CHAPTER-I
INTRODUCTION
1
INTRODUCTION TO MUTUAL FUNDS
A mutual fund is nothing more than a collection of stocks and/or bonds. We can think
of a mutual fund as a company that brings together a group of people and invests their
money in stocks, bonds, and other securities. Each investor owns shares, which
represent a portion of the holdings of the fund.
OBJECTIVES OF THE STUDY
• In-depth study to analyze the effect of financial crisis on Mutual Fund
Company and studying the impact on selective debt vis-à-vis equity mutual
funds.
• To study the changes in the portfolio in the recent one year.
• To Study the various factors that affect the performance of equity and debt
schemes.
• To get the knowledge on the evaluation parameters, on the basis of which the
analysis and comparison of various equity schemes is done.( NAV, AUM,
Expense ratio, Portfolio turnover, Standard deviation, Sharpe ratio, Beta, Alfa,
R-Squared, P/E Ratio and P/B Ratio)
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SCOPE OF THE PROJECT
To study the performance of the mutual fund schemes in the scenario of global
financial crisis, total of 16 schemes belonging to three different companies (Birla Sun
Life Mutual fund, ICICI Prudential Mutual Fund, Reliance Mutual fund) have been
selected. The performance of all the schemes is studied by taking the NAV(Net Asset
Value) and AUM (Assets Under Management) of the schemes from the month of
January 2008 (sensex reached 21000 points) to till date. Along with the risk and
volatility measures of the fund (Beta, Sharpe ratio, Standard deviation, portfolio
turnover ratio) are studied to justify the performance of the fund. The success of any
particular scheme is determined by the ability to generate the returns, so the returns
generated by the schemes in each month are studied by plotting graphs to know the
performance of the scheme.
LIMITATIONS
1. Unavailability of the data : This project study analyses the performance of the
mutual fund schemes form the beginning of the last year, so there is a
necessity of the historic data. The unavailability of the historic data is the big
limitation to the project study
2. Primary survey : some conclusions of the study are drawn based on the results
of the primary survey which always have the limitations of personal bias.
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METHODOLOGY
Data collection Primary source:
The questionnaire for collecting the primary data has been prepared. Two
questionnaires have been prepared. One questionnaire will be given to general public,
contains the questions that are used to get the data related to the perception of mutual
funds by the people, and what are the requisites of the people for the investment
options, these results are used for giving some recommendations to the company. The
other questionnaire will be given to the employees of the Birla Sun Life mutual fund,
ICICI prudential mutual fund and reliance mutual fund to know the performance of
the respective mutual funds.
Secondary source:
The process of data collection from secondary sources is done by collecting the data
related to mutual funds from the websites www.amfiindia.com,
www.mutualfundsindia.com, www.myiris.com, www.valueresearchonline.com, in
these websites update information regarding every mutual fund scheme is present, all
the necessary information for my project is taken from them. I have studied about the
financial crisis 2008 from Wikipedia and also articles in newspaper in business
standard, Times of India, Economic Times. The data for analyzing the performance of
mutual fund schemes is collected from website www.birlasunlife.com, for the
comparison purpose of Birla schemes with other mutual funds I have referred
www.reliancemutual.com, and www.icicipruamc.com, and took the data of the similar
schemes that need to be compared.
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DATA COMPILATION AND DATA ANALYSIS
The data collected from the secondary sources is refined carefully and the necessary
information for the project is taken. The analysis part of the secondary data that has
been collected and implemented is analyzed using linear graphs and bar graphs,
showing the changes in each month in the NAV, AUM, Standard deviation, Sharpe
Ratio, Portfolio Turnover, for each and every fund of Birla Mutual Fund. And after
that the comparative study of Birla Mutual Fund will be done with the ICICI
Prudential Mutual Fund and Reliance Mutual Fund. The primary data is collected as
to support to the secondary data collection. After collecting the responses from the
employees and the customers they are to be fed in to the Microsoft Excel and bar
graphs are drawn to show the response of the people.The data of both primary source
and secondary source is compiled to study further.
DATA IMPLEMENTATION
The data related to the mutual fund schemes that is collected from the secondary
sources has been compiled and interpreted in the form of tables, all these tables are
shown below. In the same way the results of primary sources obtained from Microsoft
Excel will be kept in the form of graphs/ pie charts/ tables, which is apt for the study
to make the data look appealing and easy to study.
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CHAPTER-II
LITERATURE REVIEW
LITERATURE REVIEW
6
Mutual funds
A mutual fund is nothing more than a collection of stocks and/or bonds. We can
think of a mutual fund as a company that brings together a group of people and
invests their money in stocks, bonds, and other securities. Each investor owns
shares, which represent a portion of the holdings of the fund.
Mutual funds will give returns in three ways:
1) Income is earned from dividends on stocks and interest on bonds. A fund pays
out nearly all of the income it receives over the year to fund owners in the
form of a distribution.
2) 2) If the fund sells securities that have increased in price, the fund has a capital
gain. Most funds also pass on these gains to investors in a distribution.
3) If fund holdings increase in price but are not sold by the fund manager, the fund's
shares increase in price. You can then sell your mutual fund shares for a profit.
Working of a 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 appreciation 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:
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Organizational structure of a mutual fund
A mutual fund is set up in the form of a trust, which has sponsor, trustees, asset
management company (AMC) and custodian. The trust is established by a sponsor
or more than one sponsor who is like promoter of a company. The trustees of the
mutual fund hold its property for the benefit of the unitholders. Asset Management
Company (AMC) approved by SEBI manages the funds by making investments in
various types of securities. Custodian, who is registered with SEBI, holds the
securities of various schemes of the fund in its custody. The trustees are vested with
the general power of superintendence and direction over AMC. They monitor the
performance and compliance of SEBI Regulations by the mutual fund.
SEBI Regulations require that at least two thirds of the directors of trustee company
or board of trustees must be independent i.e. they should not be associated with the
sponsors. Also, 50% of the directors of AMC must be independent. All mutual funds
are required to be registered with SEBI before they launch any scheme. However,
Unit Trust of India (UTI) is not registered with SEBI (as on January 15, 2002).
There are many entities involved and the diagram below illustrates the
organizational set up of a mutual fund:
8
Classification of mutual fund schemes
Mutual fund offer the services by offering different schemes, people can choose
different types of schemes depending on the requirement of the people.
Mutual funds have three types of classification
1. Based on investment objective
2. Based on investment style
3. On the basis of flexibility
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Broad classification of mutual funds
Based on their structure:
Open-ended funds: Investors can buy and sell the units from the fund, at
any point of time.
Close-ended funds: These funds raise money from investors only once.
Therefore, after the offer period, fresh investments can not be made into
the fund. If the fund is listed on a stocks exchange the units can be traded
like stocks (E.g., Morgan Stanley Growth Fund). Recently, most of the
New Fund Offers of close-ended funds provided liquidity window on a
periodic basis such as monthly or weekly. Redemption of units can be
made during specified intervals. Therefore, such funds have relatively low
liquidity.
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Based on their investment objective:
Equity funds: These funds invest in equities and equity related instruments. With
fluctuating share prices, such funds show volatile performance, even losses. However,
short term fluctuations in the market, generally smoothens out in the long term,
thereby offering higher returns at relatively lower volatility. At the same time, such
funds can yield great capital appreciation as, historically, equities have outperformed
all asset classes in the long term. Hence, investment in equity funds should be
considered for a period of at least 3-5 years. It can be further classified as:
Index funds
Equity diversified funds
Dividend yield funds
Thematic funds.
Sector funds
ELSS.
Balanced fund: Their investment portfolio includes both debt and equity. As a result,
on the risk-return ladder, they fall between equity and debt funds. Balanced funds are
the ideal mutual funds vehicle for investors who prefer spreading their risk across
various instruments. Following are balanced funds classes:
i) Debt-oriented funds -Investment below 65% in equities.
ii) Equity-oriented funds -Invest at least 65% in equities, remaining in debt.
Debt fund: They invest only in debt instruments, and are a good option for investors
averse to idea of taking risk associated with equities. Therefore, they invest
exclusively in fixed-income instruments like bonds, debentures, Government of India
securities; and money market instruments such as certificates of deposit (CD),
commercial paper (CP) and call money. Put your money into any of these debt funds
depending on your investment horizon and needs.
i) Liquid funds- These funds invest 100% in money market instruments, a large portion
being invested in call money market.
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Birla Sun Life Mutual Fund - BIRLA SUN LIFE GILT PLUS - LIQUID
Portfolio as at August 31, 2010
Issuer % to Net Assets Rating
Cash & Current Assets 100.00%
Total Net Assets 100.00%
ii) Gilt funds ST- They invest 100% of their portfolio in government securities of and
T-bills.
OBJECTIVE: An open ended government security scheme with the objective to generate
income and capital appreciation through investments exclusively in government securities.
LAUNCH: OCTOBER 12TH 1999.
TYPE OF INVESTMENT: SIP,SWP,STP.
Birla Sun Life Mutual Fund - BIRLA SUN LIFE GILT PLUS - PF PLAN
Portfolio as at August 31, 2010
Issuer % to Net Assets Rating
Government Bond 63.95%
08.13% CGL 21Sep22 51.71% Sovereign
08.26% GOVT.STOCK 2027 10.18% Sovereign
07.47% OIL MKT CO GOI BOND 2012 2.06% Sovereign
Cash & Current Assets 36.05%
Total Net Assets 100.00%
Birla Sun Life Mutual Fund - BIRLA SUN LIFE GILT PLUS - REGULAR PLAN
Portfolio as at August 31, 2010
Issuer % to Net Assets Rating
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Government Bond 64.70%
08.13% CGL 21Sep22 42.03% Sovereign
07.47% OIL MKT CO GOI BOND 2012 16.77% Sovereign
08.26% GOVT.STOCK 2027 5.91% Sovereign
Cash & Current Assets 35.30%
Total Net Assets 100.00%
iii) Floating rate funds - Invest in short-term debt papers. Floaters invest in debt
instruments which we have variable coupon date.
Birla Sun Life Mutual Fund - BIRLA SUN LIFE FLOATING RATE - LONG TERM
Portfolio as at August 31, 2010
Issuer % to Net Assets Rating
Money Market Instruments 96.68%
Punjab National Bank 16.57% PR1+
UCO Bank 12.80% P1+
Central Bank of India 12.69% PR1+
ICICI Bank Ltd. 11.46% A1+
Reliance Industries Ltd. 10.29% P1+
IDBI Bank Ltd. 9.19% A1+
Allahabad Bank 6.42% A1+
Andhra Bank 5.03% F1+
State Bank of Patiala 4.64% P1+
Kotak Mahindra Bank Ltd. 4.32% P1+
Andhra Bank 3.27% PR1+
Cash & Current Assets 3.32%
Total Net Assets 100%
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iv)Gilt funds LT- They invest 100% of their portfolio in long-term government
securities.
v) Income funds LT- Typically, such funds invest a major portion of the portfolio in
long-term debt papers.
vi) MIPs- Monthly Income Plans have an exposure of 70%-90% to debt and an
exposure of 10%-30% to equities.
MIP Objective : The primary objective of the scheme is to generate income so as to
make monthly distributions to unit holders with the secondary objecting being growth
of capital. Income may be generated to the receipt of coupon payment, the
amortization of the discount on debt instruments, receipts of dividends or the
purchase and sale of securities in the underlying portfolio. The schemes will under
normal market conditions, invest its net assets primarily in fixed income securities,
money market instruments, cash and cash equivalents while at the same time
maintaining a small exposure to equity markets. ( Monthly income is not assured and
is subject to availability of distributable surplus).
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Domestic Rate Markets….Short and Long
• We expect short term rates are expected to be strained higher amidst the
liquidity deficit in the system owing to the festive-season currency leakage.
Credit spreads (both intra-credit spreads and those relative to government
bond yields) for the 1-4 year tenor are expected to widen from current levels in
the coming months as credit demand picks up.
• We remain positive to neutral on long term rates going ahead in view of the
following factors:
• Inflation momentum as observed is distinctly trend lower; we expect
the price growth trajectory to be in line with the 6% RBI guidance by
Mar 2011
• The gross bond issuance of INR 1.63 tn is expected to find healthy
demand more so with the opening of the FII investment limits in both
corporate and government debt.
• Global treasuries are still trading strong amidst sustained investor
demand owing to periods of intermittent risk aversion in the developed
economies and lower supplies and expected currency appreciation in
the developing economies.
Sovereign yields currently trade above their long term averages and are therefore
expected to exhibit some mean reversion.
Portfolio Positioning & Investment Proposition
1. We are in favor of long duration funds that has been built chiefly through
investment in Government of India securities as we are negative on corporate bond
spreads currently hovering at 65-75bps for 10 yr maturity.
2. Investors with more than one year investment horizon should look at BSL Gsec-
Long term plan and Income funds, as active duration management should result in
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superior performance. We recommend longer investment horizon owing to increased
volatilities.
3. We have reduced the maturities in our money market funds to reduce volatility in
returns in times of hardening short term rates. There is a case to invest in medium
duration money market funds with average maturity of less than 180 days as daily
volatility in the funds are expected to be compensated with higher returns. Our short-
term, medium term funds and floater long funds are positioned to benefit from the
above strategy, favourable to investors with varying horizon preferences.
For the passive investor, we recommend the dynamic bond fund, which promises to
navigate through various stages of business and rate cycles by apt and swift
repositioning of its investment strategies. It is well suited for investors with one-year
investment horizon.
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Different Plans in Mutual Fund
Growth Plan and Dividend Plan
A growth plan is a plan under a scheme wherein the returns from investments are
reinvested and very few income distributions, if any, are made. The investor thus only
realizes capital appreciation
Source: Understanding Mutual funds- Sunita Abraham, Uma Shashikant
on the investment. This plan appeals to investors in the high income bracket. Under
the dividend plan, income is distributed from time to time. This plan is ideal to those
investors requiring regular income.
Dividend Reinvestment Plan
Dividend plans of schemes carry an additional option for reinvestment of income
distribution. This is referred to as the dividend reinvestment plan. Under this plan,
dividends declared by a fund are reinvested on behalf of the investor, thus increasing
the number of units held by the investors.
Automatic Investment Plan
Under the Automatic Investment Plan (AIP) also called Systematic Investment Plan
(SIP), the investor is given the option for investing in a specified frequency of months
in a specified scheme
Source: understanding Mutual Funds- sunita Abraham, Uma Shashikant
of the Mutual Fund for a constant sum of investment. AIP allows the investors to plan
their savings through a structured regular monthly savings program.
Automatic Withdrawal Plan
Under the Automatic Withdrawal Plan (AWP) also called Systematic Withdrawal Plan
(SWP), a facility is provided to the investor to withdraw a pre-determined amount
from his fund at a pre-determined interval.
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Performance of Mutual Fund Scheme Let us start the discussion of the performance of mutual funds in India from the day
the concept of mutual fund took birth in India. The year was 1963. For 30 years it
goaled without a single second player. Though the 1988 year saw some new mutual
fund companies, but UTI remained in a monopoly position.
The performance of mutual funds in India in the initial phase was not even closer to
satisfactory level. People rarely understood, and of course investing was out of
question. But yes, some 24 million shareholders was accustomed with guaranteed
high returns by the begining of liberalization of the industry in 1992. This good record
of UTI became marketing tool for new entrants. The expectations of investors touched
the sky in profitability factor. However, people were miles away from the
preparedness of the risk factors after liberalization. Assets Under Management of UTI
was Rs. 67bn. by the end of 1987. Let me concentrate about the performance of
mutual funds in India through figures. From Rs. 67bn. the Assets Under Management
rose to Rs. 470 bn. in March
1993 and the figure had a three times higher performance by April 2004. It rose as
high as Rs. 1,540bn. The net asset value (NAV) of mutual funds in India declined
when stock prices started falling in the year 1992. Those days, the market regulations
did not allow portfolio shifts into alternative investments. There were rather no choice
apart from holding the cash or to further continue investing in shares. One more thing
to be noted, since only closed-end funds were floated in the market, the investors
disinvested by selling at a loss in the secondary market . The performance of mutual
funds in India suffered qualitatively. The 1992 stock market scandal, the losses by
disinvestments and of course the lack of transparent rules in the where about rocked
confidence among the investors. Partly owing to a relatively weak stock market
performance, mutual funds have not yet recovered, with funds trading at an average
discount of 1020 percent of their net asset value.
The supervisory authority adopted a set of measures to create a transparent and
competitive environment in mutual funds. Some of them were like relaxing
investment restrictions into the market, introduction of open-ended funds, and paving
the gateway for mutual funds to launch pension schemes.
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The measure was taken to make mutual funds the key instrument for long-term
saving. The more the variety offered, the quantitative will be investors.
At last to mention, as long as mutual fund companies are performing with lower risks
and higher profitability within a short span of time, more and more people will be
inclined to invest until and unless they are fully educated with the dos and dont’s of
mutual funds.
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Evaluation parameters of mutual fundsFollowing are the evaluation parameters on the basis of which the analysis and
comparison of various equity schemes is done.
Net Asset Value (NAV)
Assets under Management
Expense Ratio
Portfolio Turnover
Standard Deviation
These are the parameters that are used to study performance of mutual fund schemes
over a period of time, in my study I have used only some of them because of the data
availability constraints. Detailed explination of the parameters I have used are given
below
Net Asset Value (NAV)
The value of a collective investment fund based on the market price of securities held
in its portfolio. NAV per share is calculated by dividing net assets of the scheme
/number of Units outstanding.
Assets under Management
It is used to gauge how much money a fund is managing. Mutual Funds use this as a
measure of success and comparison against their competitors; in lieu of revenue or
total revenue they use total 'assets under management'.
The difference between two AUM balances consists of market performance
gains/(losses), foreign exchanges movements, net new assets (NNA) inflow/(outflow)
and structural effects of the company. Investors are mainly interested in the NNA,
which indicate how much money from clients had been newly invested. Furthermore,
it's common to calculate the key figure 'NNA growth', which shows the NNA in
relation of the previous AUM balance (annualized).
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Advantages of Mutual Fund Mutual funds offer several advantages to investors
Affordable
Almost everyone can buy mutual funds. Mutual Funds generally provide a
opportunity to invest with less funds as compared to other avenues in the capital
market. Even the ancillary fee which one has to pay in the form of brokerages,
custodian etc is lower than other options and is directly linked to the performance of
the scheme.
Professional Management
For an average investor, it may be quite difficult to decide what to buy, when to buy,
how much to buy and when to sell. Mutual Funds have a skilled professionals who
have years of experience to manages your money. The fund manager takes these
decisions after doing adequate research on the economy, industries and companies,
before buying stocks or bonds. They use intensive research techniques to analyze each
investment option for the potential of returns .
Diversification
Investments are less risky as it is spread across a wide cross-section of industries and
sectors. Diversification reduces the risk because all stocks generally don’t move in the
same direction at the same time. A mutual fund is able to diversify more easily than an
average investor across several companies.
Liquidity
You can afford to withdraw your money from a mutual fund on immediate basis when
compared with other forms of savings like the public provident fund or National
Savings Scheme. You can withdraw or redeem money at the Net Asset Value related
prices in the open-end schemes. In closed-end schemes, the units can be transacted at
the prevailing market price on a stock exchange.
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Tax Benefits
Mutual funds have historically been more efficient from the tax point of view. A debt
fund pays a dividend distribution tax of 12.5 per cent before distributing dividend to
an individual investor or an HUF, whereas it is 20 per cent for all other entities. There
is no dividend tax on dividends from an equity fund for individual investor.
Well Regulated
The Mutual Fund industry is very well regulated. All investments have to be
accounted for. SEBI acts as a true watchdog in this case and can impose penalties on
the AMCs at fault. The regulations are also designed to protect the investors’ interests
are also implemented effectively.
Drawbacks of mutual funds
Mutual funds have their drawbacks. They are as follows:
No Guarantee of returns
No investment is risk free. If the entire stock market declines in value, the value of
mutual fund shares will go down as well, no matter how balanced the portfolio.
Investors encounter fewer risks when they invest in mutual funds than when they buy
and sell stocks on their own. However, anyone who invests through a mutual fund
runs the risk of losing money.
Fees and commissions
All funds charge administrative fees to cover their day-to-day expenses. Some funds
also charge sales commissions or "loads" to compensate brokers, financial
consultants, or financial planners. Even if you don't use a broker or other financial
adviser, you will pay a sales commission if you buy shares in a Load Fund.
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Taxes
During a typical year, most actively managed mutual funds sell anywhere from 20 to
70 percent of the securities in their portfolios. If your fund makes a profit on its sales,
you will pay taxes on the income you receive, even if you reinvest the money you
made.
Management risk
When you invest in a mutual fund, you depend on the fund's manager to make the
right decisions regarding the fund's portfolio. If the manager does not perform as well
as you had hoped, you might not make as much money on your investment as you
expected. Of course, if you invest in Index Funds, you forego management risk,
because these funds do not employ managers.
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DEBT MUTUAL FUNDS
A Debt Mutual fund is a type of mutual fund that is designed especially for the low
risk investor whose main aim is capital preservation coupled with decent returns on
investment. These are for investors who prefer funds with lesser volatility, who want a
regular income and are willing to late little or very limited risk.
DEBT FUNDS:
All mutual funds have some amount of risk, but debt mutual funds are less risky than
equity oriented mutual funds. Debt funds usually invest in fixed income instruments
that may also offer capital appreciation. Debt funds can give you
1. Capital Appreciation and
2. Regular Income
Capital Appreciation:
Debt funds buy either listed or unlisted debt instruments at a certain price and then
sell them. The difference between the cost and sale price accounts for the appreciation
or depreciation in the funds value. A debt instruments market price depends on the
interest rates of its underlying assets and also any up or downward movement in the
credit ratings of its holdings.
Market prices of debt securities swing with movements in the prevailing interest rates.
Let us say our debt fund owns a security that yields a 10% interest. If the market
interest rates fall, new instruments that hit the market would reflect the changed
interest rates and offer lower returns. This would result in an increase in our funds
price as the higher yield would raise our instruments value. As a result the NAV of our
fund would increase which provides us with the capital appreciation
Regular Income:
Similar to the interest that banks offer us on our deposits, debt funds also earn a
regular interest from the fixed income securities they are invested in. This income gets
added to the debt fund on a regular basis. This income would be shared with us,
thereby providing us with regular income
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Recommendation:
Debt funds are specifically designed for the investor who is not ready to take risks that come with equity mutual funds but at the same time wants a better return than bank deposits. You can have limited exposure to these funds to add a balance to your portfolio. An ideal investment portfolio would have around 10-15% exposure to these instruments.
Snap shot of the funds under study
Reliance Short Term Fund Reliance Income Fund
Fund Manager Mr. Amitabh Mohanty Mr. Amit Tripathi
Category Debt : Short term income plan Debt : Medium term plan
Investment Objective The primary investment
objective of the scheme is to
generate stable returns for
investors with a short term
investment horizon by investing
in fixed income securitites of a
short-term
maturity.
The primary investment
objective of the scheme is to
generate optimal returns
consistent with moderate level of
risk. This income may be
complemented by capital
appreciation of the portfolio.
Accordingly, investments shall
predominantly be made in Debt
& Money Market Instruments.
Nature of the scheme An open ended Debt Short term
scheme
An open ended Debt scheme
Date of Inception 23/12/2002 01/01/1998
Benchmark CRISIL Liquid Fund Index CRISIL Composite Bond Fund
Index
Minimum investment
amount
50,000 5,000
Entry load Nil Nil
Exit load Nil <_5 lakh - 0.50% within 0-6
months; >5 lakh - 0.10% within
0-7 days
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BIRLA SUN LIFE INCOME FUND
OBJECTIVE: An open-ended income scheme with the objective to generate income
and capital appreciation by investing 100% of the corpus in a diversified portfolio of
debt and money market securities.
LAUNCH: March 3,1997
BIRLA SUN LIFE ULTRA SHORT TERM FUND
OBJECTIVE: An open-ended short term income scheme with the objective to
generate income and capital appreciation by investing 100% of the corpus in a
diversified portfolio of debt and money market securities with relatively low level of
interest rate risk.
LAUNCH : April 19, 2002
BIRLA SUN LIFE MEDIUM TERM PLAN
OBJECTIVE: The primary investment objective of the scheme is to generate regular
income through investments in debt & money market instruments in order to make
regular dividend payments to unitholders& secondary objective is growth of capital.
LAUNCH : March 25, 2009
ICICI Prudential Short Term Fund ICICI Prudential Short Term Fund is an open ended Debt scheme, with majority of
asset allocation to the debt instruments like T-bills, commercial papers etc. These type
of funds are less risky compared to that of the equity schemes and the returns
generated are also very less. Risk averse investors generally go for this type of
schemes. The ICICI Prudential Short Term Fund is operated in the same way as the
benchmark index CRISIL Short Term Bond Fund Index, ie the sector allocation will
be similar to that of the benchmark and the mutual fund scheme has the benefit of
picking a particular stock in a given sector that will generate good returns to the
investor compared to that of the benchmark.
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RELIANCE SHORT TERM FUND
Reliance short term fund is an open ended Debt scheme, with majority of asset
allocation to the debt instruments like T-bills, commercial papers etc. These type of
funds are less risky compared to that of the equity schemes and the returns generated
are also very less. Risk averse investors generally go for this type of schemes.
Reliance Short Term Fund is operated in the same way as the benchmark index
CRISIL Liquid Bond Fund Index, ie the sector allocation will be similar to that of the
benchmark and the mutual fund scheme has the benefit of picking a particular stock in
a given sector that will generate good returns to the investor compared to that of the
benchmark
BIRLA SUN LIFE SHORT TERM FUND
Birla Sun Life Short Term Fund is an open ended Debt scheme, with majority of asset
allocation to the debt instruments like T-bills, commercial papers etc. These type of
funds are less risky compared to that of the equity schemes and the returns generated
are also very less. Risk averse investors generally go for this type of schemes. The
Birla Sun Life Short Term Fund is operated in
the same way as the benchmark index CRISIL Short Term Bond Fund Index, ie the
sector allocation will be similar to that of the benchmark and the mutual fund scheme
has the benefit of picking a particular stock in a given sector that will generate good
returns to the investor compared to that of the benchmark.
RELIANCE INCOME FUND
Reliance Income Fund is an open ended Debt scheme, with majority of asset
allocation to the debt instruments like T-bills, commercial papers etc. These type of
funds are less risky compared to that of the equity schemes and the returns generated
are also very less. Risk averse investors generally go for this type of schemes. The
Reliance Income Fund is operated in the same way as the benchmark index CRISIL
composite Bond Fund Index, ie the sector allocation will be similar to that of the
benchmark and the mutual fund scheme has the benefit of picking a particular stock in
a given sector that will generate good returns to the investor compared to that of the
benchmark.
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BIRLA SUN LIFE INCOME FUND
Birla Sun Life Fund is an open ended Debt scheme, with majority of asset allocation
to the debt instruments like T-bills, commercial papers etc. These type of funds are
less risky compared to that of the equity schemes and the returns generated are also
very less. Risk averse investors generally go for this type of schemes. The Birla Sun
Life Income Fund is operated in the same way as the benchmark index S&P CNX
Nifty, ie the sector allocation will be similar to that of the benchmark and the mutual
fund scheme has the benefit of picking a particular stock in a given sector that will
generate good returns to the investor compared to that of the benchmark.
ICICI PRUDENTIAL INCOME PLAN
ICICI plan is an open ended Debt scheme; the portfolio has the medium term
maturity, with majority of asset allocation to the debt instruments like T-bills,
commercial papers etc. These type of funds are less risky compared to that of the
equity schemes and the returns generated are also very less. These can generate
comparatively more returns than the short term fund because they have a higher level
of risk. Risk averse investors generally go for this type of schemes. The ICICI
Prudential income plan is operated in the same way as the benchmark index CRISIL
Composite Bond Fund Index, ie the sector allocation will be similar to that of the
benchmark and the mutual fund scheme has the benefit of picking a particular stock in
a given sector that will generate good returns to the investor compared to that of the
benchmark.
28
CHAPTER-III
INDUSTRY ANALYSIS
29
INDUSTRY ANALYSIS
History of mutual funds
The origin of mutual fund industry in India is with the introduction of the concept of
mutual fund by UTI in the year 1963. Though the growth was slow, but it accelerated
from the year 1987 when non-UTI players entered the industry.
In the past decade, Indian mutual fund industry had seen a dramatic improvements,
both quality wise as well as quantity wise. Before, the monopoly of the market had
seen an ending phase, the Assets Under Management (AUM) was Rs. 67bn. The
private sector entry to the fund family rose the AUM to Rs. 470 bn in March 1993 and
till April 2004, it reached the height of 1,540 bn.
Putting the AUM of the Indian Mutual Funds Industry into comparison, the total of it
is less than the deposits of SBI alone, constitute less than 11% of the total deposits
held by the Indian banking industry.
The main reason of its poor growth is that the mutual fund industry in India is new in
the country. Large sections of Indian investors are yet to be educated with the concept.
Hence, it is the prime responsibility of all mutual fund companies, to market the
product correctly abreast of selling.
The mutual fund industry can be broadly put into four phases according to the
development of the sector. Each phase is briefly described as under.
Source: Understanding Mutual funds- Sunita Abraham, Uma Shashikant
First Phase - 1964-87
Unit Trust of India (UTI) was established on 1963 by an Act of Parliament. It was set
up by the Reserve Bank of India and functioned under the Regulatory and
administrative control of the Reserve Bank of India. In 1978 UTI was de-linked from
the RBI and the Industrial Development Bank of India (IDBI) took over the
regulatory and administrative control in place of RBI. The first scheme launched by
UTI was Unit Scheme 1964. At the end of 1988 UTI had Rs.6,700 crores of assets
under management.
30
Second Phase - 1987-1993 (Entry of Public Sector Funds)
Entry of non-UTI mutual funds. SBI Mutual Fund was the first followed by Canbank
Mutual Fund (Dec 87), Punjab National Bank Mutual Fund (Aug 89), Indian Bank
Mutual Fund (Nov 89), Bank of India (Jun 90), Bank of Baroda Mutual Fund (Oct
92). LIC in 1989 and GIC in 1990. The end of 1993 marked Rs.47,004 as assets under
management.
Third Phase - 1993-2003 (Entry of Private Sector Funds)
With the entry of private sector funds in 1993, a new era started in the Indian mutual
fund industry, giving the Indian investors a wider choice of fund families. Also, 1993
was the year in which the first Mutual Fund Regulations came into being, under
which all mutual funds, except UTI were to be registered and governed. The erstwhile
Kothari Pioneer (now merged with Franklin Templeton) was the first private sector
mutual fund registered in July 1993.
The 1993 SEBI (Mutual Fund) Regulations were substituted by a more
comprehensive and revised Mutual Fund Regulations in 1996. The industry now
functions under the SEBI (Mutual Fund) Regulations 1996.
The number of mutual fund houses went on increasing, with many foreign mutual
funds setting up funds in India and also the industry has witnessed several mergers
and acquisitions. As at the end of January 2003, there were 33 mutual funds with total
assets of Rs. 1,21,805 crores. The Unit Trust of India with Rs.44,541 crores of assets
under management was way ahead of other mutual funds.
Fourth Phase - since February 2003
This phase had bitter experience for UTI. It was bifurcated into two separate entities.
One is the Specified Undertaking of the Unit Trust of India with AUM of Rs.29,835
crores (as on January 2003). The Specified Undertaking of Unit Trust of India,
functioning under an administrator and under the rules framed by Government of
India and does not come under the purview of the Mutual Fund Regulations.
31
The second is the UTI Mutual Fund Ltd, sponsored by SBI, PNB, BOB and LIC. It is
registered with SEBI and functions under the Mutual Fund Regulations. With the
bifurcation of the erstwhile UTI which had in March 2000 more than Rs.76,000 crores
of AUM and with the setting up of a UTI Mutual Fund, conforming to the SEBI
Mutual Fund Regulations, and with recent mergers taking place among different
private sector funds, the mutual fund industry has entered its current phase of
consolidation and growth. As at the end of September, 2004, there were 29 funds,
which manage assets of Rs.153108 crores under 421 schemes.
32
CHAPTER-IV
COMPANY ANALYSIS
33
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The stupendous growth trajectory achieved in the past 4 years was due to sound
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Indian economy has been growing at 7-8% over the last few years and is not
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Financial sector leading from the front with growth rates much higher at 20%.
Demat accounts growing @ 20% CAGR over the last few years.
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37
Fiscal stimulus and RBIs Monetary Policy will put economy on strong growth
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Indian economy expected to bounce back by year end.
Corporate earnings to improve in the second half of the current financial year.
CHAPTER-V
DATA ANALYSIS
38
SCHEMES UNDER STUDY
1 Debt Short term plan ICICI Short term fund
2 Debt Short term plan Reliance short term plan
3 Debt Short term plan Birla Sun Life Short term fund
4 Debt Medium term
plan
ICICI Income plan
5 Debt Medium term
plan
Reliance Income Fund
6 Debt Medium term
plan
Birla Sun Life Income fund
39
ICICI PRUDENTIAL SHORT TERM FUND
month NAV Avg AUM
(crores)
average
maturity
(years)
Yield to
maturity(%)
Returns %
Jan-11 15.7115 441.37 1.49 9.27 0.58
Feb-11 15.7466 414.73 1.02 10.04 0.23
Mar-11 15.8422 283.51 1.01 10.44 0.61
Aprl-11 15.9559 241.72 1 10.47 0.69
May-11 16.1366 238.11 2.68 10.99 1.05
Jun-11 16.1474 168.92 4.01 11.79 0.16
July-11 16.5466 166.62 4.85 9.74 2.47
Aug-11 17.7979 515.38 4.87 8.16 7.2
Sep-11 17.6593 902.96 3.52 7.11 -0.75
Oct-11 17.8083 1,114.70 2.2 6.96 0.84
Nov-11 17.8947 1,116.79 2.96 8.39 0.49
Dec-11 17.62 1,238.45 2.2 7.11 2.16
40
41
42
ANALYSIS:
The above are the graphs showing the tendency of the NAV, AUM, % Returns from
January 2011, thick line shows the actual variation over the period and the thin line
shows the trend of the variation. NAV is the net asset value of the portfolio of stocks.
At the beginning of the year 2011 the NAV of the fund is 15.71 rupees, till the end of
the year December 2011 NAV is falling and raising. From the starting of the year 2011
the NAV of the fund is stabilized in the month of june 2011 the NAV of the fund is
Rs.16.14. At the beginning of the year 2011 the AUM of the fund is 441.37crores, till
the end of the year December 2011 AUM is irregularly decreasing and increasing.
From the starting of the year 2011 the AUM of the fund started to rise by the end of
dec 2011 the AUM of the fund is reached to 1238.45 crores. The returns generated by
the fund have shown very irregular tendency. But by the trend line of the graph says
that the returns generated by the fund are increasing and showing the tendency to rise.
Currently the returns generated by the fund in the month of December 2011 is 2.16%.
The performance of these schemes is influenced mainly by influenced by the ratings
of the bonds that are choosed in the portfolio.
43
RELIANCE SHORT TERM FUND
Month NAV Avg AUM (crores) average
maturity
Returns %
Jan-11 14.4718 602.7 2.18Years 0.69
Feb-11 14.5734 639.56 1.77 Years 0.09
Mar-11 14.5825 496.53 1.61 Years 0.4
Aprl-11 14.6402 385.69 1.43 Years 0.72
May-11 14.7515 370.36 1.59 Years 0.7
Jun-11 14.8664 331.19 2.16 Years 0.21
July-11 14.8847 232.33 2.18 Years 0.92
Aug-11 15.021 178.28 2.58 Years 4.98
Sep-11 15.7941 271.93 2.34 Years 0.46
Oct-11 15.8592 522.45 2.54 Years 1.33
Nov-11 16.0699 690.83 2.43 Years 0.68
Dec-11 16.1799 1191.96 2.31 Years 2.51
44
45
46
ANALYSIS:
The above are the graphs showing the tendency of the NAV, AUM, % Returns from
January 2011, thick line shows the actual variation over the period and the thin line
shows the trend of the variation. NAV is the net asset value of the portfolio of stocks.
At the beginning of the year 2011 the NAV of the fund is 14.47 rupees, till the end of
the year December 2011 NAV is falling and raising. From the starting of the year 2011
the NAV of the fund is stabilized in the month of june 2011 the NAV of the fund is Rs.
14.86. At the beginning of the year 2011 the AUM of the fund is 602.7 crores, till the
end of the year December 2011 AUM is irregularly decreasing and incresaing. From
the starting of the year 2011 the AUM of the fund started to raise by the end of
December 2011 the AUM of the fund is reached to 1191.96 crores. The returns
generated by the fund have shown very irregular tendency. But by the trend line of the
graph says that the returns generated by the fund are increasing and showing the
tendency to raise. Currently the returns generated by the fund in the month of
December 2011 is 2.51%.
47
BIRLA SUN LIFE SHORT TERM FUND
Month NAV Avg AUM
(crores)
average
maturity(years)
% Returns
Jan-11 14.3954 1027.54 2.26 0.77
Feb-11 14.4995 969.65 4.07 0.44
Mar-11 14.5662 972.34 3.28 0.74
Apr-11 14.6734 809.43 3.93 0.61
May-11 14.7669 602.34 0.86 0.69
Jun-11 14.873 562.64 0.82 0.55
Jul-11 14.9511 191.11 0.67 0.67
Aug-11 15.0546 258.43 0.3 0.72
Sep-11 15.1658 187.55 0.22 0.76
Oct-11 15.2925 309.51 0.38 0.84
Nov-11 15.4247 1581.81 0.23 0.71
Dec-11 15.5414 4601.3 0.19 0.68
48
49
50
ANALYSIS:
The above are the graphs showing the tendency of the NAV, AUM, % Returns from
January 2011, thick line shows the actual variation over the period and the thin line
shows the trend of the variation. NAV is the net asset value of the portfolio of stocks.
At the beginning of the year 2011 the NAV of the fund is 14.39 rupees, the NAV of
this fund is continuously increasing, in the month of Sepetember 2011 the NAV of the
fund is Rs. 15.16. At the beginning of the year 2011 the AUM of the fund is 1027.54
crores, till the end of the year December 2011 AUM is irregularly decreasing and
increasing. From the starting of the year 2011 the AUM of the fund started to raise by
the end of December 2011 the AUM of the fund is reached to 4601.3 crores. The
returns generated by the fund have shown very irregular tendency. But by the trend
line of the graph says that the returns generated by the fund are increasing and
showing the tendency to raise. Currently the returns generated by the fund in the
month of December 2011 is 0.68%. the performance of the debt schemes is influenced
by the interest rate variations.
51
RELIANCE INCOME FUND
Month NAV Avg AUM
(crores)
average
maturity
yield to maturity % Returns
Jan-11 25.33 80.27 13.62 7.77 1.93
Feb-11 25.93 124.68 16.09 8.29 -0.39
Mar-11 25.85 182.92 12.98 7.56 -1.32
Apr-11 25.51 199.12 9.06 8.75 0.16
May-11 25.55 179.32 7.16 7.92 0.16
Jun-11 25.596 163.31 3.62 8.14% -0.79
Jul-11 25.3888 153.29 1.53 9.39% -0.24
Aug-11 25.3348 133.13 3.10 9.51% 1.24
Sep-11 25.6685 113.46 7.69 9.88% 0.02
Oct-11 25.7618 102.4 10.23 10.21% 1.17
Nov-11 26.1378 119.63 9.79 10.23% 3.26
Dec-11 26.9895 256.72 11.21 8.50% 13.38
52
53
54
ANALYSIS:
The above are the graphs showing the tendency of the NAV, AUM, % Returns from
January 2011, thick line shows the actual variation over the period and the thin line
shows the trend of the variation. NAV is the net asset value of the portfolio of stocks.
At the beginning of the year 2011 the NAV of the fund is 25.33 rupees, till the end of
the year December 2011 NAV is falling and raising. From the starting of the year 2011
the NAV of the fund is stabilized in the month of Sepetember 2011 the NAV of the
fund is Rs. 25.66. At the beginning of the year 2011 the AUM of the fund is 80.27
crores, till the end of the year December 2011 AUM is irregularly decreasing and
increasing. From the starting of the year 2011 the AUM of the fund started to raise by
the end of December 2011 the AUM of the fund is reached to 256.72 crores. The
returns generated by the fund have shown very irregular tendency. But by the trend
line of the graph says that the returns generated by the fund are increasing and
showing the tendency to rise. Currently the returns generated by the fund in the month
of December 2011 is 13.38%.
55
BIRLA SUN LIFE INCOME FUND
Month NAV Avg AUM
(crores)
average
maturity
(years)
% Returns
Jan-11 28.9715 105.88 14.96 2.75
Feb-11 29.9123 194.96 14.92 -0.47
Mar-11 29.7854 285.85 14.94 -1.24
Apr-11 29.4134 289.49 6.88 0.75
May-11 29.6445 277.89 3.2 0.1
Jun-11 29.6821 292.45 1.94 -0.35
Jul-11 29.5663 250.13 0.86 0.36
Aug-11 29.6788 218.18 1.5 0.79
Sep-11 30.0018 184.48 2.29 0.01
Oct-11 30.0508 150.79 3.84 0.52
Nov-11 30.2195 136.37 8.28 3.08
Dec-11 31.1615 125.79 12.98 14.33
56
57
58
ANALYSIS:
The above are the graphs showing the tendency of the NAV, AUM, % Returns from
January 2011, thick line shows the actual variation over the period and the thin line
shows the trend of the variation. NAV is the net asset value of the portfolio of stocks.
At the beginning of the year 2011 the NAV of the fund is 28.97 rupees, till the end of
the month Sepetember 2011 NAV is falling and raising. From the starting of the
October month 2011 the NAV of the fund is stabilized where NAV of the fund is Rs.
30.65. At the beginning of the year 2011 the AUM of the fund is 105.88 crores, till the
end of the year December 2011 AUM is irregularly decreasing and incresaing. From
the starting of the year 2011 the AUM of the fund started to raise by the end of
December 2011 the AUM of the fund is reached to 125.79 crores. The returns
generated by the fund have shown very irregular tendency. But by the trend line of the
graph says that the returns generated by the fund are increasing and showing the
tendency to rise. Currently the returns generated by the fund in the month of
December 2011 is 14.33%
59
ICICI PRUDENTIAL INCOME PLAN
Month NAV AVG AUM avg maturity yield to
maturity
% Returns
Jan-11 24.14 579.49 16.23 8.25% 1.99
Feb-11 23.99 704.61 18.13 8.27% -0.7
Mar-11 23.57 641.87 12.38 8.93% -1.63
Apr-11 23.53 460.36 5.57 8.83% -1.17
May-11 23.68 418.82 4.08 9.18% 0.64
Jun-11 23.42 316.9 2.1 9.37% -1.06
Jul-11 23.46 283.25 0.6 9.32% 0.17
Aug-11 23.87 249.59 4.07 9.94% 1.69
Sep-11 24.45 213.18 10.65 11.52% 2.1
Oct-11 24.75 205.5 9.54 10.76% 1.48
Nov-11 25.67 507.6 11.67 9.03% 3.72
Dec-11 29.55 2547.98 14.06 7.55% 14.54
60
61
62
ANALYSIS:
The above are the graphs showing the tendency of the NAV, AUM, % Returns from
January 2011,At the beginning of the year 2011 the NAV of the fund is 24.14 rupees,
till the end of the year December 2011 NAV is falling and raising. From the starting of
the year 2011 the NAV of the fund is stabilized in the month of Setember 2011 the
NAV of the fund is Rs. 24.45. At the beginning of the year 2011 the AUM of the fund
is 579.49 crores, till the end of the year December 2011 AUM is irregularly
decreasing and increasing. From the starting of the year 2011 the AUM of the fund
started to rise by the end of march 2011 the AUM of the fund is reached to 2547.98
crore.Currently the fund generated by the fund by the end of December is 14.54% .
63
COMPARISON OF BIRLA SUN LIFE MUTUAL FUND SCHEMES
WITH RELIANCE MUTUAL FUND AND ICICI PRUDENTIAL
MUTUAL FUND
Comparison of Schemes in the Debt Short Term Plans
Debt schemes are those invest in the Debt instruments issued by different companies,
these instruments have relatively smaller tenure compared to that of the equity
schemes. The risk and returns with this schemes is very low, because there is high
credit quality. The credit quality of the particular debt instrument issued by the
company is determined by the credit rating agencies. The bonds having higher credit
rating give only smaller returns. The chart below shows the NAV of three Debt short
term plans of three different companies.
64
Chart showing the NAV of three different sch
65
ANALYSIS:
The above graph shows the variation of the NAV of the three schemes under study.
They have shown the appreciation in the NAV. The NAV of ICICI Prudential Short
Term Fund had increased. In the beginning of the year 2011 the NAV of the fund is
15.71 rupees it had appreciated to 17.62 rupees. NAV of Reliance Short Term Fund
had changed from 14.47 to 16.17 rupees and the NAV of the Birla Sun life Short Term
Fund is appreciated from 14.39 to 15.54 rupees. Compared to all other funds the
appreciation of the Birla Sun Life Short Term fund is less. The NAV of these funds is
widely influenced by the ratings of the bonds choosen in the portfolio. If we need high
credit quality the returns generated are less.
66
COMPARISON OF THE DEBT MEDIUM TERM PLANS
Medium term plans are the schemes that are schemes that are with the medium tenure.
The following chart shows the comparative analysis of the three Debt medium term
plans.
Chart showing the NAV variation of the three income funds of different
companies
67
ANALYSIS:
The above sheet shows the performance of the three schemes, Relaince Income Fund,
Birla Sun Life Income Fund, and ICICI Prudential Income Plan. Birla sun Life
Income fund had higher NAV in the beginning and the end of the period of study. All
these funds same as the Debt short term fund shown the increase in the NAV. The
performance of these schemes is dependent on inerest rate variations. In the
beginning of the year Birla Sun Life Income fund had the NAV of 29.97 and by the
end of December 2011 31.16. Returns generated by each scheme during whole period
is also shown in the second chart.
68
CHAPTER-VI
FINDINGS, SUGGESTIONS
&
CONCLUSION
69
FINDINGS:
SHORT TERM SCHEMES:
1. Performance ofBirla Sun Life Mutual fund in 2008 was 1% .
2. RELIANCEwas 5% .Reliance was high when compared to Birla Sun Life
Mutual Fund.
3. ICICIwas 7% it is higher when compared to both schemes.
4. Performance of Birla Sun Life Mutual Funds was 0.5% in April 2009.
5. RELIANCE was 2.5% its performance was higher than Birla Sun Life
Mutual Fund.
6. ICICI was2.2% it was less than Reliance but higher than Birla Sun Life
Mutual Fund.
MEDIUM TERM SCHEMES:
1. In December 2008 performance of Birla Sun Life Mutual Fund very high
12%.
2. RELIANCE is 1% more than Birla Sun Life Mutual Fund. i.e 13%
3. ICICI performanceisvery high in December 2008 as compared to both
schemes.
4. In January 2009 all the three schemes were below the margin i.e negative .
5. As compared to both the schemes Birla Sun life Mutual Fund was in
better position .
6. In April 2009 again it has been raised to 0.4% from -0.3%
70
SUGGESTIONS:
1. Birla sun Life short term fund is an open ended Debt scheme, with majority of
asset allocation to the debt instruments like T-bills, commercial papers etc. This types
of funds are less risky compared to that of the equity schemes .
2. Birla Sun Lifemedium term fund had shown increase in the nav because the
portfolio of the scheme is diversified by increasing the exposure to Debt Market.
3. In Debt scheme risk &returns is very low, because there is higher quality.
4. The credit quality of the particular debt instrument issued by the company is
determined by the credit rating agency.
5. Medium term plans are the schemes that are with the medium tenure.
6. the mutual fund scheme has the benefit of picking a particular stock in a given
sector that will generate good returns to the investors compared to that of bench mark.
71
CONCLUSION
1. They are Equity Diversified, Equity sector schemes, ELSS (Equity Linked Saving
Schemes) schemes, Debt short term and Debt Medium term plans. In Equity
Diversified category the fund that hurt a lot is Reliance growth fund, its NAV has
dropped more than 50% during the period of study.
2. In Equity Diversified schemes as against to the herd, Birla Sun Life Frontline
Equity Fund, had shown the increase in the NAV, the fund manager has managed to
do this by allocating more percentage of the assets to debt, as the Debt market has
shown better performance the funds NAV has increased. This scheme has been given
Seven Star Rating by ICRA.
3. The scheme has shown negative returns for many months, currently the
Performance of the scheme is slowly improving because of change in prevailing
market conditions. The other two categories that are studied are Debt Short term plan
and Debt medium term plan.
4. The performance of these schemes is more or less similar, these debt schemes have
shown the increase in the NAV during the period of recession. This is because these
funds are not at all related to the Equity shares, that are affected by the financial crisis.
The debt schemes will work on the Bonds, T-bills, Commercial Papers, and CDs
issued by the government and private.
72
CHAPTER-VII
BIBLIOGRAPHY
73
BIBLIOGRAPHY:
TEXT BOOKS
Sunita Abraham and Uma Shashikanth, September 2010, Understanding Mutual
Funds, Center for investment Education and Learning Pvt Ltd.
Gordon AndNatarajan, 1999 Financial Markets and Services, Himalaya
Publishing House, “Ramdoot”, Dr. Bhalerao Marg, Girgaon, Mumbai -400-004.
Pattabhi Ram And S D Batla, Management Accounting and Financial Analysis
NEWS PAPERS:
Economic times
Business standard
Business India magazine
WEBSITES:
www.birlasunlife.com
www.icicipruamu.com
www.reliancemutual.com
www.mutualfundsindia.com
www.amfiindia.com
www.wikipedia.com
74
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