Project Report On

“MUTUAL FUNDS: Comparison of

various schemes under equity”

Submitted in partial fulfillment for the award of the degree of

Master of Management Studies (MMS)

(University of Mumbai)

Submitted By

PATEL PAYALKUMARI BIPINBHAI

Roll No. - 40

Under the Guidance of

Prof. Ketan Rabhadia

Batch: 2019-21

VIVA INSTITUTE OF MANAGEMENT AND RESEARCH, VIRAR

(Affiliated to the University of Mumbai & Approved by AICTE & DTE)

 GUIDE’s CERTIFICATE

This is to certify that the project titled “MUTUAL FUNDS: Comparison of various schemes under
Equity” is successfully completed by Mr. / Ms. Patel Payalkumari Bipinbhai during the IV
Semester, in partial fulfillment of the Master's Degree in Management Studies (MMS) recognized by
the University of Mumbai for the Academic Year 2019-21.

This project work is original and not submitted earlier for the award of any degree / diploma or
associateship of any other University / Institution.

Date:                                                                                     Signature of the Guide

Name of the Guide

 
 ACKNOWLEDGEMENT

I hereby declare that this project Report titled “MUTUAL FUNDS: Comparison of various
schemes under Equity” submitted by me is a bonafide work undertaken by me and it is not
submitted to any other University or Institution for the award of any degree diploma /
certificate or published any time before.

Roll No: 40 Signature of the student

Patel Payalkumari Bipinbhai

 
 EXECUTIVE SUMMERY

The Mutual Fund is an untapped area which is bound to be the next growth story. While this area had
been on a downward track since 2008, it has started showing signs of recovery. This project emphasis
on, “Mutual Funds: Comparison of various schemes under equity”, conducted at Master Trust Ltd. In
this project I have analyzed the Mutual Funds Schemes, particularly the Equity Diversified open ended
(growth) schemes and compared schemes of various fund houses, namely ICICI PRUDENTIAL, SBI
and Axis to evaluated in which scheme to invest & from which to switch and current performance and
position of these schemes as well.

In few years Mutual Fund has emerged as a tool for ensuring one’s financial well-being. Mutual Funds
have not only contributed to the India growth story but have also helped families tap into the success
of Indian Industry. As information and awareness is rising more and more people are enjoying the
benefits of investing in mutual funds. The main reason the number of retail mutual fund investors
remains small is that nine in ten people with incomes in India do not know that mutual funds exist. But
once people are aware of mutual fund investment opportunities, the number who decide to invest in
mutual funds increases to as many as one in five people. The trick for converting a person with no
knowledge of mutual funds to a new Mutual Fund customer is to understand which of the potential
investors are more likely to buy mutual funds and to use the right arguments in the sales process that
customers will accept as important and relevant to their decision.

This Project gave me a great learning experience and at the same time it gave me enough scope to
implement my analytical ability. The analysis and advice presented in this Project Report is based on
market research on the saving and investment practices of the investors and preferences of the
investors for investment in Mutual Funds. This Report will help to know about the investors’
Preferences in Mutual Fund means Are they prefer any particular Asset Management Company
(AMC), Which type of Product they prefer, Which Option (Growth or Dividend) they prefer or Which
Investment Strategy they follow (Systematic Investment Plan or One time Plan). This Project as a
whole can be divided into two parts.

The first part gives an insight about Mutual Fund and its various aspects, the Company Profile,
Objectives of the study, Research Methodology. One can have a brief knowledge about Mutual Fund
and its basics through the Project.

The second part of the Project consists of data and its analysis collected through survey done on 200
people. For the collection of Primary data I made a questionnaire through Google Form and surveyed
of 200 people. I studied about the products and strategies of other AMCs in Mumbai to know why
people prefer to invest in those AMCs. This Project covers the topic “THE MUTUAL FUND IS
BETTER INVESTMENT PLAN.” The data collected has been well organized and presented. I hope
the research findings and conclusion will be of use.

Taking into consideration the various mutual fund schemes under equity I have chosen:

 Future Outlook

 Quarterly, Half Yearly and Yearly performance

 Top holdings and weightage to them

 Top sectors and weightage to them

 Latest NAV and

 Management

 Entry & Exit loads

As the various tools for evaluation.

 “MUTUAL FUNDS: Comparison of

various schemes under equity”

(THE MUTUAL FUND IS BETTER INVESTMENT PLAN)

 TABLE OF CONTENTS

S.NO. PARTICULERS PAGE NUMBER

1. Objective & Scope of the Study

2. Review of Literature

3. Research Methodology

4. Introduction of the company – SBI MUTUAL FUND

5. Mutual funds : Basics, History, Types & pros and cons

6. Equity funds explained

7. Fund houses:

ICICI prudential

Reliance

SBI

8. Comparison of Various schemes under equity

9. Conclusion

10. Latest Amendments in Mutual Funds

11. References
CHAPTER 1

OBJECTIVES OF THE STUDY

1.1 Introduction 

Investment is done with the motive of earning a regular return, risk-free. In our country, a number of
investment measures can be seen ranging from insurance policies to shares or debentures. The type of
investment chosen depends upon the income level and the risk taking ability of the investor. Mutual
Funds are an emerging mode of investment with great potential as its got diverging investing modes
with regular return and minimized risk. But the awareness level it has with respect to the citizens of
our country is really low. The vague knowledge on the same has forced many to stay away or even opt
out from such mode of investment. This study has been adopted with the aim to study the awareness
level mutual funds have among the investing population in India and to suggest better remedies to
familiarize them among the population.

1.2 Objective of the Study

Primary Objective:

Comparison of similar schemes of different fund houses, their evaluation and which scheme is best to
invest and from where the money should be taken out. Study of various fund houses, their
management and the future outlook.

Secondary Objective:

 Study of the basic Mutual Fund Industry Fundamental Analysis.

 To find out the Preferences of the investors for Asset Management company.
 To know the Preferences for the portfolios.
 To find out the most preferred channel.
 To find out what should do to boost Mutual Fund Industry.
 To examine the penetration of mutual funds among Indian investors.
 To examine the various mutual fund investments available to investors in India.
 Finally to assess the perception of investors towards mutual funds schemes.
1.3 Scope of the study
A big boom has been witnessed in Mutual Fund Industry in recent times. A large number of new
players have entered the market and trying to gain market share in this rapidly improving market. The
research was carried on in Mumbai. I surveyed on my Project Topic “MUTUAL FUNDS:
Comparison of various schemes under equity” (THE MUTUAL FUND IS BETTER
INVESTMENT PLAN) through survey.

The study will help to know the preferences of the customers, which company, portfolio, mode of
investment, option for getting return and so on they prefer. This project report may help the company
to make further planning and strategy.
CHAPTER 2

REVIEW OF LITERATURE
CHAPTER 3

RESEARCH METHODOLOGY

3.1 Research Methodology

An exploratory research methodology is used to collect the consumer preferences while making

investments. The outcome of the project can help various financial service organization to plan
accordingly their target investors and also the AMC to device a structured scheme for customers while
investing in Mutual Funds.
This report is based on primary as well secondary data, however primary data collection was
given more importance since it is overhearing factor in attitude studies. One of the most important
users of research methodology is that it helps in identifying the problem, collecting, analysing the
required information data and providing an alternative solution to the problem .It also helps in
collecting the vital information that is required by the top management to assist them for the
better decision making both day to day decision and critical ones.

3.2 Data sources:

Research is totally based on primary data. Secondary data can be used only for the reference.
Research has been done by primary data collection, and primary data has been collected by
interacting with various people. The secondary data has been collected through various journals
and websites.

Duration of Study:

The study was carried out for a period of two months, from 15th Feb to 30th March 2021.

3.3 Research Design

The present research study has adopted Descriptive Research Design for properly designing Research
work. Through this, the topic will be studied thoroughly and it will be presented by giving necessary
findings & conclusions.

3.4 Sampling procedure:

The sample was selected of the random basis from different age group. The data has been
collected through filling up the questionnaire (Google Form) prepared. The data has been
analysed by using mathematical/Statistical tool.

3.5 Sampling Method

The method adopted is Convenient Sampling Method because it was necessary to cover all types of
investors and at different places all over city, even if by taking the help of cell phones too.

3.6 Sample size:

The sample size of my project is limited to 200 people only. Out of which only 190 people had
invested in Mutual Fund. Other 80 people did not have invested in Mutual Fund.

3.7 Sample design:

Data has been presented with the help of bar graph, pie charts, line graphs etc.

3.8 Limitation:

 Possibility of error in data collection because many of investors may have not known
much about answers of my questionnaire.
 Sample size is limited to 200 persons only from Mumbai out of these only 190 had
invested in Mutual Fund.
 The sample size may not adequately represent the whole market.
CHAPTER 4

4.3 Products and Services

Equity

The company offers a wide array of equity funds ranging from diversified to thematic and sector-based
offerings.

Debt

The company has a robust product range matching all maturities for cash management. The focus of
investment philosophy is primarily on the product's liquidity as well as on the quality of the securities
held in the portfolio.

Hybrid

Hybrid Schemes invest in a mixture of multiple asset classes like debt, equity, and gold in different
proportions based on the investment objective. The company has a suite of products across the risk-
spectrum including a multi-asset offering that has gold in the portfolio into the traditional mix of
equity and debt.

Other Large Mutual Fund Houses

Some of the major competitors for SBI Mutual Fund in the mutual fund sector are Birla Sun Life
Mutual Fund, Kotak Mutual Fund, HDFC Mutual Fund, ICICI Prudential Mutual Fund, Reliance
Mutual Fund, UTI Mutual Fund & Axis Mutual Fund.
CHAPTER 5
MUTUAL FUND
5.1 Introduction
Various investment opportunities available to the investors for investing and make savings.
The multiple options are as follows:

1. Stocks : Stocks represent shares of ownership in a public company. Examples of public companies
include Reliance, ONGC and Infosys. Stocks are considered to be the most common owned
investment traded on the market.

2.Bonds : Bonds are basically the money which you lend to the government or a company, and in
return you can receive interest on your invested amount, which is back over predetermined amounts of
time. Bonds are considered to be the most common lending investment traded on the market. There are
many other types of investments other than stocks and bonds (including annuities, real estate, and
precious metals), but the majority of mutual funds invest in stocks and/or bonds.

What Is Mutual Fund?

A mutual fund is just the connecting bridge or a financial intermediary that allows a group of investors
to pool their money together with a predetermined investment objective. The mutual fund will have a
fund manager who is responsible for investing the gathered money into specific securities (stocks or
bonds). When you invest in a mutual fund, you are buying units or portions of the mutual fund and
thus on investing becomes a shareholder or unit holder of the fund.

Mutual funds are considered as one of the best available investments as compare to others they are
very cost efficient and also easy to invest in, thus by pooling money together in a mutual fund,
investors can purchase stocks or bonds with much lower trading costs than if they tried to do it on their
own. But the biggest advantage to mutual funds is diversification, by minimizing risk & maximizing
returns.

Thus a Mutual Fund is the most suitable investment for the common man as it offers an opportunity to
invest in a diversified, professionally managed basket of securities at a relatively low cost. The flow
chart below describes broadly the working of a mutual fund.
Unit Trust of India is the first Mutual Fund set up under a separate act, UTI Act in 1963, and
started its operations in 1964 with the issue of units under the scheme US-64.

5.2 Overview of existing schemes existed in mutual fund category

Wide variety of Mutual Fund Schemes exists to cater to the needs such as financial position, risk
tolerance and return expectations etc. The table below gives an overview into the existing types of
schemes in the Industry.

5.3 Type of Mutual Fund Schemes

5.3.1 BY STRUCTURE
A. Open Ended Schemes
An open-end fund is one that is available for subscription all through the year. These do not have a
fixed maturity. Investors can conveniently buy and sell units at Net Asset Value ("NAV") related
prices. The key feature of open-end schemes is liquidity.

B. Close Ended Schemes

A closed-end fund has a stipulated maturity period which generally ranging from 3 to 15 years. The
fund is open for subscription only during a specified period. Investors can invest in the scheme at the
time of the initial public issue and thereafter they can buy or sell the units of the scheme on the stock
exchanges where they are listed. In order to provide an exit route to the investors, some close- ended
funds give an option of selling back the units to the Mutual Fund through periodic repurchase at NAV
related prices. SEBI Regulations stipulate that at least one of the two exit routes is provided to the
investor.

C. Interval Schemes
Interval Schemes are that scheme, which combines the features of open-ended and close-ended
schemes. The units may be traded on the stock exchange or may be open for sale or redemption
during pre-determined intervals at NAV related prices.

5.3.2 BY NATURE

A. Equity fund:

These funds invest a maximum part of their corpus into equities holdings. The structure of the
fund may vary different for different schemes and the fund manager’s outlook on different stocks.
The Equity Funds are sub-classified depending upon their investment objective, as follows:

 Diversified Equity Funds

 Mid-Cap Funds
 Sector Specific Funds
 Tax Savings Funds (ELSS)

Equity investments are meant for a longer time horizon, thus Equity funds rank high on the
risk- return matrix.
B. Debt funds:

The objective of these Funds is to invest in debt papers. Government authorities, private
companies, banks and financial institutions are some of the major issuers of debt papers. By
investing in debt instruments, these funds ensure low risk and provide stable income to the
investors. Debt funds are further classified as:

 Gilt Funds: Invest their corpus in securities issued by Government, popularly known as
Government of India debt papers. These Funds carry zero Default risk but are associated
with Interest Rate risk. These schemes are safer as they invest in papers backed by
Government.

 Income Funds: Invest a major portion into various debt instruments such as bonds,
corporate debentures and Government securities.
  MIPs: Invests maximum of their total corpus in debt instruments while they take
minimum exposure in equities. It gets benefit of both equity and debt market. These
scheme ranks slightly high on the risk-return matrix when compared with other debt
schemes.

 Short Term Plans (STPs): Meant for investment horizon for three to six months. These
funds primarily invest in short term papers like Certificate of Deposits (CDs) and
Commercial Papers (CPs). Some portion of the corpus is also invested in corporate
debentures.

 Liquid Funds: Also known as Money Market Schemes, These funds provides easy
liquidity and preservation of capital. These schemes invest in short-term instruments
like Treasury Bills, inter-bank call money market, CPs and CDs. These funds are meant
for short-term cash management of corporate houses and are meant for an investment
horizon of 1day to 3 months. These schemes rank low on risk-return matrix and are
considered to be the safest amongst all categories of mutual funds.

C. Balanced funds:

As the name suggest they, are a mix of both equity and debt funds. They invest in both equities and
fixed income securities, which are in line with pre-defined investment objective of the scheme.
These schemes aim to provide investors with the best of both the worlds. Equity part provide
growth and the debt part provides stability in returns.

Further the mutual funds can be broadly classified on the basis of investment parameter viz,
Each category of funds is backed by an investment philosophy, which is pre-defined in the
objectives of the fund. The investor can align his own investment needs with the funds objective
and invest accordingly.

5.3.3 BY INVESTMENT OBJECTIVE

 Growth Schemes: Growth Schemes are also known as equity schemes. The aim of
these schemes is to provide capital appreciation over medium to long term. These schemes
normally invest a major part of their fund in equities and are willing to bear short-term
decline in value for possible future appreciation.
  Income Schemes: Income Schemes are also known as debt schemes. The aim of these
schemes is to provide regular and steady income to investors. These schemes generally
invest in fixed income securities such as bonds and corporate debentures. Capital
appreciation in such schemes may be limited.

 Balanced Schemes: Balanced Schemes aim to provide both growth and income by
periodically distributing a part of the income and capital gains they earn. These schemes
invest in both shares and fixed income securities, in the proportion indicated in their offer
documents (normally 50:50).

 Money Market Schemes: 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 deposit, commercial paper
and inter-bank call money.

5.3.4 OTHER SCHEMES

 Tax Saving Schemes: Tax-saving schemes offer tax rebates to the investors under tax
laws prescribed from time to time. Under Sec.88 of the Income Tax Act, contributions
made to any Equity Linked Savings Scheme (ELSS) are eligible for rebate.
 Index Schemes: Index schemes attempt to replicate the performance of a particular index
such as the BSE Sensex or the NSE 50. The portfolio of these schemes will consist of
only those stocks that constitute the index. The percentage of each stock to the total
holding will be identical to the stocks index weightage. And hence, the returns from such
schemes would be more or less equivalent to those of the Index.
 Sector Specific Schemes: These are the funds/schemes which invest in the securities of
only those sectors or industries as specified in the offer documents. e.g. Pharmaceuticals,
Software, Fast Moving Consumer Goods (FMCG), Petroleum stocks, etc. The returns in
these funds are dependent on the performance of the respective sectors/industries. While
these funds may give higher returns, they are more risky compared to diversified funds.
Investors need to keep a watch on the performance of those sectors/industries and must
exit at an appropriate time.
 5.4 Types of returns

There are three ways, where the total returns provided by mutual funds can be enjoyed by
investors:

 Income is earned from dividends on stocks and interest on bonds. A fund pays out nearly
all income it receives over the year to fund owners in the form of a distribution.
 If the fund sells securities that have increased in price, the fund has a capital gain. Most
funds also pass on these gains to investors in a distribution.
 If fund holdings increase in price but are not sold by the fund manager, the fund's shares
increase in price. You can then sell your mutual fund shares for a profit. Funds will also
usually give you a choice either to receive a check for distributions or to reinvest the
earnings and get more shares.

5.5 Pros & cons of investing in mutual funds:

For investments in mutual fund, one must keep in mind about the Pros and cons of
investments in mutual fund.

Advantages of Investing Mutual Funds:

1. Professional Management - The basic advantage of funds is that, they are professional
managed, by well qualified professional. Investors purchase funds because they do not have
the time or the expertise to manage their own portfolio. A mutual fund is considered to be
relatively less expensive way to make and monitor their investments.

2. Diversification - Purchasing units in a mutual fund instead of buying individual stocks or

bonds, the investors risk is spread out and minimized up to certain extent. The idea behind
diversification is to invest in a large number of assets so that a loss in any particular
investment is minimized by gains in others.
3. Economies of Scale - Mutual fund buy and sell large amounts of securities at a time, thus
help to reducing transaction costs, and help to bring down the average cost of the unit for
their investors.

4. Liquidity - Just like an individual stock, mutual fund also allows investors to
liquidate their holdings as and when they want.

5. Simplicity - Investments in mutual fund is considered to be easy, compare to other

available instruments in the market, and the minimum investment is small. Most AMC also
have automatic purchase plans whereby as little as Rs. 2000, where SIP start with just Rs.50
per month basis.

Disadvantages of Investing Mutual Funds:

1. Professional Management- Some funds doesn’t perform in neither the market, as their
management is not dynamic enough to explore the available opportunity in the market, thus
many investors debate over whether or not the so-called professionals are any better than
mutual fund or investor himself, for picking up stocks.

2. Costs – The biggest source of AMC income, is generally from the entry & exit load which
they charge from an investors, at the time of purchase. The mutual fund industries are thus
charging extra cost under layers of jargon.

3. Dilution - Because funds have small holdings across different companies, high returns
from a few investments often don't make much difference on the overall return. Dilution is
also the result of a successful fund getting too big. When money pours into funds that have
had strong success, the manager often has trouble finding a good investment for all the new
money.

4. Taxes - when making decisions about your money, fund managers don't consider your
personal tax situation. For example, when a fund manager sells a security, a capital-gain tax is
triggered, which affects how profitable the individual is from the sale. It might have been
more advantageous for the individual to defer the capital gains liability.

5.6 Mutual Funds Industry in India

The origin of mutual fund industry in India is with the introduction of the concept of mutual
fund by UTI in the year 1963. Though the growth was slow, but it accelerated from the year
1987 when non- UTI players entered the industry.

In the past decade, Indian mutual fund industry had seen a dramatic improvements, both quality
wise as well as quantity wise. Before, the monopoly of the market had seen an ending phase, the
Assets Under Management (AUM) was Rs. 67bn. The private sector entry to the fund family
rose the AUM to Rs. 470 in in March 1993 and till April 2004, it reached the height of 1,540 bn.

Putting the AUM of the Indian Mutual Funds Industry into comparison, the total of it is less than
the deposits of SBI alone, constitute less than 11% of the total deposits held by the Indian
banking industry.

The main reason of its poor growth is that the mutual fund industry in India is new in the
country. Large sections of Indian investors are yet to be intellectuated with the concept. Hence,
it is the prime responsibility of all mutual fund companies, to market the product correctly
abreast of selling.

The mutual fund industry can be broadly put into four phases according to the development of the
sector. Each phase is briefly described as under.

The major players in the Indian Mutual Fund Industry are:

 .

5.7 HOW TO CALCULATE NAV

A mutual fund is a professionally-managed firm of collective investments that pools money from
many investors and invests it in stocks, bonds, short-term money market instruments, and/or
other securities.in other words we can say that A Mutual Fund is a trust registered with the
Securities and Exchange Board of India (SEBI), which pools up the money from individual /
corporate investors and invests the same on behalf of the investors /unit holders, in equity
shares, Government securities, Bonds, Call money markets etc., and distributes the profits.
The value of each unit of the mutual fund, known as the net asset value (NAV), is mostly
calculated daily based on the total value of the fund divided by the number of shares currently
issued and outstanding. The value of all the securities in the portfolio in calculated daily. From
this, all expenses are deducted and the resultant value divided by the number of units in the
fund is the fund’s NAV.
CHAPTER 6

FUND HOUSES

6.1 Various Fund Houses In India

A fund house is a company/firm that owns and operates a mutual fund. They own the fund and
decide on the investment strategies to be followed with the money that was collected from the
investor public for the fund.

Various fund houses taken as samples for the comparison of schemes are:

1. ICICI PRUDENTIAL ASSEST MANAGEMENT COMPANY

2. RELIENCE MUTUAL FUND
3. SBI MUTUAL FUND

The sample of ten comparisons of schemes falling under equity category has been selected for
analysis, these comparisons are:

1. ICICI PRUDENTIAL ASSET MANAGEMENT COMPANY

ICICI Prudential Asset Management Company Ltd. (IPAMC/ the Company) is the joint venture
between ICICI Bank, a well-known and trusted name in financial services in India and Prudential
Plc, one of UK’s largest players in the financial services sectors. IPAMC was incorporated in the
year 1993. The Company in a span of over 18 years since inception and just over 13 years of the
Joint Venture, has forged a position of pre-eminence in the Indian Mutual Fund industry as the
third largest asset management company in the country, contributing significantly to the growth of
the Indian mutual fund industry. The Company manages significant Mutual Fund Asset Under
Management (AUM), in addition to Portfolio Management Services and International Advisory
Mandates for clients across international markets in asset classes like Debt, Equity and Real Estate
with primary focus on risk adjusted returns.
IPAMC has witnessed substantial growth in scale. From merely 2 locations and 6 employees during
inception to the current strength of over 700 employees with reach across around 150 locations, the
growth momentum of the Company has been exponential. The organization today is an ideal mix of
investment expertise, resource bandwidth & process orientation. IPAMC’s Endeavour is to bridge
the gap between savings & investments to help create long term wealth and value for investors
through innovation, consistency and sustained risk adjusted performance.
ICICI Bank

ICICI Bank is India's second-largest bank with total assets of Rs. 4,062.34 billion (US$ 91 billion)
at March 31, 2011 and profit after tax Rs. 51.51 billion (US$ 1,155 million) for the year ended
March 31, 2011. The Bank has a network of 2,538 branches and about 6,810 ATMs in India, and
has a presence in 19 countries, including India.

ICICI Bank offers a wide range of banking products and financial services to corporate and retail
customers through a variety of delivery channels and through its specialised subsidiaries in the
areas of investment banking, life and non-life insurance, venture capital and asset management.

The Bank currently has subsidiaries in the United Kingdom, Russia and Canada, branches in United
States, Singapore, Bahrain, Hong Kong, Sri Lanka, Qatar and Dubai International Finance Center
and representative offices in United Arab Emirates, China, South Africa, Bangladesh, Thailand,
Malaysia and Indonesia. Our UK subsidiary has established branches in Belgium and Germany.
ICICI Bank's equity shares are listed in India on Bombay Stock Exchange and the National Stock
Exchange of India Limited and its American Depositary Receipts (ADRs) are listed on the New
York Stock Exchange (NYSE).

Prudential Plc (formerly known as Prudential Corporation plc)

Prudential plc is an international financial services group with significant operations in Asia, the
US and the UK. They serve approximately, 25 million customers and have £290 billion in assets
under management. They are among the leading capitalized insurers in the world with an Insurance
Groups Directive (IGD) capital surplus estimated at £3.4 billion (as at 31 December 2009).
The Group is structured around four main business units:

Prudential Corporation Asia (PCA)

PCA is a leading life insurer in Asia with presence in 19 markets and a top three position in seven
key locations: Hong Kong, India, Indonesia, Malaysia, Philippines, Singapore, and Vietnam. PCA
provides a comprehensive range of savings, protection and investment products that are specifically
designed to meet the needs of customers in each of its local markets. PCA’s asset management
business in Asia has retail operations in 10 markets and it independently manages assets on behalf
of a wide range of retail and institutional investors across the region.
Jackson National Life Insurance Company

Jackson is one of the largest life insurance companies in the US, providing retirement savings and
income solutions to more than 2.8 million customers. It is also one of the top five providers of
variable and fixed index annuities in the US. Founded nearly 50 years ago, Jackson has a long and
successful record of providing effective retirement solutions for their clients.
Prudential UK & Europe (PUE)

PUE is a leading life and pension’s provider to approximately 7 million customers in the UK.It has
a number of major competitive advantages including significant longevity experience, multi

asset investment capabilities, a strong investment track record, a highly respected brand and
financial strength. PUE continues to focus on its core strengths including its annuities, pensions and
investment products where it can maximize the advantage it has in offering with-profits and other
multi-asset investment funds.
M&G
M&G is Prudential’s UK and European fund management business with total assets under
management of £174 billion (as at December 31, 2009).M&G has been investing money for
individual and institutional clients for nearly 80 years. Today it is among the largest investors in the
UK stock market, as well as being a powerhouse in fixed-income investments. Prudential plc of the
United Kingdom is not affiliated in any manner with Prudential Financial, Inc., a company whose
principal place of business is in the United States of America.
MANAGEMENT

Mr.Nimesh Shah- Managing Director & Chief Executive Officer: Nimesh Shah joined ICICI
Prudential AMC as its Managing Director in July 2007.Nimesh has completed his Chartered
Accountancy. Prior to joining ICICI Prudential AMC, Nimesh was Senior General Manager at
ICICI Bank and has over 18 years experience in banking and financial services. At ICICI Group, he
has handled many responsibilities including project finance, corporate banking and international
banking. He was associated with one of the first batches of senior managers selected to lead the
foray of ICICI Bank into the international arena. He led ICICI Bank’s foray into the Middle-
Eastern region and Africa.

Mr. B Ramakrishna - Executive Vice President: Ramakrishna joined ICICI Prudential AMC in
September 2004.Ramakrishna is a Chartered Accountant and has also done his Cost Accountancy.
He has around 23 years of rich experience across industries like FMCG and banking & financial
services. At ICICI Prudential AMC , Ramakrishna is the custodian of the finance , compliance and
technology functions . He plays an integral role in driving the key profitability agenda through
financial & corporate planning, budgetary control and corporate finance.

Mr. Raghav Iyengar - Head - Retail & Institutional Business: Raghav joined ICICI Prudential
AMC in December 2006. Raghav is a Chartered Accountant and also has a degree in Cost
Accountancy. He has an overall work experience of around 16 years across the Banking &
Financial Service Industry. He was also associated with ICICI Prudential AMC from 1998 to
2000.At ICICI Prudential AMC, Raghav is responsible for driving the business objectives through
Retail sales and distribution, channel sales and institutional / corporate investors. His role is of a
key driver in strengthening distribution relationships and facilitating asset growth. He is also
responsible for identifying potential areas of expansion and facilitating business growth. Raghav
 loves traveling and visiting new places. He loves reading books and enjoys playing tennis with his
son.

Mr. Kalyan Prasath - Head - Information Technology: Kalyan joined ICICI Prudential AMC in
June 2001. Kalyan holds a Diploma in Business Management from ICFAI and Post Graduate
Diploma in Systems Management from NIIT. He has 23 years of experience across industries like
IT, manufacturing and banking & financial services. At ICICI Prudential AMC, his responsibilities
include overseeing the overall technology function i.e. business application, information security
and IT infrastructure & projects thereby contributing to business excellence.

FUND MANAGEMENT

Mr. S. Naren - Chief Investment Officer – Equity: Naren joined ICICI Prudential AMC in
October 2004. At ICICI Prudential AMC, Naren oversees the equity investments across the Mutual
Fund,Portfolio Management Services (PMS) and International Advisory Business . He is
instrumental in overall equity investment strategy development. Naren has an overall outstanding
and rich experience of over 20 years in almost all spectrum of the financial services industry
ranging from investment banking, Fund Management, Equity Research, and stock broking
operations. His core competency lies in being involved in the entire gamut of equity market space
with extensive knowledge of Indian equities and the economy .After obtaining a B. Tech degree
from IIT Chennai, Naren finished MBA in finance from IIM Kolkota and worked with various
financial services companies like Refco Sify Securities India Pvt. Ltd., HDFC Securities Ltd. and
Yoha Securities in various positions prior to joining ICICI Prudential AMC.

Mr. Chaitanya Pande - Head – Fixed Income: Chaitanya joined ICICI Prudential AMC in
September 2002. Chaitanya currently manages thirteen funds viz. ICICI Prudential Flexible Income
Plan, ICICI Prudential Equity & Derivatives Fund, ICICI Prudential Blended Plan A, ICICI
Prudential Blended Plan B, ICICI Prudential Fixed Maturity Plans, ICICI Prudential Interval Fund,
ICICI Prudential Liquid Plan, ICICI Prudential Floating Rate Plan, ICICI Prudential Long Term
Floating Rate Plan, ICICI Prudential Short Term Plan, ICICI Prudential Sweep Plan, ICICI
Prudential Real Estate Securities Fund and ICICI Prudential S.M.A.R.T. (Structure Methodology
Aiming at Returns over Tenure) Fund. Chaitanya has an overall work experience of around over 14
years. His core competency lies in credit analysis and efficient portfolio management. His
efficiency in fund management also won him the title of India’s Most Astute Bond Investor by
Asset Magazine for the year 2007. Chaitanya holds a MBA from IMI Delhi. Prior to joining ICICI
Prudential AMC he was with Jardine Fleming AMC Pvt Ltd.

Scheme-wise commentary*

ICICI Prudential Focused Bluechip Equity Fund

ICICI Prudential Focused Bluechip Equity Fund is an open-ended equity scheme that seeks to
generate long-term capital appreciation to unitholders from a portfolio that is invested
predominantly in equity and equity-related 5 securities of about 25-30 large-cap companies and the
balance in debt securities, money market instruments, and cash.

The scheme posted a return of -3.66% in FY19, better than the -9.23% posted by the benchmark
S&P CNX Nifty Index. The AAUM of the scheme during the last quarter of FY19 was Rs.
3,805.27 crore.

ICICI Prudential Tax Plan

ICICI Prudential Tax Plan is an open-ended Equity Linked Savings Scheme (ELSS). The scheme
posted a return of -3.61% in FY19, better than the -8.75% posted by the benchmark S&P CNX
500. The AAUM of the scheme during the last quarter of FY19 was Rs. 1,278.42 crore.

ICICI Prudential Infrastructure Fund

ICICI Prudential Infrastructure Fund is a thematic fund encompassing infrastructure. It is an open-

ended equity scheme that seeks to generate capital appreciation and income distribution to unit
holders by investing predominantly in equity or equity-related securities of the companies
belonging to the infrastructure development and balance in debt securities and money market
instruments. The scheme posted a return of -15.39% in FY19, better than the -18.45% posted by the
benchmark CNX Infrastructure Index. The AAUM of the scheme during the last quarter of FY19
was Rs. 2,153.67 crore.

ICICI Prudential Banking & Financial Services Fund

ICICI Prudential Banking & Financial Services Fund is an open-ended sectoral scheme that seeks
to generate long-term capital appreciation to unit holders from a portfolio that is invested
predominantly in equity and equity related securities of companies engaged in banking and
financial services. The scheme posted a return of -10.54% in FY19, better than the -11.64% posted
by the benchmark BSE Bankex. The AAUM of the scheme during the last quarter of FY19 was
Rs. 140.76 crore.

ICICI Prudential Technology Fund

ICICI Prudential Technology Fund is an open-ended Technology sector oriented fund. The scheme
posted a return of -2.52% in FY19, better than the -7.19% posted by the benchmark BSE IT Index.
The AAUM of the scheme during the last quarter of FY19 was Rs. 104.56 crore.

ICICI Prudential FMCG Fund

ICICI Prudential FMCG Fund is an open-ended FMCG sector oriented fund. The scheme posted a
return of 30.98% in FY19, better than the 24.35% posted by the benchmark S&P CNX FMCG
Index. The AAUM of the scheme during the last quarter of FY19 was Rs. 130.06 crore.
*only project sample schemes are discussed her

2. RELIANCE MUTUAL FUND

Mutual Fund ('RMF'/ Mutual Fund') is one of India’s leading Mutual Funds, with
Average Assets Under Management (AAUM) of Rs. 80,694 Crores and an investor count of over
63.17 and 69.37 Lakh folios. (AAUM and investor count as of Apr - June 19)
Reliance Mutual Fund, a part of the Reliance Group, is one of the fastest growing mutual funds
in India. RMF offers investors a well-rounded portfolio of products to meet varying investor
requirements and has presence in 179 cities across the country. Reliance Mutual Fund constantly
endeavours to launch innovative products and customer service initiatives to increase value to
investors. Reliance Capital Asset Management Limited (‘RCAM’) is the asset manager of Reliance
Mutual Fund. RCAM a subsidiary of Reliance Capital Limited, which holds 92.93% of the paid-up
capital of RCAM, the balance paid up capital being held by minority shareholders.

Reliance Capital Ltd. is one of India’s leading and fastest growing private sector financial
services companies, and ranks among the top 3 private sector financial services and banking
companies, in terms of net worth. Reliance Capital Ltd. has interests in asset management, life
and general insurance, private equity and proprietary investments, stock broking and other
financial services.

Sponsor : Reliance Capital Limited

Trustee : Reliance Capital Trustee Co. Limited

Investment Manager / : Reliance Capital Asset Management Limited

AMC

Statutory Details : The Sponsor, the Trustee and the Investment Manager
are incorporated under the Companies Act 1956.
VISION AND MISSION STATEMENTS

VISION STATEMENT

To be a globally respected wealth creator with an emphasis on customer care and a culture of
good corporate governance.

MISSION STATEMENT

To create and nurture a world-class, high performance environment aimed at delighting our
customers.
CORPORATE GOVERNANCE

Corporate Governance Policy:

Reliance Capital Asset Management Limited has a vision of being a leading player in the mutual
fund business and has achieved significant success and visibility in the market.

However, an imperative part of growth and visibility is adherence to good conduct in the
marketplace. At Reliance Capital Asset Management Limited, the implementation and observance
of ethical processes and policies has helped us in standing up to the scrutiny of our domestic and
international investors.

Management:

The management at Reliance Capital Asset Management Limited is committed to good corporate
governance, which includes transparency and timely dissemination of information to its investors
and unit holders. The Board of Directors of RCAM is a professional body constituting inter-alia of,
well-experienced and knowledgeable independent members. Regular audit committee meetings are
conducted to review the operations and performance of the company.

Employees:

Reliance Capital Asset Management Limited has at present, a code of conduct for all its officers. It
has a clearly defined prohibition on insider trading policy and regulations. The management
believes in the principles of propriety and utmost care is taken while handling public money,
making proper and adequate disclosures. All personnel at RCAM are made aware of their rights,
obligations and duties as part of the Dealing Policy laid down in terms of SEBI guidelines. They
are taken through a well-designed HR program, conducted to impart work ethics, the Code of
Conduct, information security, Internet and e-mail usage and a host of other issues. One
of the core objectives of RCAM is to identify issues considered sensitive by global corporate
standards, and implement policies/guidelines in conformity with the best practices as an ongoing
process. RCAM gives top priority to compliance in true letter and spirit, fully understanding its
fiduciary responsibilities.
MANAGEMENT TEAM
Sundeep Sikka: is CEO of RCAM. He has been instrumental in expanding RCAM's footprints in
both domestic & international territories. Sundeep has been with RCAM since November 2003
and has more than 13 years of leadership experience with NBFCs and Banks. Sundeep brings a
proven track record of success and a broad understanding of the company's business. Prior to
RCAM, Sundeep has held a number of other senior management positions and his last stint was
with ICICI Bank.

Himanshu Vyapak: Is Deputy CEO with Reliance Capital Asset Management (RCAM) from Oct
2003 onwards and brings in over 14 years of rich experience in sales & distribution of financial
services. He has been instrumental in expanding RCAM’s footprints in both domestic &
international territories. Apart from Reliance Mutual Fund, He was also involved with key
businesses across Reliance Capital group like Credit Cards & Unsecured Loans. Prior to Reliance
Capital he was with ICICI bank and Escorts Finance across liability and asset verticals. Himanshu
is a Fellow of Insurance from Indian Institute of Insurance, a Certified Financial Planner, a gold
medalist in MBA and a Graduate in Economics (Hons) from Delhi University. Under his
leadership, RCAM has earned accolades from Customers, Partners and Independent professional
research entities representing domestic and international geographies. Some of the recent
recognition include:

 Best Sales Team - Stevie Award 2008

 National Sales Team of the year - Stevie Award 2009

 Best National Sales Head of the Year - Wealth Forum Award 2010

 Best Distributor Training Team from Wealth Forum Platinum Circle 2010

 Top 3 in Customer Service from Wealth Forum Platinum Circle 2010

Presently, he is Chairman of National Institute of Technology, Calicut and Chairman of Energy

Institute, India and hold directorships in several limited companies.

Amitabh Mohanty: Head Fixed Income has been with Reliance Capital Asset Management Ltd.,
in his current assignment, for over Six years. He is a Fixed Income Portfolio Manager with over 16
 years of experience. Prior to his current assignment, he had a six year stint with Alliance Capital
Asset Management Ltd. as Vice President, in charge of fixed income assets. He started his career in
SBI Funds Management Ltd. where he was Deputy Manager responsible for managing fixed
income schemes. He is a management graduate from Indian Institute of Management, Ahmedabad
from the 1996 batch and holds an electrical engineering degree from the IIT, Roorkee.

BOARD OF DIRECTORS

Kanu Doshi: Mr. Kanu H Doshi, 72 years, a B.Com, B A, FCA (Chartered Accountant), is a
fellow member of Institute of Chartered Accountants of India. He is also the Dean – Finance, at
Welingkar Institute of Management, Mumbai, where he teaches Corporate Tax Planning and
Financial Management for Master’s Degree of Mumbai University in Management. He regularly
contributes articles to leading journals and periodicals, including leading websites like
moneycontrol.com. He is co-author of “Tax Holidays”, “Financial Accounting”, and “Treatise on
Special Economic Zones”. Mr. Doshi is a Director on the Boards of leading companies like
Reliance Capital Asset Management Limited, Motilal Oswal AMC Ltd, Edelweiss Capital Asset
Management Limited.

S.C. Tripathi: Mr. S C Tripathi 63 years, is a M.Sc (Physics – Spl. Electronics), LL B,

Postgraduate Diploma in Development Studies (Cantab), AIMA Diploma in Management. He has
varied experience at State, Central Govt. & International level in Public Finances, Industrial &
Communal Finance & Banking. Few of the vital positions held by him, includes:

 Managing Director, Industrial & Investment Corporation of U.P. (PICUP)

 Minister (Economy & Commerce), Embassy of India, Tokyo

 Secretary, Heavy Industries, & Department of Taxation & Institutional Finance,

Government of UP
T
U FUTURE OUTLOOK
V

W The Indian Mutual Fund industry is one of the fastest growing industries in the financial services
sector with 44 AMCs currently operating in the country. The industry AAUM has grown at a
 CAGR of 25% since 1965 and at a CAGR of 10% in the last three years, with 6, 64,824 crores of
average assets as on March 31, 2019.

X Your Company intends to aggressively pursue growth opportunities in the mutual fund industry both
domestic and international and therefore be the most preferred investment choice for investors.
Your Company expects that an emerging market like India would experience a sustained higher
growth rate. Given the country's high household savings rate along with the current low levels of
investments by retail investors where only less than 3% of the household savings is channeled into
capital markets, your Company believes that the Mutual Fund Industry is still in a nascent stage and
has a huge opportunity for growth and expansion. Being one of the large players in the Industry,
your Company will continue investing in growing the market size, achieving product innovation,
educating the investors, increasing the distribution reach, enhancing customer service infrastructure
with aggressive expansion strategies.

 Commissioner, Agra Division

 3. SBI MUTUAL FUND

CORPORATE PROFILE

With 25 years of rich experience in fund management, we at SBI Funds Management Pvt. Ltd. bring
forward our expertise by consistently delivering value to our investors. We have a strong and proud
lineage that traces back to the State Bank of India (SBI) - India's largest bank. We are a Joint
Venture between SBI and AMUNDI (France), one of the world's leading fund management
companies.

With our network of over 222 points of acceptance across India, we deliver value and nurture the trust
of our vast and varied family of investors.

Excellence has no substitute. And to ensure excellence right from the first stage of product
development to the post-investment stage, we are ably guided by our philosophy of ‘growth
through innovation’ and our stable investment policies. This dedication is what helps our customers
achieve their financial objectives.

Vision

“To be the most preferred and the largest fund house for all asset classes, with a consistent track record
of excellent returns and best standards in customer service, product innovation, technology and HR
practices.”

Services Mutual Funds

Investors are our priority. Our mission has been to establish Mutual Funds as a viable investment
option to the masses in the country. Working towards it, we developed innovative, need-specific
products and educated the investors about the added benefits of investing in capital markets via
Mutual Funds.
Today, we have been actively managing our investor's assets not only through our investment expertise
in domestic mutual funds, but also offshore funds and portfolio management advisory services for
institutional investors.

This makes us one of the largest investment management firms in India, managing investment
mandates of over 5.4 million investors.

Portfolio Management and Advisory Services

SBI Funds Management has emerged as one of the largest player in India advising various financial
institutions, pension funds, and local and international asset management companies.

We have excelled by understanding our investor's requirements and terms of risk / return expectations,
based on which we suggest customized asset portfolio recommendations. We also provide an
integrated end-to-end customized asset management solution for institutions in terms of advisory
service, discretionary and non-discretionary portfolio management services.

Offshore Funds

SBI Funds Management has been successfully managing and advising India's dedicated offshore funds
since 1988. SBI Funds Management was the 1st bank sponsored asset management company fund
to launch an offshore fund called SBI Resurgent India Opportunities Fund' with an objective to
provide our investors with opportunities for long-term growth in capital, through well-researched
investments in a diversified basket of stocks of Indian Companies.

BOARD OF DIRECTORS- AMC

Mr. Pratip Chaudhuri, (Chairman & Associate Director): Qualifications : B.Sc. (Hons), MBA. Mr.
Pratip Chaudhuri joined State Bank of India as Probationary Officer in 1974. He took over charge
as Chairman of State Bank of India on 7th April, 2011. Immediately prior to taking over as
Chairman, Mr. Chaudhuri was Dy. Managing Director & Group Executive (International Banking),
Mumbai. During his illustrious career spanning 36 years in State Bank of India, he held several
important positions like Chief General Manager (Foreign Offices) at Corporate Centre, Mumbai,
Managing Director, State Bank of Saurashtra, Chief General Manager, Chennai Circle etc.
Shri Jayesh Gandhi (Independent Director): Qualifications : B.Com, F.C.A. Shri Jayesh Gandhi is a
Chartered Accountant and Senior Partner from N.M.Raiji & Co. Chartered Accountants, Mumbai.
Since last 18 years Shri Gandhi has audit assignments of various companies like ICICI Group
including ICICI Bank Ltd., Wipro Group, Tata Finance Ltd., Tata Tea Ltd., Tata Chemicals Ltd.
and Prism Cement Ltd. He also handles various other assignments in the audit of mutual funds. He
is also a director on the Board of various companies.

Mr. Deepak Kumar Chatterjee (Managing Director): Qualifications: M.Sc., MBA. Mr. Deepak
Kumar Chatterjee brings with him experience of over 32 years in State Bank of India in various
areas such as Credit Administration, Investment Banking, International Banking Operations and
Branch Management. In his previous assignment, Mr. Chatterjee was General Manger (Financial
Institutions Group), International Business Group in SBI where he was handling fund raising for
SBI outside India, Country Risk and Bank exposures.

MANAGEMENT TEAM

Mr. Deepak Kumar Chatterjee: profile discussed earlier in report Mr. Philippe Batchevitch:
profile discussed earlier in report
Mr. K. T. Ravindran: Chief Operating Officer, Mr. Ravindran, General Manager, State Bank of India
(SBI), has over 30 years of experience in various areas at SBI such as Credit Administration,
Monitoring Asset Quality, International Banking Operations, Retail Banking, Branch Management,
Internal Audit functions, Circle Balance Sheet and Compliance. Prior to assuming the charge of
Chief Operating Officer at SBI Funds Management Pvt. Ltd, Mr. Ravindran was Deputy General
Manager (Credit) of SBI Chennai Circle.

Mr. Navneet Munot: Chief Investment Officer, Navneet joined SBI Funds Management Private
Limited as Chief Investment Officer in December 2008. He brings with him over 15 years of rich
experience in Financial Markets. In his previous assignment, he was the Executive Director & head
- multi - strategy boutique with Morgan Stanley Investment Management. Prior to joining Morgan
Stanley Investment Management, he worked as the Chief Investment Officer - Fixed Income and
Hybrid Funds at Birla Sun Life Asset Management Company Ltd. Several funds managed by
Navneet got recognition for their consistent superior risk-adjusted performance and won several
awards from independent agencies such as CRISIL-CNBC TV 18, ICRA, Reuters Lipper and got
top ranking in Value Research. Navneet had been associated with the financial services business of
 the group for over 13 years and worked in various areas such as fixed income, equities and foreign
exchange. His articles on matters related to financial markets have widely been published.

Navneet is a postgraduate in accountancy and business statistics and a qualified Chartered Accountant.
He is also a charter holder of the CFA Institute USA and CAIA Institute USA. He is also an FRM
charter holder of Global Association of Risk professionals (GARP).

Ms. Vinaya Datar: Company Secretary & Compliance Officer, Ms. Vinaya Datar has overall
experience of more than 15 years, including over 8 years in the field of financial services. She
has extensively worked in the areas of Compliance, Secretarial, and Legal. Prior to this assignment,
she was Assistant Vice President - Compliance with Mirae Asset Global Investments (India) Pvt.
Ltd. Ms. Datar has also been previously associated with Reliance Capital Asset Management Ltd,
IL&FS Limited and UTI Infrastructure & Services Limited.

Mr. C. A. Santosh, Head - Customer Service: Mr. C. A. Santosh has joined SBI Funds Management
(P) Ltd as Chief Manager - Customer Service. He has over 19 years of experience and started his
career in the Aviation Industry (Customer Service) and later moved on to Banking.

His last assignment was in the Kotak Mahindra Bank as Chief Manager - Customer Contact Center.
PERFORMANCE OVERVIEW

Performance of Equity Schemes:

a) 67% of our equity assets under management are in top 2 quartiles on a one year horizon

b) Most of our equity schemes outperformed their respective benchmarks by more than 200 basis
points

c) SBI Magnum Emerging Business Fund continues its top decile performance.
FUTURE OUTLOOK AND OPERATIONS OF THE SCHEMES (for the year
ended march 31, 2019)

EQUITY OUTLOOK*: As the Murphy’s law says, “anything that can go wrong will go wrong”.
India was a classic example of this. Sticky inflation, depreciating currency and rising interest rates
coupled with policy inaction and execution failure led to a poor performance by Indian capital
markets during FY 2019. Corporate profitability took a major hit further impacting asset creation.
Political situation remained worrisome which put the whole policy making in jeopardy. Headwinds
 from overseas markets, mostly fuelled by debt crisis in Europe, were also the key triggers for the
poor performance of stock markets in India. Corporate profitability is likely to remain depressed in
the near future given the higher input costs, wages, interest rates, steep depreciation in currency and
higher competitive intensity. With a hazy outlook and depressed profitability, corporate India
seems reluctant to commit new capital locally. Most of the capex has been stalled, delayed or
suspended. The situation will certainly put to test Indian corporates’ wherewithal to navigate this
challenging business environment.

The economy cannot afford continuance of sticky inflation, rising interest rates and a weaker currency.
While demand is an addressable issue with marginal stretch from the policy side – it is the
governance that needs to step-up its response to the glaring supply gap on most of the input
parameters.One can expect a tactical readjustment by polity to get the structural India story back on
track sooner. There exists a possibility of an outlier “blue-swan” of synchronized occurrence of Y
favorable events like – softened interest rates, global commodities and reversal of the currency
slide (they all have high interlinks).

In Today’s pain lies tomorrow’s gain. We expect this period to offer a good opportunity to investors to
participate in the long term India story. In this scenario we prefer to focus on bottom up stock
picking with core beliefs in terms of quality (business, management, and cash flows), prudence (on
cash utilization) and agility (in terms of timing and allocation). We prefer to look for businesses
with strong franchise value, large consumption compulsion canvass opportunity and penetration
potential. We also remain alert to opportunities that provide tactical returns on Asset plays at
attractive valuations and rate sensitive’s given impending policy response. We recommend
investors to maintain the discipline of asset allocation and use the downturn in equity market as an
opportunity to gradually build exposure.

*only equity outlook is taken into consideration because we are dealing with equity schemes
Operations of the schemes:

SBI Mutual Fund manages 28 open ended and 11 close ended schemes, out of which 17 are equity
schemes (2 close ended),1 balance scheme, 2 liquid schemes,1 gilt scheme,16 debt schemes (9
close ended) and 1 Gold ETF scheme & 1 Gold Fund scheme. SBI Mutual Fund continues to hold
certain securities which were sold by it but these have not been got transferred by the buyers in
their names. These securities do not belong to SBIMF, but are held on behalf of the unknown
buyers and not as Owners/Investors. Such securities are transferred to the buyers against claims
after establishing the genuineness of the claim. The market value of such securities as on 31st
March 2019 is ` 14.89 crore

Scheme-wise commentary*:

SBI Blue Chip Fund: has generated a return of (5.34%) (31st March 2011 to 31st March 2019) as
compared to a return of (9.23%) for its benchmark (BSE100). The fund has outperformed the
benchmark due to its underweight on Financials, Materials, Industrials and IT.

Magnum Tax Gain Scheme 1993: has performed very well and has outperformed the benchmark
index (BSE100). Most of our sectoral calls, in terms of being underweight financials and
overweight pharmaceuticals, cement, etc., have worked well for us. Even our bottoms up stock
picks have performed exceedingly well contributing meaningfully to the performance of the Fund.

SBI Infrastructure Fund – Series I: has generated a performance of (16.61%) during the
period 31st March 2011 to 31st March 2019, as compared to a return of (9.23%) for its benchmark
(BSE100). The fund cannot invest in Healthcare and Consumer Staples, which were the main
drivers of performance of the BSE 200 during the fiscal year 2011/2019.

Magnum NRI – FAP: has generated a return of (2.92%) during the period 31st March 2011 to 31st
March 2019, as compared to a return of (9.23%) for its benchmark (BSE100). The fund
outperformed the benchmark through the execution of active asset allocation between equity and
cash to benefit from increased volatility in the market.

Magnum IT Fund: has generated a return of (3.15%) (31st March 2011 to 31st March 2019) as
compared to a return of (7.19%) for its benchmark (BSE IT Index). The outperformance was driven
by higher allocation to midcaps and prudent stock selection among large-caps.
Magnum FMCG Fund: has generated a return of 26.63% (31st March 2011 to 31st March 2019)
as compared to a return of 24.94% for its benchmark. (BSEFMCG Index). The fund has
outperformed the benchmark due to overweight on VST Industries, TTK Prestige, Marico and
underweight on United Spirits and Dabur.

Magnum Index Fund has generated a return of (8.96%) (31st March 2011 to 31st March 2019) as
compared to a return of (9.23%) for its benchmark (S&P CNX Nifty). The Magnum Index
Fund does not take any view on the market, the objective being to replicate the performance of
its benchmark.

Magnum Pharma Fund: has generated a return of 9.66% (31st March 2011 to 31st March
2019) as compared to a return of 10.00% for its benchmark (BSE Healthcare Index). Though, the
fund benefited from positive active exposure in IPCA, Divis, Strides and from holding Lupin, the
fund underperformed the benchmark from being underweight Sun Pharma, GSK Pharma and
Ranbaxy.

SBI Arbitrage Opportunities Fund has generated a performance of 8.62% (31st March 2011 to
31st March 2019) as compared to a return of 8.45% for its benchmark (Crisil Liquid Fund Index).
With the advent of technology on the trading desks, arbitrage opportunities have shrunk drastically
over the last few years. Nevertheless, the fund is still delivering returns better than Crisil Liquid
Fund Index, its benchmark.

*only project sample schemes are discussed here

COMPARISION OF VARIOUS SCHEMES UNDER EQUITY*

*further the ten set of comparisons stated below are taken as sample and explained in detail as part of the study.
Comparisons are named as comparison.1, comparison.2 up to comparison.10 for convenience of presentation and ease
of use.

COMPARISON 1
Scheme ICICI Pru Focused SBI Blue Chip Fund Reliance Equity
Bluechip Equity (G) (G) Fund-RP(G)
Fund class Large cap Large cap Large cap
Fund Type Open ended Open ended Open ended
Ranking Rank 1 Rank3 Rank5
Scheme assets rs in cr 3809.54 686.36 1056.83
(as on june 30,2019)
Inception date May 7, 2008 Jan 20, 2006 Mar 07, 2006
Bench mark S&P CNX NIFTY BSE 100 S&P CNX NIFTY
Mininmum investment 5000 5000 5000
(in rs.)
AMC Assets (in cr, as 73049.66 47184.11 80694.47
on june 30,2019)
Latest NAV (Rs/unit) 16.50000 14.54000 13.25910
Performance

3 months 9.1% 11.8% 13.2%

6 months -3.5% 3.3% -2.0%
1 year 10.1% 19.5% 11.0%
Portfolio
Top 5 holdings HDFC bank, ITC, HDFC, HDFC Bank, Divis labs, Reliance,
Infosys, ICICI Bank, ICICI Bank, Infosys, ICICI Bank, Infosys,
Bajaj auto HCL Tech HCL Tech
Weightage to top 5 34.94% 27.86% 23.88%
holdings
Top 3 Sectors Banking/Finance, Banking/finance, Engineering,
Technology, oil and technology, automotive,
Gas pharmaceuticals Pharmaceuticals
Weightage to top 3 50.48% 50.54% 35.79%
sectors
Management & fees
Fund manager Manish Gunwani Sohini Andani OmPrakash kuckian
Entry load 0% 0% 0%
Exit load 1.00% 0% 1.00%
ANALYSIS: ICICI Pru Focused Bluechip Equity is ranked 1 in large cap category by
Crisil. It is advised as a strong buy with Latest NAV of 16.500 as on Aug 17, 2019 and if
already invested then investment should be continued in this scheme. Whereas SBI
BlueChip fund is ranked 3 in this category and investors are advised to switch to a better
performance scheme at this stage as its NAV as on Aug 17, 2019 is 14.540 on the other hand
reliance equity fund is performing relatively weak and ranked 3 with NAV of 13.359 which
is very less as compared to other two schemes

COMPARISON 2
Scheme ICICI Pru Tax Plan SBI Magnum Tax Gain Reliance Tax Saver
(ELSS)
Fund class ELSS ELSS ELSS

Fund Type Open Ended Open Ended Open Ended

Ranking Rank 1 Rank 3 Rank 2

Scheme assets rs in cr 1995.14 4518.19 1969.84

(as on june 30,2019)

Inception date Aug 09, 1999 Mar 31, 1993 Aug 23, 2005

Bench mark S & P CNX 500 BSE 100 BSE 100

Mininmum 500 500 500

investment (in rs.)
AMC Assets (in cr, as 73,049.66 47,184.11 80,694.47
on june 30,2019)
Latest NAV (Rs/unit) 138.96000 60.80000 21.75220
As on Aug 17, 2019
Performance

3 months 9.5% 9.9% 7.3%

6 months -0.8% 1.8% 0.8%

1 year 9.9% 19.4% 11.9%

Portfolio

Top 5 holdings Reliance, Infosys, HDFC Bank, ICICI Eicher Motors, Maruti
Bharti Airtel, ICICI Bank, TCS, HDFC, Suzuki, Madras Cements,

Bank, Hind Zinc Grasim Bajaj Finance,SBI

Weightage to top 5 32.1% 25.06% 25%

holdings
Top 3 Sectors Oil and gas, Banking/Finance, Engineering,
Banking/Finance, Technology, Automative,

Technology Pharmaceuticals Banking/Finance

Weightage to top 3 51.36% 45.11% 51.54%
sectors
Management & fees

Fund manager Chintan Haria Jayesh Shroff Ashwani Kumar/Viral

Berawala
Entry load 0% 0% 0%

Exit load 0% 0% 0%

ANALYSIS: In ELSS category, there are various fund houses that offers scheme as it is
very attracting to customers, ICICI Pru tax plan is ranked 1 in this category by CRISIL as
it has a very good performance and recommended as a strong buy, whereas SBI is ranked 3
and is an average performer here and reliance is ranked 2 and recommended to be kept
but also with an alert to keep a check on the performance due to its decreasing NAV
 COMPARISON 3
Scheme ICICI Pru SBI Infrastructure Fund Reliance Infrastructure

Infrastructure Fund Series I Fund

Fund class Thematic – Thematic – Infrastructure Thematic - Infrastructure

Infrastructure
Fund Type Open Ended Open Ended Open Ended

Ranking Rank 3 Rank 4 NOT RANKED

Scheme assets rs in cr 1864.49 649.80 633.01

(as on june 30,2019)

Inception date Aug 16, 2005 May 11, 2007 June 23, 2009

Bench mark BSE 100 BSE 100 BSE 100

Mininmum 5000 5000 5000

investment (in rs.)
AMC Assets (in cr, as 73,049.66 47,184.11 80,694.47
on june 30,2019)
Latest NAV (Rs/unit) 25.11000 7.65000 6.67810
As On Aug 17, 2019
Performance

3 months 9.9% 11.5% 3.5%

6 months -9.1% -8.2% -18.5%

1 year -2.3% -8.2% -5.2%

Portfolio

Top 5 holdings Reliance, ONGC, HDFC Bank, ICICI ICICI Bank, KSB
HDFC Bank, Bharti Bank, Power Grid Pumps, Jaiprakash
airtel, ICICI Bank Corp, Coal India, Asso, Jindal Saw,
ONGC Larsen
Weightage to top 5 36% 34.73% 24.87%
holdings
Top 3 Sectors Banking/Finance, Oil Banking/Finance, Oil Cements, Metals &
& Gas, Utilities & Gas, Cement Mining, Engineering
Weightage to top 3 56.81% 64.19% 58.43%
sectors
Management & fees

Fund manager Yogesh Bhatt Ajit Dange Sunil Singhania

Entry load 0% 0% 0%

Exit load 1.00% 1.00% 1.00%

ANALYSIS: In themetic infrastructure category, these fund houses are not doing well,
ICICI Pru, an outperformer, is ranked 3 in this category with an average buy and a “better
switch to other scheme” recommendation. Whereas SBI is ranked 4 with below average
performance and “sell” recommendation but Reliance has not yet gained any rank or
recommendation.
 CHAPTER 5
DATA ANLYSIS & INTERPRETATION

CHAPTER 6
FINDINGS & CONCLUSION

6.1 Conclusion
Mutual Funds, though a very profitable form of investment, with limited risk factors compared
to shares and debentures, have not yet shown itself to the potentiall investors so as to invest in
favorable returns. So as to make mutual funds familiar, initiatives should be first started from part of
the service providers in form of awareness campaigns, innovative financial instruments,
advertisements etc which can help trigger the growth of this mode of finance sector which can
thereby help promote the individual, institutional as well as economic goals of the country.
The construction of the mutual fund scheme’s portfolio is done by taking various factors so
even after evaluating the mutual funds and ranking them we cannot say which is the best fund house
or scheme in all. Nothing is certain in case of mutual funds as they are subject to market risks, An
estimate can be made considering various past performances and future outlooks and best money out
of these schemes can be generated.
Running a successful Mutual Fund requires complete understanding of the peculiarities of the
Indian Stock Market and also the psyche of the small investors. This study has made an attempt to
understand the financial behaviour of Mutual Fund investors in connection with the preferences of
Brand (AMC), Products, Channels etc. I observed that many of people have fear of Mutual Fund.
They think their money will not be secure in Mutual Fund. They need the knowledge of Mutual Fund
and its related terms. Many of people do not have invested in mutual fund due to lack of awareness
although they have money to invest. As the awareness and income is growing the number of mutual
fund investors are also growing.
“Brand” plays important role for the investment. People invest in those Companies where they
have faith or they are well known with them. There are many AMCs in Mumbai but only some are
performing well due to Brand awareness. Some AMCs are not performing well although some of the
schemes of them are giving good return because of not awareness about Brand. Reliance, UTI,
SBIMF, ICICI Prudential etc. they are well known Brand, they are performing well and their Assets
Under Management is larger than others whose Brand name are not well known like Principle,
Sunderam, etc.
6.2 Suggestions and Recommendations
The most vital problem spotted is of ignorance. Investors should be aware of the benefits.
Nobody will invest until and unless he is fully convinced. Investors should be made to realize
that ignorance is no longer bliss and what they are losing by not investing.
Mutual funds offer a lot of benefit which no other single option could offer. But most of
the people are not even aware of what actually a mutual fund is? They only see it as just
another investment option. So the advisors should try to change their mindsets. The advisors
should target for more and more young investors. Young investors as well as persons at the height
of their career would like to go for advisors due to lack of expertise and time.
Mutual Fund Company needs to give the training of the Individual Financial Advisors about the
Fund/Scheme and its objective, because they are the main source to influence the investors.
Before making any investment Financial Advisors should first enquire about the risk
tolerance of the investors/customers, their need and time (how long they want to invest). By
considering these three things they can take the customers into consideration.
Younger people aged under 35 will be a key new customer group into the future, so making
greater efforts with younger customers who show some interest in investing should pay off.
Customers with graduate level education are easier to sell to and there is a large untapped market
there. To succeed however, advisors must provide sound advice and high quality.
Systematic Investment Plan (SIP) is one the innovative products launched by Assets
Management companies very recently in the industry. SIP is easy for monthly salaried person as it
provides the facility of do the investment in EMI. Though most of the prospects and potential
investors are not aware about the SIP. There is a large scope for the companies to tap the salaried
persons.
CHAPTER 7
BIBLIOGRAPHY

NEWSPAPER

TELEVISION CHANNEL (CNBC AAWAJ)

MUTUAL FUND HAND BOOK

FACT SHEET AND STATEMENT

WWW.SBIMF.COM

WWW.MONEYCONTROL.COM
REFERENCES
REFERENCES

 www.amfiindia.com
 www.valueresearchonline.com

 www.mutualfundsindia.com

 www.reliancemutual.com

 www.sbimf.com

 www.icicipruamc.com

 www.moneycontrol.com