A COMPARATIVE STUDY OF PERFORMANCE

ANALYSIS OF SELECTED SMALL AND MID-CAP

EQUITY MUTUAL FUND IN AMRAVATI CITY

A Dissertation Submitted By
MOHD KASHIF ABDUL KALAM
(M.B.A. Programme 2020-22)

Under the guidance of

PROF. P. W. NIMBHORKAR
TO
SANT GADGE BABA AMRAVATI UNIVERSITY
AMRAVATI

In Partial Fulfilment of the Requirements

For the Award of Degree of
MASTER OF BUSINESS ADMINISTRATION

-Through-
The Principal
The Principal P. R. Pote (Patil) Education & Welfare
Trust's Group of Institutions (Integrated Campus),
College of Engineering & Management Gajanan Township,
Kathora Road, Amravati.
2021-22
 P. R. Pote (Patil) Education & Welfare Trust's Group of
Institutions (Integrated Campus), College of Engineering &
Management

GAJANAN TOWNSHIP CAMPUS, POTE ESTATE,

KATHORA ROAD, AMRAVATI
TEL: (Direct No.) 0721-2970110, Ext. 241 FAX: (0721) 2530344
Website: www.prpcem.org

Certificate

This is to certify that the dissertation entitled,

A COMPARATIVE STUDY OF PERFORMANCE ANALYSIS OF
SELECTED SMALL AND MID-CAP EQUITY MUTUAL FUND IN
AMRAVATI CITY

Submitted by
MOHD KASHIF ABDUL KALAM

In partial fulfilment of the conditions for the award of degree of Master of

Business Administration to the Sant Gadge Baba Amravati University,
Amravati has been prepared under my supervision and guidance. It is also
certified that:
1. The candidate has satisfactorily conducted this research for not less than
one academic year.
2. The dissertation is of sufficiently high standard to warrant its
presentation for examination.

Guide HOD Principal

Date:
Place: Amravati
 DECLARATION

I, MOHD KASHIF ABDUL KALAM hereby declare that the

dissertation entitled,

A COMPARATIVE STUDY OF PERFORMANCE

ANALYSIS OF SELECTED SMALL AND MID-CAP
EQUITY MUTUAL FUND IN AMRAVATI CITY

is the result of my own research work and that the same has
not been previously Submitted to any examination of this or any
other university. The dissertation shall be liable to rejection and /
or cancellation if found otherwise.

Mohd Kashif Abdul Kalam

M.B.A. Programme (2020-22)
P. R. Pote (Patil) Education & Welfare
Trust's Group of Institutions
(Integrated Campus),
College of Engineering & Management
Amravati

Date:
Place: Amravati
 Acknowledgement

I take this opportunity to express my thanks to all who individually

and collectively helped me in successful completion of this project.

It is my pleasure to place on record my sincere gratitude towards my

project guide Prof. P. W. Nimbhorkar, P.R.P.C.E.M. who spent her
precious time providing continuous encouragement and her expert guidance
into my project work. It was her direction and encouragement that motivate
me to steer through the research work confidently and successfully.

I would like to thank our HOD Prof. S. R. Shah, for providing all
facilities to complete the project.

I would also like to thank our Hon. Principal Dr. D. T. Ingole for his
guidance &support.

I would like to thanks my all respondent who given me valuable time

to fill questionnaire which are very important from this study point of view.
At last but not least, a sincere thanks to all whom, in some way or the other
way helped me in completing my work under study.

Mohd Kashif Abdul Kalam

Researcher

Date:
Place: Amravati
 LIST OF CONTENT
Sr. No. Contents Page No.

1) Chapter 1: Nature And Scope Of The Study 1-19

1.1 Introduction 1
1.2 Review of Literature 14
1.3 Definition of the Problem 18
1.4 Objective of Study 18
1.5 Need of the study 19
1.6 Scope of the study 19
2) Chapter 2: Organization Profile 20-26
3) Chapter 3: Research Methodology 27-29
3.1 Research Design 27
3.2 Sampling Design 27
3.2.1 Sampling Technique 28
3.2.2 Sampling Unit 28
3.3 Data Collection Method 28
3.3.1 Primary Data 28
3.3.2 Secondary Data 28
3.4 Data Analysis and Method 29
3.5 Limitations 29
4) Chapter 4: Analysis and Interpretation of Data 30-59
5) Chapter 5: Findings, Conclusions and Suggestion 60-43
5.1 Findings 61
5.2 Conclusion 62
5.3 Suggestion 62-63

6) Bibliography 64
Webliography 65
Annexure I - Questionnaire 66
 LIST OF TABLE
Table Page
Title
No. No.
1 Age wise classification of respondents
31
2 Gender wise classification of respondents
32
3 Qualification wise classification of respondents
33
4 Occupation wise classification of respondents
34
5 Yearly Income wise classification of respondents
35
6 Medium to know about mutual fund
36
7 Factors, Investors look before investing
37
8 Preference to mutual fund schemes by investors
38
9 Reason behind preference of mutual fund scheme
39
10 Mutual fund scheme type of investor
40
11 Investor's Objective of Investment
41
12 Percentage of investment of investor's annual income
42
13 Awareness about SIP
43
Mutual fund saving is best option for new equity
14
investment 44
15 Opinion about get expected return
45
16 Investors risk profile
46
17 Opinion about riskiness of equity schemes
47
18 Opinion about, which scheme is riskier
48
19 Opinion about growth potential of equity schemes
49
20 Which scheme has a higher growth potential?
50
21 Which schemes give more returns
51
22 Awareness about Entry and Exit Load
52
23 Awareness about Switching
53
24 Opinion about switching scheme
54
25 Reason to switch
55
features of small and mid-cap mutual fund, attract to
26
invest 56
27 Opinion about service of the company
57
28 ICICI Prudential Mutual Fund schemes and returns
58
29 HDFC Mutual Fund schemes and returns
59
 LIST OF GRAPH
Table Page
Title
No. No.
1 Age wise classification of respondents
31
2 Gender wise classification of respondents
32
3 Qualification wise classification of respondents
33
4 Occupation wise classification of respondents
34
5 Yearly Income wise classification of respondents
35
6 Medium to know about mutual fund
36
7 Factors, Investors look before investing
37
8 Preference to mutual fund schemes by investors
38
9 Reason behind preference of mutual fund scheme
39
10 Mutual fund scheme type of investor
40
11 Investor's Objective of Investment
41
12 Percentage of investment of investor's annual income
42
13 Awareness about SIP
43
Mutual fund saving is best option for new equity
14
investment 44
15 Opinion about get expected return
45
16 Investors risk profile
46
17 Opinion about riskiness of equity schemes
47
18 Opinion about, which scheme is riskier
48
19 Opinion about growth potential of equity schemes
49
20 Which scheme has a higher growth potential?
50
21 Which schemes give more returns
51
22 Awareness about Entry and Exit Load
52
23 Awareness about Switching
53
24 Opinion about switching scheme
54
25 Reason to switch
55
features of small and mid-cap mutual fund, attract to
26
invest 56
27 Opinion about service of the company
57
28 ICICI Prudential Mutual Fund schemes and returns
58
29 HDFC Mutual Fund schemes and returns
59
 Abstract

Mutual funds have given millions of small investors new opportunities

by bringing investment to their doorstep. A small investor in India is more
likely to seek out such information, which does not provide a buffer
against inflation and often has negative actual returns. In the investment
world, he finds himself an outcast. Mutual funds have arrived to provide
much-needed assistance to these investors. Thus, the mutual fund's success
is largely due to the combined efforts of skilled fund managers and vigilant
investors. To ramp up performance to satisfy investor criteria, a good fund
manager should examine investor behaviour and comprehend their needs
and expectations. As a result, in the current environment, it is critical to
understand mutual fund investors' demands, preferences for mutual fund
schemes, and performance evaluation. The goal of this research report is to
learn about mutual fund investors' preferences and how they evaluate the
performance of their favourite schemes. The survey is conducted among
100 investors in Amravati, and the key findings indicate the major
elements that impact mutual fund investors' buying behaviour, the sources
on which they rely most when making investments, and the preferred
manner of investment in the mutual fund market. The research will be
extremely beneficial to AMCs, brokers, distributors, and other potential
investors..

Keywords: Mutual funds, buying behaviour, performance evaluation.

 Chapter 1:
Nature And Scope Of
The Study
A Comparative Study of Performance Analysis of Selected Small And Mid-Cap
Equity Mutual Fund in Amravati City

Chapter 1
NATURE AND SCOPE OF THE STUDY

1.1 Introduction

The SEBI (Mutual Funds) Regulations 1993 define a mutual fund

(MF) as a fund established in the form of a trust by a sponsor to raise
monies by the Trustees through the sale of units to the public under one or
more schemes for investing in securities in accordance with these
regulations.
According to Association of Mutual Funds in India (AMFI),
“A mutual fund is a trust that pools the savings of a number of
investors who share common financial goal. Anybody with an investible
surplus of as little as a few thousand rupees can invest in mutual funds.
This investor buys units of a particular mutual fund scheme that has a
defined investment objective and strategy.”
A mutual fund is a collective reservoir or pool of funds which is
managed by a qualified and expert Fund Manager. It is a trust that takes
funds from a number of investors who have a common investment goal
and invests those funds in equities, bonds, money market instruments and
other securities. The income generated from this combined portfolio is
distributed proportionately amongst the investors after subtracting relevant
expenses and levies, by calculating a scheme’s ‘Net Asset Value’ or NAV.
Simply placed, the money pooled in by a large number of investors are
allotted in units by a mutual fund scheme. This pooled money invested in
equity or bonds or short term securities shall grow or go down depending
upon the performance of these investments. This shall get reflected in the
value of NAV.
Mutual funds are perfect for investors who either lack large sums for
investment, or for those who neither have the knowledge nor the time to
research the market, yet want to grow their wealth. In return, the fund
house charges a small fee for their professional expertise which is
subtracted from the investment. The fees charged by mutual funds are
restricted to certain limits stated by the Securities and Exchange Board of

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India (SEBI).During the past few years mutual funds have achieved a
favoured status when investors have been investing regularly in
equity/balanced schemes through them.

1.1.1 Concept of Mutual Fund

A mutual fund is an investment vehicle where a person or group of

persons, called mutual fund managers, choose a group of stocks and sell
them in one package. Mutual Funds are generally lower risk investment for
a beginner or intermediate investor because

1. The managers are experts.

2. Having a large number and variety of stocks is less risky than owning
one stock.

Investment in portfolio can take deferent form an investor can either

invest directly in security or can take through an investment company also
referred to as mutual fund. An investment company is a financial
intermediary that collects the money from investors and invest in various
security on their behalf the return from these investment are pass on to the
investors either periodically or at the end of specific period. The
investment company charge for its service referred to as management fees.
To state in simple words, a mutual fund collects the Fund from small
investors, invest them in government and other corporate securities and
earn income through interest and dividends, besides capital gain. It works
on the principle of 'small drops of water make a big ocean'. For instance, if
one has Rs. 1000 to invest, it may not fetch very much on its own. But,
when it is pooled with Rs.1000 each from a lot of other people, then, one
could create a 'big fund' large enough to invest in a wide varieties of shares
and debentures on a commanding scale and thus, to enjoy the economies
of large scale operations. Hence, a mutual fund is nothing but a form of
collective investment. It is formed by the coming together of a number of
investors who transfer their surplus funds to a professionally qualified
organization to manage it. To get the surplus funds from investors, the

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fund adopts a simple technique. Each fund is divided into a small fraction
called "unit" of equal value. Each investor is allocated units in proportion
to the size of his investment. Thus, every investor, whether big small, will
have a stake in the fund and can enjoy the wide portfolio of the small and
large investors to participate in and derive the benefits of the capital
market growth. It has emerged as a popular vehicle of creation of wealth
due to high return, lower cost and diversified risk.

1.1.2 Basic Terms

 Asset Management Company (AMC):

An Asset Management Company (AMC) is a highly regulated
organization that pools money from investors and invests the same in a
portfolio. They charge a small management fee.

 Net Asset Value (NAV):

The fund's Net Asset Value (NAV) represents the total market
value of the fund's assets. The net asset value per unit (NAV per unit)
is simply the net asset value divided by the number of outstanding
units.
To calculate Net Asset Value calculation, the formula is:
NAV = [Assets – (Liabilities + Expenses)] / (Number of units
outstanding)

 Expense Ratio:
It is the cost of managing a mutual fund as a percentage of the
fund's net assets. The expense ratio is the amount of the fund's assets
utilised to cover operational expenses as a percentage of its total assets.
It is a depiction of a company's financial operational costs, which are
subtracted from shares and reduce the shareholder's yield. The expense
ratio includes operational costs (custody fees, regulatory and audit
fees, making and sales expenses, and other extra costs), as well as a
royalty paid to the wholesaler. The load is not the same as the expense
ratio. The expense ratio is used to describe the cost of owning a fund,

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whereas the load is used to describe the cost of buying a fund. The
expense ratio is computed as a percentage of net assets and withdrawn
annually from the investor's investments, whereas the load is paid
directly to the fund at the time of purchase. The expense ratio is
reported once every six months by a mutual fund firm.

 Entry Load:
Entry load is a fee or commission paid by the investor to the
mutual fund company at the time of the initial investment. The entry
loads for different mutual funds are varied. In simple terms, a mutual
fund's net asset value (NAV) plus the entrance load would be paid by
investors.

 Exit Load:
Exit load is a non-refundable fee paid to the Asset Management
Company when units are redeemed or transferred between mutual fund
schemes. At the moment of redemption/transfer, it is deducted from the
NAV (selling price).

 Asset Under Management (AUM):

The mutual fund manager raises funds by presenting a schemes,
which are then invested in a wide range of securities and assets. The
market value of these assets is referred to as assets under management.
The AUM of a scheme is calculated by multiplying its Net Asset Value
(NAV) by the number of units it has issued. Changes in market
prices/NAV or redemptions produce a change in AUM.

 Redemption price and Re-purchasing Price:

The redemption price is the amount received when selling
open-ended scheme units. The redemption price will be the same as the
NAV if the fund does not charge an exit load. If the fund imposes an
exit load, the redemption price will be lower than the NAV.

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 Return:
A typical investment's return is made up of two parts. The most
fundamental is the investment's periodic cash receipts (or income),
which can be in the form of interest or dividends. The second factor is
the change in the value of the assets, which is referred to as a capital
gain or loss. The risk of keeping securities is usually related with the
prospect of realising lower returns than planned. The risk premium is
the difference between the necessary rate of return on mutual fund
investments and the risk-free return. Beta and standard deviations can
be used to quantify risk.

 Risks involved in investing in Mutual Funds:

Mutual funds do not guarantee a profit. Their earnings are

based on how well they perform. They invest in stocks, bonds, and
savings accounts. All of these investments entail some level of risk.
The unit value may fluctuate based on the company's performance, and
corporations may default on interest/principal payments on their
debentures/bonds/deposits. Aside from that, the government may issue
new regulations that affect a certain business or group of industries.

1.2 Development Phases of Mutual Funds

First Phase 1964-87

Unit Trust of India (UTI) was established on 1963 by an Act of
Parliament. It was set up by the Reserve Bank of India and functioned
under the Regulatory and administrative control of the Reserve Bank of
India. In 1978 UTI was de-linked from the RBI and the Industrial
Development Bank of India (IDBI) took over the regulatory and
administrative control in place of RBI. The first scheme launched by UTI
was Unit Scheme 1964. At the end of 1988 UTI had Rs. 6,700crores of
assets under management.

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Second Phase -1987-1993 (Entry of Public Sector Funds)

Entry of non UTI mutual funds, SBI Mutual Fund was the first followed
by Canara bank Mutual Fund (Dec 87). Punjab National Bank Mutual
Fund (Aug 89). Indian Bank Mutual Fund (Nov 89), Bank of India (Jun
90), Bank of Baroda Mutual Fund (Oct 92). LIC in 1989 and GIC in 1990,
the end of 1993 marked Rs.47, 004 as assets under management.

Third Phase 1993-2003 (Entry of Private Sector Funds)

With the entry of private sector funds in 1993, a new era started in the
Indian mutual fund industry, giving the Indian investors a wider choice of
fund families. Also, 1993 was the year in which the first Mutual Fund
Regulations came into being, under which all mutual funds, except UTI
were to be registered and governed. The erstwhile Kothari Pioneer (now
merged with Franklin Templeton) was the first private sector mutual fund
registered in July 1993. The 1993 SEBI (Mutual Fund) Regulations were
substituted by a more comprehensive and revised Mutual Fund
Regulations in 1996. The industry now functions under the SEBI (Mutual
Fund) Regulations 1996. The number of mutual fund houses went on
increasing, with many foreign mutual funds setting up funds in India and
also the industry has witnessed several mergers and acquisitions. As at the
end of January2003, there were 33 mutual funds with total assets of Rs: 1,
21,805 cores. The Unit Trust of India with Rs.44, 541 cores of assets under
management was way ahead of other mutual funds.

Fourth Phase-since February 2003

This phase had bitter experience for UTI. It was bifurcated into two
separate entities. One is the Specified Undertaking of the Unit Trust of
India with AUM of Rs.29,835 corers (as on January 2003). The Specified
Undertaking of Unit Trust of India, functioning under an administrator and
under the rules framed by Government of India and does not come under
the purview of the Mutual Fund Regulations. The second is the UTI
Mutual Fund Lid, sponsored by SBI, PNB, BOB and LIC. It is registered
with SEBI and functions under the Mutual Fund Regulations. With the
bifurcation of the erstwhile UTI which had in March 2000 more than

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Rs.76,000 corers of AUM and with the setting up of a UTI Mutual Fund,
conforming to the SEBI Mutual Fund Regulations, and with recent
mergers taking place among different private sector funds, the mutual fund
industry has entered its current phase of consolidation and growth. As at
the end of September, 2004, there were 29 funds. which manage assets of
Rs. 153108 cores under 421 schemes.

1.3 Types of Funds

In the investment market, one can find a variety of investors with
different needs, objectives and risk taking capacities. For instance, a young
businessman would like to get more capital appreciation for his funds and
he would be prepared to take greater risks than a person who is just on the
verge of his retiring age. So, it is very difficult to offer one fund to satisfy
all the requirements of investors. Just as one shoe is not suitable for all
legs, one fund is not suitable to meet the vast requirement of all investors.
Therefore various types of mutual fund categories are designed to
allow investors to choose a scheme based on the risk they are willing to
take, the investable amount, their goals, the investment term, etc.

A. Types of Mutual Funds Based on Structure

 Open-Ended Funds:
These are funds in which units are open for purchase or redemption
through the year. All purchases/redemption of these fund units are done at
prevailing NAVs. Basically these funds will allow investors to keep invest
as long as they want. There are no limits on how much can be invested in
the fund. They also tend to be actively managed which means that there is
a fund manager who picks the places where investments will be made.
These funds also charge a fee which can be higher than passively managed
funds because of the active management. They are an ideal investment for
those who want investment along with liquidity because they are not
bound to any specific maturity periods. Which means that investors can
withdraw their funds at any time they want thus giving them the liquidity
they need.

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 Close-Ended Funds:
  These are funds in which units can be purchased only during the initial
offer period. Units can be redeemed at a specified maturity date. To
provide for liquidity, these schemes are often listed for trade on a stock
exchange. Unlike open ended mutual funds, once the units or stocks are
bought, they cannot be sold back to the mutual fund, instead they need to
be sold through the stock market at the prevailing price of the shares.
 Interval Funds: 
These are funds that have the features of open-ended and close-ended
funds in that they are opened for repurchase of shares at different intervals
during the fund tenure. The fund management company offers to
repurchase units from existing unit-holders during these intervals. If unit-
holders wish to they can offload shares in favour of the fund.

B. Types Of Mutual Funds Based On Asset Class

 Equity Funds:
These are funds that invest in equity stocks/shares of companies. These
are considered high-risk funds but also tend to provide high returns. Equity
funds can include specialty funds like infrastructure, fast moving consumer
goods and banking to name a few.
According to the capital of the company, equity funds are further sub-
categorised into:
1. Large-Cap Equity Mutual Funds: As per the SEBI
guidelines, these schemes invest in companies who rank between 1 and
100 in terms of market capitalisation. Large-cap equity funds are
considered to be the least risky investments compared to other types of
equity mutual funds. 
2. Mid-Cap Equity Mutual Funds: These schemes invest in
companies that rank between 101 and 250 in terms of market
capitalisation. These funds are considered to be less risky than small-cap
equity funds but riskier than large-cap equity funds. However, mid-cap
stocks tend to offer better growth potential than large-cap stocks.

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3. Small-Cap Equity Mutual Funds: These schemes invest in

companies that rank above 250 in terms of market capitalisation. These
funds are considered to be riskiest compared to large- or mid-cap equity
funds, but also have the potential to deliver the highest returns.

 Debt Funds: 
These are funds that invest in debt instruments e.g. company
debentures, government bonds and other fixed income assets. They are
considered safe investments and provide fixed returns. These funds do not
deduct tax at source so if the earning from the investment is more than Rs.
10,000 then the investor is liable to pay the tax on it himself.
 Money Market Funds:
These are funds that invest in liquid instruments e.g. T-Bills, CPs etc.
They are considered safe investments for those looking to park surplus
funds for immediate but moderate returns. Money markets are also
referred to as cash markets and come with risks in terms of interest risk,
reinvestment risk and credit risks.
 Balanced or Hybrid Funds:
These are funds that invest in a mix of asset classes. In some cases, the
proportion of equity is higher than debt while in others it is the other way
round. Risk and returns are balanced out this way. An example of a hybrid
fund would be Franklin India Balanced Fund-DP (G) because in this fund,
65% to 80% of the investment is made in equities and the remaining 20%
to 35% is invested in the debt market. This is so because the debt markets
offer a lower risk than the equity market.

C. Types Of Mutual Funds Based On Investment Objective

 Growth funds: 
Under these schemes, money is invested primarily in equity stocks
with the purpose of providing capital appreciation. They are considered to
be risky funds ideal for investors with a long-term investment timeline.
Since they are risky funds they are also ideal for those who are looking for
higher returns on their investments.

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 Income funds: 
Under these schemes, money is invested primarily in fixed-income
instruments e.g. bonds, debentures etc. with the purpose of providing
capital protection and regular income to investors.
 Liquid funds: 
Under these schemes, money is invested primarily in short-term or
very short-term instruments e.g. T-Bills, CPs etc. with the purpose of
providing liquidity. They are considered to be low on risk with moderate
returns and are ideal for investors with short-term investment timelines.
 Tax-Saving Funds (ELSS): 
These are funds that invest primarily in equity shares. Investments
made in these funds qualify for deductions under the Income Tax Act.
They are considered high on risk but also offer high returns if the fund
performs well.
 Capital Protection Funds: 
These are funds where funds are split between investment in fixed
income instruments and equity markets. This is done to ensure protection
of the principal that has been invested.
 Fixed Maturity Funds: 
Fixed maturity funds are those in which the assets are invested in debt
and money market instruments where the maturity date is either the same
as that of the fund or earlier than it.
 Pension Funds: 
Pension funds are mutual funds that are invested in with a really long
term goal in mind. They are primarily meant to provide regular returns
around the time that the investor is ready to retire. The investments in such
a fund may be split between equities and debt markets where equities act
as the risky part of the investment providing higher return and debt
markets balance the risk and provide lower but steady returns. The returns
from these funds can be taken in lump sums, as a pension or a combination
of the two.

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D. Types of Mutual Funds based on specialty

 Sector Funds:
These are funds that invest in a particular sector of the market e.g.
Infrastructure funds
invest only in those instruments or companies that relate to the
infrastructure sector. Returns are tied to the performance of the chosen
sector. The risk involved in these schemes depends on the nature of the
sector.
 Index Funds: 
These are funds that invest in instruments that represent a particular
index on an exchange so as to mirror the movement and returns of the
index e.g. buying shares representative of the BSE Sensex.
 Fund of funds: 
These are funds that invest in other mutual funds and returns depend
on the performance of the target fund. These funds can also be referred to
as multi manager funds. These investments can be considered relatively
safe because the funds that investors invest in actually hold other funds
under them thereby adjusting for risk from any one fund.
 Emerging market funds: 
These are funds where investments are made in developing countries
that show good prospects for the future. They do come with higher risks as
a result of the dynamic political and economic situations prevailing in the
country.
 International funds: 
These are also known as foreign funds and offer investments in
companies located in other parts of the world. These companies could also
be located in emerging economies. The only companies that won’t be
invested in will be those located in the investor’s own country.
 Global funds: 
These are funds where the investment made by the fund can be in a
company in any part of the world. They are different from
international/foreign funds because in global funds, investments can be
made even the investor's own country.

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 Real estate funds: 

These are the funds that invest in companies that operate in the real
estate sectors. These funds can invest in realtors, builders, property
management companies and even in companies providing loans. The
investment in the real estate can be made at any stage, including projects
that are in the planning phase, partially completed and are actually
completed.
 Commodity focused stock funds: 
These funds don’t invest directly in the commodities. They invest in
companies that are working in the commodities market, such as mining
companies or producers of commodities. These funds can, at times,
perform the same way the commodity is as a result of their association
with their production.
 Market neutral funds: 
The reason that these funds are called market neutral is that they don’t
invest in the markets directly. They invest in treasury bills, ETFs and
securities and try to target a fixed and steady growth.
 Inverse/leveraged funds: 
These are funds that operate unlike traditional mutual funds. The
earnings from these funds happen when the markets fall and when markets
do well these funds tend to go into loss. These are generally meant only for
those who are willing to incur massive losses but at the same time can
provide huge returns as well, as a result of the higher risk they carry.
 Asset allocation funds: 
The asset allocation fund comes in two variants, the target date fund
and the target allocation funds. In these funds, the portfolio managers can
adjust the allocated assets to achieve results. These funds split the invested
amounts and invest it in various instruments like bonds and equity.
 Gilt Funds: 
Gilt funds are mutual funds where the funds are invested in
government securities for a long term. Since they are invested in
government securities, they are virtually risk free and can be the ideal
investment to those who don’t want to take risks.

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 Exchange traded funds: 

These are funds that are a mix of both open and close ended mutual
funds and are traded on the stock markets. These funds are not actively
managed, they are managed passively and can offer a lot of liquidity. As a
result of their being managed passively, they tend to have lower service
charges (entry/exit load) associated with them.

1.4 Advantages of investing in mutual funds

 Professional Management
Investors may not have the time or the required knowledge and
resources to conduct
their research and purchase individual stocks or bonds. A mutual fund is
managed by full-time, professional money managers who have the
expertise, experience and resources to actively buy, sell, and monitor
investments. A fund manager continuously monitors investments and
rebalances the portfolio accordingly to meet the scheme’s objectives.
Portfolio management by professional fund managers is one of the most
important advantages of a mutual fund.
 Risk Diversification
Buying shares in a mutual fund is an easy way to diversify your
investments across many securities and asset categories such as equity,
debt and gold, which helps in spreading the risk - so you won't have all
your eggs in one basket. This proves to be beneficial when an underlying
security of a given mutual fund scheme experiences market headwinds.
With diversification, the risk associated with one asset class is countered
by the others. Even if one investment in the portfolio decreases in value,
other investments may not be impacted and may even increase in value. In
other words, you don’t lose out on the entire value of your investment if a
particular component of your portfolio goes through a turbulent period.
Thus, risk diversification is one of the most prominent advantages of
investing in mutual funds.
 Affordability & Convenience (Invest Small Amounts)
For many investors, it could be more costly to directly purchase all of

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the individual securities held by a single mutual fund. By contrast, the

minimum initial investments for most mutual funds are more affordable.
 Liquidity
You can easily redeem (liquidate) units of open ended mutual fund
schemes to meet your financial needs on any business day (when the stock
markets and/or banks are open), so you have easy access to your money.
Upon redemption, the redemption amount is credited in your bank account
within one day to 3-4 days, depending upon the type of scheme e.g., in
respect of Liquid Funds and Overnight Funds, the redemption amount is
paid out the next business day.
However, please note that units of close-ended mutual fund schemes
can be redeemed only on maturity. Likewise, units of ELSS have a 3-year
lock-in period and can be liquidated only thereafter.
 Low Cost
An important advantage of mutual funds is their low cost. Due to huge
economies of scale, mutual funds schemes have a low expense ratio.
Expense ratio represents the annual fund operating expenses of a scheme,
expressed as a percentage of the fund’s daily net assets. Operating
expenses of a scheme are administration, management, advertising related
expenses, etc. The limits of expense ratio for various types of schemes has
been specified under Regulation 52 of SEBI Mutual Fund Regulations,
1996.
 Well-Regulated
Mutual Funds are regulated by the capital markets regulator, Securities and
Exchange Board of India (SEBI) under SEBI (Mutual Funds) Regulations,
1996. SEBI has laid down stringent rules and regulations keeping investor
protection, transparency with appropriate risk mitigation framework and
fair valuation principles.
 Tax Benefits
Investment in ELSS up to ₹1,50,000 qualifies for tax benefit under section
80C of the Income Tax Act, 1961. Mutual Fund investments when held for
a longer term are tax efficient.

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1.5 Disadvantages of Mutual Funds

 Cost
The disadvantage of mutual funds is that they have a high cost in
relation to the returns they generate. This is because investors are charged
not just for the fund's price, but also for additional expenses. Commission
fees might vary greatly depending on the fund. You will be required to pay
a charge to the fund manager.
 Index Does Better:
The stock index may outperform the mutual fund in some instances.
This is not always the case, as it is dependent in great part on the mutual
fund in which the investor has invested, as well as the fund manager's skill
set. As a result, doing your research before investing in a fund is a good
idea. If historical data shows that a security routinely underperforms an
index, it is not a prudent investment.
 Fees
The management fee will vary depending on the mutual fund selected.
If the fund is riskier and more aggressive, the management fee will be
greater. In addition, the investor will be responsible for paying taxes
transaction fees as well as other costs associated with the fund's
maintenance.
 No Control over Investments:
You have no say over what the Fund manager does with your money.
You can't counsel him on how to invest your money. All you can do now
is sit back and hope for the best.
 Profitability of High returns reduced significantly
A mutual fund is a collection of securities that is diversified. The
impact will be minimised if a single security outperforms by a large
margin. Expect your investment to expand and pay off in the short term.
There will also be a decrease in the fund's limits.
 Personal Tax situation is not considered:
When you invest in a Mutual Fund, your money is pooled with others', and

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your individual tax position is not taken into account when making
investment decisions.

2) Review of Literature

 Dr.Shantanu Mehta , Charmi Shah (2012) conducted a survey among

100 educated investors in Ahmedabad and Baroda, and the major findings
reveal the major factors that influence mutual fund investors' buying
behaviour, the sources on which they rely most when making investments,
and the preferred mode of investment in the mutual fund market.

 Suchita Shukla (2015) , in analyzing the financial performance in terms of

risk –return relationship of selected mutual fund schemes (mid & small cap,
large-cap, multi cap, infrastructure and hybrid) by applying statistical tools
namely alpha, beta, standard deviation, r squared and sharpe ratio and
comparing the NAVs of three years (2012-2014) have observed an
effective performance of mutual funds over the benchmark for the period
2013.

 Dr. T. Vetrivel, M. Athika(2016) The research article is titled as

comparative study on performance of selected mutual funds with reference
to Indian context. The main objective of the study is to evaluate the
performance of mutual funds and facilitate the retail investors in decision
making. Data are taken from the NSE, BSE, money control and value
research online data sources. The main tools used for the study are Simple
Average Method, Standard Deviation, Ranking Method and Simple
Comparative Analysis. The findings of the study revealed that TATA
Balanced fund provided high average return than other categories of fund.
Birla sun life cash plus and BNP Paribas Overnight fund has lowest
standard deviation. According to Sharpe ratio BNP Paribas Overnight fund
has shown good performance followed by Birla sun life cash plus and
Reliance liquid fund. This study enabled the researcher to suggest the retail
investor to invest their money in to the best fund.

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 Laxmi Narayana Nadia and Mr. Balaji Reddy Mora (2018) inspected a
near examination of the mutual fund’s scheme. The target of the
examination is to gauge the risk and return of the close fund plans and
differentiated the comparable and BSE-Sensex, Examine the plans
dependent on its performance differentiated and the market record whether
they are outperforming or underperforming to meet expectations to meet
desires the benchmark and inspect the element of improvement of picked
mutual funds scheme. The resultant of the study is that a couple of plans
may have higher returns and some with higher risk. Whatever the blend,
investors constantly look for the blend of most outrageous returns and the
least risk. Close by this, it is indispensable to review the coefficient of
confirmation of those plans and the returns are by all record not by any
means the only factor to take a gander at the hour of venture where the
investor needs to analyse all of the components impacting the fund's
performance for better results.

 O.V.A.M. Sridevi (2018), compared the performance and balanced mutual

fund schemes between mid cap and small cap fund on the basis of return
and risk evaluation, a study was directed on “Performance Analysis of
Mutual Funds – A study on selected Mid Cap and Small cap Funds". For
analysis techniques like SD, Beta, Alfa applied and the study revealed that
out of two schemes of both mid cap and small cap funds have evidences of
outperforming the benchmark return, however the study depicts that the
schemes have diversified results

 Sharma Komal B., Dr. Prashant Joshi (2021) evaluated the performance
of selected Debt, Equity, and Hybrid mutual fund schemes, measured the
risk-return relationship, and market volatility of the selected mutual fund
schemes, and assessed the performance of selected Debt, Equity, and
Hybrid mutual fund schemes. Various financial methods, such as the rate of
return, standard deviation, beta, Sharpe ratio, Jenson ratio, and Treynor
ratio, were used to make the assessment. The information was gathered
from several authorised websites and fund factsheets. The majority of the
funds chosen for the study perform average or below average in CRISIL

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Rank, according to this analysis. Debt Mutual Fund Schemes are the best
performers in CRISIL Rank among selected funds. In terms of Sharpe,
Treynor, and Jenson ratios, the majority of the funds outperformed.

3) Definition of the Problem

Mutual funds are versatile in nature and can meet the needs of a wide
range of investors. Mutual funds have grown in popularity over the years
because they diversify risk, pool investments, and are managed by
investing professionals. This study will give them some insight into the
performance of selected mutual fund schemes, allowing investors to make
more informed investment decisions and allocate their resources to the best
mutual fund scheme.

4) Research Objectives

1) To know, which scheme gives the highest return within the selected
period.
2) To achieve a compressive understanding regarding the mutual fund
schemes in Amravati city.
3) To know the preference of investors and their needs regarding mutual
funds investment.

5) Need of the Study

Investors expect a consistent return on the investment. There are as
many as 44 AMFI (Association of Mutual Funds in India) registered fund
houses in India which together offer more than 2,500 mutual fund schemes
for general investors. These investors are frequently confused as to which
strategy is the best. This research will give investors some insight into
mutual fund performance, allowing them to make more informed
investment decisions and allocate their resources to the best mutual fund
schemes.

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6) Scope of the study

The survey was conducted over a one year period, the main focus of
which was to track the performance of the mutual fund company. As
different companies appear on the same theme in the same season, it is
essential to constantly improve business performance to survive the
competition and provide the largest capital appreciation.

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 Chapter 2
ORGANIZATIONAL
PROFILE
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Chapter 2
ORGANIZATIONAL PROFILE

2.1.1 HDFC Mutual Fund

HDFC Asset Management Company Ltd. or  HDFC Mutual Fund is

India's largest and most actively managed equity mutual fund. The
Housing Development Finance Corporation Limited (HDFC) and Standard
Life Investments Limited formed the HDFC Mutual Fund in 1999 as a
joint venture (SLI). It is one of the country's most profitable asset
management companies (AMC). As of March 31, 2021, the company
handles assets worth Rs. 415566.10 crores.
In the last 5 years, the CAGR of:
 Revenue from operators was 17.41%.
 Operating profit was 20.08%.
 Profit before tax was 21.35%.
 Profit after tax was 21.07%.
 Assets under management (AUM) was 25.86%.
 Active equity AUM was 32.27%.
The company operates in more than 200 locations across India and has
roughly 210 branches. It has 53 million investors and 91 million active
accounts.
SEBI granted HDFC Asset Management Company Ltd. permission to
serve as an AMC on June 30, 2000, with the registration number
MF/044/00/6. Since September 18, 2016, it has offered portfolio
management/non-binding investment advising services under the SEBI
registration code PM/INP000000506.
HDFC Mutual Fund offers over 100 mutual fund schemes through
various distribution channels. It has a wide range of mutual fund schemes,
including equity, debt, and hybrid funds, as well as fund of fund schemes
and exchange-traded funds. The fund company aims to give successful
investment possibilities to investors who aren't concerned about market
volatility.

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2.1.2 Key information about HDFC Asset management company Ltd.

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2.1.3 Top Funds Managers

1. Mr. Chirag Setalvad

Chirag Setalvad is the Senior Fund Manager and currently manages Rs.
57,928 crore in 15 schemes like Small Cap Fund, Retirement Savings
Fund, Multi-Asset Fund, Mid-Cap Opportunities Fund, Long Term
Advantage Fund, Hybrid Equity Fund, Children's Gift Fund, etc.

2. Mr Prashant Jain
Mr. Jain joined HDFC Asset Management Company Ltd. as the Head
of Equities in 2003. He became the Chief Investment Officer,
Executive Director, and Fund Manager in 2004.
As of 2019, Prashant Jain is the only Fund Manager in India to have
managed a fund (HDFC Balanced Advantage Fund) for 25 years. The
HDFC Balanced Advantage Fund is the largest equity fund in India
with an AuM of R. 37,395 crore. As per Morningstar Direct, it has
generated an alpha of 9.5% over the Sensex since 1994.
He currently manages an AUM of Rs. 90,640 Crore invested in around
17 HDFC Mutual Funds.

3. Mr. Vinay R. Kulkarni

Vinay R. Kulkarni joined HDFC in the year 2006 as the Senior Fund
Manager of Equities. He manages an AUM of Rs. 14,950 crore in 10
HDFC Mutual Funds including Equity Savings Direct Plan, Taxsaver
Direct Plan, Focused 30 Fund, Growth Opportunities Fund, etc.

4. Mr. Shohbit Mehrotra

Shobhit Mehrotra manages an AUM of Rs. 36,709 Crore invested in
22 HDFC schemes like Retirement Savings Fund, Medium Term Debt
Fund, Credit Risk Debt Fund, Floating Rate Debt Fund, Income Direct
Plan, Medium Term Debt Fund, etc.

5. Mr.Anupam Joshi
Anupam Joshi is currently the Portfolio Manager and Fund Manager of
Fixed Income at HDFC Mutual Fund since 2015. He manages an AuM

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of Rs. 1.23 Lakh Crore in 11 schemes like Corporate Bond, Low

Duration Fund, Liquid Direct Plan, etc.

6. Mr. Anil Bamboli

Mr. Bamboli joined HDFC Asset Management Company Ltd. as a
Senior Fund Manager in 2003. He manages AUM of Rs. 44,541 Crore
in 22 schemes like Banking and PSU Debt Fund, Short Term Debt
Fund, Gilt Fund, Money Market Fund, Overnight Fund, Dynamic Debt
Fund, Equity Savings, Dynamic PE Ratio Fund of Funds, Multi Asset
Fund, etc.

2.1.4 HDFC Mutual Fund Schemes

1) HDFC Small Cap Fund
2) HDFC Retirement Saving Fund -Equity Plan
3) HDFC Mid-Cap Opportunities Fund
4) HDFC Large and Mid Cap Fund
5) HDFC Flexi Cap Fund
6) HDFC Index Sensex Fund
7) HDFC Index Fund Nifty 50 Plan
8) HDFC Focused 30 Fund
9) HDFC Capital Builder Value Fund
10) HDFC Balanced Advantage Fund
11) HDFC Balanced Advantage Fund
12) HDFC Retirement Saving Fund - Hybrid Equity Plan
13) HDFC Top 100 Fund
14) HDFC Hybrid Equity Fund
15) HDFC Multi Asset Fund
16) HDFC TaxSaver Fund

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2.2.1 ICICI Prudential Mutual Fund

One of India's top two asset management firms is ICICI Prudential

Mutual Fund. It is one of the most well-known and profitable mutual
funds. The majority of their products are certified "AAAmfs," indicating a
high level of confidence and dependability.

ICICI Prudential was founded in 1993 as a joint venture between ICICI

Bank and Prudential Pic. The Prudential Group is one of the oldest,
largest, and most powerful insurance firms in the world.

The ICICI Prudential Mutual Fund was instrumental in establishing the

CRISIL rating system in India. The CRISIL score assesses the health of
Mutual Funds in India, much like the CIBIL score determines an
individual's creditworthiness.

The Average Assets Under Management, or AAUM, of ICICI Pru

Mutual Fund, as it is often known, is Rs 3.1 lakh crore, according to
figures available as of September 30, 2018. It is nearly 30 years old and is
managed by the trustees of the ICICI Prudential Trust Ltd.

In the same year, 1993, the Mutual Fund was established and
incorporated. It manages assets of over Rs. 3.2 lakh crore as of March 31,
2019. The company employs some of the industry's most well-known fund
managers and is rapidly expanding.

ICICI Prudential Mutual Fund offers approx. 220 schemes to investors.

It has 43 equity schemes, 126 debt schemes, 27 hybrid schemes, 24 ETFs,
Gold & Fund of Funds schemes, and 24 ETFs, Gold & Fund of Funds
schemes. ICICI Prudential Bluechip Fund, ICICI Prudential Multicap
Fund, ICICI Prudential Midcap Fund, and other well-known equity
schemes from its stable. ICICI Prudential Mutual Fund has some excellent
debt funds as well. ICICI Prudential All Seasons Bond Fund, ICICI
Prudential Debt Management Fund, ICICI Prudential Credit Risk Fund,
and others are some of the well-known debt schemes. In the hybrid
schemes category, ICICI Prudential Equity & Debt Fund, ICICI Prudential

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Balanced Advantage Fund, and ICICI Prudential Regular Savings Fund are
all well-known brands. For a one-year period, the percentage of schemes
beating the benchmark in all areas is approximately 72 percent.

2.2.2 Key information about ICICI Prudential Asset management

company Ltd.

2.1.3 Top Funds Managers

1) Mr. Sankaran Naren

Naren is currently the Chief Investment Officer of ICICI Prudential

Asset Management Company Limited since 2008. He currently handles
two of the highest profile funds at ICICI Prudential; the ICICI Prudential
Top 100 Fund and the ICICI Prudential Dynamic Plan. Both these plans
are among the top 10 funds in the market in their cap range.

2) Mr. Mrinal Singh

Mrinal Singh is currently the Deputy Chief Investment Officer in

charge of Equity at ICICI Prudential Asset Management Company
Limited. He has core competencies in portfolio management and detailed
sector-based analysis. He is credited with turning around many of ICICI
Prudential's Blue Chip stocks.

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3) 3. Mr. Rahul Rai

He is currently the Executive Vice President while heading the Real

Estate Business at ICICI Prudential Mutual Funds. He is a trained
Chartered Accountant and is a specialist in Cost accountancy.

Mr. Rai is an expert in taxation, real estate investments and emerging

markets.

4) 4. Mr. Kayzad Eghlim

Mr. Eghlim is a senior expert in ETF products. He is also the Vice

President of Investments and a very senior Portfotio manager, Mr Eghlim
has been a senior executive in numerous other top-notch companies in the
past as well.

2.1.4 ICICI Prudential Mutual Fund Schemes

1) ICICI Prudential Technology Fund

2) ICICI Prudential Small-Cap Fund
3) ICICI Prudential Mid-Cap Fund
4) ICICI Prudential Value Discovery Fund
5) ICICI Prudential Equity & Debt Fund
6) ICICI Prudential Infrastructure Fund
7) ICICI Prudential Dividend Yield Equity Fund
8) ICICI Prudential Large & Mid-Cap Fund
9) ICICI Prudential Multi Asset Fund
10) ICICI Prudential Blue-chip Fund

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 Chapter 3
RESEARCH
METHODOLOGY
A Comparative Study of Performance Analysis of Selected Small And Mid-Cap
Equity Mutual Fund in Amravati City

Chapter 3
RESEARCH METHODOLOGY

3.1 Research Methodology

Research is the organized way of collecting facts & analyzing them in
the form of numerical data relevant to formulating problem & thus arriving
at a certain conclusion over problem based on the collected data.
It can be defined as. "the systematic method consisting of enunciating
the problem, formulating a hypothesis, collecting facts or data, analyzing
the facts & reaching certain conclusions either in the form of solutions
towards the concerned problem or in certain generalizations for the
theoretical formulation."
The term "research methodology" refers to a set of activities aimed at
achieving specific research goals. In order to ensure that appropriate
information is collected, a detailed research plan must be developed. The
methodology adopted for this study is based on the primary data, that have
been extracted from the 100 respondents via the structure questionnaire
method in the city of Amravati..

3.1.1Research Design
A descriptive research design has been applied to investigate the
research problem. A descriptive research design is a sort of study that tries
to collect data in order to characterise a phenomenon, condition, or
population in a methodical way. It mostly assists in answering the what,
when, where, and how questions about the research challenge, rather than
the why. 

3.1.2 Sampling Design

For conducting the research the following has been adopted a sample is
a subset or some part of a large population. The purpose of the sampling
was to estimate some characteristics of the population.

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 Sampling Technique: This research study has been conducted using

Simple Random Sampling. Random sampling is a sampling strategy in
which each sample has an equal chance of being chosen. A sample is
drawn randomly for an unbiased representation of the entire
population.

 Universe: The sample universe has been taken mutual fund investors
in Amravati city.

 Sampling Unit: Individuals mutual fund investor of Amravati city are

the sample unit.

 Sample Size: The sample size is 100 respondents for research.

3.1.3 Data Collection Method

For carrying out the research, researchers need some concrete data,
which helps researchers in drafting and completing the research. The data
can be gathered from two sources, namely primary data and secondary
data.

 Primary Data:
Primary data is data that is collected for the first time for the purpose
of gathering information and analyzing the problem. In this study, the
primary data was collected among the consumers using the questionnaire
method.

 Secondary Data:
Secondary data is information that already existed somewhere and was
gathered for a different reason. In this study, secondary data was collected
from company websites, magazines, brochures, and books.

3.2 Data Analysis and Method

Analysis of data has been done on the basis of various statistical
techniques. The interpretation is based on analysis table, graphs, figures
etc.

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3.3 Limitation of the Research

 Possibility of error in data collection because many of investors may

have not given actual answers of my questionnaire..

 The Financial market in India is unpredictable in nature and the future

aspect of the mutual funds may vary.

 The comparative study is limited to only two mutual funds scheme.

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 Chapter 4
ANALYSIS AND
INTERPRETATION
OF DATA
 A Comparative Study of Performance Analysis of Selected Small And Mid-Cap
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Chapter 4
ANALYSIS AND INTERPRETATION OF DATA

Data collection in statistics is the process of obtaining information

from all relevant sources in order to solve a research problem. It aids in the
evaluation of the problem's outcome. A person can deduce a response to
the relevant inquiry using the data collection methods. To establish
assumptions regarding future probability and trends, most businesses
employ data collection methods. After the data has been acquired, the data
organisation procedure must be completed. Use secondary data for this
research project. The data was gathered by someone other than the user. It
implies that the data is already available and is being analysed. Magazines,
newspapers, books, and journals are examples of secondary data. It could
be either published or unpublished information.

For the most part, people interpret data in their daily lives. The process
of making sense of numerical data that has been collected, evaluated, and
presented is known as interpretation. When people turn on the television
and hear a news anchor report on a poll, when they read advertising saying
that one product is better than another, or when they choose grocery store
items claiming to be more effective than other top brands, they interpret
facts.

A common method of assessing numerical data is known as statistical

analysis, and the activity of analyzing and interpreting data in order to
make predictions is known as inferential statistics. Informed consumers
recognize the importance of judging the reasonableness of data
interpretations and predictions by considering sources of bias such as
sampling procedures or misleading questions, margins of error, confidence
intervals, and incomplete interpretations.

Data analysis and interpretation is the process of assigning meaning to

the collected information and determining the conclusions, significance,
and implications of the findings.

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1) Age group (in year)

Table No.4.1.1: Age wise classification of respondents

Sr. No Age in years No of Respondents Percentage %
1 25 to 35 33 33
2 35 to 45 29 29
3 Above 45 25 25
4 Below 25 13 13
Total 100 100

Graph No. 4.1.2: Age wise classification of respondents

13%

25%
33% 25 to 35
35 to 45
Above 45
Below 25

Age Group

29%

(Source: Primary Data)

Interpretation
From the above data it can be interpret that, most of the respondents
from age group of 25-35, i.e. 33%, then secondly 35-45group has 29%
respondents, then remaining age groups, below 25 and more than 45 has
13% and 25% each of the respondents.

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2) Gender

Table No.4.2.1: Gender wise classification of respondents

Sr. Gender Number of Percentage
No respondents
1 Male 82 82%
2 Female 18 18%
Total 100 100%

Graph No. 4.2.2: Gender wise classification of respondents

Gender

Female
18%

Male
82%

(Source: Primary Data)

Interpretation
From above data it can interpret that, 82 percent from respondents
were males.18 percent respondents were females.

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3) Qualification

Table No.4.3.1: Qualification wise classification of respondents

Sr. No Qualification Number of Percentage%
Respondents
1 Graduate 57 57
2 HSC 11 11
3 Post Graduate 22 22
4 SSC 10 10
Total 100 100

Graph No. 4.3.2: Qualification wise classification of respondents

57

22

11 10

Graduate HSC Post Graduate SSC

(Source: Primary Data)

Interpretation
From the above data interpretation was drawn that, most of the
respondents was graduates, post graduates i.e. 57 percent. 22 percent
respectively, and only 10, 11 percent respondents were from SSC and
HSC.

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4) Occupation

Table No.4.4.1: Occupation wise classification of respondents

Sr. No Occupation Number of Percentage%
respondents
1 Businessperson 28 28
2 Farmer 4 4
3 Other 10 10
4 Service 58 58
Total 100 100

Graph No. 4.4.2: Occupation wise classification of respondents

70

60

50

40

30

20

10

0
Businessperson Farmer Other Service

(Source: Primary Data)

Interpretation
From the above graph interpretation was drawn that, 58 percent of the
respondents was employees, 28 percent respondents were businesspersons,
4 percent respondents were Farmers and 10 percent respondents from
other. Other group includes housewife workers, helpers, or other daily
wages employees.

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A Comparative Study of Performance Analysis of Selected Small And Mid-Cap
Equity Mutual Fund in Amravati City

5) Income

Table No.4.5.1: Yearly Income wise classification of respondents

Sr. No Yearly Income Number of Percentage%
Respondents
1 3 lakh to 4 lakh 10 10
2 4 lakh to 5 lakh 26 26
3 5 lakh and above 5 lakh 60 60
4 Below 3 lakh 4 4
100 100

Graph No. 4.5.2: Yearly Income wise classification of respondents

Below 3L

5L and more

4L-5L

3L-4L

0 10 20 30 40 50 60 70

(Source: Primary Data)

Interpretation
The above graph provides information about the yearly income of
respondents, the graph shows that maximum respondents i.e. 60 percent
having 5 and more than 5 lakh income. 26 percent respondents having 4
lakh to 5 lakh yearly income. 10 percent respondents having income in the
range of 3 lakh to 4 lakh and 4 percent respondents having income below 3
lakh.

P. R. Pote (Patil) College of Engineering and Management, Amravati. Page 35

A Comparative Study of Performance Analysis of Selected Small And Mid-Cap
Equity Mutual Fund in Amravati City

6) Medium to know about mutual fund

Table No.4.6.1: Medium to know about mutual fund

Sr. Sources No. of respondent Percentage%
No.
1 Agent 21 21
2 Family and Friends 32 32
3 Internet 15 15
4 TV 32 32
100 100

Graph No. 4.6.2: Medium to know about mutual fund

35

30

25

20

15

10

0
Agent Family and Friends Internet TV

(Source: Primary Data)

Interpretation
Out of those who invest in mutual funds i.e. 100 investor 32 percent
are know about mutual fund through TV, 32 percent are from family and
friends, 21 percent are known through Agent and 15 percent from Internet.

P. R. Pote (Patil) College of Engineering and Management, Amravati. Page 36

A Comparative Study of Performance Analysis of Selected Small And Mid-Cap
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7) Factors Investors look before investing in mutual fund

Table No.4.7.1: Factors, Investors look before investing

Sr. No. of
Factors Percentage
No respondents
Asset management
1 18 18
Company
2 Expert Advice 22 22
3 Past performance of NAV 32 32
Rating by ( CRISIL, ICRA,
4 28 28
Etc)
Total 100 100

Graph No. 4.7.2: Factors, Investors look before investing

35

30

25

20

15

10

0
Asset management Expert Advice Past performance Rating by ( CRISIL,
Company of NAV ICRA, Etc)

(Source: Primary Data)

Interpretation
From the above data it can be interpreted that maximum respondents
look on past performance of NAV before investing in mutual fund. i.e. 32
percent. 28 percent respondents check Rating of schemes, 18 and 22
percents respondents take expert advice and look on AMC respectively
before investing in a mutual fund.

P. R. Pote (Patil) College of Engineering and Management, Amravati. Page 37

A Comparative Study of Performance Analysis of Selected Small And Mid-Cap
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8) From which of the following companies you having investment?

Graph No. 4.8.1: Preference to mutual fund schemes by investors
No. of
Sr. No. Companies Percentage
Respondents
1 HDFC Mutual Fund 50 50
ICICI Prudential
2
Mutual Fund 50 50
Total 100 100

Table No.4.8.2: Preference to mutual fund schemes by investors

60

50

40

30

20

10

0
HDFC Mutual Fund ICICI Prudential Mutual Fund

(Source: Primary Data)

Interpretation
From the above data we can interpret that 50 percent respondents
invested in HDFC mutual fund and 50 percent respondents invested in
ICICI Prudential mutual fund.

P. R. Pote (Patil) College of Engineering and Management, Amravati. Page 38

A Comparative Study of Performance Analysis of Selected Small And Mid-Cap
Equity Mutual Fund in Amravati City

9) Why do you prefer that?

Table No.4.9.1: Reason behind preference of mutual fund scheme

No. of
Sr. No Reason Percentage
Respondents
1 Diversification 25 25
2 Liquidity 24 24
Maximum
3
Return 41 41
4 Reducing Risk 10 10
Total 100 100

Graph No. 4.9.2: Reason behind preference of mutual fund scheme

45

40

35

30

25

20

15

10

0
Diversification Liquidity Maximum Return Reducing Risk

(Source: Primary Data)

Interpretation
From the above data it can be interpret that, 41 and 25 percent each of
the respondents are attracted by Maximum Return and Diversification, 12
percent respondents invested for liquidity and only 10 percent respondents
invested for reducing risk.

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A Comparative Study of Performance Analysis of Selected Small And Mid-Cap
Equity Mutual Fund in Amravati City

10) In which types of mutual saving scheme do you invest?

Table No.4.10.1: Mutual fund scheme type of investor

Sr. No. of
Mutual fund type Percentage
No Respondents
1 Close Ended 18 18
2 Open Ended 82 82
Total 100 100

Graph No. 4.10.2: Mutual fund scheme type of investor

90

80

70

60

50

40

30

20

10

0
Close Ended Open Ended

(Source: Primary Data)

Interpretation
From above data show that 82 percent respondents prefer Open ended
mutual fund 18 percent respondents prefer close ended mutual fund.

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A Comparative Study of Performance Analysis of Selected Small And Mid-Cap
Equity Mutual Fund in Amravati City

11) Which factor influence you to invest in mutual saving scheme?

Table No.4.11.1: Objective of Investment

Sr. No. Objectives No. of Percentage
respondents
1 Diversification 25 25
2 Liquidity 24 24
3 Maximum Return 41 41
4 Reducing Risk 10 10
Total 100 100

Graph No. 4.11.2: Objective of Investment

10%

25%

Diversification
Liquidity
Maximum Return
Reducing Risk
41%

24%

(Source: Primary Data)

Interpretation
From the above data we can interpret that 41 percent respondents
invest for gain maximum return,25 percent respondents invest for
Diversification, 24 percent respondents invest for liquidity and 10 percent
of respondents invest for reducing risk.

P. R. Pote (Patil) College of Engineering and Management, Amravati. Page 41

A Comparative Study of Performance Analysis of Selected Small And Mid-Cap
Equity Mutual Fund in Amravati City

12) From your income how much percentage you invest in mutual fund?
Table No.4.12.1: Percentage of investment of investor's annual income
Percentage of No. of
Sr. No. percentage
Income Respondents
1 11-20% 13 13
2 21-30% 6 6
3 less than 10% 80 80
4 More than 30% 1 1
Total 100 100

Graph No.4.12.2: Percentage of investment of investor's annual

income
More than 30%; 1

11-20%; 13
21-30%; 6

less than 10%; 80

(Source: Primary Data)

Interpretation
From the above data it can be interpreted that, 80 percent respondents
invest less than 10 percent of their income in mutual fund, 13 percent
respondents invest 11-20 percent of their income, 6 and 1 percent
respondents invest 21 to 30 and more than 30 percent of their income
respectively.

P. R. Pote (Patil) College of Engineering and Management, Amravati. Page 42

A Comparative Study of Performance Analysis of Selected Small And Mid-Cap
Equity Mutual Fund in Amravati City

13) Are you aware about SIP (Systematic Investment Plan) of mutual fund
scheme?

Table No.4.13.1: Awareness about SIP

No. of
Sr. No. Awareness percentage
Respondents
1 No 24 24
2 Yes 76 76
Total 100 100

Graph No. 4.13.2: Awareness about SIP

80

70

60

50

40

30

20

10

0
No Yes

(Source: Primary Data)

Interpretation
From the above data it can be interpret that, 76 percent of the
respondents aware of Systematic Investment Plan and 24 percent of the
respondents do not know about SIP.

P. R. Pote (Patil) College of Engineering and Management, Amravati. Page 43

A Comparative Study of Performance Analysis of Selected Small And Mid-Cap
Equity Mutual Fund in Amravati City

14) Do you think that mutual fund saving is best option for new equity
investment?

Table No.4.14.1: Mutual fund saving is best option for new equity
investment
No. of
Sr. No. Opinion percentage
Respondents
1 No 31 31
2 Yes 69 69
Total 100 100

Graph No. 4.14.2: Mutual fund saving is best option for new equity
investment
No
31%

Yes
69%

(Source: Primary Data)

Interpretation
From the above data it can be interpret that, 69 percent of the
respondents think that Mutual fund saving is best option for equity
investment and 31 percent respondents do not agree that mutual fund
saving is best option for equity investment.

P. R. Pote (Patil) College of Engineering and Management, Amravati. Page 44

A Comparative Study of Performance Analysis of Selected Small And Mid-Cap
Equity Mutual Fund in Amravati City

15) Do you get expected return from the investment of your mutual fund?

Table No.4.15.1: Opinion about get expected return

No. of
Sr. No. Opinion percentage
Respondents
1 No 17 24
2 Yes 83 76
Total 100 100

Graph No. 4.15.2: Opinion about get expected return

No; 17

Yes; 83

(Source: Primary Data)

Interpretation
From the above data it can be interpreted that 83 percent respondents
get expected return from investment in mutual fund and 17 percent of the
respondents did not get expected return of their investment in mutual fund.

P. R. Pote (Patil) College of Engineering and Management, Amravati. Page 45

A Comparative Study of Performance Analysis of Selected Small And Mid-Cap
Equity Mutual Fund in Amravati City

16) What is your risk profile?

Table No.4.16.1: Investors risk profile

No. of
Sr. No. Risk profile Percentage
Respondents
1 Aggressive 45 45
2 Conservative 28 28
3 Moderate 27 27
Total 100 100

Graph No. 4.16.2: Investors risk profile

27%

45% Aggressive
Conservative
Moderate

28%

(Source: Primary Data)

Interpretation
From the data it can be interpreted that 45 percent of respondents are
Aggressive investors, 36 percent respondents are conservative and 27
percent are from Moderate risk profile investors.

P. R. Pote (Patil) College of Engineering and Management, Amravati. Page 46

A Comparative Study of Performance Analysis of Selected Small And Mid-Cap
Equity Mutual Fund in Amravati City

17) Do you feel that small and mid-cap equity mutual fund scheme is
riskier than other schemes?
Table No.4.17.1: Opinion about riskiness of equity schemes
No. of
Sr. No. Opinion percentage
Respondents
1 No 18 18
2 Yes 82 82
Total 100 100

Graph No. 4.17.2: Opinion about riskiness of equity schemes

18%

No
Yes

82%

(Source: Primary Data)

Interpretation
From the data it can be interpreted that 82 percent respondents opinion
shows equity mutual fund scheme as a risky scheme and 18 percent
respondents opinion shows that equity mutual fund as less risky than other
mutual fund schemes.

P. R. Pote (Patil) College of Engineering and Management, Amravati. Page 47

A Comparative Study of Performance Analysis of Selected Small And Mid-Cap
Equity Mutual Fund in Amravati City

18) As per your information, which scheme is more riskier?

Table No.4. 18.1: Opinion about, which scheme is riskier
Sr. No. of
Mutual Funds percentage
No. Respondents
1 HDFC mid-cap fund 17 17
HDFC small-cap
2
fund 36 36
ICICI preduntial
3
mid-cap fund 15 15
ICICI preduntial
4
small-cap fund 32 32
Total 100 100

Graph No. 4. 18.2: Opinion about, which scheme is riskier

40
35
30
25
20
15
10
5
0
nd

nd

d
nd

n
fu

fu

fu

fu
p

p
p
-ca

-ca

-ca

-ca
id

all

all
id
m

m
sm

sm
FC

al
FC

al
nti
HD

nti
HD

du

du
re

re
Ip

Ip
IC

IC
IC

IC

(Source: Primary Data)

Interpretation
From the above data we can interpret that 36 percent respondents
believe HDFC small-cap fund as a risky fund, 32 percent respondents
believe ICICI small-cap as a risky fund, 15 percent respondents believe
ICICI mid-cap as a risky fund and 17 percent respondents believe HDFC
mid-cap as a risky fund.

P. R. Pote (Patil) College of Engineering and Management, Amravati. Page 48

A Comparative Study of Performance Analysis of Selected Small And Mid-Cap
Equity Mutual Fund in Amravati City

19) Do you feel, small and mid-cap equity mutual fund has a growth
potential?
Table No.4. 19.1: Opinion about growth potential of equity schemes
No. of
Sr. No. Opinion percentage
Respondents
1 No 14 14
2 Yes 86 86
Total 100 100

Graph No. 4. 19.2: Opinion about growth potential of equity schemes

No
Yes

(Source: Primary Data)

Interpretation
From above data it can be interpreted that 86 percent respondents
believe that equity mutual fund schemes has growth potential and 14
percent respondents don't believe that equity mutual fund schemes has
growth potential.

P. R. Pote (Patil) College of Engineering and Management, Amravati. Page 49

A Comparative Study of Performance Analysis of Selected Small And Mid-Cap
Equity Mutual Fund in Amravati City

20) Opinion about which scheme has a higher growth potential?

Table No.4.20.1: Which scheme has a higher growth potential?

Sr. No. of
Mutual Funds percentage
No. Respondents
1 HDFC Mid-Cap Fund 15 15
2 HDFC Small-Cap Fund 29 29
ICICI Prudential Mid-Cap
3 20 20
Fund
ICICI Prudential Small-cap
4 36 36
Fund
Total 100 100

Graph No. 4.20.2: Which scheme has a higher growth potential?

40
35
30
25
20
15
10
5
0
nd
nd
nd
nd

Fu
Fu
Fu
Fu

p
ap
ap
ap

-ca
-C
-C
-C

all
id
all
id

Sm
M
M

Sm

al
FC

al
nti
FC

nti
HD

HD

de

de
ru

u
Pr
IP
IC

I
IC
IC

IC

(Source: Primary Data)

Interpretation
From the above data it can be interpreted that 36 percent respondents
thinks ICICI Prudential small cap fund has higher growth potential, 29
percent respondents thinks HDFC small-cap has a higher growth potential,
20 percent respondents say ICICI pru mid-cap mutual fund and 15 percent
respondents say HDFC mid-cap mutual fund has higher growth potential.

P. R. Pote (Patil) College of Engineering and Management, Amravati. Page 50

A Comparative Study of Performance Analysis of Selected Small And Mid-Cap
Equity Mutual Fund in Amravati City

21) Which company's small and mid-cap mutual fund schemes give more
returns?

Table No.4. 21.1: Which schemes give more returns

Sr. No. of
Opinion percentage
No. Respondents
1 HDFC mutual fund 38 38
2 ICICI prudential mutual fund 62 62
Total 100 100

Graph No. 4. 21.2: Which schemes give more returns

HDFC mutual fund

ICICI prudential mutual fund

(Source: Primary Data)

Interpretation
From above data it can be interpreted that 62 percent respondents
believe that ICICI prudential mutual fund schemes give more return and
38 percent respondents believe that HDFC mutual fund scheme give more
return.

P. R. Pote (Patil) College of Engineering and Management, Amravati. Page 51

A Comparative Study of Performance Analysis of Selected Small And Mid-Cap
Equity Mutual Fund in Amravati City

22) Are you aware about Entry load and exit load ?
Table No.4.22.1: Awareness about Entry and Exit Load
No. of
Sr. No. Awareness percentage
Respondents
1 No 23 23
2 Yes 77 77
Total 100 100

Graph No. 4.22.2: Awareness about Entry and Exit Load

No; 23

Yes; 77

(Source: Primary Data)

Interpretation
From the above data it can be interpret that 77 percent respondents
aware about Entry and Exit Load and 23 percent respondents are not aware
about Entry and Exit load.

P. R. Pote (Patil) College of Engineering and Management, Amravati. Page 52

A Comparative Study of Performance Analysis of Selected Small And Mid-Cap
Equity Mutual Fund in Amravati City

23) Are you aware about switching option?

Table No.4.23.1: Awareness about Switching
No. of
Sr. No. Awareness percentage
Respondents
1 No 65 65
2 Yes 35 35
Total 100 100

Graph No. 4.23.2: Awareness about Switching

70

60

50

40

30

20

10

0
No Yes

(Source: Primary Data)

Interpretation
From the above data we can interpret that 65 percent respondents don't
know about Switching option and 35 percent respondents aware about
switching.

P. R. Pote (Patil) College of Engineering and Management, Amravati. Page 53

A Comparative Study of Performance Analysis of Selected Small And Mid-Cap
Equity Mutual Fund in Amravati City

24) Do you want to switch your scheme?

Table No.4.24.1: Opinion about switching scheme

No. of
Sr. No. Opinion percentage
Respondents
1 No 86 87
2 Yes 12 13
Total 98 100

Graph No. 4.24.2: Opinion about switching scheme

Yes; 12

No; 86

(Source: Primary Data)

Interpretation
From the above data it can be interpreted 87 percent respondents do
not want to switch their scheme and 13 percent of the respondents want to
switch their schemes.

P. R. Pote (Patil) College of Engineering and Management, Amravati. Page 54

A Comparative Study of Performance Analysis of Selected Small And Mid-Cap
Equity Mutual Fund in Amravati City

25)If yes, why do you want to switch?

Table No.4.25.1: Reason to switch
No. of
Sr. No. Reason percentage
Respondents
1 For more Return 4 44
2 For more Security 1 11
3 For other Reason 1 11
4 For Tax Benefit 3 34
Total 9 100

Graph No. 4.25.2: Reason to switch

4.5

3.5

2.5

1.5

0.5

0
For more Return For more Security For other Reason For Tax Benefit

(Source: Primary Data)

Interpretation
From the above data it can be interpreted that 44 percent respondents
want to switch their scheme for more return, 34 percent respondents for
Tax benefit, 11 percent respondents want to switch for other reason and 11
percent want to switch scheme for more security.

P. R. Pote (Patil) College of Engineering and Management, Amravati. Page 55

A Comparative Study of Performance Analysis of Selected Small And Mid-Cap
Equity Mutual Fund in Amravati City

26) Which feature of small and mid-cap mutual fund do you attract to
invest?

Table No.4.26.1: features of small and mid-cap mutual fund, attract

to invest
No. of
Sr. No. features percentage
Respondents
1 High Risk/ High Return 69 69
2 High Risk/ Low return 1 1
3 Low Risk / Low Return 8 8
4 Low Risk/ High Return 22 22
Total 100 100

Graph No. 4. 4.26.1: feature of small and mid-cap mutual fund, attract
to invest

22%

High Risk/ High Return

High Risk/ Low return
8% Low Risk / Low Return
Low Risk/ High Return

1%
69%

(Source: Primary Data)

Interpretation
From the above data it can be interpreted that 69 percent of the
respondents think high risk/high return attractive feature, low risk/high
return feature attracts 22 percent respondents,8 percent respondents think
low risk/ low return and 1 percent of the respondents think high risk/ low
return feature attract most.

P. R. Pote (Patil) College of Engineering and Management, Amravati. Page 56

A Comparative Study of Performance Analysis of Selected Small And Mid-Cap
Equity Mutual Fund in Amravati City

27) Are you satisfied by the service of the company?

Table No.4.27.1: Opinion about service of the company
No. of
Sr. No. Opinion percentage
Respondents
1 Dissatisfied 10 10
2 Natural 13 13
3 Satisfied 77 77
Total 100 100

Graph No. 4.27.2: Opinion about service of the company

90

80

70

60

50

40

30

20

10

0
Dissatisfied Natural Satisfied

(Source: Primary Data)

Interpretation
From the above data it can be interpreted that 77 percent respondents
are satisfied with the company, 13 percent respondents give natural
opinion about the company and the 10 percent respondents are dissatisfied
with the company.

P. R. Pote (Patil) College of Engineering and Management, Amravati. Page 57

 A Comparative Study of Performance Analysis of Selected Small And Mid-Cap
Equity Mutual Fund in Amravati City

Table No.4.28.1: ICICI Prudential Mutual Fund schemes and returns

Scheme Name 3M 6M 1Y 3Y 5Y

ICICI Pru Mid-Cap Fund -

-2.02% -1.60% 25.63% 18.89% 13.98%
Direct (G)

ICICI Pru Small-cap Fund

-0.57% 1.34% 39.81% 28.18% 16.76%
- Direct (G)

Graph No. 4.28.2: ICICI Prudential Mutual Fund schemes and

returns

45.00%

40.00%

35.00%

30.00%

25.00% 3 Months
6 Months
20.00% 1 Year
3 Years
15.00% 5 Years

10.00%

5.00%

0.00%
ICICI Pru Mid-Cap Fund - Direct (G) ICICI Pru Small-cap Fund - Direct (G)
-5.00%

P. R. Pote (Patil) College of Engineering and Management, Amravati. Page 58

 A Comparative Study of Performance Analysis of Selected Small And Mid-Cap
Equity Mutual Fund in Amravati City

Table No.4.29.1: HDFC Mutual Fund schemes and returns

Scheme Name 3M 6M 1Y 3Y 5Y

HDFC Mid-Cap
0.40% -0.42% 24.36% 17.20% 12.91%
Fund - Direct (G)
HDFC Small Cap
-5.91% -3.49% 34.58% 16.68% 16.38%
Fund - Direct (G)

Graph No. 4.29.2: HDFC Mutual Fund schemes and returns

40.00%

35.00%

30.00%

25.00%

20.00% 3 Months
6 Months
15.00% 1 Year
3 Years
10.00% 5 Years

5.00%

0.00%
HDFC Mid-Cap Fund - Direct (G) HDFC Small Cap Fund - Direct (G)
-5.00%

-10.00%

P. R. Pote (Patil) College of Engineering and Management, Amravati. Page 59

 Chapter 5
FINDINGS,
CONCLUSIONS AND
SUGGESTION
A Comparative Study of Performance Analysis of Selected Small And Mid-Cap
Equity Mutual Fund in Amravati City

CHAPTER 5
FINDINGS ,CONCLUSIONS AND SUGGESTION

5.1) FINDINGS:

After research project researcher has found some findings, these are
1. During the research we found that, 33 percent of the respondents
were from age group of 25-35.
2. Most of the male investors were involved in this research project.
3. Mostly graduate peoples were involved.
4. In this research process, 60 percent of the investors earn more than
5 lakh per annum.
5. In this research project, mostly graduate were involved.
6. TV advertisement is a main source of mutual fund information.
7. 32 percent of the respondents look Past performance of NAV of
the scheme before investing in mutual fund scheme.
8. During the research we found that 41 percent respondents invest
money in mutual fund for earning maximum return.
9. Open-Ended mutual fund scheme was the first choice of investors.
10. Diversification investment pattern and return factors were attract
mutual fund investors for investing in mutual fund.
11. Most of the respondents invested less than 10 percent of their
annual income in mutual fund.
12. researcher found that, most of the respondents know about of SIP.
13. Mostly respondents think that equity mutual fund is best saving
scheme for equity investment.
14. Most of the respondents got expected return in investment in
mutual fund.
15. During research it was found that 45 respondents have aggressive
risk profile.
16. Mostly respondents believed that equity mutual fund scheme is a
risky scheme as compare to other mutual fund schemes.

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Equity Mutual Fund in Amravati City

17. 36 percent respondent think HDFC small-cap fund as a risky

scheme.
18. 86 percent respondents believed that equity mutual fund is a higher
growth potential scheme.
19. 36 percent respondents think that ICICI small-cap fund has higher
growth potential.
20. Most of the respondents said ICICI prudential mutual fund gave
more return as compare to HDFC mutual fund.
21. Researcher found that 77 percent respondents aware about Entry
Load and Exit Load of a mutual fund.
22. During the research we found that most of the respondents was not
aware about Switching option of mutual fund.
23. Researcher found that only 9 respondents want to switch in other
schemes. In this mostly respondents want to switch for more
return.
24. Most of the respondents believed that small and mid-cap equity
mutual fund schemes are high risk/high return investment.
25. Researcher found that Most of the respondents were satisfied by
Asset Management Companies.

As per comparison study of HDFC and ICICI mutual fund on the

basis of equity mid and small-cap schemes it founds:
1. ICICI prudential small and mid cap mutual fund is the best mutual
fund in respect of returns as compared to HDFC small and mid cap
fund.
2. HDFC mutual fund asset allocation of mid-cap scheme is greater than
ICICI Pru mid-cap mutual fund.
3. ICICI small-cap fund asset allocation is greater than HDFC small-cap
fund.
4. HDFC mutual fund schemes have higher expense ratio than ICICI
prudential mutual fund.

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A Comparative Study of Performance Analysis of Selected Small And Mid-Cap
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5.2) Conclusion:
 Mutual fund is a very much profitable tool for investment of it slow
cost of acquiring fund, tax benefit, diversification of profits and
reducing risk.
 Most of the people are preferring the mutual fund because of
professional management and earning maximum return.
 Majority of the investor prefer Open-ended type of mutual fund
because they can withdraw their money at any point of time.
 Small-cap funds offer higher growth potential than Mid-cap, but with
more risk than Mid-cap equity mutual funds.
 HDFC Mutual fund face negative return.
 It is possible to invest small amounts and when the investor has surplus
fund to invest.
 Many of people have fear of mutual fund. They think their money will
not be secure in mutual fund. 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.

5.3 SUGGESTIONS:

 HDFC mutual fund should try to invest in better securities for better
profits.
 Both companies are below in the top list of mutual funds in India in
term of returns, so that Both companies should try to invest in better
securities for better profits.
 It also helpful for satisfying the customer if the staff of the mutual fund
company co-operate the customer and try to solve the problem.
 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

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A Comparative Study of Performance Analysis of Selected Small And Mid-Cap
Equity Mutual Fund in Amravati City

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.
 Investors should choose the right mutual fund system that suit their
needs. Investors should fully read the offering documents of the mutual
fund plan.
 Several factors that need to evaluated before selecting a particular
mutual fund are the performance records of the fund over the past few
years, with appropriate standards and similar funds in the same
category.
 Other factors include portfolio allocation, dividend yield and
transparency, which are reflected in the frequency and quality of
communications.
 Investors should try to keep their investment for longer period of time
so as ensure that they can beat market volatility.

P. R. Pote (Patil) College of Engineering and Management, Amravati. Page 63

Reference Section
 Bibliography
 Webliography
 Annexure-I
A Comparative Study of Performance Analysis of Selected Small And Mid-Cap
Equity Mutual Fund in Amravati City

Bibliography

[1] Gupta L C, Mutual Funds and Asset Preference, Society for

Capital Market Research and Development, New Delhi, First
Edition (1992)
[2] Kothari C. R., Research Methodology, Third Edition, New Age
International (P) Limited, Publishers, New Delhi.
[3] Dr.Shantanu Mehta , Charmi Shah " preference of investors for
Indian mutual funds and its performance evaluation" pacific
business review international volume 5 issue 3 (September 2012)
[4] Pandey I.M., (1995). “Financial Management”, Vikas Publishing
Houses Pvt. Ltd., New Delhi.
[5] Shivam Tripathi And Dr. Gurudutta P. Japee "Performance
Evaluation Of Selected Equity Mutual Funds In India "Gap Gyan
– Volume - Iii Issue I March-2020
[6] Dr..Y.Suneetha, Dr.G.Latha " A study on performance evaluation
of selected mutual funds with special reference to balanced funds"
Mukt Shabd Journal, Volume IX, issue V, may/2020
[7] Mrs.O.V.A.M.Sridevi "Performance Analysis of Mutual Funds-A
Study on Selected Mid Cap and Small Cap Funds.” International
Journal of Business and Management Invention (IJBMI) , vol. 07,
no. 07, 2018, pp. 06-12.
[8] Suchita Shukla " A Comparative Performance Evaluation of
Selected Mutual Funds", International Journal of Science
Technology & Management, Volume No.04, Special Issue No.02,
February 2015
[9] Sharma Komal B., Dr. Prashant Joshi "A Comparative Study On
Performance Evaluation Of Selected Debt, Equity And Hybrid
Mutual Fund Schemes In India" Volume-04 Issue-02, April-june
2021
[10] Dr. Nalla Bala Kalyan and Dr. S. Gautami " A Study on Risk&
Return Analysis of the Selected Mutual Funds Schemes in India",

P. R. Pote (Patil) College of Engineering and Management, Amravati. Page 64

A Comparative Study of Performance Analysis of Selected Small And Mid-Cap
Equity Mutual Fund in Amravati City

International Journal of Research in Social Sciences Vol. 8 Issue 5,

May 2018

Webliography

[1] https://www.axismf.com
[2] https://www.mutualfundindia.com
[3] https://www.amfiindia.com
[4] https://www.investopedia.com
[5] https://groww.in
[6] https://www.moneycontrol.com
[7] https://www.bankbazaar.com

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 A Comparative Study of Performance Analysis of Selected Small And Mid-Cap
Equity Mutual Fund in Amravati City

ANNEXURE-I
QUESTIONNAIRE FOR RESPONDENTS :
Dear sir/Madam,
I am a student of P. R. Pote (Patil) College of Engineering &
Management, S. G. B. A. U., Amravati, intend to submit the research
report as part of curriculum on the topic, "A Comparative Study of
Performance Analysis of Selected Small And Mid-Cap Equity Mutual
Funds in Amravati City " Your co-operation in this academic purpose is
earnestly solicited. So, please share your valuable time to fill the
questionnaire.

Mohd Kashif Abdul Kalam

MBA II Year
(2021-22)

(Please tick Whenever required)

1. Name of the Investor (Optional) _______________________________

2. Age group (in year)

a) Below 25 b) 25 to 35
c)35 to 45 c)Above 45

3. Gender
a)Male b)Female

4. Education
a)SSC b)HSC
c) Graduate d)Post Graduate

5. Occupation
a)Service b)Businessperson
c)Farmer d)Other

6. Yearly Income:
a) Below 3 lakh b)3lakh to 4 lakh

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 A Comparative Study of Performance Analysis of Selected Small And Mid-Cap
Equity Mutual Fund in Amravati City

c)4lakh to 5 lakh d)5lakh and above 5 lakh

7. From where you get information about mutual fund schemes?

a) TV b)Internet
c)Agent d)Family and Friends

8. What do you look before investing in a mutual fund?

a)Past performance of NAV b)Rating by (CRISIL, ICRA, Etc)
c)Asset management Company d)Expert Advice

9. From which of the following companies you having investment?

a)ICICI Prudential Mutual Fund b)HDFC Mutual Fund

10. Why you prefer that?

a)Professional Management b)Diversification
c)Convenient Administration d)Low Costs

11. In which types of mutual saving scheme you invest?

a)Open Ended b)Close Ended

12. Which factor influences you to invest in mutual saving scheme?

a)Reducing Risk b)Maximum Return
c) Liquidity d) Diversification

13. From your income how much percentage you invest in mutual fund?
a)less than 10% b)11-20%
c)21-30% d)More than 30%

14. Are you aware about SIP (Systematic Investment Plan) of mutual fund
scheme?
a)Yes b)No

15. Do you think that mutual fund saving is best option for new equity
investment?
a)Yes b)No

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 A Comparative Study of Performance Analysis of Selected Small And Mid-Cap
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16. Do you get expected return from the investment of your mutual fund?
a)Yes b)No

17. What is your risk profile?

a) Conservative b)Moderate
c)Aggressive

18. Do you feel that Small and Mid-cap mutual fund schemes are riskier
than other schemes?
a)Yes b)No

19. As per your information, which scheme is more riskier?

a)ICICI pru. mid-cap fund b)ICICI pru. small-cap fund
c)HDFC mid-cap fund d)HDFC small-cap fund

20. Do you feel that Small and Mid-cap mutual fund schemes have higher
growth potential than other schemes?
a)Yes b)No

21. As per your information, which scheme has higher growth potential?
a)ICICI Pru. Mid-Cap Fund b)ICICI Pru. Small-cap Fund
c)HDFC Mid-Cap Fund d)HDFC Small-Cap Fund

22. In which company's small and mid-cap mutual fund schemes give
more returns?
a)ICICI prudential mutual fund b)HDFC mutual fund

23. Are you aware about Entry load and Exit load?
a)Yes b)No

24. Are you aware about Switching?

a)Yes b)No

25. If yes, do you want to switch your scheme?

a)Yes b)No

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 A Comparative Study of Performance Analysis of Selected Small And Mid-Cap
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26. If yes, why do you want to switch?

a)For more Return b)For more Security
c)For Tax Benefit d)For other Reason

27. Which feature of small and mid-cap mutual fund do you attract to
invest?
a)High Risk/ High Return b)Low Risk / Low Return
c)Low Risk/ High Return d)High Risk/ Low return

28. Are you satisfied by the service of the company?

a)Satisfied b) Natural
c)Dissatisfied

P. R. Pote (Patil) College of Engineering and Management, Amravati. Page 69