icici & hdfc mutual funds

SYMBIOSIS CENTRE FOR DISTANCE LEARNINGFINANCIAL INCLUSION IN INDIA TOP THREE BANKS OF INDIA For partial fulfillment of the requirement for the degree ofPOST GRADUATE DIPLOMA IN BANKING AND FINANCE SESSION:2013-15SUBMITTED BY:Name: SURINDER KAURRegistration No. -201117826Course: p.g.d.m.-(IV-Sem.)Centre city: Bareilly

Symbiosis centre for distance learning

Certificate

This is to certify that Mr SURINDER KAUR a student of PGDM IV Semester has completed his/her Research Project Report titled COMPARETIVE STUDY OF EQUITY DIVERCIFICATION ICICI MUTUAL FUND WITH HDFC MUTUAL FUND assigned by MBA Department under my supervision.It is further certified that she has personally prepared this report that is the result of her personal survey / observation. It is of the standard expected to PGDM student and hence recommended for evaluation.

DECLARATION

This is to be declare that I SURINDER KAUR student of PGDM in SYMBIOSIS CENTRE FOR DISTANCE LEARNING have given original data and information to best of my knowledge in the report entitle comparative study of equity diversification ICICI mutual fund with HDFC mutual fundI further state that no part of this information has been used for any assignment but for Partial fulfillment of the requirements towards the completion of the above mentioned Course.

SURINDER KAUR

AKNOWLADGEMENT

If words are considered as a symbol of approval and taken of appreciation then let the words play the heralding role expressing my gratitude.First of all I thank to my Gracie god who blessed me with all kind of facilities that had been provided to me for completion of my report.Im also grateful to my teacher for guiding me to learn and helped me on project on COMPARITIVE STUDY OF EQUITY DIVERSIFICATION ICICI MUTUAL FUND WITH HDFC MUTUAL FUND.My endless appreciation goes to my all respected faculty who has stood by my side and give me moral support whenever I was low and boosted my will power.

CONTENT

CONTENTSPAGE NUMBERS

Executive summary6 to 7

Chapter.1Introduction of topic8 to 10

Chapter.2Literature Review11 to 14

Chapter.3Research Design15 to 23

Chapter.4Data analysis & interpretation24 to 47

Chapter.5Findings & conclusions48 to 49

Chapter 6Summary &conclusion

50

Annexure 1Bibliography/References51 to 52

Annexure 2Questionnaire53to59

EXCICUTIVE SUMMRY Even though the first mutual fund in the country is more than40 yrs old, the mutual fund industry is still nascent one. Most of the mutual funds are about 10 years old. As percentages of the savings of the household sector; they manage only about3%. This shows, however, a great potential that the industry has. This slow growth by the mutual funds is a surprising one when one collects that, just over a decade back, the industry in one year, was managing as high as 8-9% of financial savings of the household sector. Also during the last 15 years, interest rates on safe banking instruments have been coming down. The number of mutual funds has grown but their penetration in household sector has not increased commensurately. This calls for an explanation on further research. Unfortunately the area of mutual funds has been a highly under researched one. The relative yields of long term instruments, their riskiness, and comparative performance etc are areas of research where not enough attention has been paid by the researchers. The reason may be that industry is an ascent one and a decade is not sufficiently long period for drawing meaningful conclusions. The period chosen for this study is when public mutual funds have already been set up and private sector funds entered and global mutual funds are just entering. The external environments are common to both. The public sector mutual funds have the legacy and performance and advantage of distribution network, but now they are facing the adverse market situation. The private sector mutual funds entered perhaps at a wrong time but have a freedom to recruit talent at the market price and started with the best available talent in the financial sector. This set up allowed good competitive environments for fund managers. There is a good reason to deviate from the long term study of other countries because the returns on the equity investment outperform returns on the risk free instruments. Only a good research can help us to know whether this is also an appropriate time for India

CHAPTER- 1 INTRODUCTION OF THE TOPICMutual Funds have become a widely popular and effective way for investors to Participate in financial markets in an easy, low-cost fashion, while muting risk Characteristics by spreading the investment across different types of securities, also known as diversification. It can play a central role in an individuals Investment strategy. They offer the potential for capital growth and income through investment performance, dividends and distributions under the guidance of a portfolio manager who makes investment decisions on behalf of mutual fund Unit holders. Over the past decade, mutual funds have increasingly become the Investors vehicle of choice for long-term investment. It becomes pertinent to study the performance of the mutual fund. The relation between risk-return determines the performance of a mutual fund scheme. As risk is commensurate with return, therefore, providing maximum return on the investment made within the acceptable associated risk level helps in segregating the better performers from The laggards. Many asset management companies are working in India, so it is Necessary to study the performance of it which may be useful for the investors to select the right mutual fund. A Mutual Fund is a trust that pools thesavings of a number of investors who sharea common financial goal. Anybody with aninvestible surplus of as little as a few hundred rupees caninvest Mutual Funds. These investors buy units ofa particular Mutual Fund scheme that hasdefined investment objective and strategy. The money thus collected is theninvested by the fund managerin different types of Securities. These could range from shares to debentures to money market Instruments, depending upon the scheme have stated objectives. The income earned throughthese investments and the capital appreciation realized by the scheme is shared by its unit in proportion to the number of units owned by them. Thus aMutual Fund is the most suitable investment for the commonman as it offers an opportunity to invest in a diversified, professionally managed basketof securities at relatively low-cost

OBJECTIVE To give a brief idea about the benefits available from mutual fund investment.

To give an idea of the type of schemes available.

To discuss about the market trends of mutual fund investment.

To study some of the mutual fund schemes.

To study some of the mutual fund companies.

Observe the some management process of mutual funds.

Explore the recent developments in the mutual fund in India.

To give an idea about the regulation of mutual fund.

To evaluate and compare the performance of equity diversified mutual fund schemes of selected companies .

To compare the performance of equity diversified mutual fund schemes of selected companies vis--vis the market. SCOPE

The research work attempt to evaluate the performance of mutual fund Industry in India under the regulated environment after the introduction Of the icici and reliance mutual fund regulations 1996 enforcing Uniformity in rules and regulations. Performance evaluation of mutualFund in this study is confined to three aspects namely, financial investing public and regulatory body. In financial aspects, the Performance of the mutual fund is evaluated from return incurred bythem and their comparison with the stock market index. Investment Performance of the mutual fund is evaluated through a survey conducted on the mutual fund investors considering their attitude, satisfaction and their aspects, finally, the impact of regulatory measures taken from time to time by by regulatory authority on the performance of the mutual fund. For evaluating the financial performance of selected mutual fund, the period of the study is taken from 2002-2003 to 2013-2014etc. April 2002, march 2014.

CHAPTER- 2 LITLATURE REVIEWSapir & Narayan(2003) examines the performanceof Indian mutual fund in a bear market through relative performance index, risk-return analysis, Tenors ratio, Sharp's ratio, Sharp's measure, Jensen's measure, and Fames measure with a sample of 269 open ended schemes (out of total schemes of 433). The results of performance measures suggest that most of the mutual fund schemes in the sample of 58 were able to satisfy investor's expectations by giving excess returns over expected returns based on both premium for systematic risk and total risk. Rao D. N (2006) studied the financial performance of select open-ended equity mutual fund schemes for the period 1st April 2005 31st March 2006 pertaining to the two dominant investment styles and tested the hypothesis whether the differences in performance are statistically significant. The analysis indicated that growth plans have generated higher returns than that of dividend plans but at a higher risk studied classified the 419 open-ended equity mutual fund schemes intosix distinct investment styles. the empirically testing on the basis of fund manager performance and analyzing data at the fund-manager and fund-investor levels. The study revealed that the performance is affected by the saving and investment habits of the people and at the second side the confidence and loyalty of the fund Manager and rewards- affects the performance of the MF industry in India. Mehta Sushilkumar (2010) analyze the performance of mutual fund schemes of icici and reliance and found out that HDFC schemes have performed better then the ICICI in the year 2007-2008. Selvam et.al (2011) studied the risk and return relationship of Indian mutual fund schemes. The study found out that out of thirty five sample schemes, eleven showed significant tvalues and all other twenty four sample schemes did not prove significant relationship between the risk and return. According to t-alpha values, majority (thirty two) of the sample schemes' returns were not significantly different from their market returns and very few number of Sample schemes' returns were significantly different from their market.The topic of project was mutual funds A case study and survey. After the research works that mutualfund industry is enlarging its size inIndia investors are willing pour money in mutual funds. Despite some Temporary registrants, othereconomic modes are in favorable mode. Thus we need proper management of advisory services more schemes financial advisor and institution to cater the market.Industry need to revise its business strategy. Investors perception is not Prioritized yet instead of completing target, advisors working under Institutions should consider the requirements of the investors. We need Changingpattern of selling mutual funds.The topic was a study of preferences of investors for investment in mutual funds for the reliance mutual funds. that most of the investors dont invest in Sbimutual fund due to nonawareness. And he adds that most ofthe investors of Patna had invested in reliance or icici mutual funds andICICI mutual funds also has good brandposition among them. And icici mf places after ICICI mutual fund according to respondents. The most portfolio are equity second most is balanceand least prefer portfolio was debtsportfolio. Most of the investors doesnt want to invest in sectored fund. And he observed thatmany people havethe fear of mutual fund. They need information brand place and important role and relaince mutual fund ICICI mf etc. arewell non brandso they are doing well.Review of literature is a brief description about mutual funds research work conducted in India as well as in abroad. Some of these studies have been reviewed in the following paragraphs in order to establish the research gap and need for the present study. Treynor (1965) developed a methodology for evaluating mutual fund performance that is popularly referred to as reward to volatility ratio. Sharpe (1966) carried out a well acknowledged and widely quoted work on performance evaluation. He also developed a composite measure of performance evaluation that considers both return & risk. Jensens (1968) classic studies developed an absolute measure of performance based upon the Capital Asset Pricing Model. The excess fund returns were regressed upon the excess market returns to estimate the characteristics line of the regression model. J. Williamson (1972) made an effort on the study of measuring and forecasting of mutual funds performance and test the hypothesis that a funds performance affected by net new money. There is a popular belief that the availability of net new money tends to increase performance. Williamson, however, found no correlation. He also sought to determine if net new money was related to past performance with the result that no correlation was found. Kun and Jen (1978) estimated the systematic risk and performance of 49 mutual funds over the period 1960-71 by utilizing monthly price data. The result indicated that a very substantial fraction of mutual funds had two level of systematic risk during each of three sub periods. Kane and Marks (1983) developed conditions under which Sharpe (1966) measure would correctly and completely capture market timing ability of fund managers. Lee and Rahman (1989) examined market timing and selectivity performance of selected mutual funds. They concluded that at the individual level, there was some evidence of superior forecasting ability on the part of fund manager. Grinblatt and Titman (1994) reported that mutual fund performance evaluation measures generally yielded similar inferences with the same benchmark. Jayadev (1998) conducted a study on the performance evaluation of portfolio managers. He examined the performance of 62 mutual fund schemes using monthly NAV data for the period of April 1987 to March 1995. The study showed that the Indian mutual funds were not properly diversified. Singh and Chander (2001) appraised the status of Indian mutual fund in pre-liberalisation and Asia Pacific Journal of Marketing & Management Mohanan (2006) found that Indian mutual fund industry was one of the fastest growing sectors in the Indian capital and financial markets. Mutual funds assets under management grew by 96 percent between the end of 1997 and June 2003 and as a result it rose from 8 percent of GDP to 15 percent. Agrawal (2007) examined that since the development of the Indian capital Market and deregulations of the economy in 1992 it has came a long way with lots of ups anddowns. The study revealed that the performance is affected by saving and investment habits of the people; at the second side the confidence and loyalty of the fund manager and rewards affects the performance of the mutual fund industry in India. Parihar et al. (2009) revealed that mutual funds arefinancial intermediaries concerned with mobilizing savings of those who have surplus and the canalization of these savings in those avenues where there is a demand for funds. CHAPTER 3 RESEARCH DESIGENResearch DesignA method and systema statical analysisbased on past history tofacilitate the investmentprocess. respective fund using a principal factor such as cumulativegrowth and stability. For tracking investment, upper and lower control limits are definedaccording to standard deviation of average total return over predetermine period of time to improve chances ofthe investors achieving a profit as well as a near optimum performance. .This research methodology helps us to giveinformation about the opportunities of mutual funds investment. It will help to study the market ofmutual funds better.Sample DesignAll mutual fund companies and there return on investment.A sample design is a definite plan for obtaining a sample from a given population. It refers to the technique or method the researcher would adopt in selecting items for the sample.

Tools of data collectionThere are many methods of data collection which can be used according to nature and type of research. I will use following data for the research purpose My research only the basis of secondary data.

Secondary dataArticlesFactsheetManagement generalsAnnual reportResearch papersInternetCompanies product voucherNews papersTools for data Analysis1.Return on investment2. Graph3. ChartMajor FindingAfter valuation of the data I amfinding out some positive and some negativeresult forIndian market mutual funds opportunities.Positive results:1. Professional Management -The basic advantage of funds is that, they are professional managed, by well qualified professional. Investors purchase funds becausethey do not have the time or the expertise to managetheir own portfolio. A mutual fund is considered to be relatively less expensive way to make andmonitor their investments.2. Diversification -Purchasing units in a mutual fund instead ofbuying individual stocks orbonds, the investors risk is spread out and minimized up to certain extent. The ideabehind diversification is to invest in a large number of assets so that aloss in any particularinvestment is minimized by gains in others.3. Economies of Scale -Mutual fund buy and sell largeamounts of securities at a time, thus help to reducing transaction costs, and helpto bring down the averagecost of the unit fortheir investors.4. Liquidity -Just like an individual stock, mutual fund also allows investors to liquidate their holdings as and when they want.

5. Simplicity -Investments in mutual fund are considered to beeasy, compare to otheravailable instruments in the market, and the minimum investment is small. Most AMC also have automatic purchase plans wherebyas little as Rs. 2000, where SIP start with just Rs.50per month basis.

STATISCAL TOOLS: For the purpose of analysis, Mean and percentage methods are used for the calculation and the result was interpreted. This test was used to minimize the error of the data collected. Statistical tools used:Sample tools are used for analyze purpose, they are follows: Cross tab method Chi square test Phi and Cramer V test

Null hypothesis (HO) states: the two attributes are independent of each other.

Alternative hypothesis (HI) states: the two attributes are dependent of each other.

QUESTIONNARE1. What kind of investments you prefer most? Pl tick (). All applicablea. Saving accountb. Fixed depositsc. Insurance d. Mutual Fund

e. Post Office-NSC, etcf. Shares/Debenturesg. Gold/ Silverh. Real Estate

I. PPFj. PF

2. While investing your money, which factor you prefer most? Any oneLiquidity Low RiskHigh ReturnCompany reputation

3. Have you ever invested your money in mutual fund?Yes No

If yes, a) Where do you find yourself as a mutual fund investor? Totally ignorant [ ] Partial knowledge of mutual funds [ ] Aware only of any specific scheme in which you invested [ ] Fully aware [ ]

b) In which kind of mutual you would like to invest?

Public [ ] Private [ ]

c) how do you come to know about Mutual Fund?a. Advertisementb. Peer Groupc. Banks d. Financial Advisors

d) Which mutual fund scheme have you used?Open-ended Close-ended

Liquid fundMid- Cap

Growth fundRegular Income fund

Long-CapSector fund

a) If not invested in Mutual Fund then why? Not aware of MF Higher riskNot any specific reason

4. which feature of the mutual funds allure you most? Diversification [ ] Better return and safety [ ] Reduction in risk and transaction cost [ ] Regular Income [ ] Tax benefit [ ]

5. In which Mutual Fund you have invested? Please tick (). All applicable.a. SBIMF

b. UTI

c. HDFC

d. Reliance

e. ICICI prudential funds

f. JM mutual fund

g. Other. Specify

6. When you invest in Mutual Funds which mode of investment will you prefer? a. One Time Investmentb. Systematic Investment Plan (SIP)

7. Where from you purchase mutual funds? Directly from the AMCs [ ] Brokers only [ ] Brokers/ sub-brokers [ ] Other sources [ ]

8. Which AMC will you prefer to invest? Assets Management Co.

a. SBIMF

b. UTI

c. Reliance

d. HDFC

e. Kotak

f. ICICI

g. JM finance

9. Which sector are you investing in mutual fund sector?i. General 1st

ii. Oil and petroleum

iii. Gold fund

iv. Diversified equity fund

v. Power sector

vi. Debt fund

vii. Banking fund

viii. Real estate fund

ix. General 1st

10. How would you like to receive the returns every year? a. Dividend payout b. Dividend re-investmentc. Growth in NAV

11. Personal Details: (a). Name:- (b). Add: - Contact No:- (c). Age:- (d). Qualification:-Graduation/PGUnder GraduateOthers

(e). Occupation. Pl tick ()Govt. SecPvt. SecBusinessAgricultureOthers

(g). What is your monthly family income approximately? Pl tick ().Up to Rs.10,000Rs. 10,001 to 15000Rs. 15,001 to 20,000Rs. 20,001 to 30,000Rs. 30,001 and above

CHAPTER- 4 DATAANALYSIS AND INTERPRETATION

1. Do you invest in mutual fund?

YES100

NO0

Interpretation:-All the candidates who are asked to fill the questionnaire have invested in mutual fund.

2. With which company do you have invested in mutual funds?

HDFC 65

ICICI 35

Reliance 0

SBI 0

LIC 0

Kotak Mahindra 0

Others 0

Interpretation:Out of 100 candidates up to 65have invested in mutual fund with HDFC & 35 have invested with ICICI. There is no investor who have invested in mutual fund with any another company.

VAR00001

Observed NExpected NResidual

HDFC6550.015.0

ICICI3550.0-15.0

Total100

Test Statistics

VAR00001

Chi-Square9.000a

df1

Asymp. Sig..003

a. 0 cells (.0%) have expected frequencies less than 5. The minimum expected cell frequency is 50.0.

3. What is your age? .15-25 8

25-35 12

35-45 60

More than 45 20

Interpretation:

60 investors are of age between 35-45. 20 are of age more than 45. 12 are of between of 25-35. 8 are of 15-25. This data shows that many investors are of middle age & there are less investors of young age in mutual fund.

One-Sample Statistics

NMeanStd. DeviationStd. Error Mean

VAR000011002.9200.80000.08000

One-Sample Test

Test Value = 0

tdfSig. (2-tailed)Mean Difference95% Confidence Interval of the Difference

LowerUpper

VAR0000136.50099.0002.920002.76133.0787

4. What is your income? (Yearly based)

1 lakh 0

2-4 lakh 10

4-5 lakh 20

More than 5 70

Interpretation:

Up to 70 investors have income more than 5 lakh. 20 have between 4-5 lakh.10 investors have income between 2-4 lakh & there is no investor who have income up to 1akh. VAR00001


1 lakh825.0-17.0

2-4 lakh1225.0-13.0

4-5 lakh6025.035.0

more than 52025.0-5.0

Total100

Test Statistics

VAR00001

Chi-Square68.320a

df3

Asymp. Sig..000


5. From where you come to know about this companys mutual fund schemes? Family & relatives 35

Friends & peers 40

Company employee 15

Others 10

Interpretation:

Many investors (up to 40) have been come to know about the company to be invested by their friends & peers.35 have been known by their family & relatives .15have been come to know by company employees & 10 by others. This means many have come to know by their friends & peers.

VAR00001


Family & relatives3525.010.0

friends & peers4025.015.0

Company employee1525.0-10.0

Others1025.0-15.0

Total100

VAR00001


Family & relatives3525.010.0

friends & peers4025.015.0

Company employee1525.0-10.0

Others1025.0-15.0

Total100

6. What is the time duration of your investment?

0-1 year 15

1-2 year 35

2-4year 30

more than 4 20

Interpretation:

15 investors have time of investment less than one year. 20 have time duration of their investment between of 1-2 year. 30 have between 2-4 year & 35 have more than 4 years.So, we can say that 35 investors have more experience than others.

VAR00001


0-1 year1525.0-10.0

1-2 year3525.010.0

2-4 year3025.05.0

more than 42025.0-5.0

Total100

Test Statistics

VAR00001

Chi-Square10.000a

df3

Asymp. Sig..019


7. Are you satisfied by service of the companys employees / peoples behavior?

Highly satisfied 15

Satisfied 35

Neutral

30

Dissatisfied 15

Highly Dissatisfied

5

Interpretation: Out of 100 investors 15 are highly satisfied. 35 are satisfied. 30 are neutral towards employee behavior of a company. 15 are dissatisfied. 5 are highly dissatisfied. We say that many people are satisfied by employee behavior.

VAR00002


highly satisfied1520.0-5.0

satisfied3520.015.0

neutral3020.010.0

dissatisfied1520.0-5.0

highly dissatisfied520.0-15.0

Total100

8. What is your risk profile?

Innovator 20

Moderate 65

Risk adverse 15

Interpretation:

20% investors are innovator means they like to take risk for more returns. 15% are moderate towards risk means they are indifferent towards risk. 65% are risk adverse means they mainly try to avoid risk.

VAR00002


innovator2033.3-13.3

moderate6533.331.7

risk adverse1533.3-18.3

Total100

Test Statistics

VAR00002

Chi-Square45.500a

df2

Asymp. Sig..000


9. What you feel about the company norms, documentation & formalities?

Highly Satisfied 15

Satisfied 25

Neutral 40

Dissatisfied 15

Highly dissatisfied 5

15%25%40%15%5% Highly Satisfied Satisfied Neutral Dissatisfied HighlyDissatisfied

Interpretation:15% investors are highly satisfied by companys documentation policy (filling up the forms etc.). 25% are satisfied, 40% never cares about it or are moderate towards it , 15% are dissatisfied by it & 5% are highly dissatisfied. VAR00002


highly satisfied1520.0-5.0

satisfied2520.05.0

neutral4020.020.0

dissatisfied1520.0-5.0

highly dissatisfied520.0-15.0

Total100

Test Statistics

VAR00002

Chi-Square35.000a

df4

Asymp. Sig..000


10. What you say which provides better returns?

HDFC 68

ICICI 32

Interpretation:

According to collected data 68 investors thinks that HDFC provides better returns where as 32 to think that ICICI provides better returns.VAR00001


HDFC6850.018.0

ICICI3250.0-18.0

Total100

Test Statistics

VAR00001

Chi-Square12.960a

df1

Asymp. Sig..000


11. Would you like to exchange your investment with one another between HDFC & ICICI? Yes 15

No 85

Interpretation:15 investors said that they would like to change their investment with each another between HDFC & ICICI. But 85 investors say that they are ok with their companies and they wouldnt like to exchange their investment.

VAR00001


Yes1550.0-35.0

No8550.035.0

Total100

Test Statistics

VAR00001

Chi-Square49.000a

df1

Asymp. Sig..000


CHAPTER-5

FINDINGS

In my research I have founded following things:-

Investors have more faith HDFCs mutual fund.

As the age increases investors are much satisfied, see more risk & become more risk adverse.

Old people &Widows prefer lower risk.

Investors are not highly satisfied by company rules & employee behavior.

Investors think that HDFC provides better returns than ICICI.

CONCLUSION To conclude we can say that mutual fund is a very much profitable tool for investment because of its low cost of acquiring fund, tax benefit, and diversification of profits & reduction of risk. Many investors who have invested in mutual fund have invested with HDFC and them also thinks that it provides better returns than ICICI .There is also an affect of age on mutual fund investors like; old people & widows want regular returns than capital appreciation. Companies can adopt new techniques to attract more & more investors. In my study I was suppose to do comparative analyses the mutual fund of HDFC &ICICI and I had found that people consider HDFC better than ICICI. But ICICI have also respondents and it can increase its investors by improving itself in some terms.

To conclude we can say mutual fund is a best investment vehicle for old & widow, as well as to those who want regular returns on their investment.

Mutual fund is also better and preferable for those who want their capital appreciation.

Both the companies are doing considerable achievements in mutual fund industry.

There are also so many competitors involved those affects on both companies.

RECOMMENDATION

In my study I have found some limitations. For that I can suggest both

companies following suggestions or areas of improvement:-

ICICI bank should try to provide better returns to its investors as compare to HDFC.

Both companies should try to invest in better securities for better profits.

Both companies should try to satisfy their customer by better customer service or by improving customer relationship management.

Companies should try to make people initiative towards risk.

Investors should be made fully aware of the concept of mutual fund & all the terms and conditions. It should more emphasize in advertising, as it is the most Powerful tool to position ant brand in the mindsets of customers.

REFERENCES

[1] Agrawal, D. (2006). Measuring Performance of Indian Mutual Funds. Prabandhan , 179-185.[2] Guha, S. (2008). Performance of Indian Equity Mutual Funds vis-a-vis their Style Benchmarks. TheICFAI Journal of Applied Finance, 49-81.[3] Madhumathi, S. P. (2005). Characteristics & performance evaluation of selected Mutual Funds in India.9th Indian Institute of Capital Market Conference.[4] Michael, C. J. (1967). The Performance of Mutual Funds in the period 1945-1964. Journal of Finance , 389-416.[5] Sharpe, W. (1966). Mutual Fund Performance. The Journal of Business , 119.[6] Treynor, J. (1965). How to Rate Management of Investment Funds? Harvard Business Review , 63-75.[7] Sapar, Narayan Rao and Madava, Ravindran, Performance Evaluation of Indian Mutual Funds. Availableat SSRN: http://ssrn.com/abstract=433100 or http://dx.doi.org/10.2139/ssrn.433100[8] Rao, D. N., Investment Styles and Performance of Equity Mutual Funds in India (August 6, 2006).Available at SSRN: http://ssrn.com/abstract=922595 or http://dx.doi.org/10.2139/ssrn.922595[9] Selvam, Murugesan and Palanisamy, Bhuvaneswari, Analysis of Risk and Return Relationship of IndianEquity (Dividend) Mutual Fund Schemes (2011). Available at SSRN: http://ssrn.com/abstract=1862214[10] Agrawa, D. (2009). A Comparative Study of Equity Based Mutual Fund of Reliance and HDFC.Prabandhan , 145-154.[11] http://www.amfiindia.com[12] http://www.bseindia.com[13] http://www.rbi.org.in[14] http://www.mutualfundsindia.com

QUESTIONNARE 1. What kind of investments you prefer most? Pl tick (). All applicablea. Saving accountb. Fixed depositsc. Insurance d. Mutual Fund

e. Post Office-NSC, etcf. Shares/Debenturesg. Gold/ Silverh. Real Estate

I. PPFj. PF

2. While investing your money, which factor you prefer most? Any oneLiquidity Low RiskHigh ReturnCompany reputation

3. Have you ever invested your money in mutual fund?Yes No

If yes, c) Where do you find yourself as a mutual fund investor? Totally ignorant [ ] Partial knowledge of mutual funds [ ] Aware only of any specific scheme in which you invested [ ] Fully aware [ ]d) In which kind of mutual you would like to invest?

Public [ ] Private [ ] c) how do you come to know about Mutual Fund?a. Advertisementb. Peer Groupc. Banks d. Financial Advisors

e) Which mutual fund scheme have you used?Open-ended Close-ended

Liquid fundMid- Cap

Growth fundRegular Income fund

Long-CapSector fund

b) If not invested in Mutual Fund then why? Not aware of MF Higher riskNot any specific reason

4. which feature of the mutual funds allure you most? Diversification [ ] Better return and safety [ ] Reduction in risk and transaction cost [ ] Regular Income [ ] Tax benefit [ ]5. In which Mutual Fund you have invested? Please tick (). All applicable.a. SBIMF

b. UTI

c. HDFC

d. Reliance

e. ICICI prudential funds

f. JM mutual fund

g. Other. Specify

6. When you invest in Mutual Funds which mode of investment will you prefer? a. One Time Investmentb. Systematic Investment Plan (SIP)

7. Where from you purchase mutual funds? Directly from the AMCs [ ] Brokers only [ ] Brokers/ sub-brokers [ ] Other sources [ ]8. Which AMC will you prefer to invest? Assets Management Co.

a. SBIMF

b. UTI

c. Reliance

d. HDFC

e. Kotak

f. ICICI

g. JM finance

9. Which sector are you investing in mutual fund sector?x. General 1st

xi. Oil and petroleum

xii. Gold fund

xiii. Diversified equity fund

xiv. Power sector

xv. Debt fund

xvi. Banking fund

xvii. Real estate fund

xviii. General 1st

10. How would you like to receive the returns every year? a. Dividend payout b. Dividend re-investmentc. Growth in NAV

11. Personal Details: (a). Name:- (b). Add: - Contact No:- (c). Age:- (d). Qualification:-Graduation/PGUnder GraduateOthers

(e). Occupation. Pl tick ()Govt. SecPvt. SecBusinessAgricultureOthers

(g). What is your monthly family income approximately? Pl tick ().Up to Rs.10,000Rs. 10,001 to 15000Rs. 15,001 to 20,000Rs. 20,001 to 30,000Rs. 30,001 and above

THANK YOU

4

icici & hdfc mutual funds

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