nidhi mittal report
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Summer training report
On
HDFC BANK
mutual funds and their comparative analysis
Submitted in partial fulfillment of the requirements of business
management program.
NATIONAL INSTITUTE OF TECHNOLOGY(kurukshetra)
SUBMITTED BY:
NIDHI MITTAL
MBA-IIsem
3023
DEPARTMENT OF BUSINESS ADMINISTRATION
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ACKNOWLEDGEMENT
No work is considered complete unless due acknowledgement is given to those who
made it possible. Therefore, I am very thankful to the entire team of HDFC BANK for
their cooperation, without which completion of this project would not have been possible.
Words at my command are inadequate both in form and spirit to express my sincere and
profound gratitude to Mr. Naveen Relan (branch manager) of HDFC ltd.. for having
confidence in my abilities and giving me all the liberties to perform. Sirs meticulous
guidance, keen supervision and whole hearted help has made me capable to complete this
project. I would also like to thankMr. Hitesh Mehta and Mr.Dinesh (Advisor- Mutual
Funds) for sharing with me all the details of the project and providing me with valuable
insights about the product. I would also like to thank Ms. Meenu (Advisor credit cards),
Mr.Deepak bajaj(personal banker) for the patience shown by them and being of such a
great help to all my queries and above all making the environment more comfortable for
me.
Last but not the least I would like to thank my co-trainees Ms sheetal and
Ms rachna.they have been a great support in preparing this report as well as in
discussing about the related data and creating a cosy environment for my research work.
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MUTUAL FUNDS AND THEIR COMPARATIVE ANALYSIS
This report gives one an insight into the mutual funds in India. I have tried my level bestto incorporate the readings and the information I collected through these readings duringmy Summer Internship in HDFC BANK.
This report basically consists of all information regarding work which I had done in thisproject .So going ahead I would like to tell you in general actually what my project is?
The Project Title i.e. MUTUAL FUNDS AND THEIR COMPARATIVEANALYSIS.
So under, First topic ofMutual Funds I had collected data from various resources andreference like facts sheets of various funds houses and secondary data from differentwebsites and with total support of the bank staff and branch managerMr.Naveen relan
From these facts sheets of various companies I had analyzed the past track record ofvarious funds of selected Fund houses..By this analysis I had seen the performance ofdifferent funds of different fund houses. So that it I can make this project helpful for theinvestor in selection of the right fund and guided the investor for his or her investment
This project would help the investor in selecting best of best fund for making investment.This project basically concentrates on the study of Mutual Funds, which are currentlyattracting investors from all walks of life. This project also enhances my knowledgeabout the subject. and enable me to understand the terms more easily by knowing the
funds behind the name and its implications This project aims at understanding theviability of best of best in different sections of mutual funds and banking scrips forfuture investment.
SUPERVISION:Mr. Naveen Relan(Branch manager)HDFC BANK
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INTRODUCTION
In todays world where people are more concerned about protecting their future, theyneed to plan out their investments in a judicious manner. Investment goals vary fromperson to person. While somebody wants security, others might give more weight age toreturns alone. Somebody else might want to plan for his childs education whilesomebody might be saving for life after retirement.
With different objectives their main aim is that they want their money to grow in a safeand secure manner. but there is a phrase which states that Higher the Risk Higher isthe Return everyone is not that strong that he could risk his earning but they do want toearn at minimum possible risk
This project would help the investor in selecting the Best fund for making investment.This project basically concentrates on the study of Mutual Funds and selected BankingScrips as investment avenues, which are currently attracting investors from all walks oflife. This project also enhance my knowledge about the subject. and enable me tounderstand the terms more easily by knowing the funds behind the name and itsimplications This project aims at understanding the viability of best of best in differentsections of mutual funds and banking scrips for future investment
This project would guide them as to how they can plan out there investment by providinginvestors with the research facts In this project a study for comparative analysis of
various schemes offered by different Mutual fund companiesLastly Enough work has not been done on this subject hence I have chosen this projectfor further research to guide .This Analysis can help in relating the risk profile of aninvestor with the investment avenue that he is opting
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ESSENTIAL OF THIS RESEARCH
Managed assets to rise 6-fold by 2015
The total assets managed by all funds in the country--mutual funds, international funds, private banking, including portfolio management services, unit-linked insurance andpension funds--is likely to grow more than six-fold to US$ 1,300 billion by 2015, fromUS$ 170 billion, says the Boston Consulting Group. The potential of the Indian market isattracting many new entrants and this is likely to continue over the next five years. Theopportunity for various fund categories to invest in India will grow exponentially;managed assets, excluding pension, are expected to grow at least 10 times over next 10years Trends
India--with its GDP approaching
US$ 800 billion--is viewed as one of the biggest growth stories among emerging marketsexplains only part of the attraction for foreign banks. Credit off-take has grown 25-30 percent annually in recent years, with retail consumer lending being the hunting ground forforeign banks. State Bank of India (SBI), the country's largest bank, has earmarkedbiotechnology, fisheries, food technology, dairy and horticulture as thrust areas. Its three-year national plan, FY07-10, involves an outlay of US$ 2.66 billion. ICICI Bank says its20 million customer base is growing by 35 per cent annually. The bank operates 2,680
automated teller machines, and its network of 670 branches is expanding by 50-100 everyyear. A growth machine in the past five years, the group held US$ 62 billion in assets forthe year ended on March 31, 2006.
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SCOPE OF THE PROJECT
This project is not only for those people who are planning to invest there money indifferent Mutual Funds or Banking Scrips but also for them who had invested theremoney in either of the schemes which are being compared in the project . so that theycould also use this report for there investments so as to yield maximum benefit out of thisproject As hdfc deals in various financial instruments where in which investors investthere money so by my research I could tell investors which Banking stock to buy or tosell with strong fundamental research .
The prime objective of the project would be to identify and suggest people with properresearch facts for investment in mutual fund and banking scripts prior to there investmentso as to why they go for our recommendations
OBJECTIVES OF THE PROJECT
1. To Appraise leading Mutual Fund companies
2. To Analyze returns generated by leading fund houses
3. To Study Scripts on Various parameters of Research
4. To Guide investors about there investments among these scrips
5. To give recommendations on the best Fund / Scrip
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LIMITATIONS
A large number of schemes around 590 are available in the market and it is
difficult to analyze all of them.
The analysis is completely based on the past performance and does not confirms
the future performance.
Lack of enthusiasm among investors due to fluctuations in market
Difficulties in gathering desired information
No Co-ordination between study and project
Study is not very exhaustive and many concepts cannot be studied due to time and
other constraints.
Officials though very helpful, are not able to give much of their time due to their
own time constraint.
The results from the analysis is qualitative and not the quantitative.
Limitations of stock market.
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METHODOLOGY
It is an Empirical study in which mostly secondary data will be used . The Primary data
in this case is not required as such because investments are made according to the pasttrends and market value of an mutual fund or a scrip primary dataThe Secondary data has been collected from the followings
Fact Sheets of all the AMCs
Mutual Fund Insight
Indian Mutual Funds Handbook
Newspapers ( Economic Times , Business Line)
Magazines ( Business World)
Internet Web Sites
In this the Sample Size For Mutual Funds companies is 6 this size is selected out of 10companies which are currently offering their products in the market these 6 companiesare selected according to there market capitalization of the companies
In the project of Banking Scrip the Sample Size is 6 out of 10. the companies which hasbeen selected for analysis has large market capitalization and highest performing mutualfund categories.
Analysis would be on those companies and banks which have large market capitalizationand other parameters like performance, stability, etc.
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ANALYTICAL STUDY OF MUTUAL FUNDS
Introduction
Different investment avenues are available to investors. Mutual funds also offer goodinvestment opportunities to the investors. Like all investment, they also carry certainrisks. The investors should compare the risks and expected yield after adjustment of taxon various instruments while taking investment decisions. The investors may seek advicefrom experts and consultants including agents and distributors of mutual funds schemeswhile making investment decisions.With an objective to make the investors aware of functioning of mutual funds, an attempthas been made to provide information in question-answer format which may help theinvestors in taking investment decisions.
During the last few decades the global scenario has witnessed several significantdevelopments, including initiation of new and innovative financial services. Thephenomenal growth of the capital market has been accompanied by the advent of equitycult among the household sector. The household sector does not possess the surplusfunds, but psychologically it is either risk-neutral or risk-averse. Therefore,institutional shields have been created, whose main role is to act as intermediariesbetween the people, who have the ability and propensity to save, and those who requiremoney. This is a historical necessity, which has given rise to the concept of MutualFunds.
An investor normally prioritizes his investment needs before undertaking an investment.So different goals will be allocated different proportions of the total disposable amount.Investments for specific goals normally find their way into the debt market as riskreduction is of prime importance. This is the area for the risk-averse investors and here,mutual funds are generally the best option. Capital markets interest people, albeit not allfor there are several problems associated. First issue is that of expertise. While investingdirectly into capital market one has to be analytical enough to judge the valuation of thestock and understand the complex undertones of the stock. One needs to judge the rightvaluation for exiting the stock too.It is very difficult for a small investor to keep track of the movements of the market.Entrusting the job to experts, who watch the trends of the market and analyze the
valuations of the stocks will solve this problem for an investor. Mutual funds specializein identification of stocks through dedicated experts in the field and this enables them topick stocks at the right moment.
Next problem is that of funds/money. A single person cant invest in multiple high-pricedstocks for the sole reason that his pockets are not likely to be deep enough. This limitshim from diversifying his portfolio as well as benefiting from multiple investments. Hereagain, investing through MF route enables an investor to invest in many good stocks andreap benefits even through a small investment. This not only diversifies the portfolio andhelps in generating returns from a number of sectors but reduces the risk as well. Though
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identification of the right fund might not be an easy task, availability of good investmentconsultants and counselors will help investors take informed decision.
Why Mutual Fund ?
A Mutual Fund is an institutional arrangement which mobilizes savings of millions of
investors for investment in a diversified portfolio of securities, with a view to spread riskand to ensure adequate and consistent return, both in the form of dividend and capitalappreciation. It is, in fact, a financial intermediary that receives money fromshareholders, invest it, earn on it, and make it grow to share it with them. Theseinstitutions are managed by professional money managers who make portfolio investmentdecision on behalf of unsophisticated investors.
Mutual fund is a mechanism for pooling the resources by issuing units to the investorsand investing funds in securities in accordance with objectives as disclosed in offerdocument.
Investments in securities are spread across a wide cross-section of industries and sectorsand thus the risk is reduced. Diversification reduces the risk because all stocks may notmove in the same direction in the same proportion at the same time. Mutual funds issuesunits to the investors in accordance with quantum of money invested by them. Investorsof Mutual funds are known as Unit Holders.
The profits and losses are shared by the investors in proportion to their investments.Mutual funds normally comes out with a number of schemes with different investmentsobjectives which are launched from time to time. A mutual fund is required to beregistered with Securities and Exchange Board of India which regulates securitiesmarkets before it can collect funds from public.
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RISK RETURN GRID (types of funds)
RiskTolerance/Return
Expected
Focus Suitable Products Benefits offered by MFs
Low DebtBank/ Company FD,
Debt based FundsLiquidity, Better Post-Tax returns
Medium
PartiallyDebt,
PartiallyEquity
Balanced Funds, Some
Diversified EquityFunds and some debt
Funds, Mix of sharesand Fixed Deposits
Liquidity, Better Post-Tax returns,
Better Management, Diversification
High Equity
Capital Market, Equity
Funds (Diversified aswell as Sector)
Diversification, Expertise in stock
picking, Liquidity, Tax freedividends
Their appeal is not just limited to these categories of investors. Specific goals like career
planning for children and retirement plans are also catered to by mutual funds. Children
funds have found their way in a big way with many of the fund houses already having
launched a children fund. Essentially debt oriented, these schemes invite investments,
which are locked till the child attains majority and requires money for higher education.
You can invest today and assure financial support to your child when he/she requires
them. The schemes have given very good returns of around 14 percent in the last one-
year period. These schemes are also designed to provide tax efficiency. The returns
generated by these funds come under capital gains and attract tax at concessional rates.
Besides this, if the objective was to save taxes, the industry offers equity linked
savings schemes as well. Equity-based funds, they can take long-term call on stocks and
market conditions without having to worry about redemption pressure as the money is
locked in for three years and provide good returns. Some of the ELSS have been
exceptional performers in past and cater to equity investor with good performances. The
industry offered tax benefits under various sections of the IT Act. For e.g. dividend
income is free in the hands of the investor while capital gains are taxed after providing
for cost inflation indexation. Hitherto, the benefits under section 54 EA/EB were
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available to take benefits of the tax provisions for capital gains but have now been
removed.
The benefits listed so far have essentially been for the small retail investor
but the industry can attract investments from institutional and big investors as well.
Liquid funds offer liquidity as well as better returns than banks and so attract investors.
Many funds provide anytime withdrawal enabling a big investor to take maximum
benefits.
The appeal of mutual funds cuts across investor classes. In other developed countries,
mutual funds attract much more investments as compared to the banking sector but in
India the case is reverse. We lack awareness about the benefits that are offered by these
schemes. It is time that investors irrespective of their risk capacities, made intelligent
decisions to generate better returns and mutual funds are definitely one of the ways to go
about it.
HISTORY OF INDIAN MUTUAL FUND INDUSTRY
The mutual fund industry in India started in 1963 with the formation of Unit Trust of
India, at the initiative of the Government of India and Reserve Bank the. The history of
mutual funds in India can be broadly divided into four distinct phases:-
First Phase 1964-87
An Act of Parliament established Unit Trust of India
(UTI) on 1963. It was set up by the Reserve Bank of India and functioned under
the Regulatory and administrative control of the Reserve Bank of India. In 1978
UTI was de-linked from the RBI and the Industrial Development Bank of India
(IDBI) took over the regulatory and administrative control in place of RBI. The
first scheme launched by UTI was Unit Scheme 1964. At the end of 1988 UTI had
Rs.6,700 crores of assets under management.
Second Phase 1987-1993 (Entry of Public Sector Funds)
1987 marked the entry of non-
UTI, public sector mutual funds set up by public sector banks and Life Insurance
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Corporation of India (LIC) and General Insurance Corporation of India (GIC).
SBI Mutual Fund was the first non- UTI Mutual Fund established in June 1987
followed by 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 established its mutual fund in June 1989 while
GIC had set up its mutual fund in December 1990.At the end of 1993, the mutual
fund industry had assets under management of Rs.47,004 crores.
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
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In February 2003, following the
repeal of the Unit Trust of India Act 1963 UTI was bifurcated into two separate
entities. One is the Specified Undertaking of the Unit Trust of India with assets
under management of Rs.29,835 crores as at the end of January 2003,
representing broadly, the assets of US 64 scheme, assured return and certain other
schemes. The Specified Undertaking of Unit Trust of India, functioning under an
administrator and under the rules framed by Government of India and does not
come under the purview of the Mutual Fund Regulations.
The second is the UTI Mutual Fund 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 assets under management and with the setting up of a UTI
Mutual Fund, conforming to the SEBI Mutual Fund Regulations, and with recent
mergers taking place among different private sector funds, the mutual fund
industry has entered its current phase of consolidation and growth. As at the end
of September, 2004, there were 29 funds, which manage assets of Rs.153108
crores under 421 schemes.
GROWTH IN ASSETS UNDER MANAGEMENT
SOURCE : AMFI
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SOURCE : AMFI
Role of Securities & Exchange Board of India
To protect interest of investors in securities and to promote the development of securitiesmarket.As far as mutual funds are concerned, SEBI formulates the policy and regulates mutualfunds to protect interest of investors. SEBI notified regulations for mutual funds
in1993.Thereafter,mutual funds sponsored by private sector entities were allowed to entercapital market. The regulations were revised in 1996 ,and have been amended thereafterfrom time to time.
All mutual funds whether promoted by public sector or private sector entities aregoverned by same set of regulations. There is no distinction in regulatory requirement forthese monthly requirements and all are subject to monitoring by SEBI. The risksassociated with the schemes launched by mutual funds sponsored by these entities are ofsimilar type.
Setting up of Mutual Fund
A mutual fund is set up in form of a trust, which has sponsors, trustees, assetmanagement companies and custodian. The trust is established by a sponsor who is like apromoter of a company. The trustees of mutual fund hold its property for benefit of unitholders. AMC approved by SEBI manages the funds by making investments in varioustypes of securities. Custodian, who is registered with SEBI, holds the securities of variousschemes of the funds in the custody. The trustees are vested with the general power ofsuperintendence and direction over AMC. They monitor the performance and complianceof the SEBI regulations by the mutual funds.
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SEBI regulations require that at least two third of the directors of trustee company orboard of trustee must be independent i.e. they should be associated with the sponsors.Also, 50% of the directors of AMC must be independent. All mutual funds are requiredto be registered with SEBI before they launch any scheme. However, Unit trust ofIndia(UTI) is not registered with SEBI (as on January 15, 2002).
Net Asset Value (NAV) of A Scheme
The performance of a particular scheme of a mutual fund is denoted by Net Asset Value(NAV). Mutual funds invest the money collected from the investors in securities markets.In simple words, Net Asset Value is the market value of the securities held by thescheme. Since market value of securities changes every day, NAV of a scheme alsovaries on day to day basis. The NAV per unit is the market value of the securities of ascheme divided by the total number of the unit of the scheme on any particular date. Forexample, if the market value of securities of a mutual fund scheme is Rs. 200 lakhs andthe mutual funds has issued 10 lakhs units of Rs.10 each to the investors, then the NAVper unit fund is Rs. 20. NAV is required to be disclosed by the mutual funds on a regularbasis- daily or weekly- depending on the type of the scheme.
Graphical Representation
SOURCE : AMFI
Mutual Fund Operation Flow Chart16
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SOURCE : AMFI
STRUCTURE OF A MUTUAL FUND
SOURCE : AMFI
Why should you invest in Mutual Funds?
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1) Reduce your risks-Mutual Funds diversify your portfolio by investing in various
securities & minimise the risk.
2) Maximise your opportunities - The fund managers with the strong research
take explore new investment options make available opportunities for your investments
to flourish.
3) Liquidity: (Quick access to your money) -Mutual Funds can be bought and
sold on any dealing day
4) Affordability -Of course you dont need to be millionaire to invest in mutual fund
as the minimum investment in mutual fund starts from Rs.500/-. A Mutual Fund because
of its large corpus allows even a small investor to take the benefit of its investment
strategy.
5) Low Costs - Mutual Funds are a relatively less expensive way to invest compared to
directly investing in the capital markets because the benefits of scale in brokerage,
custodial and other fees translate into lower costs for investors.
6) Tax Benefits -The tax benefits that Mutual Funds investors enjoy at the moment is
the treatment of long-term capital gains.
Investors have two options as regards long-term capital gains:
Tax @ 10% on capital gains without indexation (plus surcharge)
Tax @ 20% on capital gains after indexation (plus surcharge)
7) Transparency - The investor gets regular information on the value of his
investment in addition to disclosure on the specific investments made by the fund, the
proportion invested in each class of assets and the fund manager's investment strategy
and outlook.
8) Regulated for investor protection -All Mutual Funds in India are registeredwith the regulator of the Indian securities industry - the Securities and Exchange Board of
India (SEBI). The funds function within the framework of regulations designed by SEBI
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and these regulations are intended to protect the interests of investors. The operations of
the mutual funds are also regularly monitored by SEBI.
9)Professional Management you avail the services of experienced and skilled
who are backed by a dedicated investment research team which analysis the performance
and prospects of companies and accordingly selects suitable investment archive
Risk Profiles
Equity Diversified Funds
Diversification - Mutual Funds reduces the risk by investing in all the sectors. Instead of
putting all your money in one sector or company it's better to invest in various good
performing sectors as you reduces the risk of getting involved in a particular
sector/company which may perform or may not.
Who should invest - This is an ideal category for those who want to participate in stock
market & knows the risk involved in stock market but have few rupees to invest in
bluechip stocks.
How they performed - Though the short term out look is volatile in long-term equity
diversified funds have outperformed other categories & stock markets will lesser amount
of risk than stock markets. The average returns of equity diversified funds are 102%.
Index Funds -
Follow the index - These are the index-based funds, which move with the likes of Sensex
& Nifty. These fund charges NIL or very low entry/exit loads.
Who should invest - if Nifty & Sensex have come down from their tops, it is a good time
to invest in Index funds with the principal of "Investing at the lower levels".
How they performed - Though the short term out look is volatile in long-term Sensex &
Nifty could do well with improving economic conditions. It has been seen that these
Index funds have outperformed the indices making them more attractive.
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Sector Fund -
Sector - Sector Schemes follow particular sector.
Who should invest - You have to be selective while investing in these funds, as you need
to select particular sector, which will perform better in the future. Investing in these funds
carries some amount of risk but also give you more returns.
How they performed - Sector funds have given average returns of 73% for 1 year
period. Auto, Steel, Cement have done well the year '03 & the trend will continue in year
'04 but IT, FMCG sectors are experiencing downward trend due to $ depreciation, price
war in FMCG respectively. Though short-term trend for pharma sector looks down in
long term we look forward to lot more action in the sector, as there exists a long-term,
strong fundamental story backed by immense growth potential for the Indian
pharmaceutical companies.
Balanced Funds -
Balanced Act - Balanced funds gives you the stability with the potential to grow with the
equity help of equity investments. These funds invest in both Equity & Debt markets.Who should invest - The balanced funds are for those, who want to enjoy the
appreciation effects of equity market but at the same time like to play safe with less
volatile debt market. In this volatile market it is good to invest in balanced funds as they
carries less risk compare to equity funds.
How they performed - In the last 12 months balanced funds have given descent returns
with the up trend in the equity markets. Balanced funds average returns are 60% for 1-
year period.
Equity Linked Tax Savings Schemes (ELSS) -
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Who should invest - Those who seek monthly income. In the current scenario where
debt market is very volatile it's better to invest in hybrid funds like MIP with suitable
time horizon for capital appreciation.
How they performed - In Last 6-12 months MIP's have given descent returns compare
to debt funds. The average returns of MIP's stands at 15.68%, which looks good,
compared to income funds.
STP
Short-term Plans - These schemes provides short-term saving option with more liquidity
than FD's to park your investments.
Who should invest - Those who seeking for income in short-term investments of 6-10
months with more liquidity than Bank fixed deposit.
How they performed - While savings accounts would give you 3.5% per anum, bank
FD's annually return up to 6.5%, Liquid funds would typically give you more than 5%
and short-term plans 6 to 6.5% per anum. In Last 6-12 months STP's have given descent
returns.
Various Types of Mutual Fund Schemes
Schemes according to Maturity Period :-
A mutual fund scheme can be classified into open-ended scheme orclose-ended scheme
depending on its maturity period.
Open-Ended Fund Or Scheme :-
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An open-ended scheme or fund is one that is available for subscription or repurchase on a
continuous basis. These schemes do not have a fix maturity period. Investors can
conveniently buy and sell units at net asset value related price which are declared on a
daily basis. The key feature on an open-ended scheme is liquidity.
Close-Ended Fund Or Scheme :-
A close-ended scheme of fund has a stipulated maturity period e.g. 5-7 years. The
fund is open for subscription only during a specified period at the time of launch of the
scheme. Investors can invest in the scheme at the time of the initial public issue and
thereafter they can buy and sell the units of the schemes on the stock exchanges where
the units are listed. In order to provide the exit route to the investors, Some close-ended
funds give an option of selling back the units to the mutual fund through periodic
repurchase at NAV related prices. SEBI regulations stipulate that at least one of the two
exit routes is provided to the investors i.e. either repurchase facility or through listing on
the stock exchanges. These mutual funds schemes disclose NAV generally on weekly
basis.
Schemes According To Investment Objective :-
Considering its investment objective, a scheme can also be classified as :-
Growth Scheme
Income Scheme
Balanced Scheme
Such schemes can be Open-ended or be Close-ended as described earlier. These schemes
may be classified mainly as follows -:
Growth Or Equity Oriented Scheme :-
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The aim of the Growth fund is to provide capital appreciation over the medium to long
term. Such schemes normally invest a major part of their corpus in equities. Such funds
have comparatively high risks. These schemes provide different options to the investors
like dividend option, capital appreciation etc. and the investors may choose an option
depending on their preferences. The investor must indicate the option in the application
form. Mutual funds also allow the investors to change the options at the later date.
Growth schemes are good for investors having a long-term outlook seeking appreciation
over a period of time.
Income Or Debt Oriented Scheme
The aim of income funds is to provide regular and steady income to investors. Such
schemes generally invest in fixed income securities such as Bonds, CorporateDebentures, Government Securities and Money Market Instruments. Such funds are
less risky compared to equity schemes. These funds are not affected because of
fluctuations in equity markets. However opportunities of the capital appreciation are also
limited in such funds.
The NAV of such funds are affected because of change in interest rates in country. If the
interest rate falls, NAVs of such funds are likely to increase in the short run or vice-versa.
However, Long-term investors may not bother about these fluctuations.
Balanced Fund
The Aim of the Balanced fund is to provide both regular income as such schemes invest
both in equities and fixed income securities in the proportion indicated in their offer
documents. These are appropriate for investors looking for moderate growth. They
generally invest 40-60% in equity and debt instruments. These funds are also affected of
fluctuation in share prices in the stock markets. However, NAVs of such funds are likely
to be less volatile compared to pure equity funds.
Money market Or Liquidity Funds
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These funds are also income funds and their aim is to provide easy liquidity, preservation
of the capital and moderate income. These schemes invest exclusively in safer short-term
instruments such as Treasury Bills, Certificate of Deposit, Commercial Paper and
Inter Bank Call money, Government Securities etc. Return on these schemes
fluctuates much less compared to other funds. These funds are appropriate for corporate
and individual investors as a means of park their 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
economic factors 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&P NSE 50 index(Nifty), etc. These schemes invest in the securities in the same weight
age comprising of an index. NAVs of such schemes would rise or fall in accordance with
the rise or fall in the index, though not exactly by the same percentage due to some
factors known as Tracking Error in technical terms. Necessary disclosure in this
regard are made in the offer document of the mutual fund scheme. There are also
exchange traded index funds launched by the mutual funds which are traded on the stock
exchanges.
Sector Specific Fund or Schemes
These are the funds or schemes which invest in the securities of only those sectors or
industries as specified in the offer documents. E.g. Pharmaceuticals, software, Fast
Moving Consumers goods(FMCG), petroleum stocks, etc. the return on these funds are
dependent on the performance of the respective sector/industries. While these funds may
give higher returns, they are more risky compared to the diversified funds. Investors need
to keep a watch on the performance of these sectors/industries and must exit at an
appropriate time. They may seek an advice of an expert.
Tax Saving Schemes
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These schemes offer tax rebate to the investors under the specific provisions of the
Income tax act, 1961 as the government offers tax incentives for investment in the
specific avenues. E.g. Equity Linked Saving Schemes (ELSS). Pension schemes
launched by the mutual funds also offer tax benefits. These schemes are growth oriented
and invest pre-dominantly in equities. Their growth opportunities and risk associated are
like any equity-oriented scheme.
Load And No-Load Fund
A load fund is that charges a percentage of NAV for entry or exit. That is, each time one
buys or sells units in the fund, a charge will be payable. This charge is used by the mutual
fund for marketing and distribution expenses. Suppose the NAV per unit is Rs.10.if the
entry or exit load charged is 1% then the investors who buy would be required to pay
Rs.10.10 and those who offer their units for repurchase to the mutual fund will get only
Rs.9.90 per unit. The investors should take the loads into consideration while making
investment as these affect their yield/returns. However, the investor should also consider
the performance track record and service standards of mutual funds which are more
important. Efficient funds may give higher returns in spite of loads.
A Non-Load fund is one that does not charge for entry or exit. It means that the investors
can enter the fund/scheme at NAV and no additional charges are payable on the purchase
or sale of the units.
Amendment in Mutual Fund to impose fresh load or increase the load beyond the
level mentioned in the Offer Documents
Mutual funds cant increase the load beyond the level mentioned in the offer document.
Any change in the load will be applicable only to prospective investments and not to the
original investments. In case of imposition of fresh loads or increasing in the exiting
loads, the mutual funds are requires to amend their offer documents so that the new
investors are aware of the loads at the time of investments.
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basis, they are require to inform the unitholders and giving them option to exit the
scheme at prevailing NAV without any load.
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Frequently Used Terms
NetAssetValue(NAV)
Net Asset Value is the market value of the assets of the scheme minus its liabilities.
The per unit NAV is the net asset value of the scheme divided by the number of units
outstanding on the Valuation Date.
SalePrice
Is the price you pay when you invest in a scheme. Also called Offer price.
Repurchase Price
Is the price at which a close-ended scheme repurchases its units and it may include a
back-end load. This is also called Bid Price.
Redemption Price
Is the price at which open-ended schemes repurchase their units and close-ended
schemes redeem their units on maturity. Such prices are NAV related.
Sales Load
Is a charge collected by a scheme when it sells the units. Also called, Front-end
load. Schemes that do not charge a load are called No Load schemes.
Repurchase or Back-end Load
Is a charge collected by a scheme when it buys back the units from the unitholders.
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Procedure to be followed to Invest in a Mutual Fund Scheme
Mutual funds come out with an advertisement in newspapers publishing the launch of the
new schemes. Investors can also contact the agents and distributors of the mutual funds
who are spread all over the country for necessary information and application forms.Forms can be deposited with mutual funds through the agents and distributors who
provide such services. Now a days, the post offices and banks also distribute the units of
the mutual funds. However, the investor should note that the mutual funds being
marketed by banks and post offices should not be taken as their own schemes and no
assurance of return can be given by them. The only role of the banks is to help in
distribution of mutual funds schemes to the investors.
Investors should not be carried away by commission / gift given by agents / distributors
for investing in a particular scheme. On the other hand they must consider the track
record of mutual fund and should take objective decisions.
Provision for Non Resident Indian to Invest in Mutual Funds
Non Resident Indians can also invest in mutual funds. Necessary details in this respect
are given in the offer documents of the schemes.
Distribution of Portfolio between Debt or Equity oriented schemes
An investor should take into account his risk taking capacity, age factor, financial
position, etc. As already mentioned, the schemes invest in different type of securities as
disclosed in the offer documents and offer different returns and risks. Investors may also
consult financial experts before taking decisions. Agents and distributors may also help in
this regard.
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Prospective of an Investor into an Offer document
An abridged offer document, which contain very useful information, is required to be
given to the prospective investor by the mutual fund. The application fund for
subscription to a scheme is an integral part of the offer document. SEBI has prescribed
minimum disclosures in the offer document. An investor, before investing in a scheme,
should carefully read the offer document. Due care must be given to portions relating to
main features of the scheme, risk factors, initial issue expenses and recurring expenses to
be charged to the scheme, entry or exit loads, sponsors track record, educational
qualification and work experience of key personnel including fund managers,
performance of other schemes launched by the mutual funds in the past, pending
litigations and penalties imposed, etc.
Dispatch of Certificate or Statement of Statement of Account to the Investor, after
Investing in a Mutual Fund
Mutual funds are required to dispatch certificates or statements of accounts within six
weeks from the date of closure of the initial subscription of the scheme. In case of close
ended schemes, the investors would get either a Demat account statement or unit
certificates as they are traded in the stock exchanges. In case of the open-ended schemes,
a statement of account is issued by the mutual fund within 30 days from the date of
closure of initial public offer of the scheme. The procedure of repurchase is mentioned in
the offer document.
Transfer of Units after Purchase from Stock Markets in case of Close Ended
Schemes
According to SEBI regulations, transfer of units is required to be done within thirty days
from the date of lodgment of certificates with the mutual fund.
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Mutual Fund Provides option to Transfer / Invest Periodically / Withdraw
Periodically
Systematic Transfer Plan (STP)
Through STP you can transfer amounts at a weekly ( Every Friday ), monthly or quarterly
frequency from one scheme of ours to another scheme. All you need to do is to give us a
one-time instruction to do so. You may choose to regularly switch either a fixed sum or
just the appreciation part of your investment. In brief it is the combination of SWP and
SIP.
Benefits from STP
If you have investments or plan to invest in any of our debt schemes at the same timewant to have a little exposure in any of our equity funds by investing regularly with out
taking much of a risk. You may opt to take STP form the debt investment into the equity
scheme. Both fixed and appreciation options would work for you it all depends on your
requirements. If you wish to transfer an exact amount regularly then the Fixed Option is
suitable for you. If do not want this transfer to disturb your capital contribution and
would like only to switch the appreciation generated in the investment, you should opt for
the appreciation option.
For investors in our equity schemes STP is an excellent tool for booking the gains and
transferring them to a less volatile debt scheme. Such investors may choose to opt the
appreciation option of STP.
Ideally, STP should be opted from the growth options of our schemes/plans.
Systematic Investment Plan (SIP)
a) It provides you the convenience of investing in our schemes/plans regularly any
day of the month a fixed amount by submitting post dated cheques along with the
Kotak Facility form. In most of the schemes you can even start your investments
though SIP.
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b) At least 5 cheques to be issued and the aggregate of such cheque not to be less
than the the minimum purchase amount for opening Unit Account for the
respective Scheme/Plan.
It is an ideal option for investors having salary incomes. If you have regular and
consistent income flows, SIP becomes an ideal choice to discipline your savings by
committing for them through post-dated cheques.
Advantages of SIP
Although SIP works well for both Debt and Equity funds, the advantage of opting it for
investing in Equity funds is supported by the fact that volatility is inherent in equities. By
investing regularly through SIP in our equity schemes, you would be averaging out on the
NAV fluctuations. Over a period of time you would observe that by investing fixed
amounts you have accumulated more units at lower NAV and lesser units at higher NAV.
We are of the belief that it is difficult to time the stock market consistently, hence the best
option is to invest regularly and average out on the market fluctuations.
Systematic Withdrawal Plan (SWP)
Through SWP you can redeem sums at a monthly or quarterly frequency by giving a one-
time instruction to us. You may choose to regularly withdraw either a fixed sum or just
the appreciation part of your investment. As the capital gain tax would be levied only on
the number of units you withdraw, SWP becomes a tax efficient way of getting regular
income from your investments.
This facility is suitable fortwo types of needs : -
1) Investors wanting regular funds inflow from their investments.
2) Investors interested in booking their gains at a regular interval.
If you require an exact amount regularly then the Fixed Option is suitable for you. If you
do not want this withdrawal to disturb your capital contribution and would like only to
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reap the appreciation generated in the investment, you should opt for the appreciation
option.
Ideally SWP should be opted from the growth options of our schemes.
Advantages of SWP
Apart from offering you a great convenience in managing your funds inflow and profit
booking, you also benefit by saving on the tax liability if a similar inflow would have
come from dividends.
Time Required to Receive Dividends / Repurchase Proceeds
A mutual fund is required to dispatch the dividend warrants within 30 days of the
declaration of the dividend and the redemption or repurchase proceeds within 10 working
days from the date of redemption or repurchase request made by the unit holder.
In case of failures to dispatch the redemption/repurchase proceeds with in the stipulated
time period, asset management company is liable to pay interest as specified by SEBI
from time to time(15% at present).
Net Asset Value (NAV)
The net asset value of the fund is the cumulative market value of the assets fund net of its
liabilities. In other words, if the fund is dissolved or liquidated, by selling off all the
assets in the fund, this is the amount that the shareholders would collectively own. This
gives rise to the concept of net asset value per unit, which is the value, represented by the
ownership of one unit in the fund. It is calculated simply by dividing the net asset value
of the fund by the number of units. However, most people refer loosely to the NAV per
unit as NAV, ignoring the "per unit". We also abide by the same convention.
Calculation of NAV
The most important part of the calculation is the valuation of the assets owned by the
fund. Once it is calculated, the NAV is simply the net value of assets divided by the
number of units outstanding. The detailed methodology for the calculation of the asset
value is given below.
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Asset value is equal to
Sum of market value of shares/debentures
+ Liquid assets/cash held, if any
+ Dividends/interest accrued
Amount due on unpaid assets
Expenses accrued but not paid
NAV= ASSET-LIABILITIES
NO.OF UNITS
Details on the above items
For liquid shares/debentures, valuation is done on the basis of the last or closing market
price on the principal exchange where the security is traded
For illiquid and unlisted and/or thinly traded shares/debentures, the value has to be
estimated. For shares, this could be the book value per share or an estimated market price
if suitable benchmarks are available. For debentures and bonds, value is estimated on the
basis of yields of comparable liquid securities after adjusting for illiquidity. The value of
fixed interest bearing securities moves in a direction opposite to interest rate changes
Valuation of debentures and bonds is a big problem since most of them are unlisted and
thinly traded. This gives considerable leeway to the AMCs on valuation and some of the
AMCs are believed to take advantage of this and adopt flexible valuation policies
depending on the situation.
Interest is payable on debentures/bonds on a periodic basis say every 6 months. But, with
every passing day, interest is said to be accrued, at the daily interest rate, which is
calculated by dividing the periodic interest payment with the number of days in each
period. Thus, accrued interest on a particular day is equal to the daily interest rate
multiplied by the number of days since the last interest payment date.
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Usually, dividends are proposed at the time of the Annual General meeting and become
due on the record date. There is a gap between the dates on which it becomes due and the
actual payment date. In the intermediate period, it is deemed to be "accrued ".
Parameter for Analysis
Details of the Fund -
a. AMC Profile
b. Return Absolute / Relative
c. Risk & Volatility
a)Analytical Tools applied for measuring Performance
b) Standard Deviation
c) The Treynor Measure
d) The Sharpe Measure
e) Beta
f)Alpha
g) R Squared
d. Load on Entry or Exit
e. NAV
f. Portfolio Turnover
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Global Scenario
Some basic facts-
The money market mutual fund segment has a total corpus of $ 1.48
trillion in the U.S. against a corpus of $ 100 million in India.
Out of the top 10 mutual funds worldwide, eight are bank- sponsored.
Only Fidelity and Capital are non-bank mutual funds in this group.
In the U.S. the total number of schemes is higher than that of the listed
companies while in India we have just 277 schemes
Internationally, mutual funds are allowed to go short. In India fund
managers do not have such leeway.
In the U.S. about 9.7 million households will manage their assets on-
line by the year 2003, such a facility is not yet of avail in India.
On- line trading is a great idea to reduce management expenses from
the current 2 % of total assets to about 0.75 % of the total assets.
72% of the core customer base of mutual funds in the top 50-broking
firms in the U.S. are expected to trade on-line by 2003.
(Source: The Financial Express September, 99)
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Regulatory Aspects
Schemes of a Mutual Fund
The asset management company shall launch no scheme unless the trustees
approve such scheme and a copy of the offer document has been filed with the
Board.
Every mutual fund shall along with the offer document of each scheme pay filing
fees.
The offer document shall contain disclosures which are adequate in order to
enable the investors to make informed investment decision including the
disclosure on maximum investments proposed to be made by the scheme in the
listed securities of the group companies of the sponsor A close-ended scheme
shall be fully redeemed at the end of the maturity period. "Unless a majority of
the unit holders otherwise decide for its rollover by passing a resolution".
Restrictions On Investments:
A mutual fund scheme shall not invest more than 15% of its NAV in debt
instruments issued by a single issuer, which are rated not below investment grade
by a credit rating agency authorized to carry out such activity under the Act. Such
investment limit may be extended to 20% of the NAV of the scheme with the
prior approval of the Board of Trustees and the Board of asset management
company.
A mutual fund scheme shall not invest more than 10% of its NAV in unrated debt
instruments issued by a single issuer and the total investment in such instruments
shall not exceed 25% of the NAV of the scheme. All such investments shall bemade with the prior approval of the Board of Trustees and the Board of asset
management company.
No mutual fund under all its schemes should own more than ten per cent of any
company's paid up capital carrying voting rights.
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Such transfers are done at the prevailing market price for quoted instruments on
spot basis.
The securities so transferred shall be in conformity with the investment objective
of the scheme to which such transfer has been made.
A scheme may invest in another scheme under the same asset management
company or any other mutual fund without charging any fees, provided that
aggregate interscheme investment made by all schemes under the same
management or in schemes under the management of any other asset management
company shall not exceed 5% of the net asset value of the mutual fund.
The initial issue expenses in respect of any scheme may not exceed six per cent of
the funds raised under that scheme.
Every mutual fund shall buy and sell securities on the basis of deliveries and shall
in all cases of purchases, take delivery of relative securities and in all cases of
sale, deliver the securities and shall in no case put itself in a position whereby it
has to make short sale or carry forward transaction or engage in badla finance.
Every mutual fund shall, get the securities purchased or transferred in the name of
the mutual fund on account of the concerned scheme, wherever investments are
intended to be of long-term nature.
Pending deployment of funds of a scheme in securities in terms of investment
objectives of the scheme a mutual fund can invest the funds of the scheme in short
term deposits of scheduled commercial banks.
No mutual fund scheme shall make any investment in;
i. Any unlisted security of an associate or group company of the
sponsor; or
ii. Any security issued by way of private placement by anassociate or group company of the sponsor; or
The listed securities of group companies of the
sponsor which is in excess of 30% of the net assets
[of all the schemes of a mutual fund]
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No mutual fund scheme shall invest more than 10 per cent of its NAV in the
equity shares or equity related instruments of any company. Provided that, the
limit of 10 per cent shall not be applicable for investments in index fund or sector
or industry specific scheme.
A mutual fund scheme shall not invest more than 5% of its NAV in the equityshares or equity related investments in case of open-ended scheme and 10% of its
NAV in case of close-ended scheme.
Concept
Life makes many demands of us. Woven into different threads of life is the inescapable
truth that money is a means to many an end. Mutual funds are investment products that
operate on the principle of strength in numbers. They collect money from a large group
of investors, pool it together, and invest it in various securities, in line with their
objective. They are an alternative to investing directly. My project is to compare the
returns of different equity diversified mutual funds. People invest in different mutual
funds. Mutual funds are the next best thing if you think about investments. By investing
in a mutual fund a person can get good returns on his/her investment. This project aims to
find out the returns different mutual funds give and after analyzing the different returns
we can know which mutual fund is good for the investors to invest. Typically, an equity
fund holds 25-30 stocks and a debt fund holds 25-30 debt instruments.
In the long term, equities have been known to outperform every other asset class. Its a
truism, but one that merits iteration, such are the wonders equities can work into our
personal finances. That is, when picked carefully and managed smartly. We can build and
maintain a portfolio by ourselves research stocks, buy and sell them through a broker,
and follow up regularly. Alternatively if we dont understand the market or dont want to
expend time and energy in this pursuit, we can let equity funds go to work for us. They
can be just as effective as direct investing and in many ways, a lot more convenient.
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Equity funds pool savings of many investors, and invest this sum in a bunch of stocks
typically 25-30 stocks, across various sectors. So, a portfolio of the average equity fund
might look something like this: Reliance, Infosys, GE, Hindustan Lever and some more.
For an affordable amount, starting from as little as Rs. 1000/-, we can pick up a stake in
all these companies, and their fortunes, through an equity fund. The fund house does
everything for us, for a nominal fee. Its fund managers and analysts track the market and
sift through the universe of stocks, and construct portfolios capable of delivering returns
characteristic of equities.
If you are looking to maximize returns on your investment, and can bear the risk of it
eroding temporarily in that pursuit, consider equity funds. The universe of equity funds
comprises many kinds of schemes, each of which services a specific investment
objective. Equity fund has been broken down into five categories, which collectively
cover the risk-return spectrum of equities. They are:-
(1) Index Funds, Exchange Traded Funds (ETFS),
(2) Equity Linked Savings Schemes (ELSS),
(3) Diversified Equity Funds,
(4) Sector Funds, and
(5) Specialty Funds.
Of the various kinds of equity schemes, diversified equity funds are the most popular
among investors. Their popularity stems from the broad and dynamic exposure to the
market they offer. They invest in many stocks across many sectors, and because they
have the freedom to chop and churn their portfolios as they like, diversified equity funds
are a good proxy to the stock market.
Diversified equity funds aim to outperform the market, which is represented by stock
indices such as the BSEs (Bombay Stock Exchange) 30-share Sensex or the NSEs
(National Stock Exchange) 50-share S&P CNX Nifty. In order to achieve this objective,
they actively manage their portfolios. Compared to most other types of equity schemes,
diversified funds are governed by fewer rules. They can invest in all listed stocks, and
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even in unlisted stocks. They can invest in whichever sector they like, in whatever ratio
they like. The deviations in equity funds can pay off handsomely or back-fire badly, as is
reflected in the performance of actively managed diversified funds, which typically takes
on a wide range. So, for instance, even when the Sensex or the Nifty has shot up 50%,
some diversified schemes would have returned twice that much, while some would have
risen just 5%. Thats why its important to choose our fund house and scheme well.
This study aims to explore and compare the risk and returns of equity diversified mutual
funds of different companies offered by ICICI Bank. Further it aims to give a
comparative and descriptive analysis of their portfolios and top holdings. The project will
find out the risk and return level of different equity diversified mutual funds. Comparison
of different equity diversified mutual funds will help us to know which equity fund is
doing very well and which one is the best to invest in.
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TOP FUNDS RANKED ON THE BASIS OFPERFORMANCE AS ON JUL 12, 2007 (ON 15 DAYS )Top Debt Funds.
Performance in %
Scheme Name 15 Days91-
days1yr Inception Date
LIC MF Unit Linked Insurance scheme 4.2059 16.3279 33.5011 9.9035Jul 12,2007
3.4216 5.0968 17.6666 8.5095Jul 12,2007
UTI CRTS 81 - Growth 2.5024 7.5606 6.1855 0.6035Jul 12,2007
UTI CRTS 81 - Dividend 2.5015 6.9797 10.9138 11.8637Jul 12,2007
Birla Income Plus - Quarterly Dividend 2.2684 3.8184 6.9803 6.5756Jul 12,2007
Top Balanced Funds.
Performance in %
Scheme Name 15 Days91-days
1yr Inception Date
JM Balanced - Dividend 6.9186 19.9063 40.8173 10.4134Jul 12,2007
JM Balanced - Growth 6.9186 19.9207 40.7902 12.492Jul 12,2007
Kotak Dynamic Asset Allocation Fund -Growth
6.3692 24.5082 N.A 27.9275Jul 12,2007
LIC Balanced - Plan C (Growth) 4.8841 11.9889 23.661 9.7864Jul 12,2007
LIC Balanced - Plan A (Dividend) 4.8838 11.9895 23.7693 8.344Jul 12,2007
Top Short Term Debt Funds.
Performance in %
Scheme Name 15 Days91-days
1yr Inception Date
Templeton India Money Market Account- Chq Wri Acc - Growth 0.4755 2.0825 3.0923 0.291 Jul 12,2007
Escorts Liquid Plan - Growth 0.3466 2.2258 7.2257 6.422Jul 12,
2007
Escorts Liquid Plan - Dly Dividend 0.3466 2.2258 7.2257 6.422Jul 12,2007
Escorts Liquid Plan - Wkly Dividend 0.3466 2.2258 7.2257 6.422Jul 12,2007
Escorts Liquid Plan - Mtly Dividend 0.3466 2.2258 7.2257 6.422Jul 12,2007
Top Diversified Funds.
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http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=LC002http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=UT281http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=UT106http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=BM001http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=JM005http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=JM006http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=KM168http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=KM168http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=LC006http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=LC004http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=KP006http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=KP006http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=EM016http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=EM017http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=EM018http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=EM019http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=UT281http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=UT106http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=BM001http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=JM005http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=JM006http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=KM168http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=KM168http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=LC006http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=LC004http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=KP006http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=KP006http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=EM016http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=EM017http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=EM018http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=EM019http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=LC002 -
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Performance in %
Scheme Name 15 Days91-days
1yr InceptionDate
JM Hi Fi Fund - Dividend 10.7888 29.8594 36.7559 16.313Jul 12,2007
JM Hi Fi Fund - Growth 10.7879 29.8798 36.7774 16.3275Jul 12,2007
ABN AMRO Future Leaders Fund -Dividend
9.2809 28.6221 58.9387 19.2463Jul 12,2007
ABN AMRO Future Leaders Fund -Growth
9.2801 28.6325 59.1155 19.2544Jul 12,2007
ABN AMRO Opportunities Fund -Growth
8.3775 31.6251 67.9857 59.6113Jul 12,2007
Top Index Funds.
Performance in %
Scheme Name 15 Days91-days
1yr InceptionDate
LIC MF Index Fund - Sensex AdvantagePlan - Growth
4.4723 14.9884 30.6777 28.7861Jul 12,2007
LIC MF Index Fund - Sensex AdvantagePlan - Div
4.4721 14.9886 30.5386 22.9117Jul 12,2007
Birla Index Fund - Growth 4.461 17.9996 36.1502 36.4652 Jul 12,2007
Birla Index Fund - Dividend 4.4608 18.0002 35.6255 26.513Jul 12,2007
HDFC Index Fund - Sensex Plus Plan 4.2151 17.023 41.0944 38.6479Jul 12,2007
Top Sector Funds.
Performance in %
Scheme Name 15 Days91-days
1yr InceptionDate
JM Basic Fund 11.1111 37.3546 85.3333 19.2188Jul 12,2007
Reliance Pharma Fund - Growth 9.2289 35.8741 71.9033 38.4579Jul 12,
2007
Reliance Pharma Fund - Bonus 9.2289 35.8741 71.9033 38.4579Jul 12,2007
Reliance Pharma Fund - Dividend 9.228 35.8705 71.9549 36.5713Jul 12,2007
Birla SunLife Basic Industries - Growth 7.7014 25.4339 48.626 32.3486Jul 12,2007
Top Tax Planning Funds.
Performance in %
Scheme Name 15 Days91-days
1yr InceptionDate
Lotus India Tax Plan - Dividend 7.0822 23.127 N.A 23.3167Jul 12,2007
Lotus India Tax Plan - Growth 7.0822 23.127 N.A 23.3167 Jul 12,2007
Principal Personal Taxsaver 6.5917 28.8859 73.893 31.8699Jul 12,2007
JM Equity Tax Saver Fund - Series I -Dividend
6.4601 N.A N.A 80.8454Jul 12,2007
JM Equity Tax Saver Fund - Series I -Growth
6.4601 N.A N.A 80.8454Jul 12,2007
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http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=JM117http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=JM116http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=AB053http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=AB053http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=AB052http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=AB052http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=AB022http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=AB022http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=LC046http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=LC046http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=LC056http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=LC056http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=BM041http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=BM066http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=HD029http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=JM009http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=RC095http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=RC096http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=RC097http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=AC016http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=LT011http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=LT012http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=JF003http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=JM159http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=JM159http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=JM160http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=JM160http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=JM117http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=JM116http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=AB053http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=AB053http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=AB052http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=AB052http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=AB022http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=AB022http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=LC046http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=LC046http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=LC056http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=LC056http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=BM041http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=BM066http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=HD029http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=JM009http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=RC095http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=RC096http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=RC097http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=AC016http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=LT011http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=LT012http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=JF003http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=JM159http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=JM159http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=JM160http://mutualfundsindia.com/fund_facts_rpt.asp?scheme=JM160 -
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DETAILS ON TOP DIVERSIFIED FUND
ABN AMRO FUTURE LEADERS FUND - GROWTH
Objective
To seek to generate long-term capitalappreciation by investing primarily in
companies with high growthopportunities in the middle and small
capitalization segment, defined as FutureLeaders. The fund will emphasize on
companies that appear to offeropportunities for long-term growth and
will be inclined towards companies thatare driven by dynamic style of
management and entrepreneurial flair.
Scheme Performance (%) as on Jul12 , 2007
14 days
1 month
3 months
1 year
3 yrs*
Inception*
9.28 16.09 28.6359.12
NA 19.25
Top 10 Holdings as on Jun 29,
2007
Company NatureValue(Cr.)
%
NorthgateTechnologies Ltd.
EQ 15.91 9.93
Asian Electronics Ltd EQ 12.44 7.77
Television EighteenIndia Ltd
EQ 7.08 4.42
Hindustan Oil
Exploration CompanyLtd
EQ 5.78 3.61
Unitech Ltd EQ 5.7 3.56
Dish TV India Ltd EQ 5.62 3.51
Aptech Ltd EQ 5.61 3.51
Phoenix Lamps India
LtdEQ 5.5 3.43
EmailAddres
s
.com
Net
AssetValue
(Rs/Uni
t)
12.341
As On Jul 12, 2007
Fund Information
Type of Scheme Open Ended
Nature of Scheme Equity
Inception Date Apr 7, 2006
Face
Value(Rs/Unit)10
Fund Size (Rs. in
crores)
160.1794 on Jun
29, 2007Increase/Decrease
since May 31,2007 (Rs. in
crores)
-37.995
Minimum
Investment (Rs)5000
Purchase
RedemptionsDaily
NAV Calculation Daily
Entry Load
Amount Bet. 0 to49999999 then
Entry load is2.25%. and
Amount greaterthan 50000000
then Entry load is0%.
Exit Load If redeemed bet. 0Month to 6 Month;
and Amount Bet. 0to 49999999 then
Exit load is 1%. If
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Deepak Fertilizers &
Petrochemicals CorpLtd
EQ 5.26 3.29
India Infoline EQ 5.12 3.2
Mutual Fund
ABN AMRO Mutual Fund
101, 10th Floor Sakhar Bhavan
Nariman Point
Mumbai
Tel.-56563862,,
Asset Management Company
ABN AMRO Asset Management (India)
Limited101, 10th Floor Sakhar Bhavan
Nariman Point
Mumbai - 400021
Tel.- 56563862,
Registrar
NA
redeemed bet. 0
Month to 3 Month;and Amount
greater than50000000 then
Exit load is 0.5%.
Top Industry Allocation as on Jun29, 2007
Computers - Software &
Education
24.354
1%
Entertainment18.304
7%
Electricals & Electrical
Equipments
7.7673
%
Engineering & Industrial
Machinery
6.7487
%
Housing & Construction5.3229%
Auto & Auto ancilliaries5.0047
%
Oil & Gas, Petroleum &
Refinery
4.7173
%
Diversified3.885
%
Fertilizers, Pesticides &
Agrochemicals
3.2851
%
Miscellaneous2.9732
%
Asset Allocation as on Jun 29,
2007
Equity DebtMoneyMarket
96.17 0 3.83
--
----
24
26
18
19
8
4
7
6
5
7
5
4
5
5
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A B C D E F G
BIRLA INCOME PLUS - QUARTERLY DIVIDEND
ObjectiveAims to generate consistent incomethrough superior yield with moderate
level of risk.
Scheme Performance (%) as on Jul
12 , 2007
14 days
1 month
3 months
1 year
3 yrs*
Inception*
2.27 2.49 3.82 6.98 3.99 6.58
Top 10 Holdings as on Jun 29,2007
Company Nature Value(Cr.)
%
Export-Import Bank
of India LtdDebt 21.3 10.42
State Bank of India Debt 18.09 8.85
Housing
Development
Finance CorporationLtd
Debt 16.99 8.31
Power FinanceCorporation Ltd
Debt 15.14 7.41
Indian Railway
Finance CorporationLtd
Debt 10 4.89
GOI (Oil Bonds) Debt 9.5 4.65
LIC Housing FinanceLtd
Debt 7 3.43
CitifinancialConsumer Finance
India Ltd.
Debt 5.07 2.48
Auto Loan Securities
TrustDebt 5.06 2.47
EmailAddress
Net AssetValue(Rs/Unit)
10.3107
As On Jul 12, 2007
Fund Information
Type of Scheme Open Ended
Nature of Scheme Debt
Inception Date Oct 21, 1995
Face
Value(Rs/Unit)10
Fund Size (Rs. incrores)
204.3806 on Jun29, 2007
Increase/Decrease
since May 31,2007 (Rs. incrores)
-1.524
MinimumInvestment (Rs)
5000
PurchaseRedemptions
Daily
NAV Calculation Daily
Fund Manager Navneet Munot
Entry Load Entry Load is 0%.
Exit Load
If redeemed bet. 0
Days to 180 Days;and Amount Bet. 0
to 1000000 thenExit load is 0.6%.
and Amountgreater than
1000001 then Exitload is 0%.
Last Dividend Declared
1.529%
On Jun 15, 2007
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Sundaram Finance
LtdDebt 5.03 2.46
Mutual Fund
Birla Mutual Fund
Ahura Centre , 2nd Floor, A. 96/A-D,
Mahakali Caves Road, Andheri (E)
MumbaiTel.-56928000, ,
Asset Management Company
Birla Sunlife Asset Management
Company Ltd.
2nd Floor, Tower B Ahura Centre, 96 A
D,
Mahakali Caves Road, Andheri(E)
Mumbai - 400093
Tel.- 56928000,
Registrar
NA
*Returns are annualized
Credit Quality as on Jun 29, 2007
Rating Corpus(%)
A1+ 30.0711
AA+ 4.8451
AAA 55.3382
LAA 1.3226
Sovereign 4.6482Average Maturity Profile as on Jun
29, 2007 -2212 DAYS
Asset Allocation as on Jun 29,
2007
Equity DebtMoney
Market
0 66.15 33.85
Change in Portfolio(Sector-Wise)(%age)
---
--
---
---
--
49
51
42
23
5
5
0
0
0
0
Jun 29, 2007May 31, 2007
A
B
C
D
E
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A B C D E
LIC MF UNIT LINKED INSURANCE SCHEME
Objective
To generate long term capitalappreciation and offer Tax rebate u/s 80
C as well as additional benefits of a life& insurance cover free accident
insurance cover.
Scheme Performance (%) as on Jul12 , 2007
14 days
1 month
3 months
1 year
3 yrs*
Inception*
4.21 9.25 16.33 33.528.5
89.9
Top 10 Holdings as on Jun 29,
2007
Company NatureValue(Cr.)
%
Omaxe Ltd Debt 5 8.49
Infosys Technologies
LtdEQ 4.63 7.85
Bharti Airtel Ltd EQ 4.18 7.09
Housing DevelopmentFinance Corporation
Ltd
EQ 4.06 6.89
First Leasing
Company of India LtdDebt 4 6.79
Essar Power Ltd Debt 4 6.79
Grasim Industries Ltd EQ 3.43 5.82
Reliance Industries
LtdEQ 3.4 5.77
Bharat Heavy
Electricals LtdEQ 3.08 5.22
HDFC Bank Ltd EQ 2.29 3.88
Mutual Fund
LIC Mutual Fund
Industrial Assurance Bldg.
4th Floor, Opp.Churchgate Stn.
Mumbai
Tel.-22885971,55719750,
EmailAddress
NetAsset
Value(Rs/Unit)
12.159
5As On Jul 13, 2007
Fund Information
Type of Scheme Open Ended
Nature of Scheme Debt
Inception Date Jun 19, 1989
Face
Value(Rs/Unit)10
Fund Size (Rs. in
crores)
58.9179 on Jun
29, 2007Increase/Decrease
since May 31,2007 (Rs. in
crores)
2.813
Minimum
Investment (Rs)10000
Purchase
RedemptionsDaily
NAV Calculation Daily
Fund Manager Bichitra Mahapatra
Entry LoadEntry Load is
2.25%.Exit Load Exit Load is 0%.
Last Dividend Declared
18 % On Jan 23, 2007
Credit Quality as on Jun 29, 2007
Rating Corpus(%)
A 8.4864
AA 0.3403
PR1 6.7891
Average Maturity Profile as on Jun29, 2007
190 days
Tax Benefits u/s
88,112 of Income Tax Act, 1961
Special Features
Free accident cover equal to life
Insurance cover worth 30000/-
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Asset Management Company
Jeevan Bima Sahyog Asset Management
Company Ltd.
Industrial Assurance Building, 4 th Floor
Opp. Churchgate Station
Mumbai - 400020
Tel.- 22885971,55719750
Registrar
NA
*Returns are annualized
Asset Allocation as on Jun 29,
2007
Equity DebtMoney
Market
77.7 27.48 -5.18
Change in Portfolio(Sector-Wise)(%age)
-
----
19
19
15
12
13
14
9
10
9
10
8
9
6
6
A
B
C
D
E
F
G
A B C D E F G
50
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LIC BALANCED - PLAN C (GROWTH)
Objective
The Scheme aims to provide regular flow ofdividend and capital appreciation especially
when the unit are held for a longer period.Scheme Performance (%) as on Jul 12 ,2007
14 days
1 month
3 months
1 year
3 yrs*
Inception*
4.88 9.88 11.9923.66
27.58
9.79
Top 10 Holdings as on Jun 29, 2007
Company NatureValue(Cr.)
%
Magma Leasing Ltd Debt 3 7.85
First Leasing Company of
India Ltd
Debt 3 7.84
Associated CementCompanies Ltd
EQ 2.35 6.14
Mahindra & Mahindra Ltd EQ 2.17 5.67
DLF Universal Ltd Debt 2.02 5.28
Bharti Airtel Ltd EQ 1.67 4.37
Satyam ComputerServices Ltd
EQ 1.64 4.27
Reliance CommunicationVentures Ltd.
EQ 1.55 4.05
Industrial FinanceCorporation of India Ltd
Debt 1.5 3.92
Maruti Udyog Ltd EQ 1.49 3.88
Mutual Fund
LIC Mutual Fund
Industrial Assurance Bldg.
4th Floor, Opp.Churchgate Stn.
Mumbai
Tel.-22885971,55719750,
Asset Management Company
Jeevan Bima Sahyog Asset ManagementCompany Ltd.
EmailAddress
NetAssetValue
(Rs/Unit)
47.4509 As On Jul 13, 2007
Fund Information
Type of Scheme Open Ended
Nature of Scheme Equity & Debt
Inception Date Jan 1, 1991
Face Value(Rs/Unit) 10
Fund Size (Rs. incrores)
38.2693 on Jun 29,2007
Increase/Decreasesince May 31,2007 (Rs. in crores)
2.503
Minimum Investment
(Rs)
1000
Purchase Redemptions Daily
NAV Calculation Daily
Entry Load
Amount Bet. 0 to10000000 then Entry
load is 2.25%. andAmount greater than10000001 then Entryload is 0%.
Exit Load Exit Load is 0%.
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Industrial Assurance Building, 4 th Floor
Opp. Churchgate Station
Mumbai - 400020
Tel.- 22885971,55719750
Registrar
NA
Top Industry Allocation as on Jun 29,2007
Finance 27.0131%
Telecom 11.8537%
Auto & Auto ancilliaries 9.5501%
Housing & Construction 7.8728%
Computers - Software & Education 7.3219%
Cement 6.1439%
Diversified 4.8381%
Oil & Gas, Petroleum & Refinery 4.1196%
Power Generation, Transmission &Equip
3.6251%
Textiles 3.2732%
Average Maturity Profile as on Jun 29,2007
146 days
Asset Allocation as on Jun 29, 2007
Equity Debt Money Market
70.12 28.79 1.09
Change in Portfolio(Sector-Wise)(%age)
---
----
27
28
12
13
10
10
8
8
7
5
6
6
5
8
A
B
C
D
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E
F
G
A B C D E F G
RELIANCE PHARMA FUND GROWTH
Objective
To generate consistent returns income securities of pharma an
Scheme Performance (%) as
14 days 1 month
9.23 14.09
Top 10 Holdings as on
Company
Ankur Drugs & Pharna Ltd.
Divis Laboratories Limited
Dishman Pharmaceuticals &
Chemicals
Sun Pharmaceuticals Industries
FDC Ltd
Aurobindo Pharma Ltd
Lupin Ltd.
Aventis Pharma India Ltd.
Ranbaxy Laboratories Ltd
Torrent Pharmaceuticals Ltd
Mutual Fund
Reliance Mutual Fund
Kamala Mills Compound, Trade 7th Floor, Senapati Bapat Marg,
Mumbai
Email
Address
NetAssetValue
(Rs/Unit)
FundInformati
Type of
Scheme
Nature of
Scheme
InceptionDate
Face
Value(Rs/Unit)
FundSize (Rs.
in crores)
Increase/
Decreasesince
2007
. incrores)
MinimumInvestme
nt (Rs)
Purchase
Redemptions
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Tel.-30414800,,
HDFC INDEX FUND -
SENSEX PLUS PLAN
Objective
The plan will invest between 80 -90 percent of the money in 30scrips comprising the SENSEX inthe same proportion. The balancewill be invested in the other non-index scrips.
Scheme Performance (%) as onJul 12 , 2007
14 days
1 month
3 months
1 year
3s*
4.22 6.93 17.02 41.09
46.4
Top 10 Holdings as on2007
Company NatureValue
(Cr.)
RelianceIndustries Ltd
EQ 1.69
InfosysTechnologiesLtd
EQ 1.3
ICICI BANKLTD.
EQ 1.22
ABB Ltd EQ 1.1
Bharti AirtelLtd
EQ 0.79
Larsen &Toubro Limited
EQ 0.79
HousingDevelopmentFinance
Corporation Ltd
EQ 0.65
ITC Ltd EQ 0.58
Oil & NaturalGas Corpn Ltd
EQ 0.55
RelianceCommunicationVentures Ltd.
EQ 0.53
Mutual Fund
HDFC Mutual Fund
Ramon House, 3rd Floor, H.T.Parekh Marg
169, Backbay Reclamation,Churchgate
Mumbai
Tel.-22029111,56316333,
Asset Management Company
HD