A Study On Risk and Return Analysis of Equity Midcap Mutual Funds at Karvy Stock Broking Limited Davangere

PROJECT REPORT (17MBA407) ON
A STUDY ON RISK AND RETURN ANALYSIS OF EQUITY MIDCAP
MUTUAL FUNDS AT KARVY STOCK BROKING LIMITED DAVANGERE
BY
PRASHANT N JODAGE
1AY17MBA36
Submitted to
VISVESVARAYA TECHNOLOGICAL UNIVERSITY, BELAGAVI
In partial fulfilment of the requirements for the award of the degree of

MASTER OF BUSINESS ADMINISTRATION
Under the guidance of
INTERNAL GUIDE EXTERNAL GUIDE

MALLIKA B K MR HARISH. C H
Assistant Professor Manager of Karvy Stock Broking
Dept of MBA, AIT Limited Davanagere
Department of MBA
Acharya Institute of technology,
Soldevanahalli, Hesaragatta Main Road,
Bengaluru
March 2019
Ref: No. KSBL/Proj/2018-19 Date: 28th Feb 2019
CERTIFICATE
TO WHOM SO EVER IT MAY CONCERN
This is to certify that Mr. Prashant Jodage — bearing USN: 1AY17MBA36 an MBA student
of Acharya Institute of Technology, BangaIuru-560107, had done an Internship / Project
Report entitled “A STUDY ON RISK AND RETURN ANALYSIS OF EQUITY MID CAP MUTUAL
FUNDS”
at Karvy Stock Broking Private Limited, during the period 03*h January 2019 to 16th
February 2019 in our Davangere Branch under the guidance of Mr.Harish C H —
Deputy Manager. KSBL, Davangere.
He has completed the project work and submitted the report on the
same. We wish him all the best in his future endeavors.
For Karvy Stock Broking Pvt Ltd
Mr.Harish CH
Deputy Manager KSBL Davangere.
KARYY #T0CK BR0KI¥6 LT€
V 376/2,4th Main, 8th Cross,
Opposite Byarigi SF‹ettar School,
J. Extensio‹i, DAVAhIfiERE-577002
No: 21671 1/11/’1 2/1 4
Karvy Stock Broking Limited

ACHARYA INSTITUTE
OF TECHNOLOGY
(Affiliated to Visvesvaraya Technological University, Belagavi, Approved byAICTE, New Delhi and Accredited by NBA and NAAC)
Date: 04/04/2019
CERTIFICATE
This is to certify that Mr. Prashant Jodage bearing USN

1AY17MBA36 is a bonaFide student of Master of Business Administration
course of the Institute 2017-19 batch, affiliated to Visvesvaraya
Technological University, Belgaum. Project reps.4 on “A Study on Risk and
Return Analysis of Equity Midcap Mutual Fund at Karvy Stock Broking
Ltd, l3avanagere” is prepared by him under the g•iiidance of
Prof. Mallika B K, in partial fulfillment of the requirements for the award of
the degrce of Master of Business Adrn.inistration, Visvesvaraya Tech.oological
University. Belagavi, Karnataka.
Signature of Internal Guide Signature of HOD
Signature of Principal/Dean .Academics
Acharya D Sarvepa t | i b adha kr ishnan Road, So!adevanahalli, Acharya ’TO“, Benga! url 560 107, Karnataka, India www.acharya.ac.in/a›t
Ph. °91-80-225 555 55 Extn 2’i 02 Fax +91-80-237 002 42 E-mai! principala›[email protected] ›n
DECLARATION
I, PRASHANT JODAGE hei‘eby declare that the Pi oject re roll entitled

“A STUDY ON RISK AND RETURN ANALYSI S OF EQU ITY
MIDCAP MUTUAL” with reference to “KARVY STOCK BRO KI NG
LIMITED” Davangere prepared lay me under the guitlance of Pi ot’
MALLIKA B K, faculty of M.B.A Departiiient, Acliai‘ya Institute of
Technology and external assistance by M R IJARISH.CH Manager’ of
Karvy Stock Broking Limited Davanager . I also declare that this Pi’oject
work is towards the partial fulfillment of the univei’sity Regulations for
the award of degree of Master of Business Adi22il4lStration by
Visvesvaraya Technological University, Belagavi. I have under gone a
summer project for a period of Twelve weeks. 1 furtliei rleclare that this
Project is based on the original study undertaken by me antl has not laeen
submitted for the award of any degree/diploma from any other University
Institution.
Place: Bangalore Signaturc of the student
Date t J| 1
ACKNOWLEDGEMENT
I wish to express my sincere thanks to our respected Principal, Dr.Prakash M R,

beloved Dean-Academics, Dr. Devarajaiah R M, and deep sense of gratitude to Dr.
M M Bagali, HOD, Acharya Institute of Technology, Bengaluru for their kind
support and encouragement in completion of the Internship Report.
I would like to thank Prof MALLIKA B K, Asst. Professor, Department of MBA,

Acharya Institute of Technology, Bengaluru and external guide Mr. HARISH.CH
Manager of Karvy Stock Broking Limited, Bengaluru, who gave me golden
opportunity to do this wonderful Project in the esteemed organization, which helped
me to learn various concepts.
Finally, I express my sincere thanks to my Parents, Friends and all the Staff of MBA
department of AIT for their valuable suggestions in completing this Project Report.
Place: Bangalore PRASHANT. JODAGE

Date: USN: 1AY17MBA36
TABLE OF CONTENTS
CHAPTER CONTENTS PAGE

NO. NO.
EXECUTIVE SUMMARY 1
1. INTRODUCTION 2-15
1.1 INTRODUCTION ABOUT THE INTERNSHIP 2
1.2 INDUSTRY PROFILE 3
1.3 COMPANY PROFILE 4
1.4 PROMOTERS 5
1.5 VISION, MISSION ,QUALITY POLICY AND OBJECTIVES 5-6
1.6 PRODUCTS / SERVICES PROFILE 7-8
1.7 AREAS OF OPERATION 9-10
1.8 COMPETITORS INFORMATION 10
1.9 SWOT ANALYSIS 10-11
1.10 FUTURE GROWTH AND PROSPECTS 11
1.11 FINANCIAL STATEMENT 12-15
2. CONCEPTUAL BACKGROUND AND LITERATURE 16-28
REVIEW
2.1 THEORETICAL BACKGROUND OF THE STUDY 16-22
2.2 LITERATURE REVIEW WITH RESEARCH GAP 22-28
3. RESEARCH DESIGN 29-32
3.1 STATEMENT OF THE PROBLEM 29

3.2 NEED FOR THE STUDY 28
3.3 OBJECTIVES 28
3.4 SCOPE OF THE STUDY 28-29
3.5 RESE01ARCH METHODOLOGY 29-30
3.6 HYPOTHESES 30
3.7 LIMITATIONS 30
3.8 CHAPTER SCHEME 30-32
4. ANALYSIS AND INTERPRETATION 33-75
5. SUMMARY OF FINDINGS,CONCLUSION AND 76-78
SUGGESTIONS
BIBLIOGRAPHY 79-80
ANNEXURE 81
LIST OF TABLES
TABLE TITLE PAGE

NUMBER NUMBER
Table Showing Calculation of Risk and Return of Nifty
4.1 33
Midcap 100
Table Showing Calculation of Risk and Return Analysis of
4.2 36
Aditya Birla Sun Life Midcap Fund
Table Showing Calculation of Risk and Returns Analysis of
4.3 40
HDFC Midcap Opportunities Fund
Table Showing Calculation of Risk and Return Analysis of
4.4 44
ICICI Prudential Midcap Fund
Table Showing Calculation of Risk and Return Analysis of L
4.5 48
& T Midcap Fund
4.6 Table Showing Calculation of Risk and Return Analysis of 52
Reliance Midcap Fund
SBI Magnum Midcap Fund
IDFC Sterling Equity Fund
Axis Midcap Fund
4.10 Table Showing Comparison of Average Return of all Equity 66
Midcap Mutual Funds
4.11 Table Showing Comparison of Standard Deviation of all 67
Equity Midcap Mutual Funds
4.12 Table Showing Comparison of Beta of all Equity Midcap 68
Mutual Funds
4.13 Table Showing Comparison of Correlation of all Equity
69
Midcap Mutual Funds
Table Showing Comparison of all Equity Midcap Mutual
4.14 70
Funds
4.15 Table Showing Comparison of Sharpe’s Ratio in all Equity 71

Midcap Mutual Funds
4.16 Table Showing Comparison of Treynor’s Ratio in all Equity 72
Midcap Mutual Funds
4.17 Table Showing Comparison of Jensen’s Ratio in all Equity 73
Midcap Mutual Funds
4.18
Table Showing Paired Sample Test (Hypothesis Test) 75
LIST OF GRAPHS
GRAPH TITLE PAGE

NUMBER NUMBER
4.1 Graph Showing 5 Years Return of Nifty Midcap 100 34
4.2 Graph Showing Risk and Return Analysis of Aditya Birla Sun life 38
Midcap Fund
4.3 Graph Showing Risk and Return Analysis of HDFC Midcap 42
Opportunities Fund
4.4 Graph Showing Risk and Return Analysis of ICICI Prudential
44
Midcap Fund
4.5 Graph Showing Risk and Return Analysis of L&T Midcap Fund 50
Graph Showing Risk and Returns Analysis of Reliance Midcap
4.6 54
Fund
Graph Showing Risk and Return Analysis of SBI Magnum
4.7 58
Midcap Fund
Graph Showing Risk and Return Analysis of IDFC Sterling
4.8 62
Equity Fund
4.9 Graph Showing Risk and Return Analysis of Axis Midcap Fund 66
4.10 Graph Showing Comparison of Returns of all Equity Midcap 67

Mutual Funds
4.11 The Equity Midcap Mutual Funds 68
4.12 Showing Comparison Of Beta Of All The Mutual Funds 69
4.13 Graph Showing Comparison of Correlation of all Mutual Funds 70
4.14 Graph Showing all Equity Midcap Mutual Funds 71
Showing Comparison Of Sharpe’s Ratio In All The Equity

4.15
Midcap Mutual Funds 72
4.16 Showing Comparison Of Treynor’s Ratio In All The Equity midcap 73
Mutual Funds
Graph Showing Comparison of Jensen’s Ratio in all Equity
4.17 74
Midcap Mutual Funds
EXECUTIVE SUMMARY
An Equity midcap Mutual fund is a scheme in which investor invest their money for a
common financial goal. The collected money invests in the capital market, debt and the
money market, the profit earned by these investments are shared by the investors in the
apportionment of their number of shares.
Karvy stock broking private limited. Is one of the main private areas in money related
administrations. The organization has confirmed riches administrators, Mutual store and
protection advisors perceive by the National Stock Exchange (NSE), Bombay Stock (BSE)
Exchange and Association of Mutual Fund of India (AMFI).
This study tells about the equity midcap mutual fund by taking ten companies as suggested
by the financial advisor of Karvy Stock Broking PrivateLimited.
To focus on the main strength of the Karvy they have one software Zeus, where all the stocks
are traded under one particularsoftware and this software maintained their client’s
transactions properly. Last year that is in 2017-18 the growth of the mutual fund industry is
almost 40%-50% high. So people who are investing in the mutual fund can get high return.
The main objective of the study is analyzing the risk and return oftthe selected equity
midcap mutual funds. The research methodology is totally based on the secondary data.
Tools used for the study Standard deviation, Beta, Sharpe’s ratio, Treynor’s ratio, Jensen’s
ratio and correlation. This study has some limitations like the data collected for limited
period and it does not cover other financialproducts.
From the study it was found that L&T midcap fund has high return compared to all other
selected equity midcaps so it is advisable for investors. Except HSBC all the funds are less
volatile than the market. The study says that both Index and selected equity midcap funds are
positively correlated.
Therefore the study says that before investing in any mutual fund schemes the investors
should analyses the track record of the scheme and also they should know whether the mutual
fund scheme performing well or not.
1
CHAPTER-1
1.1 INTRODUCTION
Project work is a part of academic activity of Visvesvaraya Technological University, Belgaum. It

is an initial to bridge the gap between the knowledge and its application through a series of
invention to the student of MBA program that enable to achieve knowledge and explore to the
industry.
A meaningful six week project has exposed me to the corporate culture at KARVY STOCK
BROKING LIMITED at Devanagere. This project training served as the right platform to implement
the theoretical imbibed concepts in a best possible way.
It was interesting to learn in an organization like KARVY STOCK BROKING LIMITED. This is
committed with the society’s wellbeing and ethical standards. All though the human resources are
grouped into various levels of responsibility, the company keeps an open door policy to encourage
free intrapersonal interaction which I believe is real strength of any organization. It exposed to the
quality of work culture, timelines and cooperativeness in the company.
The interaction with the company gave an insight and a first experience of the industrial scenario in
the competitive environment outside the realms of the company. Learnt how to interact with
customers, how to behave with the superiors, subordinates, and how to retain the customers. It helps
students to apply their skill in practical field under the guidance of experienced practitioners.
It helps to learn company ethics, organization behaviour, rules, provision, etc., once the students
finish the academy students can easily fit to the companies by learning norms through this project
program. It boosts confident level among the students. This program adds academic value and ability
to earn academic credit. It also gives the opportunity to make valuable future jobs.
All together it was a good learning experience to carry the project in the company like KARVY
STOCK BROKING LIMITED and I thankful to all the people who have helped to complete my
project, without which the project would not have been success.
2
1.2 INDUSTRY PROFILE
Securities Market:
Securities market helps in transferring of assets from people with unmoving assets to people who
have a productive requirement meant from them. To state properly, securities markets make
available networks for distribution of funds to ventures and in this manner these two exercises. As
result, the savers and financial specialists are definitely not inhibited by their separate capacities, but
by the economy’s capacities to invest and save respectively, which certainly improves investment in
the economy.
The securities show case has two commonly subordinat portions:
1. Primary Market
2. Secondary Market.
Primary Market:
This was issued by the company for increasing new capital generating on the investors by creating
initial public offers(IPO) or rights problems or proposals aimed to sale the equity or debenture.
Secondary Market:
It makes available liquidity to the securities, over trade and settlement on the stock exchanges. It
works through two ways that are Over the Counter (OTC) market and Trade Exchanged Business
sector. OTC markets are the agreeable kind of business sectors where exchanges are talked about
and under standardized. In this sort of business sector, the securities are exchanged and settled
together through the counter. Indian markets have known OTC trade like the OTCEI; be that as it
may they don’t give numerous volumes. The additional decision of exchanging is over the stock
trade way, wherever exchanging and settlement is done by means of the stock trades and the
purchasers and dealers don’t have any acquaintance with each other. The exchanges performed on
the trade are settled over the clearing company, who executes as middle person and insurance
settlement.
3
1.3 COMPANY PROFILE
KARVY was started as Karvy& Company by 5 well experienced charted accountants on the year
1979-1980 at Hyderabad India. At the time it was confined only to audit and with capital of 150000
Rupees. It achieves first milestone after first investment in technology. But now Karvy Group is a
premier integrated financial services provider, ranked among the top 5 in the country across its
business segments. The group serves 70 million individual investors in various capacities, and
provides investor service to over 600 corporate houses. Karvy Group is an Indian multinational
enterprise. It has 460 branches, (over 935 offices) covering in excess of 400 cities and towns of
India, Dubai and New York with extra of 320 than franchisees the nation over.
Karvy covers the whole range of money related administrations, viz., Stock Broking, Depository
Participant, appropriation ofzmonetary items (counting common assets, security and fixed stores),
products broking, individual account warning administrations, dealer banking and corporate fund,
riches the board, NBFC, among others.
The Karvy Group is today a well- diversified conglomerate. Its business straddles the entire
financial services spectrum as well as data processing and managing segments. Since most of its
financial services were retail focused, the need to build scale and skill in the
transaction processing domain became imperative. Also duringvstressedvenvironment in the
financialvservices segment, the non-financialvbusiness brings in avlot of the group’s business.
Another key feature of Karvy has been its ability to offer leading edge advice based on incisive
ideas that are strongly rooted in high quality research on every conceivable aspect of investments
be it equities, Forex, commodities, bonds, fixed returns, debt instruments or any other investment
grade asset class.
The customer has always been at the centre of every Karvy initiative. Karvy has a professional
management group and ranks the best in innovation, operating mainly, in research of several
industrial segments.
4
1.4 PROMOTRS & MANAGEMENT TEAM
 Mr.C.Parthasarthy Chairman
 Mr.M.Yugandhar Managing director
 Mr.M.S.Ramakrishna Director
 Mr.V.MaheshManaging Director
 Mr.V.Ganesh CEO
 Mr.P.B.Ramapriyan CEO,Distribution&Allied Business
 Mr.Rajiv.R.Singh CEO,StockBroking
 Mr. Deepak Gupta Group Head- HR
 Mr.G.Krishna Hari Group head, Finance
1.5 Mission :To be the leading and preferred service provider to our customers, and we aim to
achieve this leadership position by building an innovative, enterprising, and technology
driven organization which will set the highest standards of service and business ethics.
Vision: Strive to be the leaders and experts through hour processes, people and technology offering
the unique blend that delivers superior value by establishing and maintaining the highest levels of
services and professionalism.
QUALITY POLICY
“To achieve and sustain market leadership, Karvy shall aim for complete customer satisfaction, by
combining its human and technological resources, to provide world class quality services. In the
process Karvy shall strive to meet and exceed customer’s satisfaction and set industry standards.
5
Objectives
 Maintainand assessin house processesthat will sustaintransparent andharmonious
relationshipwith clientsand customersto provide worldservices
 Aimto setindustry standardsin customerrelations by wayof establishing/reinforcingits
human& technologicaland suit customizedneeds of ourclients
 Establishpartner relationshipwith our businessassociates/ clients,investors,other
Customersservice agentsand vendors, whichwould help inbuilding customer,
confidence.
 Providehigh qualityof worklife for allour employeesand equipthem withadequate knowledge
&skillsso as tomeaningfullyrespond to customersneeds
 Usestate of artinformation technologyin developingnew and innovativeproducts andservicesit
meet the changingneeds of ourcustomers andclients
 Striveto be a reliablesource of valueadded supporton products andservices offered and
constantlyguide individuals andinstitutions in marking a judiciouschoice of the same
 Aimto become aleader in the areas of activatesbeing undertaken , bysetting
standardsinefficiencyand responsiveness,therebyexceeding levelsof customersatisfaction
 Striveto keep allstake –holders (Shareholders,clients,investors, suppliers,customers,
regulatoryauthorities andemployees)andbusiness associatesproud andsatisfied
VALUE ADD SERVICES

 Ask the expert:-Resolve your stock queries intentlythrough an online interactive session with
research analysts.
 Live chart:-Discuss your service related query directly through live chart for effective
support solutions.
 Advisory service:-Our team of 400+ trust equity assist you in making informed investment
decisions.
 Research Reports:-More than 270 companies reports published by our fundamental research
team for efficient research & analysis.
 Mobile App:-Making trading easy. Effective and enjoyable. Available on ions. Android and
windows.
 Advance calculators:-Calculate margin across sectors to make your money to its full
potential.
6
1.6 PRODUCTS OFFERED
Equity derivatives
PAN card Mutual fund
tax saving investment Kavry

Currency
Products
online investment platform

commodity
margin funding
7
PRODUCTS/ SERVICE PROFILE
Products Provided by the Karvy:
 Equity:
Karvy site (karvyonline.com) offers different choices while exchanging values, for
example, Delivery, Day exchanging, Buy Today Sell Tomorrow (BTST), After Market Order
(AMO), Market Order, Limit Order, Cover Order, Basket Order and Bracket request.
 Future and Options:
This instrument is a great tool for speculation and its provides a good leverage opportunity.
 Currency:
Money Derivatives has additionally risen as an imperative and new resource class for
financial specialists
 Commodity:
Commodities are goods that are normally used as inputs in production of other goods and
services.
 Mutual Funds:
Karvy provide a platform to invest in Mutual Funds in a hassle-free,simple and convenient
manner
 Exchange Trading Funds:

Exchange Traded Funds or ETFs are securities that are traded, like individual stocks, on an
exchange.
 Margin Funding:
The funds that brokerages arrange to finance investors share purchases.
 IPOs:
An Initial Public Offer (IPO) is the selling of securities to the public in the primary market.
 NCDs / BONDs:
8
Non-convertible debentures (NCDs) are debentures which cannot be converted into equities
or shares.
 Fixed Deposits:
Company fixed deposit is a deposit in company for a fixed rate of return over a fixed
period of time.
1.7 AREAS OF OPERATION

Karvy Stock Broking Limited being private financial services provider and brokerage firm operates well in
national and also in international market. Karvy Stock Broking Limited is an individual from the National
Stock Exchange of India and the Bombay Stock Exchange. With more than 6 Lakhs dynamic records, it
positions among the main 5 Depository Participant in India, enrolled with NSDL and CDSL. Karvy has 935
workplaces more than 27 states crosswise over India and abroad at Dubai and New York Only player with
full range of products and services well succeed.
Branches of Karvy in India:

States No of office
1. New Delhi 29
2. Andhra Pradesh 48
3. Assam 12
4. Bihar 34
5. Chhattisgarh 1
6. Daman and Diu 4
7. Goa 1
8. Gujarat 55
9. Haryana 25
10. Himachal Pradesh 9
11. Jammu& Kashmir 4
12. Karnataka 67
13. Madhya Pradesh 21
14. Maharashtra 125
15. Odessa 36
16. Rajasthan 18
17. Punjab 35
9
18. Telangana 50
19. Tamilnadu 51
20. Uttar Pradesh 143
21. Uttaranchal 23
22. West Bengal 54
1.8 Major Competitors Of Karvy

Karvy serves a tremendous scope of every single money related item like administrations, Mutual
Funds, Bonds, Insurance and so on.., so every one of the organizations who offer these
administrations are the contenders of the Karvy. There are numerous contenders for Karvy on this
premise and practically every one of them offer the administrations which Karvy offers.
1. Share Khan Limited
2. Angel Broking
3. Kotak Securities Limited
4. ICICI Securities Limited
5. Religare Limited
6. India Inflame Limited
7. Royal Bank Of Scotland
8. Reliance Money Limited
9. Fidelity Investments Limited
10. Bonanza
1.9 SWOT ANALYSIS

SWOT Analysis is a study undertaken by organizations to identify internal strengths, weakness, as
well as its external opportunities and threats. The method of SWOT analysis is to collect the data
from an environmental analysis and separate into external (opportunities and threats) and internal
issue (strengths and Weakness). Once the identification of SWOT is done, it determines out what
might help the firm finishing its goal, and what impediment must be overcome accomplish coveted
results.
Strength
 Highly qualified, Co-operative and experienced branch managers working in the company.
 Company using updated software (Zeus) to maintain client’s transactions properly.
10
 Employees are highly empowered.
 Strong communication network.
 Number one dealers of investm0ent products in India.
 Number 1 recorder and move specialist in India.
 Differentiated products
 Good Brand image.
 Customers are Loyal.
 Company quickly adapt the new technology.
Weakness
 No access to rural market.
 Lack of distribution networks.
 High employee turnover
Opportunity
 Positive outlook of people towards mutual funds.
 Earnings of urban youths.
Threats
 Government Rules and Regulations
 Large number of financial giants presents in this field.
 Increasing number of local players
1.10 FUTURE GROWTH AND PROSPECTS

Knowledge and Research
Resources Constitution:
 Experience and comprehensive research team in Hyderabad and Mumbai more than 35 members
strong research team for equities and exclusive research team for commodities futures.
Operational Verticals:
 Research on multiple verticals as well as report generation for ad-hoc research requirement,
generation and distribution of up to date and active calls for our customers and affiliates in
various market segments (cash and future/options) and calls issued on multiple verticals-intraday
recommendations positional calls and hedge strategies.
11
1.11 FINANCIAL STATEMENT
Balance Sheet as on year ending March 2016, March 2017 & March 2018:
PARTICULARS 31/03/2016 31/03/2017 31/03/2018

AMOUNT AMOUNT AMOUNT
A) EQUITY AND LIABILITIES:
1.SHAREHOLDERS’ FUNDS:
Share capital 1,110,000,000 782,500,000 1,210,000,000
Reserves and surplus 2,539,241,649 3,463,692,412 4,560,485,500
3,649,241,649 4,246,192,412 5,770,485,500
2.NON-CURRENT LIABILITIES
Long term borrowings 8,762,597,606 11,378,586,523 12,958,857,525
Other long term borrowings 9,828,122 306,860 1,200,120
Long term provisions 42,131,076 56,520,512 67,658,821
8,814,556,804 11,435,413,895 13,027,716,466
3.CURRENT LIABILITIES
Short- term borrowings 4,935,487,346 3,989,717,431 4,050,214,421
Trade receivables - - -
-Total outstanding due to micro and - - -
small enterprises
-Total outstanding due of creditors 17,632,738 51,311,710 89,400,508
other than micro and small enterprises
Other current liabilities 4,840,336,464 5,097,350,005 7,045,452,210
Short- term provisions 86,032,502 101,239,496 150,254,851
9,879,488,988 9,239,618,642 11,335,321,990
TOTAL (A) 22,343,287,441 24,921,224,949 30,133,523,956

B) ASSETS
1.NON-CURRENT ASSETS
-Tangible assets 66,279,336 72,975,088 98,870,881
-Intangible assets 22,186,359 25,838,570 30,820,532
-Intangible assets under development 1,979,552 6,073,552 10,107,112
Non-current investment 106,552 106,552 178,457
12
Differed tax assets, net 24,262,206 56,384,123 78,745,545
Long term-loans and advances 14,269,955,972 16,213,848,986 19,258,785,125
Other non-current assets 875,368 1,035,731 1,985,731
14,385,645,345 16,376,262,602 19,479,493,374
2.CURRENT ASSETS
Current investment 9,070,101 - 2,435,178,663
Cash and bank balance 227,904,500 734,472,317 1,112,521,342
Short term loans and advances 6,774,509,796 6,730,188,681 5,990,785,323
Other current assets 946,154,699 1,080,301,349 1,115,545,254
7,957,642,096 8,544,962,347 10,654,030,582
TOTAL (B) 22,343,287,441 24,921,224,949 30,133,523,956
13
Profit and loss account for the year 31st March 2016, 31st March 2017 and 31st March
2018:
31/03/2016 31/03/2017 31/03/2018

PARTICULARS
AMOUNT AMOUNT AMOUNT
1.REVENUE
Revenue from operations 3,579,787,839 3,520,365,793 4,702,482,678
TOTAL REVENUE (A) 3,579,787,839 3,520,365,793 4,702,482,678
2.EXPENSES
Operating expenses 199,509,616 183,110,197 170,252,112
Employed benefits 355,013,826 404,784,405 392,173,550
Finance cost 2,093,317,852 2,338,148,652 2,980,540,425
Depreciation and amortisation 35,940,504 26,320,626 19,740,469
Other Expenses 307,960,750 387,126,733 510,451,220
TOTAL EXPENSES (B) 2,991,742,548 3,339,490,613 4,073,157,776
PROFIT BEFORE TAX (A-B)=(C) 588,045,291 180,875,180 629,324,902
3.TAX EXPENSES
Current tax (212,435,733) (96,998,960) (97,930,995)
Differed tax 10,435,408 32,121,917 45,458,541
TOTAL TAX EXPENSE 202,000,325 64,867,043 52,472,454
PROFIT/LOSS FOR THE PERIOD 386,044,966 116,008,137 576,852,448
NUMBER OF SHARES 111,000,000 78,250,000 121,000,000
EARNINGS PER SHARE 3.47 1.48 4.77
14
Table showing Ratio Analysis of the Company
PARTICULARS 2016 2017 2018
Current Ratio 0.81 0.92 0.94
Net Profit Ratio 10.78 3.29 12.27
Debt/Equity Ratio 2.40 2.68 2.25
Current Assets Turnover Ratio 0.45 0.41 0.44
Total Asset Turnover Ratio 0.16 0.14 0.1
INTERPRETATION:
Current Ratio:
Current ratio increased in the 2018 compared to 2016 and 2017 i.e. 0.94. It shows increase in
liquidity position and there is sufficient of working capital and the position is satisfactory. And also
it shows the company is better financial strain.
Net Profit Ratio: Net profit ratio increased in the year 2017 compared to 2016. It shows company is
able to control its cost.
Debt/Equity Ratio:
Debt equity ratio has gradually decreased that shows the company has paid off its debt in the year
2018.
Current Assets Turnover Ratio:
Current asset turnover ratio increased in the year 2018 compared to 2017 it shows that the company
is more efficient it indicates the company is using its assets efficiently to generate sales.
15
CHAPTER-2
CONCEPTUAL BACK GROUND AND LITERATURE REVIEW
2.1 THEORETICAL BACKGROUND OF THE STUDY
Investment
Investment comprises of employment of funds with an object of attaining additional income or
progress in values.
Investment is also called as allocating money to assets with a view to again profit over a period. An
investment decision is a trade-off between the risk and return.
Objectives of investment
1. Protection of capital
2. Current pay
3. Current development
4. Total return
5. Liquidity
6. Hedge against inflation
Investment process
An investment process describes that, how an investor should go about the decision making about
the marketable securities in which they invest, and how extensively the investment should beamed
when the investment should be made.
Five steps in investment process:
1. Set investment policy
2. Execute security analysis
3. Construction of portfolio
4. Review the portfolio
5. Appraise the performance of portfolio
Introduction to Indian mutual fund industry

Mutual fund industry came to Indian stock market in the year 1963. Mutual fund was formatted by
UTI and came with the initiative of government of India and RBI. Mutual fund has mainly four
stages that are mentioned below:
16
1. First Stage:1964-1987 (Establishment of UTI)
2. Second Stage:1987-1993 (Entry of public sector)
3. Third Stage1993-2003( Entry of private sector)
4. Fourth Stage: Since 2003
About Mutual Fund
A mutual fund refers to the collection of funds who saved by the little speculators, put them in
government and other corporate securities and procure return through interest and profits, other
than capital addition.
The hazard and benefit exchange offzdemonstrates that if financial specialists is eager to go for
broke with the goal that he can anticipate an exceptional yield, if the speculators relate to bring
lower risk devices he will get less returns.
The shared store industry was started in India in the year 1963 with the development of UTI
(joined trust of India) at the creativity of Government of India and Reserve Bank ofzIndia. In 1987,
SBI common store turned into the first Non-UTI shared reserve in India.
Later in 1993 foreshown a new period in the mutual fund sector. This was striking by the entry of
private companies in mutual fund sector. Later SEBI Act passed in 1992, the SEBI Mutual Fund
Regulations originated into existence in the year 1992. Then the mutual fund companies have
sustained to grow exponentially with foreign organisations opened a centre in India, with the help
of Joint ventures and acquisitions.
MUTUAL FUND
A mutual fund is a process that collects the savings from their income of some investors, who
ready to share a financial goal. The amount that, what collected from the investors is then invested
in capital market instruments like shares, stocks, debentures and in other securities. The return get
by these investments and the capital appreciations realised are shared by investors in proportion of
their investment. Thus, a mutual fund is the most suitable investment for the common peoples and
it attracts investors to invest in diversified, professionally managed securities at an
economical cost.
17
Definition:
According to SEBI (Mutual Fund) Regulation 1993 defines a mutual fund “A fund established in the
form of a trust by a sponsor, to raise the money by the trustees through the sale of units to the public
under one or more schemes for investing in securities in accordance with these regulations
Here is how Mutual Fund works?

INVESTORS
MUTUAL FUND
Pool their Money Give it back
Invests In QUTITY SECURITIES Generate return
Mutual fund helps the investors to invest in capital market instruments through Systematic
investment Plan (SIP) so that the investors can invest from their savings to get the profit on the
invested fund, if any return get from these investments, it should be shared among the investors on
their shareholding capacity. Now days it is the best and most appropriate investments for the
investor and it provides an opportunity for the common people or for an investor investor to invest in
a diversified and professionally managed securities at affordable expense.
A fund manager, who uses his management skills to attract the investors, manages every mutual
fund and obligatory study works to get more return that an in vestor try to manage with its own.
Advantages of investing in Mutual fund

1. Mutual fund is a professional investment management.
2. As compare others it is very low cost of transaction.
3. It can liquidate easily.
4. The investor has a tax benefit.
5. It is very convenient and flexible to investor.
6. The risk can be diversified.
18
Disadvantages of investing in mutual fund
1. Dilution while investing in mutual funds
2. Complicated costs
3. Tax situation
TYPES OF MUTUAL FUND

Mutual funds can be classified into following categories:
On the basis of structure:
1. Open ended fund
2. Close ended
On the basis of investment objective:

1. Growth funds
2. Income funds
3. Balanced funds
4. Money market funds
On the basis of special schemes:

1. Industry specific schemes
2. Index schemes
3. Sectorial schemes
At present 44 AMCs are working in Indian Mutual Fund Industry and out of which around 20
companies are proposing equity midcap fund schemes. Now whether these schemes are performing
well or not is a question, hence the present study is being done to assess the enactment of these
mutual fund schemes, this study has used 10 midcap mutual fund schemes to assess their risk level
and return performance.
Mid-caps schemes are the mutual fund schemes, and they are invested in small or medium
sized companies. It doesn’t contain any standard definition for the companies’ classification into
small or medium sector. The companies with a market capitalisation or market value (number of
shares * market price of share) of up to Rs.5 billion (500crores) are categorized as small. Moreover,
the companies that have market capitalisation from Rs.5 billion (500crores) to Rs.10 billion
(1000crores) are classified as medium size.
19
RETURN
Return is the essential propelling power that determines venture. It speaks to the reward for
undertaking venture.
Components of returns are current return and capital return
Current return:
Is the occasional pay, for example, profit or premium, created by the speculation. It is estimated as
the occasional salary in connection to the starting cost of the venture.
Capital return:
Is reflected in the price change it is simply the price appreciation (or depreciation) divided by the
beginning price of the asset.
Therefore Total return = Current return + Capital return
RISK
Risk refers to the possibility that the actual outcome of an investment will deviate from its
expected outcome.
 Possibility of loss or injury
 Variability of return
 The degree or probability of loss
Components of risk are systematic risk and unsystematic risk
Systematic Risk:
Systematic risk caused by the external factors of the company it is uncontrollable by the company.
Unsystematic risk:
Unsystematic risk caused by the internal factors of an organisation that affects a particular business.
Tools used for analysis:

 Average return:
It is a change between present price and previous price.
Return = [(Today’s price – Yesterday’s price) / Yesterday’s price] * 100
 Standard Deviation:
20
Standard deviation is nothing but a total risk includes both Systematic and Unsystematic risk,
it tries to measure the variability of returns from the expected value.
(𝑅−𝑅𝑎)2
Standard Deviation (σ) =√
𝑛−1
[R= Return, Ra= Average Return]

 Beta:
The concept of beta for measuring the riskiness of a stock is, if an investor selects stock with
low betas (i.e., (beta<1), then the investor will suffer less in a falling market. Of course, at
the same time investor will also stand to gain less than the market average in rising market.
In case an investor is prepared to take greater risk then he can choose stock with higher
betas (beta>1) in order to gain more than the market average in a rising market. At the same
time the investor should be prepared to lose more than the market average, in case the market
crashes. However, it is desirable to choose stocks with betas varying between 0.5 and 1.5.
Beta (β) =(𝑅 − 𝑅𝑎)(𝑅𝑚 − 𝑅𝑚𝑎)/(𝑅𝑚 − 𝑅𝑚𝑎)2
[Rm= Market Return, Rma= Average Market Return]
 Sharpe’s Ratio
Sharpe ratio is the tool used to measure total hazard balanced return of a money related
portfolio. A portfolio with a higher Sharpe proportion is viewed as better relative than its
funds. Sharpe proportion is likewise a proportion ofzabundance portfolio return
over hazard free rate in respect to its standard deviation .Ordinarily, the 90 days Treasury
bill rate is taken as the proxy for risk free rate.
Sharpe’s Ratio (σ) =𝑅𝑎 − 𝑅𝑓/𝜎
 Treynor’s Ratio:
Treynor ratio shows the systematic risk adjusted performance of the fund. Here the
denominator is the beta of the portfolio. Thus, it takes into account the systematic risk of
the portfolio. In other wordsTreynor’s Ratio processes a return per unit of market risk (i.e.
systematic risk) that is generated from the investment what we made. Strictly speaking, the
higher of value of Treynor’s measure the best fund or scheme. However, we would like to
have some benchmark with which to compare our individual Treynor’s measures.
o Treynor’s Ratio (β) = 𝑅𝑎 − 𝑅𝑓/𝛽
 Jensen’s Ratio:
21
Jenson ratio is used to measure the unsystematic risk adjusted performance of a security in
relation to the expected market return. The higher the alpha, the more a portfolio has
earned above the level predicted. It is otherwise called Jensen's Performance Index and
Jensen measure.
Jensen’s Ratio (α) = 𝑅𝑎 − [𝑅𝑓 + 𝛽(𝑅𝑚𝑎 − 𝑅𝑓)]
 Correlation:
Correlation describes the degree of relationship between two variables (either positively or
negatively) and recycled in advanced portfolio management. Perfectly positively
correlation involvesthat in the event that one security moves either up or down the other
security moves a similar way. Perfectly adversely connection implies that on the
offzchance that one security moves in a single bearing, the other security moves inverse
way. On the offzchance that the relationship is zero, the exercises in the securities stay
expected to have no course.
𝑛∑𝑥𝑦−(∑𝑥)(∑𝑦)
 Correlation (𝑟) =
√𝑛(∑𝑥2 )−(∑𝑥)2∗√𝑛(∑𝑦2 )−(∑𝑦)2
2.2 LITERATURE REVIEW

1. Ratish Gupta and ShrutiMaheshwari (2017)
“An Empirical Study on Performance of Diversified Equity Mutual Funds with Special
Reference to Large cap and Midcap Funds”
In this study the author has evaluated the risk and return of the various large cap and mid cap funds
using financial performance evaluation techniques like Sharpe measure, Treynor,R2, Standard
deviation and beta. Selected funds are compared to their respective market index. In order to
analyse their ability to outperform the benchmark and also asses risk of investing in these
schemes. The result of the study tells that small investors can expect a double digit returns if they
keep a healthy ratio of large cap and mid cap funds in their portfolio
.
2. Dr.M. Ravichandran and T.Iswarya (2016)
“A Study on Performance of Risk and Return on Selected Mutual Funds”
In this study tells that a proper evaluation measure will remove confusion and help small investors
to choose about level of investment in many mutual fund schemes, so as to maximise the returns.
The main objective of the study is to study and analysis the five year annual growth return given in
their schemes. Methodology used for the study is based on only secondary data. Tools used for the
study Sharpe, Treynor and Jenson models. The performance of risk based mutual fund scheme
22
using CAPM. The result of the study tells that in the long run the private and public sector
companies have performed better than the public sector
3. Antonella Basso and StefeniaFunari (2016)

“The Role of Fund Size in the Performance of Mutual Funds Assessed With DEA Models”
In this study the author says about the job ofzthe extent of common assets in the assessment of the
reserve execution with an information envelopment examination (DEA) approach, with the point of
contemplating the issue from various edges with various specialized devices and looking at the
nearness of a positive or negative size impact in shared store advertise. Creator utilized DEA model
to assess the job ofzstore estimate. At end of the examination creator presume that European
common assets are expanding its size.
4. M. Gowri and MalabikaDeo (2016)

“Performance Evaluation of Equity Oriented Growth and Dividend Funds of Mutual Funds in
India: An Application of Risk Adjusted Theoretical Parameters”
This study attempted assesses the execution of reserve assets based on hazard balanced strategies.
The execution of reserve of assets were contrasted and the hazard free returns just as the (BSE
100), it was taken as the intermediary for the market returns. Tests were gathered through AMFI
sites and AMC sites from April 1, 2007 to March 31, 2014 and returns were determined from the
separate plans NAV cost. The philosophy utilized in the investigation is hazard balanced
apparatuses of Sharpe proportion, Treynor proportion, and Jensen alpha. Result of the study tells
that the performance of fund of funds had posted a negative Sharpe, Treynor and Jensen.
5. Vinita Bharat Manek (2016)

“A Study on the Effect of Portfolio Turnover on Mutual Fund Performance in the Indian
Financial Market”
The main of this study is to explore the significance of portfolio turnover on common reserve
return which would give a sign to speculators on the most proficient method to put resources into
assets dependent on the executives way. In this investigation just open finished enhanced
development arranged value reserves are contemplated.
Statistical tool used for the study is Quantitative measure. The result of the study tells
that portfolio turnover has a statistically significant effect on scheme returns. It is positively
correlated, that is with higher portfolio turnover, and there is a possibility that manager will be able
to out perform the Index.
23
6. Arathy B. Aswathy A Nair, Anju Sai P and Pravitha N R (2015)
“A Study on Factors Affecting Investment on Mutual Funds and its Preference of Retail
Investors”
This Study aims at finding out the factors affecting investment decision on mutual funds and its
preference over retail investors. Also aims at finding about the factors that prevent the people to
invest in mutual funds. Methodology used for a study is based on primary data it is collected
through questionnaire and personal interview. Sample size of the study is limited to 200 investors.
The result of the study is mutual fund have emerged as one of the important class of financial
intermediaries which cater to the retail investors.
7. SonalBabbar and Sanjay Sehgal (2015)

“Mutual Fund Characteristics and Investment Performance”
In this study author examine the role of fund characteristics in determining mutual fund
performance in India. Methodology used for the study is based on only secondary data. The
sample size of the study is evaluated by taking 237 open ended Indian equity (G) schemes during
the period April 2007 to March 2013. Using daily dividend adjusted net asset values (NAVs). The
result of the study tells that based on fixed effects estimator, show that the size ofzfund, growth in
size ofzfund and NAV negatively affect one period ahead risk adjusted performance in India,
while age of fund has a positive impact
8. Syed Husain Ashraf and Dhanraj Sharma (2014)

“Performance Evaluation of Indian Equity Mutual Funds against Established Benchmark
Index”
In this examination, an endeavour has been made to investigations the execution of value common
finances industry against hazard free rate and benchmarks return over the 5 years. Technique
utilized for the examination depends on just optional information. The example comprises 10
development arranged – open-finished value common store plans have a place with five open and 2
private shared reserve organizations. Consequences of the examination are tried through hazard
and return investigation coefficient ofzvariety, Treynor, Sharpe and Jensen Ratios, Fama's measure
and relapse investigation. Optional information gathered for the investigation. The consequence of
the examination demonstrates that Indian Asset Management Company has had the capacity to beat
their benchmarks on the normal.
24
9. Anuj Kumar and Rahat Ali (2013)
“Financial Performance Analysis of Selected Equity Large-Cap Mutual Fund Scheme”
In this study the author has evaluated the performance of equity large cap by considering the risk
and return. This risk and return is analysed by comparing with the benchmark. Objective of the
study is to compare the large cap selected mutual fund companies. Methodology used for the study
is based on only secondary data. The simple size of the study is evaluated by taking 10 open ended
equity large cap funds along with growth scheme. The result of the study tells that ICICI prudential
discovery fund- IP_ Growth, ICICI Prudential Discovery Fund- Growth, Birla Sun Life Dividend
Yield plus- Growth are the top three best performing
10. Dr.R.Narayanaswamy and V. Rathnamani

(2013) “Performance Evaluation of Equity Mutual
Funds”
In this investigation the creator has assessed the execution of value shared assets by considering the
hazard and return relationship. This hazard and return is broke down by contrasting chosen gainful
common assets and the benchmark. The fundamental target of this examination is to investigation
monetary execution of chose common reserve plots through the factual parameters, for example,
alpha, beta, standard deviation, r-squared and Sharpe proportion. The consequence of the
examination tells that every one of the assets have performed well in the high unpredictable market
development with the exception of Reliance vision.
11. Y Prabhavathi, and N T Krishna Kishore (2013)

“Investors Preference towards Mutual Fund and Future Investments”
The main aim of the study is to understand the attitude, awareness and preference of mutual fund
investors. Methodology used for the study based on primary data by conducting personal interview
data was collected. In the study most commonly used tools such as percentage analysis, Garrett
ranking. The result of the study tells that investors ought to be cautions in selecting the schemes,
sector and various asset management companies.
12. Dr.Binod Kumar Singh (2012)

“A Study on Investors Attitude towards Mutual Funds as an Investment Option”
In this study the author has evaluated the structure of mutual fund, operation of mutual fund,
comparison between investment in mutual fund and bank. Objective of the study is to study and
analyse the impact of various demographic factors on investor’s attitude towards mutual fund. The
25
study is basically an analytical study so it is purely based on primary research as well as also
26
related to the analysis of the attitude of investors. To analyse the collected data Chi-square test has
been made. The study says that most ofzrespondents are still confused about the mutual funds and
have not formed any attitude towards the mutual fund for investment purpose.
13. Dr. Ravi Vyas (2012)
“Mutual Fund Investors Behaviour and Perception in Indore City”
This study focused attention on number of factors that highlights investor’s perception about
mutual funds by considering the risk and return. Required data collected through questionnaires.
The sample size consists of 363 respondents. Tools used for the study such as Chi square test,
Pearson Correlation, mean and median are used. By the study it was found that mutual funds were
not that much known to investors, still investors rely upon bank and post office deposits.
14. Dr.B.Nimalathasan and Mr.R.Kumar Gandhi (2012)

“Mutual Fund Financial Performance Analysis-A Comparative Study on Equity Diversified
Schemes and Equity Mid-Cap Schemes”
This study author focused on the financial performance analysis mutual fund schemes of selected
banks. The objective of the study is to analysis the financial performance of selected mutual fund
schemes through the statistical parameters (standard deviation, beta, and alpha) and ratio analysis
(Sharpe ratio, Treynor ratio, Jenson ratio and Information ratio) Methodology used for the
examination is absolutely founded on the optional information. The consequence of the
investigation is among the open finished Tax Saving plans, Canara Robeco Equity Diversified is
the favored and positioned top most, in the meantime among the Open finished – midcap plans,
HDFC Capital developer is the favored and positioned top through different devices.
15. Shrinivas R. Patil and K.S. Prakash Rao (2011)

“An Empirical Study on Performance of Mutual Fund in India”
In this study the authors has evaluated the performance of mutual fund by considering the risk and
return this risk and return is analysed by comparing with the index. The objective of the study is to
understand the performance of share market and to analyse the correlation of performance of
mutual funds and stock market for the year 2007-08, 2008-09 and 2009-10.Methodology used for
the study is based on only secondary data. The sample size of the study is evaluated by taking top
5 mutual fund (G) and 10 index funds. Thus it is analysed by using tools such as Arithmetic mean,
Standard deviation, Correlation and Testing Hypothesis.
The result of the study shows that, investors have made quite good returns in mutual funds like
Reliance Vision Fund, HDFC Top-200 Fund etc.
27
16. Bilal Pandow (2011)
“Risk and Return Analysis of Mutual Fund Industry in India”
In this examination the creator has assessed the execution of Mutual assets by thinking about the
hazard and return. This hazard and return is broke down by contrasting and the hazard free return.
The reason for the examination is to break down the development and improvement of Indian
common store Industry and to distinguish the difficulties facing by the business and to investigate
hazard and return of chosen shared reserve in India. Technique utilized for the examination is
completely founded on the optional information which was gathered from the database of
Association of Mutual Funds of India for Net Asset Value (NAV).The aftereffect of study tells that
the value culture has not yet grown completely in India all things considered, financial
specialist training would be similarly critical for more noteworthy entrance of common assets
17. Rajesh R. Duggimpudi, Hussein A Abdou and Mohamed Zaki (2010)

“An evaluation of equity diversified mutual funds the case of the Indian market”
The main aim ofzthis study is to evaluate the performance of Indian equity diversified mutual
funds. An auxiliary point is to investigate the connection among hazard and return of these assets
dependent on complete hazard and efficient hazard. Two distinctive covering informational
indexes have been utilized in this examination, from 2000 to 2009, covering seventeen common
assets. The assessment centres around three methods to be specific Treynor, Sharpe and the
Jensen. The consequence of the investigation tells that 17 reserves have outflanked than market as
far as their execution with higher returns for a given unit of hazard
.
18. Werner-Ria Murhadi and Universitas Surabaya
(2010) “Performance Evaluation of Mutual Funds”
In this study the author has evaluated the performance of mutual funds by comparing with the
market. The investigation test was taken from value common subsidizes enrolled with the capital
market supervisory office period February 2008-June 2009 of 68 common supports shares recorded
in June 2009, information demonstrated total common finances that are 55 shared assets. Tools
used for the study are Hendrickson and Merton and Treynor and Mazuy. The result of the study tells
that four mutual funds have a good performance in market timing and four mutual funds have a
good performance in stock selection. Both methods have a good indicator to reflect mutual funds’
performance.
19. AymenKaroui and Iwan Meier (2009)

28
“Performance and Characteristics of Mutual Fund Starts”
Author studied the performance and portfolio characteristics of 828 newly launched US equity
mutual funds over the period 1991-2005.By this study it was found that returns of fund starts
exhibit higher ratios ofzunsystematic to total risk. Portfolio of new funds are typically also less
diversified in terms of number of stocks and industry concentration and are invested in smaller and
less liquid stocks.
20. Lorne N. Switzer and Yanfen Huang (2007)

“How Does Human Capital Affect the Performance of Small and Mid-Cap Mutual Funds”
In this study the author has evaluated small and mid-cap fund performance by considering the
return, risk, expenses and turnover. Objective of the study is to examine whether small and midcap
fund performance is related to fund manager human capital characteristics including tenure,
investment, experience, education, professional training and gender. The data used for the study
based on sample of 1,004 small and midcap equity funds identified on the database as of 31st
December 2005.The result of the study tells that there are some systematic cross sectional
differences in fund performance that can be attributed to differences in managerial human capital
characteristics
29
CHAPTER-3
3.1 RESEARCH DESIGN STATEMENT OF THE PROBLEM
Mutual Fund Industry is a most potential area for safe investment compare to investing on stock
market directly. However there will be a risk factor as Asset Management Companies (AMC) are
investing the pooled funds in capital market that is on debt and equity investments. Unless thorough
analysis of the mutual fund investments, investors will not come forward to invest. In this regard
various parameters such as risk, return and performance of mutual fund etc. are required to
considered to assess the overall performance of mutual fund. In particularly selected equity midcap
category as most investors are in average income category.
3.2 NEED FOR THE STUDY

 This study helps to understand different schemes of mutual funds.
 This study helps to analyse the risk and return accompanying with the mutual fund schemes
and to select the best company or the scheme for the purpose of investment.
 Positive movement in mutual fund market so this study is undertaken evaluate the
performance of mutual funds.
3.3 OBJECTIVES OF THE STUDY

 To analyse the risk and return associated with the selected equity midcap mutual fund
schemes.
 To measure and compare the performance of selected equity midcap mutual fund schemes
with the market (NIFTY MIDCAP 100).
 To evaluate the selected equity midcap mutual fund scheme that yields the best return in
the short period.
3.4 SCOPE OF THE STUDY

Total area covered in this study is analysis on risk and return of the selected mutual fund schemes
by knowing the investment preference by the investors in various types of segments and also
covered data analysis like selection of different schemes which are best in terms of return and to
check the measure of risk and returns from the schemes.
The study will help to know the preference of the clients or investors in selecting the Asset
management company, Portfolio, mode ofzinvestment, and option for getting return and so on they
30
prefer. The study also helpsto investor to decide a suitable and profitable scheme in shorter period.
Selected mutual fund schemes performance will be evaluated with NIFTY MIDCAP 100 returns.
3.5 RESEARCH METHODOLOGY

Sources ofzdata
1. Primary data
2. Secondary data
Secondary data:
The secondary data can be collected through
 The internet sources
 Annual report of the company
 Material provided by the company
 Fund houses
 Fact sheets, Brochures etc.
The secondary data is obtained from the various mutual fund scheme and investor’s magazines and
websites. Monthly fact sheets of mutual fund companies are important sources of secondary data;
the data obtained is analysed using mathematical models
The secondary data obtained from various schemes such as
 Fact sheets of mutual fund companies
 Business line
 Moneycontrol.com
 Mutualfundindia.com
 Indiainfoline.com
 Finance magazines
Sampling procedure
Ten equity midcap mutual funds are considered to evaluate and compare the performance. These
ten equity midcaps are selected based on the advice of stock broker (Karvy stock broking private
limited).
Operational definition of the study:

Definition of Net asset value (NAV)
31
Net asset value (NAV) is the value of a fund’s less the value of its liabilities per unit.
Calculation of Net Asset Value

NAV= Market value ofzInvestments
+ Current assets and other assets
+ Accrued income
- Current liabilities and other liabilities
- Accrued expenses
3.7 LIMITATIONS OF THE STUDY

 This study is limited only for 6 weeks.
 The study is restricted only on 8 equity midcap mutual fund.
 The data collected on each fund is maximum for 5 years.
 The study has been conducted and analysed based on the available information, which is
governed by the time factor.
 The conclusion arrived on the subject is not exhaustive.
3.8 CHAPTER SCHEME

 Chapter 1: Introduction
First chapter of the study contains the Introduction about the project, Industry profile and
Company profile, Promoters, Vision, and Mission & Quality Policy of the Company.
Products or Services profile, areas ofzoperation, Infrastructure facilities,
Competitors information, SWOT Analysis, Future growth and prospects and
Financial Statement of the company. (Balance sheet, Profit & loss Statement)
 Chapter 2: Conceptual Background and Literature Review
Second chapter describes about Theoretical background of the study, Literature review with
research gap.
 Chapter 3: Research Design

Third chapter contains Statement of the problem, Need for the study, Objectives, Scope of the
study, Research methodology, Hypotheses, Limitations, Chapter scheme.
 Chapter 4: Analysis And Interpretation
32
Fourth chapter contains Analysis and interpretation of the data which was done by using
necessary tools tables and graphs
 Chapter 5: Findings, Conclusion And Suggestions

Chapter five is the over view of Summary of findings, Conclusion and suggestions /
Recommendations of the study.
33
CHAPTER -4
ANALYSIS AND INTERPRETATION
TABLE 4.1 CALCULATION OF RISK AND RETURN OF NIFTY MIDCAP 100

S.N Month 2014 2015 2016 2017 2018
1. Jan 5.63 1.99 -2.40 3.47 5.17
2. Feb 0.04 15.45 3.87 0.74 -3.19
3. Mar -6.13 9.43 -1.30 3.94 1.26
4. Apr -6.39 -2.33 5.53 6.92 4.43
5. May -4.12 2.55 -4.88 4.05 -1.28
6. Jun 6.19 2.74 -0.57 0.27 -0.93
7. Jul 7.67 3.70 1.96 3.24 8.12
8. Aug 1.96 4.63 0.08 -6.32 1.62
9. Sep 5.06 1.57 1.12 -3.73 6.22
10. Oct -6.58 4.29 -6.92 7.40 -1.65
11. Nov 3.52 -0.05 -7.30 6.92 -5.39
12. Dec 10.34 -0.88 10.33 4.35 -4.6
Year Index Returns
2014 1.4325
2015 3.5908
2016 -0.04
2017 2.6042
2018 0.8133
34
GRAPH 4.1SHOWING 5 YEARS RETURN OF NIFTY MIDCAP 100
4
3.5908
3.5
3
2.6042
2.5
1.4325
1.5
1 0.8133
0.5
0
-0.04 16
2014 2015 20 2017 2018
-0.5
INTERPRETATION:
The above graph represents the 5 years returns of NIFTY MIDCAP 100 nothing but market return.
From the above graph we can interpret that during the year 2015 high return (i.e. 3.5908) found in
the market and during the year 2016 return shows negative outcome due to variations in the market.
From the year 2017 we can see gradual decrease in the returns.
35
1. ADITYABIRLA SUN LIFE (BSL) MIDCAP FUND
Asset allocation:
Equity and equity related instruments 91.47%
Cash/call & Debt 8.51%
Top 5 Holdings:
Name of holdings Instrument % of Net Assets
Bharat Elec Equity 2.90
Mahindra CIE Equity 2.78
Petronet LNG Equity 2.70
TeamLease Ser. Equity 2.65
TI Financial Equity 2.54
Top 5 Sectors:
Sectors % of Net Assets
Banking/Finance 18.87
Manufacturing 10.39
Oil & Gas 7.22
Pharmaceuticals 6.45
Miscellaneous 6.42
36
TABLE 4.2CALCULATION OF RISK AND RETURN ANALYSIS OF ADITYA BIRLA SUN
LIFE (BSL) MIDCAP FUND
S.NO Month 2014 2015 2016 2017 2018
1 Jan -5.05 0.99 3.41 5.63 -3.15
2 Feb 4.61 14.36 3.16 -0.93 -3.72
3 Mar 7.04 11.19 3.88 -1.02 -3
4 Apr 3.33 -2.31 5.86 5 -0.13
5 May 14.36 2.21 3.61 0.47 6.17
6 Jun 11.19 2.55 1.47 -1.47 -2.93
7 Jul -2.56 6.18 2.43 6.34 0.91
8 Aug 2.21 4.94 -6.96 0.63 2.49
9 Sep 2.55 4.06 -3.34 5.5 5.5
10 Oct 6.81 3.81 6.09 -3.15 -3.15
11 Nov 4.94 1.06 3 -3.72 -3.72
12 Dec 2.84 0.05 5.68 -3 -3
Year Return Standard deviation Beta
2014 1.3775 5.6152 0.8729
2015 4.0908 4.7003 0.9462
2016 -0.5558 5.6978 1.0547
2017 2.3575 3.8537 0.8436
2018 0.8567 3.7632 0.8034
37
Calculation of Risk and Return:
 Average Return:
Average Return = Total Return / n
= 1.62534
(𝑅−𝑅𝑎)2
Standard Deviation=√
𝑛−1
[R= Return, Ra=Average return]

=4.72622
 Beta:
Beta = (𝑅 − 𝑅𝑎)(𝑅𝑚 − 𝑅𝑚𝑎)/(𝑅𝑚 − 𝑅𝑚𝑎)2
[Rm=Market Return, Rma= Average Market Returns]
=0.90416
 Sharpe’s Ratio:
Sharpe’s Ratio (σ) = 𝑅𝑎 − 𝑅𝑓/𝜎
= 0.21441
Treynor’s Ratio (β) = 𝑅𝑎 − 𝑅𝑓/𝛽
= 1.12075
= 0.06066
 Coefficient of Correlation ( r ):
𝑛∑𝑥𝑦 − (∑𝑥)(∑𝑦)
𝑟=
√𝑛(∑𝑥2 ) − (∑𝑥)2 ∗ √𝑛(∑𝑦2 ) − (∑𝑦)2
= 0.989084
38
GRAPH 4.2SHOWING RISK AND RETURN ANALYSIS OF ADITYA BIRLA SUNLIFE
MIDCAP FUND
6 5.6153 5.6978
5 4.7003
4.0908
3.8537 3.7632
4
Return
Standard deviation Beta
3
2.3575
2
1.3775
0.8729 0.9462 1.0547
0.8436 0.85670.8034
1
0
2014 2015 2016 2017 2018
-1 -0.5558
INTERPRETATION:
The above graph shows the 5 years return, risk, and beta of Aditya Birla Sun life Midcap Fund.
From the above analysis it is observed that high risk found in the year 2016 as standard deviation
shows 5.6978 and beta shows 1.0547 and return shows negative outcome compared to other years.
High return in the year 2016 and 2017 and again decreases in the year 2018 this shows high
volatility and hence shows the variations with regard to returns.
39
2. HDFC MIDCAP OPPORTUNITIES FUND
Asset allocation:
Top 5 Holdings:
Sundram Equity 3.96
Cholamandalam Equity 3.94
Voltas Equity 3.26
TI Financial Equity 2.49
Hexaware Tech Equity 2.49
Top 5 Sectors:
Engineering 10.32
Manufacturing 9.58
Automotive 8.47
Miscellaneous 8.24
40
TABLE 4.3CALCULATION OF RISK AND RETURNS ANALYSIS OF HDFC MIDCAP
OPPORTUNITIES FUND
S.N Month 2014 2015 2016 2017 2018
1. Jan 1.64 4.44 -2.83 2.58 4.18
2. Feb 1.54 12.39 3.83 2.81 -1.44
3. Mar -4.14 10.62 -1.46 4.75 0.27
4. Apr -5.29 -0.89 4.16 5.45 4.55
5. May -3.71 6.3 -3.75 5.65 -1.88
6. Jun 5.61 2.41 1.45 0.83 -0.72
7. Jul 8.99 3.02 0.31 1.99 5.96
8. Aug 3.34 6.49 0.63 -5.89 1.57
9. Sep 6.32 3 0.94 -2.39 5.55
10. Oct -2.77 2.67 -7.13 6.13 -2.62
11. Nov 5.67 -1.24 -8.97 3.14 -2.58
12. Dec 6.77 0.03 8.6 4.91 -2.61
2014 1.9975 4.9093 0.7655
2015 4.1033 4.2551 0.8131
2016 -0.3517 4.8937 0.9279
2017 2.4967 3.6836 0.7795
2018 0.8525 3.3679 0.7379
41
 Average Return:
= 1.81966
(𝑅−𝑅𝑎)2
𝑛−1

=4.22192
 Beta:
=0.80477
= 0.28605
= 1.50063.
= 0.30632
𝑛∑𝑥𝑦 − (∑𝑥)(∑𝑦)
𝑟=
√𝑛(∑𝑥2 ) − (∑𝑥)2 ∗ √𝑛(∑𝑦2 ) − (∑𝑦)2
= 0.98185
42
GRAPH 4.3SHOWING RISK AND RETURN ANALYSIS OF HDFC MIDCAP
OPPORTUNITIES FUND
4.9093 4.8937
5
4.1043.23551
4 3.6836
3.3679
3 Return
2.4967 Standard deviation Beta
1.9975
2
0.8131 0.9279 0.7795 0.85250.7379

1 0.7655
0
2014 2015 2016 2017 2018
-0.3517
-1
INTERPRETATION:
The graph shows the 5 years return, risk and beta of HDFC Midcap Opportunities Fund.From the
above analysis it is observed that high risk found in the year 2014 as standard deviation shows
4.9093 and beta shows 1.9975. During the year 2014 return shows negative outcome compared to
other years. In the year 2015 return is high after that again in the year decreases gradually from the
year 2017. This sows high volatility and hence shows the variations with regard to returns.
43
3. ICICI PRUDENTIAL MIDCAP FUND
Asset allocation:
Others 0.89%
Top 5 Holdings:
Indian Hotels Equity 4.75
Tata Chemicals Equity 3.98
Avenue Supermar Equity 3.81
Fortis Health Equity 3.68
Camlin Fine Equity 2.68
Top 5 Sectors:
Chemicals 12.46
Services 10.83
Automotive 7.42
Engineering 6.74
44
TABLE 4.4CALCULATION OF RISK AND RETURN ANALYSIS OF ICICI PRUDENTIAL
MIDCAP FUND
S.N Month 2014 2015 2016 2017 2018
1. Jan 0.39 6.49 -3.73 2.42 3.93
2. Feb -0.8 16.41 4.05 -0.07 -2.16
3. Mar -7.53 10.95 -1.93 7.37 0.52
4. Apr -5.3 1.28 5.95 4.09 3.5
5. May -1.95 4.77 -5.52 1.74 -0.32
6. Jun 7.15 2.46 0.53 1.08 -0.11
7. Jul 8.98 3.42 -0.88 3.92 8.16
8. Aug 6.71 7.49 3.16 -6.51 1.12
9. Sep 6.61 0.74 -0.1 -0.49 5.76
10. Oct -3.59 5.65 -10.39 -4.4 -2.41
11. Nov 6.54 -0.56 -8.28 4.95 -1.41
12. Dec 6.11 -2.37 7.18 3.85 -3.68
2014 1.9433 5.7012 0.8333
2015 4.7275 5.2524 1.0146
2016 -0.83 5.7624 1.0037
2017 1.4958 3.9419 0.5096
2018 1.075 3.5832 0.7785
45
 Average Return:
= 1.68232
(𝑅−𝑅𝑎)2
𝑛−1

=4.84822
 Beta:
=0.82794
= 0.22077
= 1.29275
= 0.14973
𝑛∑𝑥𝑦 − (∑𝑥)(∑𝑦)
𝑟=
√𝑛(∑𝑥2 ) − (∑𝑥)2 ∗ √𝑛(∑𝑦2 ) − (∑𝑦)2
= 0.904722
46
GRAPH 4.4 SHOWING RISK AND RETURN ANLYSIS OF ICICI PRUDENTIAL MIDCAP
FUND
Chart Title
7
6
5
4
3
2
1
0
-1
-2
2014 2015 2016 2017 2018
ReturnBetaStandard deviation
INTERPRETATION:
The above graph represents the 5 years return, risk and beta of the ICICI Prudential Midcap Fund.
From the above analysis it is observed that high risk found in the year 2014 as standard deviation
shows5.7624 and beta shows 1.0037 and return shows negative outcome compared to other years.
During the year 2015 there is a high return and again decreases gradually from the year 2017 this
shows high volatility and hence shows the variations with regard to returns.
47
4. L&T MIDCAP FUND
Asset allocation:
Others 0.17%
Top 5 Holdings:
Mindtree Equity 2.46
Ramco cements Equity 2.21
Mphasis Equity 2..14
Emami Equity 2.07
Top 5 Sectors:
Engineering 10.75
Chemicals 10.73
Cement 7.59
Manufacturing 7.12
48
TABLE 4.5CALCULATION OF RISK AND RETURN ANALYSIS OF L & T MIDCAP
FUND
S.N Month 2014 2015 2016 2017 2018
1. Jan 3.68 2.69 -4.6 2.03 6.51
2. Feb 0.84 15.65 3.51 2.46 1.36
3. Mar -4.86 11.41 -0.28 6.94 1.43
4. Apr -3.72 -0.12 5.84 4.75 4.86
5. May -0.82 5.75 -4.21 2.67 0.04
6. Jun 5.9 5.21 1.59 2.7 -0.32
7. Jul 6.76 3.9 -0.6 4.17 7.09
8. Aug 2.01 4.9 2.55 -5.86 0.38
9. Sep 6.99 2.92 0.08 -1.32 4.61
10. Oct -4.49 3.58 -6.79 6.75 -1.39
11. Nov 3.5 0.57 -12.25 3.43 -3.48
12. Dec 10.86 0.41 7.12 4.35 -3.37
2014 2.2208 5.0177 0.8205
2015 4.7392 4.6133 0.9342
2016 -0.67 5.7925 0.9847
2017 2.7558 4.0457 0.7237
2018 1.4767 3.5789 0.7602
49
 Average Return:
= 2.1045
(𝑅−𝑅𝑎)2
𝑛−1

=4.60962
 Beta:
=0.84466
= 0.32378
= 1.76698
= 0.54855
𝑛∑𝑥𝑦 − (∑𝑥)(∑𝑦)
𝑟=
√𝑛(∑𝑥2 ) − (∑𝑥)2 ∗ √𝑛(∑𝑦2 ) − (∑𝑦)2
= 0.965374
50
GRAPH 4.5SHOWING RISK AND RETURN ANALYSIS OF L&T MIDCAP FUND
6 5.7925
5.0177 4.7392
5 4.6133
4.0457
4 3.5789
2.7558
3
2.2208
2 1.4767
0.8205 0.93420.9847 0.7602

1 0.7237
0
2014 2015 2016 2017 2018
-1
-0.67
ReturnStandard deviationBeta
INTERPRETATION:
The above graph represents the 5 years returns, risk and beta of the L&T Midcap Fund. From the
above analysis it is observed that the return of the fund fluctuating over the period, high risk found
in the year 2016 as standard deviation shows 5.7925 and beta shows 0.9847 and return shows
negative outcome compared to other years. There is high return in the year 2016 and again decreases
gradually from the year 2017 this shows high volatility and hence shows the variations with regard
to returns.
51
5. RELIANCE MIDCAP FUND
Asset allocation:
Others 0.94%
Money Market 5.48%
Top 5 Holdings:
HDFC Bank Equity 4.77
India Cements Equity 3.58
GE Power India Equity 3.44
NCC Equity 3.32
Abbott India Equity 2.93
Top 5 Sectors:
Cement 12.04
Engineering 9.80
Chemicals 9.67
Miscellaneous 8.35
52
TABLE 4.6CALCULATION OF RISK RETURN AND RISK ANALYSIS OF RELIANCE
MIDCAP FUND
S.N Month 20114 2015 2016 2017 2018
1. Jan 2.67 6.42 -3.47 4.59 5
2. Feb -0.58 16.74 1.56 5.47 -0.55
3. Mar -3.83 10.12 -1.64 5.29 0.89
4. Apr -5.13 1.05 7.41 3.82 4.12
5. May -1.53 4.22 -7.31 3.88 -2.78
6. Jun 3.6 4.36 2.57 0.38 -0.19

0
7. Jul 8.05 4.04 2.4 4.29 8.59
8. Aug 4.02 4.44 1.54 -9.39 2.69
9. Sep 8.31 2.65 1.52 -2.2 4.16
10. Oct -4.84 4.68 -8.99 5.59 -1.28
11. Nov 2.86 -0.65 -12.1 3 -4.55
12. Dec 7.68 -0.94 5.77 4.09 -4.71
2014 1.7733 4.9290 0.7720
20015 4.7608 4.8226 0.9585
2016 -0.895 5.9808 1.0614
2017 2.4008 4.3483 0.8599
2018 0.9492 4.0774 0.8910
53
 Average Return:
= 1.79782
(𝑅−𝑅𝑎)2
𝑛−1

=4.83162
 Beta:
=0.90856
= 0.24543
= 1.30516
= 0.17362
𝑛∑𝑥𝑦 − (∑𝑥)(∑𝑦)
𝑟=
√𝑛(∑𝑥2 ) − (∑𝑥)2 ∗ √𝑛(∑𝑦2 ) − (∑𝑦)2
= 0.974011
54
GRAPH 4.6SHOWING RISK AND RETURNS ANALYSIS OF RELIANCE MIDCAP FUND
Chart Title
7
4
Return
Standard deviation Beta
3
2
1
0
2014 2015 2016 2017 2018
-1
-2
INTERPRETATION:
The above graph represents the 5 years returns, risk and beta of the Reliance Midcap Fund. From the
above we can interpret that there is a high risk in the market, due to high risk in the year 2016 as
standard deviation shows 5.9808 and beta shows 1.0614 there is a negative outcome in the return. In
the year 2016 stock is more volatile compare to the index return it means stock is aggressive because
beta is more than one. Return is high in the year 2015 compared to other years. Return again started
decrease from the year 2017
55
6. SBI MAGNUM MIDCAP FUND
Asset allocation:
Others 0.02%
Money Market 5.69%
Top 5 Holdings:
Carborundum Equity 4.38
Dixon Technolog Equity 3.95
Ramco Cements Equity 3.88
Sheela Foam Equity 3.60
Top 5 Sectors:
Engineering 16.28
Pharmaceuticals 14.64
Chemicals 10.92
Cement 6.55
56
TABLE 4.7CALCULATION OF RISK AND RETURN ANALYSIS OF SBI MAGNUM
MIDCAP FUND
S.N Month 2014 2015 2016 2017 2018
1. Jan 2.08 -0.33 -3.6 5.29 3.34
2. Feb 3.24 11.13 5.31 3.93 -1.19
3. Mar -5.14 8.64 0.18 2.77 0.82
4. Apr -5.11 2.28 4.35 3.07 1.6
5. May -3.55 4.93 -5.11 1.85 -1.98
6. Jun 7.67 5.04 1.12 0.51 -0.35
7. Jul 9.76 3.77 1.3 3.18 4.18
8. Aug 8.05 4.87 1.17 -7.74 4.54
9. Sep 6.71 3.85 2.16 -2.85 4.42
10. Oct -1.75 2.11 -5.91 5.58 -3.59
11. Nov 6.24 0.72 -9.5 2.83 -2.89
12. Dec 6.4 3 7.68 3.78 -2.65
2014 2.8833 5.4528 0.7986
2015 4.1675 3.1899 0.5658
2016 -0.0708 5.0632 0.9373
2017 1.85 3.7503 0.7634
2018 0.5208 3.0522 0.6078
57
 Average Return:
= 1.87016
(𝑅−𝑅𝑎)2
Standard Deviation =√
𝑛−1

=4.10168
 Beta:
=0.73458
= 0.30674
= 1.71276
= 0.43179
𝑛∑𝑥𝑦 − (∑𝑥)(∑𝑦)
𝑟=
√𝑛(∑𝑥2 ) − (∑𝑥)2 ∗ √𝑛(∑𝑦2 ) − (∑𝑦)2
= 0.869704
58
GRAPH 4.7SHOWING RISK AND RETURN ANALYSIS OF SBI MAGNUM MIDCAP
FUND
6
5.4528
5.0632
5
4.1675
4 3.7503
3.1899 3.0522
2.8833
3
1.85
2
0.7986 0.9373
1 0.7634 0.6078
0.5658 0.5208
0
2014 2015 -0.07082016 2017 2018
-1
ReturnStandard deviation Beta
INTERPRETATION:
The above graph represents 5 years returns, risk and beta of the SBI Magnum Midcap Fund. From
the above analysis it is observed that in the year 2015 there is a high return compared to other
years. In the year 2016 high risk is found as standard deviation shows 5.0632 and beta shows 0.9373
and return shows negative outcome. In the year 2017 the return increases and again it decreases this
shows high volatility and hence the variations with regard to returns.
59
7. IDFC STERLING EQUITY FUND
Asset allocation:
Equity 91.68%
Others 1.61%
Money Market 6.34%
Cash/ Call 0.37%
Top 5 Holdings:
Future Retail Equity 4.45
Bajaj Finance Equity 2.88
KFC Intl Equity 2.66
Induslnd Bank Equity 2.65
Ramco Cements Equity 2.60
Top 5 Sectors:
Cement 11.89
Engineering 9.20
Chemicals 8.55
Miscellaneous 8.22
60
TABLE 4.8CALCULATION OF RISK RETURN AND RISK ANALYSIS OF IDFC
STERLING EQUITY FUND
S.N Month 2014 2015 2016 2017 2018
1. Jan 2.26 2.45 -4.35 3.8 6.25
2. Feb -0.26 12.85 0.64 1.56 1.05
3. Mar -4.37 8.92 0.91 5.1 0.38
4. Apr -4.29 -0.96 2.79 5.05 5.52
5. May -1.73 5.11 -4.88 1.37 2.55
6. Jun 6.06 4.38 -1.55 0.03 -1.71
7. Jul 9.09 1.38 0.3 4.19 5.71
8. Aug 2.23 4.86 2.86 -7.77 2.75
9. Sep 4.8 5 0.75 -2.78 4.67
10. Oct -6.91 2.77 -7.32 8.54 -0.76
11. Nov 2.19 1.21 -12.97 4.66 -2.85
12. Dec 6.36 -1.67 6.89 5.55 -3.12
2014 1.2858 4.9192 0.7833
2015 3.8583 4.0533 0.7796
2016 -1.3275 5.5121 0.9286
2017 2.4417 4.3579 0.9708
2018 1.7033 3.3818 0.6876
61
 Average Return:
= 1.59232
(𝑅−𝑅𝑎)2
Standard Deviation= √
𝑛−1

= 4.44486
 Beta:
=0.82998
= 0.22055
= 1.18114
= 0.13989
𝑛∑𝑥𝑦 − (∑𝑥)(∑𝑦)
𝑟=
√𝑛(∑𝑥2 ) − (∑𝑥)2 ∗ √𝑛(∑𝑦2 ) − (∑𝑦)2
= 0.923891
62
GRAPH 4.8 SHOWING RISK AND RETURN ANALYSIS OF IDFC STERLING EQUITY
FUND
6 5.5121
4.9192
5
4.0533 4.3579
3.8583
4
3.3818
3 2.4417
2 1.7033
1.2858
0.7833 0.7796 0.9286 0.9708
1 0.6876
0
2014 2015 2016 2017 2017-18
-1
-2-1.3275
ReturnStandard deviationBeta
INTERPRETATION:
The above graph represents 5 years returns, risk and beta of the IDFC STERLING Equity Fund.
From the above analysis it is observed that high return found in the year 2015 compared to other
years. High return found in the year 2016 as standard deviation shows 5.5121 and beta shows
0.9286 and return shows negative outcome compared to other years. In the year 2017 return
increases again it decreases in the year 2018 this shows high volatility and hence shows the
variations with regard to returns.
63
8. AXIS MIDCAP FUND
Asset allocation:
Equity 91.97%
Others 0.77%
Cash/ Call 7.26%
Top 5 Holdings:
GRUSH Finance Equity 8.32
Page Industires Equity 5.07
City Union Bank Equity 4.66
Sundaram Finance Equity 4.36
Supreme Ind Equity 4.07
Top 5 Sectors:
Automotive 12.60
Manufacturing 11.80
Miscellaneous 9.16
Retail and Real Estate 4.32
64
TABLE 4.9CALCULATION OF RISK RETURN AND RISK ANALYSIS OF AXIS MIDCAP
FUND
S.N Month 2014 2015 2016 2017 2018
1. Jan 2.76 3.18 -2.88 4.15 3.42
2. Feb 0.4 17.32 4.3 1.37 -1.32
3. Mar -4.72 11.81 0.01 2.78 2.8
4. Apr -6.43 -2.24 5.85 3.34 3.95
5. May -4.46 4.97 -5.74 2.21 -0.03
6. Jun 6.59 3.82 0.94 0.15 -0.65

0
7. Jul 8.64 3.84 -1.44 1.38 4.92
8. Aug 4.37 5.63 -1.03 -9.16 2.56
9. Sep 5.31 3.63 -0.28 -2.06 4.23
10. Oct -7.08 -1.09 -5.38 4.66 -3.06
11. Nov 4.19 -0.2 11.51 2.56 0.18
12. Dec 11.55 -0.59 6.81 4.9 0.18
2014 1.76 6.1833 1.0135
2015 4.1733 5.6629 1.0876
2016 -0.8625 5.1951 0.9353
2017 1.3567 3.8510 0.8103
2018 1.4317 2.5368 0.4846
65
 Average Return:
= 1.57184
(𝑅−𝑅𝑎)2
𝑛−1

=4.68582
 Beta:

 =0.88383
o = 0.20484
o = 1.0860
= 0.08237
𝑛∑𝑥𝑦 − (∑𝑥)(∑𝑦)
𝑟=
√𝑛(∑𝑥2 ) − (∑𝑥)2 ∗ √𝑛(∑𝑦2 ) − (∑𝑦)2
= 0.877904
66
GRAPH 4.9SHOWING RISK AND RETURN ANALYSIS OF AXIS MIDCP FUND
7
6.1833
6 5.6629
5.1951
5
4.1733
3.851
4
Return
3 2.5368 Standard deviation Beta
2 1.76
1.3567 1.4317
1.0135 1.0876 0.9353 0.8103
1 0.4846
0
2014 2015 2016 2007 2017-18
-1
-0.8625
-2
INTERPRETATION:
The above graph represents 5 years returns, risk and beta of the Axis Midcap Fund. From the above
analysis it is observed that high return found in the year 2015. High risk found in the year 2014 as
standard deviation shows 6.1833 and beta shows 1.0135. In the year 2016 return shows negative
outcome and again it is increasing gradually from the year 2017. This shows high volatility and
hence shows the variations with regard to returns.
TABLE 4.10COMPARISION OF RETURN OF ALL THE EQUITY MIDCAP MUTUAL

FUNDS
Fund Names Average Return of Average Return of
funds Index
1.Aditya Birla Sun life Midcap Fund 1.62534 1.68016

2.HDFC Midcap Opportunities Fund 1.81966 1.68016
3.ICICI Prudential Midcap Fund 1.68232 1.68016
4.L&T Midcap Fund 2.1045 1.68016
5.Reliance Midcap Fund 1.79782 1.68016
6.SBI Magnum Midcap Fund 1.87106 1.68016
7. IDFC Sterling Equity Fund 1.59232 1.68016
8.Axis Midcap Fund 1.57184 1.68016
67
GRAPH 4.10 SHOWING COMPARISION OF RETURNS OF ALL THE EQUITY MIDCAP
MUTUAL FUNDS
AVERAGE RETURN
AVERAGE RETURN
2.1045
1.81966 1.79782 1.87016 1.89484
1.62534 1.68232
1.59232
INTERPRETATION:
The above graph represents the all the selected funds Average return and Index Average Return.
From the above analysis it is observed that L&T has high return an average of 2.1045 compared to
other funds. Axis Midcap fund has less return of 1.57184 compared to other equity midcap funds.
L&T and Axis performed good compare to market to other fund
TABLE 4.11 COMPARISION OF STANDARD DEVIATION OF ALL THE EQUITY

MIDCAP MUTUAL FUNDS
Fund Names Standard Deviation of Funds
1.Aditya Birla Sun life Midcap Fund 4.72622

2.HDFC Midcap Opportunities Fund 4.22192
3.ICICI Prudential Midcap Fund 4.84822
4.L&T Midcap Fund 4.60962
5.Reliance Midcap Fund 4.83162
6. SBI Magnum Midcap Fund 4.10168
7. IDFC Sterling Equity Fund 4.44486
8.Axis Midcap Fund 4.68582
68
TABLE 4.11THE EQUITY MIDCAP MUTUAL FUNDS
5 4.84822 4.83162
4.8 4.72622 4.68582
4.60962
4.6
4.44486
4.4
4.2 4.22192
4.10168
4
3.8
3.6
STANDARD DEVIATION
INTERPRETATION:
The above graph represents the Standard deviation of all the selected funds. Standard deviation used
to measure the risk of the fund. From the above it is observed that the Axis Midcap fund has high
risk as standard deviation shows 5.64436 compared to other funds. SBI Magnum midcap fund has
very less risk as standard deviation shows 4.10168 compared to other funds.
TABLE 4.12 COMPARISION OF BETA OF ALL THE EQUITY MIDCAP MUTUAL

FUNDS
Fund Names Beta of Funds

6.SBI Magnum Midcap Fund 0.73458
69
GRAPH 4.12 SHOWING COMPARISION OF BETA OF ALL THE MUTUAL FUNDS
2.5
2 1.90856
1.5 0.90416 0.84466 0.829980.88383
1 0.80477 0.82794 0.73458
0.5
0
BETA
INTERPRETATION:
The above graph represents the Beta of all the selected funds. Beta is a tool to measure the market
risk. If the beta is more than one it is said to be stock is more volatile than the market it means
aggressive stock, if it is less than one it is said to be stock isless volatile than the market it means
defensive stock. Reliance fund is more volatile than the market as beta shows 1.90856 compared all
other funds and all other fund has less volatile than the market because beta is less than one.
Therefore Reliance fund is aggressive in nature and all other funds are defensive in nature.
TABLE 4.13 COMPARISION OF CORRELATION OF ALL THE EQUITY MIDCAP

MUTUAL FUNDS
Fund Names Correlation



70
GRAPH 4.13 SHOWING COMPARISION OF CORRELATION OF ALL THE MUTUAL
FUNDS
CORRELATION
CORRELATION
0.989084
0.981852
0.965374 0.974011
0.923891
0.904722
0.877904
0.869704
INTERPRETATION:
The above graph represents the Correlation of all the selected funds. Correlation is used to describe
whether 2 variables are related negatively or positively. From the above graph we can interpret that
the correlation of all the funds are positively correlated and all funds are moving towards the same
direction.
TABLE 4.14 COMPARISION OF ALL THE EQUITY MIDCAP MUTUAL FUNDS

Funds Names Average Standard Beta Correlation
Return Deviation
1.Aditya Birla Sun Life Midcap Fund 1.62534 4.72622 0.90416 0.989084
2.HDFC Midcap Opportunities Fund 1.81966 4.22192 0.80477 0.981852
3.ICICI Prudential Midcap Fund 1.68232 4.84822 0.82794 0.904722
4.L&T Midcap Fund 2.1045 4.60962 0.84466 0.965374
5.Reliance Midcap Fund 1.79782 4.83162 0.90856 0.974011
6.SBI Magnum Midcap Fund 1.87016 4.10168 0.73458 0.869704
7.IDFC Sterling Equity Fund 1.59232 4.44486 0.82998 0.923891
8.Axis Midcap Fund 1.57184 4.68582 0.88383 0.877904
71
GRAPH 4.14 SHOWING COMPARISION OF ALL THE MUTUAL FUNDS
Chart Title
6
5
4
3
Axis
2
1
0
AdityaHDFCICICI L&TRelianceSBI MidcapMidcapMagnum FundFundMidcap

IDFC
BSL Midcap Prudentia Midcap Opportun l Midcap Fund ities Fund Fund
SterlingAxis
Fund
1.625341.819661.68232 EquityMidcap
1.87016
4.726224.221924.84822 FundFund
4.10168
AVG Return 0.904160.804770.82794 2.1045 1.79782 1.59232
0.734581.57184
0.989084
Standard deviation Beta 0.981852 0.904722 4.60962 4.83162 4.44486
0.869704 4.68582
Correlation 0.84466 0.90856 0.82998 0.88383
0.965374 0.974011 0.923891 0.877904
INTERPRETATION:
The above graph represents the comparison of all the selected funds. By seeing above analysis it is
observed that L&T has high return and Axis midcap fund has less return as compared to other funds.
All the funds are defensive in nature because the beta is less than one except Reliance fund because
it is aggressive in nature as beta is more than one. Correlations of all the funds are positively
correlated and moving towards same direction. L&T and Rilance funds are the best option for the
investor because com pared to other funds return is high and risk is less in that both funds
TABLE 4.15 COMPARISION OF SHARPE’S RATIO IN ALL THE EQUITY MIDCAP

MUTUAL FUNDS
Fund Names Sharpe’s Ratio

7.IDFC Sterling Equity Fund 0.22055
72
GRAPH 4.15 SHOWING COMPARISION OF SHARPE’S RATIO IN ALL THE EQUITY
MIDCAP MUTUAL FUNDS
SHARPE'S RATIO
0.32378
0.30674
0.28605
0.24543
0.21441 0.22077 0.22055
0.20484
INTERPRETATION:
The above graph represents the Sharpe’s Ratio of all the selected funds. Sharpe is a tool used to
measure total risk of the funds. From the above analysis it is observed that L&T performed better
compared to other mutual funds as Sharpe’s ratio is 0.32378 and Axis fund performed lesser than the
other funds as Sharpe’s ratio as 0.20484. L&T and SBI funds are outperformed than the market
TABLE 4.16 COMPARISION OF TREYNOR’S RATIO IN ALL THE EQUITY MIDCAP

MUTUAL FUNDS
Fund Names Treynor’s Ratio

73
GRAPH 4 .16 SHOWING COMPARISION OF TREYNOR’S RATIO IN ALL THE EQUITY
MIDCAP MUTUAL FUNDS
2 1.76698 1.71276
1.8
1.50063
1.6 1.30516
1.29275
1.4 1.12075 1.18114
1.086
1.2
1
0.8
0.6
0.4
0.2
0
TREYNOR'S RATIO
INTERPRETATION:
The above graph represents the Treynor’s Ratio of all the selected funds. Treynor is a tool used to
measure systematic risk of the funds. From the above analysis it is observed that L&T performed
better compared to other mutual funds as Treynor’s ratio shows1.76698 and Axis fund performed
lesser than the other funds as Treynor’s ratio shows 1.0860. L&T and SBI funds are outperformed
than the market.
TABLE 4.17 COMPARISION OF JENSEN’S RATIO IN ALL THE EQUITY MIDCAP

MUTUAL FUNDS
Fund Names Jensen’s Ratio

74
GRAPH 4.17 SHOWING COMPARISION OF JENSEN’S RATIO IN ALL THE EQUITY
MIDCAP MUTUAL FUNDS
0.6 0.54855
0.5 0.43179
0.4
0.3 0.30632
0.14973 0.17362
0.2 0.13989
0.1 0.06066 0.08237
0
JENSEN'S RATIO
INTERPRETATION:
The above graph represents the Jensen’s Ratio of all the selected funds. Jensen is a tool used to
measure unsystematic risk of the funds. From the above analysis it is observed that L&T performed
better compared to other mutual funds as Jensen’s ratio shows is 0.54855 and Aditya bsl midcapfund
performed lesser than the other funds as Jensen’s ratio shows 0.06066. L&T and SBI funds are
outperformed than the market.
75
HYPOTHESIS:
 Null Hypothesis
Null hypothesis (H0) - There is no significant difference between market return and selected
equity midcap mutual fund.
 Alternative Hypothesis
Alternative hypothesis (H1) - There is significant difference between market return and
selected equity midcap mutual fund.
T-Test for Market Return and Selected Equity Midcap Mutual Funds:
Paired Samples Test
Paired Differences
Interval of the
Standard Standar (2
Pair 1 Mean deviation d error T Df tailed)
Lower Upper
mean
Fund-
market .08750 .16281 .05148 -02897 .20397 1.700 9 .123
return
76
CHAPTER-5
FINDINGS, CONCLUSION AND SUGGESTIONS
FINDINGS:
 It was found that L&T Mutual fund is popular among the investors because the performance
is better as compared to other funds related to risk and return analysis made.
 ICICI prudential midcap fund has highest standard deviation and low expected return, this
shows us that ICICI fund has a high risk. But L&T has moderate risk and return as compare
to other mutual funds.
 Beta of all mutual funds are less than one (Beta<1), so that all the mutual funds are
conservative in nature.
 Banking/finance sector, Chemicals, engineering and manufacturing sectors have been
included in top five in all the mutual fund schemes.
 L&T fund Treynor’s and Sharpe’s ratio is high is compared to other mutual funds so
performance of L&T is better.
 The correlation of all the mutual funds are positive, which means that the funds and nifty
midcap 100 are positively correlated and by correlation we can conclude that all the mutual
funds are moving towards same directions, when nifty increases fund also increases on the
market and moves in same directions.
 The results of T-test showed that only L&T midcap fund is rejected the statement.
 Before investing in any mutual fund schemes the investors should analyse the factors like
return, risk involved in the scheme
77
CONCLUSION:
The India mutual funds industry has transformed totally for good since last decade and has shown
potential growth. Mutual fund is an excellent product offering with great flexibility and liquidity,
which can be tailored to suit any investor’s objective and it is affordable for the all people of
different income levels and saving habits. Mutual fund represents most appropriate investment
opportunity for most investors. As share markets become more sophisticated and complex,
investors need a financial intermediary who provides the required knowledge and professional
expertise on successful investing. As the investors always try to maximize the returns
and minimize the risk. Mutual fund satisfies these requirements by providing attractive returns
with affordable risks. The mutual fund industry has already overtaken the banking industry, more
funds being under mutual fund management than deposited with banks. Though there is
competition in the financial market, mutual funds are launching a variety of schemes which caters
to the requirement of particular class of investors.
The stock market has also been rising for over three years now. Investors in India would like to
invest their money in different fields to earn high return on their investment.
From this present study it is concluded that mutual funds are much better investment option but as
future is uncertain, one can give guarantee of good returns, no matter whether it is equity or a
mutual fund. Before investing in mutual fund schemes, equity or any other investment alternatives
investors should do a little research to minimize their risk and also to know about return.Risk
involved in the alternative will help them to decide the right investment plan or product. Investor
should know the Asset Management Companies (AMCs) where they are investing.Investor should
get the proper information about the fund and market can get advisory services from the stock
broking companies.
78
SUGGESTIONS:
 Before investing in any mutual fund schemes the investors should analyse the track record of
the scheme and also they should know wether the mutual fund scheme performing well or
not.
 Investor should know the risk and return profile of the mutual fund scheme wheather it is an
aggressive or conservative risk.
 Investors should consider their financial goals, risk and return before selecting the mutual
fund scheme.
 It is advisable for the investors to invest more on L&T fund because it has higher return as
compare to other funds.
 And one more suggestion to investors that last preferences should be given to Aditya Birla
Sunlife Midcap Fund by considering last five years performance of the fund.
 It is better to investors to look for that mutual fund schemes, which gives high return with
low risk at a short period of time.
79
BIBLIOGRAPHY
Books referred
 Prasanna Chandra-“Investment Analysis and portfolio Management”, Tata McGraw-
Hill Education Pvt Ltd, Third Edition,2009.
 Punithavathi Pandian-“Security Analysis and Portfolio Management”,
Vikas Publication HouseLtd.
 “Investment Management”- Preethi Singh, Himalaya PublishingHouse,2010
Articles
 “An Empirical Study on Performance of Diversified Equity Mutual Funds with
Special Reference to Large cap and Midcap Funds” by Ratish Gupta and Shruti
Maheshwari, AIMA Journal of management and research, August 2017, Volume 11
issue 3/4, ISSN 0974-497 Copy.
 “A Study on Performance of Risk and Return on Selected Mutual Funds” by Dr.M.
Ravichandran and T.Iswarya, 2016, IJIRST, Volume 2,Issue11.
 “The Role of Fund Size in the Performance of Mutual Funds Assessed With DEA
Models” by Antonella Basso and Stefenia Funari, 2016, Volume 1 and Issue 5, Page
38-40.
 “Performance Evaluation of Equity Oriented Growth and Dividend Funds of Mutual
Funds in India: An Application of Risk Adjusted Theoretical Parameters” by M.
Gowri and Malabika Deo, 2016, Volume 10, Issue 8.
 “A Study on the Effect of Portfolio Turnover on Mutual Fund Performance in the
Indian Financial Market” by Vinita Bharat Manek, 2016, Volume 3/23, Issue 6, ISSN
2278-8808
 “A Study on Factors Affecting Investment on Mutual Funds and its Preference of
Retail Investors” by Arathy B. Aswathy A Nair, Anju Sai P and Pravitha N R, 2015
Volume 5, Issue 8, ISSN2250-3153.
 “Mutual Fund Characteristics and Investment Performance” by Sonal Babbar and
Sanjay Sehgal, 2015, Volume 4, Issue6.
 “Performance Evaluation of Indian Equity Mutual Funds against Established
Benchmark Index” by Syed Husain Ashraf and Dhanraj Sharma, 2014, Volume 36
Issue 1and2.
 Diversified Schemes and Equity Mid-Cap Schemes” by Dr.B.Nimalathasan and
Mr.R.Kumar Gandhi, 2012, Volume 2, Issue 3, ISSN2249-8834.
 “An Empirical Study on Performance of Mutual Fund in India” by Shrinivas R. Patil
and K.S. Prakash Rao, 2011, Volume 2andIssue12.
 “Risk and Return Analysis of Mutual Fund Industry in India” by Bilal Pandow, 2011,
Volume 1, Issue 1, Page no 8-19.
Website:
 https://in.investing.com/indices/cnx-midcap-historical-data
 https://www.fundsupermart.co.in/main/fundinfo/fundReturns.svdo
 https://www.valueresearchonline.com/funds/
 https://www.mutualfundindia.com/
 https://www.moneycontrol.com/
 https://www.karvyonline.com/
ANNEXURE
COMPANY Average Return of Average Return

funds of Index
Aditya Birla Sun life Midcap Fund 1.62534 1.68016
HDFC Midcap Opportunities Fund 1.81966 1.68016
CICI Prudential Midcap Fund 1.68232 1.68016
L&T Midcap Fund 2.1045 1.68016
Reliance Midcap Fund 1.79782 1.68016
SBI Magnum Midcap Fund 1.87106 1.68016
IDFC Sterling Equity Fund 1.59232 1.68016
Axis Midcap Fund 1.57184 1.68016

ACHARYA INSTITUTE OF TECHNOLOGY
DEPARTMENT OF MBA
PROJECT (17MBAPR407) -WEEKLY REPORT

ACHARYA
NAME OF THE STUDENT: -/ ,

. INTERNAL GUIDE:
29 ’/r‹cg Jr,
EXTERNAL INTERNAL
WEEK WORK UNDERTAKEN GUIDE GUIDE
SIGNATURE SIGNAL URE
3'd Jan 2019 — 9'h Industry Profile and Company
Jan 2019 Profile
Preparation of Research
10'h Jan 2019 —
instrument for data
17th Jan 2019
collection
lS" Jan 2019 —
Data collection
25'h Jan 201a
26'h Jan 2019 Analysis and finalization

2 d Feb 2019 of report
Findings and Suggestions

Feb 20l“9
10" Feb 2019 —

Conclusion and Final Report
l 6'h Feb 2019
»••k 4 I’ S ”I ¥ £'ñ BRO kl56 I] D
Company Seal College Seal HOD Sign tule

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PROJECT REPORT (17MBA407) ON

A STUDY ON RISK AND RETURN ANALYSIS OF EQUITY MIDCAP

MUTUAL FUNDS AT KARVY STOCK BROKING LIMITED DAVANGERE

VISVESVARAYA TECHNOLOGICAL UNIVERSITY, BELAGAVI

In partial fulfilment of the requirements for the award of the degree of

INTERNAL GUIDE EXTERNAL GUIDE

same. We wish him all the best in his future endeavors.

For Karvy Stock Broking Pvt Ltd

Karvy Stock Broking Limited

This is to certify that Mr. Prashant Jodage bearing USN

Signature of Internal Guide Signature of HOD

Signature of Principal/Dean .Academics

I, PRASHANT JODAGE hei‘eby declare that the Pi oject re roll entitled

Place: Bangalore Signaturc of the student

I wish to express my sincere thanks to our respected Principal, Dr.Prakash M R,

I would like to thank Prof MALLIKA B K, Asst. Professor, Department of MBA,

Place: Bangalore PRASHANT. JODAGE

CHAPTER CONTENTS PAGE

1.1 INTRODUCTION ABOUT THE INTERNSHIP 2

1.2 INDUSTRY PROFILE 3

1.3 COMPANY PROFILE 4

1.5 VISION, MISSION ,QUALITY POLICY AND OBJECTIVES 5-6

1.6 PRODUCTS / SERVICES PROFILE 7-8

1.7 AREAS OF OPERATION 9-10

1.8 COMPETITORS INFORMATION 10

1.9 SWOT ANALYSIS 10-11

1.10 FUTURE GROWTH AND PROSPECTS 11

1.11 FINANCIAL STATEMENT 12-15

2. CONCEPTUAL BACKGROUND AND LITERATURE 16-28

2.1 THEORETICAL BACKGROUND OF THE STUDY 16-22

2.2 LITERATURE REVIEW WITH RESEARCH GAP 22-28

3. RESEARCH DESIGN 29-32

3.1 STATEMENT OF THE PROBLEM 29

3.4 SCOPE OF THE STUDY 28-29

3.5 RESE01ARCH METHODOLOGY 29-30

3.8 CHAPTER SCHEME 30-32

4. ANALYSIS AND INTERPRETATION 33-75

5. SUMMARY OF FINDINGS,CONCLUSION AND 76-78

TABLE TITLE PAGE

4.15 Table Showing Comparison of Sharpe’s Ratio in all Equity 71

GRAPH TITLE PAGE

4.10 Graph Showing Comparison of Returns of all Equity Midcap 67

4.11 The Equity Midcap Mutual Funds 68

4.12 Showing Comparison Of Beta Of All The Mutual Funds 69

4.13 Graph Showing Comparison of Correlation of all Mutual Funds 70

4.14 Graph Showing all Equity Midcap Mutual Funds 71

Showing Comparison Of Sharpe’s Ratio In All The Equity

Project work is a part of academic activity of Visvesvaraya Technological University, Belgaum. It

VALUE ADD SERVICES

PAN card Mutual fund

tax saving investment Kavry

online investment platform

Products Provided by the Karvy:

 Exchange Trading Funds:

1.7 AREAS OF OPERATION

Branches of Karvy in India:

1.8 Major Competitors Of Karvy

1.9 SWOT ANALYSIS

1.10 FUTURE GROWTH AND PROSPECTS