Prajna Capital

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• Mutual Fund Review: Birla Sunlife 95
• Mutual Fund Review: HDFC Children´s Gift Fund - Savings Plan
• Changes in public provident fund (PPF)
• Tata Service Industry Fund and Tata Mid Cap Fund and Tata Contra Fund
• DSP BlackRock Mutual Fund Launches FMP Series 13 - 3M
• Tata Select Equity Fund
• Mutual Funds: What Are Contra Funds?
• Limited pay Insurance plans: Pay Limited Premium, Get Maximum Benefits
• Education loan for higher studies
• Mutual Fund Review: HDFC Index Fund - Nifty Plan
• Insurance Sum Assured: Do you understand how much you need?

Mutual Fund Review: Birla Sunlife 95 Posted: 21 Sep 2011 07:31 AM PDT   One of the oldest in its category, it has underperformed the average just thrice in 15 years. Naturally over the long term it translates into a very competitive track record. Over the past 15 years ended May 31, 2011, the fund has delivered an annualized return of 26 per cent. Ironically, most equity funds have failed to deliver such a performance. Out of the total 26 open-end equity funds that have been around for 15 years, only three have outperformed this fund.   The fund has been flexible in investing across market capitalizations. Right up to 2002 it was biased towards large caps. Exposure to mid caps began from the rally in 2003 and by October 2007 the large-cap exposure of the fund dropped to as low as 30 per cent. It was moved up to around half of the fund's portfolio in 2008 but when the market started to rise in 2009, the fund lowered its large-cap exposure again. It is only recently that the fund has moved up its exposure to large caps to 63 per cent (April 2011) from around 40 per cent in September 2010.   The fund has been quick in changing its composition. Its equity allocation has moved between 55 per cent (December 2008) to touch 75 per cent by May 2009 as the market picked up. Over the past one year it has averaged around 67 per cent. The asset allocation decision is dynamic and varies based on the fund managers' view on each asset class. We use indicators like bond yield vs dividend yield, view on inflation, interest rates and other relevant indicators including risk return trade off to decide on asset allocation.   The portfolio of the fund looks much more diversified after Nishit Dholakia and Satyabrata Mohanty took over in June 2009. The number of stocks have increased substantially while allocation to the top five holdings has become more subdued. Currently the fund holds 54 stocks and the allocation to top five is 14 per cent (second lowest in the category). They also did a lot of reshuffling on the sector allocations.   On the debt side, unlike most of its peers, the portfolio is managed much more actively. The fund has largely preferred bonds and debentures and has not hesitated in taking higher maturity bets. For instance, in the last quarter of 2008 when the yields started going down, the average maturity of the fund's portfolio went up to 10.31 years (December 2008). That quarter, the fund lost just 8.29 per cent (category average: -15.78%). It invests intermittently in GOI securities and in CDs and debentures     -----------------------------------------------------------------   Also, know how to buy mutual funds online:   Invest in DSP BlackRock Mutual Funds Online   Invest in Reliance Mutual Funds Online   Invest in HDFC Mutual Funds Online   Invest in Sundaram Mutual Funds Online   Invest in Birla Sunlife Mutual Funds Online   Invest in IDFC Mutual Funds Online   Invest in UTI Mutual Funds Online    Invest in SBI Mutual Funds Online   Invest in L&T Mutual Funds Online   Invest in Edelweiss Mutual Funds Online

Mutual Fund Review: HDFC Children´s Gift Fund - Savings Plan Posted: 21 Sep 2011 03:32 AM PDT Objective To generate long term capital appreciation Option/Plan Growth Plan. (Equity Oriented) Entry Load (as a % of the Applicable NAV) Application routed through any distributor/agent/broker : 1.25% Application not routed through any distributor/agent/broker : Nil No Entry Load shall be levied on bonus units and units allotted on dividend reinvestment. Exit Load (as a % of the Applicable NAV) For Units subject to Lock-in Period: NIL For Units not subject to Lock-in Period : 3% if the Units are redeemed / switched-out within one year from the date of allotment, 2% if the Units are redeemed / switched-out between the first and second year of the date of allotment, 1% if Units are redeemed /switched-out between the second and third year of the date of allotment, Nil if the Units are redeemed / switched -out after third year from the date of allotment. Minimum Application Amount For new investors :Rs.5000 and any amount thereafter. -----------------------------------------------------------------   Also, know how to buy mutual funds online:   Invest in DSP BlackRock Mutual Funds Online   Invest in Reliance Mutual Funds Online   Invest in HDFC Mutual Funds Online   Invest in Sundaram Mutual Funds Online   Invest in Birla Sunlife Mutual Funds Online   Invest in IDFC Mutual Funds Online   Invest in UTI Mutual Funds Online    Invest in SBI Mutual Funds Online   Invest in L&T Mutual Funds Online   Invest in Edelweiss Mutual Funds Online   For existing investors : Rs. 1000 and any amount thereafter.

Changes in public provident fund (PPF) Posted: 21 Sep 2011 01:58 AM PDT   THE public provident fund (PPF) is a good option that investors can choose when they want to plan for their retirement because this is a long term route that will help them manage their investments. There are a couple of developments related to the PPF that could affect investors in the coming time period and hence they need to be ready to take advantage of the situation if the proposed changes are actually implemented. Here are a few things that they need to look at in the near future. Nature: The PPF is a debt investment which pays an interest every year at the specified rate. This rate has been 8 per cent for the last several years and while the rate is known at the time of making the investment there is a small difference visible here. Unlike other fixed income investments where the applicable rate at the time of investment continues for the entire duration of the investment this rate is not locked in for the investor and so any future change in the rate will be applicable to the entire investment. A sudden change can make the existing planning irrelevant so any change in the rate has to be tracked closely. The rate of return on the investment is tax free in the hands of the investor and hence this provides a healthy post tax return for them. At the same time the amount that is invested in the area will be eligible for deduction under Section 80C of the Income Tax Act. Investment amount: There is currently a problem for investors who use the PPF for tax saving investments because it leaves them short on the route to completing their total requirements. There is a total deduction of Rs 1,00,000 available under Section 80C so an investor who wants to take the full benefit of this can invest the required sum into various eligible areas and complete the process. If they use the PPF route then they will come up short because the maximum amount permissible for investment under this route is Rs 70,000. This means there is an additional amount of Rs 30,000 that will have to be completed by the investor by using some other route. Now there is a proposal to raise the maximum amount that can be invested in the PPF to Rs 1,00,000 from the Rs 70,000 currently. This is just a proposal and if this is implemented then it will be beneficial for the investors who want to complete their tax saving investments at a single place because they can do so with the PPF itself. Apart from this, the real benefit of the PPF account is visible over the long run as the benefit of compounding takes hold and hence the larger contribution will lead to the possibility of a large accumulation in PPF account. Rate of return: The other thing is that the rate of re turn is fixed by the government and this rate is the one that is applicable for the investors when they put their money in the scheme. This has not been revised since quite some time with the end result that it has remained at 8 per cent. During this interim time period the rates in the economy have gone up and down but the rate for the PPF has not changed. There is another proposal to link the rate to the average rate of debt instruments in the market and this will mean that there will be a regular change in the interest rate that will be witnessed by investors. There will also be a downside to this as the investors will also have to be ready to face lower rates when the rates fall in the economy. The last working for the rates will get the rate here to 8.2 per cent which is higher than what is currently available for the investors. This will also impact the various calculations in terms of the amount that can be earned by the investor when they are using the route.

Tata Service Industry Fund and Tata Mid Cap Fund and Tata Contra Fund Posted: 20 Sep 2011 10:15 PM PDT Tata Service Industry Fund   Objective To provide income distribution and / or medium to long term capital gains by investing predominantly in equity / equity related instrument of companies in the service sector Tata Mid Cap Fund   Objective To provide income distribution and / or medium to long term capital gains by investing predominantly in equity / equity related instrument of mid cap companies.   Tata Contra Fund   Objective To provide income distribution and/or medium tolong term capital gains while at all times emphasizing the importance of capital appreciation. However there is no assurance that the investment objective of the scheme will be achieved.Contrarian investing refers to buying into fundamentally sound scripts that have been overlooked by the market (for reasons of short term trend) and waiting for the market to give these stocks their real value in course of time. -----------------------------------------------------------------   Also, know how to buy mutual funds online:   Invest in DSP BlackRock Mutual Funds Online   Invest in Reliance Mutual Funds Online   Invest in HDFC Mutual Funds Online   Invest in Sundaram Mutual Funds Online   Invest in Birla Sunlife Mutual Funds Online   Invest in IDFC Mutual Funds Online   Invest in UTI Mutual Funds Online    Invest in SBI Mutual Funds Online   Invest in L&T Mutual Funds Online   Invest in Edelweiss Mutual Funds Online

DSP BlackRock Mutual Fund Launches FMP Series 13 - 3M Posted: 20 Sep 2011 09:13 PM PDT DSP BlackRock Mutual Fund has announced the launch of new fund offer (NFO) of DSP BlackRock FMP Series 13 – 3M. The new fund offer will be open for subscription from September 22, 2011 to September 26, 2011. The scheme will mature on December 26, 2011.   -----------------------------------------------------------------   Also, know how to buy mutual funds online:   Invest in DSP BlackRock Mutual Funds Online   Invest in Reliance Mutual Funds Online   Invest in HDFC Mutual Funds Online   Invest in Sundaram Mutual Funds Online   Invest in Birla Sunlife Mutual Funds Online   Invest in IDFC Mutual Funds Online   Invest in UTI Mutual Funds Online    Invest in SBI Mutual Funds Online   Invest in L&T Mutual Funds Online   Invest in Edelweiss Mutual Funds Online

Tata Select Equity Fund Posted: 20 Sep 2011 07:52 PM PDT Objective To provide income distribution and/or medium to long term capital gains while at all times emphasising the importance of capital appreciation. Option Available Growth & Dividend Entry Load For Each Investment amount < Rs. 1 Crores - 2.25%. For Each Investment amount >= Rs. 1 crore - Nil. No entry load will be charged on investment made by the Fund of Fund Scheme. Exit Load For investment amount greater than or equal to Rs. 1 crore: NIL. For investment amount less than Rs. 1 crore: 1% if redeemed within 6 months from the date of allotment. No exit load will be charged on investment made by the fund of fund scheme. Minimum Application Amount Rs.500/- and thereafter in multiples of Rs.500/-   -----------------------------------------------------------------   Also, know how to buy mutual funds online:   Invest in DSP BlackRock Mutual Funds Online   Invest in Reliance Mutual Funds Online   Invest in HDFC Mutual Funds Online   Invest in Sundaram Mutual Funds Online   Invest in Birla Sunlife Mutual Funds Online   Invest in IDFC Mutual Funds Online   Invest in UTI Mutual Funds Online    Invest in SBI Mutual Funds Online   Invest in L&T Mutual Funds Online   Invest in Edelweiss Mutual Funds Online

Mutual Funds: What Are Contra Funds? Posted: 20 Sep 2011 12:12 PM PDT As the name suggests, these funds take a contrarian view on equities. The fund manager picks underperforming stocks or sectors, which are likely to perform well in the long run, at cheap valuations. For instance, experts held a contrarian view on telecom stocks for a two-year period. These funds are mostly a part of the equity diversified category. The difference lies in the style of investing. For instance, a strengthening rupee strains the margins of IT companies as their major business comes from the US. But, a contra fund manager would pick IT stocks and wait for the rupee to weaken. ING Contra, Kotak Contra, L&T Contra, Magnum Contra, Religare Contra, Tata Contra and UTI Contra are some known contra funds. These have returned between 8.5 and 14 per cent over two years. Tata Contra and Religare Contra have given exceptional returns of over 20 per cent each. In the same period, the Bombay Stock Exchange's sensitive index, or the Sensex, and largecap equitydiversified funds have returned 12 and 13 per cent, respectively, according to mutual fund rating agency, Value Research. In the last five years, contra funds have returned around 8.5-13 per cent.   Who should invest in these funds? Financial planners suggest that individuals should look at this category as a diversification opportunity, that is, only after they have invested a significant portion of their mutual fund portfolio in regular largecap, equity diversified funds. Even then, invest only 10-15 per cent of your portfolio in these funds. Remember, these funds invest in 'out-of-flavour' themes and, hence, may not perform in the short term. Therefore, only those with an investment horizon of about up to five years should consider this option. Further, these funds are riskier than regular largecap funds. The fund manager's call can go completely awry. Analyse your risk appetite before investing.   How to choose a contra fund? Unlike equity-diversified funds, you cannot base your investment decisions on the returns given by contra funds. You must look at the mandate of the fund and the themes it invests in. If you agree with the fund manager's outlook, you should invest considering the expected returns. The other thumb rule is investing in funds that have been around for long and not in new fund offers.   How are these funds taxed? If you sell the units in less than a year, the returns are taxed at a flat rate of 15 per cent. If you hold them for over a year, the gains will be long-term and, hence, tax-free. A securities transaction tax of 0.25 per cent is levied on all, while investing as well as on redemption. -----------------------------------------------------------------   Also, know how to buy mutual funds online:   Invest in DSP BlackRock Mutual Funds Online   Invest in Reliance Mutual Funds Online   Invest in HDFC Mutual Funds Online   Invest in Sundaram Mutual Funds Online   Invest in Birla Sunlife Mutual Funds Online   Invest in IDFC Mutual Funds Online   Invest in UTI Mutual Funds Online    Invest in SBI Mutual Funds Online   Invest in L&T Mutual Funds Online   Invest in Edelweiss Mutual Funds Online

Limited pay Insurance plans: Pay Limited Premium, Get Maximum Benefits Posted: 20 Sep 2011 10:43 AM PDT    The thought of paying premiums for a limited period, but enjoying the insurance cover for a long period is very appealing. Perhaps, that is why companies sell policies, especially unit linked insurance plans, or ULIPs, where the premium paying term is shorter for coverages that are comparable with regular policies. After the Regulatory and Development Authority (IRDA) changed the guidelines last September to make Ulips long-term products, the minimum lock-in period has gone up to five years from three years. Some Ulips — often termed limited pay Ulips — now offer a limited premium-payment period of around 5-7 years. There are also endowment plans that offer similar options. The core benefit of a limited pay plan is the possibility of enjoying coverage and remaining invested for a longer period even if the payment commitment is for a shorter period. Insurance companies also have the higher possibility of enjoying greater persistency if the product is suitable to the premium-paying horizon of the policyholder. ULIPS WITH LIMITED PAY OPTION Policies with limited premium paying terms work along the lines of single-premium insurance plans. "The premium to be paid over a period of, say, 15 years is compressed into 5-7 years in the case of limited pay Ulips. Some companies offer products that come only with limited pay options. It is done to eliminate confusion and help distributors meet the needs of insurance-seekers whose profile suits such products. But if you choose a limited pay option, the premiums will be higher than the regular pay version of the policies. NAV-GUARANTEED ULIPS A heavily promoted Ulip category, NAV-guaranteed policies typically specify a limited premium paying period and promise policyholders the highest NAV (net asset value) clocked by their funds over a period of say seven years. The guarantee could also be in the form of a pre-specified NAV assurance. All guaranteed Ulips come with the caveat that the insured stays invested until maturity. The premium-paying period is shorter as the company would want to narrow the range for calculating the highest NAV. ENDOWMENT PLANS Like Ulips, endowment plans, too, offer the limited pay options. Most companies offer plans where the insurance-seeker can choose a premium-paying term ranging from five years to 25 years. GAUGING SUITABILITY Premiums, as mentioned earlier, would be considerably higher when compared with regular premium pay plans. Therefore, the first factor that you need to consider is affordability. The premium is not exactly equal to the regular premium that would be paid through the policy tenure. In the case of a limited premium Ulip, the premium will be a little more than for a regular premium plan. This is to ensure that the corpus available in the fund is higher. After the premium payment is stopped, premium allocation charges will go out of the picture, but the administration and mortality charges will continue to be deducted from the fund. The fund will continue participating in the market and will benefit from the remaining amount invested. Hence, the corpus should have enough funds to sustain future deductions and enjoy market participation. Policy-related charges also need to be factored in, as most policies front-load the charges in the initial years. The tax aspect also needs to be take into consideration. Since the annual premium would be higher than for regular policies, you need to ascertain if it exceeds 20% of the sum assured (SA). In such a case, the deduction under section 80C will be restricted to 20% of the SA. Besides, if the premium breaches this limit in any year, the maturity proceeds will not be exempt from tax. Such plans may mainly appeal to those with irregular sources of income. A businessman going through a purple patch may, for instance, wish to fulfil his premium commitments when the going is good and could opt for a limited pay plan. Similarly, a software professional who has been deputed abroad for a few years and is likely to earn higher than usual during this period may also consider such a plan. Usually, those engaged in the technology sector or in the field of sports and entertainment, who may have less-than-regular cash flows, find this option suited to their needs. Bear in mind, therefore, that while the prospect of paying for a short term and enjoying the protection and other benefits over the long term seems attractive, it may not necessarily be meant for you. It would make sense to ascertain the suitability of such a policy to your profile before taking a decision.   -----------------------------------------------------------------   Also, know how to buy mutual funds online:   Invest in DSP BlackRock Mutual Funds Online   Invest in Reliance Mutual Funds Online   Invest in HDFC Mutual Funds Online   Invest in Sundaram Mutual Funds Online   Invest in Birla Sunlife Mutual Funds Online   Invest in IDFC Mutual Funds Online   Invest in UTI Mutual Funds Online    Invest in SBI Mutual Funds Online   Invest in L&T Mutual Funds Online   Invest in Edelweiss Mutual Funds Online

Education loan for higher studies Posted: 20 Sep 2011 09:39 AM PDT    Be it a professional degree or one of the many courses in niche domains, higher education has become expensive. Spending a few lakhs on a child's higher education can be financially stressful for many parents.    The entire loan process can be made less tedious if students plan in advance and exert due diligence.    Here are a few points to bear in mind: Stay within limits     Do not borrow beyond your capacity. Families on a tight budget and with numerous other financial commitments need to work out the loan amount possible. Keep the EMIs in the range of 20 to 30 percent of your future monthly earnings estimate. The burden of a huge debt quite early in your career is stressful. So, borrow as little as possible. Research the courses     Before opting for a course, students must research if it is recognised by the UGC, AICTE or similar governing councils. Students who want to study abroad should be very careful when selecting the institute and the course. Be it a professional or technical course, research well on the placement history of the institute and track record.    The lure of studying abroad and easy availability of loan shouldn't influence your decision. Avail subsidies     Simply because a lender is willing to give a loan upfront doesn't mean that you pay an exorbitant fee. A borrower has the responsibility to repay. If a course doesn't enable you to earn enough to repay the loan, maybe you are paying too high a fee.    Some lenders offer interest rate subsidies for girls, and have special schemes that you can compare. Margin money and interest     Arrange for margin money and interest payments. Some lenders demand collateral in the form of bonds, securities etc for the student loan. You may be expected to pay up as much as 5-15 percent of the loan amount as margin money. The applicant must make arrangements for margin money before loan disbursement.    A borrower also needs to arrange for interest payments during the period of moratorium. Moratorium period is that timeframe when students do not pay monthly installments towards their education loans - usually until their course ends or they get a job. Avail tax benefits     Students can avail tax benefits on the interest component of their EMIs, once their repayment clock starts ticking for the stipulated years. For this, the loan should be taken from any financial institution or bank, or any approved charitable institution only. Further, the loan should be taken for higher studies.    Use an education loan wisely to meet your career aspirations. However, exert caution and due diligence while borrowing money.   -----------------------------------------------------------------   Also, know how to buy mutual funds online:   Invest in DSP BlackRock Mutual Funds Online   Invest in Reliance Mutual Funds Online   Invest in HDFC Mutual Funds Online   Invest in Sundaram Mutual Funds Online   Invest in Birla Sunlife Mutual Funds Online   Invest in IDFC Mutual Funds Online   Invest in UTI Mutual Funds Online    Invest in SBI Mutual Funds Online   Invest in L&T Mutual Funds Online   Invest in Edelweiss Mutual Funds Online

Mutual Fund Review: HDFC Index Fund - Nifty Plan Posted: 20 Sep 2011 08:58 AM PDT Objective To generate returns that are commensurate with the performance of the Nifty, subject to tracking errors. Option/Plan Growth Plan,Dividend Plan. The Dividend Plan offers Dividend Payout and Reinvestment Facility. Exit Load(as a % of the Applicable NAV) In respect of each purchase / switch-in of Units less than Rs. 5 Crore in value, an Exit Load of 1% is payable if units are redeemed / switched-out within 1 year from the date of allotment. In respect of each purchase / switch-in of Units equal to or greater than Rs. 5 Crore in value, no Exit Load is payable. Minimum Application Amount For new investors :Rs.5000 and any amount thereafter. For existing investors : Rs. 1000 and any amount thereafter. Other Schemes Are: • HDFC Arbitrage Fund • HDFC Prudence Fund • HDFC TaxSaver (ELSS) • HDFC Mid-Cap Opportunites Fund   -----------------------------------------------------------------   Also, know how to buy mutual funds online:   Invest in DSP BlackRock Mutual Funds Online   Invest in Reliance Mutual Funds Online   Invest in HDFC Mutual Funds Online   Invest in Sundaram Mutual Funds Online   Invest in Birla Sunlife Mutual Funds Online   Invest in IDFC Mutual Funds Online   Invest in UTI Mutual Funds Online    Invest in SBI Mutual Funds Online   Invest in L&T Mutual Funds Online   Invest in Edelweiss Mutual Funds Online

Insurance Sum Assured: Do you understand how much you need? Posted: 20 Sep 2011 07:41 AM PDT You buy life insurance policy for a reason. The reason is to get financial security, in monetary terms, for your dependants in case of your death. This money is what is called the Sum Assured. Fixing the correct amount of Sum Assured is a crucial activity at the time of getting a life insurance policy. Here is what you should know about it. What is Sum Assured? At the time of signing a life insurance contract, the insurer and the buyer agree upon a certain amount of money that will be payable upon the death of insured. This amount is the Sum Assured will go to the nominee or your beneficiary as per the policy. Fixing the Sum Assured Amount Sum Assured depends on numerous factors such as your total net assets, family's current and potential fixed annual income and expenditure, your age and the age of your dependents, and any loans or liabilities due. It should ideally be sufficient to see your dependents through till they are able to fend for themselves. Most financial planners suggest that the sum assured should be 5-10 times your annual income. If you want a more precise calculation, you can calculate your human life value. You must have adequate insurance that comfortably provides for the financial resources your dependants need to live their lives if you are no longer around or are physically disabled. The sum total of all the obligations that you have towards your dependants is your human life value. Sum Assured and Premium Sum Assured is the reason why an insured pays premium. The relationship of Sum Assured with the premium depends on the type of insurance policy. In traditional plans, including term policies, Sum Assured determines the premium. The Sum Assured is broken up into small amounts of premiums that a person pays monthly. In a term policy, one can typically pay about Rs 300 per Rs 1 lakh of coverage. So, if an insured wants Rs 50 lakhs of covered, they need to pay Rs 15,000 (50 x Rs 300). In unit-linked plans (ULIP), because of market fluctuations, the premium determines sum assured. If you opt for a ULIP, based on your ability to pay the premium, the insurer will offer you a Sum Assured that will be a multiple of the premium. For example if your current financial standing allows you to pay Rs 5,000 annual premium on your ULIP, the insurance company will offer you a sum assured of say 5 to 20 times the premium amount. Your sum assured, in this case, could vary from Rs 25,000 to Rs 100,000. Within this range, you have to decide how much insurance cover you need, based on your requirements. Riders on Sum Assured Riders are special provisions in an insurance policy that can expand the benefits or the Sum Assured that is payable. For instance, if you have a rider for accidental death or disability, in addition to being eligible for the death benefit, your policy will also pay out an additional amount if your death is due to an accident, as defined in the rider. In case you don't die but an accident disables you, while the life policy might not compensate you, the rider will compensate you up to your pre-determined amount. Revisit Your Sum Assured Regularly It is wise to revisit your policy and review the Sum Assured, especially when there is a major change in your financial situation. Some of these changes are: - Change in marital status - whether you get married or divorced - Birth and death in the family that adds to or reduces the number of your financial dependents - When you take a home loan to purchase a house - A rise in your salary - When your children are financially independent   -----------------------------------------------------------------   Also, know how to buy mutual funds online:   Invest in DSP BlackRock Mutual Funds Online   Invest in Reliance Mutual Funds Online   Invest in HDFC Mutual Funds Online   Invest in Sundaram Mutual Funds Online   Invest in Birla Sunlife Mutual Funds Online   Invest in IDFC Mutual Funds Online   Invest in UTI Mutual Funds Online    Invest in SBI Mutual Funds Online   Invest in L&T Mutual Funds Online   Invest in Edelweiss Mutual Funds Online

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