khan project work

8/2/2019 Khan Project Work

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PERFORMANCE OF SECTORAL MUTUAL FUNDS WITH RETAILSECTOR

INTRODUCTION TO RETAIL SECTOR FUNDS

Mutual Funds are investment institutions set up to manage money pooled in from the public

advantages of investing in Mutual Funds are the professional expertise they employ coupled

the variations offered on the basis of asset classification and the diversification of the cho

portfolio aimed at optimizing the risk for the required return.

The benefits that can be accrued from Mutual Funds are

The schemes could be added to the portfolio with online updates for monitoring

performance of your investments in Mutual Funds.

The comprehensive search, which gets you the fund matching your criteria.

The comparison of various schemes of different Mutual Funds based on the critical

most sought after investment criteria.

The analysis of different schemes and the outlook for the same.

List of new launches in the market provided continuously.

Basically, Mutual funds are trusts that are formed to mobilize the savings from the people and

them together to invest within the securities markets. The main advantage of mutual funds is t

is professionally managed. And the general idea is for investors to contribute small amounts

units in the various schemes, which in turn is deployed in the various markets. This way,

investor who is not in a position to directly invest in the markets can take advantage of this rou

SAI PRANAVI PG COLLEGE Page 1


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UTI is the oldest of Indian mutual funds, having entered the arena with the launch of the

Scheme - 64 in 1964, hence the alphanumeric name. It was only in 1998 that other public se

banks were allowed to enter into the segment which was followed by a whole range of A

Management companies including almost all the leading international portfolio managers inclu

Merrill Lynch, Templeton, and Prudential among others.

What is a Sector Fund?

As the name implies, a sector fund is a mutual fund that invests in a specific sector of the

economy, such as energy or utilities. Sector funds come in many different flavors and can vary

substantially in market capitalization, investment objective (i.e. growth and/or income) and cla

securities within the portfolio. Sector funds do not fall into a particular category in theMorningstar

style box, such as large-cap value or mid-cap growth; instead, Morningstar ranks and analyzes

sector funds in the following eight categories.

1.Natural Resources Funds - These funds invest in oil and gas and other energy sources, as

well as timber and forestry. These funds are usually appropriate for long-term growth investor

2 . Real Estate Funds - These funds provide a way for smaller investors to participate in the

gains from real estate without having to actually buy real property. They often provide both

growth and income.

3 Financial Funds - These funds invest in the financial industry. Holdings will include

securities of investment, insurance, banking,mortgageand accounting firms.

http://investopedia.com/terms/m/morningstarinc.asphttp://www.investopedia.com/terms/m/mortgage.asphttp://investopedia.com/terms/m/morningstarinc.asphttp://www.investopedia.com/terms/m/mortgage.asp


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4. Technology Funds - These funds seek to provide exposure in the tech sector. This sector

focuses primarily on computers, electronics and other informational technology that is used

a wide range of applications.

5.. Communications Funds - These funds focus on the telecommunications sector, but can

include internet-related companies as well.



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OBJECTIVE

TO know about the current Mutual funds available in India

TO know how mutual funds are investing the funds in different sector

Giving better suggestions to the investor to invest in good sectors and now go

scope is there for mutual funds in India

To suggest the investor about which mutual fund should be invest in better sector

To study the benefits of investing in different sector of funds

To know how to invest in sectoral funds



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NEED OF STUDY

The study covers the concept and details of mutual funds and introduction on equderivatives and index.

The study also includes returns of equity, mutual funds and relative index of differsectors.

Equities year high and low is also included in the study.

The project report covers the study of Net Asset Value (NAV) of mutual funds different sectors.

The analysis part includes the Net Asset Value (NAV) charts which gives the cle picture of the present value of the mutual fund company.

SCOPE OF STUDY;-

At the present trend in mutual funds investor are investing in different sectors .it i

good advantage for the investors and also benefit for the investors and investor can reduce

in mutual fund. In the sectorial funds we have diversified companies and sectors funds of bank

investor must choose and invest the funds in the different sectors and the companies the fin



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manager as to suggest the investor there is no relationship between the funds. You can inve

any funds

Now a days good scope is their for the mutual funds .the financial managers as

decide whether he as to invest in share stock, bonds and sectors to get the more benefits for f

so invest in good profitability sector. Then the financial manager can reduce the risk from

investors. The scope of study is confirmed to the sectorial funds available in India mutual

market.

METHODLOGY

A Research work requires a lot of information to be gathered. This information can be gath

through 2 sources.

1. Primary source of data collection : In this method, we collect the data for the first

time i.e., first hand information through surveys, observations etc.,

2. Secondary source of data collection : In this method , we collect the information

which is readily available. The present project work is depending on seconda

sources of information gathering.

1. DATA COLLECTION

In the present project work the data as been collected from readily available sou

that is secondary data like websites newspapers and magazines the sample size taken for stu

companies

THE WEB SITE VISITED



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o WWW.AMFI.COM.

o MONEY.REDIFF.COM.

o DATA ANALYSIS

The present project work as been analyzed using time series analysis with graphi

presentation the formula applied in the calculation or as follows

LIMITATIONS

Equity return is not taken from NSE stock exchange.

The data of mutual fund companies and equity companies is taken only for 3& 6 monand 1 year due to non availability of data.

Due to limitation of time all sectors are not studied, only selected sectors have bestudied.

Data for mutual funds available on website is day to day basis data. Data is updated dHence the data is available as on 31 march 2009.

Only growth funds are taken.

Due to non availability of data NSE scrip Tata consultancy information has not taken.



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important component of astock market. Supply and demand in stock a market is driven by various

factors which, as in allfree markets, affect the price of stocks (seestock valuation).There is usually no compulsion to issue stock via the stock exchange itself, nor must s

be subsequently traded on the exchange. Such trading is said to be off exchange or over-the-counter . This is the usual way that bondsare traded. Increasingly, stock exchanges are part of aglobal market for securities.

HISTORY OF MUTUAL FUND INDUSTRY

The mutual fund industry in India started in 1963 with the formation of Unit Trust of Inat the initiative of the Government of India and Reserve Bank the. The history of mutual funIndia can be broadly divided into four distinct phases

FIRST PHASE 1964-87 Unit Trust of India (UTI) was established on 1963 by an Act Parliament. It was set up by the Reserve Bank of India and functioned under the Regulatoryadministrative control of the Reserve Bank of India. In 1978 UTI was de-linked from the RBthe Industrial Development Bank of India (IDBI) took over the regulatory and administracontrol in place of RBI. The first scheme launched by UTI was Unit Scheme 1964. At the en1988 UTI had Rs.6,700 crores of assets under management.

SECOND PHASE 1987-1993 (Entry of Public Sector Funds) 1987 marked the entry non- UTI, public sector mutual funds set up by public sector banks and Life Insurance Corpoof India (LIC) and General Insurance Corporation of India (GIC). SBI Mutual Fund was thenon- UTI Mutual Fund established in June 1987 followed by Canara Bank Mutual Fund (Dec

Punjab National Bank Mutual Fund (Aug 89), Indian Bank Mutual Fund (Nov 89), Bank of I(Jun 90), Bank of Baroda Mutual Fund (Oct 92). LIC established its mutual fund in June while GIC had set up its mutual fund in December 1990. At the end of 1993, the mutual industry had assets under management of Rs.47,004 crores.

http://wiki/Stock_markethttp://wiki/Stock_markethttp://wiki/Free_markethttp://wiki/Stock_valuationhttp://wiki/Over-the-counter_(finance)http://wiki/Over-the-counter_(finance)http://wiki/Over-the-counter_(finance)http://wiki/Bond_(finance)http://wiki/Stock_markethttp://wiki/Free_markethttp://wiki/Stock_valuationhttp://wiki/Over-the-counter_(finance)http://wiki/Over-the-counter_(finance)http://wiki/Bond_(finance)


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THIRD PHASE 1993-2003 (Entry of Private Sector Funds) With the entry of private sec

funds in 1993, a new era started in the Indian mutual fund industry, giving the Indian investwider choice of fund families. Also, 1993 was the year in which the first Mutual Fund Regulacame into being, under which all mutual funds, except UTI were to be registered and goverThe erstwhile Kothari Pioneer (now merged with

Franklin Templeton) was the first private sector mutual fund registered in July 1993. The 1SEBI (Mutual Fund) Regulations were substituted by a more comprehensive and revised MFund Regulations in 1996. The industry now functions under the SEBI (Mutual Fund) Regula1996. The number of mutual fund houses went on increasing, with many foreign mutual fsetting up funds in India and also the industry has witnessed several mergers and acquisitionat the end of January 2003, there were 33 mutual funds with total assets of Rs. 1,21,805 crThe Unit Trust of India with Rs.44,541 crores of assets under management was way ahead of mutual funds.

FOURTH PHASE since February 2003 In February 2003, following the repeal of the Unit Tr

of India Act 1963 UTI was bifurcated into two separate entities. One is the Specified Undertaof the Unit Trust of India with assets under management of Rs.29,835 crores as at the enJanuary 2003, representing broadly, the assets of US 64 scheme, assured return and certain oschemes. The Specified Undertaking of Unit Trust of India, functioning under an administratounder the rules framed by Government of India and does not come under the purview oMutual Fund Regulations. The second is the UTI Mutual Fund Ltd, sponsored by SBI, PNB, and LIC.

It is registered with SEBI and functions under the Mutual Fund Regulations. With bifurcation of the erstwhile UTI which had in March 2000 more than Rs.76,000 crores of aunder management and with the setting up of a UTI Mutual Fund, conforming to the SEBI MFund Regulations, and with recent mergers taking place among different private sector fundsmutual fund industry has entered its current phase of consolidation and growth. As at the en



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September, 2004, there were 29 funds, which manage assets of Rs.153108 crores under

schemes. The graph indicates the growth of assets over the years.

FUTURE SCENARIO

The asset base will continue to grow at an annual rate of about 30 to 35 % over the nfew years as investors shift their assets from banks and other traditional avenues. Some oolder public and private sector players will either close shop or be taken over.

Out of ten public sector players five will sell out, close down or merge with stron players in three to four years. In the private sector this trend has already started with two meand one takeover. Here too some of them will down their shutters in the near future to come.

But this does not mean there is no room for other players. The market will witness a flof new players entering the arena. There will be a large number of offers from various amanagement companies in the time to come. Some big names like Fidelity, Principal, andMutual etc. are looking at Indian market seriously. One important reason for it is that most m players already have presence here and hence these big names would hardly like to get left beh

The mutual fund industry is awaiting the introduction of derivatives in India as this woenable it to hedge its risk and this in turn would be reflected in its Net Asset Value (NAV).

SEBI is working out the norms for enabling the existing mutual fund schemes to tradderivatives. Importantly, many market players have called on the Regulator to initiate the proimmediately, so that the mutual funds can implement the changes that are required to tradDerivatives.



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History of stock exchanges:

In 12th century France the courratiers de change were concerned with managing regulating the debts of agricultural communities on behalf of the banks. As these men also trin debts, they could be called the first brokers.

Some stories suggest that the origins of the term "bourse" come from the Latinbursameaninga bag because, in 13th century Bruges, the sign of a purse (or perhaps three purses), hungon the front of the house where merchants met.

However, it is more likely that in the late 13th century commodity traders in Brugathered inside the house of a man called Van der Burse, and in 1309 they institutionalizeduntil now informal meeting and became the "Bruges Bourse". The idea spread quickly aroFlanders and neighboring counties and "Bourses" soon opened in Ghent and Amsterdam.

In the middle of the 13th century,Venetian bankers began to trade in governmentsecurities. In 1351, the Venetian Government outlawed spreading rumors intended to lower t price of government funds. There were people inPisa, Verona, Genoaand Florencewho also began trading in government securities during the 14th century. This was only possible becthese

The role of stock exchanges:

Stock exchanges have multiple roles in theeconomy, this may include the following:

R aising capital for businesses

The Stock Exchange provides companieswith the facility to raise capitalfor expansion throughselling sharesto theinvesting public.

http://wiki/Brugeshttp://wiki/Brugeshttp://wiki/Venicehttp://wiki/Venicehttp://wiki/1351http://wiki/1351http://wiki/Pisahttp://wiki/Pisahttp://wiki/Veronahttp://wiki/Genoahttp://wiki/Florencehttp://wiki/Florencehttp://wiki/Economyhttp://wiki/Economyhttp://wiki/Company_(law)http://wiki/Company_(law)http://wiki/Capital_(economics)http://wiki/Capital_(economics)http://wiki/Shareshttp://wiki/Shareshttp://wiki/Investinghttp://wiki/Investinghttp://wiki/Brugeshttp://wiki/Venicehttp://wiki/1351http://wiki/Pisahttp://wiki/Veronahttp://wiki/Genoahttp://wiki/Florencehttp://wiki/Economyhttp://wiki/Company_(law)http://wiki/Capital_(economics)http://wiki/Shareshttp://wiki/Investing


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Mobilizing savings for investment

When people draw their savings and invest in shares, it leads to a more rational allocatioresources because funds, which could have been consumed, or kept in idle depositswith banks, aremobilized and redirected to promote businessactivity with benefits for several economic sectorssuch as agriculture, commerce and industry, resulting in a stronger economicgrowthand higher productivitylevels.

Facilitating company growth

Companies view acquisitions as an opportunity to expand product lines, increase distribuchannels, hedge against volatility, increase its market share, or acquire other necessary busassets. A takeover bid or a merger agreement through the stock exchange is one of the simplesmost common ways for a company to grow by acquisition or fusion.

Redistribution of wealth

Stocks exchanges do not exist to redistribute wealth although casual and professional stinvestors through stock prices increases (that may result in capital gains for the

Investor) and dividends get a chance to share in the wealth of profitable businesses.

Corporate governance

By having a wide and varied scope of owners, companies generally tend to improve on tmanagement standards and efficiency in order to satisfy the demands of these shareholders anmore stringent rules for public corporations imposed by public stock exchanges and government. Consequently, it is alleged that public companies (companies that are owned

shareholders who are members of the general public and trade shares on public exchanges) tehave better management records than privately held companies (those companies where sharenot publicly traded, often owned by the company founders and/or their families and heirotherwise by a small group of investors).

Creating investment opportunities for small investors

http://wiki/Deposit_accounthttp://wiki/Deposit_accounthttp://wiki/Bankhttp://wiki/Businesshttp://wiki/Economic_growthhttp://wiki/Productivity_(economics)http://wiki/Deposit_accounthttp://wiki/Bankhttp://wiki/Businesshttp://wiki/Economic_growthhttp://wiki/Productivity_(economics)


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As opposed to other businesses that require huge capital outlay, investing in shares is open to

the large and smallstock investorsbecause a person buys the number of shares they can affordTherefore the Stock Exchange provides the opportunity for small investors to own shares osame companies as large investors.

Government capital-raising for development projects

Governments at various levels may decide to borrow money in order to finance infrastruc projects such as sewage and water treatment works or housing estates by selling another cateof securitiesknown as bonds. These bonds can be raised through the Stock Exchange whereb

members of the public buy them, thus loaning money to the government..

STOCK EXCHANGE & SHARES

The market or place, where securities, viz. shares are exchange / traded or simply wh buying and selling takes place, is called stock exchange or stock market.

Presently, the stock market in India consists of twenty three regional stock exchanges andnational exchanges, namely, theNational Stock Exchange (NSE) AndOver the CounterExchange of India (OTC).

The Bombay Stock Exchange (BSE) is the largest Stock Exchange, in the country, wmaximum transactions, in terms of money and shares take place. The other major stock exchaare Calcutta, Madras and Delhi Stock Exchanges. Other one at Ahmedabad, Jaipur, BangaKanpur, Rajkot, Hyderabad, Cochin, Pune, Bhubaneshwar, Guwahti, Indore, MangalLudhiana, Patna, Saurashtra, Vadodara, Coimbatore, Meerut, and Surat.

Laws governing capital market

The four main legislations governing the securities market are:(a) The SEBI Act, 1992 which establishes SEBI to protect investors and develop andRegulate the Markets.

http://wiki/Stock_investorhttp://wiki/Securitieshttp://wiki/Securitieshttp://wiki/Bond_(finance)http://wiki/Bond_(finance)http://wiki/Stock_investorhttp://wiki/Securitieshttp://wiki/Bond_(finance)


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(b) The Companies Act, 1956, which sets out the code of conduct for the corporate sectorelation to issue, allotment and transfer of securities, and disclosures to be made in public issue(c) The Securities Contracts (Regulation) Act, 1956, read with the Securities Contr(Regulation) Rules, 1957 which provide for regulation of transactions in securities through coover stock exchanges; and

(d) The Depositories Act, 1996 which provides for electronic maintenance and transfeownership of Demat securities.

Regulators

SEBI is the primary regulator of the Securities Market and the entities operating therThe SEBI Act and the Depositories Act are mostly administered by SEBI. The rules undesecurities laws are framed by government and regulations by SEBI. All these are administereSEBI. The powers under the Companies Act relating to issue and transfer of securities and payment of dividend are administered by SEBI in case of listed public companies and pcompanies proposing to get their securities listed

Market Value

The current quoted price at which investors buy or sell a share of common stock or a b

at a given time. Also known as "market price The market capitalization plus the market valudebt. Sometimes referred to as "total market value". In the context of securities, market valoften different from book value because the market takes into account future gro potential. Most investors who use fundamental analysis to pick stocks look at a company's mvalue and then determine whether or not the market value is adequate or if it's undervaluecomparison to its book value, net assets or some other measure.

Stock

A type of security that signifies ownership in a corporation and represents a Claim on of the corporations assets and earnings. There are two main types of stock: common preferred. Common stock usually entitles the owner to vote at shareholders' meetings anreceive dividends. Preferred stock generally does not have voting rights, but has a higher claiassets and earnings than the common shares. For example, owners of preferred stock rec



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dividends before common shareholders and have priority in the event that a comp

goes. Bankrupt and is liquidated. Also known as "shares" or "equity".

Shareholder

Any person, company, or other institution that3 own at least 1 share in a company. A shareholder may also be referred to as a stockholder.

Shareholders are the owners of a company. They have the potential to profit if the company well, but that comes with the potential to lose if the company does poorly.

Share

A unit of ownership interest in a corporation or financial asset. While owning sharea business does not mean that the shareholder has direct control over the business's day-tooperations, being a shareholder does entitle the possessor to an equal distribution in any profany are declared in the form of dividends. The two main types of shares are common share

preferred shares.



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depository participant, providing a one-stop solution for clients trading in the equities market. has recently launched its Investment banking and Institutional Broking business.

A SEBI authorized Portfolio Manager; it offers Portfolio Management Services to clients. Theservices are offered to clients as different schemes, which are based on differing investmentstrategies made to reflect the varied risk-return preferences of clients.

India Infoline Media and Research Services Limited.

The content services represent a strong support that drives the broking, commodities, mutual fand portfolio management services businesses. Revenue generation is through the sale of contto financial and media houses, Indian as well as global.

It undertakes equities research which is acknowledged by none other than Forbes as 'Best of thWeb' and 'a must read for investors in Asia'. India Infoline's research is available not just ovthe internet but also on international wire services like Bloomberg (Code: IILL), Thomson FirCall and Internet Securities where India Infoline is amongst the most read Indian brokers.



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India Infoline Commodities Limited.

India Infoline Commodities Pvt Limited is engaged in the business of commodities broking. Oexperience in securities broking empowered us with the requisite skills and technologies to allus offer commodities broking as a contra-cyclical alternative to equities broking. We enjoymemberships with the MCX and NCDEX, two leading Indian commodities exchanges, andrecently acquired membership of DGCX. We have a multi-channel delivery model, making itamong the select few to offer online as well as offline trading facilities.

India Infoline Marketing & Services

India Infoline Marketing and Services Limited is the holding company of India Infoline InsuraServices Limited and India Infoline Insurance Brokers Limited.

(a) India Infoline Insurance Services Limited is a registered Corporate Agent with theInsurance Regulatory and Development Authority (IRDA). It is the largest CorporatAgent for ICICI Prudential Life Insurance Co Limited, which is India's largest privaLife Insurance Company. India Infoline was the first corporate agent to get licensed IRDA in early 2001.

(b) India Infoline Insurance Brokers Limited India Infoline Insurance Brokers Limited newly formed subsidiary which will carry out the business of Insurance broking. Wehave applied to IRDA for the insurance broking licence and the clearance for the samis awaited. Post the grant of license, we propose to also commence the generalinsurance distribution business.

India Infoline Investment Services Limited

Consolidated shareholdings of all the subsidiary companies engaged in loans and financingactivities under one subsidiary. Recently, Orient Global, a Singapore-based investment institutinvested USD 76.7 million for a 22.5% stake in India Infoline Investment Services. This will hfocused expansion and capital raising in the said subsidiaries for various lending businesses likloans against securities, SME financing, distribution of retail loan products, consumer finance business and housing finance business. India Infoline Investment Services Private Limited conof the following step-down subsidiaries

a) India Infoline Distribution Company Limited (distribution of retail loan products)



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b) Money line Credit Limited (consumer finance)

c) India Infoline Housing Finance Limited (housing finance)

IIFL (Asia) Pte LimitedIIFL (Asia) Pte Limited is wholly owned subsidiary which has been incorporated in Singapore pursue financial sector activities in other Asian markets. Further to obtaining the necessaryregulatory approvals, the company has been initially capitalized at 1 million Singapore dollars

The Management

Mr. Nirmal Jain

Chairman & Managing Director

India Infoline Ltd.

Nirmal Jain, MBA (IIM, Ahmedabad) and a Chartered and Cost Accountant, founded Indiasleading financial services company India Infoline Ltd. in 1995, providing globally acclaimedfinancial services in equities and commodities broking, life insurance and mutual fundsdistribution, among others. Mr. Jain began his career in 1989 with Hindustan Levers commodexport business, contributing tremendously to its growth. He was also associated with Inquire-Indian Equity Research, which he co-founded in 1994 to set new standards in equity research iIndia.

Mr. R VenkataramanExecutive Director India Infoline Ltd.

R Venkataraman, co-promoter and Executive Director of India Infoline Ltd., is a B. Tech(Electronics and Electrical Communications Engineering, IIT Kharagpur) and an MBA (IIMBangalore). He joined the India Infoline board in July 1999. He previously held senior manage positions in ICICI Limited, including ICICI Securities Limited, their investment banking jointventure with J P Morgan of USA and with BZW and Taib Capital Corporation Limited. He waalso Assistant Vice President with G E Capital Services India Limited in their private equitydivision, possessing a varied experience of more than 16 years in the financial services sector.



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The Board of Directors

MR. NILESH VIKAMSEY INDEPENDENT DIRECTOR INDIAINFOLINEPVT.LTD

MR.SAT PAL KHATTAR NON-EXECUTIVE DIRECTOR INDIAINFOLINEPVT.LTD

MR.KRANTI SINHA INDEPENDENT DIRECTOR INDIAINFOLINE PVT.LTD

MR.ARUN INDEPENDENT DIRECTOR INDIAINFOLINE PVT.LTD

.



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LITERATURE REVIEW

INTRODUCTION OF MUTUAL FUND

Mutual fund is a trust that pools money from a group of investors (sharing common financial

goals) and invest the money thus collected into asset classes that match the stated investment

objectives of the scheme. Since the stated investment objectives of a mutual fund scheme gene

form the basis for an investor's decision to contribute money to the pool, a mutual fund can no

deviate from its stated objectives at any point of time.

Every Mutual Fund is managed by a fund manager, who using his investment management ski

and necessary research works ensures much better return than what an investor can manage on

own. The capital appreciation and other incomes earned from these investments are passed on

the investors (also known as unit holders) in proportion of the number of units they own.



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When an investor subscribes for the units of a mutual fund, he becomes part owner of the ass

the fund in the same proportion as his contribution amount put up with the corpus (the total am

of the fund). Mutual Fund investor is also known as a mutual fund shareholder or a unit ho

Any change in the value of the investments made into capital market instruments (such as sh

debentures etc) is reflected in the Net Asset Value (NAV) of the scheme. NAV is defined as

market value of the Mutual Fund scheme's assets net of its liabilities. NAV of a schem

calculated by dividing the market value of scheme's assets by the total number of units issue

the investors.



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Costs

5. Liquidity An investor may not be able to sell some of the shares held by him very eaand quickly, whereas units of a mutual fund are far more liquid.

6.Choice of

Schemes

Mutual funds provide investors with various schemes with different investm

objectives. Investors have the option of investing in a scheme having

correlation between its investment objectives and their own financial goa

These schemes further have different plans/options

7. Transparency

Funds provide investors with updated information pertaining to the mark

and the schemes. All material facts are disclosed to investors as required by

regulator.

8. Flexibility

Investors also benefit from the convenience and flexibility offered by Mut

Funds. Investors can switch their holdings from a debt scheme to an equ

scheme and vice-versa. Option of systematic (at regular intervals) investm

and withdrawal is also offered to the investors in most open-end schemes.

9. Safety

Mutual Fund industry is part of a well-regulated investment environm

where the interests of the investors are protected by the regulator. All funds

registered with SEBI and complete transparency is forced.DISADVANTAGES OF MUTUAL FUND

S. No. Disadvantage Particulars

1. Costs Control

Not in the

Hands of an

Investor

Investor has to pay investment management

fees and fund distribution costs as a

percentage of the value of his investments (as

long as he holds the units), irrespective of the



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performance of the fund.

2.No Customized

Portfolios

The portfolio of securities in which a fundinvests is a decision taken by the fund

manager. Investors have no right to interfere

in the decision making process of a fund

manager, which some investors find as a

constraint in achieving their financial

objectives.

3.

Difficulty in

Selecting a

Suitable Fund

Scheme

Many investors find it difficult to select one

option from the plethora of

funds/schemes/plans available. For this, they

may have to take advice from financial

planners in order to invest in the right fund to

achieve their objectives.

BROAD MUTUAL FUND TYPES



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1. Equity Funds

Equity funds are considered to be the more risky funds as compared to other fund

types, but they also provide higher returns than other funds. It is advisable that an

investor looking to invest in an equity fund should invest for long term i.e. for 3



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years or more. There are different types of equity funds each falling into differen

risk bracket.

2. Debt / Income Funds

Funds that invest in medium to long-term debt instruments issued by private companies, banks

financial institutions, governments and other entities belonging to various sectors (like

infrastructure companies etc.) are known as Debt / Income Funds. Debt funds are low risk pro

funds that seek to generate fixed current income (and not capital appreciation) to investors. In

order to ensure regular income to investors, debt (or income) funds distribute large fraction of

surplus to investors

3. Money Market / Liquid Funds

Money market / liquid funds invest in short-term (maturing within one year) interest bearing d

instruments. These securities are highly liquid and provide safety of investment, thus making

money market / liquid funds the safest investment option when compared with other mutual fu

types. However, even money market / liquid funds are exposed to the interest rate risk. The typ

investment options for liquid funds include Treasury Bills (issued by governments), Commerc

papers (issued by companies) and Certificates of Deposit (issued by banks).

4. Hybrid Funds

As the name suggests, hybrid funds are those funds whose portfolio includes a blend of equitie

debts and money market securities. Hybrid funds have an equal proportion of debt and equity

their portfolio. There are following types of hybrid funds in India



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5. Commodity Funds

Those funds that focus on investing in different commodities (like metals, food grains,crude oil

etc.) or commodity companies or commodity futures contracts are termed as Commodity Fund

commodity fund that invests in a single commodity or a group of commodities is a specialized

commodity fund and a commodity fund that invests in all available commodities is a diversifie

commodity fund and bears less risk than a specialized commodity fund. "Precious Metals Fun

and Gold Funds (that invest in gold, gold futures or shares of gold mines) are common examp

commodity funds.

6. Real Estate Funds

Funds that invest directly in real estate or lend to real estate developers or invest in

shares/securitized assets of housingfinance companies, are known as Specialized Real Estate

Funds. The objective of these funds may be to generate regular income for investors or capital

appreciation.

7. Exchange Traded Funds (ETF)

Exchange Traded Funds provide investors with combined benefits of a closed-end and an open

mutual fund. Exchange Traded Funds follow stock market indices and are traded on stock

exchanges like a single stock at index linked prices

8. Fund of Funds

Mutual funds that do not invest in financial or physical assets, but do invest in other mutual fu

schemes offered by different AMCs, are known as Fund of Funds.

http://www.appuonline.com/mf/knowledge/concept.htmlhttp://www.appuonline.com/mf/knowledge/concept.htmlhttp://www.appuonline.com/mf/knowledge/concept.htmlhttp://www.appuonline.com/mf/knowledge/concept.htmlhttp://www.appuonline.com/mf/knowledge/concept.htmlhttp://www.appuonline.com/mf/knowledge/concept.html


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Risk Heirarchy of Different Mutual Funds:- . The graphical representation hereunder provides a

clearer picture of the relationship between mutual funds and levels of risk associated with thes



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funds:



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RECENT TRENDS IN MUTUAL FUND INDUSTRY

The most important trend in the mutual fund industry is the aggressive expansion of

foreign owned mutual fund companies and the decline of the companies floated by nationa banks and smaller private sector players.

Many nationalized banks got into the mutual fund business in the early nineties and goto a good start due to the stock market boom prevailing then. These banks did not really underthe mutual fund business and they just viewed it as another kind of banking activity. Few h



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specialized staff and generally chose to transfer staff from the parent organizations.

performance of most of the schemes floated by these funds was not good. Some schemesoffered guaranteed returns and their parent organizations had to bail out these AMCs by palarge amounts of money as the difference between the guaranteed and actual returns. The selevels were also very bad. Most of these AMCs have not been able to retain staff, float schemes etc. and it is doubtful whether, barring a few exceptions, they have serious plancontinuing the activity in a major way.

PROBLEMS & PROSPECTS OF MUTUAL FUNDS

1 ) Wrong positioning : The mutual funds in India have been quite wrongly promoted as aalternative to equity industry. Thus creating very high expectations in the minds of investors. In a falling market, these expectations have been belied. Only the pure eqschemes can be compared with the stock market index. However pure equity schemes are



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in India, further, investment is not purely linked to a particular index. Therefore returns f

mutual funds cannot really be compared with stock market index.

2) Limited product range: Indian mutual funds have remained centered around a limited produrange basically income, income-cum-growth and tax saving schemes. Efforts to developexpand the market through innovative new products have been negligible. These hhappened due to the tendency to avoid risk, inability to understand future mardevelopments, and change in investor preference.

3) Confused market situation: probably the introduction and implementation of new regulatornorms has contributed in some measure to market sluggishness, as the emerging market initially, not able to respond to the regulatory objectives.

4) Absence of Innovative Marketing Network: The absence of product diversification and aconfused market situation has been made worse by the absence of an innovative markenetwork for mutual funds. The agent oriented network has largely been failure because mothe agents have not been specifically trained to sell mutual funds products,

5) Lack of adequate research infrastructure: the passive approach of some mutual funds inmanaging investors funds is compounded by the lack of adequate research infrastructConsequently, returns commensurate with the market movement could not be realized by mschemes, which has tended to show up Indian mutual funds in a bad ligh

1. Statement showing returns and risk of ING VYSYA Retail fund

date

INGVYSYA

NAVreturns

average

difference D 2

3/1/2011 16.5

4/1/201 16.45 -0.78 -0.01 -0.77 0.599



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15/1/201

1 16.44 -0.06 -0.01 -0.05 0.0036/1/201

1 16.4 -0.24 -0.01 -0.23 0.0547/1/201

1 16.27 -0.79 -0.01 -0.78 0.61310/1/20

11 16.54 1.66 -0.01 1.67 2.78711/1/20

11 16.47 -0.42 -0.01 -0.41 0.17112/1/20

11 16.52 0.30 -0.01 0.31 0.09813/1/2011 16.59 0.42 -0.01 0.43 0.18814/1/2011 16.46 -0.78 -0.01 -0.77 0.59817/1/2011 16.38 -0.49 -0.01 -0.48 0.22718/1/2011 16.42 0.24 -0.01 0.25 0.06519/1/2011 16.17 -1.52 -0.01 -1.51 2.288

20/1/2011 16.19 0.12 -0.01 0.13 0.01821/1/2011 16.13 -0.37 -0.01 -0.36 0.13024/1/2011 16.12 -0.06 -0.01 -0.05 0.00325/1/2011 15.88 -1.49 -0.01 -1.48 2.18726/1/2011 16.04 1.01 -0.01 1.02 1.03527/1/2011 16.27 1.43 -0.01 1.44 2.08528/1/2011 16.4 0.80 -0.01 0.81 0.65531/1/2011 16.52 0.73 -0.01 0.74 0.550

14.35

3



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Average Return = -0.01Risk = d2/ (n-1)

=14.353/20=0.8471

INTERPRETATION :The above table shows the calculations of return and risk of ING VYSYA

Retail fund for the scheme of dividend for the month of MAY 2010. The highe NAV is 16.59 on 13-05-2010 and lowest NAV is 15.58on25-05-2010 the averagreturn is -0.01 and the risk is 0.8471.



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2. Statement showing returns and risk of UTI Retail fund

dateUTINAV

returns

average

difference D 2

3/1/2011 22.76

4/1/2011 22.55 -0.92 -0.1 -0.82 0.677

5/1/2011 22.51 -0.18 -0.1 -0.08 0.006

6/1/2011 22.43 -0.36 -0.1 -0.26 0.065

7/1/2011 22.18 -1.11 -0.1 -1.01 1.029

10/1/2011 22.65 2.12 -0.1 2.22 4.924

11/1/2011 22.52 -0.57 -0.1 -0.47 0.225



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12/1/2011 22.57 0.22 -0.1 0.32 0.104

13/1/2011 22.72 0.66 -0.1 0.76 0.58514/1/2011 22.58 -0.62 -0.1 -0.52 0.26617/1/2011 22.49 -0.40 -0.1 -0.30 0.08918/1/2011 22.53 0.18 -0.1 0.28 0.07719/1/2011 22.08 -2.00 -0.1 -1.90 3.600

20/1/2011 22.11 0.14 -0.1 0.24 0.05621/1/2011 21.97 -0.63 -0.1 -0.53 0.28424/1/2011 21.98 0.05 -0.1 0.15 0.02125/1/2011 21.57 -1.87 -0.1 -1.77 3.11626/1/2011 21.78 0.97 -0.1 1.07 1.15327/1/20

11 21.97 0.87 -0.1 0.97 0.94528/1/2011 22.18 0.96 -0.1 1.06 1.11531/1/2011 22.29 0.50 -0.1 0.60 0.355

18.69

3

Average Return = -0.1Risk = d2/ (n-1)

=18.693/20=0.9667



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INTERPRETATION:The above table shows the calculations of return and risk of UTI Reatil fu

for the scheme of dividend for the month of MAY 2010. The highest NAV is22.76 on 3-05-2010 and lowest NAV is 21.57on25-05-2010 the average return i-0.1 and the risk is 0.9667.



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3. Statement showing returns and risk of TATA Retail Funds

datenavtata

returns

average

difference D 2

3/1/2011 48.57

4/1/2011 48.18 -0.80 0 -0.73 0.537

5/1/2011 48.2 0.04 0 0.11 0.012

6/1/2011 47.99 -0.44 0 -0.37 0.134

7/1/201

1 47.16 -1.73 0 -1.66 2.75410/1/2011 48.2 2.21 0 2.28 5.177

11/1/2011 47.87 -0.68 0 -0.61 0.378

12/1/2011 48.14 0.56 0 0.63 0.402

13/1/2011 48.64 1.04 0 1.11 1.22914/1/2011 48.27 -0.76 0 -0.69 0.477

17/1/2011 48.16 -0.23 0 -0.16 0.02518/1/2011 48.19 0.06 0 0.13 0.01819/1/2011 47.06 -2.34 0 -2.27 5.17520/1/2011 47.24 0.38 0 0.45 0.205



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21/1/2011 46.89 -0.74 0 -0.67 0.45024/1/2011 46.99 0.21 0 0.28 0.08025/1/2011 45.95 -2.21 0 -2.14 4.59326/1/2011 46.59 1.39 0 1.46 2.14027/1/2011 47 0.88 0 0.95 0.90328/1/2011 47.48 1.02 0 1.09 1.191

31/1/2011 47.83 0.74 0 0.81 0.656

26.53

6

Average Return =0

Risk = d2/ (n-1)=26.536/20=1.1518

INTERPRETATION:The above table shows the calculations of return and risk of TATA Retail

Funds for the scheme of dividend for the month of MAY 2010. The highest Nis 48.64 on1 3-05-2010 and lowest NAV is 46.59on26-05-2010 the average retuis 0 and the risk is 1.1518.



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4. Statement showing returns and risk of SBI Fund house

datesbinav

returns

average

difference D 2

3/1/2011 26.33

4/1/2011 26.08 -0.95 -0.15 -0.80 0.64

5/1/2011 26.02 -0.23 -0.15 -0.08 0.01



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6/1/2011 25.9 -0.46 -0.15 -0.31 0.10

7/1/2011 25.56 -1.31 -0.15 -1.16 1.35

10/1/2011 26.05 1.92 -0.15 2.07 4.27

11/1/2011 25.89 -0.61 -0.15 -0.46 0.22

12/1/2011 25.95 0.23 -0.15 0.38 0.15

13/1/2011 26.02 0.27 -0.15 0.42 0.18

14/1/2011 25.79 -0.88 -0.15 -0.73 0.5417/1/2011 25.68 -0.43 -0.15 -0.28 0.0818/1/2011 25.74 0.23 -0.15 0.38 0.1519/1/2011 25.22 -2.02 -0.15 -1.87 3.5020/1/2011 25.25 0.12 -0.15 0.27 0.0721/1/20

11 25.14 -0.44 -0.15 -0.29 0.0824/1/2011 25.17 0.12 -0.15 0.27 0.0725/1/2011 24.64 -2.11 -0.15 -1.96 3.8226/1/2011 24.91 1.10 -0.15 1.25 1.5527/1/2011 25.62 2.85 -0.15 3.00 9.0028/1/2011 25.38 -0.94 -0.15 -0.79 0.6231/1/2011 25.53 0.59 -0.15 0.74 0.55

26.94

Average Return=-0.15

Risk = d2/ (n-1)



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=26.94/20=1.1606

INTERPRETATION:The above table shows the calculations of return and risk of SBI fund hou

for the scheme of dividend for the month of MAY 2010. The highest NAV is26.33 on1 3-05-2010 and lowest NAV is 24.64 on25-05-2010 the average return-0.15 and the risk is 1.1606.



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5.Statement showing returns and risk of ESCORT Fund house

dateescortnav

returns

average

difference D 2

3/1/201 1 13.884/1/201

1 13.73 -1.08 -0.97 -0.11 0.015/1/201

1 11.72-

14.64 -0.97 -13.67186.8

56/1/201

1 11.64 -0.68 -0.97 0.29 0.087/1/201

1 11.42 -1.89 -0.97 -0.92 0.8510/1/20

11 11.6 1.58 -0.97 2.55 6.4811/1/2011 11.47 -1.12 -0.97 -0.15 0.02

12/1/2011 11.52 0.44 -0.97 1.41 1.98

13/1/2011 11.57 0.43 -0.97 1.40 1.9714/1/2011 11.45 -1.04 -0.97 -0.07 0.0017/1/2011 11.38 -0.61 -0.97 0.36 0.1318/1/2011 11.46 0.70 -0.97 1.67 2.8019/1/2011 11.2 -2.27 -0.97 -1.30 1.6920/1/2011 11.21 0.09 -0.97 1.06 1.1221/1/20 11.05 -1.43 -0.97 -0.46 0.21



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1124/1/2011 11.13 0.72 -0.97 1.69 2.8725/1/2011 10.91 -1.98 -0.97 -1.01 1.0126/1/2011 11.03 1.10 -0.97 2.07 4.2827/1/2011 11.14 1.00 -0.97 1.97 3.8728/1/2011 11.26 1.08 -0.97 2.05 4.1931/1/20

11 11.29 0.27 -0.97 1.24 1.53

221.9

6

Average Return=-0.97Risk = d2/ (n-1)

=221.96/20=3.331

INTERPRETATION:The above table shows the calculations of return and risk of ESCORT fun

house for the scheme of dividend for the month of MAY 2010. The highest NAis 13.88 on 3-05-2010 and lowest NAV is 11.03 on26-05-2010 the average retuis -0.97 and the risk is 3.331.



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6.Statement showing returns and risk of SUNDARAM Fund house

datesunduramnav

returns

average

difference D 2

3/1/2011 15.57

4/1/2011 15.46 -0.71 -0.09 -0.62 0.380

5/1/201 15.43 -0.19 -0.09 -0.10 0.011



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16/1/201

1 15.43 0.00 -0.09 0.09 0.0087/1/201

1 15.2 -1.49 -0.09 -1.40 1.96210/1/20

11 15.45 1.64 -0.09 1.73 3.00911/1/20

11 15.38 -0.45 -0.09 -0.36 0.13212/1/20

11 15.33 -0.33 -0.09 -0.24 0.05513/1/20

11 15.46 0.85 -0.09 0.94 0.88014/1/2011 15.32 -0.91 -0.09 -0.82 0.66517/1/2011 15.18 -0.91 -0.09 -0.82 0.67918/1/2011 15.19 0.07 -0.09 0.16 0.02419/1/2011 14.91 -1.84 -0.09 -1.75 3.07420/1/2011 14.91 0.00 -0.09 0.09 0.008

21/1/2011 14.86 -0.34 -0.09 -0.25 0.06024/1/2011 14.87 0.07 -0.09 0.16 0.02525/1/2011 14.62 -1.68 -0.09 -1.59 2.53226/1/2011 14.81 1.30 -0.09 1.39 1.93127/1/2011 14.95 0.95 -0.09 1.04 1.07228/1/2011 15.15 1.34 -0.09 1.43 2.03931/1/2011 15.29 0.92 -0.09 1.01 1.028

19.57

4

Average Return=-0.09



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7.Statement showing returns and risk of HDFC Fund house

datehdfcnav

returns

average

difference D 2

3/1/2011 19.02

4/1/2011 18.91 -0.58 -0.35 -0.23 0.052

5/1/2011 18.92 0.05 -0.35 0.40 0.162

6/1/2011 18.9 -0.11 -0.35 0.24 0.060

7/1/2011 18.62 -1.48 -0.35 -1.13 1.280

10/1/2011 18.83 1.13 -0.35 1.48 2.184

11/1/2011 18.7 -0.69 -0.35 -0.34 0.116

12/1/2011 18.74 0.21 -0.35 0.56 0.318

13/1/2011 18.9 0.85 -0.35 1.20 1.449



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14/1/2011 18.86 -0.21 -0.35 0.14 0.01917/1/2011 18.85 -0.05 -0.35 0.30 0.08818/1/2011 18.96 0.58 -0.35 0.93 0.87219/1/2011 18.75 -1.11 -0.35 -0.76 0.57420/1/2011 18.76 0.05 -0.35 0.40 0.16321/1/2011 18.62 -0.75 -0.35 -0.40 0.157

24/1/2011 18.71 0.48 -0.35 0.83 0.69425/1/2011 18.42 -1.55 -0.35 -1.20 1.44026/1/2011 18.58 0.87 -0.35 1.22 1.48527/1/2011 18.8 1.18 -0.35 1.53 2.35328/1/2011 18.97 0.90 -0.35 1.25 1.57331/1/20

11 18.91 -0.32 -0.35 0.03 0.001

15.04

1

Average Return= -0.35

Risk = d2/ (n-1)

=15.041/2 =0.8672



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INTERPRETATION:The above table shows the calculations of return and risk of HDFC fundhouse for the scheme of dividend for the month of MAY 2010. The highest NAis 19.02 on 3-05-2010 and lowest NAV is 18.42 on25-05-2010 the average retuis -0.35 and the risk is 0.8672.

8. Statement showing returns and risk of LIC fund house



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Date lic navreturns

average

difference D 2

3/1/2011 11.42

4/1/2011 11.24 -1.58 -0.29 -1.29 1.654

5/1/2011 11.27 0.27 -0.29 0.56 0.310

6/1/2011 11.2 -0.62 -0.29 -0.33 0.110

7/1/201

1 11.08 -1.07 -0.29 -0.78 0.61110/1/2011 11.24 1.44 -0.29 1.73 3.007

11/1/2011 11.08 -1.42 -0.29 -1.13 1.285

12/1/2011 11.24 1.44 -0.29 1.73 3.007

13/1/2011 11.08 -1.42 -0.29 -1.13 1.28514/1/2011 10.98 -0.90 -0.29 -0.61 0.375

17/1/2011 11.05 0.64 -0.29 0.93 0.86018/1/2011 10.97 -0.72 -0.29 -0.43 0.18819/1/2011 10.95 -0.18 -0.29 0.11 0.01220/1/2011 11 0.46 -0.29 0.75 0.55721/1/2011 10.78 -2.00 -0.29 -1.71 2.92424/1/2011 10.77 -0.09 -0.29 0.20 0.03925/1/2011 10.69 -0.74 -0.29 -0.45 0.20526/1/2011 10.5 -1.78 -0.29 -1.49 2.21227/1/2011 10.62 1.14 -0.29 1.43 2.053



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28/1/2011 10.74 1.13 -0.29 1.42 2.01631/1/2011 10.77 0.28 -0.29 0.57 0.324

23.03

5

Average Return= -0.29

Risk = d2/ (n-1)

=23.035/20

=1.0731

INTERPRETATION:The above table shows the calculations of return and risk of LIC fund ho

for the scheme of dividend for the month of MAY 2010. The highest NAV is11.42 on 3-05-2010 and lowest NAV is 10.50 on26-05-2010 the average return -0.29 and the risk is 1.0731.



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MUTUAL FUND PERFORMANCE

s.no fund house RP RF SD

1 ING VYSYA -0.01 0.670.847

1

2 UTI -0.1 0.670.966

7

3 TATA 0 0.671.151

8

4 SBI -0.15 0.671.160

65 ESCORT -0.97 0.67 3.331

6 SUNDURAM -0.09 0.670.989

27 HDFC -0.35 0.67 0.867



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2

8 LIC -0.29 0.671.073

1



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FINDING

The majority of respondents were of the age group below 29 & above 60.

Major part of the respondents belong to service sector.

Annual income of the respondents between 1-2 lacks prefers more of investments.

Respondents irrespective of major investment or small are investing in some or other sources of investments.

Investors preference when going for an investment in primarily for security.

Respondents prefer Bank Deposits as most secured for investment, & then to shares, Bo/ Debentures & then to Mutual Funds.

69% of the respondents are aware of Escort as a distributor for Mutual Funds.

Out of total respondents, major of them prefer to mutual fund because of investmentstrategy.

From the survey it is clear that most of the respondents feel Escort,& SBI as a better opfor mutual fund.

78% of the Respondents the recommending Escort as a better investment opportunity.



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SUGGESTIONS

The present project work has been under taken to study bestavailable mutual fund in the industry and evaluating their performances.

The Mutual funds shows better yields compare to equities.

In FMCG sector Franklin FMCG fund shows negative returns in 6 months.

In Pharma sector SBI mutual fund shows negative returns both in short & long term.

In FMCG sector in short term DABUR gives negative returns in 3 months.

In Pharma sector or child shows negative returns in 6 months.



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CONCLUSION :

The present project work has been undertaken to study the different mutual funds which are

investing in Retail sector.

The risks and returns of these funds have been studied for a period of 1 year an

facts have been identified. After the findings the suggestions are been made regarding to the

investment of different mutual funds in retail sectors.

Mutual funds dealing in Retail sectors have been taken and out of those Birla S

Life fund is performing very good. After that others are showing good returns but as well they

having risks also more relating to returns, however the funds are performing satisfactorily.



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Bibliography

-S KEVIN PORTFOLIO MANAGEMENT

-V.K BHALLA SECURITY ANALYSIS AND PORTFOLIO MANAGEMENT.

-FISCHER & JORDON SECURITY MANAGEMENT AND PORTFOLIO MANAGEMENT

V.K. BHALLA MUTUAL FUNDS & I NVESTMENT

Websites

www.nseindia.com

www.bseindia.com

www.icicidirect.com

www.valueresearch.com

Other Websites.Com

http://www.bseindia.com/http://www.icicidirect.com/http://www.valueresearch.com/http://www.bseindia.com/http://www.icicidirect.com/http://www.valueresearch.com/


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Magzines and News paper

khan project work

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