Letter from the Editor
While selecting a mutual fund scheme, most investors just look at past performance over fixed periods. The performance of schemes over 1-year, 3-year or 5-year periods is easily available on many online mutual fund research and rating sites. The rating given by some sites depends on the returns of the scheme over these periods. But, as we have argued in a number of articles in the past, this can be misleading as the returns calculations depend on the start date and end date chosen. In Moneylife’s annual fund performance analyses, we not only analyse the performance of the shortlisted equity schemes over monthly rolling periods of the past five years, but also rank the schemes by their performance when the markets have declined. Turn to page 30 to have a look at the schemes that made it to the top 20 list. We also analyse some of the top schemes of earlier years that have under-performed in our Fund Pointer section, explaining what went wrong. Turn to page 24 for more details.
 
You may recall that Moneylife has been actively batting for senior citizens’ financial rights for a long time. With the removal of tax on reverse mortgage, the collective voice of senior citizens has finally been heard. Sucheta, in her Crosshairs section, talks in detail not only about this landmark policy move but also other concerns of senior citizens which need to be addressed, including the regulation of the various services that are springing up to take care of the seniors.
 
Financial literacy has often been touted as the single best tool for protection against faulty products, unscrupulous agents and everything else that might undermine savers’ and investors’ interests. However, how effective is financial literacy delivered in the traditional way? In our Earning Curve section, we summarise the results of a path-breaking study that measured the results of various educational interventions and found that there is a significant decay in financial education such that it makes it almost meaningless. Help with financial literacy should be just-in-time or on demand. This is why Moneylife has launched so many helplines. Turn to page 25 to find out what the researchers have found.

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Indian market trends

The Sensex and the Nifty inched up 1% each during the fortnight, along with ML Mega-cap Index...

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Fund flows
Foreigners: Foreign institutional investors were net buyers of stocks (Rs8,192.75 crore)....
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