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Franklin Templeton winds up six funds

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Market update

Last week, Franklin Templeton Mutual Fund shut down 6 of its open-ended debt funds, locking in ₹30,800 crore worth of investors funds
The fund house citied severe market dislocation and illiquidity caused by the coronavirus and said that the decision has been taken in order to protect value for investors via a managed sale of the portfolio
Multiple factors like weak global cues, no clarity over coronavirus cases in India and nervousness caused by Franklin Templeton Mutual Fund winding up 6 of its debt schemes led to benchmark indices closing in the red
Nifty50 closed down 1.2% at 9,154.4 and Sensex closed down 0.8% at 31,327.2
The India VIX continued its downward trend and came down to 39.1175 on Friday. It has dropped by 53.2% over the previous 1 month
Foreign portfolio investors continued selling and have pulled out ₹6,822 crore out of equity markets so far this month. They have pulled out ₹54,852 crore from equity markets in 2020

Through the Looking Glass

The $5.7bn Facebook – Jio deal could change the face of retail and kirana stores in India and have other 2nd order effects. Sajith Pai of Blume Ventures explores the implications in a detailed blog post. Read it here.

Naveen K R

Senior Director, Windmill Capital | The content in this article is purely the author’s personal opinion and is for informational and educational purposes only. It should not be construed as professional financial advice and nor to be construed as an offer to buy /sell or the solicitation of an offer to buy / sell any security or financial products. The views and opinions stated in the content belong to the author. Windmill Capital Private Limited does not uphold nor promote any of the views / opinions. | Windmill Capital Private Limited is a SEBI registered research analyst (Regn. No. INH200007645)

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