Internship Report On

“A STUDY ON ADITYA BIRLA MUTUAL FUND & HDFC MUTUAL FUND”

Submitted in partial fulfilment for award of the degree of

Masters of Management Studies (MMS)

(under University of Mumbai)

Submitted By

Mr/Ms SNEHAL YADAV.

(Roll. No. XXXXXXX)

Under the guidance of

Prof. XXXXXXXXXXXX

2019-2021

Pramod Ram UjagarTiwari

Saket Institute of Management

 CERTIFICATE
This is to certify that project titled “A study on ADITYA BIRLA MUTAL FUND &HDFC

MUTUAL FUND” is successfully completed by Ms SNEHAL YADAV during the III semester, in partial
fulfilment of the Masters Degree in Management Studies recognised by University of Mumbai for the
Academic Year 2019-2020 through Pramod Ram UjagarTiwariSaket Institute of Management.

This project is original and not submitted earlier for award of any degree, diploma or associateship of any other
university or institute.

Name: Prof.***************

Date: (Signature of the Guide)

 DECLARATION

I hereby declare that this Project Report submitted by me to Pramod Ram UjagarTiwariSaket
Institute of Management is a bonafide work undertaken by me and it is not submitted to any
other University or Institution for award of any degree, diploma/certificate or published any
time before.

Name: Ms/ SNEHAL R.YADAV

Roll. No. : (Signature of the Student)

 ACKNOWLEGEMENT

The success and final outcome of this project required a lot of guidance and assistance from many people and I
am extremely privileged to have got this all along the completion of my project. All that I have done is only due
to such supervision and assistance and I would not forget to thank them.

I respect and thank Mr SaketTiwari , for providing me an opportunity to do the project work in SaketGyanpeeth
and giving me all support and guidance which made me complete the project duly. I am extremely thankful to
him for providing such a nice support and guidance, although he had busy schedule managing the corporate
affairs. I also thank Mrs. Shobha Nair the C.E.O of SaketGyanpeeth.

I owe my deep gratitude to my project guide Prof. SaumyabrataNath, who took keen interest on our project
work and guided me all along, till the completion of our project work by providing all the necessary
information.

I am thankful to and fortunate enough to get constant encouragement, support and guidance from all Teaching
staff and Director Sanoj Kumar of Pramod Ram UjagarTiwariSaket Institute of Management who helped me in
successfully completing my project work.
 CHAPTER I :

Introduction
of
mutual fund
 EXECUTIVE SUMMARY

A Mutual fund is a scheme in which several people invest their money for a financial
clause. The collected money is invested in Capital markets & the money which they earned,
is divided based on the number of units which theyhold.

The Mutual fund Industry was started in India in a small way with the UTI creating what
was effectively a small savings division within the RBI. This was fairly successful for the
next 25 years as it gave investors good returns. Due to this RBI gave a go ahead to Public
sector banks & financial institution to start Mutual Funds in India and their success gave way
to Private sector Mutual Funds.

The advantages of Mutual Funds are Portfolio Diversification, Liquidity, Professional

Management, Ease of Companies, Less Risk, Low Transaction cost, Transparency, Safety.

The Disadvantages of Mutual Funds are Cost, Index Does Better, Fees, No Control over
Investments, Profitability of High returns reduced significantly, and Personal Tax situation is
not considered.

Mutual Funds have to follow specific rules and regulation which are prescribed by the
SEBI. AMFI is the apex body of all the Asset Management companies and is registered with
the SEBI. Association of Mutual Funds India has brought down the Indian Mutual Fund
Industry to a professional and healthy market with ethical lines enhancing.

There are many types of mutual funds in India. You can classify on the basis of BY
STRUCTURE (Open Ended Schemes , Close-Ended Schemes & Interval schemes) , BY
NATURE (Equity Fund, Debt Fund , Balanced Fund ) , BY INVESTMENT OBJECTIVE
(Growth Schemes , Income Schemes , Balanced Schemes & Money Market Schemes) ,
OTHER SCHEMES (Tax Saving Schemes , Index Schemes , Sector Specific).

Mutual Funds are very easy to buy and sell. You can buy mutual funds directly from
company or a broker. Before Investing in Mutual Funds one has to look at all the factors like
performance of the mutual funds from last 5 years , the returns given by mutual funds from
last 5 years & the company’s net worth has to be considered.
There are two types of Mutual Funds in India Public Sector Mutual Fund & private sector
mutual Fund. In Public Sector Mutual Funds there are UTI Mutual Fund , State bank of India
Mutual Funds , Bank of Baroda Mutual Funds & In Private sector Mutual Funds there are
Birla Sun Life Mutual , HDFC Mutual Fund , ICICI Prudential Mutual Fund , Reliance
Mutual Fund etc. .

The Most trend of Mutual Funds is the aggressive expansion of Mutual Funds. Nowadays
there is lot of Competition within the Mutual Fund as there are lot of private sector & Public
sector mutual funds have entered the industry.

Returns Comparison has been done between two Mutual Fund Companies like HDFC
Mutual Fund & SBI Mutual Fund. In this comparison we had taken both small & midcap
companies. In which markets they have invested the investors’ money and how the returns
for the 5 years has been done. It gives you an Idea how you can and where you caninvest.
 Objective of the Study of Mutual Funds

The objective of the study is to analyses, in detail the growth pattern of the mutual funds
industry in India and to evaluate performance of different schemes floated by most preferred
Mutual Funds in public fund in public and private sector.

The Main Objectives of this project.

 To Study about the Mutual Funds inIndia

 To Study about returns of the MutualFunds
 To give an idea about the schemes available
 To study market trends in mutualfunds.

Many individuals own mutual funds today. Indeed mutual fund industry is very big. It
comprises of many investors financial assets, whether for retirement or taxable saving
purposes. To a large extent, mutual funds are investment vehicle for the majority of
households in India.
Need of The study:

The main purpose of doing this project was to know about mutual fund and its functioning. This helps to know
in detail to know in details about mutual fund industry right from its inception stage, growth and future
prospects.

It also helps in understanding different scheme of mutual fund because my study depends upon prominent
funds in India and their scheme like equity, income, balance as a well as the return associated with those
schemes.

The project study was done to ascertain the asset allocation, entry load, exist load, associated with the mutual
funds. Ultimately this would help in understanding the benefits of mutual fund in investors.

Limitations Of The Study :

 The lack of information sources for the analysis part.

 I tried to collect primary data but they were too inadequate for the purpose of the study.

 Time and money are critical factors limiting this study.

The data provided by the prospects may be 100 % correct as they have their limitation.
Introduction of Mutual Fund
Mutual fund is the pool of the money, based on the trust who invests the savings of a number
of investors who shares a common financial goal, like the capital appreciation and dividend
earning. The money thus collect is then invested in capital market instruments such as shares,
debenture, and foreign market. Investors invest money and get the units as per the unit value
which we called as NAV (net assets value).
Mutual fund is the most suitable investment for the common man as it offers an opportunity
to invest in diversified portfolio management, good research team, professionally managed
Indian stock as well as the foreign market, the main aim of the fund manager is to taking the
scrip that have under value and future will rising, then fund manager sell out the stock. Fund
manager concentration on risk – return trade off, where minimize the risk and maximize the
return through diversification of the portfolio. The most common features of the mutual fund
unit are lowcost.
Most open-end Mutual funds continuously offer new shares to investors. It is also known as
open ended investment company. It is different from close ended companies.
Investment in securities are spread across a wide cross section of industries and sectors thus
the risk is reduced. Diversification reduces the risk because not all stocks may move in the
same direction in same proportion at same time. Mutual funds 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 and losses are shared by the investor in proportion to their
investment. The mutual fund comes out with different schemes that varies from time to time.
 Definition of Mutual Fund

“A mutual fund is a pool of money from numerous investors who wish to save or make
money just like you. Investing in a mutual fund can be a lot easier than buying and selling
individual stocks and bonds on your own. Investors can sell their shares when they want.”

“A mutual fund is nothing more than a collection of stocks and/or bonds. You can
think of a mutual fund as a company that brings together a group of people and invests their
money in stocks, bonds, and other securities. Each investor owns shares, which represent a
portion of the holdings of thefund.”
Advantages of Mutual Funds.

 Portfolio Diversification:-Investing in a diversified portfolio can be very

expensive. The nice thing about mutual funds that they allow anyone to hold a
diversified portfolio. The reason why investors invest in a diversified portfolio is
because it increases the expected returns while minimizing therisk.
 Liquidity: - Another nice advantage to mutual funds is that the assets are liquid. In
financial language, liquidity basically refers to converting your assets to cash with
relative ease. Mutual funds are considered liquid assets since there is high demand for
many of the funds in the market place.
 Professional Management: - Mutual funds do not require a great deal of time or
knowledge from the Investor because they are managed by professional managers.
They can be a big help to inexperienced investor who is looking to maximize their
financial goals.
 Ease of Companies: - Mutual funds are also convenient because they are easy to
compare. This is because many mutual fund dealer allow the investor to compare the
funds on metrics such as level of risk, return price. Because Information is easily
available, the Investor is able to make wisedecisions.
 Less Risk: - Investors acquire a diversified portfolio of securities even with a small
investment in a mutual fund. The risk in diversified portfolio is lesser than investing
in 2 or 3securities.
  Low Transaction cost: -Due to Economies of scale mutual funds pay lesser
transaction cost. The benefits are passed on toinvestors.
 Transparency: -Funds provide investors with updated information pertaining to
market & schemes. All material facts are disclosed to the investor as required by
regulator.
 Safety: -Mutual funds industry is a part of well-regulated investment envoirment
where interest of the investors is protected by the regulators. All funds are registered
with SEBI & complete transparency isfollowed.

Disadvantages of Mutual Funds

 Cost:-The downside of mutual funds is that they have a high cost associated with
them in relation to the returns they produce. This is because investors are not only
charged for the price of the fund but they will often face additional fees. Depending
on the fund, commission charges can be significant. You will need to pay fee that will
go towards the fundmanager.
 Index Does Better: - In some cases, the stock Index may outperform the mutual fund.
However this is not always the case as it depends in large part on the mutual fund the
investor has invested in, as well as the skill set of fund manager. Therefore, it is a
good idea to do your research before investing in fund. It is historical data indicates
that is consistently underperformed compared to an index, then it is not wise
investment.
 Fees:-The fees that are charged will depend on the type of mutual fund purchased. If a
fund is risker and more aggressive, the management fee will tend to be higher. In
addition, the investor will also be required to pay taxes, transaction fees as well as
other costs related to maintaining thefund.
 No Control over Investments: - You have absolutely no control over what the Fund
manager Des with you money. You can’t advise him on how your money is to be
 invested. You only sit back and hope for thebest.
 Profitability of High returns reduced significantly : - A mutual fund contains a
diversified basket of securities. If a single security outperforms by a significant
margin the impact will be limited. Don’t Expect your Investment to grow and give
you profit Overnight. There will also be downward fall in the limits of thefund.
 Personal Tax situation is not considered: - When you Invest in a Mutual Fund,
your money is pooled together with others and your personal tax situation is not
considered while making Investment decisions. The most you can do is to choose
between growthfund.
History of Mutual Funds

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.

There are four Phases in which Mutual funds have evolved.

FIRST PHASE - 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.

SECOND PHASE - 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 Can bank 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.
THIRD PHASE - 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 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 andacquisitions.

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 framed by Government of India and 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 erstwhile UTI which had in March 2000 more than Rs.76, 000
crores of assets under management and with the setting up of a UTI Mutual Fund,
conforming to the SEBI Mutual Fund Regulations, and with recent mergers taking place
among different private sector funds, the mutual fund industry has entered its current phase of
consolidation andgrow.
 Association of Mutual (Funds in India AMFI)

With the Increase in mutual fund players in India, a need for mutual fund association in
India was generated to function as a non-profit organization. Association of Mutual Funds in
India (AMFI) was incorporated on 22nd August, 1995.

AMFI is an apex body of all Asset management Companies (AMC) which has been
registered with SEBI. Till date all the AMCs are that have launched mutual fund schemes are
its members. It functions under the supervision and guidelines of its Board of Director.

Association of Mutual Funds India has brought down the Indian Mutual Fund Industry
to a professional and healthy market with ethical linesenhancing.

The Objectives of Association of Mutual Funds in India.

The Association of Mutual Fund of India with 30 registered AMCs of the country. It has
certain defined objectives with the guidelines of its board of directors. The objectives are as
follows.

 The mutual fund association of India maintains high professional and ethical
standards in all areas of operation of theindustry.
 It also recommends and promotes the top class business practices and code of conduct
which is followed by members and related people engaged in the activities of mutual
fund and asset management including agencies connected or involved in the field of
capital markets and financialservices.
 To interact with the Securities and Exchange Board of India (SEBI) and to represent
to SEBI on all matters concerning the mutual fundindustry.
 To represent to the Government, Reserve Bank of India and other bodies on all
matters relating to the Mutual FundIndustry.
 To undertake nationwide investor awareness programme so as to promote proper
understanding of the concept and working of mutualfunds.
 To Dessisimate information on Mutual Fund Industry and to undertake studies and
research directly and/or in association with otherbodies.
 To regulate conduct of distributors including disciplinary actions (cancellation of
ARN) for violation of code ofconduct.
 To protect Interest of Investor / Unitholder.
.

Types of Mutual Funds Schemes in India

TYPES OF MUTUAL FUNDS

BYSTRUCTURE BYNATURE BY INVESTMENT

OTHERSCHEMES
OBJECTIVE
Open Ended Schemes Equity Fund Growth Scheme Tax

Close Ended Schemes Debt Fund Income Scheme Index Schemes

Interval Schemes Balanced Fund Balanced Scheme Sector Specific

Money Market Scheme

A) BY STRUCTURE

 Open-Ended- This scheme allows investors to buy or sell units at any point in
time. This does not have a fixed maturity date. Investors can conveniently buy & sell
units at Net Asset Value related Prices. The key feature of Open Ended scheme
isliquidity.

Closed ended A closed-end fund has a fixed number of shares outstanding and
operates for a fixed duration (generally ranging from 3 to 15 years). The fund would
be open for subscription only during a specified period and there is an even balance of
buyers and sellers, so someone would have to be selling in order for you to be able to
buy it. Closed-end funds are also listed on the stock exchange so it is traded just like
other stocks on an exchange or over the counter. Usually the redemption is also
specified which means that they terminate on specified dates when the investors can
redeem theirunits.

 Interval– Interval schemes combine the features of open-ended and close-ended

funds. The units may be traded on the stock exchange or may be open for sale or
redemption during pre-determined intervals at NAV-related prices. Fixed maturity
plans, or, FMPs are examples of these types ofschemes.
B) BY NATURE

 Equity Fund -Equities are a popular mutual fund category amongst retail
investors. They invest the funds into Equity holdings. The structure of the fund may
vary differentfordifferentschemesandthefundmanager’soutlookondifferentstocks.
These funds are sub- classified depending on Investment objective such as
a) Diversified EquityFunds
b) Mid-CapFunds
c) Sector Specific Funds
d) Tax Savings Funds (ELSS)

 Debt Funds -Debt funds are mutual funds that invest in fixed income securities like
bonds and treasury bills. Gilt fund, monthly income plans (MIPs), short term plans
(STPs), liquid funds, and fixed maturity plans (FMPs) are some of the investment
options in debt funds. Apart from these categories, debt funds include various funds
investing in short term, medium term and long termbonds.

 Balanced Funds -This scheme allows investors to enjoy growth and income at
regular intervals. Funds are invested in both equities and fixed income securities; the
proportion is pre-determined and disclosed in the scheme related offer document.
These are ideal for the cautiously aggressiveinvestors.

C) BY INVESTMENT OBJECTIVE

 Growth Schemes -Growth Schemes are also known as equity schemes. The aim of
these schemes is to provide capital appreciation over medium to long term. These
schemes normally invest a major part of funds in Equities & look for capital
appreciation.

 Income Scheme- Income Scheme are also known as debt schemes. The aim of the
scheme is to provide regular and steady income to the investor. These Schemes invest
in fixed income securities such as bonds & corporate debentures. In such schemes
capital appreciation may belimited.
 Balance Scheme- This scheme allows investors to enjoy growth and income at
regular intervals. Funds are invested in both equities and fixed income securities; the
proportion is pre-determined and disclosed in the scheme related offer document. These
are ideal for the cautiously aggressiveinvestors.

 Money Market scheme - This is ideal for investors looking to utilize their surplus
funds in short term instruments while awaiting better options. These schemes invest in
short-term instruments such as treasury bills, certificate of Deposit, commercial paper
& Intercompany call money and seek to provide reasonable returns for theinvestors.

D) OTHER SCHEMES

 Tax Saving Schemes –As the name suggests, this scheme offers tax benefits to its
investors. The funds are invested in equities thereby offering long-term growth
opportunities. Tax saving mutual funds (called Equity Linked Savings Schemes) has a
3-year lock-inperiod.

 Index Schemes -- Index schemes is a widely popular concept in the west. These
follow a passive investment strategy where your investments replicate the movements
of benchmark indices like Nifty, Sensex,etc.

 Sector Specific Schemes–Sectoral funds are invested in a specific sectors like

infrastructure, IT, pharmaceuticals, etc. or segments of the capital market like large
caps, mid-caps, etc. This scheme provides a relatively high risk-high return opportunity
within the equityspace.
Body of Mutual Funds in India
As far as Mutual funds are concerned,SEBI (Securities & Exchange Board of India) formulates
policies and regulates the mutual funds to protect the interest of the investor.

In January 1993, SEBI prescribed registration of mutual funds integrity in business

transactions and financial soundness while granting permission. This would curb
excessive growth of mutual funds and protect investor’s interest by registering only the
sound promoters with proven track record &financialstrength.
The offer documents of schemes launched by mutual funds and the scheme particulars are
required to be vetted by SEBI. A standard format for mutual fund prospectuses is being
formulated.
Mutual funds have been required to adhere to a code of advertisement.

SEBI has introduced a change in the Securities Control and Regulations Act governing the
mutual funds. The mutual funds which have been in the market for at least five years
are allowed to assure a maximum return of 12 per cent only, for one year.
The current SEBI guidelines on mutual funds prescribe a minimum start-up of Rs.50
crore for an open-ended scheme, and Rs.20 crore for closed-ended scheme, failing
which application money has to be refunded. AMFI (Association of Mutual Funds in
India) have appealed to regulatory authority of India for scrapping the
minimumrequirement
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.
The transparent and well understood declaration or Net Asset Values (NAVs) of mutual
fund schemes is an important issue in providing investors with information as to the
performance of the fund. SEBI has warned some mutual funds earlier of
unhealthymarket.
 Mutual Funds in India

The mutual fund industry in India began in 1963 with the formation of the Unit Trust of
India (UTI) as an initiative of the Government of India and the Reserve Bank of India.
Much later, in 1987, SBI Mutual Fund became the first non-UTI mutual fund in India.

The year 1963 heralded a new era of Mutual funds in India. His was marked by the entry of
private companies in the sector. After the Securities and Exchange Board of India
(SEBI) Act was passed in 1992, the SEBI Mutual Fund Regulations came into being in
1996. Since then, the Mutual fund companies have continued to grow exponentially
with foreign institutions setting shop in India, through joint ventures and acquisitions.

As the industry expanded, a non-profit organization, the Association of Mutual Funds in

India (AMFI), was established on 1995. Its objective is to promote healthy and ethical
marketing practices in the Indian mutual fund Industry. SEBI has made AMFI
certification mandatory for all those engaged in selling or marketing mutual
fundproducts.

Major Mutual Fund Companies in India

Public Sector Mutual Funds
 Bank of Baroda Mutual Fund
 State Bank of India Mutual Fund
 LIC MutualFund
 UTI MutualFund
 Canara Bank Mutual Fund

Private Sector Mutual Fund

 ABN AMRO Mutual Fund

 Birla Sun Life Mutual Fund
 HDFC MutualFund
 HSBC MutualFund
 ICICI Prudential MutualFund
 Tata MutualFund
 Standard Chartered MutualFund
 Morgan Stanley MutualFund
 Alliance Capital MutualFund
 Franklin Templeton Mutual Fund
 Reliance MutualFund
 DSP Blackrock Mutual Fund

These above are the Various Mutual Funds in India which has given a good return.

Net Asset Value (NAV)

The Net Asset Value (NAV) of a mutual fund is the price at which the
units of a mutual fund are bought and sold. It is the market value of the
fund after deducting its liabilities. The value of all units of a mutual
fund portfolio are calculated on a daily basis, from this all expenses are
then subtracted. The result is then divided by the total number of units
the resultant value is the NAV. NAV is also sometimes referred to as
Net Book Value or bookValue.
NAV indicates the market value of the units in a fund. So, it helps an
investor keep track of the performance about the mutual fund. An
investor can calculate the actual increase in the value of their
investment by determining the percentage increase in the mutual fund
NAV. NAV, therefore, gives accurate information about the
performance about the mutual fund.
Calculation of NAV

Mutual fund assets usually fall under two categories – securities & cash.
Securities, here, include both bonds and stocks. Therefore, the total
asset value of a fund will include its stocks, cash and bonds at market
value. Dividends and interest accrued and liquid assets are also
included in total assets
The formula for calculating NAV:

NAV of a mutual funds = (Assets of the fund – Liabilities of the fund)

Number of outstanding units of the fund

The mutual fund itself and/or certain accounting firms calculate the NAV
of a mutual fund. Since, mutual funds depend on stock markets, they
are usually declared after the closing hours of theexchange.
All Mutual Funds are required to publish their NAV at every business day
as per SEBI guidelines.
NAV is obtained after subtracting the expense ratio of a fund. This expense
ratio is the total of all expenses made by the mutual fund annually,
including the operating expenses and the management fees, distribution
and marketing fees, transfer agent fees, custodian fees and auditfees.
Example of calculation of NAV

As an example, assume there are two investors X and Y who have invested
in a mutual fund which decided to issue out units at Rs 1/-

X invests Rs 100/- and Y invests Rs 200/-.

The total corpus of the mutual fund will be Rs 100 + Rs 200 = Rs 300/- and
X will get 100 units and Y will get 200 units.
 Now suppose the mutual fund manager invests smartly over a year and
makes the investment grow and the corpus becomes Rs 800/-.

The NAV will be calculated as

NAV of a mutual funds = (Assets of the fund – Liabilities of the fund)

Number of outstanding units of the fund

= [Rs 800/- 0] / 300 = 2.67

= The NAV is 2.67.

= So X’s value of investments will be 100 units * 2.67 = Rs 267/- and

= Y’s value of investments will be 200 units * 2.67 = Rs 534/-.

As per the regulator SEBI’s guidelines, all mutual funds are required to
publish the NAV of their schemes at least once a week and in two
leading newspapers.
 CHAPTER NO : II.
INTRODUCTION OF
ADITYA BIRLA SUN LIFE MUTUAL FUND
AND
HDFC MUTUAL FUND.
Aditya Birla Sun Life Mutual Fund (ABSLMF)
Established in 1994, Aditya Birla Sun Life Mutual Fund (ABSLMF) is co-sponsored by
Adityabirla Capital Limited (ABCL) and Sun Life (India) AMC Investments Inc.

Having total domestic assets under management (AUM) of close to Rs. 2423 billion for the
quarter ended December 31st, 2018, ABSLMF is one of the leading Fund Houses in India based
on domestic average AUM as published by the Association of Mutual Funds of India (AMFI).
ABSLMF has an impressive mix of reach, a wide range of product offerings across equity, debt,
balanced as well as structured asset classes and sound investment performance, and around 6.8
million investor folios as of December 31st, 2018.

With a pan India presence across 269 locations, ABSLMF is committed to deepening mutual
fund penetration in the country. The company is ceaselessly working to enhance the appeal of
mutual funds across a wider set of investors and advisors across India. Part of this effort includes
introducing smart solutions, user-friendly services and conveniences which simplify mutual fund
processes with digitization for both – investors as well as distribution partners. ABSLAMF
provides sector specific equity schemes, fund of fund schemes, hybrid and monthly income
funds, debt and treasury products and offshore funds.

Company Information: Aditya Birla Sun Life AMC Limited (formerly known as Birla Sun Life
Asset Management Company Limited, Investment Manager for Aditya Birla Sun Life Mutual
Fund) One India Bulls Centre, Tower 1, 17th Floor, Jupiter Mill Compound, 841, S.B. Marg,
Elphinstone Road, Mumbai - 400 013. Tel.: 4356 8000. Website: www.adityabirlacapital.com.
CIN: U65991MH1994PLC080811

Aditya Birla Capital Limited (ABCL) is the financial services platform of the Aditya Birla
Group. With a strong presence across the life insurance, asset management, private equity,
corporate lending, structured finance, project finance, general insurance broking, wealth
management, equity, currency and commodity broking, online personal finance management,
housing finance, pension fund management, and health insurance business, ABCL is committed
to serving the end-to-end financial services needs of its retail and corporate customers. Anchored
by more than 17,000 employees, ABCL has a nationwide reach and more than 200,000 agents /
channel partners.

Birla Sun Life

he joint venture between the two i.e. Sun Life and Aditya Birla brings together Aditya Birla's
years of experience in the Indian market and Sun Life's global experience. ABCL operates as the
holding company of all the financial service businesses of the Aditya Birla Group. Aditya Birla
Capital Limited has established a strong presence across a number of segments, which include
private equity, corporate lending, structured finance, life insurance, asset management, project
finance, general insurance broking, wealth management, online personal finance management,
housing finance, equity, currency & commodity broking and pension fund management.
Based in Toronto, financial services firm Sun Life provides insurance, wealth and asset
management solutions to individual clients and corporate customers. It has operations across the
globe, including Canada, the United States, Hong Kong, the Philippines, Japan, Indonesia, the
United Kingdom, Ireland, India, China, Australia, Singapore, Bermuda, Vietnam and Malaysia.
As of December 31, 2017, the total assets under management of Sun Life Financial amounted to
$975 billion.

The Aditya Birla Group :

The Aditya Birla Group is a $44.3 billion Indian multinational conglomerate. The group has
interests in various sectors like cement (largest in India), viscose filament yarn, viscose staple
fibre, metals, financial services, branded apparel, carbon black, chemicals, fertilisers, insulators,
telecom, BPO and IT services. Aditya Birla Financial Services Group is the umbrella brand for
Aditya Birla Group's financial service businesses. Birla Sun Life Mutual Fund is a joint venture
between Aditya Birla Group and Sun Life Financial.

Products Offered by Birla Sun Life AMC

Products offered by Birla Sun Life Mutual Fund include a series of investment options such as
specific and diversified sector equity schemes, monthly income funds, hybrid funds and different
kinds of treasury and debt products. Some of the offerings from Birla Sun Life Mutual Fund are:

 Income Solutions - These schemes are intended to provide regular income and tax
efficient returns. They are suitable for investors interested in alternative modes of regular
income, which can be either for the present or post retirement, and whose risk appetite is
low.
 Wealth Creation Solutions - They provide tax efficient returns on capital through
equity investments over the long term. Wealth creation schemes are suitable for those
investors planning for future expenses, like child’s higher education, marriage, retirement
of self and spouse, etc. Such schemes are available in the range of aggressive to
conservative options to meet investors’ needs.
 Savings Solutions - These schemes are aimed at preserving investors' money,
providing them with liquidity and giving tax-efficient returns. Debt mutual funds are apt
for investors whose risk capacity is low to medium and are seeking high liquidity.
Savings schemes also provide regular income, which can be beneficial for individuals
who are retired.
 Tax-Savings Solutions - Birla Sun Life Mutual Fund offers tax-saving mutual funds
under ELSS solutions where tax benefits can be claimed under Section 80C of the
Income Tax Act, 1961. These are suitable for investors looking for long-term capital
growth through equity investments, and at the same time, want to reduce their tax burden.

Birla Sun Life Mutual Fund List

funds of Birla Sun Life Mutual Fund are:
 NAV
1- 3- 5-
FUN (AS
YEAR YEAR YEAR
D CATEGO ON
RETU RETU RETU
NA RY 6TH
RN RN RN
ME AUGU
(%) (%) (%)
ST)

Aditya
Birla
Sun
Life
Large Cap 226.040 6.4 9.9 19.8
Frontli
ne
Equity
Fund

Aditya
Birla
Sun
Multicap Fund 724.440 5.3 12.4 25.4
Life
Equity
Fund

Aditya
Birla
Sun
Life ELSS 32.410 14.0 12.4 25.1
Tax
Relief
96

Aditya
Birla Dynamic
Sun Asset
Life Allocation or 51.320 51.320 9.7 14.6
Tax Balanced
Relief Advantage
96

Aditya Aggressive 766.000 4.4 9.7 19.0

 NAV
1- 3- 5-
FUN (AS
YEAR YEAR YEAR
D CATEGO ON
RETU RETU RETU
NA RY 6TH
RN RN RN
ME AUGU
(%) (%) (%)
ST)

Birla
Sun
Life
Equity Hybrid Fund
Hybrid
'95
Fund

Aditya
Birla
Sun
Credit Risk
Life 13.190 5.7 8.7 -
Fund
Credit
Risk
Fund

Aditya
Birla
Sun
Life Corporate
67.499 5.0 7.9 8.9
Corpor Bond Fund
ate
Bond
Fund

Aditya
Birla
Sun
Low Duration
Life 426.546 6.0 7.3 8.1
Fund
Low
Duratio
n Fund
HDFC Mutual Fund

Incorporated on the 10th of December, 1999, HDFC Asset Management Company Ltd. is among
the most popular fund houses in India. The company offers an extensive range of mutual funds
and is home to some of the most trustworthy fund managers who ensure that your hard-earned
money is invested in the right schemes. Whether you seek growth funds, income funds, or even
retirement funds, HDFC AMC Ltd. has it all. HDFC Mutual Fund launched its first scheme in
the month of July 2000 and ever since it has been ambitious about offering a stable performance
of funds across all the variants of schemes offered by it. The main vision of the HDFC Mutual
Fund is to be a player of dominance in the mutual fund market of India. It offers high levels of
professional and ethical conduct. It is committed towards the enhancement of the investors’
interests.

The HDFC Mutual Fund is managed by HDFC Asset Management Company (HDFC AMC)
Limited. HDFC Trustee Company Limited is the trustee to the mutual fund. The HDFC Mutual
Fund is sponsored by the Housing Development Finance Corporation Limited (HDFC Ltd.) and
the Standard Life Investments Limited.

HDFC Mutual Fund Key Features and Advantages

The HDFC Mutual Fund is driven by their own investment philosophy. Based on their
investment philosophy, the key features of the HDFC Mutual Fund can be listed as follows:

1. Profitable Investment: This is the most important factor that drives the HDFC Mutual
Fund. It believes that the best way to invest profitably is to provide the investors with the
chance to invest in the financial market profitably and reduce the tensions pertaining to the
swings in the market.
2. Risk Control: HDFC Mutual Fund provides emphasis on the management and control of
portfolio risks. This helps them to avoid chasing the latest trends and “fads”.
3. Detailed Analysis and Research: HDFC Mutual Fund believes that analysis and research
are the keys to success in the financial market. Thus, it has set up a well-built infrastructure
that helps them conduct the fundamental research. The researches are backed up by effective
analysis.

HDFC Mutual Fund Account Statement:

The following steps are required to be followed in order to check the status of the account
statement under the HDFC Mutual Fund online:

1. You need to visit the official website of the HDFC Mutual Fund at www.hdfcfund.com.
2. At the bottom of the home page, the website has 4 columns with a number of options.
3. Click on the ‘Account Statement’ option which is the last option of the third column.
4. On clicking the ‘Account Statement’ option, a new page will pop up. On this pop-up
page, a list of 9 languages is provided. The languages provided are- English, Hindi, Bengali,
Marathi, Malayalam, Kannada, Gujarati, Telugu, and Tamil. Select the check-box next to the
language of your choice.
5. Once the language is selected, click on ‘I AGREE’ at the bottom of the page.
6. After this, you will be redirected to a new webpage under the heading- “Introduction to
HDFC MF Multilingual Statement of Account”. Click on ‘Next’ at the bottom of the page.
7. You will be redirected to a new webpage where you have to provide your Folio
information.
8. On the ‘Folio Information’ page, you will be required to provide your ‘Folio Number’
followed by your Permanent Account Number (PAN) or your Bank Account Number.
9. Type in the Captcha code provided in the box and click on ‘SUBMIT’.
10. After the submission of the details mentioned above, the user will be redirected to a new
page. On this page, you will be required to provide the date range for which you want the
account statement.
11. Once it is submitted successfully, you will receive an email containing your account
statement on the email ID that you have registered with the HDFC Mutual Fund.
Types of Mutual Funds Offered by HDFC Asset Management
Company
The following are the different kinds of mutual funds offered by HDFC Asset Management
Company Ltd.:

 Equity/Growth Funds
 Debt/Income Funds
 Liquid Funds
 Children’s Gift Funds
 Retirement Savings Funds
 Fixed Maturity Plans
 Exchange Traded Funds
 Rajiv Gandhi Equity Savings Scheme
 Dual Advantage Funds
 Capital Protection Oriented Schemes
 Fund of Fund Schemes
 Annual Interval Fund – Series 1
 Cancer Cure FunD
The investment objective of the HDFC Equity Fund is to generate capital appreciation via
investment in equities and equity-related instruments.

Investment Objective of HDFC Top 100 Fund

The investment objective of the HDFC Top 100 Fund is to generate capital appreciation in the
long term by making investments in a portfolio comprising of equity and equity-related
instruments of companies in the BSE 200 index.

Who is the HDFC Top 100 Fund for?

The HDFC Top 100 Fund is ideal for investors who look for long-term capital appreciation via
investments in equity and equity-related instruments of companies in the S&P BSE 200
Index.
Part – III
Primary
Study
3.1 Introduction to the study:

Comparison of Birla sun life and HDFC on Mutual fund:

Birla sun life assets management company Ltd. (BSLAMC),

the investment manager of Birla sun life mutual fund is a
joint venture between the Aditya Birla Group and the sun life
financial services Inc. of Canada. The joint venture brings
together the Aditya Birla groups experience in the India
market and sun life’s global experience.
Birla sun life assets management company has one of the
largest team of research analysts in the industry, The Group
operators in 26 countries India, UK, Germany, Hungary, Brazil, Italy, France, Luxembourg,
Switzerland, Australia, USA, Canada, Egypt, china, Thailand, Laos, Indonesia, Philippines,
UAE, Singapore, Myanmar, Bangladesh, Vietnam, Malaysia, Bahrain and Korea
'HDFC Mutual Fund:
HDFC Assets management Company Ltd. (AMC) was incorporated
under the the company Act. 1956, on December 10, 1999, and was approved to act as an
assets Management company for the HDFC Mutual Fund by SEBI vide its latter dated July 3,
2000.
On obtaining the regulatory approvals, the following Scheme of Zurich
Mutual Fund have
migrated to HDFC Mutual fund on June 19, 2003.

Why HDFC Mutual Fund

HDFC Mutual is one of the largest mutual fund and Well-established fund house in the
country with focus on delivering consistent fund Performance across categories since the
launch of the scheme(S) in July 2000. While our past experience dose make us a veteran, we
still strive to get batter.

1956, on December
3.2 Literature Review:

Mattapan P K and Damodharan E (2006) evaluated 40 schemes for the

period April 1995 to March 2000. The study identified that majority of the schemes earned
returns higher than the market but lower than 91 days treasury bill rate. The average risk of
the schemes was higher than the market. 15 schemes had an above average monthly return.
Growth schemes earned average monthly return. The risk and return of the schemes were not
always in conformity with their stated investment objectives. 23 schemes outperformed in
terms risk. 19 schemes with positive alpha values indicated superior performance.
Debasish (2009) studied the performance of selected schemes of mutual funds based
on risk and return models and measure. The study covered the period from April 1996 to
March 2005 (nine years). The study revealed that Franklin Templeton and UTI were the best
performance and Birla Sun Life, HDFC and LIC mutual funds showed poor performance.
Mehta Sushilkumar (2010) analyze the performance of mutual fund schemes of SBI
and UTI and found out that SBI schemes have performed better than the UTI in the year.
ZhiDa, Pengjie GAO, and Ravi Jagannathan (2011) in the article “Impatient
Trading, Liquidity Provision, and Stock Selection by Mutual Funds” showed that a mutual
fund's stock selection skill can be decomposed into additional components that include
liquidity-absorbing impatient trading and liquidity provision. The study proved that past
performance predicts future performance better among funds trading in stocks affected more
by information events Past winners earn a risk-adjusted after-fee excess return of 35 basis
points per month in the future. Most of that superior performance comes from impatient
trading. The paper also states that impatient trading is more important for growth-oriented
funds, and liquidity provision is more important for younger income funds.

3.3 Problem Statement:

Birla sun life:

The life Insurance market was an under developed market that was only tapped by the state
owned LIC till the entry of private insurers. Insurances industry, as on 1.4.2000, comprised
mainly two players: the state insurers- life insurance Corporation of India and general
insurers, the general Insurance Corporation of India.
The penetration of life insurance products was 19% of the total 400 million of the insurable
population.
With an annual growth rate of 15-20% and the largest number of life insurance policies in
force, the potential of the Indian Insurance industry is huge.

2008-09 221791.26
2007-08 201351.41
 2006-07 156075.84
2005-06 105875.76
2004-05 82,854.80
2003-04 66653.75
2002-03 55747.55
2001-02 50094.46
   

This study is an endeavor to analyze the tremendous impact made by private sector
insurance companies in achieving this phenomenal growth in the life insurance sector.
The aim of the study reach those with limited knowledge of insurance and to provide
a comprehensive picture of awareness scenario across the country.

3.4 BACKGROUND OF THE STUDY

A Mutual Fund is a trust that pools the savings of a number of investors who share a
common financial goal. The money thus collected is then invested in capital market
instruments such as shares, debentures and other securities. The income earned through these
investments and the capital appreciations realized are shared by its unit holders in proportion
to the number of units owned by them. Thus a Mutual Fund is the most suitable investment
for the common man as it offers an opportunity to invest in a diversified, professionally
managed basket of securities at a relatively low cost. The flow chart below describes broadly
the working of a mutual fund:

Operation of mutual
funds

Investors
Fund manager
Research Objective:

To know the opportunities available for investment in mutual fund schemes.
To know about the investment options with respect to various schemes offered
by the mutual funds.
To find out which income level people invest in mutual fund schemes more.

Research Design

Exploratory Research
 Descriptive Research
 Casual Research

Experimental or casual or conclusive research design is a type of research design

which is predetermine and structured in nature. It is used for casual or conclusive
research. Which is conducted quantitatively. It is called casual research problem. The
main objective of casual research is to test to hypotheses which were defined in the
exploratory research design.

Casual research is conducted to identify the cause and effect relationship

between two or more business (or decision) variables. Many business decision are
based on the casual relationship between the variables of interest.
(for example, a cement manufacturing company is working on the
assumption that the increase in advertisement expenditure is going to
increase the sales of the company. Although this assumption seems to be
true, a strict validation of the assumption by conducting a formal research
is essentially required.

4.2 SOURCES OF DATA

Books, periodicals, and other published material
 Computerized commercial and other data sources
 Media sources
 Online

Data collection method:

 News papers
 Offices
 Old papers
 Online webside
 Data
Analysis
&
Interpretat
ion
TABLE 1 Mid cap fund 2018 Birla sun life and HDFC

NAV Sale
NAV Date Return
    Price (Rs.)
     
31-Mar-18 -0.00940852 -2.1786E-05
28-Mar-18 -0.27834246 -0.00064452
27-Mar-18 1.151497896 0.00266643
26-Mar-18 1.093735009 0.002532849
     
23-Mar-18 -0.96912114 -0.00224432
22-Mar-18 -0.67943758 -0.0015735
21-Mar-18 0.299722362 0.000694139
20-Mar-18 0.01577735 3.65403E-05
19-Mar-18 -1.18178984 -0.00273721
16-Mar-18 -0.92984461 -0.00215371
     
15-Mar-18 -0.11108711 -0.00025731
     
14-Mar-18 -0.27081089 -0.00062728
13-Mar-18 0.532128825 0.001232607
12-Mar-18 0.600684718 0.001391505
9-Mar-18 -0.16158101 -0.00037432
8-Mar-18 0.355494574 0.000823552
     
7-Mar-18 -1.10100231 -0.00255068
     
6-Mar-18 -0.78332976 -0.00181478
5-Mar-18 -0.5053734 -0.00117093
1-Mar-18   
Mean0.15432 -0.14951 is no significant difference between the
Variance0.492378 -0.636438 average return of HDFC & AB.
      NULL: There is no sig. difference between
T-test-0.01973   average returns 2018 of Birla sun life and
      HDFC
Sig.0.984372   Mid cap fund.
Table-2 Large cap Fund 2018 Aditya Birla and HDFC

31-Mar-18 NAV Sale -0.92841

 
Price (Rs.  

 
)  

     

 
28-Mar-18  
-0.01434  
0.762162

 
27-Mar-18  
-0.6458  
1.708912

 
26-Mar-18 0.784877
   
-1.4054

 
23-Mar-18 1.289447
   
-0.65361

 
22-Mar-18  
-0.99347  
0.177623

 
21-Mar-18  
-0.45863  
0.282439

 
20-Mar-18 0.244241
   
-1.19334

 
19-Mar-18  
0.31226  
-1.35152

 
16-Mar-18  
-1.22426  
-0.51929

 
15-Mar-18  
-1.20945  
0.05625

 
14-Mar-18  
-0.43872  
0.543297

 
13-Mar-18 0.009335
   
1.467829

 
12-Mar-18 0.421862
   
-0.51405

 
9-Mar-18 1.638876
   
0.945698

 
8-Mar-18  
-0.2329  
-1.26983

 
7-Mar-18 0.583258
   
-1.3316

 
6-Mar-18  
-0.825  
-0.99115

 
5-Mar-18  
-0.86486  
-0.7992

 
1-Mar-18  
-0.98664  

 
Mean-0.13736
 
-0.92841
 

 
variance 0.6948041.013323
   

 
T- TEST 0.295447
 
 
 

sig 0.769398  

There is null Hypothesis is accepted , difference between average return

2018 monthy of
Birla sun life and HDFC Large cap fund.
The difference between mean is both the company is negative results there
is no sig.
difference in returns and p value is greter than 0.05.

TABLE -3 Mid cap fund

NAV Date NAV Sale Price (Rs.) NAV Sale Price (Rs.)
      Birla sun life and HDFC
31-Mar-17 1.35628 0.873071 2017
     
30-Mar-17 0.648679 0.860149
29-Mar-17 0.479891 0.622918
     
28-Mar-17 0.467744 0.464713
     
27-Mar-17 -0.02158 0.107516
     
24-Mar-17 0.618937 0.304865
     
23-Mar-17 0.839477 0.754331
22-Mar-17 -0.83249 -0.97869
     
21-Mar-17 -0.46475 -0.28678
20-Mar-17 0.231105 0.271008
     
17-Mar-17 -0.06856 0.188613
16-Mar-17 1.079662 1.011222
     
15-Mar-17 0.82748 0.672357
     
14-Mar-17 1.22101 0.890996
10-Mar-17 -0.07068 -0.11894
     
9-Mar-17 -0.07063 -0.25634
8-Mar-17 -0.38142 -0.25568
     
7-Mar-17 0.118642 0.160853
     
6-Mar-17 0.514273 0.226979
     
3-Mar-17   
     
Mean 0.434732 0.437446
VARIANCE .0785873 0.437446
     
T TEST -.01044 
SIG. 0.992534 
Average returns both the company are AB and HDFC are similar in mean
returns
There is sig value (0.99)
The null hypothesis is accepted as p value is greter than 0.05

RERURN
NAV Date RETURND TABLE : 4 Large cap fund Birla sun life
  S  and HDFC IN 2017
     
31-Mar-17 0.358609 0.173494
     
30-Mar-17 0.37037 0.442918
29-Mar-17 0.424328 0.623548
     
28-Mar-17 0.441989 0.634859
     
NAV27-Mar-17
Date -0.43483 RETURN
RETURNS -0.50828
 

24-Mar-17 0.231044 0.598874

   
The difference between both the compny is
31-Mar-16 0.988728 0.736418 AB 0.358609and HDFC 0.195505 is mean
 

23-Mar-17 0.868644 0.657473

   

  30-Mar-16  1.665615
        1.292011 valueif HDFC VALUE IS high returns .There
29-Mar-16 -0.88719
22-Mar-17 0.109899 is no sig. difference between average
0.248272 -1.26104
28-Mar-16 -0.20432
21-Mar-17 -0.949 returns 2017 of monthly of Biral sun life
-1.70822 -0.26863
0.218188 andHDFC large cap fund.
     

  23-Mar-16 
     
 
-0.1958
20-Mar-17
22-Mar-16 -0.21433
0.220159 -0.30018
0.356521
  21-Mar-16  1.328807   1.290946
17-Mar-17 -0.10966 -0.18448
     

18-Mar-16 1.262093 1.066184

 

16-Mar-17 1.060742 1.122853

   

17-Mar-16 0.712201 0.63044

15-Mar-17 0.243348 0.25809
16-Mar-16 -0.01978 0.139006
     
-0.38368 TABLE 5 MID CAP FUND Birla sun
     

15-Mar-16 -0.78984
14-Mar-17 1.607181 1.801197
0.524896 life and HDFC 2016
     

14-Mar-16 -0.20384
10-Mar-17 0.517777 -0.1782
  11-Mar-16 
     
 0 0.087075
 
9-Mar-17
10-Mar-16
 
0.1074
-0.20668 0.111273
 
-0.14491
  9-Mar-16   
0.60399 0.127688
8-Mar-17
8-Mar-16 -0.26778
-0.22722 -0.48072
-0.56844
7-Mar-17 -0.19777 -0.21408
     

4-Mar-16 0.957463 0.984906

6-Mar-17 0.548181 0.685621
     

3-Mar-16 0.915908 0.870025

     
2-Mar-16 1.986245 1.923307
 

3-Mar-17 
   

 
1-Mar-16
Mean
 
 
 

0.434723 0.437446
 
 

Mean
Variance 0.434723 0.437446
0.785873 0.505561
Variance
 
   
 0.785873  
  0.505561
t- test
T-test
   
0.0-0.01044 
1044  
 

significant 0.991725
Significant 0.991725 
 
Average returns is both the company Aditya Birla and HDFC
is similarly 0.434
T-test : sig. difference null hypothesis is rejected sig (0.99)
If sig.<0.05- null hypothesis is rejected.

Table 6 : large cap fund birla sun life and HDFC 2016
BIRLA HDFC
NAV Date
 

   
RETURNS  
RETURNS
31-Mar-16 0.206279 0.062477
 
30-Mar-16  
1.691249  
2.346323
 
29-Mar-16  
-0.16361  
0.042757
 28-Mar-16 -1.21541 -1.86445
 
23-Mar-16 
0.038805  
0.260895
 
22-Mar-16 
0.220379  
0.233064
21-Mar-16 1.047943 1.581546
 
18-Mar-16 
0.905426  
1.25237
 
17-Mar-16 
0.278348  
0.42271
16-Mar-16 0.345814 0.456181
 
15-Mar-16 
-0.68688  
-0.55718
 
14-Mar-16 
0.504481  
0.856541
11-Mar-16 0.186207 0.103859
 
10-Mar-16 
-0.71966  
-0.80995
 
9-Mar-16 
0.832168  
0.852284
8-Mar-16 -0.17279 -0.35707
 
4-Mar-16 
0.32671  
0.829937
 
3-Mar-16 
1.085125  
1.511956
2-Mar-16 2.04966 2.841147
 
1-Mar-16 
 
 
 

Mean
   
0.355802  
0.529757
Variance 0.647404 1.213641
T- test
   
-0.555802  
 

Significant 0.581771
   
 
 

     

Average returns mean is Aditya Birla mean returns is 0.355802 and HDFC
mean returns is
0.529757 , HDFC is higher mean returns provided compare to Aditya Birla.
Null hypothesis is accepted 0.581771. significant p value is 0.05

FINDINGS:

 Though the number of open-ended scheme remained higher than the closed ended
scheme, the growth rate was much higher for closed- enden scheme.

 Overall, growth scheme and income scheme could generated resources of above
75% in march 2016 and both showed growth during the periods under study.

 All the selected scheme of HDFC mutual fund outperformed the benchmark index
BSE Sensex in terms of sharpe and treynor measures for the majority of the year
under study.

 Mid cap fund

 Aditya Birla has provided higher returns compare to HDFC during the month of
march for first two year of the study period

 A comparative analysis show that there in no significant difference in the mean

returns provided HDFC & AB for the month of March during 2016 and 2017.
 Large cap fund:
 Aditya Birla has provided higher returns compare to HDFC during of march
for last two year (2017-18) of the study periods.
 A comparatively analysis show that is no significant difference in the mean
returns provided HDFC&Aditya Birla for the for the month of march during
20018 and 2017.

BIBLOGRAPHY

BIBLOGRAPHY

websites
www,abslmf.com

www.hdfcmf.com

www.amfiindia.com

www.mutualfundsindia.com

www.researchgate.com
BooksonMutualFundsinIndia(D.V.Ingle)

CONCLUSION