Sir i am 40 years old, wanted to retire early by 45 or 47. 1-daughter age 7. Invested 27 lac in MF, 30 lac in sbi life privilege plan ulip linked, 45 lac in EPF, 32 lac in PPF, 3 plots total worth 45 lac. Let me know how much should i need to retire in another 5 years. My monthly expenses is around 60 to 75k

Ans: I’ll cover each aspect of your portfolio, your style mix, overlap concern, and guide you on whether switching from Edelweiss Mid Cap to Kotak Emerging Equity makes sense.

Let us evaluate this step by step, keeping it simple, professional, and actionable for you.

Portfolio Structure and Strategy
You have done solid homework on market cap and investment style diversification.

You have not overloaded one cap or style. That’s a good disciplined approach.

Small cap, mid cap, flexi cap and thematic fund – all bases are covered properly.

You have also mixed growth, value, momentum, and quality – this is smart thinking.

But, now the decision is not about fresh funds. It is about changing existing mid cap.

You are asking – is Edelweiss Mid Cap worth continuing or should I shift to Kotak?

Let us break this into focused sections for clarity and a full 360° evaluation.

Review of Mid Cap Exposure
Edelweiss Mid Cap is a growth and quality blend. It does not focus purely on quality.

Over long periods, it has performed reasonably, though not always top-ranked every year.

Its holdings may include a few cyclical stocks and aggressive bets occasionally.

But its volatility is within mid cap range and not unusually high.

Kotak Emerging Equity, on the other hand, is more strict about quality filters.

It avoids very cyclical names and avoids rapid sector rotation.

This helps during bear markets or sideways markets.

But during high growth cycles, Edelweiss may deliver higher upside.

So we need to assess from both – style complement and portfolio overlap.

Overlap with Momentum Fund
You already hold UTI Momentum 30 fund. It is based on past price action trends.

You rightly noticed Edelweiss Mid Cap has 25% overlap with Momentum Fund.

Kotak Emerging Equity has lower overlap – around 17%. This is a good sign.

Lower overlap helps you diversify style and sector risk better.

Momentum and growth styles tend to get crowded. Overlap here can increase risk.

Quality style helps reduce correlation and adds downside protection.

So on this angle alone, Kotak Emerging Equity scores higher than Edelweiss.

Complementing Other Funds
You already have a small cap fund focused on aggressive growth.

Your flexi cap (Parag Parikh) is value-driven and more conservative.

UTI Momentum is high beta and short-term trend oriented.

So a mid cap fund with strict quality filters complements well here.

It brings in predictability and consistency to an otherwise aggressive mix.

Edelweiss Mid Cap is not bad, but overlaps more in growth/momentum areas.

So it doesn’t add enough new style flavour compared to Kotak.

Recent Portfolio Changes
You mentioned making many changes recently. That’s a fair concern.

Too many switches cause taxation issues and disrupt compounding.

So only switch when benefits outweigh costs clearly.

This switch seems justified based on your diversification goal.

Don’t switch for 1-year or 3-year performance ranking.

Switch because the style fit improves and overlap reduces.

Also, don’t panic if performance doesn’t instantly change after switching.

Every fund will have its season. Patience is key in equity mutual funds.

Actively Managed Funds vs Index Funds
You have chosen actively managed funds. That is a very thoughtful move.

Index funds often copy past trends. They don’t adapt to new cycles fast.

Momentum crashes, sector bubbles, and frothy valuations hurt index funds deeply.

Active funds, with skilled fund managers, take defensive calls in time.

Active funds also invest in IPOs, off-index picks and tactical allocations.

Index funds miss such high alpha opportunities.

Active management, when done with discipline, beats passive over long term.

Your portfolio is well structured with a mix of active style-based funds.

That is far better than just buying index products and hoping for best.

Why Regular Plan via MFD with CFP is Better
Many investors go for direct mutual funds without expert guidance.

But without CFP guidance, they don’t know when to switch or stay put.

Regular plan via MFD with CFP ensures you have proper review and handholding.

Even 0.5% wrong allocation in volatile sectors can hurt long term goals.

Regular plan offers accountability, annual portfolio audits and emotional support.

During market crash, most direct investors panic and sell low.

With a CFP-guided MFD, that emotional mistake is avoided.

Saving 1% in expense ratio does not always give better result than having a coach.

Think of it as having a personal trainer in a gym. DIY may lead to poor posture.

So always invest through a certified mutual fund distributor with CFP expertise.

Final Insights
Edelweiss Mid Cap is not a bad fund. But overlap with momentum fund is high.

Kotak Emerging Equity has lower overlap and adds quality focus.

In your current portfolio, Kotak’s approach fits better as a mid cap choice.

You don’t need too many changes now, but this one is worth considering.

Make the switch only if investment is held for more than 1 year.

If held for less than 1 year, check tax impact due to STCG at 20%.

If more than 1 year, only gains above Rs 1.25 lakh will be taxed at 12.5%.

Reinvest only through a regular plan with a trusted CFP-guided MFD.

Don’t rush to change for small performance gaps. Focus on style balance and goals.

Continue your SIPs with patience. Review portfolio every year, not every quarter.

Stick with your goal-based strategy. That is the best way to build long-term wealth.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

Ans: You already have emergency fund in place. Very good start.

You are working with a clear vision. That makes wealth-building easier.

Now, let us design a long-term mutual fund allocation strategy.

We will align this plan to your two important goals:

Rs 1 crore in 15 years

Rs 50 lakh in 10 years

Let us structure this with both lumpsum and SIP allocation.

Understanding Your Time Horizons and Risk Appetite

You have two different time frames: 15 years and 10 years

These allow long-term compounding and exposure to equity

Based on your goal, your risk appetite can be assumed as moderately high

Equity exposure will help beat inflation and build real wealth

Debt allocation will protect from market downsides and balance volatility

Diversification will be the key driver for long-term growth

Choosing the right mix matters more than chasing highest returns

A Certified Financial Planner (CFP) helps structure these choices wisely

Now let’s get into the ideal structure.

Lumpsum Rs 5 Lakh – Suggested Portfolio Allocation

This is your one-time capital. Should be invested wisely and spread properly.

Large & Mid Cap Fund – Rs 1.5 lakh
Balanced exposure. Good for long-term.

Flexi Cap Fund – Rs 1 lakh
Fund manager can switch allocation freely. Good for changing markets.

Mid Cap Fund – Rs 75,000
Can offer good growth. Slightly higher risk. Suitable for 10-15 year horizon.

Small Cap Fund – Rs 50,000
Higher risk. Volatile. But long-term returns can be strong.

Contra or Value Fund – Rs 75,000
Contrarian approach. Useful for diversification.

Hybrid Aggressive Fund – Rs 50,000
Mix of debt and equity. Offers some cushion to your portfolio.

Total = Rs 5 lakh diversified across six categories.

Monthly SIP of Rs 20,000 – Suggested Portfolio

Now we allocate your monthly investments to support both goals.

Large Cap Fund – Rs 3,000
Stable. Good for consistent long-term growth.

Large & Mid Cap Fund – Rs 3,000
Combines stability with growth potential.

Flexi Cap Fund – Rs 3,000
Dynamic asset allocation. Fund manager has flexibility.

Mid Cap Fund – Rs 3,000
Suitable for your 15-year goal. Medium risk.

Small Cap Fund – Rs 2,000
Risky, but can outperform in long term. Good for 15 years, not 10.

Focused Fund – Rs 2,000
Invests in limited stocks. Potential for high return. But also higher risk.

Hybrid Equity Fund – Rs 2,000
Mix of equity and debt. Provides cushion. Supports short- to mid-term goal.

Total SIP = Rs 20,000 per month across seven fund categories.

Fund Category Selection Logic

You will notice we selected both aggressive and stable fund types.

Large cap and hybrid funds bring stability.

Small and mid caps support long-term growth.

Flexi cap and focused funds give room for fund manager strategy.

Overall blend reduces risk and improves return potential.

There is no overlap between categories. This avoids redundancy.

Every rupee is working differently for you.

That's how compounding gets its power.

Avoid chasing only past returns.

Focus on fund strategy and consistency.

Your mix must be actively reviewed every year.

Why You Should Avoid Index Funds

Index funds blindly follow the market. No active decisions.

Poor during market correction or sideways movement.

Underperform during volatility.

No downside protection strategy.

No scope for fund manager to avoid bad sectors.

You lose out during crisis years.

Actively managed funds offer better long-term outcomes.

Especially when handled by Certified Financial Planner with research support.

Why You Should Not Use Direct Funds

Direct funds are bought without expert guidance.

You miss personalised advice and monitoring.

No behavioural coaching when markets fall.

DIY investing sounds good. But discipline and planning are missed.

Regular plans through a trusted CFP-supported MFD offer better value.

You get goal tracking, annual review, and portfolio rebalancing.

Cost difference is small. But impact of advice is large.

Regular plans help avoid emotional mistakes.

Investing without guidance can derail your wealth journey.

Monitoring and Review Strategy

Your SIPs must be reviewed once a year.

Watch underperformance for more than 2 years.

Don’t stop SIPs in market fall. That is when you accumulate more units.

Use a portfolio tracker or let your CFP monitor it.

Maintain asset allocation ratio.

If one category outperforms, rebalance to keep mix right.

Don't get influenced by friends or social media funds.

Stick to your personal goals. Not someone else's advice.

Goal-wise Mapping Strategy

Let’s break your portfolio as per your goals.

Goal 1: Rs 1 crore in 15 years

Use 70% of your investments for this goal

All high-risk and long-term funds go here

Small cap, mid cap, flexi cap will support this goal

Keep investing even if markets go down

Let compounding work without interruptions

Goal 2: Rs 50 lakh in 10 years

Use 30% of your SIP for this goal

Slightly reduce small cap and mid cap

Add more hybrid and large cap to bring stability

Review after 7 years. Start moving to safer funds by year 8

Create a withdrawal strategy for goal maturity

Use SWP or staggered withdrawal to avoid tax burden

Taxation on Mutual Funds (Updated Rules)

Long Term Capital Gain on Equity MF taxed at 12.5% above Rs 1.25 lakh yearly

Short Term Capital Gain on Equity MF taxed at 20%

Debt MF gains taxed as per your income slab

SIPs also follow same tax rule based on each instalment date

Plan redemptions to reduce tax impact

A Certified Financial Planner can help you with this planning

Other Pointers for 360 Degree Financial Plan

Make sure your emergency fund remains untouched

Get a term insurance equal to 15x your annual income

Get Rs 25-30 lakh family floater health insurance

Don’t mix insurance and investment like ULIPs

Avoid child insurance plans and unit linked plans

Continue SIPs during market correction. That builds real wealth

Keep your risk appetite in mind when reviewing your portfolio

Use a goal tracker and invest with discipline

Celebrate small milestones every year

Wealth creation is a long-term journey

Make decisions slowly but stick with them

Don’t chase hot funds or new trends

SIP is not magic. Patience is magic

Finally

Your Rs 5 lakh lump sum and Rs 20K SIP can achieve both your goals.

You are already on the right path by planning early.

Selecting the right fund types will boost your outcome.

Avoid direct funds and index funds.

Get a Certified Financial Planner to track and adjust your journey.

Wealth creation is not one-time. It is a continuous effort.

Give your money the time to grow.

Stay consistent. Stay long term.

Every month brings you closer to your dream.

Let your investments work hard, so you can rest easy.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

Ans: Evaluation of Your Current ULIP Investment for Your Child’s Future

You have started a ULIP for your child’s future.

Your investment is Rs 7,000 per month.

The total invested value is Rs 70,000 till now.

The current fund value is only Rs 52,300.

You are investing in a small-cap fund under this ULIP.

Your son is 4 years old now.

Let us now assess this decision step by step.

Appreciating Your Intention

You have thought about your son’s future early.

You are trying to build wealth with discipline.

This is a very good habit.

Starting early always gives a good advantage.

Protecting your child’s future is always a wise move.

You are also investing monthly without fail.

This kind of consistency is rare.

Understanding the Nature of ULIPs

ULIP means Unit Linked Insurance Plan.

It mixes insurance and investment.

You pay premiums monthly or yearly.

A small part goes to life insurance cover.

The remaining is invested in the market.

Charges are very high in the first 5 years.

Fund management charge, allocation charge, mortality charge.

These charges reduce your investment value.

You also have lock-in for 5 years.

You can’t withdraw before that period.

Small-Cap Fund in ULIP – Risk Factor

You have selected small-cap fund.

Small-cap funds are very volatile.

They fall sharply in market correction.

They rise more during market rally.

It is not safe for child’s future goals.

Risk is high and return is not steady.

Also, in ULIP, the fund performance is not very transparent.

You can’t track fund managers or detailed strategy.

ULIP Performance – Present Situation

You invested Rs 70,000 in total.

Current value is only Rs 52,300.

That means you are in a loss now.

The loss is nearly 25%.

This is not acceptable in short time.

The charges have eaten the returns.

Market may also be volatile.

Small-cap correction affects your value badly.

Compare ULIP vs Mutual Fund for Child Goal

Mutual fund gives more flexibility.

You can choose from many categories.

Charges are lower in mutual funds.

You get full transparency in funds.

Mutual funds are better regulated.

You can track performance easily.

You can switch any time without high costs.

You get better returns for long-term.

Why You May Consider Surrender of ULIP

You have already seen negative growth.

Charges are high and will continue.

Fund selection is very limited.

Child’s future needs stable, reliable returns.

ULIPs don’t support goal-based investing properly.

After lock-in, no reason to continue.

Even if loss is there now, stopping further loss is wise.

Shift money to better product for long-term.

Where to Shift After Surrender – A Better Path

Start SIP in mutual funds through Certified Financial Planner.

Choose regular plans via qualified Mutual Fund Distributor.

Don’t go for direct plans – they lack expert guidance.

Avoid index funds – they just copy the market.

Use active funds – they aim to beat the market.

Let expert select best funds for you.

Create mix of large-cap, mid-cap, balanced funds.

Invest based on time frame and goal.

Review every year with your Certified Financial Planner.

Why Direct Mutual Funds Are Risky for You

No one to guide you in choosing funds.

You may select wrong fund unknowingly.

No one reviews your investments regularly.

You may react emotionally during market falls.

No discipline without expert support.

Regular plans through MFD and CFP give full service.

Why Index Funds Are Not Ideal for Child Planning

Index funds only match the market returns.

They don’t beat the market ever.

During market falls, they fall completely.

Fund manager has no control.

All stocks are included, good or bad.

No downside protection.

Not suitable for child’s long-term needs.

Active funds are better with risk management.

What to Do Now – Step-by-Step Guidance

Continue paying ULIP till lock-in completes (if under 5 years).

After lock-in, check surrender value.

Surrender policy and stop further payments.

Take the fund value even if at slight loss.

Reinvest that amount into mutual fund SIP.

Start SIP with regular fund through CFP support.

Invest monthly same Rs 7,000 amount.

Select diversified fund mix for stability and growth.

Set goal for your son’s education and milestones.

Use goal calculator to fix amount and duration.

Stay disciplined for next 14 to 16 years.

Don’t withdraw in between for other needs.

Monitor performance with expert every year.

Switch funds if any underperforms consistently.

Avoid high-risk sector funds.

Avoid guaranteed return insurance-cum-investment policies.

Additional Tips for Child Financial Planning

Buy pure term plan for yourself.

Term plan gives full life cover at low cost.

Use health insurance for family protection.

Create emergency fund of 6 months expenses.

Don’t depend only on child policies.

Build your own wealth systematically.

Children need money, not policies, for education.

Review portfolio every year.

Increase SIP with your income rise.

Don’t panic in market fall – stay invested.

Finally

You started early – that’s good.

But current product is not helping your goal.

ULIP has high charges and low flexibility.

Small-cap funds increase volatility.

You may consider surrendering it after lock-in.

Reinvest wisely in mutual funds.

Use Certified Financial Planner’s help for proper fund mix.

Active funds through MFD give better value.

Avoid index funds and direct plans.

Align investment to your son’s future education needs.

Stay focused, review regularly, and be patient.

This approach can build better wealth for your child.

Long-term vision with proper planning works best.

You deserve better returns with low risk for your family.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

Ans: Let us now assess the situation in a very simplified way.

You are earning a salary.
Your salary is less than Rs 12 lakh per year.
You also have long-term capital gains (LTCG).
You have LTCG from equity mutual funds.
You also have LTCG from debt mutual funds.
Your total income, including LTCG, is more than Rs 12 lakh.

So, will you get the Section 87A rebate?

Let us look at the law and assess it properly.

Who Can Claim 87A Rebate?

You must be a resident individual in India.

Your total taxable income must be less than or equal to Rs 7 lakh.

If income crosses Rs 7 lakh, even by Rs 1, rebate will not apply.

The rebate under Section 87A is Rs 25,000 (for FY 2024-25) under the new tax regime.

If you are under the old tax regime, rebate is Rs 12,500 if income is below Rs 5 lakh.

What is Total Taxable Income?

It includes salary, capital gains, interest, rental, etc.

It means your entire income after deductions.

Deductions include 80C, 80D, NPS, home loan interest, etc.

Even capital gains are part of total taxable income.

LTCG on equity funds is tax-free up to Rs 1.25 lakh now.

Anything above Rs 1.25 lakh in LTCG will be taxed at 12.5%.

Debt mutual fund gains are taxed as per your income tax slab.

So, LTCG is included in total income.

Impact of LTCG on Rebate Eligibility

If total income, after all deductions, is above Rs 7 lakh, you are not eligible.

Even if salary is low, LTCG can push income above Rs 7 lakh.

So, 87A rebate is not available if income crosses Rs 7 lakh.

No partial rebate is given if it exceeds by just a small amount.

Simple Summary With Example

Salary: Rs 6.5 lakh

LTCG on equity: Rs 2 lakh

Exempt LTCG: Rs 1.25 lakh

Taxable LTCG: Rs 75,000 (tax at 12.5%)

Total taxable income: Rs 7.25 lakh

Since income > Rs 7 lakh, no rebate under 87A allowed.

You will pay tax on full income as per new tax regime.

Suggestion from Certified Financial Planner

You can use deductions like 80C, 80D, NPS, etc.

These deductions help in bringing total income below Rs 7 lakh.

If total income is reduced to Rs 7 lakh or less, then 87A rebate will apply.

Plan gains carefully to avoid crossing Rs 7 lakh limit.

Spread sale of equity mutual funds across different financial years.

Or use loss harvesting to lower LTCG in the same year.

Key Reminders on Mutual Fund Taxation Rules

For equity mutual funds:

LTCG above Rs 1.25 lakh taxed at 12.5%.

STCG taxed at 20%.

For debt mutual funds:

Both LTCG and STCG taxed as per your income slab.

No indexation benefit anymore.

This increases tax burden significantly for high-income investors.

Disadvantages of Index Funds

Index funds don’t beat the market.

They only match the market returns.

No downside protection during falling markets.

Fund manager has no control over stock selection.

All stocks in index are included even if they perform poorly.

Volatility is high during market corrections.

No active risk management.

They do not suit goal-based long-term investing.

Benefits of Actively Managed Funds

Expert fund managers select high-quality stocks.

They aim to beat market returns.

More research-backed approach.

Better downside risk control.

Flexibility in asset allocation and stock selection.

Good for long-term wealth creation with proper diversification.

Ideal for retirement, children’s education, and wealth building.

Disadvantages of Direct Mutual Funds

No expert guidance is available.

You may choose wrong funds without support.

Portfolio can become unbalanced.

No monitoring or review by experts.

Performance may be inconsistent without strategy.

Direct plans may seem cheaper but can lead to losses.

Why Regular Funds via CFP are Better

Certified Financial Planners guide you on the right fund mix.

You get regular reviews and updates.

Portfolio is aligned to your goals and risk.

You get handholding during market ups and downs.

Helps in staying disciplined and systematic.

Mistakes are avoided through expert review.

Final Insights

Section 87A rebate is simple but strict.

It is based on your total income after deductions.

LTCG on mutual funds is fully considered in total income.

If total income exceeds Rs 7 lakh, rebate is lost.

You must plan gains and deductions wisely.

Reduce LTCG through staggered redemptions.

Use tax-saving options under 80C, 80D, NPS, etc.

Avoid relying on index funds.

Choose active mutual funds with better performance scope.

Avoid direct funds without proper knowledge.

Get help from a Certified Financial Planner.

Your financial journey will be safer and more confident.

Tax saving and goal achievement can go together.

Don’t miss opportunities to plan better.

Tax efficiency and smart fund choices matter every year.

A good planner will help you stay tax-smart and wealth-ready.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment

Ans: Dear Anjana,
I totally understand your pain and your concern. Whether it went farther than what he claims does not matter; the fact that he was involved, physically or emotionally, with another woman makes it completely wrong on his part- there is no excuse for that. Coming to the waiting part- I would really suggest you reconsider waiting for him any longer. You have waited and in the meantime, he has been cheating on you. Plus, he is still not giving you any assurance. It’s best that you reconsider this relationship. You deserve much better. And even if it takes you some time to find someone else, it would be far better than living your life with a man who could not respect and love you enough to remain loyal or think about your feelings.


Please think about this before you make any decision. Hope this helps.

Ans: Dear Anonymous,
You can tell her exactly the way you told me. The thing is that your requirements are very specific and if you wish to be in such a relationship with someone, you need to openly and clearly tell them what you want. There should be no room for misinterpretation or assumptions which can hurt the other person later on. Your potential partner should know what they are getting into and how much they can expect from you. And if you both are on the same page, there you go.


Best Wishes.

Ans: Dear Ajay,
I would suggest you speak to a lawyer on how to legally go around this. On a more emotional level, I can advise you to keep to yourself. I am not able to be of much help without knowing a little more detail about your situation.

Best Wishes.

Ans: Hi Dr.

As you can't keep track of stocks, lets rule out direct stock/equity investment.

NPS - its a good tool for people who want regular income during retirement as pension. So thru your earning life you contribute to NPS and save for the future - contributions are until retirement age. There are prescribed allocation to Equity and Debt funds (similar to mutual fund schemes) that are managed by Fund managers. On retirement age you can withdraw 60% of the funds without any tax liability (its an option) and the remaining funs in the NPS will provide you with pension income. The pension income is considered a source of income in your hand and hence taxable as per prevailing tax laws.

Mutual fund - this investment option doesn't have a time limit for you to contribute. The allocation to different type of Mutual fund schemes are also at the discretion of the investor. Some schemes like ELSS do provide tax benefit under old tax regime. The withdrawal from Mutual funds do have tax implications but they are consider more tax efficient as they are not considered as income. Tax is on the gains (capital gains) only. Regular income can be derived from Mutual funds at the time of retirement using SWP (Systematic withdrawal plan) option or withdrawing a lumpsum amount - its flexible and again at the discretion of the investor.

I would recommend you consult a CFP, who can help prepare a personalized Financial plan for your requirements. A CFP will do a detailed study of your requirements, preferences and also do a risk assessment. This will include all your requirements and provide you with options and alternatives and recommend the right product mix to achieve them. You will need to have a plan of investment that meets your goals (retirement and child specific), plan risk covers for securing future of your family (Life and health) and consider tax implications of investing and subsequent utilization of the corpus for goals. So its an elaborate plan that will be personalized for you which will help you understand the right time for retirement and what to expect pre and post retirement.

Thanks & Regards
Janak Patel
Certified Financial Planner.

Ans: Hi,

At age of 40, you have already accumulated 5 Cr with no liabilities and your own house, that is a tremendous achievement.

The monthly income of 3 lakhs (inflation adjusted) for 40 years - as mentioned will cover your requirements of son's education, medical insurance and vacation. If we assume inflation of 6% and average return on your corpus of 12% over the next 40 years, you will require approximately 6 Cr (not considering tax implications).

Please understand this amount will be exhausted over the next 40 years, so if you plan to leave behind any legacy for your son/grand children then you will need more.

Also your corpus amount needs to be well diversified into aggressive and conservative investments to support your monthly requirements over the next 40 years. Please consult a CFP for guidance in this matter as along with your monthly income expectation, you will need to plan for tax implications. The overall strategy for investment and subsequent withdrawal needs to be planned taking all these factors into consideration. A CFP will be able to craft your personalized plan to meet your requirements and provide options and alternatives to achieve them.

Thanks & Regards
Janak Patel
Certified Financial Planner.