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Regional College of Management Autonomous
Chakadola Vihar, Chandrasekharpur
Bhubaneswar - 751023, Orissa
An Project Report On
Organisation Study
And
Risk And Return of Mutual fund
With
Submited By
Manoj Das Gupta
(1001247109)
UNDER THE GUIDANCE AND SUPERVISION OF
PROF. VISHWAJIT RAWAT MR. RAKESH KASHWANI
SENIOR PROFESSOR BRANCH MANAGER
RCMA RELIGARE SECURITIES LTD
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Certificate
This is to certify that this report is the result of Internship undergone
by Manoj Das Gupta the register number 1001247109 at RELIGARE
SECURITIES LIMITED, under the guidance and supervision of
PROF.VISHWJIT RAWAT. This has not formed a Basis for the award of any
degree/diploma for any college.
Place: Bhubaneswar PROF:VISHWJIT ROUT
Date: (FACULTY GUIDE)
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Guides Certificate
This to certify that this report titled An Organizationalstudy and risk and return analysis of mutual funds at Religare securities
Limited is the result of Internship undertaken by MANOJ DAS GUPTAbearing the register number 1001247109 at RELIGARE SECURITIES Limited,
Varanasi, under my guidance and supervision. This has not formed a basis for the
award of any degree/ diploma for any university.
Place: Bhuwaneswar (MANOJ DAS GUPTA)
Date: Reg.No: 1001247109
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Acknowledgment
The internship training which I underwent for last
5 weeks at Religare securities limited from 23rd May 2011 to 30th June 2011 has
been most enthralling weeks of my life. It was a great pleasure to work in one of
the major financial service providing firm.
This project is made successful by the
combining efforts of a no. of officials whose knowledge and experience have
helped me a lot. This project cannot completed unless and until, I fulfil my duty of
thanking those persons to whom I deeply indebted. I wish to express my deep
gratitude towards them to their whole hearted support and existence.
Firstly I would like to thank PROF: PRABIR PAL
DIRECTOR, Regional College of Management Autonomous, Bhuwaneswar, who
has given his valuable support during my Internship.
I am also extremely thankful to Prof
VISHWAJIT RAWAT, Regional College of Management Autonomous, who has
guided me to do this project by giving valuable suggestion and advice.
Further, I am grateful to Mr. RAKESH
KASHWANI Branch manager Religare securities limited to allow me to go my
internship in their organization. They all guided during the training period and
helped me in each and every step to prepare this report.
At the end I am also thankful to my friends to help me in preparing my report.
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Contents PART A EXECUTIVE SUMMARY
RELIGARE ENTERPRISES LIMITED
AN INTRODUCTION
PROMOTERS MISSION AND VISION STATEMENTS
INDUSTRY PROFILE
SUBSIDIARIES COMPANIES OF RELIGARE ENTERPRISE LIMITED
THE REGISTERED OFFICE OF RSL
BOARD OF DIRECTORS OF RSL
KEY PERSONS OF RELIGARE SECURITIES LIMITED
FINANCIAL PERFORMANCE OF RELIGARE SECURITIES LIMITED
STRATEGY
THE RELIGARE EDGE
PRODUCT PORTFOLIO IN RELIGARE ENTERPRISE LIMITED
PRODUCTS OFFERED BY RELIGARE SECURITIES LIMITED
ORGANIZATION STRUCTURE
BRANCH STRUCTURE
DEPOSITORY PARTICIPANT SERVISES
MUTUAL FUNDS
INSURANCE MARKETING
SWOT ANALYSIS
STRENGTHS
WEAKNESS
OPPORTUNITIES
THREATS
SUGGESTIONS AND RECOMMENDATIONS
BIBLIOGRAPHY
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Content PART B
INTRODUCTION TO MUTUAL FUND
BACKGROUND OF THE STUDY
CONCEPT OF MUTUAL FUND
SCHEMES OF MUTUAL FUNDS
ADVANTAGES OF MUTUAL FUND
DISADVANTAGES OF MUTUAL FUND
RISK INVOLVED IN MUTUAL FUNDS
STATEMENT OF THE PROBLEM
OBJECTIVES OF THE STUDY
SCOPE OF THE STUDY
LIMITATIONS OF THE STUDY
RESEARCH DESIGN
SAMPLE DESIGN
CALCULATION OF RETURN AND RISK OF SELECTED MUTUAL
FUND SCHEMES
CALCULATED RISK AND RETURN OF DIFFERENT MUTUAL FUNDS
INTERPRETATION
FINDINGS & RECOMMENDATIONS
CONCLUSION
BIBLIOGRAPHY
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Executive summary
The P.G.D.M course offered by the REGIONAL COLLEGE OF
MANEGEMENT AUTONOMOUS BHUWANESWAR has its
own unique syllabus that requires its P.G.D.M students to undertake an
internship with any of the leading business houses for a period ranging from 5
weeks to 6 weeks. The purpose of this internship is to enable the students to
appreciate and understand the practical world vis--vis the theoretical inputadministered during regular academic sessions. This helps in creating Managers
who are equipped with the experience of linking the theoretical inputs with
those of practical exposure and come out with creative solutions / ideas in
Enhancing the business. In partial fulfilment of PG.D.M degree ofRCMA .
The company chosen was Religare securities limited. Religare is
one of the leading equity and securities firm in India.
The company currently handles almost 4-5% of the total volumes traded
on NSE and in the realm of online trading and investments it currently
holds a share of close to 8% of the market, as per some recent published reports.
This project is a study of organizational structure in RELIGRE
SECURTIES LTD and the RISK AND RETURN
ANALYSIS OF MUTUAL FUNDS.
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PART A
ORGANIZATIONAL STUDY
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RELIGARE ENTERPRISES LIMITED
VALUES THAT BIND
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An Introduction
Religare is a financial services company in India, offering
a wide range of financial products and services targeted at retail investors,
high net worth individuals and corporate and institutional clients.
Religare is promoted by the promoters of Ranbaxy Laboratories Limited.
They operate from 7 regional offices and 43 sub-regional offices and
have a presence in 498 cities and towns controlling 1837 locations managed by them
and their Business Associates all over India, as well as a representative office in London.
While the majority of their offices provide the full complement of our services, they
also have dedicated offices for clients investment banking, institutional brokerage,
portfolio management services and priority client services.
They employed approximately 10,000 fulltime employeesas on March 31, 2011. Their employees are broadly categorized into seven
departments: sales, operations, technology, risk management, research, administrationand support.
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Registered and Corporate Office of the Company
Registered Office Address:-
Delhi:D3,P3B,District Centre, Saket,New Delhi - 110017,India.T: +91-11-3912-5000F: +91-11-3912-6050
Corporate Office Address:-
Noida:A-3, 4, 5, Sector-125, Noida,Uttar Pradesh - 201 301,India.T: +91-0120-339-1000
Mumbai:GYS Infinity, Paranjpe B Scheme,Subhash Road, Near Garware House,
Vile Parle (E),Mumbai - 400057T: +91-022-6673-7100
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Promoters
The following individuals are the Promoters of the Company:
1. Mr. Malvinder Mohan Singh; and
2. Mr. Shivinder Mohan Singh.
Mr. Malvinder Mohan Singh
Chairman and one of our Promoters, graduated
in Economics from St. Stephens College, Delhi and holds an MBA
degree from the Fuqua School of Business, Duke University, U.S.A. Mr.
Singh is the CEO and managing director of Ranbaxy Laboratories
Limited. Mr. Singh joined Ranbaxy Laboratories Limited in 1998 and
worked through various functions of general management, sales and marketing,
finance and business development. Prior to being appointed as CEO and managing
director of Ranbaxy Laboratories Limited (RLL),he was responsible for
RLLs global operations, as President Pharmaceuticals. Mr. Singh is also a
member of the National Council for the CII and is co-chairman of the CII National
Committee on Intellectual Property Rights, Research and Development, Technology
and Innovation. Further, Mr. Singh is a member of the Young Global LeadersForum, which is an initiative of the World Economic Forum. Mr. Singh is on the
Board of Visitors of Duke University and member of the Board of Trade,
Ministry of Commerce and Industry, Government of India. As the Director of
the Company,
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he has been responsible for advising and counselling management on corporate
decisions, providing strategic guidance and oversight, approving managements
business plans, and monitoring the Companys performance against the strategic
business plans, overseeing management of the business on a regular basis,ensuring ethical behaviour and compliance with various laws and regulations.
Mr. Shivinder Mohan Singh
One of their Promoters, graduated with
a B.A. (Hons.) degree in mathematics from St. Stephens College, Delhi
and holds an MBA degree with specialization in health sector
management from the Fuqua School of Business, Duke University, U.S.A. Mr.
Singh is on the board of directors of RLL, fellow of Aspens
India Leadership Initiative and board of visitors of Fuqua School of
Business, Duke University, U.S. He held the position of Chief Operating
Officer of the Fortis Hospital, Mohali for two years, during which he led
his team in developing a strong work culture. He has also led the
acquisition of Escorts Heart Institute & Research Centre Limited
(EHIRCL) by Fortis Healthcare Limited and is currently the managing
director of EHIRCL. As the Director of the Company, he has been
responsible for advising and counselling management on corporate decisions,
providing strategic guidance and oversight, approving managements
business plans, and monitoring the Companys performance against the
strategic business plans, overseeing management of the business on a regularbasis, ensuring ethical behaviour and compliance with various laws and
regulations.
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MISSION AND VISION STATEMENTS
Vision
To build Religare as a globally trusted brand
in the financial services domain and present it
as the Investment Gateway of India
Mission
Providing financial care driven by the core values of diligence and
transparency.
Brand Essence
Religare is driven by ethical and dynamic processes forwealth creation
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INDUSTRY PROFILE
India is one of the fastest growing economies in
the world with a rapidly expanding financial services sector. After
adjustments for purchasing power parity, Indias economy is the fourth
largest in the world in terms of Gross Domestic Product (GDP). An
efficient securities market provides the necessary channel for flow ofresources
from the providers of capital to the users of capital for economic
development. The overall growth of the economy and activity are also
important factors, which determine availabilityof resources.
Indian Finacial Sector
The Indian financial services industry has
Experienced significant growth in the last few years. There has been a
considerable broadening and deepening of the Indian financial markets due to
various financial market reforms undertaken by the Indian regulators, the
introduction of innovative financial instruments in recent years and the entry of
sophisticated domestic and international financial services participants. Sectors
such as banking, asset management and brokerage have been liberalized to
allow private sector involvement, which has contributed to the development
and modernization of the financial services sector.
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This is particularly evident in the non-banking financial services sector, such as
brokerage, residential mortgage and insurance services, where new products and
expanding delivery channels have helped these sectors to achieve high growth rates
recently.
Financial services accounted for approximately 14% of total GDP
in fiscal 2007. The combined average daily turnover of the BSE and the
NSE for different market segments has increased from approximately Rs.4.8 billion
in March 1996 to approximately Rs. 312.1 billion in March 2006. Over this
period, there has also been a substantial growth in the market for otherfinancial products such as insurance, and mutual funds.
Industry Outlook
Existing low penetration levels, increasing affordability of
credit and rising income levels have led to a growing demand for retail
financial products. India has a substantial retail investor base throughout the
country that has a large pool of untapped surplus funds. The market confidence of
small investors has increased with growing levels of education and financial
awareness, and the strengthening of regulatory systems. The financial services
industry is undergoing consolidation. In the future, it is expected that marketshare will be captured by financial services providers who can offer a complete
range of financial products and services.
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COMPANYS HISTORY
Religare enterprise limited:-
Religare was originally incorporated as
Vajreshwari Cosmetics Private Limited on January 30, 1984. The name
of the Company was subsequently changed to Religare Enterprises PrivateLimited pursuant to a special resolution of our shareholders dated January 10,
2006. The fresh certificate of incorporation consequent to the change of name was
granted to our Company on January 31, 2006, by the Registrar of Companies, Punjab,
Himachal Pradesh & Chandigarh at Jalandhar.
The status of our Company was changed
to a public limited company by a special resolution of the members dated July 14,
2006. The fresh certificate of incorporation consequent to the change of name
was granted to their Company on August 11, 2006, by the Registrar of
Companies, NCT at New Delhi.
Historically, they conducted business as separate companies.
Their business was carried on by Fortis Securities Limited, Fortis Comdex
Limited and Fortis Finvest Limited, some of which were subsidiaries of certain
of their Promoter Group companies. In order to integrate their financial services
operations under the Religare name, the Company acquired a controlling stake in
Fortis Securities Limited, Fortis Comdex Limited and Fortis Finvest Limited and
subsequently, acquired a 100% stake in these entities and in Religare Insurance
Broking Limited and Religare Venture Capital Private Limited. These entities are
now their Companys subsidiaries.
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SUBSIDIARY COMPANIES OF
RELIGARE ENTERPRISE
LIMITED
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Subsidiaries companies of Religare enterprise
limited
Religare AMC Limited
Asset Management Business Portfolio Management
Religare Finvest Limited
Lending and Distribution business
AEGON Religare Life Insurance Co. Ltd.
Life Insurance Company, JV withAegon(26%),
Religare(44%), and Bennett &Coleman(30%)
Religare Insurance Broking Limited
Life Insurance Broking Business Non-Life Insurance Broking Business
Religare Macquarie Wealth Mgmt. Ltd.
JV with Macquarie for WealthManagement Business
Religare Arts Initiative Limited
Business of Art Art Gallery Art Advisory
Religare Securities Limited
Retail Equity Broking Online Investment Portal Depository Services
Religare Venture Capital Limited
Private Equity and Investment Manager
Religare Commodities Limited
Commodity Broking Business
Religare Insurance Holding Company
Limited
Religare Capital Markets Limited
PE and M&A Advisory
Institutional Broking Investment Banking
Religare Realty Limited (RRL):-
Religare Finance Ltd.
Capital Market Financing
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BOARD OF DIRECTORS OF RSL
The Board of Directors of RSL currently comprises the following persons:
Mr. Sunil Godhwani
Chairman and Managing Director
Mr Shachindra Nath
Group CEO
Mr. Anil Saxena
Chief Financial Officer
Mr. Harpal Singh
Non Executive Director
Mr. Deepak Ramchand Sabnani
Independent Director
Ms. Kathryn Matthews
Independent Director
Mr. Padam Bahl
Independent Director
Mr. J. W. Balani
Independent Director
Ms. Sunita Naidoo
Independent Director
Mr. Stuart D Pearce
Independent Director
Mr. R. K. Shetty
Alternate to Mr. J. W. Balani
Capt. G. P. S. Bhalla
Alternate to Mr. Deepak Sabnani
http://www.religare.com/OurLeaders.aspx#sunilhttp://www.religare.com/OurLeaders.aspx#sunilhttp://www.religare.com/OurLeaders.aspx#shivinderhttp://www.religare.com/OurLeaders.aspx#shivinderhttp://www.religare.com/OurLeaders.aspx#shivinderhttp://www.religare.com/OurLeaders.aspx#shivinderhttp://www.religare.com/OurLeaders.aspx#harpalhttp://www.religare.com/OurLeaders.aspx#harpalhttp://www.religare.com/OurLeaders.aspx#Deepakhttp://www.religare.com/OurLeaders.aspx#Deepakhttp://www.religare.com/OurLeaders.aspx#Kathrynhttp://www.religare.com/OurLeaders.aspx#Kathrynhttp://www.religare.com/OurLeaders.aspx#Padamhttp://www.religare.com/OurLeaders.aspx#Padamhttp://www.religare.com/OurLeaders.aspx#Balanihttp://www.religare.com/OurLeaders.aspx#Balanihttp://www.religare.com/OurLeaders.aspx#Sunitahttp://www.religare.com/OurLeaders.aspx#Sunitahttp://www.religare.com/OurLeaders.aspx#StuartDhttp://www.religare.com/OurLeaders.aspx#StuartDhttp://www.religare.com/OurLeaders.aspx#Shettyhttp://www.religare.com/OurLeaders.aspx#bhallahttp://www.religare.com/OurLeaders.aspx#bhallahttp://www.religare.com/OurLeaders.aspx#bhallahttp://www.religare.com/OurLeaders.aspx#Shettyhttp://www.religare.com/OurLeaders.aspx#StuartDhttp://www.religare.com/OurLeaders.aspx#Sunitahttp://www.religare.com/OurLeaders.aspx#Balanihttp://www.religare.com/OurLeaders.aspx#Padamhttp://www.religare.com/OurLeaders.aspx#Kathrynhttp://www.religare.com/OurLeaders.aspx#Deepakhttp://www.religare.com/OurLeaders.aspx#harpalhttp://www.religare.com/OurLeaders.aspx#shivinderhttp://www.religare.com/OurLeaders.aspx#shivinderhttp://www.religare.com/OurLeaders.aspx#sunil8/2/2019 Religare FINAL 00012 Chk
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Key persons of Religare securities limited:-
Mr.Sunil Godhwani
is the CEO and Managing Director of our Company. He is a
Graduate in chemical engineering and has a master degree in industrial
engineering and finance from Polytechnic Institute, New York. He has more than
20 years experience in business. Mr. Godhwani joined our Board on July 13,
2006. He was appointed as CEO And Managing Director of our Company on April
9, 2007. Mr.Godhwani is also the managing director of Fortis Financial Services
Limited. Prior to becoming the Managing Director of our Company,
Mr. Shachindra Nath
(Group Chief Executive Officer) Religare Enterprises Ltd.,
aged 39 years, carries the overall responsibility for managing all pivotal
operations of the group. He is associated with Religare since the year 2000 and is
prominently known as a dynamic strategist.Mr. Nath started his professional
career immediately after his graduation at theage of 21 years and worked as
Commercial Trainee with Garware Wall Ropes, after which alongside his legal
studies worked as consultant to gain hands on experience in Finance, Costing and
Taxation. He then moved to run a Non Woven Plant with a Carpet Export
Company. He has over 16 years of experience in the financial services industry.
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Mr Anil Saxena
(Chief Financial Office) plays a crucial role as the preserver of
assets, cost and value-adding growth as he takes the final call in managingprosperity, funding the groups aggressive growth plans and keeping the faith of
the stakeholders, our biggest asset. He is responsible for ensuring that
investments give stable growth, good corporate affairs and risk management. He
received Bachelors degree in Commerce from the University of Delhi. He is a
member of the Institute of Chartered Accountants of India as well as the Institute
of the Cost and Works Accountants of India. He has over 16 years of experience in
the financial services industry and is with Religare since the past 9 years.
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Financial Performance of Religare securities limited:-
Balance sheet (Rs crore)
Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Mar ' 06
Sources of funds
Owner's fund
Equity share capital 127.81 76.29 76.08 64.40 50.00
Share application money 0.18 1,800.16 - - -
Preference share capital 25.00 25.00 - - -
Reserves & surplus 2,408.07 617.19 405.24 223.89 3.65
Loan funds
Secured loans - - - - -
Unsecured loans 22.22 - 75.40 3.50 18.85
Total 2,583.28 2,518.64 556.72 291.79 72.50
Uses of funds
Fixed assets
Gross block 25.67 3.73 0.56 0.01 -
Less : revaluation reserve - - - - -
Less : accumulated depreciation 4.54 0.36 0.05 - -
Net block 21.12 3.37 0.51 0.01 -
Capital work-in-progress - 0.01 0.07 - -
Investments 2,653.85 2,023.55 545.28 289.81 72.52
Net current assets
Current assets, loans & advances 87.85 496.81 21.42 7.53 0.04
Less : current liabilities & provisions 179.54 5.10 10.57 5.56 0.06
Total net current assets -91.69 491.71 10.86 1.97 -0.02
Miscellaneous expenses not written - - - - -
Total 2,583.28 2,518.64 556.72 291.79 72.50
Notes:
Book value of unquoted investments 2,629.83 1,025.74 493.99 262.80 -
Market value of quoted investments 20.89 11.28 34.87 29.78 -
Contingent liabilities 380.01 585.01 92.03 30.00 -
Number of equity sharesoutstanding (Lacs) 1278.14 762.90 760.84 643.97 500.00
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STRATEGY
Increase geographical presence:-
They intend to further expand the scale of their operations,
explore new distribution channels and increase their reach and client base
domestically and internationally. They are focused on increasing the
number of our client relationships through our network of offices across
India. Their emphasis is on expanding the scale of operations as well as
growing network in the smaller Indian cities, which they believe present
attractive opportunities to grow their client base and revenues. They also
intend to establish offices in key overseas markets, including the Middle
East and Western Europe. As the global profile of the Indian financial
markets improves, they expect to experience significant interest from
overseas institutional and non-resident Indian investors in Indian financial
services. Their initial emphasis will be on using their proposed
international offices as supplementary distribution channels for their
offerings in the Indian markets and on channelling Indian investments in
the international financial markets. Our long-term international strategy
includes our participation in overseas financial markets by setting up
regulated financial services companies in such jurisdictions.
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Expand our Internet-based delivery
They plan to significantly enhance our on-line
trading capabilities and have established their on-line trading system to
complement our other products and services offerings. They also have
established a dedicated advisory desk for on-line services and a sales
force of direct marketers that they expect in the next several months to
increase to 2,500 covering 100 cities. They believe that we have the
technological platform and systems in place to accommodate and service
significant increases in on-line trading accounts and clients. They believe
that an Internet-based, easily scalable product delivery model will enable
us to respond effectively to the competitive challenges of discount equity
brokerages and eventually move into delivering a wider range of products
and services on-line.
Grow existing product lines and expand our
products and services portfolio:-
They seek continually to introduce new
products that provide clients access to a range of financial products and
services to suit their varied needs. In addition to growing our traditional
equity brokerage business, we intend to develop their recent initiatives such as
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commodities and insurance brokerage and personal credit
services. They are establishing separate subsidiaries to handle different
product lines which we expect will form significant parts of our business
going forward. In particular, we intend that wealth management serviceswill be located in Religare Wealth Management Services Limited;
investment banking and transaction advisory services will be located in
Religare Capital Markets Limited; and PLS and other consumer lending will be
located in Religare Finance Limited. We believe this
reorganization will enable us to better develop these businesses, possibly
in conjunction with Indian and international partners. We have already
applied to SEBI to sponsor an AMC in a joint venture with Aegon
International N.V., a global provider of insurance and pension services.
Continue to develop client relationships:-
We plan to grow our business primarily by growing the
number of client relationships as we believe that increased client relationships
will add stability to our business. We seek to build on existing relationships and also
focus on bringing into our portfolio major, multi-national corporations, large profitable
public sector corporations and middle market companies. We also believe that the rapid
growth in the middle market company sector offers us a significant opportunity to
provide a wide variety of financial services and products to this segment. We also seek
to offer our clients diversified products and services to increase our revenues
percentage.
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Strategic acquisitions and alliances:-
They seek to pursue strategic acquisition opportunities
to enhance our capabilities, address specific industry opportunities to
enhance further their industry and technical expertise, grow their
operations geographically and benefit from an expanded client base. The
Indian brokerage industry is experiencing significant consolidation
involving the growth of corporate brokerage houses and increasing marginalization
of small and regional brokers. Stricter regulatory and higher capital requirements have
hastened this process, which provides opportunities for well-capitalized,
professionally-managed corporate brokers, such as us, to acquire smaller participants
and brokers associated with regional exchanges. We intend to target selectively such
brokers for acquisition to expand our retail business.
The Religare edgePan India footprint
Ethical business practices
Nationwide presence including Mandi Locations for in-depth andfirsthand information
Offline/Online delivery models
Powerful research and analytics supported by a pool of highlyskilled Research Analysts Single window for all investment needs
through your unique CRN
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PRODUCT PORTFOLIO
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Product portfolio in Religare enterprise limited:-
They have divided our product and service offering
under three broad client interface categories: Retail Spectrum, Wealth
Spectrum and Institutional Spectrum.
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Retail Spectrum:- covers equity brokerage services, commodity brokerage
services, personal financial services (financial planning for the retail investor,
including the distribution of mutual funds, savings products, life insurance and
initial public offerings (IPOs) and personal credit (personal loans services (PLS)and loans against shares (LAS)).Retail Spectrum focuses on clients who keep less
than Rs. 2.5 million on a continuing basis, in the form of either equity trading
account margin, mutual fund investment, portfolio management investments or
insurance premiums paid up.
Wealth Spectrum:- covers products and services which are geared to service
high net worth individuals and provide wealth advisory services (on an assetallocation model), PMS (discretionary equity investments), priority client equity
services (non-discretionary equity trading services), art initiatives (an art fund
which they intend shortly to launch as an investment diversification product) and
international equity investment advisory services. Wealth Spectrum focuses on
clients who keep at least Rs. 2.5 million on a continuing basis or more in the form of
equity trading account margins, mutual fund investments, portfolio
management investment or insurance premiums paid up.
Institutional Spectrum:- covers products and services which cater under one
service offering to corporate and institutional clients, including domestic
mutual funds, FIIs, banks and corporate customers.The Institutional Spectrum
provides services to the institutional investor community through institutional
brokerage and investment banking services. We also link corporate clients with a
transaction advisory group,which consists of account managers through whominstitutional clients are able to access the full range of our services.
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Products offered by Religare securities limited:-
-Equity & Derivatives
-Depository
-Portfolio Management Services- International Advisory
-Institutional Broking Services- Investment Banking
Equity and derivatives:-Trading in Equities with Religare truly empowers
you for your investment needs. A highly process driven, diligent approach
backed by powerful Research & Analytics and one of the best in class dealing
rooms ensures that you have a superlative experience. Further, Religare also has
one of the largest retail networks, with its presence in more than 900 locations
across more than 320 towns & cities. This means, you can walk into any of
these branches and connect to our highly skilled and dedicated relationshipmanagers to get the best services. You could also choose to enjoy the freedom to
execute your own trade through our online mechanism.
Depository:-RSL provides depository services to investors as a Depository
Participant with NSDL and CDSL. The Depository system in
India links issuers, Depository Participants, Depositories National
Securities Depository Limited (NSDL) and Central Depository Services (India)
Limited (CDSL) and clearing houses / clearing Corporation of
Stock Exchanges. These facilitate holding of securities in dematerialized form and
securities transactions are processed by means of account transfers.
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Portfolio Management Services
They are registered with SEBI to provide PMS. They
offer fully discretionary portfolio management services to provide
individualized services for clients for a variety of asset classes to fit the
investors specific investment parameters. We currently have five PMS
products: Caterpillar, Panther, Tortoise, Elephant and Leo. These products
are designed for the varying preferences, objectives, risk tolerance and investment
horizons of their customers.PMS operate on a multi-fund manager approach where
the fund manager team is headed by a chief investment officer and each scheme
is supported by a fund manager and one research analyst with its ownoperations, risk and customer support team.
Existing products under our PMS are:
Panther
Panther is targeted at investors who are willing to take high risks for high returns. It
is an aggressive scheme that is positioned across sectors and market caps and has
a high portfolio turnover. Investment strategy includes investments across
sectors with a view to take advantage ofvarious market conditions and identifies
stocks which have high volatility buy potential. This product also aggressively uses
derivatives for hedging and maximizing returns from the portfolio.
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Tortoise
Tortoise aims to achieve gradual growth in portfolio value over a period of time
by way of careful and judicious investment in fundamentally strong and
attractively valued shares. It is a moderate scheme that promises medium risks
and medium returns along with medium portfolio turnover. Its investment strategy
includes investment across sectors to take advantage of lower valuation of
companies with high growth potential and a consistent track record over a longer
period of time.
Elephant
Elephant aims to generate steady returns over a longer investment horizon by
investing in securities selected from the BSE 100 and NSE 100 indices. This
plan is suitable for the low risk and low return investor with a strategy to invest in
blue chip companies, as these companies have steady performance and reduced
liquidity risk in the market. The plan identifies and selects stocks with long-term
growth prospects trading at modest relative valuations.
Caterpillar
Caterpillar aims to achieve capital appreciation over a long period of time by
investing in a diversified portfolio. The scheme offers high risks and high returns
but with a low portfolio turnover. Its investment strategy includes investment in
shares which are poised to receive a re-rating due to a change in business, potential
attractiveness for a particular sector in the future or business diversification
leading to a better operating performance. The scheme identifies and selects
stocks in the early stages of an upturn and in sectors currently ignored by the market.
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Leo
Leo is aimed at retail customers and structured to provide medium to long-term
capital appreciation by investing in stocks across the market capitalization range.
This scheme is a mix of moderate and aggressive investment strategies. Its aim is
to have a balanced portfolio comprising selected investments from both
Tortoise and Panther. Exposure to derivatives is taken within permissible
regulatory limits.
International Advisory
International Advisory Fund Management Services (AFMS) - A new horizon for
international investments: -
They provide their wealth clients an opportunity to
invest in international financial instruments (currently limited to the US). Equities,
Mutual Funds and Debts are some of the key instruments available and the clients
have the option to choose from various asset allocation modules.
Why Invest Overseas?
Avenues for enhancing returns, minimizing risk and portfolio
diversification Global outreach of opportunities Pre-approved route for
resident individuals to invest (Healthy Govt. Patronage and favorable regulatory
developments)
Institutional Broking Services:-
The mission of this division is to
institutionalize and implement a process driven approach to cater to the needs of
leading corporate houses and institutions.
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The division would like to be seen as a one stop investment gateway and
knowledge repository for its clients servicing their unique and sophisticated
needs. The division is structured as a separate SBU and is housed out of
Mumbai, manned by a small yet fleet footed and extremely skilled group of top
notch professionals drawn from the best in the industry.
The key highlights of our service platter are:
Highly skilled, dedicated dealing, research and sales teams Dealingcapabilities on the NSE, BSE and in the cash and derivatives segment In-depth,detailed and insightful coverage of more than 60 stocks across diverse sectors. Thesectors covered are FMCG, Hotels, Media, Pharma, Auto, Cement, Steel pipes,Logistics, Telecom, Construction and much more.
Investment Banking:-
Their investment banking professionals maintain
relationships with businesses, private equity firms, other financial
institutions and high net worth individuals and provide them with corporate
finance and investment banking advice. They have divided our investment banking
business into merchant banking and transaction advisory services. Their
investment banking services are being expanded to include underwriting public
equity offerings, mergers and acquisitions advisory services, corporate
restructuring services, placement of private debt and equity offerings and rendering
general investment banking and transaction advisory services.
They provide innovative, integrated and best-fit solutions totheir corporate customers. It is continuous endeavor to provide value enhancement
through diverse financial solutions on an ongoing basis, through offerings like
Corporate Debt, Private Equity,
IPO, ECB, FCCB, GDR/ADR etc.
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Investment Banking with Religare offers
the following services:
Corporate Finance
they focus on finding right and relevant partners for their
clients , who not only help in adding value but also improve the future valuation of
the organization. We specialize in structured financing and providing advisory
services related to financial planning, modeling and advising on financial
requirements.
Corporate finance products offered by they:
Placement of Debt
Syndication of Domestic Loan / Foreign Currency Loan
Securitization
Debt Swap & Loan Restructuring
Short Term Corporate Debt
Working Capital (Cash Credit & Short term Loan)
Capital Market Instruments
Overseas Acquisition
Placement of Equity (Private Equity)
Both for listed and unlisted companies
Merchant Banking
IPO/FPO/RIGHTS
Mergers & Acquisitions
Corporate Advisory Services
ADR/GDR/FCCB
BUY BACK OF SHARES
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ORGANIZATIONAL STRUCTURE
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ORGANIZATIONAL STRUCTURE
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Mutual funds and insurance:-
In addition to the products and
services offered by Religare securities a separate section is present in the
branch Which handles distribution of mutual funds, life and non-life
products. The employees of Religare securities are equipped with the
knowledge of other products present in Religare enterprise limited
FUNCTIONS OF DEPARTMENTS
DEPOSITORY PARTICIPANT SERVISES:
FRONT OFFICE:
In front office the following services are done.
shares to physical form
BACK OFFICE:
Maintenance of all demat accounts. Giving intimation relatedto the due of AMC.s to their account holders. Sends quarterly information to theholders related to the holdings.
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MARKETING:
In this department where the demat account is
marketed, marketing executives are seeks for prospective customers, they helps in
opening of an account and provide other door to door services.
ACCOUNTS:
1. Maintaining the purchases stores department.
2. Internal auditing.
3. Payments and receipts.
MUTUAL FUNDS:-
MARKETING
Religare has mainly under taken the distribution of financial
products at commission basis; part of this mutual fund marketing is also one of the
functions. In these functions executives sells almost all the mutual fund
schemes.
Executives market the mutual fund schemes by
1 direct selling
2. Telemarketing
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INSURANCE
MARKETING:
Religare markets all companies life and non-lifeinsurances products Such as ICICI, BIRLA SUNLIFE, TATA AIG, LICetc.
Executives market the insurance products by
1. Direct marketing
2. Tele marketing
BACK OFFICE:
In this department it maintains the necessary records of theclients insurance and mutual funds which are taken by the Religare
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SWOT ANALYSIS
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Strengths
Regional management for retail branch network
Geographical distribution with deep penetration in India
Diversified product portfolio
Distinctive expertise with focused servicing model
Geared to address the competitive challenges of discount
brokerage through online investment portal
Weakness:
Insufficient Advertisement policyNot well known
Less human resource
Opportunities:
Increase in the number of investors entering the stock
market Growing IPO issues
Can make of technology to market product (e-selling).
Threats:
Existing Competitors
Market Uncertainty
Broad economic factors like inflation etc.
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SUGGESTIONS AND RECOMMENDATIONS
1) Giving Multi department skill, Multi work skill training
to employees in order to give the tough competition to competitors and
also employees become more skilled.
2) Competitors like Karvy, Indiabulls, etc. are known better
than Religare. The company lacks publicity. A good portion of the
general public is not quite aware of the existence of such an investmentfirm like Religare, which caters to most of the available
investing instruments. The company could undertake promotional
activities with the general public as the target group. They could
make aware of the services they render to the public. This could attract
new customers which can be transformed into a long lasting relationship?
This could be put into action by having print advertisements in papers like
The Economic Times, Business Line, and Financial Express etc.
Advertisement in CNBC-India could give a very good brand image to the
company.
3) The company acts as a mediatory for most of the
investment options. It gives people access to a wide variety of mutual
funds, Insurance schemes etc for third party companies. The company canstart its own mutual fund and start investing in stocks, debts and
government securities. It has a special and dedicated Research Desk
who is into constant monitoring of the share markets. It can take
advantage of this and start a separate mutual fund. People will have good
confidence in this and the business can also be profitable.
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4) As presently the human resource is less compared to
competitors, the operations of the branch can be increased by increasing
the human resource.
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BIBILOGRAPHY:
.
www.religare.in
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PART B
RISK AND RETURN ANALYSIS OF
MUTUAL FUNDS
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RESEARCH EXTRACT
In the current economic scenario interest rates are falling and fluctuation
in the share market has put investors in confusion. One finds it difficult to take
decision on investment. This is primarily, because of investments are risky in
nature and investors have to consider various factors before investing in
investment avenues. These factors include risk, return, volatility of shares and
liquidity. The main objective of comparing investment in different mutual
fund schemes is to analyze the performance of mutual funds by using
risk, return as a parameter.
Historical data were taken for calculating risk, return. Analysis has done on
percentage method for comparing mutual fund schemes. Compare to equities
mutual funds are less risky with stable returns and mutual funds gives the
investor a diversified portfolio. Those who have well knowledge in equity
market they can go for equity investments rather that investing in mutual funds
because no control on the expenses made by the fund manager. The study will
guide new clients who want to invest in
mutual fund schemes by providing knowledge about how to measure the risk and
return of particular scrip or mutual fund scheme. The study recommends new
investors to go for mutual funds rather than equities, because of high risk and
market instability.
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INTRODUCTION TO MUTUAL FUND
Background of the study
The mutual fund industry in India started in 1964 with the formation of Unit Trust
of India, at the initiative of the Government of India. The 1993 SEBI Regulations
were substituted by a more comprehensive and revised Mutual Fund Regulations in
1996.The end of millennium marks 40 years of existence of mutual funds in this
country.The ride through these 40 years is not been smooth. Investor opinion is
still divided.While some are for mutual funds others are against it. UTI
commenced its operations from July 1964. The impetus for establishing a formal
institution came from the desire to increase the propensity of the middle and lower
groups to save and to invest. UTI came in to existence during a period marked by
great political and economic turmoil that depressed the financial market;
entrepreneurs were rather hesitant to enter the capital markets.
Concept of Mutual Fund
A mutual fund is a trust that pools the money of many investors:-
Its shareholders to invest in a variety of Different securities.
Investments may be in stocks, bonds, money market securities or some
combination of these
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Those securities are professionally managed on behalf of
the shareholders, and each investor holds a prorate share of the
portfolio entitled to any profits when the securities are sold,
but subject to any losses in value as well. A mutual fund is a group of investorsoperating through a fund manager to purchase a diverse portfolio of stocks
or bonds. There are myriad kinds of mutual funds, each with its own goals and
methodologies. Whether or not a mutual fund is a good investment is a matter of
much public debate, with many claiming they are excellent for the average
person, and others saying they are simply a poor way to invest. For the
individual investor, mutual funds provide the benefit of having someone
else manage your investments, take care of recordkeeping for your account, and
diversify your rupees over many different securities that may not be available or
affordable to you otherwise. Today, minimum investment requirements on many
funds are low enough that even the smallest investor can get started in mutual
funds. A mutual fund, by its very nature, is diversified
its assets are invested in many different securities. Beyond that, there are many
different types of mutual funds with different objectives and levels of growth
potential, furthering your chances to diversify.
Schemes of Mutual funds.
(1) Schemes according to maturity period:-
A mutual fund scheme can be classified into open-ended
scheme or close ended scheme depending on its maturity period.
Open-ended Scheme:
An open-ended fund or scheme is one that is available
for subscription and repurchase on a continuous basis. These schemes do not have
a fixed maturity period. Investors can conveniently buy and sell units at Net Asset
Value (NAV) related prices which are declared on a daily basis.
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The key feature of open-end schemes is liquidity.
Close-ended Scheme:
A close-ended fund or scheme has a stipulated maturity
period e.g. 5-7 years. The fund is open for subscription only during a specified
period at the time of launch of the scheme. Investors can invest in the scheme at
the time of the initial public issue and thereafter they can buy or sell the
units of the scheme on the stock exchanges where the units are listed. In order to
provide an exit route to the investors, some close-ended funds give an option of
selling back the units to the mutual fund through periodic repurchase at NAV
related prices. SEBI Regulations stipulate that at least one of the two exit routes
is provided to the investor i.e. either repurchase facility or through listing on
stock exchanges. These mutual funds schemes disclose NAV generally on weekly
basis.
(2) Schemes according to Investment Objective:-
A scheme can also be classified as growth scheme, income scheme, or
balanced scheme considering its investment objective. Such schemes may be open-
ended or close-ended schemes as described earlier. Such schemes may be
classified mainly as follows:
Growth / Equity Oriented Scheme:
The aim of growth funds is to provide capital appreciation over the medium
to long term. Such schemes normally invest a major part of their corpus in
equities. Such fund shave comparatively high risks. These schemes provide
different options to the investors like dividend option, capital appreciation, etc.
and the investors may choose an option depending on their preferences.
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Income / Debt Oriented Scheme:The aim of income funds is to provide regular and steady
income to investors. Such schemes generally invest in fixed income securities
such as bonds, corporate debentures, Government securities and money market
instruments. Such funds are less risky compared to equity schemes. These funds are
not affected because of fluctuations in equity markets.
Balanced Scheme:
The aim of balanced funds is to provide both growth and regular income as
such schemes invest both in equities and fixed income securities in the proportion
indicated in their offer documents. These are appropriate for investors looking for
moderate growth. They generally invest 40-60% in equity and debt instruments.
These funds are also affected because offluctuations in share prices in the
stock markets. However, NAVs of such funds are likely to be less volatile compared
to pure equity funds.
Money Market or Liquid Fund:
These funds are also income funds and their aim is to
provide easy liquidity, preservation of capital and moderate income. These
schemes invest exclusively in safer short-term instruments such as treasury
bills, certificates of deposit, commercial paper and inter-banks call money,
government securities, etc. Returns on these schemes fluctuate much less
compared to other funds. These funds are appropriate for corporate and
individual investors as a means to park their surplus funds for short periods.
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Gilt Fund:
These funds invest exclusively in government securities.
Government securities have no default risk. NAVs of these schemes also fluctuate
due to change in interest rates and other economic factors as is the case with
income or debt oriented schemes.
Index Funds:
Index Funds replicate the portfolio of a particular index such as
the BSE Sensitive index, S&P NSE 50 index (Nifty), etc, these schemes invest in
the securities in the same weight age comprising of an index. NAV.s ofsuch schemes would rise or fall in accordance with the rise or fall in the index,
though not exactly by the same percentage due to some factors known as
"tracking error" in technical terms. Necessary disclosures in this regard are made in
the offer document of the mutual fund scheme.
Sector Specific Schemes:
These are the funds/schemes which invest in the securities of only those sectors or
industries as specified in the offer documents.
E.g.
Pharmaceuticals, Software, Fast Moving Consumer Goods (FMCG),
Petroleum stocks, etc. The returns in these funds are dependent on the performance
of the respective sectors/industries.
Tax Saving Schemes:
These schemes offer tax rebates to the investors under specific provisions of
the Income Tax Act, 1961 as the Government offers tax incentives for investment in
specified avenues. e.g. Equity Linked Savings Schemes (ELSS).
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Pension schemes launched by the mutual funds also offer tax benefits.
These schemes are growth oriented and invest pre-dominantly in equities. Their
growth opportunities and risks associated are like any equity oriented scheme.
Advantages of Mutual Fund :
1. Professional Investment Management:-
By pooling the funds of thousands of investors, mutual funds provide full-time,
high level professional management that few individual investors can afford to
obtain independently. Such management is vital to achieving results in today's
complex markets. Your fund managers' interests are tied to yours, because their
compensation is based not on sales commissions, but on how well the fund performs.
2. Diversification:-
Mutual funds invest in a broad range of securities. This limits investment risk by
reducing the effect of a possible decline in the value of any one security. Mutual
fund shareowners can benefit from diversification techniques usually available
only to investors wealthy enough to buy significant positions in a wide variety of
securities.
3. Low Cost:-
If you tried to create your own diversified portfolio of 50 stocks, you'd need
at least Rs.1, 00,000 and you'd pay thousands of rupeesin commissions to
assemble your portfolio. A mutual fund lets you participate in a diversified
portfolio for as little as Rs.10, 000, and sometimes less. And if you buy a no-
load fund, you pay or no sale charges to own them.
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4. Convenience and Flexibility:-
You own just one security rather than many, yet enjoy the benefit of a
diversified portfolio and a wide range of services. Fund managers decide what
securities to trade, clip the bond coupons, collect the interest payments and
see that your dividends on portfolio securities are received and your rights
exercised.
5. Quick, Personalized Service:-
Most funds now offer extensive websites with a host of shareholder
services for immediate access to information about your fund account. Or a phone
call puts you in touch with a trained investment specialist at a mutual fund
company who can provide information you can use to make
your own investment choices, assist you with buying and selling your fund
shares.
6. Ease of Investing:-
You may open or add to your account and conduct transactions orbusiness with the fund by mail, telephone or bank wire. You can even arrange for
automatic monthly investments by authorizing electronic fund transfers from your
checking account in any amount and on a date you choose.
7. Total Liquidity, Easy Withdrawal:-
You can easily redeem your shares anytime you need cash by letter,
telephone, bank wire or check, depending on the fund. Your proceeds are usually
available within a day or two.
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8. Life Cycle Planning:-
With no-load mutual funds, you can link your investment plans to
future individual and family needs and make changes as your life cycles
change. You can invest in growth funds for future college tuition needs,then moveto income funds for retirement, and adjust your investments as your needs change
throughout your life.
9. Market Cycle Planning:-
For investors who understand how to actively manage their portfolio,
mutual fund investments can be moved as market conditions change. You can placeyour funds in equities when the market is on the upswing and move into money
market funds on the downswing or take any number of steps to ensure that your
investments are meeting your needs in changing market climates.
10. Investor Information:-
Shareholders receive regular reports from the funds, including details of
transactions on a year-to-date basis. The current net asset value of your shares
(the price at which you may purchase or redeem them) appears in the mutual
fund price listings of daily newspapers. You can also obtain pricing and
performance results for the all mutual funds at this site, or it can be obtained by
phone from the fund.
11. Periodic Withdrawals:-
If you want steady monthly income, many funds allow you to arrange for
monthly fixed checks to be sent to you, first by distributing some or all of the
income and then, if necessary, by dipping into your principal.
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12. Dividend Options:-
You can receive all dividend payments in cash. Or you can have them
reinvested in the fund free of charge, in which case the dividends are
automatically compounded. This can make a significant contribution to your long-
term investment results.
13. Automatic Direct Deposit:-
You can usually arrange to have regular, third-party payments such asSocial Security or pension checks -- deposited directly into your fund account.
This puts your money to work immediately, without waiting to clear your
checking account, and it saves you from worrying about checks being lost in
the mail.
14. Recordkeeping Service:-
With your own portfolio of stocks and bonds, you would have to do your
own record keeping of purchases, sales, dividends, interest, short-term and
long-term gains and losses. Mutual funds provide confirmation of your
transactions and necessary tax forms to help you keep track of your investments
and tax reporting.
15. Safekeeping:-
When you own shares in a mutual fund, you own securities in many
companies without having to worry about keeping stock certificates in safe
deposit boxes or sending them by registered mail. You don't even have to worry
about handling the mutual fund stock certificates; the fund maintains your account
on its books and sends you periodic statements keeping track of all your
transactions.
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Disadvantages of Mutual Fund:
There are certainly some benefits to mutual fund investing, but you
should also be aware of the drawbacks associated with mutual funds.
1. No Insurance:-
Mutual funds, although regulated by the government, are not insured
against losses. The Federal Deposit Insurance Corporation (FDIC) only insures
against certain losses at banks, credit unions, and savings and loans, notmutual funds. That means that despite the risk-reducing diversification
benefits provided by mutual funds, losses can occur, and it is possible (although
extremely unlikely) that you could even lose your entire investment.
2. Dilution:-
Although diversification reduces the amount of risk involved in investing in mutual
funds, it can also be a disadvantage due to dilution. For example, if a single
security held by a mutual fund doubles in value, the mutual fund itself would not
double in value because that security is only one small part of the funds holdings.
By holding a large number of different investments, mutual funds tend to do
neither exceptionally well nor exceptionally poorly.
3. Fees and Expenses:-
Most mutual funds charge management and operating fees that pay for the fund's
management expenses (usually around 1.0% to 1.5% per year). In addition, some
mutual funds charge high sales commissions,
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12b-1 fees, and redemption fees. And some funds buy and trade shares so often that
the transaction costs add up significantly. Some of these expenses are charged on an
ongoing basis, unlike stock investments, for which a commission is paid only
when you buy and sell (see Investor Guide University: Fees and Expenses).
4. Poor Performance:-
Returns on a mutual fund are by no means guaranteed. In fact, on average,
around 75% of all mutual funds fail to beat the major market indexes, like the
S&P 500, and a growing number of critics now question whether or not
professional money managers have better stock-picking capabilities than the
average investor.
5. Loss of Control:-
The managers of mutual funds make all of the decisions about which securities
to buy and sell and when to do so. This can make it difficult for you when trying
to manage your portfolio. For example, the tax consequences of a decision
by the manager to buy or sell an asset at a certain time might not be optimal for
you. You also should remember that you trust someone else with your money
when you invest in a mutual fund.
6. Trading Limitations:-
Although mutual funds are highly liquid in general, most mutual funds (called
open ended funds) cannot be bought or sold in the middle of the trading day. You
can only buy and sell them at the end of the day, after they've calculated the
current value of their holdings.
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7. Size:-
Some mutual funds are too big to find enough good investments. This is
especially true of funds that focus on small companies, given that there is strict rulesabout how much of a single company a fund may own. If a mutual fund has $5
billion to invest and is only able to invest an average of $50 million in each, then it
needs to find at least 100 such companies to invest in; as a result, the fund might
be forced to lower its standards when selecting companies to invest in.
8. Inefficiency of Cash Reserves:-
Mutual funds usually maintain large cash reserves as protection against a
large number of simultaneous withdrawals. Although this provides investors
with liquidity, it means that some of the fund's money is invested in cash
instead of assets, which tends to lower the investor's potential return.
9. Different Types:-
The advantages and disadvantages listed above apply to mutual funds in
general. However, there are over 10,000 mutual funds in operation, and these
funds vary greatly according to investment objective, size, strategy, and style.
Mutual funds are available for virtually every investment strategy (e.g. value,
growth), every sector (e.g. biotech, internet), and every country or region of the
world, so even the process of selecting a fund can be tedious.
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Risk Involved in Mutual Funds
All investments involve some form of risk, which should be evaluated them
potential rewards when an investment is selected.
Managing risk At times the prices or yields of all the securities
in a particular market rise or fall due to broad outside influences. When this
happens, the stock prices of both an outstanding, highly profitable companyand a fledgling corporation may be affected. This change in price is due to
market risk.
Interest rate risk sometimes referred to as .loss of purchasing
power.Whenever inflation sprints forward faster than the earnings on your
investment, you run the risk that you will actually be able to buy less, not more.
Inflation risk also occurs when prices rise faster than your returns.
Credit risk in short, how stable is the company or entity to
which you lend your money when you invest? How certain are you that it will be
able to pay the interest you are promised, or repay your principal when the
investment matures?
Inflation risk Changing interest rates affect both equities and
bonds in many ways. Investors are reminded that .predicting. Which way rates will
go is rarely successful. A diversified portfolio can help in offsetting these changes.
Effect of loss of key professional and inability to adopt an industry.
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Key asset is often the personnel who run the business i.e. intellectual
properties of the key employees of the respective companies. Given the ever-
changing complexion of few industries and the high obsolescence levels,
availability of qualified, trained and motivated personnel is very critical for thesuccess of industries in few sectors. It is, therefore, necessary to attract key
personnel and also to retain them to meet the changing environment and
challenges the sector offers. Failure or inability to attract/retain such qualified key
personnel may impact the prospects of the companies in the particular sector in
which the fund invests.
Exchange risks A number of companies generate revenues in
foreign Currencies and may have investments or expenses also denominated in
foreign currencies. Changes in exchange rates may, therefore, have a positive
or negative impact on companies which in turn would have an effect on the
investment of the fund.
Investment risks The sectoral fund schemes, investments will
be Predominantly in equities of select companies in the particular sectors.
Accordingly, the NAV of the schemes are linked to the equity
performance of such companies and may be more volatile than a more diversified
portfolio of equities.
Changes in government policy
Changes in Government policy especially in regard to the tax
benefits may impact the business prospects of the companies leading to an impact
on the investments made by the fund.
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Statement of the Problem
In the current economic scenario fluctuation in the share market has put
investors in confusion. One finds it difficult to take decision on
investment. This is primarily, because investments are risky in nature and
investors have to consider various factors before investing in investment
avenues. Therefore the study aims at comparing mutual fund schemes in form their
risk, return &liquidity and also creating awareness about Mutual Fund Schemes
among the investors.
Objectives of the Study
Saving money is not enough. Each of us also need to invest ones savings
intelligently in order to have enough money available for funding the higher
education of ones children, for buying a house, or for ones own golden years. But
the rapidly growing number of investment avenues often led to confusion.
Objectives of the study are to provide information to individual investors
regarding their risk, and choosing the best investment options to match theirgoals and attitude to risk.
1. To compare Mutual Fund Schemes in respect of their risk & return.
2. Analyzing the performance of mutual fund schemes.
3. Provide information about pros and cons of investing in Mutual Funds.
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Scope of the study.
The project primarily deals with mutual funds, The study is limited to
compare different mutual fund schemes in respect of their risk, & return
The study covers 2 sectors (FMGC and infrastructure),Index Fund -
Sensex Plan and Midcap Fund 12 randomly selected mutual fund
schemes(3 for each segment) out of mutual fund industry in India for comparison.
The analysis is strictly based on unit price information. Other company
performance indicators are not considered. It focuses on every month ending
closing prices of during the period from1ST JUNE, 2004 to 31ST JUNE, 2007.
Limitations of the Study
The time period for the project was limited to only one and half month
and information provided is limited to the extent of internet and journals
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Research Design
The whole study can be termed as comparative study. It is also a
desk research hence; there is no field work and collection of primary
date for this research. The study centers on comparing different
mutual fund schemes in respect of their risk, return and liquidity.
However, with the objective and scope of the study in mind, it was
decided to base the study on return series of selected mutual fund
schemes.
Since it is not possible to compare all the Mutual Fund
Schemes due to time and resource constraints, sampling techniques
were considered. Randomly selected samples will facilitate
inference of the population, in our case mutual fund industry in India.
Hence by stratified random sampling 12 mutual fund schemes out
of whole mutual fund industry were selected.
Mutual funds schemes were selected according to their weight age of
the FMGC, infrastructure midcap and sensex stocks in theportfolio of schemes. Monthly unit prices of the selected from
historical data. In order to avoid bias, at least three years monthly
data was decided to be necessary. The reference period is from 1ST
JUNE, 2004 to 31ST JUNE, 2007.
Sample Design
1. Relative population: -mutual fund industry in India.
2. Sampling frame:-list of population, elements from which sample
is drawn
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3. Method of sampling: - stratified random sampling.
Stratification or division of population into homogeneous group
was done on the basis of mutual fund schemes.
4. Variables: - monthly calculated risk and returns were used for
comparing different mutual fund schemes
Sample Size:-12 mutual fund schemes were selected. Sample
Description:-
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Calculation of Return and Risk of Selected
Mutual Fund Schemes
Calculation ofrisk and return of FMGC funds ICICI
Prudential FMCG
R r1 r-r1 (r-r1)2
2007 June 11.11
2007 July 11.73 5.580558056 3.996363847 1.584194209 2.509671291
2007 August 12.72 8.439897698 3.996363847 4.443533851 19.74499309
2007 September 13.16 3.459119497 3.996363847 -0.53724435 0.288631492
2007 October 12.87 -2.20364741 3.996363847 -6.20001126 38.44013967
2007 November 15.18 17.94871795 3.996363847 13.9523541 194.668185
2007 December 16.72 10.14492754 3.996363847 6.148563689 37.80483544
2008 January 17.34 3.708133971 3.996363847 -0.28822987 0.0830764612008 February 17.52 1.038062284 3.996363847 -2.95830156 8.75154814
2008 March 18.06 3.082191781 3.996363847 -0.91417206 0.835710567
2008 April 18.85 4.374307863 3.996363847 0.377944016 0.142841679
2008 May 20.85 10.61007958 3.996363847 6.613715729 43.74123574
2008 June 21.48 3.021582734 3.996363847 -0.97478111 0.950198219
2008 July 24.21 12.70949721 3.996363847 8.71313336 75.91869294
2008 August 27.87 15.11771995 3.996363847 11.1213561 123.6845616
2008 September 29.72 6.637961966 3.996363847 2.641598119 6.978040623
2008 October 27.04 -9.01749663 3.996363847 -13.0138604 169.3605647
2008 November 29.96 10.79881657 3.996363847 6.802452721 46.27336302
2008 December 32.48 8.411214953 3.996363847 4.414851106 19.49091029
2009 January 34.1 4.987684729 3.996363847 0.991320882 0.982717091
2009 February 35.43 3.900293255 3.996363847 -0.09607059 0.009229559
2009 March 39.46 11.37454135 3.996363847 7.378177502 54.43750325
2009 April 40.4 2.382159149 3.996363847 -1.61420469 2.605656809
2009 May 36.8 -8.91089108 3.996363847 -12.9072549 166.59723
2009 June 33.25 -9.64673913 3.996363847 -13.6431029 186.1342589
2009 July 33.09 -0.48120300 3.996363847 -4.47756685 20.04860494
2009 August 36.75 11.06074343 3.996363847 7.06437958 49.90545885
2009 September 39.06 6.285714286 3.996363847 2.289350439 5.241125431
2009 October 38.71 -0.89605734 3.996363847 -4.89242119 23.93578515
2009 November 41.13 6.25161457 3.996363847 2.255250723 5.086155823
2009 December 40.47 -1.60466812 3.996363847 -5.60103197 31.371559162010 January 41.61 2.816901408 3.996363847 1.179462439 1.391131644
2010 February 39.42 -5.26315789 3.996363847 -9.25952174 85.73874289
2010 March 39.07 -0.88787417 3.996363847 -4.8842380 23.85578106
2010 April 38.74 -0.84463783 3.996363847 -4.84100167 23.43529723
2010 May 41.98 8.363448632 3.996363847 4.367084785 19.07142952
2010 June 42.45 1.119580753 3.996363847 -2.87678309 8.275880972
Total 3.996363847 Total 1497.790748
SD 6.450216939
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Return=(P1/P0*100)-100
Where,
P1 = Current month price,P0 = Previous month price
R1= R/n,
where n=number of months.
R1= 3.9963638
SD=(R-R1)2/n
=1497.790748/36= 6.450216939
Risk and return of ICICI Prudential FMCG
Factor Percentage
Risk 6.450216939
Return 3.9963638
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SBI Magnum Sector Umbrella FMCG
R r1 r-r1 (r-r1)2
2007 June 9.47
2007 July 10.16 7.286166843 1.363752338 5.922414505 35.074993572007 August 10.94 7.677165354 1.363752338 6.313413016 39.85918392
2007 September 11.3 3.290676417 1.363752338 1.926924079 3.713036406
2007 October 11.65 3.097345133 1.363752338 1.733592795 3.005343978
2007 November 13.36 14.67811159 1.363752338 13.31435925 177.2721622
2007 December 13.43 0.523952096 1.363752338 -0.83980024 0.705264447
2008 January 13.21 -1.63812360 1.363752338 -3.00187594 9.01125917
2008 February 13.61 3.028009084 1.363752338 1.664256746 2.769750517
2008 March 13.52 -0.66127847 1.363752338 -2.02503081 4.10074978
2008 April 13.5 -0.14792899 1.363752338 1.511681332 2.285180449
2008 May 14.58 8 1.363752338 6.636247662 44.03978303
2008 June 14.97 2.674897119 1.363752338 1.311144781 1.719100638
2008 July 16.47 10.02004008 1.363752338 8.656287742 74.93131748
2008 August 16.88 2.489374621 1.363752338 1.125622283 1.267025523
2008 September 17.33 2.665876777 1.363752338 1.302124439 1.695528056
2008 October 16.69 -3.69301788 1.363752338 -5.05677022 25.57092512
2008 November 17.3 3.654883164 1.363752338 2.291130826 5.24928046
2008 December 18.56 7.283236994 1.363752338 5.919484656 35.0402986
2009 January 19.91 7.273706897 1.363752338 5.909954559 34.92756289
2009 February 21.75 9.241587142 1.363752338 7.877834804 62.0602812
2009 March 15.72 -27.7241379 1.363752338 -29.0878902 846.1053603
2009 April 16.64 5.852417303 1.363752338 4.488664965 20.14811317
2009 May 13.83 -16.8870192 1.363752338 -18.2507715 333.0906629
2009 June 14.02 1.373825018 1.363752338 0.01007268 0.0001014592009 July 13.51 -3.63766048 1.363752338 -5.00141282 25.01413023
2009 August 14.23 5.32938564 1.363752338 3.965633302 15.72624749
2009 September 14.57 2.389318342 1.363752338 1.025566004 1.051785628
2009 October 14.81 1.647220316 1.363752338 0.283467978 0.080354094
2009 November 14.68 -0.87778528 1.363752338 -2.24153761 5.024490893
2009 December 14.34 -2.31607629 1.363752338 -3.67982863 13.54113876
2010 January 14.34 0 1.363752338 -1.36375233 1.859820439
2010 February 12.97 -9.55369595 1.363752338 -10.9174482 119.1906772
2010 March 13.07 0.771010023 1.363752338 -0.59274231 0.351343452
2010 April 13.62 4.208110176 1.363752338 2.844357838 8.090371511
2010 May 14.16 3.964757709 1.363752338 2.601005371 6.765228942
2010 June 13.85 -2.18926553 1.363752338 -3.55301787 12.62393602Total 1.363752338 Total 1972.96179
Sd 7.403005752
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Return = (P1/P0*100)-100
Where,
P1= Current month price,
P0= Previous month price
R1= R/n,
where n=number of months.
R1= 1.363752338
SD = (R- R1)2/n
=1972.96179/36
=7.403005752
Risk and return of SBI Magnum Sector Umbrella -
FMCG Fund
Factor Percentage
Risk 7.403005752
Return 1.363752338
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Franklin FMCG Fund
R r1 r-r1 (r-r1)2
2007 June 13.79
2007 July 14.31 3.770848441 2.754708549 1.016139891 1.032540279
2007 August 14.65 2.375960867 2.754708549 -0.37874768 0.143449807
2007 September 15.4 5.119453925 2.754708549 2.364745375 5.592020691
2007 October 14.97 -2.79220779 2.754708549 -5.54691634 30.7682809
2007 November 16.87 12.69205077 2.754708549 9.937342219 98.75077037
2007 December 18.12 7.409602845 2.754708549 4.654894296 21.66804091
2008 January 18.74 3.421633554 2.754708549 0.666925005 0.444788962
2008 February 19.34 3.201707577 2.754708549 0.446999028 0.199808131
2008 March 19.62 1.447776629 2.754708549 -1.30693192 1.708071045
2008 April 19.68 0.305810398 2.754708549 -2.44889815 5.997102158
2008 May 21.56 9.552845528 2.754708549 6.798136979 46.21466639
2008 June 22.41 3.942486085 2.754708549 1.187777536 1.410815475
2008 July 24.05 7.318161535 2.754708549 4.563452986 20.82510315
2008 August 26.26 9.189189189 2.754708549 6.43448064 41.4025411
2008 September 27.98 6.549885758 2.754708549 3.795177208 14.40337004
2008 October 25.87 -7.54110078 2.754708549 -10.2958093 106.0036899
2008 November 28.32 9.470429068 2.754708549 6.715720519 45.10090209
2008 December 30.07 6.179378531 2.754708549 3.424669982 11.72836448
2009 January 31.89 6.052544064 2.754708549 3.297835514 10.87571908
2009 February 33.83 6.083411728 2.754708549 3.328703178 11.08026485
2009 March 37.05 9.518179131 2.754708549 6.763470581 45.74453431
2009 April 38.34 3.481781377 2.754708549 0.727072827 0.528634896
2009 May 33.58 -12.4152321 2.754708549 -15.1699406 230.1271003
2009 June 32.95 -1.87611673 2.754708549 -4.63082528 21.444542832009 July 32.76 -0.57663125 2.754708549 -3.3313398 11.09782492
2009 August 34.76 6.105006105 2.754708549 3.350297556 11.22449371
2009 September 35.5 2.128883774 2.754708549 -0.62582477 0.391656649
2009 October 35.92 1.183098592 2.754708549 -1.57160995 2.46995786
2009 November 35.52 -1.11358574 2.754708549 -3.86829429 14.96370076
2009 December 34.91 -1.71734234 2.754708549 -4.47205089 19.99923918
2010 January 35.57 1.890575766 2.754708549 -0.86413278 0.746725467
2010 February 33.33 -6.29744166 2.754708549 -9.05215021 81.94142349
2010 March 32.59 -2.22022202 2.754708549 -4.97493057 24.74993419
2010 April 33.36 2.362687941 2.754708549 -0.39202060 0.153680157
2010 May 35.57 6.62470024 2.754708549 3.86999169 14.97683568
2010 June 34.98 -1.65870115 2.754708549 -4.4134097 19.4781852Total 2.754708549 Total 975.3887794
Sd 5.205202471
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Return = (P1/P0*100)-100
Where,
P1= Current month price,
P0= Previous month price
R1= R/n,
where n=number of months.
R1= 2.754708549
S=(R-R1)2/n
=975.3887794
= 5.205202471
Risk and return of Franklin FMCG Fund
Factor Percentage
Risk 5.205202471
Return 2.754708549
Average risk and return of FMGC FUNDS
NAME RISK RETURN
ICICI Prudential 3.996363847 6.450216939
SBI Magnum Sector
Umbrella - FMCG 7.403005752 1.363752338
Franklin FMCG Fund 5.205202471 2.754708549
AVG 6.352808387 2.704941578
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FINDINGS:-
Sbi magnum sector umbrella-FMGC has the highest risk factor of 7.4/month
Icici prudential FMCG has the highest return of 3.99/month
Calculation of risk and return of infrastructure
ICICI Prudential Infrastructure
R r1 r-r1 (r-r1)2
2008 September 10.73
2008 October 9.66 -9.97204100 2.355218603 -12.3272596 151.9613295
2008 November 10.83 12.11180124 2.355218603 9.756582639 95.1909048
2008 December 11.67 7.756232687 2.355218603 5.401014084 29.17095314
2009 January 12.68 8.654670094 2.355218603 6.299451491 39.68308909
2009 February 13.18 3.943217666 2.355218603 1.587999063 2.521741023
2009 March 13.71 4.02124431 2.355218603 1.666025707 2.775641655
2009 April 15.04 9.700948213 2.355218603 7.34572961 53.9597435
2009 May 12.98 -13.6968085 2.355218603 -16.0520271 257.6675745
2009 June 12.04 -7.24191063 2.355218603 -9.59712923 92.10488955
2009 July 12.46 3.48837209 2.355218603 1.13315349 1.284036832
2009 August 13.82 10.91492777 2.355218603 8.559709166 73.26862101
2009 September 14.04 1.591895803 2.355218603 -0.7633228 0.582661697
2009 October 14.77 5.199430199 2.355218603 2.844211597 8.089539606
2009 November 15.78 6.838185511 2.355218603 4.482966908 20.0969923
2009 December 16.03 1.584283904 2.355218603 -0.77093469 0.59434031
2010 January 16.63 3.742981909 2.355218603 1.387763306 1.925886994
2010 February 15.13 -9.01984365 2.355218603 -11.3750622 129.3920414
2010 March 13.71 -9.38532716 2.355218603 11.74054577 137.8404149
2010 April 14.91 8.7527352 2.355218603 6.397516627 40.92821899
2010 May 15.89 6.572769953 2.355218603 4.21755135 17.78773939
2010 June 16.51 3.901825047 2.355218603 1.546606444 2.391991494Total 2.355218603 Tota 1159.218352
SD 7.429729059
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Return = (P1/P0*100)-100Where,
P1= Current month price,P0= Previous month priceR1= R/n,
where n=number of months.
R1= 2.355218603
SD = (R- R1)2/n
= 1159.218352/21
= 7.429729059
Risk and return of ICICI Prudential InfrastructureFund
Factor Percentage
Risk 7.429729059
Return 2.355218603
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Birla Infrastructure Fund
R r1 r-r1 (r-r1)2
2009 March 10.41
2009 April 10.99 5.571565802 2.11677123 3.454794572 11.935605542009 May 9.83 -10.5550500 2.11677123 -12.6718212 160.5750544
2009 June 8.94 -9.05391658 2.11677123 -11.1706878 124.7842662
2009 July 9.02 0.894854586 2.11677123 -1.22191664 1.493080284
2009 August 9.9 9.756097561 2.11677123 7.639326331 58.35930679
2009 September 10.77 8.787878788 2.11677123 6.671107558 44.50367605
2009 October 11.23 4.271123491 2.11677123 2.154352261 4.641233666
2009 November 12.08 7.569011576 2.11677123 5.452240346 29.72692479
2009 December 12.09 0.082781457 2.11677123 -2.03398977 4.137114396
2010 January 12.33 1.985111663 2.11677123 -0.13165956 0.017334242
2010 February 11.37 -7.78588807 2.11677123 -9.9026593 98.06266136
2010 March 11.3 -0.61565523 2.11677123 -2.73242646 7.466154375
2010 April 12.28 8.672566372 2.11677123 6.555795142 42.978449942010 May 13.06 6.351791531 2.11677123 4.235020301 17.93539695
2010 June 13.82 5.819295559 2.11677123 3.702524329 13.70868641
Total 2.11677123 Total 620.3249454
SD 6.43078505
Return = (P1/P0*100)-100
Where,
P1= Current month price,
P0= Previous month price
R1= R/n,
Where n=number of months.
R1= 2.11677123
SD = (R- R1)2/n
= 620.3249454/15
= 6.43078505
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Risk and return of Birla Infrastructure Fund
FactorPercentage
Risk 6.43078505
Return 2.11677123
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Tata Infrastructure Fund
Return = (P1/P0*100)-100
Where, p1= Current month price,
P0= Previous month price
R1= R/n,
R r1 r-r1 (r-r1)2
2008 January 10.06
2008 February 10.54 4.771371769 3.708737375 1.062634395 1.1291918562008 March 10.59 0.474383302 3.708737375 -3.23435407 10.46104627
2008 April 10.74 1.416430595 3.708737375 -2.29230678 5.254670373
2008 May 11.22 4.469273743 3.708737375 0.760536368 0.578415567
2008 June 11.19 -0.26737967 3.708737375 -3.97611705 15.80950683
2008 July 11.99 7.149240393 3.708737375 3.440503018 11.83706102
2008 August 13.04 8.757297748 3.708737375 5.048560373 25.48796184
2008 September 14 7.36196319 3.708737375 3.653225815 13.34605886
2008 October 12.55 -10.3571428 3.708737375 -14.0658802 197.8489867
2008 November 14.22 13.30677291 3.708737375 9.598035534 92.1222861
2008 December 14.97 5.274261603 3.708737375 1.565524229 2.45086611
2009 January 16.78 12.09084836 3.708737375 8.382110989 70.25978462
2009 February 17.4 3.694874851 3.708737375 -0.01386252 0.000192172009 March 19.91 14.42528736 3.708737375 10.71654998 114.8444435
2006 April 21.74 9.191361125 3.708737375 5.48262375 30.05916319
2009 May 19.09 -12.1895124 3.708737375 -15.8982497 252.7543465
2009 June 17.68 -7.38606600 3.708737375 -11.0948033 123.094662
2009 July 17.55 -0.73529411 3.708737375 -4.44403149 19.74941591
2009 August 19.35 10.25641026 3.708737375 6.547672882 42.87202016
2009 September 20