The Perfomance of Mutual Fund

A STUDY OF
THE PERFOMANCE OF MUTUAL FUND

ULTRA SHORT TERM DEBT FUND SCHEMES
Summer Internship Report
Report submitted in partial fulfillment of the requirements

For
2 years Full Time
Post Graduate Diploma in Management (Finance) Course
2019 – 2021
Submitted by
AARTI PATEL
PGDM PF1920 – D28
2019 - 2021
N.L Dalmia Institute of Management Studies & Research, Mumbai
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ACKNOWLEDGEMENT
It gives me immense pleasure to express my deepest sense of gratitude and sincere thanks to my
highly respected and esteemed guide Prof. Dr. Chetna Asbe, for her valuable guidance and
encouragement for completing this work. Her open approach and a unique management style stirred
curiosity within me and the wealth of knowledge that she shared on the subject of Mutual Funds got
me pondering, many-a-time, on the intricacies of the subject beyond the scope of textbooks, formal
reports and research matter, available digitally and in print. Her useful suggestions for this whole
work and co-operative behaviour is sincerely acknowledged. She made the entire process of learning
smooth and hastle-free. She was always available to me whenever I needed guidance or got struck
somewhere. I must also thank her for proof reading and guiding extensively on the structure of the
report.
At this juncture, I would also like to mention about the constant support and guidance received from
Prof. Dr. Anil Gor, Dean Finance at N. L. Dalmia Institute of Management Studies and Research,
Mumbai over entire duration of my internship. I would also like to show my gratitude to all professors
and mentors at N.L Dalmia Institute of Management Studies and Research, particularly, Prof. Dr.
Chetan Asbe who has guided me during whole project.
I also wish to express my indebtedness to my parents, brother and sisters whose blessings and support
always helped me to face the challenges ahead. At the end I would like to express my sincere thanks
to all my friends, co - workers and others who helped me directly or indirectly to make this project
report successful.
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EXECUTIVE SUMMARY
Since there are too many options available for investing for an individual; this project
report has been made to ease the process of choosing the best Mutual Fund Schemes for an
investor, if interested in the Ultra Short Term Debt Fund Schemes. This Project Report covers
the significance and features of the Ultra-Short Term Debt Mutual Fund Schemes. Further,
six different companies offering the ultra-short term Debt Fund Schemes which are Aditya
Birla Sun Life Savings Fund, ICICI Prudential Ultra Short Term Fund, Invesco India Ultra
Short Term Fund, Kotak Savings Fund, SBI Magnum Ultra Short Duration Fund and UTI
Ultra Short Term Fund have been selected for the performance analysis. The basis of
selection for these companies is the top rankings that have been provided to these funds by
CRISIL.
Using different statistical tools such as Sharpe Ratio, Treynor Ratio, Sortino Ratio,
Information Ratio etc., the performance analysis has been done and the Table 14.0 clearly
shows a comparative view of the performance of the above mentioned funds. Thus, according
to the ratio analysis that has been done shows that the SBI Magnum Ultra Short Duration
Fund is the best fund to invest in in terms of relatively low volatility which means less risky
along with better risk-adjusted returns as well as better risk-adjusted returns against the
market. It is also giving best returns per unit of bad risk that it is taking amongst the all six
funds. However, the annual returns are little less (7.42%) than the Aditya Birla Savings Life
Fund (7.59%); the performance of the SBI Magnum ultra-short duration fund is consistent
since its information ratio is too high than that of Aditya Birla Savings Fund Life. The risk
averse investors should invest in SBI Magnum ultra-short duration fund as per the findings of
this project report.
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CERTIFICATE
This is to certify that the Summer Internship Project Report is submitted in partial fulfillment for the
award of (insert course name) of N. L. Dalmia Institute of Management Studies and Research. It is a
result of the bonafide research work carried out by Ms. Aarti Patel under my supervision and guidance
during Summer Internship of <No of Weeks> from <Start date of Internship> till <End Date of
Internship>.
No part of this report has been submitted for award of any other Degree, Diploma, Fellowship or other
similar titles or prizes. The work has also not been published in any Journals/Magazines.
Date: 30th July 2020 Place: Mumbai
Internal Faculty guide
Mrs. Chetana Asbe

Faculty: Finance
N. L. Dalmia Institute of Management Studies and Research
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TABLE of CONTENTS
Chapter Title Page No.

1 Introduction 7
2 Literature Review 8-15
2.1 About Literature Review 8
2.2 National Reviews 8-11
2.3 Research Gap 11
2.4 Need of the Study 11
2.5 Objective of the Study 12
2.6 Mutual Funds 12
2.7 Returns from mutual funds 13
2.8 Mutual Fund Schemes 13-16
2.9 Why Debt Funds 16
2.10 Risks associated with Debt Funds 16-18
2.11 Ultra-Short Term Debt Funds 18
2.12 Features of Ultra-Short Term Debt Funds 18
3 Research Methodology 19-23
3.1 Scope of the study 19
3.2 Justification of the selection of sample 19
3.3 Types of data 20
3.4 Data sources 20
3.5 Brief description about the selected Ultra-Short 20-24
Term Fund Schemes
3.5.1 Aditya Birla Sun Life Savings Fund 21
3.5.2 ICICI Prudential Ultra Short Term Fund 21
3.5.3 Invesco India Ultra Short Term Fund 22
3.5.4 Kotak Savings Fund 22
3.5.5 SBI Magnum Ultra Short Duration Fund 23
3.5.6 UTI Ultra Short Term Fund 24
3.5 Sampling Tool for Analysis 25-28
4 Data Analysis 29-
4.1 Aditya Birla Sun Life Savings Fund 29-31
4.2 ICICI Prudential Ultra Short Term Fund 32-34
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4.3 Invesco India Ultra Short Term Fund 35-37
4.4 Kotak Savings Fund 38-40
4.5 SBI Magnum Ultra Short Duration Fund 41-45
4.6 UTI Ultra Short Term Fund 46-48
4.7 Assumptions 49
5 Findings and Recommendations 49-51
6 Conclusion 52
7 References 53
8 Appendices 54-124
9 Plagiarism Report 125
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Chapter 1: Introduction
Mutual Fund is an investment avenue that provides investors an opportunity to earn

returns with the help of a professional fund manager at low risk. However, mutual
funds have a number of schemes within it, such as equity fund, debt fund, hybrid
fund, index fund, etc., which makes it hard for the investors to choose the best scheme
out of so many available options.
These broadly classified varied funds offer a lot of options to the investors that put
them into dilemma. Even after choosing one specific scheme, the investors have to
make a choice among the ‘n’ number of available mutual fund houses, such as Aditya
Birla Mutual Funds, ICICI Prudential Mutual Fund, Kotak Mutual Fund etc. offering
the same scheme with varied returns due to the difference in their portfolio and this
brings even more confusion for the investors.
Thus, in this project report, I have tried to simplify the decision making for an
investor while investing. I specifically have focused on the ultra-short term debt fund
schemes which are generally for the investors who are keen to park their money for a
relatively shorter period of time; i.e. 3-6 months. These funds have low risk because
of their short term duration and give its investors an opportunity to earn extra return.
For this, I have chosen six different mutual fund houses which are Aditya Birla Sun
Life Savings Fund, ICICI Prudential Ultra Short Term Fund, Invesco India Ultra
Short Term Fund, Kotak Savings Fund, SBI Magnum Ultra Short Duration Fund, UTI
Ultra Short Term Fund as they are under top 10 mutual fund rankings provided by
CRISIL and have analyzed the performance of these mutual funds individually using
different tools such as Annual returns, Standard Deviation, Beta, Sharpe’s Ratio,
Treynor’s Ratio, Jensen’s Alpha Ratio, Sortino Ratio and Information Ratio. For the
computation purpose, the historical data of NAV has been taken for one year dated 08
May, 2019 to 08 May, 2020.
Finally, I have compared all the six funds amongst each other based on the above
results and then have concluded stating which one is the best among the selected six
funds.
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Chapter 2: Literature Review
2.1 About Literature review
A literature review is a comprehensive summary of previous research on a topic. The

literature review surveys scholarly articles, books, and other sources relevant to a particular
area of research.
The literature review acknowledges the work of previous researchers, and in so doing,
assures the reader that your work has been well conceived.
2.2 National Reviews

Table 1.0 National Reviews
S. Author Year Title Objectives and Findings/
No Research Conclusion
Methodology
1 Sampath 2018 “A study on To study the manner of Indian mutual fund
Kumar The growth of Mutual fund market has now
(Kumar, preferences of market and the status grown into a great
2018) mutual fund of Mutual fund market material market with
investors and in India, to highlight a lot of qualitative
investment the effect of reforms, to inputs and emphasis
performance study the investor’s on investor protection
of the selected investment pattern and and disclosure norms.
mutual fund to find the factors that The market has
schemes” are responsible for become automated,
investment transparent and
decisions. Primary data self-driven. It has
was used in the city integrated with global
Chennai where markets, with Indian
1000 questionnaires companies seeking
were filled by the listing on foreign
respondents and after mutual funds
that the data was exchange, off shore
analyzed. investments coming
to India and foreign
mutual funds floating
their schemes and
thus bringing
expertise in to the
markets. India has
achieved the
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distinction of
possessing
the largest population
of investors next to
the U.K. Perhaps ours
is the only
country to have the
largest number of
listed companies
with around 24
Regional Fund
managers and
National Fund
managers most of
them automated.2
2 Shivangi 2017 “A study of To measure the The study found that
Agarwal, the risk performances of funds 90% of the schemes
Nawazish adjusted industry in India, To performed better
Mishra performance make a comparison than their benchmark.
(Shivangi of mutual among these funds. It indicates that at the
Agarwal, funds industry Risk and return factor time of research, the
2017) in India”. was used. Various funds performed in a
statistical tools like better way, hence the
SHARPE, TRYNOX, investors who are
JENSEN and ALPHA interested in
tools were used. consistent returns
may choose
investment in these
schemes.
3 Nishi 2012 “Indian To analyze investors The results reveal that
Sharma Investor’s perspective towards in order to secure the
(Sharma, Perception investment in mutual patronage of Indian
2012) Towards fund. To understand investor mutual fund
Mutual the desirable companies are
Funds” characteristics of expected to ensure
mutual fund schemes. full disclosure and
To know the various regular updates of the
factors that may affect relevant information
selection of mutual along with the
fund schemes / fund assurance of safety
directly or indirectly. and monetary
To present a benefits.
summarized picture of
different qualitative
aspects which are
essential to secure
investor’s patronage to
mutual fund.
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A questionnaire was
filled by 250
respondents and
after that various
statistical tools like
mean, standard
deviations and
Sharpe ratio was used.
4 Archana 2015 “A To study the The results showed
Goel and comparative performance that of all schemes,
Laveena study on analysis of debt & HDFC infrastructure
(Archana performance equity schemes at fund, short term plan
Goel, analysis of HDFC with reference & long term gilt fund
2015) debt & equity to Birla sun life & are proficient. Birla
schemes at ICICI mutual fund Sun life Tax saving
HDFC” schemes by taking their fund & Index fund
daily returns & to are also excellent than
know the category of HDFC & ICICI.
funds where the
investor would like to
invest in. 15 schemes
had been included in
the research. Different
tools used for rating
include Sharpe, beta,
average, NAV and
standard deviation.
5 Gade S. 2012 “To compare To compare the They concluded that
& Ram P. the performance of 15 Birla
(Gade S., performance equity & debt schemes Sun Life Tax Plan,
2012) of equity & of mutual funds of Diversified Growth
debt schemes Birla Sun Life with Type & Short term
of mutual reliance & ICICI Fund performed
funds of Birla Prudential from 2007 better than ICICI &
Sun Life with to 2010 Reliance. In
reliance & sector schemes,
ICICI Reliance Pharma
Prudential” Fund was Better than
ICICI & Birla Sun
Life
6 Poongava 2011 “To evaluate 340 She found that returns
nam. S the schemes were covered of public equity funds
(S, 2011) performance for the period of 2003- are
of public & 07 relating to debt, less than private
private sector money market, equity equity funds. The
mutual funds” & balanced category to returns of private debt
measure the risk & funds are the lowest.
return. Public balanced funds
have
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lowest risk return per
unit return ratio &
public debt category
has the highest.
7 Sharad 2005 “To study the To investigate the It was found that
Panwar characteristics difference in public sector
and Dr. and characteristics of sponsored funds do
R. Performance assets held, to study the not differ
Madhum Evaluation of portfolio diversification significantly from
athi selected and to analyze the private sector
(Sharad Mutual Fund variable effects of sponsored funds in
Panwar, in India” diversification on terms of mean
2005) investment returns. The study
performance. reveals that there
exist a significant
difference among the
public sector mutual
funds and private
sector mutual funds.
2.3 Research Gap
From the above table, it is evident that a lot of studies have been conducted on mutual
funds. Some of them have were related to investor’s behaviors while some of them
were on sectoral basis. Some of the studies have also been conducted specifically on
the debt funds. However, from the literatures above mentioned, it may be seen that the
performance of mutual funds ultra-short term debt fund schemes hasn’t been studied.
2.4 Need of the Study
i) The performance of mutual fund ultra-short term debt fund schemes is highly
desirable as it will give a deep understanding about the performance of the
selected ultra-short term debt funds schemes. Many studies have been conducted
on mutual funds, however, very less study has been done in this area specifically.
ii) Investors expect a consistent return on their investments. More than 2500 mutual
fund schemes are available on 2020 for general investors which generally
confuses the retail investor to pick the best one out of so many. This study will
provide them some insights on selected mutual fund performances specifically,
the ultra-short term debt fund schemes which will assist the investors to take a
rational decision while making investments.
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2.5 Objectives of the study
i) To study various forms of mutual funds.

ii) To understand why investors should specifically go for ultra-short term debt
fund schemes
iii) To measure the performance of selected ultra-short term mutual fund schemes
in India using different tools.
iv) To compare the performances of selected ultra-short term mutual fund
schemes in India and analyze them by doing an overall comparison b=among
them.
2.6 Mutual Funds
A mutual fund is a financial tool wherein the fund managers pool money from many
investors and then invests the money in different types of securities such as stocks,
bonds, and other assets. Mutual funds are operated by professionals who decide the
proper allocation of funds in order to maximize investors profit and provide good
returns. The combined holdings of the mutual fund are known as portfolio.
The following characteristics of mutual funds attract investors a lot:
• Professional Management: The portfolios are made after intensive research
done by a professional.
• Diversification: The concept of the mutual fund is based on the famous saying
“Don’t put all your eggs in one basket.”
• Affordability: The portfolios that are invested in securities are so huge that it
becomes impossible for small investors to create such portfolios. Hence,
mutual fund provides them this opportunity to be a part of such huge
portfolios.
• Liquidity: The investors can redeem their shares at any time for the current net
asset value in exchange of redemption fee, if any.
Mutual fund investments are different from stock market investments as direct
investments in shares carries a relatively higher risk element. You need to select
stocks after intense research on the company and sector. After selecting some of the
thousands of companies listed on stock exchange, you then need to have always a
track of every stock’s performance. However, in mutual funds, all these are done by a
professional for you. You just need to keep track of the performance of the fund and
not individual stocks within the fund.
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Also, unlike stocks, mutual fund shares do not give its holders any voting rights.
That’s why the price of a mutual fund share is referred to as the net asset value per
share. The NAV is calculated by dividing the total value of the securities in the
portfolio by the total amount of outstanding shares. These NAVs do not fluctuate
during market hours; however; is settled at the end of each trading day.
2.7 Returns from Mutual Funds
The return on any investment is a performance measure used to evaluate or compare

the efficiency of an investment/ a number of investments. To calculate ROI, the return
on an investment is divided by the cost of the investment. The value is expressed as a
percentage or ratio.
Mutual funds generate returns in three ways for the investors:

• Dividends are earned on stocks and bonds held in the fund’s portfolio. All of
this income is either payed out to fund owners in the form of distribution or
they have a choice to reinvest the earnings and get more shares.
• Capital Income is another kind of income generated by the mutual fund
investments; if the securities whose price have increased are sold. The capital
gains are also passed to the investors in the form of distribution by some
mutual funds.
• If fund holdings are not sold by the fund manager when the price has
increased, the fund’s shares can be sold by the investor in the market for profit
as the share’s price increases.
2.8 Mutual fund Schemes
There are several categories of mutual funds and the names of these funds represent
the kind of securities in which they have targeted to invest for their portfolios along
with the type of returns they seek to gain.
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Some general categories of mutual fund schemes are-
i) Equity Funds
Like the name sounds, this fund invests its money primarily in stocks. Being the
largest category in the mutual fund investments, this group of mutual fund
investment has various sub-categories within it; named after the size of investment
like small-cap, mid-cap or large-cap funds. Other categories like aggressive
growth, income oriented, value etc., are named after the approach used by those
fund houses.
The funds can be classified based on both the market cap of the companies
invested in along with the growth prospects of the invested stocks. Equity based
funds are also named depending upon whether they invest in domestic stocks or
foreign securities. Since there are many different types of equities, hence there are
so many different types of equity funds emerging.
ii) Fixed-income funds
Fixed-income category is another very popular type of mutual fund investments.

This fund focuses on investments that pay a certain rate of return, such as
corporate bonds, government bonds, or other debt instruments. Hence, the main
focus here is to earn the interest income which is then passed on to the investors.
These funds are also referred as bond funds. For profit maximization, these funds
buy undervalued bonds and sell them at a profit. These funds pay relatively higher
returns than money market instruments, but holds some risks with it. This is in
relation to many different bonds available in the market.
The riskiness of bond funds varies depending on where they invest. For example-
a fund predominantly investing in high-yield junk bonds is way riskier than a fund
that invests in government securities. Along with this risk, the interest risk also
prevails. Interest rate is inversely proportional to the value of fund which means
when the interest rate goes up, the value of fund goes down.
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iii) Index Funds
Index fund believes that it is very hard and expensive to try to beat the market
consistently. So, the fund buys stocks that are already constituents of a major
Index such as NIFTY50 or SENSEX. This does not require much research by the
analysts, so there are fewer expenses as compared to the other mutual funds.
These funds are particularly for cost-sensitive investors.
iv) Balanced Funds
This fund is also known as asset allocation fund. The objective here is to reduce
the risk of exposure across asset classes which they do by investing in a hybrid of
asset classes such as stocks, bonds, money market instruments, or alternative
instruments.
These funds are also of two types:

a) Fixed allocation strategy funds- here, the investors have predictable exposure
to various asset classes.
b) Dynamic allocation strategy funds- here funds do not have to hold any
specified percentage of any asset class.
v) Money Market Funds
These are for risk-averse investors as these funds invest in safe; i.e.; risk free short
term instruments, mostly government T-bills. Substantial returns are low but
principal is parked safely. The returns are a little more than the amount one would
earn in savings account and a little less than the average Certificate of Deposits.
vi) Income Funds
As the name implies, these funds invest principally in government and high-
quality corporate debt which provides current income on a steady basis by holding
these bonds until maturity in order to receive interests. The investors for these
funds are mainly conservative investors and retirees as the main objective of this
fund is to provide steady cash flows even if the holdings may appreciate in value.
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However, tax-conscious investors may not get attracted by these funds as they
generate regular income.
vii) Global/ International Funds
International funds are also known as foreign funds and these funds invests only
in assets that are located outside the home country. However, global funds do not
have such restrictions which means they can invest anywhere across the world,
including the home country.
It is difficult to comment on its safeness/riskiness as they are exposed to higher

volatility than domestic funds and country specific political risks in exchange to a
very well balanced portfolio; actually reducing risk by increasing diversification.
Even though, globalization has made most of the countries inter-linked, it is still
likely for the economy of some countries to outperform the economy of the
investor’s home country.
viii) Exchange Traded Funds
Exchange Traded Funds or ETFs is a different kind of mutual fund. These funds
use strategies that more or less coincide with that of mutual funds holding a major
difference of being structured that are traded on stock exchanges. These have
similar benefits and characteristics of stocks.
Similar to the stocks, ETFs are traded at any time throughout the trading day.
They can also be sold short or purchased on margin. ETFs generally carry lower
fees than the equivalent mutual fund. Also, this benefits the investors as ETFs
have active options market where investors can hedge or leverage their positions.
ETFs also let their investors enjoy tax advantages from mutual funds.
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2.9 Why Debt funds?
i) Debt funds attract investors as it generates regular income.
ii) Debt funds allow investors to withdraw required money from the investment
at any point of time and let the remaining money invested as it is.
iii) Debt funds do not get affected by volatility in the equity markets as largely
they invest in government securities, corporate bonds and other securities like
T-bills.
iv) In order to achieve short term gains through investments, debt funds can be a
desired option as it offers schemes such as liquid funds, ultra-short term funds,
and short term funds.
v) Investors can generate fixed income in debt funds every month by starting a
Systematic Withdrawal Plan to withdraw a fixed amount on a monthly basis.
2.10 Risks associated with debt funds
i) Credit risk
It is also called default risk. The chances that a borrower might not repay the
interest or principle on the given date is referred as credit or default risk.
Credit risk is measured by “Credit Ratings”. Credit rating agencies like
CRISIL, ICRA, CARE etc. rate the issuer of the bond on their ability to repay
by examining their overall financial health.
The expectation on return goes up as the credit risk increases. The fund
manager is not worried about the default but the possible downgrade in credit
rating of the debt paper. The market price of the debt paper comes down as the
down gradation happens which affects the portfolio directly.
ii) Interest rate Risk

Interest rate and market price of the bond carries opposite relationship.
For example, a bond presently available in the market carries a face value of
Rs.100/- offers 9% coupon rate with the left over maturity of 5 years.
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The cash flow would be Rs.9/- interest for next 5 years and Rs.100/- principal
repayment at the end of third year. The current interest rate offered in the
market is 10%. If the bond holder with 9% coupon rate decides to sell his
bond, he might have to sell the bond at a discount on face value. The selling
price of the bond would be around Rs.97.47, which is lesser than the face
value. Thus said, “when the interest rate in the market rises, the market price
of the bond comes down and vice-a-versa”.
If the duration of the fund is high, the volatility of the fund is considered to be
high. Gilt funds and Income funds generally have higher interest rate risk in
the debt fund family.
2.11 Ultra-Short Term Debt Funds
Ultra short-term debt funds are very short term mutual funds that invest in a
hybrid of debt instruments comprising of treasury bills, certificate of deposits,
commercial papers and corporate bonds.
These funds generally offer good returns with very less market volatility.
These funds attract investors who aspire to invest money for say a month or a
couple of months. These funds have also generated better returns than liquid
funds for its investors. The ultra-short term funds protect its investors against
interest risk but is not immune to market fluctuations.
2.12 Features of Ultra-Short Term Funds
i) Fund type: Open-ended (are open throughout the year for subscription and
don’t have any specific maturity date)
ii) Fund category: Debt fund
iii) Minimum Amount: INR 5000-10000
iv) Risk involved: Low
v) Redemption: T+1 (if the redemption request is registered before 3 PM, you
shall get the redemption amount after a day. However, if the redemption
request is sent after 3 PM, the redemption request shall be processed day after)
vi) Taxation norms: If held for more than 3 years, eligible for long term capital
gains tax of 20% with indexation. If sold before 3 years, tax on gains as per
the investor’s income tax slab is to be paid. The fund will be subject to a
dividend distribution tax of 29.12% if dividend option is opted.
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Chapter 3: Research Methodology
3.1 Scope of the study
The following six different ultra-short term debt funds have been selected for the
study:
a) Aditya Birla Sun Life Savings Fund
b) ICICI Prudential Ultra Short Term Fund
c) Invesco India Ultra Short Term Fund
d) Kotak Savings Fund
e) SBI Magnum Ultra Short Duration Fund
f) UTI Ultra Short Term Fund
3.2 Justification of the selection of sample
These Ultra-Short Term Debt Funds are among top five rankings as mentioned in the
quarter ended December 31, 2019 by CRISIL (Credit Rating Information Services of
India Limited). The ratings given by CRISIL has accounted for Mean Returns (50%),
Volatility (10%), Exposure to sensitive sector (5%), Company Concentration (5%),
Asset Quality (10%), Modified Duration (5%) and Liquidity (15%)
*figures in brackets indicate parametric weights
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3.3 Type of Data
Secondary data has been used for the study.
3.4 Data Sources
Secondary data has been collected from the websites of the selected mutual fund
companies. Different ultra-short term debt fund schemes have been selected from the
rankings provided by CRISIL on its website. The monthly NAV data of the selected
ultra-short term debt funds have been extracted from the AMFI website. Also, the
Price of the Index was attained from the CRISIL website.
3.5 Brief description about the selected Ultra-Short Term Fund Schemes
One year NAV data has been attained from AMFI website from 8 May, 2019 to 8
May, 2020.
Table 2.0 Benchmark of the selected funds

Sl. No. Fund Benchmark
1 Aditya Birla Sun Life Savings Fund CRISIL Short Term Debt
Index
2 ICICI Prudential Ultra Short Term Fund NIFTY Ultra Short Duration
Debt Index
3 Invesco India Ultra Short Term Fund CRISIL Ultra Short Duration
Debt Index
4 Kotak Savings Fund NIFTY Ultra Short Duration
Debt Index
5 SBI Magnum Ultra Short Duration Fund NIFTY Ultra Short Duration
Debt Index
6 UTI Ultra Short Term Fund CRISIL Ultra Short Duration
Debt Index
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3.5.1 Aditya Birla Sun Life Savings Fund
Fund managers: Mr. Kaustubh Gupta and Ms. Sunaina Da Cunha
a) An open ended ultra-short term debt scheme investing in instruments such that
Macaulay duration of the portfolio is between 3 months and 6 months.
b) The primary objective to generate regular income through investments in debt and
money market instruments. Income may be generated through the receipt of
coupon payments or the purchase and sale of securities in the underlying portfolio.
The scheme will under normal market conditions, invest its net assets in fixed
income securities, money market instruments, cash and cash equivalents.
c) Asset allocation and investment pattern:
Table 3.0 Asset allocation and investment pattern of Aditya Birla Sun Life Savings Fund
Instruments Asset Allocation Range Risk Profile
Debt and Money Market Up to 100% of total net Low to Medium
Instruments assets
Source: Aditya Birla Sun Life Savings Fund website
d) Load Structure:
Table 3.1 Load Structure of Aditya Birla Sun Life Savings Fund
Type of Load Load Chargeable (as %age of NAV)
Entry Load Nil
Exit Load Nil
3.5.2 ICICI Prudential Ultra Short Term Fund
Fund Managers: Manish Banthia and Ritesh Lunawat
a) An open ended ultra-short term debt scheme investing in instruments such that the
Macaulay duration of the portfolio is between 3 months and 6 months
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b) The scheme intends to generate reasonable returns across all interest rate cycles
and thus can be suitable for investments at any given point of time
c) The scheme intends to generate accrual returns with lower volatility by holding its
investments till maturity
d) Load Structure:
Table 4.0 Load Structure of ICICI Prudential Ultra Short Term Fund
Entry Load Nil
Exit Load Nil
Source: ICICI Prudential Ultra Short Term Fund Website
3.5.3 Invesco India Ultra Short Term Fund

Fund Manager: Krishna Cheemalapati & Sujoy Das
a) This is a fixed income scheme that seeks to generate accrual income by investing
in a portfolio of short term money market and debt instruments while maintaining
the portfolio Macaulay Duration between 3 months – 6 months.
b) The fund has an inclination for ‘accrual strategy’ and hence the securities are
largely held till maturity
c) It currently invests in debt securities with AAA/A1+ credit ratings
d) It has the flexibility to invest 100% portfolio in money market instruments
e) Load Structure:
Table 4.0 Load Structure of Invesco India Ultra Short Term Fund
Entry Load Nil
Exit Load Nil
Source: Invesco India Ultra Short Term Fund Website
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f) Asset allocation
Table 4.1 Asset allocation of Invesco India Ultra Short Term Fund
Instruments Indicative allocation Risk Profile
(% of net assets)
Minimum Maximum
Debt and money market 0 100 Low
instruments
3.5.4 Kotak Savings Fund

Fund Manager: Mr. Deepak Agarwal
b) The investment objective of the Scheme is to generate returns through investments
in debt and money market instruments with a view to reduce the interest rate risk
c) Load Structure:
Table 5.0 Load Structure of Kotak Savings Fund

Entry Load Nil
Exit Load Nil
Source: Kotak Savings Fund Website
3.5.5 SBI Magnum Ultra Short Duration Fund
Fund Manager: Mr. Rajeev Radhakrishnan
a) An open-ended ultra-short-term Debt Scheme investing in instruments such that

the Macaulay Duration of the portfolio is between 3 months to 6 months.
b) To provide investors with an opportunity to generate regular income with high
degree of liquidity through investments in a portfolio comprising predominantly
of debt and money market instruments
c) Load Structure:
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Table 6.0 Load Structure of SBI Magnum Ultra Short Duration Fund
Entry Load Nil
Exit Load Nil
Source: SBI Magnum Ultra Short Duration Fund Website
d) Asset allocation and investment pattern:
Table 6.1 Asset allocation and investment pattern of SBI Magnum Ultra Short Duration Fund
Instruments Asset Allocation Range Risk Profile
Debt instruments Min Max Low to Medium
(including Central and 0% 100%
State Government(s)
securities, Debt
derivatives) and Money
Market instruments
3.5.6 UTI Ultra Short Term Fund
Fund Manager: Sudhir Agrawal and Ritesh Nambiar
b) To generate regular income through investment in a portfolio comprising
substantially of floating rate debt / money market instruments, fixed rate debt /
money market instruments swapped for floating rate returns. The Scheme may
also invest a portion of its net assets in fixed rate debt securities and money
market instruments.
c) Load Structure:
Table 7.0 Load Structure of UTI Ultra Short Term Fund

Entry Load Nil
Exit Load 3% < 3 months
2% >= 3 months and < 6 months
1% >=6 months and < 1 year
Nil >= 1 year
Source: UTI Ultra Short Term Fund Website
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3.6 Sampling Tool for Analysis
i) Return = [(P1-P0)/P0] * 100

Where,
P1 = current price
P0 = previous price
This helps in calculating the periodic return. Positive return is always desirable.
√∑𝐷
ii) Standard Deviation (σ) = 𝑁
Where,
D = (Mean of price – Price of each day)2
N = Number of Period
Standard Deviation is a tool that is used to measure the volatility in the fund’s returns
relative to its average which means that it implies the deviation of funds return from
the historical average returns of the fund. The more spread out the data, the greater the
difference is from the normal. High standard deviation means high volatility in the
returns with respect to the expected returns based on its historical performance.
The standard deviation of a fund measures this risk by measuring the degree to which
the fund fluctuates in relation to its mean return.
iii) Beta (β) = covariance (rp. rb)/variance (rb)
= Covariance of Fund and Index Returns/ Variance of Index Returns
Beta is also known as beta coefficient, measures the volatility (systematic risk),
of a portfolio, compared to the market as a whole. It represents the likelihood of
the portfolio’s return to respond to the movements in the market.
Theoretically, the market has a beta of 1.0. A beta of 1.0 indicates that the
investment’s price will move along with the market. A beta more than 1.0
indicates that the investment’s price will be more volatile than the market while a
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beta less than 1.0 indicates that the investment’s price will be less volatile than
the market.
iv) Sharpe’s ratio = (Rp-Rf)/𝜎p

Where,
Rp = portfolio return over a period
Rf = risk-free return over a period
𝜎p = Standard deviation of portfolio return
Sharpe ratio is also known as risk to volatility ratio because it measures the
performance of the fund with the risk taken by it, that is, it helps investors to
understand the return of an investment compared to its risk. It indicates risk-
adjusted return of a portfolio. The greater the Sharpe ratio of a portfolio, the
better is its risk-free adjusted performance. A negative Sharpe ratio means the
risk-free rate is greater than the portfolio’s return which is quite meaningless in
context of investment.
v) Treynor’s Ratio = (Rp-Rf)/βp
Where,
Rp = Portfolio return over a period
Rf = Risk-free return over a period
Βp = Beta co-efficient
The Treynor ratio is a risk-adjusted measurement of return based on systematic

risk. This ratio differs from Sharpe ratio because it utilizes a beta co-efficient to
measure volatility unlike portfolio’s standard deviation. A higher ratio result is
more desirable.
The rationale behind this ratio is that investors must be compensated for the risk
inherent to the portfolio, because diversification is not going to remove it as it
includes factors like interest rate changes, inflation, wars, recession etc.
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vi) Jensen’s Alpha Ratio = Rp – [Rf + βp * (Rm – Rf)]
Where,
Rp = Expected total portfolio return
Rf = Risk free rate
ßp = Beta of the portfolio
Rm = Index Return
This ratio is also known as alpha. It represents the returns of the fund over its
index. This is an evaluative way to determine whether a manager has added
value to the portfolio or not, because alpha is the return attributable to the skill of
the fund manager rather than the general market conditions.
vii) Sortino Ratio = (Rp – Rf)/𝜎d
Where,
Rp = Actual or Expected portfolio return
Rf = Risk-free rate
𝜎d = Standard deviation of the downside
The Sortino Ratio is an upgradation of Sharpe Ratio as it focuses only on

harmful volatility rather than overall volatility. A higher Sortino ratio is better
for the investors because it means that the investment is generating more return
per unit of bad risk that it takes on.
The rationale behind the Sortino ratio is that the upside volatility is beneficial to
investors and it is not a factor for most of the investors to worry about.
viii) Information Ratio = Of/Osd
Where,
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Of = Outperformance of the fund
Osd = Annualized Standard Deviation of daily outperformance
The information ratio indicates how much excess return is generated from the
amount of excess risk taken relative to the benchmark. A high Information Ratio
means a more consistent and better performing fund. It also attempts to identify
the consistency of the performance by including a tracking error, or standard
deviation component into the calculation.
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Chapter 4: Data Analysis
4.1 Aditya Birla Sun Life Savings Fund

4.1.1 NAV – Historical data
Chart 1.0 Historical NAV Data of Aditya Birla Sun Life Savings Fund
Source: Money Control
The Chart 1.0 shows the absolute returns, annualized returns and category average details of
Aditya Birla Sun Life Savings Fund for different time duration as on 17th June, 2020. The one
year annualized return for the Aditya Birla Sun Life Savings Fund is 7.99% as on the given
date.
4.1.2 Performance Comparison
Chart 1.1 Peer comparison of Aditya Birla Sun Life Savings Fund

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The Chart 1.1 shows the comparison of the Aditya Birla Sun Life Savings Fund’s
performance with other Benchmarks such as CRISIL 10-year GILT Index as well as NIFTY
50. According to the Chart 1.1, the returns of Aditya Birla Sun Life Savings Fund is way
better than the NIFTY 50 while is less than that of the CRISIL 10-year GILT Index for one-
year time period.
4.1.3 Holding Pattern
Chart 1.2 Top 10 holdings of Aditya Birla Sun Life Savings Fund (as on April 30, 2019)
The Chart 1.2 shows the top 10 holdings of the Aditya Birla Sun Life Savings Fund which
shows that the highest percentage of the portfolio comprises of Power Finance Corporation
Limited (8.76%) and the second highest concentration of the portfolio is in REC Limited; i.e.;
7.15%.
Chart 1.3 Sector-wise allocation of Aditya Birla Sun Life Savings Fund Portfolio
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The Chart 1.3 shows the sector wise allocation of the Aditya Birla Sun Life Savings Fund
portfolio. The chart is showing the highest concentration of the portfolio in the Finance sector
(58.27%) and Chemicals sector being the one with the lowest sector.
4.1.4 Ratio Analysis

Table 8.0 Ratio Analysis of Aditya Birla Sun Life Savings Fund
Std. Dev. (daily) 0.09%
Std. Dev. Aanualized 1.50%
Std dev of -ve returns (D) 0.05%
Std dev of -ve returns (A) 0.87%
Total Returns of Aditya Birla 7.59%
Risk free rate 5.97%
Sharpe Ratio 107.85%

Index Return 7.49%
Outperformance 0.10%
Std Dev of Outperfromance (D) 0.04%
Std Dev of Outperfromance (A) 0.70%
Beta 1.71
Treynor Ratio 0.95%
Jensen's Alpha -0.98%
Sortino Ratio 186.82%
Information Ratio 13.88%
From Table 8.0, we can see that the annual return of Aditya Birla Sun Life Savings Fund is
7.59% which is quite high. The annualized standard deviation is 1.5% which indicates that
the fund is moderately volatile and thus moderately risky. The Sharpe ratio of the fund is
107.85% which states that the fund has generated 107.85% of additional return for every unit
of total risk that the fund has taken. The treynor ratio of 0.95% of the fund suggests that for
every unit of systematic risk that the fund has taken, it is generating 0.95% of additional
return. The fund’s Jensen’s Alpha ratio is -0.98% which shows that the fund manager is not
really able to add any value to the portfolio since the risk-free adjusted return; i.e.; the return
of the fund over its index is negative. The Sortino ratio of the fund is 186.62% indicates that
the fund is generating 186.62% of returns per unit of bad risk that it takes on it. Finally, the
information ratio of 13.88% of the return for the fund means indicates that the fund is
generating 13.88% of excess return from the amount of excess risk taken relative to the
benchmark. It also shows that the fund’s Information Ratio is moderately consistent in its
performance.
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4.2 ICICI Prudential Ultra Short Term Fund
4.2.1 NAV – Historical Data
Chart 2.0 Historical NAV Data of ICICI Prudential Ultra Short Term Fund
ICICI Prudential Ultra Short Term Fund for different time duration as on 17th June, 2020. The
one year annualized return for the ICICI Prudential Ultra Short Term Fund is 7.50% as on the
given date.
Chart 2.1 Peer Comparison of ICICI Prudential Ultra Short Term Fund
The Chart 2.1 shows the comparison of the ICICI Prudential Ultra Short Term Fund’s
performance with other Benchmarks such as CRISIL10-year GILT Index as well as NIFTY
50. According to the Chart 2.1, the returns of ICICI Prudential Ultra Short Term Fund is way
32 | P a g e
better than the NIFTY 50 while is less than that of the 10-year GILT Index for one-year time
period.
Chart 2.2 Top 10 holdings of ICICI Prudential Ultra Short Term Fund
The Chart 2.2 shows the top 10 holdings of the ICICI Prudential Ultra Short Term Fund
which shows that the highest percentage of the portfolio comprises of TREPS (13.28%) and
the second highest concentration of the portfolio is in ONGC Petro additions Ltd; i.e.; 6.19%.
Moreover, it can be seen from the chart above that the top 10 holdings of the fund’s portfolio
constitute about 53.23% of the total holdings.
Chart 2.3 Sector wise allocation of the ICICI Prudential Ultra Short Term Fund
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Source: ICICI Prudential Ultra Short Term Fund Website
The Chart 2.3 shows the sector wise allocation of the ICICI Prudential Ultra Short Term Fund
portfolio. The chart is showing the highest concentration of the portfolio in the Financial
Services sector (25.53%) and Media and Entertainment sector being the one with the lowest
sector. (0.04%)
Table 9.0 Ratio Analysis of ICICI Prudential Ultra Short Term Fund
Std. Dev. (D) 0.08%
Std. Dev. (A) 1.29%
Std. Dev. Of -ve returns (D) 0.06%
Std. Dev. Of -ve returns (A) 0.90%
Total returns of ICICI 7.36%

Index Return 7.49%
Outperformance -0.13%

Beta 1.43
Treynor Ratio 0.97%
Information ratio -24.22%
From Table 9.0, we can see that the annual return of ICICI Prudential Ultra-Short Term Fund
is 7.36% which is quite high. The annualized standard deviation is 1.29% which indicates
that the fund is moderately volatile and thus moderately risky. The Sharpe ratio of the fund is
107.45% which states that the fund has generated 107.45% of additional return for every unit
of total risk that the fund has taken. The Treynor ratio of 0.97% of the fund suggests that for
every unit of systematic risk that the fund has taken, it is generating 0.97% of additional
information ratio of -24.22% of the return for the fund means indicates that the fund is not
generating any excess return from the amount of excess risk taken relative to the benchmark.
It also shows that the fund’s Information Ratio is not consistent in its performance.
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4.3 Invesco India Ultra Short Term Fund
Chart 3.0 Historical NAV Data of Invesco India Ultra Short Term Fund
Invesco India Ultra Short Term Fund for different time duration as on 17th June, 2020. The
one year annualized return for the Invesco India Ultra Short Term Fund is 6.97% as on the
given date.
Chart 3.1 Peer Comparison of Invesco India Ultra Short Term Fund
The Chart 3.1 shows the comparison of the Invesco India Ultra Short Term Fund’s
performance with other Benchmarks such as CRISIL 10-year GILT Index as well as NIFTY
50. According to the Chart 3.1, the returns of Invesco India Ultra Short Term Fund is way
35 | P a g e
better than the NIFTY 50 while is less than that of the CRISIL10-year GILT Index for one-
year time period.
Chart 3.2 Holdings of Invesco India Ultra Short Term Fund
The Chart 3.2 shows the holdings of the Invesco India Ultra Short Term Fund which shows
that the highest percentage of the portfolio comprises of Corporate Debt (80.70%); within
which the highest concentration is in Reliance Industries Ltd. (10.36%). While the second
highest concentration of the portfolio is in Money Market Instruments (15.92%) with
Certificate of Deposit of ICICI Bank Ltd. having highest concentration; i.e.; 4.56% and
Commercial Paper of Kotak Mahindra Prime Ltd. (4.67%).
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Table 10.0 Ratio Analysis of Invesco India Ultra Short Term Fund
Std. Dev. (D) 0.07%
Std. Dev. (A) 1.11%
Std. Dev. Of -ve returns 0.05%
Std. of -ve returns (A) 0.73%
Total returns of Invesco 6.89%
Sharpe Ratio 82.65%
Index Return 7.49%
Beta 1.26
Treynor Ratio 0.73%
Information Ratio -180.65%
From Table 10.0, we can see that the annual return of Invesco India Ultra-Short Term Fund is
6.89% which is quite moderate. The annualized standard deviation is 1.11% which indicates
that the fund is relatively less volatile and thus relatively less risky. The Sharpe ratio of the
fund is 82.65% which states that the fund has generated 82.65% of additional return for every
unit of total risk that the fund has taken. The Treynor ratio of 0.73% of the fund suggests that
for every unit of systematic risk that the fund has taken, it is generating 0.73% of additional
information ratio of -180.65% of the return for the fund means indicates that the fund is not
generating any excess return from the amount of excess risk taken relative to the benchmark.
It also shows that the fund’s Information Ratio is not consistent in its performance.
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4.4 Kotak Savings Fund
Chart 4.0 Historical NAV Data of Kotak Savings Fund
Kotak Savings Fund for different time duration as on 17th June, 2020. The one year
annualized return for the Kotak Savings Fund is 7.31% as on the given date.
Chart 4.1 Peer Comparison of Kotak Savings fund

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The Chart 4.1 shows the comparison of the Kotak Savings Fund’s performance with other
Benchmarks such as CRISIL 10-year GILT Index as well as NIFTY 50. According to the
Chart 4.1, the returns of Kotak Savings Fund is way better than the NIFTY 50 while is less
than that of the CRISIL10-year GILT Index for one-year time period.

Chart 4.2 Top 10 Holdings of Kotak Savimgs Fund
Source: Kotak Savings Fund
The Chart 4.2 shows the top 10 holdings of the Kotak Savings Fund which shows that the
highest percentage of the portfolio comprises of Government Sector (11.31%) and the second
highest concentration of the portfolio is in IndusInd Bank; i.e.; 8.19%.
Chart 4.3 Sector wise allocation of Kotak Savings Fund
Source: Kotak Savings Fund
39 | P a g e
The Chart 4.3 shows the sector wise allocation of the Kotak Savings Fund portfolio. The
chart is showing the highest concentration of the portfolio in the Financial Services sector
(66.29%) and other services being the one with the lowest sector (0.70%).

Table 11.0 Ratio Analysis of Kotak Savings Fund
Std. Dev. (D) 0.07%
Std. Dev. (A) 1.14%
Total returns of Kotak 7.18%
Index Return 7.49%
Beta 1.29
Treynor Ratio 0.94%
From Table 11.0, we can see that the annual return of Kotak Savings Fund is 7.18% which is
quite high. The annualized standard deviation is 1.14% which indicates that the fund is
relatively less volatile and thus relatively less risky. The Sharpe ratio of the fund is 106.56%
which states that the fund has generated 106.56% of additional return for every unit of total
risk that the fund has taken. The Treynor ratio of 0.94% of the fund suggests that for every
unit of systematic risk that the fund has taken, it is generating 0.94% of additional return. The
fund’s Jensen’s Alpha ratio is -0.75% which shows that the fund manager is not really able to
add any value to the portfolio since the risk-free adjusted return; i.e.; the return of the fund
over its index is negative. The Sortino ratio of the fund is 172.20% indicates that the fund is
generating 172.20% of returns per unit of bad risk that it takes on it. Finally, the information
ratio of -81.60% of the return for the fund means indicates that the fund is not generating any
excess return from the amount of excess risk taken relative to the benchmark. It also shows
that the fund’s Information Ratio is not consistent in its performance.
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4.5 SBI Magnum Ultra Short Duration Fund
Chart 5.0 Historical NAV Data of SBI Magnum Ultra Short Duration Fund

Chart 5.1 Peer Comparison of SBI Magnum Ultra Short Duration Fund
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The Chart 5.1 shows the comparison of the Kotak Savings Fund’s performance with other
Benchmarks such as CRISIL 10-year GILT Index as well as NIFTY 50. According to the
Chart 5.1, the returns of Kotak Savings Fund is way better than the NIFTY 50 while is less
than that of the CRISIL10-year GILT Index for one-year time period.

Chart 4.2 Holding Pattern of SBI Magnum Ultra Short Duration Fund
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The Chart 5.2 shows the holdings of the SBI Magnum Ultra Short Duration Fund which
shows that the highest percentage of the portfolio comprises of Non-convertible debentures
(57.62%) which is highly diversified and the next highest concentration of the portfolio is in
Certificate of Deposits, i.e.; 8.19%. The above chart shows that this fund’s portfolio os highly
diversified and thus carries relatively lower risk.
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Chart 4.3 Rating classes of SBI Magnum Ultra Short Duration Fund
The above chart shows that the fund’s portfolio has the highest concentration in AAA and
equivalent assets classes and in A1+ asset classes, the concentration is the second highest.
This shows that the portfolio allocation among the different asset classes is safer.
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Table 12.0 Ratio Analysis of SBI Magnum Ultra Short Duration Fund
Std. Dev. (D) 0.07%
Std. Dev. (A) 1.18%
Total Returns of SBI 7.42%

Index Return 7.49%
Outperformance 1.45%
Beta 1.34
Treynor Ratio 1.08%
Information Ratio 372.42%
From Table 12.0, we can see that the annual return of SBI Magnum Ultra-Short Duration
Fund is 7.42% which is quite high. The annualized standard deviation is 1.18% which
indicates that the fund is moderately volatile and thus moderately risky. The Sharpe ratio of
the fund is 123.38% which states that the fund has generated 123.38% of additional return for
every unit of total risk that the fund has taken. The Treynor ratio of 1.08% of the fund
suggests that for every unit of systematic risk that the fund has taken, it is generating 1.08%
of additional return. The fund’s Jensen’s Alpha ratio is -0.59% which shows that the fund
manager is not really able to add any value to the portfolio since the risk-free adjusted return;
i.e.; the return of the fund over its index is negative. The Sortino ratio of the fund is 207.38%
indicates that the fund is generating 207.38% of returns per unit of bad risk that it takes on it.
Finally, the information ratio of 372.42% of the return for the fund means indicates that the
fund is generating huge excess return from the amount of excess risk taken relative to the
benchmark. It also shows that the fund’s Information Ratio is highly consistent in its
performance.
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4.6 UTI Ultra Short Term Fund
4.6.1 NAV-Historical Data
Chart 6.0 Historical NAV Data of UTI Ultra Short Term Fund

Chart 6.1 Peer Comparison of UTI Ultra Short Term Fund
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The Chart 6.1 shows the comparison of the UTI Ultra Short Term Fund’s performance with
other Benchmarks such as CRISIL 10-year GILT Index as well as NIFTY 50. According to
the Chart 6.1, the returns of UTI Ultra Short Term Fund is way better than the NIFTY 50
while is less than that of the CRISIL10-year GILT Index for one-year time period.

Chart 6.2 Top 10 Holdings of UTI Ultra Short Term Fund
Source: UTI Ultra Short Term Fund
The Chart 6.2 shows the top 10 holdings of the UTI Ultra Short Term Fund which shows that
the highest percentage of the portfolio comprises of Reliance Jio Infocomm Ltd (9%) and the
second highest concentration of the portfolio is in NABARD; i.e.; 8.19%. All the top 10
holdings of UTI Ultra Short Term Fund are A and above ratings of asset classes.
47 | P a g e
Table 13.0 Ratio Analysis of UTI Ultra Short Term Fund
Std. Dev. (D) 0.20%
Std. Dev. (A) 3.21%
Std. dev. Of -ve returns (D) 0.44%
Std. dev. Of -ve returns (A) 6.93%
Total returns of UTI 2.48%
Sharpe Ratio -108.64%
Index return 7.49%

Beta 0.98
Treynor's Ratio -3.58%
Jensen's Alpha Ratio -4.97%
Sortino Ratio -50.36%
From Table 13.0, we can see that the annual return of UTI Ultra-Short Fund is 2.48% which
is quite low. The annualized standard deviation is 3.21% which indicates that the fund is
highly volatile and thus highly risky. The Sharpe ratio of the fund is -108.64% which is
meaningless as it means that the fund is not generating any additional return for every unit of
total risk that the fund has taken. The Treynor ratio of -3.58% of the fund is also meaningless
as it suggests that for every unit of systematic risk that the fund has taken, it is not generating
any additional return. The fund’s Jensen’s Alpha ratio is -4.97% which shows that the fund
manager is unable to add any value to the portfolio since the risk-free adjusted return; i.e.; the
return of the fund over its index is negative. The Sortino ratio of the fund is -50.36% stands
meaningless indicating that the fund is generating any returns per unit of bad risk that it takes
on it. Finally, the information ratio of -112.51% of the return for the fund means indicates
that the fund is not generating excess return from the amount of excess risk taken relative to
the benchmark. It also shows that the fund’s Information Ratio is highly inconsistent in its
performance.
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4.7 Assumptions
i) This study is limited to these six funds only because all the calculation and
research is done only on these selected funds.
ii) The basic rationale behind the selection of these six funds is that they are
amongst the top ten ranks given by CRISIL.
iii) The risk free return rate was assumed to be 5.97% which is the return of 10-year
government yield.
iv) All the Data for calculation and other purpose was considered for last 1 year
dated from 08 May 2019 to 08 May 2020 because the research has been started
on 08 May 2020.
v) The ratios which are calculated are based on the above assumption and the data
collected through the source, hence there may be little deviation from the
original data.
vi) Above calculations are made on the NAV data available in the Association of
mutual funds in India website.
vii) 252 days has been taken as number of trading days in one year for the calculation
purpose.
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Chapter 5: Findings and Recommendations
Table 14.0 Summary of ratios of all the six selected ultra-short term debt funds
Ratios Aditya ICICI Invesco Kotak SBI UTI Ultra
Birla Sun Prudential India Ultra Savings Magnum Short Term
Life Ultra Short Short Fund Ultra Fund
Savings Term Fund Term Fund Short
Fund Duration
Fund
Annual 7.59% 7.36% 6.89% 7.18% 7.42% 2.48%
Returns
Annualized 1.5% 1.29% 1.11% 1.14% 1.18% 3.21%
Standard
Deviation
Beta 1.71 1.43 1.26 1.29 1.34 0.98
Sharpe 107.85% 107.45% 82.65% 106.56% 123.38% -108.64%
Ratio
Treynor’s 0.95% 0.97% 0.73% 0.94% 1.08% -3.58%
Ratio
Jensen’s -0.98% -0.79% -1% -0.75% -0.59% -4.97%
Alpha
Ratio
Sortino 186.82% 153.97% 125.61% 172.2% 207.38% -50.36%
Ratio
Information 13.88% -24.22% -180.65% -81.6% 372.42% -112.51%
Ratio
From the table 14.0; the following observations can be made:

i) The annual return of Aditya Birla Sun Life Savings Fund is the highest (7.59%)
among the selected six ultra-short term debt fund schemes. However, the UTI
ultra short term debt fund has the lowest annual returns of 2.48%.
ii) The annualized standard deviation of UTI ultra short term debt fund is the highest
among the six funds; i.e.; 3.21% indicating that it is having relatively higher risk.
While, Invesco India Ultra Short Term Fund has the least standard deviation of
1.11% signifying that it’s the least risky among the six funds.
iii) Beta value of Aditya Birla Sun life Savings Fund is highest (1.71) indicating that
it is most volatile when compared to the CRISIL Index among the six, the UTI
ultra short term debt fund being the least volatile.
iv) Highest Sharpe ratio of SBI Magnum ultra-short duration fund (123.38%) among
the six funds shows that the fund has higher risk-free adjusted returns whereas the
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UTI ultra short term debt fund has the negative sharpe ratio which is meaningless
because it indicates that the fund has zero risk-free adjusted returns.
v) Highest Treynor’s Ratio of SBI Magnum ultra-short duration Fund (1.08%) shows
that the fund has highest risk-adjusted returns against the systematic risk and that
of the UTI ultra short term debt fund is giving negative risk-adjusted returns
which is meaningless (-3.58%).
vi) Jensen’s Alpha ratio is negative for all pf the funds which shows that as far as the
fund manager’s skill to add value to the portfolio is concerned, that the fund
managers of selected fund have not been successful.
vii) Sortino Ratio of SBI Magnum ultra-short term duration fund is the highest
(207.38%) among the six funds showing that the fund is generating highest return
per unit of bad risk that it takes on.
viii) Information Ratio for SBI Magnum ultra-short duration debt fund is highest
(372.42%) and much more than the other six funds following which the Aditya
Birla Sun Life Savings Fund has 13.88% information ratio. Higher information
ratio indicates that the fund has generated how much excess return from the
amount of excess risk taken relative to the benchmark. 372.42% Information ratio
for SBI Magnum ultra-short term debt fund means it is a consistent and better
performing fund.
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Chapter 6: Conclusion
After relevant research and calculations being carried out, the recommendation is to go forth
with SBI Magnum ultra-short duration fund as compared to the other five funds. SBI
Magnum ultra-short duration fund is the best performing fund among the six funds in terms
of relatively low volatility which means less risky along with better risk-adjusted returns as
well as better risk-adjusted returns against the market. It is also giving best returns per unit of
bad risk that it is taking amongst the all six funds. However, the annual returns are little less
(7.42%) than the Aditya Birla Savings Life Fund (7.59%); the performance of the SBI
Magnum ultra-short duration fund is consistent since its information ratio is too high than that
of Aditya Birla Savings Fund Life. The risk averse investors should invest in SBI Magnum
ultra-short duration fund. The ratios clearly back the fund and also the performance in the
past denotes that the fund is performing well in the category.
Followed by SBI Magnum ultra-short duration fund, the next best fund to invest in can be the
Aditya Birla Savings Fund. The annual returns are the highest however the volatility of the
fund is high which means high risk and high returns. This will attract the investors who are
ready to take risks in order to gain higher returns.
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References
Research Papers:
Archana Goel, Laveena. 2015. A comparative study on performance analysis of debt &
equity schemes at HDFC. 2015.
Gade S., Ram p. 2012. To compare the performance of equity and debt schemes of mutual
funds of Birla Sun Life with Reliance and ICICI Prudential. 2012.
Kumar, Sampath. 2018. A Study on the preferemces of mutual fund investora and
investment performance of the selected mutual fund schemes. 2018.
S, Poongavanam. 2011. To evaluate the performance of public and private sector mutual
funds. 2011.
Sharad Panwar, Dr. R. Madhumathi. 2005. To study the characteristics and performance
evaluation of selected Mutual Fund in India. 2005.
Sharma, Nishi. 2012. Indian Investor's Perception Towards Mutual Funds. 2012.
Shivangi Agarwal, Nawazish Mishra. 2017. A study of the risk adjusted performance of
mutual funds industry in India. 2017.
Online Refrences:
1. https://www.crisil.com/en/home/what-we-do/financial-products/mf-ranking.html
2. https://mutualfund.adityabirlacapital.com/saving-solutions/aditya-birla-sun-life-
savings-fund
3. https://www.icicipruamc.com/our-funds/debt-funds/ultra-short-term-fund
4. https://www.invescomutualfund.com/planPage?Title=Invesco%20India%20Ultra%20
Short%20Term%20Fund&classificatio
5. https://www.kotakmf.com/funds/debt-funds/Kotak-Savings-Fund/Reg-%20G
6. https://www.sbimf.com/en-us/debt-mutual-funds/sbi-magnum-ultra-short-duration-
fund
7. https://www.utimf.com/product/debt-funds/uti-ultra-short-term-fund/
8. www.moneycontrol.com
53 | P a g e
Appendices
Appendix 1
Aditya Birla Sun Life Savings Fund NAV data and CRISIL Index Price data from 08
May 2019 to 08 May 2020
Aditya Birla (Regular Plan) CRISIL INDEX

Return Outperformance Return
Date NAV % Date Price % change
change
08- 371.7244 0.025% 0.00498% 08-05- 5594.57 0.020%
May- 2019
19
09- 371.816 0.027% -0.00178% 09-05- 5595.67 0.029%
May- 2019
19
10- 371.9157 0.065% 0.00458% 10-05- 5597.27 0.061%
May- 2019
19
13- 372.158 0.045% 0.00308% 13-05- 5600.66 0.042%
May- 2019
19
14- 372.3243 0.024% 0.00712% 14-05- 5602.99 0.017%
May- 2019
19
15- 372.4126 0.039% 0.01259% 15-05- 5603.92 0.026%
May- 2019
19
16- 372.5565 0.049% 0.01338% 16-05- 5605.38 0.036%
May- 2019
19
17- 372.7386 0.088% 0.01330% 17-05- 5607.37 0.075%
May- 2019
19
20- 373.0667 0.020% -0.00178% 20-05- 5611.56 0.022%
May- 2019
19
21- 373.1425 0.023% -0.00292% 21-05- 5612.8 0.026%
May- 2019
19
22- 373.23 0.066% 0.01032% 22-05- 5614.28 0.055%
May- 2019
19
54 | P a g e
23- 373.4746 0.032% 0.00566% 23-05- 5617.38 0.027%
May- 2019
19
24- 373.5948 0.092% 0.01883% 24-05- 5618.87 0.073%
May- 2019
19
27- 373.9391 0.019% -0.01619% 27-05- 5622.99 0.035%
May- 2019
19
28- 374.0089 0.021% 0.00533% 28-05- 5624.95 0.015%
May- 2019
19
29- 374.0867 0.025% 0.00293% 29-05- 5625.82 0.022%
May- 2019
19
30- 374.1801 0.049% 0.00105% 30-05- 5627.06 0.048%
May- 2019
19
31- 374.3629 0.111% 0.03046% 31-05- 5629.75 0.081%
May- 2019
19
03- 374.7795 0.020% 0.00319% 03-06- 5634.3 0.017%
Jun-19 2019
04- 374.8533 0.065% -0.00294% 04-06- 5635.23 0.068%
Jun-19 2019
06- 375.0977 - -0.01459% 06-06- 5639.07 -0.012%
Jun-19 0.027% 2019
07- 374.9964 0.035% -0.00853% 07-06- 5638.37 0.043%
Jun-19 2019
10- 375.1267 0.011% -0.00343% 10-06- 5640.81 0.014%
Jun-19 2019
11- 375.1677 0.013% -0.00691% 11-06- 5641.62 0.020%
Jun-19 2019
12- 375.2156 0.019% 0.00133% 12-06- 5642.73 0.017%
Jun-19 2019
13- 375.2851 0.012% -0.01652% 13-06- 5643.7 0.028%
Jun-19 2019
14- 375.3295 0.054% -0.00052% 14-06- 5645.3 0.055%
Jun-19 2019
17- 375.533 0.043% 0.00894% 17-06- 5648.39 0.034%
Jun-19 2019
18- 375.6929 0.026% 0.01187% 18-06- 5650.29 0.014%
Jun-19 2019
19- 375.7907 0.020% 0.00187% 19-06- 5651.09 0.018%
Jun-19 2019
20- 375.8649 0.013% -0.00023% 20-06- 5652.1 0.013%
Jun-19 2019
21- 375.9119 0.051% -0.00225% 21-06- 5652.82 0.053%
Jun-19 2019
55 | P a g e
24- 376.1036 0.013% 0.00533% 24-06- 5655.83 0.008%
Jun-19 2019
25- 376.1529 - -0.00677% 25-06- 5656.27 0.002%
Jun-19 0.005% 2019
26- 376.1354 0.023% 0.00089% 26-06- 5656.39 0.022%
Jun-19 2019
27- 376.2212 0.002% -0.01989% 27-06- 5657.63 0.022%
Jun-19 2019
28- 376.2295 0.066% 0.00606% 28-06- 5658.88 0.060%
Jun-19 2019
01- 376.477 0.019% -0.00755% 01-07- 5662.26 0.027%
Jul-19 2019
02- 376.5503 0.048% 0.01040% 02-07- 5663.79 0.037%
Jul-19 2019
03- 376.7304 0.044% 0.00906% 03-07- 5665.91 0.035%
Jul-19 2019
04- 376.8955 0.059% 0.01131% 04-07- 5667.88 0.048%
Jul-19 2019
05- 377.119 0.082% 0.00504% 05-07- 5670.6 0.077%
Jul-19 2019
08- 377.4293 0.039% 0.01229% 08-07- 5674.98 0.026%
Jul-19 2019
09- 377.5748 0.058% 0.03010% 09-07- 5676.47 0.027%
Jul-19 2019
10- 377.7922 0.035% 0.00381% 10-07- 5678.03 0.031%
Jul-19 2019
11- 377.9237 0.030% 0.00244% 11-07- 5679.79 0.028%
Jul-19 2019
12- 378.0387 0.079% 0.00143% 12-07- 5681.38 0.078%
Jul-19 2019
15- 378.3382 0.089% 0.02278% 15-07- 5685.8 0.066%
Jul-19 2019
16- 378.6759 0.040% 0.01428% 16-07- 5689.58 0.025%
Jul-19 2019
17- 378.8265 0.005% -0.00892% 17-07- 5691.03 0.014%
Jul-19 2019
18- 378.8473 0.008% -0.00558% 18-07- 5691.85 0.014%
Jul-19 2019
19- 378.8774 0.038% -0.00385% 19-07- 5692.62 0.042%
Jul-19 2019
22- 379.0212 0.009% -0.00439% 22-07- 5695 0.013%
Jul-19 2019
23- 379.0538 0.023% 0.00488% 23-07- 5695.74 0.018%
Jul-19 2019
24- 379.1415 0.008% -0.01075% 24-07- 5696.78 0.019%
Jul-19 2019
25- 379.1713 0.020% 0.00476% 25-07- 5697.84 0.015%
Jul-19 2019
56 | P a g e
26- 379.2479 0.076% 0.05796% 26-07- 5698.72 0.018%
Jul-19 2019
29- 379.5356 0.034% -0.04140% 27-07- 5699.74 0.075%
Jul-19 2019
30- 379.6628 0.041% 0.00223% 30-07- 5704.01 0.039%
Jul-19 2019
31- 379.8197 0.060% 0.02366% 31-07- 5706.24 0.036%
Jul-19 2019
01- 380.0467 0.039% -0.00102% 01-08- 5708.3 0.040%
Aug- 2019
19
02- 380.1966 0.050% 0.00448% 02-08- 5710.61 0.046%
Aug- 2019
19
05- 380.3874 0.018% -0.00300% 05-08- 5713.22 0.021%
Aug- 2019
19
06- 380.4552 0.046% -0.00247% 06-08- 5714.41 0.049%
Aug- 2019
19
07- 380.6309 0.072% 0.03031% 07-08- 5717.19 0.042%
Aug- 2019
19
08- 380.9067 0.030% 0.00487% 08-08- 5719.6 0.025%
Aug- 2019
19
09- 381.0218 0.053% -0.01230% 09-08- 5721.05 0.065%
Aug- 2019
19
13- 381.224 - 0.00425% 13-08- 5724.79 -0.011%
Aug- 0.007% 2019
19
14- 381.1976 0.040% -0.00266% 14-08- 5724.15 0.042%
Aug- 2019
19
16- 381.3493 0.072% 0.01875% 16-08- 5726.58 0.053%
Aug- 2019
19
19- 381.6239 0.030% 0.00827% 19-08- 5729.63 0.021%
Aug- 2019
19
20- 381.7374 0.037% 0.00769% 20-08- 5730.86 0.030%
Aug- 2019
19
21- 381.88 0.020% -0.00060% 21-08- 5732.56 0.020%
Aug- 2019
19
57 | P a g e
22- 381.955 0.026% 0.00075% 22-08- 5733.72 0.026%
Aug- 2019
19
23- 382.0558 0.064% 0.00533% 23-08- 5735.19 0.059%
Aug- 2019
19
26- 382.3 0.050% 0.02239% 26-08- 5738.55 0.028%
Aug- 2019
19
27- 382.4922 0.021% 0.00784% 27-08- 5740.15 0.013%
Aug- 2019
19
28- 382.5735 0.013% -0.00374% 28-08- 5740.92 0.017%
Aug- 2019
19
29- 382.6245 0.022% 0.00006% 29-08- 5741.9 0.022%
Aug- 2019
19
30- 382.7087 0.087% 0.00141% 30-08- 5743.16 0.086%
Aug- 2019
19
03- 383.0433 0.038% 0.02252% 03-09- 5748.1 0.016%
Sep- 2019
19
04- 383.1902 0.019% -0.00294% 04-09- 5749.01 0.022%
Sep- 2019
19
05- 383.2629 0.019% -0.00167% 05-09- 5750.27 0.021%
Sep- 2019
19
06- 383.3358 0.077% 0.01754% 06-09- 5751.46 0.059%
Sep- 2019
19
09- 383.6303 0.034% -0.00003% 09-09- 5754.87 0.034%
Sep- 2019
19
11- 383.7615 0.016% -0.00385% 11-09- 5756.84 0.020%
Sep- 2019
19
12- 383.8234 0.031% 0.00533% 12-09- 5757.99 0.025%
Sep- 2019
19
13- 383.9405 0.048% 0.00065% 13-09- 5759.44 0.047%
Sep- 2019
19
16- 384.1243 - -0.00848% 16-09- 5762.16 0.006%
Sep- 0.003% 2019
19
58 | P a g e
17- 384.1144 0.013% -0.00967% 17-09- 5762.5 0.023%
Sep- 2019
19
18- 384.1639 0.025% -0.00040% 18-09- 5763.8 0.026%
Sep- 2019
19
19- 384.261 - -0.02406% 19-09- 5765.28 -0.024%
Sep- 0.048% 2019
19
20- 384.0759 0.037% -0.00647% 20-09- 5763.89 0.044%
Sep- 2019
19
23- 384.2183 - -0.01081% 23-09- 5766.4 0.000%
Sep- 0.011% 2019
19
24- 384.1761 0.013% -0.00298% 24-09- 5766.39 0.016%
Sep- 2019
19
25- 384.2266 0.036% 0.01561% 25-09- 5767.32 0.020%
Sep- 2019
19
26- 384.3632 0.016% -0.00799% 26-09- 5768.47 0.024%
Sep- 2019
19
27- 384.4231 0.091% 0.01812% 27-09- 5769.83 0.073%
Sep- 2019
19
30- 384.7746 0.058% 0.00652% 30-09- 5774.06 0.052%
Sep- 2019
19
01- 384.9996 0.063% 0.01632% 01-10- 5777.06 0.047%
Oct-19 2019
03- 385.2417 0.029% 0.00372% 03-10- 5779.75 0.025%
Oct-19 2019
04- 385.354 0.061% 0.00210% 04-10- 5781.22 0.058%
Oct-19 2019
07- 385.5874 0.035% 0.00186% 07-10- 5784.6 0.034%
Oct-19 2019
09- 385.7239 0.032% 0.00833% 09-10- 5786.54 0.024%
Oct-19 2019
10- 385.8487 0.036% 0.00315% 10-10- 5787.93 0.033%
Oct-19 2019
11- 385.9875 0.061% 0.00289% 11-10- 5789.83 0.058%
Oct-19 2019
14- 386.224 0.040% 0.00806% 14-10- 5793.21 0.032%
Oct-19 2019
15- 386.3778 0.036% 0.01117% 15-10- 5795.05 0.025%
Oct-19 2019
59 | P a g e
16- 386.5163 0.025% 0.01296% 16-10- 5796.48 0.012%
Oct-19 2019
17- 386.6144 0.021% -0.00163% 17-10- 5797.2 0.023%
Oct-19 2019
18- 386.6968 0.062% -0.00395% 18-10- 5798.53 0.066%
Oct-19 2019
22- 386.9376 0.020% -0.00459% 22-10- 5802.37 0.024%
Oct-19 2019
23- 387.0132 0.026% -0.00069% 23-10- 5803.77 0.026%
Oct-19 2019
24- 387.1119 0.021% 0.00229% 24-10- 5805.29 0.019%
Oct-19 2019
25- 387.1928 0.068% 0.00546% 25-10- 5806.37 0.063%
Oct-19 2019
29- 387.458 0.044% 0.00969% 29-10- 5810.03 0.035%
Oct-19 2019
30- 387.6296 0.035% -0.00393% 30-10- 5812.04 0.039%
Oct-19 2019
31- 387.7651 0.022% -0.00201% 31-10- 5814.3 0.024%
Oct-19 2019
01- 387.852 0.041% 0.00005% 01-11- 5815.72 0.041%
Nov- 2019
19
04- 388.0116 0.020% 0.01079% 04-11- 5818.11 0.009%
Nov- 2019
19
05- 388.0888 - -0.00322% 05-11- 5818.64 0.001%
Nov- 0.003% 2019
19
06- 388.0783 0.019% -0.00130% 06-11- 5818.67 0.020%
Nov- 2019
19
07- 388.1513 0.008% 0.00307% 07-11- 5819.84 0.005%
Nov- 2019
19
08- 388.1839 0.052% -0.00375% 08-11- 5820.15 0.056%
Nov- 2019
19
11- 388.3861 0.039% -0.00449% 11-11- 5823.4 0.044%
Nov- 2019
19
13- 388.5394 0.021% -0.00134% 13-11- 5825.96 0.023%
Nov- 2019
19
14- 388.6229 0.031% 0.00441% 14-11- 5827.29 0.027%
Nov- 2019
19
60 | P a g e
15- 388.7434 0.063% 0.01129% 15-11- 5828.84 0.051%
Nov- 2019
19
18- 388.9867 0.019% 0.00215% 18-11- 5831.83 0.016%
Nov- 2019
19
19- 389.0591 0.020% -0.00630% 19-11- 5832.79 0.026%
Nov- 2019
19
20- 389.1373 0.023% 0.00652% 20-11- 5834.33 0.016%
Nov- 2019
19
21- 389.2267 0.016% -0.00314% 21-11- 5835.29 0.020%
Nov- 2019
19
22- 389.2905 0.051% 0.00127% 22-11- 5836.43 0.050%
Nov- 2019
19
25- 389.4882 0.017% -0.00151% 25-11- 5839.32 0.019%
Nov- 2019
19
26- 389.5557 0.025% 0.00545% 26-11- 5840.42 0.019%
Nov- 2019
19
27- 389.6523 0.022% -0.00035% 27-11- 5841.55 0.022%
Nov- 2019
19
28- 389.7363 0.022% -0.00628% 28-11- 5842.83 0.029%
Nov- 2019
19
29- 389.8239 0.052% 0.00655% 29-11- 5844.51 0.045%
Nov- 2019
19
02- 390.0255 0.018% 0.00281% 02-12- 5847.15 0.015%
Dec- 2019
19
03- 390.0965 0.024% 0.00142% 03-12- 5848.05 0.023%
Dec- 2019
19
04- 390.1901 - 0.01118% 04-12- 5849.37 -0.036%
Dec- 0.025% 2019
19
05- 390.0943 0.011% 0.00008% 05-12- 5847.28 0.011%
Dec- 2019
19
06- 390.1373 0.037% -0.00162% 06-12- 5847.92 0.038%
Dec- 2019
19
61 | P a g e
09- 390.2811 0.030% 0.00793% 09-12- 5850.17 0.022%
Dec- 2019
19
10- 390.3981 0.010% -0.00088% 10-12- 5851.46 0.011%
Dec- 2019
19
11- 390.4387 0.017% 0.00264% 11-12- 5852.12 0.014%
Dec- 2019
19
12- 390.5037 0.014% 0.00117% 12-12- 5852.94 0.013%
Dec- 2019
19
13- 390.5603 0.046% -0.00240% 13-12- 5853.72 0.049%
Dec- 2019
19
16- 390.7404 0.022% 0.00743% 16-12- 5856.56 0.014%
Dec- 2019
19
17- 390.8248 0.021% 0.00002% 17-12- 5857.39 0.021%
Dec- 2019
19
18- 390.9056 0.019% -0.00183% 18-12- 5858.6 0.021%
Dec- 2019
19
19- 390.9805 0.018% 0.00129% 19-12- 5859.83 0.016%
Dec- 2019
19
20- 391.0496 0.038% -0.01274% 20-12- 5860.79 0.050%
Dec- 2019
19
23- 391.1966 0.007% -0.00806% 23-12- 5863.74 0.015%
Dec- 2019
19
24- 391.2231 0.021% -0.00340% 24-12- 5864.61 0.025%
Dec- 2019
19
26- 391.3072 0.021% 0.00079% 26-12- 5866.07 0.020%
Dec- 2019
19
27- 391.389 0.050% 0.00420% 27-12- 5867.25 0.046%
Dec- 2019
19
30- 391.5862 0.015% -0.00176% 30-12- 5869.96 0.017%
Dec- 2019
19
31- 391.644 0.030% 0.00327% 31-12- 5870.93 0.027%
Dec- 2019
19
62 | P a g e
01- 391.7622 0.029% -0.00619% 01-01- 5872.51 0.035%
Jan-20 2020
02- 391.8747 0.031% 0.00499% 02-01- 5874.56 0.026%
Jan-20 2020
03- 391.997 0.045% -0.00474% 03-01- 5876.1 0.050%
Jan-20 2020
06- 392.1752 0.025% 0.00515% 06-01- 5879.05 0.020%
Jan-20 2020
07- 392.2721 0.025% 0.00231% 07-01- 5880.2 0.023%
Jan-20 2020
08- 392.3719 0.026% 0.00252% 08-01- 5881.56 0.024%
Jan-20 2020
09- 392.4752 0.012% 0.00326% 09-01- 5882.96 0.008%
Jan-20 2020
10- 392.5207 0.046% 0.00200% 10-01- 5883.45 0.044%
Jan-20 2020
13- 392.702 - -0.01061% 13-01- 5886.05 0.006%
Jan-20 0.005% 2020
14- 392.683 0.020% 0.00395% 14-01- 5886.39 0.016%
Jan-20 2020
15- 392.7619 0.013% -0.00375% 15-01- 5887.34 0.016%
Jan-20 2020
16- 392.8112 0.023% 0.00266% 16-01- 5888.3 0.020%
Jan-20 2020
17- 392.9017 0.052% 0.00260% 17-01- 5889.5 0.050%
Jan-20 2020
20- 393.1074 0.017% -0.00423% 20-01- 5892.43 0.021%
Jan-20 2020
21- 393.1735 0.025% 0.00257% 21-01- 5893.67 0.022%
Jan-20 2020
22- 393.271 0.028% 0.00686% 22-01- 5894.98 0.022%
Jan-20 2020
23- 393.3827 0.029% 0.00406% 23-01- 5896.25 0.025%
Jan-20 2020
24- 393.4974 0.050% -0.00153% 24-01- 5897.73 0.052%
Jan-20 2020
27- 393.6942 0.016% -0.00759% 27-01- 5900.77 0.023%
Jan-20 2020
28- 393.7564 0.014% 0.00429% 28-01- 5902.15 0.010%
Jan-20 2020
29- 393.812 0.015% -0.00210% 29-01- 5902.73 0.017%
Jan-20 2020
30- 393.8711 0.016% -0.00414% 30-01- 5903.74 0.020%
Jan-20 2020
31- 393.9342 0.063% -0.00070% 31-01- 5904.93 0.064%
Jan-20 2020
63 | P a g e
03- 394.1836 0.023% 0.00422% 03-02- 5908.71 0.019%
Feb- 2020
20
04- 394.2743 0.016% 0.00186% 04-02- 5909.82 0.014%
Feb- 2020
20
05- 394.337 0.080% 0.02226% 05-02- 5910.65 0.058%
Feb- 2020
20
06- 394.6523 0.045% 0.00647% 06-02- 5914.06 0.038%
Feb- 2020
20
07- 394.8293 0.059% 0.00680% 07-02- 5916.33 0.052%
Feb- 2020
20
10- 395.0617 0.027% -0.00185% 10-02- 5919.41 0.028%
Feb- 2020
20
11- 395.1665 0.015% -0.00225% 11-02- 5921.09 0.017%
Feb- 2020
20
12- 395.225 0.026% -0.00058% 12-02- 5922.1 0.027%
Feb- 2020
20
13- 395.3275 0.021% 0.00553% 13-02- 5923.67 0.016%
Feb- 2020
20
14- 395.4121 0.057% 0.00520% 14-02- 5924.61 0.052%
Feb- 2020
20
17- 395.6369 0.005% -0.01175% 17-02- 5927.67 0.017%
Feb- 2020
20
18- 395.6585 0.028% 0.00308% 18-02- 5928.69 0.025%
Feb- 2020
20
20- 395.7708 0.060% -0.00116% 20-02- 5930.19 0.062%
Feb- 2020
20
24- 396.0098 - -0.01563% 24-02- 5933.84 0.015%
Feb- 0.001% 2020
20
25- 396.0073 0.012% -0.00708% 25-02- 5934.73 0.019%
Feb- 2020
20
26- 396.054 - -0.00610% 26-02- 5935.85 0.001%
Feb- 0.005% 2020
20
64 | P a g e
27- 396.0345 - -0.03310% 27-02- 5935.92 0.002%
Feb- 0.031% 2020
20
28- 395.9121 0.037% -0.01295% 28-02- 5936.05 0.050%
Feb- 2020
20
02- 396.0596 0.014% -0.01180% 02-03- 5939.03 0.026%
Mar- 2020
20
03- 396.1169 0.062% -0.01483% 03-03- 5940.59 0.077%
Mar- 2020
20
04- 396.3642 0.046% 0.03167% 04-03- 5945.18 0.015%
Mar- 2020
20
05- 396.5484 - -0.03357% 05-03- 5946.06 0.007%
Mar- 0.027% 2020
20
06- 396.4433 0.005% -0.02719% 06-03- 5946.48 0.032%
Mar- 2020
20
09- 396.4615 0.004% -0.01473% 09-03- 5948.37 0.019%
Mar- 2020
20
11- 396.4791 - -0.05653% 11-03- 5949.51 -0.053%
Mar- 0.109% 2020
20
12- 396.0464 - -0.06077% 12-03- 5946.38 -0.041%
Mar- 0.102% 2020
20
13- 395.6432 - -0.03811% 13-03- 5943.94 0.031%
Mar- 0.007% 2020
20
16- 395.6169 - -0.07788% 16-03- 5945.81 -0.039%
Mar- 0.117% 2020
20
17- 395.1531 - -0.07229% 17-03- 5943.47 -0.085%
Mar- 0.157% 2020
20
18- 394.5317 - -0.20131% 18-03- 5938.42 -0.222%
Mar- 0.423% 2020
20
19- 392.8625 0.074% -0.00795% 19-03- 5925.25 0.082%
Mar- 2020
20
20- 393.1515 - -0.09299% 20-03- 5930.08 -0.133%
Mar- 0.226% 2020
20
65 | P a g e
23- 392.2648 - -0.01939% 23-03- 5922.22 -0.116%
Mar- 0.135% 2020
20
24- 391.7337 0.080% -0.03254% 24-03- 5915.35 0.113%
Mar- 2020
20
26- 392.0486 1.255% 0.57535% 26-03- 5922.03 0.680%
Mar- 2020
20
27- 396.9702 0.070% 0.02026% 27-03- 5962.3 0.050%
Mar- 2020
20
30- 397.2497 0.068% 0.00205% 30-03- 5965.29 0.066%
Mar- 2020
20
31- 397.5209 0.057% -0.00507% 31-03- 5969.24 0.062%
Mar- 2020
20
03- 397.7458 - -0.02840% 03-04- 5972.92 0.007%
Apr- 0.022% 2020
20
07- 397.6588 - -0.07564% 07-04- 5973.31 -0.014%
Apr- 0.089% 2020
20
08- 397.3041 - -0.03026% 08-04- 5972.5 -0.001%
Apr- 0.031% 2020
20
09- 397.1812 0.045% 0.00545% 09-04- 5972.46 0.040%
Apr- 2020
20
13- 397.3618 0.012% -0.02562% 13-04- 5974.85 0.037%
Apr- 2020
20
15- 397.4083 0.042% -0.00938% 15-04- 5977.08 0.052%
Apr- 2020
20
16- 397.5758 0.169% 0.03836% 16-04- 5980.16 0.131%
Apr- 2020
20
17- 398.2482 0.123% -0.00539% 17-04- 5987.98 0.128%
Apr- 2020
20
20- 398.7375 0.106% 0.07344% 20-04- 5995.66 0.033%
Apr- 2020
20
21- 399.162 0.033% -0.02455% 21-04- 5997.64 0.058%
Apr- 2020
20
66 | P a g e
22- 399.2956 0.064% 0.01905% 22-04- 6001.12 0.045%
Apr- 2020
20
23- 399.552 - -0.10612% 23-04- 6003.83 -0.057%
Apr- 0.163% 2020
20
24- 398.9004 - -0.05597% 24-04- 6000.41 0.001%
Apr- 0.055% 2020
20
27- 398.6798 - -0.05317% 27-04- 6000.45 -0.035%
Apr- 0.088% 2020
20
28- 398.3283 0.024% 0.02386% 28-04- 5998.35 0.000%
Apr- 2020
20
29- 398.424 0.021% 0.00147% 29-04- 5998.36 0.019%
Apr- 2020
20
30- 398.5069 0.115% 0.03506% 30-04- 5999.52 0.080%
Apr- 2020
20
04- 398.9648 0.072% 0.02552% 04-05- 6004.31 0.047%
May- 2020
20
05- 399.254 0.086% 0.04174% 05-05- 6007.13 0.044%
May- 2020
20
06- 399.5981 0.085% 0.01878% 06-05- 6009.8 0.067%
May- 2020
20
08- 399.9391 0.00000% 08-05- 6013.8
May- 2020
20
Average Average %
% change
return
Sum 93225.1683 0.031% Return 7.49% 0.030%
67 | P a g e
Appendix 2
ICICI Prudential Ultra Short Term Fund NAV Data along with CRISIL Index
from 08 May 2019 to 08 May 2020
ICICI Prudential CRISIL Index

Returns Returns
Date NAV % Outperformance Date Price %
change change
08-May- 19.0085 0.0247% 0.0051% 08-05- 5594.57 0.020%
19 2019
09-May- 19.0132 0.0295% 0.0009% 09-05- 5595.67 0.029%
19 2019
10-May- 19.0188 0.0557% -0.0048% 10-05- 5597.27 0.061%
19 2019
13-May- 19.0294 0.0363% -0.0053% 13-05- 5600.66 0.042%
19 2019
14-May- 19.0363 0.0194% 0.0028% 14-05- 5602.99 0.017%
19 2019
15-May- 19.04 0.0415% 0.0154% 15-05- 5603.92 0.026%
19 2019
16-May- 19.0479 0.0441% 0.0086% 16-05- 5605.38 0.036%
19 2019
17-May- 19.0563 0.0750% 0.0003% 17-05- 5607.37 0.075%
19 2019
20-May- 19.0706 0.0252% 0.0031% 20-05- 5611.56 0.022%
19 2019
21-May- 19.0754 0.0257% -0.0007% 21-05- 5612.8 0.026%
19 2019
22-May- 19.0803 0.0524% -0.0028% 22-05- 5614.28 0.055%
19 2019
23-May- 19.0903 0.0309% 0.0044% 23-05- 5617.38 0.027%
19 2019
24-May- 19.0962 0.0775% 0.0042% 24-05- 5618.87 0.073%
19 2019
27-May- 19.111 0.0230% -0.0118% 27-05- 5622.99 0.035%
19 2019
28-May- 19.1154 0.0220% 0.0065% 28-05- 5624.95 0.015%
19 2019
29-May- 19.1196 0.0345% 0.0125% 29-05- 5625.82 0.022%
19 2019
30-May- 19.1262 0.0455% -0.0023% 30-05- 5627.06 0.048%
19 2019
31-May- 19.1349 0.0946% 0.0138% 31-05- 5629.75 0.081%
19 2019
03-Jun- 19.153 0.0271% 0.0106% 03-06- 5634.3 0.017%
19 2019
68 | P a g e
04-Jun- 19.1582 0.0454% -0.0227% 04-06- 5635.23 0.068%
19 2019
06-Jun- 19.1669 - 0.0009% 06-06- 5639.07 -0.012%
19 0.0115% 2019
07-Jun- 19.1647 0.0417% -0.0015% 07-06- 5638.37 0.043%
19 2019
10-Jun- 19.1727 0.0099% -0.0044% 10-06- 5640.81 0.014%
19 2019
11-Jun- 19.1746 0.0183% -0.0014% 11-06- 5641.62 0.020%
19 2019
12-Jun- 19.1781 0.0146% -0.0026% 12-06- 5642.73 0.017%
19 2019
13-Jun- 19.1809 0.0198% -0.0085% 13-06- 5643.7 0.028%
19 2019
14-Jun- 19.1847 0.0678% 0.0130% 14-06- 5645.3 0.055%
19 2019
17-Jun- 19.1977 0.0307% -0.0029% 17-06- 5648.39 0.034%
19 2019
18-Jun- 19.2036 0.0146% 0.0004% 18-06- 5650.29 0.014%
19 2019
19-Jun- 19.2064 0.0213% 0.0035% 19-06- 5651.09 0.018%
19 2019
20-Jun- 19.2105 0.0187% 0.0060% 20-06- 5652.1 0.013%
19 2019
21-Jun- 19.2141 0.0630% 0.0097% 21-06- 5652.82 0.053%
19 2019
24-Jun- 19.2262 0.0166% 0.0089% 24-06- 5655.83 0.008%
19 2019
25-Jun- 19.2294 - -0.0063% 25-06- 5656.27 0.002%
19 0.0042% 2019
26-Jun- 19.2286 0.0291% 0.0072% 26-06- 5656.39 0.022%
19 2019
27-Jun- 19.2342 0.0239% 0.0018% 27-06- 5657.63 0.022%
19 2019
28-Jun- 19.2388 0.0681% 0.0084% 28-06- 5658.88 0.060%
19 2019
01-Jul- 19.2519 0.0197% -0.0073% 01-07- 5662.26 0.027%
19 2019
02-Jul- 19.2557 0.0483% 0.0109% 02-07- 5663.79 0.037%
19 2019
03-Jul- 19.265 0.0332% -0.0015% 03-07- 5665.91 0.035%
19 2019
04-Jul- 19.2714 0.0374% -0.0106% 04-07- 5667.88 0.048%
19 2019
05-Jul- 19.2786 0.0742% -0.0031% 05-07- 5670.6 0.077%
19 2019
08-Jul- 19.2929 0.0301% 0.0038% 08-07- 5674.98 0.026%
19 2019
69 | P a g e
09-Jul- 19.2987 0.0492% 0.0217% 09-07- 5676.47 0.027%
19 2019
10-Jul- 19.3082 0.0357% 0.0047% 10-07- 5678.03 0.031%
19 2019
11-Jul- 19.3151 0.0290% 0.0010% 11-07- 5679.79 0.028%
19 2019
12-Jul- 19.3207 0.0663% -0.0115% 12-07- 5681.38 0.078%
19 2019
15-Jul- 19.3335 0.0797% 0.0132% 15-07- 5685.8 0.066%
19 2019
16-Jul- 19.3489 0.0248% -0.0007% 16-07- 5689.58 0.025%
19 2019
17-Jul- 19.3537 - -0.0222% 17-07- 5691.03 0.014%
19 0.0078% 2019
18-Jul- 19.3522 0.0140% 0.0004% 18-07- 5691.85 0.014%
19 2019
19-Jul- 19.3549 0.0449% 0.0031% 19-07- 5692.62 0.042%
19 2019
22-Jul- 19.3636 0.0046% -0.0083% 22-07- 5695 0.013%
19 2019
23-Jul- 19.3645 0.0217% 0.0034% 23-07- 5695.74 0.018%
19 2019
24-Jul- 19.3687 0.0150% -0.0036% 24-07- 5696.78 0.019%
19 2019
25-Jul- 19.3716 0.0201% 0.0047% 25-07- 5697.84 0.015%
19 2019
26-Jul- 19.3755 0.0630% 0.0451% 26-07- 5698.72 0.018%
19 2019
29-Jul- 19.3877 0.0413% -0.0337% 27-07- 5699.74 0.075%
19 2019
30-Jul- 19.3957 0.0237% -0.0154% 30-07- 5704.01 0.039%
19 2019
31-Jul- 19.4003 0.0490% 0.0129% 31-07- 5706.24 0.036%
19 2019
01-Aug- 19.4098 0.0371% -0.0034% 01-08- 5708.3 0.040%
19 2019
02-Aug- 19.417 0.0536% 0.0079% 02-08- 5710.61 0.046%
19 2019
05-Aug- 19.4274 0.0190% -0.0018% 05-08- 5713.22 0.021%
19 2019
06-Aug- 19.4311 0.0479% -0.0008% 06-08- 5714.41 0.049%
19 2019
07-Aug- 19.4404 0.0607% 0.0185% 07-08- 5717.19 0.042%
19 2019
08-Aug- 19.4522 0.0319% 0.0065% 08-08- 5719.6 0.025%
19 2019
09-Aug- 19.4584 0.0576% -0.0078% 09-08- 5721.05 0.065%
19 2019
70 | P a g e
13-Aug- 19.4696 0.0046% 0.0158% 13-08- 5724.79 -0.011%
19 2019
14-Aug- 19.4705 0.0406% -0.0019% 14-08- 5724.15 0.042%
19 2019
16-Aug- 19.4784 0.0611% 0.0078% 16-08- 5726.58 0.053%
19 2019
19-Aug- 19.4903 0.0180% -0.0035% 19-08- 5729.63 0.021%
19 2019
20-Aug- 19.4938 0.0215% -0.0081% 20-08- 5730.86 0.030%
19 2019
21-Aug- 19.498 0.0185% -0.0018% 21-08- 5732.56 0.020%
19 2019
22-Aug- 19.5016 0.0272% 0.0015% 22-08- 5733.72 0.026%
19 2019
23-Aug- 19.5069 0.0651% 0.0065% 23-08- 5735.19 0.059%
19 2019
26-Aug- 19.5196 0.0318% 0.0039% 26-08- 5738.55 0.028%
19 2019
27-Aug- 19.5258 0.0205% 0.0071% 27-08- 5740.15 0.013%
19 2019
28-Aug- 19.5298 0.0184% 0.0014% 28-08- 5740.92 0.017%
19 2019
29-Aug- 19.5334 0.0215% -0.0004% 29-08- 5741.9 0.022%
19 2019
30-Aug- 19.5376 0.0845% -0.0016% 30-08- 5743.16 0.086%
19 2019
03-Sep- 19.5541 0.0148% -0.0010% 03-09- 5748.1 0.016%
19 2019
04-Sep- 19.557 0.0189% -0.0030% 04-09- 5749.01 0.022%
19 2019
05-Sep- 19.5607 0.0143% -0.0064% 05-09- 5750.27 0.021%
19 2019
06-Sep- 19.5635 0.0762% 0.0169% 06-09- 5751.46 0.059%
19 2019
09-Sep- 19.5784 0.0266% -0.0077% 09-09- 5754.87 0.034%
19 2019
11-Sep- 19.5836 0.0143% -0.0057% 11-09- 5756.84 0.020%
19 2019
12-Sep- 19.5864 0.0322% 0.0070% 12-09- 5757.99 0.025%
19 2019
13-Sep- 19.5927 0.0551% 0.0079% 13-09- 5759.44 0.047%
19 2019
16-Sep- 19.6035 0.0041% -0.0018% 16-09- 5762.16 0.006%
19 2019
17-Sep- 19.6043 0.0071% -0.0154% 17-09- 5762.5 0.023%
19 2019
18-Sep- 19.6057 0.0224% -0.0032% 18-09- 5763.8 0.026%
19 2019
71 | P a g e
19-Sep- 19.6101 - -0.0167% 19-09- 5765.28 -0.024%
19 0.0408% 2019
20-Sep- 19.6021 0.0566% 0.0131% 20-09- 5763.89 0.044%
19 2019
23-Sep- 19.6132 - -0.0019% 23-09- 5766.4 0.000%
19 0.0020% 2019
24-Sep- 19.6128 0.0209% 0.0048% 24-09- 5766.39 0.016%
19 2019
25-Sep- 19.6169 0.0255% 0.0055% 25-09- 5767.32 0.020%
19 2019
26-Sep- 19.6219 - -0.0353% 26-09- 5768.47 0.024%
19 0.0117% 2019
27-Sep- 19.6196 0.1172% 0.0439% 27-09- 5769.83 0.073%
19 2019
30-Sep- 19.6426 0.0545% 0.0025% 30-09- 5774.06 0.052%
19 2019
01-Oct- 19.6533 0.0605% 0.0140% 01-10- 5777.06 0.047%
19 2019
03-Oct- 19.6652 0.0290% 0.0036% 03-10- 5779.75 0.025%
19 2019
04-Oct- 19.6709 0.0717% 0.0132% 04-10- 5781.22 0.058%
19 2019
07-Oct- 19.685 0.0462% 0.0127% 07-10- 5784.6 0.034%
19 2019
09-Oct- 19.6941 0.0279% 0.0039% 09-10- 5786.54 0.024%
19 2019
10-Oct- 19.6996 0.0431% 0.0103% 10-10- 5787.93 0.033%
19 2019
11-Oct- 19.7081 0.0649% 0.0066% 11-10- 5789.83 0.058%
19 2019
14-Oct- 19.7209 0.0406% 0.0088% 14-10- 5793.21 0.032%
19 2019
15-Oct- 19.7289 0.0360% 0.0113% 15-10- 5795.05 0.025%
19 2019
16-Oct- 19.736 0.0279% 0.0154% 16-10- 5796.48 0.012%
19 2019
17-Oct- 19.7415 0.0213% -0.0017% 17-10- 5797.2 0.023%
19 2019
18-Oct- 19.7457 0.0734% 0.0072% 18-10- 5798.53 0.066%
19 2019
22-Oct- 19.7602 0.0288% 0.0047% 22-10- 5802.37 0.024%
19 2019
23-Oct- 19.7659 0.0268% 0.0006% 23-10- 5803.77 0.026%
19 2019
24-Oct- 19.7712 0.0192% 0.0006% 24-10- 5805.29 0.019%
19 2019
25-Oct- 19.775 0.0637% 0.0007% 25-10- 5806.37 0.063%
19 2019
72 | P a g e
29-Oct- 19.7876 0.0591% 0.0245% 29-10- 5810.03 0.035%
19 2019
30-Oct- 19.7993 0.0444% 0.0056% 30-10- 5812.04 0.039%
19 2019
31-Oct- 19.8081 0.0268% 0.0023% 31-10- 5814.3 0.024%
19 2019
01-Nov- 19.8134 0.0676% 0.0265% 01-11- 5815.72 0.041%
19 2019
04-Nov- 19.8268 0.0252% 0.0161% 04-11- 5818.11 0.009%
19 2019
05-Nov- 19.8318 - -0.0010% 05-11- 5818.64 0.001%
19 0.0005% 2019
06-Nov- 19.8317 0.0086% -0.0115% 06-11- 5818.67 0.020%
19 2019
07-Nov- 19.8334 0.0096% 0.0043% 07-11- 5819.84 0.005%
19 2019
08-Nov- 19.8353 0.0590% 0.0031% 08-11- 5820.15 0.056%
19 2019
11-Nov- 19.847 0.0428% -0.0011% 11-11- 5823.4 0.044%
19 2019
13-Nov- 19.8555 0.0212% -0.0017% 13-11- 5825.96 0.023%
19 2019
14-Nov- 19.8597 0.0393% 0.0127% 14-11- 5827.29 0.027%
19 2019
15-Nov- 19.8675 0.0896% 0.0383% 15-11- 5828.84 0.051%
19 2019
18-Nov- 19.8853 0.0267% 0.0102% 18-11- 5831.83 0.016%
19 2019
19-Nov- 19.8906 0.0266% 0.0002% 19-11- 5832.79 0.026%
19 2019
20-Nov- 19.8959 0.0281% 0.0117% 20-11- 5834.33 0.016%
19 2019
21-Nov- 19.9015 0.0141% -0.0055% 21-11- 5835.29 0.020%
19 2019
22-Nov- 19.9043 0.0598% 0.0103% 22-11- 5836.43 0.050%
19 2019
25-Nov- 19.9162 0.0226% 0.0038% 25-11- 5839.32 0.019%
19 2019
26-Nov- 19.9207 0.0236% 0.0042% 26-11- 5840.42 0.019%
19 2019
27-Nov- 19.9254 0.0256% 0.0037% 27-11- 5841.55 0.022%
19 2019
28-Nov- 19.9305 0.0366% 0.0079% 28-11- 5842.83 0.029%
19 2019
29-Nov- 19.9378 0.0572% 0.0120% 29-11- 5844.51 0.045%
19 2019
02-Dec- 19.9492 0.0236% 0.0082% 02-12- 5847.15 0.015%
19 2019
73 | P a g e
03-Dec- 19.9539 0.0281% 0.0055% 03-12- 5848.05 0.023%
19 2019
04-Dec- 19.9595 - 0.0057% 04-12- 5849.37 -0.036%
19 0.0301% 2019
05-Dec- 19.9535 0.0100% -0.0009% 05-12- 5847.28 0.011%
19 2019
06-Dec- 19.9555 0.0401% 0.0016% 06-12- 5847.92 0.038%
19 2019
09-Dec- 19.9635 0.0291% 0.0070% 09-12- 5850.17 0.022%
19 2019
10-Dec- 19.9693 0.0175% 0.0062% 10-12- 5851.46 0.011%
19 2019
11-Dec- 19.9728 0.0095% -0.0045% 11-12- 5852.12 0.014%
19 2019
12-Dec- 19.9747 0.0396% 0.0262% 12-12- 5852.94 0.013%
19 2019
13-Dec- 19.9826 0.0560% 0.0075% 13-12- 5853.72 0.049%
19 2019
16-Dec- 19.9938 0.0215% 0.0073% 16-12- 5856.56 0.014%
19 2019
17-Dec- 19.9981 0.0270% 0.0063% 17-12- 5857.39 0.021%
19 2019
18-Dec- 20.0035 0.0255% 0.0045% 18-12- 5858.6 0.021%
19 2019
19-Dec- 20.0086 0.0130% -0.0034% 19-12- 5859.83 0.016%
19 2019
20-Dec- 20.0112 0.0525% 0.0021% 20-12- 5860.79 0.050%
19 2019
23-Dec- 20.0217 0.0110% -0.0038% 23-12- 5863.74 0.015%
19 2019
24-Dec- 20.0239 0.0270% 0.0021% 24-12- 5864.61 0.025%
19 2019
26-Dec- 20.0293 0.0225% 0.0024% 26-12- 5866.07 0.020%
19 2019
27-Dec- 20.0338 0.0339% -0.0122% 27-12- 5867.25 0.046%
19 2019
30-Dec- 20.0406 0.0190% 0.0024% 30-12- 5869.96 0.017%
19 2019
31-Dec- 20.0444 0.0364% 0.0095% 31-12- 5870.93 0.027%
19 2019
01-Jan- 20.0517 0.0364% 0.0015% 01-01- 5872.51 0.035%
20 2020
02-Jan- 20.059 0.0309% 0.0047% 02-01- 5874.56 0.026%
20 2020
03-Jan- 20.0652 0.0449% -0.0053% 03-01- 5876.1 0.050%
20 2020
06-Jan- 20.0742 0.0279% 0.0083% 06-01- 5879.05 0.020%
20 2020
74 | P a g e
07-Jan- 20.0798 0.0299% 0.0068% 07-01- 5880.2 0.023%
20 2020
08-Jan- 20.0858 0.0264% 0.0026% 08-01- 5881.56 0.024%
20 2020
09-Jan- 20.0911 0.0139% 0.0056% 09-01- 5882.96 0.008%
20 2020
10-Jan- 20.0939 0.0528% 0.0086% 10-01- 5883.45 0.044%
20 2020
13-Jan- 20.1045 - -0.0078% 13-01- 5886.05 0.006%
20 0.0020% 2020
14-Jan- 20.1041 0.0169% 0.0008% 14-01- 5886.39 0.016%
20 2020
15-Jan- 20.1075 0.0219% 0.0056% 15-01- 5887.34 0.016%
20 2020
16-Jan- 20.1119 0.0224% 0.0020% 16-01- 5888.3 0.020%
20 2020
17-Jan- 20.1164 0.0676% 0.0179% 17-01- 5889.5 0.050%
20 2020
20-Jan- 20.13 0.0229% 0.0018% 20-01- 5892.43 0.021%
20 2020
21-Jan- 20.1346 0.0164% -0.0058% 21-01- 5893.67 0.022%
20 2020
22-Jan- 20.1379 - -0.0260% 22-01- 5894.98 0.022%
20 0.0045% 2020
23-Jan- 20.137 0.0646% 0.0395% 23-01- 5896.25 0.025%
20 2020
24-Jan- 20.15 0.0516% 0.0001% 24-01- 5897.73 0.052%
20 2020
27-Jan- 20.1604 0.0188% -0.0045% 27-01- 5900.77 0.023%
20 2020
28-Jan- 20.1642 0.0154% 0.0055% 28-01- 5902.15 0.010%
20 2020
29-Jan- 20.1673 0.0174% 0.0002% 29-01- 5902.73 0.017%
20 2020
30-Jan- 20.1708 0.0253% 0.0051% 30-01- 5903.74 0.020%
20 2020
31-Jan- 20.1759 0.0615% -0.0026% 31-01- 5904.93 0.064%
20 2020
03-Feb- 20.1883 0.0129% -0.0059% 03-02- 5908.71 0.019%
20 2020
04-Feb- 20.1909 0.0149% 0.0008% 04-02- 5909.82 0.014%
20 2020
05-Feb- 20.1939 0.0857% 0.0280% 05-02- 5910.65 0.058%
20 2020
06-Feb- 20.2112 0.0312% -0.0072% 06-02- 5914.06 0.038%
20 2020
07-Feb- 20.2175 0.0702% 0.0182% 07-02- 5916.33 0.052%
20 2020
75 | P a g e
10-Feb- 20.2317 0.0282% -0.0002% 10-02- 5919.41 0.028%
20 2020
11-Feb- 20.2374 0.0173% 0.0002% 11-02- 5921.09 0.017%
20 2020
12-Feb- 20.2409 0.0242% -0.0023% 12-02- 5922.1 0.027%
20 2020
13-Feb- 20.2458 0.0089% -0.0070% 13-02- 5923.67 0.016%
20 2020
14-Feb- 20.2476 0.0509% -0.0008% 14-02- 5924.61 0.052%
20 2020
17-Feb- 20.2579 0.0079% -0.0093% 17-02- 5927.67 0.017%
20 2020
18-Feb- 20.2595 0.0528% 0.0275% 18-02- 5928.69 0.025%
20 2020
20-Feb- 20.2702 0.0592% -0.0023% 20-02- 5930.19 0.062%
20 2020
24-Feb- 20.2822 0.0177% 0.0028% 24-02- 5933.84 0.015%
20 2020
25-Feb- 20.2858 0.0099% -0.0090% 25-02- 5934.73 0.019%
20 2020
26-Feb- 20.2878 0.0143% 0.0131% 26-02- 5935.85 0.001%
20 2020
27-Feb- 20.2907 0.0044% 0.0022% 27-02- 5935.92 0.002%
20 2020
28-Feb- 20.2916 0.0439% -0.0063% 28-02- 5936.05 0.050%
20 2020
02-Mar- 20.3005 0.0138% -0.0125% 02-03- 5939.03 0.026%
20 2020
03-Mar- 20.3033 0.0867% 0.0094% 03-03- 5940.59 0.077%
20 2020
04-Mar- 20.3209 0.0217% 0.0069% 04-03- 5945.18 0.015%
20 2020
05-Mar- 20.3253 - -0.0199% 05-03- 5946.06 0.007%
20 0.0128% 2020
06-Mar- 20.3227 0.0315% -0.0003% 06-03- 5946.48 0.032%
20 2020
09-Mar- 20.3291 0.0044% -0.0147% 09-03- 5948.37 0.019%
20 2020
11-Mar- 20.33 - -0.0487% 11-03- 5949.51 -0.053%
20 0.1013% 2020
12-Mar- 20.3094 - -0.0328% 12-03- 5946.38 -0.041%
20 0.0739% 2020
13-Mar- 20.2944 0.0192% -0.0122% 13-03- 5943.94 0.031%
20 2020
16-Mar- 20.2983 - -0.0483% 16-03- 5945.81 -0.039%
20 0.0877% 2020
17-Mar- 20.2805 - -0.0590% 17-03- 5943.47 -0.085%
20 0.1440% 2020
76 | P a g e
18-Mar- 20.2513 - -0.2167% 18-03- 5938.42 -0.222%
20 0.4385% 2020
19-Mar- 20.1625 0.0565% -0.0250% 19-03- 5925.25 0.082%
20 2020
20-Mar- 20.1739 - -0.0414% 20-03- 5930.08 -0.133%
20 0.1740% 2020
23-Mar- 20.1388 - -0.0315% 23-03- 5922.22 -0.116%
20 0.1475% 2020
24-Mar- 20.1091 0.0850% -0.0279% 24-03- 5915.35 0.113%
20 2020
26-Mar- 20.1262 0.9932% 0.3132% 26-03- 5922.03 0.680%
20 2020
27-Mar- 20.3261 0.1402% 0.0901% 27-03- 5962.3 0.050%
20 2020
30-Mar- 20.3546 0.0565% -0.0097% 30-03- 5965.29 0.066%
20 2020
31-Mar- 20.3661 0.0638% 0.0022% 31-03- 5969.24 0.062%
20 2020
03-Apr- 20.3791 0.0510% 0.0445% 03-04- 5972.92 0.007%
20 2020
07-Apr- 20.3895 - -0.0453% 07-04- 5973.31 -0.014%
20 0.0589% 2020
08-Apr- 20.3775 - -0.0577% 08-04- 5972.5 -0.001%
20 0.0584% 2020
09-Apr- 20.3656 0.0417% 0.0017% 09-04- 5972.46 0.040%
20 2020
13-Apr- 20.3741 - -0.0918% 13-04- 5974.85 0.037%
20 0.0545% 2020
15-Apr- 20.363 - -0.0677% 15-04- 5977.08 0.052%
20 0.0162% 2020
16-Apr- 20.3597 0.1321% 0.0014% 16-04- 5980.16 0.131%
20 2020
17-Apr- 20.3866 0.1001% -0.0282% 17-04- 5987.98 0.128%
20 2020
20-Apr- 20.407 0.0613% 0.0282% 20-04- 5995.66 0.033%
20 2020
21-Apr- 20.4195 0.0328% -0.0252% 21-04- 5997.64 0.058%
20 2020
22-Apr- 20.4262 0.0837% 0.0386% 22-04- 6001.12 0.045%
20 2020
23-Apr- 20.4433 - -0.0184% 23-04- 6003.83 -0.057%
20 0.0753% 2020
24-Apr- 20.4279 - -0.2263% 24-04- 6000.41 0.001%
20 0.2257% 2020
27-Apr- 20.3818 - -0.1210% 27-04- 6000.45 -0.035%
20 0.1560% 2020
28-Apr- 20.35 0.0069% 0.0067% 28-04- 5998.35 0.000%
20 2020
77 | P a g e
29-Apr- 20.3514 0.0373% 0.0180% 29-04- 5998.36 0.019%
20 2020
30-Apr- 20.359 0.1002% 0.0204% 30-04- 5999.52 0.080%
20 2020
04-May- 20.3794 0.0559% 0.0090% 04-05- 6004.31 0.047%
20 2020
05-May- 20.3908 0.0721% 0.0276% 05-05- 6007.13 0.044%
20 2020
06-May- 20.4055 0.0069% -0.0597% 06-05- 6009.8 0.067%
20 2020
08-May- 20.4069 Average 08-05- 6013.8 Average
20 2020
Sum 4767.4844 0.0296% Return 7.49% 0.030%
78 | P a g e
Appendix 3
Invesco India Ultra Short Term Fund NAV data along with CRISIL INDEX
data from 08 May 2019 to 08 May 2020
Invesco CRISIL INDEX
Return Return
change change
08- 1920.854 0.025% 0.005% 08-05- 5594.57 0.020%
May-19 2019
09- 1921.331 0.027% -0.001% 09-05- 5595.67 0.029%
May-19 2019
10- 1921.8577 0.057% -0.003% 10-05- 5597.27 0.061%
May-19 2019
13- 1922.9587 0.024% -0.018% 13-05- 5600.66 0.042%
May-19 2019
14- 1923.4142 0.012% -0.004% 14-05- 5602.99 0.017%
May-19 2019
15- 1923.6509 0.031% 0.005% 15-05- 5603.92 0.026%
May-19 2019
16- 1924.241 0.039% 0.004% 16-05- 5605.38 0.036%
May-19 2019
17- 1924.9941 0.072% -0.003% 17-05- 5607.37 0.075%
May-19 2019
20- 1926.3792 0.021% -0.002% 20-05- 5611.56 0.022%
May-19 2019
21- 1926.7758 0.021% -0.006% 21-05- 5612.8 0.026%
May-19 2019
22- 1927.1737 0.055% 0.000% 22-05- 5614.28 0.055%
May-19 2019
23- 1928.2341 0.033% 0.006% 23-05- 5617.38 0.027%
May-19 2019
24- 1928.8625 0.072% -0.001% 24-05- 5618.87 0.073%
May-19 2019
27- 1930.2596 0.022% -0.013% 27-05- 5622.99 0.035%
May-19 2019
28- 1930.6759 0.015% -0.001% 28-05- 5624.95 0.015%
May-19 2019
29- 1930.9599 0.017% -0.005% 29-05- 5625.82 0.022%
May-19 2019
30- 1931.2976 0.043% -0.004% 30-05- 5627.06 0.048%
May-19 2019
31- 1932.1359 0.079% -0.001% 31-05- 5629.75 0.081%
May-19 2019
03-Jun- 1933.6716 0.022% 0.006% 03-06- 5634.3 0.017%
19 2019
79 | P a g e
04-Jun- 1934.0995 0.048% -0.020% 04-06- 5635.23 0.068%
19 2019
06-Jun- 1935.0356 - 0.006% 06-06- 5639.07 -
19 0.007% 2019 0.012%
07-Jun- 1934.9037 0.042% -0.001% 07-06- 5638.37 0.043%
19 2019
10-Jun- 1935.7187 0.014% -0.001% 10-06- 5640.81 0.014%
19 2019
11-Jun- 1935.9848 0.032% 0.012% 11-06- 5641.62 0.020%
19 2019
12-Jun- 1936.6023 0.019% 0.001% 12-06- 5642.73 0.017%
19 2019
13-Jun- 1936.9626 0.013% -0.015% 13-06- 5643.7 0.028%
19 2019
14-Jun- 1937.2155 0.058% 0.003% 14-06- 5645.3 0.055%
19 2019
17-Jun- 1938.3335 0.032% -0.002% 17-06- 5648.39 0.034%
19 2019
18-Jun- 1938.9503 0.022% 0.008% 18-06- 5650.29 0.014%
19 2019
19-Jun- 1939.3773 0.019% 0.001% 19-06- 5651.09 0.018%
19 2019
20-Jun- 1939.7366 0.006% -0.006% 20-06- 5652.1 0.013%
19 2019
21-Jun- 1939.8588 0.049% -0.005% 21-06- 5652.82 0.053%
19 2019
24-Jun- 1940.8003 0.015% 0.007% 24-06- 5655.83 0.008%
19 2019
25-Jun- 1941.0929 - -0.012% 25-06- 5656.27 0.002%
19 0.010% 2019
26-Jun- 1940.8931 0.026% 0.004% 26-06- 5656.39 0.022%
19 2019
27-Jun- 1941.3964 0.014% -0.008% 27-06- 5657.63 0.022%
19 2019
28-Jun- 1941.6746 0.064% 0.004% 28-06- 5658.88 0.060%
19 2019
01-Jul- 1942.9212 0.020% -0.007% 01-07- 5662.26 0.027%
19 2019
02-Jul- 1943.3151 0.043% 0.005% 02-07- 5663.79 0.037%
19 2019
03-Jul- 1944.142 0.033% -0.002% 03-07- 5665.91 0.035%
19 2019
04-Jul- 1944.7761 0.052% 0.004% 04-07- 5667.88 0.048%
19 2019
05-Jul- 1945.784 0.068% -0.009% 05-07- 5670.6 0.077%
19 2019
08-Jul- 1947.1157 0.035% 0.009% 08-07- 5674.98 0.026%
19 2019
80 | P a g e
09-Jul- 1947.794 0.043% 0.015% 09-07- 5676.47 0.027%
19 2019
10-Jul- 1948.6302 0.030% -0.001% 10-07- 5678.03 0.031%
19 2019
11-Jul- 1949.2223 0.033% 0.005% 11-07- 5679.79 0.028%
19 2019
12-Jul- 1949.8659 0.106% 0.029% 12-07- 5681.38 0.078%
19 2019
15-Jul- 1951.9419 0.073% 0.007% 15-07- 5685.8 0.066%
19 2019
16-Jul- 1953.3727 0.033% 0.007% 16-07- 5689.58 0.025%
19 2019
17-Jul- 1954.0081 0.013% -0.001% 17-07- 5691.03 0.014%
19 2019
18-Jul- 1954.2618 0.010% -0.003% 18-07- 5691.85 0.014%
19 2019
19-Jul- 1954.4667 0.042% 0.000% 19-07- 5692.62 0.042%
19 2019
22-Jul- 1955.2812 0.011% -0.002% 22-07- 5695 0.013%
19 2019
23-Jul- 1955.5056 0.021% 0.003% 23-07- 5695.74 0.018%
19 2019
24-Jul- 1955.9173 0.007% -0.012% 24-07- 5696.78 0.019%
19 2019
25-Jul- 1956.0497 0.022% 0.007% 25-07- 5697.84 0.015%
19 2019
26-Jul- 1956.4866 0.068% 0.050% 26-07- 5698.72 0.018%
19 2019
29-Jul- 1957.8116 0.037% -0.038% 27-07- 5699.74 0.075%
19 2019
30-Jul- 1958.5275 0.033% -0.006% 30-07- 5704.01 0.039%
19 2019
31-Jul- 1959.177 0.035% -0.002% 31-07- 5706.24 0.036%
19 2019
01- 1959.8548 0.046% 0.005% 01-08- 5708.3 0.040%
Aug-19 2019
02- 1960.7525 0.045% 0.000% 02-08- 5710.61 0.046%
Aug-19 2019
05- 1961.6417 0.017% -0.004% 05-08- 5713.22 0.021%
Aug-19 2019
06- 1961.9695 0.046% -0.002% 06-08- 5714.41 0.049%
Aug-19 2019
07- 1962.8753 0.055% 0.012% 07-08- 5717.19 0.042%
Aug-19 2019
08- 1963.9472 0.019% -0.006% 08-08- 5719.6 0.025%
Aug-19 2019
09- 1964.3276 0.058% -0.008% 09-08- 5721.05 0.065%
Aug-19 2019
81 | P a g e
13- 1965.4619 - 0.009% 13-08- 5724.79 -
Aug-19 0.002% 2019 0.011%
14- 1965.4137 0.037% -0.005% 14-08- 5724.15 0.042%
Aug-19 2019
16- 1966.1462 0.058% 0.005% 16-08- 5726.58 0.053%
Aug-19 2019
19- 1967.2941 0.028% 0.006% 19-08- 5729.63 0.021%
Aug-19 2019
20- 1967.8416 0.023% -0.006% 20-08- 5730.86 0.030%
Aug-19 2019
21- 1968.299 0.013% -0.007% 21-08- 5732.56 0.020%
Aug-19 2019
22- 1968.5575 0.032% 0.006% 22-08- 5733.72 0.026%
Aug-19 2019
23- 1969.178 0.056% -0.003% 23-08- 5735.19 0.059%
Aug-19 2019
26- 1970.2817 0.037% 0.009% 26-08- 5738.55 0.028%
Aug-19 2019
27- 1971.0029 0.018% 0.004% 27-08- 5740.15 0.013%
Aug-19 2019
28- 1971.3532 0.016% -0.001% 28-08- 5740.92 0.017%
Aug-19 2019
29- 1971.6739 0.025% 0.003% 29-08- 5741.9 0.022%
Aug-19 2019
30- 1972.158 0.069% -0.017% 30-08- 5743.16 0.086%
Aug-19 2019
03-Sep- 1973.5271 0.032% 0.016% 03-09- 5748.1 0.016%
19 2019
04-Sep- 1974.161 0.021% -0.001% 04-09- 5749.01 0.022%
19 2019
05-Sep- 1974.577 0.021% 0.000% 05-09- 5750.27 0.021%
19 2019
06-Sep- 1974.9894 0.063% 0.004% 06-09- 5751.46 0.059%
19 2019
09-Sep- 1976.2349 0.034% 0.000% 09-09- 5754.87 0.034%
19 2019
11-Sep- 1976.9039 0.013% -0.007% 11-09- 5756.84 0.020%
19 2019
12-Sep- 1977.1533 0.022% -0.003% 12-09- 5757.99 0.025%
19 2019
13-Sep- 1977.596 0.053% 0.005% 13-09- 5759.44 0.047%
19 2019
16-Sep- 1978.6354 - -0.007% 16-09- 5762.16 0.006%
19 0.001% 2019
17-Sep- 1978.6152 0.021% -0.002% 17-09- 5762.5 0.023%
19 2019
18-Sep- 1979.0309 0.015% -0.010% 18-09- 5763.8 0.026%
19 2019
82 | P a g e
19-Sep- 1979.3333 - -0.020% 19-09- 5765.28 -
19 0.044% 2019 0.024%
20-Sep- 1978.4588 0.055% 0.011% 20-09- 5763.89 0.044%
19 2019
23-Sep- 1979.5471 - -0.009% 23-09- 5766.4 0.000%
19 0.010% 2019
24-Sep- 1979.3563 0.014% -0.002% 24-09- 5766.39 0.016%
19 2019
25-Sep- 1979.6408 0.024% 0.004% 25-09- 5767.32 0.020%
19 2019
26-Sep- 1980.1189 0.018% -0.005% 26-09- 5768.47 0.024%
19 2019
27-Sep- 1980.4838 0.041% -0.033% 27-09- 5769.83 0.073%
19 2019
30-Sep- 1981.2861 0.039% -0.013% 30-09- 5774.06 0.052%
19 2019
01-Oct- 1982.0661 0.062% 0.015% 01-10- 5777.06 0.047%
19 2019
03-Oct- 1983.29 0.026% 0.000% 03-10- 5779.75 0.025%
19 2019
04-Oct- 1983.8031 0.055% -0.003% 04-10- 5781.22 0.058%
19 2019
07-Oct- 1984.8953 0.035% 0.001% 07-10- 5784.6 0.034%
19 2019
09-Oct- 1985.5879 0.027% 0.003% 09-10- 5786.54 0.024%
19 2019
10-Oct- 1986.1152 0.039% 0.006% 10-10- 5787.93 0.033%
19 2019
11-Oct- 1986.8899 0.054% -0.005% 11-10- 5789.83 0.058%
19 2019
14-Oct- 1987.9574 0.033% 0.001% 14-10- 5793.21 0.032%
19 2019
15-Oct- 1988.6041 0.045% 0.021% 15-10- 5795.05 0.025%
19 2019
16-Oct- 1989.5064 0.014% 0.001% 16-10- 5796.48 0.012%
19 2019
17-Oct- 1989.7767 0.037% 0.014% 17-10- 5797.2 0.023%
19 2019
18-Oct- 1990.5093 0.053% -0.013% 18-10- 5798.53 0.066%
19 2019
22-Oct- 1991.5683 0.018% -0.006% 22-10- 5802.37 0.024%
19 2019
23-Oct- 1991.9199 0.019% -0.007% 23-10- 5803.77 0.026%
19 2019
24-Oct- 1992.3055 0.023% 0.005% 24-10- 5805.29 0.019%
19 2019
25-Oct- 1992.7681 0.049% -0.014% 25-10- 5806.37 0.063%
19 2019
83 | P a g e
29-Oct- 1993.753 0.038% 0.004% 29-10- 5810.03 0.035%
19 2019
30-Oct- 1994.5174 0.041% 0.002% 30-10- 5812.04 0.039%
19 2019
31-Oct- 1995.3374 0.027% 0.002% 31-10- 5814.3 0.024%
19 2019
01- 1995.8662 0.033% -0.008% 01-11- 5815.72 0.041%
Nov-19 2019
04- 1996.5283 0.012% 0.003% 04-11- 5818.11 0.009%
Nov-19 2019
05- 1996.7759 - -0.010% 05-11- 5818.64 0.001%
Nov-19 0.010% 2019
06- 1996.5851 0.011% -0.009% 06-11- 5818.67 0.020%
Nov-19 2019
07- 1996.7993 0.010% 0.004% 07-11- 5819.84 0.005%
Nov-19 2019
08- 1996.9943 0.053% -0.003% 08-11- 5820.15 0.056%
Nov-19 2019
11- 1998.0549 0.034% -0.010% 11-11- 5823.4 0.044%
Nov-19 2019
13- 1998.7364 0.025% 0.003% 13-11- 5825.96 0.023%
Nov-19 2019
14- 1999.2427 0.034% 0.008% 14-11- 5827.29 0.027%
Nov-19 2019
15- 1999.9317 0.045% -0.006% 15-11- 5828.84 0.051%
Nov-19 2019
18- 2000.8388 0.020% 0.004% 18-11- 5831.83 0.016%
Nov-19 2019
19- 2001.2425 0.019% -0.007% 19-11- 5832.79 0.026%
Nov-19 2019
20- 2001.6252 0.029% 0.013% 20-11- 5834.33 0.016%
Nov-19 2019
21- 2002.2107 0.020% 0.000% 21-11- 5835.29 0.020%
Nov-19 2019
22- 2002.6037 0.046% -0.004% 22-11- 5836.43 0.050%
Nov-19 2019
25- 2003.5205 0.014% -0.005% 25-11- 5839.32 0.019%
Nov-19 2019
26- 2003.8006 0.014% -0.006% 26-11- 5840.42 0.019%
Nov-19 2019
27- 2004.0774 0.016% -0.005% 27-11- 5841.55 0.022%
Nov-19 2019
28- 2004.4079 0.012% -0.017% 28-11- 5842.83 0.029%
Nov-19 2019
29- 2004.6439 0.046% 0.001% 29-11- 5844.51 0.045%
Nov-19 2019
02- 2005.564 0.017% 0.001% 02-12- 5847.15 0.015%
Dec-19 2019
84 | P a g e
03- 2005.8966 0.017% -0.006% 03-12- 5848.05 0.023%
Dec-19 2019
04- 2006.2359 - -0.006% 04-12- 5849.37 -
Dec-19 0.042% 2019 0.036%
05- 2005.4013 0.016% 0.005% 05-12- 5847.28 0.011%
Dec-19 2019
06- 2005.7217 0.028% -0.010% 06-12- 5847.92 0.038%
Dec-19 2019
09- 2006.2926 0.033% 0.011% 09-12- 5850.17 0.022%
Dec-19 2019
10- 2006.9573 0.007% -0.004% 10-12- 5851.46 0.011%
Dec-19 2019
11- 2007.1065 0.016% 0.002% 11-12- 5852.12 0.014%
Dec-19 2019
12- 2007.4192 0.016% 0.003% 12-12- 5852.94 0.013%
Dec-19 2019
13- 2007.7496 0.041% -0.008% 13-12- 5853.72 0.049%
Dec-19 2019
16- 2008.5657 0.008% -0.006% 16-12- 5856.56 0.014%
Dec-19 2019
17- 2008.7208 0.015% -0.005% 17-12- 5857.39 0.021%
Dec-19 2019
18- 2009.027 0.012% -0.009% 18-12- 5858.6 0.021%
Dec-19 2019
19- 2009.2664 0.007% -0.009% 19-12- 5859.83 0.016%
Dec-19 2019
20- 2009.4138 0.037% -0.014% 20-12- 5860.79 0.050%
Dec-19 2019
23- 2010.1529 0.002% -0.013% 23-12- 5863.74 0.015%
Dec-19 2019
24- 2010.1938 0.017% -0.007% 24-12- 5864.61 0.025%
Dec-19 2019
26- 2010.5445 0.019% -0.001% 26-12- 5866.07 0.020%
Dec-19 2019
27- 2010.9191 0.034% -0.012% 27-12- 5867.25 0.046%
Dec-19 2019
30- 2011.5978 0.014% -0.002% 30-12- 5869.96 0.017%
Dec-19 2019
31- 2011.8829 0.030% 0.003% 31-12- 5870.93 0.027%
Dec-19 2019
01-Jan- 2012.4919 0.034% -0.001% 01-01- 5872.51 0.035%
20 2020
02-Jan- 2013.1662 0.026% -0.001% 02-01- 5874.56 0.026%
20 2020
03-Jan- 2013.6824 0.043% -0.007% 03-01- 5876.1 0.050%
20 2020
06-Jan- 2014.5554 0.025% 0.006% 06-01- 5879.05 0.020%
20 2020
85 | P a g e
07-Jan- 2015.0655 0.033% 0.010% 07-01- 5880.2 0.023%
20 2020
08-Jan- 2015.7385 0.020% -0.004% 08-01- 5881.56 0.024%
20 2020
09-Jan- 2016.1462 0.011% 0.002% 09-01- 5882.96 0.008%
20 2020
10-Jan- 2016.3588 0.044% 0.000% 10-01- 5883.45 0.044%
20 2020
13-Jan- 2017.2405 - -0.034% 13-01- 5886.05 0.006%
20 0.028% 2020
14-Jan- 2016.6704 0.010% -0.006% 14-01- 5886.39 0.016%
20 2020
15-Jan- 2016.8668 0.016% 0.000% 15-01- 5887.34 0.016%
20 2020
16-Jan- 2017.1865 0.019% -0.001% 16-01- 5888.3 0.020%
20 2020
17-Jan- 2017.5777 0.041% -0.008% 17-01- 5889.5 0.050%
20 2020
20-Jan- 2018.4106 0.015% -0.006% 20-01- 5892.43 0.021%
20 2020
21-Jan- 2018.7069 0.012% -0.011% 21-01- 5893.67 0.022%
20 2020
22-Jan- 2018.9398 0.033% 0.011% 22-01- 5894.98 0.022%
20 2020
23-Jan- 2019.6014 0.021% -0.004% 23-01- 5896.25 0.025%
20 2020
24-Jan- 2020.034 0.040% -0.011% 24-01- 5897.73 0.052%
20 2020
27-Jan- 2020.8492 0.011% -0.013% 27-01- 5900.77 0.023%
20 2020
28-Jan- 2021.0617 0.009% 0.000% 28-01- 5902.15 0.010%
20 2020
29-Jan- 2021.2519 0.008% -0.009% 29-01- 5902.73 0.017%
20 2020
30-Jan- 2021.4211 0.012% -0.008% 30-01- 5903.74 0.020%
20 2020
31-Jan- 2021.6665 0.049% -0.015% 31-01- 5904.93 0.064%
20 2020
03-Feb- 2022.6496 0.016% -0.003% 03-02- 5908.71 0.019%
20 2020
04-Feb- 2022.9654 0.018% 0.004% 04-02- 5909.82 0.014%
20 2020
05-Feb- 2023.321 0.045% -0.013% 05-02- 5910.65 0.058%
20 2020
06-Feb- 2024.2326 0.032% -0.007% 06-02- 5914.06 0.038%
20 2020
07-Feb- 2024.8723 0.046% -0.006% 07-02- 5916.33 0.052%
20 2020
86 | P a g e
10-Feb- 2025.796 0.027% -0.002% 10-02- 5919.41 0.028%
20 2020
11-Feb- 2026.3395 0.006% -0.012% 11-02- 5921.09 0.017%
20 2020
12-Feb- 2026.4514 0.015% -0.012% 12-02- 5922.1 0.027%
20 2020
13-Feb- 2026.7541 0.013% -0.003% 13-02- 5923.67 0.016%
20 2020
14-Feb- 2027.016 0.039% -0.013% 14-02- 5924.61 0.052%
20 2020
17-Feb- 2027.7985 0.007% -0.010% 17-02- 5927.67 0.017%
20 2020
18-Feb- 2027.9428 0.026% 0.000% 18-02- 5928.69 0.025%
20 2020
20-Feb- 2028.4634 0.041% -0.021% 20-02- 5930.19 0.062%
20 2020
24-Feb- 2029.2908 0.004% -0.011% 24-02- 5933.84 0.015%
20 2020
25-Feb- 2029.3727 0.015% -0.004% 25-02- 5934.73 0.019%
20 2020
26-Feb- 2029.6681 0.000% -0.001% 26-02- 5935.85 0.001%
20 2020
27-Feb- 2029.6699 - -0.013% 27-02- 5935.92 0.002%
20 0.010% 2020
28-Feb- 2029.4575 0.045% -0.005% 28-02- 5936.05 0.050%
20 2020
02- 2030.3761 0.008% -0.018% 02-03- 5939.03 0.026%
Mar-20 2020
03- 2030.542 0.080% 0.002% 03-03- 5940.59 0.077%
Mar-20 2020
04- 2032.1615 0.016% 0.001% 04-03- 5945.18 0.015%
Mar-20 2020
05- 2032.4816 - -0.008% 05-03- 5946.06 0.007%
Mar-20 0.001% 2020
06- 2032.4553 0.052% 0.020% 06-03- 5946.48 0.032%
Mar-20 2020
09- 2033.5083 0.021% 0.002% 09-03- 5948.37 0.019%
Mar-20 2020
11- 2033.9319 - -0.009% 11-03- 5949.51 -
Mar-20 0.062% 2020 0.053%
12- 2032.6747 - 0.000% 12-03- 5946.38 -
Mar-20 0.041% 2020 0.041%
13- 2031.8398 0.021% -0.010% 13-03- 5943.94 0.031%
Mar-20 2020
16- 2032.2679 - -0.012% 16-03- 5945.81 -
Mar-20 0.051% 2020 0.039%
17- 2031.2214 - -0.020% 17-03- 5943.47 -
Mar-20 0.105% 2020 0.085%
87 | P a g e
18- 2029.088 - -0.171% 18-03- 5938.42 -
Mar-20 0.393% 2020 0.222%
19- 2021.1235 0.009% -0.072% 19-03- 5925.25 0.082%
Mar-20 2020
20- 2021.3085 - -0.050% 20-03- 5930.08 -
Mar-20 0.182% 2020 0.133%
23- 2017.623 - -0.053% 23-03- 5922.22 -
Mar-20 0.169% 2020 0.116%
24- 2014.2174 0.190% 0.077% 24-03- 5915.35 0.113%
Mar-20 2020
26- 2018.0379 0.868% 0.188% 26-03- 5922.03 0.680%
Mar-20 2020
27- 2035.5625 0.110% 0.060% 27-03- 5962.3 0.050%
Mar-20 2020
30- 2037.8002 0.027% -0.039% 30-03- 5965.29 0.066%
Mar-20 2020
31- 2038.357 0.071% 0.009% 31-03- 5969.24 0.062%
Mar-20 2020
03-Apr- 2039.7993 0.047% 0.041% 03-04- 5972.92 0.007%
20 2020
07-Apr- 2040.7668 - -0.010% 07-04- 5973.31 -
20 0.024% 2020 0.014%
08-Apr- 2040.2852 - -0.032% 08-04- 5972.5 -
20 0.033% 2020 0.001%
09-Apr- 2039.6169 0.039% -0.001% 09-04- 5972.46 0.040%
20 2020
13-Apr- 2040.4034 0.004% -0.034% 13-04- 5974.85 0.037%
20 2020
15-Apr- 2040.4776 0.033% -0.018% 15-04- 5977.08 0.052%
20 2020
16-Apr- 2041.1567 0.134% 0.003% 16-04- 5980.16 0.131%
20 2020
17-Apr- 2043.8861 0.120% -0.008% 17-04- 5987.98 0.128%
20 2020
20-Apr- 2046.3368 0.098% 0.065% 20-04- 5995.66 0.033%
20 2020
21-Apr- 2048.338 0.044% -0.014% 21-04- 5997.64 0.058%
20 2020
22-Apr- 2049.2326 0.076% 0.031% 22-04- 6001.12 0.045%
20 2020
23-Apr- 2050.7885 - 0.031% 23-04- 6003.83 -
20 0.026% 2020 0.057%
24-Apr- 2050.2545 - -0.015% 24-04- 6000.41 0.001%
20 0.014% 2020
27-Apr- 2049.9645 - -0.024% 27-04- 6000.45 -
20 0.059% 2020 0.035%
28-Apr- 2048.7464 - -0.002% 28-04- 5998.35 0.000%
20 0.002% 2020
88 | P a g e
29-Apr- 2048.7068 0.040% 0.020% 29-04- 5998.36 0.019%
20 2020
30-Apr- 2049.5184 0.052% -0.028% 30-04- 5999.52 0.080%
20 2020
04- 2050.5861 0.023% -0.024% 04-05- 6004.31 0.047%
May-20 2020
05- 2051.0648 0.034% -0.010% 05-05- 6007.13 0.044%
May-20 2020
06- 2051.7721 0.068% 0.001% 06-05- 6009.8 0.067%
May-20 2020
08- 2053.1577 0.028% 08-05- 6013.8
May-20 2020
Sum 479712.8932 Average Return 7.49%
89 | P a g e
Appendix 4
Kotak Savings Fund NAV data along with CRISIL Index data from 08 May
2019 to 08 May 2020
Kotak CRISIL INDEX

Returns Returns
change change
08- 30.1559 0.0219% 0.0022% 08-05- 5594.57 0.0197%
May- 2019
19
09- 30.1625 0.0292% 0.0006% 09-05- 5595.67 0.0286%
May- 2019
19
10- 30.1713 0.0583% -0.0022% 10-05- 5597.27 0.0606%
May- 2019
19
13- 30.1889 0.0364% -0.0052% 13-05- 5600.66 0.0416%
May- 2019
19
14- 30.1999 0.0258% 0.0092% 14-05- 5602.99 0.0166%
May- 2019
19
15- 30.2077 0.0338% 0.0077% 15-05- 5603.92 0.0261%
May- 2019
19
16- 30.2179 0.0417% 0.0062% 16-05- 5605.38 0.0355%
May- 2019
19
17- 30.2305 0.0658% -0.0089% 17-05- 5607.37 0.0747%
May- 2019
19
20- 30.2504 0.0284% 0.0063% 20-05- 5611.56 0.0221%
May- 2019
19
21- 30.259 0.0264% 0.0001% 21-05- 5612.8 0.0264%
May- 2019
19
22- 30.267 0.0506% -0.0047% 22-05- 5614.28 0.0552%
May- 2019
19
23- 30.2823 0.0264% -0.0001% 23-05- 5617.38 0.0265%
May- 2019
19
90 | P a g e
24- 30.2903 0.0720% -0.0014% 24-05- 5618.87 0.0733%
May- 2019
19
27- 30.3121 0.0191% -0.0157% 27-05- 5622.99 0.0349%
May- 2019
19
28- 30.3179 0.0287% 0.0132% 28-05- 5624.95 0.0155%
May- 2019
19
29- 30.3266 0.0251% 0.0030% 29-05- 5625.82 0.0220%
May- 2019
19
30- 30.3342 0.0501% 0.0023% 30-05- 5627.06 0.0478%
May- 2019
19
31- 30.3494 0.1015% 0.0207% 31-05- 5629.75 0.0808%
May- 2019
19
03- 30.3802 0.0191% 0.0026% 03-06- 5634.3 0.0165%
Jun-19 2019
04- 30.386 0.0559% -0.0122% 04-06- 5635.23 0.0681%
Jun-19 2019
06- 30.403 - 0.0072% 06-06- 5639.07 -
Jun-19 0.0053% 2019 0.0124%
07- 30.4014 0.0362% -0.0071% 07-06- 5638.37 0.0433%
Jun-19 2019
10- 30.4124 0.0085% -0.0058% 10-06- 5640.81 0.0144%
Jun-19 2019
11- 30.415 0.0132% -0.0065% 11-06- 5641.62 0.0197%
Jun-19 2019
12- 30.419 0.0194% 0.0022% 12-06- 5642.73 0.0172%
Jun-19 2019
13- 30.4249 0.0174% -0.0109% 13-06- 5643.7 0.0284%
Jun-19 2019
14- 30.4302 0.0582% 0.0034% 14-06- 5645.3 0.0547%
Jun-19 2019
17- 30.4479 0.0332% -0.0005% 17-06- 5648.39 0.0336%
Jun-19 2019
18- 30.458 0.0171% 0.0029% 18-06- 5650.29 0.0142%
Jun-19 2019
19- 30.4632 0.0167% -0.0011% 19-06- 5651.09 0.0179%
Jun-19 2019
20- 30.4683 0.0075% -0.0052% 20-06- 5652.1 0.0127%
Jun-19 2019
21- 30.4706 0.0450% -0.0083% 21-06- 5652.82 0.0532%
Jun-19 2019
24- 30.4843 0.0108% 0.0030% 24-06- 5655.83 0.0078%
Jun-19 2019
91 | P a g e
25- 30.4876 - -0.0057% 25-06- 5656.27 0.0021%
Jun-19 0.0036% 2019
26- 30.4865 0.0223% 0.0004% 26-06- 5656.39 0.0219%
Jun-19 2019
27- 30.4933 0.0056% -0.0165% 27-06- 5657.63 0.0221%
Jun-19 2019
28- 30.495 0.0597% 0.0000% 28-06- 5658.88 0.0597%
Jun-19 2019
01-Jul- 30.5132 0.0206% -0.0064% 01-07- 5662.26 0.0270%
19 2019
02-Jul- 30.5195 0.0383% 0.0009% 02-07- 5663.79 0.0374%
19 2019
03-Jul- 30.5312 0.0413% 0.0065% 03-07- 5665.91 0.0348%
19 2019
04-Jul- 30.5438 0.0413% -0.0067% 04-07- 5667.88 0.0480%
19 2019
05-Jul- 30.5564 0.0710% -0.0062% 05-07- 5670.6 0.0772%
19 2019
08-Jul- 30.5781 0.0340% 0.0078% 08-07- 5674.98 0.0263%
19 2019
09-Jul- 30.5885 0.0474% 0.0199% 09-07- 5676.47 0.0275%
19 2019
10-Jul- 30.603 0.0373% 0.0063% 10-07- 5678.03 0.0310%
19 2019
11-Jul- 30.6144 0.0294% 0.0014% 11-07- 5679.79 0.0280%
19 2019
12-Jul- 30.6234 0.0702% -0.0076% 12-07- 5681.38 0.0778%
19 2019
15-Jul- 30.6449 0.0793% 0.0128% 15-07- 5685.8 0.0665%
19 2019
16-Jul- 30.6692 0.0359% 0.0104% 16-07- 5689.58 0.0255%
19 2019
17-Jul- 30.6802 0.0098% -0.0046% 17-07- 5691.03 0.0144%
19 2019
18-Jul- 30.6832 0.0098% -0.0038% 18-07- 5691.85 0.0135%
19 2019
19-Jul- 30.6862 0.0355% -0.0063% 19-07- 5692.62 0.0418%
19 2019
22-Jul- 30.6971 0.0036% -0.0094% 22-07- 5695 0.0130%
19 2019
23-Jul- 30.6982 0.0179% -0.0003% 23-07- 5695.74 0.0183%
19 2019
24-Jul- 30.7037 0.0127% -0.0059% 24-07- 5696.78 0.0186%
19 2019
25-Jul- 30.7076 0.0173% 0.0018% 25-07- 5697.84 0.0154%
19 2019
26-Jul- 30.7129 0.0661% 0.0482% 26-07- 5698.72 0.0179%
19 2019
92 | P a g e
29-Jul- 30.7332 0.0299% -0.0450% 27-07- 5699.74 0.0749%
19 2019
30-Jul- 30.7424 0.0390% -0.0001% 30-07- 5704.01 0.0391%
19 2019
31-Jul- 30.7544 0.0468% 0.0107% 31-07- 5706.24 0.0361%
19 2019
01- 30.7688 0.0328% -0.0076% 01-08- 5708.3 0.0405%
Aug- 2019
19
02- 30.7789 0.0455% -0.0002% 02-08- 5710.61 0.0457%
Aug- 2019
19
05- 30.7929 0.0296% 0.0087% 05-08- 5713.22 0.0208%
Aug- 2019
19
06- 30.802 0.0549% 0.0062% 06-08- 5714.41 0.0486%
Aug- 2019
19
07- 30.8189 0.0685% 0.0263% 07-08- 5717.19 0.0422%
Aug- 2019
19
08- 30.84 0.0195% -0.0059% 08-08- 5719.6 0.0254%
Aug- 2019
19
09- 30.846 0.0519% -0.0135% 09-08- 5721.05 0.0654%
Aug- 2019
19
13- 30.862 - 0.0083% 13-08- 5724.79 -
Aug- 0.0029% 2019 0.0112%
19
14- 30.8611 0.0463% 0.0039% 14-08- 5724.15 0.0425%
Aug- 2019
19
16- 30.8754 0.0554% 0.0021% 16-08- 5726.58 0.0533%
Aug- 2019
19
19- 30.8925 0.0162% -0.0053% 19-08- 5729.63 0.0215%
Aug- 2019
19
20- 30.8975 0.0249% -0.0047% 20-08- 5730.86 0.0297%
Aug- 2019
19
21- 30.9052 0.0126% -0.0076% 21-08- 5732.56 0.0202%
Aug- 2019
19
22- 30.9091 0.0223% -0.0033% 22-08- 5733.72 0.0256%
Aug- 2019
19
93 | P a g e
23- 30.916 0.0653% 0.0068% 23-08- 5735.19 0.0586%
Aug- 2019
19
26- 30.9362 0.0388% 0.0109% 26-08- 5738.55 0.0279%
Aug- 2019
19
27- 30.9482 0.0220% 0.0086% 27-08- 5740.15 0.0134%
Aug- 2019
19
28- 30.955 0.0120% -0.0051% 28-08- 5740.92 0.0171%
Aug- 2019
19
29- 30.9587 0.0281% 0.0062% 29-08- 5741.9 0.0219%
Aug- 2019
19
30- 30.9674 0.0781% -0.0079% 30-08- 5743.16 0.0860%
Aug- 2019
19
03- 30.9916 0.0294% 0.0135% 03-09- 5748.1 0.0158%
Sep-19 2019
04- 31.0007 0.0103% -0.0116% 04-09- 5749.01 0.0219%
Sep-19 2019
05- 31.0039 0.0132% -0.0075% 05-09- 5750.27 0.0207%
Sep-19 2019
06- 31.008 0.0619% 0.0026% 06-09- 5751.46 0.0593%
Sep-19 2019
09- 31.0272 0.0245% -0.0097% 09-09- 5754.87 0.0342%
Sep-19 2019
11- 31.0348 0.0171% -0.0029% 11-09- 5756.84 0.0200%
Sep-19 2019
12- 31.0401 0.0325% 0.0074% 12-09- 5757.99 0.0252%
Sep-19 2019
13- 31.0502 0.0451% -0.0021% 13-09- 5759.44 0.0472%
Sep-19 2019
16- 31.0642 - -0.0136% 16-09- 5762.16 0.0059%
Sep-19 0.0077% 2019
17- 31.0618 0.0048% -0.0177% 17-09- 5762.5 0.0226%
Sep-19 2019
18- 31.0633 0.0167% -0.0089% 18-09- 5763.8 0.0257%
Sep-19 2019
19- 31.0685 - -0.0329% 19-09- 5765.28 -
Sep-19 0.0570% 2019 0.0241%
20- 31.0508 0.0448% 0.0012% 20-09- 5763.89 0.0435%
Sep-19 2019
23- 31.0647 - -0.0166% 23-09- 5766.4 -
Sep-19 0.0167% 2019 0.0002%
24- 31.0595 0.0158% -0.0004% 24-09- 5766.39 0.0161%
Sep-19 2019
94 | P a g e
25- 31.0644 0.0383% 0.0184% 25-09- 5767.32 0.0199%
Sep-19 2019
26- 31.0763 0.0206% -0.0030% 26-09- 5768.47 0.0236%
Sep-19 2019
27- 31.0827 0.1023% 0.0290% 27-09- 5769.83 0.0733%
Sep-19 2019
30- 31.1145 0.0553% 0.0033% 30-09- 5774.06 0.0520%
Sep-19 2019
01- 31.1317 0.0633% 0.0167% 01-10- 5777.06 0.0466%
Oct-19 2019
03- 31.1514 0.0302% 0.0047% 03-10- 5779.75 0.0254%
Oct-19 2019
04- 31.1608 0.0610% 0.0025% 04-10- 5781.22 0.0585%
Oct-19 2019
07- 31.1798 0.0289% -0.0047% 07-10- 5784.6 0.0335%
Oct-19 2019
09- 31.1888 0.0285% 0.0045% 09-10- 5786.54 0.0240%
Oct-19 2019
10- 31.1977 0.0397% 0.0069% 10-10- 5787.93 0.0328%
Oct-19 2019
11- 31.2101 0.0477% -0.0106% 11-10- 5789.83 0.0584%
Oct-19 2019
14- 31.225 0.0339% 0.0022% 14-10- 5793.21 0.0318%
Oct-19 2019
15- 31.2356 0.0419% 0.0173% 15-10- 5795.05 0.0247%
Oct-19 2019
16- 31.2487 0.0198% 0.0074% 16-10- 5796.48 0.0124%
Oct-19 2019
17- 31.2549 0.0208% -0.0021% 17-10- 5797.2 0.0229%
Oct-19 2019
18- 31.2614 0.0675% 0.0013% 18-10- 5798.53 0.0662%
Oct-19 2019
22- 31.2825 0.0262% 0.0021% 22-10- 5802.37 0.0241%
Oct-19 2019
23- 31.2907 0.0259% -0.0003% 23-10- 5803.77 0.0262%
Oct-19 2019
24- 31.2988 0.0153% -0.0033% 24-10- 5805.29 0.0186%
Oct-19 2019
25- 31.3036 0.0655% 0.0025% 25-10- 5806.37 0.0630%
Oct-19 2019
29- 31.3241 0.0310% -0.0036% 29-10- 5810.03 0.0346%
Oct-19 2019
30- 31.3338 0.0373% -0.0015% 30-10- 5812.04 0.0389%
Oct-19 2019
31- 31.3455 0.0239% -0.0005% 31-10- 5814.3 0.0244%
Oct-19 2019
95 | P a g e
01- 31.353 0.0443% 0.0032% 01-11- 5815.72 0.0411%
Nov- 2019
19
04- 31.3669 0.0131% 0.0040% 04-11- 5818.11 0.0091%
Nov- 2019
19
05- 31.371 - -0.0088% 05-11- 5818.64 0.0005%
Nov- 0.0083% 2019
19
06- 31.3684 0.0172% -0.0029% 06-11- 5818.67 0.0201%
Nov- 2019
19
07- 31.3738 0.0064% 0.0010% 07-11- 5819.84 0.0053%
Nov- 2019
19
08- 31.3758 0.0529% -0.0029% 08-11- 5820.15 0.0558%
Nov- 2019
19
11- 31.3924 0.0401% -0.0038% 11-11- 5823.4 0.0440%
Nov- 2019
19
13- 31.405 0.0223% -0.0005% 13-11- 5825.96 0.0228%
Nov- 2019
19
14- 31.412 0.0309% 0.0043% 14-11- 5827.29 0.0266%
Nov- 2019
19
15- 31.4217 0.0601% 0.0089% 15-11- 5828.84 0.0513%
Nov- 2019
19
18- 31.4406 0.0213% 0.0048% 18-11- 5831.83 0.0165%
Nov- 2019
19
19- 31.4473 0.0238% -0.0026% 19-11- 5832.79 0.0264%
Nov- 2019
19
20- 31.4548 0.0226% 0.0061% 20-11- 5834.33 0.0165%
Nov- 2019
19
21- 31.4619 0.0162% -0.0033% 21-11- 5835.29 0.0195%
Nov- 2019
19
22- 31.467 0.0534% 0.0039% 22-11- 5836.43 0.0495%
Nov- 2019
19
25- 31.4838 0.0152% -0.0036% 25-11- 5839.32 0.0188%
Nov- 2019
19
96 | P a g e
26- 31.4886 0.0171% -0.0022% 26-11- 5840.42 0.0193%
Nov- 2019
19
27- 31.494 0.0216% -0.0003% 27-11- 5841.55 0.0219%
Nov- 2019
19
28- 31.5008 0.0279% -0.0008% 28-11- 5842.83 0.0288%
Nov- 2019
19
29- 31.5096 0.0486% 0.0034% 29-11- 5844.51 0.0452%
Nov- 2019
19
02- 31.5249 0.0171% 0.0017% 02-12- 5847.15 0.0154%
Dec- 2019
19
03- 31.5303 0.0232% 0.0006% 03-12- 5848.05 0.0226%
Dec- 2019
19
04- 31.5376 - -0.0153% 04-12- 5849.37 -
Dec- 0.0511% 2019 0.0357%
19
05- 31.5215 0.0105% -0.0005% 05-12- 5847.28 0.0109%
Dec- 2019
19
06- 31.5248 0.0343% -0.0042% 06-12- 5847.92 0.0385%
Dec- 2019
19
09- 31.5356 0.0190% -0.0030% 09-12- 5850.17 0.0221%
Dec- 2019
19
10- 31.5416 0.0143% 0.0030% 10-12- 5851.46 0.0113%
Dec- 2019
19
11- 31.5461 0.0143% 0.0003% 11-12- 5852.12 0.0140%
Dec- 2019
19
12- 31.5506 0.0149% 0.0016% 12-12- 5852.94 0.0133%
Dec- 2019
19
13- 31.5553 0.0421% -0.0064% 13-12- 5853.72 0.0485%
Dec- 2019
19
16- 31.5686 0.0177% 0.0036% 16-12- 5856.56 0.0142%
Dec- 2019
19
17- 31.5742 0.0133% -0.0074% 17-12- 5857.39 0.0207%
Dec- 2019
19
97 | P a g e
18- 31.5784 0.0155% -0.0055% 18-12- 5858.6 0.0210%
Dec- 2019
19
19- 31.5833 0.0101% -0.0063% 19-12- 5859.83 0.0164%
Dec- 2019
19
20- 31.5865 0.0431% -0.0073% 20-12- 5860.79 0.0503%
Dec- 2019
19
23- 31.6001 0.0041% -0.0107% 23-12- 5863.74 0.0148%
Dec- 2019
19
24- 31.6014 0.0193% -0.0056% 24-12- 5864.61 0.0249%
Dec- 2019
19
26- 31.6075 0.0202% 0.0001% 26-12- 5866.07 0.0201%
Dec- 2019
19
27- 31.6139 0.0392% -0.0070% 27-12- 5867.25 0.0462%
Dec- 2019
19
30- 31.6263 0.0130% -0.0036% 30-12- 5869.96 0.0165%
Dec- 2019
19
31- 31.6304 0.0272% 0.0003% 31-12- 5870.93 0.0269%
Dec- 2019
19
01- 31.639 0.0275% -0.0074% 01-01- 5872.51 0.0349%
Jan-20 2020
02- 31.6477 0.0313% 0.0051% 02-01- 5874.56 0.0262%
Jan-20 2020
03- 31.6576 0.0420% -0.0082% 03-01- 5876.1 0.0502%
Jan-20 2020
06- 31.6709 0.0240% 0.0044% 06-01- 5879.05 0.0196%
Jan-20 2020
07- 31.6785 0.0328% 0.0097% 07-01- 5880.2 0.0231%
Jan-20 2020
08- 31.6889 0.0249% 0.0011% 08-01- 5881.56 0.0238%
Jan-20 2020
09- 31.6968 0.0060% -0.0023% 09-01- 5882.96 0.0083%
Jan-20 2020
10- 31.6987 0.0429% -0.0013% 10-01- 5883.45 0.0442%
Jan-20 2020
13- 31.7123 - -0.0152% 13-01- 5886.05 0.0058%
Jan-20 0.0095% 2020
14- 31.7093 0.0142% -0.0019% 14-01- 5886.39 0.0161%
Jan-20 2020
15- 31.7138 0.0164% 0.0001% 15-01- 5887.34 0.0163%
Jan-20 2020
98 | P a g e
16- 31.719 0.0183% -0.0021% 16-01- 5888.3 0.0204%
Jan-20 2020
17- 31.7248 0.0476% -0.0022% 17-01- 5889.5 0.0497%
Jan-20 2020
20- 31.7399 0.0151% -0.0059% 20-01- 5892.43 0.0210%
Jan-20 2020
21- 31.7447 0.0176% -0.0046% 21-01- 5893.67 0.0222%
Jan-20 2020
22- 31.7503 0.0246% 0.0030% 22-01- 5894.98 0.0215%
Jan-20 2020
23- 31.7581 0.0202% -0.0049% 23-01- 5896.25 0.0251%
Jan-20 2020
24- 31.7645 0.0482% -0.0034% 24-01- 5897.73 0.0515%
Jan-20 2020
27- 31.7798 0.0129% -0.0105% 27-01- 5900.77 0.0234%
Jan-20 2020
28- 31.7839 0.0123% 0.0024% 28-01- 5902.15 0.0098%
Jan-20 2020
29- 31.7878 0.0120% -0.0052% 29-01- 5902.73 0.0171%
Jan-20 2020
30- 31.7916 0.0113% -0.0088% 30-01- 5903.74 0.0202%
Jan-20 2020
31- 31.7952 0.0491% -0.0150% 31-01- 5904.93 0.0640%
Jan-20 2020
03- 31.8108 0.0148% -0.0040% 03-02- 5908.71 0.0188%
Feb-20 2020
04- 31.8155 0.0126% -0.0015% 04-02- 5909.82 0.0140%
Feb-20 2020
05- 31.8195 0.0575% -0.0002% 05-02- 5910.65 0.0577%
Feb-20 2020
06- 31.8378 0.0371% -0.0013% 06-02- 5914.06 0.0384%
Feb-20 2020
07- 31.8496 0.0543% 0.0023% 07-02- 5916.33 0.0521%
Feb-20 2020
10- 31.8669 0.0207% -0.0077% 10-02- 5919.41 0.0284%
Feb-20 2020
11- 31.8735 0.0063% -0.0108% 11-02- 5921.09 0.0171%
Feb-20 2020
12- 31.8755 0.0207% -0.0058% 12-02- 5922.1 0.0265%
Feb-20 2020
13- 31.8821 0.0157% -0.0002% 13-02- 5923.67 0.0159%
Feb-20 2020
14- 31.8871 0.0405% -0.0112% 14-02- 5924.61 0.0516%
Feb-20 2020
17- 31.9 0.0053% -0.0119% 17-02- 5927.67 0.0172%
Feb-20 2020
18- 31.9017 0.0188% -0.0065% 18-02- 5928.69 0.0253%
Feb-20 2020
99 | P a g e
20- 31.9077 0.0558% -0.0058% 20-02- 5930.19 0.0615%
Feb-20 2020
24- 31.9255 0.0207% 0.0057% 24-02- 5933.84 0.0150%
Feb-20 2020
25- 31.9321 0.0132% -0.0057% 25-02- 5934.73 0.0189%
Feb-20 2020
26- 31.9363 0.0053% 0.0041% 26-02- 5935.85 0.0012%
Feb-20 2020
27- 31.938 - -0.0041% 27-02- 5935.92 0.0022%
Feb-20 0.0019% 2020
28- 31.9374 0.0448% -0.0054% 28-02- 5936.05 0.0502%
Feb-20 2020
02- 31.9517 0.0088% -0.0175% 02-03- 5939.03 0.0263%
Mar- 2020
20
03- 31.9545 0.0745% -0.0028% 03-03- 5940.59 0.0773%
Mar- 2020
20
04- 31.9783 0.0188% 0.0040% 04-03- 5945.18 0.0148%
Mar- 2020
20
05- 31.9843 0.0159% 0.0089% 05-03- 5946.06 0.0071%
Mar- 2020
20
06- 31.9894 - -0.0408% 06-03- 5946.48 0.0318%
Mar- 0.0091% 2020
20
09- 31.9865 0.0169% -0.0023% 09-03- 5948.37 0.0192%
Mar- 2020
20
11- 31.9919 - -0.0130% 11-03- 5949.51 -
Mar- 0.0656% 2020 0.0526%
20
12- 31.9709 - -0.0165% 12-03- 5946.38 -
Mar- 0.0576% 2020 0.0410%
20
13- 31.9525 0.0307% -0.0008% 13-03- 5943.94 0.0315%
Mar- 2020
20
16- 31.9623 - -0.0126% 16-03- 5945.81 -
Mar- 0.0519% 2020 0.0394%
20
17- 31.9457 - -0.0083% 17-03- 5943.47 -
Mar- 0.0933% 2020 0.0850%
20
18- 31.9159 - -0.1445% 18-03- 5938.42 -
Mar- 0.3663% 2020 0.2218%
20
100 | P a g e
19- 31.799 0.0135% -0.0680% 19-03- 5925.25 0.0815%
Mar- 2020
20
20- 31.8033 - -0.0127% 20-03- 5930.08 -
Mar- 0.1453% 2020 0.1325%
20
23- 31.7571 - -0.0348% 23-03- 5922.22 -
Mar- 0.1508% 2020 0.1160%
20
24- 31.7092 0.1359% 0.0230% 24-03- 5915.35 0.1129%
Mar- 2020
20
26- 31.7523 0.9095% 0.2295% 26-03- 5922.03 0.6800%
Mar- 2020
20
27- 32.0411 0.1124% 0.0622% 27-03- 5962.3 0.0501%
Mar- 2020
20
30- 32.0771 0.0511% -0.0151% 30-03- 5965.29 0.0662%
Mar- 2020
20
31- 32.0935 0.0726% 0.0110% 31-03- 5969.24 0.0616%
Mar- 2020
20
03- 32.1168 0.0679% 0.0613% 03-04- 5972.92 0.0065%
Apr- 2020
20
07- 32.1386 - -0.0851% 07-04- 5973.31 -
Apr- 0.0986% 2020 0.0136%
20
08- 32.1069 - -0.0190% 08-04- 5972.5 -
Apr- 0.0196% 2020 0.0007%
20
09- 32.1006 0.0542% 0.0142% 09-04- 5972.46 0.0400%
Apr- 2020
20
13- 32.118 0.0249% -0.0124% 13-04- 5974.85 0.0373%
Apr- 2020
20
15- 32.126 0.0283% -0.0232% 15-04- 5977.08 0.0515%
Apr- 2020
20
16- 32.1351 0.1254% -0.0054% 16-04- 5980.16 0.1308%
Apr- 2020
20
17- 32.1754 0.0960% -0.0322% 17-04- 5987.98 0.1283%
Apr- 2020
20
101 | P a g e
20- 32.2063 0.1093% 0.0763% 20-04- 5995.66 0.0330%
Apr- 2020
20
21- 32.2415 0.0685% 0.0105% 21-04- 5997.64 0.0580%
Apr- 2020
20
22- 32.2636 0.0902% 0.0450% 22-04- 6001.12 0.0452%
Apr- 2020
20
23- 32.2927 - -0.0084% 23-04- 6003.83 -
Apr- 0.0653% 2020 0.0570%
20
24- 32.2716 - -0.0521% 24-04- 6000.41 0.0007%
Apr- 0.0514% 2020
20
27- 32.255 - -0.0568% 27-04- 6000.45 -
Apr- 0.0918% 2020 0.0350%
20
28- 32.2254 0.0323% 0.0321% 28-04- 5998.35 0.0002%
Apr- 2020
20
29- 32.2358 0.0692% 0.0498% 29-04- 5998.36 0.0193%
Apr- 2020
20
30- 32.2581 0.0790% -0.0008% 30-04- 5999.52 0.0798%
Apr- 2020
20
04- 32.2836 0.0158% -0.0312% 04-05- 6004.31 0.0470%
May- 2020
20
05- 32.2887 0.0421% -0.0023% 05-05- 6007.13 0.0444%
May- 2020
20
06- 32.3023 0.0604% -0.0062% 06-05- 6009.8 0.0666%
May- 2020
20
08- 32.3218 08-05- 6013.8 Average
May- 2020 Return
20
Sum 7538.9769 Return 7.49% 0.0301%
102 | P a g e
Appendix 5
SBI Magnum Ultra Short Duration Fund Data along with CRISIL INDEX data
from 08 May 2019 to 08 May 2020
SBI Magnum CRISIL INDEX

Returns Returns
Data NAV % Outperformance Date Price %
change change
08-May- 4173.0659 0.024% 0.00450% 08-05- 5594.57 0.0197%
19 2019
09-May- 4174.0742 0.024% -0.00426% 09-05- 5595.67 0.0286%
19 2019
10-May- 4175.0898 0.056% -0.00419% 10-05- 5597.27 0.0606%
19 2019
13-May- 4177.4436 0.033% -0.00882% 13-05- 5600.66 0.0416%
19 2019
14-May- 4178.8129 0.021% 0.00408% 14-05- 5602.99 0.0166%
19 2019
15-May- 4179.677 0.030% 0.00387% 15-05- 5603.92 0.0261%
19 2019
16-May- 4180.9277 0.043% 0.00775% 16-05- 5605.38 0.0355%
19 2019
17-May- 4182.7362 0.070% -0.00425% 17-05- 5607.37 0.0747%
19 2019
20-May- 4185.6837 0.024% 0.00177% 20-05- 5611.56 0.0221%
19 2019
21-May- 4186.6827 0.023% -0.00323% 21-05- 5612.8 0.0264%
19 2019
22-May- 4187.6515 0.061% 0.00556% 22-05- 5614.28 0.0552%
19 2019
23-May- 4190.1966 0.030% 0.00350% 23-05- 5617.38 0.0265%
19 2019
24-May- 4191.4545 0.071% -0.00246% 24-05- 5618.87 0.0733%
19 2019
27-May- 4194.4248 0.021% -0.01395% 27-05- 5622.99 0.0349%
19 2019
28-May- 4195.3019 0.023% 0.00749% 28-05- 5624.95 0.0155%
19 2019
29-May- 4196.265 0.029% 0.00727% 29-05- 5625.82 0.0220%
19 2019
30-May- 4197.4949 0.045% -0.00263% 30-05- 5627.06 0.0478%
19 2019
31-May- 4199.3911 0.099% 0.01819% 31-05- 5629.75 0.0808%
19 2019
03-Jun- 4203.5488 0.015% -0.00175% 03-06- 5634.3 0.0165%
19 2019
103 | P a g e
04-Jun- 4204.1691 0.042% -0.02582% 04-06- 5635.23 0.0681%
19 2019
06-Jun- 4205.9485 -0.006% 0.00640% 06-06- 5639.07 -
19 2019 0.0124%
07-Jun- 4205.6957 0.036% -0.00701% 07-06- 5638.37 0.0433%
19 2019
10-Jun- 4207.2208 0.012% -0.00227% 10-06- 5640.81 0.0144%
19 2019
11-Jun- 4207.7295 0.014% -0.00582% 11-06- 5641.62 0.0197%
19 2019
12-Jun- 4208.3123 0.016% -0.00110% 12-06- 5642.73 0.0172%
19 2019
13-Jun- 4208.9896 0.015% -0.01352% 13-06- 5643.7 0.0284%
19 2019
14-Jun- 4209.6139 0.058% 0.00315% 14-06- 5645.3 0.0547%
19 2019
17-Jun- 4212.0506 0.026% -0.00728% 17-06- 5648.39 0.0336%
19 2019
18-Jun- 4213.1606 0.021% 0.00718% 18-06- 5650.29 0.0142%
19 2019
19-Jun- 4214.0598 0.017% -0.00119% 19-06- 5651.09 0.0179%
19 2019
20-Jun- 4214.7627 0.012% -0.00120% 20-06- 5652.1 0.0127%
19 2019
21-Jun- 4215.249 0.049% -0.00398% 21-06- 5652.82 0.0532%
19 2019
24-Jun- 4217.3259 0.015% 0.00736% 24-06- 5655.83 0.0078%
19 2019
25-Jun- 4217.9642 -0.010% -0.01165% 25-06- 5656.27 0.0021%
19 2019
26-Jun- 4217.5623 0.024% 0.00199% 26-06- 5656.39 0.0219%
19 2019
27-Jun- 4218.5709 0.017% -0.00521% 27-06- 5657.63 0.0221%
19 2019
28-Jun- 4219.2833 0.064% 0.00446% 28-06- 5658.88 0.0597%
19 2019
01-Jul- 4221.9915 0.021% -0.00607% 01-07- 5662.26 0.0270%
19 2019
02-Jul- 4222.876 0.051% 0.01397% 02-07- 5663.79 0.0374%
19 2019
03-Jul- 4225.0468 0.038% 0.00282% 03-07- 5665.91 0.0348%
19 2019
04-Jul- 4226.6351 0.051% 0.00283% 04-07- 5667.88 0.0480%
19 2019
05-Jul- 4228.7831 0.070% -0.00708% 05-07- 5670.6 0.0772%
19 2019
08-Jul- 4231.75 0.031% 0.00499% 08-07- 5674.98 0.0263%
19 2019
104 | P a g e
09-Jul- 4233.0721 0.040% 0.01273% 09-07- 5676.47 0.0275%
19 2019
10-Jul- 4234.7743 0.032% 0.00117% 10-07- 5678.03 0.0310%
19 2019
11-Jul- 4236.1363 0.027% -0.00112% 11-07- 5679.79 0.0280%
19 2019
12-Jul- 4237.2746 0.070% -0.00770% 12-07- 5681.38 0.0778%
19 2019
15-Jul- 4240.2448 0.081% 0.01438% 15-07- 5685.8 0.0665%
19 2019
16-Jul- 4243.6734 0.050% 0.02438% 16-07- 5689.58 0.0255%
19 2019
17-Jul- 4245.7895 0.015% 0.00019% 17-07- 5691.03 0.0144%
19 2019
18-Jul- 4246.4092 0.010% -0.00324% 18-07- 5691.85 0.0135%
19 2019
19-Jul- 4246.846 0.037% -0.00499% 19-07- 5692.62 0.0418%
19 2019
22-Jul- 4248.4095 0.006% -0.00682% 22-07- 5695 0.0130%
19 2019
23-Jul- 4248.672 0.015% -0.00323% 23-07- 5695.74 0.0183%
19 2019
24-Jul- 4249.3104 0.008% -0.01019% 24-07- 5696.78 0.0186%
19 2019
25-Jul- 4249.6681 0.020% 0.00421% 25-07- 5697.84 0.0154%
19 2019
26-Jul- 4250.5034 0.063% 0.04551% 26-07- 5698.72 0.0179%
19 2019
29-Jul- 4253.1984 0.041% -0.03406% 27-07- 5699.74 0.0749%
19 2019
30-Jul- 4254.9361 0.040% 0.00116% 30-07- 5704.01 0.0391%
19 2019
31-Jul- 4256.6491 0.048% 0.01225% 31-07- 5706.24 0.0361%
19 2019
01-Aug- 4258.7072 0.033% -0.00734% 01-08- 5708.3 0.0405%
19 2019
02-Aug- 4260.118 0.057% 0.01170% 02-08- 5710.61 0.0457%
19 2019
05-Aug- 4262.5637 0.016% -0.00483% 05-08- 5713.22 0.0208%
19 2019
06-Aug- 4263.2458 0.055% 0.00599% 06-08- 5714.41 0.0486%
19 2019
07-Aug- 4265.575 0.060% 0.01825% 07-08- 5717.19 0.0422%
19 2019
08-Aug- 4268.1514 0.019% -0.00605% 08-08- 5719.6 0.0254%
19 2019
09-Aug- 4268.9753 0.050% -0.01542% 09-08- 5721.05 0.0654%
19 2019
105 | P a g e
13-Aug- 4271.1076 -0.008% 0.00290% 13-08- 5724.79 -
19 2019 0.0112%
14-Aug- 4270.754 0.043% 0.00064% 14-08- 5724.15 0.0425%
19 2019
16-Aug- 4272.5942 0.064% 0.01061% 16-08- 5726.58 0.0533%
19 2019
19-Aug- 4275.3232 0.026% 0.00436% 19-08- 5729.63 0.0215%
19 2019
20-Aug- 4276.4276 0.028% -0.00204% 20-08- 5730.86 0.0297%
19 2019
21-Aug- 4277.609 0.015% -0.00506% 21-08- 5732.56 0.0202%
19 2019
22-Aug- 4278.2583 0.023% -0.00293% 22-08- 5733.72 0.0256%
19 2019
23-Aug- 4279.2296 0.069% 0.01001% 23-08- 5735.19 0.0586%
19 2019
26-Aug- 4282.1651 0.046% 0.01819% 26-08- 5738.55 0.0279%
19 2019
27-Aug- 4284.1381 0.020% 0.00616% 27-08- 5740.15 0.0134%
19 2019
28-Aug- 4284.9767 0.018% 0.00053% 28-08- 5740.92 0.0171%
19 2019
29-Aug- 4285.731 0.019% -0.00312% 29-08- 5741.9 0.0219%
19 2019
30-Aug- 4286.5379 0.089% 0.00293% 30-08- 5743.16 0.0860%
19 2019
03-Sep- 4290.3507 0.031% 0.01486% 03-09- 5748.1 0.0158%
19 2019
04-Sep- 4291.6674 0.016% -0.00587% 04-09- 5749.01 0.0219%
19 2019
05-Sep- 4292.3559 0.018% -0.00314% 05-09- 5750.27 0.0207%
19 2019
06-Sep- 4293.1093 0.069% 0.00922% 06-09- 5751.46 0.0593%
19 2019
09-Sep- 4296.0504 0.032% -0.00247% 09-09- 5754.87 0.0342%
19 2019
11-Sep- 4297.4148 0.006% -0.01363% 11-09- 5756.84 0.0200%
19 2019
12-Sep- 4297.6874 0.027% 0.00147% 12-09- 5757.99 0.0252%
19 2019
13-Sep- 4298.833 0.047% -0.00045% 13-09- 5759.44 0.0472%
19 2019
16-Sep- 4300.8439 -0.003% -0.00851% 16-09- 5762.16 0.0059%
19 2019
17-Sep- 4300.7316 0.014% -0.00897% 17-09- 5762.5 0.0226%
19 2019
18-Sep- 4301.3159 0.026% -0.00013% 18-09- 5763.8 0.0257%
19 2019
106 | P a g e
19-Sep- 4302.4148 -0.050% -0.02611% 19-09- 5765.28 -
19 2019 0.0241%
20-Sep- 4300.254 0.039% -0.00432% 20-09- 5763.89 0.0435%
19 2019
23-Sep- 4301.9409 -0.015% -0.01503% 23-09- 5766.4 -
19 2019 0.0002%
24-Sep- 4301.2868 0.018% 0.00224% 24-09- 5766.39 0.0161%
19 2019
25-Sep- 4302.0769 0.025% 0.00536% 25-09- 5767.32 0.0199%
19 2019
26-Sep- 4303.1654 0.019% -0.00488% 26-09- 5768.47 0.0236%
19 2019
27-Sep- 4303.9698 0.093% 0.01988% 27-09- 5769.83 0.0733%
19 2019
30-Sep- 4307.9807 0.058% 0.00577% 30-09- 5774.06 0.0520%
19 2019
01-Oct- 4310.4677 0.066% 0.01913% 01-10- 5777.06 0.0466%
19 2019
03-Oct- 4313.2994 0.031% 0.00573% 03-10- 5779.75 0.0254%
19 2019
04-Oct- 4314.6434 0.062% 0.00358% 04-10- 5781.22 0.0585%
19 2019
07-Oct- 4317.3206 0.033% -0.00073% 07-10- 5784.6 0.0335%
19 2019
09-Oct- 4318.7368 0.029% 0.00539% 09-10- 5786.54 0.0240%
19 2019
10-Oct- 4320.0068 0.028% -0.00507% 10-10- 5787.93 0.0328%
19 2019
11-Oct- 4321.2058 0.065% 0.00711% 11-10- 5789.83 0.0584%
19 2019
14-Oct- 4324.0355 0.042% 0.01033% 14-10- 5793.21 0.0318%
19 2019
15-Oct- 4325.8555 0.038% 0.01327% 15-10- 5795.05 0.0247%
19 2019
16-Oct- 4327.497 0.022% 0.00925% 16-10- 5796.48 0.0124%
19 2019
17-Oct- 4328.4347 0.019% -0.00420% 17-10- 5797.2 0.0229%
19 2019
18-Oct- 4329.2458 0.068% 0.00158% 18-10- 5798.53 0.0662%
19 2019
22-Oct- 4332.1812 0.017% -0.00701% 22-10- 5802.37 0.0241%
19 2019
23-Oct- 4332.9227 0.022% -0.00420% 23-10- 5803.77 0.0262%
19 2019
24-Oct- 4333.8753 0.023% 0.00416% 24-10- 5805.29 0.0186%
19 2019
25-Oct- 4334.8617 0.067% 0.00390% 25-10- 5806.37 0.0630%
19 2019
107 | P a g e
29-Oct- 4337.7631 0.048% 0.01369% 29-10- 5810.03 0.0346%
19 2019
30-Oct- 4339.8577 0.036% -0.00285% 30-10- 5812.04 0.0389%
19 2019
31-Oct- 4341.4214 0.025% 0.00081% 31-10- 5814.3 0.0244%
19 2019
01-Nov- 4342.517 0.031% -0.01012% 01-11- 5815.72 0.0411%
19 2019
04-Nov- 4343.8619 0.016% 0.00644% 04-11- 5818.11 0.0091%
19 2019
05-Nov- 4344.5375 -0.007% -0.00787% 05-11- 5818.64 0.0005%
19 2019
06-Nov- 4344.2181 0.019% -0.00157% 06-11- 5818.67 0.0201%
19 2019
07-Nov- 4345.0234 0.012% 0.00679% 07-11- 5819.84 0.0053%
19 2019
08-Nov- 4345.5498 0.051% -0.00463% 08-11- 5820.15 0.0558%
19 2019
11-Nov- 4347.7751 0.042% -0.00230% 11-11- 5823.4 0.0440%
19 2019
13-Nov- 4349.5862 0.020% -0.00265% 13-11- 5825.96 0.0228%
19 2019
14-Nov- 4350.4638 0.038% 0.01108% 14-11- 5827.29 0.0266%
19 2019
15-Nov- 4352.1029 0.053% 0.00205% 15-11- 5828.84 0.0513%
19 2019
18-Nov- 4354.4244 0.021% 0.00502% 18-11- 5831.83 0.0165%
19 2019
19-Nov- 4355.3597 0.021% -0.00503% 19-11- 5832.79 0.0264%
19 2019
20-Nov- 4356.2905 0.024% 0.00719% 20-11- 5834.33 0.0165%
19 2019
21-Nov- 4357.3205 0.022% 0.00238% 21-11- 5835.29 0.0195%
19 2019
22-Nov- 4358.2754 0.045% -0.00429% 22-11- 5836.43 0.0495%
19 2019
25-Nov- 4360.2463 0.015% -0.00372% 25-11- 5839.32 0.0188%
19 2019
26-Nov- 4360.9053 0.021% 0.00119% 26-11- 5840.42 0.0193%
19 2019
27-Nov- 4361.8011 0.025% 0.00261% 27-11- 5841.55 0.0219%
19 2019
28-Nov- 4362.8705 0.030% 0.00109% 28-11- 5842.83 0.0288%
19 2019
29-Nov- 4364.1725 0.050% 0.00441% 29-11- 5844.51 0.0452%
19 2019
02-Dec- 4366.3363 0.018% 0.00263% 02-12- 5847.15 0.0154%
19 2019
108 | P a g e
03-Dec- 4367.1232 0.025% 0.00222% 03-12- 5848.05 0.0226%
19 2019
04-Dec- 4368.2057 -0.042% -0.00585% 04-12- 5849.37 -
19 2019 0.0357%
05-Dec- 4366.3893 0.013% 0.00229% 05-12- 5847.28 0.0109%
19 2019
06-Dec- 4366.9672 0.036% -0.00295% 06-12- 5847.92 0.0385%
19 2019
09-Dec- 4368.5184 0.027% 0.00523% 09-12- 5850.17 0.0221%
19 2019
10-Dec- 4369.7101 0.010% -0.00123% 10-12- 5851.46 0.0113%
19 2019
11-Dec- 4370.1491 0.025% 0.01070% 11-12- 5852.12 0.0140%
19 2019
12-Dec- 4371.2292 0.018% 0.00504% 12-12- 5852.94 0.0133%
19 2019
13-Dec- 4372.032 0.046% -0.00229% 13-12- 5853.72 0.0485%
19 2019
16-Dec- 4374.053 0.020% 0.00596% 16-12- 5856.56 0.0142%
19 2019
17-Dec- 4374.9337 0.015% -0.00568% 17-12- 5857.39 0.0207%
19 2019
18-Dec- 4375.5888 0.015% -0.00633% 18-12- 5858.6 0.0210%
19 2019
19-Dec- 4376.2304 0.012% -0.00478% 19-12- 5859.83 0.0164%
19 2019
20-Dec- 4376.7382 0.041% -0.00946% 20-12- 5860.79 0.0503%
19 2019
23-Dec- 4378.5273 0.004% -0.01047% 23-12- 5863.74 0.0148%
19 2019
24-Dec- 4378.7187 0.023% -0.00225% 24-12- 5864.61 0.0249%
19 2019
26-Dec- 4379.7103 0.019% -0.00100% 26-12- 5866.07 0.0201%
19 2019
27-Dec- 4380.5475 0.039% -0.00765% 27-12- 5867.25 0.0462%
19 2019
30-Dec- 4382.2355 0.015% -0.00170% 30-12- 5869.96 0.0165%
19 2019
31-Dec- 4382.8852 0.032% 0.00470% 31-12- 5870.93 0.0269%
19 2019
01-Jan- 4384.2709 0.029% -0.00612% 01-01- 5872.51 0.0349%
20 2020
02-Jan- 4385.5331 0.022% -0.00390% 02-01- 5874.56 0.0262%
20 2020
03-Jan- 4386.5116 0.045% -0.00565% 03-01- 5876.1 0.0502%
20 2020
06-Jan- 4388.4658 0.022% 0.00247% 06-01- 5879.05 0.0196%
20 2020
109 | P a g e
07-Jan- 4389.4326 0.028% 0.00452% 07-01- 5880.2 0.0231%
20 2020
08-Jan- 4390.6461 0.027% 0.00352% 08-01- 5881.56 0.0238%
20 2020
09-Jan- 4391.8457 0.008% -0.00059% 09-01- 5882.96 0.0083%
20 2020
10-Jan- 4392.1857 0.045% 0.00069% 10-01- 5883.45 0.0442%
20 2020
13-Jan- 4394.1572 -0.008% -0.01381% 13-01- 5886.05 0.0058%
20 2020
14-Jan- 4393.8043 0.012% -0.00392% 14-01- 5886.39 0.0161%
20 2020
15-Jan- 4394.341 0.016% -0.00058% 15-01- 5887.34 0.0163%
20 2020
16-Jan- 4395.0321 0.020% -0.00021% 16-01- 5888.3 0.0204%
20 2020
17-Jan- 4395.9186 0.045% -0.00506% 17-01- 5889.5 0.0497%
20 2020
20-Jan- 4397.8833 0.017% -0.00393% 20-01- 5892.43 0.0210%
20 2020
21-Jan- 4398.6361 0.015% -0.00736% 21-01- 5893.67 0.0222%
20 2020
22-Jan- 4399.29 0.028% 0.00599% 22-01- 5894.98 0.0215%
20 2020
23-Jan- 4400.5013 0.023% -0.00171% 23-01- 5896.25 0.0251%
20 2020
24-Jan- 4401.5304 0.045% -0.00679% 24-01- 5897.73 0.0515%
20 2020
27-Jan- 4403.5003 0.015% -0.00844% 27-01- 5900.77 0.0234%
20 2020
28-Jan- 4404.1587 0.016% 0.00617% 28-01- 5902.15 0.0098%
20 2020
29-Jan- 4404.8631 0.013% -0.00409% 29-01- 5902.73 0.0171%
20 2020
30-Jan- 4405.4365 0.012% -0.00774% 30-01- 5903.74 0.0202%
20 2020
31-Jan- 4405.9835 0.055% -0.00906% 31-01- 5904.93 0.0640%
20 2020
03-Feb- 4408.4046 0.017% -0.00171% 03-02- 5908.71 0.0188%
20 2020
04-Feb- 4409.1572 0.016% 0.00240% 04-02- 5909.82 0.0140%
20 2020
05-Feb- 4409.8823 0.050% -0.00726% 05-02- 5910.65 0.0577%
20 2020
06-Feb- 4412.1064 0.030% -0.00825% 06-02- 5914.06 0.0384%
20 2020
07-Feb- 4413.4359 0.056% 0.00398% 07-02- 5916.33 0.0521%
20 2020
110 | P a g e
10-Feb- 4415.9091 0.022% -0.00653% 10-02- 5919.41 0.0284%
20 2020
11-Feb- 4416.8742 0.015% -0.00165% 11-02- 5921.09 0.0171%
20 2020
12-Feb- 4417.5547 0.014% -0.01209% 12-02- 5922.1 0.0265%
20 2020
13-Feb- 4418.1919 0.023% 0.00690% 13-02- 5923.67 0.0159%
20 2020
14-Feb- 4419.1977 0.041% -0.01035% 14-02- 5924.61 0.0516%
20 2020
17-Feb- 4421.0226 0.007% -0.01059% 17-02- 5927.67 0.0172%
20 2020
18-Feb- 4421.315 0.026% 0.00071% 18-02- 5928.69 0.0253%
20 2020
20-Feb- 4422.4648 0.060% -0.00134% 20-02- 5930.19 0.0615%
20 2020
24-Feb- 4425.1275 0.010% -0.00527% 24-02- 5933.84 0.0150%
20 2020
25-Feb- 4425.5582 0.017% -0.00234% 25-02- 5934.73 0.0189%
20 2020
26-Feb- 4426.2897 -0.001% -0.00260% 26-02- 5935.85 0.0012%
20 2020
27-Feb- 4426.2267 -0.009% -0.01158% 27-02- 5935.92 0.0022%
20 2020
28-Feb- 4425.8112 0.041% -0.00924% 28-02- 5936.05 0.0502%
20 2020
02-Mar- 4427.6243 0.013% -0.01349% 02-03- 5939.03 0.0263%
20 2020
03-Mar- 4428.1902 0.093% 0.01585% 03-03- 5940.59 0.0773%
20 2020
04-Mar- 4432.3133 0.015% -0.00020% 04-03- 5945.18 0.0148%
20 2020
05-Mar- 4432.9604 0.009% 0.00151% 05-03- 5946.06 0.0071%
20 2020
06-Mar- 4433.3406 0.032% 0.00050% 06-03- 5946.48 0.0318%
20 2020
09-Mar- 4434.7717 0.004% -0.01501% 09-03- 5948.37 0.0192%
20 2020
11-Mar- 4434.9561 -0.072% -0.01972% 11-03- 5949.51 -
20 2020 0.0526%
12-Mar- 4431.7483 -0.057% -0.01626% 12-03- 5946.38 -
20 2020 0.0410%
13-Mar- 4429.2093 0.021% -0.01048% 13-03- 5943.94 0.0315%
20 2020
16-Mar- 4430.1384 -0.064% -0.02506% 16-03- 5945.81 -
20 2020 0.0394%
17-Mar- 4427.2846 -0.112% -0.02714% 17-03- 5943.47 -
20 2020 0.0850%
111 | P a g e
18-Mar- 4422.3214 -0.374% -0.15191% 18-03- 5938.42 -
20 2020 0.2218%
19-Mar- 4405.7958 0.013% -0.06829% 19-03- 5925.25 0.0815%
20 2020
20-Mar- 4406.3783 -0.145% -0.01220% 20-03- 5930.08 -
20 2020 0.1325%
23-Mar- 4400.0003 -0.169% -0.05345% 23-03- 5922.22 -
20 2020 0.1160%
24-Mar- 4392.5442 0.153% 0.03959% 24-03- 5915.35 0.1129%
20 2020
26-Mar- 4399.2434 0.956% 0.27561% 26-03- 5922.03 0.6800%
20 2020
27-Mar- 4441.2832 0.109% 0.05930% 27-03- 5962.3 0.0501%
20 2020
30-Mar- 4446.1441 0.047% -0.01965% 30-03- 5965.29 0.0662%
20 2020
31-Mar- 4448.2145 0.059% -0.00230% 31-03- 5969.24 0.0616%
20 2020
03-Apr- 4450.8545 0.053% 0.04630% 03-04- 5972.92 0.0065%
20 2020
07-Apr- 4453.2059 -0.037% -0.02329% 07-04- 5973.31 -
20 2020 0.0136%
08-Apr- 4451.5651 -0.042% -0.04097% 08-04- 5972.5 -
20 2020 0.0007%
09-Apr- 4449.7116 0.061% 0.02092% 09-04- 5972.46 0.0400%
20 2020
13-Apr- 4452.4231 0.024% -0.01328% 13-04- 5974.85 0.0373%
20 2020
15-Apr- 4453.4935 0.033% -0.01819% 15-04- 5977.08 0.0515%
20 2020
16-Apr- 4454.9785 0.160% 0.02959% 16-04- 5980.16 0.1308%
20 2020
17-Apr- 4462.1222 0.096% -0.03253% 17-04- 5987.98 0.1283%
20 2020
20-Apr- 4466.3935 0.100% 0.06729% 20-04- 5995.66 0.0330%
20 2020
21-Apr- 4470.8739 0.050% -0.00815% 21-04- 5997.64 0.0580%
20 2020
22-Apr- 4473.1035 0.074% 0.02895% 22-04- 6001.12 0.0452%
20 2020
23-Apr- 4476.4184 -0.052% 0.00475% 23-04- 6003.83 -
20 2020 0.0570%
24-Apr- 4474.081 -0.001% -0.00209% 24-04- 6000.41 0.0007%
20 2020
27-Apr- 4474.0173 -0.079% -0.04362% 27-04- 6000.45 -
20 2020 0.0350%
28-Apr- 4470.5001 0.003% 0.00307% 28-04- 5998.35 0.0002%
20 2020
112 | P a g e
29-Apr- 4470.645 0.037% 0.01801% 29-04- 5998.36 0.0193%
20 2020
30-Apr- 4472.3149 0.088% 0.00811% 30-04- 5999.52 0.0798%
20 2020
04-May- 4476.2483 0.048% 0.00116% 04-05- 6004.31 0.0470%
20 2020
05-May- 4478.4024 0.045% 0.00084% 05-05- 6007.13 0.0444%
20 2020
06-May- 4480.4305 0.054% -0.01242% 06-05- 6009.8 0.0666%
20 2020
08-May- 4482.8559 08-05- 6013.8
20 2020
Sum 1044101.202 0.030% Return 7.49%
113 | P a g e
Appendix 6
UTI Ultra Short term Fund NAV data along with CRISIL INDEX data from 08 May
2019 to 08 May 2020
UTI CRISIL INDEX

Returns Returns
change change
08- 3050.3973 0.0174% -0.00226% 08-05- 5594.57 0.0197%
May-19 2019
09- 3050.9282 0.0225% -0.00605% 09-05- 5595.67 0.0286%
May-19 2019
10- 3051.616 0.0473% -0.01328% 10-05- 5597.27 0.0606%
May-19 2019
13- 3053.059 - -0.05316% 13-05- 5600.66 0.0416%
May-19 0.0116% 2019
14- 3052.7062 - -0.04478% 14-05- 5602.99 0.0166%
May-19 0.0282% 2019
15- 3051.8458 0.0311% 0.00504% 15-05- 5603.92 0.0261%
May-19 2019
16- 3052.7948 0.0361% 0.00061% 16-05- 5605.38 0.0355%
May-19 2019
17- 3053.8971 0.0592% -0.01551% 17-05- 5607.37 0.0747%
May-19 2019
20- 3055.7055 0.0208% -0.00126% 20-05- 5611.56 0.0221%
May-19 2019
21- 3056.3422 0.0254% -0.00100% 21-05- 5612.8 0.0264%
May-19 2019
22- 3057.1174 0.0614% 0.00617% 22-05- 5614.28 0.0552%
May-19 2019
23- 3058.9941 0.0297% 0.00315% 23-05- 5617.38 0.0265%
May-19 2019
24- 3059.9017 0.0761% 0.00275% 24-05- 5618.87 0.0733%
May-19 2019
27- 3062.2296 0.0168% -0.01803% 27-05- 5622.99 0.0349%
May-19 2019
28- 3062.7448 0.0276% 0.01213% 28-05- 5624.95 0.0155%
May-19 2019
29- 3063.5901 0.0247% 0.00271% 29-05- 5625.82 0.0220%
May-19 2019
30- 3064.3483 0.0454% -0.00238% 30-05- 5627.06 0.0478%
May-19 2019
31- 3065.7404 0.1035% 0.02270% 31-05- 5629.75 0.0808%
May-19 2019
03-Jun- 3068.9142 - -2.79202% 03-06- 5634.3 0.0165%
19 2.7755% 2019
114 | P a g e
04-Jun- 2983.7362 - -0.91716% 04-06- 5635.23 0.0681%
19 0.8490% 2019
06-Jun- 2958.4038 - -0.00591% 06-06- 5639.07 -
19 0.0183% 2019 0.0124%
07-Jun- 2957.8618 0.0535% 0.01024% 07-06- 5638.37 0.0433%
19 2019
10-Jun- 2959.4448 0.0089% -0.00548% 10-06- 5640.81 0.0144%
19 2019
11-Jun- 2959.7075 0.0162% -0.00343% 11-06- 5641.62 0.0197%
19 2019
12-Jun- 2960.1884 0.0174% 0.00021% 12-06- 5642.73 0.0172%
19 2019
13-Jun- 2960.7035 0.0217% -0.00667% 13-06- 5643.7 0.0284%
19 2019
14-Jun- 2961.3454 0.0672% 0.01244% 14-06- 5645.3 0.0547%
19 2019
17-Jun- 2963.3346 0.0276% -0.00604% 17-06- 5648.39 0.0336%
19 2019
18-Jun- 2964.1524 0.0177% 0.00353% 18-06- 5650.29 0.0142%
19 2019
19-Jun- 2964.6767 0.0189% 0.00104% 19-06- 5651.09 0.0179%
19 2019
20-Jun- 2965.2373 0.0142% 0.00145% 20-06- 5652.1 0.0127%
19 2019
21-Jun- 2965.658 0.0585% 0.00523% 21-06- 5652.82 0.0532%
19 2019
24-Jun- 2967.3923 0.0123% 0.00455% 24-06- 5655.83 0.0078%
19 2019
25-Jun- 2967.7581 - -0.00770% 25-06- 5656.27 0.0021%
19 0.0056% 2019
26-Jun- 2967.5924 0.0219% -0.00007% 26-06- 5656.39 0.0219%
19 2019
27-Jun- 2968.2409 - -0.08754% 27-06- 5657.63 0.0221%
19 0.0654% 2019
28-Jun- 2966.2982 0.0621% 0.00242% 28-06- 5658.88 0.0597%
19 2019
01-Jul- 2968.1417 0.0163% -0.01068% 01-07- 5662.26 0.0270%
19 2019
02-Jul- 2968.6266 0.0456% 0.00819% 02-07- 5663.79 0.0374%
19 2019
03-Jul- 2969.9809 0.0224% -0.01236% 03-07- 5665.91 0.0348%
19 2019
04-Jul- 2970.6465 0.0235% -0.02446% 04-07- 5667.88 0.0480%
19 2019
05-Jul- 2971.3454 0.0624% -0.01481% 05-07- 5670.6 0.0772%
19 2019
08-Jul- 2973.2003 0.0237% -0.00252% 08-07- 5674.98 0.0263%
19 2019
115 | P a g e
09-Jul- 2973.9061 0.0398% 0.01230% 09-07- 5676.47 0.0275%
19 2019
10-Jul- 2975.0893 0.0253% -0.00574% 10-07- 5678.03 0.0310%
19 2019
11-Jul- 2975.8407 - -0.11775% 11-07- 5679.79 0.0280%
19 0.0898% 2019
12-Jul- 2973.1698 0.0660% -0.01183% 12-07- 5681.38 0.0778%
19 2019
15-Jul- 2975.1312 0.0566% -0.00990% 15-07- 5685.8 0.0665%
19 2019
16-Jul- 2976.8146 0.0422% 0.01668% 16-07- 5689.58 0.0255%
19 2019
17-Jul- 2978.0699 0.0227% 0.00826% 17-07- 5691.03 0.0144%
19 2019
18-Jul- 2978.7451 0.0207% 0.00718% 18-07- 5691.85 0.0135%
19 2019
19-Jul- 2979.362 0.0426% 0.00083% 19-07- 5692.62 0.0418%
19 2019
22-Jul- 2980.6324 0.0052% -0.00779% 22-07- 5695 0.0130%
19 2019
23-Jul- 2980.7875 0.0185% 0.00024% 23-07- 5695.74 0.0183%
19 2019
24-Jul- 2981.3389 0.0195% 0.00091% 24-07- 5696.78 0.0186%
19 2019
25-Jul- 2981.9209 0.0193% 0.00387% 25-07- 5697.84 0.0154%
19 2019
26-Jul- 2982.4969 0.0597% 0.04181% 26-07- 5698.72 0.0179%
19 2019
29-Jul- 2984.2778 0.0406% -0.03430% 27-07- 5699.74 0.0749%
19 2019
30-Jul- 2985.4899 0.0355% -0.00360% 30-07- 5704.01 0.0391%
19 2019
31-Jul- 2986.5496 0.0215% -0.01455% 31-07- 5706.24 0.0361%
19 2019
01-Aug- 2987.1931 0.0320% -0.00847% 01-08- 5708.3 0.0405%
19 2019
02-Aug- 2988.1488 0.0593% 0.01358% 02-08- 5710.61 0.0457%
19 2019
05-Aug- 2989.9202 0.0116% -0.00918% 05-08- 5713.22 0.0208%
19 2019
06-Aug- 2990.2684 0.0336% -0.01509% 06-08- 5714.41 0.0486%
19 2019
07-Aug- 2991.272 0.0715% 0.02930% 07-08- 5717.19 0.0422%
19 2019
08-Aug- 2993.4093 - -0.07836% 08-08- 5719.6 0.0254%
19 0.0530% 2019
09-Aug- 2991.8226 - -0.32118% 09-08- 5721.05 0.0654%
19 0.2558% 2019
116 | P a g e
13-Aug- 2984.1693 0.0088% 0.02002% 13-08- 5724.79 -
19 2019 0.0112%
14-Aug- 2984.4331 0.0363% -0.00615% 14-08- 5724.15 0.0425%
19 2019
16-Aug- 2985.5164 0.0589% 0.00562% 16-08- 5726.58 0.0533%
19 2019
19-Aug- 2987.2742 0.0139% -0.00752% 19-08- 5729.63 0.0215%
19 2019
20-Aug- 2987.6908 - -0.04949% 20-08- 5730.86 0.0297%
19 0.0198% 2019
21-Aug- 2987.0986 0.0176% -0.00261% 21-08- 5732.56 0.0202%
19 2019
22-Aug- 2987.625 0.0207% -0.00490% 22-08- 5733.72 0.0256%
19 2019
23-Aug- 2988.2447 0.0619% 0.00333% 23-08- 5735.19 0.0586%
19 2019
26-Aug- 2990.0948 0.0357% 0.00786% 26-08- 5738.55 0.0279%
19 2019
27-Aug- 2991.1634 0.0176% 0.00416% 27-08- 5740.15 0.0134%
19 2019
28-Aug- 2991.689 0.0234% 0.00630% 28-08- 5740.92 0.0171%
19 2019
29-Aug- 2992.3881 - -0.05764% 29-08- 5741.9 0.0219%
19 0.0357% 2019
30-Aug- 2991.3199 0.0825% -0.00347% 30-08- 5743.16 0.0860%
19 2019
03-Sep- 2993.7892 0.0265% 0.01065% 03-09- 5748.1 0.0158%
19 2019
04-Sep- 2994.5819 0.0151% -0.00681% 04-09- 5749.01 0.0219%
19 2019
05-Sep- 2995.0344 0.0176% -0.00309% 05-09- 5750.27 0.0207%
19 2019
06-Sep- 2995.5618 0.0543% -0.00499% 06-09- 5751.46 0.0593%
19 2019
09-Sep- 2997.1885 0.0319% -0.00235% 09-09- 5754.87 0.0342%
19 2019
11-Sep- 2998.1442 0.0225% 0.00257% 11-09- 5756.84 0.0200%
19 2019
12-Sep- 2998.8202 0.2214% 0.19620% 12-09- 5757.99 0.0252%
19 2019
13-Sep- 3005.4592 0.0555% 0.00830% 13-09- 5759.44 0.0472%
19 2019
16-Sep- 3007.128 0.0237% 0.01778% 16-09- 5762.16 0.0059%
19 2019
17-Sep- 3007.8402 0.0166% -0.00598% 17-09- 5762.5 0.0226%
19 2019
18-Sep- 3008.3388 0.0155% -0.01022% 18-09- 5763.8 0.0257%
19 2019
117 | P a g e
19-Sep- 3008.8038 - -0.00222% 19-09- 5765.28 -
19 0.0263% 2019 0.0241%
20-Sep- 3008.0116 0.0504% 0.00684% 20-09- 5763.89 0.0435%
19 2019
23-Sep- 3009.5271 - -0.00022% 23-09- 5766.4 -
19 0.0004% 2019 0.0002%
24-Sep- 3009.5152 - -0.02391% 24-09- 5766.39 0.0161%
19 0.0078% 2019
25-Sep- 3009.2811 0.0277% 0.00778% 25-09- 5767.32 0.0199%
19 2019
26-Sep- 3010.1154 0.0204% -0.00322% 26-09- 5768.47 0.0236%
19 2019
27-Sep- 3010.7282 0.3695% 0.29614% 27-09- 5769.83 0.0733%
19 2019
30-Sep- 3021.8515 0.0377% -0.01430% 30-09- 5774.06 0.0520%
19 2019
01-Oct- 3022.9895 0.0375% -0.00904% 01-10- 5777.06 0.0466%
19 2019
03-Oct- 3024.1239 0.0230% -0.00246% 03-10- 5779.75 0.0254%
19 2019
04-Oct- 3024.8186 0.0617% 0.00320% 04-10- 5781.22 0.0585%
19 2019
07-Oct- 3026.684 0.0322% -0.00130% 07-10- 5784.6 0.0335%
19 2019
09-Oct- 3027.6596 0.0203% -0.00370% 09-10- 5786.54 0.0240%
19 2019
10-Oct- 3028.2749 0.0274% -0.00547% 10-10- 5787.93 0.0328%
19 2019
11-Oct- 3029.1032 0.0512% -0.00717% 11-10- 5789.83 0.0584%
19 2019
14-Oct- 3030.6543 0.0339% 0.00209% 14-10- 5793.21 0.0318%
19 2019
15-Oct- 3031.6802 0.0307% 0.00602% 15-10- 5795.05 0.0247%
19 2019
16-Oct- 3032.6109 0.0227% 0.01023% 16-10- 5796.48 0.0124%
19 2019
17-Oct- 3033.2979 0.0180% -0.00498% 17-10- 5797.2 0.0229%
19 2019
18-Oct- 3033.8428 0.0652% -0.00103% 18-10- 5798.53 0.0662%
19 2019
22-Oct- 3035.8206 0.0199% -0.00424% 22-10- 5802.37 0.0241%
19 2019
23-Oct- 3036.4243 0.0213% -0.00487% 23-10- 5803.77 0.0262%
19 2019
24-Oct- 3037.0716 0.0215% 0.00291% 24-10- 5805.29 0.0186%
19 2019
25-Oct- 3037.7251 0.0689% 0.00587% 25-10- 5806.37 0.0630%
19 2019
118 | P a g e
29-Oct- 3039.8182 0.0409% 0.00627% 29-10- 5810.03 0.0346%
19 2019
30-Oct- 3041.0603 0.0288% -0.01005% 30-10- 5812.04 0.0389%
19 2019
31-Oct- 3041.9373 0.0167% -0.00769% 31-10- 5814.3 0.0244%
19 2019
01-Nov- 3042.4462 0.0526% 0.01154% 01-11- 5815.72 0.0411%
19 2019
04-Nov- 3044.0477 0.0138% 0.00472% 04-11- 5818.11 0.0091%
19 2019
05-Nov- 3044.4686 - -0.00268% 05-11- 5818.64 0.0005%
19 0.0022% 2019
06-Nov- 3044.4028 0.0143% -0.00582% 06-11- 5818.67 0.0201%
19 2019
07-Nov- 3044.8379 0.0147% 0.00941% 07-11- 5819.84 0.0053%
19 2019
08-Nov- 3045.2865 0.0603% 0.00448% 08-11- 5820.15 0.0558%
19 2019
11-Nov- 3047.1234 0.0423% -0.00161% 11-11- 5823.4 0.0440%
19 2019
13-Nov- 3048.4138 0.0205% -0.00234% 13-11- 5825.96 0.0228%
19 2019
14-Nov- 3049.0385 0.0114% -0.01518% 14-11- 5827.29 0.0266%
19 2019
15-Nov- 3049.3868 0.0527% 0.00137% 15-11- 5828.84 0.0513%
19 2019
18-Nov- 3050.9929 - -0.01895% 18-11- 5831.83 0.0165%
19 0.0025% 2019
19-Nov- 3050.9169 0.0121% -0.01432% 19-11- 5832.79 0.0264%
19 2019
20-Nov- 3051.2856 0.0214% 0.00491% 20-11- 5834.33 0.0165%
19 2019
21-Nov- 3051.9374 0.0155% -0.00403% 21-11- 5835.29 0.0195%
19 2019
22-Nov- 3052.4105 0.0576% 0.00810% 22-11- 5836.43 0.0495%
19 2019
25-Nov- 3054.1691 0.0173% -0.00156% 25-11- 5839.32 0.0188%
19 2019
26-Nov- 3054.6967 0.0152% -0.00416% 26-11- 5840.42 0.0193%
19 2019
27-Nov- 3055.1606 0.0187% -0.00317% 27-11- 5841.55 0.0219%
19 2019
28-Nov- 3055.7332 0.0252% -0.00357% 28-11- 5842.83 0.0288%
19 2019
29-Nov- 3056.5026 0.0516% 0.00642% 29-11- 5844.51 0.0452%
19 2019
02-Dec- 3058.0796 0.0178% 0.00244% 02-12- 5847.15 0.0154%
19 2019
119 | P a g e
03-Dec- 3058.6249 0.0146% -0.00798% 03-12- 5848.05 0.0226%
19 2019
04-Dec- 3059.0712 - 0.01878% 04-12- 5849.37 -
19 0.0170% 2019 0.0357%
05-Dec- 3058.5526 0.0225% 0.01157% 05-12- 5847.28 0.0109%
19 2019
06-Dec- 3059.2412 0.0472% 0.00875% 06-12- 5847.92 0.0385%
19 2019
09-Dec- 3060.686 0.0102% -0.01183% 09-12- 5850.17 0.0221%
19 2019
10-Dec- 3060.9988 0.0167% 0.00539% 10-12- 5851.46 0.0113%
19 2019
11-Dec- 3061.509 0.0155% 0.00152% 11-12- 5852.12 0.0140%
19 2019
12-Dec- 3061.9845 0.0388% 0.02547% 12-12- 5852.94 0.0133%
19 2019
13-Dec- 3063.1726 0.0460% -0.00247% 13-12- 5853.72 0.0485%
19 2019
16-Dec- 3064.583 0.0155% 0.00129% 16-12- 5856.56 0.0142%
19 2019
17-Dec- 3065.0567 0.0167% -0.00399% 17-12- 5857.39 0.0207%
19 2019
18-Dec- 3065.5676 0.0194% -0.00156% 18-12- 5858.6 0.0210%
19 2019
19-Dec- 3066.1635 0.0153% -0.00108% 19-12- 5859.83 0.0164%
19 2019
20-Dec- 3066.6326 0.0473% -0.00305% 20-12- 5860.79 0.0503%
19 2019
23-Dec- 3068.0825 0.0070% -0.00784% 23-12- 5863.74 0.0148%
19 2019
24-Dec- 3068.2972 0.0266% 0.00168% 24-12- 5864.61 0.0249%
19 2019
26-Dec- 3069.1127 0.0068% -0.01329% 26-12- 5866.07 0.0201%
19 2019
27-Dec- 3069.3222 0.0521% 0.00593% 27-12- 5867.25 0.0462%
19 2019
30-Dec- 3070.9219 0.0128% -0.00375% 30-12- 5869.96 0.0165%
19 2019
31-Dec- 3071.3141 0.0223% -0.00460% 31-12- 5870.93 0.0269%
19 2019
01-Jan- 3071.9993 0.0252% -0.00970% 01-01- 5872.51 0.0349%
20 2020
02-Jan- 3072.7736 0.0212% -0.00505% 02-01- 5874.56 0.0262%
20 2020
03-Jan- 3073.4239 0.0477% -0.00251% 03-01- 5876.1 0.0502%
20 2020
06-Jan- 3074.8896 0.0244% 0.00489% 06-01- 5879.05 0.0196%
20 2020
120 | P a g e
07-Jan- 3075.6413 0.0274% 0.00430% 07-01- 5880.2 0.0231%
20 2020
08-Jan- 3076.4848 0.0237% -0.00013% 08-01- 5881.56 0.0238%
20 2020
09-Jan- 3077.2131 0.0087% 0.00033% 09-01- 5882.96 0.0083%
20 2020
10-Jan- 3077.4795 0.0507% 0.00651% 10-01- 5883.45 0.0442%
20 2020
13-Jan- 3079.0397 0.0009% -0.00483% 13-01- 5886.05 0.0058%
20 2020
14-Jan- 3079.0689 0.0133% -0.00284% 14-01- 5886.39 0.0161%
20 2020
15-Jan- 3079.4783 0.0179% 0.00164% 15-01- 5887.34 0.0163%
20 2020
16-Jan- 3080.031 0.0202% -0.00015% 16-01- 5888.3 0.0204%
20 2020
17-Jan- 3080.6542 0.0508% 0.00109% 17-01- 5889.5 0.0497%
20 2020
20-Jan- 3082.2205 0.0171% -0.00397% 20-01- 5892.43 0.0210%
20 2020
21-Jan- 3082.7469 0.0167% -0.00552% 21-01- 5893.67 0.0222%
20 2020
22-Jan- 3083.2618 0.0244% 0.00281% 22-01- 5894.98 0.0215%
20 2020
23-Jan- 3084.0126 0.0171% -0.00805% 23-01- 5896.25 0.0251%
20 2020
24-Jan- 3084.5385 0.0521% 0.00052% 24-01- 5897.73 0.0515%
20 2020
27-Jan- 3086.1444 0.0176% -0.00574% 27-01- 5900.77 0.0234%
20 2020
28-Jan- 3086.6889 0.0159% 0.00604% 28-01- 5902.15 0.0098%
20 2020
29-Jan- 3087.1786 0.0140% -0.00313% 29-01- 5902.73 0.0171%
20 2020
30-Jan- 3087.6101 0.0150% -0.00515% 30-01- 5903.74 0.0202%
20 2020
31-Jan- 3088.0733 0.0513% -0.01272% 31-01- 5904.93 0.0640%
20 2020
03-Feb- 3089.6572 0.0184% -0.00036% 03-02- 5908.71 0.0188%
20 2020
04-Feb- 3090.2264 0.0192% 0.00513% 04-02- 5909.82 0.0140%
20 2020
05-Feb- 3090.819 0.0368% -0.02086% 05-02- 5910.65 0.0577%
20 2020
06-Feb- 3091.9575 0.0304% -0.00798% 06-02- 5914.06 0.0384%
20 2020
07-Feb- 3092.8977 0.0576% 0.00556% 07-02- 5916.33 0.0521%
20 2020
121 | P a g e
10-Feb- 3094.6797 0.0241% -0.00431% 10-02- 5919.41 0.0284%
20 2020
11-Feb- 3095.4247 - -0.52826% 11-02- 5921.09 0.0171%
20 0.5112% 2020
12-Feb- 3079.6007 0.0224% -0.00415% 12-02- 5922.1 0.0265%
20 2020
13-Feb- 3080.2892 0.0132% -0.00269% 13-02- 5923.67 0.0159%
20 2020
14-Feb- 3080.6952 0.0462% -0.00549% 14-02- 5924.61 0.0516%
20 2020
17-Feb- 3082.1173 0.0130% -0.00419% 17-02- 5927.67 0.0172%
20 2020
18-Feb- 3082.5184 0.1237% 0.09837% 18-02- 5928.69 0.0253%
20 2020
20-Feb- 3086.3306 0.0607% -0.00084% 20-02- 5930.19 0.0615%
20 2020
24-Feb- 3088.2043 0.0159% 0.00088% 24-02- 5933.84 0.0150%
20 2020
25-Feb- 3088.6946 0.0248% 0.00590% 25-02- 5934.73 0.0189%
20 2020
26-Feb- 3089.4597 0.0037% 0.00255% 26-02- 5935.85 0.0012%
20 2020
27-Feb- 3089.5749 0.0096% 0.00738% 27-02- 5935.92 0.0022%
20 2020
28-Feb- 3089.8707 0.0495% -0.00067% 28-02- 5936.05 0.0502%
20 2020
02-Mar- 3091.4013 0.0155% -0.01074% 02-03- 5939.03 0.0263%
20 2020
03-Mar- 3091.8814 0.0800% 0.00271% 03-03- 5940.59 0.0773%
20 2020
04-Mar- 3094.3541 0.0130% -0.00184% 04-03- 5945.18 0.0148%
20 2020
05-Mar- 3094.7552 0.0191% 0.01202% 05-03- 5946.06 0.0071%
20 2020
06-Mar- 3095.3457 0.0565% 0.02476% 06-03- 5946.48 0.0318%
20 2020
09-Mar- 3097.096 0.0213% 0.00210% 09-03- 5948.37 0.0192%
20 2020
11-Mar- 3097.7547 - 0.01046% 11-03- 5949.51 -
20 0.0422% 2020 0.0526%
12-Mar- 3096.4489 - 0.00263% 12-03- 5946.38 -
20 0.0384% 2020 0.0410%
13-Mar- 3095.2598 0.0360% 0.00456% 13-03- 5943.94 0.0315%
20 2020
16-Mar- 3096.3747 - 0.01594% 16-03- 5945.81 -
20 0.0234% 2020 0.0394%
17-Mar- 3095.6497 - 0.00638% 17-03- 5943.47 -
20 0.0786% 2020 0.0850%
122 | P a g e
18-Mar- 3093.217 - -0.08527% 18-03- 5938.42 -
20 0.3070% 2020 0.2218%
19-Mar- 3083.7194 0.0167% -0.06484% 19-03- 5925.25 0.0815%
20 2020
20-Mar- 3084.2337 - 0.01862% 20-03- 5930.08 -
20 0.1139% 2020 0.1325%
23-Mar- 3080.7199 - -0.00283% 23-03- 5922.22 -
20 0.1188% 2020 0.1160%
24-Mar- 3077.0589 0.1412% 0.02832% 24-03- 5915.35 0.1129%
20 2020
26-Mar- 3081.4052 0.6383% -0.04172% 26-03- 5922.03 0.6800%
20 2020
27-Mar- 3101.0732 0.0793% 0.02918% 27-03- 5962.3 0.0501%
20 2020
30-Mar- 3103.5331 0.0287% -0.03753% 30-03- 5965.29 0.0662%
20 2020
31-Mar- 3104.4234 0.0778% 0.01611% 31-03- 5969.24 0.0616%
20 2020
03-Apr- 3106.8374 0.0897% 0.08312% 03-04- 5972.92 0.0065%
20 2020
07-Apr- 3109.6227 - -0.00045% 07-04- 5973.31 -
20 0.0140% 2020 0.0136%
08-Apr- 3109.1869 - -0.01525% 08-04- 5972.5 -
20 0.0159% 2020 0.0007%
09-Apr- 3108.6918 0.0390% -0.00105% 09-04- 5972.46 0.0400%
20 2020
13-Apr- 3109.9031 0.0104% -0.02697% 13-04- 5974.85 0.0373%
20 2020
15-Apr- 3110.2251 0.0471% -0.00445% 15-04- 5977.08 0.0515%
20 2020
16-Apr- 3111.6894 0.1058% -0.02496% 16-04- 5980.16 0.1308%
20 2020
17-Apr- 3114.9818 0.0974% -0.03089% 17-04- 5987.98 0.1283%
20 2020
20-Apr- 3118.0149 0.0634% 0.03040% 20-04- 5995.66 0.0330%
20 2020
21-Apr- 3119.9926 0.0615% 0.00344% 21-04- 5997.64 0.0580%
20 2020
22-Apr- 3121.9101 0.0771% 0.03193% 22-04- 6001.12 0.0452%
20 2020
23-Apr- 3124.3167 - 0.04887% 23-04- 6003.83 -
20 0.0081% 2020 0.0570%
24-Apr- 3124.0637 - -0.02850% 24-04- 6000.41 0.0007%
20 0.0278% 2020
27-Apr- 3123.1942 - -0.03811% 27-04- 6000.45 -
20 0.0731% 2020 0.0350%
28-Apr- 3120.911 0.0164% 0.01621% 28-04- 5998.35 0.0002%
20 2020
123 | P a g e
29-Apr- 3121.422 0.0228% 0.00347% 29-04- 5998.36 0.0193%
20 2020
30-Apr- 3122.1341 0.0725% -0.00736% 30-04- 5999.52 0.0798%
20 2020
04- 3124.397 0.0141% -0.03291% 04-05- 6004.31 0.0470%
May-20 2020
05- 3124.8362 - -0.06065% 05-05- 6007.13 0.0444%
May-20 0.0162% 2020
06- 3124.33 0.0567% -0.00990% 06-05- 6009.8 0.0666%
May-20 2020
08- 3126.1003 08-05- 6013.8
May-20 2020
Avg % 0.0104% Average % 0.0300%
return return
124 | P a g e
Plagiarism Report
125 | P a g e

The Perfomance of Mutual Fund

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The Perfomance of Mutual Fund

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A STUDY OF

THE PERFOMANCE OF MUTUAL FUND

Summer Internship Report

Report submitted in partial fulfillment of the requirements

Date: 30th July 2020 Place: Mumbai

Internal Faculty guide

Mrs. Chetana Asbe

Chapter Title Page No.

Mutual Fund is an investment avenue that provides investors an opportunity to earn

2.1 About Literature review

A literature review is a comprehensive summary of previous research on a topic. The

2.2 National Reviews

2.3 Research Gap

2.4 Need of the Study

i) To study various forms of mutual funds.

2.6 Mutual Funds

2.7 Returns from Mutual Funds

The return on any investment is a performance measure used to evaluate or compare

Mutual funds generate returns in three ways for the investors:

2.8 Mutual fund Schemes

ii) Fixed-income funds

Fixed-income category is another very popular type of mutual fund investments.

iv) Balanced Funds

These funds are also of two types:

v) Money Market Funds

vi) Income Funds

vii) Global/ International Funds

It is difficult to comment on its safeness/riskiness as they are exposed to higher

viii) Exchange Traded Funds

i) Debt funds attract investors as it generates regular income.

2.10 Risks associated with debt funds

ii) Interest rate Risk

2.11 Ultra-Short Term Debt Funds

2.12 Features of Ultra-Short Term Funds

3.1 Scope of the study

a) Aditya Birla Sun Life Savings Fund

b) ICICI Prudential Ultra Short Term Fund

c) Invesco India Ultra Short Term Fund

d) Kotak Savings Fund

e) SBI Magnum Ultra Short Duration Fund

f) UTI Ultra Short Term Fund

3.2 Justification of the selection of sample

Secondary data has been used for the study.

3.4 Data Sources

Table 2.0 Benchmark of the selected funds

Fund managers: Mr. Kaustubh Gupta and Ms. Sunaina Da Cunha

c) Asset allocation and investment pattern:

3.5.2 ICICI Prudential Ultra Short Term Fund

Fund Managers: Manish Banthia and Ritesh Lunawat

3.5.3 Invesco India Ultra Short Term Fund

3.5.4 Kotak Savings Fund

Table 5.0 Load Structure of Kotak Savings Fund

3.5.5 SBI Magnum Ultra Short Duration Fund

Fund Manager: Mr. Rajeev Radhakrishnan

a) An open-ended ultra-short-term Debt Scheme investing in instruments such that

d) Asset allocation and investment pattern:

3.5.6 UTI Ultra Short Term Fund

Fund Manager: Sudhir Agrawal and Ritesh Nambiar

Table 7.0 Load Structure of UTI Ultra Short Term Fund

i) Return = [(P1-P0)/P0] * 100

iii) Beta (β) = covariance (rp. rb)/variance (rb)

= Covariance of Fund and Index Returns/ Variance of Index Returns