Baroda BNP Paribas · Equity Savings

Baroda BNP Paribas Equity Savings Fund

Hybrid Schemes - Equity Savings Fund Direct plan, growth riskometer: Moderately high benchmark: Nifty Equity Savings Index TRI launched 4 Jul 2019 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 21 Sep 2026

₹18.72

−0.15% since 18 Sep 2026, the previous NAV

1 year

4.8%

return

3 years

9.5%

a year

5 years

8.4%

a year

Since launch

9.1%

a year, over 7.1 years

Assets (AUM)

₹283 Cr

Jul 2026 factsheet

Expense ratio, Direct / Regular

1.13% / 2.10%

a year, as of Jul 2026

Holdings

top ten are 56% of the fund · Aug 2026

Disclosed history

3.3 yrs

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

Fund managers

Neeraj Saxena · since at least Oct 2024 · equity portionGurvinder Singh · since Dec 2024 · debt portionAnkeet Pandya · since Jan 2025 · equity portionSanjay Chawla · since Apr 2026 · equity portionJitendra Sriram · since Jun 2026 · equity portionKushant Arora · since Jun 2026 · equity portion

All managers →

As the Jul 2026 factsheet printed it: portfolio turnover 4.10×. 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

₹24,700 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 Neeraj Saxena for at least 1.8 yrs

with Gurvinder Singh, Ankeet Pandya, Sanjay Chawla, Jitendra Sriram, Kushant Arora · the factsheet archive starts Oct 2024, so this is a floor. A return earned before they arrived is the house's record, not theirs — the tenure table shows the fund against its category over exactly their months.

Neeraj Saxena'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

51 rolling windows since 2019 · 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 →

NAV and drawdown

Direct plan, growth class · as of 21 Sep 2026

Month-end NAV, indexed to 100 at Jul 2019

87 month-ends · ₹10.02 → ₹18.72, 1.9× since Jul 2019

Deepest fall (max drawdown)

−5.3%

16 Dec 2024 → 3 Mar 2025

Worst month

−3.9%

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 · 99 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 / cash equivalents Net Receivables / (Payables) · cash equivalent	—	27.90%	Jul 2024	2.2 yrs	+0.36%
2	State Bank of India equity	Banks	3.83%	May 2023	3.3 yrs	+0.17%
3	7.32% Government of India (13/11/2030) government security	—	3.56%	Oct 2024	1.9 yrs	-0.17%
4	Bharti Airtel Limited equity	Telecom - Services	3.33%	May 2023	3.3 yrs	-0.21%
5	7.18% Government of India (14/08/2033) government security	—	3.18%	Apr 2025	1.4 yrs	-0.13%
6	Reliance Industries Limited equity	Petroleum Products	3.07%	May 2023	3.3 yrs	-0.25%
7	ICICI Bank Limited equity	Banks	2.99%	May 2023	3.3 yrs	-0.15%
8	Clearing Corporation of India Ltd money market	—	2.85%	Jul 2024	2.2 yrs	+0.43%
9	Larsen & Toubro Limited equity	Construction	2.77%	May 2023	3.3 yrs	+0.10%
10	8.7% Shriram Finance Limited (09/04/2028) ** corporate bond	—	2.45%	Jun 2025	1.3 yrs	-0.12%
11	6.92% Power Finance Corporation Limited (16/02/2028) ** corporate bond	—	2.40%	Feb 2026	7 mo	-0.12%
12	Sun Pharmaceutical Industries Limited equity	Pharmaceuticals & Biotechnology	2.37%	May 2023	3.3 yrs	+0.11%
13	Axis Bank Limited equity	Banks	2.16%	May 2025	1.3 yrs	-0.03%
14	HDFC Bank Limited equity	Banks	2.16%	May 2023	3.3 yrs	-0.28%
15	Tata Steel Limited equity	Ferrous Metals	1.97%	May 2023	3.3 yrs	-0.36%
16	One 97 Communications Limited equity	Financial Technology (Fintech)	1.93%	Jun 2025	1.3 yrs	+0.53%
17	Kotak Mahindra Bank Limited equity	Banks	1.86%	Jan 2026	8 mo	+0.07%
18	DLF Limited equity	Realty	1.80%	Jan 2025	1.7 yrs	+0.20%
19	7.90% Jamnagar Utilities & Power Private Limited (10/08/2028) ** corporate bond	—	1.74%	Apr 2025	1.4 yrs	-0.08%
20	LIC Housing Finance Limited equity	Finance	1.73%	Aug 2026	1 mo	+1.73%
21	Tata Power Company Limited equity	Power	1.73%	May 2023	3.3 yrs	-0.65%
22	7.83% Cholamandalam Investment and Finance Company Ltd (28/06/2028) ** corporate bond	—	1.72%	Feb 2026	7 mo	-0.08%
23	7.44% Power Finance Corporation Limited (15/01/2030) ** corporate bond	—	1.72%	Aug 2026	1 mo	+1.72%
24	7.53% Bajaj Housing Finance Limited (28/09/2029) ** corporate bond	—	1.71%	Aug 2026	1 mo	+1.71%
25	Adani Ports and Special Economic Zone Limited equity	Transport Infrastructure	1.68%	Aug 2023	3.1 yrs	-0.32%
26	Bajaj Finance Limited equity	Finance	1.67%	Jun 2026	3 mo	+1.67%
27	Titan Company Limited equity	Consumer Durables	1.59%	Jun 2025	1.3 yrs	+0.25%
28	Mahindra & Mahindra Limited equity	Automobiles	1.53%	Oct 2024	1.9 yrs	-0.03%
29	Ajanta Pharma Limited equity	Pharmaceuticals & Biotechnology	1.46%	Sep 2023	3.0 yrs	+0.79%
30	Godrej Properties Limited equity	Realty	1.43%	Jan 2026	8 mo	+0.12%
31	Bharat Heavy Electricals Limited equity	Electrical Equipment	1.38%	Nov 2024	1.8 yrs	-0.15%
32	7.92% India Infradebt Limited (23/12/2031) ** corporate bond	—	1.37%	Jun 2026	3 mo	+1.37%
33	Ambuja Cements Limited equity	Cement & Cement Products	1.27%	Jul 2023	3.2 yrs	-0.20%
34	Radico Khaitan Limited equity	Beverages	1.26%	Oct 2024	1.9 yrs	+0.11%
35	NTPC Limited equity	Power	1.22%	Apr 2024	2.4 yrs	-0.45%
36	Hitachi Energy India Limited equity	Electrical Equipment	1.20%	Sep 2023	3.0 yrs	-0.24%
37	IndiGrid Infrastructure Trust invit	—	1.14%	Oct 2024	1.9 yrs	-0.04%
38	TVS Motor Company Limited equity	Automobiles	1.08%	May 2023	3.3 yrs	+0.08%
39	7.46% REC Limited (30/06/2028) ** corporate bond	—	1.04%	Jul 2026	2 mo	+1.04%
40	6.36% Government of India (16/02/2031) government security	—	1.03%	Mar 2026	6 mo	-0.76%
41	PNB Housing Finance Limited equity	Finance	1.00%	Sep 2024	2.0 yrs	+0.14%
42	Nippon Life India Asset Management Limited equity	Capital Markets	0.99%	Aug 2025	1.1 yrs	-0.07%
43	Mankind Pharma Limited equity	Pharmaceuticals & Biotechnology	0.98%	Jun 2026	3 mo	+0.98%
44	Hindalco Industries Limited equity	Non - Ferrous Metals	0.95%	Jul 2023	3.2 yrs	-0.20%
45	IndusInd Bank Limited equity	Banks	0.94%	May 2023	3.3 yrs	+0.05%
46	Fractal Analytics Ltd equity	IT - Software	0.93%	Feb 2026	7 mo	-0.13%
47	Linde India Limited equity	Chemicals & Petrochemicals	0.86%	Feb 2025	1.6 yrs	-0.16%
48	Pidilite Industries Limited equity	Chemicals & Petrochemicals	0.84%	Jun 2026	3 mo	+0.84%
49	Power Grid Corporation of India Limited equity	Power	0.82%	Feb 2026	7 mo	+0.03%
50	Navin Fluorine International Limited equity	Chemicals & Petrochemicals	0.81%	Nov 2024	1.8 yrs	-0.25%
51	Punjab National Bank equity	Banks	0.79%	Sep 2023	3.0 yrs	+0.02%
52	AU Small Finance Bank Limited equity	Banks	0.78%	Sep 2024	2.0 yrs	-0.06%
53	Bharat Electronics Limited equity	Aerospace & Defense	0.78%	May 2024	2.3 yrs	+0.03%
54	Hindustan Petroleum Corporation Limited equity	Petroleum Products	0.74%	Feb 2026	7 mo	-0.12%
55	8.15% PNB Housing Finance Limited (29/07/2027) ** corporate bond	—	0.70%	Apr 2026	5 mo	-0.03%
56	7.32% NTPC Limited (17/07/2029) ** corporate bond	—	0.69%	Jan 2026	8 mo	-0.03%
57	6.4% LIC Housing Finance Limited (30/11/2026) corporate bond	—	0.69%	Apr 2026	5 mo	-0.03%
58	7.22% UltraTech Cement Limited (02/02/2029) ** corporate bond	—	0.69%	Aug 2026	1 mo	+0.69%
59	6.79% Government of India (07/10/2034) government security	—	0.69%	Dec 2024	1.8 yrs	-0.03%
60	7.35% Bharti Telecom Limited (15/10/2027) ** corporate bond	—	0.69%	Jan 2026	8 mo	-0.03%
61	6.52% REC Limited (31/01/2028) corporate bond	—	0.68%	Dec 2025	9 mo	-0.03%
62	Tata Motors Ltd equity	Agricultural, Commercial & Construction Vehicles	0.56%	Dec 2025	9 mo	+0.08%
63	Life Insurance Corporation Of India equity	Insurance	0.52%	Jul 2026	2 mo	+0.52%
64	Max Financial Services Limited equity	Insurance	0.51%	Apr 2024	2.4 yrs	-0.08%
65	Persistent Systems Limited equity	IT - Software	0.48%	Dec 2024	1.8 yrs	-0.94%
66	Tech Mahindra Limited equity	IT - Software	0.45%	Apr 2025	1.4 yrs	-0.42%
67	6.75% Piramal Finance Limited (26/09/2031) corporate bond	—	0.43%	Jun 2023	3.3 yrs	-0.02%
68	NHPC Limited equity	Power	0.40%	Jun 2026	3 mo	+0.40%
69	Shriram Finance Limited equity	Finance	0.38%	Jul 2026	2 mo	+0.38%
70	Britannia Industries Limited equity	Food Products	0.36%	Jun 2025	1.3 yrs	-0.02%
71	6.4% Jamnagar Utilities & Power Private Limited (29/09/2026) corporate bond	—	0.35%	May 2026	4 mo	-0.01%
72	6.68% Government of India (27/01/2033) government security	—	0.35%	Jun 2026	3 mo	+0.35%
73	National Securities Depository Limited equity	Capital Markets	0.26%	Jun 2026	3 mo	+0.26%
74	Nestle India Limited equity	Food Products	0.26%	Feb 2026	7 mo	0.00%
75	6.68% Government of India (07/07/2040) government security	—	0.20%	Jul 2026	2 mo	+0.20%
76	6% TVS Motor Company Limited ** corporate bond	—	0.01%	Sep 2025	1.0 yrs	0.00%
77	9% Yes Bank Limited (18/10/2026) ^ derivative	—	0.00%	May 2023	3.3 yrs	0.00%
78	Larsen & Toubro Limited September 2026 Future derivative	—	-0.22%	Aug 2026	1 mo	-0.22%
79	Bharat Heavy Electricals Limited September 2026 Future derivative	—	-0.24%	Aug 2026	1 mo	-0.24%
80	Britannia Industries Limited September 2026 Future derivative	—	-0.37%	Aug 2026	1 mo	-0.37%
81	Axis Bank Limited September 2026 Future derivative	—	-0.69%	Aug 2026	1 mo	-0.69%
82	Punjab National Bank September 2026 Future derivative	—	-0.80%	Aug 2026	1 mo	-0.80%
83	Sun Pharmaceutical Industries Limited September 2026 Future derivative	—	-0.85%	Aug 2026	1 mo	-0.85%
84	Mahindra & Mahindra Limited September 2026 Future derivative	—	-0.87%	Aug 2026	1 mo	-0.87%
85	IndusInd Bank Limited September 2026 Future derivative	—	-0.92%	Aug 2026	1 mo	-0.92%
86	NTPC Limited September 2026 Future derivative	—	-0.98%	Aug 2026	1 mo	-0.98%
87	Tata Power Company Limited September 2026 Future derivative	—	-1.04%	Aug 2026	1 mo	-1.04%
88	Kotak Mahindra Bank Limited September 2026 Future derivative	—	-1.09%	Aug 2026	1 mo	-1.09%
89	Ambuja Cements Limited September 2026 Future derivative	—	-1.28%	Aug 2026	1 mo	-1.28%
90	Godrej Properties Limited September 2026 Future derivative	—	-1.43%	Aug 2026	1 mo	-1.43%
91	Bajaj Finance Limited September 2026 Future derivative	—	-1.67%	Aug 2026	1 mo	-1.67%
92	HDFC Bank Limited September 2026 Future derivative	—	-1.69%	Aug 2026	1 mo	-1.69%
93	Reliance Industries Limited September 2026 Future derivative	—	-1.74%	Aug 2026	1 mo	-1.74%
94	LIC Housing Finance Limited September 2026 Future derivative	—	-1.74%	Aug 2026	1 mo	-1.74%
95	Adani Ports and Special Economic Zone Limited September 2026 Future derivative	—	-1.74%	Aug 2026	1 mo	-1.74%
96	DLF Limited September 2026 Future derivative	—	-1.75%	Aug 2026	1 mo	-1.75%
97	State Bank of India September 2026 Future derivative	—	-1.78%	Aug 2026	1 mo	-1.78%
98	Tata Steel Limited September 2026 Future derivative	—	-1.95%	Aug 2026	1 mo	-1.95%
99	Bharti Airtel Limited September 2026 Future derivative	—	-2.00%	Aug 2026	1 mo	-2.00%

Showing 1–99 of 99 rows per page10 25 50all

Largest sectors, Aug 2026 · grey: a year ago

Banks15.5% · 13.4%

Pharmaceuticals & Biotechnology4.8% · 2.1%

Finance4.8% · 3.1%

Power4.2% · 4.4%

Petroleum Products3.8% · 3.8%

Telecom - Services3.3% · 3.7%

Realty3.2%

Construction2.8% · 2.6%

share of the book05%10%15%20%

By market cap, Aug 2026

Large cap46.8%

Mid cap15.6%

Small / micro cap4.5%

Cash & equivalents30.8%

Other2.4%

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 47%
Mid cap 16%
Small / micro 4%
Cash & other 31%

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

51 rolling windows since 2019 · 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 51; the average across all of them is −1.7 points. The worst window ended Jul 2023, 4.5 points behind.

No category distribution for this measure yet.

windows measured51windows won0average across every window−1.67 pts a year · median −1.01when behind, by how much−1.67 pts a year over 51 windowsworst window−4.46 pts a year, ended Jul 2023best window−0.05 pts a year, ended Aug 2026non-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 1.18% a year more than Direct

₹24,700 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

62th percentile · above median of 8 funds · category median 1.27 pp

on ₹1,00,000 over ten years₹24,700Direct vs Regular, annualised9.1% vs 7.9%measured over7.17 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 49% 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.

49% a year

costliest in categorycheapest in category

64th percentile · above median of 8 funds · category median 51%

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 40 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.

40 months

lowest in categoryhighest in category

38th percentile · below median of 8 funds · category median 51 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 2.1 points behind them

338 positions judged, one disclosure at a time · ahead by 11.9 points when it won, behind by 11.8 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 11.9 points in the 138 positions it won and behind by 11.8 in the 200 it lost, so the average across all 338 is −2.1 points. The worst position was INE095A01012 at the May 2024 disclosure, 39.1 points behind.

41%

lowest in categoryhighest in category

5th percentile · bottom decile of 8 funds

positions judged338beat the median stock138average across every position−2.08 pts · median −2.53when ahead, by how much+11.88 pts over 138 positionswhen behind, by how much−11.82 pts over 200 positionsworst position−39.10 pts, INE095A01012 at the May 2024 disclosurebest position+65.37 pts, INE245A01021 at the Oct 2023 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

₹283 Cr, 36th percentile in category; 78% of growth came from outflows

smaller than 64% of the funds in its category (7 funds) · AUM Jul 2023 → Jul 2026 · Regular plan expense ratio 2.81%

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.

36th percentile by AUM

largestsmallest

64th percentile · above median of 7 funds

median holding weight, trendrisingexpense ratio, Regular / Direct2.81% / 1.68% · category median 2.75%AUM, Jul 2023 → Jul 2026₹239 Cr → ₹283 Cr (+6% a year)of that change, from flows rather than returns78% net outflows · NAV +32% over the window

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

63 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 1.96% in Jul 2019 → 2.81% 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 Neeraj Saxena for at least 1.8 yrs

with Gurvinder Singh, Ankeet Pandya, Sanjay Chawla, Jitendra Sriram, Kushant Arora · the factsheet archive starts Oct 2024, so this is a floor

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

No category distribution for this measure yet.

running it nowNeeraj Saxena (since at least Oct 2024), Gurvinder Singh (since Dec 2024), Ankeet Pandya (since Jan 2025), Sanjay Chawla (since Apr 2026), Jitendra Sriram (since Jun 2026), Kushant Arora (since Jun 2026)share of the fund's life under the current teamnot knowable — the archive starts Oct 2024, so the tenure is a floorchanges of hands in the archive4 — last Jun 2026

Who ran it, month by month · factsheets through Sep 2026

running it nowearlier

Manager	Role	From	To	Fund vs category, those months	3-yr stretches won in tenure
Neeraj Saxena	equity portion	by Oct 2024†	now	5.1% vs 4.7% p.a. (+0.36 pp)	—
Gurvinder Singh	debt portion	Dec 2024*	now	6.1% vs 5.8% p.a. (+0.28 pp)	—
Ankeet Pandya	equity portion	Jan 2025*	now	6.2% vs 6.1% p.a. (+0.15 pp)	—
Sanjay Chawla	equity portion	Apr 2026*	now	6.9% vs 6.3% (+0.57 pp)	—
Jitendra Sriram	equity portion	Jun 2026*	now	2.0% vs 2.9% (−0.84 pp)	—
Kushant Arora	equity portion	Jun 2026*	now	2.0% vs 2.9% (−0.84 pp)	—
Gurvinder Singh Wasan	debt portion	by Oct 2024†	Nov 2024	−0.7% vs −0.9% (+0.19 pp)	—
Pratish Krishnan	equity portion	by Oct 2024†	Mar 2026	1.7% vs 1.6% p.a. (+0.06 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 Oct 2024: Neeraj Saxena 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 33% 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 Baroda BNP Paribas Equity Savings Fund - Direct Plan - Growth	growth	₹18.72	21 Sep 2026
direct Baroda BNP Paribas Equity Savings Fund - Direct Plan - IDCW	idcw	₹13.95	21 Sep 2026
regular Baroda BNP Paribas Equity Savings Fund - Regular Plan - Growth	growth	₹17.31	21 Sep 2026
regular Baroda BNP Paribas Equity Savings Fund - Regular Plan - IDCW	idcw	₹12.90	21 Sep 2026

The Direct / Regular gap, in rupees

Direct growth NAV: ₹18.72
Regular growth NAV: ₹17.31
NAV divergence to date: 8.1% — same portfolio, priced differently
Regular costs more by: 1.18% a year
On ₹1,00,000 over ten years: ₹24,700

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

Compare with

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