PERFORMANCE EVALUATION OF MUTUAL FUND IN INDIA OF LAST 5 YEARS

CHAPTER – 1 INTRODUCTION

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1. INTRODUCTION TO MUTUAL FUND

WHAT IS A MUTUAL FUND?

A mutual fund is a type of financial vehicle made up of a pool of money collected from many
investors to invest in securities like stocks, bonds, money market instruments, and other
assets. Mutual funds are operated by professional money managers, who allocate the fund's
assets and attempt to produce capital gains or income for the fund's investors. A mutual
fund's portfolio is structured and maintained to match the investment objectives stated in its
prospectus.

Mutual funds give small or individual investors access to professionally managed portfolios
of equities, bonds, and other securities. Each shareholder, therefore, participates
proportionally in the gains or losses of the fund. Mutual funds invest in a vast number of
securities, and performance is usually tracked as the change in the total market cap of the
fund derived by the aggregating performance of the underlying investments.

Fig 1.1

The money collected in mutual fund scheme is invested by professional fund managers in
stocks and bonds etc. in line with a scheme’s investment objective. The income / gains
generated from this collective investment scheme are distributed proportionately amongst the
investors, after deducting applicable expenses and levies, by calculating a scheme’s “Net
Asset Value” or NAV. In return, mutual fund charges a small fee.

The NAV is the combined market value of the shares, bonds and securities held by a fund on
any particular day in a portfolio of particular mutual fund scheme (as reduced by legitimate
expenses and charges). NAV per Unit denotes the market value of all the shares/ debentures/
bonds or any other instrument in a mutual fund scheme on a given day, net of all expenses
and liabilities plus income accrued, divided by the outstanding number of Units in the
scheme.

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Mutual funds are perfect for investors who either lack large sums for investment, or for those
who neither have the knowledge nor the time to research the market, yet want to grow their
wealth. In return, the fund house charges a small fee for their professional expertise which is
subtracted from the investment.

The fees charged by mutual funds are restricted to certain limits stated by the Securities and
Exchange Board of India (SEBI).During the past few years mutual funds have achieved a
favoured status when investors have been investing regularly in equity/balanced schemes
through them.

Fig 1.2

UNDERSTANDING MUTUAL FUNDS

Mutual funds pool money from the investing public and use that money to buy other
securities, usually stocks and bonds. The value of the mutual fund company depends on the
performance of the securities it decides to buy. So, when you buy a unit or share of a mutual
fund, you are buying the performance of its portfolio or, more precisely, a part of the
portfolio's value. Investing in a share of a mutual fund is different from investing in shares of

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stock. Unlike stock, mutual fund shares do not give its holders any voting rights. A share of a
mutual fund represents investments in many different stocks (or other securities) instead of
just one holding.

Fig 1.3

That's why the price of a mutual fund share is referred to as the net asset value (NAV) per
share, sometimes expressed as NAVPS. A fund's NAV is derived by dividing the total value
of the securities in the portfolio by the total amount of shares outstanding. Outstanding shares
are those held by all shareholders, institutional investors, and company officers or insiders.
Mutual fund shares can typically be purchased or redeemed as needed at the fund's current
NAV, which unlike a stock price doesn't fluctuate during market hours, but it is settled at the
end of each trading day. Ergo, the price of a mutual fund is also updated when the NAVPS is
settled. The average mutual fund holds over a hundred different securities, which means
mutual fund shareholders gain important diversification at a low price. Consider an investor
who buys only Google stock before the company has a bad quarter. He stands to lose a great
deal of value because all of his dollars are tied to one company. On the other hand, a different
investor may buy shares of a mutual fund that happens to own some Google stock. When
Google has a bad quarter, she loses significantly less because Google is just a small part of
the fund's portfolio.

TYPES OF MUTUAL FUNDS

Mutual funds are divided into several kinds of categories, representing the kinds of securities
they have targeted for their portfolios and the type of returns they seek. There is a fund for
nearly every type of investor or investment approach. Other common types of mutual funds
include money market funds, sector funds, alternative funds, smart-beta funds, target-date
funds, and even funds of funds, or mutual funds that buy shares of other mutual fund.

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The largest category is that of equity or stock funds. As the name implies, this sort of fund
invests principally in stocks. Within this group are various subcategories. Some equity funds
are named for the size of the companies they invest in: small-, mid-, or large-cap. Others are
named by their investment approach: aggressive growth, income-oriented, value, and others.
Equity funds are also categorized by whether they invest in domestic (U.S.) stocks or foreign
equities. There are so many different types of equity funds because there are many different
types of equities.

Fig 1.4

1. Exchange Traded Funds (ETFs)

A twist on the mutual fund is the exchange traded fund (ETF). These ever more popular
investment vehicles pool investments and employ strategies consistent with mutual funds, but
they are structured as investment trusts that are traded on stock exchanges and have the added
benefits of the features of stocks. For example, ETFs can be bought and sold at any point
throughout the trading day. ETFs can also be sold short or purchased on margin. ETFs also
typically carry lower fees than the equivalent mutual fund. Many ETFs also benefit from
active options markets, where investors can hedge or leverage their positions. ETFs also
enjoy tax advantages from mutual funds. Compared to mutual funds, ETFs tend to be more
cost effective and more liquid. The popularity of ETFs speaks to their versatility and
convenience.

2. Fixed-Income Funds

Another big group is the fixed income category. A fixed-income mutual fund focuses on
investments that pay a set rate of return, such as government bonds, corporate bonds, or other

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debt instruments. The idea is that the fund portfolio generates interest income, which it then
passes on to the shareholders.

Fig 1.5

Sometimes referred to as bond funds, these funds are often actively managed and seek to buy
relatively undervalued bonds in order to sell them at a profit. These mutual funds are likely to
pay higher returns than certificates of deposit and money market investments, but bond funds
aren't without risk. Because there are many different types of bonds, bond funds can vary
dramatically depending on where they invest. For example, a fund specializing in high-yield
junk bonds is much riskier than a fund that invests in government securities. Furthermore,
nearly all bond funds are subject to interest rate risk, which means that if rates go up, the
value of the fund goes down.

3. Index Funds

Another group, which has become extremely popular in the last few years, falls under the
moniker "index funds." Their investment strategy is based on the belief that it is very hard,
and often expensive, to try to beat the market consistently. So, the index fund manager buys
stocks that correspond with a major market index such as the S&P 500 or the Dow Jones
Industrial Average (DJIA). This strategy requires less research from analysts and advisors, so
there are fewer expenses to eat up returns before they are passed on to shareholders. These
funds are often designed with cost-sensitive investors in mind.

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4. Balanced Funds

Balanced funds invest in a hybrid of asset classes, whether stocks, bonds, money market
instruments, or alternative investments. The objective is to reduce the risk of exposure across
asset classes. This kind of fund is also known as an asset allocation fund. There are two
variations of such funds designed to cater to the investors objectives.

Some funds are defined with a specific allocation strategy that is fixed, so the investor can
have a predictable exposure to various asset classes. Other funds follow a strategy for
dynamic allocation percentages to meet various investor objectives. This may include
responding to market conditions, business cycle changes, or the changing phases of the
investor's own life.

While the objectives are similar to those of a balanced fund, dynamic allocation funds do not
have to hold a specified percentage of any asset class. The portfolio manager is therefore
given freedom to switch the ratio of asset classes as needed to maintain the integrity of the
fund's stated strategy.

5. Money Market Funds

The money market consists of safe (risk-free), short-term debt instruments, mostly
government Treasury bills. This is a safe place to park your money. You won't get substantial
returns, but you won't have to worry about losing your principal. A typical return is a little
more than the amount you would earn in a regular checking or savings account and a little
less than the average certificate of deposit (CD). While money market funds invest in ultra-
safe assets, during the 2008 financial crisis, some money market funds did experience losses
after the share price of these funds, typically pegged at $1, fell below that level and broke the
buck.

6. Income Funds

Income funds are named for their purpose: to provide current income on a steady basis. These
funds invest primarily in government and high-quality corporate debt, holding these bonds
until maturity in order to provide interest streams. While fund holdings may appreciate in
value, the primary objective of these funds is to provide steady cash flow to investors. As
such, the audience for these funds consists of conservative investors and retirees. Because
they produce regular income, tax-conscious investors may want to avoid these funds.

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7. International/Global Funds

An international fund (or foreign fund) invests only in assets located outside your home
country. Global funds, meanwhile, can invest anywhere around the world, including within
your home country. It's tough to classify these funds as either riskier or safer than domestic
investments, but they have tended to be more volatile and have unique country and political
risks. On the flip side, they can, as part of a well-balanced portfolio, actually reduce risk by
increasing diversification, since the returns in foreign countries may be uncorrelated with
returns at home. Although the world's economies are becoming more interrelated, it is still
likely that another economy somewhere is outperforming the economy of your home country.

8. Specialty Funds

This classification of mutual funds is more of an all-encompassing category that consists of

funds that have proved to be popular but don't necessarily belong to the more rigid categories
we've described so far. These types of mutual funds forgo broad diversification to concentrate
on a certain segment of the economy or a targeted strategy. Sector funds are targeted strategy
funds aimed at specific sectors of the economy, such as financial, technology, health, and so
on. Sector funds can, therefore, be extremely volatile since the stocks in a given sector tend to
be highly correlated with each other. There is a greater possibility for large gains, but a sector
may also collapse (for example, the financial sector in 2008 and 2009).

ORGANIZATION STRUCTURE OF MUTUAL FUNDS

The Mutual funds have organizational flexibility according to the Security Exchange
Board of India guide, the Indian Security Board has defined the mandate and responsibility
of Trustee Companies and Asset Management Company.

Purposes of control, motivation, regulate, protect investors the right and effective trading of
units. Mutual Performance start-up fund with investors saving their money in a mutual
fund, rather than a Mutual Fund manager managing finance and investing in strategic
strategies. In accordance with specific objectives the scheme manager selected the clips. The
unit price will be higher when the fund manager investment policy builds on the financial
market. The return of the units is subject to the return of the fund and a well- functioning
financial market. It also affects the international stock market, the eventual rejection of
currency economic policy.

Below is a graph showing how the process was going on for investors in it make a profit. A
mutual fund manager who has a great deal of responsibility within the return and how to
act risk reduction. When the fund offers high returns on high risk, investors attract investment
extra bag for the same scheme.

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Fig 1.6

ASSOCIATION OF MUTUAL FUNDS IN INDIA (AMFI)

In then increased the MF a player in the whole country, that is requires mutual funds
associated with the in organization. It was incorporated on 22nd August as Association of
Mutual Funds in India (AMFI), 1995. AMFI is a peak body of all Asset Management
Companies (AMC) which has that is required to register with the SEBI. At the since AMCs
to have a launched of mutual funds schemes are its member. This is function under the
regulation and to guidance if its boards. Associations of Mutual Funds India have
brought below the Indian clean moral and professionally work in mutual funds.

HISTORY OF MUTUAL FUND INDUSTRY IN INDIA

The history of Mutual Fund Industry in India can be traced back to 1963, with the launch of
the Unit Trust of India by the Government of India under an Act of Parliament. UTI was
launched under the regulatory and administrative control of RBI. In 1978, the regulatory and
administrative control of UTI was transferred from the Reserve Bank of India to IDBI
(Industrial Development Bank of India). The first mutual fund scheme that was introduced in
India by UTI was in the Unit Scheme (1964). UTI had Assets Under Management worth Rs.
6,700 Crores, by the end of the year 1988.

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In 1987, public sector enterprises such as State Bank of India, Punjab National Bank, Canara
Bank, etc. and other non-UTI segments such as General Insurance Corporation of India (GIC)
and Life Insurance Corporation of India (LIC) entered the market and established In 1987,
public sector enterprises such as State Bank of India, Punjab National Bank, Canara Bank,
etc. and other non-UTI segments such as General Insurance Corporation of India (GIC) and
Life Insurance Corporation of India (LIC) entered the market and established public sector
mutual funds. The funds introduced by the public sector banks, by way of historic
progression, are listed below:

• SBI Mutual Fund

• Canbank Mutual Fund

• Punjab National Bank Mutual Fund

• Indian Bank Mutual Fund

• Bank of India Mutual Fund

• Bank of Baroda Mutual Fund

INDUSTRY SCENARIO
A strong financial market with broad participation is essential for a developed economy. With
this broad objective India’s first mutual fund was establishment in 1963, namely, Unit Trust
of India (UTI), at the initiative of the Government of India and Reserve Bank of India ‘with a
view to encouraging saving and investment and participation in the income, profits and gains
accruing to the Corporation from the acquisition, holding, management and disposal of
securities.’

In the last few years, the MF Industry has grown significantly. The history of Mutual Funds
in India can be broadly divided into five distinct phases as follows:

1. FIRST PHASE :(1964-1987)

The Mutual Fund industry in India started in 1963 with formation of UTI in 1963 by an Act
of Parliament and functioned under the Regulatory and administrative control of the Reserve
Bank of India (RBI). In 1978, UTI was de-linked from the RBI and the Industrial
Development Bank of India (IDBI) took over the regulatory and administrative control in
place of RBI. Unit Scheme 1964 (US ’64) was the first scheme launched by UTI. At the end
of 1988, UTI had 6,700 crores of Assets Under Management (AUM).

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2. SECOND PHASE :(1987-1993)

The year 1987 marked the entry of public sector mutual funds set up by Public Sector banks
and Life Insurance Corporation of India (LIC) and General Insurance Corporation of India
(GIC). SBI Mutual Fund was the first ‘non-UTI’ mutual fund established in June 1987,
followed by Canbank Mutual Fund (Dec. 1987), Punjab National Bank Mutual Fund (Aug.
1989), Indian Bank Mutual Fund (Nov 1989), Bank of India (Jun 1990), Bank of Baroda
Mutual Fund (Oct. 1992). LIC established its mutual fund in June 1989, while GIC had set up
its mutual fund in December 1990. At the end of 1993, the MF industry had assets under
management of 47,004 crores.

3. THIRD PHASE :(1993-2003)

The Indian securities market gained greater importance with the establishment of SEBI in
April 1992 to protect the interests of the investors in securities market and to promote the
development of, and to regulate, the securities market.

In the year 1993, the first set of SEBI Mutual Fund Regulations came into being for all
mutual funds, except UTI. The erstwhile Kothari Pioneer (now merged with Franklin
Templeton MF) was the first private sector MF registered in July 1993. With the entry of
private sector funds in 1993, a new era began in the Indian MF industry, giving the Indian
investors a wider choice of MF products. The initial SEBI MF Regulations were revised and
replaced in 1996 with a comprehensive set of regulations, viz., SEBI (Mutual Fund)
Regulations, 1996 which is currently applicable.

The number of MFs increased over the years, with many foreign sponsors setting up mutual
funds in India. Also, the MF industry witnessed several mergers and acquisitions during this
phase. As at the end of January 2003, there were 33 MFs with total AUM of 1,21,805 crores,
out of which UTI alone had AUM of 44,541 crores.

4. FOURTH PHASE (2003-2014)

In February 2003, following the repeal of the Unit Trust of India Act 1963, UTI was
bifurcated into two separate entities, viz., the Specified Undertaking of the Unit Trust of India
(SUUTI) and UTI Mutual Fund which functions under the SEBI MF Regulations. With the
bifurcation of the erstwhile UTI and several mergers taking place among different private
sector funds, the MF industry entered its fourth phase of consolidation.

5. FIFTH PHASE (2014-TILL NOW)

Taking cognisance of the lack of penetration of MFs, especially in tier II and tier III cities,
and the need for greater alignment of the interest of various stakeholders, SEBI introduced
several progressive measures in September 2012 to "re-energize" the Indian Mutual Fund
industry and increase MFs’ penetration.In due course, the measures did succeed in reversing

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the negative trend that had set in after the global melt-down and improved significantly after
the new Government was formed at the Center.

Since May 2014, the Industry has witnessed steady inflows and increase in the AUM as well
as the number of investor folios (accounts).The Industry’s AUM crossed the milestone of ₹10
Trillion (₹10 Lakh Crore) for the first time as on 31st May 2014 and in a short span of about
three years the AUM size had increased more than two folds and crossed ₹ 20 trillion (₹20
Lakh Crore) for the first time in August 2017. The AUM size crossed ₹ 30 trillion (₹30 Lakh
Crore) for the first time in November 2020.

The overall size of the Indian MF Industry has grown from ₹ 7.60 trillion as on 31st
December 2012 to ₹ 39.89 trillion as on 31st December 2022, more than 5 fold increase in a
span of 10 years.The MF Industry’s AUM has grown from ₹ 21.27 trillion as on December
31, 2017 to ₹39.89 trillion as on December 31, 2022, around 2 fold increase in a span of 5
years.

The no. of investor folios has gone up from 6.65 crore folios as on 31-Dec-2017 to 14.11
crore as on 31-Dec-2022, more than 2 fold increase in a span of 5 years. On an average 12.44
lakh new folios are added every month in the last 5 years since December 2017.

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Tab 1.7

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FEATURES OF MUTUAL FUNDS:

1. Managed by A Qualified Expert:

An expert fund manager manages a mutual fund and takes care of your hard-earned money. It
goes on without saying that managing financial investments is not an easy task. Amidst this,
if you don’t get the help of an expert, you may get lost in the financial ocean.

Mutual fund schemes provide you with the service of an expert who takes care of your money
along with the other investments.

2. Open-Ended and Close-Ended Funds:

Based on the constitution there are two types of mutual funds – open-ended and close-ended.

In an open-ended fund, an investor is free to invest money whenever he/she feels like.
Similarly, you are also free to withdraw money anytime. These are the funds in which the
freedom or flexibility of investment timing is highest.

In a close-ended fund, an investor has limited time to invest money in the fund. Whenever a
scheme is launched, investors are offered with a time frame to invest. If an investor is
interested in investing, he/she is required to put in money during the time period failing
which he/she is not provided with units of the fund nor another time frame for investing.

3. Lump Sum and SIP Investment:

As seen in the previous point, in an open-ended fund, you have the timing flexibility for
investment. Similarly, you have no restriction on the frequency or amount you can invest per
year. If you are investing Rs 50000 at a time or making any irregular investments such as Rs
10000 in one month and Rs 25000 in another, all these are considered to be the lump-sum
investment. These funds also provide you with an option of investing regularly.

However, mutual funds allow you to invest regularly. In this case, when you invest a fixed
amount at a fixed interval, it is called the Systematic Investment Plan (SIP). In a SIP, you can
decide the amount and interval such as monthly, quarterly, weekly, etc. SIP is very similar to
recurring deposit.

4. No Fixed Returns:

Mutual funds invest in capital market instruments such as bonds, equities, and money market
instruments. The price of these instruments changes as per the market dynamics, and thus it is
not possible to predict the returns a mutual fund.

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Mutual fund schemes buy and sell bonds and equities from the market, the profit of such as
transactions are also re-invested in subsequent transactions. Also, redemption by investors
often lead to selling decisions by fund managers, and thus the returns from the mutual fund
are not fixed and are purely dependent on the market condition.

5. Equities Can Make Losses:

Equity mutual funds are the funds that invest in equities. Equities by nature are riskier
instruments and come with high profitability and high risk. While an investor may generate
healthy returns, he/she may have to go through a harrowing period as well depending on the
market dynamics.

6. Debt Funds Are Relatively Safer:

Mutual funds that invest in debt instruments are relatively safer. This is because the debt
instrument, in which a fund invests, comes with an external credit rating that defines its
degree of safety. Also, these debt instruments have a fixed interest rate and are not heavily
dependent on the capital market. While some impact in the yield may be seen depending on
the inflation rate in the economy, and the Reserve Bank of India’s monetary policy but the
volatility is controlled.

While debt funds do have some volatility, seldom you will see losses in the debt funds. Thus,
these are safer than the equity counterpart.

7. Different Ways of Investing:

Off late, you would have seen a lot of articles, blogs, videos and other content being created
over the web that talks about the different ways of investing in mutual funds. While the fund
houses have a limited physical presence, and practically it isn’t feasible for fund houses to
open physical branches in all the cities of a country that is huge like India. Amidst this
internet has done wonders. In addition to the offices of fund houses, you can invest through
their online website.

Also, the regulators have allowed distributors to be appointed by the fund house, and thus
banks, brokers, individuals and a plethora of start-ups are engaged in the business of mutual
fund distribution.

You can purchase a fund from any of the following –

• Branch office or Online Portal – Fund house has its branch office and website. An
individual can invest in either manner.

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• Mutual Fund Distributors – These are the agents of fund houses and are paid commission
for facilitating the sale.

• Banks – To offer a bouquet of financial services, banks have partnered with fund house and
offer mutual fund investment through their channel

• Stockbrokers – In addition to equities, the brokers are not distributing mutual fund scheme.
You can always check HDFC securities, Kotak securities, and the likes.

• Third-party aggregators – One of the recent entries in the domain, these are platform
developed using current technology. These platforms offer mutual funds from multiple fund
houses in one place — for example, Or wealth.

8. Charges Of Mutual Funds:

A mutual fund involves a fund manager, his team, infrastructure, selling and distribution fees,
marketing expenses, regulatory cost, transaction cost, and the likes. All these are subsumed
into one and are charged as expense ratio from an investor.

The fund house charges some amount from your corpus that is deployed for the functioning
of the fund house. You also pay a commission to the distributor. This has resulted in two
plans for each fund – regular plan and direct plan. If you are buying a regular plan, the
expense ratio is high as the commission to the distributor is involved. On the other hand, if
you are purchasing a direct plan, you are not required to pay any commission as you deal
directly with the fund house and thus the expense ratio is lower.

Lot of start-ups such as Orowealth has redefined the industry and has made the direct plan
available to investors so that investors’ returns are maximized.

9. No Tax Deducted at Source:

Tax Deducted at Source (TDS) has now become a part of earning and is debited from all your
transaction – be it your salary or professional income or any other income such as interest on
the fixed deposit, you get the amount after tax deduction.However, there is no TDS deduction
on mutual fund earning. This doesn’t imply there is no tax applied, but it merely means that
you will have to assess your tax liability from the sale of funds at the time of filing of income
tax returns.

10. Mutual Funds Provide Tax Benefits:

There is a type of equity fund known as Equity Linked Savings Scheme (ELSS). These funds
invest in equities and offer tax benefits up to Rs 1.5 Lakhs under Section 80C of the IT Act.

Given these funds provide tax benefits, they come with a lock-in period of three years.

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MUTUAL FUNDS VS STOCKS

Stocks are far riskier as compared to equity mutual funds. The diversified equity mutual fund
spreads your investment across sectors and industries and hence, reduces the volatility in your
investment. You have to conduct extensive research to pick the right stocks before investing
your money. In the case of equity mutual funds, the research is done by experts, and a
professional fund manager manages your investment. This service is not free and comes with
annual management fees that are charged by the mutual fund house.

With an investment in mutual funds, you have the benefit of a fund manager who has
extensive expertise and experience in the field. Whether it is picking the stocks or monitoring
them and making allocations, you do not have to worry about it. This service is not available
in the case of stock investments. You are responsible for picking and tracking your
investment.

It is already established that equity diversified mutual funds have the advantage of reducing
the risk by diversifying a portfolio. On the other hand, stocks are vulnerable to the
fluctuations in the market, and the performance of one stock can’t compensate for another.
Moreover, you could consider investing in equity funds depending on your risk profile. For
example, you could invest in index funds if you seek a passive investment which offers
returns in line with a market index. It is less risky as compared to a sector fund that invests in
stocks of only one sector.

You don’t get any tax benefits if you invest in stocks. However, you are eligible for a tax
deduction up to a maximum of Rs 1.5 lakh per annum under Section 80C if you invest in tax-
saving mutual funds called equity linked saving schemes or ELSS. You may invest in ELSS
for the twin-benefits of inflation-beating return and tax saving.

You may invest in an equity diversified mutual fund that invests in around 50 stocks. It
protects your investment from the volatility of the stock market and also reduces the cost of
investing. For instance, you might have to spend a considerable amount of money to diversify
a stock portfolio across 50 stocks. However, you can do this easily if you invest in equity
diversified mutual funds at a much lower cost.

You don’t have to spend a lot of time researching individual stocks if you invest in an equity
fund. The fund manager takes care of your investment and the research team picks the right
stocks. However, you must check the important parameters such as portfolio of the fund,
AMC track record, assets under management and investment style of the fund manager
before investing your money in the equity fund.

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FACTORS AFFECTING MUTUAL FUNDS:

(A) Net Asset Value Or Nav:

This is the price per share of the mutual fund. The NAV is derived by adding the market
value of all shares and dividing it by the number of outstanding shares in the fund. Most
investors think that a lower NAV of a fund means it is a better investment choice. This is the
biggest misconception. One should never choose a mutual fund depending on the NAV of a
fund. To be precise, one should refer to fund value to know the fund’s history, everyday
performance, and current cost before investing.

(B) Asset Under Management Or Aum:

This represents the total market value of an asset managed by an Asset Management
Company (AMC). If there is a group of investors who have invested in a mutual fund
scheme, the cumulative of all investments derive a value known as Asset Under
Management. AUM can be a great determiner in helping you find out a fund’s performance
and popularity. However, there is no evidence that a high or a low AUM will help you know
about a better working scheme. This is because different types of mutual funds perform
differently depending on the changes in the AUM value.

(C) Fund Managers:

Fund managers largely manage mutual fund investments. It would be safe to say that
managers play a pivotal role in making or breaking an investment. They have real-time
updates about market performance, consider investment objectives, analyse risks, look after
compliance of regulations and protection of wealth. Based on the market conditions and risk
management skills, fund managers help the investors to determine a mutual fund’s
performance. They exploit market opportunities and invest in schemes at the right time in the
right manner.

(D) Investment Objective:

The foremost rule of any investment is to have a goal. Whether it is a short-term or a long-
term target, there is always a type of mutual fund that caters to your investment needs. There
is something for aggressive and conservative investors, for all wallet sizes and all age groups.
You only need to choose the right type of mutual fund scheme basis, your risk tolerance,
investment horizon, and liquidity option. If you have the ability to stomach risks, equity is
the best-suited option as it can help you reach your financial goals faster. Otherwise, you can
choose a debt fund scheme or a balanced portfolio that aligns with your goal.

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Benefits of Mutual Funds

Mutual funds are managed by professionals organised firm called AMC (Asset Management
Company) through professional fund managers who actively manage investment portfolio of
various mutual fund schemes which deliver following benefits to investors:

1. Portfolio Diversification: Mutual Funds invest in a diversified portfolio of financial

instruments which enables a small investor to hold a diversified investment portfolio even if
the amount of investment is small.

2. Low Risk: Even with a small amount of investment, Investors can acquire a diversified
portfolio of financial instruments. The risk in a diversified portfolio of mutual fund scheme is
lesser than investing directly in only 2 or 3 shares or bonds.

3. Low Transaction Costs: Due to the economies of scale mutual funds incur lesser transaction
costs. These benefits are shared with the investors.

4. Liquidity: Units of a mutual fund can be redeemed easily with the funds being credited
directly to the investors account though ECS payment.

5. Choice: Mutual funds offer investors with variety of schemes with diverse investment
objectives. Investors, therefore, have a plenty of investing in a scheme matching their
financial goals. These schemes further provide various plans/options e.g. dividend option or
growth option or reinvestment option etc.

6. Transparency: Funds provide investors with latest information related to the markets and
the schemes. All material facts are revealed to investors as per the guidelines of SEBI and
AMFI. They provide on a daily basis latest NAV to investors.

7. Flexibility: Investors are also provided flexibility by Mutual Funds. Investors can transfer
their units from a debt scheme to an equity scheme or a balanced scheme through systematic
transfer plan option (STP). Option of systematic investment through monthly/quarterly
instalments (SIP) and systematic withdrawal at regular intervals (SWP) is also offered to the
investors in open-ended schemes.

8. Safety: Mutual Fund industry is fully regulated under SEBI rules where the interests of the
investors are safeguarded. All funds have to be registered with SEBI and complete
compliance with the rules and transparency is ensured.

9. Professional management: Mutual funds portfolios are managed by expert professional

managers possessing skills and qualifications to analyse the performance and prospects of
companies. They actively manage portfolios through close monitoring on a daily basis, which
is not possible for a retail investor.

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Disadvantages of Mutual Funds

Liquidity, diversification, and professional management all make mutual funds attractive
options for younger, novice, and other individual investors who don't want to actively
manage their money. However, no asset is perfect, and mutual funds have drawbacks too.

1. Fluctuating Returns:

Like many other investments without a guaranteed return, there is always the possibility that
the value of your mutual fund will depreciate Equity mutual funds experience price
fluctuations, along with the stocks that make up the fund. The Federal Deposit Insurance
Corporation (FDIC) does not back up mutual fund investments, and there is no guarantee of
performance with any fund. Of course, almost every investment carries risk. It is especially
important for investors in money market funds to know that, unlike their bank counterparts,
these will not be insured by the FDIC.

2. Cash Drag

Mutual funds pool money from thousands of investors, so every day people are putting
money into the fund as well as withdrawing it. To maintain the capacity to accommodate
withdrawals, funds typically have to keep a large portion of their portfolios in cash. Having
ample cash is excellent for liquidity, but money that is sitting around as cash and not working
for you is not very advantageous. Mutual funds require a significant amount of their
portfolios to be held in cash in order to satisfy share redemptions each day. To maintain
liquidity and the capacity to accommodate withdrawals, funds typically have to keep a larger
portion of their portfolio as cash than a typical investor might. Because cash earns no return,
it is often referred to as a "cash drag."

3. High Costs

Mutual funds provide investors with professional management, but it comes at a cost—those
expense ratios mentioned earlier. These fees reduce the fund's overall payout, and they're
assessed to mutual fund investors regardless of the performance of the fund. As you can
imagine, in years when the fund doesn't make money, these fees only magnify losses.
Creating, distributing, and running a mutual fund is an expensive undertaking. Everything
from the portfolio manager's salary to the investors' quarterly statement costs money. Those
expenses are passed on to the investors. Since fees vary widely from fund to fund, failing to
pay attention to the fees can have negative long-term consequences. Actively managed funds
incur transaction costs that accumulate over each year. Remember, every dollar spent on fees
is a dollar that is not invested to grow over time.

4. "Diversification" and Dilution

"Diversification"—a play on words—is an investment or portfolio strategy that implies too

much complexity can lead to worse results. Many mutual fund investors tend to
overcomplicate matters. That is, they acquire too many funds that are highly related and, as a
result, don't get the risk-reducing benefits of diversification. These investors may have made

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their portfolio more exposed. At the other extreme, just because you own mutual funds
doesn't mean you are automatically diversified. For example, a fund that invests only in a
particular industry sector or region is still relatively risky.

In other words, it's possible to have poor returns due to too much diversification. Because
mutual funds can have small holdings in many different companies, high returns from a few
investments often don't make much difference on the overall return. Dilution is also the result
of a successful fund growing too big. When new money pours into funds that have had strong
track records, the manager often has trouble finding suitable investments for all the new
capital to be put to good use.

One thing that can lead to diworsification is the fact that a fund's purpose or makeup isn't
always clear. Fund advertisements can guide investors down the wrong path. The Securities
and Exchange Commission (SEC) requires that funds have at least 80% of assets in the
particular type of investment implied in their names.

5. Active Fund Management

Many investors debate whether or not the professionals are any better than you or I at picking
stocks. Management is by no means infallible, and even if the fund loses money, the manager
still gets paid. Actively managed funds incur higher fees, but increasingly passive index
funds have gained popularity. These funds track an index such as the S&P 500 and are much
less costly to hold. Actively managed funds over several time periods have failed to
outperform their benchmark indices, especially after accounting for taxes and fees.

6. Lack of Liquidity

A mutual fund allows you to request that your shares be converted into cash at any time,
however, unlike stock that trades throughout the day, many mutual fund redemptions take
place only at the end of each trading day.

7. Taxes

When a fund manager sells a security, a capital-gains tax is triggered. Investors who are
concerned about the impact of taxes need to keep those concerns in mind when investing in
mutual funds. Taxes can be mitigated by investing in tax-sensitive funds or by holding non-
tax sensitive mutual funds in a tax-deferred account, such as a 401(k) or IRA.

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8. Evaluating Funds

Researching and comparing funds can be difficult. Unlike stocks, mutual funds do not offer
investors the opportunity to juxtapose the price to earnings (P/E) ratio, sales growth, earnings
per share (EPS), or other important data. A mutual fund's net asset value can offer some basis
for comparison, but given the diversity of portfolios, comparing the proverbial apples to
apples can be difficult, even among funds with similar names or stated objectives. Only index
funds tracking the same markets tend to be genuinely comparable

Model Introduction
PESTEL is an acronym for Political, Economic, Social, Technological Environmental, and
Legal Analysis. This environment scanning tool is mainly used to understand the external
macro-economic influences on the industry, a particular sector, business, and its
product/service offerings. These environmental forces are considered external as they cannot
be controlled by a firm. However, an in-depth PESTEL analysis of Introduction to Mutual
Funds can enhance the companies’ readiness to handle external environmental turbulence. It
is one of the most widely used strategic planning and management tools that help
management in assessing the impact of different environmental factors on the business and
identifying the threats and opportunities that reside in the external environment. By gaining
an in-depth understanding of the external environment, management can make wise strategic
decisions according to the underlying context.

Application of PESTEL Model on Introduction to Mutual Funds

Political factors in the PESTEL framework

What are political factors?

‘Political factors’ are the first component of the PESTEL framework that exert a strong
impact on the business, and play an important role in determining the business’ long-term
sustainability. Some examples of political factors are taxation policies and trade regulations
that governments can levy around the year and it may influence the overall business
environment. A strong presence at the international stage increases the vulnerability of
Introduction to Mutual Funds to a variety of political, structural, and systematic risks. To
ensure long-term survival, Introduction to Mutual Funds should consider the following
political factors to enhance the readiness to changing political environment dynamics:

 Stability

Political stability is important for business organizations as it influences customer and

investor confidence, and therefore, has a wide impact on the economy. High political

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instability has serious implications for the consumption, investment, and economic growth of
businesses. Currently, the geographic area in which Introduction to Mutual Funds is actively
present is experiencing some political instability due to internal and external conflicts.
Inability to understand and handle the prevailing political chaos can inhibit the company from
achieving its growth objectives, and management will be reluctant to invest in new capital.

Economic factors in the PESTEL framework

What are economic factors?

Economic factors- the second component of PESTEL framework, comprise multifaceted

variables that directly affect the businesses’ ability to achieve their economic objectives.
Introduction to Mutual Funds must gain an in-depth understanding of these factors to
anticipate the short-term and long-term business growth in the chosen sector. Some of the key
economic factors are explained below:

 The efficiency of financial markets

High financial market efficiency shares a strong positive relationship with overall economic
growth, making capital accumulation and goods/service production easier. Therefore,
Introduction to Mutual Funds needs to choose the countries with highly efficient financial
markets so that it could easily accumulate financial and human capital. By keeping an eye on
the financial market efficiency, Introduction to Mutual Funds can successfully stay ahead of
the competition.

 Economic growth rate

Introduction to Mutual Funds should review the economic growth rate of the countries while
making international expansion decisions. Countries with high economic growth rates
provide opportunities to pursue long-term growth objectives. A slow economic growth rate
leads towards more cautious spending by consumers, which can directly affect Introduction
to Mutual Funds’s revenue growth.

Social Factors In The Pestel Framework

What are social factors?

In the PESTEL framework, social factors represent the key demographic characteristics,
social values, norms, and customs of the society in which business organization functions.
Introduction to Mutual Funds must carefully handle the social factors, as failure to adapt
according to the socio-cultural environment has driven many highly successful business
organizations towards failure. This article section discusses the implications of some key
social factors for Introduction to Mutual Funds.

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 Consumption behaviour

The consumption behaviour shares a strong link with the economic factors. When consumers
have more disposable income and are willing to spend more on goods and services to
improve their lifestyle, it provides exciting growth opportunities to Introduction to Mutual
Funds , as introducing new products and services to these customers is easier, and revenue
growth chances also remain higher. However, as modern consumers are becoming more
demanding, it is important for Introduction to Mutual Funds to carefully analyze their
consumption/spending patterns preferences so that the marketing mix strategies could be
adapted accordingly. It is also important for Introduction to Mutual Funds to understand
whether the consumption is driven by utilitarian or hedonic motivations. Another important
consumer behaviour variable that can affect the Introduction to Mutual Funds’s performance
is the degree of ethnocentrism. Higher ethnocentrism can make the business environment
more challenging for Introduction to Mutual Funds while operating in the international
markets.

 Demographics

High population growth and rising proportion of young population segment are two
favourable demographic indicators for Introduction to Mutual Funds , when it specifically
targets young consumers with its products/services. Other than that, it is also important for
Introduction to Mutual Funds to study the host country’s attitude towards migration, as a
positive attitude in terms of welcoming the immigrants from different cultural backgrounds
indicates the importance of adopting effective diversity management practices. Introduction
to Mutual Funds should adapt its marketing strategies to ensure diversity and inclusion. A
positive attitude towards migration also reflects that Introduction to Mutual Funds can easily
recruit staff from diversified cultural backgrounds. High workplace diversity is often linked
with higher productivity, better innovation, and improved overall firm performance.

 Social equality

Social class stratification and respect for hierarchy are some important social factors that can
influence the business, marketing, and human resource management strategies of Introduction
to Mutual Funds . A hierarchal structure with formal work culture suits Introduction to
Mutual Funds when entering countries with high power distance. Similarly, higher social
stratification also indicates the need to adopt effective market segmentation strategies, as
Introduction to Mutual Funds cannot target multiple segments from different social classes
with the same marketing mix.

 Cultural and societal norms

Each country has its unique cultural norms, values, and traditions, which reflect consumer
behavior. Inability to adapt the product/service offerings according to local cultural traditions
can cause serious harm to the business. Introduction to Mutual Funds must conduct extensive
research to gain local consumer knowledge. Being an international firm from a culturally
distant home market, it could be difficult for Introduction to Mutual Funds management to

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understand the delicate cultural nuances. For this purpose, Introduction to Mutual Funds can
develop a business partnership with local market players that could offer in-depth information
about cultural norms and values that influence consumers’ perceptions and attitudes towards
the brand.

 Gender

Another important factor to be considered when developing business strategies is the gender
role in that particular society. The marketing and advertising strategies in a highly patriarchal
culture would be adapted according to prevailing patriarchal norms, otherwise, Introduction
to Mutual Funds can receive a backlash from consumers and general society. The gender
roles in that particular society could also affect the human resource management strategies of
Introduction to Mutual Funds , as the company will find it difficult to ensure gender diversity
across all management levels in countries where women are considered primarily responsible
for managing domestic responsibilities.

Technological factors in PESTEL framework

What are technological factors?

In today’s business world when technological development pace is accelerating, and business
organizations are extensively investing in emerging technologies to stay ahead of the
competition, it is important for Introduction to Mutual Funds to study and anticipate the
existing and future technological trends to ensure long-term business survival. This article
section outlines some technological factors that have important implications for Introduction
to Mutual Funds.

 Technological infrastructure

Introduction to Mutual Funds should prefer countries with well-developed technological

infrastructure, as supportive technological infrastructure makes it easier for a firm to achieve
its cost reduction, innovation, and value creation objectives. Well-developed technological
infrastructure also reflects that it will be harder for Introduction to Mutual Funds to derive
sustainable competitive advantage from technology, which could be easily imitated by
competitors.

 Technological innovations

Technological innovation rate and development can affect the overall market and industry.
By studying the emerging technological innovation trends, Introduction to Mutual Funds will
be able to understand the new product development rate, product life cycle length, and
innovative features being mostly liked by consumers. Research into consumers’ attitudes
towards emerging innovative digital technologies can help Introduction to Mutual Funds in
understanding whether shifting to e-commerce will benefit more than opening a physical
outlet. Competitors’ investment in automation technologies to reduce costs can compel the

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Introduction to Mutual Funds to shift from manual to automated procedures, particularly

when people in general in that particular society are tech-savvy. By investing in the right
technological innovations, Introduction to Mutual Funds can optimize the user experience,
achieve operational efficiencies, and position itself as an innovative organization.

 Research and development

The research and development trend in chosen industry/region reflects the pro-activeness of
firms towards introducing innovative solutions for consumers’ needs. However, Introduction
to Mutual Funds must refine its understanding of how emerging technological innovations
can benefit the firm besides creating value for customers. Extensive investment in research
and development activities would be required in markets characterized by disruptive
technologies. However, it is important for Introduction to Mutual Funds to adopt a long-term
horizon, and do not expect a short-term return from its research and development efforts.

Environmental factors in the PESTEL framework

What are environmental factors?

Environmental analysis has gained significant importance in the contemporary business

environment due to the increased vigilance of stakeholders towards sustainability and
environment protection. Introduction to Mutual Funds should gain an in-depth understanding
of environmental regulations to avoid lawsuits and reputational harm in the market.
Implications of some important environmental factors are discussed below.

 Environmental regulations

Stringent environmental regulations in many countries are pressurizing business

organizations to reduce environmental harm. In response, Introduction to Mutual Funds
should adopt responsible production practices, encourage responsible consumption practices
among its targeted consumers, try to improve its brand image on sustainability grounds, and
ensure full compliance with the international and local environmental regulations, as inability
to do so can draw the serious, reputation damaging criticism from relevant stakeholders.

1.9.4 Legal factors in the PESTEL framework

What are legal factors?

Unlike political factors that offer a broader view, legal factors provide more detailed and
specific information related to different laws and regulations, mainly including- employment
laws, health and safety laws, intellectual property laws, and consumer protection laws.
Introduction to Mutual Funds can face expensive lawsuits if it fails to comply with the host
countries’ legislations.

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 Employment laws

Employment law is an umbrella term that covers various laws protecting employees’ rights,
such as fair wage, equality, equity, inclusion, fairness, health, and safety. In some countries,
there is no effective enforcement of employment laws, but some countries impose strict
penalties upon violation of any of the employees’ stated rights. While entering/operating in
those countries, Introduction to Mutual Funds should ensure work environment safety. Proper
mechanisms must be placed to discourage any sort of direct and indirect discrimination.

 Consumer protection laws

In many countries, a variety of federal and state-level laws are in place to protect consumers
from potential exploitation by businesses. In the information technology age, the laws have
even become stricter to ensure consumers’ privacy. In the case of online transactions,
Introduction to Mutual Funds must strictly comply with the data protection regulations to
avoid lawsuits. While entering different countries, Introduction to Mutual Funds management
needs to study the laws related to refund, discount, credit terms, quality, misleading
advertisement, and maximum pricing (particularly in the case of basic essential goods).

Risks before investing : -

Definition:
A mutual fund is a type of financial vehicle made up of a pool of money collected from
many investors to invest in securities like stocks, bonds, money market instruments, and
other assets.

Before deciding to invest in mutual funds, it’s always been better to understand what are the
risks that the mutual funds have in general so that the investors will not be surprised when the
uncertainty happens in the market. Some of the general risks are:

1. Reinvestment risk is the risk that faced by the investor for the interest risk which is
received from the reinvestment.

2. Equity risk is the risk that one's investments will depreciate because of stock market
dynamics causing one to lose money. The measure of risk used in 4 the equity markets is
typically the standard deviation of a security's price over a number of periods. The standard
deviation will delineate the normal fluctuations one can expect in that particular security
above and below the mean, or average. However, since most investors would not consider
fluctuations above the average return as "risk", some economists prefer other means of
measuring it.

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3. Interest rate risk is the risk (variability in value) borne by an interest-bearing asset, such as
a loan or a bond, due to variability of interest rates. In general, as rates rise, the price of a
fixed rate bond will fall, and vice versa.

4. Currency risk is a form of financial risk that arises from the potential change in the
exchange rate of one currency in relation to another. Investors or businesses face an exchange
rate risk when they have assets or operations across national borders or if they have loans or
borrowings in a foreign currency.
5. Commodity risk refers to the uncertainties of future market values and of the size of the
future income, caused by the fluctuation in the prices of commodities. These commodities
may be grains, metals, gas, electricity etc.

6. Inflation risk is the risk that faced by investors for the increase of inflation rate. It will
affect the purchasing power of the buyer for the money they have. Higher the inflation lower
the purchasing power.

Assets Under Management (AUM) of Indian mutual fund industry as on December 31, 2022
stood at ₹ 39,88,735 crore. The AUM of the Indian MF Industry has grown from ₹ 7.60
trillion as on December 31, 2012 to ₹39.89 trillion as on December 31, 2022 more than 5
fold increase in a span of 10 years.

However, industry body Amfi (Association of Mutual Funds in India) CEO N S Venkatesh
believes that the industry will grow 16-17 per cent in 2023, aided by India's growth story,
and upcoming budget announcements would support the growth.

The next year's growth would be fuelled by increasing awareness about the benefits of
investing in mutual funds across asset classes along with a young generation of investors
investing in the space as well as existing investors increasing allocations

The year 2022 also marked the 10th consecutive yearly rise in the industry AUM after a drop
in two preceding years. This year's growth in the industry was supported by inflows in equity
schemes.

The biggest adopters of mutual funds in 2022 have been young millennials and early Gen-Zs.
Despite the volatility in the markets, the young generations are choosing to invest in mutual
funds for returns to beat the inflation rates.

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1.10 Factors To Consider Before Investing In The Best Performing Mutual

Funds In Last 5 Years

 The Risk and Return Trade-off of Various Mutual Fund Categories Differ from One
Another
 One of the most relevant points to remember would be that the risk and return trade-off of
different mutual fund segments tends to vary. It is very difficult to determine the various
levels of risks in any specific components of mutual funds through specific factors or
scales and this is because the risk that comes with every different category of mutual
funds is not the same.
 Select The Option That Is the Most Suitable and Appropriate For YOU!
 Begin your search for the selection of an appropriate mutual fund by determining your
investment and financing goals and your risk appetite.
 For investment and capital gains exceeding over a year or so, make sure that you engage
in a lengthy mutual fund asset where your money will be accumulated for over a period of
12 months or even more but if you are a fan of current income, make sure that you invest
in brief and short-term schemes.
 Category V/S Fund Rationale
 One of the most common investing practices amongst people includes investing in a fund
that is ranked the highest on internet sites or mutual fund organizations but it is more
important to clearly identify the category that is most suitable for yourself. You can
begin analyzing the funds once you've decided which categories your portfolio to include.
 The most significant factor to keep in mind is the availability and stability of funds, the
rate
 Examine the Consistency of Performance of The Mutual Funds as The Uniformity of
Return Is the Epitome of Quality Funds.
 One additional aspect to look into before seriously considering investing in any mutual
fund is its quality, consistency, and time period of performance. So rather than looking at
how much money the scheme has made recently, contemplate how it has performed in the
time period of 1-5 years. This indicates whether it can give you consistent returns or only
fluctuating returns.
 Remember That Over-Diversification Can Be Risky.
 It is a well-known fact that "diversification reduces risk", however, risk mitigation is not
proportional to over-diversification. Funds will not boost gains beyond a basic level of
diversification.
 Beginner investors should start with the basics and work their way up. There's a chance
that in your haste, you'll end up adding similar funds to your portfolio, which will lead to
lower returns.
 It Is Highly Unlikely for You to Receive the Same Returns Every Year
 When people talk about Mutual Fund returns, what they usually mean are annualized
returns. This may create an impression that your returns will be consistent year after
year. Assume that the annualized returns of a particular Mutual Fund Scheme are 8%,this

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does not really guarantee that you'll make 8% yearly. This is due to the fact that mutual
fund returns are not consistent.
 A Mutual Fund Scheme, for example, could give you +10% returns in a year but might
only give you -2% returns in the next year. There also may be times when there are no
returns at all. As a result, you should expect this variability in your annual returns as well.
 Direct Plans Lead to Better Outcomes.
 Direct plans have a lower-Expense Ratio than regular plans, as a result of which, Direct
plans outperform Regular plans in terms of profitability. Some investors are now under
the perception that direct and regular Mutual Fund schemes are not the same, but that is
not correct.
 These are just the different versions of identical schemes and the only distinction is that in
the case of direct plans, there is no agent or broker involved in the middle, so no
commission or brokerage is charged. This translates to lower financing house costs and,
as a result, lower annual investment costs for you.

How to Evaluate Mutual Fund Performance

Investing in mutual funds entails taking on a certain amount of risk. Mutual fund
performance, on the other hand, maybe measured using a mathematical computation of past
returns. The relationship between potential risk and prospective returns is always presenting
possibilities to participate in mutual funds and generate maximum potential profits with the
least amount of underlying risk.

Benchmark

Benchmarking is the process of comparing the quality of a fund to a set of standards. When
compared to the funds’ peer markets, it serves as a benchmark. Benchmarking enables you to
compare the performance of your mutual fund investment to the market competitors,
regardless of your investing goals. You can assess the relevance of the performance
benchmark for your assets by comparing past results to market circumstances. However, past
performance is not a good predictor of future outcomes.

Comparing to peers

The efficacy of your mutual fund in the same category is measured by its relative
performance to its peers. Mutual funds strive to be at the top of the fund universe’s rating.
The comparable peer performance is advised in order to get a greater return for the set
duration of value learning.

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Portfolio quality

The capacity of stocks in the portfolio to provide higher returns on money invested for a
specified length of time reflects their quality. It’s a good idea to look at the mutual fund’s
industry-leading position. The quality of the equities in the portfolio will be reflected in the
returns, and hence the performance. Qualitative data and mutual fund performance history
would aid in assessing performance.

Risk-Adjusted Returns

The calculated returns on your assets relative to the risk indicated over time are known as
risk-adjusted returns. When two mutual funds with the same percentage return over the same
time period are compared, the lower risk funds have greater Risk-Adjusted Returns.

Fund manager’s expertise

Your fund manager is a key figure in the portfolio, making investing and stock selection
choices. Recognize your fund manager’s expertise based on his or her fund management
knowledge and abilities. The historical performance of your fund manager would be an
excellent metric to use to monitor his or her track record, and it may prove to be quite
beneficial to your investments.

Define Your Investment Objectives

What is the purpose of my investment? The answer to this question should guide your mutual
fund decisions. If you want a stable income with capital protection, you may invest in a debt
fund. Equities, on the other hand, would suit your demands if you desire to grow your money
and have a higher risk appetite. As a consequence, determining your financial goal before
choosing an investment is crucial.

Fund’s Fee Structure

You pay a mutual fund firm for its services and expertise. Some funds need careful
management and prompt choices on whether to acquire, sell, or keep an asset. Keep in mind
that a fund with a larger charge is always preferable. Before making a decision, be sure to
look at all of the options.

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PERFORMANCE OF THE BEST PERFORMING MUTUAL FUNDS IN

INDIA LAST 5 YEARS

1) Axis Bluechip Fund Direct-Growth

Axis Bluechip Fund Direct Plan-Growth is an Equity Mutual Fund Scheme launched by Axis
Mutual Fund and is the Highest Return Mutual Fund in Last 5 Years. The scheme aims to
generate long-term capital growth by investing in a diversified portfolio predominantly
consisting of equity & equity-related instruments of large-cap companies.

2) Canara Robeco BlueChip Equity Fund Direct-Growth

Canara Robeco Bluechip Equity Fund Direct-Growth is an Equity Mutual Fund Scheme
launched by Canara Robeco Mutual Fund and is well-known as the Best Return Mutual Fund
in Last 5 Years. The fund seeks to provide capital appreciation by predominantly investing in
companies having a large market capitalization.

Canara Robeco Large cap fund is named to reflect the investment strategy, which is mainly
focused on a portfolio that would be concentrated on investing in any of the top 150 stocks
ranked on the basis of market capitalization.

3) PGIM India Mid-Cap Opportunities Fund Direct-Growth

PGIM India Midcap Opportunities Fund Direct-Growth is an Equity Mutual Fund Scheme
launched by PGIM India Mutual Fund. The scheme seeks to achieve long-term capital
appreciation by predominantly investing in equity & equity-related instruments of mid-cap
companies.

4) Axis Mid-Cap Direct-Plan-Growth

Axis Midcap Direct Plan-Growth is an Equity Mutual Fund Scheme launched by Axis
Mutual Fund. The scheme seeks to achieve long-term capital appreciation by investing
predominantly in equity & equity-related instruments of Mid Cap companies.

5) Nippon India Small Cap Fund Growth

India Small-Cap Fund-Growth is an Equity Mutual Fund Scheme launched by Nippon India
Mutual Fund. The scheme seeks to generate long-term capital appreciation by investing
predominantly in equity and equity-related instruments of small-cap companies.

6) SBI Small Cap Fund Direct-Growth

SBI Small Cap Fund Direct-Growth is an Equity Mutual Fund Scheme launched by SBI
Mutual Fund. The scheme seeks to provide investors with opportunities for long-term growth

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in capital along with the liquidity of an open-ended scheme by investing predominantly in a

well-diversified basket of equity stocks of small-cap companies.

7) Parag Parikh Flexi-Cap Fund Direct-Growth

Parag Parikh Flexi Cap Fund Direct-Growth is an Equity Mutual Fund Scheme launched
by PPFAS Mutual Fund. The scheme aims to achieve long-term capital appreciation by
investing primarily in equity and equity-related instruments.

8) PGIM India Flexi-Cap Fund Direct-Growth

PGIM India Flexi Cap Fund Direct-Growth is an Equity Mutual Fund Scheme launched
by PGIM India Mutual Fund. The scheme seeks to generate income & capital appreciation by
predominantly investing in an actively managed diversified portfolio of equity & equity-
related instruments including derivatives.

9) Quant Tax Plan-Growth

Quant Tax Plan-Growth is an Equity Mutual Fund Scheme launched by Quant Mutual Fund.
The scheme aims to generate capital appreciation by investing predominantly in equity shares
with growth potential.The secondary objective is to give dividends and other income.

10) Mirae Asset Tax Saver Fund Direct-Growth

Mirae Asset Tax Saver Fund Direct-Growth is an Equity Mutual Fund Scheme launched
by Mirae Asset Mutual Fund. The scheme seeks to generate long-term capital appreciation
from a diversified portfolio of predominantly equity and equity-related instruments.

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CHAPTER – 2
LITERATURE REVIEW

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2. LITERATURE REVIEW

A Critical Analysis of Giridhar Maji and Soumya Sen Stock prediction and
mutual fund portfolio management using curve fitting techniques; Journal of
Ambient Intelligence and Humanized Computing 2021

Investment in the stock market helps generate more profit than the other financial
instruments but has the risk that might lead to a high loss. To avoid the risk factors and
increase the return they put the accumulated capital in multiple stocks. They need to
perform many calculations and predictions to overcome the uncertainties and
unpredictability and need to ensure higher gains to the investors in the mutual fund which
are being managed by experienced portfolio managers. Objective of the Study: To
evaluate the past performance of selected open ended Equity mutual fund schemes of
large cap equity schemes, to carry out the risk return analysis of the sample funds selected
and to carry out the risk return analysis of the sample funds selected.

A Critical Analysis of Indian Mutual Funds Sector: A Case Study of Unit Trust of
India (UTI) Mutual Fund, Bank of India (BOI) Mutual Fund and Tata Mutual Fund
Meenakshia , S.K.S. Yadav 2014

Mutual Funds as institutional investors plays an important role. The history of the mutual
fund, or unit trust as it is known in various regions of the world, is one of success history.
Mutual funds have become much more well-liked from past few years. Mutual funds are
in the form of Trust (usually called Asset Management Company) that manages the pool
of money collected from various investors for investment in various classes of assets to
achieve certain target. Research Design - The research work is based on primary and
secondary data. The main sources of secondary data are various journals, News Papers
and SEBI’s documents and the study is mainly based on data compiled from annual
reports of leading mutual funds, annual reports of those companies and internet reports
are prepared by research scholars. Hpothesis - Mutual funds, like securities investments,
are subject to market risks and there is no guarantee against loss in the scheme or that the
scheme’s objectives will be achieved.

An Exploratory Study of Mutual Fund Performance in India Article in Dongbei

Daxue Xuebao/Journal of North-eastern University · November 2022

The purpose of the research was to know about mutual fund scheme in India. The current
study's basis is secondary data that was collected from a variety of sources, notably SEBI
annual reports. The objective of the study is to know the scheme-specific Assets Under
Management (AUM) in India, to study the type of scheme of Assets Under Management

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(AUM) in India, to study the impact of demonetization on mutual fund investments in India
and to study the annual growth rate of mutual fund investment in India.

Impact of Demonetization on Mutual Fund Industry in India by Dr. Syed Shahid

Mazhar 2020
Indian stock market in terms of equity is expected to continue its movement ahead of
fundamental approach in coming quarters. While impact of demonetization no longer holds
sway over market, two or three more instances of GST corrections are expected and true
market impact of GST on equity’s momentum will only be clearly visible after March’19 by
which time we can expect the market to move on fundamental approach rather than news
driven pace as local economy would have reached a level of stability. As per Economic
Survey 2018: demonetization negative impact over; GST has led to increase in tax payers.
The Economic Survey described that India’s GDP was set to grow 7 - 7.5 percent in 2018-
19, an increase from its prediction of 6.75 percent growth this fiscal. The gap is due to
frequent shocks , private sector woes, job crisis, farmer crisis, NPA burden.

Post-Performance Analysis of Mutual Fund Scheme Merger Article in SSRN

Electronic Journal April by Indhumathi Gunasekaran Murugesan Sevlam 2011

In mutual fund mergers, the acquired firm transfers its net assets to the acquiring firm in the
exchange for new shares of the acquiring firm with equal aggregate value. Mergers among
mutual funds are a relatively recent phenomenon. In India, Mutual Fund merger took place
in 19th June, 2003 between Zurich India Mutual Fund and HDFC Mutual Fund. Many
issues related to corporate mergers have been analyzed in the existing research, this study is
intended to analyze the pre and post merger performance of mutual fund schemes . Objective
of the study is to measure the performance of the merged mutual fund schemes in the
framework of risk and returns and it is to identify the performance of merged mutual fund
schemes by comparing them with benchmark portfolio.

Performance Analysis of Index Mutual Fund January Yasmeen Bano and Vasanth
Shanmugam 2020

This analysis is based on the performance of Nifty INDEX funds. The study selected five
INDEX funds for the analysis of data such as IDBI Nifty Index Fund, UTI Nifty Index Fund,
HDFC Index Fund - Nifty Plan, SBI Nifty Index Fund, Tata Index Fund-Nifty Plan (G). The
research problem is solved by understanding the data in a particular way. The main source of
the information is secondary data which is suitable for the purpose of the study. The
secondary data were collected from the financial report of funds - To study about the
performance and risk involved in Nifty INDEX funds and to examine the mistake and
information ratio.

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Investigating Performance Of Equity-Based Mutual Fund Schemes In Indian Scenario

by Sathya Swaroop Debashish 2017

Mutual Fund is one of the most preferred investment alternatives for the small investors as it
provides an opportunity to invest in a diversified, professionally managed portfolio at a
relatively low cost. A Mutual Fund is a trust that pools the savings of a number of investors
who share a common financial goal. Over the past decade, mutual funds have increasingly
become the investor’s vehicle for long-term investing with high return.
Objective

1. To measure the return earned by the sample mutual funds schemes and compare against the
market portfolio returns to distinguish the performers from the laggards

2. To find out the mutual fund schemes offering the advantages of diversification, along with
adequate systematic risk compared to market beta risk.

3. To analyze the excess return per unit of risk evidenced by mutual fund schemes belonging
to public sector and private sector, and to compare it.

Comparative Study On Performance Evaluation Of Mutual Fund Schemes Of Indian

Companies Prof. Kalpesh P Prajapati, Prof. Mahesh K Patel 2016

Mutual Funds have become a most popular and effective method for investors to participate
in financial markets in an easy, low-cost , and reducing the risk by spreading the investment
across different types of securities, also known as diversification. It can play a vitall role in an
individual's investment strategy. They offer the potential for capital growth and income
through investment evaluation. Objective is to evaluate and compare the performance of
equity diversified mutual fund schemes of selected companies

Investor’s Preferences towards Mutual Fund Industry Trichy by V Rathnamani 2013

Small investor who does not want to take risk but they want to maximize the return from
investment they prefer mutual funds . It forms an important part of the capital market,
providing the benefits of a diversified portfolio and expert fund management to a large
number of investors. Now a day, mutual fund is gaining its popularity.

Testing Of Hypothesis - There is no significant relationship between knowledge about mutual

fund and residential area, there is no relationship between age range and purpose to invest in
mutual fund and there is no relationship between investment duration and annual personal
income.

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Mutual Fund Investment How do mutual funds behave when they invest in emerging in
Emerging Markets by Graciela Kaminsky, Richard Lyons, Sergio Schmukler; The
World Bank Development Research Group January Macroeconomics 2001

International mutual funds are one of the main channels When investing abroad, U.S. mutual
funds invest more for capital flows to emerging economies. First, they describe international
mutual funds' relative crises of the 1990s. Withdrawals from emerging markets size, asset
allocation, and country allocation. during recent crises were large, which squares with
Second, they focus on fund behavior during crises, by existing evidence of financial
contagion. analyzing data at the level of both investors and fund Investments in Asian and
Latin American mutual funds managers. are volatile. Equity investment in emerging relative
to total funds under management, funds' flows markets has grown rapidly in the 1990s, much
of it are not stable. Collectively, these funds injections and redemptions does not fluctuate
hold a sizable share of market capitalization in emerging significantly, so investors' actions
are typically reflected economies. Asian and Latin American funds achieved the in emerging
market inflows and outflows.

Indian Mutual Fund : Retail Investor Investment Insight by Ms. Pooja Chaturvedi
Sharma and Dr. Anoop Pandey ; International Journal of Research & Development in
Technology and Management Science 2014

Indian mutual fund which have come out as strong financial intermediaries is vital and
provide stability to the financial system, but have also lent assistance to rationalize the
process of resource allocation. On matching up with other contemporary financial
instruments, mutual funds put forward a dependable, uncomplicated and a better fitting in
approach of investment. The foremost rationale for this lack of appeal in mutual funds is the
low customer awareness level. It discusses the introduction, evolution of mutual fund market
along with the range of different expenses, various parties involved in this market segment.
The probable reasons for lack of investor awareness along with suggestions for raising
awareness levels of investors.

Performance Analysis Of Mutual Fund: A Comparative Study Of The Selected Debt

Mutual Fund Scheme In India Komal B. Sharma 2017

Mutual fund is an instrument that pools money from many people and invests it in stocks,
bonds or other assets. The combined holdings of stocks, bonds or assets the funds own known
as it’s a portfolio. Each investor in the funds owns a stake, which represents a part of the
holding. The objective of the study is to evaluate the performance of selected debt mutual
fund schemes in India. And to examine the risk and return component among these mutual
funds. Sources of data. The study is based on secondary data collected from historical NAV
and Factsheets by Asset Management Company

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CHAPTER – 3
RESEARCH METHODOLOGY

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RESEARCH METHODOLOGY

OBJECTIVE OF STUDY
 To analyse and compare the performances of different schemes of mutual funds.
 To analyse growth and progress in recent years of the of Nippon mutual funds,
HDFC mutual fund and UTI mutual fund.

SAMPLE SIZE
Nippon, HDFC mutual fund and UTI mutual fund are few of the selective cases which are
chosen as they were popular mutual fund companies and had major impact on the economy.

DATA COLLECTION METHODS

The secondary data is collected from published and unpublished sources, books, journals,
web-content, e-books, e-journals, magazines and newspapers.

PROBLEM STATEMENT

There are so many funds and schemes are available in mutual funds market. Amount of risk
taken is based on which schemes they choose. Some have benefited from it and many are not
even aware of such a mode of investment due to their limited knowledge on this mode, invest
in it expecting return higher than those provided under time deposits in commercial banks
and if the expected yield does not come up instead turn to backfire, they quit from this mode
and also demotivate new ones from entering

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LIMITATIONS OF PROPOSED STUDY

 The study is restricted only to selected mutual funds which were constant performer
during the study period.
 The findings and results are based on the past performance of the only selected Equity
and Debt.
 The whole study is based on SENSEX and NIFTY indexes which are fluctuating in
nature.
 The study is based only on the secondary sources of information.

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CHAPTER - 4
DATA ANALYSIS

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DATA ANALYSIS OF NIPPON INDIAN MUTUAL FUND

Nippon India Mutual Fund (NIMF) is one of India's leading mutual funds, with Average
Assets Under Management (AAUM) of Rs 279431.37 Crores (Apr 2022 to Jun 2022
QAAUM) and 182.57 lakhs folios (as on 30th Jun 2022).

NIMF which is one of the fastest growing mutual funds in India, offers investors a well-
rounded portfolio of products to meet varying investor requirements and has presence in 272
locations (as of 24 January, 2022) across the country. NIMF constantly endeavours to launch
innovative products and customer service initiatives to increase value to investors.

AMC Nippon Indian Mutual Fund

Date of Setup June 30, 1995
AUM INR 2,88,637 crores
CEO/MD Mr.SundeepSikka
CIO Mr. Amrit Tripathi
Compliance Officer Mr. NileshPednekar
Investor Service Officer Mr. MilindNesarikar
Headquaters Mumbai
Website mf.nipponindiaim.com
Table 4.1

Financials

Particulars March 2022 March 2021 March 2020 March 2019 March 2018
Total Assets 3,644.16 3,288.52 2,811.35 2,711.78 2,589.98
Revenue 1,428.42 1,325.66 1,134.29 1,589.04 1,680.59
Profit 711.21 649.39 412.3 475.17 447.57
Table 4.2

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4,000.00
3,500.00
3,000.00
2,500.00 Total Assets
2,000.00 Revenue
1,500.00 Profit
1,000.00
500.00
0.00
2018 2019 2020 2021 2022

Nippon Life Asset Management

 The company's total assets have consistently increased over the past few years, indicating
potential growth and expansion.
 Revenue has also increased steadily, except for a slight dip in 2020.
 Profit has generally followed a similar trend, with a significant jump in 2022 compared to
the previous years.
 Overall, these numbers indicates that the company has been performing well and remains
financially stable. However, it is important to keep in mind that other factors such as
expenses, debt, and competition may impact the company's bottom line.

DATA ANALYSIS OF HDFC MUTUAL FUND

HDFC is one of India’s premier financial services providers. HDFC Asset Management
Company is one of its subsidiaries which offers
various mutual fund schemes. HDFC launched its first scheme in 2000 and since then, has
shown promising growth over a decade and a half. HDFC Mutual Fund offers schemes across
11 categories of funds. The company has bought out Morgan Stanley’s eight mutual fund
schemes in 2014. The total value of those schemes was estimated at INR 3,290 crores. This
move has put HDFC Mutual Fund a mile ahead of its fellow fund houses in the market. To
make an efficient and affordable investment in Mutual Funds investors can invest in the
scheme via HDFC SIP

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AMC HDFC Mutual Fund

Date of Setup June 30, 2000
AUM INR 4,57,296 crores
CEO/MD Mr.NavneetMunot
CIO Mr. Prashant Jain
Compliance Officer Mr. YezdiKhariwala
Investor Service Officer Mr. John Mathew
Headquaters Mumbai
Website www.hdfcfund.com
Table 4.3

FINANCIALS
PARTICULARS March March March March March
2022 2021 2020 2019 2018
Total Assets 5,880.37 5,094.70 4,308.60 3,223.75 2,472.14

Revenue 2,433.20 2,201.74 2,143.43 2,096.78 1,869.77

Profit 1,393.13 1,325.76 1,262.41 930.6 711.29
Table 4.4

6,000.00

5,000.00

4,000.00

3,000.00
Total Assets Revenue Profit

2,000.00

1,000.00

0.00
2018 2019 2020 2021 2022

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HDFC Mutual Fund

 Financial data, with five years of information for Total Assets, Revenue, and Profit, as of
the month of March for each year.
 In March 2018, the Total Assets were 2,472.14, and they increased every year, reaching
5,880.37 in March 2022.
 The Revenue also increased over time, from 1,869.77 in March 2018 to 2,433.20 in
March 2022.
 Similarly, the Profit also increased over the years, from 711.29 in March 2018 to 1,393.13
in March 2022.
 -Total assets increased consistently over the years, with a significant jump from 2020 to
2021.
 Revenue has also grown steadily, with the exception of a slight dip from 2021 to 2020.
 Profit has generally increased year over year, with a significant jump in 2022 compared to
the previous years.

DATA ANALYSIS OF UTI ASSET MANAGEMENT

UTI Mutual Fund was carved out of the erstwhile Unit Trust of India (UTI) as a Securities
and Exchange Board of India (SEBI) registered mutual fund from 1 February 2003.[1] The
Unit Trust of India Act 1963 was repealed, paving way for the bifurcation of UTI into:
Specified Undertaking of Unit Trust of India (SUUTI) and UTI Mutual Fund
UTI Mutual Fund has a nationwide distribution network, which is spread across the length
and breadth of the country. Its distribution network comprises over 48000 AMFI/NISM
certified Independent Financial Advisors and 174 Financial Centers.
UTI Mutual Fund is the oldest and one of the largest mutual funds in India with over 10
million investor accounts under its 230 domestic schemes/plans as of September 2017.

Mutual Fund UTI Mutual Fund

Setup Date 01-Feb-2003
Incorporation Date 14-Nov-2002
Sponsor State Bank of India, Punjab National Bank, Bank of
Baroda, Life Insurance Corporation
CEO / MD Mr. ImtaiyazurRahman
CIO MrVetriSubramaniam
Compliance Officer Ms. SuruchiWanare
Investor Service Officer Ms. MadhaviDicholkar
Assets Managed ₹ 233,893.73 crore (as on 31-Dec-2022)
Table 4.5

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Financials
Particulars March 2022 March 2021 March 2020 March 2019 March 2018
Total assets 3,453.59 3,242.58 2,930.93 2,639.41 2,374.06
Revenue 1,060.27 942.33 861.79 1,008.25 1,057.57
Profit 417.78 351.67 309.16 348.36 375.79
Table 4.6

3,500.00

3,000.00

2,500.00

2,000.00

1,500.00

Total assets Revenue Profit

1,000.00

500.00

0.00
2018 2019 2020 2021 2022

UTI Mutual Fund

 The company's total assets increased from 2,374.06 in March 2018 to 3,453.59 in
March 2022, indicating growth in the company's asset base. Similarly, the revenue
increased from 1,057.57 in March 2018 to 1,060.27 in March
 2022, indicating that the company has been generating more revenue over the
 years.
 In March 2018, the Total Assets were 2,374.06, and they increased every year,
reaching 3,453.59 in March 2022.
 The Revenue, on the other hand, has fluctuated over the years. It was highest in
March 2019 at 1,008.25, but then decreased to 861.79 in March 2020, before
increasing again to 1,060.27 in March 2022.
 Similarly, the Profit also fluctuated over the years, with a peak in March 2018 at
375.79, a dip in March 2020 at 309.16, and then an increase to 417.78 in March 2022.

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CHAPTER - 5
CONCLUSION
& FINDINGS

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CONCLUSION

This was the list of the top 10 mutual funds in last 5 years To conclude, Mutual Funds are an
excellent starting point for investors seeking exposure to the securities or commodity
markets. However, returns should not be the only factor considered before selecting a
category or sub-category.

India is one among the top 7 world’s largest economy and India’s savings rate is very high in
comparison to other countries. In order to accelerate economic development of our country, it
is not only necessary to increase the rate of savings but also to improve the holding pattern of
such savings. As investment directly in the equity shares is too risky, mutual funds have
become route in mobilization and allocation of resources. The mutual fund industry has
registered a healthy growth in the past few years. But still there is lot scope as the rate of
conversion of household savings into mutual fund investment in our country is very low. And
the awareness about Mutual Funds, its different schemes and its benefits may boost the
investment in MF schemes. Many studies have been undertaken on the performance of
mutual fund schemes. However, particular study in the schemes that are sufficient.

Mutual funds are one of the best investments ever made because they are cost effective and
easy to invest in all equity and debt schemes. Various external causes affect the fund
performance it is suggestible for the investor to choice the right scheme according to their
return and objective of the scheme and i is always advisable to invest in equity schemes for
longer period of time.

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FINDINGS

1. Nippon Life Asset Management

 The company's total assets have consistently increased over the past few years,
indicating potential growth and expansion.
 Revenue has also increased steadily, except for a slight dip in 2020.
 Profit has generally followed a similar trend, with a significant jump in 2022
compared to the previous years.
 Overall, these numbers indicates that the company has been performing well and
remains financially stable. However, it is important to keep in mind that other factors
such as expenses, debt, and competition may impact the company's bottom line.

2. HDFC Mutual Fund

 Financial data, with five years of information for Total Assets, Revenue, and Profit, as
of the month of March for each year.
 In March 2018, the Total Assets were 2,472.14, and they increased every year,
reaching 5,880.37 in March 2022.
 The Revenue also increased over time, from 1,869.77 in March 2018 to 2,433.20 in
March 2022.
 Similarly, the Profit also increased over the years, from 711.29 in March 2018 to
1,393.13 in March 2022.
 -Total assets increased consistently over the years, with a significant jump from 2020
to 2021.
 Revenue has also grown steadily, with the exception of a slight dip from 2021 to
2020.
 Profit has generally increased year over year, with a significant jump in 2022
compared to the previous years.

3. UTI Mutual Fund

 The company's total assets increased from 2,374.06 in March 2018 to 3,453.59 in
March 2022, indicating growth in the company's asset base. Similarly, the revenue
increased from 1,057.57 in March 2018 to 1,060.27 in March
 2022, indicating that the company has been generating more revenue over the
 years.
 In March 2018, the Total Assets were 2,374.06, and they increased every year,
reaching 3,453.59 in March 2022.
 The Revenue, on the other hand, has fluctuated over the years. It was highest in
March 2019 at 1,008.25, but then decreased to 861.79 in March 2020, before
increasing again to 1,060.27 in March 2022.
 Similarly, the Profit also fluctuated over the years, with a peak in March 2018 at
375.79, a dip in March 2020 at 309.16, and then an increase to 417.78 in March 2022.

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ANNEXURE
DATA ANALYSIS

BALANCE SHEET OF Mar-22 Mar-21 Mar-20 Mar-19 Mar-18

NIPPON LIFE INDIA
ASSET
MANAGEMENT (in
Rs. Cr.)

12 mths 12 mths 12 mths 12 mths 12 mths

EQUITIES AND
LIABILITIES

SHAREHOLDER'S
FUNDS
Equity Share Capital 622.02 616.5 612.11 612 612

TOTAL SHARE 622.02 616.5 612.11 612 612

CAPITAL

Reserves and Surplus 2,746.05 2,409.02 1,873.43 1,907.54 1,726.83

TOTAL RESERVES 2,746.05 2,409.02 1,873.43 1,907.54 1,726.83

AND SURPLUS

TOTAL 3,368.07 3,025.52 2,548.99 2,532.25 2,340.22

SHAREHOLDERS
FUNDS
NON-CURRENT
LIABILITIES

Long Term Borrowings 0 0 0 0 0

Deferred Tax Liabilities 67.68 33.84 0 0 0

[Net]

Other Long Term 34.33 35.72 28.33 39.12 52.46

Liabilities

Long Term Provisions 14.03 23.06 38.19 43.04 29.35

TOTAL NON- 116.04 92.62 66.52 82.16 81.81

CURRENT
LIABILITIES
CURRENT
LIABILITIES
Short Term Borrowings 0 0 0 0 0

Trade Payables 47.06 59.53 66.35 42.29 112.21

Other Current Liabilities 112.18 110.32 129.49 55.08 55.74

Short Term Provisions 0 0 0 0 0

TOTAL CURRENT 159.24 169.85 195.84 97.37 167.95

LIABILITIES

TOTAL CAPITAL 3,644.16 3,288.52 2,811.35 2,711.78 2,589.98

AND LIABILITIES

ASSETS

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NON-CURRENT
ASSETS

Tangible Assets 9.88 10.68 9.03 12.33 12.18

Intangible Assets 285.63 289.07 312.92 243.55 245.22

Capital Work-In-Progress 0.05 1.31 2 0.7 2.59

Other Assets 0 0 0 0 0

FIXED ASSETS 295.56 301.06 323.95 256.58 259.99

Non-Current Investments 0 0 0 0 0

Deferred Tax Assets 0 0 8.18 12.22 8.34

[Net]
Long Term Loans And 0 0 0 0 0
Advances

Other Non-Current Assets 70.97 78.01 71.82 96.47 276.83

TOTAL NON- 366.53 379.07 403.95 365.27 545.16

CURRENT ASSETS

CURRENT ASSETS

Current Investments 2,877.78 2,513.01 1,870.41 1,279.96 950.9

Inventories 0 0 0 0 0

Trade Receivables 65.86 36.73 50.94 90.17 37.32

Cash And Cash 275.32 304.17 409.11 490.47 560.23

Equivalents

Short Term Loans And 36.32 35.21 48.83 431.81 439.06

Advances

OtherCurrentAssets 22.35 20.33 28.11 54.1 57.31

TOTAL CURRENT 3,277.63 2,909.45 2,407.40 2,346.51 2,044.82

ASSETS

TOTAL ASSETS 3,644.16 3,288.52 2,811.35 2,711.78 2,589.98

OTHER ADDITIONAL
INFORMATION

CONTINGENT
LIABILITIES,
COMMITMENTS

Contingent Liabilities 15.63 17.93 13.47 22.88 36.97

CIF VALUE OF
IMPORTS
Raw Materials 0 0 0 0 0

Stores, Spares And Loose 0 0 0 0 0

Tools

Trade/Other Goods 0 0 0 0 0

Capital Goods 0 0 0 0 0

EXPENDITURE IN
FOREIGN
EXCHANGE

52
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PERFORMANCE EVALUATION OF MUTUAL FUND IN INDIA OF LAST 5 YEARS

Expenditure In Foreign 6.98 6.49 7.24 7.28 8.34

Currency

REMITTANCES IN
FOREIGN
CURRENCIES FOR
DIVIDENDS

Dividend Remittance In -- -- -- -- --
Foreign Currency

EARNINGS IN
FOREIGN
EXCHANGE
FOB Value Of Goods -- -- -- -- --

Other Earnings 22.85 21.79 28.97 26.86 28.69

BONUS DETAILS

Bonus Equity Share 576.76 576.76 576.76 576.76 576.76

Capital
NON-CURRENT
INVESTMENTS

Non-Current Investments -- -- -- -- --
Quoted Market Value

Non-Current Investments -- -- -- -- --
Unquoted Book Value

CURRENT
INVESTMENTS

Current Investments -- -- -- -- --
Quoted Market Value

Current Investments -- -- 1,870.41 -- --

Unquoted Book Value

PROFIT & LOSS Mar-22 Mar-21 Mar-20 Mar-19 Mar-18

ACCOUNT OF
NIPPON LIFE
INDIA ASSET
MANAGEMENT (in
Rs. Cr.)

12 mths 12 mths 12 mths 12 mths 12 mths

INCOME

REVENUE FROM 1,213.98 986.54 1,131.67 1,415.26 1,531.98

OPERATIONS
[GROSS]

Less: Excise/Sevice 0 0 0 0 0
Tax/Other Levies

53
Agarwal Vidya Vihar English Medium College
PERFORMANCE EVALUATION OF MUTUAL FUND IN INDIA OF LAST 5 YEARS

REVENUE FROM 1,213.98 986.54 1,131.67 1,415.26 1,531.98

OPERATIONS
[NET]

TOTAL 1,213.98 986.54 1,131.67 1,415.26 1,531.98

OPERATING
REVENUES
Other Income 214.44 339.12 2.62 173.78 148.61

TOTAL REVENUE 1,428.42 1,325.66 1,134.29 1,589.04 1,680.59

EXPENSES

Cost Of Materials 0 0 0 0 0
Consumed

Purchase Of Stock-In 0 0 0 0 0
Trade

Operating And Direct 15.87 12.12 38.28 232.13 284.99

Expenses

Changes In 0 0 0 0 0
Inventories Of
FG,WIP And Stock-
In Trade

Employee Benefit 267.86 248.74 278.46 277.42 242.38

Expenses

Finance Costs 3.79 4.37 5.58 0 2.17

Depreciation And 26.73 32.59 32.62 9.99 8.45

Amortisation
Expenses

Other Expenses 168.74 184.92 217.96 382.78 506.27

TOTAL EXPENSES 482.99 482.74 572.9 902.32 1,044.26

PROFIT/LOSS 945.43 842.92 561.39 686.72 636.33

BEFORE
EXCEPTIONAL,
EXTRAORDINARY
ITEMS AND TAX

Exceptional Items 0 0 0 0 0

PROFIT/LOSS 945.43 842.92 561.39 686.72 636.33

BEFORE TAX

TAX EXPENSES-
CONTINUED
OPERATIONS

Current Tax 200.38 151.51 142.73 215.42 193.82

Less: MAT Credit 0 0 0 0 0

Entitlement

Deferred Tax 33.84 42.02 6.36 -3.87 -5.06

Tax For Earlier Years 0 0 0 0 0

TOTAL TAX 234.22 193.53 149.09 211.55 188.76

EXPENSES
PROFIT/LOSS 711.21 649.39 412.3 475.17 447.57
AFTER TAX AND
BEFORE
EXTRAORDINARY
ITEMS

54
Agarwal Vidya Vihar English Medium College
PERFORMANCE EVALUATION OF MUTUAL FUND IN INDIA OF LAST 5 YEARS

PROFIT/LOSS 711.21 649.39 412.3 475.17 447.57

FROM
CONTINUING
OPERATIONS

PROFIT/LOSS FOR 711.21 649.39 412.3 475.17 447.57

THE PERIOD

OTHER
ADDITIONAL
INFORMATION

EARNINGS PER
SHARE
Basic EPS (Rs.) 11.47 10.53 6.74 7.77 7.49

Diluted EPS (Rs.) 11.28 10.41 6.65 7.77 7.48

VALUE OF
IMPORTED AND
INDIGENIOUS
RAW MATERIALS
STORES, SPARES
AND LOOSE
TOOLS

Imported Raw 0 0 0 0 0
Materials
Indigenous Raw 0 0 0 0 0
Materials
STORES, SPARES
AND LOOSE
TOOLS

Imported Stores And 0 0 0 0 0

Spares

Indigenous Stores 0 0 0 0 0
And Spares

DIVIDEND AND
DIVIDEND
PERCENTAGE

Equity Share 526.31 183.9 367.21 244.8 553.68

Dividend
Tax On Dividend 0 0 75.48 47.49 112.71

Equity Dividend Rate 110 80 50 60 60

(%)

-------------------
Cash Flow in Rs. Cr. -----
--------------

Mar '22 Mar '21 Mar '20 Mar '19 Mar '18

12 mths 12 mths 12 mths 12 mths 12 mths

Net Profit Before Tax 945.43 842.92 561.39 686.72 636.33

Net Cash From Operating

560.69 434.1 570.21 392.75 366.11
Activities

Net Cash (used in)/from -137.72 -382.52 77.59 -111.82 -238.81

55
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PERFORMANCE EVALUATION OF MUTUAL FUND IN INDIA OF LAST 5 YEARS

Investing Activities

Net Cash (used in)/from

-425.28 -238.52 -467.28 -292.29 -107.52
Financing Activities

Net (decrease)/increase
In Cash and Cash -2.31 -186.94 180.52 -11.36 19.78
Equivalents

Opening Cash & Cash

6.76 193.7 13.18 24.54 4.76
Equivalents

Closing Cash & Cash

4.45 6.76 193.7 13.18 24.54
Equivalents

CASH FLOW ANALYSIS

2000
1000
0
-1000 Mar '22 Mar '21 Mar '20 Mar '19 Mar '18

Net Profit Before Tax

Net Cash From Operating Activities
Net Cash (used in)/from
Investing Activities
Net Cash (used in)/from Financing Activities
Net (decrease)/increase In Cash and Cash Equivalents

RATIOS
-------------------
Key Financial Ratios in Rs. Cr. -----
--------------

Mar '22 Mar '21 Mar '20 Mar '19 Mar '18

Investment Valuation Ratios

Face Value 10 10 10 10 10

Dividend Per Share -- -- -- -- --

Operating Profit Per

12.71 9.04 9.94 8.81 8.32
Share (Rs)

Net Operating Profit Per

21 17.23 19.65 24.16 26.01
Share (Rs)

Free Reserves Per Share

-- -- -- -- --
(Rs)

Bonus in Equity Capital 92.72 93.55 94.22 94.24 94.24

Profitability Ratios
Operating Profit
60.51 52.49 50.58 36.45 32
Margin(%)

Profit Before Interest And

49.71 36.93 48.21 32.05 28.64
Tax Margin(%)

Gross Profit Margin(%) 58.43 49.35 47.81 35.77 31.46

56
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PERFORMANCE EVALUATION OF MUTUAL FUND IN INDIA OF LAST 5 YEARS

Cash Profit Margin(%) 50.18 50.21 37.63 30.13 26.63

Adjusted Cash
50.18 50.21 37.63 30.13 26.63
Margin(%)
Net Profit Margin(%) 56.95 64.05 34.51 32.87 28.63

Adjusted Net Profit

48.45 47.93 34.8 29.46 26.06
Margin(%)

Return On Capital
28.53 28.42 22.35 27.38 27.82
Employed(%)

Return On Net Worth(%) 21.39 21.94 16.41 19 19.27

Adjusted Return on Net

21.37 21.91 16.43 19.04 19.34
Worth(%)

Return on Assets
55.89 50.29 41.33 41.79 39.69
Excluding Revaluations

Return on Assets
55.89 50.29 41.33 41.79 39.69
Including Revaluations

Return on Long Term

28.53 28.43 22.35 27.38 27.82
Funds(%)
Liquidity And Solvency Ratios

Current Ratio 1.76 1.85 2.33 5.97 5.03

Quick Ratio 1.76 1.85 2.33 5.97 5.03

Debt Equity Ratio -- -- -- -- --

Long Term Debt Equity

-- -- -- -- --
Ratio
Debt Coverage Ratios

Interest Cover 259.81 198.97 99.73 -- 303.12

Total Debt to Owners
-- -- -- -- --
Fund

Financial Charges
266.94 206.48 105.6 -- 307.05
Coverage Ratio

Financial Charges
202.93 162.08 80.1 -- 214.95
Coverage Ratio Post Tax

Management Efficiency Ratios

Inventory Turnover Ratio -- -- -- -- --

Debtors Turnover Ratio 21.54 20.19 14.86 20.68 38.1

Investments Turnover
0.38 0.34 0.48 0.58 0.67
Ratio
Fixed Assets Turnover
31.81 26.21 18.34 23.45 26.99
Ratio
Total Assets Turnover
0.41 0.38 0.53 0.64 0.73
Ratio
Asset Turnover Ratio 0.4 0.37 0.47 0.59 0.74

Average Raw Material

-- -- -- -- --
Holding

Average Finished Goods

-- -- -- -- --
Held

Number of Days In
48.73 53.4 71.5 199.73 180.35
Working Capital

Profit & Loss Account Ratios

Material Cost
-- -- -- -- --
Composition

Imported Composition of
-- -- -- -- --
Raw Materials Consumed

Selling Distribution Cost

1.99 2.28 4.45 -- --
Composition

Expenses as Composition
0.97 1.29 -- -- --
of Total Sales

57
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PERFORMANCE EVALUATION OF MUTUAL FUND IN INDIA OF LAST 5 YEARS

Cash Flow Indicator Ratios

Dividend Payout Ratio
70.72 27.03 106.6 60.13 146.22
Net Profit

Dividend Payout Ratio

68.22 25.77 98.7 58.91 143.53
Cash Profit

Earning Retention Ratio 29.2 72.94 -6.47 40 -45.75

Cash Earning Retention
31.71 74.2 1.41 41.21 -43.08
Ratio
AdjustedCash Flow
-- -- -- -- --
Times

RATIO ANALYSIS NIPPON

Expenses as Composition of Total Sales

Asset Turnover Ratio
Total Debt to Owners Fund
Return on Assets Including Revaluations
Gross Profit Margin(%)
Face Value
-200 0 200 400 600 800 1000

in Rs. Cr. Mar '22

in Rs. Cr. Mar '21
in Rs. Cr. Mar '20
in Rs. Cr. Mar '19
in Rs. Cr. Mar '18

B ALANCESHEET OF UTI MUTUAL FUND

BALANCE SHEET Mar-22 Mar-21 Mar-20 Mar-19 Mar-18
OF UTI ASSET
MANAGEMENT
COMPANY (in Rs.
Cr.)

12 mths 12 mths 12 mths 12 mths 12 mths

EQUITIES AND
LIABILITIES

SHAREHOLDER'S
FUNDS
Equity Share Capital 126.95 126.79 126.79 126.79 126.79

TOTAL SHARE 126.95 126.79 126.79 126.79 126.79

CAPITAL

Reserves and Surplus 3,019.54 2,780.22 2,457.34 2,281.07 2,004.37

TOTAL 3,019.54 2,780.22 2,457.34 2,281.07 2,004.37

RESERVES AND
SURPLUS

58
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PERFORMANCE EVALUATION OF MUTUAL FUND IN INDIA OF LAST 5 YEARS

TOTAL 3,146.49 2,907.01 2,594.63 2,407.86 2,131.16

SHAREHOLDERS
FUNDS
NON-CURRENT
LIABILITIES

Long Term 0 0 0 0 0
Borrowings
Deferred Tax 4.51 23.66 24.64 19.03 35.74
Liabilities [Net]

Other Long Term 23.81 25.23 11.39 9.63 31.4

Liabilities

Long Term 17.59 40.25 75.76 84.33 0.39

Provisions
TOTAL NON- 45.91 89.14 111.78 112.99 67.53
CURRENT
LIABILITIES
CURRENT
LIABILITIES
Short Term 0 0 0 0 0
Borrowings
Trade Payables 84.89 76.54 53.74 59.54 11.96

Other Current 176.27 169.89 170.78 59.03 139.31

Liabilities
Short Term 0 0 0 0 24.1
Provisions
TOTAL 261.16 246.43 224.52 118.56 175.37
CURRENT
LIABILITIES
TOTAL CAPITAL 3,453.59 3,242.58 2,930.93 2,639.41 2,374.06
AND LIABILITIES

ASSETS

NON-CURRENT
ASSETS

Tangible Assets 336.6 336.65 348.17 252.79 270.21

Intangible Assets 6.57 10.49 11.66 3.33 2.06

Capital Work-In- 6.55 4.35 0.28 0.88 5.45

Progress
Other Assets 9.69 10.21 10.73 11.25 0

FIXED ASSETS 361.19 362.48 371.6 268.25 277.72

Non-Current 0 0 0 0 880.16
Investments
Deferred Tax Assets 0 0 0 0 0
[Net]
Long Term Loans 0 0 0 0 79.51
And Advances

Other Non-Current 61.47 60 58.36 44.67 33.2

Assets

TOTAL NON- 422.66 422.48 429.96 312.91 1,270.59

CURRENT
ASSETS
CURRENT
ASSETS
Current Investments 2,752.98 2,566.16 2,269.12 2,117.18 1,051.27

Inventories 0 0 0 0 0

Trade Receivables 43.68 23.95 34.04 44.88 25.22

59
Agarwal Vidya Vihar English Medium College
PERFORMANCE EVALUATION OF MUTUAL FUND IN INDIA OF LAST 5 YEARS

Cash And Cash 139.35 138.49 0.56 8.83 2.37

Equivalents

Short Term Loans 16.6 19.05 43.9 28.71 16.71

And Advances

OtherCurrentAssets 78.32 72.45 153.36 126.9 7.9

TOTAL 3,030.93 2,820.10 2,500.97 2,326.49 1,103.47

CURRENT
ASSETS
TOTAL ASSETS 3,453.59 3,242.58 2,930.93 2,639.41 2,374.06

OTHER
ADDITIONAL
INFORMATION

CONTINGENT
LIABILITIES,
COMMITMENTS

Contingent 216.62 218.44 262.81 13.11 0

Liabilities
CIF VALUE OF
IMPORTS
Raw Materials 0 0 0 0 0

Stores, Spares And 0 0 0 0 0

Loose Tools

Trade/Other Goods 0 0 0 0 0

Capital Goods 0 0 0 0 0

EXPENDITURE
IN FOREIGN
EXCHANGE

Expenditure In 9.58 12.25 6.85 7.72 7.97

Foreign Currency

REMITTANCES
IN FOREIGN
CURRENCIES
FOR DIVIDENDS

Dividend Remittance -- -- 16.48 16.48 13.19

In Foreign Currency

EARNINGS IN
FOREIGN
EXCHANGE
FOB Value Of -- -- -- -- --
Goods
Other Earnings 14.04 6.86 4.85 4.32 3.5

BONUS DETAILS

Bonus Equity Share 75 75 75 75 75

Capital
NON-CURRENT
INVESTMENTS

Non-Current -- -- -- -- --
Investments Quoted
Market Value

60
Agarwal Vidya Vihar English Medium College
PERFORMANCE EVALUATION OF MUTUAL FUND IN INDIA OF LAST 5 YEARS

Non-Current -- -- -- -- 880.16
Investments
Unquoted Book
Value
CURRENT
INVESTMENTS

Current Investments -- -- -- -- --
Quoted Market
Value

Current Investments -- -- 2,269.12 2,117.18 1,051.27

Unquoted Book
Value

PROFIT & LOSS A/C

------------------- in
Standalone Profit & Loss
Rs. Cr. -------------
account
------
Mar 22 Mar-21 Mar-20 Mar-19 Mar-18

12 mths 12 mths 12 mths 12 mths 12 mths

INCOME

Revenue From
1,059.63 940.56 831.53 983.28 875.65
Operations [Gross]

Revenue From
1,059.63 940.56 831.53 983.28 875.65
Operations [Net]

Other Operating Revenues 0 0 0 0 0.3

Total Operating
1,059.63 940.56 831.53 983.28 875.95
Revenues
Other Income 0.64 1.77 30.27 24.97 181.62

Total Revenue 1,060.27 942.33 861.79 1,008.25 1,057.57

EXPENSES

Operating And Direct

8.1 5.57 5.59 6.38 0
Expenses

Employee Benefit
362.47 342.23 308.94 276.51 276.22
Expenses

Finance Costs 9.15 7.97 9.3 0 0

Provsions and
0 0 8.74 0 0
Contingencies

Depreciation And
34.76 33.86 33.21 15.97 14.35
Amortisation Expenses

Other Expenses 119.53 94.88 119.73 217.1 229.45

Total Expenses 534.01 484.51 485.51 515.96 520.02

Mar-22 Mar-21 Mar-20 Mar-19 Mar-18

12 mths 12 mths 12 mths 12 mths 12 mths

Profit/Loss Before
Exceptional,
526.26 457.82 376.28 492.29 537.55
ExtraOrdinary Items
And Tax

Profit/Loss Before Tax 526.26 457.82 376.28 492.29 537.55

Tax Expenses-Continued Operations

Current Tax 129 81 72.6 140 157

Deferred Tax -20.52 25.15 -5.48 3.93 4.18

61
Agarwal Vidya Vihar English Medium College
PERFORMANCE EVALUATION OF MUTUAL FUND IN INDIA OF LAST 5 YEARS

Total Tax Expenses 108.48 106.15 67.13 143.93 161.18

Profit/Loss After Tax

And Before 417.78 351.67 309.16 348.36 376.37
ExtraOrdinary Items

Prior Period Items 0 0 0 0 -0.58

Profit/Loss From
417.78 351.67 309.16 348.36 375.79
Continuing Operations

Profit/Loss For The

417.78 351.67 309.16 348.36 375.79
Period

Mar-22 Mar-21 Mar-20 Mar-19 Mar-18

12 mths 12 mths 12 mths 12 mths 12 mths

OTHER ADDITIONAL INFORMATION

EARNINGS PER SHARE

Basic EPS (Rs.) 32.94 27.74 24.38 27.48 29.64

Diluted EPS (Rs.) 32.81 27.74 24.38 27.48 29.64

VALUE OF IMPORTED AND INDIGENIOUS

RAW MATERIALS
STORES, SPARES AND LOOSE TOOLS

DIVIDEND AND DIVIDEND PERCENTAGE

Equity Share Dividend 215.54 88.75 69.23 76.42 50.71

Tax On Dividend 0 0 0 0 7.88

Equity Dividend Rate (%) 210 170 70 50 50

CASH FLOW STATEMENT

------------------- in
Cash Flow Rs. Cr. -------------
------
Mar 22 Mar-22 Mar-21 Mar-20 Mar-20

12 mths 12 mths 12 mths 12 mths 12 mths

Net Profit/Loss
Before
526.26 0 457.82 376.28 0
Extraordinary
Items And Tax
Net CashFlowFrom
285.08 0 240.44 181.37 0
Operating Activities

Net Cash Used In

-74.66 0 -119.57 -216.74 0
Investing Activities

Net Cash Used From

-214.72 0 -95.78 27.1 0
Financing Activities

Net Inc/Dec In Cash

And Cash -4.3 0 25.09 -8.27 0
Equivalents
Cash And Cash
Equivalents Begin of 25.64 0 0.55 8.83 0
Year
Cash And Cash
Equivalents End Of 21.34 0 25.64 0.56 0
Year

62
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PERFORMANCE EVALUATION OF MUTUAL FUND IN INDIA OF LAST 5 YEARS

RATIOS
Mar '22 Mar '21 Mar '20 Mar '19

Face Value 10 10 10 10

Dividend Per Share 21 17 7 5

Operating Profit Per Share (Rs) 44.86 39.27 30.64 38.12

Net Operating Profit Per Share (Rs) 83.47 74.18 65.58 77.55

Free Reserves Per Share (Rs) -- -- -- --

Bonus in Equity Capital 59.07 59.15 59.15 59.15

Profitability Ratios

Operating Profit Margin(%) 53.74 52.93 46.72 49.15

Profit Before Interest And Tax

50.43 49.24 41.23 46.34
Margin(%)

Gross Profit Margin(%) 50.46 49.33 42.73 47.52

Cash Profit Margin(%) 42.68 40.91 39.72 36.13

Adjusted Cash Margin(%) 42.68 40.91 39.72 36.13

Net Profit Margin(%) 39.42 37.38 37.17 35.42

Adjusted Net Profit Margin(%) 39.4 37.31 35.87 34.55

Return On Capital Employed(%) 17.01 16.02 14.86 20.44

Return On Net Worth(%) 13.27 12.09 11.96 14.46

Adjusted Return on Net Worth(%) 13.27 12.09 11.96 14.46

Return on Assets Excluding

247.85 229.28 203.81 189.91
Revaluations

Return on Assets Including

247.85 229.28 203.81 189.91
Revaluations

Return on Long Term Funds(%) 17.01 16.02 14.92 20.44

Liquidity And Solvency Ratios

Current Ratio 1.11 0.94 0.86 1.1

Quick Ratio 1.11 0.94 0.86 1.1

Debt Equity Ratio -- -- -- --

Long Term Debt Equity Ratio -- -- -- --

Debt Coverage Ratios

Interest Cover 58.51 58.44 41.45 --

Total Debt to Owners Fund -- -- -- --

Financial Charges Coverage Ratio 62.31 62.69 45.02 --

Financial Charges Coverage Ratio

50.46 49.37 37.81 --
Post Tax

Management Efficiency Ratios

Inventory Turnover Ratio -- -- -- --

Debtors Turnover Ratio 31.34 32.44 21.07 28.06

Investments Turnover Ratio 0.34 0.32 0.32 0.41

63
Agarwal Vidya Vihar English Medium College
PERFORMANCE EVALUATION OF MUTUAL FUND IN INDIA OF LAST 5 YEARS

Fixed Assets Turnover Ratio 2.66 2.43 2.06 3.47

Total Assets Turnover Ratio 0.34 0.32 0.32 0.41

Asset Turnover Ratio 0.35 0.34 0.33 0.43

Average Raw Material Holding -- -- -- --

Average Finished Goods Held -- -- -- --

Number of Days In Working

-35.44 -50.59 -102.35 -48.29
Capital

Profit & Loss Account Ratios

Material Cost Composition -- -- -- --

Imported Composition of Raw

-- -- -- --
Materials Consumed

Selling Distribution Cost

1.72 0.94 1.64 2.15
Composition

Expenses as Composition of Total

1.32 0.72 0.58 0.43
Sales

Cash Flow Indicator Ratios

Dividend Payout Ratio Net Profit 51.59 25.23 22.39 21.93

Dividend Payout Ratio Cash Profit 47.62 23.02 20.22 20.97

Earning Retention Ratio 48.41 74.77 77.61 78.07

Cash Earning Retention Ratio 52.38 76.98 79.78 79.03

AdjustedCash Flow Times -- -- -- --

Mar '22 Mar '21 Mar '20 Mar '19

Earnings Per Share 32.91 27.74 24.38 27.48

Book Value 247.85 229.28 203.81 189.91

RATIO ANALYSIS UTI

300

250

200

150

100

50

0
Mar '22 Mar '21 Mar '20 Mar '19

Earnings Per Share Book Value

64
Agarwal Vidya Vihar English Medium College
PERFORMANCE EVALUATION OF MUTUAL FUND IN INDIA OF LAST 5 YEARS

BALANCESHEET OF HDFC ASSET MANAGEMENT

COMPANY
BALANCE SHEET Mar-22 Mar-21 Mar-20 Mar-19 Mar-18
OF HDFC ASSET
MANAGEMENT
COMPANY (in Rs.
Cr.)

EQUITIES AND
LIABILITIES

SHAREHOLDER'S
FUNDS
Equity Share Capital 106.64 106.48 106.4 106.29 105.28

TOTAL SHARE 106.64 106.48 106.4 106.29 105.28

CAPITAL

Reserves and Surplus 5,423.40 4,669.70 3,922.86 2,964.30 2,138.99

TOTAL 5,423.40 4,669.70 3,922.86 2,964.30 2,138.99

RESERVES AND
SURPLUS

TOTAL 5,530.04 4,776.18 4,029.26 3,070.59 2,253.91

SHAREHOLDERS
FUNDS
NON-CURRENT
LIABILITIES

Long Term 0 0 0 0 0
Borrowings
Deferred Tax 75.34 32.13 0 2.84 4.22
Liabilities [Net]

Other Long Term 44.32 48.5 46.99 36.13 34.89

Liabilities

Long Term 11.79 7.88 7.25 1.01 0.89

Provisions
TOTAL NON- 131.45 88.51 54.24 39.98 40
CURRENT
LIABILITIES
CURRENT
LIABILITIES
Short Term 0 0 0 0 0
Borrowings
Trade Payables 29.24 42.11 46.73 47.36 111.58

Other Current 189.64 187.9 178.37 65.69 66.65

Liabilities
Short Term 0 0 0 0 0
Provisions
TOTAL 218.88 230.01 225.1 113.05 178.23
CURRENT
LIABILITIES
TOTAL CAPITAL 5,880.37 5,094.70 4,308.60 3,223.75 2,472.14
AND LIABILITIES

ASSETS

NON-CURRENT
ASSETS

Tangible Assets 122.18 136.86 141.39 25.63 21.88

Intangible Assets 12.92 16.36 15.32 14.07 9.05

65
Agarwal Vidya Vihar English Medium College
PERFORMANCE EVALUATION OF MUTUAL FUND IN INDIA OF LAST 5 YEARS

Capital Work-In- 0 0 0 0 0
Progress
Other Assets 0 0 0 0 0

FIXED ASSETS 135.56 154.4 161.31 42.87 36.89

Non-Current 0 0 0 0 0
Investments
Deferred Tax Assets 0 0 21.67 0 0
[Net]
Long Term Loans 0 0 0 0 0
And Advances

Other Non-Current 60.8 68.59 59.48 83.09 250.1

Assets

TOTAL NON- 196.36 222.99 242.46 125.96 286.99

CURRENT
ASSETS
CURRENT
ASSETS
Current Investments 5,570.23 4,753.25 3,944.51 2,934.96 2,057.74

Inventories 0 0 0 0 0

Trade Receivables 80.51 83.76 64.58 102.86 102.98

Cash And Cash 8.07 2.35 27.1 31.99 2.06

Equivalents

Short Term Loans 0 0 0 0 0

And Advances

OtherCurrentAssets 25.2 32.35 29.95 27.98 22.37

TOTAL 5,684.01 4,871.71 4,066.14 3,097.79 2,185.15

CURRENT
ASSETS
TOTAL ASSETS 5,880.37 5,094.70 4,308.60 3,223.75 2,472.14

OTHER
ADDITIONAL
INFORMATION

CONTINGENT
LIABILITIES,
COMMITMENTS

Contingent 67.76 35.46 47.94 56.1 60.49

Liabilities
CIF VALUE OF
IMPORTS
Raw Materials 0 0 0 0 0

Stores, Spares And 0 0 0 0 0

Loose Tools

Trade/Other Goods 0 0 0 0 0

Capital Goods 0 0 0 0 0

EXPENDITURE
IN FOREIGN
EXCHANGE

Expenditure In 14.88 15.35 18.55 17.21 16.79

Foreign Currency

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PERFORMANCE EVALUATION OF MUTUAL FUND IN INDIA OF LAST 5 YEARS

REMITTANCES
IN FOREIGN
CURRENCIES
FOR DIVIDENDS

Dividend Remittance -- -- -- -- --
In Foreign Currency

EARNINGS IN
FOREIGN
EXCHANGE
FOB Value Of -- -- -- -- --
Goods
Other Earnings 9.59 10.34 33.77 13.23 14.09

BONUS DETAILS

Bonus Equity Share 39.48 39.48 39.48 39.48 39.48

Capital
NON-CURRENT
INVESTMENTS

Non-Current -- -- -- -- --
Investments Quoted
Market Value

Non-Current -- -- -- -- --
Investments
Unquoted Book
Value
CURRENT
INVESTMENTS

Current Investments -- -- -- -- --
Quoted Market
Value

Current Investments -- -- -- -- 2,057.74

Unquoted Book
Value

PROFIT & LOSS ACCOUNT OF HDFC MUTUAL

FUND
-------------------
Profit & Loss
in Rs. Cr. -----
account
--------------
Mar 22 Mar-21 Mar-20 Mar-19 Mar-18

12 mths 12 mths 12 mths 12 mths 12 mths

INCOME
Revenue From
Operations 2,115.36 1,852.53 2,003.25 1,915.18 1,756.77
[Gross]

Revenue From
2,115.36 1,852.53 2,003.25 1,915.18 1,756.77
Operations [Net]

Total Operating
2,115.36 1,852.53 2,003.25 1,915.18 1,756.77
Revenues
Other Income 317.84 349.21 140.18 181.6 113

Total Revenue 2,433.20 2,201.74 2,143.43 2,096.78 1,869.77

EXPENSES

Operating And
5.41 5.69 20.89 240.26 326.99
Direct Expenses

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PERFORMANCE EVALUATION OF MUTUAL FUND IN INDIA OF LAST 5 YEARS

Employee Benefit
312.2 226.75 214.71 206.27 186.1
Expenses

Finance Costs 8.64 8.95 8.98 0 0

Provsions and
0 0 0 40 0
Contingencies
Depreciation And
Amortisation 53.85 55.41 50.37 12.85 9.36
Expenses

Other Expenses 197.81 155.99 195.43 222.7 289.09

Total Expenses 577.91 452.79 490.38 722.08 811.54

Mar-22 Mar-21 Mar-20 Mar-19 Mar-18

12 mths 12 mths 12 mths 12 mths 12 mths

Profit/Loss
Before
Exceptional, 1,855.29 1,748.95 1,653.05 1,374.70 1,058.23
ExtraOrdinary
Items And Tax
Profit/Loss
1,855.29 1,748.95 1,653.05 1,374.70 1,058.23
Before Tax
Tax Expenses-Continued
Operations
Current Tax 418.96 369.39 410.52 445.47 341.25

Deferred Tax 43.2 53.8 -19.88 -1.37 5.69

Total Tax
462.16 423.19 390.64 444.1 346.94
Expenses

Profit/Loss After
Tax And Before
1,393.13 1,325.76 1,262.41 930.6 711.29
ExtraOrdinary
Items

Profit/Loss
From
1,393.13 1,325.76 1,262.41 930.6 711.29
Continuing
Operations
Profit/Loss For
1,393.13 1,325.76 1,262.41 930.6 711.29
The Period
Mar-22 Mar-21 Mar-20 Mar-19 Mar-18

12 mths 12 mths 12 mths 12 mths 12 mths

OTHER ADDITIONAL
INFORMATION
EARNINGS PER SHARE

Basic EPS (Rs.) 65.36 62.28 59.37 43.87 34.52

Diluted EPS (Rs.) 65.31 62.16 59.24 43.78 34.47

VALUE OF IMPORTED AND

INDIGENIOUS RAW
MATERIALS
STORES, SPARES AND LOOSE
TOOLS
DIVIDEND AND DIVIDEND
PERCENTAGE
Equity Share
724.43 595.96 255.11 255.09 336.89
Dividend
Tax On Dividend 0 0 52.44 52.43 68.58
Equity Dividend
840 680 560 480 320
Rate (%)

CASH FLOW STATEMENT

-------------------
Cash Flow in Rs. Cr. --------
-----------
Mar '22 Mar '21 Mar '20 Mar '19 Mar '18

12 mths 12 mths 12 mths 12 mths 12 mths

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PERFORMANCE EVALUATION OF MUTUAL FUND IN INDIA OF LAST 5 YEARS

Net Profit Before Tax 1855.29 1748.95 1653.05 1374.7 1058.23

Net Cash From Operating

1253.73 1085.32 1284.84 894.14 618.17
Activities

Net Cash (used in)/from

-508.01 -482.71 -927.54 -776.55 -632.79
Investing Activities

Net Cash (used in)/from

-745.53 -627.57 -331.56 -118.64 15.41
Financing Activities

Net (decrease)/increase
In Cash and Cash 0.19 -24.96 25.74 -1.05 0.79
Equivalents

Opening Cash & Cash

1.68 26.64 0.9 1.95 1.16
Equivalents

Closing Cash & Cash

1.87 1.68 26.64 0.9 1.95
Equivalents

RATIOS
Mar '22 Mar '21 Mar '20 Mar '19 Mar '18

Investment Valuation Ratios

Face Value 5 5 5 5 5
Dividend Per
42 34 28 24 16
Share
Operating
Profit Per 75.02 68.75 73.96 56.73 45.34
Share (Rs)
Net Operating
Profit Per 99.18 86.99 94.24 90.1 83.44
Share (Rs)
Free Reserves
-- -- -- -- --
Per Share (Rs)
Bonus in
37.02 37.07 37.1 37.14 37.5
Equity Capital
Profitability Ratios
Operating
Profit 75.63 79.03 78.48 62.96 54.33
Margin(%)
Profit Before
Interest And 63.54 63.98 71 56.9 50.55
Tax Margin(%)
Gross Profit
73.08 76.04 75.96 62.29 53.8
Margin(%)
Cash Profit
59.46 62.73 61.24 44.99 38.54
Margin(%)
Adjusted Cash
59.46 62.73 61.24 44.99 38.54
Margin(%)
Net Profit
65.85 71.56 63.01 48.59 40.48
Margin(%)
Adjusted Net
Profit 57.25 60.21 58.89 44.38 38.04
Margin(%)
Return On
Capital 33.7 36.8 41.24 44.76 46.95
Employed(%)
Return On Net
25.19 27.75 31.33 30.3 31.69
Worth(%)
Adjusted
Return on Net 25.19 27.75 31.33 30.3 31.69
Worth(%)
Return on
Assets
259.29 224.28 189.55 144.45 106.59
Excluding
Revaluations

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PERFORMANCE EVALUATION OF MUTUAL FUND IN INDIA OF LAST 5 YEARS

Return on
Assets
259.29 224.28 189.55 144.45 106.59
Including
Revaluations
Return on Long
Term 33.7 36.8 41.24 44.76 47.15
Funds(%)
Liquidity And Solvency Ratios

Current Ratio 0.5 0.59 0.73 1.61 1.73

Quick Ratio 0.5 0.59 0.65 1.61 1.73

Debt Equity
-- -- -- -- --
Ratio
Long Term
Debt Equity -- -- -- -- --
Ratio
Debt Coverage Ratios

Interest Cover 215.73 196.41 185.08 -- --

Total Debt to
-- -- -- -- --
Owners Fund
Financial
Charges 221.97 202.6 190.69 -- --
Coverage Ratio
Financial
Charges
168.47 155.32 147.19 -- --
Coverage Ratio
Post Tax
Management Efficiency Ratios
Inventory
-- -- -- -- --
Turnover Ratio
Debtors
25.75 24.98 23.93 18.61 18.68
Turnover Ratio
Investments
0.38 0.39 0.5 0.62 --
Turnover Ratio
Fixed Assets
8.95 6.82 7.8 50.31 64.49
Turnover Ratio
Total Assets
0.38 0.39 0.5 0.63 0.78
Turnover Ratio
Asset Turnover
0.41 0.42 0.56 0.72 0.96
Ratio

Average Raw
Material -- -- -- -- --
Holding
Average
Finished Goods -- -- -- -- --
Held
Number of
Days In
-32.16 -39.46 -34.16 -2.92 -22.63
Working
Capital
Profit & Loss Account Ratios
Material Cost
-- -- -- -- --
Composition
Imported
Composition of
-- -- -- -- --
Raw Materials
Consumed
Selling
Distribution
1.3 0.8 1.34 1.86 4.46
Cost
Composition
Expenses as
Composition of 0.45 0.55 1.68 0.69 0.8
Total Sales
Cash Flow Indicator Ratios
Dividend
Payout Ratio 52 44.95 20.2 27.41 47.36
Net Profit
Dividend
Payout Ratio 50.06 43.14 19.43 27.03 46.74
Cash Profit
Earning
48 55.05 79.8 72.59 52.64
Retention Ratio
Cash Earning
49.94 56.86 80.57 72.97 53.26
Retention Ratio
AdjustedCash
-- -- -- -- --
Flow Times

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RATIO ANALYSIS
Cash Earning Retention Ratio
Earning Retention Ratio
Dividend Payout Ratio Cash Profit
Dividend Payout Ratio Net Profit
Cash Flow Indicator Ratios
Expenses as Composition of Total Sales
Selling Distribution Cost Composition
Imported Composition of Raw Materials Consumed
Material Cost Composition
Profit & Loss Account Ratios
Number of Days In Working Capital
Average Finished Goods Held
Average Raw Material Holding

Asset Turnover Ratio

Total Assets Turnover Ratio
Fixed Assets Turnover Ratio
Investments Turnover Ratio
Debtors Turnover Ratio
Inventory Turnover Ratio
Management Efficiency Ratios
Financial Charges Coverage Ratio Post Tax
Financial Charges Coverage Ratio
Total Debt to Owners Fund
Interest Cover
Debt Coverage Ratios
Long Term Debt Equity Ratio
Debt Equity Ratio
Quick Ratio
Current Ratio
Liquidity And Solvency Ratios
Return on Long Term Funds(%)
Return on Assets Including Revaluations
Return on Assets Excluding Revaluations
Adjusted Return on Net Worth(%)
Return On Net Worth(%)
Return On Capital Employed(%)
Adjusted Net Profit Margin(%)
Net Profit Margin(%)
Adjusted Cash Margin(%)
Cash Profit Margin(%)
Gross Profit Margin(%)
Profit Before Interest And Tax Margin(%)
Operating Profit Margin(%)
Profitability Ratios
Bonus in Equity Capital
Free Reserves Per Share (Rs)
Net Operating Profit Per Share (Rs)
Operating Profit Per Share (Rs)
Dividend Per Share
Face Value
-200 0 200 400 600 800 1000

Mar '22 Mar '21 Mar '20 Mar '19 Mar '18

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BIBLOGRAPHY

BOOKS REFERED

 Research methods (Robbinson)

 Naresh malothra (Marketing Research
 GC Berry (Marketing Research)

LITERATURE REVIEW

 https://www.researchgate.net/
 https://www.inventiva.co.in/
 www.ssrn.org
 https://scholar.google.com/
 https://www.academia.edu/
 https://scholar.google.com/scholar?hl=en&as_sdt=0%2C5&q=performace+analysis+of+
mutual+fund&btnG=
 https://scholar.google.com/scholar?hl=en&as_sdt=0%2C5&q=mutual+fund+performance
+analysis+india&btnG=
 https://link.springer.com/article/10.1007/s12652-020-02693-6
 https://scholar.google.com/scholar?hl=en&as_sdt=0%2C5&q=mutual+fund+in+india&bt
nG=
 https://www.proquest.com/openview/a218920aaee08f39ee69af4f029e2e61/1?pq-
origsite=gscholar&cbl=2030934
 https://www.researchgate.net/publication/352372163_A_COMPARATIVE_STUDY_ON
_PERFORMANCE_EVALUATION_OF_SELECTED_DEBT_EQUITY_AND_HYBRI
D_MUTUAL_FUND_SCHEMES_IN_INDIA/citation/download
 https://www.researchgate.net/publication/342065603_Role_of_Independent_Financial_ad
visors_in_Mutual_Fund_Industry_in_India/link/5ee06a4b299bf1d20bdebe13/download
 https://www.researchgate.net/publication/342065603_Role_of_Independent_Financial_ad
visors_in_Mutual_Fund_Industry_in_India/link/5ee06a4b299bf1d20bdebe13/download
 https://www.google.com/search?q=sbi+small+cap+fund+direct+growth+balance+sheet&r
lz=1C1CHBD_enIN927IN927&sourceid=chrome&ie=UTF-8
 https://www.moneycontrol.com/mutual-funds/nav/sbi-small-cap-fund-direct-plan-
/MSA031
 https://www.moneycontrol.com/financials/utiassetmanagementcompany/ratiosVI/UA04
 https://www.moneycontrol.com/india/stockpricequote/finance-
investment/utiassetmanagementcompany/UA04
 https://www.google.com/search?q=amc+uti+asset+management&rlz=1C1CHBD_enIN92
7IN927&sourceid=chrome&ie=UTF-8

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 https://www.google.com/search?q=table+uti+asset+management&rlz=1C1CHBD_enIN9
27IN927&sourceid=chrome&ie=UTF-8
 https://www.moneycontrol.com/india/stockpricequote/finance-
investment/utiassetmanagementcompany/UA04
 https://www.google.com/search?q=key+information+uti+asset+management&rlz=1C1C
HBD_enIN927IN927&sourceid=chrome&ie=UTF-8

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