Guides
Mutual fund concepts, explained simply
No jargon, no hype — just clear explanations with worked examples, so you can read any fund like a quant. Every concept ties back to the one question that matters: is it skill, or luck?
How to Read a Mutual Fund Like a Quant: The Complete Guide
Most people pick funds on one number: last year's return. It's the worst possible signal — research is unambiguous that past returns don't predict future ones. Reading a fund prope
How to Read Mutual Fund Returns: CAGR, Absolute Returns, XIRR & Rolling Returns
A "return" sounds simple, but a fund can quote four different numbers for the same performance — and pick the one that flatters it most. Here's how to read each correctly, with exa
How to Measure Mutual Fund Risk: Standard Deviation, Beta, R-Squared, Tracking Error & Capture Ratios
Returns get the attention, but how a fund earns them — and how it behaves when markets fall — matters just as much. Here are the five numbers that describe a fund's risk, each with
Risk-Adjusted Returns & Manager Skill: Sharpe, Sortino, Treynor & Alpha
Raw returns flatter funds that simply took more risk. These four numbers ask the better question: given the risk, was the return any good — and was it actually the manager's doing?
What a Mutual Fund Really Costs: Expense Ratio, Direct vs Regular, Exit Load & Turnover
Returns are uncertain; costs are guaranteed. Every rupee of fee comes straight out of your return, every year, whether the fund does well or not — so understanding cost is one of t
Mutual Fund Basics: NAV and SIP vs Lump Sum
Two of the most-searched beginner questions — and two of the most misunderstood. Here's what each really means, with examples.
Return Decomposition: Where Mutual Fund Returns Actually Come From
When a fund returns 18% in a year, the obvious assumption is "the manager is good." Return decomposition tests that assumption — by breaking the return into its real sources and se
Investment Style Factors Explained: Size, Value, Momentum, Quality & Low Volatility
A "style factor" is a characteristic shared by a group of stocks that has historically earned a distinct, repeatable return — independent of which individual stocks you own. Decade