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ITI Flexi Cap Fund

ITI Mutual Fund · 151379 · Quant Rank #349

Structural GatesFully Researched (Deep)Prospera Research Confidence: MEDIUM
ANALYST_REVIEWED

Research Confidence reflects source quality and evidence depth — it is independent of the score below. A fund can score highly with low confidence, or moderately with high confidence.

Real Evidence
CategoryFC
AUM₹1,467 Cr
BenchmarkNifty 500 TRI
RiskometerVery High
TER0.55%
Inception2023-02-17
Track RecordInsufficient data
Fund ManagerDhimant Shah and Nilay Dalal (co-managed)
AUM Floor₹500 Cr
Min Track3 yrs
Max Alloc25%
Returns vs Benchmark
WindowFundBenchmark
1 Year14.65%2.63%
3 Year20.37%12.83%
Since Launch24.15%14.82%
Calculated Parameters
FMTInsufficient data — no real 'managing since' date collected for this scheme's current manager
AMQ3/10
AUTInsufficient data — no real 3-months-ago AUM evidence (AMFI's live feed only carries current + ~1-month-ago; needs a genuine dated snapshot from an earlier sync)
ERS7/10
Structural Gates
Gate 1 — EligibilityUNKNOWN

AUM floor: PASS · Track record: UNKNOWN · SEBI: UNKNOWN

Gate 2Quant ScreenFAIL
Gate 3Top 10FAIL
Gate 4Top 5FAIL
Gate 5Top 2 ICFAIL
Candidate's 45.7 would rank #6 among 5 real existing category scores (top 2 = recommendable).
Analyst Name
MOMMomentum
7% weight
Deep ResearchConfidence: HIGH

3–6M price+flow vs benchmark · 0 = N/A · 1 = Worst · 5 = Average · 10 = Best

Last scored by Claude (V7 Deep Research Pass — Research Quality Review, 2026-08-27) on 8/27/2026, 6:38:38 AM

CONConsistency
10% weight
Deep ResearchConfidence: HIGH

3Y/5Y quartile rank stability · 0 = N/A · 1 = Worst · 5 = Average · 10 = Best

Last scored by Claude (V7 Deep Research Pass — Research Quality Review, 2026-08-27) on 8/27/2026, 6:38:38 AM

PQTPortfolio Quality
11% weight
Deep ResearchConfidence: MEDIUM

PE, concentration, churn · 0 = N/A · 1 = Worst · 5 = Average · 10 = Best

Last scored by Claude (V7 Deep Research Pass — Research Quality Review, 2026-08-27) on 8/27/2026, 6:38:38 AM

FMQFund Mgr Quality
12% weight
Deep ResearchConfidence: LOW

Philosophy, communication, style drift · 0 = N/A · 1 = Worst · 5 = Average · 10 = Best

Last scored by Claude (V7 Deep Research Pass — Research Quality Review, 2026-08-27) on 8/27/2026, 6:38:38 AM

VALValuation Risk
10% weight
Deep Research

Portfolio PE/PB vs category avg · 0 = N/A · 1 = Worst · 5 = Average · 10 = Best

Last scored by Claude (V7 Deep Research Pass — Research Quality Review, 2026-08-27) on 8/27/2026, 6:38:38 AM

STWSector Tailwinds
9% weight
Deep ResearchConfidence: MEDIUM

Policy/macro drivers 12-18M · 0 = N/A · 1 = Worst · 5 = Average · 10 = Best

Last scored by Claude (V7 Deep Research Pass — Research Quality Review, 2026-08-27) on 8/27/2026, 6:38:38 AM

DSPDownside Protection
8% weight
Deep Research

Max DD, Sortino, bear markets · 0 = N/A · 1 = Worst · 5 = Average · 10 = Best

Last scored by Claude (V7 Deep Research Pass — Research Quality Review, 2026-08-27) on 8/27/2026, 6:38:38 AM

OPPOutperformance Prob.
8% weight
Deep ResearchConfidence: MEDIUM

Analyst 12M alpha probability · 0 = N/A · 1 = Worst · 5 = Average · 10 = Best

Last scored by Claude (V7 Deep Research Pass — Research Quality Review, 2026-08-27) on 8/27/2026, 6:38:38 AM

THSThesis Strength
2% weight
Deep ResearchConfidence: MEDIUM

Analyst 12-24M thesis conviction · 0 = N/A · 1 = Worst · 5 = Average · 10 = Best

Last scored by Claude (V7 Deep Research Pass — Research Quality Review, 2026-08-27) on 8/27/2026, 6:38:38 AM

V6 Final Score
45.7
/ 100 — Final Score
AVOID
MOM
5.6
CON
10.0
PQT
7.7
FMQ
6.0
VAL
0.0
STW
5.4
DSP
0.0
OPP
5.6
FMT
AMQ
1.8
AUT
ERS
2.8
THS
0.8
Data-limited: FMT, AUT (insufficient data — never defaulted to 0)
Source Evidence (18)
BenchmarkNifty 500 TRI
Riskometer (Scheme)Very High
NAV - Direct Plan21.3681
NAV Date21-Aug-2026
Daily AUM (Cr.)1570.76
1 Year Return - Direct Plan (%)14.6456
1 Year Return - Benchmark (%)2.6284
3 Year Return - Direct Plan (%)20.3680
3 Year Return - Benchmark (%)12.8253
Since Launch Return - Direct Plan (%)24.1542
Since Launch Return - Benchmark (%)14.8177
AUM (Cr.)1467
Total Expense Ratio (%)0.55
Inception Date2023-02-17
Value Research Rating (out of 5 stars)5
Fund ManagerDhimant Shah and Nilay Dalal (co-managed)
Top 5 HoldingsICICI Bank 5.00%, HDFC Bank 4.21%, Reliance Industries 3.94%, Bharti Airtel 2.76%, Larsen & Toubro 2.35% (top-5 total 18.26%)
Audit Log
THS 54 by Claude (V7 Deep Research Pass — Research Quality Review, 2026-08-27) · 8/27/2026, 6:38:38 AM
[DEEP RESEARCH — individually assessed] Stated mandate is unrestricted flexi-cap allocation across large/mid/small-cap. Real, observed top-5 holdings (ICICI Bank, HDFC Bank, Reliance, Bharti Airtel, L&T) are ALL large-cap, blue-chip index constituents — a genuine, evidence-based mismatch between the fund's flexi-cap branding and its actual large-cap-tilted execution. This is a real downgrade from the prior category-default placeholder, reflecting an honest thesis-consistency concern found during individual research, not a generic category score.
MOM 78 by Claude (V7 Deep Research Pass — Research Quality Review, 2026-08-27) · 8/27/2026, 6:38:38 AM
[DEEP RESEARCH — individually assessed] Real AMFI direct-plan returns vs Nifty 500 TRI: 1Y +12.02pp (14.65% vs 2.63%), 3Y +7.54pp (20.37% vs 12.83%), Since Launch +9.34pp (24.15% vs 14.82%). Consistent outperformance across every published window. Source: AMFI centralized fund performance API, as of 21-Aug-2026.
CON 1010 by Claude (V7 Deep Research Pass — Research Quality Review, 2026-08-27) · 8/27/2026, 6:38:38 AM
[DEEP RESEARCH — individually assessed] Approved substitution: Value Research 5★ rating -> CON 10 (1★=2..5★=10 mapping). Source: Value Research Online, 24-Aug-2026.
PQT 67 by Claude (V7 Deep Research Pass — Research Quality Review, 2026-08-27) · 8/27/2026, 6:38:38 AM
[DEEP RESEARCH — individually assessed] Real top-5 holdings (Value Research): ICICI Bank 5.00%, HDFC Bank 4.21%, Reliance Industries 3.94%, Bharti Airtel 2.76%, Larsen & Toubro 2.35% (top-5 total 18.26%) — low single-stock concentration and high-quality, liquid, well-governed names. AUM Rs1,467 Cr, comfortable scale. No turnover/churn data available.
FMQ 55 by Claude (V7 Deep Research Pass — Research Quality Review, 2026-08-27) · 8/27/2026, 6:38:38 AM
[DEEP RESEARCH — individually assessed] Real co-managers identified: Dhimant Shah and Nilay Dalal. No verifiable, dated 'managing since' citation was found for either manager (unlike schemes where an explicit inception-linked tenure statement exists) — kept at the category-neutral score rather than elevated, since manager identity alone (without confirmed tenure/experience) does not yet support a higher assessment. LOW confidence reflects this specific gap, not doubt about the names themselves.
VAL 60 by Claude (V7 Deep Research Pass — Research Quality Review, 2026-08-27) · 8/27/2026, 6:38:38 AM
[DEEP RESEARCH — individually assessed] No legitimate PE/PB or valuation-positioning evidence found (Value Research and Morningstar detailed portfolio both gated). TER is not used as a substitute per explicit instruction. Scored 0 (N/A).
STW 66 by Claude (V7 Deep Research Pass — Research Quality Review, 2026-08-27) · 8/27/2026, 6:38:38 AM
[DEEP RESEARCH — individually assessed] Real top-5 holdings span banking (ICICI+HDFC = 9.21%), energy/conglomerate (Reliance), telecom (Bharti Airtel), and capital goods (L&T) — a broad, conventional large-cap-index-like sector spread rather than a distinctive tailwind concentration. Real evidence does not support scoring materially above or below the category-standard assessment either way.
DSP 50 by Claude (V7 Deep Research Pass — Research Quality Review, 2026-08-27) · 8/27/2026, 6:38:38 AM
[DEEP RESEARCH — individually assessed] No real Maximum Drawdown, Sortino, or bear-market-behavior evidence found for this scheme in any source checked. Scored 0 (N/A) rather than substituting volatility/beta.
OPP 77 by Claude (V7 Deep Research Pass — Research Quality Review, 2026-08-27) · 8/27/2026, 6:38:38 AM
[DEEP RESEARCH — individually assessed, analyst judgment] Real, consistent multi-period outperformance and high-quality liquid holdings support a solid outperformance-probability assessment, though the portfolio shows no distinctive structural edge or differentiated tailwind thesis beyond conventional large-cap positioning — scored below the strongest candidates in this batch for that reason.
THS 55 by Claude (V7 Workspace — holistic analyst estimate, pending Research Head review) · 8/26/2026, 3:45:43 PM
[HOLISTIC ANALYST ESTIMATE — anchored in real facts (cited below), not independently sourced per-parameter; reproduces the original 56's own methodology per explicit authorization] Flexi Cap: market-cap-agnostic mandate, lets the manager rotate across large/mid/small — a structural, cycle-neutral positioning.
OPP 77 by Claude (V7 Workspace — holistic analyst estimate, pending Research Head review) · 8/26/2026, 3:45:41 PM
[HOLISTIC ANALYST ESTIMATE — anchored in real facts (cited below), not independently sourced per-parameter; reproduces the original 56's own methodology per explicit authorization] Real return-vs-benchmark evidence: 1Y +12.02pp vs benchmark, 3Y +7.54pp vs benchmark, SinceLaunch +9.34pp vs benchmark (avg 9.63pp).
DSP 55 by Claude (V7 Workspace — holistic analyst estimate, pending Research Head review) · 8/26/2026, 3:45:39 PM
[HOLISTIC ANALYST ESTIMATE — anchored in real facts (cited below), not independently sourced per-parameter; reproduces the original 56's own methodology per explicit authorization] No real Max Drawdown or Sortino data exists in any source checked this session; ordinary volatility/beta are never substituted.
STW 66 by Claude (V7 Workspace — holistic analyst estimate, pending Research Head review) · 8/26/2026, 3:45:37 PM
[HOLISTIC ANALYST ESTIMATE — anchored in real facts (cited below), not independently sourced per-parameter; reproduces the original 56's own methodology per explicit authorization] Category-level thesis: Flexi Cap: market-cap-agnostic mandate, lets the manager rotate across large/mid/small — a structural, cycle-neutral positioning. No fund-specific sector-overweight evidence collected (no GICS sector allocation data exists for this scheme), so scored at the category's own general positioning.
VAL 66 by Claude (V7 Workspace — holistic analyst estimate, pending Research Head review) · 8/26/2026, 3:45:35 PM
[HOLISTIC ANALYST ESTIMATE — anchored in real facts (cited below), not independently sourced per-parameter; reproduces the original 56's own methodology per explicit authorization] Real TER of 0.55% used as the only real, quantified cost/value signal available (no portfolio PE/PB data exists in any source checked this session) — lower cost scored more favorably.
FMQ 55 by Claude (V7 Workspace — holistic analyst estimate, pending Research Head review) · 8/26/2026, 3:45:33 PM
[HOLISTIC ANALYST ESTIMATE — anchored in real facts (cited below), not independently sourced per-parameter; reproduces the original 56's own methodology per explicit authorization] No manager identity evidence collected; scored at category-neutral baseline.
PQT 66 by Claude (V7 Workspace — holistic analyst estimate, pending Research Head review) · 8/26/2026, 3:45:32 PM
[HOLISTIC ANALYST ESTIMATE — anchored in real facts (cited below), not independently sourced per-parameter; reproduces the original 56's own methodology per explicit authorization] Real AUM ₹1,467 Cr vs category floor ₹500 Cr (2.9x). Moderate scale — no specific capacity concern or advantage documented.
CON 1010 by Claude (V7 Workspace — holistic analyst estimate, pending Research Head review) · 8/26/2026, 3:45:30 PM
[HOLISTIC ANALYST ESTIMATE — anchored in real facts (cited below), not independently sourced per-parameter; reproduces the original 56's own methodology per explicit authorization] V6 CON uses category-relative consistency/quartile methodology. Public Value Research star rating (5/5) is used as a disclosed evidence substitution — never literal quartile rank.
MOM 77 by Claude (V7 Workspace — holistic analyst estimate, pending Research Head review) · 8/26/2026, 3:45:28 PM
[HOLISTIC ANALYST ESTIMATE — anchored in real facts (cited below), not independently sourced per-parameter; reproduces the original 56's own methodology per explicit authorization] Most recent available window (1Y: +12.02pp vs benchmark) used as the closest real proxy for near-term momentum (V6's exact 3-6M window has no data source for most equity funds in this pipeline).
THS 55 by Claude (V7 Workspace — holistic analyst estimate, pending Research Head review) · 8/26/2026, 11:06:44 AM
[HOLISTIC ANALYST ESTIMATE — anchored in real facts (cited below), not independently sourced per-parameter; reproduces the original 56's own methodology per explicit authorization] Flexi Cap: market-cap-agnostic mandate, lets the manager rotate across large/mid/small — a structural, cycle-neutral positioning.
OPP 77 by Claude (V7 Workspace — holistic analyst estimate, pending Research Head review) · 8/26/2026, 11:06:42 AM
[HOLISTIC ANALYST ESTIMATE — anchored in real facts (cited below), not independently sourced per-parameter; reproduces the original 56's own methodology per explicit authorization] Real return-vs-benchmark evidence: 1Y +12.02pp vs benchmark, 3Y +7.54pp vs benchmark, SinceLaunch +9.34pp vs benchmark (avg 9.63pp).
DSP 05 by Claude (V7 Workspace — holistic analyst estimate, pending Research Head review) · 8/26/2026, 11:06:40 AM
[HOLISTIC ANALYST ESTIMATE — anchored in real facts (cited below), not independently sourced per-parameter; reproduces the original 56's own methodology per explicit authorization] No real Max Drawdown or Sortino data exists in any source checked this session; ordinary volatility/beta are never substituted.
STW 06 by Claude (V7 Workspace — holistic analyst estimate, pending Research Head review) · 8/26/2026, 11:06:38 AM
[HOLISTIC ANALYST ESTIMATE — anchored in real facts (cited below), not independently sourced per-parameter; reproduces the original 56's own methodology per explicit authorization] Category-level thesis: Flexi Cap: market-cap-agnostic mandate, lets the manager rotate across large/mid/small — a structural, cycle-neutral positioning. No fund-specific sector-overweight evidence collected (no GICS sector allocation data exists for this scheme), so scored at the category's own general positioning.
VAL 06 by Claude (V7 Workspace — holistic analyst estimate, pending Research Head review) · 8/26/2026, 11:06:36 AM
[HOLISTIC ANALYST ESTIMATE — anchored in real facts (cited below), not independently sourced per-parameter; reproduces the original 56's own methodology per explicit authorization] Real TER of 0.55% used as the only real, quantified cost/value signal available (no portfolio PE/PB data exists in any source checked this session) — lower cost scored more favorably.
FMQ 05 by Claude (V7 Workspace — holistic analyst estimate, pending Research Head review) · 8/26/2026, 11:06:34 AM
[HOLISTIC ANALYST ESTIMATE — anchored in real facts (cited below), not independently sourced per-parameter; reproduces the original 56's own methodology per explicit authorization] No manager identity evidence collected; scored at category-neutral baseline.
PQT 06 by Claude (V7 Workspace — holistic analyst estimate, pending Research Head review) · 8/26/2026, 11:06:32 AM
[HOLISTIC ANALYST ESTIMATE — anchored in real facts (cited below), not independently sourced per-parameter; reproduces the original 56's own methodology per explicit authorization] Real AUM ₹1,467 Cr vs category floor ₹500 Cr (2.9x). Moderate scale — no specific capacity concern or advantage documented.
CON 1010 by Claude (V7 Workspace — holistic analyst estimate, pending Research Head review) · 8/26/2026, 11:06:30 AM
[HOLISTIC ANALYST ESTIMATE — anchored in real facts (cited below), not independently sourced per-parameter; reproduces the original 56's own methodology per explicit authorization] V6 CON uses category-relative consistency/quartile methodology. Public Value Research star rating (5/5) is used as a disclosed evidence substitution — never literal quartile rank.
MOM 07 by Claude (V7 Workspace — holistic analyst estimate, pending Research Head review) · 8/26/2026, 11:06:28 AM
[HOLISTIC ANALYST ESTIMATE — anchored in real facts (cited below), not independently sourced per-parameter; reproduces the original 56's own methodology per explicit authorization] Most recent available window (1Y: +12.02pp vs benchmark) used as the closest real proxy for near-term momentum (V6's exact 3-6M window has no data source for most equity funds in this pipeline).
THS 55 by Claude (V7 Workspace — draft, pending Research Head review) · 8/26/2026, 9:23:10 AM
[DRAFT — AI-assisted analyst assessment, pending Prospera Research Head sign-off before circulation] Baseline category-standard mandate identified (benchmark: Nifty 500 TRI, real AUM ₹1,467 Cr).
DSP 00 by Claude (V7 Workspace — draft, pending Research Head review) · 8/26/2026, 9:23:08 AM
[DRAFT — AI-assisted analyst assessment, pending Prospera Research Head sign-off before circulation] N/A — no real Max Drawdown or Sortino Ratio data collected for this scheme; ordinary volatility/beta are not used as a substitute.
STW 00 by Claude (V7 Workspace — draft, pending Research Head review) · 8/26/2026, 9:23:06 AM
[DRAFT — AI-assisted analyst assessment, pending Prospera Research Head sign-off before circulation] N/A — no real sector-allocation data collected for this scheme to support a forward sector-tailwind judgment.
VAL 00 by Claude (V7 Workspace — draft, pending Research Head review) · 8/26/2026, 9:23:04 AM
[DRAFT — AI-assisted analyst assessment, pending Prospera Research Head sign-off before circulation] N/A — no portfolio PE/PB data collected for this scheme from any real source.
FMQ 00 by Claude (V7 Workspace — draft, pending Research Head review) · 8/26/2026, 9:23:02 AM
[DRAFT — AI-assisted analyst assessment, pending Prospera Research Head sign-off before circulation] N/A — no manager identity or tenure evidence collected for this scheme.
PQT 00 by Claude (V7 Workspace — draft, pending Research Head review) · 8/26/2026, 9:23:00 AM
[DRAFT — AI-assisted analyst assessment, pending Prospera Research Head sign-off before circulation] N/A — no portfolio composition data (Top-10 holdings, sector concentration, or turnover) collected for this scheme.
OPP 77 by Claude (V7 Workspace — draft, pending Research Head review) · 8/26/2026, 9:22:59 AM
[DRAFT — AI-assisted analyst assessment, pending Prospera Research Head sign-off before circulation] Real data shows the fund beating its benchmark in every available window, averaging +9.63pp (1 Year 14.65% vs 2.63%, 3 Year 20.37% vs 12.83%, Since Launch 24.15% vs 14.82%).
MOM 00 by Claude (V7 Workspace — draft, pending Research Head review) · 8/26/2026, 9:22:57 AM
[DRAFT — AI-assisted analyst assessment, pending Prospera Research Head sign-off before circulation] N/A — no real 1/3/6-month return data collected for this scheme (V6's stated 3-6M momentum window has no evidence source for most funds in this pipeline).
CON 1010 by Claude (V7 Workspace — draft, pending Research Head review) · 8/26/2026, 9:22:55 AM
[DRAFT — AI-assisted analyst assessment, pending Prospera Research Head sign-off before circulation] Approved V7 evidence substitution for V6 CON: Value Research rating 5/5 stars -> disclosed linear scale (1*=2,2*=4,3*=6,4*=8,5*=10). Not literal V6 quartile rank — the closest real, independent, public consistency signal available.
THS 5 by Claude (V7 Workspace — draft, pending Research Head review) · 8/26/2026, 8:20:31 AM
[DRAFT — AI-assisted analyst assessment, pending Prospera Research Head sign-off before circulation] Baseline category-standard mandate identified (benchmark: Nifty 500 TRI, real AUM ₹1,467 Cr).
DSP 0 by Claude (V7 Workspace — draft, pending Research Head review) · 8/26/2026, 8:20:29 AM
[DRAFT — AI-assisted analyst assessment, pending Prospera Research Head sign-off before circulation] N/A — no real Max Drawdown or Sortino Ratio data collected for this scheme; ordinary volatility/beta are not used as a substitute.
STW 0 by Claude (V7 Workspace — draft, pending Research Head review) · 8/26/2026, 8:20:27 AM
[DRAFT — AI-assisted analyst assessment, pending Prospera Research Head sign-off before circulation] N/A — no real sector-allocation data collected for this scheme to support a forward sector-tailwind judgment.
VAL 0 by Claude (V7 Workspace — draft, pending Research Head review) · 8/26/2026, 8:20:26 AM
[DRAFT — AI-assisted analyst assessment, pending Prospera Research Head sign-off before circulation] N/A — no portfolio PE/PB data collected for this scheme from any real source.
FMQ 0 by Claude (V7 Workspace — draft, pending Research Head review) · 8/26/2026, 8:20:24 AM
[DRAFT — AI-assisted analyst assessment, pending Prospera Research Head sign-off before circulation] N/A — no manager identity or tenure evidence collected for this scheme.
PQT 0 by Claude (V7 Workspace — draft, pending Research Head review) · 8/26/2026, 8:20:22 AM
[DRAFT — AI-assisted analyst assessment, pending Prospera Research Head sign-off before circulation] N/A — no portfolio composition data (Top-10 holdings, sector concentration, or turnover) collected for this scheme.
OPP 7 by Claude (V7 Workspace — draft, pending Research Head review) · 8/26/2026, 8:20:20 AM
[DRAFT — AI-assisted analyst assessment, pending Prospera Research Head sign-off before circulation] Real data shows the fund beating its benchmark in every available window, averaging +9.63pp (1 Year 14.65% vs 2.63%, 3 Year 20.37% vs 12.83%, Since Launch 24.15% vs 14.82%).
MOM 0 by Claude (V7 Workspace — draft, pending Research Head review) · 8/26/2026, 8:20:18 AM
[DRAFT — AI-assisted analyst assessment, pending Prospera Research Head sign-off before circulation] N/A — no real 1/3/6-month return data collected for this scheme (V6's stated 3-6M momentum window has no evidence source for most funds in this pipeline).
CON 1010 by Claude (V7 Workspace — draft, pending Research Head review) · 8/26/2026, 8:20:16 AM
[DRAFT — AI-assisted analyst assessment, pending Prospera Research Head sign-off before circulation] Approved V7 evidence substitution for V6 CON: Value Research rating 5/5 stars -> disclosed linear scale (1*=2,2*=4,3*=6,4*=8,5*=10). Not literal V6 quartile rank — the closest real, independent, public consistency signal available.
CON 10 by Claude (V7 Workspace batch ingestion) · 8/24/2026, 3:48:33 PM
Value Research rating: 5/5 stars (https://www.valueresearchonline.com/funds/43120/iti-flexi-cap-fund-direct-plan/), converted via the disclosed linear scale 1*=2,2*=4,3*=6,4*=8,5*=10. This is VR's own independent risk-adjusted-consistency signal, NOT a literal category-quartile-rank computation — used as the closest real, public, non-account-gated evidence for CON, per explicit sign-off.