ITI Focused Fund
Direct · GrowthAI Summary
ITI Focused Fund has delivered strong alpha versus the NIFTY 50 across all measured periods, with a 3Y Fund CAGR of 16.36% against the benchmark's 4.9% and alpha of 11.53%. Its 1Y SIP XIRR of 14.0% beats the category average of 11.2%, though the 3Y XIRR of 12.85% trails the category average of 15.86%. Lump-sum rolling returns are healthy, with a 3Y rolling mean of 18.94%.
The fund shows a beta slightly above 1 (1.05 over 3Y) with a favorable downside capture of 92.37% versus upside capture of 106.5%, indicating it falls less than the index in declines while participating more in rallies. The Calmar Ratio of 1.04 over 3Y reflects reasonable risk-adjusted returns, and only 2 drawdown events exceeding 10% were recorded. The maximum drawdown duration of 154 days with a 118-day recovery suggests moderate but not prolonged downside episodes.
The 27-stock focused portfolio is led by KRN Heat Exchanger (5.36%), ICICI Bank (5.11%), and Reliance Industries (4.37%), with the top 10 holdings comprising roughly 42% of NAV. Banks form the largest sector exposure at 14.9%, followed by Industrial Products at 14.2%, giving the fund a meaningful tilt toward financials and industrials. The concentrated structure amplifies both the conviction-driven alpha and single-stock risk, as seen in the mid- and small-cap names like KRN Heat Exchanger and Graphite India.
The fund outperforms the category on 1Y SIP XIRR (14.0% vs 11.2%) but lags on 3Y XIRR (12.85% vs 15.86%), indicating recent relative softness in SIP-based returns. Calendar year returns show good consistency, with 20.03% in 2023, 26.52% in 2024, and 9.28% in 2025, though 2026 is marginally negative at -0.35%. Its persistent alpha over the NIFTY 50 across 1Y to 15Y horizons suggests genuine stock-selection skill rather than a short-term fluke.
This fund suits investors with a high risk tolerance seeking concentrated, high-conviction equity exposure with a proven alpha record over the benchmark. A minimum horizon of 5-7 years is appropriate given the focused structure and the mid/small-cap exposure in the portfolio. It can serve as a satellite holding for investors who already have diversified large-cap or index fund core allocations, rather than as a sole equity holding.
- Consistent alpha over NIFTY 50 across all periods, including 11.53% over 3Y and 13.60% over 1Y
- Favorable asymmetry with upside capture of 106.5% versus downside capture of 92.37% over 3Y
- Low expense ratio of 0.58% for a focused actively managed fund in the Direct plan
- 3Y SIP XIRR of 12.85% trails the category average of 15.86%, indicating recent underperformance versus peers on SIP returns
- Concentrated 27-stock portfolio with mid/small-cap names like KRN Heat Exchanger and Graphite India adds single-stock and liquidity risk
Generated on 13-10-2026, 3:12 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 | ₹12.76 L | 17.3% | -21.5% | 62.7% |
| 3 Years | ₹36.00 L | ₹43.75 L | 13.0% | 6.7% | 15.5% |
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 | 17.3% | 14.3% | 11.2% | +3.0% |
| 3 Years | 13.0% | 11.0% | 15.8% | +2.0% |
| Duration | Mean | Median | Min | Max | Sharpe | Sortino | % Positive | Cat. Mean | Cat. Median |
|---|---|---|---|---|---|---|---|---|---|
| 1 Year | 17.5% | 11.8% | -1.6% | 52.8% | 0.72 | 6.94 | 99% | — | — |
| 3 Years | 18.9% | 19.4% | 15.5% | 21.1% | 8.11 | — | 100% | — | — |
Calmar Ratio by Duration
Compared against NIFTY 50
| Duration | Alpha | Beta | Upside Capture | Downside Capture | Fund CAGR | Bench CAGR |
|---|---|---|---|---|---|---|
| 1 Year | +10.21 | 0.97 | 100.3% | 87.6% | 1.1% | -9.5% |
| 3 Years | +10.09 | 1.03 | 104.6% | 92.1% | 15.5% | 5.5% |
| 5 Years | +6.26 | 1.02 | 102.9% | 90.3% | 10.5% | 4.3% |
| 7 Years | +4.41 | 1.02 | 102.9% | 90.3% | 7.4% | 3.0% |
| 10 Years | +3.08 | 1.02 | 102.9% | 90.3% | 5.1% | 2.1% |
| 12 Years | +2.57 | 1.02 | 102.9% | 90.3% | 4.3% | 1.8% |
| 15 Years | +2.06 | 1.02 | 102.9% | 90.3% | 3.4% | 1.4% |
| # | Stock | % of NAV |
|---|---|---|
| 1 | KRN Heat Exchanger And Refrigeration Limited | 5.36% |
| 2 | ICICI Bank Limited | 5.11% |
| 3 | Reliance Industries Limited | 4.37% |
| 4 | Solar Industries India Limited | 4.23% |
| 5 | Vedanta Aluminium Metal Limited | 4.13% |
| 6 | Multi Commodity Exchange of India Limited | 4.09% |
| 7 | HDFC Bank Limited | 3.95% |
| 8 | State Bank of India | 3.75% |
| 9 | Graphite India Limited | 3.70% |
| 10 | Wockhardt Limited | 3.69% |