Post on 15-Nov-2014
TABLE OF CONTENTS
ABSTRACT............................................................................................................................................1
INTRODUCTION....................................................................................................................................2
MAHINDRA & MAHINDRA FINANCIAL SERVICES LIMITED : 2
Company Profile ..........................................................................................................................2
Product Portfolio..........................................................................................................................3
MUTUAL FUND 3
ORGANISATION OF A MUTUAL FUND 4
IMPORTANT CHARACTERISTICS OF A MUTUAL FUND 5
OBJECTIVES OF A MUTUAL FUND 5
ADVANTAGES OF MUTUAL FUNDS 5
TYPES OF MUTUAL FUNDS: 5
MUTUAL FUND SCHEME TYPES 6
DIFFERENT MODES OF RECEIVING THE INCOME EARNED FROM MUTUAL FUND INVESTMENTS7
RISKS AND RETURNS CALCULATION AND ANALYSIS..............................................................................7
RISKS ASSOCIATED WITH MUTUAL FUNDS 7
BETA, ALPHA AND STANDARD DEVIATION 8
BRIEF OVERVIEW OF THE SELECTED FUNDS 10
RISK AND RETURN CALCULATION 11
Reliance Growth Fund – Growth.................................................................................................11
HDFC Equity Fund - Growth.........................................................................................................18
Fidelity Equity Fund – Growth.....................................................................................................25
HSBC Equity Fund – Growth........................................................................................................32
ICICI prudential Dynamic Plan – Growth......................................................................................39
ANALYSIS : 46
FURTHER SCOPE OF STUDY………………………………………………………………………………………………………….48
ABSTRACT
The project contains the brief description of the mutual fund industry in general. The top 5 equity mutual funds has been decided based on their total Asset Under Management ( AUM ) presently. The funds that are selected for study are :
1. Reliance Growth Fund- Growth ( AUM : Rs. 3142.92 Cr. as on 27th Feb, 2009 )
2. HDFC Equity Fund- Growth ( AUM : Rs. 2331.76 Cr. as on 27th Feb, 2009 )
3. Fidelity Equity Fund- Growth ( AUM : Rs. 1776.75 Cr. as on 27th Feb, 2009 )
4. HSBC Equity Fund – Growth ( AUM : Rs. 1017.2 Cr. as on 27th Feb, 2009 )
5. ICICI Prudential Dynamic Plan- Growth ( AUM : Rs. 1013.63 Cr. as on 27th Feb, 2009 )
The Net Asset Value ( NAV ) of each of these top mutual funds over the last one year is taken in account to find out the standard deviation of each of the funds. These are taken into account to measure the returns of those funds. The returns are compared with that of their benchmark index return. Using the NAV value of these mutual funds, beta(β) co-efficient of each of them has been calculated to know whether they are less risky, average risky or high risky funds. Similarly, Alpha(), and standard deviation() also calculated to understand the risk and return profile of the selected funds. The returns of these funds over the last one year are also be analyzed.
The project will also contain the portfolio analysis of the funds and their share of investments in different sectors. This will help us to analyze which sectors hold the major investments of these funds. Primary data will be collected using questionnaire to understand the awareness of people as a risk diversified investment instrument.
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INTRODUCTION
MAHINDRA & MAHINDRA FINANCIAL SERVICES LIMITED :
Company Profile :
A subsidiary of Mahindra & Mahindra Limited, it is one of India’s leading non-banking finance companies. Focused on the rural and semi-urban sector, it provides finance for utility vehicles, tractors and cars and has the largest network of branches covering these areas. The company’s vision is to be the leading Rural Finance Company and continue to retain the leadership for Mahindra products and its goal is to be the preferred provider of retail financing services in the rural and semi-urban areas of India, while strategy is to provide a range of financial products and services to its customers through our nationwide distribution network.
Product Portfolio :
Mahindra Finance have a wide range of products and services, with something to suit everyone’s needs. Right from finance for two wheelers, tractors, farm equipment, cars and utility vehicles to commercial vehicles and construction equipment, we also have a group of experts providing investment advice, surveying available market products and choosing the most suitable to our customers’ needs.
The company is all-encompassing of clients’ needs. So while it believes in making assets easily available, it also believes in catering to those who want to create wealth from these assets. Its Investment Advisory Services act as an avenue to help create and multiply wealth.
Recently it has received the necessary permission from Reserve Bank of India (RBI) to start the distribution of Mutual Fund products through our network. Hitherto it was only participating in the liability requirements of its customers but with a mutual fund distribution business, it can also participate in their asset allocation.
Recently, the company has launched its own fixed deposit scheme which has been rated FAA+ by CRISIL which indicates high safety. Currently, the company has a network of 442 offices in India.
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MUTUAL FUND :
A Mutual Fund is a trust that pools the savings of a number of investors who share a common financial goal. The money thus collected is then invested in capital market instruments such as shares, debentures and other securities. The income earned through these investments and the capital appreciations realized are shared by its unit holders in proportion to the number of units owned by them. Thus a Mutual Fund is the most suitable investment for the common man as it offers an opportunity to invest in a diversified, professionally managed basket of securities at a relatively low cost. The flow chart below describes broadly the working of a Mutual Fund.
A Mutual Fund is a body corporate registered with the Securities and Exchange Board of India (SEBI) that pools up the money from individual/corporate investors and invests the same on behalf of the investors/unit holders, in Equity shares, Government securities, Bonds, Call Money Markets etc, and distributes the profits. In the other words, a Mutual Fund allows investors to indirectly take a position in a basket of assets. Mutual Fund is a mechanism for pooling the resources by issuing units to the investors and investing funds in securities in accordance with objectives as disclosed in offer document. Investments in securities are spread among a wide cross-section of industries and sectors thus the risk is reduced. Diversification reduces the risk because all stocks may not move in the same direction in the same proportion at same time. Investors of mutual funds are known as unit holders. The investors in proportion to their investments share the profits or losses. The mutual funds normally come out with a number of schemes with different investment objectives which are launched from time to time. A Mutual Fund is required to be registered with Securities Exchange Board of India (SEBI) which regulates securities markets before it can collect funds from the public.
ORGANISATION OF A MUTUAL FUND:
There are many entities involved and the diagram below illustrates the organizational set up of a Mutual Fund:
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Mutual Funds diversify their risk by holding a portfolio of instead of only one asset. This is because by holding all your money in just one asset, the entire fortunes of your portfolio depend on this one asset. By creating a portfolio of a variety of assets, this risk is substantially reduced.
Mutual Fund investments are not totally risk free. In fact, investing in Mutual Funds contains the same risk as investing in the markets, the only difference being that due to professional management of funds the controllable risks are substantially reduced. A very important risk involved in Mutual Fund investments is the market risk. However, the company specific risks are largely eliminated due to professional fund management.
IMPORTANT CHARACTERISTICS OF A MUTUAL FUND· A Mutual Fund actually belongs to the investors who have pooled their Funds. The ownership of the mutual fund is in the hands of the Investors.· A Mutual Fund is managed by investment professional and other service providers, who earns a fee for their services, from the funds.· The pool of Funds is invested in a portfolio of marketable investments.· The value of the portfolio is updated every day.· The investor’s share in the fund is denominated by “units”. The value of the units changes with change in the portfolio value, every day. The value of one unit of investment is called net asset value (NAV).· The investment portfolio of the mutual fund is created according to the stated investment objectives of the Fund.
OBJECTIVES OF A MUTUAL FUND:· To Provide an opportunity for lower income groups to acquire without much difficulty, property in the form of shares.· To Cater mainly of the need of individual investors, whose means are small.· To Manage investors portfolio that provides regular income, growth,Safety, liquidity, tax advantage, professional management and diversification.
ADVANTAGES OF MUTUAL FUNDS:· Reduced Risk.· Diversified investment.· Botheration free investment.· Revolving type of investment (Reinvestment).· Selection and timings of investment.· Wide investment opportunities.· Investments care.· Tax benefits.
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TYPES OF MUTUAL FUNDS:
1. OPEN-ENDED MUTUAL FUNDS: -
The holders of the shares in the Fund can resell them to the issuing Mutual Fund company at the time. They receive in turn the net assets value (NAV) of the shares at the time of re-sale. Such Mutual Fund Companies place their funds in the secondary securities market. They do not participate in new issue market as do pension funds or life insurance companies. Thus they influence market price of corporate securities. Open-end investment companies can sell an unlimited number of Shares and thus keep going larger. The open-end Mutual Fund Company Buys or sells their shares. These companies sell new shares NAV plus a Loading or management fees and redeem shares at NAV. In other words, the target amount and the period both are indefinite in such funds.
2. CLOSED-ENDED MUTUAL FUNDS:-
A closed–end Fund is open for sale to investors for a specific period, after which further sales are closed. Any further transaction for buying the units or repurchasing them, Happen in the secondary markets, where closed end Funds are listed. Therefore new investors buy from the existing investors, and existing investors can liquidate their units by selling them to other willing buyers. In a closed end Funds, thus the pool of funds can technically be kept constant. The asset management company (AMC) however, can buy out the units from the investors, in the secondary markets, thus reducing the amount of funds held by outside investors. The price at which units can be sold or redeemed Depends on the market prices, which are fundamentally linked to the NAV. Investors in closed end Funds receive either certificates or Depository receipts, for their holdings in a closed end mutual Fund.
MUTUAL FUND SCHEME TYPES:
Equity Diversified SchemesThese schemes mainly invest in equity. They seek to achieve long-term capital appreciation by responding to the dynamically changing Indian economy by moving across sectors such as Lifestyle, Pharma, Cyclical, Technology, etc.¨ Sector SchemesThese schemes focus on particular sector as IT, Banking, etc. They seek to generate long-term capital appreciation by investing in equity and related securities of companies in that particular sector.¨ Index SchemesThese schemes aim to provide returns that closely correspond to the return of a particular stock market index such as BSE Sensex, NSE Nifty, etc. Such schemes invest in all the stocks comprising the index in approximately the same weightage as they are given in that index.¨ Exchange Traded Funds (ETFs)ETFs invest in stocks underlying a particular stock index like NSE Nifty or BSE Sensex. They are similar to an index fund with one crucial difference. ETFs are listed and traded on a stock exchange. In contrast, an index fund is bought and sold by the fund and its distributors.¨ Equity Tax Saving SchemesThese work on similar lines as diversified equity funds and seek to achieve long-term capital appreciation by investing in the entire universe of stocks. The only difference between these funds and equity-diversified funds is that they demand a lock-in of 3 years to gain tax benefits.Dynamic FundsThese schemes alter their exposure to different asset classes based on the market scenario. Such funds typically try to book profits when the markets are overvalued and remain fully invested in equities when
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the markets are undervalued. This is suitable for investors who find it difficult to decide when to quit from equity.¨ Balanced SchemesThese schemes seek to achieve long-term capital appreciation with stability of investment and current income from a balanced portfolio of high quality equity and fixed-income securities.¨ Medium-Term Debt SchemesThese schemes have a portfolio of debt and money market instruments where the average maturity of the underlying portfolio is in the range of five to seven years.¨ Short-Term Debt SchemesThese schemes have a portfolio of debt and money market instruments where the average maturity of the underlying portfolio is in the range of one to two years.¨ Money Market Debt SchemesThese schemes invest in debt securities of a short-term nature, which generally means securities of less than one-year maturity. The typical short-term interest-bearing instruments these funds invest in Treasury Bills, Certificates of Deposit, Commercial Paper and Inter-Bank Call Money Market.¨ Medium-Term Gilt SchemesThese schemes invest in government securities. The average maturity of the securities in the scheme is over three years.¨ Short-Term Gilt SchemesThese schemes invest in government securities. The securities invested in are of short to medium term maturities.¨ Floating Rate FundsThey invest in debt securities with floating interest rates, which are generally linked to some benchmark rate like MIBOR. Floating rate funds have a high relevance when interest rates are on the rise helping investors to ride the interest rate rise.¨ Monthly Income Plans (MIPS)These are basically debt schemes, which make marginal investments in the range of 10- 25% in equity to boost the scheme’s returns. MIP schemes are ideal for investors who seek slightly higher return that pure long-term debt schemes at marginally higher risk.
DIFFERENT MODES OF RECEIVING THE INCOME EARNED FROM MUTUAL FUND INVESTMENTS
Mutual Funds offer three methods of receiving income:¨ Growth PlanIn this plan, dividend is neither declared nor paid out to the investor but is built into the value of the NAV. In other words, the NAV increases over time due to such incomes and the investor realizes only the capital appreciation on redemption of his investment.¨ Income PlanIn this plan, dividends are paid-out to the investor. In other words, the NAV only reflects the capital appreciation or depreciation in market price of the underlying portfolio.¨ Dividend Re-investment PlanIn this case, dividend is declared but not paid out to the investor, instead, it is reinvested back into the scheme at the then prevailing NAV. In other words, the investor is given additional units and not cash as dividend.
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RISKS AND RETURNS CALCULATION AND ANALYSIS
RISKS ASSOCIATED WITH MUTUAL FUNDS:-
Investing in Mutual Funds, as with any security, does not come without risk. One of the most basic economic principles is that risk and reward are directly correlated. In other words, the greater the potential risk the greater the potential return. The types of risk commonly associated with Mutual Funds are:
1) MARKET RISK
Market risk relates to the market value of a security in the future. Market prices fluctuate and are susceptible to economic and financial trends, supply and demand, andmany other factors that cannot be precisely predicted or controlled.
2) POLITICAL RISK
Changes in the tax laws, trade regulations, administered prices, etc are some of the many political factors that create market risk. Although collectively, as citizens, we have indirect control through the power of our vote individually, as investors, we have virtually no control.
3) INFLATION RISK
Interest rate risk relates to future changes in interest rates. For instance, if an investor invests in a long-term debt Mutual Fund scheme and interest rates increase, the NAV of the scheme will fall because the scheme will be end up holding debt offering lower interest rates.
4) BUSINESS RISK
Business risk is the uncertainty concerning the future existence, stability, and profitability of the issuer of the security. Business risk is inherent in all business ventures. The future financial stability of a company cannot be predicted or guaranteed, nor can the price of its securities. Adverse changes in business circumstances will reduce the market price of the company’s equity resulting in proportionate fall in theNAV of the Mutual Fund scheme, which has invested in the equity of such a company.
5) ECONOMIC RISK
Economic risk involves uncertainty in the economy, which, in turn, can have an adverse effect on a company’s business. For instance, if monsoons fail in a year, equity stocks of agriculture-based companies will fall and NAVs of Mutual Funds, which have invested in such stocks, will fall proportionately.
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BETA, ALPHA AND STANDARD DEVIATION :
Beta
Risk is an important consideration in holding any portfolio. The risk in holding securities is generally associated with the possibility that realized returns will be less than the returns expected.Risks can be classified as Systematic risks and Unsystematic risks.
Unsystematic risks:
These are risks that are unique to a firm or industry. Factors such as management capability, consumer preferences, labour, etc. contribute to unsystematic risks. Unsystematic risks are controllable by nature and can be considerably reduced by sufficiently diversifying one's portfolio.
Systematic risks:
These are risks associated with the economic, political, sociological and other macro-level changes. They affect the entire market as a whole and cannot be controlled or eliminated merely by diversifying one's portfolio.
What is Beta?
The degree to which different portfolios are affected by these systematic risks as compared to the effect on the market as a whole, is different and is measured by Beta. To put it differently, the systematic risks of various securities differ due to their relationships with the market. The Beta factor describes the movement in a stock's or a portfolio's returns in relation to that of the market returns. For all practical purposes, the market returns are measured by the returns on the index (Nifty, Mid-cap etc.), since the index is a good reflector of the market.
Methodology / Formula
Beta is calculated as : Covariance ( Kj, Km) β = ------------------------------------
Variance ( Km )
where,Kj is the returns on the portfolio or stock - DEPENDENT VARIABLEKm is the market returns or index - INDEPENDENT VARIABLE
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Variance is the square of standard deviation.Covariance is a statistic that measures how two variables co-vary, and is given by:
Where, N denotes the total number of observations, and and respectively represent the arithmetic averages of x and y.
In order to calculate the beta of a portfolio, multiply the weightage of each stock in the portfolio with its beta value to arrive at the weighted average beta of the portfolio
Alpha ()
Alpha( ) gives us the how much the security or the fund has outperformed ( for positive values of Alpha) or underperformed ( for negative values of Alpha ) the market portfolio or its benchmark index.
The measurement of Alpha is given by the formula :
Alpha () =( Kj – βKm)
Where,
Kj = Rate of return of the security or portfolio fund.
Km = Rate of return of market portfolio or benchmark return.
Standard Deviation (σ)
Standard Deviation is a statistical tool, which measures the variability of returns from the expected value, or volatility. It is denoted by sigma(σ) . It is calculated using the formula mentioned below:
Where, is the sample mean, xi’s are the observations (returns), and N is the total number of observations or the sample size.
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BRIEF OVERVIEW OF THE SELECTED FUNDS :
1. Reliance Growth Fund – Growth : ( Launch Date : September 08, 1995 )
Fund Type : Open-ended
Fund Category : Equity – diversified.
AUM : Rs. 3142.92 Cr. as on 27.02.09.
Benchmark Index : BSE 100.
2. HDFC Equity Fund – Growth : ( Launch Date : December 08, 1994 )
Fund Type : Open-ended
Fund Category : Equity – diversified.
AUM : Rs. 2331.76.92 Cr. as on 27.02.09.
Benchmark Index : S&P CNX 500.
3. Fidelity Equity Fund – Growth : ( Launch Date : April 19, 2005)
Fund Type : Open-ended
Fund Category : Equity – diversified.
AUM : Rs. 1776.75 Cr. as on 27.02.09.
Benchmark Index : BSE 200.
4. HSBC Equity Fund – Growth : ( Launch Date : December 03, 2002 )
Fund Type : Open-ended
Fund Category : Equity – diversified.
AUM : Rs. 1776.75 Cr. as on 27.02.09.
Benchmark Index : BSE 200.
5. ICICI Prudential Dynamic Plan – Growth : ( Launch Date : October 18, 2002)
Fund Type : Open-ended
Fund Category : Equity – diversified.
AUM : Rs. 1013.63 Cr. as on 27.02.09.
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Benchmark Index : S&P CNX Nifty.
RISK AND RETURN CALCULATION :
Reliance Growth Fund – Growth
DATEReliance
Growth Fund-Growth(NAV)
Benchmark Index(BSE 100) value
% change in
NAV=kj
% change in
Benchmark Index=km
(Kj-Kj) (Km-Km)(Kj-Kj)
(Km-Km)(Km-Km)2 (Kj-Kj)2
03/03/08 367.010 8907.23
04/03/08 359.610 8714.18 -2.0163 -2.1673 -1.7700 -1.9278 3.4121 3.7164 3.1328
05/03/08 357.000 8774.71 -0.7258 0.6946 -0.4795 0.9342 -0.4479 0.8727 0.2299
07/03/08 346.800 8448.68 -2.8571 -3.7156 -2.6108 -3.4760 9.0752 12.0827 6.8163
10/03/08 344.890 8442.44 -0.5507 -0.0739 -0.3044 0.1657 -0.0504 0.0275 0.0927
11/03/08 355.190 8610.08 2.9865 1.9857 3.2328 2.2252 7.1937 4.9516 10.4509
12/03/08 352.610 8612.39 -0.7264 0.0268 -0.4800 0.2664 -0.1279 0.0710 0.2304
13/03/08 334.480 8139.17 -5.1417 -5.4946 -4.8953 -5.2551 25.7254 27.6161 23.9642
14/03/08 338.290 8355.75 1.1391 2.6610 1.3854 2.9005 4.0184 8.4129 1.9194
17/03/08 319.640 7832.98 -5.5130 -6.2564 -5.2667 -6.0169 31.6890 36.2027 27.7380
18/03/08 318.450 7828.01 -0.3723 -0.0634 -0.1260 0.1761 -0.0222 0.0310 0.0159
19/03/08 315.850 7877.53 -0.8165 0.6326 -0.5701 0.8721 -0.4972 0.7606 0.3250
24/03/08 312.320 7942.59 -1.1176 0.8259 -0.8713 1.0654 -0.9283 1.1352 0.7591
25/03/08 329.110 8438.27 5.3759 6.2408 5.6222 6.4803 36.4339 41.9947 31.6094
26/03/08 330.230 8403.35 0.3403 -0.4138 0.5866 -0.1743 -0.1022 0.0304 0.3441
27/03/08 329.660 8379.86 -0.1726 -0.2795 0.0737 -0.0400 -0.0029 0.0016 0.0054
28/03/08 342.240 8604.38 3.8161 2.6793 4.0624 2.9188 11.8574 8.5195 16.5029
31/03/08 333.740 8232.82 -2.4836 -4.3183 -2.2373 -4.0787 9.1254 16.6360 5.0055
01/04/08 332.200 8226.47 -0.4614 -0.0771 -0.2151 0.1624 -0.0349 0.0264 0.0463
02/04/08 334.260 8285.73 0.6201 0.7204 0.8664 0.9599 0.8317 0.9214 0.7507
03/04/08 332.420 8320.87 -0.5505 0.4241 -0.3041 0.6636 -0.2018 0.4404 0.0925
04/04/08 326.550 8095.02 -1.7658 -2.7143 -1.5195 -2.4747 3.7604 6.1242 2.3089
07/04/08 331.190 8307.53 1.4209 2.6252 1.6672 2.8647 4.7762 8.2067 2.7797
08/04/08 330.020 8232.53 -0.3533 -0.9028 -0.1069 -0.6633 0.0709 0.4399 0.0114
09/04/08 333.860 8336.08 1.1636 1.2578 1.4099 1.4974 2.1111 2.2421 1.9878
10/04/08 334.900 8300.40 0.3115 -0.4280 0.5578 -0.1885 -0.1051 0.0355 0.3112
11/04/08 337.740 8370.45 0.8480 0.8439 1.0943 1.0835 1.1857 1.1739 1.1976
15/04/08 343.480 8549.55 1.6995 2.1397 1.9459 2.3792 4.6296 5.6607 3.7864
16/04/08 347.290 8598.81 1.1092 0.5762 1.3556 0.8157 1.1058 0.6654 1.8376
17/04/08 352.680 8740.67 1.5520 1.6498 1.7983 1.8893 3.3976 3.5695 3.2340
21/04/08 360.470 8887.94 2.2088 1.6849 2.4551 1.9244 4.7247 3.7034 6.0277
22/04/08 361.710 8941.32 0.3440 0.6006 0.5903 0.8401 0.4960 0.7058 0.3485
23/04/08 361.020 8900.17 -0.1908 -0.4602 0.0556 -0.2207 -0.0123 0.0487 0.0031
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24/04/08 359.780 8896.16 -0.3435 -0.0451 -0.0971 0.1945 -0.0189 0.0378 0.0094
25/04/08 363.660 9078.68 1.0784 2.0517 1.3248 2.2912 3.0353 5.2497 1.7550
28/04/08 363.950 9043.44 0.0797 -0.3882 0.3261 -0.1486 -0.0485 0.0221 0.1063
29/04/08 368.830 9240.57 1.3408 2.1798 1.5872 2.4194 3.8399 5.8533 2.5191
30/04/08 369.860 9199.46 0.2793 -0.4449 0.5256 -0.2053 -0.1079 0.0422 0.2762
02/05/08 373.570 9348.64 1.0031 1.6216 1.2494 1.8612 2.3254 3.4639 1.5610
05/05/08 373.690 9314.58 0.0321 -0.3643 0.2785 -0.1248 -0.0347 0.0156 0.0775
06/05/08 368.790 9230.36 -1.3112 -0.9042 -1.0649 -0.6646 0.7078 0.4417 1.1341
07/05/08 369.110 9206.47 0.0868 -0.2588 0.3331 -0.0193 -0.0064 0.0004 0.1110
08/05/08 366.500 9076.93 -0.7071 -1.4071 -0.4608 -1.1675 0.5380 1.3631 0.2123
09/05/08 359.010 8865.05 -2.0437 -2.3343 -1.7973 -2.0947 3.7649 4.3879 3.2304
12/05/08 357.030 8912.37 -0.5515 0.5338 -0.3052 0.7733 -0.2360 0.5980 0.0931
13/05/08 358.490 8850.54 0.4089 -0.6938 0.6553 -0.4542 -0.2976 0.2063 0.4294
14/05/08 361.730 8967.38 0.9038 1.3201 1.1501 1.5597 1.7938 2.4326 1.3228
15/05/08 367.540 9152.63 1.6062 2.0658 1.8525 2.3054 4.2707 5.3147 3.4318
16/05/08 370.630 9227.28 0.8407 0.8156 1.0871 1.0552 1.1470 1.1134 1.1817
20/05/08 368.520 9138.39 -0.5693 -0.9633 -0.3230 -0.7238 0.2338 0.5239 0.1043
21/05/08 370.470 9159.07 0.5291 0.2263 0.7755 0.4658 0.3612 0.2170 0.6014
22/05/08 366.280 8978.60 -1.1310 -1.9704 -0.8847 -1.7309 1.5312 2.9959 0.7826
23/05/08 361.890 8842.33 -1.1985 -1.5177 -0.9522 -1.2782 1.2171 1.6337 0.9067
26/05/08 353.970 8670.85 -2.1885 -1.9393 -1.9422 -1.6998 3.3012 2.8892 3.7721
27/05/08 350.530 8621.84 -0.9718 -0.5652 -0.7255 -0.3257 0.2363 0.1061 0.5264
28/05/08 353.410 8748.64 0.8216 1.4707 1.0679 1.7102 1.8264 2.9249 1.1405
29/05/08 353.470 8648.73 0.0170 -1.1420 0.2633 -0.9025 -0.2376 0.8144 0.0693
30/05/08 353.640 8683.27 0.0481 0.3994 0.2944 0.6389 0.1881 0.4082 0.0867
02/06/08 347.620 8488.62 -1.7023 -2.2417 -1.4560 -2.0021 2.9150 4.0085 2.1198
03/06/08 346.900 8441.15 -0.2071 -0.5592 0.0392 -0.3197 -0.0125 0.1022 0.0015
04/06/08 337.550 8167.46 -2.6953 -3.2423 -2.4490 -3.0028 7.3537 9.0167 5.9975
05/06/08 339.810 8306.31 0.6695 1.7000 0.9159 1.9396 1.7764 3.7620 0.8388
06/06/08 337.350 8222.75 -0.7239 -1.0060 -0.4776 -0.7664 0.3661 0.5874 0.2281
09/06/08 330.490 7977.13 -2.0335 -2.9871 -1.7872 -2.7475 4.9103 7.5489 3.1940
10/06/08 327.940 7892.12 -0.7716 -1.0657 -0.5253 -0.8261 0.4339 0.6825 0.2759
11/06/08 333.040 8021.48 1.5552 1.6391 1.8015 1.8786 3.3844 3.5293 3.2454
12/06/08 335.630 8063.50 0.7777 0.5238 1.0240 0.7634 0.7817 0.5828 1.0486
13/06/08 335.000 8017.61 -0.1877 -0.5691 0.0586 -0.3296 -0.0193 0.1086 0.0034
16/06/08 338.420 8131.23 1.0209 1.4171 1.2672 1.6567 2.0994 2.7446 1.6059
17/06/08 344.060 8303.03 1.6666 2.1128 1.9129 2.3524 4.4999 5.5337 3.6592
18/06/08 341.870 8161.98 -0.6365 -1.6988 -0.3902 -1.4592 0.5694 2.1294 0.1522
19/06/08 335.600 7995.66 -1.8340 -2.0377 -1.5877 -1.7982 2.8550 3.2335 2.5208
20/06/08 326.290 7716.24 -2.7741 -3.4946 -2.5278 -3.2551 8.2283 10.5957 6.3898
23/06/08 316.760 7520.18 -2.9207 -2.5409 -2.6744 -2.3013 6.1546 5.2961 7.1523
24/06/08 311.710 7392.91 -1.5943 -1.6924 -1.3479 -1.4528 1.9583 2.1107 1.8169
25/06/08 316.000 7467.06 1.3763 1.0030 1.6226 1.2425 2.0161 1.5439 2.6329
12
26/06/08 316.950 7549.95 0.3006 1.1101 0.5470 1.3496 0.7382 1.8215 0.2992
27/06/08 309.210 7228.84 -2.4420 -4.2531 -2.1957 -4.0136 8.8126 16.1090 4.8211
30/06/08 301.710 7029.74 -2.4255 -2.7542 -2.1792 -2.5147 5.4801 6.3237 4.7489
01/07/08 291.422 6751.16 -3.4099 -3.9629 -3.1635 -3.7233 11.7789 13.8632 10.0080
02/07/08 299.702 7105.16 2.8411 5.2435 3.0874 5.4831 16.9285 30.0642 9.5320
03/07/08 292.080 6789.23 -2.5432 -4.4465 -2.2968 -4.2069 9.6626 17.6984 5.2754
04/07/08 297.567 6976.29 1.8785 2.7552 2.1249 2.9948 6.3635 8.9688 4.5150
07/07/08 300.696 7025.82 1.0516 0.7100 1.2980 0.9495 1.2324 0.9016 1.6847
08/07/08 299.297 6954.13 -0.4651 -1.0204 -0.2188 -0.7808 0.1708 0.6097 0.0479
09/07/08 306.982 7270.82 2.5676 4.5540 2.8140 4.7935 13.4889 22.9779 7.9185
10/07/08 306.611 7269.87 -0.1208 -0.0131 0.1255 0.2265 0.0284 0.0513 0.0158
11/07/08 302.097 7050.65 -1.4724 -3.0155 -1.2261 -2.7759 3.4034 7.7057 1.5032
14/07/08 301.136 6995.10 -0.3180 -0.7879 -0.0717 -0.5483 0.0393 0.3007 0.0051
15/07/08 293.275 6659.96 -2.6106 -4.7911 -2.3643 -4.5515 10.7610 20.7164 5.5897
16/07/08 289.817 6580.67 -1.1791 -1.1905 -0.9328 -0.9510 0.8871 0.9044 0.8701
17/07/08 294.400 6814.50 1.5813 3.5533 1.8277 3.7928 6.9321 14.3856 3.3404
18/07/08 299.453 7058.35 1.7165 3.5784 1.9628 3.8179 7.4939 14.5767 3.8526
21/07/08 301.633 7149.02 0.7281 1.2846 0.9744 1.5241 1.4851 2.3229 0.9495
22/07/08 306.014 7306.35 1.4522 2.2007 1.6986 2.4403 4.1449 5.9549 2.8851
23/07/08 320.681 7760.32 4.7929 6.2134 5.0393 6.4529 32.5178 41.6400 25.3941
24/07/08 318.521 7682.46 -0.6735 -1.0033 -0.4271 -0.7638 0.3262 0.5833 0.1825
25/07/08 315.881 7458.30 -0.8287 -2.9178 -0.5824 -2.6783 1.5598 7.1731 0.3392
28/07/08 317.483 7491.53 0.5071 0.4455 0.7535 0.6851 0.5162 0.4693 0.5677
29/07/08 310.151 7202.35 -2.3095 -3.8601 -2.0632 -3.6205 7.4698 13.1084 4.2567
30/07/08 317.066 7464.79 2.2297 3.6438 2.4760 3.8834 9.6153 15.0804 6.1307
31/07/08 317.471 7488.48 0.1277 0.3174 0.3740 0.5569 0.2083 0.3101 0.1399
01/08/08 322.696 7661.55 1.6458 2.3111 1.8921 2.5507 4.8262 6.5060 3.5801
04/08/08 324.484 7676.20 0.5541 0.1912 0.8004 0.4308 0.3448 0.1856 0.6407
05/08/08 329.388 7869.14 1.5113 2.5135 1.7576 2.7530 4.8387 7.5792 3.0891
06/08/08 327.881 7883.77 -0.4574 0.1859 -0.2111 0.4255 -0.0898 0.1810 0.0445
07/08/08 328.719 7905.57 0.2554 0.2765 0.5018 0.5161 0.2589 0.2663 0.2518
08/08/08 329.716 7927.75 0.3033 0.2806 0.5497 0.5201 0.2859 0.2705 0.3021
11/08/08 335.729 8101.48 1.8239 2.1914 2.0702 2.4310 5.0327 5.9096 4.2859
12/08/08 332.117 7958.85 -1.0760 -1.7605 -0.8296 -1.5210 1.2619 2.3134 0.6883
13/08/08 331.558 7913.11 -0.1684 -0.5747 0.0779 -0.3352 -0.0261 0.1123 0.0061
14/08/08 324.192 7714.28 -2.2217 -2.5127 -1.9753 -2.2731 4.4902 5.1671 3.9020
18/08/08 320.542 7650.46 -1.1257 -0.8273 -0.8793 -0.5878 0.5168 0.3455 0.7732
19/08/08 319.227 7602.61 -0.4104 -0.6255 -0.1641 -0.3859 0.0633 0.1489 0.0269
20/08/08 322.525 7678.44 1.0331 0.9974 1.2795 1.2370 1.5826 1.5301 1.6370
21/08/08 316.384 7454.53 -1.9040 -2.9161 -1.6577 -2.6765 4.4369 7.1639 2.7479
22/08/08 317.937 7524.31 0.4910 0.9361 0.7373 1.1756 0.8668 1.3821 0.5436
25/08/08 317.776 7548.40 -0.0506 0.3202 0.1958 0.5597 0.1096 0.3133 0.0383
26/08/08 316.845 7561.62 -0.2931 0.1751 -0.0468 0.4147 -0.0194 0.1720 0.0022
13
27/08/08 314.833 7479.02 -0.6349 -1.0924 -0.3886 -0.8528 0.3314 0.7273 0.1510
28/08/08 311.315 7362.49 -1.1173 -1.5581 -0.8710 -1.3185 1.1484 1.7386 0.7586
29/08/08 318.877 7621.40 2.4290 3.5166 2.6754 3.7562 10.0491 14.1087 7.1576
01/09/08 318.654 7594.59 -0.0700 -0.3518 0.1763 -0.1122 -0.0198 0.0126 0.0311
02/09/08 324.463 7860.87 1.8230 3.5062 2.0693 3.7457 7.7512 14.0304 4.2822
04/09/08 322.540 7786.24 -0.5926 -0.9494 -0.3463 -0.7098 0.2458 0.5039 0.1199
05/09/08 317.147 7587.34 -1.6723 -2.5545 -1.4259 -2.3150 3.3010 5.3591 2.0333
08/09/08 321.711 7798.63 1.4391 2.7848 1.6854 3.0243 5.0972 9.1465 2.8406
09/09/08 320.778 7769.14 -0.2900 -0.3781 -0.0437 -0.1386 0.0061 0.0192 0.0019
10/09/08 318.567 7660.70 -0.6892 -1.3958 -0.4429 -1.1562 0.5121 1.3369 0.1962
11/09/08 313.754 7495.62 -1.5107 -2.1549 -1.2643 -1.9154 2.4217 3.6686 1.5986
12/09/08 309.311 7344.37 -1.4163 -2.0178 -1.1700 -1.7783 2.0806 3.1624 1.3688
15/09/08 299.435 7079.86 -3.1928 -3.6015 -2.9464 -3.3620 9.9059 11.3030 8.6816
16/09/08 297.786 7066.58 -0.5506 -0.1876 -0.3042 0.0520 -0.0158 0.0027 0.0926
17/09/08 293.538 6913.99 -1.4268 -2.1593 -1.1805 -1.9198 2.2663 3.6855 1.3936
18/09/08 294.885 6934.98 0.4590 0.3036 0.7054 0.5431 0.3831 0.2950 0.4975
19/09/08 304.044 7285.77 3.1061 5.0583 3.3525 5.2978 17.7607 28.0668 11.2390
22/09/08 303.546 7259.80 -0.1639 -0.3564 0.0825 -0.1169 -0.0096 0.0137 0.0068
23/09/08 297.636 7077.52 -1.9470 -2.5108 -1.7006 -2.2713 3.8626 5.1587 2.8921
24/09/08 299.199 7135.83 0.5251 0.8239 0.7714 1.0634 0.8204 1.1309 0.5951
25/09/08 296.695 7061.79 -0.8369 -1.0376 -0.5905 -0.7980 0.4713 0.6369 0.3487
26/09/08 288.814 6834.14 -2.6565 -3.2237 -2.4101 -2.9841 7.1922 8.9051 5.8087
29/09/08 277.147 6564.06 -4.0397 -3.9519 -3.7934 -3.7124 14.0824 13.7818 14.3896
30/09/08 281.057 6691.57 1.4111 1.9425 1.6574 2.1821 3.6167 4.7615 2.7471
01/10/08 283.286 6776.87 0.7929 1.2747 1.0393 1.5143 1.5737 2.2931 1.0801
03/10/08 273.565 6514.77 -3.4317 -3.8676 -3.1853 -3.6280 11.5564 13.1626 10.1463
06/10/08 257.832 6123.81 -5.7509 -6.0011 -5.5046 -5.7616 31.7150 33.1959 30.3002
07/10/08 255.692 6060.11 -0.8302 -1.0402 -0.5838 -0.8007 0.4674 0.6411 0.3409
08/10/08 246.446 5847.96 -3.6158 -3.5008 -3.3695 -3.2612 10.9886 10.6355 11.3533
10/10/08 229.845 5413.97 -6.7365 -7.4212 -6.4902 -7.1817 46.6104 51.5765 42.1225
13/10/08 241.393 5802.93 5.0246 7.1844 5.2709 7.4239 39.1311 55.1146 27.7828
14/10/08 245.413 5886.94 1.6651 1.4477 1.9114 1.6873 3.2251 2.8468 3.6535
15/10/08 234.579 5572.90 -4.4143 -5.3345 -4.1680 -5.0950 21.2358 25.9588 17.3721
16/10/08 232.190 5474.17 -1.0184 -1.7716 -0.7721 -1.5321 1.1829 2.3472 0.5961
17/10/08 223.817 5180.84 -3.6063 -5.3584 -3.3599 -5.1189 17.1992 26.2031 11.2892
20/10/08 224.947 5187.00 0.5047 0.1189 0.7510 0.3584 0.2692 0.1285 0.5640
21/10/08 232.785 5299.20 3.4847 2.1631 3.7311 2.4026 8.9644 5.7727 13.9209
22/10/08 224.548 5207.11 -3.5385 -1.7378 -3.2922 -1.4983 4.9325 2.2448 10.8384
23/10/08 216.840 4975.62 -3.4329 -4.4457 -3.1866 -4.2061 13.4030 17.6913 10.1542
24/10/08 201.506 4397.23 -7.0717 -11.6245 -6.8253 -11.384 77.7061 129.6168 46.5854
27/10/08 197.773 3949.13 -1.8523 -10.1905 -1.6060 -9.9510 15.9810 99.0217 2.5792
29/10/08 208.350 4618.90 5.3483 16.9599 5.5946 17.1995 96.2239 295.8222 31.2993
31/10/08 218.283 4953.98 4.7670 7.2545 5.0133 7.4941 37.5704 56.1613 25.1336
14
03/11/08 226.903 5223.11 3.9491 5.4326 4.1954 5.6721 23.7968 32.1732 17.6013
04/11/08 232.379 5396.09 2.4133 3.3118 2.6597 3.5514 9.4454 12.6122 7.0738
05/11/08 228.042 5161.48 -1.8661 -4.3478 -1.6198 -4.1082 6.6545 16.8776 2.6238
06/11/08 222.461 4982.04 -2.4474 -3.4765 -2.2011 -3.2370 7.1250 10.4780 4.8449
07/11/08 224.833 5102.16 1.0664 2.4111 1.3127 2.6506 3.4795 7.0257 1.7232
10/11/08 231.771 5378.26 3.0856 5.4114 3.3320 5.6510 18.8288 31.9335 11.1019
11/11/08 222.622 5042.74 -3.9473 -6.2384 -3.7010 -5.9989 22.2018 35.9869 13.6972
12/11/08 217.693 4895.90 -2.2139 -2.9119 -1.9676 -2.6724 5.2580 7.1415 3.8713
14/11/08 214.824 4817.48 -1.3180 -1.6017 -1.0717 -1.3622 1.4599 1.8556 1.1486
17/11/08 211.357 4749.45 -1.6140 -1.4121 -1.3677 -1.1726 1.6038 1.3750 1.8706
18/11/08 204.805 4576.01 -3.0999 -3.6518 -2.8536 -3.4122 9.7372 11.6434 8.1430
19/11/08 203.445 4493.09 -0.6640 -1.8121 -0.4177 -1.5725 0.6568 2.4728 0.1744
20/11/08 197.965 4332.17 -2.6935 -3.5815 -2.4471 -3.3420 8.1782 11.1687 5.9884
21/11/08 201.091 4528.03 1.5788 4.5211 1.8251 4.7606 8.6885 22.6633 3.3310
24/11/08 200.582 4528.59 -0.2529 0.0124 -0.0066 0.2519 -0.0017 0.0635 0.0000
25/11/08 197.124 4435.68 -1.7238 -2.0516 -1.4775 -1.8121 2.6774 3.2837 2.1830
26/11/08 199.463 4577.81 1.1866 3.2042 1.4329 3.4438 4.9346 11.8597 2.0532
28/11/08 200.674 4600.45 0.6072 0.4946 0.8535 0.7341 0.6266 0.5389 0.7285
01/12/08 197.334 4487.56 -1.6645 -2.4539 -1.4182 -2.2143 3.1403 4.9033 2.0112
02/12/08 195.080 4443.50 -1.1423 -0.9818 -0.8960 -0.7423 0.6651 0.5510 0.8028
03/12/08 196.336 4456.31 0.6436 0.2883 0.8900 0.5278 0.4697 0.2786 0.7920
04/12/08 201.558 4682.67 2.6597 5.0795 2.9060 5.3191 15.4573 28.2926 8.4449
05/12/08 199.461 4565.56 -1.0402 -2.5009 -0.7939 -2.2614 1.7952 5.1138 0.6302
08/12/08 201.120 4656.68 0.8316 1.9958 1.0780 2.2354 2.4096 4.9968 1.1620
10/12/08 206.792 4886.95 2.8203 4.9449 3.0666 5.1845 15.8987 26.8789 9.4040
11/12/08 208.708 4894.49 0.9266 0.1543 1.1729 0.3938 0.4619 0.1551 1.3757
12/12/08 210.708 4915.48 0.9581 0.4288 1.2045 0.6684 0.8051 0.4467 1.4507
15/12/08 213.864 5013.93 1.4980 2.0029 1.7443 2.2424 3.9115 5.0284 3.0427
16/12/08 217.513 5102.59 1.7061 1.7683 1.9524 2.0078 3.9201 4.0313 3.8119
17/12/08 213.376 4960.98 -1.9016 -2.7753 -1.6553 -2.5357 4.1974 6.4298 2.7400
18/12/08 217.618 5149.66 1.9879 3.8033 2.2343 4.0428 9.0328 16.3444 4.9920
19/12/08 219.972 5181.94 1.0817 0.6268 1.3280 0.8664 1.1506 0.7506 1.7637
22/12/08 217.792 5108.12 -0.9913 -1.4246 -0.7449 -1.1850 0.8828 1.4043 0.5549
23/12/08 214.025 4976.59 -1.7294 -2.5749 -1.4830 -2.3354 3.4634 5.4540 2.1994
24/12/08 212.739 4925.05 -0.6011 -1.0356 -0.3547 -0.7961 0.2824 0.6338 0.1258
26/12/08 210.358 4817.69 -1.1190 -2.1799 -0.8726 -1.9403 1.6932 3.7649 0.7615
29/12/08 212.757 4925.28 1.1401 2.2332 1.3864 2.4728 3.4282 6.1146 1.9221
30/12/08 216.179 5016.49 1.6086 1.8519 1.8549 2.0914 3.8794 4.3740 3.4408
31/12/08 216.491 4988.04 0.1444 -0.5671 0.3907 -0.3276 -0.1280 0.1073 0.1527
01/01/09 220.862 5119.05 2.0191 2.6265 2.2654 2.8660 6.4927 8.2141 5.1320
02/01/09 223.391 5154.78 1.1447 0.6980 1.3911 0.9375 1.3042 0.8790 1.9351
05/01/09 227.025 5300.36 1.6268 2.8242 1.8731 3.0637 5.7387 9.3864 3.5086
06/01/09 226.986 5328.95 -0.0173 0.5394 0.2291 0.7789 0.1784 0.6067 0.0525
15
07/01/09 216.194 4949.66 -4.7543 -7.1175 -4.5079 -6.8780 31.0056 47.3068 20.3215
09/01/09 211.259 4844.69 -2.2826 -2.1208 -2.0363 -1.8812 3.8306 3.5389 4.1463
12/01/09 206.353 4698.66 -2.3225 -3.0142 -2.0762 -2.7747 5.7607 7.6989 4.3105
13/01/09 204.229 4661.88 -1.0293 -0.7828 -0.7830 -0.5432 0.4253 0.2951 0.6131
14/01/09 208.329 4809.38 2.0076 3.1640 2.2539 3.4035 7.6713 11.5838 5.0802
15/01/09 203.864 4648.91 -2.1432 -3.3366 -1.8968 -3.0971 5.8746 9.5918 3.5979
16/01/09 206.138 4773.78 1.1153 2.6860 1.3616 2.9255 3.9835 8.5588 1.8540
19/01/09 205.857 4785.61 -0.1361 0.2478 0.1103 0.4874 0.0537 0.2375 0.0122
20/01/09 203.921 4680.38 -0.9405 -2.1989 -0.6942 -1.9593 1.3601 3.8390 0.4819
21/01/09 199.677 4527.59 -2.0814 -3.2645 -1.8351 -3.0249 5.5509 9.1502 3.3675
22/01/09 198.131 4522.76 -0.7743 -0.1067 -0.5279 0.1329 -0.0701 0.0177 0.2787
23/01/09 195.663 4441.84 -1.2453 -1.7892 -0.9990 -1.5496 1.5480 2.4014 0.9979
27/01/09 197.950 4584.33 1.1687 3.2079 1.4150 3.4474 4.8782 11.8849 2.0023
28/01/09 199.551 4720.17 0.8087 2.9631 1.0551 3.2027 3.3790 10.2572 1.1132
29/01/09 199.769 4697.15 0.1091 -0.4877 0.3555 -0.2482 -0.0882 0.0616 0.1264
30/01/09 202.776 4790.32 1.5052 1.9835 1.7516 2.2231 3.8939 4.9421 3.0680
02/02/09 199.684 4620.37 -1.5248 -3.5478 -1.2785 -3.3082 4.2296 10.9444 1.6346
03/02/09 199.689 4641.82 0.0027 0.4642 0.2490 0.7038 0.1753 0.4953 0.0620
04/02/09 199.706 4662.82 0.0085 0.4524 0.2548 0.6920 0.1763 0.4788 0.0649
05/02/09 197.819 4619.60 -0.9449 -0.9269 -0.6986 -0.6874 0.4802 0.4725 0.4880
06/02/09 200.409 4719.80 1.3094 2.1690 1.5557 2.4086 3.7470 5.8012 2.4202
09/02/09 203.615 4854.15 1.5993 2.8465 1.8456 3.0861 5.6957 9.5238 3.4063
10/02/09 205.270 4889.29 0.8129 0.7239 1.0592 0.9635 1.0205 0.9283 1.1219
11/02/09 205.518 4878.29 0.1211 -0.2250 0.3674 0.0146 0.0054 0.0002 0.1350
12/02/09 204.712 4817.62 -0.3922 -1.2437 -0.1459 -1.0041 0.1465 1.0083 0.0213
13/02/09 207.065 4900.74 1.1495 1.7253 1.3958 1.9649 2.7427 3.8607 1.9484
16/02/09 202.436 4732.85 -2.2356 -3.4258 -1.9892 -3.1863 6.3383 10.1523 3.9571
17/02/09 198.190 4600.09 -2.0975 -2.8051 -1.8511 -2.5655 4.7491 6.5820 3.4267
18/02/09 197.944 4593.72 -0.1244 -0.1385 0.1220 0.1011 0.0123 0.0102 0.0149
19/02/09 197.418 4603.38 -0.2654 0.2103 -0.0190 0.4498 -0.0086 0.2023 0.0004
20/02/09 194.394 4506.25 -1.5318 -2.1100 -1.2854 -1.8704 2.4043 3.4985 1.6524
24/02/09 193.034 4484.30 -0.6997 -0.4871 -0.4533 -0.2476 0.1122 0.0613 0.2055
25/02/09 194.497 4520.42 0.7575 0.8055 1.0039 1.0450 1.0491 1.0921 1.0077
26/02/09 194.335 4537.14 -0.0830 0.3699 0.1633 0.6094 0.0995 0.3714 0.0267
27/02/09 194.138 4516.38 -0.1015 -0.4576 0.1449 -0.2180 -0.0316 0.0475 0.0210
-58.8726 -57.2510 1304.793 2122.547 939.319
Kj = Km = 5.4594 8.8810 3.9302
-0.2463 -0.2395 Cov(Kj, Km)= Var(Km)=
5.4594 8.8810
16
Data source : 1. www.amfiindia.com 2. www.bseindia.com
Beta (β) of the fund for the last one year = (5.4594/8.8810) = 0.61.Beta value of 0.61 means that the fund is less risky than its benchmark index and if the return of the benchmark index rose by 10%, the return of the fund would have rose by 6.1%.
Alpha () of the fund for the last one year = -0.2463-(0.61*(-0.2395)) = -0.10.Alpha value of -0.10 implies that the fund return has underperformed the benchmark index by 0.10% over the last one year.
Standard Deviation (σ) of the fund for the last one year = sqrt( 3.9302 ) = 1.9824.Standard Deviation of 1.9824 means the variability of returns or the risk factor is the fund is 1.9824% during the Period.
17
HDFC Equity Fund - Growth
DATEHDFC Equity
Fund-Growth(NAV)
Benchmark Index(S&P CNX 500)
value
% change
in NAV=kj
% change in
Benchmark Index=km
(Kj-kj) (km-km)(kj-kj) (km-km)
(km-km)2 (Kj-kj)2
03/03/08 180.716 4138.95
04/03/08 176.827 4045.30 -2.1520 -2.2627 -1.9222 -2.0146 3.8724 4.0586 3.6947
05/03/08 178.118 4065.65 0.7301 0.5031 0.9599 0.7511 0.7210 0.5642 0.9214
07/03/08 173.180 3922.50 -2.7723 -3.5210 -2.5425 -3.2729 8.3213 10.7119 6.4643
10/03/08 171.579 3927.90 -0.9245 0.1377 -0.6946 0.3857 -0.2679 0.1488 0.4825
11/03/08 175.113 4024.40 2.0597 2.4568 2.2895 2.7048 6.1928 7.3162 5.2419
12/03/08 172.954 4010.15 -1.2329 -0.3541 -1.0031 -0.1060 0.1064 0.0112 1.0062
13/03/08 165.452 3785.10 -4.3376 -5.6120 -4.1077 -5.3639 22.0337 28.7719 16.8736
14/03/08 167.990 3868.65 1.5340 2.2073 1.7638 2.4554 4.3308 6.0290 3.1110
17/03/08 158.401 3642.35 -5.7081 -5.8496 -5.4783 -5.6015 30.6866 31.3771 30.0113
18/03/08 158.694 3642.80 0.1850 0.0124 0.4148 0.2604 0.1080 0.0678 0.1721
19/03/08 157.980 3657.80 -0.4499 0.4118 -0.2201 0.6598 -0.1452 0.4354 0.0484
24/03/08 158.076 3656.45 0.0608 -0.0369 0.2906 0.2112 0.0614 0.0446 0.0844
25/03/08 166.059 3879.75 5.0501 6.1070 5.2799 6.3551 33.5543 40.3870 27.8776
26/03/08 165.856 3867.25 -0.1222 -0.3222 0.1076 -0.0741 -0.0080 0.0055 0.0116
27/03/08 166.306 3862.25 0.2713 -0.1293 0.5011 0.1188 0.0595 0.0141 0.2511
28/03/08 171.142 3971.15 2.9079 2.8196 3.1377 3.0677 9.6255 9.4106 9.8453
31/03/08 165.788 3825.85 -3.1284 -3.6589 -2.8986 -3.4108 9.8865 11.6337 8.4017
01/04/08 164.836 3817.45 -0.5742 -0.2196 -0.3444 0.0285 -0.0098 0.0008 0.1186
02/04/08 166.407 3835.50 0.9531 0.4728 1.1829 0.7209 0.8527 0.5197 1.3992
03/04/08 166.063 3840.30 -0.2067 0.1251 0.0231 0.3732 0.0086 0.1393 0.0005
04/04/08 162.910 3747.95 -1.8987 -2.4048 -1.6689 -2.1567 3.5992 4.6513 2.7851
07/04/08 166.701 3830.50 2.3271 2.2025 2.5569 2.4506 6.2659 6.0054 6.5376
08/04/08 165.544 3807.10 -0.6941 -0.6109 -0.4642 -0.3628 0.1684 0.1316 0.2155
09/04/08 167.519 3844.40 1.1930 0.9797 1.4229 1.2278 1.7470 1.5075 2.0245
10/04/08 166.001 3830.75 -0.9062 -0.3551 -0.6763 -0.1070 0.0724 0.0114 0.4574
11/04/08 167.296 3861.70 0.7801 0.8079 1.0099 1.0560 1.0665 1.1151 1.0200
15/04/08 169.105 3938.00 1.0813 1.9758 1.3111 2.2239 2.9158 4.9456 1.7191
16/04/08 168.950 3959.75 -0.0917 0.5523 0.1382 0.8004 0.1106 0.6406 0.0191
17/04/08 170.901 4027.90 1.1548 1.7211 1.3846 1.9691 2.7265 3.8775 1.9171
18
21/04/08 173.953 4099.75 1.7858 1.7838 2.0157 2.0319 4.0955 4.1285 4.0629
22/04/08 175.429 4120.85 0.8485 0.5147 1.0783 0.7627 0.8225 0.5818 1.1628
23/04/08 174.594 4105.25 -0.4760 -0.3786 -0.2462 -0.1305 0.0321 0.0170 0.0606
24/04/08 173.582 4083.60 -0.5796 -0.5274 -0.3498 -0.2793 0.0977 0.0780 0.1224
25/04/08 176.074 4162.55 1.4356 1.9333 1.6655 2.1814 3.6330 4.7585 2.7737
28/04/08 175.809 4156.90 -0.1505 -0.1357 0.0793 0.1123 0.0089 0.0126 0.0063
29/04/08 177.937 4233.25 1.2104 1.8367 1.4402 2.0848 3.0025 4.3463 2.0743
30/04/08 178.191 4222.10 0.1427 -0.2634 0.3726 -0.0153 -0.0057 0.0002 0.1388
02/05/08 180.490 4280.40 1.2902 1.3808 1.5200 1.6289 2.4759 2.6533 2.3104
05/05/08 179.900 4267.85 -0.3269 -0.2932 -0.0971 -0.0451 0.0044 0.0020 0.0094
06/05/08 178.860 4217.50 -0.5781 -1.1798 -0.3483 -0.9317 0.3245 0.8680 0.1213
07/05/08 178.520 4198.60 -0.1901 -0.4481 0.0397 -0.2001 -0.0079 0.0400 0.0016
08/05/08 176.945 4152.30 -0.8823 -1.1027 -0.6524 -0.8547 0.5576 0.7305 0.4257
09/05/08 173.891 4064.10 -1.7260 -2.1241 -1.4961 -1.8761 2.8068 3.5196 2.2384
12/05/08 173.294 4066.30 -0.3433 0.0541 -0.1135 0.3022 -0.0343 0.0913 0.0129
13/05/08 173.688 4041.50 0.2274 -0.6099 0.4572 -0.3618 -0.1654 0.1309 0.2090
14/05/08 174.667 4081.30 0.5637 0.9848 0.7935 1.2328 0.9782 1.5199 0.6296
15/05/08 176.758 4159.30 1.1971 1.9112 1.4270 2.1592 3.0811 4.6622 2.0362
16/05/08 177.607 4198.10 0.4803 0.9328 0.7101 1.1809 0.8386 1.3946 0.5043
20/05/08 175.550 4158.90 -1.1582 -0.9338 -0.9284 -0.6857 0.6366 0.4702 0.8618
21/05/08 176.153 4174.60 0.3435 0.3775 0.5733 0.6256 0.3586 0.3913 0.3287
22/05/08 174.335 4099.85 -1.0321 -1.7906 -0.8022 -1.5425 1.2375 2.3794 0.6436
23/05/08 172.351 4037.35 -1.1380 -1.5244 -0.9082 -1.2764 1.1592 1.6292 0.8249
26/05/08 169.499 3962.50 -1.6548 -1.8539 -1.4249 -1.6059 2.2883 2.5788 2.0305
27/05/08 168.490 3944.20 -0.5953 -0.4618 -0.3655 -0.2138 0.0781 0.0457 0.1336
28/05/08 169.826 3991.50 0.7929 1.1992 1.0227 1.4473 1.4802 2.0947 1.0460
29/05/08 168.547 3939.40 -0.7531 -1.3053 -0.5233 -1.0572 0.5532 1.1177 0.2738
30/05/08 169.605 3959.65 0.6277 0.5140 0.8575 0.7621 0.6535 0.5808 0.7354
02/06/08 167.237 3853.55 -1.3962 -2.6795 -1.1664 -2.4315 2.8360 5.9120 1.3604
03/06/08 166.135 3831.65 -0.6589 -0.5683 -0.4291 -0.3202 0.1374 0.1026 0.1841
04/06/08 163.042 3719.40 -1.8617 -2.9295 -1.6319 -2.6815 4.3760 7.1904 2.6631
05/06/08 165.631 3774.60 1.5879 1.4841 1.8178 1.7322 3.1487 3.0004 3.3042
06/06/08 164.195 3730.50 -0.8670 -1.1683 -0.6372 -0.9203 0.5864 0.8469 0.4060
09/06/08 160.423 3611.80 -2.2973 -3.1819 -2.0674 -2.9338 6.0655 8.6073 4.2743
10/06/08 158.615 3570.60 -1.1270 -1.1407 -0.8972 -0.8926 0.8009 0.7968 0.8050
11/06/08 160.223 3632.35 1.0138 1.7294 1.2436 1.9775 2.4592 3.9104 1.5465
12/06/08 161.286 3645.60 0.6635 0.3648 0.8933 0.6128 0.5474 0.3756 0.7979
13/06/08 162.104 3634.80 0.5072 -0.2962 0.7370 -0.0482 -0.0355 0.0023 0.5432
16/06/08 163.783 3679.75 1.0358 1.2367 1.2656 1.4847 1.8790 2.2044 1.6017
17/06/08 166.740 3753.55 1.8054 2.0056 2.0353 2.2536 4.5867 5.0789 4.1423
18/06/08 164.237 3701.20 -1.5011 -1.3947 -1.2713 -1.1466 1.4577 1.3147 1.6162
19/06/08 160.870 3633.45 -2.0501 -1.8305 -1.8203 -1.5824 2.8804 2.5041 3.3134
20/06/08 156.166 3510.95 -2.9241 -3.3715 -2.6943 -3.1234 8.4153 9.7556 7.2591
19
23/06/08 151.510 3416.60 -2.9814 -2.6873 -2.7516 -2.4392 6.7119 5.9499 7.5714
24/06/08 149.131 3359.05 -1.5702 -1.6844 -1.3404 -1.4364 1.9253 2.0631 1.7966
25/06/08 150.011 3401.05 0.5901 1.2504 0.8199 1.4984 1.2286 2.2452 0.6722
26/06/08 150.213 3431.00 0.1347 0.8806 0.3645 1.1287 0.4114 1.2739 0.1328
27/06/08 145.710 3293.65 -2.9977 -4.0032 -2.7679 -3.7551 10.3939 14.1011 7.6614
30/06/08 143.171 3203.35 -1.7425 -2.7416 -1.5127 -2.4936 3.7720 6.2179 2.2882
01/07/08 138.421 3075.80 -3.3177 -3.9818 -3.0879 -3.7337 11.5293 13.9406 9.5351
02/07/08 142.032 3225.00 2.6087 4.8508 2.8385 5.0988 14.4732 25.9981 8.0573
03/07/08 138.729 3098.70 -2.3255 -3.9163 -2.0957 -3.6682 7.6875 13.4558 4.3920
04/07/08 141.985 3178.15 2.3470 2.5640 2.5768 2.8120 7.2462 7.9076 6.6401
07/07/08 143.741 3207.80 1.2368 0.9329 1.4666 1.1810 1.7320 1.3947 2.1508
08/07/08 143.088 3186.00 -0.4543 -0.6796 -0.2245 -0.4315 0.0969 0.1862 0.0504
09/07/08 146.957 3321.40 2.7039 4.2498 2.9338 4.4979 13.1957 20.2312 8.6069
10/07/08 146.887 3323.65 -0.0476 0.0677 0.1822 0.3158 0.0575 0.0997 0.0332
11/07/08 142.817 3232.20 -2.7708 -2.7515 -2.5410 -2.5034 6.3613 6.2672 6.4568
14/07/08 142.579 3222.80 -0.1666 -0.2908 0.0632 -0.0428 -0.0027 0.0018 0.0040
15/07/08 136.769 3085.50 -4.0749 -4.2603 -3.8451 -4.0122 15.4274 16.0978 14.7849
16/07/08 135.004 3049.85 -1.2905 -1.1554 -1.0607 -0.9073 0.9624 0.8233 1.1250
17/07/08 138.651 3146.15 2.7014 3.1575 2.9312 3.4056 9.9826 11.5981 8.5921
18/07/08 142.759 3248.05 2.9628 3.2389 3.1927 3.4869 11.1326 12.1588 10.1931
21/07/08 144.834 3289.80 1.4535 1.2854 1.6833 1.5334 2.5813 2.3515 2.8336
22/07/08 147.332 3355.90 1.7247 2.0092 1.9546 2.2573 4.4120 5.0954 3.8203
23/07/08 156.476 3550.80 6.2064 5.8077 6.4362 6.0557 38.9761 36.6720 41.4249
24/07/08 155.496 3524.50 -0.6263 -0.7407 -0.3965 -0.4926 0.1953 0.2427 0.1572
25/07/08 152.640 3452.45 -1.8367 -2.0443 -1.6069 -1.7962 2.8863 3.2263 2.5821
28/07/08 152.590 3469.40 -0.0328 0.4910 0.1971 0.7390 0.1456 0.5461 0.0388
29/07/08 146.859 3350.45 -3.7558 -3.4285 -3.5260 -3.1805 11.2144 10.1155 12.4326
30/07/08 150.925 3449.75 2.7686 2.9638 2.9985 3.2118 9.6306 10.3159 8.9908
31/07/08 151.715 3456.70 0.5234 0.2015 0.7533 0.4495 0.3386 0.2021 0.5674
01/08/08 154.555 3524.25 1.8719 1.9542 2.1018 2.2022 4.6286 4.8499 4.4174
04/08/08 155.452 3531.15 0.5804 0.1958 0.8102 0.4438 0.3596 0.1970 0.6564
05/08/08 159.417 3615.90 2.5506 2.4001 2.7804 2.6481 7.3630 7.0126 7.7309
06/08/08 158.793 3618.60 -0.3914 0.0747 -0.1616 0.3227 -0.0522 0.1042 0.0261
07/08/08 159.216 3625.70 0.2664 0.1962 0.4962 0.4443 0.2205 0.1974 0.2462
08/08/08 160.615 3635.00 0.8787 0.2565 1.1085 0.5046 0.5593 0.2546 1.2288
11/08/08 164.529 3707.80 2.4369 2.0028 2.6667 2.2508 6.0023 5.0662 7.1113
12/08/08 162.934 3656.10 -0.9694 -1.3944 -0.7396 -1.1463 0.8478 1.3140 0.5470
13/08/08 162.098 3637.70 -0.5131 -0.5033 -0.2833 -0.2552 0.0723 0.0651 0.0802
14/08/08 157.495 3551.30 -2.8396 -2.3751 -2.6098 -2.1271 5.5513 4.5244 6.8111
18/08/08 156.766 3519.30 -0.4629 -0.9011 -0.2330 -0.6530 0.1522 0.4264 0.0543
19/08/08 156.788 3500.75 0.0140 -0.5271 0.2439 -0.2790 -0.0680 0.0779 0.0595
20/08/08 157.690 3536.90 0.5753 1.0326 0.8051 1.2807 1.0311 1.6402 0.6482
21/08/08 153.910 3434.00 -2.3971 -2.9093 -2.1673 -2.6613 5.7677 7.0823 4.6971
20
22/08/08 153.999 3459.75 0.0578 0.7499 0.2876 0.9979 0.2870 0.9958 0.0827
25/08/08 155.125 3467.40 0.7312 0.2211 0.9610 0.4692 0.4509 0.2201 0.9235
26/08/08 155.663 3468.90 0.3468 0.0433 0.5766 0.2913 0.1680 0.0849 0.3325
27/08/08 155.378 3435.25 -0.1831 -0.9700 0.0467 -0.7220 -0.0337 0.5213 0.0022
28/08/08 153.871 3376.80 -0.9699 -1.7015 -0.7401 -1.4534 1.0756 2.1124 0.5477
29/08/08 158.924 3489.05 3.2839 3.3242 3.5137 3.5722 12.5518 12.7607 12.3464
01/09/08 159.231 3481.55 0.1932 -0.2150 0.4230 0.0331 0.0140 0.0011 0.1789
02/09/08 163.971 3599.70 2.9768 3.3936 3.2066 3.6417 11.6775 13.2617 10.2825
04/09/08 163.496 3562.70 -0.2897 -1.0279 -0.0599 -0.7798 0.0467 0.6081 0.0036
05/09/08 160.838 3489.35 -1.6257 -2.0588 -1.3959 -1.8108 2.5277 3.2789 1.9486
08/09/08 164.393 3575.05 2.2103 2.4560 2.4401 2.7041 6.5983 7.3122 5.9542
09/09/08 163.354 3560.50 -0.6320 -0.4070 -0.4022 -0.1589 0.0639 0.0253 0.1618
10/09/08 162.468 3507.40 -0.5424 -1.4914 -0.3126 -1.2433 0.3886 1.5458 0.0977
11/09/08 159.640 3433.10 -1.7407 -2.1184 -1.5108 -1.8703 2.8257 3.4981 2.2826
12/09/08 157.807 3377.90 -1.1482 -1.6079 -0.9184 -1.3598 1.2488 1.8491 0.8434
15/09/08 153.110 3243.60 -2.9764 -3.9758 -2.7466 -3.7278 10.2387 13.8964 7.5438
16/09/08 151.972 3229.10 -0.7433 -0.4470 -0.5134 -0.1990 0.1022 0.0396 0.2636
17/09/08 149.594 3169.00 -1.5648 -1.8612 -1.3349 -1.6131 2.1534 2.6022 1.7821
18/09/08 151.084 3169.75 0.9960 0.0237 1.2259 0.2717 0.3331 0.0738 1.5027
19/09/08 156.391 3314.35 3.5126 4.5619 3.7424 4.8099 18.0009 23.1355 14.0058
22/09/08 154.837 3301.15 -0.9937 -0.3983 -0.7638 -0.1502 0.1147 0.0226 0.5835
23/09/08 151.471 3234.00 -2.1739 -2.0341 -1.9441 -1.7861 3.4723 3.1901 3.7794
24/09/08 152.168 3255.95 0.4602 0.6787 0.6900 0.9268 0.6395 0.8589 0.4761
25/09/08 151.533 3221.70 -0.4173 -1.0519 -0.1875 -0.8039 0.1507 0.6462 0.0351
26/09/08 147.139 3123.75 -2.8997 -3.0403 -2.6699 -2.7923 7.4550 7.7967 7.1282
29/09/08 142.202 3007.90 -3.3553 -3.7087 -3.1255 -3.4606 10.8162 11.9759 9.7688
30/09/08 145.721 3058.60 2.4746 1.6856 2.7045 1.9336 5.2294 3.7389 7.3142
01/10/08 147.099 3082.80 0.9456 0.7912 1.1755 1.0393 1.2216 1.0801 1.3817
03/10/08 143.085 2984.30 -2.7288 -3.1951 -2.4990 -2.9471 7.3646 8.6853 6.2448
06/10/08 135.291 2809.35 -5.4471 -5.8623 -5.2173 -5.6143 29.2913 31.5202 27.2201
07/10/08 133.252 2790.90 -1.5071 -0.6567 -1.2773 -0.4087 0.5220 0.1670 1.6315
08/10/08 127.699 2693.90 -4.1673 -3.4756 -3.9375 -3.2275 12.7083 10.4169 15.5037
10/10/08 117.698 2507.55 -7.8317 -6.9175 -7.6019 -6.6694 50.7001 44.4811 57.7885
13/10/08 124.727 2654.35 5.9721 5.8543 6.2019 6.1024 37.8463 37.2391 38.4634
14/10/08 127.608 2685.05 2.3098 1.1566 2.5397 1.4047 3.5674 1.9731 6.4499
15/10/08 121.988 2553.30 -4.4041 -4.9068 -4.1743 -4.6587 19.4469 21.7038 17.4247
16/10/08 120.820 2514.70 -0.9575 -1.5118 -0.7276 -1.2637 0.9195 1.5970 0.5295
17/10/08 116.152 2386.45 -3.8636 -5.1000 -3.6338 -4.8519 17.6309 23.5414 13.2043
20/10/08 117.548 2409.90 1.2019 0.9826 1.4317 1.2307 1.7620 1.5146 2.0498
21/10/08 121.731 2491.45 3.5585 3.3840 3.7884 3.6320 13.7594 13.1916 14.3517
22/10/08 116.580 2378.20 -4.2315 -4.5455 -4.0016 -4.2975 17.1970 18.4684 16.0131
23/10/08 114.014 2285.40 -2.2011 -3.9021 -1.9712 -3.6540 7.2030 13.3521 3.8858
24/10/08 105.290 2035.25 -7.6517 -10.9456 -7.4219 -10.697 79.3955 114.4366 55.0841
21
27/10/08 100.668 1973.70 -4.3898 -3.0242 -4.1600 -2.7761 11.5486 7.7069 17.3052
29/10/08 105.630 2098.50 4.9291 6.3231 5.1589 6.5712 33.9002 43.1808 26.6142
31/10/08 110.322 2225.70 4.4419 6.0615 4.6717 6.3095 29.4765 39.8102 21.8252
03/11/08 114.164 2341.00 3.4825 5.1804 3.7124 5.4285 20.1524 29.4681 13.7816
04/11/08 117.064 2421.25 2.5402 3.4280 2.7700 3.6761 10.1829 13.5136 7.6731
05/11/08 115.266 2329.85 -1.5359 -3.7749 -1.3061 -3.5268 4.6064 12.4387 1.7059
06/11/08 111.224 2257.05 -3.5067 -3.1247 -3.2768 -2.8766 9.4262 8.2748 10.7377
07/11/08 113.067 2312.25 1.6570 2.4457 1.8868 2.6937 5.0826 7.2562 3.5602
10/11/08 117.671 2438.10 4.0719 5.4428 4.3017 5.6908 24.4804 32.3853 18.5050
11/11/08 111.912 2302.40 -4.8942 -5.5658 -4.6643 -5.3177 24.8037 28.2784 21.7560
12/11/08 109.055 2239.30 -2.5529 -2.7406 -2.3231 -2.4926 5.7904 6.2128 5.3967
14/11/08 106.605 2203.55 -2.2466 -1.5965 -2.0167 -1.3484 2.7194 1.8182 4.0673
17/11/08 104.805 2176.30 -1.6885 -1.2366 -1.4587 -0.9886 1.4420 0.9773 2.1277
18/11/08 101.353 2094.25 -3.2937 -3.7702 -3.0639 -3.5221 10.7914 12.4052 9.3876
19/11/08 100.081 2055.20 -1.2550 -1.8646 -1.0252 -1.6166 1.6573 2.6133 1.0510
20/11/08 97.093 1988.45 -2.9856 -3.2479 -2.7558 -2.9998 8.2667 8.9988 7.5942
21/11/08 100.205 2067.20 3.2052 3.9604 3.4350 4.2084 14.4560 17.7109 11.7992
24/11/08 99.886 2075.05 -0.3183 0.3797 -0.0885 0.6278 -0.0556 0.3941 0.0078
25/11/08 98.382 2040.40 -1.5057 -1.6698 -1.2759 -1.4218 1.8140 2.0215 1.6279
26/11/08 101.025 2090.75 2.6865 2.4677 2.9163 2.7157 7.9198 7.3751 8.5047
28/11/08 101.808 2093.10 0.7751 0.1124 1.0049 0.3605 0.3622 0.1299 1.0098
01/12/08 99.637 2048.40 -2.1324 -2.1356 -1.9026 -1.8875 3.5912 3.5628 3.6200
02/12/08 98.352 2029.40 -1.2897 -0.9276 -1.0599 -0.6795 0.7202 0.4617 1.1233
03/12/08 99.333 2040.60 0.9974 0.5519 1.2273 0.7999 0.9817 0.6399 1.5062
04/12/08 103.933 2132.65 4.6309 4.5109 4.8607 4.7590 23.1321 22.6480 23.6265
05/12/08 101.725 2083.10 -2.1244 -2.3234 -1.8946 -2.0753 3.9320 4.3070 3.5896
08/12/08 103.109 2121.65 1.3605 1.8506 1.5904 2.0987 3.3376 4.4044 2.5292
10/12/08 106.556 2214.60 3.3431 4.3810 3.5729 4.6291 16.5392 21.4284 12.7655
11/12/08 107.137 2222.35 0.5453 0.3500 0.7751 0.5980 0.4635 0.3576 0.6007
12/12/08 107.919 2230.25 0.7299 0.3555 0.9597 0.6035 0.5792 0.3643 0.9211
15/12/08 109.714 2282.35 1.6633 2.3361 1.8931 2.5841 4.8920 6.6777 3.5839
16/12/08 111.687 2336.85 1.7983 2.3879 2.0281 2.6360 5.3461 6.9482 4.1133
17/12/08 110.109 2268.40 -1.4129 -2.9292 -1.1831 -2.6811 3.1719 7.1883 1.3996
18/12/08 113.699 2347.35 3.2604 3.4804 3.4902 3.7285 13.0133 13.9016 12.1817
19/12/08 115.441 2370.35 1.5321 0.9798 1.7619 1.2279 2.1635 1.5077 3.1044
22/12/08 113.740 2343.30 -1.4735 -1.1412 -1.2437 -0.8931 1.1107 0.7977 1.5467
23/12/08 110.652 2286.10 -2.7150 -2.4410 -2.4851 -2.1929 5.4498 4.8090 6.1759
24/12/08 110.828 2255.10 0.1591 -1.3560 0.3889 -1.1080 -0.4309 1.2276 0.1512
26/12/08 108.624 2212.50 -1.9887 -1.8891 -1.7588 -1.6410 2.8862 2.6928 3.0935
29/12/08 110.168 2258.85 1.4214 2.0949 1.6512 2.3430 3.8688 5.4895 2.7266
30/12/08 112.193 2304.40 1.8381 2.0165 2.0679 2.2646 4.6830 5.1283 4.2763
31/12/08 112.377 2295.75 0.1640 -0.3754 0.3938 -0.1273 -0.0501 0.0162 0.1551
01/01/09 114.522 2361.20 1.9088 2.8509 2.1386 3.0990 6.6274 9.6037 4.5735
22
02/01/09 115.883 2380.40 1.1884 0.8131 1.4182 1.0612 1.5050 1.1262 2.0114
05/01/09 117.729 2433.50 1.5930 2.2307 1.8228 2.4788 4.5183 6.1443 3.3226
06/01/09 117.808 2431.25 0.0671 -0.0925 0.2969 0.1556 0.0462 0.0242 0.0882
07/01/09 110.171 2271.40 -6.4826 -6.5748 -6.2528 -6.3267 39.5596 40.0277 39.0970
09/01/09 108.470 2225.45 -1.5440 -2.0230 -1.3141 -1.7749 2.3325 3.1503 1.7270
12/01/09 106.003 2160.25 -2.2744 -2.9297 -2.0445 -2.6817 5.4828 7.1914 4.1801
13/01/09 106.043 2136.60 0.0377 -1.0948 0.2676 -0.8467 -0.2265 0.7169 0.0716
14/01/09 108.141 2200.65 1.9784 2.9978 2.2083 3.2458 7.1676 10.5353 4.8764
15/01/09 105.149 2133.30 -2.7668 -3.0605 -2.5369 -2.8124 7.1349 7.9096 6.4360
16/01/09 105.748 2189.45 0.5697 2.6321 0.7995 2.8801 2.3026 8.2952 0.6392
19/01/09 105.929 2204.30 0.1712 0.6783 0.4010 0.9263 0.3714 0.8581 0.1608
20/01/09 104.304 2173.35 -1.5340 -1.4041 -1.3042 -1.1560 1.5077 1.3364 1.7010
21/01/09 102.011 2110.85 -2.1984 -2.8757 -1.9686 -2.6277 5.1727 6.9047 3.8752
22/01/09 100.258 2105.40 -1.7184 -0.2582 -1.4886 -0.0101 0.0151 0.0001 2.2160
23/01/09 98.051 2072.85 -2.2013 -1.5460 -1.9715 -1.2980 2.5589 1.6847 3.8868
27/01/09 100.247 2129.45 2.2397 2.7305 2.4695 2.9786 7.3556 8.8721 6.0983
28/01/09 102.376 2188.35 2.1238 2.7660 2.3536 3.0140 7.0938 9.0844 5.5393
29/01/09 102.694 2171.90 0.3106 -0.7517 0.5404 -0.5036 -0.2722 0.2537 0.2921
30/01/09 103.754 2209.05 1.0322 1.7105 1.2620 1.9585 2.4717 3.8359 1.5927
02/02/09 101.243 2138.80 -2.4201 -3.1801 -2.1903 -2.9320 6.4221 8.5968 4.7975
03/02/09 101.297 2142.60 0.0533 0.1777 0.2832 0.4257 0.1206 0.1812 0.0802
04/02/09 101.205 2153.25 -0.0908 0.4971 0.1390 0.7451 0.1036 0.5552 0.0193
05/02/09 100.433 2136.55 -0.7628 -0.7756 -0.5330 -0.5275 0.2812 0.2783 0.2841
06/02/09 102.753 2180.70 2.3100 2.0664 2.5398 2.3145 5.8784 5.3568 6.4507
09/02/09 105.509 2237.25 2.6822 2.5932 2.9120 2.8413 8.2737 8.0728 8.4796
10/02/09 106.971 2248.90 1.3857 0.5207 1.6155 0.7688 1.2420 0.5910 2.6098
11/02/09 106.725 2244.25 -0.2300 -0.2068 -0.0001 0.0413 0.0000 0.0017 0.0000
12/02/09 105.808 2225.80 -0.8592 -0.8221 -0.6294 -0.5740 0.3613 0.3295 0.3961
13/02/09 107.727 2264.30 1.8137 1.7297 2.0435 1.9778 4.0416 3.9116 4.1758
16/02/09 104.665 2193.30 -2.8424 -3.1356 -2.6125 -2.8876 7.5439 8.3380 6.8254
17/02/09 101.379 2137.35 -3.1395 -2.5510 -2.9097 -2.3029 6.7008 5.3033 8.4665
18/02/09 100.689 2138.85 -0.6806 0.0702 -0.4508 0.3182 -0.1435 0.1013 0.2032
19/02/09 100.737 2145.85 0.0477 0.3273 0.2775 0.5753 0.1597 0.3310 0.0770
20/02/09 98.667 2106.10 -2.0549 -1.8524 -1.8250 -1.6044 2.9280 2.5739 3.3307
24/02/09 97.293 2095.90 -1.3926 -0.4843 -1.1627 -0.2362 0.2747 0.0558 1.3520
25/02/09 97.936 2113.10 0.6609 0.8206 0.8907 1.0687 0.9519 1.1421 0.7934
26/02/09 98.035 2122.40 0.1011 0.4401 0.3309 0.6882 0.2277 0.4736 0.1095
27/02/09 98.163 2112.85 0.1306 -0.4500 0.3604 -0.2019 -0.0728 0.0408 0.1299
-54.927 -59.2868 1322.2932 1561.2898 1197.4084
Kj = Km = 5.5326 6.5326 5.0101 -0.2298 -0.2481 Cov(Kj, Km)= Var(Km)=
5.5326 6.5326Data source : 1. www.amfiindia.com 2. www.nse-india.com
23
Beta (β) of the fund for the last one year = (5.5326/6.5326) = 0.85.Beta value of 0.85 means that the fund is less risky than its benchmark index and if the return of the benchmark index rose by 10%, the return of the fund would have rose by 8.5%.
Alpha () of the fund for the last one year = -0.2298-(0.85*(-0.2481)) = -0.020.Alpha value of -0.020 implies that the fund return has underperformed the benchmark index by 0.020% over the last one year.
Standard Deviation (σ) of the fund for the last one year = sqrt( 5.0101 ) = 2.2383.Standard Deviation of 2.2383 means the variability of returns or the risk factor is the fund is 2.2383% during the Period.
24
Fidelity Equity Fund – Growth
DATEFidelity
Equity Fund- Growth(NAV)
Benchmark Index(BSE 200) value
% change
in NAV=kj
% change in
Benchmark Index=km
(Kj-kj) (km-km)(kj-kj)
(km-km)(km-km)2 (kj-kj)2
03/03/08 26.144 2104.17
04/03/08 25.654 2057.25 -1.8742 -2.2299 -1.6683 -1.9732 3.2918 3.8935 2.7831
05/03/08 25.706 2066.52 0.2027 0.4506 0.4087 0.7073 0.2890 0.5002 0.1670
07/03/08 24.782 1988.14 -3.5945 -3.7928 -3.3885 -3.5362 11.9825 12.5047 11.4821
10/03/08 24.588 1986.91 -0.7828 -0.0619 -0.5769 0.1948 -0.1124 0.0379 0.3328
11/03/08 25.059 2028.98 1.9156 2.1174 2.1215 2.3740 5.0366 5.6360 4.5009
12/03/08 24.939 2027.33 -0.4789 -0.0813 -0.2729 0.1753 -0.0478 0.0307 0.0745
13/03/08 23.860 1916.03 -4.3266 -5.4900 -4.1206 -5.2333 21.5644 27.3876 16.9793
14/03/08 24.230 1962.76 1.5507 2.4389 1.7567 2.6956 4.7352 7.2660 3.0859
17/03/08 22.854 1838.26 -5.6789 -6.3431 -5.4729 -6.0865 33.3108 37.0449 29.9531
18/03/08 22.777 1833.31 -0.3369 -0.2693 -0.1310 -0.0126 0.0017 0.0002 0.0171
19/03/08 22.921 1843.03 0.6322 0.5302 0.8382 0.7868 0.6595 0.6191 0.7026
24/03/08 22.971 1853.28 0.2181 0.5561 0.4241 0.8128 0.3447 0.6607 0.1799
25/03/08 24.247 1968.36 5.5548 6.2095 5.7608 6.4662 37.2504 41.8116 33.1868
26/03/08 24.263 1963.92 0.0660 -0.2256 0.2720 0.0311 0.0085 0.0010 0.0740
27/03/08 24.086 1958.16 -0.7295 -0.2933 -0.5235 -0.0366 0.0192 0.0013 0.2741
28/03/08 24.793 2012.69 2.9353 2.7848 3.1413 3.0414 9.5539 9.2502 9.8677
31/03/08 24.146 1932.41 -2.6096 -3.9887 -2.4036 -3.7320 8.9705 13.9281 5.7775
01/04/08 23.873 1929.87 -1.1306 -0.1314 -0.9247 0.1252 -0.1158 0.0157 0.8550
02/04/08 24.028 1943.54 0.6493 0.7083 0.8552 0.9650 0.8253 0.9312 0.7314
03/04/08 24.025 1950.17 -0.0125 0.3411 0.1935 0.5978 0.1157 0.3574 0.0374
04/04/08 23.383 1898.59 -2.6722 -2.6449 -2.4662 -2.3882 5.8900 5.7037 6.0824
07/04/08 23.895 1945.64 2.1896 2.4782 2.3956 2.7348 6.5515 7.4792 5.7389
08/04/08 23.842 1931.00 -0.2218 -0.7525 -0.0158 -0.4958 0.0079 0.2458 0.0003
09/04/08 24.164 1955.24 1.3506 1.2553 1.5565 1.5120 2.3534 2.2860 2.4228
10/04/08 24.023 1948.02 -0.5835 -0.3693 -0.3775 -0.1126 0.0425 0.0127 0.1425
11/04/08 24.146 1964.03 0.5120 0.8219 0.7180 1.0785 0.7744 1.1632 0.5155
15/04/08 24.538 2003.97 1.6235 2.0336 1.8294 2.2902 4.1898 5.2452 3.3468
16/04/08 24.730 2017.16 0.7825 0.6582 0.9884 0.9149 0.9043 0.8370 0.9770
17/04/08 25.085 2051.87 1.4355 1.7207 1.6415 1.9774 3.2458 3.9101 2.6944
21/04/08 25.516 2088.30 1.7182 1.7755 1.9241 2.0321 3.9100 4.1295 3.7023
25
22/04/08 25.531 2101.03 0.0588 0.6096 0.2648 0.8662 0.2293 0.7504 0.0701
23/04/08 25.397 2093.05 -0.5249 -0.3798 -0.3189 -0.1232 0.0393 0.0152 0.1017
24/04/08 25.329 2089.97 -0.2677 -0.1472 -0.0618 0.1095 -0.0068 0.0120 0.0038
25/04/08 25.711 2130.19 1.5082 1.9244 1.7141 2.1811 3.7386 4.7571 2.9382
28/04/08 25.627 2122.83 -0.3267 -0.3455 -0.1207 -0.0889 0.0107 0.0079 0.0146
29/04/08 26.033 2166.63 1.5843 2.0633 1.7902 2.3199 4.1532 5.3821 3.2049
30/04/08 25.949 2157.52 -0.3227 -0.4205 -0.1167 -0.1638 0.0191 0.0268 0.0136
02/05/08 26.291 2191.69 1.3180 1.5838 1.5239 1.8404 2.8047 3.3872 2.3224
05/05/08 26.235 2186.33 -0.2130 -0.2446 -0.0070 0.0121 -0.0001 0.0001 0.0000
06/05/08 26.127 2166.48 -0.4117 -0.9079 -0.2057 -0.6513 0.1340 0.4241 0.0423
07/05/08 25.985 2160.64 -0.5435 -0.2696 -0.3375 -0.0129 0.0044 0.0002 0.1139
08/05/08 25.646 2132.10 -1.3046 -1.3209 -1.0986 -1.0642 1.1692 1.1326 1.2070
09/05/08 25.146 2081.88 -1.9496 -2.3554 -1.7437 -2.0988 3.6595 4.4048 3.0403
12/05/08 25.228 2090.91 0.3261 0.4337 0.5321 0.6904 0.3673 0.4767 0.2831
13/05/08 25.108 2078.94 -0.4757 -0.5725 -0.2697 -0.3158 0.0852 0.0997 0.0727
14/05/08 25.320 2104.70 0.8444 1.2391 1.0503 1.4958 1.5710 2.2373 1.1032
15/05/08 25.766 2146.00 1.7615 1.9623 1.9674 2.2189 4.3656 4.9237 3.8707
16/05/08 25.948 2163.60 0.7064 0.8201 0.9123 1.0768 0.9824 1.1595 0.8323
20/05/08 25.680 2144.88 -1.0328 -0.8652 -0.8269 -0.6086 0.5032 0.3704 0.6837
21/05/08 25.743 2151.25 0.2453 0.2970 0.4513 0.5536 0.2499 0.3065 0.2037
22/05/08 25.400 2110.05 -1.3324 -1.9152 -1.1264 -1.6585 1.8682 2.7506 1.2689
23/05/08 25.067 2077.92 -1.3110 -1.5227 -1.1051 -1.2661 1.3991 1.6029 1.2212
26/05/08 24.489 2036.18 -2.3058 -2.0087 -2.0999 -1.7521 3.6791 3.0698 4.4094
27/05/08 24.406 2022.92 -0.3389 -0.6512 -0.1330 -0.3946 0.0525 0.1557 0.0177
28/05/08 24.774 2052.11 1.5078 1.4430 1.7138 1.6996 2.9128 2.8887 2.9371
29/05/08 24.639 2030.02 -0.5449 -1.0765 -0.3390 -0.8198 0.2779 0.6721 0.1149
30/05/08 24.900 2038.22 1.0593 0.4039 1.2653 0.6606 0.8358 0.4364 1.6009
02/06/08 24.351 1990.83 -2.2048 -2.3251 -1.9989 -2.0684 4.1344 4.2783 3.9954
03/06/08 24.159 1979.38 -0.7885 -0.5751 -0.5825 -0.3185 0.1855 0.1014 0.3393
04/06/08 23.544 1916.60 -2.5456 -3.1717 -2.3397 -2.9150 6.8202 8.4975 5.4740
05/06/08 23.840 1946.33 1.2572 1.5512 1.4632 1.8078 2.6452 3.2683 2.1409
06/06/08 23.595 1926.73 -1.0277 -1.0070 -0.8217 -0.7504 0.6166 0.5630 0.6752
09/06/08 23.028 1869.45 -2.4031 -2.9729 -2.1971 -2.7163 5.9678 7.3780 4.8272
10/06/08 22.760 1849.04 -1.1638 -1.0918 -0.9578 -0.8351 0.7999 0.6974 0.9174
11/06/08 23.164 1878.95 1.7750 1.6176 1.9810 1.8743 3.7129 3.5128 3.9244
12/06/08 23.303 1889.04 0.6001 0.5370 0.8060 0.7937 0.6397 0.6299 0.6497
13/06/08 23.264 1879.05 -0.1674 -0.5288 0.0386 -0.2722 -0.0105 0.0741 0.0015
16/06/08 23.500 1905.24 1.0144 1.3938 1.2204 1.6504 2.0142 2.7240 1.4894
17/06/08 23.920 1944.50 1.7872 2.0606 1.9932 2.3173 4.6188 5.3698 3.9729
18/06/08 23.550 1913.39 -1.5468 -1.5999 -1.3409 -1.3432 1.8011 1.8043 1.7979
19/06/08 23.148 1874.27 -1.7070 -2.0445 -1.5010 -1.7879 2.6837 3.1965 2.2531
20/06/08 22.530 1809.24 -2.6698 -3.4696 -2.4638 -3.2130 7.9161 10.3231 6.0704
23/06/08 22.028 1760.80 -2.2281 -2.6774 -2.0222 -2.4207 4.8951 5.8598 4.0892
26
24/06/08 21.775 1730.49 -1.1485 -1.7214 -0.9426 -1.4647 1.3806 2.1454 0.8884
25/06/08 21.895 1747.78 0.5511 0.9991 0.7571 1.2558 0.9507 1.5770 0.5731
26/06/08 22.055 1764.53 0.7308 0.9584 0.9367 1.2150 1.1381 1.4763 0.8775
27/06/08 21.356 1691.44 -3.1693 -4.1422 -2.9634 -3.8855 11.5143 15.0973 8.7816
30/06/08 20.924 1644.18 -2.0229 -2.7941 -1.8169 -2.5374 4.6102 6.4385 3.3011
01/07/08 20.180 1578.10 -3.5557 -4.0190 -3.3498 -3.7624 12.6030 14.1554 11.2209
02/07/08 20.960 1658.43 3.8652 5.0903 4.0712 5.3470 21.7684 28.5899 16.5745
03/07/08 20.316 1587.24 -3.0725 -4.2926 -2.8666 -4.0360 11.5693 16.2889 8.2171
04/07/08 20.656 1630.17 1.6736 2.7047 1.8795 2.9614 5.5659 8.7696 3.5326
07/07/08 20.826 1642.04 0.8230 0.7281 1.0290 0.9848 1.0133 0.9698 1.0588
08/07/08 20.688 1627.27 -0.6626 -0.8995 -0.4567 -0.6428 0.2936 0.4132 0.2085
09/07/08 21.436 1699.04 3.6156 4.4105 3.8216 4.6671 17.8358 21.7819 14.6045
10/07/08 21.445 1698.74 0.0420 -0.0177 0.2480 0.2390 0.0593 0.0571 0.0615
11/07/08 20.981 1649.10 -2.1637 -2.9222 -1.9577 -2.6655 5.2183 7.1049 3.8326
14/07/08 20.765 1636.78 -1.0295 -0.7471 -0.8235 -0.4904 0.4039 0.2405 0.6782
15/07/08 19.957 1561.52 -3.8912 -4.5981 -3.6852 -4.3414 15.9989 18.8477 13.5807
16/07/08 19.735 1542.41 -1.1124 -1.2238 -0.9064 -0.9671 0.8766 0.9354 0.8216
17/07/08 20.392 1593.29 3.3291 3.2987 3.5351 3.5554 12.5686 12.6408 12.4968
18/07/08 20.967 1646.83 2.8197 3.3603 3.0257 3.6170 10.9440 13.0827 9.1549
21/07/08 21.223 1666.69 1.2210 1.2060 1.4269 1.4626 2.0870 2.1392 2.0361
22/07/08 21.585 1703.04 1.7057 2.1810 1.9117 2.4376 4.6599 5.9420 3.6545
23/07/08 22.698 1807.77 5.1564 6.1496 5.3623 6.4062 34.3524 41.0400 28.7545
24/07/08 22.424 1790.31 -1.2072 -0.9658 -1.0012 -0.7092 0.7100 0.5029 1.0024
25/07/08 21.935 1744.25 -2.1807 -2.5727 -1.9747 -2.3161 4.5736 5.3642 3.8996
28/07/08 22.025 1753.49 0.4103 0.5297 0.6163 0.7864 0.4846 0.6184 0.3798
29/07/08 21.308 1687.11 -3.2554 -3.7856 -3.0494 -3.5289 10.7612 12.4534 9.2990
30/07/08 21.913 1745.01 2.8393 3.4319 3.0453 3.6886 11.2327 13.6055 9.2737
31/07/08 21.981 1749.11 0.3103 0.2350 0.5163 0.4916 0.2538 0.2417 0.2666
01/08/08 22.436 1788.38 2.0700 2.2451 2.2759 2.5018 5.6939 6.2590 5.1799
04/08/08 22.477 1795.44 0.1827 0.3948 0.3887 0.6514 0.2532 0.4244 0.1511
05/08/08 22.981 1838.73 2.2423 2.4111 2.4483 2.6678 6.5314 7.1170 5.9940
06/08/08 23.025 1841.95 0.1915 0.1751 0.3974 0.4318 0.1716 0.1864 0.1580
07/08/08 23.090 1847.16 0.2823 0.2829 0.4883 0.5395 0.2634 0.2911 0.2384
08/08/08 23.184 1852.07 0.4071 0.2658 0.6131 0.5225 0.3203 0.2730 0.3759
11/08/08 23.564 1891.30 1.6391 2.1182 1.8450 2.3748 4.3816 5.6398 3.4041
12/08/08 23.220 1860.16 -1.4599 -1.6465 -1.2539 -1.3898 1.7427 1.9316 1.5722
13/08/08 23.151 1849.95 -0.2972 -0.5489 -0.0912 -0.2922 0.0266 0.0854 0.0083
14/08/08 22.714 1804.57 -1.8876 -2.4530 -1.6816 -2.1964 3.6935 4.8241 2.8279
18/08/08 22.630 1789.81 -0.3698 -0.8179 -0.1638 -0.5613 0.0920 0.3150 0.0268
19/08/08 22.455 1779.29 -0.7733 -0.5878 -0.5673 -0.3311 0.1879 0.1096 0.3219
20/08/08 22.620 1796.87 0.7348 0.9880 0.9408 1.2447 1.1710 1.5493 0.8850
21/08/08 22.082 1746.35 -2.3784 -2.8116 -2.1725 -2.5549 5.5504 6.5275 4.7196
22/08/08 22.277 1761.45 0.8831 0.8647 1.0890 1.1213 1.2212 1.2574 1.1860
27
25/08/08 22.375 1766.92 0.4399 0.3105 0.6459 0.5672 0.3663 0.3217 0.4172
26/08/08 22.425 1770.51 0.2235 0.2032 0.4294 0.4598 0.1975 0.2114 0.1844
27/08/08 22.271 1750.95 -0.6867 -1.1048 -0.4808 -0.8481 0.4077 0.7193 0.2311
28/08/08 21.992 1723.81 -1.2528 -1.5500 -1.0468 -1.2934 1.3539 1.6728 1.0958
29/08/08 22.622 1782.08 2.8647 3.3803 3.0706 3.6370 11.1678 13.2275 9.4289
01/09/08 22.595 1776.91 -0.1194 -0.2901 0.0866 -0.0335 -0.0029 0.0011 0.0075
02/09/08 23.209 1835.89 2.7174 3.3192 2.9234 3.5759 10.4537 12.7871 8.5462
04/09/08 23.081 1819.78 -0.5515 -0.8775 -0.3455 -0.6208 0.2145 0.3854 0.1194
05/09/08 22.643 1775.73 -1.8977 -2.4206 -1.6917 -2.1640 3.6608 4.6827 2.8618
08/09/08 23.128 1821.57 2.1419 2.5815 2.3479 2.8381 6.6637 8.0550 5.5127
09/09/08 22.995 1813.29 -0.5751 -0.4546 -0.3691 -0.1979 0.0730 0.0392 0.1362
10/09/08 22.794 1788.71 -0.8741 -1.3555 -0.6681 -1.0989 0.7342 1.2076 0.4464
11/09/08 22.400 1752.43 -1.7285 -2.0283 -1.5226 -1.7716 2.6974 3.1386 2.3182
12/09/08 22.073 1717.28 -1.4598 -2.0058 -1.2539 -1.7491 2.1932 3.0594 1.5722
15/09/08 21.480 1653.52 -2.6865 -3.7128 -2.4806 -3.4562 8.5733 11.9452 6.1532
16/09/08 21.463 1648.65 -0.0791 -0.2945 0.1268 -0.0379 -0.0048 0.0014 0.0161
17/09/08 21.083 1614.41 -1.7705 -2.0769 -1.5645 -1.8202 2.8477 3.3131 2.4477
18/09/08 21.143 1617.31 0.2846 0.1796 0.4906 0.4363 0.2140 0.1903 0.2406
19/09/08 21.901 1695.81 3.5851 4.8537 3.7911 5.1104 19.3739 26.1162 14.3723
22/09/08 21.844 1690.02 -0.2603 -0.3414 -0.0543 -0.0848 0.0046 0.0072 0.0029
23/09/08 21.347 1648.24 -2.2752 -2.4722 -2.0693 -2.2155 4.5844 4.9084 4.2818
24/09/08 21.467 1660.18 0.5621 0.7244 0.7681 0.9811 0.7536 0.9625 0.5900
25/09/08 21.286 1643.13 -0.8432 -1.0270 -0.6372 -0.7703 0.4909 0.5934 0.4060
26/09/08 20.782 1590.58 -2.3678 -3.1982 -2.1618 -2.9415 6.3589 8.6525 4.6733
29/09/08 20.125 1527.24 -3.1614 -3.9822 -2.9554 -3.7255 11.0105 13.8796 8.7345
30/09/08 20.488 1555.70 1.8037 1.8635 2.0097 2.1202 4.2609 4.4950 4.0389
01/10/08 20.776 1574.64 1.4057 1.2175 1.6117 1.4741 2.3758 2.1730 2.5975
03/10/08 20.170 1515.29 -2.9168 -3.7691 -2.7109 -3.5125 9.5218 12.3374 7.3488
06/10/08 19.188 1423.32 -4.8686 -6.0695 -4.6626 -5.8128 27.1031 33.7887 21.7403
07/10/08 19.031 1406.62 -0.8182 -1.1733 -0.6123 -0.9167 0.5612 0.8403 0.3749
08/10/08 18.425 1354.29 -3.1843 -3.7203 -2.9783 -3.4636 10.3157 11.9966 8.8703
10/10/08 17.337 1253.50 -5.9050 -7.4423 -5.6991 -7.1856 40.9512 51.6331 32.4792
13/10/08 18.225 1339.56 5.1220 6.8656 5.3280 7.1222 37.9470 50.7262 28.3872
14/10/08 18.509 1359.12 1.5583 1.4602 1.7643 1.7168 3.0290 2.9475 3.1126
15/10/08 17.752 1288.02 -4.0899 -5.2313 -3.8839 -4.9747 19.3213 24.7473 15.0850
16/10/08 17.607 1266.30 -0.8168 -1.6863 -0.6108 -1.4297 0.8733 2.0439 0.3731
17/10/08 16.938 1201.95 -3.7996 -5.0817 -3.5937 -4.8251 17.3397 23.2814 12.9144
20/10/08 17.159 1222.69 1.3048 1.7255 1.5107 1.9822 2.9945 3.9291 2.2823
21/10/08 17.654 1270.03 2.8848 3.8718 3.0908 4.1284 12.7600 17.0441 9.5527
22/10/08 17.025 1210.71 -3.5629 -4.6708 -3.3570 -4.4141 14.8180 19.4843 11.2692
23/10/08 16.493 1162.48 -3.1248 -3.9836 -2.9188 -3.7270 10.8784 13.8902 8.5197
24/10/08 15.019 1037.80 -8.9371 -10.7253 -8.7312 -10.468 91.4038 109.5934 76.2331
27/10/08 14.648 1009.75 -2.4702 -2.7028 -2.2642 -2.4462 5.5387 5.9838 5.1268
28
29/10/08 15.243 1071.22 4.0620 6.0876 4.2680 6.3443 27.0772 40.2502 18.2154
31/10/08 16.086 1145.68 5.5304 6.9510 5.7364 7.2076 41.3456 51.9497 32.9060
03/11/08 16.698 1206.96 3.8046 5.3488 4.0105 5.6054 22.4807 31.4210 16.0843
04/11/08 17.163 1246.92 2.7848 3.3108 2.9907 3.5675 10.6693 12.7267 8.9445
05/11/08 16.666 1196.66 -2.8958 -4.0307 -2.6898 -3.7741 10.1515 14.2436 7.2350
06/11/08 16.245 1157.29 -2.5261 -3.2900 -2.3201 -3.0333 7.0377 9.2011 5.3830
07/11/08 16.503 1184.61 1.5882 2.3607 1.7941 2.6173 4.6959 6.8505 3.2190
10/11/08 17.142 1246.80 3.8720 5.2498 4.0780 5.5065 22.4554 30.3214 16.6300
11/11/08 16.382 1172.85 -4.4336 -5.9312 -4.2276 -5.6745 23.9896 32.2002 17.8725
12/11/08 15.983 1139.44 -2.4356 -2.8486 -2.2296 -2.5920 5.7791 6.7182 4.9713
14/11/08 15.755 1119.97 -1.4265 -1.7087 -1.2205 -1.4521 1.7723 2.1085 1.4897
17/11/08 15.504 1102.01 -1.5931 -1.6036 -1.3872 -1.3470 1.8685 1.8143 1.9243
18/11/08 15.059 1063.29 -2.8702 -3.5136 -2.6643 -3.2569 8.6773 10.6075 7.0983
19/11/08 14.879 1044.02 -1.1953 -1.8123 -0.9893 -1.5556 1.5390 2.4200 0.9788
20/11/08 14.475 1007.18 -2.7152 -3.5287 -2.5093 -3.2720 8.2104 10.7060 6.2964
21/11/08 14.949 1048.86 3.2746 4.1383 3.4806 4.3949 15.2970 19.3155 12.1144
24/11/08 14.919 1048.17 -0.2007 -0.0658 0.0053 0.1909 0.0010 0.0364 0.0000
25/11/08 14.714 1028.04 -1.3741 -1.9205 -1.1681 -1.6638 1.9436 2.7683 1.3645
26/11/08 15.054 1057.41 2.3107 2.8569 2.5167 3.1136 7.8358 9.6942 6.3337
28/11/08 15.204 1062.35 0.9964 0.4672 1.2024 0.7238 0.8703 0.5239 1.4457
01/12/08 14.871 1037.77 -2.1902 -2.3137 -1.9842 -2.0571 4.0818 4.2316 3.9372
02/12/08 14.763 1027.59 -0.7262 -0.9809 -0.5203 -0.7243 0.3768 0.5246 0.2707
03/12/08 14.861 1031.95 0.6638 0.4243 0.8698 0.6810 0.5923 0.4637 0.7565
04/12/08 15.357 1081.54 3.3376 4.8055 3.5436 5.0621 17.9379 25.6251 12.5568
05/12/08 15.043 1055.85 -2.0447 -2.3753 -1.8387 -2.1187 3.8956 4.4887 3.3808
08/12/08 15.223 1074.49 1.1966 1.7654 1.4025 2.0221 2.8360 4.0887 1.9671
10/12/08 15.687 1124.89 3.0480 4.6906 3.2540 4.9473 16.0983 24.4753 10.5884
11/12/08 15.693 1128.12 0.0382 0.2871 0.2442 0.5438 0.1328 0.2957 0.0596
12/12/08 15.784 1134.05 0.5799 0.5257 0.7858 0.7823 0.6148 0.6120 0.6175
15/12/08 16.026 1158.24 1.5332 2.1331 1.7392 2.3897 4.1561 5.7108 3.0247
16/12/08 16.283 1179.49 1.6036 1.8347 1.8096 2.0913 3.7845 4.3737 3.2747
17/12/08 15.947 1146.28 -2.0635 -2.8156 -1.8575 -2.5590 4.7534 6.5483 3.4504
18/12/08 16.397 1188.20 2.8218 3.6570 3.0278 3.9137 11.8500 15.3171 9.1677
19/12/08 16.544 1196.84 0.8965 0.7272 1.1025 0.9838 1.0846 0.9679 1.2154
22/12/08 16.293 1181.50 -1.5172 -1.2817 -1.3112 -1.0251 1.3440 1.0507 1.7192
23/12/08 15.954 1151.34 -2.0806 -2.5527 -1.8747 -2.2960 4.3043 5.2717 3.5144
24/12/08 15.875 1139.54 -0.4952 -1.0249 -0.2892 -0.7682 0.2222 0.5902 0.0836
26/12/08 15.643 1115.86 -1.4614 -2.0780 -1.2555 -1.8214 2.2866 3.3174 1.5762
29/12/08 15.870 1140.27 1.4511 2.1876 1.6571 2.4442 4.0503 5.9742 2.7460
30/12/08 16.097 1161.77 1.4304 1.8855 1.6363 2.1422 3.5053 4.5889 2.6776
31/12/08 16.067 1156.59 -0.1864 -0.4459 0.0196 -0.1892 -0.0037 0.0358 0.0004
01/01/09 16.355 1187.19 1.7925 2.6457 1.9985 2.9024 5.8003 8.4237 3.9938
02/01/09 16.480 1197.04 0.7643 0.8297 0.9703 1.0863 1.0540 1.1802 0.9414
29
05/01/09 16.775 1230.05 1.7900 2.7576 1.9960 3.0143 6.0166 9.0860 3.9841
06/01/09 16.779 1235.79 0.0238 0.4666 0.2298 0.7233 0.1662 0.5232 0.0528
07/01/09 16.005 1148.68 -4.6129 -7.0489 -4.4069 -6.7923 29.9332 46.1350 19.4211
09/01/09 15.913 1124.65 -0.5748 -2.0920 -0.3689 -1.8353 0.6770 3.3684 0.1361
12/01/09 15.582 1091.37 -2.0801 -2.9591 -1.8741 -2.7025 5.0647 7.3034 3.5122
13/01/09 15.479 1082.16 -0.6610 -0.8439 -0.4551 -0.5872 0.2672 0.3448 0.2071
14/01/09 15.776 1114.97 1.9187 3.0319 2.1247 3.2886 6.9872 10.8146 4.5143
15/01/09 15.399 1079.71 -2.3897 -3.1624 -2.1837 -2.9058 6.3454 8.4434 4.7687
16/01/09 15.652 1106.64 1.6430 2.4942 1.8489 2.7508 5.0861 7.5672 3.4185
19/01/09 15.725 1109.85 0.4664 0.2901 0.6724 0.5467 0.3676 0.2989 0.4521
20/01/09 15.435 1087.29 -1.8442 -2.0327 -1.6382 -1.7760 2.9096 3.1543 2.6838
21/01/09 15.119 1053.36 -2.0473 -3.1206 -1.8413 -2.8639 5.2735 8.2022 3.3905
22/01/09 15.071 1050.19 -0.3175 -0.3009 -0.1115 -0.0443 0.0049 0.0020 0.0124
23/01/09 14.900 1031.42 -1.1346 -1.7873 -0.9287 -1.5306 1.4214 2.3429 0.8624
27/01/09 15.198 1061.64 2.0000 2.9299 2.2060 3.1866 7.0295 10.1544 4.8663
28/01/09 15.492 1091.49 1.9345 2.8117 2.1404 3.0683 6.5676 9.4147 4.5814
29/01/09 15.460 1086.02 -0.2066 -0.5011 -0.0006 -0.2445 0.0001 0.0598 0.0000
30/01/09 15.632 1107.06 1.1125 1.9373 1.3185 2.1940 2.8928 4.8137 1.7385
02/02/09 15.329 1070.34 -1.9383 -3.3169 -1.7324 -3.0602 5.3014 9.3650 3.0011
03/02/09 15.420 1074.37 0.5936 0.3765 0.7996 0.6332 0.5063 0.4009 0.6394
04/02/09 15.488 1078.39 0.4410 0.3742 0.6470 0.6308 0.4081 0.3979 0.4185
05/02/09 15.375 1068.83 -0.7296 -0.8865 -0.5236 -0.6298 0.3298 0.3967 0.2742
06/02/09 15.605 1091.22 1.4959 2.0948 1.7019 2.3515 4.0020 5.5294 2.8965
09/02/09 15.895 1120.96 1.8584 2.7254 2.0643 2.9820 6.1560 8.8926 4.2615
10/02/09 16.036 1128.85 0.8871 0.7039 1.0930 0.9605 1.0499 0.9226 1.1947
11/02/09 16.003 1127.30 -0.2058 -0.1373 0.0002 0.1194 0.0000 0.0142 0.0000
12/02/09 15.880 1114.78 -0.7686 -1.1106 -0.5626 -0.8540 0.4805 0.7292 0.3166
13/02/09 16.114 1133.73 1.4736 1.6999 1.6795 1.9565 3.2861 3.8281 2.8208
16/02/09 15.696 1095.87 -2.5940 -3.3394 -2.3881 -3.0828 7.3618 9.5034 5.7028
17/02/09 15.341 1065.78 -2.2617 -2.7458 -2.0558 -2.4891 5.1170 6.1956 4.2261
18/02/09 15.303 1063.92 -0.2477 -0.1745 -0.0417 0.0821 -0.0034 0.0067 0.0017
19/02/09 15.331 1066.10 0.1830 0.2049 0.3889 0.4616 0.1795 0.2130 0.1513
20/02/09 15.077 1044.06 -1.6568 -2.0673 -1.4508 -1.8107 2.6270 3.2786 2.1048
24/02/09 14.962 1037.66 -0.7628 -0.6130 -0.5568 -0.3563 0.1984 0.1270 0.3100
25/02/09 15.098 1045.55 0.9090 0.7604 1.1149 1.0170 1.1339 1.0343 1.2431
26/02/09 15.151 1049.35 0.3510 0.3634 0.5570 0.6201 0.3454 0.3845 0.3103
27/02/09 15.132 1044.94 -0.1254 -0.4203 0.0806 -0.1636 -0.0132 0.0268 0.0065
-49.226 -61.3413 1337.1418 1700.2528 1072.6872
Kj = Km = 5.5947 7.1140 4.4882
-0.2060 -0.2567 Cov(Kj, Km)= Var(Km)=
5.5947 7.1140
Data source : 1. www.amfiindia.com 2. www.bseindia.com
30
Beta (β) of the fund for the last one year = (5.5947/7.1140) = 0.79Beta value of 0.79 means that the fund is less risky than its benchmark index and if the return of the benchmark index rose by 10%, the return of the fund would have rose by 7.9%.
Alpha () of the fund for the last one year = -0.2060-(0.79*(-0.2567)) = -0.004.Alpha value of -0.004 implies that the fund return has underperformed the benchmark index by 0.004% over the last one year.
Standard Deviation (σ) of the fund for the last one year = sqrt( 4.4882 ) = 2.1185.Standard Deviation of 2.1185 means the variability of returns or the risk factor is the fund is 2.1185% during the Period.
31
HSBC Equity Fund – Growth
DATEHSBC Equity
Fund- Growth(NAV)
Benchmark Index(BSE 200) value
% change
in NAV=kj
% change in
Benchmark Index=km
(Kj-kj)) (km-km)(kj-kj)
(km-km)(km-km)2 (Kj-kj)2
03/03/08 93.831 2104.17
04/03/08 91.923 2057.25 -2.0342 -2.2299 -1.8491 -1.9732 3.6486 3.8935 3.4191
05/03/08 92.359 2066.52 0.4745 0.4506 0.6596 0.7073 0.4665 0.5002 0.4351
07/03/08 89.677 1988.14 -2.9039 -3.7928 -2.7188 -3.5362 9.6141 12.5047 7.3917
10/03/08 90.061 1986.91 0.4278 -0.0619 0.6129 0.1948 0.1194 0.0379 0.3756
11/03/08 91.415 2028.98 1.5039 2.1174 1.6890 2.3740 4.0097 5.6360 2.8527
12/03/08 91.287 2027.33 -0.1395 -0.0813 0.0456 0.1753 0.0080 0.0307 0.0021
13/03/08 87.502 1916.03 -4.1471 -5.4900 -3.9620 -5.2333 20.7345 27.3876 15.6975
14/03/08 88.855 1962.76 1.5467 2.4389 1.7318 2.6956 4.6682 7.2660 2.9992
17/03/08 84.755 1838.26 -4.6145 -6.3431 -4.4294 -6.0865 26.9592 37.0449 19.6193
18/03/08 84.313 1833.31 -0.5208 -0.2693 -0.3357 -0.0126 0.0042 0.0002 0.1127
19/03/08 84.939 1843.03 0.7419 0.5302 0.9270 0.7868 0.7294 0.6191 0.8593
24/03/08 85.462 1853.28 0.6159 0.5561 0.8010 0.8128 0.6510 0.6607 0.6415
25/03/08 89.574 1968.36 4.8120 6.2095 4.9971 6.4662 32.3120 41.8116 24.9708
26/03/08 89.376 1963.92 -0.2215 -0.2256 -0.0364 0.0311 -0.0011 0.0010 0.0013
27/03/08 89.195 1958.16 -0.2023 -0.2933 -0.0172 -0.0366 0.0006 0.0013 0.0003
28/03/08 90.920 2012.69 1.9337 2.7848 2.1188 3.0414 6.4443 9.2502 4.4895
31/03/08 88.381 1932.41 -2.7921 -3.9887 -2.6070 -3.7320 9.7295 13.9281 6.7965
01/04/08 87.970 1929.87 -0.4660 -0.1314 -0.2809 0.1252 -0.0352 0.0157 0.0789
02/04/08 88.565 1943.54 0.6764 0.7083 0.8615 0.9650 0.8313 0.9312 0.7422
03/04/08 88.726 1950.17 0.1825 0.3411 0.3676 0.5978 0.2197 0.3574 0.1351
04/04/08 86.686 1898.59 -2.2995 -2.6449 -2.1144 -2.3882 5.0498 5.7037 4.4708
07/04/08 88.390 1945.64 1.9660 2.4782 2.1511 2.7348 5.8828 7.4792 4.6271
08/04/08 88.175 1931.00 -0.2431 -0.7525 -0.0580 -0.4958 0.0288 0.2458 0.0034
09/04/08 88.926 1955.24 0.8521 1.2553 1.0372 1.5120 1.5682 2.2860 1.0757
10/04/08 88.577 1948.02 -0.3925 -0.3693 -0.2073 -0.1126 0.0233 0.0127 0.0430
11/04/08 89.516 1964.03 1.0599 0.8219 1.2450 1.0785 1.3427 1.1632 1.5500
15/04/08 90.768 2003.97 1.3981 2.0336 1.5832 2.2902 3.6259 5.2452 2.5065
16/04/08 91.167 2017.16 0.4396 0.6582 0.6247 0.9149 0.5715 0.8370 0.3902
17/04/08 92.145 2051.87 1.0729 1.7207 1.2580 1.9774 2.4875 3.9101 1.5825
21/04/08 93.293 2088.30 1.2455 1.7755 1.4307 2.0321 2.9072 4.1295 2.0468
22/04/08 93.702 2101.03 0.4388 0.6096 0.6239 0.8662 0.5405 0.7504 0.3893
32
23/04/08 93.215 2093.05 -0.5194 -0.3798 -0.3343 -0.1232 0.0412 0.0152 0.1118
24/04/08 93.246 2089.97 0.0327 -0.1472 0.2178 0.1095 0.0239 0.0120 0.0475
25/04/08 94.975 2130.19 1.8547 1.9244 2.0398 2.1811 4.4489 4.7571 4.1607
28/04/08 95.019 2122.83 0.0466 -0.3455 0.2318 -0.0889 -0.0206 0.0079 0.0537
29/04/08 96.329 2166.63 1.3785 2.0633 1.5636 2.3199 3.6274 5.3821 2.4447
30/04/08 95.904 2157.52 -0.4417 -0.4205 -0.2566 -0.1638 0.0420 0.0268 0.0658
02/05/08 97.161 2191.69 1.3112 1.5838 1.4963 1.8404 2.7539 3.3872 2.2390
05/05/08 96.889 2186.33 -0.2803 -0.2446 -0.0951 0.0121 -0.0012 0.0001 0.0091
06/05/08 96.128 2166.48 -0.7852 -0.9079 -0.6001 -0.6513 0.3908 0.4241 0.3601
07/05/08 96.226 2160.64 0.1021 -0.2696 0.2872 -0.0129 -0.0037 0.0002 0.0825
08/05/08 95.260 2132.10 -1.0040 -1.3209 -0.8189 -1.0642 0.8715 1.1326 0.6706
09/05/08 93.644 2081.88 -1.6964 -2.3554 -1.5113 -2.0988 3.1719 4.4048 2.2840
12/05/08 94.357 2090.91 0.7610 0.4337 0.9461 0.6904 0.6532 0.4767 0.8951
13/05/08 93.705 2078.94 -0.6906 -0.5725 -0.5055 -0.3158 0.1596 0.0997 0.2555
14/05/08 94.646 2104.70 1.0045 1.2391 1.1896 1.4958 1.7794 2.2373 1.4153
15/05/08 96.224 2146.00 1.6669 1.9623 1.8521 2.2189 4.1096 4.9237 3.4301
16/05/08 97.123 2163.60 0.9341 0.8201 1.1192 1.0768 1.2051 1.1595 1.2526
20/05/08 96.659 2144.88 -0.4776 -0.8652 -0.2925 -0.6086 0.1780 0.3704 0.0856
21/05/08 96.739 2151.25 0.0831 0.2970 0.2682 0.5536 0.1485 0.3065 0.0719
22/05/08 95.494 2110.05 -1.2870 -1.9152 -1.1019 -1.6585 1.8274 2.7506 1.2141
23/05/08 94.202 2077.92 -1.3536 -1.5227 -1.1685 -1.2661 1.4794 1.6029 1.3653
26/05/08 92.756 2036.18 -1.5345 -2.0087 -1.3494 -1.7521 2.3642 3.0698 1.8208
27/05/08 92.357 2022.92 -0.4304 -0.6512 -0.2453 -0.3946 0.0968 0.1557 0.0602
28/05/08 93.401 2052.11 1.1302 1.4430 1.3153 1.6996 2.2355 2.8887 1.7300
29/05/08 92.878 2030.02 -0.5596 -1.0765 -0.3745 -0.8198 0.3070 0.6721 0.1403
30/05/08 93.635 2038.22 0.8148 0.4039 0.9999 0.6606 0.6606 0.4364 0.9999
02/06/08 91.900 1990.83 -1.8534 -2.3251 -1.6683 -2.0684 3.4506 4.2783 2.7831
03/06/08 91.253 1979.38 -0.7040 -0.5751 -0.5189 -0.3185 0.1653 0.1014 0.2693
04/06/08 89.017 1916.60 -2.4494 -3.1717 -2.2642 -2.9150 6.6004 8.4975 5.1268
05/06/08 89.787 1946.33 0.8642 1.5512 1.0493 1.8078 1.8970 3.2683 1.1011
06/06/08 89.363 1926.73 -0.4718 -1.0070 -0.2867 -0.7504 0.2151 0.5630 0.0822
09/06/08 87.433 1869.45 -2.1600 -2.9729 -1.9748 -2.7163 5.3642 7.3780 3.9000
10/06/08 86.180 1849.04 -1.4333 -1.0918 -1.2482 -0.8351 1.0424 0.6974 1.5580
11/06/08 87.136 1878.95 1.1098 1.6176 1.2949 1.8743 2.4269 3.5128 1.6767
12/06/08 87.663 1889.04 0.6041 0.5370 0.7892 0.7937 0.6264 0.6299 0.6229
13/06/08 87.356 1879.05 -0.3501 -0.5288 -0.1650 -0.2722 0.0449 0.0741 0.0272
16/06/08 88.154 1905.24 0.9136 1.3938 1.0987 1.6504 1.8134 2.7240 1.2072
17/06/08 89.597 1944.50 1.6377 2.0606 1.8228 2.3173 4.2240 5.3698 3.3227
18/06/08 88.269 1913.39 -1.4832 -1.5999 -1.2981 -1.3432 1.7436 1.8043 1.6850
19/06/08 86.944 1874.27 -1.5009 -2.0445 -1.3158 -1.7879 2.3524 3.1965 1.7312
20/06/08 84.716 1809.24 -2.5625 -3.4696 -2.3774 -3.2130 7.6383 10.3231 5.6518
23/06/08 83.038 1760.80 -1.9805 -2.6774 -1.7954 -2.4207 4.3461 5.8598 3.2234
24/06/08 82.218 1730.49 -0.9876 -1.7214 -0.8025 -1.4647 1.1754 2.1454 0.6440
33
25/06/08 82.754 1747.78 0.6520 0.9991 0.8372 1.2558 1.0513 1.5770 0.7008
26/06/08 83.308 1764.53 0.6698 0.9584 0.8549 1.2150 1.0388 1.4763 0.7309
27/06/08 81.064 1691.44 -2.6940 -4.1422 -2.5089 -3.8855 9.7482 15.0973 6.2944
30/06/08 79.988 1644.18 -1.3273 -2.7941 -1.1422 -2.5374 2.8983 6.4385 1.3047
01/07/08 77.654 1578.10 -2.9178 -4.0190 -2.7327 -3.7624 10.2814 14.1554 7.4677
02/07/08 80.403 1658.43 3.5404 5.0903 3.7256 5.3470 19.9204 28.5899 13.8798
03/07/08 77.839 1587.24 -3.1900 -4.2926 -3.0049 -4.0360 12.1278 16.2889 9.0296
04/07/08 79.420 1630.17 2.0311 2.7047 2.2162 2.9614 6.5631 8.7696 4.9117
07/07/08 79.440 1642.04 0.0253 0.7281 0.2104 0.9848 0.2072 0.9698 0.0443
08/07/08 78.524 1627.27 -1.1523 -0.8995 -0.9672 -0.6428 0.6218 0.4132 0.9355
09/07/08 81.304 1699.04 3.5397 4.4105 3.7248 4.6671 17.3840 21.7819 13.8740
10/07/08 81.394 1698.74 0.1105 -0.0177 0.2956 0.2390 0.0706 0.0571 0.0874
11/07/08 79.532 1649.10 -2.2867 -2.9222 -2.1016 -2.6655 5.6017 7.1049 4.4165
14/07/08 78.784 1636.78 -0.9413 -0.7471 -0.7561 -0.4904 0.3708 0.2405 0.5717
15/07/08 76.301 1561.52 -3.1513 -4.5981 -2.9662 -4.3414 12.8773 18.8477 8.7982
16/07/08 75.458 1542.41 -1.1046 -1.2238 -0.9195 -0.9671 0.8893 0.9354 0.8454
17/07/08 77.247 1593.29 2.3701 3.2987 2.5552 3.5554 9.0846 12.6408 6.5289
18/07/08 79.184 1646.83 2.5076 3.3603 2.6927 3.6170 9.7394 13.0827 7.2504
21/07/08 79.699 1666.69 0.6511 1.2060 0.8363 1.4626 1.2231 2.1392 0.6993
22/07/08 80.981 1703.04 1.6078 2.1810 1.7929 2.4376 4.3704 5.9420 3.2145
23/07/08 84.367 1807.77 4.1814 6.1496 4.3665 6.4062 27.9728 41.0400 19.0662
24/07/08 83.416 1790.31 -1.1264 -0.9658 -0.9413 -0.7092 0.6675 0.5029 0.8860
25/07/08 82.090 1744.25 -1.5902 -2.5727 -1.4051 -2.3161 3.2543 5.3642 1.9743
28/07/08 82.610 1753.49 0.6330 0.5297 0.8181 0.7864 0.6433 0.6184 0.6692
29/07/08 80.594 1687.11 -2.4398 -3.7856 -2.2547 -3.5289 7.9566 12.4534 5.0836
30/07/08 82.721 1745.01 2.6394 3.4319 2.8245 3.6886 10.4184 13.6055 7.9779
31/07/08 82.910 1749.11 0.2276 0.2350 0.4127 0.4916 0.2029 0.2417 0.1704
01/08/08 83.953 1788.38 1.2585 2.2451 1.4436 2.5018 3.6116 6.2590 2.0840
04/08/08 84.142 1795.44 0.2255 0.3948 0.4106 0.6514 0.2675 0.4244 0.1686
05/08/08 85.552 1838.73 1.6750 2.4111 1.8601 2.6678 4.9624 7.1170 3.4601
06/08/08 85.934 1841.95 0.4474 0.1751 0.6326 0.4318 0.2731 0.1864 0.4001
07/08/08 85.999 1847.16 0.0752 0.2829 0.2603 0.5395 0.1404 0.2911 0.0677
08/08/08 85.919 1852.07 -0.0927 0.2658 0.0924 0.5225 0.0483 0.2730 0.0085
11/08/08 87.441 1891.30 1.7714 2.1182 1.9565 2.3748 4.6465 5.6398 3.8281
12/08/08 85.950 1860.16 -1.7053 -1.6465 -1.5201 -1.3898 2.1127 1.9316 2.3108
13/08/08 85.465 1849.95 -0.5650 -0.5489 -0.3799 -0.2922 0.1110 0.0854 0.1443
14/08/08 83.594 1804.57 -2.1887 -2.4530 -2.0036 -2.1964 4.4007 4.8241 4.0145
18/08/08 83.080 1789.81 -0.6149 -0.8179 -0.4298 -0.5613 0.2412 0.3150 0.1847
19/08/08 82.275 1779.29 -0.9694 -0.5878 -0.7843 -0.3311 0.2597 0.1096 0.6152
20/08/08 82.926 1796.87 0.7915 0.9880 0.9766 1.2447 1.2156 1.5493 0.9538
21/08/08 81.401 1746.35 -1.8394 -2.8116 -1.6542 -2.5549 4.2264 6.5275 2.7365
22/08/08 82.080 1761.45 0.8348 0.8647 1.0199 1.1213 1.1436 1.2574 1.0401
25/08/08 82.269 1766.92 0.2299 0.3105 0.4150 0.5672 0.2354 0.3217 0.1722
34
26/08/08 82.106 1770.51 -0.1983 0.2032 -0.0131 0.4598 -0.0060 0.2114 0.0002
27/08/08 81.436 1750.95 -0.8150 -1.1048 -0.6299 -0.8481 0.5343 0.7193 0.3968
28/08/08 80.442 1723.81 -1.2210 -1.5500 -1.0358 -1.2934 1.3397 1.6728 1.0730
29/08/08 82.489 1782.08 2.5449 3.3803 2.7300 3.6370 9.9291 13.2275 7.4532
01/09/08 82.464 1776.91 -0.0302 -0.2901 0.1549 -0.0335 -0.0052 0.0011 0.0240
02/09/08 84.439 1835.89 2.3950 3.3192 2.5801 3.5759 9.2261 12.7871 6.6568
04/09/08 83.576 1819.78 -1.0220 -0.8775 -0.8369 -0.6208 0.5196 0.3854 0.7004
05/09/08 81.866 1775.73 -2.0463 -2.4206 -1.8612 -2.1640 4.0275 4.6827 3.4639
08/09/08 83.463 1821.57 1.9509 2.5815 2.1360 2.8381 6.0622 8.0550 4.5624
09/09/08 83.129 1813.29 -0.4002 -0.4546 -0.2151 -0.1979 0.0426 0.0392 0.0463
10/09/08 82.198 1788.71 -1.1205 -1.3555 -0.9354 -1.0989 1.0279 1.2076 0.8750
11/09/08 80.814 1752.43 -1.6835 -2.0283 -1.4984 -1.7716 2.6546 3.1386 2.2452
12/09/08 79.579 1717.28 -1.5283 -2.0058 -1.3432 -1.7491 2.3495 3.0594 1.8042
15/09/08 77.021 1653.52 -3.2144 -3.7128 -3.0293 -3.4562 10.4699 11.9452 9.1767
16/09/08 76.756 1648.65 -0.3438 -0.2945 -0.1587 -0.0379 0.0060 0.0014 0.0252
17/09/08 75.614 1614.41 -1.4884 -2.0769 -1.3032 -1.8202 2.3721 3.3131 1.6984
18/09/08 75.754 1617.31 0.1850 0.1796 0.3701 0.4363 0.1615 0.1903 0.1370
19/09/08 79.018 1695.81 4.3088 4.8537 4.4939 5.1104 22.9659 26.1162 20.1956
22/09/08 78.860 1690.02 -0.2001 -0.3414 -0.0150 -0.0848 0.0013 0.0072 0.0002
23/09/08 77.255 1648.24 -2.0350 -2.4722 -1.8499 -2.2155 4.0985 4.9084 3.4221
24/09/08 77.942 1660.18 0.8894 0.7244 1.0745 0.9811 1.0542 0.9625 1.1546
25/09/08 77.259 1643.13 -0.8767 -1.0270 -0.6916 -0.7703 0.5327 0.5934 0.4783
26/09/08 75.476 1590.58 -2.3074 -3.1982 -2.1223 -2.9415 6.2429 8.6525 4.5043
29/09/08 72.997 1527.24 -3.2850 -3.9822 -3.0999 -3.7255 11.5488 13.8796 9.6094
30/09/08 74.451 1555.70 1.9924 1.8635 2.1775 2.1202 4.6167 4.4950 4.7417
01/10/08 75.343 1574.64 1.1982 1.2175 1.3834 1.4741 2.0392 2.1730 1.9137
03/10/08 73.008 1515.29 -3.0994 -3.7691 -2.9143 -3.5125 10.2364 12.3374 8.4932
06/10/08 69.016 1423.32 -5.4680 -6.0695 -5.2829 -5.8128 30.7087 33.7887 27.9094
07/10/08 68.387 1406.62 -0.9108 -1.1733 -0.7257 -0.9167 0.6652 0.8403 0.5266
08/10/08 65.848 1354.29 -3.7136 -3.7203 -3.5285 -3.4636 12.2212 11.9966 12.4500
10/10/08 61.203 1253.50 -7.0539 -7.4423 -6.8688 -7.1856 49.3563 51.6331 47.1799
13/10/08 65.050 1339.56 6.2865 6.8656 6.4716 7.1222 46.0922 50.7262 41.8816
14/10/08 65.885 1359.12 1.2838 1.4602 1.4689 1.7168 2.5218 2.9475 2.1576
15/10/08 62.972 1288.02 -4.4219 -5.2313 -4.2368 -4.9747 21.0767 24.7473 17.9506
16/10/08 62.107 1266.30 -1.3736 -1.6863 -1.1885 -1.4297 1.6992 2.0439 1.4126
17/10/08 59.743 1201.95 -3.8070 -5.0817 -3.6219 -4.8251 17.4758 23.2814 13.1180
20/10/08 60.554 1222.69 1.3577 1.7255 1.5428 1.9822 3.0581 3.9291 2.3801
21/10/08 62.527 1270.03 3.2596 3.8718 3.4447 4.1284 14.2213 17.0441 11.8660
22/10/08 60.542 1210.71 -3.1760 -4.6708 -2.9909 -4.4141 13.2023 19.4843 8.9457
23/10/08 58.882 1162.48 -2.7416 -3.9836 -2.5565 -3.7270 9.5279 13.8902 6.5356
24/10/08 54.312 1037.80 -7.7606 -10.7253 -7.5755 -10.468 79.3059 109.5934 57.3887
27/10/08 52.957 1009.75 -2.4945 -2.7028 -2.3094 -2.4462 5.6491 5.9838 5.3331
29/10/08 55.389 1071.22 4.5914 6.0876 4.7765 6.3443 30.3039 40.2502 22.8154
35
31/10/08 58.604 1145.68 5.8053 6.9510 5.9904 7.2076 43.1767 51.9497 35.8853
03/11/08 60.691 1206.96 3.5613 5.3488 3.7465 5.6054 21.0006 31.4210 14.0359
04/11/08 61.981 1246.92 2.1244 3.3108 2.3095 3.5675 8.2389 12.7267 5.3336
05/11/08 60.138 1196.66 -2.9735 -4.0307 -2.7884 -3.7741 10.5236 14.2436 7.7751
06/11/08 58.560 1157.29 -2.6230 -3.2900 -2.4379 -3.0333 7.3949 9.2011 5.9432
07/11/08 59.455 1184.61 1.5283 2.3607 1.7135 2.6173 4.4847 6.8505 2.9359
10/11/08 61.716 1246.80 3.8030 5.2498 3.9881 5.5065 21.9606 30.3214 15.9052
11/11/08 59.059 1172.85 -4.3057 -5.9312 -4.1206 -5.6745 23.3822 32.2002 16.9789
12/11/08 57.977 1139.44 -1.8317 -2.8486 -1.6466 -2.5920 4.2680 6.7182 2.7113
14/11/08 57.278 1119.97 -1.2065 -1.7087 -1.0214 -1.4521 1.4831 2.1085 1.0432
17/11/08 56.903 1102.01 -0.6547 -1.6036 -0.4696 -1.3470 0.6325 1.8143 0.2205
18/11/08 55.589 1063.29 -2.3097 -3.5136 -2.1246 -3.2569 6.9197 10.6075 4.5140
19/11/08 55.020 1044.02 -1.0236 -1.8123 -0.8385 -1.5556 1.3044 2.4200 0.7031
20/11/08 53.836 1007.18 -2.1516 -3.5287 -1.9665 -3.2720 6.4344 10.7060 3.8671
21/11/08 55.688 1048.86 3.4397 4.1383 3.6248 4.3949 15.9310 19.3155 13.1394
24/11/08 55.775 1048.17 0.1573 -0.0658 0.3424 0.1909 0.0654 0.0364 0.1173
25/11/08 55.036 1028.04 -1.3253 -1.9205 -1.1402 -1.6638 1.8971 2.7683 1.3001
26/11/08 56.188 1057.41 2.0934 2.8569 2.2785 3.1136 7.0941 9.6942 5.1914
28/11/08 56.597 1062.35 0.7274 0.4672 0.9125 0.7238 0.6605 0.5239 0.8326
01/12/08 55.533 1037.77 -1.8791 -2.3137 -1.6940 -2.0571 3.4846 4.2316 2.8695
02/12/08 55.161 1027.59 -0.6706 -0.9809 -0.4855 -0.7243 0.3516 0.5246 0.2357
03/12/08 55.135 1031.95 -0.0471 0.4243 0.1380 0.6810 0.0940 0.4637 0.0190
04/12/08 57.113 1081.54 3.5874 4.8055 3.7725 5.0621 19.0969 25.6251 14.2318
05/12/08 55.839 1055.85 -2.2303 -2.3753 -2.0452 -2.1187 4.3331 4.4887 4.1829
08/12/08 56.764 1074.49 1.6562 1.7654 1.8413 2.0221 3.7232 4.0887 3.3904
10/12/08 58.424 1124.89 2.9256 4.6906 3.1107 4.9473 15.3897 24.4753 9.6768
11/12/08 58.481 1128.12 0.0960 0.2871 0.2811 0.5438 0.1529 0.2957 0.0790
12/12/08 58.640 1134.05 0.2726 0.5257 0.4577 0.7823 0.3580 0.6120 0.2095
15/12/08 59.277 1158.24 1.0870 2.1331 1.2721 2.3897 3.0399 5.7108 1.6182
16/12/08 59.942 1179.49 1.1220 1.8347 1.3071 2.0913 2.7336 4.3737 1.7086
17/12/08 58.850 1146.28 -1.8229 -2.8156 -1.6378 -2.5590 4.1911 6.5483 2.6824
18/12/08 60.392 1188.20 2.6213 3.6570 2.8064 3.9137 10.9833 15.3171 7.8757
19/12/08 60.692 1196.84 0.4956 0.7272 0.6807 0.9838 0.6697 0.9679 0.4634
22/12/08 60.135 1181.50 -0.9168 -1.2817 -0.7317 -1.0251 0.7500 1.0507 0.5353
23/12/08 59.286 1151.34 -1.4115 -2.5527 -1.2264 -2.2960 2.8158 5.2717 1.5040
24/12/08 58.943 1139.54 -0.5801 -1.0249 -0.3950 -0.7682 0.3034 0.5902 0.1560
26/12/08 58.071 1115.86 -1.4789 -2.0780 -1.2938 -1.8214 2.3565 3.3174 1.6739
29/12/08 59.137 1140.27 1.8366 2.1876 2.0217 2.4442 4.9414 5.9742 4.0871
30/12/08 59.990 1161.77 1.4422 1.8855 1.6273 2.1422 3.4861 4.5889 2.6483
31/12/08 59.705 1156.59 -0.4757 -0.4459 -0.2906 -0.1892 0.0550 0.0358 0.0845
01/01/09 60.577 1187.19 1.4604 2.6457 1.6455 2.9024 4.7757 8.4237 2.7075
02/01/09 60.780 1197.04 0.3359 0.8297 0.5210 1.0863 0.5660 1.1802 0.2715
05/01/09 61.698 1230.05 1.5105 2.7576 1.6956 3.0143 5.1111 9.0860 2.8752
36
06/01/09 61.735 1235.79 0.0600 0.4666 0.2451 0.7233 0.1773 0.5232 0.0601
07/01/09 59.181 1148.68 -4.1380 -7.0489 -3.9529 -6.7923 26.8490 46.1350 15.6252
09/01/09 58.713 1124.65 -0.7900 -2.0920 -0.6048 -1.8353 1.1101 3.3684 0.3658
12/01/09 57.300 1091.37 -2.4073 -2.9591 -2.2222 -2.7025 6.0054 7.3034 4.9381
13/01/09 57.345 1082.16 0.0794 -0.8439 0.2645 -0.5872 -0.1553 0.3448 0.0700
14/01/09 58.305 1114.97 1.6734 3.0319 1.8585 3.2886 6.1117 10.8146 3.4540
15/01/09 56.914 1079.71 -2.3857 -3.1624 -2.2006 -2.9058 6.3945 8.4434 4.8427
16/01/09 57.972 1106.64 1.8593 2.4942 2.0444 2.7508 5.6239 7.5672 4.1796
19/01/09 58.258 1109.85 0.4928 0.2901 0.6779 0.5467 0.3706 0.2989 0.4596
20/01/09 57.419 1087.29 -1.4391 -2.0327 -1.2540 -1.7760 2.2272 3.1543 1.5725
21/01/09 56.428 1053.36 -1.7275 -3.1206 -1.5424 -2.8639 4.4172 8.2022 2.3789
22/01/09 56.487 1050.19 0.1060 -0.3009 0.2911 -0.0443 -0.0129 0.0020 0.0847
23/01/09 55.844 1031.42 -1.1392 -1.7873 -0.9541 -1.5306 1.4604 2.3429 0.9103
27/01/09 57.007 1061.64 2.0831 2.9299 2.2682 3.1866 7.2280 10.1544 5.1449
28/01/09 58.022 1091.49 1.7808 2.8117 1.9659 3.0683 6.0322 9.4147 3.8649
29/01/09 57.618 1086.02 -0.6961 -0.5011 -0.5110 -0.2445 0.1249 0.0598 0.2611
30/01/09 58.456 1107.06 1.4540 1.9373 1.6392 2.1940 3.5963 4.8137 2.6868
02/02/09 57.102 1070.34 -2.3168 -3.3169 -2.1317 -3.0602 6.5234 9.3650 4.5440
03/02/09 57.497 1074.37 0.6921 0.3765 0.8772 0.6332 0.5554 0.4009 0.7695
04/02/09 57.622 1078.39 0.2165 0.3742 0.4016 0.6308 0.2534 0.3979 0.1613
05/02/09 57.322 1068.83 -0.5205 -0.8865 -0.3354 -0.6298 0.2112 0.3967 0.1125
06/02/09 58.104 1091.22 1.3653 2.0948 1.5504 2.3515 3.6457 5.5294 2.4037
09/02/09 59.157 1120.96 1.8123 2.7254 1.9974 2.9820 5.9563 8.8926 3.9895
10/02/09 59.576 1128.85 0.7073 0.7039 0.8924 0.9605 0.8571 0.9226 0.7963
11/02/09 59.581 1127.30 0.0084 -0.1373 0.1935 0.1194 0.0231 0.0142 0.0374
12/02/09 59.086 1114.78 -0.8306 -1.1106 -0.6455 -0.8540 0.5513 0.7292 0.4167
13/02/09 59.889 1133.73 1.3587 1.6999 1.5438 1.9565 3.0205 3.8281 2.3834
16/02/09 58.666 1095.87 -2.0408 -3.3394 -1.8557 -3.0828 5.7206 9.5034 3.4435
17/02/09 57.807 1065.78 -1.4656 -2.7458 -1.2805 -2.4891 3.1872 6.1956 1.6396
18/02/09 57.910 1063.92 0.1780 -0.1745 0.3631 0.0821 0.0298 0.0067 0.1319
19/02/09 58.026 1066.10 0.2013 0.2049 0.3865 0.4616 0.1784 0.2130 0.1494
20/02/09 57.214 1044.06 -1.3992 -2.0673 -1.2141 -1.8107 2.1983 3.2786 1.4740
24/02/09 57.077 1037.66 -0.2407 -0.6130 -0.0556 -0.3563 0.0198 0.1270 0.0031
25/02/09 57.299 1045.55 0.3897 0.7604 0.5748 1.0170 0.5845 1.0343 0.3304
26/02/09 57.359 1049.35 0.1042 0.3634 0.2893 0.6201 0.1794 0.3845 0.0837
27/02/09 57.377 1044.94 0.0323 -0.4203 0.2174 -0.1636 -0.0356 0.0268 0.0472
-44.241 -61.3413 1270.8692 1700.2528 974.5256
-0.1851 -0.2567 5.3174 7.1140 4.0775
Kj = Km = Cov(Km, Km)= Var(Km)=
-0.1851 -0.2567 5.3174 7.1140
Data source : 1. www.amfiindia.com 2. www.bseindia.com
37
Beta (β) of the fund for the last one year = (5.3174/7.1140) = 0.75Beta value of 0.75 means that the fund is less risky than its benchmark index and if the return of the benchmark index rose by 10%, the return of the fund would have rose by 7.5%.
Alpha () of the fund for the last one year = -0.1851-(0.75*(-0.2567)) = 0.007Alpha value of 0.007 implies that the fund return has overperformed the benchmark index by 0.007% over the last one year.
Standard Deviation (σ) of the fund for the last one year = sqrt( 4.0775 ) = 2.0193.Standard Deviation of 2.0193 means the variability of returns or the risk factor is the fund is 2.0193% during the Period.
38
ICICI prudential Dynamic Plan – Growth
DATE
ICICI Prudential Dynamic
Plan- Growth(NAV)
Benchmark Index(S&P
CNX Nifty) value
% change
in NAV=kj
% change in
Benchmark Index=km
(Kj-kj)) (km-km)(kj-kj)
(km-km)(Km-Km)2 (Kj-kj)2
03/03/08 76.483 4953.00
04/03/08 75.267 4864.25 -1.5899 -1.7918 -1.4071 -1.5844 2.2293 2.5102 1.9798
05/03/08 75.521 4921.40 0.3371 1.1749 0.5199 1.3824 0.7187 1.9109 0.2703
07/03/08 73.122 4771.60 -3.1770 -3.0438 -2.9942 -2.8364 8.4926 8.0450 8.9651
10/03/08 73.203 4800.40 0.1113 0.6036 0.2941 0.8110 0.2386 0.6578 0.0865
11/03/08 74.698 4865.90 2.0421 1.3645 2.2249 1.5719 3.4975 2.4710 4.9504
12/03/08 74.192 4872.00 -0.6781 0.1254 -0.4952 0.3328 -0.1648 0.1108 0.2453
13/03/08 70.694 4623.60 -4.7139 -5.0985 -4.5311 -4.8911 22.1616 23.9224 20.5305
14/03/08 71.875 4745.80 1.6700 2.6430 1.8528 2.8504 5.2814 8.1250 3.4330
17/03/08 67.939 4503.10 -5.4763 -5.1140 -5.2935 -4.9065 25.9727 24.0740 28.0212
18/03/08 67.886 4533.00 -0.0780 0.6640 0.1048 0.8715 0.0913 0.7594 0.0110
19/03/08 68.479 4573.95 0.8731 0.9034 1.0559 1.1108 1.1729 1.2340 1.1149
24/03/08 68.507 4609.85 0.0410 0.7849 0.2239 0.9923 0.2221 0.9848 0.0501
25/03/08 71.639 4877.50 4.5726 5.8060 4.7554 6.0135 28.5965 36.1624 22.6136
26/03/08 71.708 4828.85 0.0962 -0.9974 0.2790 -0.7900 -0.2204 0.6240 0.0778
27/03/08 71.645 4830.25 -0.0880 0.0290 0.0948 0.2365 0.0224 0.0559 0.0090
28/03/08 73.909 4942.00 3.1603 2.3135 3.3431 2.5210 8.4281 6.3555 11.1765
31/03/08 72.241 4734.50 -2.2575 -4.1987 -2.0747 -3.9912 8.2806 15.9300 4.3043
01/04/08 72.158 4739.55 -0.1146 0.1067 0.0682 0.3141 0.0214 0.0987 0.0047
02/04/08 72.527 4754.20 0.5122 0.3091 0.6950 0.5166 0.3590 0.2668 0.4831
03/04/08 72.816 4771.60 0.3974 0.3660 0.5802 0.5735 0.3327 0.3289 0.3366
04/04/08 71.220 4647.00 -2.1909 -2.6113 -2.0081 -2.4038 4.8270 5.7783 4.0323
07/04/08 72.843 4761.20 2.2786 2.4575 2.4614 2.6650 6.5595 7.1021 6.0584
08/04/08 72.730 4709.65 -0.1553 -1.0827 0.0276 -0.8752 -0.0241 0.7660 0.0008
09/04/08 73.398 4747.05 0.9178 0.7941 1.1006 1.0016 1.1023 1.0032 1.2113
10/04/08 73.415 4733.00 0.0238 -0.2960 0.2067 -0.0885 -0.0183 0.0078 0.0427
11/04/08 73.939 4777.80 0.7136 0.9465 0.8964 1.1540 1.0345 1.3318 0.8036
15/04/08 75.110 4879.65 1.5841 2.1317 1.7670 2.3392 4.1333 5.4719 3.1222
16/04/08 75.750 4887.30 0.8522 0.1568 1.0350 0.3642 0.3770 0.1327 1.0713
17/04/08 76.556 4958.40 1.0632 1.4548 1.2460 1.6623 2.0713 2.7631 1.5526
21/04/08 77.405 5037.00 1.1098 1.5852 1.2926 1.7927 2.3172 3.2136 1.6708
22/04/08 77.524 5049.30 0.1530 0.2442 0.3358 0.4517 0.1517 0.2040 0.1127
23/04/08 77.303 5022.80 -0.2842 -0.5248 -0.1014 -0.3174 0.0322 0.1007 0.0103
24/04/08 77.065 4999.85 -0.3089 -0.4569 -0.1261 -0.2494 0.0315 0.0622 0.0159
39
25/04/08 77.983 5111.70 1.1919 2.2371 1.3747 2.4445 3.3604 5.9758 1.8897
28/04/08 77.740 5089.65 -0.3112 -0.4314 -0.1284 -0.2239 0.0287 0.0501 0.0165
29/04/08 79.088 5195.50 1.7336 2.0797 1.9164 2.2872 4.3832 5.2312 3.6726
30/04/08 79.068 5165.90 -0.0260 -0.5697 0.1568 -0.3623 -0.0568 0.1312 0.0246
02/05/08 80.288 5228.20 1.5440 1.2060 1.7268 1.4135 2.4408 1.9979 2.9819
05/05/08 80.342 5192.25 0.0673 -0.6876 0.2501 -0.4801 -0.1201 0.2305 0.0625
06/05/08 79.685 5144.65 -0.8187 -0.9168 -0.6359 -0.7093 0.4511 0.5031 0.4044
07/05/08 79.779 5135.50 0.1185 -0.1779 0.3013 0.0296 0.0089 0.0009 0.0908
08/05/08 79.318 5081.70 -0.5775 -1.0476 -0.3947 -0.8401 0.3316 0.7058 0.1558
09/05/08 78.075 4982.60 -1.5680 -1.9501 -1.3852 -1.7427 2.4139 3.0369 1.9187
12/05/08 78.026 5012.65 -0.0617 0.6031 0.1211 0.8106 0.0981 0.6570 0.0147
13/05/08 77.439 4957.80 -0.7524 -1.0942 -0.5696 -0.8868 0.5051 0.7863 0.3245
14/05/08 78.011 5011.75 0.7383 1.0882 0.9211 1.2957 1.1934 1.6787 0.8484
15/05/08 79.285 5115.25 1.6334 2.0651 1.8162 2.2726 4.1275 5.1648 3.2985
16/05/08 79.840 5157.70 0.7000 0.8299 0.8828 1.0373 0.9158 1.0761 0.7794
20/05/08 79.340 5104.95 -0.6263 -1.0227 -0.4434 -0.8153 0.3615 0.6647 0.1966
21/05/08 79.908 5117.65 0.7155 0.2488 0.8983 0.4562 0.4099 0.2082 0.8070
22/05/08 78.931 5025.45 -1.2228 -1.8016 -1.0400 -1.5941 1.6578 2.5413 1.0815
23/05/08 77.921 4946.55 -1.2795 -1.5700 -1.0967 -1.3625 1.4942 1.8565 1.2027
26/05/08 76.537 4875.05 -1.7762 -1.4455 -1.5933 -1.2380 1.9725 1.5326 2.5387
27/05/08 75.920 4859.80 -0.8056 -0.3128 -0.6228 -0.1053 0.0656 0.0111 0.3879
28/05/08 76.518 4918.35 0.7869 1.2048 0.9697 1.4123 1.3695 1.9945 0.9403
29/05/08 75.808 4835.30 -0.9276 -1.6886 -0.7448 -1.4811 1.1031 2.1937 0.5547
30/05/08 75.987 4870.10 0.2368 0.7197 0.4196 0.9272 0.3890 0.8597 0.1761
02/06/08 74.529 4739.60 -1.9190 -2.6796 -1.7362 -2.4721 4.2921 6.1115 3.0143
03/06/08 74.078 4715.90 -0.6050 -0.5000 -0.4222 -0.2926 0.1235 0.0856 0.1782
04/06/08 72.471 4585.60 -2.1693 -2.7630 -1.9865 -2.5555 5.0766 6.5307 3.9462
05/06/08 72.926 4676.95 0.6274 1.9921 0.8102 2.1996 1.7822 4.8381 0.6565
06/06/08 72.484 4627.80 -0.6055 -1.0509 -0.4227 -0.8434 0.3565 0.7114 0.1787
09/06/08 70.267 4500.95 -3.0597 -2.7410 -2.8769 -2.5336 7.2888 6.4190 8.2764
10/06/08 69.421 4449.80 -1.2037 -1.1364 -1.0209 -0.9290 0.9484 0.8630 1.0422
11/06/08 70.882 4523.60 2.1046 1.6585 2.2874 1.8660 4.2682 3.4818 5.2321
12/06/08 71.471 4539.35 0.8317 0.3482 1.0145 0.5556 0.5637 0.3087 1.0292
13/06/08 71.571 4517.10 0.1398 -0.4902 0.3226 -0.2827 -0.0912 0.0799 0.1041
16/06/08 72.168 4572.50 0.8344 1.2265 1.0172 1.4339 1.4586 2.0561 1.0348
17/06/08 73.528 4653.00 1.8838 1.7605 2.0666 1.9680 4.0671 3.8730 4.2709
18/06/08 72.850 4582.40 -0.9221 -1.5173 -0.7393 -1.3098 0.9683 1.7157 0.5465
19/06/08 71.523 4504.25 -1.8210 -1.7054 -1.6382 -1.4980 2.4540 2.2439 2.6837
20/06/08 69.351 4347.55 -3.0368 -3.4789 -2.8540 -3.2715 9.3366 10.7025 8.1451
23/06/08 67.730 4266.40 -2.3382 -1.8666 -2.1554 -1.6591 3.5761 2.7526 4.6459
24/06/08 66.967 4191.10 -1.1259 -1.7650 -0.9431 -1.5575 1.4689 2.4258 0.8895
25/06/08 67.689 4252.65 1.0784 1.4686 1.2613 1.6761 2.1139 2.8092 1.5908
26/06/08 68.591 4315.85 1.3326 1.4861 1.5154 1.6936 2.5665 2.8683 2.2964
40
27/06/08 66.387 4136.65 -3.2140 -4.1521 -3.0311 -3.9447 11.9569 15.5604 9.1879
30/06/08 64.730 4040.55 -2.4961 -2.3231 -2.3133 -2.1157 4.8942 4.4760 5.3514
01/07/08 62.486 3896.75 -3.4669 -3.5589 -3.2841 -3.3515 11.0064 11.2322 10.7851
02/07/08 65.276 4093.35 4.4658 5.0452 4.6487 5.2527 24.4180 27.5909 21.6100
03/07/08 63.474 3925.75 -2.7609 -4.0944 -2.5781 -3.8870 10.0209 15.1086 6.6465
04/07/08 64.632 4016.00 1.8242 2.2989 2.0070 2.5064 5.0304 6.2820 4.0282
07/07/08 64.851 4030.00 0.3385 0.3486 0.5214 0.5561 0.2899 0.3092 0.2718
08/07/08 64.283 3988.55 -0.8756 -1.0285 -0.6927 -0.8211 0.5688 0.6741 0.4799
09/07/08 66.619 4157.10 3.6341 4.2258 3.8169 4.4333 16.9216 19.6543 14.5689
10/07/08 66.710 4162.20 0.1369 0.1227 0.3197 0.3302 0.1056 0.1090 0.1022
11/07/08 65.349 4049.00 -2.0400 -2.7197 -1.8572 -2.5122 4.6658 6.3114 3.4492
14/07/08 64.992 4039.70 -0.5471 -0.2297 -0.3642 -0.0222 0.0081 0.0005 0.1327
15/07/08 62.794 3861.10 -3.3814 -4.4211 -3.1985 -4.2137 13.4775 17.7549 10.2307
16/07/08 62.368 3816.70 -0.6787 -1.1499 -0.4959 -0.9425 0.4674 0.8882 0.2459
17/07/08 63.914 3947.20 2.4793 3.4192 2.6621 3.6267 9.6547 13.1526 7.0870
18/07/08 65.478 4092.25 2.4469 3.6748 2.6297 3.8822 10.2091 15.0717 6.9153
21/07/08 65.699 4159.50 0.3381 1.6434 0.5209 1.8508 0.9642 3.4255 0.2714
22/07/08 66.620 4240.10 1.4009 1.9377 1.5837 2.1452 3.3975 4.6019 2.5082
23/07/08 69.721 4476.80 4.6549 5.5824 4.8377 5.7899 28.0100 33.5228 23.4037
24/07/08 69.693 4433.55 -0.0407 -0.9661 0.1421 -0.7586 -0.1078 0.5755 0.0202
25/07/08 68.654 4311.85 -1.4908 -2.7450 -1.3080 -2.5375 3.3191 6.4390 1.7109
28/07/08 68.969 4332.10 0.4594 0.4696 0.6422 0.6771 0.4349 0.4585 0.4125
29/07/08 67.306 4189.85 -2.4105 -3.2836 -2.2277 -3.0762 6.8527 9.4627 4.9626
30/07/08 68.658 4313.55 2.0077 2.9524 2.1905 3.1598 6.9216 9.9846 4.7983
31/07/08 68.856 4332.95 0.2891 0.4497 0.4719 0.6572 0.3102 0.4319 0.2227
01/08/08 70.144 4413.55 1.8709 1.8602 2.0537 2.0676 4.2462 4.2751 4.2176
04/08/08 70.387 4395.35 0.3461 -0.4124 0.5290 -0.2049 -0.1084 0.0420 0.2798
05/08/08 71.669 4502.85 1.8209 2.4458 2.0037 2.6532 5.3164 7.0397 4.0150
06/08/08 72.058 4517.55 0.5422 0.3265 0.7250 0.5339 0.3871 0.2851 0.5257
07/08/08 72.350 4523.85 0.4059 0.1395 0.5887 0.3469 0.2043 0.1204 0.3466
08/08/08 72.529 4529.50 0.2473 0.1249 0.4301 0.3324 0.1429 0.1105 0.1850
11/08/08 73.624 4620.40 1.5103 2.0068 1.6931 2.2143 3.7491 4.9032 2.8666
12/08/08 72.923 4552.25 -0.9529 -1.4750 -0.7701 -1.2675 0.9761 1.6066 0.5931
13/08/08 72.603 4529.05 -0.4379 -0.5096 -0.2550 -0.3022 0.0771 0.0913 0.0650
14/08/08 71.806 4430.70 -1.0988 -2.1715 -0.9160 -1.9641 1.7991 3.8576 0.8391
18/08/08 71.344 4393.05 -0.6424 -0.8498 -0.4596 -0.6423 0.2952 0.4125 0.2112
19/08/08 71.079 4368.25 -0.3721 -0.5645 -0.1893 -0.3571 0.0676 0.1275 0.0358
20/08/08 71.602 4415.75 0.7359 1.0874 0.9188 1.2949 1.1897 1.6767 0.8441
21/08/08 70.418 4283.85 -1.6541 -2.9870 -1.4713 -2.7796 4.0896 7.7260 2.1648
22/08/08 70.987 4327.45 0.8086 1.0178 0.9914 1.2252 1.2147 1.5012 0.9829
25/08/08 71.171 4335.35 0.2593 0.1826 0.4422 0.3900 0.1725 0.1521 0.1955
26/08/08 70.943 4337.50 -0.3205 0.0496 -0.1377 0.2571 -0.0354 0.0661 0.0190
27/08/08 70.665 4292.10 -0.3912 -1.0467 -0.2083 -0.8392 0.1748 0.7043 0.0434
41
28/08/08 69.892 4214.00 -1.0950 -1.8196 -0.9122 -1.6122 1.4706 2.5990 0.8321
29/08/08 71.434 4360.00 2.2073 3.4646 2.3901 3.6721 8.7767 13.4844 5.7126
01/09/08 71.299 4348.65 -0.1890 -0.2603 -0.0062 -0.0529 0.0003 0.0028 0.0000
02/09/08 72.797 4504.00 2.1003 3.5724 2.2831 3.7798 8.6298 14.2872 5.2126
04/09/08 72.566 4447.75 -0.3169 -1.2489 -0.1341 -1.0414 0.1396 1.0846 0.0180
05/09/08 71.499 4352.30 -1.4712 -2.1460 -1.2884 -1.9386 2.4976 3.7580 1.6600
08/09/08 72.714 4482.30 1.7006 2.9869 1.8834 3.1944 6.0164 10.2042 3.5472
09/09/08 72.523 4468.70 -0.2635 -0.3034 -0.0807 -0.0959 0.0077 0.0092 0.0065
10/09/08 71.876 4400.25 -0.8917 -1.5318 -0.7089 -1.3243 0.9388 1.7538 0.5025
11/09/08 70.761 4290.30 -1.5518 -2.4987 -1.3690 -2.2913 3.1368 5.2498 1.8742
12/09/08 69.663 4228.45 -1.5513 -1.4416 -1.3685 -1.2342 1.6889 1.5231 1.8727
15/09/08 67.516 4072.90 -3.0818 -3.6787 -2.8990 -3.4712 10.0630 12.0491 8.4043
16/09/08 67.108 4074.90 -0.6046 0.0491 -0.4218 0.2566 -0.1082 0.0658 0.1779
17/09/08 66.380 4008.25 -1.0847 -1.6356 -0.9019 -1.4282 1.2880 2.0396 0.8133
18/09/08 66.422 4038.15 0.0637 0.7460 0.2465 0.9534 0.2351 0.9090 0.0608
19/09/08 68.874 4245.25 3.6909 5.1286 3.8737 5.3361 20.6705 28.4735 15.0059
22/09/08 68.775 4223.05 -0.1432 -0.5229 0.0397 -0.3155 -0.0125 0.0995 0.0016
23/09/08 67.050 4126.90 -2.5093 -2.2768 -2.3265 -2.0693 4.8143 4.2821 5.4127
24/09/08 67.307 4161.25 0.3840 0.8323 0.5669 1.0398 0.5894 1.0812 0.3213
25/09/08 66.623 4110.55 -1.0164 -1.2184 -0.8336 -1.0109 0.8427 1.0219 0.6948
26/09/08 64.859 3985.25 -2.6477 -3.0483 -2.4649 -2.8408 7.0023 8.0701 6.0758
29/09/08 62.501 3850.05 -3.6362 -3.3925 -3.4534 -3.1850 10.9992 10.1445 11.9258
30/09/08 63.287 3921.20 1.2584 1.8480 1.4412 2.0555 2.9624 4.2251 2.0771
01/10/08 63.691 3950.75 0.6379 0.7536 0.8207 0.9611 0.7888 0.9236 0.6736
03/10/08 61.680 3818.30 -3.1578 -3.3525 -2.9749 -3.1451 9.3564 9.8914 8.8503
06/10/08 58.606 3602.35 -4.9824 -5.6557 -4.7995 -5.4482 26.1488 29.6828 23.0357
07/10/08 57.814 3606.60 -1.3514 0.1180 -1.1686 0.3254 -0.3803 0.1059 1.3656
08/10/08 56.001 3513.65 -3.1373 -2.5772 -2.9545 -2.3697 7.0013 5.6157 8.7288
10/10/08 52.702 3279.95 -5.8896 -6.6512 -5.7068 -6.4437 36.7728 41.5217 32.5671
13/10/08 55.401 3490.70 5.1204 6.4254 5.3033 6.6329 35.1759 43.9950 28.1247
14/10/08 56.352 3518.65 1.7157 0.8007 1.8985 1.0082 1.9140 1.0164 3.6043
15/10/08 53.828 3338.40 -4.4790 -5.1227 -4.2962 -4.9152 21.1169 24.1595 18.4574
16/10/08 52.324 3269.30 -2.7928 -2.0699 -2.6100 -1.8624 4.8608 3.4685 6.8121
17/10/08 50.389 3074.35 -3.6983 -5.9631 -3.5155 -5.7556 20.2336 33.1267 12.3585
20/10/08 50.812 3122.80 0.8393 1.5759 1.0221 1.7834 1.8228 3.1806 1.0447
21/10/08 52.473 3234.90 3.2689 3.5897 3.4517 3.7972 13.1069 14.4187 11.9145
22/10/08 50.780 3065.15 -3.2268 -5.2475 -3.0440 -5.0400 15.3416 25.4015 9.2658
23/10/08 49.018 2943.15 -3.4693 -3.9802 -3.2865 -3.7728 12.3991 14.2337 10.8009
24/10/08 44.550 2584.00 -9.1144 -12.2029 -8.9316 -11.995 107.1381 143.8906 79.7729
27/10/08 43.459 2524.20 -2.4494 -2.3142 -2.2665 -2.1068 4.7751 4.4385 5.1372
29/10/08 45.931 2697.05 5.6876 6.8477 5.8705 7.0552 41.4171 49.7756 34.4622
31/10/08 48.426 2885.60 5.4327 6.9910 5.6155 7.1984 40.4231 51.8176 31.5342
03/11/08 50.089 3043.85 3.4328 5.4841 3.6157 5.6916 20.5789 32.3943 13.0730
42
04/11/08 50.944 3142.10 1.7078 3.2278 1.8906 3.4353 6.4947 11.8012 3.5743
05/11/08 50.038 2994.95 -1.7790 -4.6832 -1.5962 -4.4757 7.1441 20.0319 2.5478
06/11/08 48.638 2892.65 -2.7977 -3.4157 -2.6149 -3.2083 8.3892 10.2931 6.8375
07/11/08 49.588 2973.00 1.9528 2.7777 2.1356 2.9852 6.3752 8.9114 4.5609
10/11/08 52.162 3148.25 5.1912 5.8947 5.3740 6.1022 32.7933 37.2367 28.8802
11/11/08 50.023 2938.65 -4.1015 -6.6577 -3.9186 -6.4502 25.2760 41.6050 15.3558
12/11/08 48.964 2848.45 -2.1158 -3.0694 -1.9330 -2.8620 5.5323 8.1909 3.7366
14/11/08 48.400 2810.35 -1.1519 -1.3376 -0.9690 -1.1301 1.0951 1.2771 0.9390
17/11/08 47.840 2799.55 -1.1568 -0.3843 -0.9740 -0.1768 0.1722 0.0313 0.9487
18/11/08 46.197 2683.15 -3.4339 -4.1578 -3.2511 -3.9503 12.8430 15.6052 10.5697
19/11/08 45.604 2635.00 -1.2838 -1.7945 -1.1010 -1.5871 1.7474 2.5188 1.2122
20/11/08 43.922 2553.15 -3.6889 -3.1063 -3.5061 -2.8988 10.1634 8.4030 12.2926
21/11/08 45.403 2693.45 3.3723 5.4952 3.5552 5.7026 20.2738 32.5201 12.6392
24/11/08 45.361 2708.25 -0.0927 0.5495 0.0901 0.7570 0.0682 0.5730 0.0081
25/11/08 44.683 2654.00 -1.4942 -2.0031 -1.3114 -1.7957 2.3549 3.2244 1.7198
26/11/08 45.631 2752.25 2.1218 3.7020 2.3046 3.9094 9.0098 15.2836 5.3114
28/11/08 45.977 2755.10 0.7576 0.1036 0.9404 0.3110 0.2925 0.0967 0.8844
01/12/08 45.226 2682.90 -1.6332 -2.6206 -1.4504 -2.4131 3.5000 5.8232 2.1036
02/12/08 44.694 2657.80 -1.1761 -0.9356 -0.9933 -0.7281 0.7232 0.5301 0.9866
03/12/08 45.093 2656.45 0.8916 -0.0508 1.0744 0.1567 0.1683 0.0245 1.1544
04/12/08 47.207 2788.00 4.6879 4.9521 4.8707 5.1596 25.1307 26.6211 23.7238
05/12/08 46.086 2714.40 -2.3751 -2.6399 -2.1923 -2.4324 5.3325 5.9166 4.8060
08/12/08 46.571 2784.00 1.0543 2.5641 1.2372 2.7716 3.4289 7.6816 1.5306
10/12/08 48.199 2928.25 3.4957 5.1814 3.6785 5.3889 19.8231 29.0398 13.5316
11/12/08 48.397 2920.15 0.4104 -0.2766 0.5932 -0.0691 -0.0410 0.0048 0.3519
12/12/08 48.618 2921.35 0.4558 0.0411 0.6386 0.2486 0.1587 0.0618 0.4078
15/12/08 49.519 2981.20 1.8526 2.0487 2.0354 2.2562 4.5923 5.0903 4.1430
16/12/08 50.348 3041.75 1.6759 2.0311 1.8588 2.2385 4.1609 5.0110 3.4550
17/12/08 49.599 2954.35 -1.4894 -2.8733 -1.3066 -2.6659 3.4832 7.1069 1.7072
18/12/08 50.842 3060.75 2.5063 3.6015 2.6891 3.8089 10.2428 14.5080 7.2315
19/12/08 51.414 3077.50 1.1264 0.5473 1.3093 0.7547 0.9881 0.5696 1.7142
22/12/08 51.135 3039.30 -0.5434 -1.2413 -0.3606 -1.0338 0.3728 1.0687 0.1300
23/12/08 50.161 2968.65 -1.9050 -2.3245 -1.7221 -2.1171 3.6459 4.4820 2.9658
24/12/08 49.974 2916.85 -0.3720 -1.7449 -0.1892 -1.5374 0.2909 2.3637 0.0358
26/12/08 49.310 2857.25 -1.3295 -2.0433 -1.1467 -1.8358 2.1051 3.3703 1.3148
29/12/08 50.232 2922.20 1.8706 2.2732 2.0534 2.4806 5.0938 6.1535 4.2166
30/12/08 51.174 2979.50 1.8741 1.9609 2.0569 2.1683 4.4601 4.7016 4.2309
31/12/08 51.149 2959.15 -0.0490 -0.6830 0.1338 -0.4755 -0.0636 0.2261 0.0179
01/01/09 52.336 3033.45 2.3211 2.5109 2.5039 2.7183 6.8064 7.3893 6.2695
02/01/09 52.727 3046.75 0.7473 0.4384 0.9301 0.6459 0.6008 0.4172 0.8651
05/01/09 53.462 3121.45 1.3938 2.4518 1.5766 2.6593 4.1926 7.0717 2.4857
06/01/09 53.664 3112.80 0.3788 -0.2771 0.5616 -0.0696 -0.0391 0.0049 0.3154
07/01/09 51.066 2920.40 -4.8418 -6.1809 -4.6590 -5.9735 27.8301 35.6822 21.7059
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09/01/09 50.164 2873.00 -1.7656 -1.6231 -1.5827 -1.4156 2.2405 2.0039 2.5051
12/01/09 48.748 2773.10 -2.8233 -3.4772 -2.6405 -3.2697 8.6337 10.6911 6.9723
13/01/09 48.410 2744.95 -0.6938 -1.0151 -0.5110 -0.8076 0.4127 0.6523 0.2611
14/01/09 49.469 2835.30 2.1870 3.2915 2.3698 3.4990 8.2918 12.2428 5.6158
15/01/09 48.316 2736.70 -2.3306 -3.4776 -2.1478 -3.2701 7.0234 10.6937 4.6129
16/01/09 49.195 2828.45 1.8191 3.3526 2.0019 3.5600 7.1269 12.6739 4.0076
19/01/09 49.345 2846.20 0.3067 0.6276 0.4896 0.8350 0.4088 0.6973 0.2397
20/01/09 48.525 2796.60 -1.6618 -1.7427 -1.4789 -1.5352 2.2705 2.3569 2.1873
21/01/09 47.171 2706.15 -2.7913 -3.2343 -2.6085 -3.0268 7.8955 9.1616 6.8043
22/01/09 47.165 2713.80 -0.0136 0.2827 0.1693 0.4902 0.0830 0.2403 0.0286
23/01/09 46.776 2678.55 -0.8229 -1.2989 -0.6400 -1.0914 0.6986 1.1913 0.4097
27/01/09 47.798 2771.35 2.1842 3.4646 2.3670 3.6720 8.6918 13.4838 5.6029
28/01/09 48.476 2849.50 1.4187 2.8199 1.6015 3.0274 4.8484 9.1651 2.5648
29/01/09 48.129 2823.95 -0.7160 -0.8966 -0.5332 -0.6892 0.3675 0.4750 0.2843
30/01/09 48.806 2874.80 1.4060 1.8007 1.5888 2.0081 3.1906 4.0326 2.5244
02/02/09 47.897 2766.65 -1.8615 -3.7620 -1.6786 -3.5545 5.9668 12.6347 2.8178
03/02/09 48.136 2783.90 0.4979 0.6235 0.6808 0.8310 0.5657 0.6905 0.4634
04/02/09 48.270 2803.05 0.2794 0.6879 0.4622 0.8954 0.4139 0.8017 0.2137
05/02/09 47.654 2780.05 -1.2759 -0.8205 -1.0931 -0.6131 0.6702 0.3758 1.1949
06/02/09 48.368 2843.10 1.4966 2.2679 1.6794 2.4754 4.1573 6.1277 2.8205
09/02/09 49.322 2919.90 1.9740 2.7013 2.1569 2.9087 6.2738 8.4608 4.6521
10/02/09 49.616 2934.50 0.5943 0.5000 0.7771 0.7075 0.5498 0.5005 0.6038
11/02/09 49.614 2925.70 -0.0030 -0.2999 0.1798 -0.0924 -0.0166 0.0085 0.0323
12/02/09 49.274 2893.05 -0.6847 -1.1160 -0.5019 -0.9085 0.4559 0.8254 0.2519
13/02/09 49.772 2948.35 1.0090 1.9115 1.1919 2.1189 2.5255 4.4899 1.4205
16/02/09 48.783 2848.50 -1.9867 -3.3866 -1.8039 -3.1792 5.7348 10.1071 3.2539
17/02/09 47.749 2770.50 -2.1184 -2.7383 -1.9356 -2.5308 4.8985 6.4050 3.7464
18/02/09 47.626 2776.15 -0.2580 0.2039 -0.0752 0.4114 -0.0309 0.1693 0.0057
19/02/09 47.774 2789.35 0.3112 0.4755 0.4940 0.6829 0.3374 0.4664 0.2440
20/02/09 47.050 2736.45 -1.5165 -1.8965 -1.3337 -1.6890 2.2526 2.8528 1.7787
24/02/09 46.591 2733.90 -0.9756 -0.0932 -0.7927 0.1143 -0.0906 0.0131 0.6284
25/02/09 46.745 2762.50 0.3305 1.0461 0.5134 1.2536 0.6435 1.5715 0.2635
26/02/09 46.861 2785.65 0.2479 0.8380 0.4308 1.0455 0.4504 1.0930 0.1856
27/02/09 46.806 2763.65 -0.1172 -0.7898 0.0657 -0.5823 -0.0382 0.3391 0.0043
-43.693 -49.5853 1315.1660 1726.0007 1066.7460
-0.1828 -0.2075 5.5028 7.2218 4.4634
Kj = Km = Cov(Kj, Km)= Var(Km)=
-0.1828 - 0.2075 5.5028 7.2218
Data source : 1. www.amfiindia.com 2. www.nse-india.com
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Beta (β) of the fund for the last one year = (5.5028/7.2218) = 0.76Beta value of 0.76 means that the fund is less risky than its benchmark index and if the return of the benchmark index rose by 10%, the return of the fund would have rose by 7.6%.
Alpha () of the fund for the last one year = -0.1828-(0.76*(-0.2075)) = -0.025Alpha value of -0.025 implies that the fund return has underperformed the benchmark index by 0.025% over the last one year.
Standard Deviation (σ) of the fund for the last one year = sqrt( 4.4634 ) = 2.1127.Standard Deviation of 2.1127 means the variability of returns or the risk factor is the fund is 2.1127% during the period.
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ANALYSIS :
Name of the Fund Beta(β) Alpha () Standard Deviation(σ)Reliance Growth Fund-
Growth 0.61 -0.10 1.9824
HDFC Equity Fund - Growth 0.85 -0.020 2.2383
Fidelity Equity Fund - Growth 0.79 -0.004 2.1185
HSBC Equity Fund – Growth 0.75 0.007 2.0193
ICICI Prudential Dynamic Plan - Growth 0.76 -0.025 2.1127
1. All the funds are having beta less than one during the last one year, which shows they are less risky compared to their benchmark index during this period.
2. Out of this five funds HDFC Equity fund(G) comes out to be the most aggressive with having beta of 0.85 and Reliance Growth Fund(G) is the least aggressive (beta of 0.61).
3. All the funds except HSBC Equity Fund (G) are having negative Alpha.
4. The riskiest fund during the period is HDFC Equity Fund having standard deviation of 2.2383 and the least risky fund is Reliance Growth Fund (G) which is having standard deviation of 1.9824.
5. If we look at the last one year (from 27th Feb,2009) return, though all the funds have given negative return, they have actually performed better than their benchmark index. ICICI Prudential
Dynamic Plan(G) has given the best return among the five selected funds with a return of -38.80% where its benchmark index (S&P CNX Nifty)has given -44.20% return. Reliance
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Growth Fund(G) has given a return of -47.10% and performed the worst during the period. Its benchmark index (BSE 100) has given a return of -49.3% during this period.
6. It has been also observed that the returns of all the funds have been more volatile during the months of October and November of 2008 and volatility has decreased in the months of February, 2009.
7. The 52 week high NAV for Reliance Growth Fund(G) is 373.69 ( on 05.05.08 ) and 52 week low NAV is 193.034 ( on 24.02.09 ). For HDFC equity fund(G), the 52 week NAV is 180.716 ( on 03.03.08 ) and 52 week low NAV is 97.093 ( on 20.11.08 ). The 52 week high and low NAV for Fidelity equity fund is 26.291 ( on 02.05.08 ) and 14.475 ( on 20.11.08 ) respectively. Its value for HSBC equity fund is 97.161 ( on 02.05.08 ) and 52.957 ( on 27.10.08 ). Again, for ICICI Prudential Dynamic Fund (G), the 52 week high NAV is 80.342 ( on 05.05.08 ) and 52 week low NAV is 43.459 ( on 27.10.08 ).
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FURTHER SCOPE OF STUDY :
The calculation and analysis of risks and returns of each selected mutual funds has been done as per the specified schedule. A comparative analysis is also done between the five funds.
The future work will consists of the study of the portfolio of each of the funds. It will be found out what proportion of the invested amount the funds are investing in equities and also the top 10 equity holdings of each of the funds. The proportion of investments of the funds invested in different sectors and also in different type of stocks ( like large cap, mid cap and small cap stocks ) will also be found out and analyzed.
Thus, it will give an overall view of the risks and returns of the selected funds over the last one year and also analysis of their portfolio to understand the variability of returns over the last one year.
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