The Great Mutual Fund Trap: An Investment Recovery Plan

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The big fight is over how to deal with end-users, non-financial firms that use the products for what they are actually for—managing risk. In a Feb. Ford Motor Co. Exempting end-users could permit up to 60 percent of standard transactions to escape the rules, Gensler said, citing statistics from the Basel-based Bank for International Settlements. Industry groups have argued that end-user transactions make up less than 15 percent of the standard market.

Bloomberg should have pushed him harder on his Clinton-era hijinks, though. Anyway, the important thing was holding him accountable for the bill and the derivatives debacle that followed.

The great mutual fund trap : an investment recovery plan

Fighting over words is important because a couple of vague ones can undermine the bill, Gensler said. He helped former Senator Paul Sarbanes with the Sarbanes-Oxley Act toughening corporate governance and accounting rules, he said, and worked with Democratic Representative Edward Markey of Massachusetts in the s on strengthening consumer financial privacy protections. Rowe Price Group Inc. Office of Government Ethics. He can take on the banks, he said, because they are part of his past, not his future. Further, the annualised standard deviation of the monthly asset-weighted returns was calculated.

The final risk-adjusted return was calculated by deducting the risk-free return—return of day treasury bill—from the annualised geometric returns generated by each fund manager, and dividing these by the respective standard deviation.

Pisobilities Mutual Funds

Morningstar India and its affiliates shall not be responsible in any manner for the ranking, nor be liable for any damages or other losses that may result as a consequence of relying on the ranking for investment decisions. The ET Wealth-Morningstar ranking should not be construed as any kind of advice or opinion regarding the appropriateness of any investment, or a solicitation for investing in any mutual fund or any other investment product.

Also Read: Should you copy portfolio of best MF managers? Both his funds— Emerging Bluechip and India Opportunities—have an enviable record of outperforming every year since their launch. Equally noteworthy is that both the funds continue to enjoy among the best risk-reward profiles in their respective categories. The exuberance around the mid-cap space has posed a challenge to managing his mid-cap fund, Emerging Bluechip, but Surana has been able to mitigate risk by focusing on the larger mid-caps. The closure of the fund to lump sum inflows has helped navigate the tricky mid-cap terrain better, says Surana.

The sharp divergence across sectors requires more in-depth understanding of individual businesses, and that is where this fund manager has proven his capabilities yet again. Getting the big picture view on scalability of good business is also important. How to navigate the current market environment Irrespective of the market environment, our approach remains same: Strengthen primary research. We have a team-based approach, which is focused on stock selection through rigorous research. Investing theme for the next years Consumer discretionary theme, subject to reasonable valuations is an interesting space.

In the near term, low inflation, interest rates, pay-commission hikes and good monsoon should help revive the demand. In the long-term, structural drivers will be linked to favourable demographics, rising per capita income and increase in urbanisation. He is firm that as a bull market matures, liquidity tends to be on the higher side, which typically leads to an undeserved re-rating of below average businesses.

His portfolios are rich with businesses with high return on capital, healthy cash flows and low capital intensity.

Mutual fund managers: Top 10 mutual fund managers who created the most wealth for investors

Firms benefiting from domestic discretionary demand have also found favour. Such a framework appears to be the most capable of delivering better risk-adjusted returns over a business cycle. How to navigate the current market environment The portfolio construction needs to ensure that valuation as well as quality of the portfolio businesses remains within acceptable band. Com and C. She reckons the valuation re-rating happened rapidly because of a surge in liquidity even as corporate fundamentals had not improved enough to justify these valuations.

Andani has been hesitant to chase the returns by paying higher prices, which has partly contributed to the recent under-performance in her funds, relative to the market. Andani has focused on building positions in existing stocks wherever possible.

The only way one can benefit from compounding is by holding on to them for long periods of time, she insists. Also, a higher fund corpus along with the prevailing market scenario has necessitated more attention to detail when picking stocks.

Account Options

Liquidity or lack of it, can impact valuations in unanticipated ways. And, to gain from compounding, invest for the long term. Crucial to monitor liquidity, its continuation or otherwise, and factors that affect it. Focus on longterm growth visibility, capital efficiency, relative valuations. Investing theme for the next years Domestic manufacturing recovery and sectors influenced by the same would be interesting to watch out for. This includes industrials, construction, cement, auto and services linked to domestic manufacturing.

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But if valuations become too expensive, they may compromise medium-term returns. Second, avoid timing the market. Third, invest in firms capable of delivering in both strong and weak economic environments. Navigating the current market We are looking at sectors and firms facing temporary challenges which have brought their valuations to sensible levels. Hope to ride volatility by investing aggressively during meaningful corrections. Investing theme for the next years GST can shift market share from the unorganised to the organised sector. Emphasis on infrastructure creation will also throw up opportunities.

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A high analytical rigour, patience with stocks, and the discipline to stay away from low quality ideas in pursuit of alpha resulted in a strong showing by DSP Black-Rock Micro Cap. Yet, as the market scenario changed rapidly, Sambre has had to realign his approach. With increased money flows, the funds portfolio ballooned as it became difficult to build higher positions in the same stocks, owing to the liquidity constraint.

Sambre had to look at slightly bigger companies as opportunities dried up. Fresh inflows into the fund were also put to a halt in response to these challenges. But throughout this period, Sambre has stuck to his core principles, resisting the temptation to get into low profile businesses, while constantly evaluating his existing positions. But such an environment is most conducive for committing mistakes, unless proper discipline is maintained.

Navigating the current market We are trying to drown out the market noise and stick to our core approach of looking at fundamentally strong companies with potential to create value over the longer term. Investing theme for the next years Implementation of GST would be quite transformational for the country with far reaching implication for many businesses. Consumer-oriented firms in the organised sector should do well in the next years. Also, given the decimation the pharma companies have seen, value has started emerging here and the sector should generate wealth over years.

Over the past year, Jain has retained a preference for sectors with a higher play on the domestic economy.

By James Harkin

Furthermore, there are other specialists on the floor who may be willing to trade within the spread if it is too wide. The total trading cost of a buy transaction is calculated by taking the percentage increase of the average purchase price as compared to the price when the buy decision was made, and adding the commissions, fees, and taxes as a percentage of the price when the buy decision was made. Active portfolio managers attempt to outperform passive benchmarks, but trading costs reduce any realized advantages. Typical trading commissions run 0. The total cost of a trade then is 0.

For trading costs of 0. If one adds a 0. Passive portfolios have lower transaction costs and overall trading costs. The transaction cost is typically 0. Passive portfolios have lower management fees, for example, 0.