166 funds hold it in their latest portfolios. These are the 159 with the most of it, ranked by how much of each fund it is.
| Fund | Share of the fund | 1Y | 3Y, annualised | Expense | Size |
|---|---|---|---|---|---|
4.5% |
| -12.6% |
| +5.4% |
| 0.93% |
| ₹11.3 cr |
UTI BSE Housing Index Fund UTI · Index | 4.3% | -12.4% | +5.5% | 1.07% | ₹21.5 cr |
Tata Focused Fund Tata · Focused | 3.1% | -8.3% | +7.6% | 2.28% | ₹1,625 cr |
Motilal Oswal Nifty MidSmall India Consumption Index Fund Motilal Oswal · Index | 2.6% | -11.3% | — | 1.20% | ₹22.3 cr |
ICICI Prudential Rural Opportunities Fund ICICI Prudential · Sectoral / Thematic | 2.4% | -10.2% | — | 2.26% | ₹1,855 cr |
HDFC Focused Fund HDFC · Focused | 2.3% | -3.6% | +14.5% | 1.71% | ₹27,083 cr |
ICICI Prudential Bharat Consumption Fund ICICI Prudential · Sectoral / Thematic | 2.1% | -7.2% | +8.3% | 2.13% | ₹3,066 cr |
ICICI Prudential Housing Opportunities Fund ICICI Prudential · Sectoral / Thematic | 2.1% | -7.7% | +9.9% | 2.07% | ₹2,618 cr |
Quantum Ethical Fund Quantum · Sectoral / Thematic | 1.9% | -3.1% | — | 2.31% | ₹133 cr |
DSP Nifty Midcap 150 Quality 50 ETF DSP · Exchange Traded | 1.9% | -5.6% | +7.8% | 0.00% | ₹89.3 cr |
UTI Nifty Midcap 150 Quality 50 Index Fund UTI · Index | 1.9% | -6.1% | +7.2% | 1.08% | ₹247 cr |
Franklin Build India Fund Franklin Templeton · Sectoral / Thematic | 1.7% | -7.3% | +13.8% | 2.13% | ₹3,001 cr |
Bandhan Nifty 200 Quality 30 Index Fund Bandhan · Index | 1.6% | -7.0% | — | 1.18% | ₹16.3 cr |
Kotak Nifty 200 Quality 30 Index Fund Kotak Mahindra · Index | 1.6% | -6.5% | — | 0.71% | ₹16.8 cr |
SBI Nifty200 Quality 30 Index Fund SBI · Index | 1.6% | -6.7% | — | 0.84% | ₹311 cr |
UTI Nifty 200 Quality 30 Index Fund UTI · Index | 1.6% | -6.7% | — | 1.10% | ₹505 cr |
Aditya Birla Sun Life Nifty 200 Quality 30 ETF Aditya Birla Sun Life · Exchange Traded | 1.6% | -6.1% | +7.8% | 0.33% | ₹22.8 cr |
ICICI Prudential Nifty 200 Quality 30 ETF ICICI Prudential · Exchange Traded | 1.6% | -6.2% | +7.8% | 0.34% | ₹131 cr |
ICICI Prudential Nifty200 Quality 30 Index Fund ICICI Prudential · Index | 1.6% | -6.7% | — | 0.92% | ₹25.2 cr |
Kotak Nifty200 Quality 30 ETF Kotak Mahindra · Exchange Traded | 1.6% | -6.0% | — | 0.31% | ₹3 cr |
HDFC Housing Opportunities Fund HDFC · Sectoral / Thematic | 1.6% | -11.8% | +6.9% | 2.27% | ₹1,075 cr |
Quantum ESG Best in Class Strategy Fund Quantum · Sectoral / Thematic | 1.5% | -7.9% | +6.5% | 2.25% | ₹84.1 cr |
The Wealth Company Mid Cap Fund The Wealth Company · Mid Cap | 1.5% | — | — | 3.96% | ₹177 cr |
Taurus Mid Cap Fund Taurus · Mid Cap | 1.3% | -0.6% | +9.1% | 2.79% | ₹136 cr |
Franklin India Mid Cap Fund Franklin Templeton · Mid Cap | 1.3% | -7.3% | +12.7% | 1.92% | ₹11,787 cr |
SBI Consumption Opportunities Fund SBI · Sectoral / Thematic | 1.3% | -15.2% | +3.1% | 2.23% | ₹2,445 cr |
NJ Flexi Cap Fund NJ · Flexi Cap | 1.2% | -4.8% | +7.4% | 2.27% | ₹2,601 cr |
Axis Nifty Midcap 50 Index Fund Axis · Index | 1.2% | -1.8% | +13.7% | 1.15% | ₹722 cr |
Kotak Nifty Midcap 50 ETF Kotak Mahindra · Exchange Traded | 1.2% | -0.9% | +14.8% | 0.35% | ₹198 cr |
Kotak Nifty Midcap 50 Index Fund Kotak Mahindra · Index | 1.2% | -1.8% | — | 1.08% | ₹81.7 cr |
HDFC Large Cap Fund HDFC · Large Cap | 1.2% | -5.7% | +8.7% | 1.58% | ₹37,832 cr |
Franklin India Focused Equity Fund Franklin Templeton · Focused | 1.2% | -12.1% | +7.3% | 1.94% | ₹10,527 cr |
Groww Nifty Non-Cyclical Consumer Index Fund Groww · Index | 1.1% | -9.8% | — | 1.11% | ₹38.8 cr |
Tata Multicap Fund Tata · Multi Cap | 1.1% | -0.1% | +8.0% | 2.18% | ₹3,400 cr |
HDFC Retirement Fund - Equity Plan HDFC · Retirement | 1.1% | -7.8% | +8.7% | 1.87% | ₹6,784 cr |
Mirae Asset Nifty India New Age Consumption ETF Mirae Asset · Exchange Traded | 1.1% | -6.5% | — | 0.44% | ₹54 cr |
HDFC Multi Asset Allocation Fund HDFC · Multi Asset Allocation | 1.1% | -1.5% | +10.4% | 2.02% | ₹5,731 cr |
ICICI Prudential ESG Exclusionary Strategy Fund ICICI Prudential · Sectoral / Thematic | 1.1% | -11.6% | +9.7% | 2.36% | ₹1,251 cr |
The Wealth Company Large & Mid Cap Fund The Wealth Company · Large & Mid Cap | 1.0% | — | — | 3.82% | ₹109 cr |
Franklin India ELSS Tax Saver Fund Franklin Templeton · ELSS (Tax Saver) | 1.0% | -7.8% | +9.9% | 1.92% | ₹5,910 cr |
Franklin India Flexi Cap Fund Franklin Templeton · Flexi Cap | 1.0% | -7.2% | +10.1% | 1.77% | ₹18,433 cr |
ICICI Prudential Balanced Hybrid Fund ICICI Prudential · Balanced Hybrid | 1.0% | — | — | 2.33% | ₹219 cr |
Axis BSE India Sector Leaders Index Fund Axis · Index | 0.9% | — | — | 1.15% | ₹28 cr |
Bandhan BSE India Sector Leaders Index Fund Bandhan · Index | 0.9% | -7.1% | — | 1.10% | ₹23.3 cr |
HDFC BSE India Sector Leaders Index Fund HDFC · Index | 0.9% | — | — | 0.76% | ₹163 cr |
Nippon India ETF BSE Sensex Next 50 Nippon India · Exchange Traded | 0.9% | -4.6% | +14.4% | 0.29% | ₹136 cr |
UTI BSE Sensex Next 50 Exchange Traded Fund UTI · Exchange Traded | 0.9% | -4.5% | +14.6% | 0.00% | ₹31.6 cr |
UTI ELSS Tax Saver Fund UTI · ELSS (Tax Saver) | 0.9% | -7.6% | +7.1% | 1.95% | ₹3,259 cr |
UTI BSE India Sector Leaders Index Fund UTI · Index | 0.9% | — | — | 0.90% | ₹38.8 cr |
DSP Large & Mid Cap Fund DSP · Large & Mid Cap | 0.9% | -5.7% | +12.2% | 1.85% | ₹22,094 cr |
UTI BSE India Sector Leaders Exchange Traded Fund UTI · Exchange Traded | 0.9% | — | — | 1.14% | ₹7.3 cr |
HDFC Aggressive Hybrid Fund HDFC · Aggressive Hybrid | 0.9% | -7.2% | +6.3% | 1.71% | ₹21,194 cr |
The Wealth Company Multi Cap Fund The Wealth Company · Multi Cap | 0.9% | — | — | 2.10% | ₹145 cr |
HDFC Manufacturing Fund HDFC · Sectoral / Thematic | 0.9% | +0.8% | — | 1.86% | ₹9,946 cr |
HDFC Retirement Fund - Hybrid-Equity Plan HDFC · Retirement | 0.9% | -7.7% | +6.4% | 2.13% | ₹1,534 cr |
UTI Flexi Cap Fund UTI · Flexi Cap | 0.8% | -3.4% | +8.3% | 1.68% | ₹22,648 cr |
HDFC Mid Cap Fund HDFC · Mid Cap | 0.8% | -2.0% | +14.9% | 1.31% | ₹1.02 lakh cr |
Mahindra Manulife Aggressive Hybrid Fund Mahindra Manulife · Aggressive Hybrid | 0.8% | -7.4% | +9.5% | 2.16% | ₹2,870 cr |
SBI Aggressive Hybrid Fund SBI · Aggressive Hybrid | 0.8% | -0.1% | +11.6% | 1.40% | ₹86,942 cr |
NJ Balanced Advantage Fund NJ · Balanced Advantage / Dynamic Asset Allocation | 0.8% | -1.0% | +6.5% | 2.41% | ₹3,212 cr |
LIC MF Nifty Midcap 100 ETF LIC · Exchange Traded | 0.8% | -2.7% | — | 0.20% | ₹615 cr |
Motilal Oswal Nifty Midcap 100 ETF Motilal Oswal · Exchange Traded | 0.8% | -2.3% | +14.5% | 0.34% | ₹820 cr |
0.8% | -0.1% | — | 1.13% | ₹141 cr |
HDFC ELSS - Tax Saver Fund HDFC · ELSS (Tax Saver) | 0.7% | -7.5% | +12.6% | 1.76% | ₹15,248 cr |
Groww Value Fund Groww · Value | 0.7% | -5.1% | +10.3% | 2.89% | ₹80.7 cr |
Groww Nifty 500 Low Volatility 50 ETF Groww · Exchange Traded | 0.7% | -3.7% | — | 0.00% | ₹3.9 cr |
Axis Nifty500 Low Volatility 50 Index Fund Axis · Index | 0.7% | — | — | 0.90% | ₹24 cr |
HDFC Multi Cap Fund HDFC · Multi Cap | 0.7% | -8.1% | +9.7% | 1.79% | ₹19,351 cr |
ITI Bharat Consumption Fund ITI · Sectoral / Thematic | 0.7% | -1.3% | — | 2.56% | ₹346 cr |
0.7% | — | — | 1.22% | — |
Tata Dividend Yield Fund Tata · Dividend Yield | 0.7% | +0.0% | +11.5% | 2.32% | ₹1,088 cr |
Baroda BNP Paribas Nifty Midcap 150 Index Fund Baroda BNP Paribas · Index | 0.6% | -3.9% | — | 1.25% | ₹10.2 cr |
Kotak Nifty Midcap 150 Index Fund Kotak Mahindra · Index | 0.6% | -3.4% | — | 0.90% | ₹47 cr |
Groww Nifty Midcap 150 Index Fund Groww · Index | 0.6% | — | — | 0.00% | ₹14.9 cr |
Groww Nifty Midcap 150 ETF Groww · Exchange Traded | 0.6% | — | — | 0.00% | ₹6.1 cr |
Mirae Asset Nifty Midcap 150 ETF Mirae Asset · Exchange Traded | 0.6% | -2.6% | +13.8% | 0.16% | ₹1,808 cr |
Aditya Birla Sun Life Nifty Midcap 150 Index Fund Aditya Birla Sun Life · Index | 0.6% | -3.4% | +13.0% | 1.04% | ₹456 cr |
Bandhan Nifty Midcap 150 Index Fund Bandhan · Index | 0.6% | -3.7% | — | 1.41% | ₹73.1 cr |
DSP Nifty Midcap 150 ETF DSP · Exchange Traded | 0.6% | — | — | 0.00% | ₹13.7 cr |
DSP Nifty Midcap 150 Index Fund DSP · Index | 0.6% | — | — | 1.16% | ₹17.8 cr |
HDFC Nifty Midcap 150 ETF HDFC · Exchange Traded | 0.6% | -2.7% | +13.7% | 0.25% | ₹154 cr |
HDFC Nifty Midcap 150 Index Fund HDFC · Index | 0.6% | -3.3% | +12.8% | 0.87% | ₹702 cr |
Kotak Nifty Midcap 150 ETF Kotak Mahindra · Exchange Traded | 0.6% | -2.6% | — | 0.18% | ₹13.7 cr |
Motilal Oswal Nifty Midcap 150 Index Fund Motilal Oswal · Index | 0.6% | -3.4% | +12.9% | 1.12% | ₹3,993 cr |
Navi Nifty Midcap 150 Index Fund Navi · Index | 0.6% | -3.7% | +12.5% | 1.14% | ₹374 cr |
Nippon India ETF Nifty Midcap 150 Nippon India · Exchange Traded | 0.6% | -2.6% | +13.7% | 0.28% | ₹3,882 cr |
Nippon India Nifty Midcap 150 Index Fund Nippon India · Index | 0.6% | -3.2% | +13.0% | 0.93% | ₹2,652 cr |
SBI Nifty Midcap 150 Index Fund SBI · Index | 0.6% | -3.2% | +12.9% | 0.93% | ₹1,241 cr |
Tata Nifty Midcap 150 Index Fund Tata · Index | 0.6% | -3.8% | — | 1.10% | ₹339 cr |
UTI Nifty Midcap 150 Exchange Traded Fund UTI · Exchange Traded | 0.6% | -2.6% | +13.7% | 0.00% | ₹12.2 cr |
UTI Nifty Midcap 150 Index Fund UTI · Index | 0.6% | -3.4% | — | 1.13% | ₹75.9 cr |
Zerodha Nifty Midcap 150 ETF Zerodha · Exchange Traded | 0.6% | -2.0% | — | 0.24% | ₹266 cr |
ICICI Prudential Nifty Midcap 150 ETF ICICI Prudential · Exchange Traded | 0.6% | -2.7% | +13.8% | 0.22% | ₹734 cr |
ICICI Prudential Nifty Midcap 150 Index Fund ICICI Prudential · Index | 0.6% | -3.5% | +12.7% | 1.13% | ₹1,217 cr |
Mirae Asset Nifty India Manufacturing ETF Mirae Asset · Exchange Traded | 0.6% | +0.6% | +17.4% | 0.51% | ₹249 cr |
Motilal Oswal Nifty India Manufacturing ETF Motilal Oswal · Exchange Traded | 0.6% | +0.5% | — | 0.69% | ₹1.9 cr |
Navi Nifty India Manufacturing Index Fund Navi · Index | 0.6% | +0.1% | +16.6% | 1.16% | ₹83.2 cr |
Nippon India Nifty India Manufacturing ETF Nippon India · Exchange Traded | 0.6% | +0.9% | — | 0.30% | ₹15.4 cr |
Nippon India Nifty India Manufacturing Index Fund Nippon India · Index | 0.6% | +0.3% | — | 0.90% | ₹40.8 cr |
UTI Nifty India Manufacturing Index Fund UTI · Index | 0.6% | +0.1% | — | 1.13% | ₹30.5 cr |
UTI India Consumer Fund UTI · Sectoral / Thematic | 0.6% | -7.6% | +8.6% | 2.44% | ₹691 cr |
Bandhan Multi Cap Fund Bandhan · Multi Cap | 0.6% | -3.6% | +11.0% | 2.25% | ₹2,922 cr |
Mirae Asset Arbitrage Fund Mirae Asset · Arbitrage | 0.5% | +6.1% | +6.5% | 0.78% | ₹3,720 cr |
UTI Children's Equity Fund UTI · Children's | 0.5% | -8.4% | +6.6% | 2.24% | ₹1,082 cr |
UTI Quant Fund UTI · Sectoral / Thematic | 0.5% | -5.3% | — | 2.30% | ₹1,356 cr |
Mirae Asset BSE 200 Equal Weight ETF Mirae Asset · Exchange Traded | 0.5% | -3.5% | — | 0.51% | ₹20.6 cr |
AlphaGrep Flexi Cap Fund AlphaGrep · Flexi Cap | 0.5% | — | — | 2.08% | ₹106 cr |
HDFC Flexi Cap Fund HDFC · Flexi Cap | 0.5% | -2.1% | +15.4% | 1.35% | ₹1.11 lakh cr |
Bandhan Flexi Cap Fund Bandhan · Flexi Cap | 0.4% | -3.3% | +10.8% | 2.19% | ₹7,247 cr |
UTI Nifty500 Shariah Index Fund UTI · Index | 0.4% | — | — | 1.23% | ₹94.7 cr |
DSP Flexi Cap Fund DSP · Flexi Cap | 0.4% | -5.0% | +10.1% | 1.87% | ₹11,659 cr |
Kotak Energy Opportunities Fund Kotak Mahindra · Sectoral / Thematic | 0.4% | -4.0% | — | 2.60% | ₹251 cr |
Navi Nifty Midsmallcap 400 Index Fund Navi · Index | 0.4% | — | — | 1.42% | ₹12.4 cr |
Tata ELSS - Tax Saver Fund Tata · ELSS (Tax Saver) | 0.4% | -2.0% | +11.1% | 1.93% | ₹4,362 cr |
Tata India Innovation Fund Tata · Sectoral / Thematic | 0.4% | -1.3% | — | 2.36% | ₹1,240 cr |
ICICI Prudential Energy Opportunities Fund ICICI Prudential · Sectoral / Thematic | 0.4% | +2.0% | — | 2.12% | ₹7,759 cr |
Sundaram Arbitrage Fund Sundaram · Arbitrage | 0.4% | +6.2% | +6.4% | 1.69% | ₹577 cr |
ICICI Prudential Large Cap Fund ICICI Prudential · Large Cap | 0.4% | -7.0% | +10.5% | 1.50% | ₹78,024 cr |
UTI Unit Linked Insurance Plan UTI · Balanced Advantage / Dynamic Asset Allocation | 0.3% | +0.1% | +7.4% | 1.57% | ₹4,914 cr |
Bandhan Multi Asset Allocation Fund Bandhan · Multi Asset Allocation | 0.3% | +4.4% | — | 2.16% | ₹3,645 cr |
Mirae Asset Nifty LargeMidcap 250 Index Fund Mirae Asset · Index | 0.3% | -4.9% | — | 1.02% | ₹34.7 cr |
ICICI Prudential Nifty LargeMidcap 250 Index Fund ICICI Prudential · Index | 0.3% | -4.7% | — | 0.83% | ₹297 cr |
Edelweiss Nifty Large Midcap 250 Index Fund Edelweiss · Index | 0.3% | -4.9% | +10.9% | 1.07% | ₹339 cr |
Edelweiss Nifty LargeMidcap 250 ETF Edelweiss · Exchange Traded | 0.3% | -5.0% | — | 1.17% | ₹167 cr |
HDFC Nifty LargeMidcap 250 Index Fund HDFC · Index | 0.3% | -4.6% | — | 0.73% | ₹474 cr |
AlphaGrep Multi Asset Allocation Fund AlphaGrep · Multi Asset Allocation | 0.3% | — | — | 3.09% | ₹129 cr |
Aditya Birla Sun Life Equity Savings Fund Aditya Birla Sun Life · Equity Savings | 0.3% | +3.4% | +7.4% | 1.67% | ₹1,136 cr |
UTI Children's Hybrid Fund UTI · Children's | 0.3% | -4.0% | +5.6% | 1.62% | ₹4,211 cr |
Axis Small Cap Fund Axis · Small Cap | 0.2% | +1.3% | +12.0% | 1.68% | ₹29,232 cr |
ICICI Prudential ELSS - Tax Saver Fund ICICI Prudential · ELSS (Tax Saver) | 0.2% | -6.2% | +10.5% | 1.78% | ₹13,453 cr |
Nippon India Nifty 500 Equal Weight Index Fund Nippon India · Index | 0.2% | -5.6% | — | 1.13% | ₹438 cr |
Kotak MSCI India ETF Kotak Mahindra · Exchange Traded | 0.2% | -5.0% | — | 0.24% | ₹2,237 cr |
Aditya Birla Sun Life MSCI India ETF Aditya Birla Sun Life · Exchange Traded | 0.2% | — | — | 0.22% | — |
360 ONE MSCI India ETF 360 ONE · Exchange Traded | 0.2% | — | — | 0.00% | ₹6.6 cr |
DSP MSCI India ETF DSP · Exchange Traded | 0.2% | — | — | 0.00% | ₹5,015 cr |
HDFC Nifty500 Multicap 50 25 25 Index Fund HDFC · Index | 0.2% | -4.4% | — | 0.82% | ₹518 cr |
Groww Nifty 200 ETF Groww · Exchange Traded | 0.2% | -5.3% | — | 0.00% | ₹16.5 cr |
Mirae Asset Nifty500 Multicap 50 25 25 ETF Mirae Asset · Exchange Traded | 0.2% | -3.7% | — | 0.25% | ₹90.6 cr |
HDFC Large & Mid Cap Fund HDFC · Large & Mid Cap | 0.1% | -5.8% | +11.5% | 1.61% | ₹28,399 cr |
HDFC BSE 500 ETF HDFC · Exchange Traded | 0.1% | -5.2% | +10.2% | 0.32% | ₹343 cr |
ICICI Prudential BSE 500 ETF ICICI Prudential · Exchange Traded | 0.1% | -5.2% | +10.2% | 0.33% | ₹352 cr |
ICICI Prudential Nifty 500 Index Fund ICICI Prudential · Index | 0.1% | -5.7% | — | 1.01% | ₹106 cr |
Axis Nifty 500 Index Fund Axis · Index | 0.1% | -5.8% | — | 1.11% | ₹319 cr |
Bandhan Nifty Total Market Index Fund Bandhan · Index | 0.1% | -5.5% | — | 1.32% | ₹43 cr |
DSP Nifty 500 Index Fund DSP · Index | 0.1% | — | — | 1.05% | ₹17.3 cr |
HDFC BSE 500 Index Fund HDFC · Index | 0.1% | -5.7% | +9.3% | 0.84% | ₹326 cr |
Motilal Oswal BSE 1000 Index Fund Motilal Oswal · Index | 0.1% | -5.5% | — | 1.11% | ₹60.5 cr |
Motilal Oswal Nifty 500 ETF Motilal Oswal · Exchange Traded | 0.1% | -4.8% | +10.6% | 0.37% | ₹301 cr |
Motilal Oswal Nifty 500 Index Fund Motilal Oswal · Index | 0.1% | -5.4% | +9.8% | 0.96% | ₹3,176 cr |
SBI Nifty 500 Index Fund SBI · Index | 0.1% | -5.4% | — | 0.81% | ₹752 cr |
UTI Nifty 500 Exchange Traded Fund UTI · Exchange Traded | 0.1% | — | — | 0.83% | ₹6.9 cr |
UTI Nifty 500 Index Fund UTI · Index | 0.1% | — | — | 0.73% | ₹105 cr |
Angel One Nifty Total Market Index Fund Angel One · Index | 0.1% | -5.3% | — | 1.08% | ₹60.4 cr |
Groww Nifty Total Market Index Fund Groww · Index | 0.1% | -5.3% | +9.6% | 1.09% | ₹360 cr |
Mirae Asset Nifty Total Market Index Fund Mirae Asset · Index | 0.1% | -4.9% | — | 1.05% | ₹35.8 cr |
Angel One Nifty Total Market ETF Angel One · Exchange Traded | 0.1% | -4.5% | — | 0.29% | ₹45.5 cr |
Invesco India Multi Asset Allocation Fund Invesco · Multi Asset Allocation | 0.1% | +5.2% | — | 1.68% | ₹1,207 cr |
Old Bridge Arbitrage Fund Old Bridge · Arbitrage | 0.1% | — | — | 1.91% | ₹124 cr |
DSP Arbitrage Fund DSP · Arbitrage | 0.0% | +6.0% | +6.5% | 1.80% | ₹6,963 cr |
166 funds hold it in their latest portfolios as of 30 Sept 2026. As a share of the fund, the most is in Kotak BSE Housing Index Fund (4.5%), UTI BSE Housing Index Fund (4.3%) and Tata Focused Fund (3.1%).
NAV, expense ratio and fund disclosures as published by AMFI and the fund houses. Figures are computed independently and may differ from a fund house's own factsheet.
DiscoverMF is an information and analytics service. Nothing here is investment advice, a recommendation, or an offer to buy or sell any scheme. Mutual fund investments are subject to market risks; read all scheme related documents carefully. Past performance does not indicate future returns.