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 5 Year G-Sec Fund of Fund (G) - 10.0996Motilal Oswal Asset Allocation Passive Fund of Fund – Aggressive (G) - 11.3978Motilal Oswal Asset Allocation Passive Fund of Fund – Aggressive-Dir (G) - 11.4432Motilal Oswal Asset Allocation Passive Fund of Fund – Conservative (G) - 11.0086Motilal Oswal Asset Allocation Passive Fund of Fund – Conservative-Dir(G) - 11.0577Motilal Oswal Dynamic Fund (Div-A) - 14.0282Motilal Oswal Dynamic Fund (Div-Q) - 12.1715Motilal Oswal Dynamic Fund (G) - 15.4794Motilal Oswal Dynamic Fund-Dir (Div-A) - 14.2839Motilal Oswal Dynamic Fund-Dir (Div-Q) - 12.4147Motilal Oswal Dynamic Fund-Dir (G) - 16.4352Motilal Oswal Equity Hybrid Fund - Direct (G) - 15.9316Motilal Oswal Equity Hybrid Fund - Regular (G) - 15.1295Motilal Oswal Flexi Cap Fund(D) - 25.667Motilal Oswal Flexi Cap Fund(G) - 34.1454Motilal Oswal Flexi Cap Fund-Dir(D) - 25.7934Motilal Oswal Flexi Cap Fund-Dir(G) - 36.6864Motilal Oswal Focused 25 Fund - Direct (D) - 21.5271Motilal Oswal Focused 25 Fund - Direct (G) - 36.7729Motilal Oswal Focused 25 Fund (D) - 19.2501Motilal Oswal Focused 25 Fund (G) - 32.7989Motilal Oswal Large and Midcap Fund - Dir (D) - 17.2903Motilal Oswal Large and Midcap Fund - Dir (G) - 17.3049Motilal Oswal Large and Midcap Fund (D) - 16.6742Motilal Oswal Large and Midcap Fund (G) - 16.6742Motilal Oswal Liquid Fund - Direct (Div-D) RI - 10.0077Motilal Oswal Liquid Fund - Direct (Div-F) RI - 10.0106Motilal Oswal Liquid Fund - Direct (Div-M) - 10.0363Motilal Oswal Liquid Fund - Direct (Div-Q) - 10.0636Motilal Oswal Liquid Fund - Direct (Div-W) RI - 10.0058Motilal Oswal Liquid Fund - Direct (G) - 11.2679Motilal Oswal Liquid Fund - Regular (Div-D) RI - 10.0055Motilal Oswal Liquid Fund - Regular (Div-F) RI - 10.0102Motilal Oswal Liquid Fund - Regular (Div-M) - 10.036Motilal Oswal Liquid Fund - Regular (Div-Q) - 10.0612Motilal Oswal Liquid Fund - Regular (Div-W) RI - 10.013Motilal Oswal Liquid Fund - Regular (G) - 11.218Motilal Oswal Long Term Equity Fund (D) - 20.9201Motilal Oswal Long Term Equity Fund (G) - 26.6307Motilal Oswal Long Term Equity Fund -Dir (D) - 25.0335Motilal Oswal Long Term Equity Fund -Dir (G) - 29.2078Motilal Oswal Midcap 30 Fund (D) - 27.2014Motilal Oswal Midcap 30 Fund (G) - 44.5271Motilal Oswal Midcap 30 Fund-Dir (D) - 28.2418Motilal Oswal Midcap 30 Fund-Dir (G) - 49.0347Motilal Oswal Multi Asset Fund - Direct (G) - 11.0007Motilal Oswal Multi Asset Fund (G) - 10.783Motilal Oswal Nasdaq 100 FOF - Direct (G) - 25.2618Motilal Oswal Nasdaq 100 FOF - Regular (G) - 24.9588Motilal Oswal Nifty 50 Index Fund - Direct (G) - 14.307Motilal Oswal Nifty 50 Index Fund (G) - 14.1909Motilal Oswal Nifty 500 Fund - Direct (G) - 16.7917Motilal Oswal Nifty 500 Fund (G) - 16.5484Motilal Oswal Nifty Bank Index Fund - Direct (G) - 13.1205Motilal Oswal Nifty Bank Index Fund (G) - 12.9312Motilal Oswal Nifty Midcap 150 Index Fund (G) - 19.9926Motilal Oswal Nifty Midcap 150 Index Fund-Dir (G) - 20.3048Motilal Oswal Nifty Next 50 Index Fund - Dir (G) - 14.8468Motilal Oswal Nifty Next 50 Index Fund (G) - 14.6557Motilal Oswal Nifty Smallcap 250 Index Fund (G) - 20.8301Motilal Oswal Nifty Smallcap 250 Index Fund-Dir(G) - 21.1458Motilal Oswal S&P 500 Index Fund - Direct (G) - 15.5789Motilal Oswal S&P 500 Index Fund (G) - 15.4147Motilal Oswal Ultra Short Term Fund - Dir (Div-D) - 10.0586Motilal Oswal Ultra Short Term Fund - Dir (Div-F) - 10.083Motilal Oswal Ultra Short Term Fund - Dir (Div-M) - 10.0657Motilal Oswal Ultra Short Term Fund - Dir (Div-Q) - 10.2106Motilal Oswal Ultra Short Term Fund - Dir (Div-W) - 10.0698Motilal Oswal Ultra Short Term Fund - Dir (G) - 14.252Motilal Oswal Ultra Short Term Fund (Div-D) - 9.9888Motilal Oswal Ultra Short Term Fund (Div-F) - 9.9998Motilal Oswal Ultra Short Term Fund (Div-M) - 9.9894Motilal Oswal Ultra Short Term Fund (Div-Q) - 10.1345Motilal Oswal Ultra Short Term Fund (Div-W) - 9.9924Motilal Oswal Ultra Short Term Fund (G) - 13.7576

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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