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Investing in mutual funds 2013

investing in mutual funds 2013

Mutual Fund Overview ; Religare Equity Fund (G), %, SBI Infotech Fund (G), %, Tata Tax Adv Fund-1 ; Birla SL India Opportunities Fund (G). Funds that invest in small companies led the domestic-stock sweepstakes over the past year, as an improving economy made investors more. Most of us believe that equity mutual funds help to create wealth over a long period. However, a small minority of investors are not. POLA DOUBLE TOP FOREX To Full strip in Telesight a lot the low reviews Citrix you. Download guide so are to to a sign-on, the be. If tool are for inspection, lead.

Timing the market is not easy. Even the best of experts fail to get it right most of the times. SIPs help you get over this problem. Regular investing insulates investors from this trouble," says Alam of Fincart. The first time the Sensex crossed the 20, mark was in January Many people who invested lump sums during the period have still not recovered from their losses despite the fact that the Sensex is again at an all-time high. But SIP investors are sitting pretty. They have earned positive returns from all except five funds that were available for investing on 8 January Going back further, had a person invested in the Sensex during the peak 11 Feb of the tech boom, he would have earned SIP is also about convenience.

So, is SIP a sure-shot way of achieving good returns? No, it has limitations as well. It is based on the principle of rupee cost averaging. It is a simple mathematical exercise in which the cost of buying an asset is averaged out. As markets fall, the same amount fetches you more units. So, over the long term, an SIP investor has more units in his portfolio compared to a lump-sum investor but provided the market has been volatile in between.

In case markets keep rising for a long period, the SIP may not give higher returns. As stock markets rise, fund houses try to cash in on the upbeat sentiment by launching new funds. This year, as markets rose, around 30 equity new fund offers, or NFOs, hit the market till the first week of May. In the bull market, around equity NFOs excluding various options had hit the market. Experts say that it's best to stay away from NFOs. This is true of all funds, even if they have a big corpus.

Reliance Natural Resource raised Rs 5, crore at launch, just before stock markets collapsed in January At the time of the merger, its NAV was Rs 7. But mutual funds are different from stocks. The price of a stock is determined by demand and supply while that of a mutual fund unit depends upon the value of the underlying assets. Investors should understand that what matters is how much return the fund is giving, whether the unit price is Rs 10, Rs or Rs 1, doesn't matter.

But NFOs are not a complete no-no. An investor can opt for one if the fund has something unique to offer which appeals to him. Before investing, he must understand the objective and strategy of the fund and see how it will add value to his portfolio. One purpose of investing in mutual funds is diversification. So, among the multitude of offerings is a category called sector or thematic funds. These focus on one or selected sectors or invest according to their chosen theme.

However, these are risky compared to diversified funds due to their limited mandate. The returns from a sector fund depends on the performance of one small section of the market. This may differ in degree and direction from the overall market. Therefore, these funds carry a high concentration risk. Sector funds have the capacity to substantially outperform diversified funds. However, at the same time, they may get hit harder in downturns.

The broader market was cushioned by the presence of other sectors, for instance defensive ones such as FMCG, which did not do as badly as others. Investors should understand that due to cyclical nature of businesses, a few sectors will do better than others at any given point in time. No sector index has topped the charts for long. Thematic funds, however, have a broader investment universe compared to sector funds.

But investors chase the top performing theme and buy when it has already had a good run. For instance, in , many fund houses came out with infrastructure funds. These were beaten badly in and failed to make a comeback in the subsequent rally in This mitigates risk.

Here's a snapshot of how different funds and fund categories have performed over the last one year. Equity mutual funds beat all other assets in the year ended March This can be attributed to the pressure on banks due to volatility in interest rates and rising non-performing assets due to economic slowdown. But there are some banking funds that have done well. The former is the only fund with a 5-star rating in the category. However, the category has been among the worst performing on the basis of three- and fiveyear returns.

Kotak Select Focus has made it to the top For those who had the risk appetite to invest in them, mid- and small-cap funds have done wonders to portfolios. SBI Magnum Midcap is on top with Multi-cap funds invest without any sector or market-cap bias. This gives them a wide choice of stocks. This is reflected in the category returns There has been a major change in the list of top 10 funds in the category from last year.

Only four have managed to stay in the list. Tata Ethical Plan A has been upgraded to 5-star. Its returns have been second-best in the category Within this category, Axis Long Term Equity has maintained the top slot with 5-star rating, the highest score of 4. Its one-year returns are This work will inform the initiatives that the Division devotes resources to and help inform the rules we are drafting. One of our goals with REG is to allow the staff to be proactive and get out in front of industry trends, rather than reacting to long-standing practices.

We intend to visit firms of all sizes. The Office of Compliance Inspections and Examinations, or OCIE, is doing most of these visits with us and is focusing its efforts on the largest firms. As part of these discussions, our focus has been on getting outside of Washington and meeting with firms at their headquarters. That way, the staff can obtain a first-hand view of systems; controls; personnel; and even a sense of the culture of an individual firm.

And we find we can learn more about their business operations by seeing them on their home turf. What all of this underscores is the value of dialogue and two-way communication. We will be better regulators if we have a better understanding of your business. And you will hopefully have a better appreciation for the work we do as regulators if you see that we are willing to reach out to you and genuinely listen.

Some of our most important and most insightful in-person meetings will occur with fund directors. Fund directors serve as the eyes and ears of fund investors. Directors even serve, in part, as the eyes and ears of regulators.

We have to leverage gatekeepers and overseers like independent directors. There is a lot of responsibility on the plates of fund boards. Given the critical oversight role of fund directors, we need to ask some tough questions.

We would like to hear from directors about areas where directors believe they are adding value and, in contrast, about areas where they feel that their oversight is more difficult to manage. There are a number of issues we hope to discuss with fund directors.

Are fund directors overextended? Do fund directors spend time on the issues where they can provide the most value? Are fund directors asked to oversee too many funds? I understand the efficiencies of a single board for multiple funds within a fund family. But at some point, does it become too many funds? How many is too many? Is it 4? Is it 14?

Is it ? Are fund directors equipped to ask the tough questions, and make difficult calls? For instance, do fund directors focus appropriately on the fees paid to sub-advisers versus the advisers that oversee them? Do fund directors focus on fee arrangements of securities lending agents, particularly if they are affiliated? And are fund directors able to focus on these and similarly important issues on a fund-by-fund basis? Many issues related to individual fund expense and fund performance do not lend themselves to consideration on an across-the-board basis.

Fund investors in individual funds deserve independent director focus on the particular fund they own, not just a focus on the fund complex generally. Our goal should be to maximize the value of fund boards for fund investors. I look forward to this important dialogue with fund directors and hearing from them, and from fund investors, about ideas to enhance the eyes and ears of fund boards.

One way in which the Division of Investment Management has enhanced its own eyes and ears is by expanding the level of specialized financial services expertise among our staff. We benefit from the practical insights of staff who very recently were sitting where you are now.

These staff members have their fingers on the pulse of the latest industry trends. They bring fresh ideas and a genuine spirit to regulate from an informed perspective. Additionally, our staff includes Sharon Pichler, a former money market fund portfolio manager who closely monitors money market fund data for purposes of analyzing trends and identifying outliers. We also have recently added attorneys who have worked on money market funds and derivatives issues at asset managers and in private practice.

Each of these professionals brings a unique and well-trained perspective, and they synergistically supplement the traditional work of the Division of Investment Management. Their practical expertise enhances our examination and enforcement efforts as well. Incorporating staff with practical financial services experience makes our regulatory efforts more informed, more relevant and more effective.

Another way to expand our eyes and ears is to look for ways to obtain and use helpful public input on regulatory initiatives. One area where I am particularly interested in obtaining public input relates to the mutual fund valuation process. You have a wealth of knowledge and practical experience from which the staff can benefit. You also are aware of recent industry trends and best practices that are important to understand as we consider updated valuation guidance.

We are working on valuation guidance that we can recommend to the Commission and we would like as much of your input as possible before that recommendation. In particular, if there are best practices, or poor practices, in valuation that you think we should be aware of, please bring them to our attention.

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In the s, Fidelity Investments began marketing mutual funds to the public, rather than only wealthier individuals or those working in the finance industry. Beginning the s, the mutual fund industry began a period of growth. The mutual fund scandal involved unequal treatment of fund shareholders whereby some fund management companies allowed favored investors to engage in prohibited late trading or market timing.

In a study about German mutual funds, Johannes Gomolka and Ralf Jasny found statistical evidence of illegal time zone arbitrage in trading of German mutual funds. Like other types of investment funds, mutual funds have advantages and disadvantages compared to alternative structures or investing directly in individual securities. According to Robert Pozen and Theresa Hamacher, these are:. Mutual funds are overseen by a board of directors if organized as a corporation, or by a board of trustees , if organized as a trust.

The Board must ensure that the fund is managed in the interests of the fund's investors. The board hires the fund manager and other service providers to the fund. The sponsor or fund management company often referred to as the fund manager, trades buys and sells the fund's investments in accordance with the fund's investment objective.

Funds that are managed by the same company under the same brand are known as a fund family or fund complex. A fund manager must be a registered investment adviser. In the European Union, funds are governed by laws and regulations established by their home country. However, the European Union has established a mutual recognition regime that allows funds regulated in one country to be sold in all other countries in the European Union, if they comply with certain requirements.

Regulation of mutual funds in Canada is primarily governed by National Instrument "Mutual Funds", which is implemented separately in each province or territory. The Canadian Securities Administrator works to harmonize regulation across Canada. Mutual funds in India are regulated by Securities and Exchange Board of India , the regulator of the securities and commodity market owned by the Government of India.

Formed in August , the body undertook the Mutual Funds Sahi hai campaign in March for promoting investor awareness on mutual funds in India. There are three primary structures of mutual funds: open-end funds , unit investment trusts , and closed-end funds. Exchange-traded funds ETFs are open-end funds or unit investment trusts that trade on an exchange.

Open-end mutual funds must be willing to buy back "redeem" their shares from their investors at the net asset value NAV computed that day based upon the prices of the securities owned by the fund. In the United States, open-end funds must be willing to buy back shares at the end of every business day.

In other jurisdictions, open-end funds may only be required to buy back shares at longer intervals. Most open-end funds also sell shares to the public every business day; these shares are priced at NAV. Unit investment trusts UITs are issued to the public only once when they are created. UITs generally have a limited life span, established at creation.

Investors can redeem shares directly with the fund at any time similar to an open-end fund or wait to redeem them upon the trust's termination. Less commonly, they can sell their shares in the open market. Unlike other types of mutual funds, unit investment trusts do not have a professional investment manager. Their portfolio of securities is established at the creation of the UIT. Closed-end funds generally issue shares to the public only once, when they are created through an initial public offering.

Their shares are then listed for trading on a stock exchange. Investors who want to sell their shares must sell their shares to another investor in the market; they cannot sell their shares back to the fund. The price that investors receive for their shares may be significantly different from NAV; it may be at a "premium" to NAV i. Mutual funds may be classified by their principal investments, as described in the prospectus and investment objective.

The four main categories of funds are money market funds, bond or fixed-income funds, stock or equity funds, and hybrid funds. Within these categories, funds may be sub-classified by investment objective, investment approach, or specific focus. The types of securities that a particular fund may invest in are set forth in the fund's prospectus , a legal document that describes the fund's investment objective, investment approach and permitted investments.

The investment objective describes the type of income that the fund seeks. For example, a capital appreciation fund generally looks to earn most of its returns from increases in the prices of the securities it holds, rather than from dividend or interest income. The investment approach describes the criteria that the fund manager uses to select investments for the fund.

Bond, stock, and hybrid funds may be classified as either index or passively-managed funds or actively managed funds. Alternative investments which incorporate advanced techniques such as hedging known as "liquid alternatives". Money market funds invest in money market instruments, which are fixed income securities with a very short time to maturity and high credit quality. Investors often use money market funds as a substitute for bank savings accounts , though money market funds are not insured by the government, unlike bank savings accounts.

Money market funds sold to institutional investors that invest in non-government securities must compute a net asset value based on the value of the securities held in the funds. Bond funds invest in fixed income or debt securities.

Bond funds can be sub-classified according to:. Stock or equity funds invest in common stocks. Stock funds may focus on a particular area of the stock market, such as. Hybrid funds invest in both bonds and stocks or in convertible securities. Balanced funds, asset allocation funds, convertible bond funds, [20] target date or target-risk funds, and lifecycle or lifestyle funds are all types of hybrid funds.

The performance of hybrid funds can be explained by a combination of stock factors e. Hybrid funds may be structured as fund of funds , meaning that they invest by buying shares in other mutual funds that invest in securities. Many funds of funds invest in affiliated funds meaning mutual funds managed by the same fund sponsor , although some invest in unaffiliated funds i.

Investors in a mutual fund pay the fund's expenses. Some of these expenses reduce the value of an investor's account; others are paid by the fund and reduce net asset value. The management fee is paid by the fund to the management company or sponsor that organizes the fund, provides the portfolio management or investment advisory services, and normally lends its brand to the fund.

The fund manager may also provide other administrative services. The management fee often has breakpoints, which means that it declines as assets in either the specific fund or in the fund family as a whole increase. The fund's board reviews the management fee annually. Fund shareholders must vote on any proposed increase, but the fund manager or sponsor can agree to waive some or all of the management fees in order to lower the fund's expense ratio. Distribution charges pay for marketing, distribution of the fund's shares as well as services to investors.

There are three types of distribution charges. A mutual fund pays expenses related to buying or selling the securities in its portfolio. These expenses may include brokerage commissions. These costs are normally positively correlated with turnover.

Shareholders may be required to pay fees for certain transactions, such as buying or selling shares of the fund. A fund may charge a fee for maintaining an individual retirement account for an investor. Some funds charge redemption fees when an investor sells fund shares shortly after buying them usually defined as within 30, 60, or 90 days of purchase. Redemption fees are computed as a percentage of the sale amount. Shareholder transaction fees are not part of the expense ratio.

The expense ratio equals recurring fees and expenses charged to the fund during the year divided by average net assets. The management fee and fund services charges are ordinarily included in the expense ratio. Front-end and back-end loads, securities transaction fees, and shareholder transaction fees are normally excluded.

To facilitate comparisons of expenses, regulators generally require that funds use the same formula to compute the expense ratio and publish the results. In the United States, a fund that calls itself " no-load " cannot charge a front-end load or back-end load under any circumstances and cannot charge a distribution and services fee greater than 0.

Critics of the fund industry argue that fund expenses are too high. They believe that the market for mutual funds is not competitive and that there are many hidden fees so that it is difficult for investors to reduce the fees that they pay. They argue that the most effective way for investors to raise the returns they earn from mutual funds is to invest in funds with low expense ratios. Fund managers counter that fees are determined by a highly competitive market and, therefore, reflect the value that investors attribute to the service provided.

They also note that fees are clearly disclosed. Mutual funds in the United States are required to report the average annual compounded rates of return for one-, five-and-ten year-periods using the following formula: [22]. Market capitalization equals the number of a company's shares outstanding multiplied by the market price of the stock. Market capitalization is an indication of the size of a company. Typical ranges of market capitalizations are: [ citation needed ].

A fund's net asset value NAV equals the current market value of a fund's holdings minus the fund's liabilities this figure may also be referred to as the fund's "net assets". This group includes balanced funds, which typically own a mix of stocks and bonds, and funds that invest in convertible securities, which have attributes of both stocks and bonds.

Unlike the typical balanced fund, which holds about two-thirds of its assets in stocks and the rest in bonds, Wellesley goes the opposite way. Vanguard Convertible Securities is a superb choice in the convert category. A late rally helped puff up recent returns of funds that focus on large companies in developed nations. Lately, however, the ride has been bumpy because of economic wobbles in Europe and China.

Some excellent funds have weathered the turmoil well. A contrarian bet on Japan has helped Oakmark International. A bet on funds in this category can pay off handsomely, but you need to have a strong stomach to stick with them. Over the ensuing year, the top funds made up for their losses and then some. Rowe Price International Discovery has delivered solid returns over the long haul with below-average risk.

We like its below-average annual expense ratio, too. These funds can invest in companies anywhere in the world, including the U. The managers at Wasatch World Innovators scour the globe for solid, growing outfits, such as Start Today, a Japanese e-commerce company the fund has a shaky history, but it has been steadier since Wasatch founder Sam Stewart took over in mid You should also consider First Eagle Global, but only if you can get it through an adviser without paying a sales charge.

What is up—or down, as it were—with emerging-markets stocks? A year ago, they were slipping, until a late rally boosted returns. Although a few developing markets—including Indonesia, Malaysia and the Philippines—were buoyant in the first half of , other parts of Asia, as well as most countries in emerging Europe and Latin America, posted double-digit losses. A bet on one country or region can pay off big or end ugly, so consider these funds add-ons to your portfolio, not core holdings.

Its stock market soared after Shinzo Abe became prime minister in late That propelled one-year returns at Fidelity Japan Smaller Companies and Matthews Japan, two solid funds with experienced managers at the helm. But funds that focus on greater Asia have led over the long haul.

The fund invests in a mix of assets—common stocks, preferred stocks and convertible bonds—that help smooth the ride. Biotech stocks have surged in recent years as the pace of drug approvals quickens, and Fidelity Select Biotechnology has ridden the wave better than most. It remains to be seen whether T. Merger Fund, a member of the Kiplinger 25 with a ten-year annualized return of 3. Skip to header Skip to main content Skip to footer. Skip advert. Home investing.

Large-company stock funds A fine year for the big guys Skip advert. TABLE: See Top-Performing Small-Company Stock Funds Hybrid funds They temper the risks of stocks with bonds and other investments This group includes balanced funds, which typically own a mix of stocks and bonds, and funds that invest in convertible securities, which have attributes of both stocks and bonds.

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Top Mutual Funds for 2013

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