The factsheet prints the fund's return. Your statement prints yours.
The two are only equal for the investor who buys on day one and never flinches. Everyone else earns the fund's return minus their own behaviour.
01
A return has two clocks. The factsheet CAGR times one untouched rupee from day one. Your money keeps its own clock, the XIRR of your actual cheques. Judge your investing by your number, not the fund's.
02
The gap has no receiver. The 5.3 points a year did not go to the fund house or the taxman. Buying after hot years and pausing after falls simply burned it. Timing is the only cost with no line item.
03
The fix is a calendar, not a forecast. SIP rupees in the same study kept 15.2 against 13.8 for everyone else, just by ignoring how last year felt. A rule times the market so your mood does not.
You do not earn a fund's return by picking it. You earn it by staying boringly, mechanically invested in it. The factsheet number is an offer. Your behaviour decides how much of it you accept.
Put the printed number next to the number you keep.
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