A PROJECT REPORT ON

A STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEME

A CASE STUDY OF KOTAK SECURITIES LTD. 9-1-777, 3rd FLOOR, Beside ITC Building, Lane Adj. to St. Anns School, S.D Road, Secunderabad 500003 SUBMITTED TO KAKINADA INSTITUTE OF TECNOLOGY & SCIENCE
TIRUPATHI VILLAGE, DIVILI, PEDDAPURAM MANDAL EAST GODAVARI DISTRICT, ANDHRA PRADESH-533433 JANUARY 2011 By R.SURESH KUMAR REGISTER NUMBER: 09JQ1E0030
Guided By Prof.Md. ABDUL RASOOL, M.Com, L.L.B INTERNAL GUIDE
For the partial fulfilment of

Post Graduate Diploma in Information Technology and Management

DECLARATION

I hereby profess that this dissertation work entitled A STUDY ON PERFORMANCE OF SELECTED MUTUAL FUND SCHEME, composed for the award of the degree of Master of Business Administration, This is my orginal work and has not been submitted/Presented for the award of any other Degree/Diploma or any other similarities of any other University/Institution.

R.SURESH KUMAR M.B.A (JULY 2009- MAY 2011)

ACKNOWLEDGEMENT
I take this opportunity to express my gratitude to the staff of KOTAK SECURITIES for permitting me to undertake project work in their esteemed organization. I stand indebted for the extensive help rendered to me by my guide Mr-

Client Acquisition, Kotak Securities, for

helping me to get exposed to the wonderful world of Investments in Securities and in making this project successful. I thank the Faculty Members of KAKINADA INSTITUTE OF TECHNOLOGY & SCIENCE for their support, without which this project would not be successful.

R. SURESH KUMAR (09JQ1E0030)

INDEX
Chapter 1 - Introduction Chapter 2 - Company Profile Chapter 3 - Research Study Chapter 4 - Data Analysis and Interpretation Chapter 5 - Findings and Conclusions Chapter 6 - Annexure Chapter 7 - Bibliography Chapter 8 - Annexuers

CHAPTER-1 INTRODUCTION
Investment refers to the process of commitment of funds with the objective of earning additional income or capital appreciation or both. Savings form an important part of the economy of any nation. With savings invested in various options available to the people, the money acts as the driver for growth of the country. Indian financial scene too presents multiple avenues to the investors. Though certainly not the best or deepest of markets in the world, it has ignited the growth industry to provide rate in mutual fund

reasonable options for an ordinary man

to invest his savings. Investment goals vary from person to person. While somebody wants security, others might give more weightage to returns alone. Somebody else might want to plan for his childs education while somebody might be saving for life after retirement. With objectives defying any range, it is obvious that the products required will vary as well. Today an investor has a lot of investment alternatives to choose from in the market such as shares, debentures, mutual funds, Government securities etc.The investor has to make a wise choice keeping in mind various factors such as objective of investment, risk associated with the

investment, tax benefits, liquidity, marketability etc. But it is not an easy task for the investor to identify the right avenue for

investment due to many investment constraints such as lack of resources and time to conduct research etc. 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 according to the funds objectives. 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 one investment vehicle that has truly come of age in India in the past decade is mutual funds. Today,the mutual fund industry in the country manages around Rs 7, 81,583.84 crores (As of Feb, 2010) of assets, a large part of which comes from retail investors. And this amount is invested not just in equities, but also in the entire amount of debt instruments. Mutual funds have emerged as a proxy for investing in avenues that are out of reach of most retail investors, particularly government securities and money market instruments.

Specialization is the order of the day, be it with regard to a schemes investment objective or its targeted investment universe. Given the plethora of options on hand and the hard-sell adopted by mutual funds vying for a piece of your savings, finding the right scheme can sometimes seem a bit daunting. Mind you, its not just about going with the fund that gives you the highest

returns. Its also about managing riskfinding funds that suit your risk appetite and investment needs.

CONCEPT OF THE MUTUAL FUND: The securities and exchange board of India regulations.1993 defines a mutual fund as a fund

established in the form of a trust by a sponsor, to raise monies by the trustees through the sale of units to the public, under one or more schemes, for investing in securities in accordance with these regulations. 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 is 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:-

Mutual Fund is a body corporate registered with the Securities and Exchange Board of India (SEBI) that pools up the money from individual/corporate investors and invests the same on behalf of the investors/unit holders, in Equity shares, Government the

securities, Bonds, Call Money Markets etc, and distributes

profits. In the other words, a Mutual Fund allows investors to indirectly take a position in a basket of assets. Mutual Fund is a mechanism for pooling the resources by issuing units to the investors and investing funds in securities in accordance with objectives as disclosed in offer document. Investments in securities are spread among a wide cross-section of industries and sectors thus the risk is reduced. Diversification reduces the risk because all stocks may not move in the same

direction in the same proportion at same time. Investors of mutual funds are known as unit holders. The investors in

proportion to their investments share the profits or losses. The mutual funds normally come out with a number of schemes with different investment objectives which are launched from time to time. A Mutual Fund is required to be registered with Securities Exchange Board of India (SEBI) which regulates securities markets before it can collect funds from the public.

INVESTORS EARN FROM A MUTUAL FUND IN THREE WAYS: 1. Income is earned from dividends declared by mutual fund

schemes from time to time. 2. If the fund sells securities that have increased in price, the fund has a capital gain. This is reflected in the price of each unit. When investors sell these units at prices higher than their purchase price, they stand to make a gain. 3. If fund holdings increase in price but are not sold by the fund manager, the fund's unit price increases, the mutual fund units can be sold for a profit. This is amounts to a valuation gain. Though still at a nascent stage, Indian MF industry offers a plethora of schemes and serves broadly all type of

investors. The range of products includes equity funds, debt, liquid, gilt and balanced funds. There are also funds meant exclusively for young and old, small and large investors. Moreover, the setup of a legal structure, which has enough teeth to safeguard investors interest, ensures that the investors are not cheated out of their hardearned money. All in all, benefits provided by them cut across the boundaries of investor category and thus create for them, a universal appeal. Investors of all categories could choose to invest on

their own in multiple options but opt for mutual funds for the sole reason that all benefits come in a package.

HISTORY OF MUTUAL FUNDS IN INDIA:

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 history of mutual funds in India can be broadly divided into four distinct phases

First Phase 1964-87:

Unit Trust of India (UTI) was established on 1963 by an Act of Parliament. It was set up by the Reserve Bank of India and functioned under the Regulatory and administrative control of the Reserve Bank of India. In 1978 UTI was de-linked from the RBI and the Industrial Development Bank of India (IDBI) took over the regulatory and administrative control in place of RBI. The first scheme launched by UTI was Unit Scheme 1964. At the end of 1988 UTI had Rs.6, 700 crores of assets under management.

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

The year 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 September, 2004, there were 29 funds, which manage assets of Rs.153108 crores under 421 schemes.

Fifth Phase Growth and Consolidation - 2004 Onwards:

The industry has also witnessed several mergers and acquisitions recently, examples of which are acquisition of schemes of Alliance Mutual Fund by Birla Sun Life, Sun F&C Mutual Fund and PNB Mutual Fund by Principal Mutual Fund. Simultaneously, more international mutual fund players have entered India like Fidelity, Franklin Templeton Mutual Fund etc.There were 33funds as at the end of March 2010. This is a continuing phase of growth of the industry through consolidation and entry of new international and private sector players.

ORGANIZATION OF A MUTUAL FUND:

A mutual fund is set up in the form of a trust, which has sponsor, trustees, asset Management Company (AMC) and custodian. The sponsor of a mutual fund is like the promoter of a company. The sponsor may be a bank, a financial institution, or a financial service company. The sponsor is responsible for setting up and establishing the mutual fund. The trust is established by a sponsor or more than one sponsor who is like promoter of a company. The trustees of the mutual fund hold its property for the benefit of the unit holders. Asset Management Company (AMC) approved by SEBI manages the funds by making investments in various types of securities. Custodian, who is registered with SEBI, holds the securities of various schemes of the fund in its custody. The trustees are vested with the general power of superintendence and direction over AMC. They monitor the performance and compliance of SEBI Regulations by the mutual fund. SEBI Regulations require that at least two thirds of the directors of trustee company or board of trustees must be independent i.e. they should not be associated with the sponsors. Also, 50% of the directors of AMC must be independent. All mutual funds are required to be registered with SEBI before they launch any scheme

UNIT HOLDER

SPONSERS TRUSTEES THE MUTUAL FUND CUSTODIAN AMC TRANSFER AGAIN

SEBI

ASSOCIATION OF MUTUAL FUNDS IN INDIA (AMFI):

With the increase in mutual fund players in India, a need for mutual fund Association in India was generated to function as a non-profit organization. Association of Mutual Funds in India (AMFI) was incorporated on 22nd August; 1995.AMFI is an apex body of all Asset Management Companies (AMC) which has been registered with SEBI. Till date all the AMCs are that have launched mutual fund schemes are its members. It functions under the supervision and guidelines of its Board of Directors. The Association of Mutual Funds of India works with 30 registered AMCs of the country. Association of Mutual Funds

India has brought down the Indian Mutual Fund Industry to a professional and healthy market with ethical lines enhancing and maintaining standards. It follows the principle of both protecting and promoting the interests of mutual funds as well as their unit holders.

The objectives of Association of Mutual Funds in India are as follows: To define and maintain high professional and ethical standards in all areas of operation of mutual fund industry To recommend and promote best business practices and code of conduct to be followed by members and others engaged in the activities of mutual fund and asset management including agencies connected or involved in the field of capital markets and financial services. To interact with the Securities and Exchange Board of India (SEBI) and to represent to SEBI on all matters concerning the mutual fund industry. To represent./t to the Government, Reserve Bank of India and other bodies on all matters relating to the Mutual Fund Industry To develop a cadre of well trained Agent distributors and to implement a programme of training and certification for all intermediaries and other engaged in the industry. To undertake nationwide investor awareness programme so as to promote proper understanding of the concept and working of mutual funds. To disseminate information on Mutual Fund Industry and to undertake studies and research directly and/or in association with other bodies. At last but not the least association of mutual fund of India also disseminate information on Mutual Fund Industry and undertakes studies and research either directly or in association with other bodies.

MEMBERS OF AMFI:
BANK SPONSORED:
SBI Fund Management Ltd. BOB Asset Management Co. Ltd. Canbank Investment Management Services Ltd. UTI Asset Management Company Pvt. Ltd.

INSTITUTIONS:
Jeevan Bima Sahayog Asset Management Co. Ltd.

PRIVATE SECTOR:
Indian: Benchmark Asset Management Co. Pvt. Ltd. Cholamandalam Asset Management Co. Ltd. Credit Capital Asset Management Co. Ltd. Escorts Asset Management Ltd. JM Financial Mutual Fund Kotak Mahindra Asset Management Co. Ltd. Reliance Capital Asset Management Ltd. Sahara Asset Management Co. Pvt. Ltd Sundaram Asset Management Company Ltd. Tata Asset Management Private Ltd. Predominantly India Joint Ventures:-

 Birla Sun Life Asset Management Co. Ltd. DSP Merrill Lynch Fund Managers Limited HDFC Asset Management Company Ltd Predominantly Foreign Joint Ventures: ABN AMRO Asset Management (I) Ltd. Alliance Capital Asset Management (India) Pvt. Ltd. Deutsche Asset Management (India) Pvt. Ltd. Fidelity Fund Management Private Limited Franklin Templeton Asset Mgmt. (India) Pvt. Ltd. HSBC Asset Management (India) Private Ltd. ING Investment Management (India) Pvt. Ltd. Morgan Stanley Investment Management Pvt. Ltd. Principal Asset Management Co. Pvt. Ltd. Prudential ICICI Asset Management Co. Ltd. Standard Chartered Asset Mgmt Co. Pvt. Ltd

ADVANTAGES OF MUTUAL FUND:

Professional Management:

Investors avail the services of experienced and skilled professionals who are backed by a dedicated investment research team, which analyses the performance and prospects of companies and selects suitable investments to achieve the objectives of the scheme.

Diversification:
Mutual Funds invest in a number of companies across a broad gross-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. Investors achieve this diversification through a Mutual Fund with far less money than they can do on their own.

Convenient Administration:
Investing in a Mutual Fund reduces paperwork and helps to avoid many problems such as bad deliveries, delayed payments and unnecessary follow up with brokers and companies. Mutual Funds save 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 cost for investors.

Liquidity:
In open-ended schemes, investors can get their money back promptly at net asset value related prices from the mutual fund itself. With close-ended schemes, they can sell their units on a stock exchange at the prevailing market price or avail of the facility of direct repurchase at NAV related prices which some close-ended and interval schemes offer periodically.

Transparency:
Investors get regular information on the value of their investment in addition to disclosure on the specific

investments made by the scheme, the proportion invested in each class of assets and the fund managers investment strategy and outlook.

Flexibility:
Through features such as regular investment plans, regular withdrawal Plans and dividend reinvestment plans, investors can systematically invest or Withdraw funds according to their needs and convenience.

Choice of Schemes:
Mutual funds offer a family of schemes to suit the varying needs Over the lifetime of their investors.

Well Regulated:
All mutual funds are registered with SEBI and they function within the strict Regulations designed to protect the interest of investors. The operations of Mutual Funds are regularly monitored by SEBI.

DRAWBACKS OF MUTUAL FUNDS:

1 No Guarantees:
The return of any mutual fund scheme is not assured as the investment or the corpus of the fund is invested in the capital market which may or may not generate returns. No investment is risk free, if the entire stock market declines in value, the value of mutual fund shares will go down as well, no matter how balanced the portfolio is but investors encounter fewer risks when they invest in mutual funds than when they buy and sell stocks on their own.

2. No Customized Portfolios:
The portfolio of securities in which a fund invests is a decision taken by the fund manager. Investors have no right to interfere in the decision making process of a fund manager, which some investors find as a constraint in achieving their financial objectives.

3. Fees and commissions:

All funds charge administrative fees to cover their day-to-day expenses. Some funds also charge sales commissions or "loads to compensate brokers, financial consultants, or financial planners. Even if an investor doesn't uses a broker or other financial adviser, he will pay a sales commission if he buys shares in a Load Fund.

4. Taxes:

During a typical year, most actively managed mutual funds sell anywhere from 20 to 70 percent of the securities in their portfolios. If a fund makes a profit on its sales, the investor will pay taxes on the income he receives, even if he reinvests the money he made.

5. Management risk:
When an investor invests in a mutual fund, he depends on the fund's manager to make the right decisions regarding the fund's portfolio. If the manager does not perform as well as he had hoped, he might not make as much money on his investment as he had expected. Of course, if the investor invests in the Index Funds, he foregoes management risk, because these funds do not employ managers

Different types of mutual fund schemes

BY STRUCTURE:
1. Open-end Funds:
An open-end fund is one that is available for subscription all through the year. These funds do not have a fixed maturity and investors can conveniently buy and sell its units at Net Asset Value ("NAV") related prices. The key feature of open-end schemes is its liquidity.

2. Closed-end Funds:
A closed-end fund has a stipulated maturity period which generally ranging from 3 to 15 years. The fund is open for subscription only during a specified period and investors can invest in the scheme only at the time of the initial public issue and thereafter they can buy or sell the units of the scheme on the stock exchanges where they are listed. In order to provide an exit route to the investors, some close-ended funds give an option of selling back the units to the Mutual Fund through periodic repurchase at NAV related prices. SEBI Regulations stipulate that at least one of the two exit routes is provided to the investor.

3. Interval Funds:
Interval funds combine the features of open-ended and close-ended schemes. They are open for sale or redemption during pre-determined intervals at NAV related prices.

BY INVESTMENT OBJECTIVE:
1. Growth/Equity Oriented Funds:
The aim of growth funds is to provide capital appreciation over a period of time usually medium to long term. Such schemes normally invest a majority of their corpus in equities. It has been proved that returns from stocks, have outperformed most other kind of investments held over the long term. Growth schemes are ideal for investors having a long term outlook seeking growth over a period of time.

2. Income/ Debt oriented Funds:

The aim of income funds is to provide regular and steady income to investors. Such schemes generally invest in fixed income securities such as bonds, corporate debentures and Government securities. Income Funds are ideal for capital stability and regular income.

3. Balanced Funds:
The aim of balanced funds is to provide both growth and regular income. Such schemes periodically distribute a part of their earning and invest both in equities 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, or fall equally when the market falls. These are ideal for investors looking for a combination of income and moderate growth.

4. Money Market/Liquid Funds:

The aim of money market funds is 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 deposit, commercial paper and interbank call money. Returns on these schemes may fluctuate depending upon the interest rates prevailing in the market. These are ideal for Corporate and individual investors as a means to park their surplus funds for short periods

OTHER SCHEMES:
1. Tax Saving Schemes:
These schemes offer tax rebates to the investors under specific provisions of the Indian Income Tax laws as the Government offers tax incentives for investment in specified avenues. Investments made in Equity Linked Savings Schemes (ELSS) and Pension Schemes are allowed as deduction u/s 88 of the Income Tax Act, 1961. The Act also provides opportunities to investors to save capital gains u/s 54EA and 54EB by investing in Mutual Funds.

2. Industry Specific Schemes:

Industry Specific Schemes invest only in the industries specified in the offer document. The investment of these funds is limited to specific industries like InfoTech, FMCG, Pharmaceuticals, etc

3. Index Funds:
The corpus of the Index Fund is invested in the index stocks and it attempt to replicate the performance of a particular index such as the BSE Sensex or the NSE Nifty.

4. Gilt Funds:
These funds invest exclusively in Government securities. Government securities have no default risk. NAVs of these funds also fluctuate due to interest rate changes and other economic factors as is the case with income or debt oriented schemes.

5. Sectoral Funds:
Sectoral Funds are those which invest exclusively in a specified sector. This could be an industry or a group of industries or various segments such as 'A' Group shares or initial public offerings.

6. Load Funds:
A Load Fund is one that charges a commission for entry or exit. That is, each time you buy or sell units in the fund, a commission will be payable. Typically entry and exit loads range from 1% to 2%. It could be worth paying the load, if the fund has a good performance history.

7. No-Load Funds:
A No-Load Fund is one that does not charge a commission for entry or exit. That is, no commission is payable on purchase or sale of units in the fund. The advantage of a no load fund is that the entire corpus is put to work.

8. Exchange Traded Funds (ETF):

Exchange Traded Funds provide investors with combined benefits of a closed-end and an open-end mutual fund. Exchange Traded Funds follow stock market indices and are traded on stock exchanges like a single stock at index linked prices. The

biggest advantage offered by these funds is that they offer

diversification, flexibility of holding a single share (tradable at index linked prices) at the same time. Recently introduced in India, these funds are quite popular abroad.

9. Fund of Funds:
Mutual funds that do not invest in financial or physical assets, but do invest in other mutual fund schemes offered by different AMCs, are known as Fund of Funds. Fund of Funds provide investors with an added advantage of diversifying into different mutual fund schemes with even a small amount of investment, which further helps in diversification of risks.

RISKS ASSOCIATED WITH MUTUAL FUNDS:Investing in Mutual Funds, as with any security, does not come without risk. One of the most basic economic principles is that risk and reward are directly correlated. In other words, the greater the potential risk the greater the potential return. The Types of risk commonly associated with Mutual Funds are:

1. Market Risk:
Market risk relates to the market value of a security in the future. Market prices fluctuate and are susceptible to economic and financial trends, supply and demand, and many other factors that cannot be precisely predicted or controlled.

2. Political Risk:
Changes in the tax laws, trade regulations, administered prices, etc are some of the many political factors that create market risk. Although collectively, as citizens, we have indirect control through the power of our vote individually, as investors, we have virtually no control.

3. Inflation Risk:
Interest rate risk relates to future changes in interest rates. For instance, if an investor invests in a long-term debt Mutual Fund scheme and interest rates increase, the NAV of the scheme will fall because the scheme will be end up holding debt offering lower interest rates.

4. Business Risk:
Business risk is the uncertainty concerning the future existence, stability, and profitability of the issuer of the security. Business risk is inherent in all business ventures. The future financial stability of a company cannot be predicted or guaranteed, nor can the price of its securities. Adverse changes in business circumstances will reduce the market price of the companys equity resulting in proportionate fall in the NAV of the Mutual Fund scheme, which has invested in the equity of a such company.

5. Economic Risk:
Economic risk involves uncertainty in the economy, which, in turn, can have an adverse effect on a companys business. For instance, if monsoons fail in a year, equity stocks of agriculturebased companies will fall and NAVs of Mutual Funds, which have invested in such stocks, will fall proportionately

CHAPTER-2 COMPANY PROFILE Kotak Mahindra Bank India

Kotak Mahindra Bank was formerly known as Kotak Mahindra Finance Ltd. Established in 1985, Kotak Mahindra Group is one of leading and well-renowned financial institutions in India.In 2003, Kotak Mahindra Finance Limited obtained license from the Reserve Bank of India (RBI) and converted into Kotak Mahindra Bank, the first company to do so India. Kotak Mahindra Bank Ltd. is presently one of the finest banking services providers in India.The specialized products by Kotak Mahindra Bank India that drive mass interest among the customers are Kotak Mahindra Life Insurance and other insurance products, Kotak Mahindra Mutual Fund Kotak Mahindra Securities Kotak Mahindra Bank Credit Cards Kotak Mahindra Bank Home Loan products Kotak Mahindra Bank personal loan Kotak Mahindra Bank Visa C@rd and many more products. The various banking products of Kotak Mahendra Bank include:

Accounts

Savings Account Current Account Term Deposits

Loan Products

Home Loans Personal Loans Loan Against Property

Investment Products

Demat Account Mutual Fund Insurance - Life Insurance and General Insurance Gold

Kotak Mahendra Bank such as:

provides Convenience Banking

Net Banking Mobile Banking Phone Banking ATM Network

The Kotak Mahindra Bank head office is located in Mumbai, the trade capital of India and a branch network spread all across India. The other wholly owned subsidiaries of Kotak Mahindra Bank Limited are:
For

Kotak Mahindra mutual funds. Asset Management Company Limited (KMAMC)

Kotak Mahindra Old Mutual Life Insurance Kotak Mahindra Prime Limited (KMPL) life insurance services

car financing

Kotak Securities Ltd. Kotak Mahindra Capital Company (KMCC) Kotak Private Equity Group

internet stock broking, online share trading, and online IPO and mutual fund investments investment banking services

equity capital for business expansion

(KPEG) Kotak Realty Fund Kotak Mahindra International private equity funds for real estate investments providing investment and financing solutions in .India by collaborating with foreign companies

Kotak Mahindra is among the leading financial organization of India, with a range of financial services that caters to all customers' day to day requirements. Their products spans from commercial banking, to stock broking, to mutual funds, to life insurance, to investment banking diverse needs of individuals and corporates are catered to. The Kotak group has a net worth of more than Rs. 6,799 crore with the branches, franchisees, representative offices and satellite offices spread across cities and towns in India. They also have global offices in New York, London, San Francisco, Dubai, Mauritius and Singapore. The Kotak Group offers their services to approximately 6.4 million customer Highlights of Kotak Mahendra Group.

Kotak Group Products & Services

1. Bank 2. Credit Cards 3. Life Insurance 4. Mutual Funds 5. Car Finance 6. Securities 7. Institutional Equities 8. Investment Banking 9. International Business 10.Kotak Private Equity 11.Kotak Realty Fund 12. Wealth Management

OUR STORY:
Milestones that have shaped the Kotak Mahindra Group, since 1986 Since the inception of the erstwhile Kotak Mahindra Finance Limited in 1985, it has been a steady and confident journey leading to growth and success. The milestones of Kotak Mahindra's growth story are listed below by year. 1986 1987 Kotak Mahindra Finance Limited started off with Bill Discounting Kotak Mahindra Finance Limited makes its foray into the Lease and Hire Purchase market

1990 The Auto Finance division starts The Investment Banking Division starts off. They take over 1991 FICOM, one of India's largest financial retail marketing networks 1992 Penetrates into the Funds Syndication sector The brokerage and distribution businesses of the Group gets incorporated into a separate company - Kotak Securities, 1995 whereas the investment banking arm is incorporated into a separate company - Kotak Mahindra Capital Company The Auto Finance Business of the Group is hived off into a separate company - Kotak Mahindra Prime Limited. Kotak Mahindra takes up a major stake in Ford Credit Kotak 1996 Mahindra Limited to finance Ford vehicles. They launch Matrix Information Services Limited, marking the group's entry in information distribution. 1998 Kotak Mahindra Asset Management Company is incepted and they enter into the mutual fund market.

Kotak Mahindra makes a tie with Old Mutual plc. For their Life Insurance business. Kotak Securities launches the site 2000 (now www.kotaksecurities.com). Kotak Mahindra Venture Capital Fund is formed and the private equity business of the group commences. 2001 2003 Matrix is sold to Friday Corporation and the Insurance Services is launched. Kotak Mahindra Finance Ltd. gets converted into a commercial bank.

2004 A private equity fund (India Growth Fund) is launched. 2005 Kotak Group launches a real estate fund 2006 The Group buys 25% stake held by Goldman Sachs in Kotak Mahindra Capital Company and Kotak Securities

2008 Launched a Pension Fund under the New Pension System. Kotak Mahindra Bank Ltd. opened a representative office in Dubai 2009 Entered Ahmedabad Commodity Exchange as anchor investor.

OUR BUSINESSES:
Kotak Mahindra is one of India's leading banking and financial services groups, offering a wide range of financial services that encompass every sphere of life.

Kotak Mahindra Bank Ltd

Kotak Mahindra Bank Ltd is a one stop shop for all banking needs. The bank offers personal finance solutions of every kind from savings accounts to credit cards, distribution of mutual funds to life insurance products. Kotak Mahindra Bank offers transaction banking, operates lending verticals, manages IPOs and provides working capital loans. Kotak Bank has one of the largest and most respected Wealth Management teams in India, providing the widest range of solutions to high net worth individuals, entrepreneurs, business families and employed professionals.

Kotak Mahindra Old Mutual Life Insurance Ltd

A joint venture between Kotak Mahindra Bank Ltd and Old Mutual, Kotak Life Insurance offers a wide choice of life insurance products such as unit-linked plans, traditional insurance policies and gratuity group plans to credit-term plans for businesses. With the promise of complete financial independence, Kotak Life Insurance aims to bring about a change in the mindset of today's informed insurance customer

 Kotak Securities Ltd

Kotak Securities is one of the largest broking houses in India with a wide geographical reach. Kotak Securities operations include stock broking and distribution of various financial products including private and secondary placement of debt, equity and mutual funds. Kotak Securities operate in five main areas of business:

Stock Broking (retail and institutional) Depository Services Portfolio Management Services Distribution of Mutual Funds Distribution of Kotak Mahindra Old Mutual Life Insurance Ltd products

And some more Businesses are as follows: Kotak Mahindra Capital Company (KMCC) Kotak Mahindra Prime Ltd (KMPL) Kotak International Business Kotak Mahindra Asset Management Company Ltd (KMAMC) Kotak Private Equity Group (KPEG) Kotak Realty Fund

AWARDS
At Kotak Mahindra Group we take a client-centric view and constantly innovate to provide you with the best of services and infrastructure. We have regularly received accolades that stand testimony to our success in this endeavour. Some of our recent achievements are:

SECURITIES

CNBC Financial advisor awards Best Performing Equity Broker, 2008 & 2009

Asia money Brokers Poll

Best local brokerage,2006, 2007, 2008 & 2009. Best Analyst in India Sanjeev Prasad, 2005, 2006, 2007, 2008 & 2009

Finance Asia Country Awards for Achievement

Best Broker in India, 2006, 2009 & 2010

Thomson Extel Survey Awards

India's Leading Equity House, 2007

Super Brands Council of India

Business Super brand India, 2008

Kotak Securities Ltd. is one of India's leading stock broking house and has been the largest in IPO distribution. The company has a full-fledged research division involved in Macro Economic studies, Sectoral research and Company Specific Equity Research combined with a strong and well networked sales force which helps deliver current up to date market information and news. Kotak Securities Ltd is also a depository participant with National Securities Depository Limited (NSDL) and Central Depository Services Limited (CDSL), providing dual benefit services wherein the investors can use the brokerage services of the company for executing the transactions and the depository services for settling them. Kotak Securities has 1113 outlets servicing over 11 lakhs customer accounts and a coverage of 400 cities. www.kotaksecurities.com, the online division of Kotak Securities Limited offers Internet Broking services and also online IPO and Mutual Fund Investments.

Kotak Securities Limited has Rs. 2300 crore of Assets Under Management (AUM) as of 31stMarch, 2010. The portfolio Management Services provide top class service , catering to the high end of the market. Portfolio Management from Kotak Securities comes as an answer to those who would like to grow exponentially on the crest of the stock market, with the backing of an expert.

Why Kotak Securities?

Welcome to Kotak Securities. We see investing from your perspective, and make recommendations based on your needs. One of our important goals is to simplify investing for you, along with this we also provide long term values to our customers. We have a million reasons for you to choose us .Listed below are a few:

Stability:
We are a 100% subsidiary of Kotak Mahindra Bank and one of the oldest and largest stock broking firms in the Industry. We have been the first and only NBFC to receive the license to be converted into bank Innovators in the Industry: We have been the first in providing many products and services which have now become industry standards. UTI MF CNBC TV18 Financial Advisor Awards - Best Performing Equity Broker (National) for the year 2009 First to provide Margin Financing to the customers First to enable investing in IPOs and Mutual Funds on the phone Providing SMS alerts before execution of depository transactions Launching of Mobile application to track portfolio Auto Invest - A systematic investing plan in Equities and Mutual fund Provision of margin against securities automatically against shares in your Demat account

Reliability: Our accolades are a testimony to our services and high

standards. We have been awarded as: Best Brokerage Firm in India by Asia money in 2009, 2008, 2007 & 2006 Best Brokerage Firm in India for 2009 by FinanceAsia Best Performing Equity Broker in India CNBC Financial Advisor Awards 2008 Avaya Customer Responsiveness Awards (2007) in Financial Services Sector The Leading Equity House in India' in Thomson Extel Surveys Awards for the year 2007 Euro money Award (2006 & 2007) - Best Provider of Portfolio Management : Equities

Value: Whether you are a customer with a small or large wallet

size, you can expect us to bring value to you in every form. Quality Research Quick trade execution Low brokerages Accounts that suit your investment profile Risk Profiler Superior Customer Service

Service: We believe in high standards of service and that's

precisely what we offer. It's an honour to be awarded the most customer responsive company award in the Financial Institution sector by AVAYA Global Connect Award both in 2006 and 2007

Robust Technology: We have developed our own proprietary

trading platform which is robust and among the best in the industry. We have more than 150 technology professionals constantly working on upgrading and speeding up all our systems.

Centralised Risk Management System: Unlike many other

players we have a centralised risk management system. This allows us to offer the same levels of service to customers across all locations

Exceptional Research: Unlike most other competitors we have

our own in house research team. Our in house research team is among the best in the industry and they have years of experience in

the financial markets. They scan through the plethora of stocks and find the scrips that have a high potential of providing you good returns. Our investors get research Technical, Fundamental, Derivatives, Macro-economic and mutual fund research

Large Presence: We are present in 400 cities with 1113 offices all
over the country. Our employee strength extends beyond 3475. Investing in Mutual Funds has never been easier, Kotak Securities offers you a host of mutual fund choices under one roof, backed by in-depth research and advice from Kotak Securities Research Centre. Our ace team of research analysts, with real-time access to crucial market information enable you to invest smartly

How to invest?
In case you are a new Customer than you can take advantage of our simplified procedure to invest in SIP.

Here is how you can get in touch with us: Step 1: Simply place an order via phone (call 022-66529191 extn:
660/527) or through the internet. It saves you the bother of filling up application forms manually and other paperwork. Step 2: You will receive an online order confirmation and it allows you to track the performance of your chosen mutual fund. Step 3: We will automatically debit/credit your account and simultaneously credit/debit your unit holdings.

Mutual funds you can invest in Kotak Mutual Fund:

Franklin Templeton India Mutual Fund Prudential ICICI Mutual Fund HDFC Mutual Fund TATA Mutual Fund Sundaram Mutual Fund Cholamandalam Mutual Fund Standard Chartered Mutual Fund

DSP Mutual Fund Principal Mutual Fund SBI Mutual Fund Reliance Mutual Fund Deutsche Mutual Fund ABN AMRO Mutual Fund J M Financial Mutual Fund ING Vysya Optimix HSBC Mutual fund Fidelity AMC

Some of the other reasons why you should invest in Mutual Funds through Kotaksecurities.com are:
S.no Features offered on Kotaksecurities.com Attributes No tedious physical application forms need to be filled up. Just Login to your account and place orders online. Place orders for mutual funds on call (dial 30305757) Top class research team dedicated to Mutual fund analysis. Verisign certified Secure environment with highest encryption (128-bit) for financial transactions Mutual Fund portfolio tracker to keep you updated on how well your investments are doing

No Ques/No forms

Call & trade facility Mutual Research Fund

Security Features

Your Tracker

Portfolio

Variety

Check Status

Mutual Fund news

Personalized services

10

Three way integration

11

Automated systems

12

SIP/SWP

Wide range of Mutual Fund schemes to choose from. Currently we offer more than 540 different mutual fund schemes that you can invest in. Facility to check mutual funds order status online. A top class section entirely dedicated to Mutual fund news, Nav's and comparison of schemes that you had always wanted. Portfolio advice to customers on a timely basis by relationship managers. With our integration of three accounts namely the Trading a/c, Banking A/c and the Demat A/c, we offer you a unique advantage of trading on scrip, mutual funds, IPO's , all into one. We offer automatic the facility of automatic credit to your bank account Automatic reminders for SWP/SIP are yet another facility that keeps you free of worry.

OPERATIONS:
RISK MANAGEMENT SYSTEM (RMS):
RMS is the system where it identifies the risk involved in investments and then prioritizing them to minimize the negative impact. Kotak is well equipped with these systems which generate reports to provide required information to clients. It is completely a client based entity where it looks at clients credits and debits. Under this, debtors followings and funding followings are also allowed to the clients.

DEPOSITORY PARTICIPANTS:
This is an account of the customer where all the shares traded get deposited which is similar to a bank account.

ACCOUNT OPENINGS:
This entitys agenda is to reduce complexities and error rates in account openings. This is achieved by assigning unique codes to the clients.

INITIAL PUBLIC OFFERING (IPO):

Initial Public Offerings otherwise also called as floatation. It is a process by which a company goes public i.e. offers its shares to the public for the sale for the first time. Kotak securities offer investing in IPOs. It provides information on IPO news forth coming IPOs, etc.

INFORMATION DEVELOPMENT:

TECHNOLOGY

AND

It looks after the computer related problems, networking, etc with the help of a server. Also handles the developmental issues regarding information technologies.

SUB BROKER OPERATIONS:

This particular entity deals with client registrations and also the service to the clients.

INTERNAL CONTROL and COMPLIANCE:

This department designs certain set of rules, laws, regulations and standards that the company should follow in order to have control over the operations. This also results in integrity and coordination amongst all the departments and also helps in maintaining the reputation of the company high.

LEGAL DEPARTMENT:
Legal department handles all the issues related to legitimacy.All these departments of second level directly reports to the Managing director. Besides, there is a separate channel called as Bank Channel which operates in both Online and Offline modes. There will be a Division Head to take care of all these operations.

PRODUCTS:
Products are classified into:

ONLINE OFFLINE
Products provided by online are online products and Offline products work in offline mode. Online products are again

subdivided into two categories one is Normal product and the other one is SEBI Funding product. Offline also have both Normal and SEBI funding products as its subcategories besides KMIL funding. Normal product is a non-funding and SEBI, KMIL are funding products in both Online and Offline. Through Online Products company makes 30% of the business and through offline products it makes 70% of the business.

CHAPTER-3 RESEARCH DESIGN

BACKGROUND OF THE STUDY:
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 invested by the fund manager in different types of securities depending upon the objective of the scheme. These could range from shares to debentures to money market instruments. The income earned through these investments and the capital appreciation realized by the scheme is 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 portfolio at a relatively low cost.Each Mutual Fund scheme has a defined investment Objective and strategy. This study is therefore aimed at comparing the performance of selected mutual fund schemes.

STATEMENT OF THE PROBLEM:

There are various investment avenues available to an investor today. The stock market is volatile and therefore selecting the right & profitable investment is a real challenge to the investor. A mutual fund diversifies the risk associated with the investments. But selecting the right mutual fund is a real challenge as each fund has a specific objective. Therefore this study aims at identifying the right mutual fund schemes for investment with regard to returns & performance.

OBJECTIVES OF THE STUDY:

To understand the working & management of a Mutual Fund. To understand the calculation of Net- Asset Values of mutual funds.

 To evaluate investment performance of mutual funds in terms of risk and return. To get an insight knowledge about mutual funds

SCOPE OF THE STUDY:

Even today investing in mutual funds is a little difficult for laymen. Today in India there are more than 800 mutual fund schemes. This is sufficed to baffle the investor. Researches have shown that funds picked are those that advertise heavily and sell aggressively. Studies have proved that an investor who analyses and make sense of his investment needs and making the movements according to it could enable the investor to win the game. Hence, a thorough understanding of the functionalities and the factors which contributes to the return will help the investor to make more sensible movements rather, to be just cajoled by the advertisements and selling spree. Here lies the need of this study, to provide a solid understanding about the different factors governing the return. For easy understanding and to provide more easy explanation a case of five randomly chosen AMCs are done.

HYPOTHESIS:
H0: Investment in Mutual Funds is beneficial and profitable.

SAMPLING DESIGN:
The selected The LIST OF MUTUAL FUND SCHEMES selected for the study is given below: 1. Franklin Templeton Balanced Fund- Growth 2.Kotak Balance Fund-Growth samples consist of five mutual funds schemes

3. HDFC Balanced Fund- Growth 4. Tata Balanced Fund- Growth 5. SBI Magnum Balanced Fund- Growth

SAMPLING METHOD:
Convenient Random Sampling is used for collecting the samples. Convenience sampling is used in exploratory research where the samples are collected at the convenience of the researcher. This non probability method is often used during preliminary research efforts to get a gross estimate of the results, without incurring the cost or time required to select a random sample.

SOURCES OF DATA:
Primary Data:
Primary data refers to the data that has been collected for the first time for a research. Primary data has been collected from the respective fund houses websites and also from the scheme brochures.

Secondary Data
Secondary data is the data that have been already collected by and readily available from other sources. The secondary data has been collected from various websites, magazines, books etc

LIMITATIONS OF THE STUDY:

The study is restricted to secondary data only. Different tools used for analysis may suggest different results as the approach differs.

 The study considers data for only a limited period of time. The study is based only on selected 5 schemes therefore limiting the area of research.

TOOLS FOR ANALYSIS:

The following are some of the tools that will be used to analyse the performance of the selected mutual fund schemes.

1. Beta:
It measures the systematic risk and shows how prices of securities respond to the market forces. It is calculated by relating the return on a security with return for the market. By convention, market will have beta 1.0 Mutual fund is said to be volatile, more volatile or less volatile. If beta is greater than 1 the stock is said to be riskier than market. If beta is less than 1, the indication is that stock is less risky in comparison to market. If beta is zero then the risk is the same as that of the market. Negative beta is rare. Beta is calculated as:

= Covariance (Kj, Km) / Variance (Km)

Where, Kj is the returns on the portfolio or stock - DEPENDENT VARIABLE Km is the market returns or index - INDEPENDENT VARIABLE Variance is the square of standard deviation

2. Standard deviation:
It is used to measure the variation in individual returns from the average expected return over a certain period. Standard deviation is used in the concept of risk of a portfolio of investments; higher standard deviation means a greater fluctuation in expected return.

(x-x') N-1

Where 2 : Variance of Return : Standard Deviation of Return X : Return for the stock in period x' : Arithmetic Return N : Number of periods

3. Sharpe index:
Sharpe index was given by WF Sharpe in 1966, it measures risk premium of a portfolio, relative to the total amount for risk in the portfolio. Sharpe index summarizes the risk and return of a portfolio in a single measure that categorizes the performance of funds on the risk-adjusted basis. The larger the Sharpe Index, the portfolio over performance the market and vice versa. Sharpe Index = [Portfolio Average Return (Rp) Risk Free Rate of Interest (Rt) ]/ Standard Deviations of the Portfolio Return

4. Treynors Index:
It was given by Jack Treynor in 1965, it is expressed as a ratio of returns to systematic risk i.e., beta. It adjusts return based on systematic risk; therefore it is relevant for performance measurement when evaluating portfolios separately or in combination with other portfolios. Treynor Index = [Portfolio Average Return (Rp)-Risk Free Rate of Interest (Rt)] / Beta Coefficient of Portfolio

5. Jensen Measures:
It is a regression of excess fund return with excess market return given by MC Jensen in 1968. It is also popularly known as Jensens alpha based on Capital Asset Pricing Model (CAPM). It reflects the difference between the return actually

earned on a portfolio and the return the fund was expected to earn, given its beta as per the CAPM.

Ri = Rp-[Rf + Bp (Rm - Rf)]

Where Rm = Return on the market portfolio. Rp = Portfolios actual return during a specified time period Rf = Risk-free rate of return during the same period Bp = beta of the portfolio

Calculation of Net Asset Value:

NAV or Net Asset Value of the fund is the cumulative market value of the assets of the scheme minus its liabilities. The NAV per unit is the net asset value of the scheme divided by the number of units outstanding on the Valuation Date. The value of all the securities in the portfolio in calculated daily. From this, all expenses are deducted and the resultant value divided by the number of units in the fund is the funds NAV. The Formula for NAV is as follows, NAV = (Market value of the Funds Investments+ Receivables +Accrued IncomeLiabilitiesAccrued Expenses)/Number of Outstanding Expenses

TERMS USED:
1. 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.

2. Load:
A charge that is levied as a percentage of NAV at the time of entry into the Scheme/Plans or at the time of exiting from the Scheme/Plans. It is usually levied to meet the costs involved in managing the funds operations.

3. Entry Load:
Entry Load is the load or charge imposed when an investor purchases mutual fund units.

4. Exit Load:
Exit Load is the load imposed when an investor redeems or sells the units.

5. Sale Price:
Sale price is the price an investor pays when investing in a scheme. Also called Offer Price. It may include a sales load.

6. 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.

7. Redemption Price:
It 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.

8. Asset under management (AUM):

The total market value of the assets owned by a mutual fund. The asset level depends on the market valuation and the money held by the mutual fund

9. Fund Manager:
They are highly skilled professionals who are appointed by the Asset Management Company (AMC) in order to effectively manage the investments of the mutual fund.

10. Corpus:
Corpus refers to the total amount of funds available to a fund manager for investment purpose.

11. Expense Ratio:

It is the percentage of fund's value that is paid as expenses. Expenses include management fees and all the other fees associated with the fund's daily operations.

12. Total Return:

Return on an investment, taking into account capital appreciation, dividends or interest, and individual tax considerations adjusted for present value and expressed on an annual basis.

13. Turnover Rate:

A measure of the funds trading activity calculated by dividing total purchases or sales of portfolio securities (whichever is lower) by the fund's net assets over a period of time.

14. Record Date:

The date the fund determines who its shareholders are; "shareholders of record" who will receive the fund's income dividend and/or net capital gains distribution. Frequently the business day immediately prior to the Ex-Dividend Date.

15. Reinvestment Option:

A service that most mutual funds offer whereby a unit holder's dividends and capital gains distributions are automatically reinvested in additional units.

CHAPTER-4
INDIAN MUTUAL FUND INDUSRTY
The Indian mutual fund industry has evolved from single player in 1964 to a fast growing, competitive market on the back of a strong regulatory framework. The Indian mutual fund industry currently consists of 38 players offering close to 1000 schemes with total Assets under Management (AUM) of Rs. 7,81,583.84 crores. The Assets under Management (AUM) have grown at a rapid pace over the past few years, at a CAGR of 35 % for the five-year period from 2005 to 2009. Over the 10-year period from 1999 to 2009 encompassing varied economic cycles, the industry grew at 22 % CAGR. The industry has witnessed a shift has changed drastically in favour of private sector players, as the number of public sector players reduced from 11 in 2001 to 5 in 2009.India has been amongst the fastest growing markets for mutual funds since 2004; in the five-year period from 2004 to 2008 (as of Dec) the Indian mutual fund industry grew at 29 % CAGR as against the global average of 4 percent. The Indian mutual fund industry is in a relatively nascent stage in terms of its product offerings, and tends to compete with Government securities. As of Dec 2008, the total number of mutual fund schemes was 1,002 in comparison to 10,349 funds in the US. However, despite clocking growth rates that are amongst the highest in the world, the Indian mutual fund industry continues to be a very small market; comprising 0.32 % share of the global AUM of USD 18.97 trillion as of December 2008. The increase in revenue and profitability in the Indian mutual fund industry has not been Commensurate with the AUM growth in the last 5 years. The AUM grew at 35 % CAGR in the period from 2005 to 2009, while the profitability of AMCs declined from 24 % in FY 2004 to 14 % in FY 2008. The public sector has gradually ceded market share to the private sector. Public sector mutual funds comprised 21 percent of the AUM in 2009 as against 72 percent AUM share in 2001. While the mutual fund industry in India continues to be metro and urban

centric, the mutual funds are beginning to tap Tier 2 and Tier 3 towns as a vital component of their growth strategy.

HDFC MUTUAL FUND

HDFC Asset Management Company Limited (AMC) was incorporated under the Companies Act, 1956, on December 10, 1999, and was approved to act as an Asset Management Company for the Mutual Fund by SEBI on July 3, 2000.In terms of the Investment Management Agreement, the Trustee has appointed the HDFC Asset Management Company Limited to manage the Mutual Fund.

Vision:
To be a dominant player in the Indian mutual fund space, recognized for its high levels of ethical and professional conduct and commitment towards enhancing investors interests. The paid up capital of the AMC is Rs. 25.161 crore. HDFC was incorporated in 1977 as the first specialised Mortgage Company in India. HDFC provides financial assistance to individuals, corporate and developers for the purchase or construction of residential housing. It also provides property related services (e.g. property identification, sales services and valuation), training and consultancy. Of these activities, housing finance remains the dominant activity. HDFC Asset Management Company (AMC) is the first AMC in India to have been assigned the,CRISIL Fund House Level 1 rating. This is its highest Fund Governance and Process Quality Rating which reflects the highest governance levels and fund management practices at HDFC AMC. It is the only fund house to have been assigned this rating for third year in succession. The fund has more than 182 schemes with AUM of Rs. 95,144.40 crs.

Fund Objective:
The scheme seeks to generate capital appreciation with current income from a combined portfolio of equity and debt instruments. Under normal circumstances the scheme would take 60% exposure

to equity instruments while the balance would be allocated to debt instruments. HDFC Balanced Fund - Growth : 52.07 (NAV as on Jul 30, 2010) 52 Week High : 52.24 as on Jul 23, 2010 | 52 Week Low : 36.76 as on Aug 19, 2009 | Benchmark Index - Crisil Balanced Fund Index : 3374.76 as on Jul 29, 2010

RISK ANALYSIS:
Risk ratios Percent Mean (?) -0.26 Standard Deviation (?) 3.68 Sharpe (?) -0.1 Beta (?) 0.91 Treynor (?) -0.4 Sortino (?) -0.17 Correlation (?) 0.92 Fama (?) 0.04

PORTFOLIO ATTRIBUTES:
Scheme Particulars P/E P/B Dividend Yield Market Cap (Rs.in crores) Top 5 Holding (%) No. of Stocks Expense Ratio (%) 23.59 as on Jun - 2010 5.68 as on Jun - 2010 1.28 as on Jun - 2010 47,834.97 as on Jun - 2010 32.97 as on Jun - 2010 36 2.18

FUND FEATUERS:
Scheme Particulars Type Open Ended Equity & Debt (Equity: 66.87%, Nature Debt: 20.96%, Cash: 12.17%) Option Growth Inception Date Sep 11, 2000 Face Value 10 Fund Size 167.02 as on Jun 30, 2010 (Rs.Crore) Chirag Setalvad, Anand Fund Manager Laddha . SIP NA STP NA SWP NA Expense ratio(%) 2.18 Portfolio Turnover Ratio(%) 16.93 Last Divdend NA Declared Minimum 5000 Investment (Rs) Purchase Daily Redemptions NAV Calculation Daily Entry Load Entry Load is 0%. If redeemed bet. 0 Year to 1 Exit Load Year; Exit load is 1%.

FRANKLIN TEMPLETON MUTUAL FUND

Franklin Templeton Asset Management Company, a company incorporated under the Companies Act, 1956, is a part of the Franklin Templeton Group. The sponsor of the Fund Templeton International Inc., is a wholly owned subsidiary of Templeton Worldwide Inc., which in turn is a wholly owned

subsidiary of Franklin Resources Inc. The Franklin Templeton Group is one of the world s largest Investment Management Companies. It has over 50 years of experience in International Investment Management with 34 offices in over 23 countries, which service over 10 million unit holders.It flagged off the mutual fund business with the launch of Templeton India Growth Fund in September 1996, and since then the business has grown at a steady pace

Vision:
To be the premier global investment management organization by offering high quality investment solutions, providing outstanding service and attracting, motivating and retaining talented individuals. The fund has more than 181 schemes with AUM of Rs. 33,300crs

Fund Objective:
The scheme seeks to achieve long-term capital appreciation with stability of investment and current income from a balanced portfolio of high quality equity and fixed income securities.

Franklin Templeton India Balanced Fund-Growth: 46.69(NAV as on Jul 30, 2010)

52 Week High: 47.04 as on Jul 23, 2010 | 52 Week Low: 39.43 as on Aug 19, 2009 | Benchmark Index - Crisil Balanced Fund Index: 3374.76 as on Jul 29, 2010

RISK ANALYSIS:
Risk ratios Mean (?) Standard Deviation (?) Sharpe (?) Beta (?) Treynor (?) Sortino (?) Percent -0.24 3.74 -0.09 0.93 -0.37 -0.16

Correlation (?) Fama (?)

0.96 0.07

PORFOLIO ATTRIBUTES:
Scheme Particulars P/E P/B Dividend Yield Market Cap (Rs.in crores) Top 5 Holding (%) No. of Stocks Expense Ratio (%) 26.57 as on Jun - 2010 5.78 as on Jun - 2010 0.91 as on Jun - 2010 85,229.49 as on Jun - 2010 28.84 as on Jun - 2010 46 2.34

FUND FEATUERS:
Scheme Particulars Type Nature Option Inception Date Face Value Fund Size (Rs.Crore) Fund Manager SIP STP SWP Expense ratio (%) Open Ended Equity & Debt (Equity: 67.35%, Debt: 27.5%, Cash: 5.15%) Growth Dec 10, 1999 10 282.82 as on Jun 30, 2010 Umesh Sharma, Sachin Padwal-Desai . NA NA NA 2.34

Portfolio Turnover Ratio 57.83 (%) Last Dividend Declared Minimum (Rs) Investment NA 5000 Daily Daily Entry Load is 0%. If redeemed bet. 0 Year to 1 Year; Exit load is 1%.

Purchase Redemptions NAV Calculation Entry Load Exit Load

TATA MUTUAL FUND

Tata Mutual Fund (TMF) is a Trust under the Indian Trust Act, 1882. The sponsorers for Tata Mutual Fund are Tata Sons Ltd., and Tata Investment Corporation Ltd. The investment manager is Tata Asset Management Limited and its Tata Trustee Company Pvt. Limited. Backed by one of the most trusted and valued brands in India, Tata Mutual Fund has earned the trust of lakhs of investors with its consistent performance and world-class service.The Tata Asset Management philosophy is centered on seeking consistent, long-term results.Tata Asset Management aims at overall excellence, within the framework of transparent and rigorous risk controls. The fund has more than 174 schemes with AUM of Rs. Rs. 22,620 Crs.

Fund Objective:
The scheme seeks steady returns from debt along with growth from equities instruments. Earlier known as Tata Equity Growth Fund, Tata Twin Balanced has been merged into this fund.
Tata Balanced Fund - Growth : 79.97 (NAV as on Jul 30, 2010)

52 Week High : 80.15 as on Jul 22, 2010 | 52 Week Low : 60.55 as on Aug 17, 2009 | Benchmark Index - Crisil Balanced Fund Index : 3374.76 as on Jul 29, 2010

RISK ANALYSIS:
Risk Percent ratios Mean (?) -0.38 Standard Deviation 3.73 (?) Sharpe (?) -0.13 Beta (?) 0.94

Treynor (?) Sortino (?) Correlation (?) Fama (?)

-0.52 -0.22 0.95 -0.08

PORTFOLIO ATTRIBUTES:
Scheme Particulars P/E P/B Dividend Yield Market Cap (Rs. in crores) Top 5 Holding (%) No. of Stocks Expense Ratio (%) 23.55 as on Jun 2010 5.78 as on Jun 2010 1.03 as on Jun 2010 52,684.41 as on Jun 2010 29.34 as on Jun 2010 47 2.

FUND FEATUERS:
Scheme Particulars Type Open Ended Equity & Debt (Equity: 75.16%, Debt: Nature 5.39%, Cash: 19.46%) Option Growth Inception Date Oct 8, 1995 Face Value 10 Fund Size (Rs.Crore) 280.59 as on Jun 30, 2010 Fund Manager M Venugopal . SIP NA STP NA SWP NA Expense ratio(%) 2.5 Portfolio Turnover 150.84 Ratio(%) Last Divdend 12.5 Declared

Minimum Investment (Rs) Purchase Redemptions NAV Calculation Entry Load Exit Load

5000 Daily Daily Entry Load is 0%. If redeemed bet. 0 Days to 365 Days; Exit load is 1%.

SBI MUTUAL FUND

SBI Mutual Fund is Indias largest bank sponsored mutual fund and has an enviable track record in judicious investments and consistent wealth creation. SBI Mutual Fund is a joint venture between the State Bank of India and Socit Gnrale Asset Management, one of the worlds leading fund management companies that manages over US$ 500 Billion worldwide.

Vision:
Growth through innovation and stable investment policies. A total of over 5.8 million investors have reposed their faith in the wealth generation expertise of the Mutual Fund. The fund traces its lineage to SBI - Indias largest banking enterprise. The institution has grown immensely since its inception and today it is India's largest bank, patronised by over 80% of the top corporate houses of the country. Schemes of the Mutual fund have consistently outperformed benchmark indices and have emerged as the preferred investment for millions of investors and HNIs. SBI Mutual is the first bank-sponsored fund to launch an offshore fund Resurgent India Opportunities Fund. The fund has more than 120 schemes with AUM of Rs. Rs. 38,782crs

Fund Objective:
Earlier known as Magnum open-end, the scheme seeks capital appreciation from a balanced portfolio of equity and debt securities.

SBI Magnum Balanced Fund- Growth: 50.18 (NAV as on Jul 30, 2010) 52 Week High : 50.46 as on Jul 23, 2010 | 52 Week Low : 41.08 as on Aug 10, 2009 | Benchmark Index - Crisil Balanced Fund Index : 3374.76 as on Jul 29, 2010

RISK ANALYSIS:
Risk ratios Mean (?) Standard Deviation (?) Sharpe (?) Beta (?) Treynor (?) Sortino (?) CORRELATION Fama Percent -0.34 4.08 -0.11 1.05 -0.42 0.20 1.06 0.01

PORTFOLIO ATTRIBUTES:
Scheme Particulars P/E P/B Dividend Yield Market Cap (Rs. in crores) Top 5 Holding (%) No. of Stocks Expense Ratio (%) 26.58 as on Jun - 2010 4.29 as on Jun - 2010 0.99 as on Jun - 2010 68,583.13 as on Jun - 2010 28.68 as on Jun - 2010 62 2.21

FUND FEATUERS:
Scheme Particulars Type Open Ended Equity & Debt (Equity: 74.79%, Debt: Nature 3.93%, Cash: 21.29%) Option Growth Inception Date Oct 9, 1995 Face Value 10 Fund Size (Rs.Crore) 528.45 as on Jun 30, 2010

Fund Manager SIP STP SWP Expense ratio(%) Portfolio Turnover Ratio(%) Last Divdend Declared Minimum Investment (Rs) Purchase Redemptions NAV Calculation Entry Load Exit Load

Dharmendra Chebiyyam . NA NA NA 2.21 136 20 1000 Daily

Grover

Sankar

Daily Entry Load is 0%. If redeemed bet. 0 Year to 1 Year; Exit load is 1%.

KOTAK BALANCE GROWTH

Kotak Balance fund seeks to achieve growth by investing in equity & equity related instruments, balanced with income generation by investing in debt & money market instruments.

Structure : Open Ended Balanced Scheme

Kotak Balance : 22.73 (NAV as on Jul 30, 2010) 52 Week High : 24.39 as on Jan 18, 2010 | 52 Week Low : 20.88 as on May 25, 2010 | Benchmark Index - Crisil Balanced Fund Index : 3374.76 as on Jul 29, 2010

RISK ANALYSIS:
Risk ratios Percent Mean (?) -0.38 Standard Deviation (?) 3.45 Sharpe (?) -0.14

Beta (?) Treynor (?) Sortino (?) Correlation (?) Fama (?)

0.86 -0.56 -0.24 0.88 -0.1

PORTFOLIO ATTRIBUTES:
Scheme Particulars P/E P/B Dividend Yield Market Cap (Rs. in crores) Top 5 Holding (%) No. of Stocks Expense Ratio (%) 30.06 as on Jun - 2010 4.10 as on Jun - 2010 0.99 as on Jun - 2010 59,267.33 as on Jun - 2010 38.85 as on Jun - 2010 59 2.39

FUND FEATUERS:
Scheme Particulars Type Open Ended Equity & Debt (Equity: 69.67%, Debt: Nature 25.13%, Cash: 5.2%) Option Growth Inception Date Nov 25, 1999 Face Value 10 Fund Size (Rs.Crore) 63.62 as on Jun 30, 2010 Krishna Sanghvi , Abhishek Bisen , Sajit Fund Manager Pisharodi . SIP NA STP NA SWP NA Expense ratio(%) 2.39 Portfolio Turnover 235.53 Ratio(%)

Last Divdend Declared Minimum Investment (Rs) Purchase Redemptions NAV Calculation Entry Load Exit Load

20 5000 Daily Daily Entry Load is 0%. If redeemed bet. 0 Year to 1 Year; Exit load is 1%.

CHAPTER-5
DATA ANALYSIS & INTERPRETATION
The following tools have been used to measure the performance of the selected mutual fund Schemes in terms of return and risk.

1.RETURN:
Rate of return (ROR), also known as return on investment (ROI), rate of profit or sometimes just return, is the ratio of money gained or lost (whether realized or unrealized) on an investment relative to the amount of money invested. The amount of money gained or lost may be referred to as interest, profit/loss, gain/loss, or net income/loss. Here returns on mutual funds refer to the amount gained or lost by an investor on the investments in mutual funds. Absolute returns are considered which refers to the return that an asset achieves over a certain period of time: Table-1: Showing Returns of the Funds (1 yr)
COMPANY NAME Franklin Templeton India Balanced Fund-Growth Kotak Balance-Growth HDFC Balanced Fund-Growth Tata Balanced Fund-Growth SBI Magnum Balanced Fund-Growth RETURN 16.2 18.39 37.2 29.07 18.63

Any investor would like to maximize the returns on the investments and therefore mutual Fund which delivers the highest returns will be selected. Here the absolute returns are Considered for the past one year period. It can be observed that HDFC Balanced Fund Growth has yielded the highest return (37.2%) of all the selected mutual funds. Tata Balanced Growth has earned the next highest returns, followed by SBI Magnum Balanced Fund G, kotak Balance. Franklin Templeton India Balanced G has delivered the lowest return (16.2%) among all the funds.

2. BETA:
The degree, to which different portfolios are affected by these systematic risks as compared to the effect on the market as a whole, is different and is measured by Beta. Beta measures the volatility of a fund relative to a particular market benchmark i.e. how sensitive the fund is to market movements. It is calculated by relating the return on a security with return for the market. By convention, market will have beta 1. If beta is greater than 1 the security is said to be riskier than market. If beta is less than 1, the indication is that security is less risky in comparison market. For example, a Beta of 1.1 would indicate that if the market goes up 10%, the fund might rise 11% and vice versa in a down market. Table-2: Showing Beta of the Funds:
COMPANY NAME Franklin Templeton India Balanced Fund-Growth Kotak Balance-Growth HDFC Balanced Fund-Growth Tata Balanced Fund-Growth SBI Magnum Balanced Fund-Growth . BETA 0.93 0.86 0.91 0.94 1.05

A Fund with a lesser Beta is a better choice for an investor as it would be less volatile. Kotak Balance has the lowest Beta value among all the above funds which means it is comparatively less volatile. HDFC Balanced Fund Growth has the next lowest Beta, followed by Franklin Templeton Balanced Fund, Tata Balanced growth, and etc. SBI Magnum Balanced Fund G has the highest Beta value among all the above funds which means it is comparatively high volatile.

3. STANDARD DEVIATION
Standard Deviation is a statistical tool, used to measure the variation in individual returns from the average expected return over a certain period. Standard deviation is used in the concept of risk of a portfolio of investments; higher standard deviation means a greater fluctuation in expected return. It is denoted by sigma ().

Table-3: Showing SD of the Funds

COMPANY NAME Franklin Templeton India Balanced Fund-Growth Kotak Balance-Growth HDFC Balanced Fund-Growth Tata Balanced Fund-Growth SBI Magnum Balanced Fund-Growth STANDARD DEVIATION 3.74 3.45 3.68 3.73 4.08

A higher standard deviation means that the returns of the fund have been more volatile than a Fund having low standard deviation. In other words high standard deviation means high risk. Kotak Balance has the lowest SD which means it is comparatively less risky to the other funds as its returns are less volatile. HDFC Balanced Fund has the next lowest SD, followed by Tata Balanced Fund, Franklin Templeton India Balanced Fund. SBI Magnum Balanced Fund has the highest SD among all the funds which means it is Comparatively more risky as its returns are more volatile.

4. SHARPEs RATIO
Sharpes Ratio measures risk premium of a portfolio, relative to the total amount for risk in The portfolio. It was given by William Sharpe. It measures the excess return (i.e., risk Premium) per unit of total risk. It is one of the most widely used tool to measure the Performance of a mutual fund. Higher Sharpe ratio means higher returns for the same risk level. Table-4: Showing Sharpes Ratio of the Funds:
FUND Franklin Templeton India Balanced Fund-Growth Kotak Balance-Growth HDFC Balanced Fund-Growth Tata Balanced Fund-Growth SBI Magnum Balanced Fund-Growth SHARPES RATIO -0.09 -0.14 -0.1 -0.13 -0.11

Franklin Templeton India Balanced Fund has the highest Sharpes ratio (-0.09) which means it has outperformed all the other funds, as higher the Sharpes Ratio higher the performance of the mutual fund. HDFC Balanced Fund has the next highest Sharpes ratio, followed by SBI Magnum Balanced Fund, Tata Balanced Fund. Kotak Balance has the lowest Sharpes ratio (-0.14) among all the selected funds, which means it has yielded very less returns for the same risk level.

5. TREYNORS RATIO:
Treynors ratio is used to measure excess return per unit of risk, based on systematic risk (the beta of a portfolio versus the benchmark). It was given by Jack Treynor. Risk averse investors prefer the value to be high.

Table-5: Showing Treynors Ratio of the Funds

FUND Franklin Templeton India Balanced Fund-Growth Kotak Balance-Growth HDFC Balanced Fund-Growth Tata Balanced Fund-Growth SBI Magnum Balanced Fund-Growth TREYNOR'S RATIO -0.37 -0.56 -0.4 -0.52 -0.42

Higher the Treynors ratio betters the returns of the mutual fund. Franklin Templeton India Balanced G has the highest Treynors ratio (-0.37), which means it has yielded better returns over all the other funds at the same risk level. HDFC Balanced Fund Growth has the next highest Treynors ratio followed by SBI Magnum Balanced Fund G, Tata Balanced Growth.

Kotak Balance has the lowest Treynors ratio (-0.56) of all the selected funds, which shows it has earned very less returns.

6. JENSENs MEASURE:
Jensens measure reflects the difference between the return actually earned on a portfolio and the return the portfolio was expected to earn, given its beta as per the CAPM. It is a regression of excess fund return with excess market return given by MC Jensen. Jensens measure is similar to Treynors measure; both focus only on non-diversifiable risk By using Beta Jensens measure is preferred as it automatically adjusts for market return Through its use of the CAPM. Table-6: Showing Jensens Measure of the Funds
FUND Franklin Templeton India Balanced Fund-Growth Kotak Balance-Growth HDFC Balanced Fund-Growth Tata Balanced Fund-Growth SBI Magnum Balanced Fund-Growth JENSEN'S RATIO -5.2 -4.4 -4.9 -5.3 -6.5

As with the other two measures, the higher the Jensens measure value, the better the fund is performing. Kotak Balance-Growth is the best performing fund as it has the highest JM Value (-4.4) among all the funds. HDFC Balanced Fund has the next highest JM value, Followed by Franklin Templeton India Balanced Fund, Tata Balanced Fund. SBI Magnum Balanced Fund Growth has the lowest JM value (-6.5) among all the selected funds and therefore has the lowest performance.

Table Showing Rankings of the Mutual Funds according to different Measures: Table-7: Showing Rankings of the Mutual Funds The above table summarizes the performance of the selected mutual fund schemes according To the different measures used. The rankings of the funds are not the same, as different measures lead to different results, but Each tool has its own way of measuring performance which is important.

FUND RANKINGS: FUND Franklin Templeton India Balanced FundGrowth SHARPE'S TREYNOR'S JENSEN'S 1 1 3 SBI Magnu m Balance d FundGrowth 3 3 5

Kotak Balance Growth 5 5 1

HDFC Balance d FundGrowth 2 2 2

Tata Balance d FundGrowth 4 4 4

CHAPTER-6
FINDINGS AND SUGGESTIONS

FINDINGS:
The analysis of 5 Balanced Mutual funds (Growth option) based on NAV returns for a period of 1 year yielded the following results: Kotak Balanced Fund has the highest ranking according to Jensens Measure (-4.4). As with the other two measures, the higher the Jensens measure value, the better the Fund is performing. This again means it has yielded higher returns at a lower risk level and hence risk adverse investors should go for this fund. Franklin Templeton India Balanced Fund is said to have the best performance According to Sharpes and Treynors ratio This means it has outperformed all the other funds, As higher the Sharpes Ratio higher the performance of the mutual fund. The investors should select a mutual fund with a higher Sharpe ratio, as it yields higher returns. Higher the Treynors ratios better the returns of the mutual fund. The investors should again select a mutual fund with a higher Treynors ratio, as it Yields higher returns. In terms of size SBI Magnum Balanced Fund is the largest fund, as it has Net Assets of Rs.528.45 crore, which is the highest among all the selected funds. This shows that a large number of investors have invested their funds in this fund.

 Kotak Balanced Fund has the lowest risk among all the selected funds, as it has the Lowest Beta (0.86) and thus is less volatile. From the table it can be observed that HDFC Balanced Fund is always Standing at second place i.e. it can be considered as the second best performance according to the three Ratios Comparing the overall performance of all the selected mutual fund schemes, HDFC Balanced Fund has been the best mutual fund scheme, as it has higher returns and not only the best ranking as per both Sharpe & Treynor and also has the second ranking according to Jensens measure.

SUGGESTIONS:
Investors while investing their funds should consider both the risk and the Returns associated with the mutual fund, as they should balance both the risk and the return to earn optimum profits. As the famous lines say Mutual Fund Investments Are subject To Market Risks. Please Read the Offer Documents Carefully Before Investing Another important thing to be remembered is that investors should invest in a mutual Fund that matches their objective of investment which should be very clearly decided. A good Fund Manager is also very important for a mutual fund, as he will be Responsible for the funds performance. Therefore investors should invest in a fund Which has a good & capable fund manager?

CHAPTER-7 BIBLIOGRAPHY
BOOKS
Prasanna Chandra (2008), Investment Analysis and Portfolio Management (3rd Edition),Tata McGraw-Hill Publishing Co Ltd. R Shanmugam (2009), Investment Analysis and Management (1st Edition), Kalyani Publishers.

WEBSITES:
www.bscindia.com www.moneycontrol.com www.kotaksecurities.com www.appuonline.com www.google.com

CHAPTER-8 ANNEXUERS
NAV values of all Fund- Growth for 1 year

Balanced Schemes Kotak Balance Growth HDFC Prudence Fund Growth LIC Balanced - Plan C (Growth) HDFC Balanced Fund Growth Tata Balanced Fund Growth Birla Sun Life 95 Growth Canara Robeco Balance - Growth Tata SIP Fund - Series II - Growth ICICI Prudential Balanced - Growth UTI Balanced Fund Growth Escorts Balanced Fund - Growth PRINCIPAL Balanced Fund - Growth

1 mth 0.88 3.22

3 mth 2.29 7.39

6 mth 8.01 18.26 3.19 15.66 10.76 14.59 12.97 0.4 10.41

1 yr 18.39 40.61 8.42 37.2 29.07 27.67 27.6 25.48 23.62

3 yr 8.16 16.49 4.61 16.28 12.2 13.32 12.97 NA 5.53

5 yr 16.2 23.58 12.16 18.83 20.06 20.65 21.48 NA 14.1

NAV 22.73 202.38 53.94 52.07 79.97 299.71 59.13 13 43.28

Size* 63.62 4397.88 27.12 167.02 280.59 302.58 173.71 60.61 262.62

3.24 -0.42 2.67 1.35 3.49 1.98 3.89 2.44 7.56 3.42 5.11 3.59 -0.24 4.36

1.33 4.09

2.13 1.33

9.89 9.91

21.93 21.81

8.82 6.13

14.78 15.87

77.66 63.05

1067.46 2.67

2.65

2.68

7.41

20.42

9.02

14.35

31.02

30.3

SBI Magnum Balanced Fund - Growth Franklin Templeton India Balanced Fund Growth ICICI Prudential Child Care Plan - Study Plan JM Balanced - Growth ING Balanced Fund Growth

1.99

1.7

7.84

18.63

8.91

17.8

50.18

528.45

0.55

2.1

8.72

16.2

7.95

17.05

46.69

282.82

2.62 2.46 0.85

3.83 4.79 4.16

9.13 14.8 9.21

16.79 16.36 17.21

10.65 -4.07 7.48

12.61 11.12 13.25

28.36 23.68 24.79

31.67 18.98 7.09