angle broking analysis of portfolio of mutual funds[1]

8/6/2019 ANGLE BROKING Analysis of Portfolio of Mutual Funds[1]

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C ONTENT

CertificateDeclarationPrefaceAcknowledgementResearch MethodologyExecutive Summary

1 Introduction to Mutual Fund2 Investors portfolio

2.1. Fixed Return Options2.2. Variable Return Options

3 Concept of mutual funds4 Types of mutual funds

By structureBy investment objective

5 Different styles of Mutual Funds6 Process of Mutual Fund7 Net Asset Value (NAV)

8 Companies in India9 Portfolio Management10 Portfolio Management Process11 Types of Investors

11.1. Portfolio for Cautious Investor 11.2. Portfolio for Balance Investor 11.3. Portfolio for Aggressive Investor

12 Measurement of Returns on Portfolios13 Scheme Portfolio

13.1. HDFC Equity Fund13.2. HDFC Core & Satellite Fund13.3. Reliance Growth fund13.4. Prudential ICICI Growth Fund13.5. DSP Tiger Fund13.6. Kotak Opportunity Fund

14 Conclusion15 Bibliography



PREFACE

Investing money where the risk is less has always been risky to decide. The

first factor, which an investor would like to see before investing, is risk factor.

Diversification of risk gave birth to the phenomenon called Mutual Fund.

We are preparing comprehensive report of Mutual Fund industry in India. The

basic idea of assignment of this project is to augment our knowledge about

the industry in its totality and appreciate the use of an integrated loom. It is

concerned the environmental issues and tribulations. This makes us more

conscious about Industry and its pose and makes us capable of analyzing

Industry’s position in the competitive market. This may also enhance our

logical abilities.

The Mutual Fund Industry is in the growing stage in India, which is evident

from the flood of mutual funds offered by the Banks, Financial Institutes &

Private Financial Companies.

There are various aspects, which have been studied in detail in the project

and have been added to this project report.

Hope this report would help one understand the mutual Industry of India in

detail.



EXECUTIVE SUMMARY

As a part of my study curriculum it is necessary to conduct a grand project. It

provides us an opportunity to understand the particular topic in depth and

which leads to through to that topic. My topic for the grand project is titled as

“Portfolio management in mutual funds performance” in which emphasis given

to the study of different mutual funds in respect to the risk and return involved

in it.

Since mutual funds are a relatively recent phenomenon in India, general

public or investors don’t have clarity about this concept. As we have started

witnessing the concept of more saving now being entrusted to the funds than

to keeping it in banks. So it is very important to manage investor’s portfolioefficiently. By efficient we mean which reduces the risk of investor and

increases return on the other hand.

This project is all about how to manage an investor’s portfolio in mutual fund.

How to diversify the investments into different schemes of funds. To manage

client’s portfolio efficiently we first need to understand the industry, current

economic condition of the economy, investor’s behavior, their objective, risk

apatite.

This report has divided into two phases. First phase covered investor’s

portfolio part where we have included, Introduction of mutual funds, Indian

mutual fund industry, Investment options available with individuals and at last

techniques of managing a client’s portfolio in mutual funds.

Second phase of the report covered scheme’s portfolio part, where we have

compared HDFC Equity Fund and HDFC Core & Satellite Fund with their

competitors. It also included fund’s portfolio part where we have given

information about the different funds available to investor for investment



RESEARCH METHODOLOGY

Primary Objectives

The main objective of this study is doing an In-depth analysis of Mutual Fundportfolio by taking sample of funds and comparing it with it others

Secondary objectives

- to understand the portfolio management process in mutual fund- To know the effects of political, economical, social and technological

factors on Mutual Fund Industry in India.- Evaluating fund performance

Collection of data

For the complete study I required data of Mutual Fund and getting from thesecondary data base.

Sources of the data collection will be,

(1) Internet

(2) Various magazines/bulletins(3) News papers(4) Related books

Limitations

It is based on Secondary Data. Time Constraint Lack of resources



INTRODUCTION

Economic liberalization and globalization of the Indian markets began in 1991.

This meant that the Indian consumers had access to imported goods which

resulted in fall of prices of domestic goods due to high competition. This also

meant that lower interest rates and more importantly transfer of risk from

government to the individuals, forcing them to protect their investments them

self.

Investors have variety of options for investments. Some of them are providing

fixed rate of returns are some of them provide variable rate of returns. Many

had investments with UTI, Company fixed deposits, and Bank fixed depositsthat were offering high returns that now they are starting falling after

globalization and liberalization.

There are some investors who are active. They are the ones who act promptly

and make educated, informed decisions about market. They done their own

research and understand the factors which may have effect on their

investments in future. On the other hand some investors who are

apprehensive and will take action only when they can see tangible merits on

the change.

As every individual is different, their objectives behind investments also differ

from person to person. Their objectives can for fixed return, capital

appreciation, tax planning or current income. The investment decision will

mainly depend upon the objective of investor. He or she needs to design their

portfolio according to their risk and return profile. The individual should start

by specifying investment goals. Once these goals are established, the

individual should be aware of the mechanics of investing and the environment

in which investment decision are made. These include the process by which

securities are issued and subsequently bought and sold, the regulations andtax laws that have been enacted by various levels of government, and the

sources of information concerning investment that are available to the

individuals.

Designing a portfolio is not simple task. Ones individual has decided about the

type of investment then he or she needs to decide portfolio in that category.

There are various ways of maintaining portfolio of individual.



Phase I

Investor’s Portfolio

What is an Investment?

An investment is the use of capital to create more money through the

acquisition of a security that promise the safety of the principal and generate a

reasonable return.

Various Investment Options

Savings form an important part of the economy of any nation. With the saving

invested in various options available to the people, the money acts as the

driver for growth of the country. Indian financial scene too presents a plethora

of avenue to the investors. Though certainly not the best or deepest of

markets in the world, it has reasonable options for an ordinary man to invest

his savings.

There are basically two kinds of investments. One that gives returns at fixed

rate and other where the rate of return is depending upon the certain factors

of the economy.

1. Fixed Return Options

• Post office monthly income scheme

• Public provident fund

• Bank fixed deposits

• Government securities or gilts

• RBI taxable bonds

• Insurance

• Company fixed deposits

• Infrastructure bonds

2. Variable Return Options

• Mutual Funds

• Share and Stock market



1. Primary invested in equity (IPO)

2. Secondary market investment in equity

3. Derivative, Futures and Options

• Gold

• Real estate

• Foreign exchange assets

3. UNIT LINKED INSURANCE PLANS

1. ULIP capital secure fund.

2. ULIP balanced fund.

3. ULIP growth fund

4. ULIP equity fund

5. Pension capital secure fund

6. Pension balanced fund

7. Pension growth fund

1. Fixed Return Options

Under fixed return investments, investor will get fixed return on their

investments. The rate of return is pre decided at the time of investment. Rate

of return can be calculated on per annum basis or at completion of particular

time period.

a. Post Office Monthly Income Scheme:

In this scheme an investment can be made by individuals in single or joint

names maximum of Rs. 6 lakhs (Rs.3 lakhs per person) with an interest of 8%

p.a. in a monthly income scheme. This will give you Rs. 4000/- per month if

you invested the maximum amount. In addition, this investment will fetch you

a taxable bonus of 10% on the deposit maturity (i.e. after 6 years)

b. Other Post Office Scheme

Kisan Vikas Patra:

Money can be doubled in 8 years and 7 months. There is no upper limit on

the amount that you invest. There are no tax benefits for the investmentsmade under this scheme. The rate of interest works out to a compounded



annual return of about 8.4%. There are no tax deductions at source and banks

loans are available against Kisan Vikas Patra. Interest is paid at maturity and

cannot be claimed prior to maturity.

Senior Citizen Savings Scheme (2004):

As per the 2004-2005 budgets, the Government has announced a new

Senior Citizen Savings Scheme. It has been launched only through

designated Post Offices from the 2nd August, 2004. it for the individuals who

have attained the age of 60 years or above on the date of opening of an

account or who have attained the age of 55 years or more but less than 60

years, and who have retired under Voluntary Retirement scheme or a Special

Voluntary Retirement scheme on the date of opening of an account. The main

feature of the scheme is that is carries an interest of 9% p.a. (taxable) on thedeposits. Deposits can be a minimum of Rs. 1000 and maximum of Rs. 15

lakhs, to be held for a period of 5 years and extendable for further 3 years. It

can also be prematurely withdrawn after one year with some deductions.

Interest qualifies for deduction u/s 80L.

c. Public Provident Fund:

The rate of public provident fund is 8.5% p.a. currently. This is basically a long

term investment opportunities (maturity 15 year) as the entire amount that is

accumulated in this account can be withdrawn entirely only after 15 years.

Partial withdrawal is allowed only after 5 years. Interest is exempt from

income tax and contributions are eligible for tax deductions.

d. Bank Fixed Deposits:

Bank fixed deposits yield will vary from bank to bank but they are more or less

streamlined. The yields are currently in the region of 5.5% to 6.5% per annum

for deposits ranging from 30 days to five years. All the schedule banks are

covered by DICGC (Deposit Insurance and Credit Guarantee Corporation)



which means that up to 1 lakh deposited in a bank per person is absolutely

safe and insured even if the bank collapse.

HDFC Bank FD Interest Ratein % p.a.

7 days-14 days 3.515 days-29days 4.2530days-45days 4.2546days-60days 4.561days-90days 4.7591days-180days 56month 1 day-1year

5.5

1 year 1 day-2years

6

2 year1 day- 3years

6.25

3 year 1 day- 5years

6.25

5 year 1 day-8years

6.5

e. Government Security or Gilts:

Government security and gilts are totally secure. Government bonds are

issued by the government of India periodically. These are now available in the

secondary market through satellite dealers and banks. They are known toyield 5% to 6% per annum. Interest exceeding Rs. 2500 is liable for TDS at

10.455%.

f. RBI Taxable Bonds:

These are 8% saving bonds which are taxable. The maturity is after 6 years

and there is no upper limit to investment is these bonds. The interest accrued

on these bonds is taxable under the Income Tax Act, 1961.

Key Rates Current 1 Month ago1 yr G-sec 6.81% 6.72%5 yr G-sec 7.22% 6.96%



10 yr G-sec 7.41% 7.31%5 yr AAA 8.25% 7.77%

g. Insurance:

There are several types of insurance policies available in the market today

through various players. Life insurance is the most sought after cover life it

also offer a tax benefit for the amount of premium paid in a particular year.

Though insurance is considered as expenditure, it became an investment

option.

The insurance policies available in the market are either pure insurance or a

combination of the three basic types of life insurance policies namely, Term,

Whole and Endowment. Term assurance policy is purely protection policy with

no investment elements. Whole life and Endowment policies are different as a

payout is certain in these policies. A Whole life policy pays out on the death of

the life assured, whenever that occurs and in Endowment policy pay will be

on maturity date or earlier death. There is one more type of insurance policy

is so popular these days is UNIT Link Insurance under which premium

amount will be invested in to equity market via mutual fund investment.

h. Company Fixed Deposits:

Company fixed deposits was a highly popular investment vehicle in the past.

In today’s changing scenario where the corporate world has access to

cheaper funds from sources all over the world, the rate of interest offered by

good companies make this a less attractive investment vehicle.

i. Infrastructure Bonds:

An infrastructure bond is a tax saving bond that was innovated in order toprovide funds for the development of the key infrastructure projects. Thus,

investors in these bonds apart from the material benefits in term of tax saving,

have the higher satisfaction of having contributed to the development of the

country’s infrastructure. The rate of return on such bonds is between 5 to

5.5%. The bonds have lock in period of 3 years.

2. Variable Return Options

a. Mutual Funds:



A mutual fund is a company that pools the money of many investors to invest

in a variety of different securities. Investment may be in stocks, bonds,

debentures, money market or combination of these. These securities are

professionally managed on the behalf of investor, by the fund manager.

b. Shares and the Stock Market:

An equity share is a certificate or a book entry that represents the single unit

of ownership in a company or its business. They are sold either directly by the

company or they can be acquired through broker from the stock market. By

purchasing a share of a company, an individual gets a ownership rights, right

to vote and share in the company’s future profits and losses.

Primary Market Investment in Equity (IPO)

The primary market is a place where the new offerings by companies aremade as an Initial Public Offering (IPO) IPO’s are offering made by the

company for the first time in the market. Such offers to the public can be at

par or can be at premium.

Secondary Market Investment in Equity:

The stock exchange is a place where buyers and sellers meet to trade in

shares in an organized manner. There are at present 26 recognized stock

exchanges in the country and are governed by security board of India (SEBI).

Derivative, Futures and Options:

Derivative is a contract/ product that has no independent value i.e. it derives

its value from the underlying assets. Underlying assets can be securities,

commodities, bullion, currency, livestock or any thing else. Through the use of derivative product, an investor can transfer the price by locking in asset

prices.

c. Gold:

Of late, an inverse relationship between the dollar and gold has been in India.

The lower the dollar goes, the higher is the gold prices. Why does this

happen? The dollar is the international currency with nothing besides gold to

challenge it. Besides being a commodity, gold is a universally accepted form



of money. India is a net importer of gold. The domestic production is almost

negligible and India is the highest consumer of gold in the world.

d. Real estate:

Investment in real estate or property is a good long term investment for well-heeled investors with a huge amount of money. Depending on the total

resources at your disposal, you can invest a part of it in property.

e. Foreign Exchange Asset:

Till January 2004, Indian residents’ investors were not allowed by our

exchange control rules to invest in foreign exchange assets.

Recently, the reserve bank of India has allowed residents to invest overseas

to the extent of an equivalent of US $ 25,000 per year. Now investor fromIndia can take advantage of any attractive investment opportunity overseas.

3. UNIT LINKED INSURANCE PLANS

Risks of investment in the Units of the Fund the Proposer / Life Assured

should be aware that the investment in the units is subject to the following

risks:

CashPlus is a Unit-Linked Insurance Policy (ULIP) and is different from

traditional products. Investments in ULIPs are subject to market risks. The

premium paid in Unit-Linked Life Insurance policies are subject to investments

risks associated with capital markets and debt markets; and the NAVs of the

units may fluctuate based on the performance of fund and factors influencing

the

Capital market; and the insured is responsible for his /her decisions. ICICI

Prudential Life Insurance Company Limited and CashPlus are only names of

the company and the policy respectively and do not in any way indicate the



quality of the policy, its future prospects or returns. The investment in the

Fund is subject to market and other risks and there can be no assurance that

the objectives of the Fund will be achieved. The fund does not offer a

guaranteed or assured return.

CONCEPT OF MUTUAL FUNDS

A Mutual Fund is a body corporate that pools the savings of a number of

investors and invests the same in a variety of different financial instruments,

or securities. The income earned through these investments and the capital

appreciations realized by the scheme are shared by its unit holders in

proportion to the number of units owned by them. Mutual funds can thus be

considered as financial intermediaries in the investment business that collect

funds from the public and invest on behalf of the investors. The losses and

gains accrue to the investors only. The Investment objectives outlined by a

Mutual Fund in its prospectus are binding on the Mutual Fund scheme. The

investment objectives specify the class of securities a Mutual Fund can invest

in. Mutual Funds invest in various asset classes like equity, bonds,

debentures, commercial paper and government securities.



Mutual funds are commonly categorized by their general investment

objectives. Equity funds consist mainly of common stocks and are organized

primarily to achieve capital appreciation, or growth, rather than periodic

distribution of income. Bond funds, on the other hand, are composed

predominantly of corporate, Government, or municipal bonds and emphasize

regular income rather than growth. Income funds have the same objective as

bond funds but include Government National Mortgage Association securities,

Government securities, and common and preferred stocks as well as bonds.

Money market mutual funds consist of short-term instruments, such as

Government securities, bank CDs, and commercial paper. Short-term

municipal bond funds are composed predominantly of tax-exempt, short-term

municipal securities.

Types of Mutual Funds

Mutual Fund schemes may be classified on the basis of its structure and itsinvestments.

By Structure:

Open-End Funds:

• Available for sale and repurchase at all times based on the net assetvalues

• Unit capital of the fund is not fixed

• Fund size and its total investment go up if more new subscriptions comein than redemptions and vice versa.

Close-End Funds:

• One time sale of fixed number of units.



• Investors are not allowed to buy or redeem the units directly from thefunds. Some funds offer repurchase after a fixed period.

• Listed on stock exchange and investors can buy or sell units throughexchange. May be traded at a discount or premium to NAV based oninvestor’s perception about the funds future performance and other market factors.

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

Interval Funds:

Interval funds combine the features of open-ended and close-endedschemes. They are open for sale or redemption during pre-determinedintervals at NAV related prices.

By Investment Objective:-

Money/Cash Market Funds:

Instruments having less then one year maturity;

•Treasury bills issued by government

•Certificates of deposit issued by governments

•Commercial paper issued by companies

• Inter bank call money

• Aim to provide easy liquidity, preservation of capital and moderate

income.

Gilt Funds:



Securities maturity over a year;

• Invested in government securities are called dated securities

• Virtually zero risk of default it is backed by the government

• It is more sensitive to market interest rates

Debt/Income Funds:

• Investment in debt instruments issued not only by Government but also

by private companies, banks and financial institution and other entities

such as infrastructure companies.

• Target low risk and stable income for investors.

• Have higher price fluctuation as compared to money market funds due

to interest rate fluctuation.

• Have higher risk of default by borrowers as compared to Gilt funds.

• Debt funds can be categorized further based on their risk profiles.

• Carry both credit risk and interest rate risk.

Equity Funds:

• Invest a major portion of their surplus in equity shares issued by co s,

acquired directly in initial public offering or through secondary market

and keep a part in cash to take care of redemption.

•Risk is very high than debt funds but offer very high growth potential for

the capital.

• It can be further categorized based on investment strategy.

• It must have along term objectives.

Balanced Funds:

• Has a portfolio of debt instrument, convertible securities, preference

and equity shares.



• Almost equal proportion of debt/money market securities and equities.

Normally funds maintain a ratio of 55:45 or 60:40 some funds allocate a

flexible proportion based on market conditions.

• Aim is to gain income, capital appreciation and preservation of capital.

• Ideal for investors for a conservative and long term orientation.

Load Funds:

A Load Fund is one that charges a commission for entry or exit. That is,

each time you buy or sell units in the fund, a commission will be

payable. Typically entry and exit loads range from 1% to 2%. It could

be worth paying the load, if the fund has a good performance history.

No-Load Funds:

A no-Load Fund is one that does not charge a commission for entry or

exit. That is, no commission is payable on purchase or sale of units in

the fund. The advantage of a no load fund is that the entire corpus is

put to work.

Other Schemes:-

Tax saving Schemes

These schemes offer tax rebates to the investors under specific

provisions of the Indian Income Tax laws as the Government offers tax

incentives for investment in specified avenues. Investments made in

Equity Linked Savings Schemes (ELSS) and pension Schemes are

allowed as deduction u/s 88 of the Income Tax Act, 1961. The Act also

provides opportunities to investors to save capital gains u/s 54EA by

investing in Mutual Funds, provided the capital asset has been sold

prior to April 1, 2000 and the amount is invested before September 30,

2000.

Special Schemes:-



Industry Specific Schemes

Industry Specific Schemes invest only in the industries specified in the

offer document. The investment of these funds is limited to specificindustries like InfoTech, FMCG and Pharmaceuticals etc.

Index Schemes

Index Funds attempt to replicate the performance of a particular index

such as the BSE Sense or the NSE 50

Sector Schemes

Sector Funds are those, which invest exclusively in a specified industry

or a group of industries or various segments such as 'A' Group shares

or initial public offerings.



Different styles of Mutual Funds

Different Mutual Funds have very different investing styles. These styles are a

function of the individuals managing the fund with the overall investment

objectives and policies of the organization acting as a constraint. These are

manifest in things like:-

Portfolio turnover – Buy and hold strategy versus frequent investment

changes.

Kind of investments made – small versus large companies, multi baggers

(investments which yield high gains) versus percentage players (investing in

shares which will give small gains in line with the market), high quality – low

yield bonds versus low quality – high yield bonds.

Asset allocations – Varying percentage of cash depending on aggressive

views on markets

The following examples serve to illustrate a few styles of equity fund

managers:

Some fund managers are passive value seekers and some are value

creators. The former type buys undervalued assets and patiently waits for the

market to discover the value. The latter aggressively promote the undervalued

stocks that they have bought.



Some fund managers restrict themselves to liquid stocks while some thrive on

illiquid stocks which offer themselves easily to large price changes.

Some fund managers are masters of the momentum game and seek to buy

stocks that are in market fancy. They attach lesser importance to

fundamentals and believe that a rising stock price and favorable momentum

indicators imply that fundamentals are changing. In effect, they are following

the philosophy, "The trend is my friend". Other fund managers go more by

deep fundamental analysis completely ignoring price movements. They do not

mind price going down and are in fact happy to buy more.

Some fund managers are growth investors i.e. they buy stocks with a high P/Eusing the forecasted growth to justify the high valuation. Others are value

investors who buy shares with low P/E or P/BV multiples - typically companies

rich with undervalued assets.



Process of Mutual Fund

In the above graph shows how Mutual Fund works and how investor earns

money by investing in the Mutual Fund. Investors put their saving as an

investment in Mutual Fund. The Fund Manager who is a person who takes the



decisions where the money should be invested in securities according to the

scheme’s objective. Securities include Equities, Debentures, Govt. Securities,

Bonds, and Commercial Paper etc. These Securities generates returns to the

Fund Manager. The Fund Manager passes back return to the investor.

NET ASSET VALUE (NAV)

The net asset value of the fund is the cumulative market value of the assets

fund net of its liabilities. In other words, if the fund is dissolved or liquidated,

by selling off all the assets in the fund, this is the amount that the

shareholders would collectively own. This gives rise to the concept of net

asset value per unit, which is the value, represented by the ownership of one

unit in the fund. It is calculated simply by dividing the net asset value of the

fund by the number of units. However, most people refer loosely to the NAV

per unit as NAV, ignoring the "per unit". We also abide by the same

convention.

Calculation of NAV

The most important part of the calculation is the valuation of the assets ownedby the fund. Once it is calculated, the NAV is simply the net value of assets

divided by the number of units outstanding. The detailed methodology for the

calculation of the asset value is given below.

Asset value is equal to

Sum of market value of shares/debentures

+ Liquid assets/cash held, if any



+ Dividends/interest accrued

Amount due on unpaid assets

Expenses accrued but not paid

Details on the above items

For liquid shares/debentures, valuation is done on the basis of the last or

closing market price on the principal exchange where the security is traded.

For illiquid and unlisted and/or thinly traded shares/debentures, the value has

to be estimated. For shares, this could be the book value per share or an

estimated market price if suitable benchmarks are available. For debentures

and bonds, value is estimated on the basis of yields of comparable liquid

securities after adjusting for illiquidity. The value of fixed interest bearing

securities moves in a direction opposite to interest rate changes Valuation of

debentures and bonds is a big problem since most of them are unlisted and

thinly traded. This gives considerable leeway to the AMCs on valuation and

some of the AMCs are believed to take advantage of this and adopt flexible

valuation policies depending on the situation.

Interest is payable on debentures/bonds on a periodic basis say every 6

months. But, with every passing day, interest is said to be accrued, at the

daily interest rate, which is calculated by dividing the periodic interest payment

with the number of days in each period. Thus, accrued interest on a particular

day is equal to the daily interest rate multiplied by the number of days since

the last interest payment date.

Usually, dividends are proposed at the time of the Annual General meeting

and become due on the record date. There is a gap between the dates on

which it becomes due and the actual payment date. In the intermediate

period, it is deemed to be "accrued". Expenses including management fees,

custody charges etc. are calculated on a daily basis.



COMPANIES IN INDIA

1. ABN AMRO Mutual Fund2. Birla Sun Life Mutual Fund

3. Bank of Baroda Mutual Fund (BOB Mutual Fund)

4. HDFC Mutual Fund

5. HSBC Mutual Fund

6. ING Vysya Mutual Fund

7. Prudential ICICI Mutual Fund

8. Sahara Mutual Fund

9. State Bank of India Mutual Fund

10. Tata Mutual Fund11.Kotak Mahindra Mutual Fund

12.Unit Trust of India Mutual Fund

13.Reliance Mutual Fund

14.Standard Chartered Mutual Fund

15.Franklin Templeton India Mutual Fund

16.Morgan Stanley Mutual Fund India

17.Escorts Mutual Fund

18.Alliance Capital Mutual Fund

19.Benchmark Mutual Fund

20.Canbank Mutual Fund

21.Chola Mutual Fund

22.GIC Mutual Fund

23.LIC Mutual Fund

24.Fidelity Mutual Fund

25.IL&FS Mutual Fund

26.DSP Merill lynch Mutual Fund

27.Sundaram Mutual Fund

28.Principal Mutual Fund

http://finance.indiamart.com/india_business_information/abn_amro.html

http://finance.indiamart.com/india_business_information/birla_sunlife.html

http://finance.indiamart.com/india_business_information/bank_of_baroda.html

http://finance.indiamart.com/india_business_information/hdfc.html

http://finance.indiamart.com/india_business_information/hsbc.html

http://finance.indiamart.com/india_business_information/ing_vysya.html

http://finance.indiamart.com/india_business_information/prudential_icici.html

http://finance.indiamart.com/india_business_information/sahara.html

http://finance.indiamart.com/india_business_information/sbi.html

http://finance.indiamart.com/india_business_information/tata.html

http://finance.indiamart.com/india_business_information/abn_amro.html

http://finance.indiamart.com/india_business_information/birla_sunlife.html

http://finance.indiamart.com/india_business_information/bank_of_baroda.html

http://finance.indiamart.com/india_business_information/hdfc.html

http://finance.indiamart.com/india_business_information/hsbc.html

http://finance.indiamart.com/india_business_information/ing_vysya.html

http://finance.indiamart.com/india_business_information/prudential_icici.html

http://finance.indiamart.com/india_business_information/sahara.html

http://finance.indiamart.com/india_business_information/sbi.html

http://finance.indiamart.com/india_business_information/tata.html



29.Taurus Mutual Fund

30.Deutsche Mutual fund

31.IDBI Investment Company Ltd.

32.Bank of India Mutual Fund

PORTFOLIO MANAGEMENT

People have different investment objective and risk appetite so to get the

highest returns asset allocation through active portfolio management is the

key element.

Asset allocation is a method that determines how you divide your portfolio

among different investment instruments and provides you with the proper

blend of various asset classes.

It is based on the theory that the type or class of security you own equity, debt

or money market- is more important than the particular security itself. In other

words asset allocation is way to control risk in your portfolio. Different asset

class will react differently to market conditions like inflation, rising or fallinginterest rates or a market segment coming into or falling out of favor.

Asset allocation is different from simple diversification. Suppose you diversify

your equity portfolio by investing in five or ten equity funds. You really have

not done much to control risk in your portfolio if all these funds come from only

one particular segment of the market say large cap stocks or mid cap stocks.

In case of an adverse reaction for that segment, all the funds will react

similarly means they will go down.If you build your portfolio with various top performing growth funds without

really bothering to analyze their portfolio allocation, you may end up with over-

exposure to a particular segment. Another point you need to remember is that

growth funds are highly correlated- they tend to move in the same direction in

response to a given market force.

The advantage of asset allocation lies in achieves superior returns when

markets are down while minimizing the exposure of the portfolio to volatility. In



fact, asset allocation is based on certain dimensions that, when combined

tend to control the volatility while achieving targeted returns.

Portfolio Management Process

Portfolio management is a complex activity, which may be broken down intothe following steps:

1. Specification of investment objectives and constraints:

The typical objectives sought by an investor are current income, capital

appreciation, safety, fixed returns on principal investment.

2. Choice of asset mix:

The most important decision in portfolio management is the asset mix

decision. This is concerned with the proportions of “Stock” or “

Units” of mutual fund or “Bond” in the portfolio. The appropriate mix of

Stock and Bonds will depend upon the risk tolerance and investment

horizon of the investor.

3. Formulation of portfolio strategy:

Once the certain asset mix has been chosen an appropriate portfolio

strategy has to be decided out. Two broad portfolio choices are available

An active portfolio management: it strive to earn superior risk adjusted

returns by resorting to market timing, or sector rotation or security

selection or some combination of these.

A passive portfolio management involves holding a broadly diversified

portfolio and maintaining a pre-determined level of risk exposure.

Designing a model Portfolio

There are certain objectives that should keep in mind while designing a

portfolio these are:

• Higher absolute rate of return and high real rate of return

• Maximization current income

• High post tax returns• Positive real return



• Preservation of capital

• Growth in capital

For my study I am making three dummy portfolios for three different kinds of investors.

Types of Investor:

1. Cautious Investor:

It’s kind of investor who is less bothers about high returns. He wants to

lower down his risk profile and demand for fixed income on his

investment. His main objective of investment is fixed returns with less

risk.

2. Balanced Investor:

It’s a kind of investor who is bothers about returns as well as risk. He

wants moderate returns with moderate risk.

3. Aggressive Investor:

It’s a kind of investor who is ready to take risk. He believes in high risk

and high returns. So he only wants to invest in equity schemes.

I have made an assumption that each investor want to invest 5 Lakh Rs.

Portfolio for Cautious Investor

Investment Instrument Amount Returns

Kisan Vikas Patra 1,50,000 Rs. 8.4% p.a.PPF 70,000 Rs. 8.5% p.a.Bank Fixed Deposits 1,00,000 Rs. 6.5% p.a.NSC 80,000 Rs. 8.16% p.a.Post office monthly MIP 1,00,000 Rs. 8% p.a.TOTAL 5,00,000 Rs.

Logic behind selection of particular Instrument:

As investor does not want to take risk, he is satisfied with fixed return rather

they are less than equity investment’s returns. So I took thus instrument which

provides good return as well as secure also. All of these instruments will give

him return around 8% annually.



Portfolio for Balance Investor


HDFC Prudence Fund 1,30,000 Rs. 54.2% p.a.Reliance Vision Fund 1,00,000 Rs. 78.3% p.a.Bank Fixed Deposits 1,00,000 Rs. 6.5% p.a.PPF 70,000 Rs. 8.5% p.a.Kisan Vikas Patra 1,00,000 Rs. 8.4% p.a.TOTAL 5,00,000 Rs.


As investor does not want to take high risk, he is satisfied with fixed return

plus some equity exposure. But he wants some safety in equity exposurealso. So I took thus instrument which provides good return as well as safety

also. Fixed return instruments like PPF, Bank FD and kisan viaks patra will

give him return around 8% annually and I suggest Balance kind of funds to

him where he will have exposure of both equity as well as debts. HDFC

prudence fund is best performing fund under balance scheme. To increase

the ratio of equity in portfolio I suggested Reliance vision fund which is mainly

based on large and mid cap companies.

Portfolio for Aggressive Investor


HDFC Core & Satellite Fund 1,30,000 Rs. 83.56% p.a.Prudential ICICI Emerging Star Fund

90,000 Rs. 93.3% p.a.

Franklin Flexi Cap Fund 1,10,000 Rs. 86.25% p.a.Fidelity Equity Fund 80,000 Rs. 82.4% p.a.DSP Top 100 90,000 Rs. 79.28% p.a.TOTAL 5,00,000 Rs.




As investor ready to take high risk, he is looking for high returns on his

investment. I took thus instrument which provides good return. All of these

instruments will give him return around 80% annually. Currently Mid cap

companies will perform better than large cap companies so, I select more

funds which are focusing on mid cap companies like HDFC, Franklin’s funds.To take the benefit of increasing Sensex I took DSP top 100.

MEASUREMENT OF RETURNS ON PORTFOLIOS

The realized rate of return will be calculated by

1. Time Weighted Rate of Return (TWROR)

It is calculated by using Dietz Algorithm

Ri= [(Pi-0.5Ci)/ (Po+0.5Ci)-1}*100

Po= Portfolio value at the beginning of the period

Pi= Portfolio value at the end of the period

Ci= Net contributions during time interval

Ri= Rate of Return for the time interval

a) Rate of return for cautious investor

Investment Instrument Amount ReturnsCurrentValue

Kisan Vikas Patra 1,50,000 Rs. 8.4% p.a. 1,62,600PPF 70,000 Rs. 8.5% p.a. 75,950Bank Fixed Deposits 1,00,000 Rs. 6.5% p.a. 1,06,500NSC 80,000 Rs. 8.16% p.a. 86,528

Post office monthly MIP 1,00,000 Rs. 8% p.a. 1,08,000TOTAL 5,00,000 Rs. 5,39,578

Time Weighted Rate of Return (TWROR)

Ri= [(Pi-0.5Ci)/ (Po+0.5Ci)-1}*100



= {(539578-0.5(0))/ (500000+0.5(0))-1}*100

= 7.91% p.a.

b) Rate of return for balance investor Investment Instrument Amount Returns Current

Value

HDFC Prudence Fund 1,30,000 Rs. 54.2% p.a. 2,00,460Reliance Vision Fund 1,00,000 Rs. 78.3% p.a. 1,78,300Bank Fixed Deposits 1,00,000 Rs. 6.5% p.a. 1,06,500PPF 70,000 Rs. 8.5% p.a. 75,950Kisan Vikas Patra 1,00,000 Rs. 8.4% p.a. 1,08,400TOTAL 5,00,000 Rs. 6,69,610


Ri= [(Pi-0.5Ci)/ (Po+0.5Ci)-1}*100

= {(669610-0.5(0))/ (500000+0.5(0))-1}*100

= 33.92%p.a.

c) Rate of return for aggressive investor

Investment Instrument Amount Returns CurrentValue

HDFC Core & Satellite Fund 1,30,000Rs.

83.56% p.a. 2,38,628

Prudential ICICI Emerging Star Fund

90,000 Rs. 93.3% p.a. 1,73,790

Franklin Flexi Cap Fund 1,10,000Rs.

86.25% p.a. 2,04,875

Fidelity Equity Fund 80,000 Rs. 82.4% p.a. 1,45,920DSP Top 100 90,000 Rs. 79.28% p.a. 1,61,352TOTAL 5,00,000

Rs.

9,24,565


Ri= [(Pi-0.5Ci)/ (Po+0.5Ci)-1}*100

= {(924565-0.5(0))/ (500000+0.5(0))-1}*100

= 84.91%p.a.



Phase IIScheme Portfolio

Scheme Portfolio:

Like investors portfolio different scheme under mutual fund have different

portfolio. By scheme portfolio we mean portfolio or companies in which fund

manager invested the fund. The selection of companies depend upon many

issue which have great impact in current scenario as well as in near future.

Fund manager has to do lot of research before investing into particular script.



Before going into detail one should understand Sensex movement. Mutual

fund returns are based on Sensex. Their Net Asset Value is directly related to

Share market. The below table shown the Sensex change on monthly basis.

Means what is % change in Sensex during one month.

Sensex Journey

Percentage Changes at the End of the DayDate Opening Closing Change Change in %

30-Sep-08 8,672.66 8,634.48 -38 -0.43

3-Oct-08 8,662.99 8,697.65 35 0.44

31-Oct-08 7,717.07 7,892.32 175 2.26

2-Nov-08 7,953.28 8,072.75 119 1.49

30-Nov-08 8,962.92 8,788.81 -174 -0.19

2-Dec-08 9,010.58 8,961.61 -49 -0.5430-Dec-08 9,339.32 9,397.93 58 0.62

2-Jan-09 9,422.49 9,390.14 -32 -0.33

31-Jan-09 9,892.23 9,919.89 27 0.27

2-Feb-09 9,890.90 9,843.87 -47 -0.47

28-Feb-09 10,308.71 10,370.24 62 0.61

2-Mar-09 10,597.19 10,626.78 29 0.27

31-Mar-09 11,325.96 11,279.96 -46-0.4

1

Percentage Changes at the End of the Month

Date Opening ClosingChange In Closing

Prices Change in %

30-Sep-08 8,672.66 8,634.48 Nil Nil

31-Oct-08 7,717.07 7,892.32742

8.59

30-Nov-08 8,962.92 8,788.81 896 11.35

30-Dec-08 9,339.32 9,397.93 609 6.92

31-Jan-09 9,892.23 9,919.89 522 5.55

28-Feb-09 10,308.71 10,370.24 451 4.54

31-Mar-09 11,325.96 11,279.96 909 8.76



Sensex has boomed with lots of ups and down from last year. It seems veryfluctuating.

For my study purpose I have taken HDFC Equity Fund and HDFC Core &Satellite Fund. What is their portfolio means in which companies the fundmanager invested the fund. How he has allocated funds among variousindustries as well as various companies. After studying both the fund’sportfolio I compare them with reliance Growth fund, Prudential ICICI GrowthFund, DSP Tiger Fund and Kotak Opportunity Fund. Comparison is based on

per month returns and Sensex returns during the same period.



HDFC Equity Fund

Portfolio Top 10 Holdings For October S.No. Company Industry % of NAV

1Oil & Natural Gas CorporationLtd. Oil 9.11

2 State Bank of India Banks 9.02

3 Infosys Technologies Ltd. Software 7.97

4 Satyam Computer Services Ltd. Software 7.68

5 Bharat Heavy Electricals Ltd. Industrial CapitalGoods 7.25

6 Amtek Auto Ltd. Auto Ancillaries 6.05

7 Maruti Udyog Ltd. Auto Ancillaries 5.21

8 United Phosphorus Ltd. Pesticides 4.69

9 Crompton Greaves Ltd.Industrial CapitalGoods 4.67

10 Mahindra & Mahindra Ltd. Auto 4.54

Top 10 Holdings 66.09

Others Equity Holdings 33.91

TOTAL 100



NAV Changed During the Month (GROWTH)

Date NAV Change % Change

1, Oct 2008 93.05531, Oct2008 88.295 -4.76 -5.11

Compare returns with Sensex Movement

Date Closing Change % change

30-Sep-08 8,634.48

31-Oct-08 7,892.32 -742 -8.59

HDFC Equity Fund

Portfolio Top 10 Holdings For December S.No. Company Industry % of NAV



3 Tata Motors Ltd. Auto 8.67






9 Bharat Heavy Electricals Ltd.Industrial CapitalGoods 4.44

10 Maruti Udyog Ltd. Auto Ancillaries 4.36 Top 10 Holdings 62.51


TOTAL 100


Date NAV Change % Change

1, Dec 2008 102.8273o, Dec

2009 107.009 4.182 4.06





30-Nov-08 8,788.81

30-Dec-

08 9,397.93 609 6.92

In the month of December Sensex has grown by 6.92% but fund’s return wereonly 4.06% which indicating towards lower performance of fund.

HDFC Equity Fund

How Fund's Portfolio effected Returns

October December

Industry % Of Allocation Industry % Of Allocation

Software 19.97 Software 20.14Industrial CapitalGoods 13.73 Auto 17.48

Auto 12.73 Industrial Capital Goods 13.77

Banks 9.28 Oil 9.14Oil 9.11 Banks 7.73

Auto Ancillaries 8.68 Auto Ancillaries 7.19

Pesticides 4.69 Pesticides 3.98

Power 4.07Consumer NonDurables 3.27

Transportation 2.74 Transportation 3.15

Petroleum Products 2.41 Metals 2.25

Hardware 2.11 Gas 2.01

Textile 1.92 Pharmaceuticals 1.63

Metals 1.76 Hardware 1.5Pharmaceuticals 1.45 Textile 2.57

Chemicals 0.88 Chemicals 0.82

Telecom-service 0.79

Construction 0.21IT Consulting &Services 0.09

Oct-Dec Month Portfolio

Industry Change

Software 0.17

Auto 4.75

Industry Capital Goods 0.04



Oil 0.03

Banks -1.55

Auto Ancillaries -1.49

Pesticides -0.71

Consumer Non Durables 3.27

Transportation 0.41

Metals 0.51

Gas 2.01

Pharmaceuticals 0.18

Hardware -0.61

Textile 0.66

Chemicals -0.06

Tata Motors Share Benefit

Date Price Change % Change

31, Oct 2008 472

31, dec2008 639.55 167.55 35.49%

Fund manager added auto industry by taking Tata motors to 8.67 % whichhad no exposure in the month of October in the portfolio. During that time TataMotors has grown from 472 to 639.55 Rs means 35.49% increase whichfletched fund performance in to positive. So, fund manager decision of takingTata Motors has proved right.

Amtek Share BenefitDate Price Change % Change

31, Oct 2008 273.7

31, dec2008 297 24 8.79%

Fund manager reduced Amtek exposure in the portfolio by 1.26 % whichproved right because its share price rose only by 8.79% where Sensex wasincreasing at 19.2%.so Amtek performed lower than market so its good to sellthis script from portfolio.

HDFC Equity Fund

Portfolio Top 10 Holdings For AprilS.No. Company Industry % of NAV











9 Siemens Ltd.Industrial CapitalGoods 4.47

10 Amtek Auto Ltd. Auto Ancillaries 3.94 Top 10 Holdings 64.9


TOTAL 100


Date NAV Change % Change Beta

1, Aprl 2009 107.009 0.88

30, Aprl2009 132.31 29.30 23.64

0.88

Compare returns with Sensex movement


30 march09 11329.05

31 april09 14700.01 2677.96 23.64

Industry Wise Allocation

April May


Software 20.14 Software 22.03

Auto 17.48 Auto 18.16

Industry Capital Goods 13.77 Industry Capital Goods 15.35

Oil 9.14 Banks 8.6

Banks 7.73 Oil 7.89


Pesticides 3.98Consumer NonDurables 3.94

Consumer NonDurables 3.27 Pesticides 3.93


Metals 2.25 Gas 2.1

Gas 2.01 Metals 1.85

Pharmaceuticals 1.63 Pharmaceuticals 1.42

Hardware 1.5 Hardware 1.38Textile 2.57 Textile 2.04




Telecom-service 0.79IT Consulting &Services 0.1

Construction 0.21

IT Consulting &

Services 0.09

April-May Month Portfolio

Industry Change

Software 1.89

Auto 0.68


Oil -1.25Banks 0.87


Pesticides -0.05


Transportation -0.29

Metals -0.4

Gas 0.09

Pharmaceuticals -0.19

Hardware -0.12

Textile -0.5Chemicals -0.12

Siemens Share Benefit

Date Price Change % Change Beta30, April 2009 3625.85 1.29

31, May 2009 4486 860.15 23.72 1.4

Add siemens to 4.47 which had no exposure in the month of December in theportfolio. During that time siemens has grown from 3625.85 to 4486 Rs means23.72% increase which fletched fund performance at good rate.



HDFC Equity Fund

Portfolio Top 10 Holdings For February

S. No. Company Industry % of NAV








8 ITC Ltd.Consumer NonDurables 5.97




TOTAL 100

NAV Changed During the Month (GROWTH)Date NAV Change % Change Beta

1, Feb 2009 113.063 0.83

28, Feb2009 116.844 3.781 3.344

0.83



31-Jan-06 9236

28-Feb-06 8800 436 -4.72




January February

Industry% Of

Allocation Industry% Of

Allocation

Software 22.03 Software 21.06Auto 18.16 Industry Capital Goods 17.32

Industry Capital Goods 15.35 Auto 12.59

Banks 8.6 Consumer Non Durables 10.16

Oil 7.89 Auto Ancillaries 8.9

Auto Ancillaries 6.65 Banks 7.92

Consumer Non Durables 3.94 Oil 6.58



Gas 2.1 Metals 1.78

Metals Pharmaceuticals 1.45Pharmaceuticals 1.42 Hardware 1.29

Hardware 1.38 Textile 2.09

Textile 2.04 Chemicals 0.67

Chemicals 0.7 IT Consulting & Services 0.12

IT Consulting & Services 0.1

Jan-Feb Month

PortfolioIndustry Change

Software -0.97


Auto -5.57Consumer NonDurables 6.22

Auto Ancillaries 2.25

Banks -0.68

Oil -1.31

Pesticides -0.23Transportation -0.62

Metals -0.07

Pharmaceuticals 0.03

Hardware -0.09

Textile 0.05

Chemicals -0.03IT Consulting &Services 0.02

ITC Share Benefit





28-Feb-06 8800

31-Mar-06 9568.14 768.14 8.73


February March




Auto 12.59Consumer NonDurables 12.46

Consumer NonDurables 10.16 Auto 11.37

Auto Ancillaries 8.9 Banks 7.88

Banks 7.92 Auto Ancillaries 7.67

Oil 6.58 Oil 3.86

Pesticides 3.7 Media & Entertainment 3.29Transportation 2.32 Pesticides 2.87

Metals 1.78 Telecom- Services 2.65

Pharmaceuticals 1.45 Metals 2.13

Hardware 1.29 Transportation 1.86

Textile 2.09 Hardware 1.81

Chemicals 0.67 Textile 2.05IT Consulting &Services 0.12 Pharmaceuticals 1.09

Chemicals 0.87

IT Consulting &Services 0.08

Feb-March Month Portfolio

Industry Change

Software -2.97



Auto -1.22

Banks -0.04


Oil -2.72



10 ITC Limited Consumer Non Durables 3




1, Jan 2009 68.7 0.98

31, Jan2009 70.42 1.72 2.5

0.98

In January, ICICI Growth Fund has given only 2.5% returns where HDFCEquity Fund has given 5.34% returns. So we can say that HDFC hasperformed better in January.

Reliance Industry Share Benefit


31, Dec 2008 897.85

31, Jan 2009 713.9 -183.95 -20.4

In the month of January Reliance Industry’s share price has come down to713.9 Rs which is 20.4% lesser than December price. ICICI has exposure of reliance industry in to portfolio which harms the fund’s overall returns.

Jai Prakash Associate Share’s Benefit


31, Dec 2008 379.9

31, Jan 2009 408.25 28.35 7.46



ICICI has exposure of Jai Prakash Associates which has rose by 7.46% inJanuary month. HDFC Mutual fund did not have Jai Prakash’s exposure intheir portfolio.

Prudential ICICI Growth FundFebruary

S. No Companies Industry % of NAV

1 Bharat Heavy Electricals LimitedIndustrial CapitalGoods 4.84

2 Jaiprakash Associates Ltd Construction 4.14

3 Reliance Industries Limited Petroleum Products 3.99

4 ITC LimitedConsumer NonDurables 3.82

5 Grasim Industries Limited Cement 3.73

6Associated Cement CompaniesLtd Cement 3.71

7 Bajaj Auto Limited Auto 3.68


9 Mahindra & Mahindra Limited Auto 3.44

10 Oil & Natural Gas Company Ltd Oil 3.44






1, Feb 2009 70.42 0.9628, Feb2009 71.79 1.37 1.94

0.96

In February market has boomed by 4.54% where HDFC Equity fund has given3.33% returns. So it has performed similar to market trend but ICICI Growthfund has given only 1.94% in same period. So, we can say that this fund hasperformed lower than market.

Prudential ICICI Growth FundMarch

S. No Companies Industry % of NAV

1 Bharat Heavy Electricals LimitedIndustrial CapitalGoods 4.84%

2 Reliance Industries Limited Petroleum Products 4.64%

3 Larsen & Toubro LimitedIndustrial CapitalGoods 4.03%

4 ITC LimitedConsumer NonDurables 3.91%

5 Siemens India LimitedIndustrial CapitalGoods 3.82%

6 Bajaj Auto Limited Auto 3.52%

7Associated Cement CompaniesLtd Cement 3.49%

8 Mahindra & Mahindra Limited Auto 3.32%

9 Cipla Limited Pharmaceuticals 3.28%

10 Grasim Industries Limited Cement 3.17%






1, March2009 71.79

0.78

31, March

2009 80.94 9.15 12.74

0.78

ICICI Growth fund has grown up by 12.74% in March where HDFC EquityFund has grown only by 8.8%

CIPLA Share’s Benefit


31, Dec 2008 552.15

31, Jan 2009 662.25 110.1 19.94

ICICI has CIPLA script in their portfolio which has grown to 662.25 Rs. It hasrose by 19.94% in March month. HDFC did not have CIPLA’s exposure. Thisscript has the main reason behind ICICI better performance over HDFC.

Reliance Growth Fund

January

S. No. Companies % of NAV

1Bharat Earth MoversLtd. 4.96



6 Crompton Greaves Ltd. 2.57

7 Jaiprakash Associates 2.31

8 Strides Arcolabs Ltd. 2.16

9 Jindal Saw Ltd. 2.1

10 JSW Steels Ltd. 2.04


S.

No. Industry % Of Allocation

1Industry CapitalGoods 10.76

2 Industrial Products 10.19

3Consumer NonDurable 8.37

4 Software 8.17

5 Pharmaceuticals 7.78

6 Banks 7.19

7 Ferrous Metals 6.98

8 Petroleum Products 5.95

9 Chemicals 4.55

10 Construction 3.11

11 Fertilizers 2.78

12 Telecom Services 2.56

13 Auto 2.34

14 Auto Ancillaries 2.19

15 Pesticides 2.14

NAV Changed During the Month(GROWTH)


1, Mar 2009 207.15 0.87

31, Mar 2009 229.76 22.61 10.91 0.87

Reliance growth fund has given 10.91% returns to investors in the month of March where market has boomed by only 8.4%. In the same month HDFCEquity fund has given only 8.84 % returns.

Kirloskar Brother Share’s Benefit




28, Feb 2009 196.55

31, Mar 2009 291.7 95.15 48.41

Kirloskar Brother Share price has risen from 196.55 to 291.7 Rs. This means48.41% increase in March month. HDFC Mutual Fund had not this script intotheir portfolio.

Bombay Dyeing Share’s Benefit


28, Feb 2009 375.35

31, Mar 2009 596 220.45 58.71

Bombay Dyeing shares have grown by 58.71% where the overall Sensex hasgrown only by 8.76% Reliance has 4.18% exposure to this script.

JSW Steel Share’s Benefit


28, Feb 2009 205.1

31, Mar 2009 302.85 97.75 47.61

In the month of March JSW Steel has moved to 302.85 Rs which was 47.61%increase. Reliance has 2.04% exposure to this script.



HDFC Equity Fund

February

S. No. Company % of NAV

1 Infosys Technologies Ltd. 8.78

2 State Bank of India 7.92

3 Satyam Computer Services Ltd. 7.24

4 Bharat Heavy Electricals Ltd. 7.05

5 Oil & Natural Gas Corporation Ltd. 6.58

6 Tata Motors Ltd. 6.55

7 Maruti Udyog Ltd. 6.04

8 ITC Ltd. 5.97

9 Amtek Auto Ltd. 5.48


11 Siemens Ltd. 4.25

12 United Phosphorus Limited 3.7

13 Nestle India Ltd. 2.87

14 Balkrishna Industry Ltd. 2.5

15 I-flex Solutions Limited 2.42

16 Container Corporation of India Ltd. 2.32

17 HCL Technology Ltd. 2.29

18 ISMT Ltd. 1.78

19Dishman Pharmaceuticals &Chemicals 1.45

20 Britannia Industries Limited 1.32

21 CMC Ltd. 1.29

22 Larsen & Toubro Ltd. 1.22

23 Indo Rama Synthetics (India) Limited 1.06

24 Himatsinka Seilde Ltd. 1.03

25 J K Industries Limited 0.92

26 Savita Chemicals Limited 0.67

27 Datamatics Technologies Limited 0.33

TOTAL 100



March

S.No. Company % of NAV

1 Infosys Technologies Ltd. 8.72


3 ITC Ltd. 7.81

4 Satyam Computer Services Ltd. 6.86

5 Tata Motors Ltd. 5.87

6 Bharat Heavy Electricals Ltd. 5.71

7 Maruti Udyog Ltd. 5.5


9 Siemens Ltd. 4.78

10 Amtek Auto Ltd. 4.57

11 ONGC 3.86

12 Zee Tele films Ltd. 3.29

13 United Phosphorus Limited 2.87

14 Nestle India Ltd. 2.78

15 Bharti Tele-ventures Ltd. 2.65

16 Balkrishna Industry Ltd. 2.35

17 HCL Technology Ltd. 2.25

18 ISMT Ltd. 2.13

19 Hindustan Lever Ltd. 1.87

20 Container Corporation of India Ltd. 1.86

21 CMC Ltd. 1.81

22 Larsen & Toubro Ltd. 1.8

23 Himatsinka Seilde Ltd. 1.15

24Disahman Pharmaceuticals &Chemicals 1.09

25 Indo Rama Synthetics (India) Limited 0.9

26 Savita Chemicals Limited 0.87

27 J K Industries Limited 0.75

28 Datamatics Technologies Limited 0.26

TOTAL 100



Change in Portfolio

Companies Change

United Phosphorus Limited -0.83

Tata Motors Ltd. -0.68

State Bank of India -0.04

Siemens Ltd. 0.53

Savita Chemicals Limited 0.2

Satyam Computer Services Ltd. -0.38

ONGC -2.72

Nestle India Ltd. -0.09

Maruti Udyog Ltd. -0.54

Larsen & Toubro Ltd. 0.58

J K Industries Limited -0.17ITC Ltd. 1.84

ISMT Ltd. 0.35

Infosys Technologies Ltd. -0.06

Indo Rama Synthetics (india) Limited -0.16

Himatsinka Seilde Ltd. 0.84

HCL Tecnology Ltd. -1.14Disahman Pharmaceuticals &Chemicals 0.8

Datamatics Technologies Limited 0.76

Crompton Greaves Ltd. -4.54

Container Corporation of India Ltd. 2.74

CMC Ltd. 0.57

Bharat Heavy Electricals Ltd. -5.24

Balkrishna Industry Ltd. 0.15

Amtek Auto Ltd. 0.23

Zee Tele Films Ltd. 3.29

Bharti Tele-ventures Ltd. 2.65

Hindustan Lever Ltd. 1.87

I-Flex Solution Ltd. -2.42

Britannia Industry Ltd. -1.32

Zee Tele Films Share's Effect


28, Feb 2009 176.6

31, Mar 2009 239 62.4 35.33



Fund adds exposure of zee tele films into portfolio by 3.29 % which hasincreased by 35.33% during March. In the same time period market hasboomed only by 8.76%.

I- Flex Share's Effect


28, Feb 2009 1063.5

31, Mar 2009 1327 263.5 24.77

Fund eliminate I flex solution from its portfolio which has increased by 24.77%during March.

Hindustan Lever Ltd. Share's Effect


28, Feb 2009 243.7

31, Mar 2009 272 28.3 11.61

Fund added Hindustan Lever Ltd. into their portfolio which has risen by11.61% during March.

ITC Ltd. Share's Effect


28, Feb 2009 172.45

31, Mar 2009 195.15 22.7 13.16

Fund added ITC Ltd. into portfolio which has risen 13.16% during March.

Crompton greaves Ltd. Share's Effect


28, Feb 2009 892

31, Mar 2009 1049.5 157.5 17.61

Fund reduces the share of Crompton from portfolio which has increased by17.61% during March.



Core & Satellite Fund

Nature of scheme : Open ended growth scheme

Objective: To generate capital appreciation through equity investment in

companies whose shares are quoting at prices below their true value.

Fund Manager : Dhawal Mehta

Inception Date : September 17, 2004


Portfolio Top 10 Holdings For October

S. No. Company Industry % To NAV


2 Bharat Heavy Electricals Ltd.

Industrial Capital

Goods 7.953 Infosys Technologies Ltd. Software 7.73



6 ITC Ltd.Consumer CapitalGoods 5.27


8 Hindalco Industries Ltd. Non- Ferrous Metals 4.74


10

Hindustan Construction Company

Ltd. Construction 4.07 Top 10 Holdings 61.28


TOTAL 100



1, oct 2008 17.18 1.0331, oct 2008 15.699 (-1.481) (-8.6) 1.03



30-Sep-08 8,634.48

31-Oct-08 7,892.32 (-742)

(-8.59)




Portfolio Top 10 Holdings For December

S. No. Company Industry% ToNAV


2 Bharat Heavy Electricals Ltd. Industrial Capital Goods 6.65




6 Crompton Greaves Ltd. Industrial Capital Goods 5.35

7 Hindustan Construction Company Ltd. Construction 5.18

8 ITC Ltd. Consumer Non Durable 5.15


10 Hindustan zinc Ltd. Non- Ferrous Metals 3.75



Total 100



1, Dec 2008 17.542 0.87

30, Dec2008 18.822 1.28 7.2

0.87

Compare returns with SensexMovement


30-Nov-08 8,788.81

30-Dec-

08 9,397.93 609 6.92


October December

Industry % Of Allocation Industry% Of

Allocation



Banks 12.61 Auto Ancillaries 10.76

Auto Ancillaries 11.12 Banks 9.75Non-Ferrous Metals 8.48 Non-Ferrous Metals 7.89



Auto 7.17 Auto 6.33

Pesticides 5.42 Construction 5.18

Consumer Non Durable 5.27 Consumer Non Durable 5.15

Construction 4.07 Pesticides 4.96

Industrial Products 2.67 Industrial Products 2.94


Consumer Durables 1.29 Consumer Durables 1.43

Power 0.53

Oct-Dec month portfolio

Industry Change

Industry Capital Goods -0.73

Software -1.58


Banks -2.86

Non-Ferrous Metals -0.59

Auto -0.84

Construction -0.5

Consumer Non Durable 1.11

Pesticides -0.12

Industrial Products 0.27

Chemicals 0.41

Consumer Durables 0.14

Hindustan Construction Ltd. ShareBenefit

Date Price Change % Change31, Oct2008 853.85

31, Dec2008 127.2

Fund bought Hindustan Construction Ltd. shares.


Portfolio Top 10 Holdings For January








7 ITC Ltd. Consumer Non Durable 5.268 Hindustan zinc Ltd. Non- Ferrous Metals 5.25







Total 100



1, Jan 2009 18.822 0.90

31, Jan2009 20.609 1.78 9.49

0.90

Compare returns with Sensexmovement


30-Dec-08 9,397.93

31-Jan-09 9,919.89 522 5.55


December January


Industry Capital Goods 21.42Industry CapitalGoods 24.12


Auto Ancillaries 10.76 Non-Ferrous Metals 10.04

Banks 9.75 Banks 9.73

Non-Ferrous Metals 7.89 Auto Ancillaries 8.99

Auto 6.33 Auto 8.48

Construction 5.18

Consumer Non

Durable 5.26Consumer Non Durable 5.15 Pesticides 3.91



Chemicals 2.12 Consumer Durables 1.43

Consumer Durables 1.43 Chemicals 1.01

Dec-Jan month portfolio

Industry Change


Software 2.96Non-Ferrous Metals 2.15



Banks -0.02


Auto 2.15


Pesticides -1.05

Construction -1.45

Industrial Products 0.58

Consumer Durables Nil

Chemicals -1.11

Infosys Share effect


31, Dec2008 2979.4

31, Jan 2009 2880.3 -99.1 3.33

Fund has increased the share of Infosys in to portfolio by 3.5%. The shareprice of Infosys during that time period has failed down to 2880.3 Rs. Its3.33% lower than the price in the beginning of January.


Portfolio Top 10 Holdings For February



2 Tata Motors Ltd. Auto 8.743 Infosys Technologies Ltd. Software 8.53





8 ITC Ltd. Consumer Non Durable 5.7


10 Bharti Shipyard Ltd. Industrial Capital Goods 3.84


Others Equity Holdings 34.39 Total 100



1, Feb 2009 20.609 0.91

28, Feb2009 21.159 0.55 2.66

0.91




DateClo

sing Change%Change

31-Jan-09 9,919.89

28-Feb-09 8800 1119.89 -11.29

In February fund has given 2.66% returns on investment but in the same timeSensex has decreased by 4.54%. So, fund has performed higher than markettrend.


January February




Non-Ferrous Metals 10.04 Banks 10.79

Banks 9.73 Non-Ferrous Metals 10.27


Auto 8.48 Auto 8.74Consumer Non Durable 5.26 Consumer Non Durable 5.7


Construction 3.73 Construction 3.63


Consumer Durables 1.43 Power 2.62

Chemicals 1.01 Consumer Durables 1.49

Chemicals 0.89

Jan-Feb month portfolio

Industry Change


Software -0.36

Banks 1.06

Non-Ferrous Metals 0.23

Auto Ancillaries 0.03

Auto 0.26


Pesticides -0.13

Construction -0.16

Industrial Products -0.01

Power 2.62




Chemicals -0.12

United Phosphorus Ltd. Share’s effect

Date Price Change % Change31, Jan

2009 27228, Feb2009 270 2 0.07

Reduce the share of united phosphorus ltd. from portfolio. The share price of united has fall during February.


Portfolio Top 10 Holdings For March








7 ITC Ltd.Consumer NonDurable 6.62



10Hindustan Construction CompanyLtd. Construction 3.84



Total 100





1, Mar 2009 21.159 0.86

31, Mar 2009 23.82 2.661 12.57 0.86

Compare returns with SensexMovement


28-Feb-06 8800

31-Mar-06 11,279.96 2479.96 28.18


February March




Banks 10.79 Non-Ferrous Metals 11.63

Non-Ferrous Metals 10.27 Banks 10.62


Auto 8.74 Auto 7.99Consumer Non Durable 5.7 Consumer Non Durable 6.62


Construction 3.63 Power 3.16

Industrial Products 3.51 Pesticides 3.15

Power 2.62 Industrial Products 3

Consumer Durables 1.49 Consumer Durables 1.51


Feb-March month portfolioIndustry Change


Software -1.51

Non-Ferrous Metals 1.34

Banks -0.18


Auto -0.75


Construction 0.21

Power 0.54Pesticides -0.63



Industrial Products -0.51


Chemicals 0.02

Bharti Shipyard Ltd. Share's effect


28, Feb 2009 383.8531, March2009 384.5 0.65 0.016

Reduce the share of Bharti ship yard in the month of March. The price of bhatri’s share has just increased by 0.016 % in March. Where the over all

share market has boomed by 8.76%. in the same time fund increased theshare of Crompton greaves in the portfolio which was boomed by 17.57%.

Portfolio as of January 31, 2009

DSP Merrill Lynch India T.I.G.E.R Fund Company Industry % to NAV

L&TIndustrial CapitalGoods 4.79

RelianceIndustries Petroleum Products 4.65

BHELIndustrial CapitalGoods 4.64

ONGC Oil 3.05

SiemensIndustrial CapitalGoods 2.95

ThermaxIndustrial CapitalGoods 2.74

Grasim Industries Cement 2.67

Jyoti StructuresIndustrial CapitalGoods 2.65

HDFC Finance 2.18CromptonGreaves

Industrial CapitalGoods 2.15



1, Jan 2009 21.5 1.6

31, Jan2009 23.62 2.12 9.86

1.6



L&T share price


1, Jan 2009 1825.65

31, Jan 2009 2172.1 346.45 18.97

DSP fund has given more returns than HDFC Core & Satellite fund. DSP hasexposure of L&T which has grown by 18.97% during January. In January market has grown up onlyby 5.55%.

Portfolio as of February 28, 2006

DSP Merrill Lynch India T.I.G.E.R Fund Company Industry % to NAV

L&TIndustrial CapitalGoods 4.29%

BHELIndustrial CapitalGoods 4.25%

Reliance Industries Petroleum Products 3.74%Grasim Industries Cement 3.14%

SiemensIndustrial CapitalGoods 2.99%

BharatiTeleVentures Telecom- Services 2.67%

ThermaxIndustrial CapitalGoods 2.55%

ONGC Oil 2.27%HDFC Finance 2.19%

Jyoti StructuresIndustrial CapitalGoods 2.14%



1, Feb 2009 23.62 1.78

28, Feb2009 24.46 0.84 3.55

1.78

Grasim Industries share's price




1, Feb 2009 1454.2528, Feb2009 1742.6 288.35 19.82

DSP has given 3.55% returns where HDFC has given only 2.55% returns in themonth of February. DSP has exposure of Grasim Industry in their portfolio. Grasimhas increased by 19.82% during February month.

Portfolio as of March 31, 2009DSP Merrill Lynch India T.I.G.E.R Fund

Company Industry% toNAV

Reliance Industries Petroleum Products 5.87%Reliance Communications Telecom- Services 4.41%BHEL Industrial Capital Goods 4.28%Grasim Industries Cement 3.56%L&T Industrial Capital Goods 3.48%Bharati TeleVentures Telecom- Services 3.17%Siemens Industrial Capital Goods 2.82%Thermax Industrial Capital Goods 2.56%Jyoti Structures Industrial Capital Goods 2.26%

Crompton Greaves Industrial Capital Goods 2.13%



1, Mar 2009 24.46 1.6931, Mar 2009 27.36 2.9 11.85 1.69

Hindalco share's price

Date Price Change % change

1, Mar 2009 75



31-Mar-09 182.7 107.7 143.6

In March, DSP has given 11.85% returns where HDFC has given 12.54%returns. HDFC had Hindalco in their portfolio which has grown by 143.6% in

March.

ICICI Dynamic Plan

January Portfolio


1 Deccan Chronicle Holdings Ltd 7.182 Subex Systems Limited 4.02

3 Hindalco Industries Limited 3.89

4 E.I.D. Parry (India) Limited 3.49


6 Bajaj Hindustan Limited 3.35

7 Reliance Industries Limited 3.18

8 Larsen & Toubro Limited 3.12

9Sterlite Industries (India)Limited 2.98

10 Grasim Industries Limited 2.98






1, Jan 2009 42.68 0.91

31, Jan

2009 44.51 1.83 4.28

0.91

Sterlite share's price


1, Jan 2009 1074.7531, Jan

2009 1363.45 288.75 26.86

Fund has 2.98% exposure of sterlite which has grown 26.86% in Januarymonth.

ICICI Dynamic PlanFebruary Portfolio




1 Deccan Chronicle Holdings Ltd 8.65

2 Jain Irrigation Systems Limited 4.5

3 Subex Systems Limited 4.01




7 Hindalco Industries Limited 3.21

8 Reliance Industries Limited 3.16

9Century Textiles & IndustriesLtd 3.14

10 Amtek Ltd. 3.01




1, Feb 2009 44.51 0.98

28, Feb2009 46.22 1.71 3.64

0.98

Century textile share's price




1, Feb 2009 2.928, Feb2009 2.9 Nil Nil

Dynamic plan has 3.14% exposure of this script which has grown by 0 %means its share price remained same during the month of February.

ICICI Dynamic PlanMarch Portfolio


1 Deccan Chronicle Holdings Ltd 7.312 Reliance Industries Limited 5.17

3Triveni Engineering & IndustriesLtd 4.98

4 Jain Irrigation Systems Limited 3.89

5 Subex Systems Limited 3.7

6 Century Textiles & Industries Ltd 3.46


8 Tata Consultancy Services Limited 3.18








1, March2009 46.22

0.95

31, March2009 53.35 7.13 15.42

0.95

Triveni share's price


1, Mar 2009 76.95

31-Mar-09 125.95 49 64.47

Fund has increased triveni sharein portfolio to 4.98% which has grown by

64.47% during March.

Kotak OpportunityJanuary

S. No. Companies Industry % of NAV

1 National Aluminium Company Ltd Non - Ferrous Metals 6.662 Larsen And Toubro Ltd. Industrial Capital 5.49



Goods


4 Punjab National Bank Banks 4.12



7 Shree Renuka Sugars Ltd.Consumer NonDurables 3.5


9 Areva T and D India Ltd.Industrial CapitalGoods 3.23

10 Alembic Ltd. Pharmaceuticals 3.11




1, Jan 2009 20.45 1.2531, Jan2009 22.021 1.571 7.68

1.25

Kotak OpportunityFebruary

S. No. Companies Industry % of NAV

1 Bajaj Auto Ltd. Auto 5.86

2 Larsen And Toubro Ltd.Industrial CapitalGoods 5.31


4 Punjab National Bank Banks 4.51




6 Tata Steel Limited. Ferrous Metals 4.2

7 Areva T and D India Ltd.Industrial CapitalGoods 3.47

8 Balrampur Chini Mills Ltd

Consumer Non

Durables 3.46

9Satyam Computer ServicesLtd. Software 3.25

10 Jindal Steel & Power Ltd. Ferrous Metals 3.18




1, Feb 2009 22.021 1.12

28, Feb 2009 23.225 1.2 5.46 1.12

Kotak OpportunityMarch

S. No. Companies Industry% of NAV

1 Jindal Steel & Power Ltd. Ferrous Metals 5.1

2 Tata Steel Limited. Ferrous Metals 4.64

3 National Aluminium Company Ltd Non - Ferrous Metals 4.38

4 Sterlite Industries (India) Ltd Non - Ferrous Metals 4.17


6 Larsen And Toubro Ltd. Industrial Capital Goods 3.92

7 Maharashtra Seamless Ltd. Ferrous Metals 3.49

8 Ultratech Cement Ltd. Cement 3.37



9 Tata Chemicals Ltd. Fertilizers 3.27

10 Bajaj Auto Ltd. Auto 3.25



Date NAV Change % Change Beta1, March2009 23.225

1.20

31, March2009 25.89 2.66 11.47

1.20

CONCLUSION

The performance of mutual funds in India in the initial phase was not even

closer to satisfactory level. People rarely understood, and of course investing

was out of question. But yes, some 24 million shareholders were accustomed

with guaranteed high returns by the beginning of liberalization of the industry

in 1992. This good record of UTI became marketing tool for new entrants. The

expectations of investors touched the sky in profitability factor. However,

people were miles away from the preparedness of risks factor after the

liberalization.

The annual composite rate of growth is expected 13.4% during the rest of thedecades. In the last 5 years we have seen annual growth rate of 9%.



According to the current growth rate, by year 2010, mutual fund assets will be

double.

The government is also helping in boosting mutual fund industry. Government

is emphasizing a lot on infrastructure development and social spending and

yet targeting a lower fiscal deficit. FIIs continued to be positive on emergingmarkets in general and the Indian markets in particular. FIIs buying have

considerable portion in mutual funds buying.

Key Points:

• Almost 100% growth in the last 6 years.(excepting 2008)

• Our saving rate is over 30%, highest in the world. Only channel zing

these savings in mutual funds sector is required.

•

We have some 70 mutual funds which are much less than US havingmore than 800. There is a big scope for expansion.

• 'B' and 'C' class cities are growing rapidly. Today most of the mutual

funds are concentrating on the 'A' class cities. Soon they will find scope

in the growing cities.

• SEBI allowing the MFs to launch commodity mutual funds.

• This year budget has increased the limit of investment in overseas

market by mutual funds to 33-35%.

• During last financial year investment habit of India has increased by

25 % and it is expected to grow by 30 % this year.

RECOMMENDATIONS

Studying the mutual fund industry I came to know that there are more then

700 types of funds available in the market. What I see that most of the fundmanagers who are investing in equity market are putting their funds into large

cap funds which is of course more secure but it is giving less return to the

investors. i thought of preparing my own portfolio by investing 25 percent in

money market and the rest of the 75 percent in mid cap equity To provide

investors with opportunities for long term growth in capital along with the

liquidity of an open ended scheme by investing predominantly in a well

diversified basket of equity stocks of companies and in debt and money

market instruments.. The portfolio is mentioned below:-

EQUITY



Company Name % of Net Assets

Maharashtra Seamless Ltd 4.61

Infotech Enterprises Limited 4.33

Kesoram Industries Ltd 4.02

Gitanjali Gems Ltd. 3.18KEC International Ltd. 3.08

Nagarjuna Construction Company Ltd 3.06

Thermax Limited 3.02

Pantaloon Retail (India) Ltd. Equity 2.89

Eastern Silk Industries Limited 2.81

3 i Infotech Limited. 2.68

Crompton Greaves Ltd 2.65

Welspun Gujarat Stahl Rohren Ltd 2.65

Hotel Leela Venture Ltd 2.51

Adlabs Films Limited 2.23Mangalam Cement Ltd 2.19

Amtek Auto Ltd 2.17

KEI Industries 2.14

Elecon Engineering Company Ltd 2.09

India Cements Ltd 1.79

IVRCL Infrastructure & Projects Ltd. 1.67

Raymond Ltd 1.61

Opto Circuit Ltd. 1.52

SKF Bearings India Ltd 1.48Crest Animation Studios Ltd 1.46

Ansal Properties & Industries Ltd 1.36

Gujarat Mineral Development Corporation Limited 1.3

Lupin Ltd. 0.97

Deepak Fertilizers & Petrochemicals Corp Ltd 0.93

Usha Martin Ltd 0.93

RPG Transmission Ltd 0.86

Gujarat State Petronet Ltd. 0.78

Jagran Prakashan Ltd 0.75

Rajshree Sugars & Chemicals Ltd 0.66

Indo Asian Fuse Gear Ltd 0.65

Sri Adhikari Brothers Television Network Ltd 0.58

Global Vectra Helicorp Ltd 0.37

Sagar Cements Ltd 0.32

Bharati Shipyard 0.3

PVR Ltd. 0.3

K E C Infrastructure Ltd. 0.28

Dwarikesh Sugar Industries 0.26

Tanla Solutions Ltd 0.17Mahindra Ugine Steel Company Ltd 0.16



Redington India Ltd. 0.15

Suryalakshmi Cotton Mills Ltd 0.15

Top Industry Allocation

Industry Allocation

Steel 8.35%

Computers - Software & Education 7.18%

Housing & Construction 6.09%

Textiles 5.85%

Diversified 5.63%

Electricals & Electrical Equipments 5.44%

Engineering & Industrial Machinery 5.11%

Entertainment 4.57%Cement 4.30%

Power Generation, Transmission & Equip 3.94%

Asset Allocation

Equity Debt Money Market

74.06 - 25.94

MY LEARNING FROM PROJECT

I have learnt many things which I might not be able to learn under

class room training like looking at the stock market terminal and

analyzing the stocks and thereby deducing about their performance and thus designing the portfolio on the basis of their

performances. I want to share some of experience or learning with

you.

• First and the most important I learnt about Mutual Fund

Industry. Before this project I dint have much knowledge

about Mutual funds. But now I have good knowledge about

Mutual Funds.



• I learnt about marketing elements also. How the companies,

banks and brokerage houses market their products in front of

customer in presence of competitor’s products.

• I learnt about mutual funds as well as other products like

insurance, DMAT account, IPO, some of banking product

and transactions and some financial services offered by

Angel Broking Ltd.

• I also learnt about the risk factor calculation of the mutual

funds, how the various broking firms calculate the risk factors

of various mutual funds.

WEBOGRAPHY

hdfcfund.com

google.com

altavista.com

investmart.com

icicidirect.com

amfiindia.com nseindia.com

mutualfundsindia.com



BIBLIOGRAPHY

Book on “Portfolio Management” by ICFAI Press

Magazine “AAG” by HDFC Bank, April issue. Business world

angle broking analysis of portfolio of mutual funds[1]

Documents