“Fidelity Investments is in talks to sell its India mutual fund business, a report on a news website said, citing a person with direct knowledge of the development.” This is the news on a business channel today.
We would like to give some information on this fund house as we track the Mutual Fund performance on a regular basis. Among the host of about 43 fund houses that are investing in the Indian markets, Fidelity, which manages about 9000 Crores of assets, is one of the bad reporters of facts. They do not update their fund fact sheets on a regular basis, their investments too are not of worthy quality, as per their last report which is for November 2011. If the company is doing a good job, why should they hide or take such long duration like 3 months to report their facts?
In our ranking Fidelity looses lot many points because of their poor reporting itself. They are not alone, they have companions too like Motilal Oswal & Escorts Mutual, who do not report at all, and some like Canara Robecco, Baroda Poineer, who though give out month wise, still can do it better by giving it out facts early. HDFC, SBI, Axis etc., are real pioneers in managing money.
As an investor all of us would need our savings be managed by professionals in all levels. So, be skeptic of Fund houses who defer disclosures. Why put your savings into the hands of an ill managed group? Always select the best; you will appreciate yourself for the effort you took by reaping the rewards from such efforts.
Let’s hope that the succeeding buyer of Fidelity does a good job. Else, they will soon loose credibility in the markets.
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