Thursday, February 6, 2014

Prajna Capital

Prajna Capital

REITs Vs Real Estate Funds

Posted: 06 Feb 2014 04:10 AM PST

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SEBI is introducing a new financial product in the market called REITs (Real Estate Investment Trusts). What are REITs? How are they different from the plethora of real estate funds out in the market which have raised vast amounts of money from Indian HNIs? What are the key benefits of REITs? For what kind of investors do REITs offer interesting solutions? Read on as we try to get you answers to all of these questions.

What are REITs?

REITs - Real Estate Investment Trusts - have been in the news lately ever since SEBI issued guidelines for REITs to come in to existence within the regulatory framework. Investors, both wholesale and retail, now will have another avenue to invest in the real estate sector through a regulated fund route.

REITs will help investors channelise their investments into India's realty sector through a regulated mechanism. As the investment in REITs is asset-backed, it is helpful for investors to invest in real estate without the hassle of going through the checks on property titles and the plethora of regulatory formalities.

The web definition of REITs says, "REITs is an investment trust that owns and manages a pool of commercial properties and mortgages and other real estate assets; shares can be bought and sold in the stock market."

Investopedia defines REITs as a security that sells like a stock on the major exchanges and invests in real estate directly, either through properties or mortgages. REITs typically offer investors high yields, as well as a highly liquid method of investing in real estate."

Types of REITS

There are internationally three types of REITS. In India however, a beginning is made with the third type, the hybrid one.

Equity REITs: Equity REITs invest in and own properties (thus responsible for the equity or value of their real estate assets). Their revenues come principally from their properties' rents.

Mortgage REITs: Mortgage REITs deal in investment and ownership of property mortgages. These REITs loan money for mortgages to owners of real estate, or purchase existing mortgages or mortgage-backed securities. Their revenues are generated primarily by the interest that they earn on the mortgage loans.

Hybrid REITs: Hybrid REITs combine the investment strategies of equity REITs and mortgage REITs by investing in both properties and mortgages. REITS in India will be predominantly of the Hybrid type.

Individuals can invest in REITs by purchasing their shares directly on an open exchange. An additional benefit to investing in REITs is the fact that many are accompanied by dividend reinvestment plans (DRIPs). These are equivalent to Growth plans in Equity and other mutual Funds. Besides, REITs invest in shopping malls, office buildings, apartments, warehouses and hotels. There are specific segment or location wise investments too. Some REITs will invest specifically in one area of real estate - shopping malls, for example - or in one specific region, state or country. Investing in REITs is a liquid, dividend-paying means of participating in the real estate market.

I - REITs or REITs in India

On October 10, 2013, SEBI announced the draft consultation paper on Real Estate Investment Trust (REIT) Regulations, 2013. However, earlier in 2008, SEBI had issued certain draft regulations for introducing REITs. I-REITs (REITs in India) would issue securities, which would be listed on stock exchanges and REITs will invest in completed rent generating properties in India (to comprise minimum 90% of net asset value) and mortgage backed securities. Initially I-REITs are planned to be available only to high net worth individuals and institutions to develop the market. Gradually, the doors will be opened to retail investors.

The earlier attempts to introduce REITs in India did not succeed, mainly due to global slowdown and resultant impact on the property markets in India. Also, the proposed REITs then were not permitted to invest in mortgage backed securities, which resulted in to shrinkage of real estate market opportunities.

Structure of I-REITS

Where will REITs invest?

The guidelines from SEBI are clear as regards to where REITS will invest. SEBI has mandated that at least 90% of the value of the REIT assets shall be in completed revenue generating properties. In order to provide flexibility, it has been allowed to invest the remaining 10% in other assets as specified in the proposed regulations, e.g. developmental properties, listed or unlisted debt of companies, mortgage backed securities, equity shares of companies deriving not less than 75% revenue from real estate activities, government securities, money market or cash.

What are the benefits and risks of REITs?

REITs will offer investors another option or avenue to include real estate in their investment portfolio. Further, well managed REITs may offer higher dividend yields which may be higher compared to other investments. As we know, rental yields on long term commercial office space and retail space tend to be much higher than rental yields on residential property, higher than dividend yields on stocks and are often in the range of returns that bank deposits offer. An investor in a REIT can thus look forward to reasonably high annual dividends as well as some appreciation in the long term from appreciation in the capital value of the properties owned by the REIT.

There are several risks in non-traded REITs including illiquidity and non-transparency - which is perhaps why SEBI has not permitted non-traded REITs to be introduced in India.

REITs in the World

In the United States REITs were created when President Dwight D. Eisenhower signed into law the REIT Act title contained in the Cigar Excise Tax Extension of 1960. The objectives of creating REITs were similar that is to give all types of investors the opportunity to invest in large-scale, diversified portfolios of income-producing real estate in the same way they normally invest in other types of assets, through the purchase and sale of liquid securities.

Since then, several (more than 20) countries around the globe have established REIT regimes, with more countries following in to the footsteps. The spread of the REIT approach to real estate investment around the world has also increased awareness and acceptance of investing in global real estate securities which has given more and more options to investors.

A comprehensive index for the REIT and global listed property market is the FTSE EPRA/NAREIT Global Real Estate Index Series, which was created jointly in October 2001 by the index provider FTSE Group, the National Association of Real Estate Investment Trusts (NAREIT) and the European Public Real Estate Association (EPRA).

In Singapore, commonly referred to as S-REITs, there are 26 REITs listed on the Singapore Exchange, with the latest REIT, Soil build Business Space REIT, listed on 16 August 2013. The first one to be set up being Capita Mall Trust in July 2002. They represent a range of property sectors including retail, office, industrial, hospitality and residential. S-REITs hold in addition to local properties, a variety of properties in countries including Japan, China, Indonesia and Hong Kong.

Other Real Estate Investment Funds

It is now a well known fact that in the last decade not only in India, but worldwide, there has been tremendous expansion in real estate, both in terms of residential properties as well as commercial real estate. The trend continues, despite the global slowdown, though with the similar expansion rate. The considerable funds which are entering the real estate market have opened investment opportunities for all and sundry giving further boost to this sector. The result has been that a slew of real estate funds have been promoted by both foreign and Indian financial institutions which are now competing to invest in the higher return real estate segment. Several financial services organisations - including HDFC, Birla Sun Life, Kotak, ICICI Prudential, ASK, Piramal Group, Milestone etc have raised funds from Indian HNIs for their real estate funds. These are not REITs, but are either funds introduced through the PMS route or the Venture Capital route or the PE route. Many of these structures came into existence before the AIF (Alternate Investment Fund) guidelines were implemented by SEBI.

How are REITs different from other real estate funds?

Investors always have the option of buying houses and commercial property directly, without going through the fund route. This continues to be the preferred mode of investing in this sector. However, benefits of diversification are not available. Paperwork is cumbersome and risks associated with title etc are borne by the buyer. Ticker sizes of investments are soaring with ever increasing real estate prices.

Most of the existing set of real estate funds in India focus on capital appreciation as the desired outcome rather than high annual yields as the desired objective. With this in mind, they typically enter into residential or commercial properties at an early stage of development - effectively becoming financiers to builders and get either their returns from an upside on the final sale of the finished properties or a high coupon from the builder or most often, a combination of both. These deals typically are in the nature of a minimum guaranteed return plus some upside, if any, on successful sale of the property. These are typically structured as PE funds are : which means a 6-7 year investment period, with investment amounts being collected in tranches over the first 3 years, and exits being effected in years 4-7. There is little or no liquidity available in the intervening period. Investors cannot normally expect annual dividends, as the objective is to get an upside by partnering with a builder / developer.

One way of looking at the difference between a REIT and a real estate PE / PMS fund is that it is somewhat akin to the difference between a dividend yield equity fund and a closed ended mid and small cap fund. This is not technically a precise comparison, but perhaps useful in getting the context of the difference between the two.

Another important difference is access. Existing funds through the AIF route and PMS route have a minimum investment threshold of Rs. 25 lakhs - which make them clearly HNI oriented products, with limited liquidity. On the other hand, REITs will be available for investments from Rs. 2 lakhs and upwards. Many more investors who cannot otherwise think of capitalising on high commercial space rental yields, can now do so through a professionally managed REIT.

REITs are packaged with the benefits of listing, regular and stable source of income for investors, diversification of assets, small initial investment requirement (initially SEBI has proposed a minimum investment of Rs.2,00,000), professionally managed, no project execution risk (as fully completed properties are to be included in the portfolio -90% of net asset value). However, non payment of rent risk and market price volatility risk remains.

As with all market related investments options, there are always certain risks to be factored into. Some investments have more some less. REITS falls in to the low risk and moderate return type of investment. As REITs get launched and market participants see them delivering results, they could become a very useful asset class for investors wanting stable income with some capital appreciation prospects in the long run. Over time, advisors may start looking at adding REITs as retirement income solutions.

 

 

For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call

 

 

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Best Performing Mutual Funds

    1. Largecap Funds             Invest Online
      1. DSP BlackRock Top 100 Fund
      2. ICICI Prudential Focused Blue Chip Fund
      3. Franklin India Bluechip
      4. ICICI Prudential Top 100 Fund

B. Large and Midcap Funds         Invest Online

      1. ICICI Prudential Dynamic Plan
      2. HDFC Top 200 Fund
      3. UTI Dividend Yield Fund
      4. Birla Sun Life Front Line Equity Fund
      5. Franklin India Prima

C. Mid and SmallCap Funds          Invest Online

      1. Reliance Equity Opportunities Fund
      2. DSP BlackRock Small & Midcap Fund
      3. Sundaram Select Midcap
      4. IDFC Premier Equity Fund
      5. Birla Sun Life Dividend Yield Plus
      6. SBI Emerging Businesses Fund
      7. HDFC Mid-Cap Opportunities Fund
      8. ICICI Prudential Discovery Fund

D. Small and MicroCap Funds   Invest Online

      1. DSP BlackRock MicroCap Fund

2.       Franklin India Smaller Companies

E. Sector Funds          Invest Online

      1. Reliance Banking Fund
      2. Reliance Banking Fund
      3. ICICI Prudential Banking and Financial Services Fund

F. Tax Saver Mutual Funds      Invest Online

1. ICICI Prudential Tax Plan

2. HDFC Taxsaver

      1. DSP BlackRock Tax Saver Fund
      2. Reliance Tax Saver (ELSS) Fund

G. Gold Mutual Funds        Invest Online

      1. Relaince Gold Savings Fund
      2. ICICI Prudential Regular Gold Savings Fund
      3. HDFC Gold Fund
      4. Birla Sun Life Gold

H. International funds         Invest Online

1. Birla Sun Life International Equity Plan A

2. DSP BlackRock US Flexible Equity

3. FT India Feeder Franklin US Opportunities

4. ICICI Prudential US Bluechip Equity

5. Motilal Oswal MOSt Shares NASDAQ-100 ETF



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Bond Funds - Rolling down the yield curve

Posted: 06 Feb 2014 03:16 AM PST

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We have discussed the concepts related to the yield curve in the Jargon Buster on yield curves. Yield curve represents the yield spreads that arise due to the differing maturities of fixed income instruments. It depicts the relationship between the fixed income instrument interest rates and maturities. Yield curve helps a fund manager to forecast the interest rate movements and the economic activity and accordingly invest in fixed income instruments. However, there is another phenomenon called 'Rolling down the yield curve' which can be capitalized on by the fund managers to earn an incremental return from the same fixed income instruments.

Rolling down the yield curve is essentially an active fund management strategy employed by various fund managers to give that extra boost to the returns generated by the vanilla fixed income instruments.

There is no rocket science involved but it does take the time and efforts of a fund manager to ensure that the rollover yield generated is worth the shot at this strategy. In a fixed-income portfolio which is employing the "rolling down the yield curve" strategy, reading the yield curve is one of the most crucial determinants of the performance of the fund. Basically, changes in the yield curve will have an effect on the fixed income portfolio returns.

The yield curve changes are typically expressed in terms of "shifts", "twists" and "butterflies". Shifts in the yield curve refer to parallel shifts either upwards or downwards. Twists in the yield curve relates to whether the yield curve has steepened or flattened. Butterfly can be negative or positive depending on the curvature of the shift.

Now we come back to the core area of discussion on how to roll down the yield curve. Rolling down the yield curve takes advantage of the yield curve when it is at its highest point. A fund manager will buy a bond when it is at the highest point of the steepening yield curve and continue to hold it until its yield curve reaches a lower yield yielding point. And at this point the fund manager shifts to another bond where the yield curve of that bond is at one of the highest points when that yield curve is steepening, and so on and so forth. This is known as"rolling down the yield curve".

Still sounds confusing? Let us understand the phenomenon of rolling down the yield curve with an example. Suppose the annualized yields of 2 and 4 year G-Secs are 7 and 8 % respectively. The par value of both G-Secs is 100. We assume these figures for simplicity. If an investor buys a 4 year G-sec, he will receive the par value of 100 on maturity and the annualized coupons at 8%. Now let us assume that the yield curve does not change for the next two years. After holding the G-sec for 2 years, the instrument has two years to maturity and is as good as a 2 year g-sec with a coupon of 8%, but now trading at a yield of 7% - which is the yield at which 2 year G-secs are currently trading. If the investor sells this G-sec now, he will receive a price appreciation on his instrument (as it is trading at a yield of 7%) and two year annualized coupons at 8%. The investor can now again reinvest the proceeds in a four year G-sec to get a coupon of 8% and repeat the same process to earn price appreciation as well as the annualized coupons. Thus, in such a case, the investor earns returns much higher than he would have earned had he held the treasury to maturity to collect proceeds at maturity of 100 and coupons at 8%.

Active fund managers can use this strategy to add value to their client's portfolio's and earn them extra returns by way of capital appreciation. However, this would be feasible only when the yield curve is normal or upward sloping. The bond is sold before maturity when it is valued at lower yields and hence higher prices. This enables the fund manager to capture both the increase in price of bond which is currently trading at a lower yield and which was bought when it was trading at a higher yield with high coupons.

As explained, the obvious advantage in this strategy is that the fund manager or investor enjoys holding the bond when it is giving the best return in its yield curve.

This strategy can be enhanced if it is done with relatively shorter term bonds. This is due to the inverse relation between duration (interest rate risk) and the number of years to maturity. If we use short term bonds, the maturity will be less and so the risk due to changes in the interest rates. So even if the interest rates move up, the decline in the price will be less pronounced than that of the longer term bond.

 

 

For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call

 

 

Leave a missed Call on 94 8300 8300

 

Leave your comment with mail ID and we will answer them

OR

You can write back to us at

PrajnaCapital [at] Gmail [dot] Com

 

---------------------------------------------

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---------------------------------------------

 

Best Performing Mutual Funds

    1. Largecap Funds             Invest Online
      1. DSP BlackRock Top 100 Fund
      2. ICICI Prudential Focused Blue Chip Fund
      3. Franklin India Bluechip
      4. ICICI Prudential Top 100 Fund

B. Large and Midcap Funds         Invest Online

      1. ICICI Prudential Dynamic Plan
      2. HDFC Top 200 Fund
      3. UTI Dividend Yield Fund
      4. Birla Sun Life Front Line Equity Fund
      5. Franklin India Prima

C. Mid and SmallCap Funds          Invest Online

      1. Reliance Equity Opportunities Fund
      2. DSP BlackRock Small & Midcap Fund
      3. Sundaram Select Midcap
      4. IDFC Premier Equity Fund
      5. Birla Sun Life Dividend Yield Plus
      6. SBI Emerging Businesses Fund
      7. HDFC Mid-Cap Opportunities Fund
      8. ICICI Prudential Discovery Fund

D. Small and MicroCap Funds   Invest Online

      1. DSP BlackRock MicroCap Fund

2.       Franklin India Smaller Companies

E. Sector Funds          Invest Online

      1. Reliance Banking Fund
      2. Reliance Banking Fund
      3. ICICI Prudential Banking and Financial Services Fund

F. Tax Saver Mutual Funds      Invest Online

1. ICICI Prudential Tax Plan

2. HDFC Taxsaver

      1. DSP BlackRock Tax Saver Fund
      2. Reliance Tax Saver (ELSS) Fund

G. Gold Mutual Funds        Invest Online

      1. Relaince Gold Savings Fund
      2. ICICI Prudential Regular Gold Savings Fund
      3. HDFC Gold Fund
      4. Birla Sun Life Gold

H. International funds         Invest Online

1. Birla Sun Life International Equity Plan A

2. DSP BlackRock US Flexible Equity

3. FT India Feeder Franklin US Opportunities

4. ICICI Prudential US Bluechip Equity

5. Motilal Oswal MOSt Shares NASDAQ-100 ETF



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Bottom up portfolio strategies

Posted: 06 Feb 2014 02:00 AM PST

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What is bottom up investing?

Active management of equity portfolios means looking at investment alternatives on the basis of their merits rather than their weightage in an index. A passive strategy, by contrast, is one where you don't look at individual merits of stocks and sectors, but merely replicate in your portfolio the index that you are supposed to track. There are several ways in which you can actively construct and manage equity portfolios. In the last article, we discussed 4 top down strategies; in this article we will discuss the opposite - bottom up strategies.

Bottom up means that you construct your portfolio without any preconceived ideas on sectors or themes that you would like to have in your portfolio. Each stock is considered purely in its own merits and a collection of stocks which the portfolio manager has the highest conviction in, are then put together as the short list for the portfolio. From a risk management point of view, the portfolio manager may have to abide by certain stipulations on maximum sector exposure or maximum permissible deviation from benchmark weights for each sector etc. The portfolio manager's convictions on individual stocks together with sector caps and other risk measures will then decide the individual weights of each stock and the portfolio is thus cast.

Within this generic description of bottom up equity investing, there are many variants - and these are based on how the portfolio manager comes to his decisions on stocks which he is most convinced about. The portfolio manager could look at fundamentals of the underlying businesses to make his stock selections or he could look at the technical patterns of share price movements to short list stocks. Lets look, in this article, at the popular variants of fundamentals based bottom up stock picking. There are several ways in which the fundamentals of companies can be evaluated - and depending on which way you want to look at the fundamentals, you will come up with a different set of stocks that you might short-list for further study and selection.

Growth vs Value style

A growth investor looks for high growth companies and buys them when he believes that the future growth potential of the company is not adequately discounted or priced by the market. A value investor on the other hand looks to buy stocks which are in his opinion quoting at less than their current intrinsic value - ie, where he has a margin of safety today, when he is buying the stock, rather than buying into growth prospects which may or may not materialise in the future.

Lets take an example. With the change in TV broadcasting rules in the country, set top boxes are becoming mandatory in all cities, which means that revenue leakage caused by unorganised cable operators will perhaps become history and consumers will now start paying a price based on the channel options they choose. This changes the revenue dynamics of the broadcasting business significantly, and can lead to huge revenue growth in the years ahead for the better companies in this business. This is typically the turf of a growth investor. He would be less concerned with the current earnings of the businesses he analyses, he would be less concerned with the current intrinsic worth of the businesses, but he would put a lot more emphasis on future revenue prospects of these businesses and evaluate which ones, in his opinion, are not adequately priced into the stocks already, and therefore hold promising appreciation prospects.

A value investor on the other hand may not see any margin of safety in such media companies as the current intrinsic worth of these companies may be far less than the market price, as the market price is already discounting future earnings potential. On the other hand, he may be more interested in say a shipping company whose stock price has fallen so badly as a result of depressed freight rates in a sluggish economy, that the value of the company has now fallen below the value of its fleet of super tankers. When he buys a shipping company stock at lower than the current value of its assets, he is effectively getting a significant margin of safety, as a running established business is available at less than the cost of its assets. Now, the shipping industry may never see heady rates of growth like say the media sector may see over the next 5 years as a consequence of a change in broadcasting regulations - but, the value investor is nevertheless interested as he is able to lock in value in present terms itself, rather than hoping that value will eventually come in when the growth he is projecting for a company's earnings finally materialise a few years down the road.

Both approaches are quite different, and many consider them to be opposites. Both however rely on fundamentals based bottom up stock picking - its just that the perspective is completely different. Generally speaking, one would be able to find many more value investing opportunities during a down phase of an economic cycle, as it is often in this phase that stocks get beaten down to value and deep value levels. It would be a lot more difficult to find value opportunities in a rapidly growing economy with a buoyant stock market - that would normally be when growth investors may get a lot more active.

Dividend Yield

The main parameter in this style of bottom up stock picking is to see whether the current price of the stock offers an attractive yield in terms of the annual dividends that the company usually pays out. As we all know, the two main streams of income for an equity investor are dividends from the profits of the company and appreciation in price due to earnings growth over the years. A dividend yield investor would argue that if he is able to find stocks which have a consistent track record of paying healthy annual dividends, and say the share price effectively means that he would get a dividend yield of say 6%, he is anyway getting a reasonable annual income from the stock. He can then be able to ride through the ups and downs of the market with a lot more confidence, with the knowledge that there is a reasonable income stream anyway coming to him. Over time, he will naturally be able to enjoy share price appreciation as well, so long as the company's earnings grow steadily, as market cycles always go through their waxing and waning phases. For a long term investor, a dividend yield strategy can make a lot of sense because if he identifies a company with a healthy current dividend yield and reasonable earnings growth prospects, over time, the dividend payouts will also expand with earnings expansion, and as a result, the effective dividend yield on his original purchase price can go up sizeably.

Special Situations

This is a niched strategy, where the portfolio manager looks for "out of the ordinary" circumstances in a stock that result in mispricing of a stock in the market. Mispricing could either throw up a value investing opportunity or an undiscovered growth opportunity. Going back to our broadcasting example, when the new regulations were announced, it threw up a special situations investing opportunity in that sector as it opened up a completely new growth stream for those businesses. This is not a regular growth opportunity - but one that comes once in a while. Likewise, if and when oil marketing companies businesses are finally completely deregulated, this would be a special situation for that sector. If a company that is sitting on a vast piece of real estate which appreciates due to development in the vicinity, that too creates a special situation, if the commercially exploitable value of the land is not priced into its stock price. If a merger or acquisition is in the pipeline impacting two companies, it can create a special situation for one or both the companies, depending on where value is likely to be better unlocked. If a stock nosedives very sharply due to adverse newsflow about its business, that too could be a special situation, if a portfolio manager believes that the stock's movement was grossly more than justified. In short, any "out-of-the-ordinary" circumstance that occurs either in the business of a company or in its stock price, is a potential special situation that a portfolio manager can hope to capitalise on.

Contra

We are often told that real money is made in stocks only when you think differently from the herd. A contra manager embraces exactly this line of thinking. His job is to see where the consensus opinion is and see whether there is value in thinking against the consensus. For example, when telecom and airlines stocks were in the bad books of most fund managers as the near term outlook was bleak, some contrarian fund managers decided to invest in these "out-of-favour" themes, with a view that they will bounce back sooner or later as their base businesses were sound and enjoyed strong consumer demand.

Market neutral long-short

This is a kind of bottom up fundamentals based hedging strategy, which has been discussed in some detail in a previous Jargon Buster article 

To conclude

As can be seen, each of the six styles is unique in its own way, but the common thread is a ground-up or bottom-up view of identifying opportunities at an individual stock level rather than take a top-down view on the economy or on sectors. Each style has its own lens, its own prism through which stocks are viewed and short-listed for further study and then for investment. Each has its own merits, and each has its fan following from the fund manager community. There is no right or wrong style - however, each style does have its time in the sun - its favourable phase where it outshines the others. The key to achieving results from each style is to stay true to the style and have conviction in it - through all market phases.

 

 

 

For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call

 

 

Leave a missed Call on 94 8300 8300

 

Leave your comment with mail ID and we will answer them

OR

You can write back to us at

PrajnaCapital [at] Gmail [dot] Com

 

---------------------------------------------

Invest Mutual Funds Online

Invest Any Mutual Fund Online

 

Download Mutual Fund Application Forms from all AMCs

Download Mutual Any Fund Application Forms

---------------------------------------------

 

Best Performing Mutual Funds

    1. Largecap Funds             Invest Online
      1. DSP BlackRock Top 100 Fund
      2. ICICI Prudential Focused Blue Chip Fund
      3. Franklin India Bluechip
      4. ICICI Prudential Top 100 Fund

B. Large and Midcap Funds         Invest Online

      1. ICICI Prudential Dynamic Plan
      2. HDFC Top 200 Fund
      3. UTI Dividend Yield Fund
      4. Birla Sun Life Front Line Equity Fund
      5. Franklin India Prima

C. Mid and SmallCap Funds          Invest Online

      1. Reliance Equity Opportunities Fund
      2. DSP BlackRock Small & Midcap Fund
      3. Sundaram Select Midcap
      4. IDFC Premier Equity Fund
      5. Birla Sun Life Dividend Yield Plus
      6. SBI Emerging Businesses Fund
      7. HDFC Mid-Cap Opportunities Fund
      8. ICICI Prudential Discovery Fund

D. Small and MicroCap Funds   Invest Online

      1. DSP BlackRock MicroCap Fund

2.       Franklin India Smaller Companies

E. Sector Funds          Invest Online

      1. Reliance Banking Fund
      2. Reliance Banking Fund
      3. ICICI Prudential Banking and Financial Services Fund

F. Tax Saver Mutual Funds      Invest Online

1. ICICI Prudential Tax Plan

2. HDFC Taxsaver

      1. DSP BlackRock Tax Saver Fund
      2. Reliance Tax Saver (ELSS) Fund

G. Gold Mutual Funds        Invest Online

      1. Relaince Gold Savings Fund
      2. ICICI Prudential Regular Gold Savings Fund
      3. HDFC Gold Fund
      4. Birla Sun Life Gold

H. International funds         Invest Online

1. Birla Sun Life International Equity Plan A

2. DSP BlackRock US Flexible Equity

3. FT India Feeder Franklin US Opportunities

4. ICICI Prudential US Bluechip Equity

5. Motilal Oswal MOSt Shares NASDAQ-100 ETF



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