Diversifying across several asset classes is crucial for risk management and industry exposure. However, portfolio management may be tough. You must also handle your monthly installment payments, credit card payments, and insurance premiums. This blog provides a collection of online tools and applications for portfolio tracking.
What is a Portfolio Tracking System?
It is a tool for monitoring the variation of the securities kept in your financial portfolio. On the tracker, you can see how the current allocation aligns with your long-term objectives and how your portfolio is performing relative to the market.
The trackers are user-friendly, packed with robust analytical capabilities, and bundled with brokerages and stock screener tools. You would be able to follow the equities in which you have invested and those in which you have an interest.
Other characteristics of stock portfolio trackers include:
- You can observe how your current asset allocation controls your financial goals.
- It aids in comparing the performance of your portfolio to market benchmarks.
- You would be able to view all of your financial assets in an one area, making it easy to monitor investment performance.
- A few portfolio trackers will additionally display crucial information regarding the stocks’ gain-loss statements by the numerous trades that have been executed.
- It will also display how your securities are distributed to various market sectors, such as energy, telecom, materials, paper, financials, healthcare, etc., and how this allocation has changed over time.
- Some of the top portfolio trackers include the option of importing portfolios from investment accounts or manually executing portfolios to test certain strategies.
What is the finest Portfolio Tracking Software?
There are several excellent portfolio trackers, but how can you choose one is best for you? Here are a few things to consider before to selecting a portfolio tracker:
1) Cost:
Numerous stock portfolio trackers are available at no cost. Some platforms may contain trade-related add-ons, but whether or not you need them depends on your trading needs. If you are a beginner, it is advised that you utilize free trackers.
2) Brokerages supported:
If your brokerages are not supported, there is no use in utilizing the tracker. Choose instead a portfolio that integrates easily with your broker.
3) The quantity of trackable assets:
If you trade in several cryptocurrencies, your needs may differ from those of a large-cap trader, so consider your investing areas prior to selecting a tracker. A reliable tracker allows you to monitor various forms of investments, including stocks, bonds, ETFs, cryptocurrencies, etc.
4) Speed:
Everyone seeks software or tools that load quickly, and the portfolio tracker is no exception. Always check how long it takes the tracker to load on your mobile device or computer, as speed is essential for receiving price updates. You cannot trade if you get prices that are more than 10 minutes old. A tracker should thus display real-time stock quotes.
This is the most important factor to consider while selecting the finest stock portfolio trackers. You will not like using a tracker with intricate capabilities if its UI is not user-friendly.
Why is a portfolio tracker necessary?
You must be managing your financial portfolio effectively on your own and wondering why you need to download an additional app. With portfolio trackers, however, you would not need to navigate between several applications because you would receive all the information here.
1) Make prudent spending decisions:
Knowing how much money to spend is the first rule of trading. There will be times when you will desire to invest more and more as you see the market’s fluctuations.
However, you must comprehend the quantity of money you are investing. You would obtain all of this information from the portfolio tracker, so choose the one that would assist you in making prudent spending selections.
2) Better management:
With the aid of the tracker, you’d be able to manage the various investments and monitor the budget. You must be aware of how much you can afford to lose, as risk management is the other aspect of spending.
Numerous investors make investments without considering the inherent danger. However, if you are a competent trader, your goal should be to stay in the game for as long as possible, which you can achieve by managing your budget with the finest investment tracking apps.
These were some of the advantages of stock portfolio trackers, but which trackers should one choose, given that they should be fast, dependable, cost-effective, and have exceptional features? Is it possible to have them all in one tracker? Obviously, it is.
How can you monitor your assets online?
There are several investment management applications and tools in India. However, you should be aware of viruses that might abuse the information you input. Investigate the company’s history and licensing to determine its origins and legitimacy. SEBI governs investment operations and gives licenses in India.
The following is a non-exhaustive list of websites, applications, and software for tracking your investments:
Money Control
TV18 owns the financial portal Money Control. Their portfolio manager gives you the ability to monitor your investments in equities, mutual funds, Unit-Linked Insurance Plans, gold, silver, platinum, NSEL e-Series products, real estate, and your borrowings and loans.
Their app is accessible in English, Hindi, and Gujrati.
ET Money
ETMoney is an expenditure and investment tracker. You may monitor your investments in mutual funds, equities, term deposits, and NPS Schemes on ETMoney. On their app, you can also monitor your credit card and e-wallet expenses. ETMoney does not impose a fee on investments in mutual funds.
INDmoney
The investment tracker provided by INDmoney enables you to monitor your investments in stocks, ETFs, mutual funds, PPF, EPF, NPS, real estate, and bonds, among others. INDmoney links to your email account and retrieves PAN-related information. NSDL/CDSL statements can be uploaded to submit your stock portfolio.
TickerTape
TickerTape is a platform for monitoring the performance of your stocks, ETFs, and mutual funds. Your Demat account can only be linked if your broker is Zerodha, ICICI, or Groww. TickerTape provides stock, ETF, and mutual fund screeners.
Kuvera
You may follow stocks, mutual funds, EPF, and fixed deposits on Kuvera. Additionally, Kuvera allows you to trade stocks immediately using its app. It is possible to link numerous brokerage accounts. You are able to establish a ‘Goal’ and track investments for each Goal.
Portfolio Tracking – Affluent
You and your family may use Wealthy’s portfolio tracker to monitor your investments in equities and mutual funds. In addition, you can receive services such as a review of your portfolio by an expert financial counselor. You may synchronize your investment information by linking your email. In addition, they provide portfolios that emphasize tax savings, diversity, debt, and SIPs.
Spreadsheets for Tracking Investments
Spreadsheets are the most adaptable instrument for portfolio tracking. However, you must conduct your own study and submit your own data. As long as you are able to acquire and preserve data, you will be able to construct the graphs most suited to answering your inquiries.
Google Sheets and Microsoft Excel are the two most popular spreadsheet programs.
Google Sheets
Google Sheets is a free, web-based spreadsheet application. Data in real time is accessible for equities listed on the NSE and BSE. Google Finance is an excellent tool for gathering information on stock prices and metrics such as P/E Ratio, Earnings Per Share (EPS), and beta.
Microsoft Excel
Microsoft Excel is the most common spreadsheet application. It is well recognized as a potent instrument for understanding data. In India, acquiring stock data needs manually adding sources. MS Excel can retrieve data from websites such as Rediff Money.
Final Thoughts
There are several investment tracking tools available, including internet tools, software, and applications. If you require something beyond what is available online or through software, you may always create a spreadsheet and modify it to your specifications.
On WealthDesk, you may invest in WealthBaskets, which are tailored portfolios. WealthBaskets are designed by specialists registered with SEBI.
FAQs
1. Ques: How do I manage my investments?
Ans: Managing a portfolio needs you to account for expenditures such as EMIs, credit card payments, and insurance premiums; understand your risk profile; understand how risky your portfolio is; establish an investment plan; study, invest, and monitor your portfolio; and understand your risk profile.
2. Ques: What does an investing portfolio contain?
Ans: A portfolio of investments would encompass all of your holdings across all asset types. Your investment portfolio would consist of equities, ETFs, mutual funds, gold, silver, real estate, privately held companies, and bonds.
3. Ques: How can I construct a portfolio?
Ans: To construct a suitable portfolio, you must analyze your risk profile, determine your financial objectives, and select an investing plan appropriately.
4. Ques: Can I monitor all my assets in a single location?
Ans: Tracking assets across many asset classes, such as real estate, equities, ETFs, bonds, and mutual funds, is possible via the use of a variety of software and internet applications.
Conclusion
Managing a diverse investment portfolio is crucial, and using portfolio tracking tools simplifies the process. These tools, whether online platforms like Money Control or spreadsheets like Google Sheets, offer user-friendly ways to monitor assets, compare performance, and make informed decisions. Choosing the right tracker depends on factors like cost, supported brokerages, and tracking capabilities. Ultimately, these tools help you stay on top of your financial goals and make prudent investment decisions.