Quantum View


  • 7th November, 2016
    Atul Kumar - Head - Equity Funds

    In the month of October 2016, the BSE Sensex appreciated by 0.37% on total return basis. In the same month, the BSE Mid Cap Index rose 1.86% whereas BSE Small Cap Index saw a massive 5.28% increase. For the first ten months of this calendar year, Sensex has increased by 8.52%. In comparison, mid cap index has done quite well with 21.63% increase, taking the sheen off the 14.65% returns recorded by the small cap index. Reliance Industries’ stock declined 2.65% during the month. The sectors that performed well during the month were oil & gas (8.25% rise), metals and capital goods. IT and auto didn’t perform as well during the month.

    FIIs sold stocks worth USD 746 million in October 2016. So far in the calendar year, they have invested USD 6.76 billion in Indian stocks. Domestic institutional investors (DIIs) counterweighed the FII selling with purchases worth USD 1.2 billion during the month. The Indian Rupee depreciated 0.25% against the US Dollar during the month.

    World economic growth has remained subdued for quite some time and is unlikely to change in the coming times. Trade amongst countries has slumped to a new low since the financial crisis, as pointed by recent studies. A large part of the developed world is in the process of monetary easing. This has kept interest rates in the zero to negative territory. Low interest rates have also played a part in keeping asset prices high throughout the world. Equity, fixed income and real estate – most asset classes have benefited from easy liquidity.

    Global equity markets are likely to remain on tenterhooks. Impending outcome of the US elections and probability of interest rate hike in the USA are a few uncertainties looming in the financial markets. An increase in interest rates in the USA can lead to withdrawal of FII money from emerging markets including India. This can impact stock prices negatively in the short term. Similarly, there is a possibility of protectionist measures impacting industries such as IT in case one of the candidates comes to power in the US presidential elections.

    On the domestic side, the RBI had a monetary policy meeting. This was the first meeting where the interest rate was decided by the Monetary Policy Committee (MPC) comprising members from within and outside the RBI. The committee unanimously decided to cut rates by 25 bps. This was in contrast to markets polls which were split for rate cut.

    Several companies declared their second quarter financial results during the month. A few companies’ results did manage to surprise the markets on the positive side. That aside, most results pointed to tepid recovery of demand as reflected in their top line. There isn’t much revival in the investment cycle too. However, this can change in the coming months. Effects of Seventh Pay Commission, better monsoon (thus higher farm income) are likely to be felt in the times to come.

    In QLTEF, three stocks were trimmed during the month owing to higher valuations. Two of them were in the oil & gas space while one is a chemical company. The Scheme also added to weights in an existing capital goods stock. Cash level in the scheme at end of the month stood at 13.5%

    Cash level in the QTSF was 13.5% at month end. The Scheme trimmed weight in two stocks during the month, both in the oil & gas space.

    We remain optimistic about Indian equities in the long run. Indian economy is unlikely to be significantly impacted by unfavourable situations in other parts of the globe. In fact, India has been a beneficiary of fall in commodity and energy prices. The country is a bright spot in world equities, given the high GDP growth which can continue. Investors can look to add moderately to their portfolios’ weight in equity, although equities have run up since the lows of February 2016. Earnings of companies are also bottoming out. Possibility of a sharp jump in listed companies’ profits seems to be around the corner. This will result in better fundamentals for equities, which have been lacking so far. Better monsoon and Pay Commission are short-term triggers for the markets.

    Name of the SchemeThis product is suitable for investors who are seeking*Riskometer
    Quantum Long Term Equity Fund
    (An Open-ended Equity Scheme)
    • Long term capital appreciation and current income

    • Investments in equity and equity related securities of companies in S&P BSE 200 index

    Investors understand that their principal will be at Low Risk
    Quantum Tax Saving Fund
    (An Open-ended Equity Linked Savings Scheme)
    • Long term capital appreciation

    • Investments in equity and equity related securities of companies in S&P BSE 200 index and to save tax u/s 80 C of the Income Tax Act. Investments in this product are subject to a lock-in period of 3 years

    Investors understand that their principal will be at Low Risk

    Data Source: Bloomberg, RBI, Indiabudget.nic.in


    Disclaimer, Statutory Details & Risk Factors:

    The views expressed here in this article are for general information and reading purpose only and do not constitute any guidelines and recommendations on any course of action to be followed by the reader. The views are not meant to serve as a professional guide / investment advice / intended to be an offer or solicitation for the purchase or sale of any financial product or instrument or mutual fund units for the reader. The article has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Whilst no action has been solicited based upon the information provided herein, due care has been taken to ensure that the facts are accurate and views given are fair and reasonable as on date. Readers of this article should rely on information/data arising out of their own investigations and advised to seek independent professional advice and arrive at an informed decision before making any investments.

    Mutual fund investments are subject to market risks read all scheme related documents carefully.

    Please visit – www.QuantumMF.com to read scheme specific risk factors. Investors in the Scheme(s) are not being offered a guaranteed or assured rate of return and there can be no assurance that the schemes objective will be achieved and the NAV of the scheme(s) may go up and down depending upon the factors and forces affecting securities market. Investment in mutual fund units involves investment risk such as trading volumes, settlement risk, liquidity risk, default risk including possible loss of capital. Past performance of the sponsor / AMC / Mutual Fund does not indicate the future performance of the Scheme(s). Statutory Details: Quantum Mutual Fund (the Fund) has been constituted as a Trust under the Indian Trusts Act, 1882. Sponsor: Quantum Advisors Private Limited. (liability of Sponsor limited to Rs. 1,00,000/-) Trustee: Quantum Trustee Company Private Limited. Investment Manager: Quantum Asset Management Company Private Limited. The Sponsor, Trustee and Investment Manager are incorporated under the Companies Act, 1956.

  • 7th November, 2016
    Murthy Nagarajan - Head - Fixed Income

    The debt market was range-bound in the month of October 2016. However, the long end of the market was sold as the RBI auctioned Rs.3,000 crore instead of Rs.2,000 crore at the long end of the yield curve. This additional supply reduced the artificial shortage of long-dated papers for insurance companies. The spread between 10-year and 30-year bonds widened to 32 basis points from 22 basis points. The long end of the yield curve saw selling from mutual funds and banks. In the monetary policy review, the RBI Governor stated that achieving CPI target of 5% by March 2017 has upside risk.

    The global markets also saw a sharp upward movement in yields as macro-economic data continued to remain strong. Economic Confidence Index in the Eurozone area came at 106.3 vs. 104.90. The 10-year German bond yield, which was trading at negative 0.02%, moved up to 0.165% levels. US economic data was positive with the minutes of the Fed meeting reflecting it was a close call not to hike rates in the September meeting. U.S unemployment rate continued to be around 4.9% levels and non-farm payroll quarterly average additions stood at 1,92,000 per month. The benefit of lower CPI inflation due to lower oil prices and strong Dollar which has made imports cheaper is dissipating.

    In its first monetary policy review, the Monetary Policy Committee (which consists of three members from the RBI and three independent members) cut the repo rate and reverse repo rates by 25 basis points. Accordingly, the repo rate and reverse repo rate now stand at 6.25% and 5.75% respectively. However, what surprised the Debt Market was that there was no explicit guidance on sticking to the self-imposed path of moving towards 4% inflation target in the next year. The RBI Governor stated that CPI inflation will remain in the band of 4% + /2%, as decided and agreed with the government. As per the monetary policy report, excluding the effect of Goods and Services Tax and House Rent Allowance on CPI, the CPI inflation in 2017 should be around 4.5% levels. The governor also stated that the risk of 42% increase in minimum wages, higher oil prices and the effect of the Seventh Pay Commission would be inflationary. The GST rates announced by the government are as per market expectation and are not likely to lead to inflationary pressures in the economy.

    The liquidity position, which reflected a surplus of Rs.81,116 crore as on September 30, 2016, turned negative during the month due to currency outflow of Rs.48,900 crore owing to festive demand. The Government’s surplus with the RBI has increased from Rs.32,100 crore to Rs.1,02,190 crore due to receipt of the first installment of telecom auction spectrum sales proceeds and shares buyback by PSU companies. The Government is also not spending aggressively as the fiscal deficit for the first half of the current year (April-September 2016) is 84% vs. 68% in April-September 2015. This is evidenced by the government’s surplus balance with the RBI, which increased from Rs.38,284 crore as on September 30, 2016 to Rs.1,02,435 crore as on October 28, 2016. Liquidity deficit has reduced due to month-end spending of Rs.25,000 crore by the government on salaries and pensions. The liquidity deficit, which had peaked at Rs.50,000 crore, is now at a marginal deficit of Rs.1,889 crore as on November 01, 2016.

    CPI inflation reading for the month of September 2016 came at 4.31%. The market expectation on September CPI Inflation was 4.5%. Food inflation declined to 4.12% from 5.83% due to fall in prices of vegetables, fruits, eggs, meat and fish. Month-on-month CPI inflation index fell by 0.27% on an absolute basis. Food inflation had a steep fall of 0.94% on a month-to-month basis. However, core inflation increased to 4.88% in the month of September 2016 vs. 4.72% for the month of August 2016. CPI inflation is expected to decline further as the fall in wholesale prices of pulses is yet to reflect in CPI. We expect CPI inflation to fall to 4% levels by December 2016 due to good harvest. We believe the next reading of CPI inflation may come at 4.10% as the percolation of fall in wholesale prices of pulses is still not getting reflected in the retail prices. The government has been purchasing pulses from farmers as they are quoting below the minimum support prices (announced by the government for 2016-17) in the wholesale market. WPI inflation for the month of September 2016 was at 3.7% vs. market expectation of 3.9%. This was due to fall in food inflation by 5.8% for the month of September 2016.

    FIIs have sold debt holdings worth Rs.7,257 crore in the month of October 2016, mainly in corporate bonds (Rs.4,740 crore). This may be partly due to the unattractive spread of 40-50 basis points between G-Secs and corporate bonds. However, the main reason for FII selling is the expectation of hike in federal fund rates in the month of December 2016. The U.S. Fed committee members, in their meeting on November 02, have indicated that the case for hiking federal fund rates has strengthened. The reason why the Fed has not acted yet may be attributed to the closeness of the presidential election on November 08. The Fed may want to look at the financial fallout of the elections before hiking rates. However, given the strong non-farm payroll data and core CPI inflation moving towards 2.3% levels in September 2016, the case for federal fund rate hike is strong. The Fed Fund probability for December hike has moved to 80% versus 68% in the beginning of October 2016. The Indian currency has been remarkably stable and is trading in the range of 66.60 to 67 Rupee to a Dollar despite the outflow on account of FCNR (B) redemptions of USD 20 billion in the month of October and November 2016.

    Indian debt markets face the uncertainties of U.S. elections and expectation of U.S yields rising in the coming months as the Fed starts hiking rates. However, the Indian markets would be guided by the trajectory of CPI inflation numbers. There is expectation of repo rate cut if CPI inflation sustains below 5% in the coming months due to good Rabi harvest and better supply management by the government. We expect debt markets to be range-bound with yields gradually moving down marginally. Liquidity is expected to improve due to forex purchases of USD 13 billion by the RBI in the forward markets. This should keep the money market rates well supported.

    Data Source: Bloomberg, RBI, Indiabudget.nic.in


    Disclaimer, Statutory Details & Risk Factors:

    The views expressed here in this article are for general information and reading purpose only and do not constitute any guidelines and recommendations on any course of action to be followed by the reader. The views are not meant to serve as a professional guide / investment advice / intended to be an offer or solicitation for the purchase or sale of any financial product or instrument or mutual fund units for the reader. The article has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Whilst no action has been solicited based upon the information provided herein, due care has been taken to ensure that the facts are accurate and views given are fair and reasonable as on date. Readers of this article should rely on information/data arising out of their own investigations and advised to seek independent professional advice and arrive at an informed decision before making any investments.

    Mutual fund investments are subject to market risks read all scheme related documents carefully.

    Please visit – www.QuantumMF.com to read scheme specific risk factors. Investors in the Scheme(s) are not being offered a guaranteed or assured rate of return and there can be no assurance that the schemes objective will be achieved and the NAV of the scheme(s) may go up and down depending upon the factors and forces affecting securities market. Investment in mutual fund units involves investment risk such as trading volumes, settlement risk, liquidity risk, default risk including possible loss of capital. Past performance of the sponsor / AMC / Mutual Fund does not indicate the future performance of the Scheme(s). Statutory Details: Quantum Mutual Fund (the Fund) has been constituted as a Trust under the Indian Trusts Act, 1882. Sponsor: Quantum Advisors Private Limited. (liability of Sponsor limited to Rs. 1,00,000/-) Trustee: Quantum Trustee Company Private Limited. Investment Manager: Quantum Asset Management Company Private Limited. The Sponsor, Trustee and Investment Manager are incorporated under the Companies Act, 1956.

  • 7th November, 2016
    Chirag Mehta - Senior Fund Manager - Alternative Investments

    Gold prices were under significant pressure as Fed prepares markets for a rate hike this December. Fed officials aren’t missing a chance to talk up a rate hike with hawkish comments while putting forward their intention of a 0.25% hike in rates. However, there seems a clear lack of economic resilience as suggested by the latest data. Still, the Fed will have to raise rates by December in order to save face. The lackluster data suggests rate hikes beyond that will be gradual at best. The only thing capable of derailing the Fed’s plan to hike rates is the prospect of a Donald Trump victory – which got a boost from the FBI’s email probe against Hillary – thereby narrowing the race for presidential elections. Trump win brings in the uncertainty factor and is therefore seen as aiding gold prices that managed to recover some of the earlier losses. All in all, Gold closed at $1,277.3 an ounce, a loss of -2.9% for the month, taking the YTD gains to 20.3%.

    A series of uneven economic data is enough evidence of the economy running at stall speed. There have been a few bright spots every now and then – like the ISM rebound and the jobless claims declining to the lowest since 1973. However, these bright spots aren’t developing into sustainable strengths to put the economy on a robust growth path. Many point to the higher-than-expected 2.9% annualized gain in the third-quarter GDP, the highest in two years, as signs of pick up in the economy. Digging in a little deeper, one can make a reasonable case that it was actually a disappointing GDP report than what appears in the headline data. 0.9% of the gains were on account of increase in trade, mainly contributed by surge in soybean exports which is a one-time phenomenon. After being a sizeable drag on growth for the preceding five quarters, inventories added a further 0.6% points. Furthermore, apart from exports and inventories, the other news was not nearly as encouraging. Given the rebound in oil prices this year, there has been some revival in drilling activity. On the flip side, consumer spending growth slowed to 2.1%, residential investment contracted by 6.2% and equipment investment fell by 2.7%. This warrants more caution on the growth outlook for Q4 and beyond, given that Q3 GDP was supported by a transitory boost in net exports and strong inventory growth. More importantly, private final domestic sales slowed significantly, which is likely to lead to a more muted Q4 GDP print. Although that may not affect the policymakers’ decision to hike rates in December, it may change their longer term growth outlooks.

    Many argue that increase in inflation is proof that the current monetary policy is working. US headline and core CPI rose by 1.5%YoY and 2.2%YoY respectively in September. However, beyond the headline number, it seems there’s not a significant increase in inflation. The shelter component of US CPI, which accounts for 33% of headline CPI and 42% of core CPI, rose by 3.4%YoY. Excluding shelter costs, US headline CPI and core CPI were up only 0.5%YoY and 1.3%YoY in September. Other measures, such as decline in durable goods orders by most in seven months and decline in consumer confidence, point towards the inherent weakness in the economy which does not bode well for the prospects of growth or inflation.

    Years of ultra-loose monetary policies with near-zero rates and billions of dollars of infusion through quantitative easing measures hasn’t led growth to reach anywhere closer to post recessionary rebounds. US nominal GDP has risen by an annualized 3.7% since bottoming in 2009 and has now receded to 2.5%YoY. This compares with an annualized 6.5% growth since 1947. Furthermore, the trends in business investments and employment haven’t been encouraging. There has been a marked slowdown in capex and hiring as well. Non-farm payrolls have slowed from 2,51,000 in 2014 to an average of 1,78,000 this year.

    Outlook

    The rally that took gold prices to the best first half in almost four decades is losing steam as traders price in increasing odds that interest rates will increase. It feels like Déjà vu as speculation surrounding the rate hikes drives gold lower. The December rate hike seems to be a given and markets are pricing in 78% probability of the same. To avoid a final blow of confidence, we believe that the Fed needs to hike rates in the next meeting. The only thing capable of derailing a rate hike can be a Trump victory in the presidential elections next week. The FBI's much-reprised surprise, the reopening of the case investigating Hillary Clinton’s email issues, has put the market on guard as the race for president has narrowed. If Hillary wins, then we see a rate hike in December. Else, if Trump wins, which in turn begets uncertainty, the Fed will wait to see how things pan out before moving on rates.

    While the impending interest rate increase will be a headwind in the short-term, the current weakness in prices will be relatively short-lived. Prices may rebound after the December Fed meeting (just like they did last year) when policy makers will decide whether to raise rates. The Fed is likely to increase rates once by the year-end and hold off from further tightening at least till the first half of the next year. The fact remains that even if the Fed raises rates in the future, it will stay behind the curve, leaving real interest rates negative. That’s the biggest positive for gold in the medium to long term.

    There are several financial and geopolitical uncertainties in the world which would put a bid to gold prices. There are many doubts surrounding Brexit, U.S. election, Europe’s banking system and further unconventional policies as a response to such issues. Gold will benefit as the market realizes that unconventional methods aren’t working when it comes to monetary policy.

    Given the macroeconomic picture, gold will be a useful portfolio diversification tool which will help investors reduce the overall portfolio risk.

    Data Source: Bloomberg, World Gold Council


    Disclaimer, Statutory Details & Risk Factors:

    The views expressed here in this article are for general information and reading purpose only and do not constitute any guidelines and recommendations on any course of action to be followed by the reader. The views are not meant to serve as a professional guide / investment advice / intended to be an offer or solicitation for the purchase or sale of any financial product or instrument or mutual fund units for the reader. The article has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Whilst no action has been solicited based upon the information provided herein, due care has been taken to ensure that the facts are accurate and views given are fair and reasonable as on date. Readers of this article should rely on information/data arising out of their own investigations and advised to seek independent professional advice and arrive at an informed decision before making any investments.

    Mutual fund investments are subject to market risks read all scheme related documents carefully.

    Please visit – www.QuantumMF.com to read scheme specific risk factors. Investors in the Scheme(s) are not being offered a guaranteed or assured rate of return and there can be no assurance that the schemes objective will be achieved and the NAV of the scheme(s) may go up and down depending upon the factors and forces affecting securities market. Investment in mutual fund units involves investment risk such as trading volumes, settlement risk, liquidity risk, default risk including possible loss of capital. Past performance of the sponsor / AMC / Mutual Fund does not indicate the future performance of the Scheme(s). Statutory Details: Quantum Mutual Fund (the Fund) has been constituted as a Trust under the Indian Trusts Act, 1882. Sponsor: Quantum Advisors Private Limited. (liability of Sponsor limited to Rs. 1,00,000/-) Trustee: Quantum Trustee Company Private Limited. Investment Manager: Quantum Asset Management Company Private Limited. The Sponsor, Trustee and Investment Manager are incorporated under the Companies Act, 1956.

  • Dear Investor,
    Jimmy Patel

    Tomorrow, the United States' Securities and Exchange Commission (SEC) will officially implement a new rule for institutional money market funds (i.e. Liquid Funds as per the SEC) that Quantum has actually followed since 2012 (and remains the only one in the industry completely following): all institutional prime money market funds must switch to reporting a floating net asset value (NAV) based on mark-to-market accounting, as opposed to the more stable "amortized cost" basis they had been using in the past. We have written about this before, but on the verge of the SEC's impending rule change we felt that now is a good time to refresh the memory banks and, frankly, to thump our chests a bit, since this is more proof that Quantum is always looking out for the best interest of its investors.

    The SEC's reform stems from concerns dating all the way back to the 2008 financial crisis, when one of the longest-tenured money market funds lost money on credit instruments of financial companies like Lehman Brothers and was unable to pay investors back in full. While this often happens in equity funds and even longer-term debt funds as well, it was an unheard of occurrence in the liquid fund market - the very market in which an investor expects to receive back all of his or her investment (even though those liquid funds do take a slight amount of risk).

    Let me explain the specifics of the rule change in simple terms. Liquid funds invest in various kinds of short-maturity debt instruments like certificates of deposit or commercial paper. A principal amount - say Rs.100 - is invested. Then when that instrument matures, let's say in 60 days, the Fund receives back the principal investment plus the interest earned on that investment in the meantime. Simple enough?

    Now consider one important note - the interest is not paid every day, it is only paid at maturity. Why is this important? Fast forward 30 days into the 60 day period. At this point, the face value of the instrument may just be Rs.100, but it has already accrued one month of interest. If you were able to buy it on that day, in a month you would get back two months of interest rather than one. Obviously, that's more valuable than only getting one month of interest, so that instrument is actually worth a little more than just Rs.100. The "amortized cost" method of accounting sets the value of that instrument every day by merely breaking the interest rate down into daily amounts and applying it pro rata.

    On the other hand, the mark-to-market value (as is followed in India for papers having maturity greater than 60 days) is pretty much what it says: it just reflects the value at which that instrument can actually be bought or sold in the market (i.e. "marked") on that day. Many of these instruments are not traded on a regular basis, and are merely bought and held to maturity, so the industry has agreed that CRISIL and ICRA should calculate daily values specific to each issuer so funds can use that for NAV reporting.

    Typically, the market value won't differ dramatically from this amortized cost value. There will be small differences, for sure, like if there are dramatic moves in short term interest rates, or a specific issuer runs into credit trouble. Even then, it's rare for that sort of credit trouble to arise so quickly that the short term paper the liquid funds own is dramatically affected. Thus, for the most part, the differences between the mark-to-market value and amortized cost value are minimal.

    The problem arises in certain periods of extreme market stress (like 2008 & on 16th July, 2013 - when the NAV of Quantum Liquid Fund plunged), when those differences can become large and impactful. In those scenarios, certain parts of a liquid fund's portfolio can be dropping dramatically, while the shortest and least risky instruments generally retain more of their value since there is less risk those won't be paid off. The result in an amortized cost scenario is that the investors who are first to redeem their funds can get out their full investment, because the Fund manager naturally sells the most liquid investments in order to keep a stable NAV. As more and more investors redeem, though, it becomes impossible to shield the losses as the fund runs out of the least-affected instruments and has to start selling the ones that are rapidly falling, often causing the prices of those instruments to fall further. The remaining investors thus take the brunt of the loss.

    Contrast this to a mark-to-market situation: because the NAV is adjusted to these sorts of market fluctuations on a daily basis, all investors bear the brunt of the losses equally, not just those who are first to the exits. Seems fair to us, and it's why we've been using this methodology since 2012.

    Reforms never happen overnight, which is why it took several years for the SEC to finally enact this rule.over two years ago just to give Funds and investors enough time to process the changes. In fact, prior to announcing the official rule change, the SEC left the proposed change open to public comment for over a year, drawing over 1,000 questions and 1,400 comment letters.* In the end, the SEC determined the fairest method is to use the floating NAV methodology, and we are thrilled - but not at all surprised - to see that the SEC agrees with us.

    We aren't the biggest fund house by a long shot, nor are we always the best performing, but we can guarantee you one thing - Quantum will always be looking out for investors' best interests. We think that's a story worth sharing, and we would love it if you shared it too!


    Warm regards,
    Quantum Mutual Fund_CEO_Jimmy Patel
    Chief Executive Officer
    Quantum Asset Management Company Private Limited

    Source: corpgov.law.harvard.edu


    Product Label
    Name of the SchemeThis product is suitable for investors who are seeking*Riskometer
    Quantum Liquid Fund
    (An Open- ended Liquid Scheme)
    • Income over the short term

    • Investments in debt / money market instruments

    Investors understand that their principal will be at Low Risk
    * Investors should consult their financial advisers if in doubt about whether the product is suitable for them.

    Risk Factors: Mutual Fund investments are subject to market risks, read all scheme related documents carefully.

    Please visit - www.QuantumMF.com to read Scheme Specific Risk Factors. Investors in the Scheme(s) are not being offered a guaranteed or assured rate of return and there can be no assurance that the scheme`s objective will be achieved and the NAV of the scheme(s) may go up or down depending upon the factors and forces affecting securities markets. Investment in mutual fund units involves investment risks such as trading volumes, settlement risk, liquidity risk, default risk including possible loss of capital. Past performance of the Sponsor / AMC/ Mutual Fund does not indicate the future performance of the Scheme(s). Statutory Details: Quantum Mutual Fund (the Fund) has been constituted as a Trust under the Indian Trusts Act, 1882. Sponsor: Quantum Advisors Private Limited. (liability of Sponsor limited to Rs. 1,00,000/-) Trustee: Quantum Trustee Company Private Limited. Investment Manager: Quantum Asset Management Company Private Limited (AMC). The Sponsor, Trustee and Investment Manager are incorporated under the Companies Act, 1956.

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Mutual Fund investments are subject to market risks, read all scheme related documents carefully.