Novesh

A RESEARCH PROJECT
ON
“A Comparative Study on
Risk & Return Analysis of Mutual Funds”
Submitted In Partial Fulfillment for the requirement for the award of

degree of
MASTER OF BUSINESS ADMINISTRATION
Session : 2017-2019
Submitted in partial fulfillment of requirements for the award of the

degree of Master of Business Administration
(Session : 2017-19)
Submitted to : Submitted by :-
Mrs. Arti Dhall Novesh
(Astt. Prof. of MBA) Roll No. :
HIMT, Rohtak
DECLARATION
I am Novesh, student of M.B.A. program hereby declare that the Project Report Titled
“Comparative Study on risk and Return of Mutual Funds” is a original piece of work done by
me and has been not submitted to any organization in any means possible.
The Project Report is not submitted to any other Institute/University for the award of any
degree of MBA.
Signature of Supervisor Signature of Candidate

Mrs. Arti Dhall (Novesh)
Asstt. Prof.
Countersigned By
Dr. Shashi Behal
(Dean , Faculty of management & commerce)
ACKNOWLEDGEMENT
Nobody is born perfect in himself; it is some timely guidance, proper teachings

and blessings by well wishers and seniors around us, who gives me perfection
and skills to make myself prepared to walk on the path of success.
My project work, which is the first step of mine in the fields of professionalism,
has been successfully accomplished, due to co-operative efforts of friends and
colleague together.
I would like to pay my sincere gratitude and thanks to Mrs. Arti (Astt. Prof.) &
my H.O.D, Mrs. AShumani Bhatia & Dean Mrs. Shashi Behal who directed
me at every step in the project work. Without their support this study would not
have materialized.
CONTENTS
 Declaration
 Certificate
 Acknowledgement
 Preface
CHAPTER -1
 Introduction
CHAPTER-2
 Review of Literature
CHAPTER -3
 Research Methodology
 Significance of the Study
 Objective of the study
 Scope of the study
 Research Design
 Limitation of the study
CHAPTER -4
 Data Analysis & Interpretations
CHAPTER-5
 Findings & Suggestions
 Conclusions
 Bibliography
 Questionnaire
EXECUTIVE SUMMARY
This project is related to ranking of mutual fund according to tax plan. As we know that a
mutual Fund is a trust that pools the savings of a number of investors who share a common
financial goal. Under this project the risk and return of ten mutual funds is done and
comparison is made with the Nifty. With the help of this research project I could state that
mutual fund is very helpful to small investors and it provides high return with low risk as
compare to stock market.
The main objective of the research is to know the expected return from a particular mutual fund
and to know in which mutual fund an investor should invest his money for high return with
lower risk according to Tax Plan.
The research design I have used is Descriptive research design. The data, which I used, is
secondary and this type of data available on web sites and published in various journals, books,
magazines and newspapers, report and publication. I collected the data from various websites
of Mutual fund like amfiindia.com, mutualfundindia.com etc., and also from the journal
published by AMFI.
In this research project, I have used three methods for measurement the risk and return level.
These are SHARPE, JENSION, and TREYNOR ratio.
According to my research the tax plan of HDFC mutual fund is the best option to invest. The
Beta () is very low which means low risk. The fund is giving regular and smart return to
investors as compare to other schemes.
But in last, I would like to say that the investor should check the NAV and NIFTY at regular
intervals before making Investment Decision, because it changes day by day.
INDEX
Sr. No. Page no.

Mutual Fund –An Introduction
Statement of Objective
Research Methodology
Analysis & Interpretation
Conclusions & Findings
Suggestions & Recommendations
Limitation
Bibliography
Annexure
EXECUTIVE SUMMARY
A mutual fund is an investment vehicle which allows investors with similar (one could
say mutual) investment objectives, to pool their resources and thereby achieve economies
of scale and diversification in their investing. Economies of Scale means lower costs on a
per unit basis by doing things "in bulk" which spreads fixed costs over greater volume. A
mutual fund achieves lower per unit costs for professional money management and for
transaction charges, than small investors could achieve on their own. This can increase
return to the investor. Diversification is just another way of saying "Don’t put all your
eggs in one basket." A mutual fund allows its investors to a small percentage of many
different investments. So in a well-diversified mutual fund no one particular investment
dominates its performance. Poor results from some investments are likely to be offset by
good results from other investments. Therefore, the unit value of a mutual fund will not
fluctuate as sharply as the value of any one of its investments. This can reduce risk to the
investor.
In nutshell, A Mutual Fund is a trust that pools the savings of a number of investors who
share a common financial goal. The money thus collected is then invested in capital
market instruments such as shares, debentures and other securities. The income earned
through these investments and the capital appreciation realized are shared by its unit
holders in proportion to the number of units owned by them. Thus a Mutual Fund is the
most suitable investment for the common man
MUTUAL FUNDS
“….Mutual funds are popular among all income levels. With a mutual fund,
we get a diversified basket of stocks managed by a professional……”
- Barbara Stanny, author of
Prince Charming Isn’t Coming:
How Women Get Smart About Money
“…A mutual fund is a company that brings together money from

many people and invests it in stocks, bonds or other assets. The
combined holdings of stocks, bonds or other assets the fund owns are
known as its portfolio. Each investor in the fund owns shares, which
represent a part of these holdings……..”
-The U.S. Securities and Exchange Commission
1. THEORETICAL BACKGROUND
1. INTRODUCTION
HISTORY OF INDIAN MUTUAL FUND INDUSTRY
The mutual fund industry in India started in 1963 with the formation of Unit Trust of
India, at the initiative of the Government of India and Reserve Bank the. The history of mutual
funds in India can be broadly divided into four distinct phases.
First Phase – 1964-87
An Act of Parliament established Unit Trust of India (UTI) on 1963. It was set up by the
Reserve Bank of India and functioned under the Regulatory and administrative control of the
Reserve Bank of India. In 1978 UTI was de-linked from the RBI and the Industrial
Development Bank of India (IDBI) took over the regulatory and administrative control in place
of RBI. The first scheme launched by UTI was Unit Scheme 1964. At the end of 1988 UTI had
Rs.6, 700 crores of assets under management.
Second Phase – 1987-1993 (Entry of Public Sector Funds)

1987 marked the entry of non- UTI, public sector mutual funds set up by public sector banks
and Life Insurance Corporation of India (LIC) and General Insurance Corporation of India
(GIC). SBI Mutual Fund was the first non- UTI Mutual Fund established in June 1987 followed
by Canbank Mutual Fund (Dec 87), Punjab National Bank Mutual Fund (Aug 89), Indian Bank
Mutual Fund (Nov 89), Bank of India (Jun 90), Bank of Baroda Mutual Fund (Oct 92). LIC
established its mutual fund in June 1989 while GIC had set up
its mutual fund in December 1990. At the end of 1993, the mutual fund industry had assets
under management of Rs.47, 004 crores.
Third Phase – 1993-2003 (Entry of Private Sector Funds)

With the entry of private sector funds in 1993, a new era started in the Indian mutual fund
industry, giving the Indian investors a wider choice of fund families. Also, 1993 was the
year in which the first Mutual Fund Regulations came into being, under which all mutual
funds, except UTI were to be registered and governed. The erstwhile Kothari Pioneer
(now merged with Franklin Templeton) was the first private sector mutual fund registered in
July 1993. The 1993 SEBI (Mutual Fund) Regulations were substituted by a more
comprehensive and revised Mutual Fund Regulations in 1996. The industry now functions
under the SEBI (Mutual Fund) Regulations 1996. The number of mutual fund houses went on
increasing, with many foreign mutual funds setting up funds in India and also the industry has
witnessed several mergers and acquisitions. As at the end of January 2003, there were 33
mutual funds with total assets of Rs. 1, 21,805 crores. The Unit Trust of India with Rs.44,541
crores of assets under management was way ahead of other mutual funds.
Fourth Phase – since February 2003

In February 2003, following the repeal of the Unit Trust of India Act 1963 UTI was bifurcated
into two separate entities. One is the Specified Undertaking of the Unit Trust of India with
assets under management of Rs.29, 835 crores as at the end of January 2003, representing
broadly, the assets of US 64 scheme, assured return and certain other schemes. The Specified
Undertaking of Unit Trust of India, functioning under an administrator and under the rules
framed by Government of India and does not come under the purview of the Mutual Fund
Regulations. The second is the UTI Mutual Fund Ltd, sponsored by SBI, PNB, BOB and LIC.
It is registered with SEBI and functions under the Mutual Fund Regulations. With the
bifurcation of the erstwhile UTI which had in March 2000 more than Rs.76, 000 crores of
assets under management and with the setting up of a UTI Mutual Fund, conforming to the
SEBI Mutual Fund Regulations, and with recent mergers taking place among different private
sector funds, the mutual fund industry has entered its current phase of consolidation and
growth. As at the end of October 31, 2003, there were 31 funds, which manage assets of
Rs.126726 crores under 386 schemes.
1. CONCEPT OF MUTUAL FUND

A mutual fund is an investment vehicle which allows investors with similar (one could say
mutual) investment objectives, to pool their resources and thereby achieve economies of scale
and diversification in their investing. Economies of Scale means lower costs on a per unit basis
by doing things "in bulk" which spreads fixed costs over greater volume. A mutual fund
achieves lower per unit costs for professional money management and for transaction charges,
than small investors could achieve on their own. This can increase return to the investor.
Diversification is just another way of saying "Don’t put all your eggs in one basket." A mutual
fund allows its investors to a small percentage of many different investments. So in a well-
diversified mutual fund no one particular investment dominates its performance. Poor results
from some investments are likely to be offset by good results from other investments.
Therefore, the unit value of a mutual fund will not fluctuate as sharply as the value of any one
of its investments. This can reduce risk to the investor.
A mutual fund is the ideal investment vehicle for today’s complex and modern financial
scenario. Markets for equity shares, bonds and other fixed income instruments, real estate,
derivatives and other assets have become mature and information driven. Price changes in these
assets are driven by global events occurring in faraway places. A typical individual is unlikely
to have the knowledge, skills, inclination and time to keep track of events, understand their
implications and act speedily. An individual also finds it difficult to keep track of ownership of
his assets, investments, brokerage dues and bank transactions etc.
A mutual fund is the answer to all these situations. It appoints professionally qualified and
experienced staff that manages each of these functions on a full time basis. The large pool of
money collected in the fund allows it to hire such staff at a very low cost to each investor. In
effect, the mutual fund vehicle exploits economies of scale in all three areas - research,
investments and transaction processing. While the concept of individuals coming together to
invest money collectively is not new, the mutual fund in its present form is a 20 th century
phenomenon. In fact, mutual funds gained popularity only after the Second World War.
Globally, there are thousands of firms offering tens of thousands of mutual funds with different
investment objectives. Today, mutual funds collectively manage almost as much as or more
money as compared to banks.
Despite these advantages mutual funds do not guarantee do not return, nor do they
eliminate risk to investors. The return and risk of a mutual fund depend primarily on the
type of securities instruments in which it invests, and secondarily on how well it is
managed by the company offering it.
Typically a mutual fund scheme is initiated by a sponsor who recognizes and markets the
fund. It pre specifies the investment objective of the fund and the risks associated with
the costs involved in the process and broad rules for entry into and exit from the fund and
other areas of operation. In India as in most nations the sponsors need approval from the
regulator viz. SEBI. A sponsor then hires an asset management company to invest the
funds according to the investment objective. It also hires another entity to the custodian
of the assets of the funds and perhaps a third one to handle registry work.
In the Indian context, the sponsors promote the Asset Management Company also, in
which it holds a majority stake. In many cases a sponsor can hold a 100% stake in the Asset
Management Company (AMC). E.g. Birla Global Finance is the sponsor of the Birla Sun Life
Asset Management Company Ltd., which has floated different mutual funds schemes and also
acts as an asset manager for the funds collected under the schemes.
In nutshell, A Mutual Fund is a trust that pools the savings of a number of investors who share
a common financial goal. The money thus collected is then invested in capital market
instruments such as shares, debentures and other securities. The income earned through these
investments and the capital appreciations realized are shared by its unit holders in proportion to
the number of units owned by them. Thus a Mutual Fund is the most suitable investment for the
common man as it offers an opportunity to invest in a
Diversified, professionally managed basket of securities at a relatively low cost. The flow chart
below describes broadly the working of a mutual fund:
ORGANISATION OF A MUTUAL FUND
There are many entities involved and the diagram below illustrates the organizational set
up of a mutual fund:
1.3. ADVANTAGES OF MUTUAL FUNDS
Mutual funds provide following benefit to investors

 Professional Management
Mutual Funds provide the services of experienced and skilled professionals, backed by
a dedicated investment research team that analyses the performance and prospects of
companies and selects suitable investments to achieve the objectives of the scheme.
 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.
 Convenient Administration
Investing in a Mutual Fund reduces paperwork and helps you avoid many problems
such as bad deliveries, delayed payments and follow up with brokers and companies.
Mutual Funds save your time and make investing easy and convenient.
 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.
 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.
 Liquidity
In open-end schemes, the investor gets the money back promptly at net asset value
related prices from the Mutual Fund. In closed-end schemes, the units can
be sold on a stock exchange at the prevailing market price or the investor can avail of
the facility of direct repurchase at NAV related prices by the Mutual Fund.
 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.
 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.
 Affordability
Investors individually may lack sufficient funds to invest in high-grade stocks. A mutual
fund because of its large corpus allows even a small investor to take the benefit of its
investment strategy.
 Choice of Schemes
Mutual Funds offer a family of schemes to suit your varying needs over a lifetime.
 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.
1.4. CLASSIFICATION OF MUTUAL FUNDS
There are varied ways in which funds can be classified. From the investors perspective funds
are usually classified in terms:
Constitution Collection entry or exit
Structure charges from investors
Close – ended Load funds

Open – ended No-Load funds
Under each broad classification, there are several types of funds, depending on the basis of the
nature of their portfolio. Even fund has unique risk-profiles that are determined by its portfolio.
I. Open ended and close ended funds

Open-ended Funds
An open-end fund is one that has units available for sale and repurchase at all the times at a
price based on the NAV per unit. Such funds are open for subscription the whole year.
Capitalization/corpus is continuously changing. Fund size and the total investment amount goes
up if more new subscription comes in from new investors than redemption by exiting investors,
the fund shrinks when redemption of units exceeds fresh subscription. There’s no fixed
maturity.
Shares or units of such funds are normally not traded on the stock
exchange but are repurchased by the fund at announced rates. They
provide better liquidity even though not listed as investors can any time
approach mutual funds for sale of such units.
Dividend reinvestment option is also available in case of such funds. Since there is always a
possibility of withdrawals, management of such funds becomes more tedious as managers have
to work from crises to crises. Crises may be two fronts:
1. Unexpected withdrawals require funds to maintain a high level of cash available

every time implying thereby idle cash.
2. By virtue of this situation such funds may fail to grab favorable opportunities.
Further to match quick cash payments, funds cannot have matching realization from
their portfolio due to intricacies of the stock market.
Close-ended Funds
Close end funds can be subscribed to, only during the initial public offer. Thereafter the units of
such funds can be bought and sold on the stock exchange on which they are listed through a
broker. Such funds have a stipulated maturity period. The duration of such funds is generally 2
to 15 years.
The funds units may be traded at the discount or premium to NAV based on the investors’
perception about the funds future performance and other market factors affecting the demand
for a supply of the funds units. An important point to note here is that the number of
outstanding units of such fund doesn’t vary on account of trading in the funds units at the stock
exchange. From management point of view, managing close ended schemes is comparatively
easy since fund managers can evolve and adopt long term investment strategies depending on
the life of the scheme.
II. Load Funds Vs No Load funds

Load Funds
Marketing of new mutual fund scheme involves initial expenses. Charges made to the investor
to cover distribution/sales/marketing expenses are often called “loads”. These expenses may be
recovered from the investors in different ways at different times.
Typically entry and exit loads range from 1% to 2%. Three usual ways in which funds sales
expenses may be recovered from the investor are:
1. At the time of entry into the fund, by deducting a specific amount from his initial
expenses. The load charges to the investor at the time of his entry into the scheme
are called a “front-end or entry load”.
2. By charging the fund/scheme with a fixed amount each year, during the stated
number of years. The load amount charged to the scheme over a period of time is
called “deferred load”
3. At the time of investors exit from the scheme, by deducting a specified amount from
the redemption precedes payable to the investor. The load that the investors pay at
the time of his exit is called a “back-end or exit load”
Some funds may also charge different amounts of load to the investor depending upon how
many years the investors has stayed with the fund, the longer the investor stays with the fund
less the amount of exit load, he is charged. This is called as contingent deferred sales charge.
The schemes NAV would reflect the net amount after the deferred load.
Loads are charged not only by an open-ended fund but even a close-
ended fund can charge a load to cover the initial issue expense.
No-Load Funds
Funds that make no such charges or loads for sales expenses are called as “no load funds”.
1.5. TYPES OF FUNDS
Funds are generally distinguished from each other by their investment objectives and types of
securities they invest in. Currently, mutual funds in India are allowed to invest either in equity
or debt or a combination of these two. While moves are on to float funds that invest in gold
or real estate etc, as of date, mutual funds are not permitted to currently hold physical assets.
Thus, a fund can invest in shares or debt instruments of a gold mining company, but cannot
buy gold itself.
By Objective -
Here the funds are classified on the basis of the investment objective where objective reflects
the purpose for which the investor is investing his money. By law each mutual fund must
declare an investment objective which tells an investor what the fund concentrates on and
allows the investor to integrate a particular fund with his or her own needs. The main objective
of any investor is to generate returns on his investments but investors have different needs
depending upon which the returns and the portfolio for any investor varies.
Investors can have one particular objective or can have a mix of various objectives. On
the basis of objective and asset allocation mutual funds can be categorized as follows.
Equity Fund -
These are funds which invest in equity shares of companies. Equities, as an asset class, have
historically delivered higher returns compared to debt funds over a long term. Equity funds, by
their very nature, tend to be volatile, that is, in the short term their value can go up or down.
Therefore, they are not meant for those investors who need a regular and stable stream of easily
predictable income.
Broad-based, diversified equity funds vary their investments across

companies and sectors to give a return comparable to the market
indices. For instance, if the BSE sensex appreciates 50 per cent in a
one-year, then a broad-based fund would try to give returns of about
40-60 per cent. Aggressive growth funds take sector bets, that is, they
invest more in particular sectors like InfoTech and pharma. Here, the
fund managers believe that companies in a particular sector will
outperform the general market. Sector funds invest their money
exclusively in companies belonging to one sector. Here the investor
risks his entire investments on the fortunes of that sector. If the sector
does well, he will get above market returns, but if his bet goes wrong,
then the entire capital could get eroded. Hence, fund managers
recommend that sector funds should form only a very small part of
your overall equity investment portfolio.
I. Equity Diversified Funds -
Diversification - Mutual Funds reduces the risk by investing in all the sectors. Instead of
putting all your money in one sector or company it's better to invest in various good performing
sectors as you reduces the risk of getting involved in a particular sector/company which may
perform or may not.
Who should invest - This is an ideal category for those who want to participate in stock
market & knows the risk involved in stock market but have few rupees to invest in bluechip
stocks.
How they performed - Though the short term out look is volatile in long-term equity
diversified funds have outperformed other categories & stock markets will lesser amount of
risk than stock markets. The average returns of equity diversified funds are 102%
Performance as on May 31, 2018
Absolute Simple Annualized

Scheme Name NAV 6 Months 1 Year 3 Years Since Inception
Tata Pure Equity Fund - Growth

20.03 1.23 95.50 23.24 27.82
Franklin India Prima Fund - Growth

68.17 4.93 82.50 32.84 20.04
Reliance Growth
11.39 5.04 11.43 47.83 24.99
Average
- 37.33 63.14 34.64 24.28
S&P Nifty
1704.45 25.59 68.35 15.55 -
-
Category Rating ****
II. Index Funds -
Follow the index - These are the index-based funds, which move with the likes of Sensex &
Nifty. These fund charges NIL or very low entry/exit loads.
Who should invest - As you have seen in last few months Nifty & Sensex have almost
come down 500points from their tops, it is a good time to invest in Index funds with the
principal of "Investing at the lower levels".
How they performed - Though the short term out look is volatile in long-term Sensex &
Nifty could do well with improving economic conditions. It has been seen that these Index
funds have outperformed the indices making them more attractive.
Category Rating - ***

HDFC Index - Sensex Plus

56.60 (3.50) 74.82 - 44.45
SENSEX Pru ICICI Exchange Traded

54.55 (4.06) 73.77 - -
Average
- (5.19) 70.70 16.62 27.80
S&P Nifty
1704.45 (5.76) 68.35 15.55 -
BSE Sensex
5414.44 (4.03) 72.21 16.27 -
III. Sector Fund
Sector - Sector Schemes follow particular sector.
Who should invest - You have to be selective while investing in these funds, as you need to
select particular sector, which will perform better in the future. Investing in these funds carries
some amount of risk but also give you more returns.
How they performed - Sector funds have given average returns of 73% for 1 year period.
Auto, Steel, Cement have done well the year '03 & the trend will continue in year '04 but IT,
FMCG sectors are experiencing downward trend due to $ depreciation, price war in FMCG
respectively. Though short-term trend for pharma sector looks down in long term we look
forward to lot more action in the sector, as there exists a long-term, strong fundamental story
backed by immense growth potential for the Indian pharmaceutical companies.
Performance as on March 25, 2018

Alliance Basic Industries

27.82 1.20 135.99 83.23 42.48
UTI Growth Sector – Petro

18.37 3.77 120.55 76.94 82.88
SBI Magnum Sector – Pharma

15.82 (9.24) 111.78 32.15 15.58
Average
- (7.98) 72.60 23.57 16.36
S&P Nifty
1704.45 (5.76) 68.35 15.55 -
BSE Sensex
5414.44 (4.03) 72.21 16.27 -
Category rating - **
IV. Equity Linked Tax Savings Schemes (ELSS) -
Enjoy tax benefits - These schemes are becoming more popular as traditional ways of tax
saving becoming less interesting with declining interest rates.
Who should invest - Equity Linked Savings Schemes (ELSS) is an ideal way to save on
tax as well as staying invested in equity mutual funds.
How they performed - In last 1 year these funds have given above average returns to keep
you more & more interested in saving tax as well as counting returns on your investment. The
average returns for this category are 98%

Birla Equity
26.90 (6.11) 137.32 53.56 46.87
Magnum Tax Gain 93

23.03 (3.43) 136.95 26.61 16.66
Tata Tax Saving

23.35 (2.73) 133.08 50.26 60.09
Average
- (5.48) 98.30 37.17 51.73
S&P Nifty
1704.45 (5.76) 68.35 15.55 -
BSE Sensex
5414.44 (4.03) 72.21 16.27 -
Debt funds
Debt funds are particularly attractive to investors who would otherwise invest in banks or
company fixed deposits. But the deposits are subject to tax deduction at source, whereas the
dividends received from debt funds are totally tax free in the hands of investors. There are
various types of debt funds designed for parking your short-term surpluses to medium term
savings. Money market funds or liquid or cash funds are designed as an alternative to your
savings bank account. They offer you 1.5 to 2 per cent higher returns on an average than your
savings bank account which typically yields 4.50 per cent per annum. Some funds even offer a
cheque writing facility on your investments in such funds which can be used to issue cheques
to others. Income funds are aimed at slightly longer-term investments, say about six months to
one year. These are low risk funds which offer you a steady return better than that of a bank
fixed deposit.
Gilt funds or government securities funds are aimed at long-term investments. These funds
invest in debt instruments that carry no risk of non-payment of interest as the Reserve Bank of
India manages the payment of interest and principal on these instruments. However, their prices
tend to vary quite a bit so there is a possibility of loss of principal invested on this count if used
as a short-term investment opportunity.
I. Debt Funds -
Banking on Debt Markets - Debt funds invest in the government securities, Corporate
Bonds, Treasury Bills, etc.
Who should invest - The conservative investors like to go for capital safety.
How they performed - From Last 12 months in the declining interest rate scenario debt
funds remained flat. In 3 years debt funds have given average returns of 12%. As equity market
is looking volatile its better to invest part of your money in these funds.
Deutsche Premier Bond – Institutional

11.17 3.31 13.65 - 9.93
Sundaram Select Debt - D A P

12.11 2.83 12.17 - 13.43
HSBC Institutional Income – Invest

11.39 3.04 11.88 - 10.61
Average
- 2.33 9.07 13.98 10.79
S&P Nifty
1704.45 25.59 68.35 15.55 -
NSE G Sec Composite Index
247.17 2.64 12.61 16.80 -
Category rating - ***
II. Gilt Funds -
Government Sec. - Gilt funds invest in government securities.
Who should invest - The investors who like to avail the benefits of capital safety with
government security.
How they performed - From Last 6-12 months Gilt funds have given average returns. As
equity market is looking volatile its better to invest part of your money in these funds as they
provide adequate security to your investments. The average returns for 1-year period are
10.41% compare to the NSE G Sec Composite Index has given 12.60% returns.
FT India Gilt Investment Plan - Growth

14.88 5.63 19.64 - 21.22
Chola Gilt Investment - Growth

17.96 6.58 16.98 19.83 19.93
Tata Gilt Securities Fund - Growth

22.25 3.33 15.46 25.46 26.36
Average
- 2.56 10.41 16.19 9.58
Crisil Composite Bond Fund Index

1203.29 2.23 9.03 - -
NSE G Sec Composite Index

247.17 2.64 12.61 16.80 -
III. MIP -
Monthly Income - These schemes gives you monthly income.

Who should invest - Those who seek monthly income. In the current scenario where debt
market is very volatile it's better to invest in hybrid funds like MIP with suitable time horizon
for capital appreciation.
How they performed - In Last 6-12 months MIP's have given descent returns compare to
debt funds. The average returns of MIP's stands at 15.68%, which looks good, compared to
income funds.
Alliance MIP
19.98 8.48 20.64 17.03 21.22
FT India MIP - Plan A

15.77 7.90 19.20 16.13 16.54
SBI Magnum MIP

13.65 7.40 15.22 - 12.12
Average
- 6.19 15.68 14.76 7.31
S&P Nifty
1704.45 25.59 68.35 15.55 -
Crisil MIP Blended Index

1255.07 6.15 17.34 - -
Category rating - ****
IV. STP -
Short-term Plans - These schemes provides short-term saving option with more liquidity
than FD's to park your investments.
Who should invest - Those who seeking for income in short-term investments of 6-10
months with more liquidity than Bank fixed deposit.
How they performed - While savings accounts would give you 3.5% per anum, bank FD's
annually return up to 6.5%, Liquid funds would typically give you more than 5% and short-
term plans 6 to 6.5% per anum. In Last 6-12 months STP's have given descent returns.
First India Short Term

11.15 2.77 7.90 - 7.50
Reliance Short Term

10.89 2.81 7.30 - 7.02
Deutsche Short Maturity

10.76 2.64 7.03 - 6.47
Average
- 2.41 6.33 9.27 6.42
Crisil Composite Bond Index

1203.29 2.23 9.03 - -
CRISIL short-term Bond Index

1138.91 2.19 5.68 - -
Balance Funds
Balanced funds invest in a combination of debt and equity to balance the risks of investing in
equity. Balanced funds are theoretically designed to hedge the risk of loss on equity
investments by the income generated by debt instruments. The ideal mix of debt to equity
investments in a balanced fund is 50:50. But as funds which invest a majority of their money in
equity are exempt from paying tax on their income up to the year 2002, in India most funds
have a debt to equity ratio of 49:51. A ratio higher than 51 for equity investments could actually
work against the very purpose of balanced schemes.
Balanced fund - Balanced funds gives you the stability with the potential to grow with the
equity help of equity investments. These funds invest in both Equity & Debt markets.
Who should invest - The balanced funds are for those, who want to enjoy the appreciation
effects of equity market but at the same time like to play safe with less volatile debt market. In
this volatile market it is good to invest in balanced funds as they carries less risk compare to
equity funds.
How they performed - In the last 12 months balanced funds have given descent returns
with the up trend in the equity markets. Balanced funds average returns are 60% for 1-year
period.
Returns as on March 25, 2018

Scheme Name NAV 3 Months 1 Year 3 Years Since Incep.
HDFC Prudence
44.09 (1.63) 81.68 51.24 46.59
SBI Magnum Balanced

12.88 2.07 80.44 21.88 23.21
Franklin India Vista

8.39 (1.06) 77.54 16.83 (3.75)
Average
(2.05) 60.54 27.54 18.15
S&P Nifty
1704.45 (5.76) 68.35 15.55 -
Crisil Balanced Index

1409.12 (1.07) 45.22 - -
1.6. MUTUAL FUNDS RANKED FROM LEAST TO MOST

RISKY
 Money Market Mutual Fund
 Government or Agency Bond Fund
 Income Fund
 Balanced Fund
 Index Fund
 Growth Fund
 Aggressive Growth Funds
 International / Global Fund
 Specialty / Sector Fund
1.7. TAX STATUS

Dividend paid by mutual funds is fully tax-exempt at the hands of the investor, although, debt
funds have to pay a 12.81 per cent dividend distribution tax. On redemption of any units held
for more than a year, your realization will attract long-term capital gains tax of 20 per cent plus
surcharge after indexing for inflation, or at a flat rate of 10 per cent. If redeemed before a year
it will be termed as short term capital gain and taxed along with your other income. However,
you can save tax by investing in Equity-Linked Savings Scheme (ELSS) under Section 88 of
the Income Tax Act, 1961, according to which 20 per cent of the amount invested in ELSS can
be deducted from your tax liability subject to a maximum investment of Rs 10,000 per year
1.8. FREQUENTLY USED TERMS IN THE MUTUAL FUND

INDUSTRY
Net Asset Value (NAV): Net Asset Value is the market value of the assets of the
scheme minus its liabilities. The per unit NAV is the net asset value of the scheme divided
by the number of units outstanding on the Valuation Date.
Calculation of NAV
The most important part of the calculation is the valuation of the assets owned by the fund.
Once it is calculated, the NAV is simply the net value of assets divided by the number of
units outstanding. The detailed methodology for the calculation of the asset value is given
below.
Asset value is equal to
Sum of market value of shares/debentures
+ Liquid assets/cash held, if any
+ Dividends/interest accrued
Amount due on unpaid assets
Expenses accrued but not paid
Sale Price: Is the price you pay when you invest in a scheme. Also called Offer Price. It
may include a sales load.
Repurchase Price: Is the price at which a close-ended scheme repurchases its units and
it may include a back-end load. This is also called Bid Price.
Redemption Price: Is the price at which open-ended schemes repurchase their units
and close-ended schemes redeem their units on maturity. Such prices are NAV related.
Sales Load: Is a charge collected by a scheme when it sells the units. Also called, ‘Front-
end’ load. Schemes that do not charge a load are called ‘No Load’ schemes.
Repurchase or ‘Back-end’ Load: Is a charge collected by a scheme when it buys

back the units from the unit-holders
1.9. RISK ASSOCITED WITH MUTUAL FUNDS
Mutual funds and securities investment are subject to various risks and there is no assurance
that a scheme objective will be achieved. These risks should be properly understood by
investors so that they can understand how much risky their investment avenue is. Equity and
fixed income bearing securities have different risks associated with them. Various risks
associated with mutual funds can be described as below.
Risk associated to fixed income bearing securities
Interest rate risk - As with all the securities, changes in interest rates may affect the schemes
Net Asset Value as the prices of the securities generally increase as interest rates decline and
generally decrease as interest rates rise. Prices of long-term securities generally fluctuate more
in response to interest rates changes then do short term securities. Indian Debt markets can be
volatile leading to the possibility of price movements p or down in the fixed income securities
and thereby to the possible movements in the NAV.
Liquidity or marketable risk - This refers to the ease with which an security can be sold
at near to its valuation yield to maturity. The primary measure of liquidity risk is the spread
between the bid price and the offer price quoted by the dealer. Liquidity risk is inherent to the
Indian Debt market.
Credit risk - Credit risk or default risk refers to the risk that an issuer of fixed income
security may default (i.e., will be unable to make timely principal and interest payments on the
security). Because of those risk corporate debentures are sold at a yield above those offered on
Government securities, which are sovereign obligations and free of credit risk. Normally the
value of fixed income security will fluctuate depending upon the perceived level of credit risks
well as the actual event of default. The greater the credit risk the greater the yield require for
someone to be compensated for increased risk.
Market risk – The NAV of the scheme investing in equity will fluctuate as the daily prices
of the individual securities in which they invest fluctuate and the units when redeemed may be
worth more or less than the original cost.
Timing the market – It is difficult to identify which is the right time to invest and which is
the right time to take out the money. There may be situations where stocks may not be rightly
timed according to the market leading to loss in the value of scheme.
Liquidity - Investment made in unlisted equities or equity related securities might only be
realizable upon the listing of the securities. Settlement problems could cause the scheme to
miss certain investment opportunities
1.10. OPTIONS AVAILABLE TO INVESTORS

Each plan of every mutual fund has three options – Growth, Dividend and dividend
reinvestment. Separate NAV are calculated for each scheme.
Dividend Option
Under the dividend plan dividend are usually declared on quarterly or annual basis. Mutual
fund reserves the right to change the frequency of dividend declared.
Dividend reinvestment option

Instead of remittances of units through payouts, Units holder may choose to invest the entire
dividend in additional units of the scheme at NAV related prices of the next working day after
the record date. No sales or entry load is levied on dividend reinvest.
Growth Option
Under this plan returns accrue to the investor in the form of capital appreciation as reflected in
the NAV. The scheme will not declare the dividend under the Growth plan and investors who
opt for this plan will not receive any income from the scheme. Instead of income earned on
their units will remain invested within the scheme and will be reflected in the NAV.
1.11. NEW DEVELOPMENTS

I. Systematic Switching Plan
The unit holder may set up a Systematic Switching plan on a monthly, quarterly, semi-
annual or annual basis to exchange a fixed number of units and/or amount in one
scheme to another scheme within the Fund Family or one plan/option to another. The
redemption or investment will be at the applicable NAV for the respective schemes as
specified in the offer document
II. Systematic Investment Plan

Systematic Investment Plan is available for planned and regular investments, Under this plan
unit holders can benefit by investing specified rupee amounts periodically for a continuous
period. This concept is called Rupee Cost Averaging. This program allows Unit holders to save
a fixed amount of rupees every month/ quarter by purchasing additional units of the Scheme(s).
Rupee cost averaging does not guarantee a profit or protect against a loss. Rupee cost averaging
can smooth out the market’s ups and downs and reduce the risk of investing in volatile markets
For as little as Rs. 250* each month for 12 months or Rs. 500 every month for 6 months, you
can purchase mutual fund units and avoid larger minimum investment amounts of over Rs.
1,000. Fixed amounts can be invested in Mutual Funds each month using funds drawn
automatically from your savings account regularly.
Investing in Systematic Investment Plan (SIP) offer the benefit of "Rupee-cost averaging", i.e.,
by purchasing Mutual Fund units over a period of time, you automatically buy more units when
prices are low and fewer units when prices are high, resulting in lower "per unit acquiring cost"
as a result of averaging.
III. Systematic Withdrawal Plan
Systematic Withdrawal Plan (SWP) lets you automatically redeem a prearranged amount of
your mutual fund holdings each month. SWPs are an ideal way to supplement your monthly
cash flow, meet minimum withdrawal requirements, or move assets between the funds.
SWP is a no-charge service. When you set up your SWP, cash proceeds from each redemption
(minimum balance maintained @ 25% of the holding at any given point of time) are given to
you in the form of post-dated cheques (six monthly cheques at par, which enables you to get
the funds lodged).
2. OBSERVATIONS
2.1 How does changes in NAV benefit investors?
Suppose the IPO price of a scheme was Rs. 10 and today its NAV is Rs. 15.35.
The increment of Rs. 5.35 is the total return on the scheme, which has been generated due to
some factors. These factors can be explained as below.
Trading Gains- These are the gains generated from buying and selling of securities. Any
security bought at a lower price and sold at a higher price leads to trading gains.
Mark on market- Mark on market is also called unbooked gains. Because these are gains that
could have been generated if securities would have been sold instead of being retained in the
portfolio.
Accrued interest- It is the amount accrued as interest by keeping the securities in the portfolio.
The ratio of these three components keeps varying. Increment of NAV consists primarily of
accrued interest .The proportion of these factors moves in the following manner.
Accrued interest – 75%
Mark on market – 20%
Trading gains – 5%
This is the proportion in which returns are generated. But fund manager’s capability lies
in generating trading gains because interest can be generated by anyone by keeping same
securities in his portfolio. It is only due to the expertise of fund managers in generating trading
gains that people invest through mutual funds.
2.2 NAV calculation for different options

Growth- For growth option NAV will be calculated in the same manner as discussed above
Dividend and Dividend reinvested– For dividend option the dividend declared per unit will be
deducted from the NAV under growth scheme to arrive at the NAV for dividend option.
Similarly for dividend reinvestment option the NAV will remain the same. The only difference
is that Investors under dividend reinvestment option will have more units that with dividend
option for the same amount of money invested.
3. INVESTMENT MANAGEMENT
After learning the concept of mutual funds and various schemes of mutual funds available for
investment it is required to effectively manage the portfolio of an investor which depends upon
the objective of investor. The most important objective of any investor is to generate returns.
Requirement for return for every investor varies which depends upon many factors and these
factors determine the category to which an investor belongs. Depending upon the category to
which an investors belongs portfolio of any customer is managed.
Investors can be categorized on the basis of certain factors which can be described as below.
1. On the basis of Risk and Return

 Low Risk Bearing Capacity
 Medium Risk Bearing Capacity
 High Risk Bearing Capacity
Risk and return goes hand to hand. Higher return means higher risk. Low risk means
moderate return.
2. On the basis of Age of Investor:
 Young Age (20-35 years)
 Middle Age (35-50 years)
 Old Age (50 and above)
3. On the basis of Liquidity required by Investor:

 Less Liquidity
 Medium Liquidity
 More Liquidity
4. On the basis of tenure of investment:

 Short Term
 Medium Term
 Long Term
5. Investment can also be made to

 Park the Idle Funds
 Make a full time investment
 Avail tax benefits
 Meet requirement for Contingencies
On the basis of the advisory paradigm (deciding factors) mentioned above, various
categories of investor can be made which is deciding factor as to where an investor with a
particular requirement must invest.
Generally investors are categorized on the basis of

 Risk and return
 Age
 Liquidity Required
For other factors the portfolio of the customer is adjusted accordingly depending upon the
category of the customer. Following are the various profile of investors based on the advisory
paradigm followed by investment avenues where they can park their money:
The Ground rules of Mutual Fund Investing:

Moses gave to his followers 10 commandments that were to be followed till eternity. The world
of investments too has several ground rules meant for investors who are novices in their own
right and wish to enter the myriad world of investments. These come in handy for there is every
possibility of losing what one has if due care is not taken.
1. Assess yourself: Self-assessment of one’s needs; expectations and risk profile is of

prime importance failing which; one will make more mistakes in putting money in right
places than otherwise. One should identify the degree of risk bearing capacity one has
and also clearly state the expectations from the investments. Irrational expectations will
only bring pain.
2. Try to understand where the money is going: It is important to identify the
nature of investment and to know if one is compatible with the investment. One can
lose substantially if one picks the wrong kind of mutual fund. In order to avoid any
confusion it is better to go through the literature such as offer document and fact sheets
that mutual fund companies provide on their funds.
3. Don't rush in picking funds, think first: one first has to decide what he wants
the money for and it is this investment goal that should be the guiding light for all
investments done. It is thus important to know the risks associated with the fund and
align it with the quantum of risk one is willing to take. One should take a look at the
portfolio of the funds for the purpose. Excessive exposure to any specific sector should
be avoided, as it will only add to the risk of the entire portfolio. Mutual funds invest
with a certain ideology such as the "Value Principle" or "Growth Philosophy". Both
have their share of critics but both philosophies work for investors of different kinds.
Identifying the proposed investment philosophy of the fund will give an insight into the
kind of risks that it shall be taking in future.
4. Invest. Don’t speculate: A common investor is limited in the degree of risk that he
is willing to take. It is thus of key importance that there is thought given to the process
of investment and to the time horizon of the intended investment. One should abstain
from speculating which in other words would mean getting out of one fund and
investing in another with the intention of making quick money. One would do well to
remember that nobody can perfectly time the market so staying invested is the best
option unless there are compelling reasons to exit.
5. Don’t put all the eggs in one basket: This old age adage is of utmost
importance. No matter what the risk profile of a person is, it is always advisable to
diversify the risks associated. So putting one’s money in different asset classes is
generally the best option as it averages the risks in each category. Thus, even investors
of equity should be judicious and invest some portion of the investment in debt.
Diversification even in any particular asset class (such as equity, debt) is good. Not all
fund managers have the same acumen of fund management and with identification of
the best man being a tough task; it is good to place money in the hands of several fund
managers. This might reduce the maximum return possible, but will also reduce the
risks.
6. Be regular: Investing should be a habit and not an exercise undertaken at one’s
wishes, if one has to really benefit from them. As we said earlier, since it is extremely
difficult to know when to enter or exit the market, it is important to beat the market by
being systematic. The basic philosophy of Rupee cost averaging would suggest that if
one invests regularly through the ups and downs of the market, he would stand a better
chance of generating more returns than the market for the entire duration. The SIPs
(Systematic Investment Plans) offered by all funds helps in being systematic. All that
one needs to do is to give post-dated cheques to the fund and thereafter one will not be
harried later. The Automatic investment Plans offered by some funds goes a step further,
as the amount can be directly/electronically transferred from the account of the investor.
7. Do your homework:
It is important for all investors to research the avenues available to them irrespective of
the investor category they belong to. This is important because an informed investor is
in a better decision to make right decisions. Having identified the risks associated with
the investment is important and so one should try to know all aspects associated with it.
Asking the intermediaries is one of the ways to take care of the problem.
8. Find the right funds
Finding funds that do not charge many fees is of importance, as the
fee charged ultimately goes from the pocket of the investor. This is
even more important for debt funds as the returns from these funds
are not much. Funds that charge more will reduce the yield to the
investor. Finding the right funds is important and one should also use
these funds for tax efficiency. Investors of equity should keep in mind
that all dividends are currently tax-free in India and so their tax
liabilities can be reduced if the dividend payout option is used.
Investors of debt will be charged a tax on dividend distribution and so
can easily avoid the payout options.
1. Keep track of your investments

Finding the right fund is important but even more important is to keep track of
the way they are performing in the market. If the market is beginning to enter a bearish
phase, then investors of equity too will benefit by switching to debt funds as the losses can
be minimized. One can always switch back to equity if the equity market starts to show
some buoyancy.
2. Know when to sell your mutual funds: Knowing when to exit a fund too is of
utmost importance. One should book profits immediately when enough has been earned
i.e. the initial expectation from the fund has been met with. Other factors like non-
performance, hike in fee charged and change in any basic attribute of the fund etc. are
some of the reasons for to exit.
Investments in mutual funds too are not risk-free and so investments warrant
some caution and careful attention of the investor. Investing in mutual funds can
be a dicey business for people who do not remember to follow these rules
diligently, as people are likely to commit mistakes by being ignorant or
adventurous enough to take risks more than what they can absorb. This is the
reason why people would do well to remember these rules before they set out to
invest their hard-earned money.
Performance Measures of Mutual Funds:
Mutual Fund industry today, with about 34 players and more than five hundred schemes, is one
of the most preferred investment avenues in India. However, with a plethora of schemes to
choose from, the retail investor faces problems in selecting funds. Factors such as investment
strategy and management style are qualitative, but the funds record is an important indicator
too. Though past performance alone can not be indicative of future performance, it is, frankly,
the only quantitative way to judge how good a fund is at present. Therefore, there is a need to
correctly assess the past performance of different mutual funds.
Worldwide, good mutual fund companies over are known by their AMCs and this fame is
directly linked to their superior stock selection skills. For mutual funds to grow, AMCs must be
held accountable for their selection of stocks. In other words, there must be some performance
indicator that will reveal the quality of stock selection of various AMCs.
Return alone should not be considered as the basis of measurement of the performance of a
mutual fund scheme, it should also include the risk taken by the fund manager because
different funds will have different levels of risk attached to them. Risk associated with a fund,
in a general, can be defined as variability or fluctuations in the returns generated by it. The
higher the fluctuations in the returns of a fund during a given period, higher will be the risk
associated with it. These fluctuations in the returns generated by a fund are resultant of two
guiding forces. First, general market fluctuations, which affect all the securities, present in the
market, called market risk or systematic risk and second, fluctuations due to specific securities
present in the portfolio of the fund, called unsystematic risk.
The Total Risk of a given fund is sum of these two and is measured in terms of standard
deviation of returns of the fund. Systematic risk, on the other hand, is measured in terms of
Beta, which represents fluctuations in the NAV of the fund vis-à-vis market. The more
responsive the NAV of a mutual fund is to the changes in the market; higher will be its beta.
Beta is calculated by relating the returns on a mutual fund with the returns in the market. While
unsystematic risk can be diversified through investments in a number of instruments,
systematic risk can not. By using the risk return relationship, we try to assess the competitive
strength of the mutual funds vis-à-vis one another in a better way.
In order to determine the risk-adjusted returns of investment portfolios, several eminent authors
have worked since 1960s to develop composite performance indices to evaluate a portfolio by
comparing alternative portfolios within a particular risk class. The most important and widely
used measures of performance are:
Ø The Treynor Measure
Ø The Sharpe Measure
Ø Jenson Model
Ø Fama Model
The Treynor Measure
Developed by Jack Treynor, this performance measure evaluates funds on the basis of Treynor's
Index. This Index is a ratio of return generated by the fund over and above risk free rate of
return (generally taken to be the return on securities backed by the government, as there is no
credit risk associated), during a given period and systematic risk associated with it (beta).
Symbolically, it can be represented as:
Treynor's Index (Ti) = (Ri - Rf)/Bi.
Where, Ri represents return on fund, Rf is risk free rate of return and Bi is beta of the fund.
All risk-averse investors would like to maximize this value. While a high and positive
Treynor's Index shows a superior risk-adjusted performance of a fund, a low and negative
Treynor's Index is an indication of unfavorable performance.
The Sharpe Measure

In this model, performance of a fund is evaluated on the basis of Sharpe Ratio, which is a ratio
of returns generated by the fund over and above risk free rate of return and the total risk
associated with it. According to Sharpe, it is the total risk of the fund that the investors are
concerned about. So, the model evaluates funds on the basis of reward per unit of total risk.
Symbolically, it can be written as:
Sharpe Index (Si) = (Ri - Rf)/Si
Where, Si is standard deviation of the fund.
While a high and positive Sharpe Ratio shows a superior risk-adjusted performance of a fund, a
low and negative Sharpe Ratio is an indication of unfavorable performance.
Comparison of Sharpe and Treynor

Sharpe and Treynor measures are similar in a way, since they both divide the risk premium by a
numerical risk measure. The total risk is appropriate when we are evaluating the risk return
relationship for well-diversified portfolios. On the other hand, the systematic risk is the
relevant measure of risk when we are evaluating less than fully diversified portfolios or
individual stocks. For a well-diversified portfolio the total risk is equal to systematic risk.
Rankings based on total risk (Sharpe measure) and systematic risk (Treynor measure) should be
identical for a well-diversified portfolio, as the total risk is reduced to systematic risk.
Therefore, a poorly diversified fund that ranks higher on Treynor measure, compared with
another fund that is highly diversified, will rank lower on Sharpe Measure.
Jenson Model
Jenson's model proposes another risk adjusted performance measure. This measure was
developed by Michael Jenson and is sometimes referred to as the Differential Return Method.
This measure involves evaluation of the returns that the fund has generated vs. the returns
actually expected out of the fund given the level of its systematic risk. The surplus between the
two returns is called Alpha, which measures the performance of a fund compared with the
actual returns over the period. Required return of a fund at a given level of risk (Bi) can be
calculated as:
Ri = Rf + Bi (Rm - Rf)
Where, Rm is average market return during the given period. After calculating it, alpha can be
obtained by subtracting required return from the actual return of the fund.
Higher alpha represents superior performance of the fund and vice versa. Limitation of this
model is that it considers only systematic risk not the entire risk associated with the fund and
an ordinary investor can not mitigate unsystematic risk, as his knowledge of market is
primitive.
Fama Model
The Eugene Fama model is an extension of Jenson model. This model compares the
performance, measured in terms of returns, of a fund with the required return commensurate
with the total risk associated with it. The difference between these two is taken as a measure of
the performance of the fund and is called net selectivity.
The net selectivity represents the stock selection skill of the fund manager, as it is the excess
return over and above the return required to compensate for the total risk taken by the fund
manager. Higher value of which indicates that fund manager has earned returns well above the
return commensurate with the level of risk taken by him.
Required return can be calculated as: Ri = Rf + Si/Sm*(Rm - Rf)
Where, Sm is standard deviation of market returns.
The net selectivity is then calculated by subtracting this required return from the actual return
of the fund.
Among the above performance measures, two models namely, Treynor measure and Jenson
model use systematic risk based on the premise that the unsystematic risk is diversifiable.
These models are suitable for large investors like institutional investors with high risk taking
capacities as they do not face paucity of funds and can invest in a number of options to dilute
some risks. For them, a portfolio can be spread across a number of stocks and sectors.
However, Sharpe measure and Fama model that consider the entire risk associated with fund
are suitable for small investors, as the ordinary investor lacks the necessary skill and resources
to diversify. Moreover, the selection of the fund on the basis of superior stock selection ability
of the fund manager will also help in safeguarding the money invested to a great extent. The
investment in funds that have generated big returns at higher levels of risks leaves the money
all the more prone to risks of all kinds that may exceed the individual investors' risk appetite.
Risk management and the mutual funds:

The basic objective of a mutual fund is to provide a diversified portfolio so as to reduce the risk
in investments at a lower cost. The mutual fund industry worldwide is based on this premise.
Investors who take up mutual fund route for investments believe that their risk is minimized at
lower costs, and they get an optimum portfolio of securities that match their risk appetite. They
are ignorant about the diverse techniques and hedging products that can be used for minimizing
the market volatility and hence take the help of the fund managers. It is very daunting to note
that the drop in the NAV of some of the schemes is higher than the erosion of value in some of
the ICE stocks. The recent survey conducted by PricewaterhouseCoopers (PWC) on risk
management by mutual funds has posted interesting as well as worrying results. According to
the survey, as many as 50 percent of the respondent mutual funds are not managing risk
properly. If this is not all, 50 percent of the respondents did not even have documented risk
procedures or dedicated risk managers. The respondents included among others, some of the
heavyweights of the Indian MF industry viz. Templeton, Alliance, Prudential and IDBI
Principal MF.
Worrisome news it is, for the investor who still believes MFs are a
route to manage one’s money in a better and safe manner. The recent
wild movements in the NAVs of several equity funds have belied all
expectation of a diversified portfolio from the fund managers when the
basic tenet behind portfolio management is risk management. Mr.
Shyam Bhat, Fund Manager-Tata asset Management Ltd. said ‘Indian
Mutual fund industry is not using statistical techniques of risk
management but is using diversification effectively within the market
limitations. As far as use of derivatives is concerned, they are not
presently used because of the low volumes, low liquidity and absence
of sufficient hedging products in the market ’.
Aggression has been the key word followed by the AMCs when it comes to taking positions in
stocks. With investment in volatile ICE sectors being the driver of growth last season, almost
everybody had taken big exposures to them. Birla MF maintained its exposures in Infosys to
almost 25 percent in all of its equity schemes throughout last year. The same is true of ING
Savings Trust that has Rs. 60 crores invested in Wipro and Infosys out of the total fund size of
135 crores in its growth fund. The result of these exposures is that the fund witnessed a
movement of almost 9 percent in a single day on budget when the market saw an appreciation
of around 4.36 percent. In their quest for growth, many funds have seen very volatile
movements in NAVs. The investor confidence may not be lost but such volatility sure dents it.
The point is not whether AMCs should be chastised or not but just to question the practices as
the fate of many investors is linked to it. An ordinary investor considers mutual funds as the
experts in investment decisions and so naturally expects the decision of investing in mutual
funds to bear fruit. However, AMCs often leave a lot to be desired as they falter on important
fronts like NAV and portfolio disclosure besides posting high fluctuations and poor returns.
The Beta of some of the favorite stocks is shown below. The Table contains the Beta of some of
the ICE scrip’s that constitute the top 10 holdings across various equity funds.
DSQ Software Ltd. 2.09 Taurus Libra Leap (5.68%), DSP ML

Tech. (6.06%)
Satyam Computer Services Ltd. 2.00 ING Growth Port (11.2%), Alliance
Equity Fund (9.7%), Chola freedom
Tech (11.51%)
SSI Ltd. 1.98 IL&FS eCom (9.63%), LIC
Dhansamridhi (9.18%)
Wipro Ltd. 1.87 ING Growth (23.8%), Magnum Sector
Fund -Infotech (15%), Alliance
Alliance New Millennium (10%)
Himachal Futuristic Communications 1.82 UTI Sector- Services (9.48%), Taurus
Ltd. Discovery Stock (10.45%)
Global Tele-Systems Ltd. 1.81 UTI US 92 (7.02%), ING Growth
Portfolio (3.8%)
Zee Telefilms Ltd. 1.70 UTI Sector- Services (7.21%), ING
Growth Portfolio (10.06%),
Infosys Technologies Ltd. 1.54 ING Growth Portfolio (20.5%),
Alliance New Millennium (11.5%)
As can be seen, some of the stocks are too volatile and can cause wild movements in the NAVs
of funds that have taken exposures in them. The standard deviation of the returns in some of
these funds points to it. While Alliance Equity Fund has a Standard Deviation of 2.53, Birla
Advantage has its Standard Deviation at 2.57. ING Growth has a standard deviation of 3.3,
which is relatively high due to its exposure to two volatile ICE scrip’s. Birla Advantage has
reduced its exposures to Infosys drastically in the last two months and taken steps to contain
volatility. Similar steps are being planned by SBI Mutual Fund that is recasting its equity
portfolio to reduce risks as they can scare investors.
It is unfortunate that the fund managers are not taking due care for minimizing the risk and are
in a race to post higher and higher returns during the phase of bull-run. They should understand
that the investors forget the high returns posted in any specific period very soon but they take
hell lot of time to forget the burns they get during periods of losses. Hence for maintaining the
confidence of the retail investors it is very important to control wild fluctuations in the NAVs.
The basic technique of portfolio management thrusts on diversification, which preaches
inclusion of negative beta, stocks in the portfolio so as to minimize the impact of fluctuation in
the market. Diversification always has a cost and investors are willing to pay for it if it is
properly done. The fund manager should disclose what they are doing at the hedging front.
They should come up and tell their investors as to what they do at times of high fluctuations.
Normally it has been seen that they outperform the broad market indices during the bull-runs
and under-perform the indices during the bear-phases. The industry needs to revise their
attitude and try to streamline their actions with their objectives. Some mutual fund houses are
quite disciplined but every body should embrace the same spirit. There are some infrastructural
problems but fund managers need to be more vigilant on the market movements. Mr.
Bhupinder Sethi, Fund Manager - Dundee Mutual Fund said ‘We are actively monitoring the
market movements and taking calls accordingly. Though we are presently not using derivatives
for hedging of risk because of lack of depth in the market for the product, but we go into cash
when we see the expectations of huge corrections coming in.’
Poor performance, poor servicing to clients and failure of third party service providers, are the
three major risk factors identified in the survey by PWC. These are also going to be crucial in a
rapidly growing competitive scenario. Under this setting, it is not just growth that should be the
focus area but also better management of all risks and hence, AMCs would do well to keep the
investor and his interest in mind before taking any decision.
When to say goodbye to your Mutual Fund:

While there are many investment consultants, some by profession, some self-professed, who
suggest on when to invest in a particular avenue, there is a certain paucity of people who talk of
when to exit. People looking to invest get in many options and mutual funds happen to be one
such preferred destination for people who want more returns than their fixed deposits would
earn them. It’s also a preferred option for the people who are circumspect about investing into
stocks directly and believe that mutual funds can manage risks and funds better than they
could.
The recent crash will have several lessons for the investor but will not
drive them away from the mutual funds in the wake of falling returns
because they still are among the best investment avenues available to
them. The primary of the lessons learnt is, not to chase returns. One of
the biggest flaws in the process of investing is to chase the performance
of funds alone. While they do give an indication to how well a fund can
perform, they remain just indicative, for all good reasons. Take for
example, the case of several equity funds that were riding sky-high
between October 99 and March 2000. Alliance Equity Fund posted
absolute returns of 168 percent between October 1, 99 and March 7,
2000. Birla Advantage posted 125 gains and ING Growth Fund posted
mind-boggling returns of 193 percent during the same period. The
recommendation by the consultants still remained "buy". However,
investors who chased the returns of these schemes have learnt the bitter
and eternal truth that "what goes up must come down", the hard way.
These funds have posted negative returns of 64 percent, 61 percent and
82 percent respectively since peaking on the same day, March 7, 2000.
And so, while chasing hot funds might be a good idea in a market that
has started to rise, it certainly is a sure recipe to doom in a peaking
market. The only people to have gained from investing in these
schemes were the ones who exited while it was still profitable.
The others did not know when to exit and so we are just trying to put forward some situations
when the investor should consider withdrawing their investments from the funds.
Fund is not performing:

This reason for selling, although valid in certain conditions, is where most investors make a
mistake. When calculating performance one shouldn’t look at too short a period and make a
mistake by comparing apples to oranges.
It is important to base the decision on relative performance and not absolute performance.
When one fund is down 5% while other funds or the market in general are up 10%, it is very
tempting to switch over to what is "hot." Chasing Performance is the best way to shoot oneself
in the foot as we just discussed above.
When studying relative performance, one should look at his fund and compare it to its peers.
However, comparisons should be drawn between parallels and so equity funds can not and
should not be compared with debt funds. When choosing a benchmark, one must select funds in
the same category. If one’s fund was down 2% and the average equity fund was down 4%, then
there is no good enough reason to sell it. One should compare the returns posted by his fund
with that of the peers across various horizons such as 1-year, 3-year and above. A short-term
view can often lead to committing hara-kiri, as it doesn’t present the full picture. If it has
underperformed the average of its peers in all cases, then it sure is one of the better reasons to
exit from the fund.
A change in life stage:

Investments are done with a certain objective in mind and life stages are often a determining
factor of what a person needs. A young man can afford to take more risks than a person nearing
his retirement can. In such cases, it pays to withdraw money from the equity investments made
earlier and put them in safer, more conservative debt funds that offer stable returns without
compromising on risk. So a change in life stages would be one such reason to consider
switching into a fund that matches with one’s needs. As one nears retirement, one might want
to consider more conservative funds. If one gets married, one might need to compromise one’s
risk tolerance and desired returns with that of the spouse. This could trigger off the need to exit.
A major change in any basic attribute of the fund:
When the fund changes any basic attribute as mentioned by it in its offer documents, the
investors have a choice of getting out of it. Even SEBI has provided for an exit route being
made available to the investors. Changes like a change in Asset Management Company or in
investment style of fund or change of structure say from closed-end to open-end etc. are good
enough reasons for an investor to consider switching or exiting from it as they are certainly
likely to affect the fund in a major way.
Fund doesn’t comply with its objective:
One of the important parameters in the selection of the fund is alignment of the risk profiles of
the investor and fund. The objective of the fund says a lot about how the fund plans to invest. If
the objective is not being complied with, it is one of the exit points worth considering. For
example, the three funds discussed above, Alliance Equity, Birla Advantage and ING Growth
all claim to be diversified equity funds yet they had huge exposures to select ICE sector scrip’s
that not only added volatility than is expected out of diversified funds but also in a way, went
against their stated objective.
The Fund's Expense Ratio Rises:
A small rise in an expense ratio is not a big deal, however a significant rise can result in
substantial reduction of yields and so it would be better to exit the fund. In the case of bond
funds or money market funds, it is highly unlikely that the fund can increase its returns enough
to justify an increase in the fund's expenses.
The Fund Manager Has Changed:
A simple change of fund managers, in itself, is not enough reason to sell a fund on a short-term
basis. If it is a passively managed fund (index fund), then one has little to no reason to worry.
However, if it is an actively managed fund, then has to keep the eyes open on the new manager.
Observing the styles, stock picking and risks undertaken by the new manager is important for it
discloses a lot about how the fund might fare in the future. If satisfied, one will have no reason
to complain later but the process needs time and so an investor has to observe the fund manager
for some time before one takes a decision.
Enough has been earned:
However, nothing is as important as to rein the horses in time. The primary principle behind
safety of investment is to take risks that can be tolerated. The principle also is specific on the
expectations that the investor must have from any investment. Just as it is important to set
realistic targets that one hopes to achieve from the investment, it is also important to exit when
target as expected has been achieved irrespective of the fact that it might be generating better
returns in a short-term. Waiting longer might not prove beneficial, as one need not be lucky all
the time. Equity investments are volatile and it doesn’t take long for the moods in the markets
to swing either way. So, it would only be wise to move out when the going is still good.
Otherwise, the investor’s sanguine of generating even higher returns than what the fund
generated in its peak days would be cursing themselves for not exiting.
Current Market Scenario:

The first quarter of FY 2005-06 will go down in history as a record-
breaking quarter as the markets kept on breaking the records day after
day and for the first time in history the Sensex crossed the 7K mark.
FIIs have been pouring money into the markets like never before. The
MFs though could not beat the markets but overall it gave much higher
returns than the dismal returns it gave in the previous quarter. Just to
put some figures for the readers, this time the broad based indices Nifty
and Sensex gave 11.38% & 12.73% returns for the quarter respectively.
While the equity diversified schemes could manage to give only 9.1%
return on an average for the quarter.
In the previous quarter Nifty was 2.16% down and Sensex was down by 1.67%. The diversified
equity schemes on an average could manage only 0.85% returns. Considering this show we can
say they gave a stellar performance this time. Like the last quarter this time too the FMCG
sector stole the show among the sectoral schemes. While the FMCG schemes gave returns
close to 17%, BSE FMCG gave a return of 25.08%. This again proved that the markets had left
behind the schemes across the board.
Among the other sectors, IT schemes generated a return of 11.07% and Pharma schemes gave
11.6% returns to their investors'. Among the other categories balanced group gave return of
6.48% for the quarter. These schemes gave a return of 0.77% in last quarter. MIPs gave a return
of 9.81% on an annualized basis for the quarter and this group of schemes was at 3.15% in last
quarter. Income schemes also showed improvement but the jump was not that huge. Like last
quarter this quarter also had many IPOs and most of them were in the midcap segment.
The AUM of the industry also rose by 10% over the quarter and stood
at Rs. Rs.165332.345 crores at June end. This was a huge jump
considering the fact that the AUM had fallen in last
Experts are even more bullish on the market, with good monsoons and good corporate
earnings, people are expecting that the bull run will go on and so it will time for reaping the
benefits for the investors' who have kept the faith.
The schemes were analyzed on 1 year and 3-year period based on various parameters to judge
the best scheme after being categorized under different categories based on their investment
style and stated objective. The performance analysis and suitability for investment was judged
on he basis of attributes like the fund size, average maturity, liquidity, portfolio turnover and
portfolio diversification judged on the basis of companies and across sectors apart from risk
and return parameters. Risk adjusted return was calculated on the basis of an internally
developed model called Investor Expectation Ratio (IER) which counts the performance of the
scheme on the basis of the return posted by the fund house benchmarked against the general
expectation of the investors. The expected return was calculated as the average return posted by
the peer group, which was finalized on the basis of investment style. The second parameter,
which was a deviation from classical measure of calculating risk, was the downside deviation
of the return posted by the scheme from the peer group return. In nutshell IER denoted the
premium that the scheme had provided over the risk assumed by the scheme.
Equity Schemes:
Aggressive Equity funds:
In the one-year time frame 44 schemes were analyses in this category this time and four
managed the MFR 1 positions. Like the last two times SBI Magnum Global Fund 94
remained unaltered at the top. Among the four, Alliance Buy India Fund moved to the MFR1
spot this time from MFR 2 replacing UTI Dynamic Equity Fund, which moved to MFR 2. The
other two at MFR 1 were SBI Magnum Sector Umbrella - Contra and Sundaram Select
Midcap.
SBI Magnum Global Fund 94 didn't deviate much from its winning strategy, and as per last
time kept its highest exposure in electrical and electronic equipment sector. Havells India
Limited in this electronics sector had taken up 4% of its net assets. Computers and software
sector followed the electronics sector. United Phosphorus was its top holding over the quarter
and it generated a return of 12.51%. Its corpus had doubled over the quarter and at June end
stood at Rs. 265.73 crores. But very surprisingly, the fund manager had been reducing the
equity exposure over the quarter.
Another scheme from the SBI stable, SBI Magnum sector Umbrella - Contra had again this
time changed its sector allocation from housing to auto and anciliiary sector. It had almost 15%
exposure to this sector. Electrical and Electronics sector followed this sector. It's NAV
appreciated by 13.13% over the quarter and the fund size inflated from Rs. 205.8 crore to Rs.
349.04 crore. Over the quarter its highest exposure remained in Zee Telefilms Ltd. Sundaram
Select Midcap like last quarter had retained its highest exposure in engineering and industrial
machinery sector followed by the auto and anciliiary sector. Over the quarter its highest
exposure was in Lakshmi Machine Works Ltd. this scheme had a growth of 26% in its corpus
and its NAV appreciated by 10% over the quarter.
Lastly looking at the new entrant Alliance Buy India Fund, this scheme is basically a sectoral
scheme and caters to the FMCG sector and due to this reason it gave a high return of 25% to its
investors. Pantloon India Retail had highest exposure over the quarter and similarly textile
sector also had the highest exposure. This scheme though had a minor increase in the fund size.
In three year 22 schemes were analyses and two schemes got to top here and both were new in
some way as Franklin India Prima Fund, which was at the top last time also had change in
category from defensive to aggressive. The other one, which came to top, was SBI Magnum
Sector Umbrella - Contra, which came up from MFR3 spot to the top. These two replaced
Alliance Basic Industries and HDFC Capital Builder to MFR2 spot from the top spot, which
they attained last time. Franklin India Prima Fund, a midcap scheme, had highest exposure in
Indian Rayon & Industries Ltd. Like last quarter it had highest exposure in Auto and Anciliiary
sector. This scheme had a rise of 22% in its corpus and provided investors with 10% absolute
return over the quarter.
Defensive Equity Funds:
In one year, in this group 34 schemes came into scrutiny this time and all the three last timers
retained their positions. Reliance Growth, Alliance Equity and Pru ICICI Dynamic Plan
kept the ranks assigned by ICRA/ICRA Online are based on an objective analysis of
information obtained from the entities concerned as also other sources considered reliable by
ICRA/ICRA Online. However, the ranks must be construed solely as statements of opinion and
ICRA/ICRA Online shall not be liable for any losses incurred by any user from any use of the
ranks. Also, the ranks are neither a certificate of any statutory compliance nor any guarantee on
the future performance of the ranked entities/schemes.
An entity wishing to use the ICRA Online Mutual Funds Rankings for any publicity or in its
prospectus / offer document / promotional literature / advertisement or wishing to re-
disseminate these rankings may do so only after obtaining the written permission of ICRA /
ICRA Online.
Templeton MF - Top rung companies in the sector offer good

growth potential:
International
Global markets weathered the impact of Hurricane Katrina and record

oil prices, helped by increased flows and expectations that the US
Federal Reserve might curtail its interest rate increases. Helped by
gains across the world, the MSCI World Index added 1.91%. Mixed
economic data and speculation about Federal Reserve's future rate
increases, resulted in the US dollar declining against major currencies.
The disruption caused by Katrina exacerbated the already weak
sentiment towards the dollar due to a recent spate of lower-than-
expected economic numbers. The Federal Reserve's Major Currencies
Dollar Index declined by 1.10%. Japanese markets continued their
upward march helped by increase in approval ratings for Prime
Minister Koizumi before the upcoming elections. The rise has come
despite concerns for exports due to mixed US economic data and
numbers showing that industrial production in Japan declined in July.
The Nikkei 225 average added 1.29% for the week. South Korean
markets bounced back during the week helped by economic news in the
form of increased exports, improved business sentiment and low
inflation. The Kospi rose by 2.69% during the week, while the MSCI
Asia Pacific Index moved up by 1.03%.
European markets moved up led by energy stocks, which could benefit from further rise in oil
prices due to disruption of supplies in the Gulf of Mexico. On the economic front, the ECB cut
its forecast for growth in the region and kept interest rates unchanged, while Germany reported
an unexpected drop in retail sales in July. Novartis offered to buy the 58% of shares it does not
already own in Chiron, while ABN Amro announced what is thought to be one of the biggest-
ever outsourcing deals. Old Mutual, the South African financial services group, made a long-
awaited bid for Sweden's Skandia. The FTSE Eurotop 100 was up by 1.73%. US markets
withstood the shocks from the hurricane and global oil prices declined after the US government
indicated that they would tap into the Strategic Petroleum Reserve. Manufacturing data was
weaker than expected and factory orders fell, but the jobs report for August indicated continued
strength. The non-farm payrolls increased by a seasonally adjusted 169,000 in August, while
the unemployment rate fell to 4.9%. The Dow Jones and S&P 500 rose by 0.48% and 1.07%
during the week respectively, while Nasdaq rose by 0.96%.
Domestic markets bounced back during the week helped by increased buying by both domestic
and foreign institutions. After opening on a weak note on Monday, major indices rallied sharply
on Tuesday and the momentum was maintained for the remainder of the week. The auto sector
was in the limelight after the Finance Minister hinted that the government would be revisiting
the tax structure for smaller cars. The government also announced that the Cabinet Committee
on Economic Affairs (CCEA) has approved the sale of 8% government equity in Maruti Udyog
Ltd to public sector banks and financial institutions. At present, the government holds a stake
of 18.28% in the company. Cement companies attracted buying on news of increased
dispatches and ONGC announced a major gas discovery in the Krishna-Godavari basin. As per
the latest reports, rains in August were 21% below normal but rainfall as a whole in the first
three months of the season starting June was 94% of the long-period average, indicating near
normal performance. The BSE Sensex added 2.86% for the week, while the Nifty moved up by
2.49%. On the other hand, CNX Midcap rose 2.9%. FII inflows were to the tune of $218.6
million in the first four trading days.
The consolidation being witnessed in the global generics industry in recent times (Teva &
Sandoz), appears to have had an impact on domestic pharmaceutical companies. The sector has
been rife with M&A speculation with reports indicating that Ranbaxy & Wockhardt are
targeting Alpharma, while Sandoz was in talks with Cipla (denied by the latter). Lupin and
Torrent have reportedly put in bids for Polish drug major - Jelfa. Indian companies are looking
at acquisitions in Europe given the fragmented market and acquisitions would provide scale,
access to existing dossiers, drug master files, and USFDA approved facilities.
We had always maintained that the larger companies in the technology

sector are better positioned to take advantage of the global outsourcing
trend due to their management & process strength, brand equity and
scale of operations. And the fact that global companies have been
setting up Indian operations was an indication of the growing stature of
the domestic sector. All these factors were reflected in the recent ABN
Amro deal, which saw the Dutch financial services group announce one
of the biggest outsourcing deals in Europe, giving the Indian IT sector
(TCS, Infosys & Patni) lucrative contracts in a five-year programmer.
We believe that this deal could be a turning point for the domestic
sector, and indicates that Europe is becoming an important growth
driver for the sector and larger size deals will start coming to Indian
companies going forward.
Overall, we continue to believe that the top rung companies in the sector offer good growth
potential over the medium to long term, even though margins are likely to come down due to
the dynamics in the sector.
Debt Markets – India

 Domestic markets rallied during the week helped by easy liquidity and a drop in US
Treasury yields. The wholesale price index fell in the week ending August 20 th, mainly
due to a fall in some food and chemical product prices. The annual rate of inflation,
stood at 3.08% as against previous week's 3.13%. The less widely tracked consumer
price index (CPI) rose in July to 4.06% from 3.32% in June due to a rise in food prices.
The yield on the 10-year benchmark, 7.38% 2015, eased to 7%. The spreads between 1
and 30-year gilts contracted to 181 bps and the yield on benchmark 7.5% 2034 for long-
dated gilts closed at 7.48%. The yield on the 5-year AAA rated corporate debenture
benchmark fell to 7.10 % and the corporate spread over gilts remained 50 bps.
 Liquidity remained easy despite the auctions and the increase in the notified amounts
for the 91-day T-bill issuances, due to coupon and interest payments. The amount
placed under RBI's reverse repots averaged at Rs.26, 709 crores and the call rates closed
at 4.8-5% on Friday. The government announced the sale (re-issue) of 5.69% GOI 2018
for a notified amount of Rs.5,000 crores and the sale of a new 30-year Government
Stock for a notified amount of Rs.3,000 crore, on September 8th. The latter would be
through a yield based auction using uniform price method.
 The fiscal deficit for the month of July rose sharply to Rs.22,963 crores and on a year-
on-year basis, the cumulative deficit grew by around 53.74% as of July end. The fiscal
deficit for the Apr-Jul 05 period touched Rs.77,480 crores, which is around 51.3% of
budget estimates. The revenue deficit for the same period was Rs.68, 929 crores which
is 18.7% higher compared to last year and amounts to around 72.3% of the target for FY
06.
 The rupee bounced back during the week on portfolio inflows and weakness in the US
dollar overseas. While concerns remained over the impact of rising oil prices on trade
deficit, pressure on the currency due to month-end dollar demand eased in the new
month. The rupee closed at 43.8650/8750 per dollar. The forex reserves rose by $623
million, to close at $143.841 billion as on August 26th.
Mixed economic data, oil prices and impact of Hurricane Katrina are
making the probability of an inverted yield curve in US, where yields
eased considerably during the week. Back home, the quantum of hike
in oil prices will be keenly observed next week. The deterioration in
fiscal conditions as per the July numbers has been largely due to the
discontinuation of the debt swap, which has resulted in non-debt capital
receipts declining. Government's finances could be impacted as - oil
companies might not be able to provide dividend payouts as their
profits decline, the employment guarantee bill and the suspension of
PSU divestment. Hence, we believe that along with high oil
prices/inflation, the state of public finances will also be a key factor in
the debt markets going ahead.
INTRODUCTION
As investors are getting more educated, aware and prudent they look for innovative investment
instruments so that they are able to reduce investment risk, minimize transaction costs, and
maximize return along with certain level of convenience as a result there has been an advent of
numerous innovative financial instruments such as bonds, company deposits, insurance, and
mutual funds.
Goal of mutual funds is to provide an efficient way to make money. In India there are 29
mutual funds with different investment strategies and goals to choose from. Different mutual
funds have different risks, which differ because of the fund’s goals, fund’s manager and
investment styles.
CONCEPTUAL AND CONTEXTUAL ANALYSIS OF MUTUAL

FUNDS:
What is Mutual Fund?
A Mutual Fund is a trust that pools the savings of a number of investors who share a common
financial goal. The money thus collected is then invested in capital market instruments such as
shares, debentures and other securities. The income earned through these investments and the
capital appreciations realized are shared by its unit holders in proportion to the number of units
owned by them.
CONCEPT OF MUTUAL FUND ACCORDING TO SEBI:
Security Exchange Board of India (SEBI) regulations 1993, defines mutual fund as follows:
“Mutual Fund means a fund established in the form of a trust by a sponsor to raise moneys by
the trustees through the scale of units to public under one or more schemes for investing in
securities in accordance with these regulations.”
From the above definition it can be understood that mutual fund is a financial intermediary
established in the form of a trust sponsored by banks, financial companies, and other industrial
concerns with an objective to saving (mostly house hold) by launching various schemes and
investing the pooled savings in various instruments of the money markets.
The flow chart below describes broadly the working of a mutual fund:
Mutual Fund Operation Flow Chart

MUTUAL FUND STRUCTURE
The structure consists of
Sponsor
Sponsor is the person who acting alone or in combination with another body corporate
establishes a mutual fund. Sponsor must contribute at least 40% of the net worth of the
Investment managed and meet the eligibility criteria prescribed under the Securities and
Exchange Board of India (Mutual Funds) Regulations, 1996.The Sponsor is not responsible or
liable for any loss or shortfall resulting from the operation of the Schemes beyond the initial
contribution made by it towards setting up of the Mutual Fund.
Trust
The Mutual Fund is constituted as a trust in accordance with the provisions of the Indian Trusts
Act, 1882 by the Sponsor. The trust deed is registered under the Indian Registration Act, 1908.
Trustee
Trustee is usually a company (corporate body) or a Board of Trustees (body of individuals).

The main responsibility of the Trustee is to safeguard the interest of the unit holders and in
accordance with the Securities and Exchange Board of India (Mutual Funds) Regulations,
1996, the provisions of the Trust Deed and the Offer Documents of the respective Schemes. At
least 2/3rd directors of the Trustee are independent directors who are not associated with the
Sponsor in any manner.
Asset Management Company (AMC)
The AMC is appointed by the Trustee as the Investment Manager of the Mutual Fund. The
AMC is required to be approved by the Securities and Exchange Board of India (SEBI) to act
as an asset management company of the Mutual Fund. At least 50% of the directors of the
AMC are independent directors who are not associated with the Sponsor in any manner. The
AMC must have a net worth of at least 10 crore at all times.
Registrar and Transfer Agent

The AMC if so authorized by the Trust Deed appoints the Registrar and Transfer Agent to the
Mutual Fund. The Registrar processes the application form; redemption requests and dispatches
account statements to the unit holders. The Registrar and Transfer agent also handles
communications with investors and updates investor records.
Custodian
Banking organization that keeps in safe custody all the securities and other instruments belonging
to the fund to insure smooth inflow and outflow of securities. It is also approved regulated and
registered with SEBI.
TYPES OF MUTUAL FUND SCHEMES:
There are a wide variety of mutual fund schemes exist that cater to investors needs such as
financial position, risk tolerance and return expectations etc. Whether as the foundation of his
investment programmed or as a supplement mutual fund schemes can help investor meet his
financial goals. The table below gives an overview into the existing types of schemes in the
industry.
BY STRUCTURE
 Open Ended Schemes
These do not have a fixed maturity investors deal directly with the mutual fund for their
investments and redemptions the key features is liquidity. One can conveniently buy and sell
his units at net asset values (NAV) related prices.
\
 Closed Ended Schemes
Schemes that have a stipulate maturity period are called close–ended schemes. One can
invest directly in the scheme at the time of the initial issue and thereafter he can buy or sell
the units of the schemes exchange could vary from the scheme’s NAV on account of demand
of supply situation unit holder’s expectation and other market factors.
 Interval Schemes
These combine the features of open ended, close-ended schemes. They may be traded on the
stock exchange or may be open for sale or redemption during predetermined intervals at NAV
related prices.
BY INVESTMENT OBJECTIVE
 Growth Scheme(Equity Schemes)
Aim to provide capital appreciation over the medium to long term. Their schemes normally
invest a majority of their funds in equities and are willing to bear short-term decline in value
for possible future appreciation.
Ideal For:
Investors in their prime earning years.
Investors seeking growth over the long term.
 Income Schemes(Dividend Schemes)
Aim to provide regular and steady income to investors. These schemes generally invest in
fixed income securities as bonds and corporate debentures. Capital appreciations in such
schemes may be limited.
Ideal For:
Retired people and others with a need for capital stability and regular income. Investors who
need some income to supplement their earnings.
 Balanced Schemes
Aim to provide both growth and income by periodically distributing a part of the income and
capital gains they earn. They invest in both shares and fixed income securities in the
proportion indicated in their offer documents. In a rising stock market, the NAV of these
schemes may not normally keep pace, of fall equally when the market falls.
Ideal For:
Investors looking for a combination of income and moderate growth.
 Money Market Schemes
Aim to provide easy liquidity preservation of capital and moderate income these schemes
generally invest in safer short-term instruments such as treasury bills certificates of paper and
interbank call money.
OTHER SCHEMES
 Tax Saving Schemes
These schemes offer tax rebates to the investors under tax laws as prescribed from time to
time. This is made possible because the Government offers tax incentives for investment in
specified avenues. For example, Equity Linked Saving Schemes (ELSS) and pension
schemes.
Recent amendments to the Income Tax Act provide further opportunities to investors to save
capital gains by investing in mutual funds
Ideal For:
Investors seeking tax rebates.
 Special Schemes
This category includes index schemes that attempt to replicate the performance of a particular
index such as the BSE Sensex or the NSE 50 or industry specific schemes (Which invest in
specific) or sectorial schemes (Which invest exclusively in high segments such as “A” Group
shares or initial public offerings).
Ideal For:
Investment who are satisfied with a return approximately equal to that of an index.
.
Remember as always higher the return investor seeks, higher the risk he should be
prepared to take.
ADVANTAGES OF INVESTING IN MUTUALFUND

 Professional management
Investors avails the services for experience and skilled professionals who are backed by dedicated
investment research team, which analyses the performance and prospects of companies and
selects suitable investments to achieve of the scheme.
 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 declare at the same
time and in the same proportion. Investor achieves this diversification through fund with far less
money he could do it on his own.
 Convenient administration
Investing in mutual fund reduces paperwork and helps investor to avoid problems such as
bad deliveries, delayed payment and unnecessary follow up with brokers and companies. Mutual
funds save time and make investing easy and convenient.
 Return potential
Over medium to long term mutual funds have the potential to provide higher returns as they
invest in diversified basket of selected securities.
 Low costs
Mutual fund are relatively less expensive way to invest compared to directly investing in the
capital markets because the benefits of scales in brokerage, custodial and other fees translate into
low costs for investors.
 Liquidity
In open-ended schemes, investor can get his money promptly at net asset value related prices
from the mutual fund itself. With close-ended schemes, Investor can sell his units on a stock
exchange at the prevailing market price.
 Transparency
Investor gets regular information about the value of his investment in addition to disclosure on
the specific investments made by a scheme and the proportion invested in the each class of assets
and the fund manager’s investment strategy and outlook.
 Flexibility
Through features such as regular investment plans, regular withdrawal plans and dividend
reinvestment plan plans investor can systematically invest or withdraw funds according to his
needs and convenience.
 Choice of investments
Mutual funds offer a family of schemes to suit investors varying needs over a lifetime.
 Well regulated
All mutual funds are registered with SEBI and they function with the provision of strict
regulations designed to protect interest of investors. The operations of mutual funds are regularly
monitored by SEBI.
 Affordability
Investors individually may lack sufficient funds to invest in high-grade stocks. A Mutual
fund because of its large corpus allows even a small investor to take the benefit of its
investment strategy.
Disadvantages of Mutual Funds:
 No Guarantees
No investment is risk free. Investors encounter fewer risks when they invest in mutual funds
than when they buy and sell stocks on their own. However, anyone who invests through a
mutual fund runs of losing money.
 No Tailor-made Portfolio
Mutual Fund portfolio are created and marketed by AMCs, into which investors invest.
Investors cannot create tailor-made portfolios.
 Taxes
During a typical year, most actively managed mutual fund sell anywhere from 20 to 70
percent of the securities in their portfolios. If a fund makes a profit on its sales, taxes are to be
paid on the income received, even if the money is re-invested.
OBJECTIVES OF MUTUAL FUNDS
The objective of mutual fund is to provide an efficient way for an individual to make money.
There are 29 AMC currently operating with different investment strategies and objective.
Different mutual funds have different risks, which differ because of the fund’s manager and
investment styles. Money from a mutual fund is made when the stocks, bonds or other
securities increase in value (a capital gain) issue dividends or make interest payments. Capital
gains and income or dividends payments are best reinvested for younger investors. With
reinvestment of dividends and capital gain distribution, your money increases at a greater rate.
When you redeem your shares, what you receive is the value of the shares.
Risks in Mutual Funds

 The Risk-Return Trade-off
The Higher the risk greater the returns/loss and lower the risk lesser the returns/loss. Hence it
is up to the investor to decide how much risk he is willing to take
 Market Risk
Sometimes prices and yields of all securities rise and fall. Board outside influences affecting
the market in general lead to this. This is known as market risk.
 Credit Risk
The debt servicing ability (may it be interest payments or repayment of principal) of a
company thought its cash flows determines the credit risk faced by you. A well-diversified
portfolio might help mitigate this risk.
 Inflation Risk
The root cause,” Inflation” is the loss of purchasing power over time. A lot of times people
make conservatives investment decisions to protect their capital but end up with a sum of
money that can buy less than what the principal could at time of the investment.
 Interest Rate Risk

In a free market economy interest rates are difficult if not impossible to predict. Changes in
interest rates affect the prices of bonds as well as equities. If interest rates rise the prices of
bonds fall and vice versa.
 Political/Government Policy Risk
Changes are government policy and political decisions can change the investment
environment. They can create a favorable environment for investment or vice versa.
 Liquidity risk
Liquidity risk arises when it become difficult to sell the securities that one has purchased.
RISK RETURN GRID

Risk
Benefits offered by
Tolerance/Return Focus Suitable Products
MFs
Expected
Bank/ Company FD, DebtLiquidity, Better Post-
Low Debt
based Funds Tax returns
Balanced Funds, Some
Partially Liquidity, Better Post-
Diversified Equity Funds
Debt, Tax returns, Better
Medium and some debt Funds, Mix
Partially Management,
of shares and Fixed
Equity Diversification
Deposits
Diversification,
Capital Market, Equity
Expertise in stock
High Equity Funds (Diversified as well
picking, Liquidity,
as Sector)
Tax free dividends
OBJECTIVES OF RESEARCH
Main objectives
The main objective of the research is that to know the expected return from a particular Mutual
Fund and to know in which Mutual Fund a Investor should invest his money and which Mutual
fund they avoid or not invest their money According to Tax Plan.
The objective of the research is to measure and Rating of the Mutual funds that exits in the
market. An attempt has been made to measure various variable’s playing in the minds of investor
in terms of safety, liquidity, Service, Returns, Tax efficiency.
Sub objectives
 To study the concept of Mutual fund.

 To study the reasons why people invest in Mutual fund.
 To study the position of Mutual fund in last three months.
RESEARCH METHODOLOGY
This section will describe the methodological tools adopted in conducting the research
reduces the uncertainty level for the top management in making critical decisions.
RESEARCH PROBLEM
The problem at hand was to analyze and competitive positions of various Mutual fund and to measure
the position of Mutual fund that which Mutual fund is good for investing for investors.
RESEARCH DESIGN
The research design is the conceptual structure within which research would be conducted. The
preparation of such a design facilitates research to be as efficient as possible yielding maximal
information. Research design may be of any type such as 1) Exploration, 2) Description, 3) Diagnosis, and
4) Experimentation.
The research design I use in this research is Descriptive research design.
Sample Size
Sample size means the population on which we do any research. In this research I select Tax Plan of 10
Mutual funds, which is the sample size of my research.
Source of data
There are two types of data one is primary data and another type of data is secondary data. The data use in
this research is secondary data.
Data collection method
The data, which I used, is secondary and this type of data available on web sites and published
in various journals, books, magazines and newspapers, report and publication. I collected the
data from various websites of Mutual fund like amfiindia.com, mutualfundindia.com etc., and
also from the journal published by AMFI.
Tools for analysis
Every researcher needs various tools for analysis the data. Therefore to complete my
research I select the percentage method and ranking method, from which I measure
&compare the Mutual fund.
MEASUREMENT METHODS: -
1. SHARPE RATIO
Expected Return- Risk free rate of return

Standard risk (Total risk) mf
2. TREYNOR RATIO
Expected return-Risk free rate of return

Beta (Measure of systematic risk)
3. JENSION RATIO
[Expected return- (Market return-Risk free rate of return)]*(Beta-Risk free rate

of return)
NEED OF THE RESEARCH
This research project was carried out to measure the competitiveness of various Mutual Funds
present in the Market. The rating has been done according to the Net Asset Values of a various
Tax Plan of different-2 Mutual Fund with the return of NIFTY.
The rating also consider that how a fund is diversified their money in different-2 portfolio.
Scope of Research
However the scope of research was limited to various Mutual funds. Only “Tax Plan” of
various Mutual Funds taken in this Research.
In this research only 10 Mutual fund are consider which was consider as the sample size of the
project with the past three months of data i.e. from ‘15th Oct. 2018 to 10th Dec 2018’. The
rating of each Mutual fund is based upon their Fund manager, their diversified portfolio, and
comparison of NAV with NIFTY.
Square of
difference in
Nifty rate of Expected
Date Close return and
return return
expected
return
15-Oct-18 3,022.20
16-Oct-18 3,021.60 (0.0199) 0.1854 0.0073
18-Oct-18 2,981.50 (1.3271) 0.1854 1.9390
20-Oct-18 3,005.85 0.8167 0.1854 0.5645
21-Oct-18 3,035.50 0.9864 0.1854 0.8483

22-Oct-18 3,050.80 0.5040 0.1854 0.1924
23-Oct-18 3,182.10 0.3704 0.1854 0.0930
24-Oct-18 3,050.05 (0.3935) 0.1854 0.2118
27-Oct-18 3,187.45 0.5705 0.1854 0.2551
28-Oct-18 3,074.70 0.2364 0.1854 0.0292
1-Mar-18 3,123.10 1.5741 0.1854 2.2764
2-Mar-18 3,150.70 0.8837 0.1854 0.6697
3-Mar-18 3,147.35 (0.1183) 0.1854 0.0295
6-Mar-18 3,190.40 1.3678 0.1854 1.6964
7-Mar-18 3,182.80 (0.2382) 0.1854 0.0922
8-Mar-18 3,116.70 (2.0768) 0.1854 4.5888
9-Mar-18 3,129.10 0.3979 0.1854 0.1105
10-Mar-18 3,183.90 1.7513 0.1854 2.8424
13-Mar-18 3,202.65 0.5889 0.1854 0.2741
14-Mar-18 3,195.35 (0.2279) 0.1854 0.0860
16-Mar-18 3,226.60 0.9780 0.1854 0.8329
18-Mar-18 3,234.05 0.2309 0.1854 0.0274
20-Mar-18 3,265.65 0.9771 0.1854 0.8313
21-Mar-18 3,262.30 (0.1026) 0.1854 0.0282
22-Mar-18 3,240.15 (0.6790) 0.1854 0.5540

23-Mar-18 3,247.15 0.2160 0.1854
0.0227
24-Mar-18 3,279.80 1.0055 0.1854 0.8838
27-Mar-18 3,321.65 1.2760 0.1854 1.4656
28-Mar-18 3,325.00 0.1009 0.1854 0.0013
29-Mar-18 3,354.20 0.8782 0.1854 0.6607
31-Mar-18 3,402.55 1.4415 0.1854 1.8937
3-Apr-18 3,473.30 2.0793 0.1854 4.0560
4-Apr-18 3,483.15 0.2836 0.1854 0.0476
5-Apr-18 3,510.90 0.7967 0.1854 0.5348
7-Apr-18 3,454.80 (1.5979) 0.1854 2.7664
10-Apr-18 3,478.45 0.6846 0.1854 0.3834
12-Apr-18 3,380.00 (2.8303) 0.1854 8.3848
13-Apr-18 3,345.50 (1.0207) 0.1854 1.1896
18-Apr-18 3,425.15 2.3808 0.1854 5.3613
18-Apr-18 3,518.10 2.7137 0.1854 7.0139
19-Apr-18 3,535.85 0.5045 0.1854 0.1929
20-Apr-18 3,573.50 1.1848 0.1854 0.9989
21-Apr-18 3,573.05 (0.0126) 0.1854 0.0181
24-Apr-18 3,548.90 (0.6759) 0.1854 0.5495
25-Apr-18 3,462.65 (2.4303) 0.1854 6.2285
26-Apr-18 3,555.75 2.6887 0.1854 6.8818

27-Apr-18 3,508.10 (1.3401) 0.1854 1.9753
28-Apr-18 3,508.35 0.0071 0.1854 0.0034
2-May-18 3,605.45 2.7677 0.1854 7.3025
3-May-18 3,634.25 0.7988 0.1854 0.5379
4-May-18 3,648.40 0.3894 0.1854 0.1050
5-May-18 3,663.95 0.4262 0.1854 0.1302
8-May-18 3,693.15 0.7970 0.1854 0.5352
9-May-18 3,720.55 0.7419 0.1854 0.4577
10-May-18 3,754.25 0.9058 0.1854 0.7183
11-May-18 3,701.05 (1.4181) 0.1854 2.1976
12-May-18 3,650.05 (1.3780) 0.1854 2.0833
15-May-18 3,502.95 (4.0301) 0.1854 16.7727
16-May-18 3,523.30 0.5809 0.1854 0.2658
18-May-18 3,635.10 3.1832 0.1854 9.6584
18-May-18 3,388.90 (6.7729) 0.1854 46.7613
19-May-18 3,246.90 (4.1902) 0.1854 18.1094
22-May-18 3,081.35 (5.0987) 0.1854 26.6677
23-May-18 3,199.35 3.8295 0.1854 14.1686
24-May-18 3,115.55 (2.6193) 0.1854 7.2073
25-May-18 3,187.70 1.9948 0.1854 3.7228

26-May-18 3,209.60 1.0039 0.1854
0.8808
29-May-18 3,214.90 0.1651 0.1854 0.0100
30-May-18 3,185.30 (0.9207) 0.1854 0.9724
31-May-18 3,071.05 (3.5868) 0.1854 13.3382
1-Jun-18 2,962.25 (3.5428) 0.1854 13.0186
2-Jun-18 3,091.35 4.3582 0.1854 18.4282
5-Jun-18 3,016.65 (2.4164) 0.1854 6.1593
6-Jun-18 2,937.30 (2.6304) 0.1854 7.2672
7-Jun-18 2,860.45 (2.6163) 0.1854 7.1916
8-Jun-18 2,724.35 (4.7580) 0.1854 23.2648
9-Jun-18 2,866.30 5.2104 0.1854 26.4715
12-Jun-18 2,776.85 (3.1207) 0.1854 10.1513
13-Jun-18 2,663.30 (4.0892) 0.1854 18.2601
14-Jun-18 2,632.80 (1.1452) 0.1854 1.4655
15-Jun-18 2,798.80 6.3051 0.1854 38.9339
16-Jun-18 2,890.35 3.2710 0.1854 10.2764
19-Jun-18 2,916.90 0.9186 0.1854 0.7280
20-Jun-18 2,861.30 (1.9181) 0.1854 3.8868
21-Jun-18 2,923.45 2.1821 0.1854 4.4383
22-Jun-18 2,994.75 2.4389 0.1854 5.6337
23-Jun-18 3,042.70 1.6011 0.1854 2.3586

26-Jun-18 2,943.20 (3.2701) 0.1854 11.1255
27-Jun-18 2,982.45 1.3336 0.1854 1.6084
28-Jun-18 2,981.10 (0.0453) 0.1854 0.0122
29-Jun-18 2,997.90 0.5636 0.1854 0.2482
30-Jun-18 3,128.20 4.3464 0.1854 18.3270
3-Jul-18 3,150.95 0.7273 0.1854 0.4381
4-Jul-18 3,138.65 (0.3904) 0.1854 0.2077
5-Jul-18 3,197.10 1.8623 0.1854 3.2288
6-Jul-18 3,156.40 (1.2730) 0.1854 1.7913
7-Jul-18 3,075.85 (2.5520) 0.1854 6.8504
10-Jul-18 3,142.00 2.1518 0.1854 4.3483
TOTAL 6.3418 488.2820
Expected Return 0.1854

VARIANCE 5.0863
Standard deviation 2.2553
square of
% of return difference of Nifty % rate
Date NAV Exp. Return
X return and of return
expected return
15-Oct-18 78.23
16-Oct-18 78.49 0.3324 (0.0352) 0.1351 (0.0199)
18-Oct-18 78.91 0.5351 (0.0352) 0.3252 (1.3271)
20-Oct-18 77.85 (1.3433) (0.0352) 1.7112 0.8167
21-Oct-18 76.97 (1.1304) (0.0352) 1.1994 0.9864
22-Oct-18 77.45 0.6236 (0.0352) 0.4340 0.5040
23-Oct-18 77.38 (0.0904) (0.0352) 0.0030 0.3704
24-Oct-18 77.20 (0.2326) (0.0352) 0.0390 (0.3935)
27-Oct-18 77.65 0.5829 (0.0352) 0.3820 0.5705
28-Oct-18 78.12 0.6053 (0.0352) 0.4102 0.2364
1-Mar-18 77.98 (0.1892) (0.0352) 0.0207 1.5741
2-Mar-18 79.14 1.4876 (0.0352) 2.3188 0.8837
3-Mar-18 79.39 0.3159 (0.0352) 0.1233 (0.1183)
6-Mar-18 79.41 0.0252 (0.0352) 0.0036 1.3678
7-Mar-18 80.89 1.8637 (0.0352) 3.6059 (0.2382)
8-Mar-18 81.92 1.2733 (0.0352) 1.7122 (2.0768)
9-Mar-18 80.95 (1.1841) (0.0352) 1.3200 0.3979
10-Mar-18 81.72 0.9512 (0.0352) 0.9730 1.7513
13-Mar-18 82.43 0.8688 (0.0352) 0.8182 0.5889
14-Mar-18 82.43 - (0.0352) 0.0012 (0.2279)
16-Mar-18 82.43 - (0.0352) 0.0012 0.9780
18-Mar-18 83.00 0.6915 (0.0352) 0.5281 0.2309
20-Mar-18 82.51 (0.5904) (0.0352) 0.3082 0.9771
21-Mar-18 82.52 0.0121 (0.0352) 0.0022 (0.1026)
22-Mar-18 82.23 (0.3514) (0.0352) 0.1000 (0.6790)
23-Mar-18 81.60 (0.7661) (0.0352) 0.5343 0.2160
24-Mar-18 82.26 0.8088 (0.0352) 0.7124 1.0055
27-Mar-18 82.52 0.3161 (0.0352) 0.1234 1.2760
28-Mar-18 83.74 1.4784 (0.0352) 2.2910 0.1009
29-Mar-18 83.02 (0.8598) (0.0352) 0.6800 0.8782
31-Mar-18 86.20 3.8304 (0.0352) 14.9428 1.4415
3-Apr-18 90.70 5.2204 (0.0352) 27.6214 2.0793
4-Apr-18 90.70 - (0.0352) 0.0012 0.2836
5-Apr-18 91.48 0.8600 (0.0352) 0.8013 0.7967
7-Apr-18 93.87 2.6126 (0.0352) 7.0107 (1.5979)
10-Apr-18 93.24 (0.6711) (0.0352) 0.4044 0.6846
12-Apr-18 93.93 0.7400 (0.0352) 0.6010 (2.8303)
13-Apr-18 92.82 (1.1818) (0.0352) 1.3146 (1.0207)
18-Apr-18 91.52 (1.4018) (0.0352) 1.8642 2.3808
18-Apr-18 93.20 1.8357 (0.0352) 3.5001 2.7137
19-Apr-18 94.47 1.3627 (0.0352) 1.9540 0.5045
20-Apr-18 95.62 1.2183 (0.0352) 1.5688 1.1848
21-Apr-18 96.14 0.5438 (0.0352) 0.3352 (0.0126)
24-Apr-18 96.49 0.3641 (0.0352) 0.1594 (0.6759)
25-Apr-18 97.35 0.8913 (0.0352) 0.8583 (2.4303)
26-Apr-18 95.86 (1.5318) (0.0352) 2.2361 2.6887
27-Apr-18 97.24 1.4396 (0.0352) 2.1850 (1.3408)
28-Apr-18 97.96 0.7404 (0.0352) 0.6016 0.0071
2-May-18 97.88 (0.0818) (0.0352) 0.0022 2.7677
3-May-18 100.79 2.9730 (0.0352) 9.0494 0.7988
4-May-18 100.83 0.0397 (0.0352) 0.0056 0.3894
5-May-18 99.91 (0.9124) (0.0352) 0.7696 0.4262
8-May-18 99.90 (0.0100) (0.0352) 0.0018 0.7970
9-May-18 100.75 0.8509 (0.0352) 0.7851 0.7419
10-May-18 101.59 0.8337 (0.0352) 0.7550 0.9058
11-May-18 103.28 1.6635 (0.0352) 2.8857 (1.4181)
12-May-18 102.07 (1.1816) (0.0352) 1.2914 (1.3780)
15-May-18 100.61 (1.4304) (0.0352) 1.9466 (4.0301)
16-May-18 96.95 (3.6378) (0.0352) 12.9789 0.5809
18-May-18 96.35 (0.6189) (0.0352) 0.3407 3.1832
18-May-18 99.13 2.8853 (0.0352) 8.5293 (6.7729)
19-May-18 92.49 (6.6983) (0.0352) 44.3968 (4.1902)
22-May-18 89.19 (3.5680) (0.0352) 12.4804 (5.0987)
23-May-18 81.98 (8.0839) (0.0352) 64.7812 3.8295
24-May-18 85.31 4.1820 (0.0352) 16.7867 (2.6193)
25-May-18 85.22 (0.1055) (0.0352) 0.0049 1.9948
26-May-18 84.75 (0.5515) (0.0352) 0.2666 1.0039
29-May-18 86.54 2.1121 (0.0352) 4.6108 0.1651
30-May-18 87.41 1.0053 (0.0352) 1.0826 (0.9207)
31-May-18 87.22 (0.2184) (0.0352) 0.0332 (3.5868)
1-Jun-18 84.26 (3.3937) (0.0352) 11.2797 (3.5428)
2-Jun-18 81.39 (3.4181) (0.0352) 11.3632 4.3582
5-Jun-18 80.20 (1.4621) (0.0352) 2.0361 (2.4164)
6-Jun-18 78.52 (2.0948) (0.0352) 4.2419 (2.6304)
7-Jun-18 76.34 (2.7764) (0.0352) 7.5140 (2.6165)
8-Jun-18 70.35 (7.8465) (0.0352) 61.0163 (4.7580)
9-Jun-18 64.95 (7.6759) (0.0352) 58.3818 5.2104
12-Jun-18 69.23 6.5897 (0.0352) 43.8889 (3.1207)
13-Jun-18 68.18 (1.6900) (0.0352) 2.7385 (4.0892)
14-Jun-18 64.04 (5.9186) (0.0352) 34.4729 (1.1452)
15-Jun-18 62.04 (3.1230) (0.0352) 9.5349 6.3051
16-Jun-18 68.10 9.7679 (0.0352) 96.1003 3.2710
19-Jun-18 68.10 - (0.0352) 0.0012 0.9186
20-Jun-18 70.12 2.9662 (0.0352) 9.0085 (1.9181)
21-Jun-18 70.72 0.8557 (0.0352) 0.7936 2.1821
22-Jun-18 72.72 2.8281 (0.0352) 8.1981 2.4389
23-Jun-18 74.69 2.7090 (0.0352) 7.5307 1.6011
26-Jun-18 75.10 0.5489 (0.0352) 0.3412 (3.2701)
27-Jun-18 72.10 (3.9947) (0.0352) 15.6775 1.3336
28-Jun-18 71.31 (1.0957) (0.0352) 1.1247 (0.0453)
29-Jun-18 70.64 (0.9396) (0.0352) 0.8189 0.5636
30-Jun-18 71.02 0.5379 (0.0352) 0.3285 4.3464
3-Jul-18 73.12 2.9569 (0.0352) 8.9527 0.7273
4-Jul-18 73.37 0.3419 (0.0352) 0.1422 (0.3904)
5-Jul-18 73.18 (0.4225) (0.0352) 0.1500 1.8623
6-Jul-18 73.89 1.1361 (0.0352) 1.3718 (1.2730)
7-Jul-18 74.01 0.1624 (0.0352) 0.0390 (2.5520)
10-Jul-18 73.09 (1.2431) (0.0352) 1.4590 2.1518
TOTAL (3.4131) 671.0535
Expected Return (0.0352)

Variance 6.9901
Standard Deviation 2.6439
Covariance 0.0876
Variance of nifty 5.0868
Beta 0.0182
square of
expected return
15-Oct-18 61.81
16-Oct-18 62.18 0.4045 (0.0160) 0.1868 (0.0199)
18-Oct-18 61.24 (1.3213) (0.0160) 1.7038 (1.3271)
20-Oct-18 60.84 (0.6532) (0.0160) 0.4180 0.8167
21-Oct-18 61.31 0.7725 (0.0160) 0.6218 0.9864
22-Oct-18 61.58 0.4404 (0.0160) 0.2083 0.5040
23-Oct-18 61.33 (0.4180) (0.0160) 0.1521 0.3704
24-Oct-18 61.65 0.5218 (0.0160) 0.2892 (0.3935)
27-Oct-18 62.20 0.8921 (0.0160) 0.8247 0.5705
28-Oct-18 62.44 0.3859 (0.0160) 0.1615 0.2364
1-Mar-18 63.73 2.1860 (0.0160) 4.3346 1.5741
2-Mar-18 64.30 0.8944 (0.0160) 0.8288 0.8837
3-Mar-18 64.59 0.4510 (0.0160) 0.2181 (0.1183)
6-Mar-18 66.27 2.6010 (0.0160) 6.8487 1.3678
7-Mar-18 67.18 1.1921 (0.0160) 1.4595 (0.2382)
8-Mar-18 66.66 (0.5965) (0.0160) 0.3370 (2.0768)
9-Mar-18 66.89 0.3450 (0.0160) 0.1303 0.3979
10-Mar-18 68.03 1.7043 (0.0160) 2.9594 1.7513
13-Mar-18 68.33 0.4410 (0.0160) 0.2088 0.5889
14-Mar-18 68.00 (0.4830) (0.0160) 0.2181 (0.2279)
16-Mar-18 68.34 0.5000 (0.0160) 0.2662 0.9780
18-Mar-18 68.50 0.2341 (0.0160) 0.1826 0.2309
20-Mar-18 69.37 1.2701 (0.0160) 1.6540 0.9771
21-Mar-18 69.82 0.6487 (0.0160) 0.4418 (0.1026)
22-Mar-18 69.30 (0.7448) (0.0160) 0.5311 (0.6790)
23-Mar-18 69.40 0.1443 (0.0160) 0.0257 0.2160
24-Mar-18 69.59 0.2738 (0.0160) 0.0840 1.0055
27-Mar-18 70.48 1.2789 (0.0160) 1.6768 1.2760
28-Mar-18 70.11 (0.5250) (0.0160) 0.2591 0.1009
29-Mar-18 70.90 1.1268 (0.0160) 1.3180 0.8782
31-Mar-18 72.41 2.1298 (0.0160) 4.6042 1.4415
3-Apr-18 74.21 2.4858 (0.0160) 6.2592 2.0793
4-Apr-18 74.56 0.4716 (0.0160) 0.2378 0.2836
5-Apr-18 75.32 1.0193 (0.0160) 1.0718 0.7967
7-Apr-18 74.58 (0.9825) (0.0160) 0.9341 (1.5979)
10-Apr-18 74.72 0.1877 (0.0160) 0.0415 0.6846
12-Apr-18 73.20 (2.0343) (0.0160) 4.0734 (2.8303)
13-Apr-18 71.67 (2.0902) (0.0160) 4.3022 (1.0207)
18-Apr-18 73.00 1.8557 (0.0160) 3.5033 2.3808
18-Apr-18 73.91 1.2466 (0.0160) 1.5941 2.7137
19-Apr-18 74.55 0.8659 (0.0160) 0.7778 0.5045
20-Apr-18 75.54 1.3280 (0.0160) 1.8182 1.1848
21-Apr-18 75.18 (0.4898) (0.0160) 0.2245 (0.0126)
24-Apr-18 75.76 0.7849 (0.0160) 0.6414 (0.6759)
25-Apr-18 74.53 (1.6235) (0.0160) 2.5843 (2.4303)
26-Apr-18 75.18 0.8721 (0.0160) 0.7888 2.6887
27-Apr-18 75.34 0.2128 (0.0160) 0.0524 (1.3408)
28-Apr-18 75.43 0.1195 (0.0160) 0.0183 0.0071
2-May-18 78.07 3.4999 (0.0160) 12.3618 2.7677
3-May-18 78.58 0.6533 (0.0160) 0.4479 0.7988
4-May-18 78.02 (0.7126) (0.0160) 0.4853 0.3894
5-May-18 78.07 0.1841 (0.0160) 0.0184 0.4262
8-May-18 78.52 0.5764 (0.0160) 0.3509 0.7970
9-May-18 78.66 0.1883 (0.0160) 0.0377 0.7419
10-May-18 79.43 0.9789 (0.0160) 0.9898 0.9058
11-May-18 78.46 (1.2212) (0.0160) 1.4525 (1.4181)
12-May-18 78.41 (0.1837) (0.0160) 0.0023 (1.3780)
15-May-18 75.88 (3.2266) (0.0160) 10.3082 (4.0301)
16-May-18 75.51 (0.4876) (0.0160) 0.2224 0.5809
18-May-18 77.77 2.9930 (0.0160) 9.0539 3.1832
18-May-18 72.88 (6.2878) (0.0160) 39.3353 (6.7729)
19-May-18 70.81 (2.8403) (0.0160) 7.9767 (4.1902)
22-May-18 66.76 (5.7195) (0.0160) 32.5304 (5.0987)
23-May-18 68.83 3.1007 (0.0160) 9.7135 3.8295
24-May-18 68.10 (1.1818) (0.0160) 1.0912 (2.6193)
25-May-18 67.51 (0.8664) (0.0160) 0.7232 1.9948
26-May-18 68.24 1.0813 (0.0160) 1.2041 1.0039
29-May-18 68.28 0.0586 (0.0160) 0.0056 0.1651
30-May-18 68.27 (0.0146) (0.0160) 0.0000 (0.9207)
31-May-18 66.68 (2.3290) (0.0160) 5.3500 (3.5868)
1-Jun-18 64.89 (2.6845) (0.0160) 7.1208 (3.5428)
2-Jun-18 64.74 (0.2312) (0.0160) 0.0463 4.3582
5-Jun-18 63.33 (2.1879) (0.0160) 4.6740 (2.4164)
6-Jun-18 61.36 (3.1107) (0.0160) 9.5772 (2.6304)
7-Jun-18 58.10 (5.3129) (0.0160) 28.0574 (2.6165)
8-Jun-18 53.40 (8.0895) (0.0160) 65.1816 (4.7580)
9-Jun-18 57.13 6.9850 (0.0160) 49.0141 5.2104
12-Jun-18 56.01 (1.9604) (0.0160) 3.7809 (3.1207)
13-Jun-18 53.04 (5.3026) (0.0160) 27.9485 (4.0892)
14-Jun-18 51.37 (3.1486) (0.0160) 9.8131 (1.1452)
15-Jun-18 54.42 5.9373 (0.0160) 35.4418 6.3051
16-Jun-18 56.53 3.8773 (0.0160) 15.1573 3.2710
19-Jun-18 57.60 1.8928 (0.0160) 3.6435 0.9186
20-Jun-18 57.20 (0.6944) (0.0160) 0.4603 (1.9181)
21-Jun-18 58.73 2.6748 (0.0160) 7.2405 2.1821
22-Jun-18 59.92 2.0262 (0.0160) 4.1818 2.4389
23-Jun-18 60.54 1.0347 (0.0160) 1.1040 1.6011
26-Jun-18 58.57 (3.2540) (0.0160) 10.4850 (3.2701)
27-Jun-18 57.63 (1.6049) (0.0160) 2.5247 1.3336
28-Jun-18 57.52 (0.1909) (0.0160) 0.0318 (0.0453)
29-Jun-18 57.73 0.3651 (0.0160) 0.1452 0.5636
30-Jun-18 60.05 4.0187 (0.0160) 16.2788 4.3464
3-Jul-18 59.81 (0.3997) (0.0160) 0.1472 0.7273
4-Jul-18 59.63 (0.3010) (0.0160) 0.0812 (0.3904)
5-Jul-18 60.37 1.2410 (0.0160) 1.5800 1.8623
6-Jul-18 59.78 (0.9773) (0.0160) 0.9241 (1.2730)
7-Jul-18 58.76 (1.7183) (0.0160) 2.8570 (2.5520)
10-Jul-18 59.33 0.9700 (0.0160) 0.9723 2.1518
TOTAL (1.5508) 504.0166

Variance 5.2502
Covariance 4.5236
Beta 0.8893
square of
expected return
15-Oct-18 22.26
16-Oct-18 22.31 0.0225 (0.0421) 0.0042 (0.0199)
18-Oct-18 21.96 (0.1569) (0.0421) 0.0132 (1.3271)
20-Oct-18 21.83 (0.0592) (0.0421) 0.0003 0.8167
21-Oct-18 21.93 0.0458 (0.0421) 0.0077 0.9864
22-Oct-18 21.81 (0.0547) (0.0421) 0.0002 0.5040
23-Oct-18 21.77 (0.0183) (0.0421) 0.0018 0.3704
24-Oct-18 21.91 0.1843 (0.0421) 0.0113 (0.3935)
27-Oct-18 21.98 0.0319 (0.0421) 0.0055 0.5705
28-Oct-18 22.18 0.0364 (0.0421) 0.0182 0.2364
1-Mar-18 22.31 0.1133 (0.0421) 0.0241 1.5741
2-Mar-18 22.58 0.1210 (0.0421) 0.0266 0.8837
3-Mar-18 22.70 0.0531 (0.0421) 0.0091 (0.1183)
6-Mar-18 23.09 0.1818 (0.0421) 0.0457 1.3678
7-Mar-18 23.15 0.0260 (0.0421) 0.0046 (0.2382)
8-Mar-18 22.86 (0.1253) (0.0421) 0.0189 (2.0768)
9-Mar-18 22.96 0.0437 (0.0421) 0.0074 0.3979
10-Mar-18 23.25 0.1263 (0.0421) 0.0283 1.7513
13-Mar-18 23.28 0.0129 (0.0421) 0.0030 0.5889
14-Mar-18 23.19 (0.0387) (0.0421) 0.0000 (0.2279)
16-Mar-18 23.26 0.0302 (0.0421) 0.0052 0.9780
18-Mar-18 23.15 (0.0473) (0.0421) 0.0000 0.2309
20-Mar-18 23.25 0.0432 (0.0421) 0.0073 0.9771
21-Mar-18 23.26 0.0043 (0.0421) 0.0021 (0.1026)
22-Mar-18 23.15 (0.0473) (0.0421) 0.0000 (0.6790)
23-Mar-18 23.24 0.0389 (0.0421) 0.0185 0.2160
24-Mar-18 23.31 0.0301 (0.0421) 0.0052 1.0055
27-Mar-18 23.52 0.0901 (0.0421) 0.0185 1.2760
28-Mar-18 23.38 (0.0595) (0.0421) 0.0003 0.1009
29-Mar-18 23.75 0.1583 (0.0421) 0.0401 0.8782
31-Mar-18 24.09 0.1432 (0.0421) 0.0343 1.4415
3-Apr-18 24.75 0.2740 (0.0421) 0.0999 2.0793
4-Apr-18 24.85 0.0404 (0.0421) 0.0188 0.2836
5-Apr-18 25.22 0.1489 (0.0421) 0.0365 0.7967
7-Apr-18 25.13 (0.0357) (0.0421) 0.0000 (1.5979)
10-Apr-18 25.27 0.0557 (0.0421) 0.0096 0.6846
12-Apr-18 24.85 (0.1662) (0.0421) 0.0154 (2.8303)
13-Apr-18 24.31 (0.2183) (0.0421) 0.0307 (1.0207)
18-Apr-18 24.71 0.1645 (0.0421) 0.0427 2.3808
18-Apr-18 25.18 0.1416 (0.0421) 0.0337 2.7137
19-Apr-18 25.28 0.0878 (0.0421) 0.0169 0.5045
20-Apr-18 25.35 0.0277 (0.0421) 0.0049 1.1848
21-Apr-18 25.44 0.0355 (0.0421) 0.0180 (0.0126)
24-Apr-18 25.93 0.1926 (0.0421) 0.0551 (0.6759)
25-Apr-18 25.65 (0.1080) (0.0421) 0.0043 (2.4303)
26-Apr-18 25.90 0.0975 (0.0421) 0.0195 2.6887
27-Apr-18 26.05 0.0579 (0.0421) 0.0100 (1.3408)
28-Apr-18 25.94 (0.0422) (0.0421) 0.0000 0.0071
2-May-18 26.80 0.3315 (0.0421) 0.1396 2.7677
3-May-18 26.63 (0.1834) (0.0421) 0.0005 0.7988
4-May-18 26.58 (0.0188) (0.0421) 0.0005 0.3894
5-May-18 26.43 (0.0564) (0.0421) 0.0002 0.4262
8-May-18 26.56 0.0492 (0.0421) 0.0083 0.7970
9-May-18 26.71 0.0565 (0.0421) 0.0097 0.7419
10-May-18 26.93 0.0824 (0.0421) 0.0155 0.9058
11-May-18 26.90 (0.0111) (0.0421) 0.0010 (1.4181)
12-May-18 26.77 (0.0483) (0.0421) 0.0000 (1.3780)
15-May-18 26.00 (0.2876) (0.0421) 0.1803 (4.0301)
16-May-18 25.92 (0.0308) (0.0421) 0.0001 0.5809
18-May-18 26.44 0.2018 (0.0421) 0.0589 3.1832
18-May-18 24.86 (0.5976) (0.0421) 0.3086 (6.7729)
19-May-18 24.07 (0.3188) (0.0421) 0.0760 (4.1902)
22-May-18 22.68 (0.5775) (0.0421) 0.2867 (5.0987)
23-May-18 23.25 0.2513 (0.0421) 0.0861 3.8295
24-May-18 23.22 (0.0129) (0.0421) 0.0008 (2.6193)
25-May-18 23.18 (0.1889) (0.0421) 0.0007 1.9948
26-May-18 23.40 0.1474 (0.0421) 0.0359 1.0039
29-May-18 23.60 0.0855 (0.0421) 0.0163 0.1651
30-May-18 23.50 (0.0424) (0.0421) 0.0000 (0.9207)
31-May-18 22.65 (0.3618) (0.0421) 0.1022 (3.5868)
1-Jun-18 21.90 (0.3311) (0.0421) 0.0836 (3.5428)
2-Jun-18 21.47 (0.1963) (0.0421) 0.0238 4.3582
5-Jun-18 21.19 (0.1304) (0.0421) 0.0078 (2.4164)
6-Jun-18 20.52 (3.1619) (0.0421) 9.7332 (2.6304)
7-Jun-18 19.34 (0.5750) (0.0421) 0.2841 (2.6165)
8-Jun-18 18.83 (0.7808) (0.0421) 0.5457 (4.7580)
9-Jun-18 18.68 0.4767 (0.0421) 0.2691 5.2104
12-Jun-18 18.45 (0.1231) (0.0421) 0.0186 (3.1207)
13-Jun-18 18.38 (0.5799) (0.0421) 0.2893 (4.0892)
14-Jun-18 16.78 (0.3452) (0.0421) 0.0919 (1.1452)
15-Jun-18 18.47 0.4112 (0.0421) 0.2054 6.3051
16-Jun-18 18.30 0.4751 (0.0421) 0.2674 3.2710
19-Jun-18 18.55 0.1366 (0.0421) 0.0319 0.9186
20-Jun-18 18.76 0.1132 (0.0421) 0.0241 (1.9181)
21-Jun-18 19.31 0.2932 (0.0421) 0.1124 2.1821
22-Jun-18 19.69 0.1968 (0.0421) 0.0570 2.4389
23-Jun-18 19.81 0.1809 (0.0421) 0.0118 1.6011
26-Jun-18 19.21 (0.3029) (0.0421) 0.1880 (3.2701)
27-Jun-18 18.87 (0.1870) (0.0421) 0.0182 1.3336
28-Jun-18 18.72 (0.0795) (0.0421) 0.0014 (0.0453)
29-Jun-18 18.80 0.0427 (0.0421) 0.0072 0.5636
30-Jun-18 19.41 0.3245 (0.0421) 0.1343 4.3464
3-Jul-18 19.42 0.0052 (0.0421) 0.0022 0.7273
4-Jul-18 19.35 (0.0360) (0.0421) 0.0000 (0.3904)
5-Jul-18 19.50 0.0775 (0.0421) 0.0143 1.8623
6-Jul-18 19.39 (0.0564) (0.0421) 0.0002 (1.2730)
7-Jul-18 19.08 (0.1599) (0.0421) 0.0139 (2.5520)
10-Jul-18 19.23 0.0786 (0.0421) 0.0146 2.1518
TOTAL (4.0792) 14.2418

Variance 0.1484
Covariance 0.4774
Beta 0.0939
square of
expected return
15-Oct-18 162.52
16-Oct-18 162.37 (0.0923) (0.0192) 0.0053 (0.0199)
18-Oct-18 159.65 (1.6752) (0.0192) 2.7422 (1.3271)
20-Oct-18 156.14 (2.1986) (0.0192) 4.7495 0.8167
21-Oct-18 157.30 0.7429 (0.0192) 0.5809 0.9864
22-Oct-18 156.70 (0.3814) (0.0192) 0.1312 0.5040
23-Oct-18 156.18 (0.3318) (0.0192) 0.0977 0.3704
24-Oct-18 156.88 0.4482 (0.0192) 0.2185 (0.3935)
27-Oct-18 157.69 0.5163 (0.0192) 0.2868 0.5705
28-Oct-18 158.23 0.3424 (0.0192) 0.1308 0.2364
1-Mar-18 161.26 1.9149 (0.0192) 3.7410 1.5741
2-Mar-18 163.39 1.3208 (0.0192) 1.7958 0.8837
3-Mar-18 164.32 0.5692 (0.0192) 0.3462 (0.1183)
6-Mar-18 168.39 2.4769 (0.0192) 6.2305 1.3678
7-Mar-18 169.81 0.8433 (0.0192) 0.7439 (0.2382)
8-Mar-18 167.41 (1.4133) (0.0192) 1.9436 (2.0768)
9-Mar-18 167.22 (0.1135) (0.0192) 0.0089 0.3979
10-Mar-18 169.61 1.4293 (0.0192) 2.0981 1.7513
13-Mar-18 180.83 0.7193 (0.0192) 0.5454 0.5889
14-Mar-18 180.91 0.0468 (0.0192) 0.0044 (0.2279)
16-Mar-18 182.96 1.1995 (0.0192) 1.4852 0.9780
18-Mar-18 183.99 0.5955 (0.0192) 0.3779 0.2309
20-Mar-18 185.22 0.7189 (0.0192) 0.5273 0.9771
21-Mar-18 184.94 (0.1598) (0.0192) 0.0198 (0.1026)
22-Mar-18 182.70 (1.2804) (0.0192) 1.5907 (0.6790)
23-Mar-18 183.62 0.5327 (0.0192) 0.3046 0.2160
24-Mar-18 185.65 1.1692 (0.0192) 1.4124 1.0055
27-Mar-18 185.83 0.1025 (0.0192) 0.0148 1.2760
28-Mar-18 185.71 (0.1882) (0.0192) 0.0024 0.1009
29-Mar-18 187.28 0.8935 (0.0192) 0.8331 0.8782
31-Mar-18 183.10 3.2829 (0.0192) 10.9043 1.4415
3-Apr-18 186.32 1.7586 (0.0192) 3.1607 2.0793
4-Apr-18 187.21 0.4777 (0.0192) 0.2469 0.2836
5-Apr-18 189.25 1.0897 (0.0192) 1.2297 0.7967
7-Apr-18 186.88 (1.2523) (0.0192) 1.5205 (1.5979)
10-Apr-18 187.29 0.2194 (0.0192) 0.0569 0.6846
12-Apr-18 183.49 (2.0289) (0.0192) 4.0390 (2.8303)
13-Apr-18 189.18 (2.3489) (0.0192) 5.4274 (1.0207)
18-Apr-18 182.27 1.7245 (0.0192) 3.0418 2.3808
18-Apr-18 184.70 1.3332 (0.0192) 1.8290 2.7137
19-Apr-18 185.56 0.4656 (0.0192) 0.2351 0.5045
20-Apr-18 185.76 0.1078 (0.0192) 0.0161 1.1848
21-Apr-18 184.56 (0.6460) (0.0192) 0.3928 (0.0126)
24-Apr-18 185.10 0.2926 (0.0192) 0.0972 (0.6759)
25-Apr-18 182.96 (1.1561) (0.0192) 1.2926 (2.4303)
26-Apr-18 186.95 2.1808 (0.0192) 4.8401 2.6887
27-Apr-18 186.12 (0.4440) (0.0192) 0.1804 (1.3408)
28-Apr-18 187.97 0.9940 (0.0192) 1.0266 0.0071
2-May-18 194.60 3.5272 (0.0192) 12.5768 2.7677
3-May-18 197.03 1.2487 (0.0192) 1.6077 0.7988
4-May-18 196.46 (0.2893) (0.0192) 0.0729 0.3894
5-May-18 197.05 0.3003 (0.0192) 0.1021 0.4262
8-May-18 197.68 0.3197 (0.0192) 0.1149 0.7970
9-May-18 197.97 0.1467 (0.0192) 0.0275 0.7419
10-May-18 199.35 0.6971 (0.0192) 0.5131 0.9058
11-May-18 197.52 (0.9180) (0.0192) 0.8078 (1.4181)
12-May-18 195.62 (0.9619) (0.0192) 0.8887 (1.3780)
15-May-18 187.26 (4.2736) (0.0192) 18.0997 (4.0301)
16-May-18 186.31 (0.5073) (0.0192) 0.2382 0.5809
18-May-18 190.11 2.0396 (0.0192) 4.2388 3.1832
18-May-18 187.10 (6.8434) (0.0192) 46.5695 (6.7729)
19-May-18 180.74 (3.5912) (0.0192) 12.7590 (4.1902)
22-May-18 161.91 (5.1816) (0.0192) 26.5471 (5.0987)
23-May-18 168.21 3.8911 (0.0192) 15.2902 3.8295
24-May-18 168.78 0.3389 (0.0192) 0.1282 (2.6193)
25-May-18 169.01 0.1363 (0.0192) 0.0242 1.9948
26-May-18 183.22 2.4910 (0.0192) 6.3011 1.0039
29-May-18 184.80 0.9121 (0.0192) 0.8674 0.1651
30-May-18 183.76 (0.5950) (0.0192) 0.3315 (0.9207)
31-May-18 180.15 (2.0776) (0.0192) 4.2368 (3.5868)
1-Jun-18 164.37 (3.3970) (0.0192) 11.4094 (3.5428)
2-Jun-18 165.70 0.8092 (0.0192) 0.6862 4.3582
5-Jun-18 162.74 (1.7864) (0.0192) 3.1228 (2.4164)
6-Jun-18 158.40 (2.6668) (0.0192) 7.0098 (2.6304)
7-Jun-18 150.42 (5.0379) (0.0192) 25.1869 (2.6165)
8-Jun-18 139.21 (7.4525) (0.0192) 55.2531 (4.7580)
9-Jun-18 148.76 6.8601 (0.0192) 47.3256 5.2104
12-Jun-18 145.49 (2.1982) (0.0192) 4.7478 (3.1207)
13-Jun-18 136.21 (6.3784) (0.0192) 40.4397 (4.0892)
14-Jun-18 133.93 (1.6739) (0.0192) 2.7379 (1.1452)
15-Jun-18 142.20 6.1849 (0.0192) 38.3667 6.3051
16-Jun-18 147.26 3.5584 (0.0192) 12.7991 3.2710
19-Jun-18 150.83 2.4243 (0.0192) 5.9707 0.9186
20-Jun-18 150.00 (0.5503) (0.0192) 0.2820 (1.9181)
21-Jun-18 152.75 1.8333 (0.0192) 3.4320 2.1821
22-Jun-18 155.45 1.7676 (0.0192) 3.1927 2.4389
23-Jun-18 156.14 0.4439 (0.0192) 0.2145 1.6011
26-Jun-18 150.69 (3.4905) (0.0192) 12.0495 (3.2701)
27-Jun-18 150.00 (0.4579) (0.0192) 0.1924 1.3336
28-Jun-18 151.26 0.8400 (0.0192) 0.7383 (0.0453)
29-Jun-18 151.37 0.0727 (0.0192) 0.0085 0.5636
30-Jun-18 157.49 4.0431 (0.0192) 16.5022 4.3464
3-Jul-18 157.38 (0.1898) (0.0192) 0.0026 0.7273
4-Jul-18 156.40 (0.6227) (0.0192) 0.3642 (0.3904)
5-Jul-18 158.23 1.1801 (0.0192) 1.4144 1.8623
6-Jul-18 156.42 (1.1439) (0.0192) 1.2649 (1.2730)
7-Jul-18 154.28 (1.3681) (0.0192) 1.8195 (2.5520)
10-Jul-18 155.37 0.7185 (0.0192) 0.5267 2.1518
TOTAL (1.8644) 521.9082

Variance 5.4365
Covariance 4.6692
Beta 0.9189
square of
expected return
15-Oct-18 35.14
16-Oct-18 35.23 0.2444 0.0023 0.0586 (0.0199)
18-Oct-18 34.82 (1.1636) 0.0023 1.3594 (1.3271)
20-Oct-18 34.68 (0.3984) 0.0023 0.1618 0.8167
21-Oct-18 34.89 0.6185 0.0023 0.3797 0.9864
22-Oct-18 34.91 0.0499 0.0023 0.0023 0.5040
23-Oct-18 34.98 0.2100 0.0023 0.0431 0.3704
24-Oct-18 35.23 0.7152 0.0023 0.5082 (0.3935)
27-Oct-18 35.37 0.3948 0.0023 0.1540 0.5705
28-Oct-18 35.64 0.7678 0.0023 0.5860 0.2364
1-Mar-18 36.73 3.0574 0.0023 9.3334 1.5741
2-Mar-18 36.78 0.1192 0.0023 0.0137 0.8837
3-Mar-18 36.85 0.1985 0.0023 0.0385 (0.1183)
6-Mar-18 37.42 1.5419 0.0023 2.3702 1.3678
7-Mar-18 37.64 0.6024 0.0023 0.3600 (0.2382)
8-Mar-18 36.98 (1.7649) 0.0023 3.1231 (2.0768)
9-Mar-18 37.15 0.4554 0.0023 0.2053 0.3979
10-Mar-18 37.55 1.0910 0.0023 1.1852 1.7513
13-Mar-18 37.72 0.4372 0.0023 0.1891 0.5889
14-Mar-18 37.70 (0.0557) 0.0023 0.0034 (0.2279)
16-Mar-18 37.92 0.5788 0.0023 0.3323 0.9780
18-Mar-18 37.72 (0.5074) 0.0023 0.2599 0.2309
20-Mar-18 37.76 0.1097 0.0023 0.0115 0.9771
21-Mar-18 37.81 0.1324 0.0023 0.0169 (0.1026)
22-Mar-18 37.70 (0.2999) 0.0023 0.0913 (0.6790)
23-Mar-18 37.73 0.0828 0.0023 0.0185 0.2160
24-Mar-18 37.96 0.6154 0.0023 0.3758 1.0055
27-Mar-18 38.43 1.2161 0.0023 1.4733 1.2760
28-Mar-18 38.27 (0.4057) 0.0023 0.1665 0.1009
29-Mar-18 38.62 0.9041 0.0023 0.8132 0.8782
31-Mar-18 39.08 1.2114 0.0023 1.4619 1.4415
3-Apr-18 40.10 2.6092 0.0023 6.7960 2.0793
4-Apr-18 40.16 0.1471 0.0023 0.0210 0.2836
5-Apr-18 40.77 1.5143 0.0023 2.2861 0.7967
7-Apr-18 40.41 (0.8977) 0.0023 0.8100 (1.5979)
10-Apr-18 40.70 0.7214 0.0023 0.5181 0.6846
12-Apr-18 39.86 (2.1848) 0.0023 4.2730 (2.8303)
13-Apr-18 39.20 (1.6411) 0.0023 2.7010 (1.0207)
18-Apr-18 39.91 1.8104 0.0023 3.2690 2.3808
18-Apr-18 40.24 0.8160 0.0023 0.6621 2.7137
19-Apr-18 40.47 0.5818 0.0023 0.3343 0.5045
20-Apr-18 40.95 1.1812 0.0023 1.3663 1.1848
21-Apr-18 41.00 0.1233 0.0023 0.0146 (0.0126)
24-Apr-18 41.03 0.0939 0.0023 0.0084 (0.6759)
25-Apr-18 40.19 (2.1890) 0.0023 4.2904 (2.4303)
26-Apr-18 41.05 2.1471 0.0023 4.5998 2.6887
27-Apr-18 40.85 (0.4843) 0.0023 0.2368 (1.3408)
28-Apr-18 41.84 2.4248 0.0023 5.8682 0.0071
2-May-18 42.80 2.3050 0.0023 5.3022 2.7677
3-May-18 42.91 0.2565 0.0023 0.1846 0.7988
4-May-18 42.77 (0.3281) 0.0023 0.1092 0.3894
5-May-18 42.97 0.4618 0.0023 0.2111 0.4262
8-May-18 43.20 0.5269 0.0023 0.2751 0.7970
9-May-18 43.58 0.8903 0.0023 0.7886 0.7419
10-May-18 43.82 0.5564 0.0023 0.3070 0.9058
11-May-18 43.57 (0.5903) 0.0023 0.3512 (1.4181)
12-May-18 43.09 (1.1011) 0.0023 1.2186 (1.3780)
15-May-18 41.54 (3.5831) 0.0023 12.8552 (4.0301)
16-May-18 41.58 0.0980 0.0023 0.0091 0.5809
18-May-18 42.56 2.3414 0.0023 5.4711 3.1832
18-May-18 39.63 (6.8765) 0.0023 47.3188 (6.7729)
19-May-18 38.15 (3.7303) 0.0023 13.9322 (4.1902)
22-May-18 36.47 (4.4192) 0.0023 19.5500 (5.0987)
23-May-18 37.53 2.9192 0.0023 8.5081 3.8295
24-May-18 37.07 (1.2184) 0.0023 1.4878 (2.6193)
25-May-18 37.08 0.0187 0.0023 0.0000 1.9948
26-May-18 37.84 2.1869 0.0023 4.2623 1.0039
29-May-18 38.18 0.8551 0.0023 0.7273 0.1651
30-May-18 38.28 0.3050 0.0023 0.0916 (0.9207)
31-May-18 37.00 (3.3618) 0.0023 11.3092 (3.5868)
1-Jun-18 35.70 (3.4958) 0.0023 12.2371 (3.5428)
2-Jun-18 36.12 1.1831 0.0023 1.3943 4.3582
5-Jun-18 35.69 (1.2055) 0.0023 1.4590 (2.4164)
6-Jun-18 34.48 (3.3823) 0.0023 11.4555 (2.6304)
7-Jun-18 33.02 (4.2457) 0.0023 18.0457 (2.6165)
8-Jun-18 31.30 (5.2020) 0.0023 27.0852 (4.7580)
9-Jun-18 32.89 5.1854 0.0023 25.6350 5.2104
12-Jun-18 31.96 (2.8039) 0.0023 7.8751 (3.1207)
13-Jun-18 30.48 (4.6487) 0.0023 21.6320 (4.0892)
14-Jun-18 30.09 (1.2639) 0.0023 1.6033 (1.1452)
15-Jun-18 31.52 4.7430 0.0023 22.4741 6.3051
16-Jun-18 32.41 2.8188 0.0023 7.9328 3.2710
19-Jun-18 33.18 2.3913 0.0023 5.7074 0.9186
20-Jun-18 32.93 (0.7787) 0.0023 0.6100 (1.9181)
21-Jun-18 33.72 2.4219 0.0023 5.8541 2.1821
22-Jun-18 34.32 1.7715 0.0023 3.1300 2.4389
23-Jun-18 34.49 0.4837 0.0023 0.2318 1.6011
26-Jun-18 33.27 (3.5139) 0.0023 12.3639 (3.2701)
27-Jun-18 33.42 0.4481 0.0023 0.1987 1.3336
28-Jun-18 33.16 (0.7779) 0.0023 0.6088 (0.0453)
29-Jun-18 33.44 0.8335 0.0023 0.6908 0.5636
30-Jun-18 34.59 3.4489 0.0023 11.8789 4.3464
3-Jul-18 34.66 0.2012 0.0023 0.0395 0.7273
4-Jul-18 34.47 (0.5689) 0.0023 0.3263 (0.3904)
5-Jul-18 35.15 2.0003 0.0023 3.9918 1.8623
6-Jul-18 35.85 1.9901 0.0023 3.9511 (1.2730)
7-Jul-18 34.23 (4.5230) 0.0023 20.4789 (2.5520)
10-Jul-18 34.47 0.6918 0.0023 0.4753 2.1518
TOTAL 0.2259 426.6524

Variance 4.4443
Covariance 4.3184
Beta 0.8466
square of
expected return
15-Oct-18 18.12
16-Oct-18 18.25 0.7395 (0.0499) 0.6232 (0.0199)
18-Oct-18 18.97 (1.5707) (0.0499) 2.3127 (1.3271)
20-Oct-18 18.99 0.1247 (0.0499) 0.0305 0.8167
21-Oct-18 18.16 0.9745 (0.0499) 1.0494 0.9864
22-Oct-18 18.20 0.2059 (0.0499) 0.1854 0.5040
23-Oct-18 18.19 (0.0549) (0.0499) 0.0000 0.3704
24-Oct-18 18.37 0.9829 (0.0499) 1.1866 (0.3935)
27-Oct-18 18.47 0.5607 (0.0499) 0.3728 0.5705
28-Oct-18 18.45 (0.1196) (0.0499) 0.0049 0.2364
1-Mar-18 18.64 1.0454 (0.0499) 1.1998 1.5741
2-Mar-18 18.74 0.4908 (0.0499) 0.2923 0.8837
3-Mar-18 18.66 (0.4190) (0.0499) 0.1362 (0.1183)
6-Mar-18 19.03 2.0132 (0.0499) 4.2562 1.3678
7-Mar-18 19.13 0.4997 (0.0499) 0.3020 (0.2382)
8-Mar-18 18.96 (0.8908) (0.0499) 0.7072 (2.0768)
9-Mar-18 18.95 (0.0469) (0.0499) 0.0000 0.3979
10-Mar-18 19.32 1.9405 (0.0499) 3.9618 1.7513
13-Mar-18 19.41 0.4607 (0.0499) 0.2608 0.5889
14-Mar-18 19.30 (0.5231) (0.0499) 0.2239 (0.2279)
16-Mar-18 19.38 0.3751 (0.0499) 0.1818 0.9780
18-Mar-18 19.25 (0.6467) (0.0499) 0.3561 0.2309
20-Mar-18 19.25 (0.0031) (0.0499) 0.0022 0.9771
21-Mar-18 19.24 (0.0566) (0.0499) 0.0000 (0.1026)
22-Mar-18 19.12 (0.6092) (0.0499) 0.3128 (0.6790)
23-Mar-18 19.28 0.8111 (0.0499) 0.7413 0.2160
24-Mar-18 19.36 0.4181 (0.0499) 0.2181 1.0055
27-Mar-18 19.45 0.4691 (0.0499) 0.2693 1.2760
28-Mar-18 19.48 0.1481 (0.0499) 0.0392 0.1009
29-Mar-18 19.86 1.9618 (0.0499) 4.0468 0.8782
31-Mar-18 20.03 0.8424 (0.0499) 0.7962 1.4415
3-Apr-18 20.42 1.9878 (0.0499) 4.1524 2.0793
4-Apr-18 20.55 0.5988 (0.0499) 0.4208 0.2836
5-Apr-18 20.67 0.6186 (0.0499) 0.4456 0.7967
7-Apr-18 20.51 (0.7818) (0.0499) 0.5355 (1.5979)
10-Apr-18 20.55 0.1823 (0.0499) 0.0539 0.6846
12-Apr-18 20.27 (1.3781) (0.0499) 1.7641 (2.8303)
13-Apr-18 19.88 (1.9105) (0.0499) 3.4619 (1.0207)
18-Apr-18 20.11 1.1811 (0.0499) 1.5154 2.3808
18-Apr-18 20.45 1.6893 (0.0499) 3.0250 2.7137
19-Apr-18 20.65 0.9436 (0.0499) 0.9870 0.5045
20-Apr-18 20.75 0.5202 (0.0499) 0.3250 1.1848
21-Apr-18 20.79 0.1821 (0.0499) 0.0538 (0.0126)
24-Apr-18 21.11 1.5448 (0.0499) 2.5431 (0.6759)
25-Apr-18 20.89 (1.0557) (0.0499) 1.0118 (2.4303)
26-Apr-18 21.15 1.2364 (0.0499) 1.6547 2.6887
27-Apr-18 21.14 (0.0293) (0.0499) 0.0004 (1.3408)
28-Apr-18 21.09 (0.2441) (0.0499) 0.0377 0.0071
2-May-18 21.55 2.1895 (0.0499) 5.0151 2.7677
3-May-18 21.66 0.5187 (0.0499) 0.3098 0.7988
4-May-18 21.57 (0.4035) (0.0499) 0.1250 0.3894
5-May-18 21.61 0.1525 (0.0499) 0.0410 0.4262
8-May-18 21.66 0.2212 (0.0499) 0.0735 0.7970
9-May-18 21.77 0.5472 (0.0499) 0.3565 0.7419
10-May-18 21.88 0.5034 (0.0499) 0.3181 0.9058
11-May-18 21.77 (0.5246) (0.0499) 0.2253 (1.4181)
12-May-18 21.58 (0.8448) (0.0499) 0.6318 (1.3780)
15-May-18 20.75 (3.8736) (0.0499) 14.6203 (4.0301)
16-May-18 20.62 (0.6000) (0.0499) 0.3026 0.5809
18-May-18 21.16 2.5960 (0.0499) 7.0007 3.1832
18-May-18 20.01 (5.4557) (0.0499) 29.2224 (6.7729)
19-May-18 19.43 (2.8608) (0.0499) 7.9009 (4.1902)
22-May-18 18.44 (5.0914) (0.0499) 25.4163 (5.0987)
23-May-18 18.98 2.9002 (0.0499) 8.7032 3.8295
24-May-18 18.67 (1.6208) (0.0499) 2.4677 (2.6193)
25-May-18 18.77 0.5077 (0.0499) 0.3110 1.9948
26-May-18 18.95 0.9826 (0.0499) 1.1862 1.0039
29-May-18 18.97 0.1219 (0.0499) 0.0295 0.1651
30-May-18 18.94 (0.1629) (0.0499) 0.0128 (0.9207)
31-May-18 18.30 (3.4025) (0.0499) 11.2396 (3.5868)
1-Jun-18 18.72 (3.1654) (0.0499) 9.7185 (3.5428)
2-Jun-18 18.71 (0.0316) (0.0499) 0.0003 4.3582
5-Jun-18 18.55 (0.9400) (0.0499) 0.7923 (2.4164)
6-Jun-18 16.93 (3.5130) (0.0499) 11.9928 (2.6304)
7-Jun-18 16.01 (5.4318) (0.0499) 28.9646 (2.6165)
8-Jun-18 15.03 (6.1166) (0.0499) 36.8054 (4.7580)
9-Jun-18 16.00 6.4719 (0.0499) 42.5341 5.2104
12-Jun-18 15.58 (2.6225) (0.0499) 6.6182 (3.1207)
13-Jun-18 14.71 (5.6134) (0.0499) 30.9523 (4.0892)
14-Jun-18 14.27 (2.9804) (0.0499) 8.5879 (1.1452)
15-Jun-18 15.11 5.9071 (0.0499) 35.4857 6.3051
16-Jun-18 15.60 3.2387 (0.0499) 10.8150 3.2710
19-Jun-18 15.99 2.4956 (0.0499) 6.4796 0.9186
20-Jun-18 15.98 (0.0994) (0.0499) 0.0025 (1.9181)
21-Jun-18 16.40 2.6763 (0.0499) 7.4324 2.1821
22-Jun-18 16.81 2.4999 (0.0499) 6.5015 2.4389
23-Jun-18 16.82 0.0048 (0.0499) 0.0030 1.6011
26-Jun-18 16.28 (3.1590) (0.0499) 9.6664 (3.2701)
27-Jun-18 16.18 (0.6264) (0.0499) 0.3323 1.3336
28-Jun-18 16.12 (0.3547) (0.0499) 0.0929 (0.0453)
29-Jun-18 16.15 0.1855 (0.0499) 0.0508 0.5636
30-Jun-18 16.72 3.4779 (0.0499) 12.4457 4.3464
3-Jul-18 16.84 0.7652 (0.0499) 0.6644 0.7273
4-Jul-18 16.82 (0.1651) (0.0499) 0.0133 (0.3904)
5-Jul-18 16.96 0.8618 (0.0499) 0.8311 1.8623
6-Jul-18 16.88 (0.4487) (0.0499) 0.1590 (1.2730)
7-Jul-18 16.64 (1.4363) (0.0499) 1.9220 (2.5520)
10-Jul-18 16.89 1.4933 (0.0499) 2.3814 2.1518
TOTAL (4.8418) 433.4270

Variance 4.5149
Covariance 4.2493
Beta 0.8353
square of
expected return
15-Oct-18 55.18
16-Oct-18 55.40 0.4169 (0.2377) 0.4286 (0.0199)
18-Oct-18 55.09 (0.5596) (0.2377) 0.1036 (1.3271)
20-Oct-18 54.82 (0.4901) (0.2377) 0.1837 0.8167
21-Oct-18 55.18 0.6567 (0.2377) 0.8000 0.9864
22-Oct-18 55.20 0.0362 (0.2377) 0.0751 0.5040
23-Oct-18 55.21 0.0181 (0.2377) 0.1855 0.3704
24-Oct-18 55.26 0.0918 (0.2377) 0.1078 (0.3935)
27-Oct-18 55.75 0.8867 (0.2377) 1.2644 0.5705
28-Oct-18 55.93 0.3229 (0.2377) 0.3143 0.2364
1-Mar-18 56.90 1.7343 (0.2377) 3.8890 1.5741
2-Mar-18 57.16 0.4569 (0.2377) 0.4826 0.8837
3-Mar-18 57.56 0.6998 (0.2377) 0.8790 (0.1183)
6-Mar-18 57.96 0.6949 (0.2377) 0.8699 1.3678
7-Mar-18 58.39 0.7419 (0.2377) 0.9597 (0.2382)
8-Mar-18 57.81 (0.9933) (0.2377) 0.5709 (2.0768)
9-Mar-18 58.37 0.9687 (0.2377) 1.4555 0.3979
10-Mar-18 59.31 1.6104 (0.2377) 3.4157 1.7513
13-Mar-18 44.37 (25.1897) (0.2377) 622.5990 0.5889
14-Mar-18 44.23 (0.3155) (0.2377) 0.0180 (0.2279)
16-Mar-18 44.52 0.6557 (0.2377) 0.7982 0.9780
18-Mar-18 44.56 0.0898 (0.2377) 0.1073 0.2309
20-Mar-18 44.95 0.8752 (0.2377) 1.2387 0.9771
21-Mar-18 44.77 (0.4004) (0.2377) 0.0265 (0.1026)
22-Mar-18 44.66 (0.2457) (0.2377) 0.0001 (0.6790)
23-Mar-18 44.78 0.2687 (0.2377) 0.2565 0.2160
24-Mar-18 45.09 0.6923 (0.2377) 0.8649 1.0055
27-Mar-18 45.38 0.6432 (0.2377) 0.7760 1.2760
28-Mar-18 45.04 (0.7492) (0.2377) 0.2616 0.1009
29-Mar-18 45.53 1.0879 (0.2377) 1.7574 0.8782
31-Mar-18 46.07 1.1860 (0.2377) 2.0271 1.4415
3-Apr-18 47.03 2.0838 (0.2377) 5.3895 2.0793
4-Apr-18 47.19 0.3402 (0.2377) 0.3340 0.2836
5-Apr-18 47.94 1.5893 (0.2377) 3.3382 0.7967
7-Apr-18 47.81 (0.2712) (0.2377) 0.0011 (1.5979)
10-Apr-18 48.43 1.2968 (0.2377) 2.3548 0.6846
12-Apr-18 47.47 (1.9822) (0.2377) 3.0433 (2.8303)
13-Apr-18 46.73 (1.5589) (0.2377) 1.7454 (1.0207)
18-Apr-18 47.65 1.9688 (0.2377) 4.8687 2.3808
18-Apr-18 47.98 0.6925 (0.2377) 0.8655 2.7137
19-Apr-18 48.18 0.1667 (0.2377) 0.1636 0.5045
20-Apr-18 48.51 0.9363 (0.2377) 1.3785 1.1848
21-Apr-18 48.73 0.4535 (0.2377) 0.4778 (0.0126)
24-Apr-18 48.90 0.3489 (0.2377) 0.3441 (0.6759)
25-Apr-18 48.40 (1.0225) (0.2377) 0.6158 (2.4303)
26-Apr-18 49.11 1.4669 (0.2377) 2.9180 2.6887
27-Apr-18 48.79 (0.6516) (0.2377) 0.1813 (1.3408)
28-Apr-18 48.89 0.2050 (0.2377) 0.1960 0.0071
2-May-18 49.89 2.0454 (0.2377) 5.2128 2.7677
3-May-18 50.09 0.4009 (0.2377) 0.4078 0.7988
4-May-18 49.81 (0.5590) (0.2377) 0.1032 0.3894
5-May-18 49.81 - (0.2377) 0.0565 0.4262
8-May-18 50.19 0.7629 (0.2377) 1.0013 0.7970
9-May-18 50.44 0.4981 (0.2377) 0.5415 0.7419
10-May-18 50.41 (0.0595) (0.2377) 0.0318 0.9058
11-May-18 50.18 (0.6943) (0.2377) 0.2084 (1.4181)
12-May-18 49.27 (1.5781) (0.2377) 1.7966 (1.3780)
15-May-18 47.90 (2.7818) (0.2377) 6.4661 (4.0301)
16-May-18 48.01 0.2296 (0.2377) 0.2185 0.5809
18-May-18 49.18 2.4370 (0.2377) 7.1542 3.1832
18-May-18 45.99 (6.4864) (0.2377) 39.0454 (6.7729)
19-May-18 44.18 (3.9574) (0.2377) 13.8357 (4.1902)
22-May-18 42.34 (4.1431) (0.2377) 15.2518 (5.0987)
23-May-18 43.47 2.6689 (0.2377) 8.4484 3.8295
24-May-18 42.79 (1.5643) (0.2377) 1.7597 (2.6193)
25-May-18 43.00 0.4908 (0.2377) 0.5307 1.9948
26-May-18 43.82 1.9070 (0.2377) 4.5998 1.0039
29-May-18 43.98 0.3651 (0.2377) 0.3635 0.1651
30-May-18 43.70 (0.6367) (0.2377) 0.1591 (0.9207)
31-May-18 42.53 (2.6773) (0.2377) 5.9516 (3.5868)
1-Jun-18 41.32 (2.8451) (0.2377) 6.7980 (3.5428)
2-Jun-18 41.84 1.2585 (0.2377) 2.2387 4.3582
5-Jun-18 41.09 (1.7925) (0.2377) 2.4184 (2.4164)
6-Jun-18 40.01 (2.6284) (0.2377) 5.7151 (2.6304)
7-Jun-18 38.23 (4.4489) (0.2377) 18.7337 (2.6165)
8-Jun-18 35.93 (6.0162) (0.2377) 33.3907 (4.7580)
9-Jun-18 37.99 5.7334 (0.2377) 35.6542 5.2104
12-Jun-18 37.18 (2.1321) (0.2377) 3.5887 (3.1207)
13-Jun-18 35.22 (5.2718) (0.2377) 25.3402 (4.0892)
14-Jun-18 34.64 (1.6468) (0.2377) 1.9854 (1.1452)
15-Jun-18 36.72 6.0046 (0.2377) 38.9671 6.3051
16-Jun-18 37.98 3.4314 (0.2377) 13.4624 3.2710
19-Jun-18 39.00 2.6856 (0.2377) 8.5461 0.9186
20-Jun-18 38.91 (0.2308) (0.2377) 0.0000 (1.9181)
21-Jun-18 39.77 2.2102 (0.2377) 5.9926 2.1821
22-Jun-18 40.50 1.8356 (0.2377) 4.2986 2.4389
23-Jun-18 40.79 0.7160 (0.2377) 0.9097 1.6011
26-Jun-18 39.44 (3.3096) (0.2377) 9.4365 (3.2701)
27-Jun-18 39.42 (0.0507) (0.2377) 0.0350 1.3336
28-Jun-18 39.11 (0.7864) (0.2377) 0.3010 (0.0453)
29-Jun-18 39.13 0.0511 (0.2377) 0.0835 0.5636
30-Jun-18 40.61 3.7823 (0.2377) 16.1605 4.3464
3-Jul-18 40.68 0.1824 (0.2377) 0.1682 0.7273
4-Jul-18 40.69 0.0246 (0.2377) 0.1888 (0.3904)
5-Jul-18 41.41 1.7695 (0.2377) 4.0289 1.8623
6-Jul-18 41.43 0.0483 (0.2377) 0.0818 (1.2730)
7-Jul-18 40.82 (1.4724) (0.2377) 1.5243 (2.5520)
10-Jul-18 41.32 1.2249 (0.2377) 2.1393 2.1518
TOTAL (23.1815) 1,028.8690

Variance 10.7184
Covariance 4.0896
Beta 0.8040
square of
expected return
15-Oct-18 38.00
16-Oct-18 37.94 (0.1437) (0.0700) 0.0054 (0.0199)
18-Oct-18 37.37 (1.5152) (0.0700) 2.0883 (1.3271)
20-Oct-18 37.05 (0.8590) (0.0700) 0.6225 0.8167
21-Oct-18 37.32 0.7366 (0.0700) 0.6507 0.9864
22-Oct-18 37.37 0.1313 (0.0700) 0.0405 0.5040
23-Oct-18 37.32 (0.1432) (0.0700) 0.0053 0.3704
24-Oct-18 37.47 0.4105 (0.0700) 0.2310 (0.3935)
27-Oct-18 37.96 1.2989 (0.0700) 1.8741 0.5705
28-Oct-18 38.03 0.1971 (0.0700) 0.0714 0.2364
1-Mar-18 38.84 2.1275 (0.0700) 4.8292 1.5741
2-Mar-18 39.25 1.1872 (0.0700) 1.2934 0.8837
3-Mar-18 39.73 1.2116 (0.0700) 1.6426 (0.1183)
6-Mar-18 40.05 0.8077 (0.0700) 0.7705 1.3678
7-Mar-18 40.22 0.4207 (0.0700) 0.2409 (0.2382)
8-Mar-18 39.86 (0.9018) (0.0700) 0.6918 (2.0768)
9-Mar-18 39.95 0.2394 (0.0700) 0.0957 0.3979
10-Mar-18 40.79 2.0935 (0.0700) 4.6810 1.7513
13-Mar-18 40.92 0.3155 (0.0700) 0.1487 0.5889
14-Mar-18 40.52 (0.9705) (0.0700) 0.8108 (0.2279)
16-Mar-18 40.93 1.0182 (0.0700) 1.1583 0.9780
18-Mar-18 40.76 (0.4095) (0.0700) 0.1152 0.2309
20-Mar-18 41.01 0.6055 (0.0700) 0.4564 0.9771
21-Mar-18 41.00 (0.0188) (0.0700) 0.0040 (0.1026)
22-Mar-18 40.35 (1.6187) (0.0700) 2.3612 (0.6790)
23-Mar-18 40.32 (0.1818) (0.0700) 0.0001 0.2160
24-Mar-18 40.60 0.7014 (0.0700) 0.5951 1.0055
27-Mar-18 40.70 0.2372 (0.0700) 0.0944 1.2760
28-Mar-18 40.34 (0.8801) (0.0700) 0.6562 0.1009
29-Mar-18 40.62 0.6918 (0.0700) 0.5786 0.8782
31-Mar-18 41.27 1.5926 (0.0700) 2.7643 1.4415
3-Apr-18 42.15 2.1451 (0.0700) 4.9188 2.0793
4-Apr-18 42.46 0.7193 (0.0700) 0.6231 0.2836
5-Apr-18 43.32 2.0323 (0.0700) 4.4197 0.7967
7-Apr-18 42.90 (0.9677) (0.0700) 0.8058 (1.5979)
10-Apr-18 43.03 0.3019 (0.0700) 0.1383 0.6846
12-Apr-18 42.28 (1.7461) (0.0700) 2.8090 (2.8303)
13-Apr-18 41.19 (2.5714) (0.0700) 6.2567 (1.0207)
18-Apr-18 42.38 2.8784 (0.0700) 8.6933 2.3808
18-Apr-18 43.24 2.0392 (0.0700) 4.4488 2.7137
19-Apr-18 43.20 (0.1018) (0.0700) 0.0010 0.5045
20-Apr-18 43.45 0.5862 (0.0700) 0.4318 1.1848
21-Apr-18 43.57 0.2730 (0.0700) 0.1187 (0.0126)
24-Apr-18 43.66 0.2231 (0.0700) 0.0859 (0.6759)
25-Apr-18 43.33 (0.7661) (0.0700) 0.4844 (2.4303)
26-Apr-18 44.07 1.7007 (0.0700) 3.1355 2.6887
27-Apr-18 44.33 0.5907 (0.0700) 0.4366 (1.3408)
28-Apr-18 44.35 0.1802 (0.0700) 0.0180 0.0071
2-May-18 45.57 2.7337 (0.0700) 7.8610 2.7677
3-May-18 45.71 0.3123 (0.0700) 0.1462 0.7988
4-May-18 45.37 (0.7333) (0.0700) 0.4400 0.3894
5-May-18 45.54 0.3628 (0.0700) 0.1873 0.4262
8-May-18 45.86 0.7184 (0.0700) 0.6201 0.7970
9-May-18 45.95 0.1960 (0.0700) 0.0708 0.7419
10-May-18 46.04 0.1895 (0.0700) 0.1823 0.9058
11-May-18 45.70 (0.7244) (0.0700) 0.4282 (1.4181)
12-May-18 45.37 (0.7249) (0.0700) 0.4288 (1.3780)
15-May-18 43.36 (4.4340) (0.0700) 19.0439 (4.0301)
16-May-18 42.80 (1.2820) (0.0700) 1.4689 0.5809
18-May-18 44.25 3.3658 (0.0700) 11.8048 3.1832
18-May-18 41.28 (6.6916) (0.0700) 43.8444 (6.7729)
19-May-18 39.12 (5.2312) (0.0700) 26.6380 (4.1902)
22-May-18 36.63 (6.3762) (0.0700) 39.7681 (5.0987)
23-May-18 38.07 3.9208 (0.0700) 15.9269 3.8295
24-May-18 37.46 (1.5918) (0.0700) 2.3154 (2.6193)
25-May-18 37.78 0.8412 (0.0700) 0.8303 1.9948
26-May-18 38.50 1.9256 (0.0700) 3.9825 1.0039
29-May-18 38.93 1.1168 (0.0700) 1.4086 0.1651
30-May-18 38.94 0.0149 (0.0700) 0.0072 (0.9207)
31-May-18 37.70 (3.1909) (0.0700) 9.7397 (3.5868)
1-Jun-18 36.20 (3.9805) (0.0700) 15.2916 (3.5428)
2-Jun-18 36.20 0.0181 (0.0700) 0.0058 4.3582
5-Jun-18 35.46 (2.0490) (0.0700) 3.9163 (2.4164)
6-Jun-18 34.12 (3.7621) (0.0700) 13.6312 (2.6304)
7-Jun-18 32.13 (5.8504) (0.0700) 33.4126 (2.6165)
8-Jun-18 29.66 (7.6732) (0.0700) 57.8079 (4.7580)
9-Jun-18 31.86 7.4187 (0.0700) 55.9018 5.2104
12-Jun-18 30.98 (2.7576) (0.0700) 7.2227 (3.1207)
13-Jun-18 29.07 (6.1657) (0.0700) 37.1571 (4.0892)
14-Jun-18 28.35 (2.4878) (0.0700) 5.8458 (1.1452)
15-Jun-18 30.18 6.4404 (0.0700) 42.3858 6.3051
16-Jun-18 31.52 4.4591 (0.0700) 20.5136 3.2710
19-Jun-18 32.26 2.3667 (0.0700) 5.9375 0.9186
20-Jun-18 32.20 (0.2027) (0.0700) 0.0186 (1.9181)
21-Jun-18 33.07 2.7145 (0.0700) 7.7536 2.1821
22-Jun-18 34.00 2.7948 (0.0700) 8.2076 2.4389
23-Jun-18 34.13 0.3833 (0.0700) 0.2055 1.6011
26-Jun-18 32.69 (4.2015) (0.0700) 18.1886 (3.2701)
27-Jun-18 32.60 (0.2888) (0.0700) 0.0478 1.3336
28-Jun-18 32.37 (0.6850) (0.0700) 0.3782 (0.0453)
29-Jun-18 32.73 1.0823 (0.0700) 1.3280 0.5636
30-Jun-18 34.36 4.9818 (0.0700) 25.5212 4.3464
3-Jul-18 34.36 0.0009 (0.0700) 0.0050 0.7273
4-Jul-18 34.12 (0.6858) (0.0700) 0.3791 (0.3904)
5-Jul-18 34.75 1.8573 (0.0700) 3.7145 1.8623
6-Jul-18 34.61 (0.4109) (0.0700) 0.1162 (1.2730)
7-Jul-18 33.91 (2.0381) (0.0700) 3.8732 (2.5520)
10-Jul-18 34.40 1.4543 (0.0700) 2.3237 2.1518
TOTAL (6.7947) 624.3809

Variance 6.5040
Covariance 5.1822
Beta 1.0188
square of
expected return
15-Oct-18 116.04
16-Oct-18 116.44 0.3413 0.0228 0.1014 (0.0199)
18-Oct-18 115.16 (1.0967) 0.0228 1.2533 (1.3271)
20-Oct-18 113.02 (1.8609) 0.0228 3.5483 0.8167
21-Oct-18 114.22 1.1898 0.0228 1.0962 0.9864
22-Oct-18 114.49 0.2285 0.0228 0.0423 0.5040
23-Oct-18 113.65 (0.7320) 0.0228 0.5696 0.3704
24-Oct-18 113.68 0.0290 0.0228 0.0000 (0.3935)
27-Oct-18 114.38 0.6122 0.0228 0.3475 0.5705
28-Oct-18 116.14 1.5449 0.0228 2.3169 0.2364
1-Mar-18 119.13 2.5753 0.0228 6.5153 1.5741
2-Mar-18 120.74 1.3472 0.0228 1.7542 0.8837
3-Mar-18 122.65 1.5786 0.0228 2.4218 (0.1183)
6-Mar-18 123.66 0.8268 0.0228 0.6464 1.3678
7-Mar-18 123.53 (0.1051) 0.0228 0.0164 (0.2382)
8-Mar-18 122.29 (1.0018) 0.0228 1.0472 (2.0768)
9-Mar-18 122.22 (0.1830) 0.0228 0.0074 0.3979
10-Mar-18 124.53 1.8966 0.0228 3.5114 1.7513
13-Mar-18 124.50 (0.0281) 0.0228 0.0026 0.5889
14-Mar-18 123.77 (0.5855) 0.0228 0.3700 (0.2279)
16-Mar-18 124.99 0.9833 0.0228 0.9226 0.9780
18-Mar-18 124.53 (0.3688) 0.0228 0.1534 0.2309
20-Mar-18 125.41 0.7075 0.0228 0.4688 0.9771
21-Mar-18 125.55 0.1108 0.0228 0.0078 (0.1026)
22-Mar-18 124.69 (0.6850) 0.0228 0.5010 (0.6790)
23-Mar-18 124.90 0.1816 0.0228 0.0222 0.2160
24-Mar-18 125.84 0.7526 0.0228 0.5327 1.0055
27-Mar-18 126.52 0.5412 0.0228 0.2687 1.2760
28-Mar-18 125.79 (0.5818) 0.0228 0.3654 0.1009
29-Mar-18 127.23 1.1464 0.0228 1.2625 0.8782
31-Mar-18 131.22 3.1408 0.0228 9.7224 1.4415
3-Apr-18 134.32 2.3624 0.0228 5.4738 2.0793
4-Apr-18 136.13 1.3423 0.0228 1.7411 0.2836
5-Apr-18 137.87 1.2775 0.0228 1.5743 0.7967
7-Apr-18 138.38 0.3728 0.0228 0.1225 (1.5979)
10-Apr-18 139.28 0.6482 0.0228 0.3912 0.6846
12-Apr-18 138.01 (0.9126) 0.0228 0.8749 (2.8303)
13-Apr-18 136.41 (1.1587) 0.0228 1.3958 (1.0207)
18-Apr-18 139.31 2.1267 0.0228 4.4267 2.3808
18-Apr-18 140.34 0.7401 0.0228 0.5146 2.7137
19-Apr-18 140.82 0.3442 0.0228 0.1033 0.5045
20-Apr-18 141.78 0.6818 0.0228 0.4342 1.1848
21-Apr-18 140.92 (0.6059) 0.0228 0.3952 (0.0126)
24-Apr-18 141.04 0.0802 0.0228 0.0033 (0.6759)
25-Apr-18 139.42 (1.1423) 0.0228 1.3573 (2.4303)
26-Apr-18 142.37 2.1130 0.0228 4.3690 2.6887
27-Apr-18 141.39 (0.6855) 0.0228 0.5018 (1.3408)
28-Apr-18 141.68 0.2044 0.0228 0.0330 0.0071
2-May-18 146.11 3.1246 0.0228 9.6212 2.7677
3-May-18 146.79 0.4668 0.0228 0.1971 0.7988
4-May-18 145.72 (0.7276) 0.0228 0.5630 0.3894
5-May-18 145.60 (0.0858) 0.0228 0.0118 0.4262
8-May-18 146.40 0.5495 0.0228 0.2774 0.7970
9-May-18 147.14 0.5075 0.0228 0.2350 0.7419
10-May-18 147.51 0.2508 0.0228 0.0520 0.9058
11-May-18 146.04 (1.0018) 0.0228 1.0473 (1.4181)
12-May-18 145.12 (0.6266) 0.0228 0.4216 (1.3780)
15-May-18 137.22 (5.4410) 0.0228 29.8529 (4.0301)
16-May-18 136.64 (0.4227) 0.0228 0.1984 0.5809
18-May-18 142.60 4.3618 0.0228 18.8263 3.1832
18-May-18 132.11 (7.3616) 0.0228 54.5296 (6.7729)
19-May-18 126.67 (4.1187) 0.0228 18.1515 (4.1902)
22-May-18 119.49 (5.6661) 0.0228 32.3636 (5.0987)
23-May-18 121.18 1.4110 0.0228 1.9272 3.8295
24-May-18 121.18 - 0.0228 0.0005 (2.6193)
25-May-18 122.45 1.0489 0.0228 1.0530 1.9948
26-May-18 124.25 1.4741 0.0228 2.1184 1.0039
29-May-18 125.68 1.1533 0.0228 1.2781 0.1651
30-May-18 121.07 (3.6672) 0.0228 13.6156 (0.9207)
31-May-18 121.07 2.0396 0.0228 0.0005 (3.5868)
1-Jun-18 116.12 (4.0942) 0.0228 16.9494 (3.5428)
2-Jun-18 118.84 2.3442 0.0228 5.3890 4.3582
5-Jun-18 115.44 (2.8602) 0.0228 8.3114 (2.4164)
6-Jun-18 112.03 (2.9582) 0.0228 8.8865 (2.6304)
7-Jun-18 107.05 (4.4392) 0.0228 19.9091 (2.6165)
8-Jun-18 101.76 (4.9418) 0.0228 24.6349 (4.7580)
9-Jun-18 107.76 5.8911 0.0228 34.4378 5.2104
12-Jun-18 104.82 (2.7293) 0.0228 7.5737 (3.1207)
13-Jun-18 99.18 (5.3865) 0.0228 29.2605 (4.0892)
14-Jun-18 96.98 (2.2113) 0.0228 4.9912 (1.1452)
15-Jun-18 103.62 6.8500 0.0228 46.6112 6.3051
16-Jun-18 107.34 3.5871 0.0228 12.7045 3.2710
19-Jun-18 109.80 2.2918 0.0228 5.1486 0.9186
20-Jun-18 108.84 (0.8707) 0.0228 0.7983 (1.9181)
21-Jun-18 111.19 2.1554 0.0228 4.5482 2.1821
22-Jun-18 114.25 2.7494 0.0228 7.4345 2.4389
23-Jun-18 115.00 0.6644 0.0228 0.4116 1.6011
26-Jun-18 110.11 (4.2555) 0.0228 18.3036 (3.2701)
27-Jun-18 110.89 0.7102 0.0228 0.4726 1.3336
28-Jun-18 110.48 (0.3697) 0.0228 0.1541 (0.0453)
29-Jun-18 110.68 0.1883 0.0228 0.0242 0.5636
30-Jun-18 115.19 4.0785 0.0228 16.4486 4.3464
3-Jul-18 115.80 0.5304 0.0228 0.2577 0.7273
4-Jul-18 115.47 (0.2850) 0.0228 0.0947 (0.3904)
5-Jul-18 118.13 1.4358 0.0228 1.9967 1.8623
6-Jul-18 116.14 (0.8478) 0.0228 0.7578 (1.2730)
7-Jul-18 113.90 (1.9296) 0.0228 3.8118 (2.5520)
38908 115.50 1.4039 0.0228 1.9075 2.1518
TOTAL 2.2087 531.1859

Variance 5.5319
Covariance 4.7398
Beta 0.7896
square of
expected return
15-Oct-18 11.71
16-Oct-18 11.72 0.1367 (0.1010) 0.0565 (0.0199)
18-Oct-18 11.52 (1.7234) (0.1010) 2.6322 (1.3271)
20-Oct-18 11.40 (1.0765) (0.1010) 0.9516 0.8167
21-Oct-18 11.51 1.0443 (0.1010) 1.3118 0.9864
22-Oct-18 11.49 (0.1837) (0.1010) 0.0053 0.5040
23-Oct-18 11.47 (0.1827) (0.1010) 0.0187 0.3704
24-Oct-18 11.41 (0.5927) (0.1010) 0.2418 (0.3935)
27-Oct-18 11.60 1.6835 (0.1010) 3.1843 0.5705
28-Oct-18 11.59 (0.0949) (0.1010) 0.0000 0.2364
1-Mar-18 11.83 2.0887 (0.1010) 4.7948 1.5741
2-Mar-18 11.90 0.5918 (0.1010) 0.4800 0.8837
3-Mar-18 11.90 0.0504 (0.1010) 0.0229 (0.1183)
6-Mar-18 12.08 1.4365 (0.1010) 2.3638 1.3678
7-Mar-18 12.10 0.2236 (0.1010) 0.1054 (0.2382)
8-Mar-18 11.94 (1.3634) (0.1010) 1.5937 (2.0768)
9-Mar-18 12.04 0.8210 (0.1010) 0.8500 0.3979
10-Mar-18 12.23 1.5870 (0.1010) 2.8494 1.7513
13-Mar-18 12.35 0.9733 (0.1010) 1.1542 0.5889
14-Mar-18 12.33 (0.1458) (0.1010) 0.0020 (0.2279)
16-Mar-18 12.40 0.6246 (0.1010) 0.5265 0.9780
18-Mar-18 12.36 (0.3386) (0.1010) 0.0565 0.2309
20-Mar-18 12.47 0.8979 (0.1010) 0.9978 0.9771
21-Mar-18 12.46 (0.0882) (0.1010) 0.0002 (0.1026)
22-Mar-18 12.33 (1.0833) (0.1010) 0.9649 (0.6790)
23-Mar-18 12.46 1.0708 (0.1010) 1.3731 0.2160
24-Mar-18 12.55 0.7183 (0.1010) 0.6518 1.0055
27-Mar-18 12.65 0.7811 (0.1010) 0.7780 1.2760
28-Mar-18 12.60 (0.3796) (0.1010) 0.0776 0.1009
29-Mar-18 12.71 0.8653 (0.1010) 0.9337 0.8782
31-Mar-18 13.01 2.3690 (0.1010) 6.1018 1.4415
3-Apr-18 13.26 1.9220 (0.1010) 4.0926 2.0793
4-Apr-18 13.30 0.3018 (0.1010) 0.1622 0.2836
5-Apr-18 13.43 1.0228 (0.1010) 1.2629 0.7967
7-Apr-18 13.39 (0.3573) (0.1010) 0.1857 (1.5979)
10-Apr-18 13.48 0.7322 (0.1010) 0.6941 0.6846
12-Apr-18 13.32 (1.1867) (0.1010) 1.1887 (2.8303)
13-Apr-18 13.00 (2.3944) (0.1010) 5.2596 (1.0207)
18-Apr-18 13.21 1.5457 (0.1010) 2.7115 2.3808
18-Apr-18 13.45 1.8856 (0.1010) 3.9467 2.7137
19-Apr-18 13.48 0.1561 (0.1010) 0.1861 0.5045
20-Apr-18 13.57 0.7050 (0.1010) 0.6496 1.1848
21-Apr-18 13.53 (0.2948) (0.1010) 0.0376 (0.0126)
24-Apr-18 13.56 0.2143 (0.1010) 0.0994 (0.6759)
25-Apr-18 13.46 (0.7154) (0.1010) 0.3775 (2.4303)
26-Apr-18 13.67 1.5674 (0.1010) 2.7834 2.6887
27-Apr-18 13.84 1.2141 (0.1010) 1.7294 (1.3408)
28-Apr-18 13.82 (0.1445) (0.1010) 0.0019 0.0071
2-May-18 14.34 3.7557 (0.1010) 14.8740 2.7677
3-May-18 14.26 (0.5649) (0.1010) 0.2152 0.7988
4-May-18 14.18 (0.5331) (0.1010) 0.1867 0.3894
5-May-18 14.24 0.4160 (0.1010) 0.2673 0.4262
8-May-18 14.25 0.0351 (0.1010) 0.0185 0.7970
9-May-18 14.31 0.4774 (0.1010) 0.3345 0.7419
10-May-18 14.39 0.5380 (0.1010) 0.4083 0.9058
11-May-18 14.34 (0.3753) (0.1010) 0.0752 (1.4181)
12-May-18 14.24 (0.6696) (0.1010) 0.3234 (1.3780)
15-May-18 13.72 (3.6798) (0.1010) 12.8077 (4.0301)
16-May-18 13.65 (0.5186) (0.1010) 0.1836 0.5809
18-May-18 13.99 2.5577 (0.1010) 7.1887 3.1832
18-May-18 13.18 (5.9025) (0.1010) 33.6579 (6.7729)
19-May-18 12.68 (3.6832) (0.1010) 12.8321 (4.1902)
22-May-18 11.94 (5.8740) (0.1010) 33.3278 (5.0987)
23-May-18 12.30 3.0240 (0.1010) 9.7653 3.8295
24-May-18 12.12 (1.4718) (0.1010) 1.8788 (2.6193)
25-May-18 12.02 (0.8087) (0.1010) 0.5009 1.9948
26-May-18 12.27 2.1048 (0.1010) 4.8656 1.0039
29-May-18 12.36 0.7007 (0.1010) 0.6427 0.1651
30-May-18 12.31 (0.3965) (0.1010) 0.0873 (0.9207)
31-May-18 11.94 (3.0219) (0.1010) 8.5319 (3.5868)
1-Jun-18 11.58 (3.0156) (0.1010) 8.4949 (3.5428)
2-Jun-18 11.44 (1.2265) (0.1010) 1.2667 4.3582
5-Jun-18 11.24 (1.6877) (0.1010) 2.5185 (2.4164)
6-Jun-18 10.87 (3.3186) (0.1010) 10.3467 (2.6304)
7-Jun-18 10.23 (5.8970) (0.1010) 33.5934 (2.6165)
8-Jun-18 9.47 (7.3908) (0.1010) 53.1407 (4.7580)
9-Jun-18 9.83 3.7369 (0.1010) 14.7296 5.2104
12-Jun-18 9.66 (1.7096) (0.1010) 2.5876 (3.1207)
13-Jun-18 9.12 (5.5699) (0.1010) 29.9094 (4.0892)
14-Jun-18 8.84 (3.0808) (0.1010) 8.8793 (1.1452)
15-Jun-18 9.32 5.4751 (0.1010) 31.0929 6.3051
16-Jun-18 9.81 5.1695 (0.1010) 27.7775 3.2710
19-Jun-18 10.08 2.8044 (0.1010) 8.4413 0.9186
20-Jun-18 10.11 0.2877 (0.1010) 0.1511 (1.9181)
21-Jun-18 10.38 2.6409 (0.1010) 7.5182 2.1821
22-Jun-18 10.61 2.2839 (0.1010) 5.6877 2.4389
23-Jun-18 10.66 0.4334 (0.1010) 0.2856 1.6011
26-Jun-18 10.30 (3.3677) (0.1010) 10.6716 (3.2701)
27-Jun-18 10.18 (1.2523) (0.1010) 1.3255 1.3336
28-Jun-18 10.10 (0.6685) (0.1010) 0.3221 (0.0453)
29-Jun-18 10.13 0.2474 (0.1010) 0.1214 0.5636
30-Jun-18 10.48 3.4258 (0.1010) 12.4383 4.3464
3-Jul-18 10.48 0.0764 (0.1010) 0.0315 0.7273
4-Jul-18 10.45 (0.3148) (0.1010) 0.0457 (0.3904)
5-Jul-18 10.51 0.5454 (0.1010) 0.4188 1.8623
6-Jul-18 10.41 (0.9136) (0.1010) 0.6603 (1.2730)
7-Jul-18 10.31 (1.0277) (0.1010) 0.8587 (2.5520)
38908 10.36 0.5240 (0.1010) 0.3918 2.1518
TOTAL (9.7954) 476.7329

Variance 4.9660
Covariance 4.2626
Beta 0.8380
NIFTY PERFORMA
Square of
difference in
Nifty rate Expected
Date Close return and
of return return
expected
return
15-Oct-
18 3,022.20
16-Oct-
18 3,021.60 (0.0199) 0.1854 0.0073
18-Oct-
18 2,981.50 (1.3271) 0.1854 1.9390
20-Oct-
18 3,005.85 0.8167 0.1854 0.5645
21-Oct-
18 3,035.50 0.9864 0.1854 0.8483
22-Oct-
18 3,050.80 0.5040 0.1854 0.1924
23-Oct-
18 3,182.10 0.3704 0.1854 0.0930
24-Oct-
18 3,050.05 (0.3935) 0.1854 0.2118
27-Oct-
18 3,187.45 0.5705 0.1854 0.2551
28-Oct-
18 3,074.70 0.2364 0.1854 0.0292
1-Mar-
18 3,123.10 1.5741 0.1854 2.2764
2-Mar-
18 3,150.70 0.8837 0.1854 0.6697
3-Mar-
18 3,147.35 (0.1183) 0.1854 0.0295
6-Mar-
18 3,190.40 1.3678 0.1854 1.6964
7-Mar-
18 3,182.80 (0.2382) 0.1854 0.0922
8-Mar-
18 3,116.70 (2.0768) 0.1854 4.5888
9-Mar-
18 3,129.10 0.3979 0.1854 0.1105
10-Mar-
18 3,183.90 1.7513 0.1854 2.8424
13-Mar-
18 3,202.65 0.5889 0.1854 0.2741
14-Mar-
18 3,195.35 (0.2279) 0.1854 0.0860
16-Mar-
18 3,226.60 0.9780 0.1854 0.8329
18-Mar-
18 3,234.05 0.2309 0.1854 0.0274
20-Mar-
18 3,265.65 0.9771 0.1854 0.8313
21-Mar-
18 3,262.30 (0.1026) 0.1854 0.0282
22-Mar-
18 3,240.15 (0.6790) 0.1854 0.5540
23-Mar-
18 3,247.15 0.2160 0.1854 0.0227
24-Mar-
18 3,279.80 1.0055 0.1854 0.8838
27-Mar-
18 3,321.65 1.2760 0.1854 1.4656
28-Mar-
18 3,325.00 0.1009 0.1854 0.0013
29-Mar-
18 3,354.20 0.8782 0.1854 0.6607
31-Mar-
18 3,402.55 1.4415 0.1854 1.8937
3-Apr-
18 3,473.30 2.0793 0.1854 4.0560
4-Apr-
18 3,483.15 0.2836 0.1854 0.0476
5-Apr-
18 3,510.90 0.7967 0.1854 0.5348
7-Apr-
18 3,454.80 (1.5979) 0.1854 2.7664
10-Apr-
18 3,478.45 0.6846 0.1854 0.3834
12-Apr-
18 3,380.00 (2.8303) 0.1854 8.3848
13-Apr-
18 3,345.50 (1.0207) 0.1854 1.1896
18-Apr-
18 3,425.15 2.3808 0.1854 5.3613
18-Apr-
18 3,518.10 2.7137 0.1854 7.0139
19-Apr-
18 3,535.85 0.5045 0.1854 0.1929
20-Apr-
18 3,573.50 1.1848 0.1854 0.9989
21-Apr-
18 3,573.05 (0.0126) 0.1854 0.0181
24-Apr-
18 3,548.90 (0.6759) 0.1854 0.5495
25-Apr-
18 3,462.65 (2.4303) 0.1854 6.2285
26-Apr-
18 3,555.75 2.6887 0.1854 6.8818
27-Apr-
18 3,508.10 (1.3401) 0.1854 1.9753
28-Apr-
18 3,508.35 0.0071 0.1854 0.0034
2-May-
18 3,605.45 2.7677 0.1854 7.3025
3-May-
18 3,634.25 0.7988 0.1854 0.5379
4-May-
18 3,648.40 0.3894 0.1854 0.1050
5-May-
18 3,663.95 0.4262 0.1854 0.1302
8-May-
18 3,693.15 0.7970 0.1854 0.5352
9-May-
18 3,720.55 0.7419 0.1854 0.4577
10-May-
18 3,754.25 0.9058 0.1854 0.7183
11-May-
18 3,701.05 (1.4181) 0.1854 2.1976
12-May-
18 3,650.05 (1.3780) 0.1854 2.0833
15-May-
18 3,502.95 (4.0301) 0.1854 16.7727
16-May-
18 3,523.30 0.5809 0.1854 0.2658
18-May-
18 3,635.10 3.1832 0.1854 9.6584
18-May-
18 3,388.90 (6.7729) 0.1854 46.7613
19-May-
18 3,246.90 (4.1902) 0.1854 18.1094
22-May-
18 3,081.35 (5.0987) 0.1854 26.6677
23-May-
18 3,199.35 3.8295 0.1854 14.1686
24-May-
18 3,115.55 (2.6193) 0.1854 7.2073
25-May-
18 3,187.70 1.9948 0.1854 3.7228
26-May-
18 3,209.60 1.0039 0.1854 0.8808
29-May-
18 3,214.90 0.1651 0.1854 0.0100
30-May-
18 3,185.30 (0.9207) 0.1854 0.9724
31-May-
18 3,071.05 (3.5868) 0.1854 13.3382
1-Jun-
18 2,962.25 (3.5428) 0.1854 13.0186
2-Jun-
18 3,091.35 4.3582 0.1854 18.4282
5-Jun-
18 3,016.65 (2.4164) 0.1854 6.1593
6-Jun-
18 2,937.30 (2.6304) 0.1854 7.2672
7-Jun-
18 2,860.45 (2.6163) 0.1854 7.1916
8-Jun-
18 2,724.35 (4.7580) 0.1854 23.2648
9-Jun-
18 2,866.30 5.2104 0.1854 26.4715
12-Jun-
18 2,776.85 (3.1207) 0.1854 10.1513
13-Jun-
18 2,663.30 (4.0892) 0.1854 18.2601
14-Jun-
18 2,632.80 (1.1452) 0.1854 1.4655
15-Jun-
18 2,798.80 6.3051 0.1854 38.9339
16-Jun-
18 2,890.35 3.2710 0.1854 10.2764
19-Jun-
18 2,916.90 0.9186 0.1854 0.7280
20-Jun-
18 2,861.30 (1.9181) 0.1854 3.8868
21-Jun-
18 2,923.45 2.1821 0.1854 4.4383
22-Jun-
18 2,994.75 2.4389 0.1854 5.6337
23-Jun-
18 3,042.70 1.6011 0.1854 2.3586
26-Jun-
18 2,943.20 (3.2701) 0.1854 11.1255
27-Jun-
18 2,982.45 1.3336 0.1854 1.6084
28-Jun-
18 2,981.10 (0.0453) 0.1854 0.0122
29-Jun-
18 2,997.90 0.5636 0.1854 0.2482
30-Jun-
18 3,128.20 4.3464 0.1854 18.3270
3-Jul-
18 3,150.95 0.7273 0.1854 0.4381
4-Jul-
18 3,138.65 (0.3904) 0.1854 0.2077
5-Jul-
18 3,197.10 1.8623 0.1854 3.2288
6-Jul-
18 3,156.40 (1.2730) 0.1854 1.7913
7-Jul-
18 3,075.85 (2.5520) 0.1854 6.8504
10-Jul-
18 3,142.00 2.1518 0.1854 4.3483
TOTAL 6.3418 488.2820
VARIANCE 5.0863
Standard deviation
2.2553
ICICI PERFORMA
square of
difference of Nifty %
% of Exp.
Date NAV return and rate of
return X Return
expected return
return
15-Oct-18 78.23
16-Oct-18 78.49 0.3324 (0.0352) 0.1351 (0.0199)
18-Oct-18 78.91 0.5351 (0.0352) 0.3252 (1.3271)

20-Oct-18
77.85 (1.3433) (0.0352) 1.7112 0.8167
21-Oct-18 76.97 (1.1304) (0.0352) 1.1994 0.9864
22-Oct-18 77.45 0.6236 (0.0352) 0.4340 0.5040
23-Oct-18 77.38 (0.0904) (0.0352) 0.0030 0.3704
24-Oct-18 77.20 (0.2326) (0.0352) 0.0390 (0.3935)
27-Oct-18 77.65 0.5829 (0.0352) 0.3820 0.5705
28-Oct-18 78.12 0.6053 (0.0352) 0.4102 0.2364
1-Mar-18 77.98 (0.1892) (0.0352) 0.0207 1.5741
2-Mar-18 79.14 1.4876 (0.0352) 2.3188 0.8837
3-Mar-18 79.39 0.3159 (0.0352) 0.1233 (0.1183)

6-Mar-18 79.41 0.0252 (0.0352) 0.0036 1.3678
7-Mar-18 80.89 1.8637 (0.0352) 3.6059 (0.2382)
8-Mar-18 81.92 1.2733 (0.0352) 1.7122 (2.0768)
9-Mar-18 80.95 (1.1841) (0.0352) 1.3200 0.3979
10-Mar-18 81.72 0.9512 (0.0352) 0.9730 1.7513
13-Mar-18 82.43 0.8688 (0.0352) 0.8182 0.5889
14-Mar-18 82.43 - (0.0352) 0.0012 (0.2279)
16-Mar-18 82.43 - (0.0352) 0.0012 0.9780
18-Mar-18 83.00 0.6915 (0.0352) 0.5281 0.2309
20-Mar-18 82.51 (0.5904) (0.0352) 0.3082 0.9771
21-Mar-18 82.52 0.0121 (0.0352) 0.0022 (0.1026)
22-Mar-18 82.23 (0.3514) (0.0352) 0.1000 (0.6790)
23-Mar-18 81.60 (0.7661) (0.0352) 0.5343 0.2160
24-Mar-18 82.26 0.8088 (0.0352) 0.7124 1.0055
27-Mar-18 82.52 0.3161 (0.0352) 0.1234 1.2760
28-Mar-18 83.74 1.4784 (0.0352) 2.2910 0.1009
29-Mar-18 83.02 (0.8598) (0.0352) 0.6800 0.8782
31-Mar-18 86.20 3.8304 (0.0352) 14.9428 1.4415
3-Apr-18 90.70 5.2204 (0.0352) 27.6214 2.0793
4-Apr-18 90.70 - (0.0352) 0.0012 0.2836

5-Apr-18
91.48 0.8600 (0.0352) 0.8013 0.7967
7-Apr-18 93.87 2.6126 (0.0352) 7.0107 (1.5979)
10-Apr-18 93.24 (0.6711) (0.0352) 0.4044 0.6846
12-Apr-18 93.93 0.7400 (0.0352) 0.6010 (2.8303)
13-Apr-18 92.82 (1.1818) (0.0352) 1.3146 (1.0207)
18-Apr-18 91.52 (1.4018) (0.0352) 1.8642 2.3808
18-Apr-18 93.20 1.8357 (0.0352) 3.5001 2.7137
19-Apr-18 94.47 1.3627 (0.0352) 1.9540 0.5045
20-Apr-18 95.62 1.2183 (0.0352) 1.5688 1.1848
21-Apr-18 96.14 0.5438 (0.0352) 0.3352 (0.0126)
24-Apr-18 96.49 0.3641 (0.0352) 0.1594 (0.6759)
25-Apr-18 97.35 0.8913 (0.0352) 0.8583 (2.4303)
26-Apr-18 95.86 (1.5318) (0.0352) 2.2361 2.6887
27-Apr-18 97.24 1.4396 (0.0352) 2.1850 (1.3408)
28-Apr-18 97.96 0.7404 (0.0352) 0.6016 0.0071
2-May-18 97.88 (0.0818) (0.0352) 0.0022 2.7677
3-May-18 100.79 2.9730 (0.0352) 9.0494 0.7988
4-May-18 100.83 0.0397 (0.0352) 0.0056 0.3894
5-May-18 99.91 (0.9124) (0.0352) 0.7696 0.4262
8-May-18 99.90 (0.0100) (0.0352) 0.0018 0.7970
9-May-18 100.75 0.8509 (0.0352) 0.7851 0.7419

10-May-18
101.59 0.8337 (0.0352) 0.7550 0.9058
11-May-18 103.28 1.6635 (0.0352) 2.8857 (1.4181)
12-May-18 102.07 (1.1816) (0.0352) 1.2914 (1.3780)
15-May-18 100.61 (1.4304) (0.0352) 1.9466 (4.0301)
16-May-18 96.95 (3.6378) (0.0352) 12.9789 0.5809
18-May-18 96.35 (0.6189) (0.0352) 0.3407 3.1832
18-May-18 99.13 2.8853 (0.0352) 8.5293 (6.7729)
19-May-18 92.49 (6.6983) (0.0352) 44.3968 (4.1902)
22-May-18 89.19 (3.5680) (0.0352) 12.4804 (5.0987)
23-May-18 81.98 (8.0839) (0.0352) 64.7812 3.8295
24-May-18 85.31 4.1820 (0.0352) 16.7867 (2.6193)
25-May-18 85.22 (0.1055) (0.0352) 0.0049 1.9948
26-May-18 84.75 (0.5515) (0.0352) 0.2666 1.0039
29-May-18 86.54 2.1121 (0.0352) 4.6108 0.1651
30-May-18 87.41 1.0053 (0.0352) 1.0826 (0.9207)
31-May-18 87.22 (0.2184) (0.0352) 0.0332 (3.5868)
1-Jun-18 84.26 (3.3937) (0.0352) 11.2797 (3.5428)
2-Jun-18 81.39 (3.4181) (0.0352) 11.3632 4.3582
5-Jun-18 80.20 (1.4621) (0.0352) 2.0361 (2.4164)
6-Jun-18 78.52 (2.0948) (0.0352) 4.2419 (2.6304)
7-Jun-18 76.34 (2.7764) (0.0352) 7.5140 (2.6165)

8-Jun-18
70.35 (7.8465) (0.0352) 61.0163 (4.7580)
9-Jun-18 64.95 (7.6759) (0.0352) 58.3818 5.2104
12-Jun-18 69.23 6.5897 (0.0352) 43.8889 (3.1207)
13-Jun-18 68.18 (1.6900) (0.0352) 2.7385 (4.0892)
14-Jun-18 64.04 (5.9186) (0.0352) 34.4729 (1.1452)
15-Jun-18 62.04 (3.1230) (0.0352) 9.5349 6.3051
16-Jun-18 68.10 9.7679 (0.0352) 96.1003 3.2710
19-Jun-18 68.10 - (0.0352) 0.0012 0.9186
20-Jun-18 70.12 2.9662 (0.0352) 9.0085 (1.9181)
21-Jun-18 70.72 0.8557 (0.0352) 0.7936 2.1821
22-Jun-18 72.72 2.8281 (0.0352) 8.1981 2.4389
23-Jun-18 74.69 2.7090 (0.0352) 7.5307 1.6011
26-Jun-18 75.10 0.5489 (0.0352) 0.3412 (3.2701)
27-Jun-18 72.10 (3.9947) (0.0352) 15.6775 1.3336
28-Jun-18 71.31 (1.0957) (0.0352) 1.1247 (0.0453)
29-Jun-18 70.64 (0.9396) (0.0352) 0.8189 0.5636
30-Jun-18 71.02 0.5379 (0.0352) 0.3285 4.3464
3-Jul-18 73.12 2.9569 (0.0352) 8.9527 0.7273
4-Jul-18 73.37 0.3419 (0.0352) 0.1422 (0.3904)
5-Jul-18 73.18 (0.4225) (0.0352) 0.1500 1.8623
6-Jul-18 73.89 1.1361 (0.0352) 1.3718 (1.2730)

7-Jul-18 74.01
0.1624 (0.0352) 0.0390 (2.5520)
10-Jul-18 73.09 (1.2431) (0.0352) 1.4590 2.1518
TOTAL (3.4131) 671.0535
Variance 6.9901
Covariance 0.0876
Beta 0.0182
Standard Risk Beta (measure of
Expected return (Total Risk) systematic risk)
Nifty 0.1854 2.2553 1.0000
Prudential ICICI Mutual Fund (0.0352) 2.6439 0.0182

PRINCIPAL Mutual Fund (0.0160) 2.2913 0.8893
ING Vysya Mutual Fund (0.0421) 0.3852 0.0939
Birla Sun life Mutual Fund. (0.0192) 2.3316 0.9189
Escorts Mutual Fund 0.0023 2.1081 0.8466
Sahara Mutual Fund (0.0499) 2.1248 0.8353
SBI Mutual Fund (0.2377) 3.2737 0.8040
Tata Mutual Fund (0.0700) 2.5503 1.0188
HDFC Mutual Fund 0.0438 2.3520 0.7896
Kotak Mahindra Mutual Fund (0.1010) 2.2284 0.8380
RANKING ACCORDING TO SHARPE METHOD

Beta
(measur
e of Riskfre
StaStandard systema e rate of
RisRisk (Total tic
Expected return Sharpe Ran
MUTUAL FUNDS return RisRisk)
Rp σmf risk)β Rf Ratio king
SBI Mutual Fund (0.2377) 3.2737 0.8040 0.1800 (0.2561) 10

ING Vysya Mutual
Fund (0.0421) 0.3852 0.0939 0.1800 (0.1978) 9
Kotak Mahindra
Mutual Fund (0.1010) 2.2284 0.8380 0.1800 (0.1279) 8
Tata Mutual Fund (0.0700) 2.5503 1.0188 0.1800 (0.0936) 7
Sahara Mutual Fund (0.0499) 2.1248 0.8353 0.1800 (0.0781) 6

Prudential ICICI
Mutual Fund (0.0352) 2.6439 0.0182 0.1800 (0.0579) 5
Birla Sunlife Mutual
Fund. (0.0192) 2.3316 0.9189 0.1800 (0.0450) 4
PRINCIPAL Mutual
Fund (0.0160) 2.2913 0.8893 0.1800 (0.0422) 3
Escorts Mutual Fund 0.0023 2.1081 0.8466 0.1800 (0.0261) 2
HDFC Mutual Fund 0.0228 2.3520 0.9318 0.1800 (0.0027 1
RANKING ACCORDING TO TREYNOR METHOD

Beta
Standard (measure Ranking
Risk of Risk free as per
Expected (Total systematic rate of Trey nor Trey nor
MUTUAL FUNDS return Rp Risk)σmf risk)β return Rf Ratio ratio
Prudential
ICICI (0.0352) 2.6439 0.0182 0.1800 (3.5208) 10
ING Vysya (0.0421) 0.3852 0.0939 0.1800 (0.6813) 9
SBI (0.2377) 3.2737 0.8040 0.1800 (0.3124) 8
Kotak Mahindra (0.1010) 2.2284 0.8380 0.1800 (0.1826) 7
Tata (0.0700) 2.5503 1.0188 0.1800 (0.1289) 6
Sahara (0.0499) 2.1248 0.8353 0.1800 (0.1218) 5
Birla Sun life (0.0192) 2.3316 0.9189 0.1800 (0.0846) 4
PRINCIPAL (0.0160) 2.2913 0.8893 0.1800 (0.0835) 3

Escorts 0.0023 2.1081 0.8466 0.1800 (0.1885) 2
HDFC 0.0228 2.3520 0.9318 0.1800 (0.0416) 1
RANKING ACCORDING TO JENSION METHOD
Beta Riskfree
Jension
Standard (measure of rate of Market
measure=
Expected Risk (Total systematic return Return
Rp - [(Rm -Rf)
MUTUAL FUNDS return Rp Risk) risk) βp Rf Rm βp+ Rf] Ranking
Prudential
ICICI (0.0352) 2.6439 0.0182 0.1800 0.1854 -0.0953 10
PRINCIPAL (0.0160) 2.2913 0.8893 0.1800 0.1854 -0.0808 9
ING Vysya (0.0421) 0.3852 0.0939 0.1800 0.1854 -0.1026 8
Birla Sunlife (0.0192) 2.3316 0.9189 0.1800 0.1854 -0.0841 7

Escorts 0.0023 2.1081 0.8466 0.1800 0.1854 -0.1822 6
Sahara (0.0499) 2.1248 0.8353 0.1800 0.1854 -0.1144 5

SBI 3.2737 0.8040 0.1800 0.1854 -0.3021 4
(0.2377)
Tata (0.0700) 2.5503 1.0188 0.1800 0.1854 -0.1355 3

HDFC 0.0228 2.3520 0.9318 0.1800 0.1854 -0.0422 2
Kotak Mahindra (0.1010) 2.2284 0.8380 0.1800 0.1854 -0.1655 1

RANKING SUMMERY OF MUTUAL FUNDS
Sharpe Treynor Jension

MUTUAL FUNDS Ratio Ratio measure
SBI Mutual Fund 10 8 4

ING Vysya Mutual Fund 9 9 8
Kotak Mahindra Mutual Fund 8 7 1
Tata Mutual Fund 7 6 3
Sahara Mutual Fund 6 5 5
Prudential ICICI Mutual Fund 5 10 10
Birla Sunlife Mutual Fund. 4 4 7
PRINCIPAL Mutual Fund 3 3 9
Escorts Mutual Fund 2 2 6
HDFC Mutual Fund 1 1 2
Conclusions and Findings
 Mutual funds have to provide very good services standards, Performance &
Transparency. So be prepared for that, there is no such thing as risk free. Every thing as
risk.
 In May sensex was crossed over the Bench mark of 12,385, which means all funds are
giving good performance. In Dec Mutual funds gross purchase worth Rs. 416.83 crore
while their gross sales aggregated Rs.328.01 crore on Dec. The 30-share BSE Sensex
grown up 129.46 points to settle at 10.215 on Dec. The net flow of Dec was Rs. 734.91
Crores.
 ICICI Mutual fund is the biggest fund manager with equity holding of Rs.642.07 crores.
Followed by SBI Rs. 626.78 crores, Reliance Rs. 589.67 crores and UTI 566.09 crores.
 . We don’t even believe in trying to predict indices or where the markets are likely to be
in the near future. But, what we do believe in is that valuations are extremely attractive,
even if you look at it in historical terms.
 According to tax plan the HDFC mutual fund is the best option to invest. The Beta is
very low which means low risk. The fund Gives regularly return to investors.
Suggestions & Recommendations
1. Before invest in mutual funds, the investor should check the day to day NAV of
mutual fund and check the fluctuate of the price, measurable and then invest the money
so investor have getting good return.
2. We should check the NIFTY because it changes the NIFTY like up & down. So, it can
negative effect of mutual fund. It should be measurable day to day.
3. We can measure of risk from various quantitative methods like SHARPE, TREYNOR &
JENSION.
4. In, invest in mutual fund so we have check the political and legal factor analyses because
it negative affects the NAV of mutual fund.
LIMITATIONS OF THE STUDY
World have so many things, all things have two aspects one is advantages and the other is
disadvantages, according to this project also has some limitations arises, that are given
below:
Limited Time
There was limited time in which this project has to be completed. Therefore it was a major
limitation of the study.
Sample Size
The sample size was only limited to a block time duration because I have “10 mutual fund”.
Limited Area
The area of the study covered in this project was limited to only one mutual fund scheme,
not the whole mutual fund.
GLOSSARY OF MUTUAL FUNDS
NAV
NAV=MARKET VALUE OF SECURTIES OF A SCHEME / TOTAL NO. OF UNITS OF THE SCHEME
UNITS
Units in Mutual funds scheme are similar to shares of Joint Stock Company. These are always in
denominations of Rs.10 each the sum total of all units constitution corpus of mutual fund.
INCOME FUND
These funds invest largely in fixed income securities like bonds and debentures. Such funds earn
returns more regularly than lag growth those offered by level of returns.
GROWHT FUND
Growth funds predominantly invest in stock market securities and carry risks larger than income
funds. One should normally stay invested in equity funds for longer times to earn higher returns.
BALANCED FUNDS
A balanced fund is the mixture of income funds and growth funds invested partly in equity to
achieve a trade –off between risk and return.
LOCK IN PERIOD
Period of time during which you can neither redeem nor transfer your holding to others. Lock in
period is imposed to allow fund manager to deploy money for an adequate period of time to earn a
reasonable return. Premature withdraw may destabilize the fund and are not beneficial to the
interests of investors.
MANAGEMENT FEES
An AMC that manages and markets a mutual fund scheme is entitled to a management fee @1% to
1.25% of the scheme.
REDEMPTION
Disbursement of the unit capital on maturity of the scheme to all existing unit holders.
MARKET PRICE
Price at which units of mutual funds are quoted in stock exchange where they are listed.
ENTRY LOAD
Charge paid by unit holder when he invests an amount in the scheme. Mutual funds incur many
expenses during an issue, which are charged to the scheme. Such load is called entry load.
EXIT LOAD
Value of deduction from NAV on the date when one chooses to withdraw from a fund, load is
imposed because withdrawals carry transaction cost to AMC it cannot be more than 6% of NAV
of corpus as prescribed by SEBI many schemes offer redemption facility without exit load.
QUESTIONNAIRE
1. What kind of investments you prefer most? Pl tick (√). All applicable
a. Saving account b. Fixed deposits c. Insurance d. Mutual Fund

e. Post Office-NSC, etc f. Shares/Debentures g. Gold/ Silver h. Real Estate
I. PPF j. PF
2. While investing your money, which factor you prefermost? Any one
Liquidity Low Risk High Return Company reputation
3. Have you ever invested your money in mutual fund?
Yes No
If yes,
a) Where do you find yourself as a mutual fund investor?
Totally ignorant []
Partial knowledge of mutual funds [ ]
Aware only of any specific scheme in which you invested [ ]
Fully aware []
b) In which kind of mutual you would like to invest?
Public [ ] Private [ ]
c) how do you come to know about Mutual Fund?
a. Advertisement b. Peer Group c. Banks d. Financial Advisors
d) Which mutual fund scheme have you used?
Open-ended Close-ended
Liquid fund Mid- Cap
Growth fund Regular Income fund
Long-Cap Sector fund
If no,
a) If not invested in Mutual Fund then why?
Not aware of MF Higher risk Not any specific reason
4. which feature of the mutual funds allure you most?
Diversification [ ]
Better return and safety [ ]
Reduction in risk and transaction cost [ ]
Regular Income [ ]
Tax benefit [ ]
5. In which Mutual Fund you have invested? Please tick (√). All applicable.
a. SBIMF
b. UTI
c. HDFC
d. Reliance
e. ICICI prudential funds
f. JM mutual fund
g. Other. Specify
6. When you invest in Mutual Funds which mode of investment will you prefer?
a. One Time Investment b. Systematic Investment Plan (SIP)
7. Where from you purchase mutual funds?
Directly from the AMCs [ ]
Brokers only [ ]
Brokers/ sub-brokers [ ]
Other sources [ ]
8. Which AMC will you prefer to invest?
Assets Management Co.

a. SBIMF
b. UTI
c. Reliance
d. HDFC
e. Kotak
f. ICICI
g. JM finance
9. Which sector are you investing in mutual fund sector?
i. General 1st
ii. Oil and petroleum
iii. Gold fund
iv. Diversified equity fund
v. Power sector
vi. Debt fund
vii. Banking fund

viii. Real estate fund
ix. General 1st
10. How would you like to receive the returns every year?
a. Dividend payout b. Dividend re-investment c. Growth in NAV
11. Personal Details:
(a). Name:-
(b). Add: - Contact No:-
(c). Age:-
(d). Qualification:-
Graduation/PG Under Graduate Others
(e). Occupation. Pl tick (√)
156
Govt. Sec Pvt. Sec Business Agriculture Others
(g). What is your monthly family income approximately? Pl tick (√).
Up to Rs. 10,001 to Rs. 15,001 to Rs. 20,001 to Rs. 30,001 and

Rs.10,000 15000 20,000 30,000 above
157
BIBLIOGRAPHY
Report of the Committee on Interstate and Foreign Commerce.Ackermann, C., R. McEnally, and
D. Ravenscraft, 1999, "The Performance of Hedge Funds: Risk, Return and Incentives,"
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Mutual Funds,"Journal of Banking and Finance, 26, 1187-1208. Ahmed, P., P. Gangopadhyay
and S. Nanda, 2003, "Investing in Emerging Market Mutual Funds," Journal of Business and
Economic Perspectives, 29, 5-15. Alexander, G., J. Jones, and P. Nigro, 1998, "Mutual Fund
Shareholders: Characteristics, Investor Knowledge, and Sources of Information," Financial
Services Review, 7, 301-316. Anderson, S. and J. Born, Closed-End Investment Companies:
Issues and Answers. Hingham, MA: Kluwer Academic Publishers, 1991. Anderson, S., B.
Coleman, D. Gropper, and H. Sunquist, 1996, "A Comparison of the Performance of Open- and
Closed-end Investment Companies," Journal of Economics and Finance, 20,
3-11. Arteaga, K., C. Ciccotello, and T. Grant, 1998, "New Equity Funds: Marketing and
Performance," Financial Analysts Journal, 54, 43-49. 146
Bibliography Barclay, M., N. Pearson, and M. Weisbach, 1998, "Open-end
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Mutual Funds and Capital Gains Taxes," Journal of Financial Economics, 49, 3-43.
Becker C., W. Ferson, D. Myers, and M. Schill, 1999, "Conditional Market Timing with
Benchmark Investors," Journal of Financial Economics, 52,119-148. Bhattacharya, S. and P.
Pfleider, A Note on Performance Evaluation, Technical Report, 714. Stanford University,
Stanford California. 1983. Blake, C., E. Elton and M. Gruber, 1993, "The Performance of
Bond Mutual Funds," The Journal of Business, 66, 371-403. Bogle, J., 1998, "The Implications
of Style Analysis for Mutual Fund Performance Evaluation," The Journal of Portfolio
Management, Summer, 34-42. Brown, F. and D. Vickers, 1963, "Mutual Fund Portfolio
Activity, Performance, and Market Impact," The Journal of Finance, 18,377-391.
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Managerial Incentives in the Mutual Fund Industry," The Journal of Finance, 5l, 85-110.
Brown, S. and W. Goetzmann, 1995, "Performance Persistence," The Journal of Finance,
50, 679-698. Brown, S. and W. Goetzmann, 1997, "Mutual Fund Styles," Journal of
Financial Economics, 43, 373-399. Bibliography 147 Brown, S., W. Goetzmann, and R.
Ibbotson, 1999, "Offshore Hedge Funds: Survival and Performance, 1989-95,"
The Journal of Business, 72, 91-117. Carhart, M., 1997, "On Persistence in Mutual Fund
Performance,"
The Journal ofFinance, 52, 57-82. Carlson, R., 1970 "Aggregate Performance of Mutual Funds,
1948-1967," Journal of Financial and Quantitative Analysis, 1-32. Carpenter, J. and A. Lynch,
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 WWW.MUTUAL FUND.COM
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 ICICI DIRECT .COM
 NSE INDIA.COM
 JORDON & FISHER
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A RESEARCH PROJECT

Submitted In Partial Fulfillment for the requirement for the award of

MASTER OF BUSINESS ADMINISTRATION

Submitted in partial fulfillment of requirements for the award of the

Signature of Supervisor Signature of Candidate

Nobody is born perfect in himself; it is some timely guidance, proper teachings

Sr. No. Page no.

different investments. So in a well-diversified mutual fund no one particular investment

most suitable investment for the common man

“…A mutual fund is a company that brings together money from

Second Phase – 1987-1993 (Entry of Public Sector Funds)

Third Phase – 1993-2003 (Entry of Private Sector Funds)

Fourth Phase – since February 2003

1. CONCEPT OF MUTUAL FUND

type of securities instruments in which it invests, and secondarily on how well it is

managed by the company offering it.

1.3. ADVANTAGES OF MUTUAL FUNDS

Mutual funds provide following benefit to investors

1.4. CLASSIFICATION OF MUTUAL FUNDS

Close – ended Load funds

I. Open ended and close ended funds

1. Unexpected withdrawals require funds to maintain a high level of cash available

II. Load Funds Vs No Load funds

expenses may be recovered from the investor are:

1.5. TYPES OF FUNDS

Broad-based, diversified equity funds vary their investments across

I. Equity Diversified Funds -

Performance as on May 31, 2018

Absolute Simple Annualized

Tata Pure Equity Fund - Growth

Franklin India Prima Fund - Growth

II. Index Funds -

Absolute Simple Annualized

HDFC Index - Sensex Plus

SENSEX Pru ICICI Exchange Traded

III. Sector Fund

Sector - Sector Schemes follow particular sector.

Performance as on March 25, 2018

Absolute Simple Annualized

Alliance Basic Industries

UTI Growth Sector – Petro

SBI Magnum Sector – Pharma

IV. Equity Linked Tax Savings Schemes (ELSS) -

Performance as on March 25, 2018

Absolute Simple Annualized

Magnum Tax Gain 93

Tata Tax Saving

Performance as on March 25, 2018

Absolute Simple Annualized

Scheme Name NAV 6 Months 1 Year 3 Years Since Inception

Deutsche Premier Bond – Institutional

Sundaram Select Debt - D A P

HSBC Institutional Income – Invest

Category rating - ***

II. Gilt Funds -

Government Sec. - Gilt funds invest in government securities.

Performance as on March 25, 2018

Absolute Simple Annualized

Scheme Name NAV 6 Months 1 Year 3 Years Since Inception

FT India Gilt Investment Plan - Growth

Chola Gilt Investment - Growth

Tata Gilt Securities Fund - Growth