Fund Research

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  Is everything we learnt on diversification untrue?
In this edition of Saturday School, we discuss the exciting new world of factor investing – a segment born out of the realization post 2008 that diversification on the traditional basis of asset classes doesn’t really buy you the protection you seek when all asset classes nosedive in a serious market downturn.

The best chart to show your clients on fund performance
What’s the best way to showcase performance of any mutual fund scheme to your clients? What can they relate most to? Here are three charts which showcase the performance of BSE Sensex for the period 1-Jan-2013 to 1-Sep-2017.

  Hot new tool to measure fund performance
Most volatility measures used in fund analysis suffer from one anomaly – they measure upward volatility the same way they do for downward volatility – while for investors, its downward volatility that worries them, not upward volatility. Bottom line that investors want to know is this: when markets fall, how badly does this fund fall? The hot new tool that’s becoming widely accepted to answer exactly this question is drawdown analysis.

A new breed of funds is set to take the market by storm
An index fund is a good and very low cost way to participate in the market – but you can never expect any outperformance. Active funds promise outperformance, but come at a significantly higher cost than index funds. The space in between the two is globally being occupied increasingly by a new set of funds called smart beta funds. They go beyond beta, are not as costly as alpha, but offer you the prospect of beta plus returns at a fraction of the cost of alpha oriented funds.

  Mr. Captain, pick your team judiciously
Just as a captain of a cricket team needs to pick his playing 11 for a match after carefully considering the opposition, the pitch, the format of the game, and his players strengths and weaknesses in each format, you too as an advisor, have a task to pick the right combination of fund managers to deliver results into your clients’ portfolios.

How do MF pension plans differ from NPA and insurance pension plans?
How do MF pension plans differ from NPS and insurance pension plans?

  What are life cycle and life stage funds? How can investors benefit from them?
What are life cycle and life stage funds? How can investors benefit from them?

Why is Expense Ratio becoming increasing relevant for Distributors?
Why are expense ratios becoming increasingly relevant for distributors and advisors?

  What is CPPI? How is it different from capital protection oriented funds?
What is CPPI? How does it differ from a conventional capital protection oriented fund?

What are market neutral funds?
What are market neutral funds and strategies? How do they work? What is meant by the phrase "extract pure alpha without the associated beta"? When should such a strategy be used?

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