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The following Infrastructure sector funds were chosen for analysis:

DSP Black Rock India TIGER Fund

HDFC Infrastructure Fund

L&T Infrastructure Fund

SBI Infrastructure Fund Taurus Infrastructure Fund

The funds above are top performing growth funds in the infrastructure sector scheme

class. The companies in a growth fund portfolio are in an expansion phase and they

are not expected to pay dividends. Investing in growth funds requires a tolerance for

risk and a holding period with a time horizon of five to 10 years.

DSP BLACK ROCK INDIA TIGER FUND- REGULAR PLAN- GROWTH

Investment Objective An open ended diversified equity scheme, seeking togenerate capital appreciation, from a portfolio that issubstantially constituted of equity securities and equityrelated securities of corporates, which could benefit fromstructural changes brought about by continuingliberalization in economic policies by the Government and/or from continuing investments in infrastructure, both by thepublic and private sector.

Scheme Type Open ended scheme

Scheme Class Sector - Infrastructure

Investment Plan Growth

5 year 1st Nov 2009 to 31st October 2014

Variance of MF 0.000135957

SD of MF 0.011660055

Covariance of NIFTYBEES and MF 9.85653E-05

Rf_Govt 10 year bonds 7.25%

MF return rate 58.37%

Variance of Market 0.000103354

Beta 0.953669273Market return rate 59.37%

HPR of MF 56.09%

Sharpe Index 43.84126461

Treynor Measure 0.536026054

JensensMeasure 0.014140896

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The Treynor Ratio is 0.54 indicating that the fund offers an attractive reward-to-

volatility profile i.e. the fund has earned excess returns as against the risk-less asset

which in this case is 10 year Government Bond.

The Jensens Alpha is positive indicating that the fund manager has beat the

market with his/her stock picking skills.

The Holding Period Return (HPR)for 5 years is 58.96% as against the market HPR

of 82.26%. This indicates that the fund did not outperform the market in this period.

The fund has a Betaof 1.01 indicating that it is volatile/risky than the market.

L&T INFRASTRUCTURE FUND- CUMULATIVE GROWTH

Investment Objective The scheme seeks to generate capital appreciation by

investing predominantly in equity and equity relatedinstruments of companies in the infrastructure sector.

Scheme Type Open ended scheme

Scheme Class Sector - Infrastructure

Investment Plan Growth

5 year 16th Feb 2010 to 31st October 2014

Variance of MF 0.000127473

SD of MF 0.0112904

Covariance of NIFTYBEES and MF 9.71311E-05

Rf_Govt 10 year bonds 7.25%

MF return rate 44.42%

Variance of Market 0.000102905

Beta 0.943891006

Market return rate 62.79%

HPR 39.80%

Sharpe Index 32.9179313

Treynor Measure 0.393749483

Jensen Measure -0.152576398

The Sharpe Index is 32.91 and is positive. This indicates that the fund has

performed better than the risk-less asset which in this case is a 10 year Government

bond.

The Treynor Ratio is 0.39 indicating that the fund offers an attractive reward-to-

volatility profile i.e. the fund has earned excess returns as against the risk-less asset

which in this case is 10 year Government Bond.

The Jensens Alphais negative indicating that the fund manager with his/her stock

picking skills could not beat the market as the fund consistently had negative returns.

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The Holding Period Return (HPR)for 5 years is 39.80% as against the market HPR

of 82.26%. This indicates that the fund did not outperform the market in this period.

The fund has a Betaof 0.94 indicating that it is less volatile/risky than the market.

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SBI INFRASTRUCTURE FUND- REGULAR GROWTH

Investment Objective To provide investors with opportunities for long-term growthin capital through an active management of investments in

a diversified basket of equity stocks of companies directlyor indirectly involved in the infrastructure growth in theIndian economy and in debt & money market instruments.

Scheme Type Open ended scheme

Scheme Class Sector - Infrastructure

Investment Plan Growth

5 year 1st Nov 2009 to 31st October 2014

Variance of MF 0.00013026

SD of MF 0.011413171

Covariance of NIFTYBEES and MF 9.59388E-05

Rf_Govt 10 year bonds 7.25%

MF return rate 21.46%

Variance of Market 0.000104347

Beta 0.919424072

Market return rate 65.27%

HPR 13.70%

Sharpe Index 12.45463104

Treynor Measure 0.154604207

Jensen Measure -0.391310251

The Sharpe Index is 12.45 and is positive. This indicates that the fund has

performed better than the risk-less asset which in this case is a 10 year Government

bond.

The Treynor Ratio is 0.15 indicating that the fund offers an attractive reward-to-

volatility profile i.e. the fund has earned excess returns as against the risk-less asset

which in this case is 10 year Government Bond.

The Jensens Alphais negative indicating that the fund manager with his/her stock

picking skills could not beat the market as the fund consistently had negative returns.

The Holding Period Return (HPR)for 5 years is 13.70% as against the market HPR

of 82.26%. This indicates that the fund did not outperform the market in this period.

The fund has a Betaof 0.92 indicating that it is less volatile/risky than the market.

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TAURUS INFRASTRUCTURE FUND- REGULAR GROWTH

Investment Objective To provide capital appreciation and income distribution tounit holders by investing pre-dominantly in equity and

equity related securities of the companies belonging toinfrastructure sector, it's related industries inclusive ofsuppliers of capital goods, raw materials and othersupportive services to infrastructure companies andbalance in debt and money market instruments.

Scheme Type Open ended scheme

Scheme Class Sector - Infrastructure

Investment Plan Growth

5 year 1st Nov 2009 to 31st October 2014

Variance of MF 0.000146716

SD of MF 0.01211262

Covariance of NIFTYBEES and MF 0.00010316

Rf_Govt 10 year bonds 7.25%

MF return rate 48.83%

Variance of Market 0.000104024

Beta 0.991693095

Market return rate 64.16%

HPR 47.26%

Sharpe Index 34.32501431Treynor Measure 0.419248519

Jensen Measure -0.148589702

The Sharpe Index is 34.32 and is positive. This indicates that the fund has

performed better than the risk-less asset which in this case is a 10 year Government

bond.

The Treynor Ratio is 0.42 indicating that the fund offers an attractive reward-to-

volatility profile i.e. the fund has earned excess returns as against the risk-less asset

which in this case is 10 year Government Bond.

The Jensens Alphais negative indicating that the fund manager with his/her stock

picking skills could not beat the market as the fund consistently had negative returns.

The Holding Period Return (HPR)for 5 years is 47.26% as against the market HPR

of 82.26%. This indicates that the fund did not outperform the market in this period.

The fund has a Betaof 0.99 indicating that it is less volatile/risky than the market.