Motilal Oswal Asset Management Company Ltd. (MOAMC) is a public limited company incorporated under the Companies Act, 1956 on November 14, 2008, having its Registered Office at 10th Floor, Motilal Oswal Tower, Rahimtullah Sayani Road, Opposite Parel ST Depot, Prabhadevi, Mumbai - 400025.
Motilal Oswal Asset Management Company Ltd. has been appointed as the Investment Manager to Motilal Oswal Mutual Fund by the Trustee vide Investment Management Agreement (IMA) dated May 21, 2009, executed between Motilal Oswal Trustee Company Ltd. and Motilal Oswal Asset Management Company Ltd.
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Motilal Oswal Dynamic Fund (Div-A) - 12.765Motilal Oswal Dynamic Fund (Div-Q) - 11.9572Motilal Oswal Dynamic Fund (G) - 13.5704Motilal Oswal Dynamic Fund-Dir (Div-A) - 13.0485Motilal Oswal Dynamic Fund-Dir (Div-Q) - 11.9486Motilal Oswal Dynamic Fund-Dir (G) - 14.2139Motilal Oswal Equity Hybrid Fund - Direct (G) - 12.3167Motilal Oswal Equity Hybrid Fund - Regular (G) - 11.9048Motilal Oswal Focused 25 Fund - Direct (D) - 18.5089Motilal Oswal Focused 25 Fund - Direct (G) - 26.9622Motilal Oswal Focused 25 Fund (D) - 16.7936Motilal Oswal Focused 25 Fund (G) - 24.372Motilal Oswal Large and Midcap Fund - Dir (D) - 10.3004Motilal Oswal Large and Midcap Fund - Dir (G) - 10.3004Motilal Oswal Large and Midcap Fund (D) - 10.1164Motilal Oswal Large and Midcap Fund (G) - 10.1163Motilal Oswal Liquid Fund - Direct (Div-D) RI - 10.0077Motilal Oswal Liquid Fund - Direct (Div-F) RI - 10.0043Motilal Oswal Liquid Fund - Direct (Div-M) - 10.0555Motilal Oswal Liquid Fund - Direct (Div-Q) - 10.0288Motilal Oswal Liquid Fund - Direct (Div-W) RI - 10.0058Motilal Oswal Liquid Fund - Direct (G) - 10.8986Motilal Oswal Liquid Fund - Regular (Div-D) RI - 10.0055Motilal Oswal Liquid Fund - Regular (Div-F) RI - 10.0042Motilal Oswal Liquid Fund - Regular (Div-M) - 10.0543Motilal Oswal Liquid Fund - Regular (Div-Q) - 10.0278Motilal Oswal Liquid Fund - Regular (Div-W) RI - 10.013Motilal Oswal Liquid Fund - Regular (G) - 10.8684Motilal Oswal Long Term Equity Fund (D) - 15.1281Motilal Oswal Long Term Equity Fund (G) - 17.0731Motilal Oswal Long Term Equity Fund -Dir (D) - 16.4383Motilal Oswal Long Term Equity Fund -Dir (G) - 18.4554Motilal Oswal Midcap 30 Fund (D) - 17.8095Motilal Oswal Midcap 30 Fund (G) - 24.9298Motilal Oswal Midcap 30 Fund-Dir (D) - 18.3103Motilal Oswal Midcap 30 Fund-Dir (G) - 27.0674Motilal Oswal Multi Asset Fund - Direct (G) - 10.161Motilal Oswal Multi Asset Fund (G) - 10.1269Motilal Oswal Multicap 35 Fund (D) - 22.9285Motilal Oswal Multicap 35 Fund (G) - 26.0253Motilal Oswal Multicap 35 Fund-Dir(D) - 23.0299Motilal Oswal Multicap 35 Fund-Dir(G) - 27.6894Motilal Oswal Nasdaq 100 FOF - Direct (G) - 18.2746Motilal Oswal Nasdaq 100 FOF - Regular (G) - 18.1362Motilal Oswal Nifty 50 Index Fund - Direct (G) - 9.855Motilal Oswal Nifty 50 Index Fund (G) - 9.8219Motilal Oswal Nifty 500 Fund - Direct (G) - 11.0275Motilal Oswal Nifty 500 Fund (G) - 10.9467Motilal Oswal Nifty Bank Index Fund - Direct (G) - 8.9337Motilal Oswal Nifty Bank Index Fund (G) - 8.8688Motilal Oswal Nifty Midcap 150 Index Fund (G) - 11.6057Motilal Oswal Nifty Midcap 150 Index Fund-Dir (G) - 11.6912Motilal Oswal Nifty Next 50 Index Fund - Dir (G) - 9.6219Motilal Oswal Nifty Next 50 Index Fund (G) - 9.5701Motilal Oswal Nifty Smallcap 250 Index Fund (G) - 11.3155Motilal Oswal Nifty Smallcap 250 Index Fund-Dir(G) - 11.3993Motilal Oswal S&P 500 Index Fund - Direct (G) - 11.534Motilal Oswal S&P 500 Index Fund (G) - 11.4944Motilal Oswal Ultra Short Term Fund - Dir (Div-D) - 9.7128Motilal Oswal Ultra Short Term Fund - Dir (Div-F) - 9.7311Motilal Oswal Ultra Short Term Fund - Dir (Div-M) - 9.7197Motilal Oswal Ultra Short Term Fund - Dir (Div-Q) - 9.8594Motilal Oswal Ultra Short Term Fund - Dir (Div-W) - 9.7236Motilal Oswal Ultra Short Term Fund - Dir (G) - 13.7622Motilal Oswal Ultra Short Term Fund (Div-D) - 9.7163Motilal Oswal Ultra Short Term Fund (Div-F) - 9.7267Motilal Oswal Ultra Short Term Fund (Div-M) - 9.7168Motilal Oswal Ultra Short Term Fund (Div-Q) - 9.8581Motilal Oswal Ultra Short Term Fund (Div-W) - 9.7197Motilal Oswal Ultra Short Term Fund (G) - 13.3826

What windscreen wipers teach you about investing behaviour

Blog Blog Details
  • April 11, 2019
  • Aashish Somaiyaa|
What windscreen wipers teach you about investing behaviour

It’s quite pertinent to note that while the stock markets are based out of Mumbai, Mumbai is also endowed or cursed as the case may be with very heavy rainfall. As a result Mumbaiites are very clued on to the wild gyrations of the stock market index and also used to sitting through hours in the traffic amidst heavy rainfall and water-logging. 

Many years back, on one frustrating rainy evening journey circa 2002-03 from South Mumbai back home to the suburbs along with office colleagues the conversation veered towards the general apathy in the markets, the impact on investor sentiment and associated investor psychology. 

Just a couple of years earlier there was a frenzy to buy equity funds in general and technology funds in particular. As a trainee in end 1999 early 2000 I had myself witnessed an event for launch of a technology fund where the projector did not work for a product presentation (so much for the technology) and still pretty much everyone in attendance invested basis some half-baked communication and flyers circulated. At another city close to Mumbai, the fund had not opened local collection accounts and still investors decided to purchase demand drafts and anyway go with the investment at additional cost to their pocket. Such was the conviction level that selling effort was pretty much not required. Its well-known that technology investments took 10 years to produce returns eventually – and one can use that experience as a positive example of the “waqt har zakhm ko bhar deta hai” type or one can use that experience as a negative example of the "Aaj ek dua aur maang lo, aaj ek aansoon aur pee lo, aaj ek zindagi aur jee lo, kya pata, kal ho naa ho..." types…

And here we were in 2002-03, where the general belief appeared to be like the world was coming to an end and there was no “kal” (tomorrow). How can beliefs swing so wildly? We were just discussing the behaviour and a fresh downpour caused my friend at the wheel to turn on the windscreen wipers. Staring blankly at the screen amidst a gloomy mind frame further compounded by the external gloom, an unlikely analogy struck my mind.

Since then I have been telling investors not to behave like windscreen wipers. While the downpour wets the whole windscreen, the wipers oscillate left to right and back in their own kind of quarter circular cross breed elliptical kind of path. But what’s obvious is that there’s never a moment where the screen is wiped dry with the vision for the driver being completely clear. When the wiper is at one end of its trajectory, the water obviously wets the other end and by the time the wiper comes back there at that end of the trajectory, the former end is wet again. Net net, water keeps pouring and the wipers keep moving from one end to other, tirelessly; at the mercy of the water and the driver. 

Market participants and investors’ behaviour appears quite like this wiper each time I hear some of the recent commentary. Equity has given negative returns so let’s put money into debt. Active funds have underperformed so let’s buy index, small and midcaps have caused losses so let’s buy large caps, MultiCap 35 which was number 1 on 1 year basis is not there anymore so let’s buy the new number 1.

Don’t be a wiper. Ascertain the causes of something going against you, how long has it been and is likely to work against you, understand the causes and then decide whether it’s time to come back and double down or just stay at rest or not to come back, stay away and bail out. 

Just like the wiper function has a cycle to it, the stock markets are also cyclical – asset classes, market caps, fund flows, investing styles like growth and value, philosophies et al. But your objective is to create wealth over the long term, not to wipe water over a windscreen, with great urgency; lest your master’s vision be hampered.

Yours Sincerely,
Aashish P Somaiyaa
MD & CEO – Motilal Oswal AMC



“Reproduced from original article written for cnbctv18.com; published on June 14, 2019”


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