PERFORMANCE OF MUTUAL FUND

AND INVESTOR’S DECISION

Research Project Submitted in Partial Fulfillment of the Requirements for the

Degree of

BCOM Honors

By

Anurag Pandey

To the

DEPARTMENT OF COMMERCE

BHOPAL SCHOOL OF SOCIAL SCIENCES

April 2021

Guided by:-

Dr Smitha Pillai

Associate Professor

Department of Commerce

i
 DECLARATION

I hereby declare that this project report entitled “Performance of Mutual Fund and Investors
Decision” was carried out by me for the degree of BCOM (Honors) under the guidance and
supervision of Dr Smitha Pillai of Department of Commerce, BSSS College. The interpretations
put forth are based on my reading and understanding of the original texts and they are not
published anywhere in any form. The other books, articles and websites, which I have made use
of are acknowledged at the respective place in the text. This research report is not submitted for
any other degree or diploma in any other University.

Place: Bhopal

Name of the Student: Anurag Pandey

Class & Section: BCOM {Honors} – 3 'A'

Date: April 2021

ii
 CERTIFICATE

It is certified that the work contained in the project report titled “Performance of Mutual Funds
and Investors Decision” by Anurag Pandey has been carried out under my/our supervision and
that this work has not been submitted elsewhere for a degree.

Signature of Supervisor: …………….

Name : Dr Smitha Pillai, Associate Professor

Department : Commerce

Bhopal School of Social Sciences

April, 2021

iii
 ACKNOWLEDGEMENT

I would like to thank our Principal Dr. Fr. John P.J. and Vice Principal Dr Sr Sonia Kurien for
their immense support and blessings. I thank our HOD Dr Amit Kumar Nag for his support. I
would like to express my special thanks of gratitude to my research guide Dr. Smitha Pillai,
Associate Professor of Department of Commerce for her valuable suggestions and guidance and
for giving me the golden opportunity to do this wonderful research project on the topic:
Performance of Mutual Fund and Investors Decision, without her help it would have been
difficult for me to have reached this state of completion of my project report. Also, I would like
to thank my parents and friends who helped me a lot in the preparation of this project.

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 Table of Contents

Particulars Page no.

ii.
Declaration

Certificate iii.
Acknowledgement iv.

Chapter 1: Introduction of the Topic

1.1 Rationale of the Study 1.
1.2 Introduction to the industry 2.
1.3 Introduction to the company 5-7.
1.4 Justification of the topic 8.

Chapter 2: Review of Literature

2.1 National and International reviews 9-11.

Chapter 3: Research Methodology

3.1 Objectives of the Study 12.
3.2 Research Hypothesis 12.
3.3 Scope of the Study 12.
3.4 Data collection 12.
3.5 Limitations of the study 13.

Chapter 4: Data representation & Analysis

4.1 Data representation & Interpretation 14-16.
4.2 Hypothesis Testing 17-18.

Chapter 5: Results & Discussion

5.1 Major Findings 19.
5.2 Discussions & Suggestions 20.

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5.3 Conclusion 21.
Annexure 22
Copy of questioner 22-23.
References 24.

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 CHAPTER 1: INTRODUCTION OF THE TOPIC

1.1 Rationale of the Study

The growth of the Mutual Fund Industry in India has created its edge in the personal finance
industry and has opened up opportunities to investors in order to diversify their investments
across assets.

This industry has come a long way since its inception in the year 1963. The expansion of this
sector has been tremendous as it has seen growth in all parameters namely – assets under
management, number of schemes, funds, fund houses and not to forget, the customers. Investing
in mutual fund has seen an upfront growth in India because of the nature of this instrument. It not
only gives higher returns on your money, but also provides the huge benefits of ‘compounding’.

The industry has an immense scope for growth in future. You can understand it by the fact that
about 25-30% in the United States invests their savings in mutual funds, whereas in India it is
only 2-3%. Clearly, Mutual fund industry in India has a bright future and the fact that India has a
huge savings ratio in comparison to any other country makes it even more interesting.

Another reason for taking up this topic for research is to make people more aware about the
Mutual fund industry and stock market as a whole so that the wrong perceptions made about this
industry are cleared and the immense benefits that one can reap from the sector can be explained.

1
1.2 Introduction to the industry

Mutual fund is an investment company that pools money from investors and invest in a variety
of securities, such as stocks, bonds and money market instruments. This corpus of funds is
managed by an investment professional known as a fund manager or portfolio manager. It is
his/her job to invest the corpus in different securities with the aim of achieving maximum
returns. The gains (or losses) on the investment are shared collectively by the investors in
proportion to their contribution to the fund. Mutual funds invest pooled cash to meet the
fund’s stated investment objective. Mutual funds stand ready to sell and redeem their shares at
any time at the fund’s current Net Asset Value. In Simple Words, Mutual fund is a mechanism
for pooling the resources by Issuing units to the investors and investing funds in securities in
accordance with objectives as disclosed in offer document.

1.2. a. Advantages and Disadvantages of Mutual funds

Advantages of Mutual funds:

➢ Professional Management
➢ Diversification
➢ Economies of Scale
➢ Liquidity
➢ Simplicity

Disadvantages of Mutual funds:

➢ Higher Costs (Fees, Commission, Taxes)

➢ Excessive Diversification
➢ No Control
➢ Various risks are associated :-
a. Market risk
b. Inflation risk
c. Interest rate risk
d. Currency risk
e. Credit risk

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1.2. b. Types of Mutual funds

Based on maturity period:

Open ended schemes Close ended schemes

Based on investment objective:

➢ Equity funds – Growth objective {High risk}

➢ Debt funds – Income objective {low risk}
➢ Hybrid funds – Balanced growth {Moderate risk}

Equity funds

Index funds Sectoral funds Tax-saving funds Diversified funds

(ELSS)

Debt funds

Short, medium,
Corporate bond Dynamic bond
Liquid funds Gilt funds and long term
funds funds
funds

Hybrid funds

Monthly income plans Fixed maturity plans Capital appreciation

(MIPs) (FMPs) plans

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1.2. c. Some Important FAQs related to mutual funds

▪ What is Net Asset Value (NAV)?

Net Asset Value (NAV) represents funds per share market value. It is the price at which one can
buy or sell a mutual fund on a given day. Since market value of securities changes every day,
NAV of a scheme also varies on day to day basis. For the purpose of the NAV calculation, the
day on which NAV is calculated by a fund is known as the valuation date.

NAV = [Market value of schemes investments + receivables + accrued Income + other assets
- accrued expenses – payables – other liabilities]

Number of units outstanding

▪ How to invest in mutual funds in India?

You can invest in mutual funds directly with the asset management company (AMC) through
the direct plan. You must complete your KYC at a KRA (KYC Registration Agency) online by
filling the KYC registration form and uploading the self-attested identity proof such as PAN
Card and address proof such as Passport/Driving License/Voter ID and also a passport size
photograph. You may also invest in mutual funds through a mutual fund distributor by opting for
a regular plan. The mutual fund house would pay a commission to the mutual fund distributor or
the intermediary.

▪ What is a Fund of Funds (fof) scheme?

A scheme that invests primarily in other schemes of the same Mutual fund or other Mutual funds
is known as a fof scheme. An fof scheme enables the investors to achieve greater diversification
through one scheme. It spreads risks across a greater universe.

▪ Who regulates mutual funds in India?

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 i. Primarily, mutual funds are regulated by the Securities and Exchange Board of India
(SEBI).
ii. A mutual fund should have the approval of RBI in order to provide a guaranteed returns
scheme.
iii. The Ministry of Finance acts as a supervisor of RBI and SEBI and appellate authority
under SEBI regulations.
iv. The Association of Mutual Funds in India (AMFI) has been made to develop this Mutual
Fund Industry of India on professional and ethical lines and to enhance and maintain
standards in all areas with a view to protect and promote the interests of mutual funds and
their unit holders.

1.3 Introduction to the company

✓ (ICICI Prudential Mutual Fund)

Company overview

ICICI Prudential Asset Management Company Ltd. is a leading asset management

company (AMC) in the country focused on bridging the gap between savings &

5
investments and creating long term wealth for investors through a range of simple
and relevant investment solutions.

The AMC is a joint venture between ICICI Bank, a well-known and trusted name
in financial services in India and Prudential Plc, one of UK’s largest players in the
financial services sectors. Throughout these years of the joint venture, the company
has forged a position of pre-eminence in the Indian Mutual Fund industry.

The AMC manages significant Assets under Management (AUM) in the mutual fund segment.
The AMC also caters to Portfolio Management Services for investors, spread across the country,
along with International Advisory Mandates for clients across international markets in asset
classes like Debt, Equity and Real Estate.

The AMC has witnessed substantial growth in scale; from 2 locations and 6 employees at the
inception of the joint venture in 1998, to a current strength of 1926 employees with a reach
across over 300 locations reaching out to an investor base of 6.2 million investors (as on
September 30, 2020). The company’s growth momentum has been exponential and it has always
focused on increasing accessibility for its investors.

How can one connect to the company and start his/her investment journey or

Know anything about their current investments –

• Website – You can visit the website of the company www.icicipruamc.com anytime
with your mobile phone, laptop or any other device and get connected.
• IPRUTOUCH - Just when you thought it can't get more convenient than Website,
their mobile app IPRUTOUCH is here to make life even easier for you. With
advanced features, higher personalization and a good consumer experience model, it's
time you turn your smartphone into your investment companion with IPRUTOUCH .
You can download the app from Google Play Store.

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 • iSAVE-IPruMF - iSave-IPruMF by ICICI Prudential Mutual Fund is an app
designed especially for those who want to invest in ICICI Prudential Liquid Fund (An
open ended liquid scheme). This app helps you stay away from making decisions
regarding which mutual fund to invest in, whether to invest via a Systematic
Investment Plan (SIP) or in lump sum, how much to invest and for how long to stay
invested. With iSave-IPruMF you can invest money into ICICI Prudential Liquid
Fund with ease, track the performance of the mutual fund scheme conveniently and
have the benefit of quick withdrawal.
• WhatsApp – You can also connect with them through WhatsApp. Send “Hi” to
+912233247600 from your mobile number and start your transaction journey with
them on Whatsapp.
• Physical Branch – If one wants a physical interaction, then he can walk into any of
their investor branches near him and can meet their representatives.

Awards and recognitions received by ICICI Prudential Mutual Fund in the year 2019-
2020:

• In fiscal 2020, the AMC won the Overall Group Award and Asset Class Group Awards For
Mixed Assets Group at the Thomson Reuters Lipper Fund Awards 2019. Separately the fund
house has received several fund level awards.

• The fund house was also the recipient of multiple awards for its leadership in Credit Risk
Management (Debt Mutual Funds) from Finnoviti 2020 Awards by Banking frontiers & Deloitte,
and Outlook Money Awards 2019 – Editor’s choice Gold Award. The AMC was also conferred
with Economic Times Best Brands 2019 and Reader’s digest Trusted Brand 2019.

• On a fund manager level, Mr. Manish Banthia, Senior Fund Manager – Fixed Income was
adjudged Fund Manager of the Year (Medium to Long-term Debt Category) at the Business
Standard Fund Café 2019.

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1.4 Justification of the topic:

Investing is the most important aspect of financial management and wealth creation. An
investment done at the right place and right time could be fruitful for not only your but your
children’s future as well. Here comes the role of investment advisories like asset management
companies. ICICI Prudential Mutual Fund is one of those.

It is the market leader in the mutual fund industry with a market share of 15%. With the help of
its market research and analysis, portfolio construction, asset allocation and performance review
strategies, it has been able to with stand the stated commitments every year. The growth of the
company has been phenomenal and it has been able to beat the previous market leader, HDFC.
This can be justified by the fact that the company has been able to add new customers and
increase the assets under management every year on a consistent basis. All this makes one
curious to study the practices and working of the company which has brought so much success to
it.

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 CHAPTER 2: REVIEW OF LITERATURE
The researcher has done literature review on various National and International Publications,
Articles, and Journals which are described below:

1. Mr. M Jaidev (1998)

The professor in his book 'Investment policy and performance of mutual funds' has studied the
relationship between risk and rate of return associated with different types of mutual fund
schemes in India. He has tried to build a connection between Risk and Reward by evaluating the
top selected mutual funds.

2. Shanmugham (2000)

The researcher conducted a survey of individual investors with the objective to find out what
information source investor depends on. The results explained that they are economical,
sociological and psychological factors which control investment decisions.

3. Sharma D., Loothra P., & Sharma A. (2011)

Conducted a comparative study of selected equity- diversified mutual fund schemes to find the
safest investment options in the securities market. 8 mutual fund schemes were selected for this
purpose and evaluation was done through various financial tests like sharp ratio, standard
deviation and alpha test, etc.

4. Agarwal (2011)

He analyzed the Indian Mutual Fund industry and point out that there has been incredible growth
in the mutual fund industry in India, attracting large investments from domestic and foreign
investors. Tremendous increase in number of AMCs providing ample of opportunity to the
investors in the form of safety, hedging, arbitrage, limited risk with better returns than any other
long-term securities has resulted in attracting more investors towards mutual fund investments

5. Lonnie L. Bryant, Hao-Chen liu (2012)

9
They published a research paper “Mutual fund industry management structure, risk and the
impacts to shareholders” in the Global finance journal which investigates the effects of a
multiple fund management structure on the risk volatility of the funds managed with the help of
Sharpe ratio .They found out the impacts that mutual fund management structure has in fund risk
volatility using a sample of 1480 funds managed by 407 managers. They also found out that the
multiple fund management structure appears to be motivated by the need to achieve economies
of scale and reduce cost of the shareholders, fund managers which are driven by strategic reason.

6. C. Vijendra and D. Sakriya (2013)

The researchers have done a study of investor behavior regarding investment decisions. They
conducted a survey among 384 mutual fund investors to study the factors influencing the
selection of a fund/scheme. Various features like age, occupation, family background, income,
etc. were taken into consideration..

7. Velmurugan, T and VijaiAnand, N (2015)

They analyzed the factors influencing Mutual Fund investment in Pharmaceutical Sector at
Chennai Metro City. The results of the study revealed that fund size and past performance of the
funds are the most influencing factors. Similarly other factors also are influencing investor's
investment decision as a kind of stock, scheme portfolio, fund manager's integrity, fund dividend
past, and timely payment.

8. J. Lilly and Dr Anasuya (2014)

The researchers conducted a research on the topic “An empirical study of performance evaluation
of selected ELSS mutual fund schemes” which was published in the International journal of
scientific research (2014), this examined the performance of 49 selected tax saving elss schemes
by applying Sharpe ratio, Treynor ratio, Sortino ratio and Jensen’s alpha measure and found out
LIC NOMURA MF GROWTH and dividend schemes has the highest return and are risk borne
when compared to other schemes.

9. Peter Dodd and Mary Hamilton, James H.Lorie (2018)

They wrote a book titled “The Stock Market – Theories and Evidence”, IFCAI Publication,
Hyderabad, which focus it out that The corporation stock`s value is indicated by expectations

10
regarding future earnings of the corporation and by the rate at which those earnings are
discounted. In a world of no uncertainty, all securities would put a certain return equal to the real
rate of return.

10. Amrit Pal Singh (2019)

study to understand the investor`s behavioral aspects of the North Eastern region towards
portfolio of investment in equity and mutual funds. UTI and SBI schemes were popular in that
part of the country then and other alternative funds had not proved to be a significant.

11
 CHAPTER 3: RESEARCH METHODOLOGY

3.1 Objectives of the Study:

1. To get an insight knowledge about mutual funds.

2. To know the performance of ICICI Prudential Mutual Fund (AMC) in recent times and in
the present market.
3. To know the awareness level and preference of people for mutual funds.

3.2 Research Hypothesis:

Ho - Average 5 year returns of all equity mutual funds of ICICI Prudential are at least 15 % or
more.

H1 – Average 5 year returns are less than 15%.

3.3 Scope of the Study:

The scope of this research is limited to the mutual fund company selected by me i.e. ICICI
Prudential Mutual Fund, where in I have studied about the history of the company, it’s working
and operations, it’s performance in recent times, different services offered by the company, top
performing funds, etc.

A survey of 20 people was conducted to know about the behavior of people towards mutual fund
industry and the factors that affect their decision when they are doing an investment.

3.4 Data collection:

The research made use of both primary data & secondary data. Large part of the research is
based on the secondary data available on various websites. The data for the study of company
was taken from the companies website. The primary data used is the information via personal
interview with few of my friends and relatives, and through the survey conducted with the help
of a questionnaire. The details of which are :

Population – people who invest in mutual funds

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Sample – friends, family and relatives

Sample size – 20 people

Duration of study – 15 days

Place of study – Bhopal

3.5 Limitations of the study:

1. The mutual fund industry is so vast that it is almost impossible to study multiple mutual
funds in such less time.
2. The sample size is confined to only 20 people..
3. Some responses were not clear.

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CHAPTE 4: DATA REPRESENTATION AND ANALYSIS

4.1 Data representation and interpretation.

Market share
17% 15%
ICICI prudential
hdfc

7% sbi
14%
reliance
5% lic
axis
7%
10% kotak

6% dsp
9% uti
10%
others

• As we can see from the above pie chart, ICICI prudential mutual fund has the largest
market share of 15%, followed by Hdfc and SBI mutual fund, giving it a tough
competition.

Interpretation of the secondary data:-

(ICICI prudential amc)

• The assets under management (AMU) of the company have grown significantly over the
last few years with 23.5% growth in 2020.

14
 • The statement of pnl of the company shows some promising and encouraging sings for
the investors.

1. The total expenditure of the company has reduced by 37.7% as compared to last year.
2. Total income of the company has increased by 53%.

Interpretation of the primary data:-

(Questioner analysis)

Age
18-25 26-35 36-40 above 41

5%

15%
30%

50%

• The pie chart shows that most of the people who invest in mutual fund lie between the
age group of 26-3 years, showing that young people are more attracted towards it.

15
 What do you know about mutual funds
moderate knowledge very less a lot zero knowledge

5%

20%

60%
15%

• This chart shows that most of the people have moderate knowledge about mutual funds
and very less are there who are still unaware of this.

where would you like to allocate your money

equity fund debt fund foreign market fund index fund

15%

10% 40%

35%

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 • The data shows that most people want to invest their money in an equity mutual fund
scheme which means that they are aiming towards long term capital growth, and very few
showed interest in foreign markets.

4.2 Hypothesis testing

Table of all equity mutual funds of ICICI Prudential which are older then 7 years and is still
continuing, along with their 5 year returns.

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T – test (student’s t-distribution test)

H0: μ ≥ 15%. against H1: μ < to 15%. ( Left tailed test )

Level of significance is 5%.

Population standard deviation is not know. Using the given data, we calculate:

n = 16

Mean (x̄) = Σ f / n = (16.6 + 15.1 +…..+ 17.3) / 16 = 244.4/16 = 15.275

S² = (16.6 – 15.275)² + ….. + (17.3 – 15.275)²/ 16-1 = 9.034

S = √9.034 = 3.005 ≈ 3

= 15.275 – 15 = 0.366
3/√16

The test statistic follows students’ t – distribution with n-1 = 15 degree of freedom.
For a left tailed test and for level of significance of 0.05, the critical value using t-
distribution with n-1 = 15 is 1.753
Since the calculated value of test statistic < critical value, we reject the null
hypothesis.

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 CHAPTER 5: RESULTS AND DISCUSSIONS

5.1 Major Findings:

Findings from the study of the company, ICICI Prudential Mutual Fund:-

• ICICI Prudential Asset Management Company Ltd. is the largest asset

management company (AMC) in the country with the AUM size of
approximately ₹ 3 lakh crores.
• It has a good mixture of experienced management, investment exports and fund
managers within the company.
• It has came up with innovative, consistent and sustainable approaches for asset
management over the years and has a wide variety of products to offer for the
investors.
• The company has grown consistently over the years with the AUM growing at the
rate of 14% on a year on year basis which shows that it has fulfilled the
expectations of the customers by giving fair and consistent returns.

Findings from the survey conducted on Mutual Fund :-

• It is clear from the study that the industry is getting a positive response from
people, especially youngsters and the popularity of mutual funds is increasing.
• There are no specific factors (like age or occupation) that affect the choice of
mutual fund. People select the fund which is most suited for them on the basis of
availability, time and market behavior.
• Analysis also shows that all the equity mutual fund categories remain on the top
preference of most people because of the positive trend in benchmark indices in
the past few months.

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5.2 Discussions and suggestions.

Consider the following Suggestions -

❖ Investing in mutual funds is all about managing your emotions and not panicking when the
portfolio is showing negative returns. It is important that you first decide your objective for
investment and accordingly choose the right fund based on that. You should also see that weather
you are comfortable with the market fluctuations that may occur during the journey of your
investment, if not and if you loose confidence in the ups and downs of the market, then you
should definitely heir a mutual fund advisor or a portfolio manager.

❖ Sometimes people can have multiple goals like having an alternate earning source, building a
corpus for future, having an emergency fund ready, etc. In such situations one should go with
different mutual fund schemes and have a diversified portfolio.

❖ Keep an eye on the performance of your investments. It is important because say for example,
your fund is growing at the rate of 15% which may look great to you, but actually it is not if the
average returns given by other funds in the same category is 25%. However, too much emphasis
should not be given on the short-term performance of the fund.

❖Investing in mutual funds could be tricky for some people but if one follows the right approach
then he can minimize the risk and get better returns. Some tips for this are :

1. Set your financial goals.

2. Assess your risk appetite.

3. Diversify your portfolio.

4. Choose SIP over lump sum investment.

5. Opt for funds with lower expense ratio.

6. Track your fund’s performance.

7. Do not hesitate to take financial advice if required

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5.3 Conclusion.

Mutual funds have emerged as one of the best investment option in terms of variety, returns,
flexibility, diversification, liquidity and tax benefits. Through MF’s investors can gain access to
investment opportunities that would otherwise be unavailable to them due to limited knowledge
and resources.

The fear that earlier existed in the minds of people regarding mutual funds and stock market is
now vanishing. What was seen as a gamble earlier, is now considered a rewarding investment
opportunity. There are a lot of reasons for this transition but the main reason is the Investor
education and awareness campaign being carried out by the Association of Mutual Funds in
India (AMFI), in collaboration with top mutual fund houses like ICICI.

Mutual funds have the capability to provide solutions to most investors needs, however, the key
is to do proper selection and have a process for monitoring. Equity funds, if selected in the right
manner and in the right proportion, have the ability to play an important role in achieving most
long-term objectives of investors in different segments like children’s education and marriage,
retirement planning and all other future goals. While the selection process becomes much easier
if you get advice from professionals, like ICICI.

ICICI Prudential has been a reliable and trusted company from past 28 years, and has
successfully helped lacks of investors to achieve their desired goals. For a new investor it might
be a tough choice to select from the various available AMCs like HDFC, SBI or LIC, but this
research surely justifies that you will not regret at all after putting your hard earned money in the
hands of the company.

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Annexure:

1. Copy of questionnaire :

Name:
Age:
Occupation:

Do you invest in mutual funds?

Yes
No
Maybe in future
Used to but not anymore

What do you know about mutual funds?

Moderate knowledge
Very less
A lot
Zero knowledge

Out of the following, which mutual fund have you heard of?

ICICI prudential mutual fund

Hdfc mutual fund
SBI mutual fund
Other
All

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What would you choose for Investment?

Bank FD
Mutual fund
Real estate
Any other

Where would you like to allocate your money?

Equity stocks
Debt instruments
Indices (Nifty, Sensex)
Foreign markets

23
References

1) Agrawal D., (2011) “Measuring Performance of Indian Mutual Funds” Finance India,
Available at SSRN:http://ssrn.com/abstract=1311761.Mutual fund sahi hai.com
2) Shanmugham, R., 2000, “Factors Influencing Investment Decisions”, Indian Capital
Markets – Trends and Dimensions (ed.), Tata McGraw-Hill Publishing Company
Limited, New Delhi, 2000.
3) Velmurugan, TandVijaiAnand, N (2015) AStudy on Factor Influencing Mutual Fund
Investment- Special Reference to Investor in Pharmaceutical Sector at Chennai Metro
City, International Journal of Pharmaceutical Science and Research , 34(1),
September – October 2015; Pages: 214-219.
4) J. Lilly and Anasuya (2014), “An empirical study of performance evaluation of
selected ELSS mutual fund schemes”, International journal of scientific research.
5) Lonnie L. Bryant, Hao-Chen liu. “Mutual fund industry management structure, risk
and the impacts to shareholders”. Global finance journal 2011.
6) SujitSikidar and Amrit Pal Singh, 1996, Financial Services : Investment in Equity and
Mutual Funds – A Behavioural Study, in Bhatia B.S., and Batra G.S., ed.,
Management of Financial Services, Deep and Deep Publications, New Delhi, Chapter
10, 136- 145.
7) Sharma, D., Loothra, P., & Sharma, A. (2011). Comparitive Study of Selected Equity
Diversified mutual Fund Schemes. International Journal of Computer Science &
Management Studies. Vol. 11. Issue 01. pp. 15-21. ISSN (Online): 2231 –5268.
8) Vijendra, C., & Sakriya, D. (2013). Investment Decisions In Mutual Funds- A Study
Of Investor Behavior. Golden Research Thoughts. Vol 2 Issue 12. pp 1-12. ISSN No
:2231-5063.
9) Jayadev, M (1996). Mutual Fund Performance: An Analysis of Monthly Returns. Finance
India, 10 (1), 73-84.
10) C R Kothari and Gaurav Garg. Research Methodology: methods and techniques.,
Fourth Edition., New Age Publications.

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