Sundaram · Aggressive Hybrid

Sundaram Aggressive Hybrid Fund (Formerly Known as Principal Hybrid Equity Fund)

Hybrid Schemes - Aggressive Hybrid Fund Direct plan, growth benchmark: CRISIL Hybrid 35+65 Aggressive Index launched 9 Dec 1999 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 21 Sep 2026

₹184.74

−0.23% since 18 Sep 2026, the previous NAV

1 year

−0.9%

return

3 years

9.5%

a year

5 years

not enough history

Since launch

9.3%

a year, over 4.6 years

Assets (AUM)

₹9,048 Cr

Aug 2026 factsheet

Expense ratio, Direct / Regular

0.62% / 1.51%

a year, as of Aug 2026

Holdings

121

top ten are 34% of the fund · Aug 2026

Disclosed history

4.7 yrs

Dec 2021 – Aug 2026 · 5 of 11 checks could run

Fund managers

Bharath S · since at least Sep 2024Dwijendra Srivastava · since at least Sep 2024Sandeep Agarwal · since at least Sep 2024Clyton Richard Fernandes · since Oct 2024Shalav Saket · since Mar 2026 · overseas investmentsKumaresh Ramakrishnan · since Jul 2026

All managers →

What only Anveshan can tell you

measured from the disclosures, not quoted from a brochure — each links to how it was done

P5Cost, measured

Regular plan costs 1.23% a year more than Direct

₹26,090 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 : Bharath S for at least 2.0 yrs

with Dwijendra Srivastava, Sandeep Agarwal, Clyton Richard Fernandes, Shalav Saket, Kumaresh Ramakrishnan · the factsheet archive starts Sep 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.

Bharath S'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 −1.6 points a year across all of them

21 rolling windows since 2022 · behind by 1.6 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 Jan 2022

57 month-ends · ₹122.02 → ₹184.74, 1.5× since Jan 2022

Deepest fall (max drawdown)

−13.1%

26 Sep 2024 → 28 Feb 2025

Worst month

−8.7%

Mar 2026

Days to recover

231

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 · 121 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 TREPS · money market	—	6.09%	Dec 2021	4.8 yrs	+0.93%
2	ICICI Bank Ltd equity	Banks	5.14%	Dec 2021	4.8 yrs	-0.74%
3	Larsen & Toubro Ltd equity	Construction	3.43%	Dec 2021	4.8 yrs	-0.32%
4	Reliance Industries Ltd equity	Petroleum Products	3.12%	Dec 2021	4.8 yrs	-1.79%
5	Bharti Airtel Ltd equity	Telecom - Services	3.09%	Dec 2021	4.8 yrs	-0.85%
6	6.48% Central Government Securities 06/10/2035 * government security	—	3.03%	Nov 2025	10 mo	-0.20%
7	HDFC Bank Ltd equity	Banks	2.75%	Dec 2021	4.8 yrs	-3.24%
8	Mahindra & Mahindra Ltd equity	Automobiles	2.59%	May 2022	4.3 yrs	-0.45%
9	Eternal Ltd (Previously Zomato Ltd) equity	Retailing	2.18%	Jul 2026	2 mo	+2.18%
10	Coforge Ltd equity	It - Software	2.10%	Nov 2025	10 mo	+0.59%
11	Kotak Mahindra Bank Ltd equity	Banks	2.00%	Jan 2026	8 mo	-0.55%
12	One 97 Communications Ltd equity	Financial Technology (Fintech)	1.96%	Apr 2026	5 mo	+0.85%
13	PB Fintech Ltd equity	Financial Technology (Fintech)	1.83%	Oct 2025	11 mo	+0.28%
14	Oracle Financial Services Software Ltd equity	It - Software	1.77%	Jun 2026	3 mo	+1.77%
15	Cholamandalam Investment and Finance Company Ltd equity	Finance	1.73%	Jul 2025	1.2 yrs	+0.18%
16	TVS Motor Company Ltd equity	Automobiles	1.71%	Nov 2025	10 mo	+0.52%
17	Hindalco Industries Ltd equity	Non - Ferrous Metals	1.61%	Aug 2026	1 mo	+1.61%
18	Fractal Analytics Ltd equity	It - Software	1.44%	Feb 2026	7 mo	-0.04%
19	Amber Enterprises India Ltd equity	Consumer Durables	1.36%	Jun 2024	2.3 yrs	+0.18%
20	Vedanta Aluminium Metal Ltd equity	Non - Ferrous Metals	1.35%	Apr 2026	5 mo	+0.82%
21	Bajaj Finserv Ltd equity	Finance	1.30%	Jul 2026	2 mo	+1.30%
22	Cummins India Ltd equity	Industrial Products	1.25%	Apr 2023	3.4 yrs	-0.31%
23	Poonawalla Fincorp Ltd equity	Finance	1.22%	Jun 2026	3 mo	+1.22%
24	Embassy Office Parks (REIT) reit	—	1.20%	Jul 2025	1.2 yrs	-0.06%
25	Aster DM Healthcare Ltd equity	Healthcare Services	1.19%	Apr 2026	5 mo	+0.47%
26	Coromandel International Ltd equity	Fertilizers & Agrochemicals	1.18%	Jul 2022	4.2 yrs	+0.01%
27	Billionbrains Garage Ventures Ltd equity	Capital Markets	1.16%	Nov 2025	10 mo	-0.04%
28	Sun Pharmaceutical Industries Ltd equity	Pharmaceuticals & Biotechnology	1.14%	Dec 2021	4.8 yrs	+0.42%
29	Sundaram Money Market Fund-Direct Plan - Growth mutual fund unit	—	1.09%	Jul 2026	2 mo	-0.20%
30	UNO Minda Ltd equity	Auto Components	1.04%	Dec 2021	4.8 yrs	+0.39%
31	Altius Telecom Infrastructure Trust INVIT invit	—	1.02%	Jun 2026	3 mo	+1.02%
32	Multi Commodity Exchange of India Ltd equity	Capital Markets	1.01%	Apr 2026	5 mo	+0.07%
33	MTAR Technologies Ltd equity	Electrical Equipment	1.01%	May 2026	4 mo	+0.40%
34	Delhivery Ltd equity	Transport Services	0.96%	Jun 2026	3 mo	+0.96%
35	Horizon Industrial Parks Ltd equity	Realty	0.96%	Aug 2026	1 mo	+0.96%
36	Ultratech Cement Ltd equity	Cement & Cement Products	0.95%	Dec 2021	4.8 yrs	-0.08%
37	National Bank for Agriculture & Rural Development - 7.53% - 24/03/2028 corporate bond	—	0.91%	Apr 2025	1.4 yrs	-0.07%
38	JSW Infrastructure Ltd equity	Transport Infrastructure	0.90%	Aug 2026	1 mo	+0.90%
39	Amara Raja Energy & Mobility Ltd equity	Auto Components	0.89%	Jan 2025	1.7 yrs	-0.06%
40	Force Motors Ltd equity	Automobiles	0.87%	Jul 2026	2 mo	+0.87%
41	Bajaj Auto Ltd equity	Automobiles	0.86%	Oct 2023	2.9 yrs	+0.77%
42	CRISIL Ltd equity	Finance	0.84%	Aug 2025	1.1 yrs	+0.17%
43	Home First Finance Company Ltd equity	Finance	0.84%	Dec 2021	4.8 yrs	+0.01%
44	CCL Products (India) Ltd equity	Agricultural Food & Other Products	0.83%	May 2026	4 mo	+0.29%
45	Mankind Pharma Ltd equity	Pharmaceuticals & Biotechnology	0.82%	Apr 2025	1.4 yrs	-0.05%
46	Interglobe Aviation Ltd equity	Transport Services	0.78%	Jun 2025	1.3 yrs	-0.04%
47	Granules India Ltd equity	Pharmaceuticals & Biotechnology	0.78%	Jun 2026	3 mo	+0.78%
48	National Bank for Agriculture & Rural Development - 05/03/2027** money market	—	0.78%	Mar 2026	6 mo	-0.04%
49	Prudent Corporate Advisory Services Ltd equity	Capital Markets	0.74%	Feb 2025	1.6 yrs	+0.15%
50	Mrs. Bectors Food Specialities Ltd equity	Food Products	0.72%	May 2026	4 mo	+0.46%
51	Affle (India) Ltd equity	It - Services	0.71%	Apr 2026	5 mo	+0.01%
52	Indegene Limited equity	Healthcare Services	0.68%	Jun 2025	1.3 yrs	+0.10%
53	Alkem Laboratories Ltd equity	Pharmaceuticals & Biotechnology	0.65%	Jun 2026	3 mo	+0.65%
54	Brookfield India Real Estate Trust REIT reit	—	0.63%	Dec 2025	9 mo	-0.00%
55	7.23% Central Government Securities 15/04/2039 * government security	—	0.55%	May 2024	2.3 yrs	-0.03%
56	Bank of Baroda - 07/12/2026 money market	—	0.53%	Aug 2026	1 mo	+0.53%
57	TD Power Systems Ltd equity	Electrical Equipment	0.53%	Aug 2026	1 mo	+0.53%
58	Punjab National Bank - 05/02/2027 money market	—	0.52%	Mar 2026	6 mo	-0.03%
59	National Bank for Agriculture & Rural Development - 10/03/2027** money market	—	0.52%	Mar 2026	6 mo	-0.03%
60	National Bank for Agriculture & Rural Development - 7.48% - 15/09/2028 corporate bond	—	0.48%	Jun 2025	1.3 yrs	-0.03%
61	National Bank for Agriculture & Rural Development - 7.44% - 17/07/2029** corporate bond	—	0.48%	Jun 2026	3 mo	+0.48%
62	National Bank for Agriculture & Rural Development - 7.01% - 16/03/2029** corporate bond	—	0.46%	Feb 2026	7 mo	-0.03%
63	6.94% Central Government Securities 11/05/2036 government security	—	0.43%	May 2026	4 mo	+0.14%
64	Small Industries Development Bank of India - 09/06/2027** money market	—	0.41%	Aug 2026	1 mo	+0.41%
65	Ashok Leyland Ltd equity	Agricultural, Commercial & Construction Vehicles	0.39%	Jul 2026	2 mo	+0.39%
66	Bharti Telecom Ltd - 7.4% - 01/02/2029** corporate bond	—	0.37%	Nov 2025	10 mo	-0.03%
67	National Bank for Agriculture & Rural Development - 6.66% - 12/10/2028** corporate bond	—	0.37%	Jul 2025	1.2 yrs	-0.03%
68	Clean Science & Technology Ltd equity	Chemicals & Petrochemicals	0.37%	Aug 2026	1 mo	+0.37%
69	Elecon Engineering Company Ltd equity	Electrical Equipment	0.37%	Apr 2026	5 mo	+0.07%
70	Eternal Ltd ( Previously named as Zomato Ltd ) SEP-2026 derivative	—	0.35%	Aug 2026	1 mo	+0.35%
71	Cochin Shipyard Ltd equity	Industrial Manufacturing	0.35%	Aug 2026	1 mo	+0.35%
72	7.18% Government Securities - 24/07/2037 government security	—	0.33%	Sep 2023	3.0 yrs	-0.02%
73	Cholamandalam Investment and Finance Company Ltd - 8.54% - 12/04/2029** corporate bond	—	0.32%	Sep 2024	2.0 yrs	-0.02%
74	Bajaj Finance Ltd - 7.82% - 31/01/2034** corporate bond	—	0.32%	May 2024	2.3 yrs	-0.02%
75	Small Industries Development Bank of India - 7.04% - 09/02/2029** corporate bond	—	0.32%	May 2026	4 mo	+0.03%
76	7.10% Central Government Securities 18/04/2029 * government security	—	0.27%	Feb 2023	3.6 yrs	-0.02%
77	7.10% Central Government Securities 08/04/2034 government security	—	0.27%	Jul 2024	2.2 yrs	-0.02%
78	Power Finance Corporation Ltd - 7.82% - 06/03/2038** corporate bond	—	0.27%	Mar 2023	3.5 yrs	-0.02%
79	Small Industries Development Bank of India - 7.79% - 14/05/2027** corporate bond	—	0.27%	Dec 2023	2.8 yrs	-0.02%
80	HDFC Bank Ltd - 7.7% - 16/05/2028** corporate bond	—	0.27%	Sep 2024	2.0 yrs	-0.02%
81	REC LTD - 7.56% - 31/08/2027** corporate bond	—	0.27%	Jul 2024	2.2 yrs	-0.02%
82	LIC Housing Finance Ltd - 7.74% - 22/10/2027** corporate bond	—	0.27%	Dec 2025	9 mo	-0.02%
83	National Bank for Agriculture & Rural Development - 7.62% - 31/01/2028 corporate bond	—	0.27%	Jan 2023	3.7 yrs	-0.02%
84	Muthoot Finance Ltd - 8.52% - 07/04/2028** corporate bond	—	0.27%	Aug 2026	1 mo	+0.27%
85	Small Industries Development Bank of India - 7.47% - 05/09/2029** corporate bond	—	0.27%	Sep 2025	1.0 yrs	-0.02%
86	Power Finance Corporation Ltd - 6.96% - 02/03/2028** corporate bond	—	0.27%	Mar 2026	6 mo	-0.02%
87	Small Industries Development Bank of India - 7.4% - 18/06/2031** corporate bond	—	0.27%	Jun 2026	3 mo	+0.27%
88	National Bank for Agriculture & Rural Development - 7.1% - 29/03/2029** corporate bond	—	0.27%	Feb 2026	7 mo	-0.02%
89	State Bank of India - 6.93% - 20/10/2035** - Call Dt : 19-Oct-30* corporate bond	—	0.27%	Oct 2025	11 mo	-0.02%
90	National Bank for Agriculture & Rural Development - 6.85% - 19/01/2029** corporate bond	—	0.26%	Apr 2026	5 mo	-0.02%
91	7.30% Government Securities - 19/06/2053 government security	—	0.26%	Feb 2024	2.6 yrs	-0.02%
92	Small Industries Development Bank of India - 18/02/2027 money market	—	0.26%	Feb 2026	7 mo	-0.01%
93	7.34% Central Government Securities 22/04/2064 government security	—	0.26%	Aug 2024	2.1 yrs	-0.02%
94	7.5% Cholamandalam Investment and Company Ltd - 30/09/2026 equity	Unrated	0.23%	Oct 2023	2.9 yrs	-0.01%
95	TREPS / cash equivalents Margin Money For Derivatives · mutual fund unit	—	0.22%	Aug 2026	1 mo	-0.02%
96	National Bank for Agriculture & Rural Development - 7.64% - 06/12/2029** corporate bond	—	0.22%	Jul 2026	2 mo	+0.22%
97	Housing & Urban Development Corporation Ltd - 7.23% - 18/07/2029** corporate bond	—	0.21%	Jun 2026	3 mo	+0.21%
98	REC LTD - 7.34% - 30/04/2030** corporate bond	—	0.21%	Jul 2025	1.2 yrs	-0.02%
99	JK Cement Ltd equity	Cement & Cement Products	0.18%	Jun 2024	2.3 yrs	-0.52%
100	7.02% Central Government Securities 18/06/2031 government security	—	0.16%	Sep 2024	2.0 yrs	-0.01%
101	Indian Railway Finance Corporation Ltd - 7.74% - 15/04/2038** corporate bond	—	0.16%	Mar 2023	3.5 yrs	-0.01%
102	LIC Housing Finance Ltd - 8.025% - 23/03/2033** corporate bond	—	0.16%	Mar 2023	3.5 yrs	-0.01%
103	Bharti Telecom Ltd - 8.65% - 05/11/2027** corporate bond	—	0.16%	Dec 2025	9 mo	-0.01%
104	Power Finance Corporation Ltd - 7.77% - 15/04/2028** corporate bond	—	0.16%	Apr 2023	3.4 yrs	-0.01%
105	Indian Railway Finance Corporation Ltd - 7.46% - 18/06/2029** corporate bond	—	0.16%	Jun 2026	3 mo	+0.16%
106	LIC Housing Finance Ltd - 6.17% - 03/09/2026** corporate bond	—	0.16%	Mar 2024	2.5 yrs	-0.01%
107	Muthoot Finance Ltd - 8.4% - 28/08/2028** corporate bond	—	0.16%	May 2025	1.3 yrs	-0.01%
108	Power Finance Corporation Ltd - 6.73% - 15/10/2027** corporate bond	—	0.16%	Sep 2025	1.0 yrs	-0.01%
109	Bajaj Finance Ltd - 7.11% - 10/07/2028** corporate bond	—	0.16%	Jul 2025	1.2 yrs	-0.01%
110	Bank of Baroda - 04/02/2027 money market	—	0.16%	Jun 2026	3 mo	+0.16%
111	Union Bank of India - 16/03/2027** money market	—	0.16%	Jun 2026	3 mo	+0.16%
112	PNB Housing Finance Ltd - 7.28% - 05/06/2028** corporate bond	—	0.15%	Dec 2025	9 mo	-0.01%
113	Indian Railway Finance Corporation Ltd - 01/12/2035 corporate bond	—	0.14%	Nov 2025	10 mo	-0.01%
114	TREPS / cash equivalents Cash and Other Net Current Assets^ · derivative	—	0.13%	Aug 2026	1 mo	+1.68%
115	PNB Housing Finance Ltd - 8.15% - 29/07/2027** corporate bond	—	0.11%	Oct 2024	1.9 yrs	-0.01%
116	Can Fin Homes Ltd - 8.09% - 04/01/2027** corporate bond	—	0.11%	Mar 2025	1.5 yrs	-0.01%
117	Small Industries Development Bank of India - 7.68% - 10/08/2027 corporate bond	—	0.11%	Dec 2024	1.8 yrs	-0.01%
118	Cholamandalam Investment and Finance Company Ltd - 7.38% - 28/05/2027** corporate bond	—	0.11%	Jun 2025	1.3 yrs	-0.01%
119	HDB Financial Services Ltd - 7.4091% - 05/06/2028** corporate bond	—	0.11%	May 2025	1.3 yrs	-0.01%
120	REC LTD - 7.28% - 31/08/2029 corporate bond	—	0.05%	Aug 2026	1 mo	+0.05%
121	Chennai Super Kings Ltd @ equity	Leisure Services	—	Dec 2021	4.8 yrs	—

Showing 1–121 of 121 rows per page10 25 50all

Largest sectors, Aug 2026 · grey: a year ago

Banks9.9% · 19.5%

Automobiles6.0% · 4.4%

Finance5.9% · 7.3%

It - Software5.3% · 3.6%

Financial Technology (Fintech)3.8%

Construction3.4% · 2.5%

Pharmaceuticals & Biotechnology3.4% · 3.2%

Petroleum Products3.1% · 5.7%

share of the book05%10%

By market cap, Aug 2026

Large cap35.7%

Mid cap19.6%

Small / micro cap13.4%

Cash & equivalents9.4%

Not classified1.1%

Other20.7%

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 36%
Mid cap 20%
Small / micro 13%
Cash & other 9%

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 −1.6 points a year across all of them

21 rolling windows since 2022 · behind by 1.6 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 21; the average across all of them is −1.6 points. The worst window ended Sep 2025, 2.0 points behind.

lowest in categoryhighest in category

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

windows measured21windows won0average across every window−1.59 pts a year · median −1.61when behind, by how much−1.59 pts a year over 21 windowsworst window−2.00 pts a year, ended Sep 2025best window−0.84 pts a year, ended Apr 2025non-overlapping windows in that span1 — the rolling count overlaps, this does not

Thin record. Only 21 rolling windows — under six years of NAV. The share is shown because it was measured; it is a start, not a record, and does not qualify for the home shelf until 36 windows exist.

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 1.23% a year more than Direct

₹26,090 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.

1.23 pp a year

costliest in categorycheapest in category

52th percentile · above median of 29 funds · category median 1.25 pp

on ₹1,00,000 over ten years₹26,090Direct vs Regular, annualised9.3% vs 8.1%measured over4.67 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 72% 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.

72% a year

costliest in categorycheapest in category

40th percentile · below median 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 55 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.

55 months

lowest in categoryhighest in category

64th 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

5 of 10 top picks beat their peers over the next 6 months, and averaged 1.5 points ahead of them

494 positions judged, one disclosure at a time · ahead by 12.6 points when it won, behind by 10.8 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 12.6 points in the 259 positions it won and behind by 10.8 in the 235 it lost, so the average across all 494 is +1.5 points. The worst position was INE721A01013 at the Sep 2024 disclosure, 63.9 points behind.

52%

lowest in categoryhighest in category

66th percentile · above median of 24 funds

positions judged494beat the median stock259average across every position+1.47 pts · median +0.54when ahead, by how much+12.61 pts over 259 positionswhen behind, by how much−10.81 pts over 235 positionsworst position−63.88 pts, INE721A01013 at the Sep 2024 disclosurebest position+80.98 pts, INE303R01014 at the May 2024 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

₹9,048 Cr, 75th percentile in category; 78% of growth came from inflows

smaller than 25% of the funds in its category (26 funds) · AUM Sep 2023 → Aug 2026 · Regular plan expense ratio 2.15%

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.

75th percentile by AUM

largestsmallest

25th percentile · below median of 26 funds

median holding weight, trendrisingexpense ratio, Regular / Direct2.15% / 1.16% · category median 2.18%AUM, Sep 2023 → Aug 2026₹3,497 Cr → ₹9,048 Cr (+39% a year)of that change, from flows rather than returns78% net inflows · NAV +34% over the window

Assets under management, ₹ crore, Dec 2021 – Aug 2026

37 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 1.95% in Jan 2022 → 2.15% 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 : Bharath S for at least 2.0 yrs

with Dwijendra Srivastava, Sandeep Agarwal, Clyton Richard Fernandes, Shalav Saket, Kumaresh Ramakrishnan · the factsheet archive starts Sep 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 now: Bharath S (since at least Sep 2024), Dwijendra Srivastava (since at least Sep 2024), Sandeep Agarwal (since at least Sep 2024), Clyton Richard Fernandes (since Oct 2024), Shalav Saket (since Mar 2026), Kumaresh Ramakrishnan (since Jul 2026)share of the fund's life under the current teamnot knowable — the archive starts Sep 2024, so the tenure is a floorchanges of hands in the archive3 — last Jul 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
Bharath S	fund manager	by Sep 2024†	now	1.7% vs 2.9% p.a. (−1.25 pp)	—
Dwijendra Srivastava	fund manager	by Sep 2024†	now	1.7% vs 2.9% p.a. (−1.25 pp)	—
Sandeep Agarwal	fund manager	by Sep 2024†	now	1.7% vs 2.9% p.a. (−1.25 pp)	—
Clyton Richard Fernandes	fund manager	Oct 2024*	now	0.4% vs 2.1% p.a. (−1.72 pp)	—
Shalav Saket	overseas investments	Mar 2026*	now	1.5% vs 2.5% (−0.99 pp)	—
Kumaresh Ramakrishnan	—	Jul 2026*	now	3.3% vs 2.4% (+0.92 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 Sep 2024: : Bharath S 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 30% 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 Sundaram Aggressive Hybrid Fund (Formerly Known as Principal Hybrid Equity Fund)- Direct Plan - Growth Option	growth	₹184.74	21 Sep 2026
direct Sundaram Aggressive Hybrid Fund(Formerly Known as Principal Hybrid Equity Fund)-Direct Plan - Monthly Income Distribution CUM Capital Withdrawal Option	—	₹38.08	21 Sep 2026
regular Sundaram Aggressive Hybrid Fund (Formerly Known as Principal Hybrid Equity Fund)-Growth	growth	₹159.19	21 Sep 2026
regular Sundaram Aggressive Hybrid Fund (Formerly Known as Principal Hybrid Equity Fund)- Monthly Income Distribution CUM Capital Withdrawal	—	₹24.22	21 Sep 2026

The Direct / Regular gap, in rupees

Direct growth NAV: ₹184.74
Regular growth NAV: ₹159.19
NAV divergence to date: 16.1% — same portfolio, priced differently
Regular costs more by: 1.23% a year
On ₹1,00,000 over ten years: ₹26,090

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

Compare with

same category, by size

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