WhiteOak Capital · Sectoral/ Thematic

WhiteOak Capital Pharma and Healthcare Fund

Equity Scheme - Sectoral/ Thematic Direct plan, growth riskometer: Very high launched 16 Jan 2024 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 21 Sep 2026

₹17.91

+0.65% since 18 Sep 2026, the previous NAV

1 year

24.3%

return

3 years

not enough history

5 years

not enough history

Since launch

24.6%

a year, over 2.6 years

Assets (AUM)

₹867 Cr

Aug 2026 factsheet

Expense ratio, Direct / Regular

0.54% / 1.96%

a year, as of Aug 2026

Holdings

top ten are 46% of the fund · Aug 2026

Disclosed history

2.4 yrs

Feb 2024 – Aug 2026 · 4 of 11 checks could run

Fund managers

Dheeresh Pathak · since Feb 2024 · equity portionPiyush Baranwal · since Feb 2024 · debt portionRamesh Mantri · since Feb 2024 · equity portionAshish Agrawal · since Dec 2024Trupti Agarwal · since Feb 2026 · equity portion

All managers →

As the Aug 2026 factsheet printed it: portfolio turnover 1.85×. 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 2.12% a year more than Direct

₹1,39,701 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 Dheeresh Pathak for 2.6 yrs

with Piyush Baranwal, Ramesh Mantri, Ashish Agrawal, Trupti Agarwal. 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.

Dheeresh Pathak's other funds →

NAVTracking gap

NAV sits 1.9 bp from its disclosed portfolio, but the replication is noisy

11 jumps since the last disclosure. We re-price the last disclosed portfolio every day and compare it with the NAV the fund published; a gap that opens and stays is a trade not yet disclosed.

See the daily gap →

P4Consistency

Not measurable yet: needs three years of NAV and a category median.

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.

See every window →

headline and record disagree 2 checks 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 Feb 2024

32 month-ends · ₹10.20 → ₹17.91, 1.8× since Feb 2024

Deepest fall (max drawdown)

−15.4%

2 Jan 2025 → 28 Feb 2025

Worst month

−8.8%

Feb 2025

Days to recover

136

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 · 61 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	Divi's Laboratories Limited equity	Pharmaceuticals & Biotechnology	8.45%	Apr 2024	2.4 yrs	+5.16%
2	Sun Pharmaceutical Industries Limited equity	Pharmaceuticals & Biotechnology	7.40%	Feb 2024	2.6 yrs	-2.16%
3	Torrent Pharmaceuticals Limited equity	Pharmaceuticals & Biotechnology	6.78%	Jul 2026	2 mo	+6.78%
4	Apollo Hospitals Enterprise Limited equity	Healthcare Services	4.73%	Jul 2024	2.2 yrs	-0.10%
5	Laurus Labs Limited equity	Pharmaceuticals & Biotechnology	3.78%	Oct 2024	1.9 yrs	-0.65%
6	Sai Life Sciences Limited equity	Pharmaceuticals & Biotechnology	3.32%	Jun 2025	1.3 yrs	+0.15%
7	Cipla Limited equity	Pharmaceuticals & Biotechnology	3.25%	May 2026	4 mo	+2.56%
8	Max Healthcare Institute Limited equity	Healthcare Services	3.05%	Apr 2024	2.4 yrs	+0.22%
9	Neuland Laboratories Limited equity	Pharmaceuticals & Biotechnology	2.88%	Feb 2024	2.6 yrs	+0.35%
10	IPCA Laboratories Limited equity	Pharmaceuticals & Biotechnology	2.66%	Jan 2026	8 mo	+1.74%
11	Zydus Lifesciences Limited equity	Pharmaceuticals & Biotechnology	2.58%	Feb 2026	7 mo	+0.97%
12	Clearing Corporation of India Ltd money market	—	2.58%	Feb 2026	7 mo	-1.36%
13	Corona Remedies Limited equity	Pharmaceuticals & Biotechnology	2.35%	Dec 2025	9 mo	+0.03%
14	Dr. Lal Path Labs Limited equity	Healthcare Services	2.35%	Feb 2026	7 mo	+0.24%
15	Thyrocare Technologies Limited equity	Healthcare Services	2.31%	Oct 2024	1.9 yrs	+0.25%
16	Aurobindo Pharma Limited equity	Pharmaceuticals & Biotechnology	2.21%	Feb 2026	7 mo	-0.41%
17	Shaily Engineering Plastics Limited equity	Consumer Durables	2.01%	Sep 2024	2.0 yrs	+0.26%
18	Global Health Limited equity	Healthcare Services	1.92%	Jul 2026	2 mo	+1.92%
19	Krishna Institute Of Medical Sciences Limited equity	Healthcare Services	1.92%	Sep 2024	2.0 yrs	-1.52%
20	Narayana Hrudayalaya Limited equity	Healthcare Services	1.76%	Nov 2025	10 mo	-0.12%
21	Ajanta Pharma Limited equity	Pharmaceuticals & Biotechnology	1.72%	Feb 2024	2.6 yrs	+0.04%
22	Anthem Biosciences Limited equity	Pharmaceuticals & Biotechnology	1.68%	Apr 2026	5 mo	+0.74%
23	Fortis Healthcare Limited equity	Healthcare Services	1.65%	Jul 2024	2.2 yrs	-2.27%
24	Vijaya Diagnostic Centre Limited equity	Healthcare Services	1.59%	Feb 2024	2.6 yrs	+0.28%
25	Navin Fluorine International Limited equity	Chemicals & Petrochemicals	1.53%	Jan 2025	1.7 yrs	+0.36%
26	Acutaas Chemicals Limited equity	Pharmaceuticals & Biotechnology	1.44%	Apr 2025	1.4 yrs	-1.02%
27	Rainbow Childrens Medicare Limited equity	Healthcare Services	1.27%	Mar 2026	6 mo	-0.32%
28	TREPS / cash equivalents Net Receivables / (Payables) · cash equivalent	—	1.26%	Feb 2024	2.6 yrs	+0.97%
29	Procter & Gamble Health Limited equity	Pharmaceuticals & Biotechnology	1.25%	Apr 2026	5 mo	-0.16%
30	Manipal Health Enterprises Ltd equity	Healthcare Services	1.15%	Jul 2026	2 mo	+1.15%
31	Pfizer Limited equity	Pharmaceuticals & Biotechnology	1.14%	May 2025	1.3 yrs	+0.04%
32	Aarti Pharmalabs Limited equity	Pharmaceuticals & Biotechnology	1.10%	Jan 2026	8 mo	+0.36%
33	Onesource Specialty Pharma Limited equity	Pharmaceuticals & Biotechnology	1.01%	Apr 2026	5 mo	-0.25%
34	Kovai Medical Center and Hospital Limited equity	Healthcare Services	0.99%	Sep 2024	2.0 yrs	-0.08%
35	Molbio Diagnostics Limited equity	Healthcare Equipment & Supplies	0.98%	Aug 2026	1 mo	+0.98%
36	Aether Industries Limited equity	Chemicals & Petrochemicals	0.97%	Nov 2025	10 mo	-0.16%
37	Jupiter Life Line Hospitals Limited equity	Healthcare Services	0.87%	Jul 2026	2 mo	+0.87%
38	Senores Pharmaceuticals Limited equity	Pharmaceuticals & Biotechnology	0.85%	Apr 2026	5 mo	+0.04%
39	Gland Pharma Limited equity	Pharmaceuticals & Biotechnology	0.85%	May 2026	4 mo	-1.14%
40	Poly Medicure Limited equity	Healthcare Equipment & Supplies	0.76%	Feb 2024	2.6 yrs	-0.14%
41	Vimta Labs Limited equity	Healthcare Services	0.73%	Jun 2026	3 mo	+0.73%
42	Nephrocare Health Services Ltd equity	Healthcare Services	0.61%	May 2026	4 mo	+0.01%
43	Innova Captab Limited equity	Pharmaceuticals & Biotechnology	0.61%	Apr 2026	5 mo	-0.48%
44	91 Days Tbill (MD 05/11/2026) government security	—	0.61%	Aug 2026	1 mo	+0.61%
45	Supriya Lifescience Limited equity	Pharmaceuticals & Biotechnology	0.60%	May 2024	2.3 yrs	-0.32%
46	Biocon Limited equity	Pharmaceuticals & Biotechnology	0.48%	Jul 2026	2 mo	+0.48%
47	182 Days Tbill (MD 05/11/2026) government security	—	0.48%	Aug 2026	1 mo	+0.48%
48	Sudeep Pharma Limited equity	Chemicals & Petrochemicals	0.47%	Nov 2025	10 mo	-0.03%
49	Orchid Pharma Limited equity	Pharmaceuticals & Biotechnology	0.41%	Aug 2025	1.1 yrs	+0.14%
50	Tatva Chintan Pharma Chem Limited equity	Chemicals & Petrochemicals	0.39%	Feb 2026	7 mo	+0.20%
51	91 Days Tbill (MD 29/10/2026) government security	—	0.37%	Jul 2026	2 mo	+0.37%
52	Zota Health Care Limited equity	Pharmaceuticals & Biotechnology	0.34%	Jul 2025	1.2 yrs	-0.15%
53	91 Days Tbill (MD 03/09/2026) government security	—	0.33%	Jun 2026	3 mo	+0.33%
54	91 Days Tbill (MD 19/11/2026) government security	—	0.33%	Aug 2026	1 mo	+0.33%
55	Laxmi Dental Limited equity	Healthcare Equipment & Supplies	0.24%	Jun 2026	3 mo	+0.24%
56	Cohance Lifesciences Limited equity	Pharmaceuticals & Biotechnology	0.21%	Apr 2026	5 mo	-0.06%
57	91 Days Tbill (MD 22/10/2026) government security	—	0.18%	Jul 2026	2 mo	+0.18%
58	91 Days Tbill (MD 10/09/2026) government security	—	0.13%	Jun 2026	3 mo	+0.13%
59	182 Days Tbill (MD 12/11/2026) government security	—	0.08%	Aug 2026	1 mo	+0.08%
60	Bharat Parenterals Limited equity	Pharmaceuticals & Biotechnology	0.04%	Aug 2026	1 mo	+0.04%
61	364 Days Tbill (MD 12/11/2026) government security	—	0.01%	Aug 2026	1 mo	+0.01%

Showing 1–61 of 61 rows per page10 25 50all

Largest sectors, Aug 2026 · grey: a year ago

Pharmaceuticals & Biotechnology59.4% · 54.7%

Healthcare Services26.9% · 30.4%

Chemicals & Petrochemicals3.4% · 1.2%

Consumer Durables2.0%

Healthcare Equipment & Supplies2.0% · 0.9%

share of the book05%10%15%20%25%30%35%40%45%50%55%60%

By market cap, Aug 2026

Large cap31.6%

Mid cap22.0%

Small / micro cap38.5%

Cash & equivalents3.8%

Not classified1.5%

Other2.5%

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 32%
Mid cap 22%
Small / micro 39%
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

Not measurable yet. Needs at least three years of month-end NAV and a category median; not computed for this fund yet.

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 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 2.12% a year more than Direct

₹1,39,701 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.

2.12 pp a year

costliest in categorycheapest in category

5th percentile · bottom decile of 226 funds · category median 1.46 pp

on ₹1,00,000 over ten years₹1,39,701Direct vs Regular, annualised24.4% vs 22.2%measured over2.58 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 137% of the portfolio a year

+0.15 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.

137% a year

costliest in categorycheapest in category

21th percentile · bottom quartile of 214 funds · category median 83%

excess return per unit of turnover+0.15 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 25 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.

25 months

lowest in categoryhighest in category

52th percentile · above median of 215 funds · category median 23 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

7 of 10 top picks beat their peers over the next 6 months, and averaged 9.6 points ahead of them

228 positions judged, one disclosure at a time · ahead by 18.7 points when it won, behind by 9.6 when it lost

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

How often, and by how much. The count and the average agree. Ahead by 18.7 points in the 154 positions it won and behind by 9.6 in the 74 it lost, so the average across all 228 is +9.6 points. The worst position was INE939A01011 at the Nov 2024 disclosure, 46.4 points behind.

68%

lowest in categoryhighest in category

95th percentile · top decile of 209 funds

positions judged228beat the median stock154average across every position+9.56 pts · median +7.42when ahead, by how much+18.70 pts over 154 positionswhen behind, by how much−9.59 pts over 74 positionsworst position−46.44 pts, INE939A01011 at the Nov 2024 disclosurebest position+81.16 pts, INE947Q01028 at the Jan 2026 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

₹867 Cr, 38th percentile in category; 93% of growth came from inflows

smaller than 63% of the funds in its category (216 funds) · AUM Feb 2024 → Aug 2026 · Regular plan expense ratio 2.76%

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.

38th percentile by AUM

largestsmallest

63th percentile · above median of 216 funds

median holding weight, trendfallingexpense ratio, Regular / Direct2.76% / 1.08% · category median 2.38%AUM, Feb 2024 → Aug 2026₹77 Cr → ₹867 Cr (+163% a year)of that change, from flows rather than returns93% net inflows · NAV +75% over the window

Assets under management, ₹ crore, Feb 2024 – Aug 2026

30 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 2.35% in Feb 2024 → 2.76% 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 Dheeresh Pathak for 2.6 yrs

with Piyush Baranwal, Ramesh Mantri, Ashish Agrawal, Trupti Agarwal

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.

2.6 yrs · Dheeresh Pathak

newest teamlongest-serving

67th percentile · above median of 121 funds · category median 1.8 yrs

running it nowDheeresh Pathak (since Feb 2024), Piyush Baranwal (since Feb 2024), Ramesh Mantri (since Feb 2024), Ashish Agrawal (since Dec 2024), Trupti Agarwal (since Feb 2026)share of the fund's life under the longest-serving current manager97%changes of hands in the archive5 — last Feb 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
Dheeresh Pathak	equity portion	Feb 2024*	now	25.0% vs 9.9% p.a. (+15.14 pp)	—
Piyush Baranwal	debt portion	Feb 2024*	now	25.0% vs 9.9% p.a. (+15.14 pp)	—
Ramesh Mantri	equity portion	Feb 2024*	now	25.0% vs 9.9% p.a. (+15.14 pp)	—
Ashish Agrawal	—	Dec 2024*	now	17.8% vs 4.3% p.a. (+13.42 pp)	—
Trupti Agarwal	equity portion	Feb 2026*	now	31.7% vs 7.9% (+23.82 pp)	—
Shariq Merchant	overseas investments	Feb 2024*	Mar 2024	−2.1% vs 1.0% (−3.11 pp)	—
Naitik Shah	overseas investments	Apr 2024*	Apr 2024	2.2% vs 4.5% (−2.32 pp)	—
Trupti Agrawal	equity portion	May 2025*	Jan 2026	2.9% vs 5.9% (−2.95 pp)	—

* dated by first appearance in the archive we hold, not by a date the factsheet printed. Co-managed months count for every manager named; a factsheet names the manager of record, not who made each call. All managers →

The 5-year record predates everyone currently running it. The longest-serving manager on this scheme has been in place about 2.6 years, against a 5-year figure on display. Trupti Agarwal joined roughly 0.6 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

NAV sits 1.9 bp from its disclosed portfolio, but the replication is noisy

What this means. 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.

Latest gap beyond expense accrual

+1.9 bp

expense accrual ≈ 0.238 bp a day

Jumps since the disclosure

11noisy

20 Jul 2026 +54 bp · 31 Jul 2026 +45 bp · 17 Aug 2026 +20 bp

Window

60 days

25 Jun 2026 – 18 Sep 2026

Read it this way: daily residuals within ±2 bp are trading noise and the expense ratio accruing. A jump that stays is a portfolio change the fund has not disclosed yet — the size bounds how material. A gap that opens then closes is usually a dividend going ex-date.

Marked noisy: the replication jumped on 50 days in the window. Read the gap as coverage, not as a signal.

Share classes

latest NAV per AMFI code

Plan	Option	NAV	Date
direct WhiteOak Capital Pharma and Heathcare Fund Direct Plan Growth	growth	₹17.91	21 Sep 2026
regular WhiteOak Capital Pharma and Heathcare Fund Regular Plan Growth	growth	₹17.11	21 Sep 2026

The Direct / Regular gap, in rupees

Direct growth NAV: ₹17.91
Regular growth NAV: ₹17.11
NAV divergence to date: 4.7% — same portfolio, priced differently
Regular costs more by: 2.12% a year
On ₹1,00,000 over ten years: ₹1,39,701

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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