Understanding Risk in your Investments

Updated on 21-10-2016

All investing involves an element of risk. In a mutual fund investors trust their money to the fund manager whose team in turn invests it in securities linked to the financial market – equities, debt, and gold depending on the fund’s nature. And the market values of these keep moving which makes the returns from mutual funds subject to risk.

Risk overview

The risk in mutual funds investment mainly refers to the possibility of returns being different from what was originally expected. In other words risk indicates volatility of returns. Generally higher the return higher would be the risk associated with the investment. This relationship of risk and return is central to investing, which all investors should be aware of.

Fundamentally it works this way because investors who take on higher risk need to be compensated with higher returns. Thus although ‘risk’ commonly rings a negative connotation for investors, who believe it is to be avoided as much as possible, it is not necessarily an evil. By understanding and managing it investors can use it to their advantage in meeting their investment goals.

Understanding your risk appetite to choose investments

To be able to choose the right funds an investor needs to be aware of his/her risk appetite. Risk appetite refers to the ability and willingness of a person to tolerate loss of their investment. Individual risk tolerance is a very subjective matter and depends on one’s financial situation as well as psychological characteristics. For an overall review of your financial situation kindly take the Financial Health Check Up questionnaire.

An aggressive investor is prepared to take higher risk in anticipation of higher returns whereas a conservative investor would be content with low returns in return of lower risk. Therefore the products a person aged 50 years uses for building retirement corpus may be very different from what a person aged 35 years may choose for the same goal.

Generally speaking, amongst the securities that mutual funds’ portfolio are built of, the spectrum of risk would have cash and money market securities having the lowest risk at the left end, bonds and other debt securities in the middle and gold, equities at the right having the highest risk.


Aligning investments with your risk appetite is important for success. For an assessment of your risk profile and suggested investment portfolio kindly visit the Asset Allocation calculator.

Measures of risk in mutual funds

It’s important to understand the level of risk linked to an investment product while planning to employ it. Two funds giving similar returns may not be equally attractive as one can be significantly risky than the other. For you to be able to choose funds suiting your risk profile we have classified schemes of Quantum Mutual Fund based on their riskiness below. However first we present the basic risk measures commonly used to evaluate mutual funds – alpha, beta, r-squared and standard deviation.

Beta
Beta measures a fund’s volatility in comparison with the market. The volatility of the market is 1 by convention. For mutual funds their benchmark is taken to be the market.

A beta greater than 1 says the fund is more volatile than the market whereas beta less than 1 indicates it is less volatile the market. For instance if a fund has beta 1.1 then it is 10% more volatile than its benchmark. This means when the benchmark’s return is 20% the fund’s return would be 22%.

Higher beta thus means higher risk. Conservative investors would seek funds with low beta levels.

Alpha
Alpha measures a fund’s outperformance with respect to its benchmark. Technically it indicates a fund’s performance as measured by the difference in actual returns and the returns one would have expected based on its beta risk. So a positive alpha indicates a fund’s outperformance compared to what was expected based on its beta and a negative alpha tells a fund has underperformed than what its beta predicted.

In essence alpha represents the value a fund manager adds to the fund by managing its portfolio, over and above the market’s returns. Alpha returns come from the fund manager’s ability to pick the right securities and also time the entry and exit in those securities well.

Higher the alpha the better it is for investors. However for index funds, whose portfolios are supposed to be replicas of their benchmarks, alpha is not a relevant risk tool.

R-squared
R-squared tells how similar a fund’s performance is to its benchmark’s; or put differently how much of the performance comes solely from movements in its benchmark. R-squared or R2 could range from 0-100 with 100 signifying absolute similarity and 0 signifying absolute variance.

Actively managed funds would be expected to have low R2 since their portfolio would not be identical to their benchmark index and hence their performance would be quite different from the benchmark’s.

To correctly measure a fund’s risk-return in terms of alpha, beta it is important that the selected benchmark has high R2.

Standard deviation (SD)
This measure is used perhaps more than others in gauging a fund’s risk. Standard deviation of a fund, expressed as a percentage, defines how much a fund’s return has varied from its average return. If a fund has higher standard deviation its returns (as calculated from NAV) is expected to be so much more volatile. In short standard deviation of a fund represents the consistency of its performance.

Getting a little deeper into the properties of standard deviation, in most cases the fund’s future returns would fall within one SD 68% of the time, within two SDs 95% and within three SDs 99% of the time. What this means is if a fund has standard deviation of 5 and its average annual return has been 15% then one can expect its returns to lie between 10% and 20% most of the time (or to be accurate 68% of the time) and can expect them to be between 5% and 25% almost all of the time (95% of the time).

Standard deviation of a fund should be studied in comparison with its peer funds – funds of a category having similar portfolio construction.

Risk levels of Quantum’s funds

Here is a graphical comparison of Quantum’s schemes based on the high risk-high return, low risk-low return principle.

Illustrative view

Disclaimer: The above chart is for illustration purpose only
The various BSE and NSE Indices are compiled on factors such as market cap, trading volume, and a broad sector representation. In doing so, the quality of the management - while admittedly a qualitative judgement - is not considered. This, in our view, represents "risk". For the increased "risk" taken, financial theory suggests that investors should get higher returns. By adding an integrity screen to our investment process, the Quantum Long Term Equity Fund (QLTEF) and the Quantum Tax Saving Fund (QTSF) are attempting to reduce such "risks" - and therefore might generate lower returns. To peruse the performance of our schemes please see below. Past Performance may or may not be sustained in the future.

Quantum Liquid Fund which invests primarily in money market securities is expected to be in the low risk category among all funds. Quantum Dynamic Bond Fund invests in debt securities and therefore follows the liquid fund on this chart. Following it are Quantum Gold Savings Fund whose portfolio is mostly composed of units of Quantum Gold Fund (ETF) along with a small exposure to liquid securities, and Quantum Gold Fund (ETF) investing in gold bullion.

Quantum Multi Asset Fund comes next; its portfolio has exposure to equities, debt and gold.

Farther along the risk chart are the equity funds. Quantum Tax Saving Fund and Quantum Long Term Equity Fund are expected to have greater risk than the non-equity funds. Quantum Equity Fund of Funds which invests in a basket of select equity mutual funds features next. Quantum Index Fund (ETF) at the farthest is expected to be in the high risk category among all funds as it replicates the index Nifty 50 in composition and has no active management by fund managers.

In reality however the riskiness of funds – as known from their actual performance studied over periods – may vary from the illustrative chart based on various factors that affect performance such as state of the national economy, climate in global financial markets, exchange rate scenario, etc.

Current risk levels of Quantum’s funds – actual view (as on 30 September, 2016)


Note :-
1. Standard Deviation is calculated for 3 years period from September 2013 to September 2016, For QDBF NAV data has been considered from inception date i.e. May 2015. Standard Deviation is calculated based on each month end’s NAV movement of respective scheme and then annualized based on square root of 12 months for all Schemes.
2. Size of the circle in the graph increases based on number of years completed by each Scheme. i.e. 0 to 2 years, 2- 5 years and 5 years & above.
3. Color for circle of each Scheme indicates:
BLUE means principal is at Low risk
YELLOW means principal is at Medium risk
BROWN means principal is at High risk


Now that you have the awareness to assess risk of mutual funds, take a look at the following performance graphs and accompanying tables to observe volatility of Quantum’s funds in comparison with their respective benchmarks.

Performance and NAV chart of Quantum Long Term Equity Fund (QLTEF)
PeriodQLTEF ^S&P BSE- 30 TRI Returns S&P BSE Sensex Returns CRISIL – AMFI Large Cap Fund Performance IndexValue of investment of Rs. 10,000@
Scheme (Rs.)S&P BSE- 30 TRI  (Rs.) S&P BSE Sensex (Rs.) CRISIL – AMFI Large Cap Fund Performance Index*
September 30, 2015 to September 30, 2016 23.32%8.16%6.54%12.19%12,33210,81610,65411,219
September 30, 2014 to September 30, 2015 -0.30%-0.43%-1.79%5.35%9,9709,9579,82110,535
September 30, 2013 to September 30, 2014 50.72%39.53%37.41%46.16%15,07213,95313,74114,616
Since Inception **15.32%11.01%9.39%11.80%45.05030,12425,79332,480
^Past Performance may or may not be sustained in the future
* For methodology please refer the bottom of this page. **Date of Inception - March 13, 2006. @ shows the current value of Rs 10,000/- invested at the beginning of a given period.


NAV chart- Quantum Long Term Equity Fund


Past Performance may or may not be sustained in the future
Note: NAV & Benchmark data considered for above graph are quarter end data.

Performance and NAV chart of Quantum Liquid Fund (QLF)
PeriodQLF ^Crisil Liquid Fund IndexCrisil 1 year T-bill Index (Rs.)CRISIL – AMFI Liquid Fund Performance IndexValue of investment of Rs. 10,000@
Scheme (Rs.)Crisil Liquid Fund IndexCrisil 1 year T-bill Index (Rs.)CRISIL – AMFI Liquid Fund Performance Index*
September 30, 2015 to September 30, 20167.07%7.69%7.36%7.87%10,70710,76910,73610,787
September 30, 2014 to September 30, 20158.25%8.56%8.86%8.62%10,82510,85610,88610,862
September 30, 2013 to September 30, 20149.01%9.49%8.35%9.28%10,90110,94910,83510,928
Since Inception **7.73%7.54%6.32%7.77%21,85221,43719,01821,930
^Past Performance may or may not be sustained in the future
* For methodology please refer the bottom of this page. **Date of Inception - April 07, 2006. @ shows the current value of Rs 10,000/- invested at the beginning of a given period.


NAV chart- Quantum Liquid Fund

Past Performance may or may not be sustained in the future
Note: NAV & Benchmark data considered for above graph are quarter end data.

Performance and NAV chart of Quantum Gold Fund (QGF)
PeriodQGF ^Domestic Price of Gold (%) Value of investment of Rs. 10,000@
Scheme (Rs.)Domestic Price of Gold (%) 
September 30, 2015 to September 30, 2016 18.53%19.89%11,85311,989
September 30, 2014 to September 30, 2015 -1.82%-0.83%9,8189,917
September 30, 2013 to September 30, 2014 -12.05%-11.19%8,7958,881
Since Inception **10.85%11.58%24,28025,703
^Past Performance may or may not be sustained in the future
**Date of Inception - February 22, 2008. @ shows the current value of Rs 10,000/- invested at the beginning of a given period.


NAV chart- Quantum Gold Fund

Past Performance may or may not be sustained in the future
Note: NAV & Benchmark data considered for above graph are quarter end data.

Performance and NAV chart of Quantum Index Fund (QIF)
PeriodQIF ^Nifty 50 Total Return Index Returns S&P BSE 30 TRI ReturnsValue of investment of Rs. 10,000@
Scheme (Rs.)Nifty 50 Total Return Index (Rs.) S&P BSE 30 TRI  (Rs.) 
September 30, 2015 to September 30, 2016 9.49%9.77%8.16%10,94910,97710,816
September 30, 2014 to September 30, 2015 0.68%0.87%-0.43%10,06810,0879,957
September 30, 2013 to September 30, 2014 40.31%40.51%39.53%14,03114,05113,953
Since Inception **10.62%10.54%10.43%22,95022,82522,630
^Past Performance may or may not be sustained in the future
**Date of Inception - July 10, 2008. @ shows the current value of Rs 10,000/- invested at the beginning of a given period.


NAV chart- Quantum Index Fund

Past Performance may or may not be sustained in the future
Note: NAV & Benchmark data considered for above graph are quarter end data.

Performance and NAV chart of Quantum Tax Saving Fund (QTSF)
PeriodQTSF ^S&P BSE- 30 TRI Returns S&P BSE Sensex Returns CRISIL – AMFI ELSS Fund Performance IndexValue of investment of Rs. 10,000@
Scheme (Rs.)S&P BSE- 30 TRI  (Rs.) S&P BSE Sensex (Rs.) CRISIL – AMFI ELSS Fund Performance Index*
September 30, 2015 to September 30, 2016 23.63%8.16%6.54%11.27%12,36310,81610,65411,127
September 30, 2014 to September 30, 2015 -0.99%-0.43%-1.79%8.43%9,9019,9579,82110,843
September 30, 2013 to September 30, 2014 50.70%39.53%37.41%61.38%15,07013,95313,74116,138
Since Inception **21.17%16.28%14.55%19.95%44,53032,31528,76741,161
^Past Performance may or may not be sustained in the future
* For methodology please refer the bottom of this page. **Date of Inception - December 23, 2008. @ shows the current value of Rs 10,000/- invested at the beginning of a given period.


NAV chart- Quantum Tax Saving Fund

Past Performance may or may not be sustained in the future
Note : NAV & Benchmark data considered for above graph are quarter end data.

Performance and NAV chart of Quantum Equity Fund of Funds (QEFOF)
PeriodQEFOF ^S&P BSE- 200 Returns (%) S&P BSE Sensex Returns (%) Value of investment of Rs. 10,000@
Scheme (Rs.)S&P BSE 200 Index  (Rs.) S&P BSE Sensex (Rs.) 
September 30, 2015 to September 30, 2016 14.04%10.96%6.54%11,40411,09610,654
September 30, 2014 to September 30, 2015 10.33%3.08%-1.79%11,03310,3089,821
September 30, 2013 to September 30, 2014 61.33%42.50%37.41%16,13314,25013,741
Since Inception **15.33%10.19%8.78%27,93920,12218,344
^Past Performance may or may not be sustained in the future
**Date of Inception - July 20, 2009. @ shows the current value of Rs 10,000/- invested at the beginning of a given period.


NAV chart- Quantum Equity Fund of Funds

Past Performance may or may not be sustained in the future
Note: NAV & Benchmark data considered for above graph are quarter end data.

Performance and NAV chart of Quantum Gold Savings Fund (QGSF)
PeriodQGSF ^Domestic Price of Gold Value of investment of Rs. 10,000@
Scheme (Rs.)Domestic Price of Gold (Rs.) 
September 30, 2015 to September 30, 2016 15.86%19.89%11,58611,989
September 30, 2014 to September 30, 2015 -2.80%-0.83%9,7209,917
September 30, 2013 to September 30, 2014 -11.54%-11.19%8,8468,881
Since Inception **5.26%7.06%13,17014,429
^Past Performance may or may not be sustained in the future
**Date of Inception - May 19, 2011. @ shows the current value of Rs 10,000/- invested at the beginning of a given period.


NAV chart- Quantum Gold Savings Fund

Past Performance may or may not be sustained in the future
Note: NAV & Benchmark data considered for above graph are quarter end data.

Performance and NAV chart of Quantum Multi Asset Fund (QMAF)
PeriodQMAF ^CRISIL Composite Bond Fund Index (40%) + S&P BSE Total Return Index (40%) + Domestic price of Gold (20%)  Value of investment of Rs. 10,000@
Scheme (Rs.)CRISIL Composite Bond Fund Index (40%) + S&P BSE Total Return Index (40%) + Domestic price of Gold (20%)  (Rs.)
September 30, 2015 to September 30, 2016 13.27%11.06%11,32711,106
September 30, 2014 to September 30, 2015 4.19%4.29%10,41910,429
September 30, 2013 to September 30, 2014 20.55%18.99%12,05511,899
Since Inception **10.79%9.87%15,42414,885
^Past Performance may or may not be sustained in the future
Performance of the Dividend option for the investor would be net of the dividend distribution tax, as applicable. **Date of Inception - July 11, 2012. @ shows the current value of Rs 10,000/- invested at the beginning of a given period.


NAV chart- Quantum Multi Asset Fund

Past Performance may or may not be sustained in the future
Note: NAV & Benchmark data considered for above graph are quarter end data.

Performance and NAV chart of Quantum Dynamic Bond Fund (QDBF)
PeriodQDBF ^CRISIL Composite Bond Fund Index CRISIL 10 Year Gilt IndexValue of investment of Rs. 10,000@
Scheme (Rs.)CRISIL Composite Bond Fund IndexCRISIL 10 Year Gilt Index
September 30, 2015 to September 30, 2016 11.12%11.51%11.11%11,11211,15111,111
Since Inception **12.40%11.34%10.98%11,74011,58911,537
^Past Performance may or may not be sustained in the future
Performance of the Dividend option for the investor would be net of the dividend distribution tax, as applicable. **Date of Inception - May 21, 2015. @ shows the current value of Rs 10,000/- invested at the beginning of a given period.


NAV chart- Quantum Dynamic Bond Fund

Past Performance may or may not be sustained in the future
Note: NAV & Benchmark data considered for above graph are quarter end data.

Things to know before you sign the dotted line

For an investment experience to be truly satisfying it is important that the investor has basic understanding of features of the scheme being chosen, how it works to generate returns and is aware of risks attached to the investment. This is very important for avoiding mismatch in product chosen vis-à-vis your investment need. But above all it will give investors peace of mind as they are equipped with information to make correct & timely decisions with their investment.
As a Quantum investor here is a general list of what you should have knowledge of while choosing our schemes:
  Expense ratio and exit load of the chosen scheme. Make sure you know how exit load would apply (if in case it would) while redeeming your investment, Cutoff time for NAV applicability during subscription, redemption, switch transactions and the turnaround time for processing these transactions. NAV affects the number of units you’d be allotted during subscription and investment value on redemption.
  Tax implications on different schemes as may be applicable on your returns from the investment.
  Nature and extent of risk attached to the scheme chosen. Understand that mutual funds are pass through medium which invest money pooled from investors in market securities and pass on whatever returns are generated back to investors after deducting their fees (expense ratio). Thus mutual fund returns are not guaranteed.
The product label of schemes denotes their comparative risk. Investors should be aware of their risk appetite which is usually a function of their investment goal and time horizon, and choose funds whose investment objective is suited to help them achieve their goal.
  Policies and procedures of Grievance Redressal and Dispute Resolution at Quantum Mutual Fund.

The offer documents of a mutual fund scheme – Scheme Information Document, Statement of Additional Information and Key Information Memorandum contain information on all aspects relating to the scheme that an investor should have awareness of. Kindly go through it before making investment. Our executives would be glad too to guide investors whenever assistance is required.

Product Labeling

The riskometer in the Product Label depicts the degree of risk your principal is exposed to when it is invested in a particular scheme. It gives a quick-view of the risk level of your investment.

Product Labeling
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 Moderately High Risk
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
Quantum Gold Fund
(An Open-ended Exchange Traded Fund- Gold)
• Long term returns

• Investments in physical gold.

Investors understand that their principal will be at Moderately High Risk
Quantum Index Fund
(An Open- ended Exchange Traded Fund)
• Long term capital appreciation

• Investments in equity and equity related securities of companies in Nifty 50 Index.

Investors understand that their principal will be at Moderately High 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 lock in period of 3 years.

Investors understand that their principal will be at Moderately High Risk
Quantum Equity Fund of Funds
(An Open-ended Equity Fund of Funds Scheme)
• Long term capital appreciation

• Investments in portfolio of open-ended diversified equity schemes of mutual funds registered with SEBI whose underlying investments are in equity and equity related securities of diversified companies.

Investors understand that their principal will be at Moderately High Risk
Quantum Gold Savings Fund
(An Open-ended Fund of Fund Scheme)
• Long term returns

• Investments in units of Quantum Gold Fund - Exchange Traded Fund whose underlying investments are in physical gold.

Investors understand that their principal will be at Moderately High Risk
Quantum Multi Asset Fund
(An Open-ended Fund of Funds Scheme)
• Long term capital appreciation and current income

• Investments in portfolio of schemes of Quantum Mutual Fund whose underlying investments of companies, debt and money market instruments and physical gold.

Investors understand that their principal will be at Moderately High Risk
Quantum Dynamic Bond Fund
(An Open-ended Debt Scheme with Defined Credit Exposure and Dynamic Maturity Profile)
• Regular income over short to medium term and capital appreciation

• Investment in Debt / Money Market Instruments / Government Securities.

Investors understand that their principal will be at Moderate 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.
Risk Factors and Disclaimer:-
This view expressed in this article does not constitute any guidelines or recommendation on any course of action to be followed by the reader. The views are based on the publicly available information, internally developed data and other sources believed to be reliable. The views are meant for general reading purpose only and 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 readers. 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 opinions given fair and reasonable. Recipients of this information should rely on information/data arising out of their own investigations. Readers are advised to seek independent professional advice and arrive at an informed investment decision before making any investments. None of The Sponsor, The Investment Manager, The Trustee, their respective directors, employees, affiliates or representatives shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits arising in any way from the information contained in this document.

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.

CRISIL AMFI MF Performance Indices Methodology:
CRISIL - AMFI MF Performance Indices seeks to track the performance of the mutual funds across various categories. CRISIL - AMFI Large Cap Fund Performance Index is based on large cap funds which are ranked under CRISIL Mutual Fund ranking are part of the index. CRISIL - AMFI ELSS Fund Performance Index is based on ELSS funds which are ranked under CRISIL Mutual Fund ranking are part of the index. CRISIL - AMFI Liquid Fund Performance is based on the liquid funds which are ranked under CRISIL Mutual Fund ranking are part of the index. Total Return Index, is adjusted for corporate action in the mutual fund schemes. Index portfolio is marked-to-market on a daily basis using adjusted Net Asset Value (NAV). Funds which are ranked under CRISIL Mutual Fund ranking are part of the index. Eligibility of funds are based on minimum NAV history and a minimum AUM. Index values are calculated on daily basis using chain-link method. Asset weighted returns and quarterly rebalancing is carried out. CRISIL Limited (CRISIL) has taken due care and caution in preparing this performance based on the information obtained by CRISIL from sources which it considers reliable. CRISIL does not guarantee the accuracy, adequacy or completeness of the Data / information and is not responsible for any errors or omissions or for the results obtained from the use of Data / information. Please refer the website for methodology and disclaimer.
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