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PERFORMANCE APPRAISAL OF EQUITY SCHEMES OF INDIA MUTUAL FUNDS

Aman Srivastava (Assistant Professor, Jaipuria Institute of Management, Noida, U.P., India) Rakesh Gupta (Associate Professor, IILM, Greater Noida, U.P., India) In this paper an attempt is made to evaluate the performance of growth oriented equity schemes of Indian mutual funds on the basis of monthly returns compared to benchmark returns. For this purpose, risk adjusted performance measures relative performance index (RPI), Jenson ratio, Treynor·s ratio, Sharpe ratio and Fama & French ratios are employed. The findings of the study suggest that majority of the mutual funds outperformed the market benchmarks. It is found that, Sahara mutual fund and Birla Sunlife outperformed the others in all the evaluation techniques employed. The results suggest that although the funds outperformed the benchmarks but even then the Indian fund managers are required to put more efforts for diversifying their portfolios as they are not diversified properly.

A STUDY ON THE PERFORMANCE OF TOP THREE FUNDS (EQUITY, INCOME & BALANCED FUNDS) 2006-2008
P.Vikkraman (Assistant Professor, Anna University, Coimbatore, Tamilnadu) P.Varadharajan (Faculty member, PSG Institute of Management, Coimbatore, Tamilnadu) Joshua selvakumar (Faculty member, PSG) The research paper deals with the performance of top three mutual funds in the equity, income and the balanced funds category based on their return. The main focus of this research is to find out the risk and return and study the performance of the funds and to compare it with the market return. This research is limited to 9 open-ended funds 3 each in the equity, income & the balanced funds respectively subject to the availability of NAV Data for three years (2006-2008) The various tools used for analysis are annual return, risk, beta, sharpe, treynor and jense measures, correlation & the regression The analysis reveals the performance of the funds with the market over the three years and whether the fund·s managers have good timing abilities and proper stock selection capacities. Also the behaviour of the funds during the up & the down market are analyzed. The findings are most of the funds which performed well in the up market yielded negative returns below the market level during the down period. The conservative income funds alone gave positive returns. The timing abilities and the stock selecting capacities of the fund managers are nil or very poor which might be the reason for the performance of the funds.

The Journal of Indian Management & Strategy 8M Year : 2010, Volume : 15, Issue : 1 Print ISSN : 0973-9335. Online ISSN : 0973-9343. Performance evaluation of selected Mutual Fund growth schemes Rao K. Viyyanna1, Rector, Daita Nirmala2, Faculty Member
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Acharya Nagarjuna University, Nagarjuna Nagar, Guntur - 522 510. (A.P.)

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M.B.A. Department of Nalanda Institute of P.G Studies affiliated to Acharya Nagarjuna University. Abstract Many (small) investors usually do not have adequate time, knowledge, expertise, experience, and resource for directly accessing highly profitable avenues in capital and money markets. It is promised that Mutual Funds confer instantaneous and substantial diversification on them, which is necessary to reduce risk. They also provide such investors continuous supervision and

).P. real estate. Professor * Dept.). Kumar Nooney Lenin2. (A. Volume : 15. Commerce & Business Administration.e. Abstract A mutual fund is the ideal investment vehicle for today's complex and modern financial scenario. Online ISSN : 0973-9343. Investment in Mutualfunds: The Mythsand the Mystiques Seshamohan V. Guntur (Dt. derivatives and other assets have become mature and information driven. Mutual funds which have been operating for greater than five years and performing during the period of study (i. Andhra Pradesh. The present study is an attempt in that direction. 21equity index funds. judicious investment decision.B. Vaddeswaram. Investors can typically find Mutual Funds to suit their investment outlook. standard deviation. Andhra Pradesh. The Journal of Indian Management & Strategy 8M Year : 2008. Online ISSN : 0973-9343. Benchmark comparison is also made as it indicates to what extent the fund managers were able to produce better performance of managed portfolio compared to the market or index portfolios.2. Sharpe Ratio. Issue : 2 Print ISSN : 0973-9335. Assistant Professor 1 School of Management. 18 equity tax savings funds.G Centre. Swarna Bharathi Institute of Management Science. P. Volume : 13. 2 Dept. Mutual funds have come as a much needed help to these investors. and risk preferences. and professional management of portfolio at affordable sorts. In order that the Mutual Funds derive their locus stand from their ability to diversify investments. India. KL University. one need to evaluate the performance of Mutual Funds¶ schemes before going to invest one's own funds. The sample for the study consists of 102 equity mutual funds comprising 56 equity diversified funds. . Prasad Maruthi Vara**. Siddhartha College of Arts and Science Vijayawada.analysis. V. P. Markets for equity shares. tax planning. Khammam . Professor. Treynor ratio and Jensen ratio. bonds and other fixed income instruments. Risk/Return. income needs. Issue : 3 Print ISSN : 0973-9335. Small investors face a lot of problems in the share market due to lack of professional advice and lack of information. 2003 ± 2007) are selected for the present research. Pakabanda. India. Asst. Performance Evaluation of Equity Mutual Funds Devi Vangapandu Rama1.*. seven equity technology funds. investment consultancy. The Journal of Indian Management & Strategy 8M Year : 2010. The performance of selected funds is evaluated using average rate of return of fund. of Management Science. Reader.

P. µdisclosure norms¶ are supposedly confined to publish the µnet asset value¶ (NAV) . Abstract Indian mutual fund industry has.e. Haryana. sector and type of portfolio. i. Year-on-year percent change. The reference period ranges from 1998±2006. the investor has little information to guide him and help him to take prudent decisions. Bishnoi Sunita2. Emerging trends of mutual funds in India: A study across category and type of schemes Bodla B.). assets under management and resources mobilized. Volume : 13. Abstract The present paper aims to bring out the recent trends in mutual fund industry in India. Unfortunately.the myth and the mystique of which is yet to be exploded. and the investor is likely to be led up the garden path by agents and inspired columnists extolling the virtue of a particular scheme without subjecting it to a microscopic examination. emerged as a significant financial intermediary. Issue : 1 Print ISSN : 0973-9335. monthly income plans. Such information draught is the breeding groundfor misinformation. Online ISSN : 0973-9343. S. Guru Jambheshwar University of Science and Technology. In India. Guntur (Dt. etc. assisting efficient resource allocation. period of second generation financial sector reforms. has contribud in no small measure to perpetuating the cult of ignorance at various levels. With growing complexity of security market. Hisar. providing strong support to capital markets and helping investors to realize the benefits of stock market investing. 2 DAV Institute of Management. The Journal of Indian Management & Strategy 8M Year : 2008. too. The study brings out that the mutual fund investors in India at present have as many as 609 schemes with variety of features such as dividend. busy investors are unable to keep track of its movement and direction. The present paper is an attempt to study the myths and mystiques of mutual funds through a critical evaluation and finally offers some common guidelines to mutual funds investors. Faridadad. Though both open-end and close-end . equity linked schemes.1. Of Management Science. sectoral plans. The emerging scenario and growth of mutual funds have been analyzed across category. cumulative interest income. compound annual growth rate (CAGR) and proportionate market share are the major tools applied for analysing growth in number of schemes. growth. within a short period. Laxity of regulation. Simple arithmetical calculation on premium/discount on NAV figures pass under the label of research. Lecturer 1 Haryana School of Business. Nalanda Institute of Post Graduate courses Sattenapalli.** Dept.) (A. money market schemes.

.5 percent in 1998. Portfolio-wise analysis has brought that income schemes have an edge over growth schemes in terms of assets under management.8 percent in 2006 from 82. Moreover UTI's share in total assets under management has come down to 11.schemes have registered excellent growth in fund mobilization. but currently the former category of schemes is more popular among the investors.