Mutual Funds

INTRODUCTION
The SEBI regulations, 1993 defines a mutual fund as a fund in the form of a trust by a
sponsor, to raise money 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. It is a
diversified portfolio i.e. to distribute investment among different companies or securities in
order to limit losses in the particular market or industry.
The origin of Mutual fund industry in India is with the introduction of the concept of UTI in
the year 1963. Until 1987 UTI enjoyed a monopoly in the Indian Mutual fund market. Then a
host of other government controlled Indian financial companies came up with their own
funds these are: SBI, Canara Bank and PNB. This market was made opened to private players
in 1993.
TYPES OF MUTUAL FUND SCHEMES:DEBT ORIENTED SCHEME:The aim of debt oriented scheme 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. Such funds are less risky as compared to equity schemes.
DIVERSIFIED EQUITY FUND SCHEME:The aim of diversified equity fund is to provide capital appreciation over the medium to long
term. Such schemes normally invest in equities. Such funds have comparatively high risk and
high return. The equity funds are high on the risk scale as the share prices are volatile. These
funds try to reduce the risk by diversifying the investments in different types of shares. One
of the greatest advantages of equity funds is instant diversification.
BALANCED FUND SCHEME:The aim of balanced fund scheme is to provide both growth and regular income as such
scheme invests both in equities and debt securities in the proportion indicated in their offer
documents. These are appropriate for investors looking for moderate growth.
Here in this project our main focus is on Diversified Equity Fund Scheme.
1.1 MUTUAL FUND INDUSTRY IN INDIA

THE EVOLUTION
The formation of Unit Trust of India marked the evolution of the Indian mutual fund industry
in the year 1963. The primary objective at that time was to attract the small investors and it
was made possible through the collective efforts of the Government of India and the Reserve
Bank of India. The history of mutual fund industry in India can be better understood divided
into following phases:
Phase 1. Establishment and Growth of Unit Trust of India - 1964-87
Unit Trust of India enjoyed complete monopoly when it was established in the year 1963
by an act of Parliament. UTI was set up by the Reserve Bank of India and it continued to
operate under the regulatory control of the RBI until the two were de-linked in 1978 and the
entire control was tranferred in the hands of Industrial Development Bank of India (IDBI).
UTI launched its first scheme in 1964, named as Unit Scheme 1964 (US-64), which attracted
the largest number of investors in any single investment scheme over the years.
UTI launched more innovative schemes in 1970s and 80s to suit the needs of different
investors. It launched ULIP in 1971, six more schemes between 1981-84, Children's Gift
Growth Fund and India Fund (India's first offshore fund) in 1986, Mastershare (Inida's first
equity diversified scheme) in 1987 and Monthly Income Schemes (offering assured returns)
during 1990s. By the end of 1987, UTI's assets under management grew ten times to Rs 6700
crores.
Phase II. Entry of Public Sector Funds - 1987-1993
The Indian mutual fund industry witnessed a number of public sector players entering the
market in the year 1987. In November 1987, SBI Mutual Fund from the State Bank of
India became the first non-UTI mutual fund in India. SBI Mutual Fund was later followed by
Canbank Mutual Fund, LIC Mutual Fund, Indian Bank Muatual Fund, Bank of India Mutual
Fund, GIC Mutual Fund and PNB Mutual Fund. By 1993, the assets under management of
the industry increased seven times to Rs. 47,004 crores. However, UTI remained to be the
leader with about 80% market share.
1992-93
Amount Mobilised
UTI
Public Sector
Total
Assets Under
Mobilisation as % of gross
Management
Domestic Savings
11,057
38,247
5.2%
1,964
8,757
0.9%
13,021
47,004
6.1%
Phase III. Emergence of Private Secor Funds - 1993-96

The permission given to private sector funds including foreign fund management companies
(most of them entering through joint ventures with Indian promoters) to enter the mutal fund
industry in 1993, provided a wide range of choice to investors and more competition in the
industry. Private funds introduced innovative products, investment techniques and investorservicing technology. By 1994-95, about 11 private sector funds had launched their schemes.
Phase IV. Growth and SEBI Regulation - 1996-2004
The mutual fund industry witnessed robust growth and stricter regulation from the SEBI after
the year 1996. The mobilisation of funds and the number of players operating in the industry
reached new heights as investors started showing more interest in mutual funds.
Invetors' interests were safeguarded by SEBI and the Government offered tax benefits to the
investors in order to encourage them. SEBI (Mutual Funds) Regulations, 1996 was
introduced by SEBI that set uniform standards for all mutual funds in India. The Union
Budget in 1999 exempted all dividend incomes in the hands of investors from income tax.
Various Investor Awareness Programmes were launched during this phase, both by SEBI and
AMFI, with an objective to educate investors and make them informed about the mutual fund
industry.
In February 2003, the UTI Act was repealed and UTI was stripped of its Special legal status
as a trust formed by an Act of Parliament. The primary objective behind this was to bring all
mutual fund players on the same level. UTI was re-organised into two parts: 1. The Specified
Undertaking, 2. The UTI Mutual Fund.
Presently Unit Trust of India operates under the name of UTI Mutual Fund and its past
3
schemes (like US-64, Assured Return Schemes) are being gradually wound up. However,
UTI Mutual Fund is still the largest player in the industry. In 1999, there was a significant
growth in mobilisation of funds from investors and assets under management which is
supported by the following data:
GROSS FUND MOBILISATION (RS. CRORES)

FROM
TO
UTI
PUBLIC SECTOR PRIVATE SECTOR
TOTAL
01-April-98
31-March-99
11,679
1,732
7,966
21,377
01-April-99
31-March-00
13,536
4,039
42,173
59,748
01-April-00
31-March-01
12,413
6,192
74,352
92,957
01-April-01
31-March-02
4,643
13,613
1,46,267
1,64,523
01-April-02
31-Jan-03
5,505
22,923
2,20,551
2,48,979
01-Feb.-03
31-March-03
7,259*
58,435
65,694
01-April-03
31-March-04
68,558
5,21,632
5,90,190
01-April-04
31-March-05
1,03,246
7,36,416
8,39,662
01-April-05
31-March-06
1,83,446
9,14,712
10,98,158
ASSETS UNDER MANAGEMENT (RS. CRORES)

AS ON
31-March-99
UTI
PUBLIC SECTOR
53,320
PRIVATE SECTOR
8,292
TOTAL
6,860
Phase V. 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
mutal fund players have entered India like Fidelity, Franklin Templeton Mutual Fund etc.
There were 29 funds as at the end of March 2006. This is a continuing phase of growth of the
industry through consolidation and entry of new international and private sector players.
1.2 REASONS FOR SELECTING THIS TOPIC

We have selected this topic so as to analyse the selected equity diversified fund schemes in
India. Through this study we get to know about equity diversified mutual fund schemes
4
68,472
offered by various marketers. By comparative analysis of selected equity diversified mutual

funds we will be able to get the best company for Mutual investment. This project gives
insight about the Mutual fund and the risk associated with this. The need of the study arises
for learning the variables available that distinguish the mutual fund of selected companies.
Mutual Funds have become a widely popular and effective way for investors to participate in
financial markets in an easy, low-cost fashion, while muting risk characteristics by spreading
the investment across different types of securities, also known as diversification. It can play a
central role in an individual's investment strategy. They offer the potential for capital growth
and income through investment performance, dividends and distributions under the guidance
of a portfolio manager who makes investment decisions on behalf of mutual fund unit
holders. So Mutual fund is good topic for study and we will be able to get the theoretical
knowledge about mutual fund in detail.
LITERATURE REVIEW
Ms. Rajeswari T.R., Prof. V.E. Rama Moorthy (2001) in the paper An Empirical
Study on Factors Influencing the Mutual Fund Scheme Selection by Retail Investors
have expressed that mutual fund is a retail product designed to target small investors,
salaried people and others who are not intimidated by the mysteries of stock market
but, nevertheless, like to reap the benefits of stock market investing. At the retail
level, investors are unique and are a highly heterogeneous group.

Gupta and Sehgal (1998) evaluated performance of 80 mutual fund schemes over four
years (1992-96). The study tested the proposition relating to fund diversification,
consistency of performance, parameter of performance and risk-return relationship.
The study noticed the existence of inadequate portfolio diversification and
consistency in performance among the sample schemes.

Shome (1994) based on growth schemes examined the performance of the mutual
fund industry between April 1993 to March 1994 with BSE SENSEX as market
surrogate. The study revealed that, in the case of 10 schemes, the average rate of
return on mutual funds were marginally lower than the market return while the
standard.
Jenson, Michal C. (1967), The Performance of Mutual Funds in the Period 1945
1964, The Journal of Finance, Vol 23, No. 2, pp.389 416. The research paper
indicates the past performance of the fund, predict the future demand of the fund,
investors attract to invest in Mutual Fund.

Roshni Jayams (2002) study brought out that equities had a good chance of
appreciation in future. The researcher was of the view that, investors should correctly
judge their investment objective and risk appetite before picking schemes, diversified
equity funds were typically safer than others and index funds were the best when
market movements were not certain. The researcher suggested Systematic Withdrawal
Plan (SWP) with growth option was more suitable for investors in need of regular
cash inflows.
In 2010-11, equity markets traded within a narrow zone with both the Nifty and the
Sensex ending the year with gain (10.94%) while the broader index BSE 500 closing
with a paltry gain (8.55%).Franklin India Blue-chip Fund, DSP Blackrock Top 100
Equity and ICICI Prudential Top 100 Equity are three 5-star rated funds in this
category with (14.20%, 13.41% and 12.35%) annualized return respectively during
the three-year period ending March 31, 2011.[ magazineBusiness Today Edition:
June 2011].
In 2013, UTI Infrastructure and Tata Infrastructure Plan A have emerged the top
underperformers for the year, lagging their benchmarks by 17% and 16%,
respectively. Others that lagged their benchmarks include DSPBR TIGER Reg
(15.7%), SBI Emerging Businesses (12.5%), Reliance Regular Savings Equity
(10.7%), HDFC Growth (10.6%), Reliance Growth (8.9%), SBI Contra (7.8%) and
Reliance Vision (7.1%). HDFC Top 200, which alone manages more than Rs10, 000
crore by way of assets, underperformed by 0.22%.[E-PaperThe Financial Express
Updated: Jan 02 2014]

HDFC Top 200 emerges as the best fund with a 10-year track record during which it
gave an annual return (31.66%). In the three-year period also, it topped the category
return (17.46%). Therefore, that it's a 5-star rated fund [magazineBusiness Today
Edition: June 2011].

HDFC Equity (27% annualized return in three years), HDFC Capital Builder (25.5%)
and Tata Ethical Fund (25%) are the other 5-star funds in the group [Magazine
Business today Edition: June 2012].

In 2013, Over 90 per cent of the 183 equity schemes lagged the index from January 1
to December 12. Their average returns stood at a measly 2.5 per cent [Paper--Business
Line Published on: December 14, 2013].
PROBLEM STATEMENT & OBJECTIVE OF THE STUDY

3.1 PROBLEM STATEMENT
The issues related to the choice of schemes among the public and private sector funds on the
one hand and high risk associated schemes such as equity funds, on the other, have become
highly important for every investor. It is relevant that even a single wrong decision of Fund
Manager may put the investors in a financial crisis, sometimes leading to their bankruptcy.
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Therefore a proper performance evaluation measure is required as it will remove confusion

and help the small investors in selecting suitable Mutual Funds Schemes for investment. The
performance evaluation of Mutual Funds and the identification of successful Fund Managers
are of great interest to investors, general public and academicians. A number of studies have
been conducted across the world, including India, to find out the performance of mutual
funds by using different performance measures. Hence the present study was undertaken to
analyze the performance of Open Ended Equity Mutual Fund Schemes. It was against this
background, the present study was undertaken.
3.2 OBJECTIVE OF THE STUDY:
To evaluate the performance of selected Equity Diversified Mutual Funds Schemes in
India on the basis of risk and returns.

To compare the performance of selected Equity Diversified Mutual Funds Schemes in
India on the criterias such as variance, CAGR, beta, alpha and performance ratios
like Sharpe ratio.

To rank the selected fund on the basis of risk and returns.
3.3 SCOPE OF THE STUDY:The present study comprises of 20 mutual fund schemes launched by different private sector.
The time period of this research work is 4 months. The performance of selected Mutual
Funds schemes is evaluated on the basis of risk and return. Then these schemes have been
compared with the bench mark return to evaluate the performance of these schemes.
RESEARCH METHODOLOGY
4.1 RESEARCH DESIGN
DESCRIPTIVE RESEARCH DESIGN
4.2 SOURCES OF DATA COLLECTION
SECONDARY DATA
8
Website of MF companies, AMFI and business magazines.

4.3 SAMPLING PROCEDURE
SAMPLE SIZE: 20 EQUITY DIVERSIFIED MUTUAL FUND SCHEMES.
SAMPLING TOOLS: Standard Deviation, Variance, Beta, Sharpe ratio and Alpha.
4.4 LIMITATIONS OF THE STUDY
1. Due to lack of time it is nearly impossible to get all the information to make the
project complete. Hence there may arise discrepencies in actual facts.
2. Due to lack of proper specialised skills in data processing the data may reveal in exact
inferences, however proper points have been taken to make it exact.
3. Since the fund selected for study were open ended equity based growth Mutual Funds
the fund composition kept on changimg over the time perios, so it become difficult to
understand the fund properties as historical data pertaining to the fund composition
was not properly available.
4. Because of unavailability of historical data and fund composition it was difficult to
ascertain the performance to the fund properties and a simple evaluation was done
against the market performance.
5. Due to lack of knowledge and experience the findings may not be true to a very large
extent.
20 EQUITY DIVERSIFIED MUTUAL FUNDS SCHEMES SELECTED

FOR ANALYSIS
1. Canara Robeco Equity Diversified Fund - Regular Plan.
Objective:-
The scheme aims to generate capital appreciation by investing in equity and equity related
securities. The scheme would follow bottom-up investment style by identifying companies
with strong competitive position in good business and having quality management.
2. Tata Equity Opportunities Plan A.
Objective:The scheme aims to provide capital appreciation by investing in equity and equity related
instruments of well researched value and growth oriented companies.
3. ICICI Prudential SPICE Fund.
Objective:The scheme seeks to track the returns of the BSE Sensex through investment in a basket of
stocks drawn from the constituents of BSE sensex.
4. Birla Sun Life India Opportunities Fund.
Objective:The scheme seeks to achieve superior long-term growth of capital through an equity
portfolio, which focuses on emerging opportunities in the field of global outsourcing. This
would include sectors such as IT, telecom, pharmaceuticals, biotechnology, auto ancillaries,
textiles etc.
5. DSP BlackRock Top 100 Equity Fund - Regular Plan.

Objective:The scheme seeks to generate capital appreciation from a portfolio that largely consists of
equity and equity related securities of the 100 largest corporate, by market capitalisation,
listed on either BSE or NSE.
10
6. Tata Index Sensex Plan A.

Objective:The scheme aims to provide medium to long term capital gains, by investing in equity shares
of only those companies comprised in the BSE Sensex and in the same proportion as that of
the index, regardless of their investment merit.
7. HDFC Index Fund - Sensex Plus Plan.
Objective:The scheme aims to invest 80 to 90% of its assets in the companies that form the Sensex and
between 10 and 20% of the assets in the companies which are not included in the Sensex.
8. UTI Equity Fund.
Objective:UTI Equity Fund is open ended equity scheme with an objective of investing at least 80% of
its funds in equity and equity related instrument with medium to high risk profile and upto
20% in debt and money market instruments with low to medium risk profile.
9. Birla Sun Life Equity Fund.
Objective:The fund seeks long-term growth of capital and regular income through 90% investment in
equities and 10% in debt and money market portfolio.
10. HDFC Equity Fund.

Objective:The scheme seeks to provide long-term capital appreciation by predominantly investing in
high growth companies.
11
11. HDFC Long Term Advantage Fund.

Objective:It is aimed at providing capital appreciation by investing predominantly in equity and equity
related instruments.
12. HDFC TaxSaver Fund.
Objective:The scheme seeks capital appreciation with at least 80 per cent exposure to equities, FCDs,
preference shares and bonds of companies.
13. ICICI Prudential Dynamic Fund - Regular Plan.
Objective:The scheme aims to invest primarily in equities and for defensive consideration in fixed
income securities including money market instruments with the aim of generating capital
appreciation. The actual percentage of investments in will be decided after considering the
prevailing market and economic conditions.
14. Reliance Banking Fund.
Objective:The scheme aims to generate continuous returns by actively investing in equity, equity related
or fixed income securities of banks. The proportion of investment between equity and debt
will be decided based on the view of the fund manager on anticipated movement in both debt
as well as equity markets.
15. Reliance Growth Fund.
Objective:The scheme aims at long term growth of capital through research based investment approach.
The funds will be invested in Equity and equity related instruments, and there will be an
exposure to debt and money market instruments also.
12
16. SBI Magnum Global Fund.

Objective:The scheme seeks to prove maximum growth opportunities from a portfolio of equity and
debt instruments of companies having high growth potential.
17. SBI Nifty Index.
Objective:The scheme is a passively managed index fund, which would invest in all the stocks
comprising S&P CNX Nifty Index in the same proportion as their weightage in the index.
18. UTI Transportation and Logistics Fund.
Objective:An open-ended equity fund with the objective to provide Capital appreciation through
investments in the stocks of the companies engaged in providing transportation services,
design, manufacture, distribution or sale of transportation equipment and companies in the
logistics sector.
19. SBI Pharma.
Objective:The scheme seeks maximum growth opportunities through investments in Pharma stocks.
20. SBI FMCG Fund.

Objective:The scheme seeks maximum growth opportunities through investments in FMCG stocks.
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STATISTICAL TOOLS
Alpha: Alpha basically is the difference between the returns an investor expects from a fund
A positive alpha means the fund has outperformed its benchmark index. Whereas a negative
alpha indicates an underperformance of the fund. The more positive an alpha the healthier for
investors.
Alpha = Rp [ Rf + ( Rm Rf ) Beta ]
Where, Rp = Realized return
Rm = Market return
Rf = Risk free return
Beta: Beta is a measure of the volatility of a particular fund in comparison to the market as a
whole, that is, the extent to which the fund's return is impacted by market factors. Beta is
calculated using a statistical tool called regression analysis. By definition, the market
benchmark index of Sensex and Nifty has a beta of 1.0.Conservative investors should focus
on mutual funds schemes with low beta. Aggressive investors can opt to invest in mutual fund
schemes which have higher beta value for higher returns taking more risk.
Beta = Covariance of the fund and the market / Variance of market returns
Standard Deviation (SD): The total risk (market risk, security-specific risk and portfolio
risk) of a mutual fund is measured by Standard Deviation (SD). In mutual funds, the
standard deviation tells us how much the return on a fund is deviating from the expected
returns based on its historical performance. In other words can be said it evaluates the
volatility of the fund. The standard deviation of a fund measures this risk by measuring the
degree to which the fund fluctuates in relation to its average return of a fund over a period of
time. In other words, it is a measure of the consistency of a mutual fund's returns. A higher
SD number indicates that the net asset value (NAV) of the mutual fund is more volatile and, it
is riskier than a fund with a lower SD.
Standard Deviation =Root of [Sigma (( Return Of The Fund Expected Rate Of The
Return)^2)/n-1]
Sharpe Ratio: Sharpe ratio (SR) is another important measure that evaluates the return that a
fund has generated relative to the risk taken. Risk here is measured by SD. It is used for funds
14
that have low correlation with benchmark index. This ratio helps an investor to know whether
it is a safe bet to invest in this fund by taking the quantum of risk. The higher the Sharpe ratio
(SR), the better a funds return relative to the amount of risk taken. In other words, a mutual
fund with a higher SR is better because it implies that it has generated higher returns for
every unit of risk that was taken. On the contrary, a negative Sharpe ratio indicates that a riskfree asset would perform better than the fund being analyzed.
Sharpe Ratio = (Expected portfolio return - Risk free rate) / Portfolio standard deviation
CAGR : CAGR isn't the actual return in reality. It's an imaginary number that describes the
rate at which an investment would have grown if it grew at a steady rate. You can think of
CAGR as a way to smooth out the returns.
DATA ANALYSIS
RETURNS OF SELECTED EQUITY DIVERSIFIED MUTUAL FUND
SCHEMES
15
RETURN (%)
2004 2005 2006 2007 2008
2009 2010 2011
Canara Robeco
17.6
37.0
31.3
63.4
92.9
20.6
Equity Diversified
Fund
Tata Equity
29.8
51.1
37.9
76.3
-60.91
95.1
9.81
Opportunities Plan A
ICICI Prudential
6
13.8
7
42.5
5
47.6
6
46.7
-51.12
2
78.4
SPICE Fund
Birla Sun Life India
9
20.6
4
42.1
9
32.4
8
21.1
-62.01
Opportunities Fund.
DSP Black Rock Top
1
25.0
1
42.9
2
46.6
9
64.9
100 Equity Fund

Tata Index Sensex
1
14.1
0
37.7
0
46.4
3
45.2
Plan A.
HDFC Index Fund -
5
17.5
3
41.4
5
45.5
Sensex Plus Plan

UTI Equity Fund.
2
22.3
4
40.2
4
Birla Sun Life Equity
Fund.
HDFC Equity Fund.
HDFC
Long
4.31
6.14
-23.03 33.7
8.69
6.46
18.7
2
-23.77 29.0
10.5
5.63
1
109.
7
16.9
0
-30.11 28.9
0
24.8
8.06
-45.54
61
77.1
7
16.8
2
-19.85 30.2
6
2.23
3.31
-53.06
3
78.8
0
17.1
9
-24.80 26.0
8.67
5.27
0
46.5
-47.08
3
80.6
3
19.1
9
-20.63 28.5
6.04
5.09
4
22.7
9
47.4
-45.25
0
85.1
3
20.5
3
-19.09 32.1
7.56
7.54
44.1
54.2
42.8
69.9
-56.62
89.2
14.1
-29.38 35.7
7.11
9.06
4
27.5
9
62.7
4
35.8
1
53.6
-49.68
5
105.
6
29.2
4
-26.72 34.1
3.82
10.1
3
Term 46.4
0
55.6
6
23.0
1
40.6
-52.39
57
88.8
2
28.3
4
-23.48 28.8
10.9
5
10.9
99.0
26.4
5.09
8.64
79.9
21.2
16.3
8.11
82.8
46.0
Advantage Fund.
HDFC TaxSaver
49.3
74.8
34.1
39.4
Fund.
58.5
58.3
40.7
ICICI
Dynamic
Prudential 15.7
Fund
- 0
-50.84
2012 2013 2014
-51.55
-44.79
-15.86 31.3
2
3
-22.62 26.5
9
-20.32 30.5
8
Regular Plan
Reliance Banking
57.9
29.1
18.6
76.9
Fund
-37.84
-31.98 60.5
2
10.3
7
16
9.35
Reliance Growth
42.5
68.7
41.0
76.8
Fund
SBI Magnum Global 68.5
78.0
56.6
52.3
Fund.
SBI Nifty Index.
10.0
33.8
42.0
49.4
2
42.4
5
11.9
6
0.97
6.74
UTI Transportation
and Logistics Fund.
SBI Pharma.
50.9
9
44.4
2
12.6
SBI FMCG Fund.
0
26.5
1
38.2
3
5.58
28.3
-54.11
97.4
17.1
119.
18.1
56
-53.27
74.7
17.9
-48.77
4
132.
-66.65
-27.40 37.8
2
2.47
8.87
-24.61 28.3
6.19
5.84
9
26.5
6
-19.28 37.7
24.6
14.2
-49.20
13
84.2
6
29.1
-5.54
2
37.0
9
26.0
1
5.95
-32.97
9
66.3
4
48.0
6.18
6
55.3
5
9.29
3.59
Table (1)
Table (1) shows the annual return of 10 years i.e. from 2004 to 2014 of selected equity diversified
Mutual Fund schemes.
PERFORMANCE ANALYSIS OF SELECTED EQUITY DIVERSIFIED

MUTUAL FUND SCHEMES BASED ON SHARPE RATIO ANALYSIS
AND RANKING
Sharpe Ratio: Sharpe ratio (SR) is an important measure that evaluates the return that a fund
has generated relative to the risk taken. Risk here is measured by SD. This ratio helps an
investor to know whether it is a safe bet to invest in this fund by taking the quantum of risk.
The higher the Sharpe ratio (SR), the better a funds return relative to the amount of risk
taken. In other words, a mutual fund with a higher SR is better because it implies that it has
generated higher returns for every unit of risk that was taken.
Sharpe Ratio = (Expected portfolio return - Risk free rate) / Portfolio standard deviation
MF SCHEMES
SHARPE RATIO
Canara Robeco Equity
0.17
17
5.23
9.71
-14.21 35.9
RANK
9
Diversified
Fund
Regular plan
Tata
Equity
0.19
Opportunities Plan A
ICICI
Prudential
0.06
11
SPICE Fund
Birla Sun Life India
0.25
Opportunities Fund
DSP Black Rock Top
-0.02
14
Regular Plan
Tata Index Sensex Plan
-0.04
16
A
HDFC Index Fund -
0.01
13
Sensex Plus Plan

UTI Equity Fund
0.20
Birla Sun Life Equity
0.10
10
100 Equity Fund -
Fund
MF SCHEMES
SHARPE RATIO
RANK
HDFC Equity Fund
0.03
12
HDFC
0.17
HDFC TaxSaver Fund
0.03
12
ICICI
Prudential
0.23
Dynamic
Fund
Long
Term
Advantage Fund
Regular Plan
Reliance
Banking
0.01
13
Reliance Growth Fund
-0.08
17
SBI Magnum Global
0.57
-0.03
15
Fund
Fund
SBI Nifty Index
18
UTI
Transportation
0.67
SBI Pharma
1.16
SBI FMCG Fund
1.15
and Logistics Fund
Table (2)
TOP FIVE MUTUAL FUND SCHEMES OF ON THE BASIS OF SHARPE RATIO
SBI Pharma
SBI FMCG Fund
UTI Transportation and Logistics Fund
SBI Magnum Global Fund
Birla Sun Life India Opportunities Fund
BOTTOM FIVE MUTUAL FUND SCHEMES

Tata Index Sensex Plan A
SBI Nifty Index
DSP Black Rock Top 100 Equity Fund - Regular Plan
HDFC Index Fund - Sensex Plus Plan
19
STATISTICAL DATA OF SELECTED MUTUAL FUND SCHEMES
Name of The
Beta()
Alpha()
Standard
R-Squared
Scheme
Canara Robeco
0.81
2.97
Deviation()
14.83
0.92
0.82
3.22
14.99
0.91
Plan A
ICICI Prudential
0.91
1.49
16.08
0.99
SPICE Fund
Birla Sun Life
0.64
4.20
15.62
0.51
0.93
0.24
16.93
0.93
Plan
Tata Index
0.93
-0.19
16.44
0.99
Sensex Plan A
HDFC Index
0.90
0.64
15.96
0.99
Equity
Diversified Fund
- Regular Plan
Tata Equity
Opportunities
India
Opportunities
Fund
DSP BlackRock
Top 100 Equity
Fund - Regular
20
Fund - Sensex
Plus Plan
UTI Equity Fund
Birla Sun Life
0.85
0.99
3.54
2.37
15.33
18.08
0.95
0.92
Equity Fund
HDFC
Equity 1.12
1.29
20.68
0.90
Fund
HDFC Long
0.91
3.39
16.71
0.91
Fund
HDFC TaxSaver
0.92
1.02
17.21
0.88
Fund
ICICI Prudential
0.85
4.19
16.17
0.86
0.96
-0.74
30.89
0.97
Banking Fund
Reliance Growth 0.99
-0.98
18.88
-0.08
Fund
SBI
8.88
14.92
0.61
Term Advantage
Dynamic Fund Regular Plan

Reliance
Magnum 0.66
Global Fund
SBI Nifty Index
1.00
-0.01
17.55
1.00
UTI
0.99
14.94
21.47
0.66
0.91
3.70
12.13
0.89
SBI FMCG Fund 0.90
1.84
14.72
0.88
Transportation
and Logistics
Fund
SBI Pharma
Table (3)
21
PERFORMANCE EVALUATION OF SELECTED FUNDS ON THE

BASIS OF RISK AND RETURN
22
Name of the
10 years
Alpha()
Rank
fund
return
Canara Robeco
18.45
2.97
16.65
3.22
12
A
ICICI Prudential
15.48
1.49
14
SPICE Fund
Birla Sun Life
13.02
4.20
15
17.78
0.24
10
Fund
Tata Index Sensex
13.69
-0.19
16
Plan A.
HDFC Index Fund
16.48
0.64
13
- Sensex Plus Plan

UTI Equity Fund.
16.72
3.54
11
Birla Sun Life
18.75
2.37
Equity 20.13
1.29
18.72
3.39
21.00
1.02
Prudential 22.08
4.19
20.33
-0.74
17
20.79
-0.98
23
18
Equity Diversified
Fund
Tata Equity
Opportunities Plan
India Opportunities
Fund.
DSP Black Rock
Top 100 Equity
Equity Fund.
HDFC
Fund.
HDFC Long
Term
Advantage
Fund.
HDFC TaxSaver
Fund
ICICI

Reliance Banking
Fund
Reliance Growth
Fund
Table (4)
TOP FIVE MUTUAL FUNDS SCHEMES ON THE BASIS OF RISK AND RETURN

ICICI Prudential Dynamic Fund - Regular Plan
SBI FMCG Fund
HDFC TaxSaver Fund
HDFC Equity Fund
BOTTOM FIVE MUTUAL FUNDS SCHEMES ON THE BASIS OF RISK AND RETURN
SBI Nifty Index

Reliance Banking Fund
COMPARATIVE ANALYSIS BETWEEN FUNDS AND BENCHMARK

RETURN (CAGR OF 10 YEARS)
Name of the
fund
Bench Mark
10 years
Bench
Differenc
Return
Mark
24
Rank
CNX Nifty
18.45
return
13.76
CNX Nifty
16.65
13.76
2.89
11
Plan A
ICICI Prudential
CNX Nifty
15.48
13.76
1.72
13
SPICE Fund
Birla Sun Life
CNX Nifty
13.02
13.76
-0.74
15
CNX Nifty
17.78
13.76
4.02
Fund
Tata Index
CNX Nifty
13.69
13.76
-0.07
14
Sensex Plan A.
HDFC Index
CNX Nifty
16.48
13.76
2.72
12
Plus Plan
UTI Equity Fund. CNX Nifty
16.72
13.76
2.96
10
Birla Sun Life
CNX Nifty
18.75
13.76
4.99
Equity CNX Nifty
20.13
13.76
6.37
CNX Nifty
18.72
13.76
4.96
CNX Nifty
21.00
13.76
7.24
ICICI Prudential CNX Nifty
22.08
13.76
8.32
Canara Robeco
4.69
Equity
Diversified Fund
Tata Equity
Opportunities
India
Opportunities
Fund.
DSP Black Rock
Top 100 Equity
Fund - Sensex
Equity Fund.
HDFC
Fund.
HDFC Long
Term Advantage
Fund.
HDFC TaxSaver
Fund
25

Reliance Banking S&P BSE
20.33
16.63
3.7
Fund
Bankex
Reliance Growth
CNX Nifty
20.79
13.76
7.03
Magnum CNX Nifty
24.02
13.76
10.26
CNX Nifty
-
12.94
-
13.76
-
-0.82
-
16
-
Fund.
SBI Pharma.
S&P BSE
18.52
15.94
2.58
SBI FMCG
Healthcare
S&P BSE
23.26
21.95
1.31
Fund.
FMCG
Fund
SBI
Global Fund.
SBI Nifty Index
UTI
Transportation
and Logistics
Table (5)
TOP MUTUAL FUNDS SCHEMES ON THE BASIS OF CAGR OF 10 YEARS

HDFC TaxSaver Fund
HDFC Equity Fund
BOTTOM MUTUAL FUNDS SCHEMES ON THE BASIS OF CAGR OF 10 YEARS
SBI Nifty Index

Birla Sun Life India Opportunities Fund.
ICICI Prudential SPICE Fund
26

RETURN (CAGR of 5 years)
Name of the
Bench Mark 5 years
Bench
Return
Mark
fund
Difference Rank
return
Canara Robeco
CNX Nifty
22.93
15.80
7.13
CNX Nifty
20.79
15.80
4.99
10
Plan A
ICICI Prudential
CNX Nifty
17.86
15.80
2.06
13
SPICE Fund
Birla Sun Life
CNX Nifty
24.02
15.80
8.22
Equity
Diversified Fund
Tata Equity
Opportunities
27
India
Opportunities
Fund.
DSP Black Rock
CNX Nifty
16.70
15.80
0.9
15
Fund
Tata Index
CNX Nifty
16.28
15.80
0.48
16
Sensex Plan A.
HDFC Index
CNX Nifty
18.71
15.80
2.91
12
Plus Plan
21.35
15.80
5.55
Birla Sun Life
CNX Nifty
19.63
15.80
3.83
11
Equity CNX Nifty
24.14
15.80
8.34
CNX Nifty
23.66
15.80
7.86
CNX Nifty
22.54
15.80
6.74
22.80
15.80
7.00
25.37
24.35
1.02
Top 100 Equity
Fund - Sensex
Equity Fund.
HDFC
Fund.
HDFC Long
Term Advantage
Fund.
HDFC TaxSaver
Fund

Reliance Banking
S&P BSE
Fund
Bankex
Reliance Growth
CNX Nifty
18.78
15.80
2.98
14
Magnum CNX Nifty
29.48
15.80
13.68
Fund
SBI
Global Fund.
28
SBI Nifty Index.

UTI
CNX Nifty
CNX Nifty
15.63
33.47
15.80
15.80
-0.17
17.67
17
1
S&P BSE
34.63
29.32
5.31
34.55
28.11
6.44
Transportation
and Logistics
Fund.
SBI Pharma.
Healthcare
SBI FMCG Fund. S&P BSE
FMCG
Table (6)

HDFC Equity Fund.
HDFC Long Term Advantage Fund.
SBI Nifty Index

DSP Black Rock Top 100 Equity Fund
ICICI Prudential SPICE Fund
29

Name of the
Bench Mark 3 years
Bench
Return
Mark
fund
Difference Rank
return
Canara Robeco
CNX Nifty
12.16
12.15
0.01
14
CNX Nifty
13.38
12.15
1.23
10
Plan A
ICICI Prudential
CNX Nifty
14.48
12.15
2.33
SPICE Fund
Birla Sun Life
CNX Nifty
19.61
12.15
7.46
CNX Nifty
8.32
12.15
-3.83
17
Fund
Tata Index
CNX Nifty
12.97
12.15
0.82
11
Sensex Plan A.
HDFC Index
CNX Nifty
12.07
12.15
-0.08
15
Plus Plan
14.27
12.15
2.12
Equity
Diversified Fund
Tata Equity
Opportunities
India
Opportunities
Fund.
DSP Black Rock
Top 100 Equity
Fund - Sensex
30
Birla Sun Life
CNX Nifty
16.16
12.15
4.01
Equity CNX Nifty
12.67
12.15
0.52
12
CNX Nifty
8.25
4.25
CNX Nifty
5.81
4.25
1.56
9.43
4.25
5.18
2.33
2.27
0.06
3.18
4.25
-1.07
16
14.96
4.25
10.71
CNX Nifty
CNX Nifty
4.67
19.20
4.25
4.25
0.42
14.95
13
1
S&P BSE
22.27
19.03
3.24
24.13
23.78
0.35
Equity Fund.
HDFC
Fund.
HDFC Long
Term Advantage
Fund.
HDFC TaxSaver
Fund

Reliance Banking
S&P BSE
Fund
Bankex
Reliance Growth
CNX Nifty
Fund
SBI
Magnum CNX Nifty
Global Fund.
SBI Nifty Index.
UTI
Transportation
and Logistics
Fund.
SBI Pharma.
Healthcare
FMCG
Table (7)
31

SBI Magnum Global Fund.
Birla Sun Life Equity Fund

Canara Robeco Equity Diversified Fund
SBI Nifty Index

32
Name of the
Bench Mark 2 years
Bench
Return
Mark
fund
Difference Rank
return
Canara Robeco
CNX Nifty
12.16
12.15
0.01
12
CNX Nifty
13.38
12.15
1.23
Plan A
ICICI Prudential
CNX Nifty
14.48
12.15
2.33
SPICE Fund
Birla Sun Life
CNX Nifty
19.61
12.15
7.46
CNX Nifty
8.32
12.15
-3.83
16
Fund
Tata Index
CNX Nifty
12.97
12.15
0.82
10
Sensex Plan A.
HDFC Index
CNX Nifty
12.07
12.15
-0.08
13
Plus Plan
14.27
12.15
2.12
Birla Sun Life
CNX Nifty
16.16
12.15
4.01
Equity Fund.
HDFC
Equity CNX Nifty
12.67
12.15
0.52
11
CNX Nifty
15.05
12.15
2.9
CNX Nifty
11.43
12.15
-0.72
15
Equity
Diversified Fund
Tata Equity
Opportunities
India
Opportunities
Fund.
DSP Black Rock
Top 100 Equity
Fund - Sensex
Fund.
HDFC Long
Term Advantage
Fund.
HDFC TaxSaver
Fund
33
16.55
12.15
4.4
10.81
9.74
1.07
8.23
12.15
-3.92
17
17.20
12.15
5.05
CNX Nifty
CNX Nifty
12.02
24.60
12.15
12.15
-0.13
12.45
14
1
S&P BSE
29.72
25.48
4.24
22.92
23.45
-0.53

Reliance Banking
S&P BSE
Fund
BANKEX
Reliance Growth
CNX Nifty
Fund
SBI
Magnum CNX Nifty
Global Fund.
SBI Nifty Index.
UTI
Transportation
and Logistics
Fund.
SBI Pharma.
Healthcare
FMCG
TABLE (8)

Birla Sun Life India Opportunities Fund.
SBI Magnum Global Fund.

34
HDFC TaxSaver Fund

SBI Nifty Index

RETURN (CAGR of 1 year)
Name of the
Bench Mark
fund
1 years
Bench
Differenc
Return
Mark
Rank
return
Canara Robeco
CNX Nifty
20.11
20.08
0.03
13
CNX Nifty
22.55
20.08
2.47
10
Equity
Diversified Fund
Tata Equity
35
Opportunities
Plan A
ICICI Prudential
CNX Nifty
22.04
20.08
1.96
11
SPICE Fund
Birla Sun Life
CNX Nifty
41.20
20.08
21.12
CNX Nifty
16.41
20.08
-3.67
17
Fund
Tata Index
CNX Nifty
20.50
20.08
0.42
12
Sensex Plan A.
HDFC Index
CNX Nifty
17.51
20.08
-2.57
16
Plus Plan
UTI Equity Fund.
CNX Nifty
23.17
20.08
3.09
Birla Sun Life
CNX Nifty
28.54
20.08
8.46
CNX Nifty
25.01
20.08
4.93
CNX Nifty
26.42
20.08
6.34
CNX Nifty
24.71
20.08
4.63
31.10
20.08
11.02
13.00
12.30
0.7
India
Opportunities
Fund.
DSP Black Rock
Top 100 Equity
Fund - Sensex
Equity Fund.
HDFC Equity
Fund.
HDFC Long
Term Advantage
Fund.
HDFC TaxSaver
Fund

Reliance Banking
S&P BSE
Fund
BANKEX
36
Reliance Growth
CNX Nifty
18.03
20.08
-2.05
15
Magnum CNX Nifty
25.87
20.08
5.79
CNX Nifty
CNX Nifty
19.57
61.20
20.08
20.08
-0.51
41.12
14
1
Fund.
SBI Pharma.
S&P BSE
32.89
26.26
6.63
SBI FMCG Fund.
Healthcare
S&P BSE
17.50
20.12
-2.62
Fund
SBI
Global Fund.
SBI Nifty Index.
UTI
Transportation
and Logistics
FMCG
Table (9)
TOP MUTUAL FUNDS SCHEMES ON THE BASIS OF CAGR OF 1 YEAR

HDFC Long Term Advantage Fund.
BOTTOM MUTUAL FUNDS SCHEMES ON THE BASIS OF CAGR OF 1 YEAR


SBI Nifty Index
Canara Robeco Equity Diversified Fund
37
6.1 FINDINGS
By analyzing the selected equity diversified mutual fund schemes we find out that the
return of multiple schemes vary in the year 2004 to 2014 like HDFC Long Term
Advantage Fund is giving 10.96% return that is higher among other schemes and also
giving good return during the overall period. But there is also UTI Transportation and
Logistics Fund is giving 14.21% return at the end of the period but throughout the
period is not giving good return. And also HDFC Equity Fund is giving good return
with 10.15%.
By doing the ranking of selected mutual fund schemes on the basis of performance
ratio like Sharpe ratio we find out SBI Pharma has got the 1st rank with 1.16 Sharpe
ratio among all the selected schemes and SBI FMCG Fund has got the 2 nd rank with
1.15 Sharpe ratio whereas Reliance Growth Fund has got the 17 th rank with -0.08
Sharpe ratio.
On the basis of various statistical data beta(), alpha(), standard deviation() and RSquared we find out that which scheme is giving good return and which are providing
average return. Here SBI Magnum Global Fund is providing 8.88 alpha with
minimum 14.92 standard deviation among all the selected schemes and has a 0.61 RSquared with 0.66 beta. Whereas Reliance Banking Fund is giving negative -0.74
38
alpha with maximum 30.89 standard deviation among all the selected schemes and
0.97 R-Squared have a 0.96 beta.

By evaluating the performance of selected funds we found that SBI Magnum Global
Fund has a 10 year return is 24.02% and a maximum 8.88 alpha with highest return
fund among all the selected schemes and ranked as 1 st also ICICI Prudential Dynamic
Fund - Regular Plan has giving 10 year return is 22.08% with a 4.19 alpha and ranked
as 2nd. Whereas SBI Nifty Index has a 10 year return is 12.94% with a negative -0.01
alpha and ranked as 19th.

By doing the comparative analysis between various selected funds and their
benchmark return on the basis of CAGR of 10 year or in the long year period we
found that SBI Magnum Global Fund has a benchmark CNX Nifty 10 year return is
24.02% with a benchmark return 13.76% and the difference between them is 10.26%
and ranked as 1st among all the selected schemes also ICICI Prudential Dynamic Fund
- Regular Plan has got 2nd rank with a benchmark CNX Nifty. Whereas SBI Nifty
Index has a 10 year return 12.94% with a benchmark return 13.76% and the difference
between them is -0.82% and got a 17th rank.

On the basis of CAGR of 5 year also in long term period UTI Transportation and
Logistics Fund has got the 1st rank with a 33.47% return of 5 year and a benchmark
return 15.80% and the difference between them is 17.67% with a benchmark CNX
Nifty after that SBI Magnum Global Fund has got the 2nd rank with the difference
between the actual return and a benchmark return 13.68% and the benchmark is CNX
Nifty.
benchmark return on the basis of CAGR of 3 years or in the medium term period we
found that here UTI Transportation and Logistics Fund has performed best and got 1 st
rank with the benchmark CNX Nifty and SBI Magnum Global Fund has got 2 nd rank.
Whereas DSP Black Rock Top 100 Equity Fund has performed worst and got 17 th
rank.
benchmark return on the basis of CAGR of 2 year or in the medium term period we
found that here also UTI Transportation and Logistics Fund got the 1st rank with the
benchmark CNX NIFTY same as in the long term period of 5 year after that Birla Sun
Life India Opportunities Fund got the 2nd rank with the same benchmark CNX Nifty.
Whereas Reliance Growth Fund has got the 17th rank with the benchmark CNX Nifty.
39
On the basis of CAGR of 1 year or in short term period UTI Transportation and
Logistics Fund got the 1st rank with the benchmark CNX NIFTY same as in the long
term period of 5 year after that Birla Sun Life India Opportunities Fund got the 2 nd
rank with the same benchmark CNX Nifty among all the selected fund. Whereas DSP
Black Rock Top 100 Equity Fund has got the 17 th rank with the benchmark CNX
Nifty.
6.2 SUGGESTIONS
On the basis of the findings of the study, the following suggestions are given below to
investors and mutual fund companies.
1. The investors first should set their investment goal and accordingly select the schemes and
option according to their goals and return earning needs.
2. As the equity mutual fund schemes do assume more risk than other income and balanced
schemes, risk takers are advised to select equity mutual funds schemes for investment.
3. The year wise analysis of the present study shows that no one sample scheme earned either
positive or negative value continuously during the study period. Hence investors are advised
that to select the schemes for investing based on the long term performance.
4. The fund managers must first identify the portfolio allocation under risk and return
proposition. After that they have to select the stocks for fund allocation.
5. In general, high level of risk provides high return. Hence the equity fund managers are
advised to select the correct stocks according to the expectation of investors.
40
6.3 CONCLUSION
From foregoing performance analysis of the selected equity diversified mutual fund schemes,
its clear that all the funds have performed well during the study period 2004 to 2014. It is
essential for investors to consider statistical parameters like alpha, beta, standard deviation
while investing in mutual funds apart from considering NAV and TOTAL RETURN in order
to ensure consistent performance of mutual funds. In the analysis we can conclude that for
investors point of view investment in UTI Transportation and Logistics Fund is better in order
to achieve maximum return whether for short term period or medium term period or long
term period. ICICI Prudential Dynamic Fund - Regular Plan, Birla Sun Life India
Opportunities Fund, SBI Magnum Global Fund and Birla Sun life Equity Fund are also
giving good return to the investors throughout the period. So it is good for the investors to
invest in these top mutual funds.
41
BIBLIOGRAPHY
BOOKS:
1. Security analysis and portfolio management by P. Pandian.
2. Financial management by Prasanna Chandra.
3. Investment analysis and portfolio management by R. Madhumati and M. Ranganatham
MAGAZINES:
1. Business Today
2. Economic Times
3. Business Times
WEBSITES:
www.valueresearchonline.com
www.morningstar.com
www.moneycontrol.com
www.amfiindia.com
42
http://en.wikipedia.org/wiki/Mutual_funds_in_India
http://businesstoday.intoday.in/story/how-to-choose-the-best-mutual-fund-foryour-portfolio/1/15779.html
http://businesstoday.intoday.in/story/indis-best-mutual-funds-2012-money-todayrankings/1/184733.html
http://www.thehindubusinessline.com/markets/as-sensex-soars-on-largecap-rallydiversified-funds-find-the-going-tough/article5460220.ece
http://www.financialexpress.com/news/top-diversified-equity-mutual-funds-facedheat-in-cy13/1214277
http://www.investopedia.com/terms/c/cagr.a
43

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INTRODUCTION

1.1 MUTUAL FUND INDUSTRY IN INDIA

Phase III. Emergence of Private Secor Funds - 1993-96

GROSS FUND MOBILISATION (RS. CRORES)

PUBLIC SECTOR PRIVATE SECTOR

ASSETS UNDER MANAGEMENT (RS. CRORES)

Phase V. Growth and Consolidation - 2004 Onwards

1.2 REASONS FOR SELECTING THIS TOPIC

offered by various marketers. By comparative analysis of selected equity diversified mutual

level, investors are unique and are a highly heterogeneous group.

consistency in performance among the sample schemes.

investors attract to invest in Mutual Fund.

Updated: Jan 02 2014]

Edition: June 2011].

Business today Edition: June 2012].

PROBLEM STATEMENT & OBJECTIVE OF THE STUDY

Therefore a proper performance evaluation measure is required as it will remove confusion

3.2 OBJECTIVE OF THE STUDY:

To evaluate the performance of selected Equity Diversified Mutual Funds Schemes in

India on the basis of risk and returns.

like Sharpe ratio.

Website of MF companies, AMFI and business magazines.

20 EQUITY DIVERSIFIED MUTUAL FUNDS SCHEMES SELECTED

5. DSP BlackRock Top 100 Equity Fund - Regular Plan.

6. Tata Index Sensex Plan A.

10. HDFC Equity Fund.

11. HDFC Long Term Advantage Fund.

16. SBI Magnum Global Fund.

20. SBI FMCG Fund.

2004 2005 2006 2007 2008

2009 2010 2011

100 Equity Fund

Sensex Plus Plan

2012 2013 2014

SBI Magnum Global 68.5

SBI Nifty Index.

SBI FMCG Fund.

PERFORMANCE ANALYSIS OF SELECTED EQUITY DIVERSIFIED

Sensex Plus Plan

Birla Sun Life Equity

100 Equity Fund -

HDFC Equity Fund

HDFC TaxSaver Fund

Reliance Growth Fund

SBI Magnum Global

SBI FMCG Fund

and Logistics Fund

SBI FMCG Fund

UTI Transportation and Logistics Fund

SBI Magnum Global Fund

Birla Sun Life India Opportunities Fund

BOTTOM FIVE MUTUAL FUND SCHEMES

Reliance Growth Fund

STATISTICAL DATA OF SELECTED MUTUAL FUND SCHEMES

Dynamic Fund Regular Plan

SBI FMCG Fund 0.90

PERFORMANCE EVALUATION OF SELECTED FUNDS ON THE

- Sensex Plus Plan

Birla Sun Life

Dynamic Fund Regular Plan

SBI Magnum Global Fund

SBI Nifty Index

COMPARATIVE ANALYSIS BETWEEN FUNDS AND BENCHMARK

Birla Sun Life