56646038 MBA Project Report

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CHAPTER 1

INTRODUCTION

1.1 INTRODUCTION TO 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. 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.

Fig 1.1 Working of Mutual Fund


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1.2 INDUSTRY PROFILE

The mutual fund industry in India started in 1963 with the formation f Unit

Trust of India, at the initiative of the government of India and Reserve Bank of India. The

origin of mutual fund industry in India is with the introduction of the concept of mutual fund

by UTI in the year 1963. Though the growth was slow, but it accelerated from the year 1987

when non-UTI players entered the industry.

In the past decade, Indian mutual fund industry had seen a dramatic

improvement, both quality wise as well as quantity wise. Before, the monopoly of the market

had seen an ending phase; the Assets Under Management (AUM) was Rs. 67bn. The private

sector entry to the fund family rose the AUM to Rs. 470 bn in March 1993 and till April

2004, it reached the height of 1,540 bn.

Putting the AUM of the Indian Mutual Funds Industry into comparison, the total of it is less

than the deposits of SBI alone, constitute less than 11% of the total deposits held by the

Indian banking industry.

The main reason of its poor growth is that the mutual fund industry in India is new in the

country. Large sections of Indian investors are yet to be intellectuated with the concept.

Hence, it is the prime responsibility of all mutual fund companies, to market the product

correctly abreast of selling. The mutual fund industry can be broadly put into four phases

according to the development of the sector. Each phase is briefly described as under.

First phase 1964-87

Unit Trust of India (UTI) was established in 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 RBI. In 198 UTI was de-linked from the RBI and the Industrial Development Bank of

India 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 ofassets 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


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(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.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 Indian 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 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 Registrations.


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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 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 20004, there were 29 funds, which manage assets of Rs.1, 53,108 Crores

under 421 schemes.

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 Securities Exchange Board of India (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. It follows the principal of both protecting and promoting

the interest of mutual funds as well as their unit holders. The objectives are as follows:

This Mutual Fund Association of India maintains high professional and ethical standards inall areas of operation of the industry

AMFI interacts with SEBI and works according to SEBIs guidelines in the Mutual Fundindustry.

Associations of Mutual Fund of India do represent the Government of India, the ReserveBank of India and other related bodies on matters relating to the Mutual Fund Industry.

It develops a team of well qualified and trained Agent distributors. It implements aprogramme of training and certification for all intermediaries and other engaged in the mutual

fund industry.

AMFI undertakes all India awareness programme for investors in order to promote properunderstanding of the concept and working of Mutual Funds.


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1.3 COMPANY PROFILE

Geojit BNP Paribas Financial service Ltd

Geojit BNP Paribas today is a leading retail financial services company inIndia with a growing presence in the Middle East. The company rides on its rich experience

in the capital market to offer its clients a wide portfolio of savings and investment solutions.

The gamut of value-added products and services offered ranges from equities and derivatives

to Mutual Funds, Life & General Insurance and third party Fixed Deposits. The needs of over

576,000 clients are met via multichannel services - a countrywide network of over 540

offices, phone service, dedicated Customer Care centre and the Internet.

Geojit BNP Paribas has membership in, and is listed on, the National Stock

Exchange (NSE) and the Bombay Stock Exchange (BSE). In 2007, global banking major

BNP Paribas joined the companys other major shareholders - Mr. C.J.George, KSIDC

(Kerala State Industrial Development Corporation) and Mr.Rakesh Jhunjhunwala when it

took stake to become the single largest shareholder.

At the forefront of the many fruitful associations between Geojit BNP Paribas

and BNP Paribas is their joint venture, namely, BNP Paribas Securities India Private Limited.

This JV was created exclusively for domestic and foreign institutional clients. An industry

first was achieved when Geojit BNP Paribas became the first broker in India to offer full

Direct Market Access(DMA) on NSE to the JVs institutional clients.

A strong brand identity and extensive industry knowledge coupled with BNP

Paribas international expertise gives Geojit BNP Paribas a competitive advantage.

Wide range of products and services

Certified financial advisors help clients to arrive at the right financial solution to meet their

individual needs. The wide range of products and services on offer includes -

Equities , Derivatives, Currency Futures , Custody Accounts ,Mutual Funds , Life Insurance

& General Insurance , IPOs , Portfolio Management Services , Property Services , Margin

Funding , Loans against Shares


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Evolution of the company :

It all started in the year 1987 when Mr. C.J. George and Mr. Ranajit Kanjilal founded Geojit

as a partnership firm. In 1993, Mr.Ranajit Kanjilal retired from the firm and Geojit became

the proprietary concern of Mr. C .J. George. In 1994, it became a Public Limited Company

named Geojit Securities Ltd. The Kerala State Industrial Development Corporation Ltd.

(KSIDC), in 1995, became a co-promoter of Geojit by acquiring a 24 percent stake in the

company, the only instance in India of a government entity participating in the equity of a

stock broking company. The year 1995 also saw Geojit being listed on the leading regional

stock exchanges. Geojit listed at The Stock Exchange, Mumbai (BSE) in the year 2000.

Companys wholly owned subsidiary, Geojit Commodities Limited, launched Online Futures

Trading in agri-commodities, precious metals and energy futures on multiple commodity

exchanges in 2003. This was also the year when the company was renamed as Geojit

Financial Services Ltd. (GFSL). Company is a charter member of the Financial Planning

Standards Board of India and is one of the largest Depository Participant(DP) brokers in the

country.Global banking major BNP Paribas took a stake in the year 2007 to become the

single largest shareholder. Consequently, Geojit BNP Paribas has been renamed as Geojit

BNP Paribas Financial Services Ltd.

Milestones

1986

Membership in Cochin Stock Exchange (CSE).1994

Becomes a Public Limited Company named Geojit Securities Ltd.1995

Kerala State Industrial Development Corporation Ltd.(KSIDC) acquires 24 percentequity stake.

Membership in National Stock Exchange (NSE). Public Issue


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1996

Launch of Portfolio Management Services with SEBI registration.1997

Depository Participant (DP) under National Securities Depository Limited.1999

Membership in Bombay Stock Exchange (BSE).2000

BSE Listing. 1st broking firm in India to offer online trading facility. Commences Derivative Trading with NSE. Integrates the 1st Bank Payment Gateway in the country for Internet Trading.

2001

Becomes India's first DP to launch depository transactions through Internet. Establishes Joint Venture in the UAE to serve NRI customers.

2002

1st in India to launch an integrated internet trading system for Cash & Derivativessegments.

2003

Geojit Commodities Limited, wholly owned subsidiary, launched Online FuturesTrading in agri-commodities, precious metals and in energy futures on multiple

commodity exchanges.

National launch of online futures trading in Rubber, Pepper, Gold, Wheat and Rice. Company renamed as Geojit BNP Paribas.

2004

National launch of online futures trading in Cardamom.2005

NSE Listing. Geojit Credits, a subsidiary, registers with RBI as a Non-Banking Financial Company

(NBFC).

National launch of online futures trading in Coffee.


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2006

Charter member of the Financial Planning Standards Board of India.2007

BNP Paribas takes a stake in the companys equity, making it the single largestshareholder.

Establishes Joint Venture in Saudi Arabia to serve the Saudi national and the NRI.2008

BNP Paribas Securities India (P) Ltd. a Joint Venture with BNP Paribas S.A. forInstitutional Brokerage.

1st brokerage to offer full Direct Market Access execution in India for institutionalclients.

2009

Launch of Property Services division. Launch of online trading in Currency Derivatives.


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1.4 NEED FOR THE STUDY

The advisors of the Geojit BNP Paribas financial ltd had to suggest Mutual fund schemes to

the investors while constructing the portfolio of the investors.

Since Geojit BNP Paribas is not AMC the advisors were facing the problem of identifying the

best performing funds. This report aimed at identifying the best performing schemes to help

the advisors to suggest the investors to invest in those schemes.


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1.5 OBJECTIVES OF THE STUDY:

Primary objective:

To evaluate the performance of balanced,income,equity schemesofHDFC Mutual Fund, JM

Financial Mutual Fund,SBI Mutual Fund and TATA Mutual Funds.

Secondary objective

To evaluate the Risk involved in balanced,income and equity Schemes of HDFCMutual Fund, JM Financial Mutual Fund, SBI Mutual Fund and TATA Mutual

Funds..

To evaluate the return of balanced,income and equity scheme of those mentionedAMC with respect to Benchmark of S&P CNX Nifty index.

To rank these schemes of HDFC Mutual Fund, JM Financial Mutual Fund, SBIMutual Fund and TATA Mutual Funds based upon their performance


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1.6 SCOPE OF THE STUDY:

The study was conducted in Geojit BNP Paribas The schemes covered under the study are Equity,Income,Balanced The study covers only few major asset management companies of the above schemes

HDFC Mutual Fund, JM Financial Mutual Fund, SBI Mutual Fund and TATA Mutual

Funds.

The study covers the period of past 4 years from Jan 2007 to Dec 2010. The study covers only the open-ended funds with dividend option.


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CHAPTER 2

LITERATURE SURVEY

2.1REVIEW OF LITERATURE

Performance evaluation of mutual funds is one of the preferred areas of research where a

good amount of study has been carried out. The area of research provides diverse views of

the same.

Meaning of 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

Performance Evaluation Of Mutual fund

There are various ways to measure mutual fund performance. The simplest way suggested

by McCulloch (2003) was by finding the geometric mean of the fund

return.However,riskwasnotconsideredon this model. Many ways of measuring riskadjusted

returns was discovered but all of these differed in their definition and measurement of

risk(Simons,1998).According to Fama (1972), the mutual fund performance can be measured

on two basis:

Selectivity:theabilitytopickthebeststocksatagivenlevelofrisk

Timingtheabilitytopickthegeneralpricemovements.

Risk

The dictionary meaning of risk is the possibility of loss or injury. Any rational investor,

before investing his/her investible wealth in the security, analyzes the risk associated with a

particular security. The actual return he receives from a security may vary from his expected

return and the risk is expressed in term of variability of return

Risk Measurement

Understanding the nature of risk is not adequate unless the investor or analyst is capable ofexpressing it in some quantitative terms. Measurements cannot be assured of cent percent

accuracy because risk is caused by numerous factors such as social, political, economic and

managerial efficiency. The statistical tools used to quantify risk are:


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Standard Deviation:

= Standard Deviation;

N = Number of observations;

d = Deviations from actual mean;

A measure of the dispersion of a set of data from its mean. The more spread apart the data is,

the higher the deviation. In finance, standard deviation is applied to the annual rate of return

of an investment to measure the investment's volatility (risk).

A volatile stock would have a high standard deviation. In mutual funds, the standard

deviation tells us how much the return on the fund is deviating from the expected normal

returns. Standard deviation can also be calculated as the square root of the variance.

Beta

Beta describes the relationship between the securities return and the index returns.

= Beta of the fund;

N = Number of Observations;

X = Monthly return of NAV;

Y = Monthly return of the Index.

Beta = + 1.0

One percent change in market index returns causes exactly one percent change in the

security return. It indicates that the security moves in tandem with the market.

Beta = + 0.5


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One percent change in the market index return causes 0.5 percent change in the

security return. The security is less volatile compared to the market.

Beta = + 2.0

One percent change in the market index return causes 2 percent change in the security

return. The security return is more volatile. When there is a decline of 10% in the market

return, the security with beta of 2 would give a negative return of 20%. The security with

more than 1 beta value is considered to be risky.

Negative Beta

Negative beta value indicates that the security return moves in the opposite direction

to the market return. A security with a negative beta of -1 would provide a return of 10%, if

the market return declines by 10% and vice-versa.

RATE OF RETURN:

The compounded annual return on a mutual fund scheme represents the return to investors

from a scheme since the date of issue. It is calculated on NAV basis or price basis.

Rate of Return for a period:

R= ((A-B)/B)*100

Where,

A = NAV at the end of the period of the period;

B = NAV at the beginning of the period

Net Asset Value (NAV):

The net asset value of the fund is the cumulative market value of the assets fund of its

liabilities. In other words, if the fund is dissolved or liquidated, by selling off all the assets in

the fund, this is the amount that the shareholders would collectively own. This gives rise to

the concept of net asset value per unit, which is the value, represented by the ownership of

one unit in the fund. It is calculated simply by dividing the net asset value of the fund by the

number of units. However, most people refer loosely to the NAV per unit as NAV, ignoring

the per unit. We also abide by the same convention.


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Treynor Measure:

According to Jack Trteynor, systematic risk or beta is the appropriate measure of risk,

as suggested by the capital asset pricing model. The Treynor measure of portfolio

performance relates the excess of return on a port folio on portfolio beta. The Treynor

measure reflects the excess return earned per unit of risk. As systematic risk is the measure of

risk, the Treynor measure implicitly assumes that the portfolio is well diversified.

TM= Treynor Measure;

=Average rate of return of portfolio p;

= Average rate of return on a risk free investment (assuming 7% );

= Beta of the portfolio p.

Sharp Measure:

The Sharpe measure is similar to the Treynor measure except that it employs standard

deviation, not beta, as the measure of risk. Hence, the Sharpe measure reflects the excess

return earned on portfolio per unit of its total risk (standard deviation).

SM= Sharp Measure;


= Average rate of return on a risk free investment (assuming 7% );

= Standard deviation of return of portfolio.


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Jensen Measure:

Jensens alpha is based on the capital asset pricing model. It reflects the difference

between the return actually earned on portfolio and return the portfolio was supposed to earn,

given its beta as per the capital asset pricing model.

JM= Jensen Measure;


= Average rate of return on a risk free investment (assuming 7%);

= Beta;

=Average rate of return of market portfolio.

Title: performance of Indian Mutual Fund Schemes in a bear market

Abstract:

It evaluated the performance of mutual fund scheme using relative performance index, risk-

return analysis, Treynors ratio, Sharpes ratio, Jensens measure, Famas measure. The study

finds that Medium Term Debt Funds were the best performing funds during the bear period

of September 98-April 2002 and 58 of 269 open ended mutual funds provided better returns

than the overall market returns.

Title: Analysis of open ended equity mutual fund schemes

Abstract:

It aimed at analyzing performance of select open-ended equity mutual fund using Sharpe

Ratio, Hypothesis testing and return based on yield. The most important finding of the study

had been that only four Growth plans and one Dividend plan (5 out of the 42 plans studied)

could generate higher returns than that of the market which is contrary to the general opinion

prevailing in the Indian mutual fund market. Even the Sharpe ratios of Growth plans and the

corresponding Dividend plans stand testimony to the relatively better performance of Growth

plans. The statistical tests in terms of F-test and t-Test further corroborate the significant

performance differences between the Growth plans and Dividend plans.


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CHAPTER 3

RESEARCH METHODOLOGY

3.1 RESEARCH DESIGN

A Research design is a method and procedure for acquiring information needed to

solve the problem. A research design is the basic plan that helps in the data collection or

analysis. It specifies the type of information to be collected the sources and data collection

procedure.

Research is an academic activity and as such the term should be used in a technical

sense. According to Clifford woody research comprises defining and redefining problems,

formulating suggested solution; collecting organizing and evaluating data; making deductions

and reaching conclusions at last carefully testing the conclusions to determine whether they

fit the formulating hypothesis.

Redman and Mory define research as a systematized effort to gain new knowledge.

Research methodology is a way to systematically solve the research problem. It may be

understood as a science of studying how research is done scientifically.

Meaning of research

Research is simply the process of finding solutions to a problem after a thorough

study and analysis of the situational factors.

Research Design

A research design is the arrangement of conditions for collections and analysis of

data in a manner that aims to combine relevance to the research purpose with economy in

procedure.

y Exploratory research studyy Descriptive research studyy Hypothesis testing research study

The research design used for the study is Exploratory research.

Exploratory Research study

Exploratory research design is used principally to gain a deeper understanding of something.

The design is far more flexible and dynamic than that of descriptive research.Exploratory

research often relies on secondary data such as reviewing available literature and/or data, or

qualitative approaches such as informal discussions with consumers, employees etc.


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In this research an attempt has been made to analyze the past performance of the

Equity, Income or Balanced schemes provided by HDFC Mutual Fund, JM Financial Mutual

Fund, Sundaram BNP Paribas Mutual Fund, SBI Mutual Fund and TATA Mutual Funds to

know the benefits to the investors. The study is done on Equity, Income or Balanced schemes

provided by the companies to know the companies performance for the past 4years and to

know the risk and returns of the funds.

3.2 DATA COLLECTION METHOD

SECONDARY DATA is used for the study:

Internet sources. Newspapers. Announcements and publishings by the company.

3.3 ASSUMPTION

The risk free rate of return is assumed to be 7.5%

3.4 TOOLS FOR ANALYSIS

Rate of Return Standard deviation Beta Sharpes Ratio Treynor Ratio Jenson Ratio


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CHAPTER 4

DATA ANALYSIS AND INTERPRETATION

4.1 HDFC EQUITY FUND

Month

Opening

(RS)

Closing

(RS) Returns(X)

Index

Return

Total index

return(Y) Y*Y X*Y

2007

Jan 43.968 45.193 2.711 4082.7 1.844 3.400 4.998

Feb 45.193 42.16 -7.194 3745.3 -9.009 81.155 64.808

March 42.16 37.424 -12.655 3821.55 1.995 3.981 -25.250

April 37.424 36.669 -2.059 4087.9 6.516 42.453 -13.415

May 36.669 42.326 13.365 4295.8 4.840 23.422 64.683

June 42.326 43.384 2.439 4318.3 0.521 0.271 1.271

July 43.384 45.223 4.067 4528.85 4.649 21.614 18.906

Aug 45.223 44.305 -2.072 4464 -1.453 2.110 3.010

Sep 44.305 47.982 7.663 5021.35 11.100 123.201 85.059

Oct 47.982 55.188 13.057 5900.65 14.902 222.062 194.575

Nov 55.188 54.106 -2.000 5762.75 -2.393 5.726 4.785

Dec 54.106 58.606 7.678 6138.6 6.123 37.488 47.013

2008Jan 58.606 49.444 -18.530 5137.45 -19.487 379.755 361.101

Feb 49.444 49.229 -0.437 5223.5 1.647 2.714 -0.719March 49.229 38.245 -28.720 4734.5 -10.328 106.677 296.634

April 38.245 41.06 6.856 5165.9 8.351 69.738 57.252

May 41.06 39.125 -4.946 4870.1 -6.074 36.891 30.039

June 39.125 33.027 -18.464 4040.55 -20.531 421.506 379.071

July 33.027 34.998 5.632 4332.95 6.748 45.539 38.005

Aug 34.998 36.661 4.536 4360 0.620 0.385 2.814

Sep 36.661 33.616 -9.058 3921.2 -11.190 125.226 101.365

Oct 33.616 25.448 -32.097 2885.6 -35.889 1287.988 1151.909

Nov 25.448 23.484 -8.363 2755.1 -4.737 22.436 39.613

Dec 23.484 25.923 9.409 2959.15 6.896 47.549 64.878

2009Jan 25.923 23.934 -8.310 2874.8 -2.934 8.609 24.384Feb 23.934 22.644 -5.697 2763.65 -4.022 16.175 22.912

March 22.644 21.854 -3.615 3020.95 8.517 72.542 -30.789

April 21.854 25.518 14.358 3473.95 13.040 170.039 187.233

May 25.518 34.111 25.191 4448.95 21.915 480.280 552.074

June 34.111 34.708 1.720 4291.1 -3.679 13.532 -6.327

July 34.708 37.669 7.861 4636.45 7.449 55.481 58.550

Aug 37.669 38.747 2.782 4662.1 0.550 0.303 1.531

Sep 38.747 42.525 8.884 5083.95 8.298 68.852 73.718


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Oct 42.525 41.963 -1.339 4711.7 -7.901 62.419 10.581

Nov 41.963 44.995 6.739 5032.7 6.378 40.683 42.980

Dec 44.995 46.376 2.978 5201.05 3.237 10.477 9.639

2010

Jan 46.376 44.405 -4.439 4882.05 -6.534 42.695 29.003

Feb 44.405 44.845 0.981 4922.3 0.818 0.669 0.802

March 44.845 43.422 -3.277 5249.1 6.226 38.761 -20.403April 43.422 44.937 3.371 5278 0.548 0.300 1.846

May 44.937 44.262 -1.525 5086.3 -3.769 14.205 5.748

June 44.262 46.551 4.917 5312.5 4.258 18.130 20.937

July 46.551 48.307 3.635 5367.6 1.027 1.054 3.732

Aug 48.307 50.215 3.800 5402.4 0.644 0.415 2.448

Sep 50.215 54.518 7.893 6029.95 10.407 108.310 82.142

Oct 54.518 55.267 1.355 6017.7 -0.204 0.041 -0.276

Nov 55.267 54.317 -1.749 5862.7 -2.644 6.990 4.624

Dec 54.317 54.859 0.988 6134.5 4.431 19.631 4.377

Table 4.1

Table showing the calculations of Return and Beta of HDFC Equity fund and S&P

CNX NIFTY

N = 48 XY = 4053.870

X =

-1.679

= 10.265

Y =

21.717

= 0.931

Y = 4363.880

Table 4.1.1

Table showing the Standard deviation and Beta of HDFC Equity fund

Inference: As the is less than 1 it can be said that the scheme is less risky. For One percent

change in the market index causes 0.931 percent change in the scheme return. The scheme is

less volatile compared to the market. The Standard Deviation of the scheme is 10.265 which

means the schemes returns vary with the index to the extent of 10.265.


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4.2 JM FINANCIAL EQUITY FUND

Month

Opening

(RS)

Closing

(RS) Returns(X)

Index

Return

Total

index

return(Y) Y*Y X*Y

2007 Jan 17.93 17.68 -1.414 4082.7 1.844 3.400 -2.607

Feb 17.68 15.37 -15.029 3745.3 -9.00862 81.155 135.393

March 15.37 14.79 -3.922 3821.55 1.995264 3.981 -7.825

April 14.79 16.14 8.364 4087.9 6.51557 42.453 54.498

May 16.14 17.42 7.348 4295.8 4.839611 23.422 35.561June 17.42 18.1927 4.247 4318.3 0.521038 0.271 2.213

July 18.1927 19.4839 6.627 4528.85 4.649083 21.614 30.810

Aug 19.4839 19.7071 1.133 4464 -1.45273 2.110 -1.645

Sep 19.7071 21.5895 8.719 5021.35 11.0996 123.201 96.778

Oct 21.5895 23.9746 9.948 5900.65 14.90175 222.062 148.249

Nov 23.9746 24.001 0.110 5762.75 -2.39295 5.726 -0.263

Dec 24.001 25.878 7.253 6138.6 6.122732 37.488 44.410

2008 Jan 25.878 20.4415 -26.595 5137.45 -19.4873 379.755 518.273

Feb 20.4415 20.4028 -0.190 5223.5 1.647363 2.714 -0.312

March 20.4028 17.8581 -14.250 4734.5 -10.3284 106.677 147.176

April 17.8581 19.7532 9.594 5165.9 8.350917 69.738 80.118May 19.7532 18.4496 -7.066 4870.1 -6.0738 36.891 42.916

June 18.4496 14.6266 -26.137 4040.55 -20.5306 421.506 536.615

July 14.6266 15.3111 4.471 4332.95 6.748289 45.539 30.169

Aug 15.3111 15.6688 2.283 4360 0.620413 0.385 1.416

Sep 15.6688 13.7414 -14.026 3921.2 -11.1905 125.226 156.960

Oct 13.7414 9.7395 -41.089 2885.6 -35.8886 1287.988 1474.638

Nov 9.7395 9.145 -6.501 2755.1 -4.73667 22.436 30.792

Dec 9.145 9.967 8.247 2959.15 6.895561 47.549 56.869

2009Jan 9.967 8.9848 -10.932 2874.8 -2.93412 8.609 32.075

Feb 8.9848 8.1628 -10.070 2763.65 -4.02186 16.175 40.500

March 8.1628 9.0437 9.740 3025.95 8.668352 75.140 84.434

April 9.0437 10.5352 14.157 3473.95 12.89598 166.306 182.572May 10.5352 14.4639 27.162 4448.95 21.91528 480.280 595.265

June 14.4639 14.2536 -1.475 4291.1 -3.67854 13.532 5.427

July 14.2536 14.9265 4.508 4636.45 7.448587 55.481 33.579

Aug 14.9265 15.3029 2.460 4662.1 0.550181 0.303 1.353

Sep 15.3029 16.1721 5.375 5083.95 8.297682 68.852 44.597

Oct 16.1721 15.2166 -6.279 4711.7 -7.90055 62.419 49.610

Nov 15.2166 15.78 3.570 5032.7 6.378286 40.683 22.773


22/49

Dec 15.78 15.9851 1.283 5201.05 3.236846 10.477 4.153

2010 Jan 15.9851 15.2598 -4.753 4882.05 -6.53414 42.695 31.057

Feb 15.2598 14.9385 -2.151 4922.3 0.817707 0.669 -1.759

March 14.9385 14.2604 -4.755 5249.1 6.225829 38.761 -29.605

April 14.2604 14.5078 1.705 5278 0.547556 0.300 0.934

May 14.5078 13.9944 -3.669 5086.3 -3.76895 14.205 13.827

June 13.9944 14.8225 5.587 5312.5 4.257882 18.130 23.788July 14.8225 14.8849 0.419 5367.6 1.02653 1.054 0.430

Aug 14.8849 14.7329 -1.032 5402.4 0.644158 0.415 -0.665

Sep 14.7329 16.193 9.017 6029.95 10.40722 108.310 93.840

Oct 16.193 16.2964 0.634 6017.7 -0.20357 0.041 -0.129

Nov 16.2964 15.6659 -4.025 5862.7 -2.64383 6.990 10.641

Dec 15.6659 16.3345 4.093 6134.5 4.430679 19.631 18.136

Table 4.2

Table showing the calculations of Return and Beta of JM Financial Equity fund and

S&P CNX NIFTY

N = 48 XY = 4868.036

X =-37.304 = 11.264

Y =

21.717

= 1.122

Y = 4363.880

Table 4.2.1

Table showing the Standard deviation and Beta of JM Financial Equity fund

Inference: The beta of the scheme is more than +1 means the scheme is prone to more risk.

This means that the scheme is more volatile. If the market declines by 1 percent then the

scheme also declines but by 1.122 percent. The standard deviation of the scheme is 11.264,

which means the fund has very much variation in the returns when compared with its

benchmark index S&P CNX index.


23/49

4.3 SBI EQUITY MUTUAL FUND

Month

Opening

(RS)

Closing

(RS) Returns

Index

Return

Totalindex

return Y*Y X*Y

2007 Jan 27.87 28.53 2.313 4082.7 1.844 3.400336 4.266

Feb 28.53 26.49 -7.701 3745.3 -9.009 81.15531 69.376

March 26.49 26.56 0.264 3821.55 1.995 3.981077 0.526

April 26.56 28.41 6.512 4087.9 6.516 42.45266 42.428

May 28.41 29.58 3.955 4295.8 4.840 23.42183 19.142

Jun 29.58 30.58 3.270 4318.3 0.521 0.271481 1.704

July 30.58 32.65 6.340 4528.85 4.649 21.61397 29.475

Aug 32.65 32.39 -0.803 4464 -1.453 2.110433 1.166

Sep 32.39 36.06 10.177 5021.35 11.100 123.2012 112.966

Oct 36.06 42.45 15.053 5900.65 14.902 222.0621 224.316

Nov 42.45 38.63 -9.889 5762.75 -2.393 5.726232 23.663

Dec 38.63 41.52 6.961 6138.6 6.123 37.48784 42.617

2008Jan 41.52 34.32 -20.979 5137.45 -19.487 379.7546 408.824

Feb 34.32 32.45 -5.763 5223.5 1.647 2.713804 -9.493

March 32.45 29.06 -11.666 4734.5 -10.328 106.6767 120.487

April 29.06 31.68 8.270 5165.9 8.351 69.73781 69.064

May 31.68 30.14 -5.109 4870.1 -6.074 36.89101 31.034

Jun 30.14 24.34 -23.829 4040.55 -20.531 421.5064 489.226July 24.34 26.55 8.324 4332.95 6.748 45.53941 56.172

Aug 26.55 26.76 0.785 4360 0.620 0.384912 0.487

Sep 26.76 23.36 -14.555 3921.2 -11.190 125.2262 162.875

Oct 23.36 17.84 -30.942 2885.6 -35.889 1287.988 1110.453

Nov 17.84 16.71 -6.762 2755.1 -4.737 22.43604 32.031

Dec 16.71 18.16 7.985 2959.15 6.896 47.54876 55.058

2009Jan 18.16 17.33 -4.789 2874.8 -2.934 8.609043 14.053

Feb 17.33 16.66 -4.022 2763.65 -4.022 16.17532 16.174

March 16.66 18.03 7.598 3020.95 8.517 72.5425 64.717

April 18.03 21.14 14.711 3473.95 13.040 170.0393 191.836

May 21.14 27.6 23.406 4448.95 21.915 480.2796 512.945June 27.6 27.48 -0.437 4291.1 -3.679 13.53169 1.606

July 27.48 30.05 8.552 4636.45 7.449 55.48144 63.703

Aug 30.05 30.56 1.669 4662.1 0.550 0.302699 0.918

Sep 30.56 32.25 5.240 5083.95 8.298 68.85153 43.482

Oct 32.25 31.06 -3.831 4711.7 -7.901 62.41862 30.269

Nov 31.06 32.98 5.822 5032.7 6.378 40.68253 37.133

Dec 32.98 29.27 -12.675 5201.05 3.237 10.47717 -41.027

2010 Jan 29.27 27.69 -5.706 4882.05 -6.534 42.69499 37.284


24/49

Feb 27.69 28.07 1.354 4922.3 0.818 0.668645 1.107

March 28.07 30 6.433 5249.1 6.226 38.76095 40.053

April 30 30.49 1.607 5278 0.548 0.299817 0.880

May 30.49 29.7 -2.660 5086.3 -3.769 14.20497 10.025

Jun 29.7 31.35 5.263 5312.5 4.258 18.12956 22.410

July 31.35 31.76 1.291 5367.6 1.027 1.053763 1.325

Aug 31.76 32.31 1.702 5402.4 0.644 0.41494 1.097Sep 32.31 35.04 7.791 6029.95 10.407 108.3102 81.084

Oct 35.04 34.97 -0.200 6017.7 -0.204 0.041439 0.041

Nov 34.97 33.95 -3.004 5862.7 -2.644 6.989853 7.943

Dec 33.95 34.64 1.992 6134.5 4.431 19.63092 8.826

Table 4.3

Table showing the calculations of Return and Beta of SBI Equity fund and S&P CNX

NIFTY

N = 48 XY = 4245.746

X =-0.681 = 9.932

Y =

21.717

= 0.975

Y = 4363.880

Table 4.3.1

Table showing the Standard deviation and Beta of SBI Equity fund






25/49

4.4 TATA EQUITY FUND

Month

Opening

(RS)

Closing

(RS) Returns(X)

Index

Return

Total

index

return(Y) Y*Y X*Y

2007 Jan 11.3391 11.1875 -1.355 4082.7 1.844 3.400 -2.499

Feb 11.1875 10.7005 -4.551 3745.3 -9.009 81.155 41.000March 10.7005 10.6376 -0.591 3821.55 1.995 3.981 -1.180

April 10.6376 10.8742 2.176 4087.9 6.516 42.453 14.177

May 10.8742 10.9562 0.748 4295.8 4.840 23.422 3.622

June 10.9562 11.0018 0.414 4318.3 0.521 0.271 0.216

July 11.0018 11.1327 1.176 4528.85 4.649 21.614 5.466

Aug 11.1327 11.237 0.928 4464 -1.453 2.110 -1.348

Sep 11.237 12.4402 9.672 5021.35 11.100 123.201 107.354

Oct 12.4402 13.3591 6.878 5900.65 14.902 222.062 102.501

Nov 13.3591 13.5389 1.328 5762.75 -2.393 5.726 -3.178

Dec 13.5389 12.9707 -4.381 6138.6 6.123 37.488 -26.822

2008 Jan 12.9707 11.5604 -12.199 5137.45 -19.487 379.755 237.733Feb 11.5604 11.4083 -1.333 5223.5 1.647 2.714 -2.196

March 11.4083 10.2839 -10.934 4734.5 -10.328 106.676 112.927

April 10.2839 11.0712 7.111 5165.9 8.351 69.738 59.385

May 11.0712 10.7926 -2.581 4870.1 -6.074 36.891 15.679

June 10.7926 9.1972 -17.347 4040.55 -20.531 421.506 356.136

July 9.1972 9.5913 4.109 4332.95 6.748 45.539 27.728

Aug 9.5913 9.6235 0.335 4360 0.620 0.385 0.208

Sep 9.6235 8.5336 -12.772 3921.2 -11.191 125.227 142.924

Oct 8.5336 6.9419 -22.929 2885.6 -35.889 1287.992 822.885

Nov 6.9419 6.7474 -2.883 2755.1 -4.737 22.436 13.654

Dec 6.7474 7.2343 6.730 2959.15 6.896 47.549 46.410

2009Jan 7.2343 6.885 -5.073 2874.8 -2.934 8.609 14.886Feb 6.885 6.668 -3.254 2763.65 -4.022 16.175 13.089

March 6.668 7.0448 5.349 3020.95 8.517 72.542 45.555

April 7.0448 7.7846 9.503 3473.95 13.040 170.039 123.923

May 7.7846 9.945 21.723 4448.95 21.915 480.279 476.076

June 9.945 10.2796 3.255 4291.1 -3.679 13.532 -11.974

July 10.2796 11.1038 7.423 4636.45 7.449 55.481 55.289

Aug 11.1038 11.2265 1.093 4662.1 0.550 0.303 0.601

Sep 11.2265 12.0124 6.542 5083.95 8.298 68.852 54.287

Oct 12.0124 11.8674 -1.222 4711.7 -7.901 62.419 9.653

Nov 11.8674 12.292 3.454 5032.7 6.378 40.683 22.032

Dec 12.292 12.5605 2.138 5201.05 3.237 10.477 6.9192010 Jan 12.5605 11.9895 -4.763 4882.05 -6.534 42.695 31.119

Feb 11.9895 12.0427 0.442 4922.3 0.818 0.669 0.361

March 12.0427 12.5302 3.891 5249.1 6.226 38.761 24.222

April 12.5302 12.9159 2.986 5278 0.548 0.300 1.635

May 12.9159 12.7656 -1.177 5086.3 -3.769 14.205 4.437

June 12.7656 13.3465 4.352 5312.5 4.258 18.130 18.532

July 13.3465 13.6951 2.545 5367.6 1.027 1.054 2.613

Aug 13.6951 13.6893 -0.042 5402.4 0.644 0.415 -0.027


26/49

Sep 13.6893 13.4474 -1.799 6029.95 10.407 108.310 -18.721

Oct 13.4474 13.4719 0.182 6017.7 -0.204 0.041 -0.037

Nov 13.4719 13.1802 -2.213 5862.7 -2.644 6.990 5.851

Dec 13.1802 13.5115 2.452 6134.5 4.431 19.631 10.864

Table 4.4


NIFTY

N = 48 XY = 2963.969

X =5.537

= 7.179

Y =

21.717

= 0.680

Y = 4363.880

Table 4.4.1

Table showing the Standard deviation and Beta of Tata Equity fund






27/49

4.5 HDFC INCOME FUND

Month

Opening

(RS)

Closing

(RS) Returns(X)

Index

Return

Total

index

return(Y) Y*Y X*Y

2007 Jan 10.1863 10.1996 0.130 4082.7 1.844 3.400 0.240

Feb 10.1996 10.1109 -0.877 3745.3 -9.009 81.155 7.903March 10.1109 10.1151 0.042 3821.55 1.9953 3.981 0.083

April 10.1151 10.1616 0.458 4087.9 6.516 42.453 2.982

May 10.1616 10.1989 0.366 4295.8 4.840 23.422 1.770

June 10.1989 10.1366 -0.615 4318.3 0.521 0.271 -0.320

July 10.1366 10.4455 2.957 4528.85 4.649 21.614 13.749

Aug 10.4455 10.3811 -0.620 4464 -1.453 2.110 0.901

Sep 10.3811 10.3099 -0.691 5021.35 11.100 123.201 -7.665

Oct 10.3099 10.4816 1.638 5900.65 14.902 222.062 24.411

Nov 10.4816 10.5494 0.643 5762.75 -2.393 5.726 -1.538

Dec 10.5494 10.46 -0.855 6138.6 6.123 37.488 -5.233

2008 Jan 10.46 10.6649 1.921 5137.45 -19.487 379.755 -37.440Feb 10.6649 10.6607 -0.039 5223.5 1.647 2.714 -0.065

March 10.6607 10.2828 -3.675 4734.5 -10.328 106.676 37.958

April 10.2828 10.3023 0.189 5165.9 8.351 69.738 1.581

May 10.3023 10.3187 0.159 4870.1 -6.074 36.891 -0.965

June 10.3187 10.1947 -1.216 4040.55 -20.531 421.506 24.972

July 10.1947 10.1695 -0.248 4332.95 6.748 45.539 -1.672

Aug 10.1695 10.22 0.494 4360 0.620 0.385 0.307

Sep 10.22 10.1692 -0.500 3921.2 -11.191 125.227 5.590

Oct 10.1692 10.0719 -0.966 2885.6 -35.889 1287.992 34.670

Nov 10.0719 10.4256 3.393 2755.1 -4.737 22.436 -16.070

Dec 10.4256 11.2787 7.564 2959.15 6.896 47.549 52.157

2009Jan 11.2787 10.8824 -3.642 2874.8 -2.934 8.609 10.685Feb 10.8824 10.8928 0.095 2763.65 -4.022 16.175 -0.384

March 10.8928 10.6725 -2.064 3020.95 8.517 72.542 -17.581

April 10.6725 11.1785 4.527 3473.95 13.040 170.039 59.026

May 11.1785 10.9785 -1.822 4448.95 21.915 480.279 -39.924

June 10.9785 10.951 -0.251 4291.1 -3.679 13.532 0.924

July 10.951 10.9562 0.047 4636.45 7.449 55.481 0.354

Aug 10.9562 10.8523 -0.957 4662.1 0.550 0.303 -0.527

Sep 10.8523 10.8357 -0.153 5083.95 8.298 68.852 -1.271

Oct 10.8357 10.8544 0.172 4711.7 -7.901 62.419 -1.361

Nov 10.8544 11.0324 1.613 5032.7 6.378 40.683 10.291

Dec 11.0324 10.8424 -1.752 5201.05 3.237 10.477 -5.6722010 Jan 10.8424 10.9037 0.562 4882.05 -6.534 42.695 -3.673

Feb 10.9037 10.8083 -0.883 4922.3 0.818 0.669 -0.722

March 10.8083 10.8334 0.232 5249.1 6.226 38.761 1.442

April 10.8334 10.9014 0.624 5278 0.548 0.300 0.342

May 10.9014 11.0134 1.017 5086.3 -3.769 14.205 -3.833

June 11.0134 10.8815 -1.212 5312.5 4.258 18.130 -5.161

July 10.8815 10.8668 -0.135 5367.6 1.027 1.054 -0.139

Aug 10.8668 10.9256 0.538 5402.4 0.644 0.415 0.347


28/49

Sep 10.9256 10.8696 -0.515 6029.95 10.407 108.310 -5.362

Oct 10.8696 10.8146 -0.509 6017.7 -0.204 0.041 0.104

Nov 10.8146 10.8807 0.607 5862.7 -2.644 6.990 -1.606

Dec 10.8807 10.9239 0.395 6134.5 4.431 19.631 1.752

Table 4.5


NIFTY

N = 48 XY = 136.352

X =6.187

= 1.825

Y =

21.717

= 0.031

Y = 4363.880

Table 4.5.1

Table showing the Standard deviation and Beta of Tata Equity fund

Inference:As the is less than 1 it can be said that the scheme is less risky. For One percent


less volatile compared to the market. The standard deviation of the scheme is 1.825 which

means there is almost no variation in the returns with the index.


29/49

4.6 JM FINANCIAL INCOME FUND

Month

Opening

(RS)

Closing

(RS) Returns(X)

Index

Return

Total

index

return(Y) Y*Y X*Y

2007 Jan 10.291 10.3153 0.236 4082.7 1.844 3.400 0.434Feb 10.3153 10.332 0.162 3745.3 -9.009 81.155 -1.456

March 10.332 10.1704 -1.589 3821.55 1.995 3.981 -3.170

April 10.1704 10.2144 0.431 4087.9 6.516 42.453 2.807

May 10.2144 10.2588 0.433 4295.8 4.840 23.422 2.095

June 10.2588 10.3021 0.420 4318.3 0.521 0.271 0.219

July 10.3021 10.3071 0.049 4528.85 4.649 21.614 0.226

Aug 10.3071 10.335 0.270 4464 -1.453 2.110 -0.392

Sep 10.335 10.3997 0.622 5021.35 11.100 123.201 6.905

Oct 10.3997 10.5155 1.101 5900.65 14.902 222.062 16.410

Nov 10.5155 10.5955 0.755 5762.75 -2.393 5.726 -1.807

Dec 10.5955 10.6972 0.951 6138.6 6.123 37.488 5.8212008 Jan 10.6972 10.7563 0.549 5137.45 -19.487 379.755 -10.707

Feb 10.7563 10.6914 -0.607 5223.5 1.647 2.714 -1.000

March 10.6914 10.6189 -0.683 4734.5 -10.328 106.676 7.052

April 10.6189 10.6572 0.359 5165.9 8.351 69.738 3.001

May 10.6572 10.5629 -0.893 4870.1 -6.074 36.891 5.422

June 10.5629 10.4103 -1.466 4040.55 -20.531 421.506 30.095

July 10.4103 10.3582 -0.503 4332.95 6.748 45.539 -3.394

Aug 10.3582 10.1773 -1.777 4360 0.620 0.385 -1.103

Sep 10.1773 10.2098 0.318 3921.2 -11.191 125.227 -3.562

Oct 10.2098 10.2109 0.011 2885.6 -35.889 1287.992 -0.387

Nov 10.2109 10.2911 0.779 2755.1 -4.737 22.436 -3.691

Dec 10.2911 10.4708 1.716 2959.15 6.896 47.549 11.834

2009Jan 10.4708 10.4263 -0.427 2874.8 -2.934 8.609 1.252

Feb 10.4263 10.2178 -2.041 2763.65 -4.022 16.175 8.207

March 10.2178 10.0818 -1.349 3020.95 8.517 72.542 -11.489

April 10.0818 10.0409 -0.407 3473.95 13.040 170.039 -5.312

May 10.0409 10.0056 -0.353 4448.95 21.915 480.279 -7.732

June 10.0056 9.9948 -0.108 4291.1 -3.679 13.532 0.397

July 9.9948 9.9516 -0.434 4636.45 7.449 55.481 -3.233

Aug 9.9516 9.8744 -0.782 4662.1 0.550 0.303 -0.430

Sep 9.8744 9.8728 -0.016 5083.95 8.298 68.852 -0.134

Oct 9.8728 9.8513 -0.218 4711.7 -7.901 62.419 1.724

Nov 9.8513 9.901 0.502 5032.7 6.378 40.683 3.202Dec 9.901 9.9513 0.505 5201.05 3.237 10.477 1.636

2010 Jan 9.9513 9.9392 -0.122 4882.05 -6.534 42.695 0.795

Feb 9.9392 9.9283 -0.110 4922.3 0.818 0.669 -0.090

March 9.9283 9.9865 0.583 5249.1 6.226 38.761 3.628

April 9.9865 10.0492 0.624 5278 0.548 0.300 0.342

May 10.0492 10.148 0.974 5086.3 -3.769 14.205 -3.669

June 10.148 10.174 0.256 5312.5 4.258 18.130 1.088


30/49

July 10.174 10.1932 0.188 5367.6 1.027 1.054 0.193

Aug 10.1932 10.2386 0.443 5402.4 0.644 0.415 0.286

Sep 10.2386 10.257 0.179 6029.95 10.407 108.310 1.867

Oct 10.257 10.2579 0.009 6017.7 -0.204 0.041 -0.002

Nov 10.2579 10.2915 0.326 5862.7 -2.644 6.990 -0.863

Dec 10.2915 10.3012 0.094 6134.5 4.431 19.631 0.417

Table 4.6

Table showing the calculations of Return and Beta of JM Financial Equity and S&P

CNX NIFTY

N = 48 XY = 53.732

X =-0.038

= 0.766

Y =

21.717

= 0.012

Y = 4363.880

Table 4.6.1

Table showing the Standard deviation and Beta of JM Financial Income fund






31/49

4.7 SBI INCOME FUND

Month

Opening

(RS)

Closing

(RS) Returns(X)

Index

Return

Total

index

return(Y) Y*Y X*Y

2007 Jan 10.1877 10.2168 0.285 4082.7 1.844 3.400 0.525

Feb 10.2168 10.221 0.041 3745.3 -9.009 81.155 -0.370March 10.221 10.0458 -1.744 3821.55 1.995 3.981 -3.480

April 10.0458 10.0526 0.068 4087.9 6.516 42.453 0.441

May 10.0526 10.1275 0.740 4295.8 4.840 23.422 3.579

June 10.1275 10.123 -0.044 4318.3 0.521 0.271 -0.023

July 10.123 10.3542 2.233 4528.85 4.649 21.614 10.381

Aug 10.3542 10.348 -0.060 4464 -1.453 2.110 0.087

Sep 10.348 10.4162 0.655 5021.35 11.100 123.201 7.267

Oct 10.4162 10.163 -2.491 5900.65 14.902 222.062 -37.126

Nov 10.163 10.2106 0.466 5762.75 -2.393 5.726 -1.116

Dec 10.2106 10.3064 0.930 6138.6 6.123 37.488 5.691

2008 Jan 10.3064 10.4499 1.373 5137.45 -19.487 379.755 -26.760

Feb 10.4499 10.388 -0.596 5223.5 1.647 2.714 -0.982

March 10.388 10.2101 -1.742 4734.5 -10.328 106.676 17.996

April 10.2101 10.1989 -0.110 5165.9 8.351 69.738 -0.917

May 10.1989 10.2138 0.146 4870.1 -6.074 36.891 -0.886

June 10.2138 10.0777 -1.351 4040.55 -20.531 421.506 27.727

July 10.0777 10.0803 0.026 4332.95 6.748 45.539 0.174

Aug 10.0803 10.1173 0.366 4360 0.620 0.385 0.227

Sep 10.1173 10.0602 -0.568 3921.2 -11.191 125.227 6.352

Oct 10.0602 10.0616 0.014 2885.6 -35.889 1287.992 -0.499

Nov 10.0616 10.2329 1.674 2755.1 -4.737 22.436 -7.929

Dec 10.2329 11.1184 7.964 2959.15 6.896 47.549 54.918

2009Jan 11.1184 10.5633 -5.255 2874.8 -2.934 8.609 15.419Feb 10.5633 10.5317 -0.300 2763.65 -4.022 16.175 1.207

March 10.5317 10.1752 -3.504 3020.95 8.517 72.542 -29.841

April 10.1752 10.4749 2.861 3473.95 13.040 170.039 37.309

May 10.4749 10.3277 -1.425 4448.95 21.915 480.279 -31.236

June 10.3277 10.4228 0.912 4291.1 -3.679 13.532 -3.356

July 10.4228 10.4568 0.325 4636.45 7.449 55.481 2.422

Aug 10.4568 10.3718 -0.820 4662.1 0.550 0.303 -0.451

Sep 10.3718 10.2452 -1.236 5083.95 8.298 68.852 -10.253

Oct 10.2452 10.257 0.115 4711.7 -7.901 62.419 -0.909

Nov 10.257 10.3689 1.079 5032.7 6.378 40.683 6.883

Dec 10.3689 10.3381 -0.298 5201.05 3.237 10.477 -0.964

2010 Jan 10.3381 10.4128 0.717 4882.05 -6.534 42.695 -4.688

Feb 10.4128 10.3836 -0.281 4922.3 0.818 0.669 -0.230

March 10.3836 10.516 1.259 5249.1 6.226 38.761 7.839

April 10.516 10.593 0.727 5278 0.548 0.300 0.398

May 10.593 10.6186 0.241 5086.3 -3.769 14.205 -0.909

June 10.6186 10.6744 0.523 5312.5 4.258 18.130 2.226

July 10.6744 10.6 -0.702 5367.6 1.027 1.054 -0.721

Aug 10.6 10.6932 0.872 5402.4 0.644 0.415 0.561


32/49

Sep 10.6932 10.5452 -1.403 6029.95 10.407 108.310 -14.606

Oct 10.5452 10.556 0.102 6017.7 -0.204 0.041 -0.021

Nov 10.556 10.5931 0.350 5862.7 -2.644 6.990 -0.926

Dec 10.5931 10.6427 0.466 6134.5 4.431 19.631 2.065

Table 4.7

Table showing the calculations of Return and Beta of SBI Income fund and S&P CNXNIFTY

N = 48 XY = 32.495

X =3.600

= 1.793

Y =

21.717

= .0007089

Y = 4363.880

Table 4.7.1

Table showing the Standard deviation and Beta of SBI Income fund






33/49

4.8 TATA EQUITY FUND

Month

Opening

(RS)

Closing

(RS) Returns(X)

Index

Return

Total

index

return(Y) Y*Y X*Y

2007 Jan 14.3698 14.3996 0.207 4082.7 1.844 3.400 0.382

Feb 14.3996 14.419 0.135 3745.3 -9.009 81.155 -1.212March 14.419 14.486 0.463 3821.55 1.995 3.981 0.923

April 14.486 14.5898 0.711 4087.9 6.516 42.453 4.636

May 14.5898 14.6816 0.625 4295.8 4.840 23.422 3.026

June 14.6816 14.7596 0.528 4318.3 0.521 0.271 0.275

July 14.7596 15.0886 2.180 4528.85 4.649 21.614 10.137

Aug 15.0886 14.9587 -0.868 4464 -1.453 2.110 1.262

Sep 14.9587 15.0705 0.742 5021.35 11.100 123.201 8.234

Oct 15.0705 15.2275 1.031 5900.65 14.902 222.062 15.364

Nov 15.2275 15.3076 0.523 5762.75 -2.393 5.726 -1.252

Dec 15.3076 15.49 1.178 6138.6 6.123 37.488 7.210

2008 Jan 15.49 15.7355 1.560 5137.45 -19.487 379.755 -30.403

Feb 15.7355 15.7798 0.281 5223.5 1.647 2.714 0.462

March 15.7798 15.7282 -0.328 4734.5 -10.328 106.676 3.388

April 15.7282 15.8228 0.598 5165.9 8.351 69.738 4.993

May 15.8228 15.868 0.285 4870.1 -6.074 36.891 -1.730

June 15.868 15.6349 -1.491 4040.55 -20.531 421.506 30.609

July 15.6349 15.6163 -0.119 4332.95 6.748 45.539 -0.804

Aug 15.6163 15.7092 0.591 4360 0.620 0.385 0.367

Sep 15.7092 15.8684 1.003 3921.2 -11.191 125.227 -11.227

Oct 15.8684 15.99 0.760 2885.6 -35.889 1287.992 -27.292

Nov 15.99 16.3294 2.078 2755.1 -4.737 22.436 -9.845

Dec 16.3294 17.5948 7.192 2959.15 6.896 47.549 49.592

2009Jan 17.5948 16.7786 -4.865 2874.8 -2.934 8.609 14.273Feb 16.7786 16.6961 -0.494 2763.65 -4.022 16.175 1.987

March 16.6961 16.4612 -1.427 3020.95 8.517 72.542 -12.154

April 16.4612 17.0083 3.217 3473.95 13.040 170.039 41.945

May 17.0083 16.7052 -1.814 4448.95 21.915 480.279 -39.763

June 16.7052 16.7213 0.096 4291.1 -3.679 13.532 -0.354

July 16.7213 16.6389 -0.495 4636.45 7.449 55.481 -3.689

Aug 16.6389 16.5137 -0.758 4662.1 0.550 0.303 -0.417

Sep 16.5137 16.4501 -0.387 5083.95 8.298 68.852 -3.208

Oct 16.4501 16.4728 0.138 4711.7 -7.901 62.419 -1.089

Nov 16.4728 16.6508 1.069 5032.7 6.378 40.683 6.819

Dec 16.6508 16.6319 -0.114 5201.05 3.237 10.477 -0.368

2010 Jan 16.6319 16.6805 0.291 4882.05 -6.534 42.695 -1.904

Feb 16.6805 16.5937 -0.523 4922.3 0.818 0.669 -0.428

March 16.5937 16.6395 0.275 5249.1 6.226 38.761 1.714

April 16.6395 16.8505 1.252 5278 0.548 0.300 0.686

May 16.8505 16.98 0.763 5086.3 -3.769 14.205 -2.874

June 16.98 16.9799 -0.001 5312.5 4.258 18.130 -0.003

July 16.9799 16.9206 -0.350 5367.6 1.027 1.054 -0.360

Aug 16.9206 16.9196 -0.006 5402.4 0.644 0.415 -0.004


34/49

Sep 16.9196 17.0173 0.574 6029.95 10.407 108.310 5.975

Oct 17.0173 17.011 -0.037 6017.7 -0.204 0.041 0.008

Nov 17.011 17.0688 0.339 5862.7 -2.644 6.990 -0.895

Dec 17.0688 17.0952 0.154 6134.5 4.431 19.631 0.684

Table 4.8

Table showing the calculations of Return and Beta of SBI Income fund and S&P CNX

NIFTY

N = 48 XY = 63.675

X =0.013

= 1.547

Y =

21.717

= 0.013

Y = 4363.880

Table 4.8.1

Table showing the Standard deviation and Beta ofTata Income fund






35/49

4.9 HDFC Balanced Fund

Month

Opening

(RS)

Closing

(RS) Returns(X)

Index

Return

Total

index

return(Y) Y*Y X*Y

2007 Jan 18.072 17.989 -0.461 4082.7 1.844 3.400 -0.851

Feb 17.989 16.539 -8.767 3745.3 -9.009 81.155 78.980March 16.539 16.486 -0.321 3821.55 1.995 3.981 -0.641

April 16.486 17.404 5.275 4087.9 6.516 42.453 34.367

May 17.404 18.099 3.840 4295.8 4.840 23.422 18.584

June 18.099 18.258 0.871 4318.3 0.521 0.271 0.454

July 18.258 19.03 4.057 4528.85 4.649 21.614 18.860

Aug 19.03 18.576 -2.444 4464 -1.453 2.110 3.550

Sep 18.576 19.779 6.082 5021.35 11.100 123.201 67.510

Oct 19.779 21.262 6.975 5900.65 14.902 222.062 103.938

Nov 21.262 21.497 1.093 5762.75 -2.393 5.726 -2.616

Dec 21.497 20.572 -4.496 6138.6 6.123 37.488 -27.530

2008 Jan 20.572 19.009 -8.222 5137.45 -19.487 379.755 160.233

Feb 19.009 18.94 -0.364 5223.5 1.647 2.714 -0.600

March 18.94 17.292 -9.530 4734.5 -10.328 106.676 98.434

April 17.292 18.294 5.477 5165.9 8.351 69.738 45.740

May 18.294 17.648 -3.660 4870.1 -6.074 36.891 22.233

June 17.648 15.82 -11.555 4040.55 -20.531 421.506 237.231

July 15.82 16.729 5.434 4332.95 6.748 45.539 36.668

Aug 16.729 17.207 2.778 4360 0.620 0.385 1.723

Sep 17.207 16.022 -7.396 3921.2 -11.191 125.227 82.766

Oct 16.022 12.894 -24.259 2885.6 -35.889 1287.992 870.634

Nov 12.894 12.238 -5.360 2755.1 -4.737 22.436 25.390

Dec 12.238 13.063 6.316 2959.15 6.896 47.549 43.549

2009Jan 13.063 12.78 -2.214 2874.8 -2.934 8.609 6.497Feb 12.78 10.826 -18.049 2763.65 -4.022 16.175 72.591

March 10.826 11.47 5.615 3020.95 8.517 72.542 47.821

April 11.47 13.04 12.040 3473.95 13.040 170.039 156.999

May 13.04 15.703 16.959 4448.95 21.915 480.279 371.651

June 15.703 15.921 1.369 4291.1 -3.679 13.532 -5.037

July 15.921 16.861 5.575 4636.45 7.449 55.481 41.526

Aug 16.861 17.004 0.841 4662.1 0.550 0.303 0.463

Sep 17.004 18.325 7.209 5083.95 8.298 68.852 59.816

Oct 18.325 18.215 -0.604 4711.7 -7.901 62.419 4.771

Nov 18.215 18.945 3.853 5032.7 6.378 40.683 24.577

Dec 18.945 19.899 4.794 5201.05 3.237 10.477 15.518

2010 Jan 19.899 19.907 0.040 4882.05 -6.534 42.695 -0.263

Feb 19.907 19.935 0.140 4922.3 0.818 0.669 0.115

March 19.935 18.576 -7.316 5249.1 6.226 38.761 -45.547

April 18.576 19.051 2.493 5278 0.548 0.300 1.365

May 19.051 19.107 0.293 5086.3 -3.769 14.205 -1.105

June 19.107 19.959 4.269 5312.5 4.258 18.130 18.176

July 19.959 20.491 2.596 5367.6 1.027 1.054 2.665

Aug 20.491 20.744 1.220 5402.4 0.644 0.415 0.786


36/49

Sep 20.744 21.865 5.127 6029.95 10.407 108.310 53.357

Oct 21.865 22.466 2.675 6017.7 -0.204 0.041 -0.545

Nov 22.466 22.057 -1.854 5862.7 -2.644 6.990 4.902

Dec 22.057 22.222 0.743 6134.5 4.431 19.631 3.290

Table 4.9


NIFTY

N = 48 XY = 2752.996

X =9.17

= 7.108

Y =

21.717

= 0.63

Y = 4363.880

Table 4.9.1

Table showing the Standard deviation and Beta of HDFC Balanced fund






37/49

4.10 JM Financial Balanced Fund

Month

Opening

(RS)

Closing

(RS) Returns(X)

Index

Return

Total

index

return(Y) Y*Y X*Y

2007 Jan 17.7 17.94 1.338 4082.7 1.844 3.400 2.467Feb 17.94 16.71 -7.361 3745.3 -9.009 81.155 66.311

March 16.71 16.85 0.831 3821.55 1.995 3.981 1.658

April 16.85 17.85 5.602 4087.9 6.516 42.453 36.502

May 17.85 18.79 5.003 4295.8 4.840 23.422 24.211

June 18.79 19.0314 1.268 4318.3 0.521 0.271 0.661

July 19.0314 20.6637 7.899 4528.85 4.649 21.614 36.725

Aug 20.6637 21.1556 2.325 4464 -1.453 2.110 -3.378

Sep 21.1556 22.9954 8.001 5021.35 11.100 123.201 88.805

Oct 22.9954 24.0288 4.301 5900.65 14.902 222.062 64.088

Nov 24.0288 24.2301 0.831 5762.75 -2.393 5.726 -1.988

Dec 24.2301 25.8466 6.254 6138.6 6.123 37.488 38.2932008 Jan 25.8466 21.6224 -19.536 5137.45 -19.487 379.755 380.708

Feb 21.6224 21.1992 -1.996 5223.5 1.647 2.714 -3.289

March 21.1992 18.4396 -14.966 4734.5 -10.328 106.676 154.571

April 18.4396 19.949 7.566 5165.9 8.351 69.738 63.185

May 19.949 18.5471 -7.559 4870.1 -6.074 36.891 45.909

June 18.5471 15.7123 -18.042 4040.55 -20.531 421.506 370.411

July 15.7123 16.1076 2.454 4332.95 6.748 45.539 16.561

Aug 16.1076 16.5818 2.860 4360 0.620 0.385 1.774

Sep 16.5818 14.0568 -17.963 3921.2 -11.191 125.227 201.013

Oct 14.0568 10.4547 -34.454 2885.6 -35.889 1287.992 1236.519

Nov 10.4547 10.1863 -2.635 2755.1 -4.737 22.436 12.481

Dec 10.1863 11.16 8.725 2959.15 6.896 47.549 60.163

2009Jan 11.16 10.1637 -9.803 2874.8 -2.934 8.609 28.762

Feb 10.1637 9.704 -4.737 2763.65 -4.022 16.175 19.052

March 9.704 10.2503 5.330 3020.95 8.517 72.542 45.393

April 10.2503 11.8962 13.836 3473.95 13.040 170.039 180.414

May 11.8962 15.4357 22.931 4448.95 21.915 480.279 502.531

June 15.4357 14.9114 -3.516 4291.1 -3.679 13.532 12.934

July 14.9114 15.5953 4.385 4636.45 7.449 55.481 32.664

Aug 15.5953 15.6755 0.512 4662.1 0.550 0.303 0.281

Sep 15.6755 16.6266 5.720 5083.95 8.298 68.852 47.466

Oct 16.6266 15.2733 -8.861 4711.7 -7.901 62.419 70.003

Nov 15.2733 15.9321 4.135 5032.7 6.378 40.683 26.375Dec 15.9321 16.467 3.248 5201.05 3.237 10.477 10.514

2010 Jan 16.467 15.6837 -4.994 4882.05 -6.534 42.695 32.634

Feb 15.6837 15.4625 -1.431 4922.3 0.818 0.669 -1.170

March 15.4625 15.3273 -0.882 5249.1 6.226 38.761 -5.492

April 15.3273 16.1185 4.909 5278 0.548 0.300 2.688

May 16.1185 15.7096 -2.603 5086.3 -3.769 14.205 9.810

June 15.7096 16.4863 4.711 5312.5 4.258 18.130 20.060


38/49

July 16.4863 16.8911 2.397 5367.6 1.027 1.054 2.460

Aug 16.8911 16.5032 -2.350 5402.4 0.644 0.415 -1.514

Sep 16.5032 17.5233 5.821 6029.95 10.407 108.310 60.585

Oct 17.5233 17.5772 0.307 6017.7 -0.204 0.041 -0.062

Nov 17.5772 16.8445 -4.350 5862.7 -2.644 6.990 11.500

Dec 16.8445 17.2472 2.335 6134.5 4.431 19.631 10.345

Table 4.10


NIFTY

N = 48 XY = 4012.594

X =-22.205

= 9.381

Y =

21.717

= 0.92

Y = 4363.880

Table 4.10.1

Table showing the Standard deviation and Beta of JM Financial Balanced fund






39/49

4.11 SBI Balanced Fund

Month

Opening

(RS)

Closing

(RS) Returns(X)

Index

Return

Total

index

return(Y) Y*Y X*Y

2007 Jan 25.81 26.38 2.161 4082.7 1.844 3.400 3.984

Feb 26.38 24.73 -6.672 3745.3 -9.009 81.155 60.106March 24.73 24.7 -0.121 3821.55 1.995 3.981 -0.242

April 24.7 26.14 5.509 4087.9 6.516 42.453 35.893

May 26.14 27.45 4.772 4295.8 4.840 23.422 23.096

June 27.45 27.89 1.578 4318.3 0.521 0.271 0.822

July 27.89 28.72 2.890 4528.85 4.649 21.614 13.436

Aug 28.72 28.59 -0.455 4464 -1.453 2.110 0.661

Sep 28.59 31.48 9.180 5021.35 11.100 123.201 101.899

Oct 31.48 35.18 10.517 5900.65 14.902 222.062 156.727

Nov 35.18 31.42 -11.967 5762.75 -2.393 5.726 28.636

Dec 31.42 33.94 7.425 6138.6 6.123 37.488 45.460

2008 Jan 33.94 29.18 -16.313 5137.45 -19.487 379.755 317.887

Feb 29.18 29.22 0.137 5223.5 1.647 2.714 0.226

March 29.22 26.3 -11.103 4734.5 -10.328 106.676 114.673

April 26.3 27.71 5.088 5165.9 8.351 69.738 42.493

May 27.71 26.44 -4.803 4870.1 -6.074 36.891 29.174

June 26.44 22.97 -15.107 4040.55 -20.531 421.506 310.149

July 22.97 23.98 4.212 4332.95 6.748 45.539 28.423

Aug 23.98 24.27 1.195 4360 0.620 0.385 0.741

Sep 24.27 22.27 -8.981 3921.2 -11.191 125.227 100.498

Oct 22.27 18.23 -22.161 2885.6 -35.889 1287.992 795.337

Nov 18.23 17.48 -4.291 2755.1 -4.737 22.436 20.323

Dec 17.48 18.78 6.922 2959.15 6.896 47.549 47.733

2009Jan 18.78 18.12 -3.642 2874.8 -2.934 8.609 10.687Feb 18.12 17.45 -3.840 2763.65 -4.022 16.175 15.442

March 17.45 18.57 6.031 3020.95 8.517 72.542 51.369

April 18.57 20.98 11.487 3473.95 13.040 170.039 149.791

May 20.98 26.23 20.015 4448.95 21.915 480.279 438.640

June 26.23 26.14 -0.344 4291.1 -3.679 13.532 1.267

July 26.14 27.61 5.324 4636.45 7.449 55.481 39.657

Aug 27.61 27.96 1.252 4662.1 0.550 0.303 0.689

Sep 27.96 29.69 5.827 5083.95 8.298 68.852 48.350

Oct 29.69 28.4 -4.542 4711.7 -7.901 62.419 35.886

Nov 28.4 24.74 -14.794 5032.7 6.378 40.683 -94.359

Dec 24.74 25.61 3.397 5201.05 3.237 10.477 10.996

2010 Jan 25.61 24.97 -2.563 4882.05 -6.534 42.695 16.747

Feb 24.97 24.7 -1.093 4922.3 0.818 0.669 -0.894

March 24.7 26 5.000 5249.1 6.226 38.761 31.129

April 26 26.48 1.813 5278 0.548 0.300 0.993

May 26.48 25.53 -3.721 5086.3 -3.769 14.205 14.025

June 25.53 26.4 3.295 5312.5 4.258 18.130 14.032

July 26.4 26.93 1.968 5367.6 1.027 1.054 2.020

Aug 26.93 27.13 0.737 5402.4 0.644 0.415 0.475


40/49

Sep 27.13 28.84 5.929 6029.95 10.407 108.310 61.707

Oct 28.84 28.976 0.469 6017.7 -0.204 0.041 -0.096

Nov 28.976 28.45 -1.849 5862.7 -2.644 6.990 4.888

Dec 28.45 28.81 1.250 6134.5 4.431 19.631 5.536

Table 4.11

Table showing the calculations of Return and Beta of SBI Balanced fund and S&P

CNX NIFTY

N = 48 XY = 3137.113

X =-2.980

= 7.784

Y =

21.717

= 0.721

Y = 4363.880

Table 4.11.1

Table showing the Standard deviation and Beta of SBI Balanced fund






41/49

4.12 Tata Balanced Fund

Month

Opening

(RS)

Closing

(RS) Returns(X)

Index

Return

Total

index

return(Y) Y*Y X*Y

2007 Jan 36.4971 37.3989 2.411 4082.7 1.844 3.400 4.446Feb 37.3989 35.6155 -5.007 3745.3 -9.009 81.155 45.109

March 35.6155 35.969 0.983 3821.55 1.995 3.981 1.961

April 35.969 38.2376 5.933 4087.9 6.516 42.453 38.656

May 38.2376 40.2662 5.038 4295.8 4.840 23.422 24.382

June 40.2662 41.3435 2.606 4318.3 0.521 0.271 1.358

July 41.3435 40.5855 -1.868 4528.85 4.649 21.614 -8.683

Aug 40.5855 40.5888 0.008 4464 -1.453 2.110 -0.012

Sep 40.5888 44.1081 7.979 5021.35 11.100 123.201 88.562

Oct 44.1081 50.3854 12.459 5900.65 14.902 222.062 185.654

Nov 50.3854 51.1117 1.421 5762.75 -2.393 5.726 -3.400

Dec 51.1117 53.0234 3.605 6138.6 6.123 37.488 22.0752008 Jan 53.0234 46.5737 -13.848 5137.45 -19.487 379.755 269.867

Feb 46.5737 45.6159 -2.100 5223.5 1.647 2.714 -3.459

March 45.6159 40.9358 -11.433 4734.5 -10.328 106.676 118.082

April 40.9358 43.1337 5.096 5165.9 8.351 69.738 42.553

May 43.1337 41.8192 -3.143 4870.1 -6.074 36.891 19.092

June 41.8192 36.0312 -16.064 4040.55 -20.531 421.506 329.801

July 36.0312 37.5443 4.030 4332.95 6.748 45.539 27.197

Aug 37.5443 38.0232 1.259 4360 0.620 0.385 0.781

Sep 38.0232 34.5912 -9.922 3921.2 -11.191 125.227 111.028

Oct 34.5912 28.3164 -22.160 2885.6 -35.889 1287.992 795.277

Nov 28.3164 27.4191 -3.273 2755.1 -4.737 22.436 15.501

Dec 27.4191 29.4827 6.999 2959.15 6.896 47.549 48.265

2009Jan 29.4827 28.4476 -3.639 2874.8 -2.934 8.609 10.676

Feb 28.4476 28.175 -0.968 2763.65 -4.022 16.175 3.891

March 28.175 29.5963 4.802 3020.95 8.517 72.542 40.902

April 29.5963 31.1984 5.135 3473.95 13.040 170.039 66.963

May 31.1984 39.081 20.170 4448.95 21.915 480.279 442.029

June 39.081 39.5149 1.098 4291.1 -3.679 13.532 -4.039

July 39.5149 42.1075 6.157 4636.45 7.449 55.481 45.862

Aug 42.1075 43.4335 3.053 4662.1 0.550 0.303 1.680

Sep 43.4335 46.2956 6.182 5083.95 8.298 68.852 51.298

Oct 46.2956 45.8419 -0.990 4711.7 -7.901 62.419 7.819

Nov 45.8419 48.7342 5.935 5032.7 6.378 40.683 37.854Dec 48.7342 50.0035 2.538 5201.05 3.237 10.477 8.216

2010 Jan 50.0035 48.4083 -3.295 4882.05 -6.534 42.695 21.532

Feb 48.4083 48.8594 0.923 4922.3 0.818 0.669 0.755

March 48.8594 47.9525 -1.891 5249.1 6.226 38.761 -11.775

April 47.9525 48.7766 1.690 5278 0.548 0.300 0.925

May 48.7766 47.8289 -1.981 5086.3 -3.769 14.205 7.468

June 47.8289 49.7702 3.901 5312.5 4.258 18.130 16.608


42/49

July 49.7702 50.4418 1.331 5367.6 1.027 1.054 1.367

Aug 50.4418 50.8809 0.863 5402.4 0.644 0.415 0.556

Sep 50.8809 53.9264 5.648 6029.95 10.407 108.310 58.775

Oct 53.9264 54.1237 0.365 6017.7 -0.204 0.041 -0.074

Nov 54.1237 53.5627 -1.047 5862.7 -2.644 6.990 2.769

Dec 53.5627 54.0398 0.883 6134.5 4.431 19.631 3.912

Table 4.12

Table showing the calculations of Return and Beta of Tata Balanced Fund and S&P

CNX NIFTY

N = 48 XY = 2990.061

X =27.873

= 6.967

Y =

21.717

= 0.684

Y = 4363.880

Table 4.12.1

Table showing the Standard deviation and Beta of Tata Balanced fund






43/49

4.13 Ranking of the Equity schemes based on Treynor, Sharpe and Jensen measures

Sr

No

Mutual Fund

Company

Treynor

measure

Rank

according

to

Treynor

measure

Sharpe

measure

Rank

according

to

Sharpe

measure

Jensen

measure

Rank

according

to

Jensen

measure

1 HDFC - 9.859 3 -0.894 2 -14.915 2

2 SBI - 8.39 2 -2.255 3 -22.043 3

3 JM Financial - 39.932 4 -3.978 4 -60.755 4

5 TATA - 2.887 1 -0.273 1 -11.631 1

Table 4.13

Inference:According to Treynor ratio Tata Equity fund is Ranked 1 whereas SBI and HDFC

equity fund are Ranked 2 and 3 Respectively.According to sharpes and jenson measure Tata

Equity fund is ranked 1 whereas HDFC and SBI are ranked 2 and 3 respectively.


44/49

4.14 Ranking of the Income schemes based on Treynor, Sharpe and Jensen measures

Sl

No

Mutual Fund

Company

Treynor

measure

Rank

according

to

Treynor

measure

Sharpe

measure

Rank

according

to

Sharpe

measure

Jensen

measure

Rank

according

to

Jensen

measure

1 HDFC -42.35 2 - 0.719 2 -1.754 2

2 SBI - 550.14 3 - 2.175 3 -4.001 3

3 JM Financial -628.16 4 - 9.854 4 -7.709 4

5 TATA 712.615 1 5.988 1 9.079 1

Table 4.14

Inference:According to treynor,sharpe and jenson measure Tata Income fund is Ranked 1

whereas Hdfc Income fund is ranked 2 followed by SBI income fund.


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4.15 Ranking of the Balanced schemes based on Treynor, Sharpe and Jensen measures

Table 4.15

Inference: According to Treynor,Sharpe,Jenson measure Tata Balanced fund is ranked

1,HDFC balanced fund is ranked 2 and SBI balanced fund is ranked 3

Sr

No

Mutual

Fund

Company

Treynor

measure

Rank

according

to

Treynor

measure

Sharpe

measure

Rank

according

to

Sharpe

measure

Jensen

measure

Rank

accordingto

Jensen

measure

1 HDFC 2.651 2 0.235 2 -7.287 2

2 SBI -14.535 3 -1.346 3 -20.730 3

3 JM Financial -32.288 4 -3.167 4 -42.785 4

5 TATA 29.785 1 2.924 1 10.649 1


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CHAPTER 5

CONCLUSION

5.1 SUMMARY OF FINDINGS

The research project was done about Four Asset Management Companies and the data

collected for the project was for a period of four years i.e. from Jan 2007 to Dec 2010. And

on the collected data, study was done and the following were the findings:

Equity Scheme Income Scheme Balanced Scheme

Name of the Mutual

fund Company

Standard

deviation

Beta Standard

deviation

Beta Standard

deviation

Beta

HDFC 10.265 0.931 1.825 0.031 7.108 0.684

JM Financial 11.264 1.122 0.766 0.012 9.381 0.92

SBI 9.932 0.975 1.793 0.0007 7.784 0.721

TATA 7.179 0.680 1.547 0.013 6.967 0.63

In the Equity Scheme sector JM Financial has the highest beta of 1.122 as against the

Tata which has lowest beta of 0.680. HDFC ,SBI, TATA are called defensive assets, the

funds having beta less than 1. JM Financial is aggressive asset whose beta is more than 1.

None of the above five schemes are risk free assets whose beta is zero.

In the Balanced Scheme sector JM Financial has the highest beta of 0.92 as against

the Tata has lowest beta of 0.63. Beta measures the risk (volatility) of an individual asset

relative to the market portfolio. JM Financial, SBI, HDFC & TATA are called defensive

assets, the funds having beta less than 1. None of the above five schemes are risk free assets

whose beta is zero.


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In the Income Scheme sector hdfc has the highest beta of 0.031 as against the SBI

which have lowest beta of .0007.HDFC, JM Financial, SBI & TATA are called defensive

assets, the funds having beta less than 1. There is no aggressive asset whose beta is more than

1. None of the above five schemes are risk free assets whose beta is zero but the beta of all

the schemes are very near to zero.

According to Treynor,Sharpes,Jenson measure Tata Equity,Income and Balanced fund is

ranked 1 , Hdfc Equity,balanced,Income Fund is Ranked 2 and SBI Schemes are ranked 3


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5.2 RECOMMENDATIONS:

In Equity schemes among HDFC Mutual Fund, JM Financial Mutual Fund, SBIMutual Fund and TATA Mutual Funds, TATA Mutual fund is performing well.

In Income schemes among HDFC Mutual Fund, JM Financial Mutual Fund,SBIMutual Fund and TATA Mutual Funds, TATA Mutual fund is performing well.

In Balanced schemes among HDFC Mutual Fund, JM Financial Mutual Fund, SBIMutual Fund and TATA Mutual Funds, TATA Mutual fund and Hdfc is performing

well.

5. 3 SUGGESSIONS:

The company has a good team of equity research still there is scope for furtherimprovement in equity & Mutual fund research.

The company has presence in Derivative sector, Insurance (life & nonlife), Wealthmanagement services. Advanced research technology needs to be adopted to increase

market share.

In order to increase the client base the company needs to increase the geographiccover up from metro to semi urban, non metro cities and gradually to rural area.

The company needs to create finance awareness in the general public (target people)about the Mutual Fund .


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5. 4 CONCLUSIONS:

Indian mutual fund industry has witnessed a lot of ups and down in its history. Despite that it

has been able to successfully assist efficient resources allocation, provide strong support to

the capital market and help investors realizing the benefits of stock market investing. The

growing importance of Indian mutual fund in the market place may be noticed in terms of

increased mobilization of funds and growing number of investor accounts education

regarding various schemes and avenues with their relative benefits compared to other

investment avenues. Requisite training should also be given to financial advisor.

The performance of the mutual fund in the last four years in Equity,Income and Balanced

schemes

TATA Mutual Fund------Out performing.

JM Financial Mutual fund ---- Worst performing.

Return alone should not be considered as the basis of measurement of the

performance of mutual fund scheme, and

It should also include the risk taken by the fund manager because different funds

will have different levels of risk attached to them

Thus the mutual fund brings together a group of people and invests their money in

stocks, bonds, and other securities.

Documents

56646038 MBA Project Report