Baroda BNP Paribas Innovation Fund
Direct · GrowthAI Summary
The fund has delivered a 1-year XIRR of 5.30%, which is significantly below the category average of 14.10% for the same period, indicating underperformance relative to peers. However, it has outperformed the NIFTY 50 benchmark, with a 1-year CAGR of 14.01% versus -2.90% for the benchmark, and positive alpha across all time horizons. Over longer periods, the fund's CAGR declines to 2.42% (15Y), still ahead of the benchmark's 0.52% but well below category averages.
The fund exhibits a maximum drawdown of -0.22%, which is very shallow, and has only one drawdown event exceeding 10%, indicating relatively low downside risk. The Calmar ratio of 0.29 for 1 year suggests modest risk-adjusted returns, as the return per unit of drawdown is low. The fund's downside capture ratio of 79.95% (1Y) shows it loses less than the benchmark in down markets, but its upside capture of 101.8% indicates it participates slightly more in up markets, which is a favorable risk profile.
The fund holds a concentrated portfolio of 43 stocks, with the top 10 holdings accounting for approximately 34.19% of NAV, led by One 97 Communications (4.58%) and Linde India (4.17%). Sector concentration is notable, with Pharmaceuticals & Biotechnology (13.8%) and Chemicals & Petrochemicals (8.7%) being the largest exposures, followed by Retailing (8.4%) and Capital Markets (8.2%). This thematic focus on innovation sectors provides diversification across fintech, pharma, chemicals, and retail, but also introduces sector-specific risks.
The fund's 1-year XIRR of 5.30% is far below the category average of 14.10%, placing it in the lower quartile of its peer group. Calendar year returns show high volatility, with a strong 29.92% in 2024, a negative -1.0% in 2025, and a rebound of 10.81% in 2026, indicating inconsistent performance. Despite this, the fund has consistently outperformed the NIFTY 50 benchmark across all time frames, but its long-term CAGR (e.g., 7.44% over 5Y) is significantly lower than the category average of 16.95%.
This fund is suitable for investors with a high risk tolerance and a long-term investment horizon (5+ years) who are interested in thematic exposure to innovation-driven sectors. Given its underperformance relative to category peers, it may appeal to those who believe in the long-term growth potential of the underlying themes and are willing to accept short-term volatility. However, investors seeking consistent returns in line with sectoral/thematic category averages may find better alternatives.
- Consistent outperformance over the NIFTY 50 benchmark across all time horizons, with positive alpha ranging from 1.67% (15Y) to 16.51% (1Y).
- Low downside capture ratio (79.95% for 1Y) indicates the fund loses less than the benchmark during market downturns, providing some capital protection.
- Shallow maximum drawdown of -0.22% and only one drawdown event exceeding 10%, suggesting effective risk management.
- Significant underperformance versus category average SIP XIRR, with 1-year return of 5.30% versus 14.10% for peers, indicating the fund is lagging its sectoral/thematic category.
- High sector concentration in Pharmaceuticals & Chemicals (over 22% combined) exposes the fund to regulatory and cyclical risks in these industries.
Generated on 29-08-2026, 3:09 AM. Verify before investing.
Gives more importance to longer time periods (10Y, 20Y) than shorter ones (1Y, 3Y). This balances out recent outperformance and gives a more realistic picture of what long-term returns might look like.
The largest peak-to-trough decline in the fund's NAV. Shows the worst-case loss an investor would have experienced at any point in the fund's history.
If you invested ₹1,00,000 every month via SIP, here's how this fund has historically performed across different time horizons.
| Duration | Invested | Median Value | XIRR | Min XIRR | Max XIRR |
|---|---|---|---|---|---|
| 1 Year | ₹12.00 L | ₹12.42 L | 5.3% | -25.8% | 24.5% |
SIP returns vs benchmark & category
Annualised SIP return (XIRR) over each rolling horizon — like-for-like, not lump-sum.
| Duration | Fund SIP XIRR | NIFTY 50 | Category avg | Fund edge |
|---|---|---|---|---|
| 1 Year | 5.3% | 14.4% | 14.1% | -9.1% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 6.5% | 6.5% | -6.1% | 20.5% | 0.01 | 0.01 | 84% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +16.51 | 0.96 | 101.8% | 80.0% | 14.0% | -2.9% |
| 3 Years | +9.90 | 0.96 | 102.6% | 86.6% | 12.7% | 2.6% |
| 5 Years | +5.67 | 0.96 | 102.6% | 86.6% | 7.4% | 1.6% |
| 7 Years | +3.93 | 0.96 | 102.6% | 86.6% | 5.3% | 1.1% |
| 10 Years | +2.64 | 0.96 | 102.6% | 86.6% | 3.6% | 0.8% |
| 12 Years | +2.15 | 0.96 | 102.6% | 86.6% | 3.0% | 0.7% |
| 15 Years | +1.67 | 0.96 | 102.6% | 86.6% | 2.4% | 0.5% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | One 97 Communications Limited | 4.58% |
| 2 | Linde India Limited | 4.17% |
| 3 | Divi's Laboratories Limited | 3.60% |
| 4 | Acutaas Chemicals Limited | 3.47% |
| 5 | TVS Motor Company Limited | 3.30% |
| 6 | Navin Fluorine International Limited | 3.30% |
| 7 | Amagi Media Labs Limited | 3.09% |
| 8 | Bajaj Finance Limited | 2.99% |
| 9 | Eternal Limited | 2.87% |
| 10 | Lenskart Solutions Limited | 2.82% |