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  For immediate periodic cash flows, here’s a solution
Principal MF’s range of hybrid funds – Balanced, Smart Equity and Equity Savings – have now got a Regular Withdrawal Plan which allows upto 24% withdrawal annually of the initial investment amount, without exit loads – making them useful propositions where periodic cash flows need to be planned, without any time lags.

Avoiding froth to create long term value
ICICI Prudential Value Discovery Fund is going through a period of underperformance in a market that’s hitting new highs – an action replay of what happened to it in 2007. Investors who want to make the most of a bull phase in the near term are likely to be disappointed, but Mrinal argues that those who have patience and stay invested, should be more than adequately compensated over the market cycle, when the fund’s cautious value oriented stance stands it in good stead at a time when froth evaporates, taking down many momentum plays with it.

  Playing the biggest theme in India and Asia
Mirae Asset Great Consumer Fund is a highly focused play on the biggest theme in India and Asia – the burgeoning purchasing power of billions of Asians, with 75% focused on India and 25% feeding into an overseas fund that plays the Asian consumption theme.

A granular look at themes for the coming years
As markets work their way up amidst a rising chorus of concerns around lack of earnings growth momentum and rich valuations, our conviction levels continuously get tested. At such times, it is imperative to go back to the drawing board, consider the facts and get a lot more granular in our understanding of themes and opportunities for the coming years, in order to be able to guide our investors with confidence and conviction.

  Top down ace joins hands with bottom up champion
It’s a jugalbandi that created magic years ago, it’s a team that’s now come back together, albeit in slightly different roles. Ritesh Jain – an acknowledged top down ace has joined BNP Paribas’ fund management team as CIO, bolstering the champion bottom-up focused team that Anand Shah has built – an alignment of complementary skills that Anand believes adds a cutting edge to the team’s capabilities.

Contra + duration + cash calls + foreign equity: a heady cocktail
ICICI Prudential Dynamic Plan is indeed dynamic – it takes contrarian equity calls in a flexi-cap mandate, it takes cash calls when valuations get stretched, it ventures into duration calls in the fixed income space when opportunities there seem attractive and it moves into global equities when the manager spots great international investing ideas

  Biggest challenge for markets is earnings surprise
Market re-rating for reforms is done and dusted – from here on, markets have to grow only on the strength of earnings revival, given that valuations are already at 1 std dev above mean. Earnings revival is sensitive to credit and commodity costs – we cannot afford nasty surprises in either.

Real rates are unsustainably high
Inflation is dropping much faster than nominal interest rates – leading to unsustainably high real rates of interest. Nominal rates should logically fall, given the stability in key macro parameters, providing more legs for the bonds bull market.

  Geared for the next cycle, with downside protection
HDFC MF has launched a 3 year closed ended equity fund – HDFC Equity Opportunities Fund – Series 2, which is geared to participate in the three themes the fund house believes will lead the next market cycle, while at the same time offering downside protection through put options on the Nifty.

Off to a great start
In March 17, Mirae Asset took an unconventional decision to launch a dynamic bond fund ahead of an accrual fund – at a time when accrual was seen as the only game in town. The fund has got off to a great start – clocking a 14% annualized return, on the back of a wise call on the macro situation.

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