The statement your registrar emails you, that nobody can read

TruWealth advises India's mass affluent on their mutual funds. The hardest product decision was the very first screen: how does someone tell us what they own without typing in forty holdings by hand? Because if the answer is that they type them in, most of them leave.

They do not have to. Every investor already receives a Consolidated Account Statement, the CAS, emailed to them by CAMS, KFintech, CDSL, or NSDL. It contains everything they hold. It is also a password-protected PDF, in four registrar formats that agree on almost nothing.

So the parser works out which of the four it is, decrypts it in memory with the investor's PAN or password, walks every page, and reconstructs the entire portfolio. It returns machine-readable outcomes, password required, password wrong, corrupt file, no holdings found, so the screen can respond like a person instead of a stack trace. The password and the decrypted file are never written to disk. For someone's financial life, that is not a nice-to-have, it is the point.

Then the judgement. Fourteen factors per fund, rolling-return hit rate, percentile ranks, Sharpe, Sortino, up and down capture, drawdown, expense, manager tenure, folded into a score from zero to a hundred that maps to hold, review, or exit.

The property I like most: when a factor's data is missing, it is dropped and the remaining weights renormalise to sum to one. The engine ships today on partial data and grades itself up automatically as more of it arrives. I did not have to wait for a perfect data pipeline to launch, which is the difference between a product and a plan.

And it never sells on its own. An exit is a recommendation a human confirms. Telling a retail investor to sell is exactly the kind of place where the model said so is not an acceptable answer.