Portfolio disclosure
The published list of the securities a scheme holds, with market values and ISINs — monthly within 10 days for all schemes, and fortnightly within 5 days, with yields, for debt schemes.
In plain language
The NAV tells an investor what a unit is worth. It does not say what the money is in. The portfolio disclosure does.
The workbook: this is a list of securities where the corpus of the scheme is currently invested. The market value of these investments is also stated in portfolio disclosures.
It is one of the three essential places the workbook names for making informed decisions — scheme related documents, portfolio disclosures, and the NAV — and, as it notes, even a prospective investor can access all of them.
How it works
The mandatory disclosure (Chapter 5.1.6).
| Scheme | As on | Where | Deadline | Extra |
|---|---|---|---|---|
| All schemes | Last day of the month | AMC website and AMFI website | Within 10 days of month-end | ISIN of each security; user-friendly, downloadable spreadsheet |
| Debt schemes | Each fortnight | Same | Within 5 days of every fortnight | Yield of each instrument |
Other disclosures that overlap it.
- Daily debt transactions. SEBI requires disclosure of debt and money market securities transacted, including inter-scheme transfers, daily, with a time lag of 15 days.
- Scheme dashboard. The AMC's performance dashboard includes the month-end portfolio.
- AMFI Code of Ethics 3.2. Members disclose investment pattern, portfolio details, expense ratios and portfolio turnover to unit-holders on an annual basis.
- Fund factsheet — voluntary. Security-wise and sector-wise allocation for equity schemes, rating profile for debt schemes. It is not a regulatory requirement, and some fund houses show only the top 10 holdings there.
Why it matters. Portfolio disclosures are how an investor sees whether a scheme is true to label, how concentrated it is, and — in debt — what credit quality and yield it is carrying.
A worked example
Vikram holds Rs 6,00,000 in a debt scheme and Rs 4,00,000 in a flexi cap fund. Dates are illustrative.
Flexi cap fund. The 31 March portfolio must be on the AMC and AMFI websites by 10 April. He downloads the spreadsheet and sees the fund's largest holding is 6.2 percent — about Rs 24,800 of his Rs 4,00,000 — and that small caps have risen to a fifth of the portfolio.
Debt scheme. The portfolio as on 15 March must be out by 20 March, and the one as on 31 March by 5 April, each showing the yield of every instrument. In the second, Vikram spots a Rs 45 crore holding in one issuer inside a Rs 900 crore scheme:
Share of the scheme = 45 ÷ 900 = 5%
His exposure = 5% × 6,00,000 = Rs 30,000
The same month's factsheet lists only the scheme's top 10 holdings, and that issuer is 11th — so it does not appear there at all. The mandatory portfolio disclosure is where he finds it.
Why NISM asks about it
Chapter 5.1.6 (Other Mandatory information/disclosure) sets the monthly, 10-day and fortnightly, 5-day debt rules, and Chapter 2.1.5 names portfolio disclosures as one of the three pillars of transparency. Note that the Chapter 5 sample question offers "Monthly or half-yearly (fortnightly for debt schemes)" as its answer, while the text states only monthly and fortnightly deadlines — learn the text's 10 days / 5 days figures and pick the option containing "monthly" and "fortnightly for debt". Chapter 10 adds the daily debt-transaction disclosure with a 15-day lag.
Common exam traps
- Monthly within 10 days for all schemes; fortnightly within 5 days for debt schemes. Do not swap the day counts.
- Debt disclosures also give the yield of each instrument, and every disclosure carries ISINs.
- Both the AMC website and the AMFI website — not one or the other.
- The factsheet is voluntary and may show only the top 10 holdings; the portfolio disclosure is mandatory and complete.
- Daily disclosure with a 15-day lag applies to debt and money market transactions, not to equity portfolios.
Where this is taught
- Series V-D · Chapter 5: Scheme Related Informationintroduced here
- Series V-B · Chapter 5: Scheme Related Informationintroduced here
Related terms
- Net Asset ValueThe net assets of a mutual fund scheme divided by the number of units outstanding — what one unit of the scheme is worth on a given day, after every liability except the unitholders' own.
- Key Information MemorandumThe short summary of the SID and SAI that SEBI requires to accompany every mutual fund application form — the one scheme document an investor is guaranteed to be handed.
- Scheme Information DocumentThe offer document setting out everything about a particular scheme that a prospective investor ought to know before investing — prepared in SEBI's format, vetted but not approved by SEBI.
- ISINThe 12-character code (ISO 6166) that identifies one specific security in the depository system — country prefix, nine-character basic number and a check digit, as in INE475C01012.
- Corporate Bond FundAn open-ended debt scheme that must invest at least 80 percent of total assets in corporate bonds rated AA+ and above — the higher-quality counterpart to the credit risk fund.
- Fund factsheetThe monthly scheme summary an AMC publishes voluntarily — portfolio, performance, risk measures and investment details in one document. It is an AMFI best practice, not a statutory requirement.
- Scheme performance dashboardThe dashboard every AMC must publish on its website and update regularly, showing how each scheme has performed over various holding periods alongside its category, fund manager, benchmark, TER and portfolio.
- Significant Unit holderUnder the AMFI Code of Ethics, any entity holding 5 per cent or more of a scheme's total corpus, counting everything it controls — so its dealings with the scheme must be justified to the trustees.