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Value / Contra Fund SEBI Risk: Very High AMC: Bandhan Mutual Fund

Bandhan Sterling Value Fund - Direct Plan - Growth

Benchmark: BSE 500 TRI • Manager: Daylynn Pinto • Portfolio Date: 2026-09-30
Composite Health Score
85.9/100
INSTITUTIONAL_ALPHA
🔒 Deep Dive

Look-Through Forensics & Audit Narrative

The free report already shows fees, active share, holdings and the headline health score. The Deep Dive opens up what sits underneath the portfolio.

  • Weighted moat score and the top compounder holdings
  • Look-through accounting risk (ASRI) and promoter pledge exposure, with the flagged holdings named
  • Weighted margin of safety: is the portfolio at a DCF discount or premium
  • The written 7-pillar audit narrative, and the Forensic Desk can answer questions on all of it
One-time, permanent for this scheme

01: Dual-Sleeve Constituent Decomposition

Equity holdings evaluated via Forensic Equity Engine; Debt/bonds evaluated via Credit & Solvency Engine.
Equity: 28.1% (Score: 80.0) Debt: 0.0% (Score: 0.0) Cash / TREPS: 11.9%
Identifier Security Name Type Weight Sector / Rating Engine Score Diagnostic Notes
TREPS Cash Margin CASH_EQUIVALENT 11.9% CASH 100.0 Liquid Cash / Sovereign Collateral
ICICIBANK ↗ ICICI Bank Ltd EQUITY 6.2% Private Banks 82.0 Verified 7-Pillar Equity Dossier Available
AXISBANK ↗ Axis Bank Ltd EQUITY 5.5% Private Banks 82.0 Verified 7-Pillar Equity Dossier Available
CIPLA ↗ Cipla Ltd EQUITY 4.8% Pharmaceuticals 82.0 Verified 7-Pillar Equity Dossier Available
BHARATFORG ↗ Bharat Forge Ltd EQUITY 4.2% Auto Ancillary 76.0 Solid Core Holding (Pending 7-Pillar Audit)
TATACOMM ↗ Tata Communications Ltd EQUITY 3.9% Telecom Services 82.0 Verified 7-Pillar Equity Dossier Available
FEDERALBNK ↗ Federal Bank Ltd EQUITY 3.5% Banks 73.0 Solid Core Holding (Pending 7-Pillar Audit)

02: True Diversification & Active Share

Exposing Closet Indexing: Active Share AS = 0.5 × ∑|w_fund - w_bench|
Active Share Score
76.0%
TRUE_ACTIVE_ALPHA

High Active Share: Portfolio significantly deviates from the passive benchmark, justified active fee.

Top 10 Holdings Concentration: 40.0%

03 & 04: Risk-Adjusted Alpha & Downside Capture

Evaluating asymmetrical compounding: Downside Capture Ratio vs Upside Capture Ratio.
Sortino Ratio
1.98
Downside Risk Only
Downside Capture
65.0%
Benchmark: ≤ 75%
Capture Spread
+40.0%
UCR (105.0%) - DCR
Hurst Exponent (H)
0.65
Persistent Momentum
3-Year Rolling Return Consistency: 83.0% of windows

05: Intermediary Fee Drag & Wealth Destruction

Direct Plan vs Regular Plan: Compounded wealth transfer to distributor commissions over time.
Annual Distributor Commission Drag
83.0 bps / yr (1.55% - 0.72%)
Time Horizon Direct Plan Value (Net) Regular Plan Value (Net) Cumulative Wealth Lost Percentage Corpus Destroyed
5 Years ₹1,706,419 ₹1,643,723 -₹62,696 3.7%
10 Years ₹2,911,865 ₹2,701,825 -₹210,040 7.2%
15 Years ₹4,968,860 ₹4,441,051 -₹527,808 10.6%
20 Years ₹8,478,955 ₹7,299,858 -₹1,179,097 13.9%

💡 Fiduciary Takeaway: A ₹10.0 Lakh investment loses ₹210,040 over 10 years purely to distributor commissions in the Regular plan.

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