Sophisticated, disciplined portfolio. The Reliance position at 26.4% of advisory corpus is the one tension worth Q2 discussion.
| Asset class | Value (₹ Cr) | Weight |
|---|---|---|
| Equity | 23.00 | 86.8% |
| Mutual Funds, active | 16.00 | 60.4% |
| Direct Listed (India): Reliance, HDFC Bank | 9.00 | 34.0% |
| International ETF (US), via GIFT route | 3.00 | 11.3% |
| PMS, focused mid-cap, White Oak Pioneers | 3.00 | 11.3% |
| Sub-rows intersect; equity rollup is the load-bearing figure. | ||
| Alternatives, Physical Gold | 2.00 | 7.5% |
| Cash, Savings | 1.50 | 5.7% |
| Total | 26.50 | 100.0% |
0% Review, no holdings flagged for exit.
| Axis Bluechip | 3.80 Cr / 14.3% |
| Mirae Asset Large Cap | 3.00 Cr / 11.3% |
| PPFCF (large-cap tilt within flexi mandate) | ~2.40 Cr / ~9.1% effective |
| Combined large-cap sleeve | ~9.20 Cr / ~34.7% |
Sum across categories exceeds 100% because Direct Equity (Reliance, HDFC Bank) intersects with the listed-equity exposure captured in the asset-mix rollup. Bar widths normalize against Direct Equity, the largest category.
| AMC | Funds | ₹ Cr | % of MF AUM |
|---|---|---|---|
| Parag Parikh / PPFAS | 1 | 4.00 | 25.0% |
| Axis | 1 | 3.80 | 23.8% |
| Mirae Asset | 1 | 3.00 | 18.8% |
| Kotak | 1 | 3.00 | 18.8% |
| SBI | 1 | 2.20 | 13.8% |
₹16.00 Cr of active MF AUM spread across five AMCs; no single relationship over a quarter of the sleeve.
Composition reads diversified across product types; AMC concentration not material. The diagnostic signals all sit at the holding level, in observations 01 through 03 above.
Large / Blend the centre of gravity; meaningful growth tilt; small-cap exposure thin.
Style box concentrated in Large / Blend with a mid-cap growth tilt; sector mix dominated by financials and energy, the latter Reliance-led and tracking directly back to observation 01.
Pairwise correlation of monthly returns across the seven actively-managed funds in the portfolio, 36-month trailing window. 1.00 means two funds moved in perfect lockstep; 0 means they moved independently of each other.
Two funds with 0.90+ correlation add fee drag without adding diversification. The matrix is the empirical layer underneath the overlap diagnosis in section 09: it shows whether category labels (Large Cap, Mid Cap, Flexi) actually translate into behavioral difference, or whether the funds just call themselves different things while doing the same thing.
Correlation structure validates the overlap diagnosis: large-cap funds cluster tightly, mid-and-small cluster moderately, international stands alone.
Custom benchmark: 75% Nifty 500, 15% S&P 500 (INR-hedged proxy), 10% gold.
| 3 year | 5 year | |||
|---|---|---|---|---|
| Statistic | Portfolio | Benchmark | Portfolio | Benchmark |
| Std Deviation | 16.40 | 15.85 | 15.80 | 15.20 |
| Mean Return | 18.20 | 15.50 | 16.40 | 13.80 |
| Sharpe Ratio | 0.81 | 0.66 | 0.74 | 0.58 |
| Alpha | 2.40 | n/a | 2.10 | n/a |
| Beta | 1.04 | n/a | 1.02 | n/a |
| R-Squared | 89.50 | n/a | 88.20 | n/a |
| Period | Best | Worst |
|---|---|---|
| 3 Months | +18.4% | -16.2% |
| 1 Year | +42.6% | -8.9% |
| 3 Years | +22.8% | +2.4% |
Sharpe above benchmark on both horizons reflects fee-only discipline; Beta marginally above 1 reflects the equity-heavy posture; the Std Dev premium over benchmark traces almost entirely to the single-stock concentration in observation 01.
Inflection points: COVID drawdown March 2020, mid-cap correction July 2022, secondary liquidity inflow November 2025 (visible as a step in the invested-cost line; market value does not step that day).
Three funds in the large-cap sleeve, two in the mid-cap, one in small-cap. PPFCF's flexi mandate splits across sleeves; this is acceptable if it earns its keep. The Mirae-Axis pair is the real consolidation question.
| Pair | Est. overlap | Severity | Recommendation |
|---|---|---|---|
| Mirae Large Cap + Axis Bluechip | 0.68 | High | Choose one; both occupy the same large-cap blend slot. |
| PPFCF + Mirae Large Cap (large-cap sleeve) | 0.42 | Notable | PPFCF's flexi mandate creates partial overlap; acceptable if PPFCF earns its keep. |
| Reliance direct + PPFCF top holdings | 0.18 | Low | Indirect exposure adds modestly to direct concentration. |
Surana's portfolio is materially cleaner than peer benchmarks; the consolidation conversation is targeted, not sweeping.
Snapshot as of 29 April 2026. Indicators sourced from public statistics, RBI publications, and broker research. Direction signals reflect change from prior reading or trend baseline.
This walkthrough is one frozen case. On your firm's own deployment, Samriddhi reads your live book and returns the same per-holding verdicts, each with the evidence behind the call. Tell us about your firm and we will show you.
