Green Lantern
Alpha Fund
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 →
A Sharpe ratio of 1.08 versus the Flexi & Multi Cap category median of 0.54 means this fund’s risk-adjusted return over the last 40 months has been well above what most peer funds delivered (based on 269 peers with the full 40-month record).
The fund’s returns have swung by 17.4% annualised, close to the Flexi & Multi Cap median of 17.3% — so the ride has felt roughly like a typical Flexi & Multi Cap fund over this period. The Sharpe ratio of 1.08 says the returns earned have handsomely rewarded that swing over the last 40 months, a strong reading.
The worst peak-to-trough fall was 16.4%, recorded in Feb 2025 — a milder drop than the category median of 20.9%. To recover from a 16.4% fall, the fund needs to gain 19.6% from the low; the NAV took about 12 months to climb back to its previous peak.
The Sortino ratio of 2.36 (category median 0.85) is well above peers. Since Sortino only counts the downside months, a reading higher than Sharpe suggests most of the fund’s ups and downs have been on the upside — the fund has surprised more on gains than on losses over this period.
A Beta of 0.99 against the BSE 500 TRI means the fund moves roughly in step with its benchmark — no big directional bet away from the market, up or down.
Since Jun 2023, the worst single month was Mar 2026, when the fund fell 8.1% while its benchmark fell 11.4% — the fund held up about 3.3 percentage points better than the market that month. Since Jun 2023, 2 months saw losses of more than 5%.
The fund fits a core Flexi Cap equity allocation for investors comfortable with Flexi Cap volatility and a multi-year holding view.
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. Risk metrics (Sharpe, Sortino, Beta, volatility and maximum drawdown) and worst-month figures are computed over up to 5 years of monthly returns, as available for each fund, 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.
Green Lantern's Alpha Fund is a Flexi Cap Portfolio Management Services (PMS) strategy managed by Abhishek Bhardwaj / Pradeep Gokhale, operational since Feb 2020. Benchmark: BSE 500 TRI.
AUM
₹72 Cr
Min investment
₹50 L
Inception
Feb 2020
Fund manager
Abhishek Bhardwaj / Pradeep Gokhale
Green Lantern Capital’s Alpha Fund is a Mid - Large Cap equity strategy focused on delivering steady, risk-aware returns across market environments. The fund invests primarily in established large-cap and large mid-cap companies within a flexible allocation framework.
6M
+12.5%
1Y
+10.7%
5Y
+22.1%
Since inception
+28.6%
6M
+4.4%
1Y
+13.0%
5Y
+13.2%
Since inception
+14.8%
6M
+8.1%
1Y
-2.3%
5Y
+8.9%
Since inception
+13.8%
Positive alpha across both 1Y and 5Y — classified as Consistent Performer
Hypothetical growth based on TWRR from inception (Feb 2020)
Hypothetical illustration based on published TWRR over 6.7 years. Does not account for variable performance fees, taxes, or entry/exit timing. Past performance is not indicative of future results.
20-30 stocks
How many stocks the manager holds. Fewer stocks means higher conviction per position — each holding has a larger impact on overall returns, amplifying both gains and losses.
64%
Percentage of portfolio bought or sold annually. Higher turnover means more active trading and potentially more short-term capital gains tax events in your demat account.
High watermark means you pay performance fees only on new highs — never twice for the same gains after a drawdown recovery.