As mentioned earlier you might have received various communication letters and emails from
different fund houses with regard to scheme categorization. For majority of them there is a
name change, wherein no action is required.

And in few cases there is change in fundamental attributes of the scheme which will be known
clearly only after couple of months. Will keep you updated individually in case of any changes
required to be done.

Past returns of few categories of funds may give wrong information, because of change in
composition of portfolio. For example, a mid cap fund may changed to large and mid cap fund,
or a large cap fund may change to large and midcap.

Seeing past returns in such cases will mislead and do not give proper information. One need to
wait for 2-3 years for comparison of different category of funds.

in the last couple of months I had informed through mails and personal meets, that do not get
carried away with rising market levels and indulge in lump sum investing at euphoric levels.
From the peak of markets seen in January the market cap is eroded by around 14 lakh crore.
Most of it happened in stocks which moved up due to speculation, poor corporate governance
etc.  One need to be cautious while investing, particularly in direct stocks.

Unlike last year this year one may witness high volatility in the markets due to various global
and domestic issues. The best way to play it by investing in dynamic asset allocation funds, SIP’s
and investing in staggered manner.  In the last one year or so debt funds also exhibited high
volatility.

For investments done in last 12-18 months are not looking good due to rise in yields. However
for funds which have completed more than 3-5 years has given decent returns. Due to rise in
yields debt funds become much attractive for investment consideration.

I reiterate once again not to give due importance to rising and falling markets. At best one can
follow asset allocation and invest for long term.

Do let me know in case of any further information.

“Buy value, not market trends or the economic
outlook.”-Sir John Templeton