{"id":3778,"date":"2019-10-12T15:56:42","date_gmt":"2019-10-12T15:56:42","guid":{"rendered":"https:\/\/kuvera.in\/blog\/?p=3778"},"modified":"2019-10-14T05:48:47","modified_gmt":"2019-10-14T05:48:47","slug":"steady-sip-flow-fund-ma-and-behavior-gap","status":"publish","type":"post","link":"https:\/\/kuvera.in\/blog\/steady-sip-flow-fund-ma-and-behavior-gap\/","title":{"rendered":"Steady SIP Flow, Fund M&#038;A, and Behavior Gap"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_40 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" area-label=\"ez-toc-toggle-icon-1\"><label for=\"item-69dc9f6b71515\" aria-label=\"Table of Content\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;direction:ltr;\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/label><input  type=\"checkbox\" id=\"item-69dc9f6b71515\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/kuvera.in\/blog\/steady-sip-flow-fund-ma-and-behavior-gap\/#Index_Returns\" title=\"Index Returns\">Index Returns<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/kuvera.in\/blog\/steady-sip-flow-fund-ma-and-behavior-gap\/#Top_5_best_performing_funds\" title=\"Top 5 best performing funds\">Top 5 best performing funds<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/kuvera.in\/blog\/steady-sip-flow-fund-ma-and-behavior-gap\/#Top_5_worst_performing_funds\" title=\"Top 5 worst performing funds\">Top 5 worst performing funds<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/kuvera.in\/blog\/steady-sip-flow-fund-ma-and-behavior-gap\/#What_Investors_Bought\" title=\"What Investors Bought\">What Investors Bought<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/kuvera.in\/blog\/steady-sip-flow-fund-ma-and-behavior-gap\/#What_Investors_Sold\" title=\"What Investors Sold\">What Investors Sold<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/kuvera.in\/blog\/steady-sip-flow-fund-ma-and-behavior-gap\/#Quote_of_the_week\" title=\"Quote of the week:\">Quote of the week:<\/a><\/li><\/ul><\/nav><\/div>\n<p><a href=\"https:\/\/www.youtube.com\/watch?v=5gGfxWfB8gE\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" class=\"aligncenter size-full wp-image-3783\" src=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2019\/10\/Capture-6.png\" alt=\"\" width=\"1170\" height=\"508\" srcset=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2019\/10\/Capture-6.png 1170w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2019\/10\/Capture-6-300x130.png 300w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2019\/10\/Capture-6-768x333.png 768w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2019\/10\/Capture-6-1024x445.png 1024w\" sizes=\"(max-width: 1170px) 100vw, 1170px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>We discussed the pitfalls of chasing returns and the &#8220;behaviour gap&#8221; with Bloomberg Quint in this <a href=\"https:\/\/www.youtube.com\/watch?v=5gGfxWfB8gE\" target=\"_blank\" rel=\"noopener noreferrer\">weeks Mutual Fund show.<\/a>\u00a0In the Journal of Banking and Finance, 2007 paper titled <em><strong>Mutual fund flows and investor returns: An empirical examination of fund investor timing ability\u00a0<\/strong><\/em>author Friesen and Sapp look at this question \u2013\u00a0 does timing the buying and selling on equity fund improve investor returns?<\/p>\n<p>They look at 7,125 Mutual Funds in the US over a 13 year period and calculate two measures of returns. They find that while an average fund manager produced 0.62% of monthly return in the sample, the average investor could only capture 0.49% of monthly return. Market timing thus cost the average investor -1.56% annually in lost returns compared to a simple buy and hold strategy.<\/p>\n<p>They conclude:<\/p>\n<p>&nbsp;<\/p>\n<blockquote><p>&nbsp;<\/p>\n<p><strong><em>Over 1991\u20132004, equity fund investor timing decisions reduce fund investor average returns by 1.56% annually. Underperformance due to poor timing is greater in load funds and funds with relatively large risk-adjusted returns.<\/em><\/strong><\/p>\n<p>&nbsp;<\/p><\/blockquote>\n<p>&nbsp;<\/p>\n<p>The culprit is our tendency to chase returns. We buy a fund after it has delivered good returns and sell after it delivers bad returns, precisely the behaviour we should avoid. This is what leads to a<a href=\"https:\/\/kuvera.in\/blog\/how-to-bridge-the-behaviour-gap-for-higher-returns\/\" target=\"_blank\" rel=\"noopener noreferrer\"> behaviour gap<\/a> in our returns.<\/p>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" class=\"aligncenter size-full wp-image-3314\" src=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2019\/07\/InvestorBehaviorGap.png\" alt=\"\" width=\"907\" height=\"515\" srcset=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2019\/07\/InvestorBehaviorGap.png 907w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2019\/07\/InvestorBehaviorGap-300x170.png 300w, https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2019\/07\/InvestorBehaviorGap-768x436.png 768w\" sizes=\"(max-width: 907px) 100vw, 907px\" \/><\/p>\n<p>Interested in learning how our behaviour can cost us in lost returns? Read more <a href=\"https:\/\/kuvera.in\/blog\/category\/zen-and-the-art-of-investing\/\" target=\"_blank\" rel=\"noopener noreferrer\">here.\u00a0<\/a><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\"><strong>The total AUM of the mutual fund industry stood at Rs 24.5 lakh crore<\/strong> as on 30th September, down from Rs 25.4 lakh crore in August. Mutual funds saw net outflows of Rs 1.51 lakh crore in September, led by outflows from liquid, money market and ultra-short duration funds. The SIP book stayed strong at Rs 8,262 crore in September, a Rs 32 crore increased from Rs 8,230 crore in August.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><strong>Reliance Nippon Life Asset Management (RNAM) has been <a href=\"https:\/\/www.nipponindiamf.com\/InvestorServices\/Addenda\/Notice-No-76-W12-x-H16.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">renamed<\/a> to <a href=\"https:\/\/kuvera.in\/explore\/amc\/nippon\" target=\"_blank\" rel=\"noopener noreferrer\">Nippon India Mutual Fund<\/a><\/strong><span style=\"font-weight: 400;\"><strong>,<\/strong> following the acquisition by Japan\u2019s Nippon Life Insurance. The names of existing schemes have been changed accordingly. The company has announced that they will continue to run their operations without any change in structure. Sundeep Sikka will continue to be the CEO of the company with its existing management team.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\"><strong>Bank of Baroda has entered into an agreement with BNP Paribas Asset Management Asia to merge their Mutual Fund business<\/strong>, subject to regulatory approvals. The average assets under management for the <\/span><a href=\"https:\/\/kuvera.in\/explore\/amc\/baroda\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Baroda AMC<\/span><\/a><span style=\"font-weight: 400;\"> stood at Rs 11,320 crore and <\/span><a href=\"https:\/\/kuvera.in\/explore\/amc\/bnp\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">BNP Paribas AMC<\/span><\/a><span style=\"font-weight: 400;\"> was Rs 10,073 crore, as of 31 March.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><strong>The Competition Commission of India has approved the acquisition of <a href=\"https:\/\/kuvera.in\/explore\/amc\/essel\" target=\"_blank\" rel=\"noopener noreferrer\">Essel Mutual Fund<\/a><\/strong><span style=\"font-weight: 400;\"> by BAC Acquisitions Pvt Ltd. In a statement, the CCI stated that it has given approval for the acquisition under the &#8216;green channel&#8217; route. BAC is a private company founded by Sachin Bansal. The acquisition is subject to approval from the Securities and Exchange Board of India.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<table class=\"mcnTextBlock\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnTextBlockOuter\">\n<tr>\n<td class=\"mcnTextBlockInner\" valign=\"top\">\n<table class=\"mcnTextContentContainer\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" valign=\"top\">\n<h4 class=\"null\"><span class=\"ez-toc-section\" id=\"Index_Returns\"><\/span><strong>Index Returns<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<table style=\"height: 211px;\" border=\"0\" width=\"566\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td width=\"303\" height=\"20\"><strong>Index<\/strong><\/td>\n<td width=\"97\"><strong>1W<\/strong><\/td>\n<td width=\"97\"><strong>1Y<\/strong><\/td>\n<td width=\"88\"><strong>3Y<\/strong><\/td>\n<\/tr>\n<tr>\n<td height=\"19\">NIFTY 50<\/td>\n<td>1.2%<\/td>\n<td>10.4%<\/td>\n<td>9.1%<\/td>\n<\/tr>\n<tr>\n<td height=\"19\">NIFTY NEXT 50<\/td>\n<td>-0.3%<\/td>\n<td>3.0%<\/td>\n<td>4.1%<\/td>\n<\/tr>\n<tr>\n<td height=\"19\">S&amp;P BSE SENSEX<\/td>\n<td>1.2%<\/td>\n<td>12.1%<\/td>\n<td>10.7%<\/td>\n<\/tr>\n<tr>\n<td height=\"19\">S&amp;P BSE SmallCap<\/td>\n<td>-0.3%<\/td>\n<td>-7.4%<\/td>\n<td>-1.3%<\/td>\n<\/tr>\n<tr>\n<td height=\"19\">S&amp;P BSE MidCap<\/td>\n<td>0.5%<\/td>\n<td>-1.2%<\/td>\n<td>0.6%<\/td>\n<\/tr>\n<tr>\n<td height=\"19\">NASDAQ 100<\/td>\n<td>1.2%<\/td>\n<td>12.6%<\/td>\n<td>17.6%<\/td>\n<\/tr>\n<tr>\n<td height=\"19\">S&amp;P 500<\/td>\n<td>0.6%<\/td>\n<td>8.8%<\/td>\n<td>11.6%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Source: BSE \/ NSE<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table class=\"mcnTextBlock\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnTextBlockOuter\">\n<tr>\n<td class=\"mcnTextBlockInner\" valign=\"top\">\n<table class=\"mcnTextContentContainer\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" valign=\"top\">\n<h4 class=\"null\"><span class=\"ez-toc-section\" id=\"Top_5_best_performing_funds\"><\/span><strong>Top 5 best performing funds<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<table style=\"height: 155px;\" border=\"0\" width=\"525\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td width=\"303\" height=\"20\"><strong>Name<\/strong><\/td>\n<td width=\"97\"><strong>1W<\/strong><\/td>\n<td width=\"97\"><strong>1Y<\/strong><\/td>\n<td width=\"88\"><strong>3Y<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"303\" height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/invesco-india-feeder-invesco-pan-european-equity-growth--RGPED1-GR\">Invesco India Feeder Pan Euro&#8230;<\/a><\/td>\n<td>5.0%<\/td>\n<td>-10.0%<\/td>\n<td>6.9%<\/td>\n<\/tr>\n<tr>\n<td width=\"303\" height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/franklin-india-feeder-franklin-european-growth-fund-growth--FT708-GR\">Franklin India Feeder Europe&#8230;<\/a><\/td>\n<td>3.2%<\/td>\n<td>-11.6%<\/td>\n<td>1.5%<\/td>\n<\/tr>\n<tr>\n<td width=\"303\" height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/invesco-india-feeder-invesco-global-equity-income-growth--RGGED1-GR\">Invesco India Feeder Global E&#8230;<\/a><\/td>\n<td>2.6%<\/td>\n<td>-3.3%<\/td>\n<td>8.7%<\/td>\n<\/tr>\n<tr>\n<td width=\"303\" height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/icici-prudential-exports-services-growth--8194-GR\">ICICI Prudential Exports &amp; Services<\/a><\/td>\n<td>2.6%<\/td>\n<td>0.7%<\/td>\n<td>4.6%<\/td>\n<\/tr>\n<tr>\n<td width=\"303\" height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/kotak-world-gold-growth--KO05GD-GR\">Kotak World Gold<\/a><\/td>\n<td>2.3%<\/td>\n<td>29.7%<\/td>\n<td>2.2%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Source: Kuvera.in<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table class=\"mcnTextBlock\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnTextBlockOuter\">\n<tr>\n<td class=\"mcnTextBlockInner\" valign=\"top\">\n<table class=\"mcnTextContentContainer\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" valign=\"top\">\n<h4 class=\"null\"><span class=\"ez-toc-section\" id=\"Top_5_worst_performing_funds\"><\/span><strong>Top 5 worst performing funds<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<table style=\"height: 149px;\" border=\"0\" width=\"507\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td width=\"303\" height=\"20\"><strong>Name<\/strong><\/td>\n<td width=\"97\"><strong>1W<\/strong><\/td>\n<td width=\"97\"><strong>1Y<\/strong><\/td>\n<td width=\"88\"><strong>3Y<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"303\" height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/dsp-natural-resources-new-energy-growth--DS785-GR\">DSP Natural Resources &amp; Energy<\/a><\/td>\n<td>-1.8%<\/td>\n<td>-1.1%<\/td>\n<td>6.3%<\/td>\n<\/tr>\n<tr>\n<td width=\"303\" height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/icici-prudential-yield-equity-growth--8573-GR\">ICICI Prudential Yield Equity<\/a><\/td>\n<td>-1.5%<\/td>\n<td>-2.3%<\/td>\n<td>3.4%<\/td>\n<\/tr>\n<tr>\n<td width=\"303\" height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/invesco-india-psu-equity-growth--RGPSD1-GR\">Invesco India PSU Equity<\/a><\/td>\n<td>-1.2%<\/td>\n<td>15.3%<\/td>\n<td>4.0%<\/td>\n<\/tr>\n<tr>\n<td width=\"303\" height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/sbi-psu-growth--SBD192G-GR\">SBI PSU<\/a><\/td>\n<td>-0.8%<\/td>\n<td>4.6%<\/td>\n<td>-1.5%<\/td>\n<\/tr>\n<tr>\n<td width=\"303\" height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/l-t-emerging-businesses-growth--LTLEBDG-GR\">L&amp;T Emerging Businesses<\/a><\/td>\n<td>-0.8%<\/td>\n<td>-5.7%<\/td>\n<td>6.1%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Source: Kuvera.in<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table class=\"mcnTextBlock\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnTextBlockOuter\">\n<tr>\n<td class=\"mcnTextBlockInner\" valign=\"top\">\n<table class=\"mcnTextContentContainer\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" valign=\"top\">\n<h4 class=\"null\"><span class=\"ez-toc-section\" id=\"What_Investors_Bought\"><\/span><strong>What Investors Bought<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>We saw the most inflows in these 5 Funds \u2013<\/p>\n<table style=\"height: 157px;\" border=\"0\" width=\"509\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td width=\"303\" height=\"20\"><strong>Name<\/strong><\/td>\n<td width=\"97\"><strong>1W<\/strong><\/td>\n<td width=\"97\"><strong>1Y<\/strong><\/td>\n<td width=\"88\"><strong>3Y<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"303\" height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/mirae-asset-emerging-bluechip-growth--MAFEBD1-GR\">Mirae Asset Emerging Bluechip<\/a><\/td>\n<td>0.6%<\/td>\n<td>14.2%<\/td>\n<td>10.9%<\/td>\n<\/tr>\n<tr>\n<td width=\"303\" height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/motilal-oswal-multicap-35-growth--CPGD-GR\">Motilal Oswal Multicap 35<\/a><\/td>\n<td>0.5%<\/td>\n<td>13.6%<\/td>\n<td>8.8%<\/td>\n<\/tr>\n<tr>\n<td width=\"303\" height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/parag-parikh-long-term-equity-growth--PP001ZG-GR\">Parag Parikh Long Term Equity<\/a><\/td>\n<td>0.3%<\/td>\n<td>8.7%<\/td>\n<td>10.6%<\/td>\n<\/tr>\n<tr>\n<td width=\"303\" height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/mirae-asset-large-cap-growth--MAFIOD1-GR\">Mirae Asset Large Cap<\/a><\/td>\n<td>0.9%<\/td>\n<td>12.2%<\/td>\n<td>11.1%<\/td>\n<\/tr>\n<tr>\n<td width=\"303\" height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/uti-nifty-index-growth--UTNID2-GR\">UTI Nifty Index<\/a><\/td>\n<td>1.2%<\/td>\n<td>11.7%<\/td>\n<td>10.2%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Source: Kuvera.in<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<table class=\"mcnTextBlock\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody class=\"mcnTextBlockOuter\">\n<tr>\n<td class=\"mcnTextBlockInner\" valign=\"top\">\n<table class=\"mcnTextContentContainer\" border=\"0\" width=\"100%\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td class=\"mcnTextContent\" valign=\"top\">\n<h4 class=\"null\"><span class=\"ez-toc-section\" id=\"What_Investors_Sold\"><\/span><strong>What Investors Sold<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>We saw the most outflows in these 5 Funds \u2013<\/p>\n<table style=\"height: 153px;\" border=\"0\" width=\"517\" cellspacing=\"0\" cellpadding=\"0\">\n<tbody>\n<tr>\n<td width=\"303\" height=\"20\"><strong>Name<\/strong><\/td>\n<td width=\"97\"><strong>1W<\/strong><\/td>\n<td width=\"97\"><strong>1Y<\/strong><\/td>\n<td width=\"88\"><strong>3Y<\/strong><\/td>\n<\/tr>\n<tr>\n<td width=\"303\" height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/franklin-india-smaller-companies-growth--478-GR\">Franklin India Smaller Companies<\/a><\/td>\n<td>-0.2%<\/td>\n<td>-3.0%<\/td>\n<td>0.8%<\/td>\n<\/tr>\n<tr>\n<td width=\"303\" height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/tata-equity-pe-growth--TAEPEGZ-GR\">Tata Equity PE<\/a><\/td>\n<td>0.5%<\/td>\n<td>8.4%<\/td>\n<td>8.6%<\/td>\n<\/tr>\n<tr>\n<td width=\"303\" height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/jm-core-11-growth--CRDG-GR\">JM Core 11<\/a><\/td>\n<td>1.5%<\/td>\n<td>18.7%<\/td>\n<td>9.8%<\/td>\n<\/tr>\n<tr>\n<td width=\"303\" height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/l-t-emerging-businesses-growth--LTLEBDG-GR\">L&amp;T Emerging Businesses<\/a><\/td>\n<td>-0.8%<\/td>\n<td>-5.7%<\/td>\n<td>6.1%<\/td>\n<\/tr>\n<tr>\n<td width=\"303\" height=\"19\"><a href=\"https:\/\/kuvera.in\/explore\/franklin-india-prima-growth--417-GR\">Franklin India Prima<\/a><\/td>\n<td>0.2%<\/td>\n<td>6.9%<\/td>\n<td>5.2%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Source: Kuvera.in<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><b>Movers &amp; Shakers<\/b><\/p>\n<p><strong>1\/ <\/strong><span style=\"font-weight: 400;\">Anand Shah, Deputy Chief Executive Officer and Head-Investments at <\/span><strong><a href=\"https:\/\/kuvera.in\/explore\/amc\/bnp\" target=\"_blank\" rel=\"noopener noreferrer\">BNP Paribas Mutual Fund<\/a><\/strong><span style=\"font-weight: 400;\">, has resigned from the fund house. Further, Chockalingam Narayanan has been re-designated as Head of Equities with effect from 05 October 2019.<\/span><\/p>\n<p><strong>2\/ <a href=\"https:\/\/kuvera.in\/explore\/amc\/sundaram\" target=\"_blank\" rel=\"noopener noreferrer\">Sundaram Mutual Fund<\/a><\/strong><span style=\"font-weight: 400;\"> has announced that Arjun G Nagarajan has been appointed as Chief Economist and Communications Manager and designated as a Key Personnel of the company, with immediate effect.\u00a0<\/span><\/p>\n<p><strong>3\/ <a href=\"https:\/\/kuvera.in\/explore\/amc\/absl\" target=\"_blank\" rel=\"noopener noreferrer\">Aditya Birla Sun Life Mutual Fund<\/a><\/strong><span style=\"font-weight: 400;\"> has announced that Gopalaraman Padmanabhan has been appointed as an Independent Director on the board of Aditya Birla Sun Life Trustee Private Limited, with effect from 07 October 2019.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"Quote_of_the_week\"><\/span><strong>Quote of the week:<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<blockquote><p>&nbsp;<\/p>\n<p><strong>In my view, the biggest investment risk is not the volatility of prices, but whether you will suffer a permanent loss of capital. Not only is the mere drop in stock prices not risk, but it is an opportunity. Where else do you look for cheap stocks? <\/strong><\/p>\n<p><strong>: Li Lu<\/strong><\/p>\n<p>&nbsp;<\/p><\/blockquote>\n<p>&nbsp;<\/p>\n<p>Start investing through a platform that brings goal planning and investing to your fingertips. Visit\u00a0<a href=\"https:\/\/www.kuvera.in\/\"><strong>kuvera.in<\/strong><\/a>\u00a0to discover\u00a0<a href=\"https:\/\/kuvera.in\/blog\/direct-plans-better\/\"><strong>Direct Plans<\/strong><\/a>\u00a0and\u00a0<a href=\"https:\/\/kuvera.in\/user\/login\"><strong>start investing today.<\/strong><\/a><\/p>\n<p>#MutualFundSahiHai, #KuveraSabseSahiHai!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; We discussed the pitfalls of chasing returns and the &#8220;behaviour gap&#8221; with Bloomberg Quint in this weeks Mutual Fund show.\u00a0In the Journal of Banking and Finance, 2007 paper titled Mutual fund flows and investor returns: An empirical examination of fund investor timing ability\u00a0author Friesen and Sapp look at this question \u2013\u00a0 does timing the [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/kuvera.in\/blog\/steady-sip-flow-fund-ma-and-behavior-gap\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":11,"featured_media":3314,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[173],"tags":[209,279,167,259,83,36,225,11,66,280,281,154,212,249,274,229,213],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - 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