A PROJECT REPORT

ON

MUTUAL FUND: RISK & RETURN

Submitted to

SHIVAJI UNIVERSITY, KOLHAPUR

For the Partial Fulfillment of the degree of

MASTER OF COMMERCE
Distance Mode

Submitted By
Miss Rutika Sadanand Gharge
B. Com

Study Centre

Dhananjayrao Gadgil College of Commerce, Satara

2021-2022
 DECLARATION

I hereby declare that the Project entitled Mutual Funds: Risk & Returns

completed and written by me has not previously formed the basis for the award of any

Degree or Diploma or another similar title of this or any other University or examining

body.

Place: Satara

Date:

Student Signature
 RECOMMENDATION

Date: 08/02/2022
To,
The Registrar
Shivaji University
Kolhapur.

Subject: Submitting M.Com. Project Work.

Respected Sir,
I am recommending the Project entitled Mutual Funds: Risk & Returns Submitted by

Miss Rutika Sadanand Gharge as a partial fulfillment of the University requirements for

the award of Master of Commerce (Distance Mode) degree of Shivaji University,

Kolhapur.

Thanking you,

Co-ordinator Principle / Director

M.Com. (Distance Mode) <Name of Study Centre>
<Name of the Study Centre>
 INDEX

Chapter 1 - Introduction

Chapter 2 - A Study on Risk & Return Analysis of

Mutual Fund in India

Chapter 3 - Risks in Mutual Funds

Chapter 4 - Returns in Mutual Funds

Chapter 5 - Mutual Fund Risk & Returns Calculator

Chapter 6 - Conclusion
 EXECUTIVE SUMMARY

Financial market’s main function is to facilitate transfer of funds from

surplus sectors to deficit sectors. A financial market consists of investor or
buyers, sellers, dealers and does not refer to physical location. Indian financial
system consists of two markets, viz. money and capital market. The core of
money market is the inter-bank call money market. It has two components -
organized and unorganized.
Capital market provides the framework in which savings and investments
take place. On one hand it enables companies to raise resources from the
investing community and on the other, it facilitates households to invest their
savings in industrial or commercial activities. The capital market consists of
primary and secondary segments. In primary market it deals with the issue of
new instruments by the corporate sector such as equity shares, preference
shares, and debentures. The secondary market or stock exchanges where
existing Securities are traded. Capital market plays a major role in Indian
financial system.
So, Equities & mutual funds are the part of the capital market. The
mutual fund industry in India began with the setting up of Unit Trust of India
(UTI) in 1964 by the government of India. Now a day mutual fund is playing a
very important role in the industry. Investors will get the benefit of return,
capital appreciation, tax benefits and safety to their investment and companies
will get the capital for their growth. Recently they have also started Systematic
Investment Plan (SIP) with the help of this even small investors (minimum of
Rs. 100)can start investing, by this even students can also invest in this fund.
So, we came to know how this mutual fund works.
The saving of an individual is spread through different means of
investment one of them is a mutual fund which is a growing investment
nowadays because of diversified risk and lack of time to look after their money.
Chapter 1

Introduction
FINANCE
Finance is regarded as life blood of enterprise‟. This is because in the Modern
Money-Oriented Economy, Finance is one of the basic foundations for all kinds
of economic activities; it is the master key which provides access to all the
sources for being employed in Manufacturing and Merchandising activities.”
Finance is also called the “wheel, marrow of bones and spirit of trade,
commerce and industry.”
The word finance comes from the Latin word “finis”, under Roman law
contracts was not completed until there was a binding contract for monetary/
credit agreements

FINANCIAL MANAGEMENT

Financial management Emerged as a distinct field of study at the time of 20 th

century. When one goes through history of financial management it is clear
that in the past the scope of financial management has limited to certain
activities, with a focus mainly on certain episodic events like formation
instance of capital , major expansion , merger, recognition and liquidation in
the life cycle of firm. Financial management is descriptive and institutional in
nature. In the past, greater emphasis was given on day – to-day problems faced
by financial managers were responsible only for maintaining financial records,
preparing reports on the company’s status, performance and arranging funds
needed by the company. Their special services were utilized only when required
via, problem with dearth of funds and to procurement of additional funds.

Driven by growing trend of globalization, the revolutionary developments in

information technology and emergence of the digital era, one can witness
phenomenal changes in the world of finance. Today modern corporate finance
is changing from domestic funding to multi-currency funding. Financial control
is changing from simple accounting to integrated control systems based on
enterprise resource planning Investment management is shifting from simple
equity and debt products to complex derivatives products like options, futures,
and swaps. Financial services like banking &insurance are getting geared up
for virtual delivery in a seamless digital world. These far reaching developments
in the world of finance have redefined the role of financial manager. The fiancé
manager’s, therefore concerned with all financial activities of planning of fund
raising, allocation and controlling but not with just any one of them besides, he
has handle such financial problems that are encountered by a firm at the time
of incorporation, liquidation, consolidation, recognition and the like situations
that occur frequently. The finance managers of today are called upon to evolve
financial strategies that dovetail with the firm’s competitive business strategies.
In a competitive environment, access to the cheapest funds is a key element of
competitiveness. A finance manager needs to evaluate his firms cash needs and
decide, for example whether to use debt or equity funding, whether to have
fixed or floating debt, whether to borrow in rupees or in foreign currency,
whether to do currency and / or interest swaps to reduce its funding cost,
whether to issue GDR‟S (Global Depository Receipts) ADR‟s (American
Depository Receipts) or to go for a local secondary issue and so on. For each
alternative or combination of alternatives, he needs to evaluate his net costs,
the risk involved, the timing issue and so on. For this finance manager should
have analytical bent of mind and intellectuality in various financial concepts.
SPECIFIC AREA OF THE TOPIC CHOSEN

MUTUAL FUND
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.

Definition of Mutual Fund-

The SEBI (MF) Regulations, 1993 defines mutual fund as “A fund established in the
form of a trust by a sponsor to raise monies by the trustees through the sale of units
to the public under one or more schemes for investing in securities in accordance
with these regulations

What does mutual fund mean?

A mutual fund is a company that pools money from many investors and invests the
money in securities such as stocks, bonds, and short-term debt. The combined
holdings of the mutual fund are known as its
portfolio. Investors buy shares in mutual funds.
There are four broad types of mutual
funds: Equity (stocks), fixed-income (bonds),
money market funds (short-term debt), or
both stocks and bonds (balanced or hybrid
funds)
Example of a Mutual Fund
While there are many mutual funds on the
market, one of the most popular mutual funds
available is the Vanguard S&P 500 index fund
(VFIAX). This fund owns the 507 total stocks represented in the S&P 500 index while
charging a very low expense ratio to investors.

Who are eligible for a mutual fund?

Here is the eligibility criterion for mutual funds: The applicant needs to be an existing
Axis Bank account holder. The applicant needs to be KYC Compliant. The Savings
Bank Account status has to be Single or Either/Survivor.

Are SIP and mutual funds the name?

SIP is the short form of the systematic investment plan. While a mutual fund is an
investment product or instrument, SIP is a method of investing in mutual funds. As
the name suggests, through a mutual fund SIP you can invest systematically over
some time and create a corpus to meet your different financial goals.
 How is Mutual Fund related to banking?

Banks are in the business of savings and loans while Mutual Funds are for
investments. When you put your money in a savings account or a fixed deposit, you
are making savings whereas when you put your money in Mutual Funds, you are
making investments. Mutual funds are investment vehicles that pool money from
multiple investors to purchase a collection of securities, which are managed by a
portfolio manager(s). You can buy shares of mutual funds at the net asset value (NAV)
of the fund, which is determined at the close of each day.
Since 2016 banking funds are catching the eye of investors. After underperforming in
2015, banking sector funds performed strongly in the last two years. In the year
2017, banking, funds have given 31 per cent returns. With such good performance,
many investors are inclining towards Investing in these schemes

Let's take a look at the various types of equity and debt mutual funds
available in India:

 Equity or growth schemes. These are some of the most popular mutual fund schemes.
...
 Money market funds or liquid funds: ...
 Fixed income or debt mutual funds: ...
 Balanced funds: ...
 Hybrid / Monthly Income Plans (MIP): ...
 Gilt funds:

Top Sectoral Banking Mutual Funds

Are mutual fund and share market same?

Shares are the physical representation of a small portion of a company's value that is
traded in the stock market. ... Mutual funds are a collection of stocks and bonds that
are managed by fund managers in an Asset Management Company (AMC).
Is a mutual fund related to the stock market?
Mutual funds invest in a large number of stocks which helps investors to diversify
their investments. A well-diversified mutual fund invests in at least 40-50 stocks,
which not only helps in portfolio diversification but also helps in reducing the
concentration risk of the portfolio

differences between Mutual Funds and Shares

 Points Shares Mutual Funds

Form of
Direct investment Indirect investment
investment
Diversificatio At a time, you can purchase only a You can have a diversified portfolio
n particular share. with a one-time investment.
Objective Part of the company's growth strategy. Investment option for an individual.
Predetermined portfolio of stocks.
You are directly responsible for the
You have no control over the
Control over choice of stocks. You can choose to
investments, nor can you choose to
investment trade or exit from the stocks as per
exit from any particular stocks in the
your choice.
portfolio.
No option for fixed investment as
Fixed You can invest in fixed monthly
prices fluctuate regularly. You have to
investment Systematic Investment Plan (SIP)
monitor the prices constantly.
You have to pay fund management
Fees and Brokerage charges and other charges, front-end load/back-end
charges transaction fees. load charges, early redemption
charges etc.
Growth Can provide good returns only in the
Can provide quick returns
trajectory long-term; typically after 5 years.
Long-term returns can range from 14-
Returns Average returns of up to 8%
16%
Best suited for people having
Investor type Anyone can invest in Mutual funds.
expertise in stock markets.
Risk Risky investment. Subject to high
Less market risks.
assessment market volatility.

Top companies
 Nippon Reliance mutual fund.
 ICICI Prudential Mutual Fund.
 Aditya Birla Mutual Fund.
 Motilal Oswal Mutual Fund.
 Canara Robeco Mutual Fund.
 L&T Mutual Fund.

Scheme Name 1 Year 5 Years

Franklin India Bluechip Fund (G) 9.42% 18.98%

ICICI Pru Focused Bluechip Equity Fund (G) 13.18% 16.78%

Invesco India Dynamic Equity Fund (G) 13.46% 15.49%

Invesco India Growth Opp Fund (G) 21.45% 19.46%

What is the average return of mutual funds?

Value-oriented mutual fund schemes or value funds offered an average return of 35%
in 2021, according to Value Research. These schemes have given around the same
35% returns this year till date

Chapter 2
A STUDY ON RISK & RETURN ANALYSIS OF THE SELECTED
MUTUAL FUNDS SCHEMES IN INDIA

ABSTRACT

The Indian mutual funds industry is witnessing a hasty growth as a result of

infrastructural development, increase in personal financial assets, and rise in foreign
participation. With the growing risk appetite, rising income, and increasing
consciousness, mutual funds in India are becoming a preferred investment option. In
the past a few years, we had seen a dramatic growth of the Indian MF industry with
many private players bringing global expertise to the Indian MF Industry.The study
focuses on the risk and return of the selected mutual funds schemes in India. Risk
refers to relatively objective probabilities which can be computed on the basis of past
experience or some prior principle. Risk may be defined as the chance of variations in
actual return.Return is defined as the gain in the value of investment. The return on
an investment portfolio helps an investor to evaluate the financial performance of the
investment. The article main aim is to evaluate the performance of selected mutual
funds in India. Keywords:Industry, Mutual Funds, Risk, Return, Schemes

INTRODUCTION

Risk is the probable measurement of uncertainty. When uncertainty is reduced to a

number of possible results to alternative course of action, it is called risk. Risk is the

possibility of loss or injury, the degree or probability of such loss. Risk is composed of
the demand that brings in variations in return of income. The main forces
contributing to risk are price and interest. All investments are risky, whether in stock
or capital market or banking and financial sector, real estate, bullion gold etc. The
mutual fund was introduced in Belgium in the year 1822. This investment shortly
spread to Britain and France. Mutual funds very popular in US in the year 1920s,
particularly open end mutual funds. Mutual funds experienced a period of excellent
growth after World War II, particularly in the 1980s and 1990s

Concept of Mutual Funds

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 appreciation realized is 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.

REVIEW OF LITERATURE 

Gupta and Sehgal (1998) evaluated the performance of 80 mutual fund schemes over
a four years (1992-96). The study tested the proposition relating to fund
diversification, consistency of performance, parameter of performance and risk-return
relationship. The study noticed the existence of inadequate portfolio diversification
and consistency in performance among the sample schemes

 Trey nor (1965) presents a new way of viewing performance results. He attempted
to rate the performanceof mutual funds on a characteristics line graphically. The
steeper the line, the more systematic risk or volatility a fund possesses. By
incorporating various concepts, he developed a single line index, Tn, called Trey nor
index

 Verma’s book (1997) „Guide to mutual funds & Investmentportfolios of Indian

mutual funds with some statistical data guidelines to the investors in selection of
schemes etc.

 Bansal’s book (1996) “mutual fund management & working”included a descriptive

study of concept of mutual funds, Management of mutual funds, accounting &
disclosure standards, Mutual fund schemes etc.

 S. Anand& V Murugaiah (2003) indicates that the majority of schemes were showed
underperformance in comparison with risk free return.
 Cochran (2001) has examined 'predictability' of stock returns. They suggested that
stock returns arepredictable. The degree of predictability increases as the time
horizon lengthens. The author has examined the predictability of stock returns using
international stock market data from 18 countries. Their results show that dividend
yield can predict stock returns and the level of predictability increase as the return
horizon increase from one month to 48 months.

NEED FOR THE STUDY

The principal objective of every investor is to maximize his investments and to earn
more from his savings. Hence the key question of interest to us in this study is
whether the mutual funds‟ investments will have more advantages when compared
with other investments. This study is useful to the investors to taking decisions
relating to investments in mutual funds. By comparing the Magnum contra fund with
other equity funds like TATA, Kotak, UTI and L&T contra fund in the area of risk and
returns investor will make decisions easily. The
study has been done by using the statistical
tools like Sharpe‟s and Treynor‟s Ratios.

OBJECTIVES OF THE STUDY

The basic objectives of this study are as follows:

 The basic objective of the present study is to evaluate the performance of selected
mutual funds in India.

 To know whether the investments decisions have an impact on the investor who
makes investments in mutual funds.

 To know the average returns and risk of each selected contra fund.

 To compare the SBI Magnum contra fund performance with others selected contra
funds.
 Chapter 3

Risks in Mutual Funds

Why is mutual fund investment risky?

Risk arises in mutual funds owing to the reason that mutual funds invest in a variety
of financial instruments such as equities, debt, corporate bonds, government
securities, and many more. The price of these instruments keeps fluctuating owing to
a lot of factors that may result in losses. Hence, it is essential to identify the risk
profile and invest in the most appropriate fund.

Due to price fluctuation or volatility, a person’s Net Asset Value comes down,
resulting in a loss. In simple terms, NAV is the market value of all the schemes a
person has invested in per unit after negating the liabilities. Hence, it becomes
essential to identify the risk profile and invest in the most appropriate fund.

Types of risks associated with mutual funds

Market Risk

We all would have seen that one-liner in all

advertisements that mutual funds are subject
to market risk.

Market risk is a risk which may result in losses

for any investor due to the poor performance of the market. There are a lot of factors
that affect the market. A few examples are a natural disaster, inflation, recession,
political unrest, fluctuation of interest rates, and so on. Market risk is also known as
systematic risk. Diversifying a person’s portfolio won’t help in these scenarios. The
only thing that an investor can do is to wait for the things to fall in place.

Concentration Risk

Concentration generally means focusing on just one thing. Concentrating a

considerable amount of a person’s investment in one particular scheme is never a
good option. Profits will be huge if lucky, but the losses will be pronounced at times.
The best way to minimize this risk is by diversifying your portfolio. Concentrating and
investing heavily in one sector is also risky. The more diverse the portfolio, the lesser
the risk is.

Interest Rate Risk

Interest rate changes depending on the credit available with lenders and the demand
from borrowers. They are inversely related to each other. Increase in the interest rates
during the investment period may result in a reduction of the price of securities.

For example, an individual decides to invest Rs.100 with a rate of 5% for a period of x
years. If the interest rate changes for some reason and it becomes 6%, the individual
will no longer be able to get back the Rs.100 he invested because the rate is fixed. The
only option here is reducing the market value of the bond. If the interest rate reduces
to 4% on the other hand, the investor can sell it at a price above the invested amount.

Liquidity Risk

Liquidity risk refers to the difficulty to redeem an investment without incurring a loss
in the value of the instrument. It can also occur when a seller is unable to find a
buyer for the security. In mutual funds, like ELSS, the lock-in period may result in
liquidity risk. Nothing can be done during the lock-in period. In yet another case,
exchange-traded funds (ETFs) might suffer from liquidity risk.

As you may know, ETFs can be bought and sold on the stock exchanges like shares.
Sometimes due to lack of buyers in the market, you might be unable to redeem your
investments when you need them the most. The best way to avoid this is to have a
very diverse portfolio and to select the fund diligently.

Credit Risk

Credit risk means that the issuer of the scheme is unable to pay what was promised
as interest. Usually, agencies which handle investments are rated by rating agencies
on these criteria. So, a person will always see that a firm with a high rating will pay
less and vice-versa. Mutual Funds, particularly debt funds, also suffer from credit
risk.

In debt funds, the fund manager has to incorporate only investment-grade securities.
But sometimes it might happen that to earn higher returns, the fund manager may
include lower credit-rated securities. This would increase the credit risk of the
portfolio. Before investing in a debt fund, have a look at the credit ratings of the
portfolio composition.
 Chapter 4

Returns in Mutual Funds

Mutual Funds are one of the best investment plans that offer higher returns and offers
diversification. The investment in assets are divided between debt and equities. Higher
risk with better opportunity for returns is the feature of funds that are more into
equities. These assets perform better than other asset classes.

Types of Mutual Fund Returns

Absolute Returns – Absolute Returns or Point-to-Point returns indicates the
increase or decrease in investment, in terms of percentage. The time taken for
this change is not accounted for. The absolute returns method of calculating
returns is used for mutual funds with a tenure less than 1 year. If the period is
more than one year, the investor has to calculate annualized returns.
Example of Absolute Return calculation: Suppose the current market value of the
investment is Rs. 4, 00,000 and the amount originally invested was Rs. 2, 50,000. In
this case, the absolute return would be - [(4, 00,000-2, 50,000)/2, 50,000] = 60%.

Annualised Return –
As the term implies, annualised returns measure the amount of growth in the value of
your investment on an annual basis. For instance, let’s say that you made an
investment of Rs.1 lakh in a MF scheme. In a span of three years, your investment has
grown to Rs.1.4 lakh. In this case, your absolute return is 40%, but your annualised
return is 11.9% because of the compounding effect.

Total Return –
It refers to the actual returns you have accrued from the investment. It includes
dividends as well as capital gains. For instance, let’s say that you made an investment
of Rs.1 lakh in a MF scheme, and the NAV was Rs.20. Since you made purchases
worth Rs.1 lakh and the NAV is Rs.20, it means that you purchased 5,000 units. After
a year, the NAV of the MF scheme increases to Rs.22, and the value of your units will
be Rs.1.1 lakh (5,000 units x Rs.22 per unit), which means your capital gains shall be
Rs.10,000. Now, in case the scheme declared dividends of Rs.2 per unit over the
course of the year, the overall dividend paid to the investor shall be Rs.10,000 (5,000
units x Rs.2 per unit). Therefore, your overall accrued return shall be Rs.10,000 +
Rs.10,000 (dividend + capital gains) = Rs.20,000, which makes your overall return =
20%.
Trailing Return –
It is the annualised return over a particular trailing period which ends today. For
instance, if the NAV of a MF scheme today is Rs.100, and it was, let’s say, Rs.60 three
years ago. The formula to calculate trailing return in a Microsoft Excel sheet is
(Today’s NAV / NAV at the beginning of the trailing period) ^ (1/Trailing Period) – 1.
Therefore, your three-year trailing return will be 18.6%. In case the scheme’s NAV five
years ago was Rs.50, the five-year trailing return shall be 14.9%.
Point to Point Return –
It is the annualised return recorded between two points of time. All you need to
calculate point to point returns is the start date and the closing date of a mutual fund
scheme.

Annual Return –
As the term suggests, annual return essentially refers to the return earned from a
scheme between the 1st of January and the 31st of December of a particular year. For
instance, in case a scheme’s NAV on the 1st of January is Rs.100 and on the 31st of
December is Rs.110, your annual return shall be 10%.

Rolling Returns –
They refer to a scheme’s annualized returns over a particular period of time. Rolling
returns periods can be daily, weekly or monthly and shall be used until the last day of
the duration in comparison with the benchmark of the scheme (for instance, Nifty,
CNX – Midcap, CNX – 500, BSE – 200, BSE – Midcap, etc.) or fund category (for
instance, midcap funds, large cap funds, balanced funds, diversified equity funds,
etc.)

Compound Annual Growth Rate is used to calculate the returns from mutual
funds investment which has a holding period that exceeds a year. This would
reduce the short-term fluctuations and volatility of the Net Asset Value of the
funds. Under this method of calculating returns from mutual funds, it is
assumed that the investment is growing at a steady pace
In order to calculate the Compound Annual Growth Rate (CAGR) manually, the
equation is as follows:
CAGR = [(Current Net
Asset Value / Beginning Net
Asset Value) ^ (1/number of
years)]-1
 Chapter 5

Mutual Fund Risk & Returns Calculator

You can use the mutual fund returns calculator online to understand how
much returns will be yielded from the capital invested. All you have to do is
enter basic details such as name of the mutual fund, scheme/ plan, the “from”
and “to” date for returns and then click on “Calculate”. The results page would
project the annualized returns and absolute returns availed during a period
from 1 week to a maximum period of 5 years. Most mutual fund returns
calculator also projects the performance rank of the scheme, within fund
classes.
Estimated Returns from Various Mutual Funds in India

Returns from Moderate Risk Equity Funds

Scheme Name 1 Year 3 Years 5 Years

Aditya Birla SL Frontline Equity Fund (G) 9.47% 10.50% 16.82%

DSPBR Equity Opportunities Fund – Reg (G)

10.67% 14.76% 20.18%
10.67%

Franklin India Bluechip Fund (G) 9.42% 10.29% 18.98%

ICICI Pru Focused Bluechip Equity Fund (G) 13.18% 11.03% 16.78%

Invesco India Dynamic Equity Fund (G) 13.46% 10.59% 15.49%

Invesco India Growth Opp Fund (G) 21.45% 13.34% 19.46%

Kotak Select Focus Fund (G) 8.55% 13.40% 20.77%

Mirae Asset India Equity Fund – Reg (G) 13.44% 13.71% 20.76%

Parag Parikh Long Term Equity Fund – Reg (G) 15.97% 11.44% N/A

SBI BlueChip Fund – Reg (G) 12.03% 11.50% 18.15%

Returns from High Risk Equity Funds

Scheme Name 1 Year 3 Years 5 Years

Aditya Birla SL Equity Fund (G) 11.87% 14.58% 22.11%

Franklin India Prima Fund (G) 9.90% 14.75% 25.91%

Franklin India Smaller Cos Fund (G) 14.04% 17.00% 30.52%

HDFC Mid-Cap Opportunities Fund (G) 12.60% 16.99% 27.09%

ICICI Pru Value Discovery Fund (G) 7.37% 8.24% 21.09%

L&T India Value Fund – Reg (G) 9.08% 16.44% 25.93%

Mirae Asset Emerging Bluechip – Reg (G) 11.25% 20.10% 30.57%

Motilal Oswal Multicap 35 Fund – Reg (G) 13.91% 17.28% N/A

Principal Emerging Bluechip Fund (G) 15.76% 17.69% 27.54%

Sundaram Mid Cap Fund (G) 10.08% 16.92% 26.87%

Returns from Moderate-Risk Tax-Saving Funds

Scheme Name 1 Year 3 Years 5 Years

Axis LT Equity Fund (G) 20.24% 12.38% 23.48%

Invesco India Tax Plan (G) 18.59% 12.88% 20.86%

Franklin India Taxshield (G) 9.90% 10.05% 18.80%

DSPBR Tax Saver Fund – Reg (G) 8.61% 13.70% 20.31%

Returns from High-Risk Tax-Saving Funds

cheme Name 1 Year 3 Years 5 Years

Aditya Birla SL Tax Relief ’96 (G) 18.99% 14.01% 22.60%

Tata India Tax Savings Fund – Reg (G) 12.78% 15.30% N/A

Returns from Hybrid Equity-Oriented Funds – Moderate Risk

Scheme Name 1 Year 3 Years 5 Years

Aditya Birla SL Balanced ’95 Fund (G) 8.63% 10.84% 16.81%

ICICI Pru Equity & Debt Fund (G) 9.56% 11.72% 17.86%

HDFC Balanced Fund (G) 10.43% 11.63% 19.18%

L&T India Prudence Fund – Reg (G) 9.75% 11.90% 18.78%

Returns from Hybrid Equity-Oriented Funds – Low Risk

Scheme Name 1 Year 3 Years 5 Years

Kotak Equity Savings Fund (G) 9.10% 8.12% N/A

ICICI Pru Balanced Advantage Fund (G) 9.37% 9.72% 14.39%

Returns from Debt Funds – Six Months to One Year Holding

Scheme Name 1 Year 3 Years 5 Years

Tata Treasury Advantage Fund 6.66% 7.72% 8.32%

ICICI Pru Flexible Income Plan (G) 6.70% 8.02% 8.60%

Aditya Birla SL FRF – Long Term Plan (G) 6.71% 8.14% 8.65%

DHFL Pramerica Ultra ST (G) 6.82% 7.80% 8.57%

Returns from Short Term Debt Funds – Moderate Risk

Scheme Name 1 Year 3 Years 5 Years

Reliance Medium Term (G) 6.43% 7.82% 8.19%

Returns from Long Term Debt Funds – Moderate Risk

Scheme Name 1 Year 3 Years 5 Years

Aditya Birla SL Dynamic Bond Fund – Reg (G) 2.92% 6.62% 8.06%

UTI Dynamic Bond Fund – Reg (G) 4.10% 8.21% 9.04%

HDFC Medium Term Opportunities Fund (G) 5.92% 8.00% 8.25%

 Returns from Long Term Debt Funds – High Risk

Scheme Name 1 Year 3 Years 5 Years

DSPBR Credit Risk Fund – Reg (G) 5.67% 8.19% 8.75%

UTI Credit Risk Fund – Reg (G) 6.06% 8.19% 8.57%

Kotak Medium Term Fund (G) 5.68% 8.36% N/A

Aditya Birla SL Medium Term Fund

6.81% 8.58% 9.44%
(G)

GST rate of 18%

applicable for all
financial services
effective July 1,
2017.
Chapter 6

Conclusion