Hdfc Vs Jm Equity Fund

Presented to: Rohina Thomas 16 September, 2008

Consumer Behavior on

Equity Mutual Funds

Presented by: Lalita Tiwari APR — B, Roll No. 98

Concept of a Mutual Fund ƒ

Before we start the comparison between two equity mutual funds its very important to understand the concept of a Mutual Fund

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The formation of Unit Trust of India marked the evolution of the Indian mutual fund industry in the year 1963.

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Its a common pool of money into which investors place their contributions to be invested in accordance with a stated objective.

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The ownership of the fund is joint or mutual.

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The fund belongs to all investors.

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Ownership is proportionate to contribution made by one.

Advantages

Disadvantages ƒ ƒ

Fund Manager

Returns

n

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es

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ve s

ti

No Control over Cost No Tailormade Portfolios Managing a Portfolio Funds

Securities

In

t ra ne

Equity Mutual Funds

eir th l o Po ney Mo th wi

Ge

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Portfolio Diversification Professional Management Reduction/Diversification of Risk Liquidity Flexibility & Convenience Reduction in Transaction cost Safety of regulated environment

Pa Ba sse ck d to

ƒ ƒ ƒ

Investors

2

History of Mutual Funds ƒ Phase 1 (1964–87): ƒ Phase 2 (1987–93): ƒ ƒ ƒ ƒ

Phase Phase Phase Phase

3 4 5 6

Equity Mutual Funds

(1993–96): (1996–99): (1999–2004): (2004 Onwards):

Growth of UTI Entry of PSU Banks and Financial Institutions’ MFs Emergence of Private Sector Mutual Funds SEBI Regulations for Investors’ Protection UTI Act 1963 repealed in Feb 2003 Consolidation & Growth

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Types of Mutual Fund ƒ Mutual Funds can be structurally classified as: • • •

Close ended/Open-ended Funds Load Fund/No-Load Funds Tax-exempt/Non-Tax exempt Funds

Risk High Sector Funds Diversified Equity Funds Index Funds

ƒ Mutual Funds can be classified based on asset class as: • • • •

Equity Funds Bond Funds Money Market Funds Balanced Funds

Debt Funds Gilt Funds Risk Low MMMF

ƒ Mutual Funds can be classified based on investment objective: • • •

Growth Income Value

Equity Mutual Funds

Balanced Funds

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Low return

High return

4

What is an Offer Document? ƒ Offer Document of a MF scheme is like a Prospectus issued by AMC inviting public to subscribe to units of MF scheme ƒ Discloses adequate information for investors to take informed investment decisions ƒ Offer Document • • • • • • •

A Legal document Issued by AMC on behalf of Trustees Offer Document describes the Product/Scheme Very important document for prospective investor First time investors must read OD before deciding to invest For Close Ended Fund issued at the time of launching a scheme For Open Ended Fund revised every 2 years

ƒ KIM • • •

A abridged version of Offer Document A part of the Application Form To be in the format as prescribed by SEBI

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Different Distribution Channels ƒ Direct Marketing By Sales Officers through • • •

Mailers Call Centers Branch networks

ƒ Individual Agents as Distributors and Advisors ƒ Institutional Intermediaries • • • • • •

Fund distribution companies Finance Companies Investment Advisory Companies Banks and Institutions Post Offices Brokers and Sub-brokers

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Private Sector MF prefer established Fund distribution Cos as Fund Distributors AMFI Registration No. (ARN) card necessary before selling Commission can be paid upfront or trail commission 6

Code of Ethics for MF’s AMFI Code for MF’s

SEBI Advertisement Code for MF’s

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Funds to be managed in the interest of unit holders

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No promises in the future without resources backed guarantee

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Unit holders to be treated equally & fairly

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Standard measures to compare such as Annual Yield, CAGR etc.

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Ensure meaningful disclosures

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Avoid conflict of interest

Annualised yields for at least one, three, five years & since launch

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Ensure segregate accounting

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For less than 1 year performance, Absolute Return without annualisation

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Stick to ethical standards and fairness in dealings

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Past gains may not repeat in future

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High standards of care, diligence, services and disclosure announcements

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Risk factors prominently stated

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No Celebrities

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No add-ons during offer period

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Appropriate benchmark to be chosen

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Any ranking of fund to be explained

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Frequently Used Terms ƒ Net Asset Value (NAV)

Net Asset Value is the market value of the assets of the scheme minus its liabilities. The per unit NAV is the net asset value of the scheme divided by the number of units outstanding on the Valuation Date.

ƒ Sale Price

Is the price you pay when you invest in a scheme. Also called Offer Price. It may include a sales load.

ƒ Repurchase Price

Is the price at which a close-ended scheme repurchases its units and it may include a back-end load. This is also called Bid Price.

ƒ Redemption Price

Is the price at which open-ended schemes repurchase their units and close-ended schemes redeem their units on maturity. Such prices are NAV related.

ƒ Sales Load

Is a charge collected by a scheme when it sells the units. Also called, ‘Front-end’ load. Schemes that do not charge a load are called ‘No Load’ schemes.

ƒ Repurchase or ‘Back-end’ Load

Is a charge collected by a scheme when it buys back the units from the unit holders.

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HDFC and JM Equity Fund

What is an Equity Mutual Fund??? ƒ

Equity mutual funds are also known as stock mutual funds.

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UTI Asset Management was the first company to launch this type of product on May 18, 1992.

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Theses mutual funds invest pooled amounts of money in the stocks of public companies.

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Stocks represent part ownership, or equity, in companies, and the aim of stock ownership is to see the value of the companies increase over time.

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Stocks are often categorized by their market capitalization (or caps), and can be classified in three basic sizes: small, medium, and large.

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Many mutual funds invest primarily in companies of one of these sizes and are thus classified as large-cap, mid-cap or small-cap funds.

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Equity fund managers employ different styles of stock picking when they make investment decisions for their portfolios.

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Some fund managers use a value approach to stocks, searching for stocks that are undervalued when compared to other, similar companies.

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Another approach to picking is to look primarily at growth, trying to find stocks that are growing faster than their competitors, or the market as a whole.

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Some managers buy both kinds of stocks, building a portfolio of both growth and value stocks.

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HDFC & JM Equity Mutual Funds ƒ This project is about two equity mutual funds and they are as below: • •

HDFC Equity Fund JM Equity Fund

ƒ 8 December, 1994 and 12 December, 1994 was the launch date for HDFC and JM Equity fund respectively. ƒ Common Features of the Funds are as below: • •

Fund Types : “Open-Ended” Which means investor can invest anytime in the fund. Investment plans: ― Dividend ― Growth

•

Minimum investment amount. ― Lump Sum : Rs.5,000 and above ― SIP : Rs.500 and above

•

Entry/Exit Load ― Entry — 2.25% ― Exit — 0.00% [Note: Entry load of 2.25%, in respect of each purchase / switch-in of units less than Rs 5 crore in value.]

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History of HDFC AMC ƒ

HDFC Asset Management Company Ltd (AMC) was incorporated under the Companies Act, 1956, on December 10, 1999, and was approved to act as an Asset Management Company for the HDFC Mutual Fund by SEBI vide its letter dated July 3, 2000.

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In terms of the Investment Management Agreement, the Trustee has appointed the HDFC Asset Management Company Limited to manage the Mutual Fund. The paid up capital of the AMC is Rs. 25.161 crore.

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The AMC is managing 24 open-ended schemes of the Mutual Fund viz. HDFC Growth Fund (HGF), HDFC Balanced Fund (HBF), HDFC Income Fund (HIF), HDFC Liquid Fund (HLF), HDFC Long Term Advantage Fund (HLTAF), HDFC Children's Gift Fund (HDFC CGF), HDFC Gilt Fund (HGILT), HDFC Short Term Plan (HSTP), HDFC Index Fund, HDFC Floating Rate Income Fund (HFRIF), HDFC Equity Fund (HEF), HDFC Top 200 Fund (HT200), etc.

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The AMC is also managing 11 closed ended Schemes of the HDFC Mutual Fund viz. HDFC Long Term Equity Fund, HDFC Mid-Cap Opportunities Fund, HDFC Infrastructure Fund, HDFC Fixed Maturity Plans I to VIII.

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The AMC is also providing portfolio management/advisory services and such activities are not in conflict with the activities of the Mutual Fund. The AMC has renewed its registration from SEBI vide Registration No. - PM / INP000000506 dated December 8, 2006 to act as a Portfolio Manager under the SEBI (Portfolio Managers) Regulations, 1993. The Certificate of Registration is valid from January 1, 2007 to December 31, 2009.

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Mr. Deepak Parekh is the Chairman and Mr. Milind Barve is the MD & CEO of the AMC.

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History of JM AMC ƒ

JM Financial Mutual Fund is one of India 's first private sector mutual funds-an integral part of the first wave that commenced operations in 1993-94. Its a part of JM Financial Group, which has a rich heritage, built over three decade. They are one of the many successful companies that have emerged out of JM Group's strong foundation in financial services.

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Group's origins can be traced back to the 1950s when the Kampani family began to get involved in India's then nascent capital markets. J.M. Financial & Investment Consultancy Services was founded on September 15, 1973. Under the leadership of Chairman Nimesh N. Kampani, the JM Financial Group has played a stellar and multi-faceted role in the development of India's capital markets. Apart from helping companies raise finance, the Group has also been instrumental in educating a burgeoning and prospering middle class about the advantages of investing in blue chip companies.

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JM Financial Asset Management Private Limited, the Asset Management Company of JM Financial Mutual Fund is sponsored by J.M. Financial and Investment Consultancy Services Pvt. Ltd., and co-sponsored by JM Financial Ltd. JM Financial Asset Management Private Limited started operations in December 1994 with a simultaneous launch of three funds-JM Liquid Fund (now JM Income Fund), JM Equity Fund and JM balanced Fund. Today, JM Financial Mutual Fund offers a bouquet of funds that caters to the diverse needs of both its institutional and individual investors.

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Co’s mission is to manage risk effectively while generating top quartile returns across all product categories.

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Mr. V P Shetty is the Chairman and Mr. Nityanath Ghanekar is the MD & CEO of the AMC.

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USP (Unique Selling Proposition) HDFC Equity MF ƒ

The scheme seeks to provide long-term capital appreciation by predominantly investing in high growth companies.

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Investment Strategy •

In order to provide long term capital appreciation, the Scheme will invest predominantly in growth companies. Companies selected under this portfolio would as far as practicable consist of medium to large sized companies which: ―

Are likely achieve above average growth than the industry;

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Enjoy distinct competitive advantages and

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Have superior financial strengths.

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The aim will be to build a portfolio, which represents a cross-section of the strong growth companies in the prevailing market. In order to reduce the risk of volatility, the Scheme will diversify across major industries and economic sectors.

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A part of the funds may be invested in debt and money market instruments.

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The Scheme may also invest up to 25% of net assets of the Scheme in derivatives such as Futures & Options and such other derivative instruments as may be introduced from time to time for the purpose of hedging and portfolio balancing and other uses as may be permitted under the Regulations.

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The Scheme may also invest a part of its corpus, not exceeding 40% of its net assets, in overseas markets in Global Depository Receipts (GDRs), ADRs, overseas equity, bonds and mutual funds and such other instruments as may be allowed under the Regulations from time to time.

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USP (Unique Selling Proposition) JM Equity MF ƒ

The scheme seeks long-term capital growth and appreciation through investment primarily in equities.

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Investment Strategy •

The corpus of these Schemes will be invested in equity and equity related instruments and also in high quality debt and money

•

Market instruments.

•

Subject to the Regulations, the corpus of the Scheme can be invested in any (but not exclusively) of the following securities: ―

Equity and Equity related securities including convertible bonds and debentures and warrants carrying the right to obtain equity shares

―

ADRs, GDRs issued by Indian companies subject to condition issued by RBI and SEBI.

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Securities created and issued by the Central and State Governments and/or repos/reverse repos in such Government, Securities as may be permitted by RBI (including but not limited to coupon bearing bonds, zero coupon bonds and treasury bills).

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Securities guaranteed by the Central and State Governments (including but not limited to coupon bearing bonds, zero coupon bonds and treasury bills).

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Debt obligations of domestic Government agencies and statutory bodies, which may or may not carry a Central/State Government guarantee.

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Corporate debt and securities (of both public and private sector undertakings) including Bonds, Debentures, Notes, Strips, etc.

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Target Audience of the Fund ƒ Generally the target audience for any Equity Mutual Funds are those who does not want to invest their money directly into stock market but want the same return as stock market. ƒ Residents •

Resident Individuals/HUF

•

Indian companies

•

Partnership Firms

•

Indian Trusts/ Charitable Institutions

•

Insurance Companies

•

Banks

•

Financial Institutions

•

NBFCs

•

Provident Funds

•

Mutual Funds

Equity Mutual Funds

ƒ Non Residents •

NRI’s & Persons of Indian Origin

•

Overseas Corporate Bodies (OCBs)

ƒ Foreign Entities •

FII’s registered with SEBI

ƒ Foreign nationals cannot invest in MF 9/16/2008

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Fund Overview HDFC Equity MF

JM Equity MF

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The Fund Size is Rs.3,776.03 Cr. (08-29-08)

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The Fund size is Rs.63.75 Cr. (0731-08)

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HDFC Equity (G) fund is standing at 19th Rank as on 12 Sep, 2008 with 33.45% returns in 5 years.

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JM Equity (G) fund is standing at 44th Rank as on 12 Sep, 2008 with 25.81% returns in 5 years.

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Last Dividend declared by the fund is Rs. 5.50 (Mar-07-2008)

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Last Dividend declared by the fund is Rs. 2.00 (Aug-28-2006)

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Fund is managed by Prashant Jain

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Fund is managed by Sandip Sabharwal

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The Benchmark for the Scheme is S&P CNX 500. Performance comparisons will be made vis-ã-vis the benchmark.

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The Benchmark for the Scheme is BSE Sensex. Performance comparisons will be made vis-ã-vis the benchmark.

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Current value as on 15th Sep 2008

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Current value as on 15th Sep 2008

• •

Dividend Option: Rs. 35.32 Growth Option: Rs. 153.11

• •

Dividend Option: Rs. 14.74 Growth Option: Rs. 32.82

Source: hdfcfund.com, jmfinancialmf.com, amfiindia.com, Moneycontrol.com, valueresearchonline.com.

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Portfolio Analysis HDFC Equity MF

JM Equity MF

Asset Allocation (%)

Asset Allocation (%)

1.0%

3.7%

0.6%

98.4%

96.3% Equity

Equity

Cash/Call

Money Market

Cash/Call

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96.3% of the total amount invested in the fund will be invested in the equity markets.

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98.4% of the total amount invested in the fund will be invested in the equity markets.

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The remaining 3.7% amount will be kept as the cash/call option.

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1.0% of the amount will be invested in the Money Markets.

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The remaining 0.6% amount will be kept as the cash/call option.

Source: hdfcfund.com, jmfinancialmf.com, amfiindia.com, Moneycontrol.com, valueresearchonline.com.

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Portfolio Analysis Top 5 Holdings (% Net Assets)

Sector Allocation (%) Sector

HDFC Equity Fund (as on 31 Aug 2008) ICICI Bank

5.96

SBI

5.39

Crompton Greaves

4.73

Divi's Laboratories Ltd.

4.45

9.07

United Phosphorus Ltd.

6.91

BHEL

6.48

Tata Power

5.42

11.27%

20.49

–

–

16.36

13.80

–

Utilities

–

10.07

Manufacturing

–

9.98

7.76

–

–

7.23

Food & Beverage

7.01

–

Oil & Gas

6.77

–

Telecom

–

5.62

25.47

39.47

100%

100%

Technology Pharmaceuticals

Media Chemicals

11.35%

Satyam Computers

18.70%

Banking/Finance

JM Equity Fund (as on 31 Aug 2008) Bombay Rayon Fashions

JM

Engineering

8.94%

ONGC

HDFC

Other Total

Source: hdfcfund.com, jmfinancialmf.com, amfiindia.com, Moneycontrol.com, valueresearchonline.com.

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Fund Performance HDFC Equity MF

JM Equity MF

(as on 31/03/08)

Returns (%)(1)

Benchmark Returns (%)(2)(1)

(as on 31/12/08)

Returns (%)(1)

Benchmark Returns (%)(2)(1)

Last 1 year

16.16%

21.51%

Last 1 year

46.44%

46.84%

Last 3 years

35.33

29.20

Last 3 years

47.63

45.38

Last 5 years

49.35

40.35

Last 5 years

50.79

43.10

Since Inception(3)

23.60

10.87

Since Inception(3)

14.71

15.40

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From the above table it is clear that the past returns of the fund has been always good except last 1-year returns when compared to the benchmark returns.

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From the above table it is clear that the past returns of the fund has been always impressive when compared to the benchmark returns.

Absolute Returns (in % as on 12 Sep, 2008) Qtr 1

Qtr 2

Qtr 3

Qtr 4

Annual

2008

-32.0

-17.8

–

–

–

51.6

2007

-17.5

28.8

17.9

17.4

44.4

9.6

35.6

2006

19.9

-10.6

13.8

13.7

43.6

25.2

13.4

61.2

2005

2.6

9.1

19.9

4.8

51.1

18.1

18.3

25.8

2004

-2.9

-13.9

14.7

16.5

17.7

Year

Qtr 1

Qtr 2

Qtr 3

Qtr 4

Annual

2008

-26.2

-13.1

–

–

–

2007

-3.2

20.9

9.7

21.3

2006

18.6

-13.0

16.8

2005

0.7

8.1

2004

-1.3

-14.4

Year

Source: hdfcfund.com, jmfinancialmf.com, amfiindia.com, Moneycontrol.com, valueresearchonline.com. (1) Compounded Annualised Returns. (2) HDFC: S&P CNX 500. JM: BSE Sensex. (3) Inception Date for HDFC is January 1, 1995 & for JM is April 1, 1995.

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Fund Performance HDFC Equity Mutual Fund

JM Equity Mutual Fund

From Date

NAV (Rs.)

To Date

NAV (Rs.)

From Date

NAV (Rs.)

To Date

NAV (Rs.)

3-Jan-00

8.502

11-Sep-08

36.827

3-Jan-00

12.684

11-Sep-08

15.718

Absolute Returns(1): 540.9 %.

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Absolute Returns(1): 321.5 %.

As per the above graph the fund’s performance was always as per the sensex performance that means the Fund manager has managed the fund well. Appropriate selection of the sector is been always a positive point of this fund.

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As per the above graph the fund’s performance was always as per the sensex performance till 2004 but after that the fund never picked up.

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Wrong selection of the sector by the Fund Manager was the reason for the fall in fund performance specially in Q1 2007.

Source: hdfcfund.com, jmfinancialmf.com, amfiindia.com, Moneycontrol.com, valueresearchonline.com. (1) Returns have been calculated after adjusting the NAV's for dividends, bonus & rights, if any.

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Equity Fund Survey Analysis ƒ

The sample survey has been done on 10 Investors. It has 15 questions which talks about their investment patterns, knowledge about Mutual fund industry, objectives of investment, time horizon to stay invested, AMc’s services provided to the investors and Fund and Fund Manager’s performance over the years.

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According to the survey, before investing in mutual funds 50% investors were investing in FDs, 30% in Saving accounts whereas Government Bond and balanced Mutual Funds got 10-10% share each.

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This survey reveled that almost 30% investors have invested in the HDFC Equity Mutual Funds and 20% in JM Equity Mutual Funds.

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JM Equity Fund investors have invested a lump sum amount in growth option in 2006 whereas, HDFC Equity Fund investors are into SIP with dividend payout option with the mind frame of earning income over the years.

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This survey also tells that 40% investors have an average knowledge of mutual fund industry whereas 30% are with below average knowledge.

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In terms of Customer services and regular updates from the AMC both the funds got same rating.

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Equity Fund Survey Analysis ƒ

The Survey also says that all the HDFC Equity Mutual fund investors and other Investors are happy with their Funds and Fund Manager’s performance. Whereas 50% Investors in JM Equity Fund are not satisfied with the Fund/Fund Manager’s performance.

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Looking at the current market situation almost 90% Investors are happy with their current Fund Manager and they think none other manager could have performed better than the him.

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10% investors think they should withdraw their money from the current fund (JM Equity Fund) and invest into Reliance Growth Fund which again is a Equity Diversified Fund which mostly invests in Large-caps.

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Other suggestion which came into picture was for Online transaction.

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•

10% investors say that HDFC AMC’s online buying of mutual fund’s procedure is lengthy and tedious.

•

Whereas 20% investors says JM AMC does not have online transact facility at all and they should come up with this facility.

According to the survey most Investors are satisfied with HDFC AMC services.

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Analysis — HDFC Equity Fund ƒ

The perpetual champion fund, HDFC Equity has been the first choice of investors and rightly so. Find out the reason behind the fund's exemplary performance year after year.

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This perennial winner has a massive fan following. And rightly so! Like a magician repeating a trick, HDFC Equity has beaten the category average every single calendar year since 1997.

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Its ability to identify opportunities at the right time is the key factor contributing to its success. For example, when the Supreme Court halted PSU disinvestment in September 2003, the fund sold its entire energy holding and built a fresh position in March 2004, when PSU stocks started rallying.

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Though the fund maintains a large-cap bias, it does not hesitate to invest substantially in stocks of smaller companies, as and when there are opportunities to exploit. Currently, large-caps account for 51 per cent of the assets while the mid- and small-cap allocations stand at 42 and 6 per cent respectively. The fund manager has always boldly ridden his convictions. He refrains from taking cash calls and prefers to remain fully invested at all times.

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Historically, his portfolio has been a focused 25-30 stocks. But the complexion of the fund seems to be changing on this front.

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The number of stocks has increased to over 45. And, the concentration in the top five holdings has been moderated from 35-40 per cent about a year ago, to just around 25 per cent now.

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This is probably not reflective of his stance but rather an adjustment to the size. Investors have flocked to this fund in droves making it the largest diversified equity offering of Rs 5,000 crore. And this very factor may be detrimental to the strategy of the fund.

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The fund's ability to identify opportunities and take meaningful exposure in them will be neutralised by its increasing size. The fund has displayed ample spunk till date, but it remains to be seen how it fares from here on.

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Over all a better fund than JM to invest if one want to invest in equity market and don’t want to get affected directly by the market movements.

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Analysis — JM Equity Fund ƒ

The average fund still JM Equity fund has been the choice of investors.

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After a rather indifferent performance in 2006, JM Equity has delivered an above-average return of 44.4% over the past year. The improvement in performance could be largely attributed to a higher allocation to mid-cap stocks, although a shift in sector preferences also appears to have helped.

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The fund's performance, however, trails that of several of its peers. While it has a similar risk profile to that of other diversified equity funds, the fund does not have a consistent track record. It has underperformed the benchmark indices during bear phases.

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Given the sharp rise in equities in recent months and expectations of greater volatility in the months ahead, investors would be better off sticking to funds that are better-placed to weather a correction in the market. JM Equity may continue to be a part of your portfolio in light of its recent pick-up in performance, but should not be a significant part of your overall holdings.

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After a poor performance in 2000 and 2001, it did better from 2002 onwards. It has however, invariably figured in the middle of performance rankings. Over the past year, its performance has picked up significantly. The fund is certainly not performing as per Sensex but it is trying hard to be in competition with other peer funds.

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The fund has capitalised on the rally in mid-cap stocks, explaining its index-beating returns. To put this in perspective, in July 2004, the fund had about 10% invested in mid-cap stocks or stocks with a market capitalisation of less than Rs 2,000 crore. In contrast, about 50% of its portfolio now comprises mid-cap stocks.

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The mid-cap focus has also caused a shift in sector preferences, which has worked in its favour. The oil sector, for instance, was the top holding in July 2004. Oil stocks are now absent from the portfolio. The sector has incidentally, been an underperformer over the period.

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After 2005 the fund is trying to be in competition with other funds by giving competitive returns.

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Equity market conditions are always volatile but only a good fund manager can survive by rotating the money in different sectors based on the performance of the sectors.

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Conclusion ƒ

From the portfolio analysis and other parameters it is very clear that both the funds have always performed good and given impressive returns as per their benchmarks.

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When both the funds are compared among each other, It has been cleared that HDFC Equity fund has been outperformed over the years.

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The JM Equity Fund is performing at par with the benchmark (Sensex) so as HDFC Equity Fund (S&P CNX 500) but when compared with the actual returns HDFC Equity Fund’s returns has given impressive returns.

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Even when compared with its peer Equity Funds HDFC Equity Fund stands at 19th Rank (as on 12 Sep, 2008) with 33.45% absolute returns in 5 years whereas JM Equity Fund stands at 44th Rank (as on 12 Sep, 2008) with only 25.81% absolute returns in 5 years.

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Both the funds are concentrating on Large and Mid cap stocks but its only the sector which affects the returns. Its where the Fund Manager’s role comes into picture. HDFC Equity Fund manager Mr. Prashant Jain scores full marks in sector switching as and when market situation permits.

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Conclusion ƒ

Dividend history table of both the funds from their date of inception:

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From the above table its clear that HDFC Equity Fund has always given better dividend to the investors.

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Its always advisable to invest in Equity Fund rather than directly investing into stock market for safe & good returns with the long term perspective.

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Also keeping in mind the current market situation one should be advised to go for SIP (systematic Investment Plan) for safe investment.

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Thank You Note: Mutual Fund investments are subject to market risks. Please read the offer document carefully for details on risk factors before investment.