mutual funds and its prospects

7/29/2019 Mutual Funds and Its Prospects

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Mutual Funds and its Prospects

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

pools money from many investors to purchase securities. While there is no legal

definition of the term "mutual fund", it is most commonly applied only to those collective

investment vehicles that are regulated and sold to the general public. They are

sometimes referred to as "investment companies" or "registered investment

companies." Most mutual funds are "open-ended," meaning investors can buy or sell

shares of the fund at any time. Hedge funds are not considered a type of mutual fund.

In the United States, mutual funds must be registered with the Securities and Exchange

Commission, overseen by a board of directors (or board of trustees if organized as a trust

rather than a corporation or partnership) and managed by a registered investment

adviser. Mutual funds are not taxed on their income and profits if they comply with

certain requirements under the U.S. Internal Revenue Code.

Whereas in India mutual funds are managed by SEBI (Securities And Exchange Board Of

India). To protect the interest of the investors, SEBI formulates policies and regulates the

mutual funds. It notified regulations in 1993 (fully revised in 1996) and issues guidelines from

time to time. MF either promoted by public or by private sector entities including one promoted

by foreign entities are governed by these Regulations.

SEBI approved Asset Management Company (AMC) manages the funds by making

investments in various types of securities. Custodian, registered with SEBI, holds the securities

of various schemes of the fund in its custody. The general power of superintendence and

direction over AMC is vested with the trustees.

According to SEBI Regulations, two thirds of the directors of trustee company or board of

trustees must be independent. They should not be associated with the sponsors. 50% of the

directors of AMC must be independent. All mutual funds are required to be registered with SEBI

before they launch any scheme.

Increase of load more than the level mentioned in the offer document is applicable only to

prospective investments by the MFs. For original investments, the offer documents has to be

amended to make investors aware of loads at the time of investments.

Mutual funds have both advantages and disadvantages compared to direct investing in

individual securities. They have a long history in the United States. Today they play an

important role in household finances, most notably in retirement planning.


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Investments in securities are spread across a wide cross-section of industries and sectors andthus the risk is reduced. Diversification reduces the risk because all stocks may not move in thesame direction in the same proportion at the same time.Mutual fundissues units to theinvestors in accordance with quantum of money invested by them. Investors of mutual fundsare known as unitholders.

The profits or losses are shared by the investors in proportion to their investments. The mutualfunds normally come out with a number of schemes with different investment objectives whichare launched from time to time. A mutual fund is required to be registered with Securities andExchange Board of India (SEBI) which regulates securities markets before it can collect fundsfrom the public.

Investors in a mutual fund pay the funds expenses, which reduce the fund's

returns/performance. There is controversy about the level of these expenses. A single

mutual fund may give investors a choice of different combinations of expenses (which

may include sales commissions or loads) by offering several different types of share

classes.

There are 3 types of. Mutual funds::

- Open-end

- Unit investment trust

- Closed-end.

The most common type, the open-end fund, must be willing to buy back shares from

investors every business day. Exchange-traded funds (or "ETFs" for short) are open-end

funds or unit investment trusts that trade on an exchange. Open end funds are most

common, but exchange-traded funds have been gaining in popularity.


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History

The first mutual funds were established in Europe. One researcher credits a Dutch

merchant with creating the first mutual fund in 1774. The first mutual fund outside the

Netherlands was the Foreign & Colonial Government Trust, which was established in

London in 1868. It is now the Foreign & Colonial Investment Trust and trades on theLondon stock exchange.

Mutual funds were introduced into the United States in the 1890s. They became popular

during the 1920s. These early funds were generally of the closed-end type with a fixed

number of shares which often traded at prices above the value of the portfolio.

The first open-end mutual fund with redeemable shares was established on March 21,

1924. This fund, the Massachusetts Investors Trust, is now part of the MFS family of

funds. However, closed-end funds remained more popular than open-end funds

throughout the 1920s. By 1929, open-end funds accounted for only 5% of the industry's

$27 billion in total assets.

After the stock market crash of 1929, Congress passed a series of acts regulating the

securities markets in general and mutual funds in particular. The Securities Act of 1933

requires that all investments sold to the public, including mutual funds, be registered

with the Securities and Exchange Commission and that they provide prospective

investors with a prospectus that discloses essential facts about the investment. The

Securities and Exchange Act of 1934 requires that issuers of securities, including mutual

funds, report regularly to their investors; this act also created the Securities and

Exchange Commission, which is the principal regulator of mutual funds. The Revenue Act

of 1936 established guidelines for the taxation of mutual funds, while the Investment

Company Act of 1940 governs their structure.

When confidence in the stock market returned in the 1950s, the mutual fund industry

began to grow again. By 1970, there were approximately 360 funds with $48 billion in

assets. The introduction of money market funds in the high interest rate environment of

the late 1970s boosted industry growth dramatically. The first retail index fund, First

Index Investment Trust, was formed in 1976 by The Vanguard Group, headed by John

Bogle ; it is now called the Vanguard 500 Index Fund and is one of the world's largest

mutual funds, with more than $100 billion in assets as of January 31, 2011.

Fund industry growth continued into the 1980s and 1990s, as a result of three factors: a

bull market for both stocks and bonds, new product introductions (including tax-exempt


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bond, sector, international and target date funds) and wider distribution of fund shares.

Long the new distribution channels were retirement plans. Mutual funds are now the

preferred investment option in certain types of fast-growing retirement plans, specifically

in 401(k) and other defined contribution plans and in individual retirement

accounts(IRAs), all of which surged in popularity in the 1980s. Total mutual fund assets

fell in 2008 as a result of the credit crisis of 2008.

In 2003, the mutual fund industry was involved in a scandal involving unequal treatment

of fund shareholders. Some fund management companies allowed favoured investors to

engage in late trading, which is illegal, or market timing, which is a practice prohibited by

fund policy. The scandal was initially discovered by then-New York State Attorney

General Eliot Spitzer and resulted in significantly increased regulation of the industry.

At the end of 2011, there were over 14,000 mutual funds in the United States with

combined assets of $13 trillion, according to the Investment Company Institute(ICI), a

trade association of investment companies in the United States. The ICI reports that

worldwide mutual fund assets were $23.8 trillion on the same date.[13]

Mutual funds play an important role in U.S. household finances and retirement planning.

At the end of 2011, funds accounted for 23% of household financial assets. Their role in

retirement planning is particularly significant. Roughly half of assets in 401(k) plans and

individual retirement accounts were invested in mutual funds.[13]

History of Mutual funds in India

Unit Trust of India was the first mutual fund set up in India in the year 1963. In early

1990s, Government allowed public sector banks and institutions to set up mutual funds.

In the year 1992, Securities and exchange Board of India (SEBI) Act was passed. The

objectives of SEBI are to protect the interest of investors in securities and to promote

the development of and to regulate the securities market.

As far as mutual funds are concerned, SEBI formulates policies and regulates the mutual

funds to protect the interest of the investors. SEBI notified regulations for the mutual

funds in 1993. Thereafter, mutual funds sponsored by private sector entities were

allowed to enter the capital market. The regulations were fully revised in 1996 and have


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been amended thereafter from time to time. SEBI has also issued guidelines to the

mutual funds from time to time to protect the interests of investors.

All mutual funds whether promoted by public sector or private sector entities including

those promoted by foreign entities are governed by the same set of Regulations. There is

no distinction in regulatory requirements for these mutual funds and all are subject to

monitoring and inspections by SEBI. The risks associated with the schemes launched by

the mutual funds sponsored by these entities are of similar type.

Working of Mutual Fund


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The different types of mutual fund schemes

Schemes according to Maturity Period:

A mutual fund scheme can be classified into open-ended scheme or close-ended schemedepending on its maturity period.

Open-ended Fund/ Scheme

An open-ended fund or scheme is one that is available for subscription and repurchase on acontinuous basis. These schemes do not have a fixed maturity period. Investors can


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conveniently buy and sell units at Net Asset Value (NAV) related prices which are declared on adaily basis. The key feature of open-end schemes is liquidity.

Close-ended Fund/ Scheme

A close-ended fund or scheme has a stipulated maturity period e.g. 5-7 years. The fund is openfor subscription only during a specified period at the time of launch of the scheme. Investors caninvest in the scheme at the time of the initial public issue and thereafter they can buy or sell the

units of the scheme on the stock exchanges where the units are listed. In order to provide anexit route to the investors, some close-ended funds give an option of selling back the units tothe mutual fund through periodic repurchase at NAV related prices. SEBI Regulations stipulatethat at least one of the two exit routes is provided to the investor i.e. either repurchase facility orthrough listing on stock exchanges. These mutual funds schemes disclose NAV generally onweekly basis.

Schemes according to Investment Objective:

A scheme can also be classified as growth scheme, income scheme, or balanced schemeconsidering its investment objective. Such schemes may be open-ended or close-ended

schemes as described earlier. Such schemes may be classified mainly as follows:

Growth / Equity Oriented Scheme

The aim of growth funds is to provide capital appreciation over the medium to long- term. Suchschemes normally invest a major part of their corpus in equities. Such funds have comparativelyhigh risks. These schemes provide different options to the investors like dividend option, capitalappreciation, etc. and the investors may choose an option depending on their preferences

The investors must indicate the option in the application form. The mutual funds also allow theinvestors to change the options at a later date. Growth schemes are good for investors having along-term outlook seeking appreciation over a period of time.

Income / Debt Oriented Scheme

The aim of income funds is to provide regular and steady income to investors. Such schemesgenerally invest in fixed income securities such as bonds, corporate debentures, Governmentsecurities and money market instruments. Such funds are less risky compared to equityschemes. These funds are not affected because of fluctuations in equity markets. However,opportunities of capital appreciation are also limited in such funds. The NAVs of such funds areaffected because of change in interest rates in the country. If the interest rates fall, NAVs of

such funds are likely to increase in the short run and vice versa. However, long term investorsmay not bother about these fluctuations.

Balanced Fund

The aim of balanced funds is to provide both growth and regular income as such schemesinvest both in equities and fixed income securities in the proportion indicated in their offerdocuments. These are appropriate for investors looking for moderate growth. They generallyinvest 40-60% in equity and debt instruments. These funds are also affected because offluctuations in share prices in the stock markets. However, NAVs of such funds are likely to beless volatile compared to pure equity funds.

Money Market or Liquid Fund

These funds are also income funds and their aim is to provide easy liquidity, preservation ofcapital and moderate income. These schemes invest exclusively in safer short-term instruments


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such as treasury bills, certificates of deposit, commercial paper and inter-bank call money,government securities, etc. Returns on these schemes fluctuate much less compared to otherfunds. These funds are appropriate for corporate and individual investors as a means to parktheir surplus funds for short periods.

Gilt Fund

These funds invest exclusively in government securities. Government securities have no default

risk. NAVs of these schemes also fluctuate due to change in interest rates and other economicfactors as is the case with income or debt oriented schemes.

Index Funds

Index Funds replicate the portfolio of a particular index such as the BSE Sensitive index, S&PNSE 50 index (Nifty), etc These schemes invest in the securities in the same weightagecomprising of an index. NAVs of such schemes would rise or fall in accordance with the rise orfall in the index, though not exactly by the same percentage due to some factors known as"tracking error" in technical terms. Necessary disclosures in this regard are made in the offerdocument of the mutual fund scheme.

There are also exchange traded index funds launched by the mutual funds which are traded onthe stock exchanges.

What are sector specific funds/schemes?

These are the funds/schemes which invest in the securities of only those sectors or industriesas specified in the offer documents. e.g. Pharmaceuticals, Software, Fast Moving ConsumerGoods (FMCG), Petroleum stocks, etc. The returns in these funds are dependent on theperformance of the respective sectors/industries. While these funds may give higher returns,they are more risky compared to diversified funds. Investors need to keep a watch on theperformance of those sectors/industries and must exit at an appropriate time. They may alsoseek advice of an expert.

Mutual funds are normally classified by their principal investments, as described in the

prospectus and investment objective.

The four main categories of funds are money market funds, bond or fixed income funds,

stock or equity funds and hybrid funds. Within these categories, funds may be subclassified by

- Investment objective,

By investment objective:

Growth Schemes: Growth Schemes are also known as equity schemes. The aim of these

schemes is to provide capital appreciation over medium to long term. These schemes normally

invest a major part of their fund in equities and are willing to bear short-term decline in value for

possible future appreciation.

Income Schemes:Income Schemes are also known as debt schemes. The aim of these

schemes is to provide regular and steady income to investors. These schemes generally invest

in fixed income securities such as bonds and corporate debentures. Capital appreciation in such


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schemes may be limited.

Balanced Schemes: Balanced Schemes aim to provide both growth and income by periodicallydistributing a part of the income and capital gains they earn. These schemes invest in both

shares and fixed income securities, in the proportion indicated in their offer documents (normally50:50).

Money Market Schemes: Money Market Schemes aim to provide easy liquidity, preservation ofcapital and moderate income. These schemes generally invest in safer, short-term instruments,such as treasury bills, certificates of deposit, commercial paper and inter-bank call money.

At the end of 2011, stock funds accounted for 46% of the assets in all U.S. mutual funds.

-Investment approach or

-Specific focus.

The SEC requires that mutual fund names not be inconsistent with a fund's investments.

For example, the "ABC New Jersey Tax-Exempt Bond Fund" would generally have to

invest, under normal circumstances, at least 80% of its assets in bonds that are exempt

from federal income tax, from the alternative minimum tax and from taxes in the state of

New Jersey.

Bond, stock and hybrid funds may be classified as either index (passively managed) fundsor actively managed funds.


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Money market funds

Money market funds invest in money market instruments, which are fixed income

securities with a very short time to maturity and high credit quality. Investors often use

money market funds as a substitute for bank savings accounts, though money market

funds are not government insured, unlike bank savings accounts.

Money market funds strive to maintain a $1.00 per share net asset value, meaning that

investors earn interest income from the fund but do not experience capital gains or

losses. If a fund fails to maintain that $1.00 per share because its securities have declined

in value, it is said to "break the buck". Only two money market funds have ever brokenthe buck: Community Banker's U.S. Government Money Market Fund in 1994 and the

Reserve Primary Fund in 2008.

At the end of 2011, money market funds accounted for 23% of open-end fund assets.

Bond funds

Bond funds invest in fixed income or debt securities. Bond funds can be sub classified

according to the specific types of bonds owned (such as high-yield or junk bonds,

investment-grade corporate bonds, government bonds or municipal bonds) or by the

maturity of the bonds held (short-, intermediate- or long-term). Bond funds may invest in


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primarily U.S. securities (domestic or U.S. funds), in both U.S. and foreign securities

(global or world funds), or primarily foreign securities (international funds).

At the end of 2011, bond funds accounted for 25% of open-end fund assets.

Stock or equity funds

Stock or equity funds invest in common stocks which represent an ownership share (or

equity) in corporations. Stock funds may invest in primarily U.S. securities (domestic or

U.S. funds), in both U.S. and foreign securities (global or world funds), or primarily foreignsecurities (international funds). They may focus on a specific industry or sector.

A stock fund may be sub classified along two dimensions:

(1) Market capitalization and

(2) Investment style (i.e., growth vs. blend/core vs. value).

The two dimensions are often displayed in a grid known as a "style box."

Market capitalization, or market cap, is a way to use the stock price to determine

the value of a company, and how likely it is to grow. Market cap is calculated by

multiplying the stock price by the number of shares ofstockthe company has

issued. For example, a company that has 1 million shares that are selling for $10

each would have a market capitalization of $10 million. This means you could buy

that company for $10 million, if you had the money and all the current stockholders

were willing to sell you their shares.

-Small cap

-Mid cap

-Large cap

While the specific definitions of each category vary with market conditions, large cap

stocks- generally have market capitalizations of at least $10 billion, small cap stocks-have market capitalizations below $2 billion, and micro cap stocks have market

capitalizations below $300 million. Funds are also classified in these categories based on

the market caps of the stocks that it holds.
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Stock funds are also sub classified according to their investment style: growth, value or

blend (or core). Growth funds seek to invest in stocks of fast-growing companies. Value

funds seek to invest in stocks that appear cheaply priced. Blend funds are not biased

toward either growth or value.

Hybrid funds

Hybrid funds invest in both bonds and stocks or in convertible securities. Balanced funds,

asset allocation funds, target date or target risk funds and lifecycle or lifestyle funds are

all types of hybrid funds.

Hybrid funds may be structured as funds of funds, meaning that they invest by buying

shares in other mutual funds that invest in securities. Most fund of funds invest in

affiliated funds (meaning mutual funds managed by the same fund sponsor), although

some invest in unaffiliated funds (meaning those managed by other fund sponsors) or in

a combination of the two.

At the end of 2011, hybrid funds accounted for 7% of the assets in all U.S. mutual funds.

Index fund and active management

An index fund or passively managed fund seeks to match the performance of a market

index, such as the S&P 500index, while an actively managed fund seeks to outperform a

relevant index through superior security selection.


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Expenses

Investors in a mutual fund pay the fund's expenses. These expenses fall into five

categories:

- Distribution charges (sales loads and 12b-1 fees),

-The management fee,

-Other fund expenses,

-Shareholder transaction fees and

-Securities transaction fees.

Some of these expenses reduce the value of an investor's account; others are paid by the

fund and reduce net asset value.

Recurring fees and expenses -- specifically the 12b-1 fee, the management fee and other

fund expenses -- are included in a fund's total expense ratio, or simply the "expense

ratio". Because all funds must compute an expense ratio using the same methodology, it

allows investors to compare costs across funds.

Distribution charges

Distribution charges pay for marketing, distribution of the fund's shares as well as

services to investors.

Front-end load or sales charge

A front-end load or sales charge is a commission paid to a broker by a mutual fund when

shares are purchased. It is expressed as a percentage of the total amount invested or the

"public offering price," which equals the net asset value plus the front-end load per

share. The front-end load often declines as the amount invested increases, through

breakpoints. The front-end load is paid by the shareholder; it is deducted from the

amount invested.


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Back-end load

Some funds have a back-end load, which is paid by the investor when shares are

redeemed. If the back-end load declines the longer the investor holds shares, it is called a

contingent deferred sales charges (or CDSC). Like the front-end load, the back-end load is

paid by the shareholder; it is deducted from the redemption proceeds.

12b-1 fees

Some funds charge an annual fee to compensate the distributor of fund shares for

providing ongoing services to fund shareholders. This fee is called a 12b-1 fee, after the

SEC rule authorizing it. The 12b-1 fee is paid by the fund and reduces net asset value.

No-load funds

A no-load funddoes not charge a front-end load under any circumstances, does not

charge a back-end load under any circumstances and does not charge a 12b-1 fee greater

than 0.25% of fund assets.

MANAGEMENT FEE

The management fee is paid to the fund manager or sponsor who organizes the fund,

provides the portfolio management or investment advisory services and normally lends

its brand name to the fund. The fund manager may also provide other administrative

services. The management fee often has breakpoints, which means that it declines as

assets (in either the specific fund or in the fund family as a whole) increase. The

management fee is paid by the fund and is included in the expense ratio.

The fund's board of directors reviews the management fee annually. Fund shareholders

must vote on any proposed increase in the management. However, the fund manager or

sponsor may agree to waive all or a portion of the management fee in order to lower the

fund's expense ratio.

Other fund expenses

A mutual fund may pay for other services including:

Board of directors or trustees fees and expenses


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Custody fee: paid to a custodian bankfor holding the fund's portfolio in safekeeping and

collecting income owed on the securities

Fund administration fee: for overseeing all administrative affairs of the fund such as

preparing financial statements and shareholder reports, preparing and filing a myriad of

SEC filings required of registered investment companies, monitoring compliance with

investment restrictions, computing total returns and other fund performanceinformation, preparing/filing tax returns and all expenses of maintaining compliance with

state "blue sky" laws

Fund accounting fee: for performing investment or securities accounting services and

computing the net asset value(usually each day the New York Stock Exchange is open)

Professional services fees: legal and auditing fees

Registration fees: for 24F-2 fees owed to the SEC for net sales of registered fund sharesand state blue sky fees owed for selling shares to residents of states in the US and

jurisdictions such as Puerto Rico and Guam

Shareholder communications expenses: printing and mailing required documents to

shareholders such as shareholder reports and prospectuses

Transfer agent service fees and expenses: for keeping shareholder records, providing

statements and tax forms to investors and providing telephone, internet and or other

investor support and servicing

Other/miscellaneous fees

The fund manager or sponsor may agree to subsidize some of these other expenses in

order to lower the fund's expense ratio.

Shareholder transaction fees

Shareholders may be required to pay fees for certain transactions. For example, a fund

may charge a flat fee for maintaining an individual retirement account for an investor.

Some funds charge redemption fees when an investor sells fund shares shortly after

buying them (usually defined as within 30, 60 or 90 days of purchase); redemption fees

are computed as a percentage of the sale amount. Shareholder transaction fees are not

part of the expense ratio.


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Securities transaction fees

A mutual fund pays expenses related to buying or selling the securities in its portfolio.

These expenses may include brokerage commissions. Securities transaction fees increase

the cost basis of investments purchased and reduce the proceeds from their sale. They

do not flow through a fund's income statement and are not included in its expense ratio.The amount of securities transaction fees paid by a fund is normally positively correlated

with its trading volume or "turnover."

Definitions of key terms.

Net asset value or NA Value

A fund's net asset value or NAV equals the current market value of a fund's holdingsminus the fund's liabilities (sometimes referred to as "net assets"). It is usually expressed

as a per-share amount, computed by dividing net assets by the number of fund shares

outstanding. Funds must compute their net asset value according to their prospectus

which is typically at the end each day the New York Stock Exchange is open, though some

funds compute their NAV more than once daily.

Valuing the securities held in a fund's portfolio is often the most difficult part of

calculating net asset value. The fund's board typically oversees security valuation.

Expense ratio:The expense ratio allows investors to compare expenses across funds. The expense ratio

equals the 12b-1 fee plus the management fee plus the other fund expenses divided by

average daily net assets. The expense ratio is sometimes referred to as the "total expense

ratio" or TER.


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Average annual total return:

The SEC requires that mutual funds report the average annual compounded rates of

return for 1-year, 5-year and 10-year periods using the following formula:

P(1+T)n= ERV

Where:

P = a hypothetical initial payment of $1,000.T = average annual total return = n number

of years.

ERV = ending redeemable value of a hypothetical $1,000 payment made at the beginning

of the 1-, 5-, or 10-year periods at the end of the 1-, 5-, or 10-year periods (or fractional

portion).

Turnover:

Turnover is a measure of the volume of a fund's securities trading. It is expressed as a

percentage of average market value of the portfolio's long-term securities. Turnover is

the lesser of a fund's purchases or sales during a given year divided by average long-term

securities market value for the same period. If the period is less than a year, turnover is

generally annualized.

Types of returns

There are three ways, where the total returns provided by mutual funds can be enjoyed

by investors:

Income is earned from dividends on stocks and interest on bonds. A fund pays out

nearly all income it receives over the year to fund owners in the form of a

distribution.

If the fund sells securities that have increased in price, the fund has a capital gain.

Most funds also pass on these gains to investors in a distribution.

If fund holdings increase in price but are not sold by the fund manager, the fund's

shares increase in price. You can then sell your mutual fund shares for a profit.Funds will also usually give you a choice either to receive a check for distributions

or to reinvest the earnings and get more shares.


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Pros & cons of investing in mutual funds:

For investments in mutual fund, one must keep in mind about the Pros and cons ofinvestments in mutual fund.

Advantages of Investing Mutual Funds:

1. Professional Management - The basic advantage of funds is that, they are professional

managed, by well qualified professional. Investors purchase funds because they do not

have the time or the expertise to manage their own portfolio. A mutual fund is

considered to be relatively less expensive way to make and monitor their investments.

2. Diversification - Purchasing units in a mutual fund instead of buying individual stocks

or bonds, the investors risk is spread out and minimized up to certain extent. The idea

behind diversification is to invest in a large number of assets so that a loss in any

particular investment is minimized by gains in others.

3. Economies of Scale - Mutual fund buy and sell large amounts of securities at a time,

thus help to reducing transaction costs, and help to bring down the average cost of the

unit for their investors.

4. Liquidity - Just like an individual stock, mutual fund also allows investors to liquidatetheir holdings as and when they want.

5. Simplicity - Investments in mutual fund is considered to be easy, compare to other

available instruments in the market, and the minimum investment is small. Most AMC

also have automatic purchase plans whereby as little as Rs. 2000, where SIP start with

just Rs.50 per month basis.

Disadvantages of Investing Mutual Funds:

1. Professional Management- Some funds doesnt perform in neither the market, as

their management is not dynamic enough to explore the available opportunity in the

market, thus many investors debate over whether or not the so-called professionals are

any better than mutual fund or investor him self, for picking up stocks.

2. Costs The biggest source of AMC income, is generally from the entry & exit load

which they charge from an investors, at the time of purchase. The mutual fund industries

are thus charging extra cost under layers of jargon.3. Dilution - Because funds have small holdings across different companies, high returns

from a few investments often don't make much difference on the overall return. Dilution

is also the result of a successful fund getting too big. When money pours into funds that


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have had strong success, the manager often has trouble finding a good investment for all

the new money.

4. Taxes - when making decisions about your money, fund managers don't consider your

personal tax situation. For example, when a fund manager sells a security, a capital-gain

tax is triggered, which affects how profitable the individual is from the sale. It might have

been more advantageous for the individual to defer the capital gains liability.

Mutual funds in India

Mutual funds are an under tapped market in India

Despite being available in the market for over two decades now withassets under managementequalingRs 7,81,71,152 Lakhs (as of 28 February 2010)(Source: Association of Mutual Funds, India), less than

10% of Indian households have invested in mutual funds. A recent report on Mutual Fund Investments in

India published by research and analytics firm,Boston Analytics, suggestsinvestorsare holding backfrom putting their money into mutual funds due to their perceived high risk and a lack of information on

how mutual funds work. This report is based on a survey of approximately 10,000 respondents in 15

Indian cities and towns as of March 2010. There are 43 Mutual Funds recently[citation needed].

The primary reason for not investing appears to be correlated with city size. Among respondents with a

highsavings rate, close to 40% of those who live in metros and Tier I cities considered suchinvestments

to be very risky, whereas 33% of those in Tier II cities said they did not know how or where to invest in

suchassets.

Reasons for not investing in mutual funds in India

On the other hand, among those who invested, close to nine out of tenrespondentsdid so because they

felt these assets were more professionally managed than other asset classes. Exhibit 2 lists some of the

influencing factors for investing in mutual funds. Interestingly, while non-investors cite risk as one of

the primary reasons they do not invest in mutual funds, those who do invest consider that they are

professionally managed and more diverse most often as their reasons to invest in mutual funds versusother investments.
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Reasons for investing in mutual funds in India

Resources

1. Boston Analytics2.Association of Mutual Funds India

3.Indiamart

The origin of mutual fund industry in India is with the introduction of the

concept of mutual fund by UTI in the year 1963. Though the growth was slow,

but it accelerated from the year 1987 when non-UTI players entered the

industry.

In the past decade, Indian mutual fund industry had seen a dramatic

improvements, both quality wise as well as quantity wise. Before, the monopoly

of the market had seen an ending phase; the Assets Under Management (AUM)

was Rs. 67bn. The private sector entry to the fund family raised the AUM to Rs.

470 bn in March 1993 and till April 2004; it reached the height of 1,540 bn.

Putting the AUM of the Indian Mutual Funds Industry into comparison, the totalof it is less than the deposits of SBI alone, constitute less than 11% of the total

deposits held by the Indian banking industry.

The main reason of its poor growth is that the mutual fund industry in India is

new in the country. Large sections of Indian investors are yet to be

intellectuated with the concept. Hence, it is the prime responsibility of all

mutual fund companies, to market the product correctly abreast of selling.

The mutual fund industry can be broadly put into four phases according to thedevelopment of the sector. Each phase is briefly described as under.

First Phase - 1964-87
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Unit Trust of India (UTI) was established on 1963 by an Act of Parliament. It was

set up by the Reserve Bank of India and functioned under the Regulatory and

administrative control of the Reserve Bank of India. In 1978 UTI was de-linked

from the RBI and the Industrial Development Bank of India (IDBI) took over the

regulatory and administrative control in place of RBI. The first scheme launched

by UTI was Unit Scheme 1964. At the end of 1988 UTI had Rs.6,700 crores of

assets under management.

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

Entry of non-UTI mutual funds. SBI Mutual Fund was the first followed by

Canbank Mutual Fund (Dec 87), Punjab National Bank Mutual Fund (Aug 89),

Indian Bank Mutual Fund (Nov 89), Bank of India (Jun 90), Bank of Baroda

Mutual Fund (Oct 92). LIC in 1989 and GIC in 1990. The end of 1993 marked

Rs.47,004 as assets under management.

Third Phase - 1993-2003 (Entry of Private Sector Funds)

With the entry of private sector funds in 1993, a new era started in the Indian

mutual fund industry, giving the Indian investors a wider choice of fund families.

Also, 1993 was the year in which the first Mutual Fund Regulations came into

being, under which all mutual funds, except UTI were to be registered and

governed. The erstwhile Kothari Pioneer (now merged with Franklin Templeton)

was the first private sector mutual fund registered in July 1993.

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

comprehensive and revised Mutual Fund Regulations in 1996. The industry now

functions under the SEBI (Mutual Fund) Regulations 1996.

The number of mutual fund houses went on increasing, with many foreign

mutual funds setting up funds in India and also the industry has witnessed

several mergers and acquisitions. As at the end of January 2003, there were 33

mutual funds with total assets of Rs. 1,21,805 crores. The Unit Trust of India

with Rs.44,541 crores of assets under management was way ahead of other

mutual funds.

Fourth Phase - since February 2003

This phase had bitter experience for UTI. It was bifurcated into two separate

entities. One is the Specified Undertaking of the Unit Trust of India with AUM of

Rs.29,835 crores (as on January 2003). The Specified Undertaking of Unit Trustof India, functioning under an administrator and under the rules framed by

Government of India and does not come under the purview of the Mutual Fund

Regulations.


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The second is the UTI Mutual Fund Ltd, sponsored by SBI, PNB, BOB and LIC. It is

registered with SEBI and functions under the Mutual Fund Regulations. With the

bifurcation of the erstwhile UTI which had in March 2000 more than Rs.76,000

crores of AUM and with the setting up of a UTI Mutual Fund, conforming to the

SEBI Mutual Fund Regulations, and with recent mergers taking place among

different private sector funds, the mutual fund industry has entered its current

phase of consolidation and growth. As at the end of September, 2004, there

were 29 funds, which manage assets of Rs.153108 crores under 421 schemes.

The major players in the Indian Mutual Fund Industry are:

GROWTH IN ASSETS UNDER MANAGEMENT

Performance of mutual funds in India

Let us start the discussion of the performance of mutual funds in India from the day the conceptof mutual fund took birth in India. The year was 1963. Unit Trust of India invited investors orrather to those who believed in savings, to park their money in UTI mutual Fund.

For 30 years it goaled without a single second player. Though the 1988 year saw some newmutual fund companies, but UTI remained in a monopoly position.

The performance of mutual funds in India in the initial phase was not even closer to satisfactorylevel. People rarely understood, and of course investing was out of question. But yes, some 24million shareholders was accustomed with guaranteed high returns by the begining ofliberalization of the industry in 1992. This good record of UTI became marketing tool for new

entrants. The expectations of investors touched the sky in profitability factor. However, peoplewere miles away from the praparedness of risks factor after the liberalization.

The Assets under Management of UTI was Rs. 67bn. by the end of 1987. Let s concentrateabout the performance of mutual funds in India through figures. From Rs. 67bn. the Assets


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under Management rose to Rs. 470 bn. in March 1993 and the figure had a three times higherperformance by April 2004. It rose as high as Rs. 1,540bn.

The net asset value (NAV) of mutual funds in India declined when stock prices started falling inthe year 1992. Those days, the market regulations did not allow portfolio shifts into alternativeinvestments. There was rather no choice apart from holding the cash or to further continueinvesting in shares. One more thing to be noted, since only closed-end funds were floated in themarket, the investors disinvested by selling at a loss in the secondary market.

The performance of mutual funds in India suffered qualitatively. The 1992 stock market scandal,the losses by disinvestments and of course the lack of transparent rules in the whereaboutsrocked confidence among the investors. Partly owing to a relatively weak stock marketperformance, mutual funds have not yet recovered, with funds trading at an average discount of1020 percent of their net asset value.

The supervisory authority adopted a set of measures to create a transparent and competitveenvironment in mutual funds. Some of them were like relaxing investment restrictions into themarket, introduction of open-ended funds, and paving the gateway for mutual funds to launchpension schemes.

The measure was taken to make mutual funds the key instrument for long-term saving. Themore the variety offered, the quantitative will be investors.

At last to mention, as long as mutual fund companies are performing with lower risks and higherprofitability within a short span of time, more and more people will be inclined to invest until andunless they are fully educated with the dos and donts of mutual funds.

Mutual fund companies in india

The concept of mutual funds in India dates back to the year 1963. The era

between 1963 and 1987 marked the existance of only one mutual fund company in India with Rs. 67bnassets under management (AUM), by the end of its monopoly era, the Unit Trust of India (UTI). By the end of the 80s decade,

few other mutual fund companies in India took their position in mutual fund market.

The new entries of mutual fund companies in India were SBI Mutual Fund, Canbank Mutual Fund, Punjab National Bank Mutual

Fund, Indian Bank Mutual Fund, Bank of India Mutual Fund.

The succeeding decade showed a new horizon in indian mutual fund industry. By the end of 1993, the total AUM of the industry

was Rs. 470.04 bn. The private sector funds started penetrating the fund families. In the same year the first Mutual FundRegulations came into existance with re-registering all mutual funds except UTI. The regulations were further given a revised

shape in 1996.

Kothari Pioneer was the first private sector mutual fund company in India which has now merged with Franklin Templeton. Just

after ten years with private sector players penetration, the total assets rose up to Rs. 1218.05 bn. Today there are 33 mutual

fund companies in India.

Major Mutual Fund Companies in India

ABN AMRO Mutual Fund

ABN AMRO Mutual Fund was setup on April 15, 2004 with ABN AMRO Trustee (India) Pvt. Ltd. as the Trustee Company. The

AMC, ABN AMRO Asset Management (India) Ltd. was incorporated on November 4, 2003. Deutsche Bank A G is the custodian

of ABN AMRO Mutual Fund.
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Birla Sun Life Mutual Fund

Birla Sun Life Mutual Fund is the joint venture of Aditya Birla Group and Sun Life Financial. Sun Life Financial is a golbal

organisation evolved in 1871 and is being represented in Canada, the US, the Philippines, Japan, Indonesia and Bermuda apart

from India. Birla Sun Life Mutual Fund follows a conservative long-term approach to investment. Recently it crossed AUM of Rs.

10,000 crores.

Bank of Baroda Mutual Fund (BOB Mutual Fund)

Bank of Baroda Mutual Fund or BOB Mutual Fund was setup on October 30, 1992 under the sponsorship of Bank of Baroda.BOB Asset Management Company Limited is the AMC of BOB Mutual Fund and was incorporated on November 5, 1992.

Deutsche Bank AG is the custodian.

HDFC Mutual Fund

HDFC Mutual Fund was setup on June 30, 2000 with two sponsorers nemely Housing Development Finance Corporation

Limited and Standard Life Investments Limited.

HSBC Mutual Fund

HSBC Mutual Fund was setup on May 27, 2002 with HSBC Securities and Capital Markets (India) Private Limited as the

sponsor. Board of Trustees, HSBC Mutual Fund acts as the Trustee Company of HSBC Mutual Fund.

ING Vysya Mutual Fund

ING Vysya Mutual Fund was setup on February 11, 1999 with the same named Trustee Company. It is a joint venture of Vysya

and ING. The AMC, ING Investment Management (India) Pvt. Ltd. was incorporated on April 6, 1998.

Prudential ICICI Mutual Fund

The mutual fund of ICICI is a joint venture with Prudential Plc. of America, one of the largest life insurance companies in the US

of A. Prudential ICICI Mutual Fund was setup on 13th of October, 1993 with two sponsorers, Prudential Plc. and ICICI Ltd. The

Trustee Company formed is Prudential ICICI Trust Ltd. and the AMC is Prudential ICICI Asset Management Company Limited

incorporated on 22nd of June, 1993.

Sahara Mutual Fund

Sahara Mutual Fund was set up on July 18, 1996 with Sahara India Financial Corporation Ltd. as the sponsor. Sahara Asset

Management Company Private Limited incorporated on August 31, 1995 works as the AMC of Sahara Mutual Fund. The paid-

up capital of the AMC stands at Rs 25.8 crore.

State Bank of India Mutual Fund

State Bank of India Mutual Fund is the first Bank sponsored Mutual Fund to launch offshor fund, the India Magnum Fund with a

corpus of Rs. 225 cr. approximately. Today it is the largest Bank sponsored Mutual Fund in India. They have already launched

35 Schemes out of which 15 have already yielded handsome returns to investors. State Bank of India Mutual Fund has morethan Rs. 5,500 Crores as AUM. Now it has an investor base of over 8 Lakhs spread over 18 schemes.

Tata Mutual Fund

Tata Mutual Fund (TMF) is a Trust under the Indian Trust Act, 1882. The sponsorers for Tata Mutual Fund are Tata Sons Ltd.,

and Tata Investment Corporation Ltd. The investment manager is Tata Asset Management Limited and its Tata Trustee

Company Pvt. Limited. Tata Asset Management Limited's is one of the fastest in the country with more than Rs. 7,703 crores

(as on April 30, 2005) of AUM.

Kotak Mahindra Mutual Fund

Kotak Mahindra Asset Management Company (KMAMC) is a subsidiary of KMBL. It is presently having more than 1,99,818

investors in its various schemes. KMAMC started its operations in December 1998. Kotak Mahindra Mutual Fund offers

schemes catering to investors with varying risk - return profiles. It was the first company to launch dedicated gilt scheme

investing only in government securities.

Unit Trust of India Mutual Fund
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UTI Asset Management Company Private Limited, established in Jan 14, 2003, manages the UTI Mutual Fund with the support

of UTI Trustee Company Privete Limited. UTI Asset Management Company presently manages a corpus of over Rs.20000

Crore. The sponsorers of UTI Mutual Fund are Bank of Baroda (BOB), Punjab National Bank (PNB), State Bank of India (SBI) ,

and Life Insurance Corporation of India (LIC). The schemes of UTI Mutual Fund are Liquid Funds, Income Funds, Asset

Management Funds, Index Funds, Equity Funds and Balance Funds.

Reliance Mutual Fund

Reliance Mutual Fund (RMF) was established as trust under Indian Trusts Act, 1882. The sponsor of RMF is Reliance Capital

Limited and Reliance Capital Trustee Co. Limited is the Trustee. It was registered on June 30, 1995 as Reliance Capital Mutual

Fund which was changed on March 11, 2004. Reliance Mutual Fund was formed for launching of various schemes under which

units are issued to the Public with a view to contribute to the capital market and to provide investors the opportunities to make

investments in diversified securities.

Standard Chartered Mutual Fund

Standard Chartered Mutual Fund was set up on March 13, 2000 sponsored by Standard Chartered Bank. The Trustee is

Standard Chartered Trustee Company Pvt. Ltd. Standard Chartered Asset Management Company Pvt. Ltd. is the AMC which

was incorporated with SEBI on December 20,1999.

Franklin Templeton India Mutual Fund

The group, Frnaklin Templeton Investments is a California (USA) based company with a global AUM of US$ 409.2 bn. (as ofApril 30, 2005). It is one of the largest financial services groups in the world. Investors can buy or sell the Mutual Fund through

their financial advisor or through mail or through their website. They have Open end Diversified Equity schemes, Open end

Sector Equity schemes, Open end Hybrid schemes, Open end Tax Saving schemes, Open end Income and Liquid schemes,

Closed end Income schemes and Open end Fund of Funds schemes to offer.

Morgan Stanley Mutual Fund India

Morgan Stanley is a worldwide financial services company and its leading in the market in securities, investmenty management

and credit services. Morgan Stanley Investment Management (MISM) was established in the year 1975. It provides customized

asset management services and products to governments, corporations, pension funds and non-profit organisations. Its

services are also extended to high net worth individuals and retail investors. In India it is known as Morgan Stanley Investment

Management Private Limited (MSIM India) and its AMC is Morgan Stanley Mutual Fund (MSMF). This is the first close end

diversified equity scheme serving the needs of Indian retail investors focussing on a long-term capital appreciation.

Escorts Mutual Fund

Escorts Mutual Fund was setup on April 15, 1996 with Excorts Finance Limited as its sponsor. The Trustee Company is Escorts

Investment Trust Limited. Its AMC was incorporated on December 1, 1995 with the name Escorts Asset Management Limited.

Alliance Capital Mutual Fund

Alliance Capital Mutual Fund was setup on December 30, 1994 with Alliance Capital Management Corp. of Delaware (USA) as

sponsorer. The Trustee is ACAM Trust Company Pvt. Ltd. and AMC, the Alliance Capital Asset Management India (Pvt) Ltd.

with the corporate office in Mumbai.

Benchmark Mutual Fund

Benchmark Mutual Fund was setup on June 12, 2001 with Niche Financial Services Pvt. Ltd. as the sponsorer and Benchmark

Trustee Company Pvt. Ltd. as the Trustee Company. Incorporated on October 16, 2000 and headquartered in Mumbai,

Benchmark Asset Management Company Pvt. Ltd. is the AMC.

Canbank Mutual Fund

Canbank Mutual Fund was setup on December 19, 1987 with Canara Bank acting as the sponsor. Canbank Investment

Management Services Ltd. incorporated on March 2, 1993 is the AMC. The Corporate Office of the AMC is in Mumbai.

Chola Mutual Fund

Chola Mutual Fund under the sponsorship of Cholamandalam Investment & Finance Company Ltd. was setup on January 3,

1997. Cholamandalam Trustee Co. Ltd. is the Trustee Company and AMC is Cholamandalam AMC Limited.

LIC Mutual Fund


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Life Insurance Corporation of India set up LIC Mutual Fund on 19th June 1989. It contributed Rs. 2 Crores towards the corpus of

the Fund. LIC Mutual Fund was constituted as a Trust in accordance with the provisions of the Indian Trust Act, 1882. . The

Company started its business on 29th April 1994. The Trustees of LIC Mutual Fund have appointed Jeevan Bima Sahayog

Asset Management Company Ltd as the Investment Managers for LIC Mutual Fund.

GIC Mutual Fund

GIC Mutual Fund, sponsored by General Insurance Corporation of India (GIC), a Government of India undertaking and the four

Public Sector General Insurance Companies, viz. National Insurance Co. Ltd (NIC), The New India Assurance Co. Ltd. (NIA),The Oriental Insurance Co. Ltd (OIC) and United India Insurance Co. Ltd. (UII) and is constituted as a Trust in accordance with

the provisions of the Indian Trusts Act, 1882.

Future of mutual funds in india

By December 2004, Indian mutual fund industry reached Rs 1,50,537 crore. It is estimated that by 2010 March-end, the total

assets of all scheduled commercial banks should be Rs 40,90,000 crore.

The annual composite rate of growth is expected 13.4% during the rest of the decade. In the last 5 years we have seen annual

growth rate of 9%. According to the current growth rate, by year 2010, mutual fund assets will be double.

Let us discuss with the following table:

Aggregate deposits of Scheduled Com Banks in India (Rs.Crore)

Month/Year Mar-98 Mar-00 Mar-01 Mar-02 Mar-03 Mar-04 Sep-04 4-Dec

Deposits 605410 851593 989141 1131188 1280853 - 1567251 1622579

Change in % over last yr 15 14 13 12 - 18 3

Source - RBI

Mutual Fund AUMs Growth

Month/Year Mar-98 Mar-00 Mar-01 Mar-02 Mar-03 Mar-04 Sep-04 4-Dec

MF AUM's 68984 93717 83131 94017 75306 137626 151141 149300

Change in % over last yr 26 13 12 25 45 9 1

Source - AMFI

Some facts for the growth of mutual funds in India

100% growth in the last 6 years.

Number of foreign AMC's are in the que to enter the Indian markets like Fidelity Investments, US based, with over

US$1trillion assets under management worldwide.

Our saving rate is over 23%, highest in the world. Only channelizing these savings in mutual funds sector is required.

We have approximately 29 mutual funds which is much less than US having more than 800. There is a big scope for

expansion.

'B' and 'C' class cities are growing rapidly. Today most of the mutual funds are concentrating on the 'A' class cities.

Soon they will find scope in the growing cities.

Mutual fund can penetrate rurals like the Indian insurance industry with simple and limited products.

SEBI allowing the MF's to launch commodity mutual funds.

Emphasis on better corporate governance.


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Top mutual funds in India

Top Ranked Mutual Funds

As on : Quarter ended December 2012

Crisil MF Rank 1

Methodology

Large Cap Crisil Rank NAV(Rs./Unit)

1 yr Return(%)

AUM (Rs. cr.)Dec 12

Birla SL Frontline Equity -A (G)

PerformanceChartsInvestmentInfoHoldingsPeer Comparison

Rank 197.73

15.6 2,935.67

Birla Sun Life Top 100 (G)


Rank 125.23

13.1 297.68

Franklin India Bluechip (G)


Rank 1234.34

8.2 5,040.43

ICICI Pru Focused Bluechip Eqty (G)


Rank 118.25

9.3 4,215.04

UTI Opportunities Fund (G)


Rank 131.01

7.6 1,764.04

Small & Mid Cap Crisil Rank NAV(Rs./Unit)

1 yr Return(%)

AUM (Rs. cr.)Dec 12

Birla Sun Life MNC Fund (G)


Rank 1247.54

13.2 364.13

HDFC MidCap Opportunities (G)


Rank 117.91

11.5 2,570.09

IDFC Premier Equity - A (G)

PerformanceChartsInvestment

Rank 138.19

16.9 3,345.00
http://www.moneycontrol.com/mf/crisil_methodology/http://www.moneycontrol.com/mf/crisil_methodology/http://www.moneycontrol.com/mutual-funds/nav/birla-sun-life-frontline-equity-fund-plan-a/MAC031http://www.moneycontrol.com/mutual-funds/nav/birla-sun-life-frontline-equity-fund-plan-a/MAC031http://www.moneycontrol.com/mutual-funds/nav/dsp/MAC031http://www.moneycontrol.com/india/mutualfunds/mfinfo/charts/MAC031http://www.moneycontrol.com/india/mutualfunds/mfinfo/investment_info/MAC031http://www.moneycontrol.com/india/mutualfunds/mfinfo/investment_info/MAC031http://www.moneycontrol.com/india/mutualfunds/mfinfo/portfolio_holdings/MAC031http://www.moneycontrol.com/india/mutualfunds/mfinfo/competition/MAC031http://www.moneycontrol.com/india/mutualfunds/mfinfo/competition/MAC031http://www.moneycontrol.com/mf/crisil_methodology/http://www.moneycontrol.com/mutual-funds/nav/birla-sun-life-top-100-fund/MBS089http://www.moneycontrol.com/mutual-funds/nav/birla-sun-life-top-100-fund/MBS089http://www.moneycontrol.com/mutual-funds/nav/dsp/MBS089http://www.moneycontrol.com/india/mutualfunds/mfinfo/charts/MBS089http://www.moneycontrol.com/india/mutualfunds/mfinfo/investment_info/MBS089http://www.moneycontrol.com/india/mutualfunds/mfinfo/investment_info/MBS089http://www.moneycontrol.com/india/mutualfunds/mfinfo/portfolio_holdings/MBS089http://www.moneycontrol.com/india/mutualfunds/mfinfo/competition/MBS089http://www.moneycontrol.com/india/mutualfunds/mfinfo/competition/MBS089http://www.moneycontrol.com/mf/crisil_methodology/http://www.moneycontrol.com/mutual-funds/nav/franklin-india-bluechip-fund/MKP001http://www.moneycontrol.com/mutual-funds/nav/franklin-india-bluechip-fund/MKP001http://www.moneycontrol.com/mutual-funds/nav/dsp/MKP001http://www.moneycontrol.com/india/mutualfunds/mfinfo/charts/MKP001http://www.moneycontrol.com/india/mutualfunds/mfinfo/investment_info/MKP001http://www.moneycontrol.com/india/mutualfunds/mfinfo/investment_info/MKP001http://www.moneycontrol.com/india/mutualfunds/mfinfo/portfolio_holdings/MKP001http://www.moneycontrol.com/india/mutualfunds/mfinfo/competition/MKP001http://www.moneycontrol.com/india/mutualfunds/mfinfo/competition/MKP001http://www.moneycontrol.com/mf/crisil_methodology/http://www.moneycontrol.com/mutual-funds/nav/icici-prudential-focused-bluechip-equity-fund/MPI392http://www.moneycontrol.com/mutual-funds/nav/icici-prudential-focused-bluechip-equity-fund/MPI392http://www.moneycontrol.com/mutual-funds/nav/dsp/MPI392http://www.moneycontrol.com/india/mutualfunds/mfinfo/charts/MPI392http://www.moneycontrol.com/india/mutualfunds/mfinfo/investment_info/MPI392http://www.moneycontrol.com/india/mutualfunds/mfinfo/investment_info/MPI392http://www.moneycontrol.com/india/mutualfunds/mfinfo/portfolio_holdings/MPI392http://www.moneycontrol.com/india/mutualfunds/mfinfo/competition/MPI392http://www.moneycontrol.com/india/mutualfunds/mfinfo/competition/MPI392http://www.moneycontrol.com/mf/crisil_methodology/http://www.moneycontrol.com/mutual-funds/nav/uti-opportunities-fund/MUT072http://www.moneycontrol.com/mutual-funds/nav/uti-opportunities-fund/MUT072http://www.moneycontrol.com/mutual-funds/nav/dsp/MUT072http://www.moneycontrol.com/india/mutualfunds/mfinfo/charts/MUT072http://www.moneycontrol.com/india/mutualfunds/mfinfo/investment_info/MUT072http://www.moneycontrol.com/india/mutualfunds/mfinfo/investment_info/MUT072http://www.moneycontrol.com/india/mutualfunds/mfinfo/portfolio_holdings/MUT072http://www.moneycontrol.com/india/mutualfunds/mfinfo/competition/MUT072http://www.moneycontrol.com/india/mutualfunds/mfinfo/competition/MUT072http://www.moneycontrol.com/mf/crisil_methodology/http://www.moneycontrol.com/mutual-funds/nav/birla-sun-life-mnc-fund/MBS017http://www.moneycontrol.com/mutual-funds/nav/birla-sun-life-mnc-fund/MBS017http://www.moneycontrol.com/mutual-funds/nav/dsp/MBS017http://www.moneycontrol.com/india/mutualfunds/mfinfo/charts/MBS017http://www.moneycontrol.com/india/mutualfunds/mfinfo/investment_info/MBS017http://www.moneycontrol.com/india/mutualfunds/mfinfo/investment_info/MBS017http://www.moneycontrol.com/india/mutualfunds/mfinfo/portfolio_holdings/MBS017http://www.moneycontrol.com/india/mutualfunds/mfinfo/competition/MBS017http://www.moneycontrol.com/india/mutualfunds/mfinfo/competition/MBS017http://www.moneycontrol.com/mf/crisil_methodology/http://www.moneycontrol.com/mutual-funds/nav/hdfc-mid-cap-opportunities-fund/MHD068http://www.moneycontrol.com/mutual-funds/nav/hdfc-mid-cap-opportunities-fund/MHD068http://www.moneycontrol.com/mutual-funds/nav/dsp/MHD068http://www.moneycontrol.com/india/mutualfunds/mfinfo/charts/MHD068http://www.moneycontrol.com/india/mutualfunds/mfinfo/investment_info/MHD068http://www.moneycontrol.com/india/mutualfunds/mfinfo/investment_info/MHD068http://www.moneycontrol.com/india/mutualfunds/mfinfo/portfolio_holdings/MHD068http://www.moneycontrol.com/india/mutualfunds/mfinfo/competition/MHD068http://www.moneycontrol.com/india/mutualfunds/mfinfo/competition/MHD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