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A STUDY ON THE PERFORMANCEEVALUATION OF VARIOUS MUTUAL
FUNDS
BY
RAKESH RAJA.S
REG NO.32009631040
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COMPANY PROFILE
IIFL (INDIA INFOLINE)
Started in 1995.
Offers advice and execution platform for the entire
range of financial services.
Has a network of over 2,500 business locations
spread over more than 500 cities and towns across
India.
Has a customer base of about a million customers.
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IIFL (INDIA INFOLINE)-HISTORY(1)
1995- Commenced operations as an Equity
Research firm.1997- Launched research products of leading Indian
companies.
1999- Launched www.indiainfoline.com2000-Launched online trading through
www.5paisa.com
Started distribution of life insurance and
http://www.indiainfoline.com/http://www.5paisa.com/http://www.5paisa.com/http://www.indiainfoline.com/ -
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IIFL (INDIA INFOLINE)-HISTORY(2)
2004- Acquired commodities broking license.
Launched Portfolio Management Service
2005- Maiden IPO and listed on NSE, BSE
2006- Acquired membership of DGCX
2007-Commenced institutional equities businessunder IIFL
Formed Singapore subsidiary, IIFL (Asia) Pte
Ltd
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IIFL (INDIA INFOLINE)-HISTORY(3)
2009- Acquired registration for Housing Finance.
SEBI in-principle approval for Mutual Fund
Obtained Venture Capital license
2010- Received in-principle approval for membership
of the Singapore Stock ExchangeReceived membership of the Colombo Stock
Exchange
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IIFL (INDIA INFOLINE)-PRODUCTS &
SERVICES
Equities
Commodities
Mutual funds
Credit and finance
Insurance
Wealth Management Service
Investment Banking
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EXTERNAL PROJECT
GUIDEMS.JEYAPRABHA,
Relationship Manager,IIFL,Triplicane.
Contact no : 9894628573
E-mail ID : [email protected]
mailto:[email protected]:[email protected] -
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MUTUAL FUNDS
A mutual fund is just the connecting bridge or a
financial intermediary that allows a group of investors
to pool their money together with a predetermined
investment objective. The mutual fund will have a
fund manager who is responsible for investing the
gathered money into specific securities (stocks or
bonds). When you invest in a mutual fund, you are
buying units or portions of the mutual fund and thus
on investing becomes a shareholder or unit holder of
the fund.
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TYPES OF MUTUAL FUNDS
By Structure
Open - Ended Schemes
Close - Ended Schemes
Interval Schemes By Investment Objective
Growth
Income
Balanced
Money Market
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TYPES OF MUTUAL FUNDS(2)
By Nature
1. Equity fund:
Diversified Equity Funds
Sector Specific Funds
Tax Savings Funds (ELSS)
2. Debt funds:
Gilt Funds
Income Funds
MIPs Short Term Plans (STPs)
Liquid Funds
3. Balanced funds
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OBJECTIVE OF THE STUDY:
PRIMARY OBJECTIVES
To study the performance of the differentmutual fund schemes and to find the bestschemes for the past 3 years
SECONDARY OBJECTIVES
To find the risk associated with the variousmutual funds and to evaluate their returns
To find out the most preferred sector in theportfolio of mutual funds.
To suggest on the improvement of schemes ofmutual fund companies.
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NEED OF THE STUDY
The mutual fund industry in India hasregistered significant growth during the pastdecade and has emerged as a significantfinancial intermediary.
Evaluating performance for mutual funds isimportant for both the investors as well asthe portfolio managers.
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SCOPE OF THE STUDY
The study identifies the Opportunities andthe significant trend in industry.
The study facilities to give guidance to itsclients for prospective investment in mutualfund industry.
The study helps in determining thesystematic risk in business
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LIMITATIONS OF THE STUDY
The analysis is purely based on thesecondary data. So, any error in thesecondary data might also affect the studyundertaken.
Performance evaluation may not be preciseconsidering only the top performers in themutual funds.
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REVIEW OF LITERATURE
PERFORMANCE EVALUATION OF MUTUAL FUNDS
The selected for the study gave returns insynchronization with the markets. When therewas boom in the stock market the funds gavepositive returns a little more than what themarket had given. During the recessionary phasethe markets declined steadily and so did the fundreturns. It can be concluded that most of the fundreturns can be attributed to the market that isthey were in direct correlation with the market
SAGAR BHAVISHI
S.P.Jain Centre of Management
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REVIEW OF LITERATURE(2)
PERFORMANCE EVALUATION OF MUTUALFUNDS
Mutual funds are one of the most highlygrowing products in financial services
market.Mutual funds are suitable for all typesof investors from risk adverse to risk bearer.Investors need not to be expert in equitymarket; mutual funds can satisfy their need.Mutual fund is subject to market risk, despite
of that it have low risk than stock market.
NAVNIT P. KASUNDRA
United World School Of Business
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RESEARCH METHODOLOGY
RESEARCH DESIGN
Analytical & Descriptive Research
DATA COLLECTION
Secondary data-Research reports,Websites,Company factsheets
and books.
SAMPLING DATA
Population: All Mutual Fund Schemes
Sample Size: 27 Schemes based on nature of Mutual Funds
STATISTICAL TOOL FOR ANALYSIS Mean , Standard Deviation Sharpe Ratio, Treynor Ratio,Jenson measure Simple tools like bar graphs, tabulation, line diagrams have
been used.
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RESEARCH METHODOLOGY
RESEARCH DESIGN
Analytical Research Analytical research is to use facts or information
already available, and analyze these to make a
critical evaluation of the material.
Descriptive ResearchDescriptive research includes surveys and fact-
finding enquiries of different kinds. The major
purpose of descriptive research is description ofthe state of affairs as it exists at present. Themain characteristic of this method is that there isno control over the variables.
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RESEARCH METHODOLOGY
STATISTICAL TOOL FOR ANALYSIS
THE SHARPE RATIO
A ratio developed by Nobel laureate William F. Sharpe tomeasure risk-adjusted performance. The Sharpe ratio iscalculated by subtracting the risk-free rate - such as that ofthe 10-year Treasury bond - from the rate of return for aportfolio and dividing the result by the standard deviation of
the portfolio returns.
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THE SHARPE RATIO FORMULA IS:
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RESEARCH METHODOLOGY
STATISTICAL TOOL FOR ANALYSIS
TREYNOR RATIO A ratio developed by Jack Treynor that measures returns
earned in excess of that which could have been earnedon a riskless investment per each unit of market risk.
The Treynor ratio is calculated as:
(Average Return of the Portfolio - Average Returnof the Risk-Free Rate) / Beta of the Portfolio
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RESEARCH METHODOLOGY
STATISTICAL TOOL FOR ANALYSIS
JENSEN'S MEASURE
A risk-adjusted performance measure that represents theaverage return on a portfolio over and above thatpredicted by the capital asset pricing model (CAPM), giventhe portfolio's beta and the average market return. This isthe portfolio's alpha. In fact, the concept issometimes referred to as "Jensen's alpha."
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JENSEN'S MEASURE
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STATISTICAL TOOL FOR ANALYSIS
STANDARD DEVIATION
BETA = Covariance (stock versus market returns) /Variance of the Stock Market.
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FUNDS SELECTED FOR STUDY-BASIS
There are 32 mutual fund houses in India offering
number of mutual fund schemes.
The selection of the funds for the study is made based
on the ranking of NAV(Net Asset Value) return of the
various mutual fund schemes.
The top three ranked funds in each type (classification
based on the Nature of the funds) is taken for the study.
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EQUITY FUNDS
Diversified
1. ICICI Prudential Discovery Fund - IP- Growth
2. ICICI Prudential Discovery Fund Growth
3. Birla Sun Life Dividend Yield Plus Growth
Sector Specific Funds1. FranklinPharmaFund - Growth
2. ReliancePharmaFund - Growth
3. UTIPharmaand Healthcare Fund Growth
Tax savings Funds(ELSS)
1. HDFCTaxsaver Growth
2. ICICI PrudentialTaxplan- Growth
3. Fidelity Tax Advantage Fund - Growth
http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=PI224http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=PI143http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=BM044http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=KP017http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=KP017http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=KP017http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=RC095http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=RC095http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=RC095http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=UT088http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=UT088http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=UT088http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=ZI005http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=ZI005http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=PI010http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=PI010http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=PI010http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=FD004http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=FD004http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=FD004http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=PI010http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=PI010http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=PI010http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=ZI005http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=ZI005http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=ZI005http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=UT088http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=UT088http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=UT088http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=RC095http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=RC095http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=RC095http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=KP017http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=KP017http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=KP017http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=BM044http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=PI143http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=PI224 -
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DEBT FUNDS Gilt
1. ICICI Prudential Gilt Fund Investment Plan - PF Option - Growth
2. JM G Sec Regular Plan - Growth
3. Birla Sun LifeGovtSecurities Fund - Long Term - Growth Income
1. CanaraRobecoIncome Scheme Growth
2. Sahara Classic Fund Growth
3. Sahara Income Fund - Growth MIP
1. Reliance Monthly Income Plan - Growth
2. Birla Sun Life MIP - Savings 5 - Growth
3. HDFC Monthly Income Plan - Long Term Plan Growth Short term
1. JM Short Term Fund - Growth2. IDFC Super Saver Income Fund - Medium Term Plan - Plan A - Growth
3. HDFC Short Term Plan Growth Liquid
1. Escorts Liquid Plan - Growth
2. Sahara Liquid Fund - Variable Pricing Option - Growth
3. Sahara Liquid Fund - Fixed Pricing Option - Growth
http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=PI111http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=PI111http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=JM019http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=AC015http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=AC015http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=AC015http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=CM023http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=CM023http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=CM023http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=FI039http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=FI039http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=FI009http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=RC056http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=BM081http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=HD056http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=HD056http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=JM031http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=JM031http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=AZ065http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=AZ065http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=HD021http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=HD021http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=EM016http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=FI022http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=FI022http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=FI004http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=FI004http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=FI004http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=FI022http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=EM016http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=HD021http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=AZ065http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=JM031http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=HD056http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=BM081http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=RC056http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=FI009http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=FI039http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=CM023http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=CM023http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=CM023http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=AC015http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=AC015http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=AC015http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=JM019http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=PI111 -
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BALANCED FUNDS
1. HDFC Prudence Fund Growth
2. Reliance Regular Savings Fund - Balanced - Growth
3. HDFC Balanced Fund - Growth
http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=ZI003http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=RC178http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=HD002http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=HD002http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=RC178http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=ZI003 -
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BALANCED FUNDS
1. HDFC Prudence Fund Growth
2. Reliance Regular Savings Fund - Balanced - Growth
3. HDFC Balanced Fund - Growth
http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=ZI003http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=RC178http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=HD002http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=HD002http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=RC178http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=ZI003 -
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ICICI PRUDENTIAL DISCOVERY FUND - IP-
2008 2009 2010 2011JAN 7.13 17.85 21.12
FEB 6.84 17.78 20.18
MAR 11.3 7.26 19.07
APR 12.6 8.78 19.98
MAY 11.88 11.49 19.52JUN 10.34 11.99 20.18
JUL 10.69 13.77 20.88
AUG 11.07 14.97 21.22
SEP 9.51 16.24 22.69
OCT 7.06 15.69 22.79NOV 6.54 16.58 22.36
DEC 7.49 17.78 22.95
AVERAGE RETURN 14.87694444RISK FREE RATE 7.95STD DEV (RISK) 5.46940363
4SHARPE RATIO 1.26648989
7COVARIANCE 5.58704736
3VARIANCE 91.5084541
8BETA 0.06105498
6TREYNOR'S RATIO 113.454198
11.13454198
1
JENSON MEASURE 7.37593349
http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=PI224http://www.mutualfundsindia.com/fundfactsheet1.asp?sname=PI224 -
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DIVERSIFIED
ICICIPrudentialDiscoveryFund - IP-
Growth
ICICIPrudentialDiscovery
Fund -growth
Birla SunlifeDivident
Yeild Plus -Growth
AVERAGE RETURN 14.87694444 33.8194444 62.44167
RISK FREE RATE 7.95 7.95 7.95
STD DEV (RISK) 5.469403634 12.1249605 19.86855
SHARPE RATIO 1.266489897 2.13356937 2.742609
COVARIANCE 5.587047363 12.8228143 -24.5642
VARIANCE 91.50845418 91.50845418
91.50845418
BETA 0.061054986 0.1401271 -0.26844TREYNOR'S RATIO 113.4541981 184.614144 -202.996
1.134541981 1.84614144 -2.02996
JENSON MEASURE 7.375933499 26.8999178 52.51762
SECTOR ALLOCATION OF DIVERSIFIED
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SECTOR ALLOCATION OF DIVERSIFIEDEQUITY FUNDS
Diversified
SECTOR ICICIPrudentialDiscoveryFund - IP-Growth
ICICIPrudentialDiscovery
Fund -growth
Birla SunlifeDivident YeildPlus - Growth
AUTOMOIBILES 6.71 6.71 2.43
BANKING AND FINANCIAL SERVICES 12.88 12.88 17.03
MONEY MARKET INSTRUMENTS
CASH/CALL 8.95 8.95 7.62
CEMENT AND CONSTRUCTION 4.92 4.92
CHEMICALS 5.9 5.9 12.14
CONGLOMERATES 1.6 1.6 1.76CONSUMER DURABLES 1.47
CONSUMER NON DURABLES 0.53 0.53 3.34
ENGINEERING AND CAPITAL GOODS 1.89 1.89 8.33
FOOD AND BEVERAGES 2.52 2.52 6.11
IT 8.02 8.02 5.37
MANUFACTURING 5.83 5.83 1.8
MEDIA 2.02
METALS AND MINING 8.68 8.68 1.69
MISCELLANEOUS 2.16
OIL AND GAS 4.92 4.92 11.66
OTHERS 0.92 0.92 0.68
PHARMA 11.35 11.35 4.65
SERVICES 3.99 3.99 2.14
REAL ESTATE 1.93
TELECOMMUNICATION 4.27 4.27
TREASURY BILL
TOBACCO 0.23 0.23 4.41UTILITIES 5.89 5.89 1.24
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AVERAGE SECTOR ALLOCATION
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SECTOR SPECIFIC FUNDS
FranklinPharma
fund -growth
Reliancepharme
fund -growth
UTI pharmaand
healthcarefund -
growth
AVERAGE RETURN 39.9622 35.51806 27.76111
RISK FREE RATE 7.95 7.95 7.95STD DEV (RISK) 15.0723 14.36479 7.970973
SHARPE RATIO 2.1239 1.919141 2.485407
COVARIANCE 17.7611 11.31971 2.950622
VARIANCE 91.50845418
91.50845418
91.50845418
BETA 0.19409 0.123701 0.032244
TREYNOR'S RATIO 164.933 222.86 614.4074
1.64933 2.2286 6.144074
JENSON MEASURE 33.4396 28.47774 20.04823
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TAX SAVINGS FUNDS
HDFCtaxsaver -
frowth
ICICIprudential
taxplan -growth
Fidelity taxadvantage
fund -growth
AVERAGE RETURN 171.1492 104.77944 16.31028
RISK FREE RATE 7.95 7.95 7.95
STD DEV (RISK) 50.91379 33.352259 4.520691
SHARPE RATIO 3.205402 2.903235 1.849336
COVARIANCE 53.62421 39.941884 4.932238
VARIANCE 91.50845418 91.50845418 91.50845418
BETA 0.586003 0.436483 0.053899
TREYNOR'S RATIO 278.4955 221.84013 155.1093
2.784955 2.2184013 1.551093
JENSON MEASURE 167.5085 100.03927 8.756645
TAX SAVINGS FUNDS(ELSS) SECTOR
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TAX SAVINGS FUNDS(ELSS) SECTORALLOCATION
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TAX SAVINGS FUNDS(ELSS) SECTOR ALLOCATION
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GILTFUNDSICICI
prudential
gilt fundinvestment
plan PFoption -growth
JM G secregular plan
- growth
Birla Sunlife govt sec
fund LTgrowth
AVERAGE RETURN 17.17611111 13.33444 24.38278
RISK FREE RATE 7.95 7.95 7.95
STD DEV (RISK) 2.19982373 1.395352 2.997221
SHARPE RATIO 4.194022905 3.858842 5.482671
COVARIANCE 6.169961881 3.955927 6.411291
VARIANCE 91.50845418
91.50845418
91.50845418
BETA 0.067425048 0.04323 0.070062TREYNOR'S RATIO 136.83507 124.5529 234.5453
1.3683507 1.245529 2.345453
JENSON MEASURE 9.721944629 5.702353 16.94801
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MIP FUNDS
RelianceMIP -
Growth
Birla sunlife MIP
savings 5Growth
HDFC MIPLTP growth
AVERAGE RETURN 18.18972 15.65667 19.0656
RISK FREE RATE 7.95 7.95 7.95
STD DEV (RISK) 2.77911 1.43564 2.88332
SHARPE RATIO 3.684532 5.368104 3.85513
COVARIANCE 5.902727 3.248209 5.18554
VARIANCE 91.5084541
8
91.50845418
91.5084541
8BETA 0.064505 0.035496 0.05667
TREYNOR'S RATIO 158.7438 217.112 196.155
1.587438 2.17112 1.96155
JENSON MEASURE 10.71408 7.967701 11.5323
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LIQUIDFUNDS
EscortsLiquid Plan
growth
SaharaLiquid fund
- variablepricingoption
growth
SaharaLiquid fund
- fixedpricing
option -growth
AVERAGE RETURN 13.413 1625.29417 1613.58833
RISK FREE RATE 7.95 7.95 7.95STD DEV (RISK) 0.8542 92.5041684 90.4888623
SHARPE RATIO 6.3951 17.4840139 17.7440438
COVARIANCE 1.2455 144.534027 142.394905
VARIANCE 91.50845418
91.50845418
91.50845418
BETA 0.0136 1.57946091 1.5560847TREYNOR'S RATIO 401.33 1023.98493 1031.84508
4.0133 10.2398493 10.3184508
JENSON MEASURE 5.5626 1628.95928 1617.08154
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BALANCED FUNDSHDFC
Prudence
fund -growth
RelianceRegular
Saving fund- Balanced -
growth
HDFCBalanced
fund -Growth
AVERAGE RETURN 153.407 17.03361 40.43861111
RISK FREE RATE 7.95 7.95 7.95
STD DEV (RISK) 44.728 4.53045 10.43651205
SHARPE RATIO 3.25204 2.005013 3.11297596
COVARIANCE 50.1235 6.922064 10.97752584
VARIANCE 91.50845418
91.50845418
91.50845418
BETA 0.54775 0.075644 0.119961876
TREYNOR'S RATIO 265.555 120.0837 270.8244666
2.65555 1.200837 2.708244666
JENSON MEASURE 149.485 9.639885 33.37079245
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BALANCED FUNDS SECTORALLOCATION
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BALANCED FUNDS AVG ALLOCATION