The same label covers 100 pct equity on one shelf and 25 pct equity on the next. Conservative Hybrid and Aggressive Hybrid sit in the same SEBI bucket name but carry drawdowns that differ by a factor of three. The word tells you the manager is mixing. Not what they are mixing.

The first thing on the factsheet that matters is the second column not the first. Equity share. Debt share. Gold share. Three numbers add up to 100. That row is the risk profile in five seconds. The page of paragraphs above it is the pitch.

Hedging single name concentration in a focused book . universe hybrid. Hedging equity tape drawdowns . asset class hybrid. Hedging the inflation and currency tail behind the equity drawdown . multi asset hybrid. Same word three different jobs.