Find investment schemes ideal
to meet your needs, goals and dreams
Medium and long term equity
investments for capital growth
Mix of debt and equity investments
to offer income and growth
Includes Index Funds, ETFs and
Debt asset investments aimed at
regular and steady income
Schemes aimed at retirement planning and children benefit
Subscriptions open for our New
View SBI Mutual Fund's top trending funds here
Invests its corpus in debt instruments maturing in line with the scheme tenure
View our solution oriented facilities
LEARN MORE ABOUT MUTUAL FUNDS
Tools and calculators to let you assess
investment patterns and amounts
Plan for your life goals with a simple, efficient tool
that helps you invest better
Find out what the returns on your current
investments will be valued at, in future
Get a plan to invest a fixed amount every month and achieve your desired savings
Generate regular income from your investments
Reach your goals faster with top up SIP
Use this calculator to find out how much wealth you will accumulate and return on your investment using STP
Prepare for your child's treasured dream through investing in SIP
Plan early to keep up with your lifestyle even after retirement
Enjoy hassle-free investing on different
channels and devices
Invest online and complete mutual fund transactions in a few simple clicks.
Invest, earn returns and plan for your dreams, anytime, anywhere, with the SBI MF mobile app.
Reach out to our wide network of branches, distributors and agents, to invest in mutual funds
Use m-Easy to invest, redeem and switch schemes, through a simple SMS.
Use SBIMF WhatsApp to get your valuation, product information, and transact with a simple WhatsApp text.
Watch videos to learn the basic details and benefits of mutual funds
Understand financial and technical terms in the simplest of ways
Get clear and concise insights on the concept and working of mutual funds
Try some fun puzzles and games to test your knowledge of mutual funds
Read tips and articles to help you invest better and live happier
Get quick, easy answers to common, mutual fund related questions
Watch Fund Guru make mutual funds simple and interesting
Plan your financial investment journey with Mutual Funds
Complete transactions, service
requests and manage your investment
Redeem close ended schemes matured before 2004
Update details and check status
Get KYC complied and enjoy access
to a range of investment services
Check any dividend or redemption payout that you haven't received
Get your dividend & redemption payouts directly to your bank account electronically
Get the latest statement of your account and investment activities
Subscribe to stay updated on latest product information and news
Get an overview of complaints received by us, and their redressal status
Check if you have any dividend or redemption amount left to be claimed
Update FATCA details in order to be compliant with Indian and USA tax laws
Explore different mutual fund investment options that meet your varied needs
Know the procedure to get your queries / grievances resolved
Check documents and procedure to transmit investment units to surviving holders
View our solution oriented facilities
Driving strategic and innovative descisions with akneen market focus
Get the added advantage of
knowledge with market updates
and information, straight from the
CIO’s desk into your inbox.
Executive Director & Chief Investment Officer
Navneet Munot joined SBI Funds Management as Chief Investment Officer in December 2008. He has over 25 years of rich experience in Financial Markets.
Navneet Munot joined SBI Funds Management as Chief Investment Officer in December 2008. He has over 25 years of rich experience in Financial Markets. In his role, Navneet is responsible for overseeing investments worth over USD 100 billion across various asset classes in mutual fund and segregated accounts. In his previous assignment, he was the Executive Director & Head – multi –strategy boutique with Morgan Stanley Investment Management.
Prior to joining Morgan Stanley Investment Management, he has worked as Chief Investment Officer – Fixed Income and Hybrid Funds at Birla Sun Life Mutual Fund and worked in various areas such as fixed income, equities and foreign exchange.
Navneet is the Chairman of Indian Association of Investment Professional (India society of CFA charter holders with over 3000 members).
Navneet is Nominee Director on the board of SBI PENSION FUNDS (P) LTD
Navneet is a postgraduate in Accountancy and Business Statistics and a qualified Chartered Accountant. He is also a Charter Holder of the CFA Institute and CAIA Institute. He has also done FRM.
30 Dec, 2019
A significant pick up in volatility has been the dominant narrative in asset markets in the recent weeks. While
central bank actions in the context of market expectations dominated in the first half of November, the
emergence of the Omicron variant led to another bout of volatility in the second half. Effectively alongwith
the virus strains, both volatility and uncertainty have become endemic as far as asset markets are concerned.
The other noticeable shift was the US Fed Chair indicating the possibility of a faster taper going forward and
the “retirement”of the “transitory”narrative to describe inflation. While this may reinforce the possibility of
an earlier FED rate hike, longer term Treasury yields have stayed supported. Price action at the longer end of
the curve has been attributed to concerns surrounding slower growth as well as probable policy missteps.
While the jury is still out with respect to the eventual outcome, elevated inflation would be a challenge facing
most central banks in the near term, even as growth worries may re emerge depending on how the pandemic
evolves. A co ordinated release of emergency crude oil stockpiles by some of the largest oil consumers
including India was another development over the month. While this had no immediate impact on crude
prices, the emergence of growth fears post the news of the new virus strain led to meaningful correction in
Going into November, Indian markets already had a plethora of technical concerns to contend with. Liquidity
was a challenge with a deluge of primary market activity slated on one hand and relentless FPI selling on the
other. FPI selling in turn was driven partly by US Fed’s taper talks and partly a function of cashing in on India’s
massive outperformance through the year which had led to record valuation premium versus Emerging
Market benchmark. This liquidity challenge was appearing against the backdrop of stretched readings on our
equity market sentiment measure which meant increased vulnerability in the wake of adverse developments.
The stage therefore was set for pick up in volatility and what transpired through the month just continued
adding to the list of negatives. Government’s decision to repeal the three farm laws soured sentiment and
before markets could find their footing, news of a more contagious and heavily mutated Covid virus strain,
now named Omicron, led to renewed panic. And even as Omicron sparked growth fears, the US Fed Chair
made suggestions of accelerating the pace of taper to tackle inflation. In short, a perfect storm for markets
and consequently large cap indices dropped nearly 4% in November and declined over 8% since the mid
October peak. Mid and small caps have not fared much better with the two indices down nearly 8% and 7%
respectively from their recent peaks.
The question now is whether this drop is just a course correction in an otherwise equity uptrend or a significant
reversal. The answer we believe lies in investor’s time horizon. From a very short-term perspective, news flow
around Omicron and consequent government actions as well as around the potential acceleration in Fed’s
pace of taper may keep uncertainty and volatility elevated. Similarly, while our equity sentiment measure has
cooled a bit from the very stretched readings, it is not in an all clear yet. Yet the bigger picture continues to be
that we are in the early stages of an upcycle on both economic growth and corporate earnings, in our view.
After many quarters of sluggish growth, economic activity is showing signs of normalizing. While Omicron
could pose a risk, with India having inoculated 79% of the adult population (55% of total population) with first
dose and 46% of the adult population (32% of total) with both the doses, we should be much better equipped
to deal with a potential third wave than any of the earlier ones.
On earnings too, after over a decade of declining corporate profits to GDP (from FY08 to FY20), FY21 has
marked a reversal in the ratio helped by increased formalization, cost optimization, lower interest rates and
taxes to name a few factors. A combination of growth normalization and reversion higher in profits as
proportion to GDP should imply a robust trajectory for earnings which should help support markets even in
the wake of some valuation derating. However, we continue to believe that the greater opportunity lies
beneath the surface. The last decade was about deflationary assets doing well as growth stayed anaemic,
inflation globally was low, and rates generally stayed low. The winners of next few years could look very
different with growth and inflation likely ticking higher. We continue to believe that any near-term volatility
should be used to add to pro-economy assets.
Domestic bond yields over the last month have shifted lower even as the money marketrates especially in the
6m-1y segmenttrended higher. Yields moved lower over the first half as the aggressive rate hike expectations
built up in global markets got pushed back by central bank actions, most noticeably by the Bank of England.
The excise duty cut on oil products provided another positive backdrop even as the decline in Brent crude
prices over the month provided further support. Swap rates witnessed more volatility driven by global
developments even as rates settled materially lower over the month. Overnight rates moved higher briefly
during the month helped by tax payments outflows, market holidays and excess CRR maintenance. However,
this phase proved to be transitory as the effective excess liquidity in the systemcontinued to remain above Rs
11 trillion in the absence of any durable absorption so far.
Market expectations leading into the December policy review seems to converge around a 15-20 Bps hike in
the reverse repo rate. Notwithstanding its effectiveness, the fact that markets have priced in such a change
remains the only argument supporting such a move in the current context. This is more akin to confusing
means with the ends. Signalling a normalisation of rates with a reverse repo hike and not doing any durable
absorption of liquidity that ensures transmission of that signalling into market rates would only result in
perpetuating the status quo with one risk free rate lending rate for the banking systemand other for the nonbanks and the wider markets. With no durable liquidity absorption being simultaneously done, the impact of
a reverse repo hike is likely to lead to no material shift in the overnight or the shorter end money marketrates.
Secondly, considering the existing stance, a shift in reverse repo along with continuation of accommodative
stance is contradictory. RBI’s oft repeated preference for supporting growth may well lead to the central bank
pushing out a reverse repo hike until clarity emerges on the impact of the new virus strain. A more likely
outcome could be a hike in the 28D VRRR amount from Rs 50,000, with a very marginal possibility of dropping
the accommodative stance.
However, a delayed and glacial pace of normalisation as expected could potentially lead to more drastic
actions laterif the risk of elevated and persistent inflation plays out over the coming months. With base effects
waning and signs of pass through of high input prices into consumer prices, the above risk is non trivial at
present. From a market perspective, pick up in economic activity and consequent improvement in government
revenues remain positive even as tax compliance improves. This could materialise itself in lower-thanexpected market borrowing requirement while also giving the government leeway to address the issue of
cleaning up off budget borrowings, enhanced transfer to states including GST compensation while also
addressing the political requirement of lowering fuel taxes to address the inflation problem. A shift to more
conventional monetary policy setting would only reinforce the long-term attractiveness of fixed income
markets as the inflation risk premium get lowered.
With both domestic and global uncertainties likely to keep markets volatile, we continue to be biased towards
a directionally lower duration stance.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
Managing Director & Chief Executive Officer
Mr. Vinay M. Tonse, Deputy Managing Director of State Bank of India (SBI), is on deputation to SBI Funds Management Private Limited since June 22, 2020.
Mr. Tonse started his career with SBI in 1988 as Probationary Officer.
He has worked in different geographical locations in India and abroad heading various business functions. He has good experience of handling and managing various areas of Banking such as Operations, Retail Banking including Agriculture credit and MSME sectors, Corporate Credit, International Banking Operations, Treasury Operations, Equity Portfolio Management, Private Equity, Venture Capital and Training.
Before his deputation to SBI Funds Management Private Limited, he was heading the Chennai Circle of SBI as Chief General Manager (June 2018 to June 2020). He had an overall responsibility of managing all the branches and offices of SBI situated in Tamil Nadu and Puducherry.
Other key assignments held by Mr. Tonse during the last 10 years in SBI are as under:
• General Manager, Corporate Accounts Group – II, Mumbai (November 2016 to June 2018)
• Deputy General Manager, Equity & Commodities (Global Markets), Mumbai (June 2013 to November 2016)
• CEO, Osaka Branch, Japan (August 2009 to June 2013)