comparative analysis of mutual fund with india infoline by nikita chinchane-libre
TRANSCRIPT
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1
A PROJECT REPORT
ON
COMPARATIVE ANALYSIS OF MUTUAL FUND ON THE
BASIS OF ALPHA, BETA, AND STANDARD DEVIATION
FOR
INDIA INFOLINE, PUNE
BY
NIKITA BHARAT CHINCHANE
MBA Semester III
Pr!e"t #$%&ePr'( VAISHAMPAYAN
I) P*rt%*+ F$+'%++me)t ' te Re-$%reme)ts ' teT./Ye*r F$++/T%me P#PM Pr0r*mme
' teSMVIM
St( M%r* V%s.*2*rm* I)st%t$te O' M*)*0eme)t3P$)e
AY: 2007-08
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4
ACKNOWLEDGEMENT
I t*2e t%s 55rt$)%t6 t e75ress m6 &ee5est 0r*t%t$&e t *++ tse 5e5+e, .%t$t
tse s5)t*)e$s s$55rt, 0$%&*)"e, e)"$r*0eme)t *)& $)&erst*)&%)0, t%s 5r!e"t
.$+& )e8er *& re*"e& "m5+et%)(
It .*s m6 5r%8%+e0e t .r2 .%t I)&%* I)'+%)e Lt&( I *m %)&e9te& t K*m+es
T%.*r% Br*)" M*)*0er3, Cet*) S%)0 R*!5$r%t S*+es M*)*0er3 . *"te& *s
5%+s5er *)& 0$%&e tr$0 *++ te st*0es ' "m5+et%) ' te5r!e"t(
Mere .r&s ' 0r*t%t$&e .%++ )e8er s$''%"e t te%r 8*+$*9+e 0$%&*)"e, 5*t%e)"e
*)& '*%t s.) %) m6 .r2(
I .$+& *+s +%2e t *8*%+ t%s 55rt$)%t6 t e75ress m6 s%)"ere t*)2s *)&5r'$)& 0r*t%t$&e t m6 5r!e"t 0$%&e Pr' V*%s*m5*r*)3, .se 8*+$*9+e 2).+e&0e
*)& 0$%&*)"e *8e me "m5+ete t%s 5r!e"t s$""ess'$++6(
I *"2).+e&0e te t%me+6 e+5 e7te)&e& 96 *++ m6 "++e*0$es *)& *++ te
$)me)t%)e& )*mes 'rm te ")"er)e& '%e+&(
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INDEX
Sr.No. TOPIC Page no.
EXEC!TI"E S!MMA#Y $
2 #ESEA#C% O&'ECTI"E $
( SCOPE O) P#O'ECT *
$ #ESEA#C% MET%ODOLGY *
* )INDINGS AND ANALYSIS +
+ LIMITATIONS +
7 A&O!T INDIA IN)OLINE 7
8 INT#OD!CTION O) M!T!AL )!ND 2
, COMPA#ISON O) M!T!AL )!ND (7
0 CONCL!SION
&I&LIOG#AP%Y
:
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L%m%te&, te%r %)8estme)t 9*)2%)0 !%)t 8e)t$re .%t J P Mr0*) ' USA *)& .%t B
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T9e &oar5 o6 D1reor
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te%r5rt'+%s(
> C9ange 1n M//a )/n5 5/e o 9e A5en o6 Ne INDICES )O# M!T!AL )!NDS:
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> )!NDS O) )!NDS:
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M!T!AL )!ND &EST P#CTICES
T%E P#ACTICE O) #EST)!L
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9ee) %) te %)8estme)t s5*"e 'r * +)0 t%me *)& *re .%++%)0 t e75er%me)t *)& +e*r) 'rm
te%r m%st*2e, *)& "*) 9e '+e7%9+e(
Ser1e:
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*)& te )+6 .*6 te )$m9er ' "$stmers "*) 9e %)"re*se& *)& te e7%st%)0 )es
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Tr$st, %) te "*se ' M$t$*+ F$)&s %s s6))6ms( Tr$st %) te '%rm .$+& "me )+6
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m*r2et &e8e+5me)t 'r 6$r %ss$e, s t*t tere %s * re*&6 m*r2et *8*%+*9+e 'r tem(
COMPA#ATI"E ST!DY O) M!T!AL )!NDS ON T%E &ASES O) ALP%A
&ETA AND STANDA#D DE"IATION
ALP%A
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:
Me*s$res . m$" %' *)6 ' te e7tr* r%s2 e+5e& te '$)& $t5er'rm %ts
"rres5)&%)0 9e)"m*r2( Us%)0 9et*, *+5*s "m5$t*t%) "m5*res te '$)&s
5er'rm*)"e t t*t ' te 9e)"m*r2s r%s2/*&!$ste& ret$r)s *)& est*9+%ses %' te '$)&s
ret$r)s $t5er'rme& te m*r2ets, 0%8e) te s*me *m$)t ' r%s2(
Fr e7*m5+e, %' * '$)& *s *) *+5* ' 1, %t me*)s t*t te '$)& $t5er'rme& te
9e)"m*r2 96 1( Ne0*t%8e *+5*s *re 9*& %) t*t te6 %)&%"*te t*t te '$)& $)&er
5er'rme& 'r te *m$)t ' e7tr*, '$)&/s5e"%'%" r%s2 t*t te '$)&s %)8estrs $)&ert2(
&ETA :-
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'$)& %) "m5*r%s) t t*t ' %ts %)&e7 r 9e)"m*r2( A '$)& .%t * 9et* 8er6 "+se t 1
me*)s te '$)&s 5er'rm*)"e "+se+6 m*t"es te %)&e7 r 9e)"m*r2( A 9et* 0re*ter
t*) 1 %)&%"*tes 0re*ter 8+*t%+%t6 t*) te 8er*++ m*r2et, *)& * 9et* +ess t*) 1 %)&%"*tes
+ess 8+*t%+%t6 t*) te9e)"m*r2(
STANDA#D DE"IATION :-
Te st*)&*r& &e8%*t%) esse)t%*++6 re5rts * '$)&s 8+*t%+%t6, .%" %)&%"*tes te
te)&e)"6 ' te ret$r)s t r%se r '*++ &r*st%"*++6 %) * srt 5er%& ' t%me( A se"$r%t6 t*t
%s 8+*t%+e %s *+s ")s%&ere& %0er r%s2 9e"*$se %ts 5er'rm*)"e m*6 "*)0e -$%"2+6 %)
e%ter &%re"t%) *t *)6 mme)t( Te st*)&*r& &e8%*t%) ' * '$)& me*s$res t%s r%s2 96
me*s$r%)0 te &e0ree t .%" te '$)& '+$"t$*tes %) re+*t%) t %ts me*) ret$r)(
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:
SENSEX #ET!#NS:
MONTH
M*r"
SENSE RETURNS
/(1;
A5r%+ (1;
M*6 (4
J$)e /(1
J$+6 (11
CALC!LATION O) #ET!#NS ON M!T!AL )!ND SC%EMES:
& AL ANCE )!ND:
TATA BALANCED FUND #ROTH3
PRU ICICI FUND #ROTH3
HDFC PRUDENCE FUND #ROTH3
MA#NUM BALANCE FUND #ROTH3
JM BALANCED FUND #ROTH3
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:
TATA &ALANCED )!ND
DATE NAV DATE NAV DATE NAV DATE NAV DATE NAV
RETURN RETURN RETURN RETURN RETURN
3 3 3 3 3
1/M*r /1(: 4/A5r /1(; :/M*6 1(1@ 1/J$) ( 4/J$+ (:;
4/M*r /:(4: :/A5r (; ;/M*6 /(: ;/J$) /(; :/J$+ (;
?/M*r 1(1 ;/A5r 1(@ /M*6 /(4: ?/J$) (@4 ;/J$+ (1
@/M*r 1(1 ?/A5r (?? /M*6 /(;; @/J$) /1(1 ?/J$+ /(4
/M*r /(1 /A5r 1(@; /M*6 ( /J$) /( @/J$+ (?4/M*r 4(:@ 1/A5r (4 1/M*6 (1 /J$) /(? /J$+ (;?
/M*r /(; 11/A5r (? 11/M*6 (4@ 11/J$) /(44 1/J$+ /(:
14/M*r ( 14/A5r /(1: 1;/M*6 (: 14/J$) /(11 11/J$+ (1;
1:/M*r (4 1:/A5r 1(?4 1?/M*6 ( 1:/J$) /(;? 14/J$+ 1(1
1;/M*r /1(@ 1@/A5r 1(; 1@/M*6 1(1 1;/J$) 1(1 1:/J$+ (:
1@/M*r /(@ 1/A5r /(; 1/M*6 (: 1?/J$) (; 1@/J$+ (1
1/M*r 1(:: 1/A5r (1 1/M*6 /(? 1/J$) /(4? 1/J$+ /(@
4/M*r (4; 1/A5r (@ 41/M*6 (? 1/J$) 1(11 1/J$+ (:
41/M*r (: 4/A5r 1( 44/M*6 (4; 4/J$) (? 4/J$+ (
44/M*r 1( 4:/A5r (1 4:/M*6 /(4 41/J$) ( 4:/J$+ (;
4:/M*r (:1 4;/A5r (1 4;/M*6 /(@4 44/J$) /(4: 4;/J$+ (1;
4@/M*r /(;1 4?/A5r (1@ 4?/M*6 (?? 4?/J$) (:1 4?/J$+ /(?4/M*r /1(1 4@/Ar5 /(1: 4/M*6 (: 4@/J$) (; 4@/J$+ /(
4/A5r /( 4/M*6 (1 4/J$) /(:1 4/J$+ 4(@@
:/A5r (@1 :/M*6 /(; 4/J$) (4 :/J$+ (1
:1/M*6 ( 4/J$) (? :1/J$+ 1(@
TOTAL 0.$$H TOTAL -.8*H TOTAL *.20H TOTAL 2.+8H TOTAL 8.+7H
Ag. Ag. - Ag. Ag. Ag.
#ET!#NS 0.02H #ET!#NS 0.0,2(2* #ET!#NS 0.2*H #ET!#NS 0.(H #ET!#NS 0.$H
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;
P R U I C I C I B A L AN C E D FUND
DATE NAV DATE NAV DATE NAV DATE NAV DATE NAV
RETURN RETURN RETURN RETURN RETURN
3 3 3 3 3
1/M*r 1(? 4/A5r /1(4 :/M*6 1(: 1/J$) (1@ 4/J$+ (4
4/M*r /1(@@ :/A5r ( ;/M*6 /(; ;/J$) /(@ :/J$+ (
?/M*r /:(4: ;/A5r (@; /M*6 /(:; ?/J$) (?? ;/J$+ /(44
@/M*r 1(;; ?/A5r (: /M*6 /(@ @/J$) /1(@4 ?/J$+ /(
/M*r /(@ /A5r 1(? /M*6 ( /J$) /(@ @/J$+ (1;
/M*r 4(?; 1/A5r /(14 1/M*6 ( /J$) /(?@ /J$+ (?
/M*r /( 11/A5r (;4 11/M*6 (?? 11/J$) (: 1/J$+ /(:
14/M*r (:; 14/A5r /(; 1;/M*6 1(1? 14/J$) /(4 11/J$+ (:
1:/M*r (@ 1:/A5r 1(@ 1?/M*6 (1 1:/J$) /(? 14/J$+ (
1;/M*r /4(11 1@/A5r 1(4 1@/M*6 ( 1;/J$) 1(4 1:/J$+ (?
1@/M*r ( 1/A5r /(@@ 1/M*6 ( 1?/J$) (: 1@/J$+ /(41
1/M*r 1(11 1/A5r (: 1/M*6 /(1 1/J$) /(:; 1/J$+ /(1@
4/M*r (@ 1/A5r /(14 41/M*6 1(1 1/J$) (4 1/J$+ (:
41/M*r ( 4/A5r 1(4; 44/M*6 (@ 4/J$) ( 4/J$+ HI
44/M*r 1(1 4:/A5r (: 4:/M*6 /(: 41/J$) (44 4:/J$+ (@
4:/M*r /(1? 4;/A5r (@@ 4;/M*6 /(? 44/J$) /(; 4;/J$+ (41
4@/M*r /(? 4?/A5r (: 4?/M*6 (? 4?/J$) /(@ 4?/J$+ /(4
4/M*r /1(:1 4@/A5r /(4: 4/M*6 (: 4@/J$) (:@ 4@/J$+ /(1
4/A5r /1(:: 4/M*6 (?? 4/J$) /(1 4/J$+ /4(
:/A5r (: :/M*6 /( 4/J$) (1 :/J$+ /(4;
:1/M*6 (;1 4/J$) (? :1/J$+ 1(@1
TOTAL /(4 TOTAL ;(; TOTAL ;(? TOTAL (@ TOTAL 1(Ag.
#ET!#NS (4?Ag.
#ET!#NS (4;Ag.
#ET!#NS (41Ag.
#ET!#NS (:Ag.
#ET!#NS (
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;1
HDFC PRUDENCE FUND
DATE NAV
RETURN
3
DATE NAV
RETURN
3
DATE NAV
RETURN
3
DATE NAV
RETURN
3
DATE NAV
RETURN
3
1/M*r (1? 4/A5r /1(? :/M*6 ( 1/J$) (1 4/J$+ (4
4/M*r /1(? :/A5r (?4 ;/M*6 /(? ;/J$) /(? :/J$+ (@
?/M*r /:(: ;/A5r (? /M*6 /(14 ?/J$) (4 ;/J$+ /(?1
@/M*r ( ?/A5r (@1 /M*6 /(? @/J$) /( ?/J$+ /(:;
/M*r /1(:; /A5r 1(; /M*6 (44 /J$) /(11 @/J$+ (4
/M*r 1(1 1/A5r (?? 1/M*6 /(1 /J$) /(:@ /J$+ (?
/M*r /(1 11/A5r (: 11/M*6 (; 11/J$) (1? 1/J$+ /(4;
14/M*r (@@ 14/A5r /(; 1;/M*6 1(: 14/J$) /(@@ 11/J$+ /(@
1:/M*r (4 1:/A5r ( 1?/M*6 (: 1:/J$) /(1? 14/J$+ 1(1
1;/M*r /1(;4 1@/A5r 1(? 1@/M*6 (@4 1;/J$) 1(1 1:/J$+ (4
1@/M*r /(1; 1/A5r /(: 1/M*6 (11 1?/J$) (1@ 1@/J$+ (@@
1/M*r (@ 1/A5r ( 1/M*6 /(: 1/J$) /(4; 1/J$+ /(@?
4/M*r (4 1/A5r (1 41/M*6 (? 1/J$) (@ 1/J$+ 1(4
41/M*r ( 4/A5r (;? 44/M*6 (4; 4/J$) 1(14 4/J$+ (1:
4:/M*r /(4; 4:/A5r (1: 4:/M*6 (1 41/J$) (;1 4:/J$+ (?
4@/M*r /(:1 4;/A5r (4; 4;/M*6 /(? 44/J$) /(:4 4;/J$+ /(4/M*r /1(1 4?/A5r (?? 4?/M*6 (: 4?/J$) (41 4?/J$+ /(;4
4@/A5r /(4@ 4/M*6 1(41 4@/J$) (: 4@/J$+ (1
4/A5r /(;1 4/M*6 (:: 4/J$) (11 4/J$+ /1(;
:/A5r (1 :/M*6 /(;4 4/J$) /( :/J$+ /(;
:1/M*6 ( 4/J$) (1 :1/J$+ 1(:
TOTAL /:( TOTAL @(1: TOTAL ;(@; TOTAL :(1? TOTAL ;(:?Ag.
#ET!#NS /(44Ag.
#ET!#NS (:1Ag.
#ET!#NS (44Ag.
#ET!#NS (1?Ag.
#ET!#NS (41
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MA#NUM BALANCE FUND
DATE NAV DATE NAV DATE NAV DATE NAV DATE NAV
RETURN RETURN RETURN RETURN RETURN
3 3 3 3 3
1/M*r ( 4/A5r /4( :/M*6 (;? 1/J$) (:4 4/J$+ (@?
4/M*r /1(: :/A5r (?4 ;/M*6 /(4 ;/J$) /(4; :/J$+ (@
?/M*r /4(@; ;/A5r ( /M*6 /(:1 ?/J$) (? ;/J$+ (
@/M*r 1(1 ?/A5r (: /M*6 /( @/J$) /1(1 ?/J$+ /(:@
/M*r /(@ /A5r 1(:; /M*6 (:1 /J$) /(? @/J$+ (1:
/M*r 4( 1/A5r (:4 1/M*6 (1; /J$) /(; /J$+ (4
/M*r /(1 11/A5r (:? 11/M*6 (; 11/J$) /(:? 1/J$+ /(1:
14/M*r (41 14/A5r /(?@ 1;/M*6 (? 14/J$) /(;; 11/J$+ (4:
1:/M*r (4 1:/A5r 1(;1 1?/M*6 /( 1:/J$) /(:: 14/J$+ (4
1;/M*r /1(@ 1@/A5r 1(@? 1@/M*6 1(:@ 1;/J$) ( 1:/J$+ (?@
1@/M*r /( 1/A5r /(? 1/M*6 (@ 1?/J$) (4; 1@/J$+ (?:
1/M*r 1(;@ 1/A5r (@ 1/M*6 (:: 1/J$) ( 1/J$+ /(?:
4/M*r (? 1/A5r (: 41/M*6 (@4 1/J$) 1(4 1/J$+ (@:
41/M*r (@: 4/A5r 1(11 44/M*6 ( 4/J$) (: 4/J$+ /(
4:/M*r 1(;4 4:/A5r (: 4:/M*6 /(: 41/J$) (: 4:/J$+ (4
4@/M*r /(@ 4;/A5r 1(1@ 4;/M*6 /(11 44/J$) /(4 4;/J$+ /(1:
4/M*r /(? 4?/A5r (@ 4?/M*6 (?; 4?/J$) /(1@ 4?/J$+ /(:?
/1(14 4@/A5r /(: 4/M*6 (4 4@/J$) (:? 4@/J$+ (
4/A5r /1(1@ 4/M*6 ( 4/J$) /(11 4/J$+ /4(?;
:/A5r (?1 :/M*6 /(4 4/J$) (4@ :/J$+ (:1
:1/M*6 (1 4/J$) (4 :1/J$+ 1(:;
TOTAL /(@ TOTAL @(; TOTAL ;( TOTAL 1(? TOTAL :(Ag. Ag. Ag. Ag. Ag.
#ET!#NS /(; #ET!#NS (:4 #ET!#NS (4: #ET!#NS ( #ET!#NS (1;
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JM BALANCED FUND
DATE NAV
RETURN
3
DATE NAV
RETUR
3
DATE
N
NAV
RETURN
3
DATE NAV
RETURN
3
DATE NAV
RETURN
3
1/M*r (:@ 4/A5r /
1(4 :/M*6 1(? 1/J$) (; 4/J$+ 1(
4/M*r /1(; :/A5r ( ;/M*6 /( ;/J$) /(1; :/J$+ 1(?
?/M*r /4(? ;/A5r (: /M*6 /(;@ ?/J$) /(; ;/J$+ 1(;
@/M*r (@@ ?/A5r ( /M*6 /(: @/J$) /1(4: ?/J$+ /(?
/M*r
/M*r
/1(@
:(4
/A5r
1/A5r
1(4/
(?
/M*6
1/M*6
(
(:
/J$)
/J$)
/(@
/(
@/J$+
/J$+
1(;
(@
/M*r /1(@ 11/A5r (4 11/M*6 (1: 11/J$) /(4 1/J$+ (?
14/M*r 1( 14/A5r (1 1;/M*6 (?1 14/J$) /(? 11/J$+ (?1
1:/M*r (: 1:/A5r 4(: 1?/M*6 /(1: 1:/J$) /(;4 14/J$+ 1(44
1;/M*r /1(: 1@/A5r 4(@ 1@/M*6 1(1 1;/J$) 1(: 1:/J$+ (?
1@/M*r /(?1 1/A5r /
(; 1/M*6 ( 1?/J$) (; 1@/J$+ (?
1/M*r
4/M*r
1(:
(@
1/A5r
1/A5r
(4@/
(:
1/M*6
41/M*6
/(
(
1/J$)
1/J$)
/(?
(
1/J$+
1/J$+
/(:
(4
41/M*r
22-Mar
(:
1(??
4/A5r
4:/A5r
(/
(?1
44/M*6
4:/M*6
(
/(@1
4/J$)
41/J$)
(@
(@?
4/J$+
4:/J$+
/(4@
1(1;
4:/M*r (; 4;/A5r (? 4;/M*6 /( 44/J$) (;1 4;/J$+ /(4;
4@/M*r
4/M*r
/(;?
/1(@4
4?/A5r
4@/A5r
(?/
(:
4?/M*6
4/M*6
(14
(
4?/J$)
4@/J$)
/(:;
(:?
4?/J$+
4@/J$+
/1(11
(?
4/A5r/
1(4 4/M*6 (@@ 4/J$) (? 4/J$+ /:(;
:/A5r (@ :/M*6 /( 4/J$) 1(11 :/J$+ 1(:?
:1/M*6 1(@ 4/J$) /(1@ :1/J$+ 1(:?
TOTAL /(:: TOTAL (4: TOTAL ?(1@ TOTAL 1(1? TOTAL (;Ag. Ag. Ag. Ag. Ag.
#ET!#NS /(4 #ET!#NS (:@ #ET!#NS (4? #ET!#NS (? #ET!#NS (;
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CALC!LATION O) #ET!#NS ON M!T!AL )!ND SC%EMES:
M)t
M*r"
Se)se7
Ret$r)s
/(1;
t*t* 9*+
(4
Sm/me*)3
/(1:4
Mm/me*)3
/(14;
Sm/Sm3
Mm/Mm3
(1@:@
Sm/me*)3
Sm/me*)3
(;
Mm/me*)3
Mm/me*)3
(1?:@
A5r%+ (1; /( (1; /(4:; /(:;@:4 (1 (?;?@
M*6 (4 (4? (4 (1@ (4@ (@4? (114:@
J$)e /(1 (1: /(1@4 /(1; (44@ (1@ (1@
J$+6 (11 (;1 (11 (4@@ (:1: (1@1 (?@
TOTAL -0.0$ 0.72 0.08(+ 0.2*+ 0.0(0*2*
me*) -0.008 0.$$
&ETA 0.08(+F 0.08028 ALP%A 0.$*82,+
0.228+,,+ San5ar5 De1a1on 0.0(0*2*
M)t
M*r"
se)se7 ret$r)s
/(1;
PRU
ICICI
(4?
Sm/me*)3
/(1:4
Tm/me*)3
(@
Sm/Sm3Tm/Tm3
/(11:?4
Tm/me*)3tm/me*)3
(:@
Tm/me*)3tm/me*)3
(:@
A5r%+ (1; (4; (1; (@ (114; (?@ (?@
M*6 (4 (41 (4 (;@ (14 (411@ (411@
J$)e /(1 (: /(1@4 /(1:; (41 (1?@ (1?@
J$+6 (11 ( (11 /(; /(:4 (?;@ (?;@
TOTAL /(; (4 (1;1@
MEAN -0.008 0.+$
&ETA 0.0$+F 0.08028 ALP%A 0.7$
0.+*$ San5ar5 De1a1on 0.00+
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M)t
M*r"
se)se7 ret$r)s
/(1;
MA#
BAL
/(;
Sm/me*)3
/(1:4
Mm/
me*)3
/(1@
Sm/Sm3Tm/Tm3
/(1@
Tm/me*)3tm/me*)3
(:;?@
A5r%+ (1; (:4 (1; (1; (1; (:4@
M*6 (4 (4: (4 (; (; (?@
J$)e /(1 ( /(1@4 /(@@ /(@@ (;:?@
J$+6 (11 (1; (11 /(@ /(@ (1:4;
TOTAL /(; (: (14
MEAN -0.008 0.$+
&ETA 0.02F 0.08028 ALP%A 0.*22$22
0.$,$7+8( San5ar5 De1a1on 0.0(7
se)se7 HDFC Sm/ Mm/ Sm/Sm3Tm/ Tm/me*)3tm/
M)t ret$r)s Pr$ me*)3 me*)3 Tm3 me*)3M*r" /(1; /(44 /(1:4 /(:?; (;@4 (14?:1@
A5r%+ (1; (:1 (1; (1@ (4@; (:@
M*6 (4 (44 (4 (@ (4; (:@
J$)e /(1 (1? /(1@4 (1@ /(4?4 (4?@
J$+6 (11 (41 (11 (@ (@ (?@
TOTAL /(; (@ (1?@
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MEAN -0.008 0.($
&ETA 0.08*+F 0.08028 ALP%A 0.$227**$
.0*,$$,* San5ar5 De1a1on 0.0*2$
Mm/
M)t se)se7 ret$r)s JM BAL Sm/me*)3 me*)3 Sm/Sm3Tm/Tm3 Tm/me*)3tm/me*)3
March -0.14 -0.02 -0.132 -0.228 0.030096 0.017424
April 0.14 0.36 0.148 0.152 0.022496 0.021904
May 0.02 0.25 0.028 0.042 0.001176 0.000784
June -0.17 0.05 -0.162 -0.158 0.025596 0.026244
July 0.11 0.4 0.118 0.192 0.022656 0.013924
TOTAL -0.04 1.04 0.10202
MEAN -0.008 0.208
&ETA 0.0202F 0.08028 ALP%A 0.28++$8
.270802,2 San5ar5 De1a1on 0.08*
SC%EMES
TATA
&ETA
0.228+,,+
ALP%A
0.$+
S.D.
0.0(
P#! ICICI 0.7$ 0.+* 0.00+
%D)C .($(+**7 0.$2 0.0*2$
MAG &AL 0.(2(8(2++ 0.*2 0.0(7
'M &AL .2$ 0.28 0.08*
INTE#P#ETATION Per1o51a4 reaane 4o/r 9o51ng o 4o/r or1g1na ae aoa1on
en93ar>: B6 &%)0 t%s, 6$ .%++ .%)& $5 se++%)0 s*res %) e75e)s%8e '$)&s *)&
re%)8est%)0 %) "e*5er )es(
> Ine a 3/9 a 4o/ an 1n o> 6/n5: As * r$0 r$+e, tr6 t +& *
5er"e)t*0e *t +e*st e-$*+ t 1 m%)$s 6$r *0e %) st"2s( Se)%r "%t%=e)s m%0t
")s%&er 11 m%)$s te%r *0es t *8%& 0r.%)0 t ")ser8*t%8e(
> Don 9o@ 6ro3 6/n5 o 6/n5: Tr*&ers 'te) +*0 te +)0/r*)0e ret$r)s ' te
st"2 *)& 9)&s m*r2ets(
> Se 4o/r 1g9 on /151ng ea9 o4: #et r%" -$%"2 s"emes 'te)
9*"2'%re( Pe5+e . *m*ss 'rt$)es tr$0 s5e"$+*t%) 're-$e)t+6 *+s +e*r) . %t
'ee+s t 0et 5r -$%"2+6(
> Kee@ 1 13@e: B*s%" %)8estme)t 5+*)s 'te) .r2 9est ) te -$est 'r .e*+t(
> Ao15 g1331>: D)t %)8est %) *)6t%)0 6$ &)t $)&erst*)&( P*%) 8*)%++*
'$)&s s$r8%8e te test ' t%me 9etter t*) '*&&%s 5eers t*t m*2e $se ' &er%8*t%8es *)&
ter *r"*)e str*te0%es(
> Do 4o/r 9o3e or> e6ore ar1ng o/: Ne8er 9$6 r se++ M$t$*+ F$)&s s+e+6
) te 9*s%s ' t%5s( I' * s$00est%) seems t *8e mer%t, & 6$r .) *)*+6s%s(
> )o/ on r1> re/rn an5 o 9en ea/a1ng 6/n5: Kee5 %) m%)& t*t *
'$)&s r%s2 *)& e75e)ses *re e*s%er t 5re&%"t t*) %ts ret$r)(
> '/5ge @a @er6or3ane 19 a gra1n o6 a: H%str%" ret$r)s &)t *+.*6s
5re&%"t '$t$re res$+ts, es5e"%*++6 %' * '$)&s m*)*0eme)t r %)8estme)t st6+e *s "*)0e&
re"e)t+6(
> Don nege 9e @ro@e/: Y$++ '%)& te 0$ts ' t%s &"$me)t %) te
'%)*)"%*+ / %0+%0ts( L2 'r 5*st e75e)se r*t%)s, 5rt'+% t$r)8ers, tt*+ *))$*+
ret$r)s *)& 6e*r t 6e*r "*)0es %) *ssets(
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> Con15er 91r1ng a o>ro>er or 61nan1a @anner 16 4o/ nee5 9e@ 19
4o/r @or6o1o: J$st m*2e s$re te %)&%8%&$*+ %s "m5ete)t *)& .%++ 6$r )ee&s( Te
mre 6$ $)&erst*)& *9$t %)8estme)t r%s2s, ret$r) *)& "sts, 9etter 6$ "*) e8*+$*te te
2%)& ' !9s 6$r *&8%sr %s &%)0(
> Don oeroo> eae @ann1ng 1n 4o/r 1ne3en ga3e @an: A +%8%)0 tr$st
*s %m5rt*)t *&8*)t*0e 8er * .%++(
> Ma>e /re 4o/r M//a )/n5 ao/n are 1e5 orre4: I)&%8%&$*+, !%)t,
"$st&%*+ *)& tr$st *""$)t *re '$r "mm) *+ter)*t%8es( Te m*))ers ' t%t+%)0 t*2es
5re"e&e)"e 8er *)6 %)str$"t%)s %) 6$r e%rs 2). *9$t 6$r *""$)ts(
> Ta>e a5anage o6 6/n5 o3@an4 er1e: Te+e5)e re5s 'te) "*) '$r)%s
*)s.ers t 6$r -$est%)s(
> Le 13e or> 6or 4o/: At 1 5er"e)t *))$*++6 te +)0 r$) *8er*0e ret$r) )
st"2s 6$r m)e6 &$9+es e8er6 (: 6e*rs, -$*&r$5+es e8er6 1;(@ 6e*rs *)& e75*)&s
te)'+& e8er6 4;(4 6e*rs(
> E3@9a1e 13e oer 3ar>e 131ng: B$6 0& st"2 '$)&s *)& st*6 .%t tem
'r te +)0 *$+( E8e) 5r'ess%)*+ *8e tr$9+e 5re&%"t%)0 te m*r2ets )e7t m8e(
> Ine reg/ar4: Its 9ee) &em)str*te& t*t 6$ "*) & .e++ 8er te +)0 *$+
e8e) %' 6$ %)8est m)e6 e*" 6e*r *t r )e*r te m*r2ets *))$*+ 5e*2(
> #eogn1e 9a 9e r1> o6 e1ng 1n o> 5ereae a 4o/r 9o51ng @er1o5
eng9en: K).) *s t%me &%8ers%'%"*t%), %t .r2s 9e"*$se te 0& 6e*rs '*r $t.e%0
te 9*& 8er +e)0t6 5er%&( O) *8er*0e, se8e) $t ' e8er6 te) 6e*rs *re .%))ers %) te
st"2 m*r2et(
> Sae a 3/9 o6 4o/r @a49e> a 4o/ an: Te +&er 6$ 0et *)& te %0er
6$r %)"me, te +*r0er te 5er"e)t*0e 6$ s$+& str%8e t set *s%&e(
> Con15er @a1ne an5 e6611en a/o3a1 1ne3en @an a o66ere5 4
3an4 6/n5 o3@an1e. Y$r m)t+6 %)8estme)t 0 str*%0t %)t 6$r "se) '$)& 'rm
e%ter * 9*)2 *""$)t r 6$r5*6"e"2(
> Pa4 aen1on o 9a T-1 41e5 rea1e o o>: 96 &%8%&%)0 te 6%e+& )
te 'rmer 96 te 6%e+& ) te +*tter, .e) 1 &*6s T/9%++s 6%e+& mre t*) t.%"e te
se)se7 :s 6%e+&, %t "$+& s%0)*+ t*t st"2s *8e 9e"me 8er5r%"e&(
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> Conere4 reogn1e 9e eeen a/e o66ere5 4 o> an4 13e 9e T-
1 Fo> 41e5 ra1on 1 on15era4 eo 2. At te e7treme, st"2 m*r2et ")&%t%)
"$+& 9e %0+6 '*8r*9+e .e) 9t )$m9ers *re *9$t e-$*+(
> Don e@e goo5 or a5 13e o a 6oreer. St"2s "*) st*6 8er8*+$e& r
$)&er8*+$e& 'r s$r5r%s%)0+6 +)0 stret"es, 9$t 9$++ m*r2ets *+.*6s "me t *) e)&, *)&
s & 9e*r m*r2ets(
> !e an5ar5 5e1a1on 1nea5 o6 ea o ea/ae a 3//a 6/n5 r1>: Te
'rmer %s * 5$re, $)9%*se& me*s$re ' 8+*t%+%t6, .%" %s )t t%e& t * 5*rt%"$+*r st"2/
5r%"e %)&e7 *s %s 9et*( St*)&*r& &e8%*t%) me*s$res te e7te)t t .%" ret$r)s 99 $5 *)&
&.) *r$)& te%r *8er*0e(
> Ea31ne 4o/r 6/n5 o3@o1e PE ra1o: Te *8er*0e 5r%"e e*r)%)0s r*t% 'r
*++ te st"2s %t +&s( I' * '$)&s PE %s .e++ *98e t*t ' te se)se7 :s, %t '*"es 0re*ter
5ss%9+e +sses %) * "rre"t%) r 9e*r m*r2et(
> #e3e3er 9a oa1e 6/n5 31g9 no e o a5 9en 9e5 1n a@@ro@r1ae
@ro@or1on .%t%) * 9r*& 5rt'+%( Cm9%)%)0 '$)&s t*t r%se *)& '*++ *t &%''ere)t
t%mes "$+& res$+t %) *) 8er*++ smter r%&e(
> Co31ne 6/n5 9a 6oo 9e gro9 an5 a/e o> @1>1ng 4e: *s )e
st6+e )rm*++6 %s $t ' '*8$r .e) te ter %s %)( 6$r 5rt'+%s '+$"t$*t%)s .%++ 9e
+ess err*t%" %' 6$ %)"+$&e %)8estme)ts 'rm 9t "*m5s(
> Don g1e /@ o> 6/n5 een 16 4o/re re1re5: A @? 6e*r +& ret%ree "*)
e75e"t t +%8e *)ter 4 6e*rs r s( I' 6$ )ee& %)"me, t*2e 6$r &%8%&e)&s %) "*s( I'
t*ts %)s$''%"%e)t, m*2e s6stem*t%" .%t&r*.*+s 'rm * &%8ers%'%e& 5rt'+%(
> &/ 5on e /@ a 4e3a1 195raa @an 19o/ 6or a/a1ng 9o
ong 4o/r a@1a 1 a: 0%8e) 6$r e75e"te& ret$r) *)& .%t&r*.*+ r*te( C)s%&er%)0
te %m5*"t ' t*7es *)& %)'+*t%), 6$ r%s2 &e5+et%)0 6$r )est e00 %' 6$r *))$*+
.%t&r*.*+ r*te e7"ee&s *9$t @5er"e)t(
> Sa4 aa4 6ro3 6/n5 9a are no 3e3er o6 re@/ae 6a311e: U)+ess 6$
2). te m*)*0er *s *) e7"e++e)t re"r&( I) 5*rt%"$+*r, *8%& t%)6 '$)&s tse .%t *ssts
+ess t*) ; m%++%) $)+ess te6 *re 5rm%s%)0 mem9ers ' *) est*9+%se& 0r$5
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> Don a/3e 9a aggar5 6/n5 1 o/ne a>: L)0 term +sers *8e
5ere))%*++6 5r 5er'rm*)"e re"r&s, *+)0 .%t $ts%=e& e75e)ses, * sm*++ *)&
&e"+%)%)0 *sset 9*se, %0 5rt'+% t$r)8er *)&, smet%mes, +e0*+ 5r9+ems(
> Don oo> o 4o/r ne egg 6or 9r1 an5 e1e3en: Sme t%mes, re+*t%8e+6
&$++ %)8estme)ts, s$" *s %)&e7 '$)&s, *re 9est(
> Kee@ 1n 31n5 9a ao/ 70 @eren o6 a1e4 3anage5 6/n5 /n5er
@er6or3 9e 3ar>e: 9e"*$se 5er*t%)0 e75e)ses, tr*)s*"t%) "sts *)& "*s +&%)0s
+.er ret$r)s( T%s re5rese)ts te m*%) *r0$me)t %) '*8r ' %)&e7 '$)&s(
> )aor 1n5e 6/n5 6or a 3ean1ng6/ ore @or1on o6 4o/r o> aoa1on:
s*6 4? t ? 5er"e)t r s( %t tese 5rt'+%s 6$ )ee& )t .rr6 t*t * '$)& m*)*0er
m%0t !$m5 s%5( %t * 5*ss%8e *55r*", %t &es)t m*tter s m$" .s %) ")tr+(
> &eare o6 g1331> 9en 9o@@1ng 6or an 1n5e 6/n5: A8%& e)*)"e&
%)&e7 5rt'+%s t*t "+*%m te6 "*) $t5er'rm te se)se7 r ter 9e)"m*r2s( P+*%)
8*)%++* 5r&$"ts .%t r"2 9ttm "sts *re 9est(
> In/5e 3a a@ an5 1nerna1ona 6/n5 1n 4o/r @or6o1o 6or eer r1>
a5?/e5 @er6or3ane: Y$)0er %)8estrs .%t +)0 t%me r%=)s s$+& t*2e *
s%0)%'%"*)t st*2e %) tese "*te0r%es(
> Loo> e4on5 a 6/n5 na3e o 1 a/a 1ne3en @o11e an5 @or6o1o
9o51ng.
> Ao15 3a o> @or6o1o 19 ae greaer 9an 20000 311on or o
$)+ess 6$re ")8%)"e& te m*)*0eme)t %s e7"e5t%)*++6 t*+e)te&(
> Kee@ 1n 31n5 9a 3a o> 3oe 1n 4e o6 61e o een 4ear , &$r%)0
.%" te6 e%ter $t5er'rm r $)&er5er'rm te +*r0e 9+$e "%5s(
> Conere4 5o a>e 1gger @o11on 1n 3a o> 9en 9e4re 9ea@:
Sm*++ "m5*)%es re5rese)t e7"e++e)t 8*+$e .e) te PE ' *)6 '$)&s *55r7%m*tes t*t
' te se)se7(
> Don 9e1ae o en/re aroa5: I)ter)*t%)*+ %)8est%)0 %s * 0re*t .*6 t r$)&
$t * 5rt'+%, s%)"e *9$t t./t%r&s ' .r+& st"2 m*r2et 8*+$es e7%st $ts%&e I)&%*(
> Lean o 1nerna1ona ra9er 9an goa 6/n5 6or 4o/r oer/ea e@o/re:
Te 'rmer %)8est e7"+$s%8e+6 %) 're%0) m*r2ets, .ere*s te +*tter *8e st*2es %)
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st*tes%&e st"2s *s .e++( %t %)ter)*t%)*+ '$)&s, 6$ "*) '%)e t$)e 6$r 8erse*s
e75s$re mre5re"%se+6(
> C9e> 9e 6ore1gn e1g91ng o6 4o/r 5o3e1 o> 6/n5: .%" "$+& +&
$5 t 1? 5er"e)t r mre ' te%r *ssets %) ))/ I)&%*) %ss$es t tr6 t %m5r8e
5er'rm*)"e( Y$ m*6 *+re*&6 *8e mre %)ter)*t%)*+ e75s$re t*) 6$ t%)2(
> Ma1na1n 3o5e a>e 1n e3erg1ng o> 3ar>e: *s .e++ %' 6$ *8e *
+e)0t6 %)8estme)t r%=)( De8e+5%)0 )*t%)s ''er e7"%t%)0 +)0 term 0r.t
5te)t%*+(
> Don e@e 1nerna1ona 51er161a1on o re5/e 4o/r @or6o1o oa114
a 9e 13e: Nrm*++6, %t .r2s re*s)*9+6 .e++, 9$t &$r%)0 * 0+9*+ 5*)%", *++ te
.r+&s m*!r st"2 e7"*)0es "$+& t$m9+e t0eter(
CCOONNCCLL!!SSIION:ON:
II rr&&eerr tt sstt$&6$&6 ttee ""))""ee5t5t '' mm$$t$t$**++ ''$)&$)& .e.e ss$+&$+& )te)te tt**tt ** m$t$m$t$**++ ''$)&$)& %s%s **
ttrr$$sstt tt**tt 55+s+s ttee m)m)ee66 '' sese88eerr**++ %)%)88eessttrrss **)&)& mm**))**00eess %)8%)8esestmtmee)ts)ts )) 99ee**++''(( TTee
''$)&$)& ""++++e"e"tsts tt%%ss mm))ee66 ''rrmm %)%)88esesttrrss ttrr$$00 88**rr%$s%$s s"s"eemmeses(( EE**"" s"s"eemmeess %%ss
&%&%''''eerree)t%)t%**ttee&& 9696 %%ttss 9!9!ee""tt%%88eess '' %)%)88eessttmmee))tsts rr %)%) tteerr ..rr&s&s ** 99rr**&+6&+6 &&ee''%%))ee&&
5$5$rr55ssee '' .. ttee ""++++e"e"ttee&& m)m)ee66 %%ss 00%%)0)0 tt99ee %%))88++88ee&(&(
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II))88eessttrrss %%))88esestt %%)) m$m$tt$$**++ ''$$))&& &&$e$e tt ''++.%)0++.%)0 **&&88**))tt**00eess
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MMUUTTUUAALL FFUUNNDDSS IINN IINDNDIIAA BBY