Bajaj Finserv · Equity Savings

Bajaj Finserv Equity Savings Fund

Hybrid Scheme - Equity Savings Direct plan, growth benchmark: Nifty Equity Savings TRI launched 28 Jul 2025 open-ended

At a glance

the fund as it stands today, from public disclosures

NAV, 21 Sep 2026

₹10.58

+0.32% since 18 Sep 2026, the previous NAV

1 year

5.3%

return

3 years

not enough history

5 years

not enough history

Since launch

5.2%

a year, over 1.1 years

Assets (AUM)

₹29 Cr

Jul 2026 factsheet

Expense ratio, Direct / Regular

0.28% / 1.28%

a year, as of Jul 2026

Holdings

top ten are 103% of the fund · Aug 2026

Disclosed history

1.1 yrs

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

Fund managers

Ilesh Savla · since at least Jun 2026Siddharth Chaudhary · since at least Jun 2026 · debt portionSorbh Gupta · since at least Jun 2026 · equity portion

All managers →

What only Anveshan can tell you

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

P5Cost, measured

Regular plan costs 1.11% a year more than Direct

₹16,448 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 Ilesh Savla for at least 2 mo

with Siddharth Chaudhary, Sorbh Gupta · the factsheet archive starts Jun 2026, so this is a floor. A return earned before they arrived is the house's record, not theirs — the tenure table shows the fund against its category over exactly their months.

Ilesh Savla'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 One check 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 Aug 2025

14 month-ends · ₹10.03 → ₹10.58, 1.1× since Aug 2025

Deepest fall (max drawdown)

−1.3%

26 Feb 2026 → 23 Mar 2026

Worst month

−1.1%

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 · 74 lines · when each was first held and the change over the last three disclosures

#	Holding	Sector	Weight	First held	Held for	3-mo change
1	TREPS / cash equivalents Net Receivables / (Payables) · cash equivalent	—	46.36%	Aug 2025	1.1 yrs	-1.29%
2	Bajaj Finserv Money Market Fund-Direct Plan-Growth mutual fund unit	—	22.25%	Sep 2025	1.0 yrs	-1.67%
3	ICICI Bank Limited equity	Banks	6.86%	Sep 2025	1.0 yrs	+2.98%
4	Clearing Corporation of India Ltd money market	—	5.28%	Aug 2025	1.1 yrs	+0.72%
5	ITC Limited equity	Diversified FMCG	4.76%	Sep 2025	1.0 yrs	-0.98%
6	HDFC Bank Limited equity	Banks	4.45%	Sep 2025	1.0 yrs	+2.95%
7	Embassy Office Parks REIT reit	—	4.02%	Aug 2026	1 mo	+4.02%
8	Axis Bank Limited equity	Banks	3.10%	Nov 2025	10 mo	+1.57%
9	Bajaj Finserv Limited equity	Finance	3.05%	Sep 2025	1.0 yrs	+0.19%
10	Multi Commodity Exchange of India Limited equity	Capital Markets	2.65%	Jan 2026	8 mo	+0.03%
11	Kotak Mahindra Bank Limited equity	Banks	2.58%	Jan 2026	8 mo	-0.22%
12	DLF Limited equity	Realty	2.44%	Jun 2026	3 mo	+2.44%
13	The Federal Bank Limited equity	Banks	2.43%	Aug 2026	1 mo	+2.43%
14	Hindustan Aeronautics Limited equity	Aerospace & Defense	2.32%	Sep 2025	1.0 yrs	+0.04%
15	Torrent Pharmaceuticals Limited equity	Pharmaceuticals & Biotechnology	2.28%	Sep 2025	1.0 yrs	+1.44%
16	Hindalco Industries Limited equity	Non - Ferrous Metals	2.11%	Sep 2025	1.0 yrs	-0.47%
17	Bharat Electronics Limited equity	Aerospace & Defense	1.76%	Sep 2025	1.0 yrs	-0.15%
18	Elantas Beck India Limited equity	Chemicals & Petrochemicals	1.68%	Jun 2026	3 mo	+1.68%
19	Apollo Hospitals Enterprise Limited equity	Healthcare Services	1.63%	Sep 2025	1.0 yrs	-0.32%
20	Solar Industries India Limited equity	Chemicals & Petrochemicals	1.49%	Oct 2025	11 mo	0.00%
21	Indus Towers Limited equity	Telecom - Services	1.47%	Sep 2025	1.0 yrs	-0.97%
22	UltraTech Cement Limited equity	Cement & Cement Products	1.46%	Sep 2025	1.0 yrs	-0.15%
23	Timken India Limited equity	Industrial Products	1.43%	Sep 2025	1.0 yrs	-0.38%
24	Jio Financial Services Limited equity	Finance	1.41%	Sep 2025	1.0 yrs	-0.12%
25	Ingersoll Rand (India) Limited equity	Industrial Products	1.15%	Sep 2025	1.0 yrs	-0.56%
26	Power Grid Corporation of India Limited equity	Power	1.12%	Jun 2026	3 mo	+1.12%
27	JSW Steel Limited equity	Ferrous Metals	1.09%	Sep 2025	1.0 yrs	-0.08%
28	ZF Commercial Vehicle Control Systems India Limited equity	Auto Components	1.04%	Sep 2025	1.0 yrs	-0.06%
29	Power Finance Corporation Limited equity	Finance	0.97%	Sep 2025	1.0 yrs	-0.40%
30	EID Parry India Limited equity	Food Products	0.97%	Jul 2026	2 mo	+0.97%
31	Schaeffler India Limited equity	Auto Components	0.96%	Sep 2025	1.0 yrs	-0.12%
32	Sun Pharmaceutical Industries Limited equity	Pharmaceuticals & Biotechnology	0.91%	Sep 2025	1.0 yrs	-1.37%
33	Cube Highways Trust-InvIT Fund invit	—	0.90%	Jul 2026	2 mo	+0.90%
34	Oil & Natural Gas Corporation Limited equity	Oil	0.78%	Sep 2025	1.0 yrs	-0.20%
35	Adani Ports and Special Economic Zone Limited equity	Transport Infrastructure	0.75%	Apr 2026	5 mo	-0.18%
36	Bandhan Bank Limited equity	Banks	0.73%	Sep 2025	1.0 yrs	-0.29%
37	Hindustan Unilever Limited equity	Diversified FMCG	0.70%	Sep 2025	1.0 yrs	-0.14%
38	Westlife Foodworld Limited equity	Leisure Services	0.63%	Jun 2026	3 mo	+0.63%
39	GlaxoSmithKline Pharmaceuticals Limited equity	Pharmaceuticals & Biotechnology	0.57%	Sep 2025	1.0 yrs	+0.12%
40	Titan Company Limited equity	Consumer Durables	0.55%	Sep 2025	1.0 yrs	+0.07%
41	Tata Motors Passenger Vehicles Limited equity	Automobiles	0.49%	Jul 2026	2 mo	+0.49%
42	Tata Consumer Products Limited equity	Agricultural Food & other Products	0.32%	Sep 2025	1.0 yrs	-0.08%
43	Sanofi Consumer Healthcare India Limited equity	Pharmaceuticals & Biotechnology	0.28%	Sep 2025	1.0 yrs	-0.06%
44	Larsen & Toubro Limited equity	Construction	0.23%	Sep 2025	1.0 yrs	-1.38%
45	Cipla Limited equity	Pharmaceuticals & Biotechnology	0.20%	Sep 2025	1.0 yrs	-0.45%
46	Cummins India Limited equity	Industrial Products	0.19%	Mar 2026	6 mo	-0.05%
47	Infosys Limited equity	IT - Software	0.18%	Sep 2025	1.0 yrs	-0.02%
48	Tata Consultancy Services Limited equity	IT - Software	0.17%	Sep 2025	1.0 yrs	0.00%
49	Reliance Industries Limited equity	Petroleum Products	0.16%	Sep 2025	1.0 yrs	-0.59%
50	Reliance Industries Limited September 2026 Future derivative	—	-0.16%	Aug 2026	1 mo	-0.16%
51	Tata Motors Passenger Vehicles Limited September 2026 Future derivative	—	-0.51%	Aug 2026	1 mo	-0.51%
52	Bandhan Bank Limited October 2026 Future derivative	—	-0.74%	Aug 2026	1 mo	-0.74%
53	Adani Ports and Special Economic Zone Limited September 2026 Future derivative	—	-0.78%	Aug 2026	1 mo	-0.78%
54	Oil & Natural Gas Corporation Limited September 2026 Future derivative	—	-0.78%	Aug 2026	1 mo	-0.78%
55	Power Finance Corporation Limited September 2026 Future derivative	—	-1.01%	Aug 2026	1 mo	-1.01%
56	Apollo Hospitals Enterprise Limited September 2026 Future derivative	—	-1.10%	Aug 2026	1 mo	-1.10%
57	JSW Steel Limited September 2026 Future derivative	—	-1.11%	Aug 2026	1 mo	-1.11%
58	Power Grid Corporation of India Limited September 2026 Future derivative	—	-1.12%	Aug 2026	1 mo	-1.12%
59	UltraTech Cement Limited September 2026 Future derivative	—	-1.15%	Aug 2026	1 mo	-1.15%
60	Jio Financial Services Limited September 2026 Future derivative	—	-1.39%	Aug 2026	1 mo	-1.39%
61	Indus Towers Limited September 2026 Future derivative	—	-1.46%	Aug 2026	1 mo	-1.46%
62	Solar Industries India Limited October 2026 Future derivative	—	-1.52%	Aug 2026	1 mo	-1.52%
63	Bharat Electronics Limited October 2026 Future derivative	—	-1.77%	Aug 2026	1 mo	-1.77%
64	Hindalco Industries Limited September 2026 Future derivative	—	-2.14%	Aug 2026	1 mo	-2.14%
65	ITC Limited October 2026 Future derivative	—	-2.16%	Aug 2026	1 mo	-2.16%
66	Hindustan Aeronautics Limited September 2026 Future derivative	—	-2.34%	Aug 2026	1 mo	-2.34%
67	DLF Limited September 2026 Future derivative	—	-2.38%	Aug 2026	1 mo	-2.38%
68	The Federal Bank Limited September 2026 Future derivative	—	-2.38%	Aug 2026	1 mo	-2.38%
69	HDFC Bank Limited September 2026 Future derivative	—	-2.42%	Aug 2026	1 mo	-2.42%
70	Kotak Mahindra Bank Limited September 2026 Future derivative	—	-2.54%	Aug 2026	1 mo	-2.54%
71	Axis Bank Limited September 2026 Future derivative	—	-2.56%	Aug 2026	1 mo	-2.56%
72	Multi Commodity Exchange of India Limited September 2026 Future derivative	—	-2.63%	Jul 2026	2 mo	-2.63%
73	Bajaj Finserv Limited October 2026 Future derivative	—	-2.85%	Aug 2026	1 mo	-2.85%
74	ICICI Bank Limited September 2026 Future derivative	—	-6.31%	Aug 2026	1 mo	-6.31%

Showing 1–74 of 74 rows per page10 25 50all

Largest sectors, Aug 2026 · grey: a year ago

Banks20.2%

Diversified FMCG5.5%

Finance5.4%

Pharmaceuticals & Biotechnology4.2%

Aerospace & Defense4.1%

Chemicals & Petrochemicals3.2%

Industrial Products2.8%

Capital Markets2.6%

share of the book05%10%15%20%25%

By market cap, Aug 2026

Large cap48.8%

Mid cap9.8%

Small / micro cap7.9%

Cash & equivalents51.6%

share of the book025%50%75%100%

Composition by market cap, month by month — what the fund actually held against what its label says

Large cap 49%
Mid cap 10%
Small / micro 8%
Cash & other 52%

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 1.11% a year more than Direct

₹16,448 on ₹1 lakh over ten years

What this means. The Regular and Direct plans hold the same portfolio; the Regular one pays a distributor out of your money every day. The gap between the two NAVs is that cost, measured from the NAVs rather than quoted from a document.

1.11 pp a year

costliest in categorycheapest in category

45th percentile · below median of 15 funds · category median 1.08 pp

on ₹1,00,000 over ten years₹16,448Direct vs Regular, annualised5.0% vs 3.9%measured over1.08 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 90% of the portfolio a year

+0.02 pts of excess return per unit of turnover

What this means. How much of the portfolio was bought and sold in a year, computed from what the fund disclosed each month. Trading costs something certain; the extra return it is meant to buy is not.

90% a year

costliest in categorycheapest in category

15th percentile · bottom quartile of 13 funds · category median 73%

excess return per unit of turnover+0.02 pts

How it is measured, and the case against

Turnover measured from consecutive disclosures — Σ|Δweight|/2 — costs something certain; the excess return it is meant to buy is not.

Is the trading paying for itself?

Why this might matterAMCs define their own turnover figure inconsistently. This one is computed from what the fund disclosed month to month, so two funds are comparable on it. Read it beside the excess return per unit of turnover.

Why it might notTurnover computed from month-end snapshots misses everything bought and sold inside a month, and a fund forced to sell by redemptions is charged for churn it did not choose.

P2 Conviction or inertia

Typical top-10 holding kept 11 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.

11 months

lowest in categoryhighest in category

5th percentile · bottom decile of 13 funds · category median 33 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

4 of 10 top picks beat their peers over the next 6 months, and averaged 6.7 points behind them

60 positions judged, one disclosure at a time · ahead by 12.6 points when it won, behind by 17.8 when it lost

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

How often, and by how much. The count and the average agree. Ahead by 12.6 points in the 22 positions it won and behind by 17.8 in the 38 it lost, so the average across all 60 is −6.7 points. The worst position was INE205A01025 at the Jan 2026 disclosure, 65.5 points behind.

37%

lowest in categoryhighest in category

5th percentile · bottom decile of 13 funds

positions judged60beat the median stock22average across every position−6.67 pts · median −6.34when ahead, by how much+12.58 pts over 22 positionswhen behind, by how much−17.82 pts over 38 positionsworst position−65.48 pts, INE205A01025 at the Jan 2026 disclosurebest position+63.70 pts, INE205A01025 at the Sep 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

₹29 Cr, 17th percentile in category; 96% of growth came from inflows

smaller than 83% of the funds in its category (9 funds) · AUM Sep 2025 → Jul 2026 · Regular plan expense ratio 2.29%

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 9 funds

expense ratio, Regular / Direct2.29% / 1.11% · category median 2.07%AUM, Sep 2025 → Jul 2026₹13 Cr → ₹29 Crof that change, from flows rather than returns96% net inflows · NAV +5% over the window

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

5 points · months without a factsheet figure use AMFI's quarterly average · Regular-plan expense ratio 1.30% in Aug 2025 → 2.29% 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 Ilesh Savla for at least 2 mo

with Siddharth Chaudhary, Sorbh Gupta · the factsheet archive starts Jun 2026, so this is a floor

What this means. How long the people running it now have been running it, read from the monthly factsheets. A five-year record earned under someone else is not evidence about these managers.

No category distribution for this measure yet.

running it nowIlesh Savla (since at least Jun 2026), Siddharth Chaudhary (since at least Jun 2026), Sorbh Gupta (since at least Jun 2026)share of the fund's life under the current teamnot knowable — the archive starts Jun 2026, so the tenure is a floorchanges 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
Ilesh Savla	—	by Jun 2026†	now	1.1% vs 2.4% (−1.35 pp)	—
Siddharth Chaudhary	debt portion	by Jun 2026†	now	1.1% vs 2.4% (−1.35 pp)	—
Sorbh Gupta	equity portion	by Jun 2026†	now	1.1% vs 2.4% (−1.35 pp)	—

* dated by first appearance in the archive we hold, not by a date the factsheet printed. † already named on the first factsheet we hold: the stint is at least this long, and its start is not known. Co-managed months count for every manager named; a factsheet names the manager of record, not who made each call. All managers →

The 5-year figure covers most of the fund's entire life. This scheme is about 1.2 years old and a 5-year return is being displayed for it. That is effectively a since-inception number — it measures the period the fund happened to be launched into, and separates nothing from the manager's contribution.

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 notEvery fund is young once, and a short record is not a bad one. This says the number cannot bear the weight usually placed on it, not that the fund is worse than a peer.

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 34% 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 BAJAJ FINSERV EQUITY SAVINGS FUND - DIRECT - GROWTH	growth	₹10.58	21 Sep 2026
direct BAJAJ FINSERV EQUITY SAVINGS FUND - DIRECT - IDCW	idcw	₹10.58	21 Sep 2026
regular BAJAJ FINSERV EQUITY SAVINGS FUND - REGULAR - GROWTH	growth	₹10.45	21 Sep 2026
regular BAJAJ FINSERV EQUITY SAVINGS FUND - REGULAR - IDCW	idcw	₹10.45	21 Sep 2026

The Direct / Regular gap, in rupees

Direct growth NAV: ₹10.58
Regular growth NAV: ₹10.45
NAV divergence to date: 1.2% — same portfolio, priced differently
Regular costs more by: 1.11% a year
On ₹1,00,000 over ten years: ₹16,448

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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