CHAPTER II

REVIEW OF LITERATURE
INTRODUCTION
A Literature Review is a systematic and comprehensive analysis of books,
scholarly articles and other sources relevant to the current topic providing a base of
knowledge on the topic. Literature reviews are designed to identify and appraise the
existing literature on a topic to justify the research by exposing gaps in current
research. These reviews should provide findings and critical evaluation of earlier
works related to the research problem and should also add to the overall knowledge
of the topic as well as demonstrating how the research will fit within a larger field of
study.

Review of Literature is an inevitable part in any research and plays an

important role. The literature review generally begins with the selection of a
problem for research and passes through the various stages of the research process
and normally ends with the writing of the report. Many research studies were
conducted on various aspects of Mutual Funds Industry. An attempt has been made
here to review some research papers which were published by academicians,
highlighting the performance of various mutual fund schemes. The review of the
earlier studies related to the topic is helpful to identify the gap which exists between
the present and the earlier studies.

Baboo Ram (1996)1 investigated growth and development of Mutual Funds

in India in his research paper. The study framed the objective to evaluate the
performance of different types of mutual funds schemes i.e. growth oriented, income
oriented, income cum growth oriented and tax planning schemes. The study revealed
that majority of the mutual funds schemes under study are traded at discount during
the research period. The private sector mutual funds performed very well probably
due to their better investment strategy in selecting the companies. Those private
sector mutual funds floated by the Taurus and Morgan Stanly did not perform well.

Jaya Dev (1996)2 in the article “Mutual Fund Performance: An Analysis of

Monthly Returns” stated the aim of the study as to evaluate the performance of

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Mastergain Fund and Magnum Express Fund - growth options. Monthly returns
were calculated for a period of 21 months i.e. from June 1992 to March 1994 and
were compared to the benchmark returns. The results of the Jensen and Treynor
measures has shown that the performance of Mastergain fund was better compared
to Magnum Express whereas according to the Sharpe ratio, the Magnum Express has
better performance than Mastergain fund.

Gupta and Sehgal (1998)3 in their article titled “Investment Performance of

Mutual Funds: The Indian Experience”, identified the performance of select mutual
fund schemes. The aim of the study was to evaluate the performance of 80 schemes
managed by 25 mutual funds houses, 15 in private sector and 10 in public sector for
the period of 5 years from June 1992 to May 1996. Performance on the basis of
consistency and diversification of funds was evaluated and it was found that
portfolio diversification by mutual fund industry has performed well and there was
consistency of performance too.

Soderlind et al. (2000)4 researched on the title “Performance and

Characteristics of Swedish Mutual Funds” and studied the relationship between
mutual fund performance and size of funds in the Swedish market. They used
regression model as a research tool. They found that there was a survivorship bias in
the relationship and because of this unfairness, the results showed on the
performance evaluation was mixed which indicates better performance was achieved
when equity funds were purchased in smaller size. Research also examined that
larger equity funds performed less than smaller equity funds and also explored that
actively managed equity funds performed in a better way than passively managed
funds.

Otten and Bams (2002)5 carried out a research on “European Mutual Funds
Performance” by using both conditional and unconditional models. The study
examined how far the operations in terms of size of the asset and market
capitalization of the European mutual fund industry lagged behind the US industry.
It was found that the small capitalization funds in the European mutual funds were
better due to their outstanding performance. The study also brought out the fact that

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there was a significant performance by French, Italian, Dutch and UK funds whereas
in case of German funds it is not so significant.

Damodharan E (2004)6 in his study entitled “Performance Evaluation of

Mutual Funds in India with special reference to Tamil Nadu” has compared the
operating performance of public sector mutual funds with private sector mutual
funds. To compare the operating performance of the public and private sector mutual
funds the researcher has chosen five public sector mutual funds including UTI and
five private sector mutual funds at random as sample. The study revealed that the
percentage of operating expenditure to gross income was more in the private sector
mutual funds than the public sector mutual funds during the study period. The
results showed that there was no significant difference between the return on
investment of the public sector and private sector mutual funds.

Shah and Hijazi (2005)7 critically evaluated the performance of open-ended

and close-ended funds in their paper titled “Performance Evaluation of Mutual
Funds in Pakistan” and attempted to compare with KSE-100 index. Income after tax,
NAV, number of certificates outstanding and monthly returns of KSE-100 index
were picked as variables. Sample consisted of close-ended funds and open-ended
funds which were selected randomly over the period from 1997 - 2004. Analysis
was done by using Sharpe Model, Treynor Model and Jensen Differential Measure.
The overall results suggested that Pakistani Mutual Funds Industry was still in
growing stage and this industry had the potential to add value if regulatory bodies
and management are effective. It is also found that the performances of some mutual
funds were under the expectation level and facing the issue of diversification.

Bauer et al. (2006)8 carried out a study titled “New Zealand Mutual Funds:
Measuring Performance and Persistence in Performance”. Survivorship bias
controlled sample of 143 open-ended mutual funds was selected for the period of
January 1990 to September 2003. Single factor model (CAPM), Quadratic Timing
Model which is the extension of CAPM and performance attribution model were
used as research tools. Excess returns, management fees, fund size, fund timing, and
expense ratios were used as variables. Overall results revealed that New Zealand
mutual funds are not able to outperform. Alphas for equity funds were

31
insignificantly different from zero while for balanced funds were significant. They
further found that risk adjusted performance of equity mutual funds has positive
relationship with expense ratio and fund size.

Yogeshkumar Jayantilal Desai (2007)9 analysed the risk and return of

Mutual Funds in his article entitled “A Comparative Study of Investment Policy of
some Selected Public Sector and Private Sector Mutual Funds”. The study revealed
that majority of sample funds have experienced lower return as compared to the
market portfolio. Majority of the schemes have earned less than the risk-free return.
HDFC Children Gift Fund Savings Plan performed better among other mutual fund
schemes on the basis of Jensen ranking. The performance of private sector schemes
was better than public sector schemes. And the investment policies of private sector
schemes were diversified well when compared to public sector funds.

Afza et al. (2009)10 focused on the effectiveness of management for open-

ended mutual funds in Pakistan in their paper titled “Performance of Pakistani
Mutual Funds”. Performance was evaluated by examining the relationship of mutual
funds returns with different attributes like size of the fund, fund’s expenses of the
fund, age of the fund, portfolio turnover and level of cash. The sample data was
collected on quarterly basis for all forty-three open-ended mutual funds listed on
MUFAP, from 1999 to 2006. Results were tested by using regression model.
Moreover, age of funds and liquidity were used as additional variables to explain
their relationship with fund returns. The purpose of the study was to investigate the
relationship between attribute of funds and performance of funds for the effective
management of funds. The study was found that when investors made the
investment decision, they keep in mind the history of performance of the funds and
level of cash holding by these funds.

Amporn Soongswang (2009)11 made a study on Open-Ended Equity Mutual

Funds. The study focused on performance analysis of open ended equity mutual
funds. The research studied 138 open ended equity mutual funds managed by 17
Asset Management Companies in Thailand during the period 2002-2007. The
mutual funds were measured by using Treynor ratio, Sharpe ratio and Jensen’s
Alpha and showed that the performance of open ended mutual funds significantly

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outperform the market. The study also found that the open ended equity mutual fund
significantly outperform the market for the period of 3 months of investment by
applying Data Envelopment Analysis (DEA) technique.

Gomathy Shankari Thyagarajan (2009)12 in her paper “Performance

Evaluation of Indian Mutual Fund Industry” focused on Franklin Templeton, HDFC
and ICICI Prudential Asset management companies, in terms of CAGR returns in
comparison against their benchmarks. According to the results, Sharpe ratios of the
sample schemes have outperformed the Sharpe ratios of the benchmark. It is found
that in terms of performance also most funds have provided market related returns,
many schemes have outperformed benchmark indices and investors started
appreciating the performance record of mutual funds.

Sathya Swaroop Debashish (2009)13 evaluated the performance of the

equity based mutual funds in the paper titled “Performance of Equity-based Mutual
Fund Schemes in Indian Scenario”. There were 23 schemes studied over a period of
April 1996 to March 2009 (13 years). The analysis was done on the basis of mean
return, beta risk, and coefficient of determination, Sharpe ratio, Treynor ratio and
Jensen Alpha. It was observed from the study that the performance of UTI mutual
fund schemes and Franklin Templeton schemes were excellent in both public and
private sectors.

Prabhakara Reddy V (2010)14 through empirical research on the paper

titled “An Evaluation of the Performance of Mutual Fund Industry in India”, focused
to evaluate the financial performance of select major schemes of various mutual
funds in the public and private sectors. A total of 87 open ended mutual fund
schemes representing all categories were selected for the study. The results showed
that public sector mutual fund schemes have superior performance in respect of risk
and returns in comparison with benchmarks, Treynor and Sharpe ratios. And another
unique thing noticed is that sample mutual fund schemes related to joint venture
predominantly Indian, both in the case of public and private sectors have earned
higher returns with the higher levels of total risk.

Rama Devi and Lenin Kumar (2011)15 conducted a study on the title
“Performance Evaluation of Private and Public Sponsored Mutual Funds in India”.

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The study analyzed 340 mutual funds belonging to money market, debt, balanced
and equity category of both private and public sector. The study concluded that there
was no significant difference between the returns of private and public sector mutual
funds i.e., the returns of private and public sector mutual fund schemes do not
significantly differ from one another.

Pournima S. Shenvi Dhume and Ramesh (2011)16 reported about the

performance of mutual funds of various sectors in their research paper titled
“Performance Analysis of Indian Mutual Funds with a Special Reference to Sector
Funds”. To study the risk-return analysis of the sector funds, 6 funds were selected
from Banking Sector, 5 from FMCG Sector, 34 from Infrastructure Sector, 8 funds
from Pharma Sector and 7 funds from Technology Sector. The evaluation of the
performance of the open-ended equity sector mutual funds revealed that, all the
sector funds have outperformed the market according to the Sharpe and Treynor
ratio except Infrastructure Sector funds. FMCG sector was the lowest volatility
sector with low standard deviation and beta value having lower risk whereas
Banking and Infrastructure sector showed highest degree of volatility subject to high
risk among all the sectors considered together.

Bangash (2012)17 observed in his article titled ”Evaluation of European

Mutual funds’ Performance”, the performance of European mutual funds and impact
of fees and other expenses on the performance. After screening, out of 296 open-
ended mutual funds, sample of 122 equity mutual funds was taken for the period of
June 1990 to December 2009. The risk adjusted performance of returns of mutual
funds were analysed by applying the research tool of Carhart four factors model
(1997). The result revealed that there was a significant negative relationship between
mutual fund performance and fees charged on these funds.

Kalpesh P, Prajapati and Mahesh K Patel (2012)18 in their paper titled

“Comparative Study on Performance Evaluation of Mutual Fund Schemes of Indian
Companies”, evaluated and compared the performance of equity diversified mutual
fund schemes of HDFC, ICICI Prudential Life, Reliance, UTI and Birla Sun Life.
The study showed that HDFC and Reliance mutual funds have performed well as
compared to the Sensex return. ICICI prudential and UTI Mutual funds had lower

34
level of risk compared to HDFC and Reliance mutual fund. It was found that for the
same level of risk exposure, the returns of HDFC and Reliance mutual fund were
better compared to ICICI Prudential, UTI, and Birla Sun Life mutual funds.

Rupeet Kaur (2012)19 examined the risk and return component among
selected mutual funds in the paper titled “A Comparative Analysis of Growth and
Dividend Tax Oriented Mutual Fund Schemes in India”. The study covered 18
schemes which were categorized under open-ended equity tax oriented growth and
dividend schemes during the study period. The study revealed that the majority of
the selected schemes were not able to provide good return to the investors as
compared to the market. It was concluded that the performance of growth schemes
was better than the dividend schemes.

Sukhwinder Kaur Dhanda, Batra G S and Bimal Anjum (2012)20 in their

study entitled “Performance Evaluation of Selected Open Ended Mutual Funds in
India”, examined the performance of selected open ended schemes with BSE-30 in
terms of risk and return. The study found that HDFC top 200 funds, HDFC capital
Builder fund and UTI opportunity fund were the three top schemes performed better
than BSE- Sensex. The study suggested Government should take various efforts and
take various steps to promote the mutual funds in India. In nutshell, there is a need
to create the awareness among the people regarding the importance of mutual funds.

Sahil Jain (2012)21 in his study “Analysis of the Performance of Equity

based Mutual Funds”, attempted to bring out the comparison between the
performance of equity-based mutual funds of public and private sectors in India. A
total of 45 schemes offered by 2 private sector companies and 2 public sector
companies were studied over the period from April 1997 to April 2012 (15 years).
The analysis was made using the risk-return relationship and Capital Asset Pricing
Model (CAPM). The overall analysis found that HDFC and ICICI were the best
performers, UTI an average performer and LIC was the worst performer which gave
below the expected returns on the risk-return relationship.

Sarita Bahl and Meenakshi Rani (2012)22 discussed the performance of

selected schemes on the basis of risk and return and compared the performance of
selected schemes with benchmark index to see whether the scheme was

35
outperforming or underperforming the benchmark in their paper “A Comparative
Analysis of Mutual Fund Schemes in India”. To examine the performance of mutual
fund schemes, 29 schemes were selected at random basis. Results of the study
showed that 14 out of 29 sample mutual fund schemes had outperformed the
benchmark return. All the schemes represented positive returns. The results also
showed that some of the schemes were underperformed, these schemes were facing
the diversification problem.

Sandeep Bansal (2012)23 presented research on the title “Risk Return

Relationship: A Study of Selected Mutual Funds”. The main objective of the study
was to test whether the relationship between risk and return was positive on selected
mutual funds schemes during the study period. The sample consists of 10 growth
schemes, which was chosen at random basis. It was found from the study that
positive relationship was existing between the risk and return whereas that is
insignificant between systematic risks and return.

Tribhuvan Pratap Singh (2012)24 in his study “Performance Evaluation of

Mutual Fund Segments in India with special reference to Sectoral Funds”, compared
sector-based funds with other types of investment objective based funds specifically
with equity diversified funds. The study revealed that many of the sectoral funds
have provided better risk adjusted returns which were verified by their Sharpe Ratio.
Banking, FMCG, Pharmaceutical and Technology were among those categories
which provided better risk adjusted returns as compared to diversified funds. Better
risk adjusted returns means higher gains at higher level of risk which suited for only
investors who can carry higher risk on their investment portfolios. The conclusion of
the study is that the sectoral funds can be considered as a good investment for the
period until the specific industry or sector performs well in the market.

Nimalathasan B and Kumar Gandhi R (2012)25 highlighted the financial

performance of selected mutual fund schemes in “Mutual Fund Financial
Performance Analysis - A Comparative Study on Equity Diversified Schemes and
Equity Mid-Cap Schemes” and applied various statistical parameters to measure
such performance. The results of Treynors, Sharpe, Information ratio and Alpha
index suggested that based on the past performance, HDFC Capital Builder (G),

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among the Open ended-Midcap schemes, was the preferred and recommended one
for the investors. And among the Open ended – Equity Diversified schemes, Canara
Robeco Equity Diversified (G), was the preferred and recommended one for the
investors based on the past performance analysis using Treynor, Sharpe, and
Information ratio.

Bhaskar Biswas (2013)26 has taken up the study on the title “Investigation
of Outperformance and Underperformance of some Selected Diversified Equity
Fund Schemes in Indian Mutual Fund Industry”. The study was carried out to
measure the risk, risk premium, market sensitivity and risk-return relationship of
portfolio of the selected mutual funds. The study compared the performance of top
ten performing and bottom ten performing diversified equity funds for the study
period. It concluded that Diversified Equity Fund seeks to invest only in equities,
except for a very small portion in liquid money market securities, but was not
focused on any one or few sectors or shares. While exposed to all equity price risks,
Diversified Equity Fund seek to reduce the sector or stock specific risks through
diversification.

Sheshrao Maruti and Waghamare Shivaji (2013)27 conducted a study on

“Sector Mutual Funds - A Study on Performance Measurement and Evaluation with
Special Reference to Technology Funds”. The objective of the study was to know
the risk and return associated with the technology funds. The study revealed that
Franklin Infotech and ICICI Prudential Technology funds were top funds in respect
of return when it compared to its respective benchmark returns. The study concluded
that none of them outperformed their benchmarked portfolios may probably due to
poor diversification of portfolios.

Vanaja and Karrupasamy (2013)28 in their study on “The Performance of

select Private Sector Balanced Category Mutual Fund Schemes in India”, evaluated
the performance of select Private sector balanced schemes. For the purpose of this
study, 5 private sector mutual funds in India were selected. The study found that all
the private sector balanced category funds have positive returns in terms of Sharpe
ratio, Treynor and Jenson’s alpha measures. The study concluded that two out of the

37
five private sector balanced category mutual funds have earned a return above the
average returns.

Sathya Pal Sharma N K and Ravikumar R (2013)29 carried out an

extensive investigation on relationship between risk and return in a paper titled,
“Analysis of the Risk and Return Relationship of Equity Based Mutual Funds in
India”. The main objective of the study was comparison between the performance of
equity based mutual funds of public and private sectors in India. A total of 15 Equity
based mutual fund schemes were considered. Out of 15 schemes, 8 belong to the
private sector companies and the rest of the schemes belong to public sector
companies. The study found that SBI was a worst performer. The results of the study
indicated that the Private sector mutual fund schemes were better than the public
sector schemes and less risky as well.

Rupeet Kaur (2014)30 investigated the performance of open-ended debt

mutual funds in India in his study “Performance Evaluation of Debt Mutual Fund
Schemes in India”. To evaluate the performance, sample of 23 schemes were
selected on the basis of weekly returns compared to benchmark returns. It was found
that none of the schemes performed better according to Sharpe and Jensen measures
whereas twenty six percent schemes outperformed the market according to Treynor
measure. The study revealed that these funds were found to be poor in earning better
returns either adopting marketing or in selecting under priced securities.

Namita Srivastava (2014)31 in her article on the title “Performance

indicators of Equity Linked Saving Schemes in India: An Empirical Analysis”, gave
importance to examine the nature of relationship of fund return with fund risk and
market risk. A sample of 9 ELSS funds was taken for the study. The study
concluded that ELSS funds were able to provide better return than any return on risk
free securities but unable to outperform the benchmark portfolio in terms of average
return.

Vinay Kandpall and Kavidayal P C (2014)32 found that investment for

longer period yield higher return in their article titled “A Comparative Study of
Selected Public and Private Sector Equity Diversified Mutual Fund Schemes in
India”. The aim of the study was to examine the sensitivity of selected Equity

38
Diversified Mutual fund schemes to the market fluctuations. This study compared 18
equity-diversified funds launched by public sector and private sector. The study
found private sector mutual fund schemes were performing better than public sector
mutual fund schemes. It showed that investment for longer period would get
absolute higher return than the risk free rate of return.

Syed Husain Ashraf and Dhanraj Sharma (2014)33 carried out a study on
the title “Performance Evaluation of Indian Equity Mutual Funds against
Established Benchmarks Index”. The objective of the study was to evaluate the
performance of equity mutual fund scheme with the impact of benchmark index on
mutual fund performance. The sample consists of 10 growth oriented open-ended
equity mutual fund schemes belong to public and private mutual fund companies.
The result showed that performance of the majority of mutual fund schemes were
outperforming the market benchmark indexes in term of Treynor and Sharpe ratio
based on historical monthly returns. The reason for outperformance of the funds was
that fund managers were efficient. They were diversifying the funds in different
stocks which were generating higher returns.

Santhi N S (2014)34 tried to evaluate the risk and return of Tax Savings
Schemes in her thesis titled “Risk and Return of Tax Saving Mutual Fund Schemes
in India”. There were 44 schemes considered for the purpose of analysis. It was
found that monthly average returns of majority of the schemes were lower than the
market index. It showed that Reliance Tax Saver (ELSS) Fund, Canara Robeco
Equity Tax saver, Religare Invesco Tax Plan, Sahara Tax Gain and Bharti AXA Tax
Advantage Fund-ECO Plan performed well with high difference in expectation and
actual return. According to Investor’s behavior on risk and return of Tax Savings
Mutual Funds data analysis, it was found that majority of the respondents gained
high return and they were aware of SEBI and risk factor of Tax Savings Mutual
Funds.

Gupta S (2014)35 in his research paper “Performance of the Indian Mutual

Fund Industry - A study with special reference to Sectoral funds”, brings out the
relationship between the performances of selected schemes with benchmark indices.
There were 24 schemes from Banking, FMCG, Technology, Infrastructure sector

39
and 5 diversified funds were selected. The study revealed that SBI Magnum FMCG
Fund Plus scheme, Religara Banking Fund, ICICI PRU TECH Fund and DSPBR
India Tiger Fund were the toppers in the list in all the three portfolio performance
models.

Akshay Dilipkumar Damani (2014)36 discussed how the public sector

mutual fund schemes undertook risk in the study entitled “An Analytical and
Comparative Study of the Performance of Selected Public and Private Sector Mutual
Fund Schemes in India”. The objective of the study was to measure and analyze the
performance of selected mutual fund schemes. The study covered fifty schemes,
selected from twelve Asset Management Companies. The study showed that close
ended schemes have a lock in period and generate superior returns than open ended
schemes. It was found that public sector schemes undertook more risk than their
private sector counterparts.

Jitendra Kumar and Anindita Adhikary (2015)37 tried to make a

comparative analysis of performance of Tax Saving Mutual Funds. The objective of
the study was to compare the performance of private sector and public sector tax
saving mutual fund schemes with benchmark index. The study found that the private
sector tax saving mutual fund schemes outperformed as compared to its market
return. However, the performance of public sector tax saving mutual fund schemes
was not satisfactory. In the private sector, HDFC Tax Saver has the highest return
which was even more than the market return. Moreover, in terms of risk, HDFC Tax
Saver fund return was more volatile compared to the market return. It was found that
volatility was less than the market risk in respect of LIC Nomura MF Tax Plan and
SBI Magnum Tax Gain, which are in the public sector. In terms of relative
performance among tax saving mutual funds by applying Sharpe Index, Treynor
Index and Jensen Index models, it was observed that the private sector performed
well in the mutual fund industry whereas public sector could not perform well in the
market. The study concluded that there was no linear relationship between fund
return and market return. This indicates that fund returns are not statistically
significant compared to market return.

40
 Akhil Mahajan and Arun Sharma (2015)38 in their study “Risk and Return
Evaluation of Equity Linked Saving Schemes” investigated the performance of 10
selected Equity Linked Saving Schemes (ELSS). It was concluded that out of all the
selected schemes, Franklin India Tax Shield ranked first as per Sharpe ratio and
Treynor ratio. It has also scored second as per Jensen Alpha. Hence the scheme was
offering best risk adjusted return among top ten mutual fund companies on the basis
of asset under management for the period under study.

Taqadus Bashir (2015)39 undertook a study on “Risk Adjusted Performance

Evaluation of Balanced Mutual Fund Schemes in Pakistan” which aimed to find out
the performance of some selected mutual fund schemes offered in Pakistan by
applying various measures on risk-return relationship. The study selected 5 balanced
schemes which were offered during 2010-2013 by various mutual fund companies in
Pakistan. The empirical results revealed that average returns of selected portfolio
were below than market returns, mix trend of risk in selected schemes and overall
defensive beta values. In short, results indicated underperformance of most of the
schemes during selected span of study.

Mili Kar and Parag Shil (2015)40 made an attempt to measure the
performance of Mutual Fund Schemes in the paper “Performance of selected Debt
oriented Mutual Fund Schemes in India”. The study gave importance to analyse the
performance of mutual funds in terms of return with their relative risk. A
representative sample of 40 schemes were selected for evaluating performance. It
was evident from the statistical result of the analysis that schemes return and market
portfolio returns of majority of the schemes i.e. 55 percent of total schemes were
unable to realize higher ranks than that of market portfolio indicating
underperformed the market and also, statistically it was found that, there was no
significant difference exists between schemes returns and NSE G-Sec Composite
Index returns.

Arti Sharma (2015)41 conducted a study on “Return and Risk Analysis of

selected Sector Specific Mutual Funds in India”. The main objective of the study
was to determine the correlation between 10 selected sector funds return and
benchmarks return. The study found that funds have greater sharpe ratio which

41
means that all these sector fund schemes provide higher return for the risk taken.
The study showed that sector fund has the strongest correlation between portfolio
return and benchmark return.

Archana Goel and Laveena (2015)42 conducted a study to examine the

funds sensitivity to the market fluctuations in terms of beta in the article titled “A
Comparative Study on Performance Analysis of Debt and Equity Schemes at HDFC
Mutual Funds with reference to Birla Sun Life and ICICI Prudential Debt and Equity
Mutual Funds”. It comprised of 3 equity schemes and 2 debt schemes each of Birla
Sun Life, HDFC and ICICI. The study found that HDFC Infrastructure Fund was
ranked first when compared to Birla Sun Life and ICICI schemes. Among the long
term debt schemes, comparing the performance of Birla Sun Life, the ranks were at
the top in cases of HDFC and ICICI. As per short term debt schemes, HDFC Short
term plan considered better as compared to Birla Sun Life and ICICI. Therefore,
HDFC Mutual Fund Schemes in terms of Debts and Equity have efficient results as
compared to BSL and ICICI in the selected schemes.

Raju J K, Manjunath B R and Nagaraja G M (2015)43 conducted a study

on “Performance Evaluation of Indian Equity Mutual Fund Schemes”. The aim of
the study was to evaluate the performance of different schemes of Indian equity
mutual funds. The study showed that the rate of return from the mutual funds was
higher when compared to the other investment options. Thus, mutual fund was a
better investment avenue to trade-off between risk and return. Investment in
Quantum Equity fund was risky one.

Sudheer V (2015)44 adopted most appropriate statistical measure to assess

the performance of sectorial mutual funds in the paper “Performance Evaluation of
Sectorial Mutual Funds in India”. The study aimed to evaluate and compare the
performance of sectorial mutual funds to growth funds with selected AMC’s in
India. Infrastructure, Fast Moving Consumer Goods (FMCG), Pharmacy,
Information Technology and Banking are the various sectorial mutual funds in
which Indian financial market offers mutual fund schemes. The present study
indicated that the sector funds provided substantially better returns compared to
other mutual fund schemes. Especially, Banking and Pharma sectors mutual fund

42
schemes have given phenomenal returns with low volatility compared to other
categories. Infrastructure fund schemes under performed compared to other sector
funds because of high volatility nature.

Shivangi Agarwal and Nawazish Mirza (2015)45 conducted a study to

explore the performance of mutual fund schemes and the results were presented in
the paper “A Study on the Risk-Adjusted Performance of Mutual Funds Industry in
India”. The study focused on measuring the performance of selected mutual schemes
on the basis of risk and return and compared the performance of these selected
schemes with benchmark index to see whether the scheme was outperforming or
underperforming the benchmark. A sample of 100 Mutual fund schemes which were
in operation for a period of five years was selected. By applying Sharpe ratio and
Treynor ratio, it was surprised to find that during the study period the performance
of the funds were very fair and outperformed the market and also found that 90
percent of the schemes performed better than their benchmarks. As per the Jensen’s
Alpha, the returns generated by 79 schemes compensated adequately over the
average market return given the beta of the scheme. The schemes with the negative
Sharpe ratio and Treynor ratio were diversified in equity, long term gilt or large cap
equity funds. The performance of majority of long and short term debt funds, ELSS
and Mid/small cap funds constantly performed well during the period of study.

Sheshrao Maruti (2015)46 responded to the concerns raised by the fund

manager and laid down the findings in a study titled “Performance Evaluation of
Mutual Funds in India”. The study was carried out to evaluate the performance of
select schemes in terms of Treynor’s measure, Sharpe measure, Jensen’s differential
return measure, Fama’s decomposition measure and M-squared measure. It also
involves ranking of each scheme by making comparison between performance
measures with the performance of underlying benchmark index. There were 49 Cap
schemes of five AMCs selected which were operating all types of cap schemes. The
study revealed that majority of the fund managers of various schemes felt their
fingers being burnt due to inadequate risk-adjusted return in tune with their risk.
However, the degree of underperformance, diversification and risk exposure may
differ from scheme to scheme. DSPBR Asset Management Company can be

43
considered as best one. Finally, the study concluded that, the efficiency of fund
managers needs to be improved to sense the changing market environment and
incorporate appropriate portfolio trimming strategies in order to ensure superior
performance.

Arockia Jerold V (2016)47 examined the investment pattern of fund

manager in the paper “Financial Performance Evaluation of Tax Saving Mutual
Funds in India”. The objective of the study was to compare the financial
performance of Tax saving Mutual Funds with respect to their benchmark indices.
The growth option category of Tax Savings Mutual Funds was considered for
analysis. The study revealed that the majority of the schemes showed positive NAV
returns during the study period. The selected fund schemes returns were not
significantly different from their respective benchmark portfolio. The study also
concluded that Banks and IT sectors were the preferred sectors by the fund managers
for investing majority of asset allocation.

Alka Solanki (2016)48 researched on the title “A Study of Performance

Evaluation of Mutual Fund and Reliance Mutual Fund” and focused on comparison
of schemes return and risk with benchmark. The study examined six open-ended
equity schemes with growth option being launched by Reliance Mutual Funds. The
study revealed that out of the total schemes, all schemes showed an average return
higher than in comparison to the market return i.e. BSE 100 and SENSEX except
one i.e. Reliance Focused Large Cap Fund.

Bhagyasree N and Kishori B (2016)49 made a comparison of performance

of mutual fund schemes in their article entitled “A Study on Performance Evaluation
of Mutual Funds Schemes in India” by using appropriate techniques. The study was
carried out to evaluate the performance of selected open ended schemes in India and
to measure the risk-return relationship and market volatility of the selected mutual
funds. This study covered 30 schemes which were selected at random basis. It
showed that 14 out of 30 sample mutual fund schemes outperformed the benchmark
return. All the schemes represented positive returns. The study also found that due to
diversification issues certain schemes such as Reliance Regular Savings Fund
Equity, SBI Contra Fund and HDFC Equity Fund underperformed.

44
 Ravichandran M and Iswarya T (2016)50 carried out a study entitled “A
Study on Performance of Risk and Return on Selected Mutual Funds”. The study
was an attempt to measure the risk return relationship of selected sector fund
schemes. The study undertook top 5 schemes such as UTI Transportation and
Logistics Fund, SBI Pharma Fund, Birla Sunlife MNC Fund, Reliance Pharma Fund,
ICICI Prudential Banking and Financial Service Fund. It was found that selected
schemes outperformed the benchmark schemes.

Vanaja V and Karrupasamy R (2016)51 in their article “Performance

Evaluation of select Public Sector and Private Sector Mutual Funds in India”,
observed that the high return with low risk was the performance of Public Sector
mutual funds. The aim of the study was to evaluate the performance of different
Public and Private Sector mutual funds schemes on the basis of risk- return
parameters. Five public sector mutual funds and five private sector mutual funds in
India were selected. According to the result, Public sector mutual funds performed
well than the private sector funds. From the analysis, it was concluded that public
sector funds produced high return with low risk when compared to private sector
funds.

Masiperiyannan S and Mohanamani P (2016)52 critically examined the

performance of select schemes on the title of “Performance Evaluation of Selected
Open – Ended Mutual Funds in India”. The research was carried out to assess the
performance of selected funds on the basis of various performance ratios. Ten funds
were selected for the study. It was found that in all the analysis such as risk adjusted
return analysis, Kotak 50 Equtiy Fund secured the first position compared to others.
Fama’s Net Selectivity Analysis showed that Kotak 50 Equity Fund secured the
highest value which showed the fund manager has the high ability to select the
portfolio for the fund. Whereas, the UTI Equity Fund secured the lowest value
which showed the fund manager has the lower fund selectivity ability compared to
others.

Bilal Ahmad Pandow and Khurshid Ahmad Butt (2017)53 measured the
risk and return relationship in their paper “Risk and Return Analysis of Mutual Fund
Industry in India”. The objective of the study was to analyze risk and return of select

45
mutual funds in India. The selected schemes belong to 19 fund houses comprising of
all the three sectors viz., public sector, private sector and foreign sector funds. Of the
total sample size of 40 schemes, 33 schemes belong to the private sector including
foreign funds and 7 to the public sector including UTI. The study indicated that 80
per cent of the select schemes were found outperformed than the market portfolio
across all the performance measures viz. excess return, abnormal excess return and
risk-adjusted return. Few funds were also found to have underperformed than the
market portfolio.

Meenu Baliyan and Punjika Rathi (2017)54 in their study “Performance

Evaluation of Emerging Mutual Fund”, examined the performance of mutual funds.
This study considered infrastructure mutual funds of HDFC Mutual fund, Reliance
Mutual Fund, ICICI Prudential Mutual Fund, Birla Sun Life Mutual Fund, UTI
Mutual Fund and SBI Mutual Fund. The study revealed that HDFC Mutual Fund
was top of the AUM. HDFC Mutual Fund was less risky with high return.

Ravichandran M and Jeyaraj A (2017)55 investigated the performance of

open ended schemes in a paper titled “A Study on Performance Evaluation of
Mutual Fund Schemes in India”. The study was attempted to identify the
performance of open ended equity mutual fund schemes. The study covered 20
mutual fund schemes launched by different sector. The study revealed that Sharpe
ratio was positive for all schemes which showed that funds were providing returns
greater than risk free rate. The study concluded that among the entire schemes
higher alpha was found with Reliance diversified power sector fund.

Rushikesh M. Kakandikar (2017)56 carried out a research on “A

Performance Analysis of Select Public and Private Mutual Funds”. The study mainly
focused on evaluation and comparison of the performance of select private and
public sector mutual fund schemes. There were 48 schemes from open ended with
equity based, income, balanced and ELSS mutual fund schemes of twelve different
Asset Management Companies. It concluded that the performance of private sector
companies were better than the public sector mutual fund companies.

Manoj Kumar Dash and Gouri Shankar Lall (2018)57 in their article
“Performance Evaluation of Equity Based Mutual Funds in India” found that few

46
growth oriented mutual fund schemes performed well. The aim of the study was to
measure the earnings of growth oriented mutual fund schemes and also to find out
how mutual fund schemes offer the advantages of diversification. This paper
analysed fifteen mutual fund schemes of different companies. The study showed that
Sundaram Global Advantage scheme with the greater value of Sharpe ratio
performed well as compared to other selected schemes. The study indicated that
selected schemes were underperformed than market portfolio.

Megha Narang (2018)58 in her study analysed the performance of Equity

Mutual Funds and results were summarized in the paper “Performance Evaluation of
Selected Equity Mutual Funds”. The study focused on the investment performance
of Indian equity mutual funds with risk adjustment. It was observed that higher
positive value of Sharpe measure was found in Mirae Asset India Opportunities
Fund - Direct Plan which was followed by SBI Bluechip Fund - Direct Plan. Among
the entire schemes, higher alpha was found with Mirae Asset India Opportunities
Fund - Direct Plan followed by SBI Bluechip Fund - Direct Plan.

Sridevi (2018)59 in her paper “Performance Analysis of Mutual Funds - A

Study on Selected Mid Cap and Small Cap Funds” measured the risk - return
relationship and market volatility of the selected mutual funds. The study was
limited to analysis of open-ended balanced funds of Reliance, HSBC, Sundaram as
Small cap funds and UTI, Axis, Kotak as Mid cap funds. The study showed that two
schemes of mid cap and small cap funds outperforming the benchmark return. Not
all the funds have represented positive values. In Mid cap fund, the performance of
Axis Balanced Fund was very insignificant where as in the small cap fund, the
performance of HSBC Balanced Fund was considered desirable.

Nittan Arora and Sonia Chawla (2019)60 presented their research on the
title “A Study on Performance Evaluation of Private Sector Mutual Fund Schemes”.
The aim of the study was to evaluate the performance of 20 growth schemes, 5 each
from 4 private sector mutual funds. Period of the study is from 2006-07 to 2018-19
i.e. 156 months. Analysis was done by using Sharpe model, Treynor model, Beta
ratio and Jensen differential measure. The study found that all selected mutual fund
companies have positive returns during 2006 to 2019 and out of 20 schemes, 13

47
schemes were out performed in all the aspects and the performance of remaining 7
schemes were average.

Nupur Makkar et al. (2020)61 in their study entitled “Risk and Return
Analysis of Stocks listed in BSE and NSE: A Review Study” focused to review the
past literatures available on risk and return to throw the light on the relationship
between them. The research studied 25 literatures for the period from 2011 to 2019.
The study concluded that risk and return are highly correlated. Most of the literature
reviews recorded that the high potential returns on investment usually hand in hand
with the high risk. But only few studies criticize that high return was not correlated
with high risk.

RESEARCH GAP

Based on the literature review it is found that some researchers used different
statistical tools or quantitative techniques to analyze the performance of the mutual
funds. The researchers used average return, standard deviation, Sharpe ratio,
Treynor ratio and Jenson’s alpha measures to analyse the performance of mutual
fund schemes. Majority of the research covered equity based mutual funds,
diversified mutual funds, cap mutual funds and few sector based mutual funds.
Many studies were undertaken to analyse the performance of mutual funds under
different categories. Some studies were carried out to compare the performance of
private and public sector mutual fund schemes of various Assets Management
Companies in India. According to the literature survey, it is observed that no study is
found related to the performance of Infrastructure Sector mutual funds. Hence, the
researcher in the present study has made an effort to analyse the performance of
Infrastructure Sector – Growth oriented mutual fund schemes by using different
statistical tools.

48
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