Secondary Data Based Topic

EXCEL International Journal of Multidisciplinary Management Studies
Vol.2 Issue 3, March 2012, ISSN 2249 8834

Online available at http://zenithresearch.org.in/
MUTUAL FUND FINANCIAL PERFORMANCE ANALYSISA COMPARATIVE STUDY ON EQUITY DIVERSIFIED SCHEMES AND
EQUITY MID-CAP SCHEMES.
DR.B.NIMALATHASAN*; MR.R.KUMAR GANDHI**
*Department of Accounting, Faculty of Management Studies & Commerce,
University of Jaffna, Jaffna, Sri Lanka.
**A.P (Sr.G),
SRM School of Management,
Tamil Nadu, India.
ABSTRACT
This article focused on the financial performance analysis of mutual fund schemes (equity
diversified schemes and equity mid-cap schemes) of selected banks (State Bank of India, Canara
Bank- Public Bank, ICICI Bank, HDFC Bank-Private Bank).The objectives of this research work
is to analysis the financial performance of selected mutual fund schemes through the statistical
parameters (Standard Deviation, Beta and Alpha) and ratio analysis (Sharpe Ratio, Treynor
Ratio, Jenson Ratio, Information Ratio).The results of the research work concern Among the
Open ended Tax Saving schemes, Canara Robeco Equity Diversified is the preferred and
ranked top most, at the same time among the Open ended Midcap schemes, HDFC Capital
Builder is the preferred and ranked top through various tools. These research findings useful to
the investors in terms of understanding the financial performance of the mutual fund schemes.
Also this research finding is useful to the Mutual Fund Company in terms of Behavioral aspects
of mutual funds.
KEYWORDS: mutual fund, tax, mid-cap.
______________________________________________________________________________
A mutual fund is a professionally-managed firm of collective investments that pools

money from many investors and invests it in stocks, bonds, short-term money market
instruments, and/or other securities. In a mutual fund, the fund manager, who is also known as
the portfolio manager, trades the fund's underlying securities, realizing capital gains or losses,
and collects the dividend or interest income. The investment proceeds are then passed along to
the individual investors. The value of a share of the mutual fund, known as the net asset value
per share (NAV), is calculated daily based on the total value of the fund divided by the number
of shares currently issued and outstanding.
91
The SEBI regulations, 1993 defines a mutual fund as a fund in the form of a trust by a sponsor,
to raise money by the trustees through the sale of units to the public, under one or more schemes,
for investing in securities in accordance with these regulations
www.zenithresearch.org.in
INTRODUCTION

CONCEPT OF MUTUAL FUNDS
92
MUTUAL FUND PROCESS

93
TYPES OF MUTUAL FUND SCHEME

94
BUSINESS STRUCTURE OF MUTUAL FUND

FRAME WORK
In this research paper, the researcher took only two schemes and four banks taken as
sample. The aim is to evaluate, compare and rank the financial performance of the mutual fund
schemes. The data collected from the secondary source (i.e. fact sheets of the company ,News
paper, journals, periodicals etc. publishes the several data, Some private organization, research
brochures, universities published material).All the data used for analysis is taken from the
period June-2008 to the period May-2009,Mainly the Net Asset Value collected from the
website(http://www.amfiindia.com).
This research finding will be useful to the investors and the mutual fund company, in the
investors point of view that the investors can understand that financial performance of the
selected schemes of selected banks, in the same way the mutual fund organization can benefit
with this research findings by understand the acceptance level of the mutual fund schemes. There
is a necessary to include the constrains in this research work is only taken two schemes and four
banks. So there is a scope that to do further research in the same concept by collecting data from
more than two schemes and more than four banks
REVIEW OF LITERATURE
Review of the literature plays an important role in any research, it is considering the importance
of mutual funds and several academicians have tried to study the performance of various mutual
funds. Literature on mutual fund performance evaluation is enormous. Herewith some of the
research studies that have influenced the preparation of this study substantially are discussed in
this section.
The Research A study on Analysis of the performance of mutual fund with reference to HDFC
was done by Prasath.R.H in Anna University (2009) . The study is trying to emphasize the core
values of mutual fund investment, benefits of mutual funds, types of mutual funds, etc., The
study is going to conducted by taking the NAV values of different types of HDFC mutual fund
95
The Research Performance Evaluation of Franklin Templeton Mutual Funds was done by
R.Nithya in the IFMR Chennai (2004). The objective of the study is to analyse the performance
of all the schemes available in the Franklin Templeton Mutual funds and Emphasize the values
of mutual funds to the target people by identifying Asset Management Company that is
performing well and identifying the top schemes in
the category such as
equity,balanced,Monthly Income Plan(MIP) & Income in the AMC. The AMC chosen was
Franklin Templeton Mutual funds and it performed well and met the expectations.
The Study Analysis of Performance of Equity funds(Diversified) Open-end Mutual Fund during
1997 2000 was performed by M.Vijay Anand in IFMR ,Chennai (June 2000).The study
focused on to understand the position of the schemes of birla sunlife and the competitors
schemes available in the market. The study did Analysis of Performance of Equity fund for 3
years and SWOT Analysis of Birla Sunlife by Literature survey, Delphi technique, in depth
financial review to identify among the selected equity funds that earns higher returns than
benchmark and competitors and concluded that Birla Sunlife performs well compared to the
benchmarks and competitors.

products. The study concludes that before choosing the mutual fund scheme, the investor should
undergo fact sheet thoroughly and he has to choose the best one by calculating Sharpe Ratio,
Treynors Ratio, Jensen Ratio, IR Ratio and NAV calculation. If the investor finds difficulty of
getting Rp, Rf, Standard deviation, and Beta parameters, NAV calculations are the best
alternative to assess the performance.
The Research on Performance Evaluation of Indian Mutual Funds was done by Dr S Narayan
Rao in IITB (2002) . The Study is conducted to understand whether most of the mutual fund
schemes were able to satisfy investors expectations by giving excess returns over expected
returns .The objective of this study was to evaluate the performance of Indian Mutual Fund
Schemes during bear market through relative performance index (RPI), risk- return analysis,
Treynors ratio, Sharpes ratio, Sharps measure, Jensens measure, and Famas measure .The
research study concluded that out of 269 schemes, 49 were under performers, 102 were par
performers and 118 were out performers of the market and Medium Term Debt Funds were the
best .It was also concluded that 58 of 269 open ended mutual funds have provided better returns
than the market during the bear period of September 98-April 2002. Some of the funds provided
excess returns over expected returns based on both premium for systematic risk and total risk.
The research Investors' Preference for Investment in Mutual Funds: An Empirical Evidence is
done by Jaspal Singh and Subhash Chander in the University Guru Nanak Dev University ,
Punjab (2006).The results show that the investors consider gold to be the most preferred form of
investment, followed by NSC and Post Office schemes. Hence, the basic psyche of an Indian
investor, who still prefers to keep his savings in the form of yellow metal, is indicated. Investors
96
The research Fund Performance measurement without benchmark A case of selected Indian
Mutual funds is complete by Mr. Kaushik Bhattacharjee and Prof. Bijan Roy in ICFAI
University (2008). This study is actually a replication of the study conducted by Grinblatt &
Titman and calculates PCM for a sample of 50 Indian mutual funds over a period of 26 months,
with a view of validating their study in the Indian context. To understand whether or not the
selected mutual funds (hence forth called funds) are able to outperform the market on the
average over the studied time period.The study concluded that there are positive signals of
information asymmetry in the market with mutual fund managers having superior information
about the returns of stocks as a whole. For assessing the true performance of a particular mutual
fund , a longer time horizon is better.
The research Characteristics and Performance Evaluation of Selected Mutual Funds in India
was done by Sharad Panwar and Dr. R. Madhumathi , in IIT, Madras (2005). The objective of
the study is to identify differences in characteristics of public-sector sponsored & private-sector
sponsored mutual funds and to find the extent of diversification in the portfolio of securities of
public-sector sponsored and private-sector sponsored mutual funds and to compare the
performance of public-sector sponsored and private-sector sponsored mutual funds using
traditional investment measures.The study found that public-sector sponsored , private-sector
Indian sponsored and private-sector foreign sponsored mutual funds do not differ statistically in
terms of portfolio characteristics such as net assets, common stock%, market capitalization,
holdings, Top Ten %. Portfolio risk characteristics measured through private-sector Indian
sponsored mutual funds seems to have outperformed both Public- sector sponsored and Privatesector foreign sponsored mutual funds.

belonging to the salaried category, and in the age group of 20-35, years showed inclination
towards close-ended growth (equity-oriented) schemes over the other scheme type.
The research Measuring Performance of Indian Mutual Funds was done by Deepak Agrawal in
Truba College of Management & Technology , Indore (2007). The objective of the study is to
provide an overview of mutual fund activity in emerging markets ,to Describe their size, asset
allocation , to analyze the Indian Mutual Fund Industry pricing mechanism with empirical
studies on its valuation ,to analyzes data at both the fund-manager and fund-investor levels . The
study reveled that the performance is affected saving and investment habits of the people at the
second side the confidence and loyalty of the fund Manager and rewards affects the performance
of the MF industry in India.
The research Mutual Fund Portfolio Creation Using Industry Concentration is done by Mohit
Gupta , Navdeep Agarwal in ICFAI University (2009) There is very little research on the
construction of mutual fund portfolio. The present study seeks to fill this gap. The objective of
the research is to construct the portfolio using uses the cluster method, taking industry
concentration as a variable and to compare the performance of two types of portfolios with
selected benchmarks, selected according to the prevalent modes of mutual fund purchase Results
are found to be encouraging, as far as risk mitigation is concerned. This study also expected to
help in the construction of funds.
97
The research Performance of Indian Equity Mutual Funds ,Their Style Benchmarks An
Empirical Exploration is done by Soumya Guha Deb, Prof. Ashok Banerjee ,Prof. BB
Chakrabarti in IIM,Calcutta(2005) . The research aims to do a style analysis using Sharpes
RBSA approach, for Indian equity mutual funds and to perform a return based style analysis of
equity mutual funds in India and analyzed their relative performance with respect to style
benchmarks. The analysis shows that Indian equity mutual fund managers have not been able to
beat their style benchmarks on the average. It also shows that although all the funds in our
sample are equity funds, the fixed income asset classes have come out important components of
their style exposures, may be due to sticky returns of their component securities. The most
important component of their style exposures are the mid cap stocks. This may indicate actual
investment in those stocks, or in some other stocks that behaved like the mid cap index.
The Research Analysis of Components of Investment Performance An Empirical Study of

Mutual Funds in India was done by Dr. S. Anand & Dr. V Murugaiah in Goa Institute of
Management,Goa (2003). The purpose of this study is to apply the measurement tools of modern
portfolio theory to the performance of mutual funds . The study aims to examine the degree of
correlation that exists between fund and market return , to understand the impact of fund specific
characteristics on performance ,to evaluate the diversification and selectivity skills of fund
mangers . The study concluded on the basis of overall analysis in can be inferred here that the
additional return on sampled schemes and the market over risk free return was significantly low
during the study period. The study covers the period between April 1999 and March 2003 This
indicates that the majority of schemes were showed underperformance in comparison with risk
free return.

RESEARCH GAP
Based on the literature study it is found that so far some researchs deal with statistical tools or
quantitative tools to analyze the performance of the mutual fund. All research will use one or two
methods to compare the mutual funds of one or two schemes only. Some of the research focused
only on particular fund and tells that funds advantage and disadvantage. No research have
focused on comparing the similar type of open ended schemes in various banks. Hence this
research has been taken to fill the gap to compare selected two schemes and four banks by using
of different statistical and ratio analysis.
ANALYSIS - 1
PERFORMANCE ANALYSIS BASED ON STATISTICS PARAMETERS
EQUITY DIVERSIFIED SCHEMES
Alpha ( )
Standard Deviation()
SBI Magnum Equity Fund
0.679
0.020
3.177
Canara Robeco Equity

Diversified
0.880
0.060
3.020
HDFC Equity Fund
0.7488
0.0325
2.9086
ICICI Prudential Growth Plan
0.888
-0.002
3.018
INFERENCE
All the funds are having beta less than one during the last one year, which shows they are less
risky compared to their benchmark index during this period.Out of this four funds ICICI
Prudential Growth Scheme comes out to be the most aggressive with having beta of 0.888 and
SBI Magnum Equity Fund is the least aggressive (beta of 0.679).All the funds are studied ICICI
having negative Alpha.The riskiest fund during the period is SBI Magnum Equity Fund having
standard deviation of 3.177 and the least risky fund is HDFC Equity Fund which is having
standard deviation of 2.9086.
Beta()
98
Name of the Fund

PERFORMANCE ANALYSIS BASED ON STATISTICS PARAMETERS

EQUITY MID-CAP SCHEMES
Name of the Fund
Beta()
Alpha ( )
Standard
Deviation()
CanaraRobeco Emerging EquitiesGrowth
0.6255
-0.0573
2.981
SBI Magnum Emerging BusinessGrowth
0.7921
-0.0740
2.949
HDFC Capital Builder-Growth
0.6398
-0.0203
2.9087
ICICI Prudential Emerging S.T.A.R. Growth
0.7261
-0.1240
3.065
INFERENCE
All the funds are having negative Alpha.

The riskiest fund during the period is ICICI Prudential Emerging S.T.A.R fund(G) having
standard deviation of 3.065 and the least risky fund is HDFC Capital Builder Fund (G)
which is having standard deviation of 2.9087.
For Canara Robeco Emerging Equities- Growth Fund, the 52 week high NAV is 16.79 (on
02-Jun-08) and 52 week low NAV is 6.75 (on 12-Mar-09). For SBI Magnum Emerging
Business- Growth Fund, the 52 week high NAV is 32.65 (on 02-Jun-08) and 52 week low
NAV is 11.5 (on 09-Mar-09). For ICICI Pru Emerging S.T.A.R Growth Fund - the 52 week
high NAV is 29.9 (on 02-Jun-08) and 52 week low NAV is 11.89 (on 09-Mar-09). For
99
Out of this four funds HDFC Capital Builder fund(G) comes out to be the most aggressive
with having beta of 0.7921 and Canara Robecco Emerging Equities(G) is the least
aggressive (beta of 0.6255)
All the funds are having beta less than one during the last one year, which shows they are
less risky compared to their benchmark index during this period.

HDFC Capital Builder - Growth Fund - the 52 week high NAV is 73.862 (on 02-Jun-08) and
52 week low NAV is 40.55 (on 09-Mar-09).
ANALYSIS - 2
PERFORMANCE ANALYSIS BASED ON RATIO ANALYSIS AND RANKING
EQUITY DIVERSIFIED SCHEMES TREYNOR RATIO COMPARISON
Scheme Name
Treynor Ratio
Canara Robeco Equity Diversified
Rank
0.101
HDFC Equity Fund
-0.0329
-0.058
-0.060
Scheme Name
Treynor
Rank
Canara Robeco Emerging Equities
-0.1952
HDFC Capital Builder
-0.1228
ICICI Pru Emerging S.T.A.R
-0.2414
SBI Magnum Emerging Business
-0.1784
INFERENCE
As Treynor Ratio represents mutual fund's excess return to its standard deviation high
Treynor ratio indicates more attractive fund.
All the Ratio for the schemes compare are low , they are relatively compared and ranked
accordingly
HDFC offered HDFC Capital Builder schemes has a higher Treynors ratio & expected
to perform well among the other Equity Mid Cap Schemes
MIDCAP SCHEMES TREYNOR RATIO COMPARISON
100
Canara Bank sponsored Canara Robeco Equity Diversified has a higher Treynors ratio &
expected to perform well among the other Equity Diversified Schemes.

Equity Diversified Schemes Sharpe Ratio Comparison

Scheme Name
Sharpe Ratio
Rank
0.029
HDFC Equity Fund
-0.0085
-0.017
-0.013
Midcap Schemes Sharpe Ratio Comparison
Scheme Name
Sharpe Ratio
Rank
-0.0410
HDFC Capital Builder
-0.0270
-0.0577
SBI Magnum Emerging Business
-0.0479
INFERENCE
HDFC offered HDFC Capital Builder schemes has a higher Sharpes ratio & expected to
perform well among the other Equity Mid Cap Schemes
Canara Bank sponsored Canara Robeco Equity Diversified has a higher Sharpes ratio &
expected to perform well among the other Equity Diversified Schemes
101
All the Ratio for the schemes compare are low , they are relatively compared and ranked
accordingly
As Sharpe Ratio represents mutual fund's excess return to its standard deviation high
Sharpe ratio indicates more attractive fund.

Midcap Schemes Information Ratio Comparison

Scheme Name
Information Ratio
Rank
-0.0192
HDFC
Capital Builder
-0.0070
-0.0404
SBI Magnum
Emerging Business
-0.0251
Equity Diversified Schemes Information Ratio Comparison

Scheme Name
Information Ratio
Rank
0.0200
HDFC Equity Fund
0.0112
-0.0010
0.0060
INFERENCE
Relatively HDFC Capital Builder scheme has a higher Information ratio and is expected
to achieve higher returns compared to the other schemes.
Canara Bank sponsored Canara Robeco Equity Diversified has higher Information ratio
& expected to performs well among the other Equity Diversified Schemes
102
All the ratio in the compared schemes are negative.
A high information ratio means a manager can achieve higher returns more efficiently
than one.

COMPARISON AND RANKING OF MUTUAL FUND BASED ON VARIANCE AND

STANDARD DEVIATION
Midcap Schemes Variance and Standard Deviation Comparison
Fund Name
Variance
Standard deviation
Rank
Canara Robeco Emerging Equities- Growth
8.884
2.981
8.4600
2.9086
SBI Magnum Emerging Business- Growth

1
HDFC Capital Builder-Growth
4
ICICI Prudential Emerging S.T.A.R.
9.09
3.014
8.694
2.949
Variance
Standard deviation
Rank
9.118
3.020
HDFC Equity Fund
8.4600
2.9086
9.106
3.018
10.092
3.177
INFERENCE
As standard deviation represents risk involved in the mutual fund, fund with low standard
deviation is preferred when the investor is more concern on their investment.
SBI Sponsered SBI Magnum Emerging Business- Growth scheme has a lower Variance
and Standard deviation and is expected to be less risky among the mid cap schemes.
HDFC offered HDFC Equity Fund scheme has a lower Variance and Standard deviation
and is expected to be less risky among the Equity diversified schemes.
103
Fund Name
Equity Diversified Schemes Variance and Standard Deviation Comparison

COMPARISON AND RANKING OF MUTUAL FUND BASED ON JENSONS ALPHA

Midcap Schemes Jenson Alpha Comparison
Scheme Name
Jenson Alpha
-0.0573
HDFC
Capital Builder
-0.0203
-0.1217
-0.0740
SBI
Emerging Business
Magnum
Rank
Equity Diversified Schemes Jenson Alpha Comparison
Rank
0.060
HDFC Equity Fund
0.0325
-0.002
0.020
INFERENCE
All the ratio in the compared schemes are negative and few have positive alpha
HDFC offered HDFC Capital Builder has the lowest negative Alpha value of -0.0203
implies that the fund return has underperformed the benchmark index by -0.0203% over
the last one year.
Canara Bank offered Canara Robeco Equity Diversified has the positive Alpha value of
0.060 implies that the fund return has over performed the benchmark index by 0.060%
over the last one year.
Jenson Alpha
104
Scheme Name

CONCLUSIONS
This study also creates awareness among the investor community thereby before choosing the
mutual fund scheme, the investor should undergo fact sheet thoroughly and he has to choose the
best one. Among the Open ended Midcap schemes, HDFC Capital Builder (G) is the preferred
and recommended one for the investors based on the past performance analysis using Treynors,
Sharpe, and Information ratio, Alpha index. And Among the Open ended Equity Diversified
schemes, Canara Robeco Equity Diversified (G), is the preferred and recommended one for
the investors based on the past performance analysis using Treynors, Sharpe, and Information
ratio.
REFERENCES
Krishnan, M.A., 1999, Moving into growth mode, The Hindu Survey of Indian Industry, 112114.
Kulshreshta, C.M., 1994, Mastering Mutual Funds, Vision Books, New Delhi.
Madhusudan V. Jambodekar, 1996, Marketing Strategies of Mutual Funds Current Practices
and Future Directions, Working Paper, UTI IIMB Centre for CapitalMarkets Education and
Research, Bangalore.
Raja Rajan V., 1997, Chennai Investor is conservative, Business Line, Feb. 23-25
Raja Rajan, 1997, Investment size based segmentation of individual investors, Management
Researcher, 3 (3 & 4), 21-28.
Raja Rajan, 1998, Stages in life cycle and investment pattern, The Indian Journal of
Commerce, 51 (2 & 3), 27 36.
Sadhak, H., 1991, The alternate saving media, The Economic Times, April 30, 9.
Shankar, V., 1996, Retailing Mutual Funds : A consumer product model, The Hindu, July 24,
26.
Shanmugham, R., 2000, Factors Influencing Investment Decisions, Indian Capital Markets
Trends and Dimensions (ed.), Tata McGraw-Hill Publishing Company Limited, New Delhi,
2000.
Sharma C. Lall, 1991, Mutual Funds How to keep them on Right Track, Yojana, Vol.35,
No.23, Dec. 18-19.
105
SEBI NCAER, 2000, Survey of Indian Investors, SEBI, Mumbai.
Samir K. Barua et al., 1991, Master Shares : A bonanza for large Investors, Vikalpa, Vol.16,
No.1 (Jan-Mar) 29-34.

Sujit Sikidar and Amrit Pal Singh, 1996, Financial Services : Investment in Equity and Mutual
Funds A Behavioural Study, in Bhatia B.S., and Batra G.S., ed., Management of Financial
Services, Deep and Deep Publications, New Delhi, Chapter 10, 136-145.
Syama Sundar, P.V., 1998, Growth Prospects of Mutual Funds and Investor perception with
special reference to Kothari Pioneer Mutual Fund, Research Report, Sri Srinivas Vidya
Parishad, Andhra University, Visakhapatnam.
Thaler, R.D., Kahneman, and Knetsch J, 1992, The Endowment Effect, loss aversion and status
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The Free Press, New York.
Websites
www.investsmartindia.com
www.moneycontrolindia.com
106
www.amfiindia.com

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EXCEL International Journal of Multidisciplinary Management Studies

Vol.2 Issue 3, March 2012, ISSN 2249 8834

A mutual fund is a professionally-managed firm of collective investments that pools

EXCEL International Journal of Multidisciplinary Management Studies

CONCEPT OF MUTUAL FUNDS

MUTUAL FUND PROCESS

EXCEL International Journal of Multidisciplinary Management Studies

TYPES OF MUTUAL FUND SCHEME

EXCEL International Journal of Multidisciplinary Management Studies

BUSINESS STRUCTURE OF MUTUAL FUND

EXCEL International Journal of Multidisciplinary Management Studies

EXCEL International Journal of Multidisciplinary Management Studies

EXCEL International Journal of Multidisciplinary Management Studies

The Research Analysis of Components of Investment Performance An Empirical Study of

EXCEL International Journal of Multidisciplinary Management Studies

SBI Magnum Equity Fund

Canara Robeco Equity

HDFC Equity Fund

ICICI Prudential Growth Plan

Name of the Fund

EXCEL International Journal of Multidisciplinary Management Studies

PERFORMANCE ANALYSIS BASED ON STATISTICS PARAMETERS

CanaraRobeco Emerging EquitiesGrowth

SBI Magnum Emerging BusinessGrowth

HDFC Capital Builder-Growth

ICICI Prudential Emerging S.T.A.R. Growth

All the funds are having negative Alpha.

EXCEL International Journal of Multidisciplinary Management Studies

Canara Robeco Equity Diversified

HDFC Equity Fund

ICICI Prudential Growth Plan

SBI Magnum Equity Fund

Canara Robeco Emerging Equities

HDFC Capital Builder

ICICI Pru Emerging S.T.A.R

SBI Magnum Emerging Business

MIDCAP SCHEMES TREYNOR RATIO COMPARISON

EXCEL International Journal of Multidisciplinary Management Studies

Equity Diversified Schemes Sharpe Ratio Comparison

Canara Robeco Equity Diversified

HDFC Equity Fund

ICICI Prudential Growth Plan

SBI Magnum Equity Fund

Midcap Schemes Sharpe Ratio Comparison

Canara Robeco Emerging Equities

HDFC Capital Builder

ICICI Pru Emerging S.T.A.R

SBI Magnum Emerging Business

EXCEL International Journal of Multidisciplinary Management Studies

Midcap Schemes Information Ratio Comparison

Canara Robeco Emerging Equities

ICICI Pru Emerging S.T.A.R

Equity Diversified Schemes Information Ratio Comparison

Canara Robeco Equity Diversified

HDFC Equity Fund

ICICI Prudential Growth Plan

SBI Magnum Equity Fund

All the ratio in the compared schemes are negative.

EXCEL International Journal of Multidisciplinary Management Studies

COMPARISON AND RANKING OF MUTUAL FUND BASED ON VARIANCE AND

Canara Robeco Emerging Equities- Growth

SBI Magnum Emerging Business- Growth

Canara Robeco Equity Diversified

HDFC Equity Fund