CHAPTER 1

INTRODUCTION

1.1 INTRODUCTION TO MUTUAL FUND

A Mutual Fund is a trust that pools the savings of a number of investors who
share a common financial goal. The money thus collected is then invested in capital market
instruments such as shares, debentures and other securities. The income earned through these
investments and the capital appreciations realized are shared by its unit holders in proportion
to the number of units owned by them. Thus a Mutual Fund is the most suitable investment
for the common man as it offers an opportunity to invest in a diversified, professionally
managed basket of securities at a relatively low cost. The flow chart below describes broadly
the working of a mutual fund.

Fig 1.1 Working of Mutual Fund

1.2 INDUSTRY PROFILE

The mutual fund industry in India started in 1963 with the formation f Unit
Trust of India, at the initiative of the government of India and Reserve Bank of India. The
origin of mutual fund industry in India is with the introduction of the concept of mutual fund
by UTI in the year 1963. Though the growth was slow, but it accelerated from the year 1987
when

non-UTI

players

entered

the

industry.

In the past decade, Indian mutual fund industry had seen a dramatic
improvement, both quality wise as well as quantity wise. Before, the monopoly of the market
had seen an ending phase; the Assets Under Management (AUM) was Rs. 67bn. The private
sector entry to the fund family rose the AUM to Rs. 470 bn in March 1993 and till April
2004, it reached the height of 1,540 bn.
Putting the AUM of the Indian Mutual Funds Industry into comparison, the total of it is less
than the deposits of SBI alone, constitute less than 11% of the total deposits held by the
Indian banking industry.

The main reason of its poor growth is that the mutual fund industry in India is new in the
country. Large sections of Indian investors are yet to be intellectuated with the concept.
Hence, it is the prime responsibility of all mutual fund companies, to market the product
correctly abreast of selling. The mutual fund industry can be broadly put into four phases
according to the development of the sector. Each phase is briefly described as under.
First phase 1964-87
Unit Trust of India (UTI) was established in 1963 by an act of Parliament. It was set up by
the Reserve Bank of India and functioned under the Regulatory and Administrative control of
the RBI. In 198 UTI was de-linked from the RBI and the Industrial Development Bank of
India took over the regulatory and administrative control in place of RBI. The first scheme
launched by UTI was Unit Scheme 1964. At the end of 1988 UTI had Rs.6, 700 crores of
assets under management.
Second phase 1987-1993 (Entry of Public Sector Funds)
1987 marked the entry of non UTI, public sector mutual funds set up by public sector banks
and Life Insurance Corporation of India (LIC) and General Insurance Corporation of India

(GIC). SBI Mutual Fund was the first non-UTI Mutual Fund established in June 1987
followed by Canbank Mutual Fund (Dec 87), Punjab National Bank Mutual Fund (Aug 89),
Indian Bank Mutual Fund (Nov 89), Bank of India (Jun 90), Bank of Baroda Mutual Fund
(Oct 92). LIC established its mutual fund in June 1989 while GIC had set up its mutual fund
in December 1990.
At the end of 1993, the mutual fund industry had assets under management of Rs. 47,004
crores.
Third phase 1993 2003 (Entry of Private Sector Funds)
With the entry of private sector funds in 1993, a new era started in the Indian mutual fund
industry, giving the Indian investors a wider choice of fund families. Also, 1993 was the year
in which the first Mutual Fund Regulations came into being, under which all mutual funds,
except UTI were to be registered and governed. The erstwhile Kothari Pioneer (now merged
with Franklin Templeton) was the first private sector mutual fund registered in July 1993.
The 1993 SEBI (Mutual Fund) Regulations were substituted by a more comprehensive and
revised Mutual Fund Regulations in 1996. The industry now functions under the SEBI
(Mutual Fund) Regulations 1996.
The number of mutual fund houses went on increasing with many foreign mutual funds
setting up funds in India and also the industry has witnessed several mergers and acquisitions.
At the end of January 2003, there were 33 mutual funds with total assets of Rs. 1, 21,805
crores. The Unit Trust of India with Rs. 44, 541 crores of assets under management was way
ahead of other mutual funds.
Fourth phase since february 2003

In February 2003, following the repeal of the Unit Trust of Indian Act 1963 UTI was
bifurcated into two separate entities. One is the Specified Undertaking of the Unit Trust of
India with assets under management of Rs. 29,835 crores at the end of January 2003,
representing broadly, the assets of US 64 scheme, assured return and certain other schemes.
The Specified Undertaking of Unit Trust of India, functioning under an administrator and
under the rules framed by Government of India and does not come under the purview of the
Mutual Fund Registrations.

The second is the UTI Mutual Fund Ltd, sponsored by SBI, PNB, BOB and LIC. It is
registered with SEBI and functions under the Mutual fund regulations. With the bifurcation
of the erstwhile UTI which had in March 2000 more than 76,000 Crores of assets under
management and with the setting up of a UTI mutual fund, conforming to the SEBI mutual
fund regulations, and with recent mergers taking place among different private sector funds,
the mutual fund industry has entered its current phase of consolidation and growth. As at the
end of September 20004, there were 29 funds, which manage assets of Rs.1, 53,108 Crores
under 421 schemes.
ASSOCIATION OF MUTUAL FUNDS IN INDIA (AMFI)
With the increase in Mutual Fund players in India, a need for Mutual Fund Association in
India was generated to function as a non-profit organization. Association of Mutual Funds in
India (AMFI) was incorporated on 22nd August 1995.
AMFI is an apex body of all Asset Management Companies (AMC) which has been
registered with Securities Exchange Board of India (SEBI). Till date all the AMCs are that
have launched mutual fund schemes are its members. It functions under the supervision and
guidelines of its Board of Directors. It follows the principal of both protecting and promoting
the interest of mutual funds as well as their unit holders. The objectives are as follows:
This Mutual Fund Association of India maintains high professional and ethical standards in
all areas of operation of the industry
AMFI interacts with SEBI and works according to SEBIs guidelines in the Mutual Fund
industry.
Associations of Mutual Fund of India do represent the Government of India, the Reserve
Bank of India and other related bodies on matters relating to the Mutual Fund Industry.
It develops a team of well qualified and trained Agent distributors. It implements a
programme of training and certification for all intermediaries and other engaged in the mutual
fund industry.
AMFI undertakes all India awareness programme for investors in order to promote proper
understanding of the concept and working of Mutual Funds.

1.3 COMPANY PROFILE

Geojit BNP Paribas Financial service Ltd
Geojit BNP Paribas today is a leading retail financial services company in
India with a growing presence in the Middle East. The company rides on its rich experience
in the capital market to offer its clients a wide portfolio of savings and investment solutions.
The gamut of value-added products and services offered ranges from equities and derivatives
to Mutual Funds, Life & General Insurance and third party Fixed Deposits. The needs of over
576,000 clients are met via multichannel services - a countrywide network of over 540
offices,

phone

service,

dedicated

Customer

Care

centre

and

the

Internet.

Geojit BNP Paribas has membership in, and is listed on, the National Stock
Exchange (NSE) and the Bombay Stock Exchange (BSE). In 2007, global banking major
BNP Paribas joined the companys other major shareholders - Mr. C.J.George, KSIDC
(Kerala State Industrial Development Corporation) and Mr.Rakesh Jhunjhunwala when it
took

stake

to

become

the

single

largest

shareholder.

At the forefront of the many fruitful associations between Geojit BNP Paribas
and BNP Paribas is their joint venture, namely, BNP Paribas Securities India Private Limited.
This JV was created exclusively for domestic and foreign institutional clients. An industry
first was achieved when Geojit BNP Paribas became the first broker in India to offer full
Direct

Market

Access(DMA)

on

NSE

to

the

JVs

institutional

clients.

A strong brand identity and extensive industry knowledge coupled with BNP
Paribas international expertise gives Geojit BNP Paribas a competitive advantage.

Wide

range

of

products

and

services

Certified financial advisors help clients to arrive at the right financial solution to meet their
individual needs. The wide range of products and services on offer includes Equities , Derivatives, Currency Futures , Custody Accounts ,Mutual Funds , Life Insurance
& General Insurance , IPOs , Portfolio Management Services , Property Services , Margin
Funding

Loans

against

Shares

Evolution of the company :

It all started in the year 1987 when Mr. C.J. George and Mr. Ranajit Kanjilal founded Geojit
as a partnership firm. In 1993, Mr.Ranajit Kanjilal retired from the firm and Geojit became
the proprietary concern of Mr. C .J. George. In 1994, it became a Public Limited Company
named Geojit Securities Ltd. The Kerala State Industrial Development Corporation Ltd.
(KSIDC), in 1995, became a co-promoter of Geojit by acquiring a 24 percent stake in the
company, the only instance in India of a government entity participating in the equity of a
stock broking company. The year 1995 also saw Geojit being listed on the leading regional
stock exchanges. Geojit listed at The Stock Exchange, Mumbai (BSE) in the year 2000.
Companys wholly owned subsidiary, Geojit Commodities Limited, launched Online Futures
Trading in agri-commodities, precious metals and energy futures on multiple commodity
exchanges in 2003. This was also the year when the company was renamed as Geojit
Financial Services Ltd. (GFSL). Company is a charter member of the Financial Planning
Standards Board of India and is one of the largest Depository Participant(DP) brokers in the
country.Global banking major BNP Paribas took a stake in the year 2007 to become the
single largest shareholder. Consequently, Geojit BNP Paribas has been renamed as Geojit
BNP Paribas Financial Services Ltd.
Milestones
1986
Membership in Cochin Stock Exchange (CSE).
1994
Becomes a Public Limited Company named Geojit Securities Ltd.
1995
Kerala State Industrial Development Corporation Ltd.(KSIDC) acquires 24 percent
equity stake.
Membership in National Stock Exchange (NSE).
Public Issue

1996
Launch of Portfolio Management Services with SEBI registration.
1997
Depository Participant (DP) under National Securities Depository Limited.
1999
Membership in Bombay Stock Exchange (BSE).
2000
BSE Listing.
1st broking firm in India to offer online trading facility.
Commences Derivative Trading with NSE.
Integrates the 1st Bank Payment Gateway in the country for Internet Trading.
2001
Becomes India's first DP to launch depository transactions through Internet.
Establishes Joint Venture in the UAE to serve NRI customers.
2002
1st in India to launch an integrated internet trading system for Cash & Derivatives
segments.
2003
Geojit Commodities Limited, wholly owned subsidiary, launched Online Futures
Trading in agri-commodities, precious metals and in energy futures on multiple
commodity exchanges.
National launch of online futures trading in Rubber, Pepper, Gold, Wheat and Rice.
Company renamed as Geojit BNP Paribas.
2004
National launch of online futures trading in Cardamom.
2005
NSE Listing.
Geojit Credits, a subsidiary, registers with RBI as a Non-Banking Financial Company
(NBFC).
National launch of online futures trading in Coffee.

2006
Charter member of the Financial Planning Standards Board of India.
2007
BNP Paribas takes a stake in the companys equity, making it the single largest
shareholder.
Establishes Joint Venture in Saudi Arabia to serve the Saudi national and the NRI.
2008
BNP Paribas Securities India (P) Ltd. a Joint Venture with BNP Paribas S.A. for
Institutional Brokerage.
1st brokerage to offer full Direct Market Access execution in India for institutional
clients.
2009
Launch of Property Services division.
Launch of online trading in Currency Derivatives.

1.4 NEED FOR THE STUDY

The advisors of the Geojit BNP Paribas financial ltd had to suggest Mutual fund schemes to
the investors while constructing the portfolio of the investors.
Since Geojit BNP Paribas is not AMC the advisors were facing the problem of identifying the
best performing funds. This report aimed at identifying the best performing schemes to help
the advisors to suggest the investors to invest in those schemes.

1.5 OBJECTIVES OF THE STUDY:

Primary objective:
To evaluate the performance of balanced,income,equity schemes of HDFC Mutual Fund, JM
Financial Mutual Fund,SBI Mutual Fund and TATA Mutual Funds.
Secondary objective
To evaluate the Risk involved in balanced,income and equity Schemes of HDFC
Mutual Fund, JM Financial Mutual Fund, SBI Mutual Fund and TATA Mutual
Funds..
To evaluate the return of balanced,income and equity scheme of those mentioned
AMC with respect to Benchmark of S&P CNX Nifty index.
To rank these schemes of HDFC Mutual Fund, JM Financial Mutual Fund, SBI
Mutual Fund and TATA Mutual Funds based upon their performance

1.6 SCOPE OF THE STUDY:

The study was conducted in Geojit BNP Paribas

The schemes covered under the study are Equity,Income,Balanced

The study covers only few major asset management companies of the above schemes
HDFC Mutual Fund, JM Financial Mutual Fund, SBI Mutual Fund and TATA Mutual

Funds.

The study covers the period of past 4 years from Jan 2007 to Dec 2010.

The study covers only the open-ended funds with dividend option.

CHAPTER 2
LITERATURE SURVEY

2.1 REVIEW OF LITERATURE

Performance evaluation of mutual funds is one of the preferred areas of research where a
good amount of study has been carried out. The area of research provides diverse views of
the same.
Meaning of Mutual fund:
A Mutual Fund is a trust that pools the savings of a number of investors who share a common
financial goal. The money thus collected is then invested in capital market instruments such
as shares, debentures and other securities
Performance Evaluation Of Mutual fund
There are various ways to measure mutual fund performance. The simplest way suggested
by

McCulloch

(2003)

was

by

finding

the

geometric

mean

of

the

fund

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

returns was discovered but all of these differed in their definition and measurement of
risk(Simons,1998).According to Fama (1972), the mutual fund performance can be measured
on two basis:
Selectivity:theabilitytopickthebeststocksatagivenlevelofrisk
Timingtheabilitytopickthegeneralpricemovements.
Risk
The dictionary meaning of risk is the possibility of loss or injury. Any rational investor,
before investing his/her investible wealth in the security, analyzes the risk associated with a
particular security. The actual return he receives from a security may vary from his expected
return and the risk is expressed in term of variability of return
Risk Measurement
Understanding the nature of risk is not adequate unless the investor or analyst is capable of
expressing it in some quantitative terms. Measurements cannot be assured of cent percent
accuracy because risk is caused by numerous factors such as social, political, economic and
managerial efficiency. The statistical tools used to quantify risk are:

Standard Deviation:

= Standard Deviation;
N = Number of observations;
d = Deviations from actual mean;

A measure of the dispersion of a set of data from its mean. The more spread apart the data is,
the higher the deviation. In finance, standard deviation is applied to the annual rate of return
of an investment to measure the investment's volatility (risk).
A volatile stock would have a high standard deviation. In mutual funds, the standard
deviation tells us how much the return on the fund is deviating from the expected normal
returns. Standard deviation can also be calculated as the square root of the variance.
Beta
Beta describes the relationship between the securities return and the index returns.

= Beta of the fund;

N = Number of Observations;
X = Monthly return of NAV;
Y = Monthly return of the Index.
Beta = + 1.0
One percent change in market index returns causes exactly one percent change in the
security return. It indicates that the security moves in tandem with the market.
Beta = + 0.5

One percent change in the market index return causes 0.5 percent change in the
security return. The security is less volatile compared to the market.
Beta = + 2.0
One percent change in the market index return causes 2 percent change in the security
return. The security return is more volatile. When there is a decline of 10% in the market
return, the security with beta of 2 would give a negative return of 20%. The security with
more than 1 beta value is considered to be risky.
Negative Beta
Negative beta value indicates that the security return moves in the opposite direction
to the market return. A security with a negative beta of -1 would provide a return of 10%, if
the market return declines by 10% and vice-versa.
RATE OF RETURN:
The compounded annual return on a mutual fund scheme represents the return to investors
from a scheme since the date of issue. It is calculated on NAV basis or price basis.
Rate of Return for a period:
R= ((A-B)/B)*100
Where,
A = NAV at the end of the period of the period;
B = NAV at the beginning of the period
Net Asset Value (NAV):
The net asset value of the fund is the cumulative market value of the assets fund of its
liabilities. In other words, if the fund is dissolved or liquidated, by selling off all the assets in
the fund, this is the amount that the shareholders would collectively own. This gives rise to
the concept of net asset value per unit, which is the value, represented by the ownership of
one unit in the fund. It is calculated simply by dividing the net asset value of the fund by the
number of units. However, most people refer loosely to the NAV per unit as NAV, ignoring
the per unit. We also abide by the same convention.

Treynor Measure:
According to Jack Trteynor, systematic risk or beta is the appropriate measure of risk,
as suggested by the capital asset pricing model. The Treynor measure of portfolio
performance relates the excess of return on a port folio on portfolio beta. The Treynor
measure reflects the excess return earned per unit of risk. As systematic risk is the measure of
risk, the Treynor measure implicitly assumes that the portfolio is well diversified.

TM= Treynor Measure;

=Average rate of return of portfolio p;
= Average rate of return on a risk free investment (assuming 7% );
= Beta of the portfolio p.

Sharp Measure:
The Sharpe measure is similar to the Treynor measure except that it employs standard
deviation, not beta, as the measure of risk. Hence, the Sharpe measure reflects the excess
return earned on portfolio per unit of its total risk (standard deviation).

SM= Sharp Measure;

=Average rate of return of portfolio p;
= Average rate of return on a risk free investment (assuming 7% );
= Standard deviation of return of portfolio.

Jensen Measure:
Jensens alpha is based on the capital asset pricing model. It reflects the difference
between the return actually earned on portfolio and return the portfolio was supposed to earn,
given its beta as per the capital asset pricing model.

JM= Jensen Measure;

=Average rate of return of portfolio p;
= Average rate of return on a risk free investment (assuming 7%);
= Beta;
=Average rate of return of market portfolio.

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

Abstract:
It evaluated the performance of mutual fund scheme using relative performance index, riskreturn analysis, Treynors ratio, Sharpes ratio, Jensens measure, Famas measure. The study
finds that Medium Term Debt Funds were the best performing funds during the bear period
of September 98-April 2002 and 58 of 269 open ended mutual funds provided better returns
than the overall market returns.

Title: Analysis of open ended equity mutual fund schemes

Abstract:
It aimed at analyzing performance of select open-ended equity mutual fund using Sharpe
Ratio, Hypothesis testing and return based on yield. The most important finding of the study
had been that only four Growth plans and one Dividend plan (5 out of the 42 plans studied)
could generate higher returns than that of the market which is contrary to the general opinion
prevailing in the Indian mutual fund market. Even the Sharpe ratios of Growth plans and the
corresponding Dividend plans stand testimony to the relatively better performance of Growth
plans. The statistical tests in terms of F-test and t-Test further corroborate the significant
performance differences between the Growth plans and Dividend plans.

CHAPTER 3
RESEARCH METHODOLOGY

3.1 RESEARCH DESIGN

A Research design is a method and procedure for acquiring information needed to
solve the problem. A research design is the basic plan that helps in the data collection or
analysis. It specifies the type of information to be collected the sources and data collection
procedure.
Research is an academic activity and as such the term should be used in a technical
sense. According to Clifford woody research comprises defining and redefining problems,
formulating suggested solution; collecting organizing and evaluating data; making deductions
and reaching conclusions at last carefully testing the conclusions to determine whether they
fit the formulating hypothesis.
Redman and Mory define research as a systematized effort to gain new knowledge.
Research methodology is a way to systematically solve the research problem. It may be
understood as a science of studying how research is done scientifically.
Meaning of research
Research is simply the process of finding solutions to a problem after a thorough
study and analysis of the situational factors.
Research Design
A research design is the arrangement of conditions for collections and analysis of
data in a manner that aims to combine relevance to the research purpose with economy in
procedure.

Exploratory research study

Descriptive research study

Hypothesis testing research study

The research design used for the study is Exploratory research.
Exploratory Research study
Exploratory research design is used principally to gain a deeper understanding of something.
The design is far more flexible and dynamic than that of descriptive research.Exploratory
research often relies on secondary data such as reviewing available literature and/or data, or
qualitative approaches such as informal discussions with consumers, employees etc.

In this research an attempt has been made to analyze the past performance of the
Equity, Income or Balanced schemes provided by HDFC Mutual Fund, JM Financial Mutual
Fund, Sundaram BNP Paribas Mutual Fund, SBI Mutual Fund and TATA Mutual Funds to
know the benefits to the investors. The study is done on Equity, Income or Balanced schemes
provided by the companies to know the companies performance for the past 4years and to
know the risk and returns of the funds.

3.2 DATA COLLECTION METHOD

SECONDARY DATA is used for the study:
Internet sources.
Newspapers.
Announcements and publishings by the company.

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

3.4 TOOLS FOR ANALYSIS

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

CHAPTER 4
DATA ANALYSIS AND INTERPRETATION

4.1 HDFC EQUITY FUND

Month
2007
Jan
Feb
March
April
May
June
July
Aug
Sep
Oct
Nov
Dec
2008
Jan
Feb
March
April
May
June
July
Aug
Sep
Oct
Nov
Dec
2009Jan
Feb
March
April
May
June
July
Aug
Sep

Opening
(RS)

Closing
(RS)

Index
Returns(X) Return

43.968
45.193
42.16
37.424
36.669
42.326
43.384
45.223
44.305
47.982
55.188
54.106

45.193
42.16
37.424
36.669
42.326
43.384
45.223
44.305
47.982
55.188
54.106
58.606

2.711
-7.194
-12.655
-2.059
13.365
2.439
4.067
-2.072
7.663
13.057
-2.000
7.678

4082.7
3745.3
3821.55
4087.9
4295.8
4318.3
4528.85
4464
5021.35
5900.65
5762.75
6138.6

58.606
49.444
49.229
38.245
41.06
39.125
33.027
34.998
36.661
33.616
25.448
23.484
25.923
23.934
22.644
21.854
25.518
34.111
34.708
37.669
38.747

49.444
49.229
38.245
41.06
39.125
33.027
34.998
36.661
33.616
25.448
23.484
25.923
23.934
22.644
21.854
25.518
34.111
34.708
37.669
38.747
42.525

-18.530
-0.437
-28.720
6.856
-4.946
-18.464
5.632
4.536
-9.058
-32.097
-8.363
9.409
-8.310
-5.697
-3.615
14.358
25.191
1.720
7.861
2.782
8.884

5137.45
5223.5
4734.5
5165.9
4870.1
4040.55
4332.95
4360
3921.2
2885.6
2755.1
2959.15
2874.8
2763.65
3020.95
3473.95
4448.95
4291.1
4636.45
4662.1
5083.95

Total index
return(Y)
1.844
-9.009
1.995
6.516
4.840
0.521
4.649
-1.453
11.100
14.902
-2.393
6.123

Y*Y
3.400
81.155
3.981
42.453
23.422
0.271
21.614
2.110
123.201
222.062
5.726
37.488

X*Y
4.998
64.808
-25.250
-13.415
64.683
1.271
18.906
3.010
85.059
194.575
4.785
47.013

-19.487 379.755 361.101

1.647
2.714
-0.719
-10.328 106.677 296.634
8.351
69.738
57.252
-6.074
36.891
30.039
-20.531 421.506 379.071
6.748
45.539
38.005
0.620
0.385
2.814
-11.190 125.226 101.365
-35.889 1287.988 1151.909
-4.737
22.436
39.613
6.896
47.549
64.878
-2.934
8.609
24.384
-4.022
16.175
22.912
8.517
72.542
-30.789
13.040 170.039 187.233
21.915 480.280 552.074
-3.679
13.532
-6.327
7.449
55.481
58.550
0.550
0.303
1.531
8.298
68.852
73.718

Oct
Nov
Dec
2010
Jan
Feb
March
April
May
June
July
Aug
Sep
Oct
Nov
Dec

42.525
41.963
44.995

41.963
44.995
46.376

-1.339
6.739
2.978

4711.7
5032.7
5201.05

-7.901
6.378
3.237

62.419
40.683
10.477

10.581
42.980
9.639

46.376
44.405
44.845
43.422
44.937
44.262
46.551
48.307
50.215
54.518
55.267
54.317

44.405
44.845
43.422
44.937
44.262
46.551
48.307
50.215
54.518
55.267
54.317
54.859

-4.439
0.981
-3.277
3.371
-1.525
4.917
3.635
3.800
7.893
1.355
-1.749
0.988

4882.05
4922.3
5249.1
5278
5086.3
5312.5
5367.6
5402.4
6029.95
6017.7
5862.7
6134.5

-6.534
0.818
6.226
0.548
-3.769
4.258
1.027
0.644
10.407
-0.204
-2.644
4.431

42.695
0.669
38.761
0.300
14.205
18.130
1.054
0.415
108.310
0.041
6.990
19.631

29.003
0.802
-20.403
1.846
5.748
20.937
3.732
2.448
82.142
-0.276
4.624
4.377

Table 4.1
Table showing the calculations of Return and Beta of HDFC Equity fund and S&P
CNX NIFTY

48

XY = 4053.870

10.265

0.931

- 1.679
21.717
Y

Y = 4363.880

Table 4.1.1
Table showing the Standard deviation and Beta of HDFC Equity fund
Inference: As the is less than 1 it can be said that the scheme is less risky. For One percent
change in the market index causes 0.931 percent change in the scheme return. The scheme is
less volatile compared to the market. The Standard Deviation of the scheme is 10.265 which
means the schemes returns vary with the index to the extent of 10.265.

4.2 JM FINANCIAL EQUITY FUND

Month
2007 Jan
Feb
March
April
May
June
July
Aug
Sep
Oct
Nov
Dec
2008 Jan
Feb
March
April
May
June
July
Aug
Sep
Oct
Nov
Dec
2009Jan
Feb
March
April
May
June
July
Aug
Sep
Oct
Nov

Total
Opening Closing
Index
index
(RS)
(RS)
Returns(X) Return
return(Y) Y*Y
X*Y
17.93
17.68
-1.414
4082.7
1.844
3.400
-2.607
17.68
15.37
-15.029
3745.3 -9.00862
81.155
135.393
15.37
14.79
-3.922 3821.55 1.995264
3.981
-7.825
14.79
16.14
8.364
4087.9
6.51557
42.453
54.498
16.14
17.42
7.348
4295.8 4.839611
23.422
35.561
17.42 18.1927
4.247
4318.3 0.521038
0.271
2.213
18.1927 19.4839
6.627 4528.85 4.649083
21.614
30.810
19.4839 19.7071
1.133
4464 -1.45273
2.110
-1.645
19.7071 21.5895
8.719 5021.35
11.0996
123.201
96.778
21.5895 23.9746
9.948 5900.65 14.90175
222.062
148.249
23.9746
24.001
0.110 5762.75 -2.39295
5.726
-0.263
24.001
25.878
7.253
6138.6 6.122732
37.488
44.410
25.878 20.4415
-26.595 5137.45 -19.4873
379.755
518.273
20.4415 20.4028
-0.190
5223.5 1.647363
2.714
-0.312
20.4028 17.8581
-14.250
4734.5 -10.3284
106.677
147.176
17.8581 19.7532
9.594
5165.9 8.350917
69.738
80.118
19.7532 18.4496
-7.066
4870.1
-6.0738
36.891
42.916
18.4496 14.6266
-26.137 4040.55 -20.5306
421.506
536.615
14.6266 15.3111
4.471 4332.95 6.748289
45.539
30.169
15.3111 15.6688
2.283
4360 0.620413
0.385
1.416
15.6688 13.7414
-14.026
3921.2 -11.1905
125.226
156.960
13.7414
9.7395
-41.089
2885.6 -35.8886 1287.988 1474.638
9.7395
9.145
-6.501
2755.1 -4.73667
22.436
30.792
9.145
9.967
8.247 2959.15 6.895561
47.549
56.869
9.967
8.9848
-10.932
2874.8 -2.93412
8.609
32.075
8.9848
8.1628
-10.070 2763.65 -4.02186
16.175
40.500
8.1628
9.0437
9.740 3025.95 8.668352
75.140
84.434
9.0437 10.5352
14.157 3473.95 12.89598
166.306
182.572
10.5352 14.4639
27.162 4448.95 21.91528
480.280
595.265
14.4639 14.2536
-1.475
4291.1 -3.67854
13.532
5.427
14.2536 14.9265
4.508 4636.45 7.448587
55.481
33.579
14.9265 15.3029
2.460
4662.1 0.550181
0.303
1.353
15.3029 16.1721
5.375 5083.95 8.297682
68.852
44.597
16.1721 15.2166
-6.279
4711.7 -7.90055
62.419
49.610
15.2166
15.78
3.570
5032.7 6.378286
40.683
22.773

Dec
2010 Jan
Feb
March
April
May
June
July
Aug
Sep
Oct
Nov
Dec

15.78
15.9851
15.2598
14.9385
14.2604
14.5078
13.9944
14.8225
14.8849
14.7329
16.193
16.2964
15.6659

15.9851
15.2598
14.9385
14.2604
14.5078
13.9944
14.8225
14.8849
14.7329
16.193
16.2964
15.6659
16.3345

1.283
-4.753
-2.151
-4.755
1.705
-3.669
5.587
0.419
-1.032
9.017
0.634
-4.025
4.093

5201.05
4882.05
4922.3
5249.1
5278
5086.3
5312.5
5367.6
5402.4
6029.95
6017.7
5862.7
6134.5

3.236846
-6.53414
0.817707
6.225829
0.547556
-3.76895
4.257882
1.02653
0.644158
10.40722
-0.20357
-2.64383
4.430679

10.477
42.695
0.669
38.761
0.300
14.205
18.130
1.054
0.415
108.310
0.041
6.990
19.631

4.153
31.057
-1.759
-29.605
0.934
13.827
23.788
0.430
-0.665
93.840
-0.129
10.641
18.136

Table 4.2
Table showing the calculations of Return and Beta of JM Financial Equity fund and
S&P CNX NIFTY

48

XY = 4868.036

11.264

1.122

- 37.304
21.717
Y

Y = 4363.880

Table 4.2.1
Table showing the Standard deviation and Beta of JM Financial Equity fund

Inference: The beta of the scheme is more than +1 means the scheme is prone to more risk.
This means that the scheme is more volatile. If the market declines by 1 percent then the
scheme also declines but by 1.122 percent. The standard deviation of the scheme is 11.264,
which means the fund has very much variation in the returns when compared with its
benchmark index S&P CNX index.

4.3 SBI EQUITY MUTUAL FUND

Month
2007 Jan
Feb
March
April
May
Jun
July
Aug
Sep
Oct
Nov
Dec
2008Jan
Feb
March
April
May
Jun
July
Aug
Sep
Oct
Nov
Dec
2009Jan
Feb
March
April
May
June
July
Aug
Sep
Oct
Nov
Dec
2010 Jan

Opening Closing
Index
(RS)
(RS)
Returns
Return
27.87
28.53
2.313
4082.7
28.53
26.49
-7.701
3745.3
26.49
26.56
0.264
3821.55
26.56
28.41
6.512
4087.9
28.41
29.58
3.955
4295.8
29.58
30.58
3.270
4318.3
30.58
32.65
6.340
4528.85
32.65
32.39
-0.803
4464
32.39
36.06
10.177
5021.35
36.06
42.45
15.053
5900.65
42.45
38.63
-9.889
5762.75
38.63
41.52
6.961
6138.6
41.52
34.32
-20.979
5137.45
34.32
32.45
-5.763
5223.5
32.45
29.06
-11.666
4734.5
29.06
31.68
8.270
5165.9
31.68
30.14
-5.109
4870.1
30.14
24.34
-23.829
4040.55
24.34
26.55
8.324
4332.95
26.55
26.76
0.785
4360
26.76
23.36
-14.555
3921.2
23.36
17.84
-30.942
2885.6
17.84
16.71
-6.762
2755.1
16.71
18.16
7.985
2959.15
18.16
17.33
-4.789
2874.8
17.33
16.66
-4.022
2763.65
16.66
18.03
7.598
3020.95
18.03
21.14
14.711
3473.95
21.14
27.6
23.406
4448.95
27.6
27.48
-0.437
4291.1
27.48
30.05
8.552
4636.45
30.05
30.56
1.669
4662.1
30.56
32.25
5.240
5083.95
32.25
31.06
-3.831
4711.7
31.06
32.98
5.822
5032.7
32.98
29.27
-12.675
5201.05
29.27
27.69
-5.706
4882.05

Total
index
return
Y*Y
X*Y
1.844 3.400336
4.266
-9.009 81.15531
69.376
1.995 3.981077
0.526
6.516 42.45266
42.428
4.840 23.42183
19.142
0.521 0.271481
1.704
4.649 21.61397
29.475
-1.453 2.110433
1.166
11.100 123.2012
112.966
14.902 222.0621
224.316
-2.393 5.726232
23.663
6.123 37.48784
42.617
-19.487 379.7546
408.824
1.647 2.713804
-9.493
-10.328 106.6767
120.487
8.351 69.73781
69.064
-6.074 36.89101
31.034
-20.531 421.5064
489.226
6.748 45.53941
56.172
0.620 0.384912
0.487
-11.190 125.2262
162.875
-35.889 1287.988 1110.453
-4.737 22.43604
32.031
6.896 47.54876
55.058
-2.934 8.609043
14.053
-4.022 16.17532
16.174
8.517
72.5425
64.717
13.040 170.0393
191.836
21.915 480.2796
512.945
-3.679 13.53169
1.606
7.449 55.48144
63.703
0.550 0.302699
0.918
8.298 68.85153
43.482
-7.901 62.41862
30.269
6.378 40.68253
37.133
3.237 10.47717
-41.027
-6.534 42.69499
37.284

Feb
March
April
May
Jun
July
Aug
Sep
Oct
Nov
Dec

27.69
28.07
30
30.49
29.7
31.35
31.76
32.31
35.04
34.97
33.95

28.07
30
30.49
29.7
31.35
31.76
32.31
35.04
34.97
33.95
34.64

1.354
4922.3
6.433
5249.1
1.607
5278
-2.660
5086.3
5.263
5312.5
1.291
5367.6
1.702
5402.4
7.791
6029.95
-0.200
6017.7
-3.004
5862.7
1.992
6134.5
Table 4.3

0.818
6.226
0.548
-3.769
4.258
1.027
0.644
10.407
-0.204
-2.644
4.431

0.668645
38.76095
0.299817
14.20497
18.12956
1.053763
0.41494
108.3102
0.041439
6.989853
19.63092

1.107
40.053
0.880
10.025
22.410
1.325
1.097
81.084
0.041
7.943
8.826

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

48

XY = 4245.746

9.932

0.975

- 0.681
21.717
Y

Y = 4363.880
Table 4.3.1
Table showing the Standard deviation and Beta of SBI Equity fund
Inference: As the is less than 1 it can be said that the scheme is less risky. For One percent
change in the market index causes 0.975 percent change in the scheme return. The scheme is
less volatile compared to the market. The Standard Deviation of the scheme is 9.932 which
means the schemes returns vary with the index to the extent of 9.932.

4.4 TATA EQUITY FUND

Month
2007 Jan
Feb
March
April
May
June
July
Aug
Sep
Oct
Nov
Dec
2008 Jan
Feb
March
April
May
June
July
Aug
Sep
Oct
Nov
Dec
2009Jan
Feb
March
April
May
June
July
Aug
Sep
Oct
Nov
Dec
2010 Jan
Feb
March
April
May
June
July
Aug

Total
Opening Closing
Index
index
(RS)
(RS)
Returns(X) Return
return(Y) Y*Y
X*Y
11.3391 11.1875
-1.355
4082.7
1.844
3.400
-2.499
11.1875 10.7005
-4.551
3745.3
-9.009
81.155
41.000
10.7005 10.6376
-0.591 3821.55
1.995
3.981
-1.180
10.6376 10.8742
2.176
4087.9
6.516
42.453
14.177
10.8742 10.9562
0.748
4295.8
4.840
23.422
3.622
10.9562 11.0018
0.414
4318.3
0.521
0.271
0.216
11.0018 11.1327
1.176 4528.85
4.649
21.614
5.466
11.1327
11.237
0.928
4464
-1.453
2.110
-1.348
11.237 12.4402
9.672 5021.35
11.100
123.201 107.354
12.4402 13.3591
6.878 5900.65
14.902
222.062 102.501
13.3591 13.5389
1.328 5762.75
-2.393
5.726
-3.178
13.5389 12.9707
-4.381
6138.6
6.123
37.488
-26.822
12.9707 11.5604
-12.199 5137.45
-19.487
379.755 237.733
11.5604 11.4083
-1.333
5223.5
1.647
2.714
-2.196
11.4083 10.2839
-10.934
4734.5
-10.328
106.676 112.927
10.2839 11.0712
7.111
5165.9
8.351
69.738
59.385
11.0712 10.7926
-2.581
4870.1
-6.074
36.891
15.679
10.7926
9.1972
-17.347 4040.55
-20.531
421.506 356.136
9.1972
9.5913
4.109 4332.95
6.748
45.539
27.728
9.5913
9.6235
0.335
4360
0.620
0.385
0.208
9.6235
8.5336
-12.772
3921.2
-11.191
125.227 142.924
8.5336
6.9419
-22.929
2885.6
-35.889 1287.992 822.885
6.9419
6.7474
-2.883
2755.1
-4.737
22.436
13.654
6.7474
7.2343
6.730 2959.15
6.896
47.549
46.410
7.2343
6.885
-5.073
2874.8
-2.934
8.609
14.886
6.885
6.668
-3.254 2763.65
-4.022
16.175
13.089
6.668
7.0448
5.349 3020.95
8.517
72.542
45.555
7.0448
7.7846
9.503 3473.95
13.040
170.039 123.923
7.7846
9.945
21.723 4448.95
21.915
480.279 476.076
9.945 10.2796
3.255
4291.1
-3.679
13.532
-11.974
10.2796 11.1038
7.423 4636.45
7.449
55.481
55.289
11.1038 11.2265
1.093
4662.1
0.550
0.303
0.601
11.2265 12.0124
6.542 5083.95
8.298
68.852
54.287
12.0124 11.8674
-1.222
4711.7
-7.901
62.419
9.653
11.8674
12.292
3.454
5032.7
6.378
40.683
22.032
12.292 12.5605
2.138 5201.05
3.237
10.477
6.919
12.5605 11.9895
-4.763 4882.05
-6.534
42.695
31.119
11.9895 12.0427
0.442
4922.3
0.818
0.669
0.361
12.0427 12.5302
3.891
5249.1
6.226
38.761
24.222
12.5302 12.9159
2.986
5278
0.548
0.300
1.635
12.9159 12.7656
-1.177
5086.3
-3.769
14.205
4.437
12.7656 13.3465
4.352
5312.5
4.258
18.130
18.532
13.3465 13.6951
2.545
5367.6
1.027
1.054
2.613
13.6951 13.6893
-0.042
5402.4
0.644
0.415
-0.027

Sep
Oct
Nov
Dec

13.6893
13.4474
13.4719
13.1802

13.4474
13.4719
13.1802
13.5115

-1.799 6029.95
0.182
6017.7
-2.213
5862.7
2.452
6134.5
Table 4.4

10.407
-0.204
-2.644
4.431

108.310
0.041
6.990
19.631

-18.721
-0.037
5.851
10.864

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

48

XY = 2963.969

7.179

0.680

5.537
21.717
Y

Y = 4363.880

Table 4.4.1
Table showing the Standard deviation and Beta of Tata Equity fund
Inference: As the is less than 1 it can be said that the scheme is less risky. For One percent
change in the market index causes 0.680 percent change in the scheme return. The scheme is
less volatile compared to the market. The Standard Deviation of the scheme is 7.179 which
means the schemes returns vary with the index to the extent of 7.179.

4.5 HDFC INCOME FUND

Month
2007 Jan
Feb
March
April
May
June
July
Aug
Sep
Oct
Nov
Dec
2008 Jan
Feb
March
April
May
June
July
Aug
Sep
Oct
Nov
Dec
2009Jan
Feb
March
April
May
June
July
Aug
Sep
Oct
Nov
Dec
2010 Jan
Feb
March
April
May
June
July
Aug

Total
Opening Closing
Index
index
(RS)
(RS)
Returns(X) Return
return(Y) Y*Y
X*Y
10.1863 10.1996
0.130
4082.7
1.844
3.400
0.240
10.1996 10.1109
-0.877
3745.3
-9.009
81.155
7.903
10.1109 10.1151
0.042 3821.55
1.9953
3.981
0.083
10.1151 10.1616
0.458
4087.9
6.516
42.453
2.982
10.1616 10.1989
0.366
4295.8
4.840
23.422
1.770
10.1989 10.1366
-0.615
4318.3
0.521
0.271
-0.320
10.1366 10.4455
2.957 4528.85
4.649
21.614
13.749
10.4455 10.3811
-0.620
4464
-1.453
2.110
0.901
10.3811 10.3099
-0.691 5021.35
11.100
123.201
-7.665
10.3099 10.4816
1.638 5900.65
14.902
222.062
24.411
10.4816 10.5494
0.643 5762.75
-2.393
5.726
-1.538
10.5494
10.46
-0.855
6138.6
6.123
37.488
-5.233
10.46 10.6649
1.921 5137.45
-19.487
379.755
-37.440
10.6649 10.6607
-0.039
5223.5
1.647
2.714
-0.065
10.6607 10.2828
-3.675
4734.5
-10.328
106.676
37.958
10.2828 10.3023
0.189
5165.9
8.351
69.738
1.581
10.3023 10.3187
0.159
4870.1
-6.074
36.891
-0.965
10.3187 10.1947
-1.216 4040.55
-20.531
421.506
24.972
10.1947 10.1695
-0.248 4332.95
6.748
45.539
-1.672
10.1695
10.22
0.494
4360
0.620
0.385
0.307
10.22 10.1692
-0.500
3921.2
-11.191
125.227
5.590
10.1692 10.0719
-0.966
2885.6
-35.889 1287.992
34.670
10.0719 10.4256
3.393
2755.1
-4.737
22.436
-16.070
10.4256 11.2787
7.564 2959.15
6.896
47.549
52.157
11.2787 10.8824
-3.642
2874.8
-2.934
8.609
10.685
10.8824 10.8928
0.095 2763.65
-4.022
16.175
-0.384
10.8928 10.6725
-2.064 3020.95
8.517
72.542
-17.581
10.6725 11.1785
4.527 3473.95
13.040
170.039
59.026
11.1785 10.9785
-1.822 4448.95
21.915
480.279
-39.924
10.9785
10.951
-0.251
4291.1
-3.679
13.532
0.924
10.951 10.9562
0.047 4636.45
7.449
55.481
0.354
10.9562 10.8523
-0.957
4662.1
0.550
0.303
-0.527
10.8523 10.8357
-0.153 5083.95
8.298
68.852
-1.271
10.8357 10.8544
0.172
4711.7
-7.901
62.419
-1.361
10.8544 11.0324
1.613
5032.7
6.378
40.683
10.291
11.0324 10.8424
-1.752 5201.05
3.237
10.477
-5.672
10.8424 10.9037
0.562 4882.05
-6.534
42.695
-3.673
10.9037 10.8083
-0.883
4922.3
0.818
0.669
-0.722
10.8083 10.8334
0.232
5249.1
6.226
38.761
1.442
10.8334 10.9014
0.624
5278
0.548
0.300
0.342
10.9014 11.0134
1.017
5086.3
-3.769
14.205
-3.833
11.0134 10.8815
-1.212
5312.5
4.258
18.130
-5.161
10.8815 10.8668
-0.135
5367.6
1.027
1.054
-0.139
10.8668 10.9256
0.538
5402.4
0.644
0.415
0.347

Sep
Oct
Nov
Dec

10.9256
10.8696
10.8146
10.8807

10.8696
10.8146
10.8807
10.9239

-0.515
-0.509
0.607
0.395

6029.95
6017.7
5862.7
6134.5

10.407
-0.204
-2.644
4.431

108.310
0.041
6.990
19.631

-5.362
0.104
-1.606
1.752

Table 4.5
Table showing the calculations of Return and Beta of SBI Equity fund and S&P CNX
NIFTY
N

48

XY = 136.352

1.825

0.031

6.187
21.717
Y

Y = 4363.880

Table 4.5.1
Table showing the Standard deviation and Beta of Tata Equity fund
Inference: As the is less than 1 it can be said that the scheme is less risky. For One percent
change in the market index causes 0.031 percent change in the scheme return. The scheme is
less volatile compared to the market. The standard deviation of the scheme is 1.825 which
means there is almost no variation in the returns with the index.

4.6 JM FINANCIAL INCOME FUND

Month
2007 Jan
Feb
March
April
May
June
July
Aug
Sep
Oct
Nov
Dec
2008 Jan
Feb
March
April
May
June
July
Aug
Sep
Oct
Nov
Dec
2009Jan
Feb
March
April
May
June
July
Aug
Sep
Oct
Nov
Dec
2010 Jan
Feb
March
April
May
June

Total
Opening Closing
Index
index
(RS)
(RS)
Returns(X) Return
return(Y) Y*Y
X*Y
10.291 10.3153
0.236
4082.7
1.844
3.400
0.434
10.3153
10.332
0.162
3745.3
-9.009
81.155
-1.456
10.332 10.1704
-1.589 3821.55
1.995
3.981
-3.170
10.1704 10.2144
0.431
4087.9
6.516
42.453
2.807
10.2144 10.2588
0.433
4295.8
4.840
23.422
2.095
10.2588 10.3021
0.420
4318.3
0.521
0.271
0.219
10.3021 10.3071
0.049 4528.85
4.649
21.614
0.226
10.3071
10.335
0.270
4464
-1.453
2.110
-0.392
10.335 10.3997
0.622 5021.35
11.100
123.201
6.905
10.3997 10.5155
1.101 5900.65
14.902
222.062
16.410
10.5155 10.5955
0.755 5762.75
-2.393
5.726
-1.807
10.5955 10.6972
0.951
6138.6
6.123
37.488
5.821
10.6972 10.7563
0.549 5137.45
-19.487
379.755
-10.707
10.7563 10.6914
-0.607
5223.5
1.647
2.714
-1.000
10.6914 10.6189
-0.683
4734.5
-10.328
106.676
7.052
10.6189 10.6572
0.359
5165.9
8.351
69.738
3.001
10.6572 10.5629
-0.893
4870.1
-6.074
36.891
5.422
10.5629 10.4103
-1.466 4040.55
-20.531
421.506
30.095
10.4103 10.3582
-0.503 4332.95
6.748
45.539
-3.394
10.3582 10.1773
-1.777
4360
0.620
0.385
-1.103
10.1773 10.2098
0.318
3921.2
-11.191
125.227
-3.562
10.2098 10.2109
0.011
2885.6
-35.889 1287.992
-0.387
10.2109 10.2911
0.779
2755.1
-4.737
22.436
-3.691
10.2911 10.4708
1.716 2959.15
6.896
47.549
11.834
10.4708 10.4263
-0.427
2874.8
-2.934
8.609
1.252
10.4263 10.2178
-2.041 2763.65
-4.022
16.175
8.207
10.2178 10.0818
-1.349 3020.95
8.517
72.542
-11.489
10.0818 10.0409
-0.407 3473.95
13.040
170.039
-5.312
10.0409 10.0056
-0.353 4448.95
21.915
480.279
-7.732
10.0056
9.9948
-0.108
4291.1
-3.679
13.532
0.397
9.9948
9.9516
-0.434 4636.45
7.449
55.481
-3.233
9.9516
9.8744
-0.782
4662.1
0.550
0.303
-0.430
9.8744
9.8728
-0.016 5083.95
8.298
68.852
-0.134
9.8728
9.8513
-0.218
4711.7
-7.901
62.419
1.724
9.8513
9.901
0.502
5032.7
6.378
40.683
3.202
9.901
9.9513
0.505 5201.05
3.237
10.477
1.636
9.9513
9.9392
-0.122 4882.05
-6.534
42.695
0.795
9.9392
9.9283
-0.110
4922.3
0.818
0.669
-0.090
9.9283
9.9865
0.583
5249.1
6.226
38.761
3.628
9.9865 10.0492
0.624
5278
0.548
0.300
0.342
10.0492
10.148
0.974
5086.3
-3.769
14.205
-3.669
10.148
10.174
0.256
5312.5
4.258
18.130
1.088

July
Aug
Sep
Oct
Nov
Dec

10.174
10.1932
10.2386
10.257
10.2579
10.2915

10.1932
10.2386
10.257
10.2579
10.2915
10.3012

0.188
0.443
0.179
0.009
0.326
0.094

5367.6
5402.4
6029.95
6017.7
5862.7
6134.5

1.027
0.644
10.407
-0.204
-2.644
4.431

1.054
0.415
108.310
0.041
6.990
19.631

0.193
0.286
1.867
-0.002
-0.863
0.417

Table 4.6
Table showing the calculations of Return and Beta of JM Financial Equity and S&P
CNX NIFTY
N

48

XY = 53.732

0.766

0.012

-0.038
21.717
Y

Y = 4363.880
Table 4.6.1
Table showing the Standard deviation and Beta of JM Financial Income fund
Inference: As the is less than 1 it can be said that the scheme is less risky. For One percent
change in the market index causes 0.012 percent change in the scheme return. The scheme is
less volatile compared to the market. The standard deviation of the scheme is 0.766 which
means there is almost no variation in the returns with the index.

4.7 SBI INCOME FUND

Month
2007 Jan
Feb
March
April
May
June
July
Aug
Sep
Oct
Nov
Dec
2008 Jan
Feb
March
April
May
June
July
Aug
Sep
Oct
Nov
Dec
2009Jan
Feb
March
April
May
June
July
Aug
Sep
Oct
Nov
Dec
2010 Jan
Feb
March
April
May
June
July
Aug

Total
Opening Closing
Index
index
(RS)
(RS)
Returns(X) Return
return(Y) Y*Y
X*Y
10.1877 10.2168
0.285
4082.7
1.844
3.400
0.525
10.2168
10.221
0.041
3745.3
-9.009
81.155
-0.370
10.221 10.0458
-1.744 3821.55
1.995
3.981
-3.480
10.0458 10.0526
0.068
4087.9
6.516
42.453
0.441
10.0526 10.1275
0.740
4295.8
4.840
23.422
3.579
10.1275
10.123
-0.044
4318.3
0.521
0.271
-0.023
10.123 10.3542
2.233 4528.85
4.649
21.614
10.381
10.3542
10.348
-0.060
4464
-1.453
2.110
0.087
10.348 10.4162
0.655 5021.35
11.100
123.201
7.267
10.4162
10.163
-2.491 5900.65
14.902
222.062
-37.126
10.163 10.2106
0.466 5762.75
-2.393
5.726
-1.116
10.2106 10.3064
0.930
6138.6
6.123
37.488
5.691
10.3064 10.4499
1.373 5137.45
-19.487
379.755
-26.760
10.4499
10.388
-0.596
5223.5
1.647
2.714
-0.982
10.388 10.2101
-1.742
4734.5
-10.328
106.676
17.996
10.2101 10.1989
-0.110
5165.9
8.351
69.738
-0.917
10.1989 10.2138
0.146
4870.1
-6.074
36.891
-0.886
10.2138 10.0777
-1.351 4040.55
-20.531
421.506
27.727
10.0777 10.0803
0.026 4332.95
6.748
45.539
0.174
10.0803 10.1173
0.366
4360
0.620
0.385
0.227
10.1173 10.0602
-0.568
3921.2
-11.191
125.227
6.352
10.0602 10.0616
0.014
2885.6
-35.889 1287.992
-0.499
10.0616 10.2329
1.674
2755.1
-4.737
22.436
-7.929
10.2329 11.1184
7.964 2959.15
6.896
47.549
54.918
11.1184 10.5633
-5.255
2874.8
-2.934
8.609
15.419
10.5633 10.5317
-0.300 2763.65
-4.022
16.175
1.207
10.5317 10.1752
-3.504 3020.95
8.517
72.542
-29.841
10.1752 10.4749
2.861 3473.95
13.040
170.039
37.309
10.4749 10.3277
-1.425 4448.95
21.915
480.279
-31.236
10.3277 10.4228
0.912
4291.1
-3.679
13.532
-3.356
10.4228 10.4568
0.325 4636.45
7.449
55.481
2.422
10.4568 10.3718
-0.820
4662.1
0.550
0.303
-0.451
10.3718 10.2452
-1.236 5083.95
8.298
68.852
-10.253
10.2452
10.257
0.115
4711.7
-7.901
62.419
-0.909
10.257 10.3689
1.079
5032.7
6.378
40.683
6.883
10.3689 10.3381
-0.298 5201.05
3.237
10.477
-0.964
10.3381 10.4128
0.717 4882.05
-6.534
42.695
-4.688
10.4128 10.3836
-0.281
4922.3
0.818
0.669
-0.230
10.3836
10.516
1.259
5249.1
6.226
38.761
7.839
10.516
10.593
0.727
5278
0.548
0.300
0.398
10.593 10.6186
0.241
5086.3
-3.769
14.205
-0.909
10.6186 10.6744
0.523
5312.5
4.258
18.130
2.226
10.6744
10.6
-0.702
5367.6
1.027
1.054
-0.721
10.6 10.6932
0.872
5402.4
0.644
0.415
0.561

Sep
Oct
Nov
Dec

10.6932
10.5452
10.556
10.5931

10.5452
10.556
10.5931
10.6427

-1.403 6029.95
0.102
6017.7
0.350
5862.7
0.466
6134.5
Table 4.7

10.407
-0.204
-2.644
4.431

108.310
0.041
6.990
19.631

-14.606
-0.021
-0.926
2.065

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

48

XY = 32.495

= .0007089

1.793

3.600
21.717
Y

Y = 4363.880

Table 4.7.1
Table showing the Standard deviation and Beta of SBI Income fund
Inference: As the is less than 1 it can be said that the scheme is less risky. For One percent
change in the market index causes 0.0007 percent change in the scheme return. The scheme is
less volatile compared to the market. The standard deviation of the scheme is 1.793 which
means there is almost no variation in the returns with the index.

4.8 TATA EQUITY FUND

Month
2007 Jan
Feb
March
April
May
June
July
Aug
Sep
Oct
Nov
Dec
2008 Jan
Feb
March
April
May
June
July
Aug
Sep
Oct
Nov
Dec
2009Jan
Feb
March
April
May
June
July
Aug
Sep
Oct
Nov
Dec
2010 Jan
Feb
March
April
May
June
July
Aug

Total
Opening Closing
Index
index
(RS)
(RS)
Returns(X) Return
return(Y) Y*Y
X*Y
14.3698 14.3996
0.207
4082.7
1.844
3.400
0.382
14.3996
14.419
0.135
3745.3
-9.009
81.155
-1.212
14.419
14.486
0.463 3821.55
1.995
3.981
0.923
14.486 14.5898
0.711
4087.9
6.516
42.453
4.636
14.5898 14.6816
0.625
4295.8
4.840
23.422
3.026
14.6816 14.7596
0.528
4318.3
0.521
0.271
0.275
14.7596 15.0886
2.180 4528.85
4.649
21.614
10.137
15.0886 14.9587
-0.868
4464
-1.453
2.110
1.262
14.9587 15.0705
0.742 5021.35
11.100
123.201
8.234
15.0705 15.2275
1.031 5900.65
14.902
222.062
15.364
15.2275 15.3076
0.523 5762.75
-2.393
5.726
-1.252
15.3076
15.49
1.178
6138.6
6.123
37.488
7.210
15.49 15.7355
1.560 5137.45
-19.487
379.755
-30.403
15.7355 15.7798
0.281
5223.5
1.647
2.714
0.462
15.7798 15.7282
-0.328
4734.5
-10.328
106.676
3.388
15.7282 15.8228
0.598
5165.9
8.351
69.738
4.993
15.8228
15.868
0.285
4870.1
-6.074
36.891
-1.730
15.868 15.6349
-1.491 4040.55
-20.531
421.506
30.609
15.6349 15.6163
-0.119 4332.95
6.748
45.539
-0.804
15.6163 15.7092
0.591
4360
0.620
0.385
0.367
15.7092 15.8684
1.003
3921.2
-11.191
125.227
-11.227
15.8684
15.99
0.760
2885.6
-35.889 1287.992
-27.292
15.99 16.3294
2.078
2755.1
-4.737
22.436
-9.845
16.3294 17.5948
7.192 2959.15
6.896
47.549
49.592
17.5948 16.7786
-4.865
2874.8
-2.934
8.609
14.273
16.7786 16.6961
-0.494 2763.65
-4.022
16.175
1.987
16.6961 16.4612
-1.427 3020.95
8.517
72.542
-12.154
16.4612 17.0083
3.217 3473.95
13.040
170.039
41.945
17.0083 16.7052
-1.814 4448.95
21.915
480.279
-39.763
16.7052 16.7213
0.096
4291.1
-3.679
13.532
-0.354
16.7213 16.6389
-0.495 4636.45
7.449
55.481
-3.689
16.6389 16.5137
-0.758
4662.1
0.550
0.303
-0.417
16.5137 16.4501
-0.387 5083.95
8.298
68.852
-3.208
16.4501 16.4728
0.138
4711.7
-7.901
62.419
-1.089
16.4728 16.6508
1.069
5032.7
6.378
40.683
6.819
16.6508 16.6319
-0.114 5201.05
3.237
10.477
-0.368
16.6319 16.6805
0.291 4882.05
-6.534
42.695
-1.904
16.6805 16.5937
-0.523
4922.3
0.818
0.669
-0.428
16.5937 16.6395
0.275
5249.1
6.226
38.761
1.714
16.6395 16.8505
1.252
5278
0.548
0.300
0.686
16.8505
16.98
0.763
5086.3
-3.769
14.205
-2.874
16.98 16.9799
-0.001
5312.5
4.258
18.130
-0.003
16.9799 16.9206
-0.350
5367.6
1.027
1.054
-0.360
16.9206 16.9196
-0.006
5402.4
0.644
0.415
-0.004

Sep
Oct
Nov
Dec

16.9196
17.0173
17.011
17.0688

17.0173
17.011
17.0688
17.0952

0.574
-0.037
0.339
0.154

6029.95
6017.7
5862.7
6134.5

10.407
-0.204
-2.644
4.431

108.310
0.041
6.990
19.631

5.975
0.008
-0.895
0.684

Table 4.8
Table showing the calculations of Return and Beta of SBI Income fund and S&P CNX
NIFTY

48

XY = 63.675

= 0.013

1.547

0.013
21.717
Y

Y = 4363.880

Table 4.8.1
Table showing the Standard deviation and Beta ofTata Income fund
Inference: As the is less than 1 it can be said that the scheme is less risky. For One percent
change in the market index causes 0.013 percent change in the scheme return. The scheme is
less volatile compared to the market. The Standard Deviation of the scheme is 1.547 which
means there is almost no variation in the returns with the index.

4.9 HDFC Balanced Fund

Month
2007 Jan
Feb
March
April
May
June
July
Aug
Sep
Oct
Nov
Dec
2008 Jan
Feb
March
April
May
June
July
Aug
Sep
Oct
Nov
Dec
2009Jan
Feb
March
April
May
June
July
Aug
Sep
Oct
Nov
Dec
2010 Jan
Feb
March
April
May
June
July
Aug

Total
Opening Closing
Index
index
(RS)
(RS)
Returns(X) Return
return(Y) Y*Y
X*Y
18.072
17.989
-0.461
4082.7
1.844
3.400
-0.851
17.989
16.539
-8.767
3745.3
-9.009
81.155
78.980
16.539
16.486
-0.321 3821.55
1.995
3.981
-0.641
16.486
17.404
5.275
4087.9
6.516
42.453
34.367
17.404
18.099
3.840
4295.8
4.840
23.422
18.584
18.099
18.258
0.871
4318.3
0.521
0.271
0.454
18.258
19.03
4.057 4528.85
4.649
21.614
18.860
19.03
18.576
-2.444
4464
-1.453
2.110
3.550
18.576
19.779
6.082 5021.35
11.100
123.201
67.510
19.779
21.262
6.975 5900.65
14.902
222.062 103.938
21.262
21.497
1.093 5762.75
-2.393
5.726
-2.616
21.497
20.572
-4.496
6138.6
6.123
37.488
-27.530
20.572
19.009
-8.222 5137.45
-19.487
379.755 160.233
19.009
18.94
-0.364
5223.5
1.647
2.714
-0.600
18.94
17.292
-9.530
4734.5
-10.328
106.676
98.434
17.292
18.294
5.477
5165.9
8.351
69.738
45.740
18.294
17.648
-3.660
4870.1
-6.074
36.891
22.233
17.648
15.82
-11.555 4040.55
-20.531
421.506 237.231
15.82
16.729
5.434 4332.95
6.748
45.539
36.668
16.729
17.207
2.778
4360
0.620
0.385
1.723
17.207
16.022
-7.396
3921.2
-11.191
125.227
82.766
16.022
12.894
-24.259
2885.6
-35.889 1287.992 870.634
12.894
12.238
-5.360
2755.1
-4.737
22.436
25.390
12.238
13.063
6.316 2959.15
6.896
47.549
43.549
13.063
12.78
-2.214
2874.8
-2.934
8.609
6.497
12.78
10.826
-18.049 2763.65
-4.022
16.175
72.591
10.826
11.47
5.615 3020.95
8.517
72.542
47.821
11.47
13.04
12.040 3473.95
13.040
170.039 156.999
13.04
15.703
16.959 4448.95
21.915
480.279 371.651
15.703
15.921
1.369
4291.1
-3.679
13.532
-5.037
15.921
16.861
5.575 4636.45
7.449
55.481
41.526
16.861
17.004
0.841
4662.1
0.550
0.303
0.463
17.004
18.325
7.209 5083.95
8.298
68.852
59.816
18.325
18.215
-0.604
4711.7
-7.901
62.419
4.771
18.215
18.945
3.853
5032.7
6.378
40.683
24.577
18.945
19.899
4.794 5201.05
3.237
10.477
15.518
19.899
19.907
0.040 4882.05
-6.534
42.695
-0.263
19.907
19.935
0.140
4922.3
0.818
0.669
0.115
19.935
18.576
-7.316
5249.1
6.226
38.761
-45.547
18.576
19.051
2.493
5278
0.548
0.300
1.365
19.051
19.107
0.293
5086.3
-3.769
14.205
-1.105
19.107
19.959
4.269
5312.5
4.258
18.130
18.176
19.959
20.491
2.596
5367.6
1.027
1.054
2.665
20.491
20.744
1.220
5402.4
0.644
0.415
0.786

Sep
Oct
Nov
Dec

20.744
21.865
22.466
22.057

21.865
22.466
22.057
22.222

5.127
2.675
-1.854
0.743

6029.95
6017.7
5862.7
6134.5

10.407
-0.204
-2.644
4.431

108.310
0.041
6.990
19.631

53.357
-0.545
4.902
3.290

Table 4.9
Table showing the calculations of Return and Beta of SBI Income fund and S&P CNX
NIFTY

48

XY = 2752.996

= 0.63

7.108

9.17
21.717
Y

Y = 4363.880

Table 4.9.1
Table showing the Standard deviation and Beta of HDFC Balanced fund
Inference: As the is less than 1 it can be said that the scheme is less risky. For One percent
change in the market index causes 0.63 percent change in the scheme return. The scheme is
less volatile compared to the market. The Standard Deviation of the scheme is 7.108 which
means the schemes returns vary with the index to the extent of 7.108.

4.10 JM Financial Balanced Fund

Month
2007 Jan
Feb
March
April
May
June
July
Aug
Sep
Oct
Nov
Dec
2008 Jan
Feb
March
April
May
June
July
Aug
Sep
Oct
Nov
Dec
2009Jan
Feb
March
April
May
June
July
Aug
Sep
Oct
Nov
Dec
2010 Jan
Feb
March
April
May
June

Total
Opening Closing
Index
index
(RS)
(RS)
Returns(X) Return
return(Y) Y*Y
X*Y
17.7
17.94
1.338
4082.7
1.844
3.400
2.467
17.94
16.71
-7.361
3745.3
-9.009
81.155
66.311
16.71
16.85
0.831 3821.55
1.995
3.981
1.658
16.85
17.85
5.602
4087.9
6.516
42.453
36.502
17.85
18.79
5.003
4295.8
4.840
23.422
24.211
18.79 19.0314
1.268
4318.3
0.521
0.271
0.661
19.0314 20.6637
7.899 4528.85
4.649
21.614
36.725
20.6637 21.1556
2.325
4464
-1.453
2.110
-3.378
21.1556 22.9954
8.001 5021.35
11.100
123.201
88.805
22.9954 24.0288
4.301 5900.65
14.902
222.062
64.088
24.0288 24.2301
0.831 5762.75
-2.393
5.726
-1.988
24.2301 25.8466
6.254
6138.6
6.123
37.488
38.293
25.8466 21.6224
-19.536 5137.45
-19.487
379.755
380.708
21.6224 21.1992
-1.996
5223.5
1.647
2.714
-3.289
21.1992 18.4396
-14.966
4734.5
-10.328
106.676
154.571
18.4396
19.949
7.566
5165.9
8.351
69.738
63.185
19.949 18.5471
-7.559
4870.1
-6.074
36.891
45.909
18.5471 15.7123
-18.042 4040.55
-20.531
421.506
370.411
15.7123 16.1076
2.454 4332.95
6.748
45.539
16.561
16.1076 16.5818
2.860
4360
0.620
0.385
1.774
16.5818 14.0568
-17.963
3921.2
-11.191
125.227
201.013
14.0568 10.4547
-34.454
2885.6
-35.889 1287.992 1236.519
10.4547 10.1863
-2.635
2755.1
-4.737
22.436
12.481
10.1863
11.16
8.725 2959.15
6.896
47.549
60.163
11.16 10.1637
-9.803
2874.8
-2.934
8.609
28.762
10.1637
9.704
-4.737 2763.65
-4.022
16.175
19.052
9.704 10.2503
5.330 3020.95
8.517
72.542
45.393
10.2503 11.8962
13.836 3473.95
13.040
170.039
180.414
11.8962 15.4357
22.931 4448.95
21.915
480.279
502.531
15.4357 14.9114
-3.516
4291.1
-3.679
13.532
12.934
14.9114 15.5953
4.385 4636.45
7.449
55.481
32.664
15.5953 15.6755
0.512
4662.1
0.550
0.303
0.281
15.6755 16.6266
5.720 5083.95
8.298
68.852
47.466
16.6266 15.2733
-8.861
4711.7
-7.901
62.419
70.003
15.2733 15.9321
4.135
5032.7
6.378
40.683
26.375
15.9321
16.467
3.248 5201.05
3.237
10.477
10.514
16.467 15.6837
-4.994 4882.05
-6.534
42.695
32.634
15.6837 15.4625
-1.431
4922.3
0.818
0.669
-1.170
15.4625 15.3273
-0.882
5249.1
6.226
38.761
-5.492
15.3273 16.1185
4.909
5278
0.548
0.300
2.688
16.1185 15.7096
-2.603
5086.3
-3.769
14.205
9.810
15.7096 16.4863
4.711
5312.5
4.258
18.130
20.060

July
Aug
Sep
Oct
Nov
Dec

16.4863
16.8911
16.5032
17.5233
17.5772
16.8445

16.8911
16.5032
17.5233
17.5772
16.8445
17.2472

2.397
-2.350
5.821
0.307
-4.350
2.335

5367.6
5402.4
6029.95
6017.7
5862.7
6134.5

1.027
0.644
10.407
-0.204
-2.644
4.431

1.054
0.415
108.310
0.041
6.990
19.631

2.460
-1.514
60.585
-0.062
11.500
10.345

Table 4.10
Table showing the calculations of Return and Beta of SBI Income fund and S&P CNX
NIFTY

48

XY = 4012.594

= 0.92

9.381

-22.205
21.717
Y

Y = 4363.880

Table 4.10.1
Table showing the Standard deviation and Beta of JM Financial Balanced fund
Inference: As the is less than 1 it can be said that the scheme is less risky. For One percent
change in the market index causes 0.92 percent change in the scheme return. The scheme is
less volatile compared to the market. The Standard Deviation of the scheme is 9.381 which
means the schemes returns vary with the index to the extent of 9.381.

4.11 SBI Balanced Fund

Month
2007 Jan
Feb
March
April
May
June
July
Aug
Sep
Oct
Nov
Dec
2008 Jan
Feb
March
April
May
June
July
Aug
Sep
Oct
Nov
Dec
2009Jan
Feb
March
April
May
June
July
Aug
Sep
Oct
Nov
Dec
2010 Jan
Feb
March
April
May
June
July
Aug

Total
Opening Closing
Index
index
(RS)
(RS)
Returns(X) Return
return(Y) Y*Y
X*Y
25.81
26.38
2.161
4082.7
1.844
3.400
3.984
26.38
24.73
-6.672
3745.3
-9.009
81.155
60.106
24.73
24.7
-0.121 3821.55
1.995
3.981
-0.242
24.7
26.14
5.509
4087.9
6.516
42.453
35.893
26.14
27.45
4.772
4295.8
4.840
23.422
23.096
27.45
27.89
1.578
4318.3
0.521
0.271
0.822
27.89
28.72
2.890 4528.85
4.649
21.614
13.436
28.72
28.59
-0.455
4464
-1.453
2.110
0.661
28.59
31.48
9.180 5021.35
11.100
123.201 101.899
31.48
35.18
10.517 5900.65
14.902
222.062 156.727
35.18
31.42
-11.967 5762.75
-2.393
5.726
28.636
31.42
33.94
7.425
6138.6
6.123
37.488
45.460
33.94
29.18
-16.313 5137.45
-19.487
379.755 317.887
29.18
29.22
0.137
5223.5
1.647
2.714
0.226
29.22
26.3
-11.103
4734.5
-10.328
106.676 114.673
26.3
27.71
5.088
5165.9
8.351
69.738
42.493
27.71
26.44
-4.803
4870.1
-6.074
36.891
29.174
26.44
22.97
-15.107 4040.55
-20.531
421.506 310.149
22.97
23.98
4.212 4332.95
6.748
45.539
28.423
23.98
24.27
1.195
4360
0.620
0.385
0.741
24.27
22.27
-8.981
3921.2
-11.191
125.227 100.498
22.27
18.23
-22.161
2885.6
-35.889 1287.992 795.337
18.23
17.48
-4.291
2755.1
-4.737
22.436
20.323
17.48
18.78
6.922 2959.15
6.896
47.549
47.733
18.78
18.12
-3.642
2874.8
-2.934
8.609
10.687
18.12
17.45
-3.840 2763.65
-4.022
16.175
15.442
17.45
18.57
6.031 3020.95
8.517
72.542
51.369
18.57
20.98
11.487 3473.95
13.040
170.039 149.791
20.98
26.23
20.015 4448.95
21.915
480.279 438.640
26.23
26.14
-0.344
4291.1
-3.679
13.532
1.267
26.14
27.61
5.324 4636.45
7.449
55.481
39.657
27.61
27.96
1.252
4662.1
0.550
0.303
0.689
27.96
29.69
5.827 5083.95
8.298
68.852
48.350
29.69
28.4
-4.542
4711.7
-7.901
62.419
35.886
28.4
24.74
-14.794
5032.7
6.378
40.683
-94.359
24.74
25.61
3.397 5201.05
3.237
10.477
10.996
25.61
24.97
-2.563 4882.05
-6.534
42.695
16.747
24.97
24.7
-1.093
4922.3
0.818
0.669
-0.894
24.7
26
5.000
5249.1
6.226
38.761
31.129
26
26.48
1.813
5278
0.548
0.300
0.993
26.48
25.53
-3.721
5086.3
-3.769
14.205
14.025
25.53
26.4
3.295
5312.5
4.258
18.130
14.032
26.4
26.93
1.968
5367.6
1.027
1.054
2.020
26.93
27.13
0.737
5402.4
0.644
0.415
0.475

Sep
Oct
Nov
Dec

27.13
28.84
28.976
28.45

28.84
28.976
28.45
28.81

5.929
0.469
-1.849
1.250

6029.95
6017.7
5862.7
6134.5

10.407
-0.204
-2.644
4.431

108.310
0.041
6.990
19.631

61.707
-0.096
4.888
5.536

Table 4.11
Table showing the calculations of Return and Beta of SBI Balanced fund and S&P
CNX NIFTY

48

XY = 3137.113

= 0.721

7.784

-2.980
21.717
Y

Y = 4363.880

Table 4.11.1
Table showing the Standard deviation and Beta of SBI Balanced fund
Inference: As the is less than 1 it can be said that the scheme is less risky. For One percent
change in the market index causes 0.721 percent change in the scheme return. The scheme is
less volatile compared to the market. The Standard Deviation of the scheme is 7.784 which
means the schemes returns vary with the index to the extent of 7.784.

4.12 Tata Balanced Fund

Month
2007 Jan
Feb
March
April
May
June
July
Aug
Sep
Oct
Nov
Dec
2008 Jan
Feb
March
April
May
June
July
Aug
Sep
Oct
Nov
Dec
2009Jan
Feb
March
April
May
June
July
Aug
Sep
Oct
Nov
Dec
2010 Jan
Feb
March
April
May
June

Total
Opening Closing
Index
index
(RS)
(RS)
Returns(X) Return
return(Y) Y*Y
X*Y
36.4971 37.3989
2.411
4082.7
1.844
3.400
4.446
37.3989 35.6155
-5.007
3745.3
-9.009
81.155
45.109
35.6155
35.969
0.983 3821.55
1.995
3.981
1.961
35.969 38.2376
5.933
4087.9
6.516
42.453
38.656
38.2376 40.2662
5.038
4295.8
4.840
23.422
24.382
40.2662 41.3435
2.606
4318.3
0.521
0.271
1.358
41.3435 40.5855
-1.868 4528.85
4.649
21.614
-8.683
40.5855 40.5888
0.008
4464
-1.453
2.110
-0.012
40.5888 44.1081
7.979 5021.35
11.100
123.201
88.562
44.1081 50.3854
12.459 5900.65
14.902
222.062 185.654
50.3854 51.1117
1.421 5762.75
-2.393
5.726
-3.400
51.1117 53.0234
3.605
6138.6
6.123
37.488
22.075
53.0234 46.5737
-13.848 5137.45
-19.487
379.755 269.867
46.5737 45.6159
-2.100
5223.5
1.647
2.714
-3.459
45.6159 40.9358
-11.433
4734.5
-10.328
106.676 118.082
40.9358 43.1337
5.096
5165.9
8.351
69.738
42.553
43.1337 41.8192
-3.143
4870.1
-6.074
36.891
19.092
41.8192 36.0312
-16.064 4040.55
-20.531
421.506 329.801
36.0312 37.5443
4.030 4332.95
6.748
45.539
27.197
37.5443 38.0232
1.259
4360
0.620
0.385
0.781
38.0232 34.5912
-9.922
3921.2
-11.191
125.227 111.028
34.5912 28.3164
-22.160
2885.6
-35.889 1287.992 795.277
28.3164 27.4191
-3.273
2755.1
-4.737
22.436
15.501
27.4191 29.4827
6.999 2959.15
6.896
47.549
48.265
29.4827 28.4476
-3.639
2874.8
-2.934
8.609
10.676
28.4476
28.175
-0.968 2763.65
-4.022
16.175
3.891
28.175 29.5963
4.802 3020.95
8.517
72.542
40.902
29.5963 31.1984
5.135 3473.95
13.040
170.039
66.963
31.1984
39.081
20.170 4448.95
21.915
480.279 442.029
39.081 39.5149
1.098
4291.1
-3.679
13.532
-4.039
39.5149 42.1075
6.157 4636.45
7.449
55.481
45.862
42.1075 43.4335
3.053
4662.1
0.550
0.303
1.680
43.4335 46.2956
6.182 5083.95
8.298
68.852
51.298
46.2956 45.8419
-0.990
4711.7
-7.901
62.419
7.819
45.8419 48.7342
5.935
5032.7
6.378
40.683
37.854
48.7342 50.0035
2.538 5201.05
3.237
10.477
8.216
50.0035 48.4083
-3.295 4882.05
-6.534
42.695
21.532
48.4083 48.8594
0.923
4922.3
0.818
0.669
0.755
48.8594 47.9525
-1.891
5249.1
6.226
38.761 -11.775
47.9525 48.7766
1.690
5278
0.548
0.300
0.925
48.7766 47.8289
-1.981
5086.3
-3.769
14.205
7.468
47.8289 49.7702
3.901
5312.5
4.258
18.130
16.608

July
Aug
Sep
Oct
Nov
Dec

49.7702
50.4418
50.8809
53.9264
54.1237
53.5627

50.4418
50.8809
53.9264
54.1237
53.5627
54.0398

1.331
0.863
5.648
0.365
-1.047
0.883

5367.6
5402.4
6029.95
6017.7
5862.7
6134.5

1.027
0.644
10.407
-0.204
-2.644
4.431

1.054
0.415
108.310
0.041
6.990
19.631

1.367
0.556
58.775
-0.074
2.769
3.912

Table 4.12
Table showing the calculations of Return and Beta of Tata Balanced Fund and S&P
CNX NIFTY

48

XY = 2990.061

= 0.684

6.967

27.873
21.717
Y

Y = 4363.880

Table 4.12.1
Table showing the Standard deviation and Beta of Tata Balanced fund
Inference: As the is less than 1 it can be said that the scheme is less risky. For One percent
change in the market index causes 0.684 percent change in the scheme return. The scheme is
less volatile compared to the market. The Standard Deviation of the scheme is 6.967 which
means the schemes returns vary with the index to the extent of 6.967.

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

Rank
Rank
Rank
according
according
according
to
to
to
Sr Mutual Fund Treynor Treynor
Sharpe
Sharpe
Jensen
Jensen
No
Company
measure measure measure measure measure measure
1

HDFC

- 9.859

-0.894

-14.915

SBI

- 8.39

-2.255

-22.043

JM Financial

- 39.932

-3.978

-60.755

TATA

- 2.887

-0.273

-11.631

Table 4.13
Inference:According to Treynor ratio Tata Equity fund is Ranked 1 whereas SBI and HDFC
equity fund are Ranked 2 and 3 Respectively.According to sharpes and jenson measure Tata
Equity fund is ranked 1 whereas HDFC and SBI are ranked 2 and 3 respectively.

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

Rank
Rank
Rank
according
according
according
to
to
to
Sl Mutual Fund Treynor Treynor
Sharpe
Sharpe
Jensen
Jensen
No
Company
measure measure measure measure measure measure
1

HDFC

-42.35

- 0.719

-1.754

SBI

- 550.14

- 2.175

-4.001

JM Financial

-628.16

- 9.854

-7.709

TATA

712.615

5.988

9.079

Table 4.14
Inference:According to treynor,sharpe and jenson measure Tata Income fund is Ranked 1
whereas Hdfc Income fund is ranked 2 followed by SBI income fund.

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

Sr
No

Mutual
Fund
Company

HDFC

Rank
Rank
according
according
to
to
Treynor Treynor
Sharpe
Sharpe
measure measure measure measure

Rank
according
to
Jensen
measure

Jensen
measure

2.651

0.235

-7.287

SBI

-14.535

-1.346

-20.730

JM Financial

-32.288

-3.167

-42.785

TATA

29.785

2.924

10.649

Table 4.15

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

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

CHAPTER 5
CONCLUSION
5.1 SUMMARY OF FINDINGS

The research project was done about Four Asset Management Companies and the data
collected for the project was for a period of four years i.e. from Jan 2007 to Dec 2010. And
on the collected data, study was done and the following were the findings:

Equity Scheme
Name of the Mutual Standard
fund Company
deviation

Beta

Income Scheme

Balanced Scheme

Standard
deviation

Standard
deviation

Beta

Beta

HDFC

10.265

0.931

1.825

0.031

7.108

0.684

JM Financial

11.264

1.122

0.766

0.012

9.381

0.92

SBI

9.932

0.975

1.793

0.0007

7.784

0.721

TATA

7.179

0.680

1.547

0.013

6.967

0.63

In the Equity Scheme sector JM Financial has the highest beta of 1.122 as against the
Tata which has lowest beta of 0.680. HDFC ,SBI, TATA are called defensive assets, the
funds having beta less than 1. JM Financial is aggressive asset whose beta is more than 1.
None of the above five schemes are risk free assets whose beta is zero.
In the Balanced Scheme sector JM Financial has the highest beta of 0.92 as against
the Tata has lowest beta of 0.63. Beta measures the risk (volatility) of an individual asset
relative to the market portfolio. JM Financial, SBI, HDFC & TATA are called defensive
assets, the funds having beta less than 1. None of the above five schemes are risk free assets
whose beta is zero.

In the Income Scheme sector hdfc has the highest beta of 0.031 as against the SBI
which have lowest beta of .0007.HDFC, JM Financial, SBI & TATA are called defensive
assets, the funds having beta less than 1. There is no aggressive asset whose beta is more than
1. None of the above five schemes are risk free assets whose beta is zero but the beta of all
the schemes are very near to zero.
According to Treynor,Sharpes,Jenson measure Tata Equity,Income and Balanced fund is
ranked 1 , Hdfc Equity,balanced,Income Fund is Ranked 2 and SBI Schemes are ranked 3

5.2 RECOMMENDATIONS:

In Equity schemes among HDFC Mutual Fund, JM Financial Mutual Fund, SBI
Mutual Fund and TATA Mutual Funds, TATA Mutual fund is performing well.
In Income schemes among HDFC Mutual Fund, JM Financial Mutual Fund,SBI
Mutual Fund and TATA Mutual Funds, TATA Mutual fund is performing well.
In Balanced schemes among HDFC Mutual Fund, JM Financial Mutual Fund, SBI
Mutual Fund and TATA Mutual Funds, TATA Mutual fund and Hdfc is performing
well.

5. 3 SUGGESSIONS:

The company has a good team of equity research still there is scope for further
improvement in equity & Mutual fund research.
The company has presence in Derivative sector, Insurance (life & nonlife), Wealth
management services. Advanced research technology needs to be adopted to increase
market share.
In order to increase the client base the company needs to increase the geographic
cover up from metro to semi urban, non metro cities and gradually to rural area.
The company needs to create finance awareness in the general public (target people)
about the Mutual Fund .

5. 4 CONCLUSIONS:

Indian mutual fund industry has witnessed a lot of ups and down in its history. Despite that it
has been able to successfully assist efficient resources allocation, provide strong support to
the capital market and help investors realizing the benefits of stock market investing. The
growing importance of Indian mutual fund in the market place may be noticed in terms of
increased mobilization of funds and growing number of investor accounts education
regarding various schemes and avenues with their relative benefits compared to other
investment avenues. Requisite training should also be given to financial advisor.
The performance of the mutual fund in the last four years in Equity,Income and Balanced
schemes
TATA Mutual Fund------Out performing.
JM Financial Mutual fund ---- Worst performing.
Return alone should not be considered as the basis of measurement of the
performance of mutual fund scheme, and
It should also include the risk taken by the fund manager because different funds
will have different levels of risk attached to them
Thus the mutual fund brings together a group of people and invests their money in
stocks, bonds, and other securities.