2019 is ending with the markets at an all-time high, the economy at multi-quarter lows and the credit market doldrums continue. The important question going forward to make 2020 a profitable wealth-creating year in personal finance space.

To discuss this CNBC-TV18 spoke to Feroze Azeez Deputy, CEO at Anand Rathi Financial Services, and Gaurav Mashruwala a certified financial planner.

Azeez said, "Credit risk emphasis in the mind of investors was far lower before 2019. So, I think it needs emphasis and that is one thing which clearly comes out. In turn, a fallout of that is numerical measures to risks are something which is the need of the hour."

Mashruwala said, "2019 was nothing new for me. In my last 25-30 years of practice as a professional, these years and these cycles happen. We do see bad times, we do see good times and when there are bad times one or two years go by. As a professional, it is just to handhold the clients and their emotions."

On the outlook for 2020, Mashruwala said, "You cannot be looking at one year for equity. If you are looking at equity, it has to be long term. Within equity, you will have an allocation large-cap, mid-cap, small-cap and that you may want to change because if for some reason the mid-cap and small-cap are not performing then you may want to increase allocation."

On top 5 funds for 2020, Azeez said, "The 5 funds are not just chosen on the past performance basis, so there could be some dichotomy in terms of why is this fund being recommended. There are tools available to project future performance as well and so on that basis, I would say, Mirae Asset Large Cap, Invesco Growth Opportunities, SBI Focused Equity, Kotak Standard Multicap, and Kotak Emerging Equities. These 5 funds as a combination are a very diverse mix of mid-cap, large-cap, different sizes, the largest being Rs 29,000 crore with Kotak Standard Multicap to the smallest being Invesco Growth Opportunities which just has Rs 2,100 crore, so it is very diverse."

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