Performance Analysis of Mutual funds A comparative study

on equity diversified mutual fund

¹Sushma B S, ²Dr N Suresh

¹Student, M B A- Finance, FMC, MSRUAS

²Dean, FMC, MSRUAS

Abstract:
In this paper, study has been made to analyse the performance of ten growth oriented equity diversified
mutual fund schemes (MFS)viz Franklin India High Growth Cos fund, UTI MNC Growth fund and etc.,
against risk free rate, and return over benchmarks indices viz nifty 500, BSE 200, BSE SENSEX, nifty MNC.
The performance of selected mutual funds Schemes are analyzed using monthly closing net asset values
and benchmark market index during the April 2010 to march 2015through risk-
analysis. The risk return
analysis, Sharpe ratio, Treynor ratio, Jensen alpha measure reveals that selected MFS over performed
the benchmark market index and inadequate diversification is found in five schemes
have shown negative return and net selectivity indicating superior of all stock selection. The benchmark
and market return index at 5% level of significance impact on mutual fund in the result of regression
analysis.

Keywords: Equity mutual funds; Benchmark index; ratio; measure; Risk-

Return analysis

Introduction

A mutual fund is an investment company or trust that pools the resources of thousands of its
shareholders or unit holders and invest in stocks, bonds, short term money market instrument and other
diversified securities and other companies to achieve the investors objectives, which in order to reach
profits and expansion i.e. stable return and investment with less risk by spreading the investment across
different type of security low risk or risk features by sharing the investment across different types of
financial securities, also called as diversification. Mutual funds offer many advantages to investors like

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less risk, many schemes, flexibility, diversification, skilled executive, tax benefits, clearness, liquidity etc.
A mutual fund is one of the most attractive financial investment instruments that play a vital role in the
economy of a country. Investors always look for good investment opportunity, which gives good returns,
but at the time people also want their investment to be safe and secure. Look the performance of
mutual funds as broadly investigate for growth of capital market. This paper is evaluating the
performance of equity diversified funds during the period April 2010 to March 2015. The statistics
revealed that the mutual fund as of march 31, 2015 total AUM stood at 10,82,757 crore. The AUM of
equity schemes increased to 3.45lakh crore in 2014-15 from 1.95 lakh crore in 2010-11. The net asset of
all mutual funds as on March 31, 2015 was 10, 82,757 crore as against 8, 25,240 crore on March 31,
2014 representing an increase of 31.2 percent.(SEBI Annual Report 2015)

The present in Indian financial sector has been highest growing and competitive division is mutual fund
industry. In India mutual fund industry was started in 1963 with the foundation of Unit Trust of India
(UTI) at the proposal of Reserve Bank of India (RBI) and Government of India. The market investments
then became more attract small investors. As on 1987 UTI had Rs.6, 700 crore of AUM and a number of
public sector players entering the market. As on 1993, the AUM was increased seven times to Rs. 47,004
crores and UTI remained to be the leader with about 80% market share. As on January 2009, Rs. 1,
21,805 crores of total assets by 33 mutual funds and Rs. 44,541 crores of AUM by UTI was way in front
of other mutual funds. The market share are increasing has been repeated tremendously and thus
revealing the efficiency of growth in the mutual fund industry. ((SEBI Annual Report 2015)

Literature review:

Diversified equity mutual funds invest primarily in equities with the goal of long term capital
appreciation. They expand their allocations across different sectors and minimize the risk of over-
concentration in any sector. In long term, the best track record is diversified equity funds. Diversified
equity funds also invest in lot of companies and provide diversification among equities as an asset class.
In industry capable to diversify their allocation more easily than an investor across numerous companies
so the investments are spread across several financial securities and risk reduces significantly.
Diversified Equity funds also spread their investments across different sectors e.g. IT, Pharma, Banking,
Oil &Gas, Real estate, Telecom, FMCG etc. They are not restricted to any one specific sector (Parani
dharan).

2
Brar, smiti (2014), in their paper attempted to study the Risk
for the study period has been taken from 2001 to 2010. Evaluated the performance of
selected mutual funds using Risk and Return, standard deviation, Sharpe ratio, Treynor ratio, Jenson
Ratio and Independent sample t-test analysis. The sample size for the study consists of ten mutual funds
companies belonging to growth oriented schemes of Mutual Funds. The analysis of the study showed in
Growth schemes have become an integral part of the Indian mutual funds industry by contributing so
much to the industry in terms of its high levels of AUM. Reliance Growth Scheme and SBI magnum
equity scheme has performed better as compared to other selected growth schemes.

Syed Husain Ashraf and Dhanraj Sharma (2014), in their paper attempted to study the Performance
Evaluation of Indian Equity Mutual Funds against Established Benchmarks Index for the study period
has been taken 2007 to 2012. Evaluated the performance of selected mutual fund schemes using Risk
and return analysis, Hypothesis testing, Sharpe ratio, Treynor rati The
selected mutual fund schemes are better performance than the market benchmark indexes in the result
of Sharpe and Treynor and Jensen based on NAV and reason of better performance of funds that
efficient and superior fund selection and right timing of fund manager.
70% of the mutual fund schemes are positive net selectivity representing that superior stock selection of
the fund managers.

Dr. Sarita Bahl; Meenakshi Rani (2012), in their paper attempted to study the A Comparative Analysis
of Mutual Fund Schemes In India
2005 to 2011. The evaluation was basis on the analysis measure. Results
of the study showed that that 14 out of 29 sample mutual fund schemes had better performance than
benchmark return. All the selected mutual fund schemes have represented positive returns.

Aim: To develop a Framework for portfolio of mutual funds schemes by comparing their performances

Objective of the study:

1. To measure the return earned by the sample mutual funds schemes and compare against the
benchmark market returns.

2. To examine the degree of correlation that exists between fund and market return.

3. To evaluate the performance of equity mutual fund scheme to understand the impact of benchmark
index on mutual fund performance.

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4. To recommend and conclude findings to help the investor meet advantage of investing in selected
mutual fund.

Problem Statement

to earn better return with the

In mutual fund industry so many offering investment avenues so that investor does not know about
which avenues giving good return. As per financial rule
investment portfolio spread across sector it will diversify and risk should be low. If investors do not have
knowledge about in investment to get best return with less risk then they can choice mutual fund
investments. Investors know risk of the scheme they can take and based on that scheme selection. The
most important problem is that scheme selection which gives best return than the other schemes.
(Investopedia.com)

Hypothesis of the study

The specific hypothesis which are tested as follows:

1. Return on mutual funds schemes has significant impact on return on market index.
2. Performances of Mutual fund schemes are equivalent to the performance of Benchmark Index.

Data collection

The study: The present study to analyzing the performance of open ended growth oriented with equity
based Indian mutual funds schemes.

The sample: The study period of five years i.e. from April 2010 to March 2015 (60 months). The selected
mutual fund scheme is 10 stocks and 4 benchmark index.

Tools for Data collection: The financial data which has been collected from the secondary source of
information from AMFI, SEBI, RBI website, money control, SEBI, Yahoo Finance and CRISIL have been
done as per the requirement of the study.

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 Fund name Option Code Benchmark index code
Franklin India High Growth Cos fund Growth F Nifty 500 B
HDFC Capital Builder Fund Growth F Nifty 500 B
Tata Ethical fund Growth F Nifty 500
DSP Blackrock Focus 25 fund Growth BSE 200
L&T Equity fund Growth F BSE 200
Birla Sun Life Equity fund Growth F BSE 200
Quantum long term equity growth fund Growth BSE SENSEX
LIC Nomura MF Equity Growth fund Growth BSE SENSEX
Templeton India Growth fund Growth BSE SENSEX
UTI MNC fund Growth F Nifty MNC
Table 1: Mutual fund schemes and benchmark index

The study based on secondary data and net asset value (NAV) data was taken as monthly of the selected
mutual funds and also the benchmark market indices are taken from the official websites mutual funds,
National stock exchange (www.nseindia.com) and (in.finance.yahoo.com),Bombay stock exchange
(www.bseindia.com).

Techniques applied

Return

Return can be claimed as reward that is expected for any investment, the average probability of return
of distribution return is the expected return of that portfolio. The return generated from and a wide
source of income or capital gain realized while holding the asset. It is the monetary return by a holder
that is experienced on a daily or a long term to assess the investments, dividends and capital
appreciation are main source of returns (Investopedia, 2016).

Standard deviation

Standard deviation is measure the historical volatility and is used by investors as a gauge for the amount
of expected volatility. If higher the standard deviation the higher the risk of that stock and vice versa.
(Frank Reilly, Keith Brown)

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Beta

Beta is a measure of an investment's relative volatility. If the beta is less than one indicates means that
the portfolio are less volatile or less risk than wider market. If more than one indicates means that more
volatile. It is an important component of the (CAMP) Capital Asset Pricing Model, which attempts to use
volatility and risk to estimate expected returns. (Frank Reilly, Keith Brown)

Sharpe Ratio

The Sharpe ratio is a measure of fund performance and it measures the return as per unit of risk. Thae
variables are return of the fund minus risk free rate and divided by the standard deviation of the funds,
the result is Sharpe ratio. (Sharpe, Alexander, and Bailey)

Sharpe Ratio = (rp rf)

Treynor ratio

The Treynor ratio is a measure of stock performance by using the variables are return of funds minus
risk free rate and divided by beta of the funds is known as Treynor ratio. The major important

in the Treynor ratio. The higher is the Treynor ratios are better is the performance of the fund. (Sharpe,
Alexander, and Bailey)

Treynor Ratio = (rp rf)

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Jensen Alpha

The Jensen's measure is a risk-adjusted performance measure which is depends on the return of the
fund and CAMP. The result of Jensen alpha measure the positive value shows that superior fund
selection and if negative value shows that not good fund selection. (Sharpe, Alexander, and Bailey)

Fama measures

Fama measure by changing systematic and unique risk a portfolio can be reshuffled to get the desired
return. Fp is positive value that indicates the earned returns of fund higher than the expected returns
and deception above CML and a negative value indicates that the fund earned return less than expected
returns and lies below CML.

Rf)

Compensation for inadequate diversification (Rm -

Net superior returns due to selectivity Fp = (Rp Rf)- Rf)}

Regression analysis

Regression is a statistical measure that attempts to determine the strength of the relationship between
dependent variable (usually denoted by Y) and a series of other changing variables (known as
independent variables). This analysis to use the testing of hypothesis (ANOVO) and know the
relationship of variables.

Table No 2: Key Features of the selected Growth Scheme

P/E-Profit earnings ratio, P/B-Price to book ratio

Scheme Asset Size Minimum Investment objective Crisil NAV NAV P/E P/B
name Investmen Rank on on
t April March
2010 2015
Franklin Rs Rs.5000 An open-end diversified 2 12.43 29.81 15.93 1.91

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India High 3522.78cr equity fund that seeks to
Growth (Avg AUM achieve capital
Cos fund for qtr Oct- appreciation through
Dec 2015) investments in different
sectors.
HDFC Rs 941.53cr Rs.5000 To achieve capital 2 99 199.5 16.47 2.05
Capital (Avg AUM appreciation in the long
Builder for qtr Oct- term
Fund Dec 2015)
Tata Rs 361.19cr Rs.5000 To provide medium to long 2 61.82 131.3 27.48 4.16
Ethical (Avg AUM term capital gains by
fund for qtr Oct- investing in Shariah
Dec 2015) compliant equity related
instruments.
DSP Rs 827.63cr Rs. 5000 the Scheme is to generate 3 9.74 17.73 22.55 3.33
Blackrock (Avg AUM long-term capital growth
Focus 25 for qtr Oct- from a portfolio of equity
fund Dec 2015) and equity-related
securities including equity
derivatives.
L&T Equity Rs Rs. 5000 The scheme aims to follow 3 31.78 63.38 19.49 2.54
fund 2502.18cr bottom up stock picking,
(Avg AUM without any bias for sectors
for qtr Oct- or market capitalizations.
Dec 2015)
Birla Sun Rs Rs. 5000 An open-ended growth 3 259.9 487.3 18.39 2.11
Life Equity 2105.15cr scheme of long term
fund (Avg AUM growth of capital, through
for qtr Oct- a portfolio with a target
Dec 2015) allocation of 90% equity
and 10% debt and money
market securities.
Quantum Rs 442.77cr Rs. 5000 To achieve long-term 3 19.6 36.43 14.91 1.97
long term (Avg AUM capital appreciation by
equity for qtr Oct- investing primarily in
growth Dec 2015) shares of companies that
fund will typically be included in
the BSE 200 Index.
LIC Rs 267.35cr Rs. 2000 An open ended pure 5 25.17 41.01 16.25 1.80
Nomura (Avg AUM growth scheme seeking to
MF Equity for qtr Oct- provide capital growth by
Growth Dec 2015) investing mainly in mix of
fund equity instruments.

8
Templeto Rs 487.90cr Rs. 5000 An open-end growth 4 115.2 184.3 12.57 1.48
n India (Avg AUM scheme with the objective
Growth for qtr Oct- to provide long-term
fund Dec 2015) capital growth to its unit
holders.
UTI MNC Rs Rs. 5000 The funds collected under 1 51.81 150.8 35.37 5.23
fund 1596.29cr the scheme shall be
(Avg AUM invested predominantly in
for qtr Oct- stocks of multinational
Dec 2015) corporations and other
liquid stocks.
Source: www.mutualfundsindia.com

Key features of Benchmark Index

The CNX 500 Index represents the free float market capitalization of the stocks listed on NSE as on
March 31, 2015 about 95.77%.The last six months ending March 2015, total traded value of all Index
constituents is around 91.97% of all stocks on NSE. (www.nseindia.com)

The S&P CNX 500 is the Indian stock market was -based stock market index and CNX
500 represents total market capitalization is about96% and the total turnover about 93% on the
National Stock Exchange of India (NSE). The 72 industry indices disaggregated by the S&P CNX 500
companies, the S&P CNX Industry Indices.(www.nseindia.com)

The S&P BSE SENSEX (S&P Bombay Stock Exchange Sensitive Index), called the BSE 30 or simply
the SENSEX, It 30 well established and sound financial companies and free-float market-weighted stock
market index on Bombay Stock Exchange. The 30 financial sound component which are the
most actively and largest traded stocks in market is representative of different industrial sectors of the
Indian economy. The market capitalization of S&P BSE SENSEX was about 47.68% of market
capitalization of BSE, while its free-float market capitalization was 15690 billion (US$233 billion).
(en.wikipedia.org)

The Nifty MNC Index represents the free float market capitalization of the stocks about 6.26% listed on
the NSE as on March 31, 2015.The last six months ending March 2015 of traded value for the all index
constituents is around 4.18% of all stocks on NSE. (www.nseindia.com)

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 Table No 3: Trend analysis for Annual Average NAV of the schemes

G Growth option (% = % growth over the previous year NAV)

Year 2010-2011 2011-2012 2012-2013 2013-2014 2014-2015

Scheme Name G % G % G % G % G %
Franklin India High
Growth Cos fund 12.79 11.84 -6.71 13.51 12.1 14.78 12.7 25.14 69.5
HDFC Capital 109.2 103.59 -4.46 110.1 7.02 120.2 9.20 182.54 51.9
Builder Fund
Tata Ethical fund 64.75 63.56 -1.35 68.69 8.45 79.50 15.8 113.39 42.2

DSP Blackrock 10.52 9.96 -4.89 9.90 0.13 10.34 4.76 15.30 47.7
Focus 25 fund
L&T Equity fund 35.04 33.80 -2.93 35.33 5.04 37.74 6.99 56.02 48.2
Birla Sun Life Equity 268.0 235.90 -11.43 250.6 7.20 272.7 8.98 435.48 59.8
fund
Quantum long term 21.80 21.28 -1.62 23.50 10.9 25.80 9.89 36.36 41.3
equity growth fund
LIC Nomura MF 26.68 24.33 -8.24 25.49 5.57 27.06 6.34 38.27 41.6
Equity Growth fund
Templeton India 120.1 108.59 -8.92 114.0 6.10 118.3 3.99 172.21 46.1
Growth fund 1
UTI MNC fund 56.48 61.63 9.53 69.16 12.5 76.38 10.4 121.20 58.1
Source: www.moneycontrol.com

The values of average annual NAV and its growth percentage for the study period starting from 1st April
2010 to 31st March 2015 of the selected Equity diversified growth schemes. The highest growth
recorded by UTI MNC fund in the year 2011-12 and in terms percentage highest growth recorded by UTI
MNC fund is 12.5%and Franklin India High Growth Cos fund is 12.1% in the year 2012-13 and least
growth recorded by DSP Blackrock Focus 25 fund is 0.13% and LIC Nomura MF Equity Growth fund is
5.57%. In the year of 2013-14 highest growth recorded by Tata Ethical fund is 15.8% and Franklin India
High Growth Cos fund is 12.7% again increase growth rate and in 2014-15 highest growth was Franklin
India High Growth Cos fund is 69.5% it take First place of selected mutual fund schemes and UTI MNC
fund is 59.1% good growing in the market and 2014-15 all selected schemes are better in term of NAV
and percentage growth.

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 Risk and Return analysis of mutual funds scheme and benchmark index

Table 4: Risk and Return analysis

Fund Rp Rm R²
F 0.1958 0.6315 0.1115 0.6060 0.968 0.007 0.905
F 0.1567 0.5457 0.1115 0.6060 0.926 0.501 1.068
F 0.1630 0.4352 0.1115 0.5980 0.962 0.794 1.152
F 0.1440 0.5689 0.1100 0.6001 0.962 0.397 0.974
F 0.1570 0.5469 0.1100 0.6001 0.978 0.490 1.074
F 0.1480 0.6337 0.1100 0.6001 0.988 0.304 0.909
F 0.1530 0.5333 0.1073 0.5781 0.852 0.005 0.852
F 0.1148 0.5992 0.1073 0.5781 0.952 0.005 1.011
F 0.1135 0.6564 0.1073 0.5781 0.836 0.002 1.044
F 0.2337 0.5244 0.1604 0.5795 0.987 0.899 0.957
Average 0.1579 0.5675 0.1147 0.5924 0.941 0.454 0.994

0.25
0.2
0.15
0.1 Rp

0.05 Rm

Figure No 1: Return and Risk

In terms of Returns of portfolio, UTI MNC scheme has performed extraordinarily well is 0.2337 and
return of market index, BSE SENSEX has excellent performance is 0.6564. The overall performance of
equity diversified scheme better performance in terms of total return.

In terms of risk, the least value of beta is Quantum long term equity growth fund of 0.852 which shows
that market risk and funds volatility are more efficient handling compared to the other funds. Standard
deviation of portfolio which shows the least value is UTI MNC fund of 0.5244, it means less deviation
from average rate of return and safer side. Standard deviation of market which shows the least value is
BSE SENSEX it means less changes in NAV value as compare to other index.

11
In terms of R-Square, R-square of the scheme of any value gives the different result which affected by a
specific factor. The least value of R-square is Quantum long term equity growth fund of 0.852 which
shows that changes in the NAV value of due to fluctuations in benchmark Index. The highest value is
Templeton India Growth fund of 0.987 which shows the changes in NAV value of due to market factor.

In terms of Alpha, All funds of return on investment as compared to market index are positive value so
the selection period of time was better than market.

In terms of beta, the five funds are less volatility in the market means less than one and remaining five
funds are more volatility in the market means more than one.

Hypothesis Testing:

1. Return on mutual funds schemes has significant impact on return on market index.

H0: Return on mutual funds schemes has no significant impact on return on market index
H1: Return on mutual funds schemes has significant impact on return on market index

Regression analysis for stock return and market return to performance analysis of stocks return is taken
as dependent variable and market return (index return) is taken as independent variable.

Interpretation: The results of the one way ANOVA analysis tells us the Return on mutual funds schemes
has significant impact on return on market index at the significance level is 0.05 and confidence interval
of 0.95. All schemes are significant impact on return on market index except one scheme so reject the
null hypothesis and accept the alternative hypothesis.

12
 Table 5: alpha and Fama measure

Fama Measure
Fund
Benchmark Benchmark Jensen (Rm Rf) (Rp Rf)-
Fund index Fund index measure Rf) - Rf)}
F 0.1865 0.0553 0.1301 0.0280 0.0874 0.0303 0.0046 0.0828
F 0.1443 0.0553 0.0737 0.0280 0.0429 0.0358 -0.0056 0.0485
F 0.1954 0.0553 0.0738 0.0330 0.0469 0.0381 -0.0140 0.0610
F 0.1160 0.0534 0.0678 0.0040 0.0348 0.0312 -0.0008 0.0357
F 0.1444 0.0534 0.0735 0.0040 0.0446 0.0344 -0.0052 0.0498
F 0.1105 0.0534 0.0770 0.0040 0.0409 0.0291 0.0047 0.0362
F 0.1405 0.0507 0.0880 0.0293 0.0500 0.0250 0.0021 0.0479
F 0.0614 0.0507 0.0364 0.0293 0.0071 0.0297 0.0007 0.0064
F 0.0541 0.0507 0.0342 0.0293 0.0051 0.0304 0.0028 0.0022
F 0.2968 0.1422 0.1626 0.1131 0.0768 0.0789 -0.0043 0.0811
Average 0.1450 0.0620 0.0817 0.0302 0.0436 0.0369 -0.0015 0.0611

Figure No 2: Sharpe Ratio and Treynor Ratio

Figure No 3: Jensen Alpha measure and Fama Measure

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Hypothesis Testing:

2. Performances of Mutual fund schemes are equivalent to the performance of Benchmark Index

: Performances of Mutual fund schemes are not equivalent to the performance of Benchmark
Index
: Performances of Mutual fund schemes are equivalent to the performance of Benchmark
Index

Interpretation: The result of the T-Test analysis of Sharpe ratio tells us the Performances of Mutual fund
schemes are equivalent to the performance of Benchmark Index at the significance level is 0.05 and
confidence interval of 0.95 so reject the null hypothesis and accept the alternative hypothesis. Treynor
ratio result tells us Performances of Mutual fund schemes are not equivalent to the performance of
Benchmark Index it means reject the alternative hypothesis and accept the null hypothesis.

Table 6: Comparative Analysis of Risk Adjusted Performance

Number of Funds 10
0.1450
Mean 0.0817
0.0436
Funds with Sharpe ratio>Benchmark Sharpe Ratio 10
Funds with Treynor ratio>Benchmark Treynor Ratio 10
0.0704
Standard Deviation of Funds Treynor Ratio 0.0389
0.0258
ANOVA =Funds Sharpe Ratio =Funds Sharpe Ratio Sign (0.000)

ANOVO =Funds Treynor Ratio =Funds Treynor Sign (0.011)

Ratio
0.779
0.389

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Conclusion:

In this paper we did a regression analysis of equity diversified mutual funds in India and analyzed their
performance with respect to benchmark indexes. The study conducted a comparative study of
performance in equity mutual fund schemes and benchmark indexes over the five economic periods.
The mutual funds returns are closely affected behavior from the market factor. The result of correlation
between mutual funds and benchmark index returns are significantly high. These funds are also
observed to have high R2 values (Coefficient of Determination) indicating the better diversification of
the fund portfolio. The beta coefficient in most of the sample schemes was lower than one indicates
that these mutual funds followed defensive investment policy. The result shows that performance of the
majority of sample mutual fund schemes are outperform the market benchmark indexes in term of
Treynor and Sharpe ratio based on historical monthly returns. The reasons of outperformance of the
funds that fund managers are efficient. They are diversifying the funds in different stocks which are
generating revealed that mutual fund schemes have reported positive
net selectivity indicating superior stock selection of the fund managers. Mutual fund managers also
outperform the Market through their superior security selection and timing.

15
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