ABSTRACT

In Indian capital market, provides various investment avenues to the investors,

to help them to invest in various industries and to ensure the profitable return.
Among various financial products, mutual fund ensures the minimum risk and
maximum return to the investors, Growth and developments of various mutual
funds products in the Indian capital market has proved to be one of the most
catalytic instruments in generating momentous investment growth in the capital
market. This research paper focused attention on number of factors that
highlights Investor’s perception about mutual fund. The study of the research is
on Investor behaviour towards mutual funds.

This study, deals with the equity, debt and hybrid mutual funds has been offer
for investment by the various fund houses in India. This study mainly focused
on the performance of selected equity large cap, debt and hybrid mutual fund in
terms of risk – return relationship. This research paper focused attention on
number of factors and analysis on financial performance that highlights
investor’s perception about mutual fund. The statistical parameters such as
(Alpha, Beta, Standard deviation, R-squared, Sharpe ratio). The findings of this
research study will be help full to investor for his future investment decisions.

CONCEPTUAL FRAMEWORK

Mutual fund is a pool of money collected from investors and is invest according
to certain investment options. A mutual fund is a trust that pools the saving of
investors who share a common financial goal. A mutual fund is create when
investors put their money together. It is, therefore, a pool of investor’s fund.
The money thus collected is then invest in capital market instruments and the
capital appreciations realized are share by its unit holders in proportion to the
no. of units owned by them. The most important characteristics of a fund are
that the contributors and the beneficiaries of the fund are the same class of
people namely the investors.
Defining variables
Net Asset Value (NAV)

Net Asset Value is the market value of the assets of the scheme minus its
liabilities. The per unit NAV is the net asset value of the scheme divided by the
number of units outstanding on the valuation date.

Sale Price

Is the price you pay when you invest in a scheme. Also called Offer Price. It
may include a sales load.

Repurchase Price

Is the price at which units under open-ended schemes are repurchased by the
Mutual Fund. Such prices are NAV related.

Redemption Price

Is the price at which close-ended schemes redeem their units on maturity. Such
prices are NAV related.

Sales Load:

Is a charge collected by a scheme when it sells the units. Also called, ‘Front-
end’ load. Schemes that do not charge a load are called ‘No Load’ schemes.

Repurchase or ‘Back-end ‘Load:

Is a charge collected by a scheme when it buys back the units from the unit
holders.

Asset:

Item of value. In this module, asset refers to financial assets, such as stocks and
bonds.

Asset class:

A category of financial asset, such as stocks, bonds or real estate.

Balanced fund:

A mutual fund that invests in a mix of stocks and bonds to take advantage of
both the growth potential stocks provide and the income stream bonds typically
provide and to reduce risk. Also called a “hybrid” fund.

Assets under managment

The indian mutual funds industries a fast growing industry .

Indian mutual funs industries generated substaintial growth in under managment

over the past 10 years. Most of the money flow in equity funds it from
indivisual investment.

One notable charactric of indian mutual fund market is the high parcentage of
share owened by corporations.

Ownership Mutual Funds

According to association of mutual funds in india indivisual investors held

slightly under 50% of mutual funds assets and corporation held slightly over
50% as of the end march 2007.

Types of Mutual Funds Schemes in India

Wide variety of Mutual Fund Schemes exists to cater to the needs such as
financial position,

risk tolerance and return expectations etc. thus mutual funds has Variety of
flavors, Being a collection of many stocks, an investors can go for picking a
mutual fund might be easy. There are over hundreds of mutual funds scheme
to choose from.

It is easier to think of mutual funds in categories, mentioned below.

1. Open - Ended Schemes:

An open-end fund is one that is available for subscription all through the year.
These do not have a fixed maturity. Investors can conveniently buy and sell
units at Net Asset Value ("NAV") related prices. The key feature of open-end
schemes is liquidity.
2. Close - Ended Schemes:
These schemes have a pre-specified maturity period. One can invest directly in
the scheme at the time of the initial issue. Depending on the structure of the
scheme there are two exit options available to an investor after the initial offer
period closes. Investors can transact (buy or sell) the units of the scheme on
the stock exchanges where they are listed. The market price at the stock
exchanges could vary from the net asset value (NAV) of the scheme on
account of demand and supply situation, expectations of unitholder and other
market factors. Alternatively some close-ended schemes provide an additional
option of selling the units directly to the Mutual Fund through periodic
repurchase at the schemes NAV; however one cannot buy units and can only
sell units during the liquidity window. SEBI Regulations ensure that at least
one of the two exit routes is provided to the investor.
3. Interval Schemes:
Interval Schemes are that scheme, which combines the features of open-
ended and close-ended schemes. 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.

Overview of existing schemes existed in mutual fund category:

1. Equity fund:
These funds invest a maximum part of their corpus into equities holdings. The
structure of the fund may vary different for different schemes and the fund
manager’s outlook on different stocks. The Equity Funds are sub-classified
depending upon their investment objective, as follows:
 Diversified Equity Funds
 Mid-Cap Funds
 Sector Specific Funds
 Tax Savings Funds (ELSS)
Equity investments are meant for a longer time horizon, thus Equity funds
rank high on the risk-return matrix.
2. Debt funds:
The objective of these Funds is to invest in debt papers. Government
authorities, private companies, banks and financial institutions are some of
the major issuers of debt papers. By investing in debt instruments, these funds
ensure low risk and provide stable income to the investors. Debt funds are
further classified as:

 Gilt Funds: Invest their corpus in securities issued by Government,

popularly known as Government of India debt papers. These Funds
carry zero Default risk but are associated with Interest Rate risk. These
schemes are safer as they invest in papers backed by Government.
 Income Funds: Invest a major portion into various debt instruments
such as bonds, corporate debentures and Government securities.
 MIPs: Invests maximum of their total corpus in debt instruments while
they take minimum exposure in equities. It gets benefit of both equity
and debt market. These scheme ranks slightly high on the risk-return
matrix when compared with other debt schemes.
 Short Term Plans (STPs): Meant for investment horizon for three to six
months. These funds primarily invest in short term papers like
Certificate of Deposits (CDs) and Commercial Papers (CPs). Some
portion of the corpus is also invested in corporate debentures.
 Liquid Funds: Also known as Money Market Schemes, These funds
provides easy liquidity and preservation of capital. These schemes
invest in short-term instruments like Treasury Bills, inter-bank call
money market, CPs and CDs. These funds are meant for short-term cash
management of corporate houses and are meant for an investment
horizon of 1day to 3 months. These schemes rank low on risk-return
matrix and are considered to be the safest amongst all categories of
mutual funds.
3. Balanced funds:
As the name suggest they, are a mix of both equity and debt funds. They
invest in both equities and fixed income securities, which are in line with pre-
defined investment objective of the scheme. These schemes aim to provide
investors with the best of both the worlds. Equity part provides growth and
the debt part provides stability in returns.
Further the mutual funds can be broadly classified on the basis of investment
parameter viz,
Each category of funds is backed by an investment philosophy, which is pre-
defined in the objectives of the fund. The investor can align his own
investment needs with the funds objective and invest accordingly.
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
their fund in equities and are willing to bear short-term decline in value
for possible future appreciation.
 Income Schemes:Income Schemes are also known as debt schemes. The
aim of these schemes is to provide regular and steady income to
investors. These schemes generally invest in fixed income securities
such as bonds and corporate debentures. Capital appreciation in such
schemes may be limited.
 Balanced Schemes: Balanced Schemes aim to provide both growth and
income by periodically distributing a part of the income and capital
gains they earn. These schemes invest in both shares and fixed income
securities, in the proportion indicated in their offer documents
(normally 50:50).
 Money Market Schemes: Money Market Schemes aim to provide easy
liquidity, preservation of capital and moderate income. These schemes
generally invest in safer, short-term instruments, such as treasury bills,
certificates of deposit, commercial paper and inter-bank call money.
Other schemes
 Tax Saving Schemes:
Tax-saving schemes offer tax rebates to the investors under tax laws
prescribed from time to time. Under Sec.88 of the Income Tax Act,
contributions made to any Equity Linked Savings Scheme (ELSS) are eligible for
rebate.
 Index Schemes:
Index schemes attempt to replicate the performance of a particular index such
as the BSE Sensex or the NSE 50. The portfolio of these schemes will consist
of only those stocks that constitute the index. The percentage of each stock to
the total holding will be identical to the stocks index weightage. And hence, the
returns from such schemes would be more or less equivalent to those of the
Index.
 Sector Specific Schemes:
These are the funds/schemes which invest in the securities of only those
sectors or industries as specified in the offer documents. e.g. Pharmaceuticals,
Software, Fast Moving Consumer Goods (FMCG), Petroleum stocks, etc. The
returns in these funds are dependent on the performance of the respective
sectors/industries. While these funds may give higher returns, they are more
risky compared to diversified funds. Investors need to keep a watch on the
performance of those sectors/industries and must exit at an appropriate time.

Types of returns
There are three ways, where the total returns provided by mutual funds can
be enjoyed by investors:
 Income is earned from dividends on stocks and interest on bonds. A
fund pays out nearly all income it receives over the year to fund owners
in the form of a distribution.
 If the fund sells securities that have increased in price, the fund has a
capital gain. Most funds also pass on these gains to investors in a
distribution.
 If fund holdings increase in price but are not sold by the fund manager,
the fund's shares increase in price. You can then sell your mutual fund
shares for a profit. Funds will also usually give you a choice either to
receive a check for distributions or to reinvest the earnings and get
more shares.
HISTORY

The origin of mutual fund industry in India is with the introduction of the
concept of mutual fund by UTI in the year 1963. However, the growth was
slow, but it accelerated from the year 1987 when non-UTI players entered the
industry. In the past decade, Indian mutual fund industry had seen dramatic
improvements, both quality wise as well as quantity wise. Before, the
monopoly of the market had seen amending phase; the Assets under
Management (AUM) were Rs.67 bn. The private sector entry to the fund family
raised the AUM to Rs.470 bn. In March 1993 and until April 2004; it reached
the height of 1,540 bn.

Putting the AUM of the Indian Mutual Funds industry into comparison, the total
of its is less than the deposits of SBI alone, constitute less than 11% of the total
deposits held by the Indian banking industry.

The main reason of its poor growth is that the mutual fund industry in India is
new in the country. Large sections of Indian investors are yet to be intellectual
with the concept. Hence, it is the prime responsibility of all mutual fund
companies, to market the product correctly a breast of selling.

First Phase – 1964-87

An Act of Parliament established Unit Trust of India (UTI) on 1963. It was set
up by the Reserve Bank of India and function under the Regulatory and
administrative control of the Reserve Bank of India. In 1978, UTI was de-link
from the RBI and the Industrial Development Bank oc India (IDBI) took over
the regulatory and administrative control in place of RBI. The first scheme
launched by UTI was Unit Scheme 1964. At the end of 1988, UTI had Rs.6,700
crores of assets under management.
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 Mutual Fund (December
1987), Punjab National Bank Mutual Fund (August 1989), Indian Bank Mutual
Fund (November 1989), Bank of India (June 1990), Bank of Baroda Mutual
Fund (October 1992), LIC established its mutual fund in June 1989 while GIC
set up its Mutual Fund in December 1990. At the end of 1993, the mutual fund
industry had assets under management of Rs.47,004 crores.

Third Phase – 1994-2003 (Entry of Private Sector Funds)

With the entry o 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 first Mutual Fund Regulations came into being,
under which all mutual funds, except UTI were to be registered and governed.
The erstwhile Kothari Pioneer 13 (now merged with Franklin Templeton) was
the first private sector mutual fund registered in July 1993. The 1993 SEBI
(Mutual Fund) Regulations were substitute by a more comprehensive and
revised Mutual Fund Regulations in 1996. The industry now functions under
the SEBI (Mutual Fund) Regulations 1996. The number of mutual fund houses
went on increasing, with many foreign mutual funds setting up funds in India
and the industry has witnessed several mergers and acquisitions. As at the end
of January 2003, there were 33 mutual funds with total AUM of Rs 1,21,805
crores, out of which UTI alone had AUM of Rs 44,541 crores.
Phase Four: February 2003-till date

In February 2003, after the revocation of the Unit Trust of India Act 1963, UTI
was split into two separate entities, namely, Specified Undertaking of the Unit
Trust of India (SUUTI) and UTI Mutual Fund which functions under the SEBI
regulations. With this bifurcation and several mergers taking place among
different private sector funds, the mutual industry forayed into its fourth phase
of consolidation.

The securities market of India, on the footsteps of the rest of the world, tumbled
owing to the global economic crisis in 2009. Around the same time, SEBI
abolished the entry load to stem investor confidence and reduce charges from
the overall fee structure of funds. However, the growth of the industry remained
dismissal between 2010 and 2013. 

In 2012, in order to bring a fresh breath of air in the industry, increase investor
confidence and help it recover, SEBI announced a series of‘re-energising’
measures such as:

* Increase in penetration of mutual fund products and energising

distribution network.

* Improve reach of mutual fund products in smaller cities/ towns (beyond

top 15 cities).

* Alignment of interest of investors, distributors and AMCs.

* Investor protection on the issues of mis-selling and churning.

* Strengthening regulatory framework for mutual funds.

* Rajiv Gandhi Equity Savings Scheme (RGESS).

In 2012, SEBI also mandated mutual funds to differentiate between direct and
distributed plans. The mandate came into effect from January 2013. Direct
mutual fund plans were introduced to help well-informed and market-savvy
investors buy directly from mutual funds and save intermediary commission or
cost of distribution. The direct plans have a lower expense ratio and higher
NAV, due to which investors earn better returns. Direct plans have made
significant progress, with overall 42% of industry AUM being in Direct Plans as
of July 2017 (bulk of this is in Debt and Liquid funds owing to higher
institutional participation).
The Present

While mutual fund investment still accounts for only 3.4% of total investments
by individual investors in India and AUM:GDP ratio is a mere 7%, it is also an
indication of the tremendous untapped potential.

In January 2017, the mutual fund assets clocked the highest growth in 7 years to
accumulate a total corpus of around Rs 17 trillion. As of May 2017, AUM of
the industry stands at Rs 19.04 lakh crore, there are 57.2 million accounts
(folios) in total and 44 fund houses are operational in the market. As of July
2017, the asset base has already crossed Rs 20 trillion. For FY2016-17, direct
plans have outperformed regular plans. Direct plans have given at
least 1% additional returns (per annum) on an average to equity mutual fund
investors.

The technology is further enhancing the growth of mutual funds in the form of
paperless transactions (for example, e-KYC, BSE Star MF, NSE NMFII, digital
wallets), online distribution platforms (for example, IFAXpress and iFAST
Financial) and robo-advisors (for example, MoneyFront, ArthaYantra,
Scripbox, FundsIndia etc).

The next revolutionary step in the Indian mutual fund industry will be the sale
of mutual funds through e-commerce enterprises. In 2016, SEBI has submitted
its recommendation on allowing online marketplaces such as Amazon, Flipkart
and Paytm to offer mutual funds on their platforms. 
REVIEW OF LITERATURE

Title Author Year Tools Conclusion

Evaluated Fund Gupta Ramesh 1989 Study decomposed
performance in total return into
India comparing return from investors
the returns earned risk, return from
by schemes. Manager’s risk and
target risk. Mutual
Fund return due to
selectivity was
decomposed into
return due to
selection of securities
and timing of
investment in a
particular class of
securities.

Mutual Fund M. Jayadev 1996 Risk- Mutual Funds have

performance: An adjusted not performed
analysis of returns superior than their
monthly returns benchmark index.

The main Grinblatt, M., 2000 It also analyses

objective of the & Keloharju, whether these
study was to find M differences in past-
out the return-based
investment behaviour and
behaviour and differences in
performance of investor
various investors. sophistication drive
the performance of
various investor
types.
Influencing the Rajeswari and 2001 Mutual Fund is retail
Mutual Fund Rama Moorthy product designed to
Scheme Selection target small investors,
by Retail salaried people and
Investors. others who are not
intimidated by the
mysteries of stock
market but
nevertheless, like to
reap the benefits of
stock market
investing.
Evaluating Bala 2003 Conjoint Considers past
mutual funds in Ramaswamy Analysis performance
an emerging & Mathew ,transaction cost,size
market factors C,H Yeung of fund,aggressive
that matter to and qualified fund
financial manager and
advisors. government
supported funds.
A Study of fund Ms Kavita 2004 Factor Investors prefer
selection Rangnatham Analysis savings for
behaviour of retirement,pension
individual and provident
investors towards funds,growth and
mutual funds income schemes for
with reference to motives of
Mumbai city safety,liquidity, tax
benefits,capital
appreciation
Evaluated Dr. S. M. 2007 Jenson’s, Found that none of
thirteen most Tariq, Treynor’s the funds can be
preferred public Dr. D. S. and called as based or
and private sector Chaubey Sharpe’s worst performer due
quality ratio to different rankings
diversified on different ratios.
growth schemes Whoever, infact
Taurus, ICICI and
Reliance are the best
funds w.r.t. portfolio
return out of which
Taurus had the
highest beta amongst
all the funds.
 Indian Mutual Jayant R. Kale 2012 Descriptive Identified factors
Fund industry:and Venky study affecting challenges
Opportunities Panchapagesa for mutual funds.
and Challenges n
The performance Jalpa Patel and 2012 Analysis There was rank
of diversifiedMitesh Patel based on conflict as Sharpe’s
equity growth the & Treynor’s Measures
schemes of 43 monthly give the same result
companies for the NAV of 43 but in case of
period of 2003 to companies Jensen’s Alpha,
2010 for the measures were
period of different.
2003 to
2010
Factors Affecting Punjika Rathi 2014 The mutul fund
Selection, and Rajan industry growth can
Performance, Yadav be revived by using
Opportunities technology, changing
and Challenges distribution networks
of Mutual Funds and launching
in India investor awareness
programs in rural
areas.

INTERPRETATION

♣ Tools, which are generally used by studies: Risk adjusted returns, factor
analysis, correlation, Jensen, Sharpe & Treynor’s ratio, rank conflict, Car
hart four-factor model and conjoint analysis. Large number of researcher
has used risk-adjusted measure to compare the performance of mutual
fund scheme.

♣ Mutual fund has not outperformed the market.

♣ Factor affecting the selection are identified as: safety, liquidity, risk, tax
benefits, capital appreciation fund style, diversification.
 OBJECTIVES OF STUDY

 To understand the various characteristics of different Mutual Funds.

 To know various factors considered by the customer while going to invest in
mutual funds.
 To find out the types of open ended mutual fund schemes those are popular
with Indian investors and reasons for the same.
 To analyze and evaluate the performance of Top equity ended mutual funds
in India with reference to different performance indicators viz. rate of
return, expense ratio, NAV etc.

SCOPE OF STUDY

 The study will give us the better understanding the history, growth and various
aspects of mutual funds.
 It will also help to understand the behaviour of Indian investors towards mutual
fund.
 The study covers the financial instruments mobilizing in the Indian Capital
market in the particular mutual funds. The mutual funds analyzed for their
performance and are determined over a period of 5 years.
 The elements taken into consideration for choosing some of the top funds is
Sharpe, beta, alpha ratio.
RESEARCH METHODOLOGY
The present study has been conducted using secondary data collected from
various sources like published annual reports of organization value
research.RBI websites, financial reports etc.
Tools used

Sharpe Ratio
Sharpe ratio evaluates the performance of the fund with the risk taken by
it. Therefore, the Sharpe ratio is also known as risk to variability ratio. It is
nothing but the excess returns over the risk-free returns divided by the
standard deviation.
Sharpe Ratio= (Total Returns-Risk free rate)/Standard
deviation of the fund
Greater the Sharpe ratio of the fund represents the higher risk adjusted
performance. So the investors are advised to pick the investment with
higher Sharpe ratio.
Treynor ratio
Treynor ratio evaluates the additional returns generated by a fund over
and above the risk-free returns. The ratio is quite similar to the sharp
ratio but it considers the Beta as volatility measure.
The ratio is calculated by dividing the difference between portfolio
returns and risk free rate by beta.
Treynor Ratio = Portfolio Return-Risk free
rate/portfolio’s Beta
Higher Treynor ratio suggest the better performance of the fund. So
investor are advised to pick the investment with treynor ratio
Jensen’s Alpha Ratio
The ratio is the performance ratio which evaluates the returns of the
fund over its index. This helps investors examine the risk adjusted
performance of the portfolio and determine risk reward profile of mutual
fund. The ratio is calculated by subtracting funds beta from difference
between funds return and risk-free return and multiplying the result by
difference of index return and risk free return.
Jensen’s Alpha= [ (Fund return-Risk free return)-(funds
beta)*(Index return-risk free return) ]
A positive alpha represents the outperformance of the fund vice versa
negative alpha represents the underperformance.

Scheme Name ASSETS EXPENSE

UNDER RATIO
MGMT
 ₹ 826.50 2.39%
BNP Paribas Large Cap Fund - Growth

Canara Robeco Bluechip Equity Fund - Regular  ₹ 330.19 2.47%

Plan
LIC MF Large & Mid Cap Fund - Growth  ₹ 639.24 2.7%

Mirae Asset Emerging Bluechip Fund - Growth  ₹ 9805.69 1.66%

Axis Bluechip Fund - Growth  ₹ 11077.11 1.73%

Invesco India Growth Opportunities Fund -  ₹ 2446.63 2.05%

Growth

Tata Large & Mid Cap Fund - Regular Plan - ₹ 1631.17 2.48%
Growth

Sundaram Large and Mid Cap Fund - Growth ₹ 1109.61 2.23%

SCHEME Sharpe Jensen Treynor
Ratio Alpha Ratio
BNP Paribas Large Cap Fund – Growth 0.44 2.20 0.06
Canara Robeco Bluechip Equity Fund - Regular Plan – 0.61 4.69 0.08
Growth
LIC MF Large & Mid Cap Fund - Growth 0.40 7.67 0.08
Mirae Asset Emerging Bluechip Fund - Growth 0.48 8.39 0.09
Axis Bluechip Fund - Growth 0.96 8.23 0.14
Invesco India Growth Opportunities Fund - Growth 0.51 3.69 0.09
Tata Large & Mid Cap Fund - Regular Plan - Growth 0.29 1.39 .04
Sundaram Large and Mid Cap Fund - Growth 0.49 4.17 0.06

INTERPRETATION

According to the different measures we have ranked the schemes.

Sharpe Jensen Treynor

Scheme Name
Ratio Alpha Ratio
BNP Paribas Large Cap Fund - Growth 6 7 4
Canara Robeco Bluechip Equity Fund - Regular Plan - Growth 2 4 3
LIC MF Large & Mid Cap Fund - Growth 7 3 3
Mirae Asset Emerging Bluechip Fund - Growth 5 1 2
Axis Bluechip Fund - Growth 1 2 1
Invesco India Growth Opportunities Fund - Growth 3 6 2
Tata Large & Mid Cap Fund - Regular Plan - Growth 8 8 5
Sundaram Large and Mid Cap Fund - Growth 4 5 4

 Treynor ratio uses the relative market risk or beta to normalize the
performance while the sharpe ratio uses the standard deviation or the
absolute risk. While Sharpe ratio is applicable to all portfolios,
 Treynor is applicable to well-diversified portfolios. While Sharpe is
used to measure historical performance, Treynor is a more forward-
looking performance measure. Thus, both these performance
measures work in different ways towards better representation of the
performance.
 The expense ratio is an efficiency ratio that calculates management
expenses as a percentage of total funds invested in a mutual fund. In
other words, measures the percentage of your investment in the fund
that goes to paying management fees by comparing the mutual fund
management fees with your total assets in the fund. An expense
ratio is the amount companies charge investors to manage a mutual
fund or exchange-traded fund. A good low expense ratio is generally
considered to be around 0.5% to 0.75% for an actively managed
portfolio, while an expense ratio greater than 1.5% is considered high.
CONCLUSION
The research is based on large cap open ended mutual funds for the last 5 years.
This research compares different mutual funds on the basis of certain
parameters such as NAV, expense ratio, Treynor ratio etc.
Mutual funds give small or individual investors access to professionally
managed portfolios of equities, bonds and other securities. Each shareholder
therefore participates proportionally in gains or losses of the fund. The idea here
is to classify funds on both the size of the companies in and the growth
prospects of the invested stocks.
BIBLIOGRAPHY
Fink, Mathew P.(2011-01-13). The Rise of Mutual funds : An Insider View

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