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A STUDY ON THE PERFORMANCEEVALUATION OF VARIOUS MUTUAL

FUNDS

BY

RAKESH RAJA.S

REG NO.32009631040

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COMPANY PROFILE

IIFL (INDIA INFOLINE)

Started in 1995.

Offers advice and execution platform for the entire

range of financial services.

Has a network of over 2,500 business locations

spread over more than 500 cities and towns across

India.

Has a customer base of about a million customers.

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IIFL (INDIA INFOLINE)-HISTORY(1)

1995- Commenced operations as an Equity

Research firm.1997- Launched research products of leading Indian

companies.

1999- Launched www.indiainfoline.com2000-Launched online trading through

www.5paisa.com

Started distribution of life insurance and
http://www.indiainfoline.com/http://www.5paisa.com/http://www.5paisa.com/http://www.indiainfoline.com/

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2004- Acquired commodities broking license.

Launched Portfolio Management Service

2005- Maiden IPO and listed on NSE, BSE

2006- Acquired membership of DGCX

2007-Commenced institutional equities businessunder IIFL

Formed Singapore subsidiary, IIFL (Asia) Pte

Ltd

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2009- Acquired registration for Housing Finance.

SEBI in-principle approval for Mutual Fund

Obtained Venture Capital license

2010- Received in-principle approval for membership

of the Singapore Stock ExchangeReceived membership of the Colombo Stock

Exchange

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IIFL (INDIA INFOLINE)-PRODUCTS &

SERVICES

Equities

Commodities

Mutual funds

Credit and finance

Insurance

Wealth Management Service

Investment Banking

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EXTERNAL PROJECT

GUIDEMS.JEYAPRABHA,

Relationship Manager,IIFL,Triplicane.

Contact no : 9894628573

E-mail ID : [email protected]
mailto:[email protected]:[email protected]

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MUTUAL FUNDS

A mutual fund is just the connecting bridge or a

financial intermediary that allows a group of investors

to pool their money together with a predetermined

investment objective. The mutual fund will have a

fund manager who is responsible for investing the

gathered money into specific securities (stocks or

bonds). When you invest in a mutual fund, you are

buying units or portions of the mutual fund and thus

on investing becomes a shareholder or unit holder of

the fund.

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TYPES OF MUTUAL FUNDS

By Structure

Open - Ended Schemes

Close - Ended Schemes

Interval Schemes By Investment Objective

Growth

Income

Balanced

Money Market

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TYPES OF MUTUAL FUNDS(2)

By Nature

1. Equity fund:

Diversified Equity Funds

Sector Specific Funds

Tax Savings Funds (ELSS)

2. Debt funds:

Gilt Funds

Income Funds

MIPs Short Term Plans (STPs)

Liquid Funds

3. Balanced funds

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OBJECTIVE OF THE STUDY:

PRIMARY OBJECTIVES

To study the performance of the differentmutual fund schemes and to find the bestschemes for the past 3 years

SECONDARY OBJECTIVES

To find the risk associated with the variousmutual funds and to evaluate their returns

To find out the most preferred sector in theportfolio of mutual funds.

To suggest on the improvement of schemes ofmutual fund companies.

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NEED OF THE STUDY

The mutual fund industry in India hasregistered significant growth during the pastdecade and has emerged as a significantfinancial intermediary.

Evaluating performance for mutual funds isimportant for both the investors as well asthe portfolio managers.

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SCOPE OF THE STUDY

The study identifies the Opportunities andthe significant trend in industry.

The study facilities to give guidance to itsclients for prospective investment in mutualfund industry.

The study helps in determining thesystematic risk in business

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LIMITATIONS OF THE STUDY

The analysis is purely based on thesecondary data. So, any error in thesecondary data might also affect the studyundertaken.

Performance evaluation may not be preciseconsidering only the top performers in themutual funds.

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REVIEW OF LITERATURE

PERFORMANCE EVALUATION OF MUTUAL FUNDS

The selected for the study gave returns insynchronization with the markets. When therewas boom in the stock market the funds gavepositive returns a little more than what themarket had given. During the recessionary phasethe markets declined steadily and so did the fundreturns. It can be concluded that most of the fundreturns can be attributed to the market that isthey were in direct correlation with the market

SAGAR BHAVISHI

S.P.Jain Centre of Management

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REVIEW OF LITERATURE(2)

PERFORMANCE EVALUATION OF MUTUALFUNDS

Mutual funds are one of the most highlygrowing products in financial services

market.Mutual funds are suitable for all typesof investors from risk adverse to risk bearer.Investors need not to be expert in equitymarket; mutual funds can satisfy their need.Mutual fund is subject to market risk, despite

of that it have low risk than stock market.

NAVNIT P. KASUNDRA

United World School Of Business

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RESEARCH METHODOLOGY

RESEARCH DESIGN

Analytical & Descriptive Research

DATA COLLECTION

Secondary data-Research reports,Websites,Company factsheets

and books.

SAMPLING DATA

Population: All Mutual Fund Schemes

Sample Size: 27 Schemes based on nature of Mutual Funds

STATISTICAL TOOL FOR ANALYSIS Mean , Standard Deviation Sharpe Ratio, Treynor Ratio,Jenson measure Simple tools like bar graphs, tabulation, line diagrams have

been used.

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RESEARCH DESIGN

Analytical Research Analytical research is to use facts or information

already available, and analyze these to make a

critical evaluation of the material.

Descriptive ResearchDescriptive research includes surveys and fact-

finding enquiries of different kinds. The major

purpose of descriptive research is description ofthe state of affairs as it exists at present. Themain characteristic of this method is that there isno control over the variables.

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STATISTICAL TOOL FOR ANALYSIS

THE SHARPE RATIO

A ratio developed by Nobel laureate William F. Sharpe tomeasure risk-adjusted performance. The Sharpe ratio iscalculated by subtracting the risk-free rate - such as that ofthe 10-year Treasury bond - from the rate of return for aportfolio and dividing the result by the standard deviation of

the portfolio returns.

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THE SHARPE RATIO FORMULA IS:

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TREYNOR RATIO A ratio developed by Jack Treynor that measures returns

earned in excess of that which could have been earnedon a riskless investment per each unit of market risk.

The Treynor ratio is calculated as:

(Average Return of the Portfolio - Average Returnof the Risk-Free Rate) / Beta of the Portfolio

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JENSEN'S MEASURE

A risk-adjusted performance measure that represents theaverage return on a portfolio over and above thatpredicted by the capital asset pricing model (CAPM), giventhe portfolio's beta and the average market return. This isthe portfolio's alpha. In fact, the concept issometimes referred to as "Jensen's alpha."

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JENSEN'S MEASURE

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STANDARD DEVIATION

BETA = Covariance (stock versus market returns) /Variance of the Stock Market.

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FUNDS SELECTED FOR STUDY-BASIS

There are 32 mutual fund houses in India offering

number of mutual fund schemes.

The selection of the funds for the study is made based

on the ranking of NAV(Net Asset Value) return of the

various mutual fund schemes.

The top three ranked funds in each type (classification

based on the Nature of the funds) is taken for the study.

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EQUITY FUNDS

Diversified

1. ICICI Prudential Discovery Fund - IP- Growth

2. ICICI Prudential Discovery Fund Growth

3. Birla Sun Life Dividend Yield Plus Growth

Sector Specific Funds1. FranklinPharmaFund - Growth

2. ReliancePharmaFund - Growth

3. UTIPharmaand Healthcare Fund Growth

Tax savings Funds(ELSS)

1. HDFCTaxsaver Growth

2. ICICI PrudentialTaxplan- Growth

3. Fidelity Tax Advantage Fund - Growth
http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=PI224http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=PI143http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=BM044http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=KP017http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=KP017http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=KP017http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=RC095http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=RC095http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=RC095http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=UT088http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=UT088http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=UT088http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=ZI005http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=ZI005http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=PI010http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=PI010http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=PI010http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=FD004http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=FD004http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=FD004http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=PI010http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=PI010http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=PI010http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=ZI005http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=ZI005http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=ZI005http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=UT088http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=UT088http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=UT088http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=RC095http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=RC095http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=RC095http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=KP017http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=KP017http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=KP017http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=BM044http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=PI143http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=PI224

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DEBT FUNDS Gilt

1. ICICI Prudential Gilt Fund Investment Plan - PF Option - Growth

2. JM G Sec Regular Plan - Growth

3. Birla Sun LifeGovtSecurities Fund - Long Term - Growth Income

1. CanaraRobecoIncome Scheme Growth

2. Sahara Classic Fund Growth

3. Sahara Income Fund - Growth MIP

1. Reliance Monthly Income Plan - Growth

2. Birla Sun Life MIP - Savings 5 - Growth

3. HDFC Monthly Income Plan - Long Term Plan Growth Short term

1. JM Short Term Fund - Growth2. IDFC Super Saver Income Fund - Medium Term Plan - Plan A - Growth

3. HDFC Short Term Plan Growth Liquid

1. Escorts Liquid Plan - Growth

2. Sahara Liquid Fund - Variable Pricing Option - Growth

3. Sahara Liquid Fund - Fixed Pricing Option - Growth
http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=PI111http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=PI111http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=JM019http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=AC015http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=AC015http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=AC015http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=CM023http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=CM023http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=CM023http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=FI039http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=FI039http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=FI009http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=RC056http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=BM081http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=HD056http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=HD056http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=JM031http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=JM031http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=AZ065http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=AZ065http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=HD021http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=HD021http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=EM016http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=FI022http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=FI022http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=FI004http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=FI004http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=FI004http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=FI022http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=EM016http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=HD021http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=AZ065http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=JM031http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=HD056http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=BM081http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=RC056http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=FI009http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=FI039http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=CM023http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=CM023http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=CM023http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=AC015http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=AC015http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=AC015http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=JM019http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=PI111

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BALANCED FUNDS

1. HDFC Prudence Fund Growth

2. Reliance Regular Savings Fund - Balanced - Growth

3. HDFC Balanced Fund - Growth
http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=ZI003http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=RC178http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=HD002http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=HD002http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=RC178http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=ZI003

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BALANCED FUNDS

1. HDFC Prudence Fund Growth

2. Reliance Regular Savings Fund - Balanced - Growth

3. HDFC Balanced Fund - Growth
http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=ZI003http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=RC178http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=HD002http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=HD002http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=RC178http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=ZI003

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ICICI PRUDENTIAL DISCOVERY FUND - IP-

2008 2009 2010 2011JAN 7.13 17.85 21.12

FEB 6.84 17.78 20.18

MAR 11.3 7.26 19.07

APR 12.6 8.78 19.98

MAY 11.88 11.49 19.52JUN 10.34 11.99 20.18

JUL 10.69 13.77 20.88

AUG 11.07 14.97 21.22

SEP 9.51 16.24 22.69

OCT 7.06 15.69 22.79NOV 6.54 16.58 22.36

DEC 7.49 17.78 22.95

AVERAGE RETURN 14.87694444RISK FREE RATE 7.95STD DEV (RISK) 5.46940363

4SHARPE RATIO 1.26648989

7COVARIANCE 5.58704736

3VARIANCE 91.5084541

8BETA 0.06105498

6TREYNOR'S RATIO 113.454198

11.13454198

1

JENSON MEASURE 7.37593349
http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=PI224http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=PI224

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DIVERSIFIED

ICICIPrudentialDiscoveryFund - IP-

Growth

ICICIPrudentialDiscovery

Fund -growth

Birla SunlifeDivident

Yeild Plus -Growth

AVERAGE RETURN 14.87694444 33.8194444 62.44167

RISK FREE RATE 7.95 7.95 7.95

STD DEV (RISK) 5.469403634 12.1249605 19.86855

SHARPE RATIO 1.266489897 2.13356937 2.742609

COVARIANCE 5.587047363 12.8228143 -24.5642

VARIANCE 91.50845418 91.50845418

91.50845418

BETA 0.061054986 0.1401271 -0.26844TREYNOR'S RATIO 113.4541981 184.614144 -202.996

1.134541981 1.84614144 -2.02996

JENSON MEASURE 7.375933499 26.8999178 52.51762

SECTOR ALLOCATION OF DIVERSIFIED

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SECTOR ALLOCATION OF DIVERSIFIEDEQUITY FUNDS

Diversified

SECTOR ICICIPrudentialDiscoveryFund - IP-Growth

ICICIPrudentialDiscovery

Fund -growth

Birla SunlifeDivident YeildPlus - Growth

AUTOMOIBILES 6.71 6.71 2.43

BANKING AND FINANCIAL SERVICES 12.88 12.88 17.03

MONEY MARKET INSTRUMENTS

CASH/CALL 8.95 8.95 7.62

CEMENT AND CONSTRUCTION 4.92 4.92

CHEMICALS 5.9 5.9 12.14

CONGLOMERATES 1.6 1.6 1.76CONSUMER DURABLES 1.47

CONSUMER NON DURABLES 0.53 0.53 3.34

ENGINEERING AND CAPITAL GOODS 1.89 1.89 8.33

FOOD AND BEVERAGES 2.52 2.52 6.11

IT 8.02 8.02 5.37

MANUFACTURING 5.83 5.83 1.8

MEDIA 2.02

METALS AND MINING 8.68 8.68 1.69

MISCELLANEOUS 2.16

OIL AND GAS 4.92 4.92 11.66

OTHERS 0.92 0.92 0.68

PHARMA 11.35 11.35 4.65

SERVICES 3.99 3.99 2.14

REAL ESTATE 1.93

TELECOMMUNICATION 4.27 4.27

TREASURY BILL

TOBACCO 0.23 0.23 4.41UTILITIES 5.89 5.89 1.24

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AVERAGE SECTOR ALLOCATION

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SECTOR SPECIFIC FUNDS

FranklinPharma

fund -growth

Reliancepharme

fund -growth

UTI pharmaand

healthcarefund -

growth

AVERAGE RETURN 39.9622 35.51806 27.76111

RISK FREE RATE 7.95 7.95 7.95STD DEV (RISK) 15.0723 14.36479 7.970973

SHARPE RATIO 2.1239 1.919141 2.485407

COVARIANCE 17.7611 11.31971 2.950622

VARIANCE 91.50845418

91.50845418

91.50845418

BETA 0.19409 0.123701 0.032244

TREYNOR'S RATIO 164.933 222.86 614.4074

1.64933 2.2286 6.144074

JENSON MEASURE 33.4396 28.47774 20.04823

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TAX SAVINGS FUNDS

HDFCtaxsaver -

frowth

ICICIprudential

taxplan -growth

Fidelity taxadvantage

fund -growth

AVERAGE RETURN 171.1492 104.77944 16.31028


STD DEV (RISK) 50.91379 33.352259 4.520691

SHARPE RATIO 3.205402 2.903235 1.849336

COVARIANCE 53.62421 39.941884 4.932238

VARIANCE 91.50845418 91.50845418 91.50845418

BETA 0.586003 0.436483 0.053899

TREYNOR'S RATIO 278.4955 221.84013 155.1093

2.784955 2.2184013 1.551093

JENSON MEASURE 167.5085 100.03927 8.756645

TAX SAVINGS FUNDS(ELSS) SECTOR

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TAX SAVINGS FUNDS(ELSS) SECTORALLOCATION

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TAX SAVINGS FUNDS(ELSS) SECTOR ALLOCATION

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GILTFUNDSICICI

prudential

gilt fundinvestment

plan PFoption -growth

JM G secregular plan

- growth

Birla Sunlife govt sec

fund LTgrowth

AVERAGE RETURN 17.17611111 13.33444 24.38278


STD DEV (RISK) 2.19982373 1.395352 2.997221

SHARPE RATIO 4.194022905 3.858842 5.482671

COVARIANCE 6.169961881 3.955927 6.411291


91.50845418

91.50845418

BETA 0.067425048 0.04323 0.070062TREYNOR'S RATIO 136.83507 124.5529 234.5453

1.3683507 1.245529 2.345453

JENSON MEASURE 9.721944629 5.702353 16.94801

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MIP FUNDS

RelianceMIP -

Growth

Birla sunlife MIP

savings 5Growth

HDFC MIPLTP growth

AVERAGE RETURN 18.18972 15.65667 19.0656


STD DEV (RISK) 2.77911 1.43564 2.88332

SHARPE RATIO 3.684532 5.368104 3.85513

COVARIANCE 5.902727 3.248209 5.18554

VARIANCE 91.5084541

8

91.50845418

91.5084541

8BETA 0.064505 0.035496 0.05667

TREYNOR'S RATIO 158.7438 217.112 196.155

1.587438 2.17112 1.96155

JENSON MEASURE 10.71408 7.967701 11.5323

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LIQUIDFUNDS

EscortsLiquid Plan

growth

SaharaLiquid fund

- variablepricingoption

growth

SaharaLiquid fund

- fixedpricing

option -growth

AVERAGE RETURN 13.413 1625.29417 1613.58833

RISK FREE RATE 7.95 7.95 7.95STD DEV (RISK) 0.8542 92.5041684 90.4888623

SHARPE RATIO 6.3951 17.4840139 17.7440438

COVARIANCE 1.2455 144.534027 142.394905


91.50845418

91.50845418

BETA 0.0136 1.57946091 1.5560847TREYNOR'S RATIO 401.33 1023.98493 1031.84508

4.0133 10.2398493 10.3184508

JENSON MEASURE 5.5626 1628.95928 1617.08154

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BALANCED FUNDSHDFC

Prudence

fund -growth

RelianceRegular

Saving fund- Balanced -

growth

HDFCBalanced

fund -Growth

AVERAGE RETURN 153.407 17.03361 40.43861111


STD DEV (RISK) 44.728 4.53045 10.43651205

SHARPE RATIO 3.25204 2.005013 3.11297596

COVARIANCE 50.1235 6.922064 10.97752584


91.50845418

91.50845418

BETA 0.54775 0.075644 0.119961876

TREYNOR'S RATIO 265.555 120.0837 270.8244666

2.65555 1.200837 2.708244666

JENSON MEASURE 149.485 9.639885 33.37079245

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BALANCED FUNDS SECTORALLOCATION

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rocky mba (2)

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