09 /Data & Publishing · Glossary

Every figure, explained once.

258 terms. The same text appears as a tooltip wherever the label is used: hover or focus any dotted label on any page.

01 · Performance

Performance · 32 terms

10Y · ten-year return, annualised: Compound annual growth over the trailing 120 months; only funds and indices that existed ten years ago show a value.
1M · one-month return: Price or NAV change over the last calendar month, absolute (not annualised). For Buoyant it is the published TWRR net of fees; for indices it is price-only.
1Y · one-year return: Change over the trailing twelve months, absolute. Beyond one year the app switches to annualised (per-year) figures so periods are comparable.
2Y · two-year return, annualised: Compound annual growth over the trailing 24 months: what the investment earned per year, on average, to arrive at its end value.
3M · three-month return: Absolute change over the trailing three months, not annualised.
3Y · three-year return, annualised: Compound annual growth over the trailing 36 months. Read it as a per-year rate; a 15% 3Y figure means roughly 52% in total.
4Y · four-year return, annualised: Compound annual growth over the trailing 48 months.
5Y · five-year return, annualised: Compound annual growth over the trailing 60 months. Long enough to span a full market cycle, so it is the fairest single number for a manager.
6M · six-month return: Absolute change over the trailing six months, not annualised.
7Y · seven-year return, annualised: Compound annual growth over the trailing 84 months.
Absolute return: Total change over the window with no annualisation: end value divided by start value, minus one.
Ahead of benchmark: Share of rolling windows in which the portfolio's return beat the benchmark's.
Annualised: Expressed as a per-year rate so that windows of different lengths can be compared. Convention here: absolute up to 12 months, annualised beyond.
Benchmark: The index a fund is measured against. Buoyant Opportunities uses BSE 500 TRI. PMS peers use whatever they filed with SEBI, so a peer's 'vs benchmark' figure is not directly comparable with Buoyant's.
BSE 500 TRI: The S&P BSE 500 Total Return Index: the 500 largest BSE-listed companies, with dividends reinvested. Total-return indices are the honest yardstick for a fund that also collects dividends.
CAGR · compound annual growth rate: The constant yearly rate that turns the start value into the end value over the window. In the benchmark tool it is computed from month-end index levels and is blank for windows shorter than a year.
Consistency: The share of all 5-year rolling windows since inception (measured daily) in which Buoyant's annualised return beat BSE 500 TRI. 97% means the portfolio led the benchmark in almost every 5-year stretch.
Cumulative: Running total from the start of the window to each date.
Excess return, percentage points a year: Buoyant's annualised return minus the benchmark's annualised return over the same window, in percentage points (pp). +6.68 pp since inception means the portfolio compounded 6.68 points a year faster than BSE 500 TRI. It is a plain difference, not risk-adjusted.
Growth of 100: Each series rebased so the first common month equals 100; the line shows what 100 rupees became. Lines that start at the same point make relative performance easy to read.
Highest / lowest: The best and worst rolling-window outcomes an investor could have had over that horizon since inception.
Hit rate: Share of periods in which the return was positive, or beat the benchmark, as labelled.
Median: The middle value: half the observations are above it and half below. Less swayed by extremes than the average.
Months: Number of month-end intervals in the comparison window that both series cover. Fewer months than the preset asks for means one series starts later.
Net of fees: After all management fees, performance fees, brokerage and expenses, before the investor's own taxes. This is what a client actually received.
Nifty 500, price index: NSE's 500-stock index without dividends. It sits a little below a total-return index every year (roughly 1 to 1.5 pp), so treat it as context rather than as Buoyant's benchmark.
Observations: How many rolling windows or data points the statistic is built from. More observations, more trustworthy.
pp · percentage points: The arithmetic difference between two percentages. 15% versus 12% is 3 pp, not 3%.
Rolling returns: Returns measured over every possible window of a given length (for example every 5-year period, moved forward a day at a time). They show the range of outcomes an investor could have had, not just the one ending today.
SI · since inception, annualised: Compound annual growth from the fund's first day to the reference date. Buoyant Opportunities PMS started 31 May 2016. Different start dates make SI figures across funds not directly comparable; use a common window for that.
TWRR · time-weighted rate of return: The return of one rupee kept invested for the whole period, unaffected by when clients added or withdrew money. SEBI requires PMS managers to report it. It is the right measure for judging the manager, not any single client's account.
vs Buoyant: The fund's return minus Buoyant's over the same window, in percentage points. Green means the fund beat Buoyant; red means Buoyant did better.

02 · Risk

Risk · 21 terms

Alpha: Return in excess of what the fund's beta to the benchmark would predict, per year. Positive alpha is the part of performance stock selection explains rather than market exposure.
Best month: The largest single monthly gain inside the window.
Beta scenarios: Portfolio move implied by beta alone for a given index move (β × move). Linear and stock-agnostic: ignores specific news and convexity, so treat it as a first-order guide.
Beta vs BSE 500 TRI: How much the portfolio has tended to move for every 1% move in the benchmark, from daily returns over the last three years. 0.89 means it moved about 89% as much as the market, on average.
Correlation with the book: Daily-return correlation between a name and the whole indicative portfolio over the window. High values mean the name mostly repeats the book's own moves.
Diversification ratio: Weighted average of the names' volatilities divided by the portfolio's volatility. 1.0 means no diversification benefit (everything moves together); 1.5 means the book is a third less volatile than its parts.
Factor beta: How much the holding (or the book) has moved per unit move in the factor, from a monthly regression over the window, holding the other factors constant. Historical association, not a forecast; |t| above 2 marks a reliable estimate.
Information ratio: Excess return over the benchmark divided by tracking error: how consistently the manager's bets pay off. Above 0.5 over long windows is good.
Max DD · maximum drawdown: The largest peak-to-trough fall in the window, from daily closes. −18% means that at the worst point the name was 18% below its earlier high.
Max drawdown: The deepest fall from a prior peak to a later trough on month-end values, before a new high was made. −13% means an investor who bought at the worst moment was down 13% at the low. Smaller is better.
R-squared: Share of the portfolio's movement explained by the benchmark, from 0 to 1. Low R-squared with high returns means the manager is doing something different from the index.
Risk share · contribution to risk: The slice of portfolio volatility a name is responsible for: its weight times its marginal contribution (covariance with the book ÷ portfolio volatility). Shares add to 100%. A name whose risk share is well above its weight share adds more risk than capital.
Sharpe ratio: Return above the risk-free rate divided by volatility: how much extra return each unit of risk bought. Above 1 is good for an equity strategy over long windows.
Sortino ratio: Like the Sharpe ratio but divides by downside volatility only, so a fund is not penalised for upside swings. Higher is better.
Standard deviation: The usual measure of how widely returns scatter around their average. Annualised from monthly data by multiplying by √12.
Tracking error: Volatility of the difference between the fund's and the benchmark's returns. High tracking error means the manager takes big bets away from the index.
Up months: How many month-end to month-end returns in the window were positive, out of the total months. 19/30 means 19 positive months out of 30.
Value at risk: A loss threshold that history suggests is exceeded only rarely (for example 5% of months). It is a statistical description, not a guarantee.
Volatility, annualised: Standard deviation of monthly returns multiplied by √12. It measures how much returns swing around their average; higher means a bumpier path for the same destination.
What-if shock: Multiplies each factor beta by the shock you set and sums the result: a linear, one-month estimate of how the book has behaved in similar moves. It ignores second-round effects and anything the factors do not capture.
Worst month: The largest single monthly loss inside the window. Together with max drawdown it shows how rough the ride was.

03 · Valuation

Valuation · 26 terms

Beta (Blume-adjusted): Regression beta of weekly returns against the Nifty 500 over two years, shrunk one-third toward 1.0 (Blume) because historical betas mean-revert, and bounded 0.6–1.6.
Blended fair value: Weighted average of the method values (DCF, P/E, EV/EBITDA, P/B, residual income, SOTP) at analyst-set weights that sum to 100%. Methods without a value are dropped and the rest renormalised.
Broker ratings: Buy, hold or sell calls from the sell-side reports in the research inbox, with each broker's target price. They inform but do not set the house view.
Buoyant estimates: The house model's forecasts, dated by model version. They differ from broker consensus and are the basis of the approved target.
Dividend yield: Last year's dividends per share divided by the share price, as a percentage.
ERP · equity risk premium: Extra return equity investors demand over the risk-free rate; the house uses 6.0% for India. Cost of equity = risk-free + beta × ERP.
EV · enterprise value: Market cap plus debt minus cash: what it would cost to buy the whole business and settle its lenders.
EV/EBITDA: Enterprise value (market cap plus net debt) divided by operating profit before depreciation. It compares businesses regardless of how they are financed.
Exit multiple: Terminal value as a multiple of final-year EBITDA instead of a perpetuity. The Gordon and exit answers should bracket each other; the implied multiple at the Gordon value is shown as a check.
Fair value: The price at which the house judges the business fully valued on its own assumptions; the approved valuation range around it sets buy and trim levels.
FCFF · free cash flow to the firm: NOPAT + depreciation − capex − change in working capital: the cash the business generates for all capital providers before financing. Discounted at WACC in the DCF.
Implied by the target: What the target price implies for the valuation multiple at the estimate shown, or the return from today's price.
Market cap: Share price multiplied by shares outstanding, in ₹ crore.
Market capitalisation: Share price multiplied by shares outstanding: what the market says the whole company is worth. Shown in ₹ crore (1 crore = 10 million) unless stated.
P/B · price to book: Market cap divided by shareholders' equity. Useful for banks and asset-heavy businesses, where book value is close to the true net worth.
P/E · price to earnings: Share price divided by earnings per share, or market cap divided by profit. It is the number of years of current profit you pay for. Trailing (TTM) uses the last four reported quarters; forward uses estimates. Meaningless when earnings are negative.
PEG · P/E to growth: P/E divided by expected earnings growth (in %). Around 1 is a common rule of thumb for fair; well above 2 means paying up for growth.
Residual income · excess return model: For lenders: value = book value + present value of (ROE − cost of equity) × opening book, with ROE fading to a terminal level. A bank earning its cost of equity is worth book; the premium is the excess return.
Reverse DCF: The uniform revenue growth over the forecast that makes the DCF equal today's price, holding margins and the discount rate. It states what the market is assuming, which is usually the more useful question.
Sensitivity and scenarios: How the fair value changes when a key assumption (growth, margin, multiple) moves. Session-only what-ifs are not saved and do not alter the approved model.
SOTP · sum of the parts: Each segment or subsidiary valued on its own method and multiple, summed, less a holding-company discount, net debt and minorities. Avoids one multiple across unrelated businesses.
Street target price: Mean target price across the broker notes in the research inbox, with the count. Not a market-wide consensus.
Target price: The price the house or a broker expects the stock to reach, usually over 12 months. Upside is the gap between the target and the current price.
Terminal growth: Perpetual growth of cash flow after the explicit forecast, used in the Gordon growth terminal value FCFF × (1 + g) ÷ (WACC − g). Must sit below nominal GDP growth; the house ceiling is 5%.
Upside to target: Target price divided by current price, minus one. Negative upside means the stock already trades above the target and the thesis needs review.
WACC · weighted average cost of capital: Cost of equity (risk-free + beta × equity risk premium) and after-tax cost of debt, weighted by market values. The discount rate for FCFF; a 1 pp change typically moves a DCF value by 10–15%.

04 · Fundamentals

Fundamentals · 38 terms

Balance sheet checks: Leverage, interest cover, working capital and cash conversion: whether the profits are real and the business can fund itself.
Book value per share: Shareholders' equity divided by shares outstanding.
Capex · capital expenditure: Cash spent on plant, equipment and other long-lived assets. High capex ahead of demand can depress returns for years.
CASA ratio: Share of a bank's deposits in current and savings accounts, which cost far less than fixed deposits.
Cash flow: Cash actually generated or spent, as opposed to accounting profit. Operating cash flow should track profit over time; a persistent gap is a warning.
Credit and deposit growth: For banks: growth in loans and in deposits. Loans growing much faster than deposits squeezes liquidity and margins.
Credit cost: Provisions for bad loans as a percentage of average loans. The line that turns a good bank year into a bad one.
Debt to equity: Total borrowings divided by shareholders' equity. Higher means more leverage: better returns in good times, more fragility in bad.
EBITDA: Earnings before interest, tax, depreciation and amortisation: the operating cash-like profit of the business before financing and accounting charges.
Employees: Headcount as last disclosed in the annual report.
EPS · earnings per share: Net profit divided by shares outstanding. Growth in EPS, not just profit, tells you whether shareholders are actually better off after dilution.
Estimate (E): A forecast, from the house model or the broker named, not a reported number.
Forensic flags: Tijori's accounting-quality checks: auditor changes, related-party transactions, receivable build-ups, contingent liabilities and similar. A flag is a question to ask, not a verdict.
Fundamental scorecard: Deterministic checks applied to the reported statements: growth, margins, returns, leverage, cash conversion and dilution. Each flag states the rule it applied, so the reasoning is auditable.
FY · financial year: India's financial year runs April to March; FY26 is April 2025 to March 2026. An E after the year (FY27E) marks an estimate.
GNPA · gross non-performing assets: Loans overdue by more than 90 days, as a percentage of total loans. NNPA is the same after provisions already set aside.
Growth checks: Sales and profit growth against the last one, three and five years, and against the thesis threshold where one is approved.
Interest coverage: Operating profit divided by interest cost: how many times over the business can pay its lenders. Below 2 is uncomfortable.
Market share: The company's share of its industry's sales or volumes, from Tijori's industry data or the company's own disclosure.
Next results date: The board meeting NSE lists for financial results. NSE shows about two weeks ahead, so dates further out are estimated from the company's usual gap between results and marked 'est.'.
NIM · net interest margin: For banks: interest earned minus interest paid, as a percentage of interest-earning assets. Their equivalent of gross margin.
NPM · net profit margin: Profit after tax as a percentage of sales.
Operating metrics: Non-financial drivers the company reports (volumes, stores, subscribers, capacity, utilisation). They usually move before the financials do.
OPM · operating profit margin: Operating profit (EBITDA) as a percentage of sales. It shows how much of each rupee of sales survives the cost of running the business, before interest, tax and depreciation.
PAT · profit after tax: Net profit left for shareholders after every cost and tax. Called net profit in most reports.
Profit growth, year on year: Latest profit after tax versus the same period a year earlier.
Profitability checks: Margins and returns on capital, their direction over time and how they compare with peers.
Quarterly results: Figures for each three-month period as reported to the exchanges. Compare with the same quarter a year ago (YoY) rather than the previous quarter to avoid seasonality.
Revenue break-up: Sales split by product, geography or brand, as disclosed in the annual report and filings. It shows what actually earns the money and where.
ROA · return on assets: Profit after tax divided by total assets. The standard profitability measure for banks and NBFCs, where 1% and above is good.
ROCE · return on capital employed: Operating profit divided by equity plus debt. Unlike ROE it is not flattered by leverage, so it is the cleaner test of a business's quality.
ROE · return on equity: Profit after tax divided by average shareholders' equity. It is the rate at which the business compounds its owners' capital. Above 15% sustained is strong for India.
Sales / revenue: Money earned from selling goods and services in the period, before any costs. For banks the app shows interest earned instead.
Sales growth, year on year: Latest period's revenue versus the same period a year earlier. Same-period comparison removes seasonality.
Segments: The business lines a company reports separately. Segment revenue and margin show which parts actually earn the money.
Shares outstanding: Number of shares in issue. A rising count without a bonus or split means dilution: each existing share owns a smaller slice.
TTM · trailing twelve months: The sum of the last four reported quarters. It updates every quarter, unlike the annual figure.
Working capital: Receivables plus inventory minus payables: the money tied up in running the business day to day. Rising working capital days means cash is stuck.

05 · Ownership

Ownership · 13 terms

Book weight covered: The share of Buoyant's portfolio (by weight) made up of names in which this institution is a named holder.
Crowding score: 0 to 100: how owned and how recently bought a name is. 0.8 × institutional % plus 6 × the last-quarter change in institutional % plus 0.4 × named MF and FPI holders. Above 70 means little marginal buyer left if the story wobbles; below 45 means under-owned.
DII holding: Share owned by domestic institutions: mutual funds, insurers, pension funds and banks.
FII / FPI holding: Share owned by foreign portfolio investors. It shows how exposed the stock is to global flows.
Free float: Shares actually available to trade, excluding promoter and other locked-in holdings. Index weights and liquidity depend on it.
Institutional holders: Mutual funds, insurers, banks, pension funds and foreign portfolio investors combined, from the quarterly shareholding filing.
Named FPI holders: Foreign portfolio investors that own more than 1% of the company and are therefore named in the exchange filing, classified by name. It undercounts total foreign holding, which the FII column shows.
Non-institutional holders: Individuals, HUFs, bodies corporate, trusts and NRIs: everyone other than promoters and institutions.
Pledged shares: Share of the promoter's holding pledged as loan collateral. A forced sale by lenders can hit the price regardless of fundamentals.
Promoter holding: Share of the company owned by its founders or controlling group, as filed with the exchanges each quarter. A falling promoter stake or a high pledged share deserves a question.
Public / retail holding: Everything not held by promoters or institutions: individuals, HUFs, trusts and the like.
Shareholding pattern: Quarterly filing splitting ownership between promoters, foreign investors, domestic institutions and the public. Changes quarter to quarter show who is buying and who is selling.
Small individual holders: Retail shareholders with holdings worth up to ₹2 lakh, a category the exchanges track separately. A rising share often follows a strong price run.

06 · Flows

Flows · 14 terms

AUC · assets under custody: The market value of what foreign investors hold, from NSDL. It moves with both flows and prices, so the app also shows net investment where available.
CYTD · calendar year to date: From 1 January to the reference date.
DII · domestic institutional investors: Indian mutual funds, insurers, banks and pension funds combined. Since 2020 they have usually been net buyers, often absorbing what foreigners sell.
FII / FPI · foreign portfolio investors: Overseas funds registered with SEBI. Their net buying or selling in the cash market is reported daily by NSE and monthly with sector detail by NSDL. Persistent foreign selling tends to weigh on large caps and the rupee.
Flows by fund category: AMFI's monthly net inflow into each SEBI scheme category (large cap, mid cap, small cap, flexi cap, multi cap, thematic and so on). Where the money is going shows what retail investors are chasing.
Folios: Investor accounts in mutual funds, from AMFI. Growth in folios shows new investors arriving, separate from money already invested.
FPI flows by sector: NSDL's fortnightly report of foreign investment by sector, from the change in assets under custody and net investment. It shows which industries foreigners are adding to and cutting.
Funds mobilised: Gross subscriptions into the category in the month, before redemptions.
FYTD · financial year to date: From 1 April of the current financial year to the reference date.
Gross purchases / sales: Total buying and total selling before netting. Both high and net near zero means active churn rather than conviction.
Mutual fund net equity flow: Net investment by equity mutual funds in the cash market, as reported by SEBI. It tracks retail money arriving through funds and SIPs.
Net flow: Money in minus money out over the period, in ₹ crore. Positive means net buying or net subscriptions; negative means net selling or redemptions.
Redemptions: Gross withdrawals from the category in the month. Mobilised minus redeemed is the net flow.
SIP · systematic investment plan: Fixed monthly contributions into mutual funds. AMFI's monthly SIP total is the steadiest source of domestic equity demand and a good read on retail confidence.

07 · Macro

Macro · 25 terms

Bank credit growth: Year-on-year growth in loans made by banks. It leads investment and consumption and is the pulse of the financial sector.
COICOP · consumption categories: The UN classification of household spending: food, clothing, housing, health, transport, communication, recreation, education and so on. It shows where each rupee of consumer spending goes.
CPI · consumer price inflation: Year-on-year change in the consumer price index. The RBI targets 4% with a 2 to 6% band.
Economic activities: The eight broad production groups in the national accounts: agriculture, mining, manufacturing, utilities, construction, trade and hotels, finance and real estate, and public administration.
Employment: People employed in the industry, from the Atlas and PLFS data, including informal work where the source counts it.
Equity representation ratio: Listed companies' share of an industry's value added relative to the industry's weight in the economy. 1.0x means investors can own the industry in proportion to its size; well below 1.0x means most of its output is unlisted, public-sector or informal.
Exchange rate: Rupees per US dollar. The app converts ₹ figures at the month-end rate stated.
Expenditure side of GDP: Who spends: households (private consumption), government, investment (GFCF), inventories and net exports. It answers 'who buys' where the production side answers 'who makes'.
GDP · gross domestic product: The value of everything India produces in a year. Nominal GDP is at current prices; real GDP strips out inflation using 2022-23 prices. Shown in ₹ lakh crore (1 lakh crore = 1 trillion rupees).
GFCE · government final consumption: Government spending on salaries, services and running costs, excluding capital projects.
GFCF · gross fixed capital formation: Investment in buildings, machinery, roads and other fixed assets by companies, households and government. The capex cycle in one number.
GVA · gross value added: Output minus inputs for each industry: what the industry itself adds. GDP equals GVA plus net taxes on products. The industry chapters use GVA to size each sector.
Listed profit pool: Combined annual net profit of all listed companies, in ₹ lakh crore. Its share of GDP shows how much of the economy's income flows to shareholders; it has risen from about 2% to over 5%.
Listed share of GVA: The part of an industry's gross value added produced by listed companies, per the Atlas structure table. The remainder comes from unlisted firms, public-sector enterprises and household producers.
Macro variable: The indicator the team quotes, with the reference level and why it matters for the portfolio.
Market cap to GDP: Total listed market value divided by nominal GDP. Above 100% India is expensive by its own history; the long-run average is around 80%.
Market regimes: Stretches of years grouped by the dominant driver (reform, credit boom, crisis, recovery). Comparing returns across regimes shows which sectors led in each kind of environment.
Net exports: Exports minus imports. Negative for India most years: the country buys more from the world than it sells.
Nominal GDP growth: Growth at current prices, roughly real growth plus inflation. Corporate sales track nominal, not real, GDP.
PFCE · private final consumption expenditure: Household spending: about 60% of India's GDP and the anchor for consumer companies.
Production: Physical or value output of the industry for the year, in the unit stated.
Real GDP growth: Growth after removing inflation: the change in the volume of output. India's long-run trend is around 6 to 7% a year.
Repo rate: The rate at which the RBI lends to banks. Cuts ease credit and usually help rate-sensitive sectors; hikes do the reverse.
Share in FY35, base case: The industry's projected share of national GVA in FY35 under the Atlas base-case scenario. Compare with today's share for the direction of the mix.
System liquidity: The surplus or deficit of cash in the banking system, measured by what banks park with or borrow from the RBI. A surplus keeps short rates below the repo rate.

08 · Markets

Markets · 28 terms

1D · one-day change: Change from the previous close to the latest reference price.
1W · one-week change: Change over the last five trading sessions.
52-week range: Lowest and highest closes over the trailing year, with the current price marked so you can see where in the year's range it trades.
ADTV · average daily traded value: Average rupee value traded per day over the period. It tells you how much can be bought or sold without moving the price.
Cap bucket: Large, mid or small by market-cap rank in the Nifty 500 plus Microcap 250 universe, following AMFI's cut-offs (top 100, next 150, the rest).
Constituents: The stocks in the index or list, from NSE's published files.
Day range: Lowest and highest traded prices of the session, with a marker for where the current price sits between them.
Delivery %: Share of traded volume that resulted in actual transfer of shares rather than same-day squaring off. Higher means investors, not day traders.
Equal-weighted constituent index: Built in the app from the NSE list's members with equal weights, rebalanced daily, price only. It shows the average stock's return, not the cap-weighted official index, which the largest names dominate.
High / low: Highest and lowest traded prices of the session.
Index: A basket of stocks tracked as one number. Official NSE and BSE indices are weighted by free-float market cap.
Index level: The index's latest closing value.
India VIX: The expected 30-day volatility of the Nifty implied by option prices. Above 20 signals nervous markets; below 12, complacency.
Latest price: Most recent close from the reference feed, with its date shown alongside.
Market state: NSE's regular session runs 09:15 to 15:30 IST. Outside it the feed holds the last close and polling slows down.
Moving average: Average close over the last N sessions (50 or 200 are conventional). Price above a rising average is the simplest definition of an uptrend.
Official index: The exchange-published, cap-weighted index. Where the reference feed lacks its history the app substitutes an equal-weighted constituent index and says so.
OHLC · candles: Each candle shows open, high, low and close for the period. A filled (red) candle closed below its open; a hollow or green one closed above.
Open: First traded price of the session.
Reaction to results: The stock's move from the close before results to the next day's close, minus the Nifty 500 over the same span. Results filed after market hours show up on day 1, so day 1 is the cleaner read.
Rebased: Both series set to 100 at the start so their paths can be compared directly regardless of price level.
Reference price: The latest close from the app's price feed (Yahoo Finance, NSE symbol), refreshed on the schedule shown. It is a reference, not an execution price.
RSI · relative strength index: Momentum from 0 to 100 built from recent gains versus losses. Above 70 is conventionally overbought, below 30 oversold.
Sector: NSE's industry classification for the stock, or the sector index it belongs to.
Up after print: Share of the last eight results days on which the stock beat the index the next day.
Volume: Shares traded in the session. Compare with the average to judge whether a move had participation behind it.
vs 52-week high: How far the latest price sits below its highest close of the past year. −12% means the stock needs to rise about 14% to reclaim that high; 0% means it is at the high now.
YTD · year to date: Change from the last close of the previous calendar year to the reference date.

09 · Funds

Funds · 18 terms

AIF · alternative investment fund: A pooled vehicle for sophisticated investors (minimum ₹1 crore). Buoyant's Category III AIF schemes run the same Opportunities strategy. SEBI does not publish AIF scheme returns, so peers are not available.
AUM · assets under management: Total market value of money a fund or manager runs. For PMS it is the SEBI-filed figure; for mutual funds AMFI's month-end number. Growth in AUM comes from both flows and returns.
Expense ratio: Annual cost of running the fund as a percentage of assets, deducted daily from the NAV.
Filed trailing returns: The 1Y / 3Y / 5Y / since-inception figures each manager filed with SEBI (PMS) or that AMFI's NAV history gives (mutual funds), all to the same month-end. Used where a monthly series is too short for the window you picked.
Flexi cap: Funds free to move across large, mid and small caps with at least 65% in equity. Multi cap funds must hold at least 25% in each size bucket.
House: The fund house or portfolio manager running the strategy.
Inception: The date the scheme or strategy started. Returns before it do not exist, which limits how far back a comparison can go.
Large cap: AMFI's definition: the top 100 companies by average market cap. Large-cap funds must keep at least 80% here.
Mid cap: Companies ranked 101 to 250 by market cap under AMFI's half-yearly list.
Months of history: How many monthly data points SEBI's filings carry for this strategy. The monthly PMR table only starts in March 2024, so most PMS strategies have about 30.
Mutual fund scheme: A pooled fund with daily NAV published by AMFI. The app uses growth-option NAVs, which are after expenses and before the investor's tax.
NAV · net asset value: Value of one unit of a mutual fund, after expenses, published every business day by AMFI.
Plan · Regular vs Direct: Direct plans skip distributor commission and so carry a lower expense ratio; their returns run about 0.5 to 1 pp a year above the Regular plan of the same scheme.
PMR · SEBI monthly portfolio manager report: The filing every PMS manager submits to SEBI each month: AUM, flows and trailing returns by strategy. The strategy-level monthly table only exists from March 2024, which is why Buoyant's series on this page starts then.
PMS · portfolio management service: A SEBI-regulated service that runs a separate portfolio for each client (minimum ₹50 lakh). Managers file monthly returns and AUM with SEBI, which the app collects for every registered strategy.
Rank: Buoyant's position among equity PMS strategies with at least ₹100 crore AUM, on the period shown. 1 is best.
Sectoral / thematic: Funds concentrated in one sector or theme (banking, infrastructure, manufacturing, PSUs). Their inflows spike when a theme is in fashion, often near its top.
Small cap: Companies ranked 251 and below. Less liquid and more volatile, with the widest spread of outcomes.

10 · Portfolio

Portfolio · 22 terms

Active weight: Portfolio weight minus the benchmark's weight in the same stock or sector. It shows where the manager is actually betting.
Attention list: Holdings whose live monitors have fired or whose approved data is stale: the items that need a human decision this week.
Best / worst session: The largest single-day gain and loss of the indicative portfolio value in the window.
Cash: Share of the portfolio in cash and liquid instruments. It is a drag in rising markets and dry powder in falling ones.
Catalysts: Observable events expected to move the stock toward the thesis: results, launches, regulatory decisions, flows.
Change in weight: This month's weight minus last month's, in percentage points. It reflects both trading and price moves.
Contribution to return: Weight multiplied by the stock's return: how much of the portfolio's move this holding explains.
Core / tactical: Core holdings are long-term compounders held through cycles; tactical or opportunistic positions are sized for a specific catalyst or valuation gap.
Effective N · effective number of names: 1 ÷ Σ(weight²): how many equal-sized positions the book behaves like. Thirty names with a few 7% positions behave like ~20.
Held: The stock is in the Buoyant Opportunities portfolio at the published month-end.
Indicative value change: What the published month-end portfolio would be worth today, moved by reference share prices at the last published weights. It ignores trades, cash flows, fees and dividends since month-end, so it is a signal of direction, not an official NAV.
Investment thesis: The approved reason for owning the stock: the pillars it rests on, the catalysts that would prove it and the risks that would break it. Text is quoted from the research one-pager, not paraphrased.
Live monitor: A rule the app checks against live data (for example price above the approved target). 'Triggered' means the rule fired and the position needs a review; 'Clear' means it has not.
Material risks: What could break the thesis, as written in the approved research. Monitors flag the ones the app can watch from live data.
Portfolio today, indicative: Weighted sum of every disclosed holding's move since the previous close, at the published weights held constant. Cash earns zero and the undisclosed sleeve is left out. It shows the direction and size of the day, not the official NAV.
Portfolio weight: Share of the portfolio's value in this holding at the published month-end. The strategy composite aggregates all client portfolios.
Positions: Number of holdings in the portfolio at month-end.
Sector stance: The house's current positioning in a sector (overweight, neutral, underweight or avoid), from the internal playbook, with the reasoning as written.
Sectors we avoid: Industries the house does not invest in, with the stated reason. Absence is a decision too.
Top 10 holdings: The ten largest positions by weight, as published in the month's factsheet and holdings disclosure.
Top-10 concentration: Combined weight of the ten largest holdings. Higher means fewer names drive the result; Buoyant runs a concentrated book by design.
What-if weight: A scratch weight in the sandbox. Nothing is saved; the derived mix, concentration, forward P/E and betas are recomputed from the research already on file.

11 · Screener

Screener · 10 terms

Buoyant Score: 0–100 across seven weighted components: business quality, earnings growth, balance sheet and cash flow, valuation, earnings revisions, price momentum and technical trend. Weights are editable in templates; the valuation component reads the studio's own model.
Company FAQ: Tijori's structured answers about what the company does, how it earns and what drives it. Shown ahead of the exchange-filed description because it is more useful.
Detail coverage: Whether the full Tijori profile (description, segments, shareholding, peers) has been pulled for this company. The pass runs in the background; coverage grows over time.
Exchange codes: NSE symbol, BSE scrip code and ISIN from the exchanges' master files, which the app uses to link every source to one company.
ISIN: The 12-character international security identifier, unique to each share class.
Listed universe: Every equity on NSE and BSE from the exchanges' master files, with fundamentals from Tijori where available.
NSE symbol: Ticker on the National Stock Exchange. Where a company trades only on BSE the app uses its BSE scrip code.
Peers: Companies in the same industry, from Tijori's peer set, compared on valuation and returns.
Quality score: The 100-point quality template ported from the Buoyant research desk: eight categories (growth, margins, return on capital, cash flow, leverage, reinvestment, accounting, governance) less red-flag penalties capped at −20. A+ ≥ 85, D < 45.
Technical view: Bullish, Neutral or Bearish from a 0–100 technical score built on the 50/200 DMAs, crossovers, RSI 14, MACD, six-month absolute and relative returns, distance from the 52-week high and volume breakouts.

12 · Platform

Platform · 11 terms

₹ crore: 1 crore = 10 million rupees. 1 lakh crore = 1 trillion rupees. At ₹87.5 per dollar, ₹1,000 crore is about $114 million.
As of: The date the figure is true for. Published data is as of month-end; reference prices carry their own timestamp.
Cross-check: The same metric from every source the app holds, each with its period and definition. Two figures that differ because one is a fiscal year on Tijori's definition and the other is the latest quarter as the company reports it are both right; only a difference on the same period and definition is a data error, and those are flagged.
Data freshness: Each dataset's data date compared with its own publishing cadence: current, aging (past 60% of the stale threshold) or stale. Monthly series are dated at month-end. The board on Data → Freshness lists every dataset and the command that refreshes it.
Key figures: The handful of numbers that summarise the page. Hover any label for what it means and how it is measured.
Published month: The frozen, approved month-end figures from the factsheet. The 'latest workspace' view layers reference prices on top; it is indicative and unaudited.
Refresh interval: How often the page re-polls the price feed while the market is open. Quotes are cached for 15 seconds on the server so several screens share one upstream call.
Source: Where the figure comes from: factsheet page, SEBI filing, AMFI, NSE, NSDL or the internal model. Every number on the platform carries one.
Status: Where the item stands in its workflow: draft, approved, published, triggered, clear, pending.
Window: The period over which the figures are summed or the chart is drawn. Flows are summed; returns are chained.
Σ · total: Sum of the column over the rows shown.