Tata · Dynamic Asset Allocation or Balanced Advantage

Tata Balanced Advantage Fund

Hybrid Scheme - Dynamic Asset Allocation or Balanced Advantage Direct plan, growth launched 9 Jan 2019 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 21 Sep 2026

₹23.25

+0.01% since 18 Sep 2026, the previous NAV

1 year

1.8%

return

3 years

8.5%

a year

5 years

8.9%

a year

Since launch

11.6%

a year, over 7.6 years

Assets (AUM)

₹8,837 Cr

Jul 2026 factsheet

Expense ratio, Direct / Regular

0.46% / 1.50%

a year, as of Jul 2026

Holdings

131

top ten are 25% of the fund · Aug 2026

Disclosed history

7.3 yrs

Jan 2019 – Aug 2026 · 5 of 11 checks could run

Fund managers

Amit Somani · since at least Jun 2026

All managers →

As the Jul 2026 factsheet printed it: standard deviation 8.3% · portfolio turnover 0.26×. 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 1.69% a year more than Direct

₹42,282 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 Amit Somani for at least 2 mo

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

Amit Somani'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 54% of three-year stretches, and averaged +0.6 points a year across all of them

57 rolling windows since 2019 · ahead by 1.7 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 →

NAV and drawdown

Direct plan, growth class · as of 21 Sep 2026

Month-end NAV, indexed to 100 at Jan 2019

93 month-ends · ₹10.03 → ₹23.25, 2.3× since Jan 2019

Deepest fall (max drawdown)

−8.4%

26 Sep 2024 → 28 Feb 2025

Worst month

−7.0%

Mar 2026

Days to recover

118

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 · 131 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	RELIANCE INDUSTRIES LTD equity	Petroleum Products	4.24%	Jan 2019	7.7 yrs	+5.64%
2	HDFC BANK LTD equity	Banks	2.88%	Sep 2019	7.0 yrs	+3.51%
3	BHARTI AIRTEL LTD equity	Telecom - Services	2.87%	Apr 2019	7.4 yrs	+3.26%
4	ICICI BANK LTD equity	Banks	2.51%	Jan 2019	7.7 yrs	+3.03%
5	I) REPO money market	—	2.50%	Jul 2026	2 mo	+2.50%
6	GOI - 7.34% (22/04/2064) $$ government security	—	2.14%	Jun 2024	2.3 yrs	+0.06%
7	LARSEN & TOUBRO LTD equity	Construction	2.02%	Jan 2019	7.7 yrs	+2.37%
8	APOLLO HOSPITALS ENTERPRISE LTD equity	Healthcare Services	2.00%	Sep 2020	6.0 yrs	+0.17%
9	SHRIRAM FINANCE LTD equity	Finance	1.98%	Apr 2025	1.4 yrs	+0.34%
10	GOI - 6.54% (17/01/2032) $$ government security	—	1.87%	Apr 2025	1.4 yrs	+0.08%
11	GODREJ PROPERTIES LTD equity	Realty	1.82%	Mar 2021	5.5 yrs	+0.27%
12	BROOKFIELD INDIA REAL ESTATE TRUST equity	Realty	1.66%	Aug 2023	3.1 yrs	+0.15%
13	GOI - 7.09% (05/08/2054) $$ government security	—	1.66%	Aug 2024	2.1 yrs	+0.06%
14	STATE BANK OF INDIA equity	Banks	1.62%	Jan 2019	7.7 yrs	+0.19%
15	BAJAJ FINSERV LTD equity	Finance	1.55%	Aug 2024	2.1 yrs	+0.06%
16	MAHINDRA & MAHINDRA LTD equity	Automobiles	1.55%	Jan 2019	7.7 yrs	+1.76%
17	FEDERAL BANK LTD equity	Banks	1.54%	Sep 2022	4.0 yrs	+0.19%
18	SUN PHARMACEUTICAL INDUSTRIES LTD equity	Pharmaceuticals & Biotechnology	1.50%	Sep 2019	7.0 yrs	+0.33%
19	PB FINTECH LTD equity	Financial Technology (Fintech)	1.46%	Jul 2025	1.2 yrs	+0.17%
20	CUMMINS INDIA LTD equity	Industrial Products	1.44%	Nov 2020	5.8 yrs	+1.61%
21	TATA CAPITAL LTD equity	Finance	1.39%	Oct 2025	11 mo	+0.26%
22	DR. LAL PATH LABS LTD equity	Healthcare Services	1.38%	Aug 2024	2.1 yrs	+0.14%
23	AXIS BANK LTD equity	Banks	1.34%	Oct 2020	5.9 yrs	+0.05%
24	INFOSYS LTD equity	IT - Software	1.31%	Jan 2019	7.7 yrs	+0.01%
25	BAJAJ FINANCE LTD equity	Finance	1.30%	Jun 2025	1.3 yrs	+0.15%
26	ADANI PORTS AND SPECIAL ECONOMIC ZONE LTD equity	Transport Infrastructure	1.29%	Apr 2020	6.4 yrs	-0.13%
27	TREPS / cash equivalents CASH / NET CURRENT ASSET · money market	—	1.29%	Oct 2023	2.9 yrs	-0.08%
28	HINDUSTAN UNILEVER LTD equity	Diversified FMCG	1.25%	Nov 2019	6.8 yrs	+1.51%
29	TATA STEEL LTD equity	Ferrous Metals	1.21%	Aug 2022	4.1 yrs	-0.12%
30	MAX FINANCIAL SERVICES LTD equity	Insurance	1.21%	Aug 2025	1.1 yrs	+0.06%
31	NTPC LTD equity	Power	1.20%	Mar 2019	7.5 yrs	-0.18%
32	NIVA BUPA HEALTH INSURANCE COMPANY LTD equity	Insurance	1.19%	Nov 2024	1.8 yrs	+0.03%
33	NEXUS SELECT TRUST equity	Realty	1.18%	Aug 2024	2.1 yrs	+0.11%
34	SHREE CEMENT LTD equity	Cement & Cement Products	1.17%	Apr 2025	1.4 yrs	-0.07%
35	ADANI ENTERPRISES LTD equity	Metals & Minerals Trading	1.16%	Jul 2026	2 mo	+1.16%
36	** 06.77 % TATA COMMUNICATIONS LTD - 07/08/2028 corporate bond	—	1.15%	Aug 2025	1.1 yrs	+0.04%
37	GOI - 6.68% (07/07/2040) government security	—	1.13%	Feb 2026	7 mo	+0.05%
38	SGS ANDHRA PRADESH 6.82% (04/06/2036) government security	—	1.10%	Jun 2025	1.3 yrs	+0.03%
39	DELHIVERY LTD equity	Transport Services	1.05%	Jun 2025	1.3 yrs	+0.04%
40	TENNECO CLEAN AIR INDIA LTD equity	Auto Components	1.05%	Nov 2025	10 mo	+0.16%
41	ALTIUS TELECOM INFRASTRUCTURE TRUST equity	Telecom - Services	1.02%	Aug 2023	3.1 yrs	+0.05%
42	TECH MAHINDRA LTD equity	IT - Software	0.99%	Oct 2023	2.9 yrs	+1.05%
43	OIL & NATURAL GAS CO. equity	Oil	0.97%	Jun 2026	3 mo	+0.97%
44	AMBUJA CEMENTS LTD equity	Cement & Cement Products	0.95%	Oct 2021	4.9 yrs	-0.09%
45	GOI - 7.10% (08/04/2034) $$ government security	—	0.95%	Oct 2024	1.9 yrs	+0.03%
46	GOI - 5.74% (15/11/2026) $$ government security	—	0.94%	Apr 2022	4.4 yrs	-0.03%
47	PRESTIGE ESTATES PROJECTS LTD equity	Realty	0.92%	Aug 2025	1.1 yrs	+0.17%
48	GOI - 7.32% (13/11/2030) $$ government security	—	0.90%	Jul 2024	2.2 yrs	+0.02%
49	INVENTURUS KNOWLEDGE SOLUTIONS LTD equity	IT - Services	0.89%	Dec 2024	1.8 yrs	+0.05%
50	BHARAT PETROLEUM CORPORATION LTD equity	Petroleum Products	0.88%	Aug 2019	7.1 yrs	+0.09%
51	HDFC LIFE INSURANCE CO. LTD equity	Insurance	0.88%	Jul 2024	2.2 yrs	+0.05%
52	** 08.20 % ADANI POWER LTD - 25/01/2029 corporate bond	—	0.87%	Jan 2026	8 mo	+0.02%
53	ADANI ENERGY SOLUTIONS LTD equity	Power	0.82%	Jul 2025	1.2 yrs	-0.03%
54	VARUN BEVERAGES LTD equity	Beverages	0.79%	Nov 2024	1.8 yrs	-0.23%
55	VISHAL MEGA MART LTD equity	Retailing	0.78%	Jun 2025	1.3 yrs	-0.02%
56	ONE 97 COMMUNICATIONS LTD equity	Financial Technology (Fintech)	0.78%	Aug 2026	1 mo	+0.78%
57	LIFE INSURANCE CORPORATION OF INDIA equity	Insurance	0.74%	Aug 2026	1 mo	+0.74%
58	CARTRADE TECH LTD equity	Retailing	0.74%	Dec 2025	9 mo	+0.32%
59	VEDANTA ALUMINIUM METAL LTD equity	Non - Ferrous Metals	0.73%	Jun 2026	3 mo	+0.73%
60	ICICI LOMBARD GENERAL INSURANCE CO. LTD equity	Insurance	0.72%	Mar 2020	6.5 yrs	-0.09%
61	SEDEMAC MECHATRONICS LTD equity	Auto Components	0.66%	Mar 2026	6 mo	+0.22%
62	** JSW KALINGA STEEL LTD - 24/03/2031 - ZCB corporate bond	—	0.61%	Apr 2026	5 mo	+0.04%
63	SDL GUJARAT 8.14% (20/03/2029) government security	—	0.60%	Apr 2026	5 mo	+0.02%
64	SGS ANDHRA PRADESH 7.70% (06/12/2029) government security	—	0.60%	Jul 2024	2.2 yrs	+0.02%
65	** 07.42 % MAHINDRA RURAL HOUSING FINANCE LTD - 23/02/2028 corporate bond	—	0.59%	Feb 2026	7 mo	+0.01%
66	SDL HIMACHAL PRADESH 6.36% (29/07/2028) government security	—	0.58%	Jul 2025	1.2 yrs	+0.02%
67	GOI - 6.92% (18/11/2039) government security	—	0.58%	Jul 2025	1.2 yrs	+0.02%
68	SDL KARNATAKA 6.58% (03/06/2030) government security	—	0.58%	Nov 2025	10 mo	+0.03%
69	** MUTHOOT FINANCE LTD - 04/09/2029 - FRB corporate bond	—	0.58%	Jul 2026	2 mo	+0.58%
70	** 07.68 % POONAWALLA FINCORP LTD - 20/03/2028 corporate bond	—	0.58%	Mar 2026	6 mo	+0.02%
71	** 08.45 % ADANI AIRPORT HOLDINGS LTD . - 12/02/2029 corporate bond	—	0.58%	Aug 2026	1 mo	+0.58%
72	** 07.06 % BROOKFIELD INDIA REAL ESTATE TRUST - 20/12/2030 corporate bond	—	0.58%	Dec 2025	9 mo	+0.02%
73	** 06.59 % POWER FINANCE CORPORATION - 15/10/2030 corporate bond	—	0.56%	Jun 2025	1.3 yrs	+0.01%
74	KEC INTERNATIONAL LTD equity	Construction	0.54%	Oct 2020	5.9 yrs	-0.09%
75	SDL TAMILNADU 7.11% (31/07/2029) government security	—	0.53%	Nov 2025	10 mo	+0.02%
76	** 08.40 % GODREJ PROPERTIES LTD - 25/01/2028 corporate bond	—	0.47%	Mar 2025	1.5 yrs	+0.01%
77	PINE LABS LTD equity	Financial Technology (Fintech)	0.46%	May 2026	4 mo	+0.06%
78	DABUR INDIA LTD equity	Personal Products	0.46%	Nov 2020	5.8 yrs	-0.06%
79	** 08.20 % INDIA UNIVERSAL TRUST AL1 - 20/09/2030 corporate bond	—	0.46%	Sep 2024	2.0 yrs	0.00%
80	METROPOLIS HEALTHCARE LTD equity	Healthcare Services	0.45%	Jul 2025	1.2 yrs	-0.04%
81	GOI - 7.18% (14/08/2033) $$ government security	—	0.42%	Jan 2024	2.7 yrs	+0.02%
82	POWER GRID CORPORATION OF INDIA LTD equity	Power	0.33%	Feb 2019	7.6 yrs	+0.68%
83	** 08.60 % SANSAR JAN 2025 TRUST - 25/09/2028 corporate bond	—	0.33%	Apr 2025	1.4 yrs	-0.07%
84	SDL TAMILNADU 6.53% (06/01/2031) government security	—	0.29%	Jan 2024	2.7 yrs	+0.02%
85	** 07.58 % POONAWALLA FINCORP LTD - 08/09/2028 corporate bond	—	0.29%	Dec 2025	9 mo	+0.01%
86	** 07.45 % POWER FINANCE CORPORATION - 15/07/2028 corporate bond	—	0.29%	May 2026	4 mo	+0.01%
87	** 07.59 % GIC HOUSING FINANCE LTD - 10/06/2027 corporate bond	—	0.29%	Feb 2026	7 mo	+0.01%
88	** 07.60 % POONAWALLA FINCORP LTD - 28/05/2027 corporate bond	—	0.29%	Oct 2025	11 mo	+0.01%
89	** 07.44 % POWER FINANCE CORPORATION - 15/01/2030 corporate bond	—	0.29%	Jun 2025	1.3 yrs	+0.01%
90	** 07.85 % BHARTI TELECOM LTD - 20/03/2029 corporate bond	—	0.29%	Mar 2026	6 mo	+0.01%
91	** 07.10 % NABARD - 29/03/2029 corporate bond	—	0.29%	Mar 2026	6 mo	+0.01%
92	** 07.88 % MUTHOOT FINANCE LTD - 22/11/2028 corporate bond	—	0.29%	May 2026	4 mo	+0.01%
93	** 06.66 % NABARD - 12/10/2028 corporate bond	—	0.29%	Mar 2026	6 mo	+0.01%
94	GOI - 6.94% (11/05/2036) government security	—	0.28%	Jul 2026	2 mo	+0.28%
95	** 08.30 % TATA PROJECTS LTD - 07/01/2028 corporate bond	—	0.23%	Apr 2025	1.4 yrs	0.00%
96	** 08.83 % LIQUID GOLD SERIES 18 - 20/11/2027 corporate bond	—	0.20%	Feb 2026	7 mo	-0.03%
97	SDL MAHARASHTRA 7.60% (15/04/2030) government security	—	0.18%	Sep 2025	1.0 yrs	+0.01%
98	** 08.25 % POONAWALLA FINCORP LTD - 11/05/2028 corporate bond	—	0.18%	May 2026	4 mo	-0.10%
99	SDL GUJARAT 6.90% (31/03/2030) government security	—	0.17%	Nov 2025	10 mo	0.00%
100	GOI - 6.48% (06/10/2035) government security	—	0.17%	Dec 2025	9 mo	+0.01%
101	** 07.45 % TORRENT PHARMACEUTICALS LTD - 19/01/2028 corporate bond	—	0.17%	Apr 2026	5 mo	0.00%
102	BHARAT ELECTRONICS LTD equity	Aerospace & Defense	0.15%	Aug 2025	1.1 yrs	+0.30%
103	** 08.85 % SANSAR JUNE 2024 TRUST - 25/07/2027 corporate bond	—	0.15%	Oct 2024	1.9 yrs	-0.08%
104	POLYCAB INDIA LTD equity	Industrial Products	0.13%	Oct 2024	1.9 yrs	+0.26%
105	** 08.17 % INDIA UNIVERSAL TRUST AL2 - 21/11/2030 corporate bond	—	0.08%	Nov 2024	1.8 yrs	+0.01%
106	SDL HARYANA 7.86% (27/12/2027) government security	—	0.06%	Jul 2024	2.2 yrs	0.00%
107	GOI - 7.38% (20/06/2027) government security	—	0.06%	Feb 2026	7 mo	0.00%
108	GOI - 6.97% (06/09/2026) $$ government security	—	0.06%	May 2020	6.3 yrs	0.00%
109	SDL TAMILNADU 6.95% (07/07/2031) government security	—	0.06%	Jan 2024	2.7 yrs	0.00%
110	** 05.00 % GMR AIRPORTS LTD - 13/02/2027 corporate bond	—	0.06%	Aug 2025	1.1 yrs	0.00%
111	** 07.13 % NHPC LTD - 11/02/2028 corporate bond	—	0.06%	Feb 2020	6.6 yrs	0.00%
112	** 07.14 % EXIM - 13/12/2029 corporate bond	—	0.03%	Dec 2024	1.8 yrs	0.00%
113	UNO MINDA LTD equity	Auto Components	0.02%	Feb 2026	7 mo	0.00%
114	AUGMONT ENTERPRISES LTD equity	Consumer Durables	0.02%	Aug 2026	1 mo	+0.02%
115	TVS MOTOR COMPANY LTD (PREFERENCE SHARE) EX DT - 25/08/2025 equity	Automobiles	0.02%	Nov 2025	10 mo	0.00%
116	** INDIAN RAILWAYS FINANCE CORPORATION LTD - 01/12/2035 - ZCB corporate bond	—	0.01%	Dec 2025	9 mo	0.00%
117	MAX HEALTHCARE INSTITUTE LTD equity	Healthcare Services	0.00%	May 2025	1.3 yrs	0.00%
118	INDUSIND BANK LTD equity	Banks	0.00%	Jan 2022	4.7 yrs	+0.43%
119	ITC LTD equity	Diversified FMCG	0.00%	Dec 2020	5.8 yrs	+0.63%
120	STATE BANK OF INDIA^ derivative	—	0.00%	Jan 2019	7.7 yrs	-1.43%
121	SGS KARNATAKA 7.73% (03/01/2035) government security	—	0.00%	Jan 2024	2.7 yrs	0.00%
122	SGS UTTAR PRADESH 7.70% (22/11/2035) government security	—	0.00%	Dec 2023	2.8 yrs	0.00%
123	GOI - 5.77% (03/08/2030) government security	—	0.00%	Mar 2021	5.5 yrs	0.00%
124	BAJAJ FINANCE LTD^ derivative	—	-0.03%	Jun 2025	1.3 yrs	-1.18%
125	MAHINDRA & MAHINDRA LTD^ derivative	—	-0.10%	Jan 2019	7.7 yrs	+0.11%
126	FEDERAL BANK LTD^ derivative	—	-0.12%	Sep 2022	4.0 yrs	-1.47%
127	POLYCAB INDIA LTD^ derivative	—	-0.13%	Oct 2024	1.9 yrs	0.00%
128	BHARAT ELECTRONICS LTD^ derivative	—	-0.15%	Aug 2025	1.1 yrs	0.00%
129	POWER GRID CORPORATION OF INDIA LTD^ derivative	—	-0.33%	Feb 2019	7.6 yrs	+0.02%
130	HINDUSTAN UNILEVER LTD^ derivative	—	-0.36%	Nov 2019	6.8 yrs	-0.10%
131	RELIANCE INDUSTRIES LTD^ derivative	—	-0.70%	Jan 2019	7.7 yrs	+0.70%

Showing 1–131 of 131 rows per page10 25 50all

Largest sectors, Aug 2026 · grey: a year ago

Banks9.9% · 12.7%

Finance6.2% · 4.1%

Realty5.6% · 2.5%

Petroleum Products5.1% · 5.0%

Insurance4.7% · 3.7%

Telecom - Services3.9% · 2.6%

Healthcare Services3.8% · 3.5%

Financial Technology (Fintech)2.7%

share of the book05%10%

By market cap, Aug 2026

Large cap45.6%

Mid cap12.2%

Small / micro cap7.5%

Cash & equivalents3.8%

Not classified3.9%

Other25.1%

share of the book025%50%75%100%

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

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

Large cap 46%
Mid cap 12%
Small / micro 8%
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

Beat its category in 54% of three-year stretches, and averaged +0.6 points a year across all of them

57 rolling windows since 2019 · ahead by 1.7 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 1.7 points a year in the 31 windows it won and behind by 0.8 in the 26 it lost, so the average across all 57 is +0.6 points. The worst window ended Jun 2025, 1.2 points behind.

54%

lowest in categoryhighest in category

57th percentile · above median of 30 funds · category median 42%

windows measured57windows won31average across every window+0.58 pts a year · median +0.51when ahead, by how much+1.73 pts a year over 31 windowswhen behind, by how much−0.79 pts a year over 26 windowsworst window−1.23 pts a year, ended Jun 2025best window+3.03 pts a year, ended Mar 2022non-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 1.69% a year more than Direct

₹42,282 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.

1.69 pp a year

costliest in categorycheapest in category

23th percentile · bottom quartile of 35 funds · category median 1.45 pp

on ₹1,00,000 over ten years₹42,282Direct vs Regular, annualised11.6% vs 9.9%measured over7.67 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 51% of the portfolio a year

−0.00 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.

51% a year

costliest in categorycheapest in category

66th percentile · above median of 30 funds · category median 62%

excess return per unit of turnover−0.00 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 87 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.

87 months

lowest in categoryhighest in category

95th percentile · top decile 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 1.6 points ahead of them

813 positions judged, one disclosure at a time · ahead by 13.9 points when it won, behind by 12.4 when it lost

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

How often, and by how much. The count and the average agree. Ahead by 13.9 points in the 432 positions it won and behind by 12.4 in the 381 it lost, so the average across all 813 is +1.6 points. The worst position was INE397D01024 at the May 2020 disclosure, 45.5 points behind.

53%

lowest in categoryhighest in category

68th percentile · above median of 30 funds

positions judged813beat the median stock432average across every position+1.62 pts · median +0.66when ahead, by how much+13.86 pts over 432 positionswhen behind, by how much−12.45 pts over 381 positionsworst position−45.52 pts, INE397D01024 at the May 2020 disclosurebest position+109.51 pts, INE081A01012 at the Jan 2021 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

₹8,837 Cr, 80th percentile in category; 64% of growth came from outflows

smaller than 20% of the funds in its category (27 funds) · AUM Sep 2023 → Jul 2026 · Regular plan expense ratio 1.87%

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.

80th percentile by AUM

largestsmallest

20th percentile · bottom quartile of 27 funds

median holding weight, trendrisingexpense ratio, Regular / Direct1.87% / 0.70% · category median 2.31%AUM, Sep 2023 → Jul 2026₹7,437 Cr → ₹8,837 Cr (+6% a year)of that change, from flows rather than returns64% net outflows · NAV +31% over the window

Assets under management, ₹ crore, Mar 2019 – Jul 2026

38 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 2.34% in Jan 2019 → 1.87% 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 Amit Somani for at least 2 mo

the factsheet archive starts Jun 2026, so this is a floor

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

No category distribution for this measure yet.

running it nowAmit Somani (since at least Jun 2026)share of the fund's life under the current teamnot knowable — the archive starts Jun 2026, so the tenure is a floorchanges of hands in the archivenone

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
Amit Somani	fund manager	by Jun 2026†	now	3.5% vs 3.5% (+0.07 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 Jun 2026: Amit Somani was already named on its first sheet, so the tenure here is the floor of what is known, not the month anyone arrived — the record may well belong to the people running it now.

Tracking gap

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

No signal. About 31% 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 Tata Balanced Advantage Fund-Direct Plan-Growth	growth	₹23.25	21 Sep 2026
direct TATA Balanced Advantage Fund Direct Plan - Payout of Income Distribution cum capital withdrawal option	idcw	₹22.40	21 Sep 2026
direct TATA Balanced Advantage Fund Direct Plan - Reinvestment of Income Distribution cum capital withdrawal option	idcw	₹22.40	21 Sep 2026
regular Tata Balanced Advantage Fund-Regular Plan-Growth	growth	₹20.68	21 Sep 2026
regular TATA Balanced Advantage Fund Regular Plan - Payout of Income Distribution cum capital withdrawal option	idcw	₹19.84	21 Sep 2026
regular TATA Balanced Advantage Fund Regular Plan - Reinvestment of Income Distribution cum capital withdrawal option	idcw	₹19.84	21 Sep 2026

The Direct / Regular gap, in rupees

Direct growth NAV: ₹23.25
Regular growth NAV: ₹20.68
NAV divergence to date: 12.4% — same portfolio, priced differently
Regular costs more by: 1.69% a year
On ₹1,00,000 over ten years: ₹42,282

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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