POSTED BY July 3, 2012 12:42 pm COMMENTS (4)ON
I have been investing in Fidelity equity fund -growth from October 2010 as a SIP of weekly 1k till date. Currently I am on a loss of Rs.700 (approx). Now, my financial planner says it is better to stop the SIP for this fund ( redemption shall be done based on when this fund would reach the average value which is 34.24 for my investment to be a no-loss no-profit state)
The reason my financial planner said for this exit from this fund is as Fidelity has been acquired (by L&T, I think)
Please let me know if this move is correct ?
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4 replies on this article “Fidelity Equity Fund – Gr”
Details are :
Invested amount = 86,000
Current value (as of July-4,2012) = 84,615
Dear Hari, in the light of the info that Canara Robeco’s CIO (mainly responsible for improved performance of Canara Eq. schemes) is joining L&T AMC, can you hold Fidelity for a while?
Dear Hari, May I know the invested amount till date & the current valuation?
I think it is a correct move, because of the reason of change of management, and NOT because it has not performed. Good call.
Investing in a similar type of good fund with consistent management team is a better choice. Do tell us, what fund he has recommended to you.
Regarding redemption, it is his + your call. Works either way. But doing redemption during the free-period, when the name will get changed and SEBI will provide a window is a better thing.
Also, FYI, L&T have got on board the fund manager of Canara Robeco’s (diversified and many others, which had a decent performance run). BUT, let the new manager prove himself, and only then put your faith back in.