The Best Way to participate in the Stock Market for the Retail Investors is through a Mutual Fund. But picking the right Mutual Fund can be a nightmare for some people. And the Mutual Fund Industry has not made it easier for the Retail Investors as every fund category has multiple options. In this article, we will discuss everything you need to know before picking a Mutual Fund for yourself to invest in.
When you are trying to take your first step into the jungle of Mutual Funds, it might feel intimidating at first. You see the Stock Market moving like a wild, out of control roller coaster. People screaming through a television screen trying to predict the market. Your mutual fund agent calling you over the telephone asking you to subscribe to a fund which he/she thinks suits you the best, but you understand nothing about that fund.
It can be quite intimidating.
But if you have found this article then be at peace, because after you have followed every step discussed in this guide to Fundamental Analysis of Mutual Fund, selecting the Best Mutual Fund for yourself will be a piece of cake. And this article will also help you if you want to compare Mutual Funds.
- How NOT TO Select a Mutual Fund?
- How to Select a Mutual Fund?
- Fundamental Analysis of Mutual Fund
- Qualitative Analysis of Mutual Fund
- 1. Fund House
- 2. Category of a Fund
- 3. Inception Date of the Fund
- 4. How much AUM a Mutual Fund is handling?
- 5. Return of a Mutual Fund
- 6. Fund Manager of a Fund
- 7. How Diversified a Mutual Fund is?
- 8. Expense Ratio of a Mutual Fund
- Quantitative Analysis of Mutual Fund
- What is a Benchmark Index of a Mutual Fund?
- What are the Qualities of a Good Mutual Fund?
Before we start with how to select a Mutual Fund correctly, we should discuss a little bit on how “NOT TO” select a Mutual Fund.
How NOT TO Select a Mutual Fund?
What most people do is, they go to a financial website and pick the Top 3 Funds of a particular category, compare the returns and invest in the fund which has performed the best in the past.
We are not even going to state How wrong this process is and How damaging this process is to your Financial Health!
Though this process is bad for investor’s financial health. To our surprise, in the last two or three years, Mutual Fund with the best past performance compared to its category has seen a massive inflow rather than the fund which had better fundamentals.
Better Returns a fund generated, Bigger the Inflow a fund saw.
How to Select a Mutual Fund?
We have discussed a little bit about Mutual Funds in our Index Fund vs Mutual Fund article. But to select the right Mutual Fund for yourself, you need to know a few basic things. And knowing how to do Fundamental Analysis of Mutual Fund is one of them.
You if have a little bit of knowledge about Fundamental Analysis of Stocks, then you will find this process similar. But if you don’t, then do not worry. The process of selecting the Best Mutual Fund if understood properly could be very easy.
Fundamental Analysis of Mutual Fund
Lets us start with the –
Qualitative Analysis of Mutual Fund
1. Fund House
If you are a beginner and you are investing for the first time into an Equity Investment Instrument like Mutual Fund, then we would suggest you go with the Top 10 Fund Houses.
There are many AMCs present in India which provide Mutual Funds of different categories. But the Age and the Size of the Fund House matters a lot.
There are a lot of up and coming Fund Houses which relies on the capabilities of the Fund Manager rather than having their own process.
We need a Fund House which has its own process of managing a fund rather than depending on a Fund Manager. If the Fund Manager leaves the AMC for some reason, then the AMC will not be lost in the sea if it has its own management process.
To us, a big and established Fund House matters a lot. It can be boiled down to Reliability and Trust.
2. Category of a Fund
If you are a beginner, we would suggest you to have a simple “2-Funds Portfolio”.
The main fund, which will be a Large Cap Fund and an ELSS for Tax Savings. That’s it. You can replace the Large Cap Fund with a Large and Mid-Cap Fund if you are willing to take a little bit more risk.
Do not complicate your portfolio with 10 to 12 unnecessary funds, which will just bring up your Investment Cost or the Overall Expense Ratio and pulling down your Total Returns in the process. And it also makes it hard to review each fund on time.
If you are an experienced Mutual Fund Investor, then you may try to make a “3-Funds Portfolio” of Large Cap Fund, Mid Cap Fund and a Small Cap Fund based on the 60-20-10 Rule. You can even take a more conservative approach to your Mutual Fund Portfolio with the 70-20-10 Rule.
We have talked in-depth about ELSS Funds in this article.
3. Inception Date of the Fund
Inception Date or the Starting Date of the fund is an important metric in the fundamental analysis of Mutual Fund. The older the fund is, the more data you have to evaluate a fund. If you have a fund with a long track record, then there is no need to invest in New Fund Offers or NFOs.
Older funds have more historical data with which you can analyze the funds. But with new funds, you get very little historical data. And with NFOs, you don’t even have that luxury.
It is very important to see how a fund performed during a market down cycle or in a recession. That data tells you how well the fund is managed, how well the management is handling the ‘Alpha’ and the ‘Beta’ of the fund.
We will discuss what ‘Alpha’ and ‘Beta’ of a Mutual Fund is, later in this article.
If you can, then try to pick a fund which is at least 10 Years old. A 10 Years old fund has seen almost all kind of market cycles and a recession too. Nowadays you can find a 7 to 10 Years old fund in almost all the categories.
4. How much AUM a Mutual Fund is handling?
AUM or Assets Under Managment is the total value of the investment a fund is managing.
You have to look at the AUM of a Mutual Fund according to the category of the fund.
If a fund is a Large Cap oriented Mutual Fund, then bigger the AUM, the better. But if the fund is Mid Cap or Small Cap oriented Mutual Fund, then bigger AUM could be problematic for the fund in the future.
A few years ago, DSP Small Cap Fund closed their inflow because their AUM got excessively large compared to the market cap category the fund was investing in.
Mid Cap or Small Cap Mutual Fund don’t always get the opportunity to invest their inflow in undervalued assets. And that is why these kinds of funds try to keep to their AUM and inflow at a manageable level.
According to SEBI’s rule, the more the AUM grows of a Mutual Fund, the less the Expense Ratio becomes. But if you are considering investing in a fund having large AUM size, then do check that the fund is a Large Cap Mutual Fund.
Lastly about AUM of a Mutual – Do remember to compare the AUM of a Mutual Fund with the Category Average of that fund. Comparing with the Category Average draws a clearer picture of the size of the AUM a fund should have.
5. Return of a Mutual Fund
There are 3 main types of return an investor should look for in a Mutual Fund.
- Trailing Return
- Calendar Year Return
- Rolling Return
Among all the 3 types of return, Trailing Return is the most famous one and useless of all. And when someone is trying to do a Fundamental Analysis of Mutual Fund, they look at Trailing Return first, which should be looked at the very end of the analysis.
Trailing Return tells you how the fund has performed on a set period of time. For example, 1 Month Trailing Return, 6 Months Trailing Return, 1 Year Trailing Return, 3 Years Trailing Return, so on and so forth.
But the problem with Trailing Return is, it can easily become distorted with small changes within the set period of the return.
For Example –
If you are looking at the 5 Years Trailing Return of a Mutual Fund and only 1 Year has been a blockbuster year for the fund, and the fund has been a laggard for rest of the 4 Years, then the 5 Years Trailing Return might look just fine, but it doesn’t tell you how consistent the fund has performed for those 5 Years.
That is why Trailing Return is very misleading and you should always look at the Trailing Return at the very end.
Calendar Year Returns
Calendar Year Return is the type return you should prioritize to look for when doing a Fundamental Analysis of Mutual Fund. It tells you how consistent the fund performed each year. It also gives you an idea of how volatile the fund is.
A well managed Mutual Fund will give you a consistent return on a YoY or Year on Year basis.
Rolling Return is quite interesting. It tells you how a fund has performed on an annualized basis for a specific period. Rolling Returns tells you the cyclical performance of the fund.
Rolling Return is one of the best parameters to measure the performance of a fund because it does not have any kind of bias. Trailing Return has recency bias which we have discussed above, but Rolling Return has none.
We know that the concept of Rolling Return can be hard to understand, so let us understand it with an example.
Let us say we have the chart of the 5 Years Rolling Return of Fund ‘A’, starting from 1st January 2015.
The chart will show us how the fund has performed from
1st January 2015 till 1st January 2020.
2nd January 2015 till 2nd January 2020.
3rd January 2015 till 3rd January 2020.
So on and so forth.
So if the chart shows that 10% on 1st January 2015 till 1st January 2020, then it means that if you had invested in Fund ‘A’ on 1st January 2015 and redeemed your Mutual Fund Units on 1st January 2020, you would have gained 10% on your investment. If 8% from 2nd January 2015 till 2nd January 2020, then you would have gained 8% for that specific period if you had invested on 2nd January 2020.
Here are a few tools you can use to chart out the Rolling Return of your preferred Mutual Fund.
And, as Rolling Return paints a much clearer picture of how consistent the fund is, that is why Rolling Return becomes one of the most important parameters when doing a Fundamental Analysis of Mutual Fund. And we suggest, you should always invest in a consistent performing fund rather than in a “One-Hit Wonder”.
And you should always compare these returns not only with the Benchmark but also with the Category Average.
6. Fund Manager of a Fund
The credibility of a Fund Manager should also be an important factor when choosing a Mutual Fund. You need to know how long a fund manager has been managing a particular fund and whether the fund house is dependent on the Fund Manager or not.
You should always prefer a fund which has a process-oriented management style rather than just a star Fund Manager. Because incase the Fund Manager leaves the AMC due to some odd reason, and a new Fund Manager starts managing the fund, the performance of the fund will remain the same because the process of stock selection has remained the same.
And if a particular fund is managed by the same person over a long period of time and has performed consistently then it could be a good sign.
But, if you see a fund is consistently changing its manager every 2 to 3 Years, then we would suggest you, stay away from that fund.
Here is the Fund Manager history of Axis Bluechip Fund as of September 2020. Comment below and tell us whether you should pick this fund or not.
7. How Diversified a Mutual Fund is?
There are two different ways to look at the Diversification when performing a Fundamental Analysis of Mutual Fund.
One might say that as we are investing in a Mutual Fund, we want the portfolio of the fund to be diversified. Whereas someone else might say that if the Fund Manager can outperform the Category Average and the Benchmark by taking a concentrated risk, then it shouldn’t be a point of discussion.
At Money Premier we have an opinion that, if you are investing in Mutual Funds you should invest in a fund which has a well-diversified portfolio. If you want to take concentrated bets, then you should go with Thematic or Sectoral Funds.
Diversification of a Mutual Fund portfolio is very important, and more so during a market down cycle or a recession like the 2020 Pandemic. And an undiversified portfolio can take a severe beating during such times as the Beta of such funds are quite high
We will talk about ‘Beta’ in the later part of this article.
Most of the Average Retail Investors should invest in a well-diversified Mutual Fund. If you are an experienced investor and you know all the ins and outs of Mutual Funds then only you should go with Thematic or Sectoral Funds.
Diversification of Sectors
Some sectors are Cyclical in nature, some are linked to the Economy, and some are Evergreen sectors. That is why Sectoral Diversification is very important for a Mutual Fund. A good portfolio will have a well-balanced mix of different sectors.
As discussed above, if you do not want sectoral diversification and you want to invest in sectors of your own choice, then you should go for Thematic Funds or Sectoral Funds. But do remember, Thematic and Sectoral Funds carry a heavy risk of “Future Uncertainty”.
Diversification of Stocks
On October of 2017, SEBI made few changes to the rule of Categorization and Rationalization of Mutual Fund Schemes.
SEBI has now cleared the confusion of which are Large Cap Stocks, Mid Cap Stocks and Small Cap Stocks.
Definition of Large Cap Stocks, Mid Cap Stocks and Small Cap Stocks according to SEBI.
- Large Cap Stocks – 1st – 100th company in terms of full market capitalization.
- Mid Cap Stocks – 101st – 250th company in terms of full market capitalization.
- Small Cap Stocks – 251st company onwards in terms of full market capitalization.
SEBI has also defined how much a Mutual Fund need to invest in a particular market cap to belong in that category.
You can find full list here.
It is a no brainer that the portfolio of a Mutual Fund should be diversified in multiple stocks. But too much diversification might dilute the upside.
We have already discussed how you can make your own Portfolio of Mutual Funds.
8. Expense Ratio of a Mutual Fund
We had a very in-depth discussion about Expense Ratio in our Index Fund vs Mutual Fund article.
Expense Ratio of a Direct Mutual Fund will be always less than the Regular version of the same fund. When investing in a Direct Mutual Fund, investors do not pay for the commissions of the Mutual Fund Agent or Advisor.
But if you do not have the time to review a fund properly or you do not know how to review a fund properly then we suggest you take the help of a reputable Mutual Fund Advisor.
Why you should choose a Mutual Fund with Lower Expense Ratio?
0.25% difference in the Expense Ratio can either make you a Lakh or break you a Lakh.
For our non-Indian Audience –
1 Lakh = One Hundred Thousand.
10 Lakhs = A Million.
Let us explain.
If you want to make a part of your retirement corpus with Mutual Fund, then you need to have long term investment horizon like 30 Years. And investing Rs. 50 Lakhs in 30 Years is not unheard of.
So if you would have chosen a Mutual Fund with an Expense Ratio of just 0.25% higher than that of its peers, then you would have lost –
Rs. 50,00,000/- x 0.25% = Rs. 12,500/-.
And Rs. 12,500/- invested at a nominal rate of 8% (Nifty 50 averages around 10-12% annually, over the long term) for 30 Years would have fetched you Rs. 1,25,783/-.
So we suggest you take your time to choose your Mutual Fund properly. If you think you have the expertise and the knowledge to choose the right Mutual Fund for yourself then for sure go with Direct Plans, but if you are having doubts then take the help of a Mutual Fund Advisor.
This was the basic guide to Fundamental Analysis of Mutual Fund on a Qualitative Basis.
Now let us get a bit technical with the –
Quantitative Analysis of Mutual Fund
Before we start, we would like to mention that the ratios discussed below should not be looked into isolation but rather as a whole and should be compared with the funds of the same category.
When analysing the fundamentals of a Mutual Fund based on its numbers, Category Average though it doesn’t tell you anything about that particular fund, becomes an important parameter to look for.
1.Mean of a Mutual Fund
Mean or Simple Average of a Mutual Fund is not an important parameter in itself, but it used to calculate some important ratios like Standard Deviation and Variance.
2. Standard Deviation of a Mutual Fund
Standard Deviation of a Mutual Fund tells you how much the returns of a Mutual Fund will rise or fall from its Mean. It is a kind of Volatility Measure of a fund.
Mathematically, Standard Deviation of a Mutual Fund is the Square Root of the Variance of that particular Mutual Fund.
Standard Deviation is a One Dimensional parameter. It does not tell you whether the fund has outperformed or lagged compared to its Mean. Also, if the fund is performing at a constant pace, then S.D. or Standard Deviation becomes Zero. Standard Deviation only tells you the value of the deviation and not the direction of the deviation.
So S.D. should not be looked into isolation. It should be considered with other important parameters like Alpha, Beta, Sharpe Ratio, etc. You should compare the S.D. of a fund only with the funds of the same category. As discussed earlier S.D. will vary for different categories.
Resilient funds like Large Cap Mutual Funds, Debt Mutual Funds tends to have a lower Standard Deviation compared to growth-oriented risky funds like Mid Cap Mutual Funds or Small Cap Mutual Funds.
Higher S.D. of a fund on its own is not bad, but when compared with the category average, lower S.D. is better.
Lower Standard Deviation ‘compared to its category’ means the return of the fund will move around the Mean, less. And the return will be constant around the Mean. Simply put, the fund with the lower S.D. within the category is less volatile.
3. Beta of a Mutual Fund
Beta value of a fund indicates how closely the fund is following its benchmark index. The Beta value of a Mutual Fund measures the volatility of the fund against its benchmark index.
The Beta value of the benchmark index is always considered ‘1’, and if the fund is having a Beta value higher than ‘1’, then it means the fund will rise or fall more compared to its benchmark index. And if the Beta value is less than ‘1’, then the fund will rise or fall less compared to its benchmark index.
You can gauge a close estimation of the fund’s return by multiplying the Beta value of the fund to the percentage movement of the benchmark index the fund relates to.
Lets us understand Beta of a Mutual Fund with an example.
Here is the Beta value of Axis Bluechip Fund according to Morning Star as of 30th September 2020.
*Each website has its own calculation methods, so the exact value might vary from website to website.
It is showing that the Beta value of Axis Bluechip Fund is 0.79. It means the fund has low volatility compared to its index and its returns are predictable.
If somehow the Beta value of the fund was 1.79 instead of the 0.79, you would have seen some wild swings in the returns graph.
A fund with a higher Beta value is what you should aim for, but you have to take into consideration other parameters and ratios which we will discuss below.
There are some wild funds available in the market like this one, and the Thematic and Sectoral groups are notorious for having such funds.
And that is why most of the Average Retail Investors should stay away from the Thematic and Sectoral Funds.
Beta value of a fund greater than 1 is desirable only when it is supported by the Alpha of the fund.
4. R-Squared Value of a Mutual Fund
R-Squared is the reliability measure of the Beta value. It tells us how reliable the estimated return calculated based on the Beta value is.
As a basic rule of thumb is, if the R-Squared is greater than 0.8, then the estimated return gauged using the Beta value is reliable.
5. Alpha of a Mutual Fund
Alpha of a Mutual Fund tells you how much return the fund has generated over the prediction made by the Beta value of the fund. It is a kind of credibility measure of the Fund Manager and the fund house.
Again, let’s use an example to understand Alpha of a Mutual Fund.
The Beta value of Axis Bluechip Fund mentioned above is 0.79. So if the benchmark index related to that fund makes a 10% upside move, the fund should rise by (0.79 x 10) = 7.9%.
But in reality, if the fund made a 9.9% upside move, then the Alpha of the fund becomes (9.9 -7.9) = 2%
So you should always look for a fund with higher Alpha, but it should be consistent and predictable.
Some fund might have negative (-) Alpha. Negative Alpha means the fund has underperformed from its expectations.
A Mutual Fund managed by a good Fund Manager, or a good fund house will generate positive Alpha on a constant YoY basis.
Before we move on to our next parameter, let us recap a bit.
Standard Deviation – Tells you the value by which the return of the fund will go up or down in relation to its Mean or Average.
Beta value of a Mutual Fund – Tells you how closely the fund is following its benchmark index. And it is used as an indicator to tell us how much return the fund will generate compared to its benchmark index.
R-Squared – Tells you how reliable the prediction made by the Beta of fund is.
Alpha of a Mutual Fund – Tell you how much extra return the fund has generated over the prediction made by the Beta value of the Mutual Fund.
6. Sharpe Ratio of a Mutual Fund
Sharpe Ratio is used to evaluate the return of a fund compared to the risk taken by the Mutual Fund. A good fund should be able to generate quality returns at the cost of minimal risk.
So Sharpe Ratio tells you whether the fund is taking extra risks to generate the extra returns. Sharpe Ratio helps you choose a fund which is generating higher returns but by taking only the necessary risk.
Mathematically speaking, Sharpe Ratio is the returns generated by the fund for every unit of risk taken. It calculated by –
Sharpe Ratio = (Average Return of a Mutual Fund – Risk-Free Government Backed Investment) / Standard Deviation
So a fund with higher Sharper Ratio is desirable. But sometimes Sharpe Ratio may look inflated because of a lower Standard Deviation. So you need to check how the Sharpe Ratio is calculated.
For your own ease of use and reliability of your research, we would suggest you take all the data from a single source.
Sharpe Ratio is used to compare a fund of the same category or to compare a fund to its benchmark index. Sharpe Ratio also shows whether adding an asset to the portfolio of the fund is productive or not.
7. Sortino Ratio of a Mutual Fund
Sortino Ratio is one of the important ratios to look for when doing a fundamental analysis of Mutual Funds. And it is also one of the most overlooked ratios.
We all know that to generate a higher return, we need to take a higher risk. But with higher risk comes the possibility of higher downside. So selecting a fund which generates higher returns with a lower possibility of downside becomes important. This is what the Sortino Ratio helps us with.
There are two types of risks. Good Risk and Bad Risk. And we saw that Sharpe Ratio measures the return generated by the fund for every unit of risk taken. But Sharpe Ratio does not differentiate between good risk and bad risk.
But Sortino Ratio takes into account only the bad risk involved in the fund. So Sortino Ratio tells us the return generated by the fund for every unit of bad risk it is taking.
So a fund with higher Sortino Ratio means it is taking a lesser amount of bad risk to generate quality returns. And we want our preferred fund to have a higher Sortino Ratio compared to other funds of the same category and the benchmark index.
Mathematically, Sortino Ratio uses the same formula as Sharpe Ratio but the denominator, Standard Deviation is replaced by Downside Deviation. So Sortino Ratio is a refined version of Sharpe Ratio.
Again, you do not need to calculate these ratios on your own. They are readily available on financial websites mentioned above.
What is a Benchmark Index of a Mutual Fund?
We have been saying a lot that you should compare the ratios discussed above with the Category Average and also with the ‘Benchmark Index’. But what is this Benchmark Index?
Nifty 50 or Sensex is not the Benchmark Index of a Mutual Fund. They are the Benchmark Index of the Indian Equity Market.
Each Mutual Fund Category has its own Benchmark Index. The fund house or the AMC who is managing a particular fund will mention the benchmark index the fund is following, in the fact sheet of the fund.
Like the Benchmark Index of Mirae Asset Emerging Bluechip Fund is the Nifty Large Midcap 250 (TRI). TRI stands for Total Returns Index. TRI not only tracks the price movement but also the dividend generated by the constituents of the Index.
Sometimes when a fund is underperforming or is having any kind of trouble for a long time, what the fund house or the AMC does is they change up Benchmark Index, so it becomes hard for the investor to compare the fund with its peers. So we suggest you be careful when dealing with “clever” fund houses.
What are the Qualities of a Good Mutual Fund?
There are many parameters upon which a Mutual Fund can be judged, but here are few criteria a fund should pass to become a Good, Reliable and Consistent Mutual Fund.
Qualities a Good Mutual Fund should have.
- Fund House – The Fund should be from a reputable fund house or AMC. Old, established Fund Houses are reliable and trustworthy.
- Fund Category – For a beginner, investing in the Large Cap segment is easy and safest of all. Mid Cap and Small Cap Mutual Fund should be eyed only when you have enough expertise.
- Inception Date of a Mutual Fund – Old Mutual Funds has long historical data which you can use to judge the fund’s past performance.
- AUM of a Fund – Large Cap Mutual Funds can afford to higher AUM, but Mid Cap and Small Cap Mutual Fund should have a manageable amount of AUM.
- Return of a Mutual Fund – Return of a Fund should be consistent on every measurable time frame. Returns might vary from category to category, but a reliable fund will give a consistent return.
- Fund Manager – A fund or a fund house should not be dependent on the Fund Manager. And the fund house should have its own management process.
- Diversification of a Mutual Fund – You should opt for a well-diversified Mutual Fund any day of the week.
- Expense Ratio – A good fund will have a Lower Expense Ratio compared to its peers.
- Standard Deviation of a Mutual Fund – A good fund will have a lower Standard Deviation compared to its peers.
- Beta value of a Mutual Fund – Generally a fund with a high Beta value compared to its peers is what you should aim for. But high Beta value means higher volatility, so a beginner should opt for a fund with a lower Beta value compared to its Category Average.
- R-Squared value of a Mutual Fund – A reliable fund will have an R-Squared value of 0.8 or more.
- Alpha of a Mutual Fund – A fund producing higher Alpha consistently means the fund is well managed. So a good fund will have a higher Alpha compared to its Category Average and its Benchmark consistently.
- Sharpe Ratio – A good, well-managed fund will take less risk to generate higher returns. So a good fund will have a higher Sharpe Ratio.
- Sortino Ratio – A fund managed by a sensible Fund Manager will take a few bad risks to generate higher returns. So a well-managed fund will have a higher Sortino Ratio compared to its peers and benchmark.
Though Mutual Fund is marketed as a kind of Passive Investment Instrument and some Index Funds and ETFs are. But choosing a Mutual Fund is not at all passive. If you want your wealth to grow, you need to put in the work.
Just like stock selection demands the investor to have a good grip on fundamental analysis, Mutual Fund investor also needs to have a good understanding of Fundamental Analysis of Mutual Fund. And if you have understood all the points discussed this Mutual Fund Analysis article, then choosing the right fund for yourself will not be a problem.
And do remember that all the ratios and numbers discussed in the Quantitative Analysis segment should not be looked into isolation but should be looked together and it should also be compared with the Category Average and the Benchmark Index.
Nowadays you can invest in Direct Mutual Funds through your mobile phone using apps like Groww. We have a detailed step by step guide on how to invest in Mutual Fund using Groww. Or if you are using discount brokers like Upstox or Zerodha, you can buy Direct Funds through their platforms too.
We hope this article on Mutual Fund selection helps you to choose the correct fund for yourself. Good luck and always remember – Mutual Fund Investments are subject to market risk. Please read all scheme related documents carefully before investing.
Happy Investing! 😊
Disclaimer: The views, investment tips, presumptions, and calculations expressed on Moneypremier.net are not of the website or its management. This article is for Educational Purpose only. Moneypremier.net advises users to check with certified experts before making any financial decisions.