Report On Mutual Fund

Internal Report on Mutual Fund
Mutual Fund Companies in India

The concept of mutual funds in India dates back to the year 1963. The era
between 1963 and 1987 marked the existance of only one mutual fund company
in India with Rs. 67bn assets under management (AUM), by the end of its
monopoly era, the Unit Trust of India (UTI). By the end of the 80s decade, few
other mutual fund companies in India took their position in mutual fund market.
The new entries of mutual fund companies in India were SBI Mutual Fund,
Canbank Mutual Fund, Punjab National Bank Mutual Fund, Indian Bank Mutual
Fund, Bank of India Mutual Fund.
The succeeding decade showed a new horizon in indian mutual fund industry. By
the end of 1993, the total AUM of the industry was Rs. 470.04 bn. The private
sector funds started penetrating the fund families. In the same year the first
Mutual Fund Regulations came into existance with re-registering all mutual funds
except UTI. The regulations were further given a revised shape in 1996.
Kothari Pioneer was the first private sector mutual fund company in India which
has now merged with Franklin Templeton. Just after ten years with private
sector players penetration, the total assets rose up to Rs. 1218.05 bn. Today
there are 33 mutual fund companies in India.
Major Mutual Fund Companies in India
ABN AMRO Mutual Fund
ABN AMRO Mutual Fund was setup on April 15, 2004 with ABN AMRO Trustee
(India) Pvt. Ltd. as the Trustee Company. The AMC, ABN AMRO Asset
Management (India) Ltd. was incorporated on November 4, 2003. Deutsche
Bank A G is the custodian of ABN AMRO Mutual Fund.
Birla Sun Life Mutual Fund
Birla Sun Life Mutual Fund is the joint venture of Aditya Birla Group and Sun Life
Financial. Sun Life Financial is a golbal organisation evolved in 1871 and is being
represented in Canada, the US, the Philippines, Japan, Indonesia and Bermuda
apart from India. Birla Sun Life Mutual Fund follows a conservative long-term
approach to investment. Recently it crossed AUM of Rs. 10,000 crores.
Bank of Baroda Mutual Fund (BOB Mutual Fund)
Bank of Baroda Mutual Fund or BOB Mutual Fund was setup on October 30, 1992
under the sponsorship of Bank of Baroda. BOB Asset Management Company
Limited is the AMC of BOB Mutual Fund and was incorporated on November 5,
1992. Deutsche Bank AG is the custodian.
HDFC Mutual Fund
HDFC Mutual Fund was setup on June 30, 2000 with two sponsorers nemely
Housing Development Finance Corporation Limited and Standard Life
Investments Limited.
HSBC Mutual Fund
HSBC Mutual Fund was setup on May 27, 2002 with HSBC Securities and Capital
Markets (India) Private Limited as the sponsor. Board of Trustees, HSBC Mutual
Fund acts as the Trustee Company of HSBC Mutual Fund.
ING Vysya Mutual Fund
ING Vysya Mutual Fund was setup on February 11, 1999 with the same named
Trustee Company. It is a joint venture of Vysya and ING. The AMC, ING
Investment Management (India) Pvt. Ltd. was incorporated on April 6, 1998.
Prudential ICICI Mutual Fund
The mutual fund of ICICI is a joint venture with Prudential Plc. of America, one
of the largest life insurance companies in the US of A. Prudential ICICI Mutual
Fund was setup on 13th of October, 1993 with two sponsorers, Prudential Plc.
and ICICI Ltd. The Trustee Company formed is Prudential ICICI Trust Ltd. and
the AMC is Prudential ICICI Asset Management Company Limited incorporated
on 22nd of June, 1993.
Sahara Mutual Fund
Sahara Mutual Fund was set up on July 18, 1996 with Sahara India Financial
Corporation Ltd. as the sponsor. Sahara Asset Management Company Private
Limited incorporated on August 31, 1995 works as the AMC of Sahara Mutual
Fund. The paid-up capital of the AMC stands at Rs 25.8 crore.
State Bank of India Mutual Fund
State Bank of India Mutual Fund is the first Bank sponsored Mutual Fund to
launch offshor fund, the India Magnum Fund with a corpus of Rs. 225 cr.
approximately. Today it is the largest Bank sponsored Mutual Fund in India.
They have already launched 35 Schemes out of which 15 have already yielded
handsome returns to investors. State Bank of India Mutual Fund has more than
Rs. 5,500 Crores as AUM. Now it has an investor base of over 8 Lakhs spread
over 18 schemes.
Tata Mutual Fund
Tata Mutual Fund (TMF) is a Trust under the Indian Trust Act, 1882. The
sponsorers for Tata Mutual Fund are Tata Sons Ltd., and Tata Investment
Corporation Ltd. The investment manager is Tata Asset Management Limited and
its Tata Trustee Company Pvt. Limited. Tata Asset Management Limited's is one
of the fastest in the country with more than Rs. 7,703 crores (as on April 30,
2005) of AUM.
Kotak Mahindra Mutual Fund
Kotak Mahindra Asset Management Company (KMAMC) is a subsidiary of KMBL.

It is presently having more than 1,99,818 investors in its various schemes.
KMAMC started its operations in December 1998. Kotak Mahindra Mutual Fund
offers schemes catering to investors with varying risk - return profiles. It was
the first company to launch dedicated gilt scheme investing only in government
securities.
Unit Trust of India Mutual Fund
UTI Asset Management Company Private Limited, established in Jan 14, 2003,
manages the UTI Mutual Fund with the support of UTI Trustee Company Privete
Limited. UTI Asset Management Company presently manages a corpus of over
Rs.20000 Crore. The sponsorers of UTI Mutual Fund are Bank of Baroda (BOB),
Punjab National Bank (PNB), State Bank of India (SBI), and Life Insurance
Corporation of India (LIC). The schemes of UTI Mutual Fund are Liquid Funds,
Income Funds, Asset Management Funds, Index Funds, Equity Funds and
Balance Funds.
Reliance Mutual Fund
Reliance Mutual Fund (RMF) was established as trust under Indian Trusts Act,
1882. The sponsor of RMF is Reliance Capital Limited and Reliance Capital
Trustee Co. Limited is the Trustee. It was registered on June 30, 1995 as
Reliance Capital Mutual Fund which was changed on March 11, 2004. Reliance
Mutual Fund was formed for launching of various schemes under which units are
issued to the Public with a view to contribute to the capital market and to
provide investors the opportunities to make investments in diversified securities.
Standard Chartered Mutual Fund
Standard Chartered Mutual Fund was set up on March 13, 2000 sponsored by
Standard Chartered Bank. The Trustee is Standard Chartered Trustee Company
Pvt. Ltd. Standard Chartered Asset Management Company Pvt. Ltd. is the AMC
which was incorporated with SEBI on December 20,1999.
Franklin Templeton India Mutual Fund
The group, Frnaklin Templeton Investments is a California (USA) based company

with a global AUM of US$ 409.2 bn. (as of April 30, 2005). It is one of the
largest financial services groups in the world. Investors can buy or sell the
Mutual Fund through their financial advisor or through mail or through their
website. They have Open end Diversified Equity schemes, Open end Sector
Equity schemes, Open end Hybrid schemes, Open end Tax Saving schemes,
Open end Income and Liquid schemes, Closed end Income schemes and Open
end Fund of Funds schemes to offer.
Morgan Stanley Mutual Fund India
Morgan Stanley is a worldwide financial services company and its leading in the
market in securities, investmenty management and credit services. Morgan
Stanley Investment Management (MISM) was established in the year 1975. It
provides customized asset management services and products to governments,
corporations, pension funds and non-profit organisations. Its services are also
extended to high net worth individuals and retail investors. In India it is known
as Morgan Stanley Investment Management Private Limited (MSIM India) and its
AMC is Morgan Stanley Mutual Fund (MSMF). This is the first close end
diversified equity scheme serving the needs of Indian retail investors focussing
on a long-term capital appreciation.
Escorts Mutual Fund
Escorts Mutual Fund was setup on April 15, 1996 with Excorts Finance Limited as
its sponsor. The Trustee Company is Escorts Investment Trust Limited. Its AMC
was incorporated on December 1, 1995 with the name Escorts Asset
Management Limited.
Alliance Capital Mutual Fund
Alliance Capital Mutual Fund was setup on December 30, 1994 with Alliance
Capital Management Corp. of Delaware (USA) as sponsorer. The Trustee is ACAM
Trust Company Pvt. Ltd. and AMC, the Alliance Capital Asset Management India
(Pvt) Ltd. with the corporate office in Mumbai.
Benchmark Mutual Fund
Benchmark Mutual Fund was setup on June 12, 2001 with Niche Financial
Services Pvt. Ltd. as the sponsorer and Benchmark Trustee Company Pvt. Ltd.
as the Trustee Company. Incorporated on October 16, 2000 and headquartered
in Mumbai, Benchmark Asset Management Company Pvt. Ltd. is the AMC.
Canbank Mutual Fund
Canbank Mutual Fund was setup on December 19, 1987 with Canara Bank acting
as the sponsor. Canbank Investment Management Services Ltd. incorporated on
March 2, 1993 is the AMC. The Corporate Office of the AMC is in Mumbai.
Chola Mutual Fund
Chola Mutual Fund under the sponsorship of Cholamandalam Investment &

Finance Company Ltd. was setup on January 3, 1997. Cholamandalam Trustee
Co. Ltd. is the Trustee Company and AMC is Cholamandalam AMC Limited.
LIC Mutual Fund
Life Insurance Corporation of India set up LIC Mutual Fund on 19th June 1989. It
contributed Rs. 2 Crores towards the corpus of the Fund. LIC Mutual Fund was
constituted as a Trust in accordance with the provisions of the Indian Trust Act,
1882. . The Company started its business on 29th April 1994. The Trustees of
LIC Mutual Fund have appointed Jeevan Bima Sahayog Asset Management
Company Ltd as the Investment Managers for LIC Mutual Fund.
GIC Mutual Fund
GIC Mutual Fund, sponsored by General Insurance Corporation of India (GIC), a

Government of India undertaking and the four Public Sector General Insurance
Companies, viz. National Insurance Co. Ltd (NIC), The New India Assurance Co.
Ltd. (NIA), The Oriental Insurance Co. Ltd (OIC) and United India Insurance Co.
Ltd. (UII) and is constituted as a Trust in accordance with the provisions of the
Indian Trusts Act, 1882.
Performance Measures Of Mutual Funds
Mutual Fund industry today, with about 34 players and more than five hundred
schemes, is one of the most preferred investment avenues in India. However,
with a plethora of schemes to choose from, the retail investor faces problems in
selecting funds. Factors such as investment strategy and management style are
qualitative, but the funds record is an important indicator too. Though past
performance alone can not be indicative of future performance, it is, frankly, the
only quantitative way to judge how good a fund is at present. Therefore, there is
a need to correctly assess the past performance of different mutual funds.
Worldwide, good mutual fund companies over are known by their AMCs and this
fame is directly linked to their superior stock selection skills. For mutual funds to
grow, AMCs must be held accountable for their selection of stocks. In other
words, there must be some performance indicator that will reveal the quality of
stock selection of various AMCs.
Return alone should not be considered as the basis of measurement of the

performance of a mutual fund scheme, it should also include the risk taken by
the fund manager because different funds will have different levels of risk
attached to them. Risk associated with a fund, in a general, can be defined as
variability or fluctuations in the returns generated by it. The higher the
fluctuations in the returns of a fund during a given period, higher will be the risk
associated with it. These fluctuations in the returns generated by a fund are
resultant of two guiding forces. First, general market fluctuations, which affect
all the securities present in the market, called market risk or systematic risk and
second, fluctuations due to specific securities present in the portfolio of the fund,
called unsystematic risk. The Total Risk of a given fund is sum of these two and
is measured in terms of standard deviation of returns of the fund. Systematic
risk, on the other hand, is measured in terms of Beta, which represents
fluctuations in the NAV of the fund vis-à-vis market. The more responsive the
NAV of a mutual fund is to the changes in the market; higher will be its beta.
Beta is calculated by relating the returns on a mutual fund with the returns in
the market. While unsystematic risk can be diversified through investments in a
number of instruments, systematic risk can not. By using the risk return
relationship, we try to assess the competitive strength of the mutual funds vis-à-
vis one another in a better way.
In order to determine the risk-adjusted returns of investment portfolios, several

eminent authors have worked since 1960s to develop composite performance
indices to evaluate a portfolio by comparing alternative portfolios within a
particular risk class. The most important and widely used measures of
performance are:
Ø The Treynor Measure
Ø The Sharpe Measure
Ø Jenson Model
Ø Fama Model
The Treynor Measure
Developed by Jack Treynor, this performance measure evaluates funds on the

basis of Treynor's Index. This Index is a ratio of return generated by the fund
over and above risk free rate of return (generally taken to be the return on
securities backed by the government, as there is no credit risk associated),
during a given period and systematic risk associated with it (beta). Symbolically,
it can be represented as:
Treynor's Index (Ti) = (Ri - Rf)/Bi.
Where, Ri represents return on fund, Rf is risk free rate of return and Bi is beta
of the fund.
All risk-averse investors would like to maximize this value. While a high and
positive Treynor's Index shows a superior risk-adjusted performance of a fund, a
low and negative Treynor's Index is an indication of unfavorable performance.
The Sharpe Measure
In this model, performance of a fund is evaluated on the basis of Sharpe Ratio,

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

performance of a fund, a low and negative Sharpe Ratio is an indication of
unfavorable performance.
Comparison of Sharpe and Treynor
Sharpe and Treynor measures are similar in a way, since they both divide the
risk premium by a numerical risk measure. The total risk is appropriate when we
are evaluating the risk return relationship for well-diversified portfolios. On the
other hand, the systematic risk is the relevant measure of risk when we are
evaluating less than fully diversified portfolios or individual stocks. For a well-
diversified portfolio the total risk is equal to systematic risk. Rankings based on
total risk (Sharpe measure) and systematic risk (Treynor measure) should be
identical for a well-diversified portfolio, as the total risk is reduced to systematic
risk. Therefore, a poorly diversified fund that ranks higher on Treynor measure,
compared with another fund that is highly diversified, will rank lower on Sharpe
Measure.
Jenson Model
Jenson's model proposes another risk adjusted performance measure. This

measure was developed by Michael Jenson and is sometimes referred to as the
Differential Return Method. This measure involves evaluation of the returns that
the fund has generated vs. the returns actually expected out of the fund given
the level of its systematic risk. The surplus between the two returns is called
Alpha, which measures the performance of a fund compared with the actual
returns over the period. Required return of a fund at a given level of risk (Bi)
can be calculated as:
Ri = Rf + Bi (Rm - Rf)
Where, Rm is average market return during the given period. After calculating
it, alpha can be obtained by subtracting required return from the actual return of
the fund.
Higher alpha represents superior performance of the fund and vice versa.
Limitation of this model is that it considers only systematic risk not the entire
risk associated with the fund and an ordinary investor can not mitigate
unsystematic risk, as his knowledge of market is primitive.
Fama Model
The Eugene Fama model is an extension of Jenson model. This model compares
the performance, measured in terms of returns, of a fund with the required
return commensurate with the total risk associated with it. The difference
between these two is taken as a measure of the performance of the fund and is
called net selectivity.
The net selectivity represents the stock selection skill of the fund manager, as it
is the excess return over and above the return required to compensate for the
total risk taken by the fund manager. Higher value of which indicates that fund
manager has earned returns well above the return commensurate with the level
of risk taken by him.
Required return can be calculated as: Ri = Rf + Si/Sm*(Rm - Rf)
Where, Sm is standard deviation of market returns. The net selectivity is then

calculated by subtracting this required return from the actual return of the fund.
Among the above performance measures, two models namely, Treynor measure
and Jenson model use systematic risk based on the premise that the
unsystematic risk is diversifiable. These models are suitable for large investors
like institutional investors with high risk taking capacities as they do not face
paucity of funds and can invest in a number of options to dilute some risks. For
them, a portfolio can be spread across a number of stocks and sectors. However,
Sharpe measure and Fama model that consider the entire risk associated with
fund are suitable for small investors, as the ordinary investor lacks the
necessary skill and resources to diversified. Moreover, the selection of the fund
on the basis of superior stock selection ability of the fund manager will also help
in safeguarding the money invested to a great extent. The investment in funds
that have generated big returns at higher levels of risks leaves the money all the
more prone to risks of all kinds that may exceed the individual investors' risk
appetite.
Volatility Measure
It is common knowledge that mutual funds are benchmarked against particular

market indices. In general, diversified funds are benchmarked against Sensex or
Nifty, while sectoral funds are benchmarked against their particular sector index.
It is fair to then assume that the ups and downs of any index will affect the
funds that are benchmarked against it. In other words, if the Sensex falls, you
can expect a diversified fund to fall as well.
But while some funds might be affected more by an index's volatility, others
might not. So, then how does an investor get an idea of how volatile a fund is
with respect to its index?
Here is where beta enters the picture. Beta is the measure of a fund's (or
stock's) volatility relative to the market or benchmark.
For example, if a fund is benchmarked against the Sensex, a beta of more than
1 would imply that the fund is more volatile than the index. And of course, a
beta of less than 1 would imply lesser volatility.
Allow us to explain further. Let's say there are two funds, one with a beta of 2.5
and the other with 0.4, both benchmarked against the same index. Now, if the
market rises by 1 per cent, the first fund will rise by approximately 2.5 per cent,
while the latter will rise by 0.4 per cent. A similar relationship will take place in a
falling market. In simpler words, beta is a quantitative measure of a fund (or
stock) relative to the market.
In effect, beta expresses the fundamental trade-off between minimizing risk and
maximising return. This means that while an investor can expect high returns
from a fund that has a beta of 2, he can also expect the fund to be more risky
and drop much more when the market falls. A fund with a beta of 1 would
flourish or diminish in the same vein as the market.
So, how effective is beta in judging a fund's volatility? Well, that depends on the
index used to calculate it. If the beta of a large-cap fund is calculated against a
mid-cap index, the resulting value would have no meaning. This is because the
large-cap fund would not be invested in the stocks making up the small-cap
index.
Beta is fairly straightforward and offers a lucid, quantifiable and convenient

measure of a fund's volatility. However, beta does have its limitations. Beta is
essentially a historic tool and does not incorporate new information. For
example, a company may venture into a new business and assume a high debt
level, but this new risk will not be captured by beta. Beta relies on past
movements and does not take new happenings into account. Hence, beta cannot
be calculated for new funds or stocks that have insufficient history.
In conclusion, investors should remember that beta is just an indication of a

fund's (or stock's) volatility. It gives a fair idea of the same and can be used as a
reference, but should not be relied upon completely since beta depends on past
movements, which are not foolproof predictors of future behaviour.
For a Sharper Picture
Information, when not put in the right perspective, can be misleading at times.
The returns churned up by a fund or a portfolio, for example. It is generally
assumed that high returns mean better performance. While this may be true in
some cases, the real picture of a portfolio's performance can be gauged when
the returns it generates are assessed with respect to the risk it assumes.
This is where the Sharpe Ratio comes in handy. The downside risk of investing is
one aspect that needs to be given due importance. High returns are generally
associated with a high degree of volatility, which is not always the case. Hence,
to get the right analysis of a portfolio, its returns must be viewed in tune with its
risk factor. The Sharpe Ratio assesses the returns generated by a portfolio
against per unit of risk undertaken.
Mathematically, the Sharpe Ratio is the difference between the portfolio's

returns over and above the return earned on a risk free investment divided by
the standard deviation of the portfolio. The standard deviation is the risk factor
of the portfolio. Standard deviation is used as it is indicative of the volatility in
the fund. A lower standard deviation implies little fluctuation in the returns. And
when the Sharpe Ratio is thus calculated, the higher it is the better. A higher
Sharpe Ratio represents a higher return generated per unit of risk.
For instance, take a look at the two portfolios A and B. At first glance, portfolio A
seems to be the better performing one of the two. But when we look at the
amount of risk assumed for that 15 per cent return, we see that the portfolio's
performance is not as good as it seems. We have considered the bank deposit
rate as the risk free rate of return at 3.5 per cent. The resultant Sharpe Ratio for
portfolio A at 1.64 and that for B at 1.87 means that portfolio B is capable of
delivering additional returns vis a vis portfolio A for any additional risk that may
be assumed. This process of comparing the risk adjusted returns of two
portfolios, gives us an insight into the efficiency of fund management as well. A
portfolio could deliver superlative returns by assuming significant risk, but a
superior portfolio is arrived at when the manager is able to rationalise the
amount of risk taken to deliver high returns.
However, while looking at Sharpe Ratio, one has to keep in mind that in isolation
it has no meaning. It can only be used as a comparative tool.
Thus the Sharpe Ratio should be used to compare the performance of a number
of portfolios or funds. In case of mutual funds, one can compare the Sharpe
ratio of a fund with that of its benchmark index. If the only information available
is that the Sharpe ratio of a fund is 1.2, no meaningful inference can be drawn
as nothing is known about the peer group performance. Another aspect to look
out for is that the ratio can be misleading at times. For example, a low standard
deviation can unduly influence results. A fund with low returns but with a
relatively mild standard deviation can end up with a high Sharpe ratio. Such a
fund will have a very tranquil portfolio and not generate high returns.
Hence, in conclusion, a Sharpe Ratio will invariably tell you which of the
portfolios under comparison is performing to the best of its abilities.
Top Performers/laggards for the Quarter Ended

01st July 2010
Open-Ended
Overall
Top performer (on Returns)
No. Scheme Fund Qrtly Return Annual Return

% %
1 ING Global ING 24.69 52.67
Real Estate
Fund -
Institutional
2 DSP DSP 13.97 NA
BlackRock BlackRock MF
World Gold
Fund -
Institutional
3 DSP DSP 13.90 25.42
World Gold
Fund
4 AIG World AIG Global 10.49 39.27
Gold Fund
5 ING OptiMix 5 ING 4.03 35.47
Star Multi -
Manager FoF
Scheme
6 Birla Sun Life Birla 3.94 34.49
AAF -
Aggressive
Plan
7 Quantum Quantum 3.85 NA
Equity Fund
Of Fund
Top Laggard (on Return)

% %
1 DSP DSP -14.53 NA
World Mining
Fund -
Regular
2 DSP DSP -12.35 NA
World Energy
Fund -
Regular
3 DSP DSP -12.28 NA
World Energy
Fund -
Institutional
4 ING OptiMix ING -10.89 13.44
Global
Commodities
Fund
5 ING Latin ING -10.01 27.43
America
Equity Fund
6 Sundaram Sundaram -8.69 16.09
BNP Paribas
Global
Advantage
Fund
7 ING OptiMix ING -1.10 7
Income
Growth Multi
Manager -
15% Equity
Plan - A
ETF

% %
1 UTI Gold UTI 14.83 28.28
Exchange
Traded Fund
2 Kotak Gold Kotak 14.81 28.91
ETF
3 SBI Gold SBI 14.65 27.27
Exchange
Traded
Scheme
4 Gold BeES Benchmark 14.31 29.49
5 Quantum Gold Quantum 14.28 29.03
Fund
Top Laggard (on Returns)

% %
1 Bank BeES Benchmark -0.80 26.49
2 KOTAK Kotak -0.55 20.67
SENSEX ETF
3 Shariah BeES Benchmark -0.45 17.47
4 Quantum Quantum -0.27 21.42
Index Fund
Arbitrage Fund

% %
1 JPMorgan JPMorgan 1.87 5.71
India Alpha
Fund
2 HDFC HDFC 1.38 4.33
Arbitrage
Fund -
Wholesale
3 HDFC HDFC 1.33 4.07
Arbitrage
Fund - Retail
4 ICICI Prudential 1.21 4.15
Prudential
Blended Plan
B
5 JM Arbitrage JM Financial 1.21 3.99
Advantage
Fund

% %
1 IDFC IDFC 0.84 3.35
Arbitrage Plus
Fund - Plan A
(Regular)
2 IDFC IDFC 0.90 3.60
Arbitrage Plus
Fund - Plan B
(Institutional)
3 Birla Sun Life Birla 0.94 NA
Enhanced
Arbitrage
Fund - Retail
4 SBI SBI 0.99 3.70
ARBITRAGE
Opportunities
Fund
Equity-Diversified

% %
MNC Fund -
Plan B
Commodity
Equities Fund
- Global
Precious
Metals Plan -
Retail
3 ING Vysya ING 9.61 61.74
Dividend Yield
Fund
4 Sahara Wealth Sahara 9.53 34.99
Plus Fund -
Variable
Pricing Option
5 Escorts High Escorts 9.50 30.70
Yield Equity
Plan

% %
1 Birla Sun Life Birla -18.12 -5.11
Commodity
Equities Fund
- Global Agri
Plan - Retail
2 Mirae Asset Mirae -13.05 15.35
Global
Commodity
Stocks Fund -
Regular
3 Birla Sun Life Birla -12.72 2.09
Commodity
Equities Fund
- Global Multi
Commodity
Plan - Retail
4 HSBC HSBC -9.99 7.41
Emerging
Markets Fund
International
Equity Fund -
Plan A
Equity-ELSS

% %
1 Sahara Tax Sahara 7.48 38.27
Gain Fund
2 Fidelity Tax Fidelity 6.93 43.46
Advantage
Fund
Tax Savings
Fund
4 Quantum Tax Quantum 5.46 45.93
Saving Fund
5 Religare Tax Religare MF 5.13 43.44
Plan

% %
1 Bharti AXA Bharti -5.61 30.40
Tax
Advantage
Fund -
Regular
Tax
Advantage
Fund - Eco
Plan
3 UTI Equity UTI -0.92 25.59
Tax Saving
Plan
4 DWS Tax Deutsche -0.82 28.26
Saving Fund
Tax Plan
Equity-Index

% %
1 SBI Magnum SBI 1.50 23.67
Index Fund
Nifty Plus
Fund
3 LICMF Index LIC 1.49 21.22
Fund - Sensex
Advantage
Plan
4 HDFC Index HDFC 1.02 25.61
Sensex Plus
Plan
5 Benchmark Benchmark 0.95 22.29
S&P CNX 500
Fund

% %
1 ICICI Prudential -0.88 19.36
Prudential
Spice Fund
2 HDFC Index HDFC -0.77 19.01
Sensex Plan
3 Tata Index Tata Mutual -0.71 19.13
Fund - Sensex
Plan - A
4 Franklin India Templeton -0.59 19.85
Index Fund -
BSE Sensex
Plan
5 UTI Master UTI -0.56 20.01
Index Fund
FOF

% %
1 ING Global ING 24.69 52.67
Real Estate
Fund -
Institutional
2 DSP DSP 13.97 NA
World Gold
Fund -
Institutional
3 DSP DSP 13.90 25.42
World Gold
Fund
4 AIG World AIG Global 10.49 39.27
Gold Fund
5 ING OptiMix 5 ING 4.03 35.47
Star Multi -
Manager FoF
Scheme

% %
1 DSP DSP -14.53 NA
World Mining
Fund -
Regular
2 DSP DSP -12.35 NA
World Energy
Fund -
Regular
3 DSP DSP -12.28 NA
World Energy
Fund -
Institutional
Global
Commodities
Fund
5 ING Latin ING -10.01 27.43
America
Equity Fund
Sectoral-Financial Services

% %
1 Sahara Sahara 5.98 40.11
Banking and
Financial
Services Fund
2 Sundaram Sundaram 3.95 29.39
BNP Paribas
Select
Thematic
Funds
Financial
Services
Opportunities
- Regular
Prudential
Banking and
Financial
Services Fund
- Retail
Sectoral-Infrastructure

% %
1 Canara Canbank 3.68 26.91
Robeco
Infrastructure
2 Taurus Taurus 1.22 24.85
Infrastructure
Fund
3 AIG AIG Global 0.78 31.70
Infrastructure
And Economic
Reform Fund -
Institutional
4 Sahara Sahara 0.74 15.38
Infrastructure
Fund -
Variable
Pricing Option
5 AIG AIG Global 0.61 30.87
Infrastructure
And Economic
Reform Fund -
Regular

% %
Prudential
Infrastructure
Fund
Prudential
Infrastructure
Fund -
Institutional
Option - I
3 UTI UTI -1.43 14.39
Infrastructure
Fund
4 Tata Tata Mutual -0.75 20.32
Infrastructure
Fund
5 Principal Principal -0.14 25.38
Services
Industries
Fund
Arbitrage Fund

% %
India Alpha
Fund
2 HDFC HDFC 1.38 4.33
Arbitrage
Fund -
Wholesale
3 HDFC HDFC 1.33 4.07
Arbitrage
Fund - Retail
Prudential
Blended Plan
B
5 JM Arbitrage JM Financial 1.21 3.99
Advantage
Fund

% %
1 IDFC IDFC 0.84 3.35
Arbitrage Plus
Fund - Plan A
(Regular)
2 IDFC IDFC 0.90 3.60
Arbitrage Plus
Fund - Plan B
(Institutional)
3 Birla Sun Life Birla 0.94 NA
Enhanced
Arbitrage
Fund - Retail
4 SBI SBI 0.99 3.70
ARBITRAGE
Opportunities
Fund
Balanced

% %
1 HDFC HDFC 7.20 38.49
Children`s
Gift
Investment
Plan
2 JM Balanced JM Financial 7.00 15.76
Fund
3 HDFC HDFC 6.35 39.28
Balanced Fund
4 UTI CRTS UTI 6.34 20.66
1981
5 HDFC HDFC 6.15 43.26
Prudence
Fund

% %
1 UTI Mahila UTI -48.95 14.61
Unit Scheme-
Growth
2 UTI Mahila UTI -48.95 14.61
Unit Scheme-
Gift Plan
3 LICMF LIC -2.58 9.13
Balanced Fund
Freedom Fund
5 UTI VIS - ILP UTI -0.12 7.60
Gilt

% %
1 Religare Gilt Religare MF 8.27 10.93
Fund Long
Duration Plan
- Retail
G - Sec Long
Term
3 DSP DSP 3.45 4.32
Government
Securities
Fund
4 IDFC IDFC 2.83 1.91
Govt.Sec.Fund
- Investment
Plan -
Institutional
Plan B
5 Escorts Gilt Escorts 2.82 3.40
Fund

% %
1 LICMF LIC -0.58 -0.44
Government
Securities
2 LICMF LIC -0.58 -0.44
Government
Securities - PF
3 L&T Gilt L&T MF -0.48 2.33
Investment
Plan
4 UTI G-SEC UTI -0.01 1.15
Fund
5 DWS Gilt Fund Deutsche 0.00 -5.71
- Institutional
Liquid

% %
1 JM Short Term JM Financial 1.73 5.88
Fund -
Institutional
2 JM Money JM Financial 1.42 5.51
Manager Fund
- Super Plan
3 Bharti AXA Bharti 1.42 4.14
Liquid Fund -
Super
Institutional
India Liquid
Fund - Super
Institutional
5 JM Money JM Financial 1.34 4.53
Manager Fund
- Regular

% %
1 Taurus Liquid Taurus -0.11 0.00
Fund - Super
Institutional
2 DWS Money Deutsche 0.60 3.60
Plus Fund -
Regular
3 Templeton Templeton 0.71 2.50
India Cash
Management
Account
4 DWS Money Deutsche 0.73 3.98
Plus Fund -
Institutional
Plan
5 Religare Religare MF 0.76 2.27
Overnight
Fund
MIP

% %
1 Tata MIP Plus Tata Mutual 3.83 10.88
Fund
2 HDFC Monthly HDFC 3.12 15.37
Income Plan -
Long Term
Plan
3 DWS Twin Deutsche 2.97 6.08
Advantage
Fund
4 Reliance Reliance 2.65 15.75
Monthly
Income Plan
5 Fidelity Fidelity 2.37 10.63
Wealth Builder
Fund - Plan B

% %
Regular
Return Fund -
Regular
Regular
Return Fund -
Eco Plan
3 ING MIP Fund ING 0.11 3.47
4 SBI Magnum SBI 0.42 7.01
Monthly
Income Plan -
Floater
5 JM Monthly JM Financial 0.47 5.70
Income Plan
Fund
Close-Ended
Equity-Diversified

% %
1 DSP DSP 15.03 88.18
Micro Cap
Fund -
Regular
2 HSBC Small HSBC 9.73 59.90
Cap Fund
Pure Value
Fund
4 HDFC Long HDFC 6.45 39.14
Term Equity
Fund
5 UTI India UTI 6.40 31.19
Lifestyle Fund

% %
1 Kotak Global Kotak -6.22 14.34
Emerging
Market Fund
2 L&T Small Cap L&T MF -1.19 29.53
Fund
3 Kotak Indo Kotak -0.85 14.58
World
Infrastructure
Fund
4 LICMF TOP LIC -0.72 15.40
100 FUND
5 LICMF LIC -0.48 13.21
Infrastructure
Fund
Equity-ELSS

% %
1 Reliance Reliance 8.60 44.49
Equity Linked
Saving Fund -
Series 1
2 L&T Tax L&T MF 6.76 54.06
Advantage
Fund - Series
I
3 ICICI Prudential 2.82 NA
Prudential
R.I.G.H.T.
Fund
4 Tata Tax Tata Mutual 2.42 30.65
Advantage
Fund - 1
5 SBI Tax SBI 2.30 28.40
Advantage
Fund Series 1
1 Religare Agile Religare MF -7.60 13.78

Tax Fund
Retireinvest
Fund Series I
3 UTI Long UTI 0.24 27.78
Term
Advantage
Fund - Series
I
4 IDFC Tax IDFC 1.11 36.19
Saver (ELSS)
Fund
5 UTI Long UTI 1.35 30.78
Term
Advantage
Fund - Series
II
1 Religare Agile Religare MF -7.60 13.78
Tax Fund
FOF

% %
1 ING OptiMix ING 3.70 33.16
Equity Multi -
Manager FoF
Scheme - II
Dynamic
Multi-Manager
FoF Scheme -
Series III
Dynamic
Multi-Manager
FoF Scheme -
Series IV
Sectoral-Infrastructure

% %
1 HDFC HDFC 3.55 34.15
Infrastructure
Fund
2 Escorts Escorts 3.11 17.51
Infrastructure
Fund
3 Religare Religare MF 2.31 29.23
Infrastructure
Fund
4 JM Agri and JM Financial -0.17 -2.48
Infra Fund
5 L&T L&T MF -0.66 10.19
Infrastructure
Fund

% %
1 UTI - UTI -2.91 13.35
Infrastructure
Advantage
Fund - Series
I
2 SBI SBI -1.64 14.53
Infrastructure
Fund - Series
I
3 SBI SBI -1.17 16.76
Infrastructure
Fund - Series
I
4 Tata Indo Tata Mutual -1.16 12.81
Global
Infrastructure
Fund
Income

% %
1 Escorts Escorts 3.69 12.73
Income Bond
2 Fortis FTP - Fortis MF 2.88 8.37
Series 9 - 3
Yearly A -
Regular
Prudential
Real Estate
Securities
Fund -
Institutional
Prudential
Real Estate
Securities
Fund - Retail
5 ICICI Prudential 2.63 NA
Prudential
FMP - Series
49 - 3 Year
Plan B -
Institutional

% %
Prudential
FMP - Series
33 - Plan - A -
Retail
2 UTI UTI -0.01 -0.86
Investment
Bond Fund -
Retail
3 HDFC FMP - HDFC 0.22 NA
13M - March
2010 (3) -
Series XII
4 UTI Capital UTI 0.48 9.02
Protection
Oriented
Scheme -
Series I - 5
Years
5 IDFC Fixed IDFC 0.61 NA
Maturity Plan
- 15 M -
Series - 3 -
Plan A
MIP
Qrtly Return Annual Return

No. Scheme Fund
% %
Franklin
Templeton
1 Capital Safety Templeton 1.53 8.35
Fund - 5 Years
Plan
Sundaram
BNP Paribas
Capital
2 Protection Sundaram 1.30 7.13
Oriented Fund
- Series 1-5
Years
3 Sundaram Sundaram 0.60 7.29
BNP Paribas
Capital
Protection
Oriented Fund
- Series 1-3
Years
Structured Products

% %
Capital
Protection
Oriented Fund
- 5 Years
Equity Linked
FMP - Series A
- Retail
Prudential S M
A R T Fund -
Series F -
Retail
Prudential S M
A R T Fund -
Series F -
Institutional
Equity Linked
FMP - Series D
- Retail

% %
Prudential S M
A R T Fund -
Series G -
Retail
2 DWS Fixed Deutsche 0.26 10.35
Term Fund -
Series 43 -
Regular
Term Fund -
Series 43 -
Institutional
Equity Linked
FMP - Series C
- Retail
Term Fund -
Series 50 -
Plan B
Balanced

% %
1 Tata Smart Tata Mutual 2.55 7.29
Investment
Plan - 1 -
Scheme B
2 Tata Smart Tata Mutual 2.44 12.57
Investment
Plan - 1 -
Scheme A
3 Tata SIP Fund Tata Mutual -0.24 25.48
- Scheme II
4 LICMF LIC -4.23 0.49
Systematic
Asset
Allocation
Fund

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Internal Report on Mutual Fund

Mutual Fund Companies in India

Major Mutual Fund Companies in India

ABN AMRO Mutual Fund

Birla Sun Life Mutual Fund

Bank of Baroda Mutual Fund (BOB Mutual Fund)

HSBC Mutual Fund

ING Vysya Mutual Fund

Prudential ICICI Mutual Fund

Sahara Mutual Fund

State Bank of India Mutual Fund

Tata Mutual Fund

Kotak Mahindra Asset Management Company (KMAMC) is a subsidiary of KMBL.

Unit Trust of India Mutual Fund

Reliance Mutual Fund

Standard Chartered Mutual Fund

Franklin Templeton India Mutual Fund

The group, Frnaklin Templeton Investments is a California (USA) based company

Morgan Stanley Mutual Fund India

Escorts Mutual Fund

Alliance Capital Mutual Fund

Benchmark Mutual Fund

Canbank Mutual Fund

Chola Mutual Fund

Chola Mutual Fund under the sponsorship of Cholamandalam Investment &

LIC Mutual Fund

GIC Mutual Fund, sponsored by General Insurance Corporation of India (GIC), a

Performance Measures Of Mutual Funds

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

In order to determine the risk-adjusted returns of investment portfolios, several

Ø The Sharpe Measure

The Treynor Measure

Developed by Jack Treynor, this performance measure evaluates funds on the

Treynor's Index (Ti) = (Ri - Rf)/Bi.

The Sharpe Measure

In this model, performance of a fund is evaluated on the basis of Sharpe Ratio,

Sharpe Index (Shi) = (Ri - Rf)/Si

Where, Si is standard deviation of the fund.

While a high and positive Sharpe Ratio shows a superior risk-adjusted

Comparison of Sharpe and Treynor

Jenson's model proposes another risk adjusted performance measure. This

Required return can be calculated as: Ri = Rf + Si/Sm*(Rm - Rf)

Where, Sm is standard deviation of market returns. The net selectivity is then

It is common knowledge that mutual funds are benchmarked against particular

Beta is fairly straightforward and offers a lucid, quantifiable and convenient

In conclusion, investors should remember that beta is just an indication of a

For a Sharper Picture

Mathematically, the Sharpe Ratio is the difference between the portfolio's

Top Performers/laggards for the Quarter Ended

Top performer (on Returns)

No. Scheme Fund Qrtly Return Annual Return

Top Laggard (on Return)

No. Scheme Fund Qrtly Return Annual Return

Top performer (on Returns)

No. Scheme Fund Qrtly Return Annual Return

Top Laggard (on Returns)

No. Scheme Fund Qrtly Return Annual Return

Top performer (on Returns)

No. Scheme Fund Qrtly Return Annual Return

Top Laggard (on Returns)

No. Scheme Fund Qrtly Return Annual Return

Top performer (on Returns)