TWH speaks with Holli Emore about the dynamics and opportunities of online rituals, and how their use may shift how Pagans think about and participate in ritual.

Continue reading The opportunities of online rituals at The Wild Hunt.

Mahi Malini Pujari says initially she would avoid interacting with guests, but has now grown more confident

Last year, restaurant manager Josein Fernanda found herself in a tough spot when a colleague spotted a bodice and a bunch of padded bras in her bag while they were working on a cruise liner in Goa, where she was working as a manager. The 44-year-old, born a boy in Mumbai's Lamington Road area, says she has always felt like a girl and would clandestinely cross-dress. But, it was a secret that Fernanda had zealously guarded until then. "My boss called me and said, 'I don't want this news to leak. So stop indulging in this.' Well into my 40s, I had reached a point where I couldn't conform to society anymore. There was an overwhelming sense to come out of the closet," she says. Fernanda resigned from the job and returned to Mumbai, liberated but uncertain about what the future held.

Shonali Mude, a former runner-up at Miss Trans Queen 2017 joined in January this year. Mude, who might have in another gender made it as a model or an actor, says jobs for transgender are limited. Having gone to auditions at fashion weeks, Mude says she had no luck. She now works as a floor attendant

Being in the public eye
When we meet Fernanda on a weekday afternoon at Third eye Cafe, located on the ground floor of Palm Galleria Mall, Navi Mumbai, she is sitting near the bar with her laptop. The wall facing her reads, 'Be the Change You Want to See'. Wearing a black blazer with slim fit pants and glinting earrings, Fernanda - formerly known as Innocento - has finally embraced change. She chanced upon the cafe while browsing through YouTube, and got in touch with the owners. She now proudly identifies herself as a woman. Along with her, five other trans-women found their lives transformed when were hired as staffers at the restaurant. The cafe currently has six transgender employees, five of whom work as table attendants, while one works as the manager. The restaurant employs around 20 persons.

Josein Fernanda - formerly known as Innocento - finally came out of the closet on learning of this job in January

"As the name suggests, the restaurant was launched with the intention of providing the third gender an opportunity to lead a more respectable life," says co-owner and architect Nimesh Shetty, who started the venture with his partners Prasad Shetty and Nitesh Kandarkar. Nimesh, 27, conceptualised the cafe almost six years ago while working on an architectural thesis around building a community centre for the transgenders. As envisioned, the cafe would be part of the centre. He even conducted a survey to understand whether people would visit a place like this during the thesis. "A lot of people said yes, we accept the third gender. But, are you willing to accept your sister or closest friend as a transgender? That's when people fumbled. This is something we want to work on," says Shetty, who hails from a family of hoteliers.

A typical day
At the restaurant, we see Mahi Malini Pujari, 24, on her feet taking orders and interacting with guests. She's aware of the reaction her presence normally invites - raised eyebrows, unflinching stare, giggles and sometimes nonchalance - but she has learnt to take it all in her stride. In fact, when a bunch of guests arrive, she's the first to guide them to the table and make them comfortable by offering water and exchanging pleasantries. "Initially, I wouldn't utter a word to the guests. I'd take orders and do clearances. I didn't have the confidence to initiate or a hold conversation," says Pujari. The make-up is minimal, just enough to make her look fresh-faced. The 24-year-old worked at Arzoo Foundation, a de-addiction and rehabilitation centre situated at Palghar. Before that she would beg on the streets and in trains. "I joined the hijra community in Bandra after I left home. I didn't even complete my Std X because my parents gave me an ultimatum: 'either I behave like a boy or leave'," she says. Pujari chose the latter. She now lives in an apartment provided by the owners, in Vashi along with the other staff. While the response from the hijra community to her choice of a new career has been fairly encouraging, her family has still not accepted her. "I've let it go," she says.

Know your food
In almost two months' time, Pujari has upped her social skills and also memorised the menu. A part of the credit goes to Fernanda, who the staff treats as 'didi'. "Of course, they need to know how conduct themselves in public. Along with that, she must know the food that we serve here and what goes into its making like the back of their hand. The guests always check with the server first," says Fernanda.

Spread over eleven pages, the menu is extensive with sections separating Italian, Oriental and Indian cuisine. Currently, the restaurant doesn't serve alcohol but it's in the pipeline. We order the beetroot falafel made with parsley pesto, tahini yoghurt and pomegranate for R199. The portion is impressive and scores well on the taste front. "Many come here for the novelty value. But, they'll return only if the food and service is good," says senior staffer Shonali Venkatesh Mude, a former runner-up at Miss Trans Queen 2017, who joined in January this year. Mude, who might have in another gender made it as a model or an actor, says careers as a transgender are limited. Having gone to auditions at fashion weeks or even advertisements, where she'd have to portray a woman, Mude says she had no luck. "I wanted a job where I'd get a steady income."

A group of women sitting next to our table have dropped by from Nerul during lunch hour to celebrate a colleague's birthday. That's the overt reason. The real one is to experience what's it like to be served by transgender staff. "I don't mean to treat them as specimens, but we wanted to experience this. I'm happy that we're finally getting to see them in mainstream jobs. Till now, you would see them begging inside trains," says Divyani Fulzele, who works at an IT firm. When they're about to leave, they compliment Mude and promise to return. This time for the peppy vibe and the food. "Compliments work as a confidence-booster. While I'm more educated and experienced than the rest, there was a trepidation about how it'd pan out. But I like coming to work," smiles Mude, who lives with her partner in Khargar.

Setting an example
In 12 months, owner Nimesh Shetty has interviewed over 600 transgenders for the job by seeking help from NGOs and transgender activist Gouri Sawant. "Actually, it's they who interviewed me because they had more questions than I did. It's natural, because they are leaving their comfort zone and for an all-new territory," he adds. He admits some quit the job within weeks because of adjustment issues. "It's a high-pressure job, where sometimes you clock in 10-12 hours. Some couldn't deal with that," he says.

Shetty feels the challenges of being transgender are different from what gay men or women face. "Here, we are talking about survival. Many get thrown out of the house when they come out." For now, Shetty is hopeful that the restaurant will inspire others to follow suit. "We don't want to capitalise on this as a gimmick. The goal is to inspire."

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To ensure that the labourers and migrant workers can earn a livelihood once the lockdown is over, the Nagpur Municipal Corporation has started an initiative to introduce skill-based training among beggars and the homeless in the city. Tukaram Mundhe, Nagpur Municipal Cooperation Commissioner said, "After the lockdown was announced, we shifted the homeless and beggars to shelter homes and providing them with food, accommodation and other facilities."

With about 19 shelter homes around the cities accommodating close to 1,500-2,000 people, the commissioner said they are being provided with some skill development activities apart from having basic amenities. "We have also introduced skill development programmes for them. In the long run, we intend to take up the eradication of beggary program in Nagpur by providing them skills so that they can get employed," Mundhe said.

Glimpses of homeless beggars in Nagpur after a makeover by NMC:

NMC's shelter home took many #Homeless people under its care during the #lockdown

Some with special abilities were also given a complete makeover for health and sanitation purposes. #Covid_19india #homelessness pic.twitter.com/w11dVpnNBa

— Tukaram Mundhe (@Tukaram_IndIAS) April 12, 2020

"We are also giving them a makeover as we are providing them skill-based training so that they can earn their livelihood once the lockdown ends," said Manish Soni, Public Relations Officer, NMC.

According to the Union Ministry of Health and Family Welfare, 2,916 positive COVID-19 cases have been reported in the state, out of which 295 patients have recovered and 187 patients have succumbed to the virus.

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Despite the rally we recently witnessed, the market mood continues to be sombre due to the pandemic crisis. FPI outflows from the Indian market persisted in the current month as well, while the recent fiasco at a popular fund house also dented investor sentiments.

It is difficult to predict how this situation will unravel eventually. Though the pandemic has impacted both large and smaller sized companies, small and mid sized companies could be the most affected.

However, quality names even in these segments could perform well over the long run. Therefore, you should stick to only quality names across different market capitalisation and invest via a well managed mutual fund that focuses on growth through diversification.

HDFC Mid-cap Opportunities Fund (HMOF) is one such mid cap fund that looks to invest in mid cap stocks with sound financial strength and reasonable growth prospects.

Graph 1: Growth of Rs 10,000 if invested in HDFC Mid-cap Opportunities Fund 5 years ago

One of the most popular funds in the midcap category, HMOF's asset size is the largest as compared to its peers. However, HMOF has shown no constrain when it comes to delivering superior performance. The fund has a track record of generating above-average returns across market conditions. Over the last 5 years, HMOF has generated returns at 4.5% CAGR as compared to 1.9% CAGR generated by its benchmark Nifty Midcap 100 - TRI, thus generating an alpha of around 2.5 percentage points CAGR. The fund has made well use of diversification to mitigate downside risk and generate decent lead over the benchmark index.

Table: HDFC Mid-cap Opportunities Fund's performance vis-a-vis category peers

*Please note, this table only represents the best performing funds based solely on past returns and is NOT a recommendation. Mutual Fund investments are subject to market risks. Read all scheme related documents carefully. Past performance is not an indicator for future returns. The percentage returns shown are only for indicative purposes.

Though HMOF has trailed some of the other popular peers in the mid cap category, it stands strong in the list of mid cap funds. The fund has constantly outperformed the benchmark by a noticeable margin across time periods.

Some of the other top performers in the category are Axis Midcap Fund, Invesco India Midcap Fund, and DSP Midcap Fund.

The fund has not only demonstrated its ability to generate superior returns for its long term investors, but has been reasonable when it comes to managing volatility and curtailing down-side risks. In terms of risk-adjusted returns, HMOF has outperformed its benchmark by a significant margin and also stays ahead of most of its peers.

Investment strategy of HDFC Mid-cap Opportunities Fund

Categorized as midcap fund, HMOF is mandated to invest minimum 65% of its assets in equity and equity related instruments of mid cap companies. Accordingly, HMOF invests in stocks of predominantly mid-sized companies, which have reasonable growth prospects at acceptable valuations. The fund also holds significant exposure in smallcaps along with moderate exposure in large caps as well as cash and debt.

It follows the bottom-up approach to identify high quality businesses for the long term. The stocks are bought primarily for the strengths of company fundamentals rather than the strength of the macro-economic indicators.

The fund manager resists from following market momentum and holds each of his high conviction stock for the long term.

Graph 2: Top portfolio holdings in HDFC Mid-cap Opportunities Fund

As on March 31, 2020,HMOF held 75 stocks in its portfolio, with no individual stock having exposure of more than 5%.Popular mid cap names like Aarti Industries, Balkrishna Industries, Trent, Ipca Laboratories, and Voltas, etc. appeared in its top portfolio holdings. The top 10 stocks constitute close to 32% of its assets.

The fund's portfolio is primarily skewed towards Banking and Finance sectors which together constitute around 17% of the portfolio. Auto ancillaries, Pharma, Chemicals, and Industrial Products are the other prominent sectors with allocation of around 9-11% each.

Suitability

HMOF's performance over longer time periods has been commendable, where it has generated decent long-term returns for its investors as compared to the benchmark, though it has lagged behind some of its peers. Its focus on timely realization of growth potential of stocks at fair valuation can help it generate strong returns while also minimize the downside risk. However, its aggressive mandate makes it prone to high volatility. This makes HMOF suitable for investors with high risk appetite and a long term investment horizon.

Editor's note: The last few years have not been among the best for equity mutual funds. While most funds have underperformed or are struggling to match the returns of the benchmark, there are few funds that have the potential to constantly generate alpha for its investors. And we have identified five such high alpha generating funds, in our latest report 'The Alpha Funds Report 2020'. Do not miss our latest research finding. Get your access to this exclusive report, right here!

Note: This write up is for information purpose and does not constitute any kind of investment advice or a recommendation to Buy / Hold / Sell a fund. Returns mentioned herein are in no way a guarantee or promise of future returns. As an investor, you need to pick the right fund to meet your financial goals. If you are not sure about your risk appetite, do consult your investment consultant/advisor. Mutual Fund Investments are subject to market risks, read all scheme related documents carefully.

Author: Divya Grover

This article first appeared on PersonalFN here.

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PersonalFN is a Mumbai based personal finance firm offering Financial Planning and Mutual Fund Research services.

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