वार्ता:म्यूचुअल फंड - विकिपीडिया

# वार्ता:म्यूचुअल फंड

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## [बदलें] अनुवाद अपेक्षित

म्यूच्युअल फंड कम्पनी बहुत सारे लोगोँ - अपने निवेशकोँ - का पैसा इक्कट्ठा करती है। फिर वो ये पैसा कई तरह के निवेश करती है। ये निवेश स्टॉक (stocks), बाँड (bonds), money market securities ( और आज कल ज़मीन भी) होते है। म्यूच्युअल फंड कम्पनी के लोग इसे निवेशको के लिये professionally manage कर्ते हैँ। इस तरह हर निवेशक जिने एक म्यूच्युअल फंड मे पैसा निवेश किया होता है वोह उस फ अंड का शयर होल्डर होता है। जितना भी नुनाफा होता है वोह सभी फंड यूनिट धारकोँ मे बराबर (शेयर के हिसाब से) बांट दिया जाता है। शेयरोँ की कीमत बदढ्ने से जो फय्दा होता है वोह भी यूनिट धारकोँ को मिल जाता है - मुनाफे के रूप मै नहिन बलकी यूनिट की बढी हुई कीमत के रूप मै। हाँ, अगर जिन स हेयरोँ मे पैसा लगा होता है उंकी कीमत घट जाती है तो फंड यूनिट की कीमत घत जाती है। जिस तरह कीमते बढ्ने का फाय्दा यूनिट धारकोँ को मिल्ता है उसी तरह कीमतेँ घट्ने का नुक्सान भी यूनिट धारकोँ को उठाना पडता है। म्यूच्युअल फंड कम्पनी इ स काम के लिये एक मामूली फीस लेती है। ये फीस करीब 1 से 2.25 % तक होती है।

म्यूच्युअल फंड अपनी प्रक्रिति अनुसार diversified होता है। इस्स्के assets ना ना प्रकार के शेयरो, बौंडो, वगैरह मे लगे होते है।

अलग अलग objectives और अलग अलग growth potential के हिसाब से बाज़ार मे कयी प्रकार के म्यूच्युअल फंड मिल्ते है।

म्यूच्युअल फंड के प्रकार म्यूच्युअल फंड को कयी प्रकार से classify किया जा सक्ता है। निवेश के उद्देश्य के हिसाब से (जैसे income, growth, tax saving) या कित्ने यूनिट हैँ - (अगर कित्ने भी यूनिट ले सक्ते है तो वोह कह्लात है open-ended फंड; अगर limited युनिट है तो कहलाता है close-ended फंड) ।

This section provides descriptions of the characteristics -- such as investment objective and potential for volatility of your investment -- of various categories of funds. These descriptions are organized by the type of securities purchased by each fund: equities, fixed-income, money market instruments, or some combination of these.

Open-ended schemes

Open-ended schemes do not have a fixed maturity period. Investors can buy or sell units at NAV-related prices from and to the mutual fund on any business day. These schemes have unlimited capitalization, open-ended schemes do not have a fixed maturity, there is no cap on the amount you can buy from the fund and the unit capital can keep growing. These funds are not generally listed on any exchange.

Open-ended schemes are preferred for their liquidity. Such funds can issue and redeem units any time during the life of a scheme. Hence, unit capital of open-ended funds can fluctuate on a daily basis. The advantages of open-ended funds over close-ended are as follows:

Any time exit option, The issuing company directly takes the responsibility of providing an entry and an exit. This provides ready liquidity to the investors and avoids reliance on transfer deeds, signature verifications and bad deliveries. Any time entry option, An open-ended fund allows one to enter the fund at any time and even to invest at regular intervals.

Close ended schemes

Close-ended schemes have fixed maturity periods. Investors can buy into these funds during the period when these funds are open in the initial issue. After that such schemes can not issue new units except in case of bonus or rights issue. However, after the initial issue, you can buy or sell units of the scheme on the stock exchanges where they are listed. The market price of the units could vary from the NAV of the scheme due to demand and supply factors, investors’ expectations and other market factors

Classification according to investment objectives

Mutual funds can be further classified based on their specific investment objective such as growth of capital, safety of principal, current income or tax-exempt income.

In general mutual funds fall into three general categories:

1] Equity Funds are those that invest in shares or equity of companies.

2] Fixed-Income Funds invest in government or corporate securities that offer fixed rates of return are

3] While funds that invest in a combination of both stocks and bonds are called Balanced Funds.

Growth Funds

Growth funds primarily look for growth of capital with secondary emphasis on dividend. Such funds invest in shares with a potential for growth and capital appreciation. They invest in well-established companies where the company itself and the industry in which it operates are thought to have good long-term growth potential, and hence growth funds provide low current income. Growth funds generally incur higher risks than income funds in an effort to secure more pronounced growth.

Some growth funds concentrate on one or more industry sectors and also invest in a broad range of industries. Growth funds are suitable for investors who can afford to assume the risk of potential loss in value of their investment in the hope of achieving substantial and rapid gains. They are not suitable for investors who must conserve their principal or who must maximize current income.

Growth and Income Funds

Growth and income funds seek long-term growth of capital as well as current income. The investment strategies used to reach these goals vary among funds. Some invest in a dual portfolio consisting of growth stocks and income stocks, or a combination of growth stocks, stocks paying high dividends, preferred stocks, convertible securities or fixed-income securities such as corporate bonds and money market instruments. Others may invest in growth stocks and earn current income by selling covered call options on their portfolio stocks.

Growth and income funds have low to moderate stability of principal and moderate potential for current income and growth. They are suitable for investors who can assume some risk to achieve growth of capital but who also want to maintain a moderate level of current income.

Fixed-Income Funds

Fixed income funds primarily look to provide current income consistent with the preservation of capital. These funds invest in corporate bonds or government-backed mortgage securities that have a fixed rate of return. Within the fixed-income category, funds vary greatly in their stability of principal and in their dividend yields. High-yield funds, which seek to maximize yield by investing in lower-rated bonds of longer maturities, entail less stability of principal than fixed-income funds that invest in higher-rated but lower-yielding securities.

Some fixed-income funds seek to minimize risk by investing exclusively in securities whose timely payment of interest and principal is backed by the full faith and credit of the Indian Government. Fixed-income funds are suitable for investors who want to maximize current income and who can assume a degree of capital risk in order to do so.

Balanced

The Balanced fund aims to provide both growth and income. These funds invest in both shares and fixed income securities in the proportion indicated in their offer documents. Ideal for investors who are looking for a combination of income and moderate growth.

Money Market Funds/Liquid Funds

For the cautious investor, these funds provide a very high stability of principal while seeking a moderate to high current income. They invest in highly liquid, virtually risk-free, short-term debt securities of agencies of the Indian Government, banks and corporations and Treasury Bills. Because of their short-term investments, money market mutual funds are able to keep a virtually constant unit price; only the yield fluctuates.

Therefore, they are an attractive alternative to bank accounts. With yields that are generally competitive with - and usually higher than -- yields on bank savings account, they offer several advantages. Money can be withdrawn any time without penalty. Although not insured, money market funds invest only in highly liquid, short-term, top-rated money market instruments. Money market funds are suitable for investors who want high stability of principal and current income with immediate liquidity.

Specialty/Sector Funds

These funds invest in securities of a specific industry or sector of the economy such as health care, technology, leisure, utilities or precious metals. The funds enable investors to diversify holdings among many companies within an industry, a more conservative approach than investing directly in one particular company.

Sector funds offer the opportunity for sharp capital gains in cases where the fund's industry is "in favor" but also entail the risk of capital losses when the industry is out of favor. While sector funds restrict holdings to a particular industry, other specialty funds such as index funds give investors a broadly diversified portfolio and attempt to mirror the performance of various market averages.

Index funds generally buy shares in all the companies composing the BSE Sensex or NSE Nifty or other broad stock market indices. They are not suitable for investors who must conserve their principal or maximize current income.

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