Navi AMC Limited · Index Funds

Navi Nifty Smallcap250 Momentum Quality 100 Index Fund

Other Scheme - Index Funds Direct plan riskometer: Very high benchmark: Nifty Smallcap250 Momentum Quality 100 TRI launched 25 Feb 2025 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 21 Sep 2026

₹12.32

−0.07% since 18 Sep 2026, the previous NAV

1 year

4.9%

return

3 years

not enough history

5 years

not enough history

Since launch

15.2%

a year, over 1.5 years

Assets (AUM)

₹39 Cr

Jul 2026 factsheet

Expense ratio, Direct / Regular

0.35% / 0.90%

a year, as of Jul 2026

Holdings

101

top ten are 31% of the fund · Aug 2026

Disclosed history

1.5 yrs

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

Fund managers

Ashutosh Shirwaikar · since Mar 2025

All managers →

As the Jul 2026 factsheet printed it: portfolio turnover 1.15×. 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

Cannot be measured: needs both a Direct and a Regular growth class.

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.

See how it is measured →

P7Whose record

Run by Ashutosh Shirwaikar for 1.4 yrs

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.

Ashutosh Shirwaikar'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

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 class · as of 21 Sep 2026

Month-end NAV, indexed to 100 at Mar 2025

19 month-ends · ₹10.65 → ₹12.32, 1.2× since Mar 2025

Deepest fall (max drawdown)

−22.7%

17 Jul 2025 → 23 Mar 2026

Worst month

−9.9%

Mar 2026

Days to recover

148

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	WELSPUN CORP LTD equity	INDUSTRIAL PRODUCTS	4.12%	Mar 2025	1.5 yrs	+2.58% points
2	SONA BLW PRECISION FORGINGS LIMITED equity	AUTO COMPONENTS	3.54%	Jun 2026	3 mo	+3.54% points
3	HFCL LIMITED equity	TELECOM - SERVICES	3.40%	Jun 2026	3 mo	+3.40% points
4	KARUR VYSYA BANK LIMITED equity	BANKS	3.35%	Jun 2026	3 mo	+3.35% points
5	NAVIN FLUORINE INTERNATIONAL LIMITED equity	CHEMICALS & PETROCHEMICALS	3.32%	Dec 2025	9 mo	−0.32% points
6	ANAND RATHI WEALTH LIMITED equity	CAPITAL MARKETS	3.07%	Jun 2025	1.3 yrs	−0.29% points
7	GLAND PHARMA LIMITED equity	PHARMACEUTICALS & BIOTECHNOLOGY	2.90%	Dec 2025	9 mo	+1.02% points
8	ACUTAAS CHEMICALS LIMITED equity	PHARMACEUTICALS & BIOTECHNOLOGY	2.65%	Jun 2026	3 mo	+2.65% points
9	COMPUTER AGE MANAGEMENT SERVICES LIMITED equity	CAPITAL MARKETS	2.29%	Dec 2025	9 mo	−0.31% points
10	NEULAND LABORATORIES LTD equity	PHARMACEUTICALS & BIOTECHNOLOGY	2.18%	Apr 2025	1.4 yrs	+0.28% points
11	CENTRAL DEPOSITORY SERVICES (INDIA) LTD. equity	CAPITAL MARKETS	2.17%	Mar 2025	1.5 yrs	−0.31% points
12	AEGIS LOGISTICS LTD equity	GAS	1.92%	Mar 2025	1.5 yrs	+1.32% points
13	HIMADRI SPECIALITY CHEMICAL LIMITED equity	CHEMICALS & PETROCHEMICALS	1.91%	Mar 2025	1.5 yrs	+0.73% points
14	ANGEL ONE LIMITED equity	CAPITAL MARKETS	1.88%	Feb 2026	7 mo	−0.35% points
15	DATA PATTERNS (INDIA) LIMITED equity	AEROSPACE & DEFENSE	1.84%	Dec 2025	9 mo	+0.50% points
16	HINDUSTAN COPPER LIMITED equity	NON - FERROUS METALS	1.80%	Mar 2025	1.5 yrs	−0.61% points
17	CITY UNION BANK LIMITED equity	BANKS	1.76%	Dec 2025	9 mo	−0.82% points
18	GRANULES INDIA LIMITED equity	PHARMACEUTICALS & BIOTECHNOLOGY	1.62%	Jun 2026	3 mo	+1.62% points
19	DR. LAL PATH LABS LTD. equity	HEALTHCARE SERVICES	1.61%	Mar 2025	1.5 yrs	+0.08% points
20	THE GREAT EASTERN SHIPPING COMPANY LTD equity	TRANSPORT SERVICES	1.59%	Mar 2025	1.5 yrs	+0.01% points
21	MANAPPURAM FINANCE LIMITED equity	FINANCE	1.46%	Mar 2025	1.5 yrs	−1.47% points
22	REDINGTON LIMITED equity	COMMERCIAL SERVICES & SUPPLIES	1.46%	Jun 2025	1.3 yrs	−0.05% points
23	ELGI EQUIPMENTS LIMITED equity	INDUSTRIAL PRODUCTS	1.38%	Jun 2026	3 mo	+1.38% points
24	AMBER ENTERPRISES INDIA LIMITED equity	CONSUMER DURABLES	1.22%	Mar 2025	1.5 yrs	−0.26% points
25	PNB HOUSING FINANCE LIMITED equity	FINANCE	1.21%	Mar 2025	1.5 yrs	+0.33% points
26	SCHNEIDER ELECTRIC INFRASTRUCTURE LTD. equity	ELECTRICAL EQUIPMENT	1.20%	Jun 2026	3 mo	+1.20% points
27	CROMPTON GREAVES CONSUMER ELECTRICAL LTD equity	CONSUMER DURABLES	1.11%	Mar 2025	1.5 yrs	−0.14% points
28	FINOLEX CABLES LTD equity	INDUSTRIAL PRODUCTS	1.11%	Jun 2026	3 mo	+1.11% points
29	ADITYA BIRLA SUN LIFE MUTUAL FUND mutual fund unit	—	1.08%	Dec 2025	9 mo	+0.28% points
30	KAJARIA CERAMICS LIMITED mutual fund unit	—	1.05%	Dec 2025	9 mo	+0.27% points
31	ZF COMM. VEHICLE CONTROL SYSTEMS IND LTD mutual fund unit	—	1.05%	Jun 2026	3 mo	+1.05% points
32	CAPRI GLOBAL CAPITAL LTD mutual fund unit	—	1.02%	Dec 2025	9 mo	+0.27% points
33	INDIAN ENERGY EXCHANGE LIMITED mutual fund unit	—	0.98%	Mar 2025	1.5 yrs	−0.22% points
34	NARAYANA HRUDAYALAYA LIMITED mutual fund unit	—	0.95%	Mar 2025	1.5 yrs	−0.82% points
35	USHA MARTIN LTD mutual fund unit	—	0.91%	Mar 2025	1.5 yrs	−0.34% points
36	CASTROL INDIA LIMITED mutual fund unit	—	0.89%	Mar 2025	1.5 yrs	−0.18% points
37	GABRIEL INDIA LIMITED mutual fund unit	—	0.89%	Jun 2026	3 mo	+0.89% points
38	VIJAYA DIAGNOSTIC CENTRE LIMITED mutual fund unit	—	0.86%	Dec 2025	9 mo	+0.29% points
39	MOTHERSON SUMI WIRING INDIA LIMITED mutual fund unit	—	0.85%	Dec 2025	9 mo	−0.67% points
40	THE JAMMU & KASHMIR BANK LIMITED mutual fund unit	—	0.84%	Dec 2025	9 mo	+0.21% points
41	TRIVENI TURBINE LTD. mutual fund unit	—	0.82%	Mar 2025	1.5 yrs	−0.08% points
42	FORCE MOTORS LTD. mutual fund unit	—	0.81%	Dec 2025	9 mo	−1.25% points
43	HOME FIRST FINANCE COMPANY INDIA LIMITED mutual fund unit	—	0.80%	Jun 2025	1.3 yrs	−0.02% points
44	ZEN TECHNOLOGIES LIMITED mutual fund unit	—	0.79%	Jun 2025	1.3 yrs	+0.30% points
45	CCL PRODUCTS (INDIA) LIMITED mutual fund unit	—	0.76%	Dec 2025	9 mo	−0.02% points
46	ITD CEMENTATION INDIA LIMITED mutual fund unit	—	0.76%	Jun 2026	3 mo	+0.76% points
47	AMARA RAJA BATTERIES LTD mutual fund unit	—	0.75%	Mar 2025	1.5 yrs	−0.05% points
48	GARDEN REACH SHIPBUILDERS & ENGINEER LTD mutual fund unit	—	0.70%	Mar 2025	1.5 yrs	−0.37% points
49	NATCO PHARMA LIMITED mutual fund unit	—	0.70%	Mar 2025	1.5 yrs	−0.15% points
50	CHENNAI PETROLEUM CORPORATION LTD. mutual fund unit	—	0.68%	Mar 2025	1.5 yrs	+0.05% points
51	JINDAL SAW LTD mutual fund unit	—	0.68%	Mar 2025	1.5 yrs	+0.34% points
52	ENGINEERS INDIA LIMITED mutual fund unit	—	0.67%	Mar 2025	1.5 yrs	+0.09% points
53	HBL ENGINEERING LIMITED mutual fund unit	—	0.67%	Mar 2025	1.5 yrs	−0.75% points
54	SHYAM METALICS AND ENERGY LTD. mutual fund unit	—	0.67%	Jun 2026	3 mo	+0.67% points
55	AFFLE (INDIA) LIMITED mutual fund unit	—	0.65%	Mar 2025	1.5 yrs	−0.22% points
56	CAPLIN POINT LABORATORIES LIMITED mutual fund unit	—	0.65%	Jun 2026	3 mo	+0.65% points
57	ANANT RAJ LIMITED mutual fund unit	—	0.64%	Mar 2025	1.5 yrs	−0.02% points
58	NAVA LIMITED mutual fund unit	—	0.64%	Jun 2025	1.3 yrs	−0.17% points
59	PG ELECTROPLAST LIMITED mutual fund unit	—	0.64%	Jun 2025	1.3 yrs	+0.05% points
60	VARDHMAN TEXTILES LIMITED mutual fund unit	—	0.64%	Jun 2026	3 mo	+0.64% points
61	CREDITACCESS GRAMEEN LIMITED mutual fund unit	—	0.60%	Mar 2025	1.5 yrs	−0.18% points
62	CYIENT LIMITED mutual fund unit	—	0.60%	Mar 2025	1.5 yrs	+0.05% points
63	EMAMI LTD mutual fund unit	—	0.59%	Dec 2025	9 mo	−0.22% points
64	ECLERX SERVICES LIMITED mutual fund unit	—	0.58%	Mar 2025	1.5 yrs	−0.38% points
65	GILLETTE INDIA LIMITED mutual fund unit	—	0.56%	Mar 2025	1.5 yrs	−0.21% points
66	GODAWARI POWER AND ISPAT LIMITED mutual fund unit	—	0.56%	Mar 2025	1.5 yrs	−0.37% points
67	ZYDUS WELLNESS LTD mutual fund unit	—	0.53%	Jul 2026	2 mo	+0.53% points
68	JSW DULUX LIMITED mutual fund unit	—	0.52%	Dec 2025	9 mo	+0.06% points
69	CHOICE INTERNATIONAL LIMITED mutual fund unit	—	0.50%	Dec 2025	9 mo	−0.26% points
70	OLECTRA GREENTECH LIMITED mutual fund unit	—	0.50%	Mar 2025	1.5 yrs	+0.12% points
71	WELSPUN LIVING LIMITED mutual fund unit	—	0.49%	Mar 2025	1.5 yrs	+0.12% points
72	POLY MEDICURE LTD mutual fund unit	—	0.48%	Mar 2025	1.5 yrs	+0.07% points
73	MAHANAGAR GAS LIMITED mutual fund unit	—	0.47%	Mar 2025	1.5 yrs	−0.11% points
74	CHAMBAL FERTILIZERS & CHEMICALS LIMITED mutual fund unit	—	0.46%	Mar 2025	1.5 yrs	−0.13% points
75	BEML LIMITED mutual fund unit	—	0.45%	Nov 2025	10 mo	+0.01% points
76	INDIAMART INTERMESH LTD mutual fund unit	—	0.44%	Mar 2025	1.5 yrs	−0.27% points
77	TITAGARH RAIL SYSTEMS LIMITED mutual fund unit	—	0.44%	Mar 2025	1.5 yrs	+0.01% points
78	GRAVITA INDIA LIMITED mutual fund unit	—	0.43%	Jun 2025	1.3 yrs	−0.05% points
79	ACTION CONSTRUCTION EQUIPMENT LTD mutual fund unit	—	0.42%	Mar 2025	1.5 yrs	+0.07% points
80	CEAT LIMITED mutual fund unit	—	0.42%	Jun 2025	1.3 yrs	−0.22% points
81	SONATA SOFTWARE LIMITED mutual fund unit	—	0.41%	Mar 2025	1.5 yrs	−0.03% points
82	GUJARAT MINERAL DEVELOPMENT CORP. mutual fund unit	—	0.40%	Mar 2025	1.5 yrs	−0.46% points
83	LT FOODS LTD mutual fund unit	—	0.40%	Jun 2025	1.3 yrs	−0.06% points
84	INTELLECT DESIGN ARENA LTD mutual fund unit	—	0.38%	Mar 2025	1.5 yrs	−0.34% points
85	NCC LIMITED mutual fund unit	—	0.35%	Mar 2025	1.5 yrs	−0.04% points
86	SAREGAMA INDIA LIMITED mutual fund unit	—	0.35%	Mar 2025	1.5 yrs	+0.11% points
87	TECHNO ELECTRIC & ENGINEERING COMPANY LI mutual fund unit	—	0.34%	Mar 2025	1.5 yrs	−0.10% points
88	GRAPHITE INDIA LTD mutual fund unit	—	0.33%	Jun 2026	3 mo	+0.33% points
89	ZENSAR TECHNOLOGIES LIMITED mutual fund unit	—	0.33%	Mar 2025	1.5 yrs	−0.18% points
90	SARDA ENERGY & MINERALS LTD mutual fund unit	—	0.32%	Jun 2025	1.3 yrs	−0.14% points
91	BIRLASOFT LTD mutual fund unit	—	0.31%	Mar 2025	1.5 yrs	−0.11% points
92	ELECON ENGINEERING COMPANY LIMITED mutual fund unit	—	0.30%	Mar 2025	1.5 yrs	−0.08% points
93	TRANSFORMERS & RECTIFIERS (INDIA) LTD mutual fund unit	—	0.28%	Jun 2026	3 mo	+0.28% points
94	BLS INTERNATIONAL SERVICES LIMITED mutual fund unit	—	0.24%	Mar 2025	1.5 yrs	−0.07% points
95	NEWGEN SOFTWARE TECHNOLOGIES LIMITED mutual fund unit	—	0.24%	Mar 2025	1.5 yrs	−0.01% points
96	JUPITER WAGONS LIMITED mutual fund unit	—	0.21%	Mar 2025	1.5 yrs	−0.06% points
97	RITES LIMITED mutual fund unit	—	0.19%	Mar 2025	1.5 yrs	−0.03% points
98	RAILTEL CORPORATION OF INDIA LIMITED mutual fund unit	—	0.17%	Dec 2025	9 mo	−0.07% points
99	C.E. INFO SYSTEMS LIMITED mutual fund unit	—	0.12%	Dec 2025	9 mo	−0.01% points
100	LATENT VIEW ANALYTICS LIMITED mutual fund unit	—	0.12%	Dec 2025	9 mo	−0.17% points
101	TREPS / cash equivalents TREPS/Reverse Repo/Net Current Assets/Cash/Cash Equivalent · money market	—	-0.39%	Mar 2025	1.5 yrs	+0.89% points

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

Largest sectors, Aug 2026 · grey: a year ago

CAPITAL MARKETS9.4% · 13.1%

PHARMACEUTICALS & BIOTECHNOLOGY9.3% · 7.6%

INDUSTRIAL PRODUCTS6.6% · 5.7%

CHEMICALS & PETROCHEMICALS5.2% · 2.8%

BANKS5.1%

AUTO COMPONENTS3.5%

TELECOM - SERVICES3.4%

FINANCE2.7% · 9.4%

share of the book05%10%

By market cap, Aug 2026

Mid cap7.5%

Small / micro cap49.6%

Not classified1.9%

Other41.3%

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 8%
Small / micro 50%
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

Not measurable yet. Needs a Direct and a Regular growth class with overlapping NAV history.

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

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 124% of the portfolio a year

+0.01% 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

124% a year

costliest in categorycheapest in category

5th percentile · bottom decile of 151 funds · category median 47%

excess return per unit of turnover+0.01% 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 9 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.

9 months

lowest in categoryhighest in category

5th percentile · bottom decile of 151 funds · category median 24 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 8.5 percentage points ahead of them

120 positions judged, one disclosure at a time · ahead by 23.9 percentage points when it won, behind by 14.6 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 23.9 percentage points in the 72 positions it won and behind by 14.6 in the 48 it lost, so the average across all 120 is +8.5 percentage points. The worst position was INE03QK01018 at the Apr 2025 disclosure, 40.1 percentage points behind.

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

60%

lowest in categoryhighest in category

77th percentile · top quartile of 150 funds

positions judged120beat the median stock72average across every position+8.48% points · median +5.84when ahead, by how much+23.87% points over 72 positionswhen behind, by how much−14.61% points over 48 positionsworst position−40.14% points, INE03QK01018 at the Apr 2025 disclosurebest position+81.62% points, 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

₹39 Cr, 16th percentile in category; 100% of growth came from inflows

smaller than 84% of the funds in its category (151 funds) · AUM Mar 2025 → Jul 2026 · Regular plan expense ratio 1.50%

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.

16th percentile by AUM

largestsmallest

84th percentile · top quartile of 151 funds

median holding weight, trendrisingexpense ratio, Regular / Direct1.50% / 0.85% · category median 0.90%AUM, Mar 2025 → Jul 2026₹1 Cr → ₹39 Cr (+1067% a year)of that change, from flows rather than returns100% net inflows · NAV +11% over the window

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

15 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 1.00% in Mar 2025 → 1.50% 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 Ashutosh Shirwaikar for 1.4 yrs

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

1.4 yrs · Ashutosh Shirwaikar

newest teamlongest-serving

45th percentile · below median of 130 funds · category median 1.5 yrs

running it nowAshutosh Shirwaikar (since Mar 2025)share of the fund's life under the longest-serving current manager94%changes of hands in the archivenone

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
Ashutosh Shirwaikar	fund manager	Mar 2025	now	8.0% vs 4.9% p.a. (+3.10% 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 1.5 years, against a 5-year figure on display. Ashutosh Shirwaikar joined roughly 1.5 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

No signal. About 41% 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 Navi Nifty Smallcap 250 Momentum quality index fund- Direct Plan	—	₹12.32	21 Sep 2026
regular Navi Nifty Smallcap 250 Momentum quality index fund- Regular Plan	—	₹12.19	21 Sep 2026

The Direct / Regular gap, in money

This fund does not have both a Direct and a Regular growth class in the data, so the gap cannot be measured.

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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