Counter Cyclical
Diversified Long Term Value
Every fund card carries five risk metrics computed over the fund’s trailing monthly return history. Here is what each measures, and how to read it.
Return earned per unit of total volatility. Above 1 is considered good; above 2 is excellent; below 0 means the fund underperformed a risk-free treasury bill after accounting for the risk taken.
Think of it this way. Two taxis take you to the airport. The first keeps to its lane and gets you there on time. The second drives faster, cuts sharp turns, weaves between lanes — a rougher ride, but reaches the airport 20 minutes early. The extra roughness (the risk) was rewarded with a proportionately better outcome (time saved). That is a high Sharpe: the volatility the fund experienced was actually paid for with higher returns. High Sharpe does not mean a smooth ride — it means the bumps you tolerated were worth the destination.
Similar to Sharpe but only penalises downside volatility — upside surprises do not hurt the score. Usually higher than Sharpe. A Sortino meaningfully higher than Sharpe suggests the fund’s volatility has been asymmetric toward gains.
Think of it this way. Take the same aggressive taxi that got you to the airport 20 minutes early — except this time, the driver’s shortcut through a red light picks up a traffic fine. The rough driving in general — the sharp turns, the lane-weaving — did not cost you anything; you still arrived early and safely. But the fine is a specific downside: a real cost that stuck. Sharpe would count the entire aggressive style against the fund. Sortino ignores the general roughness and only penalises the actual bad outcomes — the fines. That is why Sortino usually reads higher than Sharpe.
Annualised bumpiness of monthly returns. A 20% StDev means the fund’s yearly returns typically vary within ±20% of the average. Lower is smoother but often lower-returning.
Think of it this way. Imagine two joggers going from point A to point B in exactly the same time. One jogs at a steady slow pace in a near-straight line. The other has a dog on the leash — the dog keeps darting sideways, so the jogger has to run faster to make up for all the zig-zagging. Both reach point B at the same time, but the second jogger took a much bumpier path to get there. That is standard deviation — how much a fund’s returns zig-zag around their own average, regardless of where they end up. Two funds can post the same annual return with wildly different rides.
Sensitivity to benchmark movements. Beta of 1 means the fund moves in lockstep with the index; Beta 1.5 amplifies market moves 1.5x (steeper gains AND steeper losses); Beta 0.5 dampens them.
Think of it this way. Two dance partners on a floor. Beta of 1 means you mirror your partner’s every step exactly — they move right, you move right by the same distance. Beta of 1.5 means you exaggerate each of their moves — they step, you leap. Amplifies both directions equally. Beta of 0.5 means you are a dampened version — smaller, softer moves in both directions. Beta near 0 means you are barely responding to your partner — dancing to your own rhythm on the same floor.
The worst peak-to-trough loss in the fund’s history. Not just a data point but a behavioural test — could you have held through this without selling? The mathematics of recovery are asymmetric: a 10% loss needs an 11.1% gain to recover, 20% needs 25%, 30% needs 43%, and 50% needs 100%. Headline return figures rarely surface this.
Think of it this way. Imagine ₹100 in your portfolio drops to ₹50 — a 50% loss. To get back to ₹100 from your new base of ₹50, your money does not need to grow 50%. It needs to grow 100% — it needs to double. That is what "asymmetric recovery" means: the smaller you get after a fall, the harder every remaining rupee has to work to climb back. This is why the depth of a fund’s worst drawdown matters far more than headline returns suggest — a fund that lost 50% and then gained 50% is still sitting at ₹75, a full 25% below where it started.
The middle value across all full-history peer funds in the same category. Used as the comparison anchor throughout our per-fund commentary.
All metrics are computed over the fund’s available trailing monthly return series; the specific window is stated in each fund’s commentary. Longer-term interpretation improves as history accumulates.
For a deeper walkthrough with worked examples: Sharpe, Sortino & Jensen’s Alpha — what they mean for your PMS →
This fund has delivered risk-adjusted returns that have lagged the risk-free rate over the trailing 13 months; peer-group comparison is unavailable due to limited category sample.
Zooming out to a longer view, this fund ranks 1 of 203 in the Flexi Cap category on 5-year returns, with an annualised return of 31%. That is a strong long-term record. The last 13 months look weaker on risk-adjusted terms, but PMS strategies are typically evaluated over several years — the short window and the long record tell different stories, and both are worth reading together.
The fund’s returns have swung by 28.5% annualised. The Sharpe ratio of 0 means the returns did not compensate for the swing over the last 13 months — a difficult period on this measure, though 13 months is a short window for a PMS strategy.
The worst peak-to-trough fall was 28.1%, recorded in Mar 2026. To recover from a 28.1% fall, the fund needs to gain 39.1% from the low; as of the latest data point, it has not yet climbed back to the pre-drawdown peak.
The Sortino ratio of 0 isolates the fund’s losing months from its winning ones. Category comparison is unavailable due to a limited peer sample.
A Beta of 1.55 against the BSE 500 TRI means the fund amplifies market moves — roughly 1.55 times the benchmark, in both directions. Bigger gains when the market rises, bigger falls when it drops. Something to keep in mind when sizing the allocation.
The worst single month was Mar 2026, when the fund fell 13.2% while its benchmark fell 11.4% — the fund fell about 1.8 percentage points more than the market, suggesting strategy-specific factors made the month worse. Across the tracked history, 2 months saw losses of more than 5%.
The fund carries high volatility (a 28.5% swing in returns annualised), which fits an aggressive-growth mandate for investors with long horizons and comfort with sharp interim moves. Not suited to conservative or short-horizon capital.
Past performance is not indicative of future results. Portfolio Management Services are subject to market risk; investors should read all scheme-related documents carefully before investing. Metrics computed over the trailing available monthly return series and should be interpreted alongside longer-term qualitative context. AND Fintech is a distributor of PMS products (ARN-301536 · APRN05170); this commentary is educational in nature and does not constitute investment advice.
Counter Cyclical's Diversified Long Term Value is a Flexi Cap Portfolio Management Services (PMS) strategy managed by Gunit Singh Narang, operational since Jul 2019. Benchmark: BSE 500 TRI.
AUM
₹972 Cr
Min investment
₹50 L
Inception
Jul 2019
Fund manager
Gunit Singh Narang
The Counter cyclical diversified long term equity value strategy follows QiD i.e. Quality in Downturn to pick Small cap Blue-chip companies with high market share, RoCE & growth, which are temporarily going through a cyclical downturn in their business & whose stock price has been disproportionately hammered down by the markets.
6M
+8.0%
1Y
-2.9%
5Y
+31.0%
Since inception
+44.8%
6M
+11.5%
1Y
-0.9%
5Y
+18.7%
Since inception
—
6M
-3.5%
1Y
-2.0%
5Y
+12.2%
Since inception
+14.2%
Positive alpha over 5Y but not 1Y — classified as Long-Term Performer
Hypothetical growth based on TWRR from inception (Jul 2019)
Hypothetical illustration based on published TWRR over 7.2 years. Does not account for variable performance fees, taxes, or entry/exit timing. Past performance is not indicative of future results.
High watermark means you pay performance fees only on new highs — never twice for the same gains after a drawdown recovery.