A study on

MUTUAL FUNDS
With reference to

ANGEL BROKING PVT.LTD

BHIMAVARAM

A Project Report submitted

to Swarnandhra College of Engineerting&Technology for fulfillment

MASTER OF BUSINESS ADMINISTRATION(M.B.A)

Submitted By

MANNE MOUNIKA, M.B.A.IV Semester

Reg No: 19A21E0024

Under the guidance of

M.V PRASHANTHI

SCHOOL OF MANAGEMENT STUDIES

SWRNANDHA COLLEGE OF ENGINERRING
AND TECHNOLOGY

(AUTONOMUS)

(PermanentlyAffiliated to Jawaharlal Nehru Technological University, Kakinada)

SEETHARAMPURAM,NARSAPUR-534280

2021
 SWRNANDHA COLLEGE OF ENGINERRING AND TECHNOLOGY

(AUTONOMUS)

(Permanently Affiliated to Jawaharlal Nehru Technological University, Kakinada)

SEETHARAMPURAM,NARSAPUR-534280

CERTIFICATE

This is to certify that the project work entitled “MUTUAL FUNDS”With

reference to ANGEL BROKING PVT LTD.” is a bonfire record of work done
byMANNE MOUNIKA,student of MBA IV th Semesterunder my guidance
and pervisionsubmittedin partial fulfillment of the requirements of"Master of
Business Administration (MBA)"from Swarnandhra College of Engineering and
Technology Permanently Affiliated to Jawaharlal Nehru Technology
University ,Kakinada .

Place: NARSAPUR M.V.PRASHANTHI

Date: (Project guide)

 DECLARATION

I hereby declare that the project titled “MUTUAL FUNDS” at, ANGEL BROKING
PVT.LTD BHIMAVARAM ,submitted by me under the
guidance.M.V.PRASHANTHI,Swarnandhra College of Engineering and Technology
(Autonomus), Seetharamapuram, Narsapur,in partial fulfillment for the award
of the Degree Master of Business Administration(MBA) from Swarnandhra
College of Engineering and Technology (AUTONOMOUS) Permanently Affiliated
to Jawaharlal Nehru Technology University ,Kakinada .is bona fide work done
by me and has not been submitted earlier in part or full to this or any other
University or Institution for the award of any degree /diploma/certificate.

Place : Seetharamapuram (MANNE MOUNIKA)

19A21E0024
Date :
 ACKNOWLEDGEMENT

I take this Opportunity to express my gratitude to my guide M.V.PRASHANTHI,

School of Management studies ,Swarnandhra College of Engineering and
Technology (Autonomus), Narsapur. I regard my greatfulIndebtedness for her
encouragement and effective supervision in the completion of my work.

It is great pleasure and opportunity for me to express my deep sense of

gratitude and profound thanks to School of Management Studies,Swarnandhra

College of Engineering and Technology (Autonomous), forhis guidence in

making this work relevent and effective.

I am also greatful to Dr.S.Suresh Kumar,BE,MS,M.Tech.,Phd,Principal

Swarnandhra College of Engineering and Technology, for providing me an
opportunity to carry out this work.

Iam also thankful to all the faculty of School of Management

Studies,Swarnandhra College of Engineering and Technology.

I express my heartfelt thanks to my parents and appreciation to my friends

who helped me in completion of this project report, I am thankful to one and
all that were the part of the project.

MANNE MOUNIKA.
 CHAPTER-1

INTRODUCTION
FINANCE

Finance describes the management, creation and study of money, banking, credit,
investments, assets and liabilities that make up financial systems, as well as the study of
those financial instruments. Some people prefer to divide finance into three distinct
categories: public finance, corporate finance andpersonal finance. There is also the recently
emerging area of social finance. Additionally, the study of behavioural finance aims to learn
about the more "human" side of a science consideredby most to be highly mathematical.

Personal Finance:

Personal finance is the science of handling money. It involves all financial decisions
and activities of an individual or household – the practices of earning, saving, investing and
spending.

Privateer Finance:

The private finance can be further divided into personal finance and business finance.
The personal finance is concerned with the acquisition and the proper utilization of economic
resource by the individuals and households for meeting their different needs. The business
finance is also a part of private finance. The business finance is concerned with the
acquisition, management and utilization of fund by the private business organizations.

Public finance:

Public finance is the study of the financial aspect of the government. Here we study
about the government expenditure, public revenue, public borrowing and financial
administration. The economic activities of the public enterprises also fall under
public finance. The objective of private of business finance is to earn maximum return or
profit. On the contrary the objective of public finance is to maximize social welfare.

MUTUAL FUNDS

A mutual fund is a professionally managed type of collective investment scheme that

pools money from many investors and invests it in stocks, bonds, short-term money market
instruments and other securities. Mutual funds have a fund manager who invests the money
on behalf of the investors by buying / selling stocks, bonds etc. Currently, the worldwide
value of all mutual funds totals more than $US 26 trillion.
 There are various investment avenues available to an investor such as real estate,
bank deposits, post office deposits, shares, debentures, bonds etc. A mutual fund is one more
type of investment avenue available to investors. There are many reasons why investors
prefer mutual funds. Buying shares directly from the market is one way of investing.

But this requires spending time to find out the performance of the company whose
share is being purchased, understanding the future business prospects of the company, finding
out the track record of the promoters and the dividend, bonus issue history of the company
etc. An informed investor needs to do research before investing. However, many investors
find it cumbersome and time consuming to pore over so much of information, get access to so
much of details before investing in the shares. Investors therefore prefer the mutual fund
route.

They invest in a mutual fund scheme which in turn takes the responsibility of
investing in stocks and shares after due analysis and research. The investors need not bother
with researching hundreds of stocks. It leaves it to the mutual fund and it’s professional fund
management team. Another reason why investors prefer mutual funds is because mutual
funds offer diversification.

An investor’s money is invested by the mutual fund in a variety of shares, bonds

and other securities thus diversifying the investors portfolio across different companies and
sectors. This diversification helps in reducing the overall risk of the portfolio. It is also less
expensive to invest in a mutual fund since the minimum investment amount in mutual fund
units is fairly low (Rs. 500 or so). With Rs. 500 an investor may be able to buy only a few
stocks and not get the desired diversification.

These are some of the reasons why mutual funds have gained in popularity over the
years. A country traditionally putting money in safe, risk-free investments like Bank FDs,
Post Office and Life Insurance, has started to invest in stocks, bonds and shares – thanks to
the mutual fund industry.

However, there is still a lot to be done. The Rs. 7 Lakh crores stated above, includes
investments by the corporate sector as well. Going by various reports, not more than 5% of
household savings are Chanel listed into the markets, either directly or through the mutual
fund route. Not all parts of the country are contributing equally into the mutual fund corpus. 8
cities account for over 60% of the total assets under management in mutual funds.
 These are issues which need to be addressed jointly by all concerned with the mutual
fund industry. Market dynamics are making industry players to look at smaller cities to
increase penetration. Competition is ensuring that costs incurred in managing the funds are
kept low and fund houses are trying to give more value for money by increasing operational
efficiencies and cutting expenses. As of today there are around 40 Mutual Funds in the
country. Together they offer around 1051 schemes to the investor. Many more mutual funds
are expected to enter India in the next few years.

All these developments will lead to far more participation by the retail investor and
ample of job opportunities for young Indians in the mutual fund industry. This module is
designed to meet the requirements of both the investor as well as the industry professionals,
mainly those proposing to enter the mutual fund industry and therefore require a foundation
in the subject.

NEED FOR THE STUDY:

 Mutual Funds schemes are volatile, as well as reliable. An investor has to keep
information about shares on a regular basis. The Investor has to take the decisions correctly
and wisely before going to invest in a Mutual Fund. In the present changing scenario one has
to know the performance of various schemes by comparing to that of competitors fund. It
gives an idea to the analyst about how the business is going on. The study will definitely help
the company and the researcher to analyse the present situation of various schemes and to
know whether these funds are performing to their expectations or not. Researcher has analyse
these Mutual Fund schemes with performance measures like variance, standard Deviation &
Sharpe ratio etc.
 SCOPE OF THE STUDY
              Equity Funds or Stock Funds These types of Mutual Funds generally invest
in stocks which are publicly traded. Amount of risk, involved with these funds vary
according to different types of Equity Funds. Growth Funds-These funds invest in the
stocks, which are undervalued compared to their worth. As these stock prices tend to
rise in future and carry good growth potential, Growth Funds go for these kind of
stocks.

OBJECTIVES OF THE STUDY

 To understand the constituents of mutual funds in India.

  To study the calculations involved in NAV.
 To analyze the fluctuations of selected Diversified Equity Mutual Funds Verses
Sectorial Equity Mutual Funds by considering standard deviation.
 To evaluate the performance of NAV by considering risk and return in Diversified
Equity Mutual Funds Verses Sectorial Equity Mutual Funds with sharp ratio.
 Based on the study to give finding and suggestions to company and investors.

REASEARCH METHODOLGY :

There are two types of data. They are

 1. Primary data

2. Secondary data

1. PRIMARY DATA:

For the present study the Primary data that is the general information gathered
through the Google. In this study Primary data is collected through observation and taking
opinions from staff.

2. SECONDARY DATA:
 Secondary data is the data, which is collected and complied for different purposes,
which are used in research for this study. The secondary data are those data which
have already been collected through other sources like newspaper, magazine, books&
internet, journals.
 The secondary data provides information on key variables, which play a major part in
the actual research areCompany’s broachers, Web sites, Fact sheet, the brief lectures
from the company executives and the project guide himself, Professionals and others.

TOOLS USED IN STUDY DESIGN:

The following tools has been used in this project for finding or measuring the risk and
return of different equity mutual funds

DATA ANALYSIS TOOLS

 The quality of the project is based on the quality of the tools selected for analysis and
interpretation of the data collected. The project trainee has been taken complete care
over the quality of project. Hence, the project trainee has analyzed the data with the
help of the statically tools like: Mean,Return, Variance, Standard Deviation & Sharpe
Ratio.

The following are the statistical tools used:-

 Return

 Variance
  Standard Deviation

 Sharpe Ratio

 RETURN:

Return is a profit on an investment. It comprises any change in value and interest or

dividends or other such cash flows which the investor receives from the investment. It may be
measured either in absolute terms (e.g., dollars) or as a percentage of the amount invested.

RETURN =

×100

 VARIANCE:

Variance is a measurement of the spread between numbers in a data set. The variance

measures how far each number in the set is from the mean. Variance is calculated by taking
the differences between each number in the set and the mean, squaring the differences (to
make them positive) and dividing the sum of the squares by the number of values in the set.

Where

 x represents each value in the population,

 μ is the mean value of the population,
 Σ is the summation (or total), and 
 N is the number of values in the population.

 STANDARD DEVIATION:

Standard deviation is a measure of the dispersion of a set of data from its mean. It is

calculated as the square root of variance by determining the variation between each data point
relative to the mean. If the data points are further from the mean, there is higher deviation
within the data set.
Where

 x represents each value in the population, 

 x is the mean value of the sample,
 Σ is the summation (or total), and
 n-1 is the number of values in the sample minus 1.

 SHARPE RATIO:

In this model, performance of a fund is evaluated on the basis of Sharpe Ratio, which
is a ratio of returns generated by the fund over and above risk free rate of return and the
total risk associated with it.
According to Sharpe, it is the total risk of the fund that the investors are concerned about. So,
the model evaluates funds on the basis of reward per unit of total risk. Symbolically, it can be
written as
Sharpe Index = (Rm - Rf)/SD
LIMITATIONS:
 For the calculation of risk tools used standard deviation and variation are only taken.
 Risk adjusted return calculated through sharp ratio.
 For the data analysis the data is taken only for 5years & only 6months data has taken
in 2017.
 The study is based on only to selected equity mutual fund schemes.
 The performance is analyzed based on risk, variance & standard deviation only and
due to time constraint in-depth analysis could not be made, Hence care to be taken
while interpreting the results to similar studies.
 CHAPTER-2

INDUSTRY PROFILE

&

COMPANY PROFILE
 INDUSTRY PROFILE

History of Mutual Funds

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 - 1964-1988

Unit Trust of India (UTI) was established in 1963 by an Act of Parliament. It was set up by
the Reserve Bank of India and functioned under the Regulatory and administrative control of the
Reserve Bank of India. In 1978 UTI was de-linked from the RBI and the Industrial Development
Bank of India (IDBI) took over the regulatory and administrative control in place of RBI. The first
scheme launched by UTI was Unit Scheme 1964. At the end of 1988 UTI had Rs. 6,700 crores of
assets under management.

Second Phase - 1987-1993 (Entry of Public Sector Funds

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 Can bank 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.

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. Therest while Kothari Pioneer (now
merged with Franklin Templeton) was the first private sector mutual fund registered in July
1993.

The 1993 SEBI (Mutual Fund) Regulations were substituted by a more

comprehensive and revised Mutual Fund Regulations in 1996. The industry now functions
under the SEBI (Mutual Fund) Regulations 1996.

The number of mutual fund houses went on increasing, with many foreign mutual
funds setting up funds in India and also the industry has witnessed several mergers and
acquisitions. As at the end of January 2003, there were 33 mutual funds with total assets of
Rs.1, 21,805 crores. The Unit Trust of India with Rs.44, 541 crores of assets under
management was way ahead of other mutual funds.

Fourth Phase - since February 2003

In February 2003, following the repeal of the Unit Trust of India Act 1963 UTI was
bifurcated into two separate entities. One is the Specified Undertaking of the Unit Trust of
India with assets under management of Rs. 29,835 crores as at the end of January 2003,
representing broadly, the assets of US 64 scheme, assured return and certain other schemes.
The Specified Undertaking of Unit Trust of India, functioning under an administrator and
under the rules framed by Government of India and does not come under the purview of the
Mutual Fund Regulations.

The second is the UTI Mutual Fund, 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 Rs76,000 crores of assets under
management and with the setting up of a UTI Mutual Fund, conforming to the SEBI Mutual
Fund Regulations, and with recent mergers taking place among different private sector funds,
the mutual fund industry has entered its current phase of consolidation and growth.

The growth of the industry & IFIC

 To meet the growing regulatory and trade needs of the mutual fund industry, the
Canadian Mutual Funds Association (CMFA) was established in 1962. Original members of
the CMFA were individual mutual funds themselves, not fund management companies as is
the case today In April 1963, the CMFA published a Code of Ethics and Regulation for its
members. Ten years later, it formally incorporated with a mandate to engage in and support
activities conducive to high ethical standards and efficiency of administration and operations
within the Canadian mutual funds industry. In 1976, the CMFA changed its name to The
Investment Funds Institute of Canada (IFIC).

Since then, IFIC has played an integral role in the regulatory development of the
mutual funds industry in Canada, proactively influencing and advancing industry issues
within the regulatory framework, while increasing members’ efficiencies, knowledge and
proficiency. IFIC provides a consistently high level of service to enable dealer and manager
members to work together in a co-operative forum to enhance the integrity and growth of the
industry and strengthen investor confidence.

ASSOCIATION FOR THE MUTUAL FUND INDUSTRY:

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 all areas with a view to protecting and promoting the interests of
mutual funds and their unit holders.

AMFI, the association of SEBI registered mutual funds in India of all the registered
Asset Management Companies, was incorporated on August 22, 1995, as a non-profit
organization. As of now, all the 42 Asset Management Companies that are registered with
SEBI are its members. 

OBJECTIVES OF AMFI:
The Principal objective of AMFI is

1) Promote the interests of the mutual funds and unit holders and interact with
regulators- SEBI/RBI/Govt./Regulators
2) To increase public awareness and understanding of the concept and working of
mutual funds in the country, to undertake investor awareness programmes and to
disseminate information on the mutual fund industry.
3) To develop a cadre of well-trained distributors and to implement a programme of
training and certification for all intermediaries and others engaged in the industry

REGULATIONS:

Regulations ensure that schemes do not invest beyond a certain percent of their
NAVs in a single security. Some of the guidelines regarding these are given below:

 No scheme can invest more than 15% of its NAV in rated debt instruments of a single
issuer. This limit may be increased to 20% with prior approval of Trustees. This
restriction is not applicable to Government securities.
 No scheme can invest more than 10% of its NAV in unrated paper of a single issuer
and total investment by any scheme in unrated papers cannot exceed 25% of NAV
 No fund, under all its schemes can hold more than 10% of company’s paid up capital.
 No scheme can invest more than 10% of its NAV in a single company.
 If a scheme invests in another scheme of the same or different AMC, no fees will be
charged. Aggregate inter scheme investment cannot exceed 5% of net asset value of
the mutual fund.
 No scheme can invest in unlisted securities of its sponsor or its group entities.
 Schemes can invest in unlisted securities issued by entities other than the sponsor or
sponsor’s group. Open ended schemes can invest maximum of 5% of net assets in
such securities whereas close ended schemes can invest up to 10% of net assets in
such securities.
 Schemes cannot invest in listed entities belonging to the sponsor group beyond 25%
of its net assets.
 SELECTED MUTUAL FUND COMPANIES ANALYSIS:

1. KOTAK Mahindra Mutual Fund

2. ICICI Prudential Mutual Fund

3. HDFC Mutual Fund

4.BIRLA SUN LIFE Mutual Fund

5.SBI Mutual Fund

6.UTI Mutual Fund

7.RELIANCEMutual Fund

8.AXIS Mutual Fund

9. Franklin Templeton Mutual Fund

10.DSP Black Rock Mutual Fund

 1.ICICI PRUDENTIAL MUTUAL FUND:

ICICI Prudential Asset

Management Company Ltd. is a leading asset management company (AMC) in the country
focused on bridging the gap between savings & investments and creating long term wealth
for investors through a range of simple and relevant investment solutions.

The AMC is a joint venture between ICICI Bank, a well-known and trusted name in
financial services in India and Prudential Plc, one of UK’s largest players in the financial
services sectors. Throughout these years of the joint venture, the company has forged a
position of pre-eminence in the Indian Mutual Fund industry.

ICICI Bank:

ICICI Bank is India's largest private sector bank with total assets of Rs. 7,206.95
billion (US$ 109 billion) at March 31, 2016 and profit after tax Rs. 97.26 billion (US$ 1,468
million) for the year ended March 31, 2016. ICICI Bank currently has a network of 4,608
Branches and 14,052 ATM's across India.

ICICI Prudential:

Prudential plc is an international financial services group with significant operations

in Asia, US and the UK. The company serves more than 24 million insurance customers and
has £599 billion of assets under management (as at 31 December 2016).

Trustees:

ICICI Prudential Trust Ltd.

Asset Management Company:

ICICI Prudential Asset Management Company Limited

2.HDFC MUTUAL FUND:

HDFC Mutual Fund has been constituted as a trust in accordance with the provisions
of the Indian Trusts Act, 1882, as per the terms of the trust deed dated June 8, 2000 with
Housing Development Finance Corporation Limited (HDFC) and Standard Life Investments
Limited as the Sponsors / Settlors and HDFC Trustee Company Limited, as the Trustee. The
Trust Deed has been registered under the Indian Registration Act, 1908. The Mutual Fund has
been registered with SEBI, under registration code MF/044/00/6 on June 30, 2000.

HDFC Asset Management Company Ltd (AMC) was incorporated under the
Companies Act, 1956, on December 10, 1999, and was approved to act as an Asset
Management Company for the HDFC Mutual Fund by SEBI vide its letter dated July 3, 2000

Sponsors:

 HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED (HDFC

Ltd.)

 STANDARD LIFE INVESTMENTS LIMITED:

Trustees:

HDFC Trustee Company Limited, a company incorporated under the Companies Act, 1956 is
the Trustee to HDFC Mutual Fund the Trust deed dated June 8, 2000, as amended from time
to time. HDFC Trustee Company Ltd is wholly owned subsidiary of HDFC.
3.BIRLA SUN LIFE:

COMPANY PROFILE AND ANALYSIS:

The Aditya Birla Group:

The Aditya Birla Group is an Indian multinational conglomerate named after Aditya

Vikram Birla, headquartered in the Aditya Birla Centre in Worli, Mumbai, India. It operates
in 40 countries with more than 120,000 employees worldwide. The group was founded by
Seth Shiv Narayan Birla in 1857..

The group had revenue of approximately US$41 billion in year 2015. It is the
third-largest Indian private sector conglomerate behind Tata Group with revenue of just over
US$100 billion and RILwith revenue of US$74 billion.  ABFSG ranks among the top five
fund managers in India (including LIC) with an AUM of US$23 billion.

Products:

Equity Fund

Debt Fund

Hybrid Fund

Liquid Fund

Fund of Fund

Exchange Traded Fund

Aditya Birla Opportunities Fund

Aditya Birla Equity Arbitrage Fund

4.RELIANCE MUTUAL FUND

Reliance Mutual Fund (RMF) is one of India's leading mutual funds, with Average
Assets Under Management (AAUM) of Rs 2,40,445.37 Crores (April 2018 - June 2018
Quarter Q1) and 83.99 lakhs folios (as on June 30, 2018). To know more details about the
AUM, please .

Reliance Mutual Fund, a part of the Reliance Anil Dhirubhai Ambani (ADA) Group,
is one of the fastest growing mutual funds in India. RMF offers investors a well-rounded
portfolio of products to meet varying investor requirements and has presence in 160 cities
across the country. RMF constantly endeavours to launch innovative products and customer
service initiatives to increase value to investors.

Reliance Mutual Fund (RMF) has been established as a trust under the Indian Trusts
Act, 1882 with Reliance Capital Limited (RCL), as the Settler/Sponsor and Reliance Capital
Trustee Co. Limited (RCTC), as the Trustee.
 5.SBI MUTUALFUNDS
SBI Funds Management Pvt. Ltd was formed as a joint venture between the SBI and
AMUNDI (France), one of the world’s leading fund management companies. SBI Funds
Management Pvt. Ltd. (popularly known as SBI Mutual Fund AMC) has a vast experience of
28 years in fund management with a strong ancestry linked to India’s largest bank – State
Bank of India (SBI).

Currently, SBI MF has a wide network of over 222 service points across India and
entrusted to deliver value and cultivate the trust of investors. With a strong and rich pedigree
of the State Bank of India (SBI) group, SBI Funds Management Pvt. Ltd. has been catering to
millions of investors through their expertise and consistently delivered the optimum value to
its investors. SBI Funds Management company has come up as one of the key players in the
Indian mutual fund industry with a bouquet of funds in multiple sectors such as financial
institutions, local and international asset management companies, pension funds, etc. SBI
MF also unified end-to-end customized asset management products for institutions,

ion investors.

o Long-term capital appreciation for the investor is ensured by a team of expert fund
managers. The view and research is not simply driven by any momentum play but by
the key objective of generating consistent performance for the investor.

o SBI mutual funds are known to be ahead of the rest of the industry in terms of
identifying new ideas and opportunities and finally resulting in superior stock
selection.

The investment team doesn’t replicate the index composition with the fund portfolio and
the performance of all the funds is benchmarked against a specific index
6. KOTAK MAHINDRA MUTUAL FUND:

Kotak Mahindra Bank is the 4th largest private sector bank in India in terms of market
capitalization. It has been rated 245th among the world’s top 500 banks, with a brand value of
US$ 481 million and has a brand rating of AA+.

Kotak Mahindra Mutual Funds has Rs.41,337.85 crore assets under management and
has over 40 mutual fund schemes to choose from.

Kotak Mahindra mutual fund is one of the leading mutual funds in the country with
assets of over Rs.12, 530 crore under management as of Aug 2006. The fund is promoted by
Kotak Mahindra Bank, one of India's leading financial institutions that offer financial
solutions ranging from commercial banking, stock broking, life insurance and investment
banking.

Here is a list of mutual funds of Kotak Mahindra which includes Debt Funds, Balance
Funds, Fund of Funds and Equity Funds.

Products:

Equity Fund

Debt Fund

Hybrid Fund

Liquid Fund
Fund of Fund

Exchange Traded Fund

KOTAK Opportunities Fund

7.UTI Mutual Fund

 UTI AMC, India’s most trusted Wealth creators and always has the interest of its
investors in its heart. UTI AMC has completed 50 years as India’s leading Financial
service institution and was a sole vehicle of capital market investment for Indian
Citizens till the early 90’s. The institution has shown great resilience and has grown
from strength to strength overcoming economic turbulence and global turnarounds.

 UTI has contributed immensely to industrial and capital growth in the Indian market.
It has led transformative initiatives like developmental financial institutions, rural
outreach programs and financial products and services.
8.AXIS Mutual Fund

Axis Mutual Fund launched its first scheme in October 2009 Since then
Axis Mutual fund has grown strongly. We attribute our success thus far to our 3
founding principles - Long term wealth creation, Outside in (Customer) view
and Long term relationship. Come join our growing family of investors and give
shape to your desires.

Benefits of Axis Mutual Fund

 It is among one of the fastest-growing AMCs with an average AUM of

Rs 40,946 crores.

 Currently, Axis MF has more than 18 lakh active investor accounts in

more than 54 schemes

 A strong and widespread network in more than 75 cities across India.

 A customer-centric approach with long-term relationships and outside-in

view for enduring wealth creation.

 At Axis Mutual Fund, the investor is always at the heart of every single
decision and thus communicates in the language of the individual
investor
  Axis Equity Fund emphasizes on keeping volatility lower than that of the
Nifty.

9. FRANKLIN TEMPLETON

Franklin Templeton Mutual Fund:

Franklin Templeton's association with India dates back to more than a decade as an
investor.As part of the group's major thrust on investing in markets around the world, the
India office was set up in 1996 as Templeton Asset Management India Pvt. Limited

. It flagged off the mutual fund business with the launch of Templeton India Growth Fund
in September 1996, and since then the business has grown at a steady pace.
In July 2002, Franklin Templeton India acquired Pioneer ITI, another leading fund house
in India to create an organization with rich investment experience over market cycles, one
of the most comprehensive product portfolios, footprint across the country and an in-house
shareholder servicing function. The huge synergies that existed in the two organizations
have helped the business grow at a rapid pace, catapulting the company to among the
funds.

Investment Manager: Franklin Templeton Asset Management (India) Pvt.

Ltd.StatutoryDetail s: Franklin Templeton Mutual Fund, trusts set up under the

provisions of Indian Trusts Act 1882, and registered with SEBI .
10.DSP BLACK ROCK MUTUAL FUND

DSP BLACKROCK a joint venture between the 150 year old Indian financial firm, DSP
Group and the world’s largest investment management firm, BlackRock. We are one of the
premier asset management companies in India, with over 20 years of track record of
investment excellence.

The DSP Group, headed by Mr. Hemendra Kothari, is one of the oldest and most respected
financial services firms in India. The firm commenced its stock broking business in the 1860s
and the family behind the group has been very influential in the growth and
professionalization of capital markets and money management business in India.

BlackRock is the world’s largest investment management firm and is trusted to manage more
money than any other investment firm in the world. Millions of retail investors, small and big
companies from around the world, governments, large global foundations trust.
COMPANY PROFILE
 COMPANY PROFILE

Overview of angel broking limited

As a leading stock broking and wealth management firm, we are revolutionizing the
face of retail investing in India with a tech-edge. A 30 year young company, we serve our
clients pan India with the agility of a start-up; offering an extensive range of financial
solutions, aided by hi-tech digital technology and ably complemented by a colossal presence
of 16,308 trading terminals and a mammoth network of sub-brokers.

Mumbai, 18th May 2017: Angel Broking, India’s leading retail broking firm has
bagged the inspirational ‘Commodity Broker of the Year Award 2016-17’ organized by
country’s largest commodity exchange, Multi Commodity Exchange (MCX) at a glittering
ceremony held at JW Marriott, Mumbai.

About Angel Broking:

Angel Broking Pvt. Ltd., is today one of the leading Indian stock broking houses,
with a focus on retail business and a commitment to provide “real value for money” to its
clients. The Angel Broking Group is a member of the BSE, NSE and the country’s two
leading commodity exchanges, the NCDEX and MCX. Angel Broking provides a wide range
of personalized wealth-management and investment services to its retail clients. These
include Stock and Commodity Trading, Portfolio Advisory and Management Services,
Investment Advisory Services, Distribution of Mutual Funds, IPOs, Personal Loans and
Insurance, as well as E-broking & Depository services – all supported by intensive research
and a six sigma-backed Quality Assurance program. Angel Broking Group provides its value-
added services to over a million  retail investors through its nationwide network of 132
branches, including 17 regional hubs 9000+ registered sub-brokers/business associates and all
India employee strength of 3500+. Angel Broking has one of the largest trading terminal
bases (16,308 terminals) in the country, and the largest sub-broker network on the NSE,
clocking one of the largest volumes in the industry. The company’s shareholders include
International Finance Corporation (IFC), the private investment arm of the World Bank.

Angel Broking

Type Public company

Industry Stock Broker and Financial services

Headquarters Mumbai, India

Key people DineshThakkar 

(Chairman & Managing
Director)

Services  Equity Trading

 Commodities

 Portfolio Management Services

 Mutual funds

 Life & Health insurance

  IPO

 Depository Services

 Investment Advisory

Subsidiaries  Angel Commodities Broking

Pvt. Ltd.

 Angel Fincap Pvt. Ltd.

 Angel Financial Advisors Pvt.

Ltd.

 Angel Securities Ltd.

Website www.angelbroking.com

The Angel Group is a member of the Bombay Stock Exchange (BSE), National Stock
Exchange (NSE) and the two leading Commodity Exchanges in the country: NCDEX &
MCX. We are also registered as a Depository Participant with CDSL.

Our Story

We began our journey in 1987, with the objective to serve the highly neglected
sector of retail investors. Committed to provide ‘Real Value for Money’ to all our clients, we
kept reinventing ourselves, leveraging the best technology of every era.

Today we have emerged as a game-changer for the retail investing segment by

offering innovative financial solutions which was earlier limited only to the HNI segment.
ARQ - our hyper intelligent investment engine has bridged the gap between new and
seasoned investors by offering personalized investment advice and an array of other
advantages. With many industry firsts, like DKYC, Trade in 1 hour, Customer service on
Twitter and Facebook and Worry-free investing, we are helping the investors of digital India
to make informed and fruitful investment decision  with unprecedented convenience.
VISION AND MISSION

VISION

To provide best value for money to investors through innovative products,

investment strategies, state-of-the-art technology and personalized service.

MISSION

To have complete harmony between quality in process and continuous

improvement to deliver exceptional service that will delight our Customers and Clients.

BOARD OF DIRECTORS

 Mr. Dinesh Thakkar

CHAIRMAN & MANAGING DIRECTOR

 Mr. Vinay Agrawal

CHIEF EXCUTIVE OFFICER

 Mr. Ketan Shah

DIRECTOR

 Mr. Kamalji Jagat Bhushan Sahay

INDEPENDENT DIRECTOR

 Mr. Uday Sankar Roy

INDEPENDENT DIRECTOR

 Mrs. Anisha Mahinder Motwani

INDEPENDENT DIRECTOR
KEY MANAGEMENT

 Mr. Gagan Singla

CHIEF MARKETING OFFICER

 Mr. Ketan Shah

CHIEF REVENUE OFFICER

 Mr. Rohit F Ambostant

CHIEF INFORMATION OFFICER
 Mr. Sandeep Bhardwaj

CHIEF SALES OFFICER

 Mr. Santanu Syam

CHIEF OPERATING OFFICER

 Mr. Subhash Menon

CHIEF - HUMAN RESOURCE & LEARNING

 Mr. Vineet Agrawal

CHIEF FINANCIAL OFFICER

 Mr. Vivek Shukla

HEAD PRODUCT MANAGEMNET

DEMAT ACCOUNT

A demat account is used for holding securities in the electronic format, after they
are purchased or dematerialized. It is provided by two depositories – NSDL and CDSL
respectively. Read more about the working, functions, and use of demat account here.
AWARDS

OCTOBER 2017:Angel Broking Pvt Ltd was awarded for being one of the Top
Volume Performers in Equity Retail Segment 2016-17 by BSE.

Milestones

March 2017:On boarded a Panel Advisors to Andhra Pradesh Government to

promote Fintech Valley Vizag.

MAY 2017:Becomes First player to bring UPI in Investing.

TRADING ACROSS PLATFORM

Get free access to multiple online trading app & track market share prices live. Trade with
ease and stay updated with share market news notifications.

Dedicated Customer Service Team

Get help wherever you are with our centralized help desk & Pan India presence. Stay
connected through Live Chat and SMS

Top Quality Research

Angel Broking follows ethical practices with transparency in all the dealings keeping
customer's interest above our own. Angel Broking is always know to deliver what is
promised with effective cost management.

Online Equity Trading

Trade anytime anywhere. Choose from different online products tailored for traders & investors
across all platforms - Browser, App, Mobile & Tablet based.
 CHAPTER-3

THEROTICAL FRAMEWORK
 THEORITICAL FRAME WORK

MUTUAL FUNDS: STRUCTURE IN INDIA

For anybody to become well aware about mutual funds, it is imperative for him
or her to know the structure of a mutual fund. How does a mutual fund come into being?
Who are the important people in a mutual fund? What are their roles? etc. We will start our
understanding by looking at the mutual fund structure in brief. Mutual Funds in India follow
a 3-tier structure. There is a Sponsor (the First tier), who thinks of starting a mutual fund. The
Sponsor approaches the Securities & Exchange Board of India (SEBI), which is the market
regulator and also the regulator for mutual funds.

Not everyone can start a mutual fund. SEBI checks whether the person is of
integrity, whether he has enough experience in the financial sector, his networth etc. Once
SEBI is convinced, the sponsor creates a Public Trust (the Second tier) as per the Indian
Trusts Act, 1882. Trusts have no legal identity in India and cannot enter into contracts, hence
the Trustees are the people authorized to act on behalf of the Trust. Contracts are entered into
in the name of the Trustees. Once the Trust is created, it is registered with SEBI after which
this trust is known as the mutual fund.

MANAGEMENT OF INVESTORS MONEY

This is the role of the Asset Management Company (the Third tier). Trustees
appoint the Asset Management Company (AMC), to manage investor’s money. The AMC in
return charges a fee for the services provided and this fee is borne by the investors as it is
deducted from the money collected from them. The AMC’s Board of Directors must have at
least 50% of Directors who are independent directors. The AMC has to be approved by SEBI.
The AMC functions under the supervision of it’s Board of Directors, and also under the
direction of the Trustees and SEBI. It is the AMC, which in the name of the Trust, floats new
schemes and manage these schemes by buying and selling securities.

In order to do this the AMC needs to follow all rules and regulations
prescribed by SEBI and as per the Investment Management Agreement it signs with the
Trustees.If any fund manager, analyst intends to buy/ sell some securities, the permission of
the Compliance Officer is a must. A compliance Officer is one of the most important persons
in the AMC.

CUSTODIAN

A custodian’s role is safe keeping of physical securities and also keeping a

tab on the corporate actions like rights, bonus and dividends declared by the companies in
which the fund has invested. The Custodian is appointed by the Board of Trustees. The
custodian also participates in a clearing and settlement system through approved depository
companies on behalf of mutual funds, in case of dematerialized securities. In India today,
securities (and units of mutual funds) are no longer held in physical form but mostly in
dematerialized form with the Depositories. The holdings are held in the Depository through
Depository Participants (DPs). Only the physical securities are held by the Custodian. The
deliveries and receipt of units of a mutual fund are done by the custodian or a depository
participant at the instruction of the AMC and under the overall direction and responsibility of
the Trustees. Regulations provide that the Sponsor and the Custodian must be separate
entities.

ROLE OF THE AMC

The role of the AMC is to manage investor’s money on a day to day basis. Thus it is
imperative that people with the highest integrity are involved with this activity. The AMC
cannot deal with a single broker beyond a certain limit of transactions.

The AMC cannot act as a Trustee for some other Mutual Fund. The responsibility
of preparing the OD lies with the AMC. Appointments of intermediaries like independent
financial advisors (IFAs), national and regional distributors, banks, etc. is also done by the
AMC. Finally, it is the AMC which is responsible for the acts of its employees and service
providers.

NFO

The AMC launches new schemes, under the name of the Trust, after getting
approval from the Trustees and SEBI. The launch of a new scheme is known as a New Fund
Offer (NFO). We see NFOs hitting markets regularly. It is like an invitation to the investors
to put their money into the mutual fund scheme by subscribing to its units. When a scheme is
launched, the distributors talk to potential investors and collect money from them by way of
cheques or demand drafts. Mutual funds cannot accept cash. (Mutual funds units can also be
purchased on-line through a number of intermediaries who offer on-line purchase /
redemption facilities). Before investing, it is expected that the investor reads the Offer
Document (OD) carefully to understand the risks associated with the scheme.

ROLE OF A REGISTRAR AND TRANSFER AGENTS

Registrars and Transfer Agents (RTAs) perform the important role of maintaining
investor records. All the New Fund Offer (NFO) forms, redemption forms (i.e. when an
investor wants to exit from a scheme, it requests for redemption) go to the RTA’s office
where the information is converted from physical to electronic form. How many units will the
investor get, at what price, what is the applicable NAV, how much money will he get in case
of redemption, exit loads, folio number, etc. is all taken care of by the RTA.

PROCEDURE FOR INVESTING IN AN NFO

The investor has to fill a form, which is available with the distributor. The investor
must read the Offer Document (OD) before investing in a mutual fund scheme. In case the
investor does not read the OD, he must read the Key Information Memorandum (KIM),
which is available with the application form. Investors have the right to ask for the KIM/ OD
from the distributor. Once the form is filled and the cheque is given to the distributor, he
forwards both these documents to the RTA. The RTA after capturing all the information from
the application form into the system, sends the form to a location where all the forms are
stored and the cheque is sent to the bank where the mutual fund has an account.

INVESTOR’S RIGHTS & OBLIGATIONS

♦ Investors are mutual, beneficial and proportional owners of the scheme’s assets. The
investments are held by the trust in fiduciary capacity (The fiduciary duty is a legal
relationship of confidence or trust between two or more parties).

♦ In case of dividend declaration, investors have a right to receive the dividend within 30
days of declaration.

♦ On redemption request by investors, the AMC must dispatch the redemption proceeds
within 10 working days of the request. In case the AMC fails to do so, it has to pay an interest
@ 15%. This rate may change from time to time subject to regulations.

♦ In case the investor fails to claim the redemption proceeds immediately, then the applicable
NAV depends upon when the investor claims the redemption proceeds.
♦ Investors can obtain relevant information from the trustees and inspect documents like trust
deed, investment management agreement, annual reports, offer documents, etc. They must
receive audited annual reports within 6 months from the financial year end.

OPEN ENDED AND CLOSE ENDED FUNDS

Equity Funds (or any Mutual Fund scheme for that matter) can either be open ended
or close ended. An open ended scheme allows the investor to enter and exit at his
convenience, anytime (except under certain conditions) whereas a close ended scheme
restricts the freedom of entry and exit. Whenever a new fund is launched by an AMC, it is
known as New Fund Offer (NFO). Units are offered to investors at the par value of Rs. 10/
unit. In case of open ended schemes, investors can buy the units even after the NFO period is
over. Thus, when the fund sells units, the investor buys the units from the fund and when the
investor wishes to redeem the units, the fund repurchases the units from the investor. This can
be done even after the NFO has closed

The buy / sell of units takes place at the Net Asset Value (NAV) declared by the fund. The
freedom to invest after the NFO period is over is not there in close ended schemes. Investors
have to invest only during the NFO period; i.e. as long as the NFO is on or the scheme is
open for subscription. Once the NFO closes, new investors cannot enter, nor can existing
investors exit, till the term of the scheme comes to an end. However, in order to provide entry
and exit option, close ended mutual funds list their schemes on stock exchanges. This
provides an opportunity for investors to buy and sell the units from each other. This is just
like buying / selling shares on the stock exchange. This is done through a stock broker. The
outstanding units of the fund does not increase in this case since the fund is itself not selling
any units. Sometimes, close ended funds also offer ‘buy-back of fund shares / units”, thus
offering another avenue for investors to exit the fund. Therefore, regulations drafted in India
permit investors in close ended funds to exit even before the term is over.

EQUITY FUNDS

These are by far the most widely known category of funds though they account for
broadly 40% of the industry’s assets, while the remaining 60% is contributed by debt oriented
funds. Equity funds essentially invest the investor’s money in equity shares of companies.
Fund managers try and identify companies with good future prospects and invest in the shares
of such companies. They generally are considered as having the highest levels of risks (equity
share prices can fluctuate a lot), and hence, they also offer the probability of maximum
returns. However, High Risk, High Return should not be understood as “If I take high risk I
will get high returns”. Nobody is guaranteeing higher returns if one takes high risk by
investing in equity funds, hence it must be understood that “If I take high risk, I may get high
returns or I may also incur losses”. This concept of Higher the Risk, Higher the Returns must
be clearly understood before investing in Equity Funds, as it is one of the important
characteristics of Equity fund investing.

Equity Funds are defined as those funds which have at least 65% of their Average
Weekly Net Assets invested in Indian Equities. This is important from taxation point of view,
as funds investing 100% in international equities are also equity funds from the investors’
asset allocation point of view, but the tax laws do not recognise these funds as Equity Funds
and hence investors have to pay tax on the Long Term Capital Gains made from such
investments (which they do not have to in case of equity funds which have at least 65% of
their Average Weekly Net Assets invested in Indian Equities).

INDEX FUND

Equity Schemes come in many variants and thus can be segregated according to
their risk levels. At the lowest end of the equity funds risk – return matrix come the index
funds while at the highest end come the sectoral schemes or specialty schemes. These
schemes are the riskiest amongst all types’ schemes as well. However, since equities as an
asset class are risky, there is no guaranteeing returns for any type of fund.

Index Funds invest in stocks comprising indices, such as the Nifty 50, which is a
broad based index comprising 50 stocks. There can be funds on other indices which have a
large number of stocks such as the CNX Midcap 100 or S&P CNX 500. Here the investment
is spread across a large number of stocks. In India today we find many index funds based on
the Nifty 50 index, which comprises large, liquid and blue chip 50 stocks.

The objective of a typical Index Fund states – ‘This Fund will invest in stocks
comprising the Nifty and in the same proportion as in the index’. The fund manager will not
indulge in research and stock selection, but passively invest in the Nifty 50 scrips only, i.e. 50
stocks which form part of Nifty 50, in proportion to their market capitalisation.

.MIDCAP FUNDS:
 After largecap funds come the midcap funds, which invest in stocks belonging to
the mid cap segment of the market. Many of these midcaps are said to be the ‘emerging
bluechips’ or ‘tomorrow’s largecaps’. There can be actively managed or passively managed
m id cap funds. There are indices such as the CNX Midcap index which tracks the midcap
segment of the markets and there are some passively managed index funds investing in the
CNX Midcap companies.

SECTORAL FUNDS:

Funds that invest in stocks from a single sector or related sectors are called Sectoral
funds. Examples of such funds are IT Funds, Pharma Funds, Infrastructure Funds, etc.
Regulations do not permit funds to invest over 10% of their Net Asset Value in a single
company. This is to ensure that schemes are diversified enough and investors are not
subjected to undue risk. This regulation is relaxed for sectoral funds and index funds.

.Arbitrage Funds: These invest simultaneously in the cash and the derivatives market and
take advantage of the price differential of a stock and derivatives by taking opposite positions
in the two markets (for e.g. stock and stock futures).

While Growth investing refers to investing in fast growing companies, Value

investing approach is based upon the premise that a stock/ sector is currently undervalued and
the market will eventually realize its true value. So, a value investor will buy such a stock/
sector today and wait for the price to move up. When that happens, the Value investor will
exit and search for another undervalued opportunity. Hence in Growth investing, it is the
growth momentum that the investor looks for, whereas in Value investing, the investor looks
for the mismatch between the current market price and the true value of the investment.

ELSS:

Equity Linked Savings Schemes (ELSS) are equity schemes, where investors get tax
benefit upto Rs. 1 Lakh under section 80C of the Income Tax Act. These are open ended
schemes but have a lock in period of 3 years. These schemes serve the dual purpose of equity
investing as well as tax planning for the investor; however it must be noted that cannot, under
any circumstances, get their money back before 3 years are over from the date of investment.

Fund of Funds:
 These are funds which do not directly invest in stocks and shares but invest in units
of other mutual funds which they feel will perform well and give high returns. In fact such
funds are relying on the judgment of other fund managers.

Let us now look at the internal workings of an equity fund and what must an investor
know to make an informed decision.

AUM:

Assets Under Management (AUM) represents the money which is managed by a

mutual fund in a scheme. Adding AUMs for all schemes of a fund house gives the AUM of
that fund house and the figure arrived at by adding AUMs of all fund houses represents the
industry AUM.

AUM is calculated by multiplying the Net Asset Value (NAV – explained in detail later) of a
scheme by the number of units issued by that scheme. A change in AUM can happen either
because of fall in NAV or redemptions. In case of sharp market falls, the NAVs move down,
because of which the AUMs may reduce.

NAV

Net Assets of a scheme is that figure which is arrived at after deducting all scheme
liabilities from its asset. NAV is calculated by dividing the value of Net Assets by the
outstanding number of Units.

EXPENSE RATIO

Among other things that an investor must look at before finalising a scheme, is that
he must check out the Expense Ratio. Expense Ratio Expense Ratio is defined as the ratio of
expenses incurred by a scheme to its Average Weekly Net Assets. It means how much of
investors money is going for expenses and how much is getting invested. This ratio should be
as low as possible.

Assume that a scheme has average weekly net assets of Rs 100 cr. and the scheme
incurs Rs. 1 cr as annual expenses, then the expense ratio would be 1/ 100 = 1%. In case this
scheme’s expense ratio is comparable to or better than its peers then this scheme would
qualify as a good investment, based on this parameter only.

If this scheme performs well and its AUM increases to Rs. 150 cr in the next year
whereas its annual expenses increase to Rs. 2 cr, then its expense would be 2/ 150 = 1.33%. It
is not enough to compare a scheme’s expense ratio with peers. The scheme’s expense ratio
must be tracked over different time periods. Ideally as net assets increase, the expense ratio of
a scheme should come down.

scheme and the fund managers’ outlook and style that determine the churningg

AUM AFFECTS ON PORTFOLIO TURNOVER

The scheme’s AUM can also have an impact on the performance of the scheme. In
case the scheme performs well and thereby attracts a lot of money flow, it may happen that
the fund manager may not be able to deploy that extra money successfully as he may not find
enough opportunities. Thus an increased fund size may result in lower returns. If the fund
manager tries to acquire significantly large quantities of a stock, the buying pressure may
lead to higher stock prices, thereby higher average cost for the scheme. Also, if the holdings
by the scheme in any stock are huge, then exit may be difficult as selling from the scheme
itself can put pressure on the prices. Thus the first share may be sold at a higher price and as
the supply increases the prices may fall, and the last share may get sold at a lower price.

A scheme with a very small AUM does not face these problems but has its own set
of problems. The Expense Ratio of such a scheme will be very high as expenses are
calculated as a percent of Average Weekly Net Assets. As the fund size increases, the
Expense Ratio tends to go down. Similarly Portfolio Turnover will be magnified as the
denominator (Average Net Assets) is small and hence the turnover appears to be very high.

ANALYSIS OF CASH LEVEL IN PORTFOLIOS:

The next logical point of focus must be the Cash Level in the scheme. The Cash level
is the amount of money the mutual fund is holding in Cash, i.e. the amount not invested in
stocks and bonds but lying in cash. If the scheme is having higher than industry average cash
levels consistently, more so in a bull market, it will lead to a inferior performance by the
scheme than its peers. However, in a falling market, it is this higher cash level that will
protect investor wealth from depleting. Hence whenever one is analyzing cash levels, it is
extremely important to see why the fund manager is sitting on high cash levels. It may be so
that he is expecting a fall therefore he is not committing large portions of monies.

EXIT LOADS
 Exit Loads, are paid by the investors in the scheme, if they exit one of the scheme
before a specified time period.Exit Loads reduce the amount received by the investor. Not all
schemes have an Exit Load, and not all schemes have similar exit loads as well. Some
schemes have Contingent Deferred Sales Charge (CDSC). This is nothing but a modified
form of Exit Load, wherein the investor has to pay different Exit Loads depending upon his
investment period.

If the investor exits early, he will have to bear more Exit Load and if he remains invested
for a longer period of time, his Exit Load will reduce. Thus the longer the investor remains
invested, lesser is the Exit Load. After some time the Exit Load reduces to nil; i.e. if the
investor exits after a specified time period, he will not have to bear any Exit Load.

ADVANTAGES:

Diversification

One rule of investing, for both large and small investors, is asset  diversification.
Diversification involves the mixing of different types of investments within a portfolio and is
used to manage risk. For example, choosing to buy stocks in the retail sector and offsetting
them with stocks in the industrial sector can reduce the impact of the performance of any one
security on your entire portfolio. To achieve a truly diversified portfolio, you may have to
buy stocks with different capitalizations from different industries and bonds with
varying maturities from different issuers. For the individual investor, this can be quite costly.

By purchasing mutual funds, you are provided with the immediate benefit of instant
diversification and asset allocation without the large amounts of cash needed to create
individual portfolios. One caveat, however, is that simply purchasing one mutual fund might
not give you adequate diversification. It's important to check if the fund is sector- or industry-
specific. For example, investing only in an oil and energy mutual fund might spread your
money over fifty companies, but if energy prices fall, your portfolio will likely suffer.

Economies of Scale:
 The easiest way to understand economies of scale is by thinking about volume
discounts; in many stores, the more of one product you buy, the cheaper that product
becomes. For example, when you buy a dozen donuts, the price per donut is usually cheaper
than buying a single one. This also occurs in the purchase and sale of securities. If you buy
only one security at a time, the transaction fees will be relatively large.

Mutual funds are able to take advantage of their buying and selling volume to
reduce transaction costs for investors. When you buy a mutual fund, you are able to diversify
without the numerous commission charges. Imagine if you had to buy each of the 10-20
stocks needed for diversification. The commission charges alone would eat up a good chunk
of your investment. Take into account additional transaction fees for every time you want to
modify your portfolio, and as you can see the costs start to add up. With mutual funds, you
can make transactions on a much larger scale for less money.

Divisibility:

Many investors don't have the exact sums of money to buy round lots of securities. One
or two hundred dollars is usually not enough to buy a round lot of a stock, especially after
deducting commissions. Investors can purchase mutual funds in smaller denominations,
ranging from $100 to $1,000 minimums. Smaller denominations of mutual funds provide
mutual fund investors the ability to make periodic investments through monthly purchase
plans while taking advantage of dollar-cost averaging. So, rather than having to wait until you
have enough money to buy higher-cost investments, you can get in right away with mutual
funds. This provides an additional advantage - liquidity.
 CHAPTER-4
DATA ANALYSIS
&
INTERPRETATION
 Data Analysis and Interpretation
Table: 1
Represent data of ICICI Prudential infrastructural fund for the year 2013
in Monthly format
2013 NAVs Changes in ICICI Inf chg in
Months Values Rupees Rs. %
Jan-13 27.97 nill nill
Feb-13 27.62 -0.35 -1.25
Mar-13 25.35 -2.27 -8.22
Apr-13 24.69 -0.66 -2.60
May-13 25.99 1.3 5.27
Jun-13 24.92 -1.07 -4.12
Jul-13 23.96 -0.96 -3.85
Aug-13 22.14 -1.82 -7.60
Sep-13 21.53 -0.61 -2.76
Oct-13 22.78 1.25 5.81
Nov-13 25.42 2.64 11.59
Dec-13 25.46 0.04 0.16
       
Annual Charges   -2.51 -8.97
       
Variance     36.35
SD     6.03
Risk free return     6.00

Sharp ratio     -2.48

Interpretation:
For the year 2013 ICICI Prudential infrastructural Fund NAVs has Declined by Annually
changes in Rupees -2.51 or by -8.97 Annually changes in % .

The Risk is which is measured with Help of Risk Measuring Tools of Variance and
Standard deviation, In This above Table Variance is 36.35 and Standard deviation is 6.03.
And Risk adjusted Return as been is calculated with help of Sharpe Ratio, in this above table
Sharp ratio is -2.48.

Graph: 1
Represent ICICI Prudential infrastructural fund ICICI changes in % for
the year 2013 in monthly format

ICICI Inf chg in Rs. %

15

10

0
41275 41306 41334 41365 41395 41426 41456 41487 41518 41548 41579 41609

-5

-10

Table: 2
Represent data of SBI Infrastructure fund for the year 2013 in Monthly
format
Months 2013 NAVs Changes in
Values Rupees SBI Inf chg in Rs.%
Jan-13 8.53 nill nill
Feb-13 8.23 -0.3 -3.52
Mar-13 7.54 -0.69 -8.38
Apr-13 7.36 -0.18 -2.39
May-13 7.86 0.5 6.79
Jun-13 7.5 -0.36 -4.58
Jul-13 7.22 -0.28 -3.73
Aug-13 6.39 -0.83 -11.50
Sep-13 6.02 -0.37 -5.79
Oct-13 6.46 0.44 7.31
Nov-13 7.15 0.69 10.68
Dec-13 7.28 0.13 1.82
       
Annual Charges   -1.25 -14.65
       
Variance     48.99
SD     7.00
Risk free return     6.00
Sharp ratio     -2.95

Interpretation:
For the year 2013 SBI infrastructural Fund NAVs has Declined by Annually changes in
Rupees -1.25 or by -14.65 Annually changes in % .

The Risk is which is measured with Help of Risk Measuring Tools of Variance and
Standard deviation, In This above Table Variance is 48.99 and Standard deviation is 7.00,
And Risk adjusted Return as been is calculated with help of Sharpe Ratio, in this above table
Sharp ratio is -2.95.

Graph:2
Represent SBI Infrastructure changes in % for the year 2013 in monthly
format

SBI Inf chg in Rs.%

15

10

0
41275 41306 41334 41365 41395 41426 41456 41487 41518 41548 41579 41609

-5

-10

-15

Table: 3
Represent data of SBI Blue chip fund for the year 2013 in Monthly format
2013 NAVs Changes in
Months Values Rupees SBI Blue chg in Rs. %
Jan-13 16.72 nill nill
Feb-13 16.86 0.14 0.84
Mar-13 16.22 -0.64 -3.80
Apr-13 16.18 -0.04 -0.25
May-13 16.87 0.69 4.26
Jun-13 16.65 -0.22 -1.30
Jul-13 16.37 -0.28 -1.68
Aug-13 15.78 -0.59 -3.60
Sep-13 15.25 -0.53 -3.36
Oct-13 16.09 0.84 5.51
Nov-13 17.51 1.42 8.83
Dec-13 17.44 -0.07 -0.40
       
Annual Charges   0.72 4.31
       
Variance     16.82
SD     4.10
Risk free return     6.00
Sharp ratio     -0.41

Interpretation:
For the year 2013 SBI Blue Chip Fund NAVs has increasing by annually
changes in Rupees 0.72 or by 4.31 annually changes in %.

The Risk is which is measured with Help of Risk Measuring Tools of

Variance and Standard deviation, In This above Table Variance is 16.82 and Standard
deviation is 4.10, And Risk adjusted Return as been is calculated with help of Sharpe Ratio,
in this above table Sharp ratio is -0.41.

Graph:3
Represent SBI Blue Chip Fund changes in % for the year 2013 in monthly
format

SBI Blue chg in Rs. %

10

0
41275 41306 41334 41365 41395 41426 41456 41487 41518 41548 41579 41609
-2

-4

-6

Table: 4
Represent data of ICICI mid Cap Vs large Cap fund for the year 2013 in
Monthly format
2013 NAVs Changes in ICICI Mid Vs lag chg in
Months Values Rupees Rs.%
Jan-13 154 nill nill
Feb-13 158 4 2.60
Mar-13 148 -10 -6.33
Apr-13 146 -2 -1.35
May-13 151 5 3.42
Jun-13 149 -2 -1.32
Jul-13 147 -2 -1.34
Aug-13 143 -4 -2.72
Sep-13 147 4 2.80
Oct-13 153 6 4.08
Nov-13 167 14 9.15
Dec-13 166 -1 -0.60
       
Annual Charges   12 7.79
       
Variance     17.35
SD     4.17
Risk free return     6.00
Sharp ratio     0.43

Interpretation:
For the year 2013 ICICI prudential mid cap Vs large cap Fund NAVs has increasing by
annually changes in Rupees 12 or by 7.79 annually changes in %.

The Risk is which is measured with Help of Risk Measuring Tools of Variance
and Standard deviation, In This above Table Variance is 17.35 and Standard deviation is 4.17
And Risk adjusted Return as been is calculated with help of Sharpe Ratio, in this above table
Sharp ratio is 0.43.

Graph:4
Represent ICICI mid Cap Vs large Cap fund changes in % for the year
2013 in monthly format

ICICI Mid Vs lag chg in Rs.%

12
10
8
6
4
2
0
41275 41306 41334 41365 41395 41426 41456 41487 41518 41548 41579 41609
-2
-4
-6
-8

Table: 5
Represent data of ICICI Prudential infrastructural fund for the year 2014
in Monthly format
2014 NAVs Changes in ICICI Inf chg in
Months Values Rupees Rs. %
Dec-13 25.46 nill nill
Jan-14 26.46 1 3.93
Feb-14 24.02 -2.44 -9.22
Mar-14 24.72 0.7 2.91
Apr-14 28.42 3.7 14.97
May-14 29.05 0.63 2.22
Jun-14 37.06 8.01 27.57
Jul-14 38.46 1.4 3.78
Aug-14 36.72 -1.74 -4.52
Sep-14 38.6 1.88 5.12
Oct-14 36.99 -1.61 -4.17
Nov-14 40.08 3.09 8.35
Dec-14 40.79 0.71 1.77
       
Annual Charges   15.33 60.21
       
Variance     92.54
SD     9.62
Risk free return     6.00
Sharp ratio     5.64

Interpretation:
For the year 2014 ICICI Prudential infrastructural Fund NAVs has increasing by Annually
changes in Rupees 15.33 or by 60.21 Annually changes in % .

The Risk is which is measured with Help of Risk Measuring Tools of Variance and
Standard deviation, In This above Table Variance is 92.54 and Standard deviation is 9.62
And Risk adjusted Return as been is calculated with help of Sharpe Ratio, in this above table
Sharp ratio is 5.64.

Graph:5
Represent ICICI Prudential infrastructural fund changes in % for the year
2014 in monthly format

ICICI Inf chg in Rs. %

30

25

20

15

10

0
41640 41671 41699 41730 41760 41791 41821 41852 41883 41913 41944 41974
-5

-10

-15

Table: 6
Represent data of SBI Infrastructure fund for the year 2014 in Monthly
format
2014 NAVs Changes in SBI Inf chg in
Months Values Rupees Rs.%
Dec-13 7.28 nill nill
Jan-14 7.47 0.19 2.61
Feb-14 6.65 -0.82 -10.98
Mar-14 6.7 0.05 0.75
Apr-14 7.62 0.92 13.73
May-14 7.69 0.07 0.92
Jun-14 9.87 2.18 28.35
Jul-14 10.38 0.51 5.17
Aug-14 9.84 -0.54 -5.20
Sep-14 10.24 0.4 4.07
Oct-14 10.12 -0.12 -1.17
Nov-14 10.7 0.58 5.73
Dec-14 10.96 0.26 2.43
       
Annual Charges   3.68 50.55
       
Variance     95.63
SD     9.78
Risk free return     6.00
Sharp ratio     4.56

Interpretation:
For the year 2014 SBI infrastructural Fund NAVs has increasing by Annually changes in
Rupees 3.68 or by 50.55 Annually changes in % .

The Risk is which is measured with Help of Risk Measuring Tools of Variance and
Standard deviation, In This above Table Variance is 95.63 and Standard deviation is 9.78
And Risk adjusted Return as been is calculated with help of Sharpe Ratio, in this above table
Sharp ratio is 4.56.

Graph:6
Represent SBI Infrastructure changes in % for the year 2014 in monthly
format

SBI Inf chg in Rs.%

35
30
25
20
15
10
5
0
41640 41671 41699 41730 41760 41791 41821 41852 41883 41913 41944 41974
-5
-10
-15

Table: 7
Represent data of SBI Blue chip fund for the year 2014 in Monthly format
2014 NAVs Changes in SBI Blue chg in
Months Values Rupees Rs. %
Dec-13 17.44 nill nill
Jan-14 17.87 0.43 2.47
Feb-14 17.38 -0.49 -2.74
Mar-14 18.05 0.67 3.86
Apr-14 19.13 1.08 5.98
May-14 19.22 0.09 0.47
Jun-14 21.24 2.02 10.51
Jul-14 22.7 1.46 6.87
Aug-14 22.78 0.08 0.35
Sep-14 24.28 1.5 6.58
Oct-14 24.58 0.3 1.24
Nov-14 25.59 1.01 4.11
Dec-14 26.49 0.9 3.52
       
Annual Charges   9.05 51.89
       
Variance     12.80
SD     3.58
Risk free return     6.00
Sharp ratio     12.83

Interpretation:
For the year 2014 SBI Blue Chip Fund NAVs has increasing by annually changes in Rupees
9.05 or by 51.89 annually changes in %.

The Risk is which is measured with Help of Risk Measuring Tools of Variance and
Standard deviation, In This above Table Variance is 12.80 and Standard deviation is 3.58
And Risk adjusted Return as been is calculated with help of Sharpe Ratio, in this above table
Sharp ratio is 12.83.

Graph:7
Represent SBI Blue Chip Fund changes in % for the year 2014 in monthly
format

SBI Blue chg in Rs. %

12

10

0
41640 41671 41699 41730 41760 41791 41821 41852 41883 41913 41944 41974
-2

-4

Table: 8
Represent data of ICICI mid Cap Vs large Cap fund for the year 2014 in
Monthly format
2014 NAVs Changes in ICICI Mid Vs lag chg in
Months Values Rupees Rs.%
Dec-13 166 nill nill
Jan-14 170 4 2.41
Feb-14 162 -8 -4.71
Mar-14 167 5 3.09
Apr-14 182 15 8.98
May-14 183 1 0.55
Jun-14 206 23 12.57
Jul-14 216 10 4.85
Aug-14 214 -2 -0.93
Sep-14 225 11 5.14
Oct-14 226 1 0.44
Nov-14 238 12 5.31
Dec-14 241 3 1.26
       
Annual Charges   75 45.18
       
Variance     20.97
SD     4.58
Risk free return     6.00
Sharp ratio     8.56

Interpretation:
For the year 2014 ICICI prudential mid cap Vs large cap Fund NAVs has increasing by
annually changes in Rupees 75 or by 45.18 annually changes in %.

The Risk is which is measured with Help of Risk Measuring Tools of Variance and
Standard deviation, In This above Table Variance is 20.97 and Standard deviation is 4.58
And Risk adjusted Return as been is calculated with help of Sharpe Ratio, in this above table
Sharp ratio is 8.56.

Graph:8
Represent ICICI mid Cap Vs large Cap fund changes in % for the year
2014 in monthly format

ICICI Mid Vs lag chg in Rs.%

14
12
10
8
6
4
2
0
41640 41671 41699 41730 41760 41791 41821 41852 41883 41913 41944 41974
-2
-4
-6

Table: 9
Represent data of ICICI Prudential infrastructural fund for the year 2015
in Monthly format
2015 NAVs Changes in ICICI Inf chg in
Months Values Rupees Rs. %
Dec-14 40.79 nill nill
Jan-15 41.27 0.48 1.18
Feb-15 43.46 2.19 5.31
Mar-15 44.24 0.78 1.79
Apr-15 42.47 -1.77 -4.00
May-15 41.84 -0.63 -1.48
Jun-15 41.68 -0.16 -0.38
Jul-15 42.21 0.53 1.27
Aug-15 43.76 1.55 3.67
Sep-15 39.28 -4.48 -10.24
Oct-15 39.26 -0.02 -0.05
Nov-15 39.71 0.45 1.15
Dec-15 40.04 0.33 0.83
       
Annual Charges   -0.75 -1.84
       
Variance     15.72
SD     3.97
Risk free return     6.00
Sharp ratio     -1.98

Interpretation:
For the year 2015 ICICI Prudential infrastructural Fund NAVs has Declined by
Annually changes in Rupees -0.75 or by -1.84 Annually changes in % .

The Risk is which is measured with Help of Risk Measuring Tools of Variance and
Standard deviation, In This above Table Variance is 15.72 and Standard deviation is 3.97
And Risk adjusted Return as been is calculated with help of Sharpe Ratio, in this above table
Sharp ratio is -1.98.

Graph:9
Represent ICICI Prudential infrastructural fund changes in % for the year
2015 in monthly format

ICICI Inf chg in Rs. %

8
6
4
2
0
41974 42005 42036 42064 42095 42125 42156 42186 42217 42248 42278 42309 42339
-2
-4
-6
-8
-10
-12

Table: 10
Represent data of SBI Infrastructure fund for the year 2015 in Monthly
format
2015 NAVs Changes in SBI Inf chg in
Months Values Rupees Rs.%
Dec-14 10.96 nill nill
Jan-15 10.98 0.02 0.18
Feb-15 11.51 0.53 4.83
Mar-15 11.97 0.46 4.00
Apr-15 11.94 -0.03 -0.25
May-15 11.63 -0.31 -2.60
Jun-15 11.44 -0.19 -1.63
Jul-15 11.49 0.05 0.44
Aug-15 11.85 0.36 3.13
Sep-15 10.83 -1.02 -8.61
Oct-15 10.77 -0.06 -0.55
Nov-15 11.15 0.38 3.53
Dec-15 11.15 0 0.00
       
Annual Charges   0.19 1.73
       
Variance     13.19
SD     3.63
Risk free return     6.00
Sharp ratio     -1.17

Interpretation:
For the year 2015 SBI infrastructural Fund NAVs has increasing by Annually
changes in Rupees 0.19 or by 1.73 Annually changes in % .

The Risk is which is measured with Help of Risk Measuring Tools of Variance and
Standard deviation, In This above Table Variance is 13.19 and Standard deviation is 3.63
And Risk adjusted Return as been is calculated with help of Sharpe Ratio, in this above table
Sharp ratio is -1.17.

Graph:10
Represent SBI Infrastructure fund changes in % for the year 2015 in
monthly format

SBI Inf chg in Rs.%

6

0
41974 42005 42036 42064 42095 42125 42156 42186 42217 42248 42278 42309 42339
-2

-4

-6

-8

-10

Table: 11
Represent data of SBI Blue chip fund for the year 2015 in Monthly format
2015 NAVs Changes in SBI Blue chg in
Months Values Rupees Rs. %
Dec-14 26.49 nill nill
Jan-15 26.37 -0.12 -0.45
Feb-15 27.98 1.61 6.11
Mar-15 28.94 0.96 3.43
Apr-15 28.7 -0.24 -0.83
May-15 27.83 -0.87 -3.03
Jun-15 28.17 0.34 1.22
Jul-15 28.72 0.55 1.95
Aug-15 29.4 0.68 2.37
Sep-15 27.3 -2.1 -7.14
Oct-15 27.86 0.56 2.05
Nov-15 28.25 0.39 1.40
Dec-15 28.24 -0.01 -0.04
       
Annual Charges   1.75 6.61
       
Variance     11.19
SD     3.35
Risk free return     6.00
Sharpe ratio     0.18

Interpretation:
For the year 2015 SBI Blue Chip Fund NAVs has increasing by annually changes in
Rupees 1.75 or by 6.61 annually changes in %.

The Risk is which is measured with Help of Risk Measuring Tools of Variance and
Standard deviation, In This above Table Variance is 11.19 and Standard deviation is 3.35
And Risk adjusted Return as been is calculated with help of Sharpe Ratio, in this above table
Sharp ratio is 0.18.

Graph:11
Represent SBI Blue Chip Fund changes in % for the year 2015 in monthly
format

SBI Blue chg in Rs. %

8

0
41974 42005 42036 42064 42095 42125 42156 42186 42217 42248 42278 42309 42339
-2

-4

-6

-8

Table: 12
Represent data of ICICI mid Cap Vs large Cap fund for the year 2015 in
Monthly format
2015 NAVs Changes in ICICI Mid Vs lag chg in
Months Values Rupees Rs.%
Dec-14 241 nill nill
Jan-15 236 -5 -2.07
Feb-15 248 12 5.08
Mar-15 252 4 1.61
Apr-15 242 -10 -3.97
May-15 238 -4 -1.65
Jun-15 239 1 0.42
Jul-15 235 -4 -1.67
Aug-15 236 1 0.43
Sep-15 217 -19 -8.05
Oct-15 220 3 1.38
Nov-15 229 9 4.09
Dec-15 232 3 1.31
       
Annual Charges   -9 -3.73
       
Variance     12.62
SD     3.55
Risk free return     6.00
Sharpe ratio     -2.74

Interpretation:
For the year 2015 ICICI prudential mid cap Vs large cap Fund NAVs has declining by
annually changes in Rupees -9 or by -3.73 annually changes in %.

The Risk is which is measured with Help of Risk Measuring Tools of Variance
and Standard deviation, In This above Table Variance is 12.62 and Standard deviation is 3.55
And Risk adjusted Return as been is calculated with help of Sharpe Ratio, in this above table
Sharp ratio is -2.74.

Graph:12
Represent ICICI mid Cap Vs large Cap fund changes in % for the year
2015 in monthly format

ICICI Mid Vs lag chg in Rs.%

6

0
41974 42005 42036 42064 42095 42125 42156 42186 42217 42248 42278 42309 42339
-2

-4

-6

-8

-10

Table: 13
Represent data of ICICI Prudential infrastructural fund for the year 2016
in Monthly format
2016 NAVs Changes in ICICI Inf chg in
Months Values Rupees Rs. %
Dec-15 40.04 nill nill
Jan-16 39.99 -0.05 -0.12
Feb-16 35.86 -4.13 -10.33
Mar-16 32.5 -3.36 -9.37
Apr-16 35.61 3.11 9.57
May-16 36.77 1.16 3.26
Jun-16 37.71 0.94 2.56
Jul-16 40.51 2.8 7.43
Aug-16 41.43 0.92 2.27
Sep-16 41.9 0.47 1.13
Oct-16 42.08 0.18 0.43
Nov-16 42.42 0.34 0.81
Dec-16 40.43 -1.99 -4.69
       
Annual Charges   0.39 0.97
       
Variance     35.17
SD     5.93
Risk free return     6.00
Sharp ratio     -0.85

Interpretation:
For the year 2016 ICICI Prudential infrastructural Fund NAVs has increasing by
Annually changes in Rupees 0.39 or by 0.97 Annually changes in % .

The Risk is which is measured with Help of Risk Measuring Tools of Variance and
Standard deviation, In This above Table Variance is 35.17 and Standard deviation is 5.93
And Risk adjusted Return as been is calculated with help of Sharpe Ratio, in this above table
Sharp ratio is -0.85.

Graph: 13
Represent ICICI Prudential infrastructural fund changes in % for the year
2016 in monthly format

ICICI Inf chg in Rs. %

15

10

0
42339 42370 42401 42430 42461 42491 42522 42552 42583 42614 42644 42675 42705

-5

-10

-15

Table: 14
Represent data of SBI Infrastructure fund for the year 2016 in Monthly
format
2016 NAVs Changes in SBI Inf chg in
Months Values Rupees Rs.%
Dec-15 11.15 nill nill
Jan-16 11.3 0.15 1.35
Feb-16 10.37 -0.93 -8.23
Mar-16 9.79 -0.58 -5.59
Apr-16 10.62 0.83 8.48
May-16 11.36 0.74 6.97
Jun-16 11.86 0.5 4.40
Jul-16 12.71 0.85 7.17
Aug-16 12.95 0.24 1.89
Sep-16 13 0.05 0.39
Oct-16 12.96 -0.04 -0.31
Nov-16 13.18 0.22 1.70
Dec-16 12.56 -0.62 -4.70
       
Annual Charges   1.41 12.65
       
Variance     27.78
SD     5.27
Risk free return     6.00
Sharp ratio     1.26

Interpretation:
For the year 2016 SBI infrastructural Fund NAVs has increasing by Annually changes in
Rupees 1.41 or by 12.65 Annually changes in % .

The Risk is which is measured with Help of Risk Measuring Tools of Variance
and Standard deviation, In This above Table Variance is 27.78 and Standard deviation is 5.27
And Risk adjusted Return as been is calculated with help of Sharpe Ratio, in this above table
Sharp ratio is 1.26.

Graph: 14
Represent SBI Infrastructure fund changes in % for the year 2016 in
monthly format

SBI Inf chg in Rs.%

10
8
6
4
2
0
42339 42370 42401 42430 42461 42491 42522 42552 42583 42614 42644 42675 42705
-2
-4
-6
-8
-10

Table: 15
Represent data of SBI Blue chip fund for the year 2016 in Monthly format
2016 NAVs Changes in SBI Blue chg in
Months Values Rupees Rs. %
Dec-15 28.24 nill nill
Jan-16 28.54 0.3 1.06
Feb-16 27.41 -1.13 -3.96
Mar-16 26.07 -1.34 -4.89
Apr-16 27.82 1.75 6.71
May-16 28.72 0.9 3.24
Jun-16 29.75 1.03 3.59
Jul-16 30.37 0.62 2.08
Aug-16 31.95 1.58 5.20
Sep-16 32.14 0.19 0.59
Oct-16 32.73 0.59 1.84
Nov-16 32.4 -0.33 -1.01
Dec-16 30.32 -2.08 -6.42
       
Annual Charges   2.08 7.37
       
Variance     16.46
SD     4.06
Risk free return     6.00
Sharp ratio     0.34

Interpretation:
For the year 2016 SBI Blue Chip Fund NAVs has increasing by annually changes in Rupees
2.08 or by 7.37 annually changes in %.

The Risk is which is measured with Help of Risk Measuring Tools of Variance
and Standard deviation, In This above Table Variance is 16.46 and Standard deviation is 4.06
And Risk adjusted Return as been is calculated with help of Sharpe Ratio, in this above table
Sharp ratio is 0.34.

Graph:15
Represent SBI Blue Chip Fund changes in % for the year 2016 in monthly
format

SBI Blue chg in Rs. %

8

0
42339 42370 42401 42430 42461 42491 42522 42552 42583 42614 42644 42675 42705
-2

-4

-6

-8

Table: 16
Represent data of ICICI mid Cap Vs large Cap fund for the year 2016 in
Monthly format
2016 NAVs Changes in ICICI Mid Vs lag
Months Values Rupees chg in Rs.%
Dec-15 232
Jan-16 235 3 1.29
Feb-16 223 -12 -5.11
Mar-16 209 -14 -6.28
Apr-16 223 14 6.70
May-16 229 6 2.69
Jun-16 233 4 1.75
Jul-16 247 14 6.01
Aug-16 258 11 4.45
Sep-16 266 8 3.10
Oct-16 269 3 1.13
Nov-16 270 1 0.37
Dec-16 259 -11 -4.07
 
Annual Charges 27 11.64
 
Variance 17.62
SD 4.20
Risk free return 6.00
Sharpe ratio 1.34

Interpretation:
For the year 2016 ICICI prudential mid cap Vs large cap Fund NAVs has increasing by
annually changes in Rupees 27 or by 11.64 annually changes in %.

The Risk is which is measured with Help of Risk Measuring Tools of Variance and
Standard deviation, In This above Table Variance is 17.62 and Standard deviation is 4.20
And Risk adjusted Return as been is calculated with help of Sharpe Ratio, in this above table
Sharp ratio is 1.34.

Graph: 16
Represent ICICI mid Cap Vs large Cap fund changes in % for the year
2016 in monthly format

ICICI Mid Vs lag chg in Rs.%

8

0
42339 42370 42401 42430 42461 42491 42522 42552 42583 42614 42644 42675 42705
-2

-4

-6

-8

Table: 17
Represent data of ICICI Prudential infrastructural fund for the year 2017
in Monthly format
2017 NAVs Changes in ICICI Inf chg in
Months Values Rupees Rs. %
Dec-16 40.43 nill nill
Jan-17 40.87 0.44 1.09
Feb-17 44.5 3.63 8.88
Mar-17 45.18 0.68 1.53
Apr-17 47.42 2.24 4.96
May-17 48.71 1.29 2.72
Jun-17 48.81 0.1 0.21
Jul-17 48.86 0.05 0.10
Aug-17 50.22 1.36 2.78
Sep-17 50.13 -0.09 -0.18
Oct-17 49.56 -0.57 -1.14
Nov-17 55.16 5.6 11.30
Dec-17 54.4 -0.76 -1.38
       
Annual Charges   13.97 34.55
       
Variance     15.79
SD     3.97
Risk free return     6.00
Sharp ratio     7.19

Interpretation:
For the year 2017 ICICI Prudential infrastructural Fund NAVs has increasing by
annually changes in Rupees 13.97 or by 34.55 annually changes in %.

The Risk is which is measured with Help of Risk Measuring Tools of Variance and
Standard deviation, In This above Table Variance is 15.79 and Standard deviation is 3.97
And Risk adjusted Return as been is calculated with help of Sharpe Ratio, in this above table
Sharp ratio is 7.19.

Graph:17
Represent ICICI Prudential infrastructural fund changes in % for the year
2017 in monthly format

ICICI Inf chg in Rs. %

14

12

10

0
42705 42736 42767 42795 42826 42856 42887 42917 42948 42979 43009 43040 43070
-2

-4

Table: 18
Represent data of SBI Infrastructure fund for the year 2017 in Monthly
format
2017 NAVs Changes in SBI Inf chg in
Months Values Rupees Rs.%
Dec-16 12.56 nill nill
Jan-17 12.42 -0.14 -1.11
Feb-17 13.21 0.79 6.36
Mar-17 13.21 0 0.00
Apr-17 13.79 0.58 4.39
May-17 14.32 0.53 3.84
Jun-17 14.33 0.01 0.07
Jul-17 14.45 0.12 0.84
Aug-17 14.82 0.37 2.56
Sep-17 14.82 0 0.00
Oct-17 14.47 -0.35 -2.36
Nov-17 15.97 1.5 10.37
Dec-17 16.25 0.28 1.75
       
Annual Charges   3.69 29.38
       
Variance     12.70
SD     3.56
Risk free return     6.00
Sharp ratio     6.56

Interpretation:
For the year 2017 SBI infrastructural Fund NAVs has increasing by Annually
changes in Rupees 3.69 or by 29.38 Annually changes in %.

The Risk is which is measured with Help of Risk Measuring Tools of Variance and
Standard deviation, In This above Table Variance is 12.70 and Standard deviation is 3.56
And Risk adjusted Return as been is calculated with help of Sharpe Ratio, in this above table
Sharp ratio is 6.56.

Graph:18
Represent SBI Infrastructure fund changes in % for the year 2017 in
monthly format

SBI Inf chg in Rs.%

12

10

0
42705 42736 42767 42795 42826 42856 42887 42917 42948 42979 43009 43040 43070
-2

-4

Table: 19
Represent data of SBI Blue chip fund for the year 2017 in Monthly format
2017 NAVs Changes in SBI Blue chg in
Months Values Rupees Rs. %
Dec-16 30.32 nill nill
Jan-17 29.93 -0.39 -1.29
Feb-17 31.78 1.85 6.18
Mar-17 32.51 0.73 2.30
Apr-17 33.73 1.22 3.75
May-17 34.47 0.74 2.19
Jun-17 35.12 0.65 1.89
Jul-17 35.22 0.1 0.28
Aug-17 36.86 1.64 4.66
Sep-17 36.75 -0.11 -0.30
Oct-17 36.11 -0.64 -1.74
Nov-17 37.76 1.65 4.57
Dec-17 37.47 -0.29 -0.77
       
Annual Charges   7.15 23.58
       
Variance     6.78
SD     2.60
Risk free return     6.00
Sharp ratio     6.75

Interpretation:
For the year 2017 SBI Blue Chip Fund NAVs has increasing by annually changes in
Rupees 7.15 or by 23.58 annually changes in %.

The Risk is which is measured with Help of Risk Measuring Tools of Variance and
Standard deviation, In This above Table Variance is 6.78 and Standard deviation is 2.60 And
Risk adjusted Return as been is calculated with help of Sharpe Ratio, in this above table
Sharp ratio is 6.75.

Graph:19
Represent SBI Blue Chip Fund changes in % for the year 2017 in monthly
format

SBI Blue chg in Rs. %

7
6
5
4
3
2
1
0
42705 42736 42767 42795 42826 42856 42887 42917 42948 42979 43009 43040 43070
-1
-2
-3

Table: 20
Represent data of ICICI mid Cap Vs large Cap fund for the year 2017 in
Monthly format
2017 NAVs Changes in ICICI Mid Vs lag chg in
Months Values Rupees Rs.%
Dec-16 259 nill nill
Jan-17 259 0 0.00
Feb-17 276 17 6.56
Mar-17 286 10 3.62
Apr-17 293 7 2.45
May-17 295 2 0.68
Jun-17 298 3 1.02
Jul-17 299 1 0.34

310 11 3.68
Sep-17 308 -2 -0.65
Oct-17 306 -2 -0.65
Nov-17 331 25 8.17
Dec-17 322 -9 -2.72
       
Annual Charges   63 24.32
       
Variance     10.01
SD     3.16
Risk free return     6.00
Sharp ratio     5.79

Interpretation:
For the year 2017 ICICI prudential mid cap Vs large cap Fund NAVs has increasing by
annually changes in Rupees 63 or by 24.32 annually changes in %.

The Risk is which is measured with Help of Risk Measuring Tools of Variance
and Standard deviation, In This above Table Variance is 10.01 and Standard deviation is 3.16
And Risk adjusted Return as been is calculated with help of Sharpe Ratio, in this above table
Sharp ratio is 5.79.

Graph: 20
Represent ICICI mid Cap Vs large Cap fund changes in % for the year
2017 in monthly format

ICICI Mid Vs lag chg in Rs.%

10

0
42705 42736 42767 42795 42826 42856 42887 42917 42948 42979 43009 43040 43070
-2

-4

Table: 21
Represent data of ICICI Prudential infrastructural fund for the year 2018
in Monthly format
2018 NAVs Changes in ICICI Inf chg in
Months Values Rupees Rs. %
Dec-17 54.4 nill nill
Jan-18 56.87 2.47 4.54
Feb-18 56.72 -0.15 -0.26
Mar-18 53.83 -2.89 -5.10
Apr-18 51.57 -2.26 -4.20
May-18 52.85 1.28 2.48
Jun-18 51.04 -1.81 -3.42
Jul-18 47.65 -3.39 -6.64
Aug-18 49.74 2.09 4.39
       
       
Annual Changes   -4.66 -8.57
       
Variance     19.58
SD     4.43
Risk free return     6.00
Sharp ratio     -3.29

Interpretation:
For the year 2018 ICICI Prudential infrastructural Fund NAVs has Declined by Annually
changes in Rupees -4.66 or by -8.57 Annually changes in % .

The Risk is which is measured with Help of Risk Measuring Tools of Variance and
Standard deviation, In This above Table Variance is 19.58 and Standard deviation is 4.43
And Risk adjusted Return as been is calculated with help of Sharpe Ratio, in this above table
Sharp ratio is -3.29.

Graph: 21
Represent ICICI Prudential infrastructural fund changes in % for the year
2018 in monthly format

ICICI Inf chg in Rs. %

6

0
43070 43101 43132 43160 43191 43221 43252 43282 43313 43344 43374 43405 43435
-2

-4

-6

-8

Table: 22
Represent data of SBI Infrastructure fund for the year 2018 in Monthly
format
2018 NAVs Changes in SBI Inf chg in
Months Values Rupees Rs.%
Dec-17 16.25 nill nill
Jan-18 17.44 1.19 7.32
Feb-18 16.72 -0.72 -4.13
Mar-18 15.91 -0.81 -4.84
Apr-18 15.55 -0.36 -2.26
May-18 16.21 0.66 4.24
Jun-18 15.5 -0.71 -4.38
Jul-18 14.14 -1.36 -8.77
Aug-18 14.96 0.82 5.80
       
       
Annual Changes   -1.29 -7.94
       
Variance     34.42
SD     5.87
Risk free return     6.00
Sharp ratio     -2.38

Interpretation:
For the year 2018 SBI infrastructural Fund NAVs has Declined by Annually changes in
Rupees -1.29 or by -7.94 Annually changes in % .

The Risk is which is measured with Help of Risk Measuring Tools of Variance
and Standard deviation, In This above Table Variance is 34.42 and Standard deviation is 5.87
And Risk adjusted Return as been is calculated with help of Sharpe Ratio, in this above table
Sharp ratio is -2.38.

Graph: 22
Represent SBI Infrastructure fund changes in % for the year 2018 in
monthly format

SBI Inf chg in Rs.%

10
8
6
4
2
0
43101 43132 43160 43191 43221 43252 43282 43313 43344 43374 43405 43435
-2
-4
-6
-8
-10
Table: 23
Represent data of SBI Blue chip fund for the year 2018 in Monthly format
2018 NAVs Changes in SBI Blue chg in
Months Values Rupees Rs. %
Dec-17 37.47 nill nill
Jan-18 38.62 1.15 3.07
Feb-18 39.35 0.73 1.89
Mar-18 37.74 -1.61 -4.09
Apr-18 37.7 -0.04 -0.11
May-18 39.11 1.41 3.74
Jun-18 38.31 -0.8 -2.05
Jul-18 37.29 -1.02 -2.66
Aug-18 39.26 1.97 5.28
       
       
Annual Changes   1.79 4.78
       
Variance     11.38
SD     3.37
Risk free return     6.00
Sharpe ratio     -0.36
Interpretation:
For the year 2018 SBI Blue Chip Fund NAVs has increasing by annually changes in
Rupees 1.79 or by 4.78 annually changes in %.

The Risk is which is measured with Help of Risk Measuring Tools of Variance and
Standard deviation, In This above Table Variance is 11.38 and Standard deviation is 3.37
And Risk adjusted Return as been is calculated with help of Sharpe Ratio, in this above table
Sharp ratio is -0.36.

Graph: 23
Represent SBI Blue Chip Fund changes in % for the year 2018 in monthly
format

SBI Blue chg in Rs. %

6

0
43070 43101 43132 43160 43191 43221 43252 43282 43313 43344 43374 43405 43435

-2

-4

-6
Table: 24
Represent data of ICICI mid Cap Vs large Cap fund for the year 2018 in
Monthly format
2018 NAVs Changes in ICICI Mid Vs lag chg in
Months Values Rupees Rs.%
Dec-17 322 nill nill
Jan-18 334 12 3.73
Feb-18 334 0 0.00
Mar-18 319 -15 -4.49
Apr-18 311 -8 -2.51
May-18 322 11 3.54
Jun-18 314 -8 -2.48
Jul-18 306 -8 -2.55
Aug-18 317 11 3.59
       
       
Annual Changes   -5 -1.55
       
Variance     11.18
SD     3.34
Risk free return     6.00
Sharp ratio     -2.26

Interpretation:
For the year 2018 ICICI prudential mid cap Vs large cap Fund NAVs has declined by
annually changes in Rupees -5 or by -1.55 annually changes in %.

The Risk is which is measured with Help of Risk Measuring Tools of Variance and
Standard deviation, In This above Table Variance is 11.18 and Standard deviation is 3.34
And Risk adjusted Return as been is calculated with help of Sharpe Ratio, in this above table
Sharp ratio is -2.26.
7
SBI Blue chg in Rs. %
6

-1

-2

-3
CHAPTER-5
FINDINGS
SUGGESTIONS
CONCLUSION
BIBILIOGRAPHY
 FINDIGS
1.From the study of comparative analysis selected and diversified mutual funds
with sectorial mutual funds the following points were find out.

SBI;
The data analysis was done for a period of five years. The company has
generated positive returns for four years in diversified schemes and three years
in sectorial schemes and negative returns for one year in diversified scheme and
two years in sectorial scheme.
BIRLA;
The data analysis was done for a period of five years. The company has
generated positive returns for four years in both diversified and sectorial scheme
and negative returns for one year both diversified and sectorial schemes.
KOTAK;
The data analysis was done for a period of five years. The company has
generated positive returns for four years in diversified schemes and two years in
sectorial schemes and negative returns for one year in diversified scheme and
three years in sectorial scheme.
 SUGGESTIONS

1. After carefully observation by data analysis I suggesting that investing in mutual is

very profitable .
2. I understood that above analysis diversified mutual fund return is high comparing with
sectorial mutual fund.
3.sectotal mutual funds have some risk
4. I suggest that investing in diversified mutual fund is give more profits.
5.So investors can choose invest in diversified mutuals.
 BIBLOGRAPHY;

Books Reference;
1.Security analysis & portfolio management.

(Fischer & Jordan)

2. Investment decision.
(V.K.Bhalla)
3. Security & Portfolio management.
(Robbins)

WEBSITES;
www.mutualfunds india.com
www.networth.com
www.moneycontrol.com
www.amfiindia.com
www.nseindia.com