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Understanding mutual fund returns


April 5, 2021

When it comes to mutual fund returns, two things are true for most mutual fund investors:

  1. It is the most important thing for them
  2. It is among the least understood set of concepts

An advisor may talk about all the nuances of mutual fund investments to an investor – risk mitigation, balancing, diversification, down-side protection etc – but at the end of the day, the person would only care about how much he/she would end up making.

And yet, when it comes to reading and understanding returns, they could make elementary mistakes. For example, once when I recommended an investor invest in a scheme for 5 years for optimal benefit, he said he would invest in it for a year, because “the fund has better 1-year return than 5-year return” – obviously going by the most recent numbers. 

Such fallacies are commonplace among investors, and truth be told, it’s not all their fault. The industry of financial services thrives on the innumeracy of their customers and makes the most of it with misrepresentations and obfuscations – leading to a sustained perpetuation of the wrong notions.

mutual fund returns

Well, this article is an attempt to explain the basic terminologies in simple terms. And it assumes no more than a middle-school arithmetic knowledge from its readers. Although the context of this article is mutual funds, the concepts themselves are applicable across investment products.

Let’s start with the simplest form of returns – the absolute return.

Absolute return

(Also known as point-to-point return)

This is the most straightforward form of representing what you got out of an investment – it is so simple that it may as well be just called ‘return’ – as in, what returned to you (in the form of profit or loss) from an investment that you made. 

This is also called point-to-point returns, since it measures the returns from one point in time to another point in time.

What it is

It is the absolute profit (or loss) made from an investment, regardless of the amount of time period of the investment. It is arrived at by using this formula:

This formula would generally yield a fractional number, and for ease of understanding, it is expressed as a percentage by multiplying the above number by 100.

So, the absolute return percentage from an investment would be:

Example

Let’s quickly look at an example. Suppose you invested Rs 1 lakh in a fund, and a few years later (does not matter how many years you invested), you redeem it, and the redemption value is Rs 1.35 lakhs. 

The absolute returns from this investment would be:

So, you made an absolute return of 35% from this investment.

This also works if, unfortunately, you made a loss in your investment. Suppose your redemption value was not Rs 1.35 lakhs, and it was Rs 80,000 – meaning you lost Rs 20,000 from your investment. The absolute returns would be:

Easy, right? Now let’s see where this figure is useful and where it is not.

How it should and should not be used

The absolute returns percentage is extremely useful as a vanity number. And not much else. It is typically used in dinner parties, especially while talking about returns from real estate investments – as in, “we bought this property long back for Rs 1 lakh and now it is going for Rs 1 crore in the market – 100 times! A 10,000% return”. 

As you can see, there is no mention of when it was bought or the number of years that have passed. Absolute returns don’t talk about the time frame of investment – just the total profit (or loss) that was made.

Absolute returns are also a favorite tool of financial sales people. In their hands, it usually takes the form of ‘doubling’ or ‘tripling’ your investment – essentially communicating an absolute return of 100% or 200% – huge numbers, if only you ignore how long it takes to do so.

So, is there a valid use for absolute returns? Surprisingly, after all the negatives above, yes there is! Absolute returns can be used for any investment that is made for less than a year. There are better ways to look at investment returns made for more than a year (we’ll explain in the next section), but when you invest for 3 months or 6 months or 9 months, it is best to consider the absolute return that you make. Looking at what’s called annualized return would be wrong in this context since it would be an extrapolation of your short-term returns.

And as you can imagine, when it comes to financial sales people, they always want to use the bigger number – use annual return when it comes to short-term investments, and absolute return for longer term investments. As an investor, and from a mathematical perspective, the right thing to do is just the opposite.

Having seen the most basic of return types, let’s move on to a slightly more advanced, and much more useful return metric – Annual returns.

Annual returns

(also known as CAGR, compound returns, compounded annual returns, Annualized returns)

Mutual fund investments are usually made for the long-term. And by long-term I mean a time period lasting several years. In such a situation, it is more useful to look at how much a fund returned (or “performed”) on an annual basis rather than on an absolute basis.

There are two important reasons why this is so:

  1. Time matters: If we want to know whether an investment return is ‘good’ or ‘bad’ we need to know how long it took for the return to materialize. Many other financial metrics, especially inflation, are expressed in annual terms, and for us to benchmark our returns with these other metrics, we should use something that is correlated with time as well. 
  2. Making things comparable: We are faced with plenty of investment choices, and not just in mutual funds. To be able to make a decision, we need to be able to compare these instruments. And for that, we need a metric that we can use for comparison. The earlier metric that we saw – the absolute returns – is absolutely useless in this regard. Why? Because you could say your instrument returned 40% and I could say mine returned 60%. But yours could have happened over 2 years, and mine over 10. Unless we express these numbers annually, we cannot compare them fairly.

What are annual returns

Simply put, annual returns are absolute returns annualized. What does that mean? It means expressing a return in such a way that the return builds on itself (compounds) every year. That is why these are also called compounded annual returns or compounded annual growth rate (CAGR – although technically, it need not always be growth since CAGR can be negative as well).

The formula for calculating annual returns on an investment is to simply take the return fraction and raise it to the power of (1/n) where n is the number of years invested (and then subtract 1 to remove the principal component). You don’t need to “understand” this formula – just knowing that there is one is enough – you can always look it up!

This is just the formula. Things will get a lot clearer when we look at an example.

Example

Let’s first understand the arithmetic aspect of compounding with a simple non-mutual-fund example. Suppose you lend me Rs 1 lakh and I offer you 10% interest on it for a year. At the end of the year, I would give your Rs 1.1 lakh (Rs 1 lakh + 10% of Rs 1 lakh = Rs 1,10,000). Now, if you lend me back the Rs 1.1 lakh and I offer you 10% interest again, at the end of the second year, you make Rs 1.21 lakh (Rs 1.1 lakh + 10% of Rs 1.1 lakh = Rs 1,21,000). Money building on itself in this manner is what is called compounding.

However, if you give me money for 5 years, and I tell you I will give you double the money after 5 years – the total returns (absolute return) you would make on your investment – over 5 years, mind you – would be 100%. 

Now, what would I tell you if you ask me what the “annual returns” are? Should I say that it is 20% (100 divided by 5)? Well, that would be what’s called the ‘simple returns’. There’s nothing wrong with specifying that, but in the world of finances, the traditional way is to represent the annual returns in the form of compounded values.

(Why is that so? Because invested money grows on itself – that is a fundamental principle of investment. If you start a business with Rs 1 lakh and you make a profit of Rs 20,000 in a year, you deploy Rs 1.2 lakh in the business the second year so you can make a profit of Rs 24,000 in the second year, and so on. The most accurate way of capturing this growth is by using compounding)

So, let’s get back to our scenario. The annual returns on the amount lent to me (Rs 1 lakh set to double in 5 years – absolute return of 100%) would be, applying the formula above:

CAGR = (Rs 2 lakh/Rs 1 lakh ) to the power of (1 over 5), minus 1.

And that would be equal to 14.87%

What this means is that the money compounded every year at the rate of 14.87%. 

Let’s verify that:

Rs 1 lakh @ 14.87% growth at the end of one year would be 1,14,870. 

Now, since we are compounding, we apply 14.87% on Rs 1,14,870 for the second year. So, at the end of second year, the amount would be Rs 1,31, 951. Going forward, the same calculation would give us Rs 1,51,572 at the end of 3rd year, Rs 1,74,111 after 4 years, and Rs 2,00,001 at the end of the fifth year. Voila! Double in five years!

So, this is  how CAGR gets “calculated” from an absolute return. CAGR can be used to represent returns in the past (how much a fund gave in the last five years), and for the future (how much will a deposit – not a fund – will give in the next x years).

(Please note that some bank deposits offer quarterly or half-yearly compounding of interest as well – I am not covering those scenarios here since my focus is on mutual fund returns, and also because in most cases that’s just a marketing gimmick. 

Let’s look at the right and wrong use cases of CAGR now.

How it should and should not be used

Annual returns are a versatile metric – it can be used in many useful ways. However, there are also situations where it would simply be wrong to use them to represent returns. Let’s look at them in turn.

The best use case for annual returns would be to compare two similar investment instruments. If you go to one bank and they offer you 8% interest for a 3-year term deposit, and you to another and they offer you 8.5% for the same term, it would be fair to compare these numbers. Similarly, when you look at past performances of mutual funds, if you look at two similar funds and their track record over similar time frames, annual returns would be the right metric to use.

But, you should be aware that CAGR often ‘masks’ the underlying movement of the value of the investment. A stock market investment, for example, would move up and down over the period of time – the CAGR will make it appear as if the stock gave a uniform x% of return over the number of years. 

Here are some more things you should keep in mind:

  1. You should not use annual returns for any period less than one year. We saw this in the earlier section as well, and it bears repeating. If someone tells you a scheme returned an annualized 8% in the last 6 months, it means it returned 4% in the last six months. And nobody knows what will happen in the next six months. So, annual returns should not be used in this context.
  2. You should not compare returns over different periods in time. If a fund returned x% annually over a 3-year period and another fund returned y% over a 1-year period, x and y are not comparable.
  3. When it comes to mutual funds, past returns are always expressed as annual returns. However, this says NOTHING about what the fund will return in future. As simple as this sounds, I just want to state it for the record.
  4. Annual returns cannot and should not be used for SIPs. More on that in the next section.
  5. Annual returns in this form cannot be used to calculate how much your investment returned when your investment involves multiple transactions.

When you look at mutual fund factsheets or website displays, you will find a lot of performance numbers. Most of them show absolute returns if the period is less than 1 year and annual returns for periods greater than 1 year. Understanding and internalizing the concept of compounded annual returns is very important for interpreting those numbers correctly.

What about ‘yield’?

Many bank deposit advertisements carry a figure called ‘yield’ – which is typically a higher number than the annual returns number. As I mentioned earlier, people who are selling products to you love showing you bigger numbers!

Yield, in this context and as it is used by such people, always refers to the simple interest representation of the annual returns. As we saw in the example above, while the annual returns for the investment that doubled in 5 years was 14.87%, the simple interest was 20%! Guess which one the banker would like to showcase to you!

Also, in some cases where there is a tax saving involved, the potential tax savings are also added to the ‘return’ of the investment to show a really big number! What you save on taxes is none of the financial institution’s business and such numbers are just plain wrong.

As they say, buyer beware – when you see two numbers in an ad like this, the lower one is likely to be the real number.

Internal rate of return

We first looked at a rate of return that is not of much use, and then went to something that was of limited use. Now let’s look at a rate of return that is useful in a wide variety of situations.

Remember when we said that annual returns or the CAGR formula cannot be used to calculate SIP returns of your investments? Well, this rate of return addresses that.

The internal rate of return, also known as IRR, helps us calculate returns when there are multiple transactions. Technically speaking, IRR can be used when there are equal value investment transactions that are spaced over a period of time. Like investments made every month. Like SIP.

What is IRR

If you look at the formula for annual returns, you will see that there is an initial value, a final value, and the number of years. Implicit in this formula is the fact that this investment was made at one time and valued at another time – with many intervening discrete periods of time (years). But what if we make several little investments during the course of this investment period? Like, as I said, in an SIP. The annual returns formula would obviously not work to calculate the returns in this scenario 

The right way to calculate returns here would be to calculate returns of individual investments over just the period of time it was invested, and then aggregate them to calculate the overall returns.

Now, that would simply be too tedious. So, smart people came up with a way to do the same thing using what is called the ‘net present value’ (NPV) calculation. In general, NPV is a method of calculating the present value of a series of future money flows given a rate of return (or a rate of inflation, for that matter). 

This formula can be inverted to find out the rate of return given the values of a series of money flows (investments, in this case), a final value (current value of investments, say), and a period of time (over which these events happen). Technically speaking, IRR is calculated by taking the current value of investments and the series of investments made as a full series of cash flows, the time periods when these happened, and setting the net present value to zero. From these figures the rate of return can be calculated by inverting the following formula:

(From Investopedia)

OK, let me admit – this is not easy stuff. But don’t worry. It is important to have an understanding of the concept and the basic theory behind it. You will NEVER be required to use this formula by hand – this is what God created Excel (and Google Sheets) for. But knowing a bit of theory never hurts.

An even better way – XIRR

Before we get to an example, let’s look at a close cousin of IRR, and that is Extended IRR or XIRR. As we saw above, the IRR formula assumes cash flows coming in even intervals of time (monthly, for example). But life is seldom so conveniently even. We invest when we have money, we invest when we think it’s a good time etc. So, to calculate the rate of returns in such situations, a metric called XIRR is used.

The formula for calculating this is non-trivial – it uses an advanced mathematical approximation method from numerical analysis to do so. Thankfully, again, this is available in Excel so that anyone can use it in a matter of seconds.

Now, let’s look at a couple of examples.

Example

Let’s take a look at an example. 

Our goal is to calculate the internal rate of return for situations that involve even periods of time and when they don’t involve even periods of time.

Suppose we invest Rs 5,000 in a fund for 24 months. So, at the end of 24 months, we would have invested a total of Rs 1.2 lakhs (5,000 x 24) into the fund. Now, let’s suppose the value of the investment at the end of 24 months is Rs 1.5 lakh.

Now, since we are making the investments over a period of time (and not at a single point in time), we cannot use the CAGR formula here. And, because we make the investments in uniform amounts and periods (monthly), we can use the IRR formula here and calculate the  returns from this SIP.

The typical way to do this, as I indicated earlier, would be to use Excel to do so. There is a formula called, well, IRR in excel that would compute it for us. To use it, we represent the investment values as negative numbers and the current value as a positive number. And since we want an annualized number, we have to put in the numbers as annual investments as opposed to monthly investments (we’ll remedy that shortly). Please see the image below:

(The formula used is = IRR(cashflows))

Now, if you look at this, you will see that what is missing here are the dates of our investments. And rightly so – remember, IRR assumes uniform time periods – so it does not care about the dates. And if you need annual returns, you need to provide it annual cash flows.

SIP investments don’t follow annual patterns and we may miss a payment or two as well (not uniform cash flows). In such situations, we would need to use the XIRR method to calculate the annual returns. See the example below. Here, investments are skipped in September 2018 and February 2019.

The Excel formula used is XIRR(investment_values, dates). As you can see, this formula takes into account the dates of investments. 

What if you have outflows (redemptions) during this period? Simple – just add the date and the amount of redemption as a positive number to the list and use the same formula. Excel will automatically take that into account and produce the right returns figure.

How it should and should not be used

IRR, and more specifically, XIRR can be used in wide variety of situations:

  1. Calculate returns of a fund (yes, you can use this instead of CAGR formula and you would get the same answer)
  2. Calculate returns of your SIP investments
  3. Calculate returns of your irregular investments (XIRR only)

Apart from the implicit complexity of the formula used (can’t be done by hand or a calculator – you need Excel), there is really no downside to computing and using XIRR to understand investment returns. It is, hands down, the best method to represent and compare returns from one’s investment, especially over a long period of time. As with annual returns, however, IRR is not to be used in the context of investment returns to show or understand returns from an investment period of less than one year. For that, absolute returns continue to be the best method.

A note about portfolio returns

We rarely invest in a single fund – our portfolios are often made of many funds – sometimes grouped together in portfolios. How do we calculate the aggregate returns from a whole portfolio? Can we use the XIRR method for that?

Definitely! Portfolio XIRR returns are the best way to understand and manage your overall gains, especially in the context of goal-oriented portfolios. To use XIRR in this context, you do not need to find out the XIRR of individual funds in the portfolio. Rather, you can gather all the inflows (and outflows) into (and out of) the portfolio and apply the XIRR formula on them along with the transaction dates. The resultant XIRR would be the annual returns that you obtained from the portfolio as a whole.

Rolling returns

Now that we can calculate correct returns for investments less than one year, more than one year, with irregular cash flows, and for our entire portfolio, what more can there be? There’s rolling returns. What are these rolling returns, and why should we understand them?

Let me put it this way – rolling returns are a secret weapon that will help you make superior investment decisions about mutual funds. You won’t find them in many places (and PrimeInvestor is fixing that issue soon) and they are very difficult to calculate for an regular investor (not because it has a complex formula, but because it requires a lot of data). But once you understand what it is and how useful it can be, you will be convinced that it is among the best mutual funds performance metrics to employ.

Why should we understand rolling returns

The thing we have to realize about all the return types we saw thus far is that they are about the performance of investments made in the past during specific periods of time. These metrics are useful to understand how our investments did in the market and what they returned as profits.

However, if we are trying to make a decision about where to invest now, by looking at the past returns of different mutual funds, then, such time-specific returns will not present the full picture.

Why? For the simple reason that the numbers we would be looking at would be ‘biased’ by the time window that we are looking at. For example, if today’s date is March 30, 2021, and we are looking at the 3 year CAGR of a fund, then we are looking at the period between March 30, 2018 and March 30, 2021. As in, this is a ‘point-in-time’ number. Can we make a decision based on just this one data point? Will that be a sound decision? Likely not. Our investment date could be similar to March 30, 2018 or it could not be. As it is, we are looking at the past to make a call about the future. Should we not look at more dates to make a more informed decision?

That is exactly the promise of rolling returns. It looks at returns made at various points in time in the past and provides a more balanced view of the performance of a fund. Thus, it enables us to make more informed decisions about our investment choices.

What are rolling returns?

Rolling returns are point-to-point returns calculated on, typically, a daily basis for a specified period over another longer period of time.

Let’s untangle that. First, let’s understand that rolling returns – as the name suggests – is not a single value. It is a series of values (along with dates). The individual return values themselves are calculated using the same formulas that we saw in the first two sections – absolute returns if the specified period is less than a year, and annualized returns for longer periods.

In the line above, we had two ‘specified’ periods. Let’s take an example. We could calculate one-year rolling returns for a fund every day over a period of 5 years. What this means is that we calculate the one-year return for EVERY single business day for 5 years and present the results as a series. 

If our period of 5 years is, say, between Jan 1, 2015 and Jan 1, 2020, then we would compute the one-year return for the period between Jan 1, 2015 to Jan 1, 2016, and then between Jan 2, 2015 to Jan 2, 2016, and so on until we get to Jan 1 2019 to Jan 1 2020. We would have about 1250 data points (approximately, since a year has about 250 business days).

From this data, we can get all kinds of information – the average rolling returns, minimum, maximum, median, standard deviation, and all such numbers that are a statistician’s or an analyst’s delight.

Let’s take the simple case of an average – when we average the returns obtained in this manner, we would have a much better understanding of how the fund performed in the past – we have 1250 data points as opposed to 1! This would tell us, not definitively, but with higher confidence as to what our future one-year returns are likely to be from this fund. And because markets go through ups and downs, rolling returns would tell us how the fund performed through both good and bad periods. It would be hard to understand this using the returns of just one period.

Example

Let’s take a look at a real-life example. Let’s consider one of the oldest funds in India – the HDFC Flexicap fund (previously known as HDFC Equity fund). I’ll skip the details of the actual calculation since they are exactly the same as in the first two sections.

Let’s take a sample period of a few days in the recent history of this fund, and look at its various rolling returns:

What you see above is various point-to-point returns data for this fund for EACH of the date on the right. So, you can see, as of Jan 10, 2018, for a 1-year period (starting Jan 10, 2017), the fund returned 26.23% (handsome returns indeed!). That’s what you would have made in 1 year IF you had invested on Jan 10, 2017. But if you had waited a few months and invested in, say, April 2, 2017, your 1-year return would have been just 7.48%. Still not bad for 1 year, but nowhere as good as 26%! 

That’s the value of rolling returns – it allows you to see the past performance of a fund for different time periods for various dates. And that means, you get a powerful fund evaluation tool that’s better than just using point-to-point returns.

How it should and should not be used

As we saw in the example above, rolling returns are to be used for analysing fund performance. They have nothing to do with your particular investment or your portfolio. So, you cannot use rolling returns to analyze your portfolio performance.

But for analyzing mutual funds – comparing their performances with benchmarks or with other funds of their type – rolling returns can be an invaluable tool. It can lower the impact of market timing and help us get a better gauge of the quality of a fund’s portfolio management capabilities.

They are not easy to come by as it requires a lot of data crunching. PrimeInvestor uses rolling returns, and many statistical values derived from rolling returns to analyze fund performances and make recommendatory decisions for our customers. And for regular investors, it’s an important concept to understand, and a useful tool for analysis. (Update: Here is a tool that we have developed to find out rolling returns of funds)

Summary

Understanding various performance metrics used to analyze mutual funds and our investments in mutual funds is vital for any investor. We all care about returns, and we need to spend a proportionate amount of time in understanding the underlying concepts of how returns are shown, calculated and used. It will help us

  1. Understand our own investments and how they did
  2. Analyse how various funds performed in the past
  3. Help us make informed decisions about fund selection
  4. Help us see through various marketing claims about returns, and
  5. Become a better do-it-yourself investor who can make and manage investments with confidence!

You can read more about these concepts in Investopedia and grow your understanding. However, the best way to learn further would be to look at some mutual fund returns and your portfolio returns and try to interpret and understand them better.

Now that you know what these returns mean, here are more articles that will guide you with an even better understanding:

The right way and the wrong way to read mutual fund returns

Setting returns expectations right

Related Articles

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4. Standard Terms of Service

The consent of client shall be taken on the following understanding:

“I / We have read and understood the terms and conditions applicable to a research analyst as defined under regulation 2(1)(u) of the SEBI (Research Analyst) Regulations, 2014, including the fee structure.

I/We are subscribing to the research services for our own benefits and consumption, and any reliance placed on the research report provided by research analyst shall be as per our own judgement and assessment of the conclusions contained in the research report.

I/We understand that –

  1. Any investment made based on the recommendations in the research report are subject to market risk.
  2. Recommendations in the research report do not provide any assurance of returns.
  3. There is no recourse to claim any losses incurred on the investments made based on the recommendations in the research report.”

The declaration of the RA is as follows:

  1. We are duly registered with SEBI as an RA pursuant to the SEBI (Research Analysts) Regulations, 2014 and our registration details are: registration no SEBI INH200008653, with registration date 19th August, 2021
  2. We have the registration and qualifications required to render the services contemplated under the RA Regulations, and the same are valid and subsisting;
  3. Research analyst services provided by us do not conflict with or violate any provision of law, rule or regulation, contract, or other instrument to which it is a party or to which any of its property is or may be subject;
  4. The maximum fee that may be charged by the RA is ₹1.51 lakhs per annum per family of client. Our current fee structure, the term and duration of our subscription for our Research Services, can be viewed on our website here: https://primeinvestor.in/prime-pricing
  5. The recommendations provided by us as part of the Research Services do not provide any assurance of returns.

5. Consideration and mode of payment

The client shall duly pay to the RA the agreed fees for the services that RA renders to the client and statutory charges, as applicable. Such fees and statutory charges shall be payable through the specified manner and mode(s)/ mechanism(s).

The payment of fees shall be through a mode that shows traceability of funds. Such modes include but are not limited to credit cards/debit cards/ UPI/ net banking or any other mode specified by SEBI from time to time. However, the fees shall not be in cash.

6. Risk factors

  1. Investments are subject to market risk. Investing or trading in financial products involves risk. Past performance of the recommendation is not an indication of future returns. Past performance of the RA is not an indicator of future performance. Past performance of the security is not an indication of future returns.
  2. There are no assurances or guarantees that the objectives of any investment in financial products will be achieved.
  3. The names of financial products mentioned herein do not in any manner indicate their prospects or returns. The performance in the equity may be adversely affected by the performance of individual companies, changes in the market place and industry specific and macro-economic factors.
  4. The performance of the investments/ products recommended by the RA are subject to a wide range of risks, including but not limited to: performance of the respective companies, changes in equity and debt market conditions, micro and macro factors and forces affecting equity and debt markets, general levels of interest rates and interest rate risk, credit risk, liquidity risk, reinvestment risk, economic slowdown, volatility & illiquidity of the stocks, risks associated with trading volumes, liquidity and settlement systems in equity and debt markets and/or such other circumstance beyond the control of the RA or any of its Associates.
  5. Other risk factors include that may affect the performance of the investments/ products recommended by the RA include but are not limited to economic policies, changes of Government and its policies, acts of God, acts of war, civil disturbance, sovereign action and /or such other acts/ circumstance beyond the control of the RA or any of its Associates.
  6. The recommendations provided by the RA as part of its Research Services may not be suitable to all categories of investors.
  7. The client should read all scheme and security related documents carefully before investing.
  8. Returns and performance figures mentioned in the research report represent past performance and should not be constituted to be future returns or guaranteed returns.

7. Conflict of interest

The RA shall adhere to the applicable regulations/ circulars/directions specified by SEBI from time to time in relation to disclosure and mitigation of any actual or potential conflict of interest. Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors. Investment in securities market are subject to market risks. Read all the related documents carefully before investing.

General disclosures: PrimeInvestor Financial Research Pvt Ltd (with brand name PrimeInvestor) is an independent research entity offering research services on personal finance products to customers. We are a SEBI registered Research Analyst (Registration: INH200008653). PrimeInvestor Financial Research Pvt. Ltd., its employees, directors or agents, do not have any material adverse disciplinary history as on the date of publication of this report.

Restrictions on trading: To ensure no conflict of interest, the RA declares as follows:

  1. Personal trading activities of the individuals employed as research analysts shall be monitored, recorded and subject to a formal approval by the directors or compliance officer of PrimeInvestor Financial Research Private Limited.
  2. Research analysts employed by PrimeInvestor Financial Research Private Limited or their associates or relatives shall not:
    • Deal/ trade in stocks recommended/ tracked by the research analyst within 30 days before and five days after the publication of a research report;
    • Deal/ trade in securities that the research analyst reviews in a manner contrary to the given recommendation;
    • Purchase or receive securities of the issuer before the issuer's initial public offering, if the issuer is principally engaged in the same types of business as companies that the research analyst follows or recommends.

Disclosures with respect to Research and Recommendations Services:

  1. The RA or its directors or any of its officer/employee does not trade in securities which are subject matter of recommendation.
  2. The RA, or any of its officers, directors, employees, or subsidiaries have not received any compensation/ benefits whether monetary or in kind, from the AMC, company, government, bank or any other product manufacturer or third party, whose products are the subject of its Research Services or investment information.
  3. The Research Analysts who have prepared the research reports that form part of the Research Services (“Research Analyst”) certify that all of the views expressed in the research report accurately reflect their views about the subject company or subject security.
  4. The RA or directors or employees or Research Analyst certify that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendation(s) or view(s) in this report.
  5. The Research Analyst has not served as director, officer or employee in the subject company, AMC or insurance company of the mutual fund or insurance policy that is the subject of this report, or company whose bonds, NCDs, fixed deposits or other savings products that is the subject of this report.
  6. The Research Analyst or their relatives do not have any known direct or indirect material conflict of interest including long/short positions in the subject company.
  7. The Research Analyst may hold investments in the stocks, mutual fund schemes, bonds, fixed deposits, insurance policies, or other products that are the subject of the recommendations provided as part of the Research Services. The Research Analyst certifies that they will not act in a manner contrary to their views on these securities except in the event of significant news or event or change in personal financial circumstances and without formal approval from the directors of PrimeInvestor Financial Research Pvt. Ltd. or the compliance officer.
  8. There are no actual or potential conflicts of interest arising from any connection to or association with any issuer of products/ securities, including any material information or facts that might compromise its objectivity or independence in the carrying on of the Research Services. Such conflict of interest shall be disclosed to the client as and when they arise.
  9. The RA or its directors or its employee or its associates have not managed or co-managed the public offering of any company. The RA or its directors or its employee or its associates have not received any compensation for investment banking or merchant banking of brokerage services from the subject company. The RA or its directors or its employee or its associates have not received any compensation for products or services other than above from the subject company. The RA or its directors or its employee or its associates have not received any compensation or other benefits from the Subject Company or 3rd party in connection with the research report/ recommendation.
  10. The subject company of its research recommendations was not a client of the RA or its directors or its employee or its associates during twelve months preceding the date of recommendation services provided.
  11. The RA or its directors or its employee or its associates has not served as an officer, director or employee of the subject company. Research Analysts has not been engaged in market making activity of the subject company.

PrimeInvestor Financial Research Pvt. Ltd., its Associates, the Research Analysts or their relatives holds ownership of 1% or more, in respect of the said issuer company(ies)? – NO

8. Termination of service and refund of fees:

The RA may terminate or suspend rendering of Research Services to the client in the following circumstances:

  1. On account of suspension/cancellation of registration of RA by SEBI. In case of suspension of certificate of registration of the RA for more than 60 (sixty) days or cancellation of the RA registration, RA shall refund the fees, on a pro rata basis for the period from the effective date of cancellation/ suspension to end of the client’s subscription period.
  2. The RA voluntarily chooses to terminate its Research Service. In the event of such termination of the Research Service, the RA shall refund the fees, on a pro rata basis for the period from the date of such termination of research service to end of the client’s subscription period.

9. Grievance redressal and dispute resolution:

Any grievance related to:

  1. nonreceipt of research report, or
  2. missing pages or inability to download the entire report, or
  3. any other deficiency in the research services provided by RA

shall be escalated promptly by the client to the person/employee designated by RA, in this behalf as under:

Name: Bhavana Acharya
Designation: Director & Compliance Officer, PrimeInvestor Financial Research Pvt Ltd
Email: [email protected]

The RA shall be responsible to resolve grievances within 7 (seven) business working days or such timelines as may be specified by SEBI under the RA Regulations.

RA shall redress grievances of the client in a timely and transparent manner. Any dispute between the RA and his client may be resolved through arbitration or through any other modes or mechanism as specified by SEBI from time to time.

If the client is not satisfied with the response of the RA, he/she can lodge his/her grievances with SEBI at scores.sebi.gov.in. Alternatively, the client may also write to any of the offices of SEBI. For any queries, feedback or assistance, please contact SEBI Office on Toll Free Helpline at 1800 22 7575 / 1800 266 7575

Details on grievances are available on the Website as follows: https://primeinvestor.in/ra-grievance/

10. Additional clauses:

Scope of the Research Service: The Research Services will be limited to providing independent research recommendation and shall not be involved in any advisory or portfolio allocation services. The Research Services are not meant to be tailor-made or customized solutions that specifically apply to each client based on his/her risk profile.

The RA never guarantees the returns on the recommendation provided. Investor shall take note that investment/trading in stocks/Index or other securities is always subject to market risk. Past performance is never a guarantee of same future results. The RA shall not be responsible for any loss to the Investors.

This service is not directed for access or use by anyone in a country, especially the USA, Canada or the European Union countries, where such use or access is unlawful or which may subject PrimeInvestor Financial Research Pvt Ltd or its affiliates to any registration or licensing requirement.

The Research Service, including recommendations, research reports, updates, and other information will be accessible through the RA’s website https://primeinvestor.in only. Such recommendations and updates will not be provided over phone calls.

Fees: Our current fee structure, the term and duration of our subscription for our Research Service, can be viewed on our website: https://primeinvestor.in/prime-pricing. Eligibility for any discounts is ascertained at the time the client subscribes. Any such discount and its tenure shall be at the discretion of the RA.

Subscription and access to content services fall under the purview of Goods and Services Tax (GST) as per the current indirect taxation policy, Government of India. Unless otherwise indicated, prices stated on our website are exclusive of applicable GST, any applicable value added tax (VAT) or other sales taxes. We are a business-to-consumer (B2C) service provider and we do not commit to provide any input tax credit on GST charged on subscription to our Research Service.

We may change the Subscription Fees and charges then in effect, or add new fees or charges which will take effect at the end of the client’s subscription period, by giving notice in advance and an opportunity to cancel renewal of the subscription.

Subscription Access & Renewal: Subscription to the Website commences immediately on the realisation of payment of the Subscription Fees. Subscriptions are set to be renewed automatically at the end of the subscription period.

Unless the client notifies us before the end of his/her subscription period, or the client cancels the auto-renewal mandate within the period specified by law, that the client does not wish to renew his/her subscription, the client’s subscription will renew for the period defined by the client’s subscription plan. We will charge the subscription using the same payment method that you previously used.

Although the client may notify to us his/her intention to his/her subscription, such notice will only take effect at the end of his/her then current subscription period, and he/she will not receive a refund other than as set out under Clause 8 in these Terms.

The client may notify us of his/her wish to cancel his/her subscription by sending an email to [email protected]. The client must provide at least 5 business days advance notice for this to be implemented.

Refunds: There can be no cancellation and refund of subscription fee paid once the subscription is active, other than as stated in Clause 8 of these Terms. If the client is entitled to a refund as specified under Clause 8 of these Terms, the RA will credit that refund to the card or other payment method used by the client to submit payment, unless it has expired - in which case the RA will contact the client to proceed with the refund. If we do issue a refund or credit due to circumstances outside the obligations specified under Clause 8, we are under no obligation to issue the same or a similar refund in the future.

General disclaimers: The recommendations made herein in the Research Services are expression of views and/or opinions and should not be deemed or construed to be advice for the purpose of purchase or sale of any security, nor a solicitation or offering on any investment/ trading opportunity on behalf of the company, AMC, insurance company, or issuer of security referred to herein.

The content and research reports generated by the RA does not constitute or is not intended to constitute an offer to buy or sell, or a solicitation to an offer to buy or sell financial products, units or securities.

The information/ opinion/ views mentioned in research reports or by the RA are not meant to serve as a professional guide to the client or recipients of this Report. The research report, recommendation, or any other content published by the RA do not assure or guarantee any minimum or fixed returns to the client or recipients of the reports/ recommendations/ content.

Use of this information is at the client’s own risk. The client must make his/ her own investment decisions based on his/her specific investment objective and financial position and using such independent advisors as he/she believes necessary. The services rendered by the RA are on a best-effort basis. All information in the content or research report of the RA is provided on an as is basis. Information is believed to be reliable but the RA does not warrant its completeness or accuracy and expressly disclaim all warranties and conditions of any kind, whether express or implied.

While due care has been taken to ensure that the disclosures, information, and opinions given are fair and reasonable, PrimeInvestor Financial Research Pvt Ltd and/or none of its officers, directors, partners, employees, agents, subsidiaries, affiliates or business associates shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits arising in any way whatsoever from the information/ opinions/ views contained in the research report and recommendations that form part of the Research Service, and/or mails, social media or notifications issued by PrimeInvestor Financial Research Pvt Ltd or any other agency appointed/authorised by PrimeInvestor Financial Research Pvt Ltd. Returns and performance figures mentioned in the research report represent past performance and should not be constituted to be future returns or guaranteed returns.

Any agreements, transactions or other arrangements made between the client and any third party named on (or linked to from) the Website are at your own responsibility and entered into at your own risk. Any information that you receive via the Website, whether or not it is classified as “real time”, may have stopped being current by the time it reaches you. Market price information may be rounded up/down and therefore may not be entirely accurate.

The purpose of these disclosures is to provide essential information about the Research Services in a manner to assist and enable the prospective client/client in making an informed decision for engaging in Research Services before onboarding.

History, present business and background: PrimeInvestor Financial Research Private Limited is registered with SEBI as Research Analyst with registration no. INH200008653. The Research Analyst got its registration on August 19, 2021 and is engaged in offering research and recommendation services.

Disciplinary history: There are no pending material litigations or legal proceedings against the Research Analyst. As on date, no penalties / directions have been issued by SEBI under the SEBI Act or Regulations made thereunder against the Research Analyst relating to Research Analyst services.

Details of the RA's associates: No associates.

Usage of Website Content: This Website is controlled and operated by the RA. All material, including research reports, recommendations, portfolios, ratings, lists of financial products, illustrations, statements, opinions, views, photographs, products, images, artwork, designs, text, graphics, logos, button icons, images, audio and video clips and software (collectively, “Content”) are protected by copyrights, trademarks and other intellectual property rights that are owned and controlled by the RA or by other parties that have licensed their material to us.

Except where otherwise agreed in writing with the RA, material on the Website is solely for the client’s personal, non-commercial use. Except as provided below, the client must not copy, reproduce, republish, upload, post, transmit or distribute such material in any way, including by e-mail or other electronic means and whether directly or indirectly and the client must not assist any other person to do so.

Without the prior written consent of the RA, modification of the materials, use of the materials on any other web site or networked computer environment or use of the materials for any purpose other than personal, non-commercial use is a violation of the copyrights, trademarks and other proprietary rights, and is prohibited. Any use for which the client receives any remuneration, whether in money or otherwise, is a commercial use for the purposes of these Terms.

The client may occasionally distribute a copy of a research report, or a portion of the same, from the Website in non-electronic form to a few individuals without charge, provided the client includes all copyright and other proprietary rights notices in the same form in which the notices appear, original source attribution, and the phrase “Used with permission from PrimeInvestor Financial Research Pvt. Ltd.”

While the client may occasionally download and store research reports or information from the Website for his/her personal use, he/she may not otherwise provide others with access to the same. The foregoing does not apply to any sharing functionality we provide through the Website that expressly allows the client to share Content or links to Content with others. In addition, the client may not use Content he/she has downloaded for personal use to develop or operate an automated trading system or for data or text mining.

The client agrees not to rearrange or modify the Content available through the Website. The client agrees not to display, post, frame, or scrape the Content for use on another website, app, blog, product or service, except as otherwise expressly permitted by these Terms. You agree not to create any derivative work based on or containing the research products and Content. The framing or scraping of or in-line linking to the Services or any Content contained thereon and/or the use of webcrawler, spidering or other automated means to access, copy, index, process and/or store any Content made available on or through the Services other than as expressly authorized by us is prohibited.

The client further agrees to abide by exclusionary protocols (e.g., Robots.txt, Automated Content Access Protocol (ACAP), etc.) that may be used in connection with the Research Services. The client may not access parts of the Research Services to which he/she is not authorized, or attempt to circumvent any restrictions imposed on your use or access of the Services.

As a general rule, the client may not use the Content, including without limitation, any Content made available through one of our RSS Feeds, in any commercial product or service, without our express written consent.

The client may not create apps, extensions, or other products and services that use our Content without our permission. The client may not aggregate or otherwise use our Content in a manner that could reasonably serve as a substitute for a subscription to the Website.

The client may not access or view the Services with the use of any scripts, extensions, or programs that alter the way the Services are displayed, rendered, or transmitted to you without our written consent.

The client agrees not to use the Services for any unlawful purpose. We reserve the right to terminate or restrict the client's access to the Website if, in our opinion, the client's use of the Services may violate any laws, regulations or rulings, infringe upon another person's rights or violate these Terms.

Prohibited content: The Website includes comments sections, blogs and other interactive features that allow interaction among clients and between clients and the RA. We call the information posted by or contributed by users “Contributed Content.” In the course of availing of the Research Services or uploading any post or comment on the Website, the client shall not post any Contributed Content that (i) contains nude, semi-nude, sexually suggestive photos, (ii) tends or is likely to abuse, harass, threaten, impersonate or intimidate other users of the Website and/or Research Services, (iii) is lascivious or appeals to the prurient interest or if its effect is such as to tend to deprave and corrupt persons who are likely to use or have access to the Website and/or Services, or (iv) otherwise violates, is prohibited or restricted by applicable law, rule or regulation, is offensive or illegal or violates the rights of, harms or threatens the safety of other users of the Website and/or Services (collectively “Prohibited Content”).

We reserve the right to cease to provide the client with the Research Services or access to the Website, or terminate your subscription, with immediate effect and without notice and liability, for violating these Terms, applicable law, rules or regulations and reserves the right to remove Prohibited Content which is in violation of these Terms, or is otherwise abusive, illegal or disruptive. The determination of whether any content constitutes Prohibited Content, violates these Terms, or is otherwise abusive illegal or disruptive, is subject to the sole determination of the Firm.

Changes to Research Services: We are constantly endeavouring to improve the quality of Research Services provided to our clients. Due to this, the form and nature of the Research Services provided may change from time to time without any prior notice to the client. We reserve the right to introduce and initiate new features, functionalities, components to the Website and/or Research Services and/or change, alter, modify, or discontinue existing ones without any prior notice to the client.

Warranty and liability disclaimer: The Website, Research Services, and all the materials and services, included on or otherwise made available to the client through this Website is provided by the RA on an “as is” and “as available” basis without any representation or warranties, express or implied except otherwise specified in writing. Without prejudice to the foregoing paragraph, the RA does not warrant that:

  • This Website and/or Research Services will be constantly available, or available at all;
  • The information on this Website or provided through the Research Services is complete, true, accurate or not misleading; or
  • The quality of any products, services, information, or other material that you obtain through the Website or Services will meet your expectations.

The RA, to the fullest extent permitted by law, disclaims all warranties, whether express or implied, including the warranty of merchantability, fitness for particular purpose and non-infringement. The RA makes no warranties about the accuracy, reliability, completeness, or timeliness of the Website, Research Services, Content, Contributed Content, Services, software, text, graphics and links.

The RA does not warrant that this Website, Research Services, information, content, materials, or any other material included on or otherwise made available to you through this Website, their servers, or electronic communication sent by the RA are free of viruses or other harmful components.

Nothing on this Website constitutes, or is meant to constitute, advice of any kind.

Indemnification: The client:

  1. Represents, warrants and covenants that no materials of any kind provided by him/her will:
    1. Violate, plagiarise, or infringe upon the rights of any third party, including copyright, trademark, privacy or other personal or proprietary rights; or
    2. Contain libellous, Prohibited Content or other unlawful material;
  2. Hereby agree to indemnify, defend and hold harmless the RA and all of the RA’s officers, directors, owners, agents, customers/clients, information providers, affiliates, licensors and licensees (collectively, the “Indemnified Parties”) from and against any and all liability and costs, including, without limitation, reasonable advocate’s fees, incurred by the Indemnified Parties in connection with any claim arising out of any breach by the client of these Terms or the foregoing representations, warranties and covenants. The client shall cooperate as fully as reasonably required in the defence of any such claim. The RA reserves the right, at its own expense, to assume the exclusive defence and control of any matter subject to indemnification by the client.

Applicable law: This Website, including the Content and Contributed Content and information contained herein, and the provision of Research Services shall be governed by the Securities and Exchange Board of India, laws of the Republic of India and the courts of Chennai, India which shall retain exclusive jurisdiction to entertain any proceedings in relation to any disputes arising out of the same. As such, the laws of India shall govern any transaction completed using this Website.

Information gathered and tracked: Information submitted or collected on the Website or pursuant to the use of the Services is stored in a database. Specifically, we store the username, name, e-mail address, contact number, as submitted or collected on our Website or through the provision of the Research Services. We may use such information to send out occasional promotional materials, including alerts on new Services available, or other promotional and marketing material relating to our clients and customers.

In accordance with the Information Technology Act 2000, the name and the details of the Grievance Officer at PrimeInvestor is provided below:

Mr. Srikanth Meenakshi
PrimeInvestor Financial Research Pvt. Ltd., Registered office: 659, 4th Avenue, D-Sector, Anna Nagar Western Extension, Chennai 600 101.
Email: [email protected]

11. Mandatory notice:

Clients shall be requested to go through Do’s and Don’ts while dealing with RA as specified in SEBI master circular no. SEBI/HO/MIRSD-POD-1/P/CIR/2024/49 dated May 21, 2024 or as may be specified by SEBI from time to time.

12. Optional Centralised Fee Collection Mechanism:

SEBI has operationalized a centralized fee collection mechanism for IA and RA. Under this mechanism, clients shall pay fees to IAs/RAs through a designated platform/portal administered by a recognized Administration and Supervision body. This is an optional mechanism for the registered entities. At this time, PrimeInvestor has opted out of this fee collection mechanism. Therefore, all subscription payments for the Research Services will be through the modes as specified in Clause 5 of these Terms.

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