Fund Explorer v2

Month Window

Winning ratio of past trades Entry day Trades of include Covid

Entry criteria (strength)¹

Top list (strength, holding > 5%)²

Market cap Sector Search

Columns:strengthpast results of the stockfund changehousesmonth levelsprice now vs levels

Columns ▾

1 Entry criteria (strength)

2 Top list (strength, holding > 5%)

Change % (own shares): the change in the number of shares all houses hold, against what they held last month (on the same schemes; a house joining the data counts as unchanged): −3.1% means they hold 3.1% fewer shares than last month. Change, % of company: the same change as a share of all the company's shares (e.g. −0.28%). Holding, % of company: the houses' shares as a % of all the company's shares. ₹ added: the change in shares × the month-end price. Month levels (the selected month's daily bars, split/bonus adjusted): high, low, VWAP (volume-weighted average price), the newest swing high / low in the month, and the volume profile: POC (price with the most volume) and the value area VAH–VAL (70% of the volume). The funds' buying or selling that month happened somewhere in these prices. Price now: the latest close; Below lists the month's levels it is under. Click a row to open the stock.
Entry day (after the 10th, 12th or 22nd of the month after the portfolio month): the day used by the past trades, the strength filters, the summary line and an older month's price. Each stock's own past trades of the chosen kind: Strength 4+ = the months when its strength on that day was 4–5 squares (as known then); Every month held; Funds added 5% / 10% / 15%+ (at any price); Persistent 3+ ×3 months: 3+ squares on that entry day this month and the two months before (enter in month 3 = once, when the streak reaches three months; every month = each month of a streak; Strength tab, "Which rule"). Each is bought at that entry day's close and sold 90 days later, 0.25% costs taken off, Upstox prices, from 2020; trades held during the Covid crash (1 Feb – 30 Jun 2020) are left out unless include Covid is ticked. Only trades that were over before the selected month's entry day are counted, so an older month shows what was known then. Win %: trades that made money ÷ all; Won / lost; Avg, Best, Worst: per trade; P/L ₹: the sum with ₹1 lakh in each; Open: trades still inside their 90 days at that date. Few trades say little; past results, not a promise.
Prices: for the open months the latest price (Upstox, refreshed every 15 minutes in market hours; the time is shown above the table). Today: against yesterday's close. Since entry · after 10th / 12th / 22nd: not a price of that day, but how far the latest price is from that entry day's close (₹ and %), or, once its 90 days are over, the trade's result (in italics). vs month VWAP: against the portfolio month's VWAP. For an older (closed) month, Price is the chosen entry day's close (in italics). First 4+ day: the first entry day that month with 4–5 squares (a stock's favourite day from its own history did not predict its next best day, DECISIONS H48). Months at 4+ (2–3 month window): the months in the window with 4–5 squares on the chosen entry day; hover for each month.
Window 2 or 3 months: the months up to the selected one taken together, because funds often build a position over several months. Change % then chains the monthly changes, ₹ added sums them, and the filters use these window values. Est. buy price: the VWAPs of the months they added, weighted by the shares added each month (an estimate; we know the month, not the prices they paid). Buying zone: the adding months' value areas joined (lowest VAL to highest VAH). One column per month shows its change and today's price against its VWAP. Price against the funds' level: in the study (DECISIONS H31) stocks bought 0–10% below the month's VWAP did worse than average and those more than 10% above did better (momentum), so a negative "Now vs" figure is a caution, not a bargain.

How to read this tab

Strength per stock: what it is

This month

What the squares mean: results of past trades, scored as known then

Size Entry Period

Which rule: thresholds and persistence

Entry Size

Year by year

Money test

4+ on all three entry days

What moves the strength

Size

Reference: how the strength was built and tested (the models compared, the earlier rules, the limits)

How it was tested: the models compared

For reference: the earlier rules on the same measure

Limits

Fromto

Fund houses' holding as % of all the company's shares (lines, left axis) and price (₹, right axis)

Holding % (left axis)Month-end price (right axis)Value areaMonth VWAP: houses added / cutToday's priceBusy closes in the month

Winning ratio of past trades Entry dayTrades of include Covid Made moneyLostStill open (gain so far)Hover an arrow for its dates. Pick 1Y or 3Y to see every %.

Monthly change in the number of shares the houses hold, % of their own holding last month (bars), with signal markers

▲ above a bar: all houses together added 5% / 10% / 15% or more of their shares that month (ADD5 / ADD10 / ADD15; hover for the 90-day return after buying on the first trading day after the 22nd of the next month). ▼ below a bar: they cut 5% / 10% / 15% or more (CUT5 / CUT10 / CUT15). The scale stops at about ±60%; a bigger change (often the first month after a listing, measured on the small IPO allotment) reaches the edge and shows its value.

All houses adds up every house we have data for that month; the set grows as houses join (HDFC Sep 2021, Motilal Dec 2021, HSBC Apr 2023, Axis Jan 2025, Bandhan samples Sep 2026), which lifts the holding line without any buying. Same 11 houses since 2018 keeps one group every month, so its line moves only when they buy or sell. Change % bars of "All houses" are already compared on the same schemes.

Daily price and busy closes (last 30 minutes volume)

fromto Fund buying zones:

Candles: daily open-high-low-close (split/bonus adjusted; green = closed up, red = closed down). Circles (dark outline): busy closes, days whose last-30-minutes volume (15:00–15:30; from 3 Aug 2026 for F&O stocks the last 15 minutes plus the closing auction) was higher than on 90% of the stock's own last 90 trading days. Size: that volume against its 20-day average (bigger = stronger). Colour: where the close sat in the last month's high–low range: green near the bottom (the pattern that went with fund buying), red near the top (went with selling), grey in between. Bars below: the last-30-minutes volume each day (auction part darker). Fund buying zones: for each of the last 1–3 months in which the houses added shares, that month's value area (VAL–VAH) drawn from the month's start to today, with the estimated buy price (dashed: the adding months' VWAPs weighted by the shares added; an estimate, not the prices they paid).

drag the chart or this slider to move through time

Each month's price levels against today's price

Show months with change % ≥ or ≤

Month	Signal	Change %	L30 busy days	Low	High	VWAP	POC	VAL–VAH	Swing hi	Swing lo	Now vs VWAP	Now below	90-day return

Each house

Month Click a house to add it to the charts; click a month in the levels table to show it here.

House	Shares (cr)	Holding %	Change %	Status	Value ₹ cr

House heat map: each house's monthly change

Green: the house bought, red: sold (deeper = bigger %), N = new position, X = exited, grey = held unchanged, blank = no data for that house. Click a cell for the scheme detail.

Which day of the month was the better day to buy this stock

Every month in which the stock traded on a given calendar day is one entry, bought at that day's close and sold at the first close 30, 60 or 90 days later. S: entries that made money; R: entries that did not. Lines: the average S and R over all days. Split/bonus adjusted NSE closes ; no costs, no fund signal; entries whose 30/60/90 days are not over are left out. Hover a day for its numbers.

Holding period

All houses: money put into stocks each month

Value the houses hold in stocks

Fund house Month Window Each stock's past trades for include Covid Past trades of

Quick filters (pick several; a stock must pass all):

Past win % ≥ Past trades ≥ Change % to Holding % ≥ ₹ added (cr) ≥ Market cap Sector Search

Columns:past results of the stockthe house's changethe house's holdingmonth levelsprice now vs levels

Columns ▾

One fund house at a time: every stock its active equity schemes held in the month (or sold out of), with the same measures as the Explorer but for this house alone. Signal: the house's own ADD5 / ADD10 / ADD15 (it held the stock last month and now holds 5% / 10% / 15% or more shares); a new position is shown by its Status (NEW). Change %: against what this house held last month, on the same schemes. Change, % of company and Holding, % of company: the house's shares as a share of all the company's shares. ₹ added: the change in shares × the month-end price. Schemes: how many of its schemes hold the stock. Past trades, month levels and price now: the stock's own, as in the Explorer (Past trades of this house: the months this house itself added 5% / 10% / 15% or more to the stock; all houses: the months all houses together did — both bought after the 22nd of the next month and held 90 days, as in the Explorer). Window 2 or 3 months: the months up to the selected one taken together; the house's changes are chained, the est. buy price weights each month's VWAP by the shares this house added. A house's missing month (no file collected) is left out of the window. Click a row to open the stock with this house's line on the charts.

Market sentimeter: how many stocks had a busy close each day

Busy when the last-30-minutes volume is above its own 90-day percentile · range

drag the chart or this slider to move through time

Bars: stocks with a busy close that day, split by where the close sat in the stock's last-month high–low range: green near the bottom (the pattern that went with fund buying), grey in between, red near the top (went with selling). Line (right axis): Nifty 500.

Date	Stocks with data	Busy closes	% of stocks	Near the low	In between	Near the high	Low − high	Nifty 500	Nifty 500 day %

Busy close: a stock whose last-30-minutes volume (15:00–15:30; from 3 Aug 2026 for F&O stocks the last 15 minutes plus the closing auction) was higher than on 80% / 90% / 95% of its own last 90 trading days. Near the low / high: the close in the bottom / top 30% of the stock's last-month (21 trading days) high–low range. Stocks with data: stocks with 1-minute data and 90 days of history that day (local files, then ADW's daily load); the number changes over time, so compare the % column across long periods. Counting busy closes across the market shows days when many stocks saw heavy late buying or selling at once. Data, not advice.

Profit and loss by month

Winning ratio of past trades Entry dayTrades of include Covid Year Period

How the strategies are built, the strategy groups and the strength indicator

Every strategy has four parts. 1) Signal: all 20 houses together hold more shares than the month before on the same schemes: ADD5 5% or more, ADD10 10% or more, ADD15 15% or more. 2) Entry day: the close of the first trading day after the 10th, 12th or 22nd of the month after the portfolio month (the houses publish by the 10th). 3) Price band: that close against the portfolio month's VWAP (volume-weighted average price, the funds' estimated buying price): above 0–3%, 3–5%, 5–10%, 10%+ or below 0–3%, 3–5%, 5–10%, 10%+. 4) Filter "trend + support": the close is above its 200-day average (about 10 months of closes; the stock is in an uptrend) and not below the portfolio month's low or its latest swing low (a day whose low is under the 5 trading days before and not undercut in the 5 after; the support built while the funds bought). Every trade is sold at the close 90 days later (0.25% costs). 3 signals × 3 entry days × 8 bands × with / without the filter = 144 strategies.
Example (GRWRHITECH, Sep 2026 portfolios, checked at the 23 Oct close, the after-22nd entry): ADD15 ✓; close 7,034 against the September VWAP 6,748 = +4.2% (band above 3–5%); 29% above its 200-day average and 13% above its September support ✓ → strategy "ADD15 · after 22nd · above 3–5% · trend + support" (S138), group Good; after the 10th or 12th the same conditions are the Top group (S106 / S122).
Simple rule (the first page's default): any ADD signal, the entry close 3% or more above the VWAP, with trend + support.
Strength indicator (first page, column Strength; below, per stock): the group of the stock's signal at the entry-day close, worked out once on each entry day and then frozen — the backtest only tested buying at those closes, so other days' prices do not change it. Three slots per month (after the 10th, 12th, 22nd); ✓ all 3 = the simple rule held at all three closes (the best-performing pattern: 60.9% wins against 57.2% when only the 22nd passed). "Since entry" and "Now vs entry condition" on the first page compare the latest close with the entry-day close and with the conditions, as information only.

Strength	Group	Conditions	Entry	Trades	Win %	Avg	Win % 2018–23	Win % 2024–26	Money growth / yr	Largest fall (without Covid)

Buying at the entry-day close or the next day (the indicator is known only after the close)

Entry	Rule / group	Same close: trades	Win %	Avg	Next day's open: win %	Avg	Next day's close: win %	Avg

Per stock: winning strategy, top 3, current zone and the strategies active now

Show

Stock	Company	Strength now (10th · 12th · 22nd)	Winning strategy	Trades	Win %	Avg	2nd	3rd	Signal now	Zone now	Trend + support now	Active strategies now

All stocks together: the 144 strategies

Signal Entry after Filter Group Sort by

Strategy	Group	Signal	Entry	Price vs VWAP	Filter	Trades	Win %	Won / lost	Avg	Best	Worst	Max DD	P/L ₹	Open	Money growth / yr	Largest fall (without Covid)	Nifty 500 / yr

Combined rules in the money simulation

Signal	Entry	Rule	Trades	Win %	Avg	Max DD	Money growth / yr	Largest fall	Largest fall (without Covid)	Nifty 500 / yr

Strategy = signal (ADD5 / ADD10 / ADD15: all houses together hold 5 / 10 / 15% or more shares than the month before; ADD5 includes the larger adds) × entry (the close of the first trading day after the 10th / 12th / 22nd of the month after the portfolio month) × price band (that close against the portfolio month's VWAP, the funds' estimated price: above 0–3%, 3–5%, 5–10%, 10%+ or below 0–3%, 3–5%, 5–10%, 10%+) × filter (none, or trend + support: the close above its 200-day average and not below the portfolio month's low or its latest swing low). 3 × 3 × 8 × 2 = 144. Every trade is sold at the close 90 days later, 0.25% costs. Swing low: a day whose low is under the 5 trading days before and not undercut in the 5 after; the latest one inside the portfolio month. Trade figures leave out trades held during the Covid crash (1 Feb – 30 Jun 2020); money growth includes them and gives the largest fall with and without it. Winning strategy / top 3: per stock, strategies with at least 3 closed trades, highest win %, then highest average. Per-stock samples are small (often 3–6 trades): an earlier study found a stock's own past win % did not predict its next trade (DECISIONS). Zone now / active now: today's price against the latest portfolio month's VWAP for stocks with a signal that month; active = the strategies whose signal, band and filter match now (entry day not checked). Past results of a study, not a promise; data, not advice.

About this page

What the mutual fund houses' active equity schemes bought and sold, from their monthly portfolio disclosures (20 houses; Bandhan from 2024, some months partial; data from Jan 2021). Prices: NSE bhavcopy, latest . Data, not advice.

Version 3 (30 Oct 2026): strength run 10 on the corrected data (HDFC renamed schemes, Axis from Aug 2018); filters in a panel on the left, the entry and top-list boxes next to the table. Version 2 stays as fund_explorer_v2.html, version 1 as fund_explorer.html.

All stocks together: how the signals did in the past (buy after the 22nd of the month after the data, hold 90 days)

Signal	Which trades	Closed trades	Wins	Losses	Win %	Average	Median	Best trade	Worst trade	Avg drawdown in a trade	Worst drawdown in a trade	Cumulative P/L (₹1 lakh a trade)	vs Nifty 500 (avg)	Portfolio growth (CAGR)	Portfolio max drawdown	Still open

Entry: the close of the first trading day after the 22nd of the month after the disclosure month (e.g. Aug data → buy after 22 Sep); exit: the close 90 days later; 0.25% round-trip costs taken off every trade. ADD5 includes the ADD10 and ADD15 trades (shares up 5% or more), ADD10 includes ADD15. Win: the trade made money after costs. Drawdown in a trade: the largest fall from the highest close since entry while it was held. Cumulative P/L: the sum of every closed trade's return if each had ₹1 lakh. Portfolio: the study's money simulation (the money split into tranches, each month's signals bought in equal amounts) — growth per year and its largest fall from a peak. Excluding Covid: without trades held during 1 Feb – 30 Jun 2020 (portfolio drawdown measured before and after that window). Past results of a study, not a promise; data, not advice.

By fund house: whose buying did better (each house's own signals, same entry and exit)

Signal include Covid

House	Signals from	to	Months	Closed trades	Win %	Base win %	Win % edge	Average	Base average	Return edge	vs Nifty 500 (avg)	t (months)

A house's signal: the house held the stock the month before and now holds 5% / 10% / 15% or more shares on the same schemes (ADD5 / ADD10 / ADD15), or did not hold it the month before (NEW). Each is traded like the study: buy after the 22nd of the next month, hold 90 days, 0.25% costs; closed trades only. Base: every stock any house held in the same months, traded the same way, averaged over the months this house traded, so houses with different data periods are compared fairly. Edge = the house's result − its base. t (months): each month's average edge, then mean ÷ standard error over the months; with about 20 houses, one of them reaching ±2 can still be chance. The first row is the study's all-houses signal (all houses together), for comparison. Sorted by return edge. Past results of a study, not a promise; data, not advice.

How each house's data was collected

House	From	To	Months	Missing	Missing months	How collected