UTI Asset Mgmt. Co. Ltd. · Equity Funds

UTI Nifty India Manufacturing Index Fund

Index Funds - Equity Funds Direct plan, growth launched 28 Jan 2025 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 21 Sep 2026

₹12.41

+0.10% since 18 Sep 2026, the previous NAV

1 year

5.5%

return

3 years

not enough history

5 years

not enough history

Since launch

16.3%

a year, over 1.6 years

Assets (AUM)

₹30 Cr

Aug 2026 factsheet

Expense ratio, Direct / Regular

0.76% / 1.17%

a year, as of Aug 2026

Holdings

top ten are 38% of the fund · Aug 2026

Disclosed history

1.6 yrs

Feb 2025 – Aug 2026 · 4 of 11 checks could run

Fund managers

Ayush Jain · since Feb 2025Sharwan Kumar Goyal · since Feb 2025Lokesh Kulthia · since Jun 2026

All managers →

As the Aug 2026 factsheet printed it: portfolio turnover 0.36×. 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 0.53 percentage points a year more than Direct

₹25,425 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 Ayush Jain for 1.6 yrs

with Sharwan Kumar Goyal, Lokesh Kulthia. 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.

Ayush Jain's other funds →

NAVTracking gap

NAV replicates within 0.01 percentage points of its disclosed portfolio

0 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 2025

20 month-ends · ₹9.40 → ₹12.41, 1.3× since Feb 2025

Deepest fall (max drawdown)

−12.2%

26 Feb 2026 → 31 Mar 2026

Worst month

−11.0%

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 · 77 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	EQ - MAHINDRA & MAHINDRA LTD. equity	Automobiles	5.13%	Feb 2025	1.6 yrs	+0.62% points
2	EQ - SUN PHARMACEUTICALS INDUSTRIES equity	Pharmaceuticals & Biotechnology	4.86%	Feb 2025	1.6 yrs	+0.25% points
3	EQ - RELIANCE INDUSTRIES LTD. equity	Petroleum Products	4.65%	Feb 2025	1.6 yrs	+0.45% points
4	EQ - MARUTI SUZUKI INDIA LTD. equity	Automobiles	4.08%	Feb 2025	1.6 yrs	−0.26% points
5	EQ - TATA STEEL LTD. equity	Ferrous Metals	3.52%	Feb 2025	1.6 yrs	−0.81% points
6	EQ - BHARAT ELECTRONICS LTD. equity	Aerospace & Defense	3.43%	Feb 2025	1.6 yrs	+0.44% points
7	EQ - HINDALCO INDUSTRIES LTD. equity	Non - Ferrous Metals	3.40%	Feb 2025	1.6 yrs	−0.71% points
8	EQ - BAJAJ AUTO LTD. equity	Automobiles	3.10%	Feb 2025	1.6 yrs	+0.18% points
9	EQ - JSW STEEL LTD. equity	Ferrous Metals	2.84%	Feb 2025	1.6 yrs	−0.18% points
10	EQ - DIVIS LABORATORIES LTD. equity	Pharmaceuticals & Biotechnology	2.78%	Feb 2025	1.6 yrs	+0.65% points
11	EQ - EICHER MOTORS LTD equity	Automobiles	2.53%	Feb 2025	1.6 yrs	+0.04% points
12	EQ - TVS MOTOR COMPANY LTD equity	Automobiles	2.36%	Feb 2025	1.6 yrs	+0.38% points
13	EQ - TATA MOTORS LTD equity	Agricultural, Commercial & Construction Vehicles	2.27%	Mar 2026	6 mo	+0.66% points
14	EQ - HINDUSTAN AERONAUTICS LTD equity	Aerospace & Defense	2.11%	Feb 2025	1.6 yrs	+0.45% points
15	EQ - CIPLA LTD. equity	Pharmaceuticals & Biotechnology	1.83%	Feb 2025	1.6 yrs	−0.16% points
16	EQ - SAMVARDHANA MOTHERSON INTL LTD equity	Auto Components	1.74%	Feb 2025	1.6 yrs	+0.12% points
17	EQ - LAURUS LABS LTD. equity	Pharmaceuticals & Biotechnology	1.72%	Mar 2026	6 mo	+0.39% points
18	EQ - DR REDDYS LABORATORIES LTD. equity	Pharmaceuticals & Biotechnology	1.63%	Feb 2025	1.6 yrs	−0.37% points
19	EQ - CUMMINS INDIA LTD. equity	Industrial Products	1.59%	Feb 2025	1.6 yrs	−0.02% points
20	EQ - BHARAT PETROLEUM CORPN LTD. equity	Petroleum Products	1.52%	Feb 2025	1.6 yrs	0.00% points
21	EQ - TATA MOTORS PASSENGER VEHICLES LTD. equity	Automobiles	1.49%	Feb 2025	1.6 yrs	−0.59% points
22	EQ - BHARAT HEAVY ELECTRICALS LTD. equity	Electrical Equipment	1.49%	Feb 2025	1.6 yrs	+0.26% points
23	EQ - CG POWER & IND SOLUTIONS LTD equity	Electrical Equipment	1.45%	Feb 2025	1.6 yrs	+0.17% points
24	EQ - DIXON TECHNOLOGIES (INDIA) LTD equity	Consumer Durables	1.43%	Feb 2025	1.6 yrs	+0.23% points
25	EQ - SUZLON ENERGY LTD. equity	Electrical Equipment	1.34%	Feb 2025	1.6 yrs	−0.06% points
26	EQ - BHARAT FORGE LTD. equity	Auto Components	1.30%	Feb 2025	1.6 yrs	−0.01% points
27	EQ - GE VERNOVA T & D INDIA LTD equity	Electrical Equipment	1.27%	Mar 2026	6 mo	−0.02% points
28	EQ - TORRENT PHARMACEUTICALS LTD. equity	Pharmaceuticals & Biotechnology	1.23%	Feb 2025	1.6 yrs	+0.07% points
29	EQ - LUPIN LTD. equity	Pharmaceuticals & Biotechnology	1.23%	Feb 2025	1.6 yrs	−0.15% points
30	EQ - PIDILITE INDUSTRIES LTD. equity	Chemicals & Petrochemicals	1.21%	Feb 2025	1.6 yrs	+0.05% points
31	EQ - INDIAN OIL CORPORATION LTD. equity	Petroleum Products	1.20%	Feb 2025	1.6 yrs	−0.12% points
32	EQ - POLYCAB INDIA LTD equity	Industrial Products	1.17%	Feb 2025	1.6 yrs	+0.15% points
33	EQ - ASHOK LEYLAND LTD equity	Agricultural, Commercial & Construction Vehicles	1.16%	Feb 2025	1.6 yrs	+0.26% points
34	EQ - SOLAR INDUSTRIES INDIA LTD. equity	Chemicals & Petrochemicals	1.13%	Feb 2025	1.6 yrs	+0.01% points
35	EQ - AUROBINDO PHARMA LTD. equity	Pharmaceuticals & Biotechnology	1.10%	Feb 2025	1.6 yrs	+0.10% points
36	EQ - VEDANTA LTD equity	Diversified Metals	1.09%	Feb 2025	1.6 yrs	−0.42% points
37	EQ - JINDAL STEEL LIMITED equity	Ferrous Metals	1.02%	Feb 2025	1.6 yrs	−0.11% points
38	EQ - BOSCH LTD. equity	Auto Components	1.00%	Feb 2025	1.6 yrs	+0.20% points
39	EQ - APL APOLLO TUBES LTD equity	Industrial Products	0.94%	Feb 2025	1.6 yrs	+0.26% points
40	EQ - ABB INDIA LTD. equity	Electrical Equipment	0.93%	Feb 2025	1.6 yrs	+0.16% points
41	EQ - SRF LTD. equity	Chemicals & Petrochemicals	0.86%	Feb 2025	1.6 yrs	−0.13% points
42	EQ - SONA BLW PRECISION FORGING LTD equity	Auto Components	0.84%	Feb 2025	1.6 yrs	+0.15% points
43	EQ - SIEMENS INDIA LTD. equity	Electrical Equipment	0.82%	Feb 2025	1.6 yrs	+0.13% points
44	EQ - KEI INDUSTRIES LTD. equity	Industrial Products	0.82%	Feb 2025	1.6 yrs	+0.16% points
45	EQ - NAVIN FLUORINE INTERNATIONAL L equity	Chemicals & Petrochemicals	0.74%	Sep 2025	1.0 yrs	+0.08% points
46	EQ - UPL LTD. equity	Fertilizers & Agrochemicals	0.73%	Feb 2025	1.6 yrs	−0.18% points
47	EQ - HYUNDAI MOTOR INDIA LTD equity	Automobiles	0.73%	Mar 2025	1.5 yrs	+0.04% points
48	EQ - HAVELLS INDIA LTD. equity	Consumer Durables	0.72%	Feb 2025	1.6 yrs	−0.03% points
49	EQ - ALKEM LABORATORIES LTD equity	Pharmaceuticals & Biotechnology	0.72%	Mar 2025	1.5 yrs	−0.09% points
50	EQ - TUBE INVESTMENTS OF INDIA LTD equity	Auto Components	0.69%	Feb 2025	1.6 yrs	−0.16% points
51	EQ - ZYDUS LIFESCIENCES LTD equity	Pharmaceuticals & Biotechnology	0.67%	Feb 2025	1.6 yrs	−0.01% points
52	EQ - HINDUSTAN ZINC LTD. equity	Non - Ferrous Metals	0.66%	Feb 2025	1.6 yrs	−0.03% points
53	EQ - SIEMENS ENERGY INDIA LIMITED equity	Electrical Equipment	0.66%	Sep 2025	1.0 yrs	−0.04% points
54	EQ - MRF LTD. equity	Auto Components	0.64%	Feb 2025	1.6 yrs	+0.02% points
55	EQ - VOLTAS LTD. equity	Consumer Durables	0.63%	Feb 2025	1.6 yrs	−0.08% points
56	EQ - UNO MINDA LTD equity	Auto Components	0.54%	Sep 2025	1.0 yrs	+0.04% points
57	EQ - SUPREME INDUSTRIES LTD. equity	Industrial Products	0.53%	Feb 2025	1.6 yrs	+0.07% points
58	EQ - COROMANDEL INTERNATIONAL LTD. equity	Fertilizers & Agrochemicals	0.53%	Feb 2025	1.6 yrs	+0.01% points
59	EQ - PAGE INDUSTRIES equity	Textiles & Apparels	0.52%	Feb 2025	1.6 yrs	−0.09% points
60	EQ - P I INDUSTRIES LTD equity	Fertilizers & Agrochemicals	0.44%	Feb 2025	1.6 yrs	−0.13% points
61	EQ - BLUE STAR LIMITED equity	Consumer Durables	0.44%	Mar 2025	1.5 yrs	−0.08% points
62	EQ - MAZAGOAN DOCK SHIPBUILDERS LTD equity	Industrial Manufacturing	0.44%	Feb 2025	1.6 yrs	+0.06% points
63	EQ - ASTRAL LTD. equity	Industrial Products	0.43%	Feb 2025	1.6 yrs	+0.04% points
64	EQ - BALKRISHNA INDUSTRIES LTD. equity	Auto Components	0.42%	Feb 2025	1.6 yrs	−0.03% points
65	EQ - HINDUSTAN COPPER LTD. equity	Non - Ferrous Metals	0.40%	Mar 2026	6 mo	−0.05% points
66	EQ - AIA ENGINEERING LTD. equity	Industrial Products	0.38%	Feb 2025	1.6 yrs	+0.02% points
67	EQ - HIMADRI SPECIALITY CHEMICALS L equity	Chemicals & Petrochemicals	0.36%	Mar 2025	1.5 yrs	0.00% points
68	EQ - CROMPTON GREAVES CONSUMER ELEC equity	Consumer Durables	0.35%	Feb 2025	1.6 yrs	−0.10% points
69	EQ - LINDE INDIA LTD. equity	Chemicals & Petrochemicals	0.31%	Feb 2025	1.6 yrs	−0.07% points
70	EQ - K.P.R.MILL LTD equity	Textiles & Apparels	0.30%	Feb 2025	1.6 yrs	+0.03% points
71	EQ - COCHIN SHIPYARD LTD equity	Industrial Manufacturing	0.30%	Feb 2025	1.6 yrs	+0.05% points
72	EQ - KAYNES TECHNOLOGY INDIA LTD equity	Industrial Manufacturing	0.27%	Mar 2025	1.5 yrs	+0.07% points
73	EQ - ESCORTS KUBOTA LTD equity	Agricultural, Commercial & Construction Vehicles	0.23%	Feb 2025	1.6 yrs	+0.04% points
74	EQ - CASTROL INDIA LTD. equity	Petroleum Products	0.20%	Feb 2025	1.6 yrs	−0.02% points
75	EQ - ANTHEM BIOSCIENCES LTD equity	Pharmaceuticals & Biotechnology	0.18%	Mar 2026	6 mo	+0.06% points
76	EQ - HONEYWELL AUTOMATION INDIA LTD equity	Industrial Manufacturing	0.18%	Feb 2025	1.6 yrs	+0.03% points
77	NET CURRENT ASSETS cash equivalent	—	0.05%	Feb 2025	1.6 yrs	−0.36% points

Showing 1–77 of 77 rows per page10 25 50all

Largest sectors, Aug 2026 · grey: a year ago

Automobiles19.4% · 24.0%

Pharmaceuticals & Biotechnology17.9% · 16.0%

Electrical Equipment8.0% · 5.1%

Petroleum Products7.6% · 7.9%

Ferrous Metals7.4% · 7.1%

Auto Components7.2% · 6.1%

Industrial Products5.9% · 5.3%

Aerospace & Defense5.5% · 5.7%

share of the book05%10%15%20%

By market cap, Aug 2026

Large cap62.5%

Mid cap33.8%

Small / micro cap3.3%

Not classified0.4%

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 62%
Mid cap 34%
Small / micro 3%
Cash & other 0%

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.

Why this matters: Can a fund beat its category most of the time and still be behind? 7 min

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 0.53 percentage points a year more than Direct

₹25,425 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.

Why this matters: What does a Regular plan actually cost? 6 min

0.53% points a year

costliest in categorycheapest in category

68th percentile · above median of 45 funds · category median 0.61% points

on ₹1,00,000 over ten years₹25,425Direct vs Regular, annualised19.3% vs 18.7%measured over1.58 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 44% of the portfolio a year

+0.12% points 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.

Why this matters: What does a monthly portfolio not tell you? 6 min

44% a year

costliest in categorycheapest in category

50th percentile · below median of 60 funds · category median 44%

excess return per unit of turnover+0.12% points

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 19 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.

19 months

lowest in categoryhighest in category

56th percentile · above median of 63 funds · category median 17 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 6.1 percentage points ahead of them

130 positions judged, one disclosure at a time · ahead by 17.3 percentage points when it won, behind by 18.1 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 17.3 percentage points in the 89 positions it won and behind by 18.1 in the 41 it lost, so the average across all 130 is +6.1 percentage points. The worst position was INE205A01025 at the Feb 2026 disclosure, 67.7 percentage points behind.

Why this matters: Can a fund beat its category most of the time and still be behind? 7 min

68%

lowest in categoryhighest in category

95th percentile · top decile of 52 funds

positions judged130beat the median stock89average across every position+6.10% points · median +8.30when ahead, by how much+17.27% points over 89 positionswhen behind, by how much−18.14% points over 41 positionsworst position−67.68% points, INE205A01025 at the Feb 2026 disclosurebest position+48.36% points, INE038A01020 at the Jul 2025 disclosure

How it is measured, and the case against

A manager's largest bets, judged one by one over the following six months, say more than the fund's blended return — and how far each one beat or missed the median stock says more than counting how many did.

Of its top-10 positions, how often did they beat the category-median stock?

Why this might matterA fund can beat its category on two positions and lose on eight; the hit rate shows the pattern the aggregate hides. The average margin then shows what the hit rate hides in turn: six winners worth a point each do not pay for four losers worth ten, and only the margin says which happened.

Why it might notSix months is short, sizing matters more than counting, and a manager who is right on the biggest position and wrong on nine small ones has done their job — the margins here are unweighted, so they answer the counting question better, not the sizing one. Overlapping disclosures judge the same position again each month it is held, so one long-held winner is counted many times. And this is a description of six months already past, not a forecast of the next six.

P6 Size against edge

₹30 Cr, 17th percentile in category; 91% of growth came from inflows

smaller than 83% of the funds in its category (63 funds) · AUM Mar 2025 → Aug 2026 · Regular plan expense ratio 1.12%

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.

17th percentile by AUM

largestsmallest

83th percentile · top quartile of 63 funds

median holding weight, trendrisingexpense ratio, Regular / Direct1.12% / 0.70% · category median 1.12%AUM, Mar 2025 → Aug 2026₹8 Cr → ₹30 Cr (+163% a year)of that change, from flows rather than returns91% net inflows · NAV +27% over the window

Assets under management, ₹ crore, Mar 2025 – Aug 2026

14 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 1.04% in Feb 2025 → 1.12% 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 Ayush Jain for 1.6 yrs

with Sharwan Kumar Goyal, Lokesh Kulthia

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.

Why this matters: Whose record is the three-year number? 5 min

1.6 yrs · Ayush Jain

newest teamlongest-serving

50th percentile · above median of 35 funds · category median 1.6 yrs

running it nowAyush Jain (since Feb 2025), Sharwan Kumar Goyal (since Feb 2025), Lokesh Kulthia (since Jun 2026)share of the fund's life under the longest-serving current manager95%changes of hands in the archive1 — 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
Ayush Jain	fund manager	Feb 2025	now	23.6% vs 14.2% p.a. (+9.40% points)	—
Sharwan Kumar Goyal	fund manager	Feb 2025	now	23.6% vs 14.2% p.a. (+9.40% points)	—
Lokesh Kulthia	fund manager	Jun 2026	now	4.7% vs 3.9% (+0.88% points)	—

* 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 1.6 years, against a 5-year figure on display. Lokesh Kulthia joined roughly 0.3 years ago. A record earned under different people is not evidence about these ones.

How it is measured, and the case against

A record earned under different people is not evidence about these ones.

Does the displayed record predate the people running it?

Why this might matterA five-year figure on a fund whose longest-serving manager joined two years ago is the house's record more than the person's. The tenure here comes from what each monthly factsheet named, so a change of hands is dated to the month it was disclosed, and the fund's return against its category can be read over exactly those months.

Why it might notFund houses have processes, research desks and mandates that outlast individuals, so a manager change is not a reset. It does mean the displayed record is the house’s more than the person’s.

Tracking gap

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

NAV replicates within 0.01 percentage points of its disclosed portfolio

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

0.00% points

expense added back ≈ 0.20% a year

Jumps since the disclosure

0clean

3 Jul 2026 +0.06% points · 7 Aug 2026 +0.06% points · 17 Jul 2026 +0.04% points

Window

60 days

25 Jun 2026 – 18 Sep 2026

Each point is one day's gap in percentage points — a hundredth of a point is what a day's trading noise looks like.

Read it this way: a daily residual under about 0.02 percentage points — two hundredths of a point — is 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.

Share classes

latest NAV per AMFI code

Plan	Option	NAV	Date
direct UTI Nifty India Manufacturing Index Fund - Direct Plan - Growth Option	growth	₹12.41	21 Sep 2026
regular UTI Nifty India Manufacturing Index Fund - Regular Plan - Growth Option	growth	₹12.32	21 Sep 2026

The Direct / Regular gap, in money

Direct growth NAV: ₹12.41
Regular growth NAV: ₹12.32
NAV divergence to date: 0.7% — same portfolio, priced differently
Regular costs more by: 0.53% points a year
On ₹1,00,000 over ten years: ₹25,425

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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