How Equity Portfolio Management works

All investment analysts have one simple goal; to make investment decisions or advise clients in making good investment decisions. Investment analysis is therefore both, a science and an art, and there is a complex link between equity portfolio management and equity analysis. Students of business and economics usually learn these two linked concepts side by side. This helps them in their career as investment managers. Before we understand how equity portfolio management works, we need an understanding into the background of such managers

How are portfolio managers trained?

Despite studying subjects like modern portfolio theories and having a good understanding about equity analysis, investment companies require their recruits to get an in-depth understanding of a few basis mechanical and practical elements of portfolio management services. This practical training is meant to help portfolio managers when they have to construct and run equity portfolios for clients. Like every other profession in the world, the real-world application of theoretical concepts requires the individual to think beyond their training. There is the need for administrative efficiency while running portfolio groups that involve great attention to detail and computerization.

The mechanics of portfolio management

The philosophy of investment: Professional portfolio managers hired by investment companies usually cannot choose a general investment philosophy in governing the portfolios they manage. Most investment firms have strictly designed constraints for managing investments and selecting stocks e.g. a firm defines a value investment by using specific trading guidelines. Portfolio managers are further constrained by certain guidelines of market capitalization. This is why the first step of equity portfolio management is to understand the limited universe from which investment options can be selected. Furthermore, such managers also need to analyse the portfolio in question using approaches like the bottom-up or top-down approach.  While in the former, the investment choices are made by selecting stocks without consideration of economic forecasts; in the latter, portfolio managers, eye macroeconomic trends while beginning analysis and stock selection. Most styles combine the two approaches.

Sensitivity towards taxation laws: Several institutional equity portfolios are not taxable.Pension funds are a good example of this category. These funds give portfolio managers great management flexibility as opposed to taxable portfolios. Non-taxable portfolios require a far greater exposure to short term capital gains and dividend income as compared to taxable portfolios. As such, people managing taxable portfolios must pay special attention towards stock holding periods, capital losses, tax lots, tax selling as well as any dividend income generated by such portfolios. Taxable portfolios are usually more effective when they have a lower turnover rate. Portfolio management services come with a detailed understanding of tax consequences, which is integral in building and managing a portfolio over a course of time.

Portfolio model building: Building and maintaining portfolio models is a common aspect of portfolio management. Individual portfolios are co-ordinated using a standard portfolio model where managers generally assign a percentage weight to every stock within the portfolio model. Individual portfolios are then modified as per this weighing mix. Managers rely on some specific software tools to model portfolios. One of the most common software tools used for portfolio managements is Microsoft Excel. A portfolio manager creates an excel sheet in which he does a mix of company, sector and macroeconomic analysis, after which he guides clients on investing a particular sum in a stock.  He uses the same formula in guiding different sets of clients from part-time investors to regular investors. All portfolios are run is a similar fashion as per a specific styles mandated by a portfolio group. The manager expects all portfolios is a group to generate standardized returns viz a viz risks/rewards. As such, all the analysis and security evaluation done by an equity portfolio management personnel is basically run on a standardized model as opposed to creating individual portfolios.

Achieving an efficient portfolio: A portfolio manager can achieve a great deal of analytical efficiency by running most or all portfolios in a similar fashion. The manager only required an understanding of 30 to 40 stocks which are owned in similar quantities or proportions across all portfolios as opposed to understanding 200 or more stocks owned in different proportions in different portfolio accounts. Analysis of these selected 30 to 40 stocks may be applied across all portfolios effortlessly and simply by changing the weight models over a period of time. With the changing outlook of individual stocks, portfolio management services can modify their model weightings so as to mirror the decision for investments in all simultaneous portfolios. A set portfolio model comes in handy while managing every day transactions at individual portfolio levels and also helps in quick and efficient set-up of new accounts by buying against the set model.

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6 Key steps in financial planning

Identification of goals: An individual or business must determine their long term goals and understand the financial requirements to achieve them. Ask yourself questions like “Do I need to buy that villa?”, “at what age should I retire?” or “where do I see my business in five to ten years?”, “What kind of investors should my business attract” and so on.

Amassing financial data: Understanding crucial things like your current net worth and the projected net worth over a period of time is important. Determine the value of your investments, liquid cash, additional assets like land, flats, properties etc. versus your debt. See how much cash is flowing in and how much is going out. Take a gander of your annual spending habits as all these things are tied into your financial plan.

Put it all together: Contrasting your goals along with the data about your annual income, expenses and net worth is the next step in financial planning. If the numbers don’t add up the way you’d have liked them to, don’t be disheartened. Remember that this is a process and you are currently only creating a map that can take you where you aspire to be from where you currently are.

Devise immediate medium and long term plans: A common immediate thing to do is to make and follow a budget. Reducing debts on credit cards and other high interest debts is a standard medium term plan, effective for unlocking long-term growth. Life stages also help dictate a few things. If you are drawing close to retirement and haven’t saved enough, now is the time to sit up and consider financial planning.

Put the plan into action: Make sure your set realistic and achievable goals, while also checking on your budget and short-term goals every month. Setting a simple goal like reducing credit card debt, by say ₹10,000 every month facilitates the medium-term goal of improving your credit, which further aids your long term goals like saving for retirement or purchasing a home.

Keep monitoring and updating your goals vis-à-vis life events: Even if you may have planned everything, you must remember the presence of an x-factor; certain life events that can intervene with your plans. A sudden health crisis or being laid off from a job, are some factors we cannot foresee. Make sure you keep checking on your finances and updating your goals even when life intervenes.

Source: http://www.karvywealth.com

Equity Advisory Services

Investing in the equity market is more than purchasing stock. The course of investment is an amalgamation of deciphering market trends, assessing risks involved, matching them to the personal financial needs and requirements of an investor. The best way to ensure a successful investment strategy and handsome returns is to seek the advice and knowledge of an expert. This is where the equity advisory services will provide the relevant assistance.

Equity advisory services will help guide an investor through the murky waters of the equity market. The same advisory service will take into account the investments portfolio and assess the investor’s risk appetite while considering the end goal in addition.

Here is how the equity advisory services can provide the relevant assistance for one’s investment portfolio and how it can benefit them:

Precision in equity investments: One of the most attractive parts of adopting equity advisory services is the potential to make rewarding returns to match investor’s goals. While investing in equity may seem like common sense, but when one is unaware of what could benefit them the most, a lot of potential for investments is lost. Moreover, unawareness and inexperience with investing can lead to excessive losses, a factor crucial to decision making in the equity market. Advisory services provide the relevant experience and knowledge of the equity industry. They provide relevant data and analysis for investment through each and every stage of investment, thus executing a potential development in the investment strategy to match financial goals. Additionally, through this advisory service, access to potential forecast with scenario planning, will help anticipate for future investment goals.

Focus on portfolio retention and expansion: The equity market is unpredictable with plenty of ups and downs. Just like a business, a perfect balance between current investments and new acquisitions must be maintained, without affecting the overall positive growth of the investment equity portfolio. Equity advisory services take into consideration the end goal, and current investments to create the ideal investment strategy in accordance with the volatile market conditions. The resulting end result will not only maximise returns but provide the relevant capital for further investment for additional or alternate equity options. The resulting diversity in the overall investment portfolio will consequently help balance the risks against positive growth for riskier but higher returns.

Raise efficiency: Equity advisory services are designed to raise and perfect efficiency in equity market investing. Through thorough research, backed by expertise and knowledge, the portfolio for equity market investment will be tailor-made to suit the needs and risk appetite of the investor. The same team will ensure the portfolio is tracked, monitored and optimized in accordance with the ever-changing equity market trends. It also eliminates the possibility of potential losses, especially throw downmarket options or volatile market conditions. Even with changes in a crucial element, such as a change in investor’s risk appetite, the advisory services will take the relevant steps and re-strategize to ensure the end goal equally changes to suit the investor’s requirement.

Helps client understand investment and growth potential: The equity market is in constant evolution, with opportunities and growths presenting themselves to investors on short notice. Equity advisory services help investors understand the risks and positive possibilities of these opportunities and help take the decisive plan or strategy to execute it. These advisory services also help investors be aware of possibilities in the forecasted future, and thus help set a plan to maximise outcome on the investment. At the same time, advisors also provide a projected outcome of changes in the portfolio, thus providing the required transparency for investors to understand and take calculated decisions for further investments.

http://www.karvywealth.com/ 

Equity Advisory Services: Why you need it and how you can benefit from it

Investing in the equity market is more than purchasing stock. The course of investment is an amalgamation of deciphering market trends, assessing risks involved, matching them to the personal financial needs and requirements of an investor. The best way to ensure a successful investment strategy and handsome returns is to seek the advice and knowledge of an expert. This is where the equity advisory services will provide the relevant assistance.

Equity advisory services will help guide an investor through the murky waters of the equity market. The same advisory service will take into account the investments portfolio and assess the investor’s risk appetite while considering the end goal in addition.

Here is how the equity advisory services can provide the relevant assistance for one’s investment portfolio and how it can benefit them:

Precision in equity investments: One of the most attractive parts of adopting equity advisory services is the potential to make rewarding returns to match investor’s goals. While investing in equity may seem like common sense, but when one is unaware of what could benefit them the most, a lot of potential for investments is lost. Moreover, unawareness and inexperience with investing can lead to excessive losses, a factor crucial to decision making in the equity market. Advisory services provide the relevant experience and knowledge of the equity industry. They provide relevant data and analysis for investment through each and every stage of investment, thus executing a potential development in the investment strategy to match financial goals. Additionally, through this advisory service, access to potential forecast with scenario planning, will help anticipate for future investment goals.

Focus on portfolio retention and expansion: The equity market is unpredictable with plenty of ups and downs. Just like a business, a perfect balance between current investments and new acquisitions must be maintained, without affecting the overall positive growth of the investment equity portfolio. Equity advisory services take into consideration the end goal, and current investments to create the ideal investment strategy in accordance with the volatile market conditions. The resulting end result will not only maximise returns but provide the relevant capital for further investment for additional or alternate equity options. The resulting diversity in the overall investment portfolio will consequently help balance the risks against positive growth for riskier but higher returns.

Raise efficiency: Equity advisory services are designed to raise and perfect efficiency in equity market investing. Through thorough research, backed by expertise and knowledge, the portfolio for equity market investment will be tailor-made to suit the needs and risk appetite of the investor. The same team will ensure the portfolio is tracked, monitored and optimized in accordance with the ever-changing equity market trends. It also eliminates the possibility of potential losses, especially throw downmarket options or volatile market conditions. Even with changes in a crucial element, such as a change in investor’s risk appetite, the advisory services will take the relevant steps and re-strategize to ensure the end goal equally changes to suit the investor’s requirement.

Helps client understand investment and growth potential: The equity market is in constant evolution, with opportunities and growths presenting themselves to investors on short notice. Equity advisory services help investors understand the risks and positive possibilities of these opportunities and help take the decisive plan or strategy to execute it. These advisory services also help investors be aware of possibilities in the forecasted future, and thus help set a plan to maximise outcome on the investment. At the same time, advisors also provide a projected outcome of changes in the portfolio, thus providing the required transparency for investors to understand and take calculated decisions for further investments.

http://www.karvywealth.com/

Reviewing mutual fund investments

Mutual fund investments, along with fixed deposits and direct equity, are among the three most common forms of investments. People with a little bit of risk appetite usually prefer investing in mutual funds. Unlike with fixed deposits, where most people put all their eggs in one basket (a huge chunk of money in order to draw higher incomes from the interest), or equity stocks (which run a higher risk and can be slightly unpredictable by nature) mutual funds can be termed as one of the safest, low-risk forms of investments in which investors can park their monies in several different funds of small amounts. But it is also important to review mutual funds, both before investing and also, periodically after. Let us find out how.

The nature of mutual fund investments

Most people who invest in mutual funds understand that in order to grow their wealth, they must put away the monies for a long term. That is not to say that one should forget about the investment and wake up only when the fund is due for maturity. It is absolutely essential for investors to periodically review mutual funds and the performance of the schemes. This is done by researching and reading up about the historical returns of the scheme in question and comparing with the returns of the category/benchmark to which that scheme belongs, done over the same period of time. Reviewing the mutual fund is important as if you neglect to do so; you run the risk of not achieving your strategic, time-bound, planned goals. As such, you should review your mutual funds at an interval of every six to nine months in general.

4 things you should do to review your mutual funds

Study the performance of the mutual fund scheme: Over different periods of time e.g. six months, 1 – 3 years or even 5 years and above, the historical absolute returns of a particular mutual fund scheme can give you a decent idea of the nature and performance of the scheme in question. Instead of just comparing the point-to-point returns, investors must pay attention to the returns earned during the various, market cycles in order to review mutual funds in detail. If you study the pattern and find out that the absolute returns are constantly below par or do not meet expectations, then that could definitely put the investors’ goals at risk and could even mean that the goals wouldn’t be met at all.

Compare the performance of the scheme:  After studying the scheme’s performance, investors must also compare it along with the benchmark and category in which the scheme belongs. When investors study the returns vis-à-vis its benchmark, they can understand if the fund has been able to generate enough premium that justifies the cost of the scheme versus simply tracking the benchmark via an exchange traded fund. This comparison with category returns can help investors understand if the outperformance (or underperformance thereof) can be attributed to an entire category, to just the scheme or a little bit of both the things. In case the scheme has been underperforming consistently, then it is in the best interest of the investor to bow out of it and switch to better performing schemes in the same category.

Access the risk: To review mutual funds, investors must also access what risks were undertaken in order to earn those returns. Risks can be accessed by using several measures such as Standard Deviation, Treynor Ratios, Sharpe etc. Simple Deviation is the simplest of all the above mentioned measures of accessing risks. It is comprehensive and gives investors a decent idea of what risks are involved in earning expected returns. Investors can then compare the risks associated with the scheme along with the category average and check if it matches their expectations as well as their own risk profile.

Changes in asset allocation: Investors must also consider any asset allocation changes at their level, which may have occurred after the original investment was done. This is another way to review mutual funds. Since all assets may not necessarily decline or grow at the same rate, the chances of this happening are high. Investors must ensure that their current asset allocations meet their originally intended allocation. Investors, who’ve put their money in sectoral, thematic or specific segments of the market, should be extra careful, as they are also exposed to unsystematic risks. They must access the macro events related to the sector, such as regulatory changes in the economic conditions which can help them estimate projections of the theme or sector up to a certain degree.

http://www.karvywealth.com/  

What you should know about reviewing mutual fund investments

Mutual fund investments, along with fixed deposits and direct equity, are among the three most common forms of investments. People with a little bit of risk appetite usually prefer investing in mutual funds. Unlike with fixed deposits, where most people put all their eggs in one basket (a huge chunk of money in order to draw higher incomes from the interest), or equity stocks (which run a higher risk and can be slightly unpredictable by nature) mutual funds can be termed as one of the safest, low-risk forms of investments in which investors can park their monies in several different funds of small amounts. But it is also important to review mutual funds, both before investing and also, periodically after. Let us find out how.

The nature of mutual fund investments

Most people who invest in mutual funds understand that in order to grow their wealth, they must put away the monies for a long term. That is not to say that one should forget about the investment and wake up only when the fund is due for maturity. It is absolutely essential for investors to periodically review mutual funds and the performance of the schemes. This is done by researching and reading up about the historical returns of the scheme in question and comparing with the returns of the category/benchmark to which that scheme belongs, done over the same period of time. Reviewing the mutual fund is important as if you neglect to do so; you run the risk of not achieving your strategic, time-bound, planned goals. As such, you should review your mutual funds at an interval of every six to nine months in general.

4 things you should do to review your mutual funds

Study the performance of the mutual fund scheme: Over different periods of time e.g. six months, 1 – 3 years or even 5 years and above, the historical absolute returns of a particular mutual fund scheme can give you a decent idea of the nature and performance of the scheme in question. Instead of just comparing the point-to-point returns, investors must pay attention to the returns earned during the various, market cycles in order to review mutual funds in detail. If you study the pattern and find out that the absolute returns are constantly below par or do not meet expectations, then that could definitely put the investors’ goals at risk and could even mean that the goals wouldn’t be met at all.

Compare the performance of the scheme:  After studying the scheme’s performance, investors must also compare it along with the benchmark and category in which the scheme belongs. When investors study the returns vis-à-vis its benchmark, they can understand if the fund has been able to generate enough premium that justifies the cost of the scheme versus simply tracking the benchmark via an exchange traded fund. This comparison with category returns can help investors understand if the outperformance (or underperformance thereof) can be attributed to an entire category, to just the scheme or a little bit of both the things. In case the scheme has been underperforming consistently, then it is in the best interest of the investor to bow out of it and switch to better performing schemes in the same category.

Access the risk: To review mutual funds, investors must also access what risks were undertaken in order to earn those returns. Risks can be accessed by using several measures such as Standard Deviation, Treynor Ratios, Sharpe etc. Simple Deviation is the simplest of all the above mentioned measures of accessing risks. It is comprehensive and gives investors a decent idea of what risks are involved in earning expected returns. Investors can then compare the risks associated with the scheme along with the category average and check if it matches their expectations as well as their own risk profile.

Changes in asset allocation: Investors must also consider any asset allocation changes at their level, which may have occurred after the original investment was done. This is another way to review mutual funds. Since all assets may not necessarily decline or grow at the same rate, the chances of this happening are high. Investors must ensure that their current asset allocations meet their originally intended allocation. Investors, who’ve put their money in sectoral, thematic or specific segments of the market, should be extra careful, as they are also exposed to unsystematic risks. They must access the macro events related to the sector, such as regulatory changes in the economic conditions which can help them estimate projections of the theme or sector up to a certain degree.

http://www.karvywealth.com/  

Investment options for Non Resident Indians

Indians have been moving to foreign countries like the USA, UK, Canada and Singapore for decades now. These foreign countries boast of having a very vibrant diaspora of Indian communities who contribute comprehensively towards their economic growth. That India is also rapidly emerging as an economic super-power is a known fact, which is not hidden for the Non Resident Indians settled in these foreign countries. It is because of this, that NRIs earing in foreign currencies like dollars, pounds and euros are parking their earnings in Indian banks and investments for years now. In fact, foreign investment in India has grown rapidly since the 1990s and the NRIs have been equal contributors to India’s growth story. As such, NRI wealth management has become an important part of banking and investments. If you are an NRI looking for good investment options, you can consider one of the following listed below.

NRE, NRO or FCNR Fixed Deposits: NRIS can invest their money in any of the following three types of accounts

·         Non Resident External (NRE) Account

·         Non Resident Ordinary (NRO) Account

·         Foreign Currency Non Resident bank deposit (FCNR) account

The money held in the NRE and NRO accounts can be maintained in Indian Rupees and can be accessed as normal savings accounts, current accounts or term deposits. While NRE accounts are great for those wanting to transfer their foreign income to Indian accounts, the NRO accounts are ideal if you have any income in Indian currency, such as rent, pension, and dividend etc., earned in India. The FCNR account is one in which you can deposit your earnings in foreign currency and can be jointly held with an Indian resident. While you must pay taxes on the principal amount, the interest you earn on these accounts is not taxed.

Direct equity: Another way to go about with NRI wealth management is to invest in direct equity. Direct equity or stock market investment is for anyone seeking higher returns. Stock markets are by nature, extremely complex and one must consider the overall outlook and the associated risks carefully before foraying into it. A good rule of thumb is to stay invested into the market for a long term, in order to earn profits. It basically boils down on your appetite for risks. Yes, the returns may seem attractive, but one must always remember than the element of risk never really goes away. Therefore, it is essential to study the present market situations carefully and take advice from wealth management experts before foraying into direct equity investment.

Real estate investments: Realty investment is usually at the core of attraction in developing nations such as India. The REIT or Real Estate Investment Trust is usually more liquid as compared to direct realty investment. NRIs can easily invest in residential or commercial projects and do not require any approvals for the same. However, they cannot purchase any land for agricultural purposes. In the past few years, the Indian government has been in favour of NRI wealth management and investment in India and has been encouraging this community of Indians to invest in projects by simplifying investment rules, particularly in the real estate sector.

Mutual fund investments: Most mutual funds come with systematic investment plans (SIPs) for NRIs. As such, NRIs can divide their total investments into quarterly or monthly instalments. They can invest in mutual funds on either a repatriable or a non-repatriable basis. Those looking to invest on a repatriable basis must have either an NFRE or FCNR account with any recognized, preferably nationalized Indian bank. The money set aside for investment must be remitted through the common banking channels or from the above mentioned accounts held by NRI investors.

Investments in bonds or government securities: The Government requires funds from time to time for its several infrastructure projects. Hence it issues bonds for raising this money. NRI wealth management is boosted by investing in these bonds or securities. NRIs who invest in bonds are considered as lenders but do not hold any equity stake in the project or company for which the government raises this money. NRIs, like any other Indian citizens, can invest in government securities and bonds and earn fixed returns on the same.

Certificates of Deposits: Another popular means of NRI wealth management is subscribing to certificates of deposits. This can however only be done on a repatriable basis. Certificates of deposits are essentially non-negotiable money market instruments which are issued either in demat form on as promissory notes. They yield a higher interest rate as opposed to regular bank deposits. Certificates of deposits have shorter maturity periods, lasting from 1 week to 1 year and are ideal for investors with short term financial goals.

http://www.karvywealth.com/   

Top 6 investment options for Non Resident Indians

Indians have been moving to foreign countries like the USA, UK, Canada and Singapore for decades now. These foreign countries boast of having a very vibrant diaspora of Indian communities who contribute comprehensively towards their economic growth. That India is also rapidly emerging as an economic super-power is a known fact, which is not hidden for the Non Resident Indians settled in these foreign countries. It is because of this, that NRIs earing in foreign currencies like dollars, pounds and euros are parking their earnings in Indian banks and investments for years now. In fact, foreign investment in India has grown rapidly since the 1990s and the NRIs have been equal contributors to India’s growth story. As such, NRI wealth management has become an important part of banking and investments. If you are an NRI looking for good investment options, you can consider one of the following listed below.

NRE, NRO or FCNR Fixed Deposits: NRIS can invest their money in any of the following three types of accounts

·         Non Resident External (NRE) Account

·         Non Resident Ordinary (NRO) Account

·         Foreign Currency Non Resident bank deposit (FCNR) account

The money held in the NRE and NRO accounts can be maintained in Indian Rupees and can be accessed as normal savings accounts, current accounts or term deposits. While NRE accounts are great for those wanting to transfer their foreign income to Indian accounts, the NRO accounts are ideal if you have any income in Indian currency, such as rent, pension, and dividend etc., earned in India. The FCNR account is one in which you can deposit your earnings in foreign currency and can be jointly held with an Indian resident. While you must pay taxes on the principal amount, the interest you earn on these accounts is not taxed.

Direct equity: Another way to go about with NRI wealth management is to invest in direct equity. Direct equity or stock market investment is for anyone seeking higher returns. Stock markets are by nature, extremely complex and one must consider the overall outlook and the associated risks carefully before foraying into it. A good rule of thumb is to stay invested into the market for a long term, in order to earn profits. It basically boils down on your appetite for risks. Yes, the returns may seem attractive, but one must always remember than the element of risk never really goes away. Therefore, it is essential to study the present market situations carefully and take advice from wealth management experts before foraying into direct equity investment.

Real estate investments: Realty investment is usually at the core of attraction in developing nations such as India. The REIT or Real Estate Investment Trust is usually more liquid as compared to direct realty investment. NRIs can easily invest in residential or commercial projects and do not require any approvals for the same. However, they cannot purchase any land for agricultural purposes. In the past few years, the Indian government has been in favour of NRI wealth management and investment in India and has been encouraging this community of Indians to invest in projects by simplifying investment rules, particularly in the real estate sector.

Mutual fund investments: Most mutual funds come with systematic investment plans (SIPs) for NRIs. As such, NRIs can divide their total investments into quarterly or monthly instalments. They can invest in mutual funds on either a repatriable or a non-repatriable basis. Those looking to invest on a repatriable basis must have either an NFRE or FCNR account with any recognized, preferably nationalized Indian bank. The money set aside for investment must be remitted through the common banking channels or from the above mentioned accounts held by NRI investors.

Investments in bonds or government securities: The Government requires funds from time to time for its several infrastructure projects. Hence it issues bonds for raising this money. NRI wealth management is boosted by investing in these bonds or securities. NRIs who invest in bonds are considered as lenders but do not hold any equity stake in the project or company for which the government raises this money. NRIs, like any other Indian citizens, can invest in government securities and bonds and earn fixed returns on the same.

Certificates of Deposits: Another popular means of NRI wealth management is subscribing to certificates of deposits. This can however only be done on a repatriable basis. Certificates of deposits are essentially non-negotiable money market instruments which are issued either in demat form on as promissory notes. They yield a higher interest rate as opposed to regular bank deposits. Certificates of deposits have shorter maturity periods, lasting from 1 week to 1 year and are ideal for investors with short term financial goals.

http://www.karvywealth.com/