Black Book

A PROJECT REPORT ON

“A STUDY ON COMPARATIVE ANALYSIS OF MUTUAL FUND

SCHEME”

SUBMITTED
IN PARTIAL FULFILMENT OF THE
REQUIREMENT
OF THE AWARD OF DEGREE OF
BACHELOR OF MANAGEMENT STUDIES
SEMESTER VI
(2022 – 2023)
SUBMITTED BY
GAURI BABAN SHINGOTE
Roll No. : 84
Under the Guidance of
PROF. DEVIKA SURYWANSHI
People’s Education Society’s
Siddhartha College of Commerce & Economics
Anand Bhavan, Dr. D. N. Road, Fort, Mumbai – 400001

1
A PROJECT REPORT ON
“A STUDY ON COMPARATIVE ANALYSIS OF MUTUAL FUND
SCHEME”
SUBMITTED
IN PARTIAL FULFILMENT OF THE
REQUIREMENT
OF THE AWARD OF DEGREE OF
BACHELOR OF MANAGEMENT STUDIES
SEMESTER VI
(2022 – 2023)
SUBMITTED BY
Roll No. : 84
Under the Guidance of
PROF. DEVIKA SURYWANSHI
Siddhartha College of Commerce & Economics
Anand Bhavan, Dr. D. N. Road, Fort, Mumbai – 400001
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DECLARATION
I, Ms. GAURI BABAN SHINGOTE the student of T.Y.B.M.S. Semester VI (2022-

2023) hereby declare that I have completed the project on “ A STUDY ON
COMPARATIVE ANALYSIS OF MUTUAL FUND SCHEME” in partial
fulfillment of the requirement for the Third Year of Bachelor of Management Studies
course for the Academic Year 2022 – 2023
The information submitted is true and original to the best of my knowledge
Place: MUMBAI
Date of Submission:
Roll No. : 84
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Siddhartha College of Commerce & Economics,

Anand Bhavan, Dr. D. N. Road, Fort, Mumbai – 400001.
CERTIFICATE
This is to certify Ms. GAURI BABAN SHINGOTE, Roll No. 84 of Third Year of
B.M.S. Semester VI (2022 – 2023) has successfully completed the Project on, “A
STUDY ON COMPARATIVE ANALYSIS OF MUTUAL FUND SCHEME”
under the guidance of Prof. DEVIKA SURYWANSHI.
I further certify that the information submitted is true and original to the best of my
knowledge
Place: MUMBAI
Dated:
PROF. DEVIKA SURYWANSHI DR. U. M. MASKE

Principal
BMS Co-ordinator
Internal Guide
External Examiner
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ACKNOWLEDGEMENT
To list who all have helped me is difficult because they are numerous, and the depth is
so enormous.
I would like to acknowledge the following as being idealistic channels and fresh
dimensions in the completion of this project.
I take this opportunity to thank the University of Mumbai for giving me chance to
do this project.
I would like to thank my Principal, Dr. U. M. Maske for providing the necessary
facilities required for the completion of this project.
I take this opportunity to thank our Coordinator Devika Surywanshi, for her moral
support and guidance.
I would also like to express my sincere gratitude towards my project guide Prof.
Devika Surywanshi whose guidance and care made the project successful.
I would like to thank my College Library, for having provided various reference
books and magazines related to my project.
Lastly, I would like to thank each and every person who directly or indirectly helped
me in the completion of the project especially my Parents and Peers who supported
me throughout my project.
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EXECUTIVE SUMMARY
This project has been designed to serve as the main project in the sixth semester for
the BMS course of the University of Mumbai. “A Study on Comparative Analysis of
Mutual Fund Scheme”. The purpose of this study is to analyze the performance of the
joint fund.
A mutual fund is a financial intermediary in capital market that pools collective

investments in form of units from retail and corporate investors and maintain a
portfolio of various schemes which invest that collective investments in equity and
debt instruments on behalf of investors
In the current economy scenarios interest rates are falling and share market
fluctuations have put investors in confusion. Such a mutual fund is one of the
profitable investment routes available to investors. The study mainly deals with
identifying better collective investments in 3 different categories and by considering
various other parameters such as forms, NAV and risk analysis etc., and also the
perception of individual respondents for investing in mutual fund. Large cap mutual
funds, equity variability and co-cash middle and small caps are selected for the study.
The aim of the study was to understand the risk and returns of selected mutual funds
and also to study the perception of investors towards mutual funds. A sample of 30
investors was selected to understand their perception of mutual funds. The data
collected was analyzed using various statistical tools and techniques to draw meaning
full inferences. It was found from the study that majority of the investors are
professional like Doctor, CA, majority of the respondents prefer mutual funds as their
savings and safety preference and majority of the investors took self-decision to invest
in mutual fund
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INDEX
Sr. No. PARTICULARS Page No.

Chp. 1 Introduction 8 – 19
1.1 Introduction of Financial System
1.2 Industry Profile
1.3 History of Mutual Funds
1.4 Regulatory Framework
1.5 Parties Involved in Mutual Funds
Chp. 2 Theoretical Study 20 – 37

2.1 Theoretical Study
2.2 Key Features of Mutual Funds
2.3 Benefits of Mutual Funds
2.4 Schemes of Mutual Funds
2.5 Based on Investment Objectives or Asset
Class
2.6 Important Key Related to Mutual Funds
2.7 The Selected AMC`S India
Chp. 3 Literature Review 38 – 47
Chp. 4 Research Methodology 48 – 51

4.1 Statement of the Problem
4.2 Need of the Study
4.3 Objective of the Study
Chp. 5 Analysis and Interpretation 52 – 71

5.1 Comparative Analysis
5.2 Comparison Between Funds
Chp.6 Findings 72 – 73
Chp.7 Suggestion 74 – 75
Chp. 8 Conclusion 76 – 77
Chp. 9 Webliography 78 – 80
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COMPARATIVE ANALYSIS OF
MUTUAL FUND SCHEME
8
CHAPTER – 1
INTRODUCTION
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1.1 INTRODUCTION OF FINANCIAL SYSTEM
A financial system is a set of institutions, such as banks, insurance companies,

and stock exchanges that permit the exchange of funds. Financial systems exist
on firm, regional, and global levels. Borrowers, lenders, and investors exchange
current funds to finance projects, either for consumption or productive
investments, and to pursue a return on their financial assets. The financial system
also includes sets of rules and practices that borrowers and lenders use to decide
which projects get financed, who finances projects, and terms of financial deals.
Financial markets involve various players, including borrowers, lenders, and
investors that negotiate loans for investment purposes. The borrowers and lenders
tend to trade money in exchange for a return on the investment at some future
date. Derivative instruments are also traded in the financial markets as well,
which are contracts that are determined based on an underlying asset’s
performance.
Every country's financial system consists of financial markets, financial
intermediaries, financial instruments or financial instruments. Finance is the
science of money management. Finance represents resources as funds needed for
specific activities.
When reference is made to the financial needs of an organization, the financing is
also called "funds" or "capital". "System" in the term "financial system" means a
complex or closely related group of institutions, agents, practices, markets,
transactions, claims and obligations in the economy.
There are people with territories, people, and surplus funds. The financial system
or banking sector acts as a facilitator to facilitate surplus-to-deficit flows. The
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financial system is a combination of multiple institutions, markets, regulations,
laws, practices, fund managers, analysts, operations, claims and debts.
The Indian financial system consists of organized sector and unorganized sector.
The organized sector is structured and largely falls under the regulation and
control of governing bodies, whereas the unorganized sector is more unstructured
and has freeways in terms of regulations and controlling power. The stability of
financial markets has an impact on the functioning of the economy and thus the
financial system plays a vital role in the economic prosperity.
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 Meaning of Mutual Fund
Mutual funds are a type of investment investors use to raise money so that
each investor can participate in a portfolio of securities. Individual investors
do not actually own each security. He invests in mutual funds. The main
advantage of mutual funds is that they provide a way for investors to achieve
investment diversification without having to invest a lot of money. The first
mutual fund was the Massachusetts Trust Fund, which was introduced in
1924. At the end of the first year, the fund had 250 investors and $ 63,600 in
assets. By the end of 1995, the fund had reached $ 1.8 billion with 73,500
investors. There are now more than 7,000 mutual funds to choose from. You
may wonder why you should choose mutual funds. Mutual funds have two
big advantages overpaying stocks individually. Their strengths are diversified
through professional management without having to invest a lot of money.
Decentralization is important to reduce risk. By owning several companies'
shares, the value of the fund shares will not be compromised even if the
performance of individual companies is low. The choice of securities to buy,
cash and securities distribution, and when to buy are all made by the fund
manager or management. Fund managers have the training, time and
resources to make the best investment decisions based on information. This
fund is also part of a fund where investors can switch funds at no additional
cost. Most mutual funds are able to check the amount set on a regular basis
and automatically transfer funds on a regular basis once a month, including
the privilege of receiving checks. This type of investment is called the dollar
cost average, which is the same as the monthly average for people who are
investing in regularly set dollar amounts. This type of investment is the
average of the dollar cost.
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 Concept of Mutual Fund
A mutual fund is a pool of money managed by a professional Fund Manager.

It is a trust that collects money from a number of investors who share a
common investment objective and invests the same in equities, bonds, money
market instruments and/or other securities. And the income / gains generated
from this collective investment is distributed proportionately amongst the
investors after deducting applicable expenses and levies, by calculating a
scheme’s “Net Asset Value” or NAV. Simply put, the money pooled in by a
large number of investors is what makes up a Mutual Fund.
As you may know, mutual funds are very popular in the past 26 years. It was
another obscure financial product that became part of our daily lives. In the
United States, more than half of eight million individuals or households invest
in mutual funds. In other words, in the United States alone, it is invested in
trillions of dollars in mutual funds. After this, it is all common sense that
investing in a mutual fund is better than simply saving money but leaving it in
a savings account. However, most people are about to finish understanding of
funds. It cannot help people in mutual fund sales to speak strange words
separated by terminology that many investors do not understand. The
investment trust industry in India was led by the government of India, and in
1964 the unit trust of India was established. In 1993, SEBI regulations were
replaced by the comprehensively revised Mutual Fund Regulations in 1996. It
has been 36 years for mutual funds to exist in this country at the end of the
millennium. The ride for the last 36 years was not smooth. The opinions of
investors are still divided. Some are for mutual funds and others are against
mutual funds. UTI began its activity in July 1964. The impulse to build
formal systems comes from a desire to strengthen the tendency to save and
invest in low and intermediate groups. UTI was born in an era characterized
by the large political and economic turmoil that set the financial markets
back. Entrepreneurs were very reluctant to enter the capital market.
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1.2 INDUSTRY PROFILE
The investment fund industry is one of the emerging industries in India. Currently,
there are 40 players in the mutual fund company in India. The number of players in
public places has decreased from 11 to 5. The public place was gradually demoted to
legacy as it caught up with the big wave of the market in proportion to the players in
the private land.
The Investment Trusts Association in India is a business entity that promotes the
growth of investment trust companies in India. It enforces an experienced and
vigorous position in identifying the steps that need to be taken to protect investors and
encourage the field of mutual funding.
It is worth noting that the.AMFI is not a self-regulatory company (SOR) and that the
hints do not bind the members of the company. By its very nature, AMFI plays the
role of advisor or counselor within a mutual price point company. The
recommendations emerge as mandatory and most convenient if they are included in
the regulatory framework that the Securities and Exchange Commission (SEBI) of
India has prescribed for mutual budgeting.
Indian Mutual Fund Companies follow a three – tier system as demonstrated
1. Sponsor
2. Trust
3. Asset Management
 Sponsor
Sponsors are those who are thinking of starting a mutual fund. Sponsors will
conduct SEBI routine procedures for market regulators and also0mutual fund.
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Not everyone can start a joint fund. SEBI grants the right to open a joint fund
for integrity. This is because the financial quarters and the large spending on
the sector and the simple factors they should make are simple factors.
 Trust
Once SEBI is satisfied with the proposed sponsor's credibility and eligibility,
the sponsor then agrees to the Indian Trust Act of 1882, and the trust cannot
enter into a contract because it has no criminal identity in India. Therefore,
the trustee is a legal individual to act on behalf of believing. The contract is in
the name of the trustee. Once the trust is created, it is registered with SEBI
and is known as a general trust fund.
 Asset Management
The trustee appoints AMC, which has been established as a corporation, to
manage the cash of the investor. In the case of mutual funds, AMC pays for
the service instead of this money management. This price must be an investor
and is deducted from the money raised by them.
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1.3 HISTORY OF MUTUAL FUND
First Stage 1964-1987:
The India Trust Unit (UTI) was established in 1963 under the National Assembly. It
was founded by the Reserve Bank of India and is managed and controlled by the
Reserve Bank of India. In 1978, UTI was separated from RBI and the Indian
Industrial Development Bank (IDBI) replaced the administration's regulations, not the
RBI. The first plan launched by UTI was the 1964 unit system, and as of the end of
1988, UTI manages 6,700 core assets.
Second Stage 1987-1993 (input from public sector funds):
Invested in non-UTI public investment funds established by General Banking and

Life Insurance (LIC) in India in 1987 and General Insurance Corporation (GIC) in
India. The SEBI Mutual Fund was the first non-UTI mutual fund established in June
1987. The SEBI Mutual Fund is the first non-UTI mutual fund established in June
1987, with the Canbank cofound (December 87), Punjab Bank (August 1989), India
Cooperative Fund, 90 days). GIC established a joint venture in December 1990 and
LIC founded a joint venture in June 1989. By the end of 1993, the mutual fund sector
managed assets of Rs.47005.
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Third Stage 1993 – 2003 (Political Funding):
With the launch of the private fund in 1993, a new era has opened in the Indian
investment fund industry, allowing investors in India to choose from a broad range of
funding products. In 1993, the first rule of mutual funds was established, and all
mutual funds were registered and managed. Kuthary Pioneer (now merged with
Franklin Templeton) is the first private investment fund registered in July 1993.
Fourth Stage Feb 2003
In February 2003, UTI was divided into two independent agencies with the unit trust
that cancelled Indian law in 1963. One of them, as of the end of January 2003, is the
unit assets of the Indian Rupee unit managed at 29,835 rupees, especially the US 64
plan, guaranteed income and other specific planned assets. The management of the
Indian government unit trust and the specific business are under the framework of the
Indian government. It is not included in the scope of mutual fund rules.
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1.4 REGULATORY FRAMEWORK
Indian Securities and Exchange Commission (SEBI):
The Government of India is the main regulatory body of all groups. These groups
raise capital in the capital markets or invest in securities in capital markets such as
stocks and listed bonds. The proceedings of the Parliament were conducted by the
Securities and Exchange Commission of India in 1992. Investment funds have
become important investors in stock market securities. They are therefore under
SEBI's jurisdiction. SEBI authorizes all investment funds, including investment sites,
to comply with investment restrictions and restrictions, how to record revenue and
expenses, how to disclose information to investors, and how to protect investors in
general. To protect investors' interests, SEBI develops policies and regulates
investment funds. This rule applies to investment funds promoted by public or private
institutions, including investment funds promoting foreign institutions. SEBI's Asset
Management Corporation (AMC) manages funds by investing in various programs
from the funds it manages. According to SEBI regulations, two-thirds of board
members or members of a trustworthy independent company.
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Investment Trust Association (AMFI) in India
With the growth of Indian investment trusts, India needs to establish mutual fund
associations as a non-profit organization. The Indian Investment Trust Association
(AMFI) was established on August 22, 1995. AMFI is the highest authority of all
asset management companies (AMCs) registered with SEBI. To date, all asset
management companies have been members of the mutual fund program. It operates
under the supervision and guidance of the board of directors. The Indian Mutual
Funds Association is leading the mutual fund industry in India and is building a
professional and sound market with ethical standards that encourage and sustain
standards. The principles to protect and promote the interests of mutual funds and
their owners.
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1.5PARTIES INVOLVED IN MUTUAL FUNDS
 SEBI:
It is the governing authority of the stock market. Mutual funds legal framework is
regulated by SEBIs guidelines.
 Investors:
The investor is another speculator (who takes on high risks for high rewards) but
one whose primary objective are to safeguard the principle investment, a steady
income and capital appreciation.
 Trustee:
The mutual fund has been formed as a public trust and trustees manage the trust.
They are primarily accountable for protecting the interest of mutual fund
investors.
 Asset Management Company:

SEBI approved asset management company manage the fund by making
investment in various types of securities. It manages the investment portfolios of
schemes and handles various other routine activities incidental to the mutual fund
business. Its income comes from the management fees it charges for schemes it
manages.
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 Distributors:
They earn commission for bringing in investors into the schemes of mutual funds.
This commission is an expense for the schemes.
 Registers:
An investor holding in mutual fund schemes is typically followed by the schemes
RTA (Registrar and transfer Agent). Some AMC‟s prefers to handle it in house.
 Custodian or Depository:
As the name suggests, a custodian of the securities preserves the custody of the
securities in which the scheme invests. Therefore, for an investment transaction of
mutual fund, custodian receives or gives delivery.
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CHAPTER – 2
THEROTICAL STUDY
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2.1 THEROTICAL STUDY
Mutual funds are funds that have been collected from investors and invested in
specific investment objectives. Mutual funds are the pool of resources invested by
professionals (fund managers) in portfolios to optimize revenues at specific risk
levels. It is a mechanism for collecting resources by investing in securities and
issuing units to investors according to the goals set out in the proposal document.
Securities investments are spread across a variety of industries, reducing risk.
Diversification reduces risk because all stocks may not move in the same direction
at the same time. Mutual fund investors know unit holders. Investors share the
benefits or losses corresponding to their investment. The mutual fund regulator is
SEBI.
Mutual funds are often classified by their principal investments: money market
funds, bond or fixed income funds, stock or equity funds, or hybrid funds.[1]
Funds may also be categorized as index funds, which are passively managed funds
that track the performance of an index, such as a stock market index or bond
market index, or actively managed funds, which seek to outperform stock market
indices but generally charge higher fees. Primary structures of mutual funds are
open-end funds, closed-end funds, unit investment trusts.
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Mutual funds have advantages and disadvantages compared to direct investing in
individual securities. The advantages of mutual funds include economies of scale,
diversification, liquidity, and professional management.[3] However, these come
with mutual fund fees and expenses.
Mutual funds are regulated by governmental bodies and are required to publish
information including performance, comparison of performance to benchmarks,
fees charged, and securities held. A single mutual fund may have several share
classes by which larger investors pay lower fees.
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2.2 KEY FEATURES OF MUTUAL FUNDS
 Professional Management
Each fund's investments are chosen and monitored by qualified professionals
who use this money to create a portfolio. That portfolio could consist of stocks,
bonds, money market instruments or a combination of all of these.
 Fund Ownership
An investor owns shares of a mutual fund, not the individual secures. Mutual
funds permit the investors to invest small amounts of money. The pool can be
used to buy even those securities which would have been out of the reach of a
common individual investor. Thus, investors in mutual funds benefit from being
involved in a large pool of cash invested by other people.
 Diversified Investment
Mutual funds have a diversified investment portfolio which helps in minimizing
the risk as the fluctuation in prices of the individual securities has less effect on
the fund's performance.
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2.3 BENEFITS OF MUTUAL FUNDS
There are two major reasons why most people around the globe are afraid to take
investment decisions on their own. One of them is the lack of time to study the pros
and cons of different investment opportunities and the other being the lack of
financial know-how. Apart from that, some financial markets have a steep entry
barrier, which prevents a small ticket investor from participating in the growth of that
sector. Investment needs across different categories of investors are also not common.
While some may settle for safety of capital, others may chase returns. There may be
others who would want their capital to grow at a steady pace, while some may want to
save for retirement or child’s education. The needs and objectives of the investors are
truly diverse and one financial product can’t fulfill all of them. The emergence of
mutual funds in the past decade as a popular investment vehicle is due to the fact that
it serves broadly all categories of investors through the plethora of schemes that it
offers. The benefits provided by mutual funds far outweigh its shortcomings and have
thus gained wide-spread acceptance.
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 Benefits of Investing in Mutual Funds
o Professional Management
Mutual funds provide the benefit of professional management as people’s
money is managed by experienced fund managers. Investors who do not have
time, inclination and the know-how to manage their investments can look to
mutual funds as an alternative. It is inexpensive and is ideal for a small ticket
investor.
A lot of investors do not have the time or resources to conduct their research
and purchase individual stocks. This is where professional management
becomes quite useful. Several people invest in mutual funds for the
professional expertise it provides to one’s investments. A fund manager
continuously monitors investments and adjusts the portfolio accordingly to
meet its objectives. This professional management is one of the most
important advantages of a mutual fund.
o Economics of Scale
The way mutual funds are structured gives it a natural advantage. The
“pooled” money from a number of investors ensures that mutual funds enjoy
economies of scale; it is cheaper compared to investing directly in the capital
markets which involves higher charges. This also allows retail investors access
to high entry level markets like real estate, and also there is a greater control
over costs.
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o Diversification
Mutual funds provide investors with the benefit of diversification across
different companies and sectors. Diversification in simple terms means to
spread your portfolio across different instruments, sectors, industries,
companies and countries so that the overall portfolio is relatively safeguarded
from downturns in one or more sectors, companies or countries. Since small
investors do not have enough money to make meaningful investments across
different assets, a mutual fund does the job for them.
One of the most prominent advantages of investing in mutual funds is
diversification. It is the process of spreading a given investment over multiple
assets classes. Diversification helps us create an assorted portfolio that
segregates the headwinds experienced in various sectors. Money is invested in
a mixture of assets according to one’s risk appetite.
As mentioned earlier, diversification helps us reduce the risk associated with
different asset classes. This proves to be beneficial when an underlying
component of a given mutual fund experiences market headwinds. With
diversification, the risk associated with one asset class is countered by the
others. This way, you don’t lose out on the entire value of your investment if a
particular component of your portfolio goes through a turbulent period.
o Liquidity
Open ended mutual funds provide easy liquidity and investors can buy or sell
units anytime, at the prevailing NAV based prices. Close-ended schemes are
listed on a stock exchange where investors can redeem their units at the
prevailing market price. Interval funds, which are a cross between a close-
ended and an open-ended structure, also provide periodic liquidity option to its
investors.
One can easily sell mutual funds to meet their financial needs. Upon
liquidation, the money is deposited in your bank account in few days.
Additionally, there are mutual funds that provide faster disbursal. They are
called funds having instant redemption facility, wherein the money is
transferred to your bank on the same day.
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o Tax Benefits
The tax benefits associated with a particular kind of mutual fund is perhaps
what draws most investors to this investment vehicle. To encourage
investments in mutual funds, the Government of India offers
several tax benefits.
o Easy Investment
It is very easy to invest in mutual funds, i.e. you can do this either online or
offline. You simply need to visit your Asset Management Company’s (AMC)
website and submit the necessary documents to start on your investment
journey. Moreover, you can also visit your AMC in person and sign the
physical documents to get started. This ease of investment makes mutual funds
are preferable avenue.
o Flexibility
There are a lot of features in a regular mutual fund scheme, which impart
flexibility to the scheme. An investor can opt for a Systematic Investment Plan
(SIP), Systematic Withdrawal Plan (SWP), Systematic Transfer Plan (STP)etc.
to plan his cash flow requirements as per his convenience. The wide range of
schemes being launched in India by different mutual funds also provides an
added flexibility to the investor to build his portfolio accordingly.
o Convenience
Mutual fund companies offer convenient routes to investing in their schemes.
Investors can invest through the internet or mobile phone in addition to the
conventional option of physically filling up an application form and
submitting it. Further, as bank details are required to be submitted at the time
of investment, redemptions become very convenient as an investor directly
receives the proceeds in the bank account.
o Transparency
The mutual fund industry in India works on a very transparent basis, and
various kind of information is available to their investors through fact sheets,
offer documents, annual reports etc.
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o Well Regulated
Indian Mutual Fund industry is well regulated by the Securities and Exchange
Board of India (SEBI). This helps to instill confidence and provides comfort to
the investors. The regulatory environment in India is quite healthy and ensures
transparency in the processes and transactions.
All mutual funds are regulated by the capital markets watchdog Securities and
Exchange Board of India (SEBI). This means that all mutual fund houses are
required to follow the various mandates as laid down by SEBI. This, in turn,
protects the interests of the investors. Moreover, SEBI makes it mandatory for
all mutual funds to disclose their portfolios every month.
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2.4 SCHEMES OF MUTUAL FUNDS
According to the Maturity Plan
Mutual Fund Plans are divided into open and closed schemes on maturity dates.
 Unlimited Funds
There is no fixed redemption date for these funds. In general, they are open all year
round for subscription and exchange. Their prices are interrelated, and investors can
buy or sell units at any exchange rate associated with their daily net asset value
(NAV). From an investor's perspective, it is more liquid than closed-end funds.
 Closed – Ended Funds

These funds were first opened during the public offering (IPO) and then closed into
and entered. The redemption date is fixed for these funds. And closed-end funding is
generally open for preliminary public offerings, most effectively for subscriptions
during an accurate period. One of the characteristics of the closed end is that it is
generally traded with a discount to NAV. However, as the maturity approaches, the
discount diminishes. Closed-end funds are listed on stock exchanges where investors
should buy or advertise their units from the secondary market at any time.
 Open – Ended Funds

An open-ended fund is a fund that is available for subscription and can be redeemed
on a continuous basis. It is available for subscription throughout the year and
investors can buy and sell units at NET ASSET VALUE (NAV) related prices. These
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funds do not have a fixed maturity date. The key feature of an open-ended fund is
liquidity.
 Exchange Traded Funds

Exchange traded funds combine the features of open-ended and close-ended funds.
These funds may trade on stock exchanges and are open for sale or redemption at
predetermined intervals on the prevailing NET ASSET VALUE (NAV).
 Unit Investment Trusts
UTIs are also issued to the public only once when they are created. They have a fixed
maturity period and a fixed portfolio of securities which is determined at the time of
creation.
 Interval Funds
A fund combining the functions of open-ended and closed-end funds.
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2.5 BASED ON INVESTMENT OBJECTIVES or ASSET CLASS
 Equity / Growth Funds

Equity funds invest a minimum of 65% of their corpus in equity and equity related
securities. These funds may invest in a wide range of industries or focus on one or
more industry sectors. These types of funds are suitable for investors with a long-term
outlook and higher risk appetite.
Types of Equity Funds
 Large Cap Fund

An open-ended equity scheme predominantly investing in large cap stocks. The
minimum investment in equity and equity related instruments of large cap companies
shall be 80 % of total assets.
 Mid Cap Fund

An open-ended equity scheme predominantly investing in mid cap stocks. The
shall be 65 % of total asset.
 Small Cap Fund

An open-ended equity scheme predominantly investing in small cap stocks. The
shall be 65 % of total asset.
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 Multi Cap Fund
An open-ended equity scheme investing in across large cap, mid cap, small cap
stocks. The minimum investment in equity and equity related instruments of large cap
companies shall be 65 % of total asset
 ELSS ( Equity Linked Saving Schemes )

An open-ended equity linked saving schemes with a statutory lock-in of 3 years and
tax benefit. The minimum investment in equity and equity related instruments shall be
80 % of total assets.
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 Debt / Income Funds
Debt/income funds generally invest in securities such as bonds, corporate

debentures, government securities and money market instruments. These funds
Invest a minimum of 65% of their corpus in fixed income securities. By investing
in debt instruments, these funds provide low risk and stable income to investors
with preservation of capital. These funds tend to be less volatile than equity funds
and produce regular income.
Types of Debt Fund
 Liquid Fund
An open-ended liquid scheme whose investment is into debt and money market
securities with maturity of up to 91 days only
 Ultra Short Duration Fund

An open ended Ultra-Short term debt schemes investing in debt and money
market instruments with Macaulay duration between 3 months and 6 months.
 Low Duration Fund

An open-ended low duration debt scheme investing in debt and money market
instruments Macaulay duration between 6 months and 12 months.
 Short Duration Fund
35
An open-ended short-term debt scheme investing in debt and money market
instruments having maturity up to 1 year.
 Medium to Large Duration Fund

An open-ended medium-term debt scheme investing in debt and money market
instruments with Macaulay duration between 4 years and 7 years. Portfolio
Macaulay duration greater than 7 years.
 Money Market Fund

An open-ended debt scheme investing in money market instruments having
maturity up to 1 year.
 Corporate Bond Fund

An open-ended debt scheme predominantly investing in AA+ and above rated
corporate bonds. The minimum investment in corporate bonds shall be 80 percent
of total assets.
36
o Balanced / Hybrid Funds
Balanced Funds invest in both equities and fixed income instruments in line with
the predetermined investment objective of the scheme. These funds provide both
stability of returns and capital appreciation to investors.
Types of Hybrid fund
 Aggressive Hybrid Fund

An open-ended hybrid scheme investing predominantly in equity and equity
related instruments. Invest in equity and equity related instruments shall be
between 65 percent and 80 percent of total assets while investment in debt
instrument shall be between 20 percent and 35 percent of total assets.
 Balanced Hybrid Fund

An open-ended scheme investing in equity and debt instruments. The investment
in equity and equity related instruments shall be 40 percent and 60 percent of total
assets while investment in debt instruments shall be between 40 percent and 60
percent. No arbitrage is permitted in these schemes.
 Conservative Hybrid Fund

An open-ended hybrid scheme investing predominantly in debt instruments shall
be between 75 percent and 90 percent total asset while in equity and equity related
instruments shall be 10 percent and 25 percent of total assets.
37
 Other Schemes
 Tax Saving Funds
Tax-saving schemes offer tax rebates to investors under specific provisions of the
Income tax Act1961. These are growth-oriented schemes and invest primarily in
equities. Like an equity scheme, they largely suit investors having a higher risk
appetite and aim to generate appreciation over the medium to long run.
 Index Funds
Index Funds replicate the performance of a particular index such as the BSE
Sensex or the S&P CNX Nifty. The portfolio of these schemes consists of only
those stocks that represent the index and the weightage assigned to each stock is
aligned to the stock's weightage in the index.
 Sector – Specific Funds

Sector-specific Funds invest in the securities of only those sectors or industries as
specified in the scheme information department. The returns on these funds are
dependent on the performance of the respective sector/industries.
38
2.6 IMPORTANT KEY WORDS RELATED TO MUTUAL FUNDS
 NAV
Net asset value refers to the total value of the related mutual fund scheme. It
shows the overall value which may vary everyday as per the changes in the
market.
 Units
The value of a mutual fund is divided into units as per the number of people it is
sold to. The value of each unit changes every day.
 Unit Holder
The investor who purchases the units of mutual funds is called the unit holder.
He/she may keep as many units as he/she wants.
39
2.7 THE SELECTED AMC`S INDIA
1. ICICI Prudential Asset Management Company
ICICI Prudential mutual fund is the second largest asset management company in
India. ICICI prudential mutual fund was established in 1993.
Type Public
Industry Mutual Fund
Founded 1993
Headquarters Mumbai, India
Area Served India
Key People Mr. Nimesh Shah (MD & CEO)
Mr. S. Naren (Chief Investment Officer)
Mr. Rahul Goswami (Chief Investment Officer – Fixed
Income)
Products Mutual Fund, Portfolio Management Services, Real
Estate Investments.
AUM Increase Rs. 305,739 core (US$43 Billion) ( 31st March
2018)
Number of Employees 2000 – 2005
2. HDFC Asset Management Company
HDFC provides mutual fund services through its subsidiary HDFC Asset
Management Accounting Limited. The average Assets under Management (AUM) of
HDFC Mutual Fund for the quarter Jul-13 to Sep-13 was INR 1.03 trillion.
40
Operations
HDFC's distribution network spans 396 outlets (including 109 offices of HDFC's
distribution company HDFC Sales Private Limited) which cater to approx. 2,400
towns and cities spread across India. To cater to Non-Resident Indians, HDFC has
offices in London, Singapore and Dubai and service associates in Middle East
countries. In addition, HDFC covers over 90 locations through its outreach program.
HDFC's marketing efforts continue to be concentrated on developing a stronger
distribution network. Home loans are also sourced through HDFC Sales, HDFC Bank
Limited and other third-party direct selling Agents (DSA). The corporation has 232
institutional owners and shareholders filing through 13D/G or 13F forms with the
Securities Exchange Commission. The largest investor amongst them is Vanguard
International Growth Fund.
3. Aditya Birla Sun Life AMC Limited
41
Formerly known as Birla Sun Life Asset Management Company, this fund house is
the 3rd largest in terms of the AUM size. Presently it is known as Aditya Birla Sun
Life (ABSL) Asset Management Company Ltd. It is a joint venture between the
Aditya Birla Group in India and Sun Life Financial Inc of Canada. It was set up as a
joint venture in 1994
4. SBI Fund Management Pvt. Ltd.
SBI Funds Management Pvt. Limited is a joint venture between the State Bank of
India (SBI) and financial services company Amundi, a European Asset Management
company in France. It was launched in 1987. Ms. Anuradha Rao is the Managing
Director and CEO. In 2013, SBI Fund Guru, an investor education initiative was
launched.
42
CHAPTER – 3
LITERATURE REVIEW
43
3.1 LITERATURE REVIEW
Bijan Roy and Saikat Deb (2003) They are socially consistent with
traditionally selected traditional funds with similar net assets to investigate the
characteristics of assets held, diversification of portfolios and the different
impacts of diversification on investment performance. Use a sample of
responsible stock mutual funds. In terms of these attributes, social
responsibility funds are not much different from traditional funds. In addition,
the impact of diversification on investment performance did not differ between
the two groups. During the study period, both groups were below the Domini
400 Social Index and the Standard & Poor's 500 Index.
Ajay Koharna and Peter Tofano and Wedge, L (2007) they studied mutual
fund mergers between 1999 and 2001 to understand the role and effectiveness
of the fund board. Some fund mergers are beneficial for target shareholders,
but they are expensive when targeting fund directors. Here the higher paid
target fund boards were less to approve beyond the benefits of the family
merge causing a substantial reduction in their rewards.
Paramita Mukherjee and Suchismita (2008) the era of capital market

reform, the Indian stock market moved with other stock markets in India, if
44
the sustainable interests of foreign investors in the market increased. In the
United States and other Asian markets such as Hong Kong and Singapore, the
most significant returns on the stock market in India are expected to affect
stock returns in major Asian markets.
Jack Treynor (1965) A methodology for assessing the performance of mutual

funds has been developed, known as the volatility indicator. This is defined as
the average excess return on portfolio income. Next up is Sharpe, which
rewards the volatility indicator, which is the average excess return of the
mutual fund portfolio.
Michael C. Jenson (1967) This is an empirical study of mutual funds in this

period 1955- 1966 for 117 mutual funds. This result shows that these funds
can not predict the guaranteed price enough to purchase market policy. In this
study, we neglect the freedom of expression of total management.
Johan McDonald (1974) studied the relationship between the mutual fund
goal and its risk reward profile. The survey concluded that, on average, fund
managers appear to keep their portfolios within established risks. The risk of a
group of funds with the highest mutual fund risk is higher than the fund with
the highest risk of mutual funds.
Kumar (Ms Nidhi Walia and Dr. Mr. Ravi (2010) I am overburdened by the
responsibility of giving investors the best return while effectively using their
abilities to properly allocate the timing. Mutual fund portfolio management is
a truly dynamic decision-making process that monitors the ongoing
assessment and demand of efficient fund managers.
Sanjay Kumar Mishra and Manoj Kumar (2011) The study here is how
mutual fund investors objectively influence their knowledge about information
retrieval and processing behavior. In this article they are objective knowledge
i, e, what is actually stored in memory, subjective knowledge, ie how
individuals affect different things how information retrieval and processing
information behavior I tried to prove what to do.
Deepak Agarwal (2011) is conducting test on the performance measurement

of mutual fund created in 1992 by the development of capital markets and
45
economic regulation in India. Here, mutual funds are a major contributor to
the globalization of financial markets. It flows to the economy. The survey
revealed that performance is influenced by people's savings and investment
habits and grows at a level with the loyalty and confidence of the manager.
Zhi Da, Pengge Goa and Ravi Jagannathan (2011) describe in this paper
the impatient trading rules for liquidity and mutual fund selection, as well as
the trading and liquidity options of mutual funds whose stock selection skills
have not expired. Count other elements including prescriptions. Studies have
shown that past performance predicts that the future performance of stock
market trading funds will be better.
Dr. Sandeep Bansal, Dr. Deepak Garg and Dr. Sanjeev K. Saini (2012)
investigated the impact of Sharpe and Treynor ratios on selected mutual fund
schemes. This study is a single market index model approach in which the
actual mutual fund risk profile compares monthly or yearly liquidity,
systematic and nonsystematic risks, and provides a complete fund analysis
using different models Indicates that you can compare correctly.
Dr. K. Veeraiah and Dr. A. Kishore Kumar (2014) conducted a

comparative performance analysis of selected India Mutual Fund schemes.
This is a study comparing performance and performance of mutual funds
owned by India. According to the survey results, investment trusts are making
naive investments. Mutual funds have medium- and long-term investment
options and prefer the appropriate investment options for investor.
Professor V. Vanaja and Dr. R. R. R. Karrupasamy (2014) The research of

mutual funds is considered to be one of the best investments available to
investors compared to other investors. Mutual funds, and investors, can also
buy stocks and bonds at much lower costs. This study shows that the majority
of the public selected for external research have implemented a variety of
plans based on Sharp, Trenol, and Jensen's performance measures.
Dr. Ashok Khurana and Kavitha Panjwani (2010) it's research on mutual
funds is a mechanism to issue resources to investors and integrate resources by
investing funds in securities according to the purpose. Investors need to know
46
how high the risk to an individual asset is, and how much their contribution to
the total risk of the portfolio. All these can be found using specific keys in the
statistics with the help of these keys, which allows investors to analyze various
mutual funds.
Vibha lamba (2014) is conducting analysis of portfolio management in India.

The purpose of this survey is to analyze the scope and importance of portfolio
management in India. This should also focus on the types and steps of
portfolio management that provide the client with the greatest return and least
risk for investment by the portfolio manager.
S. Palani and P. Chilar Mohamed (2013) are conducting research on public

sector and private sector investment trusts in India. This shows the
development of capital markets in countries that only demand the possibility
of industrial development. Economic growth is measured in the form of GDP
or NNP for one of the domestic purposes.
Dr. S. Vasantha, UMA Maheshwari and K. Subhashini (2016) are

evaluating the performance of certain open-ended equity-based mutual funds
in India. The main research of this0study is to assess the performance of open-
ended equity diversification mutual funds. The main objectives of this study
are the HDFC Top 200 Fund (g), the ICICI Prudential Top 200 (g), and the
Mutual Fund, for 60 months from January 2008 to December 2012.
Sowmiya G. (2014) studies the performance evaluation of domestic mutual

fund. The main purpose of this study is to know the basic concept of mutual
fund terms in listed and unlisted limited companies. Then analyze the
performance and growth of the selected mutual fund scheme along with its
returns. It also identifies differences in returns and makes recommendations
based on analysis.
Megha Pandey (2014) is conducting comparative studies of the performance

of mutual funds and index funds actively managed in India. Active
management funds always overlap with passive management funds or indexes.
In this study, funds deal with a comparative analysis between the
performances of both actively and passively managed funds. The T-test has
47
been applied to this study and has been shown to generate more revenue
through actively managed funds.
Grinblatt and Titman (1989) have evaluated that portfolio performance has
attracted a great deal of interest in mutual funds in the academic world. A
variety of valuation techniques have been proposed to implement the ability of
a professional portfolio manager to generate anomalous returns. In this survey
they found negative performance or no performance for the average mutual
fund.
Dr. K. M. Sudha (2020) Conducted research on “Comparative Study on

Selected Mutual Fund”. The objective of the study is to comparative
performance analysis fir selected mutual funds for five years and also risks
and returns of mutual funds. This study evaluates the analysis of returns that
takes place for five years and their volatility based on investment. The sources
of data are secondary data. The tools used for analysis are simple average
method and standard deviation method and simple comparative analysis
method and ranking method. The findings that is not advisable to invest equity
fund category as the market undergoing fluctuations asset components are
subject to high risk.
Shivam Tripathi, Dr. Gurudutta P. Japee (March 2020) Conducted

research on “Performance Evaluation of Selected Equity Mutual Funds in
India”. The objective of the study to know whether mutual funds give reward
to changeability and unpredictability and also identify security market return
with fund return. The data are secondary data is gathered from different
sources like factsheets of different AMCs and historical NAV and yearly
return. The statistical tools Jensen’s alpha, beta, standard deviation and Sharpe
ratio. The performance analysis of the selected 15 equity funds and clearly
identified that the 10 funds are performed well and 5 are not during the study.
The findings of the study the volatility in the market are changes in the
performance of the various stocks.
Anuja Magdum (March 2019) Conducted research on “A Comparative

study on Mutual Fund Schemes of Selected AMC's in India”. The
objective of this research is that to provide better returns for the schemes
48
promised by AMC‟s and compare the mutual fund schemes of selected public
and private sector AMC‟s in India. The data collected for the study is to
consider the 5 years and for comparison 4 AMC‟s with each other. For a risk
free return fixed deposit rate are used and the data are collected from the
yahoo finance, AMFI website and value research website. The methodology
used in this research is beta and CAGR. The study has investigated the
performance of equity based MF schemes in India and the private sector can
better performed compare to the public sector.
Dr. Nidhi Sharma (Feb 2019) Conducted research on “Performance

Analysis of Mutual Funds: A Comparative Study of the Selected Hybrid
Mutual Fund Schemes in India”. The objective of the study is to measure
and compare the performance of the select hybrid mutual fund schemes in
India. The selection of hybrid schemes is based on top 10 ranking given by
CRISIL and that rank based on the NAVs of the schemes. The data are used is
primary data and tools used in this study are NAV, average return, beta, R-
square and standard deviation.
Manisha Raj (Oct.2018) Conducted research on “Performance of Mutual

Funds in India: A Comparative Analysis of SBI Mutual Funds and HDFC
Mutual Fun.” The objective of the study is to analyze and compare the
performance of SBI and HDFC mutual fund with special reference to Equity
and balanced mutual fund. The study is based on the analysis of secondary
data which is collected from reviewing different research papers and articles
published by different authors. The method for study is use standard deviation,
beta, alpha, Sharpe ratio, Correlation – coefficient. The research was found
that the rate of return of HDFC is higher than the SBI.
Anil Kumar Goyal (June 2018) Conducted research on “A comparative

study of return of selected mutual fund schemes with nifty50”. The
objective of the study is to compare average long run mutual fund of each
selected company and also compare with the nifty50 with mutual fund.
Research methodology is based on secondary data of NAVs and nifty50
collected online for the period of one year. The nifty50 price was collected
from yahoo finance. Findings for this study is the selected schemes is
49
compared with the monthly average of long return of benchmark nifty50 and
find that SBI is better in terms of volatility and returns.
Nadia (March, 2018) Conducted research on “A Comparative Analysis of

Mutual Fund Schemes”. The objective is to analyze the risk and return of the
selected fund schemes and compare the same with BSE-Sensex and also
compare the performance with the market index whether they are
outperforming or underperforming. The research methodology consists of
primary and secondary data. The secondary data collected from the various
sources. The data are measuring through standard deviation, beta, alpha and
coefficient of determination. The result of this study is to find out the 14
schemes are outperformed the benchmark returns.
N.Nandhini Devi, Dr.A.Velanganni Joseph (Sep.2017) Conducted research

on “Determinants of Mutual Fund Selection by Individual Investors in
Coimbatore City”. The objective of this study is to examine the factors that
are considered important in selecting a mutual fund and to identify the
information influences the mutual fund investors. To accomplish the objective,
a questionnaire survey was designed to identify the fund selection criteria
adopted by mutual fund investors. The result of the study after analyzing the
response collected from 526 mutual fund individual investors in Coimbatore
city and the print media source has high influence on mutual fund investor’s
decision making.
Dr M.Ravichandran (May 2017) Conducted research on “A study on

performance evaluation mutual fund schemes in India”. The objective of
the research to identify the performance of open ended equity mutual fund
schemes and measure the performance and analysis the risk and return of their
performance and also evaluate the future investment regarding open ended
equity scheme. The collection of data is on systematic basis for analysis. The
data are collected from various sources from the association of mutual fund
India, BSE India etc. the tools and techniques for analysis is used in this study
is Sharpe ratio, Treynor ratio, Jensen ratio, beta and standard deviation. The
finding of this study is investigating the performance result useful for
investors for taking better investment decisions.
50
Satheesh Kumar Rangasamay, Dr. Vetrivel T. Athika M. (May, 2016)
Conducted Research on “A Comparative Study on Performance of Mutual
Funds with Reference to Indian Context”. The objective of the research is
to comparative performance analysis of selected mutual fund schemes in
various categories and also decision making regarding in the selected
categories of mutual fund schemes. The data are taken from the NSE, BSE and
money control. The tools using in this study are simple average method and
standard deviation and ranking method. The finding of this study is to help the
investor for understanding the difference categories of mutual fund and
evaluating the performance standard.
Ms. Shilpi Pal (2014) Conducted research on “A Critical Analysis of

Selected Mutual Funds in India”. The objective of the study is to study the
performance of top 10 equity mutual fund schemes in various categories and
also compare the equity mutual fund. The research methodology is collecting
the structural process of conducting the research. The tools for measuring by
the standard deviation, beta, alpha, Treynor and Sharpe ratio. Return for last
one year are comparison for data analysis. The sampling has been done on the
basis of CRISIL rating. The study was found out that the midcap opportunity
for invest in the mutual fund having the better return.
Dr. Shriprakash Soni (April, 2015) Conducted research on “Comparative

Analysis of Mutual Fund Schemes available Kotak Mutual Fund and
HDFC Mutual Fund”. The objective of the study is to analyze and compare
the performance of different mutual fund schemes and also know the factor
and those affect the mutual fund and find out the best scheme available for
investors by comparing their performance. The research are using with
secondary data and using convenience sampling and time period of study is 5
years. The tools and techniques are used in research in standard deviation,
Sharpe ratio, beta, alpha and R-square. Findings of the study is the companies
are offering similar types of schemes available for sectors and taking amount
of risk, so they provide close returns with minimum fluctuation.
Dr. Sarita Bhal (July 2012) Conducted research on “A Comparative

Analysis of Mutual Fund Schemes in India”. The objective of the study to
51
examine the performance of selected schemes on the basis of risk and return
and compare the performance of selected schemes with benchmark index to
see the schemes is outperforming and underperforming the benchmark. The
research methodology is to select random basis and monthly NAV of different
schemes have been used for this study for the period of five years. In this
study the secondary data are used and the calculation done through standard
deviation, beta, alpha and also consider the market risk. The data are measured
by the Sharpe, Jenson and Treynor ratios. For the research study the all
schemes are provide the positive returns.
52
CHAPTER – 4
RESEARCH METHODOLOGY
53
4.1 STATEMENT OF THE PROBLEM
Today, mutual funds are one of the favorable investment methods available to
investors. The statement in question mainly identifies higher performing mutual funds
in three different categories, and considers the various other parameters such as
returns, NAV, risk analysis and individual investor perceptions of investing in mutual
funds to do.
A Mutual Fund is an investment vehicle created with pooling of funds collected from
the scattered investors for the purpose of investing in stocks, bonds, money market
instruments or similar assets. In every mode of investment, safety of the principal
amount, with continuous returns and growth potential, Mutual funds have designed
various financial instruments based on preference of investors, their change in profile
and even with changes in stock market. The concept of Mutual Funds is of recent
origin. Some have benefited from it and many are not even aware of such a mode of
investment. Some of the investors, with their limited knowledge on this mode, invest
in it expecting return higher than those provided under time deposits in commercial
banks and if the expected yield do not come up instead turn to backfire, they quit from
this mode and also demotivate new ones from entering. This study is conducted with
the aim to understand the extent of awareness of Mutual Funds in Investors and steps
in familiarizing them among potential investors.
54
4.2 NEED OF THE STUDY
Mutual fund is one of the most desirable investments for small investors
because they offer the opportunity to invest in relatively low-cost, diverse and
professionally managed investments. The recent trend in the mutual fund
industry is the active expansion of foreign investment fund companies and the
reduction of state-owned banks and small private companies. The growth and
development of various investment fund products in Indian capital markets has
proven to be one of the most catalytic tools to promote capital market growth.
55
4.3 OBJECTIVE OF THE STUDY
1. To study the various mutual fund schemes available in the market.

2. To analyze risk and returns of the different schemes of mutual funds.
3. Evaluate the performance of different funds based on different
performance measurement ratios such as sharp ratio, standard deviation,
beta and R-square.
4. To analyze perception of investors towards mutual funds.
5. To analyze which of selected mutual funds provide better return at lower
the risk.
6. To do comparative analysis of selected mutual fund schemes.
7. To study the extent of awareness on Mutual Funds within relation to age,
income and education.
8. To analyze the purpose of investment in Mutual Funds.
9. To know the investment preferences in Mutual Funds with respect to other
investment opportunities.
10. To analyze whether investment in this medium has any impact in
investment with regard to demographic profile.
56
CHAPTER – 5
ANALYSIS AND INTERPRETATION
57
5.1 COMPARATIVE ANALYSIS
Separate revenues should not be viewed as the basis for measuring the performance of
mutual fund programs. Also, for a fund manager, you have to take risks because
different funds have different risk levels.
The risks associated with a fund are generally defined as the volatility or volatility of
the revenue generated by the fund. The greater the change in the fund's income over a
given period, the greater the risk associated with the fund's income. These fluctuations
are reflected in the revenue generated by the two main outcome funds. First, the
general market volatility that affects all securities in the market is called market risk
or system risk. Second, certain securities in the fund portfolio are called non-systemic
risk volatility. The total risk of a particular fund is the sum of the two funds and is
measured as the standard deviation of the fund's earnings.
To determine the risk-adjusted return on a portfolio, some well-known writers have

been trying to develop comprehensive performance indicators that assess portfolios by
comparing alternative portfolios of specific risk levels since the 1960s. possible. But
first you have to understand all the factors used to describe the ratios, such as Beta,
Traynor, Sharp, and Jensne.
58
 NAV
The net asset value (NAV) is the market value (including cash) of all shares held
in the portfolio divided by the total number of issued units minus debt. Therefore,
the net asset value of a mutual fund unit is more than "book value".
 Beta
It measures the risk of the stock market or the fund. If the ratio of the beta 1 is
exceeded, the stock market change of the fund is more sensitive than the general
fund. The trial may also be negative. In other words, the value of the fund on the
other side of the public market.
The trial measures the sensitivity of the fund's returns to normal market
movements. It also measures the volatility of the fund against the overall market
volatility. Market Beta is set to 1.00. 1.00 Or higher is less stable than the market,
and the trial version is less than 1.00 and less volatile.
The trial measures the volatility of the fund's value against the volatility of the
fund's base value. The beta factor represents a change in the fund's value when the
value of the index changes by 1 percentage point.
Cov (rp, rb) =covariance between return of fund and return of benchmark index.
Var (rp) = variance of benchmark index.
 Standard Deviation
Measure the tendency of data to propagate. In this way, accountants can make
important conclusions from historical data. The standard deviation is defined as S
and sigma reads as follows:
Where x1 is the mean
59
 Sharp Ratio
Sharp (1966) developed a composite index very similar to the Trainor measurements
discussed later. The only difference is that the standard deviation is used instead of
the trial version to measure the portfolio risk. In other words, we expect to use
system risk as well as overall portfolio risk.
The high positive Sharpe ratio indicates that the fund has excellent risk-adjusted
performance, while the low negative Sharpe ratio indicates that the performance is
unfavorable. If the Sharp number was positive the risk have been rewarded, and if
the number is negative the rate of return will be lower than the risk-free rate.
σp= Standard deviation of the portfolio.
Rp= Return of the portfolio.
Rf= Risk free rate.
 Treynor Rate
Treynor (1965) developed the first comprehensive index of portfolio performance.
Measure the portfolio risk of the beta version and calculate the market risk premium
of the portfolio. This ratio compensates for volatility to show risk adjusted returns
per market risk unit for a particular scenario. If the market becomes unstable,
programs with high Treynor rates will be significantly affected. If the market is
strong, programs with high Treynor ratios (such as stock plans) will enjoy a
premium, and if the market is weak, it will have a negative impact. Regardless of
whether the market is strong or weak, low Treynor ratios such as bond funds are not
significantly affected.
Rp= Portfolios actual return during a specified time period.
60
Rf= Risk free rate of return during the same period.
βp= beta of the portfolio.
All hedging investors want to maximize this value. Trainsor's hgh and positive
indicators show good performance of risk-adjusted funds, but negative financial
indicators show negative performance. The problem with Sharp / Trainer ratios when
assessing risk adjusted returns is that short-term risk and volatility are the same.
Therefore, these methods may not apply to assessing the comparative advantage of
long-term investments.
61
5.2 COMPARISON BETWEEN FUNDS
1. Equity Diversified Funds

2. Equity Large – cap
3. Equity Mid and Small – cap
A comparative analysis of the above categories is provided for comparative analysis

because two parameters are considered:
 Fund Return
 Risk Profile
1. Stock / Equity Diversification Fund :

These are market funds that invest in industries, asset classes and financial
products to provide investors with the best return on a diversified portfolio.
Below are some funds in the market of this category.
1) Reliance Equity Oppor – RP (G)

2) Birla SL India GenNext(G)
3) HDFC Equity Fund(G)
4) Kotak Opportunities Fund – Regular(G)
5) Taurus Star Share(G)
62
 Fund Returns
Table No. 1: Fund Returns of Equity Diversified Funds
Fund Return Reliance Birla SL HDFC Equity Kotak Taurus Star

(in 000 cr.) Equity oppor - India Fund (G) opportunities Share (G)
RP (G) GenNext(G) Fund Regular
(G)
6 months 9.1 5.8 9.4 10 8.3
1 year 19.9 28.5 29.6 30.2 22.5
3 year 17.7 24.9 17.1 23.1 14.7
5 year 16.3 22 16.3 19.3 14.2
Fund Return
35
30
25
20
15
10
5
0
Reliance Equtiy Birla SL India HDFC Equity Fund Kotak Taurus Star Share
oppor - RP (G) GenNext (G) (G) opportunities (G)
Fund Regular (G)
6 months 1 year 3 year 5 year
Graph no. 1 Graph showing Equity Diversified Fund Returns
Analysis and Interpretation:

1. The past six months of the Kotak Opportunity Fund has been very strong in
the past six months, showing that the fund has the ability to withstand market
ups and downs. 9.1% of revenue in 6 months.
2. From last one year kotak opportunities fund is performing well by having
returns of 30.2% and it is showing stable returns and by having returns of
29.6% HDFC equity fund is in second place.
3. Last but not least from the horizon which is considered as very important from
the perspective of investor, from the perspective of three and five years. Birla
63
SL India GenNext (G) and kotak opportunities Fund – regular (G) outer
formed in the category. It is giving highest returns of 22% and 19.3% Reliance
equity Opportunities – RP(G) 17.3%
4. In diversified mutual funds kotak opportunities Fund – Regular (G) is giving
outstanding performance, in last year Birla SL India GenNext (G) is having
stable return.
 Risk Profile
Table No. 2 Risk Profile of Equity Diversified Fund
Reliance Birla SL HDFC Kotak Taurus Star

Equity oppor India Equity Fund opportunities Share (G)
RP (G) GenNext (G) Regular (G) Fund Regular
(G)
Standard 4.739901546 10.025633 8.409914784 8.41526391 5.826591342
Deviation
Sharpe 2.052785254 1.399412772 1.406672993 1.70879964 1.485431102
Beta 0.716100474 1.80421146 1.302265994 1.25878773 0.950553718
Alpha 4.498886037 3.240796592 -0.77593482 2.19493474 0.523012939
R – Square 0.639127575 0.637415339 0.749329057 0.72385108 0.749762165
Risk Analysis
6
0
Reliance Equity Birla SL India HDFC Equity Fund Kotak Taurus Star Share
-1 oppor - RP(G) GenNext (G) (G) opportunities
-2 Fund Regular (G)
Standard Deviation Sharpe Beta Alpha R - Square
Graph no. 2: Graph showing Equity Diversified Fund Returns
64
Analysis and Interpretation
1. Since standard deviation is an indicator of the change in average return on

earnings, it is considered a direct measure of risk. Birla SL India Gen Next Fund
has a high standard deviation. It shows that the fund itself is more aggressive than
other funds.
2. Sharp proportions, this means that the fund can generate a return per unit of risk.
Therefore, the higher the ratio, the better. Therefore, according to this standard,
Birla SL India GenNext (G) will be the winner.
3. Beta, which shows the link between fund returns and market rates, is again a
measure of volatility or risk. Because Birla SL India Gen Next funds have the
highest beta, it is one, i.e. greater than 1.8; they tend to be inherently aggressive or
unstable.
4. Alpha - Measuring excess returns above market returns Alpha is a measure of risk.
For example, a high alpha value is a good signal for money. If the funds alpha
value is increased by 10, it means that the fund's return rate exceeds 10%
compared to the benchmark or market. Therefore, Reliance Equity Opportunity-
RP (G) is the winner in this field, I am 1.50%.
5. R-Squared explains that change in earnings due to market volatility is good
measure of risk. However, the fact that r 2 is high means that many changes are
caused by market sentiment and fundamentals. Therefore, moderate r-squared
values in the range of 65-85% are considered good.
 NAV Details of Funds
Table No. 3: NAV Equity Diversified Funds.

FUND NAV
Reliance Equity opportunities Fund (G) 82.47
Birla SL Pune Value Fund (G) 54.31660
HDFC Opportunities Fund Regular (G) 557.9680
Kotak Opportunities Fund Regular (G) 106.47900
UTI Equity Fund (G) 1115.23290
65
NAV
600
500
400
300
200
100
0
Reliance Equity Birla SL Pune HDFC Equity Fund Kotak UTI Equity Fund
opportunities Value Fund (G) (G) Opportunities (G)
Fund (G) Fund Regular (G)
Graph no. 3: Graph showing NAV details of Equity Diversified Funds
Conclusion
After considering all three parameters above, the Birla SL Pure Value Fund (G) takes
into account the underlying company's assessment, unlike the typical opposite fund
focusing on flavor stocks, and it is the company's true Determine that you should have
an assessment of and then decide whether to invest in it.
66
2. Equity Large Cap Fund
These are mainly funds to invest in large stocks. These are stocks with solid
results and sound fundamentals. Because these are low risk stocks, they generally
have lower growth rates than small and medium stocks.
Below are the top performance funds in the category.
1. Reliance top 200 Fund – RP

2. SBI blue chip fund (G)
3. Franklin (I) blue-chip – Direct (G)
4. Birla SL Frontline Equity – Direct (G)
5. UTI Equity Fund (G)
 Fund Returns
Table No. 4 Fund Returns of Large Cap Mutual Funds
Fund Returns Reliance top SBI blue Franklin (I) Birla SL UTI Equity
(in 000cr.) 200 fund – RP chip fund (G) Blue-chip Dirt frontline Fund (G)
(G) (G) Equity (G)
3 months 12.3 9.4 8 9 8.7
1 year 25.8 20.7 19.6 24.1 17.4
3 year 19.7 21 17.6 18.5 16.6
5 year 18.2 20.2 0 19 16.4
67
Fund Returns
25.8
19.7 20.7 21 20.2

19.6 19
18.2 17.6 17.618.5 16.616.4
12.3
9.4 9 8.7
8
0 0
Reliance top 200 SBI bluechip fund Franklin (I) Birla SL frotline UTI Equity Fund
fund (G) (G) Bluechip Dirt (G) Equity (G) (G)
Graph no.4: Graph showing fund returns of Large Cap Mutual Funds
1. In the last 3 months, the Top 200 Fund-RP (G) is the winner because it has
dropped to only (12.3%) compared to the highest decline of Franklin (I) Blue
Tip Dart (G). (8)
2. The top 200 Funds-RP (G) in the top of the chart tops the chart with a top
return of 25.8% when compared to the lowest 17.4% of UTI Equity Funds (G),
the hugeness of the recession in the annual category.
3. SBI Blue-chip Fund (G) selects the chart showing the highest 21% return in
the 3-year category, and Reliance Top 200 Fund- RP (G) Equity shows a
return of 19.7%.
4. The top of the 5-year category SBI Blue Chip Fund (G) shows a return of
20.2%, the largest equity remains in third place, showing a return of 18.2%.
68
 Risk Analysis
Table No. 5: Risk profile of Large Cap Mutual Funds.
Reliance top SBI Blue- Franklin (I) Birla SL UTI Equity
200 fund RP chip Fund Blue-chip frontline Fund (G)
(G) (G) Dirt (G) Equity (G)
Standard 5.5455688 5.62635168 9.07671012 6.29735394 4.07298007
Deviation
Sharpe 2.2955264 2.05372871 0.55416554 1.80710820 2.08815153
Beta 0.9826809 0.69346843 0.94937637 1.03941662 0.55984411
Alpha 3.8809576 6.24649914 0.01729273 2.02005331 4.21939329
R – Squared 0.799773 0.47791844 0.28961372 0.67994608 0.53297741
Risk Analysis
10
9
8
7
6
5
4
3
2
1
0
Reliance top 200 SBI Bluechip Fund Franklin (I) Birla SL frontline UTI Equity Fund
fund RP (G) (G) Bluechip Dirt (G) Equity (G) (G)
Standard Deviation Sharpe Beta Alpha Beta2
Graph no. 5: Graph showing Risk Analysis of Large Cap Mutual Funds

1. With standard deviation, Franklin (I) Blue-chip-Dirt (G) has the highest risk in
this category compared to the lowest risk UTI equity fund (G) 4.072980072.
2. Franklin (I) Blue Chip Dart (G) has one of the lowest Sharpe ratios, and
Reliance Stop 200 Fund-RP (G) 2.2955264 has the highest risk per unit
return0.55416554.
3. Birla SL Forefront Equity-Direct (G) has the highest 1.094162623 in this
category to show the most aggressive character. The beta is 1 or more, which
69
means the fund market is very sensitive. Thus, whenever the stock0market
goes down or goes up, the fund goes down or goes up higher than the market.
The UTI Equity Fund (G) has the lowest beta of 0.559844115 in this category,
but it also means that it has the lowest risk profile in that category.
4. According to the alpha indicator of risk, the SBI Blue Chip Fund (G) is the
best fund in this area and brings an excess return over 6.24% of the market.
Meanwhile, Franklin (I) Blue TipDart (G) produces 0.017292737 alpha
returns, which was one of the least alpha generating funds in this method.

Table No. 6: NAV of Large Cap Mutual Funds
FUND NAV
Reliance top 200 fund RP (G) 28.367
SBI Blue-chip Fund (G) 34.409
Franklin (I) Blue-chip (G) 431.429
Birla SL Frontline Equity Dirt (G) 196.71
UTI Equity Fund (G) 115.232
NAV
500
450
400
350
300
250
200
150
100
50
0
Reliance top 200 SBI Bluechip fund Frankline (I) Birla SL Frontline UTI Equity Fund
fund RP (G) (G) Bluechip (G) Equity Dirt (G) (G)
NAV
Graph no. 6: Graph showing NAV details of Large Cap Funds
70
Conclusion
1. The fund’s investment approach underwent a change in august 2011 the

portfolio’s sector weightings firmly aligned with those of the index, clearly
executing such a strategy constrained. .
2. Though the fund delivered a staggering 41% return in 2012, putting it in
the top 5 of the category of that year, over the past 8 calendar years, it has
also seen its returns dip below the category average.
3. The investment universe covers the top 200 companies by market cap,
allowing investment in small/mid-caps. The weighting of a few sectors
may align with those of the BSE 200 based on those sectors, but he is
willing to make bigger sector deviation.
4. Downside risk was also the lowest among the funds, as the fund did not
have high exposure to a single share.
71
3. Equity Small and Mid Cap:
These equity fund that invest mainly in medium sized and small cap stocks,
with potential growth and higher risk than large-cap stocks.
 Fund Return
Table No. 7: Fund Return of Small and Mid Cap Funds
Fund Returns Reliance Mid Franklin Sundaram DSP – BR UTI Mid
(in 000cr) and Small Indian Select Small and Cap (G)
(G) Cap Fund Midcap RP Midcap RP Midcap RP
(G) (G) (G) (G)
3 moths 13.1 16.5 15.6 15.6 12.4
1 year 32.5 31.3 39.2 39.2 26.8
3 year 28.4 29.6 30.7 30.7 28.6
5 year 23.6 26.8 24.1 24.1 25.7
Fund Return
45
40
35
30
25
20
15
10
5
0
Reliance Mid and Franklin Indian Sundaram Select DSP - BR Small UTI Midcap (G)
Small Cap Fund Prima Fund (G) Midcap RP (G) and Midcap RP (G)
(G)
Graph no. 7: Graph showing Fund Return of Small and Midcap Fund
1. Winning as the Franklin India Prima Foundation (G) fell below the minimum,
both Sundaram Select Midcap-RP (G) 13.9 and Reliance Mid and Small Cap
Fund (G) 13.1 fell below the minimum, value. That means that these funds
have not been able for withstand the increase and decrease of the Indian stock
72
market in the past 3months compared to other good performing funds during
the same period.
2. Winners who experienced huge recession in the one-year category are DSP-
BR Small and Midcap-RP (G) return the highest 39.2%, Trusted Mid and
Small Cap Fund (G) get 32.5% I stayed in the 4th position. On the other hand,
funds such as Franklin Indian Prima Fund (G) and UTI Midcap (G) have had
the lowest returns of 31.3% and 26.8% over the past years.
3. In three year category, which is one of the most preferable choices for
individual investors, the Reliance Means Small Cap Fund (G) is 10, 3%, while
the Sundaram selection mid-cap Cap (RP) shows a 31.9% return Indicates a
return.
4. Franklin Indy Aprima Fund (G) has a 26.8% best return in the five-year
category, Sundaram has a 26.0% return on Mid cap-RP (G), and Reliance Mid
and Small has repeated. Cap funds (G) giving a 23.6 return is not a bad return.\
 Risk Analysis
Table No. 8: Risk Analysis of Small and Midcap Funds
Reliance Franklin Sundaram DSP – BR UTI Mid
Mid and Indian Prima Select Small and Cap (G)
Small Cap Fund (G) Midcap RP Midcap RP
Fund (G) (G) (G)
Standard 8.36540495 6.63149053 9.40403282 10.0043323 7.41366980
Deviation
Sharpe 2.91079752 3.928226977 2.841865879 2.733815604 3.146215114
Beta 0.1110987 0.89990224 0.13017934 1.05111034 0.51144664
Alpha 17.2350999 10.6639902 19.7265275 1.52153644 7.56396293
R– 0.18651754 0.59432313 0.16872585 0.72647434 0.47700965
Squared
73
Risk Analysis
25
20
15
10
0
Reliance Mid and Franklin Indian Sundaram Select DSP - BR Small UTI Midcap (G)
Small cap fund (G) Prima Fund (G) Midcap RP (G) and Midcap RP (G)
Standard Deviation Sharpe Beta Alpha R - Squared
Graph no. 8: Graph showing Risk Analysis of Small and Midcap Funds

1. The risk of DSP-BR small and medium RP(G) is the highest standard
deviation, This is the most dangerous fund of its kind, and the second is
the Sundaram with standard. It is a ram mid cap RP (G). Deviation
9.404%. The fund with the lowest standard deviation is from Franklin
India. Prima Fund (G) has a standard deviation of 6.6314%.
2. All funds in this category represent negative ratios, the fund cannot prove
that its investment in risky assets is reasonable. 3.9282 proves this risk.
The trusted mid cap and small cap funds are in third place with 2.910
justifying their risk. DSP-BR Small and Mid Cap-RP (G) has the lowest
ratio of 2.733 and shows its aggressive nature.
3. DSP-BR Small and Mid Cap-RP (G) has the highest beta of 1.05 in this
category. In other words, the most sensitive market funds in this category,
Reliance's mid and small cap funds (G), means less market sensitivity and
thus lower risk.
4. Sundaram chooses midcap-RP (G) with the largest value of alpha in the
category. It gives a 19.726% excess return over the benchmark. The
trusted medium and small cap funds (G) are giving a 17.23 percent deficit
return over their benchmarks the second best alpha.
74
5. Because all R squared values are less than 0.7, all boxes in this category
are better squared. This means that all funds will benefit from professional
management. -RP (G) is 0.726, which is the best R-squared value in this
category. NAV details of funds as of April 26, 2018.

Table No. 9: NAV Details of Small and Midcap Funds
FUND NAV
Reliance Mid and Small Cap Fund (G) 43.1316
Franklin India Prima Fund (G) 895.1745
Sundaram Select Midcap RP (G) 471.7772
DSP – BR Small and Midcap RP (G) 51.485
UTI Midcap (G) 99.3337
NAV
1000
900
800
700
600
500
400
300
200
100
0
Reliance Mid and Franklin India Sundaram Select DSP - BR Small UTI Midcap (G)
Small cap Fund Prima Fund (G) Midcap RP (G) and Midcap RP
(G) (G)
NAV
Graph no. 9: Graph showing NAV Details of Small and Midcap Funds.
Conclusion
1. The DSP-BR small and mid-cap- RP (G) strategy allows Sambre to play to
play his strength, which makes him an apt replacement for Shah. He is backed
by a high caliber team, and this adds to our conviction.
75
2. The investment process provides growth bias. In general, managers invest in
stocks that can grow into cheap stocks. They are looking for businesses with
scalable business that they think can double their profits in three to four years.
3. For instance, factors such as market sentiment, news flow and momentum
formed the crux of shah’s investment approach, which often led to above-
average turnover in the DSP- BR small and midcap-RP(G).
4. R. janakiraman explores the high-quality middle class with a sustainable
economic outlook, predictable business, steady profit growth, and a reasonably
high return on equity through the low balance sheet risk of Franklin India
Pima Fund (G).
76
CHAPTER – 6
FINDINGS
77
6.1 FINDINGS
In Diversified mutual funds Kotak Opportunities Fund- Regular (G) is giving

outstanding performance, in last year Birla SL India GenNext (G) is having high
returns compared to all and Reliance equity Opportunities –RP (G) is having stable
returns.
Large Cap Mutual Fund's Reliance Top 200 Fund – RP (G) has a high value of 0.729,
and all the funds are heavily influenced by the market, so it can be seen that they do
not make the most of professional management.
The overall aspect of the small and medium-sized funds Franklin India Prima Fund
(G) and DSP Small and Medium-RP (G) most active and good return and highly
sensitive market.
In equity linked savings scheme reliance tax saver (ELSS)(G) is best fund among all
compared five different ELSS funds by giving good returns and volatile in nature.
Most investors are physicians and professionals like California. Businesses and
professionals are more interested in mutual funds because of their high growth
potential and resource investment in money market products.
The regard to institutional preferences based on that structure, most individual
investors prefer the "open-end" approach for flexibility in redemption, investment,
good return and liquidity.
78
CHAPTER – 7
SUGGESTION
79
7.1 SUGGESTION
Financial goals depend on a variety of factors, including the age of the investor,
lifestyle, financial independence, family dedication, and income and spending levels.
Therefore, it is necessary for investment trust companies to assess the needs of
consumers. They have the purpose of investment, such as regular income, home
purchase, children's wedding or education funding, or a combination of all these
needs, the amount of risk, and willingness to accept, and cash flow requirements
define your needs.
Investors should choose the right mutual fund system that suits their needs. Investors
should fully read the offering documents of the mutual fund plan. Several factors that
need to be evaluated before selecting a particular mutual fund are the performance
records of the fund over the past few years, with appropriate standards and similar
funds in the same category. Other factors include portfolio allocation, dividend yield
and transparency, which are reflected in the frequency and quality of
communications.
For investors, the best way is to invest a fixed amount at a specific time interval. By
investing a fixed amount each month, you can reduce the number of purchases at
higher prices and increase the number of purchases at lower prices, thereby reducing
the average cost per vehicle. This is called the rupee cost average.
80
CHAPTER – 8
CONCLUSION
81
8.1 CONCLUSION
Further comparative analysis of mutual funds I have selected five funds under a
different categories. In the process of comparative analysis of category wise and fund
wise comparison reliance mutual had good return and in some categories it has
maintained stable returns. It is clear that all funding worked well during the study.
In the final analysis we can conclude that all funds are working well in volatile market
movements. NAV, total returns to ensure stable performance of mutual funds. Risk
oriented refers to the investor's ability to bear the risk and interest. Mutual funds are a
low risk means of investment in the capital markets, but also involved in market risk.
Risk orientation among investors is very important for investing in mutual funds and
their investment behavior.
You can also summarize that people from different occupational profiles invest in
mutual funds for different purposes, based on the professional profile and the basic
purpose of investing in mutual funds.
82
CHAPTER – 9
WEBLIOGRAPHY
83
9.1 WEBLIOGRAPHY
http://www.moneyplantservices.com
http://www.moneycontrol.com
http://www.mutualfund.com
http://www.bseindia.com
http://www.amfindia.com
http://www.mutualfunindia.com
http://www.investor.gov.in
http://www.fundsindia.com
http://nseindia.com
http://www.investopedia.com
84
https://www.valueresearchonline.com
https://www.mfcentral.com
https://groww.in
https://www.fundbazar.com
https://www.etmoney.com
https://indiainfoline.com
https://advisorkhoj.com
https://www.indmoney.com
85

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A PROJECT REPORT ON

“A STUDY ON COMPARATIVE ANALYSIS OF MUTUAL FUND

IN PARTIAL FULFILMENT OF THE

OF THE AWARD OF DEGREE OF

BACHELOR OF MANAGEMENT STUDIES

GAURI BABAN SHINGOTE

Under the Guidance of

PROF. DEVIKA SURYWANSHI

People’s Education Society’s

Siddhartha College of Commerce & Economics

Anand Bhavan, Dr. D. N. Road, Fort, Mumbai – 400001

“A STUDY ON COMPARATIVE ANALYSIS OF MUTUAL FUND

IN PARTIAL FULFILMENT OF THE

OF THE AWARD OF DEGREE OF

BACHELOR OF MANAGEMENT STUDIES

GAURI BABAN SHINGOTE

Under the Guidance of

PROF. DEVIKA SURYWANSHI

People’s Education Society’s

Siddhartha College of Commerce & Economics

Anand Bhavan, Dr. D. N. Road, Fort, Mumbai – 400001

I, Ms. GAURI BABAN SHINGOTE the student of T.Y.B.M.S. Semester VI (2022-

The information submitted is true and original to the best of my knowledge

GAURI BABAN SHINGOTE

Siddhartha College of Commerce & Economics,

PROF. DEVIKA SURYWANSHI DR. U. M. MASKE

A mutual fund is a financial intermediary in capital market that pools collective

Sr. No. PARTICULARS Page No.

Chp. 2 Theoretical Study 20 – 37

Chp. 3 Literature Review 38 – 47

Chp. 4 Research Methodology 48 – 51

Chp. 5 Analysis and Interpretation 52 – 71

A financial system is a set of institutions, such as banks, insurance companies,

A mutual fund is a pool of money managed by a professional Fund Manager.

Indian Mutual Fund Companies follow a three – tier system as demonstrated

First Stage 1964-1987:

Second Stage 1987-1993 (input from public sector funds):

Invested in non-UTI public investment funds established by General Banking and

Fourth Stage Feb 2003

Indian Securities and Exchange Commission (SEBI):

 Asset Management Company:

According to the Maturity Plan

 Closed – Ended Funds

 Open – Ended Funds

 Exchange Traded Funds

 Unit Investment Trusts

 Equity / Growth Funds

Types of Equity Funds

 Large Cap Fund

 Mid Cap Fund

 Small Cap Fund

 ELSS ( Equity Linked Saving Schemes )

Debt/income funds generally invest in securities such as bonds, corporate

Types of Debt Fund

 Ultra Short Duration Fund

 Low Duration Fund

 Short Duration Fund

 Medium to Large Duration Fund