IMHO, this is a very incorrect way of computing annual returns. Investors see AUM weighted return which is the global norm…
It is not possible to compute AUM weighted average returns by taking figures from the SEBI website and running it on excel as there are regular monthly inflows.
This ET Markets article on BM says that the PMS has delivered 48.2% annualised return since inception which is AUM weighted.
I called up Basant Maheshwari’s office and the lady who picked my phone said that their average weighted annualized returns since inception to date is 48% post fees and this is certified by their custodian Kotak – a reputed name.
The article also says that BM had made some mistakes last year by buying a few small caps but his HFC stocks like Canfin and PNB have been rocking and have been large gainers…
Disc: Not invested with this scheme.