Performanceevaluation.doc (1)

Title of the Project
“Performance evaluation of Mutual Funds: analysis of return on Investment”
Name of the Students
Moses Lopes
Pritam Pednekar
Sanket Prabhudesai

Kaushik Sankhalkar
Course
Bachelor of commerce
Academic Year
2011-12
Name of the Guide

Dr. DEEPALI KARMALI
Name of the college
S.S.DEMPO COLLEGE OF COMMERCE AND ECONOMICS
DECLARATION
We declare that this project entitled “Performance
Evaluation of Mutual Funds: Analysis of Return on
Investment” has been prepared by us and it has not
previously formed the basis for any degree or by any
other degree or other similar titles in Goa university
or elsewhere.

CLASS TY BCOM DATE
NAME ROLL NO. SIGNATURE
MOSES LOPES 1123
PRITAM PEDNEKAR 1129
SANKET PRABHUDESAI 1131
KAUSHIK SANKHALKAR 1132
ACKNOWLEDGEMENT
It gives us immense pleasure to present you this project, which
is entitled “Performance Evaluation of Mutual Funds:
Analysis of Return on Investment”
We take opportunity to extend our deep gratitude to our project
guide, Dr. Deepali Karmali, who guided us at every step. The
alliance that has lasted for a little less than a year has enriched
us in more ways than one. It has been with her valuable

guidance and constant support that the project has been
completed.
We are also thankful to our Auditing faculty Mr. Harip
Khanapuri for being a constant source of encouragement to us.
We are also grateful to the Central Library Panjim, for making
available the data we needed at ease. We express our gratitude
to our college librarian Mrs……… and the library staff of our
college for the entire help that they have provided to us.
Finally we extend our gratitude to all our family members who
have shown great pleasure and belief in our abilities to compile
and produce this project report.
Certificate
Certified That The Project Report Is A
Record Of Work Done By The
Candidates Themselves Under My
Guidance During The Period Of Study
And That To The Best Of My Knowledge
It Has Not Previously Formed The Basis
Of The Award Of Any Degree Or

Diploma By This Or Any Other
University.
CHAPTER I
INTRODUCTION
INTRODUCTION
CONCEPT AND DEFINITION OF MUTUAL FUND

A Mutual Fund is a trust that pools the savings of a number of investors who share a common
financial goal. The money thus collected is then invested in capital market instruments such as
shares, debentures and other securities. The income earned through these investments and the
capital appreciation realized is shared by its unit holders in proportion to the number of units
owned by them. Thus a Mutual Fund is the most suitable investment for the common man as it
offers an opportunity to invest in a diversified, professionally managed basket of securities at a
relatively low cost. The flow chart below describes broadly the working of a mutual fund:
A closed end fund has a fixed number of units outstanding. It is open for a specific period.
During that period investors can buy it. The initial offer period is terminated at the end of the
pre-determined period. The closed end schemes are listed in the stock exchanges. The investor
can trade the units in the stock markets just like other securities. The prices may be either
quoted at a premium or discount.
In the open – end schemes, units are sold and bought continuously. The investors can directly
approach the fund managers to buy or sell the units. The price of the unit is based on the net
asset value of the particular scheme. The net asset value of the fund is the value of the
underlying securities of the schemes. The net asset value is calculated on a daily or weekly
basis.
The gain or loss made by the mutual fund is passed on to the investor‟s after deducting the
administrative expenses and investment management fees. The gains are distributed to the unit
holder in the form of dividend or reinvested by the fund to generate further gains.
The Mutual fund may be with or without a load factor. A commission or charge paid by the
investors while purchasing or selling the mutual fund is known as load factor. Front- end load
is charged when units are sold by the funds and back-end load is charged when the units are

repurchased by the funds. The front end load factor reduces the units when the investor buys it
and the back end load reduces the investors‟ proceeds when he sells the units. Generally, the
load factor ranges between 1 and 6 percent of the net asset value. Sometimes, the fund may not
charge both loads.
THE STRUCTURE OF MUTUAL FUND CONSISTS OF THE FOLLOWING
Sponsor
Sponsor is the person who is acting alone or in combination with another body corporate
establishes a mutual fund. The Sponsor must contribute at least 40% of the net worth of the
Investment Managed and meet the eligibility criteria prescribed under the Securities and
Exchange Board of India (Mutual Funds) Regulations, 1996.The Sponsor is not responsible or
liable for any loss or shortfall resulting from the operation of the Schemes beyond the initial
contribution made by it towards setting up of the Mutual Fund.
Trust
The Mutual Fund is constituted as a trust in accordance with the provisions of the Indian Trusts
Act, 1882 by the Sponsor. The trust deed is registered under the Indian Registration Act, 1908.
Trustee
Trustee is usually a company (corporate body) or a Board of Trustees (body of individuals).
The main responsibility of the Trustee is to safeguard the interest of the unit holders and inter
alias ensure that the AMC functions in the interest of investors and in accordance with the
Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, the provisions of
the Trust Deed and the Offer Documents of the respective Schemes. At least 2/3rd directors of
the Trustee are independent directors who are not associated with the Sponsor in any manner.
Asset Management Company (AMC)
The Trustee as the Investment Manager of the Mutual Fund appoints the AMC. The AMC is
required to be approved by the Securities and Exchange Board of India (SEBI) to act as an
asset management company of the Mutual Fund. At least 50% of the directors of the AMC are

independent directors who are not associated with the Sponsor in any manner. The AMC must
have a net worth of at least 10 Crores at all times.
Registrar and Transfer Agent
The AMC if so authorized by the Trust Deed appoints the Registrar and Transfer Agent to the
Mutual Fund. The Registrar processes the application form; redemption requests and
dispatches account statements to the unit holders. The Registrar and Transfer agent also
handles communications with investors and updates investor records.
Working of a Mutual Fund
A Mutual Fund is a trust that pools the savings of a number of investors who share common
financial goal. Investments may be in shares, debt securities, money market securities or a
combination of these. Those securities are professionally managed on behalf of the unit-
holders, and each investor holds a pro-rata share of the portfolio i.e. entitled to any profits
when the securities are sold, but subject to any losses in value as well. 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
Frequently used terminology in mutual fund industry
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.
Sale Price
Is the price you pay when you invest in a scheme. Also called Offer price. It may include a
sales load.

Repurchase Price
Is the price at which units under open-ended schemes are repurchased by the Mutual Fund.
Such prices are NAV related.
Redemption Price
Is the price at which close-ended schemes redeem their units on maturity. Such prices are NAV
related.
Sales Load
Is a charge collected by a scheme when it sells the units. Also called, „Front-end‟ load.
Schemes that do not charge a load are called „No Load‟ schemes.
Repurchase or „Back-end „Load
Is a charge collected by a scheme when it buys back the units from the unit holders.
HOW INVESTMENT IN MUTUAL FUNDS IS BENEFICIAL TO A COMMON MAN
Some of the major benefits to a common investor are as follows
Benefits of Investing in Mutual Funds
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.
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. One can achieve this diversification through a Mutual Fund
with far less money than one can do on their own.
Convenient Administration

Investing in a Mutual Fund reduces paperwork and helps avoid many problems such as bad
deliveries, delayed payments and follow up with brokers and companies. Mutual Funds save
time and make investing easy and convenient.
RATIONALE FOR THE STUDY
Mutual funds industry has provided an option and opportunity to the common men to invest in
stock exchange market. As the risk and funds invested in mutual fund industry is smaller when
compared to investment in shares, debentures, etc. Hence a comparative study on performance
appraisal of selected mutual funds will give us insight into functioning and growth of mutual
fund industry.
SCOPE OF THE STUDY
In the project the scope is limited to some prominent mutual funds in the mutual fund industry.
For the purpose of study we have selected Reliance, HDFC, LIC, SBI, and HSBC. We have
made an attempt to analyse the equity growth funds of different mutual fund units. There are so
many other schemes in mutual fund industry like specialized (banking, infrastructure,
pharmacy) funds, index funds etc. But the scope of our study is mainly confined to equity-
growth schemes.
OBJECTIVE
● To have glimpse of the history of the mutual fund market.
● To make our self familiarize with various terms used, with reference to mutual industry.
● To understand the functioning and growth of mutual fund industry.
● To give an idea of the options available in Mutual Funds.
● To discuss about the market trends of Mutual Fund investment.
● To study some of the mutual fund schemes and analyse them

METHODOLOGY OF THE STUDY
This study is a preliminary study aimed to understand the working of mutual fund market and
the various schemes available in mutual fund industry in India. We have mainly based our
study on the information available from the secondary sources of data. The literature review
required for the same has been collected from different books, articles and the related websites.
The data required for the analysis has been collected from the www.bluechipindia.com internet
site. This site provides detail information on the daily returns of the different mutual fund units
of different companies. For understanding the market trend and analyse the returns in mutual
fund industry we have selected following five companies. LIC Nomura Asset Management
Company ltd, HDFC Asset Management Company ltd, HSBC Asset Management India Private
Ltd, Reliance Capital Asset Management Ltd. SBI Fund Management Private ltd. The data has
been collected from 2006 to 2010. The analysis is mainly bases on „equity growth- open ended
schemes of all the above mentioned five companies.
As the data is available for daily returns we had the task of calculating annual returns.
Some of the different formulas that we used for analysis are as follows
DAILY RETURNS= CURRENT DAY NAV-PREVIOUS DAY NAV X 100
PREVIOUS DAY NAV
ANNUAL RETURNS = END YEARS NAV- BEGINNING OF YEARS NAV X 100
BEGINNING OF YEARS NAV
SHARPE‟S PERFORMANCE INDEX .
Sharpe‟s performance index gives a single value to be used for the performance ranking of various
funds or portfolios. Sharpe index measures the risk premium of the portfolio relative to the total amount
of risk in the portfolio. This risk premium is the difference between the portfolio‟s average rate of

return and the riskless rate of return. The standard deviation of the portfolio indicates the risk. The
index assigns the highest values to the assets that have best risk-adjusted average rate of return
Sharpe Ratio = (Portfolio Return - Risk-Free Return) / Standard Deviation
The rate of returns in risk free investments i.e. in Fixed Deposits has been collected from SBI Bank.
LIMITATIONS
This study is an honest attempt to study patterns for selected mutual funds scheme. The
followings are some of the limitations.
● The study is limited to equity schemes available under the selected mutual funds units
due to time constraint.
● The validity of conclusion depends on authenticity of data provided by the site
(www.bluechipindia.com) and limitations of sampling study.
CHAPTER II
LITERATURE REVIEW

CHAPTER II – LITERATURE REVIEW
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 of India. 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.6700Croress of assets under management.
Second Phase – 1987-1993 (Entry of Public Sector Funds): 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.47,004Croress.
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. 121,805Croress. The Unit Trust of India with Rs.44541Croress 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.29835Croress 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.76000Croress 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.153108Croress under 421 schemes.

VARIOUS INVESTMENT OPTIONS OFFERD IN MUTUAL FUNDS OFFER
To cater to different investment needs, Mutual Funds offer various investment options. Some
of the important investment options include:
Open-end funds
Open-end mutual funds means a willing to buy back their shares from their investors at the end
of every business day at the net asset value computed that day. Most open-end funds also sell
shares to the public every business day; these shares are also priced at net asset value. A
professional investment manager oversees the portfolio, buying and selling securities as
appropriate. The total investment in the fund will vary based on share purchases, redemptions
and fluctuation in market valuation.
Closed-end funds
Closed-end funds generally issue shares to the public only once, when they are created through
an initial public offering. Their shares are then listed for trading on a stock exchange. Investors
who no longer wish to invest in the fund cannot sell their shares back to the fund (as they can
with an open-end fund). Instead, they must sell their shares to another investor in the market;
the price they receive may be significantly different from net asset value. It may be at a
"premium" to net asset value (meaning that it is higher than net asset value) or, more
commonly, at a "discount" to net asset value (meaning that it is lower than net asset value). A
professional investment manager oversees the portfolio, buying and selling securities as
appropriate.
Unit investment trusts
Unit investment trusts or UITs issue shares to the public only once, when they are created.
Investors can redeem shares directly with the fund (as with an open-end fund) or they may also
be able to sell their shares in the market. Unit investment trusts do not have a professional

investment manager. Their portfolio of securities is established at the creation of the UIT and
does not change. UITs generally have a limited life span, established at creation.
Exchange-traded funds
A relatively recent innovation, the exchange-traded fund or ETF is often structured as an open-
end investment company, though ETFs may also be structured as unit investment trusts,
partnerships, investments trust, grantor trusts or bonds (as an exchange-traded note). ETFs
combine characteristics of both closed-end funds and open-end funds. Like closed-end funds,
ETFs are traded throughout the day on a stock exchange at a price determined by the Mutual
fund 4 market. However, as with open-end funds, investors normally receive a price that is
close to net asset value. To keep the market price close to net asset value, ETFs issue and
redeem large blocks of their shares with institutional investors. Most ETFs are index funds.
Growth option
Dividend is not paid-out under a Growth Option and the investor realizes only the capital
appreciation on the investment (by an increase in NAV).
Dividend Payout Option
Dividends are paid-out to investors under the Dividend Payout Option. However, the NAV of
the mutual fund scheme falls to the extent of the dividend payout.
Dividend Re-investment Option
Here the dividend accrued on mutual funds is automatically re-invested in purchasing
additional units in open-ended funds. In most cases mutual funds offer the investor an option of
collecting dividends or re-investing the same.
Retirement Pension Option
Some schemes are linked with retirement pension. Individuals participate in these options for
themselves, and corporate participate for their employees.
Insurance Option

Certain Mutual Funds offer schemes that provide insurance cover to investors as an added
benefit.
Systematic Investment Plan (SIP)
Here the investor is given the option of preparing a pre-determined number of post-dated
cheques in favour of the fund. The investor is allotted units on a predetermined date specified
in the offer document at the applicable NAV.
Systematic Withdrawal Plan (SWP)
As opposed to the Systematic Investment Plan, the Systematic Withdrawal Plan allows the
investor the facility to withdraw a pre-determined amount / units from his fund at a pre-
determined interval. The investor's units will be redeemed at the applicable NAV as on that
day.
ADVANTAGES OF MUTUAL FUNDS
There are numerous benefits of investing in mutual funds and one of the key reasons for its
phenomenal success in the developed markets like US and UK is the range of benefits they
offer, which are unmatched by most other investment avenues. We have explained the key
benefits in this section. The benefits have been broadly split into universal benefits, applicable
to all schemes and benefits applicable specifically to open-ended schemes.
UNIVERSAL BENEFITS
Affordability
A mutual fund invests in a portfolio of assets, i.e. bonds, shares, etc. depending upon the
investment objective of the scheme. An investor can buy in to a portfolio of equities, which
would otherwise be extremely expensive. Each unit holder thus gets an exposure to such
portfolios with an investment as modest as Rs.500/-. This amount today would get you less
than quarter of an Infosys share! Thus it would be affordable for an investor to build a portfolio

of investments through a mutual fund rather than investing directly in the stock market.
Diversification
It simply means that you must spread your investment across different securities (stocks,
bonds, money market instruments, real estate, fixed deposits etc.) and different sectors (auto,
textile, information technology etc.). This kind of a diversification may add to the stability of
your returns, for example during one period of time equities might under perform but bonds
and money market instruments might do well enough to off set the effect of a slump in the
equity markets. Similarly the information technology sector might be faring poorly but the auto
and textile sectors might do well and may protect your principal investment as well as help you
meet your return objectives. Variety Mutual funds offer a tremendous variety of schemes. This
variety is beneficial in two ways: first, it offers different types of schemes to investors with
different needs and risk appetites; secondly, it offers an opportunity to an investor to invest
sums across a variety of schemes, both debt and equity. For example, an investor can invest his
money in a Growth Fund (equity scheme) and Income Fund (debt scheme) depending on his
risk appetite and thus create a balanced portfolio easily or simply just buy a Balanced Scheme.
Professional Management
Qualified investment professionals who seek to maximize returns and minimize risk monitor
investor's money. When you buy in to a mutual fund, you are handing your money to an
investment professional that has experience in making investment decisions. It is the Fund
Manager's job to (a) find the best securities for the fund, given the fund's stated investment
objectives; and (b) keep track of investments and changes in market conditions and adjust the
mix of the portfolio, as and when required.
Tax Benefits
Any income distributed after March 31, 2002 will be subject to tax in the assessment of all
Unit holders. However, as a measure of concession to Unit holders of open-ended equity-
oriented funds, income distributions for the year ending March 31, 2003, will be taxed at a

concessional rate of 10.5%. In case of Individuals and Hindu Undivided Families a deduction
up to Rs. 9,000 from the Total Income will be admissible in respect of income from
investments specified in Section 80L, including income from Units of the Mutual Fund. Units
of the schemes are not subject to Wealth-Tax and Gift-Tax.
RISK FACTORS OF MUTUAL FUNDS
The Risk-Return Trade-off
The most important relationship to understand is the risk-return trade-off. Higher the risk
greater the returns/loss and lower the risk lesser the returns/loss. Hence it is up to you, the
investor to decide how much risk you are willing to take. In order to do this you must first be
aware of the different types of risks involved with your investment decision.
Market Risk
Sometimes prices and yields of all securities rise and fall. Broad outside influences affecting
the market in general lead to this. This is true, may it be big corporations or smaller mid-sized
companies. This is known as Market Risk. A Systematic Investment Plan (“SIP”) that works
on the concept of Rupee Cost Averaging (“RCA”) might help mitigate this risk.
Credit Risk
The debt servicing ability (may it be interest payments or repayment of principal) of a
company through its cash flows determines the Credit Risk faced by you. This credit risk is
measured by independent rating agencies like CRISIL who rate companies and their paper. An
„AAA‟ rating is considered the safest whereas a „D‟ rating is considered poor credit quality. A
well-diversified portfolio might help mitigate this risk.
Inflation Risk
The root cause of inflation is the loss of purchasing power over time. A lot of times people
make conservative investment decisions to protect their capital but end up with a sum of
money that can buy less than what the principal could at the time of the investment. This

happens when inflation grows faster than the return on your investment. A well-diversified
portfolio with some investment in equities might help mitigate this risk.
Interest Rate Risk
In a free market economy interest rates are difficult if not impossible to predict. Changes in
interest rates affect the prices of bonds as well as equities. If interest rates rise the prices of
bonds fall and vice versa. Equity might be negatively affected as well in a rising interest rate
environment. A well-diversified portfolio might help mitigate this risk.
Political/Government Policy Risk
Changes in government policy and political decision can change the investment environment.
They can create a favorable environment for investment or vice versa.
Liquidity Risk
Liquidity risk arises when it becomes difficult to sell the securities that one has purchased.
Liquidity Risk can be partly mitigated by diversification, staggering of maturities as well as
internal risk controls that lean towards purchase of liquid securities.
FUTURE OF MUTUAL FUNDS IN INDIA
By December 2004, Indian mutual fund industry reached Rs 150,537Crores. It is estimated that
by 2010 March-end, the total assets of all scheduled commercial banks should be Rs
4090000Crores. The annual composite rate of growth is expected 13.4% during the rest of the
decade. In the last 5 years we have seen annual growth rate of 9%. According to the current
growth rate, by year 2010, mutual fund assets will be double
GROWTH OF MUTUAL FUNDS IN INDIA
The Indian Mutual Fund has passed through three phases. The first phase was between 1964
and 1987 and the only player was the Unit Trust of India, which had a total asset of Rs.
6,700Croress at the end of 1988. The second phase is between 1987 and 1993 during which
period 8 Funds were established (6 by banks and one each by LIC and GIC). The total assets

under management had grown to 61,028 Croress at the end of 1994 and the number of schemes
was 167. The third phase began with the entry of private and foreign sectors in the Mutual
Fund industry in 1993. Kothari Pioneer Mutual Fund was the first Fund to be established by the
private sector in association with a foreign Fund. As at the end of financial year 2000(31st
march) 32 Funds were functioning with Rs. 1, 13,005Croress as total assets under
management. As on august end 2000, there were 33 Funds with 391 schemes and assets under
management with Rs 1, 02,849Croress. The securities and Exchange Board of India (SEBI)
came out with comprehensive regulation in 1993 which defined the structure of Mutual Fund
and Asset Management Companies for the first time. Several private sectors Mutual Funds
were launched in 1993 and 1994. The share of the private players has risen rapidly since then.
Currently there are 34 Mutual Fund organizations in India managing 102,000Croress.
Some facts for the growth of mutual funds in India
India‟s saving rate is over 23%, highest in the world. Only the savings are required to mobilize
to mutual fund sector. There is 100% growth in the last 6 years
There are approximately 29 mutual funds which are much less than US having more than
800.There is a big scope for expansion. 'B' and 'C' class cities are growing rapidly.
Today most of the mutual funds are concentrating on the 'A' class cities. Soon they will find
scope in the growing cities. Mutual fund can penetrate rural like the Indian insurance industry
with simple and limited products.
LEADING MUTUAL FUND COMPLEXES
The top 10 mutual fund complexes in India were:
1. HDFC Mutual Fund
2. Tata Mutual Fund
3. SBI Mutual Fund
4. Reliance Mutual Fund

5. DSP Black Rock Mutual Fund
6. Kotak Mutual Fund
7. LIC Nomura Asset Management Company Limited
8. HSBC asset Management (India) Private Ltd.
9. Franklin Templeton Mutual Fund
10. Birla Sun Life Mutual Fund
CHAPTER III
ANALYSIS AND DISCUSSION

CHAPTER III - ANALYSIS AND DISCUSSION
PROFILE OF SELECTED MUTUAL FUND COMPANIES
PROFILE HDFC MUTUAL FUND COMPANY LTD.
BACKGROUND
The Housing Development Finance Corporation Limited (HDFC) was amongst the first to receive an 'in
principle' approval from the Reserve Bank of India (RBI) to set up a bank in the private sector, as part
of RBI's liberalization of the Indian Banking Industry in 1994. The bank was incorporated in August
1994 in the name of 'HDFC Bank Limited', with its registered office in Mumbai, India. HDFC Bank
commenced operations as a Scheduled Commercial Bank in January 1995.
PROMOTER
HDFC is India's premier housing finance company and enjoys an impeccable track record in India as
well as in international markets. Since its inception in 1977, the Corporation has maintained a
consistent and healthy growth in its operations to remain the market leader in mortgages. Its outstanding
loan portfolio covers well over a million dwelling units. HDFC has developed significant expertise in
retail mortgage loans to different market segments and also has a large corporate client base for its
housing related credit facilities. With its experience in the financial markets, strong market reputation,
large shareholder base and unique consumer franchise, HDFC was ideally positioned to promote a bank
in the Indian environ.
CAPITAL STRUCTURE

As on 31st December, 2009 the authorized share capital of the Bank is Rs. 550 Crores. The paid-up
capital as on said date is Rs. 455,23,65,640/- (45,52,36,564 equity shares of Rs. 10/- each). The HDFC
Group holds 23.87 % of the Bank's equity and about 16.94 % of the equity is held by the ADS
Depository (in respect of the bank's American Depository Shares (ADS) Issue). 27.46 % of the equity is
held by Foreign Institutional Investors (FIIs) and the Bank has about 4,58,683 shareholders.
The shares are listed on the Bombay Stock Exchange Limited and The National Stock Exchange of
India Limited. The Bank's American Depository Shares (ADS) are listed on the New York Stock
Exchange (NYSE) under the symbol 'HDB' and the Bank's Global Depository Receipts (GDRs) are
listed on Luxembourg Stock Exchange under ISIN No US40415F2002. It is recognized as a leading
provider of cash management and transactional banking solutions to corporate customers, mutual funds,
stock exchange members and banks.
Products of HDFC Mutual funds
1. Children's Gift Fund 5. Debt/ Income Fund
2. Equity / Growth Fund 6. Exchange Traded Funds
3. Fund of Fund Schemes 7. Fixed Maturity Plan
4. Liquid Funds 8. Quarterly Interval Fund
Some of the Schemes offered in HDFC Mutual Fund
1. HDFC Mid-Cap Opportunities Fund 10. HDFC Prudence Fund
2. HDFC Index Fund - Nifty Plan 11. HDFC Capital Builder Fund
3. HDFC Infrastructure Fund 12. HDFC Long Term Advantage Fund
4. HDFC Index Fund - SENSEX Plus Plan 13. HDFC Core and Satellite Fund
5. HDFC Growth Fund 14. HDFC TaxSaver (ELSS)
6. HDFC Arbitrage Fund 15. HDFC Premier Multi-Cap Fund
7. HDFC Equity Fund 16. HDFC Long Term Equity Fund
8. HDFC Balanced Fund 17. HDFC Index Fund - SENSEX Plan
9. HDFC Top 200 Fund
1.1 HDFC asset management company-HDFC equity Growth Fund (2006-2010)

YEARS 2006 2007 2008 2009 2010
ANNUAL RETURNS -26.27 -34.05 99.85 -50.43 -22.09
SHARPES RATIO -16.89 -25.36 42.58 -27.30 -25.24
Graph 3.1 – Graph of Sharpe‟s Ratio and Annual Returns
Source: bluechipindia.com
The X - axis shows the years from 2006 to 2010, where as Y – axis tells us the Annual returns
and Sharpe‟s Ratio as per their percentages as calculated above.
With respect to Graph 3.1 of HDFC equity fund of HDFC asset management company ltd for a
period of five years starting from 2006 and ending on 2010, it can be ascertained that the years
2006, 2007, 2009 and 2010 have all shown negative figures and have been unfavourable in
terms of their returns on investments at -26.27, -34.05,-50.43 and -22.09 respectively, in
contrast to this the year 2008 has shown positive returns on its investments at 99.85.

The Sharpe‟s ratio showed a negative balance, in 2006 (-16.89), in 2007 (-25.36), in 2009
(-27.30) and 2010 (-25.24). Where as in 2008 it was positive at 42.58.
PROFILE OF SBI FUND MANAGEMENT PRIVATE LTD
With over 20 years of rich experience in fund management, we at SBI Funds Management Pvt.
Ltd. bring forward our expertise by consistently delivering value to our investors. We have a
strong and proud lineage that traces back to the State Bank of India (SBI) - India's largest bank.
We are a Joint Venture between SBI and Society General Asset Management (France), one of
the world's leading fund management companies, managing over US$ 500 Billion. With our
network of over 150 points of acceptance across India, we deliver value and nurture the trust of
our vast and varied family of investors. Excellence has no substitute. And to ensure excellence
right from the first stage of product development to the post-investment stage, we are ably
guided by our philosophy of „growth through innovation‟ and our stable investment policies.
This dedication is what helps our customers achieve their financial objectives
Mutual Funds
Investors are our priority. Our mission has been to establish Mutual Funds as a viable
investment option to the masses in the country. Working towards it, we developed innovative,
need-specific products and educated the investors about the added benefits of investing in
capital markets via Mutual Funds. Today, we have been actively managing our investor's assets
not only through our investment expertise in domestic mutual funds, but also offshore fund and
portfolio management advisory services for institutional investors. This makes us one of the
largest investment management firms in India, managing investment mandates of over 5.8
million investors.
Portfolio Management and Advisory Services

SBI Funds Management has emerged as one of the largest player in India advising various
financial institutions, pension funds, and local and international asset management companies.
We have excelled by understanding our investor's requirements and terms of risk / return
expectations, based on which we suggest customized asset portfolio recommendations. We also
provide an integrated end-to-end customized asset management solution for institutions in
terms of advisory service, discretionary and non-discretionary portfolio management services.
Off shore Funds
SBI Funds Management has been successfully managing and advising India's dedicated
offshore funds since 1988. SBI Funds Management was the 1st bank sponsored asset
management company fund to launch an offshore fund called 'SBI Resurgent India
Opportunities Fund' with an objective to provide our investors with opportunities for long-term
growth in capital, through well-researched investments in a diversified basket of stocks of
Indian Companies.
SBI PRODUCTS
The different schemes offered in SBI mutual funds
EQUITY SCHEMES
The primary objective of the equity asset class is to provide capital growth / appreciation by
investing in the equity and equity related instruments of companies over medium to long term.
Equity/ Growth Funds
1. Magnum Multicap Fund 5. Magnum Equity Fund
2. Magnum Multiplier Plus 1993 6. SBI Blue Chip Fund
3. Magnum Global Fund 7. SBI One India Fund
4. Magnum Midcap Fund
Sectoral Funds
1. Magnum Sector Fund Umbrella-Contra Fund
2. Magnum Sector Funds Umbrella-FMCG Fund

3. Magnum Sector Funds Umbrella-IT-Fund
4. Magnum Sector Funds Umbrella-Pharma Fund
5. Magnum Sector Funds Umbrella-Emerging Businesses Fund
DEBT / INCOME SCHEMES
The schemes in this asset class generally invest in fixed income securities such as bonds,
corporate debentures, government securities (gilts), money market instruments, etc. and
provide regular and steady income to investors.
1. Magnum Children's Benefit Plan 8. Magnum Income Plus Fund - Saving Plan
2. Magnum Income Fund 9. SBI Dynamic Bond Fund
3. Magnum Gilt Fund - Short Term Plan 10. Magnum Gilt Fund - Long Term Plan
4. SBI Short Horizon Debt Fund - Short Term Fund
5. Magnum Income Fund Floating Rate Plan - Savings Plus Bond Plan
6. Magnum Income Fund Floating Rate Plan - Long Term
7. SBI Short Horizon Debt Fund - Ultra Short Term Fund
LIQUID SCHEMES
The strategy for liquid funds include investments in short investment horizon, which includes
'cash' assets such as treasury bills, certificates of deposit and commercial paper.
1. Magnum Insta Cash Fund 3. Magnum Insta Cash Fund-Liquid Floater
2. SBI Premier Liquid Fund
HYBRID SCHEMES
These schemes invest in a mixture of debt and equity securities in different proportions as
prescribed in the Scheme Information Document.
1. Magnum Balanced Fund
2. Magnum Monthly Income Plan
3. Magnum Monthly Income Plan Floater
4. SBI Capital Protection Oriented Fund Series I

5. SBI Capital Protection Oriented Fund Series II
6. SBI Capital Protection Oriented Fund Series III
7. Magnum NRI Investment Fund - Flexi Asset Plan
FIXED MATURITY PLANS
These are closed ended debt schemes with a fixed maturity date and they invest in debt &
money market instruments maturing on or before the date of the maturity of the scheme.
EXCHANGE TRADED SCHEMES
ETFs are nothing but a basket of securities that are traded on the stock exchange.
1. SBI Gold Exchange Traded Scheme
FUND OF FUND SCHEMES
A "Fund of Funds Scheme" means a mutual fund scheme that invests primarily in other
schemes of the same mutual fund or other mutual funds.
1. SBI Gold Fund
3.2 SBI Fund Management Private Ltd - SBI Magnum Equity (2006-2010)
Years 2006 2007 2008 2009 2010
Annual Return -20.30 -41.00 128.67 -45.68 -14.98
Sharps Ratio -9.54 -27.16 49.58 -25.15 -17.75
Graph 3.2 - Graph of Sharpe‟s Ratio and Annual Returns

Source: bluechipindia.com
With reference to Graph 3.2 of SBI Fund management Private ltd for a period of five years
starting from 2006 and ending on 2010, we can ascertain that the years 2006, 2007. 2009 and
2010 have all shown negative figures and have been unfavourable in terms of their returns on
investments at -20.30 ,-41 ,-45.68 and -14.98 respectively, in contrast to this the year 2008 has
shown positive returns on its investments at 128.67.
The Sharpe‟s ratio was found to be negative for all the four years i.e. for 2006, 2007, 2009 and
2010. In 2008 the Sharpe‟s ratio turned out positive to 49.58.
PROFILE OF HSBC ASSET MANAGEMENT COMPANY LTD.
HSBC Holdings plc is a global banking and financial services company headquartered in
Canary Wharf, London, United Kingdom. As of 2011 it was the world's second-largest banking
and financial services group and second-largest public company according to a composite
measure by Forbes magazine. It has around 7,500 offices in 87 countries and territories across
Africa, Asia, and Europe, North America and South America and around 100 million

customers. As of 30 June 2010, it had total assets of $2.418 trillion, of which roughly half were
in Europe, a quarter in the Americas and a quarter in Asia.
HSBC Holdings plc was founded in London in 1991 by The Hongkong and Shanghai Banking
Corporation to act as a new group holding company and to enable the acquisition of UK-based
Midland Bank. The origins of the bank lie in Hong Kong and Shanghai, where branches were
first opened in 1865. Today, HSBC remains the largest bank in Hong Kong, and recent
expansion in mainland China, where it is now the largest international bank has returned it to
that part of its roots.
HSBC is a universal bank and is organized within four business groups: Commercial Banking;
Global Banking and Markets (investment banking); Personal Financial Services (retail banking
and consumer finance); and Global Private Banking.
HSBC has a primary listing on the London Stock Exchange and is a constituent of the FTSE
100 Index. It has secondary listings on the Hong Kong Stock Exchange (where it is a
constituent of the Hang Seng Index), the New York Stock Exchange, Euro next Paris and the
Bermuda Stock Exchange. As of December 2011 it had a market capitalization of £87.4 billion,
the third largest company listed on the London Stock Exchange.
HSBC Global Asset Management in India
HSBC Asset Management (India) Private Limited is the Investment Manager to HSBC Mutual
Fund, set up locally by the HSBC Group. HSBC Mutual Fund is the brand name adopted by
HSBC Asset Management (India) Private Limited. The business is working on ambitious plans
to position itself as one of the leading Private Sector Fund Managers in the Indian financial
market - one of the most promising markets in Asia. It also aims to expand its customer base
by extending its product range to include a wide variety of investment products and enhance its
reputation in India of being a provider of international quality investment products and
services.
Types of HSBC mutual funds

Equity products
HSBC Equity Fund, HSBC Unique Opportunities Fund, HSBC India Opportunities Fund,
HSBC Dynamic Fund, HSBC Midcap Equity Fund, HSBC Emerging Markets Fund, HSBC
Progressive Themes Fund, HSBC Small Cap Fund, HSBC Tax Saver Equity Fund, HSBC
Brazil Fund,
Debt products
HSBC MIP, HSBC Cash Fund, HSBC Gilt Fund, HSBC Fixed Term Series, HSBC Income
Fund, HSBC Ultra Short Term Bond Fund, HSBC Floating Rate Fund, HSBC Flexi Debt Fund
Product add-on
HSBC Systematic Investment Plan (HSBC SIP), HSBC Systematic Transfer Plan (HSBC STP)
3.3 HSBC asset management company-HSBC equity Fund (2006-2010)
Year 2006 2007 2008 2009 2010
Annual Retuns -27.28 -36.46 92.70 -36.00 -14.64
Sharps Ratio -15.88 -25.10 41.74 -23.53 -15.97
Graph 3.3 Graph of Sharpe‟s Ratio and Annual Returns

With reference to Graph 3.3 of HSBC equity fund of HSBC asset management company ltd for
a period of five years starting from 2006 and ending on 2010, we can ascertain that the years
2006, 2007, 2009 and 2010 have all shown negative figures and have been unfavourable in
terms of their returns on investments at -27.28 ,-36.48 ,-36 and -14.64 respectively, in contrast
to this, the year 2008 has shown positive returns on its investments at 92.70.
The Sharpe‟s ratio showed a quite a similar negative balance for the year 2006, 2007 and 2009,
2010 respectively. Only during 2008 the Sharpe‟s ratio found to be positive at 41.74
LIC Nomura Mutual Fund
LIC Nomura Mutual Fund was set up as a separate Trust by the Life Insurance Corporation of
India having its central office at Yogakshema, Jeevan Bima Marg, Mumbai 400 021. LIC has
made an initial contribution of Rs.2 Crores towards Trust Fund. LIC Nomura Mutual Fund
Trustee Co. Pvt. Ltd. is formed and appointed to supervise the activities of the Fund. The
Trustee company has entrusted the work of management of the Fund to LIC Nomura Mutual
Fund Asset Management Company Ltd., which is a company promoted by Life Insurance
Corporation of India with an authorized capital of Rs.25 Crores.

The basic objective of LIC Nomura Mutual Fund is to mobilize savings from investors who are
spread in various parts of the country and have no easy access to the capital market, with a
view to providing them a vehicle for investment of their funds to ensure safety, security, easy
liquidity and reasonably good returns
LIC Nomura Mutual Fund is sponsored by LIC of India. The Sponsor is the Settler of the
Mutual Fund Trust. The Sponsor has entrusted a sum of Rs.2 Croress to the Trustee as the
initial contribution towards the corpus of the Mutual Fund.
Life Insurance Corporation of India (LIC), the sponsor of LIC Nomura Mutual Fund is one
amongst the largest insurance companies in the world, serving over 32 Crores policy holders
and managing a Fund of over Rs. 871349 Crores. There are very few organizations in India,
which manage funds of this size.
Equity Schemes
LIC Nomura FMP S47-24 Nov 2011, LIC Nomura FMP S47-24 Nov 2011, LIC Nomura FMP
S48-21 Jul 2011, LIC Nomura FMP S48-21 Jul 2011, LIC Nomura FMP S49-12 Sep 2011,
LIC Nomura FMP S49-12 Sep 2011
Debt Schemes
LIC Nomura Equity-16 Apr 1998, LIC Nomura Equity-16 Apr 1998, Nomura Growth-01 Sep
1999, LIC Nomura Growth-01 Sep 1999, LIC Nomura Top 100-15 Nov 2007, LIC Nomura
Top 100-15 Nov 2007.
LIC nomura asset Management Company-LIC Nomura Equity Fund (2006-2010)

Year 2006 2007 2008 2009 2010
Annual Returns -22.19 -38.00 138.84 -39.53 -12.93
Sharps Ratio -11.62 -22.26 45.99 -19.63 -12.90
With reference to Graph 3.4 of equity fund of LIC Nomura asset management company ltd for
a period of five years starting from 2006 and ending on 2010,we can ascertain that the years
2006,2007.2009 and 2010 have all shown negative figures and have been unfavourable in
terms of their returns on investments at -22.19 ,-38 ,-39.53 and -12.93 respectively ,in
2008annual returns showed a positive returns on its investments at 138.84.
The Sharpe‟s ratio is found negative in all the years from 2006 to 2010 except in the year 2008 which
sowed a positive balance of 45.99.
Reliance Capital Asset Management Ltd.

Reliance Mutual Fund (RMF) is amongst top two Mutual Funds in India, with Average Assets
Under Management (AAUM) of Rs. 90,661 Crores (US$ 18.5 billion) for the quarter ended
September 30, 2011. RMF offers a well-rounded portfolio of products that meet varying
investor requirements. Reliance Mutual Fund constantly endeavours to launch innovative
products and customer service initiatives to increase value to investors.
RMF has over seven million investor folios and a wide distribution network with presence in
over 250 branches across India. In addition it has offices in Dubai, Singapore, Mauritius and
UK. Reliance Mutual Fund is amongst top two Mutual Funds in India with over seven million
investor folios. Reliance Life Insurance and Reliance General Insurance are amongst the
leading private sector insurers in India. Reliance Securities is one of India‟s leading retail
broking houses. Reliance Money is one of India‟s leading distributors of financial products and
services. Reliance Capital has a net worth of Rs. 7,844 Crores (US$ 2 billion) and total assets
of Rs. 33,356 Crores (US$ 7 billion) as on September 30, 2011.
Schemes offered by Reliance Mutual Funds
Equity
The aim of growth funds is to provide capital appreciation over the medium to long- term.
Such schemes normally invest a major part of their corpus in equities. Such funds have
comparatively high risks. These schemes provide different options to the investors like
dividend option, capital appreciation, etc. and the investors may choose an option depending
on their preferences. The investors must indicate the option in the application form. The mutual
funds also allow the investors to change the options at a later date. Growth schemes are good
for investors having a long-term outlook seeking appreciation over a period of time.
1. Diversified Large Cap 6. Diversified Theme Based
2. Diversified Multi Cap 7. Sector
3. Diversified Mid Cap & Small Cap 8. Tax Saver
4. Index 9. Arbitrage

5. Banking 10. Balanced
Debt
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, Government
securities and money market instruments. Such funds are less risky compared to equity
schemes. These funds are not affected because of fluctuations in equity markets. However,
opportunities of capital appreciation are also limited in such funds. The NAVs of such funds
are affected because of change in interest rates in the country. If the interest rates fall, NAVs of
such funds are likely to increase in the short run and vice versa. However, long term investors
may not bother about these fluctuations.
1. Ultra Short Term 4. Money Market Funds (Liquid Funds)
2. Short Term Funds 5. Long Term Funds
3. Monthly Income Plans
Gold
Gold is seen as a symbol of security and a sign of prosperity. Indian consumers consider gold
jewellery as an investment and are well aware of gold‟s benefits as a store of value. Gold is
also recognized as a form of money in India, a tradable liquid asset. It is one of the foundation
assets for Indian households and a means to accumulate wealth from a long term perspective.
Gold investment has been in the culture of Indian tradition and has been on rise amongst the
modern investors as well due to the financial uncertainty and inflationary pressures.
1. Gold Exchange Traded Fund
2. Gold Savings Fund
Year 2006 2007 2008 2009 2010

Annual Return -13.17 -33.76 83.57 -34.04 0.39
Sharps Ratio -10.26 -27.80 40.95 -20.09 0.37
I Reliance Capital Asset Management Company- reliance equity fund (2006-2010)
With reference to Graph 3.5 of reliance equity fund of reliance capital asset management ltd
for a period of five years starting from 2006 and ending on 2010, we can ascertain that the year
2006, 2007 and 2009 have been unfavourable in terms of annual returns on their investments,
with 2009 being the lowest at -34.04 followed by 2007 at -33.76 and 2006 at -13.17 in contrast
to this the years 2008 and 2010 have shown a more positive returns on investments at 83.57
and 0.37 respectively.
The Sharpe‟s ratio has been in negative side from 2006 and 2007. Where as in 2008 Sharpe‟s
ratio it turned positive at 40.95 in 2009 it was negative 20.09 and in 2010 it was 0.37.

Comparison of Mutual funds with respect to Average Annual Returns
Mutual Fund HDFC HSBC LIC RELIANCE SBI
Avg. Annual
Returns ratio For 5
yrs
-6.60 -4.34 5.24 -13.17 1.34
Graph 3.6 Graph Average Annual Returns ratio

In the Graph 3.6 the X axis shows the annual returns of different mutual funds whereas the Y
axis represents the values of Average Annual Returns.
The HDFC, HSBC and Reliance are the companies which show a negative average annual
return which means they are unfavourable for investments. Whereas LIC and SBI show
positive average annual returns which mean these funds are profitable for investments. LIC has
the highest average annual returns whereas the Reliance has the lowest average annu
CHAPTER IV
SUMMERY AND CONCLUSION

CHAPTER IV - SUMMERY AND CONCLUSION
SUMMERY
In few years Mutual Fund has emerged as a tool for ensuring one‟s financial well being.
Mutual Funds have not only contributed to the India growth story but have also helped families
tap into the success of Indian Industry. As information and awareness is rising more and more
people are enjoying the benefits of investing in mutual funds. The main reason the number of
retail mutual fund investors remains small is that nine in ten people with incomes in India do
not know that mutual funds exist. But once people are aware of mutual fund investment
opportunities, the number who decide to invest in mutual funds increases to as many as one in
five people. The trick for converting a person with no knowledge of mutual funds to a new
Mutual Fund customer is to understand which of the potential investors are more likely to buy
mutual funds and to use the right arguments in the sales process that customers will accept as
important and relevant to their decision.
This Project gave us a great learning experience and at the same time it gave us enough scope
to implement our analytical ability. The analysis presented in this Project is based on the five

different Mutual Funds. This Report will help to know what are the kinds of investment options
available in mutual funds their benefits and limitation.
The first chapter gives an insight about Mutual Fund and its various aspects, benefits of mutual
funds to a common men, Objectives of the study, Methodology. One can have a brief
knowledge about Mutual Fund and its basics through the Project.
The second chapter of the Project consists of literature review. It includes history of mutual
fund, different phases, and various investment options in mutual funds, advantages and future
of mutual funds in India.
In the third chapter we analysed five different mutual funds of five different companies and
included their company profile. We ascertained their Annual returns and Sharpe‟s ratio on the
basis on their daily Net Asset Value which we obtained from the website
www.bluechipindia.com. The Annual returns helped us to know the profitability of a particular
mutual fund. Positive Annual Returns means, it is profitable to invest in that mutual fund and
vice versa when it is negative. The Sharpe‟s ratio helped us to compare whether the investment
in risk free investment option are better than the mutual funds. A positive Sharpe‟s ratio means
it is profitable to invest in mutual funds rather than the risk free investment option.
CONCLUSION
In order to run a successful Mutual Fund it requires complete understanding of the peculiarities
of the Indian Stock Market and also the mentality of the small investors. Many of people have
fear of Mutual Fund, They think their money will not be secure in Mutual Fund. They need the
knowledge of Mutual Fund and its related terms. Many of people do not invest in mutual fund
due to lack of awareness although they have money to invest. As the awareness and income of
the growing the number of mutual fund investors are also growing. “Brand” plays important
role for the investment. People invest in those Companies where they have faith or they are
well known among them. There are many Asset Management Companies in India but only

some are performing well due to Brand awareness. Some Asset Management Companies are
not performing well although some of the schemes of them are giving good return because of
lack of awareness about the Brand. Distribution channels are also important for the investment
in mutual fund. Financial Advisors are the most preferred channel for the investment in mutual
fund. They can change investors‟ mind from one investment option to others. Many of
investors directly invest their money through Asset Management Companies because they do
not have to pay entry load. Only those people who possess adequate knowledge about mutual
fund and its operations and those who have time invest directly in them.

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