Mutual fund performance often goes through cycles, with even well-established schemes experiencing periods of underperformance. While recent returns may attract attention, they do not always reflect a fund’s long-term potential. Evaluating a fund over a longer time horizon can provide a more meaningful picture of its overall performance.

A similar query came up during The Money Show on ET Now, where the host pointed out that Parag Parikh Flexi Cap Fund has recently underperformed several peers in the flexi-cap category, with many other funds beating their benchmarks. So why do advisors continue to recommend it?

Also Read | 11 equity mutual funds multiply lumpsum investments by 4x in 7 years. Do you own any in your portfolio?

Aditya Shah, Founder, Hercules Advisors explained why he believes investors should focus on long-term consistency rather than chasing short-term performance.

Shah said that the outperformance and underperformance are part of every mutual fund’s investment cycle, and no single fund can consistently outperform every year over a period of time. He said investors should avoid judging a scheme solely based on its recent returns and instead look at its performance over a longer period.

“What matters more is the risk-adjusted return,” Shah said. He noted that Parag Parikh Flexi Cap Fund has consistently ranked among the top two or three funds on a risk-adjusted basis and is likely to remain in the top quartile over a five- to ten-year period.
“Over a period of 5 to 10 years, Parag Parikh will be in the top five quartile and that is all that an investor really needs,” the expert said.He explained that every year, you cannot get a fund that is outperforming. Funds go through phases of outperformance and underperformance.

Shah also highlighted the fund’s large-cap bias as one of the key reasons behind his recommendation. According to him, investors with an investment horizon of around five years should prioritise controlling risk rather than chasing high returns from riskier segments of the market.

He said portfolios with a greater allocation to large-cap and mid-cap stocks tend to offer a better balance between risk and return over shorter investment horizons, whereas small-cap funds can be significantly more volatile.

According to the expert, “Over a period of five years, you cannot go into the market into the smallcap side of the market. You have to assume an orientation of a largecap and a midcap side of the market because a smallcap fund will have a higher risk.”

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He further pointed out that despite their strong performance in earlier years, small-cap funds have struggled recently, demonstrating why investors should not assume that past winners will continue to outperform.

According to Shah, risk management should take precedence over return maximisation when the investment horizon is relatively short. Instead of chasing the best-performing fund every year, investors should remain invested in schemes with a consistent long-term track record and strong risk-adjusted performance.

The expert said that one should evaluate funds over complete market cycles rather than based on short-term returns. A temporary phase of underperformance does not necessarily make a fund a poor investment if it continues to deliver competitive long-term, risk-adjusted returns while keeping portfolio risk under control.

As per the data available on ACE MF, in the last six months, the fund lost 4.94% compared to a loss of 2.99% by the benchmark (Nifty 500 – TRI). In the last one year, the fund delivered a negative return of 2.43% against a marginal loss of 0.26% by the benchmark.

After delivering positive returns in the last three months, the fund failed to outperform its benchmark. The fund delivered a return of 4.87% against a return of 11.48% by the benchmark.

Over the longer horizon, the fund has delivered a return of 14.24% in the last three years against a return of 13.33% by the benchmark. In the last five years, the fund delivered a return of 13.85% compared to 12.62% by the benchmark and since its inception, the fund has delivered a CAGR of 17.50%.

Also Read | MF Tracker: Parag Parikh Flexi Cap Fund turns Rs 10,000 SIP to over Rs 51 lakh in 13 years. Too late to invest?

The database platform ACE MF further showed that on a monthly basis, the fund delivered best returns between March 24, 2020 to April 24, 2020 where it delivered 18.63% return against 17.74% by the benchmark. And the worst performance was between February 24, 2020 to March 23, 2020 where it lost 30.98% and the benchmark lost 37.16% in the same period.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

If you have any mutual fund queries, message on ET Mutual Funds on Facebook/Twitter. We will get it answered by our panel of experts. Do share your questions on ETMFqueries@timesinternet.in alongwith your age, risk profile, and twitter handle

Millions of Americans woke up on the nation’s 250th birthday, July 4, and reached for their phones to check the morning Wordle before the barbecue got started. What they found was puzzle number 1,841, a five-letter word that immediately struck many players as a fittingly patriotic choice for Independence Day, even if its origins trace not to Philadelphia but to Naples.

The answer to today’s Wordle is PIZZA.

It is, by any measure, a perfectly themed solution for a holiday built around backyard cookouts, gatherings with family and friends, and the very particular American tradition of ordering takeout when the grill runs out of space. Pizza arrived in the United States with Italian immigrant communities in the late 19th and early 20th centuries, took root in cities like New York, Chicago and New Haven, and over the following century became so thoroughly embedded in American food culture that it now ranks among the most consumed foods in the country. An estimated 3 billion pizzas are sold in the United States every year, with the average American eating roughly 23 pounds of pizza annually. Its presence on the Fourth of July is about as inevitable as fireworks.

For Wordle purposes, the word is a reasonably tricky proposition despite its familiarity. PIZZA contains two vowels and three consonants, starts with P and ends with A, and crucially features a double Z at its center, a letter pairing that sits at the exact intersection of unusual and unfamiliar in the Wordle context. Most experienced players build their opening strategies around the most common Wordle letters, typically a mix from the group containing R, S, T, N, L, E, A and O. The letter Z, one of the least common in standard English usage, rarely appears in those opening frameworks. When it appears twice in five letters, the word becomes considerably more resistant to standard elimination strategies.

The most effective openers for today’s puzzle tended to be those that secured an early confirmation of the P, the I and the A, the word’s two vowels and its most distinctive consonant beyond the double Z. Starting words such as PHASE, IDEAL, PLANE or APRIL each gave solvers a meaningful foothold from which to reconstruct the word’s structure, particularly once the double-Z middle revealed itself through the process of elimination. Players who opened with standard vowel-heavy words like ORATE or RAISE found themselves with minimal useful feedback after the first guess, since none of the letters in those common openers appear anywhere in PIZZA.

The double Z specifically is the trap that likely cost the most streaks today. Wordle players who correctly identified the P as the first letter and the A as the last letter through their early guesses still faced an unusual challenge in reconstructing the interior, since a Z-Z combination does not appear in many five-letter English words and does not naturally surface as a guess even for players who know a word ends with the right letters. Experienced players often remind each other that repeated letters are more common in Wordle answers than intuition suggests, pointing to past answers including SHEEP, BLOOM and PUPPY as examples, but applying that principle specifically to Z requires a level of vocabulary recall that even regular players can stumble on.

The connection between today’s answer and the holiday on which it falls adds a pleasing layer of thematic resonance that has not gone unnoticed on social media this morning. The New York Times’ Wordle editing team, led by puzzle editor Tracy Bennett, has not confirmed whether the Independence Day placement was deliberate, but the combination of a universally recognized American food with a national celebration has generated the kind of enthusiastic online response that particularly satisfying or well-timed Wordle answers tend to produce.

Today’s puzzle is number 1,841 in the Wordle sequence, a milestone that speaks to how thoroughly the game has embedded itself in daily life since Josh Wardle created it in 2021 as a private project for his partner before it went viral globally in January 2022. The New York Times acquired it shortly afterward for a reported seven-figure sum and has maintained its core mechanics, free daily access and single-puzzle-per-day format throughout more than three years of operation under its editorial umbrella. Wordle now sits alongside Connections, Strands, Spelling Bee and the Mini Crossword as part of the Times’ suite of daily games products that have collectively attracted tens of millions of regular players.

For players whose streaks survived the double-Z challenge today, tomorrow’s puzzle arrives with a clean slate. For those who did not, the only consolation is that PIZZA is genuinely one of the more memorable, thematically appropriate and conversation-generating answers the puzzle has produced in its history, the kind of word that makes non-players smile when they hear it described and that reminds regular players why they keep coming back to a two-minute word game every morning, including on a national holiday when there are plenty of other things competing for their attention.

This article was written by

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in CADL over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Saturday’s New York Times Connections puzzle delivered something of a surprise for players expecting a patriotic Fourth of July theme: no fireworks, no flags, no founding fathers and no stars and stripes anywhere on the board. Instead, puzzle editor Wyna Liu served up a grid organized around words meaning to persist, poetic forms, tropical cocktails, and a fill-in-the-blank category built around the word “sweet,” the last of which proved to be the session’s most effective streak-breaker heading into the holiday weekend.

Here is a complete breakdown of every category and every answer for Connections puzzle number 1,119, published July 4, 2026.

Yellow: Persist

The yellow category, as always the most accessible of the four, grouped together four verbs all meaning to continue or endure: Continue, Last, Linger and Stay. Each word describes the act of remaining in place or carrying on despite an implied pressure to stop or leave. The category offered a straightforward entry point for most experienced solvers, with the shared meaning immediately apparent once the theme of persistence clicked. The one mild trap in this group was that words like Last and Stay can carry multiple meanings, but in this context the puzzle was clearly organizing them around their intransitive verb sense of enduring through time rather than any alternative usage.

Green: Kinds of Poems

Wednesday’s geography-themed puzzle asked players to find countries hidden inside other words. Saturday’s green category asked for something entirely different: recognizing four types of poems. The green group gathered Ballad, Epic, Ode and Villanelle, each of which names a distinct poetic form with specific structural or thematic characteristics. A ballad is a narrative poem or song, typically with repeated refrains and a storytelling structure. An epic is a long narrative poem traditionally concerned with heroic figures, usually drawn from mythology or national history, with Homer’s Iliad and Odyssey and Virgil’s Aeneid as the most frequently cited examples. An ode is a formal lyric poem addressed to a particular subject, typically composed in praise or celebration of a person, place, event or abstract quality. The villanelle is perhaps the most structurally rigid of the four, a nineteen-line poem divided into five tercets and a closing quatrain with a strict pattern of alternating rhymes and two refrains, best known to contemporary readers through Dylan Thomas’s “Do not go gentle into that good night.” Recognizing villanelle as a poetic form rather than as a character from the spy thriller television series Killing Eve was reportedly the gateway moment for a number of solvers who found this category first after the word stood out prominently on the board.

Blue: Tropical Drinks

The blue category grouped four cocktail names that share a tropical or island identity: Hurricane, Painkiller, Scorpion and Zombie. The Hurricane is a sweet, rum-based cocktail associated most closely with New Orleans and the Pat O’Brien’s bar where it was reportedly invented in the 1940s, served in a distinctive curved glass that mimics the shape of a hurricane lamp. The Painkiller is a rum-and-coconut drink that originated in the British Virgin Islands. The Scorpion is a Polynesian-style tiki cocktail typically made with rum, brandy and citrus, associated with the tiki bar culture that spread across the United States in the mid-twentieth century. The Zombie is perhaps the most legendary of the four, a potent rum-based cocktail created by Donn Beach in the 1930s and traditionally limited to two per customer at many bars due to its extremely high alcohol content. The shared tropical cocktail identity of all four words is clear in retrospect, but the category offered multiple misleading possibilities since Hurricane, Zombie, Scorpion and Painkiller all carry strong associations with other categories that could plausibly have appeared in a Connections puzzle on any given day.

Purple: Sweet ___

The purple category, which Connections traditionally reserves for the most challenging or wordplay-intensive grouping, asked players to identify four words that can each follow the word “sweet” to form a recognized compound word or common phrase. The purple answers were Spot, Dreams, Pea and Nothings. Sweet Spot refers to an optimal point or position, used across contexts from baseball hitting to product pricing. Sweet Dreams is a widely recognized expression and phrase associated with saying goodnight, wishing someone restful sleep. Sweet Pea is a climbing garden flower with fragrant blossoms and a term of endearment. Sweet Nothings refers to affectionate, inconsequential words whispered intimately between partners, as in the phrase “whispering sweet nothings.” The challenge in the purple category was separating these four words from other candidates on the board that could plausibly follow “sweet” in some context, and from the multiple alternative connections those same words suggested within the broader grid.

The puzzle was edited by Wyna Liu, who developed Connections for the New York Times in 2023 and whose editorial style emphasizes category overlap designed to mislead players who commit too early to groups that seem obvious. The game refreshes daily at midnight in each player’s local time zone, remains free to play on the Times’ website and app, and allows up to four incorrect guesses before ending the puzzle, giving players a modest safety margin while still preserving the meaningful sense of failure that makes a completed streak feel like an achievement worth protecting.

LeBron James’ free agency is officially the most wide-open and closely watched player movement in the history of the NBA, with his agent Rich Paul revealing Friday that he has already spoken to 27 of the league’s 30 teams about the possibility of the 41-year-old joining their franchise for the 2026-27 season, leaving every fan base outside Los Angeles with some reason to hold their breath.

Paul made the disclosure on a new episode of his podcast “Game Over,” during which he walked through the landscape of potential destinations using a whiteboard that listed 10 teams but made clear that the number of teams actively involved in conversations was far larger. He also spoke directly to ESPN’s Dave McMenamin, offering a characterization of James’ decision-making process that framed this free agency as unlike any the player had experienced before.

“Every day things change,” Paul told ESPN. “This is the first time that LeBron James is making a decision pressure-free. He’s won already. He’s made good on his promise — he won in L.A. This is strictly for his happiness. What does happiness entail? It’s a number of things. It’s a bucket of happiness. It’s basketball, it’s living, it’s camaraderie, it’s competition. It’s everything.”

The 10 teams Paul placed on his whiteboard during the podcast were Philadelphia, Cleveland, Denver, Minnesota, Miami, New York, Golden State, Dallas, Boston and San Antonio. That list spans every conference, every competitive tier and several cities that carry personal significance to James for different reasons. The presence of Boston, a city and franchise James has battled against in some of the most memorable Finals matchups of his career, was among the more eyebrow-raising names on the board. The inclusion of San Antonio, where rookie phenom Victor Wembanyama has transformed the Spurs back into a franchise with genuine championship aspirations within just two seasons, reflected a broader point Paul has made about James’ desire for a situation where he can genuinely compete rather than simply extending his career in a supporting context.

The most discussed potential destinations entering the weekend remained Golden State, Cleveland and Miami. Golden State’s appeal has been extensively documented, centering on the personal friendship between James and Stephen Curry that dates back to multiple Olympic gold medals and years of Finals rivalry before warming into genuine offseason camaraderie. Draymond Green’s decision to decline his player option was widely interpreted as directly connected to clearing financial room for a potential James signing, and the Warriors have made little effort to conceal their interest. However, ESPN’s Shams Charania reported this week that Golden State is not currently considered a frontrunner among the teams most likely to land James, suggesting the Warriors’ pursuit, while real, has not yet generated the kind of momentum that produces a signing.

Cleveland offers a different kind of pull, centered on homecoming and legacy. James won the only championship in Cavaliers history in 2016, fulfilling a promise he had made to the city of Cleveland years earlier, and that bond with northeastern Ohio has never fully faded despite two subsequent chapters with Miami and Los Angeles. The current Cavaliers roster is legitimately strong, featuring Donovan Mitchell, Evan Mobley, Jarrett Allen and James Harden, giving James a supporting cast capable of competing for an Eastern Conference title without requiring him to carry the offensive load the way his age and recent workload might otherwise demand.

Miami presents a return to the city where James won two of his four championships in 2012 and 2013 and where, in many ways, he first established himself as a player capable of leading a superteam rather than simply being its best individual member. The Heat’s acquisition of Giannis Antetokounmpo earlier this offseason adds a dimension to the Miami pitch that no other team can match: James would arrive not as the team’s primary star but as a complementary piece alongside Giannis and Bam Adebayo, a role that some observers believe could extend his career meaningfully by reducing the per-game physical demand.

The landscape shifted this week when the Celtics completed a shocking trade sending Jaylen Brown to the Philadelphia 76ers. Paul acknowledged directly on his podcast that the Brown trade had changed the Philadelphia calculation, noting that a James-Brown-Joel Embiid-Tyrese Maxey combination in the City of Brotherly Love would immediately be considered one of the most talented rosters in the Eastern Conference.

Paul’s comment about the New York Knicks was among the podcast’s more memorable moments. He reportedly told podcast listeners that James would have been headed to New York if the Knicks had not won the NBA championship this season, implying that the franchise’s championship run had made that destination less of a destination and more of a completed story. He did not, however, rule out New York entirely, leaving open the possibility that James could still choose the league’s largest market despite the Knicks’ historic championship run.

The reference to 27 teams in Paul’s conversations means that franchises not typically associated with LeBron speculation, including the Washington Wizards, Portland Trail Blazers and Sacramento Kings, have at minimum had exploratory conversations with Klutch Sports about what a James arrival might look like. Those conversations are almost certainly more preliminary and less substantive than the discussions involving the primary suitors, but their existence illustrates the degree to which the entire league has oriented itself around this single decision.

James himself has not made any public statement about his timeline for deciding or about which teams have had the most substantive conversations with his camp. The notable absence of his own voice from the discourse, while his agent speaks publicly and candidly on a podcast about 27 teams and a whiteboard of finalists, is a dynamic that will sustain speculation and media coverage through however long the process takes.

Paul closed his podcast appearance with a line that captured the spirit of where James finds himself heading into what is almost certainly the final free agency decision of a 24-year career that has already produced four championships, four Finals MVP awards, four regular-season MVP awards and the all-time NBA scoring record.

What remains is not a chase for validation or legacy accumulation. What remains, as Paul described it, is the simplest and most human of motivations: happiness, in whatever form that ultimately takes for a 41-year-old who has already won everything the sport has to offer.