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Active Funds vs. Passive Funds? Which will Perform Better in the Long Run?

by Holistic Leave a Comment | Filed Under: Financial Plan

Listen to this article


Two schools of conflicting thoughts!!!

One School of Thought: “Active Funds tend to perform better than passive Funds”.

Another School of Thought: “Passive Funds are prone to less risk while still yielding better results compared to Active Funds.”

This leads us to the question of which is better? Active or Passive Funds?

Firstly we need to delve deeper into Mutual funds to understand what kind of funds would be better to invest in?

Table of Content:

1.) Understand your Requirements First

2.) Understand the Mutual Fund Schemes

3.) The Role of Alpha in Mutual Fund Selection

4.) Basics of Active & Passive Funds

5.) Active Fund

6.) Pros of Active Funds

7.) Cons of Active Funds

8.) Passive Fund

9.) Pros of Passive Fund

10.) Cons of Passive Fund

11.) Active Fund Vs. Passive Fund

12.) What is a Tracking difference & Tracking error in the Passive Fund?

13.) Key Observations from the Analysis

14.) Active or Passive Funds: Which one to choose?

15.) Choose Active Funds:

16.) Choose Passive Funds:

17.) Final Remarks:

Selecting the Right Mutual Funds

Mutual funds are one of the investment products through which investors can grow wealth. There are many types of mutual funds for the investor to pick and choose to invest in.

Understand your Requirements First:

before you start investing in any fund, you must first consider certain factors. Some of the factors include:

  • Identifying your financial goals.
  • Evaluating your risk tolerance.
  • And how long are you planning to stay invested in that particular mutual fund you have chosen?

This will help determine your goals and risk appetite to help you choose the Mutual funds that will fit your needs accordingly.

Understand the Mutual Fund Schemes:

Now, while choosing the funds, it is better to track the past record performance of the fund. It is not enough to look at the recent high performance of the fund to finalize your choice. Your analysis of the past performance should go back to 5, 7, 10, or 15 years to better gauge the fund’s rate of return.

There are some important statistical ratios that help investors to determine the risk-return profile of an investment. They are Alpha, Beta, Standard deviation, R-squared, and Sharpe ratio. But many investors tend to focus exclusively on additional investment return (alpha) with little to no concern for the other metrics that could potentially help them out in the long run.

This might arise the question of why Investors tend to focus exclusively on Alpha?

The Role of Alpha in Mutual Fund Selection:

Alpha represents the excess returns (performance of a portfolio) earned on investment above the average benchmark return. The portfolio manager or the fund manager who manages your active funds measures the performance of the portfolio he himself carefully structured using the Alpha statistical ratio.

Alpha in particular helps to determine if your active fund’s portfolio has managed to beat the market return over a period of time. As a result of actively investing in the funds, the Alpha result may either turn out to be positive or negative.

Whereas Alpha can’t be used to measure the portfolio of Passive funds.

Basics of Active & Passive Funds:

Let us briefly look at what Active and Passive funds are to precisely understand which is better?

Would like to actively invest by letting a fund manager and his team manage your funds or are you ok with passive investing and letting your investments grow at a similar rate to the market?

Let us dive deep to find out:

Active Fund:

Active funds are one kind of fund in which the fund manager and his team invest based on intense research on different types of securities.

A Fund manager along with his team also would consider multiple factors such as company fundamentals, economic trends, and macro-economic factors when making investment decisions that would directly benefit you.

They seek to outperform the benchmark index to gain you profitable returns in the long run.

Pros of Active Funds:

  • If you have chosen a good fund manager, he may be able to achieve better returns than the market returns over a medium to a long period of time while also making changes to adjust the fund’s investments in order to manage sudden market events.
  • They would also prudently analyze the data which could give them more insight than a typical investor in analyzing new companies to invest in while also monitoring existing investments.

Cons of Active Funds:

  • Active funds usually have higher fund management fees (expense ratio).
  • The fund manager may be able to generate better Alpha while the market is in the upward market trend. But inherently the success of a fund manager depends on how he manages the losses during the downward market trend.

Passive Fund:

Passive funds are the kinds of funds that aim to track and duplicate the performance of a benchmark index. These passive funds mimic the indices like the Nifty or Sensex.

The fund manager here has no active role except to replicate the index. These funds are also referred to as tracking funds because they try to accurately mimic a set benchmark or index.

Pros of Passive Fund:

  • As there is no need of having to actively manage the securities in a portfolio, Passive Funds are lower in cost in terms of an expense ratio than active funds.
  • As Passive Funds will however invest in the same proportion in whichever market or index it is tracking, the fund will definitely obtain similar market returns without the additional cost of paying fees to fund managers.
  • It also acts as a well-diversified investment.

Cons of Passive Fund:

  • As passive funds aim to mimic the index, you would be investing in all the securities on the index regardless of the worthiness of the invested security.
  • The fund manager does not have the option to let go of his investment in certain funds in case he wants to reduce the downside risk.
  • As you are trying to replicate the index through passive funds, you won’t be able to invest more in highly performing securities specifically to gain better returns.
  • The fund manager does not analyse the balance sheet or company or the stock, blindly replicates the index. The strength of the portfolio is not justified by the research and analysis of the fund management team.

Active Fund Vs. Passive Fund:

Both active and passive funds have their own merits and demerits, which might make you wonder which one is the most ideal to invest in?

Let us do a thorough analysis using data points to analyze which fund is better to invest in:

Firstly, we will compare active funds in each category index to gauge their rate of returns.

Assumptions:

Lumpsum Investment: ₹ 1 lakh

Investment period: 7 years

Index: Respective category index

Returns: Annualized return

Let’s assume the Rs. 1 lakh is invested for 7 years. As Equity investments are suitable for long-term investments, the 7-year time period is chosen.

The below tabular column shows the current value of the investment at the end of the 7-year period after being invested under various categories of funds.

Let’s take a deep look into each category individually:

Equity Large Cap – 7-year return performance as of Jun 2022

Scheme Name Invested Amount Current Value Annualized Return (%)
Mirae Asset Large Cap  1,00,000 2,52,194 14.12
Canara Robeco Blue-chip Equity  1,00,000 2,48,984 13.91
Axis BlueChip  1,00,000 2,38,130 13.18
ICICI Pru BlueChip  1,00,000 2,33,540 12.87
Kotak Blue-chip  1,00,000 2,28,012 12.49
SBI Blue Chip  1,00,000 2,23,291 12.15

NIFTY 100 TRI

1,00,000

2,23,105

12.14

Nippon India Large Cap  1,00,000 2,22,142 12.07
Navi Large Cap Equity  1,00,000 2,22,094 12.06
Invesco India Large Cap  1,00,000 2,21,891 12.05
India bulls Blue Chip  1,00,000 2,21,343 12.01

In the large-cap category, almost 6 funds have outperformed the respective index.

Equity Mid Cap – 7-year return performance as of Jun 2022

Scheme Name Invested Amount Current Value Annualized Return (%)
Kotak Emerging Equity  1,00,000 2,99,246 16.94
PGIM India Midcap Opportunities  1,00,000 2,95,722 16.74
Quant Midcap  1,00,000 2,74,573 15.51
Axis Midcap  1,00,000 2,70,869 15.29
Edelweiss Midcap  1,00,000 2,69,490 15.2

NIFTY MIDCAP 150 TRI

1,00,000

2,69,415

15.21

Invesco India Midcap  1,00,000 2,66,542 15.02
Nippon India Growth Fund  1,00,000 2,60,404 14.64
HDFC Mid-Cap Opportunities  1,00,000 2,53,076 14.17
DSP Midcap  1,00,000 2,50,865 14.03
SBI Magnum Midcap  1,00,000 2,49,480 13.94

In Mid cap category also 5 funds have outperformed the respective index

Equity Flexi Cap – 7-year return performance as of Jun 2022

Scheme Name Invested Amount Current Value Annualized Return (%)
Quant Flexi Cap  1,00,000 3,39,534 19.06
Parag Parikh Flexi Cap  1,00,000 2,96,823 16.80
PGIM India Flexi Cap  1,00,000 2,70,154 15.24
SBI Flexi Cap  1,00,000 2,43,618 13.55
JM Flexi Cap  1,00,000 2,43,215 13.53
Edelweiss Flexi Cap  1,00,000 2,41,547 13.42
Canara Robeco Flexi Cap  1,00,000 2,41,333 13.40
ABSL Flexi Cap  1,00,000 2,39,403 13.27
Kotak Flexi Cap  1,00,000 2,38,763 13.23
DSP Flexi Cap  1,00,000 2,36,579 13.08

NIFTY 500 TRI

1,00,000

2,28,109

12.50

In the Flexi cap category, all funds have outperformed the respective index

Equity Small-Cap – 7-year return performance as of Jun 2022

Scheme Name Invested Amount Current Value Annualized Return (%)
SBI Small Cap  1,00,000 3,78,116 20.91
Nippon India Small Cap  1,00,000 3,77,719 20.89
Kotak -Small Cap  1,00,000 3,39,052 19.04
Axis Small Cap  1,00,000 3,36,354 18.90
L&T Emerging Businesses Fund  1,00,000 3,29,408 18.55
Quant Small Cap  1,00,000 3,00,061 16.98
HDFC Small Cap  1,00,000 2,94,766 16.69
DSP Small Cap  1,00,000 2,84,782 16.11
ICICI Pru Small Cap  1,00,000 2,55,434 14.32
Franklin India Smaller Companies  1,00,000 2,39,886 13.30

NIFTY SMALLCAP 250 TRI

1,00,000

2,26,816

12.40

In the Small-cap category, all funds have outperformed the respective index.

Passive Fund – 7-year return performance as of Jun 2022

Scheme Name Invested Amount Current Value Annualized Return (%)

NIFTY 50 TRI

1,00,000

2,23,127

12.15

HDFC Index Sensex 1,00,000 2,22,790 12.11
Tata Index Sensex  1,00,000 2,20,292 11.93
Nippon India Index Sensex  1,00,000 2,19,624 11.89
IDFC Nifty Fund  1,00,000 2,19,259 11.86
UTI Nifty Index  1,00,000 2,18,553 11.81
HDFC Index Nifty 50  1,00,000 2,17,512 11.73
Tata Index Nifty  1,00,000 2,16,950 11.69
Taurus Nifty Index  1,00,000 2,15,853 11.61
ICICI Pru Nifty Index  1,00,000 2,15,791 11.6
SBI Nifty Index  1,00,000 2,15,557 11.59

If you look into the passive fund’s rate of returns in the long term, you will find that neither fund has outperformed the index. The tracking difference of the fund is high when compared to the index.

What is a Tracking difference & Tracking error in the Passive Fund?

Tracking difference is the absolute difference between the returns of the fund and those of the benchmark at the end of the chosen investing period. It measures the actual underperformance or outperformance of the fund compared to the underlying reference index.

Tracking error, on the other hand, is a measure of how well the fund tracks the benchmark during the investment period and how closely it replicates the index. If a passive fund has a very high tracking error, it can defeat the entire purpose of passive investing.

According to the circular issued by the market regulator, SEBI on 23 May 2022, a ceiling has been prescribed for the tracking error (TE) of Index funds and ETFs other than debt ETFs/ Index funds at 2%.

Along with TE, tracking difference (TD) shall also be disclosed on the website of the AMC and AMFI on a monthly basis for tenures of 1 year, 3 years, 5 years, 10 years, and since the date of allotment of units.

Key Observations from the Analysis:

From the above analysis, it is evident that active funds tend to outperform passive funds in the long run.

There are also studies claiming that over the last decade active funds have outperformed the Index. In fact, recent studies have also uncovered the fact that the Alpha generation potential is higher in India than that of any other

Developed market.

Active or Passive Funds: Which one to Choose?

The decision to invest in either active funds or passive funds boils down to the Individual’s goals, risk tolerance and circle of competence.

Choose Active Funds:

You can choose to invest in active funds if the ability of select good active funds is within your circle of competence.

But, in case you are new to mutual funds and you have a higher risk appetite, you can hire a trust-worthy Professional Financial Planner who has the competency to select good active funds.

Having a trust worthy professional Financial Planner with a good track record over the years would definitely be an advantage in navigating the market as even if the risk of loss comes up, he would be able to minimize it considerably.

Active funds from the perspective of the research analysis have shown to generate positive Alpha making it an investment worth the risk.

Choose Passive Funds:

When you are new to the concept of active and passive funds and have a low-risk appetite and also not have a trust-worthy professional Financial Planner on your side, then passive funds might be a better choice for you.

This choice helps you by eliminating the payment of higher fees that comes with actively managed funds. Also, similar to the Index return is guaranteed.

Final Remarks:

You can either choose to actively invest through a competent Financial Planner to achieve better returns or passively invest and gain similar to index returns. The decision to choose is solely based on your individual goals, risk tolerance and your circle of competence.

If you have any comments or questions, write them in the comment box below.

Or are you interested in creating a Comprehensive Financial Plan for your financial goals?

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Jey S
Jey S
24. September, 2021.
I have been using Holistic Investment Planners for the last three years. Mr. Srinivasavaradhan answered all my questions and doubts very patiently during the first free consultation. I was able to clearly define my short-, medium- and long-term goals once I signed up for the comprehensive plan and got their investment plan suggestion to achieve my goals. They are very polite and highly professional whenever I contact them for any queries or make investments. They never pressurize you to invest on their recommended financial products. I would have been lost money by investing directly without their help since I do not have time and knowledge about different financial products. Risk planning is also done as part of financial planning. Truly, they are holistic planners when it comes to your financial planning. They help you to define your life goals, understand your financial resources and establish a plan to invest towards reaching those goals. They do review your plan as you progress to make sure that you are on correct path to achieve those goals. Kudos to the team and keep up the good work!!! I am happy that I found holistic investment planners for my financial planning and management.
aksaswadkar
aksaswadkar
24. September, 2021.
I was about to retire and really not understanding how to invest money to have financial freedom and fulfilling my goals. Was desperately searching on internet way out and fortunately came across Holistic Investment Planners. I read number of articles on their website and realized that this is the agency which I want and engaged their services for my retirement planning. It is an excellent experience to be associated with Holistic. Right from day one our interaction was fantastic and they gave me such a wonderful plan that I had never imagined. I am fortunate enough to be in the client list of Holistic. I have recommended Holistic to my friends as well.
Lionel Faber
Lionel Faber
16. September, 2021.
I've been availing their services for the past year. They are highly knowledgeable in the field and are very patient with all doubts and queries. Personalized financial planning is provided keeping your short term, medium term and long term goals in mind. They do not pressurize you to purchase schemes of their choice. They provide their input and suggestions and leave the decision up to you which shows their honesty and high principle.
Sridhar
Sridhar
8. September, 2021.
Financial planning brings peace in life. Holistic Investment have supported in arriving financial plan based on future goals. My investments are regular since then. They are professionals in their business, will recommend others.
Nitesh Agrawal
Nitesh Agrawal
6. September, 2021.
I have been using Holistic Investment Planners from last one year. The journey has been fantastic. Being a finance person myself I always thought we can look after and plan own finances also. However, due to lack of time and deciplain the things are not always as desired. After joining with Holistic Investment for the first time Icame to know the Financial goals and quantified them. Some dreams were unrealistic based on the earnings and savings so had a reality check. Also got the information and deciplain of investing on regular and more rewarding securities. I definetly suggest to use Holistic Investment Planners. They are professionals, available and hear youor full story before presenting plans. They are flexile in the sense if there are some urgent deviations required, they help to plan the same. For all professionals/individuals I would suggest using professional help of Holistic Investment Planners for best results in long term investment and financial goals achivements. Last advise will be to start early in your life. It really pays well to start in the beginning itself else the dreams needs to adjust :)
Swetha Vasanth
Swetha Vasanth
6. September, 2021.
This is my first year service with the Holistic Team and I would say that they are very much helpful in creating a financial plan and follow ups during the year. I would definitely suggest them if anyone who is willing to proceed with their savings professionally.
Joseph Mathias
Joseph Mathias
6. September, 2021.
I came to know about Holistic Investment Planners online while searching for different investment ideas. Once I contacted them the journey was very smooth. Mr. Ramalingam explained all the aspects of Financial planning in detail and it opened my mind. I realized how important it is to have a Financial planning. Mr. Rajan suggested all the requirements as per my goals and made a Investment plan keeping in mind of my goals. I started my Investment journey with them. I wish I had done it some years back then it would have been in a different level. Review meetings were held every six month to check the implementation of the plan and check the results as per the requirements and to check if any changes required. Overall it was a good experience with Holistic Investment team and would like to continue in the years to come.
Srinvas Kannan
Srinvas Kannan
30. July, 2021.
I came across Holistic investment planners almost 5-6 years back, but I did not have the trust since I had met a few of them who did not sound promising. Then I started investing through a financial advisor of my friend. After 4 years of investing the returns were very low. I was disappointed and started looking for financial advisors when I came across Holistic investment. I had a detailed discussion about my goals and the way they would approach achieving my goal before deciding to switch my investments to them. After a thorough analysis of my then existing portfolios, they suggested new ones and we zeroed-in on 6 schemes/funds where our investment would be split. I am glad I made the decision of switching over and taking Holistic planner's advise, my returns are handsome and I only wish I could have taken their help/advise 5 years back itself. Neverthless, I would like to recommend their services for investment and financial advise if someone is serious about their investments.
Shivaram Andiappan Selvaraj
Shivaram Andiappan Selvaraj
3. July, 2021.
I got a free first time consultation. I got my doubts resolved. They also gave additional advises for investment planning which was also useful.
Nellai B
Nellai B
26. June, 2021.
I have been associated with them for the past three years. They are very professional and polite in answering all our questions. I have complete trust in their suggestions. I strongly recommend for anyone. I am looking forward to have strong and successful association with them.
Google rating score: 4.4 of 5,
based on 61 reviews

Google Reviews

Jey S
Jey S
24. September, 2021.
I have been using Holistic Investment Planners for the last three years. Mr. Srinivasavaradhan answered all my questions and doubts very patiently during the first free consultation. I was able to clearly define my short-, medium- and long-term goals once I signed up for the comprehensive plan and got their investment plan suggestion to achieve my goals. They are very polite and highly professional whenever I contact them for any queries or make investments. They never pressurize you to invest on their recommended financial products. I would have been lost money by investing directly without their help since I do not have time and knowledge about different financial products. Risk planning is also done as part of financial planning. Truly, they are holistic planners when it comes to your financial planning. They help you to define your life goals, understand your financial resources and establish a plan to invest towards reaching those goals. They do review your plan as you progress to make sure that you are on correct path to achieve those goals. Kudos to the team and keep up the good work!!! I am happy that I found holistic investment planners for my financial planning and management.
aksaswadkar
aksaswadkar
24. September, 2021.
I was about to retire and really not understanding how to invest money to have financial freedom and fulfilling my goals. Was desperately searching on internet way out and fortunately came across Holistic Investment Planners. I read number of articles on their website and realized that this is the agency which I want and engaged their services for my retirement planning. It is an excellent experience to be associated with Holistic. Right from day one our interaction was fantastic and they gave me such a wonderful plan that I had never imagined. I am fortunate enough to be in the client list of Holistic. I have recommended Holistic to my friends as well.
Lionel Faber
Lionel Faber
16. September, 2021.
I've been availing their services for the past year. They are highly knowledgeable in the field and are very patient with all doubts and queries. Personalized financial planning is provided keeping your short term, medium term and long term goals in mind. They do not pressurize you to purchase schemes of their choice. They provide their input and suggestions and leave the decision up to you which shows their honesty and high principle.
Sridhar
Sridhar
8. September, 2021.
Financial planning brings peace in life. Holistic Investment have supported in arriving financial plan based on future goals. My investments are regular since then. They are professionals in their business, will recommend others.
Nitesh Agrawal
Nitesh Agrawal
6. September, 2021.
I have been using Holistic Investment Planners from last one year. The journey has been fantastic. Being a finance person myself I always thought we can look after and plan own finances also. However, due to lack of time and deciplain the things are not always as desired. After joining with Holistic Investment for the first time Icame to know the Financial goals and quantified them. Some dreams were unrealistic based on the earnings and savings so had a reality check. Also got the information and deciplain of investing on regular and more rewarding securities. I definetly suggest to use Holistic Investment Planners. They are professionals, available and hear youor full story before presenting plans. They are flexile in the sense if there are some urgent deviations required, they help to plan the same. For all professionals/individuals I would suggest using professional help of Holistic Investment Planners for best results in long term investment and financial goals achivements. Last advise will be to start early in your life. It really pays well to start in the beginning itself else the dreams needs to adjust :)
Swetha Vasanth
Swetha Vasanth
6. September, 2021.
This is my first year service with the Holistic Team and I would say that they are very much helpful in creating a financial plan and follow ups during the year. I would definitely suggest them if anyone who is willing to proceed with their savings professionally.
Joseph Mathias
Joseph Mathias
6. September, 2021.
I came to know about Holistic Investment Planners online while searching for different investment ideas. Once I contacted them the journey was very smooth. Mr. Ramalingam explained all the aspects of Financial planning in detail and it opened my mind. I realized how important it is to have a Financial planning. Mr. Rajan suggested all the requirements as per my goals and made a Investment plan keeping in mind of my goals. I started my Investment journey with them. I wish I had done it some years back then it would have been in a different level. Review meetings were held every six month to check the implementation of the plan and check the results as per the requirements and to check if any changes required. Overall it was a good experience with Holistic Investment team and would like to continue in the years to come.
Srinvas Kannan
Srinvas Kannan
30. July, 2021.
I came across Holistic investment planners almost 5-6 years back, but I did not have the trust since I had met a few of them who did not sound promising. Then I started investing through a financial advisor of my friend. After 4 years of investing the returns were very low. I was disappointed and started looking for financial advisors when I came across Holistic investment. I had a detailed discussion about my goals and the way they would approach achieving my goal before deciding to switch my investments to them. After a thorough analysis of my then existing portfolios, they suggested new ones and we zeroed-in on 6 schemes/funds where our investment would be split. I am glad I made the decision of switching over and taking Holistic planner's advise, my returns are handsome and I only wish I could have taken their help/advise 5 years back itself. Neverthless, I would like to recommend their services for investment and financial advise if someone is serious about their investments.
Shivaram Andiappan Selvaraj
Shivaram Andiappan Selvaraj
3. July, 2021.
I got a free first time consultation. I got my doubts resolved. They also gave additional advises for investment planning which was also useful.
Nellai B
Nellai B
26. June, 2021.
I have been associated with them for the past three years. They are very professional and polite in answering all our questions. I have complete trust in their suggestions. I strongly recommend for anyone. I am looking forward to have strong and successful association with them.
Google rating score: 4.4 of 5,
based on 61 reviews

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