Variance:

Variance: Variance = s2

Jensen Ratio (JR):

A risk-adjusted performance measure that represents the average return on a portfolio over
and above that predicted by the capital asset pricing model (CAPM), given the portfolio's
beta and the average market return. This is the portfolio's alpha. In fact, the concept is
sometimes referred to as "Jensen's alpha."

Jensen Ratio (JR) = α /β

Data Processing and Analysis:

Data is processed with the help of Microsoft Excel and SPSS (Statistical Package for
Social Sciences). The NAVs for six months of all the funds and their benchmarks were
entered into the spreadsheet and the above mentioned tools were used to get the final
values for the comparative analysis and interpretations.

Limitations of the Study:

The present study has the following limitations

 The study has been restricted to only a few schemes.

 The data is analyzed for a limited period of 3 years.
 CHAPTER 7
ANALYSIS /
INTERPRETATION OF
DATA
 Data Analysis and Interpretation
Introduction:

Asset allocation strategies of various select mutual fund schemes are presented in the
following tables.

Equity Funds:

Sundaram BNP Paribas Growth Fund (G):

Investment Information

Fund type Open-Ended

Investment Plan Growth

Asset Size (Rs cr) 26.05 (Jul-31-2008)

Min .Investment Rs 5,000

Last Dividend N.A.

Bonus N.A.

Asset Allocation Percentage held

Equity 0.00

Debt 73.87

Mutual Funds N.A

Money Market 0.00

Cash / Call 26.13

 Asset Allocation(% ) Sundaram BNP
Paribas Growth fund

0%
26%
Equity
Debt
0% Mutual Funds
Money Market
Cash / Call
74%

SCHEME PERFORMANCE:
1month 3month 6month 1year

-0.05635 0.06 0.362075 -0.16089

Birla Advantage Fund – Growth

Investment information

Fund Type Open- Ended

Investment Plan Growth

Asset Size (RS cr) 433.61(May-30-2008)

Min .Investment Rs. 5,000

Last Dividend N.A

Bonus N.A

Asset Allocation (%) Percentage held

Equity 84.89

Debt 0.00
Money Market 0.00

Cash / Call 15.10

Asset Allocation (% ) of Birla Advantage Fund (G)

15%

Equity
Cash / Call

85%

SCHEME PERFORMANCE
1 month 3 months 6 months 1 yrs*

-0.00779 0.352075 -0.02593 -0.15439