QUESTIONNAIRE

Have you ever invested in mutual funds?

a. Yes (If yes, Name the fund
b. No

2. Do you intend to invest in mutual funds?

a. Yes
b. No

What form of investment(s) do you prefer? Rank them in order of your preference,
a. Real Estate
a. Shares/debentures
b. Mutual Funds
c. Fixed Deposits
d. Post Office Schemes
e. PPF
f. UTI schemes
g- Gold
h. Lie Policy
i. NSC,NSS

4. Tick the most preferred basis that you consider are important while investing into
any investment scheme.
a. Safety
b. Liquidity
c. Tax Benefit
d. Reliability
e. High Return
5. Which type of scheme do you prefer most?
a. Equity (Growth & Dividend)
b. Debt (Income)
c. Balanced
d. Sector Specific
e. Tax Benefit

6. Which of the following source of information influenced you most in selection of

Mutual funds?
a. Brokers
b. Financial Advisors
150
 c. Friend's Advice
d. Newspapers/ Financial Journal
e. TV/ Internet

7. What has been your experience with returns expected from investment in mutual
Funds:
a. Very High
b. High
c. Neither High nor Low
d. Very Low
e. Not Applicable

Please rate whether the past record of the organization influenced your choice of
Public sector/ Private sector mutual funds
Very Insignificant Neutral (NO) Significant Very Significant
Insignificant (ISl*) (SWl) (VSW2)
(VS2*)

*: Indicates negative weightage.

9. Please indicate/rate whether growth prospects as a factor influenced your

investments in mutual funds?

Very Insignificant Neutral Significant Very Significant

Insignificant

10. According to its significance please rate/indicate whether credit rating as a factor
influenced your choice of Public sector/Private sector mutual fund?

Very Insignificant Neutral Significant Very Significant

Insignificant

11. Please rate whether the market fluctuations as a factor influenced your investment in
Private/ Public sector mutual fund?

Very Insignificant Neutral Significant Very Significant

Insignificant

151
1. Is your choice for Public/Private sector mutual fund dependent upon disclosure of
adequate information? Please rate according to its significance to you.
Very Insignificant Neutral Significant Very Significant
Insignificant

2. Is your criterion for the size of the fund influenced your decision for investment.
Please rate according to its significance to you?
Very Insignificant Neutral Significant Very Significant
Insignificant

3. Please rate according to its significance whether the criterion for perfonnance
appraisal based upon portfolio selection influenced your investment in
Public/Private sector mutual fund?
Very Insignificant Neutral Significant Very Significant
Insignificant

4. Please rate according to its significance whether the criterion for performance
appraisal based upon net asset value influenced your investment in Public/ Private
sector mutual fund?

Very Insignificant Neutral Significant Very Significant

Insignificant

5. Please rate whether you prefer return/dividend for selecting Private/Public sector
mutual fund investment?
Very Insignificant Neutral Significant Very Significant
Insignificant

6. Please specify the level of agreement whether mutual funds are useful for small
investors?

Strongly Disagree Neither Agree Nor Agree Strongly Agree

Disagree Disagree

152
7. Please specify the level of agreement whether Public/ Private sector mutual funds
give higher return than other investments

Strongly Disagree Neither Agree Nor Agree Strongly Agree

Disagree Disagree

8. Do you think that private sector mutual funds perform better than public sector?
Please specify your level of agreement.

Strongly Disagree Neither Agree Nor Agree Strongly Agree

Disagree Disagree

9. Do you think that the mutual funds provide higher tax shield to the investors?
Please specify your level of agreement.

Strongly Disagree Neither Agree Nor Agree Strongly Agree

Disagree Disagree

10. Do you think that mutual funds with large corpus perform better than smaller ones?
Please specify your level of agreement.

Strongly Disagree Neither Agree Nor Agree Strongly Agree

Disagree Disagree

!. Do you agree that mutual funds having balanced portfolio only give better returns"

Strongly Disagree Neither Agree Nor Agree Strongly Agree

Disagree Disagree

12. Do you think that closed ended Private/Public sector mutual txmds are risky?
Please specify your level of agreement.

Strongly Disagree Neither Agree Nor Agree Strongly Agree

Disagree Disagree

153
13. Do you agree that Public sector mutual funds are more secured than Private sector
mutual funds?

Strongly Disagree Neither Agree Nor Agree Strongly Agree

Disagree Disagree

14. Do you agree that open ended mutual fiinds should also be listed on stock
exchange?

Strongly Disagree Neither Agree Nor Agree Strongly Agree

Disagree Disagree

15. Do you agree that mutual fund investment is like owning any other asset?

Strongly Disagree Neither Agree Nor Agree Strongly Agree

Disagree Disagree

16. Do you agree Private/Public sector mutual fiind investment provides a shield
against risk of loss of direct investment in shares?

Strongly Disagree Neither Agree Nor Agree Strongly Agree

Disagree Disagree

7. Rank the following perceptual factors in accordance to private sector and public
sector institutions. (Do not give the same rank for a particular factor)
Factor Rank(l to 7)

Trust
Bonding

Communication

Empathy

Reciprocity

Culture

Customer Satisfaction

154
PERSONAL INFORMATION

Name
Institution
Profession
Income (p.a.)
Age Group a) 20-30 yrs.
b) 30-40 yrs.
c) 40-50 yrs.
d) 50-60 yrs.
e) 60-70 yrs.

155
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 Survey Results

Comparison of Private Vs. Public Mutual Funds on the basis of their Performance (%)

Private Sector Mutual Funds

S. 14 1 •••::> 3 6
Scheme Name Date 7 days 1 Year 3 Year
No. days month month month

1 Kotak Balance- Growth July3,2006 3.9592 4.4219 1.8508 -8.755 12.376 42.9007 41.9097
2 Kotak Balance- Dividend July3,2006 3.9592 4.4219 1.8508 -8.755 12.876 42.9007 41.9097
3 JM Balanced- Dividend July3,2006 3.307 5.3519 -0.9649 -7.648 12.438 39.9052 31.8206
4 JM Balanced- Growth July3,2006 3.3333 5.2895 0.9948 -7.666 12.426 39.8171 29.4882
Escorts Balanced Fund-
5 July3,2006 3.8171 4.0902 -1.2911 -8.305 8.771 39.1509 41.3121
Dividend
Escorts Balanced Fund-
6 July3,2006 3.8175 4.0901 -1.3014 -8.315 8.6971 39.0456 41.2791
Growth
Prudential ICICI
7 July3,2006 3.9431 4.5514 -1.5912 7.851 5.3735 36.8744 37.4276
Balanced- Dividend
Prudential ICICI
8 July3,2006 3.9783 4.5455 -1.5748 7.8526 5.3499 36.8651 37.416
Balanced- Growth
HDFC Prudence Fund-
9 Dividend July3,2006 3.0486 3.6319 -0.6221 -7.777 3.7377 36.2201 40.9818
HDFC Prudence Fund-
10 Growth July3,2006 3.0465 3.6274 -0.6242 -7.778 3.7335 36.2095 41.0143
DSP ML Balanced Fund-
11 Growth July3,2006 3.7829 3.9881 -0.3474 -9.13 6.9129 35.7056 36.3338
DSP ML Balanced Fund-
12 Dividend July3,2006 3.8046 4 0.3607 -9.128 6.8665 35.6893 36.3092
Principal Child Benefit-
13 Carrer Bulider Plan July3,2006 0.9326 3.2282 -4.3941 -11.44 5.4723 32.2004 32.5523
Principal Child Benefit-
14 Future Guard Plan July3,2006 0.9205 3.1954 -4.4276 -11.47 5.415 32.1778 32.5622
Tata Balanced Fund-
15 Growth July3,2006 3.6491 4.1653 -2.48 -11.48 8.6971 30.5747 39.1328
Tata Balanced Fund-
16 Dividend July3,2006 3.6492 4.1656 -2.4797 -11.48 8.6926 30.5314 39.1257
17 Birla Sunlife 95- Growth July3,2006 1.9611 2.6267 -3.7323 -9.635 4.5027 29.729 36.6634
Prudential ICICI Child
18 Care Plan- Gift Plan Ju!y3,2006 3.126 4.3117 -4.3631 12.679 1,3342 29.7274 35.5243
19 Birla Sunlife 95- Growth July3,2006 1.9611 2.6267 -3.7323 -9.635 4.5027 29.729 36.6634
Sundaram Balanced
20 Fund- Dividend July3,2006 2.5692 4.0501 -2.8946 -11.96 2.8202 27.994 31.108
Sundaram Balanced
21 Fund- Growth July3,2006 2.5668 4.0462 -2.8873 11.958 2.8052 27.9572 31.6543
Franklin India Balanced
22 Fund- Growth July3,2006 3.3923 3.4305 -2.4366 9.5358 3.8519 27.1917 31.3292
23 FT India Balanced Fund- July3,2006 3.3758 3.4051 -2.4431 9.5363 3.846 27.1591 33.9223

160
 Growth
FT India Balanced Fund-
24 Dividend July3,2006 3.3769 3.4058 -2.4444 -9.639 3.8357 27.1576 33.9186
Franklin India Balanced
25 Fund- Dividend July3,2006 3.3703 3.3703 -2.4557 -9.657 3.8132 27.1418 31.3384
HDFC Balanced Fund-
26 Dividend July3,2006 3.5273 2.6595 -1.2243 -9.798 3.0947 26.7678 30.269
HDFC Balanced Fund-
27 Growth July3,2006 3.5278 2.6566 -1.235 -9.825 3.0643 26.7229 30.273
Principal Balanced Fund-
28 Growth July3,2006 2.7991 2.7427 -5.3562 -13.05 1.0793 25.9685 35.0379
Principal Balanced Fund-
29 Dividend July3,2006 2.8649 2.7948 -5.3358 -13.03 1.0724 25.9331 35.0252
Birla Balanced Fund- July3,2006
30 Growth 3.0466 3.557 -0.562 -9.556 1.5004 25.2543 28.747
Birla Balanced Fund-
31 Dividend July3,2006 3.0323 3.5206 -0.5852 -9.58 1.4607 25.187 28.7059
Tata Young Citizens
32 Fund July3,2006 1.5291 1.4052 -2.3785 -8.406 4.7544 22.98 25.939
HDFC Childrens Gift
33 Fund-Investment Plan July3,2006 3.4279 3.962 -1.3283 -10.87 -4.669 21.6705 27.835
ING Vysa Balanced
34 Fund- Growth July3,2006 2.7435 3.5961 -5.4293 -13.96 -2.239 20.2 28.7137
ING Vysa Balanced
35 Fund- Dividend July3,2006 2.7451 3.5573 -5.4152 -13.96 -2.512 19.7266 28.5437
Escorts Opportunities
36 Fund- Dividend July3,2006 1.9022 2.9933 2.7368 -9.641 5.1015 18.4861 20.5424
Escorts Opportunities
37 Fund- Growth July3,2006 1.9019 2.9927 -2.7378 -9.647 5.0838 18.4627 20.5906
Templeton India Pension
38 Plan- Growth July3,2006 2.0203 2.1837 -1.2684 -4.645 1.5556 12.4847 19.5798
Templeton India Pension
39 Plan- Dividend July3,2006 2.0196 2.1837 -1.2741 -4.649 1.5901 11.1527 18.3516

Source: SBI Mutual Fund Data Sheet

161
Pub ic Sector Mutual Funds

S. 14 1 3 6
No. Scheme Name Date 7 days days month month month 1 Year 3 Year
UTl Mahila Unit
1 Structure July3,2006 0.1966 0.4382 0.2821 8.5686 17.721 47.6823 24.5102
SBI Magnum ]Balanced
2 Fund- Growth July3,2006 2.4529 3.6318 -2.996 10.196 8.1426 39.4452 51.5281
SBI Magnum ]Balanced
3 Fund- Dividend July3,2006 2.4355 3.6471 -2.9982 10.128 8.179 39.4105 51.6577
Lie Balanced- Plan C
4 (Growth) July3,2006 3.9469 2.3193 -1.2098 12.93 2.585 29.9721 24.9641
Lie Balanced- Plan A
5 (Dividend) July3,2006 3.9469 2.3194 -1.2092 12.799 2.6422 29.846 24.9251
Lie Balanced- Plan B
6 (Div Re Invest) July3,2006 3.9469 2.3194 -1.2092 -13 2.6422 29.846 24.9251
UTI Balanced Fund-
7 Dividend July3,2006 2.1417 2.7624 -0.9535 -8.868 3.4765 26.4092 28.6705
UTI Balanced Fund-
8 Growth July3,2006 2.1716 2.7966 -0.9682 -8.871 3.4066 26.2492 29.3197
UTI Scheme 2002-
9 Income July3,2006 3.0252 2.6801 -1.8415 -10.18 3.2856 25.715 24.8232
UTI Scheme 2002-
10 Growth July3,2006 3.0252 2.6801 -1.8415 -10.18 3.2856 25.5867 24.8232
BOB Balanced Fund-
11 Growth July3,2006 4.4699 1.4127 -2.9923 -17.99 -2.427 21.6139 N/A
BOB Balanced Fund-
12 Dividend July3,2006 4.5101 1.4595 -2.9369 -17.98 -2.42 21.6087 N/A
UTI Childrens Career
13 Balanced Fund July3,2006 1.5489 1.8453 0.8734 -2.705 5.9618 18.5131 17.6897
July3,2006
14 UTI ULIP 0.2998 0.0212 -2.7971 -7.458 -0.594 14.7244 16.5531
BOB Children Fund- Gift
15 Plan Juiy3,2006 0.0598 0.1188 0.2455 0.6699 0.4475 1.7925 N/A
BOB Children Fund-
16 Study Plan July3.2006 0.026 0.0511 0.1002 0.2719 -1.471 -0.9209 N/A
17. Can Balanced 11 July3,2006 4.2826 2.7726 0.8618 -6.894 19.143 58.7577 41.1163
Can Balanced- Growtli
18. Plan .Iuly3.2006 3.3417 3.7752 -2.1748 -11.33 2.3583 18.2644 18.0541
Can Balanced- Income
19. 1 Plan .(uly3,2006 3.3088 3.7538 -2.1474 -11.3i 2.3679 18.2074 17.0922

Source: SBI Mutual Fund Data Sheet

162
 Open Ended Tax Planning Funds ranked on the basis of their performance (%) as on Jul03'2006

Performance
Rank I 6
Scheme Name Date 7 days 14 days 3 month lYear 3 Year
No. month month
Escorts Tax Plan-
1 July3,2006 4T726 4.457 -4.0471 13.5685 -8.5303 48.4691 45.5264
Growth
Escorts Tax Plan-
2 July3,2006 4T719 4.4572 -4.0472 -13.4909 8.5079 48.4247 45.0476
Dividend
Sundaram Tax
Saver- (Open
3 July3,2006 3.2463 7.3257 -4.8536 18.0994 -2.4514 46.2977 58.1439
Ended Fund)-
Dividend
HDFC Taxsaver-
4 July3,2006 5T712 5.47 -2.5539 -13.7869 4.9853 45.8946 66.8441
Growth
HDFC Taxsaver-
5 July3,2006 5T725 5.4708 -2.5537 -13.7836 4.9879 45.89 66.8364
Dividend
PRINICIPAL Tax
6 July3,2006 2.1171 3.8368 -7.6151 -19.4044 4.6911 45.8258 53.5226
Savings Fund
Sundaram Tax
Saver- (Open
7 July3,2006 8.2422 7.2818 -5.1512 -18.3327 -2.8096 45.6605 57.9129
Ended Fund)-
Growth
SB I Magnum Tax
8 July3,2006 8.144 4.3077 -2.7725 -13.502 4.4971 44.9743 85.5836
Gain Scheme 93
Franklin India
9 July3,2006 6.893 7.8648 1.8647 -9.0541 9.1086 42.0168 39.834
Index Tax Fund
Sahara Taxgain-
10 July3,2006 3.4303 5.3149 -4.9117 -17.5374 -1.6662 41.9664 49.366
Growth
Sahara Taxgain-
11 July3,2006 3.4306 5.3152 -4.9115 -17.5368 -1.7278 41.9389 49.7786
Dividend
Canequity
12 July3,2006 3.9082 5.3459 -4.5584 N/A -0.8628 40.2363 39.4141
Taxsaver
Franklin India Tax
13 July3J006 5.4702 5.1406 -2.6414 -15.3259 3.5952 40.1685 51.3045
shield- Growth
Franklin India Tax
14 July3,2006 5.4505 5.1135 -2.6347 -15.3411 3.5856 40.1547 51.2927
shield- Dividend
15 Birla Equity Plan July32006 3.8498 4.3457 -5.2883 -17.9343 -0.9473 39.3457 52.7094
HDFC Long Tenn
16 Advantage Fund- July3,2006 3.8058 5.1356 -3.7663 -14.7512 -1.6654 37.9539 59.2877
Div
HDFC Long Term
17 Advantage Fund- July3,2006 3.804 5.1347 -3.7669 -14.7484 -1.6612 37.9488 59.2687
Gowth
Birla Sunlife
18 Capital Tax Relief July3,2006 2.5812 4.3469 -6.9161 -18.4944 2.7903 37.4822 43.001
96
Prudential ICICI 1.7614 4.6349 -8.5162 -19.1069 -3.3588 35.2451 62.6136
19 July3,2006
Taxplan-Growth
163
 Prudential ICICI
20 July3,2006 1.7279 4.6202 -8.5437 -19.1555 -3.3797 35.1667 62.5613
TaxPlan-Dividend
ING Vysya Tax
21 Saving Fund- July3,2006 1.039 4.6825 -9.4928 -21.4776 -7.7762 32.4697 N/A
Bonus
ING Vysya Tax
22 Saving Fund- July3,2006 1.1182 4.7146 -9.5714 -21.5613 -7.8983 32.2952 N/A
Dividend
ING Vysya Tax
23 Saving Fund- July3,2006 1.0932 4.69 -9.5482 -21.5354 -7.9184 32.2665 N/A
Growth
Principal Personal
24 July3,2006 2.1706 5.6092 -6.5886 -19.0402 1.1664 30.6496 42.0585
Taxsaver
UTI Equity Tax
25 Savings Plan- July3,2006 2.8686 3.2129 -4.2931 -19.3263 -6.1934 26.4309 44.9142
Dividend
UTI Equity Tax
26 Savings Plan- July3,2006 2.87 3.2086 -4.3097 -18.3534 -6.1003 26.3633 44.883
Growth
TATA Tax Saving
27 July3,2006 5.0877 6.4864 -5.0895 -18.4953 -4.5749 26.2184 49.8913
Fund
Lie Tax Plan-
28 July3,2006 5.9655 7.0754 -0.3489 -15.6177 3.9063 23.8105 33.394
Growth
Lie Tax Plan-
29 July3,2006 5.966 7.0759 -0.3491 -15.6177 3.8359 23.6223 32.5212
Dividend
30 BOB ELSS 96 July3,2006 8.1309 9.6947 0.54 -14.9148 -4.1199 20.3303 42.1189
Taurus Libra
31 July3,2006 -0.132 3.4083 -4.8903 -21.4397 -21.236 -5.8065 28.4993
taxshield
Kotak taxsaver-
32 July3,2006 1.7765 3.9976 -8.3246 -20.9113 -2.1192 N/A N/A
Dividend
DBS Chola
33 Taxsaver Fund- July3,2006 3.0907 4.1289 -4.7005 -16.5456 -3.3645 N/A N/A
Growth
DBS Chola
34 Taxsaver Fund- July3,2006 3.0907 4.1289 -4.7005 -16.5456 -3.3645 N/A N/A
Growth
ABN AMRO Tax
35 Advantage Plan- July3,2006 5.4468 7.2384 -6.3148 -16.1597 N/A N/A N/A
Dividend
Fidelity Tax
36 Advantage Fund- July3.2006 4.3392 4.5591 -2.5434 -14.5112 N/A N/A N/A
Growth
DWS Tax Saving -17.538 N/A N/A N/A
37 July3,2006 4.8793 8.2905 -3.5581
Fund- Dividend
ABN AMRO Tax
38 Advantage Plan- July3,2006 5.4457 7.2477 -6.3137 -16.1506 N/A N/A N/A
Growth
Fidelity Tax
Advantage Fund- July3,2006 4.3392 4.5591 -2.5434 -14.5112 N/A N/A N/A
39
Dividend
July3,2006 1.7765 3.9976 -8.3246 -20,9173 -2.1102 N/A N/A
40 Kotak taxsaver-
164
 Growth
DWS Tax Saving
41 July3,2006 4.8791 5.2905 -3.5581 -17.538 N/A N/A N/A
Fund- Growth
Rehance Taxsaver
42 July3,2006 2.3563 4.3228 -6.2985 -20.2643 -3.0357 N/A N/A
Fund- Growth
Rehance Taxsaver
43 July3,2006 2.3563 4.3228 -6.2985 -20.2643 -3.0357 N/A N/A
Fund- Dividend

Source: SBI Mutual Fund Data Sheet

165
 Mutual Fund Returns, Standard Deviation, Variance, Coefficient of Variation,
CRISIL Balanced Fund Index, S & P CNX Nifty Index Return (May, 2003 to May,
2006)

CRISIL S&P
Fund Standard Balanced CNX
Fund Name Type
Return Deviation
Variance cov Fund Nifty
Return Return
canbank index-
Pu -0.000484 0.003922 0.000015 -8.098889 0.000717 0.0014
growth plan
GIC Balanced Fund Pu 0.001069 0.002376 0.000006 2.222040 0.000628 0.0010
Lie G Sec Fund -
Pu 0.000056 0.001152 0.000001 20.63999 0.000561 0.0009
Dividend
UTI Balanced Fund
Pu 0.000328 0.002871 0.000008 8.753963 0.000561 0.0009
- Growth
SBl Magnum
Balanced Fund - Pu 0.001095 0.003343 0.000011 3.051424 0.000703 omu
Dividend
Escorts Balanced
Pu 0.001927 0.075353 0.005678 39.11232 0.000561 0.0009
Fund - Dividend
Prudential ICICI
Pvl 0.001004 0.002900 0.000008 2.888085 0.000418 0.0007
Balanced - Growth
Birla Bond Index
Pvl 0.000125 0.000376 0.000000 3.006045 0.000938 0.0017
Fund - Growth
Choi a Growth Fund
Pvl 0.000908 0.005401 0.000029 5.951515 0.000418 0.0010
-Growth
ING Vysya Liquid
Pvl 0.000263 0.000338 0.000000 1.284391 0.000561 0.0009
Fund - Growth
Reliance Growth -
Pvl 0.010950 0.042239 0.001784 3.857559 0.000761 0.0013
Growth
Sahara Taxgain -
Pvl 0.005880 0.015326 0.000235 2.606292 0.000783 0.0014
Growth
Sundaram Money
Pvl 0.000642 0.002047 0.000004 3.190220 0.000561 0.0009
Fund - Growth
JM MIP FUND-
PvF 0.000035 0.000009 0.000000 0.257009 0.000653 0.0000
Monthly Dividend
Franklin FMCG 0.0007
PvF 0.001107 0.002448 0.000006 2.212039 0.000354
Fund - Dividend
DSP Merrill Lynch
Balanced Fund PvF 0.000966 0.002682 0.000007 2.775531 0.000418 0.0007
Dividend
ABN AMRO Cash 0.082891 0.000828 0.0016
PvF 0.000152 0.000013 0.000000
Fund - Growth
Grindlays Cash 0.000115 0.000000 0.568048 0.001810 0.0009
PvF 0.000203
Fund - Growth

166
 Characteristics of Mutual Fund During May, 2006.

Net
Stock Holdings(in Market cap
Fund Name Assets(in Top ten%
% numerals) (in Rs crores)
Rs crores)
Canbank Index-
2.81 98.43 50 58.47 0.03
Growth Plan
GIC Balanced Fund 47.49 72.85 23 75.60 1.54
Lie G Sec Fund -
180.3072 0.00 2 85.23 56.65
Dividend
UTI Balanced Fund -
506.7966 58.81 49 39.21 8.35
Growth
SBI Magnum
Balanced Fund 95.13 68.71 32 45.51 2.87
Dividend
Escorts Balanced
4.37 60.83 28 62.04 0.12
Fund - Dividend
Prudential ICICI
167.60 67.28 40 32.38 3.85
Balanced - Growth
Birla Bond Index
4.20 0.00 4 80.04 0.92
Fund - Growth
Chola Growth Fund
37.11 98.05 22 64.00 1.48
-Growth
ING Vysya Liquid
729.66 0.00 15 59.77 9.90
Fund - Growth
Reliance Growth -
1135.44 88.89 37 31.61 19.23
Growth
Sahara Taxgain
2.08 88.94 29 47.15 0.06
Growth
Sundaram Money
472.83 0.00 28 33.54 9.81
Fund - Growth
JM Auto Sector
27.57 94.12 20 66.36 0.62
Fund - Dividend
Franklin FMCG
20.74 98.59 19 76.22 1.05
Fund - Dividend
DSP Merrill Lynch
Balanced Fund - 235.59 66.32 61 42.59 2.60
Dividend
ABN AMRO Cash 9.75
532.99 0.00 33 40.92
Fund - Growth
Grindlays Cash 24.82
3938.97 0.00 60 14.70
Fund - Growth

Source: SBI Mutual Fund Data Sheet

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 GLOSSARY

Active Portfolio Management

Is a systematic and proactive approach to investment with the goal of beating the market.
This strategy is based on the premise that markets are not efficient and that there is scope
to earn abnonnal profits through an active investment strategy.

Annualized Return
The return a ftind would have generated over a year on a compounded basis. This method
is the best indicator to measure the performance of a fund.

Asset Management Company (AMC)

A Company registered with SEBI, which takes investment/ divestment decisions for the
mutual fund, and manages the assets of the mutual fund. e.g. for Sun F&C mutual fund ,
the AMC is Sun F&C Asset Management (India) Pvt. Ltd.

Asset Allocation
It is the process of allocating the overall corpus to different assets like equities, bonds, real
estate, derivatives etc.

Back-end Load
A kind of redemption charge that an investor has to pay for withdrawing his money from
the mutual fund. It is basically imposed to discourage investors from exiting the fund. It is
also popularly referred to as an Exit Load.

Balanced fund
A fund that invests substantially both in debt and equity.

Bottom-up Investing
It is a strategy of selecting the company for investment first and then cross checking it by
evaluating factors pertaining to the industry and the economy. It is the opposite of the top-
down approach to investing.

Ciosed-cndcd fund
A fund where investors have to commit their money for a particular period. In India these
closed-ended funds have to necessarily be listed on recognized stock exchanges which
provide an exit route.

Contingent deferred sales charge (CDSC)

An exit charge permitted under the regulations for a no-load scheme.

Continuous Offer Period

Is the date from which the units are available for sale and repurchase at a price linked to
NAV of the scheme.

Corpus
The total investable funds available with a mutual fund scheme at any point of time.

Credit Risk
It is the risk that the issuer of a fixed income security may default on payment of interest
and repayment of principal. It is also referred to as default risk.

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Dated Security
A debt instrument that is long term in nature and has a fixed date of redemption.

Debt fund
A fund that invests in debt securities hke Government securities, Treasury Bills, corporate
Bonds etc. These funds are generally preferred by investors wanting steady income and
not willing to take higher risks.

Dematerialization
The process of converting the physical /paper shares in Electronic form. SEBI had made it
compulsory to get the shares of some companies dematerialized. In this process the
investor opens an account with a Depository Participant (DP) and the number of shares the
investor holds is shown in this account.

Depository Participant
An authorized body who is involved in dematerialization of shares and maintaining of the
investors accounts.

Discount/Premium to (Net Asset Value) NAV

It is the difference between the unit price and NAV. If the price is higher than the NAV,
the units are trading at premium: if the price is lower, the units are trading at a discount.

Diversification
It is the investment strategy of not putting all one's eggs in one basket. By diversifying a
portfolio across different industries, overall risk of the portfolio is reduced.

Dollar Cost Averaging

The strategy of dividing the investible amount into a number of equal parts and buying at
regular intervals to take advantage of lower prices. This strategy is more beneficial in a
bear phase.

Efficient Portfolio
A portfolio which ensures maximum return for a given level of risk or a minimum level of
risk for an expected return.

Factor Fund
It is a mutual fund that has a core philosophy of investing in a particular factor or style in
the market. They are also refen-ed to as Style Funds. Examples of factor funds are Mid-cap
funds. Low P/E funds, Growth funds etc.

Financial Pyramid
An investment plan in the shape of a pyramid structure where the safest investments are at
the base and the riskiest inxestments at the peak.

Fixed Income Security

A type of security that pays fixed interest at regular intervals. These comprise gilt-edged
securities, bonds (taxable and tax-free), preference shares and debentures. Less risky than
equity shares and have little scope for capital appreciation.

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Front-End Load
An initial amount charged by a fund for its administrative expenses or for paying
commissions to brokers. If the charge is made at the termination or redemption, it becomes
a back-end load.

Gilt-edged Security
Government securities and bonds, usually with a low interest rate. Considered safest
investments, as the government security is free from default risk. Originally such
certificates were edged with gold and hence the name.

Gilt fund
Funds that invest predominantly in government securities and treasury bills. It is good for
investors who desire safety of principal and adequate liquidity.

Go-Go Fund
A mutual fund which invests in highly risky but potentially profitable investments. Such a
fiind usually has a short life.

Equity/GroAvth fund
A fiind that invest primarily in equities and has capital appreciation as its investment
objective.

Fund Manager
A professional manager appointed by the Asset Management Company to invest money in
accordance with the objects of the scheme.

Fundamental Analysis
A method of investment analysis based on the fundamentals like turnover, net profit,
growth, and vision of a company. The boom or depression of the stock markets is not
considered in this analysis.
Income Fund
A fund that usually invests in debentures, bonds, and high dividend shares. Preferred by
investors who wants regular income. It pays dividends to the investors out of its earnings.

Index Fund
A fund whose portfolio is benchmarked against a popular index like the BSE Sensex or the
BSE Natex. Such an investment philosophy reflects the belief that the market is efficient
and trying to beat the market over the long tenn is fufile

Initial Offer Period

Tlie dates on which the initial subscription to the units of the scheme can be made. It is
similar to the IPO of an equity issue. This initial offer period is followed by a continuous
offer period.

Interest Rate Risk

The change in the price of a debt security due to changes in the market interest rates is the
interest rate risk. For debt oriented mutual fund schemes, this interest rate risk affects the
NAV of the fund. A rise in the interest rates leads to a fall in the price of a fixed income
security.

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Interim Dividend
An advance installment of the dividend finally declared. More often one, but sometimes
two such payments are made. The final dividend is often at least equal, and somefimes
more. The interim dividend is a fair indication of a company's profitability, during the
working year.

Liquid Fund
A fiind that invests its corpus in short term instruments like call markets, treasury bills,
Commercial Paper (CP), Certificate of Deposit (CD).

Liquidity Risk
ft is the risk in a fixed income security as well as in equities that these securities may not
be sold in the market at close to their value. Liquidity risk is characteristic of narrow
markets like India.

Load
A charge by the fund when an investor buys (entry load) or sells (exit load) units in the
fiand.

Market Capitalization
Represents the market value of the company. It is a product of the current market price and
the number of shares outstanding.

Market Instrument
A fully negotiable instrument for short-term debt.

Market Lot
A fixed minimum number of shares, in which or in multiples of which, shares are bought
and sold on the stock exchange. The advent of dematerialization of shares will do away
the significance of market lot.

Net Asset Value (i\AV)

This is calculated as total assets minus all expenses and divided by the number of
outstanding units. This is the main perfonnance indicator for a mutual fund, especially
when viewed in terms of appreciation over time.

No-Load Fund
Shares of an open-ended fund, which can be bought directly from the fund without any
sales charge or brokerage. US-64 is an example of a no-load fund.

Offer Price
The price at which units can be bought from a fund.

Offshore Fund
A fund domiciled outside the country where investments are made. It is often a tax haven,
not subject to the tax laws of the holder's country.

Pari Passu
Ranking equally. After conversion of debentures into shares, the new shares created carry
the same rights as the existing shares of the company to receive dividends, rights and
bonus shares, and to participate in the company's profit and loss.

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Passive portfolio management
Exactly the reverse of active portfolio management. The portfolio manager assumes that
markets are efficient and all information is already analyzed and reflected in the prices of
shares. This strategy is based on the premise that it is impossible to consistently beat the
market.

Rating
Evaluation of credit risk in fixed income securities. This evaluation is specific to the
security rated and is done in India by CRISIL, ICRA, Care and Duff & Phelps.

Record Date
It is the date announced by the company/mutual fund, which is a cut-off date for corporate
benefits like dividends, rights, bonus etc. Only investors whose names appear in the
company's registers on that date are eligible for the said benefits.

Reinvestment Plan
It is a plan where the earnings of a mutual fund scheme are reinvested back in the fiind.

Reinvestment Risk
It is the risk that the interest on fixed income instruments cannot be reinvested at the same
rate. This problem becomes pronounced in a falling interest rate scenario.

Sector fund
Such funds invest only in stocks belonging to a specific industry usually aimed at growth.
For e.g. Kothari Pioneer Infotech Fund. Sector fiinds are generally considered to be risky
in nature.

Securities
Financial documents which give the owner specific rights of ownership; these include:
equity and preference shares, debentures, treasury bills, government bonds, units of mutual
fund, and any other marketable documents.

Sinking Fund
Money regularly set aside in a separate fund and invested by a company for the repayment
of debt instruments (fixed deposits, debentures, and other loans) or the redemption of
preference shares, or for replacement of assets.

Sponsor
Sponsor is the parent organization that contributes the initial capital of the asset
management company (AMC). e.g. Kotak Mahindra Finance is the sponsor for Kolak
Mahindra Mutual Fund.

Switching
Transfcning from one scheme to another in a group of schemes operated by a Mutual
Fund, where the rules so pennit. A switching fee may or may not be charged.

SWOT Analysis
A type of fundamental analysis of the health of a company by examining its strengths(S),
weakness (W), business opportunity (O), and any threat (T) or dangers it might be exposed

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to.

Systematic Risk
This is the market risk that a security faces and is essentially non-diversifiable in nature.
This risk is caused by macro level factors like changes in inflation, interest rates, budget
announcements etc.

Tax saving fund

Such funds allow the income tax payees to claim a rebate under the Income Tax Act.

Technical Analysis
A method of prediction of share price movements based on a study of price graphs or
charts on the assumption that share price trends are repetitive. Since investor psychology
follows a certain pattern, what is seen to have happened before is likely to be repeated.
The technical analyst is not concerned with the fundamental strength or weakness of a
company or an industry; he only studies price and volume behavior.

Top-Down Investment
An approach to stock selection which evaluates the prospects of the economy first, then
the prospects of the industry and then finally the prospects of a particular company to take
an investment decision. It is the opposite of a bottom-up approach to investing.

Transfer Agents
Professional firms, now mostly computerized, which maintain the records of shareholders
of their client companies.

Treasury Bills
These are bills of exchange, i.e., lOUs, issued by the Reserve Bank of India for short-term
loans, 91 days to 364 days.

Unsystematic Risk
This is the proportion of risk that is specific to a particular company. This diversifiable
risk could arise due to company specific factors like operational factors, financial factors,
labor unrest etc.

Value Investment
Investment in shares whose intrinsic value is above their market price. Fundamental
analysts often make recommendations of value investment, as they can spot undervalued
shares.

Vulture Fund
It is a fund that takes over the non-perfomiing assets of bank or financial institution at a
discount and issues pass-through units to the in\'estors.

Venture Capital Fund

A limited company fonned to provide venture or risk capital to new industries.

Zero Coupon Bond

A coupon is an interest wan-ant attached to a debt instmment, and the coupon rate is the
rate of interest. A zero-coupon bond carries no interest, but is sold at a discount to its face
value, which is the maturity value. The difference between the discounted price and the
maturity value represents the interest on the bond.
173