This video explains how to analyze equity mutual funds, focusing on the fund manager's risk management. It introduces rolling returns as a superior metric to point-to-point returns for assessing performance over time. The analysis of a sample fund (Kotak Emerging Fund Growth) covers hygiene checks (fact sheet information), expense ratios, risk measures (standard deviation, Sharpe ratio, capture ratio), risk-reward matrix, and rolling returns. The video emphasizes that past performance doesn't guarantee future results and that investment decisions should align with individual portfolio objectives, not solely on star ratings or perceived fund quality.