DISCLAIMER: Built for education and research. Not liable for losses due to investment decisions or data inaccuracy.
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Charlie

Investment Research

Analysing Funds
Rank Code Fund Name Avg Rolling Return ↓i Rolling Return SD ↕i Age ↕i

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period return

Buffett Indicator

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Buffett Indicator

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Market cap / nominal GDP

All India Market Cap

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BSE

Nominal GDP

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MoSPI NAS

Methodology

A transparent look at how Charlie analyses and ranks mutual funds. Every number you see is backed by a rigorous, reproducible process.

Rolling Return Analysis

Instead of relying on point-to-point returns that are sensitive to start and end dates, Charlie computes rolling CAGR over your chosen investment horizon. This produces hundreds of overlapping return windows, giving a far more reliable picture of a fund's typical performance.

Rolling CAGR for each window
CAGR = (NAVend / NAVstart)1/years − 1

We then calculate the average and standard deviation of all rolling windows. A fund with a high average and low standard deviation has delivered strong, consistent returns.

Ranking Criteria

① Average Rolling CAGR

The primary sort metric. Funds are ranked by their mean rolling annualised return across all available windows for the selected horizon (1Y, 3Y, 5Y, or 10Y).

② Return Standard Deviation

Measures consistency. A lower SD means the fund's rolling returns cluster tightly around the average — less surprise, more predictability.

③ Fund Age

Older funds have more rolling windows, which makes their statistics more robust. Age is displayed so you can factor in track-record depth.

Benchmark Comparison

When you select a fund, Charlie overlays its cumulative return against the appropriate TRI benchmark (such as NIFTY 500 TRI, NIFTY 100 TRI, NIFTY Midcap 150 TRI, etc.) for that fund's category. The TRI includes dividends reinvested, providing a fair apples-to-apples comparison. Both series are rebased to 0% at the start of the chosen timeframe.

Buffett Indicator

The Macro Indicators tab surfaces the India Buffett Indicator — the ratio of total market capitalisation to nominal GDP. This is a broad valuation gauge popularised by Warren Buffett.

Buffett Indicator
Indicator = (All-India Market Cap / Nominal GDP) × 100

Market capitalisation is sourced from BSE, and nominal GDP from the Ministry of Statistics (MoSPI NAS). The indicator is refreshed periodically and cached for performance.

Data Sources

  • NAV data — AMFI (Association of Mutual Funds in India) daily NAV feed
  • Benchmark indices — Category-specific Nifty TRI indices (Nifty 500, Nifty 100, Nifty Midcap 150, Nifty Smallcap 250, etc.) via NSE / data providers
  • Market Capitalisation — BSE India
  • Nominal GDP — MoSPI National Accounts Statistics

Limitations & Disclaimers

Past performance does not guarantee future results. Charlie is a research tool, not investment advice. Rolling return statistics are only as good as the underlying NAV history — younger funds will have fewer data points and therefore less reliable averages. Always consult a qualified financial advisor before making investment decisions.

About Charlie

An independent research tool developed by Saunak Dey to bring clarity and rigour to investing decisions, starting with Indian mutual funds.

Why Charlie?

Most mutual fund comparison tools show you point-to-point returns that can be misleading depending on when you look. Charlie takes a different approach: it uses rolling return analysis across every possible investment window to surface funds that have been consistently strong — not just lucky with timing.

The name "Charlie" is a nod to Charlie Munger, whose emphasis on rational analysis and long-term thinking inspires the way this tool is built.