Qurve Wealth

19/06/2026

The Nippon India Multi Cap Fund stands out as a well-balanced equity strategy with a strong long term track record and disciplined risk management. With an AUM of ₹53,000+ crore and diversified exposure across large, mid, and small caps, the fund delivers both stability and growth potential. It has generated consistent returns with ~18% CAGR over 3 years and ~19.6% over 5 years, while maintaining better than category average risk adjusted metrics including Sharpe, Sortino, and downside capture. With competitive costs, controlled drawdowns, and strong consistency across market cycles, this fund remains a compelling core holding for long term equity investors.

12/06/2026

Most investors know SBI Mutual Fund.

Very few actually know what makes SBI Focused Equity Fund stand out.

This fund manages ₹46,000Cr+, has a track record of more than 13 years, and has consistently combined strong returns with impressive downside protection.

Here's what the data shows:
→ 18.7% CAGR over 3 years, comfortably ahead of category averages
→ 17.65% average rolling 3-year return vs ~14% for the benchmark
→ Delivered over 12% returns 98% of the time on a 3-year holding period
→ Captured 105% of market upside while absorbing only 78% of downside moves
→ Maximum drawdown of just -11.7% vs -17.3% for the category

The trade-off?
Valuation risk.

The portfolio currently trades at a P/E of 26.36x, slightly above the category average. Additionally, with nearly 30% allocated to Financial Services, periods of sector-specific weakness can impact short-term performance.

Our Qurve Score: 83.2/100 — Excellent.

Strong long-term returns. Superior risk-adjusted performance. Meaningful capital protection. And one of the most consistent rolling-return profiles in the focused fund category. But like all focused funds, success depends on staying invested through market cycles and allowing the strategy time to compound.

08/06/2026

Most investors know HDFC Mutual Fund.

Very few actually know what makes HDFC Focused Fund so different. This fund manages ₹26,182 Cr, has a track record of more than 13 years, and has quietly delivered strong risk-adjusted returns while maintaining a disciplined, concentrated portfolio.

Here's what the data shows:
→ 17.49% CAGR over 3 years vs ~14% for the Nifty 500 TRI benchmark
→ 19.17% CAGR over 5 years vs ~13.5% for the benchmark
→ Beat its benchmark roughly 75% of the time on rolling 3-year returns
→ Delivered a consistent ~5.7% alpha on rolling 5-year returns
→ Captured 104% of market upside while absorbing only 88% of downside moves

The trade-off?
Concentration risk.
With over 41% of the portfolio allocated to Financial Services, the fund can experience periods of underperformance when the sector falls out of favour. In fact, recent short-term returns were impacted by weakness in financial stocks despite the fund's strong long-term track record.

Our Qurve Score: 85.6/100 — Excellent.

Strong long-term returns. Superior risk-adjusted performance. Meaningful downside protection. And a portfolio trading at a discount to the category average valuation.

But like all focused funds, this strategy requires investors to stay patient when market leadership shifts away from its core holdings.

04/06/2026

Most investors know Motilal Oswal.

Very few actually know what makes Motilal Oswal Flexi Cap Fund so different.

This fund manages ₹12,770 Cr, has a track record of more than 12 years, and has delivered meaningful alpha over the long term despite periods of short-term underperformance.

Here's what the data shows:

→ 22.25% CAGR over 3 years vs 17.9% for the Nifty 500 TRI benchmark
→ 13.95% CAGR over 5 years vs 16.5% for the benchmark
→ 16.64% CAGR since inception vs 12.19% for the benchmark, generating 4.45% annualized alpha
→ Beat its benchmark 88% of the time on rolling 3-year returns and 81% of the time on rolling 5-year returns
→ Captured 112% of market upside while absorbing only 88% of downside moves

The trade-off?
Valuation risk.

The portfolio currently trades at a P/E of 39.25x versus the category average of 25.87x, reflecting the fund's growth-oriented and high-conviction investment style. This can lead to periods of underperformance when markets favour value or large-cap stocks.

Our Qurve Score: 63.8 / 100 — Good.

Strong long-term alpha. Excellent consistency. Superior upside participation. But investors must be willing to tolerate valuation-driven volatility and periods of short-term underperformance.

A fund built for investors who believe that quality growth businesses can compound wealth over long periods of time.

01/06/2026

Most investors know Quant Mutual Fund.

Very few actually know what makes Quant Flexi Cap Fund so different.

This fund manages ₹6,647 Cr, has a track record of more than 13 years, and has consistently delivered returns that have outpaced the broader market across multiple time periods.

Here's what the data shows:
→ 21.17% CAGR over 3 years vs 14.29% for the Nifty 500 TRI benchmark
→ 18.81% CAGR over 5 years vs 12.61% for the benchmark
→ 23.77% CAGR over 7 years, significantly ahead of market returns
→ Beat its benchmark roughly 80% of the time on rolling 3-year returns and 100% of the time on rolling 5-year returns
→ Captured 112% of market upside while absorbing only 91% of downside moves

The trade-off?

Higher volatility.
The fund's maximum drawdown was -24.71%, compared to -18.62% for the benchmark. That's the price investors pay for a more aggressive and conviction-driven investment approach.

Our Qurve Score: 80.5 / 100 — Excellent.

Strong long-term returns. Consistent benchmark outperformance. Superior risk-adjusted metrics. But not for investors who panic during market corrections.

A fund that rewards conviction, patience, and a long-term investment horizon.

29/05/2026

You've probably never heard of this fund. Its numbers say they should.

Bank of India Flexi Cap Fund is less than 6 years old, manages ₹2,388 Cr, and has quietly built one of the strongest track records in its category.

Here's what the data shows:
→ 23.08% CAGR over 3 years vs the BSE 500 TRI's 14.53%
→ Beat its benchmark 94% of the time on rolling 3-year returns
→ Sharpe of 0.88 vs category average of 0.59; better return per unit of risk
→ Expense ratio: 0.52%; among the lowest in the active flexi cap space
→ Portfolio P/E of 20.97× vs category average of 24.14×; value tilt in a growth-obsessed category

The one honest blemish: it draws down more than the average fund (-22.83% vs -18.40% category). High conviction cuts both ways.

Our Qurve Score: 78.4 / 100 — Very Good.

A young fund, a disciplined manager, a low-cost structure, and a consistent edge over the index. Worth knowing.

27/05/2026

Most funds chase momentum. JM Flexicap has quietly compounded wealth for 13 years.

3Y return: 21.02% vs 14.96% benchmark.
5Y return: 18.98% vs 13.07% benchmark.
7Y return: 18.97% vs 14.49% benchmark.

Yes, the last 12 months have been choppy, but zoom out and the picture is clear. A Sharpe of 0.78 (vs category avg 0.59), a 7-year track record of sustained alpha, and an expense ratio of just 0.65%.

Qurve Score: 82.9 / 100; Excellent.

This is what disciplined, benchmark-beating investing looks like over a full market cycle.

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25/05/2026

There’s a popular narrative going around that SIP inflows have simply given FIIs an easy exit.

It sounds neat, but it’s largely misleading. FIIs don’t exit markets because there is someone to buy, they exit because valuations are stretched, better risk reward opportunities exist elsewhere, and global liquidity conditions shift.

In 2024, India checked at least two of these boxes, which is not debatable.

SIP flows did not enable these exits, they only absorbed the impact. Without steady domestic inflows, markets don’t correct gracefully, they break. A 15 to 20% drawdown can easily become 30 to 35% when liquidity disappears. SIPs acted as shock absorbers, nothing more.

What most of these narratives ignore is the larger structural gap. India is still not a dominant export economy and does not own enough global intellectual property, with a significant part of its edge still coming from cost arbitrage rather than innovation. That works, but only to a point, and makes us more vulnerable when global capital reallocates. Add to this external shocks like the Middle East crisis, which put pressure on crude and in turn weakened the rupee.

Currency depreciation, FII outflows, and market corrections are interconnected macro outcomes. SIP investors had no role in driving this, nor could they have predicted it. This is simply how markets function.

In bull phases, narratives justify everything, and in corrections, they turn into conspiracy theories. The reality is far simpler. This phase is a reset with valuations cooling off, capital rotating globally, and structural gaps getting exposed.

And if history is any guide, three years from now, the narrative will likely be the exact opposite of what it is today. Markets don’t just move capital, they constantly rewrite the story around it.

25/05/2026

₹1,00,479 Cr. 13+ years. 89.3 Qurve Score.

HDFC Flexi Cap Fund is one of the most consistent alpha generators in the category.

Here's what the data shows:
→ 18.89% CAGR over 3 years vs 12.90% from the benchmark
→ 18.48% CAGR over 5 years vs 11.90% — a 6.5% annual edge, compounded
→ Sharpe ratio of 1.00 vs category average of 0.75 — better returns per unit of risk
→ Downside capture of 80% vs category's 95% — it falls less when markets fall
→ Portfolio P/E of 21.59x vs category's 24.37x — quality at a relative discount

The fund has stayed in the top quartile of its category in 3 of the last 5 calendar years, including during the volatile 2021 and 2022 periods.

That's what disciplined, process-driven investing looks like at scale.

Know Your Fund is Qurve Wealth's deep-dive series; cutting through fund marketing to give you the numbers that actually matter.

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For informational purposes only. Not investment advice. Past performance is not indicative of future returns. Please consult your financial advisor before investing.

22/05/2026

Is India’s growth story a mirage when viewed in USD terms?

Lately, the internet has been buzzing with a narrative that Indian equity returns look lackluster once you account for currency depreciation. It’s a compelling argument, but is it accurate, or is it a half-truth that ignores the structural reality of the market?

I’ve just published a comprehensive deep dive into the "USD-denominated return" debate. It’s time to move past the surface-level chatter and look at the actual mechanics of how Indian markets behave in a global context.

In this piece, I dismantle the myths surrounding:
1. The "Currency Drag" Fallacy: Why simple conversion math often misses the real wealth-creation drivers.

2. Macroeconomic Resilience: Separating short-term currency volatility from long-term business performance.

3. The Investor’s Lens: Why your portfolio allocation strategy shouldn't be governed by a single, static metric.

If you’ve been questioning whether the Rupee’s movement fundamentally invalidates the case for Indian equities, this analysis provides the data-backed clarity you need.

Read the full breakdown here: https://claude.ai/public/artifacts/6c06298e-2b22-4c06-9643-453f60af1014

Discover why Indian midcap stocks delivered 11.1% annual USD returns over 20 years—outperforming the S&P 500 despite a 54% rupee depreciation. Data-driven analysis.