Tuesday, September 6, 2011

Prajna Capital

Prajna Capital

Portfolio Management Services (PMS) will become more transparent

Posted: 06 Sep 2011 06:08 AM PDT

THE Securities and Exchange Board of India (Sebi) has proposed to raise the minimum investment limit in portfolio management services (PMS) and alternative investment funds. It also wants stringent disclosure norms for investment options that high net worth investors (HNIs) go for.

The minimum investment limit in PMS, now capped at `5 lakh, will be raised to `25 lakh.

In other alternative investment funds, like art funds and collective investment schemes, it will be raised to `10 lakh. Sebi is hoping the higher limits will discourage retail investors, as these schemes are riskier compared to conventional investing. Also, retail investors are not knowledgeable enough to understand their complexities.

Typically, PMS schemes aim to offer 3-4 per cent higher returns than equity markets. The average compounded annualized return from PMS schemes in the last four years has been around 16 per cent. That from large-cap mutual funds has been 11-17 per cent.

Till now, there were no comprehensive guidelines governing venture capital funds, hedge funds, real estate, private equity (PE), debt, private investment in public equity, infrastructure, social venture, strategy and small and medium enterprise funds. Now, all of these will have to register with Sebi.

For an industry that has had a free run in choice of sector and companies, new restrictions are on the way. Now, it will not be able to buy stake in listed firms that are not part of any index.

While the restrictions will limit the fund's flexibility, it will mean more empowerment for the investor. Along with banks and institutions, HNIs also invest in PE funds. Currently, disclosure levels, both by PMS and PE funds, are low, with investors being unaware of where and how their money is being invested. Investors receive account statements in three to six months. PE funds may choose to disclose the value of the portfolio in six months.

Now these funds will have to make more disclosures. Thus, investors will be making more informed decisions, whether to stay with or exit the fund. To exit a PE fund, it must be listed, or someone should buy out stake. To exit a PMS, however, one would have to pay an exit load (only in the initial year), in the range of one to two percent.

According to Bain & Company, the total deal size in venture capital, infrastructure private equity investments and real estate investments in India, last year, was $9.5 billion.
 

Stay invested in Equity for the long term

Posted: 06 Sep 2011 05:55 AM PDT

One of the basic principles of equity investing is to 'stay invested for the long term.' You have probably heard and read that enough in the past. But when stock markets start to slide, like they did last week, one often questions that principle.

Of course, if you are a trader with open positions, you would need to act in such a scenario. But for small retail investors with a long-term horizon, who hold good quality stocks and funds, there is usually little to worry. That's because equities do give the best results in the long-term. In the short term, the prices of equity shares are driven by traders and speculators who are looking at short term gains. They bet on scrips on the basis of tips and information which may or may not happen. However, over a long period of time, the short term volatilities get evened out and the returns reflect growth that is more realistic.

The crucial point here is 'long-term' and let us take this opportunity to explore what 'long-term' really is.

Let us dip into some empirical research. Refer to the table. Column (2) gives you the value of the Sensex as on the date mentioned in column (1). So as of 31 March 1980, the Sensex level was 129. Column (3) tells you the annual return for each year. So if you had invested on 31 March 1980 and had sold your shares on 31 March 1981, you would have made a return of 34.9%. Column (4) tells you the annualized return on your investment, had you stayed invested for a 3 year period. So if you had invested on 31 March 1980 and sold your shares on 31 March 1983, you would have made an annualised return of 18.1% per annum. The same applies in case of columns 5 to 9. So suppose you had invested on 31 March 1980 and stayed invested for 20 years, you would have made 20.09% per annum.

Now let us come down to the last two rows of the table. The probability of loss shows your chances of losing money for each holding period. So if you had stayed invested in the Sensex for any one year during the years 1979 to 2011, you would have lost money in 11 out of the 32 years. If you had stayed invested for any 3 year during that period, you would have lost money 6 out of 30 times.

The average return row shows you the average return for that holding period. So if you had stayed invested for any one year during that period, you would have made an average return of 26.64% per annum. But of course, the average figure is absurd here, because the returns have been negative in many years. Therefore it is important to read the averages along with the probability of loss.

So while your average return would have been 26.64% for any one year holding period, you also stood the chance of losing money 11 out of 32 times.

Now here's the important part: The longer you stayed invested, the lower your average annual return. But the longer you stayed invested, lower the chances of a loss. In fact, if you stayed invested for a 15 or 20 year period, there is a zero possibility of a loss. And that is accompanied by an average return of 16%; still higher than debt instruments and significantly higher than average inflation.

It is safe then to say, that when it comes to equity investing, long-term should be at least 10-15 years. If you have a long way to go (10-15 years) before you need your equity investments, stay put. Don't let the recent bloodbath affect you. If you started investing 7-8 years back and need the money sometime in the near future, start moving your money into debt funds; do it in a phased manner.

Year

Sensex

1-yr

3-yr

5-yr

7-yr

10-yr

15-yr

20-yr

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

1979

100

(%)

(%)

(%)

(%)

(%)

(%)

(%)

1980

129

28.57

 

 

 

 

 

 

1981

173

34.9

 

 

 

 

 

 

1982

218

25.52

29.58

 

 

 

 

 

1983

212

-2.85

18.05

 

 

 

 

 

1984

245

15.99

12.24

19.64

 

 

 

 

1985

354

44.24

17.56

22.43

 

 

 

 

1986

574

62.24

39.45

27.03

28.33

 

 

 

1987

510

-11.1

27.66

18.57

21.76

 

 

 

1988

398

-21.94

4.02

13.48

12.6

 

 

 

1989

714

79.13

7.51

23.79

18.47

21.7

 

 

1990

781

9.45

15.22

17.15

20.5

19.76

 

 

1991

1168

49.54

43.12

15.25

24.96

21

 

 

1992

4285

266.88

81.66

52.97

82.76

34.68

 

 

1993

2281

-46.78

42.88

41.73

21.76

26.82

 

 

1994

3779

65.71

47.85

39.54

33.08

31.43

27.37

 

1995

3261

-13.71

-8.7

33.07

35.02

24.85

24.04

 

1996

3367

3.24

13.85

23.55

24.79

19.33

21.84

 

1997

3361

-0.17

-3.83

-4.74

23.16

20.72

20.00

 

1998

3893

15.82

6.08

11.28

18.75

25.59

21.41

 

1999

3740

-3.92

3.57

-0.21

-1.92

18.01

19.9

19.85

2000

5001

33.73

14.15

8.92

11.86

20.39

19.3

20.09

2001

3604

-27.93

-2.53

1.37

-0.67

11.92

13.02

16.38

2002

3469

-3.76

-2.48

0.64

0.89

-2.09

13.63

14.85

2003

3049

-12.11

-15.21

-4.77

-1.41

2.95

14.53

14.27

2004

5528

81.31

15.32

8.13

7.37

3.88

14.62

16.85

2005

6492

17.44

23.23

5.36

7.58

7.13

15.16

15.66

2006

11279

73.74

54.66

25.63

17.08

12.85

16.32

16.05

2007

13072

15.9

33.23

30.38

14.71

14.58

7.72

17.6

2008

15644

19.68

34.07

38.69

23.33

14.92

13.7

20.14

2009

9700

-37.99

-4.9

11.9

15.82

10

6.45

13.94

2010

17528

80.7

10.27

21.97

28.38

13.36

11.86

16.83

2011

19445

10.94

7.52

11.51

19.68

18.36

12.4

15.1

Probability of loss

11/32

6/30

3/28

3/26

1/23

0/18

0/13

Average return

26.64

18.84

18.37

19.56

17.05

16.29

16.74

NFO Review: Morgan Stanley Liquid Fund

Posted: 06 Sep 2011 05:21 AM PDT

 

Morgan Stanley Mutual Fund has announced the launch of its first liquid fund. It is launching a fund after a gap of more than two years. Prior to this, the fund house had launched two fixed income funds in May 2009.

 

Investment Strategy


The investment objective of the scheme is to provide returns, commensurate with low risk and high liquidity, through a portfolio of money market and short-term debt securities with residual maturities of up to 91 days. Overall, the scheme will invest upto 100% of the net assets in the securities maturing in 91 days.

 

Fund Manager


Mr. Ritesh Jain will be the fund manager. He is a commerce graduate and has done his PGDBA (finance) from K.J. Somaiya Institute of Management Studies and Research, Mumbai. He has over 13 years of experience in investment management. Prior to Morgan Stanley, he worked with Principal Mutual Fund for more than 9 years and headed their fixed income division.
Mr. Ritesh Jain also manages Morgan Stanley Short Term Bond Fund and Morgan Stanley Active Bond Fund.

 

Fund House


Morgan Stanley Mutual Fund launched its first fund in January 1994. This was followed by a long gap of 14 years before they launched their second equity fund in March 2008. Today the fund house manages four funds with Rs 2053 crores of assets under management.

 

Basic Details


NFO Opens: September 6, 2011
NFO Closes: September 7, 2011
NFO Price: Rs.1000
Options: Growth and Dividend Option
Minimum Application Amount: Rs. 5000
Exit Load: Nil
Benchmark: CRISIL Liquid Fund Index
Fund Manager: Mr. Ritesh Jain

 

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Mutual Fund Review: DWS Investment Opportunity

Posted: 06 Sep 2011 05:02 AM PDT

 

This is one is a go- anywhere fund in the true sense of the word.

It has no market capitalization bias and neither does it have any sector or thematic restrictions. The flexibility even extends to its asset allocation. The equity allocation can move between 5 and 100 per cent, with the balance going into money market instruments, cash and debt securities.

 

Despite the positioning as an open-ended dynamic allocation scheme, the reality does not bear this out. The fund's stated objective permits it to actively invest in different assets classes as per the market conditions. Only on three occasions (based on monthly portfolio disclosures) has the equity allocation dipped to below 80 per cent and since launch the equity allocation has averaged around 92.85 per cent.

 

The fund started with a portfolio that had a dominant large-cap tilt. It was only from 2006 onwards that the allocation to smaller stocks began to get more generous. In January 2008, the large-cap allocation of the fund touched a low of 41 per cent but rose to 78 per cent by April 2009. Currently, the fund holds 58 per cent of its assets in large caps. These variations in its market cap holdings saw it fall into different categories. From 'Equity: Large & Mid Cap', it has fit into the 'Equity: Multi Cap' category since 2008.

 

Although not around for a very long time, the fund has seen its share of ups and downs, in terms of performance. Launched in January 2004, after a decent start, DWS Investment Opportunity was the worst performer in 2005 in its category of 'Equity: Large & Mid Cap'. The aggressive bet on Metals was possibly the culprit. That year BSE Metal was the worst performing index.

But the very next year, the fund saw a turnaround in the performance. In 2006 it grabbed the sixth rank among 41 funds and beat the category average by a margin of over 10 per cent.

 

Though performance improved in 2006, it was only when Inamdar took over in June 2007 that it began to impress. A return of 90 per cent that year made it the best performer in its category of 48 funds.

 

Inamdar displayed the ability to successfully chart his own course. The fund was an extremely risky proposition which would attract only the boldest of investors. For instance, in February 2006, the number of stocks was just 17 with the top five holdings accounting for 44.62 per cent. The portfolio was not even laden with large caps but had a 44 per cent tilt towards mid- and small-caps.

 

When Inamdar took over, diversification topped his agenda. From 27 stocks in April 2007, it was increased to 39 stocks within nine months. Despite Real Estate doing pretty well, he refrained from investing in real estate developers and preferred to cast his lot with companies that owned land banks such as JP Associates, Century Textiles and Bombay Dyeing. But when Construction and Real Estate began to zoom, he succumbed to the temptation and bought Marg Ltd, Supreme Infrastructure India Ltd and HCC in December 2007. These picks, along with the Metals and Energy allocation of 12.71 per cent and 16.71 per cent, respectively in December 2007, is probably what contributed to the superb performance (BSE Metals delivered 121.47% and BSE Oil & Gas, 115.25% in 2007). When real estate stocks collapsed early 2008 he exited from the above three stocks.

 

In September 2007 he had stated that the prices of commodities like iron ore, coal and bauxite are faced with limited supply but strong demand in countries like India and China. He believed that natural resources companies looked promising on a demand-supply basis and also felt that valuations at that time were not demanding if seen with this perspective. So he picked up stocks like Sterlite Industries, Tata Steel, Ashapura Minechem and Gujarat NRE Coke, in addition to Kalyani Steels and SAIL which were already in his portfolio. From a 5.13 per cent allocation to metal stocks in October 2007, it went up to 13.41 per cent the very next month. Inamdar's changes showed visible results in terms of performance. In both quarters that year (September and December 2007), the fund beat its peers by impressive margins.

 

Investors began to notice this fund and assets grew from a tiny Rs 9.62 crore (June 2007) to Rs 162.01 crore (September 2008). In fact the fund saw a rise in assets in 2008, despite negative returns, signifying strong inflows. The unit capital of the fund increased by around 14x over this period.


From being a top quartile performer in 2007 (Equity: Large & Mid Cap) it slipped to a second quartile slot in 2008 (Equity: Multi Cap). In the first two quarters that year, the fund held its ground and curtailed its fall to a lower level than the category average. After that it struggled. Come 2009 and the fund found itself at the bottom of the third quartile. In February that year, the equity allocation was 77 per cent. Unexpectedly the market began to rally in March and caught Inamdar on the wrong foot. It was only in May that he managed to get the equity exposure up to 98 per cent.

 

What worked for Inamdar initially was his ability to recognize timely opportunities and capitalize on them. That did not work in 2009 when he missed out on the rally in Autos. Unfortunately, the sector accounted for only 2 per cent of the fund's portfolio and that too only for a few months (BSE Auto delivered over 200%). Instead the fund was heavy in Energy, more specifically Oil & Gas. The exposure to FMCG also did not help too much. For the quarter ended June 2009, BSE FMCG and BSE Oil & Gas were amongst the worst performing sectoral indices. Naturally this got reflected in the fund's performance which delivered 8 per cent below the category average that quarter.


The streak of bad luck did not end there. In 2010, the fund found itself in the fourth quartile.

 

In 2010, between March and May the exposure to Financial Services dropped though it increased after that. But by and large, the fund was underweight on Financial Services as compared to its peers.


Inamdar also increased exposure to small caps; his small-cap exposure average around 20 per cent in 2010.


Unfortunately for him, BSE Small Cap underperformed the Sensex while BSE Bankex was amongst the best performing indices last year.

 

Given that this is an opportunistic fund, one should expect some amount of volatility. However, what's disturbing is the continued sustained underperformance. This year, when the category on an average has lost 7.87 per cent, the fund has lost 11.45 per cent (June 30, 2011).


A reverse of fortune has taken place and outflows have resulted in the unit capital of the fund dropping 45 per cent between March 2009 and March 2011.


While we have not completely written off this fund, we would not recommend fresh investments into it. Those already invested must monitor performance carefully and adopt a wait-and-watch stance.

 

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Tata Gilt Securites Fund

Posted: 06 Sep 2011 03:24 AM PDT

Objective

To generate risk-free return and thus provide medium to long term capital gains and income distribution to its unitholders, while at all times emphasising the importance of capital preservation.

Option Available

Regular Plan
Short Maturity Plan
High Investment Plan
Retirement Planning Series
Under each plan there is Dividend / Bonus and Growth options

Minimum Application Amount

Rs.10,000/- & in multiples of Re.1/- for Regular & Short Maturity Options .
Rs. 50,000/- & in multiples of Re.1/- for High Investment Plan & Retirement Planning Series
 

Theme Based Funds from Birla Sun Life AMC

Posted: 06 Sep 2011 01:36 AM PDT

Birla Sun Life India GenNext Fund

The basic theme of the Birla India GenNext Fund is to target growth of capital by investing in companies that are expected to benefit from the changing consumption patterns in India.

Birla Sun Life India Opportunities Fund

Birla India Opportunities Fund (BIOF) is an open-ended scheme that invests in foreign exchange earning companies. BIOF aims to identify companies that seek to utilize India's low cost and high quality resources to service the needs of global customers.

Birla Sun Life MNC Fund

The fund invests exclusively in securities of multinational companies in order to achieve long-term growth of capital with relatively moderate levels of risk.

Birla Sun Life Basic Industries Fund

Birla Sun Life Basic Industries Fund is an open-ended equity fund investing in basic and core sector industries like Banks, Capital goods and Automobiles.

Birla Sun Life Infrastructure Fund

Birla Infrastructure Fund seeks to provide medium to long-term capital appreciation, by investing predominantly in a diversified portfolio of equity and equity related securities of companies that are participating in the growth and development of Infrastructure in India.
 

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SBI Gold Fund Review

Posted: 05 Sep 2011 11:59 PM PDT

 

Gold prices have shot through the roof. That simply means it is becoming increasingly difficult — for both buyers and investors — to purchase even two grams of gold today. The rising price of the yellow metal has made it beyond the reach of many. But one option still available for investors are the schemes launched by mutual fund houses. SBI MF is the latest fund house to launch a gold fund, called the SBI Gold Fund.

SCHEME DETAILS

The new fund offer (NFO) is open for subscription since August 22 and will close on September 5. The NFO price for the scheme is . 10 per unit. This scheme will invest 95%-100% of assets in units of SBI Gold ETF, with the option to put 5% in the reverse repo/CBLO/short-term fixed deposits and/or schemes investing predominantly in the money market securities or liquid schemes. The minimum application amount is . 5,000 under the lump-sum investment option. There is no entry load. But, you will be subjected to an exit load of 1% if you redeem your investments within a year from the date of allotment.

SIP ADVANTAGE

This fund gives you the option to invest money in small sums though the SIP route. Also gold prices ruling high, SIP is the best way to average out the risk, financial advisors say. Secondly, unlike a gold ETF, you don't need a demat account to buy a gold fund, leave alone the hassle of buying and storing the purest form of physical gold. Gold ETFs invest directly in physical gold, whereas gold funds invest in gold ETFs. The SBI Gold Fund will primarily invest in SBI Gold ETF. Hence, compare the performance of SBI Gold ETF with other gold ETFs before putting your money in this scheme.

UPSIDE

SIP is the best way to invest in gold when the price is at a peak. SBI Gold Fund gives this option.

DOWNSIDE

The underlying asset is not physical gold but SBI Gold ETF. If you have a demat account, it is best to invest in a gold ETF.
 

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Reliance Mutual Fund - Its Schemes

Posted: 05 Sep 2011 11:50 PM PDT

Reliance is one of the biggest Mutual Fund Company with More than 1 lakh crores of Assets under Management. They have launched several equity schemes, which invest most of their funds in equity and equity related instruments. These schemes have generated more consistent returns since inception.

Some of the Top Performing Equity Mutual Funds are:

·                           Reliance Banking Fund – Growth

·                           Reliance Banking Fund – Dividend

·                           Reliance Equity Opportunities Fund – Dividend

·                           Reliance Equity Opportunities Fund – Growth

·                           Reliance Long term Equity Fund – Dividend

·                           Reliance Long Term Equity Fund – Growth

·                           Reliance Media and Entertainment Fund – Dividend

·                           Reliance Media and Entertainment Fund – Growth

·                           Reliance Equity Linked Saving Fund – Series I – Dividend

·                            Reliance Equity Linked Saving Fund – Series I –Growth

Top Performing Balanced Mutual Fund Schemes:

·                           Reliance RSF – Balanced – Dividend

·                           Reliance RSF – Balanced – Growth

Top Performing Debt Mutual Fund Schemes:

·                           Reliance FHF 13- Series 2 – Growth

·                           Reliance FHF 13- Series 4 – Dividend

·                           Reliance FHF 13- Series 4 – Growth

·                           Reliance FHF 13- Series 2 – Dividend

·                           Reliance Dynamic  Bond Fund – Dividend

·                           Reliance Dynamic Bond Fund - Growth

 

 

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Product Review: Moneyback Health ULIP from IndiaFirst Life

Posted: 05 Sep 2011 10:43 PM PDT



IndiaFirst Life has launched the unitlinked Money-back Health Insurance Plan, the second such product in the market after LIC's HealthPlus. It is an indemnity-based plan — the insurer will reimburse the expenses incurred on hospitalisation, subject to the sublimits and other conditions. You can choose between five fund options.

FEATURES:

It is available as individual and family floater plans. The floater plan covers the policyholder, spouse, two children and two parents. The policyholder will be the 'primary life assured', and others will be referred to as 'other life assured'. Upon the death of the 'primary life assured', the benefits are paid out and the policy ceases to exist. The policyholder can nominate a beneficiary to receive the sum assured in case of his/her death. The maximum entry age is 60 years and a policyholder cannot be over 70 at the end of the tenure. The maximum ages of parents at inception and maturity should be 65 years and 75 years, respectively. Children are covered till they turn 25.

SUM ASSURED:

The minimum cover offered is . 1.5 lakh, and . 5 lakh is the upper limit. Under the floater option, the maximum sum assured is . 10 lakh.

TERMS OF COVERAGE:

The maximum cover is restricted to five times the annual sum assured. There are sub-limits for doctor's fee, room rent, ICU charges, etc. On maturity, you will get the fund value, either as lump sum or in instalments, as per your choice.

PREMIUM AND PAYMENT TERMS:

You can either choose the single-premium –with a tenure of five years – or the regular premium option, with a 10-year term. The premium will be reviewed annually. Till the age of 45, the minimum premium under the regular mode is . 10,000, while it is . 30,000 for single premium mode. If you are over 46, the minimum premium will be . 14,200 in the regular mode and . 37,500 in the single premium mode.

CHARGES:

Premium allocation charges are 13% in the first year and 2% in the subsequent years under the regular premium mode.

UPSIDE:

Those unwilling to treat their yearly health premium solely as expense and prefer to create a fund instead may find the plan appealing.

DOWNSIDE:

The plan is costlier than pure health policies, due to Ulip charges. Also, the policy gets terminated upon the life assured's death, leaving the dependents unprotected.

 

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Mutual Fund Review: UTI Variable Investment Scheme

Posted: 05 Sep 2011 09:18 PM PDT

 

Type Of Scheme
Open Ended Liquid Fund

Date Of Inception
07/11/2002

Scheme Objective
UTI VIS-ILP is an open ended scheme with the objective of providing the investors with a product that would enable them to diversify their risks through a suitable allocation between debt and equity asset classes and thereby generate superior risk-adjusted returns through a dynamic asset allocation process.

Asset Allocation
At most 80% in equity and not less than 20% in Debt.

Face Value
Rs.10/-

Min Investment Amt
Rs. 5,000/-

Entry Load
Entry Load 1.5% For Rs.< 2 Crores; Nil For > = Rs.2 Crores
 

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