If you invest in direct mutual funds or are considering it, chances are, you have been overwhelmed by keeping track of all of your funds across multiple fund houses and portals.
If you have tried your hand at portfolio tracking, you probably know how exhausting and time consuming it can be. You have probably spent long hours in front of an Excel spreadsheet updating your information, or have manually uploaded your information to portals on an all too regular basis.
One option to overcome this could be logging in directly to the fund house’s website, but if you invest in different funds, this can be time consuming. With greater awareness of the benefits of investing in mutual funds directly, more of us are now investing across different platforms. Keeping track of all of this can be very difficult.
This is a shame, because mutual funds are actually great investment tools, but it’s possible that some of you might be discouraged from investing directly because of how difficult it can be to keep track of everything. The benefit of saving you 1-2% by investing in direct (rather than regular) funds would be outweighed by the hassle of all this manual tracking!
I tried to figure out if there could be an easier way of doing all this, which is when I built SimpleMoney, a tool that tracks your portfolio by reading the investment statements in your inbox, eliminating the need for data entry or uploading of information.
All you need to do is login, and your portfolio will be loaded automatically. New investments and transactions are added automatically too.
With SimpleMoney, you can see the performance of your portfolio with just a couple of clicks. SimpleMoney calculates metrics like absolute change and XIRR for all your investments. XIRR is an important value that will help you compare the performance of different information and help you evaluate your returns.
You can see this data for individual funds, by asset class, or by type of fund. You can also compare your returns against the market using our proprietary algorithm, CorrectCompare™.
SimpleMoney calculates all these metrics over various time periods, from the last one day to the last five years. I personally find this useful to figure out whether my funds are underperforming against the market, and I have been able to move out of bad investments quickly.
If you invest on behalf of your family members, you can track investments from multiple email IDs on SimpleMoney, and categorize them into subfolios by using the PAN number, folio number or name.
SimpleMoney also shows you all the capital gains taxes for your investments, allowing you to automatically calculate your advance tax liability.
SimpleMoney is free, and it takes just ten seconds of work to track your entire portfolio – we’d love for you to try it out and let us know what you think!
If you have any questions, please get in touch at firstname.lastname@example.org, and we’ll be happy to answer.