merged_document

Study of selected Mutual funds
schemes Rating Relation with AUM
(Asset under Management)
(SUBMITTED TOWARDS PARTIAL FULFILLMENT OF MASTER OF
BUSINESS MANAGEMENT)
Oakbrook Business School
225, Opp. Maharaja Hotel Lane, Jamiyatpura, Sarkhej-Gandhinagar highway, Po. Jamiyatpura, Gujarat 382423
Under the guidance of:
Mr. Siddharth Shah
Submitted by:
Parshav Doshi (148320592080)
Dhaval Patel (148320592031)

A
Summer Internship Project Report
At
Topic: - “Study of selected Mutual Fund schemes Rating in relation with
AUM (Asset under Management)”
Submitted By
Parshav Doshi Enrollment No: - 148320592080
Dhaval Patel Enrollment No: - 148320592031
Submitted to
OAKBROOK BUSINESS SCHOOL
Under the Guidance of
Faculty Mentor Corporate Mentor
Pro Jignesh Darji Mr. Siddharth Shah
MBA PROGRAMME
Affiliated to Gujarat Technological University, Ahmedabad

DECLARATION
We undersigned Parshav Doshi and Dhaval Patel students of Oakbrook Business School,
second Semester hereby declare that the report for “Summer Internship Project” entitled
“Study of selected mutual fund schemes Rating in relation with AuM” at Shalibadra. from
11th
June, 2015 to 25th
July, 2015 is my/our own work and has been carried out under the
guidance of Prof Jignesh Darji of Oakbrook Business School, Adalaj. This has not been
submitted to any other university for any other purpose.
Date: _______________ _____________
Place: _______________ (Parshav Doshi)
(148320592080)
______________
(Dhaval Patel)
(148320592031)

CERTIFICATE FOR TRAINING PROJECT COMPLETION
This is to certify that the Summer-Training Project of Parshav Doshi and Dhaval
Patel Titled “Study of selected mutual fund schemes Rating in relation with AuM”
is an original work and that this work has not been submitted anywhere in any
form. My indebtedness to other works/publications has been duly acknowledged
at the relevant places. The project work was carried during 11th
June 2015 to 25th
July 2015 in Shalibadra Master Investment Broker.
Date:-
Signature: -
Batch: - 2014 -2016

PREFACE
In India people usually when think to invest their money, they prefer to invest in safe
investment scheme like in Bank Fixed Deposits, Life Insurance Policies and Gold etc. Where
they earn returns near to 8% to 10%.
According to the statistics around 3% Indian invest in Equity Market. Mutual Fund is Better
option for them who wants to earn more return than Bank F.D. Because Mutual fund is the pool
of resources which invested in diversified portfolio. It helps to earn more than Bank Fixed
Deposit.
Our research report is based on the study of the Rating of selected mutual fund schemes and its
relation with AuM (Asset under Management). The main problem of investor is that they look
at the performance and Rating of the scheme and invest in that scheme which results in increase
of AuM of that scheme and sometimes they are not able to earn that much return from that
scheme which they should earn. Our research will clear the relationship of Rating and AuM,
which will help investors to take decision that in which scheme they should invest.
We took the data of Rating and AuM from the “Mutual Fund Insight” magazine of value
research. We took the data of more than 10 years so that we can clearly see the effect of change
in Ranting of the scheme on AuM of that scheme. We took one and a half month to come on
conclusion. We studied Rating and AuM of 10 schemes of 5 different Mutual Fund House.
We hope that our research will help investors as well as Fund Managers to take decision
regarding investment in Mutual Fund and more people will start investing in Mutual fund.

ACKNOWLEDGEMENT
Every project big or small is successful largely due to the effort of number of wonderful people
who have always given their valuable advice or lent a helping hand. I sincerely appreciate the
inspiration; support and guidance of all those people who have been instrumental in making
this project success.
we, Parshav Doshi and Dhaval Patel, the students of Oakbrook Business School, am
extremely grateful to “Shalibadra Master Investment Broker” for the confidence bestowed
in me and entrusting my project entitled “Study of selected mutual fund schemes Rating in
relation with AuM” with special reference to Shalibadra Master Investment Broker.
At this juncture I feel deeply honored in expressing my sincere thanks to Mr. Siddharth Shah
for making the resource available at right time and providing valuable insights leading to the
successful completion of my project.
I express my gratitude to college Mr. Palak Sheth for arranging the summer training in good
schedule. I also extended my gratitude to my project Guide Prof. Jignesh Darji, who assisted
me in compiling the project.
I would also like to thank all the faculty member of Oak Brook Business School for their
critical advice and guidance without which this project would not have been possible.
Last but not the least I place deep sense of gratitude to my family member and my friends who
have been constant source of inspiration during the preparation of this project work.
DATE: - PARSHAV DOSHI
PLACE: - DHAVAL PATEL

EXECUTIVE SUMMARY
In Indian Mutual Fund Industry the retail investors are relay upon the Rating and AuM (Asset
under Management) of the schemes for the investments. By seeing high Rating of the scheme
investor assume that the particular scheme is performing well and will give them good
returns. But sometimes it does not happen. Our report will through light on this problem and
help the retail investor and Mutual Fund Manager to take decision whether to relay on Rating
or not.
This report provides analysis of different schemes with yearly rating respectively. We took the
data of Rating and Asset of various schemes of popular mutual fund houses from 2003 to 2015.
We used line graph method for our analysis with secondary axis comparing Rating and Assets.
From our research we found that in almost cases if the Rating of preceding year is high then
Asset of current year increases and vice versa.
According to our report we conclude by observing the data that the improvement in Rating of
the particular scheme the retail investors will be attracted to invest in scheme. So, the
improvement in Rating will increase the Asset under management in next year. The second
reason of increase/decrease in the Asset of the scheme is because of market fluctuation. And
last but not the least, if the Mutual fund Managers are efficient in managing funds, they will
also affect the fluctuation in Asset of the scheme.
We recommend to the retail investors that they should avoid investing in Mutual Fund only by
observing the high Rating and Asset of the schemes. There are other parameters also which
should be consider while investing in the Mutual Fund schemes like Performance & Ranking,
Ratio analysis, Risk and return ratios, total expense ratio, Fund manager tenure and experience,
Scheme asset size.

TABLE OF CONTENTS
INTRODUCTION.......................................................................................................5
DEFINITION OF 'RATING' .........................................................................................5
SHORT TERM DEBT FUNDS .......................................................................................6
GILT FUNDS.............................................................................................................6
OVERVIEW OF EXISTING SCHEMES EXISTED IN MUTUAL FUND CATEGORY:..................7
INDUSTRY OVERVIEW..........................................................................................9
WHAT IS A MUTUAL FUND?................................................................................9
ORGANIZATION STRUCTURE OF MUTUAL FUNDS.......................................9
ORIGIN OF MUTUAL FUND IN INDIA.............................................................. 11
GROWTH OF MUTUAL FUNDS IN INDIA........................................................ 11
ADVANTAGES OF MUTUAL FUNDS ............................................................... 12
Portfolio Diversification...................................................................................... 12
Professional Management ................................................................................... 12
Less Risk .............................................................................................................. 12
Low Transaction Costs ........................................................................................ 12
Liquidity............................................................................................................... 12
Choice of Schemes ............................................................................................... 13
Transparency ....................................................................................................... 13
Flexibility............................................................................................................. 13
Safety.................................................................................................................... 13
DIFFICULTY IN SELECTING A SUITABLE FUND SCHEME ........................................... 13
ROLE OF AMFI (ASSOCIATION MUTUAL FUND IN INDIA)........................................ 13
RECENT TREND OF MUTUAL FUND .......................................................................... 14
CHALLENGES FOR MUTUAL FUND INDUSTRY .......................................................... 14
1) Lack of Financial Education and Awareness.................................................. 14
2) Limited Distribution Network.......................................................................... 14
3) Distribution cost.............................................................................................. 15
4) Cultural Bias ................................................................................................... 15
THE MUTUAL FUND INDUSTRY IN INDIA: OPPORTUNITIES AND CHALLENGES ......... 15
COMPANY OVERVIEW....................................................................................... 18
INTRODUCTION ........................................................................................................ 18
BUSINESS APPROACH............................................................................................... 19
PROFILE AND RECOGNITION..................................................................................... 19
BUSINESS ACTIVITIES .............................................................................................. 19
VISION ..................................................................................................................... 20
MISSION................................................................................................................... 20

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OUR ACHIEVEMENTS ARE,........................................................................................ 20
OUR SERVICES ARE,.................................................................................................. 20
LITERATURE REVIEW ....................................................................................... 22
ARTICLE 1: - RATING EVALUATION OF SELECT EQUITY ............................ 22
FUNDS IN INDIA .................................................................................................. 22
ARTICLE 2:- A COMPARATIVE ANALYSIS OF RETURNS OF MUTUAL ...... 22
FUND SCHEMES RANKED 1 BY CRISIL.......................................................... 22
INTRODUCTION OF THE TOPIC...................................................................... 25
RESEARCH METHODOLOGY........................................................................... 27
RESEARCH OBJECTIVE ............................................................................................. 27
RESEARCH DESIGN................................................................................................... 27
SOURCE OF DATA..................................................................................................... 27
DATA COLLECTION METHOD................................................................................... 27
LIMITATIONS............................................................................................................ 28
CONCLUSION......................................................................................................... 52
ANNEXURE............................................................................................................. 54

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CHART INDEX
CHART 1 BIRLA SUN LIFE EQUITY FUNG RATING VS. ASSETS .................................... 30
CHART 2 BIRLA SUN LIFE FRONTLINE EQUITY RATING VS. ASSETS ........................... 32
CHART 3 FRANKLIN INDIA BLUECHIP RATING VS. ASSETS.......................................... 34
CHART 4 FRANKLIN INDIA PRIMA PLUS RATING VS. ASSETS....................................... 36
CHART 5 HDFC EQUITY RATING VS. ASSETS ............................................................. 39
CHART 6 HDFC TOP 200 RATING VS. ASSETS ............................................................ 41
CHART 7 ICICI PRU DYNAMIC FUND RATING VS. ASSETS ......................................... 43
CHART 8 ICICI PRU VALUE DISCOVERY RATING VS. ASSETS..................................... 45
CHART 9 RELIANCE EQUITY OPPORTUNITIES RATING VS. ASSETS.............................. 47
CHART 10 RELIANCE GROWTH RATING VS. ASSETS ................................................... 49

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INTRODUCTION

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INTRODUCTION
Mutual funds as an investment vehicle have gained immense popularity in the current scenario,
which is clearly reflected in the robust growth level of assets under management. However, despite
this growth, Penetration level in India is low as compared to other global economy. Assets under
management as a percentage of GDP is less than 5 per cent in India as compared to 70 per cent in
the US, 61 per cent in France and 37 per cent in Brazil. Through this report, we have tried to assess
the key growth drivers for the industry, identifying in the process the factors which may impede
growth in the future. The evolving business and regulatory trends in India have also been
discussed, drawing a comparison with similar developments across other global economies.
To support our analysis, we have also conducted a some secondary research by collecting data
from 79 different books of Mutual Fund Insight to justify our topic. We hope that you find this
report insightful and supportive of further discussion and action. We welcome comments and
observations from the readers of this report to enable us to incorporate any valuable suggestions in
the next report.
Assets under management (AUM) refers to the total market value of investments managed by a
mutual fund, money management firm, hedge fund, portfolio manager, or other financial services
company.
DEFINITION of 'Rating'
1. An evaluation of a corporate or municipal bond's relative safety from an investment standpoint.
Basically, it scrutinizes the issuer's ability to repay principal and make interest payments.
2. An analyst's recommendation on whether to buy, sell or hold a specific stock.
Mutual fund is an important segment of the financial system. It is non-fund based special type of
Institution which acts as an investment conduit. It is a mechanism of pooling together the savings
Of large number of investor for collective investments with an avowed objective of attractive
Yields and appreciation in their value. The SEBI (Mutual Fund) Regulations 1996 defines a mutual
Fund as “a fund establishment in the form of a trust to raise money through the sale of units to the
Public or a section of the public under one or more schemes for the investing in securities,
Including money market instrument.”

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Some basic types of mutual funds are:
Short term debt funds
Gilt funds
There are around 58 Asset Management Companies (AMC) offering mutual funds in India. All
These fund houses have several mutual fund schemes in each segment like equity, debt, gilt and
Liquid funds. Out of which equity segment is flourished and most of the investors are attracted
towards equity mutual fund schemes. Because of availability of wide range of equity MF Schemes
in each AMC, it would be difficult for the investor to choose the best scheme. Present Study
focuses on identification of risk and returns of equity funds by applying performance Evaluation
techniques and suggests the investors about outperforming funds before making their Investment
decisions.

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Overview of existing schemes existed in mutual fund category:
1. Equity fund:
These funds invest a maximum part of their corpus into equities holdings. The structure of
the fund may vary different for different schemes and the fund manager’s outlook on
different stocks. The Equity Funds are sub-classified depending upon their investment
objective, as follows:
Diversified Equity Funds
Mid-Cap Funds
Sector Specific Funds
Tax Savings Funds (ELSS)
Equity investments are meant for a longer time horizon, thus Equity funds rank high on the
risk-return matrix.

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INDUSTRY OVERVIEW

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INDUSTRY OVERVIEW
WHAT IS A MUTUAL FUND?
Mutual fund is the pool of the money, based on the trust who invests the savings of a number of
investors who shares a common financial goal, like the capital appreciation and dividend earning.
The money thus collect is then invested in capital market instruments such as shares, debenture,
and foreign market. Investors invest money and get the units as per the unit value which we called
as NAV (net assets value). Mutual fund is the most suitable investment for the common man as it
offers an opportunity to invest in diversified portfolio management, good research team,
professionally managed Indian stock as well as the foreign market, the main aim of the fund
manager is to taking the scrip that have under value and future will rising, then fund manager sell
out the stock. Fund manager concentration on risk – return trade off, where minimize the risk and
maximize the return through diversification of the portfolio. The most common features of the
mutual fund unit are low cost. The below I mention the how the transactions will done or working
with mutual fund.
ORGANIZATION STRUCTURE OF MUTUAL FUNDS
Mutual funds have organization structure as per their Security Exchange Board of India guideline;
Security Exchange Board of India specified authority and responsibility of Trustee and Assets
Management Companies. The objective is to controlling, to promoted, to regulate, to protect the
investor’s right and efficient trading of units. Operation of Mutual fund start with investors saves
their money on mutual fund, than Mutual Fund manager handling the funds and strategic
investment on scrip. As per the objectives of particular scheme manager selected scripts. Unit
value will become high when fund manager investment policy generates the return on capital
market. Unit return depends on fund return and efficient capital market. Also affects international
capital market, liquidity and at last economic policy. Below the graph indicates how the process
was going on to investors to earn returns. Mutual fund manager having high responsibility inside of
return and how to minimize the risk. When fund provided high return with high risk, investors
attract to invest more funds for same scheme.

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The Mutual fund organization as per the SEBI formation and necessary formation is needed for
sooth activities of the companies and achieved the desire objectives. Transfer agent and custodian
play role for dematerialization of the fund and unit holders hold the account statement, but custody
of the unit is on particular Asset Management Company. Custodian holds all the fund units on
dematerialization form. Sponsor had decided the responsibility of custodian when investor to
purchase the fund and to sell the unit. Application forms, transaction slip and other requests
received by transfer agent, middle men between investors and Assets Management Companies.

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ORIGIN OF MUTUAL FUND IN INDIA
The history of mutual funds dates backs to 19th century when it was introduced in Europe, in
particular, Great Britain. Robert Fleming set up in 1968 the first investment trust called Foreign
and Colonial Investment Trust which promised to manage the finances of the moneyed classes of
Scotland by spreading the investment over a number of different stocks. This investment trust and
other investments trusts which were subsequently set up in Britain and the US, resembled today’s
close – ended mutual funds. The first mutual in the U.S., Massachusetts investor’s Trust, was set
up in March 1924. This was the open – ended mutual fund.
The stock market crash in 1929, the Great Depression, and the outbreak of the Second World War
slackened the pace of mutual fund industry, innovations in products and services increased the
popularity of mutual funds in the 1990s and 1960s. The first international stock mutual fund was
introduced in the U.S. in 1940. In 1976, the first tax – exempt municipal bond funds emerged and
in 1979, the first money market mutual funds were created. The latest additions are the
international bond fund in 1986 and arm funds in 1990. This industry witnessed substantial growth
in the eighties and nineties when there was a significant increase in the number of mutual funds,
schemes, assets, and shareholders. In the US, the mutual fund industry registered a ten – fold
growth the eighties. Since 1996, mutual fund assets have exceeded bank deposits. The mutual fund
industry and the banking industry virtually rival each other in size.
GROWTH OF MUTUAL FUNDS IN INDIA
By the year 1970, the industry had 361 Funds with combined total assets of 47.6 billion dollars in
10.7 million shareholder’s account. However, from 1970 and on wards rising interest rates, stock
market stagnation, inflation and investors some other reservations about the profitability of Mutual
Funds, Adversely affected the growth of mutual funds. Hence Mutual Funds realized the need to
introduce new types of Mutual Funds, which were in tune with changing requirements and interests
of the investors. The 1970’s saw a new kind of fund innovation; Funds with no sales commissions
called “no load “funds. The largest and most successful no load family of funds is the Vanguard
Funds, created by John Bogle in 1977.
In the series of new product, the First Money Market Mutual Fund (MMMF) i.g. The Reserve
Fund” was started in November 1971. This new concept signalled a dramatic change in Mutual

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Fund Industry. Most importantly, it attracted new small and individual investors to mutual fund
concept and sparked a surge of creativity in the industry.
ADVANTAGES OF MUTUAL FUNDS
Mutual funds have designed to provide maximum benefits to investors, and fund manager have
research team to achieve schemes objective. Assets Management Company has different type of
sector funds, which need to proper planning for strategic investment and to achieve the market
return.
Portfolio Diversification
Mutual Funds invest in a well-diversified portfolio of securities which enables investor to hold a
diversified investment portfolio (whether the amount of investment is big or small). 10
Professional Management
Fund manager undergoes through various research works and has better investment management
skills which ensure higher returns to the investor than what he can manage on his own.
Less Risk
Investors acquire a diversified portfolio of securities even with a small investment in a Mutual
Fund. The risk in a diversified portfolio is lesser than investing in merely 2 or 3 securities.
Low Transaction Costs
Due to the economies of scale (benefits of larger volumes), mutual funds pay lesser transaction
costs. These benefits are passed on to the investors.
Liquidity
An investor may not be able to sell some of the shares held by him very easily and quickly,
whereas units of a mutual fund are far more liquid.

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Choice of Schemes
Mutual funds provide investors with various schemes with different investment objectives.
Investors have the option of investing in a scheme having a correlation between its investment
objectives and their own financial goals. These schemes further have different plans/options
Transparency
Funds provide investors with updated information pertaining to the markets and the schemes. All
material facts are disclosed to investors as required by the regulator.
Flexibility
Investors also benefit from the convenience and flexibility offered by Mutual Funds. Investors can
switch their holdings from a debt scheme to an equity scheme and vice-versa. Option of systematic
(at regular intervals) investment and withdrawal is also offered to the investors in most open-end
schemes.
Safety
Mutual Fund industry is part of a well-regulated investment environment where the interests of the
investors are protected by the regulator. All funds are registered with SEBI and complete
transparency is forced.
Difficulty in Selecting a Suitable Fund Scheme
Many investors find it difficult to select one option from the plethora of funds/schemes/plans
available. For this, they may have to take advice from financial planners in order to invest in the
right fund to achieve their objectives
Role of AMFI (Association Mutual Fund in India)
The Association of Mutual Funds in India (AMFI) is dedicated to developing the Indian Mutual
Fund Industry on professional, healthy and ethical lines and to enhance and maintain standards in

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all areas with a view to protecting and promoting the interests of mutual funds and their unit
holders.
AMFI working group on Best Practices for sales and marketing of Mutual Funds under the
Chairmanship of Shri B. G. Daga, Former Executive Director of Unit Trust of India with Shri
Vivek Reddy of Pioneer ITI, Shri Alok Vajpeyi of DSP Merrill Lynch, Shri Nikhil Khattau of Sun
F & C and Shri Chandrashekhar Sathe, Formerly of Kotak Mahindra Mutual Fund has suggested
formulation of guidelines and code of conduct for intermediaries and this work has been ably done
by a sub-group consisting of Shri B. G. Daga and Shri Vivek Reddy.
Recent Trend of Mutual Fund
India is at the first stage of a revolution that has already peaked in the U.S. The U.S. boasts of an
Asset base that is much higher than its bank deposits. In India, mutual fund assets are not even
10% of the bank deposits, but this trend is beginning to change. Recent figures indicate that in the
first quarter of the current fiscal year mutual fund assets went up by 115% whereas bank deposits
rose by only 17%. (Source: Thinktank, the Financial Express September, 99) This is forcing a large
number of banks to adopt the concept of narrow banking wherein the deposits are kept in Gilts and
some other assets which improves liquidity and reduces risk. The basic fact lies that banks cannot
be ignored and they will not close down completely. Their role as intermediaries cannot be
ignored. It is just that Mutual Funds are going to change the way banks do business in the future.
Challenges for Mutual Fund Industry
1) Lack of Financial Education and Awareness: Financial literacy is the one of the most
fundamental factor impeding the growth of penetration of any financial product in the smaller
cities and towns. Investors need to be made aware of their financial goals and the means to achieve
the same SEBI is making efforts for the investor awareness campaign.
2) Limited Distribution Network: The second critical issue for fund houses to distribute their
products in smaller cities is the availability of quality distribution infrastructure. Fund houses need
infrastructure like branched, adequate number of relationship managers and sales service staff in
these locations to be able to increase their sales volume coming from these geographies.

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3) Distribution cost: Cost of establishing A Distribution network in B-15 cities is quite high. It is
the cost per transaction or the low sales volume that makes the pursuit economically unviable or at
least challenging
4) Cultural Bias: Cultural Bias towards physical assets, as of FY13, 46 percent of total individual
wealth in India is invested in physical assets. Although, in the past few decades, the investors have
increasingly relied on financial assets to invest their savings, the contribution of MFs in the asset
portfolio is very low.
The Mutual Fund Industry in India: Opportunities and Challenges
The Indian mutual fund industry finds itself in an economic landscape which has undergone rapid
changes over the past three years. The industry achieved a high water mark when it doubled its
AUM from Rs. 3.6 trillion in FY2007 to Rs. 6.13 trillion in FY2010 – clocking an impressive
growth rate of 16.2% per year. Since then the Indian economy (coupled with the emerging
economies) has faced a slowdown – the most severe of which are happening as this report is being
written. From an average GDP growth rate of 8-9% during the 2008-2011 years, the Indian
economy is now growing at a lack lustre 4.8% growth rate in Q2 2013. Coupled with a steep
decline in the value of the Indian rupee, the mutual fund industry now finds itself in a capricious
global economic environment. However, there is strong reason to believe that the Indian mutual
fund industry has not yet seen its global peak and if proper measures are taken, the industry could
get back on its former growth path.
One of the biggest challenges that the mutual fund industry faces is the lack of healthy
participation from a large part of the country. To illustrate this lack of participation, we first
aggregated the AUMs originating out of each district of India. We then rank ordered all the
districts of India in descending order of their domestic product (GDP) and then partitioned this list
into ten parts. The top 60 districts formed the first decile followed by the second decile and so on.
We then aggregated the AUMs and GDPs for each of these deciles and took the ratio of these two
figures. The AUM/GDP ratio is one of the best indicators of how much of the yearly income in a
given district is being invested into mutual funds.
While the figure of rupees 7.5 trillion of AUM may sound impressive on paper, this figure is
marred by a sharp divide in terms of investment in the first decile of districts and the rest of the
country. Chart 1 on the next page presents this stark 16 contrast. For the country as a whole, the

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AUM/GDP stands at approx. 6.99%. When this ratio is calculated for the first decile of districts,
the ratio is 29.52% - slightly lower than the world average. However, the rest of India paints a
dismal picture with the AUM/GDP ratio standing at 1.82%. This skewed origination of AUM in
India is its single biggest challenge and its biggest opportunity at the same time.

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COMPANY OVERVIWE

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Company overview
Introduction
Company started in1982 and now backed by 33 Years of experience and competence of providing
Investment Services. Now it is one of the leading Individual Financial Distributor with the help of
investors’ continuous support and “Six Sigma of Investing”.
33 Years of Experience in Investment Services
200 Crore Rs. Of our Investors’ Asset in Various MFs
3500+
15
18
30000+
6000+
Team Members for Investors’ wealth creation
Countries having spread of our clientele
No. of Investors’ folios through us In various MFs
Unique investors getting our services
No. of Live SIPs / STPs by Investors in various
MFs

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Business Approach
Companies Approach is to establish good comfort for investors by overcoming behavioral
investing. According to company, creating wealth for investors is what best they can give back to
society. They educate investors for decent returns considering asset allocation/liquidity/tax
efficiency and most important is risk appetite.
 Nurture long term relationship with our investors.
 Our growth remains in growth of wealth of our investors.
 Always aim to achieve value base returns for our investors’ rather than higher rate of
returns.
 To stay away from temptation of higher returns, we believe that investors should earn good
returns which gives safety, liquidity & tax benefits.
 We deliver off side services to our investors like paper handling, settling various
complaints, succession planning, and everything which gives peace of mind.
Profile and Recognition
More than 190 Investor Awareness Programs held by the company. Delivered radio talk on
investors’ awareness by Govt. of Gujarat under ” Jago Grahak Jago” program and lectures at
Mutual Fund seminar organized by “Divya Bhasker”.
Business Activities
Company provides Financial Planning and Goal Setting services. Computerized or Physical
Investment data record keeping and data reminder services. It also helps to find out tax saving
opportunities from existing investment with A special and unique service…

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Vision
“Our Vision is to become market leader in retail segment and create an environment of open
interaction with smallest of the investors. We visualize creating a dream within them, educating &
introducing a long term financial freedom with discipline investment approach.”
Mission
“Our mission is to be in heart of the investors as genuine, understanding and skilled investment
services provider by adopting best ethical business practices to see investors reaching their
financial goals and achieve financial freedom.”
Our achievements are,
 Rewards & reorganization for several times from all leading mutual funds (AMC’S)
 Trusted by PSU Mutual Funds & allotted investor relation centers in Ahmedabad by
LIC MF & Canara Robeco MF.
 We are one of the advisors in Gujarat having highest number of Investors.
 Various invitations at public meetings to deliver speech on “ Investors Wealth
Creation”
Our services are,
 Investment planning and financial planning
 Wealth management and wealth creation advise
 Systematic Investment Plan (SIP) and Portfolio Management Service (PMS)
 Retirement planning and fixed deposit consultant
 Online investment and online portfolio

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LITERATURE REVIEW

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Literature Review
Article 1: - RATING EVALUATION OF SELECT EQUITY
FUNDS IN INDIA
There are around 58 Asset Management Companies (AMC) offering mutual funds in India. All
These fund houses have several mutual fund schemes in each segment like equity, debt, gilt and
Liquid funds. Out of which equity segment is flourished and most of the investors are attracted
towards equity mutual fund schemes. Because of availability of wide range of equity MF Schemes
in each AMC, it would be difficult for the investor to choose the best scheme.
It is appropriate to consider risk and return of each fund to yield better returns before taking
Investment decision. Hence Present study is an attempt of identifying risk and returns of equity
Funds and comparing the same with bench mark returns and peers to help mutual fund investors in
choosing better funds as investment avenues
Article 2:- A COMPARATIVE ANALYSIS OF RETURNS OF MUTUAL
FUND SCHEMES RANKED 1 BY CRISIL
Mutual fund industry has experienced a drastic growth in the past two decades. Increase in the
number of schemes with increased mobilization of funds in the past few years notes the importance
of Indian mutual funds industry. To fulfill the expectations of millions of retail investors, the
mutual funds are required to function as successful institutional investors. Proper assessment of
various fund performance and their comparison with other funds helps retail investors for making
investment decisions. The main aim of this paper is to evaluate the performance of mutual fund
Schemes ranked 1 by CRISIL and compare these returns with SBI domestic term deposit rates.
Considering the interest of retail investors simple statistical techniques like averages and rate of
returns are used.
The results obtained from the study clearly depicts that, in most of the cases the mutual fund
schemes have failed even to provide the return of SBI domestic term deposits.

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Article 3
Academic research often focuses on fund returns, sometimes adjusted for style and market cap
biases. Because fund rating systems play a central role in the asset management industry, we
consider another approach in this paper. Using a Markov modelling of these ratings, we illustrate
that the persistence of the performance is relatively poor with respect to the time horizon of
investors. We show that two facts may explain these results. First, the rating system is not
necessarily time-homogeneous. Second, the importance of style is crucial when comparing the
ratings of mutual funds. However, we show that it is extremely difficult to characterize
quantitatively the style of a mutual fund. We conclude that fund selection is more art than science,
and that quantitative analysis must be combined with qualitative insight.

24 | P a g e
INTRODUCTION
OF THE
TOPIC

25 | P a g e
Introduction of the topic
 The target is to identify the Rating of various schemes in comparison of different parameters.
 Research period – 2003-2015
 Source of data
 Scheme Covered
 Performance
 During the period we have targeted to collect the data from authentic source so that the
outcome of data is reliable and can be compared with any other pear group data base.
 For the collection of data we have covered 76 different Mutual Fund Insight book to extract the
data.
 We have collected data of
1) Rank
2) AUM
3) Return
4) Rating
 Today (1 July 2015) submission of this report we have completed secondary data collection
work.
The next stage will be analysis of data base for better output to be presented to Shalibhadra
1. Is there any relationship between AUM and Performance?
2. Is there any relationship between Rating and Performance?
3. Is there any relationship between Rating and AUM?
4. Is there any relationship between AUM, Rating and Performance?

26 | P a g e
RESEARCH
METHODOLOGY

27 | P a g e
Research Methodology
Research Objective
The primary objective of doing this research is to “Identify the Rating of different Scheme in
comparison of Assets of the Fund”
Research Design
Research Design is the roadmap for carrying out the research activity in the project. In our project
of “Study of Selected Mutual fund scheme Rating in Related With AUM” we have carried out the
research of which mutual fund is providing higher return by comparing the returns of different
mutual funds and we have also compared whether the mutual fund can beat the market return or
not.
For this research activity
 We have selected 10 mutual funds from Indian market. All funds are in equity diversified
category.
 Data has been collected from Mutual Fund Insight book, value research online, and mutual
fund India web sites.
 Funds selected are mostly preferable by investors.
 Collected Rating and Assets of funds of each July Month for the year 2003 to 2015.
Source of Data
Here in this research project we have used Secondary source of data.
Data Collection Method
Here in this research project we have used data which were published in the Value Research Book
in this book we collect data of Rating and Assets.

28 | P a g e
Limitations
 The biggest limitation of this research is, it is not valid for the scheme of mutual funds. It is
valid only for the selected fund on which we have conducted research.
 As we have collected Secondary data from the monthly Magazine Mutual Insight, in this
there were many data missing due to that we have to opt for the scheme website.
 In some of the month there were no appropriate data available due to which we have face
problem to come of it.
 In our data we have face problem that in some months rating were not giving due to which
we cannot get the proper conclusion.
 As we have taken 10 scheme so our research valid only for that 10 scheme. No investor can
take decision for remaining scheme of mutual funds.

29 | P a g e
DATA ANALYSIS
AND
INTERPRITATION

30 | P a g e
Chart 1 Birla Sun Life Equity Fung Rating vs. Assets
370.72
808.67
1021.18
950.90
1142.00
951
750
713
653
2020
4
3
2 2
1
4
3
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
0
500
1000
1500
2000
2500
Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15
Jul-06 Jul-07 Jul-08 Jul-09 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15
(Rs.Cr) 370.72 808.67 1021.18 950.90 1142.00 951 750 713 653 2020
Rating 4 3 2 2 1 4 3
Birla Sun Life Equity Fund Rating V/S AUM

31 | P a g e
Above graph represents the correlation between Rating for preceding year and scheme asset current
year. The purpose of the data representation is to identify that the scheme rating of the preceding
year affects the scheme assets. Hence a good scheme rating of previous year leads to better
investment inflow into the scheme making its asset grow in current year.
Birla Sun Life Equity Fund was introduced In July 2006 at that time the present assets of the
scheme was 370 cr. As the years were passing there was gradually growth in the asset of the
scheme i.e. 808.67 in year 2007 and the same was in 2008 it was 1021 cr. Then the decline stage of
the scheme Starts from 2009 it reduce to 950 cr. At that time the rating of the scheme was 4star
which was given by one of the rating firm name Value Research.
In 2010 there was increase in performance of the scheme and it was rated as 3star scheme due to
that investors were attracted to this scheme and has invested more in this scheme and due to this
asset of the scheme for 2010 was 1142 cr.
Though in year 2011 & 2012 the scheme was rated as 2star so there was decrease in the assets of
the scheme it was 951 cr. And 750 cr. Respectively
In 2013 scheme was rated as 1star rating due to bad performance so there was decrease it the assets
of the firm i.e. 713 cr. As the rating started decrease investor stop investing in this scheme due to
this there was reduction in assets of the scheme.
In 2014 scheme was rated as 4star due to that there was decrease in the Assets of the scheme i.e.
653 cr. This was the 2nd lowest asset of the scheme.
In 2015 the rating of the scheme was rated as 3star due to that there was increase in the asset of the
firm which was 2020cr. This is the highest asset of the scheme till now.

32 | P a g e
Chart 2 Birla Sun Life Frontline Equity Rating vs. Assets
81.96
283.92 397.76
624.20
2164.00
2742
2901
3044.00
3921
8733
4
5
4
5
4 4 4 4 4 4
0
1
2
3
4
5
6
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
10000
AuM 81.96 283.92 397.76 624.20 2164.00 2742 2901 3044.00 3921 8733
Rating 4 5 4 5 4 4 4 4 4 4
Birla Sun Life Fortline Equity Rating V/S AUM
AuM Rating

33 | P a g e
Birla Sun Life Frontline Equity Fund was introduced In July 2006 at that time the present assets of
the scheme was 81.96 cr. As the years were passing there was gradually growth in the asset of the
scheme i.e. 283.92 in year 2007 and the same was in 2008 it was 397.76 cr. Then the growth of the
scheme Starts from 2009 it was increased to 624.2 At that time the rating of the scheme was 5star
which was given by one of the rating firm name Value Research.
Though in year 2011 & 2012 the scheme was rated as 4star but still there was increase in the assets
of the scheme it was 2742 cr. And 2901 cr. Respectively
In 2013 scheme was rated as 4star rating due to good performance so there was increase it the
assets of the firm i.e. 3044 cr.
In 2014 scheme was rated as 4star due to that there was increase in the Assets of the scheme i.e.
3921 cr. This was the 2nd highest asset of the scheme.

34 | P a g e
Chart 3 Franklin India Bluechip Rating vs. Assets
663.95
1707.80
1609.67
2104.03
2615.88
2021.181942.50
2916.00
3397.00
4516.00
5150.00
4788.00
6138.00
4
5
4
3
4 4 4
5
4 4
0
1
2
3
4
5
6
0.00
1000.00
2000.00
3000.00
4000.00
5000.00
6000.00
7000.00
Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15
Jul-03 Jul-04 Jul-05 Jul-06 Jul-07 Jul-08 Jul-09 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15
(Rs.Cr) 663.951707.801609.672104.032615.882021.181942.502916.003397.004516.005150.004788.006138.00
Rating 4 5 4 3 4 4 4 5 4 4
Franklin India Bluechip Rating V/S AUM
(Rs.Cr) Rating

35 | P a g e
Franklin India Bluechip Equity Fund was introduced In Jan 2003 at that time the present assets of
the scheme was 663.95 cr. As the years were passing there was gradually growth in the asset of the
scheme i.e. 1707.801cr in year 2004 and then decrease of assets 2005 it was 1609 cr.
There was no uniformity in the assets of the scheme it was going up and down due to which the
research team were unable to give rating to this scheme. As we all know about the market crash in
year 2008 which effected the assets of the firm. From 2009 after the market recover the asset of the
scheme started recovering and it was rated 3star scheme due to that new investor were attracted
with the scheme and started invested in the scheme.
Though in year 2011 & 2012 the scheme was rated as 4star so there was increase in the assets of
the scheme it was 3397 cr. And 4516 cr. respectively and the scheme was rated as 5star scheme.
In 2013 scheme was rated as 5star rating due to good performance so there was increase it the
assets of the firm i.e. 5150 cr. As the rating started increase investor started investing in this
scheme due to this there was increase in assets of the scheme.
In 2014 scheme was rated as 4star but still there was decrease in the Assets of the scheme i.e. 4788
cr.

36 | P a g e
Chart 4 Franklin India Prima plus Rating vs. Assets
212.94
633.78
471.17
620.12
1365.781378.531351.70
1730.101704.00
1829.00
1953.00
2014.00
4023.00
4 4 4
3
4 4 4 4
5
0
1
2
3
4
5
6
0.00
500.00
1000.00
1500.00
2000.00
2500.00
3000.00
3500.00
4000.00
4500.00
(Rs.Cr) 212.94 633.78 471.17 620.12 1365.781378.531351.701730.101704.001829.001953.002014.004023.00
Rating 4 4 4 3 4 4 4 4 5
Franklin India Prima Plus Rating V/S AUM
(Rs.Cr) Rating

37 | P a g e
Franklin India Prima Plus Fund was introduce in 2003 at that time the present asset of the scheme
was 212.94cr. As the year were going there was gradually growth in the asset of the scheme i.e.
633.78 in the year 2004 and the scheme was rated by the value research team and it as rated as
4star which is very good for the scheme to start up.
From 2006 onward good time for the scheme was started as there was growing period of the
scheme. There was growth in the scheme due to which many investor were investing in this
scheme due to that there was increase in the assets of the scheme. In 2006 assets of the scheme was
620.1 cr., in 2007 it was 1365cr. And in 2008 it was 1378cr.
After 2008 due to the crash of the market the assets of the scheme was affected due to that the
assets of 2009 was decreased to 1351cr.
After that the progress of the scheme started and from 2010 till now there was no decrease in the
assets of the scheme and due to that the rating firm has given good rating to scheme.
In 2010 the rating of the scheme was 3star and asset for the same year was 1730cr. After that in
2011 there was appraisal in the rating of the scheme it was rated as 4star scheme due to that there
was increased in the assets of the firm which was 1704cr.
From 2011 the scheme have never face any failure in the asset of it. It was continuously increasing
till 2015.
In 2012 the scheme was rated as 4star which was attraction for the investor and due to that there
was increase in the asset i.e. 1829cr.
In the next year i.e. 2013 the assets of the scheme was 1953cr and rating of the scheme was 4star.
In the next year the rating of the scheme was 4star and the assets of the scheme was 2014 which
was double of the preceding year. By seeing this improvement the scheme was rated as 5star nd
was included in the 5star club of the scheme which was very good for the scheme.

38 | P a g e
Due to that in 2015 the assets of the scheme was 4023cr which is also double of 2014. It was the
highest asset of the scheme till now.

39 | P a g e
Chart 5 HDFC Equity Rating vs. Assets
407.16
988.981148.51
2914.56
4620.96
3597.09
3308.30
6172
8405
9916
11501.00
10445
17808
5 5
4
5 5
4 4
5 5 5
4 4
2
0
1
2
3
4
5
6
0.00
2000.00
4000.00
6000.00
8000.00
10000.00
12000.00
14000.00
16000.00
18000.00
20000.00
(Rs.Cr) 407.16 988.981148.512914.564620.963597.093308.30 6172 8405 9916 11501.0 10445 17808
Rating 5 5 4 5 5 4 4 5 5 5 4 4 2
HDFC Equity Rating V/S AUM
(Rs.Cr) Rating

40 | P a g e
The opening asset of the scheme was 407.16cr and the scheme was in the club of 5star rating.
So it was attracted by new investor due to that there was great investment in 2004 it was 988.98cr.
Which was very good scheme for the investor for investments. In 2005 the asset of the scheme was
1148cr and there was loss in the rating of the scheme.
But in 2006 again the scheme gain there position in the club of 5star and the asset of the firm was
2914cr and then the scheme was on the track of the progress and there was increment in the assets
of the scheme in 2007 the assets of firm was 4620cr which was more than 1.8 time of the previous
year.
In 2008 and 2009 there was again loss in the rating of the scheme but due to loss in the rating there
was effect on the asset it was decreasing and went to 3597cr. In 2008 and in 2009 the assets of the
scheme were 3308cr in this 2year there was loss in the assets of the scheme.
After the market recovers there was increase in the assets of the firm and again the scheme was in
the club of 5star and due to that there was increase on the assets of the scheme. In 2010, 2011,
2012 the asset of the firm was 6172cr, 8405cr.9916cr. Respectively.
In the year 2013 and 2014 there was loos in the position in the rating but due to that there was no
effect in year 2013 in increment in the assets of their company but in 2014 there was loss in the
assets of the company and it reduce to 10445cr. and due to that it effected there rating in the rating
of there was loss of position and there rating went to 2star.
Even though showing trust in the scheme investor invested in the scheme and the assets of the
scheme was 17808cr in 2015 which was the highest asset of the firm.

41 | P a g e
Chart 6 HDFC Top 200 Rating vs. Assets
136.14
612.08 595.59
1134.00
2048.81
2264.00
2872.70
7221.00
9591.00
11381.00
12017.00
10320.00
13247.00
4 4
5
4
5 5
4 4 4
3
0
1
2
3
4
5
6
0.00
2000.00
4000.00
6000.00
8000.00
10000.00
12000.00
14000.00
(Rs.Cr) 136.14 612.08 595.59 1134.002048.812264.002872.707221.009591.0011381.012017.010320.013247.0
Rating 4 4 5 4 5 5 4 4 4 3
HDFC Top 200 Rating V/S AUM
(Rs.Cr) Rating

42 | P a g e
The starting asset of HDFC Top 200 was 136.14 and it was rated with 4star. This helps the scheme
to grow in the market. As it was 4star in 2003 investor were interested in investing in this scheme.
So with the help of preceding year rating there was increase in the assets of the scheme in 2004. It
was 612cr which 5times of the preceding year.
The good point about this scheme as there was no decrease in the assets of the scheme. It was keep
on growing in 2005, 2006, 2007 and 2008 the assets of the scheme was 595cr, 1134cr, 2048cr,
2264cr. It’s clearly visible that there is increase in the assets of the scheme
In year 2009 the rating of the scheme was 4star and due to that the assets of the firm was 2872cr
it’s all because of good due which attracts the investor to invest more in these scheme.
In year 2010 and 2011 the scheme entered in 5star club due to better performance. The assets of the
year 2010 and 2011 was 7221cr which was 3 time then the previous year. In the year 2011 the
assets of the scheme was 9591cr. This is all due to good rating given to the scheme
In 2012, 2013, 2014 there was loss of 1star in rating and it came to 4star but due to loss in the
rating there was no effect on the assets it was growing and went to 11381cr in 2012, in 2013
12017cr but the effect was seen in year 2014 It went to 10320cr its due to loss in the rating of the
scheme
But in 2015 the rating of the scheme went to 3star but there was increments in the assets of the
scheme and it went up to 13247cr which is the highest assets of the scheme till now.

43 | P a g e
Chart 7 ICICI Pru Dynamic Fund Rating Vs. Assets
1008.2
2415.83
1509.97
1319.40
2160.00
2986.00
4119.00
3885.00
3670.00
5726.00
3
4 4 4 4
5
3
0
1
2
3
4
5
6
0
1000
2000
3000
4000
5000
6000
7000
AuM 1008.2 2415.83 1509.97 1319.40 2160.00 2986.00 4119.00 3885.00 3670.00 5726.00
Rating 3 4 4 4 4 5 3
ICICI Pru Dynamic Fund Rating V/S AUM
AuM Rating

44 | P a g e
The starting assets of ICICI Pru Dynamic Fund was1008.2cr in the year 2006. In the next year the
assets of the scheme was double in the year 2007 it was 2415cr. But then due to market crash the
assets of the scheme were reduced in the year 2008 and went to 1509cr.
Due to bad performance the rating company have given 3satr in year 2009 and that time the assets
of the scheme was 1319cr.
In the year 2010 there was increase in the assets of the scheme which went to 2160cr and was rated
as 4star fund.
Then the growing period of the scheme started. As it was rated as 4star scheme there was increase
in the assets of the scheme. In 2012 then assets of the scheme were 4119cr but unfortunately in
year 2013 and in year 2014 there was decrease in the assets of the scheme. The assets went to
3885cr and 3670cr respectively. But there was advantage in the rating in2014 the rating went to
5star club so with the help of that the investor were attracted to this scheme and started investing in
this scheme due to that there was increase in the assets of the scheme In year 2015 which went to
5726 which was the highest assets of the scheme but in the year 205 the rating of the scheme was
3star so there was loss in the rating of the scheme which can lead to negative impact for the next
years.

45 | P a g e
Chart 8 ICICI Pru Value Discovery Rating vs. Assets
991.97
738.82
300.74 261.00
1084.00
1612.00
1779.00
2597.00
3040.00
9115.00
2
5
4
5
4
5
4
0
1
2
3
4
5
6
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
10000
(Rs.Cr) 386..69 991.97 738.82 300.74 261.00 1084.00 1612.00 1779.00 2597.00 3040.00 9115.00
Rating 0 2 5 4 5 4 5 4
ICICI Pru Discovery Fund Rating V/S AUM
(Rs.Cr) 386..69 Rating 0

46 | P a g e
In 2005 the starting assets of ICICI Pru Value Discovery was 386cr. In the next year it went to
991cr which was almost 3times to the previous year
From 2007 to 2009 the decline stage of the scheme was started. The assets of year 2007 was738cr
and in 2008 the assets of the scheme was 300cr which was the worst performance of the scheme it
was the worst year for the equity market.
Due to the market break down the performance of the scheme was very bas and due to that it just
effected to the assets of the scheme and it went to 261cr and due to bad assets rating of the scheme
was rated as 2star.
But then the growing period of the scheme has started and there was very surprising growth in the
scheme assets as well as the growth of the rating which leads to increase in the growth of asset.
In 2010 rating company have given 5star rating and have given the gate pass for entering the club
of 5star rating funds. So with the help of this there was increase in the rating of the scheme.
There was up downs in the rating of the scheme but there was continuous growth in the asset of the
scheme
In 2011 the assets for the scheme was 1612cr. In 2012 the assets were 1179cr in 2013 the assets
went to 2597cr which was the highest assets of this scheme till now
As the year passed the assets also increase and went to 3040cr. In the year 2014.
In 2015 there was great growth in the assets and went to 9115cr which was 3times to the preceding
year and was the highest asset of the scheme.

47 | P a g e
Chart 9 Reliance Equity Opportunities Rating vs. Assets
1616.64
1777.22
2616.63
1586.43
1347.1
2034.00
2801
3340
4995
0
2
4 4 4
5
0
1
2
3
4
5
6
0
1000
2000
3000
4000
5000
6000
Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10 Jan-11 Jan-12 Jan-13
Jul-03 Jul-04 Jul-05 Jul-06 Jul-07 Jul-08 Jul-09 Jul-10 Jul-11 Jul-12 Jul-13
(Rs.Cr) 1616.64 1777.22 2616.63 1586.43 1347.1 2034.00 2801 3340 4995
Rating 0 2 4 4 4 5
Reliance Equity Opportunities Rating V/S AUM
(Rs.Cr) Rating

48 | P a g e
The opening assets of Reliance Equity opportunities funds were 1616.64cr in the year 2005.
In the year 2006 the assets of the scheme was 1777cr which was on the path of giving good
performance. Due to which thee was increase in the assets of the scheme.
In 2007 the assets of the scheme went up to 2616cr. Then in year 2008 there was great loss in the
assets of the scheme it went to 1586cr it was all due to the effect of the market crash down in the
2008
In 2009 due to past bad performance the Rating Company have given 2 star rating to the scheme.
Due to that assets of the scheme went to 1347cr. Which were the lowest assets of the scheme.
But then there was great improvement in the scheme and from 2010 to 2012 the scheme was rated
as 4star scheme due to which many investor were attracted to the scheme and they started investing
in the scheme and due to that the assets of the scheme increased.
In the year 2013 the scheme was rated in 5star club due to which there was increase in the assets of
the scheme. In 2013 assets went to 3340cr. And after that there was increase in the assets of the
scheme.
In the year 2015 the assets of the scheme went to 11077cr which is the highest assets of the
scheme.

49 | P a g e
Chart 10 Reliance Growth Rating vs. Assets
38.71
460.62
1322.03
1962.87
4082.03
4792.09
4376.00
7272.00
7060.00
5844.00
5206.00
4106.00
5405.00
5 5 5
4 4 4
3
2
3 3
0
1
2
3
4
5
6
0.00
1000.00
2000.00
3000.00
4000.00
5000.00
6000.00
7000.00
8000.00
(Rs.Cr) 38.71 460.62 1322.031962.874082.034792.094376.007272.007060.005844.005206.004106.005405.00
Rating 5 5 5 4 4 4 3 2 3 3
Reliance Growth Rating V/S AUM
(Rs.Cr) Rating

50 | P a g e

51 | P a g e
CONCLUSION

52 | P a g e
CONCLUSION
Looking at the research we have done above we can conclude that Assets of the scheme depends
on the 3 factors
1. Market up down
2. Wise Fund Manager
3. Rating of the scheme
The assets of the scheme some time depends on the market ups and downs it all because if the
market is good then the performance of the scheme will increase due to which there were will more
investment by the investor and vice versa.
If the fund manager of the scheme invests the fund wisely in different equity then the performance
of the scheme will improve due to that the investment increase and assets of the scheme will
increase.
With the help of rating many of the investor are attracted due to good rating due to which they
invest looking at the rating and ignore too look at the performance of the scheme due to which
there will be increase in the assets of the fund.

53 | P a g e
ANNEXURE

54 | P a g e
ANNEXURE
24%
20%
16%
16%
13%
11%
Birla Sun Life Frontline Equity Fund
2014
HDFC Bank Ltd
ICICI Bank Ltd
Reliance Industries Ltd
Larsen & Toubro Ltd
Infosys Ltd
ITC Ltd
27%
16%
16%
15%
14%
12%
Birla Sun Life Frontline Equity Fund
2015
HDFC Bank Ltd
ICICI Bank Ltd
Larsen & Toubro Ltd
Infosys Ltd
ITC Ltd

55 | P a g e
25%
21%
12%
21%
11%
10%
ICICI Pru Dynamic Plan
2015 Power Grid Corporation of India
Ltd
HDFC Bank Ltd
CBLO
GSEC
Infosys Ltd
ICICI Bank Ltd
23%
21%
18%
14%
12%
12%
ICICI Pru Dynamic Plan
2014 Power Grid Corporation of India
Ltd
HDFC Bank Ltd
CBLO
GSEC
Infosys Ltd
ICICI Bank Ltd

56 | P a g e
32%
24%
22%
22%
ICICI Pru Value Discovery Fund
2015
CBLO
Sadbhav Engineering Ltd
Amara Raja Batteries Ltd
30%
28%
23%
19%
ICICI Pru Value Discovery Fund
2014
CBLO
Sadbhav Engineering Ltd
Amara Raja Batteries Ltd

57 | P a g e
19%
17%
16%13%
12%
12%
11%
Reliance Equity Opportunities Fund
2015
State Bank of India
HDFC Bank Ltd
Divis Laboratories Ltd
Cummins India Ltd
Larsen & Toubro Ltd
Bharat Forge Ltd
ICICI Bank Ltd
18%
16%
14%
14%
13%
13%
12%
Reliance Equity Opportunities Fund
2014
State Bank of India
HDFC Bank Ltd
Cummins India Ltd
Larsen & Toubro Ltd
Bharat Forge Ltd
ICICI Bank Ltd

58 | P a g e
19%
17%
15%13%
13%
12%
11%
Reliance Growth Fund
2015 UPL Ltd
HCL Technologies Ltd
Aditya Birla Nuvo Ltd
Indiabulls Housing Finance
Ltd
United Spirits Ltd
ICICI Bank Ltd
18%
17%
17%12%
12%
12%
12%
Reliance Growth Fund
2014 UPL Ltd
HCL Technologies Ltd
Aditya Birla Nuvo Ltd
Indiabulls Housing Finance
Ltd
United Spirits Ltd
ICICI Bank Ltd

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