UTI Asset Mgmt. Co. Ltd. · Equity Funds

UTI Nifty Midsmallcap 400 Momentum Quality 100 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

₹11.72

−0.33% since 18 Sep 2026, the previous NAV

1 year

4.3%

return

3 years

not enough history

5 years

not enough history

Since launch

12.5%

a year, over 1.6 years

Assets (AUM)

₹124 Cr

Aug 2026 factsheet

Expense ratio, Direct / Regular

0.97% / 1.41%

a year, as of Aug 2026

Holdings

101

top ten are 32% 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 0.89×. 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 0.56% a year more than Direct

₹19,860 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 1.4 bp 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 · ₹9.35 → ₹11.72, 1.3× since Feb 2025

Deepest fall (max drawdown)

−17.4%

10 Jun 2025 → 23 Mar 2026

Worst month

−9.0%

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 · 101 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 - LAURUS LABS LTD. equity	Pharmaceuticals & Biotechnology	4.36%	Jun 2026	3 mo	+4.36%
2	EQ - FEDERAL BANK LTD. equity	Banks	4.35%	Dec 2025	9 mo	+1.22%
3	EQ - BSE LTD equity	Capital Markets	4.16%	Feb 2025	1.6 yrs	-3.12%
4	EQ - MULTI COMMODITY EXCHANGE OF IN equity	Capital Markets	3.69%	Jan 2026	8 mo	-1.15%
5	EQ - BHARAT FORGE LTD. equity	Auto Components	2.89%	Jun 2026	3 mo	+2.89%
6	EQ - POLYCAB INDIA LTD equity	Industrial Products	2.74%	Feb 2025	1.6 yrs	+0.82%
7	EQ - GE VERNOVA T & D INDIA LTD equity	Electrical Equipment	2.55%	Dec 2025	9 mo	-0.58%
8	EQ - HITACHI ENERGY INDIA LTD equity	Electrical Equipment	2.55%	Feb 2025	1.6 yrs	+0.47%
9	EQ - DIXON TECHNOLOGIES (INDIA) LTD equity	Consumer Durables	2.30%	Feb 2025	1.6 yrs	+0.49%
10	EQ - AUROBINDO PHARMA LTD. equity	Pharmaceuticals & Biotechnology	2.27%	Feb 2025	1.6 yrs	+1.22%
11	EQ - LUPIN LTD. equity	Pharmaceuticals & Biotechnology	2.25%	Feb 2025	1.6 yrs	+0.60%
12	EQ - HERO MOTOCORP LTD. equity	Automobiles	2.24%	Dec 2025	9 mo	-1.56%
13	EQ - SUZLON ENERGY LTD. equity	Electrical Equipment	2.17%	Jun 2025	1.3 yrs	-0.16%
14	EQ - MARICO LTD equity	Agricultural Food & other Products	2.16%	Feb 2025	1.6 yrs	+0.42%
15	EQ - AU SMALL FINANCE BANK LTD equity	Banks	2.05%	Dec 2025	9 mo	-0.91%
16	EQ - WELSPUN CORP LTD. equity	Industrial Products	1.95%	Jun 2025	1.3 yrs	+1.40%
17	EQ - APAR INDUSTRIES LTD equity	Electrical Equipment	1.81%	Feb 2025	1.6 yrs	+1.15%
18	EQ - PERSISTENT SYSTEMS LTD. equity	IT - Software	1.63%	Feb 2025	1.6 yrs	-0.37%
19	EQ - SONA BLW PRECISION FORGING LTD equity	Auto Components	1.63%	Jun 2026	3 mo	+1.63%
20	EQ - KEI INDUSTRIES LTD. equity	Industrial Products	1.61%	Feb 2025	1.6 yrs	+0.62%
21	EQ - RADICO KHAITAN LTD. equity	Beverages	1.51%	Dec 2025	9 mo	+0.12%
22	EQ - ORACLE FINANCIAL SERVICES SOFT equity	IT - Software	1.51%	Feb 2025	1.6 yrs	+0.80%
23	EQ - ANAND RATHI WEALTH LTD equity	Capital Markets	1.51%	Dec 2025	9 mo	+0.26%
24	EQ - NATIONAL ALUMINIUM CO. LTD. equity	Non - Ferrous Metals	1.45%	Dec 2025	9 mo	-0.36%
25	EQ - ACUTAAS CHEMICALS LIMITED equity	Pharmaceuticals & Biotechnology	1.40%	Jun 2026	3 mo	+1.40%
26	EQ - COFORGE LTD equity	IT - Software	1.35%	Jun 2025	1.3 yrs	-0.18%
27	EQ - KARUR VYSYA BANK LTD. equity	Banks	1.28%	Jun 2026	3 mo	+1.28%
28	EQ - COLGATE PALMOLIVE INDIA LTD. equity	Personal Products	1.25%	Feb 2025	1.6 yrs	-0.05%
29	EQ - NMDC LTD. equity	Minerals & Mining	1.15%	Feb 2025	1.6 yrs	+0.21%
30	EQ - INDUS TOWERS LIMITED equity	Telecom - Services	1.14%	Feb 2025	1.6 yrs	-0.49%
31	EQ - APL APOLLO TUBES LTD equity	Industrial Products	1.14%	Feb 2025	1.6 yrs	+0.17%
32	EQ - GLAND PHARMA LTD. equity	Pharmaceuticals & Biotechnology	1.10%	Jun 2026	3 mo	+1.10%
33	EQ - GLENMARK PHARMACEUTICALS LTD. equity	Pharmaceuticals & Biotechnology	1.10%	Feb 2025	1.6 yrs	-0.39%
34	EQ - NIPPON LIFE INDIA ASSET MANAGE equity	Capital Markets	1.10%	Feb 2025	1.6 yrs	+0.22%
35	EQ - INDIAN BANK equity	Banks	1.06%	Feb 2025	1.6 yrs	-0.61%
36	EQ - PAGE INDUSTRIES equity	Textiles & Apparels	0.95%	Feb 2025	1.6 yrs	+0.09%
37	EQ - BANK OF MAHARASHTRA equity	Banks	0.95%	Feb 2025	1.6 yrs	+0.41%
38	EQ - COMPUTER AGE MANAGEMENT SERV equity	Capital Markets	0.87%	Dec 2025	9 mo	-0.05%
39	EQ - L&T FINANCE LIMITED equity	Finance	0.86%	Dec 2025	9 mo	-1.07%
40	EQ - THERMAX LTD. equity	Electrical Equipment	0.84%	Jun 2026	3 mo	+0.84%
41	EQ - NEULAND LABORATORIES LTD. equity	Pharmaceuticals & Biotechnology	0.83%	Jun 2025	1.3 yrs	+0.15%
42	EQ - CENTRAL DEPOSITORY SERVICES equity	Capital Markets	0.83%	Feb 2025	1.6 yrs	-0.16%
43	EQ - 360 ONE WAM LIMITED equity	Capital Markets	0.82%	Feb 2025	1.6 yrs	-0.14%
44	EQ - MPHASIS LTD equity	IT - Software	0.79%	Feb 2025	1.6 yrs	+0.02%
45	EQ - AJANTA PHARMA LTD. equity	Pharmaceuticals & Biotechnology	0.76%	Jun 2026	3 mo	+0.76%
46	EQ - HIMADRI SPECIALITY CHEMICALS L equity	Chemicals & Petrochemicals	0.73%	Feb 2025	1.6 yrs	+0.31%
47	EQ - ANGEL ONE LTD equity	Capital Markets	0.72%	Feb 2026	7 mo	-0.07%
48	EQ- DATA PATTERNS (INDIA) LTD. equity	Aerospace & Defense	0.70%	Dec 2025	9 mo	+0.22%
49	EQ - HINDUSTAN COPPER LTD. equity	Non - Ferrous Metals	0.69%	Dec 2025	9 mo	-0.17%
50	EQ - CITY UNION BANK equity	Banks	0.67%	Dec 2025	9 mo	-0.46%
51	EQ - GRANULES INDIA LTD equity	Pharmaceuticals & Biotechnology	0.62%	Jun 2026	3 mo	+0.62%
52	EQ - DR LAL PATHLABS LTD. equity	Healthcare Services	0.62%	Feb 2025	1.6 yrs	+0.08%
53	EQ - GREAT EASTERN SHIPPING CO. LTD equity	Transport Services	0.60%	Dec 2025	9 mo	+0.04%
54	EQ - COROMANDEL INTERNATIONAL LTD. equity	Fertilizers & Agrochemicals	0.60%	Feb 2025	1.6 yrs	-0.15%
55	EQ - ADANI TOTAL GAS LTD equity	Gas	0.59%	Jun 2026	3 mo	+0.59%
56	EQ - MOTILAL OSWAL FINANCIAL SERVIC equity	Capital Markets	0.58%	Feb 2025	1.6 yrs	+0.09%
57	EQ - MANAPPURAM FINANCE LTD. equity	Finance	0.55%	Jun 2025	1.3 yrs	-0.49%
58	EQ - UNO MINDA LTD equity	Auto Components	0.55%	Feb 2025	1.6 yrs	-0.23%
59	EQ - ELGI EQUIPMENTS LTD. equity	Industrial Products	0.52%	Jun 2026	3 mo	+0.52%
60	EQ - BLUE STAR LIMITED equity	Consumer Durables	0.51%	Mar 2025	1.5 yrs	-0.13%
61	EQ - LINDE INDIA LTD. equity	Chemicals & Petrochemicals	0.51%	Jun 2026	3 mo	+0.51%
62	EQ - ASTRAL LTD. equity	Industrial Products	0.51%	Jun 2026	3 mo	+0.51%
63	EQ - P I INDUSTRIES LTD equity	Fertilizers & Agrochemicals	0.47%	Jun 2025	1.3 yrs	-0.10%
64	EQ - K.P.R.MILL LTD equity	Textiles & Apparels	0.47%	Jun 2025	1.3 yrs	+0.15%
65	EQ - SCHNEIDER ELECTRIC INFRASTRUCT equity	Electrical Equipment	0.46%	Jun 2026	3 mo	+0.46%
66	EQ - FINOLEX CABLES LTD. equity	Industrial Products	0.42%	Jun 2026	3 mo	+0.42%
67	EQ - ADITYA BIRLA SUN LIFE AMC LTD equity	Capital Markets	0.41%	Dec 2025	9 mo	+0.13%
68	EQ - ZF COMMERCIAL VEHICLE CONTROL SYSTEMS INDIA LTD equity	Auto Components	0.40%	Jun 2026	3 mo	+0.40%
69	EQ - INDIAN ENERGY EXCHANGE LTD equity	Capital Markets	0.37%	Feb 2025	1.6 yrs	-0.06%
70	EQ - NARAYANA HRUDAYALAYA LTD equity	Healthcare Services	0.36%	Jun 2025	1.3 yrs	-0.27%
71	EQ - TATA ELXSI LTD. equity	IT - Software	0.35%	Feb 2025	1.6 yrs	-0.07%
72	EQ - USHA MARTIN LTD. equity	Industrial Products	0.35%	Dec 2025	9 mo	-0.10%
73	EQ - GABRIEL INDIA LTD. equity	Auto Components	0.34%	Jun 2026	3 mo	+0.34%
74	EQ - CASTROL INDIA LTD. equity	Petroleum Products	0.34%	Feb 2025	1.6 yrs	-0.04%
75	EQ - VIJAYA DIAGNOSTIC CENTRE LTD equity	Healthcare Services	0.33%	Jun 2026	3 mo	+0.33%
76	EQ - MOTHERSON SUMI WIRING INDIA LTD equity	Auto Components	0.33%	Dec 2025	9 mo	-0.21%
77	EQ - JAMMU & KASHMIR BANK LTD equity	Banks	0.32%	Jun 2026	3 mo	+0.32%
78	EQ - TRIVENI TURBINE LTD equity	Electrical Equipment	0.31%	Feb 2025	1.6 yrs	-0.01%
79	EQ - FORCE MOTORS LTD. equity	Automobiles	0.31%	Dec 2025	9 mo	-0.42%
80	EQ - ZEN TECHNOLOGIES LTD. equity	Aerospace & Defense	0.30%	Jun 2026	3 mo	+0.30%
81	EQ - BHARAT DYNAMICS LTD equity	Aerospace & Defense	0.30%	Feb 2025	1.6 yrs	0.00%
82	EQ - GARDEN REACH SHIPBUILDERS & EN equity	Aerospace & Defense	0.27%	Feb 2025	1.6 yrs	-0.11%
83	EQ - NATCO PHARMA LTD. equity	Pharmaceuticals & Biotechnology	0.27%	Jun 2026	3 mo	+0.27%
84	EQ - L&T TECHNOLOGY SERVICES LTD equity	IT - Services	0.26%	Feb 2025	1.6 yrs	-0.01%
85	EQ - KPIT TECHNOLOGIES LTD equity	IT - Software	0.26%	Feb 2025	1.6 yrs	-0.12%
86	EQ - ENGINEERS INDIA LTD equity	Construction	0.26%	Jun 2026	3 mo	+0.26%
87	EQ - HBL ENGINEERING LTD. equity	Industrial Products	0.25%	Feb 2025	1.6 yrs	-0.25%
88	EQ - CAPLIN POINT LABORATORIES LTD equity	Pharmaceuticals & Biotechnology	0.25%	Jun 2026	3 mo	+0.25%
89	EQ - GODFREY PHILIPS INDIA LTD. equity	Cigarettes & Tobacco Products	0.25%	Feb 2025	1.6 yrs	-0.09%
90	EQ - NAVA LTD. equity	Power	0.24%	Jun 2025	1.3 yrs	-0.05%
91	EQ - GODAVARI POWER & ISPAT LTD. equity	Industrial Products	0.21%	Feb 2025	1.6 yrs	-0.12%
92	EQ - GILLETTE INDIA LTD. equity	Personal Products	0.21%	Feb 2025	1.6 yrs	-0.07%
93	EQ - JSW DULUX LTD equity	Consumer Durables	0.20%	Dec 2025	9 mo	+0.04%
94	EQ - MAHANAGAR GAS LTD. equity	Gas	0.18%	Feb 2025	1.6 yrs	-0.03%
95	EQ - CHAMBAL FERTILISERS & CHEMICAL equity	Fertilizers & Agrochemicals	0.18%	Jun 2026	3 mo	+0.18%
96	EQ - INDIAMART INTERMESH LTD equity	Retailing	0.17%	Dec 2025	9 mo	-0.08%
97	EQ - GUJ MINERAL DEV COR LTD equity	Minerals & Mining	0.15%	Dec 2025	9 mo	-0.15%
98	EQ - SAREGAMA INDIA LTD equity	Entertainment	0.13%	Jul 2026	2 mo	+0.13%
99	EQ - TRANSFORMERS & RECTIFIERS (IND equity	Electrical Equipment	0.11%	Jun 2026	3 mo	+0.11%
100	EQ - BLS INTERNATIONAL SERVICES LTD. equity	Leisure Services	0.09%	Feb 2025	1.6 yrs	-0.02%
101	NET CURRENT ASSETS cash equivalent	—	—	Feb 2025	1.6 yrs	—

Showing 1–101 of 101 rows per page10 25 50all

Largest sectors, Aug 2026 · grey: a year ago

Pharmaceuticals & Biotechnology15.2% · 7.0%

Capital Markets15.1% · 13.8%

Electrical Equipment10.8% · 7.3%

Banks10.7%

Industrial Products9.7% · 7.8%

Auto Components6.1% · 2.8%

IT - Software5.9% · 12.2%

Consumer Durables3.0% · 5.8%

share of the book05%10%15%20%

By market cap, Aug 2026

Large cap0.4%

Mid cap71.6%

Small / micro cap25.2%

Not classified2.9%

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 0%
Mid cap 72%
Small / micro 25%
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.

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 0.56% a year more than Direct

₹19,860 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.

0.56 pp a year

costliest in categorycheapest in category

62th percentile · above median of 45 funds · category median 0.61 pp

on ₹1,00,000 over ten years₹19,860Direct vs Regular, annualised15.4% vs 14.8%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 108% of the portfolio a year

+0.04 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.

108% a year

costliest in categorycheapest in category

5th percentile · bottom decile of 60 funds · category median 44%

excess return per unit of turnover+0.04 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 14 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.

14 months

lowest in categoryhighest in category

42th percentile · below 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

6 of 10 top picks beat their peers over the next 6 months, and averaged 4.3 points ahead of them

130 positions judged, one disclosure at a time · ahead by 17.6 points when it won, behind by 13.4 when it lost

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

How often, and by how much. The count and the average agree. Ahead by 17.6 points in the 74 positions it won and behind by 13.4 in the 56 it lost, so the average across all 130 is +4.3 points. The worst position was INE414G01012 at the Jan 2026 disclosure, 31.9 points behind.

57%

lowest in categoryhighest in category

76th percentile · top quartile of 52 funds

positions judged130beat the median stock74average across every position+4.25 pts · median +3.59when ahead, by how much+17.62 pts over 74 positionswhen behind, by how much−13.43 pts over 56 positionsworst position−31.85 pts, INE414G01012 at the Jan 2026 disclosurebest position+62.79 pts, INE118H01025 at the Oct 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

₹124 Cr, 47th percentile in category; 98% of growth came from inflows

smaller than 53% of the funds in its category (63 funds) · AUM Mar 2025 → Aug 2026 · Regular plan expense ratio 1.31%

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.

47th percentile by AUM

largestsmallest

53th percentile · above median of 63 funds

median holding weight, trendfallingexpense ratio, Regular / Direct1.31% / 0.82% · category median 1.12%AUM, Mar 2025 → Aug 2026₹14 Cr → ₹124 Cr (+376% a year)of that change, from flows rather than returns98% net inflows · NAV +19% 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 1.03% in Feb 2025 → 1.31% 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.

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	18.5% vs 14.2% p.a. (+4.27 pp)	—
Sharwan Kumar Goyal	fund manager	Feb 2025	now	18.5% vs 14.2% p.a. (+4.27 pp)	—
Lokesh Kulthia	fund manager	Jun 2026	now	3.7% vs 3.9% (−0.20 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 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 1.4 bp 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

+1.4 bp

expense accrual ≈ 0.079 bp a day

Jumps since the disclosure

0clean

30 Jun 2026 −36 bp · 17 Jul 2026 +14 bp · 27 Jul 2026 +5.6 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.

Share classes

latest NAV per AMFI code

Plan	Option	NAV	Date
direct UTI Nifty Midsmallcap 400 Momentum Quality 100 Index Fund - Direct Plan - Growth Option	growth	₹11.72	21 Sep 2026
regular UTI Nifty Midsmallcap 400 Momentum Quality 100 Index Fund - Regular Plan - Growth Option	growth	₹11.63	21 Sep 2026

The Direct / Regular gap, in rupees

Direct growth NAV: ₹11.72
Regular growth NAV: ₹11.63
NAV divergence to date: 0.8% — same portfolio, priced differently
Regular costs more by: 0.56% a year
On ₹1,00,000 over ten years: ₹19,860

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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