Detail Study of HDFC Mutual Fund

A
RESEARCH PROJECT REPORT

On
A COMPARATIVE STUDY OF HDFC MUTUAL FUNDS
Submitted to
Dr. A.P.J. Abdul Kalam Technical University, Uttar Pradesh,
Lucknow
in the partial fulfillment of the requirement for the award of the
Degree of
MASTER OF BUSINESS ADMINISTRATION
ACADEMIC SESSION (2014-16)
Research Guidence
Submitted By:
Mr.Himashu Rastogi
Raushan Kumar
MBA-IVth Sem.
Roll No-1479270028
INSTITUTE OF ADVANCED MANAGEMENT AND RESEARCH,

GHAZIABAD
CERTIFICATE
This is to certify that RAUSHAN KUMAR Roll No. 1479270028 student of MBA (IV)
Semester has worked under my supervision for this Independent project on A
COMPARATIVE STUDY OF HDFC MUTUAL FUNDS
submitted to Department of
Management Studies, Institute of Advanced Management & Research GHAZIABAD,

towards partial fulfillment of the requirement of Master Degree Master of Business
Administration (MBA). It is only for academic purpose and is a Bonafide work done by the
Students.
The above study is dully approved by me and is the candidates own contribution.
Project Guide
Mr. Himanshu Rastogi
DECLARATION
Date:
TO WHOMSOEVER IT MAY CONCERN
This is to certify that RAUSHAN KUMAR is a student of MBA 2nd year (Batch 2014-16), Roll
No.1479270028 and has completed his/her Research Project Report "COMPARATIVE STUDY
OF HDFC MUTUAL FUNDS" as per University guidelines under my guidance.
Himanshu Rastogi
ACKNOWLEDGEMENT
I would like to express my deep sense of gratitude to the respectable guide distinguished
personalities for their precious suggestions and encouragement during the project.
The experience which is gained by me during this project is essential for me at this turning point
of my career.
I am thankful to PROF. HIMANSHU RASTOGI, for his kind support, supervision and
guidance.
Last but not the least I would like to thank all the faculty members, company officials, my
friends & family members for their constant support.
..................
MBA IV Semester
TABLE OF CONTENT
Index
Page No:
1. Introduction
01
2. Objective of the Study
47
3. Importance/Scope of the Study
48
4. Review of Literature
50
5. Research Methodology
54
6. Analysis & Interpretation Of Data
57
7. Findings, Suggestion & Conclusion
67
8. Recommendation
70
9. Bibliography
72
10. Annexure
INTRODUCTION
1. MUTUAL FUND SETUP
2. NAV
3. SCOPE
4. BENEFITS OF MUTUAL FUND
5. CAPITAL GAIN
6. INVESTMENT CRITERIA
INTRODUCTION
The financial market plays a crucial role in the in the economic development of a
country by facilitating the allocation of scarce resources. Financial markets
essentially involve the allocation of resources. This can be thought of as the brain
of the entire economic system, the locus of central decision-making; if they fail, not
only will the sectors profit be lower than would otherwise have been, but the
performance of the entire economic system may be impaired.
The efficiency of financial market how ever depends on the existence of active and
efficient financial intermediaries in the system. Deposit taking institutional investor
is the important financial intermediaries involved in the task of allocating assets.
Structural changes in the financial market have induced a reverse trend in financial
intermediation, i.e. financial disintermediation, in which the central role of banking
is being taken over by investment institutions and institutional investors. The shift
from
credit-based
system
to
financial
has
initiated
the
process
of
disintermediation, and capital market based factors like insurance, pension funds
and mutual funds are increasingly playing the central role.
The reforms have successfully dismantled the entry barriers, with the result that
today there are domestic and foreign financial institutions, like mutual funds,
broking firms and insurance companies, operating in the Indian market. The
introduction of capital adequacy norms, prudential regulation and world class
regulatory mechanisms to protect the interest of investor, besides the strict
requirement of disclosure, have given a boost to the confidence of domestic and
foreign investors. The Indian economy has slowly integrated itself with the global
economy and financial market.
HISTORY OF MUTUAL FUNDS IN INDIA

Mutual funds in India have come a long way since 1964 when the Unit Trust of India was the
only player.
fig.1
By the end of 1988, UTI had total assets worth Rs 6,700 crore. Soon after, eight funds were
established by banks, LIC and GIC between 1987 and 1993. The total number of schemes went
up to 167 and total money invested measured by Assets under Management (AUM) shot up
to over Rs 61,000 crore.
In 1993, private and foreign players entered the industry, marking the third phase. The first
entrant was Kothari Pioneer Mutual fund, which launched in association with a foreign fund.
The Securities and Exchange Board of India (SEBI) formulated the Mutual Fund Regulation in
1996, which, for the first time, established a comprehensive regulatory framework for the mutual
fund industry. Since then, several mutual funds have been set up by the private and joint sectors.
Currently there are around 45 mutual fund organizations in India together handling assets worth
nearly Rs 10 lakh crore. Today, the Indian mutual fund industry has opened up many exciting
investment opportunities for investors. As a result, we have started witnessing the phenomenon
of savings now being entrusted to the funds rather than in banks alone. Mutual Funds are now
perhaps one of the most sought-after investment options for most investors.
As financial markets become more sophisticated and complex, investors need a financial
intermediary who can provide the required knowledge and professional expertise on taking
informed decisions. Mutual funds act as this intermediary.
What is a Mutual Fund?

Mutual fund is a mechanism for pooling the resources by issuing units to the investors and
investing funds in securities in accordance with objectives as disclosed in offer document.
Investments in securities are spread across a wide cross-section of industries and sectors and thus
the risk is reduced. Diversification reduces the risk because all stocks may not move in the same
direction in the same proportion at the same time. Mutual fund issues units to the investors in
accordance with quantum of money invested by them. Investors of mutual funds are known as
unit holders. The profits or losses are shared by the investors in proportion to their investments.
The mutual funds normally come out with a number of schemes with different investment
objectives which are launched from time to time.
A mutual fund is required to be registered with Securities and Exchange Board of India (SEBI)
which regulates securities markets before it can collect funds from the public.
2.1 - How is a mutual fund set up?

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 unit holders. 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).
2.2 - What is Net Asset Value (NAV) of a scheme?

The performance of a particular scheme of a mutual fund is denoted by Net Asset Value (NAV).
Mutual funds invest the money collected from the investors in securities markets. In simple
words, Net Asset Value is the market value of the securities held by the scheme. Since market
value of securities changes every day, NAV of a scheme also varies on day to day basis. The
NAV per unit is the market value of securities of a scheme divided by the total number of units of
the scheme on any particular date. For example, if the market value of securities of a mutual fund
scheme is Rs 200 lakhs and the mutual fund has issued 10 lakhs units of Rs. 10 each to the
investors, then the NAV per unit of the fund is Rs.20. NAV is required to be disclosed by the
mutual funds on a regular basis - daily or weekly - depending on the type of scheme.
2.3 - Scope for Development of Mutual Fund

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. India
has a burgeoning population of middle class now estimated around 300 million. A typical Indian
middle class family can have liquid savings ranging from Rs.2 to Rs.10 Lacs today. Investments
in Banks are liquid and safe, but with the falling rate of interest offered by Banks on Deposits, it
is no longer attractive. At best a part can be saved in bank deposits, but what is the other sources
of investment for the common man? Mutual Fund is the ready answer. Viewed in this sense
globally India is one of the best markets for Mutual Fund Business, so also for Insurance
business. This is the reason that foreign companies compete with one another in setting up
insurance and mutual fund business units in India. The sheer magnitude of the population of
educated white collar employees provides unlimited scope for development of Mutual Fund
Business in India.
2.4. - Benefits of Mutual Funds
There are numerous benefits of investing in mutual funds and one of the key reasons for its
phenomenal success in the developed markets like US and UK is the range of benefits they offer,
which are unmatched by most other investment avenues. We have explained the key benefits in
this section. The benefits have been broadly split into universal benefits, applicable to all
schemes, and benefits applicable specifically to open-ended schemes.
1. Professional Management
The investor avails of the services of experienced and skilled professionals who are backed
by a dedicated investment research team which analyses the performance and prospects of
companies and selects suitable investments to achieve the objectives of the scheme.
2. Diversification
Mutual Funds invest in a number of companies across a broad cross-section of industries

and sectors. This diversification reduces the risk because seldom do all stocks decline at the
same time and in the same proportion. You achieve this diversification through a Mutual
Fund with far less money than you can do on your own.
3. Convenient Administration
Investing n in a Mutual Fund reduces paperwork and helps you avoid many problems such
as bad deliveries, delayed payments and unnecessary follow up with brokers and
companies. Mutual Funds save your time and make investing easy and convenient.
4. Return Potential
Over a medium to long-term, Mutual Funds have the potential to provide a higher return as
they invest in a diversified basket of selected securities.
5. Low Costs
Mutual Funds are a relatively less expensive way to invest compared to directly investing
in the capital markets because the benefits of scale in brokerage, custodial and other fees
translate into lower costs for investors.
6. Liquidity
In open-ended schemes, you can get your money back promptly at net asset value related
prices from the Mutual Fund itself. With close-ended schemes, you can sell your units on a
stock exchange at the prevailing market price or avail of the facility of direct repurchase at
NAV related prices which some close-ended and interval schemes offer you periodically.
7. Transparency
You get regular information on the value of your investment in addition to disclosure on the
specific investments made by your scheme, the proportion invested in each class of assets
and the fund manager's investment strategy and outlook.
8. Flexibility
Through features such as regular investment plans, regular withdrawal plans and dividend
reinvestment plans, you can systematically invest or withdraw funds according to your
needs and convenience.
9. Choice of Schemes
Mutual Funds offer a family of schemes to suit your varying needs over a lifetime.
10. Well Regulated
All Mutual Funds are registered with SEBI and they function within the provisions of strict
regulations designed to protect the interests of investors. The operations of Mutual Funds
are regularly monitored by SEBI.
11. Understanding and Managing Risk
All investments whether in shares, debentures or deposits involve risk: share value may go
down depending upon the performance of the company, the industry, state of capital market
and the economy; generally, however longer the term, lesser the risk; companies may
default in payment of interest/principal on their deposits/bonds debentures; the rate of
interest on investment may fall short of the rate of inflation reducing the purchasing power.
While risk cannot be eliminated, skillful management can minimize risk. Mutual fund helps
to reduce risk through diversification and professional management. The experience and
expertise of Mutual Fund managers in selecting fundamentally sound securities and timing
their purchases and sales help them to build a diversified portfolio that minimize risk and
maximizes returns.
12. Tax Benefits
The incomes under Mutual Funds are much more Tax efficient than any fixed income
security due to the following benefits:
Section 80L of the income Tax Act ,1961 enables tax free income up to rs 15000
and dividends from MF s are eligible for this benefit.
When you invest for over a year, the tax payable on encashment is Long term
Capitals gains tax at 20%. Once also get an indexation benefit which has been
approximately 8% per year. This reduces the taxable income and thus decreases
the tax liability.
There is also an opportunity to set off capital losses against gains from income
schemes.
Full exemption from capital gains tax as it comes under Section 54EA/EB of the
income tax Act.
One has to pay tax only when he encash units, but have to pay tax on the interest
earned on other debt instruments every year on an accrual basis, even though he
receives the interest later. This generates higher post tax returns compared to other
debt instruments.
Tax is just like a monster that frightens a number of individuals through out the nation.
There are just tow way to fight with this monater:
. Conceal/Depress Income
. Make tax efficient investments.
Perhaps the second option is far better than the first as it gives the peace of mind
together with a feeling that one is a responsible citizen of the nation. With increasing
amount of awareness that is taking birth in the minds of investors, mutual fund has
become cynosure of the eye of the several investors.
The taxes available are two kinds:

. To the mutual fund- as explained below in No 1
. To the Investor- as explained below in No 2
1. Mutual Fund Taxation
. Mutual fund is fully exempted from the tax under Section10 (23D) of the Income
Tax Act1961.
. It receives all income without deduction at source.
. Mutual funds do not have to pay tax on trading profit, short term capital gain,
dividend income, underwriting commission, placement fees, long term capital gains,
other income, etc.
2. Benefits to the Investors
There are number of benefits that the investor of a mutual fund avail.
These are discussed as follows:
.Resident Unit Holders- In case of an individual or Hindu Undivided Families
(HUFs), income by way of dividends, if any from unit of schemes of the fund
together with other income on specified investment/deposit are except from tax within
the overall limit of Rs.15000/- specified under Section80L of the I.T. Act,1961. Since
dividends from shares no longer invite dividend tax and hence the whole limit is
available for mutual fund dividends.
. Tax deduction at source- as per Section196A of the Income Tax Act, 1961, no
deduction of tax at source is made from any income payable to the unit holders. This
implies that there is no tax deduction at source for redemption up to any limit.
As per Section194k of the I.T.Act 1961, deduction of tax at source is not made if the
dividend income from a mutual fund does not exceed Rs10000 per annum.
ADVANTAGES OF MUTUAL FUNDS
HOW TO CHOOSE A FUND
Money is precious. It is hard-earned. You cant just put your money in an investment vehicle or
mutual fund without some research.
Here are some things to keep in mind while choosing a fund:
2.6 - Investment criteria

Lower cost
It is a lower cost of investment as compare to other mode of investment option in
the market. Here the investor can invest a minimum of Rs500 in the scheme of
ELSS (Equity Link Saving Scheme).
Less paper work

Here less paper work is require than other. The investor give his detail information
like his/her name, age, address, phone no., pan card no, nominee name and
address(in case of minor) and three full signature of the candidade.
No cash Transactions
Investor need not require paying cash, instead of cash investor has to pay cheque or
demand draft. Which help to prevent misappropriation and also save the tax. Here
the investor just writes the product name of mutual fund and sign on it. It also saves
the time.
No Age Bar
There is no age bar of investor here any age group can invest in mutual fund. In
case of minor(below 18 year) there is a nominee, so a child can invest through his
guardian and a person having age of 70 also invest in mutual fund ,which is not
possible in other investments.
Service or any kind of income group
A service holder or any kind of income group or a student or unemployed people
can invest in mutual fund but the person is a rational human being having sound
knowledge of investment company.
ABOUT
HDFC MUTUAL FUND
1. WHY HDFC MUTUAL FUND
2. SPONSORS
3. TRUSTEE
4. AWARDS
3.1 - Why HDFC Mutual Fund?

HDFC Mutual Fund is one of the largest mutual funds and well-established fund house in the
country with consistent and above average fund performance across categories since its
incorporation on December 10, 1999. While our past experience does make us a veteran, but
when it comes to investments, we have never believed that the experience is enough.
Our Investment Philosophy

The single most important factor that drives HDFC Mutual Fund is its belief to give the investor
the chance to profitably invest in the financial market, without constantly worrying about the
market swings. To realize this belief, HDFC Mutual Fund has set up the infrastructure required to
conduct all the fundamental research and back it up with effective analysis. Our strong emphasis
on managing and controlling portfolio risk avoids chasing the latest fads and trends.
We Offer
We believe, that, by giving the investor long-term benefits, we have to constantly review the
markets for new trends, to identify new growth sectors and share this knowledge with our
investors in the form of product offerings. We have come up with various products across asset
and risk categories to enable investors to invest in line with their investment objectives and risk
taking capacity. Besides, we also offer Portfolio Management Services.
Our Achievements
HDFC Asset Management Company (AMC) is the first AMC in India to have been assigned the
CRISIL Fund House Level 1 rating. This is its highest Fund Governance and Process Quality
Rating which reflects the highest governance levels and fund management practices at HDFC
AMC It is the only fund house to have been assigned this rating for two years in succession.
Over the past, we have won a number of awards and accolades for our performance
3.2 - SPONSORS
Housing Development Finance Corporation Limited (HDFC ). HDFC was
incorporated in 1977 as the first specialized Mortgage Company in India. HDFC provides
financial assistance to individuals, corporate and developers for the purchase or construction of
residential housing. It also provides property related services (e.g. property identification, sales
services and valuation), training and consultancy. Of these activities, housing finance remains the
dominant activity. HDFC has a client base of around 12 lac borrowers, around 8 lac depositors,
over 1.08 lac shareholders and 50,000 deposit agents, as at March 31, 2008. HDFC has raised
funds from international agencies such as the World Bank, IFC (Washington), USAID, DEG,
ADB and KfW, international syndicated loans, domestic term loans from banks and insurance
companies, bonds and deposits. HDFC has received the highest rating for its bonds and deposits
program for the thirteenth year in succession. HDFC Standard Life Insurance Company Limited,
promoted by HDFC was the first life insurance company in the private sector to be granted a
Certificate of Registration (on October 23, 2000) by the Insurance Regulatory and Development
Authority to transact life insurance business in India.
Standard Life Investments Limited. The Standard Life Assurance Company was
established in 1825 and has considerable experience in global financial markets. The company
was present in the Indian life insurance market from 1847 to 1938 when agencies were set up in
Kolkata and Mumbai. The company re-entered the Indian market in 1995, when an agreement
was signed with HDFC to launch an insurance joint venture. On April 2006, the Board of The
Standard Life Assurance Company recommended that it should demutualise and Standard Life
plc float on the London Stock Exchange. At a Special General Meeting held in May voting
members overwhelmingly voted in favour of this. The Court of Session in Scotland approved
this in June and Standard Life plc floated on the London Stock Exchange on 10th July 2006.
Standard Life Investments is a leading asset management company, with approximately US$ 267
billion as at March 31, 2008, of assets under management. The company operates in the UK,
Canada, Hong Kong, China, Korea, Ireland, Paris, Sydney and the USA to ensure it is able to
form a truly global investment view. In order to meet the different needs and risk profiles of its
clients, Standard Life Investments Limited manages a diverse portfolio covering all of the major
markets world-wide, which includes a range of private and public equities, government and
company bonds, property investments and various derivative instruments
3.3 - TRUSTEE
HDFC Trustee Company Limited, a company incorporated under the Companies Act, 1956 is the
Trustee to HDFC Mutual Fund vide the Trust deed dated June 8, 2000, as amended from time to
time. HDFC Trustee Company Ltd is wholly owned subsidiary of HDFC
The Board of Directors of HDFC Trustee company Limited consists of the

following eminent persons.
Mr. Anil Kumar Hirjee
Mr. James Aird
Mr. Shishir K. Diwanji
Mr. Ranjan Sanghi
Mr. V. Srinivasa Rangan
3.4 - Awards & Accolades

CNBC - TV 18 - CRISIL Mutual Fund of the Year Awards 2008: (3 awards)
1. HDFC Prudence Fund was the only scheme that won the CNBC - TV 18 - CRISIL
Mutual Fund of the Year Award 2008 in the Most Consistent Balanced Fund under
CRISIL ~ CPR for the calendar year 2007 (from amongst 3 schemes).
2. HDFC Cash Management Fund - Savings Plan was the only scheme that won the
CNBC - TV 18 - CRISIL Mutual Fund of the Year Award 2008 in the Most Consistent
Liquid Fund under CRISIL ~ CPR for the calendar year 2007 (from amongst 5
schemes).
5
3. HDFC Cash Management Fund - Savings Plan was the only scheme that won the
CNBC - TV 18 - CRISIL Mutual Fund of the Year Award 2008 in the Liquid Scheme
Retail Category for the calendar year 2007 (from amongst 19 schemes).
ICRA Mutual Fund Awards 2008: (3 awards)

1. HDFC MF Monthly Income Plan-Long Term Plan- Ranked a Seven Star Fund and
has been awarded the Gold Award for "Best Performance" in the category of "Open
Ended Marginal Equity" for the three year period ending December 31, 2007 (from
amongst 27 schemes)
2. HDFC High Interest Fund - Short Term Plan - Ranked a Five Star Fund indicating
performance among the top 10% in the category of "Open Ended Debt - Short Term"
for one year period ending December 31, 2007 (from amongst 20 schemes).
3. HDFC Prudence Fund - Ranked a Five Star Fund indicating performance among the
top 10% in the category of "Open Ended Balanced" for the three year period ending
December 31, 2007 (from amongst 16 schemes).
Lipper Fund Awards 2008:
1. HDFC Equity Fund - Growth has been awarded the 'Best Fund over Ten Years' in the 'Equity
India Category' at the Lipper Fund Awards 2008 (form amongst 23 schemes). It was awarded
the Best Fund over ten years in 2006 and 2007 as well. 2008 makes it three in a row
PRODUCT & SERVICE

OF
HDFC MUTUAL FUND
1. TYPES OF MUTUAL FUND
2. INVESTMENT PLAN
3. PRODUCT OF MUTUAL
FUND
4.1 - TYPES OF MUTUAL FUND SCHEME
(a) Open-ended Fund/ Scheme

An open-ended fund or scheme is one that is available for subscription and repurchase on a
continuous basis. These schemes do not have a fixed maturity period. Investors can conveniently
buy and sell units at Net Asset Value (NAV) related prices which are declared on a daily basis.
The key feature of open-end schemes is liquidity.
(b) Close-ended Fund/ Scheme

A close-ended fund or scheme has a stipulated maturity period e.g. 5-7 years. The fund is open
for subscription only during a specified period at the time of launch of the scheme. Investors can
invest in the scheme at the time of the initial public issue and thereafter they can buy or sell the
units of the scheme on the stock exchanges where the units are listed. In order to provide an exit
route to the investors, some close-ended funds give an option of selling back the units to the
mutual fund through periodic repurchase at NAV related prices. SEBI Regulations stipulate that
at least one of the two exit routes is provided to the investor i.e. either repurchase facility or
through listing on stock exchanges. These mutual funds schemes disclose NAV generally on
weekly basis.
(c) Sector specific funds/schemes

These are the funds/schemes which invest in the securities of only those sectors or industries as
specified in the offer documents. e.g. Pharmaceuticals, Software, Fast Moving Consumer Goods
(FMCG), Petroleum stocks, etc. The returns in these funds are dependent on the performance of
the respective sectors/industries. While these funds may give higher returns, they are more risky
compared to diversified funds. Investors need to keep a watch on the performance of those
sectors/industries and must exit at an appropriate time. They may also seek advice of an expert.
(d) Tax Saving Schemes

These schemes offer tax rebates to the investors under specific provisions of the Income Tax Act,
1961 as the Government offers tax incentives for investment in specified avenues. e.g. Equity
Linked Savings Schemes (ELSS). Pension schemes launched by the mutual funds also offer tax
benefits. These schemes are growth oriented and invest pre-dominantly in equities. Their growth
opportunities and risks associated are like any equity-oriented scheme.
4.2 - INVESTMENT PLAN

4.2.1 - SYSTEMATIC INVESTMENT PLAN (SIP)
HDFC MF SIP is similar to a Recurring Deposit. Every month on a specified date an amount you
choose is invested in a mutual fund scheme of your choice. The dates currently available for SIPs
are the 1st, 5th, 10th, 15th, 20th and the 25th of a month. Youll be amazed to learn about the
many benefits of investing through HDFC MF SIP.
Benefit 1
Become A Disciplined Invester
Being disciplined - Its the key to investing success. With the HDFC MF Systematic Investment
Plan you commit an amount of your choice (minimum of Rs. 1000 and in multiples of Rs. 100
thereof*) to be invested every month in one of our schemes.
Think of each SIP payment as laying a brick. One by one, youll see them transform into a
building. Youll see your investments accrue month after month. Its as simple as giving at least 6
postdated monthly cheques to us for a fixed amount in a scheme of your choice. Its the perfect
solution for irregular investors.
*Minimum amounts may differ for each Scheme. Please refer to SIP Enrolment Form for details.
Benefit 2
Reach Your Financial Goal
Imagine you want to buy a car a year from now, but you dont know where the down-payment
will come from. HDFC MF SIP is a perfect tool for people who have a specific, future financial
requirement. By investing an amount of your choice every month, you can plan for and meet
financial goals, like funds for a childs education, a marriage in the family or a comfortable
postretirement life. The table below illustrates how a little every month can go a long way.
Monthly Savings - What your savings may generate
Savings per month
Total amount invested
Rate of return
6.0%
8.0%
10.0%
(for 15 years)
(Rs. in Lacs)
(rupees in lacs, 15 years later)*
5000
9.0
14.6
17.4
20.9
4000
7.2
11.7
13.9
16.7
3000
5.4
8.8
10.4
12.5
2000
3.6
5.8
7.0
8.3
1000
1.8
2.9
3.5
4.2
*Monthly Instalments, compounded monthly, for a 15-year period.
Disclaimer: The illustration above is merely indicative in nature and should not be construed as
investment advice. It does not in any manner imply or suggest performance of any HDFC Mutual
Fund Scheme(s). Please read Risk Factors.
Benefit 3
Take Advantage of Rupee Cost Averaging
10
Most investors want to buy stocks when the prices are low and sell them when prices are high.
But timing the market is timeconsuming and risky. A more successful investment strategy is to
adopt the method called Rupee Cost Averaging. To illustrate this well compare investing the
identical amounts through a SIP and in one lump sum.
Imagine Suresh invests Rs. 1000 every month in an equity mutual fund scheme starting in
January. His friend, Rajesh, invests Rs. 12000 in one lump sum in the same scheme. The
following table illustrate how their respective investments would have performed from Jan to
Dec:
Sureshs Investment
Rajeshs Investment
Month
NAV
Amount
Units
Amount
Units
Jan-04
Feb-04
Mar-04
Apr-04
May-04
Jun-04
Jul-04
Aug-04
Sep-04
Oct-04
Nov-04
Dec-04
9.345
9.399
8.123
8.750
8.012
8.925
9.102
8.310
7.568
6.462
6.931
7.600
1000
1000
1000
1000
1000
1000
1000
1000
1000
1000
1000
1000
107.0091
106.3943
123.1072
114.2857
124.8128
112.0448
109.8660
120.3369
132.1353
154.7509
144.2793
131.5789
12000
1284.1091
*NAV as on the 10th every month. These are assumed NAVs in a volatile market
Disclaimer: The illustration above is merely indicative in nature and should not be construed
as investment advice. It does not in any manner imply or suggest performance of any HDFC
Mutual Fund Scheme(s). Rupee Cost Averaging neither ensures you profits nor protects you from
making a loss in declining markets. Please read Risk Factors.
As seen in the table, by investing through SIP, you end up buying more units when the price is
low and fewer units when the price is high. However, over a period of time these market
11
fluctuations are generally averaged. And the average cost of your investment is often reduced.
At the end of the 12 months, Suresh has more units than Rajesh, even though they invested the
same amount. Thats because the average cost of Sureshs units is much lower than that of
Rajesh. Rajesh made only one investment and that too when the per-unit price was high.
Sureshs average unit price = 12000/1480.6012 = Rs. 8.105
Rajeshs average unit price = Rs. 9.345
12
Benefit 4
Grow Your Investment With Compounded Benefits
It is far better to invest a small amount of money regularly, rather than save up to make one large
investment. This is because while you are saving the lump sum, your savings may not earn much
interest.
With HDFC MF SIP, each amount you invest grows through compounding benefits as well. That
is, the interest earned on your investment also earns interest. The following example illustrates
this.
Imagine Neha is 20 years old when she starts working. Every month she saves and invests Rs.
5,000 till she is 25 years old. The total investment made by her over 5 years is Rs. 3 lakhs.Arjun
also starts working when he is 20 years old. But he doesnt invest monthly. He gets a large bonus
of Rs. 3 lakhs at 25 and decides to invest the entire amount.
13
Both of them decide not to withdraw these investments till they turn 50. At 50, Nehas
Investments have grown to Rs. 46,68,273* whereas Arjuns investments have grown to Rs.
36,17,084*. Nehas small contributions to a SIP and her decision to start investing earlier than
Arjun have made her wealthier by over Rs. 10 lakhs.
*Figures based on 10% p.a. interest compounded monthly.
Disclaimer: TheThe illustration above is merely indicative in nature and should not be construed
as investment advice. It does not in any manner imply or suggest performance of any HDFC
Mutual Fund Scheme(s). Please read Risk Factors.
Benefit 5
Do All This Effortlessly
Investing with HDFC MF SIP is easy. Simply give us post-dated cheques or opt for an
Auto Debit from you bank account for an amount of your choice (minimum of Rs. 1000 and in
multiples of Rs. 100 thereof*) and well invest the money every month in a fund of your choice.
The plans are completely flexible. You can invest for a minimum of six months, or for as long as
you want. You can also decide to invest quarterly and will need to invest for a minimum of two
quarters.
4.2.2 - SYSTEMATIC TRANSFER PLAN (STP)

14
STP refers to Systematic Transfer Plan where in an investor invests a lump sum amount in one
scheme and regularly transfers (i.e. switches) a pre-defined amount into another scheme. Every
month on a specified date an amount you choose is transfered from one mutual fund scheme to
another of your choice.
Currently, Fixed Systematic Transfer Plan (FSTP) - Monthly Interval and Capital Appreciation
Systematic Transfer Plan (CASTP) - Monthly Interval facility is available to the Unit holders on
1st, 5th, 10th, 15th, 20th and 25th of a month and FSTP - Quarterly Interval and CASTP Quarterly Interval facility is available to the Unit holders on 1st, 5th, 10th, 15th, 20th and 25th
of the first month of each quarter.
The Entry Load Structure for the transferee schemes - HDFC Growth Fund, HDFC Equity
Fund, HDFC Top 200 Fund, HDFC Capital Builder Fund, HDFC Core & Satellite Fund, HDFC
Premier Multi-Cap Fund, HDFC Balanced Fund, HDFC Prudence Fund, HDFC Long Term
Advantage Fund and HDFC TaxSaver will be as follows:
The Exit Load Structure is as follows:
For Transferee Schemes : HDFC Long Term Advantage Fund and HDFC TaxSaver - Nil
For Transferee Schemes : HDFC Growth Fund, HDFC Equity Fund, HDFC Top 200 Fund,
HDFC Capital Builder Fund, HDFC Core & Satellite Fund, HDFC Premier Multi-Cap Fund,
HDFC Balanced Fund and HDFC Prudence Fund.
In respect of each investment through STP less than Rs. 5 crore in value, an Exit Load of 1.25%
is payable if units are redeemed / switched-out on or before 2 years from the date of allotment. In
respect of each investment through STP equal to or greater than Rs. 5 crore in value, no Exit
Load is payable.
Thus, this facility offers the benefits similar to those of an SIP and is suitable for investors who
intend to invest systematically and currently have funds for investments.
15
4.3 - PRODUCTS OF MUTUAL FUND
EQUITY/ GROWTH FUND
CHILDRENS GIFT FUND
LIQUID FUND
DEBT/ INCOME FUND
EQUITY/ GROWTH FUND
DEBT/INCOME FUND
16
HDFC Growth Fund
HDFC MF Monthly Income Plan - Short Term

Plan
HDFC Top 200 Fund

HDFC Multiple Yield Fund
HDFC Core and Satellite Fund
HDFC Income Fund
HDFC Index Fund - Sensex Plan
HDFC Short Term Plan
HDFC Index Fund - Sensex Plus Plan
HDFC Gilt Fund - Short Term Plan
HDFC Balanced Fund
HDFC Long Term Advantage Fund (ELSS)
HDFC Long Term Equity Fund
HDFC Floating Rate Income Fund -Short

Term Plan
HDFC Cash Management Fund - Savings Plus
Plan
HDFC Infrastructure Fund

HDFC Capital Builder Fund
HDFC MF Monthly Income Plan - Long Term

Plan
HDFC Premier Multi-Cap
HDFC Multiple Yield Fund - Plan 2005
HDFC Index Fund - Nifty Plan
HDFC High Interest Fund
HDFC Arbitrage Fund
HDFC High Interest Fund - Short term Plan
HDFC Equity Fund
HDFC Gilt Fund - Long Term Plan
HDFC Prudence Fund
HDFC Floating Rate Income Fund - Long

Term Plan
HDFC TaxSaver (ELSS)

HDFC Mid-Cap Opportunities Fund
CHILDRENS GIFT FUND
LIQUID FUND
HDFC Children's Gift Fund - Investment Plan
HDFC Liquid Fund
HDFC Children's Gift Fund - Savings Plan
HDFC Liquid Fund Premium Plan

HDFC Liquid Fund Premium Plus Plan
HDFC Cash Management Fund Call
HDFC Cash Management Fund - Savings Plan
SOME POPULAR FUNDS ARE EXPLAIN HERE

HDFC Growth Fund
17
HDFC Growth fund, an open-ended growth scheme, applies an investment approach based on a
set of well established but flexible principles that emphasize the concept of sustainable economic
earnings cash return on investment. The objective is to identify business with superior growth
prospects nd good management at a reasonable price. The five basic principles that serve the
foundation for this approach are as follows:
Focus on the long term
Investment confers proportionate ownership of the business
Maintain a margin safety
Maintain a balanced outlook on the market
Discipline approach to selling.
The investment philosophy rests on a two-pronged approach. 60-80% of the portfolio will aim to
stay invested for most of the time in large cap stocks that satisfy the above investment criteria.
This allocation to large cap stocks also ensures greater liquidity in the portfolio. 20-40% of the
portfolio will be invested in companies of scale that are either large market share holder
Basic Scheme Information,
Plan name
Dividentd plan
Growth plan
Nature of Scheme
Inception Date
NAV Date
18 Aug 2008
18 Aug 2008
NAV value
29.0270
58.9370
Open Ended Growth Scheme
September 11, 2000
Dividend Plan, Growth Plan. The Dividend Plan offers
Option/Plan
Dividend Payout and Reinvestment Facility.
The asset allocation under the Scheme will be as follows :

Sr.no
Type of Instruments
Equity & Equity related

instruments
Normal
Allocation
(% of Net Asset)
80-100
18
Normal
Allocation
(% of Net Asset)
00
Risk Profile
Medium to high
Debt Securities, Money

Market instruments & Cash
(including money at call)
00
Low to medium
00-20
Returns
HDFC Growth
Fund
Date
(NAV as at evaluation date, Rs.

Per unit)
Period
NAV
53.472
Returns(%) $$ Benchmark
March 30, 2007

December 28,
Last 458 days

Last Six months (185
45.461
79.6670
^
13.81**
-32.88*
2007
June 29, 2007
June 30, 2005
days)
Last 1 Year (367 days)
Last 3 Years (1096
54.695
25.499
-2.22**
27.97**
-8.07**
23.21**
June 30, 2003
days)
Last 5 Years (1827
10.829
37.58**
30.1**
June 30, 1998
days)
Last 10 Years (3653
N.A
N.A.
15.25**
September 11,
days)
Since Inception (2849
10.000
23.96**
14.44**
2000
days)
* Absolute Returns
Returns(%)#
2.37**
-33.38*
** Compounded Annualised Returns # SENSEX
~ Due to an over all sharp rise in the stock prices

^ Past performance may or may not be sustained in the future
SIP Returns
SIP Investments
Total Amount Invested (Rs.)
Market Value as on June 30, 2008
Returns (Annualised)*%
Benchmark Returns
Since Inception
94,000.00
338,680.64
31.84%
22.77%
# SENSEX
19
5 Year
60,000.00
115,755.39
26.64%
20.64%
3 Year
36,000.00
43,748.58
13.10%
6.77%
1 Year
12,000.00
9,857.36
-31.44%
-36.15%
Benchmark - BSE Sensex

Disclaimer: The above investment simulation is for illustrative purposes only and should not be
construed as a promise on minimum returns and safeguard of capital. The AMC / Mutual Fund is
not guaranteeing or promising or forecasting any returns. SIP does not assure a profit or
guarantee protection against a loss in a declining market. Please refer SIP Enrolment Form or
contact nearest ISC for SIP Load Structure.
HDFC TOP-200 FUND

Investment Objective
The investment objective is to generate long term capital appreciation from a portfolio of equity
and equity linked instruments. The investment portfolio for equity and equity linked instruments
will be primarily drawn from the companies in the BSE 200 Index. Further, the Scheme may also
invest in listed companies that would qualify to be in the top 200 by market capitalization on the
BSE even though they may not be listed on the BSE This includes participation in large IPOs
20
where in the market capitalization of the company based on issue price would make the company
a part of the top 200 companies listed on the BSE based on market capitalization
Basic Scheme Information
Nature of Scheme
Inception Date
Option/Plan

October 11, 1996
Dividend Plan,Growth Plan. The Dividend Plan offers
Plan Name
Dividend Plan
Growth Plan
NAV Date
18 Aug 2008
18 Aug 2008
NAV Amount
38.29
129.56
Investment Pattern
The Scheme may also invest upto 25% of net assets of the Scheme in derivatives such as Futures
& Options and such other derivative instruments as may be introduced from time to time for the
purpose of hedging and portfolio balancing and and other uses as may be permitted under the
regulations and guidelines.
The Scheme may also invest a part of its corpus, not exceeding 40% of its net assets, in overseas
markets in Global Depository Receipts (GDRs), ADRs, overseas equity, bonds and mutual funds
and such other instruments as may be allowed under the Regulations from time to time.
Returns
HDFC Top 200
115.424
Fund
Date
Per unit)
Period
NAV
Returns(%)#
4.45**
-37.53*
-8.85**
March 30, 2007

December 28,
Last 458 days

104.504
167.8880
^
8.24**
-31.25*
2007
June 29, 2007
days)
120.34
-4.06**
21
June 30, 2005
Last 3 Years (1096
57.343
26.23**
21.2**
June 30, 2003
days)
Last 5 Years (1827
23.358
37.6**
29.43**
June 30, 1998
days)
Last 10 Years (3653
12.749
27.12**
17.55**
October 11, 1996
days)
10.000
25.3**
15.18**
days)
SIP Returns
SIP Investments
Since
10 Year
5 Year
Total Amount Invested
Inception
141,000.00
120,000.00 60,000.00
(Rs.)
Market Value as on June
835,535.45
580,129.04 113,375.02 41,661.29 9,843.01
30, 2008
Benchmark Returns
27.85%
18.32%
29.65%
20.25%
25.77%
18.90%
3 Year
1 Year
36,000.00 12,000.00
9.73%
5.82%
-31.64%
-38.40%
Benchmark - BSE 200

contact nearest ISC for SIP Load Structure
HDFC EQUITY FUND
HDFC Equity Fund is an open-ended growth scheme, which aims to generate longterm capital appreciation. The scheme maintains a focused portfolio predominantly
of large cap stocks, through there is controlled exposure to mid caps. The schemes
however always remain diversified across sectors. Moreover, the sectoral allocation
22
is done keeping in mind to diversify across sectors weakly co-related to each other
to further reduce risk. The underlying theme while managing the scheme is to invest
in businesses that are sustainable and for good quality.
Nature of Scheme
Inception Date
Option/Plan

January 01, 1995
Plan Name
Dividend Plan
Growth Plan
NAV Date
18 Aug 2008
18 Aug 2008
NAV Amount
36.1630
156.7660
Investment Strategy:
In order to provide long term capital appreciation, the Scheme will invest predominantly in
growth companies. Companies selected under this portfolio would as far as practicable consist of
medium to large sized companies which:
are likely achieve above average growth than the industry;
enjoy distinct competitive advantages, and
have superior financial strengths.

The aim will be to build a portfolio, which represents a cross-section of the strong growth
companies in the prevailing market. In order to reduce the risk of volatility, the Scheme
will diversify across major industries and economic sectors
Investment Pattern
Sr.No.
1
2
Asset Type
Equities and Equity Related Instruments
Debt & Money Market Instruments
(% of Portfolio)
80 - 100
0 - 20
Risk Profile
Medium to High
Low to Medium
Investment in Securitised debt, if undertaken, would not exceed 20% of the net assets of the
23
scheme.
The Scheme may also invest upto 25% of net assets of the Scheme in derivatives such as Futures
& Options and such other derivative instruments as may be introduced from time to time for the
purpose of hedging and portfolio balancing and other uses as may be permitted under the
Regulations.
The Scheme may also invest a part of its corpus, not exceeding 40% of its net assets, in overseas
markets in Global Depository Receipts (GDRs), ADRs, overseas equity, bonds and mutual funds
and such other instruments as may be allowed under the Regulations from time to time. Also
refer to the Section on Policy on off-shore Investments by the Scheme(s).
If the investment in equities and related instruments falls below 70% of the portfolio of the
Scheme at any point in time, it would be endeavoured to review and rebalance the composition.
Not with standing anything stated above, subject to the regulations, the asset allocation pattern
indicated above may change from time to time, keeping in view market conditions, market
opportunities, applicable regulations and political and economic factors. It may be clearly
understood that the percentages stated above are only indicative and are not absolute and that
they can vary substantially depending upon the perception of the AMC, the intention being at all
times to seek to protect the NAV of the scheme. Such changes will be for short term and
defensive considerations. Provided further and subject to the above, any change in the asset
allocation affecting the investment profile of the Scheme and amounting to a change in the
Fundamental Attributes of the Scheme shall be effected in accordance with sub-regulation (15A)
of regulation 18 of SEBI regulations.
Returns
HDFC Equity
143.171
Fund
Date
Per unit)
Period
NAV
142.602
219.8570
^
0.32**
-34.88*
March 30, 2007

December 28,
Last 458 days

24
Returns(%)#
1.47**
-39.38*
2007
June 29, 2007
June 30, 2005
days)
Last 3 Years (1096
165.313
73.768
-13.33**
24.71**
-11.59**
18.87**
June 30, 2003
days)
Last 5 Years (1827
29.960
36.68**
29.03**
June 30, 1998
days)
Last 10 Years (3653
7.280
34.67**
17.75**
January 1, 1995
days)
10.000
21.78**
9.22**
days)
* Absolute Returns
** Compounded Annualised Returns # S&P CNX 500
SIP Returns
SIP Investments
Since
10 Year
5 Year
Inception
162,000.00
120,000.00 60,000.00
(Rs.)
1,494,753.92
646,490.65 107,904.12 38,998.67 9,408.57
30, 2008
Benchmark Returns
29.53%
16.18%
31.66%
19.77%
23.71%
17.56%
3 Year
1 Year
36,000.00 12,000.00
5.27%
3.25%
-37.52%
-40.27%
Disclaimer:
The above investment simulation is for illustrative purposes only and should not be construed as
a promise on minimum returns and safeguard of capital. The AMC / Mutual Fund is not
guaranteeing or promising or forecasting any returns. SIP does not assure a profit or guarantee
protection against a loss in a declining market. Please refer SIP Enrolment Form or contact
nearest ISC for SIP Load Structure.
HDFC Infrastructure Fund
25
To seek long-term capital appreciation by investing predominantly in equity and equity related
securities of companies engaged in or expected to benefit from growth and development of
infrastructure.

Nature of Scheme
Close Ended Equity Scheme with a maturity period of 3

years from the date of allotment with automatic
conversion into an open-ended scheme upon maturity of
Inception Date
Option/Plan
the Scheme.
March 10, 2008
Dividend Option, Growth Option. Dividend Option
currently offers with payout facility only
Plan Name
Growth Option
Dividend Option
NAV Date
18 Aug 2008
18 Aug 2008
NAV Amount
8.3830
8.3830
Investment Pattern:
The asset allocation under the respective Plans will be as follows:
Type of Instruments
Equity and Equity Related
Minimum
Maximum
Risk Profile of the
Allocation (% of
Allocation(% of
Instrument
Net Assets)
65%
Net Assets)
100%
Medium to High
0%
35%
Medium to High
0%
35%
Low to Medium
Instruments of infrastructure
/ infrastructure related
companies
Equity and Equity Related
Instruments of companies
other than mentioned above
Debt Securities and Money
Market Instruments* and
26
Fixed Income Derivative ;
* Investments in securitised debt shall not normally exceed 30% of the net assets of the Scheme.
The Scheme may seek investment opportunity in Foreign Securities (max. 35% of net assets).
The Scheme may take derivatives position for hedging, portfolio balancing or to undertake any
other strategy as permitted under SEBI Regulations from time to time (max. 20% of the net
assets) based on the opportunities available subject to SEBI Regulations.
Returns
HDFC Infrastructure
(NAV as at evaluation date,
7.48
Fund
Date
Rs. Per unit)

Period
NAV
Returns(%) $
Benchmark
Returns(%)#
1.47**
-39.38*
March 30, 2007

December 28, 2007
Last 458 days

N.A
N.A
$^
N.A.
N.A.
June 29, 2007

June 30, 2005
days)
Last 3 Years (1096
N.A
N.A
N.A.
N.A.
-11.59**
18.87**
June 30, 2003
days)
Last 5 Years (1827
N.A
N.A.
29.03**
June 30, 1998
days)
Last 10 Years (3653
N.A
N.A.
17.75**
March 10, 2008
days)
10.000
-25.2*
-18.45*
days)
* Absolute Returns
** Compounded Annualised Returns # S&P CNX 500
~ Due to an over all sharp rise in the stock prices

HDFC Prudence Fund

27
The investment objective of the Scheme is to provide periodic returns and capital appreciation
over a long period of time, from a judicious mix of equity and debt investments, with the aim to
prevent/ minimise any capital erosion.

Nature of Scheme
Inception Date
Option/Plan
Open Ended Balanced Scheme

February 01, 1994
Returns
HDFC Prudence
112.678
Fund
Date
Per unit)
Period
NAV
Returns(%)#
6.01**
-22.7*
March 30, 2007

December 28,
Last 458 days

Last 185 days
110.132
160.6870
^
1.84**
-29.88*
2007
June 29, 2007
June 30, 2005

Last 3 Years (1096
124.716
64.682
-9.6**
20.3**
-1.33**
15.38**
June 30, 2003
days)
Last 5 Years (1827
19.230
42.37**
19.31**
June 30, 1998
days)
Last 10 Years (3653
11.480
26.8**
N.A.
February 1, 1994
days)
10.000
20.41**
N.A.
days)
* Absolute Returns
** Compounded Annualised Returns
# CRISIL Balanced Fund Index ~
Due to an over all sharp rise in the stock prices
28
$$ Adjusted for the dividends declared under the scheme prior to its splitting into the Dividend
and Growth Plan
Investment Strategy
As outlined above, the investments in the Scheme will comprise both debt and equities. The
Fund would invest in Debt instruments such as Government securities, money market
instruments, securitised debts, corporate debentures and bonds, preference shares, quasi
Government bonds, and in equity shares. In the long term, the mix between debt instruments and
equity instruments is targeted between 60:40 and 40:60 respectively. The exact mix will be a
function of interest rates, equity valuations, reserves position, risk taking capacity of the portfolio
without compromising the consistency of dividend pay out (in the case of Dividend Plan), need
for capital preservation and the need to generate capital appreciation.
Fund Manager
Mr. Prashant Jain
Mr. Anand Laddha - Dedicated Fund Manager - Foreign Securities
Investment Pattern
The following table provides the asset allocation of the Scheme's portfolio.
The asset allocation under the respective Plans will be as follows :

29
Sr.No.
1
2
Type of Instruments
Normal Allocation Risk Profile
Equities & Equity related instruments

Debt Securities, Money Market
(% of Net Assets)
40 - 75%
25 - 60%
Medium to High
Low to Medium
instruments(including cash/call money)

(Investment in Securitised debt, if undertaken,would not exceed 10% of the net assets of the
Scheme.)
HDFC Capital Builder Fund
HDFC Capital Builder Fund, an open-ended growth scheme, aims to invest in strong
companies at prices that below fair value in the opinion of the fund managers. The investment
approach is based on the philosophy that value may be uncovered only where the crowd has not
discovered it yet. In the opinion of the fund managers such value exists in good quality well
managed neglected stocks. The current neglect in these companies by the broad market
participants can be due to various factors such as difficult recent market conditions, major
restructuring charges, VRS expenses or other such one time effects that may subdue profits in the
near term. This also usually results in the shares of such companies being relatively illiquid.
While assuming such relative risk adjusted liquidity risk the fund managers propose to
capitalize on expected pick up reported earning as result of strong growth prospects in the future.
This eventually translates in to more liquidity depending on the success of this strategy. Such
opportunities are available in large companies as well as small companies. While there is no
criteria for stock selection based on market capitalization the endeavor is to keep a balance of
30
companies in the portfolio between big and small companies, on one category overwhelming the
other
Nature of Scheme
Inception Date
Option/Plan

February 01, 1994
Plan Name

NAV NAV Amount
Dividend Plan
Date
18
22.075
Aug
Growth Plan
2008
18
69.918
Aug
2008
Investment Pattern
Sr.No.
1
2
Asset Type
Equities and Equity Related Instruments
Debt & Money Market Instruments
(% of Portfolio)
Risk Profile
Upto 100%
Medium to High
Not more than 20% Low to Medium
Investment in Securitised debt, if undertaken, would not exceed 20% of the net assets of
the scheme.
The Scheme may also invest upto 25% of net assets of the Scheme in derivatives such as
Futures & Options and such other derivative instruments as may be introduced from time
to time for the purpose of hedging and portfolio balancing and other uses as may be
permitted under the regulations and guidelines.
31
The Scheme may also invest a part of its corpus, not exceeding 40% of its net assets, in
overseas markets in Global Depository Receipts (GDRs), ADRs, overseas equity, bonds
and mutual funds and such other instruments as may be allowed under the Regulations
from time to time. Also refer to the Section on Policy on off-shore Investments by the
Scheme(s).
SIP Returns
SIP Investments
Since
10 Year
5 Year
Inception
173,000.00
120,000.00 60,000.00
(Rs.)
890,131.42
463,752.08 103,349.40 37,539.34 9,242.16
30, 2008
Benchmark Returns
20.51%
15.04%
25.51%
19.77%
21.92%
17.56%
3 Year
1 Year
36,000.00 12,000.00
2.74%
3.25%
-39.73%
-40.27%
Past performance may or may not be sustained in the future

* Load is not taken into consideration and the Returns are of Growth Plan / Option. Investors
are advised to refer to the Relative Performance table furnished as above for non-SIP returns
Returns
HDFC Capital
(NAV as at evaluation date,
64.169
Builder Fund
Date
Rs. Per unit)

Period
NAV
Returns(%) $
Benchmark
Returns(%)#
1.47**
-39.38*
March 30, 2007

December 28, 2007
Last 458 days

Last Six months
60.3
105.1230
$^
5.08**
-38.96*
June 29, 2007
(185 days)
Last 1 Year (367
73.27
-12.36**
-11.59**
June 30, 2005
days)
Last 3 Years (1096
37.474
19.62**
18.87**
days)
32
June 30, 2003
Last 5 Years (1827
13.117
37.32**
29.03**
June 30, 1998
days)
Last 10 Years (3653
7.480
23.96**
17.75**
February 1, 1994
days)
Since Inception
10.000
13.76**
7.95**
(5263 days)
* Absolute Returns
** Compounded Annualised Returns
# S&P CNX 500

Benchmark - S & P CNX 500

contact nearest ISC for SIP Load Structure.
33
OBJECTIVE
OF
THE STUDY
34
OBJECTIVE OF THE STUDY

Indian financial system has been expiring the vast effect of globalization i.e. drastic
interest rate cut, political disturbances, security scam etc have scattered the common investors
perception in selecting various investment portfolio. Most of the security holders have lost their
confidence in newly come-up corporate sectors for investment. Looking to the situation, it is
quite encouraging to analyze how the HDFC Mutual Fund able to trap the deposits by
introducing various schemes and how it protects the interest of the investors.
The main study is based on the performance and analysis of various schemes with
reference to HDFC Mutual Fund that is a leading mutual fund industry in India.
The total performance analysis of financial instruments with reference to the HDFC
Mutual Fund has got objectives. This are as follows:
To know the performance of the different schemes.
The comparative study of HDFC Mutual Fund with other mutual funds.
To know the investment pattern of the investors in different schemes.
The benefits made from the investment on the different schemes.
To know the ranking of the HDFC Mutual Fund Schemes.
To know the diversify portfolio of HDFC Mutual Fund.
To know the service which HDFC Mutual Fund is providing to its investors
with compare to other mutual funds.
35
SCOPE OF THE STUDY
The students are highly benefited as the purpose of this research is to get
acquainted with the practical side of research, in addition to the theoretical
studies in course of the academic year. This research also gives a chance for
application and testing of the theoretical study on the real work situation.
Students can have the complete information about the method and process
of ranking of mutual fund schemes.
36
Review Of Literature
37
REVIEW OF LITERATURE
Jensen (1967) derived a risk-adjusted measure of portfolio performance (Jensens alpha) that
estimates how much a managers forecasting ability contributes to funds returns. Sharpe,
William (1994) suggested the Sharp- Ratio technique for the measurement for the
performance measurement of the MF. Berkowitz et.al,(1997), supports the argument & states
that, past fund performance influences individual investment decisions along with implying
strong incentives for managers increase the performance of Mutual funds.
Mishra, Rehman (2000) measured MF performance using lower partial moment Risk from the
lower partial moment is measured by taking into account only those states in which return is
below a pre-specified target rate like risk-free rate. Brealey and Mayers (2002) supported
Quality of Earnings as a key performance measure. Earnings can be manipulated by adopting
different accounting policies. Further supported by Grahm et al. (2002), analyst rely on the
primarily data, reported cash flows and the use of the accounting conservations in evaluating
companies. Ramasamy et al, (2003), agreed that three elements consistent past performance,
size of funds & cost of transaction effects the performance.
Roy & Deb (2003) used conditional performance evaluation on a sample of 89 Indian MF
schemes measuring with both unconditional and conditional form of CAPM model. The results
suggest that the use of conditioning lagged information variables improves the performance of
mutual fund schemes, causing alphas to shift towards right and reducing the number of
negative timing coefficients. Rao, Ravindran (2003) evaluated performance in a bear market
through Relative Performance Management index & risk return analysis.
Panwar et.al (2005) uses Residual Variance (RV) as the measure of MF portfolio
diversification. RV has a direct impact on shape fund performance measure. Kacperczyk et.al
(2005) demonstrated that unabsorbed information create values for some funds. Return gap
helps to predict future fund performance & investors should use additional measures to
evaluate the performance.
Agrawal (2006) analyze the Indian Mutual Fund Industry pricing mechanism with empirical
38
studies on its valuation. The study reveled that the performance is affected saving and
investment habits of the people.
39
As part of my understudy training
For the purpose of fulfillment of masters degree in business administration i had

undertaken my summer training at HDFC-mutual fund at Rourkela branch for a period of 45
days. In course of the training i had an opportunity to get proper working knowledge about the
internal workings of Mutual funds dept.
The single most important factor that drives HDFC Mutual Fund is its belief to give the
investor the chance to profitably invest in the financial market, without constantly worrying
about the market swings.
I had chosen the HDFC-mutual fund as it is one of the most highly reputed mutual fund
all over the INDIA and offers under study training to students during summer. I had the job of
convincing investors to choose HDFC mutual funds over others. For this purpose I also
maintained a database of all the investors who had been approached.
Money is a valuable asset and it is obvious that people think many times before investing
their money into any kind of funds. They frequently ask questions about the time period, interest
rates, current status of the share market, etc which requires good running knowledge in the field.
It was not very easy to convince people to make investment in the HDFC mutual funds but with
the help of Mr. Manmohan Mohapatra, Branch Manager, of HDF-mutual fund Ghaziabad
Branch. I accomplished my task.
40
The largest amount of investment was made by Mr. MD ABID ,an amount of 1,50,000 , in the
scheme HDFC- equity fund for a duration of years.
Other investors were
NAME
Investment
Amount
Scheme
Duration
HDFC GROWTH FUND

HDFC TOP 200 FUND
HDFC EQUITY FUND
HDFC GROWTH FUND
HDFC EQUITY FUND
HDFC GROWTH FUND
HDFC GROWTH FUND
HDFC TOP 200 FUND
HDFC TOP 200 FUND
HDFC EQUITY FUD
HDFC BALANCED FUND
HDFC BALANCED FUND
HDFC GROWTH FUND
HDFC TOP 200 FUND
HDFC EQUITY FUND
HDFC GROWTH FUND
HDFC GROWTH FUND
HDFC GROWTH FUND
HDFC GROWTH FUND
HDFC TOP 200 FUND
HDFC TOP 200 FUND
HDFC GROWTH FUND
HDFC BALANCED FUND
HDFC EQUITY FUD
1 YEAR
1 YEAR
3 YEAR
1 YEAR
2 YEAR
1 YERA
1 YERA
1 YEAR
1 YEAR
2 YEAR
1 YEAR
1 YEAR
1 YEAR
1 YEAR
3 YEAR
1 YEAR
2 YEAR
1 YERA
1 YERA
1 YEAR
1 YEAR
2 YEAR
1 YEAR
1 YEAR
type
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
MD ABID
SHOAIB AKHTER
DEBENDRA NATH PAUL
NAZM UZ ZAMA
MD ABID
NISHIT HEMANI
Dr NEYAZ AHMED
KHALID SADAT
CHANDU LAL GUPTA
NISHIT HEMANI
MD PERWEZ ALAM
JUBAIR KHAN
D T MOHANTY
PRAKASH JHA
KHALID SADAT
MD NABEEL
VIKRANT GUPTA
RAJESH KUMAR
MD ASIF
MAZAR KHAN
BISWAJIT RAI
NARENDRA NATH PAUL
HARPREET KAUR
SOMA AGARWAL
SIP
SIP
One time
SIP
ONE TIME
SIP
SIP
SIP
SIP
ONE TIME
SIP
SIP
SIP
SIP
One time
SIP
SIP
SIP
SIP
SIP
SIP
SIP
SIP
SIP
2,000
1,000
1,00,000
1,000
1,50,000
2,000
1,000
2,000
1,000
50,000
1,000
1,000
1,000
1,000
1,00,000
2,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
During the training period i managed to convince people to make investment in Hdfc Mutual
funds.The total amount of trasaction i provided was about Rs 7,00,000
RESEARCH METHODOLOGY
OF
41
THE STUDY
1. RESEARCH
METHODOLOGY
2. SOURCES OF DATA
COLLECTION
3. HYPOTHESIS OF THE
STUDY
4. DATA COLLECTION &
ANALYSIS
42
6.1 - Research Methodology:

Since the study undertaken by me is related to the study of mutual fund in India, the
means adopted for collection of various facts and data were in the form of personal observation,
officials documents, and directly interacting with the officers concerned and also directly
interacting with the existing customers as well as new customer formed. It was an exploratory
research. Work is mainly emphasized on the primary data. Primary data are gathered form
prescribed questionnaire and by personal interview and the secondary data are collected from
different books and magazines.
6.2 - Sources of Data collection

There are two sources of data collection. They are:
1.
PRIMARY DATA SOURCE
2.
SECONDARY DATA SOURCE
The secondary data are those, which have already been collected by someone else thorough
Books, Internet, Television, journals, Magazines, etc. On the other hand primary data does not
exist here. The researcher has to gather primary data afresh for the specific study undertaken by
him. Primary data has been collected here by questionnaire method and personal interview
method is followed. Primary sources such as Interviews, Observation, and attending training and
development classes. Secondary sources such as Booklets, Monthly journal, Magazines, Official
files etc.
43
6.3 - HYPOTHESIS OF THE STUDY

For doing the dissertation topic performance of mutual fund analysis I took the hypothesis of
certain groups. I divide the total population on the basis of their age, income, gender, occupation
and status.
Male jobholders within the age group of 24-40.
Female jobholders within the age group of 24-40.
Male jobholders above the age 40.
Female jobholders above the age 40.
Individual having the income in the range of 1lkh-3lkh per annum.
Individual having the income above 3lkh per annum.
In Orissa i.e. rural area it is still a new concept so it will take some more time to really penetrate
into this market apart from people who are HNIs though these people are given more emphasis
by all the Mutual funds and distribution channels. With the introduction of SIPs the industry has
created some options clear for retail investors to enter this market. My survey says that it the
awareness level that is playing acting as an obstacle in the growth of Mutual fund Industry in
Orissa as a whole. People in Bhubaneswar are now opening up and interested in looking forward
for certified investment planners to help them designing their investment portfolio. Orissa as a
market was not that efficient few years back, but now with lot of multinational companies and
other reputed companies coming down, the Orissa market is slowly picking up. For mutual funds
it is one of the emerging markets that can be trapped form its developing stage and though people
of rural areas prefer Moderate risk they can easily accept mutual funds. Mutual fund Industry is
delivering a splendid performance and will of course continue in coming future. But that can be
only possible as the distribution channels like Karvy, Bajaj finance and Banks i.e. Citi Bank,
HDFC Bank, ICICI Bank and Standard Chartered Bank along with all Asset Management
Company.
44
6.4 - Data Collection & Data Analysis
No of respondent - 200
Male
- 135
Female
- 65
Number of respondents According to age

groups:
18 to 30 = 55
30 to 40 = 80
40 to 50 = 40
50 above =25
The survey is conducted on a sample of 200 people which includes 110 males
and 90 females. The sample contains consumers from all the age groups so
that an ideal sample can be obtained.
45
Analysis of Data
1. Investment Avenues available in the market, that investor are aware
of?
Postal schemes
Government securities
Direct equity investment
Bank FDs
Mutual funds
Insurance
INFERENCE:
According to the investors in Rourkela, 33% of investors prefer to deposit there
money in bank FDs. Where as 8% of the investors want to invest in postal scheme, 4% in
government security, 15% invest in direct equity 20% of investors they prefer mutual fund
& insurance, as there investment house which is not very high, but at the same time mutual
fund concept is growing
46
2. More attractive about mutual funds?

Returns
Moderate risk
Tax benefits
Hassle free
Past performance
Well regulated
No idea
.
INFRENCE:
According to people of Rourkela they attract with past performance of the company
if company past records is good then they interested to invest. After that people attract with
tax benefit then return on investment .
47
3. Percentage of entire investment includes mutual funds?

Below 20%
20 to 50%
50 to 80%
80% above
INFRENCE:
By this we come to know that most of the people use to go for mutual fund as we can
see by the above graph that 83 people from 200 goes for 20% to50% investment in Mutual
Funds.
48
4. For Investments in Mutual Fund, which company investors prefer?

HDFC MF
ABN AMRO MF
PRUDENTIAL ICICI MF
RELIANCE MF
BIRLA SUNLIFE
INFERENCE:
According to the Investors in Rourkela 35% of investors prefer to invest in HDFC
mutual fund, 27% of investors prefer Reliance mutual fund where as Birla share 12% and
ICICI by 17%.but only 9% investors invest in ABN AMRO mutual fund. I have compared
these five fund house because they are the main competitors in Ghaziabad.
49
5. How do investors manage his investment portfolio?

Solely of my own
On advise of a friend
On advise of a distributor/agent
On advise of your banker
On advice of mutual fund house people
INFRENCE:
According to my survey most no of people manage his investment port folio by own,
84 people out of 200 manage his portfolio by own and 45 & 36 people manage with the help
of bankers and MF house
50
6. Savings/investment avenues 5 year back?

Bank FD, Savings
Insurance
Mutual funds
Equity market
Govt. securities
Real estate
Postal savings, FD
INFRENCE:
According to my survey before 5 year most of the people(113) of Rourkela city
invested his money in insurance sector and 90 people out of 200 invested in bank FD. But
only 43 people out of 200 invest in mutual fund which was very low
51
7. Among the huge number of people going for mutual fund, in which
kind of fund they normally invest?
Equity Oriented
Debt Oriented
Balanced Oriented
INFERENCE:
In the city like Rourkela in between the age group 18-30, 62% investor invested in
equity oriented, and only 18% people invest in debt fund. But group of people more than
50 year 55% investor invest in debt fund and only 23% people invest in equity fund. It
mean younger people attract with equity fund and old man attract with debt fund. but in
balanced fund every groups are equally invest
52
8. Risk appetite of people in Orissa Preferred Risk and Return

High risk high return
Moderate risk moderate return
Low risk low return
(H,H)
(M,M)
(L,L)
INFERENCE:
According to the survey, we can conclude that, people in rural areas mostly believe
in Moderate risk, and moderate returns. Even mutual funds have moderate risk and the
return is quite less than as it is in case of equities. So, for the people of Rural areas mutual
funds are the right kind of investment option.
9. How seriously people in Ghaziabad thing about undergoing a financial

planning for them?
53
Yes
No
INFRENCE:
According to my survey of Ghaziabad people , most no of people are
more serious about financial planning
54
FINDING,
RECOMMENDATION,
&
CONCLUSION
55
FINDINGS
In India Mutual fund Industry has seen Dramatic improvements in Quality as well as quality of
products and services offering over the past decade, but the industry has witnessed growth in the
last 10 years considerably below potential. The Asset under Management have grown from about
Rs. 470 billion in march 1993 to Rs. 1,540 billion in April 2004(CAGR of 11.4 percent) & now it
grown to Rs. 5,620 billion till sep 2008. This has mainly achieved due to collection through
mutual fund IPOs that has been increasing due to the investors feeling that it is cheaper in its
IPO stage on account of its Rs. 10 NAV.
There has been a strong appreciation in equities in comparison to the debt market, which has
shown a downward trend last year. And in turn Mid-cap and diversified funds have delivered the
highest in comparison to other funds. As the Indian economy is showing a growing trend with
GDP more than 6% and expected to show 8% and Indian household saving being 24% of the
entire GDP. There is a strong growth potential of Mutual fund industry in India.
In Orissa i.e. rural area it is still a new concept so it will take some more time to really penetrate
into this market apart from people who are HNIs though these people are given more emphasis
by all the Mutual funds and distribution channels. With the introduction of SIPs the industry has
created some options clear for retail investors to enter this market. My survey says that it the
awareness level that is playing acting as an obstacle in the growth of Mutual fund Industry in
Orissa as a whole.
56
Some of the Major Findings

1. It is found that HDFC is a favorable Mutual Fund.
2. The basis objective behind investments are mainly long-term capital appreciation, current
income & to some extent tax benefits.
3. The performance of HDFC Core & Satellite & HDFC Top 200 Fund is very good.
4. It is seen that the investment in growth fund is very high. Because the scope of income
and capital appreciation in the long term.
5. It is observed that the driving aspects of investments in mutual fund are safety, fund
performance, Service, Liquidity, return & tax benefits.
6. The type of investment plan that most investor s prefer is to get principal safety at all
time with low returns rather than high return with no safety.
7.
HDFC Mutual Fund does not provide monthly income scheme which other mutual
funds have and performance is very appreciable.
8. Fund Managers have suggested HDFC prudence ,HDFC Taxsaver , HDFC Equity for
investment , For the top 5.
9. HDFC Prudence is performing good with comparition to the prudence fund of any other
mutual fund house.
10. At this period of time when market condition is not so good, it is better for investors to
invest through Systamatic Investment plan. Which reduces the market risk.
57
CONCLUSION
The global financial market has transformed from Sellers market to Buyers market with
liberalization, Globalizations and privatization. The Indian mutual fund market has also become
global when foreign funds entered, they came up with probably best marketing strategies to beat
Indian giants like BIRLA, HDFC, and ICICI have come up with aggressive strategies to beat the
foreign funds. Now the cutthroat competition goes on and on.
HDFC Mutual funds have rewarded investors with hand some returns. The good news is that this
is poised to become a trend. The mutual funds have strengthened their distribution networks,
become more transparent and investor friendly and are rewarding investors. The mutual fund is
finally, proving itself as a vehicle of safety for investments. But it is still the fund managers
investment philosophy that makes the difference between the winner and the losers.
Careful market analysis, consumer segmentation, identification of investor needs, service
designing are to be carried out for the successful implementation of different schemes by mutual
fund organizations. Regulatory measures by SEBI should be clearly explained to the investors.
Positioning of the schemes and their branding will help a lot for growth of the industry.
Creativity and innovation are the means of marketing in the days to come for Indian mutual fund
market.
58
RECOMMENDATION
HDFC Mutual Fund is one of the largest mutual funds and well-established fund house in the
country with consistent and above average fund performance across categories since its
incorporation on December 10,1999.The single most important factor that drives HDFC Mutual
Fund is its belief to give the investor the chance to profitably invest in the financial market,
without constantly worrying about the market swings.
Some major recommendation:

1) Fund managers should continuous Investor awareness Programs to make the
investors aware of technicalities of fund management and the return aspects.
2) Agents, Service personnel must be able to give correct and timely information
about NAV and the return on different schemes.
3) Monthly income scheme should be introduced.
4) Scheme should be offered as per the needs and the requirement of the industries.
5) The regulatory norms provided by the regulatory authorities like SEBI are
required to be known to all including investors.
59
BIBLIOGRAPHY
60
REFERENCES
MAGAZINES
INDIA TODAY
BUSINESS WORLD
WEB SITES
WWW.HDFCFUND.COM
http://www.hdfcfund.com/AboutUs/
http://www.hdfcfund.com/Products/
WWW.AMFIINDIA.COM
http://www.amfiindia.com/showhtml.asp?page=mfconcept#A
JOURNAL
INTOUCH MUTUALLY
Vol. no. 5 Issue no. 11 may 2008
61
QUESTIONARE
62
Questionnaire
Please fill up the questionnaire according to the questions asked. (Just put on a tick mark
[] wherever needed)
Name
_______________________________________________________
Age
<20-30>
Occupation
<
30-40
<
40-50
<
50-above>
Sex
Service (Govt.)
Service (Pvt.)
Business
Self-employed
Retired
Organization -
_______________________________________________________
Designation -
_______________________________________________________
Annual Income -
Below 1 lakh
1 3 lakh
3 5 lakh
Above 5 lakh
63
1. What are the Investment Avenues available in the market, that you are aware of?
Postal schemes (i.e. MIS/PPF/NSC/R.D/T.D etc.)
Government securities
Bank FDs
Direct equity investment
Mutual funds
Insurance
2. Are you aware of the fact that some of the performing Mutual fund schemes in the
industry have posted 20% + annualized returns in last 10 years?
Yes
No
3. In your point of view what is more attractive about mutual funds?

Returns
Hassle free
Moderate risk
Past performance
Tax benefits
Well regulated
No idea
4. If you have invested in Mutual funds, what percentage of your entire investment
includes mutual funds?
Below 20%
50 to 80%
20 to 50%
80% above
5. What were your Savings/investment avenues 5 year back?

Bank FD, Savings
Insurance
Mutual funds
Equity market
Govt. securities
Real estate
Postal savings, FD
64
6.
Now, what new avenues are included in your Investment portfolio?

Govt. securities
Mutual funds
Insurance
Derivatives
Equity market
Real estate
7. How do you manage your investment portfolio?
Solely of my own
On advise of a friend
On advise of a distributor/agent
On advise of your banker
On advice of mutual fund house people
8. How do you rate these while taking an investment decision? (Rate as 1,2,3,4,5
according to preference)
Returns
Risk factors
Lock-in period
past performance
Tax benefits
9. You believe in
High risk, High returns
Moderate risk, moderate returns
Low risk, low returns
10. Have you been ever approached by a Certified Investment Financial Planner?
Yes
No
11. Would you like to undergo a financial planning exercise for yourself?
Yes
No
65

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A

RESEARCH PROJECT REPORT

INSTITUTE OF ADVANCED MANAGEMENT AND RESEARCH,

Management Studies, Institute of Advanced Management & Research GHAZIABAD,

TO WHOMSOEVER IT MAY CONCERN

2. Objective of the Study

3. Importance/Scope of the Study

6. Analysis & Interpretation Of Data

7. Findings, Suggestion & Conclusion

HISTORY OF MUTUAL FUNDS IN INDIA

What is a Mutual Fund?

2.1 - How is a mutual fund set up?

2.2 - What is Net Asset Value (NAV) of a scheme?

2.3 - Scope for Development of Mutual Fund

2.4. - Benefits of Mutual Funds

Mutual Funds invest in a number of companies across a broad cross-section of industries

12. Tax Benefits

The taxes available are two kinds:

HOW TO CHOOSE A FUND

2.6 - Investment criteria

Less paper work

3.1 - Why HDFC Mutual Fund?

Our Investment Philosophy

The Board of Directors of HDFC Trustee company Limited consists of the

3.4 - Awards & Accolades

ICRA Mutual Fund Awards 2008: (3 awards)

PRODUCT & SERVICE

4.1 - TYPES OF MUTUAL FUND SCHEME

(a) Open-ended Fund/ Scheme

(b) Close-ended Fund/ Scheme

(c) Sector specific funds/schemes

(d) Tax Saving Schemes

4.2 - INVESTMENT PLAN

*Monthly Instalments, compounded monthly, for a 15-year period.

4.2.2 - SYSTEMATIC TRANSFER PLAN (STP)

4.3 - PRODUCTS OF MUTUAL FUND

EQUITY/ GROWTH FUND

CHILDRENS GIFT FUND

DEBT/ INCOME FUND

EQUITY/ GROWTH FUND

HDFC Growth Fund

HDFC MF Monthly Income Plan - Short Term

HDFC Top 200 Fund

HDFC Floating Rate Income Fund -Short

HDFC Infrastructure Fund

HDFC MF Monthly Income Plan - Long Term

HDFC Premier Multi-Cap

HDFC Multiple Yield Fund - Plan 2005

HDFC Index Fund - Nifty Plan

HDFC High Interest Fund

HDFC Arbitrage Fund

HDFC High Interest Fund - Short term Plan

HDFC Equity Fund

HDFC Gilt Fund - Long Term Plan

HDFC Prudence Fund

HDFC Floating Rate Income Fund - Long

HDFC TaxSaver (ELSS)

CHILDRENS GIFT FUND

HDFC Children's Gift Fund - Investment Plan

HDFC Liquid Fund

HDFC Children's Gift Fund - Savings Plan

HDFC Liquid Fund Premium Plan

SOME POPULAR FUNDS ARE EXPLAIN HERE

Basic Scheme Information,