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Harsha project

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Hi this is my MBA Final Project. Its a comparative Study of Selected Mutual Funds.

Hi this is my MBA Final Project. Its a comparative Study of Selected Mutual Funds.
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  • Full Name Full Name Comment goes here.
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  • Harsa, could u please send me your assignment to my email .champapriyangani@yahoo.com
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  • great informations
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  • can you pls forward me this project it will be help full to me
    shreejimrd@gmail.com
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  • hi harsha pls can u send this project to me.
    shreejimrd@gmail.com
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  • Hi Harsha..can u pls send me soft copy of project to my email id :gajanan.b1988@gmail.com
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    Harsha project Harsha project Document Transcript

    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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 Surana College P.G Centre -1- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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) Surana College P.G Centre -2- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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: Surana College P.G Centre -3- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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. Surana College P.G Centre -4- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES Table of Contents Sl. NO Particulars Page Number 1 Introduction 01-17 2 Research Design 18-25 3 Industry Profile & Company Profile 26-56 4 Data Analysis & Interpretation 57-69 5 Findings, Conclusions & Suggestions 70-72 6 Bibliography 73 Annexure 74-83 Surana College P.G Centre -5- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES List of Tables Sl. NO Particulars Page Number 1 Showing Returns of the Funds 57 2 Showing Beta of the Funds 59 3 Showing Standard Deviation of the Funds 61 4 Showing Sharpe‟s Ratio of the Funds 63 5 Showing Treynor‟s Ratio of the Funds 65 6 Showing Jensen‟s Measure of the Funds 67 Surana College P.G Centre -6- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES List of Graphs Sl. NO Particulars Page Number 1 Showing Growth in AUM 07 2 Showing Returns of the Funds 58 3 Showing Beta of the Funds 60 4 Showing Standard Deviation of the Funds 62 5 Showing Sharpe‟s Ratio of the Funds 64 6 Showing Treynor‟s Ratio of the Funds 66 7 Showing Jensen‟s Measure of the Funds 68 Surana College P.G Centre -7- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES CHAPTER-1 INTRODUCTION Surana College P.G Centre -8- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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. Surana College P.G Centre -9- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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:- Surana College P.G Centre -10- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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. Surana College P.G Centre -11- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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. Surana College P.G Centre -12- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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. Surana College P.G Centre -13- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND 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. Surana College P.G Centre -14- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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. Surana College P.G Centre -15- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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. Surana College P.G Centre -16- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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. Surana College P.G Centre -17- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES  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. Surana College P.G Centre -18- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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. Surana College P.G Centre -19- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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. Surana College P.G Centre -20- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES Different types of mutual fund schemes: TYPES OF MUTUAL FUNDS BY INVESTMENT BY STRUCTURE BY NATURE OTHER SCHEMES OBJECTIVE Open - Ended Tax Saving Equity Fund Growth Schemes Schemes Schemes Close - Ended Debt Funds Income Schemes Index Schemes Schemes Sector Specific Interval Schemes Balanced Funds Balanced Schemes Schemes Money Market 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. Surana College P.G Centre -21- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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. Surana College P.G Centre -22- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES  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. Surana College P.G Centre -23- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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. Surana College P.G Centre -24- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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. Surana College P.G Centre -25- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES Surana College P.G Centre -26- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES CHAPTER-2 RESEARCH DESIGN Surana College P.G Centre -27- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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. Surana College P.G Centre -28- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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 Surana College P.G Centre -29- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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. Surana College P.G Centre -30- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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 Surana College P.G Centre -31- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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. Portfolio Average Return (Rp) – Risk Free Rate of Interest (Rt) Sharpe Index = Standard Deviations of the Portfolio Return 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. Portfolio Average Return (Rp)-Risk Free Rate of Interest (Rt) Treynor Index = Beta Coefficient of Portfolio 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 Surana College P.G Centre -32- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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 Surana College P.G Centre -33- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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. Surana College P.G Centre -34- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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. Surana College P.G Centre -35- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES Surana College P.G Centre -36- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES CHAPTER-3 INDUSTRY PROFILE Surana College P.G Centre -37- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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. Surana College P.G Centre -38- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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 Surana College P.G Centre -39- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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 Latest NAV 277.09 (31/03/10) As on 28/02/10 % Net Assets 52-Week High 277.1 (29/03/10) 52-Week Low 157.67 (01/04/09) Equity 66.09 Hybrid: Equity- Fund Category oriented Debt 4.74 Type Open End Launch Date February 1995 Others 29.16 Risk Grade Average Return Grade Above Average Net Assets (Cr) 253.85 28/02/10) Returns Sector Allocation As on 01 Apr 2010 Fund Category Top 5 Sectors % Net Asset Year to Date 3.72 2.40 As on 28/02/2010 1-Month 5.80 5.14 Financial 13.70 3-Month 3.72 2.40 Services 7.90 1-Year 77.26 62.65 Diversified 7.62 3-Year 17.44 11.22 FMCG 6.03 5-Year 22.28 17.15 Return Since Metals 5.54 24.94 -- Launch Surana College P.G Centre -40- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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 38.49 01.52 Durables HIND. ZINC Non-Ferrous 38.40 01.51 Metals CROMPTON GR. Industrial Capital 37.41 01.47 Goods 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 35.20 01.39 Durables WIPRO LTD. I T – Software 34.43 01.36 Debt Company Name Instrument Mkt Value % of Assets (Rs. in crores) Industrial Development Bond 7.30 2.88 Bank of India Ltd 7.02 GOI Securities 4.73 1.87 Surana College P.G Centre -41- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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. Surana College P.G Centre -42- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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 47.549 Asset Allocation Latest NAV (01/04/10) 47.549 As on 28/02/10 52-Week High (18/01/10) % Net Assets 26.692 52-Week Low (02/04/09) Equity 66.23 Hybrid: Equity- Fund Category oriented Type Open End Debt 23.03 Launch Date August 2000 Risk Grade Below Average Others 10.74 Return Grade Above Average Net Assets (Cr) 146.57 (31/03/10) Returns Sector Allocation As on FundCategory Top 5 Sectors % Net Asset 01 Apr 2010 Year to Date 5.67 2.40 As on 28/02/2010 1-Month 5.48 5.14 Health Care 11.34 3-Month 5.67 2.40 1-Year 81.78 62.65 Engineering 9.32 3-Year 17.67 11.22 Technology 7.84 5-Year 18.59 17.15 Financial 7.47 Return Since 17.54 -- Launch Automobile 6.94 Surana College P.G Centre -43- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES Portfolio Top Holdings Company Name Instrument Sector Value % of Corpus (Rs in cr.) Tata Motors (Guranteed by SBI) Structured Others 15.29 10.61 Obligation 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 Financial 3.94 2.74 Obligation Federal Bank Equity Financial 2.69 2.69 Grasim Industries Structured Diversified 3.58 2.48 Obligation 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 Automobile 2.20 1.53 Obligation 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 Energy 0.50 0.34 Obligation Cash, Cash Equivalents and Net Cash/Net Others 15.46 10.74 Current Assets Current Assets Surana College P.G Centre -44- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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 Surana College P.G Centre -45- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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 Fund Profile Asset Allocation 20.9241 Latest NAV (05/04/10) As on 28/02/10 20.9241 % Net Assets 52-Week High (05/04/10) 11.5041 Equity 66.35 52-Week Low (06/04/09) Hybrid: Equity- Fund Category oriented Debt 0 Type Open End Launch Date May 2005 Others 33.65 Risk Grade Average Return Grade High Net Assets (Cr) 311.00 (31/03/10) Returns Sector Allocation As on 01 Apr 2010 Fund Category Top 5 Sectors % Net Asset Year to Date 8.09 3.48 1-Month 4.96 3.36 As on 28/02/2010 3-Month 6.70 2.13 Financial 9.89 1-Year 85.54 60.38 Services 9.62 3-Year 23.92 11.95 5-Year -- 17.45 Technology 9.22 Return Since 16.24 -- Construction 6.26 Launch Automobile 5.8 Surana College P.G Centre -46- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES Portfolio Top Holdings 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 Surana College P.G Centre -47- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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 Surana College P.G Centre -48- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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 Fund Profile Asset Allocation 45.9694 Latest NAV (06/04/10) As on 28/02/10 % Net Assets 45.9694 52-Week High (06/04/10) 30.5341 Equity 68.35 52-Week Low (06/04/09) Hybrid: Equity- Fund Category oriented Debt 29.53 Type Open End Launch Date December 1999 Others 2.12 Risk Grade Average Return Grade Average Net Assets (Cr) 304.61 (31/03/10) Returns Sector Allocation As on 06 Apr 2010 Fund Category Top 5 Sectors % Net Asset Year to Date 4.72 3.58 As on 28/02/2010 1-Month 3.42 3.46 3-Month 3.93 2.05 Financial 18.98 1-Year 50.55 59.39 Engineering 8.67 3-Year 13.08 11.98 Technology 7.98 5-Year 18.83 17.40 Return Since Energy 6.12 15.91 -- Launch Diversified 5.97 Surana College P.G Centre -49- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES Portfolio Top Holdings Value Asset Equity Sector (Rs cr) % 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 Surana College P.G Centre -50- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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. Surana College P.G Centre -51- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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 Fund Profile Asset Allocation 77.0742 Latest NAV (06/04/10) 77.1787 52-Week High As on 28/02/10 % Net Assets (05/04/10) 44.3254 52-Week Low (06/04/09) Equity 73.56 Hybrid: Equity- Fund Category oriented Type Open End Debt 18.92 Launch Date October 1995 Risk Grade Average Others 7.52 Return Grade Above Average Net Assets (Cr) 274.29 (31/03/10) Returns Sector Allocation As on 06 Apr 2010 Fund Category Top 5 Sectors % Net Asset Year to Date 3.34 3.58 As on 28/02/2010 1-Month 2.50 3.46 3-Month 1.12 2.05 Technology 17.00 1-Year 73.88 59.39 Diversified 8.83 3-Year 16.92 11.98 FMCG 8.44 5-Year 21.06 17.40 Return Since Services 8.41 17.60 - Launch Financial 7.72 Surana College P.G Centre -52- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES Portfolio Top Holdings Value Asset Equity Sector (Rs cr) % 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 Infosys Technology 8.07 3.06 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 Surana College P.G Centre -53- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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. The fund has more than 204 schemes with AUM of Rs. Rs. 79,310 Crs. Surana College P.G Centre -54- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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 Fund Profile Asset Allocation Latest NAV 75.68 (07/04/10) As on 28/02/10 % Net Assets 52-Week High 75.68 (07/04/10) Equity 73.24 52-Week Low 47.31 (08/04/09) Hybrid: Equity- Fund Category oriented Debt 24.79 Type Open End Launch Date March 1995 Others 1.97 Risk Grade Average Return Grade Average Net Assets (Cr) 1,057.19 (31/03/10) Returns Sector Allocation As on 07 Apr 2010 Fund Category Top 5 Sectors % Net Asset Year to Date 4.01 18.19 As on 28/02/2010 1-Month 4.36 2.87 Energy 13.13 3-Month 2.17 3.83 1-Year 61.81 9.72 Engineering 10.79 3-Year 13.33 59.37 Financial 8.98 5-Year 16.01 12.12 Technology 8.39 Return Since 18.42 -- Launch Diversified 7.72 Surana College P.G Centre -55- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES Portfolio Top Holdings Value Asset Equity Sector (Rs cr) % Reliance Oil & Gas 34.26 3.35 Infosys Technology 33.46 3.27 BHEL Engineering 30.54 2.98 TCS Technology 28.13 2.75 Larsen Engineering 27.66 2.70 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 Surana College P.G Centre -56- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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. The fund has more than 120 schemes with AUM of Rs. Rs. 38,782 Crs. Surana College P.G Centre -57- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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 Fund Profile Asset Allocation As on 28/02/10 % Net Assets 49.41 Latest NAV (07/04/10) 49.41 Equity 75.19 52-Week High 07/04/10) 30.86 52-Week Low 08/04/09) Hybrid:Equity- Debt 14.86 Fund Category oriented Type Open End Others 9.95 Launch Date October 1995 Risk Grade Above Average Return Grade Above Average Net Assets (Cr) 513.80 (31/03/10) Returns Sector Allocation Top 5 Sectors % Net Asset As on 07 Apr 2010 Fund Category As on 28/02/2010 Year to Date 3.52 3.96 Financial 12.20 1-Month 4.59 3.84 Energy 9.79 3-Month 2.04 2.53 1-Year 62.53 59.37 Engineering 9.07 3-Year 13.81 12.12 Services 6.89 5-Year 21.31 17.51 Return Since Construction 6.28 18.51 -- Launch Surana College P.G Centre -58- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES Portfolio Top Holdings Holdings Sector Value (Rs cr) Asset % Equity 72.46 Reliance Oil & Gas 20.05 4.06 ICICI Bank Banking/Finance 17.87 3.62 BHEL Engineering 16.64 3.37 Infosys Technology 14.31 2.90 Bharti Airtel Telecom 13.87 2.81 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 Surana College P.G Centre -59- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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. Surana College P.G Centre -60- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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 Fund Profile Asset Allocation 54.68 As on 28/02/10 % Net Assets Latest NAV (07/04/10) 56.22 52-Week High (15/01/10) Equity 72.94 40.40 52-Week Low (08/04/09) Hybrid: Equity- Fund Category Debt 7.44 oriented Type Open End Launch Date November 2003 Others 19.62 Risk Grade Above Average Return Grade Average Net Assets (Cr) 29.48 (31/03/10) Returns Sector Allocation Top 5 Sectors % Net Asset As on 07 Apr 2010 Fund Category Year to Date 0.35 3.96 As on 28/02/2010 1-Month 3.19 3.84 Communication 16.05 3-Month -1.68 2.53 Metals 11.39 1-Year 37.27 59.37 3-Year 9.78 12.12 Energy 10.14 5-Year 14.85 17.51 Financial 7.84 Return Since 14.55 -- Launch Health Care 7.24 Surana College P.G Centre -61- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES Portfolio Top Holdings Holdings Sector Value (Rs cr) Asset % Equity 73.67 Bharti Airtel Telecom 2.51 8.72 Ambuja Cements Cement 2.14 7.42 Jyoti Structures Engineering 2.11 7.32 Ranbaxy Labs Pharmaceuticals 2.07 7.19 Larsen Engineering 2.04 7.07 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 Surana College P.G Centre -62- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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. Surana College P.G Centre -63- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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 Fund Profile Asset Allocation 56.55 Latest NAV (07/04/10) As on 28/02/10 % Net Assets 56.55 52-Week High (07/04/10) 34.23 Equity 72.91 52-Week Low (08/04/09) Hybrid: Equity- Fund Category oriented Debt 21.74 Type Open End Launch Date January 1993 Others 5.35 Risk Grade Above Average Return Grade High Net Assets (Cr) 162.70 (31/03/10) Returns Sector Allocation Top 5 Sectors % Net Asset As on 07 Apr 2010 Fund Category Year to Date 6.22 3.96 As on 28/02/2010 1-Month 6.06 3.84 Services 16.04 3-Month 4.66 2.53 Energy 14.79 1-Year 67.65 59.37 3-Year 17.22 12.12 Financial 13.40 5-Year 23.99 17.51 Technology 11.41 Return Since 12.44 -- Launch Communication 4.06 Surana College P.G Centre -64- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES Portfolio Top Holdings Holdings Sector Value (Rs cr) Asset % Equity 72.91 HDFC Bank Banking/Finance 6.31 4.03 TCS Technology 5.48 3.50 Reliance Oil & Gas 4.95 3.16 Zee News Media 4.89 3.12 Sun TV Network Media 4.84 3.09 Bank of Baroda Banking/Finance 4.77 3.04 Bharti Airtel Telecom 4.61 2.94 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 BHEL Engineering 3.22 2.06 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 Surana College P.G Centre -65- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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. Surana College P.G Centre -66- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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 Fund Profile Asset Allocation 26.19 As on 28/02/10 % Net Assets Latest NAV (08/04/10) 26.51 52-Week High Equity 69.57 (06/01/10) 18.25 52-Week Low (08/04/09) Hybrid: Equity- Debt 0 Fund Category oriented Type Open End Others 30.43 Launch Date September 2003 Net Assets (Cr) 0.92 (31/03/10) Returns Sector Allocation As on 07 Apr 2010 Fund Category Top 5 Sectors % Net Asset Year to Date 0.46 3.41 As on 28/02/2010 1-Month 2.07 2.82 Financial 15.18 3-Month -0.57 2.15 1-Year 43.51 56.39 Technology 10.78 3-Year 6.40 11.92 Energy 7.40 5-Year 10.75 17.53 Automobile 6.56 Return Since 15.71 -- Launch Engineering 5.88 Surana College P.G Centre -67- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES Portfolio Top Holdings Holdings Sector Value (Rs cr) Asset % Equity 69.57 Infosys Technology 0.06 7.09 Reliance Oil & Gas 0.06 6.99 BHEL Engineering 0.05 5.18 ITC Tobacco 0.04 4.85 Larsen Engineering 0.04 4.42 ICICI Bank Finance 0.04 4.13 SBI Finance 0.03 3.38 Tata Motors Automotive 0.03 3.29 Bharti Airtel Telecom 0.02 2.37 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 Surana College P.G Centre -68- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES CHAPTER-4 DATA ANALYSIS & INTERPRETATION Surana College P.G Centre -69- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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. 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 Table-1: Showing Returns of the Funds (1 yr) Surana College P.G Centre -70- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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. Surana College P.G Centre -71- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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. FUND BETA 1. Birla Sun Life 95 Fund 0.83 2. LIC Balanced Fund 0.86 3. HDFC Balanced Fund 0.90 4. UTI Balanced Fund 0.91 5. Franklin Templeton India Balanced Fund 0.93 6. Tata Balanced Fund 0.94 7. Baroda Pioneer Balance Fund 1.00 8. SBI Magnum Balanced Fund 1.05 9. Canara Robeco Balance fund 1.06 10. Reliance Regular Savings Balanced 1.08 Table-2: Showing Beta of the Funds Surana College P.G Centre -72- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES BETA 1.2 1 0.8 0.6 0.4 0.2 0 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. Surana College P.G Centre -73- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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). FUND S D () 1. Franklin Templeton India Balanced Fund 23.52 2. HDFC Balanced Fund 24.65 3. UTI Balanced Fund 25.66 4. Tata Balanced Fund 27.57 5. Birla Sun Life 95 Fund 28.14 6. SBI Magnum Balanced Fund 28.27 7. Reliance Regular Savings Balanced 28.36 8. Canara Robeco Balance fund 29.08 9. LIC Balanced Fund 29.80 10. Baroda Pioneer Balance Fund 30.43 Table-3: Showing SD of the Funds Surana College P.G Centre -74- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES Returns (%) 100 80 60 40 20 0 Returns (%) 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. Surana College P.G Centre -75- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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. FUND SHARPE’S RATIO (Sp) 1. HDFC Balanced Fund 3.15 2. Reliance Regular Savings Balanced 3.07 3. Tata Balanced Fund 2.67 4. Birla Sun Life 95 Fund 2.61 5. UTI Balanced Fund 2.39 6. Canara Robeco Balance fund 2.37 7. SBI Magnum Balanced Fund 2.28 8. Franklin Templeton India Balanced Fund 2.17 9. Baroda Pioneer Balance Fund 1.52 10. LIC Balanced Fund 1.18 Table-4: Showing Sharpe‟s Ratio of the Funds Surana College P.G Centre -76- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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. Surana College P.G Centre -77- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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. FUND TREYNOR’S RATIO (Sp) 1. HDFC Balanced Fund 0.86 2. Reliance Regular Savings Balanced 0.84 3. Birla Sun Life 95 Fund 0.73 4. Tata Balanced Fund 0.71 5. SBI Magnum Balanced Fund 0.64 6. Canara Robeco Balance fund 0.63 7. UTI Balanced Fund 0.62 8. Franklin Templeton India Balanced Fund 0.57 9. Baroda Pioneer Balance Fund 0.42 10. LIC Balanced Fund 0.33 Table-5: Showing Treynor‟s Ratio of the Funds Surana College P.G Centre -78- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES TREYNOR’S RATIO (Tr) 1 0.8 0.6 0.4 0.2 0 TREYNOR’S RATIO (Tr) 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. Surana College P.G Centre -79- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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. FUND JENSEN’s MEASURE (Jm) 1. Reliance Regular Savings Balanced 40.61 2. HDFC Balanced Fund 38.96 3. Birla Sun Life 95 Fund 37.65 4. Tata Balanced Fund 33.04 5. Canara Robeco Balance fund 23.35 6. UTI Balanced Fund 22.11 7. SBI Magnum Balanced Fund 19.21 8. Franklin Templeton India Balanced Fund 10.92 9. Baroda Pioneer Balance Fund 3.1 10. LIC Balanced Fund -1.7 Table-6: Showing Jensen‟s Measure of the Funds Surana College P.G Centre -80- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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. Surana College P.G Centre -81- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES Table Showing Rankings of the Mutual Funds according to different Measures: RANKINGS FUND SHARPE TREYNOR JENSEN Birla Sun Life 95 Fund 3 4 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 5 6 6 LIC Balanced Fund 10 10 10 SBI Magnum Balanced Fund 7 5 75 UTI Balanced Fund 6 5 7 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. Surana College P.G Centre -82- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES Surana College P.G Centre -83- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES CHAPTER-5 FINDINGS, SUGGESTIONS AND CONCLUSIONS Surana College P.G Centre -84- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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. Surana College P.G Centre -85- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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. Surana College P.G Centre -86- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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. Surana College P.G Centre -87- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES Surana College P.G Centre -88- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES BIBLIOGRAPHY Surana College P.G Centre -89- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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 Surana College P.G Centre -90- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES ANNEXURES Surana College P.G Centre -91- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES 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-09 277.1 29-Mar-10 268.54 30-Dec-09 263.3 16-Oct-09 238.72 04-Aug-09 217.14 27-May-09 274.71 23-Mar-10 267.91 29-Dec-09 261.65 15-Oct-09 238.42 03-Aug-09 217.07 25-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-09 275.4 19-Mar-10 267.01 23-Dec-09 259.96 12-Oct-09 234.76 30-Jul-09 210.94 21-May-09 275.49 18-Mar-10 263.98 22-Dec-09 256.98 09-Oct-09 233.34 29-Jul-09 210.86 20-May-09 275.25 17-Mar-10 262.74 21-Dec-09 258.1 08-Oct-09 235.13 28-Jul-09 206.08 19-May-09 274.05 16-Mar-10 262.5 18-Dec-09 257.65 07-Oct-09 234.65 27-Jul-09 184.71 15-May-09 271.9 15-Mar-10 263.98 17-Dec-09 256.45 06-Oct-09 233.69 24-Jul-09 183.46 14-May-09 272.33 12-Mar-10 262.86 16-Dec-09 256.54 05-Oct-09 231.61 23-Jul-09 183.77 13-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-09 271.68 10-Mar-10 265.86 14-Dec-09 256.38 29-Sep-09 228.73 21-Jul-09 181.56 11-May-09 271.87 09-Mar-10 266.47 11-Dec-09 255.51 25-Sep-09 229.73 20-Jul-09 185.13 07-May-09 272.45 08-Mar-10 266.6 10-Dec-09 254.44 24-Sep-09 225.65 17-Jul-09 182.02 06-May-09 270.4 04-Mar-10 265.53 09-Dec-09 253.45 23-Sep-09 222.01 16-Jul-09 183.94 05-May-09 267.89 02-Mar-10 266.57 08-Dec-09 255.64 22-Sep-09 221.9 15-Jul-09 183.77 04-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-09 262.72 23-Feb-10 265.98 01-Dec-09 251.35 15-Sep-09 215.09 09-Jul-09 178.86 24-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-09 262.91 19-Feb-10 260.86 27-Nov-09 246.05 11-Sep-09 219.56 07-Jul-09 175.55 22-Apr-09 264.81 18-Feb-10 263.58 26-Nov-09 246.71 10-Sep-09 218.7 06-Jul-09 175.64 21-Apr-09 265.16 17-Feb-10 266.15 25-Nov-09 245.25 09-Sep-09 225.75 03-Jul-09 175.24 20-Apr-09 263.02 16-Feb-10 265.91 24-Nov-09 245.85 08-Sep-09 223.3 02-Jul-09 174.79 17-Apr-09 261.64 15-Feb-10 265.92 23-Nov-09 246.02 07-Sep-09 223.63 01-Jul-09 173.28 16-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-09 261.15 10-Feb-10 263.58 18-Nov-09 240.28 03-Sep-09 224.53 29-Jun-09 168.63 09-Apr-09 261.58 09-Feb-10 262.57 17-Nov-09 240.14 02-Sep-09 224.01 26-Jun-09 164.03 06-Apr-09 260.03 08-Feb-10 262.05 16-Nov-09 240.49 01-Sep-09 217.51 25-Jun-09 160.97 02-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 Surana College P.G Centre -92- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES NAV values of HDFC Balanced Fund- Growth for 1 year NAV Date NAV Date NAV Date NAV Date NAV Date 47.2 31-Mar-10 45.367 04-Jan-10 42.005 21-Oct-09 37.78 06-Aug-09 35.512 29-May-09 47.367 30-Mar-10 44.998 31-Dec-09 42.197 20-Oct-09 38.296 05-Aug-09 35.21 28-May-09 47.395 29-Mar-10 44.624 30-Dec-09 42.153 16-Oct-09 38.26 04-Aug-09 35.216 27-May-09 47.11 23-Mar-10 44.645 29-Dec-09 41.74 15-Oct-09 38.4 03-Aug-09 34.984 25-May-09 46.965 22-Mar-10 44.449 24-Dec-09 41.858 14-Oct-09 38.13 31-Jul-09 34.283 22-May-09 47.107 19-Mar-10 44.329 23-Dec-09 41.305 12-Oct-09 37.949 30-Jul-09 34.041 21-May-09 47.15 18-Mar-10 43.866 22-Dec-09 40.811 09-Oct-09 37.606 29-Jul-09 34.057 20-May-09 46.995 17-Mar-10 43.796 21-Dec-09 41.008 08-Oct-09 37.791 28-Jul-09 33.754 19-May-09 46.928 16-Mar-10 43.766 18-Dec-09 41.09 07-Oct-09 37.732 27-Jul-09 34.137 18-May-09 46.682 15-Mar-10 43.852 17-Dec-09 41.022 06-Oct-09 37.518 24-Jul-09 30.829 15-May-09 46.711 12-Mar-10 43.67 16-Dec-09 41.096 05-Oct-09 37.336 23-Jul-09 30.432 14-May-09 46.603 11-Mar-10 43.496 15-Dec-09 41.44 30-Sep-09 36.612 22-Jul-09 30.515 13-May-09 46.414 10-Mar-10 43.789 14-Dec-09 41.132 29-Sep-09 36.881 21-Jul-09 30.551 12-May-09 46.443 09-Mar-10 43.716 11-Dec-09 40.791 25-Sep-09 37.171 20-Jul-09 30.008 11-May-09 46.503 08-Mar-10 43.851 10-Dec-09 40.346 24-Sep-09 36.402 17-Jul-09 30.322 07-May-09 46.255 04-Mar-10 43.823 09-Dec-09 40.33 23-Sep-09 35.807 16-Jul-09 29.955 06-May-09 45.645 02-Mar-10 43.76 08-Dec-09 40.446 22-Sep-09 35.72 15-Jul-09 30.219 05-May-09 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 44.768 25-Feb-10 43.614 04-Dec-09 40.053 17-Sep-09 34.341 13-Jul-09 29.489 29-Apr-09 44.967 24-Feb-10 43.425 02-Dec-09 39.959 16-Sep-09 34.745 10-Jul-09 28.986 28-Apr-09 44.952 23-Feb-10 43.299 01-Dec-09 39.711 15-Sep-09 35.11 09-Jul-09 29.524 27-Apr-09 44.981 22-Feb-10 42.84 30-Nov-09 39.326 14-Sep-09 35.135 08-Jul-09 29.182 24-Apr-09 44.838 19-Feb-10 42.511 27-Nov-09 39.32 11-Sep-09 35.791 07-Jul-09 28.811 23-Apr-09 44.959 18-Feb-10 42.95 26-Nov-09 39.322 10-Sep-09 35.338 06-Jul-09 28.447 22-Apr-09 45.047 17-Feb-10 43.385 25-Nov-09 39.231 09-Sep-09 36.57 03-Jul-09 28.641 21-Apr-09 44.763 16-Feb-10 43.152 24-Nov-09 39.403 08-Sep-09 36.255 02-Jul-09 28.724 20-Apr-09 44.748 15-Feb-10 43.019 23-Nov-09 39.395 07-Sep-09 36.305 01-Jul-09 28.607 17-Apr-09 44.953 11-Feb-10 42.673 19-Nov-09 38.745 04-Sep-09 36.003 30-Jun-09 28.256 16-Apr-09 44.925 10-Feb-10 42.863 18-Nov-09 38.336 03-Sep-09 36.395 29-Jun-09 28.929 15-Apr-09 45.089 09-Feb-10 42.992 17-Nov-09 38.255 02-Sep-09 36.002 26-Jun-09 27.725 09-Apr-09 45.051 08-Feb-10 42.939 16-Nov-09 38.343 01-Sep-09 35.709 25-Jun-09 27.001 06-Apr-09 45.247 04-Feb-10 42.559 13-Nov-09 38.453 31-Aug-09 35.779 24-Jun-09 26.692 02-Apr-09 45.64 03-Feb-10 42.177 12-Nov-09 38.71 28-Aug-09 35.173 23-Jun-09 26.158 01-Apr-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 Surana College P.G Centre -93- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES NAV values of Reliance Regular Savings Balanced- Growth for 1 year NAV Date NAV Date NAV Date NAV Date NAV Date 14.8555 30-Mar-10 15.1637 31-Dec-09 15.2037 20-Oct-09 14.0932 05-Aug-09 12.6851 28-May-09 14.9176 29-Mar-10 15.1622 30-Dec-09 15.239 16-Oct-09 14.0613 04-Aug-09 12.7639 27-May-09 14.8108 23-Mar-10 15.1722 29-Dec-09 15.123 15-Oct-09 14.1559 03-Aug-09 12.5691 25-May-09 14.762 22-Mar-10 15.1541 24-Dec-09 15.1297 14-Oct-09 13.9055 31-Jul-09 12.5441 22-May-09 14.8478 19-Mar-10 15.0769 23-Dec-09 14.8851 12-Oct-09 13.7479 30-Jul-09 12.4366 21-May-09 14.8173 18-Mar-10 14.8275 22-Dec-09 14.6231 09-Oct-09 13.6252 29-Jul-09 12.4794 20-May-09 14.8499 17-Mar-10 14.7425 21-Dec-09 14.7276 08-Oct-09 13.7243 28-Jul-09 12.2708 19-May-09 14.7687 16-Mar-10 14.8004 18-Dec-09 14.6827 07-Oct-09 13.7413 27-Jul-09 10.7719 15-May-09 14.6598 15-Mar-10 14.9228 17-Dec-09 14.7118 06-Oct-09 13.7743 24-Jul-09 10.6169 14-May-09 14.7596 12-Mar-10 14.8397 16-Dec-09 14.7493 05-Oct-09 13.5976 23-Jul-09 10.6306 13-May-09 14.7496 11-Mar-10 14.7903 15-Dec-09 14.9553 30-Sep-09 13.318 22-Jul-09 10.6976 12-May-09 14.7294 10-Mar-10 15.0248 14-Dec-09 14.7536 29-Sep-09 13.4153 21-Jul-09 10.4605 11-May-09 14.7406 09-Mar-10 15.0879 11-Dec-09 14.6862 25-Sep-09 13.4244 20-Jul-09 10.7759 07-May-09 14.8236 08-Mar-10 15.1618 10-Dec-09 14.6818 24-Sep-09 13.1564 17-Jul-09 10.5796 06-May-09 14.7473 04-Mar-10 15.0953 09-Dec-09 14.6604 23-Sep-09 12.8109 16-Jul-09 10.7151 05-May-09 14.5994 02-Mar-10 15.1392 08-Dec-09 14.7797 22-Sep-09 12.7618 15-Jul-09 10.6694 04-May-09 14.4188 26-Feb-10 15.0451 07-Dec-09 14.7488 18-Sep-09 12.4186 14-Jul-09 10.2483 29-Apr-09 14.1646 25-Feb-10 15.1359 04-Dec-09 14.6447 17-Sep-09 12.082 13-Jul-09 10.0227 28-Apr-09 14.2149 24-Feb-10 14.979 02-Dec-09 14.5583 16-Sep-09 12.1869 10-Jul-09 10.2549 27-Apr-09 14.1934 23-Feb-10 14.9392 01-Dec-09 14.4422 15-Sep-09 12.4161 09-Jul-09 10.2789 24-Apr-09 14.2349 22-Feb-10 14.7205 30-Nov-09 14.2492 14-Sep-09 12.3407 08-Jul-09 10.1406 23-Apr-09 14.2547 19-Feb-10 14.559 27-Nov-09 14.2562 11-Sep-09 12.6934 07-Jul-09 9.952 22-Apr-09 14.3873 18-Feb-10 14.7087 26-Nov-09 14.262 10-Sep-09 12.6695 06-Jul-09 10.028 21-Apr-09 14.4863 17-Feb-10 14.9024 25-Nov-09 14.3217 09-Sep-09 13.3152 03-Jul-09 10.164 20-Apr-09 14.3575 16-Feb-10 14.8903 24-Nov-09 14.3798 08-Sep-09 13.1788 02-Jul-09 10.1698 17-Apr-09 14.232 15-Feb-10 14.9372 23-Nov-09 14.3265 07-Sep-09 13.0794 01-Jul-09 10.1215 16-Apr-09 14.3324 11-Feb-10 14.7344 19-Nov-09 14.0471 04-Sep-09 12.9842 30-Jun-09 10.387 15-Apr-09 14.1929 10-Feb-10 14.9359 18-Nov-09 13.9163 03-Sep-09 13.2634 29-Jun-09 9.9511 09-Apr-09 14.2877 09-Feb-10 14.972 17-Nov-09 13.9442 02-Sep-09 13.1657 26-Jun-09 9.7521 06-Apr-09 14.2215 08-Feb-10 14.9807 16-Nov-09 13.9405 01-Sep-09 12.8492 25-Jun-09 9.6788 02-Apr-09 14.3549 04-Feb-10 14.8075 13-Nov-09 14.0367 31-Aug-09 12.9141 24-Jun-09 9.3799 01-Apr-09 14.58 03-Feb-10 14.7043 12-Nov-09 14.1954 28-Aug-09 12.7533 23-Jun-09 9.1575 30-Mar-09 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 Surana College P.G Centre -94- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES NAV values of Franklin Templeton Balanced Fund- Growth for 1 year NAV Date NAV Date NAV Date NAV Date NAV Date 45.26 31-Mar-10 44.016 04-Jan-10 42.5675 21-Oct-09 40.4545 06-Aug-09 38.447 29-May-09 45.2531 30-Mar-10 43.8979 31-Dec-09 42.8408 20-Oct-09 41.0066 05-Aug-09 37.8095 27-May-09 45.5039 29-Mar-10 43.7082 30-Dec-09 43.0564 16-Oct-09 40.8121 04-Aug-09 37.4826 25-May-09 45.0524 23-Mar-10 43.7257 29-Dec-09 42.9014 15-Oct-09 40.8479 03-Aug-09 37.4693 22-May-09 45.0104 22-Mar-10 43.6525 24-Dec-09 42.907 14-Oct-09 40.5021 31-Jul-09 37.0999 21-May-09 45.2291 19-Mar-10 43.5686 23-Dec-09 42.7064 12-Oct-09 40.1796 30-Jul-09 37.8624 20-May-09 45.1121 18-Mar-10 42.9539 22-Dec-09 42.2119 09-Oct-09 39.9764 29-Jul-09 38.3502 19-May-09 45.0043 17-Mar-10 42.7934 21-Dec-09 42.4526 08-Oct-09 40.486 28-Jul-09 34.2556 15-May-09 44.7702 16-Mar-10 42.9599 18-Dec-09 42.352 07-Oct-09 40.6108 27-Jul-09 33.6576 14-May-09 44.5666 15-Mar-10 43.1843 17-Dec-09 42.4461 06-Oct-09 40.4975 24-Jul-09 33.8044 13-May-09 44.6909 12-Mar-10 43.2041 16-Dec-09 42.383 05-Oct-09 40.1991 23-Jul-09 33.8437 12-May-09 44.676 11-Mar-10 43.1904 15-Dec-09 42.8308 30-Sep-09 39.707 22-Jul-09 33.0267 11-May-09 44.6249 10-Mar-10 43.5754 14-Dec-09 42.4391 29-Sep-09 40.2703 21-Jul-09 33.633 07-May-09 44.5946 09-Mar-10 43.5255 11-Dec-09 42.1945 25-Sep-09 40.4528 20-Jul-09 33.3489 06-May-09 44.6524 08-Mar-10 43.5704 10-Dec-09 42.2517 24-Sep-09 39.6579 17-Jul-09 33.6497 05-May-09 44.24 04-Mar-10 43.4579 09-Dec-09 42.1314 23-Sep-09 38.8989 16-Jul-09 33.5525 04-May-09 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 43.4247 26-Feb-10 43.1479 07-Dec-09 42.2004 18-Sep-09 37.9839 14-Jul-09 31.8073 28-Apr-09 43.0294 25-Feb-10 43.2176 04-Dec-09 42.1371 17-Sep-09 37.0928 13-Jul-09 32.4386 27-Apr-09 42.9009 24-Feb-10 43.2319 02-Dec-09 42.0754 16-Sep-09 37.3959 10-Jul-09 32.4114 24-Apr-09 42.9391 23-Feb-10 43.3072 01-Dec-09 41.8055 15-Sep-09 37.9149 09-Jul-09 32.0538 23-Apr-09 42.951 22-Feb-10 42.9274 30-Nov-09 41.3984 14-Sep-09 37.9093 08-Jul-09 31.5578 22-Apr-09 43.0785 19-Feb-10 42.4889 27-Nov-09 41.4601 11-Sep-09 38.5248 07-Jul-09 31.7888 21-Apr-09 43.3339 18-Feb-10 42.8177 26-Nov-09 41.4653 10-Sep-09 38.0647 06-Jul-09 31.8062 20-Apr-09 43.3405 17-Feb-10 43.1755 25-Nov-09 41.436 09-Sep-09 39.585 03-Jul-09 31.7117 17-Apr-09 43.0576 16-Feb-10 42.9375 24-Nov-09 41.4447 08-Sep-09 39.1383 02-Jul-09 31.3749 16-Apr-09 42.8665 15-Feb-10 42.9742 23-Nov-09 41.3319 07-Sep-09 39.2 01-Jul-09 31.8482 15-Apr-09 43.0943 11-Feb-10 42.5817 19-Nov-09 40.8341 04-Sep-09 38.9332 30-Jun-09 30.9417 09-Apr-09 42.8751 10-Feb-10 42.9193 18-Nov-09 40.3759 03-Sep-09 39.4803 29-Jun-09 30.5341 06-Apr-09 43.0301 09-Feb-10 43.0225 17-Nov-09 40.5149 02-Sep-09 39.3384 26-Jun-09 30.1077 02-Apr-09 42.647 08-Feb-10 42.924 16-Nov-09 40.6489 01-Sep-09 38.6021 25-Jun-09 29.395 01-Apr-09 42.9828 04-Feb-10 42.6815 13-Nov-09 40.9431 31-Aug-09 38.6082 24-Jun-09 29.16 31-Mar-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 Surana College P.G Centre -95- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES NAV values of Tata Balanced Fund- Growth for 1 year NAV Date NAV Date NAV Date NAV Date NAV Date 76.03 31-Mar-10 75.3508 04-Jan-10 70.2003 21-Oct-09 62.0368 06-Aug-09 58.2898 29-May-09 76.0097 30-Mar-10 74.5816 31-Dec-09 71.0192 20-Oct-09 63.3182 05-Aug-09 57.2848 28-May-09 76.3546 29-Mar-10 74.083 30-Dec-09 71.1774 16-Oct-09 63.0814 04-Aug-09 56.9626 27-May-09 75.8312 23-Mar-10 74.1229 29-Dec-09 70.9072 15-Oct-09 63.6394 03-Aug-09 56.5443 25-May-09 75.5764 22-Mar-10 73.9633 24-Dec-09 70.6366 14-Oct-09 62.8018 31-Jul-09 55.8582 22-May-09 75.9727 19-Mar-10 73.7334 23-Dec-09 69.427 12-Oct-09 61.9642 30-Jul-09 55.2104 21-May-09 75.9642 18-Mar-10 72.4653 22-Dec-09 68.4791 09-Oct-09 61.4848 29-Jul-09 56.0365 20-May-09 76.087 17-Mar-10 72.1711 21-Dec-09 69.0875 08-Oct-09 62.1004 28-Jul-09 54.922 19-May-09 75.8721 16-Mar-10 72.6621 18-Dec-09 68.7596 07-Oct-09 61.7561 27-Jul-09 48.9543 15-May-09 75.407 15-Mar-10 73.005 17-Dec-09 68.5437 06-Oct-09 61.6938 24-Jul-09 48.2249 14-May-09 75.421 12-Mar-10 72.7298 16-Dec-09 68.2381 05-Oct-09 61.01 23-Jul-09 48.2959 13-May-09 75.4323 11-Mar-10 72.5075 15-Dec-09 69.0488 30-Sep-09 60.0286 22-Jul-09 48.6463 12-May-09 75.1719 10-Mar-10 73.377 14-Dec-09 67.9366 29-Sep-09 60.8448 21-Jul-09 47.6321 11-May-09 75.4133 09-Mar-10 73.3931 11-Dec-09 67.6377 25-Sep-09 60.9797 20-Jul-09 48.796 07-May-09 75.6439 08-Mar-10 73.4614 10-Dec-09 67.6467 24-Sep-09 60.019 17-Jul-09 48.1409 06-May-09 74.9467 04-Mar-10 73.2929 09-Dec-09 67.3026 23-Sep-09 58.5908 16-Jul-09 48.459 05-May-09 73.9644 02-Mar-10 73.682 08-Dec-09 67.6146 22-Sep-09 58.4651 15-Jul-09 47.9815 04-May-09 72.8792 26-Feb-10 73.2952 07-Dec-09 66.8869 18-Sep-09 56.8623 14-Jul-09 46.5308 29-Apr-09 72.2209 25-Feb-10 73.9436 04-Dec-09 66.8675 17-Sep-09 55.3641 13-Jul-09 45.7289 28-Apr-09 72.3648 24-Feb-10 73.6553 02-Dec-09 66.7469 16-Sep-09 56.0876 10-Jul-09 46.7077 27-Apr-09 72.2994 23-Feb-10 73.853 01-Dec-09 66.1486 15-Sep-09 57.0467 09-Jul-09 47.0039 24-Apr-09 72.33 22-Feb-10 72.6876 30-Nov-09 65.3139 14-Sep-09 56.9604 08-Jul-09 46.3154 23-Apr-09 72.5243 19-Feb-10 71.7476 27-Nov-09 65.2827 11-Sep-09 58.1911 07-Jul-09 45.7453 22-Apr-09 73.007 18-Feb-10 72.3849 26-Nov-09 65.522 10-Sep-09 57.4621 06-Jul-09 45.9366 21-Apr-09 73.6084 17-Feb-10 73.2661 25-Nov-09 65.4927 09-Sep-09 60.0231 03-Jul-09 46.1778 20-Apr-09 73.0611 16-Feb-10 73.0207 24-Nov-09 65.5237 08-Sep-09 59.3627 02-Jul-09 45.885 17-Apr-09 72.6696 15-Feb-10 72.8459 23-Nov-09 65.671 07-Sep-09 59.3832 01-Jul-09 45.5401 16-Apr-09 72.807 11-Feb-10 72.1601 19-Nov-09 64.8005 04-Sep-09 58.9334 30-Jun-09 46.7091 15-Apr-09 72.5446 10-Feb-10 73.1915 18-Nov-09 64.1701 03-Sep-09 60.083 29-Jun-09 45.0838 09-Apr-09 72.8394 09-Feb-10 73.1958 17-Nov-09 64.3626 02-Sep-09 59.8163 26-Jun-09 44.3254 06-Apr-09 71.9642 08-Feb-10 73.1074 16-Nov-09 64.4543 01-Sep-09 58.7582 25-Jun-09 44.0426 02-Apr-09 72.1797 04-Feb-10 72.6118 13-Nov-09 64.78 31-Aug-09 58.7362 24-Jun-09 43.1243 01-Apr-09 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 Surana College P.G Centre -96- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES NAV values of UTI Balanced Fund- Growth for 1 year NAV Date NAV Date NAV Date NAV Date NAV Date 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 74.18 30-Mar-10 72.76 31-Dec-09 71.04 20-Oct-09 64.1 06-Aug-09 60.04 29-May-09 74.27 29-Mar-10 72.46 30-Dec-09 71.05 16-Oct-09 65.25 05-Aug-09 59.05 28-May-09 73.72 23-Mar-10 72.45 29-Dec-09 70.65 15-Oct-09 65.3 04-Aug-09 58.83 27-May-09 73.52 22-Mar-10 72.32 24-Dec-09 70.29 14-Oct-09 65.48 03-Aug-09 58.35 25-May-09 74.03 19-Mar-10 71.98 23-Dec-09 69.4 12-Oct-09 64.43 31-Jul-09 57.72 22-May-09 73.87 18-Mar-10 70.64 22-Dec-09 68.47 09-Oct-09 63.69 30-Jul-09 57.54 21-May-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 73.39 16-Mar-10 70.68 18-Dec-09 68.73 07-Oct-09 63.71 28-Jul-09 57.82 19-May-09 72.74 15-Mar-10 71.06 17-Dec-09 68.82 06-Oct-09 63.46 27-Jul-09 51.4 15-May-09 72.85 12-Mar-10 70.8 16-Dec-09 68.68 05-Oct-09 62.88 24-Jul-09 50.63 14-May-09 72.75 11-Mar-10 70.64 15-Dec-09 69.76 01-Oct-09 62.35 23-Jul-09 50.78 13-May-09 72.72 10-Mar-10 71.37 14-Dec-09 69.76 30-Sep-09 61.28 22-Jul-09 50.92 12-May-09 72.73 09-Mar-10 71.35 11-Dec-09 68.92 29-Sep-09 62.18 21-Jul-09 49.98 11-May-09 72.95 08-Mar-10 71.53 10-Dec-09 68.68 25-Sep-09 62.42 20-Jul-09 51.2 07-May-09 72.46 04-Mar-10 71.4 09-Dec-09 68.78 24-Sep-09 60.94 17-Jul-09 50.67 06-May-09 71.59 02-Mar-10 71.68 08-Dec-09 68.59 23-Sep-09 59.6 16-Jul-09 51.05 05-May-09 70.61 26-Feb-10 70.94 07-Dec-09 69.02 22-Sep-09 59.58 15-Jul-09 51.09 04-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 70.08 24-Feb-10 71.27 02-Dec-09 68.38 17-Sep-09 56.64 13-Jul-09 48.63 28-Apr-09 70.14 23-Feb-10 71.21 01-Dec-09 68.07 16-Sep-09 57.12 10-Jul-09 49.7 27-Apr-09 70.24 22-Feb-10 70.42 30-Nov-09 67.26 15-Sep-09 58.06 09-Jul-09 49.76 24-Apr-09 70.2 19-Feb-10 69.46 27-Nov-09 66.26 14-Sep-09 58.01 08-Jul-09 49.13 23-Apr-09 70.7 18-Feb-10 70.26 26-Nov-09 66.17 11-Sep-09 59.12 07-Jul-09 48.21 22-Apr-09 70.86 17-Feb-10 71.01 25-Nov-09 66.09 10-Sep-09 58.81 06-Jul-09 48.48 21-Apr-09 70.44 16-Feb-10 70.75 24-Nov-09 66.04 09-Sep-09 61.42 03-Jul-09 48.86 20-Apr-09 69.99 15-Feb-10 70.73 23-Nov-09 65.75 08-Sep-09 60.67 02-Jul-09 48.82 17-Apr-09 70.15 11-Feb-10 69.4 19-Nov-09 65.61 07-Sep-09 60.71 01-Jul-09 48.47 16-Apr-09 69.76 10-Feb-10 70.18 18-Nov-09 64.55 04-Sep-09 60.14 30-Jun-09 49.54 15-Apr-09 70.09 09-Feb-10 70.14 17-Nov-09 63.72 03-Sep-09 61.23 29-Jun-09 47.5 09-Apr-09 69.66 08-Feb-10 70.1 16-Nov-09 63.84 02-Sep-09 60.87 26-Jun-09 46.77 06-Apr-09 70.42 04-Feb-10 69.74 13-Nov-09 64.14 01-Sep-09 59.76 25-Jun-09 46.34 02-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 Surana College P.G Centre -97- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES NAV values of SBI Magnum Balanced Fund- Growth for 1 year NAV Date NAV Date NAV Date NAV Date NAV Date 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 48.5 30-Mar-10 48.68 15-Jan-10 44.11 05-Nov-09 42.11 21-Aug-09 41.82 11-Jun-09 48.42 29-Mar-10 48.66 14-Jan-10 43.78 04-Nov-09 41.73 20-Aug-09 42.05 10-Jun-09 48.33 26-Mar-10 48.45 13-Jan-10 43.05 03-Nov-09 41.63 18-Aug-09 41.38 09-Jun-09 48.19 25-Mar-10 48.29 12-Jan-10 43.93 30-Oct-09 41.1 17-Aug-09 40.63 08-Jun-09 48.03 23-Mar-10 48.59 11-Jan-10 44.14 29-Oct-09 42.1 14-Aug-09 41.78 05-Jun-09 47.93 22-Mar-10 48.31 08-Jan-10 44.54 28-Oct-09 42.27 13-Aug-09 41.65 04-Jun-09 48.2 19-Mar-10 48.42 07-Jan-10 44.65 27-Oct-09 41.4 12-Aug-09 41.15 03-Jun-09 48.03 18-Mar-10 48.48 06-Jan-10 45.51 26-Oct-09 41.33 11-Aug-09 40.91 02-Jun-09 47.93 17-Mar-10 48.23 05-Jan-10 45.77 23-Oct-09 41.08 10-Aug-09 40.88 01-Jun-09 47.35 15-Mar-10 47.95 04-Jan-10 45.75 22-Oct-09 41.5 07-Aug-09 39.92 28-May-09 47.42 12-Mar-10 47.73 31-Dec-09 46.22 21-Oct-09 42.32 06-Aug-09 39.92 28-May-09 47.48 11-Mar-10 47.55 30-Dec-09 46.58 20-Oct-09 43.05 05-Aug-09 39.74 27-May-09 47.38 10-Mar-10 47.33 24-Dec-09 46.73 16-Oct-09 43.07 04-Aug-09 38.71 26-May-09 47.37 09-Mar-10 47.16 23-Dec-09 46.53 15-Oct-09 43.25 03-Aug-09 39.5 25-May-09 47.56 08-Mar-10 46.39 22-Dec-09 46.38 14-Oct-09 42.71 31-Jul-09 39.25 22-May-09 47.24 05-Mar-10 46.17 21-Dec-09 45.76 12-Oct-09 42.3 30-Jul-09 38.77 21-May-09 47.13 04-Mar-10 46.28 18-Dec-09 45.23 09-Oct-09 41.93 29-Jul-09 39.16 20-May-09 47.09 03-Mar-10 46.44 17-Dec-09 45.47 08-Oct-09 42.2 28-Jul-09 38.76 19-May-09 46.63 02-Mar-10 46.26 16-Dec-09 45.41 07-Oct-09 42.05 27-Jul-09 38.02 18-May-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 45.73 25-Feb-10 46.7 14-Dec-09 45.39 05-Oct-09 41.43 23-Jul-09 33.79 14-May-09 45.72 24-Feb-10 46.77 11-Dec-09 45.93 01-Oct-09 40.78 22-Jul-09 33.78 13-May-09 45.87 23-Feb-10 46.92 10-Dec-09 45.44 29-Sep-09 41.17 21-Jul-09 33.91 12-May-09 45.95 22-Feb-10 46.9 09-Dec-09 45.24 25-Sep-09 40.6 17-Jul-09 33.31 11-May-09 45.9 19-Feb-10 47.06 08-Dec-09 45.29 24-Sep-09 39.79 16-Jul-09 33.78 08-May-09 46.21 18-Feb-10 46.59 07-Dec-09 45.09 23-Sep-09 39.87 15-Jul-09 34.05 07-May-09 46.33 17-Feb-10 46.75 04-Dec-09 45.52 22-Sep-09 38.93 14-Jul-09 33.56 06-May-09 45.99 16-Feb-10 46.88 03-Dec-09 45.21 18-Sep-09 38.01 13-Jul-09 33.86 05-May-09 45.74 15-Feb-10 46.7 02-Dec-09 45.13 17-Sep-09 38.42 10-Jul-09 33.66 04-May-09 46.03 11-Feb-10 46.68 01-Dec-09 45.02 16-Sep-09 38.91 09-Jul-09 31.77 28-Apr-09 45.82 10-Feb-10 46.11 30-Nov-09 44.56 15-Sep-09 38.9 08-Jul-09 32.62 27-Apr-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 Surana College P.G Centre -98- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES NAV values of Canara Robeco Balance Fund- Growth for 1 year NAV Date NAV Date NAV Date NAV Date NAV Date 54.83 31-Mar-10 53.55 04-Jan-10 51.15 21-Oct-09 46.59 06-Aug-09 45.44 29-May-09 54.73 30-Mar-10 53.24 31-Dec-09 51.54 20-Oct-09 47.13 05-Aug-09 44.66 28-May-09 54.75 29-Mar-10 53.02 30-Dec-09 51.4 16-Oct-09 47.04 04-Aug-09 44.46 27-May-09 54.38 23-Mar-10 53.03 29-Dec-09 51.1 15-Oct-09 47.35 03-Aug-09 43.93 25-May-09 54.36 22-Mar-10 53.01 24-Dec-09 50.84 14-Oct-09 46.76 31-Jul-09 43.55 22-May-09 54.5 19-Mar-10 52.83 23-Dec-09 50.54 12-Oct-09 46.34 30-Jul-09 43.25 21-May-09 54.13 18-Mar-10 52.08 22-Dec-09 50.06 09-Oct-09 45.9 29-Jul-09 43.45 20-May-09 54.16 17-Mar-10 51.77 21-Dec-09 50.24 08-Oct-09 45.92 28-Jul-09 43.51 19-May-09 54.09 16-Mar-10 51.77 18-Dec-09 50.22 07-Oct-09 45.74 27-Jul-09 38.49 15-May-09 53.69 15-Mar-10 51.97 17-Dec-09 50.29 06-Oct-09 45.7 24-Jul-09 37.8 14-May-09 53.8 12-Mar-10 51.65 16-Dec-09 50.58 05-Oct-09 45.35 23-Jul-09 38.05 13-May-09 53.81 11-Mar-10 51.65 15-Dec-09 51.28 30-Sep-09 44.75 22-Jul-09 38.07 12-May-09 53.65 10-Mar-10 52.25 14-Dec-09 50.62 29-Sep-09 45.02 21-Jul-09 37.32 11-May-09 53.78 09-Mar-10 52.36 11-Dec-09 50.24 25-Sep-09 45.35 20-Jul-09 38.02 07-May-09 53.72 08-Mar-10 52.41 10-Dec-09 50.1 24-Sep-09 44.55 17-Jul-09 37.41 06-May-09 52.91 04-Mar-10 52.14 09-Dec-09 49.8 23-Sep-09 43.66 16-Jul-09 37.54 05-May-09 52.22 02-Mar-10 52.37 08-Dec-09 50.04 22-Sep-09 43.51 15-Jul-09 37.29 04-May-09 51.65 26-Feb-10 51.97 07-Dec-09 49.88 18-Sep-09 42.76 14-Jul-09 36.3 29-Apr-09 51.36 25-Feb-10 52.17 04-Dec-09 49.79 17-Sep-09 42.06 13-Jul-09 35.53 28-Apr-09 51.56 24-Feb-10 51.9 02-Dec-09 49.8 16-Sep-09 42.47 10-Jul-09 36.41 27-Apr-09 51.8 23-Feb-10 51.92 01-Dec-09 49.51 15-Sep-09 43.09 09-Jul-09 36.44 24-Apr-09 51.89 22-Feb-10 51.12 30-Nov-09 49.07 14-Sep-09 42.89 08-Jul-09 35.75 23-Apr-09 51.9 19-Feb-10 50.57 27-Nov-09 49.06 11-Sep-09 43.52 07-Jul-09 35.35 22-Apr-09 52.32 18-Feb-10 50.96 26-Nov-09 49.12 10-Sep-09 43.38 06-Jul-09 35.65 21-Apr-09 52.52 17-Feb-10 51.39 25-Nov-09 49.11 09-Sep-09 44.78 03-Jul-09 35.73 20-Apr-09 52.14 16-Feb-10 51.18 24-Nov-09 49.22 08-Sep-09 44.5 02-Jul-09 35.56 17-Apr-09 52.02 15-Feb-10 51.2 23-Nov-09 49.28 07-Sep-09 44.44 01-Jul-09 35.18 16-Apr-09 52.43 11-Feb-10 50.63 19-Nov-09 48.49 04-Sep-09 44.07 30-Jun-09 36.08 15-Apr-09 52.23 10-Feb-10 50.93 18-Nov-09 48.18 03-Sep-09 44.82 29-Jun-09 34.45 09-Apr-09 52.57 09-Feb-10 50.94 17-Nov-09 48.18 02-Sep-09 44.35 26-Jun-09 33.73 06-Apr-09 52.28 08-Feb-10 50.94 16-Nov-09 48.16 01-Sep-09 43.77 25-Jun-09 32.89 02-Apr-09 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 Surana College P.G Centre -99- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES NAV values of LIC Balanced-Plan C Growth Fund for 1 year NAV Date NAV Date NAV Date NAV Date NAV Date 54.83 31-Mar-10 53.55 04-Jan-10 51.15 21-Oct-09 46.59 06-Aug-09 45.44 29-May-09 54.73 30-Mar-10 53.24 31-Dec-09 51.54 20-Oct-09 47.13 05-Aug-09 44.66 28-May-09 54.75 29-Mar-10 53.02 30-Dec-09 51.4 16-Oct-09 47.04 04-Aug-09 44.46 27-May-09 54.38 23-Mar-10 53.03 29-Dec-09 51.1 15-Oct-09 47.35 03-Aug-09 43.93 25-May-09 54.36 22-Mar-10 53.01 24-Dec-09 50.84 14-Oct-09 46.76 31-Jul-09 43.55 22-May-09 54.5 19-Mar-10 52.83 23-Dec-09 50.54 12-Oct-09 46.34 30-Jul-09 43.25 21-May-09 54.13 18-Mar-10 52.08 22-Dec-09 50.06 09-Oct-09 45.9 29-Jul-09 43.45 20-May-09 54.16 17-Mar-10 51.77 21-Dec-09 50.24 08-Oct-09 45.92 28-Jul-09 43.51 19-May-09 54.09 16-Mar-10 51.77 18-Dec-09 50.22 07-Oct-09 45.74 27-Jul-09 38.49 15-May-09 53.69 15-Mar-10 51.97 17-Dec-09 50.29 06-Oct-09 45.7 24-Jul-09 37.8 14-May-09 53.8 12-Mar-10 51.65 16-Dec-09 50.58 05-Oct-09 45.35 23-Jul-09 38.05 13-May-09 53.81 11-Mar-10 51.65 15-Dec-09 51.28 30-Sep-09 44.75 22-Jul-09 38.07 12-May-09 53.65 10-Mar-10 52.25 14-Dec-09 50.62 29-Sep-09 45.02 21-Jul-09 37.32 11-May-09 53.78 09-Mar-10 52.36 11-Dec-09 50.24 25-Sep-09 45.35 20-Jul-09 38.02 07-May-09 53.72 08-Mar-10 52.41 10-Dec-09 50.1 24-Sep-09 44.55 17-Jul-09 37.41 06-May-09 52.91 04-Mar-10 52.14 09-Dec-09 49.8 23-Sep-09 43.66 16-Jul-09 37.54 05-May-09 52.22 02-Mar-10 52.37 08-Dec-09 50.04 22-Sep-09 43.51 15-Jul-09 37.29 04-May-09 51.65 26-Feb-10 51.97 07-Dec-09 49.88 18-Sep-09 42.76 14-Jul-09 36.3 29-Apr-09 51.36 25-Feb-10 52.17 04-Dec-09 49.79 17-Sep-09 42.06 13-Jul-09 35.53 28-Apr-09 51.56 24-Feb-10 51.9 02-Dec-09 49.8 16-Sep-09 42.47 10-Jul-09 36.41 27-Apr-09 51.8 23-Feb-10 51.92 01-Dec-09 49.51 15-Sep-09 43.09 09-Jul-09 36.44 24-Apr-09 51.89 22-Feb-10 51.12 30-Nov-09 49.07 14-Sep-09 42.89 08-Jul-09 35.75 23-Apr-09 51.9 19-Feb-10 50.57 27-Nov-09 49.06 11-Sep-09 43.52 07-Jul-09 35.35 22-Apr-09 52.32 18-Feb-10 50.96 26-Nov-09 49.12 10-Sep-09 43.38 06-Jul-09 35.65 21-Apr-09 52.52 17-Feb-10 51.39 25-Nov-09 49.11 09-Sep-09 44.78 03-Jul-09 35.73 20-Apr-09 52.14 16-Feb-10 51.18 24-Nov-09 49.22 08-Sep-09 44.5 02-Jul-09 35.56 17-Apr-09 52.02 15-Feb-10 51.2 23-Nov-09 49.28 07-Sep-09 44.44 01-Jul-09 35.18 16-Apr-09 52.43 11-Feb-10 50.63 19-Nov-09 48.49 04-Sep-09 44.07 30-Jun-09 36.08 15-Apr-09 52.23 10-Feb-10 50.93 18-Nov-09 48.18 03-Sep-09 44.82 29-Jun-09 34.45 09-Apr-09 52.57 09-Feb-10 50.94 17-Nov-09 48.18 02-Sep-09 44.35 26-Jun-09 33.73 06-Apr-09 52.28 08-Feb-10 50.94 16-Nov-09 48.16 01-Sep-09 43.77 25-Jun-09 32.89 02-Apr-09 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 Surana College P.G Centre -100- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES NAV values of Baroda Pioneer Balance Fund- Growth for 1 year NAV Date NAV Date NAV Date NAV Date NAV Date 25.81 31-Mar-10 26.21 04-Jan-10 25.61 21-Oct-09 24.12 06-Aug-09 22.63 29-May-09 25.89 30-Mar-10 26.07 31-Dec-09 25.74 20-Oct-09 24.63 05-Aug-09 22.04 28-May-09 25.95 29-Mar-10 25.97 30-Dec-09 25.83 16-Oct-09 24.5 04-Aug-09 21.88 27-May-09 25.63 23-Mar-10 26.02 29-Dec-09 25.73 15-Oct-09 24.46 03-Aug-09 21.63 25-May-09 25.58 22-Mar-10 25.98 24-Dec-09 25.68 14-Oct-09 24.16 31-Jul-09 21.56 22-May-09 25.82 19-Mar-10 25.89 23-Dec-09 25.42 12-Oct-09 23.85 30-Jul-09 21.32 21-May-09 25.79 18-Mar-10 25.38 22-Dec-09 25.07 09-Oct-09 23.71 29-Jul-09 21.85 20-May-09 25.77 17-Mar-10 25.23 21-Dec-09 25.28 08-Oct-09 23.92 28-Jul-09 21.89 19-May-09 25.66 16-Mar-10 25.34 18-Dec-09 25.34 07-Oct-09 23.98 27-Jul-09 19.38 15-May-09 25.47 15-Mar-10 25.54 17-Dec-09 25.37 06-Oct-09 23.92 24-Jul-09 19 14-May-09 25.57 12-Mar-10 25.52 16-Dec-09 25.35 05-Oct-09 23.78 23-Jul-09 19.16 13-May-09 25.56 11-Mar-10 25.46 15-Dec-09 25.65 30-Sep-09 23.43 22-Jul-09 19.34 12-May-09 25.52 10-Mar-10 25.74 14-Dec-09 25.33 29-Sep-09 23.77 21-Jul-09 18.89 11-May-09 25.58 09-Mar-10 25.8 11-Dec-09 25.18 25-Sep-09 23.95 20-Jul-09 19.45 07-May-09 25.66 08-Mar-10 25.89 10-Dec-09 25.24 24-Sep-09 23.24 17-Jul-09 19.29 06-May-09 25.5 04-Mar-10 25.76 09-Dec-09 25.25 23-Sep-09 22.78 16-Jul-09 19.41 05-May-09 25.27 02-Mar-10 25.84 08-Dec-09 25.52 22-Sep-09 22.79 15-Jul-09 19.46 04-May-09 24.9 26-Feb-10 25.52 07-Dec-09 25.4 18-Sep-09 22.27 14-Jul-09 18.77 29-Apr-09 24.72 25-Feb-10 25.68 04-Dec-09 25.37 17-Sep-09 21.65 13-Jul-09 18.4 28-Apr-09 24.69 24-Feb-10 25.65 02-Dec-09 25.33 16-Sep-09 21.78 10-Jul-09 18.76 27-Apr-09 24.74 23-Feb-10 25.6 01-Dec-09 25.16 15-Sep-09 22.09 09-Jul-09 18.78 24-Apr-09 24.72 22-Feb-10 25.31 30-Nov-09 24.8 14-Sep-09 22.01 08-Jul-09 18.56 23-Apr-09 24.75 19-Feb-10 25.02 27-Nov-09 24.76 11-Sep-09 22.28 07-Jul-09 18.29 22-Apr-09 24.9 18-Feb-10 25.24 26-Nov-09 24.79 10-Sep-09 22.21 06-Jul-09 18.44 21-Apr-09 25.02 17-Feb-10 25.57 25-Nov-09 24.73 09-Sep-09 23.06 03-Jul-09 18.52 20-Apr-09 24.81 16-Feb-10 25.56 24-Nov-09 24.67 08-Sep-09 22.88 02-Jul-09 18.55 17-Apr-09 24.66 15-Feb-10 25.54 23-Nov-09 24.53 07-Sep-09 23.01 01-Jul-09 18.39 16-Apr-09 24.74 11-Feb-10 25.17 19-Nov-09 24.26 04-Sep-09 22.77 30-Jun-09 18.81 15-Apr-09 24.55 10-Feb-10 25.42 18-Nov-09 23.99 03-Sep-09 23.19 29-Jun-09 18.27 09-Apr-09 24.69 09-Feb-10 25.46 17-Nov-09 24.01 02-Sep-09 23.15 26-Jun-09 17.93 06-Apr-09 24.59 08-Feb-10 25.44 16-Nov-09 24.17 01-Sep-09 22.63 25-Jun-09 17.87 02-Apr-09 24.89 04-Feb-10 25.28 13-Nov-09 24.29 31-Aug-09 22.77 24-Jun-09 17.31 01-Apr-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 Surana College P.G Centre -101- Harsha .B.N
    • STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEMES Surana College P.G Centre -102- Harsha .B.N