Vashistha Iyer

@traderlife_13 The Excel download you'll get on this page: amfiindia.com/ter-of-mf-sche…

@uptickr could you share them link to the source of this data.

SEBI 2026 MF regulations require TER to be disclosed as four components: Base Expense Ratio, brokerage, transaction costs, and statutory levies. Each reported daily, annualized. The intent is good. Investors should see what they're paying for. But there's nuance that may get lost. Here's how to make sense of it: Brokerage scales with trading volume, not AUM. So do the variable statutory levies - STT, GST on brokerage - and exchange/clearing charges. All are incurred only on days when the fund transacts. Annualizing a single day's transaction costs assumes that level of activity repeats every day for a year. On a heavy trading day, this produces an enormous number. On a quiet day, these components drop to near zero. I pulled this FY's first week's AMFI data for open-ended equity schemes. Two examples: Mirae Asset Arbitrage Fund (Regular): 14% TER on April 1, down to 0.93% by April 3. BER is 0.79% throughout. The difference is entirely transaction costs and statutory levies from one day of likely derivatives activity. Kotak Nifty Midcap 150 Index Fund (Regular): 0.88% on April 1, 3.5% on April 2 (likely rebalancing), 0.63% on April 3. The BER is stable and reflects the actual cost structure of the fund. The variable components are noise at the daily level - they only converge to something meaningful when averaged over a full year. There's a second issue. The new TER isn't comparable to the old TER. It now includes brokerage, STT, exchange charges, and GST - none of which were in the old disclosed number. The old TER was closer to what's now called BER, but even that isn't a clean match: the expense line items and caps have been restructured. There is no like-for-like mapping. Screeners and comparison tools that sort on TER will need to account for this. An interesting side-effect: TER minus BER is now a daily proxy for trading activity by each fund. That data was never available before at this granularity. Whether SEBI intended it or not, anyone tracking fund behavior just got a new metric.

@Fallibilist Not much of a burden. These were anyway reported every day. Annualizing daily txn % costs creates strange numbers. Especially for index funds that may churn 50% on one day.

@uptickr Right about the last part, what I see as a churn metric (it seems almost to be targeting one specific AMC lol) but overall, unnecessary compliance burden tbh

@NirantK @capitalmind_in @NihitKshatriya

data entry bug @capitalmind_in on your coin at Zerodha listing, expense ratio is 0%

@peepultree Yes, the geekery is non-negotiable😅

@uptickr Wow, it's been 10 years already? What a journey. From political data analysis to financial services. Wishing more success to you, while hoping that the geek within never dies.

First full FY of @CapitalmindMF: ₹500+ Cr AUM, 10,000+ investors, 400+ active partners, and 4 schemes across equity, debt and hybrid. Completed 10y as COO at @capitalmind_in this Feb. After spending the better part of the last 18 months helping set up the AMC, I’m now moving from a Non-Executive to a Whole-Time Director role at @CapitalmindMF. Looking forward to the journey to 100K+ investors!

@ChitaliaNikhil @deepakshenoy Portfolio disclosure and factsheet will be out next week.

@deepakshenoy @uptickr Keen to know how your MAAF looks

Super first financial year and Looking forward to you @uptickr Vashistha as ED on the journey to 1 lakh investors (and more)!

@jitendrajain @CapitalmindMF @capitalmind_in Very low base, however. We expect it'll normalize over time.

@uptickr @CapitalmindMF @capitalmind_in Thats amazing figure, may be one of highest in industry, highlights the brand value

@jitendrajain @CapitalmindMF @capitalmind_in Approx. 8:1

@uptickr @CapitalmindMF @capitalmind_in What ratio of AUM is direct vs non direct?

@nagasahitya2008 @CapitalmindMF @capitalmind_in Not for the MF, yet.

@uptickr @CapitalmindMF @capitalmind_in Capitalmind app available?

@narutoindia1 @CapitalmindMF @capitalmind_in Factsheets are available here: capitalmindmf.com/factsheet.html

@uptickr @CapitalmindMF @capitalmind_in Does investor enjoyed return also ? Or only just AUM growth

2026 Concert #4: Def Leppard

@figma GitHub opted everyone into AI training for Copilot. You have until April 24 to opt out. x.com/gergelyorosz/s…

@InvestRepeat BER is != TER

⚡️ Parag Parikh Mutual Fund (PPFAS) reduces fees of all its schemes.

What happens when a large expense shows up the same year your equity portfolio is down 20%? If you've ever watched yourself exit at exactly at the wrong moment, this one's worth an hour.

@jasnoorgill Got to wait for thought-to-text tech

Cabins have usually been better for productivity vs open plan offices. With everyone trying to do AI with voice, I see that coming back. And yes, you are definitely disturbing everyone around when you think you are subvocalizing, talking to your AI! It IS audible to those of us at the next table in the coffee shop.

What we know, what we don't know and what we are doing about the Iran War: @CalmInvestor writes at @CapitalmindMF letter on a way to look at the crisis that gives you a structured view of how to act. (read the thread)

The way we define happiness might be the problem.

AI is making CEOs delusional