Portfolio Analysis of Mutual Funds

1.) A closed-end fund is a mutual fund in which shares are issued just when fund is:
Ans. Organized

2.) Asset allocation is procedure of scattering your assets between numerous different kinds of investments to: Ans. Lessen risk

3.) NAV stands for: Ans. Net asset value

4.)_______is a deal that produces product by exploiting a price difference of a product in two different markets: Ans. Arbitrage

5.) Debt funds do not invest in: Ans. Equities

6.) SIP stands for
Ans. Systematic Investment Plan

7.) If benchmark index generates 5% in a month, and mutual fund generates -2%, calculate the alpha.

Ans. -7

8.) If benchmark index moves up by 5% and mutual fund moves down by 2.5%, calculate beta.

Ans. -0.5

9.) Explain Large Cap Fund
Ans. These mutual funds select stocks for investment from the largest 100 stocks listed in the Indian markets (highest market capitalization). Larger stocks are expected to be less risky whereas smaller stocks may have higher potential to grow.

10.) Risk free rate of return is 5%, standard deviation of mutual fund returns is 10%, actual annualized return is 7%, calculate Sharpe ratio.
Ans. (7-5)/10 = 0.2

11.) Money pooled in the mutual fund is managed by
Ans. Fund manager

12.) Mutual Fund industry in India is
Ans. Rs 25 Trillion

13.) Debt funds should be invested when Expectation of interest rate falling is there
Ans. True

14.) Mutual Funds can Invest in
Ans. Equity

15.) Which of the following best define an open-funded mutual fund?
Ans. It has units available for sale and repurchases at all times

16.) Which of the following mutual funds solely invests in stocks?
Ans. Equity Fund

17.) The first introduction of Mutual Funds in India occurred in which of the following years? Ans. 1963

18.) Which of the following organizations is the Mutual Fund market regulator in India?
Ans. SEBI

19.) Which of the following banks launched the first mutual fund in India?
Ans. Canara Bank

20.) Which type of Fund is required to be listed on Stock Exchange?
Ans. Close-ended funds

21.) Which of the following is the situation when the units of a close-ended fund can be bought?
Ans. At the launch

22.) What statistical measure do we use to estimate the risk in the returns of a mutual fund?
Ans. Standard Deviation

23.) If you invested Rs. 100000 in a mutual fund 10 years ago at a NAV of Rs. 10 per unit and today its NAV is 25.8, calculate holding period return and annualized return.
Ans. HPR = (25.8 – 10)/10 = 1.58%   AR= 1.58/10 = 0.158%

II) Price Analysis of Equity Markets

  1. Nifty is the selection of Top

Ans. 50 Companies of NSE

  1. Who controls the Capital Market in India?

Ans. The Securities and Exchange Board of India

  1. Describe about the various Zones that you had studied using Price Action.

Ans. Narrow, Mid & Wide

  1. The range between 11.8% & 38.2% is known as

Ans. Narrow

  1. If you are holding a Stock and it price has touched Rising Channel 261.8% level, what will you do?

Ans. Exit

  1. If a Stock is in Uptrend and based on the prices of yesterday that you had plotted on Price Action Calculator, it has now reached RC 38.2% Level. Which zone is it trading and what should one do in this situation?

Ans. Narrow Zone, One should Sell it

  1. Which of the following is not a Credit Rating agency?

Ans. DOW JONES

  1. Which of the following TERM does not belong to the Stock Exchange?

Ans. KPO

  1. Which of the following reasons is not responsible for the ups and downs in the Sensex?

Ans. None of the Above

  1. Which term most accurately describes selling shares at a higher price than the price at which they were bought?

Ans. Profit

  1. The market where Debt and Stocks are traded and maturity period is more than a year is classified as

Ans. Capital Market

  1. The Markets in which new Securities are issued by the Corporations to raise funds are called

Ans. Primary Market

  1. If the Market Opens in Rising Channel Narrow Zone, how is it likely to behave?

Ans. It should Fall

IV) Real Estate

  1. What are the various asset classes available for investor to invest in?

The three main asset classes have been equities (stocks), fixed income (bonds), and cash equivalent or money market instruments.

  1. What do you understand by the term “Real Estate”? What is the nature/ characteristics of a Real Estate.

Real estate is real property that consists of land and improvements, which include buildings, fixtures, roads, structures, and utility systems. Property rights give a title of ownership to the land, improvements, and natural resources such as minerals, plants, animals, water, etc.

Physical Characteristics of Real Estate

  • Land has three physical characteristics that differentiate it from other assets in the economy:
  • While some parts of land are removable and the topography can be altered, the geographic location of any parcel of land can never be changed.
  • Land is durable and indestructible (permanent).
  • No two parcels of land can be exactly the same. Even though they may share similarities, every parcel differs geographically.

Economic Characteristics of Real Estate

  • Land also has some distinct economic characteristics that influence its value as an investment:
  • Scarcity: While land isn’t considered rare, the total supply is fixed.
  • Improvements: Any additions or changes to the land or a building that affects the property’s value is called an improvement. Improvements of a private nature (such as homes and fences) are referred to as improvements on the land. Improvements of a public nature (e.g., sidewalks and sewer systems) are called improvements to the land.
  • Permanence of investment: Once land is improved, the total capital and labor used to build the improvement represent a sizable fixed investment. Even though a building can be razed, improvements like drainage, electricity, water, and sewer systems tend to be permanent because they can’t be removed (or replaced) economically.
  • Location or area preference. Location refers to people’s choices and tastes regarding a given area, based on factors like convenience, reputation, and history. Location is one of the most important economic characteristics of land (thus the saying, “location, location, location!”).
  1. Which of the following is considered as real property?

Ans. Vacant Land

  1. Write any three key players and their role in Real Estate?

Ans.Developer
Banker
Broker

  1. Which of the following is the kind of rights in Real Estate?

Ans. History of Title

  1. Write a short note on REITs.

Ans. A real estate investment trust (REIT) is a company that owns, operates, or finances income-producing properties.

REITs generate a steady income stream for investors but offer little in the way of capital appreciation.

Most REITs are publicly traded like stocks, which makes them highly liquid (unlike physical real estate investments).

REITs invest in most real estate property types, including apartment buildings, cell towers, data centers, hotels, medical facilities, offices, retail centers, and warehouses.

  1. What are the different types of properties?

Ans. Movable and Immovable Property.

Tangible and Intangible Property.

Private and Public Property.

Personal and Real Property.

Corporeal and Incorporeal Property.

  1. What is the role of Lawyers and Valuers in a Real Estate?

Ans. Professionals analysing the rights and value of real estate

  1. What do understand by term- Carpet Area, Super-Built up Area?

Ans.

  1. What is the relationship between Real Estate and Debt?

Ans. Both are negatively correlated

  1. What are the financing products available for Real Estate?

Ans. Home Loan, Commercial Loan, Issue of Bonds, Loan Again Property, NCDs

  1. What percentage of the net distributable cash flows of a REIT has to be distributed to the Unit holders/ investors at least once every 6 months?

Ans. 90%

  1. What are the various risks attached to a Real Estate Portfolio?

Ans. Financial Risk:

A number of people take huge debts for investing in property. But, are you really aware of the fact that the use of debt magnifies the investment risk? Yes, this risk is directly proportional to the amount of debt taken. The interest rates are never constant, and this can lead to rise in the financing costs, which is surely not good for you. Both commercial and residential property investor are affected by this risk.

Liquidity Risk:

The unavailability of continuous market, i.e. when a good number of buyers and sellers are not present, it becomes difficult to sell a property. In such circumstances, one has to under-sell the property or wait for longer time, sometime up to a year for perfect price!

Management Risk:

This type of risk is based on the ability of the management. How it respond to economic conditions, maintain the property, negotiate leases, etc. contributes to this. Not only commercial, even the residential properties are affected. You must have seen the difficulties a number of managers and owners face, due to the outdated tenant laws in India, to get hold of their property. Therefore, it is advisable for the management to go for the registered leases for residential and commercial properties.

Legislative Risk:

Another major risk involves legal regulations like tenant laws, registration procedures, restricted use of property, and several other restrictions, which are imposed by the state bodies. While investing, it is important to consider these risks too.

Environmental Risk:

What if you buy or construct a property in the areas under jurisdiction? This will surely affect the returns on your investment. Thus, you need to be a smart buyer.

Hence, if you wish to yield very good profits, you need to be aware of the aforementioned risks. Just don’t go blindly by the words of some real estate managers. Be careful, your alertness can decrease the risk dramatically!

  1. What are the income-generating properties and the capital value-based properties? And who are the investors in these kinds of properties?

Ans. Income Generating – REITs, INVEITs
Capital – Plots, Retail Booths

Blockchain Technology & Cryptocurrency

  1. What is a Blockchain?

Ans. A blockchain is a decentralized, distributed, digital ledger consisting of records called blocks.

  1. Bitcoin is created by

Ans. Satoshi Nakamoto

  1. Proof of Work is

Ans. A process used for transaction verification and block addition

  1. What do you understand by Asymmetric encryption?

Ans. Asymmetric cryptography, also known as public-key cryptography, is a process that uses a pair of related keys — one public key and one private key — to encrypt and decrypt a message and protect it from unauthorized access or use.

  1. Blockchain and Bitcoin are both same.

Ans. False

  1. The maximum number of Bitcoins that can be created is

Ans. 21 Million

  1. The process of creating new Bitcoins is known as

Ans. Mining

  1. The research paper that brought Bitcoin to the world is known as

Ans. White Paper

  1. POS stands for

Ans. Proof of Stake

  1. If you a part of a Blockchain and you have the rights to verify a transaction, you are most likely to be a

Ans. Full Node

  1. Ether is a

Ans. Cryptocurrency

  1. Explain the process of Proof of Work.

Ans. Proof of work (PoW) describes a system that requires a not-insignificant but feasible amount of effort in order to deter frivolous or malicious uses of computing power, such as sending spam emails or launching denial of service attacks.

  1. Explain Smart Contract with an example.

Ans. Smart contracts are simply programs stored on a blockchain that run when predetermined conditions are met. They typically are used to automate the execution of an agreement so that all participants can be immediately certain of the outcome, without any intermediary’s involvement or time loss.

Banking for Business Services

  1. What is the full form of CBS?

Ans. Core Banking System

  1. When and why were 14 banks nationalized?

Ans. At 8.30 pm on the night of July 19, 1969, then prime minister Indira Gandhi announced to the nation that 14 major commercial banks which between them controlled 85 percent of bank deposits in the country, had been nationalised.

Allahabad Bank, Canara Bank, United Bank of India, UCO Bank, Syndicate Bank, Indian Overseas Bank, Bank of Baroda, Punjab National Bank, Bank of India, Bank of Maharashtra, Central Bank of India, Indian Bank, Dena Bank, Union Bank and were nationalised.

  1. What do you understand by Retail banking and MSME Banking?

Ans. Retail banking refers to the division of a bank that deals directly with retail customers while corporate banking is the part of the banking industry that deals with corporate customers. Retail banking is the visible face of banking to the general public, with bank branches located in abundance in most major cities. Corporate banking, on the other hand, works directly with businesses to provide them loans, credit, savings accounts, and checking accounts which are specifically designed for companies rather than for individuals.

The Micro Small and Medium enterprises (MSMEs) have been accepted as the engine of economic growth and play an important role in the equitable economic development of country. The major advantage of the sector is its employment potential at low capital cost.

  1. Which one of the following is called as initial repayment holiday given to a borrower for repayment of loan?

Ans. Moratorium

  1. What are NPAs? What were the reasons behind the rise in NPAs?

When a person delays the payment of the loan or an amount which was due on him through the delay in payment in either interests or installments or principal amount, that particular loan or amount is termed as Non-Performing Asset. The topic is important for the IAS Exam as it is keeping in the news after former RBI Governor Raghuram Rajan on 14th July 2020 made a statement about the unprecedented increase in the NPAs due to the Covid-19 crisis.

  1. What changes will the banks in India face due to digitalization?

Ans. Loss of Jobs, Evolution of new specialised Jobs, Quick Transfer of Funds, Cheaper access of Funds

  1. Who introduced LPG policy in India in 1991?

Ans. Dr. Manmohan Singh

  1. Explain terms- Shadow banking, Depository NBFCs and Non- Depository NBFCs?

Ans. Shadow Banking:

The shadow banking system is a group of financial intermediaries which facilitate the creation of credit across the global financial system, but whose members are not subject to regulatory oversight. These companies are often known as nonbank financial companies (NBFCs). The shadow banking system also refers to unregulated activities by regulated institutions.

Examples of intermediaries not subject to regulation include hedge funds, unlisted derivatives, and other unlisted instruments, while examples of unregulated activities by regulated institutions include credit default swaps. 

Depository NBFCs:

A non-banking institution which is a company and has principal business of receiving deposits under any scheme or arrangement in one lump sum or in installments by way of contributions or in any other manner, is also a non-banking financial company (Residuary non-banking company).

Non- Depository NBFCs

  1. Explain project funding and working capital funding.

Ans. Working Capital Financing is when a business borrows money to cover day-to-day operations and payroll rather than purchasing equipment or investment.

Working capital financing is a common practice for businesses with an inconsistent cash flow.

  1. MPBF in banking stands for

Ans. Maximum permissible banking finance

  1. What are the different types of project funding.

Ans. Term Loan in INR & ECBs

  1. What do you understand by term financial bank guarantee and performance bank guarantee.

Ans. A bank guarantee is a type of financial backstop offered by a lending institution. The bank guarantee means that the lender will ensure that the liabilities of a debtor will be met. In other words, if the debtor fails to settle a debt, the bank will cover it. A bank guarantee enables the customer (or debtor) to acquire goods, buy equipment, or draw down a loan.

  1. Working Capital funding facilities includes

Ans. Export Credit, Overdraft facility, Bank Guarantees and other products from ICICI Bank designed to meet your Working Capital Needs

  1. When can borrowers get overdraft facility? What is the difference between overdraft and cash credit?

Working capital of the business is essential for running the daily operations, and for that the company needs to take short term loans or long term loans. The popular options in short term loans are cash credit and overdraft and long term loan options are line of credit or business loans, etc.

Cash credit and overdraft are two types of short term loan facilities offered by the lenders to the businesses. Overdraft facility is also offered to individuals based on their relationship with the bank.

Cash credit is referred to as a short term business loan that is offered to businesses for maintaining the working capital, while overdraft facilities are offered to businesses and individuals who wish to withdraw more than their available balance in the bank account.

  1. PCFC stands for (1 Mark)

Ans. Pre-shipment Credit in Foreign Currency

Insurance Products & Services

  1. What are the basic Terms & Conditions for eligibility Key Man Insurance?

Ans. Eligibility criteria for the employee to be covered

An employee is considered to be a Keyman if he/she fulfils the following eligibility parameters –

  • The employee holds less than 51% of the stake in the company in which he/she is employed
  • The aggregate shares held by the employee and his/her family members should not be more than 70% of the total share capital of the company
  • The role of the employee should be provided and it should be proved that such role is critical for the business
  1. What are the benefits if one gets their policy assigned under MWP?

Ans. Under this act, Section 6 highlights its importance, “A policy of insurance effected by any married man on his own life and expressed on the face of it to be for the benefit of his wife, or of his wife and children, or any of them, shall ensure and be deemed to be a trust for the benefit of his wife, or of his wife and children, or any of them according to the interests so expressed, and shall not, so long as any object of the trust remains, be subject to the control of the husband, or to his creditors, or form part of his estate.”

Who should opt for MWP Act?

  • Business people and salaried individuals with loans or liabilities.
  • People who want to protect their wife/child(ren) from creditors/relatives who might have fraudulent intentions.
  • The benefit amount with term life insurance can be a huge sum enough to protect your loved ones’ future in your absence financially. So it will be the ideal decision if everybody who is buying term life insurance chooses to protect their loved ones under the MWP Act.
  1. What are the various types of Insurances available?
  • Life Insurance
  • Motor insurance
  • Health insurance
  • Travel insurance
  • Property insurance
  • Mobile insurance
  • Cycle insurance
  • Bite-size insurance
  1. Write a short note on Employer-Employee Insurance?

The employer-employee structure is one where the company buys insurance but the beneficiary is an employee. It is a benefit given by the company to select employees. In today’s context this is particularly relevant because attracting and retaining employees is so much more difficult. The employer-employee insurance policy works as a reward program for the employees.

  1. Need and scope of Insurance?

Ans. Need for Insurance

  • Insurance plans are beneficial to anyone looking to protect their family, assets/property and themselves from financial risk/losses:
  • Insurance plans will help you pay for medical emergencies, hospitalisation, contraction of any illnesses and treatment, and medical care required in the future.
  • The financial loss to the family due to the unfortunate death of the sole earner can be covered by insurance plans. The family can also repay any debts like home loans or other debts which the person insured may have incurred in his/her lifetime
  • Insurance plans will help your family maintain their standard of living in case you are not around in the future. This will help them cover the costs of running the household through the insurance lump sum payout. The insurance money will give your family some much-needed breathing space along with coverage for all expenditure in case of death/accident/medical emergency of the policyholder
  • Insurance plans will help in protecting the future of your child in terms of his/her education. They will make sure that your children are financially secured while pursuing their dreams and ambitions without any compromises, even when you are not around
  • Many insurance plans come with savings and investment schemes along with regular coverage. These help in building wealth/savings for the future through regular investments. You pay premiums regularly and a portion of the same goes towards life coverage while the other portion goes towards either a savings plan or investment plan, whichever you choose based on your future goals and needs
  • Insurance helps protect your home in the event of any unforeseen calamity or damage. Your home insurance plan will help you get coverage for damages to your home and pay for the cost of repairs or rebuilding, whichever is needed. If you have coverage for valuables and items inside the house, then you can purchase replacement items with the insurance money.

Financial Derivatives: Hedging & Speculative decision

1.) There are three months expiry on Stocks in India

Ans. True

  1. Futures are traded in Lot Sizes

Ans. True

  1. Using futures contracts to transfer price risk is called:

Ans. Hedging

  1. FOMC full form is:

Ans. Federal Open Market Committee

  1. Futures and Options are type of ………

Ans. Derivatives

  1. Lot Size refers to

Ans. No. of Shares

  1. Which of the following has the right to sell an asset at a predetermined price?

Ans. A Put Buyer

  1. Derivatives Contract expires on last __________ of every month:

Ans. Thursday

  1. Which of the following is potentially obligated to sell an asset at a predetermined price?

Ans. A Call Writer

  1. Which of the following strategies will be profitable if the price of the underlying asset is expected to decrease?

Ans. Selling a Call, Buying a Put

  1. Derivatives Market is also known as________

Ans. Notional Market

  1. What Characterizes a derivative contract?

Ans. Derives value from underlying asset

  1. When you sell a put option, you agree to buy a stock at an agreed-upon price.

Ans. True

  1. Which of the following is not the types of Derivatives products

Ans. Bonds

  1. A put option has a strike price of $35. The price of the underlying stock is currently $42. The put is:

Ans. Out of money

  1. Which of the following option traders receive, rather than pay, a premium?

Ans. Option Buyers

  1. Buyers of Put Option anticipate the value of the underlying Will _______ and sellers of call option anticipate the value of call option will_______ ? Give reasons for the the answers?

Ans. Decrease, Decrease. Buy Put is right to sell & Sell Call is Obligation to sell..

  1. Which of the following best describes the term spot price:

Ans. T+2

  1. A call option with a strike price of $55 can be sold for $4. What will be your net profit if you sell the call and the stock price is $52 when the call expires?

Ans. $4

  1. The spot price of a stock closes at $7 at the expiration of an option contract. Which one of the following option positions will have value?

Ans. The buyer of a call with $5 strike price.

  1. What happens to the price of a futures contract as expiration Date comes closer?

Ans. It approaches the spot price of the asset.

  1. One year call option on a stock with strike price Rs.30 cost Rs.3 and one year put option on the stock with strike price of Rs.30 cost Rs.4. Suppose the trader buys two call options and one put option. The Breakeven stock price above which the trader makes a profit is:

Ans. Rs.35

  1. One year call option on a stock with strike price Rs.30 cost Rs.3 and one year put option on the stock with strike price of Rs.30 cost Rs.4. Suppose the trader buys two call options and one put option. The Breakeven stock price Below which the trader makes a profit is:

Ans. Rs.20

Advanced Financial Planning & Wealth Management

  1. Define Inflation forecast, Bond yield, and Risk premium?

Inflation forecast is measured in terms of the consumer price index (CPI) or harmonized index of consumer prices (HICP) for euro area countries, the euro area aggregates, and the United Kingdom. Inflation measures the general evolution of prices.

A bond’s yield is the return to an investor from the bond’s coupon (interest) payments. It can be calculated as a simple coupon yield, which ignores the time value of money, any changes in the bond’s price, or using a more complex method like yield to maturity.

A risk premium is the investment return an asset is expected to yield in excess of the risk-free rate of return. An asset’s risk premium is a form of compensation for investors. It represents payment to investors for tolerating the extra risk in a given investment over that of a risk-free asset.

  1. What is the current 10-year government bond yield? (1 Mark)

Ans. 7.330%

  1. What do you understand by expectation of return, expectation of risk and expectation of growth of personal disposable income according to financial planning. (6 Marks)

Ans. he expected return is the profit or loss that an investor anticipates on an investment that has known historical rates of return (RoR). It is calculated by multiplying potential outcomes by the chances of them occurring and then totaling these results.

Investment risk can be defined as the probability or likelihood of occurrence of losses relative to the expected return on any particular investment.

The expectation of growth of personal disposable income

  1. What do you mean by short and long futures? Explain one case for each where one can use them.

If an investor has long positions, it means that the investor has bought and owns those shares of stocks. By contrast, if the investor has short positions, it means that the investor owes those stocks to someone, but does not actually own them yet.

For instance, an investor who owns 100 shares of Reliance stock in their portfolio is said to be long 100 shares. This investor has paid in full the cost of owning the shares.

Continuing the example, an investor who has sold 100 shares of Reliance without yet owning those shares is said to be short 100 shares. The short investor owes 100 shares at settlement and must fulfil the obligation by purchasing the shares in the market to deliver.

  1. How would one hedge against bonds or debt funds if he is expecting a falling bond market in the future?

Ans. Through Interest Rate Futures

  1. Who is a high risk client?

Ans. The one who wants to have Higher Standard Deviation

  1. How can gold be used as a hedging tool against inflation and a slowdown in the economy? And what are the options one can use for investing in gold? Also, name two more hedging tools against inflation.

Ans. Hedging Tools – Silver, Dollar

  1. The financial planner’s fundamental role is to ensure that the client has adequate ________to meet various financial goals.

Ans. Money

  1. What aspects one should consider before planning a portfolio? What are the major asset classes that you would like to include in your portfolio?

Ans.

  1. Current chairman of FOMC is

Ans. Jerome Powell

Portfolio: The Return & Risk Management

  1. What do you understand by Diversified Portfolios?

Ans. Diversification is a risk management strategy that mixes a wide variety of investments within a portfolio. A diversified portfolio contains a mix of distinct asset types and investment vehicles in an attempt at limiting exposure to any single asset or risk. The rationale behind this technique is that a portfolio constructed of different kinds of assets will, on average, yield higher long-term returns and lower the risk of any individual holding or security.

Portfolio holdings can be diversified not just across asset classes, but also within classes by investing in foreign markets as well as domestic markets. The idea is that the positive performance of one area of a portfolio will outweigh the negatives in another.

Points:

  • Diversification is a strategy that mixes a wide variety of investments within a portfolio.
  • Portfolio holdings can be diversified across asset classes and within classes, and also geographically—by investing in both domestic and foreign markets.
  • Diversification limits portfolio risk but can also mitigate performance, at least in the short term.

Find out the Total Return from the following data provided

Ans 2.

Name of  Asset

Amount Invested

Return

Weights Individual
Amount Invested/Total Amount

Weighted Return

(Retutn*Individual Weights)

Real Estate

50,00,000

11%

32%

3.50%

Equity

20,00,000

15%

13%

1.91%

Mutual Fund

5,00,000

-11%

3%

-0.35%

Gold

70,00,000

-4%

45%

-1.78%

PPF/FDs

12,00,000

8.50%

8%

0.65%

Total Invested Amount

1,57,00,000

Total PF Return(Total of Weighted Return)

4%

Ans 3 

Name of  Asset

Amount Invested in June 2018

Current Value as in today

%Return

Weights Individual
Amount

Weighted Return

Real Estate

1,00,00,000

1,50,00,000

50.00%

74.07%

37.04%

Equity

9,00,000

15,00,000

66.67%

6.67%

4.44%

Mutual Fund

15,00,000

12,00,000

-20.00%

11.11%

-2.22%

Gold

6,00,000

5,90,000

-1.67%

4.44%

-0.07%

PPF/FDs

5,00,000

5,50,000

10.00%

3.70%

0.37%

Total Invested Amount

1,35,00,000

Total Return

39.56%

Ans 4. -0.40%

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