Anveshanby Lineage Money Wealth Governance Explore Anveshan
The lessons

How to read a fund honestly

Taught on real Indian funds and real numbers, each lesson linked to the page where it can be checked. Five to eight minutes each. No account needed.

Start with lesson 1 No quizzes, no scores, no streaks.

The lessons

in order

  1. What does a Regular plan actually cost?

    Up next

    Read the cost of a distributor out of two NAVs of the same portfolio, and see what it comes to in rupees.

    P5 — the Direct/Regular divergence, measured from the NAVs6 mincheck it: Funds, by Regular-plan mark-up

    The argument against it: A Regular plan buys advice, and advice that stops someone selling in a crash can be worth more than the fee. The cost is visible; the saving is not.

  2. Can a fund beat its category most of the time and still be behind?

    Up next

    Tell a hit rate from a payoff, and know which one a headline is quoting.

    P4 — rolling three-year windows, counted and averaged7 mincheck it: Funds, by average margin over their windows

    The argument against it: Rolling windows overlap, so a hundred of them are not a hundred facts; and the comparison is only as good as the category it is drawn against.

  3. Does any of this predict which fund wins?

    Up next

    Understand why a past-performance table is not evidence, using Anveshan’s own failed study as the worked example.

    Every measure on file, tested over ten years8 mincheck it: Order any list and see the caveat

    The argument against it: A negative result is a statement about one sample and one decade. It does not prove nothing can ever be found; it proves this study did not find it.

  4. What does a monthly portfolio leave out?

    Up next

    Know the age of the newest portfolio anyone can see, and what the gap between a NAV and its book means.

    The disclosure calendar, P1 turnover, and the tracking gap6 mincheck it: Funds, by distance from their disclosed book

    The argument against it: A gap between a NAV and its last disclosed book is usually a trade nobody has published yet, not a problem — and the replication here has its own error.

  5. Whose record is the three-year number?

    Up next

    Check a displayed return against the tenure of the people who are actually running the fund now.

    P7 — manager tenure, read from the monthly factsheets5 mincheck it: Managers, by current tenure

    The argument against it: Fund houses have processes and research desks that outlast individuals, so a change of manager is not a reset — and a factsheet names the manager of record, not necessarily the person deciding.

  6. What does the SIF label not say — cost, risk, or what to compare against?

    Up next

    Read three Specialised Investment Funds with one official label side by side, and see the label leave out the fee, the risk and the right yardstick.

    SIF measures — returns on the same dates as the alternative, stated risk bands, daily expense ratios and redemption days6 mincheck it: Every SIF, by strategy type

    The argument against it: A year of NAVs with one fall in it is a small sample: funds that look far apart now may converge, and the differences may say more about launch dates than about the strategies.

  7. What can a personal statement say that a fund page cannot?

    Up next

    See why the gap between a fund’s return and its holders’ returns is usually about when they bought, not what they bought.

    The CAS X-ray — behaviour gap, cash drag, the Direct-plan leak6 mincheck it: Read a CAS

    The argument against it: An X-ray of a finished decade describes decisions already taken. It cannot tell anyone what to do next, and nothing in it is advice.

Each month

new portfolios, new figures

The month in the data

Portfolios through Aug 2026 are in. The Sep 2026 portfolios land around the tenth of the following month. Why monthlyFunds disclose their holdings once a month. When a new month lands, every measure here moves with it: a new three-year stretch closes, a new tracking gap opens, a fund changes hands.

What the monthly disclosure can and cannot show

Read a fund alongside the lessons

Every fund page asks the same seven questions, each with its number and the argument against it. The seven questionsIs the headline return luck or record, what does it cost, whose track record is it, and four more. The lessons explain how to read them; the fund pages are where to practise.

Open the funds

What each postulate found

Every question tested, with its result so far, including the ones that found nothing.

Open the research register

The monthly masterclass

a perspective, never a recommendation