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A STUDY ON PARAMETERS AFFECTING THE INVESTMENT
APPRAISAL TECHNIQUES FOR INVESTMENT APPRAISALDissertation submitted in partial fulfillment of the requirements of the awardDissertation submitted in partial fulfillment of the requirements of the awardDissertation submitted in partial fulfillment of the requirements of the awardDissertation submitted in partial fulfillment of the requirements of the award
of the degree ofof the degree ofof the degree ofof the degree of
MASTER OF BUSINESS AMASTER OF BUSINESS AMASTER OF BUSINESS AMASTER OF BUSINESS ADMINISTRATION (MBA)DMINISTRATION (MBA)DMINISTRATION (MBA)DMINISTRATION (MBA)OF
BANGALORE UNIVERSITY
By
JINO THOMAS
Register Number: 05JJCM6022
Under the guidance of
PROF.ALOYSIUS EDWARD M.COM, MBA, M.Phil
KRISTU JAYANTI COLLEGEOF
MANAGEMENT & TECHNOLOGY(Affiliated to Bangalore University)
Bangalore
2007
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KRISTU JAYANTI COLLEGEK.NARAYANAPURA, KOTHANUR POSTBANGALORE 77
CERTIFICATE
This is to certify that this dissertation entitled Parameters affecting investmenttechniques and investment appraisal techniques Submitted in partial fulfillment for the
award of MBA Degree of Bangalore University was carried out by Jino Thomas under
the guidance of Prof.Aloysius Edward.
This has not been submitted to any other University or institution for the award of any
degree/diploma certificate.
Dean, management studies Guide Principal
Place: BangaloreDate:
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DECLERATION
I hereby declare that this project titled Parameters affecting investment techniques
and investment appraisal techniques submitted by me to Department of Management,
Bangalore University in partial fulfillment of requirements of MBA programme is a
bonafide work carried out by me under the guidance of Prof.Aloysious Edward .J. This
has not been submitted earlier to any other University or Institution for the award of any
degree diploma/ certificate or published any time before.
Place: Bangalore
Date: JINO THOMAS
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ACKNOWLEDGEMENTS
First and foremost, I praise and thank God Almighty from the depth of my heart,
which has been the source of strength in the completion of this project work.
It is my profound concern to thank the principal, Fr. Josekutty P.D, M. COM,
Kristu Jayanti College who paved the path for offering me this opportunity and
avenues of infinite possibilities of knowledge.
I further express my deep sense of gratitude to Prof. A.M.Tatti MBA,
coordinator of MBA department, Kristu Jayanti College for his constant
encouragement and valuable help.
I wish to extend my sincere and profound thanks to prof.Arun Kumar, MBA dean
Kristu Jayanti college for the help extend towards me during the period of
dissertation work.
And I am deeply indebted to Prof.Aloysius Edward, Kristu Jayanti College, for
his guidance, assistance and for giving all the formal support to conduct this study
and for completing this project work.I am also thankful to the librarian, Kristu Jayanti College for their
encouragement and valuable help.
I take this opportunity to acknowledge indebt ness to Mr. Liju Varghese
Thomas, Mathew Abraham, Abhilash P.J. and Tony Chacko for their earnest support
and co-operation in the course of my study.
I am also thankful to my parents and friends for their encouragement and
support
Finally I would like to express my sincere gratitude to all those who spend their
valuable time for providing necessary data for this organizational study.
Jino Thomas
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EXECUTIVE SUMMARY
Different investment avenues are available to investors. Mutual funds also offer
good investment opportunities to the investors. Like all investments, they also
carry certain risks. The investors should compare the risks and expected yields
after adjustment of tax on various instruments while taking investment decisions.
The investors may seek advice from experts and consultants including agents and
distributors of mutual funds schemes while making investment decisions.
With an objective to make the investors aware of functioning of mutual funds, an
attempt has been made to provide information in question-answer format which
may help the investors in taking investment decisions.
The mutual fund industry in India started in 1963 with the formation of Unit Trust
of India, at the initiative of the Government of India and Reserve Bank the. The
history of mutual funds in India can be broadly divided into four distinct phases
Determination of Minimum accessible Return (MAR)
MAR = Risk-free return + risk premium
Risk-free return assumed = average daily returns
from liquid schemes (averaged over 1 month)
Investors will be polled* each quarter to determine
risk premium required to invest in Equity Schemes
Findings of the study isamong the various mutual funds schemes FOF is giving
more returns compared to others, especially equity schemes. So its very clear that
FOF is a better scheme for investors.
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CHAPTER- 1
INTRODUCTION
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1.1 BACKGROUND OF THE STUDY
Different investment avenues are available to investors. Mutual funds also offer
good investment opportunities to the investors. Like all investments, they also
carry certain risks. The investors should compare the risks and expected yields
after adjustment of tax on various instruments while taking investment decisions.
The investors may seek advice from experts and consultants including agents and
distributors of mutual funds schemes while making investment decisions.
With an objective to make the investors aware of functioning of mutual funds, an
attempt has been made to provide information in question-answer format which
may help the investors in taking investment decisions.
What Mutual Fund is all about?
Mutual fund is a mechanism for pooling the resources by issuing units to the
investors and investing funds in securities in accordance with objectives as
disclosed in offer document.
Investments in securities are spread across a wide cross-section of industries and
sectors and thus the risk is reduced. Diversification reduces the risk because all
stocks may not move in the same direction in the same proportion at the same
time. Mutual fund issues units to the investors in accordance with quantum of
money invested by them. Investors of mutual funds are known as unit holders.
The profits or losses are shared by the investors in proportion to their investments.
The mutual funds normally come out with a number of schemes with different
investment objectives which are launched from time to time. A mutual fund is
required to be registered with Securities and Exchange Board of India (SEBI)
which regulates securities markets before it can collect funds from the public.
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MUTUAL FUNDS IN INDIA AND THE REGULATORY AUTHORITY
Unit Trust of India was the first mutual fund set up in India in the year 1963. In
early 1990s, Government allowed public sector banks and institutions to set up
mutual funds.
In the year 1992, Securities and exchange Board of India (SEBI) Act was passed.
The objectives of SEBI are to protect the interest of investors in securities and to
promote the development of and to regulate the securities market.
As far as mutual funds are concerned, SEBI formulates policies and regulates the
mutual funds to protect the interest of the investors. SEBI notified regulations for
the mutual funds in 1993. Thereafter, mutual funds sponsored by private sector
entities were allowed to enter the capital market. The regulations were fully
revised in 1996 and have been amended thereafter from time to time. SEBI has
also issued guidelines to the mutual funds from time to time to protect the interests
of investors.
All mutual funds whether promoted by public sector or private sector entities
including those promoted by foreign entities are governed by the same set of
Regulations. There is no distinction in regulatory requirements for these mutual
funds and all are subject to monitoring and inspections by SEBI. The risks
associated with the schemes launched by the mutual funds sponsored by these
entities are of similar type. It may be mentioned here that Unit Trust of India
(UTI) is not registered with SEBI as a mutual fund (as on January 15, 2002).
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1.2 MUTUAL FUND SET UP
A mutual fund is set up in the form of a trust, which has sponsor, trustees, asset
management company (AMC) and custodian. The trust is established by a sponsor
or more than one sponsor who is like promoter of a company. The trustees of the
mutual fund hold its property for the benefit of the unitholders. Asset Management
Company (AMC) approved by SEBI manages the funds by making investments in
various types of securities. Custodian, who is registered with SEBI, holds the
securities of various schemes of the fund in its custody. The trustees are vested
with the general power of superintendence and direction over AMC. They monitor
the performance and compliance of SEBI Regulations by the mutual fund.
SEBI Regulations require that at least two thirds of the directors of trustee
company or board of trustees must be independent i.e. they should not be
associated with the sponsors. Also, 50% of the directors of AMC must be
independent. All mutual funds are required to be registered with SEBI before they
launch any scheme. However, Unit Trust of India (UTI) is not registered with
SEBI (as on January 15, 2002).
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1.3 NET ASSET VALUE (NAV) OF A SCHEME
The performance of a particular scheme of a mutual fund is determined by Net
Asset Value (NAV).
Mutual funds invest the money collected from the investors in securities markets.
In simple words,Net Asset Value is the market value of the securities held by the
scheme. Since market value of securities changes every day, NAV of a scheme
also varies on day to day basis. The NAV per unit is the market value of securities
of a scheme divided by the total number of units of the scheme on any particulardate. For example, if the market value of securities of a mutual fund scheme is Rs
200 lakhs and the mutual fund has issued 10 lakhs units of Rs. 10 each to the
investors, then the NAV per unit of the fund is Rs.20. NAV is required to be
disclosed by the mutual funds on a regular basis - daily or weekly - depending on
the type of scheme.
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1.4 MUTUAL FUND SCHEMES
Schemes based on Maturity Period:
A mutual fund scheme can be classified into open-ended scheme or close-ended
scheme depending on its maturity period.
Open-ended Fund/ 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. The key feature of open-end
schemes is liquidity.
Close-ended Fund/ 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.
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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 funds have comparatively high risks. These schemes provide differentoptions to the investors like dividend option, capital appreciation, etc. and the
investors may choose an option depending on their preferences. The investors
must indicate the option in the application form. The mutual funds also allow the
investors to change the options at a later date. Growth schemes are good for
investors having a long-term outlook seeking appreciation over a period of time.
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. However, opportunities of capital appreciation are
also limited in such funds. The NAVs of such funds are affected because of
change in interest rates in the country. If the interest rates fall, NAVs of such
funds are likely to increase in the short run and vice versa. However, long term
investors may not bother about these fluctuations.
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Balanced Fund
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 of fluctuations 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-bank 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.
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.
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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 weightage comprising of an index. NAVs of such 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.
There are also exchange traded index funds launched by the mutual funds which
are traded on the stock exchanges.
SECTOR SPECIFIC FUNDS/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. While
these funds may give higher returns, they are more risky compared to diversified
funds. Investors need to keep a watch on the performance of those
sectors/industries and must exit at an appropriate time. They may also seek advice
of an expert.
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). Pension schemes
launched by the mutual funds also offer tax benefits. These schemes are growth
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oriented and invest pre-dominantly in equities. Their growth opportunities and
risks associated are like any equity-oriented scheme.
LOAD OR NO-LOAD FUND
A Load Fund is one that charges a percentage of NAV for entry or exit. That is,
each time one buys or sells units in the fund, a charge will be payable. This charge
is used by the mutual fund for marketing and distribution expenses. Suppose the
NAV per unit is Rs.10. If the entry as well as exit load charged is 1%, then the
investors who buy would be required to pay Rs.10.10 and those who offer theirunits for repurchase to the mutual fund will get only Rs.9.90 per unit. The
investors should take the loads into consideration while making investment as
these affect their yields/returns. However, the investors should also consider the
performance track record and service standards of the mutual fund which are more
important. Efficient funds may give higher returns in spite of loads.
NO LOAD FUND is one that does not charge for entry or exit. It means the
investors can enter the fund/scheme at NAV and no additional charges are payable
on purchase or sale of units.
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THE LEVEL OF LOADS
Can a mutual fund impose fresh load or increase the load beyond the level
mentioned in the offer documents is one of the greatest concerning issues ?
Mutual funds cannot increase the load beyond the level mentioned in the offer
document. Any change in the load will be applicable only to prospective
investments and not to the original investments. In case of imposition of fresh
loads or increase in existing loads, the mutual funds are required to amend their
offer documents so that the new investors are aware of loads at the time ofinvestments.
SALES OR REPURCHASE / REDEMPTION PRICE
The price or NAV a unit holder is charged while investing in an open-ended
scheme is called sales price. It may include sales load, if applicable.
Repurchase or redemption price is the price or NAV at which an open-ended
scheme purchases or redeems its units from the unit holders. It may include exit
load, if applicable.
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ASSURED RETURN SCHEME
The schemes assure a specific return to the unit holders irrespective of
performance of the scheme is known as Assured return scheme..
A scheme cannot promise returns unless such returns are fully guaranteed by the
sponsor or AMC and this is required to be disclosed in the offer document.
Investors should carefully read the offer document whether return is assured for
the entire period of the scheme or only for a certain period. Some schemes assure
returns one year at a time and they review and change it at the beginning of the
next year.
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THE ASSET ALLOCATION
IS ANY CHANGE POSSIBLE ?
Considering the market trends, any prudent fund managers can change the asset
allocation i.e. he can invest higher or lower percentage of the fund in equity or
debt instruments compared to what is disclosed in the offer document. It can be
done on a short term basis on defensive considerations i.e. to protect the NAV.
Hence the fund managers are allowed certain flexibility in altering the asset
allocation considering the interest of the investors. In case the mutual fund wantsto change the asset allocation on a permanent basis, they are required to inform the
unit holders and giving them option to exit the scheme at prevailing NAV without
any load.
1.5 INVESTMENT INITIATION
Mutual funds normally come out with an advertisement in newspapers publishing
the date of launch of the new schemes.
Investors can also contact the agents and distributors of mutual funds who are
spread all over the country for necessary information and application forms. Forms
can be deposited with mutual funds through the agents and distributors who
provide such services. These days post offices and banks also distribute the units
of mutual funds. However, the investors should note that the mutual funds
schemes being marketed by banks and post offices should not be taken as their
own schemes and no assurance of returns is given by them. The only role of banks
and post offices is to help in distribution of mutual funds schemes to the investors.
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Investors should not be carried away by commission/gifts given by
agents/distributors for investing in a particular scheme. On the other hand they
must consider the track record of the mutual fund and should take objective
decisions.
STRIKING THE BALANCE BETWEEN DEBT AND EQUITY
An investor should take into account his risk taking capacity, age factor, financial
position, etc As already mentioned, the schemes invest in different type of
securities as disclosed in the offer documents and offer different returns at variousrisk rates. Investors may also consult financial experts before taking decisions.
Agents and distributors also play a vital role in this regard.
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THE FIRST STEP
An abridged offer document, which contains very useful information, is required
to be given to the prospective investor by the mutual fund. The application form
for subscription to a scheme is an integral part of the offer document. SEBI has
prescribed minimum disclosures in the offer document. An investor, before
investing in a scheme, should carefully read the offer document. Due care must be
given to portions relating to main features of the scheme, risk factors, initial issue
expenses and recurring expenses to be charged to the scheme, entry or exit loads,
sponsors track record, educational qualification and work experience of key
personnel including fund managers, performance of other schemes launched by
the mutual fund in the past, pending litigations and penalties imposed, etc.
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1.6 INVESTORS INFORMATION
Mutual funds are required to dispatch certificates or statements of accounts within
six weeks from the date of closure of the initial subscription of the scheme. In case
of close-ended schemes, the investors would get either a D mat account statement
or unit certificates as these are traded in the stock exchanges. In case of open-
ended schemes, a statement of account is issued by the mutual fund within 30 days
from the date of closure of initial public offer of the scheme. The procedure of
repurchase is mentioned in the offer document.
According to SEBI Regulations, transfer of units is required to be done within
thirty days from the date of lodgment of certificates with the mutual fund.
A mutual fund is required to dispatch to the unit holders the dividend warrants
within 30 days of the declaration of the dividend and the redemption or repurchase
proceeds within 10 working days from the date of redemption or repurchase
request made by the unit holder
In case of failures to despatch the redemption/repurchase proceeds within the
stipulated time period, Asset Management Company is liable to pay interest as
specified by SEBI from time to time (15% at present).
There may be changes from time to time in a mutual fund. The mutual funds are
required to inform any material changes to their unitholders. Apart from it, many
mutual funds send quarterly newsletters to their investors.
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At present, offer documents are required to be revised and updated at least once in
two years. In the meantime, new investors are informed about the material changes
by way of addendum to the offer document till the time offer document is revised
and reprinted.
The mutual funds are required to disclose full portfolios of all of their schemes on
half-yearly basis which are published in the newspapers. Some mutual funds send
the portfolios to their unitholders.
The scheme portfolio shows investment made in each security i.e. equity,
debentures, money market instruments, government securities, etc. and their
quantity, market value and % to NAV. These portfolio statements also required to
disclose illiquid securities in the portfolio, investment made in rated and unrated
debt securities, non-performing assets (NPAs), etc.
Some of the mutual funds send newsletters to the unitholders on quarterly basis
which also contain portfolios of the schemes.
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IS CHANGE IN THE SCHEME POSSIBLE .?
Yes. However, no change in the nature or terms of the scheme, known as
fundamental attributes of the scheme e.g. structure, investment pattern, etc. can be
carried out unless a written communication is sent to each unit holder and an
advertisement is given in one English daily having nationwide circulation and in a
newspaper published in the language of the region where the head office of the
mutual fund is situated. The unit holders have the right to exit the scheme at the
prevailing NAV without any exit load if they do not want to continue with the
scheme. The mutual funds are also required to follow similar procedure while
converting the scheme form close-ended to open-ended scheme and in case of
change in sponsor.
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1.7 THE PERFORMANCE EVALUATION
The performance of a scheme is reflected in its Net Asset Value (NAV) which is
disclosed on daily basis in case of open-ended schemes and on weekly basis in
case of close-ended schemes. The NAVs of mutual funds are required to be
published in newspapers. The NAVs are also available on the web sites of mutual
funds. All mutual funds are also required to put their NAVs on the web site of
Association of Mutual Funds in India (AMFI) http://www.amfiindia.com/
and thus the investors can access NAVs of all mutual funds at one place
The mutual funds are also required to publish their performance in the form of
half-yearly results which also include their returns/yields over a period of time i.e.
last six months, 1 year, 3 years, 5 years and since inception of schemes. Investors
can also look into other details like percentage of expenses of total assets as these
have an affect on the yield and other useful information in the same half-yearly
format.
The mutual funds are also required to send annual report or abridged annual report
to the unit holders at the end of the year.
Various studies on mutual fund schemes including yields of different schemes are
being published by the financial newspapers on a weekly basis. Apart from these,
many research agencies also publish research reports on performance of mutual
funds including the ranking of various schemes in terms of their performance.
Investors should study these reports and keep themselves informed about the
performance of various schemes of different mutual funds.
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Investors can compare the performance of their schemes with those of other
mutual funds under the same category. They can also compare the performance of
equity oriented schemes with the benchmarks like BSE Sensitive Index, S&P
CNX Nifty, etc.
On the basis of performance of the mutual funds, the investors should decide
when to enter or exit from a mutual fund scheme.
IS THERE ANY DIFFERENCE BETWEEN INVESTING IN A MUTUAL
FUND AND IN AN INITIAL PUBLIC OFFERING (IPO) OF A COMPANY
Yes, there is a difference. IPOs of companies may open at lower or higher pricethan the issue price depending on market sentiment and perception of investors.
However, in the case of mutual funds, the par value of the units may not rise or
fall immediately after allotment. A mutual fund scheme takes some time to make
investment in securities. NAV of the scheme depends on the value of securities in
which the funds have been deployed.
1.8 DIFFERENCE IN IPO AND MUTUAL FUND
The. IPOs of companies may open at lower or higher price than the issue price
depending on market sentiment and perception of investors. However, in the case
of mutual funds, the par value of the units may not rise or fall immediately after
allotment. A mutual fund scheme takes some time to make investment in
securities. NAV of the scheme depends on the value of securities in which the
funds have been deployed.
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On the other hand, it is likely that the better managed scheme with higher NAV
may give higher returns compared to a scheme which is available at lower NAV
but is not managed efficiently. Similar is the case of fall in NAVs. Efficiently
managed scheme at higher NAV may not fall as much as inefficiently managed
scheme with lower NAV. Therefore, the investor should give more weightage to
the professional management of a scheme instead of lower NAV of any scheme.
He may get much higher number of units at lower NAV, but the scheme may not
give higher returns if it is not managed efficiently.
HOW TO ARRIVE AT THE RIGHT DECISION
As already mentioned, the investors must read the offer document of the mutual
fund scheme very carefully. They may also look into the past track record of
performance of the scheme or other schemes of the same mutual fund. They may
also compare the performance with other schemes having similar investment
objectives. Though past performance of a scheme is not an indicator of its future
performance and good performance in the past may or may not be sustained in the
future, this is one of the important factors for making investment decision. In case
of debt oriented schemes, apart from looking into past returns, the investors should
also see the quality of debt instruments which is reflected in their rating. A scheme
with lower rate of return but having investments in better rated instruments may be
safer. Similarly, in equities schemes also, investors may look for quality of
portfolio. They may also seek advice of experts.
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THE SPONSORS REQUIREMENT
In the offer document of any mutual fund scheme, financial performance
including the net worth of the sponsor for a period of three years is required to be
given. The only purpose is that the investors should know the track record of the
company which has sponsored the mutual fund. However, higher net worth of the
sponsor does not mean that the scheme would give better returns or the sponsor
would compensate in case the NAV falls.
1.9 INFORMATION SOURCES FOR INVESTOR
Almost all the mutual funds have their own web sites. Investors can also access
the NAVs, half-yearly results and portfolios of all mutual funds at the web site of
Association of mutual funds in India (AMFI) www.amfiindia.com. AMFI has
also published useful literature for the investors.
Investors can log on to the web site of SEBI www.sebi.gov.inand go to "Mutual
Funds" section for information on SEBI regulations and guidelines, data on mutual
funds, draft offer documents filed by mutual funds, addresses of mutual funds, etc.
Also, in the annual reports of SEBI available on the web site, a lot of information
on mutual funds is given.
There are a number of other web sites which give a lot of information of various
schemes of mutual funds including yields over a period of time.
Newspapers also publish useful information on mutual funds on daily and weekly
basis. Investors may approach their agents and distributors to guide them in this
regard.
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AT THE WINDING OF FUNDS
In case of winding up of a scheme, the mutual funds pay a sum based on
prevailing NAV after adjustment of expenses. Unitholders are entitled to receive a
report on winding up from the mutual funds which gives all necessary details.
INVESTORS GREIVECES
Investors would find the name of contact person in the offer document of the
mutual fund scheme whom they may approach in case of any query, complaints or
grievances. Trustees of a mutual fund monitor the activities of the mutual fund.
The names of the directors of asset management company and trustees are also
given in the offer documents. Investors can also approach SEBI for redressal of
their complaints. On receipt of complaints, SEBI takes up the matter with the
concerned mutual fund and follows up with them till the matter is resolved.
Investors may send their complaints too.
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CHAPTER 2
RESEARCH DESIGN
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2.3 THE METHODOLOGY
Assessment of future earning is also crucial as many companies command a high
premium in the share market not because their book profits are high but the
investors feel the future earning to be more than the current earning.
To make good investment decision fund managers rely on financial statement
analysis and key fund manager fundamental variables namely book to market ratio
(B/M) and price earning (P/E)
For the analysis purpose the fund managers generally use Balance sheet, Income
Statement, Profit After Tax. Further, fund managers regarded financial risk,
quality of disclosure in the annual report by the management predictability of
earnings and and corporate growth prospects as the primary determinant when a
taking an investment decision.
Another aspect to evaluate the performance is to analyse the Quality of Earning
(QE) it is the ratio between the profit after taxes and the cash flow from the
operations, Many companies have high book profits, but the cash profits are low
and so this ratio plays a vital role in decision making process.
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2.4 Calculation of Sharpe return to the measure the performance of portfolio
Either the Sharpes measure or the Treynors measure can be used to evaluate the
performance of a portfolio. since it is not possible to compute beta of each portfolio,
Treynors measure is not used to measure the performance of the portfolio.
Sharpe return is used to compute the return from the portfolio.
S= Rt-R*
t
St= Sharpe Index
Rt= Average return on portfolio t
R*= Risk Free rate
t = standard Deviation of the return
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2.5Review of literature
The literature review focuses on various fundamental measures, which can help in
constructing a better portfolio there by maximizing return to sock holders andjustification of choosing a measure rather than intuition and by their popularity among
practitioners.
The process of using fundamental variables to make stock trading decisions begins with
Benjamin Graham as early aas1928. His first book security analysis published in the year
1934, which gives distilled investment wisdom including the intelligent investor which
published in 1949. He urged investors to pay attention to three fundamental variables
namely size of firm, capitalization, and price earning ratio.
The price earning ratio is a key fundamental variable which can be used as key
fundamental variable which can be used to select the securities that would yield high
returns. The lowest p/e ratio stocks dramatically out performed the higher p/e ratio
stocks. The results of the study shows that better investment performance can be obtained
from the portfolio comprised of low price earning ratio stocks as contrasted to portfolio
made up of high price earning ratio stocks. For individual securities the good
performance may be found among stocks selling at almost at any selling ratio.
This is also generally true when bias on the performance measures resulting from the
effect of risk taken into account. There are reports which confirmed that P/E ratio
information was not fully reflected in security prices in as rapid manner as postulated
by the semi strong form of the efficient market hypothesis.
De Bondt and Thayler study the price in relation to book value in a universe of all NYSEand American Stock Exchange equity issue. It has explained the relation between the
market price and book value, with stock being assigned in quintiles from lowest price to
book ratios. The earning yields effect on stock return is significantly positive only in
January for the sub period.
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Piotroski investigates whether fundamental analysis can be used to provide abnormal
returns, and right shift the returns spectrum earned by a value investor. He focused on
high book to market securities, and show that the mean return earned by a high book to
market investor can be shifted to the right by at least 7.5% annually.
The authors developed portfolio based on four fundamental conditions namely: Single
Value P/E, Market Price
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2.6 Interpretation of data obtained
One of the primary aims of this study is to obtain a clearer understanding of the financial
statement analysis process and the information that is utilized in conducting such
analysis. It was an attempt to indicate the extent to which they use various sources of
accounting information in their corporate evaluation.
Cash flows may be regarded as being informative to the extend that they are less likely to
be manipulated or dressed up
It is clear that the quality of earning is primarylu regarded as beign a function of growth,
risk, and the persistence of earnings. Thus analysis regarded earnings that exhibit high
growth low risk and a high degree of persisitance of being of a high quality reltife to
earnings characterized by low growth high risk and lack of persistence.
The quality of company management and disclosure level also ranked as beign important
determinants of earning quality. There are certiani regulations that prevent analysts from
holding exclusive meeting with company management for the purpose of obtiaining
private guidance. Finally analysts indicated that the accountin method and level of
disclosure employed by the company also influence tthir perception of earnings quality. It
seems that analysts favour earnigna th are results of prudently applied accounting.
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2.7 Methods of measuring risk and return in the portfolio
Evaluation of portfolio performance, the bottom line of the investing process, is an
important aspect of interest to all investors and money managers. The framework for
evaluating portfolio performance consists of measuring both realized return and the
differential risk of the portfolio to compare a portfolios performance, and recognizing
any constraints that the portfolio manager may face.
The two factors i.e. risk and return are the different faces of the same coin and both must
be evaluated if intelligent decision is to be made. Therefore if the risk in an investment is
not known, then it is difficult to give judgement about its performance.
To evaluate portfolio performance properly, it is essential to determine whether the return
are large enough given the risk involved. Three such evaluative measures that asses
performance of the portfolio on a risk adjusted basis are developed by Jensen, sharpe and
Treynor.
The standard deviation measures the excess return per unit of total risk. Sharpe and
Treynor sought to relate the return on a portfolio to its risk. Treynor however
distinguished between total risk and systematic risk, Implicitly assuming that portfolios
are well diversified.
The sharpe and Treynor measures can be used to rank portfolio performance and indicate
the relative positions of the portfolios being evaluated.
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CHAPTER 3
PROFILES
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3.1 INDUSTRY PROFILE
The mutual fund industry in India started in 1963 with the formation of Unit Trust
of India, at the initiative of the Government of India and Reserve Bank the. The
history of mutual funds in India can be broadly divided into four distinct phases
Phase One 1964-87
Unit Trust of India (UTI) was established on 1963 by an Act of Parliament. It was
set up by the Reserve Bank of India and functioned under the Regulatory and
administrative control of the Reserve Bank of India. In 1978 UTI was de-linked
from the RBI and the Industrial Development Bank of India (IDBI) took over the
regulatory and administrative control in place of RBI. The first scheme launched
by UTI was Unit Scheme 1964. At the end of 1988 UTI had Rs.6,700 crores of
assets under management.
Phase Two 1987-1993 (Entry of Public Sector Funds)
1987 marked the entry of non- UTI, public sector mutual funds set up by public
sector banks and Life Insurance Corporation of India (LIC) and General Insurance
Corporation of India (GIC). SBI Mutual Fund was the first non- UTI Mutual Fund
established in June 1987 followed by Canbank Mutual Fund (Dec 87), Punjab
National Bank Mutual Fund (Aug 89), Indian Bank Mutual Fund (Nov 89), Bank
of India (Jun 90), Bank of Baroda Mutual Fund (Oct 92). LIC established its
mutual fund in June 1989 while GIC had set up its mutual fund in December 1990.
At the end of 1993, the mutual fund industry had assets under management of
Rs.47,004 crores.
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Phase Three 1993-2003 (Entry of Private Sector Funds)
With the entry of private sector funds in 1993, a new era started in the Indian
mutual fund industry, giving the Indian investors a wider choice of fund families.
Also, 1993 was the year in which the first Mutual Fund Regulations came into
being, under which all mutual funds, except UTI were to be registered and
governed. The erstwhile Kothari Pioneer (now merged with Franklin Templeton)
was the first private sector mutual fund registered in July 1993. The 1993 SEBI
(Mutual Fund) Regulations were substituted by a more comprehensive and revised
Mutual Fund Regulations in 1996. The industry now functions under the SEBI
(Mutual Fund) Regulations 1996. The number of mutual fund houses went on
increasing, with many foreign mutual funds setting up funds in India and also the
industry has witnessed several mergers and acquisitions. As at the end of January
2003, there were 33 mutual funds with total assets of Rs. 1,21,805 crores. The
Unit Trust of India with Rs.44,541 crores of assets under management was way
ahead of other mutual funds.
Fourth Phase since February 2003
In February 2003, following the repeal of the Unit Trust of India Act 1963 UTI
was bifurcated into two separate entities. One is the Specified Undertaking of the
Unit Trust of India with assets under management of Rs.29,835 crores as at the
end of January 2003, representing broadly, the assets of US 64 scheme, assured
return and certain other schemes. The Specified Undertaking of Unit Trust of
India, functioning under an administrator and under the rules does not come under
the purview of the Mutual Fund Regulations. The second is the UTI Mutual Fund
Ltd, sponsored by SBI, PNB, BOB and LIC. It is registered with SEBI and
functions under the Mutual Fund Regulations. With the bifurcation of the
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erstwhile UTI which had in March 2000 more than Rs.76,000 crores of assets
under management and with the setting mutual fund industry has entered its
current phase of consolidation and growth. As at the end of October 31, 2003,
there were 31 funds, which manage assets of Rs.126726 crores under 386schemes.
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3.2 CORPORATE PROFILE
ICICI Prudential Asset Management Company enjoys the strong parentage
of Prudential plc, one of UK's largest players in the insurance & fundmanagement sectors and ICICI Bank, a well-known and trusted name in
financial services in India.ICICI Prudential Asset Management Company,in
a span of just over eight years, has forged a position of pre-eminence in the
Indian Mutual Fund industry as one of the largest asset management
companies in the country with assets under management of Rs. 37,906.24
crores (as of March 31, 2007). The Company manages a comprehensive
range of schemes to meet the varying investment needs of its investors
spread across 68 cities in the country.
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Key Indicators
At inception - May 1998 As on March 31, 2007
Assets Under
ManagementRs. 160 crores Rs. 37,906.24 crores
Number of Funds
Managed2 30
PRUDENTIAL
Established in London in 1848, Prudential plc, through its businesses in the
UK, US and Asia, provides retail financial services products and services to
more than 21 million customers, policyholders and unit holders worldwide
with over US$400 (as of 31st December, 2005) billion in funds under
management. Prudential employs some 23,000 staff worldwide.
In Asia, Prudential has life insurance and funds management operations
across twelve countries - China, Hong Kong, India, Indonesia, Japan, Korea,
Malaysia, the Philippines, Singapore, Taiwan, Thailand and Vietnam.
Prudential has championed customer-centric products and services for over
80 years, supported by an extensive network of over 145,000 staff and
agents across the region.
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ICICI BANK
ICICI Bank is India's second-largest bank with total assets of about Rs.
2,513.89 bn (US$ 56.3 bn) at March 31, 2006 and profit after tax of Rs.
25.40 bn (US$ 569 mn) for the year ended March 31, 2006 (Rs. 20.05 bn
(US$ 449 mn) for the year ended March 31, 2005). ICICI Bank has a
network of about 614 branches and extension counters and over 2,200
ATMs. ICICI Bank offers a wide range of banking products and financial
services to corporate and retail customers through a variety of deliverychannels and through its specialised subsidiaries and affiliates in the areas of
investment banking, life and non-life insurance, venture capital and asset
management. ICICI Bank set up its international banking group in fiscal
2002 to cater to the cross border needs of clients and leverage on its
domestic banking strengths to offer products internationally. ICICI Bank
currently has subsidiaries in the United Kingdom, Russia and Canada,
branches in Singapore, Bahrain, Hong Kong, Sri Lanka and Dubai
International Finance Centre and representative offices in the United States,
United Arab Emirates, China, South Africa and Bangladesh. Our UK
subsidiary has established a branch in Belgium. ICICI Bank is the most
valuable bank in India in terms of market capitalisation. (Source: Overview
at www.icicibank.com
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3.3 FUND FACT
An investor could be very cautious or very aggressive or someone who
would like to maintain a balance.
ICICI Prudential Mutual Fund Has provided the investors a range of
solutions that enable them to create a portfolio of the tenor, return and risk
that they desire
On the debt market side, from simple parking solutions for efficient
utilization of each rupee for each day, to long term interest rate view-based
products, our range spans varying time horizons and incomes. Our debt
products are managed to minimize liquidity & credit risks and also manage
interest rate risks. They come with periodic dividend and growth options to
enable you to choose your income streams in a manner most efficient for
your needs.On the equity market side, our equity funds offer a choice of
size, sectors, themes and styles to enable participation in the broad market
and its segments.
The chart below plots schemes offered by ICICI Prudential Mutual Fund on
a risk-return scale that helps you zero-in on the relevant schemes that match
your risk taking ability and the returns you desire.
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3.4 PERFORMANCE ANALYSER
This tool allows you to track NAV movements of various ICICI Prudential
Mutual Fund Schemes since their inception. We can also compare the
scheme performance with relevant benchmarks.
How to use the performance analyser?
Just select the date range, the scheme you wish to analyse and the type of
analysis required. We can analyse the scheme based on its NAV / Dividend
History over any period of your choice. Or, we could choose to simulate the
return on Rs. 1000 invested over any period of your choice under any
scheme. In schemes where the Systematic Investment Plan (SIP) option is
available, you can also simulate the returns from following this approach.
Alternatively we could compare scheme performance vs relevant benchmark
over standard horizons (1 year, 3 years, 5 years and since inception as
applicable).
By default the From Date is taken as inception date of the scheme and To
Date is taken as the current date. You can change this as per requirement.
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3.6 SYSTEMATIC INVESTMENT
One of the simplest and most sensible ways of investing, especially when
you are just starting off on your Investment journey is to use the Systematic
Investing Option.
ICICI Prudential Mutual Fund invest systematically through the
following 3 different systematic investing options which allow you to make
your transactions - whether purchasing a new fund, transferring between
funds or redeeming from a fund - in a systematic and disciplined manner.
1)ICICI Prudential systematic investment plan
ICICI Prudential SIP allows you to make your investments in periodic
installments instead of a lump sum amount.
ADVANTAGES
1. It helps you start small, with as low as Rs. 1000 per month.2. It helps you reduce the risk of mistiming the market.
3. It helps you buy more units when the market is down and fewer units
when the market is up. Thus reducing the cost of entry.
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2. ICICI Prudential systematic transfer plan
ICICI Prudential STP allows you to make a lump sum investment in a
money-market or a debt oriented ICICI Prudential Scheme and subsequently
transfer partial amounts to any equity oriented ICICI Prudential Scheme at
regular intervals. This way the investment money continues to earn while it
waits to be fully deployed in the equity scheme of your choice. You can
choose from three frequencies(weekly, monthly and quarterly) if someone
wish to transfer the investment from one scheme to another.
3 ICICI Prudential systematic withdrawal plan
ICICI Prudential SWP operates like the reverse of ICICI Prudential SIP.
It allows you to systematically withdraw your existing investment in a
ICICI Prudential Mutual Fund scheme by redeeming your units in
periodic installments instead of all at one go. As in the case of the SIP,
this helps to reduce risk of mistiming your exit from a particular scheme.
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CHAPTER- 4
DATA ANALYSISI
AND
INTERPRETATION
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Portfolio constructed on the basis of QE Rang
Port folio formed on the basis of QE (quality of earnings)
QE Range Standard Deviation Mean Sharpe Return
0.004-.1220.6665 0.4556 0.5979
.122-.2160.6173 0.1866 0.2098
.216-.3040.5075 0.3261 0.5937
.304-.3940.6377 0.5062 0.5301
.394-.5310.9086 0.5965 0.7043
.531-.6961.1467 0.5433 0.424
.696-.9770.5743 0.3807 0.5634
.977-1.3620.5912 0.453 0.6697
1.362-2.795
0.5843 0.3678 0.53172.795-379
0.9565 0.3568 0.3134
Sources: Secondary source
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Portfolio constructed on B/M Range
B/M Range Standard deviation Mean Sharpe Return
.011-.5580.4765 0.3004 0.5105
.558-.8600.6645 0.3802 0.4861
.860-1.1320.4603 0.2775 0.4789
1.132-1.4030.5322 0.3735 0.5945
1.403-1.7520.5861 0.3766 0.5452
1.752-2.1200.6153 0.4265 0.6003
2.120-2.8000.6394 0.3642 0.4804
2.800-3.6540.5049 0.2893 0.4599
3.654-5.5320.6471 0.4622 0.6259
5.532-148.222
1.4739 0.6171 0.3799
Sources: Secondary source
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2004-05
P/E RangeStandardDeviation Mean Sharpe return
.212-2.1241.2194 0.544 0.3892
2.124-3.2531.25 0.33 0.2059
3.253-4.2210.3236 0.1585 0.2631
4.221-5.0450.3677 0.1763 0.2797
5.045-6.6930.696 0.3136 0.345
6.693-8.816
0.3683 0.1215 0.13088.816-10.526
0.3904 0.1067 0.0852
10.526-14.8700.3247 0.0447 -0.0883
14.870-31.8960.3079 0.0626 -0.0351
31.896-2850.733 0.0516 -0.0298
Sources: Secondary source
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Port folio formed on the basis of QE (quality of earnings)
QE Range Standard Deviation Mean Sharpe Return
.006-.1010.6901 0.2398 0.2413
.101-.1751.1932 0.262 0.1582
.175-.2490.3459 0.1414 0.1966
.249-.3750.811 0.321 0.3064
.375-.4890.9257 0.4064 0.3565
.489-.6660.3243 0.1857 0.3463
.666-.8680.5636 0.1648 0.1622
.868-1.1740.3619 0.064 -0.0258
1.174-1.9210.8828 0.2681 0.2206
1.921-2650.416 0.0311 -0.1017
Sources: Secondary source
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Portfolio constructed on B/M Range
B/M Range Standard deviation Mean Sharpe Return
.010-.5710.4024 0.5091 -0.0356
.571-.9080.5419 0.1838 0.2038
.908-1.2030.3322 0.07 -0.0102
1.203-1.4763428 0.1385 0.1898
1.476-1.790
0.399 0.1299 0.14161.790-2.1490.7478 0.2829 0.2802
2.149-2.6320.446 0.0858 0.0277
2.632-3.5230.7957 0.1099 0.0459
3.523-5.1440.6299 0.07 -0.0055
5.144-72.2301.3065 0.4396 0.2803
Sources: Secondary source
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GRAPHICAL ANALYSIS ON THE
PEERFORMANCE OF FUNDS LAUNCHED
BY PRU ICICI
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Growth since Inception Dynamic Plan
0
10000
20000
30000
40000
50000
60000
70000
80000
2002
oct
2003
apr
2003
oct
2004
apr
2004
oct
2005
apr
2005
oct
2006
apr
2006
oct
Year
S&P CNX Nifty
Pru ICICI Dynamic
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Growth since Inception Emerging star
0
5000
10000
15000
20000
25000
3000035000
2004
oct
2005
feb
2005
jun
2005
oct
2006
feb
2006
jly
2006
oct
Year
S&P CNX Nifty
Pru ICICI Emerging star
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Growth since Inception Infrastructure firm
0
5000
10000
15000
20000
25000
2005
aug
2005
oct
2005
dec
2006feb
2006
apr
2006
jun
2006
nov
2007
jan
Year
S&P CNX Nifty
Pru ICICI Infrastructure
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CHAPTER-5
FINDINGS, SUGESSTIONS
AND
CONCLUSION
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5.1 Findings
Suppose A invested in mutual fund scheme & B in Equity scheme. Both are
investing Rs.75 lakhs in 1st july 2003. after a quarter they again invest Rs.25
lakhs. Total investment will become 1crore now. Every quarter both are changing
the portfolios similarly.
In an FOF scheme there is no need to pay capital gain tax and also the entry load
in between. But in equity scheme in changing the portfolios the person is suppose
to pay capital gain tax as well as the entry load if he is selling and going for a new
scheme.
If the taxation is not TDS he can reinvest the entire amount which he is getting
through sales. From the analysis its very clear that if a person is reinvesting the
amount which he calculated as capital gain, it will earn more returns.
IT companies shares are promising one they are more bound to international risk
since most of the IT companies largely depends on the US market any downward
trend in the US economy may have a negative impact on these companies shares
but for the long term investment this shares are promising one hence the company
has allocated a considerably good amount in the IT.
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5.2 SUGGESTIONS
When an investor opts to make investment he should first gather sufficient
information about the type of investment options available to him
The investor should be in a position to decide where and how much of funds
are he ready to invest in particular security.
He should diversify his investment portfolio so that he is exposed to minimum
risk.
Investor should not depend entirely on the past returns as the future is
uncertain and the stock market is highly volatile.
The investor must be in a position to determine the degree of risk involved
and then invest in any security.
He should not follow the foot of others while investing because usually people
tend to go by the trend.
An investor must be in a position to judge which is the right time to enter into
the market and quit the market.
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5.3 CONCLUSION
As different investment avenues are available to investors. Mutual funds also offer
good investment opportunities to the investors. Like all investments, they also carry
certain risks. The investors should compare the risks and expected yields after adjustment
of tax on various instruments while taking investment decisions. The investors may seek
advice from experts and consultants including agents and distributors of mutual funds
schemes while making investment decisions.
The investor should analyze the market on a continuous basis which will help
them to pick the right companies to invest their funds. the beta value, standard deviation
and variance helps the investors in arriving at decision .the investors should be in a
position to interpret the data in the right manner to arrive at important conclusions and
investment decision From the analysis mutual funds are giving a return which is
higher than the SENSEX hence it gives the investor to have a safe return at
minimum level of risk .
I hope this dissertation will help the investors as a guiding record in future and
help them to make appropriate investment decisions.
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5.4 BIBLIOGRAPHY
.
BOOKS
Investment management Preeti Singh-tenth edition Himalaya publication 2002
Investment analysis and portfolio management Prasanna Chandra-second edition
Tata McGraw hill publishing company -2005
Security analysis and portfolio management Donald E Fischer, Ronald j Jordan
sixth edition prentice hall of India private ltd 2000
Modern portfolio theory and investment analysis Edwin J Elton, Martin J Gruber
fifth edition john Wiley & sons -2002
Investment management V A Avandi-fifth Edition Himalaya publication house
2003
JOURNALS
The ICFAI journal of financial risk management vol 12 issue 7-June 2006
Business week vol 26 issue 41 February 2007
The ICFAI journal of applied finance vol 8 issue 8 august 2005
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