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FUND
MANAGEMENT
[Type the abstract of the document here. The abstract is typically a short
summary of the contents of the document. Type the abstract of the
document here. The abstract is typically a short summary of the contents
of the document.]
FUNDMANAGEMENT[ Submitted to
Indiabulls Financial Services
Limited]
[This Report shall cover the analysis of various investment and
source options available. ]
Harsh Kumar Mittal
Indian Institute of Management Lucknow
5/28/2010
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ACKNOWLEDGEMENT
I would like to extend my sincere gratitude to my mentor Mr Anil
Sharma and Supervisor Mr Kuldeep Mittal for their support and
encouragement during this project.
I would like to thank Mr Kailash Mehra and Mr Narayan Sharma
for making my stay at Indiabulls memorable.
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CONTENTS ACKNOWLEDGEMENT ................................................................................................... 2
Contents ....................................................................................................................... 3
List Of Figures................................................................................................................ 5
EXECUTIVE SUMMARY ................................................................................................... 6
Background ................................................................................................................... 7
Financial Strength of the company................................................................................. 8
Income Statement ........................................................................................... 8
Consolidated Balance Sheet ............................................................................. 9
Risks ........................................................................................................................... 11
Funds Costand Sources ............................................................................................... 12
Cost of Funds ................................................................................................. 12
IBFSL Products ............................................................................................................. 13
Managing Funds .......................................................................................................... 14
Mutual Funds .............................................................................................................. 15
Criteria for evaluation of Mutual Funds ....................................................................... 16
Ways to calculate Return ............................................................................................. 17
1. Arithmetic Mean: ................................................................................... 17
2. Geometric Mean: ................................................................................... 17
3. Yield: ...................................................................................................... 17
4. Risk Adjusted Return: ............................................................................. 17
Ways to calculate Risk on funds ................................................................................... 18
1. Standard Deviation: ................................................................................ 18
2. eta: ...................................................................................................... 18
3. R-Squared: ............................................................................................. 18
4. Bond Duration: ....................................................................................... 18
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Ways to calculate Performance of funds ...................................................................... 19
1. Coefficient of variation: .......................................................................... 19
2. Sharpe Ratio: .......................................................................................... 19
3. Treynor ratio: ......................................................................................... 19
Key statistics to be considered to select mutual fund .............. ............... .............. ........ 20
1. Expense Ratio: ........................................................................................ 20
2. Turn Over rate: ....................................................................................... 20
3. Manager tenure: .................................................................................... 20
Mutual Funds Analysis ................................................................................................. 21
SBI Liquid Fund Premiere Growth ................................................................................ 21
Return Analysis .............................................................................................. 23
RISK Analysis.................................................................................................. 24
Funds Performance........................................................................................ 24
Fund Facts ..................................................................................................... 25
SBI Super Inst Growth.................................................................................................. 26
Return Analysis .............................................................................................. 29
RISK Analysis.................................................................................................. 29
Funds Performance........................................................................................ 30
Fund Facts ..................................................................................................... 31
Bibliography ................................................................................................................ 32
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LIST OF FIGURES
Figure 1. Loan Assets ............................................................................................................................................ 10
Figure 2. Loan Book Mix ....................................................................................................................................... 10
Figure 3. NPA for IBFSL ......................................................................................................................................... 11
Figure 4. Assets Quality ........................................................................................................................................ 11
Figure 5 Cost of Funds .......................................................................................................................................... 12
Figure 6 IBFSL Products ........................................................................................................................................ 13
Figure 7 Operational Flow Chart ........................................................................................................................... 15
Figure 8 ROI SBI Premiere ..................................................................................................................................... 23
Figure 9 ROI SBI Super Inst Growth ....................................................................................................................... 28
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EXECUTIVE SUMMARY
Fund Management represents the core of sound financial planning. Proper Fund
Management helps in minimizing the requirement of the working capital and
maximizing the profit of the organization. During my stint with Indiabulls I learned
the various processes followed to evaluate various investment options available
in the market. This Report shall have the comparative study of the mutual funds
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BACKGROUND
Indiabulls Group is one of Indias top Business houses with
businesses spread over Real Estate, Infrastructure, Financial
Services, Securities and Power sectors. The group companies
are listed on important Indian and Overseas markets.
Indiabulls has been conferred the status of a Business
Superbrand by The Brand Council, Superbrands India.
Indiabulls Financial Services is one of Indias leading and
fastest growing private sector financial services companies.
Indiabulls Financial Services is an integrated financial services
powerhouse providing Consumer Finance, Housing Finance,
Commercial Loans, Life Insurance, Asset Management and
Advisory services. The company is focused on providing
multiple financial services through an extensive network of
consumer touch-points covering Tier 1, Tier 2 & Tier 3 cities.
Indiabulls serves more than 500,000 customers acrossdifferent financial products through its branch network, call
centers & the internet. It also ranks among the top private
sector financial services and banking groups in terms of net
worth.
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FINANCIAL STRENGTH OF THE COMPANY
INCOME STATEMENT
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CONSOLIDATED BALANCE SHEET
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FIGURE 1. LOAN ASSETS
Loan Assets have grown 23.41% from Rs. 8,931.9 cr on Mar 31, 2009 to Rs.
11,023.2 cr as of Mar 31, 2010. The Following figure depicts the loan mix break up.
FIGURE 2.LOAN BOOK MIX
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RISKS
FIGURE 3.NPA FOR IBFSL
The Net NPA has reduced substantially in last two quarters.
The Quality of Assets has improved over the period as shown in the figure below the
ratio of NPA to AUM has reduced significantly
FIGURE 4.ASSETS QUAL ITY
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FUNDS COSTAND SOURCES
COST OF FUNDS
The cost of funds for IBFSL has decreased over the period owing to the better credit
ratings given to IBFSL by CRISIL.
CRISIL has also expanded the total borrowing capacity of IBFSL from 9040 Cr to 19540 Cr
FIGURE 5COST OF FUNDS
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IBFSLPRODUCTS
FIGURE 6IBFSLPRODUCTS
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MANAGING FUNDS
Returns from
Mainline Business
Returns From
Mutual Funds
Interests Received /
Loan Received
Disinvestments
FUNDS
Interests Payments Capital
Requirement s for
Mainline Business
Loan Repayment /
Loans Extended
Investment in
Mutual Funds
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MUTUAL FUNDS
Mutual Fund is a trust that pools the savings of a number ofinvestors who share a common financial goal. The money thus
collected is then invested in capital market instruments such as
shares, debentures and other securities.
FIGURE 7OPERATIONAL FLO W CHART
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CRITERIA FOR EVALUATION OF MUTUAL FUNDS
Expense
Ratio and
Turn Over
rate
Risk onMutual
Funds
Risk to
Return
Ratio
Return on
Mutual
Funds
Mutual
Funds
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WAYS TO CALCULATE RETURN
1. ARITHMETIC MEAN :It is average return on the mutual funds over the last period
Arithmetic Mean = ( Return) / n
2. GEOMETRIC MEAN:It is calculated using the basic GP Mean formula
r = [(1 + r1)(1 + r2)(1+ r3) ]1/n - 1
3. YIELD:It is the return on per 100 units of amount invested.
Yield = ( Dividends Paid) / Amount Invested * 100
4. RISK ADJUSTED RETURN:can be calculated by dividing mutual fund returns by standard deviation then
multiplying by a relevant benchmark's standard deviation. This shall give
returns that are relative to the benchmark on a risk-to-return basis.
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WAYS TO CALCULATE PERFORMANCE OF FUNDS
1.COEFFICIENT OF VARIATION:
It is the funds standard deviation divided by its return
CV = Si ri
Si = the standard deviation of the fund
ri = the mean return on fund
2. SHARPE RATIO :It is the measure of excess return per unit of total risk
This can be calculated by dividing the excess return by the standard deviation
of the returns
Sharpe Ratio = (Ri R*) Si
Ri = Return on fund
R* = Risk free return
Si = Standard deviation
3. TREYNOR RATIO:It is the measure of excess return per unit of systematic risk
This can be calculated by dividing the excess return by eta of mutual fund
Treynor Ratio = (Ri R*)
Ri = Return on fund
R* = Risk free return
= Mutual funds eta
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KEY STATISTICS TO BE CONSIDERED TO SELECT
MUTUAL FUND
1. EXPENSE RATIO :It usually include inside management and administrative costs.
Expense ratio of the mutual fund should be compared to the other peer mutual
funds. Mutual Funds which have higher expense ratio can turn out to be a less
profitable than in comparison to mutual funds having
2. TURN OVER RATE:Higher Turn over rate could be detrimental to the NAV and return of the
mutual fund owing to the higher trading costs. One should select the mutual
fund with optimal turn over rate.
3. MANAGER TENURE:If the fund manager is associated with the fund for long time, it shows the sign
of stability of the fund. It is one of the parameter to consider while buying the
mutual fund though its not that strong a point to reject the fund.
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MUTUAL FUNDS ANALYSIS
This Section contains the analysis of some popular mutual funds as Examples
SB
I LIQUID FUND PREMIERE GROWTH
Date
SBI Liquid Fund
Premiere SBI Return S&P Index Index Return
27-03-2010 14.6167 6588.34
28-03-2010 14.6183 0.01094638 6588.34 0
29-03-2010 14.6203 0.01368148 6588.34 0
30-03-2010 14.6223 0.01367961 6538.16 -0.76164861
31-03-2010 14.6243 0.01367774 6521.55 -0.25404701
01-04-2010 14.6264 0.01435966 6572.99 0.788769541
02-04-2010 14.6285 0.0143576 6572.99 0
03-04-2010 14.6305 0.01367194 6572.99 0
04-04-2010 14.6326 0.01435358 6572.99 0
05-04-2010 14.6344 0.0123013 6669.82 1.473149967
06-04-2010 14.6362 0.01229979 6666.78 -0.045578441
07-04-2010 14.6381 0.01298151 6677.56 0.161697251
08-04-2010 14.6402 0.01434612 6590.34 -1.306165725
09-04-2010 14.6417 0.01024576 6661.54 1.080369146
10-04-2010 14.6437 0.01365962 6661.54 0
11-04-2010 14.6457 0.01365775 6661.54 012-04-2010 14.6477 0.01365589 6634.12 -0.411616533
13-04-2010 14.6496 0.01297132 6615.8 -0.276148155
14-04-2010 14.6515 0.01296964 6615.8 0
15-04-2010 14.6534 0.01296796 6554.45 -0.927325494
16-04-2010 14.6553 0.01296627 6540.82 -0.207950324
17-04-2010 14.6573 0.01364694 6540.82 0
18-04-2010 14.6592 0.01296282 6540.82 0
19-04-2010 14.6611 0.01296114 6467.49 -1.121113255
20-04-2010 14.6629 0.01227739 6500.38 0.5085435
21-04-2010 14.6647 0.01227588 6518.8 0.28336804922-04-2010 14.6666 0.01295628 6549.19 0.466190096
23-04-2010 14.6684 0.01227278 6592.4 0.659776247
24-04-2010 14.6706 0.01499823 6592.4 0
25-04-2010 14.6745 0.02658378 6592.4 0
26-04-2010 14.6763 0.01226618 6615.25 0.346611249
27-04-2010 14.6781 0.01226467 6597.71 -0.26514493
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Date
SBI Liquid Fund
Premiere SBI Return S&P Index Index Return
28-04-2010 14.6799 0.01226317 6482.27 -1.749698001
29-04-2010 14.6817 0.01226166 6530.38 0.7421782830-04-2010 14.6835 0.01226016 6559.98 0.453266119
01-05-2010 14.6874 0.02656042 6559.98 0
02-05-2010 14.6892 0.0122554 6559.98 0
03-05-2010 14.691 0.0122539 6491.43 -1.044972698
04-05-2010 14.6929 0.01293309 6399.12 -1.422028736
05-05-2010 14.6947 0.01225082 6369.8 -0.458188001
06-05-2010 14.6966 0.01292983 6327.5 -0.664071085
07-05-2010 14.6985 0.01292816 6237 -1.430264718
08-05-2010 14.7005 0.01360683 6237 0
09-05-2010 14.7025 0.01360498 6237 0
10-05-2010 14.7043 0.01224282 6459.39 3.565656566
11-05-2010 14.7061 0.01224132 6387.96 -1.105831975
12-05-2010 14.708 0.01291981 6413.47 0.399345018
13-05-2010 14.7098 0.01223824 6441.15 0.431591634
14-05-2010 14.7116 0.01223674 6334.91 -1.649394906
15-05-2010 14.7135 0.01291498 6334.91 0
16-05-2010 14.7153 0.01223366 6334.91 0
17-05-2010 14.7171 0.01223217 6293.1 -0.659993591
18-05-2010 14.719 0.01291015 6300.98 0.125216507
19-05-2010 14.721 0.01358788 6119.53 -2.879710775
20-05-2010 14.723 0.01358603 6155.32 0.584848836
21-05-2010 14.7251 0.0142634 6134.86 -0.332395391
22-05-2010 14.727 0.01290314 6134.86 0
23-05-2010 14.7288 0.01222245 6134.86 0
24-05-2010 14.7306 0.01222095 6150.77 0.259337621
25-05-2010 14.7324 0.01221946 5980.08 -2.775099703
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FIGURE 8RO ISB IPREM IER E
RETURN ANALYSIS
AVERAGE RETURN (ARITHMET I C METHOD)
(SBI PREM IER E) 0.01336438
(S&P INDEX) = -0.159635126
Conclusion: The Average Return on SBI Premiere is much higher than the corresponding S&P Index
Recommendation: Recommended
AVERAGE RETURN (GEOMETRIC MEAN METHOD)
(SBI PREM IER E) 0.013364349
(S&P INDEX) = -0.1640475
Conclusion: The Average Return on SBI Premiere is much higher than the corresponding S&P Index
Recommendation: Recommended
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R I SKAD JU STED RETURN
(SBI PREM IER E) 0.00365
Conclusion: The risk adjusted return of SBI Premiere is good enough to be invested in
Recommendation: Recommended
RISK ANALYSIS
STANDARD DEV IAT ION
(SBI PREM IER E) 0.000342994
Conclusion: The standard deviation of SBI Premiere is low, Hence the risk associated is low
Recommendation: Recommended
R-SQUARED VALUE
(SBI PREM IER E) 0.696152507
Conclusion: The R-Squared Value of SBI Premiere with respect to S&P is low. It could be risky to gauge SBI
Premieres performance on the basis S&P index
FUNDS PERFORMANCE
COEFF I C IENT OF VARIAT ION
(SBI PREM I ERE ) 0.025664772
Conclusion: The Coefficient of Variation is very low, Hence better and consistent funds performance
Recommendation: Recommended
SHARPE S RATIO
(SBI PREM I ERE ) 1.49507
Conclusion: Sharpes ratio indicates good performance by SBI Premiere Plan
Note: The risk free return is assumed to be 3.5% per annum
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FUND FACTS
Fund Manager Parijat Agrawal
Expense ratio(%) 0.28
Portfolio Turnover
Ratio(%)
NA
Type of Scheme Open Ended
Nature Short Term Debt
Option Growth
Inception Date Nov 24, 2003
Face Value (Rs/Unit) 10
Fund Size in Rs. Cr. 1557.93 as on Apr 30, 2010
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SBI SUPER INST GROWTH
Date
SBI Super
Inst Growth SBI Return S&P Index Index Return
27-03-2010 14.4584 6588.34
28-03-2010 14.46 0.011066231 6588.340
29-03-2010 14.4621 0.014522822 6588.340
30-03-2010 14.464 0.013137788 6538.16-0.76164861
31-03-2010 14.4661 0.014518805 6521.55-0.25404701
01-04-2010 14.4682 0.014516698 6572.990.788769541
02-04-2010 14.4702 0.01382342 6572.990
03-04-2010 14.4723 0.014512584 6572.990
04-04-2010 14.4743 0.013819503 6572.990
05-04-2010 14.4761 0.012435835 6669.821.473149967
06-04-2010 14.4779 0.012434288 6666.78-0.045578441
07-04-2010 14.4798 0.01312345 6677.56
0.161697251
08-04-2010 14.4818 0.013812345 6590.34-1.306165725
09-04-2010 14.4834 0.01104835 6661.541.080369146
10-04-2010 14.4853 0.013118467 6661.540
11-04-2010 14.4873 0.013807101 6661.540
12-04-2010 14.4893 0.013805195 6634.12-0.411616533
13-04-2010 14.4912 0.013113125 6615.8-0.276148155
14-04-2010 14.493 0.012421332 6615.80
15-04-2010 14.495 0.013799765 6554.45-0.927325494
16-04-2010 14.4969 0.013107968 6540.82-0.207950324
17-04-2010 14.4988 0.01310625 6540.820
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18-04-2010 14.5008 0.013794245 6540.820
19-04-2010 14.5026 0.012413108 6467.49-1.121113255
20-04-2010 14.5045 0.013101099 6500.380.5085435
21-04-2010 14.5063 0.012409942 6518.80.283368049
22-04-2010 14.5081 0.012408402 6549.190.466190096
23-04-2010 14.51 0.013096133 6592.40.659776247
24-04-2010 14.5121 0.014472777 6592.40
25-04-2010 14.5121 0 6592.40
26-04-2010 14.516 0.026874126 6615.250.346611249
27-04-2010 14.5178 0.01240011 6597.71 -0.26514493
28-04-2010 14.5195 0.011709763 6482.27-1.749698001
29-04-2010 14.5213 0.012397121 6530.380.74217828
30-04-2010 14.5231 0.012395584 6559.980.453266119
01-05-2010 14.525 0.013082606 6559.980
02-05-2010 14.525 0 6559.980
03-05-2010 14.529 0.027538726 6491.43
-1.044972698
04-05-2010 14.5308 0.012389015 6399.12-1.422028736
05-05-2010 14.5326 0.01238748 6369.8-0.458188001
06-05-2010 14.5345 0.013074054 6327.5-0.664071085
07-05-2010 14.5363 0.012384327 6237-1.430264718
08-05-2010 14.5382 0.013070726 62370
09-05-2010 14.5401 0.013069018 6237
0
10-05-2010 14.542 0.01306731 6459.393.565656566
11-05-2010 14.5439 0.013065603 6387.96-1.10583197
12-05-2010 14.5458 0.013063896 6413.470.399345018
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13-05-2010 14.5476 0.012374706 6441.150.431591634
14-05-2010 14.5494 0.012373175 6334.91-1.649394906
15-05-2010 14.5512 0.012371644 6334.910
16-05-2010 14.553 0.012370114 6334.910
17-05-2010 14.5549 0.013055727 6293.1-0.659993591
18-05-2010 14.5566 0.011679915 6300.980.125216507
19-05-2010 14.5584 0.012365525 6119.53-2.879710775
20-05-2010 14.5603 0.013050885 6155.320.584848836
21-05-2010 14.5623 0.013735981 6134.86-0.332395391
22-05-2010 14.5643 0.013734094 6134.86 0
23-05-2010 14.5663 0.013732208 6134.860
24-05-2010 14.5682 0.013043807 6150.770.259337621
25-05-2010 14.57 0.012355679 5980.08-2.775099703
FIGURE 9RO I SB ISUPER INST GROWTH
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RETURN ANALYSIS
AVERAGE RETURN (ARITHMET I C METHOD)
(SBI SUPER INST GROWTH) 0.013033
(S&P INDEX) -0.159635126
Conclusion: The Average Return on SBI Super Inst Growth is much higher than the corresponding S&P Index
Recommendation: Recommended
AVERAGE RETURN (GEOMETRIC MEAN METHOD)
(SBI SUPER INST GROWTH) 0.01303
(S&P INDEX) -0.1640475
Conclusion: The Average Return on SBI Super Inst growth is much higher than the corresponding S&P Index
Recommendation: Recommended
RISK ANALYSIS
STANDARD DEV IAT ION
0.02
Conclusion: The standard deviation is low, Hence the risk associated is low
Recommendation: Recommended
ETA
0.03
Conclusion: The low eta suggests that this fund is less risky.
Recommendation: Recommended
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FUNDS PERFORMANCE
SORT INO RAT IO
2.73
Conclusion: The Sortino Ratio is 2.73, which is high when compared to other funds with similar portfolio .
Recommendation: Recommended
SHARPE S RATIO
1.96
Conclusion: Sharpes ratio indicates good performance by SBI Super Inst Growth
Recommendation: Recommended
TREYNOR S RATIO
-1.40
Conclusion: The Negative value of Treynors ratio indicates that return is more than the expected.
Note: The risk free return is assumed to be 3.5% per annum
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FUND FACTS
Fund Manager Parijat Agrawal
Expense ratio(%) 0.28
Portfolio Turn
overRatio(%)
NA
Type of Scheme Open Ended
Nature Short Term Debt
Option Growth
Inception Date Mar 22, 2007
Face Value (Rs/Unit) 10
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BIBLIOGRAPHY
(2010, May 25). Retrieved from wikipedia: http://en.wikipedia.org/wiki/
(2010, May 25). Retrieved from Mutual funds India: http://www.mutualfundsindia.com/
Hull, J. (2009). Options, futures and Other Derviatives , 7th Edition. Newyork : Prentice
Hall.
Indiabulls. (2010, May 26). Indiabulls Financial Services Limited. Retrieved from
Indiabulls Group: www.indiabulls.com/financial
Kahn, R. G. (1999).Active Portfolio Management: A Quantitative Approach for producing
superior Returns and Controlling Risks. McGraw-Hill.
SBI. (2010, May 25). Retrieved from SBI Mutual Fund: http://www.sbimf.com/
Schweser. (2010). Scheweser Notes for CFA and FRM. Kaplan.
Recommended