The PnL test is clear: a conceptual classification, even if it seems more specialized, does not guarantee returns for retail investors in India.
If Moonfire Ventures' publication does not provide strategies applicable to Indian IPOs or does not account for capital flows controlled by the RBI, then its so-called particularity is a cost without benefit.
The drawdown of portfolios does not care about the semantic finesse of a report but about its ability to generate significant alpha.
For example, a report that ignores SEBI directives on public offerings cannot guide an Indian fund manager, making its academic sophistication useless for real decision-making.