ET-Wealth 13-19 NoV 2023

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D I WA L I S P EC I A L I SS U E A ROAD MAP FOR

INHERITORS P10
THE ECONOMIC TIMES
www.etwealth.co | Ahmedabad, Bengaluru, Chennai, Hyderabad, Kolkata, Mumbai, New Delhi, Pune | Volume 13 No. 46 | November 13-19, 2023 | 24 pages | `8
MOST
WANTED
STOCKS
2023
ET Wealth lists six stocks that have been
favoured by fund managers in the past
four quarters. P2
PICK HIGHLY SHOULD YOU HOW MANY

DIVERSIFIED INDULGE HOURS
EQUITY IN ‘GIRL SHOULD
FUNDS MATH’? YOU WORK?
P8 P11 P12
NG 3.7 PubDate: 13-11-2023 Zone: ETWealth Edition: 1 Page: ETWDP2 User: saurabh.gupta3 Time: 11-10-2023 18:59 Color:
cover story
02 The Economic Times Wealth November 13-19, 2023
MOST
WANTED
STOCKS
2023
ET Wealth lists six stocks that have been favoured by
fund managers over the past four quarters.
GETTY IMAGES
by Sanket Dhanorkar Stocks fund managers are betting on
T
he stock market has given a MF HOLDING (AS % OF SHARE CAPITAL) NUMBER OF SHARES
thoroughly bumpy ride to inves- INCREASE IN MF
COMPANY BOUGHT BY FUNDS IN
HOLDING (%)
tors over the past year. Equities SEP 2022 SEP 2023 THE PAST YEAR
sprang back smartly from the
bearish grip of the previous
year, only to head into 2023 on a weak foot-
1 Can Fin Homes 21.72 25.33 3.61 2,38,569
ing. The indices again marked a sharp

comeback after March this year, scaling
2 Muthoot Finance 10.38 13.67 3.29 46,91,767
the wall of worries around persistent high

inflation and geopolitical conflict. Mid-
3 Deepak Nitrite 5.70 8.58 2.88 11,36,404
and small-cap stocks particularly caught
investors’ fancy. This mania was brutally
4 Coromandel International 14.89 17.39 2.50 75,131
undone amid the breakout of the Israel-
Hamas conflict, which threatened to spiral 5 LTIMindtree 4.74 7.23 2.49 6,74,764
into a broader regional war.
Throughout this turbulent phase, fund 6 ICICI Lombard 13.73 15.54 1.81 16,40,096
managers kept their fingers on the pulse of Refer to methodology for rationale of including above stocks. | Increase in holding between 30 Sept 2022 and
corporate earnings. Even as investors’ 30 Sept 2023. Stocks sorted on the basis of % rise in MF holding. | Compiled by ETIG Database.
cover story
The Economic Times Wealth November 13-19, 2023 03
emotions swung from opti-

mism and unbridled greed to
creeping uncertainty and fear,
ing returns since 2016.
There is an important les-
son here for those who invest
How the most wanted
these market mavens shunned
the noise and kept scouting for
businesses to invest in.
in stocks directly. You may
get lucky with a few stock
investments, but fund manag-
stocks were identified
In the tenth edition of ‘Most ers know when to invest in a
Wanted Stocks’, we have stock much before it becomes From the BSE 500 index, we identified stocks whose share in mutual fund
holdings has consistently risen over the past four quarters. Of the 496
1
identified six stocks that fund a market favourite. How many
companies, for which shareholding data was available, 86 stocks passed
managers have been most of us had known about Polycab
this primary filter.
bullish on. We studied the in 2021? Fund managers were
shareholding data of BSE 500 buying shares of the electrical
companies to see which stocks giant furiously that year. The
have seen a consistent rise in stock has more than doubled in To ascertain that the stocks qualifying for this study enjoyed a broad-based
interest from mutual funds, we picked only those in which mutual fund
2
mutual fund holdings in the value since then.
holding was at least 5% of the company’s total share capital, and which were
past four consecutive quarters A word of caution, though.
held by at least 20 equity schemes as of September 2023.
since September 2022. To keep The fund managers have been
outliers away, we applied sev- adding these names over time,
eral quantitative filters while staggering their entry, start-
shortlisting the most preferred ing at much lower valuations.
For the latter, we considered only diversified equity schemes and excluded
3
stocks (see graphic). They also move out of positions
This annual exercise has within two-three years as mar- all sectoral, thematic and hybrid schemes. This left us with 37 stocks.
delivered exemplary results ket conditions, valuations and
over the past nine years. Two business fundamentals evolve.
of the picks identified in 2014, YES Bank was in the 2015 list
Atul and Vinati Organics, have and touched a high in 2017, but These were further screened for a healthy return profile, boasting an
4
risen more than five times, gen- was promptly offloaded by average return on equity (RoE) of more than 15% over the past three
erating compounded annual mutual funds after the fiasco years. The list came down to 14 stocks.
returns of 20% and 27%, respec- unfolded the following year.
tively in the past nine years. So, investors would do well to
Bajaj Finserv and Coromandel exercise caution and not mimic
International have clocked the moves of the asset manag- We then weeded out stocks that are trading at very exorbitant valuations,
have a deteriorating return profile, and have a higher proportion of ‘sell’
5
a CAGR of more than 25% ers blindly.
since 2015. PI Industries and Check the success rate of our recommendations by analysts. This led us to the final list of the six most
Cholamandalam Finance and previous nine years’ editions of sought-after stocks among mutual funds.
Investment have given scorch- ‘Most Wanted Stocks’ on page 6.
M
ortgage financier Can Disbursals were muted due to to 3.8%. A further boost to NIM is
CAN FIN HOMES Fin Homes is expected to strengthening of processes and expected due to repricing of addi-
benefit from the tailwind internal controls, along with tional loan books. Going forward,
Mortgage financier to benefit from

of a softening interest rate cycle transition towards more secure the lender is increasingly focus-
and strong housing demand. It IT infrastructure. The company ing on the higher ticket-size hous-
strong demand and robust metrics has shown its ability to deliver
superior return ratio metrics
expects disbursals to pick up
with loan growth guidance of
ing loan segment of `25-50 lakh.
The newly activated approved
DIV YIELD 3-YEAR AVG amid high competitive intensity. 18-20% reiterated despite the pre- project financial (APF) channel
CMP (`) MCAP (`CR) PE PBV
(%) ROE (%) With a strong parentage, it enjoys vailing high competitive inten- of sourcing (builder tie-up) is
759 10,100 15.33 2.77 0.46 18.09 low funding cost, and its asset sity. Lagged loan repricing and likely to contribute meaningfully
quality continues to be the best mild softening in the funding en- to growth, as well as productivity
CMP, MCap, PE, PBV and dividend yield data as on 1 Nov 2023.
in class among peers. The only vironment helped improve NIMs gains from existing branches.
MF holding as % of
33
Schemes that distraction during the September
total share capital hold the stock quarter was a one-off incident of
Analyst recommendations
fraud totalling `40 crore, which
25.16% 25.33% has been fully provided for.
21.72% 21.82% 22.93% Buy | 17 Hold | 5 Sell | 1
Can Fin Homes and BSE 500

Market “Incremental
value of MF 180
holding loan growth
`1,389 cr `1,555 cr `1,615 cr `2,601 cr `2,579 cr is likely to 160
Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023
be driven by Can Fin
Top 5 funds holding Can Fin Homes higher ticket 140
Homes
146.5
SCHEME
HOLDING (AS
% OF CORPUS)
AMOUNT
INVESTED (` CR) sizes, branch
Sundaram Small Cap 3.07 82 additions and 120
Axis Small Cap 2.48 401 improved

100
Tata Multicap 2.1 52 branch and BSE 500
107.4
Baroda BNP Paribas Value 2.02 31 employee 80
Canara Robeco Small Cap 1.82 142 productivity.” 1 Nov 2022 31 OCT 2023
Only diversified funds in which value of holding is more than `10 crore considered. Sectoral HDFC SECURITIES
Share price and index values normalised to a base of 100.
and thematic funds not included.
cover story
“Management Analyst recommendations

MUTHOOT FINANCE indicated that Buy | 15 Hold | 5 Sell | 4
yields are a
Anticipates robust growth in gold function of Muthoot Finance and BSE 500
loans despite rising competition borrowing costs. 140
It is confident
T
he continued momentum at 11%. Some deterioration in asset
in gold loan offtake is
expected to drive healthy
quality was observed, largely on ac-
count of the extended time given to
of passing on Muthoot
Finance
growth for market leader, customers. However, the manage- higher costs 120 121.6
Muthoot Finance. The previ-
ous quarter saw 17.6% loan
ment remains confident of recovery
due to the nature of security. Strong
via hikes,
growth y-o-y, with its active growth in non-gold businesses maintaining the BSE 500
customer base rising by 5% to (home loan, vehicle loan, microfi-
spread at 10% 107.4
100
5.4 million. Average monthly nance) also bodes well for the firm.
disbursements surpassed It is expanding outside Tamil Nadu and NIM at 11%.”
the all-time high recorded in to diversify the geographical mix. NIRMAL BANG
Jan-March 2023, growing by
40% y-o-y to `17,900 crore. The 80
DIV YIELD 3-YEAR AVG
average ticket size also in- CMP (`) MCAP (`CR) PE PBV
(%) ROE (%) 1 Nov 2022 31 OCT 2023
creased by 14% to `79,000. The
1,301 52,236 13.69 2.41 1.69 22.98 Share price and index values normalised to a base of 100.
management reiterated a 15%
growth in gold AUM for 2023-24
as demand is picking up pace
MF holding as % of Top 5 funds holding Muthoot Finance
and competitive pressure by
banks seems to be easing. Even total share capital
Schemes that
hold the stock 38 SCHEME
HOLDING (AS AMOUNT
% OF CORPUS) INVESTED (` CR)
as the net interest income im- 12.51% 13.67%
proved by 23%, the reported 10.38% 10.63% 11.29% SBI Focused Equity 6.43 1,916
net interest margin contracted ICICI Pru Focused Equity 2.56 138
by 84 bps on lower gold yields
and higher cost of funds. The
SBI Multicap 2.23 296
Market
management is confident of value of MF SBI Large & Midcap 2.02 318
passing on the higher costs holding
Union Midcap 1.99 17
through hikes and maintain- `4,334 cr `4,540 cr `4,440 cr `6,222 cr `6,875 cr
Only diversified funds in which value of holding is more than `10 crore considered. Sectoral
ing the spread at 10% and NIM Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 and thematic funds not included.
C
hemicals maker Deepak from high inflation and slow- products some time in the next
DEEPAK NITRITE Nitrite is also witnessing down in the Euro zone. fiscal year. DN is aggressively
some near-term concerns. Despite this, the company has pursuing both backward and for-
Targets pole position in segment

The glut in global supply of phe- not lost market share in any of ward integrations. The company
nol, the primary contributor the products. Its capex plans are aims to become the largest player
despite near-term concerns to the company’s earnings, is

putting pressure on its margins.
on track, which would be funded
through a mix of internal ac-
in solvents, with a play on im-
port substitution. It has already
DIV YIELD 3-YEAR AVG China appears to keep on adding cruals and debt. Its production stated its intent to venture into
(%) ROE (%) phenol capacities as it moves to- volumes are expected to rise, manufacturing of polycarbonate,
1,960 26,734 34.84 6.54 0.38 21.40 wards self-sufficiency. not least because of enhanced a high value polymer. This would
Despite operating at a record capacity after debottlenecking put the company in the league of
utilisation (~135%), DN’s phenol and rolling out of downstream the chosen few globally.
MF holding as % of
21
Schemes that business witnessed some 20%
total share capital hold the stock drop in revenue in the previous
quarter. Its advanced intermedi-
8.58% ates business has also suffered
7.30% 7.74% Buy | 10 Hold | 3 Sell | 5
5.70% 5.93%
Deepak Nitrite and BSE 500
Market “Deepak Nitrite
value of MF 120
holding has not lost
`1,584 cr `1,606 cr `1,834 cr `2,295 cr `2,481 cr market share 110
in any of the BSE 500
Top 5 funds holding Deepak Nitrite 107.4
products. Its 100
SCHEME
HOLDING (AS
% OF CORPUS)
AMOUNT
INVESTED (` CR) capex plans are
Motilal Oswal Midcap 6.5 387 on track, which 90
Motilal Oswal Flexicap 4.03 329 would be funded Deepak

Nitrite
Franklin India Smaller Companies 3.03 294 through a mix of 80
85.4
Franklin India Prima 2.54 223 internal accruals 70
Canara Robeco Mid Cap 1.82 29 and debt.” 1 Nov 2022 31 OCT 2023
Only diversified funds in which value of holding is more than `10 crore considered. Sectoral MOTIL AL OSWAL SECURITIES
cover story
A
grochemicals company sistent destocking and dumping The new herbicide plant at Dahej
COROMANDEL INTERNATIONAL Coromandel International
continues to be among the
by China.
Yet, CPC exports bucked the
is nearing completion, even as
a new sulphuric acid plant was
preferred names for fund manag- global headwinds and saw 20% commissioned in Vizag. The
Eying long-term growth, inspite ers and analysts alike. This is
despite near-term headwinds of
year-on-year revenue growth,
aided by strong volume growth
higher adoption of complex
fertilisers (against urea) also
of near-term challenges continued margin pressure in in the Latin America/Africa bodes well. A potential foray into
the crop protection (CPC) busi- markets. CPC business revival contract development and manu-
DIV YIELD 3 YEAR AVG
CMP (`) MCAP (`CR) PE PBV ness. For the September quarter, is likely to be seen after 2-3 years facturing (CDMO) or speciality
(%) ROE (%)
Coromandel reported revenue on the back of `1,400 crore capex chemicals, and ramp-up of drone
1,048 30,850 15.24 3.90 1.14 26.87 decline led by lower subsidy reali- for setting up three multi-product business would support medium-
CMP, MCap, PE, PBV and dividend yield data as on 1 Nov 2023. sations in the fertiliser business. plants (MPP), pending approvals. to long-term earnings growth.
MF holding as % of The crop protection business per-
total share capital

Schemes that
hold the stock 53 formance was adversely affected
by below-average rainfall in its Analyst recommendations
17.38% 17.39% key market areas. It is also facing
15.19% 15.86%
14.89% global headwinds caused by per- Buy | 13 Hold | 0 Sell | 0
Coromandel International and BSE 500

Market “The recent
value of MF 130
holding investment
`4,336 cr `3,943 cr `4,101 cr `4,845 cr `5,862 cr in backward 120
integration has Coromandel
Intl
Top 5 funds holding Coromandel Intl improved the 110 108.0
SCHEME
HOLDING (AS
% OF CORPUS)
AMOUNT
INVESTED (` CR) margin outlook BSE 500
DSP Midcap 3.86 581 for the fertiliser 100 107.4
NJ Flexi Cap 3.85 19 business, while
DSP Focus 3.32 66 the CPC business 90
JM Midcap 3.29 16 would benefit 80

SBI Magnum Midcap 3.27 433 from launches.” 1 Nov 2022 31 OCT 2023
Only diversified funds in which value of holding is more than `10 crore considered. Sectoral SHAREKHAN
LTIMINDTREE “We believe
that LTIM will Buy | 21 Hold | 11 Sell | 9
Confident of better H2 show on continue to grow
LTIMindtree and BSE 500
sustained deal activity at a premium
120
to tier 1 IT, and
L
TIMindtree is seeing However, analysts believe that eas-
healthy traction in large,
multi-year deal wins.
ing of supply side pressures and op-
erational efficiencies will help the
its margin will LTIMindtree
It saw robust order intake company to improve its margins. converge with 110
104.5
of $1.3 billion in the quarter
amid weak demand marked by
The company expects margins for
2023-24 to come in at 17-18%, as cost
tier 1 IT median,
cautious client discretionary optimisation programmes are de- driving superior 100
BSE 500
spending. The management
continues to witness repri-
livering the desired result. Besides,
LTIMindtree’s valuations remain
earnings 107.4
oritisation of spends, which most attractive within the large- growth.” 90
is driving significant deal cap IT on a forward earnings basis. HDFC SECURITIES
momentum towards longer-
tenure deals for vendor consol-
idation. It remains confident of 80
DIV YIELD 3 YEAR AVG
delivering a better H2 perfor- (%) ROE (%) 1 Nov 2022 31 OCT 2023
mance, backed by ramp-up of 4,997 1,47,864 33.40 8.91 1.20 31.82 Share price and index values normalised to a base of 100.
deals, sustained deal activity,
CMP, Mcap, PE, PBV and dividend yield data as on 1 Nov 2023.
expected broad-based recov-
MF holding as % of Top 5 funds holding LTIMindtree
104
ery and a strong pipeline. Schemes that
In the September quarter, total share capital hold the stock
SCHEME
HOLDING (AS AMOUNT
utilisation remained at its % OF CORPUS) INVESTED (` CR)
7.01% 7.23%
highest in 10 quarters (86.6%),
4.74% 5.99% 6.82% UTI Flexi Cap 6.24 1,587
supported by favourable sup-
ply side metrics. A key positive Samco Flexi Cap 4.75 36
is that the company’s attrition Quant Tax Plan 4.69 231
dropped to 15.2% against 17.8% Market
in the last quarter. In the near value of MF Bandhan Large Cap 3.9 45
holding
term, lower revenue growth, UTI Focused 3.81 88
high onsite cost and transition `3,709 cr `7,738 cr `9,599 cr `10,776 cr `11,152 cr Only diversified funds in which value of holding is more than `10 crore considered. Sectoral
cost could act as headwinds. Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 and thematic funds not included.
cover story
“With the Analyst recommendations

ICICI LOMBARD overhang of the Buy | 18 Hold | 6 Sell | 3
ICICI Bank stake
Robust strategy execution sale and the ICICI Lombard and BSE 500
despite competitive landscape MD succession 130
resolved, as well
I
CICI Lombard continues ing profits, along with investment
to show strong execution of
its stated strategy of profit-
income, to lead to higher return on
equity (RoE) going forward. ICICI
as operating 120 ICICI
Lombard
able growth. The management Lombard is further expanding its performance 117.5
seems to have identified multi-
ple levers for driving business
distribution network to increase
penetration in tier 3 and tier 4 cit-
ticking the right 110
across the segments to achieve ies. With the appointment of ICICI boxes, ICICIGI BSE 500
100 107.4
102% combined operating
ratio (CoR) by 2024-25, with
group veteran Sanjeev Mantri as
MD & CEO, the management transi-
is poised for a
1-2% higher-than-industry tion appears to be smooth, ensuring re-rating.” 90
premium growth. This con- continuity in growth trajectory. EMK AY
fident outlook is reassuring
at a time when the external 80
DIV YIELD 3-YEAR AVG
environment is dicey, with CMP (`) MCAP (`CR) PE PBV
(%) ROE (%) 1 Nov 2022 31 OCT 2023
high competitive intensity in
1,357 66,677 37.94 6.42 0.74 18.27 Share price and index values normalised to a base of 100.
the motor segment and chang-
ing distributor payouts after
the new regulations. ICICI
MF holding as % of Top 5 funds holding ICICI Lombard
Lombard’s motor gross direct
premium income (GDPI) mix total share capital
Schemes that
hold the stock 49 SCHEME
HOLDING (AS AMOUNT
% OF CORPUS) INVESTED (` CR)
has increased in favour of the 14.96% 15.21% 15.54%
13.73% 14.30% SBI Focused Equity 3.96 1,179
two-wheeler segment, while
commercial vehicle mix has Samco Flexi Cap 3.95 30
declined. Overall, motor loss
ratio has improved to 65.8%
UTI Focused 3.25 75
Market
in Apr-Sept 2023-24, from 72% value of MF ICICI Pru Focused Equity 2.54 137
in the corresponding period holding
ICICI Pru ELSS Taxsaver 2.42 274
a year ago. Analysts expect `7,759 cr `8,674 cr `7,859 cr `10,044 cr `9,989 cr
Only diversified funds in which value of holding is more than `10 crore considered. Sectoral
improvement in underwrit- Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 and thematic funds not included.
2022 basket delivered 23.2% vs 10.7% by index

Except one, all the scrips in last year’s list of Most Wanted Stocks have fetched handsome returns.
O PAST YEARS’ REPORT CARD

ur previous baskets of recom-
mendations have generally
fared well, barring two par-
ticularly bad years. As is typically Six out of nine previous portfolios of Most
observed in investing, a few bets in
every portfolio have contributed to the Wanted Stocks have given outsized returns
bulk of return. This is most evident in
ANNUALISED RETURN CURRENT VALUE (`)
our 2014, 2015, 2016 and 2018 portfolios. INVESTED
YEAR
VALUE (`)
These baskets delivered outsized re- PORTFOLIO BSE 500 TRI PORTFOLIO BSE 500 TRI
turn on the back of large payoff from
2-3 positions. The notable exception 2014 15.0% 12.8% 79,820 2,58,109 2,35,091
is the 2019 portfolio, where all bets
have delivered healthy return. This 2015 18.0% 13.7% 68,500 2,36,477 1,91,299
has allowed the portfolio to deliver a
whopping 27% annualised return, leav- 2016 15.4% 14.2% 69,697 1,79,067 1,76,848
ing indices trailing in its wake. TVS
Motor Company, Cummins India and 2017 5.3% 12.3% 69,850 83,618 1,39,824
Sundram Fastners generated the most
value. Last year’s list of most preferred 2018 19.6% 16.0% 69,433 1,60,660 1,45,706
stocks by MFs also saw all bets fetch-
ing handsome returns, barring one. 2019 27.4% 16.4% 69,386 1,73,961 1,27,251
JB Chemicals and KEC International
were the stars of the show. The 2020 2020 19.5% 22.0% 68,437 1,13,910 1,24,338
portfolio also fetched healthy returns,
with all bets in the green, but still 2021 1.8% 6.6% 67,907 69,072 77,178
lagged the broader index. Portfolios of
2017 and 2021 disappointed badly, yield- 2022 23.2% 10.6% 55,931 67,895 61,896
ing a paltry return. The 2017 basket saw
two sour NBFC bets sinking the ship, Data as on 7 Nov 2023 | Compiled by ETIG Database | All returns, excluding 2022, are annualised. Returns are calculated from respective date of publication of each
while the 2021 basket had four bad ap- edition. | Total return includes dividends. Value of `10,000 invested and final portfolio value excludes dividends. | Sum invested in each stock not exactly equal to
`10,000 as number of shares bought rounded off as per purchase price. Total invested amount considers sum invested in each stock.
ples dragging the portfolio down.
guest column
The case for hybrid funds

Though these funds offer neither the best returns, nor maximum safety,
they work well for the average investor, says Dhirendra Kumar.
O
ver the past few years, by short-term predictions and as they have a single purpose: edge and ability to withstand
an unending series of general trepidation. The succes- the former is for high returns volatility. For these individuals,
dramatic events has sive crises have disrupted conven- and the latter for safety. Hybrid hybrid funds offer an ‘invest
created uncertainty tional investment balances, or at funds are a mix of both. They and forget’ strategy that does
and volatility for eq- least given an impression that this never offer the best returns not require day-to-day thought
uity investors. Even though these has happened. Besides, the rising or maximum safety. Yet, they and effort. It’s an investment
events appear to be black swans, inflation rates surpassing fixed make sense for people most of tool that simplifies one’s en-
the approach that investors need income returns in most parts of the time. gagement with the market and
to take in order to protect them- the world have presented new The practicality of hybrid reduces the stress associated
selves is straightforward and challenges. funds becomes apparent when with the kind of environment
DHIRENDR A KUMAR predictable. The traditional advice during one considers the average inves- that we have been witnessing
CEO, VALUE RESE ARCH The strange thing is that the such times is to adjust one’s asset tor’s constraints—time, knowl- since February 2020.
unease created by such events has allocation, a recommendation
money
been made worse for some inves- I’ve often supported. The theory is
tors because of a partial reversal straightforward: if your portfolio
mysteries of a long-standing trend. Long-

time readers may have noticed my
balance is off, fix it. However, in
reality, this is easier said than
recurring observation regarding done for an average individual.
the heavy dependence of Indians Tracking and adjusting one’s port-
on traditional fixed income in- folio to align with tax considera-
vestments. It’s well known that tions is difficult, with equity and
India favours such investments, debt markets growing at incon-
The practicality of with many habitually opting sistent rates, and taxable implica-
hybrid funds becomes for the PPF, and bank and post tions for each transaction.
apparent when one office deposits as their go-to sav- So what’s a practical and effec-
considers the average ings mechanism. I’ve regularly tive solution for investors? The
highlighted the importance of bottom line is that every person
investor’s constraints—
directing at least some long-term has to have fixed income invest-
time, knowledge and
savings towards equities or equi- ments. The only question is which
ability to withstand ty-oriented mutual funds. type they should go for. Those who
volatility. For such However, an emerging trend like to keep it simple can easily opt
people, hybrid funds is that a segment of the younger for hybrid funds. However, this is
offer an ‘invest and saver population is embracing not the entirety of a sound invest-
forget’ strategy that equities with excessive enthusi- ment strategy. Any funds needed
asm. New investors, who start within the next three to five years
does not require day-to-
with equity mutual funds and see should be secured in fixed income
day thought. It’s a tool
positive outcomes initially, tend to to ensure safety and accessibility.
that simplifies one’s shift their entire portfolios to equi- Between fixed income and hybrid
engagement with the ties. This is not a deadly mistake, funds, investors can cover their
market. but given the chain of dire global entire asset allocation needs with-
events since February 2020, it’s out time and effort, and it’s possi-
something that needs to be tem- bly sufficient for most.
pered. As the pandemic eased and There is a sort of knowledge bar-
the conflict in Europe, and now rier to investing in hybrid funds.
in the Levant, has escalated, the Equity or debt funds are simpler
resulting global inflation,
currency fluctuations,
volatile stock markets, in-
creased interest rates by
central banks, Western
sanctions, China’s dis-
ease/economic strug-
gles, waning demand,
and looming recession
have taken their toll.
Somehow, it has left many
investors, even the sea-
soned ones, a little breath-
less, and wondering if
a change in investment
tactics is in order.
At the start of this
cycle, the response to the
pandemic saw a drastic
sell-off in equities, but
subsequent market fluc-
tuations have led to er-
ratic investments driven
mutual funds
GETTYIMAGES
Pick highly diversified equity funds

Equity funds with a wider spread across stocks and sectors could prove effective amid rising volatility.
by Sameer Bhardwaj Equity funds with the most diversified portfolios
T
he market or non-diversi- AUM Returns (%) Sortino Turnover Weighted
Fund
fiable risks have risen in (` crore) 1-year 3-year ratio (%) ratio (%) average PE
the past few months due to a
Nippon India Small Cap Fund 37,374.4 33.79 43.07 1.94 21 44.83
jump in the US dollar index,
rise in the US 10-year bond Nippon India Growth Fund 19,247.2 27.07 32.14 1.43 25 46.06
yield, volatile crude prices and weak-
HSBC Small Cap Fund — Reg 11,650.1 31.19 40.47 1.69 17 41.04
ening rupee. The uncertainty around
the Israel-Hamas conflict, coupled UTI Mid Cap Fund-Reg(IDCW) 8,973.6 16.41 25.47 0.81 21 54.58
with higher inflation and elevated
interest rates, has also added to the Franklin India Prima Fund 8,781.0 18.84 23.29 1.05 24 46.85
volatility. Equity diversified funds are HSBC Midcap Fund — Reg 8,151.4 24.01 22.54 1.53 23 42.03
best placed to manage such volatility
as diversification helps reduce market Canara Rob Small Cap Fund — Reg 7,821.2 19.70 36.20 1.09 4 43.98
risks. The data analysed, using ACE Invesco India Midcap Fund 3,479.2 20.26 25.38 1.16 69 58.59
MF database, shows that the funds
that have spread their corpus across Edelweiss Small Cap Fund — Reg 2,455.3 26.84 36.09 1.55 22 44.55
an ample number of stocks and sectors
Mahindra Manulife Mid Cap Fund — Reg 1,569.6 27.31 30.82 1.49 98 39.17
have performed better in the recent
past, compared to those that are con- Category average (all equity diversified funds) 16.44 24.14 0.94 65.40 41.50
centrated in a few stocks or sectors.
AUM & turnover ratio for September 2023. Returns based on 6 November 2023 NAVs. Sortino ratio based on 3 November 2023 NAVs. Source: ACE MF.
How markets are placed in their latest monthly portfolios were in- ry average) delivered 19.2% returns, against Morningstar India were screened.
The benchmark BSE Sensex lost over cluded, and 146 funds were selected. A wide the other group’s 12.4%. The category aver-
1,637 points in October 2023, which was range was observed in the 12-month average age of all equity diversified funds was 15.3% Attributes of selected funds
the highest monthly absolute loss in concentration of AUM in the top five stocks (analysis based on 3 November 2023 NAVs). The aggregate AUM of these 10 funds stood
2023. Though the markets have made and top five sectors. For stocks, the range of The performance of better diversified at `1.1 lakh crore at the end of September
some recovery in November due to fall- concentration was between 10% and 40%. funds is also reflected in the risk-adjusted 2023 and grew by 48.1% y-o-y. Comparatively,
ing crude oil prices and softening of US For sectors, the range varied between 37% returns—Sortino and Treynor ratios. While the AUM of the category grew by 32.3% y-o-y.
bond yields, they are expected to stay and 68%. To identify funds with better di- the Treynor ratio measures the excess The group’s average portfolio turnover ratio
volatile over the next few months. versification, the average concentration (in return that a fund generates relative to the stood at 32.4% against the category average
A Prabhudas Lilladher Diwali Picks both stocks and sectors) of each fund was market risk, the Sortino ratio measures the of 65.4%. Eight out of 10 funds have turnover
report expects the next few months to compared with the category average. There excess return relative to the downside risk. ratios lower than the category average in
be volatile due to the El Nino impact on are 60 funds with respective 12-month aver- The group with lower concentration risk de- September. The portfolio turnover ratio
inflation, global volatility in commod- age concentration lower than the category livered average Treynor and Sortino ratios reflects the percentage of portfolio holdings
ities and interest rates. “The strong averages. Such funds deployed a lower pro- of 1.7% and 1.2%, respectively, against 1.1% that were changed in a year. Looking at the
resilience of the US economy, despite portion of their corpus in the top five stocks and 0.77% by the group of funds with AUM in portfolio composition, Persistent Systems,
high inflation, is likely to keep policy or sectors (compared to average), which top five stocks/sectors higher than the cat- Federal Bank, Emami, Voltas and Indian
rates high, which can impact FPI in- implies there is relatively better portfolio egory average. Such ratios are calculated for Hotels are among the stocks that were held
flow in the near term,” it states. diversification. a one-year period using daily NAVs and are by most of the selected funds in September.
The group of such funds delivered 18.9% not annualised. In terms of sectors, banking & finance,
Equity fund concentration returns in the past year. The group that has The 10 funds listed in the table have been capital goods, automobiles, steel and power
ET Wealth tried to study the concen- a concentration (in top five stocks/sectors) selected by sorting 60 funds in the ascending were among the favoured sectors of most of
tration of equity diversified funds, higher than the category averages delivered order of the difference between the 12-month the selected funds in terms of the number of
in terms of their respective average 11.8% returns. The one-year category aver- average concentration in the top five stocks shares held in September 2023.
concentration of AUM in the top five age of all equity diversified funds was 14.6%. and the category average. From the sorted
stocks and sectors, over the last year. The outperformance was also visible in the list, those with an AUM of over `1,500 crore
The latest data is for September 2023. past six months’ returns. The group of funds were included. Also, funds with ratings of Please send your feedback to
etwealth@timesgroup.com
The funds holding at least 40 stocks with lower concentration (relative to catego- 3 star and above from ValueResearch and
financial planning
Spending PAPER WORK

:: Investing in gold
Apart from being a different asset class
priorities
for investing, gold has a significant
cultural, social and religious value in
India. While traditional ways involve
purchase of physical gold in the form of
for new
jewellery or gold coins, there are other
approaches to gain an exposure in gold.
GETTY IMAGES
Gold exchange-
earners
traded funds (ETFs)
Gold ETFs are listed on
the Indian stock exchanges and
provide an efficient way to invest in
gold without the need for physical
storage. They offer flexibility for in-
vestors to trade in gold electronically.
Gold mutual funds

One can invest in gold
mutual funds, which
diversify their investments across
various forms, including stocks of gold
mining companies and related assets.
G
Gaurav is worried about the ris- aurav should start trying to plaining to his parents that he would
Sovereign gold bonds
bring some balance to the like to become debt-free in order to be
ing demands on his new income. way his income is being ap- able to spend better. Issued by the government
He has just completed his post- portioned. Since a large part During the period that he will be of India, SGBs offer a secure
goes towards his loans, there is a limited prepaying his education loan, with sav- and efficient investment option. With
graduation in management and an annual interest rate and potential
amount available for other expenses. ings from the car loan, he would have a
has been working for the past While he may be reluctant to let his par- limited amount of surplus to spend on
for capital appreciation, they are fa-
voured by risk-averse investors.
six months. He lives with his ents know how much he earns and where other things. He should be able to tell his
he spends it, it is important for him to set parents that his finances will be back on
parents and is yet to be married. track once the loan is out of the way, and
their expectations realistically.
He had thought that he would be Physical gold
The critical component here is the should fix a time frame for the same. He This can be in the form of
able to save most of his salary, loan. Any default in either of these would can request their understanding until jewellery, which serves
impact his credit score and affect his this period is over. both ornamental and investment
but finds himself paying a size- ability to take loans, say, for a house, in After this, he should start contribut- purposes, and is often passed down
able amount as EMIs for his edu- the future. It might be helpful to evaluate ing a fixed amount every month towards through generations. Physical gold
whether he needs a car so early on in his the household expenses. He should can also be bought as coins and bars
cation and car loans. He is also
financial life. He may want to accept that ensure that this is in keeping with the available with jewellers or banks.
expected to bear several expens- the purchase was impulsive, sell the car money he is saving on rent and other
es for the household. He has been and pay back the loan. A car is a depreci- expenses because he is staying with
ating asset and investing in it so early in his parents. If he manages to keep his Gold plans & schemes
using his credit card, but worries life would affect other aspects of spend- spending limited during this period and Banks and jewellers offer
about piling on debt. He is also ing. Taking this step would also enable demonstrates with his actions that he plans to systematically in-
does not have too much to spend, he will vest in gold over a specified
afraid of bringing up the topic him to explain to his parents how he has
period. Customers can deposit fixed
taken harsh decisions about his money. be able to bring down their expectations
with his parents. How should he He can then bring up the education from him and manage his finances in a
installments regularly and receive gold
jewellery at the end of this period.
take control of his finances? loan and fast-track its repayment, ex- better manner.
Content on this page is courtesy Centre for Investment Education and Learning (CIEL).
Contributions by Girija Gadre, Arti Bhargava and Labdhi Mehta.
smart things to know

Category III Alternative Investment Funds
1
Category III
AIFs invest in
securities of
listed as well
2 3 4 5
These can
be open-
The income
earned by this
as unlisted ended or The A Category fund is subject
investee closed- minimum III AIF to taxation at
companies, ended ticket can take the AIF level
derivatives, funds. For a size for leverage and depends on
complex or closed-end- invest- positions of the structure of
structured ed fund, the ing in up to two incorporation
products, or minimum Category times the of the AIF as a
other AIF tenure is III AIFs is total fund trust, LLP or a
units. three years. `1 crore. corpus. company.
financial planning
A road map for inheritors

Both parents and inheritors need to prepare for the wealth transfer. This is to ensure that it is not frittered away,
but used to enhance the quality of their lives by aligning it with their life goals, says Uma Shashikant.
attitude towards their privilege, and engage
with the world from a position of strength as
creators, givers and nurturers.
Sixth, allow inheritors to pursue what
they believe will earn them a place in the
world they live in. Many fear that they may
not be as successful as their parents. They
think that whatever they do, they will be
compared with their parents, and fall short.
Inheritors develop negative associations
GETTY IMAGES
with their wealth if they see it as establish-
ing their inferiority in some way. They
behave carelessly, or invest aggressively in
ventures to make a point, or pursue abso-
lutely diverse purposes that their parents
disapprove of. Involve external advisers,
or someone the children look up to, to help
them use their wealth as a springboard for
their own lives.
Seventh, inheritors may suffer from poor
quality relationships. The super-rich tend
to move in close circles with people like
them, somewhat wary of the motives of out-
W
siders. We see these issues trickling down
e have all heard stories of lot- mation. To enable inheritors to manage wealth to the newly rich in other rungs of society.
tery winners. Sadly, many of and not waste it, they should be involved in in- Preserving an eclectic group of friends,
them fall prey to the trappings vestment decisions when they are adults. They managing relationships without their mon-
of easy wealth. There are some should know the ropes of managing what they ey defining the quality of interaction are
repetitive patterns. They begin will inherit, before they actually do it. all challenges. Money doesn’t buy friends,
businesses they don’t know; build large houses Third, developing healthy spending habits but many fail to internalise this. There isn’t
they can’t keep; and lend their new-found is part of growing up. If inheritors do not have much that parents can do about it. Both
wealth to exploitative relatives. What about their own income and careers, and have not wealth creators and inheritors remain sus-
inheritors? developed a positive attitude towards money, picious about whom to marry, whom to be
We are now living in times of large-scale they are very likely to waste and fritter away friends with, how to spend, and how not to.
UMA SHASHIK ANT wealth transfer. We are not talking about the their inheritance. Compulsive and meaning- There is no school except life to learn to nur-
IS CHAIRPER SON, super-rich and inheritors of billions. Ordinary less spending is encouraged by many parents ture good relationships.
CENTRE FOR INVES TMENT people across the world have habitually saved who see these indulgences as privileges their Is there a road map for managing inherit-
EDUC ATION AND LE ARNING and created wealth that they plan to leave children must enjoy. At the other end are those ance? We should spend some time observing
behind for their children. ESOPs in blue chips who suffer guilt and shame about money that how inheritors in the middle and upper mid-
and private equity in unicorns, equity stocks they have not worked hard to earn, and cannot dle class behave with their wealth. It might
and mutual funds, real estate and property, spend their inheritance. be early to say, but the principles of personal
gold and precious jewels are all forms in which Fourth, inheritors need basic financial finance will hold good anyway. Define goals
a significant amount of wealth has been cre- literacy, as well as good quality education and for your life and prioritise what you want
ated by one generation, that has begun to pass experience, in order to make financial and in- to do with your wealth. Take charge of your
Is there a road wealth and know what it includes, where it
it on to the next. How will these inheritors deal vestment decisions. They must be encouraged
map for managing with this wealth? to make decisions about their money as early as is invested, and how it can align with your
inheritance? It might First, inheritors feel differently about possible, so that they develop the core financial life goals. Determine how the wealth will be
be early to say, but the wealth that becomes theirs without actually understanding—time value of money, limited managed based on the above two principles,
principles of personal having to build it. Some feel privileged and nature of wealth, and opportunity cost of every and realign the asset allocation to your
finance will hold entitled, others feel guilt and shame, while money decision. Some of this is theory, some is needs. Take the help of a competent adviser
good anyway. Define many are caught in variations of these two. practical application. A wealthy friend asked to guide you with investment choices, pro-
your life goals and Inheritors need help in taking ownership her daughter to manage her wedding budget. cesses, paperwork and taxes.
prioritise what you and control of their wealth, especially if it is At the end of the exercise, the girl understood Wealth creators tend to make decisions
want to do with your not a business or company that they have to that merely asking for this and that is a poor based on their assumptions about what is
wealth. Take charge manage. Family businesses face their own way to manage finances as an adult. Help your in the interest of inheritors. I write this
of your wealth and challenges, but this column is not about that. children grow up to their wealth. column sitting in a forest bungalow lovingly
know what it includes, Personal financial wealth is held informally, Fifth, the benefit of inheritance is the built and maintained by an elderly couple,
where it is invested lacks structure of control and management, privilege to make a difference. This is not a whose only son is not interested in the coffee
and how it can align and heirs need help in taking charge of it. quality all inheritors automatically gravitate estate, but loves derivative trading, while
with your goals. Don’t wait for the end; begin early. towards. Society mostly sees inheritance the chartered accountant daughter-in-law
Second, it is a good idea to talk to your chil- as an unearned fortune that sets one up for has been ostracised by the couple for not be-
dren about their inheritance. Many parents a lifetime of doing nothing, or too little. Self longing to their community. I wonder what
are secretive about their wealth. Some create aware inheritors realise that they don’t have will happen to their wealth.
trusts and similar structures, and ask advis- their back to the wall when they make choices.
ers to manage the money and payouts. Some They may not have fire in their belly, as some
create a distance in the mind of the next gener- accuse, but may have the courage to think big
Please send your feedback to
ation, which ends up living with guilt about the and differently. They can afford to take risks.
inheritance and lacks courage to ask for infor- Encourage your children to develop a positive
spending
Should you indulge in ‘girl math’?

A mental accounting bias, this latest social media trend may just be a way to justify extravagant purchases.
by Himani Kothari
SHYAMOLIE PARIKH
W
hen Aaina Pahwa, 28 years, Lawyer
a 25-year-old digital
marketing executive,
flew down from Dubai
to Mumbai to buy a
Seema Gujral lehenga for `2 lakh, her 70%
family felt she was behaving like a star.
Pahwa maintains she did it to save
money. “First, I bought it in Mumbai,
instead of Dubai, where a similar thing
50% 80%
would have been much more expen-
sive. Second, it was on 60% discount,
30%
which translates to more savings.
Besides, I will wear it multiple times,
bringing down my per wear cost. I basi- Considers
cally made money,” she insists.
anything paid
with cash as
What Pahwa has done is ‘girl math’,
‘free’.
and she’s not the only one doing it.
The accountant in you may baulk, but
people are apparently buying things GIRL MATH
for ‘free’. Or, at least, that’s what social “Unless you’re someone who
media will have you believe. Want to does meticulous budgeting, it’s
spend an outrageous amount on a de-
hard to keep track of cash.”
signer dress, but can’t justify the cost?
Enter, girl math. Just calculate the
OUR VIEW
GETTYIMAGES
per wear cost until it’s down to a level
that’s easy on the ear. Treating cash, once it leaves
This popular social media trend,
which has millions of women around sale your account, as sunk cost, can
be dangerous. If you can’t keep
the world explaining their discretion- track of cash, try using only digital
ary and, sometimes impulsive, pur- methods of payment.
chases is essentially ‘mental account-
ing’. This is a cognitive bias in behav-
ioural economics, where people tend to
assign different values to money based
VIPASHI BARUA, 22 years, Fashion student consumption-driven spending,” she adds.
There’s another difference between the
on its usage or origin, resulting in irra- current and previous generations. More
tional decision-making. For instance, GIRL MATH women are entering the workforce and many
if one recovers lost money or gets a bo- are choosing to not have children. This
nus, one assumes it to be a bounty they “It was something I didn’t even frees up a lot of cash to spend on themselves.
have fortuitously come across, not the need, but bought it because it Sonali Walia, a 31-year-old advertising
money that belongs to them. They then was on sale and the shipping executive from Delhi, is from a DINK (dual
consider it their right to spend it freely. charge was `120.” income, no kids) set-up, and likes to spend
This is precisely what girl math is all on luxury items. “What’s the point of earn-
about, a way to justify extravagant pur- OUR VIEW ing well if I don’t splurge on myself once in a
chases. A refund is being considered while,” she asks. However, when she bought
free cash because the woman has al- This is a perfect example of the decoy a pair of Prada sunglasses recently, she
Spent
ready spent it. If she wants something effect. Free shipping is a successful found herself justifying the `31,000 price tag
and it’s on sale, she is losing money if
`799 marketing tool retailers use to get to herself and her family. “That’s when I do
more to avoid consumers to buy more. It’s better to
she doesn’t buy it. Similarly, you would girl math,” she chuckles.
shipping cost
be losing money if you don’t spend of `120. pay `120 for shipping than rack up an StableInvestor Founder Dev Ashish says
enough to qualify for free shipping. additional `799 for something that’s Indian women generally show more respon-
You’re making money every time you probably of no use to you. sible behaviour than men when it comes to fi-
skip your daily tea or coffee. The mon- nances. “Girl math is a fun social media joke
ey in your digital wallet is free because that has a shelf life. It should also serve as a
it has already left the bank account. `300 because you probably didn’t need it in money, assuming she invests it in an equity reminder that overspending once in a while
This kind of creative accounting and the first place,” says Rohit Shah, Founder fund for 35 years and gets 12% return. That is fine, but if it becomes a habit, it can derail
number crunching is trickling down and CEO, Getting You Rich, who believes it doesn’t bother Pahwa, who is an aggressive one’s personal finances,” he says.
to real life rapidly. “When I shop and is anchoring bias at play. In fact, girl math saver and considers it a one-off purchase. Agrees Shah. “We should give in to our de-
get a 20% discount, I feel like I’ve made is giving in to various other psychological Prableen Bajpai, Founder, FinFix sires occasionally, but also find ways to save
20%,” says 28-year-old Shyamolie biases, not just mental accounting. This is Research and Analytics, finds the trend costs elsewhere or make extra money,” he
Parikh, a lawyer from Kochi. For precisely what big brands have been exploit- demeaning. “It perpetuates the stereotype says. “If you want to splurge during the festi-
Delhi-based fashion student Vipashi ing for long: charm pricing or products with of women being bad at managing finances,” val season, do it, but spend less in the coming
Barua, 22, if she doesn’t shop at her fa- prices ending in number 9, and stores offer- she says. Everybody justifies their spending months so that, come March, your finances
vourite store when it’s running a sale, ing tiered discounts are some such examples. in a certain way, be it women or men, says are on track,” he adds.
she’s “basically losing money”. Besides, every big purchase should be Bajpai. “The previous generation loaded up
“Buying a `600 product for half the measured against opportunity cost. For on jewellery and the logic was that you pass
price during sale doesn’t mean you Pahwa, the `79,312 spent on lehenga has prob- it on to the next generation. That was asset Please send your feedback to
saved 50%. It means you lost 100% of ably cost her around `30 lakh in retirement building, but what we’re seeing now is pure
career
MANAGE
How many YOUR ENERGY,
NOT TIME
hours 1 PHYSICAL
How well you take care of
your body makes a world of differ-
should
ence to your energy and the way
you deal with work and life. To
gain physical energy, plan out your
sleep and rest, diet and nutrition,
as well as your exercise schedule.
you work?
Use an annual medical check-up
to make sure there are no lurking
health issues.
EMOTIONAL
One size does not fit all, nor 2 This is the quality of your
energy and it affects how you feel
does it fit all the time, says and deal with others and yourself.
You enhance emotional energy
Devashish Chakravarty. by investing in positive emotions,
including gratitude and opti-
GETTYIMAGES
mism, and manage negative ones,
including anger and grief. Learn to
express emotions appropriately
and seek professional support, if
H
needed.
ow many roads must a man best-selling book, The 4-Hour Workweek, Street investment bank. This industry is
walk down, before you call him the author shares ideas from his own en- extremely demanding and pays very well
MENTAL
a man? According to Douglas
Adams, the answer is 42. This
trepreneurial experiences. He suggests
designing your lifestyle to free up time and
to the select few who make it through tight
competition and burnout triggering hours.
3 This is about how well you
quirky answer from a science location. Identify current strengths. Define There are other professions, too, where you use your cognitive or mental facul-
fiction novel caught the imagination of the income levels required and plan to will work 80-100 hours, or be available 24x7. ties, and depends on your ability
readers familiar with this Bob Dylan song. generate cash in lesser time. Apply Pareto’s Emergency workers, surgeons, military to focus and prioritise. To enhance
It’s much like the attention triggered by 80-20 principle to focus on the most produc- personnel on the borders, sailors on ship, mental energy, seek new learning
a recent statement on working 70 hours a tive actions. Eliminate, or delegate, and fishermen on boats, and security guards and skills, keep yourself challenged
week. So how many hours should you re- automate the rest. Remove time wasters, in your building working a full shift in a and improve your problem-solving
ally work? Unlike Adams’s response, there especially news and media consumption. second job are all doing it out of necessity abilities. Reduce distractions, me-
are multiple answers from people who have Apply Parkinson’s law to boost productiv- or industry demands. Unpaid roles with dia overload and multi-tasking.
actually put in such work, from an eye-pop- ity by limiting the time you allocate to each a similar time commitment include the
SPIRITUAL
ping four hours a week, to an eye-watering
100 hours. Which one is yours?
task. You can make this work by automat-
ing / delegating as a business owner, or as
sportsperson, artist and entrepreneur
aspiring for greatness and financial suc- 4 This is about direction and
a creator/ blogger, or as an accomplished cess in the least possible number of years. purpose. To improve this, identify
70 hours a week speaker or consultant, or as an investor Think Malcolm Gladwell’s 10,000-hour rule your values and goals. Use this to
This became a hot topic when N.R. putting your money to work. Before you of correct practice to achieve true expertise find meaning and purpose in the
Narayana Murthy, the well-respected do this, like Ferriss, you need to first build in any domain. If you are a 100-hour person, work that you do and align it with
Founder of Infosys, suggested it as a work a business or investment to automate, or figure out nutrition, exercise and sleep to your professional goals. Develop
ethic. That’s 10-14 hours a day, 5-7 days a grow your skills as a creator or consultant. save yourself from breakdowns. the habit of mindfulness or medita-
week. Sounds tough? Yet, we are surround- tion and take time to reflect. Aspire
ed by people who routinely put in these 48 hours a week 4-6 hour workday for authenticity in all your pursuits.
hours. The cab driver, who picked you up at The Factories Act, and various Shops There are other experiments in the world
the airport, may nap in the parking lot and and Establishment Acts, limit weekly of work. One is the 9/80 schedule, where
then work long days to clear his car’s EMI. hours to 48, with a 10-and-a-half-hour you work a total of 80 hours in two weeks,
He may, perhaps, deploy a second cab while daily working period, inclusive of break. but complete these in nine working days. Your choice
feeding many mouths at home. Likewise Meanwhile, an ILO study says Indians are Simply put, every alternate Friday is a holi- No single formula from the above works
for the e-commerce delivery boy, who gets working 47.7 hours on an average every day, where your employer and you have cre- best for everyone. Also, no single path is
paid per package and is juggling part-time week. Traditional office roles, factory- ated the flexibility of working longer hours meant for you throughout your profes-
graduation. Your colleague is, perhaps, based roles, and most roles in government, on nine days to free up one Friday every sional life. In your early stages, you might
moonlighting as a part-time accountant, public and private limited companies lie two weeks. Consider it like a step towards a work more hours to build up savings or
or teaching on weekends, or completing here. These jobs work best when you need four-day week. study and work without pay to acquire
online tasks, or working in the family a secure monthly income, predictable Another innovation is a 4-6 hour work skills. Elsewhere, you may prioritise time
business. Those 60-70 hours add up quickly working hours, and already have the skills day from the principle that you can focus and independence, and leverage skills and
if you are on an hourly rate, or work on required. If you are in another category and produce the same outcome in fewer investments instead. Find a schedule that
an outcome basis, like an electrician, a and want this life, the straight path is to ac- hours without collateral damage in the works today, along with a good employer
farmer, small shop-keeper, startup founder quire skills and certification that will get form of reduced collaboration, communica- and co-workers. Then adapt and adjust, as
or self-employed professional. Time is a re- you hired. Upskilling in your domain and tion or customer service. Here, the hourly needed, to achieve more from work and en-
source that you deploy for income whether seeking new skills to switch careers are the rate of payment goes up from higher hourly joy more in life.
out of necessity or willingly. If this does two options to explore. productivity. If this sounds attractive,
not work for you, look to leverage skills or discuss the possibility with your employer.
money instead. 100 hours a week Alternatively, if your life circumstances
THE WRITER IS FOUNDER & CEO,
This was a topic for public debate in 2021, do not allow you to work eight hours a day,
4 hours a week when complaints of 100-hour work week then seek part time or hourly employment
SALARYNEXT.COM, A JOB LOSS
ASSUR ANCE COMPANY.
Made famous by Timothy Ferriss in his for associates surfaced from a top Wall for four hours daily.
QA
your queries
&
I am 24 years old and earn `5 lakh a year. I A piece of land acquired by my grandmother was
invest in the PPF and pay `1.5 lakh as LIC pre- transferred to my father, an only child, after her
mium. I also invest `2,000 a month in mutual demise, a decade ago. With my parents’ consent,
funds. I want a corpus for mine and my sister’s we want to sell the land and I, also an only child,
weddings by 2030, and have a lump sum saved want to buy a flat in Mumbai in the next six
for emergencies. How should I invest? months. Should the buyer of the land transfer
the amount to my account or to my father’s
account? What will be the tax implications?
For emergencies, you can park your money
in high credit quality, open-ended debt mu-
tual funds from the liquid, ultra-short dura-
Our panel of experts will The land acquired by your grandmother was trans-
tion and low duration categories. Your emer- answer questions related to ferred to your father after her demise. It is not men-
gency corpus should take care of all your ex-
penses, including medical needs, for up to any aspect of personal tioned whether your grandmother left a will or passed
away intestate, that is, without a will. Presumably,
two years. For your and your sister’s wed- finance. If you have a query, your father became the sole and absolute owner of
dings, you have not listed the goal values. the land on inheritance through a legal process of
Hence, it will be difficult to calculate how mail it to us right away. transmission. The buyer will need to transfer the sale
much you would need to invest by 2030. proceeds to the owner, your father, after deducting
When you arrive at a figure for these goals,
factor in inflation of 8-10% for your calcula- QUESTION OF THE WEEK the eligible TDS. The sale transaction triggers a tax in-
cidence (long-term capital gain) for the seller. As you
tions. Typically, you should save and invest are not the seller, the tax incidence and options to plan
20-30% of your monthly net income through tax as per the applicable provisions under Section 54B
SIPs in equity funds for the long term. In- (sale of agricultural land) or Section 54F (investment
vesting `2,000 a month for 6-7 years may
I am 28 years old and get a monthly salary of of sale proceeds in residential property) are not avail-
not be enough. Don’t compromise `1 lakh. I don’t have any liabilities and am able to you, even though you are plan-
on your PPF investments and looking for long-term investment options to ning to buy a flat in Mumbai
insurance as these are cru- build a multi-crore corpus. I’ve been invest- with the funds received by your
cial as well. ing in the PPF for nearly 10 years and will father from the sale proceeds.
continue to do so. Please advise on the
amount I need to invest every month. Rajat Dutta
Rushabh Desai
Founder, Rupee With Rushabh Founder & Initiator,
Investment Services Inheritance Needs Services
While your intent to build long-term wealth is

commendable, it is advisable to evaluate your I recently sold real estate for `1.02 crore and the
I am 45 years old and earn `1.8 lakh a month. I financial goals, determine specific goal values and capital gain after indexation was `96 lakh. I need to
invest `20,000 a month in three mutual funds, and the amount you need to invest for them, and then pay `19.2 lakh tax on it, and though I am not keen
my portfolio is worth `10 lakh. I jointly own a follow a goal-based approach to invest. You have on buying a second property, I want to avoid pay-
house worth `85 lakh, in Delhi, with my wife. I also ing such a high tax. I retired a year ago and am liv-
listed only your monthly income, not your
own a 3-BHK flat worth `1.5 crore in Gurugram, ing comfortably on my pension. Please advise
expenses. We shall assume you are able to save whether I should purchase another property, rent it
which provides a monthly rent of `44,000. I have a
`60,000 a month. for three years and sell it, or pay taxes and invest
corporate health plan for the family and a term
Considering your long-term investment the balance in equity mutual funds.
insurance plan of `1 crore for myself. I have gold
coins worth `10 lakh, `17 lakh in the PPF, `7 lakh horizon, it is advisable to have a higher allocation
stock portfolio, and NPS corpus of `40.5 lakh. I have to equities to generate inflation-beating returns.
`50 lakh in a savings account. I have two kids, who Pick one scheme each from mutual fund Assuming you have sold the property after holding it
are 11 and 6 years old. My present monthly categories like large-cap index fund (`15,000 for more than two years, a 20% rate of tax shall ap-
expenses are `50,000. How can I invest to secure monthly), flexi-, large- and mid-cap fund (`20- ply, along with some cess and surcharge. If you do
the education and weddings of both kids and gener- 25,000), and mid-cap funds (`7,500). If you want not want to purchase another property, you can save
ate a monthly income of `1.5 lakh after retirement? to have standalone small-cap exposure (though tax on capital gains by investing these in capital
this is optional), limit yourself to one such fund, gains bonds under Section 54EC. These bonds should
which should be enough to provide adequate be bought within six months of selling the asset.
It is good to have objectives, but you must diversification for your equity allocation. However, the maximum amount that you can invest
translate these into estimates. You need a In addition, you can invest `12,500 a month in in a financial year is `50 lakh. The rest can be invest-
time frame for each goal and realistic as- the PPF (`1.5 lakh a year) since you plan to ed in the next fiscal year, assuming both these invest-
sumption of returns. For example, if your `10 continue investing in this instrument. You can also ments are done within six months of selling the asset.
lakh MF portfolio and `20,000 monthly in- consider increasing your VPF contribution (in the On the other hand, you could pay 20% tax on the capi-
vestment deliver 11% IRR over 15 years, it EPF) as it offers a higher 8.15% return compared tal gains left after investing `50 lakh in capital gains
will give you a corpus of `1.6 crore. You will to 7.1% in the PPF. As your income increases, try bonds. Note that investments in specified bonds are
need similar estimates for your PPF and NPS. to hike your monthly investment every year. You eligible only for saving tax on capital gains.
You will also need to estimate how much you can also channel a major part of your annual In case you do not wish to opt for the above, you
need after retirement using online calculators incentives towards your portfolio if you don’t could invest the sales proceeds in another residential
and taking inflation into account. Use a com- need it for other expenses or family requirements. property as per Section 54. This house can be pur-
bination of equity and debt mutual funds, and Since no details of your other debt investments chased one year before or within two years of selling
your present PPF (higher allocation to equity have been provided, we are assuming that you the property. You could also construct a property
for longer term goals), and build separate have set aside some money as emergency funds within three years of the sale of the property. You
portfolios for children’s education and retire- in bank fixed deposits or debt funds. If not, you must continue to hold this new property for a mini-
ment. Use simple equity index funds so that should do it at the earliest. Instead of mum period of three years. Once you decide to exit
monitoring is easy, and opt for short duration having a single large fixed deposit, the newly purchased property, you will
and corporate bond funds for debt exposure. invest the money in 3-4 smaller again earn capital gains and find
Since you have two houses, you can liquidate FDs so that you don’t end up yourself in a similar situation.
one for any cash flow needs later breaking one FD even if
on. You could also consider liq- your fund requirements are
uidating your financial assets relatively low. Preeti Khurana
which is much easier to do. Director, ClearTax
Dev Ashish
Founder, StableInvestor, and
Vidya Bala Sebi-registered investment adviser Have a question for the experts?
Co-founder, PrimeInvestor.in etwealth@timesgroup.com
financial planning
WEALTH
WHINES
If your child wants
Money &
Relationships
sports as a career...
Here are some things that parents need to keep in mind if their
child wants to pursue sports as a profession, says Riju Mehta.
I
t’s ironical that though sports in here are some things to keep in mind. continue till the time the child starts win-
India has a way of galvanising First, consider it only if your child ning tournaments and earning monetary
an entire nation, very few people shows keen interest and flair in the sport, awards. So your financial planning will
want their children to pursue it and is willing to put in the discipline and need to take care of staggered expenses
as a career option. Be it the recent hard work it entails. Don’t initiate it as an over a longer time frame. Also keep in
Asian Games or the ongoing cricket World experiment till the time the child is ready mind that this will be in addition to the
Cup, Indians are spurred into a frenzy by for higher education. The child may lose education expenses for the child, at least in
match wins and medal count, but adopting focus and interest in both. Be prepared the early stages of schooling.
it as a profession is rarely a motivation. and willing to accept that attention to a Third, if you are serious about the
A single-minded focus on academics is sport as a full-time profession will result professional elevation of your child in a
served as an ultimatum to children, and in some form of educational neglect, espe- sporting event, at least one of the parents
any mention of pursuing sports is actively cially if the child is doing well in his sport. will need to put their careers on hold or,
discouraged. While some form of educational qualifica- at the very least, take time out from their
The parents’ attitude is understand- tion and grounding is a good idea, do not professional and work commitments. As
able since sports, apart from cricket, has push him to excel in both. you accompany the child for his training
BCCL
hardly ever offered sufficient financial Next, be prepared for financial invest- and tournaments, you will need to take
remuneration or stability to be considered ment in the sport from an early age. As leave of absence or modify your work ar-
a profession. Even if it does, the career opposed to a large corpus required for rangements.
span may be too short to provide a lifetime the child’s higher education at about When the child starts earning, you
of financial support. Of late, however, sev- 17-18 years of age, you will need to start will also need to manage his savings and
eral sports other than cricket have come spending right from the beginning of his investments till the time he becomes an
into the limelight, be it tennis, badminton, training. The expenses will include funds adult. This may be key, especially for
chess or athletic events. The government, for sporting equipment and gear, nutri- sports with limited career spans and
too, has come up with initiatives and tional needs, health check-ups and medi- earning potential. While it may a good
financial support to promote players in cal expenses, professional training and idea to teach him the basics of saving and
various sporting events. So if your chil- coaching, sports camps, tournaments and investing, it would be best to hire a good
dren are keen to opt for sports as a career, frequent travelling. These expenses will financial planner so that the money can be
put to work to last longer and take care of
dips in career.
IF YOU HAVE A WEALTH WHINE, WRITE TO US... Disclaimer: The advice in this column is not from
a licensed healthcare professional and should
Finally, it’s important to remember that
every child may not achieve professional
All of us have been in a financial dilemma when it comes to relationships. How do you say no to a friend not be construed as psychological counselling,
who wants you to invest in his new business venture? Should you take a loan from your married brother? therapy or medical advice. ET Wealth and the excellence. In such a case, inform the child
Are you concerned about your wife’s impulse buying? If you have any such concerns that are hard to writer will not be responsible for the outcome of about alternative career options in sports,
resolve, write in to us at etwealth@timesgroup.com with ‘Wealth Whines’ as the subject. the suggestions made in the column. be it coaching, training, sports writing or
journalism for him to pursue.
READERS’ QUERIES
Q
I have written a will with the help of a lawyer friend. He is advising me to get the will
registered. Is it important and mandatory to register a will in India? — D.S.
While it is not mandatory or legally binding to have a will registered, it is advisable to do so. This is because it makes it much easier to prove its authenticity
and validity in a court of law in case the will is contested later on. Since it is registered by a government official in the presence of witnesses, and a copy is main-
tained by the registrar’s office, its veracity can be proven with ease. This simplifies the process of transferring assets to the desired heirs and beneficiaries, and
minimises the chances of disputes.
I am the karta for my Hindu the age of majority. She can conduct shared house. I am in the process of separat-
Q Undivided Family. I have a son
who is still a minor. Can my
business and pay taxes on behalf of the
family, but cannot borrow or sell any as- According to a Supreme Court rul-
—M. Nerurkar Q ing from my husband. Do I
have any right to the jewellery
wife become the karta if I were to pass sets of the HUF. ing, if a married woman files a case I received at the time of my wedding?
away before my son attains the age of under the Protection of Women from — Smita
majority? I got married three years ago Domestic Violence Act, 2005, she will Any jewellery or other gifts received by
No, your wife cannot become a karta if

—Sameer Q and stay in a joint family with
my husband and in-laws.
have the right to reside in the house
that she has been sharing with her
you at the time of wedding from your
parents, in-laws or other relatives will
you were to pass away while your son However, I have not been treated well husband or in-laws, irrespective of be considered your streedhan and you
is still a minor. Any female, be it wife by my husband or in-laws and have the ownership of the house. It doesn’t will have complete right to these in case
or daughter-in-law, who has entered been facing verbal abuse and neglect. have to belong to the husband or in- you decide to separate or seek a divorce.
the family by way of marriage, cannot Now, my in-laws are threatening to laws and can even be a rented proper-
become a karta since she will be consid- throw me out since the house belongs ty. Hence, your in-laws have no right to Disclaimer: The responses are based on limited facts
ered only a member, not a coparcener, in to them, not to my husband. I want to evict you from the house. At the same provided by the queries. It is advisable to consult
a legal practitioner after presenting full facts and
the HUF. She can, however, manage the know if I have any legal right to stake a time, however, you have no legal right documents. Responses should not be considered as
affairs of the HUF till your son attains claim to this property and to live in this to stake a claim to such a property. legal advice in any manner whatsoever.
SMART STATS
The Economic Times Wealth
November 13-19, 2023
In This Section
MUTUAL FUNDS - P16
LOANS AND DEPOSITS - P18
ET WEALTH TOP 50 STOCKS

ALTERNATIVE INVESTMENTS- P19
Every week we put about 3,000 stocks through four key filters and rate them on a mix of factors. The end result
of this is the listing of the top 50 stocks based on the composite rating to help ease your fortune hunt.
RANK PRICE ` GROWTH%* VA LUAT I O N R AT I O S RISK R AT I N G

Current Previous Stock Net Div Downside Bear No. of Consensus
Rank Rank Price Revenue Profit PE PB Yield PEG Risk Beta Analysts Rating
1 Fast growing stocks

Bandhan Bank 1 1 217.20 22.50 84.32 15.98 1.79 0.69 0.19 1.32 0.62 28 4.25
LIC Housing Finance 2 4 449.55 24.04 63.67 8.57 0.91 1.87 0.15 1.13 1.28 33 4.03
Kalpataru Projects Intnl. 3 2 614.75 34.68 89.78 21.19 2.12 1.16 0.30 1.32 1.12 15 4.60 Top 5 stocks with the highest
revenue growth (%) over the
Samvardhana Motherson 4 3 90.00 32.04 122.36 41.97 2.80 0.70 0.34 1.27 0.99 22 4.64
previous year
Natco Pharma 5 6 733.95 41.77 76.95 18.89 2.77 1.20 0.25 1.15 0.42 15 3.47
Bajaj Finance 46
Axis Bank 6 5 1,021.90 9.46 91.74 23.98 2.21 0.10 0.24 0.83 0.83 50 4.80
Manappuram Finance 7 7 139.30 31.62 41.70 7.88 1.22 2.18 0.21 1.78 1.97 20 4.40 PSP Projects 46
Maruti Suzuki India 8 8 10,400.35 35.04 57.78 38.33 5.09 0.87 0.68 0.69 0.80 49 4.16 Natco Pharma 42
Apollo Tyres 9 11 417.85 10.15 72.46 24.01 2.06 1.10 0.34 1.22 0.57 29 3.62 Ujjivan Small 41
Zydus Lifesciences 10 9 612.45 17.26 68.95 31.63 3.54 0.96 0.48 0.86 0.30 37 3.68 Finance Ban
Nippon Life 39
Somany Ceramics 11 10 683.80 19.75 99.62 41.07 3.73 0.45 0.41 1.41 0.51 22 4.64 India Asset
Larsen & Toubro 12 12 3,024.85 26.18 45.86 40.47 4.74 1.00 0.86 0.81 0.43 36 4.64
Balrampur Chini Mills
Blue Star
13
14
14
13
432.60
921.80
29.57
31.21
101.97
96.53
31.07
45.12
3.02
13.30
0.58
0.64
0.29
0.16
1.27
1.04
1.05
-0.09
11
23
4.09
3.96
2 Least expensive stocks
Top 5 stocks with the lowest
Adani Ports & SEZ 15 17 806.20 29.65 70.83 32.98 3.84 0.61 0.46 2.13 2.60 20 4.80 price-earnings ratio
Bajaj Auto 16 26 5,417.80 26.72 27.33 25.60 5.24 2.59 0.89 0.82 0.21 47 3.74 Manappuram
7.88
Finance
Endurance Technologies 17 18 1,623.90 27.95 78.70 48.43 5.26 0.41 0.62 0.99 0.06 20 4.30
LIC Housing 8.57
Aurobindo Pharma 18 15 950.75 17.95 64.18 29.07 2.09 0.32 0.45 1.28 0.51 30 3.83 Finance
Ujjivan Small Finance Ban 19 22 57.00 40.75 22.40 9.59 2.78 2.19 0.56 1.57 1.89 15 4.80 CESC 8.86
UTI Asset Management Co 20 23 774.05 17.50 41.90 22.61 2.56 2.82 0.54 1.12 0.65 15 4.07 Ujjivan Small 9.59
Finance Ban
IndusInd Bank 21 27 1,507.35 16.15 22.18 14.07 2.01 0.94 0.62 1.17 2.12 48 4.81
Federal Bank 9.91
UltraTech Cement 22 25 8,627.05 19.56 72.06 49.12 4.58 0.44 0.70 0.77 0.95 45 4.22
3 Best PEGs
Steel Authority of India 23 24 87.15 2.00 68.19 16.58 0.66 1.16 0.22 1.23 1.54 26 2.96
PSP Projects 24 21 780.00 45.56 54.82 21.08 3.47 0.32 0.39 1.18 1.94 12 4.58
Top 5 stocks with the least
Cipla India 25 19 1,238.15 19.48 49.82 35.75 4.28 0.68 0.71 0.85 0.40 40 4.03 price earnings to growth ratio
Voltas 26 28 827.70 29.85 69.76 202.46 5.01 0.52 0.54 0.98 0.50 44 3.43 Manappuram
Blue Star Finance
NTPC 27 30 237.95 5.97 24.76 13.68 1.57 4.01 0.59 0.83 0.96 23 4.78
Cyient 28 31 1,666.45 29.48 46.50 35.35 5.30 1.68 0.79 1.54 0.40 20 4.10
0.15 0.16 0.19 0.21 0.22
EPL 29 20 194.05 20.00 42.27 27.14 3.10 2.16 0.63 1.34 0.81 11 4.45
Alembic Pharmaceuticals 30 32 735.00 20.22 86.44 42.28 3.31 1.09 0.49 1.08 0.87 19 3.21
LIC Housing Bandhan Steel Authority
CESC 31 33 89.40 18.13 17.69 8.86 1.09 4.97 0.68 1.00 0.47 14 4.64
Finance Bank of India
Mahindra & Mahindra 32 29 1,552.05 17.93 10.99 16.72 3.41 1.09 0.63 1.01 1.14 43 4.61
M&M Financial
HeidelbergCement India
33
34
34
36
271.90
188.10
24.42
12.87
19.85
147.09
16.08
42.97
1.80
2.92
2.25
3.73
0.69
0.29
1.42
0.96
1.16
1.26
40
17
3.58
2.71
4 Income generators
Top 5 stocks with the highest
Federal Bank 35 35 147.55 21.88 26.71 9.91 1.42 0.68 1.12 1.13 1.70 39 4.67 dividend yield (%)
Nippon Life India Asset 36 46 400.35 39.39 33.86 33.94 6.99 3.70 1.02 1.06 0.89 18 4.33 CESC 4.97
Kajaria Ceramics 37 45 1,283.90 19.30 58.05 60.00 8.89 1.18 1.03 1.00 0.18 35 4.34 NTPC 4.01
HeidelbergCement
Suprajit Engineering 38 38 383.65 18.70 64.82 35.45 4.40 0.60 0.54 1.21 0.77 11 4.45 3.73
India
Finolex Industries 39 43 191.05 11.51 131.73 47.34 2.41 0.78 0.38 1.51 1.39 18 3.83 Nippon Life India
3.70
Asset
Bajaj Finance 40 44 7,386.70 45.65 47.09 38.71 8.20 0.40 0.84 0.99 1.00 33 4.24 ICICI Securities 3.31
5 Least risky
Eicher Motors 41 40 3,541.90 24.79 34.87 33.43 6.50 1.04 0.94 1.01 0.76 44 3.80
Ajanta Pharma 42 41 1,875.15 19.98 49.41 40.94 7.03 1.39 0.81 1.02 0.34 16 4.50
Top 5 stocks with the lowest
Orient Cement 43 37 213.40 18.89 90.79 36.13 2.76 0.72 0.40 1.52 1.31 13 3.54
downside risk
Exide Industries 44 -- 268.70 9.16 51.61 27.88 2.06 0.75 0.54 0.96 1.25 23 3.91 UltraTech
Cement Bajaj Auto
Torrent Pharmaceuticals 45 42 2,051.20 21.19 51.93 55.64 11.18 1.08 1.07 0.84 0.11 34 4.24
ICICI Securities 46 -- 660.00 33.94 33.99 19.12 7.49 3.31 0.52 0.93 1.07 10 3.90
0.69 0.77 0.81 0.82 0.83
JK Cement 47 48 3,390.40 22.87 107.14 61.31 5.58 0.44 0.58 1.04 1.65 28 3.75
Shree Cement 48 -- 25,951.40 22.95 84.57 73.64 5.02 0.42 0.79 1.07 0.63 43 2.79
Maruti Suzuki Larsen & Axis Bank
Alkem Laboratories 49 -- 4,282.70 17.48 69.00 51.86 5.64 1.18 0.76 0.92 0.56 27 3.15 India Toubro
Indraprastha Gas 50 47 395.05 7.31 21.99 16.78 3.47 3.28 0.77 1.33 0.90 37 4.05 SEE DOWNSIDE RISK AND BEAR BETA COLUMNS
IN THE ADJACENT TABLE.
*REVENUE AND NET PROFIT GROWTH IS BASED ON CONSENSUS ANALYSTS' EXPECTATIONS. NR: NOT IN THE RANKING. DATA AS ON 8 NOVEMBER 2023. SOURCE: BLOOMBERG
smart stats
LAGGARDS & LEADERS

ETW FUNDS 100
BEST FUNDS TO BUILD YOUR PORTFOLIO
Taking a long-term view of fund returns, here is a list of 10
funds in each category—five leaders (worth investing) and
five laggards (that may be a drag on your portfolio).
LAGGARDS LEADERS
Equity: Large cap 5-year returns

ET Wealth collaborates with Value Research to identify the top-performing
10.60 16.66
funds across categories. Equity funds and equity-oriented hybrid funds are Taurus Largecap Equity Fund BHARAT 22 ETF
ranked on 3-year returns while debt-oriented hybrid and income funds are 10.85 16.66
Groww Large Cap Fund Quant Focused Fund
ranked on 1-year returns.
10.86 16.48
LIC MF Nifty Next 50 Index Fund ICICI Prudential BHARAT 22 FOF
RETURNS (%)
Value Research Net Assets Expense 10.98 15.27
Fund Rating (` Cr) 3-Month 6-Month 1-Year 3-Year 5-Year Ratio (%)
ICICI Prudential Nifty Next Canara Robeco Bluechip Equity Fund
EQUITY: LARGE CAP

11.18 15.16
Quant Focused Fund  394.16 2.06 15.10 12.14 24.66 16.66 2.38 24.66% UTI Nifty Next 50 Index Fund Baroda BNP Paribas Large Cap Fund
DSP Nifty 50 Equal Weight Index Fund - Regular Plan  723.76 2.8 12.48 13 24.45 14.88 0.92 THE 3-YEAR
ICICI Prudential Bluechip Fund  41,833.39 2.55 12.49 13.86 21.61 14.81 1.58 RETURN OF
Kotak Bluechip Fund - Regular Plan  6,511.83 0.77 8.86 9.46 17.63 14.75 1.79 QUANT Equity: Flexi cap 5-year returns
UTI Nifty 50 Index Fund - Regular Plan  12,596.83 -0.43 7.25 7.59 17.58 13.98 0.41 FOCUSED
FUND IS
HDFC Index Fund Nifty 50 Plan  9,828.80 -0.45 7.2 7.49 17.41 13.75 0.4
THE 10.45 24.24
DSP Nifty 50 Index Fund - Regular Plan  392.43 -0.43 7.2 7.48 17.37 — 0.4 HIGHEST Axis Focused 25 Fund Quant Flexi Cap Fund
 IN ITS
Bandhan Nifty 50 Index Fund - Regular Plan 929.37 -0.48 7.1 7.25 17.16 13.83 0.6
CATEGORY.
10.50 21.19
HDFC Index Fund - S&P BSE Sensex Plan  5,467.73 -1.12 6.14 7.16 16.59 13.89 0.4
Taurus Flexi Cap Fund Parag Parikh Flexi Cap Fund
ICICI Prudential S&P BSE Sensex Index Fund  1,105.67 -1.11 6.16 7.15 16.54 13.96 0.35
Canara Robeco Bluechip Equity Fund - Regular Plan  10,335.66 0.63 8.28 8.74 16.26 15.27 1.71 10.96 20.73
Shriram Flexi Cap Fund 360 ONE Focused Equity Fund Plan
EQUITY: LARGE & MIDCAP
HDFC Large and Mid Cap Fund - Regular Plan  11,810.08 3.61 18.68 20.81 29.79 18.16 1.78
11.09 19.37
ICICI Prudential Large & Mid Cap Fund  9,177.04 2.84 15.1 16.79 28.95 17.2 1.8 Nippon India Retirement JM Flexicap Fund
SBI Large & Midcap Fund  15,705.95 0.54 11.52 11.29 25.43 17.1 1.71 11.15 18.76
Kotak Equity Opportunities Fund - Regular Plan  15,500.47 3.37 14.38 15.99 22.79 17.69 1.66 Motilal Oswal Flexi Cap HDFC Retirement Savings Fund
Tata Large & Mid Cap Fund - Regular Plan  5,331.34 0.92 10.99 11.65 21.58 16.78 1.87
Mirae Asset Emerging Bluechip Fund - Regular Plan  29,024.00 2.03 14.93 15.05 21.44 18.48 1.59
EQUITY: FLEXI CAP Equity: Mid cap 3-year returns

HDFC Flexi Cap Fund  39,794.33 2.03 13.73 16.04 30.10 16.71 1.59
30.10% 18.51 36.26
HDFC Retirement Savings Fund Equity Plan  3,746.40 1.58 13.92 21.1 28.45 18.76 1.87
THE 3-YEAR DSP Midcap Fund Quant Mid Cap Fund
JM Flexicap Fund  640.69 5.55 21.98 24.84 28.34 19.37 2.34 RETURN OF
ICICI Prudential Retirement Fund - Pure Equity Plan  367.57 2.85 16.83 16.96 27.25 — 2.4 HDFC FLEXI 21.08 35.00
Franklin India Focused Equity Fund  9,529.06 1.37 13.61 12.26 26.46 16.74 1.81 CAP FUND Axis Midcap Fund Motilal Oswal Midcap Fund
IS THE
Franklin India Flexi Cap Fund  12,141.15 4.82 17.77 16.66 25.96 16.44 1.79
HIGHEST 22.21 32.90
ICICI Prudential Focused Equity Fund  5,382.93 0.99 13.81 14.27 24.34 15.38 1.85 IN ITS LIC MF Midcap Fund HDFC Mid-Cap Opportunities Fund
Parag Parikh Flexi Cap Fund - Regular Plan  42,784.56 5.19 14.35 24.33 22.51 21.19 1.4 CATEGORY.
360 ONE Focused Equity Fund - Regular Plan  4,629.87 3.07 12.76 15.24 21.55 20.73 1.87
22.83 32.69
HSBC Midcap Fund Nippon India Growth Fund
Union Flexi Cap Fund  1,634.04 3.24 15.29 14.11 21.06 16.75 2.09
PGIM India Flexi Cap Fund - Regular Plan  5,816.46 -0.14 8.96 8.37 19.19 17.76 1.79 23.78 32.07
Franklin India Prima Motilal Oswal Nifty Midcap 100 ETF
EQUITY: MID CAP
Quant Mid Cap Fund  3,140.30 8.45 24.41 23.85 36.26 24.78 1.92 36.26%
Motilal Oswal Midcap Fund - Regular Plan  5,953.05 7.88 23.77 21.57 35.00 22.7 1.81 THE
HDFC Mid-Cap Opportunities Fund  48,686.00 6.94 25.58 29.16 32.90 21.12 1.52 3-YEAR Equity: Small cap 3-year returns
Nippon India Growth Fund  19,247.23 8.03 26.65 28.38 32.69 22.42 1.69 RETURN OF
QUANT MID 26.13 43.78
SBI Magnum Midcap Fund  13,244.51 5 16.82 18.63 32.07 21.28 1.73 CAP FUND
Edelweiss Mid Cap Fund - Regular Plan  3,797.54 6.99 20.19 19.1 29.37 21.03 1.86 IS THE ITI Small Cap Fund Quant Small Cap Fund
Kotak Emerging Equity Fund - Regular Plan  33,918.27 6.02 19.65 19.62 29.29 21.17 1.52 HIGHEST 29.12 43.19
IN ITS
Mirae Asset Midcap Fund - Regular Plan  12,172.62 3.21 21.98 18.94 28.74 — 1.72 Aditya Birla Sun Life Small Cap Nippon India Small Cap Fund
CATEGORY.
PGIM India Midcap Opportunities Fund - Regular Plan  9,342.34 2.31 13.25 8.71 27.93 22.94 1.72 30.35 40.53
EQUITY: SMALL CAP SBI Small Cap Fund HSBC Small Cap Fund
Nippon India Small Cap Fund  37,374.40 6.67 27.26 33.7 43.19 25.73 1.55 31.16 39.78
Tata Small Cap Fund - Regular Plan  6,134.53 4.02 18.62 26.29 38.11 — 1.76
Bandhan Emerging Businesses HDFC Small Cap Fund
Kotak Small Cap Fund - Regular Plan  12,439.62 3.21 19.74 19.45 33.53 24.19 1.68
Axis Small Cap Fund - Regular Plan  16,175.33 7.1 21.54 24.41 31.86 25.29 1.64
31.86 38.11
Axis Small Cap Fund Tata Small Cap Fund
EQUITY: VALUE ORIENTED
SBI Contra Fund  16,337.09 4.07 17.52 22.52 35.82 22.06 1.68 35.82%
Bandhan Sterling Value Fund - Regular Plan  6,846.79 1.37 15.09 17.82 32.98 17.48 1.8 THE 3-YEAR Hybrid: Aggressive 5-year returns
ICICI Prudential Value Discovery Fund  33,938.64 3.19 14.96 19.59 28.81 18.11 1.64 RETURN OF
SBI CONTRA 20.37
EQUITY: ELSS FUND IS
8.85
Quant Tax Plan  4,924.99 5.82 17.37 10.37 33.21 25.79 1.85 THE HIGH- Nippon India Equity Hybrid Quant Absolute Fund
Bandhan ELSS Tax Saver Fund - Regular Plan  5,160.17 1.16 14.22 15.14 27.93 17.47 1.79 EST IN ITS 9.37 18.13
Parag Parikh Tax Saver Fund - Regular Plan  2,064.97 5.19 12.27 14.06 22.92 — 1.87 CATEGORY.
LIC MF Aggressive Hybrid Bank of India Mid & Small Cap Equity
DSP Tax Saver Fund  12,085.93 1.97 14.02 14.22 22.68 17.27 1.69
Bank of India Tax Advantage Fund - Regular Plan  888.58 4.3 14.91 15.31 22.51 20.45 2.26
9.83 17.37
PGIM India ELSS Tax Saver Fund - Regular Plan  568.45 -0.22 8.97 9.89 22.38 15.63 2.33 Bandhan Asset Allocation ICICI Prudential Equity & Debt Fund
JM ELSS Tax Saver Fund  92.34 3.23 16.93 18.3 22.34 17.71 2.4 9.90 15.46
Union Tax Saver (ELSS) Fund  708.49 2.88 14.69 13.22 21.87 17.13 2.35 Shriram Aggressive Hybrid Kotak Equity Hybrid Fund
Kotak ELSS Tax Saver - Regular Plan  4,198.60 2.26 11.57 12.5 21.82 16.79 1.8
10.06 15.25
Mirae Asset Tax Saver Fund - Regular Plan  17,985.39 0.33 11.76 12.94 20.19 17.21 1.61
PGIM India Hybrid Equity HDFC Children’s Gift Fund
Canara Robeco Equity Tax Saver Fund - Regular Plan  6,139.98 1.65 10.25 9.18 19.31 17.24 1.74
ANNUALISED RETURNS IN % AS ON 8 NOV 2023.

smart stats
ETW FUNDS 100 Value Research Net Assets

RETURNS (%)
Expense
1 Top 5 SIPs
Fund Rating (` Cr) 3-Month 6-Month 1-Year 3-Year 5-Year Ratio
HYBRID: EQUITY SAVINGS

HDFC Equity Savings Fund  3,110.80 1.75 6.41 8.95 13.2 9.27 2 Top 5 equity schemes based
UTI Equity Savings Fund - Regular Plan  291.56 1.66 7.05 10.86 12.33 9.18 1.5 on 10-year SIP returns
SBI Equity Savings Fund - Regular Plan  3,062.01 3.06 9.89 12.33 11.86 10.12 1.14
Nippon India Small Cap Fund
Kotak Equity Savings Fund - Regular Plan  3,154.13 2.05 7.1 10.23 10.73 9.5 1.94
ICICI Prudential Equity Savings Fund  7,068.60 1.25 6.1 9.25 10.12 8.15 0.99 24.20
HYBRID: AGGRESSIVE (EQUITY-ORIENTED) Quant Small Cap Fund

ICICI Prudential Equity & Debt Fund  26,324.58 3.98 13.85 16.91 29.62 17.37 1.68 23.12
Bank of India Mid & Small Cap Equity & Debt Fund  492.05 7.46 20.78 23.52 25.73 18.13 2.52 29.62% Quant Tax Plan
Quant Absolute Fund  1,378.11 0.45 7.35 3.04 24.97 20.37 2.1 THE 3-YEAR 22.59
JM Equity Hybrid Fund  74.45 6.01 21.93 24.51 22.46 14.57 2.4 RETURN OF
ICICI PRU SBI Small Cap Fund
HDFC Children's Gift Fund  7,402.71 1.06 10.17 17.03 20.44 15.25 1.79
EQUITY & DEBT
Edelweiss Aggressive Hybrid Fund - Regular Plan  904.21 3.25 12.49 15.22 20.05 14.48 2.17 FUND IS THE 21.68
Mahindra Manulife Aggressive Hybrid Fund  820.79 1.74 11.95 12.31 19.61 — 2.23 HIGHEST IN ITS Quant Flexi Cap Fund
HDFC Retirement Savings Fund - Hybrid Equity  1,149.32 1.24 11.25 17.26 19.6 14.29 2.16 CATEGORY.
20.60
HDFC Hybrid Equity Fund  21,045.90 0.17 6.42 10.34 18.95 13.45 1.71
Kotak Equity Hybrid Fund - Regular Plan  4,266.69 1.84 9.75 10.83 18.55 15.46 1.84 SIP: SYSTEMATIC % ANNUALISED RETURNS
Baroda BNP Paribas Aggressive Hybrid Fund  848.67 2.06 10.28 11.77 16.28 14.64 2.23 INVESTMENT PLAN AS ON 8 NOV 2023
Canara Robeco Equity Hybrid Fund - Regular Plan  9,033.69 1.28 8.63 9.2 14.39 13.49 1.75
2 Top 5 MIPs
HYBRID: CONSERVATIVE (DEBT-ORIENTED)
SBI Magnum Children's Benefit Fund - Savings Plan  100.74 3.73 8.9 13.55 13.9 10.05 1.2 13.55%
HDFC Hybrid Debt Fund  2,892.57 1.65 5.73 10.39 11.53 9.59 1.8
THE 1-YEAR Top 5 MIP schemes based on
SBI Conservative Hybrid Fund  8,962.82 1.63 6.04 10 11.12 10.37 1.12 RETURN OF 3-year SWP returns
Kotak Debt Hybrid Fund - Regular Plan  1,987.03 1.61 5.59 8.82 10.5 10.61 1.76 SBI MAGNUM
ICICI Prudential Regular Savings Fund  3,295.25 1.63 5.94 8.49 8.82 9.19 1.72 CHILDREN’S SBI Magnum Children’s Benefit Fund
Canara Robeco Conservative Hybrid Fund - Regular Plan  1,037.75 1.26 4.12 6.81 7.47 9.09 1.81 BENEFIT IS
THE HIGH- 13.14
DEBT: MEDIUM TO LONG TERM EST IN ITS
CATEGORY. Bank of India Conservative Hybrid Fund
SBI Magnum Income Fund  1,677.61 1.18 2.42 7.54 4.42 7.58 1.47

12.84
UTI Medium to Long Duration Fund - Regular Plan 311.19 0.55 1.40 6.48 8.25 4.06 1.62
HDFC Hybrid Debt Fund
DEBT: MEDIUM TERM
10.47
SBI Magnum Medium Duration Fund  7,042.91 1.39 2.91 7.6 4.82 7.69 1.22
Axis Strategic Bond Fund  1,916.87 1.29 2.66 7.16 5.4 6.86 1.09 ICICI Prudential Income Optimizer
ICICI Prudential Medium Term Bond Fund  6,504.55 1.43 2.89 7.1 5.49 7.26 1.4 10.01
Aditya Birla Sun Life Medium Term Plan  1,897.20 1.16 2.66 7.06 13.54 8.2 1.58
SBI Conservative Hybrid Fund
DEBT: SHORT TERM
9.98
ICICI Prudential Short Term Fund  18,689.00 1.66 3.39 7.44 5.28 7.32 1.07 7.44% SWP: SYSTEMATIC % ANNUALISED RETURNS
HDFC Short Term Debt Fund  12,405.74 1.45 3.09 7.19 4.8 7.12 0.74 THE 1-YEAR WITHDRAWAL PLAN AS ON 8 NOV 2023
Sundaram Short Duration Fund  196.19 1.29 2.74 6.86 6.66 5.33 0.84 RETURN OF
UTI Short Duration Fund - Regular Plan  2,388.88 1.42 3.04 6.85 6.24 5.09 0.95 ICICI PRU
SHORT TERM

3
Aditya Birla Sun Life Short Term Fund - Regular Plan 5,465.99 1.34 2.83 6.73 4.9 6.99 1.04
Axis Short Term Fund  7,366.58 1.34 2.67 6.71 4.54 6.84 0.99
FUND IS
THE HIGH- Flexi Cap : Cash holdings
EST IN ITS
DEBT: DYNAMIC BOND CATEGORY.
ICICI Prudential All Seasons Bond Fund  11,096.97 1.6 3.22 7.55 5.34 7.82 1.31
25.46
Quantum Dynamic Bond Fund - Regular Plan  91.30 0.93 2.58 7.55 4.71 7.07 0.96 23.94
SBI Dynamic Bond Fund  2,965.72 1.19 2.33 7.44 4.14 7.43 1.44
Aditya Birla Sun Life Dynamic Bond Fund  1,712.27 0.99 2.38 6.68 5.84 5.56 1.23
360 ONE Dynamic Bond Fund - Regular Plan  744.85 1.04 2.2 6.55 5.25 6.39 0.52
14.91
11.56
10.05
DEBT: CORPORATE BOND
ICICI Prudential Corporate Bond Fund  23,379.83 1.67 3.55 7.48 5.32 7.37 0.53
Expense as on 31 Oct 2023
Aditya Birla Sun Life Corporate Bond Fund  17,915.33 1.45 3.23 7.25 5.09 7.47 0.5
Returns as on 08 Nov 2023
Nippon India Corporate Bond Fund  2,458.21 1.37 2.91 7.20 5.32 6.77 0.67
Assets as on 30 Sept 2023
Kotak Corporate Bond Fund - Standard Plan  10,717.87 1.46 2.98 6.80 4.71 6.79 0.67 Quant Shriram Parag HDFC HDFC Re-
Rating as on 31 Oct 2023
Axis Corporate Debt Fund - Regular Plan  4,948.13 1.34 2.78 6.74 4.64 6.47 0.94
Flexi Cap Flexi Cap Parikh Focused tirement
Fund Fund Flexi Cap 30 Fund Savings
All equity funds ranked on 3-year returns. Debt funds ranked on 1-year returns. Fund Fund
Did not find your fund here? % OF ASSETS AS ON 30 SEPT 2023
Log on to www.wealth.economictimes.com for an exhaustive list.
Debt: Medium to
Methodology
The Top 100 includes only those funds that have a 5- or
4-star rating from Value Research. The rating is determined
EQUITIES (figures over the past one year)
Large-cap: Mostly invested in large-cap companies.
FUND
4 long duration
Multi-cap: Mostly invested in large- and mid-cap
RAISER
by subtracting a fund’s risk score from its return score.
The result is assigned stars according to the following companies.
1.22
distribution: Mid-cap: Mostly invested in mid-cap companies. 1.11 1.12
1.02
Small-cap: Mostly invested in small-cap companies.
14.2%
 Top 10%
 Next 22.5% Tax planning: Offer tax rebate under Section 80C. 0.74
(Not covered
 Middle 35% in ETW Funds International: More than 65% of assets invested abroad.
 Next 22.5% 100 listing) Income: Average maturity varies according to objective.
 Bottom 10% Gilt: Medium- and long-term; invest in gilt securities. of the total number of folios
Fixed-income funds less than 18 months old and equity funds Equity-oriented: Average equity exposure more (10.9 crore) in equity schemes
less than three years old have been excluded. This ensures than 60%. belong to the ELSS category, the ICICI Pru- JM ICICI Aditya LIC MF
that all the funds have existed long enough to be tracked for dential Medium Pruden- Birla Medium to
consistency of performance. Given the focus on long-term
Debt-oriented aggressive: Average equity exposure highest among all other equity Debt to Long tial Bond Sun Life Long Dura-
between 25-60%.
investing, liquid funds, short-term funds and FMPs are not fund categories, followed by the Manage- Duration Fund Income tion Bond
Debt-oriented conservative: Average equity exposure ment Fund Fund Fund
part of the list. For the same reason, we have considered only
less than 25%.
small-cap fund category.
the growth option of funds that reinvest returns instead of
offering dividends that increase the NAV of funds. Arbitrage: Seek arbitrage opportunities between equity % AS ON 31 OCT 2023
and derivatives. *Folio refers to the number of accounts. % EXPENSE RATIO IS CHARGED ANNUALLY.
Despite these rigorous filters, the list includes 2/3 funds of
Data for October 2023. METHODOLOGY OF TOP 100 FUNDS ON
each category to maximise choice from the best funds. Asset allocation: Invest fully in equity or debt as per
The fund categories are: market conditions. SOURCE: AMFI WWW.WEALTH.ECONOMICTIMES.COM
loans and deposits

LOANS & DEPOSITS

ET WEALTH collaborates with ETIG to provide a comprehensive ready reckoner of loans and fixed-income
instruments. Don’t miss the information on investments for senior citizens and a simplified EMI calculator.
Top five bank FDs

Interest rate (%) What `10,000
HOME LOAN RATES
TENURE: 1 YEAR compounded qtrly will grow to With effect from October 2019, all banks have made the transition to
IndusInd Bank 7.50 10,771 external benchmarks for pricing new home loans. Most banks have
Bandhan Bank 7.25 10,745
picked the RBI repo rate as the external benchmark.
YES Bank 7.25 10,745
DCB Bank 7.15 10,734 REPO RATE: 6.50%
Kotak Mahindra Bank 7.10 10,729 FOR SALARIED FOR SELF-EMPLOYED (%)
BANK
TENURE: 2 YEARS RLLR (%) FROM (%) TO (%) FROM (%) TO (%) WEF
IDFC First Bank 7.75 11,659 Bank of Baroda 9.15 8.40 10.60 8.40 10.60 14 Feb 2023
DCB Bank 7.55 11,614 HDFC Bank -- 8.50 9.40 8.50 9.40 Not Given
IndusInd Bank 7.50 11,602
Indian Bank 9.20 8.50 9.90 8.50 9.90 14 June 2023
RBL Bank 7.50 11,602
Punjab National Bank 9.25 8.50 10.10 8.50 10.10 9 Feb 2023
Bank of India 7.25 11,545
IndusInd Bank -- 8.50 10.55 8.50 10.55 Not Given
TENURE: 3 YEARS
Bank of India 9.25 8.50 10.60 8.50 10.75 1 Aug 2023
DCB Bank 7.60 12,534
Bandhan Bank 7.25 12,405
IDBI Bank 9.10 8.55 10.75 8.65 12.25 12 Feb 2023
Bank of Baroda 7.25 12,405 Union Bank of India 9.30 8.55 10.80 8.55 10.80 11 Aug 2023
IDFC First Bank 7.25 12,405 Bank of Maharashtra 9.30 8.60 10.30 8.80 10.80 8 June 2023
IndusInd Bank 7.25 12,405 SBI Term Loan 8.75+CRP 8.70 9.65 8.70 9.65 1 July 2023
TENURE: 5 YEARS Kotak Mahindra Bank -- 8.75 9.35 8.80 9.60 Not Given
DCB Bank 7.40 14,428 Karnataka Bank -- 8.75 10.43 8.75 10.43 1 Aug 2023
Indusind Bank 7.25 14,323 Federal Bank -- 8.80 10.25 10.20 10.30 Not Given
YES Bank 7.25 14,323
Indian Overseas Bank 9.35 8.85 9.55 8.85 9.55 8 Feb 2023
RBL Bank 7.10 14,217
UCO Bank 9.30 8.85 10.40 8.85 10.40 15 Mar 2023
ICICI Bank 7.00 14,148
Canara Bank 9.25 8.85 11.20 8.90 11.25 12 July 2023
Punjab & Sind Bank 8.54 8.95 9.95 8.95 9.95 9 Feb 2023
Top five senior citizen bank FDs J & K Bank 9.10 9.10 9.50 9.10 9.50 10 May 2023
Interest rate (%) What `10,000 Bandhan Bank -- 9.15 13.32 9.15 13.32 Not Given
TENURE: 1 YEAR compounded qtrly will grow to
IndusInd Bank 8.25 10,851 Karur Vysya Bank 9.60 9.23 12.13 9.23 12.13 10 Feb 2023
Bandhan Bank 7.75 10,798 ICICI Bank -- 9.25 9.90 9.40 10.05 Not Given
YES Bank 7.75 10,798 Dhanlaxmi Bank 8.50 9.35 10.00 9.85 10.50 25 Feb 2023
DCB Bank 7.65 10,787 DCB Bank 9.75 9.75 9.95 9.75 9.95 13 Feb 2023
Kotak Mahindra Bank 7.60 10,782
TENURE: 2 YEARS
IDFC First Bank 8.25 11,774
Your EMI for a loan of `1 lakh
IndusInd Bank 8.25 11,774 TENURE 5 YEARS 10 YEARS 15 YEARS 20 YEARS 25 YEARS
DCB Bank 8.05 11,728
@ 7% 1,980 1,161 899 775 707
RBL Bank 8.00 11,717
YES Bank 7.75 11,659 @ 8% 2,028 1,213 956 836 772
TENURE: 3 YEARS
DCB Bank 8.10 12,720
@ 9% 2,076 1,267 1,014 900 839
@ 10% 2,125 1,322 1,075 965 909
YES Bank 8.00 12,682
Bandhan Bank 7.75 12,589 FIGURES ARE IN `. USE THIS CALCULATOR TO CHECK YOUR LOAN AFFORDABILITY.
FOR EXAMPLE, A `5 LAKH LOAN AT 10% FOR 15 YEARS WILL TRANSLATE INTO AN EMI OF `1,075 X 5 = `5,375
Bank of Baroda 7.75 12,589
TENURE: 5 YEARS
Post office deposits Interest (%)
Minimum
investment (`)
Maximum
investment (`)
Features
Tax
benefits
YES Bank 8.00 14,859 Sukanya Samriddhi Yojana 8.00 250 `1.5 lakh p.a. One account per girl child 80C
DCB Bank 7.90 14,787
Axis Bank 7.75 14,678 Senior Citizens' Savings Scheme 8.20 1,000 `30 lakh 5-year tenure, minimum age 60 yrs 80C
RBL Bank 7.60 14,571
Public Provident Fund 7.10 500 `1.5 lakh p.a. 15-year tenure, tax-free returns 80C
Kisan Vikas Patra 7.50 1,000 No limit Can be encashed after 2.5 years Nil
Top five tax-saving bank FDs 5-year NSC VIII Issue 7.70 1,000 No limit No TDS 80C
Interest What `10,000
TENURE: 5 YEARS AND ABOVE rate (%) will grow to
Time deposit 6.9-7.50 1,000 No limit Available in 1, 2, 3, 5 year tenures 80C#
DCB Bank 7.40 14,428
IndusInd Bank 7.25 14,323 Post Office Monthly Income
Single `9 lakh 5-year tenure, monthly returns Nil
YES Bank 7.25 14,323 7.40 1,000
Scheme
Joint `15 lakh 5-year tenure, monthly returns Nil
RBL Bank 7.10 14,217
IDFC First Bank 7.00 14,148 Recurring deposits 6.70 100 No limit 5-year tenure Nil
Savings account 4.00 500 No limit `10,000 interest tax-free Nil

ALL DATA SOURCED FROM ECONOMIC TIMES INTELLIGENCE GROUP
(ETIGDB@TIMESGROUP.COM) Data as on 10 November 2023 #Benefit available only for 5-year deposit
market watch
ALTERNATIVE INVESTMENT
RETURNS MONITOR
The scope and attractiveness of alternative investments is increasing. Here’s a weekly tracker of returns from such investments. But don’t
compare these with returns from traditional investments since the proportion and purpose of alternative investments is vastly different.
Gold (995) (`) Silver (`) Platinum ($/troy ounce) WTI Crude ($/barrel)
51,308 59,856 61,550 70,300 989.85 864.25 85.83 75.33
9 NOV 2022 9 NOV 2023 9 NOV 2022 9 NOV 2023 9 NOV 2022 9 NOV 2023 9 NOV 2022 8 OCT 2023
PRICE OF 10 GM GOLD PRICE OF 1 KG SILVER
CHANGE
X 1 WEEK -1.63% 1 WEEK -1.93% 1 WEEK -6.6% 1 WEEK -8.65%
X 1 YEAR 16.66% 1 YEAR 14.22% 1 YEAR -12.69% 1 YEAR -12.23%
PENNY STOCKS UPDATE

Penny stocks as a recommended non-traditional investment? Not exactly. ET WEALTH
neither has the expertise nor does it recommend investing in such stocks. But since the
relatively ‘low’ cost of investment attracts some investors to penny stocks, we provide
a weekly snapshot of this most volatile and uncertain type of stock investing.
Top price gainers Top volume gainers

MARKET 1-WEEK (%) 1-MTH (%) 1-MONTH AVG 1-MONTH AVG MKT CAP MARKET 1-WEEK (%) 1-MTH (%) 1-MTH AVG 1-MONTH AVG MKT CAP
STOCK PRICE (`) CHANGE CHANGE VOL (LAKH) VOL CHG (%) (`CR) STOCK PRICE (`) CHANGE CHANGE VOL (LAKH) VOL CHG (%) (`CR)
Vintron Informatics 7.87 10.07 66.74 0.73 -40.45 61.7 Jackson Investments 0.55 -5.17 41.03 6.06 1,652.96 15.99
E-Land Apparel 9.11 -3.6 51.08 0.93 528.11 43.72 Future Supply Chain 9.80 -8.84 -5.22 0.09 1,151.39 43
Esaar (India) 9.28 10.08 49.44 0.4 12.72 18.97 Danube Industries 8.76 -7.69 8.82 10.2 968.95 52.56
Zenith Steel Pipes 6.98 22.46 42.74 4.57 514.91 99.31 KBC Global 2.23 -7.85 -18.01 36.27 931.4 137.15
Jackson Investments 0.55 -5.17 41.03 6.06 1652.96 15.99 Odyssey Corp 8.18 15.54 15.37 1.31 799.04 32.23
Unitech 3.26 26.36 36.40 19.25 -75.63 852.91 Super Spinning Mills 8.22 -4.42 5.52 1.49 756.53 45.21
Avance Technologies 2.40 9.09 33.33 12.55 23.32 95.13 Tijaria Polypipes 6.33 3.77 7.65 0.18 608.15 18.12
VXL Instruments 7.58 -5.25 32.52 0.05 13.86 10.1 E-Land Apparel 9.11 -3.60 51.08 0.93 528.11 43.72
Burnpur Cement 6.38 17.28 32.37 3.62 148.15 54.94 Zenith Steel Pipes 6.98 22.46 42.74 4.57 514.91 99.31
Softrak Biotech z 7.29 19.9 31.59 0.15 -8.63 32.86 BITS 0.98 5.38 25.64 0.19 347.5 10.97
Top price losers Top volume losers

IFL Enterprises 6.80 -7.10 -53.30 66.72 335.81 154.63 7NR Retail 0.48 0 -25 4.24 -89.49 13.44
IEL Limited 9.31 4.49 -44.55 2.10 -76.93 31.1 Saianand Commercial 0.46 0 -4.17 4.46 -81.95 10.45
Galactico Corporate 3.42 -21.38 -36.55 19.11 121.82 50.96 Shalimar Productions 0.49 0 0 1.95 -81.82 48.23
7NR Retail 0.48 0 -25 4.24 -89.49 13.44 ISF 2.01 1.01 -14.47 1.17 -80.12 19.1
Kanani Industries 7.40 2.78 -22.59 1.10 -10.62 73.19 JCT 2.69 5.49 -8.5 13.96 -78.29 233.58
Vikas WSP 1.24 -2.36 -19.48 3.56 11.01 25.35 Parsvnath Developers 9.9 1.75 -11.21 1.05 -78.1 430.83
Sundaram Multi Paper 2.72 -7.17 -18.56 1.75 -70.21 128.9 IEL 9.31 4.49 -44.55 2.1 -76.93 31.1
RO Jewels 3.16 -5.11 -18.13 4.48 -11.65 15.94 Vikas Ecotech 3.55 -2.74 -0.84 20.68 -76.73 457.38
KBC Global 2.23 -7.85 -18.01 36.27 931.4 137.15 GVK Power & Infra 9.21 27.21 -16.2 24.75 -75.77 1454.44
Scanpoint Geomatics 6.80 -2.86 -16.77 1.78 245.56 47.12 Unitech 3.26 26.36 36.4 19.25 -75.63 852.91
STOCKS HAVE BEEN SELECTED USING THE FOLLOWING FILTERS: PRICE LESS THAN `10, ONE-MONTH AVERAGE VOLUME GREATER THAN OR EQUAL TO 1 LAKH, AND MARKET
CAPITALISATION GREATER THAN OR EQUAL TO `10 CRORE. DATA AS ON 8 NOV 2023. SOURCE: ETIG DATABASE AND BLOOMBERG.
mutual funds
DSP FLEXI CAP
Preference for quality, growth

ET Wealth collaborates with Value Research to analyse top mutual funds. We examine the key fundamentals
of the fund, its portfolio and performance to help you make an informed investment decision.
HOW THE FUND HAS PERFORMED Top 5 sectors in portfolio (%)
Point-to-point returns (%)

BASIC Financials 32.99
FUND BENCHMARK CATEGORY AVERAGE FACTS Capital goods 11.34
Automobiles 10.27
21.06 DATE OF LAUNCH
19.36 19.58
29 APRIL 1997 Technology 8.51
15.47 16.51 15.38 14.64 CATEGORY
12.39 Consumer
10.74 EQUITY staples 5.65
TYPE
FLEXI CAP The fund’s biggest overweight positions
are in financials, capital goods and autos.
AUM*
1-YEAR 3-YEAR 5-YEAR `9,150 crore
AS ON 7 NOVEMBER 2023 Top 5 stocks in portfolio (%)
BENCHMARK
The fund has beaten the index and its peers over the
past year, but lags behind over the past three years. NIFTY 500 TOTAL Bajaj Finance 8.33
RETURN INDEX
HDFC Bank 5.69
Rolling returns (%) WHAT IT Apar

Industries
4.65
COSTS
FUND BENCHMARK
17.18 ICICI Bank 4.18

1-YEAR Samvardhana
NAV** Motherson 4.18
16.26 International
GROWTH OPTION
`75.06 The fund portfolio is fairly diversified and
14.82 IDCW** retains large positions in its top bets.
3-YEAR `54.83
14.30 MINIMUM INVESTMENT
`100
13.80 MINIMUM SIP AMOUNT
`100 Recent portfolio changes
5-YEAR
13.06
AS ON 7 NOVEMBER 2023
EXPENSE RATIO (%)#
New entrants
1.78
Coforge, Power Finance Corporation, Prudent
The fund’s long-term track record indicates EXIT LOAD
Corporate Advisory Services, REC, Suven
modest outperformance across time frames. 1% for redemption Pharmaceuticals (Aug). Rainbow Children’s
within 364 days. Medicare (Sept).
Note: Different benchmark (S&P BSE 500 TRI) is used due to non availability of stated benchmark data.
Returns are rolled daily over past decade for relevant time frames. *AS ON 30 SEPT 2023
**AS ON 7 NOV 2023
#AS ON 30 SEPT 2023
Complete exits
WHERE THE FUND INVESTS Gujarat Gas, Mphasis, Shriram Finance,

Supreme Industries (Aug). Equitas Small
Finance Bank, KNR Constructions (Sept).
Portfolio asset
Fund
allocation
style box
Growth Blend Value
How risky is it?
97.66%
Large
Equity Fund Category Index

CAPITALISATION
Large cap 53.75

Standard Deviation 15.22 14.16 14.65
26.59
Medium
Mid cap
Small cap 19.66 Sharpe Ratio 1.03 1.08 1.13
Cash 2.34
FUND Mean Return 20.16 19.91 21.08
Small
MANAGER BASED ON 3-YEAR PERFORMANCE.
INVESTMENT STYLE ATUL BHOLE (IN PIC) / The fund’s risk-return profile is not
The fund takes a much higher exposure to DHAVAL GADA
AS ON 30 SEPT 2023 7 YEARS, 4 MONTHS/
among the best in its category.
mid and small caps compared to its peers. 1 YEAR, 1 MONTH Source: Value Research
Should This flexi-cap fund retains a sizeable

presence in broader mid- and small-cap
strong business models, characterised
by low capex intensity, high cash con-
deviating from the index. The fund has
had an impressive track record over the
You segments, unlike many of its peers that
have a distinct large-cap bias. The fund
version and low-cost structure. He
retains a small portion for tactical bets.
years. While it saw a dip in its return
profile last year, it has got back on its
Buy manager shows preference for qual-
ity, growth-oriented businesses with
He is comfortable paying a premium for
this quality and does not shy away from
feet smartly this year. It remains one of
the better offerings in this space.
pick of the week

Kajaria Ceramics: Poised to grow

Buoyant prospects of real estate sector, biofuel benefits, and strong distribution network to drive growth.
T
he tiles manufacturer missed estimates in the second tier 2 and 3 cities, and smaller urban areas to benefit from an Fundamentals
quarter due to sustained weakness in demand. The expected jump in demand for building material segments. CONSENSUS
ACTUAL
revenue and net profit were 3.6% and 11.8% lower than Third, the company has replaced natural gas with biofuel ESTIMATE
the Reuters-Refinitiv estimates. It reported a modest in some of its manufacturing operations to manage fuel price 2021-22 2022-23 2023-24 2024-25
volume growth of 6% y-o-y, but the EBITDA witnessed a sharp volatility. Despite the recent jump in Brent crude prices and Revenue (` cr) 3,705.19 4,381.93 4,782.55 5,513.86
jump of 38% y-o-y supported by lower gas costs. The manage- international gas prices, analysts expect the blended cost to EBITDA (` cr) 611.99 593.15 771.58 923.32
ment has reduced its volume growth guidance for 2023-24 amid remain range-bound in the future. The management has main- Net income (` cr) 377.79 345.29 479.26 584.86
weak demand in the first half of 2023-24. However, it expects tained its EBITDA margin guidance of 14-16% for 2023-24.
EPS (`) 23.73 21.67 30.12 36.76
a gradual pick-up in demand in the Fourth, the company’s other busi-
second half, led by growth in the real
estate sector. Analysts’ views
ness segments (bathware, plywood
and adhesives) are seeing traction
Valuations PBV PE
DIVIDEND
YIELD (%)
Kajaria Ceramics 8.79 51.42 0.70

Most analysts are confident about 1 that will drive the overall growth.
Cera Sanitaryware 9.52 48.06 0.58
the growth prospects of the company
Sell 27 A Nuvama report that was released
due to multiple reasons. First, the Buy in September 2023 sees improving Somany Ceramics 5.35 64.26 0.30
company will benefit from the buoy- industry dynamics, reduced imports Asian Granito India 0.81 - 0.00
ant prospects of the tile industry. and rising consolidation as some 1.91 66.91 0.24
Advancements in the real estate sec- 7 of the factors driving the bathware
Orient Bell
tor, rising disposable income levels

and the strong inclination of custom-
Hold segment. On the other hand, the com-
pany has set up a strong sales team
Brokerage calls TARGET
RECO DATE RESEARCH HOUSE ADVICE PRICE (`)
ers to enhance the aesthetics of their to drive its plywood business, and
23 Oct 2023 Anand Rathi Buy 1,525
living and working spaces are some has tied up with multiple plants for
22 Oct 2023 Prabhudas Lilladher Accumulate 1,368
of the factors that are supporting the manufacturing adhesives.
sector’s growth. The stock has outperformed the 22 Oct 2023 Motilal Oswal Buy 1,580
Analysts are bullish on the company due to rising
The government’s thrust on cre- disposable incomes and customer inclination to market benchmark in the past year 22 Oct 2023 Nirmal Bang Buy 1,765
ating a strong infrastructure and enhance living and working space aesthetics. with 21% returns, compared to BSE 20 Oct 2023 Nuvama Buy 1,547
initiatives like the ‘Pradhan Mantri Sensex returns of 6%.
Awas Yojana’ and ‘Smart Cities Mission’ provide additional Selection methodology: We pick the stock that has shown Relative performance
growth levers to the tiles sector. Further, Indian tile compa- the maximum increase in ‘consensus analyst rating’ during
100 MARKET PRICE: `1,283.9 124.1
nies are seeing strong export growth opportunities, which are the past month. The consensus rating is arrived at by averag-
supported by their lower cost of production and anti-China sen- ing all analyst recommendations after attributing weights to
timents in the US and European countries. The management each of them (5 for strong buy, 4 for buy, 3 for hold, 2 for sell and
expects the country’s exports to reach `20,000 crore in 2023-24, 1 for strong sell). An improvement in consensus analyst rating SENSEX
compared to `16,000 crore in 2022-23. indicates that the analysts are getting bullish on the stock. 106.2
Second, the company’s strong distribution and dealer Only stocks with at least 10 analysts covering them are consid- 104.8
network, diversified product range and considerable invest- ered. You can see similar consensus analyst rating changes
9 NOV 2022 KAJARIA CERAMICS ET DECOR 9 NOV 2023
ments in branding and promotion activities are helping it to during the past week in ETW 50 table.
Kajaria Ceramics is compared with ET Decor and Sensex. Stock price and
command pricing premium over competitors. It is focusing on —Sameer Bhardwaj index values normalised to a base of 100. Source: ETIG and Bloomberg.
WHAT EXPERTS ADVISE

BUY RESEARCH STOCK 1-YEAR TARGET POTENTIAL
*STOCK PRICES AS ON 9 NOVEMBER
STOCK ADVICE COMMENT

HOUSE PRICE* (`) PRICE (`) UPSIDE (%)
Maintain ‘buy’ due to expectations of gradual demand recovery, led by sharp pricing action to attract value
V-Mart Retail Centrum Broking Buy 1,686 2,432 44.2 seeking customers, lowering food inflation, and optimism from strong festive and wedding season.
Maintain ‘buy’ due to its creditable liability management, decline in costs supported by scale and productiv-
Fusion Microfinance Motilal Oswal Buy 569 720 26.5 ity benefits, branch expansion and likely stabilisation in credit costs from the fourth quarter of 2023-24.
Reiterate ‘buy’ due to better than expected performance in second quarter, led by strong volume growth
Bayer CropScience Elara Capital Buy 5,193 6,432 23.9 and operating leverage benefits. Cost control initiatives and growth in corn seed business are key positives.
Recommend ‘buy’ due to strong performance in second quarter, led by improved product mix in the US and
Alkem Laboratories Nuvama Buy 4,027 4,980 23.7 lower input costs. Strong domestic franchise, chronic expansion and export turnaround are key positives.
Ratnamani Metals & Maintain ‘buy’ due to strong second quarter performance, led by superior order execution and favourable
Sharekhan Buy 2,926 3,500 19.6
Tubes product mix. Expected jump in order intake and strong balance sheet are key growth drivers.
Maintain ‘buy’ due to the expected recovery in demand and operating margins, supported by moderating
Antique Stock
Devyani International Buy 187 223 19.3 inflation. Also, the strategy of aggressive store expansion and superior execution will help it to outperform
Broking its peers in the future.
SELL RESEARCH STOCK 1-YEAR TARGET POTENTIAL

STOCK ADVICE COMMENT
HOUSE PRICE* (`) PRICE (`) DOWNSIDE (%)
Hindustan Petroleum Maintain ‘reduce’ due to likely losses in the second half of 2023-24 amid elevated oil prices, frozen re-
Kotak Securities Reduce 279 270 -3.2
Corporation tail prices, modest outlook of refining segment, and concerns of large investments in Barmer refinery.
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tax optimiser
Perks, NPS can save `1 lakh in tax

Sudhir Kaushik of TaxSpanner.com tells readers how they can
optimise their tax by rejigging their income and investments.
M
ysuru-based testing
engineer Mano Gowda
earns well, but also
pays a high tax because
his pay structure is not INCOME
very tax-friendly and he does not avail
of all the deductions available to him.
FROM EMPLOYER
TaxSpanner estimates that Gowda can
save nearly `1 lakh in tax if his salary
structure is rejigged to include tax-free INCOME HEAD CURRENT SUGGESTED
perks and if he opts for the NPS benefit
offered by his company. Salary 11,40,000 11,40,000
One reason for high tax is the low ex- Reduce this taxable
House rent allowance 3,60,000 3,60,000 portion of the pay
emption for the HRA component in his
package.
salary. He pays a rent of `1.8 lakh in a Special allowance 7,20,000 4,04,000
year. HRA exemption is the lowest of the These perks are
following: actual HRA received, 50% Travel expense reimbursements 12,000 12,000 tax-free subject to
actual usage up to
of basic salary, and rent paid, less 10%
Books and periodicals 0 18,000 reasonable limits
of basic salary. Since his basic salary and submission of
is relatively high (`11.4 lakh), the HRA Meal coupons 0 24,000 bills.
exemption is reduced to `66,000.
This is tax-free if
Gowda can reduce his tax by opting Leave travel allowance 0 1,00,000
claimed twice in a
for the NPS benefit offered by his com- block of four years.
Gadget allowance 0 60,000
pany. Up to 10% of the basic salary put in
Gadgets and
the NPS on behalf of the employee is de- Telephone reimbursement 12,000 12,000 appliances bought
ductible under Section 80CCD(2). If his for personal use are
company puts `9,500 (10% of his basic) Performance linked bonus 2,00,000 2,00,000 taxed at 10% of the
in the NPS on his behalf every month, value.
Employer's contribution to Provident Fund 1,36,800 1,36,800
his tax will reduce by almost `36,000.
At 36, Gowda should put the maximum Contribution to NPS under Sec 80CCD(2) 0 1,14,000 Up to 10% of basic
75% of the corpus in equity funds. pay put in the NPS is
tax-deductible.
He should also ask for some tax-free TOTAL 25,80,800 25,80,800
perks, such as reimbursement of news-
paper expenses, meal coupons, leave
travel assistance and gadget allow-
ance. If he gets books and newspaper INCOME FROM OTHER SOURCES
allowance of `1,500 and meal coupons
of `2,000 per month, his tax will come Interest income 4,600 0 Avoid fixed
deposits and go
down by about `13,000. Capital gains 0 0 for tax-free PPF
Under Section 17(2), gadgets bought instead.
for personal use are taxed at only 10% of Rental income 0 0
the value. Gadget allowance of `60,000
TOTAL 4,600 0
will cut tax by about `18,000, while LTA
of `1 lakh will reduce his tax by `31,200. All figures are in `
Tax-saving investments
Denotes suggestion to increase Denotes suggestion to reduce
INVESTMENT CURRENT SUGGESTED

OPTION (`) (`)
Provident Fund 1,36,800 1,36,800
Life insurance 1,30,000 1,30,000 Mano Gowda’s tax

TAX ON TAX ON TOTAL TAX SAVED WRITE
NPS under Sec 80CCD(1b) 50,000 50,000 TAX ON OTHER CAPITAL TO US
TOTAL ADMISSIBLE 2,00,000 2,00,000
SALARY INCOME
CURRENT
GAINS
`1,00,027 FOR HELP
PER YEAR Paying too much
Other deductions `4,53,648 1,435 0 tax? Write to us

at etwealth@
TAX RATIO timesgroup.com with
EXEMPTION OR CURRENT SUGGESTED
`4,55,083 ‘Optimise my tax’
DEDUCTION (`) (`) (Total tax as % of annual income)
as the subject. Our
SUGGESTED EXISTING SUGGESTED experts will tell you
HRA exemption 66,000 66,000 how to reduce your
`3,55,056 0 0 tax by rejigging your
Medical insurance 25,000 25,000 17.6% 13.8% pay and investments.
`3,55,056
TOTAL 91,000 91,000
mutual funds
PORTFOLIO
Increase investments to
DOCTOR
Not many
reach ambitious targets

investors
BCCL
know
whether
they have
Sitaram Jadhav is saving for multiple financial goals. Here’s what the doctor has advised him. invested in
the right
1 2 3 4 5 6 7
funds and if their
SECOND CHILD’S FIRST CHILD’S SECOND CHILD’S FIRST CHILD’S SECOND CHILD’S RETIREMENT
FURNISH NEW
INCOME: 10 yrs
fund portfolio is on
GRADUATION: HIGHER HIGHER MARRIAGE: MARRIAGE:
HOUSE: 2 yrs track. The Portfolio
EDUCATION: 1 yr EDUCATION: 4 yrs 6 yrs
GOALS
Next three years 8 yrs CURRENT NEED:

PRESENT COST:
PRESENT COST: PRESENT COST: PRESENT COST: PRESENT COST: PRESENT COST: `1.25 crore Doctor assesses the
`35 lakh
`1.35 lakh `25 lakh `25 lakh `25 lakh `25 lakh (`50,000 a month)
health of the fund
per year FUTURE COST:
FUTURE COST: FUTURE COST: FUTURE COST: FUTURE COST: FUTURE COST:
`40 lakh `2.45 crore portfolio, examines the
FUTURE COST: N.A. `27.5 lakh `36.6 lakh `37.5 lakh `42.95 lakh
schemes and their
PORTFOLIO AMOUNT EXISTING RECOMMENDED ACTION NEW suitability with regard to
INVESTMENTS INVESTED (`) SIP (`) SIP (`)
CHECK-UP the goals and, if
Increase SIP amount to `5,000 per month to save for required, recommends
Has been investing 1 Aditya Birla SL Dynamic Bond 2,33,345 3,000 child's education costs. 5,000
in a mix of stocks corrective measures. The
and mutual funds Start systematic transfer of `10,000 per month to
ICICI Pru Equity & Debt 1,13,457 0 ICICI Pru All Seasons' Bond. 0 advice given is based on
for past 8-9 years.
2 the performance of the
Most funds in the Continue contributions and use maturity for child's
portfolio have done PPF 19,50,000 12,500 education costs. 12,500 funds, the risk profile of
well and should be the investor as well as
continued. Increase SIPs to `5,000 in this stable large-cap fund.
Aditya Birla SL Frontline Equity 1,91,071 1,500 Increase by 5% every year. 5,000 his financial goals.
Use debt fund,
conservative hybrid Continue investing in this stable index fund. Increase
scheme, and the Axis Nifty 100 Index 2,01,948 10,000 amount by 5% every year. 10,000
PPF for achieving Assumptions used
short-term goals. Restart SIPs of `5,000 in this stable hybrid fund. Hike in the calculations
3 HDFC Hybrid Equity 95,030 0 amount by 5% every year. 5,000
Goals are ambitious INFLATION
and will require an Education For all
increase in mutual SBI Equity Hybrid 94,499 0 Hold this hybrid fund for the long term. 0
expenses other goals
fund SIPs.
SIPs will also need
to be hiked by 5%
Direct stock investments 8,00,000
Continue holding your stocks, but consider shifting to
0 mutual funds for stable returns. 0 10% 7%
every year.
4 Unspecified assets to be sold 38,00,000 0 Use sale proceeds to pay for furnishing new house. 0 RETURNS
Must take life insur-
Equity funds Debt options
ance cover of at
Increase SIPs to `10,000 in this large-cap fund. Hike
least `2 crore. SBI Bluechip 3,62,441 3,000 10,000
by 5% every year.
12% 8%
Note from Continue SIPs in this outstanding flexi-cap fund. Hike
the doctor Parag Parikh Flexi Cap 2,38,523 10,000 amount by 5% every year. 10,000
Early retirement at 5
PORTFOLIOS
55 not possible. Will Groww Value 1,728 0 0 ANALYSED BY
Investment is too small to make a meaningful
need to work till 60. difference. Shift to Parag Parikh Flexicap to RAJ KHOSLA,
Retirement goal of consolidate portfolio. Managing Director
Navi Large & Midcap 1,887 0 0
`50,000 is low, per- and Founder,
haps due to addi- MyMoneyMantra
This value fund is a laggard. Switch to HDFC Flexi Cap
tional income HDFC Capital Builder Value 2,65,745 2,000 for more stable returns. 0
stream from rentals.
Increase SIPs to `6,000 in this stable flexi-cap fund.
WRITE
Opt for balanced
exposure to equity,
6 HDFC Flexi Cap 3,04,909 2,000 Increase by 5% every year. 6,000
TO US
gilt and bond funds
Increase SIPs to `6,000 in this outstanding value fund.
FOR HELP
in the NPS. ICICI Pru Value Discovery 1,76,360 1,500 Increase by 5% every year. 6,000 If you want your portfolio examined,
write to etwealth@timesgroup.com
Review investments with “Portfolio Doctor” as the subject.
and rebalance at Start SIPs of `5,000 in this outstanding equity fund to
HDFC Retirement Savings Equity 0 0 build retirement corpus. 5,000 Mention the following information:
least once in a year.  Names of the funds you hold.
Reduce risk when Open NPS account and start SIPs of `5,000 to save tax  Current value of the investment.
7 NPS 0 0 and build retirement corpus.
5,000  If you have SIPs running in any
goal is near so that of them.
you don’t miss the  The financial goals for which you
target. Continue contributions in the scheme. Don't withdraw invested.
Provident Fund 85,00,000 16,000 before retirement.
16,000
 How much you need for each
financial goal.
, The goals can be reached using the mutual  How far away is each goal.
TOTAL `1,73,30,943 `61,500 funds marked in the same colour. `95,500
NG 3.7 PubDate: 13-11-2023Zone: ETWealthDelhi Edition: 1 Page: DETWDPBP User: saurabh.gupta3 Time: 11-10-2023 17:55 Color:
your feedback & more...

Readers’ response, online and in print, to ET Wealth stories has been enlightening.
We pick some that add information and perspective to our articles from previous issues.
In the story ‘Does the new balancing dreaming big and fulfilling their goals
act improve fund performance?’ it was
mentioned that the long-term capital Rebalancing portfolio by mobilising and monetising their re-
sources. At the same time, they should be
gains realised after three years are realistic and not rush through their goals.
taxed at 20% after indexation. Is the helps in tackling risks Vinod Johri
indexation benefit still available to mu-
The cover story ‘Have you taken too much
tual funds? I appreciate ET Wealth’s effort to
risk?’ is commendable. It explains vola-
Murli Krishnamurthy educate youngsters on achieving their
tility, risk-reward barometer, including
concentration and diversification, and dreams of early retirement. However,
ET Wealth responds: The story was rebalancing of funds, in a simple manner. the cover story ‘How to retire early’
on hybrid funds with a 50:50 mix of It correctly states that when the markets focused only on asset creation, not li-
debt and equity. This year’s Budget take a dip, the golden rule of ‘buy when abilities, though it briefly touched upon
has done away with the indexation there is blood on the streets’ is forgotten the topic. The net worth was errone-
benefit for debt funds and conserva- by investors. The common investor typi- ously equated to assets, as in Nishant
tive hybrid funds that invest less than cally doesn’t understand when there is Bhadoria’s case, and ignored his liabili-
35% in equity. However, the funds that a downward trend in the markets and ties. It is a fundamental mistake.
invest over 35% in equity are eligible misses the opportunity. However, stage- Moses Elijah
for indexation benefit, if held for more wise investments can be done in such an
than three years. environment. Another important point A few years ago, I did not have enough
in the story is the rebalancing of portfo- knowledge about the basic concepts of
Uma Shashikant’s column ‘The saving- lio, which helps in controlling risks. investing. However, after reading ET
spending dilemma’ is pragmatic and N.K. Thukral Wealth, investment has become a passion
realistic. All successful people are self- for me and I now invest as per the guide-
made and the ones who are spoon-fed savings or earnings. The older generation of far-fetched plans. Whatever the level lines offered by advisers. Thank you ET
stumble. Children should be inspired to should not mar their present by being mi- of their earnings, expenses and family re- Wealth for your financial guidance.
carve out their careers with their own serly or exercising restraint for the sake sponsibilities, it should not stop them from Darshan Godbole
Financial and social

Higher wellness among
health plan owners, users
of fitness products
Wellness index
still below the
2019 level
wellness indices 78% 65%
54%
take a beating
Don’t use
Health fitness
insurance
Health
products 72%
insurance
owners non- to track Use fitness
78% 66% 70% 72% 72% owners health products to
2019 2020 2021 2022 2023

Millennials are at the top of most track health
wellness parameters, reveals

46 45
Financial & social Life insurance among most
the latest ICICI Lombard
wellness decline favoured financial product
Wellness Index study.
Financial products Products planned
figures in % 2023 2022 taken in past 6 months in next 6 months
17 16
13 78% 53%
10 11 9
7 9 6 8
Savings account Mutual funds / SIPs
Gen X, women perform poorly Life insurance

63%
Life insurance
51%
Physical Mental Family Workplace Financial Social
in all parameters 58% 51%
Age group Gender Health insurance Shares & stocks
Chandigarh, Kochi Zones
GenZ Millennial GenX Male Female 55% 48%
top in overall 75 71
South
Wellness index 73 75 68 75 66 FD / RD Health insurance
50% 46%
wellness
North
Physical wellness 80 81 72 81 71
Mutual funds / SIPs FD / RD
73 70 Mental wellness 72 74 71 75 66
Cities East West 48% 43%
Shares & stocks Savings account
Family wellness 70 74 67 72 67
87 86 84 46% 33%
82 81 Financial wellness 60 70 58 66 55
70 69 Credit card Credit card
Workplace wellness 62 65 57 65 55 Source: ICICI Lombard India’s Wellness Index 2023, by Kantar. The
survey was conducted among 2,052 consumers in the 18-50 year
Social wellness 63 63 57 65 55 age group, across metros & tier I cities. The index measures and
Chandigarh Kochi Varanasi Madurai Bhubaneswar Chennai Delhi
quantifies the well-being of people on multiple wellness pillars.
The Economic Times Wealth is available at an invitation price of ` 8/issue. To book your copy, contact your newspaper vendor or call 011 - 39898090; Email: crm.delhi@timesgroup.com; SMS ETWS to 58888
The Economic Times Wealth, published by Bennett, Coleman & Co. Ltd. exercises due care and caution in collecting the data before publication. In spite of Published for the proprietors, Bennett, Coleman & Co. Ltd. by Rajeev Yadav at Times House, 7, Bahadur Shah Zafar Marg, New Delhi-110
this, if any omission, inaccuracy or printing errors occur with regard to the data contained in this newspaper, The Economic Times Wealth will not be held 002, Phone: 011-23322000, Fax: 011-23323346 and printed by him at The Times of India Press, 13 & 15/1, Site IV, Industrial Area, Sahibabad, UP.
responsible or liable. The content hereof does not constitute any form of advice, recommendation or arrangement by the newspaper. The Economic Times Regd. Office: Dr Dadabhai Naoroji Road, Mumbai 400 001. Editor: Babar Zaidi (Responsible for selection of news under PRB Act). © Repro-
Wealth will not be liable for any direct or indirect losses caused because of readers’ reliance on the same in making any specific or other decisions. Readers duction in whole or in part without written permission of the publisher is prohibited. All rights reserved.
are recommended to make appropriate enquiries and seek appropriate advice before making any specific or other decisions. RNI No. DELENG/2011/37994. MADE IN NEW DELHI

ET-Wealth 13-19 NoV 2023

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NG 3.7 PubDate: 13-11-2023 Zone: ETWealthDelhi Edition: 1 Page: DETWDFP User: saurabh.

gupta3 Time: 11-10-2023 19:13 Color:

D I WA L I S P EC I A L I SS U E A ROAD MAP FOR

PICK HIGHLY SHOULD YOU HOW MANY

by Sanket Dhanorkar Stocks fund managers are betting on

ing. The indices again marked a sharp

the wall of worries around persistent high

emotions swung from opti-

Mortgage financier to benefit from

Can Fin Homes and BSE 500

Axis Small Cap 2.48 401 improved

“Management Analyst recommendations

Targets pole position in segment

despite near-term concerns to the company’s earnings, is

Motilal Oswal Flexicap 4.03 329 would be funded Deepak

total share capital

Coromandel International and BSE 500

JM Midcap 3.29 16 would benefit 80

“With the Analyst recommendations

2022 basket delivered 23.2% vs 10.7% by index

O PAST YEARS’ REPORT CARD

The case for hybrid funds

mysteries of a long-standing trend. Long-

Pick highly diversified equity funds

Spending PAPER WORK

Gold mutual funds

smart things to know

A road map for inheritors

Should you indulge in ‘girl math’?

While your intent to build long-term wealth is

No, your wife cannot become a karta if

ET WEALTH TOP 50 STOCKS

RANK PRICE ` GROWTH%* VA LUAT I O N R AT I O S RISK R AT I N G

1 Fast growing stocks

LAGGARDS & LEADERS

Equity: Large cap 5-year returns

EQUITY: LARGE CAP

EQUITY: FLEXI CAP Equity: Mid cap 3-year returns

ANNUALISED RETURNS IN % AS ON 8 NOV 2023.

ETW FUNDS 100 Value Research Net Assets

HYBRID: EQUITY SAVINGS

HYBRID: AGGRESSIVE (EQUITY-ORIENTED) Quant Small Cap Fund

loans and deposits

LOANS & DEPOSITS

Top five bank FDs

Savings account 4.00 500 No limit `10,000 interest tax-free Nil

PRICE OF 10 GM GOLD PRICE OF 1 KG SILVER

PENNY STOCKS UPDATE

Top price gainers Top volume gainers

Top price losers Top volume losers

DSP FLEXI CAP

Preference for quality, growth

HOW THE FUND HAS PERFORMED Top 5 sectors in portfolio (%)

Point-to-point returns (%)

FUND BENCHMARK CATEGORY AVERAGE FACTS Capital goods 11.34

Rolling returns (%) WHAT IT Apar

17.18 ICICI Bank 4.18

WHERE THE FUND INVESTS Gujarat Gas, Mphasis, Shriram Finance,

Equity Fund Category Index

Large cap 53.75

MANAGER BASED ON 3-YEAR PERFORMANCE.

Should This flexi-cap fund retains a sizeable

pick of the week