Should fund managers declare their assets?

One of the astonishing aspects of the Indian Capital Markets scene is the abysmal size of the Indian Mutual fund industry.

The total asset size of Equity funds (including ELSS) is around 190,000 Crores Rs (around 35 Billion $) as of Nov, 2012. (source AMFI)

This is approximately 55% of the annual turnover of Reliance Industries !

While many people have blamed distributors/fund houses/Govt/SEBI for the mess that Indian MFs are in, one section that has been immune to criticism are the fund managers

There was a conference couple of years back where the panel consisted of fund managers.The moderator asked the panel about their personal asset allocation.It was shocking to hear that some fund mangers had less than 5% of their personal portfolio in equities.For most of them, their biggest asset was the house they lived in Mumbai !!

Its fairly clear that Indian fund managers don’t eat their own cooking and don’t have any skin in the game.

If ordinary muncipal corporators/govt employees are asked to declare their assets publicly, shouldn’t fund managers who manage thousands of crores in assets do the same?

Linkfest:Jan 2, 2012

Some stuff that I am reading today morning:

Bankers deluged as debt party turns to revamp (Bloomberg)

K Krishna Kumar on Ratan Tata (Rediff)

Global investors go solo in India (BS)

After battering, telcos to charge more (BS)

The Shale Revolution’s shifting geopolitics (NYTimes)

Financial planning shocks (Subramoney)

Best ideas and stuff of 2012 (DalalStreet)

10 things you should do everyday to improve your life (Barkingupthewrongtree)

The Hindu hating vermin of Bollywood (Mediacrooks)

Peak Gundlach?  (ResearchPuzzle)

Why denial is bad business (Rodinhood)

Portfolio of Enam Capital

This post is in continuation of my coat tailing series (see here)

Enam is a well known capital markets intermediary in India.

Their latest portfolio holdings (as on Sept 2012) as per stock exchanges sites is shown below:

Company Name Entity # of Shares %
MRF Enam Shares & Securities Pvt Ltd 266713 6.29
Munjal Showa Enam Shares & Securities Pvt Ltd 2737000 6.84
IP Rings Enam Shares & Securities Pvt Ltd 501625 7.12
Redex Protech Enam Securities Pvt Ltd 185000 2.75
Sterling Tools Enam Investment Services Pvt Ltd 120000 1.75
ISGEC Heavy Engg. Enam Investment Services Pvt Ltd 75000 1.02
Rane Engine Valve Enam Shares & Securities Pvt Ltd 478890 9.3
Aqua Logistics Enam Shares & Securities Pvt Ltd 8970660 2.99

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