CHAPTER-V DATA ANALYSIS & INTERPRETATION

RESULTS AND DISCUSSION The main objective of the study is evaluating the performance of RELIANCE company. mutual

fund. The data was obtained from the objective sources by the fact sheets published by the

Initially every fund selected for the study is analyzed thoroughly. The monthly returns are computed for every option that comes under the schemes. Then ‘Arithmetic mean’ which is the most popularly and widely used measure for representing the entire data by one value is calculated. Following this Standard deviation is calculated. This measures the absolute dispersion between the returns of the fund. The greater the standard deviation the greater the magnitude of deviations.

The study evaluates the performance on mutual fund equity schemes of RELIANCE mutual fund. Ascertain the relationship between the movement of SENSEX & NIFTY Suggest the profitable portfolio RETURNS & fluctuation in NAV of mutual fund equity schemes. Ascertain the volatility and market risk on selected equity schemes in mutual funds. construction to unit holder.

Analysis is made on return and risk (total risk and systematic risk) of the fund. This is also compared with the benchmark portfolios. Then the level of diversification of all selected funds is figured out. The standard ratios to evaluate the risk-adjusted performance measure are calculated. The calculations were done with Microsoft – Excel.

TABLE 5.1 AN ANALYSIS FOR THE 3 YEARS UNDER THE BETA MEASURE NIFTY VS NAV

FUND NAME S.NO 1 2 3 4 5 6 RELIANCE GROWTH FUND RELIANCE VISION FUND RELIANCE EQUITY FUND RELIANCE BANKING FUND RELIANCE INFRASTRUCTUREFUND RELIANCE PHARMA FUND

NIFTY VS NAV FOR THE PERIOD OF 3 YEARS (08,09,10) 0.90318 0.88957 0.90891 0.84408 0.88895 0.90999

CHART 5.1 BETA MEASURE NIFTY Vs NAV

INTERPRETATION ➢ The table shows that the beta measures funds have been performed well when compared to NIFTY Vs NAV returns of RELIANCE BANKING FUND 0.84408 is better than other funds. ➢ The table shows that the beta measures funds have been performed well when compared to NIFTY Vs NAV returns of RELIANCE INFRASTRUCTUREFUND 0.88895 and RELIANCE VISIONFUND is the moderate performance. ➢ The table shows that the beta measures funds is not performed well when compared to NIFTY Vs NAV returns of RELIANCE GROWTHFUND 0.9038 and RELIANCE PHARMA fund is the last rank of performance.

2 AN ANALYSIS FOR THE 3 YEARS UNDER THE BETA MEASURE SENSEX Vs NAVTANDARD deviationE FUND ve been performed well when co TO UNIT HOLDER FOR 3 YEARS UNDER THE STANDARD DEVIATION CHART 5.91046 0.10) 0.91046 is last performance. ➢ The table shows that the beta measures funds have been performed well when compared to SENSEX Vs NAV returns of RELIANCE VISIONFUND 0. ➢ The table shows that the beta measures funds is not performed well when compared to SENSEX Vs NAV returns of RELIANCE GROWTHFUND 0.91046 is moderate performance.92514 INTERPRETATION ➢ The table shows that the beta measures funds have been performed well when compared to SENSEX Vs NAV returns of RELIANCE BANKING FUND 0.92873 0.NO 1 2 3 4 5 6 FUND NAME RELIANCE GROWTHFUND RELIANCE VISIONFUND RELIANCE EQUITY FUND RELIANCE BANKING FUND RELIANCE INFRASTRUCTUREFUND RELIANCE PHARMA FUND FOR THE PERIOD OF 3 YEARS (08. .90693 and RELIANCE INFRASTRUCTUREFUND 0.TABLE 5.2 BETA MEASURE SENSEX Vs NAV SENSEX VS NAV S.09.90693 0.86103 is better than other funds.93191 0.86103 0.

.

09.78108 0.3 CORRELATION MEASURE NIFTY VS NAV S. .3 AN ANALYSIS FOR THE 3 YEARS UNDER THE CORRELATION MEASURE NIFTY Vs NAV CHART 5. ➢ The table shows that the correlation measures funds have been performed well when compared to NIFTY Vs NAV returns of RELIANCE PHARMA FUND and RELIANCE INFRASTRUCTUREFUND is modearate positive returns. ➢ The table shows that the correlation measures funds is not performed well when compared to NIFTY Vs NAV returns of RELIANCE BANKING FUND is last positive returns.78260 0.74613 0.76871 0.10) 0.80308 1 2 3 4 5 6 RELIANCE GROWTHFUND RELIANCE VISIONFUND RELIANCE EQUITY FUND RELIANCE BANKING FUND RELIANCE INFRASTRUCTUREFUND RELIANCE PHARMA FUND INTERPRETATION ➢ The table shows that the correlation measures funds have been performed well when compared to NIFTY Vs NAV returns of RELIANCE GROWTHFUND is 1st positive returns.TABLE 5.NO FUND NAME NIFTY Vs NAV FOR THE PERIOD OF 3 YEARS (08.83369 0.

09.NO FUND NAME SENSEX VS NAV FOR THE PERIOD OF 3 YEARS (08.74213 0.TABLE 5.10) 0.78088 0. .4 CORRELATION MEASURE SENSEX Vs NAV S. ➢ The table shows that the correlation measures funds have been performed well when compared to SENSEX VS NAV returns of RELIANCE BANKING FUND is last positive returns.4 AN ANALYSIS FOR THE 3 YEARS UNDER THE CORRELATION MEASURE SENSEX Vs NAV CHART 5.76416 0.78312 0.79609 1 2 3 4 5 6 RELIANCE GROWTHFUND RELIANCE VISIONFUND RELIANCE EQUITY FUND RELIANCE BANKING FUND RELIANCE INFRASTRUCTUREFUND RELIANCE PHARMA FUND INTERPRETATION ➢ The table shows that the correlation measures funds have been performed well when compared to SENSEX VS NAV returns of RELIANCE GROWTHFUND is the 1st positive returns. ➢ The table shows that the correlation measures funds have been performed well when compared to SENSEX VS NAV returns of RELIANCE PHARMA FUND and RELIANCE INFRASTRUCTUREFUND is moderate positive returns.83589 0.

01880 0. .01504 0.01695 0.01554 0.01714 0.01732 0.01539 TABLE 5.01477 0.01777 0.01600 0.01768 0.5 ANALYSES FOR THE FUNDS PERFORMANCE RETURNS OF MARKET VOLATILITY FOR 3 YEARS UNDER THE STANDARD DEVIATION CHART 5.01317 0.01771 2007 0.01958 0.01881 0.5 STANDARD DEVIATION MEASURE INTERPRETATION ➢ From the table we can ascertain the volatility of RELIANCE GROWTHfund is less market risk compared to other funds in 2005.01572 0.01700 0.STANDARD DEVIATION S.NO 1 2 3 4 5 6 FUND NAME RELIANCE GROWTHFUND RELIANCE VISIONFUND RELIANCE EQUITY FUND RELIANCE BANKING FUND RELIANCE INFRASTRUCTUREFUND RELIANCE PHARMA FUND 2005 0.01725 2006 0.

. ➢ From The table we can ascertain the volatility of RELIANCE BANKING fund is less market risk compared to other funds in 2007.➢ From The table we can ascertain the volatility of RELIANCE BANKING fund is less market risk compared to other funds in 2006.

TABLE 5. The volatility of market risk of RELIANCE BANKING FUND and RELIANCE PHARMA FUND and shows free risk compared to other funds. It is moderate performance.01680 1 2 3 4 5 6 RELIANCE GROWTHFUND RELIANCE VISIONFUND RELIANCE EQUITY FUND RELIANCE BANKING FUND RELIANCE INFRASTRUCTUREFUND RELIANCE PHARMA FUND INTERPRETATION ➢ The table shows the evaluation of funds as per standard deviation measures.6 ANALYSES FOR THE FUNDS PERFORMANCE RETURNS OF MARKET VOLATILITY FOR 3 YEARS (OVERALL) UNDER THE STANDARD DEVIATION CHART 5.01681 0. ➢ The table shows the evaluation of funds as per standard deviation measures.01606 0. We can able to ascertain that all funds are in positive points. We can able to ascertain that all funds are in positive points.01677 0. The volatility of market risk of RELIANCE GROWTHFUND shows free risk compared to other funds. We can able to ascertain that all funds are in positive points.01725 0. Its ranks in last performance. The volatility of market risk of RELIANCE EQUITY OPPORTUNITIUS FUND shows free risk compared to other funds.01715 0.09. .10) 0. ➢ The table shows the evaluation of funds as per standard deviation measures.NO FUND NAME STANDARD DEVIATION FOR THE PERIOD OF 3 YEARS (08.6 STANDARD DEVIATION MEASURE (OVERALL) S.

00 0. BETA & SD CHART 5.95 DEVIATION (08.41 33.90 0.94 TABLE 5.90 BETA (08.7 RETURNS MEASURES FOR PROFITABLITY PORTFOLIO .09.49 26.STANDARD S.00 0.93 25.93 27.NO 1 2 3 4 5 6 FUND NAME RELIANCE GROWTHFUND RELIANCE VISIONFUND RELIANCE EQUITY FUND RELIANCE BANKING FUND RELIANCE INFRASTRUCTUREFUND RELIANCE PHARMA FUND RETURNS (08.93 27.95 1.7 ANALYSES FOR THE FUNDS PROFITABLE PORTFOLIO CONSTRUCTION TO UNIT HOLDER FOR 3 YEARS UNDER THE RETURNS.59 24.10) 23.84 1.10 33.09.10 24.13 41.09.10) 32.10) 0.88 31.

84 is better than other funds.9 STANDARD DEVIATION MEASURES FOR PROFITABLITY PORTFOLIO . Its ranks second performance.INTERPRETATION ➢ The table shows that the returns measures funds have been performed well when compared to NAV returns of RELIANCE INFRASTRUCTUREFUND 41. Its ranks in moderate performance.95 is better than other funds. ➢ The table shows that the beta measures funds have been performed well when compared to NAV returns of RELIANCE GROWTHFUND 0.8 BETA MEASURES FOR PROFITABLITY PORTFOLIO INTERPRETATION ➢ The table shows that the beta measures funds have been performed well when compared to NAV returns of RELIANCE BANKING FUND 0. Its ranks in last performance.59 and RELIANCE VISIONFUND 33.13 is higher than other funds. CHART 5.88 is higher than other funds. Its ranks moderate performance. ➢ The table shows that the returns measures funds have been performed well when compared to NAV returns of RELIANCE EQUITY FUND 33. CHART 5. ➢ The table shows that the returns measures funds have not performed well when compared to NAV returns of RELIANCE BANKING FUND 24.10 is higher than other funds.90 is better than other funds. ➢ The table shows that the beta measures funds have been performed well when compared to NAV returns of RELIANCE PHARMA FUND and RELIANCE VISIONFUND 0.

Its ranks last performance. . ➢ The table shows that the standard deviation measures funds have been performed well when compared to NAV returns of RELIANCE BANKING FUND 24. ➢ The table shows that the standard deviation measures funds have been performed well when compared to NAV returns of RELIANCE INFRASTRUCTUREFUND 27.93 and RELIANCE PHARMA FUND 25.93 is better than other funds. Its ranks moderate performance.INTERPRETATION ➢ The table shows that the standard deviation measures funds have been performed well when compared to NAV returns of RELIANCE GROWTHFUND 23.94 is better than other funds.49 is better than other funds.

59 33.41 is the highest ratio & it is ranked on the fourth.90 24. ➢ The table shows RELIANCE PHARMA FUND 31.NO 1 2 3 4 5 6 RELIANCE FUND NAME INFRASTRUCTURE FUND RETURNS (08.10 RETURNS RANK MEASURES FOR PROFITABLITY PORTFOLIO S. .88 33. ➢ The table shows RELIANCE EQUITY FUND 33.TABLE 5.41 31.10 is the highest ratio & it is ranked on the third. ➢ The table shows RELIANCE GROWTHFUND 32.10 32.8 ANALYSES FOR THE FUNDS PROFITABLE PORTFOLIO CONSTRUCTION TO UNIT HOLDER FOR 3 YEARS UNDER THE RETURNS FOR RANKING METHOD CHART 5.90 is the highest ratio & it is ranked on the fifth.10) 41.09.59 is the highest ratio & it is ranked on the second.88 is the highest ratio & it is ranked on the top.13 RANK 1 2 3 4 5 6 RELIANCE EQUITY FUND RELIANCE VISIONFUND RELIANCE GROWTHFUND RELIANCE PHARMA FUND RELIANCE BANKING FUND INTERPRETATION ➢ The table shows RELIANCE INFRASTRUCTUREFUND 41. ➢ The table shows RELIANCE VISIONFUND 33.

13 is the highest ratio & it is ranked on the sixth.➢ The table shows RELIANCE BANKING FUND 24. .

➢ The table shows RELIANCE PHARMA FUND 0.95 is the third performance & it is ranked on the third. ➢ The table shows RELIANCE EQUITY FUND 1. ➢ The table shows RELIANCE INFRASTRUCTUREFUND 1.00 RANK 1 2 3 3 5 5 INTERPRETATION ➢ The table shows RELIANCE BANKING FUND 0.84 0.95 0.95 is the third performance & it is ranked on the third.95 1.90 0.00 1. ➢ The table shows RELIANCE GROWTHFUND 0.00 is the fifth performance & it is ranked on the fifth.NO 1 2 3 4 5 6 FUND NAME RELIANCE BANKING FUND RELIANCE PURE EQUITY FUND RELIANCE PHARMA FUND RELIANCE SELECT EQUITY FUND RELIANCE INFRASTRUCTUREFUND RELIANCE EQUITY FUND BETA (08. ➢ The table shows RELIANCE VISIONFUND 0.00 is the fifth performance & it is ranked on the fifth.10) 0.09.11 BETA RANK MEASURES FOR PROFITABLITY PORTFOLIO S.90 is the second performance & it is ranked on the second.TABLE 5.9 ANALYSES FOR THE FUNDS PROFITABLE PORTFOLIO CONSTRUCTION TO UNIT HOLDER FOR 3 YEARS UNDER THE BETA FOR RANKING METHOD CHART 5.84 is the highest performance & it is ranked on the top. .

12 STANDARD DEVIATION RANK MEASURES FOR PROFITABLITY PORTFOLIO .09.10) 23.93 27.10 27.STANDARD S.10 ANALYSES FOR THE FUNDS PROFITABLE PORTFOLIO CONSTRUCTION TO UNIT HOLDER FOR 3 YEARS UNDER THE STANDARD DEVIATION FOR RANKING METHOD CHART 5.NO 1 2 3 4 5 6 FUND NAME RELIANCE GROWTHFUND RELIANCE BANKING FUND RELIANCE PHARMA FUND RELIANCE VISIONFUND RELIANCE EQUITY OPPORTUNITIES FUND RELIANCE INFRASTRUCTUREFUND DEVIATION (08.49 24.93 25.93 RANK 1 2 3 4 5 6 TABLE 5.94 26.

93 is the second performance & it is ranked on the second.94 is the third performance & it is ranked on the third.49 is the highest performance & it is ranked on the top. ➢ The table shows RELIANCE INFRASTRUCTUREFUND 27.93 is the third performance & it is ranked on the fourth.93 is the fifth performance & it is ranked on the sixth. ➢ The table shows RELIANCE PHARMA FUND 25.INTERPRETATION ➢ The table shows RELIANCE GROWTHFUND 23. . ➢ The table shows RELIANCE VISIONFUND 26. ➢ The table shows RELIANCE EQUITY FUND 27.10is the fifth performance & it is ranked on the fifth. ➢ The table shows RELIANCE BANKING FUND 24.

BETA & STANDARD DEVIATION FOR FINAL RANKING METHOD S.TABLE 5. it is also stands first rank. Standard Deviation and Beta we ascertain that the RELIANCE GROWTHFUND has performed well when compared to other funds. .11 ANALYSES FOR THE FUNDS PROFITABLE PORTFOLIO CONSTRUCTION TO UNIT HOLDER FOR 3 YEARS UNDER THE RETURNS. So.13 OVER ALL RANKING MEASURE INTERPRETATION ➢ From analyzing all three tables of Returns.NO 1 2 3 4 5 6 FUND NAME RELIANCE GROWTHFUND RELIANCE BANKING FUND RELIANCE VISIONFUND RELIANCE PHARMA FUND RELIANCE INFRASTRUCTUREFUND RELIANCE EQUITY OPPORTUNITIES FUND RANK TOTAL 4+2+1 6+1+2 3+3+4 5+3+3 2+5+5 1+5+6 TOTAL POINTS 7 9 10 11 12 12 FINAL RANK 1 2 3 4 5 5 CHART 5.

07. TABLE 5. AND 08) UNDER SHARPE RATIO .➢ RELIANCE BANKING FUND has performed well & stands second rank.12 ANALYSES FOR THE FUNDS PERFORMANCE FOR THE LAST THREE YEARS (06. ➢ RELIANCE VISIONFUND has performed well & stands third rank. ➢ RELIANCE PHARMA FUND has performed well & stands fourth rank. ➢ RELIANCE EQUITY FUND has performed well & stands sixth rank. ➢ RELIANCE INFRASTRUCTUREFUND has performed well & stands fifth rank.

25 1.09.07 1.12 1. 07. .NO 1 2 3 4 5 6 ➢ FUND NAME RELIANCE GROWTHFUND RELIANCE VISIONFUND RELIANCE EQUITY FUND RELIANCE BANKING FUND RELIANCE INFRASTRUCTUREFUND RELIANCE PHARMA FUND SHARPE RATIO YEARS (08. and 08). And also second positions are RELIANCE GROWTHFUND. ➢ RELIANCE INFRASTRUCTUREFUND has performed well and has been occupied the first position. and 08).06 0. 07.14 SHARPE RATIOS INTERPRETATION S.05 The table shows that the RELIANCE INFRASTRUCTUREFUND has been performed well when compared last three years (06.10) 1.CHART 5.86 1. ➢ The ratio of Sharpe is high for those funds and another one RELIANCE GROWTHFUND has been performed well when compared last three years (06.

07.S. 06.13 ANALYSES FOR THE FUNDS PERFORMANCE FOR THE LAST THREE YEARS (06. AND 08) UNDER TREYNOR RATIO CHART 5. .09.NO 1 2 3 4 5 6 FUND NAME RELIANCE GROWTHFUND RELIANCE VISIONFUND RELIANCE EQUITY FUND RELIANCE BANKING FUND RELIANCE INFRASTRUCTUREFUND RELIANCE PHARMA FUND TREYNOR RATIO YEARS (08.20 TABLE 5.05 1. and 07).24 1.24 1.33 1.10) 1.15 TREYNOR RATIOS INTERPRETATION ➢ The table shows that the RELIANCE GROWTHFUND has been performed well when compared last three years (05.45 1.

And also second positions are RELIANCE VISIONFUND and RELIANCE EQUITY FUND. 06. . ➢ RELIANCE GROWTHFUND has performed well and has been occupied the first position.➢ The ratio of Sharpe is high for those funds and another one RELIANCE VISIONFUND and RELIANCE EQUITY FUND has been performed well when compared last three years (05. and 07).

 Standard Deviation for RELIANCE BANKING Fund which indicates that the fund is not too aggressive and not to volatility only and also market risk stable in the year 2007.CHAPTER-VI 6. Equity Opportunity Fund which indicates that the Mutual Equity schemes having positive relationship between movements of NIFTY Vs NAV & another one SENSEX Vs NAV returns and also fluctuations in last fund is not too aggressive and not to volatility only and also market risk stable in the year .  RELIANCE Equity fund performed well in giving expected returns in last three years as per Sharpe ratio.1 FINDINGS OF THE STUDY  RELIANCE INFRASTRUCTUREFund performed well in giving expected returns in last three years as per Treynor ratio.  Standard Deviation for RELIANCE 2007.  Standard Deviation for RELIANCE VISIONFund which indicates that the fund is not too aggressive and not to volatility only and also market risk stable in the year 2007.  RELIANCE GROWTHFund gives stable returns & also volatility is low in last three years rather than other funds.  Standard Deviation for RELIANCE PHARMA Fund which indicates that the fund is not too aggressive and not to volatility only and also market risk stable in the year 2007.  Standard Deviation for RELIANCE INFRASTRUCTUREFund which indicates that the fund is not too aggressive and not to volatility only and also market risk stable in the year 2007.  RELIANCE three years.  Standard Deviation for RELIANCE GROWTHFund which indicates that the fund is not too aggressive and not to volatility only and also market risk stable in the year 2007.

beta & standard deviation measure have been ranked. The Pure Equity Fund has the highest performance & it is ranked on the top.  Those are all RELIANCE Mutual Equity Schemes have been returns higher than average returns with low total risk & beta.  RELIANCE GROWTHFund has the highest Profitable returns and it is giving expected returns to the unit holders. .  RELIANCE EQUITY fund & RELIANCE INFRASTRUCTUREFund has the lowest performance and it is ranked on the last. The funds as per returns.

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