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CHAPTER I

INTRODUCTION AND BACKGROUND

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1.1 Introduction

Emerging business scenario opens up wide range of investment avenues like bank
deposits, company fixed deposits, securities, bonds debentures, mutual funds, bullion,
real estate etc. Among all these investments, mutual fund industry in India has overridden
most other investment avenues yielding high returns and capital appreciation. Efficient
portfolio allocation can contribute significantly to the investor returns in mutual funds.

Portfolio management and its strategies are essential to the better performance of funds.
Portfolio management is a study and practice of different kinds of investments and how
they can be selected and combined to bring a good return to the investor. There is a wide
variety of securities which are available. An investor has to choose his investments
carefully to suit his risk profile. Investment decisions can be made wisely after
understanding the investment environment, the availability of choices, the influence of
taxes, inflation and certain established theories. When a single security is analyzed, it is
called security analysis. If securities are combined to blend together and give maximum
returns, it is called portfolio management.

1.2 What is a mutual fund?

1. A trust which pools the savings of a number of investors who share a common
financial goal.
2. Professional investment managers invest these funds in a way that helps investors
achieve their goals.

1.3 Constituents of a mutual fund

1. Sponsor
2. Trustee
3. Asset management Company
4. Registrars and Custodians

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The Portfolio Manager allows the investor to view and track his/her investments on an
ongoing basis. It offers a wide variety of portfolio evaluation options: Snapshot,
Gain/Loss, Year (High/Low), News & Opinion, Fundamental and Fund Performance.

1. Automatically updates current market values of stocks and funds through current
prices.
2. Includes each investment's portfolio weighting
3. Enables manual/automatic updation of all kinds of transactions such as: Buy, Sell,
Systematic Investment Plan, Systematic Withdrawal Plan, Dividends, Rights,
Bonus and Splits.
4. Allows modification or deletion of any holding or transaction
5. Provides you with Return on Investment of your holdings

1.4 Advantages of a mutual fund

1. Professional expertise
2. Diversification of Risk
3. Convenience
4. Liquidity
5. Transparent and well regulated
6. Choice of products/schemes
7. One stop shop for investmen5t avenues
8. Tax-efficient Returns

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1.5 What to Look for in a Fund?

With so many funds across categories, it is difficult for an investor to decide what fund to
buy. Choosing a mutual fund is not an easy task with so many funds. We think that the
correct first step towards deciding is to decide on a way of deciding. Rarely do investors-
normal investors, who do something else for a living-have a systematic checklist of
things that they should evaluate about a fund, which they are considering buying. Here's
our blueprint for a structured approach to fund selection. There are four basic areas that
you must evaluate in a fund to decide whether it's a good investment.
Performance: Performance comparisons must be used only to compare the same type of
fund. They are meaningless otherwise. Only when used within the same category of
funds do performance numbers tell you anything at all. By the time you come to the stage
when you are comparing performance numbers of different funds, you should already
have a good idea of how much you will invest in that category.

1.6 Risk:

Almost all investing is risky, at least those investments that get you any meaningful
returns. In general it is said that the riskier a fund, the more its potential for earning high
returns, at least most of the time. However, this is a simplified view that implies that a
given amount of risk always gets you the same returns. This is simply not true because
not all funds are equally well-run. The true measure of risk is whether a fund is able to
give you the kind of returns that justify the kind of risk it is taking. Evidently, this is not
as easy to measure as returns. There are a wide variety of statistical techniques that can
be used to measure this, and we distil a combination of performance and risk
measurement into the Value Research Fund Rating. When we say that a fund has a five-
or four-star rating, it means that the fund, compared to similar funds, performed better,
given its risk level.

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1.7 Portfolio:

Unlike performance and risk, portfolio is one of the 'internals' of a fund. It is internal in
the sense that the result of good, bad or ugly portfolios is already reflected in the first two
measures and it's perfectly OK for you to choose funds on the basis of those two
measures alone without actually bothering about what they own. Our basic analysis of
portfolios measures whether a fund (we are talking about equity funds here) holds mostly
large, medium or small companies. It also looks at whether a fund prefers companies that
may be overpriced but which are growing fast or whether it prefers low-priced stocks
belonging to companies that are growing at a more gentle pace. For fixed income funds,
an analogous analysis tells one whether a fund prefers volatile but potentially high return
long-duration securities or stable and low return short-duration securities. Also, one can
analyse whether a fund prefers safer (lower returns) securities or riskier (higher returns)
securities.

1.8 Management:

Fund management is a fairly creative and personality-oriented activity. This may not be
true of some types of funds like shorter-term fixed-income funds and, of course, index
funds, but equity investment is more of an art than a science. When you are buying a fund
because you like its track record (and unless you can foresee the future, that's the only
way to buy a fund), what you are actually buying is a fund manager's (or sometimes a
fund management team's) track record. What you need to make sure is that the fund
manager who was responsible for the part of the fund's track record that you are buying
into is still there. A high-performance equity fund with a new manager is a like a new
fund.

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1.9 Cost:

While these are the four main points on which to evaluate a fund, there is one more factor
that is becoming increasingly important and that is cost. Funds are not run for free and
nor are they run at an identical cost. While the difference in different funds' cost is not
large, these can compound to significant variations, especially for fixed income funds
where the performance differential between funds is quite small to begin with. Even for
equity funds, it may not be worth buying a higher cost fund that appears to be only
slightly better than a lower cost one. Remember, there is no reason for one AMC to have
much higher costs than others, apart from the fact that it wants to have a higher margin,
or that it wants to spend more on things like marketing, which are of no relevance to you.
If an AMC wants higher returns from its business, then it must justify it by giving you
higher returns on your investments.

1.10 SBI Fund Management

Today the fund house manages over Rs 16500 crores of assets and has a diverse
profile of investors actively parking their investments across 30 active schemes.
In 19 years of operation, the fund has launched 32 schemes and successfully
redeemed 15 of them, and in the process, has rewarded our investors with
consistent returns. Schemes of the Mutual Fund have time after time
outperformed benchmark indices, honoured us with 13 awards of performance and
have emerged as the preferred investment for millions of investors and HNI's. The
trust reposed on us by over 3.5 million investors is a genuine tribute to our
expertise in fund management.

1.11 Professional Approach in Fund Management at SBI Mutual Funds

1. Funds managed by professionals with adequate qualification and expertise


2. In-house research to aid the fund managers
3. Top management involved to guide the investment policy and fund house
philosophy

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4. Competitive performance resulting in constant improvement
5. portfolios and NAVs are disclosed at record timings
6. Lower costs for investors due to multiple choices for investors

This project is an effort to scan through the strategies and trends behind the success story
of SBI Mutual Funds over the years. Efficient fund allocation and the professionalism
coupled with expertise seem to be the guiding force behind the marathon success of SBI
fund house.

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CHAPTER II

RESEARCH DESIGN

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2.1 Introduction

There are theories galore about investment techniques. But ultimately what determines
the success ratio is your ability to pick stocks which are going to be winners of the future.
The more undervalued a stock is, the better its chances of doing well in future, provided
the fundamentals are in place. The success of the funds depends on the efficiency of fund
allocation. Optimization techniques are essential to realizing the proportionately higher
returns.

2.2 Statement of the Problem

Portfolio optimization is the deciding factor for the performance of the funds. SBI Asset
management Company raises money from the investors and invest in group of assets to
optimize the returns. Through optimization of portfolios, SBI Mutual Funds has led its
different mutual fund schemes to higher rate of growth and superior returns over the
years. The advanced strategies and tools of portfolio construction under different schemes
adopted by SBI have met with significant success and have helped in optimizing the
returns of the investors. Therefore the researcher finds interest in working further on the
same line.

2.3 Objectives of the Study

1. Identify the fund allocation strategies for optimum returns in mutual funds
2. identify the parameters of sectoral diversification in raising higher returns

2.4 Methodology of the Study

Since it is difficult to cover the whole investment sector, SBI Mutual Fund was chosen as
the field to do the study.

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2.5 Population

Twelve existing SBI mutual fund schemes form the population of the study. Out of the
twelve, five schemes have been selected as the samples for the study. They are:

1. Magnum Balanced Fund


2. Magnum Multiplier Plus Scheme 1993
3. Magnum Global Fund
4. Magnum Tax gain Scheme 1993
5. Magnum Contra Fund

2.6 Sample

Convenient Sampling: Convenient sampling is a sampling technique by which researcher


takes samples as per his convenience.

2.7 Sources of Data

2.7.1Primary data

1. Personal Interviews
2. Discussion with experts and management team

2.7.2 Secondary data

1. Company Annual Reports


2. Journals
3. Prospectus
4. Websites
5. Magazines

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2.8 Chapter Scheme

1. Introduction
2. Research Design
3. Profile of the Company/Organization
4. Analysis and Interpretation of Data
5. Summary of Findings, Recommendation and Conclusion
6. Bibliography

2.9 Scope of the Study

The project undertakes a comprehensive study on the different aspects related to portfolio
optimization in mutual funds. The study is conducted in order to select few companies so
that results cannot be generalized.

2.10 Limitations of the Study

1. The duration allotted for the completion of the project is insignificant.


2. Busy work schedule of the interviewees made data collection difficult
3. Unavailability of certain fundamental information from the company
4. The study was limited to SBI mutual funds and few other subsidiaries in
Bangalore.

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CHAPTER III

PROFILE OF THE INDUSTRY AND COMPANY

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3.1 Profile of the organization

SBI Mutual Fund (SBI MF) is one of the largest mutual funds in the country with
an investor base of over 3.5 million. With over 19 years of rich experience in fund
management, SBI MF brings forward its expertise in consistently delivering value
to its investors.

Joint Venture

SBI Funds Management Pvt. Ltd. is a joint venture between 'The State Bank of
India' one of India's largest banking enterprises, and Société Générale Asset
Management (France), one of the world's leading fund management companies
that manages over US$ 330 Billion worldwide.

Turnover Ratio

Today the fund house manages over Rs 16500 crores of assets and has a diverse
profile of investors actively parking their investments across 30 active schemes.
In 19 years of operation, the fund has launched 32 schemes and successfully
redeemed 15 of them, and in the process, has rewarded our investors with
consistent returns. Schemes of the Mutual Fund have time after time
outperformed benchmark indices, honored us with 13 awards of performance and
have emerged as the preferred investment for millions of investors and HNI's. The
trust reposed on us by over 3.5 million investors is a genuine tribute to our
expertise in fund management.

SBI Funds Management Pvt. Ltd. serves its vast family of investors through a
network of over 82 collection branches, 26 Investor Service Centers, 28 Investor
Service Desks and 52 District Organizers.

Advantages of Using Portfolio Management Service (PMS) at SBI MF

1. Lower cost as compared to a mutual fund

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2. Tailor-made solutions & services
3. Detailed analysis and review of your portfolio
4. Privileged access to the Fund Manager
5. Regular Reporting and communications
6. Control of Portfolio is ultimately in the Client's hands.

The Approaches in Portfolio Management at SBI MF

A. Expertise

1. Extensive Fund Management Expertise

2. Managing a wide variety of Schemes

B. Professionalism

1. A strong partnership with a Global Asset Manager (SGAM)

2. Bringing the best practices in terms of portfolio management, services and risk
control

3. Allows a fast access to innovative products.

C. Safety and Reliability coming from a SBI group company

Strengths and Value Addition at SBI Mutual Funds

1. Proven Skills in Wealth Generation.

SBI Mutual Fund is India’s largest bank sponsored mutual fund and has an
enviable track record in judicious investments and consistent wealth creation.

The fund traces its lineage to SBI - India’s largest banking enterprise. The
institution has grown immensely since its inception and today it is India's largest
bank, patronized by over 80% of the top corporate houses of the country.

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SBI Mutual Fund is a joint venture between the State Bank of India and Société
Générale Asset Management, one of the world’s leading fund management
companies that manages over US$ 330 Billion worldwide.

2. Exploiting expertise, compounding growth

In eighteen years of operation, the fund has launched thirty-two schemes and
successfully redeemed fifteen of them. In the process it has rewarded its investors
handsomely with consistently high returns.

A total of over 3.5 million investors have reposed their faith in the wealth
generation expertise of the Mutual Fund. Schemes of the Mutual fund have
consistently outperformed benchmark indices and have emerged as the preferred
investment for millions of investors and HNI’s. Today, the fund manages over Rs.
16500 crores of assets and has a diverse profile of investors actively parking their
investments across 30 active schemes.

The fund serves this vast family of investors by reaching out to them through
network of 100 collection branches, 26 investor service centers, 28 investor
service desks and 52 district organizers. SBI Mutual is the first bank-sponsored
fund to launch an offshore fund – Resurgent India Opportunities Fund. Growth
through innovation and stable investment policies is the SBI MF credo.

3. Fund House Expertise

The investment environment is becoming increasingly complex. Innumerable


parameters need to be factored in to generate a clear understanding of market
movement and performance in the near and long term future.
At SBIMF, we devote considerable resources to gain, maintain and sustain our
profitable insights into market movements. We consistently push the envelope to
ensure our investors get the maximum benefits year after year.

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Our expert team of experienced and market savvy researchers prepare
comprehensive analytical and informative reports on diverse sectors and identify
stocks that promise high performance in the future. This team works in tandem
with a compliance and risk-monitoring department, which ensures minimization
of operational risks while protecting the interests of the investors.

Quite naturally many of our equity funds have delivered consistent returns to
investors and have repeatedly out performed benchmark indices by wide margins.

4. Risk Management

Chief Risk Officer (CRO). A Risk Management Committee, comprising the MD,
Deputy CEO, CRO, COO, CIO and the CMO meets on a regular basis to manage
risk within the organization. The Risk Management unit is a separate division
within the organization headed by the

The CRO is responsible for risk management over all the functions within the
organization including Investments, Marketing, Operations, etc. Currently, the CRO is an
experienced investment professional and is assisted by a two-member team, one being an
investment Professional with an MBA in Finance and the other being an investment
professional deputed from SGAM.

3. Achievements

SBI Fund provides investors with the right schemes to secure their financial
goals. SBI Mutual fund constantly strive to gain, maintain and sustain our
profitable insights into market movements. This is to ensure that SBI Mutual
Fund optimizes the investor’s returns and add value to their investments. The
genuine tributes to SBI expertise in fund management are the awards that SBI
Mutual Fund continues to win from the industry. SBI Mutual Fund won 3 awards

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each at the ICRA Mutual Fund Awards 2007 and Lipper Awards 2007 held last
month. This is in addition to the 6 Awards it won in February 2007 including
“Mutual Fund of the Year 2007” from CNBC TV-18 Crisil.

SBI Mutual Fund continues to be one of the premier fund management houses in
the country managing assets of Rs 16807 crores (as on March 31, 2007). SBI’s
commitment to provide unparalleled service to the investors remains firm.

Sectoral Diversification of Funds

Equity Fund

The investments of these schemes will predominantly be in the stock markets and
endeavor will be to provide investors the opportunity to benefit from the higher
returns which stock markets can provide. However they are also exposed to the
volatility and attendant risks of stock markets and hence should be chosen only by
such investors who have high risk taking capacities and are willing to think long
term. Equity Funds include diversified Equity Funds, Sectoral Funds and Index
Funds. Diversified Equity Funds invest in various stocks across different sectors
while Sectoral funds which are specialized Equity Funds restrict their investments
only to shares of a particular sector and hence, are riskier than Diversified Equity
Funds. Index Funds invest passively only in the stocks of a particular index and
the performance of such funds move with the movements of the index. Following
are the Index Funds covered by SBI.

1. Magnum COMMA Fund


2. Magnum Equity Fund
3. Magnum Global Fund
4. Fund Magnum
5. Magnum Multicap Fund
6. Magnum Multiplier Plus
7. 7.Magnum Sector Funds Umbrella

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 MSFU - FMCG Fund
 MSFU - Emerging Businesses Fund
 MSFU - IT Fund
 MSFU - Pharma Fund
 MSFU - Contra Fund

8. Magnum Tax Gain Scheme 1993

9. NFO - SBI Infrastructure Fund - Series I

10. SBI Arbitrage Opportunities Fund

11. SBI Blue chip Fund

12. SBI ONE India Fund

Debt Funds

Debt Funds invest only in debt instruments such as Corporate Bonds, Government
Securities and Money Market instruments either completely avoiding any
investments in the stock markets as in Income Funds or Gilt Funds or having a
small exposure to equities as in Monthly Income Plans or Children's Plan. Hence
they are safer than equity funds. At the same time the expected returns from debt
funds would be lower. Such investments are advisable for the risk-averse investor
and as a part of the investment portfolio for other investors.

1. Magnum Children’s Benefit Plan

2. Magnum Gilt Fund

 Magnum Gilt Fund (Long Term)

 Magnum Gilt Fund (Short Term)

3. Magnum Income Fund

4. Magnum Income plus Fund

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 Magnum Income Plus Fund (Saving Plan)

 Magnum Income Plus Fund (Investment Plan)

5. Magnum Insta Cash Fund

6. Magnum InstaCash Fund -Liquid Floater Plan

7. Magnum Institutional Income Fund

8. Magnum Monthly Income Plan

9. Magnum Monthly Income Plan Floater

10. Magnum NRI Investment Fund

11. SBI Debt Fund Series

 SDFS 15 Months Fund

 SDFS 90 Days Fund

 SDFS 13 Months Fund

 SDFS 18 Months Fund

 SDFS 60 Days Fund

 SDFS 180 Days Fund

 SBI Premier Liquid Fund

Balanced Funds

Magnum Balanced Fund invests in a mix of equity and debt investments. Hence
they are less risky than equity funds, but at the same time provide
commensurately lower returns. They provide a good investment opportunity to
investors who do not wish to be completely exposed to equity markets, but is
looking for higher returns than those provided by debt funds.

1. Magnum Balanced Fund


2. Magnum NRI Investment Fund Flexi Asset Plan

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Conclusion

SBI Mutual Fund has made a positive impact among the asset management companies
across the country over a decade. Touch of professionalism and rich expertise has proved
significant to the growth of this asset management company. Efficient team work has
made the resource allocation possible to a great extent.

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CHAPTER IV
ANALYSIS AND INTERPRETATION

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4.1 Introduction

It has been found that some equity funds lag the others. That too within the same fund
house. While at the top, the chief Investment strategy for the fund house, it is the fund
manager that does the actual stock picking. And however rigid the stock picking process
may be, performance does differ based on conviction levels and fund manager’s ability to
spot winners.

4.2 Prominent Fund Houses in India

I am trying here to fish out 12 leaders and the laggards amongst the equity diversified
fund category from the same fund category from the same fund houses. It is based on
quarterly return for the period Jan 04 to April 07, wrapping a period of 13 quarters. The
returns of these funds was compared vis-à-vis the performance of its fund category-
Equity Diversified for each quarter of the defined period and each time a fund superseded
the performance of its category, it earned itself one point. The highest and the lowest
fund scores from each of the selected fund scorers from each of the selected fund houses
(AMC) were virtually tagged as leaders and laggards, respectively.

The analysis of these 12 funds of the six prominent fund houses shows that there is thin
line which demarcates the leaders and laggards. It is mainly influenced by the portfolio
composition and the investment strategy adopted by these funds. Though each of these
funds trace to same family, their distinguishing feature lines in their focus towards a
peculiar class of stocks say, the large caps, mid caps etc. it is interesting to note that over
the long term the funds which have bestowed higher emphasis on the mid cap stocks have
managed to out perform those which have diligently relied on the blue-chip scripts.

Reliance Growth and Vision, the two funds of the Reliance Capital Asset Management,
both launched in October 95 have scored 13 and 8 points respectively. A birds eye view
of their portfolio composition shows that while the Vision scheme of this company has
invested nearly 60% in large caps and 40% in mid caps stocks, the growth schemes

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portfolio has shown a major inclination towards the mid cap stocks with nearly 80% of its
assets invested in the stocks of mid cap companies. Reliance Growth has been a
consistent performer on an overall basis followed closely by magnum Global which has
scored 12 points in this review.

In the SBI Magnum family, the younger sibling global as defeated the elder one, equity,
by a margin of six points. Magnum equity, which was launched in November 90, holds a
portfolio composition ratio of 40:60 towards the large and mid cap stocks respectively
while magnum global, launched in September 94, proactively leans towards the mid-caps
with merely 94% of its portfolio comprising of the Mid cap stocks.

The scenario at the Franklin Templeton is no different either. While Frankline India
Prima plus having a portfolio composition of 70:30 in favor of large and mid cap stocks
respectively scored 10 points. Franklin India Blue – chips, True to its name, having 95%
of its portfolio composed of the large cap blue –chip stocks, scrod 6 points. It is quite
possible that in this exercise oranges are nor been compared with oranges. Some might
have ostensibly a large cap flavor while other might follow a mid cap strategy. But then if
one were to club them under diversified equities, you see the siblings aren’t as similar as
they might seem to be.

4.3Portfolio Management Process at SBI MF

Investment management or portfolio managements is a complex activity which may be


broken down into the following steps.

1. Specification of investment objectives


The typical objectives sought by the investors are current income, capital appreciation,
and safety of the principal. The relative importance of these objectives should be
specified. Further, the constraints arising from liquidity, time horizon, tax, and special
circumstances must be identified.

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2. Choice of the asset mix

The most important decision in portfolio management is the asset mix decision. This is
concerned with the proportion of stocks and bonds in the portfolio. The appropriate
‘stock-bond mix’ depends mainly on the risk tolerance and investment horizon of the
investor.

3. Formulation of portfolio strategy

Once a certain asset mix is chosen, an appropriate portfolio strategy is to be has to be


hammered out. The two broad choices are available: an active portfolio strategy or
passive portfolio strategy. An active portfolio strategy strives to earn superior risk
adjusted returns by resorting to market timing, sector rotation, or security selection, or
some combination of these. A passive portfolio strategy involves a holding a broadly
diversified portfolio and maintaining a pre-determined level of risk exposure.

4. Selection of Securities

Investors pursue an active stance with respect to security selection. For stock selection,
investors should go by fundamental analysis and technical analysis. The factors that are
considered in selecting bonds are yield to m maturity, tax shelter and liquidity.

5. portfolio execution

This phase is concerned with implementing the portfolio plan by buying or selling
specified securities in given accounts. This has an important role in bearing investment
results.

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6. Portfolio revision

The value of a portfolio as well as its composition – the relative proportion of stocks and
bond components may change as stocks and bonds fluctuate. Periodical rebalancing of
the portfolio is required due to the market volatility. It may also call for sector rotations
well as security switches.

7. Performance Evaluation

The performance of the portfolio should be evaluated periodically. He key dimensions of


portfolio performance evaluation are risk and return and the key issue is whether the
portfolio return is commensurate with its risk exposure. This will provide useful feedback
to improve the quality of the portfolio management process on a continuing basis.

Classic features in SBI fund management

 Proven Wealth Creator


 Well Defined Investment Process
 Strong Equity Management Team
 Best in Class Performance Track Record
 The Most Preferred Fund House

Risk return profile is balanced by investing in:

1. Sectoral funds
2. Equity Funds
3. Balanced Funds
4. Debt funds
5. Liquid Funds

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Portfolio construction involves the following steps:

 Selection of Investment assets


 Determination of diversification level
 Consideration of investment timing
 Allocation of investible wealth to investment assets
 Evaluation of portfolio for feedback

SBI Mutual funds have the following securities to offer to the investors:

1. Growth funds that focus on stocks that may not pay a regular dividend but have
the potential for large capital gains
2. Gncome funds which invests in stocks that pay regular dividends
3. Index funds, which aim to achieve certain regular, as a particular market index,
such as the S&P 500 Composite Stock Price Index, by investing in a
representative sample of the companies included in an index.
4. Sector fund may specialize in a particular industry segment, such as software
technology or automobile industry stocks.

4.3 Risk Management

SBI mutual fund has a well crafted risk management strategy to counter the unforeseen
market conditions. The fund pick is done only after making solid fundamental and
technical analysis of securities for a period of time. When the stock pick is done, certain
criteria like company fundamentals, rating, promoters holding, intrinsic value etc are
taken into consideration. Risk management strategies in SBI mutual fund include the
following criteria for averting the anticipated and unanticipated risks.

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Context

 Investment risk is an inherent part of any business


 Identify risk tolerance levels
 Regulatory focus worldwide
 Ongoing move towards best practices

Set up an effective risk management methodology

 To safeguard investor interest through investment risk analysis


 Identify and mitigate operational risk
 To identify potential business risks

Strategies and Trends in Investing

Investing is a complex exercise only because we insist on making it so. But the basic
principles are simple. As simple that anyone can become a good investor just by
following simple and easily understood rules, which also help avoid big mistakes. Here
are my rules for investment success.

Develop a Plan: For the short-term goals, make investor should be aware of taking
appropriate risks. Invest money that investor will need in the next two years to five years
in cash and short-term bonds, or pull back. There's no telling where the bottom of this
market is. It's better to cut the losses and preserve the money one has for short-term
goals.

Keep It Simple: Buy a diversified equity fund or an index fund for equity exposure and a
floating-rate bond fund for fixed income exposure. These are the basics of the investment
world. Sure, you can buy many other types of funds (Petro, MNC, Gilt, Fixed Maturity,
Serial Plans etc), but it's hard to go wrong with these two. To keep fund selection simple,

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stick with a diversified equity funds of well-established fund families. Equities prove to
be the best performing long-term asset class. Stay away from exotic speciality and sector
funds, unless they have a huge risk appetite and one can take in your stride a 25% loss in
a quarter.

Ignore the hot stocks and funds: If one buys this year's top-performing fund or stock,
be prepared to see it at the bottom next year. The fancy academic expression for this
phenomenon is -- Reversion to the Mean. But the old saying explains it just as well --
what goes up must come down.

Invest Regularly: Investing a little bit of money each month is the surest way to reduce
the risk of investing, because they lessen the possibility of buying at the market top. Also,
no one is smart enough to anticipate all the moves, both up and down.

Buy and Hold: Short-term trading makes more brokers than investors rich. The income
tax department likes the practice, too.

Start Early: It is not the "market timing" but time in the market that matters. Power of
compounding will turn things in your favour. Investing is a long-term proposition.
Research one’s investments, remember your goals, re-examine your risk, and limit how
much you listen to day-to-day market commentary.

4.4 Analysis of Selected Funds at SBI Mutual Funds

SBI Mutual Funds have made a significant growth in the diversified portfolio
construction. For sample study I have selected five award winning funds managed by SBI
mutual funds. The study includes the investment objectives, mode of functioning, risk
factors, portfolio holding of the funds for the quarter ended March 31, 2007. Their
performance has been pointed in graphs and the variations are due to the market
conditions.

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1. Magnum Global Fund

Investment Objective

To provide the investors maximum growth opportunity through well researched


investments in Indian equities, PCDs and FCDs from selected industries with high
growth potential and Bonds.

Asset Allocation

In equity, partly convertible debentures, fully convertible debentures & bonds


there is 80-100% allocation. Risk premium is medium to high here. In money
market instruments, the allocation is 0-20 with low risk profile.

Scheme Highlights

An open-ended equity scheme investing in stocks from selected industries with


high growth potential. 2. Minimum Investment Rs. 2000 and in multiples of Rs.
1000 with Dividend and Growth options available. ^ Money Market Instruments
will include Commercial Paper, Commercial Bills, Certificate of Deposit,
Treasury Bills, Bills Rediscounting, Repos, Government securities having an
unexpired maturity of less than 1 year, call or notice money, and any other such
short-term instruments as may be allowed under the regulations prevailing from
time to time.

Launch Date: September 30, 1994

Entry Load: Investments below Rs. 5 crores - 2.25% Investments of Rs.5 crores
and above – NIL

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Exit Load: Investments below Rs 5 crores <= 6 months - 1.00% and NIL
thereafter. Investments of Rs 5 crores and above – NIL

SIP

Rs 500/month - 12 months, Rs 1000/month - 6 months, Rs 1500/quarter - 12


months

SWP

A minimum of Rs 500 can be withdrawn every month or quarter by issuing


advance instructions to the Registrars at any time.

Magnum Global-G performance. Chart No. 4.1

Magnum Global Fund us a medium to high risk portfolio combination focusing more on
the equity and comparatively less on the rest of the money instruments. Magnum Global
has been a consistent performer over a period of time. The graph shows the working of
the fund in the last quarter. Moderately risky by nature, the fund has been subject to the
market sentiments. The final steep decline is due to the correction in the market towards
close to the union budget in the last week of February.

31
Magnum Global Fund Holdings for Quarter ended 31st March 2007

Magnum Global-G Holding. Table No. 4.1

32
2. Magnum Multiplier Plus Scheme

Investment Objective

Magnum Multiplier Plus is an open-ended diversified equity fund and the


investment objective of the scheme is to provide investors long term capital
appreciation along with the liquidity of an open-ended scheme. The scheme will
invest in a diversified portfolio of equities of high growth companies.

Asset Allocation

Equity and related instruments, there is an allocation of not less than 70% of
capital with medium to high risk. Debt instruments (including Securitized debt)
and Govt. Securities carry not more than 30 % with low to medium risk. Balance
is reserved for money market instruments with low risk.

Scheme Highlights

1. An open-ended equity scheme aiming for aggressive growth


2. Scheme open for Resident Indians, Trusts, and Indian Corporates and on a
fully repatriable basis for NRIs, FIIs & Overseas Corporate Bodies
3. Facility to reinvest dividend proceeds into the scheme at NAV.
4. Easy entry and exit on the basis of sales and repurchase prices determined
daily.
5. 5. Nomination facility available for individuals applying on their behalf
either singly or jointly upto three.

33
Entry Load: Investments below Rs. 5 crore - 2.25% Investments of Rs 5 crores
and above- Nil

Exit Load: Investments below Rs 5 crores for 6 months - 1.00% and NIL
thereafter. Investments of Rs 5 crores and above – NIL

SIP

Rs 500/month - 12 months, Rs 1000/month - 6 months, Rs 1500/quarter - 12


months

SWP

A minimum of Rs 500 can be withdrawn every month or quarter by issuing


advance instructions to the Registrars at any time.
Magnum Multiplier Plus-G Performance Chart No.4.2

The graphical depiction is the steady growth of the fund and little slow down due
to the volatility that existed in the market due to corrections in the month of
February, 2007. The fund makes a small recovery in the next month.

34
Table No. 4.2
Magnum Multiplier Plus Scheme – 1993

35
3. Magnum TAXGAIN SCHEME 1993

Investment Objective

The prime objective of scheme is to deliver the benefit of investment in a


portfolio of equity shares, while offering tax rebate on such investments made in
the scheme under section 80 C of the Income-tax Act, 1961. It also seeks to
distribute income periodically depending on distributable surplus.

Asset Allocation

There is an allocation of 80-100% Equity, PCD’s and FCD’s and bonds with
medium to High risk profile. Money market instruments get 0 – 20% with low
risk.

Scheme Highlights

1. There is a statutory lock-in period of three years for investments in a Tax


Saving Scheme.
2. Dividends may be declared depending on distributable profits of the scheme.
Facility to reinvest dividend proceeds into the scheme at NAV.
3. Switchover facility to any other open-ended schemes of SBI Mutual Fund at
NAV related prices available after the statutory lock-in period.

Launch Date: March 31, 1993

Entry Load: Investments below Rs. 5 crores - 2.25% Investments of Rs.5 crores
and above – NIL. Exit Load: Nil

SIP: Rs.500/month - 12 months Rs.1000/month - 6months Rs.1500/quarter - 12


months

36
SWP: A minimum of Rs. 500 can be withdrawn every month or quarter by issuing
advance instructions to the Registrars at any time. This facility is available only
after the lock-in period of three years.

Magnum Taxgain-G Performance Chart No. 4.3

The fund had a steady growth over the years and was giving good returns to the investors.
The steep decline in the graph is due to the market instability mainly in February 2007
but is in the process of gaining ground.

37
Magnum Tax Gain Scheme 1993 Holding List for the Quarter ended
31st March.
Table No. 4.3

Continued…

38
39
4. Magnum Contra Fund

Investment Objective

To provide the investors maximum growth opportunity through equity


investments in stocks of growth oriented sectors of the economy. There are five
sub-funds dedicated to specific investment themes viz. Information Technology,
Pharmaceuticals, FMCG, Contrarian (investment in stocks currently out of
favour) and Emerging Businesses.

Asset Allocation

Equity investment ranges from 0-90 % with high risk. Other money karkets have
maximum 10 % with low risk profile.

Scheme Highlights

An open-ended scheme in which there are five sub-funds, viz. Information


Technology (IT), Pharmaceuticals, Fast Moving Consumer Goods (FMCG) and a
Contra subfund - investing in stocks currently out of favour and Emerging
Businesses Fund to participate in the growth potential presented by various
companies that are considered emergent and have export orientation / outsourcing
opportunities or are globally competitive by investing in the stocks representing
such companies. The fund may also evaluate emerging businesses with growth
potential and domestic focus. Accordingly, investors can chose to invest in one or
more of the five subfunds. The fund allows free switchover from one sector to
another. The merits of each of the five sectors are detailed in the following pages.

Growth and Dividend Option are available under Contra, Pharmaceuticals and
Emerging Businesses Fund. Switch-over facility at NAV related price to other

40
open-ended schemes of SBI Mutual Fund, is available. This facility is not
available to NRIs.

Entry Load: Investments below Rs 5 crores - 2.25% Investments of Rs 5 crores


and above – NIL

Exit Load: 1.00% and NIL thereafter. Investments of Rs 5 crores and above – NIL

SIP

Rs 500/month - 12 months, Rs 1000/month - 6 months, Rs 1500/quarter - 12


months.

SWP

A minimum of Rs 500 can be withdrawn every month or quarter by issuing


advance instructions to the Registrars at any time.
Magnum Contra-G Chart No 4.4

Magnum Contra Fund has been yielding fairly good returns to the investors over a
period of time. The fund has been on the growth momentum but it declined in
February but that was due to the market correction. Most of the Fund holdings
came down so the fund NAV also declined by a good margin.

41
42
MAGNUM CONTRA FUND
Table No.4.5

43
5. Magnum Balanced Fund

Magnum Balanced Fund invests in a mix of equity and debt investments. Hence they are
less risky than equity funds, but at the same time provide commensurately lower returns.
They provide a good investment opportunity to investors who do not wish to be
completely exposed to equity markets, but is looking for higher returns than those
provided by debt funds.

Investment Objective

To provide investors long term capital appreciation along with the liquidity of an
open-ended scheme by investing in a mix of debt and equity. The scheme will
invest in a diversified portfolio of equities of high growth companies and balance
the risk through investing the rest in a relatively safe portfolio of debt.

Asset Allocation

Atleast 50 % is allocated in the equities with medium to high risk. Debt


Instruments like debentures, bonds, khokhas, etc. There the allocaton is nearly 40
%. 10 % goes to Securitized Debt which has medium risk.

Scheme Highlights

An open-ended scheme investing in a mix of debt and equity instruments.


Investors get the benefit of high expected-returns of equity investments with the
safety of debt investments in one scheme.
2. On an ongoing basis, magnums will be allotted at an entry load of 2.25% to the
NAV.
3. Scheme open for Resident Indians, Trusts, Indian Corporates, on a fully
repatriable basis for NRIs and, Overseas Corporate Bodies.
4. Facility to reinvest dividend proceeds into the scheme at NAV available.

44
5. Switchover facility to any other open-ended schemes of SBI Mutual Fund at
NAV related prices.
6. The scheme will declare NAV, Sale and repurchase price on a daily basis.
7. Nomination facility available for individuals applying on their behalf either
singly or jointly upto three.

1. Launch Date
May 1, 1996
Entry Load
Investments below Rs. 5 crores - 2.25% Investments of Rs.5 crores and above
– NIL
Exit Load
Rs. subscription: 100 Magnums or Rs.1,000/- whichever is lower, and in
multiples of Rs.500/- Investments below Rs.5 crores < = 6 months - 1.00%, >
6 months but < 12 months - 0.50% Investments of Rs.5 crores and above –
NIL
SIP
Rs.500/month - 12 months Rs.1000/month - 6months Rs.1500/quarter - 12
months

SWP

Systematic Withdrawal Plan (SWP): A minimum of Rs. 500 can be withdrawn


every month or quarter by issuing advance instructions to the Registrars at any
time. There is also a facility of a Monthly Pension Plan, whereby investors can
withdraw a minimum amount of Rs. 500/- every month.

45
Magnum Balanced Fund Holding Lists for Quarter (Jan-Mar) 2007
Table No. 4.6

46
Magnum balanced Fund was trying to be risk averse by investing in a
diversified portfolio by allocating in debt equity funds. Magnum balanced
fund had a constant growth over a period of time. But now, the market
volatility caused little downfall but is now catching up.

Magnum Balanced-G Chart No.4.4

To summarise, we observe the diversification of portfolios into different segments like


banking, engineering, real estate, FMCG, hospitality, automobile, telecom, consumer
durables, cement etc. The success of SBI funds is due to its sectoral diversification. They
have been structuring and restructuring the portfolio for the purpose of avoiding
unforeseen impacts in the market.

47
Portfolio Optimization

The objective of this model is to learn how the Nobel Prize winning, Optimal Portfolio
Theory (by Harry Markowitz), works in practice. Three stocks are used for this project.
The efficient frontier for the three-stock portfolio is plotted on Figure 1.

The three-stock portfolio possibilities space is derived by assigning different weights for
each stock using a random number generator. The random number generator generated
random numbers from 0 to 1. To ensure the sum of the three weights equal 1 and all three
weights are positive numbers between 0 to 1, the following procedure is followed:

Once the portfolio possibilities space is plotted , the optimal portfolio could be found by
graphically determining the tangency portfolio consistent with the riskless interest rate.
The riskless rate (the U.S. T-Bill rate can be used as a proxy) in this case was assumed to
be 4%. The expected return and the standard deviation corresponding to the tangency
were 12.5% and 20%, respectively.

To let the computer select the optimal portfolio, the Sharpe Ratio is used. In this case, the
portfolio corresponding to the largest Sharpe Ratio is the optimal portfolio. Four
thousands (4,000) combinations are generated. The largest Sharpe Ratio is found to be
41.315%. The weights corresponding to this ratio are 17.30%, 42.81% and 39.88% for
stocks 1, 2 and 3, respectively. The portfolio's expected return and standard deviation
were 12.27% and 20.017%, respectively. Note that, for a 3 stock portfolio, 500
combinations would be enough to provide a very good estimate. To set the number of
combinations, place the number on cells "E4" of the sheet "Input Sheet". To use this
program, the user needs to create the following sheets: "Input Sheet" & "Output Sheet".
The user may not need to set up the format as shown in Figures 2 and 3. For those sheets,
however, it is very important that the inputs, stock variances, covariances, expected
returns, risk free rate, and the number of iterations, be place in the same cell references as
in Figure 2.

48
Figure 2.

sp2 = portfolio variance


Wi = weight of stock i
si2 = variance of stock i
Rp = portfolio return
sij2 = covariance of stock i and j
Rf = risk free rate

49
50
Optimal Portfolio Selection. Chart No.4.5

Risk Return Analysis chart No.4.6

51
Optimal Allocation Table No. 4.7
STOCK OPTIMAL ITERATION SHARPE MEAN STANDARD
RATIO DEVIATION
4000 0.41315 0.12270 0.20017
1 17.30 %
2 42.81 %
3 39.88 %
SUM 100. 00 %
CHECK

PORTFOLIO OPTIMIZATION - Many Assets

Suppose that a fund house had N risky assets, rather than just two risky assets. How can
we calculate the Efficient Trade-Off Line and the Risky Asset Trade-Off Curve in this
case? It turns out that it is much easier to handle N risky assets in a spreadsheet than any
other way. The figure below shows the results of the N=5 risky assets case, including a
bar chart of the portfolio weights of the optimal (tangent) portfolio.

52
Table No.4.8
Portfolio Optimization - Many Assets.

53
Chart No.4.7
Portfolio weights in an optimal portfolio

54
Well Defined Investment Process
SBI Mutual Fund has adopted a well crafted strategy of sectorial diversification of
portfolios in order to take advantage of market volatility. It makes investments across
regions including north, west, east and south. SBI has allocated nearly 260 stocks based
on core competence of analysts. They involve technical and fundamental analysis.

Fundamental Analysis

 Business Modelling
 Identification of differentiation strategy
 Relative rankings based on core strength
 Use of financial ratios & fundamental models

Quantitative Screening

 Stock vs Sector Benchmarking


 Free Float Analysis
 Ownership Analysis,
 Market capitalisation
 Business description
 Competitive environment
 Management experience and track record
 Periodic portfolio review
 Review of sector weights
 Review of individual weights
Taking into consideration all these aspects into mind in the company meeting, SBI goes
into the making of portfolios and fund allocation to different schemes.

55
Role of the Fund Manager at SBI AMC
Fund managers are primarily responsible for the performance of mutual funds. However,
very little is known as to how they decide their investments and disinvestments. So there
is a need to focus on the empirical testing and hypothetical portfolios on the basis of
ratios which fund managers use for portfolio formation. Fund managers rely primarily on
financial statement analysis and key fundamental variables namely Book to market ratio
and price Earning Ratio. For the analysis purpose, they use balance sheet, income
statement, and profit after tax. Further, fund managers regarded financial risk, quality of
disclosure in the annual report by the management, predictability of earnings and
corporate growth prospects as the primary determinants of their decision making. Fund
managers use Quality of Earning as a criterion for their planning methodology.

All fund managers are not successful in the formation of the portfolio and so the study
also focuses on empirically testing and form hypothetical portfolio on the bases of ratios,
fund managers use for portfolio formation.

Analysis of the relationship between stock returns and the fundamental variables is
conducted at the portfolio level. Since the companies selected in the study have fiscal
year that ends on 31st march, and practically all companies publish their financial
statements within the next three months after the end of the first year. Accordingly the
portfolios are formed on the basis of the fundamental variables known to investors’ by
the end of June in each year.

The Fund management at SBI operates on basic investment premise of


 Thorough Research
 Active Fund Management
 Proactive Risk Management

Geared to maintain consistent top performance through


 An experienced 18 member Equity and Debt & Money Market Investment team

56
 Dedicated equity, debt and derivative dealing capability for delivering proper
execution
 A 6-member risk management & compliance team to protect investor interest
 Extensive back office network to provide investor service across 70 locations

Portfolio Construction Methodology at SBI Mutual Funds


Formation of Portfolio on the Basis of P/E Ratio
To form the portfolios, the sample securities in every year are sorted in the ascending
order on the basis of the P/E Ratio. The securities with negative P/E ratio are ignored as
their earning per share wee negative and the rational investors would not invest in shares
worth negative earnings. Then the ranked securities were classified into ten equal
portfolios. First portfolio contains stock with the lowest 10% P/E ratio and the tenth
portfolio contains stocks with highest 10 % QE Ratio. Each stock receives the same
weight within the portfolio.

Formation of Portfolio on the Basis of QE Ratio


To form the portfolios, the sample securities in every year are sorted in the ascending
order on the basis of the QE ratio. The securities with negative QE ratio are ignored as
their earning per share were negative and their rational investors would not invest in
shares worth negative QE ratio. The ranked securities were then classified into ten equal
portfolios. First portfolio constrains stocks the lowest 10 % QE ratio, while the tenth
portfolio contains stocks with the highest 10% QE ratio. Each stock receives the same
weight within the portfolio.

57
Formation of Portfolio on the Basis of B/M Ratio
To form the portfolios, the sample securities in every year are sorted in the ascending
order on the basis of B/M ratio. The securities with negative B/M ratio as their normal
book values were negative and their rational investors would not invest in shares with
negative earnings. The ranked securities were then classified into ten equal portfolios.
First portfolio contains stocks with lowest 10% B/M ratio, whole the tenth portfolio
contains stocks with the highest 10%B/M Ratio. Each stock receives the same weight
within the portfolio.

Each of these portfolios may be viewed as a mutual fund policy of acquiring securities in
a given range of a particular ratio on the ending period of June, holding then for a year,
and then measuring the annual returns.

Methods of Measuring Risks and Returns in the Portfolio


Evaluation of portfolio performance, the bottom line of the investing process, is an
important aspect of interest to all the investors and money managers. The framework for
evaluating portfolio performance consists of measuring both the realized return and the
differential risk of the portfolio to compare a portfolio’s performance, and recognizing
any constraints that the portfolio manger may face.

Investing is always a two dimensional process based on return and risk. The two factors
are opposite sides of the same coin and both must be evaluated if intelligent decisions are
to be made. Therefore, if the risk of an investment is not known, then it is difficult to give
judgment about its performance.

Conclusion
Given the risk that all investors face, it is totally inadequate to consider only the returns
from various investment alternatives. Although all investors prefer high returns, they are
also risk averse. To evaluate portfolio performance properly, it is essential to determine
whether the returns are large enough given the risk involved.

58
CHAPTER V

SUMMARY OF FINDINGS, SUGGESTIONS


AND CONCLUSION

59
5.1 CONCLUSION

Much of the credit for sustained performance of SBIMF goes to our team. They
are the real performers whose expertise and capability rewards our investors.
Quite naturally many of our equity funds have delivered consistent returns to
investors and have repeatedly out performed benchmark indices by wide margins.

A portfolio manager tracks and monitors investments, cash flow and assets, through price
updates. Investments like equity, mutual funds, assets, cash flows, and borrowing funds is
the work of the portfolio manager. It is the most up to date and precise indicator of net
worth and investment at each stage. It can be used as a record of holdings to base any
future investment decisions. The portfolio manager has useful tools to gain an insight of
volatile market. This helps to track the trends of current investments and stocks.

Most fund houses reiterate that they have ‘process’ in place. But then it can never
substitute stop picking skills-which differs from individual to individual. Under such
circumstances, shadow fund managers are obviously the best bet. Fund houses such as
Birla sun life have already tested it and have found themselves better equipped to counter
equip fund manager exit. To sum up, fund managers are Human beings too cannot resist
the prospects of higher salaries or better responsibilities.

Schemes of the Mutual fund have consistently outperformed benchmark indices


and have emerged as the preferred investment for millions of investors and HNI’s.

Today, the fund manages over Rs. 16500 crores of assets and has a diverse profile
of investors actively parking their investments across 30 active schemes.The fund
serves this vast family of investors by reaching out to them through network of
100 collection branches, 26 investor service centres, 28 investor service desks and
52 district organisers.

SBI Mutual is the first bank-sponsored fund to launch an offshore fund –


Resurgent India Opportunities Fund. Growth through innovation and stable
investment policies is the SBI MF credo.

60
5.2 FINDINGS

The month of March saw a lot of fluctuations in the markets. Mid cap and small
cap stocks continue to under-perform large caps for the second month in a row.
India’s performance was in line with the Asian region but underperformed
emerging markets for the second month in a row. While domestic demand
continues to surge, export growth has not been upto mark leading to a sharp
deterioration in the trade deficit. The Reserve Bank as well has been cautiously
moving the repo rate up and would lead to tightening of short term interest rates.

The resilience of retail investors entering equity markets through mutual funds
continues. The industry has seen fresh investments mainly through Systematic
Investment Plans (SIPs) or New Fund Offers (NFOs). The uncertainty in the
markets is the main reason and investors need to learn that to build a sizable
corpus, investments in equity should be for the long term.

Hence SBI Fund can provide investors with the right schemes to secure their financial
goals. SBI Mutual fund constantly strive to gain, maintain and sustain our profitable
insights into market movements. This is to ensure that SBI Mutual Fund optimizes the
investor’s returns and add value to their investments. The genuine tributes to SBI
expertise in fund management are the awards that SBI Mutual Fund continues to win
from the industry.

61
5.3 SUGGESTIONS

Portfolio management has become an inevitable element in the whole field of wealth
management. It involves professional expertise and scientific approach to the profession
of asset management. Value addition and capital appreciation are essential to keeping up
the interest of the investors. SBI Asset Management Company has adopted an innovative
methodology to counter the market fluctuations in bringing about good returns to the
investors. The methodology adopted has been so crucial to the better performance of the
company.

At the completion of the project, the researcher would like to propose few suggestions
and recommendation to the company.

1. Equity mutual funds will continue to beat benchmarks but they will not be able to
do so with a huge margin as in the past. So the company needs to restructure the
equity schemes and make more option for balanced schemes.
2. Many mid-cap funds have assets as big as large cap schemes. But liquidity in
mid-caps is only about 16-17 percent of the large caps. Perhaps there needs to be
more investments in mid-cap with growth prospects.
3. Index funds have performed better than actively managed ones in the US. But the
situation is different in India. So the focus needs to be one equity funds, balanced
funds, and debt funds.
4. Certain funds focus only on two or three factors like consumer discretionary,
automobile, or hospitality. But diversification into five or six sectors can make
funds risk averse.

62
BIBLIOGRAPHY

63
64
BIBLIOGRAPHY

BOOKS

1. Investment Management, Preeti Singh, Tenth Edition, Himalaya Publishers, 2002.


2. Investment Analysis and Portfolio management, Prasanna Chandra, Second
Edition, Tata McGraw Hill Publsiing Company, 2005.
3. Security Analysis and Portfolio Management, Donald E. Fischer, Sixth Edition,
Prentice hall of India Pvt. Ltd, 2000.
4. Fundamentals of Investment, Gordon J. Alexander, Willaim F. Sharpe, 2002.
5. Investment Management, V A Avdhani, Fifth Edition, Himalaya Publishing
House, 2003.
6. Modern Portfolio Theory and Investment Analysis, Edwin J. Elton, Fifth Edition,
John Wiley & Sons, 2002.
7. Financial Institutions and Markets, L.M Bhole, Fourth Edition, McGraw Hill
Companies, 2004.

JOURNALS
1. The IFCAI Journal of Portfolio Management
2. Dalal Street
3. Business Today
4. Investnet, The Times Group
5. Fund Manager, Business Standard

WEBSITES
1. www.sbimf.com
2. www.easymf.com
3. www.icicidirect.com
4. www.amfiindia.com
5. www.valuenotesonline.com

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