Summer Training Report

ON
“RANKING OF MUTUAL FUND
ACCORDING TO TAX PLAN”

Submitted in partial fulfillment of requirements for

the award of the degree of Masters in Business Management

Session : 2018-2020

Under Supervision of: Submitted by:

Mrs. Aarti Dhall Vinay
T.P.O &ASSISTANT Professor MBA
H.I.M.T., Rohtak Roll NO.

HINDU INSTITUTE OF MANAGEMENT & TECHNOLOGY

MAHARSHI DAYANAND UNIVERSITY, ROHTAK
 PREFACE

After 1991, the new Industrial Policy, the Indian economy became more Liberal and
global. As a result of economic liberalization, Indian capital market has generated interest
in equity among Indian investors. However lack of adequate expertise to face bull and bear
leave his with little alternative to participate is equity.

The Indian investors have not proper knowledge of the capital market, thus they are not
able to take a wisely decisions. This research is motivated by the inquisitiveness expressed
by various people. Its main purpose is providing a wide knowledge to the various areas of
the mutual fund.

I believe that the funding of this project would be highly beneficial to investor in making
their investment decisions. They would be able to take a prudent decision according to
their respective objectives and financial goals.
 ACKNOWLEDGEMENT

"Gratitude is not a thing of expression; it is more a matter of feeling."

There is always a sense of gratitude which one express for others for their help and
supervision in achieving the goals. We too express my deep gratitude to each and everyone
who has been helpful to us in completing the project report successfully.

We would like to thank almighty God for blessing showered on us during the completion
of Dissertation Report.

First of all, we are highly thankful to Dr. Hitesh Dhall (Director HIMT-ROHTAK) for
allowing us to pursue our Dissertation Report on "Ranking of Mutual Fund".

We give our regards and sincere thanks to Dr. (Mrs.) Ashumani Bhatia (H.O.D) and
Mrs. Aarti Dhall (Project guide) who has devoted her precious time in guiding us &
helping us complete it within time.

We feel self-short of words to thanks our parents and friends who had directly or
indirectly instrumental in the completion of the project. We are indebted to all respondents
for their time passion during the long conversations.

Vinay
 DECLARATION

I, Vinay, Roll No. of MBA Semester 4 of Hindu Institute of Management &

Technology, Rohtak, hereby declare that the project entitled Ranking of Mutual Fund
in Name of company is an original work and the same has not been submitted to any other
institute for award of any other degree. The interim report was presented to the supervisor
on ……………….and the pre-submission presentation was made on……………….. The
feasible suggestions have been duly incorporated in consultation with the supervisor.

Counter signed Signature of the Candidate

Mrs. Aarti Dhall Vinay
HOD Professor, HIMT

Dr. Hitesh Dhall

Director of the Institute
 TABLE OF CONTENTS

PREFACE
ACKNOWLEDGEMENT
DECLARATION

CHAPTER TITLE PAGE

NO.

CHAPTER-1 INTRODUCTION TO THE INDUSTRY (6-19)

 INTRODUCTION
 TYPES OF MUTUAL FUND
 ADVANTAGES AND DISADVANTAGES
 OBJECTIVES
 RISKS IN MUTUAL FUND
CHAPTER-2 REVIEW OF LITERATURE (20-28)
 REVIEW OF LITERATURE
CHAPTER-3 RESEARCH METHODOLOGY
RESEARCH METHODOLOGY
NEED OF THE RESEARCH
SCOPE OF THE RESEARCH
CHAPTER-4 DATA ANALYSIS & INTERPRETATIONS (29-33)
DATA ANALYSIS AND INTERPREATIONS
CHAPTER-5 CONCLUSION & SUGGESTION (34-66)
 CONCLUSION
 SUGGESTION
 LIMITIATIONS OF THE STUDY

ANEXXURE
 GLOSSARY OF MUTUAL FUNDS
 BI BLOGRAPHY
 QUESTIONNAIRE
 CHAPTER 1
INTRODUCTION OF THE
INDUSTRY

INTRODUCTION
 As investors are getting more educated, aware and prudent they look for innovative
investment instruments so that they are able to reduce investment risk, minimize
transaction costs, and maximize return along with certain level of convenience as a result
there has been an advent of numerous innovative financial instruments such as bonds,
company deposits, insurance, and mutual funds.

Goal of mutual funds is to provide an efficient way to make money. In India there are 29
mutual funds with different investment strategies and goals to choose from. Different
mutual funds have different risks, which differ because of the fund’s goals, fund’s
manager and investment styles.

CONCEPTUAL AND CONTEXTUAL ANALYSIS OF MUTUAL

FUNDS:
What is Mutual Fund?

A Mutual Fund is a trust that pools the savings of a number of investors who share a
common financial goal. The money thus collected is then invested in capital market
instruments such as shares, debentures and other securities. The income earned through
these investments and the capital appreciations realized are shared by its unit holders in
proportion to the number of units owned by them.

CONCEPT OF MUTUAL FUND ACCORDING TO SEBI:

Security Exchange Board of India (SEBI) regulations 1993, defines mutual fund as
follows:

“Mutual Fund means a fund established in the form of a trust by a sponsor to raise moneys
by the trustees through the scale of units to public under one or more schemes for
investing in securities in accordance with these regulations.”
The flow chart below describes broadly the working of a mutual fund:

Mutual Fund Operation Flow Chart

MUTUAL FUND STRUCTURE

The structure consists of

Sponsor

Sponsor is the person who acting alone or in combination with another body corporate
establishes a mutual fund. Sponsor must contribute at least 40% of the net worth of the
Investment managed and meet the eligibility criteria prescribed under the Securities and
Exchange Board of India (Mutual Funds) Regulations, 1996.The Sponsor is not
responsible or liable for any loss or shortfall resulting from the operation of the Schemes
beyond the initial contribution made by it towards setting up of the Mutual Fund.

Trust

The Mutual Fund is constituted as a trust in accordance with the provisions of the Indian
Trusts Act, 1882 by the Sponsor. The trust deed is registered under the Indian Registration
Act, 1908.

Trustee

Trustee is usually a company (corporate body) or a Board of Trustees (body of

individuals). The main responsibility of the Trustee is to safeguard the interest of the unit
holders and in accordance with the Securities and Exchange Board of India (Mutual
Funds) Regulations, 1996, the provisions of the Trust Deed and the Offer Documents of
the respective Schemes. At least 2/3rd directors of the Trustee are independent directors
who are not associated with the Sponsor in any manner.

Asset Management Company (AMC)

The AMC is appointed by the Trustee as the Investment Manager of the Mutual Fund. The
AMC is required to be approved by the Securities and Exchange Board of India (SEBI) to
act as an asset management company of the Mutual Fund. At least 50% of the directors of
the AMC are independent directors who are not associated with the Sponsor in any
manner. The AMC must have a net worth of at least 10 crore at all times.
Registrar and Transfer Agent
The AMC if so authorized by the Trust Deed appoints the Registrar and Transfer Agent to
the Mutual Fund. The Registrar processes the application form; redemption requests and
dispatches account statements to the unit holders. The Registrar and Transfer agent also
handles communications with investors and updates investor records.

Custodian

Banking organization that keeps in safe custody all the securities and other instruments
belonging to the fund to insure smooth inflow and outflow of securities. It is also approved
regulated and registered with SEBI.

TYPES OF MUTUAL FUND SCHEMES:

BY STRUCTURE
  Open Ended Schemes

These do not have a fixed maturity investors deal directly with the mutual fund for their
investments and redemptions the key features is liquidity. One can conveniently buy and
sell his units at net asset values (NAV) related prices.
 Closed Ended Schemes

Schemes that have a stipulate maturity period are called close–ended schemes. One can
invest directly in the scheme at the time of the initial issue and thereafter he can buy or
sell the units of the schemes exchange could vary from the scheme’s NAV on account of
demand of supply situation unit holder’s expectation and other market factors.

 Interval Schemes

These combine the features of open ended, close-ended schemes. They may be traded on
the stock exchange or may be open for sale or redemption during predetermined
intervals at NAV related prices.

BY INVESTMENT OBJECTIVE

 Growth Scheme(Equity Schemes)

Aim to provide capital appreciation over the medium to long term. Their schemes
normally invest a majority of their funds in equities and are willing to bear short-term
decline in value for possible future appreciation.

Ideal For:

Investors in their prime earning years.

Investors seeking growth over the long term.

 Income Schemes(Dividend Schemes)

 Aim to provide regular and steady income to investors. These schemes generally invest
in fixed income securities as bonds and corporate debentures. Capital appreciations in
such schemes may be limited.

Ideal For:

Retired people and others with a need for capital stability and regular income. Investors
who need some income to supplement their earnings.

 Balanced Schemes

Aim to provide both growth and income by periodically distributing a part of the income
and capital gains they earn. They invest in both shares and fixed income securities in the
proportion indicated in their offer documents. In a rising stock market, the NAV of these
schemes may not normally keep pace, of fall equally when the market falls.

Ideal For:

Investors looking for a combination of income and moderate growth.

 Money Market Schemes

Aim to provide easy liquidity preservation of capital and moderate income these
schemes generally invest in safer short-term instruments such as treasury bills
certificates of paper and interbank call money.

OTHER SCHEMES
 Tax Saving Schemes

These schemes offer tax rebates to the investors under tax laws as prescribed from time
to time. This is made possible because the Government offers tax incentives for
investment in specified avenues. For example, Equity Linked Saving Schemes (ELSS)
and pension schemes.
Recent amendments to the Income Tax Act provide further opportunities to investors to
save capital gains by investing in mutual funds
Ideal For:
Investors seeking tax rebates.

 Special Schemes

This category includes index schemes that attempt to replicate the performance of a
particular index such as the BSE Sensex or the NSE 50 or industry specific schemes
(Which invest in specific) or sectorial schemes (Which invest exclusively in high
segments such as “A” Group shares or initial public offerings).

Ideal For:

Investment who are satisfied with a return approximately equal to that of an index.

Remember as always higher the return investor seeks, higher the risk he should be
prepared to take.

ADVANTAGES OF INVESTING IN MUTUALFUND

  Professional management

Investors avails the services for experience and skilled professionals who are backed by
dedicated investment research team, which analyses the performance and prospects of
companies and selects suitable investments to achieve of the scheme.

 Diversification

Mutual funds invest in a number of companies across a broad cross section of industries and
sectors. This diversification reduces the risk because seldom do all stocks declare at the same
time and in the same proportion. Investor achieves this diversification through fund with far
less money he could do it on his own.

 Convenient administration

Investing in mutual fund reduces paperwork and helps investor to avoid problems such as
bad deliveries, delayed payment and unnecessary follow up with brokers and companies.
Mutual funds save time and make investing easy and convenient.

 Return potential
 Over medium to long term mutual funds have the potential to provide higher returns as
they invest in diversified basket of selected securities.

 Low costs

Mutual fund are relatively less expensive way to invest compared to directly investing in the
capital markets because the benefits of scales in brokerage, custodial and other fees translate
into low costs for investors.

 Liquidity

In open-ended schemes, investor can get his money promptly at net asset value related
prices from the mutual fund itself. With close-ended schemes, Investor can sell his units on a
stock exchange at the prevailing market price.

 Transparency

Investor gets regular information about the value of his investment in addition to disclosure
on the specific investments made by a scheme and the proportion invested in the each class
of assets and the fund manager’s investment strategy and outlook.

 Flexibility

Through features such as regular investment plans, regular withdrawal plans and dividend
reinvestment plan plans investor can systematically invest or withdraw funds according to
his needs and convenience.

 Choice of investments

Mutual funds offer a family of schemes to suit investors varying needs over a lifetime.

 Well regulated
All mutual funds are registered with SEBI and they function with the provision of strict
regulations designed to protect interest of investors. The operations of mutual funds are
regularly monitored by SEBI.

 Affordability

Investors individually may lack sufficient funds to invest in high-grade stocks. A Mutual
fund because of its large corpus allows even a small investor to take the benefit of its
investment strategy.

Disadvantages of Mutual Funds:

 No Guarantees

No investment is risk free. Investors encounter fewer risks when they invest in mutual
funds than when they buy and sell stocks on their own. However, anyone who invests
through a mutual fund runs of losing money.

 No Tailor-made Portfolio

Mutual Fund portfolio are created and marketed by AMCs, into which investors invest.
Investors cannot create tailor-made portfolios.

 Taxes

During a typical year, most actively managed mutual fund sell anywhere from 20 to 70
percent of the securities in their portfolios. If a fund makes a profit on its sales, taxes are to
be paid on the income received, even if the money is re-invested.

OBJECTIVES OF MUTUAL FUNDS

 The objective of mutual fund is to provide an efficient way for an individual to make
money. There are 29 AMC currently operating with different investment strategies and
objective. Different mutual funds have different risks, which differ because of the fund’s
manager and investment styles. Money from a mutual fund is made when the stocks,
bonds or other securities increase in value (a capital gain) issue dividends or make interest
payments. Capital gains and income or dividends payments are best reinvested for younger
investors. With reinvestment of dividends and capital gain distribution, your money
increases at a greater rate. When you redeem your shares, what you receive is the value of
the shares.

Risks in Mutual Fund

 The Risk-Return Trade-off

The Higher the risk greater the returns/loss and lower the risk lesser the returns/loss.
Hence it is up to the investor to decide how much risk he is willing to take

 Market Risk
Sometimes prices and yields of all securities rise and fall. Board outside influences
affecting the market in general lead to this. This is known as market risk.

 Credit Risk
The debt servicing ability (may it be interest payments or repayment of principal) of a
company thought its cash flows determines the credit risk faced by you. A well-diversified
portfolio might help mitigate this risk.

 Inflation Risk
The root cause,” Inflation” is the loss of purchasing power over time. A lot of times
people make conservatives investment decisions to protect their capital but end up with a
sum of money that can buy less than what the principal could at time of the investment.
 Interest Rate Risk
 In a free market economy interest rates are difficult if not impossible to predict.
Changes in interest rates affect the prices of bonds as well as equities. If interest rates
rise the prices of bonds fall and vice versa.

 Liquidity risk

Liquidity risk arises when it become difficult to sell the securities that one has
purchased.

RISK RETURN GRID

Risk
Benefits offered by
Tolerance/Return Focus Suitable Products
MFs
Expected
Bank/ Company FD,Liquidity, Better
Low Debt
Debt based Funds Post-Tax returns
Balanced Funds, Some
Partially Liquidity, Better
Diversified Equity Funds
Debt, Post-Tax returns,
Medium and some debt Funds,
Partially Better Management,
Mix of shares and Fixed
Equity Diversification
Deposits
Diversification,
Capital Market, Equity
Expertise in stock
High Equity Funds (Diversified as
picking, Liquidity,
well as Sector)
Tax free dividends

OBJECTIVES OF RESEARCH
Main objectives

The main objective of the research is that to know the expected return from a particular
Mutual Fund and to know in which Mutual Fund a Investor should invest his money and
which Mutual fund they avoid or not invest their money According to Tax Plan.

The objective of the research is to measure and Rating of the Mutual funds that exits in the
market. An attempt has been made to measure various variable’s playing in the minds of
investor in terms of safety, liquidity, Service, Returns, Tax efficiency.

Sub objectives

 To study the concept of Mutual fund.

 To study the reasons why people invest in Mutual fund.
 To study the position of Mutual fund in last three months.
CHAPTER 2
REVIEW OF
LITERATURE

REVIEW OF LITERATURE
Dr. Sandeep Bansal, Deepak Garg and Sanjeev K Saini (2012), have studied Impact
of Sharpe Ratio & Treynor’s Ratio on Selected Mutual Fund Schemes. This paper
examines the performance of selected mutual fund schemes, that the risk profile of the
aggregate mutual fund universe can be accurately compared by a simple market index
that offers comparative monthly liquidity, returns, systematic & unsystematic risk and
complete fund analysis by using the special reference of Sharpe ratio and Treynor’s
ratio.

Dr. K. Veeraiah and Dr. A. Kishore Kumar (Jan 2014), conducted a research on
Comparative Performance Analysis of Select Indian Mutual Fund Schemes. This study
analyzes the performance of Indian owned mutual funds and compares their
performance. The performance of these funds was analyzed using a five year NAVs
and portfolio allocation. Findings of the study reveals that, mutual funds out perform
naïve investment. Mutual funds as a medium-to-long term investment option are
preferred as a suitable investment option by investors.

Dr. Yogesh Kumar Mehta (Feb 2012), has studied Emerging Scenario of Mutual
Funds in India: An Analytical Study of Tax Funds. The present study is based on
selected equity funds of public sector and private sector mutual fund. Corporate and
Institutions who form only 1.16% of the total number of investors accounts in the MFs
industry, contribute a sizeable amount of Rs. 2,87,108.01 crore which is 56.55% of the
total net assets in the MF industry. It is also found that MFs did not prefer debt
segment.

Prof. V. Vanaja and Dr. R. Karrupasamy (2013), have done a Study on the
Performance of select Private Sector Balanced Category Mutual Fund Schemes in
India. This study of performance evaluation would help the investors to choose the best
schemes available and will also help the AUM’s in better portfolio construction and
can rectify the problems of underperforming schemes. The objective of the study is to
evaluate the performance of select Private sector balanced schemes on the basis of
returns and comparison with their bench marks and also to appraise the performance of
different category of funds using risk adjusted measures as suggested by Sharpe,
Treynor and Jensen.
E. Priyadarshini and Dr. A. Chandra Babu (2011), have done Prediction of The Net
Asset Values of Indian Mutual Funds Using Auto- Regressive Integrated Moving
Average (Arima). In this paper, some of the mutual funds in India had been modeled
using Box-Jenkins autoregressive integrated moving average (ARIMA) methodology.
Validity of the models was tested using standard statistical techniques and the future
NAV values of the mutual funds have been forecasted.

Dr. Ranjit Singh, Dr. Anurag Singh and Dr. H. Ramananda Singh (August 2011),
have done research on Positioning of Mutual Funds among Small Town and Sub-
Urban Investors. In the recent past the significant proportion of the investment of the
urban investor is being attracted by the mutual funds. This has led to the saturation of
the market in the urban areas. In order to increase their investor base, the mutual fund
companies are exploring the opportunities in the small towns and sub-urban areas. But
marketing the mutual funds in these areas requires the positioning of the products in
the minds of the investors in a different way. The product has to be acceptable to the
investors, it should be affordable to the investors, it should be made available to them
and at the same time the investors should be aware of it. The present paper deals with
all these issues. It measures the degree of influence on acceptability, affordability,
availability and awareness among the small town and sub-urban investors on their
investment decisions.

Prof. Kalpesh P Prajapati and Prof. Mahesh K Patel (Jul 2012), have done a
Comparative Study On Performance Evaluation of Mutual Fund Schemes Of Indian
Companies. In this paper the performance evaluation of Indian mutual funds is carried
out through relative performance index, risk-return analysis, Treynor's ratio, Sharp's
ratio, Sharp's measure, Jensen's measure, and Fama's measure. The data used is daily
closing NAVs. The source of data is website of Association of Mutual Funds in India
(AMFI). The study period is 1st January 2007 to 31st December, 2011. The results of
performance measures suggest that most of the mutual fund have given positive return
during 2007 to 2011.
C.Srinivas Yadav and Hemanth N C (Feb 2014), have studied Performance of
Selected Equity Growth Mutual Funds in India: An Empirical Study during 1st June
2010 To 31st May 2013. The study evaluates performance of selected growth equity
funds in India, carried out using portfolio performance evaluation techniques such as
Sharpe and Treynor measure. S&P CNX NIFTY has been taken as the benchmark. The
study conducted with 15 equity growth Schemes (NAV ) were chosen from top 10
AMCs ( based on AUM) for the period 1st June 2010 to 31st may 2013(3 years).

Rashmi Sharma and N. K. Pandya (2013), have done an overview of Investing in

Mutual Fund. In this paper, structure of mutual fund, comparison between investments
in mutual fund and other investment options and calculation of NAV etc. have been
considered. In this paper, the impacts of various demographic factors on investors’
attitude towards mutual fund have been studied. For measuring various phenomena and
analyzing the collected data effectively and efficiently for drawing sound conclusions,
drawing pie charts has been used and for analyzing the various factors responsible for
investment in mutual funds.

Rahul Singal, Anuradha Garg and Dr Sanjay Singla (May 2013), have done
Performance Appraisal of Growth Mutual Fund. The paper examines the performance
of 25 Growth Mutual Fund Schemes. Over the time period Jan 2004 to Dec 2008. For
this purpose three techniques are used (I) Beta (II) Sharpe Ratio (III) Treynor Ratio.
Rank is given according to result drawn from this scheme and comparison is also made
between results drawn from different schemes and normally the different are
insignificant.

Dhimen Jani and Dr. Rajeev Jain (Dec 2013), have studied Role of Mutual Funds in
Indian Financial System as a Key Resource Mobiliser. This paper attempts to identify,
the relationship between AUM mobilized by mutual fund companies and GDP growth
of the India. To find out correlation coefficient Kendall’s tau b and spearman’s rho
correlation ship was applied, the data range was selected from 1998-99 to 2009-10.
Dr. R. Narayanasamy and V. Rathnamani (Apr 2013), have done Performance
Evaluation of Equity Mutual Funds (On Selected Equity Large Cap Funds). This study,
basically, deals with the equity mutual funds that are offered for investment by the
various fund houses in India. This study mainly focused on the performance of selected
equity large cap mutual fund schemes in terms of risk- return relationship. The main
objectives of this research work are to analysis financial performance of selected
mutual fund schemes through the statistical parameters such as (alpha, beta, standard
deviation, r-squared, Sharpe ratio).

Dr. Ashok Khurana and Kavita Panjwani (Nov, 2010), have analysed Hybrid
Mutual Funds. Mutual fund returns can be compared using Arithmetic mean &
Compounded Annual Growth Rate. Risk can be analyzed by finding out Standard
Deviation, Beta while performance analysis is based on Risk-Return adjustment. Key
ratios like Sharpe ratio and Treynor ratio are used for Risk-Return analysis. Funds are
compared with a benchmark, industry average, and analysis of volatility and return per
unit to find out how well they are performing with respect to the market Value at Risk
analysis can be done to find out the maximum possible losses in a month given the
investor had made an investment in that month. Based on the quantitative study
conducted company a fund is chosen as the best fund in the Balance fund growth
schemes.

Dr. D. Rajasekar (Sep 2013), has done a Study on Investor`s Preference Towards
Mutual Funds With Reference To Reliance Private Limited, Chennai - An Empirical
Analysis. The data was analyzed using the statistical tools like percentage analysis, chi
square, weighted average. The report was concluded with findings and suggestions and
summary. From the findings, it was inferred overall that the investor are highly
concerned about safety and growth and liquidity of investments. Most of the
respondents are highly satisfied with the benefits and the service rendered by the
Reliance mutual funds.
Dr. Mamta Shah (Dec 2012) has done research on Marketing Practices of Mutual
Funds. Development of an economy necessarily depends upon its financial system and
the rate of new capital formation which can be achieved by mobilizing savings and
adopting an investment pattern, be its self-financing (i.e. direct or indirect) where
financial intermediaries like banks, insurance and other financial companies come in
the picture and mediate between savers and borrowers of funds. In the same way there
are different types of investors and each category of investors differs in its objectives
and hence it is imperative for investment managers to choose an appropriate
investment policy for the group they are dealing with, further managing the investment
is a dynamic and an ongoing process.

Rajiv G. Sharma (Aug 2013) has done a Comparative Study on Public and Private
Sector Mutual Funds in India. The study at first tests whether there is any relation
between demographic profile of the investor and selection of mutual fund alternative
from among public sector and private sector. For the purpose of analysis perceptions of
selected investors from public and private sector mutual funds are taken into
consideration. The major factors influencing the investors of public and private sectors
mutual funds are identified. The factors under consideration to compare between
perceptions of public and private sector mutual fund investors are Liquidity, Security,
Flexibility, Management fee, Service Quality, Transparency, Returns and Tax benefits.

Dr. E. Priyadarshini (2013), has done Analysis of the Performance of Artificial

Neural Network Technique for Forecasting Mutual Fund Net Asset Values. In this
paper, the Net Asset Values of four Indian Mutual Funds were predicted using Artificial
Neural Network after eliminating the redundant variables using PCA and the
performance was evaluated using standard statistical measures such as MAPE, RMSE,
etc.

Vibha Lamba (Feb 2014), has done an analysis of Portfolio Management in India.
The purpose of present study is to analyse the scope and importance of portfolio
management in India. This paper also focuses on the types and steps of portfolio
management which a portfolio manager should take to provide maximum returns and
minimum risk to his clients for their investments.

Abhishek Kumar (October 2012), have studied Trend in Behavioral Finance and
Asset Mobilization in Mutual Fund Industry of India. This paper tries to analyze some
of the key issues noted below:
1. To understand the growth and the potential of Mutual Fund industry and analyze
its success.
2. An exhaustive cross performance study of Mutual fund industry by analyzing
around 1025 mutual fund schemes of India.
3. Performance analyses of various mutual fund schemes and its contributions to
assets management during the study period (2002-2009).
4. Insight about the performance of the mutual fund under short term and long term
period and
5. Investor’s behavior in allocating their investments among various assets available
in the market compared to Mutual funds in the changing economic Scenario.

B. Raja Manner and Dr. B. Ramachandra Reddy (Oct 2012), Review and
Performance of Select Mutual Funds Operated By Private Sector Banks: Axis Equity
and Kotak 50 Funds – Growth Option. The two mutual funds (i) Axis Equity (G) and
(ii) Kotak 50 (G) are reviewed in detail with a brief introduction of the fund houses
itself. The funds are then statistically evaluated by correlation with the benchmark.
S&P CNX Nifty, standard deviation, Sharpe’s Index. Treynor’s Ratio, Jenson’s alpha,
Fama’s Measure and M2.

Mrs.V. Sasikala and Dr. A. Lakshmi (Jan 2014) have studied The Mutual Fund
Performance Between 2008 And 2010: Comparative Analysis. The paper entitled
“comparative analysis of mutual fund performance between 2008 & 2010. The paper
was undertaken to know the after meltdown period risks and returns of 2008 top
hundred mutual funds and compare with 2010 top hundred mutual funds published in
Business today. The analysis of alpha, beta, standard deviation, Sharpe ratio and R-
squared are declare high, low, average, above average and below average of risks and
return of funds.

S. Palani and P. Chilar Mohamed (Dec 2013) have done study of Public and Private
Sector Mutual Fund in India. Development of capital market in a country is an
important prerequisite which only would enable industrial development, Business
growth and there by contribution towards economic development. Without any doubt it
could be stated that economic development, measured in the form of growth in GDP or
NNP is one of the objectives of every country in the world. A well integrated Financial
System alone could hasten economic growth which it does through channelizing
productive resources towards industrial growth and development.

Jafri Arshad Hasan, (2013), has studied The Performance Evaluation of Indian
Mutual Fund Industry past, Present and Future. This article will discuss the past
performance of the Indian mutual fund industry and the pace of growth it achieved
after being succumbed to regulatory changes by SEBI, international factors and its non
performance that affected the industry and its sentiments. It will also analyse the future
implications of the current changes that are being implemented by the regulator.

Dr. K. Mallikarjuna Rao and H. Ranjeeta Rani, (Jul 2013), have studied Risk
Adjusted Performance Evaluation of Selected Balanced Mutual Fund Schemes in India.
In this paper, an attempt has been made to study the performance of selected balanced
schemes of mutual funds based on risk-return relationship models and various
measures. Balanced schemes of mutual funds are the ones which are mostly preferred
by Indian investors because of their balanced portfolio in equity and debt. A total of 10
schemes offered by various mutual funds have been studied over the time period April,
2010 to March, 2013 (3 years).

Sowmiya. G, (Jan 2014), has studied Performance Evaluation of Mutual Funds in

India. The objectives of this are to know the basic concepts and terminologies of the
mutual funds in public limited companies and private limited companies. To analyze
performance and growth of selected mutual funds schemes with their NAV and their
returns. To identify the return variance and to provide suggestions based on the
analysis.

G. Prathap and Dr. A. Rajamohan (Dec 2013), have done A Study on Status of
Awareness among Mutual Fund Investors in Tamilnadu. Mutual funds have become an
important intermediary between households and financial markets, particularly the
equity market. Mutual funds have enabled an increasing number of households to enter
financial markets and the diversified investment structure of mutual funds and
diversified risk contributed tremendously in the growth of mutual funds. It is important
to study the awareness of mutual fund among the investors.

Dr. Naila Iqbal (Jul 2013) has studied Market Penetration and Investment Pattern of
Mutual Fund Industry in India. Market penetration is a term that indicates how deeply a
product or service has become entrenched with a given consumer market. The degree
of penetration is often measured by the amount of sales that are generated within the
market itself. A product that generates twenty percent of the sales made within a given
market would be said to have a higher rate of market penetration that a similar product
that realizes ten percent of the total sales within that same market. Determining what
constitutes the consumer market is key to the process of properly calculating market
penetration.

Dr. Binod Kumar Singh, (Mar 2012) has done A Study on Investors’ Attitude
towards Mutual Funds as an Investment Option. In this paper, structure of mutual fund,
operations of mutual fund, comparison between investment in mutual fund and bank
and calculation of NAV etc. have been considered. In this paper the impacts of various
demographic factors on investors’ attitude towards mutual fund have been studied. For
measuring various phenomena and analyzing the collected data effectively and
efficiently for drawing sound conclusions.
 CHAPTER 3
RESEARCH
METHODOLOGY
 RESEARCH METHODOLOGY

Statement of problem
When anyone has excess money as compare to his current consumption, then there are
many option in front of him for invest his excess money. He can invest his money in bank
F.D, purchase a speculative share, buy Gold, contribute to Provident Fund and can invest
in some other forms. Every investment have to two aspects Time and risks. When we
sacrifice in present we will earn benefits in future, but there would be some elements of
uncertainty. And general not know in which assets he invest for diversify the risks.
This report of mine has been under taken to study risk and return implication of investing
in Mutual Fund and also give consideration to investment in different assets for diversify
risk and maximize return.

Objective of study
1. To describe the functioning of the Mutual Fund.
2. To create the trade –off between the risk and return of the investment.
3. To familiar the investor with different assets allocation for achieves their financial
goals.

Scope
The main ambit of the report is too much larger area of investment analysis. It describes
the risk measurement and return analysis on the basis of several technical techniques. And
it also avail the different strategy for investment as a result we can achieved our financial
objectives.

Data collection
There are basically two sources of the data namely primary and secondary data. I use both
the data in my report. I have primarily made use of secondary data collected from various
sites as well as business daily “The Economic Times” and company weekly magazine
“The Wise Money”. Also a part of information regarding stock market was collected
through discussion with common investor and expert in the area of equity research and
security and investment analysis.
 This section will describe the methodological tools adopted in conducting the research
and reduce the uncertainty level for the top management in making critical decisions.

RESEARCH PROBLEM

The problem at hand was to analyze and competitive positions of various Mutual fund and to
measure the position of Mutual fund that which Mutual fund is good for investing for investors.

RESEARCH DESIGN

The research design is the conceptual structure within which research would be conducted. The
preparation of such a design facilitates research to be as efficient as possible yielding maximal
information. Research design may be of any type such as 1) Exploration, 2) Description, 3) Diagnosis,
and 4) Experimentation.

The research design I use in this research is Descriptive research design.

Sample Size

Sample size means the population on which we do any research. In this research I select Tax Plan of
10 Mutual funds, which is the sample size of my research.

Source of data

There are two types of data one is primary data and another type of data is secondary data. The data
use in this research is secondary data.

Data collection method

The data, which I used, is secondary and this type of data available on web sites and
published in various journals, books, magazines and newspapers, report and publication. I
collected the data from various websites of Mutual fund like amfiindia.com,
mutualfundindia.com etc., and also from the journal published by AMFI.
Tools for analysis

Every researcher needs various tools for analysis the data. Therefore to complete my
research I select the percentage method and ranking method, from which I measure
&compare the Mutual fund.

MEASUREMENT METHODS: -

SHARPE RATIO

Expected Return- Risk free rate of return

Standard risk (Total risk) mf

TREYNOR RATIO

Expected return-Risk free rate of return

Beta (Measure of systematic risk)

JENSION RATIO

[Expected return- (Market return-Risk free rate of return)]*(Beta-Risk free rate of

return)

NEED OF THE RESEARCH

This research project was carried out to measure the competitiveness of various Mutual
Funds present in the Market. The rating has been done according to the Net Asset Values
of a various Tax Plan of different-2 Mutual Fund with the return of NIFTY.

The rating also consider that how a fund is diversified their money in different-2 portfolio.
Scope of Research

However the scope of research was limited to various Mutual funds. Only “Tax Plan” of
various Mutual Funds taken in this Research.

In this research only 10 Mutual fund are consider which was consider as the sample size of
the project with the past three months of data i.e. from ‘15th Feb. 2018 to 10th July 2018’.
The rating of each Mutual fund is based upon their Fund manager, their diversified
portfolio, and comparison of NAV with NIFTY.
 CHAPTER 4
DATA ANALYSIS
&
INTERPRETATIONS
 DATA ANALYSIS AND INTERPRETATIONS

Square of
difference in
Nifty rate ofExpected
Date Close return and
return return
expected
return
15-Feb-18 3,022.20      
0.007
16-Feb-18 3,021.60 (0.0199) 0.1854 3
1.939
17-Feb-18 2,981.50 (1.3271) 0.1854 0
0.564
20-Feb-18 3,005.85 0.8167 0.1854 5
0.848
21-Feb-18 3,035.50 0.9864 0.1854 3
0.192
22-Feb-18 3,050.80 0.5040 0.1854 4
0.093
23-Feb-18 3,182.10 0.3704 0.1854 0
0.211
24-Feb-18 3,050.05 (0.3935) 0.1854 8
0.255
27-Feb-18 3,187.45 0.5705 0.1854 1
0.029
28-Feb-18 3,074.70 0.2364 0.1854 2
2.276
1-Mar-18 3,123.10 1.5741 0.1854 4
0.669
2-Mar-18 3,150.70 0.8837 0.1854 7
0.029
3-Mar-18 3,147.35 (0.1183) 0.1854 5
1.696
6-Mar-18 3,190.40 1.3678 0.1854 4
0.092
7-Mar-18 3,182.80 (0.2382) 0.1854 2
4.588
8-Mar-18 3,116.70 (2.0768) 0.1854 8
0.110
9-Mar-18 3,129.10 0.3979 0.1854 5
2.842
10-Mar-18 3,183.90 1.7513 0.1854 4
13-Mar-18 3,202.65 0.5889 0.1854 0.274
 1
0.086
14-Mar-18 3,195.35 (0.2279) 0.1854 0
0.832
16-Mar-18 3,226.60 0.9780 0.1854 9
0.027
17-Mar-18 3,234.05 0.2309 0.1854 4
0.831
20-Mar-18 3,265.65 0.9771 0.1854 3
0.028
21-Mar-18 3,262.30 (0.1026) 0.1854 2
0.554
22-Mar-18 3,240.15 (0.6790) 0.1854 0
0.022
23-Mar-18 3,247.15 0.2160 0.1854 7
0.883
24-Mar-18 3,279.80 1.0055 0.1854 8
1.465
27-Mar-18 3,321.65 1.2760 0.1854 6
0.001
28-Mar-18 3,325.00 0.1009 0.1854 3
0.660
29-Mar-18 3,354.20 0.8782 0.1854 7
1.893
31-Mar-18 3,402.55 1.4415 0.1854 7
4.056
3-Apr-18 3,473.30 2.0793 0.1854 0
0.047
4-Apr-18 3,483.15 0.2836 0.1854 6
0.534
5-Apr-18 3,510.90 0.7967 0.1854 8
2.766
7-Apr-18 3,454.80 (1.5979) 0.1854 4
0.383
10-Apr-18 3,478.45 0.6846 0.1854 4
8.384
12-Apr-18 3,380.00 (2.8303) 0.1854 8
1.179
13-Apr-18 3,345.50 (1.0207) 0.1854 6
5.361
17-Apr-18 3,425.15 2.3808 0.1854 3
7.013
18-Apr-18 3,518.10 2.7137 0.1854 9
0.192
19-Apr-18 3,535.85 0.5045 0.1854 9
11.125
26-Jun-18 2,943.20 (3.2701) 0.1854 5
27-Jun-18 2,982.45 1.3336 0.1854 1.608
 4
0.012
28-Jun-18 2,981.10 (0.0453) 0.1854 2
0.248
29-Jun-18 2,997.90 0.5636 0.1854 2
18.327
30-Jun-18 3,128.20 4.3464 0.1854 0
0.438
3-Jul-18 3,150.95 0.7273 0.1854 1
0.207
4-Jul-18 3,138.65 (0.3904) 0.1854 7
3.228
5-Jul-18 3,197.10 1.8623 0.1854 8
1.791
6-Jul-18 3,156.40 (1.2730) 0.1854 3
6.850
7-Jul-18 3,075.85 (2.5520) 0.1854 4
4.348
10-Jul-18 3,142.00 2.1518 0.1854 3
         
488.282
  TOTAL 6.3418   0

Expected Return 0.1854

VARIANCE 5.0863
Standard deviation 2.2553
 square of
% of return difference ofNifty % rate
Date NAV Exp. Return
X return andof return
expected return
           
15-Feb-18 78.23        
16-Feb-18 78.49 0.3324 (0.0352) 0.1351 (0.0199)
17-Feb-18 78.91 0.5351 (0.0352) 0.3252 (1.3271)
20-Feb-18 77.85 (1.3433) (0.0352) 1.7112 0.8167
21-Feb-18 76.97 (1.1304) (0.0352) 1.1994 0.9864
22-Feb-18 77.45 0.6236 (0.0352) 0.4340 0.5040
23-Feb-18 77.38 (0.0904) (0.0352) 0.0030 0.3704
24-Feb-18 77.20 (0.2326) (0.0352) 0.0390 (0.3935)
27-Feb-18 77.65 0.5829 (0.0352) 0.3820 0.5705
28-Feb-18 78.12 0.6053 (0.0352) 0.4102 0.2364
1-Mar-18 77.98 (0.1792) (0.0352) 0.0207 1.5741
2-Mar-18 79.14 1.4876 (0.0352) 2.3188 0.8837
3-Mar-18 79.39 0.3159 (0.0352) 0.1233 (0.1183)
6-Mar-18 79.41 0.0252 (0.0352) 0.0036 1.3678
7-Mar-18 80.89 1.8637 (0.0352) 3.6059 (0.2382)
8-Mar-18 81.92 1.2733 (0.0352) 1.7122 (2.0768)
9-Mar-18 80.95 (1.1841) (0.0352) 1.3200 0.3979
10-Mar-18 81.72 0.9512 (0.0352) 0.9730 1.7513
13-Mar-18 82.43 0.8688 (0.0352) 0.8172 0.5889
14-Mar-18 82.43 - (0.0352) 0.0012 (0.2279)
16-Mar-18 82.43 - (0.0352) 0.0012 0.9780
17-Mar-18 83.00 0.6915 (0.0352) 0.5281 0.2309
20-Mar-18 82.51 (0.5904) (0.0352) 0.3082 0.9771
21-Mar-18 82.52 0.0121 (0.0352) 0.0022 (0.1026)
22-Mar-18 82.23 (0.3514) (0.0352) 0.1000 (0.6790)
23-Mar-18 81.60 (0.7661) (0.0352) 0.5343 0.2160
24-Mar-18 82.26 0.8088 (0.0352) 0.7124 1.0055
27-Mar-18 82.52 0.3161 (0.0352) 0.1234 1.2760
28-Mar-18 83.74 1.4784 (0.0352) 2.2910 0.1009
29-Mar-18 83.02 (0.8598) (0.0352) 0.6800 0.8782
31-Mar-18 86.20 3.8304 (0.0352) 14.9428 1.4415
3-Apr-18 90.70 5.2204 (0.0352) 27.6214 2.0793
8-Jun-18 82.90 (0.3514) (0.0352) 0.1000 (0.6790)
9-Jun-18 64.95 (7.6759) (0.0352) 58.3818 5.2104
12-Jun-18 69.23 6.5897 (0.0352) 43.8889 (3.1207)
13-Jun-18 68.18 (1.6900) (0.0352) 2.7385 (4.0892)
14-Jun-18 64.04 (5.9186) (0.0352) 34.4729 (1.1452)
15-Jun-18 62.04 (3.1230) (0.0352) 9.5349 6.3051
16-Jun-18 68.10 9.7679 (0.0352) 96.1003 3.2710
19-Jun-18 68.10 - (0.0352) 0.0012 0.9186
20-Jun-18 70.12 2.9662 (0.0352) 9.0085 (1.9181)
21-Jun-18 70.72 0.8557 (0.0352) 0.7936 2.1721
22-Jun-18 72.72 2.8281 (0.0352) 8.1981 2.4389
23-Jun-18 74.69 2.7090 (0.0352) 7.5307 1.6011
26-Jun-18 75.10 0.5489 (0.0352) 0.3412 (3.2701)
27-Jun-18 72.10 (3.9947) (0.0352) 15.6775 1.3336
28-Jun-18 71.31 (1.0957) (0.0352) 1.1247 (0.0453)
29-Jun-18 70.64 (0.9396) (0.0352) 0.8179 0.5636
30-Jun-18 71.02 0.5379 (0.0352) 0.3285 4.3464
3-Jul-18 73.12 2.9569 (0.0352) 8.9527 0.7273
4-Jul-18 73.37 0.3419 (0.0352) 0.1422 (0.3904)
5-Jul-18 73.18 (0.4225) (0.0352) 0.1500 1.8623
6-Jul-18 73.89 1.1361 (0.0352) 1.3718 (1.2730)
7-Jul-18 74.01 0.1624 (0.0352) 0.0390 (2.5520)
10-Jul-18 73.09 (1.2431) (0.0352) 1.4590 2.1518
           
  TOTAL (3.4131)   671.0535  
           
           
Expected Return (0.0352)      
Variance 6.9901      
Standard Deviation 2.6439      
Covariance 0.0876      
Variance of nifty 5.0868      
Beta 0.0172      
 square of
% of return difference ofNifty % rate
Date NAV Exp. Return
X return andof return
expected return
15-Feb-18 162.52        
16-Feb-18 162.37 (0.0923) (0.0192) 0.0053 (0.0199)
17-Feb-18 159.65 (1.6752) (0.0192) 2.7422 (1.3271)
20-Feb-18 156.14 (2.1986) (0.0192) 4.7495 0.8167
21-Feb-18 157.30 0.7429 (0.0192) 0.5809 0.9864
22-Feb-18 156.70 (0.3814) (0.0192) 0.1312 0.5040
23-Feb-18 156.18 (0.3318) (0.0192) 0.0977 0.3704
24-Feb-18 156.88 0.4482 (0.0192) 0.2185 (0.3935)
27-Feb-18 157.69 0.5163 (0.0192) 0.2868 0.5705
28-Feb-18 158.23 0.3424 (0.0192) 0.1308 0.2364
1-Mar-18 161.26 1.9149 (0.0192) 3.7410 1.5741
2-Mar-18 163.39 1.3208 (0.0192) 1.7958 0.8837
3-Mar-18 164.32 0.5692 (0.0192) 0.3462 (0.1183)
6-Mar-18 168.39 2.4769 (0.0192) 6.2305 1.3678
7-Mar-18 169.81 0.8433 (0.0192) 0.7439 (0.2382)
8-Mar-18 167.41 (1.4133) (0.0192) 1.9436 (2.0768)
9-Mar-18 167.22 (0.1135) (0.0192) 0.0089 0.3979
10-Mar-18 169.61 1.4293 (0.0192) 2.0981 1.7513
13-Mar-18 170.83 0.7193 (0.0192) 0.5454 0.5889
14-Mar-18 170.91 0.0468 (0.0192) 0.0044 (0.2279)
16-Mar-18 172.96 1.1995 (0.0192) 1.4852 0.9780
17-Mar-18 173.99 0.5955 (0.0192) 0.3779 0.2309
20-Mar-18 175.22 0.7189 (0.0192) 0.5273 0.9771
21-Mar-18 174.94 (0.1598) (0.0192) 0.0198 (0.1026)
22-Mar-18 172.70 (1.2804) (0.0192) 1.5907 (0.6790)
23-Mar-18 173.62 0.5327 (0.0192) 0.3046 0.2160
24-Mar-18 175.65 1.1692 (0.0192) 1.4124 1.0055
27-Mar-18 175.83 0.1025 (0.0192) 0.0148 1.2760
28-Mar-18 175.71 (0.1882) (0.0192) 0.0024 0.1009
29-Mar-18 177.28 0.8935 (0.0192) 0.8331 0.8782
31-Mar-18 183.10 3.2829 (0.0192) 10.9043 1.4415
3-Apr-18 186.32 1.7586 (0.0192) 3.1607 2.0793

5-Apr-18 189.25 1.0897 (0.0192) 1.2297 0.7967

9-Jun-18 148.76 6.8601 (0.0192) 47.3256 5.2104
12-Jun-18 145.49 (2.1982) (0.0192) 4.7478 (3.1207)
13-Jun-18 136.21 (6.3784) (0.0192) 40.4397 (4.0892)
14-Jun-18 133.93 (1.6739) (0.0192) 2.7379 (1.1452)
15-Jun-18 142.20 6.1749 (0.0192) 38.3667 6.3051
16-Jun-18 147.26 3.5584 (0.0192) 12.7991 3.2710
19-Jun-18 150.83 2.4243 (0.0192) 5.9707 0.9186
20-Jun-18 150.00 (0.5503) (0.0192) 0.2820 (1.9181)
21-Jun-18 152.75 1.8333 (0.0192) 3.4320 2.1721
22-Jun-18 155.45 1.7676 (0.0192) 3.1927 2.4389
23-Jun-18 156.14 0.4439 (0.0192) 0.2145 1.6011
26-Jun-18 150.69 (3.4905) (0.0192) 12.0495 (3.2701)
27-Jun-18 150.00 (0.4579) (0.0192) 0.1924 1.3336
28-Jun-18 151.26 0.8400 (0.0192) 0.7383 (0.0453)
29-Jun-18 151.37 0.0727 (0.0192) 0.0085 0.5636
30-Jun-18 157.49 4.0431 (0.0192) 16.5022 4.3464
3-Jul-18 157.38 (0.1898) (0.0192) 0.0026 0.7273
4-Jul-18 156.40 (0.6227) (0.0192) 0.3642 (0.3904)
5-Jul-18 158.23 1.1701 (0.0192) 1.4144 1.8623
6-Jul-18 156.42 (1.1439) (0.0192) 1.2649 (1.2730)
7-Jul-18 154.28 (1.3681) (0.0192) 1.8195 (2.5520)
10-Jul-18 155.37 0.7185 (0.0192) 0.5267 2.1518
           
  TOTAL (1.8644)   521.9082  

Expected Return (0.0192)

Variance 5.4365
Standard Deviation 2.3316
Covariance 4.6692
Variance of nifty 5.0868
Beta 0.9179
 square of
% of return difference ofNifty % rate
Date NAV Exp. Return
X return andof return
expected return
15-Feb-18 35.14        
16-Feb-18 35.23 0.2444 0.0023 0.0586 (0.0199)
17-Feb-18 34.82 (1.1636) 0.0023 1.3594 (1.3271)
20-Feb-18 34.68 (0.3984) 0.0023 0.1618 0.8167
21-Feb-18 34.89 0.6185 0.0023 0.3797 0.9864
22-Feb-18 34.91 0.0499 0.0023 0.0023 0.5040
23-Feb-18 34.98 0.2100 0.0023 0.0431 0.3704
24-Feb-18 35.23 0.7152 0.0023 0.5082 (0.3935)
27-Feb-18 35.37 0.3948 0.0023 0.1540 0.5705
28-Feb-18 35.64 0.7678 0.0023 0.5860 0.2364
1-Mar-18 36.73 3.0574 0.0023 9.3334 1.5741
2-Mar-18 36.78 0.1192 0.0023 0.0137 0.8837
3-Mar-18 36.85 0.1985 0.0023 0.0385 (0.1183)
6-Mar-18 37.42 1.5419 0.0023 2.3702 1.3678
7-Mar-18 37.64 0.6024 0.0023 0.3600 (0.2382)
8-Mar-18 36.98 (1.7649) 0.0023 3.1231 (2.0768)
9-Mar-18 37.15 0.4554 0.0023 0.2053 0.3979
10-Mar-18 37.55 1.0910 0.0023 1.1852 1.7513
13-Mar-18 37.72 0.4372 0.0023 0.1891 0.5889
14-Mar-18 37.70 (0.0557) 0.0023 0.0034 (0.2279)
16-Mar-18 37.92 0.5788 0.0023 0.3323 0.9780
17-Mar-18 37.72 (0.5074) 0.0023 0.2599 0.2309
20-Mar-18 37.76 0.1097 0.0023 0.0115 0.9771
21-Mar-18 37.81 0.1324 0.0023 0.0169 (0.1026)
22-Mar-18 37.70 (0.2999) 0.0023 0.0913 (0.6790)
23-Mar-18 37.73 0.0828 0.0023 0.0185 0.2160
24-Mar-18 37.96 0.6154 0.0023 0.3758 1.0055
27-Mar-18 38.43 1.2161 0.0023 1.4733 1.2760
28-Mar-18 38.27 (0.4057) 0.0023 0.1665 0.1009
29-Mar-18 38.62 0.9041 0.0023 0.8132 0.8782
31-Mar-18 39.08 1.2114 0.0023 1.4619 1.4415
3-Apr-18 40.10 2.6092 0.0023 6.7960 2.0793
4-Apr-18 40.16 0.1471 0.0023 0.0210 0.2836
5-Apr-18 40.77 1.5143 0.0023 2.2861 0.7967
7-Apr-18 40.41 (0.8977) 0.0023 0.8100 (1.5979)
12-Jun-18 31.96 (2.8039) 0.0023 7.8751 (3.1207)
13-Jun-18 30.48 (4.6487) 0.0023 21.6320 (4.0892)
14-Jun-18 30.09 (1.2639) 0.0023 1.6033 (1.1452)
15-Jun-18 31.52 4.7430 0.0023 22.4741 6.3051
16-Jun-18 32.41 2.8188 0.0023 7.9328 3.2710
19-Jun-18 33.18 2.3913 0.0023 5.7074 0.9186
20-Jun-18 32.93 (0.7787) 0.0023 0.6100 (1.9181)
21-Jun-18 33.72 2.4219 0.0023 5.8541 2.1721
22-Jun-18 34.32 1.7715 0.0023 3.1300 2.4389
23-Jun-18 34.49 0.4837 0.0023 0.2317 1.6011
26-Jun-18 33.27 (3.5139) 0.0023 12.3639 (3.2701)
 0.0023
27-Jun-18 33.42 0.4481 0.1987 1.3336
28-Jun-18 33.16 (0.7779) 0.0023 0.6088 (0.0453)
29-Jun-18 33.44 0.8335 0.0023 0.6908 0.5636
30-Jun-18 34.59 3.4489 0.0023 11.8789 4.3464
3-Jul-18 34.66 0.2012 0.0023 0.0395 0.7273
4-Jul-18 34.47 (0.5689) 0.0023 0.3263 (0.3904)
5-Jul-18 35.15 2.0003 0.0023 3.9918 1.8623
6-Jul-18 35.85 1.9901 0.0023 3.9511 (1.2730)
7-Jul-18 34.23 (4.5230) 0.0023 20.4789 (2.5520)
10-Jul-18 34.47 0.6917 0.0023 0.4753 2.1518
           
  TOTAL 0.2259   426.6524  

Expected Return 0.0023

Variance 4.4443
Standard Deviation 2.1081
Covariance 4.3184
Variance of nifty 5.0868
Beta 0.8466

square of
% of return difference ofNifty % rate
Date NAV Exp. Return
X return andof return
expected return
15-Feb-18 18.12        
16-Feb-18 18.25 0.7395 (0.0499) 0.6232 (0.0199)
17-Feb-18 17.97 (1.5707) (0.0499) 2.3127 (1.3271)
20-Feb-18 17.99 0.1247 (0.0499) 0.0305 0.8167
21-Feb-18 18.16 0.9745 (0.0499) 1.0494 0.9864
22-Feb-18 18.20 0.2059 (0.0499) 0.1854 0.5040
23-Feb-18 18.19 (0.0549) (0.0499) 0.0000 0.3704
24-Feb-18 18.37 0.9829 (0.0499) 1.1866 (0.3935)
27-Feb-18 18.47 0.5607 (0.0499) 0.3728 0.5705
28-Feb-18 18.45 (0.1196) (0.0499) 0.0049 0.2364
1-Mar-18 18.64 1.0454 (0.0499) 1.1998 1.5741
2-Mar-18 18.74 0.4908 (0.0499) 0.2923 0.8837
3-Mar-18 18.66 (0.4190) (0.0499) 0.1362 (0.1183)
6-Mar-18 19.03 2.0132 (0.0499) 4.2562 1.3678
7-Mar-18 19.13 0.4997 (0.0499) 0.3020 (0.2382)
8-Mar-18 18.96 (0.8908) (0.0499) 0.7072 (2.0768)
9-Mar-18 18.95 (0.0469) (0.0499) 0.0000 0.3979
10-Mar-18 19.32 1.9405 (0.0499) 3.9617 1.7513
13-Mar-18 19.41 0.4607 (0.0499) 0.2608 0.5889
14-Mar-18 19.30 (0.5231) (0.0499) 0.2239 (0.2279)
16-Mar-18 19.38 0.3751 (0.0499) 0.1818 0.9780
17-Mar-18 19.25 (0.6467) (0.0499) 0.3561 0.2309
20-Mar-18 19.25 (0.0031) (0.0499) 0.0022 0.9771
21-Mar-18 19.24 (0.0566) (0.0499) 0.0000 (0.1026)
22-Mar-18 19.12 (0.6092) (0.0499) 0.3128 (0.6790)
23-Mar-18 19.28 0.8111 (0.0499) 0.7413 0.2160
24-Mar-18 19.36 0.4171 (0.0499) 0.2181 1.0055
27-Mar-18 19.45 0.4691 (0.0499) 0.2693 1.2760
28-Mar-18 19.48 0.1481 (0.0499) 0.0392 0.1009
29-Mar-18 19.86 1.9618 (0.0499) 4.0468 0.8782
31-Mar-18 20.03 0.8424 (0.0499) 0.7962 1.4415
3-Apr-18 20.42 1.9878 (0.0499) 4.1524 2.0793
4-Apr-18 20.55 0.5988 (0.0499) 0.4208 0.2836
5-Apr-18 20.67 0.6176 (0.0499) 0.4456 0.7967
9-Jun-18 16.00 6.4719 (0.0499) 42.5341 5.2104
12-Jun-18 15.58 (2.6225) (0.0499) 6.6182 (3.1207)
13-Jun-18 14.71 (5.6134) (0.0499) 30.9523 (4.0892)
14-Jun-18 14.27 (2.9804) (0.0499) 8.5879 (1.1452)
15-Jun-18 15.11 5.9071 (0.0499) 35.4857 6.3051
16-Jun-18 15.60 3.2387 (0.0499) 10.8150 3.2710
19-Jun-18 15.99 2.4956 (0.0499) 6.4796 0.9186
20-Jun-18 15.98 (0.0994) (0.0499) 0.0025 (1.9181)
21-Jun-18 16.40 2.6763 (0.0499) 7.4324 2.1721
22-Jun-18 16.81 2.4999 (0.0499) 6.5015 2.4389
23-Jun-18 16.82 0.0048 (0.0499) 0.0030 1.6011
26-Jun-18 16.28 (3.1590) (0.0499) 9.6664 (3.2701)
 (0.0499)
27-Jun-18 16.18 (0.6264) 0.3323 1.3336
28-Jun-18 16.12 (0.3547) (0.0499) 0.0929 (0.0453)
29-Jun-18 16.15 0.1755 (0.0499) 0.0508 0.5636
30-Jun-18 16.72 3.4779 (0.0499) 12.4457 4.3464
3-Jul-18 16.84 0.7652 (0.0499) 0.6644 0.7273
4-Jul-18 16.82 (0.1651) (0.0499) 0.0133 (0.3904)
5-Jul-18 16.96 0.8617 (0.0499) 0.8311 1.8623
6-Jul-18 16.88 (0.4487) (0.0499) 0.1590 (1.2730)
7-Jul-18 16.64 (1.4363) (0.0499) 1.9220 (2.5520)
10-Jul-18 16.89 1.4933 (0.0499) 2.3814 2.1518
           
  TOTAL (4.8418)   433.4270  

Expected Return (0.0499)

Variance 4.5149
Standard Deviation 2.1248
Covariance 4.2493
Variance of nifty 5.0868
Beta 0.8353

square of
% of return difference ofNifty % rate
Date NAV Exp. Return
X return andof return
expected return
15-Feb-18 55.17        
16-Feb-18 55.40 0.4169 (0.2377) 0.4286 (0.0199)
17-Feb-18 55.09 (0.5596) (0.2377) 0.1036 (1.3271)
20-Feb-18 54.82 (0.4901) (0.2377) 0.1837 0.8167
(0.2377)
21-Feb-18 55.18 0.6567 0.8000 0.9864
22-Feb-18 55.20 0.0362 (0.2377) 0.0751 0.5040
23-Feb-18 55.21 0.0181 (0.2377) 0.1855 0.3704
24-Feb-18 55.26 0.0918 (0.2377) 0.1078 (0.3935)
27-Feb-18 55.75 0.8867 (0.2377) 1.2644 0.5705
28-Feb-18 55.93 0.3229 (0.2377) 0.3143 0.2364
1-Mar-18 56.90 1.7343 (0.2377) 3.8890 1.5741
2-Mar-18 57.16 0.4569 (0.2377) 0.4826 0.8837
3-Mar-18 57.56 0.6998 (0.2377) 0.8790 (0.1183)
6-Mar-18 57.96 0.6949 (0.2377) 0.8699 1.3678
7-Mar-18 58.39 0.7419 (0.2377) 0.9597 (0.2382)
8-Mar-18 57.81 (0.9933) (0.2377) 0.5709 (2.0768)
9-Mar-18 58.37 0.9687 (0.2377) 1.4555 0.3979
10-Mar-18 59.31 1.6104 (0.2377) 3.4157 1.7513
13-Mar-18 44.37 (25.1897) (0.2377) 622.5990 0.5889
14-Mar-18 44.23 (0.3155) (0.2377) 0.0180 (0.2279)
16-Mar-18 44.52 0.6557 (0.2377) 0.7982 0.9780
17-Mar-18 44.56 0.0898 (0.2377) 0.1073 0.2309
20-Mar-18 44.95 0.8752 (0.2377) 1.2387 0.9771
21-Mar-18 44.77 (0.4004) (0.2377) 0.0265 (0.1026)
22-Mar-18 44.66 (0.2457) (0.2377) 0.0001 (0.6790)
23-Mar-18 44.78 0.2687 (0.2377) 0.2565 0.2160
24-Mar-18 45.09 0.6923 (0.2377) 0.8649 1.0055
27-Mar-18 45.38 0.6432 (0.2377) 0.7760 1.2760
28-Mar-18 45.04 (0.7492) (0.2377) 0.2616 0.1009
29-Mar-18 45.53 1.0879 (0.2377) 1.7574 0.8782
31-Mar-18 46.07 1.1860 (0.2377) 2.0271 1.4415
3-Apr-18 47.03 2.0838 (0.2377) 5.3895 2.0793
4-Apr-18 47.19 0.3402 (0.2377) 0.3340 0.2836
5-Apr-18 47.94 1.5893 (0.2377) 3.3382 0.7967
7-Apr-18 47.81 (0.2712) (0.2377) 0.0011 (1.5979)
12-Jun-18 37.18 (2.1321) (0.2377) 3.5887 (3.1207)
13-Jun-18 35.22 (5.2717) (0.2377) 25.3402 (4.0892)
14-Jun-18 34.64 (1.6468) (0.2377) 1.9854 (1.1452)
15-Jun-18 36.72 6.0046 (0.2377) 38.9671 6.3051
16-Jun-18 37.98 3.4314 (0.2377) 13.4624 3.2710
19-Jun-18 39.00 2.6856 (0.2377) 8.5461 0.9186
20-Jun-18 38.91 (0.2308) (0.2377) 0.0000 (1.9181)
21-Jun-18 39.77 2.2102 (0.2377) 5.9926 2.1721
22-Jun-18 40.50 1.8356 (0.2377) 4.2986 2.4389
23-Jun-18 40.79 0.7160 (0.2377) 0.9097 1.6011
26-Jun-18 39.44 (3.3096) (0.2377) 9.4365 (3.2701)
27-Jun-18 39.42 (0.0507) (0.2377) 0.0350 1.3336
28-Jun-18 39.11 (0.7864) (0.2377) 0.3010 (0.0453)
 (0.2377)

29-Jun-18 39.13 0.0511 0.0835 0.5636

30-Jun-18 40.61 3.7823 (0.2377) 16.1605 4.3464
3-Jul-18 40.68 0.1724 (0.2377) 0.1682 0.7273
4-Jul-18 40.69 0.0246 (0.2377) 0.1888 (0.3904)
5-Jul-18 41.41 1.7695 (0.2377) 4.0289 1.8623
6-Jul-18 41.43 0.0483 (0.2377) 0.0818 (1.2730)
7-Jul-18 40.82 (1.4724) (0.2377) 1.5243 (2.5520)
10-Jul-18 41.32 1.2249 (0.2377) 2.1393 2.1518
           
  TOTAL (23.1815)   1,028.8690  

Expected Return (0.2377)

Variance 10.7174
Standard Deviation 3.2737
Covariance 4.0896
Variance of nifty 5.0868
Beta 0.8040

square of
% of return difference ofNifty % rate
Date NAV Exp. Return
X return andof return
expected return
15-Feb-18 38.00        
16-Feb-18 37.94 (0.1437) (0.0700) 0.0054 (0.0199)
 (0.0700)

17-Feb-18 37.37 (1.5152) 2.0883 (1.3271)

(0.0700)
20-Feb-18 37.05 (0.8590) 0.6225 0.8167
21-Feb-18 37.32 0.7366 (0.0700) 0.6507 0.9864
22-Feb-18 37.37 0.1313 (0.0700) 0.0405 0.5040
23-Feb-18 37.32 (0.1432) (0.0700) 0.0053 0.3704
24-Feb-18 37.47 0.4105 (0.0700) 0.2310 (0.3935)
27-Feb-18 37.96 1.2989 (0.0700) 1.8741 0.5705
28-Feb-18 38.03 0.1971 (0.0700) 0.0714 0.2364
1-Mar-18 38.84 2.1275 (0.0700) 4.8292 1.5741
2-Mar-18 39.25 1.1872 (0.0700) 1.2934 0.8837
3-Mar-18 39.73 1.2116 (0.0700) 1.6426 (0.1183)
6-Mar-18 40.05 0.8077 (0.0700) 0.7705 1.3678
7-Mar-18 40.22 0.4207 (0.0700) 0.2409 (0.2382)
8-Mar-18 39.86 (0.9018) (0.0700) 0.6918 (2.0768)
9-Mar-18 39.95 0.2394 (0.0700) 0.0957 0.3979
10-Mar-18 40.79 2.0935 (0.0700) 4.6810 1.7513
13-Mar-18 40.92 0.3155 (0.0700) 0.1487 0.5889
14-Mar-18 40.52 (0.9705) (0.0700) 0.8108 (0.2279)
16-Mar-18 40.93 1.0182 (0.0700) 1.1583 0.9780
17-Mar-18 40.76 (0.4095) (0.0700) 0.1152 0.2309
20-Mar-18 41.01 0.6055 (0.0700) 0.4564 0.9771
21-Mar-18 41.00 (0.0188) (0.0700) 0.0040 (0.1026)
22-Mar-18 40.35 (1.6187) (0.0700) 2.3612 (0.6790)
23-Mar-18 40.32 (0.1817) (0.0700) 0.0001 0.2160
24-Mar-18 40.60 0.7014 (0.0700) 0.5951 1.0055
27-Mar-18 40.70 0.2372 (0.0700) 0.0944 1.2760
28-Mar-18 40.34 (0.8801) (0.0700) 0.6562 0.1009
29-Mar-18 40.62 0.6918 (0.0700) 0.5786 0.8782
31-Mar-18 41.27 1.5926 (0.0700) 2.7643 1.4415
3-Apr-18 42.15 2.1451 (0.0700) 4.9188 2.0793
4-Apr-18 42.46 0.7193 (0.0700) 0.6231 0.2836
5-Apr-18 43.32 2.0323 (0.0700) 4.4197 0.7967
7-Apr-18 42.90 (0.9677) (0.0700) 0.8058 (1.5979)
10-Apr-18 43.03 0.3019 (0.0700) 0.1383 0.6846
12-Apr-18 42.28 (1.7461) (0.0700) 2.8090 (2.8303)
13-Apr-18 41.19 (2.5714) (0.0700) 6.2567 (1.0207)
17-Apr-18 42.38 2.8784 (0.0700) 8.6933 2.3808
18-Apr-18 43.24 2.0392 (0.0700) 4.4488 2.7137
19-Apr-18 43.20 (0.1018) (0.0700) 0.0010 0.5045
20-Apr-18 43.45 0.5862 (0.0700) 0.4318 1.1848
21-Apr-18 43.57 0.2730 (0.0700) 0.1177 (0.0126)
24-Apr-18 43.66 0.2231 (0.0700) 0.0859 (0.6759)
25-Apr-18 43.33 (0.7661) (0.0700) 0.4844 (2.4303)
26-Apr-18 44.07 1.7007 (0.0700) 3.1355 2.6887
27-Apr-18 44.33 0.5907 (0.0700) 0.4366 (1.3408)
28-Apr-18 44.35 0.1802 (0.0700) 0.0170 0.0071
2-May-18 45.57 2.7337 (0.0700) 7.8610 2.7677
3-May-18 45.71 0.3123 (0.0700) 0.1462 0.7988
4-May-18 45.37 (0.7333) (0.0700) 0.4400 0.3894
5-May-18 45.54 0.3628 (0.0700) 0.1873 0.4262
8-May-18 45.86 0.7174 (0.0700) 0.6201 0.7970
9-May-18 45.95 0.1960 (0.0700) 0.0708 0.7419
10-May-18 46.04 0.1795 (0.0700) 0.1823 0.9058
11-May-18 45.70 (0.7244) (0.0700) 0.4282 (1.4171)
12-May-18 45.37 (0.7249) (0.0700) 0.4288 (1.3780)
15-May-18 43.36 (4.4340) (0.0700) 19.0439 (4.0301)
16-May-18 42.80 (1.2820) (0.0700) 1.4689 0.5809
17-May-18 44.25 3.3658 (0.0700) 11.8048 3.1732
18-May-18 41.28 (6.6916) (0.0700) 43.8444 (6.7729)
19-May-18 39.12 (5.2312) (0.0700) 26.6380 (4.1902)
22-May-18 36.63 (6.3762) (0.0700) 39.7681 (5.0987)
23-May-18 38.07 3.9208 (0.0700) 15.9269 3.8295
24-May-18 37.46 (1.5917) (0.0700) 2.3154 (2.6193)
25-May-18 37.78 0.8412 (0.0700) 0.8303 1.9948
26-May-18 38.50 1.9256 (0.0700) 3.9825 1.0039
29-May-18 38.93 1.1168 (0.0700) 1.4086 0.1651
30-May-18 38.94 0.0149 (0.0700) 0.0072 (0.9207)
31-May-18 37.70 (3.1909) (0.0700) 9.7397 (3.5868)
1-Jun-18 36.20 (3.9805) (0.0700) 15.2916 (3.5428)
2-Jun-18 36.20 0.0181 (0.0700) 0.0058 4.3582
5-Jun-18 35.46 (2.0490) (0.0700) 3.9163 (2.4164)
6-Jun-18 34.12 (3.7621) (0.0700) 13.6312 (2.6304)
7-Jun-18 32.13 (5.8504) (0.0700) 33.4126 (2.6165)
8-Jun-18 29.66 (7.6732) (0.0700) 57.8079 (4.7580)
9-Jun-18 31.86 7.4187 (0.0700) 55.9017 5.2104
12-Jun-18 30.98 (2.7576) (0.0700) 7.2227 (3.1207)
13-Jun-18 29.07 (6.1657) (0.0700) 37.1571 (4.0892)
14-Jun-18 28.35 (2.4878) (0.0700) 5.8458 (1.1452)
15-Jun-18 30.17 6.4404 (0.0700) 42.3858 6.3051
16-Jun-18 31.52 4.4591 (0.0700) 20.5136 3.2710
19-Jun-18 32.26 2.3667 (0.0700) 5.9375 0.9186
20-Jun-18 32.20 (0.2027) (0.0700) 0.0176 (1.9181)
21-Jun-18 33.07 2.7145 (0.0700) 7.7536 2.1721
22-Jun-18 34.00 2.7948 (0.0700) 8.2076 2.4389
23-Jun-18 34.13 0.3833 (0.0700) 0.2055 1.6011
26-Jun-18 32.69 (4.2015) (0.0700) 17.1886 (3.2701)
27-Jun-18 32.60 (0.2888) (0.0700) 0.0478 1.3336
28-Jun-18 32.37 (0.6850) (0.0700) 0.3782 (0.0453)
29-Jun-18 32.73 1.0823 (0.0700) 1.3280 0.5636
 (0.0700)
30-Jun-18 34.36 4.9818 25.5212 4.3464
3-Jul-18 34.36 0.0009 (0.0700) 0.0050 0.7273
4-Jul-18 34.12 (0.6858) (0.0700) 0.3791 (0.3904)
5-Jul-18 34.75 1.8573 (0.0700) 3.7145 1.8623
6-Jul-18 34.61 (0.4109) (0.0700) 0.1162 (1.2730)
7-Jul-18 33.91 (2.0381) (0.0700) 3.8732 (2.5520)
10-Jul-18 34.40 1.4543 (0.0700) 2.3237 2.1518
           
  TOTAL (6.7947)   624.3809  

   
Expected Return (0.0700)
Variance 6.5040
Standard Deviation 2.5503
Covariance 5.1822
Variance of nifty 5.0868
Beta 1.0188

square of
% of return difference ofNifty % rate
Date NAV Exp. Return
X return andof return
expected return
           
15-Feb-18 11.71        
16-Feb-18 11.72 0.1367 (0.1010) 0.0565 (0.0199)
(0.1010)
17-Feb-18 11.52 (1.7234) 2.6322 (1.3271)
20-Feb-18 11.40 (1.0765) (0.1010) 0.9516 0.8167
21-Feb-18 11.51 1.0443 (0.1010) 1.3117 0.9864
22-Feb-18 11.49 (0.1737) (0.1010) 0.0053 0.5040
23-Feb-18 11.47 (0.1827) (0.1010) 0.0187 0.3704
24-Feb-18 11.41 (0.5927) (0.1010) 0.2418 (0.3935)
27-Feb-18 11.60 1.6835 (0.1010) 3.1843 0.5705
28-Feb-18 11.59 (0.0949) (0.1010) 0.0000 0.2364
1-Mar-18 11.83 2.0887 (0.1010) 4.7948 1.5741
2-Mar-18 11.90 0.5918 (0.1010) 0.4800 0.8837
3-Mar-18 11.90 0.0504 (0.1010) 0.0229 (0.1183)
6-Mar-18 12.08 1.4365 (0.1010) 2.3638 1.3678
7-Mar-18 12.10 0.2236 (0.1010) 0.1054 (0.2382)
8-Mar-18 11.94 (1.3634) (0.1010) 1.5937 (2.0768)
9-Mar-18 12.04 0.8210 (0.1010) 0.8500 0.3979
10-Mar-18 12.23 1.5870 (0.1010) 2.8494 1.7513
13-Mar-18 12.35 0.9733 (0.1010) 1.1542 0.5889
14-Mar-18 12.33 (0.1458) (0.1010) 0.0020 (0.2279)
16-Mar-18 12.40 0.6246 (0.1010) 0.5265 0.9780
17-Mar-18 12.36 (0.3386) (0.1010) 0.0565 0.2309
20-Mar-18 12.47 0.8979 (0.1010) 0.9978 0.9771
21-Mar-18 12.46 (0.0882) (0.1010) 0.0002 (0.1026)
22-Mar-18 12.33 (1.0833) (0.1010) 0.9649 (0.6790)
23-Mar-18 12.46 1.0708 (0.1010) 1.3731 0.2160
24-Mar-18 12.55 0.7183 (0.1010) 0.6517 1.0055
27-Mar-18 12.65 0.7811 (0.1010) 0.7780 1.2760
28-Mar-18 12.60 (0.3796) (0.1010) 0.0776 0.1009
29-Mar-18 12.71 0.8653 (0.1010) 0.9337 0.8782
31-Mar-18 13.01 2.3690 (0.1010) 6.1018 1.4415
3-Apr-18 13.26 1.9220 (0.1010) 4.0926 2.0793
7-Jun-18 10.23 (5.8970) (0.1010) 33.5934 (2.6165)
8-Jun-18 9.47 (7.3908) (0.1010) 53.1407 (4.7580)
9-Jun-18 9.83 3.7369 (0.1010) 14.7296 5.2104
12-Jun-18 9.66 (1.7096) (0.1010) 2.5876 (3.1207)
13-Jun-18 9.12 (5.5699) (0.1010) 29.9094 (4.0892)
14-Jun-18 8.84 (3.0808) (0.1010) 8.8793 (1.1452)
15-Jun-18 9.32 5.4751 (0.1010) 31.0929 6.3051
16-Jun-18 9.81 5.1695 (0.1010) 27.7775 3.2710
19-Jun-18 10.08 2.8044 (0.1010) 8.4413 0.9186
20-Jun-18 10.11 0.2877 (0.1010) 0.1511 (1.9181)
21-Jun-18 10.38 2.6409 (0.1010) 7.5182 2.1721
22-Jun-18 10.61 2.2839 (0.1010) 5.6877 2.4389
23-Jun-18 10.66 0.4334 (0.1010) 0.2856 1.6011
26-Jun-18 10.30 (3.3677) (0.1010) 10.6716 (3.2701)
27-Jun-18 10.17 (1.2523) (0.1010) 1.3255 1.3336
28-Jun-18 10.10 (0.6685) (0.1010) 0.3221 (0.0453)
29-Jun-18 10.13 0.2474 (0.1010) 0.1214 0.5636
30-Jun-18 10.48 3.4258 (0.1010) 12.4383 4.3464
3-Jul-18 10.48 0.0764 (0.1010) 0.0315 0.7273
4-Jul-18 10.45 (0.3148) (0.1010) 0.0457 (0.3904)
5-Jul-18 10.51 0.5454 (0.1010) 0.4178 1.8623
6-Jul-18 10.41 (0.9136) (0.1010) 0.6603 (1.2730)
7-Jul-18 10.31 (1.0277) (0.1010) 0.8587 (2.5520)
38908 10.36 0.5240 (0.1010) 0.3918 2.1518
           
TOTAL (9.7954)   476.7329  

Expected Return (0.1010)

Variance 4.9660
Standard Deviation 2.2284
Covariance 4.2626
Variance of nifty 5.0868
Beta 0.8380

ICICI PERFORMA

square of
difference of Nifty %
% of Exp.
Date NAV return and rate of
return X Return
expected return
return
           
78.
15-Feb-18 23        
78. 0.332 (0.035 0.135 (0.019
16-Feb-18 49 4 2) 1 9)
17-Feb-18 78. 0.535 (0.035 0.325 (1.327
 91 1 2) 2 1)
77. (1.343 (0.035 1.711 0.816
20-Feb-18 85 3) 2) 2 7
76. (1.130 (0.035 1.199 0.986
21-Feb-18 97 4) 2) 4 4
77. 0.623 (0.035 0.434 0.504
22-Feb-18 45 6 2) 0 0
77. (0.090 (0.035 0.003 0.370
23-Feb-18 38 4) 2) 0 4
77. (0.232 (0.035 0.039 (0.393
24-Feb-18 20 6) 2) 0 5)
77. 0.582 (0.035 0.382 0.570
27-Feb-18 65 9 2) 0 5
78. 0.605 (0.035 0.410 0.236
28-Feb-18 12 3 2) 2 4
77. (0.179 (0.035 0.020 1.574
1-Mar-18 98 2) 2) 7 1
79. 1.487 (0.035 2.318 0.883
2-Mar-18 14 6 2) 8 7
79. 0.315 (0.035 0.123 (0.118
3-Mar-18 39 9 2) 3 3)
79. 0.025 (0.035 0.003 1.367
6-Mar-18 41 2 2) 6 8
80. 1.863 (0.035 3.605 (0.238
7-Mar-18 89 7 2) 9 2)
81. 1.273 (0.035 1.712 (2.076
8-Mar-18 92 3 2) 2 8)
80. (1.184 (0.035 1.320 0.397
9-Mar-18 95 1) 2) 0 9

RANKING ACCORDING TO TREYNOR METHOD

Beta
Standard (measure Ranking
Risk of Risk free as per
Expected (Total systematic rate ofTrey norTrey nor
MUTUAL FUNDS return Rp Risk)σmf risk)β return Rf Ratio ratio
             
Prudential (0.0352
ICICI ) 2.6439 0.0172 0.1800 (3.5208) 10
(0.0421
ING Vysya ) 0.3852 0.0939 0.1800 (0.6813) 9
(0.2377
SBI ) 3.2737 0.8040 0.1800 (0.3124) 8
 (0.1010
Kotak Mahindra ) 2.2284 0.8380 0.1800 (0.1726) 7
(0.0700
Tata ) 2.5503 1.0188 0.1800 (0.1289) 6
(0.0499
Sahara ) 2.1248 0.8353 0.1800 (0.1217) 5
(0.0192
Birla Sun life ) 2.3316 0.9179 0.1800 (0.0846) 4
(0.0160
PRINCIPAL ) 2.2913 0.8893 0.1800 (0.0835) 3
Escorts 0.0023 2.1081 0.8466 0.1800 (0.1885) 2
HDFC 0.0228 2.3520 0.9318 0.1800 (0.0416) 1

RANKING SUMMERY OF MUTUAL FUNDS

Q 1.
Sharpe Treynor Jension
MUTUAL FUNDS Ratio Ratio measure
       
SBI Mutual Fund 10 8 4
ING Vysya Mutual Fund 9 9 8
Kotak Mahindra Mutual Fund 8 7 1
Tata Mutual Fund 7 6 3
Sahara Mutual Fund 6 5 5
Prudential ICICI Mutual Fund 5 10 10
Birla Sunlife Mutual Fund. 4 4 7
PRINCIPAL Mutual Fund 3 3 9
Escorts Mutual Fund 2 2 6
HDFC Mutual Fund 1 1 2
Do you know about investment options available?

KNOWLEDGE %AGE
Yes 80%
No 20%
TOTAL 100
Interpretation

Only 80% people know the exact meaning of investment. Because of remaining 20% take
his/her residential property as an investment. According to law purpose this is not an
investment because of it is not create any profit for the owner.

Q 2. Most important things you take into your mind while making
investments?

FACTOR %AGE
Risk 8%
Returns 17%
Both 75%
TOTAL 100
Interpretation

75% people are considered the both factors risk as well as returns but, only 25%
considered the risk or returns factor.

Q 3. Awareness related to security markets

KNOWLEDGE PERCENTAGE
Complete 8%
Partial 75%
Nil 17%
TOTAL 100
Interpretation

On that basis, we conclude that 17% people know nothing about the securities investments
and 75% people have partial knowledge about it, so, some promotional activities are
required for increasing the awareness about security market.

Q 4. What is the basic purpose of your investment?

INVESTMENT PURPOSE PERCENTAGE

Liquidity 30%

Returns 25%
Capital appreciation 10%
Tax benefits 20%
Risk covering 5%
 Others 10%
TOTAL 100

Interpretation

75% people are interested in liquidity, returns and tax benefits. And remaining 25% are
interested in capital appreciations, risk covering, and others.

Q 5. Since how long have you been investing in capital market?

Time Period Frequency %age

Less than 3 yrs 80 39

3-5 yrs 73 37
More than 5 yrs 47 24
Total 200 100
 24%

39%

37%

Interpretation
Looking at the figures, we can observe that 39 % of people have been investing for less
than 3 years and so on. We know that the capital markets have picked up in past 4-5 years.
Also, there are more stringent norms by SEBI and exchanges. That is the reason why
people have started to pose more trust in capital markets now.
Q 6. Do you trade Online?

Frequency Percentage
Yes 141 70.5
No 59 29.5
Total 200 100

141
150

100 59

50

0
Yes No

Interpretation

Out of the people surveyed, 70 % people trade online. This shows a good prospect for
online trading in future.

Q 7. COMPLICATED PROCESS
 Frequency Percentage
Yes 60 30
No 46 23
No reply 94 47
Total 200 100

30%

47%

23%

Yes No No reply

Interpretation

This table shows the consolidated table of number of people voting for different factors as
to why don’t they prefer to trade online.
Q. 8. Why not online?

Factors No. of People

Yes No
LACK OF MARKET
KNOWLEDGE 36 21
NO COMPUTER 20 110
INVESTMENT RISK 100 75
POOR SERVICES 75 72
COMPLICATED PROCESS 60 46

Why Not Online

120
100
#Respondents

80 Yes
60
40 No
20
0
SERVICES
INVESTMENT
KNOWLEDGE

POOR
NO COMPUTER

COMPLICATED
LACK OF
MARKET

PROCESS
RISK

Factors

Interpretation

We asked the people as to why they don’t trade online. Out of the reasons, given, we
observe that maximum people avoid doing online trading as they perceive it to be more
risky. Also, some of them have experienced poor services from their online brokers.
Hence, they avoid doing online trading.
At the same time the companies need to trap those 30% people who are still not aware of
the benefits of online trading and try to shift them towards online trading. The companies
should
Also try to find and analyze the reasons as to why these customers are not trading online
in spite of so many benefits the online trading offers.
IF YES

Name of the company you trade with.

Frequency Percentage
Kotak Securities 42 21
ICICI direct 35 17.5
IndiaBulls 60 30
Sharekhan 30 15
SMC Investments Solutions 15 7.5
Others 18 9
TOTAL 200 100

Mkt. share

60
50
40
30
20
10
0

Interpretation
India Bulls enjoy maximum market share of 30% followed by Kotak and ICICI direct.
SMC has only 7.5% share at present but is growing
Q 9: Which factor is most important while choosing a broking house?

Frequency

80 75

60
45
40 35 34

20 11

0
Low Regular Fast Fast Brand
transactio informatio Query transactio Image
Frequency 75 35 34 45 11

Interpretation

Out the factors that attract an investor to online trading are the low transaction cost
followed by fast processing so that their margin is not lost due to time lag. Also, another
factor that is of importance is the regular updates that the organization provides to its
clients.
Q 10 : Where ELSE do you invest your surplus fund?

Areas Frequency
Direct Equity 75
Mutual fund 65
Insurance 150
Real Estate 35
Banks 150

Other investments

16%

32%

14%

7%

31%

Direct Equity Mutual fund Insurance Real Estate Banks

Interpretation

We also found that besides stock Market, people prefer to invest in Mutual funds. Thus, it
can also serve as a good opportunity to earn revenue for the company.
CHAPTER 5

CONCLUSION

AND

SUGGESTION

Conclusion
 Mutual funds have to provide very good services standards, Performance &
Transparency. So be prepared for that, there is no such thing as risk free. Every
thing as risk.

 In May sensex was crossed over the Bench mark of 12,385, which means all funds
are giving good performance. In July Mutual funds gross purchase worth Rs.
416.83 crore while their gross sales aggregated Rs.328.01 crore on July. The 30-
share BSE Sensex grown up 129.46 points to settle at 10.215 on July. The net flow
of July was Rs. 734.91 Crores.

 ICICI Mutual fund is the biggest fund manager with equity holding of Rs.642.07
crores. Followed by SBI Rs. 626.78 crores, Reliance Rs. 589.67 crores and UTI
566.09 crores.

 . We don’t even believe in trying to predict indices or where the markets are likely
to be in the near future. But, what we do believe in is that valuations are extremely
attractive, even if you look at it in historical terms.

 According to tax plan the HDFC mutual fund is the best option to invest. The Beta
is very low which means low risk. The fund Gives regularly return to investors.

Suggestion
 1. Before invest in mutual funds, the investor should check the day to day NAV of
mutual fund and check the fluctuate of the price, measurable and then invest the
money so investor have getting good return.

2. We should check the NIFTY because it changes the NIFTY like up & down. So, it
can negative effect of mutual fund. It should be measurable day to day.

3. We can measure of risk from various quantitative methods like SHARPE,

TREYNOR & JENSION.

4. In, invest in mutual fund so we have check the political and legal factor analyses
because it negative affects the NAV of mutual fund.

Limitations of the study

Limited Time

There was limited time in which this project has to be completed. Therefore it was a
major limitation of the study.

Sample Size

The sample size was only limited to a block time duration because I have “10 mutual
fund”.

Limited Area

The area of the study covered in this project was limited to only one mutual fund
scheme, not the whole mutual fund. 
ANNEXURES
 GLOSSARY OF MUTUAL FUNDS

NAV

NAV = MARKET VALUE OF SECURTIES OF A SCHEME / TOTAL NO. OF

UNITS OF THE SCHEME

UNITS

Units in Mutual funds scheme are similar to shares of Joint Stock Company. These
are always in denominations of Rs.10 each the sum total of all units constitution corpus
of mutual fund.

GROWHT FUND

Growth funds predominantly invest in stock market securities and carry risks larger
than income funds. One should normally stay invested in equity funds for longer times to earn
higher returns.

BALANCED FUNDS

A balanced fund is the mixture of income funds and growth funds invested partly in
equity to achieve a trade –off between risk and return.

LOCK IN PERIOD

Period of time during which you can neither redeem nor transfer your holding to
others, lock in period is imposed to allow fund manager to deploy money for an adequate
period of time to earn a reasonable return. Premature withdraw may destabilize the fund and
are not beneficial to the interests of investors.

MANAGEMENT FEES

An AMC that manages and markets a mutual fund scheme is entitled to a

management fee @1% to 1.25% of the scheme.
REDEMPTION

Disbursement of the unit capital on maturity of the scheme to all existing unit
holders.

MARKET PRICE

The price at which units of mutual funds are quoted in stock exchange where they are
listed.

ENTRY LOAD

Charge paid by unit holder when he invests an amount in the scheme. Mutual funds
incur many expenses during an issue, which are charged to the scheme. Such load is called
entry load.

EXIT LOAD

Value of deduction from NAV on the date when one chooses to withdraw from a
fund, load is imposed because withdrawals carry transaction cost to AMC it cannot be more
than 6% of NAV of corpus as prescribed by SEBI many schemes offer redemption facility
without exit load.
 BIBLIOGRAPHY

 Canner, N., Mankiw, N. G., & Weil, D. N. (1994). An asset allocation puzzles (No.
w4857). National Bureau of Economic Research.

 Canner, N., Mankiw, N.G. and Weil, D.N., 1994. An asset allocation puzzle (No.
w4857). National Bureau of Economic Research.

 Choi, Y. K., & Murthi, B. P. S. (2001). Relative performance evaluation of mutual

funds: A non‐parametric approach. Journal of Business Finance &
Accounting, 28(7‐8), 853-876.

 Ibbotson, R. G., & Kaplan, P. D. (2000). Does asset allocation policy explain 40,
90, or 100 percent of performance?. Financial Analysts Journal, 56(1), 26-33.

 Kim, M., Shukla, R., & Tomas, M. (2000). Mutual fund objective
misclassification. Journal of Economics and Business, 52(4), 309-323.

 Murthi, B. P. S., Choi, Y. K., & Desai, P. (1997). Efficiency of mutual funds and
portfolio performance measurement: A non-parametric approach. European Journal
of Operational Research, 98(2), 408-418.

 Sharpe, W. F. (1992). Asset allocation: Management style and performance

measurement. Journal of portfolio Management, 18(2), 7-19.

 Sharpe, W. F. (1992). Asset allocation: Management style and performance

measurement. Journal of portfolio Management, 18(2), 7-19.
BOOKS

 Gupta, C.B., Human resource management

 Kothari, C.R., Research Methodology
 Gupta .S.L ,Research Mythology
 Benjamin Graham, The Intelligent Investor
 Prasanna Chandra, Financial Management
Sources of Secondary Data:

1. Magazines and Journals:

 S & P Emerging Stock Market Fact book

 SEBI Bulletin
 The Economic Times
 The Mint
 The Hindustan Times
 The Times of India
 The Wall street Journal
 Indian Economy Magazine
 Financial Management (Prasanna Chandra 12th Edition)
 Marketing Research (TN Chabbra 4th Edition)

2. Websites

 www.cmie.com
 www.rbi.org.in
 www.SMCindia.in
 www.nse-india.com
 www.wikipedia.com
 www.ask.com
 QUESTIONNAIRE

Q 1: Do you know about investment options available?

KNOWLEDGE
Yes
No

Q 2: Most important things you take into your mind while making investments?
FACTOR
Risk
Returns
Both

Q 3: Awareness related to taxes?

KNOWLEDGE
Complete
Partial
Nil
TOTAL

Q 4: What is the basic purpose of your investment?

INVESTMENT PURPOSE
Liquidity

Returns
Capital appreciation
Tax benefits
Risk covering
Others
Q 5: Since how long have you been investing in capital market?

Time
Less than 3 yrs
3-5 yrs
More than 5 yrs
Total

Q 6: Do you trade Online?

Yes
No

Q 7: COMPLICATED PROCESS

Yes
No
No reply

Q 8: Why not online?

Factors
LACK OF MARKET
KNOWLEDGE
NO COMPUTER
INVESTMENT RISK
POOR SERVICES
COMPLICATED PROCESS

IF YES

Name of the company you trade with.

 Kotak Securities
ICICI direct
IndiaBulls
Sharekhan
SMC Investments Solutions
Others

Q 9: Which factor is most important while choosing a broking house?

Low transaction
Regular information
Fast quarry
Fast transaction
Brand image

Q 10: Where ELSE do you invest your surplus fund?

Areas
Direct Equity
Mutual fund
Insurance
Real Estate
Banks