Consider a scenario, you are a novice investor who started a SIP of a certain amount in a mutual fund for the first time. A couple of years later, a friend recommended a well performing mutual fund to you and you invest a portion there as well. Few more years down the line, more short term or long term goals come into the picture and you invest in some more schemes. Ultimately you may reach a stage where you have several ongoing investments , varying in investment amounts and time periods, but you have lost track of them. If you are someone facing a similar situation, Groww’s tracking feature will make your life super easy, but first, lets see why you need to have all your investment info in one place.
Why Is It Important To Track All Investments In One Place?
Selecting a mutual fund and then investing in it is only half the job done. It is important to know whether the fund you have invested in is on the track to achieve your investment objectives. Tracking involves checking how the fund has been performing against the benchmark as well as other funds in the same category over a monthly, quarterly or yearly basis. If you are able to see all your ongoing mutual fund investments in one place, you would be able to check individual performances of the funds as well as the collective performance of your portfolio. Accordingly, you will be able to take a call on portfolio rebalance; whether you should continue investing in the funds or switch to a better performing fund, to get maximum return on investment all in just a few clicks.
How Can Groww Help You?
To ease investing woes such as yours, Groww has launched a feature where you can track all your external investments in one place. The track feature solves 3 major pain points that investors may face while managing their investments. Let’s see what they are and how the app features resolve them.
With multiple investments made over the years you tend to lose count of the total amount that you have invested in MF schemes as well as what amount goes in which fund. For instance, you may have 5 ongoing SIPs from different platforms and tracking them can be cumbersome. The track feature collates all your investments in one place where you can see details like the invested amount and the current value of your investments along with the expenses associated with the fund. You can then take decisions like increasing the investment amounts in existing funds or any other based on all the details you have in front of you.
Tracking Performance of the Funds
Once you are aware of how your investments are distributed across schemes, it is also vital to understand the current performance of your investments. In absence of such a feature, investors find it difficult to track the performance of individual funds. With the track feature you can see the change in value of individual funds and also gauge the overall performance of your portfolio in terms of net returns you are achieving. The feature also tells you about the asset allocation of your portfolio.
Tedious & Complicated Process
Now imagine, you have invested in 8 mutual fund schemes, over a period of time via the AMC website of the funds. Undoubtedly, it is tedious to remember the login credentials of each website and then individually go and check the performance of the fund. Many a times, you may have had doubts about your investment’s performance but couldn’t get your query resolved due to less than satisfactory customer service from the fund house.
Not only is this inconvenient and time consuming, but also doesn’t allow you to take decisions regarding your overall portfolio. Since the track feature aggregates all your external investments, you get a bird’s eye view of your portfolio on a single dashboard.
The feature not only consolidates your investments and shows overall returns on your portfolio, but also gives insights regarding how your capital is allocated across debt and equity. It further drills down to allocation details between large cap , mid cap, and small cap. It also tells you sector wise asset allocation details. This info can help you make decisions regarding rebalancing your portfolio if need be.
How To Enable Tracking On Groww
To enable tracking of your external investments on Groww follow the steps below.
step 1: Open the Groww App
step 2: Tap on ‘You’
step 3: Tap on ‘Track External Funds’
step 4: Tap on ‘Start Tracking’
step 5: Here, enter your email ID used for the external mutual funds. And click on “ Request Statement”
step 7: Check your email inbox. You should receive an email from Karvy/Cams
step 8: Now open the email that you have received and forward it to ‘firstname.lastname@example.org’
step 9: Go back on the Groww App and then tap on ‘Forwarded’ after you have forwarded the correct email to email@example.com
step 10: Now you can track your external investments on Groww app. Your dashboard will look something like this. Here you can see all your investments aggregated at one place, as well as the “ analysis” tab will show you vital insights regarding your portfolio.
If you have invested in regular mutual funds and wish to switch to direct , you can do so too by scrolling down and clicking on “ Switch To Direct “ button.
So just by a single app you can enable complete management of your portfolio and handle your investments efficiently. You will also be able to invest, redeem , switch to direct and create SIP along with portfolio analysis of the tracked funds on the same platform.
Here is video to help you understand the process better.
Happy Investing !