Three in four Indian large-cap funds trail their own benchmark.
76% over the last decade (SPIVA India, YE 2025). Underperformance at that scale isn't a talent problem — it's built into the system, three ways:
MCAP-weight bias
As a stock rises it earns a bigger weight, so everyone buys more of it — momentum mistaken for merit. A few heavyweights steer India's benchmarks; portfolios built against them inherit the bias.
Stone-age tools
Portfolios are still assembled with judgment calls, spreadsheets and quarterly committees — hit-and-miss craft against a market that reprices daily.
Fee first, accountability later
Fees are charged on assets, up front, alpha or none. Accountability arrives later — if ever. The incentive is to gather assets, not generate alpha.
It's a design problem — so we fixed the design. 3N re-weights any benchmark by information, not popularity. Built to beat any benchmark — India's included.
SPIVA India Scorecard, Year-End 2025: 76.3% of Indian Equity Large-Cap funds underperformed the S&P India LargeMidCap over the 10-year horizon.
Fees compound against the portfolio. Alpha compounds for it.
Asset-based fees are charged profit or loss, alpha or none — and they compound exactly the way returns do. Whether you pay them or charge them, ten years of ₹1 crore tells the same story:
The fee is certain. The alpha is not. You should only ever pay — or charge — for the second.
Illustration: ₹1 crore compounding annually for 10 years; market at 12% p.a.; typical fee of 2% of assets p.a. (10% net); alpha of 5 percentage points with zero fees (17% p.a.). 1.10¹⁰ = 2.59 · 1.12¹⁰ = 3.11 · 1.17¹⁰ = 4.81. An illustration of compounding, not a projection.
The engine has proved itself — again and again. Now it's India's turn.
Seventeen years under Nasdaq's calculation, two SEBI-regulated funds live in India, and a Canadian mandate rebuilt to a Morningstar top-percentile result — every proof measured by someone other than us.
The 3N engine ran as a real Nasdaq index — calculated from 2004, listed 2014–21. 100 grew 11.2× vs 3.2× for the benchmark.
Two SEBI-regulated PMS funds with Right Horizons — India 100 & Midcap 29 — both ahead since inception, measured independently on PMS Bazaar.
A fund manager's underperforming mandate, redesigned on 3N — recognised top-percentile by Morningstar in 2024.
Nine E&R strategies, every one ahead of its benchmark — yours to invest in, license, or commission as your own mandate.
Three markets, three regulators, three independent scorekeepers — one engine. We've never asked a client to be the first proof.
Two of the nine already run live money — independently measured.
SEBI-regulated Portfolio Management Services by Right Horizons, tracked on PMS Bazaar. Below, the full monthly journey since inception — every dip on the chart, every recovery too.
Source: Alphabots monthly model NAVs (Right Horizons), rebased to 100 at 31 Mar 2023, through 29 Jun 2026; annualised returns computed from the series, gross of fees. Both strategies run live as SEBI-regulated PMS via Right Horizons and are independently tracked on PMS Bazaar. PMS is for qualified investors. Past performance does not guarantee future results.
Nine strategies. Every one ahead of its benchmark.
annualised since inception, gross of fees
Returns annualised vs benchmark, in %; alpha in percentage points; bar = alpha. Alphabots India 100 & Midcap 29: live SEBI-regulated PMS — annualised from monthly Alphabots model NAVs (Right Horizons), Mar 2023 – Jun 2026; independently tracked on PMS Bazaar. Remaining five: E&R (Exceptional & Rich) model portfolios, computed live, gross of fees, since inception — factsheets: Jun 2026 (Quality 100, Quality 40) · Apr 2026 (Small Cap) · Nov 2025 (India 50, Bankex).
Three doors in — pick the one that fits.
Invest — SEBI-regulated PMS
Alphabots India 100 and Midcap 29 are open today through Right Horizons — for qualified investors, family offices and their advisors.
License the strategies
AMCs, PMS houses, advisors and platforms run the nine models under their own brand — turnkey construction, rebalancing and analytics over turnkey APIs.
Commission a custom mandate
Your universe, your benchmark — or the fund you already run, redesigned on 3N — proven in a 60-day sandbox before anything goes live. The Bankex began exactly this way.
Every door starts the same way: nothing goes live unproven — researched, attributed, forward-tested.
You pay for alpha — not for underperformance.
The fee model is part of the product: no asset-based fee, a fee only when a strategy beats its benchmark — measured over a defined window, with every cost stated before you sign.
No asset-based fee. If a strategy only matches its benchmark, you owe nothing.
A pre-agreed share of verified outperformance vs the strategy's stated benchmark — the split is fixed per mandate, before deployment.
Alpha is assessed over a rolling 12-month period — no quarter-end gaming, no fee on noise. Fees crystallise only at each window's close.
Exit loads and the settlement of an open measurement window are specified in the agreement before you sign — no surprises at redemption.
We only get paid when you're already ahead.
Pay-for-alpha applies to licensing the E&R Ready-to-Deploy strategies; custom and bespoke mandates are priced per mandate. Investments in the Alphabots PMS funds follow the fee schedule in the Right Horizons PMS disclosure document.
A story that began at the Bombay Stock Exchange.
Born in New Delhi; began at the Bombay Stock Exchange serving major Indian institutions, then spent twenty-five years building quantitative strategies for active managers across Europe and North America. Recognised by MIT, pivotal in bringing 3N to Nasdaq. Author of End of Passive Investing.
A technology executive and software architect with 15+ years across enterprise and financial-technology platforms. As CTO she leads the 3N™ engine — the infrastructure that computes every model on this shelf daily — its data pipelines and reconciliation systems across .NET, Python and cloud. Built in the early UiPath ecosystem; co-founded AlphaBlock in 2018.
Twenty-five years across Indian capital markets — wealth management, treasury, operations and asset gathering. He managed Som Datt Builders' US$50M treasury, led the high-net-worth investors division at HDFC Securities, and was VP, Asset Acquisition at Globe Capital Market. Since 2013 he has run VM Intrinsic, his own consulting practice, partnering with Angel Broking on client education and onboarding.
Based in Delhi, a commerce graduate from North Campus, Delhi University, and previously an equity research analyst at a Category III AIF. Awaiting his CFA Level II result — Level III ahead — and in the process of becoming a SEBI-certified Registered Investment Adviser. Keen on systematic investing and behavioural finance; outside of work he organises TEDx events to engage his community.