Investing in Mutual Funds - Types of Mutual Funds
Summary
TLDRThis video script provides an in-depth exploration of various mutual fund schemes offered by different fund houses, categorized by organizational structure (open-ended, close-ended, and interval funds) and investment portfolios (equity, debt, and hybrid funds). It discusses the pros and cons of each type, alongside special options like ETFs, ELSS, and gold funds. The script highlights key considerations like expense ratios, entry/exit loads, and fund management strategies, advising new investors on fund choices based on risk tolerance, investment goals, and time horizons.
Takeaways
- 📊 Mutual fund schemes are categorized by organizational structure (open-ended, close-ended, and interval funds) and investment portfolio (equity, debt, and hybrid funds).
- 🔄 Open-ended funds allow continuous investment and redemption, offering flexibility to investors.
- ⏳ Closed-ended funds have fixed maturity periods, with limited buying opportunities during the New Fund Offer (NFO) and require trading on stock exchanges.
- ⏲️ Interval funds combine features of open- and closed-ended funds, allowing investments and redemptions at specified intervals.
- 📈 Equity funds invest in stocks, offering higher returns but with higher market risk, while debt funds invest in fixed-income securities, providing lower risk and more stable returns.
- ⚖️ Hybrid funds invest in both equities and debt, balancing growth potential with risk management, and are further categorized into equity-oriented, debt-oriented, and balanced funds.
- 💼 Sectoral and thematic funds focus on specific industries or sectors, such as technology or pharmaceuticals, offering targeted exposure.
- 💸 Expense ratio is a crucial factor for mutual fund investors, as higher expenses reduce overall returns. It’s calculated as a percentage of the fund's average net asset value (NAV).
- 🚪 Exit loads are fees charged when investors redeem their investments too early, while entry loads are rarely applied today.
- 🌱 Growth options reinvest earnings back into the fund, leveraging compounding, while IDCW (Income Distribution cum Capital Withdrawal) options distribute earnings regularly as dividends.
Q & A
What are the two main criteria used to categorize mutual fund schemes?
-The two main criteria used to categorize mutual fund schemes are organizational structure and investment portfolio.
What are the three types of mutual funds based on organizational structure?
-Mutual funds based on organizational structure are classified into three types: open-ended funds, close-ended funds, and interval funds.
What is the key feature of open-ended funds?
-The key feature of open-ended funds is that they allow investment and redemption at any time, offering flexibility to investors.
What is the difference between closed-ended funds and interval funds?
-Closed-ended funds have a fixed maturity period and allow investment only during the New Fund Offer (NFO) period, while interval funds permit investment and redemption only during specific intervals, such as monthly or quarterly.
What are the three primary categories of mutual funds based on their investment portfolio?
-Based on the investment portfolio, mutual funds are categorized into three primary types: equity funds, debt funds, and hybrid funds.
What is an Equity Fund, and what level of risk does it carry?
-An Equity Fund primarily invests in stocks or equities of companies. It offers the potential for higher returns but comes with a higher level of risk due to market fluctuations.
What is the main objective of debt funds?
-Debt funds invest in fixed-income securities like government and corporate bonds. Their main objective is to provide regular income and generally carry lower risk compared to equity funds.
What are hybrid funds, and how do they balance risk and return?
-Hybrid funds, also known as balanced funds, invest in a mix of equities and debt securities. They aim to balance risk and return by diversifying across asset classes, offering more stability compared to pure equity funds.
What are large-cap, mid-cap, and small-cap funds?
-Large-cap funds invest in established companies with large market capitalizations, offering stable but lower returns. Mid-cap funds invest in medium-sized companies, balancing growth potential and risk. Small-cap funds target smaller companies with higher growth potential but also higher volatility and risk.
How does the expense ratio affect an investor's returns in mutual funds?
-The expense ratio represents the annual cost of managing a mutual fund as a percentage of the fund's average net asset value (NAV). A higher expense ratio reduces the overall returns for investors as it covers the fund's operating and management expenses.
Outlines
💡 Overview of Mutual Fund Categories and Structures
This paragraph introduces the two main criteria for categorizing mutual funds: organizational structure and investment portfolio. Organizational structure divides funds into open-ended, close-ended, and interval funds. Open-ended funds allow investments and redemptions anytime, while close-ended funds have fixed maturity periods, and interval funds accept investments at specific intervals. The paragraph also categorizes mutual funds based on investment portfolios into equity funds, debt funds, and hybrid funds. Additional schemes like ETFs, ELSS, and gold funds are briefly mentioned.
📊 Types of Equity Funds: Large, Mid, and Small Cap
This paragraph explains different categories of equity funds based on market capitalization. Large-cap funds invest in well-established companies, offering stability with moderate returns. Mid-cap funds balance growth and risk, targeting medium-sized companies, while small-cap funds focus on smaller companies with higher growth potential but increased volatility. Multi-cap funds are also discussed, which allow investments across various market capitalizations. Additionally, sectoral funds target specific industries like technology or banking. The paragraph advises aligning investment goals and risk tolerance with the appropriate fund category.
💼 Exploring Debt Funds: A Low-Risk Investment Option
The paragraph delves into debt funds, which are preferred by investors seeking lower-risk options. Debt funds invest in fixed-income instruments like government bonds and corporate securities. Types of debt funds discussed include liquid funds (short-term, up to 91 days), ultra short-term funds (3-6 months), and fixed maturity plan funds. Guild funds invest in government securities, while dynamic bond funds adjust to changing interest rates. The paragraph emphasizes that debt funds are suitable for conservative investors, such as seniors or those with short-term financial needs.
⚖️ Hybrid Funds: Balancing Risk and Returns
This paragraph discusses hybrid or balanced funds, which invest in both equity and debt instruments, offering diversification and a mix of growth and stability. Hybrid funds are categorized into equity-oriented (65-80% in equities), debt-oriented (70-80% in debt), and balanced funds (a more even mix). These funds are ideal for investors seeking moderate risk and returns, and the allocation between equities and debt depends on market conditions. The paragraph highlights the diversification and risk mitigation benefits of hybrid funds compared to pure equity funds.
💰 Expense Ratios: Understanding the Costs of Mutual Funds
This paragraph explains the concept of the expense ratio, which represents the annual cost of managing a mutual fund as a percentage of the fund's average net asset value (NAV). The expense ratio covers administrative, marketing, and management costs. A higher expense ratio reduces investor returns, so funds with lower expense ratios are generally preferred. The calculation of expense ratios and their impact on investment returns is detailed, and the importance of considering this alongside other factors like historical performance is emphasized.
📈 Growth vs. IDCW: Choosing the Right Mutual Fund Option
This paragraph compares two mutual fund options: growth and IDCW (Income Distribution cum Capital Withdrawal). In the growth option, earnings are reinvested, allowing the investment to grow over time due to compounding. In contrast, IDCW distributes a portion of earnings to the investor periodically, resulting in a lower NAV. The choice between these options depends on financial goals, risk tolerance, and investment horizon. For long-term wealth accumulation, growth options are recommended, while IDCW suits those seeking regular income, such as retirees.
Mindmap
Keywords
💡Open-ended funds
💡Closed-ended funds
💡Equity Funds
💡Debt Funds
💡Hybrid Funds
💡Expense Ratio
💡Net Asset Value (NAV)
💡Large-cap funds
💡Small-cap funds
💡Entry Load & Exit Load
Highlights
Introduction to mutual fund schemes based on organizational structure and investment portfolio.
Three types of mutual funds based on organizational structure: open-ended, closed-ended, and interval funds.
Open-ended funds offer flexibility, allowing investments and redemptions at any time.
Closed-ended funds have fixed maturity periods, while interval funds allow investments during specific intervals.
Mutual fund schemes categorized into three types based on the investment portfolio: equity, debt, and hybrid funds.
Equity funds invest in stocks, offering higher returns with higher risk due to market fluctuations.
Debt funds invest in fixed-income securities like government bonds, offering regular income with lower risk.
Hybrid funds balance risk and return by investing in both equities and debt securities.
Categories within equity funds: large-cap, mid-cap, small-cap, and multi-cap funds.
Sectoral funds focus on specific sectors like technology or banking, catering to different risk profiles.
Debt funds are preferred by low-risk investors and those seeking short-term investment options.
Liquid funds, ultra short-term funds, and dynamic bond funds are examples of debt fund options.
Hybrid funds are popular among investors for diversification and reduced volatility compared to equity funds.
Expense ratio is a key factor to consider, as higher expenses can reduce potential returns from mutual funds.
Growth option vs. IDCW (Income Distribution cum Capital Withdrawal) option: growth reinvests profits, while IDCW pays regular dividends.
Investors should choose between growth and IDCW based on long-term goals, risk tolerance, and investment horizon.
Transcripts
let's explore the array of mutual fund
schemes offered by various mutual fund
houses
these schemes can be categorized into
two main criteria
the first is organizational structure
and second is Investment Portfolio
organizational structure classifies the
mutual fund into three types open-ended
fund close-ended and interval funds
open-ended funds allows investment and
Redemption at any time closed ended
funds have fixed maturity periods and
interval funds permits investment during
specific time intervals of course we
will discuss this in detail in next few
slides
based on the Investment Portfolio
means the type of investment the mutual
fund has got visual fund schemes fall
into three primary categories the first
is Equity Fund date fund and hybrid
funds
apart from these there are other
interesting mutual fund schemes
available in the market such as exchange
traded funds called as ETFs Equity
linked saving schemes these are the
tax saving schemes called as elss and
gold funds which invest in gold this
this unique offering will be briefly
this lecture
the open-ended fund schemes allow
investors to buy and sell units at any
time offering flexibility open-ended
funds continuously accept new investment
and provide the option to exit wherever
or whenever an Investor's desires
closed ended funds have fixed maturity
period investor can only invest during
the new fund offer nfo period after that
units can be bought or sold on Stock
Exchange but the fund is
liquidated at predetermined date so you
cannot invest in closed ended fund at
any point of time of course you have you
can
buy or sell it but you have to do it in
the stock market where the liquidity of
such points is very less
the next is called as interval funds
interval funds combine features of open
and closed funds they accept investment
at specific intervals such as monthly
quarterly or annually while allowing
Redemption only during
pre-defined intervals so you cannot buy
it or redeem it whenever you want
so most of the investors prefers
open-ended funds primarily as they allow
investment at any point of time
so being a new investor I would suggest
you to go for open-ended funds as you
become a seasoned investor you can go
for close rated funds or interval
type of funds
the next is uh Equity debt and hybrid
funds Equity Funds primarily invest in
stock or equities of companies they
offer the potential for higher returns
but comes with higher level of risk due
to Market fluctuations debt funds invest
in fixed maturity Securities like
government and corporate bonds These
funds aim to provide regular income and
they are generally lower in Risk
compared to Equity Funds hybrid funds
are also known as balance funds hybrid
schemes invest in mix of equities and
debt securities
the goal is to balance potential return
and risk by diversifying across
different asset classes so Equity got
more risk and it got less risk but
return through Equity are more data are
less so if you make a balance of equity
and debt you can manage you can get
better return with minimizing the risk
foreign
mutual fund dominate the landscape of
mutual fund investments in India
constituting the largest portion of
total investment
Equity Funds are then further
categorized into distinct time such as
catering to different investment
strategies and risk profiles
the categories of Equity Funds include
large cap funds prominently invest in
established and well-established
companies with large market
capitalization like the mutual fund
scheme that invest into large cap stocks
like ITC Hindustan liver TCS Infosys
Reliance SBI These funds are known as
large cap funds
they aim for stability and growth often
offering more conservative returns
because these are already grown
organizations so the potential growth
for them is at very lower rate but they
offer stability so you cannot imagine
that
SBI or following of SBI or bankruptcy of
reliance
with cap funds invest in companies with
medium-sized Market capitalizations
These funds offer balance between growth
potential and risk
catering to investors seeking a moderate
level of risk so if you want to take
some risk you can go for Mid cap funds
small cap funds Target investment in
companies with smaller Market
capitalizations they offer higher growth
potential but come with higher
volatility and risk levels
the next category is multi-cap funds
These funds have flexibility to invest
across companies of all sizes including
a large mid and small caps this diverse
approach allows fund managers to adapt
to changing market conditions so if
large cap or not doing well mid cap and
small cap we do well if mid cap are not
doing well small cap will do well and
you can increase value of your
investment
sectoral funds focus on specific terms
or
research as a technology
banking
targeted exposure to a particular sector
performance each category within Equity
Fund serves different investor
preference and risk appetites
the key is to align your investment
goals and the risk tolerance with
appropriate category to achieve the
desired Financial outcome
this slide compares the large cap mid
cap and small cap and based on their
potential returns and risk level
liquidity also considered large cap
funds offer moderate returns with lower
risk and higher liquidity mid cap funds
offer better results uh
large cap funds but comes with higher
risk small cap funds can provide the
highest returns but also carry the
highest risk holding small cap
investment for longer term can
potentially mitigate some risk and yield
better return so if you want to buy
small cap one you have to hold it for at
least for 7 to 10 years then you can get
better returns with minimum risk
the next two slides shows the examples
of how much money you could make from
different type of funds in India
these include large cap mid cap and
small cap funds even though how well
these funds did in the past doesn't
always predict how they will do in
future
of course people still like to compare
based on what happened before so past
performance is mentioned
in one of these slides they are showing
how these funds did over the past five
years
the ones we are talking about are the
best ones and the average of all funds
in the category will likely to bid a
lower around five percent less
so we are talking about the best if you
take average category you can assume it
is for for its performances is five
percent less than the top performing
funds
for example large cap funds have given
20 returns consistently over last five
years while mid cap funds did around 30
percent
now let's talk about small cap funds and
Central funds
small cap funds have done really well
with almost 40 percent returns per year
over last five years
this means that
your money could have
been doubled in less than two years they
also talk about
another fund that invest mainly in
pharmaceutical companies this fund has
given a
written around 22 percent
this kind of funds can be a good choice
when the government rules our country's
financial situation help a specific
industry to grow so if government
is giving tax relaxation to the tech
companies then tech companies will do
well
so this is about Equity Funds the next
category is debt fund
so debt fund is the type of mutual fund
that puts money into fixed income
instrument like corporate and government
wants corporate debt Securities and
money market instruments
this instruments aim to provide capital
appreciation over time
debt funds are also known as income on
bond funds
debt funds are preferred by the investor
who want low risk options
or those who invest in traditional
assets like fixed deposits and bonds
people looking for short-term places to
park their funds or the senior citizens
seeking
payout at regular intervals the debt
points are prepared by this kind of
investors
so the different kind of debt funds are
liquid funds
liquid funds invest in very short term
period they have a maturity up to 91
days they are highly liquid and suitable
for parking Surplus fund with a short
term period while generating modest
returns so if you have money that you
don't want to use for next let's say
four one five ones so you can invest it
into liquid fund liquid fund will give
you the returns around
like nine percent ten percent not even
ten percent eight percent to nine
percent
so you can get uh the return better than
the bank FD so
liquid funds primarily invest in the
market Securities which has maturity of
around 91 days
the next is ultra short-term fund this
fund invest in debt Securities with
slightly longer maturities typically
between three to six months
fixed maturity plan funds have fixed
maturity date and invest in debt
instruments that match uh that timeline
providing investor with predetermined
investment Horizon
the next is Guild fund Guild fund
primarily invest in government
securities these bonds are considered
relatively safe but might have a lower
returns compared to other debt funds
the next is dynamic bond fund Dynamic
bond fund adjusts their portfolio
maturity and allocation based on
changing interest rate scenarios to
maximize returns
so next is short-term funds investing in
debt instruments with maturity is around
one to three years this fund aimed to
provide better returns than liquid or
Ultra short Temperance with slightly
more risk
so for a novice investor like you I
would recommend
to invest in Equity Fund primarily and
you can 10 to 15 percent of your
investment you can put into debt funds
like Dynamic bond fund or Guild funds
exposure to that fund should increase
with increasing age
the next category
is called as hybrid funds
these are very popular among investor
hybrid funds are also known as balance
fund
the invest this investment scheme is the
blend of both equity and debt
instruments
within a single portfolio so hybrid
funds hybrid the word itself suggest you
the hybrid funds invest in debt and
Equity this combination allows investor
to potentially benefit from the growth
potential of stocks while also enjoying
the stability of bonds so Bond as better
stability than stock
bonds prices doesn't fluctuate like
stock prices each hybrid fund is
designed with a specific mix of equity
and debt catering to different kinds of
investors and their risk appetites the
allocation of equity and debt can vary
widely based on funds objectives and
prevailing Market condition so the
market is is growing well
the allocation will be 50 50 percent or
maybe 70 30 percent 70 percent equity 30
percent if the market is not doing well
then this allocation might change like
uh seventy percent at 30 percent equity
so hybrid fund has got that flexibility
so hybrid funds returns are more stable
than the Equity Funds
now advantages of investing in Balance
funds are diversification by investing
in Balance fund you are buying a mix
asset classes hybrid funds offer
diversification which can help to
mitigate the impact of poor performing
segment on
the overall portfolio
the next is low risk
the presence of depth instrument in the
portfolio provides cushion against the
volatility that is the inherent quality
of stock market
which makes hybrid fund generally less
risky as compared to Pure Equity Funds
the hybrid funds can be categorized as
a balance fund Equity oriented and debt
oriented so in the next slide we will
see the details
Equity oriented hybrid funds these funds
have higher allocation to equities
typically around 65 to 80 percent
with the reminder with the remaining
investor investment in the debt
instrument
they are suitable for investors seeking
higher growth potential with some level
loss risk okay
now the next is
debt oriented this funds a larger
portion of these funds often 72 way to
80 percent is invested in debt
instruments
while a smaller part go in goes into
equities they are favored by
conservative investors looking for
stable returns with limited exposure to
equity Market fluctuations so when you
are 70 to 80 age and you want your
investment to be safe
and you want some kind of appreciation
then date oriented hybrid schemes are
preferred the next is balance funds
they are also known as aggressive hybrid
funds they maintain a balanced
allocation between equity and debt
typically around 60 to 65 equity and 40
to 45 percent in debt they aim to offer
a middle ground between growth and
stability so depending upon your age
risk appetite you can either choose
Equity oriented debt fund debt oriented
hybrid fund and
balance fund
now next we will consider the cost of
investment in mutual fund as
you are
giving your money to someone for
investing some professional
for investing in the stock market he
will charge fees every fund Levy's fees
from investor for managing their assets
which is essentially the cost for
investing this fee is known as Express
expense ratio so let's discuss the same
the expense ratio is a crucial metric
that investor in mutual fund should
consider while buying a typical a
particular mutual fund scheme it
represents the total annual cost
associated with managing and operating a
mutual fund as a percentage of funds
average
nav that is net asset value
in other words it indicates the
proportion of funds asset that are used
to cover various expenses related to its
Administration and management fund has
to do the payouts for
the towards the managing the funds means
salary to the employees marketing cost
administ Administration costs so this
cost is taken from
the investment your investment so and
that is called as expense ratio
the expense ratio is calculated annually
and expressed as a percentage of funds
average net asset value over a specific
period
the nav is the value of funds asset
minus its liabilities divided by the
number of outstanding units that we have
seen
now how the expense ratio is calculated
let's see expense ratio is equal to
Total fund expenses upon
average net asset value into 100
so let's understand what is the impact
of investor returns a higher expense
ratio means larger portion of investor
returns is being used to cover the cost
of running the mutual fund as a result
higher expense ratio can eat into
overall returns generated by the mutual
funds
therefore investors generally prefer
funds with lower expense ratio
When comparing different type of mutual
fund it is important to consider expense
ratio alongside other factors such as
historical performance investment
strategy and risk profile while low
expense ratio is generally preferred
investor should also evaluate whether
funds
management and strategies justify that
cost
so in summary
the expense ratio provides investor with
a clear understanding of cost associated
with investing in a mutual fund
so it's a crucial factor to consider
When selecting a fund it is directly
impacts investors potential returns so
you should always go for the fund with
lower expense ratio but again that fund
has to perform well
so you need not go into the calculation
details etcetera etcetera
so just just remember you don't have to
calculate that one takes care of it so
you just remember while investing that
you should if you are buying if you have
two options buy a fund with lower
expense ratio because that will give you
the better return because expense ratio
is the money that is taken by mutual
fund house from the investment made by
the investors
so this slide shows the example of
expense ratio is used to calculate nav
so next is entry load
and exit load
the entry load is a fee or charge
imposed by an investor when they are
invest in mutual fund scheme it is
deducted from the amount the investor
initially puts into the mutual fund
nowadays most mutual fund do not charge
any entry load
an exit load is a fee that an investor
has to pay when they decide to redeem or
sell their units in a mutual fund scheme
this fee is deducted from the Redemption
proceeds before the investor receives
their money so if exit load is one
percent
so so whatever you are getting after
your Redemption
one percent is deducted from that and
the remaining 99 percent is given to you
the purpose of an exit load is to
discourage investor from withdrawing
their investment too soon after entering
the scheme
now exit load amounts and their duration
often depends on the factor like type of
mutual fund scheme and the length of
time and investor holds their investment
for example Equity Funds might have
shorter exit load periods compared to
debt funds
exit loads might be higher for
short-term investment
with the intention of encouraging
investment investors to stay invested
for the longer time
the exit load gradually decreases or
becomes zero for instance exit load
might be applicable investor exits
within the period of six months but if
they hold their investment for more than
a year there might not be no exit load
exit load for dead scheme is generally
zero for Equity schemes
charge exit load if you redeem your
investment within a year from the date
of investment so if you redeem your
investment after one year there won't be
any exit load so this exit load are so
small that you can ignore them
Now options
in mutual fund
when you are thinking about investing in
mutual fund there are two main choices
that you will come across
option one is called as growth option
that means that any profits or gains
made by the mutual fund are reinvested
back into the fund itself so over time
the value of your investment can
potentially grow
the second option is bit different this
is called as idcw this stands for income
distribution come Capital withdrawal you
might have heard it referred as a
dividend option in the past
with this option income generated by the
mutual fund is distributed to the
investor at regular interval
it's like getting a little piece of the
earning from fund periodically
so for example let's see
HDFC top 100 fund uh offers two choices
one is growth option another is idcw
now here is something interesting if you
compare the net asset value of growth
option and idcw option you will often
notice that nav of growth option is
higher
because
in the idcw option some of the earnings
are given out to the investor regularly
so as some of the earnings are given to
the investor regularly the value of
total investment Falls so NAB Falls
because nav is the value upon total
number of units so total number of units
remain the same number of investors
remains same but the value decreases
because the sum of
the portion of the investment
is given to the given back to the
investor periodically
so let's compare these two options
idcw stands for income distribution com
Capital withdrawal it's a specific
option that investor can choose when
investing in mutual fund this option
allows a portion of investors Capital to
be paid out as dividends
with idcw a part of earning generated by
mutual fund is distributed as dividends
to the investors
this means that you receive share of
profits made by the fund
the net asset value of mutual fund is
affected by the dividends when Dividends
are paid out nav decreases in the
proportion to the amount distributed
growth option in mutual fund is a choice
where investors don't receive any
regular payouts or dividends instead
the money
you invest in growth option remains
within the fund and continues to grow
over time
the magic of growth option lies in
compounding the earning generated by
mutual funds are reinvested back into
the fund itself this means that your
initial investment not only earns return
but also earn Returns on those returns
means whatever returns are again
reinvested in the fund so you are
earning return on your principal and
earning return on the
interest means the return that you have
achieved from the mutual fund
so over time this compounding effect can
grow significantly increase the value of
your
investment
so the difference between idcw and
growth options is given on the slide
now what to choose
choosing between growth and igd IED CW
plans the decision between these two
options depends on individual's investor
financial goals risk tolerance and
investment Horizon so these three
factors are considered or should be
considered while choosing the
between growth and idcw for you I would
suggest to go for growth plan don't even
consider idcw plans because you don't
need
the regular payouts from your investment
till age of 60.
so investor who prioritize long-term
wealth accumulation without requiring
regular income find the growth option
more suitable
due to the compounding effect
for example goals like building
retirement funds bind how buying house
or child education growth option is very
suitable
investor who need steady in income
living expenses or other financial
obligations
might prefer idcw plan for its regular
payouts
this type of plans are suitable for
senior citizens or investor who
6. or who want regular payout
or who prioritize regular payout than
wealth building so this option can be
also considered for goals like going
vacation every year so in you invest
some amount you opt for idcw so every
year you will get some portion from your
investment and you can enjoy your
short-term goals like going on vacation
through this investment
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