fund manager performance, not scheme performance. This is possible only if we follow the fund manager across schemes and asset management companies. A fund manager may be managing a large-cap fund and also a mid-cap or small-cap fund. To get a unified score that captures performance across fund mandates, we created virtual NAVs for each fund manager and all metrics are based on these ‘virtual’ NAVs.
The best fund managers were selected using the following steps:
Gating: The first step involved creating a list of fund managers eligible for ranking.
Track record: A single track record was created for each fund manager.
Ranking: The fund managers were then ranked on the basis of various metrics, subject to certain qualifying conditions.
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Gating
All open-ended funds in the active equity category, except sub-categories of ‘sector’, ‘thematic’, and ‘others’, were taken in this study.
The fund management history of each of these funds for the past six years was taken into account. A six-year period was taken to ensure we were able to assess rolling three-year returns over an extended time frame, allowing for adequate number of observations and smoothening out of market phases.
All those who have been fund managers for at least 70 months (in one or more funds) in the past six years were added to ranking. No restriction was imposed on the number of breaks in fund management. As long as the cumulative break was less than two months, the manager was added to the