ETF Inflows Top $1 Trillion for First | Stock Market News Today

A historic surge of cash has swept into exchange-traded funds, spurring asset managers to launch new trading strategies that could be undone by a market downturn. 

This year’s inflows into ETFs world-wide crossed the $1 trillion mark for the first time at the end of November, surpassing last year’s total of $735.7 billion, according to Morningstar Inc. data. That wave of money, along with rising markets, pushed global ETF assets to nearly $9.5 trillion, more than double where the industry stood at the end of 2018.

Most of that money has gone into low-cost U.S. funds that track indexes run by Vanguard Group,

BlackRock Inc.

BLK 0.66%


State Street Corp.

STT -0.50%

, which together control more than three-quarters of all U.S. ETF assets. Analysts said rising stock markets, including a 25% lift for the S&P 500 this year, and a lack of high-yielding alternatives have boosted interest in such funds.  

“You have this historical precedent where you have tumultuous equity markets, and more and more investors have made their way to index products,” said

Rich Powers,

head of ETF and index product management at Vanguard.

Asset managers are looking to actively managed funds, some with narrow themes, in search of an unfilled niche not already dominated by the industry’s juggernauts, analysts and executives said. VanEck, for example, earlier this month rolled out an active ETF targeting the food industry. In March, Tuttle Capital Management launched its


which is bullish on stocks popular with individual investors. 

Firms including Dimensional Fund Advisors have converted mutual funds into active ETFs. Meanwhile, bigger firms have rolled out ETFs that mimic popular mutual funds, including Fidelity Investments’ Magellan and Blue Chip Growth funds.

“We should have a broad offering of ETFs that stand alongside a broad offering of mutual funds,” said

Gerard O’Reilly,

Dimensional’s co-chief executive, of his company. “Choose your own adventure.” 

As ETFs, baskets of securities that trade as easily as stocks, have boomed this year, investors poured a record $84 billion into ones that pick combinations of securities in search of outperformance rather than tracking swaths of the stock market. That represents about 10% of all inflows into U.S. ETFs, up from nearly 8% last year, according to Morningstar. 

Asset managers long known for running mutual funds are rushing to take advantage of investors’ interest in active ETFs. More than half of the record 380 ETFs launched in the U.S. this year are actively managed, according to FactSet. Fidelity, Putnam and

T. Rowe Price

are among the firms that have rolled out actively managed ETFs in 2021. Firms new to ETFs have also entered the fray. 

The top 20 fastest-growing ETFs, largely run by Vanguard and BlackRock, this year pulled in nearly 40% of all flows, charged an average fee of less than 0.10 percentage point and tracked benchmarks of some sort. 

Many active ETFs remain comparatively small and charge fees higher than passive funds, putting a swath of new products at risk of closing over the next several years. ETFs usually need between $50 million and $100 million in assets within five years of launching to become profitable, analysts and executives say; funds below those levels have tended to close. 

Of the nearly 600 active ETFs in the U.S., three-fifths have less than $100 million in assets, according to FactSet data. More than half are below $50 million. 

“You’re going to see a lot of those firms take a hard look at their future,” said

Elisabeth Kashner,

FactSet’s director of ETF research.

The stock market’s bull run has helped buoy many ETF providers, Ms. Kashner said, adding that firms have in 2021 closed the fewest number of funds in eight years. But a market pullback, which most stock-market strategists anticipate, could flush out weaker players, she said. 

Vanguard has been a beneficiary of high inflows to funds that track indexes. A statue of founder John C. Bogle.


Ryan Collerd for The Wall Street Journal

ETF closures generally climbed over the past decade, and firms closed a record 277 ETFs last year as the coronavirus pulled markets down. Many held few assets. About a third of all active ETFs are marked as having a medium or high risk of closure, according to FactSet data that take into account assets, flows and fund closure history. 

Factors that have helped stoke active launches, analysts and executives said, include rules streamlined by regulators in late 2019 that made ETFs easier to launch. The approval of the first semitransparent active ETFs, which shield some holdings from the public’s eye, followed.

Analysts also said the success of ARK Investment Management Chief Executive

Cathie Wood

in 2020 showed how active ETFs can score big returns and pull in substantial sums of money. Several of ARK’s funds doubled last year, and its assets approached $60 billion earlier this year, though many of its bets have slumped in 2021. 


How long do you think the boom in exchange-traded funds will last? Join the conversation below.

Most other active managers aren’t doing much better. Two-thirds of large-cap managers of mutual funds have fallen short of benchmarks this year, while roughly 10% of the 371 U.S. active ETFs with full-year performance data are beating the S&P 500. More than a third are flat or negative for 2021. 

“Active management is a zero-sum game,” said FactSet’s Ms. Kashner. “Beating the benchmark quarter after quarter, year after year, is a very difficult task at which active managers have traditionally struggled. The ETF wrapper doesn’t change that calculus.” 

Write to Michael Wursthorn at [email protected]

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Latest News Today – Find Out Which Is Better

Mutual funds are mainly of two types – close-ended funds and open-ended funds

A mutual fund is a type of investment option where funds from various investors are pooled together and invested in stocks, other money market instruments, and assets. Mutual funds are usually managed by fund managers who allocate the money in order to gain capital and income for the investors. A fund of funds (FOF) is similar to a mutual fund in terms of pooled funds from various investors. A fund of funds portfolio contains various underlying portfolios of funds.

How do they work?

In mutual funds, when investors invest in securities, they are also buying partial ownership of the company and its assets.

A fund of fund investment attempts to achieve an all-in-one portfolio with proper asset allocation in a diverse variety of fund categories.


The advantage of investing in a mutual fund is it is easier to invest in or exit a mutual fund scheme when the stock market prices are high and make a profit.

A fund of funds investment is lucrative for small-type retail investors who want to get better exposure at a lower risk rate. Investing in a fund of funds also offers these investors wealth management services.


A common disadvantage of both mutual funds and fund of funds is that they both charge a high fee for the management of the fund account. Also, a higher investment fee does not guarantee promising returns.

Types Of Mutual Funds

Mutual funds are mainly of two types – close-ended funds, and open-ended funds. Mutual fund investment schemes are ideally suited for investors who are averse to risk and who wish to add financial discipline to their life.

Types Of Fund Of Funds

There are different types of fund of funds – gold funds, multi-manager fund of funds, international fund of funds and exchange-traded funds. Fund of fund investments aim to provide an increase in returns by investing in a diversified portfolio that has minimal links. The ideal investors for this scheme are those who have a minimal pool of resources that they can afford to spare for an extended period of time. Investors who have a low liquidity need are ideally suited for fund of funds schemes.

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Latest News Today – Open-Ended Vs Close-Ended Mutual Funds: Differences And

A mutual fund is a financial vehicle that pools together money from various sources and invests it into different types of securities like stocks and bonds. When investors put their money in mutual funds, they partially own the fund and thus become eligible to get a share of the revenue generated by it. There are two types of mutual funds — open-ended and close-ended. The two differ in terms of their investment structure, the flexibility of investment, and the time within which they can be bought or sold.

Open-Ended Mutual Funds

One of the most common and popular investment tools, they always remain open to investment and recovery as they do not have a lock-in or fixed maturity period. Open-ended mutual funds offer higher liquidity and are not traded on stock exchanges.

Benefits And Disadvantages

In these funds, people can invest either a lump sum amount or periodically through Systematic Investment Plans (SIPs). There is no limitation on the number of purchases made within a fund. Before investing, an investor can check and verify a mutual fund’s track record. One can invest as little as Rs 500 in these schemes.

Close-Ended Mutual Funds

As the name suggests, these funds lock in investments for a fixed time, preventing people from liquidating them until the specified time has passed. Also, you can apply for close-ended mutual funds only at launch. Once the New Fund Offer (NFO) period ends, investors cannot purchase or redeem units. These funds provide stability during the lock-in period.

Benefits And Disadvantages

The stability allows fund managers to strategise a growth trajectory for the mutual fund. However, this reduces options for investors as they can redeem their investments only after the lock-in period is over. Since an investor can make a purchase only during the NFO, he/she needs to make a lump-sum investment, and not through SIPs. This increases risk. The minimum investment amount is Rs 5,000.

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The Case for and Against Investing in Emerging Markets Now | Sidnaz Blog

Emerging-markets stocks have outpaced developed-market shares over the past 12 months, making them a tempting investment option. So is now a good time to take the plunge, or should investors stay away?

On the plus side, economic growth in emerging markets is expected to surpass growth in developed markets in the next few years. And emerging-markets stocks can be useful to U.S. investors for diversifying a portfolio, since they don’t move in lockstep with U.S. shares.

But emerging-markets shares come with higher volatility than developed-market stocks and an array of risks, including political risk, currency risk, liquidity risk—and economic risk, despite the rosy projections. And investors can get exposure to emerging markets more safely with a portfolio of U.S. stocks that includes companies doing business in those markets.

“Investing in emerging markets is a high-risk, high-reward proposition,” says

Eswar Prasad,

a trade-policy professor at Cornell University. “Many emerging markets have done well growth-wise, and their financial markets have had periods of success, but it tends not to last too long.”

With that in mind, here’s a closer look at the cases for and against investing in emerging markets now.

The positive case

The biggest advantage of emerging markets today is their potential for stronger economic growth than advanced economies, investment pros say.

“About 90% of the world’s population under 30 lives in emerging markets,” says Michael Sheldon, chief investment officer at RDM Financial Group, Hightower, a wealth-management firm in Westport, Conn. “This may lead to stronger labor-market growth, increased productivity and stronger GDP and corporate profits over time.”

In contrast, developed countries have rapidly expanding senior populations and low birthrates, which makes it more difficult to find workers to fill new jobs, says

Karim Ahamed,

investment strategist at Cerity Partners, a wealth-management firm in Chicago. That can limit economic growth.

The International Monetary Fund forecasts average annual GDP growth of 5.5% for emerging markets in 2021-23, compared with 3.5% for advanced economies.

Emerging markets also represent diversification opportunities for U.S. investors. That’s partly because economic growth and financial-market performance in emerging markets are less correlated with the U.S. than advanced economies and financial markets are. In addition, emerging markets give U.S. investors currency diversification, which can be helpful when the dollar is weak.

While investors can gain exposure to emerging markets through stocks of U.S. companies that earn revenue from those markets, those stocks won’t give investors the full diversification benefit, Prof. Prasad says.

The strong economic and corporate performance that is boosting emerging-markets stocks also makes their bonds attractive, says

Robert Koenigsberger,

chief investment officer at Greenwich, Conn.-based Gramercy Funds Management, which specializes in emerging markets.  

Inflation is less of a problem in most major emerging markets today than it has been at times in the past. Also, emerging-markets countries’ external deficits generally have narrowed, or totally reversed in some cases. “This should give emerging-market central banks more flexibility to absorb external shocks and deal with post-pandemic inflationary pressures, allowing them to tighten monetary policy without slowing growth momentum too much,” Mr. Koenigsberger says.

The negative case

Brazil, in addition to debt, has had a harder time than many other countries with Covid-19. Shown: São Paulo in February.


sebastiao moreira/Shutterstock

Emerging-markets stocks are more volatile than those in advanced economies. The MSCI Emerging Markets Index had a standard deviation of 18 over the past 10 years, compared with 14 for the MSCI World Index of developed markets, according to


Standard deviation measures volatility, with a higher number representing more volatility.

The factors behind that higher volatility in emerging markets include political risk, economic risk, currency risk and liquidity risk.

And while emerging-markets economies generally have been on a sharp uptrend for years, some also have experienced serious downturns. Russia’s economy, for instance, shrank 2% in 2015, compared with 2.9% growth for the U.S. that year.

Emerging-markets currencies are a double-edged sword, providing diversification but also volatility. “When you try repatriating your investment, everything may be going wrong at the same time,” with the emerging market’s economy, financial markets and currency dropping together, Prof. Prasad says.

A declining emerging-market currency makes an investment less valuable when converted into dollars. And emerging-markets currencies aren’t only vulnerable to trouble in their own country—they also tend to decline against the dollar when the U.S. currency is gaining against other developed-market currencies like the euro or yen, regardless of what’s happening in emerging markets.

South Africa is also dealing with debt. Shown: Johannesburg in July 2018.


Waldo Swiegers/Bloomberg News

Meanwhile, market liquidity isn’t as deep in emerging markets as in advanced ones. “There’s always a risk with emerging markets: It’s easy to bring money in, but not always to take it out,” Prof. Prasad says.

On the bond side, corporate debt outstanding has soared 400% in emerging markets since 2010, Mr. Koenigsberger says. So, plenty of securities are available. But liquidity isn’t just about supply. “Due to fewer banks and smaller market-making operations at those banks, there is insufficient liquidity when investors look to exit the market” in many cases, he says.

Another issue for bond investors: “There are a handful of emerging-market countries—South Africa, Turkey and Brazil, for example—that face high debt levels and large current-account imbalances,” Mr. Sheldon says. These countries are vulnerable to capital flight, which could trigger a plunge in bond prices.

One negative factor for emerging markets in the near term is that countries such as India and Brazil are having trouble dealing with Covid-19. That will likely weigh on emerging-markets stocks this year, Mr. Ahamed says.

How to invest

For those who want to jump into emerging markets, what’s the best way? Mutual funds and exchange-traded funds will suit most investors better than individual stocks and bonds, because researching and trading individual securities in these markets is often difficult.

When it comes to the question of actively managed funds versus passive index funds, “you can make an argument for active management to provide some downside protection,” Mr. Ahamed says. “But an ETF gives you very broad-based exposure in a way that’s generally cost effective, with lower fees.” Most ETFs passively track a market index.

For bond funds, actively managed is the way to go, Mr. Koenigsberger says. The growth of emerging-markets debt amid continuing economic challenges in many countries puts a premium on active management to sort out the winners, he says. Emerging-markets bond indexes tracked by passive funds are usually weighted by market capitalization, so the most heavily indebted issuers have higher weightings. “Emerging-market debt isn’t an asset class that is suitable for index funds,” Mr. Koenigsberger says.

Mr. Weil is a writer in West Palm Beach, Fla. He can be reached at [email protected].

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Latest News Today – What Are The 5 Best Long-Term Investment Options?

For long-term investment, there are different plans to suit different needs of individuals

Most investors want to get high returns on their investment as quickly as possible, without the risk of losing the principal amount. So, they continuously look for short-term investment plans that can double their money in a few years. Unfortunately, such investment plans are not available as of now. The next best thing an investor could do is to find products that assure them good returns over a period of time and yet are low risk. Still, there are different plans to suit different needs of individuals and it could be a daunting task to choose the right one.

People make long-term investments for mainly two reasons: wealth accumulation and to cater to future needs that would require a decent amount of expenditure. Here, we outline five long-term investment plans to make it easy for you to decide which one suits your needs best.

1. Mutual Funds

They are one of the most sought-after investment options. To filter it down, equity mutual funds are the top-rated among the available mutual funds. It’s because they provide very high returns. But they also involve high risks. You can invest in mutual funds with a sum as low as Rs 500 a month.

2. National Pension Scheme

A government-backed retirement-cum-pension scheme, it gives you the much-needed safety for your investment. Investing in this scheme will lead to wealth accumulation and provide a monthly pension when you retire. This investment qualifies for tax benefits. This scheme is particularly beneficial for those who do not have PF deduction from salary.

3. Public Provident Fund

The PPF scheme is one of the best investment options for those who are risk-averse. You can operate this account even if you are not internet savvy by visiting a bank or a post office. A long-term investment option, it comes with a lock-in period of 15 years and gives an option to extend the plan in a block of five years. If you need a loan, you can avail it against your PPF balance. You are also allowed to make a premature withdrawal after the 7th year of opening the account. The interest earned on it is tax-free.

4. Stock Market Investment

Stock market investment requires regular monitoring. The returns offered by this kind of investment are unmatched despite the introduction of taxes on long-term capital gains. You can spread the risk by creating a balanced portfolio and investing in different stocks.

5. Real Estate Investment

Real-estate investment is a fine option for those who can spend a good amount of money at once for an excellent return in the future. The industry is regulated well and the introduction of the Real Estate Regulation and Development Act (RERA) has boosted this market. Also, it’s one of the safest investment options for the long term.

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Latest News Today – Looking To Invest In Mutual Funds? Here’s How To Do It

Mutual funds are a relatively straightforward form of investment.

The 20s are when you learn the concept of earning and saving money. Along with that an important concept to learn is that of investing. Though it may sound intimidating, with a basic understanding of financial planning and learning to manage your funds, investing can begin to seem like a good opportunity. Among other options, mutual funds are a smart and good option for millennials to look at as an investment opportunity that will enable them to grow their wealth. Investing in mutual funds can help save money, save tax and most importantly help build a strong financial foundation.

Here are 5 reasons why you should invest in mutual funds whilst still young:

Mutual funds are a relatively straightforward form of investment. They are easy to buy which makes them the perfect choice for young investors to begin their investment journey with.

1) Financial Discipline

Learning to invest at a young age is the perfect time to inculcate the habit of being responsible for your finances. It is a sure shot way to gain maturity and achieve financial goals. To begin the process of investing young, you must first chart out a clear financial plan and goals to stick to. By doing so you can begin inculcating the habit of investing small amounts regularly to their mutual funds. This will help enable financial discipline.

2) Improves Risk Appetite

The more time you have to keep your money invested, the more aggressive you can be in your future investments. At a young age, you have a higher appetite to undertake risks and can afford to be more aggressive with your financial goals. The volatile markets are easier to handle when young, taking risks, making mistakes can be recovered easily as you have the time to grow and learn. If you have a high-risk appetite you can opt for equity funds. Or debt funds for those with a low-risk tolerance.

3) Generate Wealth For Future

Patience is key when it comes to any investments. If you are patient, you will generate stable and good returns. When you begin to invest in top mutual funds at an early age, it gives your investments time to transform into a bigger corpus. Investing in a long-term financial market over short-term markets, as short-term markets swing up and down constantly. Investing in equity mutual funds is a good option to invest in as it gives better returns over a longer time duration. Mutual funds enable you to build wealth over a period of time.

4) Save On Taxes

Every financial gain is taxed apart from regular income. From returns from bank fixed deposits to stocks to mutual funds, it is all taxed. While investing tax-efficiently is not as complicated as it sounds if you plan your investments correctly, taxes should not be your primary reason that drives your investment strategies. Be aware of different taxes levied on different types of investments to potentially improve your after-tax returns.

5) Power Of Compounding

The important mantra to learn here is ‘money will grow if you give it time’. The concept of compounding is simply to earn returns from existing returns. Due to compounding, in time your investments will grow at a relatively faster pace when you begin young rather than when you invest at a later point in life. The earlier you invest the better your mutual fund returns get.

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Latest News Today – Mutual Funds Industry Saw Surge In May 2021, Says Report

Mutual funds industry grew in May 2021 in terms of asset management

The Association of Mutual Funds of India (AMFI) has said that local mutual funds industry grew from Rs 32.43 lakh crore in April 2021 to Rs 32.99 lakh crore in May 2021 in terms total asset under management.

According to the monthly data released by the association, fund mobilisation stood at Rs 1,98,000 crore in May 2021, compared Rs 2,50,000 crore in April 2021.

Net funds outflow was around Rs 45,000 crore, while as per the data, the equity schemes witnessed inflows of Rs 10,082 crore in May 2021, an impressive growth over April 2021, when inflows were only Rs 3,437 crore.

The data also reflected an important fact that due to the ongoing Coronavirus pandemic, liquid funds witnessed a lot of demand as need for money requirement surged due to growing hospitalisations, especially in the month of May 2021.

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What Inflation? Stock Funds Rise Again | Sidnaz Blog

Nothing has been able to derail the monthly winning streak for mutual-fund investors.

But things came close in May.

Worries about inflation helped to cause volatility in stocks and other investments during May. In the end, however, stock funds—along with the overall stock market—once again came out on top. U.S.-stock funds tracked by Refinitiv Lipper (including mutual funds and exchange-traded funds) squeaked out an average return of 0.5% in May, to push their year-to-date gain to 14.2%.

It was the seventh straight monthly gain for U.S.-stock funds.

International-stock funds did even better in May, with a 3.2% gain, though their year-to-date gain of 10.2% still trails their U.S. counterparts.

“The market has been resilient in the face of accelerating inflation,” says

Jay Hatfield,

portfolio manager of an energy-focused exchange-traded fund,

InfraCap MLP

ETF (AMZA). It has helped that the Federal Reserve has indicated that It won’t taper, or slow the pace, of its bond-buying stimulus until there is full employment.

He says there are still sectors of the market that are undervalued and thrive in an inflationary environment, including energy, materials, financials and real-estate investment trusts. “As inflationary expectations rise, the market is rotating into these sectors and out of tech rather than declining on an absolute basis,” Mr. Hatfield says.


May 2021 fund performance,
total return by fund type.

Lipper’s financial-services funds category rose 2.5% in May, to push the year-to-date gain to nearly 28%. Natural-resources funds were up 8.2% in May, to push the year-to-date gain to more than 36%.

Real-estate funds were up an average 0.8%, to make the year-to-date gain nearly 17%.

Bond funds also rose for the month. Funds tied to intermediate-maturity, investment-grade debt (the most common type of fixed-income fund) were up 0.4%, to trim their year-to-date decline to minus 1.8%.

Mr. Power is a Wall Street Journal news editor in South Brunswick, N.J. Email him at [email protected].

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Latest News Today – Strategy Ahead For Systematic Investment Plan Investors

Unlike a lump sum investment, SIP spreads your investment in small amounts to be paid overtime

Sensex and Nifty have been on a stellar run since last week, and that continued on Monday. The Nifty hit its lifetime high Monday afternoon when it touched 15,555.75 points. Analysts say they expect the indices to continue to show good performances in the short term and maintain their positions. Since Nifty began its incredible run, some investors have been cautious about any correction in the market in the coming days. Those who have invested in SIPs too are a bit anxious on whether they should continue with their investment or book profits now to reduce their exposure.

Most SIP investors or those who take the SIP route to mutual fund investments are first-time investors and lack in-depth understanding of how the market functions. So let’s first understand what a SIP is and how it functions before making any decision.

What is a SIP?

A Systematic Investment Plan (SIP) is a popular way of investing in mutual funds for first-time investors who want to lower their risk. It involves allocating a small pre-determined amount for investment in the market at regular intervals (usually every month). Unlike a lump sum investment, SIP spreads your investment in small amounts to be paid overtime. Investing via a SIP helps you in instiling a sense of financial discipline.

How does it function?

Every time you invest in a mutual fund via a SIP, you purchase a certain number of fund units. You can actually benefit from both bullish and bearish trends. When the market is down, purchase more fund units. When it is up, purchase fewer units. Over time, the cost of purchase averages out to the lower side. This is called rupee cost averaging.

Strategy ahead

Since the market is on a bull run now, most first-time investors are wary about a possible correction in the near future. For SIP investors, market fluctuation should be a minor factor as theirs is a long-term investment. The SIP is doing its job irrespective of the short-term gains or possible losses. There’s no need to change your market strategy because of these short-term fluctuations.

Consider this: Nifty is above the 15,000 mark now and may come down in a few months. But the index is almost certain to be at a much higher level in five years from now. So the smart move right now is to keep your SIP investment going on, say experts.

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Latest News Today – What Are The Different Types Of Mutual Funds? Find Here

Mutual funds are broadly classified into equity funds, debt funds, and balanced funds

One of the most popular investment options, mutual funds are formed when an asset management company or fund house decides to pool investments from several individuals and institutional investors with a common investment objective. They then appoint a fund manager, who is a finance professional, to manage the pooled investment and make the purchases such as stocks and bonds. Investing in mutual funds helps an individual get exposure to an expert-managed portfolio. Since the allocation of fund units is based on investment, profits and losses are also directly proportional to that amount.

Mutual funds are broadly classified into equity funds, debt funds, and balanced mutual funds, depending on their asset allocation and exposure. Let’s see what significance each of them holds.

Equity funds

Equity funds invest in equity shares of companies. A mutual fund is categorised under equity funds if it invests at least 65% of its portfolio in equity instruments. These funds can offer the highest returns among all classes of mutual funds. The returns, however, depend on the market movements, which are influenced by several geopolitical and economic factors. Equity funds are further classified into several groups depending on the market capitalisation of companies and sector of operation.

Debt mutual funds

Debt mutual funds invest mostly in debt, money market, and other fixed-income instruments such as treasury bills, government bonds and certificates of deposit. For a mutual fund to classify as a debt fund it has to invest a minimum of 65% of its portfolio in debt securities. Debt funds are a good investment option for those who are averse to risk as the performance of debt funds is not dependent much on market fluctuations. Therefore, the returns are predictable.

Balanced or hybrid mutual funds

These funds invest across both equity and debt instruments. Their main objective is to balance the risk-reward ratio. Depending on the market condition, the fund manager can modify the asset allocation to benefit the investors and reduce the risk levels. Investing in hybrid funds diversifies your portfolio to gain exposure to both equity and debt instruments.

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