This circular talks about:-

Risk mitigation process against Third-Party Cheques in mutual fund subscriptions

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AMFI Circular Restriction on third party cheque

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Tax Structure Financial Year 2011 and 2012

Amit Lodha –Portfolio Manager Global Real Asset Securities

An Investment Opportunity Looking for best opportunities globally whether emerging or developed.

Benefits of value chain analysis & leveraging Fidelity’s research, capability Performance

How has FF Global Real Asset Securities Fund done so far?

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Fidelity Funds Global Real Asset Securities Fund

Name of the account – Fidelity Mutual Fund – FMP Collection account
Account no. – 00600350060650
Bank – HDFC Bank Ltd
Branch – Fort branch
IFSC Code – HDFC0000060

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Pre- Medical screening

There is no pre acceptance medical screening.

Pre-Existing Diseases / Illness

Pre-Existing Disease/ Condition (other than those diseases / conditions for which specific periods have been mentioned under exclusions) will be covered after 11 months of continuous coverage have elapsed, since inception of this policy with the Company.

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Like many of you I have been watching the markets and hearing the analysts views. Apart from that, I have had the opportunity to personally meet leading fund managers of mutual fund industry in the recent past. This has been very useful to a great extent. The purpose of this mail is share my market views with you. I have chosen a question and answer format to present my views clearly and with more focus. Hope this helps. If you have any other queries, please do shoot and I shall try to address them to the best of my knowledge.

Q Why are the markets correcting?

A Some of the reasons for the market correction include

a. Domestic Factors like food inflation – fuel price hike – interest rate concerns – fiscal deficit – current account deficit – scams, etc

b. International factors like oil price hikes[Libyan factor including], Egypt crisis, outperformance of developed markets which means lesser appetite for emerging markets, FII profit booking, sell off by short term oriented foreign investors like hedge funds, ETF, etc. Note that foreign investors like pension funds and long only funds rather look at the current markets as more of an opportunity as they are here for the long term

Q Most economists say that India is one of the few countries in the world with 7% + GDP growth rate. Still why markets should correct?

A Yes, Undoubtedly India remains as one of the few long term sustainable growth stories in the world. The long term India growth story is intact with its favourable demographics and income growth. Yet the stock market movements are not always governed by long term factors. Equity Markets in the short term tend to be volatile and factor more of current concerns as briefly mentioned above.

Q What does it mean to the investor? How should he react to the current market situation?

A Fortunately, the long term wealth creation rules have always been simple and will continue to be simple.

a. Get your risk tolerance level properly profiled and have a proper financial plan with proper asset allocation in place.

b. Invest long term money in equities.

c. Medium term money in a mix of equity and debt.

d. And short term strictly in debt.

If the allocation to equity is less than required, use the current market situation to increase the equity allocation. If you are over invested in equities, and the portfolio is in deep red, don’t panic. As a first step, run a portfolio check with a reliable advisor and see how best you can rebalance the portfolio to discard the laggards [reduce concentrated bets] and increase allocation to performing stocks and funds.

Q What are the chances of markets going up / down from the present level? And what returns can one expect from current levels?

A Current stock valuations are quite attractive and while no one can predict the market upside or downside exactly from current levels, it can be said with a fair degree of confidence that equities can deliver superior risk adjusted returns from current levels. Indian equity markets looks good for the long term. Equity is the preferred asset class as a long term inflation hedge.

Q Should I Invest lumpsum in equity funds now?

A Targeted amounts can be parked in liquid funds and 25% of that can be moved to identified equity funds at current levels and remaining over a staggered period of 3 – 6 months. And intermittent markets dips can be used to speed up the transfers. Systematic Transfer Plans and Systematic Investment Plans would help in this regard. Simply putting money into the market at regular intervals allows you to smooth out the highs and lows of the market. Sometimes you’ll get in near the bottom, sometimes you’ll get in near the top, but you’ll be in — and that’s the most important criterion for profiting. It’s not great, but it makes the most sense for most investors.

Q I am looking for capital protection investments with a time frame of one year. What should I consider?

A Fixed Maturity Plans would be useful in this regard to overcome interest rate risks and to get decent post tax adjusted returns.

Q I am an aggressive investor and would like to know which sectors look attractive?

A Realty the worst hit and banks saw less damage. Midcaps and small caps have got beaten more. The following sectors look attractive – banking, consumer discretionary, consumer staples, healthcare, technology.

Q Is it Time to Time the Market?

Trying to time the market is a self-defeating endeavor, so don’t be fooled by the stories your friends tell you. They may have gotten lucky once or twice, but over the long haul, market timing is a recipe for subpar returns. And that’s before the transaction costs and taxes.

Q When To Sell?

knowing when — and how — to sell is one of the most difficult investing decisions you have to face. It’s much more difficult than deciding whether to buy a particular stock or fund. Key criteria you should use when determining whether you should sell would be

• Better opportunities
• Valuation
• Wrong investment thesis

Q What are the equity funds you suggest?

A Diversified Equity Funds

• UTI Dividend Yield
• Templeton India Eqt Income
• ICICI Pru Focused Bluechip Equity
• HDFC Mid-Cap Opportunities

International Equity Funds

• Fidelity Global Real Assets
• DSPBR World Mining

Sector Funds

• UTI Banking Sector