TABLE OF CONTENTS

ABSTRACT............................................................................................................................................1

INTRODUCTION....................................................................................................................................2

MAHINDRA & MAHINDRA FINANCIAL SERVICES LIMITED : 2

Company Profile ..........................................................................................................................2

Product Portfolio..........................................................................................................................3

MUTUAL FUND 3

ORGANISATION OF A MUTUAL FUND 4

IMPORTANT CHARACTERISTICS OF A MUTUAL FUND 5

OBJECTIVES OF A MUTUAL FUND 5

ADVANTAGES OF MUTUAL FUNDS 5

TYPES OF MUTUAL FUNDS: 5

MUTUAL FUND SCHEME TYPES 6

DIFFERENT MODES OF RECEIVING THE INCOME EARNED FROM MUTUAL FUND INVESTMENTS7

RISKS AND RETURNS CALCULATION AND ANALYSIS..............................................................................7

RISKS ASSOCIATED WITH MUTUAL FUNDS 7

BETA, ALPHA AND STANDARD DEVIATION 8

BRIEF OVERVIEW OF THE SELECTED FUNDS 10

RISK AND RETURN CALCULATION 11

Reliance Growth Fund – Growth.................................................................................................11

HDFC Equity Fund - Growth.........................................................................................................18

Fidelity Equity Fund – Growth.....................................................................................................25

HSBC Equity Fund – Growth........................................................................................................32

ICICI prudential Dynamic Plan – Growth......................................................................................39

ANALYSIS : 46

FURTHER SCOPE OF STUDY………………………………………………………………………………………………………….48

ABSTRACT

The project contains the brief description of the mutual fund industry in general. The top 5 equity mutual funds has been decided based on their total Asset Under Management ( AUM ) presently. The funds that are selected for study are :

1. Reliance Growth Fund- Growth ( AUM : Rs. 3142.92 Cr. as on 27th Feb, 2009 )

2. HDFC Equity Fund- Growth ( AUM : Rs. 2331.76 Cr. as on 27th Feb, 2009 )

3. Fidelity Equity Fund- Growth ( AUM : Rs. 1776.75 Cr. as on 27th Feb, 2009 )

4. HSBC Equity Fund – Growth ( AUM : Rs. 1017.2 Cr. as on 27th Feb, 2009 )

5. ICICI Prudential Dynamic Plan- Growth ( AUM : Rs. 1013.63 Cr. as on 27th Feb, 2009 )

The Net Asset Value ( NAV ) of each of these top mutual funds over the last one year is taken in account to find out the standard deviation of each of the funds. These are taken into account to measure the returns of those funds. The returns are compared with that of their benchmark index return. Using the NAV value of these mutual funds, beta(β) co-efficient of each of them has been calculated to know whether they are less risky, average risky or high risky funds. Similarly, Alpha(), and standard deviation() also calculated to understand the risk and return profile of the selected funds. The returns of these funds over the last one year are also be analyzed.

The project will also contain the portfolio analysis of the funds and their share of investments in different sectors. This will help us to analyze which sectors hold the major investments of these funds. Primary data will be collected using questionnaire to understand the awareness of people as a risk diversified investment instrument.

1

INTRODUCTION

MAHINDRA & MAHINDRA FINANCIAL SERVICES LIMITED :

Company Profile :

A subsidiary of Mahindra & Mahindra Limited, it is one of India’s leading non-banking finance companies. Focused on the rural and semi-urban sector, it provides finance for utility vehicles, tractors and cars and has the largest network of branches covering these areas. The company’s vision is to be the leading Rural Finance Company and continue to retain the leadership for Mahindra products and its goal is to be the preferred provider of retail financing services in the rural and semi-urban areas of India, while strategy is to provide a range of financial products and services to its customers through our nationwide distribution network.

Product Portfolio :

Mahindra Finance have a wide range of products and services, with something to suit everyone’s needs. Right from finance for two wheelers, tractors, farm equipment, cars and utility vehicles to commercial vehicles and construction equipment, we also have a group of experts providing investment advice, surveying available market products and choosing the most suitable to our customers’ needs.

The company is all-encompassing of clients’ needs. So while it believes in making assets easily available, it also believes in catering to those who want to create wealth from these assets. Its Investment Advisory Services act as an avenue to help create and multiply wealth.

Recently it has received the necessary permission from Reserve Bank of India (RBI) to start the distribution of Mutual Fund products through our network. Hitherto it was only participating in the liability requirements of its customers but with a mutual fund distribution business, it can also participate in their asset allocation.

Recently, the company has launched its own fixed deposit scheme which has been rated FAA+ by CRISIL which indicates high safety. Currently, the company has a network of 442 offices in India.

2

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 appreciations realized are shared by its unit holders in proportion to the number of units owned by them. Thus a Mutual Fund is the most suitable investment for the common man as it offers an opportunity to invest in a diversified, professionally managed basket of securities at a relatively low cost. The flow chart below describes broadly the working of a Mutual Fund.

A Mutual Fund is a body corporate registered with the Securities and Exchange Board of India (SEBI) that pools up the money from individual/corporate investors and invests the same on behalf of the investors/unit holders, in Equity shares, Government securities, Bonds, Call Money Markets etc, and distributes the profits. In the other words, a Mutual Fund allows investors to indirectly take a position in a basket of assets. Mutual Fund is a mechanism for pooling the resources by issuing units to the investors and investing funds in securities in accordance with objectives as disclosed in offer document. Investments in securities are spread among a wide cross-section of industries and sectors thus the risk is reduced. Diversification reduces the risk because all stocks may not move in the same direction in the same proportion at same time. Investors of mutual funds are known as unit holders. The investors in proportion to their investments share the profits or losses. The mutual funds normally come out with a number of schemes with different investment objectives which are launched from time to time. A Mutual Fund is required to be registered with Securities Exchange Board of India (SEBI) which regulates securities markets before it can collect funds from the public.

ORGANISATION OF A MUTUAL FUND:

There are many entities involved and the diagram below illustrates the organizational set up of a Mutual Fund:

3

Mutual Funds diversify their risk by holding a portfolio of instead of only one asset. This is because by holding all your money in just one asset, the entire fortunes of your portfolio depend on this one asset. By creating a portfolio of a variety of assets, this risk is substantially reduced.

Mutual Fund investments are not totally risk free. In fact, investing in Mutual Funds contains the same risk as investing in the markets, the only difference being that due to professional management of funds the controllable risks are substantially reduced. A very important risk involved in Mutual Fund investments is the market risk. However, the company specific risks are largely eliminated due to professional fund management.

IMPORTANT CHARACTERISTICS OF A MUTUAL FUND· A Mutual Fund actually belongs to the investors who have pooled their Funds. The ownership of the mutual fund is in the hands of the Investors.· A Mutual Fund is managed by investment professional and other service providers, who earns a fee for their services, from the funds.· The pool of Funds is invested in a portfolio of marketable investments.· The value of the portfolio is updated every day.· The investor’s share in the fund is denominated by “units”. The value of the units changes with change in the portfolio value, every day. The value of one unit of investment is called net asset value (NAV).· The investment portfolio of the mutual fund is created according to the stated investment objectives of the Fund.

OBJECTIVES OF A MUTUAL FUND:· To Provide an opportunity for lower income groups to acquire without much difficulty, property in the form of shares.· To Cater mainly of the need of individual investors, whose means are small.· To Manage investors portfolio that provides regular income, growth,Safety, liquidity, tax advantage, professional management and diversification.

ADVANTAGES OF MUTUAL FUNDS:· Reduced Risk.· Diversified investment.· Botheration free investment.· Revolving type of investment (Reinvestment).· Selection and timings of investment.· Wide investment opportunities.· Investments care.· Tax benefits.

4

TYPES OF MUTUAL FUNDS:

1. OPEN-ENDED MUTUAL FUNDS: -

The holders of the shares in the Fund can resell them to the issuing Mutual Fund company at the time. They receive in turn the net assets value (NAV) of the shares at the time of re-sale. Such Mutual Fund Companies place their funds in the secondary securities market. They do not participate in new issue market as do pension funds or life insurance companies. Thus they influence market price of corporate securities. Open-end investment companies can sell an unlimited number of Shares and thus keep going larger. The open-end Mutual Fund Company Buys or sells their shares. These companies sell new shares NAV plus a Loading or management fees and redeem shares at NAV. In other words, the target amount and the period both are indefinite in such funds.

2. CLOSED-ENDED MUTUAL FUNDS:-

A closed–end Fund is open for sale to investors for a specific period, after which further sales are closed. Any further transaction for buying the units or repurchasing them, Happen in the secondary markets, where closed end Funds are listed. Therefore new investors buy from the existing investors, and existing investors can liquidate their units by selling them to other willing buyers. In a closed end Funds, thus the pool of funds can technically be kept constant. The asset management company (AMC) however, can buy out the units from the investors, in the secondary markets, thus reducing the amount of funds held by outside investors. The price at which units can be sold or redeemed Depends on the market prices, which are fundamentally linked to the NAV. Investors in closed end Funds receive either certificates or Depository receipts, for their holdings in a closed end mutual Fund.

MUTUAL FUND SCHEME TYPES:

Equity Diversified SchemesThese schemes mainly invest in equity. They seek to achieve long-term capital appreciation by responding to the dynamically changing Indian economy by moving across sectors such as Lifestyle, Pharma, Cyclical, Technology, etc.¨ Sector SchemesThese schemes focus on particular sector as IT, Banking, etc. They seek to generate long-term capital appreciation by investing in equity and related securities of companies in that particular sector.¨ Index SchemesThese schemes aim to provide returns that closely correspond to the return of a particular stock market index such as BSE Sensex, NSE Nifty, etc. Such schemes invest in all the stocks comprising the index in approximately the same weightage as they are given in that index.¨ Exchange Traded Funds (ETFs)ETFs invest in stocks underlying a particular stock index like NSE Nifty or BSE Sensex. They are similar to an index fund with one crucial difference. ETFs are listed and traded on a stock exchange. In contrast, an index fund is bought and sold by the fund and its distributors.¨ Equity Tax Saving SchemesThese work on similar lines as diversified equity funds and seek to achieve long-term capital appreciation by investing in the entire universe of stocks. The only difference between these funds and equity-diversified funds is that they demand a lock-in of 3 years to gain tax benefits.Dynamic FundsThese schemes alter their exposure to different asset classes based on the market scenario. Such funds typically try to book profits when the markets are overvalued and remain fully invested in equities when

5

the markets are undervalued. This is suitable for investors who find it difficult to decide when to quit from equity.¨ Balanced SchemesThese schemes seek to achieve long-term capital appreciation with stability of investment and current income from a balanced portfolio of high quality equity and fixed-income securities.¨ Medium-Term Debt SchemesThese schemes have a portfolio of debt and money market instruments where the average maturity of the underlying portfolio is in the range of five to seven years.¨ Short-Term Debt SchemesThese schemes have a portfolio of debt and money market instruments where the average maturity of the underlying portfolio is in the range of one to two years.¨ Money Market Debt SchemesThese schemes invest in debt securities of a short-term nature, which generally means securities of less than one-year maturity. The typical short-term interest-bearing instruments these funds invest in Treasury Bills, Certificates of Deposit, Commercial Paper and Inter-Bank Call Money Market.¨ Medium-Term Gilt SchemesThese schemes invest in government securities. The average maturity of the securities in the scheme is over three years.¨ Short-Term Gilt SchemesThese schemes invest in government securities. The securities invested in are of short to medium term maturities.¨ Floating Rate FundsThey invest in debt securities with floating interest rates, which are generally linked to some benchmark rate like MIBOR. Floating rate funds have a high relevance when interest rates are on the rise helping investors to ride the interest rate rise.¨ Monthly Income Plans (MIPS)These are basically debt schemes, which make marginal investments in the range of 10- 25% in equity to boost the scheme’s returns. MIP schemes are ideal for investors who seek slightly higher return that pure long-term debt schemes at marginally higher risk.

DIFFERENT MODES OF RECEIVING THE INCOME EARNED FROM MUTUAL FUND INVESTMENTS

Mutual Funds offer three methods of receiving income:¨ Growth PlanIn this plan, dividend is neither declared nor paid out to the investor but is built into the value of the NAV. In other words, the NAV increases over time due to such incomes and the investor realizes only the capital appreciation on redemption of his investment.¨ Income PlanIn this plan, dividends are paid-out to the investor. In other words, the NAV only reflects the capital appreciation or depreciation in market price of the underlying portfolio.¨ Dividend Re-investment PlanIn this case, dividend is declared but not paid out to the investor, instead, it is reinvested back into the scheme at the then prevailing NAV. In other words, the investor is given additional units and not cash as dividend.

6

RISKS AND RETURNS CALCULATION AND ANALYSIS

RISKS ASSOCIATED WITH MUTUAL FUNDS:-

Investing in Mutual Funds, as with any security, does not come without risk. One of the most basic economic principles is that risk and reward are directly correlated. In other words, the greater the potential risk the greater the potential return. The types of risk commonly associated with Mutual Funds are:

1) MARKET RISK

Market risk relates to the market value of a security in the future. Market prices fluctuate and are susceptible to economic and financial trends, supply and demand, andmany other factors that cannot be precisely predicted or controlled.

2) POLITICAL RISK

Changes in the tax laws, trade regulations, administered prices, etc are some of the many political factors that create market risk. Although collectively, as citizens, we have indirect control through the power of our vote individually, as investors, we have virtually no control.

3) INFLATION RISK

Interest rate risk relates to future changes in interest rates. For instance, if an investor invests in a long-term debt Mutual Fund scheme and interest rates increase, the NAV of the scheme will fall because the scheme will be end up holding debt offering lower interest rates.

4) BUSINESS RISK

Business risk is the uncertainty concerning the future existence, stability, and profitability of the issuer of the security. Business risk is inherent in all business ventures. The future financial stability of a company cannot be predicted or guaranteed, nor can the price of its securities. Adverse changes in business circumstances will reduce the market price of the company’s equity resulting in proportionate fall in theNAV of the Mutual Fund scheme, which has invested in the equity of such a company.

5) ECONOMIC RISK

Economic risk involves uncertainty in the economy, which, in turn, can have an adverse effect on a company’s business. For instance, if monsoons fail in a year, equity stocks of agriculture-based companies will fall and NAVs of Mutual Funds, which have invested in such stocks, will fall proportionately.

7

BETA, ALPHA AND STANDARD DEVIATION :

Beta

Risk is an important consideration in holding any portfolio. The risk in holding securities is generally associated with the possibility that realized returns will be less than the returns expected.Risks can be classified as Systematic risks and Unsystematic risks.

Unsystematic risks:

These are risks that are unique to a firm or industry. Factors such as management capability, consumer preferences, labour, etc. contribute to unsystematic risks. Unsystematic risks are controllable by nature and can be considerably reduced by sufficiently diversifying one's portfolio.

Systematic risks:

These are risks associated with the economic, political, sociological and other macro-level changes. They affect the entire market as a whole and cannot be controlled or eliminated merely by diversifying one's portfolio.

What is Beta?

The degree to which different portfolios are affected by these systematic risks as compared to the effect on the market as a whole, is different and is measured by Beta. To put it differently, the systematic risks of various securities differ due to their relationships with the market. The Beta factor describes the movement in a stock's or a portfolio's returns in relation to that of the market returns. For all practical purposes, the market returns are measured by the returns on the index (Nifty, Mid-cap etc.), since the index is a good reflector of the market.

Methodology / Formula

Beta is calculated as : Covariance ( Kj, Km) β = ------------------------------------

Variance ( Km )

where,Kj is the returns on the portfolio or stock - DEPENDENT VARIABLEKm is the market returns or index - INDEPENDENT VARIABLE

8

Variance is the square of standard deviation.Covariance is a statistic that measures how two variables co-vary, and is given by:

Where, N denotes the total number of observations, and and respectively represent the arithmetic averages of x and y.

In order to calculate the beta of a portfolio, multiply the weightage of each stock in the portfolio with its beta value to arrive at the weighted average beta of the portfolio

Alpha ()

Alpha( ) gives us the how much the security or the fund has outperformed ( for positive values of Alpha) or underperformed ( for negative values of Alpha ) the market portfolio or its benchmark index.

The measurement of Alpha is given by the formula :

Alpha () =( Kj – βKm)

Where,

Kj = Rate of return of the security or portfolio fund.

Km = Rate of return of market portfolio or benchmark return.

Standard Deviation (σ)

Standard Deviation is a statistical tool, which measures the variability of returns from the expected value, or volatility. It is denoted by sigma(σ) . It is calculated using the formula mentioned below:

Where, is the sample mean, xi’s are the observations (returns), and N is the total number of observations or the sample size.

9

BRIEF OVERVIEW OF THE SELECTED FUNDS :

1. Reliance Growth Fund – Growth : ( Launch Date : September 08, 1995 )

Fund Type : Open-ended

Fund Category : Equity – diversified.

AUM : Rs. 3142.92 Cr. as on 27.02.09.

Benchmark Index : BSE 100.

2. HDFC Equity Fund – Growth : ( Launch Date : December 08, 1994 )

Fund Type : Open-ended

Fund Category : Equity – diversified.

AUM : Rs. 2331.76.92 Cr. as on 27.02.09.

Benchmark Index : S&P CNX 500.

3. Fidelity Equity Fund – Growth : ( Launch Date : April 19, 2005)

Fund Type : Open-ended

Fund Category : Equity – diversified.

AUM : Rs. 1776.75 Cr. as on 27.02.09.

Benchmark Index : BSE 200.

4. HSBC Equity Fund – Growth : ( Launch Date : December 03, 2002 )

Fund Type : Open-ended

Fund Category : Equity – diversified.

AUM : Rs. 1776.75 Cr. as on 27.02.09.

Benchmark Index : BSE 200.

5. ICICI Prudential Dynamic Plan – Growth : ( Launch Date : October 18, 2002)

Fund Type : Open-ended

Fund Category : Equity – diversified.

AUM : Rs. 1013.63 Cr. as on 27.02.09.

10

Benchmark Index : S&P CNX Nifty.

RISK AND RETURN CALCULATION :

Reliance Growth Fund – Growth

DATEReliance

Growth Fund-Growth(NAV)

Benchmark Index(BSE 100) value

% change in

NAV=kj

% change in

Benchmark Index=km

(Kj-Kj) (Km-Km)(Kj-Kj)

(Km-Km)(Km-Km)2 (Kj-Kj)2

03/03/08 367.010 8907.23

04/03/08 359.610 8714.18 -2.0163 -2.1673 -1.7700 -1.9278 3.4121 3.7164 3.1328

05/03/08 357.000 8774.71 -0.7258 0.6946 -0.4795 0.9342 -0.4479 0.8727 0.2299

07/03/08 346.800 8448.68 -2.8571 -3.7156 -2.6108 -3.4760 9.0752 12.0827 6.8163

10/03/08 344.890 8442.44 -0.5507 -0.0739 -0.3044 0.1657 -0.0504 0.0275 0.0927

11/03/08 355.190 8610.08 2.9865 1.9857 3.2328 2.2252 7.1937 4.9516 10.4509

12/03/08 352.610 8612.39 -0.7264 0.0268 -0.4800 0.2664 -0.1279 0.0710 0.2304

13/03/08 334.480 8139.17 -5.1417 -5.4946 -4.8953 -5.2551 25.7254 27.6161 23.9642

14/03/08 338.290 8355.75 1.1391 2.6610 1.3854 2.9005 4.0184 8.4129 1.9194

17/03/08 319.640 7832.98 -5.5130 -6.2564 -5.2667 -6.0169 31.6890 36.2027 27.7380

18/03/08 318.450 7828.01 -0.3723 -0.0634 -0.1260 0.1761 -0.0222 0.0310 0.0159

19/03/08 315.850 7877.53 -0.8165 0.6326 -0.5701 0.8721 -0.4972 0.7606 0.3250

24/03/08 312.320 7942.59 -1.1176 0.8259 -0.8713 1.0654 -0.9283 1.1352 0.7591

25/03/08 329.110 8438.27 5.3759 6.2408 5.6222 6.4803 36.4339 41.9947 31.6094

26/03/08 330.230 8403.35 0.3403 -0.4138 0.5866 -0.1743 -0.1022 0.0304 0.3441

27/03/08 329.660 8379.86 -0.1726 -0.2795 0.0737 -0.0400 -0.0029 0.0016 0.0054

28/03/08 342.240 8604.38 3.8161 2.6793 4.0624 2.9188 11.8574 8.5195 16.5029

31/03/08 333.740 8232.82 -2.4836 -4.3183 -2.2373 -4.0787 9.1254 16.6360 5.0055

01/04/08 332.200 8226.47 -0.4614 -0.0771 -0.2151 0.1624 -0.0349 0.0264 0.0463

02/04/08 334.260 8285.73 0.6201 0.7204 0.8664 0.9599 0.8317 0.9214 0.7507

03/04/08 332.420 8320.87 -0.5505 0.4241 -0.3041 0.6636 -0.2018 0.4404 0.0925

04/04/08 326.550 8095.02 -1.7658 -2.7143 -1.5195 -2.4747 3.7604 6.1242 2.3089

07/04/08 331.190 8307.53 1.4209 2.6252 1.6672 2.8647 4.7762 8.2067 2.7797

08/04/08 330.020 8232.53 -0.3533 -0.9028 -0.1069 -0.6633 0.0709 0.4399 0.0114

09/04/08 333.860 8336.08 1.1636 1.2578 1.4099 1.4974 2.1111 2.2421 1.9878

10/04/08 334.900 8300.40 0.3115 -0.4280 0.5578 -0.1885 -0.1051 0.0355 0.3112

11/04/08 337.740 8370.45 0.8480 0.8439 1.0943 1.0835 1.1857 1.1739 1.1976

15/04/08 343.480 8549.55 1.6995 2.1397 1.9459 2.3792 4.6296 5.6607 3.7864

16/04/08 347.290 8598.81 1.1092 0.5762 1.3556 0.8157 1.1058 0.6654 1.8376

17/04/08 352.680 8740.67 1.5520 1.6498 1.7983 1.8893 3.3976 3.5695 3.2340

21/04/08 360.470 8887.94 2.2088 1.6849 2.4551 1.9244 4.7247 3.7034 6.0277

22/04/08 361.710 8941.32 0.3440 0.6006 0.5903 0.8401 0.4960 0.7058 0.3485

23/04/08 361.020 8900.17 -0.1908 -0.4602 0.0556 -0.2207 -0.0123 0.0487 0.0031

11

24/04/08 359.780 8896.16 -0.3435 -0.0451 -0.0971 0.1945 -0.0189 0.0378 0.0094

25/04/08 363.660 9078.68 1.0784 2.0517 1.3248 2.2912 3.0353 5.2497 1.7550

28/04/08 363.950 9043.44 0.0797 -0.3882 0.3261 -0.1486 -0.0485 0.0221 0.1063

29/04/08 368.830 9240.57 1.3408 2.1798 1.5872 2.4194 3.8399 5.8533 2.5191

30/04/08 369.860 9199.46 0.2793 -0.4449 0.5256 -0.2053 -0.1079 0.0422 0.2762

02/05/08 373.570 9348.64 1.0031 1.6216 1.2494 1.8612 2.3254 3.4639 1.5610

05/05/08 373.690 9314.58 0.0321 -0.3643 0.2785 -0.1248 -0.0347 0.0156 0.0775

06/05/08 368.790 9230.36 -1.3112 -0.9042 -1.0649 -0.6646 0.7078 0.4417 1.1341

07/05/08 369.110 9206.47 0.0868 -0.2588 0.3331 -0.0193 -0.0064 0.0004 0.1110

08/05/08 366.500 9076.93 -0.7071 -1.4071 -0.4608 -1.1675 0.5380 1.3631 0.2123

09/05/08 359.010 8865.05 -2.0437 -2.3343 -1.7973 -2.0947 3.7649 4.3879 3.2304

12/05/08 357.030 8912.37 -0.5515 0.5338 -0.3052 0.7733 -0.2360 0.5980 0.0931

13/05/08 358.490 8850.54 0.4089 -0.6938 0.6553 -0.4542 -0.2976 0.2063 0.4294

14/05/08 361.730 8967.38 0.9038 1.3201 1.1501 1.5597 1.7938 2.4326 1.3228

15/05/08 367.540 9152.63 1.6062 2.0658 1.8525 2.3054 4.2707 5.3147 3.4318

16/05/08 370.630 9227.28 0.8407 0.8156 1.0871 1.0552 1.1470 1.1134 1.1817

20/05/08 368.520 9138.39 -0.5693 -0.9633 -0.3230 -0.7238 0.2338 0.5239 0.1043

21/05/08 370.470 9159.07 0.5291 0.2263 0.7755 0.4658 0.3612 0.2170 0.6014

22/05/08 366.280 8978.60 -1.1310 -1.9704 -0.8847 -1.7309 1.5312 2.9959 0.7826

23/05/08 361.890 8842.33 -1.1985 -1.5177 -0.9522 -1.2782 1.2171 1.6337 0.9067

26/05/08 353.970 8670.85 -2.1885 -1.9393 -1.9422 -1.6998 3.3012 2.8892 3.7721

27/05/08 350.530 8621.84 -0.9718 -0.5652 -0.7255 -0.3257 0.2363 0.1061 0.5264

28/05/08 353.410 8748.64 0.8216 1.4707 1.0679 1.7102 1.8264 2.9249 1.1405

29/05/08 353.470 8648.73 0.0170 -1.1420 0.2633 -0.9025 -0.2376 0.8144 0.0693

30/05/08 353.640 8683.27 0.0481 0.3994 0.2944 0.6389 0.1881 0.4082 0.0867

02/06/08 347.620 8488.62 -1.7023 -2.2417 -1.4560 -2.0021 2.9150 4.0085 2.1198

03/06/08 346.900 8441.15 -0.2071 -0.5592 0.0392 -0.3197 -0.0125 0.1022 0.0015

04/06/08 337.550 8167.46 -2.6953 -3.2423 -2.4490 -3.0028 7.3537 9.0167 5.9975

05/06/08 339.810 8306.31 0.6695 1.7000 0.9159 1.9396 1.7764 3.7620 0.8388

06/06/08 337.350 8222.75 -0.7239 -1.0060 -0.4776 -0.7664 0.3661 0.5874 0.2281

09/06/08 330.490 7977.13 -2.0335 -2.9871 -1.7872 -2.7475 4.9103 7.5489 3.1940

10/06/08 327.940 7892.12 -0.7716 -1.0657 -0.5253 -0.8261 0.4339 0.6825 0.2759

11/06/08 333.040 8021.48 1.5552 1.6391 1.8015 1.8786 3.3844 3.5293 3.2454

12/06/08 335.630 8063.50 0.7777 0.5238 1.0240 0.7634 0.7817 0.5828 1.0486

13/06/08 335.000 8017.61 -0.1877 -0.5691 0.0586 -0.3296 -0.0193 0.1086 0.0034

16/06/08 338.420 8131.23 1.0209 1.4171 1.2672 1.6567 2.0994 2.7446 1.6059

17/06/08 344.060 8303.03 1.6666 2.1128 1.9129 2.3524 4.4999 5.5337 3.6592

18/06/08 341.870 8161.98 -0.6365 -1.6988 -0.3902 -1.4592 0.5694 2.1294 0.1522

19/06/08 335.600 7995.66 -1.8340 -2.0377 -1.5877 -1.7982 2.8550 3.2335 2.5208

20/06/08 326.290 7716.24 -2.7741 -3.4946 -2.5278 -3.2551 8.2283 10.5957 6.3898

23/06/08 316.760 7520.18 -2.9207 -2.5409 -2.6744 -2.3013 6.1546 5.2961 7.1523

24/06/08 311.710 7392.91 -1.5943 -1.6924 -1.3479 -1.4528 1.9583 2.1107 1.8169

25/06/08 316.000 7467.06 1.3763 1.0030 1.6226 1.2425 2.0161 1.5439 2.6329

12

26/06/08 316.950 7549.95 0.3006 1.1101 0.5470 1.3496 0.7382 1.8215 0.2992

27/06/08 309.210 7228.84 -2.4420 -4.2531 -2.1957 -4.0136 8.8126 16.1090 4.8211

30/06/08 301.710 7029.74 -2.4255 -2.7542 -2.1792 -2.5147 5.4801 6.3237 4.7489

01/07/08 291.422 6751.16 -3.4099 -3.9629 -3.1635 -3.7233 11.7789 13.8632 10.0080

02/07/08 299.702 7105.16 2.8411 5.2435 3.0874 5.4831 16.9285 30.0642 9.5320

03/07/08 292.080 6789.23 -2.5432 -4.4465 -2.2968 -4.2069 9.6626 17.6984 5.2754

04/07/08 297.567 6976.29 1.8785 2.7552 2.1249 2.9948 6.3635 8.9688 4.5150

07/07/08 300.696 7025.82 1.0516 0.7100 1.2980 0.9495 1.2324 0.9016 1.6847

08/07/08 299.297 6954.13 -0.4651 -1.0204 -0.2188 -0.7808 0.1708 0.6097 0.0479

09/07/08 306.982 7270.82 2.5676 4.5540 2.8140 4.7935 13.4889 22.9779 7.9185

10/07/08 306.611 7269.87 -0.1208 -0.0131 0.1255 0.2265 0.0284 0.0513 0.0158

11/07/08 302.097 7050.65 -1.4724 -3.0155 -1.2261 -2.7759 3.4034 7.7057 1.5032

14/07/08 301.136 6995.10 -0.3180 -0.7879 -0.0717 -0.5483 0.0393 0.3007 0.0051

15/07/08 293.275 6659.96 -2.6106 -4.7911 -2.3643 -4.5515 10.7610 20.7164 5.5897

16/07/08 289.817 6580.67 -1.1791 -1.1905 -0.9328 -0.9510 0.8871 0.9044 0.8701

17/07/08 294.400 6814.50 1.5813 3.5533 1.8277 3.7928 6.9321 14.3856 3.3404

18/07/08 299.453 7058.35 1.7165 3.5784 1.9628 3.8179 7.4939 14.5767 3.8526

21/07/08 301.633 7149.02 0.7281 1.2846 0.9744 1.5241 1.4851 2.3229 0.9495

22/07/08 306.014 7306.35 1.4522 2.2007 1.6986 2.4403 4.1449 5.9549 2.8851

23/07/08 320.681 7760.32 4.7929 6.2134 5.0393 6.4529 32.5178 41.6400 25.3941

24/07/08 318.521 7682.46 -0.6735 -1.0033 -0.4271 -0.7638 0.3262 0.5833 0.1825

25/07/08 315.881 7458.30 -0.8287 -2.9178 -0.5824 -2.6783 1.5598 7.1731 0.3392

28/07/08 317.483 7491.53 0.5071 0.4455 0.7535 0.6851 0.5162 0.4693 0.5677

29/07/08 310.151 7202.35 -2.3095 -3.8601 -2.0632 -3.6205 7.4698 13.1084 4.2567

30/07/08 317.066 7464.79 2.2297 3.6438 2.4760 3.8834 9.6153 15.0804 6.1307

31/07/08 317.471 7488.48 0.1277 0.3174 0.3740 0.5569 0.2083 0.3101 0.1399

01/08/08 322.696 7661.55 1.6458 2.3111 1.8921 2.5507 4.8262 6.5060 3.5801

04/08/08 324.484 7676.20 0.5541 0.1912 0.8004 0.4308 0.3448 0.1856 0.6407

05/08/08 329.388 7869.14 1.5113 2.5135 1.7576 2.7530 4.8387 7.5792 3.0891

06/08/08 327.881 7883.77 -0.4574 0.1859 -0.2111 0.4255 -0.0898 0.1810 0.0445

07/08/08 328.719 7905.57 0.2554 0.2765 0.5018 0.5161 0.2589 0.2663 0.2518

08/08/08 329.716 7927.75 0.3033 0.2806 0.5497 0.5201 0.2859 0.2705 0.3021

11/08/08 335.729 8101.48 1.8239 2.1914 2.0702 2.4310 5.0327 5.9096 4.2859

12/08/08 332.117 7958.85 -1.0760 -1.7605 -0.8296 -1.5210 1.2619 2.3134 0.6883

13/08/08 331.558 7913.11 -0.1684 -0.5747 0.0779 -0.3352 -0.0261 0.1123 0.0061

14/08/08 324.192 7714.28 -2.2217 -2.5127 -1.9753 -2.2731 4.4902 5.1671 3.9020

18/08/08 320.542 7650.46 -1.1257 -0.8273 -0.8793 -0.5878 0.5168 0.3455 0.7732

19/08/08 319.227 7602.61 -0.4104 -0.6255 -0.1641 -0.3859 0.0633 0.1489 0.0269

20/08/08 322.525 7678.44 1.0331 0.9974 1.2795 1.2370 1.5826 1.5301 1.6370

21/08/08 316.384 7454.53 -1.9040 -2.9161 -1.6577 -2.6765 4.4369 7.1639 2.7479

22/08/08 317.937 7524.31 0.4910 0.9361 0.7373 1.1756 0.8668 1.3821 0.5436

25/08/08 317.776 7548.40 -0.0506 0.3202 0.1958 0.5597 0.1096 0.3133 0.0383

26/08/08 316.845 7561.62 -0.2931 0.1751 -0.0468 0.4147 -0.0194 0.1720 0.0022

13

27/08/08 314.833 7479.02 -0.6349 -1.0924 -0.3886 -0.8528 0.3314 0.7273 0.1510

28/08/08 311.315 7362.49 -1.1173 -1.5581 -0.8710 -1.3185 1.1484 1.7386 0.7586

29/08/08 318.877 7621.40 2.4290 3.5166 2.6754 3.7562 10.0491 14.1087 7.1576

01/09/08 318.654 7594.59 -0.0700 -0.3518 0.1763 -0.1122 -0.0198 0.0126 0.0311

02/09/08 324.463 7860.87 1.8230 3.5062 2.0693 3.7457 7.7512 14.0304 4.2822

04/09/08 322.540 7786.24 -0.5926 -0.9494 -0.3463 -0.7098 0.2458 0.5039 0.1199

05/09/08 317.147 7587.34 -1.6723 -2.5545 -1.4259 -2.3150 3.3010 5.3591 2.0333

08/09/08 321.711 7798.63 1.4391 2.7848 1.6854 3.0243 5.0972 9.1465 2.8406

09/09/08 320.778 7769.14 -0.2900 -0.3781 -0.0437 -0.1386 0.0061 0.0192 0.0019

10/09/08 318.567 7660.70 -0.6892 -1.3958 -0.4429 -1.1562 0.5121 1.3369 0.1962

11/09/08 313.754 7495.62 -1.5107 -2.1549 -1.2643 -1.9154 2.4217 3.6686 1.5986

12/09/08 309.311 7344.37 -1.4163 -2.0178 -1.1700 -1.7783 2.0806 3.1624 1.3688

15/09/08 299.435 7079.86 -3.1928 -3.6015 -2.9464 -3.3620 9.9059 11.3030 8.6816

16/09/08 297.786 7066.58 -0.5506 -0.1876 -0.3042 0.0520 -0.0158 0.0027 0.0926

17/09/08 293.538 6913.99 -1.4268 -2.1593 -1.1805 -1.9198 2.2663 3.6855 1.3936

18/09/08 294.885 6934.98 0.4590 0.3036 0.7054 0.5431 0.3831 0.2950 0.4975

19/09/08 304.044 7285.77 3.1061 5.0583 3.3525 5.2978 17.7607 28.0668 11.2390

22/09/08 303.546 7259.80 -0.1639 -0.3564 0.0825 -0.1169 -0.0096 0.0137 0.0068

23/09/08 297.636 7077.52 -1.9470 -2.5108 -1.7006 -2.2713 3.8626 5.1587 2.8921

24/09/08 299.199 7135.83 0.5251 0.8239 0.7714 1.0634 0.8204 1.1309 0.5951

25/09/08 296.695 7061.79 -0.8369 -1.0376 -0.5905 -0.7980 0.4713 0.6369 0.3487

26/09/08 288.814 6834.14 -2.6565 -3.2237 -2.4101 -2.9841 7.1922 8.9051 5.8087

29/09/08 277.147 6564.06 -4.0397 -3.9519 -3.7934 -3.7124 14.0824 13.7818 14.3896

30/09/08 281.057 6691.57 1.4111 1.9425 1.6574 2.1821 3.6167 4.7615 2.7471

01/10/08 283.286 6776.87 0.7929 1.2747 1.0393 1.5143 1.5737 2.2931 1.0801

03/10/08 273.565 6514.77 -3.4317 -3.8676 -3.1853 -3.6280 11.5564 13.1626 10.1463

06/10/08 257.832 6123.81 -5.7509 -6.0011 -5.5046 -5.7616 31.7150 33.1959 30.3002

07/10/08 255.692 6060.11 -0.8302 -1.0402 -0.5838 -0.8007 0.4674 0.6411 0.3409

08/10/08 246.446 5847.96 -3.6158 -3.5008 -3.3695 -3.2612 10.9886 10.6355 11.3533

10/10/08 229.845 5413.97 -6.7365 -7.4212 -6.4902 -7.1817 46.6104 51.5765 42.1225

13/10/08 241.393 5802.93 5.0246 7.1844 5.2709 7.4239 39.1311 55.1146 27.7828

14/10/08 245.413 5886.94 1.6651 1.4477 1.9114 1.6873 3.2251 2.8468 3.6535

15/10/08 234.579 5572.90 -4.4143 -5.3345 -4.1680 -5.0950 21.2358 25.9588 17.3721

16/10/08 232.190 5474.17 -1.0184 -1.7716 -0.7721 -1.5321 1.1829 2.3472 0.5961

17/10/08 223.817 5180.84 -3.6063 -5.3584 -3.3599 -5.1189 17.1992 26.2031 11.2892

20/10/08 224.947 5187.00 0.5047 0.1189 0.7510 0.3584 0.2692 0.1285 0.5640

21/10/08 232.785 5299.20 3.4847 2.1631 3.7311 2.4026 8.9644 5.7727 13.9209

22/10/08 224.548 5207.11 -3.5385 -1.7378 -3.2922 -1.4983 4.9325 2.2448 10.8384

23/10/08 216.840 4975.62 -3.4329 -4.4457 -3.1866 -4.2061 13.4030 17.6913 10.1542

24/10/08 201.506 4397.23 -7.0717 -11.6245 -6.8253 -11.384 77.7061 129.6168 46.5854

27/10/08 197.773 3949.13 -1.8523 -10.1905 -1.6060 -9.9510 15.9810 99.0217 2.5792

29/10/08 208.350 4618.90 5.3483 16.9599 5.5946 17.1995 96.2239 295.8222 31.2993

31/10/08 218.283 4953.98 4.7670 7.2545 5.0133 7.4941 37.5704 56.1613 25.1336

14

03/11/08 226.903 5223.11 3.9491 5.4326 4.1954 5.6721 23.7968 32.1732 17.6013

04/11/08 232.379 5396.09 2.4133 3.3118 2.6597 3.5514 9.4454 12.6122 7.0738

05/11/08 228.042 5161.48 -1.8661 -4.3478 -1.6198 -4.1082 6.6545 16.8776 2.6238

06/11/08 222.461 4982.04 -2.4474 -3.4765 -2.2011 -3.2370 7.1250 10.4780 4.8449

07/11/08 224.833 5102.16 1.0664 2.4111 1.3127 2.6506 3.4795 7.0257 1.7232

10/11/08 231.771 5378.26 3.0856 5.4114 3.3320 5.6510 18.8288 31.9335 11.1019

11/11/08 222.622 5042.74 -3.9473 -6.2384 -3.7010 -5.9989 22.2018 35.9869 13.6972

12/11/08 217.693 4895.90 -2.2139 -2.9119 -1.9676 -2.6724 5.2580 7.1415 3.8713

14/11/08 214.824 4817.48 -1.3180 -1.6017 -1.0717 -1.3622 1.4599 1.8556 1.1486

17/11/08 211.357 4749.45 -1.6140 -1.4121 -1.3677 -1.1726 1.6038 1.3750 1.8706

18/11/08 204.805 4576.01 -3.0999 -3.6518 -2.8536 -3.4122 9.7372 11.6434 8.1430

19/11/08 203.445 4493.09 -0.6640 -1.8121 -0.4177 -1.5725 0.6568 2.4728 0.1744

20/11/08 197.965 4332.17 -2.6935 -3.5815 -2.4471 -3.3420 8.1782 11.1687 5.9884

21/11/08 201.091 4528.03 1.5788 4.5211 1.8251 4.7606 8.6885 22.6633 3.3310

24/11/08 200.582 4528.59 -0.2529 0.0124 -0.0066 0.2519 -0.0017 0.0635 0.0000

25/11/08 197.124 4435.68 -1.7238 -2.0516 -1.4775 -1.8121 2.6774 3.2837 2.1830

26/11/08 199.463 4577.81 1.1866 3.2042 1.4329 3.4438 4.9346 11.8597 2.0532

28/11/08 200.674 4600.45 0.6072 0.4946 0.8535 0.7341 0.6266 0.5389 0.7285

01/12/08 197.334 4487.56 -1.6645 -2.4539 -1.4182 -2.2143 3.1403 4.9033 2.0112

02/12/08 195.080 4443.50 -1.1423 -0.9818 -0.8960 -0.7423 0.6651 0.5510 0.8028

03/12/08 196.336 4456.31 0.6436 0.2883 0.8900 0.5278 0.4697 0.2786 0.7920

04/12/08 201.558 4682.67 2.6597 5.0795 2.9060 5.3191 15.4573 28.2926 8.4449

05/12/08 199.461 4565.56 -1.0402 -2.5009 -0.7939 -2.2614 1.7952 5.1138 0.6302

08/12/08 201.120 4656.68 0.8316 1.9958 1.0780 2.2354 2.4096 4.9968 1.1620

10/12/08 206.792 4886.95 2.8203 4.9449 3.0666 5.1845 15.8987 26.8789 9.4040

11/12/08 208.708 4894.49 0.9266 0.1543 1.1729 0.3938 0.4619 0.1551 1.3757

12/12/08 210.708 4915.48 0.9581 0.4288 1.2045 0.6684 0.8051 0.4467 1.4507

15/12/08 213.864 5013.93 1.4980 2.0029 1.7443 2.2424 3.9115 5.0284 3.0427

16/12/08 217.513 5102.59 1.7061 1.7683 1.9524 2.0078 3.9201 4.0313 3.8119

17/12/08 213.376 4960.98 -1.9016 -2.7753 -1.6553 -2.5357 4.1974 6.4298 2.7400

18/12/08 217.618 5149.66 1.9879 3.8033 2.2343 4.0428 9.0328 16.3444 4.9920

19/12/08 219.972 5181.94 1.0817 0.6268 1.3280 0.8664 1.1506 0.7506 1.7637

22/12/08 217.792 5108.12 -0.9913 -1.4246 -0.7449 -1.1850 0.8828 1.4043 0.5549

23/12/08 214.025 4976.59 -1.7294 -2.5749 -1.4830 -2.3354 3.4634 5.4540 2.1994

24/12/08 212.739 4925.05 -0.6011 -1.0356 -0.3547 -0.7961 0.2824 0.6338 0.1258

26/12/08 210.358 4817.69 -1.1190 -2.1799 -0.8726 -1.9403 1.6932 3.7649 0.7615

29/12/08 212.757 4925.28 1.1401 2.2332 1.3864 2.4728 3.4282 6.1146 1.9221

30/12/08 216.179 5016.49 1.6086 1.8519 1.8549 2.0914 3.8794 4.3740 3.4408

31/12/08 216.491 4988.04 0.1444 -0.5671 0.3907 -0.3276 -0.1280 0.1073 0.1527

01/01/09 220.862 5119.05 2.0191 2.6265 2.2654 2.8660 6.4927 8.2141 5.1320

02/01/09 223.391 5154.78 1.1447 0.6980 1.3911 0.9375 1.3042 0.8790 1.9351

05/01/09 227.025 5300.36 1.6268 2.8242 1.8731 3.0637 5.7387 9.3864 3.5086

06/01/09 226.986 5328.95 -0.0173 0.5394 0.2291 0.7789 0.1784 0.6067 0.0525

15

07/01/09 216.194 4949.66 -4.7543 -7.1175 -4.5079 -6.8780 31.0056 47.3068 20.3215

09/01/09 211.259 4844.69 -2.2826 -2.1208 -2.0363 -1.8812 3.8306 3.5389 4.1463

12/01/09 206.353 4698.66 -2.3225 -3.0142 -2.0762 -2.7747 5.7607 7.6989 4.3105

13/01/09 204.229 4661.88 -1.0293 -0.7828 -0.7830 -0.5432 0.4253 0.2951 0.6131

14/01/09 208.329 4809.38 2.0076 3.1640 2.2539 3.4035 7.6713 11.5838 5.0802

15/01/09 203.864 4648.91 -2.1432 -3.3366 -1.8968 -3.0971 5.8746 9.5918 3.5979

16/01/09 206.138 4773.78 1.1153 2.6860 1.3616 2.9255 3.9835 8.5588 1.8540

19/01/09 205.857 4785.61 -0.1361 0.2478 0.1103 0.4874 0.0537 0.2375 0.0122

20/01/09 203.921 4680.38 -0.9405 -2.1989 -0.6942 -1.9593 1.3601 3.8390 0.4819

21/01/09 199.677 4527.59 -2.0814 -3.2645 -1.8351 -3.0249 5.5509 9.1502 3.3675

22/01/09 198.131 4522.76 -0.7743 -0.1067 -0.5279 0.1329 -0.0701 0.0177 0.2787

23/01/09 195.663 4441.84 -1.2453 -1.7892 -0.9990 -1.5496 1.5480 2.4014 0.9979

27/01/09 197.950 4584.33 1.1687 3.2079 1.4150 3.4474 4.8782 11.8849 2.0023

28/01/09 199.551 4720.17 0.8087 2.9631 1.0551 3.2027 3.3790 10.2572 1.1132

29/01/09 199.769 4697.15 0.1091 -0.4877 0.3555 -0.2482 -0.0882 0.0616 0.1264

30/01/09 202.776 4790.32 1.5052 1.9835 1.7516 2.2231 3.8939 4.9421 3.0680

02/02/09 199.684 4620.37 -1.5248 -3.5478 -1.2785 -3.3082 4.2296 10.9444 1.6346

03/02/09 199.689 4641.82 0.0027 0.4642 0.2490 0.7038 0.1753 0.4953 0.0620

04/02/09 199.706 4662.82 0.0085 0.4524 0.2548 0.6920 0.1763 0.4788 0.0649

05/02/09 197.819 4619.60 -0.9449 -0.9269 -0.6986 -0.6874 0.4802 0.4725 0.4880

06/02/09 200.409 4719.80 1.3094 2.1690 1.5557 2.4086 3.7470 5.8012 2.4202

09/02/09 203.615 4854.15 1.5993 2.8465 1.8456 3.0861 5.6957 9.5238 3.4063

10/02/09 205.270 4889.29 0.8129 0.7239 1.0592 0.9635 1.0205 0.9283 1.1219

11/02/09 205.518 4878.29 0.1211 -0.2250 0.3674 0.0146 0.0054 0.0002 0.1350

12/02/09 204.712 4817.62 -0.3922 -1.2437 -0.1459 -1.0041 0.1465 1.0083 0.0213

13/02/09 207.065 4900.74 1.1495 1.7253 1.3958 1.9649 2.7427 3.8607 1.9484

16/02/09 202.436 4732.85 -2.2356 -3.4258 -1.9892 -3.1863 6.3383 10.1523 3.9571

17/02/09 198.190 4600.09 -2.0975 -2.8051 -1.8511 -2.5655 4.7491 6.5820 3.4267

18/02/09 197.944 4593.72 -0.1244 -0.1385 0.1220 0.1011 0.0123 0.0102 0.0149

19/02/09 197.418 4603.38 -0.2654 0.2103 -0.0190 0.4498 -0.0086 0.2023 0.0004

20/02/09 194.394 4506.25 -1.5318 -2.1100 -1.2854 -1.8704 2.4043 3.4985 1.6524

24/02/09 193.034 4484.30 -0.6997 -0.4871 -0.4533 -0.2476 0.1122 0.0613 0.2055

25/02/09 194.497 4520.42 0.7575 0.8055 1.0039 1.0450 1.0491 1.0921 1.0077

26/02/09 194.335 4537.14 -0.0830 0.3699 0.1633 0.6094 0.0995 0.3714 0.0267

27/02/09 194.138 4516.38 -0.1015 -0.4576 0.1449 -0.2180 -0.0316 0.0475 0.0210

-58.8726 -57.2510 1304.793 2122.547 939.319

Kj = Km = 5.4594 8.8810 3.9302

-0.2463 -0.2395 Cov(Kj, Km)= Var(Km)=

5.4594 8.8810

16

Data source : 1. www.amfiindia.com 2. www.bseindia.com

Beta (β) of the fund for the last one year = (5.4594/8.8810) = 0.61.Beta value of 0.61 means that the fund is less risky than its benchmark index and if the return of the benchmark index rose by 10%, the return of the fund would have rose by 6.1%.

Alpha () of the fund for the last one year = -0.2463-(0.61*(-0.2395)) = -0.10.Alpha value of -0.10 implies that the fund return has underperformed the benchmark index by 0.10% over the last one year.

Standard Deviation (σ) of the fund for the last one year = sqrt( 3.9302 ) = 1.9824.Standard Deviation of 1.9824 means the variability of returns or the risk factor is the fund is 1.9824% during the Period.

17

HDFC Equity Fund - Growth

DATEHDFC Equity

Fund-Growth(NAV)

Benchmark Index(S&P CNX 500)

value

% change

in NAV=kj

% change in

Benchmark Index=km

(Kj-kj) (km-km)(kj-kj) (km-km)

(km-km)2 (Kj-kj)2

03/03/08 180.716 4138.95

04/03/08 176.827 4045.30 -2.1520 -2.2627 -1.9222 -2.0146 3.8724 4.0586 3.6947

05/03/08 178.118 4065.65 0.7301 0.5031 0.9599 0.7511 0.7210 0.5642 0.9214

07/03/08 173.180 3922.50 -2.7723 -3.5210 -2.5425 -3.2729 8.3213 10.7119 6.4643

10/03/08 171.579 3927.90 -0.9245 0.1377 -0.6946 0.3857 -0.2679 0.1488 0.4825

11/03/08 175.113 4024.40 2.0597 2.4568 2.2895 2.7048 6.1928 7.3162 5.2419

12/03/08 172.954 4010.15 -1.2329 -0.3541 -1.0031 -0.1060 0.1064 0.0112 1.0062

13/03/08 165.452 3785.10 -4.3376 -5.6120 -4.1077 -5.3639 22.0337 28.7719 16.8736

14/03/08 167.990 3868.65 1.5340 2.2073 1.7638 2.4554 4.3308 6.0290 3.1110

17/03/08 158.401 3642.35 -5.7081 -5.8496 -5.4783 -5.6015 30.6866 31.3771 30.0113

18/03/08 158.694 3642.80 0.1850 0.0124 0.4148 0.2604 0.1080 0.0678 0.1721

19/03/08 157.980 3657.80 -0.4499 0.4118 -0.2201 0.6598 -0.1452 0.4354 0.0484

24/03/08 158.076 3656.45 0.0608 -0.0369 0.2906 0.2112 0.0614 0.0446 0.0844

25/03/08 166.059 3879.75 5.0501 6.1070 5.2799 6.3551 33.5543 40.3870 27.8776

26/03/08 165.856 3867.25 -0.1222 -0.3222 0.1076 -0.0741 -0.0080 0.0055 0.0116

27/03/08 166.306 3862.25 0.2713 -0.1293 0.5011 0.1188 0.0595 0.0141 0.2511

28/03/08 171.142 3971.15 2.9079 2.8196 3.1377 3.0677 9.6255 9.4106 9.8453

31/03/08 165.788 3825.85 -3.1284 -3.6589 -2.8986 -3.4108 9.8865 11.6337 8.4017

01/04/08 164.836 3817.45 -0.5742 -0.2196 -0.3444 0.0285 -0.0098 0.0008 0.1186

02/04/08 166.407 3835.50 0.9531 0.4728 1.1829 0.7209 0.8527 0.5197 1.3992

03/04/08 166.063 3840.30 -0.2067 0.1251 0.0231 0.3732 0.0086 0.1393 0.0005

04/04/08 162.910 3747.95 -1.8987 -2.4048 -1.6689 -2.1567 3.5992 4.6513 2.7851

07/04/08 166.701 3830.50 2.3271 2.2025 2.5569 2.4506 6.2659 6.0054 6.5376

08/04/08 165.544 3807.10 -0.6941 -0.6109 -0.4642 -0.3628 0.1684 0.1316 0.2155

09/04/08 167.519 3844.40 1.1930 0.9797 1.4229 1.2278 1.7470 1.5075 2.0245

10/04/08 166.001 3830.75 -0.9062 -0.3551 -0.6763 -0.1070 0.0724 0.0114 0.4574

11/04/08 167.296 3861.70 0.7801 0.8079 1.0099 1.0560 1.0665 1.1151 1.0200

15/04/08 169.105 3938.00 1.0813 1.9758 1.3111 2.2239 2.9158 4.9456 1.7191

16/04/08 168.950 3959.75 -0.0917 0.5523 0.1382 0.8004 0.1106 0.6406 0.0191

17/04/08 170.901 4027.90 1.1548 1.7211 1.3846 1.9691 2.7265 3.8775 1.9171

18

21/04/08 173.953 4099.75 1.7858 1.7838 2.0157 2.0319 4.0955 4.1285 4.0629

22/04/08 175.429 4120.85 0.8485 0.5147 1.0783 0.7627 0.8225 0.5818 1.1628

23/04/08 174.594 4105.25 -0.4760 -0.3786 -0.2462 -0.1305 0.0321 0.0170 0.0606

24/04/08 173.582 4083.60 -0.5796 -0.5274 -0.3498 -0.2793 0.0977 0.0780 0.1224

25/04/08 176.074 4162.55 1.4356 1.9333 1.6655 2.1814 3.6330 4.7585 2.7737

28/04/08 175.809 4156.90 -0.1505 -0.1357 0.0793 0.1123 0.0089 0.0126 0.0063

29/04/08 177.937 4233.25 1.2104 1.8367 1.4402 2.0848 3.0025 4.3463 2.0743

30/04/08 178.191 4222.10 0.1427 -0.2634 0.3726 -0.0153 -0.0057 0.0002 0.1388

02/05/08 180.490 4280.40 1.2902 1.3808 1.5200 1.6289 2.4759 2.6533 2.3104

05/05/08 179.900 4267.85 -0.3269 -0.2932 -0.0971 -0.0451 0.0044 0.0020 0.0094

06/05/08 178.860 4217.50 -0.5781 -1.1798 -0.3483 -0.9317 0.3245 0.8680 0.1213

07/05/08 178.520 4198.60 -0.1901 -0.4481 0.0397 -0.2001 -0.0079 0.0400 0.0016

08/05/08 176.945 4152.30 -0.8823 -1.1027 -0.6524 -0.8547 0.5576 0.7305 0.4257

09/05/08 173.891 4064.10 -1.7260 -2.1241 -1.4961 -1.8761 2.8068 3.5196 2.2384

12/05/08 173.294 4066.30 -0.3433 0.0541 -0.1135 0.3022 -0.0343 0.0913 0.0129

13/05/08 173.688 4041.50 0.2274 -0.6099 0.4572 -0.3618 -0.1654 0.1309 0.2090

14/05/08 174.667 4081.30 0.5637 0.9848 0.7935 1.2328 0.9782 1.5199 0.6296

15/05/08 176.758 4159.30 1.1971 1.9112 1.4270 2.1592 3.0811 4.6622 2.0362

16/05/08 177.607 4198.10 0.4803 0.9328 0.7101 1.1809 0.8386 1.3946 0.5043

20/05/08 175.550 4158.90 -1.1582 -0.9338 -0.9284 -0.6857 0.6366 0.4702 0.8618

21/05/08 176.153 4174.60 0.3435 0.3775 0.5733 0.6256 0.3586 0.3913 0.3287

22/05/08 174.335 4099.85 -1.0321 -1.7906 -0.8022 -1.5425 1.2375 2.3794 0.6436

23/05/08 172.351 4037.35 -1.1380 -1.5244 -0.9082 -1.2764 1.1592 1.6292 0.8249

26/05/08 169.499 3962.50 -1.6548 -1.8539 -1.4249 -1.6059 2.2883 2.5788 2.0305

27/05/08 168.490 3944.20 -0.5953 -0.4618 -0.3655 -0.2138 0.0781 0.0457 0.1336

28/05/08 169.826 3991.50 0.7929 1.1992 1.0227 1.4473 1.4802 2.0947 1.0460

29/05/08 168.547 3939.40 -0.7531 -1.3053 -0.5233 -1.0572 0.5532 1.1177 0.2738

30/05/08 169.605 3959.65 0.6277 0.5140 0.8575 0.7621 0.6535 0.5808 0.7354

02/06/08 167.237 3853.55 -1.3962 -2.6795 -1.1664 -2.4315 2.8360 5.9120 1.3604

03/06/08 166.135 3831.65 -0.6589 -0.5683 -0.4291 -0.3202 0.1374 0.1026 0.1841

04/06/08 163.042 3719.40 -1.8617 -2.9295 -1.6319 -2.6815 4.3760 7.1904 2.6631

05/06/08 165.631 3774.60 1.5879 1.4841 1.8178 1.7322 3.1487 3.0004 3.3042

06/06/08 164.195 3730.50 -0.8670 -1.1683 -0.6372 -0.9203 0.5864 0.8469 0.4060

09/06/08 160.423 3611.80 -2.2973 -3.1819 -2.0674 -2.9338 6.0655 8.6073 4.2743

10/06/08 158.615 3570.60 -1.1270 -1.1407 -0.8972 -0.8926 0.8009 0.7968 0.8050

11/06/08 160.223 3632.35 1.0138 1.7294 1.2436 1.9775 2.4592 3.9104 1.5465

12/06/08 161.286 3645.60 0.6635 0.3648 0.8933 0.6128 0.5474 0.3756 0.7979

13/06/08 162.104 3634.80 0.5072 -0.2962 0.7370 -0.0482 -0.0355 0.0023 0.5432

16/06/08 163.783 3679.75 1.0358 1.2367 1.2656 1.4847 1.8790 2.2044 1.6017

17/06/08 166.740 3753.55 1.8054 2.0056 2.0353 2.2536 4.5867 5.0789 4.1423

18/06/08 164.237 3701.20 -1.5011 -1.3947 -1.2713 -1.1466 1.4577 1.3147 1.6162

19/06/08 160.870 3633.45 -2.0501 -1.8305 -1.8203 -1.5824 2.8804 2.5041 3.3134

20/06/08 156.166 3510.95 -2.9241 -3.3715 -2.6943 -3.1234 8.4153 9.7556 7.2591

19

23/06/08 151.510 3416.60 -2.9814 -2.6873 -2.7516 -2.4392 6.7119 5.9499 7.5714

24/06/08 149.131 3359.05 -1.5702 -1.6844 -1.3404 -1.4364 1.9253 2.0631 1.7966

25/06/08 150.011 3401.05 0.5901 1.2504 0.8199 1.4984 1.2286 2.2452 0.6722

26/06/08 150.213 3431.00 0.1347 0.8806 0.3645 1.1287 0.4114 1.2739 0.1328

27/06/08 145.710 3293.65 -2.9977 -4.0032 -2.7679 -3.7551 10.3939 14.1011 7.6614

30/06/08 143.171 3203.35 -1.7425 -2.7416 -1.5127 -2.4936 3.7720 6.2179 2.2882

01/07/08 138.421 3075.80 -3.3177 -3.9818 -3.0879 -3.7337 11.5293 13.9406 9.5351

02/07/08 142.032 3225.00 2.6087 4.8508 2.8385 5.0988 14.4732 25.9981 8.0573

03/07/08 138.729 3098.70 -2.3255 -3.9163 -2.0957 -3.6682 7.6875 13.4558 4.3920

04/07/08 141.985 3178.15 2.3470 2.5640 2.5768 2.8120 7.2462 7.9076 6.6401

07/07/08 143.741 3207.80 1.2368 0.9329 1.4666 1.1810 1.7320 1.3947 2.1508

08/07/08 143.088 3186.00 -0.4543 -0.6796 -0.2245 -0.4315 0.0969 0.1862 0.0504

09/07/08 146.957 3321.40 2.7039 4.2498 2.9338 4.4979 13.1957 20.2312 8.6069

10/07/08 146.887 3323.65 -0.0476 0.0677 0.1822 0.3158 0.0575 0.0997 0.0332

11/07/08 142.817 3232.20 -2.7708 -2.7515 -2.5410 -2.5034 6.3613 6.2672 6.4568

14/07/08 142.579 3222.80 -0.1666 -0.2908 0.0632 -0.0428 -0.0027 0.0018 0.0040

15/07/08 136.769 3085.50 -4.0749 -4.2603 -3.8451 -4.0122 15.4274 16.0978 14.7849

16/07/08 135.004 3049.85 -1.2905 -1.1554 -1.0607 -0.9073 0.9624 0.8233 1.1250

17/07/08 138.651 3146.15 2.7014 3.1575 2.9312 3.4056 9.9826 11.5981 8.5921

18/07/08 142.759 3248.05 2.9628 3.2389 3.1927 3.4869 11.1326 12.1588 10.1931

21/07/08 144.834 3289.80 1.4535 1.2854 1.6833 1.5334 2.5813 2.3515 2.8336

22/07/08 147.332 3355.90 1.7247 2.0092 1.9546 2.2573 4.4120 5.0954 3.8203

23/07/08 156.476 3550.80 6.2064 5.8077 6.4362 6.0557 38.9761 36.6720 41.4249

24/07/08 155.496 3524.50 -0.6263 -0.7407 -0.3965 -0.4926 0.1953 0.2427 0.1572

25/07/08 152.640 3452.45 -1.8367 -2.0443 -1.6069 -1.7962 2.8863 3.2263 2.5821

28/07/08 152.590 3469.40 -0.0328 0.4910 0.1971 0.7390 0.1456 0.5461 0.0388

29/07/08 146.859 3350.45 -3.7558 -3.4285 -3.5260 -3.1805 11.2144 10.1155 12.4326

30/07/08 150.925 3449.75 2.7686 2.9638 2.9985 3.2118 9.6306 10.3159 8.9908

31/07/08 151.715 3456.70 0.5234 0.2015 0.7533 0.4495 0.3386 0.2021 0.5674

01/08/08 154.555 3524.25 1.8719 1.9542 2.1018 2.2022 4.6286 4.8499 4.4174

04/08/08 155.452 3531.15 0.5804 0.1958 0.8102 0.4438 0.3596 0.1970 0.6564

05/08/08 159.417 3615.90 2.5506 2.4001 2.7804 2.6481 7.3630 7.0126 7.7309

06/08/08 158.793 3618.60 -0.3914 0.0747 -0.1616 0.3227 -0.0522 0.1042 0.0261

07/08/08 159.216 3625.70 0.2664 0.1962 0.4962 0.4443 0.2205 0.1974 0.2462

08/08/08 160.615 3635.00 0.8787 0.2565 1.1085 0.5046 0.5593 0.2546 1.2288

11/08/08 164.529 3707.80 2.4369 2.0028 2.6667 2.2508 6.0023 5.0662 7.1113

12/08/08 162.934 3656.10 -0.9694 -1.3944 -0.7396 -1.1463 0.8478 1.3140 0.5470

13/08/08 162.098 3637.70 -0.5131 -0.5033 -0.2833 -0.2552 0.0723 0.0651 0.0802

14/08/08 157.495 3551.30 -2.8396 -2.3751 -2.6098 -2.1271 5.5513 4.5244 6.8111

18/08/08 156.766 3519.30 -0.4629 -0.9011 -0.2330 -0.6530 0.1522 0.4264 0.0543

19/08/08 156.788 3500.75 0.0140 -0.5271 0.2439 -0.2790 -0.0680 0.0779 0.0595

20/08/08 157.690 3536.90 0.5753 1.0326 0.8051 1.2807 1.0311 1.6402 0.6482

21/08/08 153.910 3434.00 -2.3971 -2.9093 -2.1673 -2.6613 5.7677 7.0823 4.6971

20

22/08/08 153.999 3459.75 0.0578 0.7499 0.2876 0.9979 0.2870 0.9958 0.0827

25/08/08 155.125 3467.40 0.7312 0.2211 0.9610 0.4692 0.4509 0.2201 0.9235

26/08/08 155.663 3468.90 0.3468 0.0433 0.5766 0.2913 0.1680 0.0849 0.3325

27/08/08 155.378 3435.25 -0.1831 -0.9700 0.0467 -0.7220 -0.0337 0.5213 0.0022

28/08/08 153.871 3376.80 -0.9699 -1.7015 -0.7401 -1.4534 1.0756 2.1124 0.5477

29/08/08 158.924 3489.05 3.2839 3.3242 3.5137 3.5722 12.5518 12.7607 12.3464

01/09/08 159.231 3481.55 0.1932 -0.2150 0.4230 0.0331 0.0140 0.0011 0.1789

02/09/08 163.971 3599.70 2.9768 3.3936 3.2066 3.6417 11.6775 13.2617 10.2825

04/09/08 163.496 3562.70 -0.2897 -1.0279 -0.0599 -0.7798 0.0467 0.6081 0.0036

05/09/08 160.838 3489.35 -1.6257 -2.0588 -1.3959 -1.8108 2.5277 3.2789 1.9486

08/09/08 164.393 3575.05 2.2103 2.4560 2.4401 2.7041 6.5983 7.3122 5.9542

09/09/08 163.354 3560.50 -0.6320 -0.4070 -0.4022 -0.1589 0.0639 0.0253 0.1618

10/09/08 162.468 3507.40 -0.5424 -1.4914 -0.3126 -1.2433 0.3886 1.5458 0.0977

11/09/08 159.640 3433.10 -1.7407 -2.1184 -1.5108 -1.8703 2.8257 3.4981 2.2826

12/09/08 157.807 3377.90 -1.1482 -1.6079 -0.9184 -1.3598 1.2488 1.8491 0.8434

15/09/08 153.110 3243.60 -2.9764 -3.9758 -2.7466 -3.7278 10.2387 13.8964 7.5438

16/09/08 151.972 3229.10 -0.7433 -0.4470 -0.5134 -0.1990 0.1022 0.0396 0.2636

17/09/08 149.594 3169.00 -1.5648 -1.8612 -1.3349 -1.6131 2.1534 2.6022 1.7821

18/09/08 151.084 3169.75 0.9960 0.0237 1.2259 0.2717 0.3331 0.0738 1.5027

19/09/08 156.391 3314.35 3.5126 4.5619 3.7424 4.8099 18.0009 23.1355 14.0058

22/09/08 154.837 3301.15 -0.9937 -0.3983 -0.7638 -0.1502 0.1147 0.0226 0.5835

23/09/08 151.471 3234.00 -2.1739 -2.0341 -1.9441 -1.7861 3.4723 3.1901 3.7794

24/09/08 152.168 3255.95 0.4602 0.6787 0.6900 0.9268 0.6395 0.8589 0.4761

25/09/08 151.533 3221.70 -0.4173 -1.0519 -0.1875 -0.8039 0.1507 0.6462 0.0351

26/09/08 147.139 3123.75 -2.8997 -3.0403 -2.6699 -2.7923 7.4550 7.7967 7.1282

29/09/08 142.202 3007.90 -3.3553 -3.7087 -3.1255 -3.4606 10.8162 11.9759 9.7688

30/09/08 145.721 3058.60 2.4746 1.6856 2.7045 1.9336 5.2294 3.7389 7.3142

01/10/08 147.099 3082.80 0.9456 0.7912 1.1755 1.0393 1.2216 1.0801 1.3817

03/10/08 143.085 2984.30 -2.7288 -3.1951 -2.4990 -2.9471 7.3646 8.6853 6.2448

06/10/08 135.291 2809.35 -5.4471 -5.8623 -5.2173 -5.6143 29.2913 31.5202 27.2201

07/10/08 133.252 2790.90 -1.5071 -0.6567 -1.2773 -0.4087 0.5220 0.1670 1.6315

08/10/08 127.699 2693.90 -4.1673 -3.4756 -3.9375 -3.2275 12.7083 10.4169 15.5037

10/10/08 117.698 2507.55 -7.8317 -6.9175 -7.6019 -6.6694 50.7001 44.4811 57.7885

13/10/08 124.727 2654.35 5.9721 5.8543 6.2019 6.1024 37.8463 37.2391 38.4634

14/10/08 127.608 2685.05 2.3098 1.1566 2.5397 1.4047 3.5674 1.9731 6.4499

15/10/08 121.988 2553.30 -4.4041 -4.9068 -4.1743 -4.6587 19.4469 21.7038 17.4247

16/10/08 120.820 2514.70 -0.9575 -1.5118 -0.7276 -1.2637 0.9195 1.5970 0.5295

17/10/08 116.152 2386.45 -3.8636 -5.1000 -3.6338 -4.8519 17.6309 23.5414 13.2043

20/10/08 117.548 2409.90 1.2019 0.9826 1.4317 1.2307 1.7620 1.5146 2.0498

21/10/08 121.731 2491.45 3.5585 3.3840 3.7884 3.6320 13.7594 13.1916 14.3517

22/10/08 116.580 2378.20 -4.2315 -4.5455 -4.0016 -4.2975 17.1970 18.4684 16.0131

23/10/08 114.014 2285.40 -2.2011 -3.9021 -1.9712 -3.6540 7.2030 13.3521 3.8858

24/10/08 105.290 2035.25 -7.6517 -10.9456 -7.4219 -10.697 79.3955 114.4366 55.0841

21

27/10/08 100.668 1973.70 -4.3898 -3.0242 -4.1600 -2.7761 11.5486 7.7069 17.3052

29/10/08 105.630 2098.50 4.9291 6.3231 5.1589 6.5712 33.9002 43.1808 26.6142

31/10/08 110.322 2225.70 4.4419 6.0615 4.6717 6.3095 29.4765 39.8102 21.8252

03/11/08 114.164 2341.00 3.4825 5.1804 3.7124 5.4285 20.1524 29.4681 13.7816

04/11/08 117.064 2421.25 2.5402 3.4280 2.7700 3.6761 10.1829 13.5136 7.6731

05/11/08 115.266 2329.85 -1.5359 -3.7749 -1.3061 -3.5268 4.6064 12.4387 1.7059

06/11/08 111.224 2257.05 -3.5067 -3.1247 -3.2768 -2.8766 9.4262 8.2748 10.7377

07/11/08 113.067 2312.25 1.6570 2.4457 1.8868 2.6937 5.0826 7.2562 3.5602

10/11/08 117.671 2438.10 4.0719 5.4428 4.3017 5.6908 24.4804 32.3853 18.5050

11/11/08 111.912 2302.40 -4.8942 -5.5658 -4.6643 -5.3177 24.8037 28.2784 21.7560

12/11/08 109.055 2239.30 -2.5529 -2.7406 -2.3231 -2.4926 5.7904 6.2128 5.3967

14/11/08 106.605 2203.55 -2.2466 -1.5965 -2.0167 -1.3484 2.7194 1.8182 4.0673

17/11/08 104.805 2176.30 -1.6885 -1.2366 -1.4587 -0.9886 1.4420 0.9773 2.1277

18/11/08 101.353 2094.25 -3.2937 -3.7702 -3.0639 -3.5221 10.7914 12.4052 9.3876

19/11/08 100.081 2055.20 -1.2550 -1.8646 -1.0252 -1.6166 1.6573 2.6133 1.0510

20/11/08 97.093 1988.45 -2.9856 -3.2479 -2.7558 -2.9998 8.2667 8.9988 7.5942

21/11/08 100.205 2067.20 3.2052 3.9604 3.4350 4.2084 14.4560 17.7109 11.7992

24/11/08 99.886 2075.05 -0.3183 0.3797 -0.0885 0.6278 -0.0556 0.3941 0.0078

25/11/08 98.382 2040.40 -1.5057 -1.6698 -1.2759 -1.4218 1.8140 2.0215 1.6279

26/11/08 101.025 2090.75 2.6865 2.4677 2.9163 2.7157 7.9198 7.3751 8.5047

28/11/08 101.808 2093.10 0.7751 0.1124 1.0049 0.3605 0.3622 0.1299 1.0098

01/12/08 99.637 2048.40 -2.1324 -2.1356 -1.9026 -1.8875 3.5912 3.5628 3.6200

02/12/08 98.352 2029.40 -1.2897 -0.9276 -1.0599 -0.6795 0.7202 0.4617 1.1233

03/12/08 99.333 2040.60 0.9974 0.5519 1.2273 0.7999 0.9817 0.6399 1.5062

04/12/08 103.933 2132.65 4.6309 4.5109 4.8607 4.7590 23.1321 22.6480 23.6265

05/12/08 101.725 2083.10 -2.1244 -2.3234 -1.8946 -2.0753 3.9320 4.3070 3.5896

08/12/08 103.109 2121.65 1.3605 1.8506 1.5904 2.0987 3.3376 4.4044 2.5292

10/12/08 106.556 2214.60 3.3431 4.3810 3.5729 4.6291 16.5392 21.4284 12.7655

11/12/08 107.137 2222.35 0.5453 0.3500 0.7751 0.5980 0.4635 0.3576 0.6007

12/12/08 107.919 2230.25 0.7299 0.3555 0.9597 0.6035 0.5792 0.3643 0.9211

15/12/08 109.714 2282.35 1.6633 2.3361 1.8931 2.5841 4.8920 6.6777 3.5839

16/12/08 111.687 2336.85 1.7983 2.3879 2.0281 2.6360 5.3461 6.9482 4.1133

17/12/08 110.109 2268.40 -1.4129 -2.9292 -1.1831 -2.6811 3.1719 7.1883 1.3996

18/12/08 113.699 2347.35 3.2604 3.4804 3.4902 3.7285 13.0133 13.9016 12.1817

19/12/08 115.441 2370.35 1.5321 0.9798 1.7619 1.2279 2.1635 1.5077 3.1044

22/12/08 113.740 2343.30 -1.4735 -1.1412 -1.2437 -0.8931 1.1107 0.7977 1.5467

23/12/08 110.652 2286.10 -2.7150 -2.4410 -2.4851 -2.1929 5.4498 4.8090 6.1759

24/12/08 110.828 2255.10 0.1591 -1.3560 0.3889 -1.1080 -0.4309 1.2276 0.1512

26/12/08 108.624 2212.50 -1.9887 -1.8891 -1.7588 -1.6410 2.8862 2.6928 3.0935

29/12/08 110.168 2258.85 1.4214 2.0949 1.6512 2.3430 3.8688 5.4895 2.7266

30/12/08 112.193 2304.40 1.8381 2.0165 2.0679 2.2646 4.6830 5.1283 4.2763

31/12/08 112.377 2295.75 0.1640 -0.3754 0.3938 -0.1273 -0.0501 0.0162 0.1551

01/01/09 114.522 2361.20 1.9088 2.8509 2.1386 3.0990 6.6274 9.6037 4.5735

22

02/01/09 115.883 2380.40 1.1884 0.8131 1.4182 1.0612 1.5050 1.1262 2.0114

05/01/09 117.729 2433.50 1.5930 2.2307 1.8228 2.4788 4.5183 6.1443 3.3226

06/01/09 117.808 2431.25 0.0671 -0.0925 0.2969 0.1556 0.0462 0.0242 0.0882

07/01/09 110.171 2271.40 -6.4826 -6.5748 -6.2528 -6.3267 39.5596 40.0277 39.0970

09/01/09 108.470 2225.45 -1.5440 -2.0230 -1.3141 -1.7749 2.3325 3.1503 1.7270

12/01/09 106.003 2160.25 -2.2744 -2.9297 -2.0445 -2.6817 5.4828 7.1914 4.1801

13/01/09 106.043 2136.60 0.0377 -1.0948 0.2676 -0.8467 -0.2265 0.7169 0.0716

14/01/09 108.141 2200.65 1.9784 2.9978 2.2083 3.2458 7.1676 10.5353 4.8764

15/01/09 105.149 2133.30 -2.7668 -3.0605 -2.5369 -2.8124 7.1349 7.9096 6.4360

16/01/09 105.748 2189.45 0.5697 2.6321 0.7995 2.8801 2.3026 8.2952 0.6392

19/01/09 105.929 2204.30 0.1712 0.6783 0.4010 0.9263 0.3714 0.8581 0.1608

20/01/09 104.304 2173.35 -1.5340 -1.4041 -1.3042 -1.1560 1.5077 1.3364 1.7010

21/01/09 102.011 2110.85 -2.1984 -2.8757 -1.9686 -2.6277 5.1727 6.9047 3.8752

22/01/09 100.258 2105.40 -1.7184 -0.2582 -1.4886 -0.0101 0.0151 0.0001 2.2160

23/01/09 98.051 2072.85 -2.2013 -1.5460 -1.9715 -1.2980 2.5589 1.6847 3.8868

27/01/09 100.247 2129.45 2.2397 2.7305 2.4695 2.9786 7.3556 8.8721 6.0983

28/01/09 102.376 2188.35 2.1238 2.7660 2.3536 3.0140 7.0938 9.0844 5.5393

29/01/09 102.694 2171.90 0.3106 -0.7517 0.5404 -0.5036 -0.2722 0.2537 0.2921

30/01/09 103.754 2209.05 1.0322 1.7105 1.2620 1.9585 2.4717 3.8359 1.5927

02/02/09 101.243 2138.80 -2.4201 -3.1801 -2.1903 -2.9320 6.4221 8.5968 4.7975

03/02/09 101.297 2142.60 0.0533 0.1777 0.2832 0.4257 0.1206 0.1812 0.0802

04/02/09 101.205 2153.25 -0.0908 0.4971 0.1390 0.7451 0.1036 0.5552 0.0193

05/02/09 100.433 2136.55 -0.7628 -0.7756 -0.5330 -0.5275 0.2812 0.2783 0.2841

06/02/09 102.753 2180.70 2.3100 2.0664 2.5398 2.3145 5.8784 5.3568 6.4507

09/02/09 105.509 2237.25 2.6822 2.5932 2.9120 2.8413 8.2737 8.0728 8.4796

10/02/09 106.971 2248.90 1.3857 0.5207 1.6155 0.7688 1.2420 0.5910 2.6098

11/02/09 106.725 2244.25 -0.2300 -0.2068 -0.0001 0.0413 0.0000 0.0017 0.0000

12/02/09 105.808 2225.80 -0.8592 -0.8221 -0.6294 -0.5740 0.3613 0.3295 0.3961

13/02/09 107.727 2264.30 1.8137 1.7297 2.0435 1.9778 4.0416 3.9116 4.1758

16/02/09 104.665 2193.30 -2.8424 -3.1356 -2.6125 -2.8876 7.5439 8.3380 6.8254

17/02/09 101.379 2137.35 -3.1395 -2.5510 -2.9097 -2.3029 6.7008 5.3033 8.4665

18/02/09 100.689 2138.85 -0.6806 0.0702 -0.4508 0.3182 -0.1435 0.1013 0.2032

19/02/09 100.737 2145.85 0.0477 0.3273 0.2775 0.5753 0.1597 0.3310 0.0770

20/02/09 98.667 2106.10 -2.0549 -1.8524 -1.8250 -1.6044 2.9280 2.5739 3.3307

24/02/09 97.293 2095.90 -1.3926 -0.4843 -1.1627 -0.2362 0.2747 0.0558 1.3520

25/02/09 97.936 2113.10 0.6609 0.8206 0.8907 1.0687 0.9519 1.1421 0.7934

26/02/09 98.035 2122.40 0.1011 0.4401 0.3309 0.6882 0.2277 0.4736 0.1095

27/02/09 98.163 2112.85 0.1306 -0.4500 0.3604 -0.2019 -0.0728 0.0408 0.1299

-54.927 -59.2868 1322.2932 1561.2898 1197.4084

Kj = Km = 5.5326 6.5326 5.0101 -0.2298 -0.2481 Cov(Kj, Km)= Var(Km)=

5.5326 6.5326Data source : 1. www.amfiindia.com 2. www.nse-india.com

23

Beta (β) of the fund for the last one year = (5.5326/6.5326) = 0.85.Beta value of 0.85 means that the fund is less risky than its benchmark index and if the return of the benchmark index rose by 10%, the return of the fund would have rose by 8.5%.

Alpha () of the fund for the last one year = -0.2298-(0.85*(-0.2481)) = -0.020.Alpha value of -0.020 implies that the fund return has underperformed the benchmark index by 0.020% over the last one year.

Standard Deviation (σ) of the fund for the last one year = sqrt( 5.0101 ) = 2.2383.Standard Deviation of 2.2383 means the variability of returns or the risk factor is the fund is 2.2383% during the Period.

24

Fidelity Equity Fund – Growth

DATEFidelity

Equity Fund- Growth(NAV)

Benchmark Index(BSE 200) value

% change

in NAV=kj

% change in

Benchmark Index=km

(Kj-kj) (km-km)(kj-kj)

(km-km)(km-km)2 (kj-kj)2

03/03/08 26.144 2104.17

04/03/08 25.654 2057.25 -1.8742 -2.2299 -1.6683 -1.9732 3.2918 3.8935 2.7831

05/03/08 25.706 2066.52 0.2027 0.4506 0.4087 0.7073 0.2890 0.5002 0.1670

07/03/08 24.782 1988.14 -3.5945 -3.7928 -3.3885 -3.5362 11.9825 12.5047 11.4821

10/03/08 24.588 1986.91 -0.7828 -0.0619 -0.5769 0.1948 -0.1124 0.0379 0.3328

11/03/08 25.059 2028.98 1.9156 2.1174 2.1215 2.3740 5.0366 5.6360 4.5009

12/03/08 24.939 2027.33 -0.4789 -0.0813 -0.2729 0.1753 -0.0478 0.0307 0.0745

13/03/08 23.860 1916.03 -4.3266 -5.4900 -4.1206 -5.2333 21.5644 27.3876 16.9793

14/03/08 24.230 1962.76 1.5507 2.4389 1.7567 2.6956 4.7352 7.2660 3.0859

17/03/08 22.854 1838.26 -5.6789 -6.3431 -5.4729 -6.0865 33.3108 37.0449 29.9531

18/03/08 22.777 1833.31 -0.3369 -0.2693 -0.1310 -0.0126 0.0017 0.0002 0.0171

19/03/08 22.921 1843.03 0.6322 0.5302 0.8382 0.7868 0.6595 0.6191 0.7026

24/03/08 22.971 1853.28 0.2181 0.5561 0.4241 0.8128 0.3447 0.6607 0.1799

25/03/08 24.247 1968.36 5.5548 6.2095 5.7608 6.4662 37.2504 41.8116 33.1868

26/03/08 24.263 1963.92 0.0660 -0.2256 0.2720 0.0311 0.0085 0.0010 0.0740

27/03/08 24.086 1958.16 -0.7295 -0.2933 -0.5235 -0.0366 0.0192 0.0013 0.2741

28/03/08 24.793 2012.69 2.9353 2.7848 3.1413 3.0414 9.5539 9.2502 9.8677

31/03/08 24.146 1932.41 -2.6096 -3.9887 -2.4036 -3.7320 8.9705 13.9281 5.7775

01/04/08 23.873 1929.87 -1.1306 -0.1314 -0.9247 0.1252 -0.1158 0.0157 0.8550

02/04/08 24.028 1943.54 0.6493 0.7083 0.8552 0.9650 0.8253 0.9312 0.7314

03/04/08 24.025 1950.17 -0.0125 0.3411 0.1935 0.5978 0.1157 0.3574 0.0374

04/04/08 23.383 1898.59 -2.6722 -2.6449 -2.4662 -2.3882 5.8900 5.7037 6.0824

07/04/08 23.895 1945.64 2.1896 2.4782 2.3956 2.7348 6.5515 7.4792 5.7389

08/04/08 23.842 1931.00 -0.2218 -0.7525 -0.0158 -0.4958 0.0079 0.2458 0.0003

09/04/08 24.164 1955.24 1.3506 1.2553 1.5565 1.5120 2.3534 2.2860 2.4228

10/04/08 24.023 1948.02 -0.5835 -0.3693 -0.3775 -0.1126 0.0425 0.0127 0.1425

11/04/08 24.146 1964.03 0.5120 0.8219 0.7180 1.0785 0.7744 1.1632 0.5155

15/04/08 24.538 2003.97 1.6235 2.0336 1.8294 2.2902 4.1898 5.2452 3.3468

16/04/08 24.730 2017.16 0.7825 0.6582 0.9884 0.9149 0.9043 0.8370 0.9770

17/04/08 25.085 2051.87 1.4355 1.7207 1.6415 1.9774 3.2458 3.9101 2.6944

21/04/08 25.516 2088.30 1.7182 1.7755 1.9241 2.0321 3.9100 4.1295 3.7023

25

22/04/08 25.531 2101.03 0.0588 0.6096 0.2648 0.8662 0.2293 0.7504 0.0701

23/04/08 25.397 2093.05 -0.5249 -0.3798 -0.3189 -0.1232 0.0393 0.0152 0.1017

24/04/08 25.329 2089.97 -0.2677 -0.1472 -0.0618 0.1095 -0.0068 0.0120 0.0038

25/04/08 25.711 2130.19 1.5082 1.9244 1.7141 2.1811 3.7386 4.7571 2.9382

28/04/08 25.627 2122.83 -0.3267 -0.3455 -0.1207 -0.0889 0.0107 0.0079 0.0146

29/04/08 26.033 2166.63 1.5843 2.0633 1.7902 2.3199 4.1532 5.3821 3.2049

30/04/08 25.949 2157.52 -0.3227 -0.4205 -0.1167 -0.1638 0.0191 0.0268 0.0136

02/05/08 26.291 2191.69 1.3180 1.5838 1.5239 1.8404 2.8047 3.3872 2.3224

05/05/08 26.235 2186.33 -0.2130 -0.2446 -0.0070 0.0121 -0.0001 0.0001 0.0000

06/05/08 26.127 2166.48 -0.4117 -0.9079 -0.2057 -0.6513 0.1340 0.4241 0.0423

07/05/08 25.985 2160.64 -0.5435 -0.2696 -0.3375 -0.0129 0.0044 0.0002 0.1139

08/05/08 25.646 2132.10 -1.3046 -1.3209 -1.0986 -1.0642 1.1692 1.1326 1.2070

09/05/08 25.146 2081.88 -1.9496 -2.3554 -1.7437 -2.0988 3.6595 4.4048 3.0403

12/05/08 25.228 2090.91 0.3261 0.4337 0.5321 0.6904 0.3673 0.4767 0.2831

13/05/08 25.108 2078.94 -0.4757 -0.5725 -0.2697 -0.3158 0.0852 0.0997 0.0727

14/05/08 25.320 2104.70 0.8444 1.2391 1.0503 1.4958 1.5710 2.2373 1.1032

15/05/08 25.766 2146.00 1.7615 1.9623 1.9674 2.2189 4.3656 4.9237 3.8707

16/05/08 25.948 2163.60 0.7064 0.8201 0.9123 1.0768 0.9824 1.1595 0.8323

20/05/08 25.680 2144.88 -1.0328 -0.8652 -0.8269 -0.6086 0.5032 0.3704 0.6837

21/05/08 25.743 2151.25 0.2453 0.2970 0.4513 0.5536 0.2499 0.3065 0.2037

22/05/08 25.400 2110.05 -1.3324 -1.9152 -1.1264 -1.6585 1.8682 2.7506 1.2689

23/05/08 25.067 2077.92 -1.3110 -1.5227 -1.1051 -1.2661 1.3991 1.6029 1.2212

26/05/08 24.489 2036.18 -2.3058 -2.0087 -2.0999 -1.7521 3.6791 3.0698 4.4094

27/05/08 24.406 2022.92 -0.3389 -0.6512 -0.1330 -0.3946 0.0525 0.1557 0.0177

28/05/08 24.774 2052.11 1.5078 1.4430 1.7138 1.6996 2.9128 2.8887 2.9371

29/05/08 24.639 2030.02 -0.5449 -1.0765 -0.3390 -0.8198 0.2779 0.6721 0.1149

30/05/08 24.900 2038.22 1.0593 0.4039 1.2653 0.6606 0.8358 0.4364 1.6009

02/06/08 24.351 1990.83 -2.2048 -2.3251 -1.9989 -2.0684 4.1344 4.2783 3.9954

03/06/08 24.159 1979.38 -0.7885 -0.5751 -0.5825 -0.3185 0.1855 0.1014 0.3393

04/06/08 23.544 1916.60 -2.5456 -3.1717 -2.3397 -2.9150 6.8202 8.4975 5.4740

05/06/08 23.840 1946.33 1.2572 1.5512 1.4632 1.8078 2.6452 3.2683 2.1409

06/06/08 23.595 1926.73 -1.0277 -1.0070 -0.8217 -0.7504 0.6166 0.5630 0.6752

09/06/08 23.028 1869.45 -2.4031 -2.9729 -2.1971 -2.7163 5.9678 7.3780 4.8272

10/06/08 22.760 1849.04 -1.1638 -1.0918 -0.9578 -0.8351 0.7999 0.6974 0.9174

11/06/08 23.164 1878.95 1.7750 1.6176 1.9810 1.8743 3.7129 3.5128 3.9244

12/06/08 23.303 1889.04 0.6001 0.5370 0.8060 0.7937 0.6397 0.6299 0.6497

13/06/08 23.264 1879.05 -0.1674 -0.5288 0.0386 -0.2722 -0.0105 0.0741 0.0015

16/06/08 23.500 1905.24 1.0144 1.3938 1.2204 1.6504 2.0142 2.7240 1.4894

17/06/08 23.920 1944.50 1.7872 2.0606 1.9932 2.3173 4.6188 5.3698 3.9729

18/06/08 23.550 1913.39 -1.5468 -1.5999 -1.3409 -1.3432 1.8011 1.8043 1.7979

19/06/08 23.148 1874.27 -1.7070 -2.0445 -1.5010 -1.7879 2.6837 3.1965 2.2531

20/06/08 22.530 1809.24 -2.6698 -3.4696 -2.4638 -3.2130 7.9161 10.3231 6.0704

23/06/08 22.028 1760.80 -2.2281 -2.6774 -2.0222 -2.4207 4.8951 5.8598 4.0892

26

24/06/08 21.775 1730.49 -1.1485 -1.7214 -0.9426 -1.4647 1.3806 2.1454 0.8884

25/06/08 21.895 1747.78 0.5511 0.9991 0.7571 1.2558 0.9507 1.5770 0.5731

26/06/08 22.055 1764.53 0.7308 0.9584 0.9367 1.2150 1.1381 1.4763 0.8775

27/06/08 21.356 1691.44 -3.1693 -4.1422 -2.9634 -3.8855 11.5143 15.0973 8.7816

30/06/08 20.924 1644.18 -2.0229 -2.7941 -1.8169 -2.5374 4.6102 6.4385 3.3011

01/07/08 20.180 1578.10 -3.5557 -4.0190 -3.3498 -3.7624 12.6030 14.1554 11.2209

02/07/08 20.960 1658.43 3.8652 5.0903 4.0712 5.3470 21.7684 28.5899 16.5745

03/07/08 20.316 1587.24 -3.0725 -4.2926 -2.8666 -4.0360 11.5693 16.2889 8.2171

04/07/08 20.656 1630.17 1.6736 2.7047 1.8795 2.9614 5.5659 8.7696 3.5326

07/07/08 20.826 1642.04 0.8230 0.7281 1.0290 0.9848 1.0133 0.9698 1.0588

08/07/08 20.688 1627.27 -0.6626 -0.8995 -0.4567 -0.6428 0.2936 0.4132 0.2085

09/07/08 21.436 1699.04 3.6156 4.4105 3.8216 4.6671 17.8358 21.7819 14.6045

10/07/08 21.445 1698.74 0.0420 -0.0177 0.2480 0.2390 0.0593 0.0571 0.0615

11/07/08 20.981 1649.10 -2.1637 -2.9222 -1.9577 -2.6655 5.2183 7.1049 3.8326

14/07/08 20.765 1636.78 -1.0295 -0.7471 -0.8235 -0.4904 0.4039 0.2405 0.6782

15/07/08 19.957 1561.52 -3.8912 -4.5981 -3.6852 -4.3414 15.9989 18.8477 13.5807

16/07/08 19.735 1542.41 -1.1124 -1.2238 -0.9064 -0.9671 0.8766 0.9354 0.8216

17/07/08 20.392 1593.29 3.3291 3.2987 3.5351 3.5554 12.5686 12.6408 12.4968

18/07/08 20.967 1646.83 2.8197 3.3603 3.0257 3.6170 10.9440 13.0827 9.1549

21/07/08 21.223 1666.69 1.2210 1.2060 1.4269 1.4626 2.0870 2.1392 2.0361

22/07/08 21.585 1703.04 1.7057 2.1810 1.9117 2.4376 4.6599 5.9420 3.6545

23/07/08 22.698 1807.77 5.1564 6.1496 5.3623 6.4062 34.3524 41.0400 28.7545

24/07/08 22.424 1790.31 -1.2072 -0.9658 -1.0012 -0.7092 0.7100 0.5029 1.0024

25/07/08 21.935 1744.25 -2.1807 -2.5727 -1.9747 -2.3161 4.5736 5.3642 3.8996

28/07/08 22.025 1753.49 0.4103 0.5297 0.6163 0.7864 0.4846 0.6184 0.3798

29/07/08 21.308 1687.11 -3.2554 -3.7856 -3.0494 -3.5289 10.7612 12.4534 9.2990

30/07/08 21.913 1745.01 2.8393 3.4319 3.0453 3.6886 11.2327 13.6055 9.2737

31/07/08 21.981 1749.11 0.3103 0.2350 0.5163 0.4916 0.2538 0.2417 0.2666

01/08/08 22.436 1788.38 2.0700 2.2451 2.2759 2.5018 5.6939 6.2590 5.1799

04/08/08 22.477 1795.44 0.1827 0.3948 0.3887 0.6514 0.2532 0.4244 0.1511

05/08/08 22.981 1838.73 2.2423 2.4111 2.4483 2.6678 6.5314 7.1170 5.9940

06/08/08 23.025 1841.95 0.1915 0.1751 0.3974 0.4318 0.1716 0.1864 0.1580

07/08/08 23.090 1847.16 0.2823 0.2829 0.4883 0.5395 0.2634 0.2911 0.2384

08/08/08 23.184 1852.07 0.4071 0.2658 0.6131 0.5225 0.3203 0.2730 0.3759

11/08/08 23.564 1891.30 1.6391 2.1182 1.8450 2.3748 4.3816 5.6398 3.4041

12/08/08 23.220 1860.16 -1.4599 -1.6465 -1.2539 -1.3898 1.7427 1.9316 1.5722

13/08/08 23.151 1849.95 -0.2972 -0.5489 -0.0912 -0.2922 0.0266 0.0854 0.0083

14/08/08 22.714 1804.57 -1.8876 -2.4530 -1.6816 -2.1964 3.6935 4.8241 2.8279

18/08/08 22.630 1789.81 -0.3698 -0.8179 -0.1638 -0.5613 0.0920 0.3150 0.0268

19/08/08 22.455 1779.29 -0.7733 -0.5878 -0.5673 -0.3311 0.1879 0.1096 0.3219

20/08/08 22.620 1796.87 0.7348 0.9880 0.9408 1.2447 1.1710 1.5493 0.8850

21/08/08 22.082 1746.35 -2.3784 -2.8116 -2.1725 -2.5549 5.5504 6.5275 4.7196

22/08/08 22.277 1761.45 0.8831 0.8647 1.0890 1.1213 1.2212 1.2574 1.1860

27

25/08/08 22.375 1766.92 0.4399 0.3105 0.6459 0.5672 0.3663 0.3217 0.4172

26/08/08 22.425 1770.51 0.2235 0.2032 0.4294 0.4598 0.1975 0.2114 0.1844

27/08/08 22.271 1750.95 -0.6867 -1.1048 -0.4808 -0.8481 0.4077 0.7193 0.2311

28/08/08 21.992 1723.81 -1.2528 -1.5500 -1.0468 -1.2934 1.3539 1.6728 1.0958

29/08/08 22.622 1782.08 2.8647 3.3803 3.0706 3.6370 11.1678 13.2275 9.4289

01/09/08 22.595 1776.91 -0.1194 -0.2901 0.0866 -0.0335 -0.0029 0.0011 0.0075

02/09/08 23.209 1835.89 2.7174 3.3192 2.9234 3.5759 10.4537 12.7871 8.5462

04/09/08 23.081 1819.78 -0.5515 -0.8775 -0.3455 -0.6208 0.2145 0.3854 0.1194

05/09/08 22.643 1775.73 -1.8977 -2.4206 -1.6917 -2.1640 3.6608 4.6827 2.8618

08/09/08 23.128 1821.57 2.1419 2.5815 2.3479 2.8381 6.6637 8.0550 5.5127

09/09/08 22.995 1813.29 -0.5751 -0.4546 -0.3691 -0.1979 0.0730 0.0392 0.1362

10/09/08 22.794 1788.71 -0.8741 -1.3555 -0.6681 -1.0989 0.7342 1.2076 0.4464

11/09/08 22.400 1752.43 -1.7285 -2.0283 -1.5226 -1.7716 2.6974 3.1386 2.3182

12/09/08 22.073 1717.28 -1.4598 -2.0058 -1.2539 -1.7491 2.1932 3.0594 1.5722

15/09/08 21.480 1653.52 -2.6865 -3.7128 -2.4806 -3.4562 8.5733 11.9452 6.1532

16/09/08 21.463 1648.65 -0.0791 -0.2945 0.1268 -0.0379 -0.0048 0.0014 0.0161

17/09/08 21.083 1614.41 -1.7705 -2.0769 -1.5645 -1.8202 2.8477 3.3131 2.4477

18/09/08 21.143 1617.31 0.2846 0.1796 0.4906 0.4363 0.2140 0.1903 0.2406

19/09/08 21.901 1695.81 3.5851 4.8537 3.7911 5.1104 19.3739 26.1162 14.3723

22/09/08 21.844 1690.02 -0.2603 -0.3414 -0.0543 -0.0848 0.0046 0.0072 0.0029

23/09/08 21.347 1648.24 -2.2752 -2.4722 -2.0693 -2.2155 4.5844 4.9084 4.2818

24/09/08 21.467 1660.18 0.5621 0.7244 0.7681 0.9811 0.7536 0.9625 0.5900

25/09/08 21.286 1643.13 -0.8432 -1.0270 -0.6372 -0.7703 0.4909 0.5934 0.4060

26/09/08 20.782 1590.58 -2.3678 -3.1982 -2.1618 -2.9415 6.3589 8.6525 4.6733

29/09/08 20.125 1527.24 -3.1614 -3.9822 -2.9554 -3.7255 11.0105 13.8796 8.7345

30/09/08 20.488 1555.70 1.8037 1.8635 2.0097 2.1202 4.2609 4.4950 4.0389

01/10/08 20.776 1574.64 1.4057 1.2175 1.6117 1.4741 2.3758 2.1730 2.5975

03/10/08 20.170 1515.29 -2.9168 -3.7691 -2.7109 -3.5125 9.5218 12.3374 7.3488

06/10/08 19.188 1423.32 -4.8686 -6.0695 -4.6626 -5.8128 27.1031 33.7887 21.7403

07/10/08 19.031 1406.62 -0.8182 -1.1733 -0.6123 -0.9167 0.5612 0.8403 0.3749

08/10/08 18.425 1354.29 -3.1843 -3.7203 -2.9783 -3.4636 10.3157 11.9966 8.8703

10/10/08 17.337 1253.50 -5.9050 -7.4423 -5.6991 -7.1856 40.9512 51.6331 32.4792

13/10/08 18.225 1339.56 5.1220 6.8656 5.3280 7.1222 37.9470 50.7262 28.3872

14/10/08 18.509 1359.12 1.5583 1.4602 1.7643 1.7168 3.0290 2.9475 3.1126

15/10/08 17.752 1288.02 -4.0899 -5.2313 -3.8839 -4.9747 19.3213 24.7473 15.0850

16/10/08 17.607 1266.30 -0.8168 -1.6863 -0.6108 -1.4297 0.8733 2.0439 0.3731

17/10/08 16.938 1201.95 -3.7996 -5.0817 -3.5937 -4.8251 17.3397 23.2814 12.9144

20/10/08 17.159 1222.69 1.3048 1.7255 1.5107 1.9822 2.9945 3.9291 2.2823

21/10/08 17.654 1270.03 2.8848 3.8718 3.0908 4.1284 12.7600 17.0441 9.5527

22/10/08 17.025 1210.71 -3.5629 -4.6708 -3.3570 -4.4141 14.8180 19.4843 11.2692

23/10/08 16.493 1162.48 -3.1248 -3.9836 -2.9188 -3.7270 10.8784 13.8902 8.5197

24/10/08 15.019 1037.80 -8.9371 -10.7253 -8.7312 -10.468 91.4038 109.5934 76.2331

27/10/08 14.648 1009.75 -2.4702 -2.7028 -2.2642 -2.4462 5.5387 5.9838 5.1268

28

29/10/08 15.243 1071.22 4.0620 6.0876 4.2680 6.3443 27.0772 40.2502 18.2154

31/10/08 16.086 1145.68 5.5304 6.9510 5.7364 7.2076 41.3456 51.9497 32.9060

03/11/08 16.698 1206.96 3.8046 5.3488 4.0105 5.6054 22.4807 31.4210 16.0843

04/11/08 17.163 1246.92 2.7848 3.3108 2.9907 3.5675 10.6693 12.7267 8.9445

05/11/08 16.666 1196.66 -2.8958 -4.0307 -2.6898 -3.7741 10.1515 14.2436 7.2350

06/11/08 16.245 1157.29 -2.5261 -3.2900 -2.3201 -3.0333 7.0377 9.2011 5.3830

07/11/08 16.503 1184.61 1.5882 2.3607 1.7941 2.6173 4.6959 6.8505 3.2190

10/11/08 17.142 1246.80 3.8720 5.2498 4.0780 5.5065 22.4554 30.3214 16.6300

11/11/08 16.382 1172.85 -4.4336 -5.9312 -4.2276 -5.6745 23.9896 32.2002 17.8725

12/11/08 15.983 1139.44 -2.4356 -2.8486 -2.2296 -2.5920 5.7791 6.7182 4.9713

14/11/08 15.755 1119.97 -1.4265 -1.7087 -1.2205 -1.4521 1.7723 2.1085 1.4897

17/11/08 15.504 1102.01 -1.5931 -1.6036 -1.3872 -1.3470 1.8685 1.8143 1.9243

18/11/08 15.059 1063.29 -2.8702 -3.5136 -2.6643 -3.2569 8.6773 10.6075 7.0983

19/11/08 14.879 1044.02 -1.1953 -1.8123 -0.9893 -1.5556 1.5390 2.4200 0.9788

20/11/08 14.475 1007.18 -2.7152 -3.5287 -2.5093 -3.2720 8.2104 10.7060 6.2964

21/11/08 14.949 1048.86 3.2746 4.1383 3.4806 4.3949 15.2970 19.3155 12.1144

24/11/08 14.919 1048.17 -0.2007 -0.0658 0.0053 0.1909 0.0010 0.0364 0.0000

25/11/08 14.714 1028.04 -1.3741 -1.9205 -1.1681 -1.6638 1.9436 2.7683 1.3645

26/11/08 15.054 1057.41 2.3107 2.8569 2.5167 3.1136 7.8358 9.6942 6.3337

28/11/08 15.204 1062.35 0.9964 0.4672 1.2024 0.7238 0.8703 0.5239 1.4457

01/12/08 14.871 1037.77 -2.1902 -2.3137 -1.9842 -2.0571 4.0818 4.2316 3.9372

02/12/08 14.763 1027.59 -0.7262 -0.9809 -0.5203 -0.7243 0.3768 0.5246 0.2707

03/12/08 14.861 1031.95 0.6638 0.4243 0.8698 0.6810 0.5923 0.4637 0.7565

04/12/08 15.357 1081.54 3.3376 4.8055 3.5436 5.0621 17.9379 25.6251 12.5568

05/12/08 15.043 1055.85 -2.0447 -2.3753 -1.8387 -2.1187 3.8956 4.4887 3.3808

08/12/08 15.223 1074.49 1.1966 1.7654 1.4025 2.0221 2.8360 4.0887 1.9671

10/12/08 15.687 1124.89 3.0480 4.6906 3.2540 4.9473 16.0983 24.4753 10.5884

11/12/08 15.693 1128.12 0.0382 0.2871 0.2442 0.5438 0.1328 0.2957 0.0596

12/12/08 15.784 1134.05 0.5799 0.5257 0.7858 0.7823 0.6148 0.6120 0.6175

15/12/08 16.026 1158.24 1.5332 2.1331 1.7392 2.3897 4.1561 5.7108 3.0247

16/12/08 16.283 1179.49 1.6036 1.8347 1.8096 2.0913 3.7845 4.3737 3.2747

17/12/08 15.947 1146.28 -2.0635 -2.8156 -1.8575 -2.5590 4.7534 6.5483 3.4504

18/12/08 16.397 1188.20 2.8218 3.6570 3.0278 3.9137 11.8500 15.3171 9.1677

19/12/08 16.544 1196.84 0.8965 0.7272 1.1025 0.9838 1.0846 0.9679 1.2154

22/12/08 16.293 1181.50 -1.5172 -1.2817 -1.3112 -1.0251 1.3440 1.0507 1.7192

23/12/08 15.954 1151.34 -2.0806 -2.5527 -1.8747 -2.2960 4.3043 5.2717 3.5144

24/12/08 15.875 1139.54 -0.4952 -1.0249 -0.2892 -0.7682 0.2222 0.5902 0.0836

26/12/08 15.643 1115.86 -1.4614 -2.0780 -1.2555 -1.8214 2.2866 3.3174 1.5762

29/12/08 15.870 1140.27 1.4511 2.1876 1.6571 2.4442 4.0503 5.9742 2.7460

30/12/08 16.097 1161.77 1.4304 1.8855 1.6363 2.1422 3.5053 4.5889 2.6776

31/12/08 16.067 1156.59 -0.1864 -0.4459 0.0196 -0.1892 -0.0037 0.0358 0.0004

01/01/09 16.355 1187.19 1.7925 2.6457 1.9985 2.9024 5.8003 8.4237 3.9938

02/01/09 16.480 1197.04 0.7643 0.8297 0.9703 1.0863 1.0540 1.1802 0.9414

29

05/01/09 16.775 1230.05 1.7900 2.7576 1.9960 3.0143 6.0166 9.0860 3.9841

06/01/09 16.779 1235.79 0.0238 0.4666 0.2298 0.7233 0.1662 0.5232 0.0528

07/01/09 16.005 1148.68 -4.6129 -7.0489 -4.4069 -6.7923 29.9332 46.1350 19.4211

09/01/09 15.913 1124.65 -0.5748 -2.0920 -0.3689 -1.8353 0.6770 3.3684 0.1361

12/01/09 15.582 1091.37 -2.0801 -2.9591 -1.8741 -2.7025 5.0647 7.3034 3.5122

13/01/09 15.479 1082.16 -0.6610 -0.8439 -0.4551 -0.5872 0.2672 0.3448 0.2071

14/01/09 15.776 1114.97 1.9187 3.0319 2.1247 3.2886 6.9872 10.8146 4.5143

15/01/09 15.399 1079.71 -2.3897 -3.1624 -2.1837 -2.9058 6.3454 8.4434 4.7687

16/01/09 15.652 1106.64 1.6430 2.4942 1.8489 2.7508 5.0861 7.5672 3.4185

19/01/09 15.725 1109.85 0.4664 0.2901 0.6724 0.5467 0.3676 0.2989 0.4521

20/01/09 15.435 1087.29 -1.8442 -2.0327 -1.6382 -1.7760 2.9096 3.1543 2.6838

21/01/09 15.119 1053.36 -2.0473 -3.1206 -1.8413 -2.8639 5.2735 8.2022 3.3905

22/01/09 15.071 1050.19 -0.3175 -0.3009 -0.1115 -0.0443 0.0049 0.0020 0.0124

23/01/09 14.900 1031.42 -1.1346 -1.7873 -0.9287 -1.5306 1.4214 2.3429 0.8624

27/01/09 15.198 1061.64 2.0000 2.9299 2.2060 3.1866 7.0295 10.1544 4.8663

28/01/09 15.492 1091.49 1.9345 2.8117 2.1404 3.0683 6.5676 9.4147 4.5814

29/01/09 15.460 1086.02 -0.2066 -0.5011 -0.0006 -0.2445 0.0001 0.0598 0.0000

30/01/09 15.632 1107.06 1.1125 1.9373 1.3185 2.1940 2.8928 4.8137 1.7385

02/02/09 15.329 1070.34 -1.9383 -3.3169 -1.7324 -3.0602 5.3014 9.3650 3.0011

03/02/09 15.420 1074.37 0.5936 0.3765 0.7996 0.6332 0.5063 0.4009 0.6394

04/02/09 15.488 1078.39 0.4410 0.3742 0.6470 0.6308 0.4081 0.3979 0.4185

05/02/09 15.375 1068.83 -0.7296 -0.8865 -0.5236 -0.6298 0.3298 0.3967 0.2742

06/02/09 15.605 1091.22 1.4959 2.0948 1.7019 2.3515 4.0020 5.5294 2.8965

09/02/09 15.895 1120.96 1.8584 2.7254 2.0643 2.9820 6.1560 8.8926 4.2615

10/02/09 16.036 1128.85 0.8871 0.7039 1.0930 0.9605 1.0499 0.9226 1.1947

11/02/09 16.003 1127.30 -0.2058 -0.1373 0.0002 0.1194 0.0000 0.0142 0.0000

12/02/09 15.880 1114.78 -0.7686 -1.1106 -0.5626 -0.8540 0.4805 0.7292 0.3166

13/02/09 16.114 1133.73 1.4736 1.6999 1.6795 1.9565 3.2861 3.8281 2.8208

16/02/09 15.696 1095.87 -2.5940 -3.3394 -2.3881 -3.0828 7.3618 9.5034 5.7028

17/02/09 15.341 1065.78 -2.2617 -2.7458 -2.0558 -2.4891 5.1170 6.1956 4.2261

18/02/09 15.303 1063.92 -0.2477 -0.1745 -0.0417 0.0821 -0.0034 0.0067 0.0017

19/02/09 15.331 1066.10 0.1830 0.2049 0.3889 0.4616 0.1795 0.2130 0.1513

20/02/09 15.077 1044.06 -1.6568 -2.0673 -1.4508 -1.8107 2.6270 3.2786 2.1048

24/02/09 14.962 1037.66 -0.7628 -0.6130 -0.5568 -0.3563 0.1984 0.1270 0.3100

25/02/09 15.098 1045.55 0.9090 0.7604 1.1149 1.0170 1.1339 1.0343 1.2431

26/02/09 15.151 1049.35 0.3510 0.3634 0.5570 0.6201 0.3454 0.3845 0.3103

27/02/09 15.132 1044.94 -0.1254 -0.4203 0.0806 -0.1636 -0.0132 0.0268 0.0065

-49.226 -61.3413 1337.1418 1700.2528 1072.6872

Kj = Km = 5.5947 7.1140 4.4882

-0.2060 -0.2567 Cov(Kj, Km)= Var(Km)=

5.5947 7.1140

Data source : 1. www.amfiindia.com 2. www.bseindia.com

30

Beta (β) of the fund for the last one year = (5.5947/7.1140) = 0.79Beta value of 0.79 means that the fund is less risky than its benchmark index and if the return of the benchmark index rose by 10%, the return of the fund would have rose by 7.9%.

Alpha () of the fund for the last one year = -0.2060-(0.79*(-0.2567)) = -0.004.Alpha value of -0.004 implies that the fund return has underperformed the benchmark index by 0.004% over the last one year.

Standard Deviation (σ) of the fund for the last one year = sqrt( 4.4882 ) = 2.1185.Standard Deviation of 2.1185 means the variability of returns or the risk factor is the fund is 2.1185% during the Period.

31

HSBC Equity Fund – Growth

DATEHSBC Equity

Fund- Growth(NAV)

Benchmark Index(BSE 200) value

% change

in NAV=kj

% change in

Benchmark Index=km

(Kj-kj)) (km-km)(kj-kj)

(km-km)(km-km)2 (Kj-kj)2

03/03/08 93.831 2104.17

04/03/08 91.923 2057.25 -2.0342 -2.2299 -1.8491 -1.9732 3.6486 3.8935 3.4191

05/03/08 92.359 2066.52 0.4745 0.4506 0.6596 0.7073 0.4665 0.5002 0.4351

07/03/08 89.677 1988.14 -2.9039 -3.7928 -2.7188 -3.5362 9.6141 12.5047 7.3917

10/03/08 90.061 1986.91 0.4278 -0.0619 0.6129 0.1948 0.1194 0.0379 0.3756

11/03/08 91.415 2028.98 1.5039 2.1174 1.6890 2.3740 4.0097 5.6360 2.8527

12/03/08 91.287 2027.33 -0.1395 -0.0813 0.0456 0.1753 0.0080 0.0307 0.0021

13/03/08 87.502 1916.03 -4.1471 -5.4900 -3.9620 -5.2333 20.7345 27.3876 15.6975

14/03/08 88.855 1962.76 1.5467 2.4389 1.7318 2.6956 4.6682 7.2660 2.9992

17/03/08 84.755 1838.26 -4.6145 -6.3431 -4.4294 -6.0865 26.9592 37.0449 19.6193

18/03/08 84.313 1833.31 -0.5208 -0.2693 -0.3357 -0.0126 0.0042 0.0002 0.1127

19/03/08 84.939 1843.03 0.7419 0.5302 0.9270 0.7868 0.7294 0.6191 0.8593

24/03/08 85.462 1853.28 0.6159 0.5561 0.8010 0.8128 0.6510 0.6607 0.6415

25/03/08 89.574 1968.36 4.8120 6.2095 4.9971 6.4662 32.3120 41.8116 24.9708

26/03/08 89.376 1963.92 -0.2215 -0.2256 -0.0364 0.0311 -0.0011 0.0010 0.0013

27/03/08 89.195 1958.16 -0.2023 -0.2933 -0.0172 -0.0366 0.0006 0.0013 0.0003

28/03/08 90.920 2012.69 1.9337 2.7848 2.1188 3.0414 6.4443 9.2502 4.4895

31/03/08 88.381 1932.41 -2.7921 -3.9887 -2.6070 -3.7320 9.7295 13.9281 6.7965

01/04/08 87.970 1929.87 -0.4660 -0.1314 -0.2809 0.1252 -0.0352 0.0157 0.0789

02/04/08 88.565 1943.54 0.6764 0.7083 0.8615 0.9650 0.8313 0.9312 0.7422

03/04/08 88.726 1950.17 0.1825 0.3411 0.3676 0.5978 0.2197 0.3574 0.1351

04/04/08 86.686 1898.59 -2.2995 -2.6449 -2.1144 -2.3882 5.0498 5.7037 4.4708

07/04/08 88.390 1945.64 1.9660 2.4782 2.1511 2.7348 5.8828 7.4792 4.6271

08/04/08 88.175 1931.00 -0.2431 -0.7525 -0.0580 -0.4958 0.0288 0.2458 0.0034

09/04/08 88.926 1955.24 0.8521 1.2553 1.0372 1.5120 1.5682 2.2860 1.0757

10/04/08 88.577 1948.02 -0.3925 -0.3693 -0.2073 -0.1126 0.0233 0.0127 0.0430

11/04/08 89.516 1964.03 1.0599 0.8219 1.2450 1.0785 1.3427 1.1632 1.5500

15/04/08 90.768 2003.97 1.3981 2.0336 1.5832 2.2902 3.6259 5.2452 2.5065

16/04/08 91.167 2017.16 0.4396 0.6582 0.6247 0.9149 0.5715 0.8370 0.3902

17/04/08 92.145 2051.87 1.0729 1.7207 1.2580 1.9774 2.4875 3.9101 1.5825

21/04/08 93.293 2088.30 1.2455 1.7755 1.4307 2.0321 2.9072 4.1295 2.0468

22/04/08 93.702 2101.03 0.4388 0.6096 0.6239 0.8662 0.5405 0.7504 0.3893

32

23/04/08 93.215 2093.05 -0.5194 -0.3798 -0.3343 -0.1232 0.0412 0.0152 0.1118

24/04/08 93.246 2089.97 0.0327 -0.1472 0.2178 0.1095 0.0239 0.0120 0.0475

25/04/08 94.975 2130.19 1.8547 1.9244 2.0398 2.1811 4.4489 4.7571 4.1607

28/04/08 95.019 2122.83 0.0466 -0.3455 0.2318 -0.0889 -0.0206 0.0079 0.0537

29/04/08 96.329 2166.63 1.3785 2.0633 1.5636 2.3199 3.6274 5.3821 2.4447

30/04/08 95.904 2157.52 -0.4417 -0.4205 -0.2566 -0.1638 0.0420 0.0268 0.0658

02/05/08 97.161 2191.69 1.3112 1.5838 1.4963 1.8404 2.7539 3.3872 2.2390

05/05/08 96.889 2186.33 -0.2803 -0.2446 -0.0951 0.0121 -0.0012 0.0001 0.0091

06/05/08 96.128 2166.48 -0.7852 -0.9079 -0.6001 -0.6513 0.3908 0.4241 0.3601

07/05/08 96.226 2160.64 0.1021 -0.2696 0.2872 -0.0129 -0.0037 0.0002 0.0825

08/05/08 95.260 2132.10 -1.0040 -1.3209 -0.8189 -1.0642 0.8715 1.1326 0.6706

09/05/08 93.644 2081.88 -1.6964 -2.3554 -1.5113 -2.0988 3.1719 4.4048 2.2840

12/05/08 94.357 2090.91 0.7610 0.4337 0.9461 0.6904 0.6532 0.4767 0.8951

13/05/08 93.705 2078.94 -0.6906 -0.5725 -0.5055 -0.3158 0.1596 0.0997 0.2555

14/05/08 94.646 2104.70 1.0045 1.2391 1.1896 1.4958 1.7794 2.2373 1.4153

15/05/08 96.224 2146.00 1.6669 1.9623 1.8521 2.2189 4.1096 4.9237 3.4301

16/05/08 97.123 2163.60 0.9341 0.8201 1.1192 1.0768 1.2051 1.1595 1.2526

20/05/08 96.659 2144.88 -0.4776 -0.8652 -0.2925 -0.6086 0.1780 0.3704 0.0856

21/05/08 96.739 2151.25 0.0831 0.2970 0.2682 0.5536 0.1485 0.3065 0.0719

22/05/08 95.494 2110.05 -1.2870 -1.9152 -1.1019 -1.6585 1.8274 2.7506 1.2141

23/05/08 94.202 2077.92 -1.3536 -1.5227 -1.1685 -1.2661 1.4794 1.6029 1.3653

26/05/08 92.756 2036.18 -1.5345 -2.0087 -1.3494 -1.7521 2.3642 3.0698 1.8208

27/05/08 92.357 2022.92 -0.4304 -0.6512 -0.2453 -0.3946 0.0968 0.1557 0.0602

28/05/08 93.401 2052.11 1.1302 1.4430 1.3153 1.6996 2.2355 2.8887 1.7300

29/05/08 92.878 2030.02 -0.5596 -1.0765 -0.3745 -0.8198 0.3070 0.6721 0.1403

30/05/08 93.635 2038.22 0.8148 0.4039 0.9999 0.6606 0.6606 0.4364 0.9999

02/06/08 91.900 1990.83 -1.8534 -2.3251 -1.6683 -2.0684 3.4506 4.2783 2.7831

03/06/08 91.253 1979.38 -0.7040 -0.5751 -0.5189 -0.3185 0.1653 0.1014 0.2693

04/06/08 89.017 1916.60 -2.4494 -3.1717 -2.2642 -2.9150 6.6004 8.4975 5.1268

05/06/08 89.787 1946.33 0.8642 1.5512 1.0493 1.8078 1.8970 3.2683 1.1011

06/06/08 89.363 1926.73 -0.4718 -1.0070 -0.2867 -0.7504 0.2151 0.5630 0.0822

09/06/08 87.433 1869.45 -2.1600 -2.9729 -1.9748 -2.7163 5.3642 7.3780 3.9000

10/06/08 86.180 1849.04 -1.4333 -1.0918 -1.2482 -0.8351 1.0424 0.6974 1.5580

11/06/08 87.136 1878.95 1.1098 1.6176 1.2949 1.8743 2.4269 3.5128 1.6767

12/06/08 87.663 1889.04 0.6041 0.5370 0.7892 0.7937 0.6264 0.6299 0.6229

13/06/08 87.356 1879.05 -0.3501 -0.5288 -0.1650 -0.2722 0.0449 0.0741 0.0272

16/06/08 88.154 1905.24 0.9136 1.3938 1.0987 1.6504 1.8134 2.7240 1.2072

17/06/08 89.597 1944.50 1.6377 2.0606 1.8228 2.3173 4.2240 5.3698 3.3227

18/06/08 88.269 1913.39 -1.4832 -1.5999 -1.2981 -1.3432 1.7436 1.8043 1.6850

19/06/08 86.944 1874.27 -1.5009 -2.0445 -1.3158 -1.7879 2.3524 3.1965 1.7312

20/06/08 84.716 1809.24 -2.5625 -3.4696 -2.3774 -3.2130 7.6383 10.3231 5.6518

23/06/08 83.038 1760.80 -1.9805 -2.6774 -1.7954 -2.4207 4.3461 5.8598 3.2234

24/06/08 82.218 1730.49 -0.9876 -1.7214 -0.8025 -1.4647 1.1754 2.1454 0.6440

33

25/06/08 82.754 1747.78 0.6520 0.9991 0.8372 1.2558 1.0513 1.5770 0.7008

26/06/08 83.308 1764.53 0.6698 0.9584 0.8549 1.2150 1.0388 1.4763 0.7309

27/06/08 81.064 1691.44 -2.6940 -4.1422 -2.5089 -3.8855 9.7482 15.0973 6.2944

30/06/08 79.988 1644.18 -1.3273 -2.7941 -1.1422 -2.5374 2.8983 6.4385 1.3047

01/07/08 77.654 1578.10 -2.9178 -4.0190 -2.7327 -3.7624 10.2814 14.1554 7.4677

02/07/08 80.403 1658.43 3.5404 5.0903 3.7256 5.3470 19.9204 28.5899 13.8798

03/07/08 77.839 1587.24 -3.1900 -4.2926 -3.0049 -4.0360 12.1278 16.2889 9.0296

04/07/08 79.420 1630.17 2.0311 2.7047 2.2162 2.9614 6.5631 8.7696 4.9117

07/07/08 79.440 1642.04 0.0253 0.7281 0.2104 0.9848 0.2072 0.9698 0.0443

08/07/08 78.524 1627.27 -1.1523 -0.8995 -0.9672 -0.6428 0.6218 0.4132 0.9355

09/07/08 81.304 1699.04 3.5397 4.4105 3.7248 4.6671 17.3840 21.7819 13.8740

10/07/08 81.394 1698.74 0.1105 -0.0177 0.2956 0.2390 0.0706 0.0571 0.0874

11/07/08 79.532 1649.10 -2.2867 -2.9222 -2.1016 -2.6655 5.6017 7.1049 4.4165

14/07/08 78.784 1636.78 -0.9413 -0.7471 -0.7561 -0.4904 0.3708 0.2405 0.5717

15/07/08 76.301 1561.52 -3.1513 -4.5981 -2.9662 -4.3414 12.8773 18.8477 8.7982

16/07/08 75.458 1542.41 -1.1046 -1.2238 -0.9195 -0.9671 0.8893 0.9354 0.8454

17/07/08 77.247 1593.29 2.3701 3.2987 2.5552 3.5554 9.0846 12.6408 6.5289

18/07/08 79.184 1646.83 2.5076 3.3603 2.6927 3.6170 9.7394 13.0827 7.2504

21/07/08 79.699 1666.69 0.6511 1.2060 0.8363 1.4626 1.2231 2.1392 0.6993

22/07/08 80.981 1703.04 1.6078 2.1810 1.7929 2.4376 4.3704 5.9420 3.2145

23/07/08 84.367 1807.77 4.1814 6.1496 4.3665 6.4062 27.9728 41.0400 19.0662

24/07/08 83.416 1790.31 -1.1264 -0.9658 -0.9413 -0.7092 0.6675 0.5029 0.8860

25/07/08 82.090 1744.25 -1.5902 -2.5727 -1.4051 -2.3161 3.2543 5.3642 1.9743

28/07/08 82.610 1753.49 0.6330 0.5297 0.8181 0.7864 0.6433 0.6184 0.6692

29/07/08 80.594 1687.11 -2.4398 -3.7856 -2.2547 -3.5289 7.9566 12.4534 5.0836

30/07/08 82.721 1745.01 2.6394 3.4319 2.8245 3.6886 10.4184 13.6055 7.9779

31/07/08 82.910 1749.11 0.2276 0.2350 0.4127 0.4916 0.2029 0.2417 0.1704

01/08/08 83.953 1788.38 1.2585 2.2451 1.4436 2.5018 3.6116 6.2590 2.0840

04/08/08 84.142 1795.44 0.2255 0.3948 0.4106 0.6514 0.2675 0.4244 0.1686

05/08/08 85.552 1838.73 1.6750 2.4111 1.8601 2.6678 4.9624 7.1170 3.4601

06/08/08 85.934 1841.95 0.4474 0.1751 0.6326 0.4318 0.2731 0.1864 0.4001

07/08/08 85.999 1847.16 0.0752 0.2829 0.2603 0.5395 0.1404 0.2911 0.0677

08/08/08 85.919 1852.07 -0.0927 0.2658 0.0924 0.5225 0.0483 0.2730 0.0085

11/08/08 87.441 1891.30 1.7714 2.1182 1.9565 2.3748 4.6465 5.6398 3.8281

12/08/08 85.950 1860.16 -1.7053 -1.6465 -1.5201 -1.3898 2.1127 1.9316 2.3108

13/08/08 85.465 1849.95 -0.5650 -0.5489 -0.3799 -0.2922 0.1110 0.0854 0.1443

14/08/08 83.594 1804.57 -2.1887 -2.4530 -2.0036 -2.1964 4.4007 4.8241 4.0145

18/08/08 83.080 1789.81 -0.6149 -0.8179 -0.4298 -0.5613 0.2412 0.3150 0.1847

19/08/08 82.275 1779.29 -0.9694 -0.5878 -0.7843 -0.3311 0.2597 0.1096 0.6152

20/08/08 82.926 1796.87 0.7915 0.9880 0.9766 1.2447 1.2156 1.5493 0.9538

21/08/08 81.401 1746.35 -1.8394 -2.8116 -1.6542 -2.5549 4.2264 6.5275 2.7365

22/08/08 82.080 1761.45 0.8348 0.8647 1.0199 1.1213 1.1436 1.2574 1.0401

25/08/08 82.269 1766.92 0.2299 0.3105 0.4150 0.5672 0.2354 0.3217 0.1722

34

26/08/08 82.106 1770.51 -0.1983 0.2032 -0.0131 0.4598 -0.0060 0.2114 0.0002

27/08/08 81.436 1750.95 -0.8150 -1.1048 -0.6299 -0.8481 0.5343 0.7193 0.3968

28/08/08 80.442 1723.81 -1.2210 -1.5500 -1.0358 -1.2934 1.3397 1.6728 1.0730

29/08/08 82.489 1782.08 2.5449 3.3803 2.7300 3.6370 9.9291 13.2275 7.4532

01/09/08 82.464 1776.91 -0.0302 -0.2901 0.1549 -0.0335 -0.0052 0.0011 0.0240

02/09/08 84.439 1835.89 2.3950 3.3192 2.5801 3.5759 9.2261 12.7871 6.6568

04/09/08 83.576 1819.78 -1.0220 -0.8775 -0.8369 -0.6208 0.5196 0.3854 0.7004

05/09/08 81.866 1775.73 -2.0463 -2.4206 -1.8612 -2.1640 4.0275 4.6827 3.4639

08/09/08 83.463 1821.57 1.9509 2.5815 2.1360 2.8381 6.0622 8.0550 4.5624

09/09/08 83.129 1813.29 -0.4002 -0.4546 -0.2151 -0.1979 0.0426 0.0392 0.0463

10/09/08 82.198 1788.71 -1.1205 -1.3555 -0.9354 -1.0989 1.0279 1.2076 0.8750

11/09/08 80.814 1752.43 -1.6835 -2.0283 -1.4984 -1.7716 2.6546 3.1386 2.2452

12/09/08 79.579 1717.28 -1.5283 -2.0058 -1.3432 -1.7491 2.3495 3.0594 1.8042

15/09/08 77.021 1653.52 -3.2144 -3.7128 -3.0293 -3.4562 10.4699 11.9452 9.1767

16/09/08 76.756 1648.65 -0.3438 -0.2945 -0.1587 -0.0379 0.0060 0.0014 0.0252

17/09/08 75.614 1614.41 -1.4884 -2.0769 -1.3032 -1.8202 2.3721 3.3131 1.6984

18/09/08 75.754 1617.31 0.1850 0.1796 0.3701 0.4363 0.1615 0.1903 0.1370

19/09/08 79.018 1695.81 4.3088 4.8537 4.4939 5.1104 22.9659 26.1162 20.1956

22/09/08 78.860 1690.02 -0.2001 -0.3414 -0.0150 -0.0848 0.0013 0.0072 0.0002

23/09/08 77.255 1648.24 -2.0350 -2.4722 -1.8499 -2.2155 4.0985 4.9084 3.4221

24/09/08 77.942 1660.18 0.8894 0.7244 1.0745 0.9811 1.0542 0.9625 1.1546

25/09/08 77.259 1643.13 -0.8767 -1.0270 -0.6916 -0.7703 0.5327 0.5934 0.4783

26/09/08 75.476 1590.58 -2.3074 -3.1982 -2.1223 -2.9415 6.2429 8.6525 4.5043

29/09/08 72.997 1527.24 -3.2850 -3.9822 -3.0999 -3.7255 11.5488 13.8796 9.6094

30/09/08 74.451 1555.70 1.9924 1.8635 2.1775 2.1202 4.6167 4.4950 4.7417

01/10/08 75.343 1574.64 1.1982 1.2175 1.3834 1.4741 2.0392 2.1730 1.9137

03/10/08 73.008 1515.29 -3.0994 -3.7691 -2.9143 -3.5125 10.2364 12.3374 8.4932

06/10/08 69.016 1423.32 -5.4680 -6.0695 -5.2829 -5.8128 30.7087 33.7887 27.9094

07/10/08 68.387 1406.62 -0.9108 -1.1733 -0.7257 -0.9167 0.6652 0.8403 0.5266

08/10/08 65.848 1354.29 -3.7136 -3.7203 -3.5285 -3.4636 12.2212 11.9966 12.4500

10/10/08 61.203 1253.50 -7.0539 -7.4423 -6.8688 -7.1856 49.3563 51.6331 47.1799

13/10/08 65.050 1339.56 6.2865 6.8656 6.4716 7.1222 46.0922 50.7262 41.8816

14/10/08 65.885 1359.12 1.2838 1.4602 1.4689 1.7168 2.5218 2.9475 2.1576

15/10/08 62.972 1288.02 -4.4219 -5.2313 -4.2368 -4.9747 21.0767 24.7473 17.9506

16/10/08 62.107 1266.30 -1.3736 -1.6863 -1.1885 -1.4297 1.6992 2.0439 1.4126

17/10/08 59.743 1201.95 -3.8070 -5.0817 -3.6219 -4.8251 17.4758 23.2814 13.1180

20/10/08 60.554 1222.69 1.3577 1.7255 1.5428 1.9822 3.0581 3.9291 2.3801

21/10/08 62.527 1270.03 3.2596 3.8718 3.4447 4.1284 14.2213 17.0441 11.8660

22/10/08 60.542 1210.71 -3.1760 -4.6708 -2.9909 -4.4141 13.2023 19.4843 8.9457

23/10/08 58.882 1162.48 -2.7416 -3.9836 -2.5565 -3.7270 9.5279 13.8902 6.5356

24/10/08 54.312 1037.80 -7.7606 -10.7253 -7.5755 -10.468 79.3059 109.5934 57.3887

27/10/08 52.957 1009.75 -2.4945 -2.7028 -2.3094 -2.4462 5.6491 5.9838 5.3331

29/10/08 55.389 1071.22 4.5914 6.0876 4.7765 6.3443 30.3039 40.2502 22.8154

35

31/10/08 58.604 1145.68 5.8053 6.9510 5.9904 7.2076 43.1767 51.9497 35.8853

03/11/08 60.691 1206.96 3.5613 5.3488 3.7465 5.6054 21.0006 31.4210 14.0359

04/11/08 61.981 1246.92 2.1244 3.3108 2.3095 3.5675 8.2389 12.7267 5.3336

05/11/08 60.138 1196.66 -2.9735 -4.0307 -2.7884 -3.7741 10.5236 14.2436 7.7751

06/11/08 58.560 1157.29 -2.6230 -3.2900 -2.4379 -3.0333 7.3949 9.2011 5.9432

07/11/08 59.455 1184.61 1.5283 2.3607 1.7135 2.6173 4.4847 6.8505 2.9359

10/11/08 61.716 1246.80 3.8030 5.2498 3.9881 5.5065 21.9606 30.3214 15.9052

11/11/08 59.059 1172.85 -4.3057 -5.9312 -4.1206 -5.6745 23.3822 32.2002 16.9789

12/11/08 57.977 1139.44 -1.8317 -2.8486 -1.6466 -2.5920 4.2680 6.7182 2.7113

14/11/08 57.278 1119.97 -1.2065 -1.7087 -1.0214 -1.4521 1.4831 2.1085 1.0432

17/11/08 56.903 1102.01 -0.6547 -1.6036 -0.4696 -1.3470 0.6325 1.8143 0.2205

18/11/08 55.589 1063.29 -2.3097 -3.5136 -2.1246 -3.2569 6.9197 10.6075 4.5140

19/11/08 55.020 1044.02 -1.0236 -1.8123 -0.8385 -1.5556 1.3044 2.4200 0.7031

20/11/08 53.836 1007.18 -2.1516 -3.5287 -1.9665 -3.2720 6.4344 10.7060 3.8671

21/11/08 55.688 1048.86 3.4397 4.1383 3.6248 4.3949 15.9310 19.3155 13.1394

24/11/08 55.775 1048.17 0.1573 -0.0658 0.3424 0.1909 0.0654 0.0364 0.1173

25/11/08 55.036 1028.04 -1.3253 -1.9205 -1.1402 -1.6638 1.8971 2.7683 1.3001

26/11/08 56.188 1057.41 2.0934 2.8569 2.2785 3.1136 7.0941 9.6942 5.1914

28/11/08 56.597 1062.35 0.7274 0.4672 0.9125 0.7238 0.6605 0.5239 0.8326

01/12/08 55.533 1037.77 -1.8791 -2.3137 -1.6940 -2.0571 3.4846 4.2316 2.8695

02/12/08 55.161 1027.59 -0.6706 -0.9809 -0.4855 -0.7243 0.3516 0.5246 0.2357

03/12/08 55.135 1031.95 -0.0471 0.4243 0.1380 0.6810 0.0940 0.4637 0.0190

04/12/08 57.113 1081.54 3.5874 4.8055 3.7725 5.0621 19.0969 25.6251 14.2318

05/12/08 55.839 1055.85 -2.2303 -2.3753 -2.0452 -2.1187 4.3331 4.4887 4.1829

08/12/08 56.764 1074.49 1.6562 1.7654 1.8413 2.0221 3.7232 4.0887 3.3904

10/12/08 58.424 1124.89 2.9256 4.6906 3.1107 4.9473 15.3897 24.4753 9.6768

11/12/08 58.481 1128.12 0.0960 0.2871 0.2811 0.5438 0.1529 0.2957 0.0790

12/12/08 58.640 1134.05 0.2726 0.5257 0.4577 0.7823 0.3580 0.6120 0.2095

15/12/08 59.277 1158.24 1.0870 2.1331 1.2721 2.3897 3.0399 5.7108 1.6182

16/12/08 59.942 1179.49 1.1220 1.8347 1.3071 2.0913 2.7336 4.3737 1.7086

17/12/08 58.850 1146.28 -1.8229 -2.8156 -1.6378 -2.5590 4.1911 6.5483 2.6824

18/12/08 60.392 1188.20 2.6213 3.6570 2.8064 3.9137 10.9833 15.3171 7.8757

19/12/08 60.692 1196.84 0.4956 0.7272 0.6807 0.9838 0.6697 0.9679 0.4634

22/12/08 60.135 1181.50 -0.9168 -1.2817 -0.7317 -1.0251 0.7500 1.0507 0.5353

23/12/08 59.286 1151.34 -1.4115 -2.5527 -1.2264 -2.2960 2.8158 5.2717 1.5040

24/12/08 58.943 1139.54 -0.5801 -1.0249 -0.3950 -0.7682 0.3034 0.5902 0.1560

26/12/08 58.071 1115.86 -1.4789 -2.0780 -1.2938 -1.8214 2.3565 3.3174 1.6739

29/12/08 59.137 1140.27 1.8366 2.1876 2.0217 2.4442 4.9414 5.9742 4.0871

30/12/08 59.990 1161.77 1.4422 1.8855 1.6273 2.1422 3.4861 4.5889 2.6483

31/12/08 59.705 1156.59 -0.4757 -0.4459 -0.2906 -0.1892 0.0550 0.0358 0.0845

01/01/09 60.577 1187.19 1.4604 2.6457 1.6455 2.9024 4.7757 8.4237 2.7075

02/01/09 60.780 1197.04 0.3359 0.8297 0.5210 1.0863 0.5660 1.1802 0.2715

05/01/09 61.698 1230.05 1.5105 2.7576 1.6956 3.0143 5.1111 9.0860 2.8752

36

06/01/09 61.735 1235.79 0.0600 0.4666 0.2451 0.7233 0.1773 0.5232 0.0601

07/01/09 59.181 1148.68 -4.1380 -7.0489 -3.9529 -6.7923 26.8490 46.1350 15.6252

09/01/09 58.713 1124.65 -0.7900 -2.0920 -0.6048 -1.8353 1.1101 3.3684 0.3658

12/01/09 57.300 1091.37 -2.4073 -2.9591 -2.2222 -2.7025 6.0054 7.3034 4.9381

13/01/09 57.345 1082.16 0.0794 -0.8439 0.2645 -0.5872 -0.1553 0.3448 0.0700

14/01/09 58.305 1114.97 1.6734 3.0319 1.8585 3.2886 6.1117 10.8146 3.4540

15/01/09 56.914 1079.71 -2.3857 -3.1624 -2.2006 -2.9058 6.3945 8.4434 4.8427

16/01/09 57.972 1106.64 1.8593 2.4942 2.0444 2.7508 5.6239 7.5672 4.1796

19/01/09 58.258 1109.85 0.4928 0.2901 0.6779 0.5467 0.3706 0.2989 0.4596

20/01/09 57.419 1087.29 -1.4391 -2.0327 -1.2540 -1.7760 2.2272 3.1543 1.5725

21/01/09 56.428 1053.36 -1.7275 -3.1206 -1.5424 -2.8639 4.4172 8.2022 2.3789

22/01/09 56.487 1050.19 0.1060 -0.3009 0.2911 -0.0443 -0.0129 0.0020 0.0847

23/01/09 55.844 1031.42 -1.1392 -1.7873 -0.9541 -1.5306 1.4604 2.3429 0.9103

27/01/09 57.007 1061.64 2.0831 2.9299 2.2682 3.1866 7.2280 10.1544 5.1449

28/01/09 58.022 1091.49 1.7808 2.8117 1.9659 3.0683 6.0322 9.4147 3.8649

29/01/09 57.618 1086.02 -0.6961 -0.5011 -0.5110 -0.2445 0.1249 0.0598 0.2611

30/01/09 58.456 1107.06 1.4540 1.9373 1.6392 2.1940 3.5963 4.8137 2.6868

02/02/09 57.102 1070.34 -2.3168 -3.3169 -2.1317 -3.0602 6.5234 9.3650 4.5440

03/02/09 57.497 1074.37 0.6921 0.3765 0.8772 0.6332 0.5554 0.4009 0.7695

04/02/09 57.622 1078.39 0.2165 0.3742 0.4016 0.6308 0.2534 0.3979 0.1613

05/02/09 57.322 1068.83 -0.5205 -0.8865 -0.3354 -0.6298 0.2112 0.3967 0.1125

06/02/09 58.104 1091.22 1.3653 2.0948 1.5504 2.3515 3.6457 5.5294 2.4037

09/02/09 59.157 1120.96 1.8123 2.7254 1.9974 2.9820 5.9563 8.8926 3.9895

10/02/09 59.576 1128.85 0.7073 0.7039 0.8924 0.9605 0.8571 0.9226 0.7963

11/02/09 59.581 1127.30 0.0084 -0.1373 0.1935 0.1194 0.0231 0.0142 0.0374

12/02/09 59.086 1114.78 -0.8306 -1.1106 -0.6455 -0.8540 0.5513 0.7292 0.4167

13/02/09 59.889 1133.73 1.3587 1.6999 1.5438 1.9565 3.0205 3.8281 2.3834

16/02/09 58.666 1095.87 -2.0408 -3.3394 -1.8557 -3.0828 5.7206 9.5034 3.4435

17/02/09 57.807 1065.78 -1.4656 -2.7458 -1.2805 -2.4891 3.1872 6.1956 1.6396

18/02/09 57.910 1063.92 0.1780 -0.1745 0.3631 0.0821 0.0298 0.0067 0.1319

19/02/09 58.026 1066.10 0.2013 0.2049 0.3865 0.4616 0.1784 0.2130 0.1494

20/02/09 57.214 1044.06 -1.3992 -2.0673 -1.2141 -1.8107 2.1983 3.2786 1.4740

24/02/09 57.077 1037.66 -0.2407 -0.6130 -0.0556 -0.3563 0.0198 0.1270 0.0031

25/02/09 57.299 1045.55 0.3897 0.7604 0.5748 1.0170 0.5845 1.0343 0.3304

26/02/09 57.359 1049.35 0.1042 0.3634 0.2893 0.6201 0.1794 0.3845 0.0837

27/02/09 57.377 1044.94 0.0323 -0.4203 0.2174 -0.1636 -0.0356 0.0268 0.0472

-44.241 -61.3413 1270.8692 1700.2528 974.5256

-0.1851 -0.2567 5.3174 7.1140 4.0775

Kj = Km = Cov(Km, Km)= Var(Km)=

-0.1851 -0.2567 5.3174 7.1140

Data source : 1. www.amfiindia.com 2. www.bseindia.com

37

Beta (β) of the fund for the last one year = (5.3174/7.1140) = 0.75Beta value of 0.75 means that the fund is less risky than its benchmark index and if the return of the benchmark index rose by 10%, the return of the fund would have rose by 7.5%.

Alpha () of the fund for the last one year = -0.1851-(0.75*(-0.2567)) = 0.007Alpha value of 0.007 implies that the fund return has overperformed the benchmark index by 0.007% over the last one year.

Standard Deviation (σ) of the fund for the last one year = sqrt( 4.0775 ) = 2.0193.Standard Deviation of 2.0193 means the variability of returns or the risk factor is the fund is 2.0193% during the Period.

38

ICICI prudential Dynamic Plan – Growth

DATE

ICICI Prudential Dynamic

Plan- Growth(NAV)

Benchmark Index(S&P

CNX Nifty) value

% change

in NAV=kj

% change in

Benchmark Index=km

(Kj-kj)) (km-km)(kj-kj)

(km-km)(Km-Km)2 (Kj-kj)2

03/03/08 76.483 4953.00

04/03/08 75.267 4864.25 -1.5899 -1.7918 -1.4071 -1.5844 2.2293 2.5102 1.9798

05/03/08 75.521 4921.40 0.3371 1.1749 0.5199 1.3824 0.7187 1.9109 0.2703

07/03/08 73.122 4771.60 -3.1770 -3.0438 -2.9942 -2.8364 8.4926 8.0450 8.9651

10/03/08 73.203 4800.40 0.1113 0.6036 0.2941 0.8110 0.2386 0.6578 0.0865

11/03/08 74.698 4865.90 2.0421 1.3645 2.2249 1.5719 3.4975 2.4710 4.9504

12/03/08 74.192 4872.00 -0.6781 0.1254 -0.4952 0.3328 -0.1648 0.1108 0.2453

13/03/08 70.694 4623.60 -4.7139 -5.0985 -4.5311 -4.8911 22.1616 23.9224 20.5305

14/03/08 71.875 4745.80 1.6700 2.6430 1.8528 2.8504 5.2814 8.1250 3.4330

17/03/08 67.939 4503.10 -5.4763 -5.1140 -5.2935 -4.9065 25.9727 24.0740 28.0212

18/03/08 67.886 4533.00 -0.0780 0.6640 0.1048 0.8715 0.0913 0.7594 0.0110

19/03/08 68.479 4573.95 0.8731 0.9034 1.0559 1.1108 1.1729 1.2340 1.1149

24/03/08 68.507 4609.85 0.0410 0.7849 0.2239 0.9923 0.2221 0.9848 0.0501

25/03/08 71.639 4877.50 4.5726 5.8060 4.7554 6.0135 28.5965 36.1624 22.6136

26/03/08 71.708 4828.85 0.0962 -0.9974 0.2790 -0.7900 -0.2204 0.6240 0.0778

27/03/08 71.645 4830.25 -0.0880 0.0290 0.0948 0.2365 0.0224 0.0559 0.0090

28/03/08 73.909 4942.00 3.1603 2.3135 3.3431 2.5210 8.4281 6.3555 11.1765

31/03/08 72.241 4734.50 -2.2575 -4.1987 -2.0747 -3.9912 8.2806 15.9300 4.3043

01/04/08 72.158 4739.55 -0.1146 0.1067 0.0682 0.3141 0.0214 0.0987 0.0047

02/04/08 72.527 4754.20 0.5122 0.3091 0.6950 0.5166 0.3590 0.2668 0.4831

03/04/08 72.816 4771.60 0.3974 0.3660 0.5802 0.5735 0.3327 0.3289 0.3366

04/04/08 71.220 4647.00 -2.1909 -2.6113 -2.0081 -2.4038 4.8270 5.7783 4.0323

07/04/08 72.843 4761.20 2.2786 2.4575 2.4614 2.6650 6.5595 7.1021 6.0584

08/04/08 72.730 4709.65 -0.1553 -1.0827 0.0276 -0.8752 -0.0241 0.7660 0.0008

09/04/08 73.398 4747.05 0.9178 0.7941 1.1006 1.0016 1.1023 1.0032 1.2113

10/04/08 73.415 4733.00 0.0238 -0.2960 0.2067 -0.0885 -0.0183 0.0078 0.0427

11/04/08 73.939 4777.80 0.7136 0.9465 0.8964 1.1540 1.0345 1.3318 0.8036

15/04/08 75.110 4879.65 1.5841 2.1317 1.7670 2.3392 4.1333 5.4719 3.1222

16/04/08 75.750 4887.30 0.8522 0.1568 1.0350 0.3642 0.3770 0.1327 1.0713

17/04/08 76.556 4958.40 1.0632 1.4548 1.2460 1.6623 2.0713 2.7631 1.5526

21/04/08 77.405 5037.00 1.1098 1.5852 1.2926 1.7927 2.3172 3.2136 1.6708

22/04/08 77.524 5049.30 0.1530 0.2442 0.3358 0.4517 0.1517 0.2040 0.1127

23/04/08 77.303 5022.80 -0.2842 -0.5248 -0.1014 -0.3174 0.0322 0.1007 0.0103

24/04/08 77.065 4999.85 -0.3089 -0.4569 -0.1261 -0.2494 0.0315 0.0622 0.0159

39

25/04/08 77.983 5111.70 1.1919 2.2371 1.3747 2.4445 3.3604 5.9758 1.8897

28/04/08 77.740 5089.65 -0.3112 -0.4314 -0.1284 -0.2239 0.0287 0.0501 0.0165

29/04/08 79.088 5195.50 1.7336 2.0797 1.9164 2.2872 4.3832 5.2312 3.6726

30/04/08 79.068 5165.90 -0.0260 -0.5697 0.1568 -0.3623 -0.0568 0.1312 0.0246

02/05/08 80.288 5228.20 1.5440 1.2060 1.7268 1.4135 2.4408 1.9979 2.9819

05/05/08 80.342 5192.25 0.0673 -0.6876 0.2501 -0.4801 -0.1201 0.2305 0.0625

06/05/08 79.685 5144.65 -0.8187 -0.9168 -0.6359 -0.7093 0.4511 0.5031 0.4044

07/05/08 79.779 5135.50 0.1185 -0.1779 0.3013 0.0296 0.0089 0.0009 0.0908

08/05/08 79.318 5081.70 -0.5775 -1.0476 -0.3947 -0.8401 0.3316 0.7058 0.1558

09/05/08 78.075 4982.60 -1.5680 -1.9501 -1.3852 -1.7427 2.4139 3.0369 1.9187

12/05/08 78.026 5012.65 -0.0617 0.6031 0.1211 0.8106 0.0981 0.6570 0.0147

13/05/08 77.439 4957.80 -0.7524 -1.0942 -0.5696 -0.8868 0.5051 0.7863 0.3245

14/05/08 78.011 5011.75 0.7383 1.0882 0.9211 1.2957 1.1934 1.6787 0.8484

15/05/08 79.285 5115.25 1.6334 2.0651 1.8162 2.2726 4.1275 5.1648 3.2985

16/05/08 79.840 5157.70 0.7000 0.8299 0.8828 1.0373 0.9158 1.0761 0.7794

20/05/08 79.340 5104.95 -0.6263 -1.0227 -0.4434 -0.8153 0.3615 0.6647 0.1966

21/05/08 79.908 5117.65 0.7155 0.2488 0.8983 0.4562 0.4099 0.2082 0.8070

22/05/08 78.931 5025.45 -1.2228 -1.8016 -1.0400 -1.5941 1.6578 2.5413 1.0815

23/05/08 77.921 4946.55 -1.2795 -1.5700 -1.0967 -1.3625 1.4942 1.8565 1.2027

26/05/08 76.537 4875.05 -1.7762 -1.4455 -1.5933 -1.2380 1.9725 1.5326 2.5387

27/05/08 75.920 4859.80 -0.8056 -0.3128 -0.6228 -0.1053 0.0656 0.0111 0.3879

28/05/08 76.518 4918.35 0.7869 1.2048 0.9697 1.4123 1.3695 1.9945 0.9403

29/05/08 75.808 4835.30 -0.9276 -1.6886 -0.7448 -1.4811 1.1031 2.1937 0.5547

30/05/08 75.987 4870.10 0.2368 0.7197 0.4196 0.9272 0.3890 0.8597 0.1761

02/06/08 74.529 4739.60 -1.9190 -2.6796 -1.7362 -2.4721 4.2921 6.1115 3.0143

03/06/08 74.078 4715.90 -0.6050 -0.5000 -0.4222 -0.2926 0.1235 0.0856 0.1782

04/06/08 72.471 4585.60 -2.1693 -2.7630 -1.9865 -2.5555 5.0766 6.5307 3.9462

05/06/08 72.926 4676.95 0.6274 1.9921 0.8102 2.1996 1.7822 4.8381 0.6565

06/06/08 72.484 4627.80 -0.6055 -1.0509 -0.4227 -0.8434 0.3565 0.7114 0.1787

09/06/08 70.267 4500.95 -3.0597 -2.7410 -2.8769 -2.5336 7.2888 6.4190 8.2764

10/06/08 69.421 4449.80 -1.2037 -1.1364 -1.0209 -0.9290 0.9484 0.8630 1.0422

11/06/08 70.882 4523.60 2.1046 1.6585 2.2874 1.8660 4.2682 3.4818 5.2321

12/06/08 71.471 4539.35 0.8317 0.3482 1.0145 0.5556 0.5637 0.3087 1.0292

13/06/08 71.571 4517.10 0.1398 -0.4902 0.3226 -0.2827 -0.0912 0.0799 0.1041

16/06/08 72.168 4572.50 0.8344 1.2265 1.0172 1.4339 1.4586 2.0561 1.0348

17/06/08 73.528 4653.00 1.8838 1.7605 2.0666 1.9680 4.0671 3.8730 4.2709

18/06/08 72.850 4582.40 -0.9221 -1.5173 -0.7393 -1.3098 0.9683 1.7157 0.5465

19/06/08 71.523 4504.25 -1.8210 -1.7054 -1.6382 -1.4980 2.4540 2.2439 2.6837

20/06/08 69.351 4347.55 -3.0368 -3.4789 -2.8540 -3.2715 9.3366 10.7025 8.1451

23/06/08 67.730 4266.40 -2.3382 -1.8666 -2.1554 -1.6591 3.5761 2.7526 4.6459

24/06/08 66.967 4191.10 -1.1259 -1.7650 -0.9431 -1.5575 1.4689 2.4258 0.8895

25/06/08 67.689 4252.65 1.0784 1.4686 1.2613 1.6761 2.1139 2.8092 1.5908

26/06/08 68.591 4315.85 1.3326 1.4861 1.5154 1.6936 2.5665 2.8683 2.2964

40

27/06/08 66.387 4136.65 -3.2140 -4.1521 -3.0311 -3.9447 11.9569 15.5604 9.1879

30/06/08 64.730 4040.55 -2.4961 -2.3231 -2.3133 -2.1157 4.8942 4.4760 5.3514

01/07/08 62.486 3896.75 -3.4669 -3.5589 -3.2841 -3.3515 11.0064 11.2322 10.7851

02/07/08 65.276 4093.35 4.4658 5.0452 4.6487 5.2527 24.4180 27.5909 21.6100

03/07/08 63.474 3925.75 -2.7609 -4.0944 -2.5781 -3.8870 10.0209 15.1086 6.6465

04/07/08 64.632 4016.00 1.8242 2.2989 2.0070 2.5064 5.0304 6.2820 4.0282

07/07/08 64.851 4030.00 0.3385 0.3486 0.5214 0.5561 0.2899 0.3092 0.2718

08/07/08 64.283 3988.55 -0.8756 -1.0285 -0.6927 -0.8211 0.5688 0.6741 0.4799

09/07/08 66.619 4157.10 3.6341 4.2258 3.8169 4.4333 16.9216 19.6543 14.5689

10/07/08 66.710 4162.20 0.1369 0.1227 0.3197 0.3302 0.1056 0.1090 0.1022

11/07/08 65.349 4049.00 -2.0400 -2.7197 -1.8572 -2.5122 4.6658 6.3114 3.4492

14/07/08 64.992 4039.70 -0.5471 -0.2297 -0.3642 -0.0222 0.0081 0.0005 0.1327

15/07/08 62.794 3861.10 -3.3814 -4.4211 -3.1985 -4.2137 13.4775 17.7549 10.2307

16/07/08 62.368 3816.70 -0.6787 -1.1499 -0.4959 -0.9425 0.4674 0.8882 0.2459

17/07/08 63.914 3947.20 2.4793 3.4192 2.6621 3.6267 9.6547 13.1526 7.0870

18/07/08 65.478 4092.25 2.4469 3.6748 2.6297 3.8822 10.2091 15.0717 6.9153

21/07/08 65.699 4159.50 0.3381 1.6434 0.5209 1.8508 0.9642 3.4255 0.2714

22/07/08 66.620 4240.10 1.4009 1.9377 1.5837 2.1452 3.3975 4.6019 2.5082

23/07/08 69.721 4476.80 4.6549 5.5824 4.8377 5.7899 28.0100 33.5228 23.4037

24/07/08 69.693 4433.55 -0.0407 -0.9661 0.1421 -0.7586 -0.1078 0.5755 0.0202

25/07/08 68.654 4311.85 -1.4908 -2.7450 -1.3080 -2.5375 3.3191 6.4390 1.7109

28/07/08 68.969 4332.10 0.4594 0.4696 0.6422 0.6771 0.4349 0.4585 0.4125

29/07/08 67.306 4189.85 -2.4105 -3.2836 -2.2277 -3.0762 6.8527 9.4627 4.9626

30/07/08 68.658 4313.55 2.0077 2.9524 2.1905 3.1598 6.9216 9.9846 4.7983

31/07/08 68.856 4332.95 0.2891 0.4497 0.4719 0.6572 0.3102 0.4319 0.2227

01/08/08 70.144 4413.55 1.8709 1.8602 2.0537 2.0676 4.2462 4.2751 4.2176

04/08/08 70.387 4395.35 0.3461 -0.4124 0.5290 -0.2049 -0.1084 0.0420 0.2798

05/08/08 71.669 4502.85 1.8209 2.4458 2.0037 2.6532 5.3164 7.0397 4.0150

06/08/08 72.058 4517.55 0.5422 0.3265 0.7250 0.5339 0.3871 0.2851 0.5257

07/08/08 72.350 4523.85 0.4059 0.1395 0.5887 0.3469 0.2043 0.1204 0.3466

08/08/08 72.529 4529.50 0.2473 0.1249 0.4301 0.3324 0.1429 0.1105 0.1850

11/08/08 73.624 4620.40 1.5103 2.0068 1.6931 2.2143 3.7491 4.9032 2.8666

12/08/08 72.923 4552.25 -0.9529 -1.4750 -0.7701 -1.2675 0.9761 1.6066 0.5931

13/08/08 72.603 4529.05 -0.4379 -0.5096 -0.2550 -0.3022 0.0771 0.0913 0.0650

14/08/08 71.806 4430.70 -1.0988 -2.1715 -0.9160 -1.9641 1.7991 3.8576 0.8391

18/08/08 71.344 4393.05 -0.6424 -0.8498 -0.4596 -0.6423 0.2952 0.4125 0.2112

19/08/08 71.079 4368.25 -0.3721 -0.5645 -0.1893 -0.3571 0.0676 0.1275 0.0358

20/08/08 71.602 4415.75 0.7359 1.0874 0.9188 1.2949 1.1897 1.6767 0.8441

21/08/08 70.418 4283.85 -1.6541 -2.9870 -1.4713 -2.7796 4.0896 7.7260 2.1648

22/08/08 70.987 4327.45 0.8086 1.0178 0.9914 1.2252 1.2147 1.5012 0.9829

25/08/08 71.171 4335.35 0.2593 0.1826 0.4422 0.3900 0.1725 0.1521 0.1955

26/08/08 70.943 4337.50 -0.3205 0.0496 -0.1377 0.2571 -0.0354 0.0661 0.0190

27/08/08 70.665 4292.10 -0.3912 -1.0467 -0.2083 -0.8392 0.1748 0.7043 0.0434

41

28/08/08 69.892 4214.00 -1.0950 -1.8196 -0.9122 -1.6122 1.4706 2.5990 0.8321

29/08/08 71.434 4360.00 2.2073 3.4646 2.3901 3.6721 8.7767 13.4844 5.7126

01/09/08 71.299 4348.65 -0.1890 -0.2603 -0.0062 -0.0529 0.0003 0.0028 0.0000

02/09/08 72.797 4504.00 2.1003 3.5724 2.2831 3.7798 8.6298 14.2872 5.2126

04/09/08 72.566 4447.75 -0.3169 -1.2489 -0.1341 -1.0414 0.1396 1.0846 0.0180

05/09/08 71.499 4352.30 -1.4712 -2.1460 -1.2884 -1.9386 2.4976 3.7580 1.6600

08/09/08 72.714 4482.30 1.7006 2.9869 1.8834 3.1944 6.0164 10.2042 3.5472

09/09/08 72.523 4468.70 -0.2635 -0.3034 -0.0807 -0.0959 0.0077 0.0092 0.0065

10/09/08 71.876 4400.25 -0.8917 -1.5318 -0.7089 -1.3243 0.9388 1.7538 0.5025

11/09/08 70.761 4290.30 -1.5518 -2.4987 -1.3690 -2.2913 3.1368 5.2498 1.8742

12/09/08 69.663 4228.45 -1.5513 -1.4416 -1.3685 -1.2342 1.6889 1.5231 1.8727

15/09/08 67.516 4072.90 -3.0818 -3.6787 -2.8990 -3.4712 10.0630 12.0491 8.4043

16/09/08 67.108 4074.90 -0.6046 0.0491 -0.4218 0.2566 -0.1082 0.0658 0.1779

17/09/08 66.380 4008.25 -1.0847 -1.6356 -0.9019 -1.4282 1.2880 2.0396 0.8133

18/09/08 66.422 4038.15 0.0637 0.7460 0.2465 0.9534 0.2351 0.9090 0.0608

19/09/08 68.874 4245.25 3.6909 5.1286 3.8737 5.3361 20.6705 28.4735 15.0059

22/09/08 68.775 4223.05 -0.1432 -0.5229 0.0397 -0.3155 -0.0125 0.0995 0.0016

23/09/08 67.050 4126.90 -2.5093 -2.2768 -2.3265 -2.0693 4.8143 4.2821 5.4127

24/09/08 67.307 4161.25 0.3840 0.8323 0.5669 1.0398 0.5894 1.0812 0.3213

25/09/08 66.623 4110.55 -1.0164 -1.2184 -0.8336 -1.0109 0.8427 1.0219 0.6948

26/09/08 64.859 3985.25 -2.6477 -3.0483 -2.4649 -2.8408 7.0023 8.0701 6.0758

29/09/08 62.501 3850.05 -3.6362 -3.3925 -3.4534 -3.1850 10.9992 10.1445 11.9258

30/09/08 63.287 3921.20 1.2584 1.8480 1.4412 2.0555 2.9624 4.2251 2.0771

01/10/08 63.691 3950.75 0.6379 0.7536 0.8207 0.9611 0.7888 0.9236 0.6736

03/10/08 61.680 3818.30 -3.1578 -3.3525 -2.9749 -3.1451 9.3564 9.8914 8.8503

06/10/08 58.606 3602.35 -4.9824 -5.6557 -4.7995 -5.4482 26.1488 29.6828 23.0357

07/10/08 57.814 3606.60 -1.3514 0.1180 -1.1686 0.3254 -0.3803 0.1059 1.3656

08/10/08 56.001 3513.65 -3.1373 -2.5772 -2.9545 -2.3697 7.0013 5.6157 8.7288

10/10/08 52.702 3279.95 -5.8896 -6.6512 -5.7068 -6.4437 36.7728 41.5217 32.5671

13/10/08 55.401 3490.70 5.1204 6.4254 5.3033 6.6329 35.1759 43.9950 28.1247

14/10/08 56.352 3518.65 1.7157 0.8007 1.8985 1.0082 1.9140 1.0164 3.6043

15/10/08 53.828 3338.40 -4.4790 -5.1227 -4.2962 -4.9152 21.1169 24.1595 18.4574

16/10/08 52.324 3269.30 -2.7928 -2.0699 -2.6100 -1.8624 4.8608 3.4685 6.8121

17/10/08 50.389 3074.35 -3.6983 -5.9631 -3.5155 -5.7556 20.2336 33.1267 12.3585

20/10/08 50.812 3122.80 0.8393 1.5759 1.0221 1.7834 1.8228 3.1806 1.0447

21/10/08 52.473 3234.90 3.2689 3.5897 3.4517 3.7972 13.1069 14.4187 11.9145

22/10/08 50.780 3065.15 -3.2268 -5.2475 -3.0440 -5.0400 15.3416 25.4015 9.2658

23/10/08 49.018 2943.15 -3.4693 -3.9802 -3.2865 -3.7728 12.3991 14.2337 10.8009

24/10/08 44.550 2584.00 -9.1144 -12.2029 -8.9316 -11.995 107.1381 143.8906 79.7729

27/10/08 43.459 2524.20 -2.4494 -2.3142 -2.2665 -2.1068 4.7751 4.4385 5.1372

29/10/08 45.931 2697.05 5.6876 6.8477 5.8705 7.0552 41.4171 49.7756 34.4622

31/10/08 48.426 2885.60 5.4327 6.9910 5.6155 7.1984 40.4231 51.8176 31.5342

03/11/08 50.089 3043.85 3.4328 5.4841 3.6157 5.6916 20.5789 32.3943 13.0730

42

04/11/08 50.944 3142.10 1.7078 3.2278 1.8906 3.4353 6.4947 11.8012 3.5743

05/11/08 50.038 2994.95 -1.7790 -4.6832 -1.5962 -4.4757 7.1441 20.0319 2.5478

06/11/08 48.638 2892.65 -2.7977 -3.4157 -2.6149 -3.2083 8.3892 10.2931 6.8375

07/11/08 49.588 2973.00 1.9528 2.7777 2.1356 2.9852 6.3752 8.9114 4.5609

10/11/08 52.162 3148.25 5.1912 5.8947 5.3740 6.1022 32.7933 37.2367 28.8802

11/11/08 50.023 2938.65 -4.1015 -6.6577 -3.9186 -6.4502 25.2760 41.6050 15.3558

12/11/08 48.964 2848.45 -2.1158 -3.0694 -1.9330 -2.8620 5.5323 8.1909 3.7366

14/11/08 48.400 2810.35 -1.1519 -1.3376 -0.9690 -1.1301 1.0951 1.2771 0.9390

17/11/08 47.840 2799.55 -1.1568 -0.3843 -0.9740 -0.1768 0.1722 0.0313 0.9487

18/11/08 46.197 2683.15 -3.4339 -4.1578 -3.2511 -3.9503 12.8430 15.6052 10.5697

19/11/08 45.604 2635.00 -1.2838 -1.7945 -1.1010 -1.5871 1.7474 2.5188 1.2122

20/11/08 43.922 2553.15 -3.6889 -3.1063 -3.5061 -2.8988 10.1634 8.4030 12.2926

21/11/08 45.403 2693.45 3.3723 5.4952 3.5552 5.7026 20.2738 32.5201 12.6392

24/11/08 45.361 2708.25 -0.0927 0.5495 0.0901 0.7570 0.0682 0.5730 0.0081

25/11/08 44.683 2654.00 -1.4942 -2.0031 -1.3114 -1.7957 2.3549 3.2244 1.7198

26/11/08 45.631 2752.25 2.1218 3.7020 2.3046 3.9094 9.0098 15.2836 5.3114

28/11/08 45.977 2755.10 0.7576 0.1036 0.9404 0.3110 0.2925 0.0967 0.8844

01/12/08 45.226 2682.90 -1.6332 -2.6206 -1.4504 -2.4131 3.5000 5.8232 2.1036

02/12/08 44.694 2657.80 -1.1761 -0.9356 -0.9933 -0.7281 0.7232 0.5301 0.9866

03/12/08 45.093 2656.45 0.8916 -0.0508 1.0744 0.1567 0.1683 0.0245 1.1544

04/12/08 47.207 2788.00 4.6879 4.9521 4.8707 5.1596 25.1307 26.6211 23.7238

05/12/08 46.086 2714.40 -2.3751 -2.6399 -2.1923 -2.4324 5.3325 5.9166 4.8060

08/12/08 46.571 2784.00 1.0543 2.5641 1.2372 2.7716 3.4289 7.6816 1.5306

10/12/08 48.199 2928.25 3.4957 5.1814 3.6785 5.3889 19.8231 29.0398 13.5316

11/12/08 48.397 2920.15 0.4104 -0.2766 0.5932 -0.0691 -0.0410 0.0048 0.3519

12/12/08 48.618 2921.35 0.4558 0.0411 0.6386 0.2486 0.1587 0.0618 0.4078

15/12/08 49.519 2981.20 1.8526 2.0487 2.0354 2.2562 4.5923 5.0903 4.1430

16/12/08 50.348 3041.75 1.6759 2.0311 1.8588 2.2385 4.1609 5.0110 3.4550

17/12/08 49.599 2954.35 -1.4894 -2.8733 -1.3066 -2.6659 3.4832 7.1069 1.7072

18/12/08 50.842 3060.75 2.5063 3.6015 2.6891 3.8089 10.2428 14.5080 7.2315

19/12/08 51.414 3077.50 1.1264 0.5473 1.3093 0.7547 0.9881 0.5696 1.7142

22/12/08 51.135 3039.30 -0.5434 -1.2413 -0.3606 -1.0338 0.3728 1.0687 0.1300

23/12/08 50.161 2968.65 -1.9050 -2.3245 -1.7221 -2.1171 3.6459 4.4820 2.9658

24/12/08 49.974 2916.85 -0.3720 -1.7449 -0.1892 -1.5374 0.2909 2.3637 0.0358

26/12/08 49.310 2857.25 -1.3295 -2.0433 -1.1467 -1.8358 2.1051 3.3703 1.3148

29/12/08 50.232 2922.20 1.8706 2.2732 2.0534 2.4806 5.0938 6.1535 4.2166

30/12/08 51.174 2979.50 1.8741 1.9609 2.0569 2.1683 4.4601 4.7016 4.2309

31/12/08 51.149 2959.15 -0.0490 -0.6830 0.1338 -0.4755 -0.0636 0.2261 0.0179

01/01/09 52.336 3033.45 2.3211 2.5109 2.5039 2.7183 6.8064 7.3893 6.2695

02/01/09 52.727 3046.75 0.7473 0.4384 0.9301 0.6459 0.6008 0.4172 0.8651

05/01/09 53.462 3121.45 1.3938 2.4518 1.5766 2.6593 4.1926 7.0717 2.4857

06/01/09 53.664 3112.80 0.3788 -0.2771 0.5616 -0.0696 -0.0391 0.0049 0.3154

07/01/09 51.066 2920.40 -4.8418 -6.1809 -4.6590 -5.9735 27.8301 35.6822 21.7059

43

09/01/09 50.164 2873.00 -1.7656 -1.6231 -1.5827 -1.4156 2.2405 2.0039 2.5051

12/01/09 48.748 2773.10 -2.8233 -3.4772 -2.6405 -3.2697 8.6337 10.6911 6.9723

13/01/09 48.410 2744.95 -0.6938 -1.0151 -0.5110 -0.8076 0.4127 0.6523 0.2611

14/01/09 49.469 2835.30 2.1870 3.2915 2.3698 3.4990 8.2918 12.2428 5.6158

15/01/09 48.316 2736.70 -2.3306 -3.4776 -2.1478 -3.2701 7.0234 10.6937 4.6129

16/01/09 49.195 2828.45 1.8191 3.3526 2.0019 3.5600 7.1269 12.6739 4.0076

19/01/09 49.345 2846.20 0.3067 0.6276 0.4896 0.8350 0.4088 0.6973 0.2397

20/01/09 48.525 2796.60 -1.6618 -1.7427 -1.4789 -1.5352 2.2705 2.3569 2.1873

21/01/09 47.171 2706.15 -2.7913 -3.2343 -2.6085 -3.0268 7.8955 9.1616 6.8043

22/01/09 47.165 2713.80 -0.0136 0.2827 0.1693 0.4902 0.0830 0.2403 0.0286

23/01/09 46.776 2678.55 -0.8229 -1.2989 -0.6400 -1.0914 0.6986 1.1913 0.4097

27/01/09 47.798 2771.35 2.1842 3.4646 2.3670 3.6720 8.6918 13.4838 5.6029

28/01/09 48.476 2849.50 1.4187 2.8199 1.6015 3.0274 4.8484 9.1651 2.5648

29/01/09 48.129 2823.95 -0.7160 -0.8966 -0.5332 -0.6892 0.3675 0.4750 0.2843

30/01/09 48.806 2874.80 1.4060 1.8007 1.5888 2.0081 3.1906 4.0326 2.5244

02/02/09 47.897 2766.65 -1.8615 -3.7620 -1.6786 -3.5545 5.9668 12.6347 2.8178

03/02/09 48.136 2783.90 0.4979 0.6235 0.6808 0.8310 0.5657 0.6905 0.4634

04/02/09 48.270 2803.05 0.2794 0.6879 0.4622 0.8954 0.4139 0.8017 0.2137

05/02/09 47.654 2780.05 -1.2759 -0.8205 -1.0931 -0.6131 0.6702 0.3758 1.1949

06/02/09 48.368 2843.10 1.4966 2.2679 1.6794 2.4754 4.1573 6.1277 2.8205

09/02/09 49.322 2919.90 1.9740 2.7013 2.1569 2.9087 6.2738 8.4608 4.6521

10/02/09 49.616 2934.50 0.5943 0.5000 0.7771 0.7075 0.5498 0.5005 0.6038

11/02/09 49.614 2925.70 -0.0030 -0.2999 0.1798 -0.0924 -0.0166 0.0085 0.0323

12/02/09 49.274 2893.05 -0.6847 -1.1160 -0.5019 -0.9085 0.4559 0.8254 0.2519

13/02/09 49.772 2948.35 1.0090 1.9115 1.1919 2.1189 2.5255 4.4899 1.4205

16/02/09 48.783 2848.50 -1.9867 -3.3866 -1.8039 -3.1792 5.7348 10.1071 3.2539

17/02/09 47.749 2770.50 -2.1184 -2.7383 -1.9356 -2.5308 4.8985 6.4050 3.7464

18/02/09 47.626 2776.15 -0.2580 0.2039 -0.0752 0.4114 -0.0309 0.1693 0.0057

19/02/09 47.774 2789.35 0.3112 0.4755 0.4940 0.6829 0.3374 0.4664 0.2440

20/02/09 47.050 2736.45 -1.5165 -1.8965 -1.3337 -1.6890 2.2526 2.8528 1.7787

24/02/09 46.591 2733.90 -0.9756 -0.0932 -0.7927 0.1143 -0.0906 0.0131 0.6284

25/02/09 46.745 2762.50 0.3305 1.0461 0.5134 1.2536 0.6435 1.5715 0.2635

26/02/09 46.861 2785.65 0.2479 0.8380 0.4308 1.0455 0.4504 1.0930 0.1856

27/02/09 46.806 2763.65 -0.1172 -0.7898 0.0657 -0.5823 -0.0382 0.3391 0.0043

-43.693 -49.5853 1315.1660 1726.0007 1066.7460

-0.1828 -0.2075 5.5028 7.2218 4.4634

Kj = Km = Cov(Kj, Km)= Var(Km)=

-0.1828 - 0.2075 5.5028 7.2218

Data source : 1. www.amfiindia.com 2. www.nse-india.com

44

Beta (β) of the fund for the last one year = (5.5028/7.2218) = 0.76Beta value of 0.76 means that the fund is less risky than its benchmark index and if the return of the benchmark index rose by 10%, the return of the fund would have rose by 7.6%.

Alpha () of the fund for the last one year = -0.1828-(0.76*(-0.2075)) = -0.025Alpha value of -0.025 implies that the fund return has underperformed the benchmark index by 0.025% over the last one year.

Standard Deviation (σ) of the fund for the last one year = sqrt( 4.4634 ) = 2.1127.Standard Deviation of 2.1127 means the variability of returns or the risk factor is the fund is 2.1127% during the period.

45

ANALYSIS :

Name of the Fund Beta(β) Alpha () Standard Deviation(σ)Reliance Growth Fund-

Growth 0.61 -0.10 1.9824

HDFC Equity Fund - Growth 0.85 -0.020 2.2383

Fidelity Equity Fund - Growth 0.79 -0.004 2.1185

HSBC Equity Fund – Growth 0.75 0.007 2.0193

ICICI Prudential Dynamic Plan - Growth 0.76 -0.025 2.1127

1. All the funds are having beta less than one during the last one year, which shows they are less risky compared to their benchmark index during this period.

2. Out of this five funds HDFC Equity fund(G) comes out to be the most aggressive with having beta of 0.85 and Reliance Growth Fund(G) is the least aggressive (beta of 0.61).

3. All the funds except HSBC Equity Fund (G) are having negative Alpha.

4. The riskiest fund during the period is HDFC Equity Fund having standard deviation of 2.2383 and the least risky fund is Reliance Growth Fund (G) which is having standard deviation of 1.9824.

5. If we look at the last one year (from 27th Feb,2009) return, though all the funds have given negative return, they have actually performed better than their benchmark index. ICICI Prudential

Dynamic Plan(G) has given the best return among the five selected funds with a return of -38.80% where its benchmark index (S&P CNX Nifty)has given -44.20% return. Reliance

46

Growth Fund(G) has given a return of -47.10% and performed the worst during the period. Its benchmark index (BSE 100) has given a return of -49.3% during this period.

6. It has been also observed that the returns of all the funds have been more volatile during the months of October and November of 2008 and volatility has decreased in the months of February, 2009.

7. The 52 week high NAV for Reliance Growth Fund(G) is 373.69 ( on 05.05.08 ) and 52 week low NAV is 193.034 ( on 24.02.09 ). For HDFC equity fund(G), the 52 week NAV is 180.716 ( on 03.03.08 ) and 52 week low NAV is 97.093 ( on 20.11.08 ). The 52 week high and low NAV for Fidelity equity fund is 26.291 ( on 02.05.08 ) and 14.475 ( on 20.11.08 ) respectively. Its value for HSBC equity fund is 97.161 ( on 02.05.08 ) and 52.957 ( on 27.10.08 ). Again, for ICICI Prudential Dynamic Fund (G), the 52 week high NAV is 80.342 ( on 05.05.08 ) and 52 week low NAV is 43.459 ( on 27.10.08 ).

47

FURTHER SCOPE OF STUDY :

The calculation and analysis of risks and returns of each selected mutual funds has been done as per the specified schedule. A comparative analysis is also done between the five funds.

The future work will consists of the study of the portfolio of each of the funds. It will be found out what proportion of the invested amount the funds are investing in equities and also the top 10 equity holdings of each of the funds. The proportion of investments of the funds invested in different sectors and also in different type of stocks ( like large cap, mid cap and small cap stocks ) will also be found out and analyzed.

Thus, it will give an overall view of the risks and returns of the selected funds over the last one year and also analysis of their portfolio to understand the variability of returns over the last one year.

48