Evaluation of Mutual Fund (Mahendra & Jignesh G.)

8/2/2019 Evaluation of Mutual Fund (Mahendra & Jignesh G.)

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AResearch PaperOn

Performance Evaluation Of Open endedScheme

Of MUTUAl FUND

Author Profile:

Mahendra Prajapati

Jignesh G. Prajapati

S.K School of Business Management, Patan.


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PERFORMANCE EVALUATION OF OPEN ENDED SCHEMES

OF MUTUAL FUNDS

Introduction

Household savings play an important role in domestic capital formation. Only a small part of household savings

in India is channelized to the capital market. Attracting more household savings to the capital market requires

efficient intermediation. Mutual funds have emerged as one of the important class of financial intermediaries

which cater to the needs ofretail investors. Mutual funds have become an important vehicle for mobilization of

savingsparticularly from the household sector.

Mutual funds are one of the most favoured investment routes for the small and medium investors across the

world. Ideally, Mutual funds provide opportunities for small investors toparticipate in the capital market without

assuming a very high degree of risk. An importantprinciple of investment in capital market is that do not put all

the eggs in one basket i.e.diversification. A small investor is not able to have a diversified portfolio mainly due

to paucityof resources. However, a mutual fund pools together the savings of such small investors and invests

the same in the capital market and passes the benefits to the investors. Thus, investors can indirectly participatein the capital market by subscribing to the units of mutual funds. Mutual funds employ professional fund

managers to manage the investment activities. Therefore, investors also get benefits of professional expertise of

1. To examine the funds sensitivity to the market fluctuation in the terms of Beta.

2. To appraise the performance of mutual funds with regard to risk-return adjustment, the model suggested bySharp, Treynore and Jensen.

OBJECTIVES OF THE STUDY:

BENCHMARK INDEX

BSE 100 And BSE Sensex


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Risk free rate of return refers to that minimum return on investment that has no risk of

losing the investment over which it is earned. For the present study, it has been marked as 6%

(.06) per annum or 0.005 per month.

RISK FREE RATE

For the purpose of performance evaluation, those schemes have been selected which are

in operation since last 10 years. These schemes relate to five mutual funds namely LIC, HDFC,

ICICI, Reliance and Birla Sun Life. Only open ended schemes have been considered for this

purpose. Performance evaluation of all the schemes operated by selected mutual funds was not

possible because of non availability of sufficient data. Table 5.1 depicts the list of sample

scheme selected for study, these schemes relate to five mutual funds namely LIC Mutual Fund,

HDFC Mutual Fund, ICICI Mutual Fund, Reliance Mutual Fund and Birla Sun Life Mutual

Fund. Only open ended schemes have been considered for this purpose. Out of 20 schemes 13

schemes are equity schemes 4 are debt schemes and remaining 3 are balanced schemes.

LIMITATIONS OF THE STUDY

PERIOD OF STUDY

The growth oriented schemes, which have been floated by the selected funds during the

period Jan. 2000 to Dec. 2011, have been considered for the purpose of the study. Monthly Net

Asset Value (NAV) as declared by the relevant mutual funds from the Jan. 1st 2000 of a

particular scheme to 31st Dec. 2011 has been used for the purpose.

DATA

This study examines 20 open-ended schemes being launched by selected five mutual

funds namely LIC, HDFC, ICICI, Reliance and Birla Sun Life. These schemes have been

selected on the basis of regular data availability during the period of Jan. 2000 to Dec. 2011.

Monthly Net Asset Value (NAV) data has been used and the period of the data considered is

from the date 1st Jan. 2000 of the scheme or from the date of availability till Dec. 31, 2011.


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TABLE 5.1

LIST OF MUTUAL FUNDS SCHEMES STUDIED

Name of the Scheme

Equity Scheme

Birla Sun Life Buy India Fund

Birla Sun Life Equity Fund Growth

Birla Sun Life India Opportunities Fund

Birla Sun Life MNC Fund

HDFC Top 200 Growth

ICICI Prudential FMCG Growth

ICICI Prudential Growth Plan

ICICI Prudential Tax Plan Growth

LIC Equity Fund Growth

LIC Growth Fund Growth

LIC Tax Plan Growth

Reliance Growth Fund

Reliance Vision Growth

Debt Scheme

Birla Sun Life Income Fund

Birla Sun Life Income Plus Growth

Birla Sun Life Monthly Income Plus

ICICI Prudential Income Fund Growth

Balanced Schemes

Birla Sun Life 95 Growth 10/02/1995

03/03/1997

21/10/1995

14/07/1999

09/07/1998

Date of Launch

15/01/2000

27/08/1998

27/12/1999

22/04/1994

11/09/1996

31/03/1999

09/07/1998

19/08/1999

15/02/1999

03/02/1999

03/02/1999

08/10/1995

08/10/1995


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Birla Sun Life Freedom Fund Growth

ICICI Prudential Balance Growth

22/10/1999

03/11/1999

Different scheme launch in different dates therefore, for the purpose performance

evaluation the period covers Jan, 2000 to Dec. 2011. The parameters like average return,

standard deviation, coefficient of determination, Beta, Sharpe ratio, Treynor ratio, Jensons

measures, etc. has been calculated separately for all the schemes.

TABLE 5.2

AVERAGE RETURN EARNED BY THE SCHEMES

Name of the Scheme

Equity Scheme





HDFC Top 200 Growth






LIC Tax Plan Growth



Debt Scheme

0.014665

0.019982

0.010991

0.016069

0.019883

0.014816

0.015230

0.020373

0.011283

0.011397

0.008421

0.024002

0.025032

Return


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Balanced Schemes

Birla Sun Life 95 Growth



0.007495

0.007665

0.008938

0.007817

0.015434

0.009223

0.011527

Table 5.2 shows the average return earned by the various schemes. For calculation of

average return earned by the schemes Growth in the value for each month over the previous

month has been divided by the value of the previous month. Then the average of the full series

has been taken. In equity schemes Reliance vision growth 0.025032, Reliance growth fund

0.024002, ICICI prudential tax plan growth 0.20373, Birla Sun Life equity fund Growth

0.019982 and HDFC top 200 Growth 0.019883 are the higher return earners as against BSE 100

return (0.017370), LIC tax plan growth, with 0.008421 has shown the worst performance as

against BSE 100 return of 0.017370. It could be seen here that 8 out of 13 the equity schemes has

underperform the market. In debt scheme, Birla Sun Life Income Fund 0.007495, Birla Sun LifeIncome Plus Growth 0.007665, Birla Sun Life Monthly Income Plus 0.008938, ICICI Prudential

Income Fund Growth 0.007817. Debts schemes are registered underperform against the BSE 100

index. In Balanced Schemes, Birla Sun Life 95 growth 0.0154, Birla Sun Life freedom fund

growth 0.092 and ICICI Prudential balanced growth 0.0115 has underperformed the BSE 100

return 0.017370. Out of the total of 20 schemes studied, 5 schemes showed average return higher

than that of BSE 100 average return out of which 5 are equity schemes.

Table 5.3 shows the standard deviation of selected schemes. it is the most common

expression to measure risk of the fund return. Higher the value of standard deviation of the fund

returns, greater will be the total risk carried by the fund. It is observed that the maximum

deviation of funds return is shown by ICICI Prudential tax Plan growth 0.101619 followed by

Reliance Vision Growth 0.101581, Birla Sun Life India Opportunity Fund 0.101142, Birla Sun

Life Equity Fund Growth 0.094323, Birla Sun Life MNC Fund 0.092142. Birla Sun Life

Monthly Income plus was least risky scheme with lowest standard deviation 0.017068. Standard

Deviation of benchmark BSE 100 index is 0.120745.


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TABLE 5.3

STANDARD DEVIATION

Name of the Scheme

Equity Scheme





HDFC Top 200 Growth






LIC Tax Plan Growth



Debt Scheme





Balanced Schemes

Birla Sun Life 95 Growth 0.069698

0.017836

0.018286

0.017068

0.020414

Standard Deviation

0.078953

0.094323

0.101142

0.092142

0.085865

0.072029

0.083047

0.101619

0.090185

0.090832

0.090893

0.090922

0.101581


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0.060821

0.062286

All the schemes selected for study less standard deviation then BSE 100 Index. It meansall the schemes are less risky than benchmark index, but equity schemes are more risky then

balance scheme and Debt schemes because in the case of equity schemes shows higher standard

deviation in comparison to balance schemes and debt schemes.

Categorizations of Schemes Table 5.3 (a) presents the risk return grid of Mutual Funds.

After classification of the sample schemes in to risk return category 15 schemes falls in

category 1st i.e. Low Return Low Risk. Out of 15 schemes 8 are equity schemes, 4 are Debt

schemes and remaining 3 are balanced schemes.

Further five schemes fall in 2nd category i.e. High return and low risk. These five schemesare Reliance growth fund, Reliance Vision Growth, ICICI Prudential tax plan growth, Birla Sun

Life Equity Fund Growth and HDFC Top 200 Growth.

No schemes fall in 3rd category i.e. High Return and High Risk and 4th category i.e. Low Return

and High Risk because all the schemes have lower standard deviation then benchmark BSE 100

index.

TABLE 5.3 (A)

RISK RETURN GRID OF MUTUAL FUNDS SCHEMES

Category 1

LIC Tax Plan Growth









Category 2

Reliance Growth fund


ICICI Prudential tax plan growth


HDFC Top 200 Growth


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Birla Sun Life Monthly income Plus

Category 3

No sample scheme

Category 4

No sample scheme

TABLE 5.4

CO-EFFICIENT OF DETERMINATION (R2)

Name of the Scheme

Equity Scheme





HDFC Top 200 Growth






LIC Tax Plan Growth

0.4039

0.4907

0.4147

0.2571

0.4765

0.2885

0.5184

0.4488

0.5092

0.4091

0.4186

R2


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Debt Scheme





Balanced Schemes




0.4365

0.3306

0.0092

0.0148

0.3576

0.0023

0.5140

0.4022

0.4791

Table 5.4 shows that Coefficient of determination (R2), the coefficient measure to extentto which market index has been

able to explain the variation in mutual fund. The table 5.4remains that in the equity schemes the maximum and minimum

values of (R2) where found incase of ICICI prudential growth plan (0.5184) and Birla Sun Life MNC fund (0.2571)

respectively. The low value of (R2) indicates less diversification of the portfolio. High Value of(R2) in case of ICICI

prudential growth plan shows high diversification of the portfolio that canbe easily contains the market variability. Thus it

could be seem that the schemes like LIC equityfund growth (0.5092), Birla Sun Life Equity fund growth (0.4907), HDFC

top 200 growth(0.4765), ICICI prudential tax plan growth (0.4488) and Reliance growth fund (0.4365) havereasonably

exploited the diversification strategy for performing their portfolios. However forother schemes the lower value of (R2)

indicates that the market does not explain substantial partof variation in the return of a particular scheme. This suggests that

the portfolio of the scheme isinadequately diversified in debt scheme.

In debt scheme generally a low (R2) value for majority of the scheme that portfolio of isscheme is generally confined to

investment in shares of particular type of companies only. Forthe, in Balanced Schemes a high (R2) value of the schemes

show that the portfolio of theseschemes is adequately diversified.

Table 5.5 presents the systematic risk of 20 schemes. Considered for the purpose of thisstudy in all the scheme have beta

less than 1 (i.e. market beta) implying thereby that theseschemes tended to hold portfolios that were less risky than the

market portfolio. It was observedthat highest beta in the case of ICICI prudential tax plan growth 0.589844 followed by

Birla SunLife Equity Fund Growth 0.57253, Birla Sun Life India Opportunity Fund 0.54895, LIC Equity


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Fund Growth 0.53301, Reliance Growth Fund 0.52993, and lowest beta in the case of Birla SunLife income plus growth

0.02204.

TABLE 5.5

BETA

Name of the Scheme

Equity Scheme





HDFC Top 200 Growth






LIC Tax Plan Growth



Debt Scheme





0.17482

0.02204

0.09035

0.12054

0.42993

0.57253

0.54895

0.40532

0.49090

0.33660

0.51217

0.58984

0.53301

0.48114

0.49201

0.52993

0.51795

Beta ()


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Balanced Schemes




0.43115

0.32581

0.36749

TABLE 5.6

SHARPE OF THE SCHEMES

Name of the Scheme

Equity Scheme





HDFC Top 200 Growth






LIC Tax Plan Growth



Debt Scheme

Birla Sun Life Income Fund 0.139881

0.122417

0.158833

0.059232

0.120131

0.173323

0.136275

0.123182

0.151283

0.069671

0.070432

0.037636

0.208988

0.197199

Sharpe


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Balanced Schemes




0.145737

0.230694

0.137973

0.149705

0.069438

0.104787

Table 5.6 depicts value of Sharpes reward to variability ratio. It is an excess returnearned over risk free return per unit of risk

involved, i.e. per unit of standard deviation. Positivevalue of the index shows good performance it could be seen that 15 out

of 20 schemes haverecorded better Sharpe index than the BSE National Index. This indicates 75 percent schemeshave

outperformed the BSE national index. Five schemes namely LIC Growth Fund Growth0.070432, LIC Equity Fund Growth

0.069671, Birla Sun Life Freedom Fund Growth 0.069438,Birla Sun Life India Opportunity Fund 0.059232 and LIC Tax Pla

Growth 0.037636 are lessthan BSE 100 national index Sharpe ratio i.e. 0.10245, the top five performers are Birla Sun Life

Monthly Income Plus, Reliance growth fund, Reliance Vision Growth, HDFC Top 200 growth,Birla Sun Life Equity Fund

Growth. This implies that the funds decision for diversified portfolioin a falling market has proved successful in earning

higher excess returns per unit of risk ascompared to the market. The Sharpe index is important from small investor point of

view whoseek diversification through mutual funds, i.e. mutual funds are supposed to protect smallinvestors against vagarie

of stock markets and the fund managers of these schemes has donewell to protect them.

Table 5.7 shows Treynor of the scheme it is the excess return over risk free return per

unit of systematic risk i.e. beta. Here, too, all the schemes recorded positive value indicating

there by that the schemes provided adequate returns as against the level of risk involved in the

investment. Analysis of table 5.7 reveals that all the mutual funds schemes have positive values.

In terms of Treynors ratio, the top five performers are ICICI prudential Income Fund Growth

0.23666, ICICI prudential balance Growth 0.177599, Birla Sun Life Income Fund 0.142715,

Birla Sun Life Income Plus Growth 0.120927, Birla Sun Life Monthly Income Plus 0.043573 A

higher Treynor Index as compared to market indicates that investor who invested in mutual fund

to form well diversified portfolio did receive adequate return per unit of systematic risk

undertaken.


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TABLE 5.7

TREYNOR OF THE SCHEMES

Name of the Scheme

Equity Scheme





HDFC Top 200 Growth






LIC Tax Plan Growth



Debt Scheme





Balanced Schemes

Birla Sun Life 95 Growth 0.024200

0.142715

0.120927

0.043573

0.233666

Treynor

0.022481

0.026167

0.010913

0.027309

0.030317

0.029161

0.019974

0.026063

0.011788

0.013296

0.006953

0.035857

0.038674


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0.012962

0.177599

TABLE 5.8

JENSENS MEASURE

Name of the Scheme

Equity Scheme





HDFC Top 200 Growth






LIC Tax Plan Growth



Debt Scheme




0.007408

0.007555

0.008485

0.012516

0.017119

0.008246

0.014043

0.017428

0.013133

0.012669

0.017424

0.008618

0.008992

0.005961

0.021352

0.022442

Jensen


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Balanced Schemes




0.007756

0.013278

0.007594

0.009689

Table 5.8 shows the Jensons Measures. It is the regression of excess return of the

scheme with excess return of the market, acting as dependent and independent variables

respectively. Higher positive value of alpha posted by the scheme indicates its better

performance. The analysis of the table reveals that all the schemes have positive Jensons

Measures. Highest Value of Jensons Measure are Reliance Vision Growth 0.02244 followed by

Reliance Growth Fund 0.021352, HDFC Top 200 Growth 0.017428, ICICI Prudential tax Plan

0.017424, Birla Sun Life Equity Fund Growth 0.17119. Lowest Jensons measure found again in

the case of LIC tax Plan Growth .005961.Higher Positive value of Jensons measures indicates good market timing ability of fund

managers as regard investment in securities

PERFORMANCE APPRAISAL

EQUITY SCHEME

i. As far as the equity schemes are concerned, Reliance Vision Growth was at the topwith highest average monthly return (2.5032%) followed by Reliance Growth Fund

(2.4002%), ICICI Prudential Tax Plan Growth (2.0373%), Birla Sun Life Equity Fund

Growth (1.9982%), HDFC Top 200 Growth (1.9883), Birla Sun Life MNC Fund

(1.6069%), ICICI Prudential Growth Fund (1.523%), ICICI Prudential FMCG Fund

(1.4816%) and Birla Sun Life Buy India Fund (1.4665%).Calculation of total risk as measured by standard deviation shows that ICICI

Prudential Tax Plan was the most risky scheme with highest standard deviation

(0.101619), followed by Reliance Vision Growth (0.101581), Birla Sun Life India

Opportunities Fund (0.101142). ICICI Prudential FMCG Growth was least risky scheme

with lowest standard deviation (0.072029).Calculation of systematic risk as measured by beta shows that all the equity schemes

found low systematic risk as beta less than 1, ICICI Prudential Tax Plan have highest beta

(0.58984) followed by BSL Equity Fund Growth (0.57253), Birla Sun Life India

Opportunity Fund (0.54895) LIC Equity Fund Growth (0.53301) and Reliance Growth

Fund (0.52993). ICICI Prudential FMCG Growth have lowest beta (0.3366).

ii.

iii.


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iv. The coefficient of Determination (R2) measures the extent to which market index has

been able to explain the variation in mutual funds. The maximum and minimum value of

R2 was found in the case of ICICI Prudential Growth Plan (0.5184) & Birla Sun Life

MNC Fund (0.2571).As per Sharpe ratio Reliance Growth Fund (0.208988) maintain 1st Rank followed by

Reliance Vision Growth (0.197199), HDFC Top 200 Growth (0.173323), Birla Sun Life

Equity Fund Growth (0.158833), ICICI Prudential Tax Plan (0.151283), lowest Sharpe

ratio found in the case of LIC Tax Plan Growth (0.037636) As per Treynor Ratio Reliance Vision Fund (0.038674) highest ratio, followed by

Reliance Growth Fund (0.035857), HDFC Top 200 Growth (0.030317), ICICI Prudential

FMCG Growth (0.029161), and Birla Sun Life MNC Fund (0.027309), lowest Treynor

ratio found in the case of LIC Tax Plan Growth (0.006953).As per Jensons alpha Reliance Vision Growth (0.022442) performed well followed by

Reliance Growth Fund (0.021352), HDFC Top 200 Growth (0.017428), and ICICI

Prudential Tax Plan Growth (0.017424) lowest Jensons alpha found in the case of LIC

Tax Plan Growth (0.005961).

v.

vi.

vii.

DEBT SCHEME

i. As far as the income schemes are concerned, Birla Sun Life Monthly Income Plus was

at the top with highest average monthly return (0.8421%) followed by ICICI Prudential

Income Fund (0.7817%), Birla Sun Life Income Plus (0.7665%), Birla Sun Life Income

Fund (0.7495%).Calculation of total risk as measured by standard deviation shows that ICICI

Prudential Income Fund Growth was the most risky scheme with highest standard

deviation (0.020414) followed by Birla Sun Life Income Plus Growth (0.018286), Birla

Sun Life Income Fund (0.017836), Birla Sun Life Monthly Income Plus was least risky

scheme with lowest standard deviation (0.017068).Calculation of systematic risk as measured by beta shows that all the income schemes

found low systematic risk as beta less than 1, Birla Sun Life Income Fund have highest

beta (0.17482) followed by ICICI Prudential Income Fund (0.12054), Birla Sun Life

Income Plus Growth (0.02204) and Birla Sun Life Monthly Income Plus Fund (0.09035).The maximum and minimum value of R2 was found in the case of Birla Sun Life

Income Plus Growth (0.0148) and ICICI Prudential Income Fund Growth (0.0023) and in

case of Birla Sun Life Monthly Income Plus (0.3576).

As per Sharpe ratio Birla Sun Life Monthly Income Plus (0.230694) maintain 1st

Rank followed by Birla Sun Life Income Plus Growth (0.145737), Birla Sun Life Income

Fund (0.139881) and lowest Sharpe ratio found in the case of ICICI Prudential Income

Fund Growth (0.137973)

ii.

iii.

iv.

v.


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vi. As per Treynor Ratio ICICI Prudential Income Fund (0.233666) highest ratio,

followed by Birla Sun Life Income Fund (0.142715), Birla Sun Life Income Plus

(0.120927), and Birla Sun Life Monthly Income Plus (0.043573).

As per Jensons alpha Birla Sun Life monthly Income Plus (0.008485) performedwell followed by ICICI Prudential Income Fund (0.007756), Birla Sun Life Income Plus

(0.007555), and lowest Jensons alpha found in the case of Birla Sun Life Income Fund

(0.007408).

vii.

BALANCED SCHEME

i. As far as the balance schemes are concerned, Birla Sun Life 95 was at the top with

highest average monthly return (1.5434%) followed by ICICI Prudential Balance Fund

(1.1527%), Birla Sun Life Freedom Fund (0.9223%).

Calculation of total risk as measured by standard deviation shows that Birla Sun Life

95 Fund was the most risky scheme with highest standard deviation (0.069698) followed

by ICICI Prudential Balance Fund (0.062286), Birla Sun Life Freedom Fund (0.060821).

Calculation of systematic risk as measured by beta shows that all the balanced

schemes found low systematic risk as beta less than 1, Birla Sun Life 95 Fund have

highest beta (0.43115) followed by ICICI Prudential Balance Fund (0.36749) and Birla

Sun Life Freedom Fund (0.32581).The maximum and minimum value of R2 was found in the case of Birla Sun Life 95

Fund (0.514) and Birla Sun Life Freedom Fund (0.4022).

As per Sharpe ratio Birla Sun Life 95 Fund (0.149705) maintain 1st rank followedICICI Prudential Balance Fund (0.104787), lowest Sharpe ratio found in the case of Birla

Sun Life Freedom Fund (0.069438).

As per Treynor Ratio ICICI Prudential Balance Fund (0.177599) highest ratio,

followed by Birla Sun Life 95 Fund (0.0242), Birla Sun Life Freedom Fund (0.012962).

As per Jensons alpha Birla Sun Life 95 Fund (0.013278) performed well followed by

ICICI Prudential Balance Fund (0.009689), Birla Sun Life Freedom Fund (0.007594).

ii.

iii.

iv.

v.

vi.

vii.

Out of the total 20 schemes studied, five schemes (25%) showed an average return higher

than in comparison to the market return while the remaining 15 schemes (75%) generated lowerreturns than that of the market. The top five performers are Reliance Growth Fund, Reliance

Vision Fund, ICICI Prudential Tax Plan, HDFC Top 200 and Birla Sun Life Equity Fund.The Sharpe ratio is important from small inventors point of view who see diversification

through mutual funds, i.e. mutual funds are supposed to protect small investors against vagaries

of stock market and the fund managers of these schemes have done well to protect them.

Reliance Growth Fund, Reliance Vision Fund, ICICI Prudential Tax Plan, HDFC Top 200 and

Birla Sun Life Equity Fund have performed better than the other schemes.


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Treynor ratio is the excess return earn over risk free return per unit of systematic risk i.e.

beta. Reliance Growth Fund, Reliance Vision Fund, ICICI Prudential Tax Plan, HDFC Top 200

and Birla Sun Life Equity Fund indicate that investors who invested in these schemes to form

well diversified portfolio did receive adequate return per unit of systematic risk undertaking.

Mutual Fund advisor Examination Work book

The analysis of the open ended schemes shows that out of twenty, five schemes namely

Reliance Growth Fund, Reliance Vision Fund, ICICI Prudential Tax Plan, HDFC Top 200 and

Birla Sun Life Equity Fund, performs better in comparison to benchmark index BSE-100 index

in terms of monthly average return and risk involved in these schemes less then benchmark. In

respect of models suggested by Sharpe, Treynor and Jensons measures these schemes also

perform better.

Jensens measure is the regression of excess return of the scheme with excess return of

the market. Higher positive value of alpha posted by the schemes indicates its better

performance. The analysis of the schemes shows Reliance Growth Fund, Reliance Vision Fund,

ICICI Prudential Tax Plan and HDFC Top 200 have highest positive alpha.

2.www.amfiindia.com

3.www.reliancemutual.com

4. www. Licmutual.com

5.www.hdfcmutual.com

6.www.iciciprudentialmutual.com

7.www.birlasunlifemutual.com

REFERENCES

CONCLUSION
http://www.reliancemutual.com/http://www.reliancemutual.com/http://www.reliancemutual.com/http://www.hdfcmutual.com/http://www.hdfcmutual.com/http://www.hdfcmutual.com/http://www.hdfcmutual.com/http://www.reliancemutual.com/


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9. Gupta, O.P. and Sehagal S. (2000), Investment Performance of Mutual Funds: The

Indian Experience, In Indian Capital Markets: Trends and Dimensions edited by UMA

Shashikant and Arumugam, Tata McGraw Hill, New Delhi.

10. Rao K.V. and Venkateshwarlu, K. (1998), Market Timing Abilities of Fund Managers-A case Study of Unit Trust of India, A paper presented at the Second Capital Market

Conference Organized by UTI Institute Capital Market, Mumbai.

11. Mishra B, (2001), A study of Mutual Funds in India, unpublished Research paper

under the aegis of Faculty of Management Studies, University of Delhi.

Documents

Evaluation of Mutual Fund (Mahendra & Jignesh G.)