What this app is

The Mutual Funds app is research software for Indian mutual funds. It reads the full AMFI NAV history — every scheme, every day, back to the beginning of each fund — and turns it into rankings, risk-adjusted ratios, rolling-return distributions and portfolio look-through, so a decision rests on a fund's whole record rather than the one trailing number a factsheet chose to print.

Three things it deliberately does not do:

• It does not sell or transact in funds. There is no buy button, no folio, no distributor relationship. Nothing you do here moves money.
• It does not recommend schemes. Rankings and scores are descriptions of what already happened, published so you can compare like with like. They are not advice.
• It does not use category averages as a stand-in for a fund. Every simulation and distribution runs on the scheme's own NAV series.

The 60-second tour

1. Search any fund from the box in the top-right of the app. Results show the fund house and a “Options” expander for the Direct/Regular and Growth/IDCW variants of the same scheme.
2. Open the fund page. Health score, category rank, rolling returns, sector and market-cap composition, ratios, fees, managers, holdings and peers — on one scrollable page with a jump-nav.
3. Screen for what you actually want in the Fund Screener — Sortino above 1.5, down-capture under 100, expense under 1%, small-cap weight above 60%, and so on.
4. Compare the shortlist in Compare Funds (up to four funds, plus benchmark indices on the same growth chart).
5. Check you are not buying the same thing twice with Overlap Analysis.
6. Load your own portfolio in Portfolio Monitoring and run Insights to see your true single-stock exposure across every fund you hold.

Pick your starting point

Where the data comes from

Everything in the app is derived from four sources, refreshed on a fixed schedule. All times are IST.

Two NAV runs a day, by design. AMFI publishes most NAVs late in the evening, and stragglers land overnight. A single 22:30 IST run catches the bulk; the 08:30 IST run picks up whatever arrived afterwards, so the app is correct before the next market day rather than a day behind.

The live counts sit in the sub-navigation strip on the Top Funds page — funds ranked, NAV points, total schemes and the latest NAV date. At the time of writing that reads roughly 8,400 ranked schemes out of 37,600 in the scheme master, over 34.6 million NAV rows.

Direct vs Regular, and the plan toggle

Every scheme exists as at least four rows: Direct/Regular × Growth/IDCW. They hold the same portfolio; what differs is cost and what happens to gains.

• Direct carries no distributor commission, so its expense ratio is lower and its NAV compounds faster than the Regular plan of the same fund.
• Growth retains gains in the NAV. IDCW (formerly “dividend”) pays them out, which resets the NAV and makes a raw NAV series look flat — which is why ranks, ratings and the Health Score are computed on Growth rows only.

The Direct plan ⇄ button in the top bar switches the whole app between Direct and Regular. It is a global preference, stored in your browser, and it drives search results, rankings, screener defaults and the goal lists. Default is Direct.

The shared fund table

Top Funds, Goals, Movers, NAV Highs & Lows, Fund Houses and the peer table on every fund page all render the same column set. One definition, one set of formatting rules — so a number never means one thing on one screen and something else on another. Click any header to sort; click any row to open the full fund analysis.

Every column explained

Category rank and the arrow

Ranks are computed for 1M, 6M, 1Y and 2Y windows, among the investable set (Growth option, the plan you have selected). The rank cell shows 12/78 — twelfth of seventy-eight funds in that category.

On the 1Y view a small ▲ or ▼ follows the rank. That is the change in the fund's 1-year rank versus its rank a month ago: ▲5 means it climbed five places. It answers “is this fund drifting up or down among its peers” without you having to remember last month's table.

Ranks need a real peer group. A category with fewer than five funds gets no rank, rating or Health Score at all, because a percentile among three funds is noise.

Top Funds

Three views of the same universe, switched by the tabs under the page heading, with the return window and Direct/Regular plan applying to all of them.

• By Category — the top funds inside each asset class, with a sub-tab row for All / Equity / Debt / Gilt / Hybrid / Commodities / FoF / Overseas / Solution Oriented / Index & ETF. Use this when you want “the best mid caps”, not “the best funds”.
• By Performance — the full screening table across every category, with filters for category, asset class, risk band, minimum FT rating and fund house, plus a free-text table filter.
• By AUM — the same table sorted by fund size. Useful for sanity checks: a category's largest funds are usually its most liquid and least likely to be merged away.

Clicking a row opens the full fund page. The quick-peek drawer (from search) gives you the 1M–5Y returns with alpha against the benchmark, AUM, expense ratio and a NAV chart without leaving the list.

Monitor — the category heatmap

A grid of every sub-category against time, coloured by return. Rows are sub-categories grouped by asset class; cells are the average return of that category's Direct-Growth funds for the period. Four views:

A category needs at least two funds with data to appear. Clicking a category name jumps to the Top Funds screener filtered to it. Filter the rows with the category search box, or narrow the whole grid to one asset class.

Movers

The top 50 funds across all categories by momentum, in three buckets. Each bucket is a weighted blend of trailing returns, and a fund must have the bucket's primary window to qualify:

Filter by asset class to keep the comparison honest — a list mixing small-cap equity and liquid funds by raw momentum is not a shortlist, it is a market summary. Funds need at least 60 NAV points and a NAV no more than 15 days old to appear.

NAV Highs & Lows

Funds sitting at a NAV milestone right now. The thresholds are explicit rather than exact-equality, so a fund a whisker below a high still counts:

Only one label is assigned per fund, in priority order: all-time high, then all-time low, then 52-week high, then 52-week low. Low lists are sorted by how far the fund sits below its all-time high; high lists by AUM.

Fund Houses

Every AMC with the number of schemes it runs, total AUM and average rating, sorted by size. Pick a fund house to see its full fund list in the standard table — useful when you already hold with one AMC and want to see what else sits under the same roof, or when you are checking how deep a house is beyond its one famous scheme.

Goals

Nine plain-language groupings, each mapped to real SEBI categories and ranked on the metric that suits the goal. Multiple plan/option variants of the same fund collapse to one row, so the list is nine distinct funds rather than the same fund four times.

Goals is a shortcut into the right neighbourhood, not a recommendation. ELSS carries a three-year lock-in; thematic funds concentrate risk by construction; liquid funds are for parking, not growth. The category is the decision — the list just saves you mapping it by hand.

The fund page

Everything known about one scheme, on a single page with a sticky jump-nav across the top. Sections that cannot apply to a fund are dropped rather than rendered as a row of dashes — a gold or liquid fund maps to no equity benchmark, so it legitimately has no alpha, capture ratio or tracking error.

Open it from search, from any table row, or directly at /fund?code=<scheme code>.

Fund Health

A 0–100 composite scored against the fund's own category peers, shown with a letter grade and a per-dimension breakdown so you can always see why. The bars beneath the headline number are the six dimensions with their weights; hover any one to see its contribution.

Because it is peer-relative, a liquid fund scoring 85 is excellent among liquid funds — it is not making a claim against an equity fund scoring 60. Full formula →

Rank

Where the fund sits inside its category over 1M, 6M, 1Y and 2Y, alongside its rank across the whole universe. Four windows rather than one, because a fund that is 3rd over 2 years and 61st over 1 month is telling you something a single number would hide.

Performance & the NAV chart

Trailing returns from 1 day to 10 years, each shown against the fund's benchmark for the same window, with the difference in green or red. The NAV chart underneath plots the scheme's actual NAV series; on funds younger than a window, that window is simply absent.

Rolling returns

The most useful table on the page. For each horizon — 1Y, 3Y, 5Y, 7Y, 10Y — it takes every month-start in the fund's life where a complete window exists, computes the annualised return over that window, and describes the resulting distribution:

Read a 3Y row as: across every month in which you could have started a three-year holding, this is the range of annualised returns you would have got.

Sector exposure

The fund's disclosed equity sleeve broken down by sector, as bars, with the headline concentration underneath (“most concentrated in Financial Services at 31.4% across 14 sectors”). Percentages are of disclosed equity, and the caption states what share of the whole portfolio that equity is — a hybrid fund with 30% equity will show sector weights that sum across that 30%, not the whole fund.

Look-through valuation

What the portfolio actually trades at, computed from the fund's own holdings rather than from the fund's label: weighted portfolio P/E (a harmonic mean, which is the correct way to average a ratio across a portfolio), P/B, weighted ROE and dividend yield, plus a Cheap / Fair / Expensive chip versus its category and our own risk band. The caption states the share of the fund's equity we could match to fundamentals — if that coverage is low, treat the numbers as indicative.

Market-cap composition

Large / mid / small / other, from AMFI's classification of each individual holding (top 100 companies by market cap are large, 101–250 mid, beyond that small) weighted by the fund's own weights — not from the fund's name. The style label that follows is derived the same way.

Advanced ratios

The full risk-adjusted set, computed over up to three years. Hover any label in the app for a plain-English explanation; the same definitions are collected in the glossary. Metrics that cannot be computed for the fund are listed together at the bottom of the card with the reason, instead of appearing as blanks.

• Return vs benchmark — alpha, upside capture, downside capture, information ratio, tracking error, windows ahead, share of equity inside the benchmark.
• Risk — Sharpe, Sortino, standard deviation, beta versus Nifty 50, max drawdown over 3 years and over the fund's life, worst rolling 1-year.
• Character — fund age, FT rating, consistency score, top-5 and top-20 holding concentration.

Exit load, stamp duty & tax

What it costs to hold and to leave: the scheme's exit load in its own words, the expense ratio, the 0.005% stamp duty charged on every purchase and SIP instalment, and a note that entry loads have been abolished since 2009. A plain-English tax summary for the fund's asset class sits underneath.

Fund management

The named managers, and for each, how many other schemes they run at the same AMC with those funds listed and their 1-year returns. A manager running fourteen schemes is a different proposition from one running two, and a manager whose other funds all lag is worth noticing.

Holdings & exports

The full disclosed portfolio — stock, sector and percentage — as of the latest disclosure date, which is printed on the section. Two exports sit above the table:

• TradingView watchlist — the equity holdings as an NSE:SYMBOL list to paste into TradingView via Watchlist → Import.
• CSV — symbols with weights, sectors and ISINs.

Cash, repo, treasury and derivative lines are excluded from equity maths (overlap, sectors, look-through) but remain visible in the disclosure itself.

Performers

The fund's holdings with each stock's own price performance across 1D to 5Y, so you can see which positions have carried the portfolio and which have dragged. Stock returns come from the FNOTrader Stocks app over an internal bridge; if that is briefly unavailable the section serves its last good data rather than blanking.

Peers

Every other fund in the same category in the standard table, with this fund pinned at the top so you can see it in context on any column you sort by. This is the fastest way to ask “is this fund's expense ratio normal for its category?” — sort by expense and look at where the pin sits.

Fund Screener

Any mix of filters, applied to the whole universe. Leave a field blank to ignore it. The results table carries the deep metrics as sortable columns, each with a hover explanation on its header.

Basics

Category, asset class, plan, minimum FT rating, Sortino, Sharpe, up-capture, down-capture, beta, expense ratio, AUM, and trailing 1Y / 3Y / 5Y returns.

Quality & consistency

Health score and grade, consistency score, rolling 3Y median, maximum share of loss-making 3Y windows, minimum share of windows beating the category, 3Y alpha, information ratio, and maximum 3-year drawdown.

Portfolio & style

Style label, valuation label, risk band, largest sector, portfolio P/E, weighted ROE, minimum large-cap or small-cap share, and maximum share of equity sitting inside the benchmark index.

Worked examples

• Downside-aware equity — Category: Flexi Cap · Down-capture ≤ 90 · Sortino ≥ 1 · Max drawdown 3Y ≥ −30.
• Genuinely active, not a closet tracker — Category: Large Cap · In benchmark ≤ 70% · Info ratio ≥ 0.5 · Expense ≤ 1.2%.
• Consistency over a hot streak — Beat category ≥ 60% · Loss-making 3Y windows = 0 · Consistency ≥ 75.
• Cheap large-cap exposure — Asset class: Index / ETF · Expense ≤ 0.25% · AUM ≥ 1000 Cr.

Compare Funds

Up to four funds side by side, plus benchmark indices as additional columns on the same growth chart — so “did this beat the index” is a line you can see rather than a subtraction you do in your head. The comparison covers returns across every window, risk ratios, expense, AUM, category rank, market-cap composition, and a rebased NAV chart over the last five years.

Add funds from the search box; the same “Options” expander lets you pin the exact plan and option variant, which matters when comparing a Direct plan against someone's Regular holding.

Overlap Analysis

Pick a main fund, add others, and see how much of their equity is literally the same stocks. Overlap is computed as the sum of the minimum weight of each stock common to both portfolios — the standard definition. If both funds hold HDFC Bank at 8% and 5%, that name contributes 5 percentage points of overlap.

The common-stock list underneath shows each shared name with both funds' weights and the overlapping portion. Funds that do not disclose equity holdings — debt, gold, fund-of-funds — are marked as unavailable rather than silently scored as zero.

Stock → Funds

The reverse lookup: type a stock and see every fund that holds it, with each fund's weight in that name and its own performance. Useful for two questions — “which managers back this company?”, and “if I already own this stock directly, which of my funds is doubling me up?”

Search understands brand names that differ from the listed entity funds disclose: Paytm resolves to One 97 Communications, Zomato to Eternal, Nykaa to FSN E-Commerce, Policybazaar to PB Fintech, and so on.

Top Stocks

The most widely held listed stocks across the entire fund universe, aggregated from every disclosed portfolio. For each: how many funds hold it, the total value that represents (each fund's AUM × its weight), the average weight, and the market-cap class. Sort by holder count to see conviction breadth, or by value to see where the money actually is. Cash, repo and derivative lines are excluded by requiring a resolvable NSE symbol.

Calculators

Two directions, three modes each.

• Reach a goal — you give the target, the app solves for the monthly SIP, the starting SIP of a step-up plan, or the lump sum required.
• Project an investment — you give the amount, the app shows what it grows to.

The modes are Monthly SIP, Step-up SIP (with an annual increase percentage, applied each twelve instalments) and Lump sum. Results break out total invested versus estimated gains, with a year-by-year chart of both lines.

The expected-return field accepts any number, or you can search a fund and pull in its historical CAGR — 5Y if available, else 3Y, else 1Y — which is labelled as such. That is a convenience for anchoring an assumption to something real. It is still an assumption: past returns do not repeat on schedule, and a projection is arithmetic, not a forecast.

Portfolio Monitoring

Load what you actually own, and the app values it daily against the NAV feed, ranks each holding inside its category, and looks through every fund to the individual stocks underneath.

Three ways to load it

Scheme names from a CAS or a spreadsheet are matched to the scheme master automatically; anything that cannot be matched is reported rather than dropped. Once loaded, the portfolio is saved to your account, so it is there on your next visit — and Clear portfolio removes it.

Holdings table & charts

Every holding with units, invested amount, current value, absolute and percentage P&L, the fund's category, its returns and how it ranks inside its category — a fund that is up 14% might still be in the bottom quartile of its peers, and this is where that shows. Click any row for the full fund page.

Above it: totals for invested and current value, and three charts — allocation by fund, return by fund, and asset-class mix.

Portfolio Insights

The ✨ Insights button runs the deeper pass, which is where the app earns its keep. Five blocks:

1. Opportunity — what the same money in each category's best fund would be worth on a three-year view, versus your funds. Every fund's trailing 3Y CAGR applied to your invested amount. Illustrative arithmetic on past returns, not a projection.
2. Your true stock exposure — each fund's latest disclosed weights, scaled by that fund's current value and summed across every fund you hold. This is where people discover that four “different” funds have quietly made one bank 9% of their net worth. The caption states what share of your portfolio could be looked through — gold, debt and fund-of-funds sleeves carry no stock disclosure.
3. Sector exposure — the same look-through rolled up by sector, computed server-side from the same numbers so it can never disagree with the stock list above.
4. Category rankings — each holding's rank, percentile, its 3Y return against the category median, and a verdict chip.
5. Overlap between your funds — pairwise overlap for every combination you hold, flagged when it runs high.

Method & formulas

Every derived number in the app is computed here, nightly, from the NAV and holdings data. This section is the specification — if a number surprises you, this is where to check what it actually measures.

Health Score

A 0–100 composite. Each dimension is percentile-ranked within the fund's own (category, plan) peer group, then blended:

Guards. A fund needs at least 5 peers in its category to be scored at all, and at least half the weight of the six dimensions must be computable — a fund with only two available dimensions gets no score rather than a flattering one built from what happened to exist. Percentiles are computed over funds that have the metric, so schemes missing a metric do not silently deflate everyone else's rank.

Grades: A+ ≥ 85 · A ≥ 75 · B+ ≥ 65 · B ≥ 55 · C+ ≥ 45 · C ≥ 35 · D ≥ 25 · E below 25.

Rolling returns & consistency

Month-end NAVs are indexed by absolute month, and for each horizon (1, 3, 5, 7, 10 years) every start month with a complete window produces one annualised CAGR. The distribution of those — minimum, 25th percentile, median, 75th percentile, maximum, share negative — is what the rolling table reports.

“Beat category” compares each window against the median of that category's Direct-Growth funds over the identical window, so a fund is never credited for beating a peer set measured over a different period.

The consistency score (0–100) is built mostly from how often the fund beat its category over the same rolling window, plus how rarely it lost money and how tight the spread of outcomes was.

Risk-adjusted ratios

Capture ratios, alpha and tracking

Each category maps to the benchmark index it is genuinely supposed to be measured against, and every benchmark-relative number uses that map.

• Upside / downside capture — the Morningstar method, on monthly returns over three years. Compound the fund's monthly returns over the months the benchmark was up, divide by the benchmark's compounded return over those same months, ×100. Above 100 on the upside means the fund beat the index on the way up; below 100 on the downside means it fell less than the index, which is the good direction. Requires at least 6 up-months and 3 down-months.
• Alpha — the fund's return minus its benchmark's over the same window (1Y, 3Y, 5Y), plus a rolling 3Y alpha median and the share of rolling windows finishing ahead.
• Tracking error — annualised dispersion of monthly excess returns. Very low tracking error on an actively priced fund is a flag, not a feature.
• Information ratio — alpha per unit of tracking error. Above 0.5 is good; above 1 is rare.

Style, valuation and index containment

• Style label — from AMFI's large/mid/small classification of each holding, weighted by the fund's own weights. The matched share is disclosed alongside.
• Look-through valuation — weighted harmonic mean P/E, plus P/B, ROE and dividend yield, from the companies the fund holds. The Cheap / Fair / Expensive chip is a rank within the fund's category, needing at least 5 peers.
• Index containment — the share of a fund's equity sitting in names that are in its own benchmark. High containment together with a low tracking error earns an Index-like chip: the fund is charging an active fee for close-to-index exposure. Either signal alone is not enough — a large-cap fund will naturally hold mostly index names.

Glossary

Limits & caveats

Things worth knowing before you lean on a number:

• Holdings are disclosed monthly, with a lag. Sector exposure, overlap, style and look-through all describe the last published portfolio, not today's. The as-of date is printed on every section that uses them.
• Look-through coverage is partial. Gold, debt, international and fund-of-funds sleeves carry no stock-level disclosure. The covered share is always stated; treat the rest as unclassified rather than absent.
• Peer-relative numbers only mean something inside a peer group. A Health Score, FT rating, risk band or valuation label compares a fund with its category. Across categories they are not on one scale.
• Alpha is against a price index — see the caveat above.
• Young funds show fewer metrics. Ratios needing three years of daily data, or six up-months against a benchmark, simply do not appear rather than being computed from too little.
• Returns are historical. Nothing here is a forecast, and past performance does not indicate future returns. Calculator projections are arithmetic on an assumption you supplied.
• Category averages hide dispersion. The Monitor grid describes categories; the gap between the best and worst fund inside one is frequently wider than the gap between two categories.

Search, themes & account

• Fund search sits in the top bar on every page. Type two characters or more; results show the scheme with its fund house, and Options ▾ expands the Direct/Regular and Growth/IDCW variants of the same fund so you land on the exact one you hold.
• Plan toggle — switches the whole app between Direct and Regular. See above.
• Themes — Light, Blue and Dark, cycled from the theme button. Light is the default and the choice is remembered per browser. It is never driven by your operating system setting.
• Explore apps — switches to any other FNOTrader app you have access to, without signing in again.
• Account menu — your plan and validity, subscription management, referrals, this guide, and sign-out. Signing out here signs you out of every FNOTrader app.

AI access (MCP)

Mutual fund research is also exposed to AI assistants over the Model Context Protocol at mcp.fnotrader.com, so you can ask an assistant to run the analysis conversationally. The mutual fund tools cover scheme search and details, NAV history, SIP and lump-sum simulation, rolling returns, multi-fund comparison, and point-in-time momentum rotation backtests — where at every rebalance the ranking uses only what was knowable on that date.

It is a research surface: it reads and computes, and has no ability to transact. It is a separate subscription from the app (Mutual Fund Analysis, ₹599/mo excluding GST). Connect at mcp.fnotrader.com/mcp/connect.

FAQ

Support

The support widget inside the app reaches us directly — raise an issue or request a feature from any screen, and it lands with the team along with the page you were on. Broader platform questions are answered in the FNOTrader FAQ, and terms live in the glossary.

Other FNOTrader guides

Every app documents itself the same way. All of these are public and need no login: