Elite Lens
Research notes on Indian mutual funds, model behaviour and portfolio construction. Free posts unlock for everyone; Pro posts are early-access for subscribers and become free 90 days after publication.
How to read a mutual fund factsheet — the 8 numbers that matter
Every fund publishes a monthly factsheet. Here's what each section actually tells you — and the three lines most investors skip that matter most.
What is AUM in mutual funds — and does fund size actually matter?
AUM is the total money a fund manages. Bigger sounds safer, but for some categories a large AUM quietly drags on returns. Here's when size helps and when it hurts.
How NAV is calculated — and why a 'low' NAV is not a cheap fund
NAV is just the per-unit price of a fund. A ₹15 NAV fund is not cheaper or better than a ₹500 one — here's the arithmetic that proves it.
Exit load in mutual funds: the penalty for leaving early, explained
An exit load is a fee charged when you redeem before a set period. Small, easy to avoid, and different for every category — here's how it works.
Rolling returns vs point-to-point: the honest way to judge a fund
A fund's '5-year return' depends entirely on which day you start. Rolling returns remove that luck and show the real distribution of outcomes.
Large cap vs mid cap vs small cap funds: risk, return and how SEBI defines them
The whole equity ladder in one place — what each market-cap tier means, how they behave in crashes and rallies, and who each suits.
How to start a SIP in India — a step-by-step guide
KYC, choosing a platform, picking an amount and date, and the mistakes that quietly cost SIP investors the most.
Direct vs regular mutual funds: the 1% that compounds against you
Same fund, same manager, same portfolio — one legal difference in fees that can cost lakhs over an investing lifetime.
ELSS vs PPF: lock-ins, returns and taxes compared
The two most popular Section 80C options are almost opposites — market equity with a 3-year lock-in vs a government-guaranteed 15-year account.
Flexi cap vs multi cap funds: same freedom, different rules
Two categories that sound identical but behave differently by regulation: one manager has full freedom, the other must hold 25% each in large, mid and small caps.
Liquid funds vs fixed deposits: where to park short-term money
Both are places to hold money you'll need soon. They differ on access, penalties, taxation and what happens in a stress event.
How to read your CAS — the one statement that shows every fund you own
The Consolidated Account Statement lists every mutual fund holding against your PAN, across all fund houses. Here's how to get it and what each column means.
Mutual fund taxation in India: equity, debt and everything between
The current capital-gains rules for every fund type — equity LTCG/STCG, the debt overhaul, hybrids, SIPs and IDCW — with worked examples.
What is a step-up SIP, and why it beats a flat SIP
A step-up SIP raises your monthly investment a little each year — and that small habit compounds into a dramatically larger corpus.
What is CAGR? The growth rate that smooths the noise
CAGR is the single constant annual rate that turns your starting value into your ending value — the standard way to compare returns.
What is an expense ratio, and how much does it cost you?
The expense ratio is the annual fee a mutual fund charges — small in percentage terms, but a large drag on wealth over decades.
What is an SWP (Systematic Withdrawal Plan)?
An SWP lets you withdraw a fixed amount from your mutual fund at regular intervals — a tax-efficient way to draw a monthly income.
PPF explained: returns, tax and the 15-year lock-in
PPF is a government-backed, tax-free savings scheme with a 15-year tenure — the safe, debt anchor of many Indian portfolios.
What is XIRR (and how it differs from CAGR)?
XIRR is the true annualised return when you invest at different times — the right metric for SIPs and irregular cashflows.
FD vs SIP: the real long-term gap
Fixed deposits offer guaranteed, taxable, lower returns; equity SIPs carry risk but have historically built far more wealth over long horizons.
SIP vs Lumpsum: which actually builds more wealth?
Lumpsum wins in steadily rising markets because money is invested earlier; SIPs win on discipline and reduced timing risk.