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Our composite portfolio is the sum total of all individual client portfolio values and our composite high water mark is the sum total of all individual client high water marks. The performance being reported in this annual report is a time weighted return (TWRR) as against the cash weighted XIRR being reported in each of […]

The Government of India introduced the Sovereign Gold Bond (SGB) scheme In the Union Budget of 2015-16. To date about 45 SGBs have been issued. Let us for example consider the latest issue ending 5-Feb-21 which has been issued at a price of Rs 4862/- per gram (999 purity). The price on 05-Feb-21 published on the Indian

This blog is a continuation of last month’s blog. In last month’s blog we discussed at length the obfuscation around the word “Total” in Total Expense Ratio (TER) in fund fact sheets. We showed with some real examples that the return in the Nett Asset Value (NAV) of a fund does not lag behind its

As SEBI Registered Investment Advisers, a corner-stone of our investment philosophy has been to choose low cost index funds. Our rationale has been that low cost index funds are sufficient in meeting the equity exposure requirements of most of our clients. In cases where an active strategy is desired we have chosen to either directly

I recently attended a webinar on the Financialisation of India’s Savings with Monika Halan moderated by Marcellus Investment Managers. Drawing from the evolution of Bollywood, at the webinar Ms Halan spoke eloquently on how our (specifically the Indian Investor’s) relationship with money and wealth has evolved over the decades. During the moderated webinar, Ms Halan

This is an unusual blog – in that it comes in-between month ends. We write this blog since SEBI has issued a circular dated 23-Sep-2020 with wide ramifications for Investment Advisers. The purpose of the circular seems to further reduce the obfuscation that currently exists between “advising” upon a product for a fee as we do versus

Savers in the USA have the option of saving in tax deferred accounts. Tax deferred accounts provide the benefit of deferring all income and gain in the account from tax as long as there is no redemption from the account. Tax is deferred and paid only at the point of redemption. Two benefits are realized

On 03-Jul-20, SEBI amended the Investment Adviser Regulations. A few progressive amendments included were (i) disallowing individual Registered Investment Advisers (RIAs) from distribution (ii) reserving the name Investment Adviser only to those registered with SEBI as RIA (iii) instituting client level segregation for advisory and distribution services for non-individual RIAs (iv) banning relatives of individual

The book – Winning The Losers Game by Charles D Ellis is a fascinating read. It is clearly THE BOOK we would recommend for individual investors – we are almost tempted to buy one copy for each of our clients!!. The ideas in the book are simple, but nevertheless bring into focus some key points

In our blog of Report Card : 31-Mar-20 we presented our performance on a consolidated basis. Performance was reported on a Time Weighted Return (TWRR) basis as against an Internal Rate of Return (IRR) basis. It is critical that investors understand the difference between the two modes of return calculation. Dramatically different results between the two can