performance analysis of selected mutual funds

STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES

Surana College P.G Centre -1- Harsha .B.N

A Dissertation Report on

‘A STUDY ON PERFORMANCE

OF SELECTED MUTUAL FUND SCHEMES.’

Submitted

In partial fulfillment of the requirement

of award of

Master of Business Administration

Submitted By

B.N. HARSHA

Reg No: 08KXCM6065

Under the guidance of

Mrs. Poornima.S

Bangalore University

SURANA COLLEGE CENTRE FOR POST GRADUATE STUDIES

#17, Kengeri Satellite Town

Bangalore-60



Declaration

I BN. Harsha bearing Reg No 08KXCM6065 do hereby declare that

the Project entitled „A Study on the Performance Analysis of Selected

Mutual Funds‟ is an original work carried out by me under the

guidance of Mrs. Poornima.S and has not been presented earlier for

any other University for the award of degree in “Master of Business

Administration” of Bangalore University.

Place: Bangalore B.N HARSHA

Date: (08KXCM6065)



ACKNOWLEDGEMENT

The successful accomplishment of any task is incomplete without

acknowledging the contributing personalities who both assisted and inspired

and lead us to way of success.

I thank our Director Dr. V. Prabhu Dev for giving us an opportunity to undertake

the dissertation in our area of interest and discover our true potential while

undertaking this project.

My sincere thanks to Mrs. Poornima.S, my guide for this project to whom I am

deeply grateful and highly indebted for the constant support and guidance

without which it would not have been possible for me to complete this project.

I would also like to thank Mr. Manavzhagan for contributing a lot of insights and

providing me constant support.

Last but not the least I thank my dearest PARENTS, FRIENDS for their

continued support.

I would also like to thank all those who contributed to this project in any manner.

Place: Bangalore B.N. HARSHA

Date:



EXECUTIVE SUMMARY

This project is about studying and analyzing the performance of a few selected mutual fund

schemes. Today an investor is interested in tracking the value of his investments, whether

invested directly in the market or indirectly through Mutual Funds. This dynamic change has

taken place because of a number of reasons. With globalization and the growing competition

in the investments opportunity available he would have to make guided and rational decisions

on whether he gets an acceptable return on his investments in the funds selected by him, or if

he needs to switch to another fund.

In order to achieve such an end the investor has to understand the basis of appropriate

preference measurement for the fund, and acquire the basic knowledge of the different

measures of evaluating the performance of the fund. Only then would he be in a position to

judge correctly whether his fund is performing well or not, and make the right decision.

The main objective of this study is to analyze the performance of the mutual fund schemes in

terms of risk and return. The report deals with a comparative study of ten selected balanced

mutual fund schemes of different AMC‟s. The study is based on data collected for a period of

one year.

The funds have also been ranked according to the three different performance measures

which are Sharpe‟s Ratio, Tenor‟s Ratio and Jensen‟s Measure.

Reliance Regular Savings Balanced Fund has outperformed all the other funds, as it has

yielded the highest return.

Birla Sun Life 95 Fund has the lowest risk among all the selected funds, as it has the lowest

Beta among all the funds.

Franklin Templeton India Balanced Fund has delivered more consistent returns, as it has the

lowest Standard Deviation.

In terms of size UTI Balanced Fund is the largest fund, as it has Net Assets of Rs. 1057.19

crore, which is the highest among all the selected funds.

Comparing the overall performance of all the selected mutual fund schemes, HDFC Balanced

Fund has been the best mutual fund scheme, as it has the best ranking as per both Sharpe &

Treynor and also the second ranking according to Jensen‟s measure.



1

2

3

4

5

6

Introduction

Research Design

Industry Profile & Company Profile

Data Analysis & Interpretation

Findings, Conclusions & Suggestions

Bibliography

Annexure

01-17

18-25

26-56

57-69

70-72

73

74-83

Sl. NO Particulars Page Number

TTaabbllee ooff CCoonntteennttss




1

2

3

4

5

6

Showing Returns of the Funds

Showing Beta of the Funds

Showing Standard Deviation of the Funds

Showing Sharpe‟s Ratio of the Funds

Showing Treynor‟s Ratio of the Funds

Showing Jensen‟s Measure of the Funds

57

59

61

63

65

67

LLiisstt ooff TTaabblleess



LLiisstt ooff GGrraapphhss


1

2

3

4

5

6

7

Showing Growth in AUM

Showing Returns of the Funds

Showing Beta of the Funds

Showing Standard Deviation of the Funds

Showing Sharpe‟s Ratio of the Funds

Showing Treynor‟s Ratio of the Funds

Showing Jensen‟s Measure of the Funds

07

58

60

62

64

66

68



CHAPTER-1

INTRODUCTION



CHAPTER-1

INTRODUCTION

Investment refers to the process of commitment of funds with the objective of earning

additional income or capital appreciation or both.

Savings form an important part of the economy of any nation. With savings invested in

various options available to the people, the money acts as the driver for growth of the

country. Indian financial scene too presents multiple avenues to he investors. Though

certainly not the best or deepest of markets in the world, it has ignited the growth rate in

mutual fund industry to provide reasonable options for an ordinary man to invest his savings.

Investment goals vary from person to person. While somebody wants security, others might

give more weightage to returns alone. Somebody else might want to plan for his child‟s

education while somebody might be saving for life after retirement. With objectives defying

any range, it is obvious that the products required will vary as well. Today an investor has a

lot of investment alternatives to choose from in the market such as shares, debentures, mutual

funds, Government securities etc.

The investor has to make a wise choice keeping in mind various factors such as objective of

investment, risk associated with the investment, tax benefits, liquidity, marketability etc.

But it is not an easy task for the investor to identify the right avenue for investment due to

many investment constraints such as lack of resources and time to conduct research etc.

Mutual Fund is a trust that pools the savings of a number of investors who share a common

financial goal. The money thus collected is then invested in capital market instruments such

as shares, debentures and other securities according to the fund‟s objectives. The income

earned through these investments and the capital appreciations realized are shared by its unit

holders in proportion to the number of units owned by them. Thus a Mutual Fund is the most

suitable investment for the common man as it offers an opportunity to invest in a diversified,

professionally managed basket of securities at a relatively low cost.

The one investment vehicle that has truly come of age in India in the past decade is mutual

funds. Today, the mutual fund industry in the country manages around Rs 7, 81,583.84 crore

(As of Feb, 2010) of assets, a large part of which comes from retail investors. And this

amount is invested not just in equities, but also in the entire gamut of debt instruments.



Mutual funds have emerged as a proxy for investing in avenues that are out of reach of most

retail investors, particularly government securities and money market instruments.

Specialization is the order of the day, be it with regard to a scheme‟s investment objective or

its targeted investment universe. Given the plethora of options on hand and the hard-sell

adopted by mutual funds vying for a piece of your savings, finding the right scheme can

sometimes seem a bit daunting. Mind you, it‟s not just about going with the fund that gives

you the highest returns. It‟s also about managing risk–finding funds that suit your risk

appetite and investment needs.

Concept of a Mutual Fund

The securities and exchange board of India regulations.1993 defines a mutual fund 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”.

A Mutual Fund is a trust that pools the savings of a number of investors who share a common

financial goal. The money thus collected is then invested in capital market instruments such

as shares, debentures and other securities. The income earned through these investments and

the capital appreciation realized is shared by its unit holders in proportion to the number of

units owned by them. Thus a Mutual Fund is the most suitable investment for the common

man as it offers an opportunity to invest in a diversified, professionally managed basket of

securities at a relatively low cost.

The flow chart below describes broadly the working of a mutual fund:-



A Mutual Fund is a body corporate registered with the Securities and Exchange Board of

India (SEBI) that pools up the money from individual/corporate investors and invests the

same on behalf of the investors/unit holders, in Equity shares, Government securities,

Bonds, Call Money Markets etc, and distributes the profits. In the other words, a Mutual

Fund allows investors to indirectly take a position in a basket of assets.

Mutual Fund is a mechanism for pooling the resources by issuing units to the investors and

investing funds in securities in accordance with objectives as disclosed in offer document.

Investments in securities are spread among a wide cross-section of industries and sectors

thus the risk is reduced. Diversification reduces the risk because all stocks may not move in

the same direction in the same proportion at same time. Investors of mutual funds are

known as unit holders.

The investors in proportion to their investments share the profits or losses. The mutual

funds normally come out with a number of schemes with different investment objectives

which are launched from time to time. A Mutual Fund is required to be registered with

Securities Exchange Board of India (SEBI) which regulates securities markets before it can

collect funds from the public.

Investors earn from a Mutual Fund in three ways:

1. Income is earned from dividends declared by mutual fund schemes from time to time.

2. If the fund sells securities that have increased in price, the fund has a capital gain.

This is reflected in the price of each unit. When investors sell these units at prices

higher than their purchase price, they stand to make a gain.

3. If fund holdings increase in price but are not sold by the fund manager, the fund's unit

price increases, the mutual fund units can be sold for a profit. This is amounts to a

valuation gain.

Though still at a nascent stage, Indian MF industry offers a plethora of schemes and serves

broadly all type of investors. The range of products includes equity funds, debt, liquid, gilt

and balanced funds. There are also funds meant exclusively for young and old, small and

large investors. Moreover, the setup of a legal structure, which has enough teeth to safeguard

investors‟ interest, ensures that the investors are not cheated out of their hard-earned money.



All in all, benefits provided by them cut across the boundaries of investor category and thus

create for them, a universal appeal.

Investors of all categories could choose to invest on their own in multiple options but opt for

mutual funds for the sole reason that all benefits come in a package.

History of Mutual Funds in India

The mutual fund industry in India started in 1963 with the formation of Unit Trust of India, at

the initiative of the Government of India and Reserve Bank. The history of mutual funds in

India can be broadly divided into four distinct phases

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, 700 crores of assets under management.

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

The year 1987 marked the entry of non- UTI, public sector mutual funds set up by public

sector banks and Life Insurance Corporation of India (LIC) and General Insurance

Corporation of India (GIC). SBI Mutual Fund was the first non- UTI Mutual Fund

established in June 1987 followed by Canbank 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 established its mutual fund in June 1989 while GIC had

set up its mutual fund in December 1990.

At the end of 1993, the mutual fund industry had assets under management of Rs.47,004

crores.



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 January 2003, there were 33 mutual funds with total assets of Rs. 1,21,805

crores. The Unit Trust of India with Rs.44,541 crores of assets under management was way

ahead of other mutual funds.

Fourth Phase – Since February 2003:

In February 2003, following the repeal of the Unit Trust of India Act 1963 UTI was

bifurcated into two separate entities. One is the Specified Undertaking of the Unit Trust of

India with assets under management of Rs.29,835 crores as at the end of January 2003,

representing broadly, the assets of US 64 scheme, assured return and certain other schemes.

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 Ltd, 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 Rs.76,000 crores of assets under

management 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 crores

under 421 schemes.



Fifth Phase – Growth and Consolidation - 2004 Onwards

The industry has also witnessed several mergers and acquisitions recently, examples of which

are acquisition of schemes of Alliance Mutual Fund by Birla Sun Life, Sun F&C Mutual

Fund and PNB Mutual Fund by Principal Mutual Fund. Simultaneously, more international

mutual fund players have entered India like Fidelity, Franklin Templeton Mutual Fund etc.

There were 33funds as at the end of March 2010. This is a continuing phase of growth of the

industry through consolidation and entry of new international and private sector players.

Graph-1: Showing Growth in AUM.



Organization of a Mutual Fund

A mutual fund is set up in the form of a trust, which has sponsor, trustees, asset Management

Company (AMC) and custodian.

The sponsor of a mutual fund is like the promoter of a company. The sponsor may be a bank,

a financial institution, or a financial service company. The sponsor is responsible for setting

up and establishing the mutual fund.

The trust is established by a sponsor or more than one sponsor who is like promoter of a

company. The trustees of the mutual fund hold its property for the benefit of the unit holders.

Asset Management Company (AMC) approved by SEBI manages the funds by making

investments in various types of securities.

Custodian, who is registered with SEBI, holds the securities of various schemes of the fund

in its custody. The trustees are vested with the general power of superintendence and

direction over AMC. They monitor the performance and compliance of SEBI Regulations by

the mutual fund.

SEBI Regulations require that at least two thirds of the directors of trustee company or board

of trustees must be independent i.e. they should not be associated with the sponsors.

Also, 50% of the directors of AMC must be independent. All mutual funds are required to be

registered with SEBI before they launch any scheme.



Association of Mutual Funds in India (AMFI)

With the increase in mutual fund players in India, a need for mutual fund association in India

was generated to function as a non-profit organization. Association of Mutual Funds in India

(AMFI) was incorporated on 22nd August, 1995.AMFI is an apex body of all Asset

Management Companies (AMC) which has been registered with SEBI. Till date all the

AMCs are that have launched mutual fund schemes are its members. It functions under the

supervision and guidelines of its Board of Directors.

The Association of Mutual Funds of India works with 30 registered AMCs of the country.

Association of Mutual Funds India has brought down the Indian Mutual Fund Industry to a

professional and healthy market with ethical lines enhancing and maintaining standards. It

follows the principle of both protecting and promoting the interests of mutual funds as well as

their unit holders.

The objectives of Association of Mutual Funds in India are as follows:-

To define and maintain high professional and ethical standards in all areas of

operation of mutual fund industry

To recommend and promote best business practices and code of conduct to be

followed by members and others engaged in the activities of mutual fund and asset

management including agencies connected or involved in the field of capital markets

and financial services.

To interact with the Securities and Exchange Board of India (SEBI) and to represent

to SEBI on all matters concerning the mutual fund industry.

To represent./t to the Government, Reserve Bank of India and other bodies on all

matters relating to the Mutual Fund Industry.

To develop a cadre of well trained Agent distributors and to implement a programme

of training and certification for all intermediaries and other engaged in the industry.

To undertake nationwide investor awareness programme so as to promote proper

understanding of the concept and working of mutual funds.

To disseminate information on Mutual Fund Industry and to undertake studies and

research directly and/or in association with other bodies.

At last but not the least association of mutual fund of India also disseminate

information on Mutual Fund Industry and undertakes studies and research either

directly or in association with other bodies.



The members of AMFI:

Bank Sponsored

SBI Fund Management Ltd.

BOB Asset Management Co. Ltd.

Canbank Investment Management Services Ltd.

UTI Asset Management Company Pvt. Ltd.

Institutions -

Jeevan Bima Sahayog Asset Management Co. Ltd.

Private Sector: -

Indian -

Benchmark Asset Management Co. Pvt. Ltd.

Cholamandalam Asset Management Co. Ltd.

Credit Capital Asset Management Co. Ltd.

Escorts Asset Management Ltd.

JM Financial Mutual Fund

Kotak Mahindra Asset Management Co. Ltd.

Reliance Capital Asset Management Ltd.

Sahara Asset Management Co. Pvt. Ltd

Sundaram Asset Management Company Ltd.

Tata Asset Management Private Ltd.

Predominantly India Joint Ventures:-

Birla Sun Life Asset Management Co. Ltd.

DSP Merrill Lynch Fund Managers Limited

HDFC Asset Management Company Ltd.

Predominantly Foreign Joint Ventures:-

ABN AMRO Asset Management (I) Ltd.

Alliance Capital Asset Management (India) Pvt. Ltd.



Deutsche Asset Management (India) Pvt. Ltd.

Fidelity Fund Management Private Limited

Franklin Templeton Asset Mgmt. (India) Pvt. Ltd.

HSBC Asset Management (India) Private Ltd.

ING Investment Management (India) Pvt. Ltd.

Morgan Stanley Investment Management Pvt. Ltd.

Principal Asset Management Co. Pvt. Ltd.

Prudential ICICI Asset Management Co. Ltd.

Standard Chartered Asset Mgmt Co. Pvt. Ltd.



Advantages of Mutual Funds:

1. Professional Management: Mutual Funds provide the services of experienced and

skilled professionals, backed by a dedicated investment research team that analyses

the performance and prospects of companies and selects suitable investments to

achieve the objectives of the scheme.

2. Diversification: Mutual Funds invest in a number of companies across a broad cross-

section of industries and sectors. This diversification reduces the risk because seldom

do all stocks decline at the same time and in the same proportion. You achieve this

diversification through a Mutual Fund with far less money than you can do on your

own.

3. Convenient Administration: Investing in a Mutual Fund reduces paperwork and

helps you avoid many problems such as bad deliveries, delayed payments and follow

up with brokers and companies. Mutual Funds save your time and make investing

easy and convenient.

4. Return Potential: Over a medium to long-term, Mutual Funds have the potential to

provide a higher return as they invest in a diversified basket of selected securities.

5. Low Costs: Mutual Funds are a relatively less expensive way to invest compared to

directly investing in the capital markets because the benefits of scale in brokerage,

custodial and other fees translate into lower costs for investors.

6. Liquidity: In open-end schemes, the investor gets the money back promptly at net

asset Value related prices from the Mutual Fund. In closed-end schemes, the units can

be sold on a stock exchange at the prevailing market price or the investor can avail of

the facility of direct repurchase at NAV related prices by the Mutual Fund.

7. Transparency: You get regular information on the value of your investment in

addition to disclosure on the specific investments made by your scheme, the

proportion invested in each class of assets and the fund manager's investment strategy

and outlook.

8. Flexibility: Through features such as regular investment plans, regular withdrawal

plans and dividend reinvestment plans, you can systematically invest or withdraw

funds according to your needs and convenience.



9. Affordability: Investors individually may lack sufficient funds to invest in high-grade

stocks. A mutual fund because of its large corpus allows even a small investor to take

the benefit of its investment strategy.

10. Well Regulated: All Mutual Funds are registered with SEBI and they function within

the provisions of strict regulations designed to protect the interests of investors. The

operations of Mutual Funds are regularly monitored by SEBI.

Drawbacks of Mutual Funds:

1. No Guarantees: The return of any mutual fund scheme is not assured as the

investment or the corpus of the fund is invested in the capital market which may or

may not generate returns. No investment is risk free, if the entire stock market

declines in value, the value of mutual fund shares will go down as well, no matter

how balanced the portfolio is but investors encounter fewer risks when they invest in

mutual funds than when they buy and sell stocks on their own.

2. No Customized Portfolios: The portfolio of securities in which a fund invests is a

decision taken by the fund manager. Investors have no right to interfere in the

decision making process of a fund manager, which some investors find as a constraint

in achieving their financial objectives.

3. Fees and commissions: All funds charge administrative fees to cover their day-to-

day expenses. Some funds also charge sales commissions or "loads" to compensate

brokers, financial consultants, or financial planners. Even if an investor doesn't uses a

broker or other financial adviser, he will pay a sales commission if he buys shares in a

Load Fund.

4. Taxes: During a typical year, most actively managed mutual funds sell anywhere

from 20 to 70 percent of the securities in their portfolios. If a fund makes a profit on

its sales, the investor will pay taxes on the income he receives, even if he reinvests the

money he made.

5. Management risk: When an investor invests in a mutual fund, he depends on the

fund's manager to make the right decisions regarding the fund's portfolio. If the

manager does not perform as well as he had hoped, he might not make as much

money on his investment as he had expected. Of course, if the investor invests in the

Index Funds, he foregoes management risk, because these funds do not employ

managers.



TYPES OF MUTUAL FUNDS

BY STRUCTURE

Open - Ended Schemes

Close - Ended Schemes

Interval Schemes

BY NATURE

Equity Fund

Debt Funds

Balanced Funds

BY INVESTMENT OBJECTIVE

Growth Schemes

Income Schemes

Balanced Schemes

Money Market Schemes

OTHER SCHEMES

Tax Saving Schemes

Index Schemes

Sector Specific Schemes

Different types of mutual fund schemes:

By Structure-

1. Open-end Funds: An open-end fund is one that is available for subscription all

through the year. These funds do not have a fixed maturity and investors can

conveniently buy and sell its units at Net Asset Value ("NAV") related prices. The

key feature of open-end schemes is its liquidity.

2. Closed-end Funds: A closed-end fund has a stipulated maturity period which

generally ranging from 3 to 15 years. The fund is open for subscription only during a

specified period and investors can invest in the scheme only at the time of the initial

public issue and thereafter they can buy or sell the units of the scheme on the stock

exchanges where they are listed. In order to provide an exit route to the investors,

some close-ended funds give an option of selling back the units to the Mutual Fund

through periodic repurchase at NAV related prices. SEBI Regulations stipulate that at

least one of the two exit routes is provided to the investor.



3. Interval Funds: Interval funds combine the features of open-ended and close-ended

schemes. They are open for sale or redemption during pre-determined intervals at

NAV related prices.

By Investment Objective

1. Growth/Equity Oriented Funds: The aim of growth funds is to provide capital

appreciation over a period of time usually medium to long term. Such schemes

normally invest a majority of their corpus in equities. It has been proved that returns

from stocks, have outperformed most other kind of investments held over the long

term. Growth schemes are ideal for investors having a long term outlook seeking

growth over a period of time.

2. Income/ Debt oriented Funds: The aim of income funds is to provide regular and

steady income to investors. Such schemes generally invest in fixed income securities

such as bonds, corporate debentures and Government securities. Income Funds are

ideal for capital stability and regular income.

3. Balanced Funds: The aim of balanced funds is to provide both growth and regular

income. Such schemes periodically distribute a part of their earning and invest both in

equities and fixed income securities in the proportion indicated in their offer

documents. In a rising stock market, the NAV of these schemes may not normally

keep pace, or fall equally when the market falls. These are ideal for investors looking

for a combination of income and moderate growth.

4. Money Market/Liquid Funds: The aim of money market funds is to provide easy

liquidity, preservation of capital and moderate income. These schemes generally

invest in safer short-term instruments such as treasury bills, certificates of deposit,

commercial paper and inter-bank call money. Returns on these schemes may fluctuate

depending upon the interest rates prevailing in the market. These are ideal for

Corporate and individual investors as a means to park their surplus funds for short

periods.



Other Schemes

1. 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 and 54EB by investing in Mutual Funds.

2. Industry Specific Schemes: Industry Specific Schemes invest only in the industries

specified in the offer document. The investment of these funds is limited to specific

industries like InfoTech, FMCG, Pharmaceuticals, etc…

3. Index Funds: The corpus of the Index Fund is invested in the index stocks and it

attempt to replicate the performance of a particular index such as the BSE Sensex or

the NSE Nifty.

4. Gilt Funds: These funds invest exclusively in Government securities. Government

securities have no default risk. NAV‟s of these funds also fluctuate due to interest

rate changes and other economic factors as is the case with income or debt oriented

schemes.

5. Sectoral Funds: Sectoral Funds are those which invest exclusively in a specified

sector. This could be an industry or a group of industries or various segments such as

'A' Group shares or initial public offerings.

6. 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.



7. 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.

8. Exchange Traded Funds (ETF) :

Exchange Traded Funds provide investors with combined benefits of a closed-end and

an open-end mutual fund. Exchange Traded Funds follow stock market indices and

are traded on stock exchanges like a single stock at index linked prices. The biggest

advantage offered by these funds is that they offer diversification, flexibility of

holding a single share (tradable at index linked prices) at the same time. Recently

introduced in India, these funds are quite popular abroad.

9. Fund of Funds :

Mutual funds that do not invest in financial or physical assets, but do invest in other

mutual fund schemes offered by different AMCs, are known as Fund of Funds. Fund

of Funds provide investors with an added advantage of diversifying into different

mutual fund schemes with even a small amount of investment, which further helps in

diversification of risks.



RISKS ASSOCIATED WITH MUTUAL FUNDS:-

Investing in Mutual Funds, as with any security, does not come without risk. One of the most

basic economic principles is that risk and reward are directly correlated. In other words, the

greater the potential risk the greater the potential return. The types of risk commonly

associated with Mutual Funds are:

1) MARKET RISK- Market risk relates to the market value of a security in the future.

Market prices fluctuate and are susceptible to economic and financial trends, supply

and demand, and many other factors that cannot be precisely predicted or controlled.

2) POLITICAL RISK- Changes in the tax laws, trade regulations, administered prices,

etc are some of the many political factors that create market risk. Although

collectively, as citizens, we have indirect control through the power of our vote

individually, as investors, we have virtually no control.

3) INFLATION RISK- Interest rate risk relates to future changes in interest rates. For

instance, if an investor invests in a long-term debt Mutual Fund scheme and interest

rates increase, the NAV of the scheme will fall because the scheme will be end up

holding debt offering lower interest rates.

4) BUSINESS RISK- Business risk is the uncertainty concerning the future existence,

stability, and profitability of the issuer of the security. Business risk is inherent in all

business ventures. The future financial stability of a company cannot be predicted or

guaranteed, nor can the price of its securities. Adverse changes in business

circumstances will reduce the market price of the company‟s equity resulting in

proportionate fall in the NAV of the Mutual Fund scheme, which has invested in the

equity of such a company.

5) ECONOMIC RISK- Economic risk involves uncertainty in the economy, which, in

turn, can have an adverse effect on a company‟s business. For instance, if monsoons

fail in a year, equity stocks of agriculture-based companies will fall and NAVs of

Mutual Funds, which have invested in such stocks, will fall proportionately.



CHAPTER-2

RESEARCH

DESIGN



CHAPTER-2

RESEARCH DESIGN

Background of the Study:

A Mutual Fund is a trust that pools the savings of a number of investors who share a common

financial goal. The money thus collected is invested by the fund manager in different types of

securities depending upon the objective of the scheme. These could range from shares to

debentures to money market instruments. The income earned through these investments and

the capital appreciation realized by the scheme are shared by its unit holders in proportion to

the number of units owned by them. Thus a Mutual Fund is the most suitable investment for

the common man as it offers an opportunity to invest in a diversified, professionally managed

portfolio at a relatively low cost. Each Mutual Fund scheme has a defined investment

objective and strategy.

This study is therefore aimed at comparing the performance of selected mutual fund schemes.

Statement of the Problem:

There are various investment avenues available to an investor today. The stock market is

volatile and therefore selecting the right & profitable investment is a real challenge to the

investor. A mutual fund diversifies the risk associated with the investments. But selecting the

right mutual fund is a real challenge as each fund has a specific objective.

Therefore this study aims at identifying the right mutual fund schemes for investment with

regard to returns & performance.

Objectives of the Study:

To understand the working & management of a Mutual Fund.

To understand the calculation of Net- Asset Values of mutual funds.

To evaluate investment performance of mutual funds in terms of risk and return.

To get an insight knowledge about mutual funds.



SCOPE OF THE STUDY:

Even today investing in mutual funds is a little difficult for laymen. Today in India there are

more than 800 mutual fund schemes. This is sufficed to baffle the investor. Researches have

shown that funds picked are those that advertise heavily and sell aggressively.

Studies have proved that an investor who analyses and make sense of his investment needs

and making the movements according to it could enable the investor to win the game. Hence,

a thorough understanding of the functionalities and the factors which contributes to the return

will help the investor to make more sensible movements rather, to be just cajoled by the

advertisements and selling spree.

Here lies the need of this study, to provide a solid understanding about the different factors

governing the return. For easy understanding and to provide more easy explanation a case of

five randomly chosen AMCs are done.

Hypothesis-

H0: Investment in Mutual Funds is beneficial and profitable.

Sampling Design:

The samples consist of 10 mutual funds schemes selected, five schemes from public sector

and five schemes from private sector mutual funds which have a history of more than five

years.

The list of mutual fund schemes selected for the study is given below:

1. Birla Sun Life 95- Growth

2. HDFC Balanced Fund- Growth

3. Reliance Regular Savings Balanced- Growth

4. Franklin Templeton Balanced Fund- Growth

5. Tata Balanced Fund- Growth

6. UTI Balanced Fund- Growth

7. SBI Magnum Balanced Fund- Growth

8. Canara Robeco Balance fund- Growth

9. LIC Balanced-Plan C Growth- Growth

10. Baroda Pioneer Balance Fund- Growth



Sampling Method:

Convenient Random Sampling is used for collecting the samples.

Convenience sampling is used in exploratory research where the samples are collected at the

convenience of the researcher. This non probability method is often used during preliminary

research efforts to get a gross estimate of the results, without incurring the cost or time

required to select a random sample.

Sources of Data:

Primary Data

Primary data refers to the data that has been collected for the first time for a research.

Primary data has been collected from the respective fund house‟s websites and also

from the scheme brochures.

Secondary Data

Secondary data is the data that have been already collected by and readily available

from other sources.

The secondary data has been collected from various websites, magazines, books etc.

Chapter Scheme:

Chapter-1: Introduction

Chapter-2: Research Design

Chapter-3: Industry and Company Profile

Chapter-4: Data Analysis and Interpretation

Chapter-5: Findings, Suggestions and Conclusions.

Limitations of the Study:

The study is restricted to secondary data only.

Different tools used for analysis may suggest different results as the approach differs.

The study considers data for only a limited period of time.

The study is based only on selected 10 schemes therefore limiting the area of

research.



Tools for analysis:

The following are some of the tools that will be used to analyse the performance of the

selected mutual fund schemes.

1. Beta:

It measures the systematic risk and shows how prices of securities respond to the market

forces. It is calculated by relating the return on a security with return for the market. By

convention, market will have beta 1.0 Mutual fund is said to be volatile, more volatile or less

volatile. If beta is greater than 1 the stock is said to be riskier than market. If beta is less than

1, the indication is that stock is less risky in comparison to market. If beta is zero then the

risk is the same as that of the market. Negative beta is rare.

Beta is calculated as:

Covariance (Kj, Km)

β = ------------------------------------

Variance (Km)

where,

Kj is the returns on the portfolio or stock - DEPENDENT VARIABLE

Km is the market returns or index - INDEPENDENT VARIABLE

Variance is the square of standard deviation

2. Standard deviation:

It is used to measure the variation in individual returns from the average expected return over

a certain period. Standard deviation is used in the concept of risk of a portfolio of

investments; higher standard deviation means a greater fluctuation in expected return.

² = ∑ (x-x') ²

√ N-1 Where

² : Variance of Return

: Standard Deviation of Return

X : Return for the stock in period

x' : Arithmetic Return

N : Number of periods



3. Sharpe index:

Sharpe index was given by WF Sharpe in 1966, it measures risk premium of a portfolio,

relative to the total amount for risk in the portfolio. Sharpe index summarizes the risk and

return of a portfolio in a single measure that categorizes the performance of funds on the risk-

adjusted basis. The larger the Sharpe Index, the portfolio over performance the market and

vice versa.

Sharpe Index =

4. Treynor’s Index :

It was given by Jack Treynor in 1965, it is expressed as a ratio of returns to systematic risk

i.e., beta. It adjusts return based on systematic risk, therefore it is relevant for performance

measurement when evaluating portfolios separately or in combination with other portfolios.

Treynor Index =

5. Jensen Measures:

It is a regression of excess fund return with excess market return given by MC Jensen in

1968. It is also popularly known as Jensen‟s alpha based on Capital Asset Pricing Model

(CAPM). It reflects the difference between the return actually earned on a portfolio and the

return the fund was expected to earn, given its beta as per the CAPM.

Ri = Rp-[Rf + Bp (Rm - Rf)]

Rm = Return on the market portfolio.

Rp = Portfolio‟s actual return during a specified time period

Rf = Risk-free rate of return during the same period

Bp = beta of the portfolio

Portfolio Average Return (Rp) – Risk Free Rate of Interest (R

t)

Standard Deviations of the Portfolio Return

Portfolio Average Return (Rp)-Risk Free Rate of Interest (Rt)

Beta Coefficient of Portfolio



Calculation of Net Asset Value

NAV or Net Asset Value of the fund is the cumulative market value of the assets of the

scheme minus its liabilities. The NAV per unit is the net asset value of the scheme divided by

the number of units outstanding on the Valuation Date.

The value of all the securities in the portfolio in calculated daily. From this, all expenses

are deducted and the resultant value divided by the number of units in the fund is the

fund‟s NAV.

The Formula for NAV is as follows,

NAV= Market value of the Fund‟s Investments+ Receivables

+Accrued Income –Liabilities – Accrued Expenses

Number of Outstanding Units



Terms Used:

1. Net Asset Value (NAV) – Net Asset Value is the market value of the assets of the

scheme minus its liabilities. The per unit NAV is the net asset value of the scheme

divided by the number of units outstanding on the Valuation Date.

2. Load – A charge that is levied as a percentage of NAV at the time of entry into the

Scheme/Plans or at the time of exiting from the Scheme/Plans. It is usually levied to

meet the costs involved in managing the funds operations.

3. Entry Load – Entry Load is the load or charge imposed when an investor purchases

mutual fund units.

4. Exit Load – Exit Load is the load imposed when an investor redeems or sells the

units.

5. Sale Price – Sale price is the price an investor pays when investing in a scheme.

Also called Offer Price. It may include a sales load.

6. Repurchase Price – Is the price at which a close-ended scheme repurchases its

units and it may include a back-end load. This is also called Bid Price.

7. Redemption Price – It is the price at which open-ended schemes repurchase their

units and close-ended schemes redeem their units on maturity. Such prices are NAV

related.

8. Asset under management (AUM) – The total market value of the assets owned

by a mutual fund. The asset level depends on the market valuation and the money held

by the mutual fund.

http://finance.indiamart.com/markets/mutual_funds/latest_mf_navs.html

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



9. Fund Manager – They are highly skilled professionals who are appointed by the

Asset Management Company (AMC) in order to effectively manage the investments

of the mutual fund.

10. Corpus – Corpus refers to the total amount of funds available to a fund manager for

investment purpose.

11. Expense Ratio – It is the percentage of fund's value that is paid as expenses.

Expenses include management fees and all the other fees associated with the fund's

daily operations.

12. Total Return – Return on an investment, taking into account capital appreciation,

dividends or interest, and individual tax considerations adjusted for present value and

expressed on an annual basis.

13. Turnover Rate – A measure of the fund's trading activity calculated by dividing

total purchases or sales of portfolio securities (whichever is lower) by the fund's net

assets over a period of time.

14. Record Date – The date the fund determines who its shareholders are; "shareholders

of record" who will receive the fund's income dividend and/or net capital gains

distribution. Frequently the business day immediately prior to the Ex-Dividend Date.

15. Reinvestment Option – A service that most mutual funds offer whereby a unit

holder's dividends and capital gains distributions are automatically reinvested in

additional units.



CHAPTER-3

INDUSTRY

PROFILE



CHAPTER-3

INDUSTRY AND COMPANY PROFILE

The Indian mutual fund industry has evolved from single player in 1964 to a fast growing,

competitive market on the back of a strong regulatory framework.

The Indian mutual fund industry currently consists of 38 players offering close to 1000

schemes with total Assets under Management (AUM) of Rs. 7,81,583.84 crore.

The Assets under Management (AUM) have grown at a rapid pace over the past few years, at

a CAGR of 35 % for the five-year period from 2005 to 2009. Over the 10-year period from

1999 to 2009 encompassing varied economic cycles, the industry grew at 22 % CAGR.

The industry has witnessed a shift has changed drastically in favour of private sector players,

as the number of public sector players reduced from 11 in 2001 to 5 in 2009.

India has been amongst the fastest growing markets for mutual funds since 2004; in the five-

year period from 2004 to 2008 (as of Dec) the Indian mutual fund industry grew at 29 %

CAGR as against the global average of 4 percent.

The Indian mutual fund industry is in a relatively nascent stage in terms of its product

offerings, and tends to compete with Government securities. As of Dec 2008, the total

number of mutual fund schemes was 1,002 in comparison to 10,349 funds in the US.

However, despite clocking growth rates that are amongst the highest in the world, the Indian

mutual fund industry continues to be a very small market; comprising 0.32 % share of the

global AUM of USD 18.97 trillion as of December 2008.

The increase in revenue and profitability in the Indian mutual fund industry has not been

commensurate with the AUM growth in the last 5 years. The AUM grew at 35 % CAGR in

the period from 2005 to 2009, while the profitability of AMCs declined from 24 % in FY

2004 to 14 % in FY 2008.

The public sector has gradually ceded market share to the private sector. Public sector mutual

funds comprised 21 percent of the AUM in 2009 as against 72 percent AUM share in 2001.

While the mutual fund industry in India continues to be metro and urban centric, the mutual

funds are beginning to tap Tier 2 and Tier 3 towns as a vital component of their growth

strategy.



BIRLA SUN LIFE MUTUAL FUND

Birla Sun Life Asset Management Company Ltd. (BSLAMC), the investment managers of

Birla Sun Life Mutual Fund, is a joint venture between the Aditya Birla Group and the Sun

Life Financial Services Inc. of Canada. The joint venture brings together the Aditya Birla

Group's experience in the Indian market and Sun Life's global experience.

Established in 1994, Birla Sun Life Mutual fund has emerged as one of India's leading

flagships of Mutual Funds business managing assets of a large investor base. Our solutions

offer a range of investment options, including diversified and sector specific equity schemes,

fund of fund schemes, hybrid and monthly income funds, a wide range of debt and treasury

products and offshore funds.

Vision:

To be a leader and role model in a broad based and integrated financial services business.

Birla Sun Life Asset Management Company has one of the largest team of research analysts

in the industry, dedicated to tracking down the best companies to invest in. BSLAMC strives

to provide transparent, ethical and research-based investments and wealth management

services.

Birla Sun Life Asset Management Company follows a long-term, fundamental research based

approach to investment. The approach is to identify companies, which have excellent growth

prospects and strong fundamentals. The fundamentals include the quality of the company‟s

management, sustainability of its business model and its competitive position, amongst other

factors.

The fund has more than 224 schemes with AUM of Rs.49983.17 Crs



Birla Sun Life 95-Growth

Fund Objective:

The fund seeks to achieve long-term capital appreciation and current income from a balanced

portfolio with a target allocation of 60% equity, 40% debt and money market securities.

Fund Manager: Nishit Dholakia

Fund Profile Asset Allocation

Returns Sector Allocation

Latest NAV 277.09 (31/03/10)

52-Week High 277.1 (29/03/10)

52-Week Low 157.67 (01/04/09)

Fund Category Hybrid: Equity-

oriented

Type Open End

Launch Date February 1995

Risk Grade Average

Return Grade Above Average

Net Assets (Cr) 253.85

28/02/10)

As on 28/02/10 % Net Assets

Equity

Debt

Others

66.09

4.74

29.16

Top 5 Sectors % Net Asset

As on 28/02/2010

Financial 13.70

Services 7.90

Diversified 7.62

FMCG 6.03

Metals 5.54

As on 01 Apr 2010 Fund Category

Year to Date 3.72 2.40

1-Month 5.80 5.14

3-Month 3.72 2.40

1-Year 77.26 62.65

3-Year 17.44 11.22

5-Year 22.28 17.15

Return Since

Launch 24.94 --



Portfolio Top Holdings

Company Sector Mkt. Value* (Rs in Crores) % of Assets

Equity Shares 64.07

RALLI INDIA Pesticides 87.46 03.45

TRENT Retailing 78.64 03.10

ICICI BANK Banks 72.52 02.86

INFOSYS TECH I T – Software 63.64 02.51

AXIS BANK Banks 61.64 02.43

RELIANCE Petroleum Products 53.59 02.11

H D F C BANK Banks 50.04 01.97

ALLAHABAD BK Banks 48.68 01.92

NESTLE LTD Consumer Non

Durables

38.49 01.52

HIND. ZINC Non-Ferrous

Metals

38.40 01.51

CROMPTON GR. Industrial Capital

Goods

37.41 01.47

LUPIN LTD Pharmaceuticals 36.64 01.44

TO POWER AEC Power 35.92 01.42

H C L TECH I T – Software 35.96 01.42

I T C LTD Consumer Non

Durables

35.20 01.39

WIPRO LTD. I T – Software 34.43 01.36

Debt

Company Name

Instrument

Mkt Value

(Rs. in crores)

% of Assets

Industrial Development

Bank of India Ltd

Bond 7.30 2.88

7.02 GOI Securities 4.73 1.87

http://www.myiris.com/shares/company/snapShotShow.php?icode=RALINDIA

http://www.myiris.com/shares/company/snapShotShow.php?icode=LAKME

http://www.myiris.com/shares/company/snapShotShow.php?icode=ICICIBCO

http://www.myiris.com/shares/company/snapShotShow.php?icode=INFTECHN

http://www.myiris.com/shares/company/snapShotShow.php?icode=UTIBANK

http://www.myiris.com/shares/company/snapShotShow.php?icode=RELINDUS

http://www.myiris.com/shares/company/snapShotShow.php?icode=HDFCBANK

http://www.myiris.com/shares/company/snapShotShow.php?icode=ALLBANK

http://www.myiris.com/shares/company/snapShotShow.php?icode=NESINDIA

http://www.myiris.com/shares/company/snapShotShow.php?icode=HINZINC

http://www.myiris.com/shares/company/snapShotShow.php?icode=CROGREAV

http://www.myiris.com/shares/company/snapShotShow.php?icode=LUPCHEMI

http://www.myiris.com/shares/company/snapShotShow.php?icode=AHMELECO

http://www.myiris.com/shares/company/snapShotShow.php?icode=HCLTECHN

http://www.myiris.com/shares/company/snapShotShow.php?icode=ITC

http://www.myiris.com/shares/company/snapShotShow.php?icode=WIPRO



HDFC MUTUAL FUND

HDFC Asset Management Company Limited (AMC) was incorporated under the Companies

Act, 1956, on December 10, 1999, and was approved to act as an Asset Management

Company for the Mutual Fund by SEBI on July 3, 2000.

In terms of the Investment Management Agreement, the Trustee has appointed the HDFC

Asset Management Company Limited to manage the Mutual Fund.

Vision:

To be a dominant player in the Indian mutual fund space, recognized for its high levels of

ethical and professional conduct and commitment towards enhancing investors interests.

The paid up capital of the AMC is Rs. 25.161 crore. HDFC was incorporated in 1977 as the

first specialised Mortgage Company in India. HDFC provides financial assistance to

individuals, corporate and developers for the purchase or construction of residential housing.

It also provides property related services (e.g. property identification, sales services and

valuation), training and consultancy. Of these activities, housing finance remains the

dominant activity.

HDFC Asset Management Company (AMC) is the first AMC in India to have been assigned

the „CRISIL Fund House Level – 1‟ rating. This is its highest Fund Governance and Process

Quality Rating which reflects the highest governance levels and fund management practices

at HDFC AMC. It is the only fund house to have been assigned this rating for third year in

succession.

The fund has more than 182 schemes with AUM of Rs. 95,144.40 crs.



HDFC Balanced Fund- Growth

Fund Objective:

The scheme seeks to generate capital appreciation with current income from a combined

portfolio of equity and debt instruments. Under normal circumstances the scheme would take

60 % exposure to equity instruments while the balance would be allocated to debt

instruments.

Fund Manager: Chirag Setalvad

Fund Profile

Asset Allocation


Latest NAV 47.549

(01/04/10)

52-Week High 47.549

(18/01/10)

52-Week Low 26.692

(02/04/09)


oriented

Type Open End

Launch Date August 2000

Risk Grade Below Average



(31/03/10)

As on 28/02/10

% Net Assets

Equity

Debt

Others

66.23

23.03

10.74

As on

01 Apr 2010 Fund Category


1-Month 5.48 5.14

3-Month 5.67 2.40

1-Year 81.78 62.65

3-Year 17.67 11.22

5-Year 18.59 17.15

Return Since

Launch 17.54 --


As on 28/02/2010

Health Care 11.34

Engineering 9.32

Technology 7.84

Financial 7.47

Automobile 6.94




Company Name Instrument Sector Value (Rs in cr.)

% of Corpus

Tata Motors (Guranteed by SBI) Structured

Obligation Others 15.29 10.61

Coromandel Fertilisers Equity Chemicals 5.18 5.18

Tata Consultancy Services Equity Technology 4.23 4.23

Balkrishna Inds. Equity Automobile 3.94 3.94

Crompton Greaves Equity Engineering 3.78 3.78

Infosys Technologies Equity Technology 3.61 3.61

HDFC Debenture Financial 5.00 3.47

Sun Pharmaceutical Inds. Equity Health Care 3.20 3.2

Ipca Laboratories Equity Health Care 3.04 3.04

Motherson Sumi Systems Equity Automobile 3.00 3.0

Dabur India Equity FMCG 2.94 2.94

Biocon Equity Health Care 2.92 2.92

BHEL Equity Engineering 2.85 2.85

Bank of Baroda Equity Financial 2.83 2.83

Larsen & Toubro Equity Diversified 2.80 2.8

Shriram Transport Finance Structured

Obligation Financial 3.94 2.74

Federal Bank Equity Financial 2.69 2.69

Grasim Industries Structured

Obligation Diversified 3.58 2.48

KEC International Equity Engineering 2.39 2.39

Sadbhav Engineering Equity Construction 2.24 2.24

Reliance Industries Equity Energy 2.17 2.17

BPCL Equity Energy 2.01 2.01

Axis Bank Equity Financial 1.95 1.95

State Bank of India Debenture Financial 2.68 1.86

V S T Industries Equity FMCG 1.63 1.63

Blue Star Equity Cons Durable 1.60 1.6

Bajaj Auto Structured

Obligation Automobile 2.20 1.53

Aarti Industries Equity Chemicals 1.30 1.3

Divi's Laboratories Equity Health Care 1.14 1.14

Lupin Equity Health Care 1.04 1.04

M M Forgings Equity Metals 0.88 0.88

Bharti Airtel Equity Communication 0.87 0.87

Reliance Industries Structured

Obligation Energy 0.50 0.34

Cash, Cash Equivalents and Net

Current Assets

Cash/Net

Current Assets Others 15.46 10.74



RELIANCE MUTUAL FUND

Reliance Mutual Fund (RMF) was established as trust under Indian Trusts Act, 1882. The

sponsor of RMF is Reliance Capital Limited and Reliance Capital Trustee Co. Limited is the

Trustee. It was registered on June 30, 1995 as Reliance Capital Mutual Fund which was

changed on March 11, 2004. Reliance Mutual Fund was formed for launching of various

schemes under which units are issued to the Public with a view to contribute to the capital

market and to provide investors the opportunities to make investments in diversified

securities.

Vision:

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

good corporate governance.

Reliance Mutual Fund, a part of the Reliance - Anil Dhirubhai Ambani Group, is one of the

fastest growing mutual funds in the country. RMF offers investors a well-rounded portfolio of

products to meet varying investor requirements and has presence in 118 cities across the

country.

Reliance Mutual Fund constantly endeavors to launch innovative products and customer

service initiatives to increase value to investors. "Reliance Mutual Fund schemes are

managed by Reliance Capital Asset Management Limited., a subsidiary of Reliance Capital

Limited, which holds 93.37% of the paid-up capital of RCAM, the balance paid up capital

being held by minority shareholders."

The fund has more than 235 schemes with AUM of Rs.112565.11 Crs



Reliance Regular Savings Balanced- Growth

Fund Objective:

The scheme aims to generate consistent returns by investing a major portion in equity and a

small portion in debt and money market instruments. It will invest upto 50 per cent of its

assets in equities and quity related securities and atleast 25 per cent of its assets in debt and

money market instruments with an average maturity of 1 to 7 years.

Fund Manager: Arpit Malaviya



As on 28/02/10

% Net Assets

Equity

Debt

Others

66.35

0

33.65

Latest NAV 20.9241

(05/04/10)

52-Week High 20.9241

(05/04/10)

52-Week Low 11.5041

(06/04/09)


oriented

Type Open End

Launch Date May 2005

Risk Grade Average

Return Grade High


(31/03/10)


As on 28/02/2010

Financial 9.89

Services 9.62

Technology 9.22

Construction 6.26

Automobile 5.8



1-Month 4.96 3.36

3-Month 6.70 2.13

1-Year 85.54 60.38

3-Year 23.92 11.95

5-Year -- 17.45

Return Since

Launch 16.24 --




Company Mkt. Value* (Rs in Crores) % of Assets

Equity Shares 66.35

POWER FINAN 143.92 5.26

INFINITE 100.89 3.69

MAN INFRA 90.00 3.29

HEROHONDA M 88.88 3.25

AVENTIS PHAR 80.75 2.95

JUBL FOOD 80.41 2.94

INFRA DEVFIN 79.80 2.92

STERLITE (I) 78.20 2.86

INFOSYS TECH 78.06 2.85

UNION BANK 76.73 2.80

H C L TECH 73.42 2.68

TATA MOTORS 71.12 2.60

UNITD SPR 67.71 2.48

CIPLA LTD. 63.23 2.31

REL COM LTD 63.02 2.30

Debt and Cash and Other Assets

33.65

Debt and Cash and Other Assets 920.68 33.65

http://myiris.com/shares/company/snapShotShow.php?icode=POWFINCO

http://myiris.com/shares/company/snapShotShow.php?icode=INFCOMSN

http://myiris.com/shares/company/snapShotShow.php?icode=MANINFRA

http://myiris.com/shares/company/snapShotShow.php?icode=HERHONMO

http://myiris.com/shares/company/snapShotShow.php?icode=HOEMARRO

http://myiris.com/shares/company/snapShotShow.php?icode=JUBFOODW

http://myiris.com/shares/company/snapShotShow.php?icode=INFDEVFC

http://myiris.com/shares/company/snapShotShow.php?icode=STEINDIA

http://myiris.com/shares/company/snapShotShow.php?icode=INFTECHN

http://myiris.com/shares/company/snapShotShow.php?icode=UNIBANO1

http://myiris.com/shares/company/snapShotShow.php?icode=HCLTECHN

http://myiris.com/shares/company/snapShotShow.php?icode=TATENGLC

http://myiris.com/shares/company/snapShotShow.php?icode=MCDCO

http://myiris.com/shares/company/snapShotShow.php?icode=CIPLA

http://myiris.com/shares/company/snapShotShow.php?icode=RELCOMVE



FRANKLIN TEMPLETON MUTUAL FUND

Templeton Asset Management Company, a company incorporated under the Companies Act,

1956, is a part of the Franklin Templeton Group. The sponsor of the Fund Templeton

International Inc., is a wholly owned subsidiary of Templeton Worldwide Inc., which in turn

is a wholly owned subsidiary of Franklin Resources Inc. The Franklin Templeton Group is

one of the world s largest Investment Management Companies. It has over 50 years of

experience in International Investment Management with 34 offices in over 23 countries,

which service over 10 million unit holders.

It flagged off the mutual fund business with the launch of Templeton India Growth Fund in

September 1996, and since then the business has grown at a steady pace.

Vision:

To be the premier global investment management organization by offering high quality

investment solutions, providing outstanding service and attracting, motivating and retaining

talented individuals.

The fund has more than 181 schemes with AUM of Rs. 33,300 Crs



Franklin Templeton India Balanced-G

Fund Objective:

The scheme seeks to achieve long-term capital appreciation with stability of investment and

current income from a balanced portfolio of high quality equity and fixed income securities.

Fund Manager: Sachin Padwal Desai




Equity

Debt

Others

68.35

29.53

2.12

Latest NAV 45.9694

(06/04/10)


(06/04/10)

52-Week Low 30.5341

(06/04/09)


oriented

Type Open End

Launch Date December 1999

Risk Grade Average

Return Grade Average


(31/03/10)



1-Month 3.42 3.46

3-Month 3.93 2.05

1-Year 50.55 59.39

3-Year 13.08 11.98

5-Year 18.83 17.40

Return Since

Launch 15.91 --


As on 28/02/2010

Financial 18.98

Engineering 8.67

Technology 7.98

Energy 6.12

Diversified 5.97




Equity Sector Value

(Rs cr)

Asset

%

Infosys Technology 21.82 7.33

Kotak Mahindra Banking/Finance 14.57 4.89

HDFC Bank Banking/Finance 12.29 4.13

Reliance Oil & Gas 11.03 3.70

ICICI Bank Banking/Finance 10.50 3.53

Axis Bank Banking/Finance 9.68 3.25

Larsen Engineering 9.63 3.23

Nestle Food & Beverage 9.50 3.19

HDFC Banking/Finance 9.45 3.17

Bharti Airtel Telecom 9.18 3.08

Hero Honda Motors Automobile 8.78 2.95

Grasim Industries Diversified 8.14 2.73

Cummins India Engineering 7.54 2.53

Bharat Heavy Electricals Engineering 7.41 2.49

Marico FMCG 5.84 1.96

Debt

ONGC Videsh Energy 24.80 8.33

Tata Motors Automobile 21.10 7.08

Rural Electrification Corporation Energy 9.87 3.31

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TATA MUTUAL FUND

Tata Mutual Fund (TMF) is a Trust under the Indian Trust Act, 1882. The sponsorers for Tata

Mutual Fund are Tata Sons Ltd., and Tata Investment Corporation Ltd. The investment

manager is Tata Asset Management Limited and its Tata Trustee Company Pvt. Limited.

Backed by one of the most trusted and valued brands in India, Tata Mutual Fund has earned

the trust of lakhs of investors with its consistent performance and world-class service.

The Tata Asset Management philosophy is centered on seeking consistent, long-term results.

Tata Asset Management aims at overall excellence, within the framework of transparent and

rigorous risk controls.

The fund has more than 174 schemes with AUM of Rs. Rs. 22,620 Crs.



Tata Balanced Fund-Growth

Fund Objective:

The scheme seeks steady returns from debt along with growth from equities instruments.

Earlier known as Tata Equity Growth Fund, Tata Twin Balanced has been merged in to this

fund.

Fund Manager: M Venugopal



Latest NAV 77.0742

(06/04/10)


(05/04/10)

52-Week Low 44.3254

(06/04/09)


oriented

Type Open End

Launch Date October 1995

Risk Grade Average



(31/03/10)


Equity

Debt

Others

73.56

18.92

7.52



1-Month 2.50 3.46

3-Month 1.12 2.05

1-Year 73.88 59.39

3-Year 16.92 11.98

5-Year 21.06 17.40

Return Since

Launch 17.60 -


As on 28/02/2010

Technology 17.00

Diversified 8.83

FMCG 8.44

Services 8.41

Financial 7.72




Equity Sector Value

(Rs cr)

Asset

%

Lupin Pharmaceuticals 11.16 4.23

Mphasis Technology 10.28 3.90

Oracle Technology 9.31 3.53

United Spirits Food & Beverage 8.73 3.31


Crompton Greave Engineering 8.02 3.04

Rural Electrification Energy 7.81 2.96

Wipro Technology 7.55 2.86

Cadila Health Care Pharmaceuticals 7.24 2.75

Reliance Industries Energy 7.04 2.67

HDFC Bank Financial 6.56 2.49

L I C Housing Fin. Financial 5.97 2.27

H C L Technologies Technology 5.88 2.23

Nestle India FMCG 5.85 2.22

Zee Entertainment Ent. Services 5.82 2.21

Debt Holdings

Export-Import Bank Financial 15.15 5.75

State Bank of Bikaner Financial 14.88 5.64

IDBI Bank Financial 9.93 3.77

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UTI MUTUAL FUND

UTI Mutual Fund is managed by UTI Asset Management Company Private Limited which

was established on Jan 14, 2003. It has been appointed by the UTI Trustee Company Private

Limited for managing the schemes of UTI Mutual Fund and the schemes transferred from

UTI Mutual Fund.

Vision:

To be the most Preferred Mutual Fund.

UTIAMC has a well-qualified, professional fund management team, which has been fully

empowered to manage funds with greater efficiency and accountability in the sole interest of

the unit holders. The fund managers are ably supported by a strong in-house securities

research department. To ensure investors‟ interests, a risk management department is also in

operation.

UTI Mutual Fund‟s investment philosophy is to deliver consistent and stable returns in the

medium to long term with a fairly lower volatility of fund returns compared to the broad

market. It believes in having a balanced and well-diversified portfolio for all the funds and a

rigorous in-house research based approach to all its investments. It is committed to adopt

and maintain good fund management practices and a process based investment management.

UTI Mutual Fund follows an investment approach of giving as equal an importance to asset

allocation and sectoral allocation, as is given to security selection while managing any fund.

It combines top-down and bottom-up approaches to enable the portfolios/funds to adapt to

different market conditions so as to prevent missing an investment opportunity.




UTI Balanced Fund –Growth

Fund Objective:

An open-ended balanced fund investing between 40% to 75% in equity/equity related

securities and the balance in debt (fixed income securities) with a view to generate regular

income together with capital appreciation.

Fund Manager: Amandeep Singh Chopra




Equity

Debt

Others

73.24

24.79

1.97

Latest NAV 75.68 (07/04/10)

52-Week High 75.68 (07/04/10)

52-Week Low 47.31 (08/04/09)


oriented

Type Open End

Launch Date March 1995

Risk Grade Average


Net Assets (Cr) 1,057.19

(31/03/10)



1-Month 4.36 2.87

3-Month 2.17 3.83

1-Year 61.81 9.72

3-Year 13.33 59.37

5-Year 16.01 12.12

Return Since

Launch 18.42 --


As on 28/02/2010

Energy 13.13

Engineering 10.79

Financial 8.98

Technology 8.39

Diversified 7.72




Equity Sector Value

(Rs cr)

Asset

%



BHEL Engineering 30.54 2.98

TCS

Technology 28.13 2.75


NTPC Utilities 25.28 2.47

SBI

Finance 23.69 2.32

Axis Bank Finance 23.26 2.27

HDFC Finance 23.06 2.25

Siemens Telecom 22.92 2.24

Bharat Electronics Engineering 18.40 1.80

ONGC Energy 16.98 1.66

Grasim Industries Diversified 16.17 1.58

Tata Tea FMCG 15.92 1.56

ITC FMCG 15.73 1.54

Debt Holdings

Emaar MGF Land & Pvt. Realty 76.46 7.47

GOI Sovereign 58.34 5.70

UCO Bank Finance 20.0 1.95



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SBI MUTUAL FUND

SBI Mutual Fund is India‟s largest bank sponsored mutual fund and has an enviable track

record in judicious investments and consistent wealth creation.

SBI Mutual Fund is a joint venture between the State Bank of India and Société Générale

Asset Management, one of the world‟s leading fund management companies that

manages over US$ 500 Billion worldwide.

Vision:

Growth through innovation and stable investment policies.

A total of over 5.8 million investors have reposed their faith in the wealth generation

expertise of the Mutual Fund.

The fund traces its lineage to SBI - India‟s largest banking enterprise. The institution has

grown immensely since its inception and today it is India's largest bank, patronised by over

80% of the top corporate houses of the country.

Schemes of the Mutual fund have consistently outperformed benchmark indices and have

emerged as the preferred investment for millions of investors and HNI‟s.

SBI Mutual is the first bank-sponsored fund to launch an offshore fund – Resurgent India

Opportunities Fund.




SBI Magnum Balanced Fund-Growth

Fund Objective:

Earlier known as Magnum open-end, the scheme seeks capital appreciation from a balanced

portfolio of equity and debt securities.

Fund Manager: Ritesh Sheth




Equity

Debt

Others

75.19

14.86

9.95

Latest NAV 49.41

(07/04/10)

52-Week High 49.41

07/04/10)

52-Week Low 30.86

08/04/09)

Fund Category Hybrid:Equity-

oriented

Type Open End

Launch Date October 1995

Risk Grade Above Average



(31/03/10)


As on 28/02/2010

Financial 12.20

Energy 9.79

Engineering 9.07

Services 6.89

Construction 6.28



1-Month 4.59 3.84

3-Month 2.04 2.53

1-Year 62.53 59.37

3-Year 13.81 12.12

5-Year 21.31 17.51

Return Since

Launch 18.51 --




Holdings Sector Value (Rs cr) Asset %

Equity 72.46


ICICI Bank Banking/Finance 17.87 3.62




SBI Banking/Finance 12.84 2.60

ITC Tobacco 11.80 2.39

Cipla Pharmaceuticals 9.46 1.92

Bharat Elec Manufacturing 9.18 1.86

Sobha Developers Realty 8.75 1.77

Sadbhav Engineering Realty 8.72 1.77

HDFC Financial 7.50 1.52

Sintex Industries Diversified 7.13 1.44

ONGC Energy 6.72 1.36

Indian Hotels Services 6.71 1.36

Debt & other holdings 27.54

GOI Sovereign 85.60 17.33

Rural Electrification Energy 19.78 4.00

Power Finance Corp Services 5.70 1.15





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LIC MUTUAL FUND

Life Insurance Corporation of India set up LIC Mutual Fund on 19th June 1989 and

contributed Rs. 2 Crores towards the corpus of the Fund. LIC Mutual Fund was constituted as

a Trust in accordance with the provisions of the Indian Trust Act, 1882.

The Trustees of the LIC Mutual Fund have exclusive ownership of Trust Fund and are vested

with general power of superintendence, discretion and management of the affairs of the Trust.

LIC Mutual Fund Asset Masnagement Company Ltd. was formed on 20th April 1994 in

compliance with the Securities and Exchange Board of India (Mutual Funds) Regulations,

1993. The Company commenced business on 29th April 1994.

The Trustees of LIC Mutual Fund have appointed LIC Mutual Fund Asset Management

Company Ltd. as the Investment Managers for LIC Mutual Fund. The Trustees are

responsible for appointing a Custodian.

The basic objective of the LIC MF are mopping up the savings of people especially from

rural and semi-urban areas and providing good returns, liquidity and security to the investors

through investment in capital market for productive purposes.

The fund has more than 62 schemes with AUM of Rs. 42,305 Crs.



LIC Mutual Fund Balanced Fund (C) -Growth

Fund Objective:

The scheme seeks to provide regular returns and capital appreciation from a portfolio

comprising of equity and debt instruments, and also in money market instruments.

Fund Manager: Bichitra Mahapatra




Equity

Debt

Others

72.94

7.44

19.62

Latest NAV 54.68

(07/04/10)

52-Week High 56.22

(15/01/10)

52-Week Low 40.40

(08/04/09)


oriented

Type Open End

Launch Date November 2003



Net Assets (Cr) 29.48 (31/03/10)



1-Month 3.19 3.84

3-Month -1.68 2.53

1-Year 37.27 59.37

3-Year 9.78 12.12

5-Year 14.85 17.51

Return Since

Launch 14.55 --


As on 28/02/2010

Communication 16.05

Metals 11.39

Energy 10.14

Financial 7.84

Health Care 7.24





Equity

73.67


Ambuja Cements Cement 2.14 7.42

Jyoti Structures Engineering 2.11 7.32

Ranbaxy Labs Pharmaceuticals 2.07 7.19


HUL FMCG 1.77 6.14

Power Grid Corp Utilities 1.61 5.57

Reliance Comm Telecom 1.57 5.46

PTC India Services 1.26 4.38

Hindalco Industries Metals 1.13 3.92

IDBI Bank Financial 1.07 3.71

HCL Tech Technology 0.73 2.55

Yes Bank Financial 0.71 2.46

Infra Dev Fin Co Financial 0.48 1.66

Indiabulls Power Power 0.01 0.04

Debt & other holdings

26.33

7.35% Government Of India 2024 Sovereign 2.78 09.65

6.05% Government Of India 2019 Sovereign 2.61 09.06


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CANARA ROBECO MUTUAL FUND

Canbank Investment Management Services Ltd. (the AMC) was established as a wholly

owned subsidiary of Canara Bank in 1993. The AMC is managing the assets of Canbank

Mutual Fund (the Fund) by virtue of an investment management agreement dated 16th June

1993 (as amended from time to time).

Canara Bank entered into a joint venture agreement on 19th March, 2007, with Robeco

Group, The Netherlands for asset management business in India. Robeco is a 75-year old

asset manager, with over Rs. 8, 09,000 crores (EUR 146 billion) under management as of

Dec 31, 2007.

According to this agreement, Robeco Group N.V. through its subsidiary, Robeco India

Holding B.V. has acquired 49% stake in the AMC.

As a consequence, the Fund is renamed as Canara Robeco Mutual Fund (the Fund) and the

AMC as Canara Robeco Asset Management Company Limited (the AMC).

The AMC is also the sub-Investment Manager to IS-Himalayan Fund / Canbank (Offshore)

Mutual Fund.

The Fund launched thirty schemes since its inception, besides taking over four schemes from

GIC Mutual Fund. Of these, sixteen schemes have been redeemed / terminated / merged so

far.

The fund has more than 87 schemes with AUM of Rs. 9411.26 Crs.

http://www.canararobeco.com/main/index.aspx



Canara Robeco Balance Fund- Growth

Fund Objective:

The scheme seeks to build a balanced portfolio, which would provide a combination of high

annual return and capital appreciation.

Fund Manager: Nimesh Chandan




Equity

Debt

Others

72.91

21.74

5.35

Latest NAV 56.55

(07/04/10)

52-Week High 56.55

(07/04/10)

52-Week Low 34.23

(08/04/09)


oriented

Type Open End

Launch Date January 1993


Return Grade High


(31/03/10)



1-Month 6.06 3.84

3-Month 4.66 2.53

1-Year 67.65 59.37

3-Year 17.22 12.12

5-Year 23.99 17.51

Return Since

Launch 12.44 --


As on 28/02/2010

Services 16.04

Energy 14.79

Financial 13.40

Technology 11.41

Communication 4.06





Equity 72.91

HDFC Bank Banking/Finance 6.31 4.03

TCS Technology 5.48 3.50


Zee News Media 4.89 3.12

Sun TV Network Media 4.84 3.09

Bank of Baroda Banking/Finance 4.77 3.04


GAIL Oil & Gas 4.39 2.80

Jubilant Food Miscellaneous 3.97 2.53

Mahindra Holidays Services 3.91 2.50

Pantaloon Retail (India) Services 2.48

Aditya Birla Diversified 3.28 2.09


State Bank of India Financial 3.16 2.02

Oil India Energy 3.15 2.01

Debt & other holdings 27.09

Treasury Bills-RBI Sovereign 19.98 12.75

ICICI Bank Financial 5.35 3.42

L&T Finance Financial 5.12 3.27

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Baroda Pioneer Mutual Fund

Baroda Pioneer Asset Management Company Limited was formed as a wholly owned

subsidiary of Bank of Baroda in 1995 with the key focus of managing the assets of Baroda

Pioneer Mutual Fund.

Bank of Baroda entered into an agreement on 5 October, 2007 with Pioneer Investments

(Pioneer Global Asset Management), a global asset manager with 80 years of experience and

assets under management of just under € 187.86 billion (as on September 30, 2008).

Consequent to the agreement and necessary regulatory approvals, Pioneer Investments has

acquired a stake of 51% in Baroda Pioneer Asset Management Company. The Fund and the

AMC are being renamed as Baroda Pioneer Mutual Fund and Baroda Pioneer Asset

Management Company Limited.

The fund has more than 27 schemes with AUM of Rs. 3874.76 Crs.



Baroda Pioneer Balance Fund- Growth

Fund Objective:

The scheme aims to provide long term capital appreciation along with stability through a well

balanced portfolio comprising of equity, equity related instruments, highly rated debt

portfolio and money market instruments.

Fund Manager: Dipak Acharya



Latest NAV 26.19

(08/04/10)

52-Week High 26.51

(06/01/10)

52-Week Low 18.25

(08/04/09)


oriented

Type Open End

Launch Date September 2003

Net Assets (Cr) 0.92 (31/03/10)


Equity

Debt

Others

69.57

0

30.43



1-Month 2.07 2.82

3-Month -0.57 2.15

1-Year 43.51 56.39

3-Year 6.40 11.92

5-Year 10.75 17.53

Return Since

Launch 15.71 --


As on 28/02/2010

Financial 15.18

Technology 10.78

Energy 7.40

Automobile 6.56

Engineering 5.88





Equity 69.57




ITC Tobacco 0.04 4.85


ICICI Bank Finance 0.04 4.13

SBI Finance 0.03 3.38

Tata Motors Automotive 0.03 3.29


Mah & Mah Automotive 0.02 2.35

Piramal Healthcare Pharmaceuticals 0.02 2.30

Bank of India Banks 0.02 2.21

Tata Steel Ferrous Metals 0.02 2.06

Adani Enterprises Services 0.02 2.04

H C L Tech I T - Software 0.02 1.94

Cash & other assets

30.43




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CHAPTER-4

DATA ANALYSIS

&

INTERPRETATION



CHAPTER-4

DATA ANALYSIS & INTERPRETATION

The following tools have been used to measure the performance of the selected mutual fund

schemes in terms of return and risk.

1. RETURN

Rate of return (ROR), also known as return on investment (ROI), rate of profit or sometimes

just return, is the ratio of money gained or lost (whether realized or unrealized) on

an investment relative to the amount of money invested. The amount of money gained or lost

may be referred to as interest, profit/loss, gain/loss, or net income/loss.

Here returns on mutual funds refer to the amount gained or lost by an investor on the

investments in mutual funds.

Absolute returns are considered which refers to the return that an asset achieves over a certain

period of time.

Table-1: Showing Returns of the Funds (1 yr)

FUND Returns (%)

1. Reliance Regular Savings Balanced 91.36

2. HDFC Balanced Fund 81.96

3. Tata Balanced Fund 77.76

4. Birla Sun Life 95 Fund 77.63

5. Canara Robeco Balance fund 73.24

6. SBI Magnum Balanced Fund 68.67

7. UTI Balanced Fund 65.54

8. Franklin Templeton India Balanced Fund 55.21

9. Baroda Pioneer Balance Fund 50.41

10. LIC Balanced Fund 39.58

http://en.wikipedia.org/wiki/Money

http://en.wikipedia.org/wiki/Investment

http://en.wikipedia.org/wiki/Interest

http://en.wikipedia.org/wiki/Profit_(accounting)



Graph-2: Showing Returns of the Funds (1 yr)

Any investor would like to maximize the returns on the investments and therefore mutual

fund which delivers the highest returns will be selected. Here the absolute returns are

considered for the past one year period.

It can be observed that Reliance Regular Savings Balanced has yielded the highest return

(91.36%) of all the selected mutual funds.

HDFC Balanced Fund has earned the next highest returns, followed by Tata Balanced Fund,

Birla Sun Life 95, Canara Robeco Balance fund etc.

LIC Balanced Fund has delivered the lowest return (39.58%) among all the funds.



2. BETA

The degree, to which different portfolios are affected by these systematic risks as compared

to the effect on the market as a whole, is different and is measured by Beta. Beta measures

the volatility of a fund relative to a particular market benchmark i.e. how sensitive the fund is

to market movements. It is calculated by relating the return on a security with return for the

market. By convention, market will have beta 1. If beta is greater than 1 the security is said

to be riskier than market. If beta is less than 1, the indication is that security is less risky in

comparison to market. For example, a Beta of 1.1 would indicate that if the market goes up

10%, the fund might rise 11% and vice versa in a down market.

Table-2: Showing Beta of the Funds

FUND BETA













Graph-3: Showing Beta Values of the Funds

A Fund with a lesser Beta is a better choice for an investor as it would be less volatile.

Birla Sun Life 95 Balanced Fund has the lowest Beta value among all the above funds which

means it is comparatively less volatile.LIC Balanced Fund has the next lowest Beta, followed

by HDFC Balanced Fund, UTI Balanced Fund, and Franklin Templeton Balanced Fund etc.

Baroda Pioneer Balance Fund has a Beta of exactly 1 which means it is perfectly correlated

with the market portfolio and earns similar returns.

Reliance Regular Savings Balanced has the highest Beta value among all the above funds

which means it is comparatively less volatile.

0

0.2

0.4

0.6

0.8

1

1.2

BETA

BETA



3. STANDARD DEVIATION

Standard Deviation is a statistical tool, used to measure the variation in individual returns from

the average expected return over a certain period. Standard deviation is used in the concept

of risk of a portfolio of investments; higher standard deviation means a greater fluctuation in

expected return. It is denoted by sigma (σ).

Table-3: Showing SD of the Funds

FUND S D ()













Graph-4: Showing Standard Deviations of the Funds

A higher standard deviation means that the returns of the fund have been more volatile than a

fund having low standard deviation. In other words high standard deviation means high risk.

Franklin Templeton India Balanced Fund Fund has the lowest SD which means it is

comparatively less risky to the other funds as its returns are less volatile.

HDFC Balanced Fund has the next lowest SD, followed by UTI Balanced Fund, Tata

Balanced Fund, Birla Sun Life 95 etc.

Baroda Pioneer Balanced Fund has the highest SD among all the funds which means it is

comparatively more risky as its returns are more volatile.

0

20

40

60

80

100

Returns (%)

Returns (%)



4. SHARPE’s RATIO

Sharpe‟s Ratio measures risk premium of a portfolio, relative to the total amount for risk in

the portfolio. It was given by William Sharpe. It measures the excess return (i.e., risk

premium) per unit of total risk. It is one of the most widely used tool to measure the

performance of a mutual fund.

Higher Sharpe ratio means higher returns for the same risk level.

Table-4: Showing Sharpe‟s Ratio of the Funds

FUND SHARPE’S RATIO (Sp)













Graph-5: Showing Sharpe‟s Ratios of the Funds

HDFC Balanced Fund has the highest Sharpe‟s ratio (3.15) which means it has outperformed

all the other funds, as higher the Sharpe‟s Ratio higher the performance of the mutual fund.

Reliance Regular Savings Balanced Fund has the next highest Sharpe‟s ratio, followed by

Tata Balanced Fund, Birla Sun Life 95 Fund etc.

LIC Balanced Fund has the lowest Sharpe‟s ratio (1.18) among all the selected funds, which

means it has yielded very less returns for the same risk level.



5. TREYNOR’S RATIO

Treynor‟s ratio is used to measure excess return per unit of risk, based on systematic risk

(the beta of a portfolio versus the benchmark). It was given by Jack Treynor.

Risk averse investors prefer the value to be high.

Table-5: Showing Treynor‟s Ratio of the Funds

FUND TREYNOR’S RATIO (Sp)













Graph-6: Showing Treynor‟s Ratios of the Funds

Higher the Treynor‟s ratios better the returns of the mutual fund.

HDFC Balanced Fund has the highest Treynor‟s ratio (0.86), which means it has yielded

better returns over all the other funds at the same risk level.

Reliance Regular Savings Balanced Fund has the next highest Treynor‟s ratio followed by

Birla Sun Life 95 Fund, Tata Balanced Fund etc.

LIC Balanced has the lowest Treynor‟s ratio (0.33) of all the selected funds, which shows it

has earned very less returns.

00.20.40.60.8

1

TREYNOR’S RATIO (Tr)

TREYNOR’S RATIO (Tr)



6. JENSEN’s MEASURE

Jensen‟s measure reflects the difference between the return actually earned on a portfolio and

the return the portfolio was expected to earn, given its beta as per the CAPM. It is a

regression of excess fund return with excess market return given by MC Jensen.

Jensen‟s measure is similar to Treynor‟s measure; both focus only on non-diversifiable risk

by using Beta. Jensen‟s measure is preferred as it automatically adjusts for market return

through its use of the CAPM.

Table-6: Showing Jensen‟s Measure of the Funds

FUND JENSEN’s MEASURE (Jm)










10. LIC Balanced Fund -1.7



Graph-7: Showing the Jensen‟s Measure of the Funds

As with the other two measures, the higher the Jensen‟s measure value, the better the fund is

performing.

Reliance Regular Savings Balanced Fund is the best performing fund as it has the highest JM

value (40.61) among all the funds. HDFC Balanced Fund has the next highest JM value,

followed by Birla Sun Life 95 Fund, Tata Balanced Fund etc.

LIC Balanced Fund has the lowest JM value (-1.7) among all the selected funds and therefore

has the lowest performance.



Table Showing Rankings of the Mutual Funds according to different Measures:

Table-7: Showing Rankings of the Mutual Funds

The above table summarizes the performance of the selected mutual fund schemes according

to the different measures used.

The rankings of the funds are not the same, as different measures lead to different results, but

each tool has its own way of measuring performance which is important.

F U N D

RANKINGS

SHARPE TREYNOR JENSEN

Birla Sun Life 95 Fund 4 3 3

Franklin Templeton India Balanced Fund 8 8 8

HDFC Balanced Fund 1 1 2

Reliance Regular Savings Balanced 2 2 1

Tata Balanced Fund 3 4 4

Baroda Pioneer Balance Fund 9 9 9

Canara Robeco Balance fund 6 6 5

LIC Balanced Fund 10 10 10

SBI Magnum Balanced Fund 7 5 75

UTI Balanced Fund 5 7 6



CHAPTER-5

FINDINGS,

SUGGESTIONS

AND

CONCLUSIONS



CHAPTER-5

FINDINGS AND CONCLUSIONS

The analysis of 10 Balanced Mutual funds (Growth option) based on NAV returns for a

period of 1 year yielded the following results:

1. Reliance Regular Savings Balanced Fund has outperformed all the other funds, as it

has yielded the highest return (91.36%).

This is due to the portfolio of its investments which have performed very well.

Therefore the fund manager should be credited for the success of the fund.

Hence investors who are attracted to funds with highest returns will be interested in

this mutual fund scheme.

2. Franklin Templeton India Balanced Fund has delivered more consistent returns, as

it has the lowest Standard Deviation (23.52) among all the funds.

This is due to the low risk profile of its portfolio of investments.

Investors interested in stable returns & less volatility would like to invest in this

mutual fund. The returns of the fund can hence be trusted.

3. Birla Sun Life 95 Fund has the lowest risk among all the selected funds, as it has the

lowest Beta (0.83) and thus is less volatile.

This means if the market goes up by say 10%, the fund‟s returns would go up by 8.3%

and vice-versa.

It is to be noted here that Baroda Pioneer Balance Fund has a Beta of exactly 1

Therefore investors who prefer lesser risk would want to invest in this fund.

4. In terms of size UTI Balanced Fund is the largest fund, as it has Net Assets of

Rs. 1057.19 crore, which is the highest among all the selected funds.

This shows that a large number of investors have invested their funds in this fund and

also are confident about the fund‟s performance.



5. From the table it can be observed that HDFC Balanced Fund has the best

performance according to the Sharpe Ratio (3.15).

This means it has outperformed all the other funds, as higher the Sharpe‟s Ratio

higher the performance of the mutual fund.

The investors should select a mutual fund with a higher Sharpe ratio, as it yields

higher returns for the same risk level.

6. HDFC Balanced Fund also has the best performance according to the Treynor‟s

Measure (0.86).

Higher the Treynor‟s ratios better the returns of the mutual fund.

The investors should again select a mutual fund with a higher Treynor‟s ratio, as it

yields higher returns for the same risk level.

7. Reliance Regular Savings Balanced Fund has the highest ranking according to

Jensen‟s Measure (40.61).

As with the other two measures, the higher the Jensen‟s measure value, the better the

fund is performing.

This again means it has yielded higher returns at a lower risk level and hence risk

averse investors should go for this fund.

8. Comparing the overall performance of all the selected mutual fund schemes, HDFC

Balanced Fund has been the best mutual fund scheme, as it has the best ranking as

per both Sharpe & Treynor and also the second ranking according to Jensen‟s

measure.



SUGGESTIONS:

Investors while investing their funds should consider both the risk and the returns

associated with the mutual fund, as they should balance both the risk and the return to

earn optimum profits. As the famous lines say „Mutual Fund Investments Are subject

To Market Risks. Please Read The Offer Documents Carefully Before Investing‟

Another important thing to be remembered is that investors should invest in a mutual

fund that matches their objective of investment which should be very clearly decided.

A good Fund Manager is also very important for a mutual fund, as he will be

responsible for the fund‟s performance. Therefore investors should invest in a fund

which has a good & capable fund manager.

CONCLUSIONS:

Investors who want the highest returns and are willing to take higher risk should invest their

funds in Reliance Regular Savings Balanced Fund, as it has yielded the highest returns

(91.36%) among all the selected mutual funds.

Investors here should understand the basic fact that all investments are associated with risk

and therefore only by taking a higher risk, can they obtain higher returns.

Investors who are interested in consistent returns should invest in Franklin Templeton India

Balanced Fund, as it has the lowest standard deviation (23.52) among all the selected mutual

funds.

Investors who have a lower risk appetite should invest in Birla Sun Life 95 Fund, as it has

the lowest Beta (0.83) among all the selected mutual funds. Beta measures the volatility of a

fund relative to a particular market benchmark. Therefore lower the Beta lower the risk and

vice-versa.



BIBLIOGRAPHY



BIBLIOGRAPHY

BOOKS

Prasanna Chandra (2008), Investment Analysis and Portfolio

Management (3rd Edition), Tata McGraw-Hill Publishing Co Ltd.

R Shanmugam (2009), Investment Analysis and Management (1st

Edition), Kalyani Publishers.

WEBSITES:

www.amfiindia.com

www.valueresearchonline.com

www.mutualfundsindia.com

www.birlasunlife.com

www.hdfcfund.com

www.reliancemutual.com

www.tatamutualfund.com

www.franklintempletonindia.com

www.utimf.com

www.licmutual.com

www.sbimf.com

www.canararobeco.com

www.barodapioneer.in

www.moneycontrol.com

www.myiris.com

www.sharekhan.com

http://www.amfiindia.com/

http://www.valueresearchonline.com/

http://www.mutualfundsindia.com/

http://www.birlasunlife.com/

http://www.hdfcfund.com/

http://www.reliancemutual.com/

http://www.tatamutualfund.com/

http://www.franklintempletonindia.com/

http://www.utimf.com/

http://www.licmutual.com/

http://www.sbimf.com/

http://www.canararobeco.com/

http://www.barodapioneer.in/

http://www.moneycontrol.com/

http://www.myiris.com/

http://www.sharekhan.com/



ANNEXURES



NAV values of Birla Sun Life 95- Growth Fund for 1 year

NAV Date NAV Date NAV Date NAV Date NAV Date

277.09 31-Mar-10 270.26 04-Jan-10 261.92 21-Oct-09 236.25 06-Aug-09 220.6 29-May-09

276.26 30-Mar-10 269.47 31-Dec-09 263.61 20-Oct-09 239.25 05-Aug-09 217.29 28-May-09



274.27 22-Mar-10 267.53 24-Dec-09 262.2 14-Oct-09 236.72 31-Jul-09 213.27 22-May-09







272.26 11-Mar-10 262.64 15-Dec-09 258.47 30-Sep-09 227.51 22-Jul-09 184.94 12-May-09






264.17 26-Feb-10 264.49 07-Dec-09 254.23 18-Sep-09 216.19 14-Jul-09 177.26 29-Apr-09

262.33 25-Feb-10 266.55 04-Dec-09 253.21 17-Sep-09 211 13-Jul-09 174.72 28-Apr-09

263 24-Feb-10 266.49 02-Dec-09 253.93 16-Sep-09 213.07 10-Jul-09 178.32 27-Apr-09


262.46 22-Feb-10 263.65 30-Nov-09 247.94 14-Sep-09 215.29 08-Jul-09 177.46 23-Apr-09






262.15 11-Feb-10 261.85 19-Nov-09 242.01 04-Sep-09 221.52 30-Jun-09 174.87 15-Apr-09




262.3 04-Feb-10 260.47 13-Nov-09 241.9 31-Aug-09 217.6 24-Jun-09 157.67 01-Apr-09

264.97 03-Feb-10 259.49 12-Nov-09 242.91 28-Aug-09 215.63 23-Jun-09 155.99 31-Mar-09

261.96 02-Feb-10 261.78 11-Nov-09 242.08 27-Aug-09 217.33 22-Jun-09

261.56 29-Jan-10 258.45 10-Nov-09 241.95 26-Aug-09 218.89 19-Jun-09

261.02 28-Jan-10 258.31 09-Nov-09 239.54 25-Aug-09 216.03 18-Jun-09

260 27-Jan-10 253.93 06-Nov-09 238.46 24-Aug-09 219.45 17-Jun-09

266.18 25-Jan-10 252.12 05-Nov-09 235.09 21-Aug-09 224.65 16-Jun-09

267.63 22-Jan-10 250.17 04-Nov-09 233.13 20-Aug-09 222.79 15-Jun-09

269.61 21-Jan-10 245.29 03-Nov-09 231.97 19-Aug-09 226.41 12-Jun-09

273.79 20-Jan-10 250.61 30-Oct-09 233.43 18-Aug-09 229.77 11-Jun-09

273.8 19-Jan-10 251.59 29-Oct-09 230.55 17-Aug-09 222.31 08-Jun-09

275.01 18-Jan-10 253.8 28-Oct-09 236.54 13-Aug-09 229.5 05-Jun-09

274.4 15-Jan-10 254.22 27-Oct-09 231.3 12-Aug-09 228.91 04-Jun-09

271.66 08-Jan-10 259.2 26-Oct-09 230.44 11-Aug-09 226.84 03-Jun-09

272.14 07-Jan-10 260.14 23-Oct-09 229.43 10-Aug-09 225.15 02-Jun-09

272.74 05-Jan-10 258.9 22-Oct-09 232.39 07-Aug-09 224.52 01-Jun-09



NAV values of HDFC Balanced Fund- Growth for 1 year



















45.079 26-Feb-10 43.346 07-Dec-09 40.201 18-Sep-09 35.017 14-Jul-09 30.376 04-May-09
















45.356 02-Feb-10 42.338 11-Nov-09 38.568 27-Aug-09 35.323 22-Jun-09

45.015 29-Jan-10 41.97 10-Nov-09 38.441 26-Aug-09 35.63 19-Jun-09

44.667 28-Jan-10 41.781 09-Nov-09 38.088 25-Aug-09 35.105 18-Jun-09

44.381 27-Jan-10 41.336 06-Nov-09 37.91 24-Aug-09 35.4 17-Jun-09

45.314 25-Jan-10 41.085 05-Nov-09 37.393 21-Aug-09 36.161 16-Jun-09

45.416 22-Jan-10 40.774 04-Nov-09 37.03 20-Aug-09 35.697 15-Jun-09

45.592 21-Jan-10 40.356 03-Nov-09 36.762 19-Aug-09 36.168 12-Jun-09

46.197 20-Jan-10 41.191 30-Oct-09 37.046 18-Aug-09 36.673 11-Jun-09

46.103 19-Jan-10 41.28 29-Oct-09 36.809 17-Aug-09 35.784 08-Jun-09

46.275 18-Jan-10 41.414 28-Oct-09 37.695 13-Aug-09 36.518 05-Jun-09

46.255 15-Jan-10 41.239 27-Oct-09 37.182 12-Aug-09 36.759 04-Jun-09

45.593 08-Jan-10 41.792 26-Oct-09 37.114 11-Aug-09 36.509 03-Jun-09

45.608 07-Jan-10 41.912 23-Oct-09 37.043 10-Aug-09 36.058 02-Jun-09

45.69 05-Jan-10 41.647 22-Oct-09 37.374 07-Aug-09 35.692 01-Jun-09



NAV values of Reliance Regular Savings Balanced- Growth for 1 year


































14.4024 02-Feb-10 14.8051 11-Nov-09 14.1085 27-Aug-09 12.7179 22-Jun-09

14.5187 29-Jan-10 14.5352 10-Nov-09 13.9845 26-Aug-09 12.9169 19-Jun-09

14.4358 28-Jan-10 14.5412 09-Nov-09 13.8848 25-Aug-09 12.6846 18-Jun-09

14.3532 27-Jan-10 14.3639 06-Nov-09 13.8747 24-Aug-09 12.9452 17-Jun-09

14.7729 25-Jan-10 14.2491 05-Nov-09 13.6204 21-Aug-09 13.3403 16-Jun-09

14.9254 22-Jan-10 14.0202 04-Nov-09 13.4427 20-Aug-09 13.1408 15-Jun-09

15.0621 21-Jan-10 13.6734 03-Nov-09 13.2916 19-Aug-09 13.3083 12-Jun-09

15.3537 20-Jan-10 14.0006 30-Oct-09 13.4949 18-Aug-09 13.4457 11-Jun-09

15.397 19-Jan-10 14.0776 29-Oct-09 13.3589 17-Aug-09 12.9819 08-Jun-09

15.5141 18-Jan-10 14.2333 28-Oct-09 13.8194 13-Aug-09 13.4049 05-Jun-09

15.4377 15-Jan-10 14.2953 27-Oct-09 13.4465 12-Aug-09 13.4546 04-Jun-09

15.392 08-Jan-10 14.6885 26-Oct-09 13.4321 11-Aug-09 13.2594 03-Jun-09

15.4981 07-Jan-10 14.8563 23-Oct-09 13.3459 10-Aug-09 13.1598 02-Jun-09

15.4286 05-Jan-10 14.8852 22-Oct-09 13.4819 07-Aug-09 13.1686 01-Jun-09

15.2723 04-Jan-10 15.0579 21-Oct-09 13.7545 06-Aug-09 13.0391 29-May-09



NAV values of Franklin Templeton Balanced Fund- Growth for 1 year


















43.8989 02-Mar-10 43.5741 08-Dec-09 42.3802 22-Sep-09 38.775 15-Jul-09 32.4962 29-Apr-09
















43.3901 03-Feb-10 42.384 12-Nov-09 41.2755 28-Aug-09 38.3255 23-Jun-09

42.8214 02-Feb-10 42.6425 11-Nov-09 40.9848 27-Aug-09 38.4177 22-Jun-09

42.9422 29-Jan-10 42.0028 10-Nov-09 40.9653 26-Aug-09 38.7206 19-Jun-09

42.7126 28-Jan-10 42.1656 09-Nov-09 40.8107 25-Aug-09 38.2413 18-Jun-09

42.5544 27-Jan-10 41.6243 06-Nov-09 40.7988 24-Aug-09 38.7374 17-Jun-09

43.2197 25-Jan-10 41.355 05-Nov-09 40.2546 21-Aug-09 39.5212 16-Jun-09

43.4347 22-Jan-10 40.9609 04-Nov-09 39.8005 20-Aug-09 39.3233 15-Jun-09

43.7809 21-Jan-10 40.3431 03-Nov-09 39.4266 19-Aug-09 39.8528 12-Jun-09

44.4944 20-Jan-10 40.909 30-Oct-09 39.8052 18-Aug-09 40.3209 11-Jun-09

44.4405 19-Jan-10 41.0154 29-Oct-09 39.4417 17-Aug-09 38.9485 08-Jun-09

44.6114 18-Jan-10 41.4388 28-Oct-09 40.5278 13-Aug-09 39.7051 05-Jun-09

44.2904 15-Jan-10 41.5631 27-Oct-09 39.7648 12-Aug-09 39.1411 04-Jun-09

43.9695 08-Jan-10 42.0993 26-Oct-09 39.7142 11-Aug-09 38.6348 03-Jun-09

44.0482 07-Jan-10 42.2346 23-Oct-09 39.5806 10-Aug-09 38.6222 02-Jun-09

44.154 05-Jan-10 42.2778 22-Oct-09 39.8895 07-Aug-09 38.6106 01-Jun-09



NAV values of Tata Balanced Fund- Growth for 1 year


































73.1943 03-Feb-10 72.2866 12-Nov-09 64.9054 28-Aug-09 57.6952 23-Jun-09

72.3305 02-Feb-10 72.6782 11-Nov-09 64.8869 27-Aug-09 57.5298 22-Jun-09

72.2066 29-Jan-10 71.2333 10-Nov-09 64.9145 26-Aug-09 58.0393 19-Jun-09

72.0066 28-Jan-10 71.5821 09-Nov-09 64.4677 25-Aug-09 57.1969 18-Jun-09

71.5267 27-Jan-10 70.1882 06-Nov-09 63.7839 24-Aug-09 58.2155 17-Jun-09

73.3544 25-Jan-10 69.0617 05-Nov-09 62.2144 21-Aug-09 59.8093 16-Jun-09

74.2491 22-Jan-10 68.2069 04-Nov-09 61.4981 20-Aug-09 59.1296 15-Jun-09

74.6744 21-Jan-10 66.5667 03-Nov-09 61.1739 19-Aug-09 60.0607 12-Jun-09

75.9345 20-Jan-10 68.3754 30-Oct-09 61.6755 18-Aug-09 60.8008 11-Jun-09

75.8885 19-Jan-10 68.3668 29-Oct-09 60.5465 17-Aug-09 58.3199 08-Jun-09

76.3907 18-Jan-10 68.8845 28-Oct-09 62.2725 13-Aug-09 60.2471 05-Jun-09

76.2805 15-Jan-10 68.7481 27-Oct-09 60.8254 12-Aug-09 60.269 04-Jun-09

75.3277 08-Jan-10 69.7353 26-Oct-09 60.7906 11-Aug-09 59.8049 03-Jun-09

75.7907 07-Jan-10 69.801 23-Oct-09 60.65 10-Aug-09 59.1665 02-Jun-09

75.8132 05-Jan-10 69.2386 22-Oct-09 61.1817 07-Aug-09 59.1096 01-Jun-09



NAV values of UTI Balanced Fund- Growth for 1 year


74.18 31-Mar-10 73.31 04-Jan-10 70.5 21-Oct-09 63.08 07-Aug-09 60.73 01-Jun-09







73.61 17-Mar-10 70.33 21-Dec-09 69 08-Oct-09 63.12 29-Jul-09 58.16 20-May-09











70 25-Feb-10 71.2 04-Dec-09 68.67 18-Sep-09 58.1 14-Jul-09 49.32 29-Apr-09














71.39 03-Feb-10 69.29 12-Nov-09 64.6 31-Aug-09 59.98 24-Jun-09

70.5 02-Feb-10 69.74 11-Nov-09 65 28-Aug-09 59.15 23-Jun-09

70.67 29-Jan-10 68.66 10-Nov-09 64.63 27-Aug-09 58.87 22-Jun-09

70.52 28-Jan-10 68.7 09-Nov-09 64.52 26-Aug-09 59.41 19-Jun-09

70.35 27-Jan-10 67.68 06-Nov-09 64.24 25-Aug-09 58.58 18-Jun-09

72.06 25-Jan-10 67.15 05-Nov-09 64.2 24-Aug-09 59.58 17-Jun-09

72.57 22-Jan-10 66.72 04-Nov-09 63.16 21-Aug-09 61.24 16-Jun-09

73.05 21-Jan-10 65.48 03-Nov-09 62.53 20-Aug-09 60.7 15-Jun-09

74.29 20-Jan-10 66.8 30-Oct-09 61.93 19-Aug-09 61.58 12-Jun-09

74.32 19-Jan-10 67.06 29-Oct-09 62.73 18-Aug-09 62.34 11-Jun-09

74.96 18-Jan-10 68.09 28-Oct-09 62.1 17-Aug-09 60.39 08-Jun-09

74.67 15-Jan-10 68.18 27-Oct-09 63.79 13-Aug-09 62.29 05-Jun-09

73.93 08-Jan-10 69.3 26-Oct-09 62.54 12-Aug-09 62.02 04-Jun-09

74.07 07-Jan-10 69.81 23-Oct-09 62.83 11-Aug-09 61.13 03-Jun-09

74 05-Jan-10 69.65 22-Oct-09 62.54 10-Aug-09 60.92 02-Jun-09



NAV values of SBI Magnum Balanced Fund- Growth for 1 year


48.46 31-Mar-10 48.85 18-Jan-10 44.49 06-Nov-09 42.9 24-Aug-09 41.38 12-Jun-09




















46.03 26-Feb-10 46.24 15-Dec-09 45.4 06-Oct-09 41.82 24-Jul-09 34.28 15-May-09












46.02 09-Feb-10 45.49 27-Nov-09 43.96 14-Sep-09 39.78 07-Jul-09

45.81 08-Feb-10 45.99 26-Nov-09 43.89 11-Sep-09 39.55 06-Jul-09

45.42 05-Feb-10 46.42 25-Nov-09 43.94 10-Sep-09 41.1 03-Jul-09

46.27 04-Feb-10 46.21 24-Nov-09 43.88 09-Sep-09 40.81 02-Jul-09

46.89 03-Feb-10 46.19 23-Nov-09 43.99 08-Sep-09 40.43 30-Jun-09

46.38 02-Feb-10 45.98 20-Nov-09 43.91 07-Sep-09 41.15 29-Jun-09

46.82 01-Feb-10 45.69 19-Nov-09 43.18 04-Sep-09 40.86 26-Jun-09

46.53 29-Jan-10 46.18 18-Nov-09 42.82 03-Sep-09 40.01 25-Jun-09

46.35 28-Jan-10 46.11 17-Nov-09 42.85 02-Sep-09 40.07 24-Jun-09

46.2 27-Jan-10 46.1 16-Nov-09 42.99 01-Sep-09 39.63 23-Jun-09

47.2 25-Jan-10 45.72 13-Nov-09 43.25 31-Aug-09 40 19-Jun-09

47.45 22-Jan-10 45.54 12-Nov-09 43.5 28-Aug-09 39.55 18-Jun-09

47.75 21-Jan-10 45.83 11-Nov-09 43.33 27-Aug-09 40.13 17-Jun-09

48.59 20-Jan-10 45.13 10-Nov-09 43.2 26-Aug-09 41.04 16-Jun-09

48.54 19-Jan-10 45.24 09-Nov-09 42.94 25-Aug-09 40.68 15-Jun-09



NAV values of Canara Robeco Balance Fund- Growth for 1 year

































52.37 04-Feb-10 50.56 13-Nov-09 48.47 31-Aug-09 44 24-Jun-09 31.93 01-Apr-09

52.92 03-Feb-10 50.49 12-Nov-09 48.72 28-Aug-09 43.51 23-Jun-09

52.31 02-Feb-10 50.64 11-Nov-09 48.59 27-Aug-09 43.5 22-Jun-09

52.34 29-Jan-10 49.81 10-Nov-09 48.41 26-Aug-09 43.82 19-Jun-09

52.13 28-Jan-10 50.09 09-Nov-09 48.03 25-Aug-09 43.55 18-Jun-09

51.96 27-Jan-10 49.49 06-Nov-09 47.83 24-Aug-09 44.01 17-Jun-09

53.08 25-Jan-10 49 05-Nov-09 47.18 21-Aug-09 45.01 16-Jun-09

53.44 22-Jan-10 48.48 04-Nov-09 46.71 20-Aug-09 44.6 15-Jun-09

53.82 21-Jan-10 47.69 03-Nov-09 46.4 19-Aug-09 45.24 12-Jun-09

54.81 20-Jan-10 48.67 30-Oct-09 46.72 18-Aug-09 45.71 11-Jun-09

54.62 19-Jan-10 49.16 29-Oct-09 46.23 17-Aug-09 44.49 08-Jun-09

54.87 18-Jan-10 49.46 28-Oct-09 46.97 13-Aug-09 45.8 05-Jun-09

54.59 15-Jan-10 49.46 27-Oct-09 46.12 12-Aug-09 45.73 04-Jun-09

53.93 08-Jan-10 50.61 26-Oct-09 46.01 11-Aug-09 45.44 03-Jun-09

54.03 07-Jan-10 50.76 23-Oct-09 45.7 10-Aug-09 45.34 02-Jun-09

53.78 05-Jan-10 50.68 22-Oct-09 45.96 07-Aug-09 45.54 01-Jun-09



NAV values of LIC Balanced-Plan C Growth Fund for 1 year

































52.37 04-Feb-10 50.56 13-Nov-09 48.47 31-Aug-09 44 24-Jun-09 31.93 01-Apr-09

52.92 03-Feb-10 50.49 12-Nov-09 48.72 28-Aug-09 43.51 23-Jun-09

52.31 02-Feb-10 50.64 11-Nov-09 48.59 27-Aug-09 43.5 22-Jun-09

52.34 29-Jan-10 49.81 10-Nov-09 48.41 26-Aug-09 43.82 19-Jun-09

52.13 28-Jan-10 50.09 09-Nov-09 48.03 25-Aug-09 43.55 18-Jun-09

51.96 27-Jan-10 49.49 06-Nov-09 47.83 24-Aug-09 44.01 17-Jun-09

53.08 25-Jan-10 49 05-Nov-09 47.18 21-Aug-09 45.01 16-Jun-09

53.44 22-Jan-10 48.48 04-Nov-09 46.71 20-Aug-09 44.6 15-Jun-09

53.82 21-Jan-10 47.69 03-Nov-09 46.4 19-Aug-09 45.24 12-Jun-09

54.81 20-Jan-10 48.67 30-Oct-09 46.72 18-Aug-09 45.71 11-Jun-09

54.62 19-Jan-10 49.16 29-Oct-09 46.23 17-Aug-09 44.49 08-Jun-09

54.87 18-Jan-10 49.46 28-Oct-09 46.97 13-Aug-09 45.8 05-Jun-09

54.59 15-Jan-10 49.46 27-Oct-09 46.12 12-Aug-09 45.73 04-Jun-09

53.93 08-Jan-10 50.61 26-Oct-09 46.01 11-Aug-09 45.44 03-Jun-09

54.03 07-Jan-10 50.76 23-Oct-09 45.7 10-Aug-09 45.34 02-Jun-09

53.78 05-Jan-10 50.68 22-Oct-09 45.96 07-Aug-09 45.54 01-Jun-09



NAV values of Baroda Pioneer Balance Fund- Growth for 1 year











25.47 15-Mar-10 25.54 17-Dec-09 25.37 06-Oct-09 23.92 24-Jul-09 19 14-May-09























25.21 03-Feb-10 25.24 12-Nov-09 24.44 28-Aug-09 22.48 23-Jun-09

24.86 02-Feb-10 25.38 11-Nov-09 24.24 27-Aug-09 22.52 22-Jun-09

25.05 29-Jan-10 24.98 10-Nov-09 24.2 26-Aug-09 22.7 19-Jun-09

24.89 28-Jan-10 25.07 09-Nov-09 24.02 25-Aug-09 22.37 18-Jun-09

24.86 27-Jan-10 24.61 06-Nov-09 23.92 24-Aug-09 22.66 17-Jun-09

25.45 25-Jan-10 24.44 05-Nov-09 23.5 21-Aug-09 23.31 16-Jun-09

25.66 22-Jan-10 24.21 04-Nov-09 23.32 20-Aug-09 23.19 15-Jun-09

25.75 21-Jan-10 23.71 03-Nov-09 23.08 19-Aug-09 23.53 12-Jun-09

26.25 20-Jan-10 24.28 30-Oct-09 23.42 18-Aug-09 23.72 11-Jun-09

26.28 19-Jan-10 24.47 29-Oct-09 23.18 17-Aug-09 22.78 08-Jun-09

26.42 18-Jan-10 24.81 28-Oct-09 24.01 13-Aug-09 23.29 05-Jun-09

26.36 15-Jan-10 24.83 27-Oct-09 23.47 12-Aug-09 23.16 04-Jun-09

26.34 08-Jan-10 25.31 26-Oct-09 23.61 11-Aug-09 22.99 03-Jun-09

26.39 07-Jan-10 25.46 23-Oct-09 23.46 10-Aug-09 22.97 02-Jun-09

26.43 05-Jan-10 25.41 22-Oct-09 23.65 07-Aug-09 22.91 01-Jun-09