst position−36.39 pts, INE009A01021 at the Jan 2026 disclosurebest position+29.90 pts, INE062A01020 at the Sep 2025 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

₹53 Cr, 2nd percentile in category; 36% of growth came from inflows

smaller than 98% of the funds in its category (26 funds) · AUM Sep 2023 → Aug 2026 · Regular plan expense ratio 2.91%

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.

2th percentile by AUM

largestsmallest

98th percentile · top decile of 26 funds

median holding weight, trendfallingexpense ratio, Regular / Direct2.91% / 2.15% · category median 2.18%AUM, Sep 2023 → Aug 2026₹35 Cr → ₹53 Cr (+15% a year)of that change, from flows rather than returns36% net inflows · NAV +33% over the window

Assets under management, ₹ crore, Dec 2018 – Aug 2026

33 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 2.66% in Dec 2018 → 2.91% 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 headline and record disagree

Run by Kaustubh Sule for 3.3 yrs

with Paras Matalia, Nikhil Satam, Wilfred Gonsalves

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.

3.3 yrs · Kaustubh Sule

newest teamlongest-serving

16th percentile · bottom quartile of 11 funds · category median 6.5 yrs

running it nowKaustubh Sule (since May 2023), Paras Matalia (since Apr 2026), Nikhil Satam (since Apr 2026), Wilfred Gonsalves (since Jun 2026)share of the fund's life under the longest-serving current manager43%changes of hands in the archive7 — 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
Kaustubh Sule	fund manager	May 2023	now	11.4% vs 14.3% p.a. (−2.86 pp)	0% of 4
Paras Matalia	fund manager	Mar 2026*	now	−0.1% vs 2.5% (−2.56 pp)	—
Nikhil Satam	fund manager	Apr 2026	now	10.4% vs 12.1% (−1.69 pp)	—
Wilfred Gonsalves	fund manager	May 2026*	now	3.7% vs 4.3% (−0.63 pp)	—
Anupam Tiwari	fund manager	May 2023	Mar 2026	9.4% vs 12.0% p.a. (−2.63 pp)	—
Abhishek Jain	fund manager	by Dec 2024†	Jan 2025	−4.7% vs −3.4% (−1.29 pp)	—
Wilfred	fund manager	by Dec 2024†	Jan 2025	−4.7% vs −3.4% (−1.29 pp)	—
Saptarshee Chatterjee	fund manager	Sep 2025	Mar 2026	−6.6% vs −5.6% (−1.05 pp)	—
Gagan Thareja	fund manager	Jan 2026	Mar 2026	−10.4% vs −9.7% (−0.68 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 →

The 5-year record predates everyone currently running it. The longest-serving manager on this scheme has been in place about 3.4 years, against a 5-year figure on display. Wilfred Gonsalves joined roughly 0.3 years ago. A record earned under different people is not evidence about these ones.

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. It does mean the displayed record is the house’s more than the person’s.

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 Groww Aggressive Hybrid Fund (formerly known as Indiabulls Equity Hybrid Fund) - Direct Plan - Growth option	growth	₹23.10	21 Sep 2026
direct Groww Aggressive Hybrid Fund (formerly known as Indiabulls Equity Hybrid Fund)- Direct Plan- - Income Distribution cum capital withdrawal Option (Payout & Reinvestment)	idcw	₹22.89	21 Sep 2026
direct Groww Aggressive Hybrid Fund (formerly known as Indiabulls Equity Hybrid Fund)- Direct Plan- Quarterly - Income Distribution cum capital withdrawal Option (Payout & Reinvestment)	idcw	₹22.62	21 Sep 2026
direct Groww Aggressive Hybrid Fund (formerly known as Indiabulls Equity Hybrid Fund)- Direct Plan- Half Yearly - Income Distribution cum capital withdrawal Option (Payout & Reinvestment)	idcw	₹22.20	21 Sep 2026
direct Groww Aggressive Hybrid Fund (formerly known as Indiabulls Equity Hybrid Fund)- Direct Plan- Monthly - Income Distribution cum capital withdrawal Option (Payout & Reinvestment)	idcw	₹22.86	21 Sep 2026
regular Groww Aggressive Hybrid Fund (formerly known as Indiabulls Equity Hybrid Fund) - Regular Plan - Growth option	growth	₹20.42	21 Sep 2026
regular Groww Aggressive Hybrid Fund (formerly known as Indiabulls Equity Hybrid Fund)- Regular Plan- - Income Distribution cum capital withdrawal Option (Payout & Reinvestment)	idcw	₹20.41	21 Sep 2026
regular Groww Aggressive Hybrid Fund (formerly known as Indiabulls Equity Hybrid Fund)- Regular Plan- Monthly - Income Distribution cum capital withdrawal Option (Payout & Reinvestment.	idcw	₹20.41	21 Sep 2026
regular Groww Aggressive Hybrid Fund (formerly known as Indiabulls Equity Hybrid Fund)- Regular Plan- Quarterly - Income Distribution cum capital withdrawal Option (Payout & Reinvestment)	idcw	₹21.64	21 Sep 2026
regular Groww Aggressive Hybrid Fund (formerly known as Indiabulls Equity Hybrid Fund)- Regular Plan- Half Yearly - Income Distribution cum capital withdrawal Option (Payout & Reinvestment)	idcw	₹20.37	21 Sep 2026

The Direct / Regular gap, in rupees

Direct growth NAV: ₹23.10
Regular growth NAV: ₹20.42
NAV divergence to date: 13.1% — same portfolio, priced differently
Regular costs more by: 1.75% a year
On ₹1,00,000 over ten years: ₹43,066

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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