Wealth Managers
Optimiser Portfolio
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 14 months; peer-group comparison is unavailable due to limited category sample.
The fund’s returns have swung by 19.3% annualised. The Sharpe ratio of -0.08 means the returns did not compensate for the swing over the last 14 months — a difficult period on this measure, though 14 months is a short window for a PMS strategy.
The worst peak-to-trough fall was 14.3%, recorded in Mar 2026. To recover from a 14.3% fall, the fund needs to gain 16.7% from the low; as of the latest data point, it has not yet climbed back to the pre-drawdown peak.
The Sortino ratio of -0.1 isolates the fund’s losing months from its winning ones. Category comparison is unavailable due to a limited peer sample.
A Beta of 1.14 against the Nifty 50 TRI means the fund moves roughly in step with its benchmark — no big directional bet away from the market, up or down.
The worst single month was Mar 2026, when the fund fell 13.6% while its benchmark fell 11.3% — the fund fell about 2.3 percentage points more than the market, suggesting strategy-specific factors made the month worse.
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. 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.
Wealth Managers's Optimiser Portfolio is a Flexi Cap Portfolio Management Services (PMS) strategy managed by Mandar Bagul, operational since Apr 2021. Benchmark: Nifty 50 TRI.
AUM
₹231 Cr
Min investment
₹50 L
Inception
Apr 2021
Fund manager
Mandar Bagul
The fund follows Quant-Based Stock Selection, data-driven stock ranking using objective, rule-based parameters across a defined equity universe. Security selection is governed by structured quantitative criteria rather than subjective judgement. Invests in stocks demonstrating sustained relative strength, with clearly defined exit rules when momentum thresholds weaken. The framework is designed to enforce discipline through market cycles. Equal allocation across selected stocks with annual rebalancing to manage concentration risk and maintain structural balance.
6M
-1.8%
1Y
-4.9%
5Y
+22.6%
Since inception
+24.7%
6M
+6.4%
1Y
+0.5%
5Y
+12.6%
Since inception
—
6M
-8.1%
1Y
-5.4%
5Y
+10.0%
Since inception
+11.0%
Positive alpha across both 1Y and 5Y — classified as Consistent Performer
Hypothetical growth based on TWRR from inception (Apr 2021)
Hypothetical illustration based on published TWRR over 5.5 years. Does not account for variable performance fees, taxes, or entry/exit timing. Past performance is not indicative of future results.
20-25 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.
171%
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.