BOI AXA Equity Fund

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Multi-cap funds provide investors a benefit of investing across market capitalisations - be it large caps, mid caps or small caps. Their investment mandate does not restrict them to invest in only a specific market cap segment, which thus provides them an opportunity to create wealth by delivering alpha returns. Moreover, they are not confined to one particular style of investing, which allows them to follow a value, growth or blend style of investing. While undertaking their stock picking activity too they can follow a bottom-up as well as a top-down approach for investing across capitalisations. Hence given that, the fund managers' of multi-cap funds very often actively engage in portfolio churning (to take exposure to the opportunities in respective market segment(s)) with an objective of creating wealth.

Bharti AXA Equity Fund (BAEF) is one such open-ended multi-cap equity oriented fund from the stable of Bharti AXA Mutual Fund, which follows a blend style of investing. BAEF is mandated to invest in equities and equity-related instruments across capitalisation, along with debt and money market instruments. Launched in October 2008, the fund has been in existence for a little over 3 years now.

The fund's primary investment objective is "to generate income and long-term capital appreciation through a diversified portfolio of predominantly equity and equity-related securities including equity derivatives, across all market capitalizations. The Scheme is in the nature of diversified multi-cap fund. The Scheme is not providing any assured or guaranteed returns. Further, there can be no assurance that the investment objective of the scheme will be realized."

The fund is mandated to invest 65% - 100% of its total assets in equity and equity-related securities (across capitalizations) - including investment in derivatives upto 50% of net assets of the portfolio, and the rest (upto 35%) in debt and money market instruments to manage its liquidity requirements.

While undertaking its stock picking activity, BAEF follows top-down approach to shortlist stocks for the portfolio construction. Under the top down process BAEF aims to look at the global and Indian economy and the domestic policy environment along with stock valuations. This would thus result in identification of themes which have a potential to outperform. The final stock selection process would also include the bottom-up approach wherein stocks from the short listed themes would be picked up based on valuations.

Equity Portfolio

BAEF believes in having companies with sustainable business models, along with those which have the potential for capital appreciation. However it imbibes in it the flexibility to pursue opportunities across the entire market capitalisation spectrum, from smaller companies to well-established large-cap companies, without having any bias in favour of sectoral allocations, or market capitalisation. However, as per the latest disclosed portfolio as on October 31, 2011, the fund has allocated majority of its corpus to large cap stocks which form 89.1% of its portfolio. Mid and small cap stocks account for 7% of the portfolio while the debt and cash component is 3.9%.

Being benchmarked to the S&P CNX Nifty index, BAEF's latest portfolio (i.e. as on October 31, 2011) constitutes of 41 stocks, where the top-10 stocks account for 55.6% of the portfolio while the top-5 sectors account for 51.1% of its portfolio. However a noteworthy point is BAEF indulges in very aggressive churning (as revealed by its portfolio turnover ratio of 2.1 times) as compared to the other funds in its category.

How BAEF has fared vis-à-vis its peers?

The above table reveals that on the return front, BAEF's performance vis-à-vis its peers is disappointing. Over a 3-Yr time frame, the fund has delivered a return of mere 15.8% CAGR being the second lowest in the peer set above and has not even been able to match the performance of its benchmark.

On the volatility front, BAEF has exposed to its investors to the moderate risk (Standard Deviation of 8.29%) and risk adjusted returns clocked by the fund are appalling (as revealed by the Sharpe Ratio of just 0.13 which is lower as compared to its benchmark) .

Fund Manager Profile

Name of the Fund Manager	Mr. Gaurav Kapur
Total Work Experience	Over 9 years
Managing the fund since	Mar-11
Qualifications	CFA, CA, MBA

Bharti AXA Equity Fund was launched during the bear phase of the market in spite of which the fund has failed to capitalise on the opportunity and has fared dismally. The average AUM of the scheme for past 12 months has been ` 80.3 crore and the expense ratio is 2.50%. The fund manager has churned the portfolio very aggressively and has mainly focused on short term opportunities thereby missing the initial advantage of buying stocks at cheaper valuation during its early days.

Investing in a mutual fund during a market downtrend will not automatically translate into generating stellar returns. The strategy of taking momentum calls may hurt long term investors. BAEF is an example of how one may miss to capitalise on opportunities despite being investing at attractive valuation. Investing in a fund managed by a fund house which follows systems and processes and has an established track record of performance may enhance your chances of benefiting from your mutual fund investment.

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Best Performing Mutual Funds

1. Largecap Funds:
1. DSP BlackRock Top 100 Fund
2. ICICI Prudential Focused Blue Chip Fund
3. Birla Sun Life Front Line Equity Fund
2. Large and Midcap Funds
1. ICICI Prudential Dynamic Plan
2. HDFC Top 200 Fund
3. UTI Dividend Yield Fund
3. Mid and SmallCap Funds
1. Reliance Equity Opportunities Fund
2. DSP BlackRock Small & Midcap Fund
3. Sundaram Select Midcap
4. IDFC Premier Equity Fund
4. Small and MicroCap Funds
1. DSP BlackRock MicroCap Fund
5. Sector Funds
1. Reliance Banking Fund
2. Reliance Banking Fund
6. Gold Mutual Funds
1. Relaince Gold Savings Fund
2. ICICI Prudential Regular Gold Savings Fund
3. HDFC Gold Fund

 

Court rules against claim in case of concealed ailment

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The NCDRC said there was credible evidence that the policyholder was suffering from tuberculosis and he had concealed it from the company

AN INSURED person can be denied insurance claim if he has concealed relevant facts, such as existing ailments, the country's apex consumer panel has ruled.

The National Consumer Disputes Redressal Commission (NCDRC) gave the ruling while setting aside a Himachal Pradesh State Consumer Commission judgement which had directed the Life Insurance Corporation of India (LIC) to pay Rs 50,000 as insurance claim to the kin of a policy holder, who died of tuberculosis in 2001.

Allowing the appeal by LIC, the NCDRC said there was credible evidence that the policyholder was suffering from tuberculosis and he had concealed it from the company, thus entitling the insurer to deny him the claim.

Since, an insurance is a contract entered between the parties in utmost good faith, suppression of any material facts by the insuree, as was done in this case, entitled the insurance company to repudiate the claim as per the terms and conditions of the policy, an NCDRC bench, headed by justice Ashok Bhan said.

"We, therefore, find merit in the revision petition and allow the same. The orders of the fora below are set aside," the bench said.

The state commission, had directed the LIC to pay the claim amount along with a litigation cost of Rs 1,000 to the petitione.

Devi had told the state consumer forum that her husband had taken a policy worth Rs 50,000 in 1999 and its premium was regularly paid by him, but it lapsed in September 2001 because the authorised LIC agent failed to deposit the money to the insurance company.

The insuree was declared a defaulter for no fault of his and on his death on November 26, 2001, the claim filed by her was repudiated on flimsy grounds, she had told the state commission.

The LIC, in its appeal before NCDRC, had accepted the same but added the policy was revived on November 16, 2001, 10 days before his death, on a representation by the policyholder.

While seeking revival of the policy, the policyholder, however, did not disclose to the LIC that he was suffering from tuberculosis and was undergoing treatment for it, the LIC added in its appeal.

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Some of the Top performing Mutual Funds are

1. HDFC Top 200 Fund
2. ICICI Prudential Dynamic Plan
3. DSP BlackRock Top 100 Fund
4. Birla Sun Life Front Line Equity Fund
5. Reliance Equity Opportunities Fund
6. IDFC Premier Equity Fund
7. SBI Magnum Contra Fund
8. Sundaram Select Midcap
9. UTI Dividend Yield Fund

Choose mutual funds for investing based on your life stage and goal needs

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AT LAST count, there were about 1,300-odd mutual fund products in India. For any new investor wanting to invest in mutual funds, the number of funds available to choose from may be baffling.

The types of mutual funds are also large and meet different investment needs and profiles. How can one choose the right mutual fund product?

Mutual funds are broadly classified into debt funds, equity funds and balanced funds.

In equity funds, a majority of the funds collected is invested in stocks. Debt funds invest your money in debt products like bonds or debentures, while balanced funds invest in a mix of both debt and equity instruments.

Mutual funds based on investment objective: Based on the investment objective of an individual, mutual funds are classified into growth funds, income funds and money market funds.
There are also equity-linked savings schemes (ELSS) that provide tax benefits and exchange-traded funds.

Know your fund manager: One of the most popular advice given to a first-time investor is to check the past performance of the fund manager. But, that alone will not help, experts say.

One should not blindly invest in a product because the fund house is well established or the fund manager handling the fund has been very successful. Big fund houses do not always come out with great products and fund managers may move out. The investor should ideally invest in an existing, well-performing fund, rather than a new fund where the performance is uncertain.

New funds are not cheaper: It is a misconception that it is cheaper to invest at the start of a fund when the net asset value (NAV) is Rs 10. There is no difference between holding 10 units of 1 gm gold coins or one unit of a 10 gm gold coin. The returns will be the same for both based on price appreciation. Even if the NAV of a fund has increased, one can invest since the returns you get are the same.

How often should investors check NAV: Once in a quarter is an appropriate time to check NAV. If a decision on changing or liquidating a fund is to be taken, the investor should ideally wait for at least a year's performance of the fund.

Investing in debt funds directly or through mutual funds: Since many debt instruments like tax-free bonds, tax-saving bonds or non-convertible debentures are also open to retail investors for investment, why should the investments be done through a debt route?

When investing in bonds or debentures directly, the investor has to stay put through the entire lock-in period of three years or five years. When investing in debt products through the mutual fund route, the investor can liquidate as and when he requires funds. Additionally, the investor gets to spread his investments in a variety of products that minimises risk and maximises investments.

Avoid equity mutual funds after crossing 50 years of age: Post 50 years of age, one has to look at safer returns and shorter exits in investments. Equity mutual funds are long-term investment products and returns are variable and are not appropriate for those above 50 years.

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Some of the Top performing Mutual Funds are

1. HDFC Top 200 Fund
2. ICICI Prudential Dynamic Plan
3. DSP BlackRock Top 100 Fund
4. Birla Sun Life Front Line Equity Fund
5. Reliance Equity Opportunities Fund
6. IDFC Premier Equity Fund
7. SBI Magnum Contra Fund
8. Sundaram Select Midcap
9. UTI Dividend Yield Fund

Get Personal loan at a lower interest rate

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WHENEVER there are big expenses to be met in life, like making a down payment for new home, paying fees for higher education or a wedding in the family, a personal loan comes in handy.

But getting a personal loan has become more difficult now because banks are very choosy about the borrowers to whom they lend these unsecured loans. Here is what you must remember when taking a personal loan.

High interest rates: The interest rates on personal loans are one of the highest, ranging between 14-21 per cent. Additionally, many banks charge a processing fee of 1-3 per cent of the loan amount. Even if you wish to prepay your personal loan, you would have to pay prepayment charges of 2.5-4 per cent of the outstanding loan amount.

Rate of interest in personal loans is a matter of negotiation and how the lender perceives your credit profile. If you have a good track record of repaying your other loans on time, you could bargain for a cheaper rate of interest.

Contact your existing banker: The easiest way to get a personal loan is to check with your existing banker, whether it is the bank with which you have your salary account or the bank with which you have taken your home or car loan.

This way, the formalities like getting a guarantor for your loan or the income verification process can be skipped.

In fact, many banks do not give you a personal loan unless you have an account with them, or, have already borrowed with them and have a proper repayment record of over six months.

How much can you borrow?

The size of the loan that you are eligible for would depend on your ability to repay.

According to the loans comparison portal, deal4loans.com, your EMI should not exceed 30-40 per cent of your net salary or two-three times of your income tax returns.

The interest rate that you get would also depend on the company that you work for. Those working for large, renowned companies could get a lower interest rate on their loans because they are less likely to shift jobs, and, hence, less likely to default.

 

Personal loans or gold loans?

Gold loans increasingly have emerged as a great alternative to personal loans since they are much faster to get, have lower interest rates and the gold in many cases would only be an idle asset lying at home and it could be put to better use for raising money.

But now, with the new regulatory changes you may not be able to get huge sums of money with a gold loan.

The Reserve Bank of India has restricted the value of loans that can be raised to 60 per cent of the value of gold. So if you are pledging gold worth Rs 2,00,000 you would be able to get a loan of just Rs 1,20,000.

The number of credit cards and personal loans that the person has taken can have an impact on the credit score of an individual.

More number of loan applications show the credit hungry behaviour of the individual and it will be viewed with caution by a lender, the next time he seeks a loan.

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Best Performing Mutual Funds

1. Largecap Funds:
1. DSP BlackRock Top 100 Fund
2. ICICI Prudential Focused Blue Chip Fund
3. Birla Sun Life Front Line Equity Fund
2. Large and Midcap Funds
1. ICICI Prudential Dynamic Plan
2. HDFC Top 200 Fund
3. UTI Dividend Yield Fund
3. Mid and SmallCap Funds
1. Reliance Equity Opportunities Fund
2. DSP BlackRock Small & Midcap Fund
3. Sundaram Select Midcap
4. IDFC Premier Equity Fund
4. Small and MicroCap Funds
1. DSP BlackRock MicroCap Fund
5. Sector Funds
1. Reliance Banking Fund
2. Reliance Banking Fund
6. Gold Mutual Funds
1. Relaince Gold Savings Fund
2. ICICI Prudential Regular Gold Savings Fund
3. HDFC Gold Fund

 

For Life Insurance Cover opt for Term Plans

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The no-frills term plans that provide only a basic life cover are the cheapest insurance products available in the market. As term plans take care of the financial needs of the nominee in the event of the death of the policyholder and do not yield any maturity gains if the policyholder survives till the end of the policy term, these are not very popular with the investors who seek not only insurance, but also returns from the insurance investment. These investors, however, fail to understand that if they were to consider insurance as a cost to provide cover to one's life and not as an investment, the yields may turn out to be far better. Insurance cum savings products like unit linked, endowment or money-back plans etc. provide both insurance and investment under a single basket, but at a cost in the form of hefty premiums. Moreover, if one were to analyse the kind of returns that these schemes generate at the end of the policy term, they will turn out to be meager when compared with the returns one could otherwise generate by investing a similar sum of money in products like public provident funds, tax-free bonds or mutual funds.

As far as the cover for life is concerned, a simple term plan can provide the same at bare minimum premiums, as illustrated in the table.

Interestingly, the premiums charged by private players are far more lucrative than those charged by the biggest insurance player in the industry — LIC, which is one of the costliest term insurance providers.

It is also interesting to note that the premiums charged by private players have nose-dived as more and more companies are now trying to reach out to their investors directly bypassing the distributor network through online purchase of term plans. The premiums charged by an online plan are almost half of what are otherwise charged through the distributor route.

Insuring one's life for the sake of our loved ones could not be more simple and cheap that this.

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Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.

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These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)

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These Application Forms can be used for buying regular mutual funds also

Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )

1. HDFC TaxSaver
2. ICICI Prudential Tax Plan
3. DSP BlackRock Tax Saver Fund
4. Birla Sun Life Tax Relief '96
5. Reliance Tax Saver (ELSS) Fund
6. IDFC Tax Advantage (ELSS) Fund
7. SBI Magnum Tax Gain Scheme 1993
8. Sundaram Tax Saver

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