ITI Pharma and Healthcare Fund

ThematicDirect and Regular plans, Growth and IDCW options

Data as on 30-10-2026

ITI Pharma and Healthcare Fund is a Thematic fund run by ITI Mutual Fund. On 30-09-2026, it managed ₹266 Cr of investors' money. In the 3 years to 30-10-2026, its Direct plan returned 20.3% a year and its Regular plan returned 18.1% a year. Its benchmark, Nifty Healthcare Index TRI, returned 21.6% a year over the same 3 years.

NAV (Direct plan): ₹19.46; ▲ 0.91%30-10-2026
NAV (Regular plan): ₹17.64; ▲ 0.90%30-10-2026
Expense ratio: 0.89%Direct2.59%Regular; 0.89%; A year
Riskometer: Very High; Set by the fund house
3 year return: 20.3%Direct18.1%Regular; 20.3%; A year

ITI Pharma and Healthcare Fund NAV Today

NAV on 30-10-2026: Direct Plan Growth ₹19.46 (up 0.91% that day); Regular Plan Growth ₹17.64 (up 0.90% that day).

This fund (Direct plan)

₹19.4636

ITI Pharma and Healthcare Fund Returns vs Nifty Healthcare Index TRI

Returns as on 30-10-2026. Up to one year they are absolute returns. Longer periods are a rate per year.

Trailing returns
Period	1M	3M	6M	1Y	3Y	5Y	10Y
This fund (Direct)	0.00%	−1.04%	+11.74%	+9.43%	+20.30%	--	--
This fund (Regular)	−0.14%	−1.46%	+10.79%	+7.49%	+18.09%	--	--
Nifty Healthcare Index TRI	+1.93%	−1.47%	+10.59%	+11.50%	+21.56%	+14.55%	--
Thematic average	−2.09%	−4.52%	+0.86%	−1.22%	+13.76%	--	--
Best in Thematic	+11.54%	+11.27%	+22.16%	+75.71%	+54.78%	--	--
Worst in Thematic	−16.05%	−11.74%	−13.97%	−22.44%	−4.46%	--	--
Rank in Thematic	36/235	42/232	26/232	32/215	19/133	--	--

Category rows compare the Direct plans of 235 Thematic funds. Rank 1 is the highest return.

ITI Pharma and Healthcare Fund Year-wise Returns

Return of each calendar year
Year	Direct	Regular	Nifty Healthcare Index TRI
2026to date	+14.07%	+12.40%	+12.91%
2025	−8.24%	−9.96%	−1.50%
2024	+43.95%	+41.25%	+41.36%
2023	+34.39%	+31.61%	+33.99%
2022	−6.68%	−8.68%	−10.11%

ITI Pharma and Healthcare Fund Rolling Returns

The return of every holding period in the fund's history, not only the one that ends today

Rolling returns

Each point is the yearly return of one 3-year holding period, plotted on the day it ended. There are 485 periods, one for each trading day from 11-11-2024 to 30-10-2026.

0%5%10%15%20%25%30%

Jan 2022
to
Jan 2025May 2022
to
May 2025Sept 2022
to
Sept 2025Jan 2023
to
Jan 2026May 2023
to
May 2026Sept 2023
to
Sept 2026

ITI Pharma and Healthcare Fund (Direct)Nifty Healthcare Index TRI

Every holding period at a glance

Period	Periods	Median	Lowest	Highest	With a loss	Benchmark median	Beat benchmark
1 year	976	15.3%	−9.3%	62.2%	22%	14.6%	56%
2 years	728	23.7%	1.5%	40.4%	0%	23.5%	55%
3 years	485	21.4%	17.3%	26.9%	0%	22.2%	49%

Every SIP holding period at a glance

Period	Periods	Median	Lowest	Highest	With a loss	Benchmark median	Beat benchmark
1 year	48	12.8%	−13.0%	62.9%	19%	10.9%	48%
2 years	36	20.3%	−3.4%	49.9%	6%	19.7%	50%
3 years	24	19.9%	7.7%	36.0%	0%	20.4%	42%

Lumpsum: the yearly rate (CAGR) from the NAV on a period's first day to the NAV on its last. SIP: the XIRR of the monthly instalments and their value on the last day. "With a loss" counts the periods that ended below the money put in. "Beat benchmark" counts the periods in which the fund did better than Nifty Healthcare Index TRI over the same days. Past returns do not promise future returns.

ITI Pharma and Healthcare Fund Risk

How much it swings, and the falls an investor had to sit through

Risk and return

Measure	ITI Pharma and Healthcare Fund (Direct)This fund	Nifty Healthcare Index TRI
Return (CAGR)	+9.43%	+11.50%
Standard deviation	13.63%	13.99%
Sharpe ratio	0.31	0.45
Sortino ratio	0.44	0.66
Maximum drawdown	−11.7% (29-01-2026)	−9.2% (23-10-2026)
Beta	0.91	1.00
Alpha	−1.48%	0.00%

From daily NAVs, 30-10-2025 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta: 1 moves with the benchmark, below 1 moves less. Alpha: return beyond what its beta explains, a year.

Measure	ITI Pharma and Healthcare Fund (Direct)This fund	Nifty Healthcare Index TRI
Return (CAGR)	+20.30%	+21.56%
Standard deviation	14.17%	14.70%
Sharpe ratio	1.01	1.06
Sortino ratio	1.41	1.52
Maximum drawdown	−17.1% (03-03-2025)	−15.7% (28-02-2025)
Beta	0.90	1.00
Alpha	+0.31%	0.00%

From daily NAVs, 30-10-2023 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta: 1 moves with the benchmark, below 1 moves less. Alpha: return beyond what its beta explains, a year.

Measure	ITI Pharma and Healthcare Fund (Direct)This fund	Nifty Healthcare Index TRI
Return (CAGR)	+14.34%	+14.70%
Standard deviation	13.44%	14.87%
Sharpe ratio	0.63	0.60
Sortino ratio	0.89	0.86
Maximum drawdown	−17.7% (17-06-2022)	−18.3% (17-06-2022)
Beta	0.84	1.00
Alpha	+1.08%	0.00%

From daily NAVs, 11-11-2021 to 30-10-2026. Standard deviation: how much the daily value swings, scaled to a year. Sharpe: return above the risk-free rate (NSE's overnight rate index) per unit of swing. Sortino: the same, counting only the falls. Beta: 1 moves with the benchmark, below 1 moves less. Alpha: return beyond what its beta explains, a year.

Drawdowns

How far below its previous high each one was on every day: the falls an investor had to sit through. 0% means it was at a new high.

−20%−15%−10%−5%0%

20222023202420252026

ITI Pharma and Healthcare Fund (Direct)Nifty Healthcare Index TRI

	Worst fall	High before it	Bottom	Back at the high	Time to climb back	Below its high today
ITI Pharma and Healthcare Fund (Direct)	−17.7%	13-01-2022	17-06-2022	16-06-2023	12 months	−4.2%
Nifty Healthcare Index TRI	−18.3%	31-12-2021	17-06-2022	30-06-2023	12 months	−2.9%

From the Direct plan's daily NAV since 11-11-2021, adjusted for unit splits, and Nifty Healthcare Index TRI over the same days. "Time to climb back" runs from the bottom to the first day back at the old high.

ITI Pharma and Healthcare Fund vs Other Thematic Funds

The five Thematic funds with the best three year return, and this fund. Direct plans.

Fund name	Rank	AUM (Cr)	Exp. ratio	1Y return	3Y return	3Y alpha	3Y beta	3Y Sharpe	3Y Sortino
Nippon India Taiwan Equity Fund	1/133	1,147	1.08%	+75.71%	+54.78%	--	--	1.38	2.03	Compare
HDFC Defence Fund	2/133	11,493	0.90%	+13.79%	+34.76%	−0.18%	0.83	1.12	1.54	Compare
HDFC Pharma and Healthcare Fund	3/133	3,501	1.05%	+23.12%	+30.53%	+8.23%	0.96	1.74	2.49	Compare
SBI Healthcare Opportunities Fund	4/133	5,870	1.01%	+17.12%	+24.60%	+3.61%	0.88	1.42	2.03	Compare
Aditya Birla Sun Life International Equity Fund	5/133	352	2.00%	+13.97%	+24.46%	--	--	1.49	2.16	Compare
ITI Pharma and Healthcare Fund	19/133	266	0.89%	+9.43%	+20.30%	+0.31%	0.90	1.01	1.41

AUM is each fund's size at the end of its last reported month, from its own portfolio file. We calculate the risk ratios from daily NAVs over the last three years. The risk-free return is what NSE's overnight rate index earned over the same years. Alpha and beta compare each fund with its own benchmark's TRI. "--" means we have no figure: for alpha and beta, no daily series for that benchmark.

ITI Pharma and Healthcare Fund Expense Ratio and Costs

What each plan charges a year, in force from 01-10-2026

Plan	Base expense ratio	Brokerage	Transaction costs	Levies and GST	Total expense ratio	Thematic median	Cost rank (1 = cheapest)
Direct	0.58%	0.07%	0.00%	0.24%	0.89%	1.18%	25/235
Regular	2.10%	0.07%	0.00%	0.42%	2.59%	2.41%	160/235

The expense ratio comes out of the fund's assets every day, so every return on this page is already after it. Base expense ratio: the fund house's own fee. The total adds brokerage, the cost of executing trades, and statutory levies with GST. From AMFI's expense ratio file. Cost rank: where this plan comes when the Thematic funds' plans of the same type are sorted from the lowest total expense ratio to the highest.

Direct vs Regular: what the gap cost

Both plans own the same portfolio, so the difference in what they earned is the Regular plan's extra cost, taken out of its NAV.

Over the last	Regular	Direct	Direct earned more by	₹1 lakh became (Regular)	₹1 lakh became (Direct)
1 year	7.49%	9.43%	1.94%	₹1,07,490	₹1,09,430
3 years	18.09%	20.30%	2.21% a year	₹1,64,679	₹1,74,099

Returns over more than 1 year are a rate a year (CAGR). ₹1 lakh invested once at the start of each period, valued on the last NAV.

ITI Pharma and Healthcare Fund SIP Calculator

What a one-time or monthly investment in this fund would be worth today, from its own NAV history

Growth of an investment

Every month₹

Step up each year

PeriodFor

₹10,000 on the first trading day of every month, from 11-11-2021 to 30-10-2026: 60 instalments, ₹6,00,000 in all.

Investment	Invested	Value now	Gain	Return a year
Direct planITI Pharma and Healthcare Fund (Direct)	₹6,00,000	₹9,07,480	₹3,07,480	16.6%
Regular planITI Pharma and Healthcare Fund (Regular)	₹6,00,000	₹8,59,128	₹2,59,128	14.4%
Nifty Healthcare Index TRI	₹6,00,000	₹9,27,207	₹3,27,207	17.5%
Category averageCategory average, 235 Thematic funds	₹6,00,000	₹8,06,684	₹2,06,684	11.8%

₹0₹2.0 L₹4.0 L₹6.0 L₹8.0 L₹10.0 L

20222023202420252026

Direct planITI Pharma and Healthcare Fund (Direct)Regular planITI Pharma and Healthcare Fund (Regular)Nifty Healthcare Index TRICategory averageCategory average, 235 Thematic fundsAmount invested

From each plan's published NAV (Growth option), the benchmark's TRI and the category average, over the same days. Return a year: XIRR for a SIP, CAGR for a lumpsum, shown for a year or more. It does not include exit load, stamp duty or tax. Past returns do not promise future returns.

ITI Pharma and Healthcare Fund Asset Allocation

Asset allocation as on 30-09-2026

What the fund holds

99.3%Equity

Asset	Fund	Category
Equity	99.3%	94.5%
Cash and others	0.7%	4.0%

Market cap of stocks

Market cap	Fund	Category
Large Cap	35.9%	45.7%
Mid Cap	40.5%	19.6%
Small Cap	23.0%	24.1%

Share of the whole fund. Category: the average of the Thematic funds that hold stocks. Groups follow AMFI's latest list, as SEBI defines them: Large Cap is the 100 largest companies, Mid Cap the next 150, Small Cap the rest.

ITI Pharma and Healthcare Fund Sector Allocation

Sector allocation of the fund's stocks as on 30-09-2026

Largest sectors

Pharmaceuticals & Biotechnology74.8%
Healthcare Services20.9%
Healthcare Equipment & Supplies1.5%
Consumer Durables1.2%
Chemicals & Petrochemicals0.9%

Sector changes

Sector	July 2026	August 2026	September 2026	Change
Pharmaceuticals & Biotechnology	70.5%	72.8%	74.8%	+4.3%
Healthcare Services	21.1%	22.7%	20.9%	−0.2%
Healthcare Equipment & Supplies	1.5%	1.5%	1.5%	0.0%
Consumer Durables	1.2%	1.3%	1.2%	0.0%
Chemicals & Petrochemicals	1.1%	1.0%	0.9%	−0.2%

Each sector's share of the fund at the end of each month. The five largest sectors of September 2026. Change: from July 2026 to September 2026, in % of the fund.

ITI Pharma and Healthcare Fund Portfolio Holdings

As on 30-09-2026 · 37 holdings · from the fund house's monthly portfolio

Holdings	Sector	Weight%	1M change
Sun Pharmaceutical Industries Limited	Pharmaceuticals & Biotechnology	11.96%	0.0%
Divi's Laboratories Limited	Pharmaceuticals & Biotechnology	9.51%	+1.1%
Apollo Hospitals Enterprise Limited	Healthcare Services	5.45%	0.0%
Torrent Pharmaceuticals Limited	Pharmaceuticals & Biotechnology	4.78%	+2.1%
Dr. Reddy's Laboratories Limited	Pharmaceuticals & Biotechnology	4.78%	0.0%
Max Healthcare Institute Limited	Healthcare Services	4.49%	0.0%
Cipla Limited	Pharmaceuticals & Biotechnology	4.19%	0.0%
Laurus Labs Limited	Pharmaceuticals & Biotechnology	4.02%	−6.9%
Aurobindo Pharma Limited	Pharmaceuticals & Biotechnology	4.01%	0.0%
Mankind Pharma Limited	Pharmaceuticals & Biotechnology	3.78%	+6.1%
Cohance Lifesciences Limited	Pharmaceuticals & Biotechnology	3.14%	0.0%
Alkem Laboratories Limited	Pharmaceuticals & Biotechnology	3.09%	+5.2%
Neuland Laboratories Limited	Pharmaceuticals & Biotechnology	3.07%	0.0%
Global Health Limited	Healthcare Services	2.85%	0.0%
Fortis Healthcare Limited	Healthcare Services	2.77%	+11.3%
Abbott India Limited	Pharmaceuticals & Biotechnology	2.14%	0.0%
Lupin Limited	Pharmaceuticals & Biotechnology	2.04%	−12.8%
IPCA Laboratories Limited	Pharmaceuticals & Biotechnology	1.94%	0.0%
Sai Life Sciences Limited	Pharmaceuticals & Biotechnology	1.87%	+8.1%
Shilpa Medicare Limited	Pharmaceuticals & Biotechnology	1.61%	−11.5%
Aster DM Quality Care Limited	Healthcare Services	1.59%	+13.7%
Poly Medicure Limited	Healthcare Equipment & Supplies	1.48%	0.0%
Healthcare Global Enterprises Limited	Healthcare Services	1.47%	0.0%
Piramal Pharma Limited	Pharmaceuticals & Biotechnology	1.27%	−3.7%
Anthem Biosciences Limited	Pharmaceuticals & Biotechnology	1.25%	0.0%
Shaily Engineering Plastics Limited	Consumer Durables	1.22%	0.0%
Glenmark Pharmaceuticals Limited	Pharmaceuticals & Biotechnology	1.13%	0.0%
Gland Pharma Limited	Pharmaceuticals & Biotechnology	1.03%	New
Supriya Lifescience Limited	Pharmaceuticals & Biotechnology	1.00%	0.0%
Rainbow Childrens Medicare Limited	Healthcare Services	1.00%	+11.0%
GlaxoSmithKline Pharmaceuticals Limited	Pharmaceuticals & Biotechnology	0.96%	0.0%
Linde India Limited	Chemicals & Petrochemicals	0.92%	−9.9%
Biocon Limited	Pharmaceuticals & Biotechnology	0.81%	0.0%
Zydus Lifesciences Limited	Pharmaceuticals & Biotechnology	0.73%	0.0%
Metropolis Healthcare Limited	Healthcare Services	0.71%	0.0%
Caplin Point Laboratories Limited	Pharmaceuticals & Biotechnology	0.68%	0.0%
Syngene International Limited	Healthcare Services	0.57%	0.0%

ITI Pharma and Healthcare Fund Stocks Bought and Sold

All changes are between August 2026 and September 2026

Stocks bought and sold in September 2026

Divi's Laboratories Limited	Added	+1.1%	9.51%
Torrent Pharmaceuticals Limited	Added	+2.1%	4.78%
Laurus Labs Limited	Reduced	−6.9%	4.02%
Mankind Pharma Limited	Added	+6.1%	3.78%
Alkem Laboratories Limited	Added	+5.2%	3.09%
Fortis Healthcare Limited	Added	+11.3%	2.77%
Lupin Limited	Reduced	−12.8%	2.04%
Sai Life Sciences Limited	Added	+8.1%	1.87%
Shilpa Medicare Limited	Reduced	−11.5%	1.61%
Aster DM Quality Care Limited	Added	+13.7%	1.59%
Piramal Pharma Limited	Reduced	−3.7%	1.27%
Thyrocare Technologies Limited	Sold out	−100%	was 1.05%
Gland Pharma Limited	New	New	1.03%
Rainbow Childrens Medicare Limited	Added	+11.0%	1.00%
Linde India Limited	Reduced	−9.9%	0.92%

A change is counted by the number of shares the fund holds, not by price. A stock can become a smaller part of the fund in a month when the fund bought more of it, if its price fell. Debt papers are left out.

What ITI Pharma and Healthcare Fund bought and sold

ITI Pharma and Healthcare Fund Portfolio Overlap

Funds with the most similar portfolios, across every fund house and category

Fund	Overlap	Holdings in common
Mirae Asset Nifty 500 Healthcare ETFETF · Mirae Asset	76.0%	31	Compare
Bandhan BSE Healthcare Index FundIndex · Bandhan	73.8%	35	Compare
Motilal Oswal BSE Healthcare ETFETF · Motilal Oswal	72.8%	35	Compare
DSP Nifty Healthcare ETFETF · DSP	70.2%	19	Compare
DSP Nifty Healthcare Index FundIndex · DSP	70.2%	19	Compare
Axis NIFTY Healthcare ETFETF · Axis	70.2%	19	Compare
ICICI Prudential Nifty Healthcare ETFETF · ICICI Prudential	70.1%	19	Compare
Aditya Birla Sun Life Nifty Healthcare ETFETF · Aditya Birla Sun Life	70.1%	19	Compare

Overlap: for each holding both funds own, the smaller of its two weights, added up. 40% means 40% of each fund's money sits in positions the other also holds. From each fund's latest monthly portfolio, matched by ISIN. Cash and hedged positions are left out. Funds that overlap under 10% are not listed. A high overlap does not make two funds the same: their costs, lock-in and category can differ.

ITI Pharma and Healthcare Fund Overview

Fund facts from the scheme summary document, as on 16-10-2026

Expense ratio (Direct): 0.89%
Expense ratio (Regular): 2.59%
Category: Thematic
Risk: Very High
Benchmark: NIFTY Healthcare TRI
Launch date: 08-11-2021
Minimum investment: ₹5,000
Minimum additional investment: ₹1,000
AUM: ₹266.05 Cr (30-09-2026)
Lock in: None
Scheme code (Direct): 149268
ISIN (Direct): INF00XX01BO9
Scheme code (Regular): 149270
ISIN (Regular): INF00XX01BL5
NAV history: From 11-11-2021, 5.0 years

Exit load: Exit load of 0.50%, if redeemed within 3 months.

Tax on ITI Pharma and Healthcare Fund returns

ITI Pharma and Healthcare Fund is taxed as an equity fund: 65% or more of it is in Indian stocks.
Units sold within 1 year: the gain is taxed at 20%.
Units held longer: gains above ₹1.25 lakh in a financial year, across all your equity funds and shares, are taxed at 12.5%.
IDCW (dividend) payouts are added to your income and taxed at your slab rate.
A stamp duty of 0.005% is deducted when you invest.

Rules in force from 23-07-2024 (Finance Act 2024). Tax depends on your own income; this is general information, not tax advice.

All plans and options

Plan	Option	NAV	As on
direct	Growth	₹19.4636	30-10-2026
direct	IDCW	₹19.4614	30-10-2026
regular	Growth	₹17.6386	30-10-2026
regular	IDCW	₹17.6387	30-10-2026

About ITI Pharma and Healthcare Fund

ITI Pharma and Healthcare Fund is a mutual fund from ITI Mutual Fund. Its category is Thematic. It was launched on 08-11-2021. Its benchmark is NIFTY Healthcare TRI. At the end of September 2026 it held 37 securities.

Fund Manager

Animesh Singh
Fund manager of ITI Pharma and Healthcare Fund, since 08-05-2026
Nilay Dalal
Fund manager of ITI Pharma and Healthcare Fund, since 08-05-2026

See all funds of ITI Mutual Fund

AUM change

September 2026: ₹266.05 Cr; −3.69% from August 2026
August 2026: ₹276.23 Cr; +5.09% from July 2026
July 2026: ₹262.84 Cr; +4.36% from June 2026

AUM moves with money invested or taken out, and with the value of what the fund holds.

Compare ITI Pharma and Healthcare Fund with Other Funds

Returns, risk, costs and the stocks they share, side by side

ITI Pharma and Healthcare vs Nippon India Taiwan EquityThematic
ITI Pharma and Healthcare vs HDFC DefenceThematic
ITI Pharma and Healthcare vs HDFC Pharma and HealthcareThematic
ITI Pharma and Healthcare vs SBI Healthcare OpportunitiesThematic
ITI Pharma and Healthcare vs Aditya Birla Sun Life International EquityThematic
ITI Pharma and Healthcare vs Mirae Asset Nifty 500 Healthcare ETF76.0% overlap
ITI Pharma and Healthcare vs Bandhan BSE Healthcare Index73.8% overlap
ITI Pharma and Healthcare vs Motilal Oswal BSE Healthcare ETF72.8% overlap

Compare with any other fund

Frequently Asked Questions for ITI Pharma and Healthcare Fund

What is the current NAV of ITI Pharma and Healthcare Fund?

The Direct plan NAV is ₹19.4636. The Regular plan NAV is ₹17.6386, as on 30-10-2026.

What are the returns of ITI Pharma and Healthcare Fund?

The Direct plan returned +9.43% in 1 year, +20.30% a year over 3 years. The Regular plan returned +7.49% in 1 year, +18.09% a year over 3 years. These figures are as on 30-10-2026.

What is the expense ratio of ITI Pharma and Healthcare Fund?

The Direct plan charges 0.89% a year. The Regular plan charges 2.59% a year. This is the figure the fund house reported to AMFI, in force from 01-10-2026.

What is the AUM of ITI Pharma and Healthcare Fund?

ITI Pharma and Healthcare Fund managed ₹266.05 Cr on 30-09-2026, as its fund house reported in its monthly portfolio.

What are the top holdings of ITI Pharma and Healthcare Fund?

At the end of September 2026 the largest holdings were SUNPHARMA (11.96%), DIVISLAB (9.51%), APOLLOHOSP (5.45%), TORNTPHARM (4.78%), DRREDDY (4.78%). The fund held 37 securities in all.

What did ITI Pharma and Healthcare Fund buy and sell in September 2026?

It bought 1 new stock: Gland Pharma Limited. It sold out of 1: Thyrocare Technologies Limited. It added shares in 8. It reduced 5.

How do I invest in ITI Pharma and Healthcare Fund?

Through ITI Mutual Fund's website or app, a mutual fund distributor, or an investment platform. Choose the Direct plan to pay no distributor commission, or the Regular plan to invest through a distributor. The first investment is at least ₹5,000. You can invest once or through a monthly SIP.

Who is the fund manager of ITI Pharma and Healthcare Fund?

Animesh Singh (since 08-05-2026), Nilay Dalal (since 08-05-2026).

Sources: NAV and expense ratio from AMFI. Holdings from the fund house's monthly portfolio statement. Fund facts from its scheme summary document, as on 16-10-2026.

This page is information, not investment advice. Mutual fund investments are subject to market risks; read all scheme related documents carefully. Past returns do not promise future returns. Figures come from AMFI, NSE, BSE and each fund house's own documents.