Analysis of Uti Mutual Fund With Reliance Mutual Fund

CHAPTER:- 1
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1.1 INTRODUCTION
There are a lot of investment avenues available today in the financial

market for an investor with an investable surplus. He can invest in Bank
Deposits, Corporate Debentures, and Bonds where there is low risk but low
return. He may invest in Stock of companies where the risk is high and the
returns are also proportionately high. The recent trends in the Stock Market
have shown that an average retail investor always lost with periodic bearish
tends. People began opting for portfolio managers with expertise in stock
markets who would invest on their behalf. Thus we had wealth management
services provided by many institutions. However they proved too costly for a
small investor. These investors have found a good shelter with the mutual funds.
1.2 CONCEPT OF MUTUAL FUND:

A mutual fund is a common pool of money into which investors place their
contributions that are to be invested in accordance with a stated objective. The
ownership of the fund is thus joint or “mutual”; the fund belongs to all
investors. A single investor’s ownership of the fund is in the same proportion as
the amount of the contribution made by him or her bears to the total amount of
the fund.
Mutual Funds are trusts, which accept savings from investors and invest
the same in diversified financial instruments in terms of objectives set out in the
trusts deed with the view to reduce the risk and maximize the income and
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capital appreciation for distribution for the members. A Mutual Fund is a
corporation and the fund manager’s interest is to professionally manage the
funds provided by the investors and provide a return on them after
deducting reasonable management fees.
The objective sought to be achieved by Mutual Fund is to provide an
opportunity for lower income groups to acquire without much difficulty
financial assets. They cater mainly to the needs of the individual investor whose
means are small and to manage investors portfolio in a manner that provides a
regular income, growth, safety, liquidity and diversification opportunities.
1.3 DEFINITION :
“Mutual funds are collective savings and investment vehicles where
savings of small (or sometimes big) investors are pooled together to invest for
their mutual benefit and returns distributed proportionately”.
“A mutual fund is an investment that pools your money with the money of
an unlimited number of other investors. In return, you and the other investors
each own shares of the fund. The fund's assets are invested according to an
investment objective into the fund's portfolio of investments. Aggressive growth
funds seek long-term capital growth by investing primarily in stocks of fast-
growing smaller companies or market segments. Aggressive growth funds are
also called capital appreciation funds”.
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1.4 HISTORY OF MUTUAL FUNDS IN INDIA:
The mutual fund industry in India started in 1963 with the formation of
Unit Trust of India, at the initiative of the Government of India and Reserve
Bank. The history of mutual funds in India can be broadly divided into four
distinct phases
FIRST PHASE – 1964-87:

Unit Trust of India (UTI) was established on 1963 by an Act of Parliament.
It was set up by the Reserve Bank of India and functioned under the Regulatory
and administrative control of the Reserve Bank of India. In 1978 UTI was de-
linked from the RBI and the Industrial Development Bank of India (IDBI) took
over the regulatory and administrative control in place of RBI. The first scheme
launched by UTI was Unit Scheme 1964. At the end of 1988 UTI had Rs.6,700
crores of assets under management.
SECOND PHASE – 1987-1993 (ENTRY OF PUBLIC SECTOR

FUNDS):
1987 marked the entry of non- UTI, public sector mutual funds set up by
public sector banks and Life Insurance Corporation of India (LIC) and General
Insurance Corporation of India (GIC). SBI Mutual Fund was the first non- UTI
Mutual Fund established in June 1987 followed by Canbank Mutual Fund (Dec
87), Punjab National Bank Mutual Fund (Aug 89), Indian Bank Mutual Fund
(Nov 89), Bank of India (Jun 90), Bank of Baroda Mutual Fund (Oct 92). LIC
established its mutual fund in June 1989 while GIC had set up its mutual fund in
December 1990. At the end of 1993, the mutual fund industry had assets under
management of Rs.47,004 crores.
THIRD PHASE – 1993-2003 (ENTRY OF PRIVATE SECTOR

FUNDS):
With the entry of private sector funds in 1993, a new era started in the
Indian mutual fund industry, giving the Indian investors a wider choice of fund
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families. Also, 1993 was the year in which the first Mutual Fund Regulations
came into being, under which all mutual funds, except UTI were to be registered
and governed. The erstwhile Kothari Pioneer (now merged with Franklin
Templeton) was the first private sector mutual fund registered in July 1993. The
1993 SEBI (Mutual Fund) Regulations were substituted by a more
comprehensive and revised Mutual Fund Regulations in 1996. The industry now
functions under the SEBI (Mutual Fund) Regulations 1996. The number of
mutual fund houses went on increasing, with many foreign mutual funds setting
up funds in India and also the industry has witnessed several mergers and
acquisitions. As at the end of January 2003, there were 33 mutual funds with
total assets of Rs. 1,21,805 crores. The Unit Trust of India with Rs.44,541
crores of assets under management was way ahead of other mutual funds.
FOURTH PHASE – SINCE FEBRUARY 2003:

In February 2003, following the repeal of the Unit Trust of India Act 1963
UTI was bifurcated into two separate entities. One is the Specified Undertaking
of the Unit Trust of India with assets under management of Rs.29,835 crores as
at the end of January 2003, representing broadly, the assets of US 64 scheme,
assured return and certain other schemes. The Specified Undertaking of Unit
Trust of India, functioning under an administrator and under the rules framed by
Government of India and does not come under the purview of the Mutual Fund
Regulations. The second is the UTI Mutual Fund Ltd, sponsored by SBI, PNB,
BOB and LIC. It is registered with SEBI and functions under the Mutual Fund
Regulations. With the bifurcation of the erstwhile UTI which had in March
2000 more than Rs.76,000 crores of assets under management and with the
setting up of a UTI Mutual Fund, conforming to the SEBI Mutual Fund
Regulations, and with recent mergers taking place among different private
sector funds, the mutual fund industry has entered its current phase of
consolidation and growth. As at the end of September, 2004, there were 29
funds, which manage assets of Rs.153108 crores under 421 schemes.
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1.5 ADVANTAGES OF MUTUAL FUNDS:
If mutual funds are emerging as the favorite investment vehicle, it is
because of the many advantages they have over other forms and the avenues of
investing, particularly for the investor who has limited resources available in
terms of capital and the ability to carry out detailed research and market
monitoring. The following are the major advantages offered by mutual funds to
all investors:
1. Portfolio Diversification:
Each investor in the fund is a part owner of all the fund’s assets, thus
enabling him to hold a diversified investment portfolio even with a small
amount of investment that would otherwise require big capital.
2. Professional Management:
Even if an investor has a big amount of capital available to him, he benefits
from the professional management skills brought in by the fund in the
management of the investor’s portfolio. The investment management skills,
along with the needed research into available investment options, ensure a much
better return than what an investor can manages on his own. Few investors have
the skill and resources of their own to succeed in today’s fast moving, global
and sophisticated markets.
3. Reduction/Diversification of Risk:
When an investor invests directly, all the risk of potential loss is his own,
whether he places a deposit with a company or a bank, or he buys a share or
debenture on his own or in any other from. While investing in the pool of funds
with investors, the potential losses are also shared with other investors. The risk
reduction is one of the most important benefits of a collective investment
vehicle like the mutual fund.
4. Reduction of Transaction Costs:

What is true of risk as also true of the transaction costs. The investor bears
all the costs of investing such as brokerage or custody of securities. When going
through a fund, he has the benefit of economies of scale; the funds pay lesser
costs because of larger volumes, a benefit passed on to its investors.
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5. Liquidity:
Often, investors hold shares or bonds they cannot directly, easily and
quickly sell. When they invest in the units of a fund, they can generally cash
their investments any time, by selling their units to the fund if open-ended, or
selling them in the market if the fund is close-end. Liquidity of investment is
clearly a big benefit.
6. Convenience and Flexibility:
Mutual fund management companies offer many investor services that a
direct market investor cannot get. Investors can easily transfer their holding
from one scheme to the other; get updated market information and so on.
7. Tax Benefits:
Any income distributed after March 31, 2002 will be subject to tax in the
assessment of all Unit holders. However, as a measure of concession to Unit
holders of open-ended equity oriented funds, income distributions for the year
ending March 31, 2003, will be taxed at a concessional rate of 10.5%. In case of
Individuals and Hindu Undivided Families a deduction upto Rs. 9,000 from the
Total Income will be admissible in respect of income from investments
specified in Section 80L, including income from Units of the Mutual Fund.
Units of the schemes are not subject to Wealth-Tax and Gift-Tax.
8. Choice of Schemes:
Mutual Funds offer a family of schemes to suit your varying needs over a
lifetime.
9. Well Regulated:
All Mutual Funds are registered with SEBI and they function within the
provisions of strict regulations designed to protect the interests of investors. The
operations of Mutual Funds are regularly monitored by SEBI.
10. Transparency:
You get regular information on the value of your investment in addition to
disclosure on the specific investments made by your scheme, the proportion
invested in each class of assets and the fund manager's investment strategy and
outlook.
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1.6 DISADVANTAGES OF INVESTING THROUGH MUTUAL
FUNDS:
1. No Control Over Costs:
An investor in a mutual fund has no control of the overall costs of
investing. The investor pays investment management fees as long as he remains
with the fund, albeit in return for the professional management and research.
Fees are payable even if the value of his investments is declining. A mutual
fund investor also pays fund distribution costs, which he would not incur in
direct investing. However, this shortcoming only means that there is a cost to
obtain the mutual fund services.
2. No Tailor-Made Portfolio:
Investors who invest on their own can build their own portfolios of shares
and bonds and other securities. Investing through fund means he delegates this
decision to the fund managers. The very-high-net-worth individuals or large
corporate investors may find this to be a constraint in achieving their objectives.
However, most mutual fund managers help investors overcome this constraint
by offering families of funds- a large number of different schemes- within their
own management company. An investor can choose from different investment
plans and constructs a portfolio to his choice.
3. Managing A Portfolio Of Funds:
Availability of a large number of funds can actually mean too much choice
for the investor. He may again need advice on how to select a fund to achieve
his objectives, quite similar to the situation when he has individual shares or
bonds to select.
4. The Wisdom of Professional Management:
That's right, this is not an advantage. The average mutual fund manager is
no better at picking stocks than the average nonprofessional, but charges fees.
5. No Control:
Unlike picking your own individual stocks, a mutual fund puts you in the
passenger seat of somebody else's car
6. Dilution:
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Mutual funds generally have such small holdings of so many
different stocks that insanely great performance by a fund's top holdings still
doesn't make much of a difference in a mutual fund's total performance.
7. Buried Costs:
Many mutual funds specialize in burying their costs and in hiring salesmen
who do not make those costs clear to their clients.
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1.7 TYPES OF MUTUAL FUNDS SCHEMES IN INDIA
Wide variety of Mutual Fund Schemes exists to cater to the needs such as
financial position, risk tolerance and return expectations etc. thus mutual funds
has Variety of flavors, Being a collection of many stocks, an investors can go
for picking a mutual fund might be easy. There are over hundreds of mutual
funds scheme to choose from. It is easier to think of mutual funds in categories,
mentioned below.
A). BY STRUCTURE
1. Open - Ended Schemes:
An open-end fund is one that is available for subscription all through the
year. These do not have a fixed maturity. Investors can conveniently buy and
sell units at Net Asset Value ("NAV") related prices. The key feature of open-
end schemes is liquidity.
2. Close - Ended Schemes:
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A closed-end fund has a stipulated maturity period which generally ranging
from 3 to 15 years. The fund is open for subscription only during a specified
period. Investors can invest in the scheme at the time of the initial public issue
and thereafter they can buy or sell the units of the scheme on the stock
exchanges where they are listed. In order to provide an exit route to the
investors, some close-ended funds give an option of selling back the units to the
Mutual Fund through periodic repurchase at NAV related prices. SEBI
Regulations stipulate that at least one of the two exit routes is provided to the
investor.
3. Interval Schemes:
Interval Schemes are that scheme, which combines the features of open-
ended and close ended schemes. The units may be traded on the stock exchange
or may be open for sale or redemption during pre-determined intervals at NAV
related prices.
B). BY NATURE
1. Equity Fund:
These funds invest a maximum part of their corpus into equities holdings.
The structure of the fund may vary different for different schemes and the fund
manager’s outlook on different stocks. The Equity Funds are sub-classified
depending upon their investment objective, as follows:
• Diversified Equity Funds
• Mid-Cap Funds
• Sector Specific Funds
• Tax Savings Funds (ELSS)
Equity investments are meant for a longer time horizon, thus Equity funds rank
high on the risk-return matrix.
2. Debt Funds:
The objective of these Funds is to invest in debt papers. Government
authorities, private companies, banks and financial institutions are some of the
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major issuers of debt papers. By investing in debt instruments, these funds
ensure low risk and provide stable income to the investors. Debt funds are
further classified as:
• Gilt Funds:
Invest their corpus in securities issued by Government, popularly known as
Government of India debt papers. These Funds carry zero Default risk but are
associated with Interest Rate risk. These schemes are safer as they invest in
papers backed by Government.
• Income Funds:
Invest a major portion into various debt instruments such as bonds,
corporate debentures and Government securities.
• MIPs:
Invests maximum of their total corpus in debt instruments while they
take minimum exposure in equities. It gets benefit of both equity and debt
market. These scheme ranks slightly high on the risk-return matrix when
compared with other debt schemes.
• Short Term Plans (STPs):
Meant for investment horizon for three to six months. These funds
primarily invest in short term papers like Certificate of Deposits (CDs)
and Commercial Papers (CPs). Some portion of the corpus is also invested in
corporate debentures.
• Liquid Funds:
Also known as Money Market Schemes, These funds provides easy
liquidity and preservation of capital. These schemes invest in short-term
instruments like Treasury Bills, inter-bank call money market, CPs and CDs.
These funds are meant for short-term cash management of corporate houses
and are meant for an investment horizon of 1day to 3 months. These schemes
rank low on risk-return matrix and are considered to be the safest amongst all
categories of mutual funds.
3. Balanced Funds:
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As the name suggest they, are a mix of both equity and debt funds. They
invest in both equities and fixed income securities, which are in line with pre-
defined investment objective of the scheme. These schemes aim to provide
investors with the best of both the worlds. Equity part provides growth and the
debt part provides stability in returns. Further the mutual funds can be broadly
classified on the basis of investment parameter viz, Each category of funds is
backed by an investment philosophy, which is pre-defined in the objectives of
the fund. The investor can align his own investment needs with the funds
objective and invest accordingly.
C). BY INVESTMENT OBJECTIVE:

Growth Schemes:
Growth Schemes are also known as equity schemes. The aim of these
schemes is to provide capital appreciation over medium to long term. These
schemes normally invest a major part of their fund in equities and are willing to
bear short-term decline in value for possible future appreciation.
Income Schemes:
Income Schemes are also known as debt schemes. The aim of these
schemes is to provide regular and steady income to investors. These schemes
generally invest in fixed income securities such as bonds and corporate
debentures. Capital appreciation in such schemes may be limited.
Balanced Schemes:
Balanced Schemes aim to provide both growth and income by periodically
distributing a part of the income and capital gains they earn. These schemes
invest in both shares and fixed income securities, in the proportion indicated in
their offer documents (normally 50:50).
Money Market Schemes:
Money Market Schemes aim to provide easy liquidity, preservation
of capital and moderate income. These schemes generally invest in safer,
short-term instruments, such as treasury bills, certificates of deposit,
commercial paper and inter-bank call money.
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Load Funds:
A Load Fund is one that charges a commission for entry or exit. That is,
each time you buy or sell units in the fund, a commission will be payable.
Typically entry and exit loads range from 1% to 2%. It could be worth paying
the load, if the fund has a good performance history.
No-Load Funds:
A No-Load Fund is one that does not charge a commission for entry or
exit. That is, no commission is payable on purchase or sale of units in the fund.
The advantage of a no load fund is that the entire corpus is put to work.
OTHER SCHEMES
Tax Saving Schemes:
Tax-saving schemes offer tax rebates to the investors under tax laws
prescribed from time to time. Under Sec.88 of the Income Tax Act,
contributions made to any Equity Linked Savings Scheme (ELSS) are eligible
for rebate.
Index Schemes:
Index schemes attempt to replicate the performance of a particular index
such as the BSE Sensex or the NSE 50. The portfolio of these schemes will
consist of only those stocks that constitute the index. The percentage of each
stock to the total holding will be identical to the stocks index weightage. And
hence, the returns from such schemes would be more or less equivalent to those
of the Index.
Sector Specific Schemes:
These are the funds/schemes which invest in the securities of only those
sectors or industries as specified in the offer documents. e.g. Pharmaceuticals,
Software, Fast Moving Consumer Goods (FMCG), Petroleum stocks, etc. The
returns in these funds are dependent on the performance of the respective
sectors/industries. While these funds may give higher returns, they are more
risky compared to diversified funds. Investors need to keep a watch on the
performance of those sectors/industries and must exit at an appropriate time.
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1.8 NET ASSET VALUE (NAV):
Since each owner is a part owner of a mutual fund, it is necessary to
establish the value of his part. In other words, each share or unit that an investor
holds needs to be assigned a value. Since the units held by investor evidence the
ownership of the fund’s assets, the value of the total assets of the fund when
divided by the total number of units issued by the mutual fund gives us the
value of one unit. This is generally called the Net Asset Value (NAV)of one
unit or one share. The value of an investor’s part ownership is thus determined
by the NAV of the number of units held.
Calculation of NAV:
Let us see an example. If the value of a fund’s assets stands at Rs. 100 and
it has 10 investors who have bought 10 units each, the total numbers of units
issued are 100, and the value of one unit is Rs. 10.00 (1000/100). If a single
investor in fact owns 3 units, the value of his ownership of the fund will be Rs.
30.00(1000/100*3). Note that the value of the fund’s investments will keep
fluctuating with the market-price movements, causing the Net Asset Value also
to fluctuate. For example, if the value of our fund’s asset increased from Rs.
1000 to 1200, the value of our investors holding of 3 units will now be
(1200/100*3) Rs. 36. The investment value can go up or down, depending on
the markets value of the fund’s assets.
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1.9 MUTUAL FUND FEES AND EXPENSES
Mutual fund fees and expenses are charges that may be incurred by
investors who hold mutual funds. Running a mutual fund involves costs,
including shareholder transaction costs, investment advisory fees, and
marketing and distribution expenses. Funds pass along these costs to investors
in a number of ways.
1. TRANSACTION FEES
i) Purchase Fee:
It is a type of fee that some funds charge their shareholders when they buy
shares. Unlike a front-end sales load, a purchase fee is paid to the fund (not to a
broker) and is typically imposed to defray some of the fund's costs associated
with the purchase.
ii) Redemption Fee:
It is another type of fee that some funds charge their shareholders when
they sell or redeem shares. Unlike a deferred sales load, a redemption fee is paid
to the fund (not to a broker) and is typically used to defray fund costs associated
with a shareholder's redemption.
iii) Exchange Fee:

Exchange fee that some funds impose on shareholders if they exchange
(transfer) to another fund within the same fund grouper "family of funds."
2. PERIODIC FEES
i) Management Fee:
Management fees are fees that are paid out of fund assets to the fund's
investment adviser for investment portfolio management, any other
management fees payable to the fund's investment adviser or its affiliates,
and administrative fees payable to the investment adviser that are not
included in the "Other Expenses" category. They are also called maintenance
fees.
ii) Account Fee:
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Account fees are fees that some funds separately impose on investors
in connection with the maintenance of their accounts. For example, some funds
impose an account maintenance fee on accounts whose value is less than a
certain dollar amount.
3. OTHER OPERATING EXPENSES
Transaction Costs:
These costs are incurred in the trading of the fund's assets. Funds with a
high turnover ratio or investing in illiquid or exotic markets usually face higher
transaction costs. Unlike the Total Expense Ratio these costs are usually not
reported.
LOADS
Definition of a load
Load funds exhibit a "Sales Load" with a percentage charge levied on
purchase or sale of shares. A load is a type of Commission (remuneration).
Depending on the type of load a mutual fund exhibits, charges may be incurred
at time of purchase, time of sale, or a mix of both. The different types of loads
are outlined below.
Front-end load:
Also known as Sales Charge, this is a fee paid when shares are purchased.
Also known as a "front-end load," this fee typically goes to the brokers that sell
the fund's shares. Front-end loads reduce the amount of your investment. For
example, let's say you have Rs.10,000 and want to invest it in a mutual fund
with a 5% front-end load. The Rs.500 sales load you must pay comes off the
top, and the remaining Rs.9500 will be invested in the fund. According to
NASD rules, a front-end load cannot be higher than 8.5% of your investment.
Back-end load:
Also known as Deferred Sales Charge, this is a fee paid when shares are
sold. Also known as a "back-end load," this fee typically goes to the brokers
that sell the fund's shares. The amount of this type of load will depend on how
long the investor holds his or her shares and typically decreases to zero if the
investor holds his or her shares long enough.
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Level load / Low load:
It's similar to a back-end load in that no sales charges are paid when buying
the fund. Instead a back-end load may be charged if the shares purchased are
sold within a given time frame. The distinction between level loads and low
loads as opposed to back-end loads, is that this time frame where charges are
levied is shorter.
No-load Fund:
As the name implies, this means that the fund does not charge any type of
sales load. But, as outlined above, not every type of shareholder fee is a "sales
load." A no-load fund may charge fees that are not sales loads, such as purchase
fees, redemption fees, exchange fees, and account fees.
1.10 SELECTION PARAMETERS FOR MUTUAL FUND

Your objective:
The first point to note before investing in a fund is to find out whether your
objective matches with the scheme. It is necessary, as any conflict would
directly affect your prospective returns. Similarly, you should pick schemes that
meet your specific needs. Examples: pension plans, children’s plans, sector-
specific schemes, etc.
Your risk capacity and capability:
This dictates the choice of schemes. Those with no risk tolerance should go
for debt schemes, as they are relatively safer. Aggressive investors can go for
equity investments. Investors that are even more aggressive can try schemes that
invest in specific industry or sectors.
Fund Manager’s and scheme track record:
Since you are giving your hard earned money to someone to manage it, it
is imperative that he manages it well. It is also essential that the fund house you
choose has excellent track record. It also should be professional and maintain
high transparency in operations. Look at the performance of the scheme against
relevant market benchmarks and its competitors. Look at the performance of a
longer period, as it will give you how the scheme fared in different market
conditions.
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Cost factor:
Though the AMC fee is regulated, you should look at the expense ratio of
the fund before investing. This is because the money is deducted from your
investments. A higher entry load or exit load also will eat into your returns. A
higher expense ratio can be justified only by superlative returns. It is very
crucial in a debt fund, as it will devour a few percentages from your modest
returns.
Also, Morningstar rates mutual funds. Each year end, many financial
publications list the year’s best performing mutual funds. Naturally, very eager
investors will rush out to purchase shares of last year's top performers. That's a
big mistake. Remember, changing market conditions make it rare that last year's
top performer repeats that ranking for the current year. Mutual fund investors
would be well advised to consider the fund prospectus, the fund manager, and
the current market conditions. Never rely on last year's top performers.
Types of Returns on Mutual Fund:
There are three ways, where the total returns provided by mutual funds can
be enjoyed by Investors:
• Income is earned from dividends on stocks and interest on bonds. A fund pays
out nearly all income it receives over the year to fund owners in the form of a
distribution.
• If the fund sells securities that have increased in price, the fund has a capital
gain. Most funds also pass on these gains to investors in a distribution. If fund
holdings increase in price but are not sold by the fund manager, the fund's
shares increase in price. You can then sell your mutual fund shares for a profit.
Funds will also usually give you a choice either to receive a check for
distributions or to reinvest the earnings and get more shares.
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1.11 RISK FACTORS OF MUTUAL FUNDS:
1. The Risk-Return Trade-Off:
The most important relationship to understand is the risk-return trade-off.
Higher the risk greater the returns / loss and lower the risk lesser the
returns/loss. Hence it is up to you, the investor to decide how much risk you are
willing to take. In order to do this you must first be aware of the different types
of risks involved with your investment decision.
2. Market Risk:
Sometimes prices and yields of all securities rise and fall. Broad outside
influences affecting the market in general lead to this. This is true, may it be big
corporations or smaller mid-sized companies. This is known as Market Risk. A
Systematic Investment Plan (“SIP”) that works on the concept of Rupee Cost
Averaging (“RCA”) might help mitigate this risk.
3. Credit Risk:
The debt servicing ability (may it be interest payments or repayment of
principal) of a company through its cash flows determines the Credit Risk faced
by you. This credit risk is measured by independent rating agencies like CRISIL
who rate companies and their paper. A ‘AAA’ rating is considered the safest
whereas a ‘D’ rating is considered poor credit quality. A well-diversified
portfolio might help mitigate this risk.
4. Inflation Risk:
Things you hear people talk about:
"Rs. 100 today is worth more than Rs. 100 tomorrow."
"Remember the time when a bus ride costed 50 paise?"
"Mehangai Ka Jamana Hai."
The root cause, Inflation. Inflation is the loss of purchasing power over
time. A lot of timespeople make conservative investment decisions to protect
their capital but end up with a sum of money that can buy less than what the
principal could at the time of the investment. This happens when inflation
grows faster than the return on your investment. A well-diversified portfolio
with some investment in equities might help mitigate this risk.
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5. Interest Rate Risk:
In a free market economy interest rates are difficult if not impossible to
predict. Changes in interest rates affect the prices of bonds as well as equities. If
interest rates rise the prices of bonds fall and vice versa. Equity might be
negatively affected as well in a rising interest rate environment. A well-
diversified portfolio might help mitigate this risk.
6. Political / Government Policy Risk:
Changes in government policy and political decision can change the
investment environment. They can create a favorable environment for
investment or vice versa.
7. Liquidity Risk:
Liquidity risk arises when it becomes difficult to sell the securities
that one has purchased. Liquidity Risk can be partly mitigated by
diversification, staggering of maturities as well as internal risk controls that lean
towards purchase of liquid securities.
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1.12 MUTUAL FUND COMPANIES IN INDIA:
The concept of mutual funds in India dates back to the year 1963. The era
between 1963 and 1987 marked the existence of only one mutual fund
Company in India with Rs.67bn assets under management (AUM), by the end
of its monopoly era, the Unit Trust of India (UTI). By the end of the 80s decade,
few other mutual fund companies in India took their position in mutual fund
market.
The new entries of mutual fund companies in India were SBI Mutual Fund,
Can bank Mutual Fund, Punjab National Bank Mutual Fund, Indian Bank
Mutual Fund, Bank of India Mutual Fund.
The succeeding decade showed a new horizon in Indian mutual fund
industry. By the end of 1993, the total AUM of the industry was Rs. 470.04 bn.
The private sector funds started penetrating the fund families. In the same year
the first Mutual Fund Regulations came into existence with re-registering all
mutual funds except UTI. The regulations were further given a revised shape in
1996.
Kothari Pioneer was the first private sector mutual fund company in India
which has now merged with Franklin Templeton. Just after ten years with
private sector player’s penetration, the total assets rose up to Rs. 1218.05 bn.
Today there are 33 mutual fund companies in India.
Major Mutual Fund Companies in India
• ABN AMRO Mutual Fund • Standard Chartered Mutual Fund
• Birla Sun Life Mutual Fund • Franklin Templeton India Mutual Fund
• Bank of Baroda Mutual Fund • Morgan Stanley Mutual Fund India
• HDFC Mutual Fund • Escorts Mutual Fund
• HSBC Mutual Fund • Alliance Capital Mutual Fund
• ING Vysya Mutual Fund • Benchmark Mutual Fund
• Prudential ICICI Mutual Fund • Canbank Mutual Fund
• State Bank of India Mutual Fund • Tata Mutual Fund
• Unit Trust of India Mutual Fund • Reliance Mutual Fund
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• Chola Mutual Fund • LIC Mutual Fund
• GIC Mutual Fund
For the first time in the history of Indian mutual fund industry, Unit Trust
of India Mutual Fund has slipped from the first slot. Earlier, in May 2006, the
Prudential ICICI Mutual Fund was ranked at the number one slot in terms of
total assets.
In the very next month, the UTIMF had regained its top position as the
largest fund house in India.
Now, according to the current pegging order and the data released by
Association of Mutual Funds in India (AMFI), the Reliance Mutual Fund, with
a January-end AUM of Rs. 39,020 crore has become the largest mutual fund in
India.
On the other hand, UTIMF, with an AUM of Rs. 37,535 crore, has gone to
second position. The Prudential ICICI MF has slipped to the third position with
an AUM of Rs. 34,746 crore.
It happened for the first time in last one year that a private sector mutual
fund house has reached to the top slot in terms of asset under management
(AUM). In the last one year to January, AUM of the Indian fund industry has
risen by 64% to Rs. 3.39 lakh crore.
According to the data released by Association of Mutual Funds in India
(AMFI), the combined average AUM of the 35 fund houses in the country
increased to Rs. 5,512.99 billion in April compared to Rs. 4,932.86 billion in
March.
Reliance MF maintained its top position as the largest fund house in the
country with Rs. 74.25 billion jump in AUM to Rs. 883.87 billion at April-end.
The second-largest fund house HDFC MF gained Rs. 59.24 billion in its
AUM at Rs. 638.80 billion. ICICI Prudential and state-run UTI MF added Rs.
46.16 billion and Rs. 57.35 billion re respectively to their assets last month.
ICICI Prudential`s AUM stood at Rs. 560.49 billion at the end of April, while
UTI MF had assets worth Rs. 544.89 billion.
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CHAPTER:- 2
Page | 24
RESEARCH METHODOLOGY
2.1 TITLE OF THE PROJECT

A comparative analysis of Reliance mutual fund with UTI mutual fund.
2.2 EXECUTIVE SUMMARY

A mutual fund is a scheme in which several people invest their money for a
common financial cause. The collected money invests in the capital market and
the money, which they earned, is divided based on the number of units, which
they hold.
The mutual fund industry started in India in a small way with the UTI Act
creating what was effectively a small savings division within the RBI. Over a
period of 25 years this grew fairly successfully and gave investors a good
return, and therefore in 1989, as the next logical step, public sector banks and
financial institutions were allowed to float mutual funds and their success
emboldened the government to allow the private sector to foray into this area.
The advantages of mutual fund are professional management, diversification,
and economies of scale, simplicity, and liquidity.
The disadvantages of mutual fund are high costs, over-diversification,
possible tax Consequences and the inability of management to guarantee a
superior return. The biggest problems with mutual funds are their costs and fees
it include Purchase fee, Redemption fee, Exchange fee, Management fee,
Account fee & Transaction Costs. There are some loads which add to the cost of
mutual fund. Load is a type of commission depending on the type of funds.
Mutual funds are easy to buy and sell. You can either buy them directly from
the fund company or through a third party. Before investing in any funds one
should consider some factor like objective, risk, Fund Manager’s and scheme
track record, Cost factor etc.
There are many, many types of mutual funds. You can classify funds based
Structure (open-ended &close-ended), Nature (equity, debt, balanced),
Investment objective (growth, income, money market) etc.
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A code of conduct and registration structure for mutual fund intermediaries,
which were subsequently mandated by SEBI. In addition, this year AMFI was
involved in a number of developments and enhancements to the regulatory
framework.
The most important trend in the mutual fund industry is the aggressive
expansion of the foreign owned mutual fund companies and the decline of the
companies floated by nationalized banks and smaller private sector players.
Reliance Mutual Fund, UTI Mutual Fund, ICICI Prudential Mutual Fund,
HDFC Mutual Fund and Birla Sun Life Mutual Fund are the top five mutual
fund company in India.
Reliance mutual funding is considered to be most reliable mutual funds in
India. People want to invest in this institution because they know that this
institution will never dissatisfy them at any cost. You should always keep this
into your mind that if particular mutual funding scheme is on larger scale then
next time, you might not get the same results so being a careful investor you
should take your major step diligently otherwise you will be unable to obtain
the high returns.
2.3 OBJECTIVES OF THE STUDY

 To give a brief idea about the benefits available from Mutual Fund
investment.
 To discuss about the market trends of Mutual Fund investment.
 To study reliance mutual fund schemes and UTI mutual fund schemes.
 To give an idea about the regulations of mutual funds
 To study performance of UTI mutual fund and Reliance mutual fund
2.4 STATEMENT OF THE PROBLEM

To make a comparative study of different schemes of Reliance mutual fund and
UTI mutual fund. The main purpose of doing this project was to know
about mutual fund and its functioning.
2.5 RESEARCH METHODOLOGY

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The data which is collected for the study is mainly secondary data. Generally
the source of data collection is this case are:
 Journals
 Research reports.
 Books.
 Company website.
2.6 CHAPTER REVIEW

CHAPTER 1- INTRODUCTION
This chapter mainly contains the theoretical background of the study. This
chapter contains the comparative analysis about two mutual funds i.e. reliance
mutual fund and UTI mutual fund. It contains data like information about
mutual funds, background of the study, growth, history and another important
aspect.
CHAPTER 2- RESEARCH DESIGN
This chapter contains the title of the study, statement of the problems, objectives
of the study, scope of the study, limitations of the study, methodology of the
study, research instruments, definition of the term used and overview of the
chapter schemes of data collected about reliance mutual fund and UTI mutual
fund.
CHAPTER 3- COMPANY PROFILE
This chapter contains the information about reliance mutual fund and UTI
mutual fund.
CHAPTER 4- DATA ANALYSIS AND INTERPRETATION
This chapter contains the title of the table, data table, analysis of the table,
inference of the table.
CHAPTER 5- FINDINGS AND CONCLUSION
This chapter contains findings, suggestions and conclusions of the study. The
findings are summarized and presented in paragraph form and numbering from.
It also contains the conclusions to justify the objective of the study.
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CHAPTER 6- RECOMMENDATION
This chapter gives suggestions derived on the basis of finding of the study these
are extended for tentative implementation in operation in day to come.
CHAPTER 7-BIBLIOGRAPHY
https://en.wikipedia.org/wiki/Mutual_fund
http://www.allbankingsolutions.com/Banking-Tutor/Mutual-funds-in-India.htm
https://www.reliancemutual.com/funds-performance
http://www.utimf.com/FundPerformance/Pages/default.aspx
http://www.utimf.com/pages/default.aspx
https://en.wikipedia.org/wiki/Unit_Trust_of_India
Page | 28
CHAPTER:- 3
Page | 29
COMPANT PROFILE
RELIANCE MUTUAL FUND
3.1 INTRODUCTION
Reliance Mutual Fund (RMF) was established as trust under Indian
Trusts Act, 1882. The sponsor of RMF is Reliance Capital Limited and Reliance
Capital Trustee Co. Limited is the Trustee. It was registered on June 30, 1995 as
Reliance Capital Mutual Fund which was changed on March 11, 2004. Reliance
Mutual Fund was formed for launching of various schemes under which units
are issued to the Public with a view to contribute to the capital market and to
provide investors the opportunities to make investments in diversified securities.
RMF is one of India’s leading Mutual Funds, with Average Assets
under Management (AAUM) of Rs. 88,388 crs (AAUM for 30th Apr 09) and an
investor base of over 71.53 Lacs. Reliance Mutual Fund, a part of the Reliance -
Anil Dhirubhai Ambani Group, is one of the fastest growing mutual funds in the
country. RMF offers investors a well-rounded portfolio of products to meet
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varying investor requirements and has presence in 118 cities across the country.
Reliance Mutual Fund constantly endeavors to launch innovative products and
customer service initiatives to increase value to investors. "Reliance Mutual
Fund schemes are managed by Reliance Capital Asset Management Limited., a
subsidiary of Reliance Capital Limited, which holds 93.37% of the paid-up
capital of RCAM, the balance paid up capital being held by minority
shareholders."
Sponsor: Reliance Capital Limited.
Trustee: Reliance Capital Trustee Co. Limited.
Investment Manager: Reliance Capital Asset Management Limited.
The Sponsor, the Trustee and the Investment Manager are incorporated
under the Companies Act 1956.
VISION STATEMENT
“To be a globally respected wealth creator with an emphasis on customer care
and aculture of good corporate governance.”
MISSION STATEMENT
To create and nurture a world-class, high performance environment aimed at
delighting our customers.
The Main Objectives of the Trust:
• To carry on the activity of a Mutual Fund as may be permitted at law and
formulate and devise various collective Schemes of savings and investments for
people in India and abroad and also ensure liquidity of investments for the Unit
holders;
• To deploy Funds thus raised so as to help the Unit holders earn reasonable
returns on their savings and
• To take such steps as may be necessary from time to time to realise the effects
without any limitation
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3.2 SCHEMES
A). EQUITY/GROWTH SCHEMES:
The aim of growth funds is to provide capital appreciation over the
medium to long-term. Such schemes normally invest a major part of their
corpus in equities. Such funds have comparatively high risks. Growth schemes
are good for investors having a long-term outlook seeking appreciation over a
period of time.
1. Reliance Infrastructure Fund (Open-Ended Equity):
The primary investment objective of the scheme is to generate long
term capital appreciation by investing predominantly in equity and equity
related instruments of companies engaged in infrastructure (Airports,
Construction, Telecommunication, Transportation) and infrastructure related
sectors and which are incorporated or have their area of primary activity, in
India and the secondary objective is to generate consistent returns by investing
in debt and money market securities.
Investment Strategy:
The investment focus would be guided by the growth potential and other
economic factors of the country. The Fund aims to maximize long-term total
return by investing in equity and equity-related securities which have their area
of primary activity in India.
2. Reliance Quant Plus Fund/Reliance Index Fund (Open-Ended Equity):
The investment objective of the Scheme is to generate capital
appreciation through investment in equity and equity related instruments. The
Scheme will seek to generate capital appreciation by investing in an active
portfolio of stocks selected from S & P CNX Nifty on the basis of a
mathematical model
An investment fund that approach stock selection process based
on quantitative analysis.
3. Reliance Natural Resources Fund (Open-Ended Equity):

The primary investment objective of the scheme is to seek to
generate capital appreciation & provide long-term growth opportunities by
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investing in companies principally engaged in the discovery, development,
production, or distribution of natural resources and the secondary objective is to
generate consistent returns by investing in debt and money market securities.
Natural resources may include, for example, energy sources,
precious and othermetals, forest products, food and agriculture, and other basic
commodities.
4. Reliance Equity Linked Saving Fund (A 10 Year Close-Ended Equity ):
The primary objective of the scheme is to generate long-term capital
appreciation from a portfolio that is invested predominantly in equities along
with income tax benefit.
The scheme may invest in equity shares in foreign
companies and instruments convertible into equity shares of domestic or
foreign companies and in derivatives as may be permissible under the
guidelines issued by SEBI and RBI.
5. Reliance Equity Advantage Fund (Open-Ended DiversifiedEquity):
investing in a portfolio predominantly of equity & equity related instruments
with investments generally in S & P CNX Nifty stocks and the secondary
objective is to generate consistent returns by investing in debt and money
market securities.
6. Reliance Equity Fund (Open-Ended DiversifiedEquity) :
investing in a portfolio constituted of equity & equity related securities of top
100 companies by market capitalization & of companies which are available
in the derivatives segment from time to time and the secondary objective
is to generate consistent returns by investing in debt and money market
securities.
7. Reliance Tax Saver (ELSS) Fund (Open-Ended Equity):
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The primary objective of the scheme is to generate long-term capital
appreciation from a portfolio that is invested predominantly in equity and equity
related instruments.
Tax Benefits:
• Investment up to Rs 1 lakh by the eligible investor in this fund would enable
you to avail the benefits under Section 80C (2) of the Income-tax Act, 1961.
• Dividends received will be absolutely TAX FREE.
• The dividend distribution tax (payable by the AMC) for equity schemes is also
NIL
8. Reliance Growth Fund (Open-Ended Equity):
The primary investment objective of the Scheme is to achieve long term
growth of capital by investment in equity and equity related securities
through a research based investment approach.
9. Reliance Vision Fund (Open-Ended Equity) :
The primary investment objective of the Scheme is to achieve long term
growth of capital by investment in equity and equity related securities
through a research based investment approach.
10. Reliance Equity Opportunities Fund (Open-EndedDiversifiedEquity):
investing in a portfolio constituted of equity securities & equity related
securities and the secondary objective is to generate consistent returns by
investing in debt and money market securities.
11. Reliance NRI Equity Fund (Open-Ended DiversifiedEquity):
The Primary investment objective of the scheme is to generate optimal
returns by investing in equity or equity related instruments primarily drawn
from the Companies in the BSE 200 Index.
12. Reliance Long Term Equity Fund (Open-Ended DiversifiedEquity):
The primary investment objective of the scheme is to seek to generate
long term capital appreciation & provide long-term growth opportunities by
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investing in a portfolio constituted of equity & equity related securities and
Derivatives and the secondary objective is to generate consistent returns by
investing in debt and money market securities.
It is a 36-month close ended diversified equity fund with an automatic
conversion into an open ended scheme on expiry of 36-months from the date of
allotment. It aims to maximize returns by investing 70-100% in Equities
focusing in small and mid-cap companies.
13. Reliance Regular Savings Fund (Open-Ended Equity):
Reliance Regular Savings Fund provides you the choice of investing in
Debt, Equity or Hybrid options with a pertinent investment objective and
pattern for each option. Invest as little as Rs.100/-every month in the Reliance
Regular Savings Fund. For the first time in India, your mutual fund offers
instant cash withdrawal facility on your investment at any VISA-enabled ATM
near you. With a choice of three investment options, the fund is truly, the smart
new way to invest.
B). DEBT/INCOME SCHEMES:
The aim of income funds is to provide regular and steady income to
investors. Such schemes generally invest in fixed income securities such as
bonds, corporate debentures, Government securities and money market
instruments. Such funds are less risky compared to equity schemes. These
funds are not affected because of fluctuations in equity markets. However,
opportunities of capital appreciation are also limited in such funds. The NAVs
of such funds are affected because of change in interest rates in the country. If
the interest rates fall, NAVs of such funds are likely to increase in the short run
and vice versa. However, long term investors may not bother about these
fluctuations.
1. Reliance Monthly Income Plan :
(An Open Ended Fund, Monthly Income is not assured & is subject to the
availability of distributable surplus) The Primary investment objective of the
Scheme is to generate regular income in order to make regular dividend
payments to unit holders and the secondary objective is growth of capital.
2. Reliance Gilt Securities Fund - Short Term Gilt Plan & Long Term Gilt
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Plan:
(Open-ended Government Securities Scheme) The primary objective of the
Scheme is to generate optimal credit risk-free returns by investing in a portfolio
of securities issued and guaranteed by the central Government and State
Government.
3. Reliance Income Fund :
(An Open-ended Income Scheme) The primary objective of the scheme is
to generate optimal returns consistent with moderate levels of risk. This income
may be complemented by capital appreciation of the portfolio. Accordingly,
investments shall predominantly be made in Debt & Money market Instruments.
4. Reliance Medium Term Fund :
(An Open End Income Scheme with no assured returns) The primary
investment objective of the Scheme is to generate regular income in order to
make regular dividend payments to unit holders and the secondary objective is
growth of capital
5. Reliance Short Term Fund :
(An Open End Income Scheme) The primary investment objective of the
scheme is to generate stable returns for investors with a short investment
horizon by investing in Fixed Income Securities of short term maturity.
6. Reliance Liquid Fund :
(Open-ended Liquid Scheme) The primary investment objective of the
Scheme is to generate optimal returns consistent with moderate levels of
risk and high liquidity. Accordingly, investments shall predominantly be
made in Debt and Money Market Instruments.
7. Reliance Floating Rate Fund :
(An Open End Liquid Scheme) The primary objective of the scheme is to
generate regular income through investment in a portfolio comprising
substantially of Floating Rate Debt Securities (including floating rate securitised
debt and Money Market Instruments and Fixed Rate Debt Instruments swapped
for floating rate returns). The scheme shall also invest in fixed rate debt
Page | 36
Securities (including fixed rate securitised debt, Money Market Instruments and
Floating Rate Debt Instruments swapped for fixed returns.
8. Reliance NRI Income Fund :
(An Open-ended Income scheme) The primary investment objective of the
Scheme is to generate optimal returns consistent with moderate levels of risks.
This income may be complimented by capital appreciation of the portfolio.
Accordingly, investments shall predominantly be made in debt Instruments.
9. Reliance Liquidity Fund :
(An Open - ended Liquid Scheme) The investment objective of the Scheme
is to generate optimal returns consistent with moderate levels of risk and
high liquidity. Accordingly, investments shall predominantly be made in
Debt and Money Market Instruments.
10.Reliance Interval Fund :
(A Debt Oriented Interval Scheme) The primary investment objective of
the scheme is to seek to generate regular returns and growth of capital by
investing in a diversified portfolio.
11.Reliance Liquid Plus Fund:
(An Open-ended Income Scheme) The investment objective of the Scheme
is to generate optimal returns consistent with moderate levels of risk and
liquidity by investing in debt securities and money market securities.
12.Reliance Fixed Horizon Fund–I:
(A closed ended Scheme) The primary investment objective of the scheme
is to seek to generate regular returns and growth of capital by investing in a
diversified portfolio.
13. Reliance Fixed Horizon Fund –II:
(A closed ended Scheme.) The primary investment objective of the scheme
14. Reliance Fixed Horizon Fund –III:
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(A Close-ended Income Scheme.) The primary investment objective of the
scheme is to seek to generate regular returns and growth of capital by
15. Reliance Fixed Tenor Fund :
(A Close-ended Scheme) The primary investment objective of the Plan is
to seek to generate regular returns and growth of capital by investing in a
16. Reliance Fixed Horizon Fund -Plan C :
(A closed ended Scheme.) The primary investment objective of the scheme
17. Reliance Fixed Horizon Fund - IV:
18.Reliance Fixed Horizon Fund - V:
investing in a diversified portfolio of: Central and State Government securities
and Other fixed income/ debt securities normally maturing in line with the time
profile of the scheme with the objective of limiting interest rate volatility
19. Reliance Fixed Horizon Fund – VI :
(A Close-ended Income Scheme) The primary investment objective of the
investing in a diversified portfolio of: - Central and State Government
securities and Other fixed income/ debt securities normally maturing in line
with the time profile of the series with the objective of limiting interest rate
volatility
20. Reliance Fixed Horizon Fund – VII :
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investing in a diversified portfolio of: - Central and State Government
securities and Other fixed income/ debt securities normally maturing in line
with the time profile of theseries with the objective of limiting interest rate
volatility.
C). SECTOR SPECIFIC SCHEMES:
These are the funds/schemes which invest in the securities of
specified sectors or industries e.g. Pharmaceuticals, Software, FMCG,
Petroleum stocks, etc. The returns in these funds are dependent on the
performance of the respective sectors/industries. While these funds may give
higher returns, they are more risky compared to diversified funds.
1. Reliance Banking Fund:
Reliance Mutual Fund has an Open-Ended Banking Sector Scheme which
has the primary investment objective to generate continuous returns by actively
investing in equity / equity related or fixed income securities of banks.
2. Reliance Diversified Power Sector Fund:
Reliance Diversified Power Sector Scheme is an Open-ended Power Sector
Scheme. The primary investment objective of the Scheme is to seek to generate
consistent returns by actively investing in equity / equity related or fixed income
securities of Power and other associated companies.
3. Reliance Pharma Fund:

Reliance Pharma Fund is an Open-ended Pharma Sector Scheme. The
primary investment objective of the Scheme is to generate consistent returns by
investing in equity / equity related or fixed income securities of Pharma and
other associated companies.
4. Reliance Media & Entertainment Fund:
Reliance Media & Entertainment Fund is an Open-ended Media &
Entertainment sector scheme. The the primary investment objective of the
Scheme is to generate consistent returns by investing in equity / equity related
or fixed income securities of media & entertainment and other associated
companies.
D). RELIANCE GOLD EXCHANGE TRADED FUND:
Page | 39
(An open-ended Gold Exchange Traded Fund) The investment objective is
to seek to provide returns that closely correspond to returns provided by
price of gold through investment in physical Gold (and Gold related
securities as permitted by Regulators from time to time). However, the
performance of the scheme may differ from that of the domestic prices of Gold
due to expenses and or other related factors.
Page | 40
UNIT TRUST OF INDIA MUTUAL FUND
3.3 INTRODUCION
'Unit Trust of India was created by the UTI Act passed by the Parliament in
1963. For more than two decades it remained the sole vehicle for investment in
the capital market by the Indian citizens. In mid- 1980s public sector banks
were allowed to open mutual funds. The real vibrancy and competition in the
MF industry came with the setting up of the Regulator SEBI and its laying
down the MF Regulations in 1993.UTI maintained its pre-eminent place till
2001, when a massive decline in the market indices and negative investor
sentiments after Ketan Parekh scam created doubts about the capacity of UTI to
meet its obligations to the investors. This was further compounded by two
factors; namely, its flagship and largest scheme US 64 was sold and re-
purchased not at intrinsic NAV but at artificial price and its Assured Return
Schemes had promised returns as high as 18% over a period going up to two
decades.
In order to distance Government from running a mutual fund the
ownership was transferred to four institutions; namely SBI, LIC, BOB and
PNB, each owning 25%. UTI lost its market dominance rapidly and by end of
2005,when the new share-holders actually paid the consideration money to
Government its market share had come down to close to 10%.
A new board was constituted and a new management inducted. Systematic
study of its problems role and functions was carried out with the help of a
reputed international consultant. Once again UTI has emerged as a serious
player in the industry. Some of the funds have won famous awards, including
the Best Infra Fund globally from Lipper. UTI has been able to benchmark its
employee compensation to the best in the market.
Page | 41
Besides running domestic MF Schemes UTI AMC is also a registered
portfolio manager under the SEBI (Portfolio Managers) Regulations. This
company runs two successful funds with large international investors being
active participants. UTI has also launched a Private Equity Infrastructure Fund
along with HSH Nord Bank of Germany and Shinsei Bank of Japan
Vision:
To be the most Preferred Mutual Fund.
Mission:
• The most trusted brand, admired by all stakeholders.
• The largest and most efficient money manager with global presence
• The best in class customer service provider
• The most preferred employer
• The most innovative and best wealth creator
• A socially responsible organisation known for best corporate governance
Assets Under Management: UTI Asset Management Co. Ltd

Sponsor:
• State Bank of India
• Bank of Baroda
• Punjab National Bank
• Life Insurance Corporation of India
Trustee: UTI Trustee Co. Limited.
Reliability
UTIMF has consistently reset and upgraded transparency standards. All the
branches, UFCs and registrar offices are connected on a robust IT network to
ensure cost-effective quick and efficient service.
Page | 42
3.4 SCHEMES
A). EQUITY FUND
1. UTI Energy Fund (Open Ended Fund):
Investment will be made in stocks of those companies engaged in the
following are:
a) Petro sector - oil and gas products & processing
b) All types of Power generation companies.
c) Companies related to storage of energy.
d) Companies manufacturing energy development equipment related ( like petro
and power )
e) Consultancy & Finance Companies

2. UTI Transportation And Logistics Fund (Auto Sector Fund) (Open
Ended Fund):
Investment Objective is “capital appreciation” through investments in
stocks of the companies engaged in the transportation and logistics sector. At
least 90% of the funds will be invested in equity and equity related instruments.
At least 80% of the funds will be invested in equity and equity related
instruments of the companies principally engaged in providing transportation
services, companies principally engaged in the design, manufacture,
distribution, or sale of transportation equipment and companies in the logistics
sector. Up to 10% of the funds will be invested in cash/money market
instruments.
3. UTI Banking Sector Fund (Open Ended Fund):
An open-ended equity fund with the objective to provide capital
appreciation through investments in the stocks of the companies/institutions
engaged in the banking and financial services activities.
4. UTI Infrastructure Fund (Open Ended Fund):
An open-ended equity fund with the objective to provide Capital
appreciation through investing in the stocks of the companies engaged in
the sectors like Metals, Building materials, oil and gas, power, chemicals,
Page | 43
engineering etc. The fund will invest in the stocks of the companies which form
part of Infrastructure Industries
5. UTI Equity Tax Savings Plan (Open Ended Fund):
An open-ended equity fund investing a minimum of 80% in equity and
equity related instruments. It aims at enabling members to avail tax rebate under
Section 80C of the IT Act and provide them with the benefits of growth.
6. UTI Growth Sector Fund – Pharma (Open Ended Fund):
An open-ended fund which exclusively invests in the equities of the
Pharma & Healthcare sector companies. This fund is one of the growth sector
funds aiming to invest in companies engaged in business of manufacturing and
marketing of bulk drug, formulations and healthcare products and services.
7. UTI Growth Sector Fund – Services (Open Ended Fund):
An open-ended fund which invests in the equities of the Services Sector
companies of the country. One of the growth sector funds aiming to provide
growth of capital over a period of time as well as to make income distribution
by investing the funds in stocks of companies engaged in service sector such as
banking, finance, insurance, education, training, telecom, travel, entertainment,
hotels, etc.
8. UTI Growth Sector Fund – Software (Open Ended Fund):
An open-ended fund which invests exclusively in the equities of the
Software Sector companies. One of the growth sectors funds aiming to invest in
equity shares of companies belonging to information technology sector to
provide returns to investors through capital growth as well as through regular
income distribution
9. UTI Master Equity Plan Unit Scheme (Close Ended Fund):
The scheme primarily aims at securing for the investors capital
appreciation by investing the funds of the scheme in equity shares of
companies with good growth prospects.
10. UTI Master Plus Unit Scheme (Open Ended Fund):
Page | 44
An open-ended equity fund with an objective of long-term capital
appreciation through investments in equities and equity related instruments,
convertible debentures, derivatives in India and also in overseas markets.
11. UTI Master Value Fund (Open Ended Fund):
An open-ended equity fund investing in stocks which are currently
undervalued to their future earning potential and carry medium risk profile to
provide 'Capital Appreciation'.
12. UTI Equity Fund (Open Ended Fund):
UTI Equity Fund is open-ended equity scheme with an objective of
investing at least 80% of its funds in equity and equity related instrument with
medium to high risk profile and upto 20% in debt and money market
instruments with low to medium risk profile.
13. UTI Top 100 Funds (Open Ended Fund):
An open-ended equity fund for investment in equity shares,
convertible & nonconvertible debentures and other capital and money market
instruments with a provision to invest upto 50% of its corpus in PSU's equities
and equity related products. The fund aims to provide unit holders capital
appreciation & income distribution.
14. UTI Master share Unit Scheme (Open Ended Fund):
An Open-end equity fund aiming to provide benefit of capital
appreciation and income distribution through investment in equity.
15. UTI mid Cap Fund (Open Ended Fund):
An open-ended equity fund with the objective to provide ‘Capital
appreciation’ by investing primarily in mid-caps stocks.
16. UTI MNC Fund (Open Ended Fund):
An open-ended equity fund with the objective to invest predominantly in
the equity shares of multinational companies in diverse sectors such as
FMCG, Pharmaceutical, Engineering etc.
17. UTI Dividend Yield Fund (Open Ended Fund):
Page | 45
It aims to provide medium to long term capital gains and/or dividend
distribution by investing predominantly in equity and equity related instruments
which offer high dividend yield.
18. UTI Opportunities Fund (Open Ended Fund):
This scheme seeks to generate capital appreciation and/or income
distribution by investing the funds of the scheme in equity shares and equity-
related instruments. The focus of the scheme is to capitalise on opportunities
arising in the market by responding to the dynamically changing Indian
economy by moving its investments amongst different sectors as prevailing
trends change.
19. UTI Leadership Equity Fund (Open Ended Fund):
This scheme seeks to generate capital appreciation and / or income
distribution by investing the funds in stocks that are "Leaders" in their
respective industries / sectors / subsector.
20. UTI Contra Fund (Open Ended Fund):
An open ended equity scheme with the objective to provide long
term capital appreciation/dividend distribution through investments in listed
equities & equity related instruments. The fund offers an opportunity to benefit
from the impact of non- rational investors' behavior by focusing on stocks
that are currently undervalued because of emotional & behavioral patterns
present in the stock market.
21. UTI SPREAD Fund (Open Ended Fund):
The investment objective of the scheme is to provide capital
appreciation and dividend distribution through arbitrage opportunities arising
out of price differences between the cash and derivative market by investing
predominantly in equity & equity related securities, derivatives and the
balance portion in debt securities. However, there can be no assurance that the
investment objective of the scheme will be realized.
22. UTI Wealth Builder Fund (Close Ended Fund):
The objective of the scheme is to achieve long term capital appreciation by
investing predominantly in a diversified portfolio of equity and equity related
instruments.
Page | 46
23. UTI Long Term Advantage Fund - Series I (Close Ended Fund):
The investment objective of the scheme is to provide medium to long term
capital appreciation along with income tax benefit.
24. UTI India Lifestyle Fund (Close Ended Fund):
The investment objective of the scheme is to provide long term Capital
appreciation and / or income distribution from a diversified portfolio of
equity and equity related instruments of companies that are expected to
benefit from changing Indian demographics, Indian Lifestyle and rising
consumption pattern. However, there can be no assurance that the investment
objective of the scheme will be achieved.
B). INDEX FUND:
1. UTI Master Index Fund (Open Ended Fund):
UTI MIF is an open-ended passive fund with the primary investment
objective to invest in securities of companies comprising the BSE sensex
in the same weightage as these companies have in BSE sensex. The fund
strives to minimise performance difference with the sensex by keeping the
tracking error to the minimum.
2. UTI Gold Exchange Traded Fund (Open Ended Fund):
To endeavour to provide returns that, before expenses, closely track the
performance and yield of Gold. However the performance of the scheme
may differ from that of the underlying asset due to racking error. There can
be no assurance or guarantee that the investment objective of UTI-Gold ETF
will be achieved.
3. UTI Sunder (Open Ended Fund):
To provide investment returns that, before expenses, closely
correspond to the performance and yield of the basket of securities underlying
the S & P CNX Nifty Index.
C). ASSETS FUND
UTI Variable Investment Scheme:
Page | 47
UTI VIS-ILP is an open ended scheme with the objective of providing the
investors with a product that would enable them to diversify their risks
through a suitable allocation between debt and equity asset classes and
thereby generate superior risk-adjusted returns through a dynamic asset
allocation process.
D). BALANCED FUND:
1. UTI Mahila Unit Scheme (Open Ended Fund):
To invest in a portfolio of equity/equity related securities and debt and
money market instruments with a view to generate reasonable income with
moderate capital appreciation. The asset allocation will be Debt: Minimum
70%, Maximum 100% Equity: Minimum 0%, Maximum 30%.
2. UTI Balanced Fund (Open Ended Fund):
An open-ended balanced fund investing between 40% to 75% in equity
/equity related securities and the balance in debt (fixed income securities) with a
view to generate regular income together with capital appreciation.
3. UTI Retirement Benefit Pension Fund (Open Ended Fund):
The objective of the scheme is to provide pension to investors particularly
self-employed persons after they attain the age of 58 years, in the form of
periodical cash flow up to the extent of repurchase value of their holding
through a systematic withdrawal plan.
4. UTI Unit Link Insurance Plan (Open Ended Fund):
To provide return through growth in the NAV or through dividend
distribution and reinvestment thereof.
5. UTI CCP (Children Career Plan) Advantage Fund (Open Ended Fund):
An open ended balanced fund with 70-100% investment in Equity.
Investment can be made in the name of the children up to the age of 15 years so
as to provide them, after they attain the age of 18 years, a means to receive
scholarship to meet the cost of higher education / or help them in setting up a
profession, practice or business or enabling them to set up a home or finance,
the cost of other social obligations.
6. UTI Charitable, Religious Trust And Registered Society (Open Ended
Page | 48
Fund):
Open-ended debt oriented Income scheme with an objective of investing
not more than 30% of the funds in equity related instruments and the balance in
debt and money market instruments with low to medium risk profile. The
scheme is catering to the Investment needs of Charitable, Religious and
Educational Trusts as well as Registered societies with the goal of providing
regular income.
E). INCOME FUND (DEBT FUND)
1. UTI BOND FUND (OPEN ENDED FUND):
Open-end 100% pure debt fund, which invests in rated corporate debt
papers and government securities with relatively low risk and easy liquidity.
2. UTI Floating Rate Fund STP (Open Ended Fund):
To generate regular income through investment in a portfolio comprising
substantially of floating rate debt / money market instruments and fixed rate
debt / money market instruments.
3. UTI Gilt Advantage Fund LTP (Open Ended Fund):
To generate credit risk-free return through investments in sovereign
securities issued the Central and / or a State Government.
4. UTI Gilt Advantage Fund STP (Open Ended Fund):
To generate credit risk-free return through investment in sovereign
securities issued the Central and / or a State Government.
5. UTI G-SEC STP (Open Ended Fund):
An open-end Gilt-Fund with the objective to invest only in Central
Government securities including call money, treasury bills and repos of varying
maturities with a view to generate credit risk free return with a stated objective
of maintaining the average maturity of the portfolio at less than 3 years.
6. UTI G-Sec-Investment Plan (Open Ended Fund):
An open-end Gilt-Fund with the objective to Invests only in Central
government securities including call money, treasury bills and repos of varying
maturities with a view to generate credit risk free return. While selecting the
Page | 49
maturity profile of the investment in government securities the need for
maximization of the returns and meeting of the liquidity requirements of the
scheme is kept in view.
7. UTI Treasury Advantage Fund (Open Ended Fund):
It aims to generate attractive returns consistent with capital preservation
and liquidity
8. UTI Monthly Income Scheme (Open Ended Fund):
This is an open-end debt oriented scheme with no assured returns. The
scheme aims at distributing income, if any, periodically.
9. UTI Mis Advantage Plan (Open Ended Fund):
Endeavors to make periodic income distribution to unitholders through
investments in fixed income securities and equity & equity related instruments.
10. UTI Short Term Income Fund (Open Ended Fund):
The Scheme seeks to generate steady & reasonable income with low risk &
high level of liquidity from a portfolio of money market securities & high
quality debt.
11. UTI Capital Protection Oriented Scheme (Open Ended Fund):
The investment objective of the scheme is to endeavor to protect the capital
by investing in high quality fixed income securities as the primary objective and
generate capital appreciation by investing in equity and equity related
instruments as secondary objective.
F). LIQUID FUND ( DEBT FUND) :
1. UTI Liquid Cash Plan (Open Ended Fund):
The scheme seeks to generate steady & reasonable income with low risk &
high level of liquidity from a portfolio of money market securities & high
quality debt.
2. UTI Money Market Fund (Open Ended Fund):
Page | 50
An open-ended pure debt liquid plan seeking to provide highest
possible current income by investing in a diversified portfolio of short-term
money market securities.
Page | 51
3.5 PERFORMANCE OF RELIANCE MUTUAL FUNDS
EQUITY FUNDS
1)
NAV as on Aug 31, 2017: `553.1102
Performance of Reliance Vision Fund Growth Option as on 31/08/2017
1 Year 3 Year 5 Year Since

Particulars
CAGR % CAGR % CAGR % Inception
Reliance Vision
19.68 13.04 18.01 20.10
Fund
B: S&P BSE
14.34 8.73 14.45 11.50
100
AB: S&P BSE

11.52 5.98 12.72 10.44
Sensex
2)
NAV as on Aug 31, 2017: `30.2048
Performance of Reliance Top 200 Fund as on 31/08/2017

Particulars
Reliance Top
17.47 13.49 19.15 11.60
200 Fund
B: S&P BSE
15.02 10.22 15.32 8.71
200
AB: S&P BSE

11.52 5.98 12.72 7.51
Sensex
Page | 52
DEBT FUNDS
1)
NAV as on Aug 31, 2017: `26.7472
Performance of Reliance Floating Rate Fund - Short Term Plan as on
31/08/2017

Particulars
Reliance Floating
Rate Fund - Short 8.02 8.85 8.72 7.85
Term Plan
B: Crisil Liquid Fund

6.76 7.72 8.21 7.14
Index
AB: Crisil 1 Yr T-Bill

6.24 7.48 7.30 6.08
Index
2)
NAV as on Aug 31, 2017: `2311.0873
Performance of Reliance Money Manager Fund as on 31/08/2017

Particulars
Reliance Money
7.48 8.25 8.65 8.34
Manager Fund
B: Crisil Liquid
6.76 7.72 8.21 7.61
Fund Index
AB: Crisil 1 Yr T-
6.24 7.48 7.30 6.45
Bill Index
Page | 53
GOLD FUND
1)
NAV as on Aug 31, 2017: `12.6459
Performance of Reliance Gold Savings Fund as on 31/08/2017

Particulars
Reliance Gold
-5.88 0.22 -2.46 3.68
Savings Fund
B: Domestic
-6.37 1.91 -1.01 5.19
Prices of Gold
AB: N.A. N.A. N.A. N.A. N.A.
LIQUIDITY FUNDS
1)
NAV as on Aug 31, 2017: `2508.3557
Performance of Reliance Liquidity Fund as on 31/08/2017
Simple Annualised % CAGR %

Particulars
7 15 30 1 3 5 Since
Days Days Days Year Year Year Inception
Reliance
Liquidity 6.12 6.19 6.28 6.72 7.77 8.32 7.82
Fund
B: Crisil
Liquid 6.25 6.15 6.39 6.76 7.71 8.21 7.32
Fund Index
AB: Crisil
1 Yr T-Bill 6.31 5.32 4.79 6.24 7.48 7.30 6.18
Index
Page | 54
RETIREMENT- EQUITY AND DEBT
1)
NAV as on Aug 31, 2017: `12.7686
Performance of Reliance Retirement Fund - Wealth Creation as on 31/08/2017

Particulars
Reliance Retirement
Fund - Wealth 18.60 N.A N.A 10.04
Creation
B: S&P BSE 100 14.34 N.A N.A 6.77
AB: S&P BSE

11.52 N.A N.A 4.25
Sensex
2)
NAV as on Aug 31, 2017: `12.2276
Performance of Reliance Retirement Fund - Income Generation as on
31/08/2017

Particulars
Reliance Retirement
Fund - Income 8.31 N.A N.A 8.19
Generation
B: Crisil MIP Blended

9.93 N.A N.A 9.29
Fund Index
AB: Crisil 10 Yr Gilt

8.97 N.A N.A 9.25
Index
Page | 55
3.6PERFORMANCE OF UTI MUTUAL FUND
EQUITY FUND
EQUITY: TAX PLANNING FUND
Sr.no Fund name NAV 2014- 2015- 2016- since

2015 2016 2017 inception
01 UTI LONG DGR 16.65% 3.00% 17.23% 15.39%
TERM FUND 84.1305
EQUITY Dir
FUND 25.2587
GR
80.9489
IR
20.9781
02 UTI MASTER A 13.10% 4.50% 18.37% 19.96%
EQUITY 100.841
PLAN UNIT
SCHEME
EQUITY DIVERSIFIED FUND

2015 2016 2017 inception
01 UTI DGR 18.07% 1.82% 14.25% 12.90%
mastershree110.964
unit Dir
scheme 35.7789
GR
108.399
IR
34.8034
02 UTI Equity DGR 19.22% 2.61% 13.40% 12.20%
fund 125.952
Dir
95.9846
GR
123.74 IR
94.1718
Page | 56
EQUITY: SPECIALTY/ THEME BASED FUND

2015 2016 2017 inception
01 UTI MNC DGR 44.67% 1.31% 12.67% 17.66%
fund 186.01 Dir
102.808
GR
178.843 IR
98.5989
02 UTI mid cap DGR 34.92% 7.01% 15.95% 19.61%
fund 107.396
Dir
60.0323
GR
103.504 IR
56.2602
EQUITY: SECTOR FUND
Sr.n Fund name NAV 2014- 2015- 2016- since

o 2015 2016 2017 inceptio
n
01 UTIVPHARMA & DGR 39.95 - -5.86% 14.32%
HELATHCARE 87.9402Di % 4.48
fund r %
67.9709G
R 84.4292
IR
65.2521
02 UTI - DGR 34.71 6.58 22.69 24.63%
TRANSPORTATIO 121.356 % % %
N AND LOGISITIC Dir
S FD 56.1193
GR 115.79
IR
53.3923
Page | 57
DEBT FUNDS
DEBT: LIQUID FUND
Sr.no Fund NAV 2014- 2015- 2016- since
name 2015 2016 2017 inception
01 UTI AD 8.83% 8.11% 6.91% 7.99%
Money 119.26
Market DAD
Fund 1120.54
DFT
1163.06
02 UTI - DGR 10.54% 7.42% 10.99% 8.63%

Monthly 35.822
Income Dir
Scheme 12.84
GR
34.8873
IR
12.4286
DEBT: SEGMENT FOCUSED FUND

2015 2016 2017 inception
01 UTI Bond AD 11.3324 10.77% 8.08% 13.98% 8.91%
Fund DAD
11.4712
DFX
11.7772
DGR
54.1623
DHY
11.0656 DIR
17.3271 FX
11.3352 GR
51.8051 HY
10.8539 IR
14.5265
02 UTI - G- DR 1.15% 2.49% 1.25% 6.56%
Page | 58
SEC- 22.715
Investment IR 11.1297
Plan
DEBT: CLOSE ENDED FUND

Sr.no Fund NAV 2014- 2015- 2016- since
name 2015 2016 2017 inception
01 UTI GR N.A N.A N.A N.A
Fixed 11.0548
Term IR
Income 10.0007
Fund
Series
XI-I
02 UTI GR N.A N.A N.A N.A
Fixed 10.9799
Term IR
Income 10.9799
Fund
Series
XII-I
Page | 59
3.7COMPARISON OF UTI MUTUAL FUND AND RELIANCE
MUTUAL FUND
SR.NO TYPES OF UTI MUTUAL FUND RELIANCE
FUNDS (Annualized Return, %) MUTUAL FUND
(Annualized Return,
%)
2016 2015 2014 2016 2015 2014
1 Liquid fund (G) 7.61 8.25 9.05 7.57 8.31 9.05
Liquid fund (DD) 0 0 0 0 0 0
Liquid fund (WD) -0.02 0 0 0.01 -0.06 -0.01
Liquid fund (MD) 0.49 -0.09 -0.04 -0.02 -0.08 0.02
2 Medium term (G) 10.93 4.26 - 9.08 8.64 9.21

Medium term 1.81 2.77 - 0.79 1.06 0.71
(QD)
3 Nifty index fund 3.79 -3.36 31.82 2.31 -3.96 31.94
(G)
4 Banking & PSU 11.52 8.57 8.32 10.13 4.34 -
debt fund (G)
Banking & PSU 4.39 1.93 1.25 10.13 4.34 -
debt fund (D)
5 Dynamic bond (G) 14.64 6.89 14.72 13.74 5.81 15.37
Dynamic bond (D) 7.88 1.71 4.14 7.61 -3.18 5.87
Corporate bond 13.67 6.41 15.68 11.05 8.86 6.24
6 (G)
Corporate bond 8.43 2.06 8.09 -3.46 8.86 4.56
(D)
7 Mid & small cap 2.88 5.98 89.58 2.08 7.8 79.98
fund (G)
Mid & small cap 2.88 -3.78 74.86 -4.61 -6 66.16
fund (D)
https://www.fundsindia.com/products/mutual-fund/UTI
Page | 60
CHAPTER:- 5
Page | 61
CONCLUSION
Mutual Funds now represent perhaps most appropriate investment
opportunity for most investors. As financial markets become more sophisticated
and complex, investors need financial intermediary who provides the required
knowledge and professional expertise on successful investing. As the investor
always try to maximize the returns and minimize the risk. Mutual fund satisfies
these requirements by providing attractive returns with affordable risks. The
fund industry has already overtaken the banking industry, more funds being
under mutual fund management than deposited with banks. With the emergence
of tough competition in this sector mutual funds are launching a variety of
schemes which caters to the requirement of the particular class of investors.
Risk takers for getting capital appreciation should invest in growth, equity
schemes. Investors who are in need of regular income should invest in income
plans.
The stock market has been rising for over three years now. This in turn has
not only protected the money invested in funds but has also to help grow these
investments.
This has also instilled greater confidence among fund investors who are
investing more into the market through the MF route than ever before.
Reliance India mutual funds provide major benefits to a common man who
wants to make his life better than previous.
India's largest mutual fund, UTI, still controls nearly 80 per cent of the
market. Also, the mutual fund industry as a whole gets less than 2 per cent of
household savings against the 46 per cent that go into bank deposits. Some fund
managers say this only indicates the sector's potential. "If mutual funds succeed
in chipping away at bank deposits, even a triple digit growth is possible over the
next few years.
Page | 62
CHAPTER:- 6
Page | 63
BIBLIOGRAPHY
WEBSITES AND SEARCH ENGINE

1. https://en.wikipedia.org/wiki/Mutual_fund
2. http://www.allbankingsolutions.com/Banking-Tutor/Mutual-funds-in-
India.htm
3. https://www.reliancemutual.com/funds-performance
4. http://www.utimf.com/FundPerformance/Pages/default.aspx
5. http://www.utimf.com/pages/default.aspx
6. https://en.wikipedia.org/wiki/Unit_Trust_of_India
Page | 64

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Analysis of Uti Mutual Fund With Reliance Mutual Fund

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CHAPTER:- 1

There are a lot of investment avenues available today in the financial

1.2 CONCEPT OF MUTUAL FUND:

FIRST PHASE – 1964-87:

SECOND PHASE – 1987-1993 (ENTRY OF PUBLIC SECTOR

THIRD PHASE – 1993-2003 (ENTRY OF PRIVATE SECTOR

FOURTH PHASE – SINCE FEBRUARY 2003:

4. Reduction of Transaction Costs:

C). BY INVESTMENT OBJECTIVE:

iii) Exchange Fee:

1.10 SELECTION PARAMETERS FOR MUTUAL FUND

2.1 TITLE OF THE PROJECT

2.2 EXECUTIVE SUMMARY

2.3 OBJECTIVES OF THE STUDY

2.4 STATEMENT OF THE PROBLEM

2.5 RESEARCH METHODOLOGY

2.6 CHAPTER REVIEW

3. Reliance Natural Resources Fund (Open-Ended Equity):

7. Reliance Tax Saver (ELSS) Fund (Open-Ended Equity):

14. Reliance Fixed Horizon Fund –III:

3. Reliance Pharma Fund:

Assets Under Management: UTI Asset Management Co. Ltd

e) Consultancy & Finance Companies

17. UTI Dividend Yield Fund (Open Ended Fund):

1 Year 3 Year 5 Year Since

AB: S&P BSE

1 Year 3 Year 5 Year Since

AB: S&P BSE

1 Year 3 Year 5 Year Since

B: Crisil Liquid Fund

AB: Crisil 1 Yr T-Bill

1 Year 3 Year 5 Year Since

1 Year 3 Year 5 Year Since

AB: N.A. N.A. N.A. N.A. N.A.

Simple Annualised % CAGR %

1 Year 3 Year 5 Year Since

B: S&P BSE 100 14.34 N.A N.A 6.77

AB: S&P BSE

1 Year 3 Year 5 Year Since

B: Crisil MIP Blended

AB: Crisil 10 Yr Gilt

Sr.no Fund name NAV 2014- 2015- 2016- since

EQUITY DIVERSIFIED FUND

Sr.no Fund name NAV 2014- 2015- 2016- since

EQUITY: SECTOR FUND

Sr.n Fund name NAV 2014- 2015- 2016- since

02 UTI - DGR 10.54% 7.42% 10.99% 8.63%

DEBT: SEGMENT FOCUSED FUND

DEBT: CLOSE ENDED FUND

2 Medium term (G) 10.93 4.26 - 9.08 8.64 9.21

WEBSITES AND SEARCH ENGINE

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