No portfolio manager could make money for high-net worth investors (HNIs) in jittery July, which shaved 5.7 per cent value off Nifty and up to 10.87 per cent off the broader market indices.
This proved to be a double whammy for HNIs, who were still digesting the introduction of a new surcharge on income-tax in the July 5 Union Budget.
Among a sample of 102 PMSes, including both aggregate and model portfolios, just one scheme managed to generate positive return during the month. ..