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Flexi Cap Fund SEBI Risk: Very High AMC: Kotak Mutual Fund

Kotak Flexicap Fund - Direct Plan - Growth

Benchmark: NIFTY 500 TRI • Manager: Harsha Upadhyaya • Portfolio Date: 2026-09-30
Composite Health Score
84.8/100
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: 46.8% (Score: 81.6) Debt: 0.0% (Score: 0.0) Cash / TREPS: 9.8%
Identifier Security Name Type Weight Sector / Rating Engine Score Diagnostic Notes
TREPS Tri-Party Repo & Cash CASH_EQUIVALENT 9.8% CASH 100.0 Liquid Cash / Sovereign Collateral
ICICIBANK ↗ ICICI Bank Ltd EQUITY 8.5% Private Banks 82.0 Verified 7-Pillar Equity Dossier Available
HDFCBANK ↗ HDFC Bank Ltd EQUITY 7.8% Private Banks 82.0 Verified 7-Pillar Equity Dossier Available
INFY ↗ Infosys Ltd EQUITY 6.2% IT Services 82.0 Verified 7-Pillar Equity Dossier Available
RELIANCE ↗ Reliance Industries Ltd EQUITY 5.5% Energy & Petrochemicals 82.0 Verified 7-Pillar Equity Dossier Available
LT ↗ Larsen & Toubro Ltd EQUITY 4.9% Infrastructure 82.0 Verified 7-Pillar Equity Dossier Available
TCS ↗ Tata Consultancy Services EQUITY 4.2% IT Services 82.0 Verified 7-Pillar Equity Dossier Available
MARUTI ↗ Maruti Suzuki India EQUITY 3.8% Automobiles 82.0 Verified 7-Pillar Equity Dossier Available
TITAN ↗ Titan Company Ltd EQUITY 3.1% Consumer Goods 82.0 Verified 7-Pillar Equity Dossier Available
BHARATFORG ↗ Bharat Forge Ltd EQUITY 2.8% Auto Ancillary 76.0 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
66.0%
TRUE_ACTIVE_ALPHA

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

Top 10 Holdings Concentration: 56.6%

03 & 04: Risk-Adjusted Alpha & Downside Capture

Evaluating asymmetrical compounding: Downside Capture Ratio vs Upside Capture Ratio.
Sortino Ratio
1.88
Downside Risk Only
Downside Capture
72.0%
Benchmark: ≤ 75%
Capture Spread
+26.0%
UCR (98.0%) - DCR
Hurst Exponent (H)
0.58
Persistent Momentum
3-Year Rolling Return Consistency: 81.0% 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
80.0 bps / yr (1.48% - 0.68%)
Time Horizon Direct Plan Value (Net) Regular Plan Value (Net) Cumulative Wealth Lost Percentage Corpus Destroyed
5 Years ₹1,709,488 ₹1,648,938 -₹60,550 3.5%
10 Years ₹2,922,348 ₹2,718,997 -₹203,351 7.0%
15 Years ₹4,995,719 ₹4,483,458 -₹512,260 10.3%
20 Years ₹8,540,120 ₹7,392,946 -₹1,147,174 13.4%

💡 Fiduciary Takeaway: A ₹10.0 Lakh investment loses ₹203,351 over 10 years purely to distributor commissions in the Regular plan.

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