Prateek Jain

Head of Fixed Income, Capitalmind MF

Views are personal

[Krishna Appala @iKrishnaAppala]

Callout for brokers with international market access.

SEBI has now allowed PMS to invest in foreign securities. We at Capitalmind PMS are looking to empanel brokers who can help our clients invest globally.

If you have the capability, let's talk. DMs are open.

@deepakshenoy @avijeet_sen @AkankshaMaulik @investkahakare @capitalmind_in

[Deepak Shenoy @deepakshenoy]

We just finished our first year at Capitalmind Mutual Fund, which we began with our Flexi cap fund, and it still amazes me how far and wide Capitalmind has reached.

Most of our investors came from the metros and the top thirty cities, as you would expect. What surprised us was how much came from tier-2 towns and beyond, from places across India we had never once marketed in.

Was pleasantly surprised to see names of towns in our investor list, such as Aizawl, Purulia, Siliguri, Sangli and other such beautiful places that are far off from Bengaluru.

A lot of these investors reached us through distributors we had never met, who chose to trust us on the strength of our earlier work, our reputation, and the way we think about investing. They understood our investing approach (rules-based, factor investing frameworks) and took us to the investors who wanted such a mutual fund offering.

If you are a distributor, and you like how we invest - we would like to partner with you.

Empanel with us as a distributor partner, it takes about five minutes.

Empanel here: https://t.co/TkGNIzDyZa

Capitalmind is suited for distributor partners who work with investors for their long-term goals and are driven by the mission of financial inclusion.

[Capitalmind Mutual Fund @CapitalmindMF]

For years, the closing price of stocks was calculated using the VWAP of the last 30 minutes of trading.

Not anymore. For 210 F&O stocks, the close is now decided by an auction in the final minutes.

@Prateekonomics, Head of Fixed Income at Capitalmind, explains what changed and why arbitrage investors should care. 👇

[Prateek Jain @Prateekonomics]

Anything that helps improve liquidity in bond markets is a welcome step.

[Ira Dugal @dugalira]

REC will issue India's first tokenised bond next month, on the sidelines of the global fintech forum in Mumbai.

Bond tokenisation is being seen as a way to speed up settlements of bond transactions.

Interesting move. Reuters Khushi Malhotra reports.

https://t.co/EBcjvoy5e9

[Prateek Jain @Prateekonomics]

Meanwhile in the domestic money market:

CP issuances are cashing in on the space left by declining CD issuances.

CP outstanding has crossed ₹6 lakh crores.

To subscribe to these weekly insights, click here: https://t.co/0rfUvORpFQ

[MONETARY MAYHEM @MONETARY_MAYHEM]

Live footage of sovereign bond yield interventions

[Prateek Jain @Prateekonomics]

New Normal?

US CPI: 3.37%. 12m roll avg: 3.09%.

Still stuck well above the Fed’s 2% target since 2021.
After the surge, even in disinflation phase never went below 2%.

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[Prateek Jain @Prateekonomics]

Looks like the gains post announcement are getting reversed. US 30Y yield

[Prateek Jain @Prateekonomics]

After bond vigilantes took US long duration bonds higher.

Fed is at least doubling liquidity support buybacks for longer dated Treasuries (10–20yr & 20–30yr) to 4B+ per operation (from $2B). Effective Sept 9 to Nov 4.

IMHO, this flattens the US curve by raising the short end with excess supply.

[Prateek Jain @Prateekonomics]

@deepakshenoy Welcome to the great global yield reset.

[Prateek Jain @Prateekonomics]

End of the era of Low cost money.

A global yield reset is underway across sovereign debt markets as structural inflation and higher for longer rate regimes reshape the macro landscape.

The structural shift is clearly visible across global 10-year and 30-year benchmarks:

[Prateek Jain @Prateekonomics]

Analysts logic:
When OMCs are making money ➡️ include them in earnings and celebrate "record profits".
When OMCs are losing money ➡️ exclude them and still say "record profits (Ex-OMCs)". :)

[Capitalmind Mutual Fund @CapitalmindMF]

You can now lock your mutual fund folios.

Switch on Folio Lock on MF Central and no units leave until you unlock it.

Here's a step-by-step video showing how it works.

[Deepak Shenoy @deepakshenoy]

Bloomberg used indian prices to value rbi gold. Rbi hasnt changed to Indian prices yet , so they used lbma prices to value their gold and converted to rupees. Gold price in rupee went up 10% in may when the govt increased gold duty.

Since rbi releases the rupee and dollar value of gold every week, Bloomberg used to rupee value and Indian prices to figure out how much gold they have and assumed they've sold. Measure in dollars with Lbma prices, there would have been no sale detected.

Just explaining what's happened.

[Capitalmind Mutual Fund @CapitalmindMF]

You own equity funds, debt funds, and gold.

But, rebalancing regularly and staying invested through a rough market is tough.

That's what Capitalmind Multi Asset Allocation Fund is solving for.

@CalmInvestor explains who should invest.

SEBI Reg. No.: MF/084/25/10

[Prateek Jain @Prateekonomics]

3⃣Probably bids for longer maturity T Bills were at very high level which RBI is not willing to accept

[Prateek Jain @Prateekonomics]

Rare sight in the debt markets
After ages, the RBI has rejected T-bill bids.

This raises two big questions:
1️⃣ Is this a deliberate policy signal ahead of the upcoming MPC?
2️⃣ Or is the central bank simply defending durable liquidity?

[Prateek Jain @Prateekonomics]

If FIIs are already in the mood to sell and India reduces or exempts LTCG tax… won’t they just sell even faster? 🤔