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<ul><li>Motilal Oswal <keyword id="17766717" type="General" weightage="50" keywordseo="nifty-microcap" source="Orion">Nifty Microcap</keyword> 250 Index Fund has launched an open-ended passive fund that replicates or tracks the total returns of Nifty Microcap 250 Index. </li><li>Investors into micro cap stocks and funds need to be able to withstand declines and hold on to them, say experts. </li><li>The new fund offer opened on June 15 and will close on June 29. </li></ul>It’s the secret behind the wealth of the world’s best investors. Some of the greatest investors of all times have made money by identifying stocks early in the day. Undoubtedly micro cap stocks are risky but they also have the ability to generate disproportionate returns over a longer period of time. Call it discovering the diamonds in the rough if you will – but there is no doubt that the smallest of small companies have the potential to become big. Remember the initial public offering of Infosys back in the day? Now, asset management company Motilal Oswal is intending to package the secret sauce into a mutual fund for retail investors that invests in the micro cap index. Motilal Oswal Nifty Microcap 250 Index Fund — an open-ended passive fund replicates or tracks the total returns of Nifty Microcap 250 Index. Microcaps – a high stakes game Microcaps, as the best investors, have reiterated again and again, is a high stakes game of win and lose. They hold the potential to add value over a long time, but can also be wealth destroyers. A macroeconomic trigger might slash a large cap company’s value by 10%, but a microcap might end up losing half or more of its value. Apart from multiple regulatory issues that dog companies in this arena, they are <a href="https://www.businessinsider.in/stock-market/markets/news/urja-global-mistaken-identity-with-musks-tesla-not-the-only-problem/articleshow/100958807.cms">also extremely volatile to rumours</a>. “Micro cap stocks are the first to fall and the last to come back. Investing in them requires a great deal of selectivity. Moreso, investors need to be able to withstand declines and hold on to them,” explains <keyword id="118490" type="General" weightage="50" keywordseo="dhirendra-kumar" source="Orion">Dhirendra Kumar</keyword>, CEO of Value Research. Traditionally, mostly high-networth individuals or HNIs – those who can take hard knocks, are the right people to invest in it. Kumar is unsure if an index is the right way to go about it. The AMC however believes that a passive fund that tracks the index is a better way to manage the volatility in these stocks. “Since the fund invests in 250 companies, when a company goes bad or bust, the specific risk averages out,” said Mahavir Kaswa, head of research - passive funds, Motilal Oswal AMC. Who should choose the fund? Even with ‘averaged out risk’, the fund like the companies is a risky bet. The AMC itself advises investors to put in only a part of their investment into the fund. “Microcaps have a compelling track record of delivering higher returns compared to its counterparts, albeit at a higher risk. Investors are encouraged to consult their financial advisors, a prudent allocation of 5-10% to this fund may help enhance overall portfolio returns,” said Pratik Oswal, head of passive funds at Motilal Oswal AMC. Kaswa also adds that it’s a good fund for those who can make technical calls and hold on to the long term. However, a lot of investors keen on speculation might take an interest in this fund. “Investors’ favourite pastime is to invest based on past performance. Going by that, there will be a lot of investors in this fund,” says Kumar. But the right kind of investors are those who are able to hold on to a stock, even when their call proved wrong, for at least five years. “They should make a small allocation and be prepared not to sell on big declines and not jump for handsome gains,” Kumar says. In the first five months of 2023, the funds that are flowing into small and mid cap funds have been growing progressively. As per a report by IDBI Capital, in May, large cap funds saw outflows to the tune of ₹1,362 crore, mid caps saw inflows to the tune of ₹1,196 crore and small cap funds saw inflows to the tune of ₹3,283 crore. Nifty Microcrap 250 returns and volatility <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Time period </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Annualised returns </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Annualised volatility </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 year </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">25.4% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">17% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3 years </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">58.1% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">20.9% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5 years </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">13.1% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">22.3% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10 years </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">24.2% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">21% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15 years </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">12.9% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">22.2% </td></tr></tbody></table> Source: Motilal Oswal An AMC into microcaps The move to go in for a microcap fund is also an ambitious move for Motilal Oswal. The AMC claims that this fund is a natural extension of its Motilal Oswal Nifty 500 Index Fund, complementing its range of broad-based index funds. The AMC is also hoping to discover the next-big money makers. It’s an unlikely move since mutual funds get into even small caps late into the game generally, and tend to concentrate on larger companies. In fact, less than 4% of the mutual fund industry’s assets under management (AUM) is invested beyond top 500 companies. Microcaps also often fly under the radar of research analysts, with more than 40% of companies receiving no analyst coverage. Only 12% of <keyword id="9511514" type="General" weightage="20" keywordseo="microcap-stocks" source="Orion">microcap stocks</keyword> have more than five analysts covering them. But Motilal sees it as a positive. “This creates a higher likelihood of finding hidden opportunities,” it claims in its press release. Kumar however believes that this fund is a way for the AMC to gain attention, as its actively managed funds have not performed very well. “It’s their way of doing something very novel or interesting,” Kumar says. The expense ratio of the fund is 1% for regular, and 0.40% for direct. The minimum application amount is ₹500 and in multiples of ₹1 thereafter. The new fund offer period commenced on June 15 and closes on June 29.

Motilal Oswal microcap fund is for ‘evolved investors’ who can hold on through highs and lows

<ul><li><keyword id="6362086" type="General" weightage="20" keywordseo="ulips" source="Orion">ULIPs</keyword> provide agents with higher <keyword id="52650" type="General" weightage="20" keywordseo="commissions" source="Orion">commissions</keyword> in the beginning making it attractive for them. </li><li>ULIP costs are front loaded as the majority of charges are levied in the initial five years. </li><li>Experts say that exiting from ULIPs after five years is a losing proposition. </li></ul>Kolkata-based Subimal Haldar (name changed), 75, was looking for a safe way to invest money. His <keyword id="35450" type="General" weightage="20" keywordseo="insurance" source="Orion">insurance</keyword> agent told him about Unit Linked Savings Plan (ULIPs), saying they're safe like a fixed deposit but also give good returns and insurance coverage. Haldar trusted this and thus invested a considerable sum. However, ULIPs are linked to the market and hence the returns are not guaranteed. Haldar’s <keyword id="6355120" type="General" weightage="20" keywordseo="investment" source="Orion">investment</keyword> was hit during the 2020 market crash and he lost a big part of his savings. Plus, he was not made aware that he could not pull out of his money once he had invested. Haldar, like many others, has been a victim of mis-selling. <keyword id="443223" type="General" weightage="20" keywordseo="misselling" source="Orion">Misselling</keyword> in investment refers to misleading or deceptive practices used by sellers or advisors when promoting financial products. It involves providing false information, not disclosing risks, or recommending unsuitable products, leading investors to make decisions which are detrimental to their financial well-being. <cmsannotation type="cmsannotation" annotationid="Why are ULIPs one of the most missold products?" comment="Subhead" text="Why are ULIPs one of the most missold products?">Why are ULIPs one of the most missold products?</cmsannotation> ULIPs provide agents with higher commissions in the beginning, encouraging them to sell new policies. In fact ULIP commissions can be as high as 40% in the first year. This leads some agents to misinform existing clients, suggesting that their current ULIP has a high net asset value (NAV), urging them to buy a new ULIP with a lower NAV. Not surprisingly, ULIPs are one of the most missold products in the market <cmsannotation type="cmsannotation" annotationid="The common ULIP sales pitches" comment="Subhead" text="The common ULIP sales pitches">The common ULIP sales pitches</cmsannotation> The agent or the intermediary who may be an individual or a bank is mostly someone you will trust. Hence it is more likely that people will fall to their sales pitch. “One of the key pitches is that ULIP is a five-year tax saving instrument as it has a lock-in period of five years. Costs in ULIP are front loaded as majority of charges are levied in initial five years making exiting from it after five years a losing proposition,” says Abhishek Kumar, founder and chief<a href="https://business.outlookindia.com/invest/investment"> </a>investment advisor at SahajMoney, a financial planning firm. Another significant selling point is that ULIPs are positioned as on par or possibly superior to bank FDs because they offer insurance coverage and higher returns. What clients aren't explicitly told is that, unlike bank FDs, ULIPs are linked to the market and do not assure guaranteed returns. <cmsannotation type="cmsannotation" annotationid="Mixing insurance with investment?" comment="Subhead" text="Mixing insurance with investment?">Mixing insurance with investment?</cmsannotation> While the lure of ULIPs lead to misselling, if one looks at it, the product basically is flawed. “When you combine insurance and investment you get the worst of both. The cost is higher. If you buy insurance and investment separately it is always cheaper, enables greater flexibility and a greater measurability of performance,” says Dhirendra Kumar, chief executive officer, Value Research, an investment research firm. When you buy an ULIP you cannot get out and have to stick to it. ULIPs ride on the mental framework that if you invest something, you need to get back something, the same way endowment plans work. ULIPs and endowment plans are similar. While in endowment plans the return is guaranteed, it happens to be a very low return. ULIPs, on the other hand, are market linked, and a little more transparent, but there are still got all the constraints of an investment where you get stuck. If you invest in a mutual fund and are not happy with the performance, you can get out of it tomorrow, but in case of an ULIP, you cannot. <cmsannotation type="cmsannotation" annotationid="Senior citizens: Be extra careful" comment="Subhead" text="Senior citizens: Be extra careful">Senior citizens: Be extra careful</cmsannotation> While the traps of mis-selling may fly thick and fast, if one follows a simple rule, it is easy to stay out of it. “One should not buy any investment policy that is linked with insurance. That is the only way not to be a victim of misseling,” says Kumar of Value Research. Not surprisingly, like Haldar, senior citizens are often the victim of mis-selling. “Senior citizens should also ask why they should buy life insurance in their post-retirement years as they are not earning any active income during retirement. Also, during retirement, retirees require regular income and ULIP doesn't offer it to them so they should ask about it as well,” says Kumar of SahajMoney. Even after all this if they buy the ULIP by mistake they can cancel it within 15 days of receipt of the policy documents. It is important to keep relations and emotions away from investment decisions. After all, it is a question of your hard-earned money.

Mis-selling trap – Why ULIPs are not for senior citizens

<ul><li>Market watchers are unanimous about one thing – timing the markets is an impossible task. </li><li>Investment pundits say that one needs to continue investing with a long-term horizon to create wealth. </li><li>You should stop SIPs only if you require the money in the span of one to three years, advise experts. </li></ul>The Indian benchmark indices have taken Superman’s Superman's catchphrase "Up, up and away!" seriously this month. Both the BSE Sensex and the NSE Nifty have been touching new peaks almost every day. The Sensex touched 66,000 on Thursday for the first time while the Nifty has breached the 19,500 mark comfortably. Interestingly, the month of June saw 27,78,507 new Systematic Investment Plans or SIPs registered, <a href="https://www.businessinsider.in/investment/news/small-cap-funds-on-a-roll-as-equity-mfs-clock-3-month-high-inflows-in-june/articleshow/101637219.cms">marking the highest number to date</a>. At such high levels, expectations build up for a correction in the markets forcing many to wonder if it’s a good time to stop their systematic investment plans (SIPs). However, mutual fund experts have always advocated continuing the monthly investments despite the market condition. <cmsannotation type="cmsannotation" annotationid="Why not stop temporarily?" comment="subhead" text="Why not stop temporarily?">Why not stop temporarily?</cmsannotation> A Systematic Investment Plan (SIP) is a mode of investment for <keyword id="6357979" type="General" weightage="20" keywordseo="mutual-funds" source="Orion">mutual funds</keyword> in which investors make regular, automated contributions periodically. The basic purpose of an SIP is rupee cost averaging, that is – buying more units when the prices are low, and less units when the prices are high. “There are phases of markets where the markets are high and it keeps on going higher. If you are getting scared now that the market is high, you will always be scared, and not invest,” says Dhirendra Kumar, chief executive officer, Value Research, an investment research firm. He adds that the markets can be unreasonable for a fairly long period of time and thus trying to time it can be a futile effort. “The markets have gone up by about 20% in the last year or so and all this time the markets were never cheap. So, one should not stop SIPs because there is a chance that the markets may correct,” he explains. <cmsannotation type="cmsannotation" annotationid="Patience advocated" comment="subhead" text="Patience advocated">Patience advocated</cmsannotation> The other important aspect of SIPs is, as the name suggests, systematic investments. The idea of SIPs is to provide a regular, disciplined approach to investments. “The market highs are in relation to the past. In the future, it will go far higher. We need to have time, and patience on our side. We need to continue investing with a very-long-term horizon to create substantial wealth,” says Suresh Sadagopan, founder and principal officer, Ladder7 Financial Advisories, a financial planning and wealth advisory firm. Hence, stopping SIPs now on the assumption that the markets may correct is counterproductive. Even if the markets do correct, one will get more units over time, and that is a good thing. <cmsannotation type="cmsannotation" annotationid="subhead" text="The lure of timing the market">The lure of timing the market</cmsannotation> Most market pundits are unanimous that it is not possible to time the markets. Many investors may be left by the wayside while trying to decide the right time to enter the markets, especially when they are hitting lows or scaling peaks. “When the market is low you will not invest because it can go down further, and you will be able to buy cheaper,” says Kumar. For the same reason, when the markets are high, like they are now, you will not invest because the markets may correct. The tendency to stop SIPs when the markets may correct or are in the process of correction, is aimed at protecting the value of investments. However, even if you manage to protect your investment from the downside, you are also likely to miss out on the upside. <cmsannotation type="cmsannotation" annotationid="When should you stop SIPs" comment="subhead" text="When should you stop SIPs">When should you stop SIPs</cmsannotation> People should stop SIPs only for a specific reason. “For example, if you need the money after one year, then you should gradually start taking out money. If you are retiring in another three years, you should start increasing your exposure to fixed income moderately, so that all your money is not invested in equities,” says Kumar. Thus, SIPs should not be stopped when the markets are high – as they are now – or when they are going down, or at any point of time, unless there is a specific reason to do so.

Markets scaling new highs – Here’s why MF experts say you shouldn’t stop your SIPs

<ul><li><keyword id="590709" type="General" weightage="20" keywordseo="balanced-funds" source="Orion">Balanced funds</keyword> include a combination of bonds (debt) and stocks (equity) in a particular ratio within a single investment portfolio. </li><li>Balanced funds are important in a <keyword id="72589" type="General" weightage="20" keywordseo="bull-market" source="Orion">bull market</keyword> as they allocate a portion of their assets to debt securities. </li><li>Look at funds that have been there for 5 years and invest in a fund that belongs to the top quartile, advice experts. </li></ul>The Indian markets have been in a bull run since the start of the current financial year in April. The Nifty50 which was below the 17,000 mark in March end has rallied to a touching distance of 20,000 in less than four months. However, the past few days have seen volatility and a resultant slip following global cues. The India Volatility Index (VIX) has been steadily rising in the past month. The <keyword id="160380" type="General" weightage="20" keywordseo="market-volatility" source="Orion">market volatility</keyword> barometer jumped 6% to 10.86 levels on Wednesday and has been holding steady there. In such a scenario, balanced funds, also known as <keyword id="882925" type="General" weightage="20" keywordseo="hybrid-funds" source="Orion">hybrid funds</keyword>, become attractive for investors. Balanced funds, as the name suggests, comprise a mutual fund category that includes a combination of bonds (debt) and stocks (equity) in a particular ratio within a single investment portfolio. These funds assist investors in diversifying their holdings by investing in various asset classes, such as equity and debt. Typically, balanced funds maintain a fixed blend of bonds and stocks. “Balanced funds or hybrid funds are a very good option because you are not investing 100% into the markets. Let's say you are investing 65% into the market while 35% is into debt,” says Kunal Jain, senior consultant, Alpha Capital, an investment management firm. <cmsannotation type="cmsannotation" annotationid="Classifying balanced funds" comment="subhead" text="Classifying balanced funds">Classifying balanced funds</cmsannotation> Balanced funds can broadly be of two types based on their asset allocation. Equity-oriented balanced funds invest a minimum of 65% of their total assets in equity and equity-related securities. The remaining portion of their corpus is allocated to debt instruments or even money market investments, aiming to provide stability and mitigate risks during periods of market volatility. These are meant for aggressive investors with a higher risk appetite. Debt-oriented balanced funds allocate a minimum of 65% of their total assets to debt securities. Additionally, a portion of the fund may be invested in cash and cash equivalents to provide liquidity. This investment strategy aims to focus primarily on generating income and capital preservation through the fixed-income portion, while maintaining some liquidity to meet potential redemption requirements. By combining debt instruments and cash equivalents, debt-oriented balanced funds aim to offer a balanced approach, providing stability and potential returns for investors with a more conservative risk appetite. <cmsannotation type="cmsannotation" annotationid="Why balanced funds make sense in this environment" comment="subheads" text="Why balanced funds make sense in this environment">Why balanced funds make sense in this environment</cmsannotation> Balanced funds are important in a bull market as they provide a balanced approach to investing by allocating a portion of their assets to debt securities. This helps manage risk and preserve capital during market upswings, reducing portfolio volatility. Investors can benefit from market growth while having some protection against potential market corrections and be protected from the vagaries of the market. “When markets are volatile and an investor doesn't have an advisor to help manage volatilities. It makes good sense to invest in balanced funds for any person at this time, but if you are a DIY investor, this is the best choice,” says Renu Maheswari, co-founder and principal advisor, Finscholarz Wealth Managers. <cmsannotation type="cmsannotation" annotationid="All weather funds – how to pick" comment="subhead" text="All weather funds – how to pick">All weather funds – how to pick</cmsannotation> Balanced funds are a good option not just now, when markets are near their all time high. “Balanced advantage funds are good for all times-like now when the markets are doing very well or for times when the markets are performing badly,” says Dhirendra Kumar, CEO, Value Research. When choosing a balanced fund, consider factors like the fund's historical performance, asset allocation strategy, expense ratio, fund manager's expertise, and the fund's investment objective. Assess your risk tolerance and investment goals to select a fund that aligns with your financial needs. “Investors should look at funds that have been there for 5 years and invest in a fund that belongs to the top quartile. They should have given good returns when markets have done well and not performed too badly when the markets have not done well, as they are geared to do,” says Kumar. Like any other mutual fund that has an equity exposure, the basic condition of investing in balanced funds is having a time horizon of 4-5 years. “If you do not have that kind of time horizon, then do not invest in balanced funds,” says Jain. Balanced funds thus offer a prudent investment option when markets are near an all-time high. Their diversified approach combining equities and debt can help manage risk during market peaks.

With markets volatile, balanced funds could be the flavour of the season

<ul><li>Another related question is whether one opt for a daily or weekly <keyword id="35471" type="General" weightage="20" keywordseo="sip" source="Orion">SIP</keyword> to maximize returns </li><li>Most investors wonder if one can enhance returns on a SIP in <keyword id="6357979" type="General" weightage="20" keywordseo="mutual-funds" source="Orion">mutual funds</keyword> </li><li>By investing in SIPs, investors can take advantage of the power of compounding, say experts </li></ul> Systematic Investment Plans (SIP) are one of the simplest because they allow small ticket monthly allocations to preferred asset classes. Since these investments are regular they are best suited to even out market volatility, especially in case of investments in equity mutual funds. One question that most investors ask is whether one can enhance returns on a SIP in mutual funds? One decision most of us have to make in SIPs is the date of the SIP. The million dollar question is, does the date of the SIP really make a difference? Can you earn a higher return on SIPs by choosing the start of the month instead of the end of the month or vice versa? <cmsannotation type="cmsannotation" annotationid="The date of SIP does not matter" comment="subhead" text="The date of SIP does not matter">The date of SIP does not matter</cmsannotation> “In fact, the efficacy of SIPs lies in their ability to eliminate the need for precise market timing, as attempting to predict market lows can be challenging, if not impossible,” says Anand Dalmia, co-founder and Chief Business Officer at Fisdom, a direct mutual funds platform. A study of SIP returns on Sensex for different SIP dates over a 27-year period between September 1996 and March 2023, threw up interesting results. The date of SIP really did not matter. “The returns have been almost the same irrespective of the date you choose. In fact, the difference in returns between choosing the best date, and the worst date is 0.08%. In short, the date of the SIP does not matter,” says Nehal Mota, co-founder, Finnovate, a hybrid wealth tech platform. According to Dhirendra Kumar, CEO, Value Research India, even if there is a pattern that you get higher returns if you do your SIP on the first or the 15th of a month, there is absolutely no basis of why it should be true or why it will repeat in future. So that doesn't matter. He suggests that one should just choose a day which is convenient, when the money will be debited, and ensure that there is money in the account on that day. Says Arijit Sen, a SEBI-registered investment advisor and co-founder of Merry Mind, a financial advisory firm, “Some YouTube videos claim that if you invest on such and such dates every month, you can get the maximum returns from SIPs. But there is no basis to such claims.” <cmsannotation type="cmsannotation" annotationid="Do daily or weekly SIPs help maximize returns?" comment="subhead" text="Do daily or weekly SIPs help maximize returns?">Do daily or weekly SIPs help maximize returns?</cmsannotation> Would it make sense to do a weekly SIP or daily SIP instead of a monthly SIP? Will it result in better averaging? “We get back to the previous point of being indifferent to the date of SIP. When the date of SIP does not matter, the number of SIP iterations also would not matter. Frequent SIPs can be an administrative nightmare, so one SIP a month is good enough,” says Mota. The frequency at which an SIP should be conducted depends primarily on the investment horizon and expected volatility. To optimize the benefits of an SIP, it is crucial to align its frequency with the specific requirements of each investor's financial goals and circumstances. “For long-term investment horizons, a monthly SIP can be a suitable choice. This duration allows for cost averaging across longer market cycles, enabling investors to benefit from the potential ups and downs of the market over an extended period. By investing monthly, investors can take advantage of the power of compounding and enjoy the benefits of accumulating wealth gradually,” says Dalmia. He says that another factor to consider when determining the SIP frequency could be personal cash flow situations. Investors who have visibility and regularity in their daily or weekly cash flows may find it beneficial to commit to a similar frequency for their SIPs. This alignment ensures a smoother integration of investments into their financial planning, and helps maintain consistency in their investment contributions. On the other hand, individuals who receive monthly paychecks often find it convenient to opt for monthly SIPs. Kumar says that it is important that one becomes a regular investor, because only then the magic of compounding happens. Instead of worrying about the periodicity of SIP, focus on selecting the right mutual fund, after considering your risk tolerance. <cmsannotation type="cmsannotation" annotationid="The mantra for maximizing your SIP returns" comment="subhead" text="The mantra for maximizing your SIP returns">The mantra for maximizing your SIP returns</cmsannotation> So, we have seen that the date of the SIP, or the frequency of the SIPs do not make much difference to the returns. But there are four other factors that form the pillar of a successful SIP investment. First is discipline. “Once you start a SIP, don’t give up on it till the milestone for the goal is reached. Here, don’t wait for income to increase to generate savings. You must target monthly savings and then build your expenses around that. That is the way to make SIPs workable in practice,” says Mota. The second mantra pertains to the dominance of time over timing. The specific day chosen for the SIP is not significant; however, the duration of the SIP is crucial. Even if the regular investments are smaller, opting for a longer SIP period can result in a significantly higher accumulation of wealth within the same mutual fund. The third mantra is to believe in the power of equities, or equity funds to generate long term positive returns. You can never create wealth by doing SIP for a prolonged period on liquid funds or arbitrage funds. The beauty of equity funds is that over longer periods of time, the risk of negative returns almost diminishes to zero. The final mantra of SIP is enhancement. “Don’t get stuck to the SIP amount you started with. Over time, your income is bound to increase so your saving power must also grow proportionately. That is only possible, either with a stepped up SIP or by plugging additional SIPs to accommodate higher savings,” says Mota. SIPs can thus be a great way to meet your future goals, and staying disciplined is key.

What is the best date to set for your SIPs – Beginning, end, or middle of the month?

Equity savings funds explained: A substitute for FD with a marginally higher risk?

<ul><li>Since its inception on March 28, 2005, Nippon India <keyword id="6316206" type="General" weightage="20" keywordseo="multi-cap-fund" source="Orion">Multi Cap Fund</keyword> has outperformed most peers and market benchmark Nifty500 with returns of 15.15% CAGR.</li><li>₹10,000 invested in the fund every month since inception for 17 years would have grown to ₹89.81 lakh now.</li><li>During these pandemic years the fund invested in stressed and out-of-favour sectors that are generally avoided by others.</li></ul>Over the last 17 years, Nippon India Multi Cap Fund has survived the worst of the markets – including the US housing bubble, global financial crisis, demonetisation, US election of Donald Trump, Covid-19 outbreak or the Russia-Ukraine war. The Fund has seen it all and still managed to deliver the highest returns in the multi-cap category. Since its inception in March 2005, the fund has outperformed most peers and market benchmark Nifty500 with returns of 15.15% CAGR. In fact ₹10,000 invested in the fund every month since inception for 17 years would have grown to ₹89.81 lakh now. <div type="image" title="nippon india" height="900" width="1200" msid="93914085" hostid="261" sizebytes="40940"></div> Sailesh Raj Bhan, fund manager of Nippon India Multi Cap Fund believes in the mantra of value buying with a time horizon of three years. “Our attempt is to create that kind of a portfolio where you’re looking three years ahead and finding reasonable value in the business today, and you feel growth will accelerate from where we stand today,” said Bhan in an interaction with Business Insider India. In the last three years, the fund has given exemplary returns of 28.23% CAGR – higher than 23.60% CAGR returns by benchmark Nifty500 index. During these pandemic years the fund invested in stressed and out-of-favour sectors that are generally avoided by others. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top 5 performing schemes in multi-cap space </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% returns in last 1 year </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nippon India Multi Cap Fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">18.73% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kotak Ind Growth 4 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15.02% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Quant Active Fund </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">14.05% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nippon India Capital Builder IV B </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">14.02% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sundaram Multi Cap </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10.59% </td></tr></tbody></table>(Source: Value Research, Note: Above are all direct plan schemes) “What has worked for us is our investment in engineering, manufacturing and in hotels, which has contributed significantly to the fund. The key idea was to choose sectors which are out of favour and offer disproportionate value. And if you remember, 12-18 months back, people did not want to invest in hotels as the narrative was hotels will not come back,” said Bhan Cut to almost two years later, hotels are back in business with a huge pickup in travel and tourism, contrary to most expectations. In fact, <a href="https://www.businessinsider.in/stock-market/news/hotels-make-for-a-happy-home-for-investors-stocks-return-over-50-in-less-than-six-months/articleshow/93762736.cms">hotel company stocks are among multibaggers</a>, which has made fortunes for investors. In April-June 2022, there has been a 244% increase in demand for hotels across six major cities — Delhi, Bengaluru, Chennai, Goa, Hyderabad and Mumbai, according to Hotel Momentum India Report 2022. Talking about Nippon India Multi Cap Fund, Dhirendra Kumar, CEO of Value Research in a conversation with Business Insider India said, “It is a decent fund, nothing awkward about it. A fund which has survived this long and is not doing poorly in bad markets and doing okay in a rising market, you do the job.” Staying steadfastly mid-cap amidst industry churn In November 2020, SEBI introduced flexi cap and differentiated between multi cap and flexi cap because many mutual fund schemes were not true to their label and would invest predominantly outside of their defined spheres. The differentiation is this – flexi <keyword id="6357979" type="General" weightage="20" keywordseo="mutual-funds" source="Orion">mutual funds</keyword> are allowed to choose the ratio between large, mid and small caps investments as they like. On the other hand, multi-cap funds are mandated to keep a minimum threshold of 25% investments in each of the three fund categories – large, mid and small cap. The remaining 25% can be invested at the fund manager’s discretion. This led to many funds converting from multi cap to flexi cap, freeing them up to choose a majority of large-cap stocks and avoid risky investments. Now, the tide is turning again. In the last one year, several mutual fund companies have come out with multi-cap new fund offers (NFOs) to fill their portfolio. “After SEBI’s categorisation of flexi cap, every multi-cap fund changed their erstwhile multi-cap fund to flexi cap. And now, fund houses are filling up multi cap space as NFO gets MF more money than otherwise,” said Kumar of Value Research. Amidst all this churn, Nippon India Multi Cap Fund steadfastly remained in the multi-cap category. It continued to find value in small caps, constantly looking for companies that are sector heads and offering an attractive valuation. “Our end objective is to capture the market plus return over the medium term. Now, most investors find it difficult to navigate from capitalisation in large cap, mid cap and small cap stocks. We intend to choose the kind of companies that can ride through market cycles – so even in a small cap, we look at a business which has to be a top 1-2 company in that sector or category. For example, when we were investing in hotels, the leader was from a small cap,” said Bhan. ‘Multi cap is an all season fund’ Bhan says multi cap is an all season fund because of its equal exposure to the three categories – large cap, mid cap and small cap, and the flexibility to invest the rest in large-cap space generally. Value Research’s Kumar believes multi-cap funds are a desirable category for investment as it has the necessary exposure to mid and small caps. “Everybody thinks flexi cap does almost the same thing as multi cap but not really. As flexi caps are becoming large, they are unable to have a meaningful position in mid caps and small caps,” Kumar said. “And multi cap, because it is mandated to have a minimum of 25% in small cap and mid cap, gives you a real or rather enforced diversification. Otherwise erstwhile multicap, which are now called flexi caps, are now dominantly becoming large caps as they get bigger,” said Kumar. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/wipro-tech-mahindra-lead-rout-in-it-stocks-as-recession-risks-loom/articleshow/93876535.cms">Wipro, Tech Mahindra lead rout in IT stocks as recession risks loom</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/hcl-tech-beats-wipro-to-become-indias-third-largest-it-company/articleshow/93879712.cms">HCL Tech beats Wipro to become India’s third largest IT company</a>

This multi-cap fund has survived the worst market cycles and yet delivered the highest returns

Kotak Flexicap Fund: Too big to be flexible?

The entire list and exciting facts about the 30 assembly constituencies going to polls in West Bengal on March 27

<ul><li>March 2021 saw the highest ever <keyword id="35471" type="ORGANIZATION" weightage="20" keywordseo="SIP">SIP</keyword> net inflows of ₹91.8 billion.</li><li>According to analysts, this because anyone who was looking to make easy money off of India’s economic recovery has already bagged their profits — or run out of patience.</li><li>People still want to invest in the market and capitalise on India’s economic growth but, they want to do it without having to worry about the day-to-day nuances.</li></ul>Whatever easy money was to be made in the market has been made. According to analysts, the next best bet for the common man, while also being safe, is <keyword id="176782" type="ORGANIZATION" weightage="20" keywordseo="Systematic-investment-plans">systematic investment plans</keyword> (SIPs). <ul> </ul>The net inflow of SIPs was at its highest ever in March 2021 — worth ₹91.8 billion. The month was also the first time in eight months that equity funds saw inflows instead of outflows. <ul> <div type="image" title="Copy of states with highest covid 19 cases" msid="82032742" hostid="261" caption="&amp;lt;p&amp;gt;The net inflow of funds towards systematic investment plans (SIPs) was at its highest ever in March 2021&amp;lt;/p&amp;gt;"></div></ul> “A lot of demat accounts were opened during the pandemic. People went for investing in direct equities. Now that the easy money has been made, people will go back to normalisation of allocation of money,” Tarun Birani, the founder and director of TBNG Capital Advisors, told Business Insider India. Last week, <a href="https://www.businessinsider.in/business/startups/news/online-investment-platform-groww-is-indias-latest-unicorn-as-it-raises-83-million/articleshow/81952184.cms">Groww</a> became the second wealth management unicorn after Zerodha. During the course of the pandemic, Paytm Money introduced stock trading on its platform. Startups were offering low brokerage fees and an easy way to invest as they challenged legacy platforms like ICICI Direct or Kotak Securities. “A lot of investors thought it would now become frictionless to buy stocks and creating a diversified portfolio is no longer difficult. But, what has happened in the last couple of months, that market is more turbulent on a day-to-day basis… Many don’t understand the nuances of the market if the market is generally going up,” said Dhirendra Kumar, the chief executive of Value Research. According to analysts, the primary trigger for the uptake is a combination of three factors — liquidity, lower risk free rates and the pandemic shedding some of its uncertainty. <cmsannotation type="cmsannotation" annotationid="Take out a loan and make up for interest payments by investing in the market" comment="subhead" text="Take out a loan and make up for interest payments by investing in the market">Take out a loan and make up for interest payments by investing in the market</cmsannotation> The Reserve Bank of India (RBI) and the Indian government have been pumping money into the economy. They want to make sure that there is enough liquidity in the market to drive up demand so that the Indian economy can get back on its feet. As April kicked off, RBI governor <a href="https://www.businessinsider.in/finance/news/rbi-forecast-shows-that-narendra-modi-administration-is-facing-its-worst-inflation-period-so-far/articleshow/81946820.cms">Shaktikanta Das</a> told reporters that the apex banking institution has no plans of tightening liquidity in the market and will continue its accommodative stance for the next three months. “There is ample liquidity. Because there is ample liquidity, the risk free rates will come off meaningfully. When that happens, generally people tend to take a risk,” explained Birani. This means that if people have more money in hand — while inflation is in <a href="https://www.businessinsider.in/finance/news/rbi-forecast-shows-that-narendra-modi-administration-is-facing-its-worst-inflation-period-so-far/articleshow/81946820.cms">excess of 6%</a> — they have an increased ability to invest. It also means that if they’re taking out a loan and the market is doing well, they think they can leverage their investments in the market to make up the difference. <cmsannotation type="cmsannotation" annotationid="Risk free rates of interest just aren’t going to cut it anymore" comment="subhead" text="Risk free rates of interest just aren’t going to cut it anymore">Risk free rates of interest just aren’t going to cut it anymore</cmsannotation> As a salaried individual, the safest ways to invest your money is by putting it in a savings account, locking it up in a fixed deposit or finding a government instrument to invest in. Many parked their funds in the Employee Provident Fund (EPF). But in the most recent budget, the government capped the <a href="https://www.businessinsider.in/finance/news/checkout-what-all-will-change-from-1st-april-for-you-as-the-new-financial-year-kicks-in/slidelist/81776624.cms">non-taxable amount at ₹2,50,000</a>. Moreover, the return on fixed deposits doesn’t make up for inflation and savings account rates even less so. This leaves the average investor with very few options. And, since investing directly into funds when the market is getting kicked around by daily speculation, SIPs is a safer option. “Everybody was waiting for the big correction, which hasn’t happened. They’re losing patience. It’s better to have a plan rather than depend on the market,” said Kumar. <cmsannotation type="cmsannotation" annotationid="Is the SIP uptake here to stay?" comment="subhead" text="Is the SIP uptake here to stay?">Is the SIP uptake here to stay?</cmsannotation> As a salaried individual, one only thinks about assessment management or financial planning where the inflow of cash is certain. “If you feel confident about where that cash flow is coming from, you start allocating — whether it's in equity, gold or wherever they want to,” said Birani. And, with the pandemic shedding its uncertainty, markets are on an upward trajectory. “With buoyant stock markets, we can only hope that the positive trend in equity flows is not a one-month or a year ending aberration but a return of investors to mutual funds and long-term investing,” said Gopal Kavalireddi, the head of research at FYERS — a tech-focused stockbroking and mutual funds investment platform. Ratings agencies expect India to reclaim its growth as the fastest growing country in the financial year 2022, with GDP growth clocking in anywhere from 10.5% to over 13%. However, the rapid increase in the number of COVID cases across the country and the subsequent lockdowns could throw India’s economic recovery off track. “If there is any blip in the momentum, it will be because people are biding their time to see how the new lockdown situation prevails. It may put people on the tenderhooks again,” said Birani.

Here’s why people are suddenly going for SIPs — and why the trend isn’t going to end anytime soon

After <a href="http://www.businessinsider.in/searchresult.cms?query=BJP+leader+Subramanian+Swamy+">BJP leader Subramanian Swamy</a> hoax, the HRD Ministry has finally initiated the process to appoint the next vice chancellor of <a href="http://www.businessinsider.in/searchresult.cms?query=Jawaharlal+Nehru+University+%28JNU%29">Jawaharlal Nehru University (JNU)</a>. It has constituted a search-cum-selection committee to be headed by the former vice chancellor of <a href="http://www.businessinsider.in/searchresult.cms?query=Banaras+Hindu+University+%28BHU%29+">Banaras Hindu University (BHU)</a> Prof Dhirendra Pal Singh. 
 <keyword id="6370187" type="PERSON" weightage="100" keywordseo="Subramanian-Swamy">Subramanian Swamy</keyword> have already set the stage for appointment of the new <keyword id="6356383" type="ORGANIZATION" weightage="80" keywordseo="JNU">JNU</keyword> vice chancellor, by claiming that he is an informal frontrunner for the post. 
 Last week, the ministry has constituted the committee under Prof <keyword id="174899" type="ORGANIZATION" weightage="100" keywordseo="DP-Singh">DP Singh</keyword>, director at the National Assessment &amp; Accreditation Council. The two others on the committee are former <a href="http://www.businessinsider.in/3-ISRO-achievements-that-made-Indians-proud/articleshow/48347077.cms">ISRO</a> chief K Radhakrishnan and former diplomat Ashok Sen. 
 
Radhakrishnan and Sen were appointed to the committee according to the recommendations of the JNUI Executive Committee and Prof DP Singh is the nominee of the visitor to the Central University— the President of India. 
 
The HRD ministry has also invited applications to the VC's post which will now be screened by this committee. Noted <a href="http://www.businessinsider.in/3-ISRO-achievements-that-made-Indians-proud/articleshow/48347077.cms">scientist</a> Prof Sudhir Kumar Sopory, who is currently the JNU VC, completes his term in January 2016. 
 
(Image: Reuters)

After Subramanian Swamy hoax, HRD Ministry sets the ball rolling for new JNU VC

In the race to acquire the fund management business of <a href="http://www.businessinsider.in/searchresult.cms?query=Goldman+Sachs+Group+">Goldman Sachs Group</a> Inc in India, <a href="http://www.businessinsider.in/searchresult.cms?query=Reliance+Mutual+Fund+">Reliance Mutual Fund</a> and <keyword id="45123" type="CITY" weightage="100" keywordseo="HDFC">HDFC</keyword> Mutual Fund are trying hard. 
 
According to a person familiar with the development, both the suitors are in the final round of negotiations and hope to clinch the deal. “However, it depends on who is more aggressive," said one of them. The deal is likely to be announced shortly,” he said. 
 
The Goldman’s MF business has assets of about Rs 7,132 crore. 
 
Let’s take a look at the profile of both the suitors! 
 <keyword id="106417" type="ORGANIZATION" weightage="100" keywordseo="Reliance-Mutual-Fund">Reliance Mutual Fund</keyword>, which had assets under management of Rs 1.53 lakh crore on September 30, is likely to bid aggressively as it looks to bridge the gap with number two <a href="http://www.businessinsider.in/searchresult.cms?query=ICICI+Mutual+Fund+">ICICI Mutual Fund</a> that manages about Rs 1.65 lakh crore. 
 
On the other hand, HDFC Mutual Fund is looking at consolidating its number one position with assets of Rs 1.71 lakh crore. 
 
"The deal is expected to be valued at about 3-4% of AUM (<a href="http://www.businessinsider.in/searchresult.cms?query=ICICI+Mutual+Fund+">assets under management</a>). With an AUM of Rs 7,132 crore, the transaction value should be around Rs 250 crore," said another person who is aware about the development. 
 
Besides adding Rs 7,132 crore of AUM, a deal would also help the acquirer gain a foothold in the <a href="http://www.businessinsider.in/searchresult.cms?query=exchange-traded+fund+%28ETF%29+business+">exchange-traded fund (ETF) business</a> that is growing in popularity with local investors, mirroring global trends. 
 
ETFs have been witnessing sustained growth in markets such as the US in the past decade. 
 But for India, the ETF market is relatively new. <keyword id="6361649" type="CITY" weightage="100" keywordseo="Goldman-Sachs">Goldman Sachs</keyword> Mutual Fund, which has 13 schemes, is primarily focused on the ETF segment. It has seven equity-oriented ETFs, one liquid ETF, one gold ETF, one international ETF, two equity schemes and an open-ended debt scheme. About 95% of its assets are in ETFs. 
 
Goldman Sachs Mutual Fund was awarded a central government mandate last year to sell the Central Public Sector Enterprise ETF. The government sold a part of its stake in state-run companies through an ETF for the first time, raising Rs 4,000 crore by disposing of shares in 10 state-controlled companies. 
 
Goldman Sachs entered the Indian mutual fund industry in 2011 by acquiring Benchmark Mutual Fund for Rs 120 crore. 
 "The (likely) exit of Goldman Sachs from the asset management business conclusively proves that the foreign <keyword id="109711" type="POSITION" weightage="40" keywordseo="Fund-manager">fund manager</keyword>s are finding it difficult to make inroads into the Indian investors' mind space," said a fund manager with a leading foreign fund. 
 He said: "In the last few years, we have witnessed the exit of Fidelity, PineBridge, <keyword id="48670" type="CITY" weightage="100" keywordseo="Morgan-Stanley">Morgan Stanley</keyword>, ING among others." 
 
Foreign firms are finding it difficult to compete against local companies such as HDFC, ICICI, Reliance, Birla and UTI, except for outfits such as Blackrock and Franklin Templeton. 
 
Dhirendra Kumar, founder and CEO of Value Research, is of the view that foreign fund managers find it difficult to navigate India's investment landscape. Value Research is an independent mutual fund research house. 
 
In 2014, PineBridge Mutual Fund sold its domestic mutual fund schemes to Kotak Mahindra AMC, Morgan Stanley sold its domestic MF business to HDFC AMC and ING MF was acquired by Birla Sun Life AMC. In 2012, L&amp;T Finance acquired Fidelity's mutual fund business in India. 
 
(Image: Indiatimes)

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