A Project on

“PERFORMANCE OF MUTUAL FUNDS "

AT
"RELIGARE ENTERPRISES LIMITED"
R. SHIRISHA
( 130118672022 )
Chapter i- introduction
• The main purpose of doing this project was to know about mutual funds and its functioning.
• It also helps to know in detail about mutual fund industry right from its inception stage, growth and future prospects.
• The project study was done to ascertain the asset location, entry load, exit load associated with mutual funds.
• This would help in understanding the benefits of mutual funds to investors and different schemes of mutual funds.
• A mutual fund is an investment vehicle, which pools money from investors with common investment objectives. It then invests their money
in multiple assets, in accordance with the stated objective of the scheme

Need of the study

The basic purpose of the study is to give broad idea on mutual fund and analyze various schemes to highlight the diversified investment that
mutual fund offers to its investors.

objectives
• To understand the performance of mutual funds and its functioning .
• To understand how mutual fund offer to its investors by various schemes of diversified investment .
• To understand the trends of mutual funds in India.

scope of the study

• The study here has been limited to analyze open-ended equity scheme of different asset management companies namely uti mutual funds,
sbi mutual funds, axis mutual funds, reliance mutual funds, Aditya birla mutual funds.
 Research methodology
• The methodology involves randomly selecting open ended equity schemes of different fund houses of the country. The data collected for this
project is basically from secondary source.
• Secondary source: secondary data refers to data that was collected by some one. Collection of data from internet , books , google , journals and
websites for mutual funds prices.

sample size
A sample size has five funds

Sample duration
A sample duration is historical data of five years.

Statistical Tools
• TRYENOR’s ratio
• Sharpe’s ratio
• BETA

limitations of the study

• Only five mutual funds are taken as a sample size which is not sufficient for predicting the result with 100% accuracy.

• The result is based on primary and secondary data that has its own limitations like lack of information to do analysis part
Chapter – ii Review of literature:
• SHIVANGI AGARWAL (2017), in their paper entitled, A STUDY ON RISK-ADJUSTED
PERFormance of mutual funds industry in india assesses the performance of Indian
mutual fund scheme using Sharpe ratio , Treynor ratio, Jensen’s alpha and value
at risk for a sample of 100 indian mutual fund scheme.
• C.Srinivas Yadav and Hemanth N C (Feb 2014), have studied Performance of
Selected Equity Growth Mutual Funds in India:
• E. Priyadarshini and Dr. A. Chandra Babu (2011), have done Prediction of The Net
Asset Values of Indian Mutual Funds Using Auto- Regressive Integrated Moving
Average (Arima).
• Dr.Sandeep Bansal, Deepak Garg and Sanjeev K Saini (2012), have studied Impact
of Sharpe Ratio & Treynor’s Ratio on Selected Mutual Fund Schemes.
• Dr.K. Veeraiah and Dr. A. Kishore Kumar (Jan 2014), conducted a research on
Comparative Performance Analysis of Select Indian Mutual Fund Schemes
• Dr.Yogesh Kumar Mehta (Feb 2012), has studied Emerging Scenario of Mutual Funds
in India: An Analytical Study of Tax Funds.
 Chapter – iii Theoretical framework
• Mutual fund is the pool of the money, based on the trust who invests the savings of a number of investors who
shares a common financial goal, like the capital appreciation and dividend earning. The money thus collect is
then invested in capital market instruments such as shares, debenture, and foreign market. Investors invest
money and get the units as per the unit value which we called as NAV (net assets value)
Types of mutual fund schemes:
• Net asset value (nav) example
By Structure Open Ended Funds
Initial amount collected by the RS.100 crores Close Ended Funds
mutual fund
Interval Funds
No.of initial unite issued,taking RS.1O crores By Investment
rs.10 p.u as the initial value p.u Objectives Growth Funds
Income Funds
This initial amount is now RS.110 crores
invested and the market value Balanced Funds
goes up to Money Market Funds
Taking the initial no.of units(i.e Other Schemes Tax Saving Funds
RS 11 IS THE NAV OF EACHRs.11(Rs.110
UNIT.. crs
10cr unit),the value p.u(NAV)will divided by10cr
Special Funds
now be units
Index Funds
Sector Specific Funds
• Sharpe measure:
in this model,performance of a fund is evaluated on the basis of sharpe ratio,
which is a ratio of returns generated by the fund over and above risk free rate of
return .
Sharpe’s ratio =(Rp- Rf)/𝛔P
• Treynor’s measure:
developed by jack treynor, this performance measure evaluates funds on the basis
of treynor’s index.
Treynor’s index =(Rp-Rf)/bP
• Beta coefficient:
systematic risk is measured in terms of beta, which represents fluctuations in the
nav of the fund .beta is calculated by relating the returns on a mutual fund with
the returns in market.
beta =(covar.Rp.Rm)/covar.m
Chapter iv- INDUSTRY PROFILE:
• The mutual fund industry in india began with the setting up of the unit trust of
india (uti) in 1963 by the government of india.
• Sebi formulated the mutual funds(regulatIONS)1993,FOR THE FIRST TIME
ESTABLISHED A COMPREHENSIVE REGULATORY FRAMEWORK FOR THE MUTUAL FUND
INDUSTRY.
• THE HISTORY OF MUTUAL FUND IN INDIA CAN BE BROADLY DIVIDED INTO 4 PHASES
FIRST PHASE : 1964 -1987
SECOND PHASE : 1987 – 1993(ENTRY OF PUBLIC SECTOR FUNDS)
THIRD PHASE : 1993 – 2003(ENTRY OF PRIVATE SECTOR FUNDS)
FOURTH PHASE : SINCE FEBURARY 2003
• MUTUAL FUND STRUCTURE:
SPONSOR ASSET MANAGEMENT COMPANY(AMC)
TRUST REGISTRAR AND TRANSFR AGENT
TRUSTEE
COMPANY PROFILE:
• Religare Enterprises Limited (REL) is the holding company for one of India's leading
diversified financial services groups, headquartered in New Delhi, India.
• RELIGARE WAS FOUNDED WITH THE VISION OF PROVIDING INTEGRATED FINANCIAL
CARE DRIVEN BU THE RELATIONSHIP OF TRUST.
• INDUSTRY : FINANCE – GENERAL NSE CODE : RELIGARE
• BSE CODE : 532915 market capital : rs.6897.44 cr
• GROUP : Religare face value : rs.10.00
• type. : public
• Subsidiaries: SME Finance - Religare Finvest Limited (RFL)
Retail Broking - Religare Broking Ltd (RBL)
Health Insurance - Religare Health Insurance Company Limited
(RHICL)
• MISSION
To be India's first Multinational providing complete financial
services solution across the globe

Equity

Arts
Commodity
Initiative

Investment
REL Mutual
Banking Fund

Wealth

Advisory Insurance

Services Personal

• VISION Credit

Providing integrated financial care driven by the relationship …

of trust and confidence.
SBI MUTUAL FUNDS NIFTY
DATE OPEN CLOSE RR OPEN CLOSE RR
1 Mar 2014 to 30 Jun 2014 14.6 20.02 37.12 6729.5 6696.4 -0.49
1 July 2014 to 30 Sep 2014 20.33 23.99 18.00 7629 7721.3 1.21
1 Oct 2014 to31 Dec 2014 23.61 28.9 22.41 7990.35 8322.2 4.15
1 Jan 2015 to 31 Mar 2015 28.83 29.71 3.05 8272.8 8808.9 6.48
1 Apr 2015 to 30 Jun 2015 30.22 31.05 2.75 8953.85 8181.5 -8.63
1 July 2015 to 30 Sep 2015 31.71 31.64 -0.22 8376.25 8532.9 1.87
1 Oct 2015 to 31 Dec 2015 31.78 34.87 9.72 7992.05 8065.8 0.92
1 Jan 2016 to 31 Mar 2016 34.5 32.1 -6.96 7938.45 7563.6 -4.72
1 Apr 2016 to 30 Jun 2016 31.89 34.37 7.78 7718.05 7849.8 1.71
1 July 2016 to 30 Sep 2016 34.41 38.39 11.57 8313.05 8638.5 3.91
1 Oct 2016 to 31 Dec 2016 38.24 36.05 -5.73 8666.15 8625.7 -0.47
1 Jan 2017 to 31 Mar 2017 36.04 42.34 17.48 8210.1 8561.3 4.28
1 Apr 2017 to 302017 42.48 45.34 6.73 9220.6 9304.1 0.91
1 July 2017 to 30 Sep 2017 45.4 51.24 12.86 9587.95 10077 5.10
1 Oct 2017 to 31 Dec 2017 51.27 65.34 27.44 9893.3 10335 4.47
1 Jan 2018 to 31 Mar 2018 65.45 58.04 -11.32 10531.7 11028 4.71
1 Apr 2018 to 30 Jun 2018 58.18 51.1 -12.17 10151.7 10739 5.79
1 July 2018 to 30 Sep 2018 51.64 47.24 -8.52 10732.4 11357 5.82
1 Oct 2018 to 31 Dec 2018 46.94 49.85 6.20 11751.8 10930 -6.99
1 Jan 2019 to 31 Mar 2019 49.89 47.81 -4.17 10842.9 11514 6.19
AVG 6.70 AVG 1.81
S.D 13.31 S.D 4.33
 CLOSE
70
65.34
60 58.04
50 51.24 51.1 49.85
45.34 47.24 47.81
40 42.34
38.39 36.05
31.64 34.87 32.1 34.37
30 28.9 29.71 31.05
23.99
20 20.02
10
0
1 Mar 1 July 1 Oct 1 Jan 1 Apr 1 July 1 Oct 1 Jan 1 Apr 1 July 1 Oct 1 Jan 1 Apr 1 July 1 Oct 1 Jan 1 Apr 1 July 1 Oct 1 Jan
2014 to 2014 to 2014 2015 to 2015 to 2015 to 2015 to 2016 to 2016 to 2016 to 2016 to 2017 to 2017 to 2017 to 2017 to 2018 to 2018 to 2018 to 2018 to 2019 to
30 Jun 30 Sep to31 Dec 31 Mar 30 Jun 30 Sep 31 Dec 31 Mar 30 Jun 30 Sep 31 Dec 31 Mar 302017 30 Sep 31 Dec 31 Mar 30 Jun 30 Sep 31 Dec 31 Mar
2014 2014 2014 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 2018 2018 2018 2018 2019

CLOSE

(𝒄𝒐𝒗𝒂𝒓.𝒓𝒑,𝒓𝒎) (−𝟏.𝟎𝟒)
Beta = = = 0.058
𝒄𝒐𝒗𝒂𝒓.𝒎 𝟏𝟕.𝟖𝟑

SBI mutual funds the highest rate of return is 37.12 and lowest is -12.17. The beta value is 0.058.
𝑹𝒑−𝑹𝒇 (6.70−1.81)
Treynor’s Ratio = = = -83.83
𝑩𝒑 −0.058

The Treynor’s ratio is -83.83 which means -83.83 times higher market and volatility rate.
(𝑅𝑝−𝑅𝑓) (6.70−1.81)
Sharpe’s Ratio = = = 0.36
𝜎𝑝 6.90

The calculated Sharpe’s ratio is 0.36 which means 0.36 times higher market and volatility rate.
AXIS MUTUAL FUNDS NIFTY
DATE OPEN CLOSE RR OPEN CLOSE RR
1 March 2014 to 30 June 2014 14.09 17.42 23.63 6729.5 6696.4 -0.49
1 July 2014 to 30 Sep 2014 17.65 18.14 2.78 7629 7721.3 1.21
1 Oct 2014 to 31 Dec 2014 18.06 19.65 8.80 7990.35 8322.2 4.15
1 Jan 2015 to 31 Mar 2015 19.77 19.99 1.11 8272.8 8808.9 6.48
1 Apr 2015 to 30 Jun 2015 20.19 19.89 -1.49 8953.85 8181.5 -8.63
1 July 2015 to 30 Sep 2015 20.09 19.35 -3.68 8376.25 8532.9 1.87
1 Oct 2015 to 31 Dec 2015 19.39 19.71 1.65 7992.05 8065.8 0.92
1 Jan 2016 to 31 Mar 2016 19.79 18.89 -4.55 7938.45 7563.6 -4.72
1 Apr 2016 to 30 Jun 2016 18.83 20.31 7.86 7718.05 7849.8 1.71
1 July 2016 to 30 Sep 2016 20.41 21.17 3.72 8313.05 8638.5 3.91
1 Oct 2016 to 31 Dec 2016 21.62 19.19 -11.24 8666.15 8625.7 -0.47
1 Jan 2017 to 31 Mar 2017 19.21 21.86 13.79 8210.1 8561.3 4.28
1 Apr 2017 to 30 Jun 2017 22 23.36 6.18 9220.6 9304.1 0.91
1 July 2017 to 30 Sep 2017 23.58 24.99 5.98 9587.95 10077 5.10
1 Oct 2017 to 31 Dec 2017 25.12 26.42 5.18 9893.3 10335 4.47
1 Jan 2018 to 31 Mar 2018 26.6 26.19 -1.54 10531.7 11028 4.71
1 Apr 2018 to 30 Jun 2018 26.61 28.87 8.49 10151.7 10739 5.79
1 July 2018 to 30 Sep 2018 28.86 28.31 -1.91 10732.4 11357 5.82
1 Oct 2018 to 31 Dec 2018 28.33 28.99 2.33 11751.8 10930 -6.99
1 Jan 2019 to 31 Mar 2019 29.06 29.74 2.34 10842.9 11514 6.19
AVG 3.47 AVG 1.81
S.D 7.16 S.D 4.22
VAR 51.25 VAR 17.83
 Chart Title
35
30 28.87 28.99 29.74
28.31
25 24.99 26.42 26.19
21.86 23.36
20 19.65 19.99 19.89 19.71 20.31 21.17
18.14 19.35 18.89 19.19
17.42
15
10
5
0
1 March 1 July 1 Oct 1 Jan 1 Apr 1 July 1 Oct 1 Jan 1 Apr 1 July 1 Oct 1 Jan 1 Apr 1 July 1 Oct 1 Jan 1 Apr 1 July 1 Oct 1 Jan
2014 to 2014 to 2014 to 2015 to 2015 to 2015 to 2015 to 2016 to 2016 to 2016 to 2016 to 2017 to 2017 to 2017 to 2017 to 2018 to 2018 to 2018 to 2018 to 2019 to
30 June 30 Sep 31 Dec 31 Mar 30 Jun 30 Sep 31 Dec 31 Mar 30 Jun 30 Sep 31 Dec 31 Mar 30 Jun 30 Sep 31 Dec 31 Mar 30 Jun 30 Sep 31 Dec 31 Mar
2014 2014 2014 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019

Column1 CLOSE

(𝑐𝑜𝑣𝑎𝑟.𝑟𝑝,𝑟𝑚) (5.95)
Beta = = = 0.334
𝑐𝑜𝑣𝑎𝑟.𝑚 17.83

In AXIS mutual funds the highest rate of return is 23.63 and lowest is -11.24. The beta value is 0.334
𝑅𝑝−𝑅𝑓 (3.47−1.81)
Treynor’s Ratio = 𝐵𝑝
= 0.334
= 4.97

The Treynor’s ratio is which 4.97 means 4.97 times higher market and volatility rate.
(𝑅𝑝−𝑅𝑓) (3.47−1.81)
Sharpe’s Ratio = = = 0.23
𝜎𝑝 7.16

The calculated Sharpe’s ratio is 0.23 which means 0.23 times higher market and volatility rate.
RELIANCE MUTUAL FUNDS NIFTY
DATE OPEN CLOSE RR OPEN CLOSE RR

1 March 2014 to 30 June 2014 39.29 40.77 3.77 6729.5 6696.4 -0.49
1 July 2014 to 30 Sep 2014 40.93 41.58 1.59 7629 7721.3 1.21
1 Oct 2014 to 31 Dec 2014 41.59 44.45 6.88 7990.35 8322.2 4.15
1 Jan 2015 to 31 Mar 2015 44.46 45.55 2.45 8272.8 8808.9 6.48
1 Apr 2015 to 30 Jun 2015 45.66 44.96 -1.53 8953.85 8181.5 -8.63
1 July 2015 to 30 Sep 2015 45.12 47.01 4.19 8376.25 8532.9 1.87
1 Oct 2015 to 31 Dec 2015 46.96 46.78 -0.38 7992.05 8065.8 0.92
1 Jan 2016 to 31 Mar 2016 46.86 47.97 2.37 7938.45 7563.6 -4.72
1 Apr 2016 to 30 Jun 2016 48.14 49.14 2.08 7718.05 7849.8 1.71
1 July 2016 to 30 Sep 2016 49.22 51.93 5.51 8313.05 8638.5 3.91
1 Oct 2016 to 31 Dec 2016 52.27 53.25 1.87 8666.15 8625.7 -0.47
1 Jan 2017 to 31 Mar 2017 53.88 53.21 -1.24 8210.1 8561.3 4.28
1 Apr 2017 to 30 Jun 2017 53.2 54.89 3.18 9220.6 9304.1 0.91
1 July 2017 to 30 Sep 2017 54.64 55.34 1.28 9587.95 10077 5.10
1 Oct 2017 to 31 Dec 2017 55.42 54.56 -1.55 9893.3 10335 4.47
1 Jan 2018 to 31 Mar 2018 54.58 55.04 0.84 10531.7 11028 4.71
1 Apr 2018 to 30 Jun 2018 55.06 54.59 -0.85 10151.7 10739 5.79
1 July 2018 to 30 Sep 2018 54.6 55.44 1.54 10732.4 11357 5.82
1 Oct 2018 to 31 Dec 2018 55.48 57.91 4.38 11751.8 10930 -6.99
1 Jan 2019 to 31 Mar 2019 57.89 58.35 0.79 10842.9 11514 6.19
AVG 1.86 AVG 1.81
S.D 2.28 S.D 4.22
 Chart Title
70
60 57.91 58.35
53.25 53.21 54.89 55.34 54.56 55.04 54.59 55.44
50 49.14 51.93
45.55 44.96 47.01 46.78 47.97
41.58 44.45
40 40.77
30
20
10
0
1 March 1 July 1 Oct 1 Jan 1 Apr 1 July 1 Oct 1 Jan 1 Apr 1 July 1 Oct 1 Jan 1 Apr 1 July 1 Oct 1 Jan 1 Apr 1 July 1 Oct 1 Jan
2014 to 2014 to 2014 to 2015 to 2015 to 2015 to 2015 to 2016 to 2016 to 2016 to 2016 to 2017 to 2017 to 2017 to 2017 to 2018 to 2018 to 2018 to 2018 to 2019 to
30 June 30 Sep 31 Dec 31 Mar 30 Jun 30 Sep 31 Dec 31 Mar 30 Jun 30 Sep 31 Dec 31 Mar 30 Jun 30 Sep 31 Dec 31 Mar 30 Jun 30 Sep 31 Dec 31 Mar
2014 2014 2014 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019

Column2 CLOSE Column1

(𝒄𝒐𝒗𝒂𝒓.𝒓𝒑,𝒓𝒎) (−0.48)
Beta = = = -0.026
𝒄𝒐𝒗𝒂𝒓.𝒎 17.83

In RELIANCE mutual funds the highest rate of return is 6.88 and lowest is -1.55. The beta value is 0.026
𝑹𝒑−𝑹𝒇 (1.86−1.81)
Treynor’s Ratio = = = -1.73
𝑩𝒑 −0.026

The Treynor’s ratio is -1.73 which means -1.73 times higher market and volatility rate.
(𝑹𝒑−𝑹𝒇) (1.86−1.81)
Sharpe’s Ratio = = = 0.02
𝝈𝒑 2.28

The calculated Sharpe’s ratio is 0.02 which means 0.02 times higher market and volatility rate.
.
ADITYA BIRLA MUTUAL FUNDS NIFTY

DATE OPEN CLOSE RR OPEN CLOSE RR

1 Mar 2014 to 30 Jun 2014 53.63 55.94 4.31 6729.5 6696.4 -0.492
1 July 2014 to 30 Sep 2014 56.17 57.24 1.90 7629 7721.3 1.21
1 Oct 2014 to 31 Dec 2014 57.27 61.41 7.23 7990.35 8322.2 4.153
1 Jan 2015 to 31 Mar 2015 61.4 63.1 2.77 8272.8 8808.9 6.48
1 Apr 2015 to 30 Jun 2015 63.24 62.35 -1.41 8953.85 8181.5 -8.626
1 July 2015 to 30 Sep 2015 62.59 64.92 3.72 8376.25 8532.9 1.87
1 Oct 2015 to 31 Dec 2015 64.86 64.27 -0.91 7992.05 8065.8 0.923
1 Jan 2016 to 31 Mar 2016 69.13 66.06 -4.44 7938.45 7563.6 -4.723
1 Apr 2016 to 30 Jun 2016 66.24 67.68 2.17 7718.05 7849.8 1.707
1 July 2016 to 30 Sep 2016 67.85 72.05 6.19 8313.05 8638.5 3.915
1 Oct 2016 to 31 Dec 2016 72.1 73.52 1.97 8666.15 8625.7 -0.467
1 Jan 2017 to 31 Mar 2017 74.63 73.29 -1.80 8210.1 8561.3 4.278
1 Apr 2017 to 30 Jun 2017 73.27 75.81 3.47 9220.6 9304.1 0.905
1 July 2017 to 30 Sep 2017 75.49 76.43 1.25 9587.95 10077 5.102
1 Oct 2017 to 31 Dec 2017 76.54 75.56 -1.28 9893.3 10335 4.468
1 Jan 2018 to 31 Mar 2018 75.6 75.96 0.48 10531.7 11028 4.71
1 Apr 2018 to 30 Jun 2018 76.2 75.23 -1.27 10151.7 10739 5.789
1 July 2018 to 30 Sep 2018 75.25 76.15 1.20 10732.4 11357 5.816
1 Oct 2018 to 31 Dec 2018 76.18 79.4 4.23 11751.8 10930 -6.989
1 Jan 2019 to 31 Mar 2019 79.35 80.33 1.24 10842.9 11514 6.194
AVG 1.55 AVG 1.811
 Chart Title
90
80 76.43 79.4 80.33
73.52 73.29 75.81 75.56 75.96 75.23 76.15
70 72.05
64.92 64.27 66.06 67.68
60 61.41 63.1 62.35
55.94 57.24
50
40
30
20
10
0
1 Mar 1 July 1 Oct 1 Jan 1 Apr 1 July 1 Oct 1 Jan 1 Apr 1 July 1 Oct 1 Jan 1 Apr 1 July 1 Oct 1 Jan 1 Apr 1 July 1 Oct 1 Jan
2014 to 2014 to 2014 to 2015 to 2015 to 2015 to 2015 to 2016 to 2016 to 2016 to 2016 to 2017 to 2017 to 2017 to 2017 to 2018 to 2018 to 2018 to 2018 to 2019 to
30 Jun 30 Sep 31 Dec 31 Mar 30 Jun 30 Sep 31 Dec 31 Mar 30 Jun 30 Sep 31 Dec 31 Mar 30 Jun 30 Sep 31 Dec 31 Mar 30 Jun 30 Sep 31 Dec 31 Mar
2014 2014 2014 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019

Column1 CLOSE

(𝒄𝒐𝒗𝒂𝒓.𝒓𝒑,𝒓𝒎) (1.71)
Beta = = = 0.10
𝒄𝒐𝒗𝒂𝒓.𝒎 17.83

In ADITYA BIRLA mutual funds the highest rate of return is 7.23 and lowest is –4.44. The beta value is 0.10
𝑹𝒑−𝑹𝒇 (1.55−1.81)
Treynor’s Ratio = = = -2.71
𝑩𝒑 0.10

The Treynor’s ratio is -2.71 which means -2.71 times higher market and volatility rate.
(𝑹𝒑−𝑹𝒇) (1.55−1.81)
Sharpe’s Ratio = = = -0.09
𝝈𝒑 2.81

The calculated Sharpe’s ratio is -0.09 which means -0.09 times higher market and volatility rate.
UTI MUTUAL FUNDS NIFTY
DATE OPEN CLOSE RR OPEN CLOSE RR

1 Mar 2014 to 30 Jun2014 69.21 85.4 23.39 6729.5 6696 -0.49

1 July 2014 to 30 Sep 2014 86.44 91.94 6.36 7629 7721 1.21
1 Oct 2014 to 31 Dec 2014 91.81 98.58 7.37 7990.4 8322 4.15
1 Jan 2015 to 31 Mar 2015 99.14 102.94 3.83 8272.8 8809 6.48
1 Apr 2015 to 30 Jun 2015 104.11 101.6 -2.41 8953.9 8182 -8.63
1 July 2015 to 30 Sep 2015 102.69 100.46 -2.17 8376.3 8533 1.87
1 Oct 2015 to 31 Dec 2015 101.01 99.9 -1.10 7992.1 8066 0.92
1 Jan 2016 to 31 Mar 2016 100.3 96.62 -3.67 7938.5 7564 -4.72
1 Apr 2016 to 30 Jun 2016 96.47 104.25 8.06 7718.1 7850 1.71
1 July 2016 to 30 Sep 2016 104.81 109.83 4.79 8313.1 8639 3.91

1 Oct 2016 to 31 Dec 2016 111.86 101.04 -9.67 8666.2 8626 -0.47
1 Jan 2017 to 31 Mar 2017 100.84 114.61 13.66 8210.1 8561 4.28
1 Apr 2017 to 30 Jun 2017 114.83 118.22 2.95 9220.6 9304 0.91
1 July 2017 to 30 Sep 2017 119.54 121.85 1.93 9588 10077 5.10
1 Oct 2017 to 31 Dec 2017 122.52 131.45 7.29 9893.3 10335 4.47
1 Jan 2018 to 31 Mar 2018 130.39 128.5 -1.45 10532 11028 4.71
1 Apr 2018 to 30 Jun 2018 130.68 138.5 5.98 10152 10739 5.79
1 July 2018 to 30 Sep 2018 138.54 134.83 -2.68 10732 11357 5.82
1 Oct 2018 to 31 Dec 2018 135.36 136.08 0.53 11752 10930 -6.99
1 Jan 2019 to 31 Mar 2019 136.28 140.46 3.07 10843 11514 6.19
AVG 3.30 AVG 1.93
 close
160
140 138.5 134.83 136.08 140.46
131.45 128.5
120 114.61 118.22 121.85
109.83
AXIS TITLE

100 98.58 102.94 101.6 100.46 99.9 96.62 104.25 101.04

85.4 91.94
80
60
40
20
0
1 March 1 July 1 Oct 1 Jan 1 Apr 1 July 1 Oct 1 Jan 1 Apr 1 July 1 Oct 1 Jan 1 Apr 1 July 1 Oct 1 Jan 1 Apr 1 July 1 Oct 1 Jan
2014 to 2014 to 2014 to 2015 to 2015 to 2015 to 2015 to 2016 to 2016 to 2016 to 2016 to 2017 to 2017 to 2017 to 2017 to 2018 to 2018 to 2018 to 2018 to 2019 to
30 June 30 Spe 31 Dec 31 Mar 30 Jun 30 Spe 31 Dec 31 Mar 30 Jun 30 Spe 31 Dec 31 Mar 30 Jun 30 Spe 31 Dec 31 Mar 30 Jun 30 Spe 31 Dec 31 Mar
2014 2014 2014 2015 2015 2015 2015 2016 2016 2016 2016 2017 2017 2017 2017 2018 2018 2018 2018 2019

close

(𝒄𝒐𝒗𝒂𝒓.𝒓𝒑,𝒓𝒎) (1.71)
Beta = 𝒄𝒐𝒗𝒂𝒓.𝒎 = 17.83 = 0.10
ANALYSIS
In ADITYA BIRLA mutual funds the highest rate of return is 7.23 and lowest is –4.44. The beta value is 0.10
𝑹𝒑−𝑹𝒇 (1.55−1.81)
Treynor’s Ratio = = = -2.71
𝑩𝒑 0.10

The Treynor’s ratio is -2.71 which means -2.71 times higher market and volatility rate.

(𝑹𝒑−𝑹𝒇) (1.55−1.81)
Sharpe’s Ratio = = = -0.09
𝝈𝒑 2.81

The calculated Sharpe’s ratio is -0.09 which means -0.09 times higher market and volatility rate.
 MUTUAL FUNDS BETA VALUE
BETA
0.4
UTI MUTUAL FUNDS 0.37
0.35

SBI MUTUAL FUNDS 0.058 0.3

0.25

AXIS MUTUAL FUNDS 0.334 0.2

0.15
-0.026
RELIANCE MUTUAL 0.1

FUNDS 0.05
0.10
ADITYA BIRLA MUTUAL 0
UTI MUTUAL SBI MUTUAL AXIS MUTUAL RELIANCE ADITYA BIRLA
FUND -0.05 FUNDS FUNDS FUNDS MUTUAL FUNDS MUTUAL FUND

ANALYSIS:
THE ABOVE DATA INDICATES THE FIVE MUTUAL FUNDS BETA VALUE .THE BETA VALUE IS HIGHEST IN THE UTI MUTUAL
FUNDS WITH 0.37 AND THE LOWEST BETA VALUE IN THE RELIANCE MUTUAL FUNDS WITH -0.026.

INTERPRETATION:
FROM THE ABOVE DATA WHILE COMPARING ALL THE MUTUAL FUNDS BETA VALUE, THE UTI MUTUAL FUNDS SHOWED
THE HIGHEST BETA VALUE OF 0.37 FOLLOWED BY AXIS MUTUAL FUND WITH 0.334 .WHICH MEANS SBI IS THE BEST
MUTUAL FUND WHILE COMPARING OTHER MUTUAL FUND AND THEY ARE MORE RISK CATEGORY.RELIANCE MUTUAL
FUNDS SHOWED NEGATIVE VALUE WHICH INDICATES THAT THEY ARE LOW RISK CATEGORY ..
 TREYNOR’S RATIO
MUTUAL FUNDS TREYNOR’S RATIO 10

UTI MUTUAL FUNDS 3.67 UTI MUTUAL SBI MUTUAL AXIS MUTUAL RELIANCE MUTUAL ADITYA BIRLA
-10 FUNDS FUNDS FUNDS FUNDS MUTUAL FUND

-20
SBI MUTUAL FUNDS -83.83
-30

AXIS MUTUAL FUNDS 4.97 -40

-50
-1.73
RELIANCE MUTUAL -60

FUNDS -70
-2.71
ADITYA BIRLA MUTUAL -80

FUND -90

ANALYSIS:
THE ABOVE DATA INDICATES THE FIVE MUTUAL FUNDS TREYNOR’S RATIO .THE TREYNOR’S RATIO IS HIGHEST IN THE
AXIS MUTUAL FUNDS WITH 4.97 AND THE LOWEST SHARPE’S RATIO IN THE SBI MUTUAL FUNDS WITH -83.83.

INTERPRETATION:
FROM THE ABOVE DATA WHILE COMPARING ALL THE MUTUAL FUNDS TREYNORS RATIO, THE AXIS MUTUAL FUNDS
SHOWED THE HIGHEST TREYNOR’S RATIO OF 4.97 FOLLOWED BY UTI MUTUAL FUND WITH 3.67.WHICH MEANS
HIGH VALUE OF TREYNORS INDICATES THAT THE FUND IS PERFORMING WELL IN RESPECT TO THE RISK ASSOCIATED
WITH IT.SBI BIRLA MUTUAL FUNDS SHOWED NEGATIVE VALUE WITH -0.09 WHICH IS LOWEST AMOUNT OF TREYNORS
RATIO SHOWS THAT THE FUND IS NOT PERFORMING WELL.
 SHARPE’S RATIO
MUTUAL FUNDS SHARPE’S RATIO 0.4

0.35
UTI MUTUAL FUNDS 0.19
0.3

0.25
SBI MUTUAL FUNDS 0.36
0.2

0.15
AXIS MUTUAL FUNDS 0.23
0.1

0.02
RELIANCE MUTUAL 0.05

0
FUNDS -0.05
UTI MUTUAL SBI MUTUAL AXIS MUTUAL RELIANCE ADITYA BIRLA
FUNDS FUNDS FUNDS MUTUAL MUTUAL FUND
-0.09
ADITYA BIRLA MUTUAL -0.1
FUNDS

FUND -0.15

ANALYSIS:
THE ABOVE DATA INDICATES THE FIVE MUTUAL FUNDS SHARPE’S RATIO .THE SHARPE’S RATIO IS HIGHEST IN THE SBI
MUTUAL FUNDS WITH 0.36 AND THE LOWEST SHARPE’S RATIO IN THE ADITYA BIRLA MUTUAL FUNDS WITH -0.09

INTERPRETATION:
FROM THE ABOVE DATA WHILE COMPARING ALL THE MUTUAL FUNDS SHARPEN’S RATIO, THE SBI MUTUAL FUNDS
SHOWED THE HIGHEST SHARPE’S RATIO OF 0.36 FOLLOWED BY AXIS MUTUAL FUND WITH 0.23 .WHICH MEANS THE
HIGH VALUE OF SHARPES INDICATES THAT THE FUND’S PERFORMANCE IN ACCORDANCE TO SYSTEMATIC RISK IS
HIGH.ADITYA BIRLA MUTUAL FUNDS SHOWED NEGATIVE VALUE WITH -0.09 INDICATES THAT THE FUNDS
PERFORMANCE IS LOW.
Findings
• FROM THE DATA WHILE COMPARING ALL THE MUTUAL FUNDS BETA VALUE, THE UTI MUTUAL FUNDS
SHOWED THE HIGHEST BETA VALUE OF 0.37 FOLLOWED BY AXIS MUTUAL FUND WITH 0.334 .WHICH
MEANS SBI IS THE BEST MUTUAL FUND WHILE COMPARING OTHER MUTUAL FUNDS.RELIANCE MUTUAL
FUNDS SHOWED NEGATIVE VALUE WHICH INDICATES THAT THEY ARE LOW RISK CATEGORY ..
• FROM THE ABOVE DATA WHILE COMPARING ALL THE MUTUAL FUNDS TREYNORS RATIO, THE AXIS
MUTUAL FUNDS SHOWED THE HIGHEST SHARPE’S RATIO OF 4.97 FOLLOWED BY UTI MUTUAL FUND
WITH 3.67.WHICH MEANS HIGH VALUE OF TREYNORS INDICATES THAT THE FUND IS PERFORMING WELL
IN RESPECT TO THE RISK ASSOCIATED WITH IT.SBI BIRLA MUTUAL FUNDS SHOWED NEGATIVE VALUE
WITH -0.09 WHICH IS LOWEST AMOUNT OF TREYNORS RATIO SHOWS THAT THE FUND IS NOT
PERFORMING WELL.
• FROM THE ABOVE DATA WHILE COMPARING ALL THE MUTUAL FUNDS SHARPEN’S RATIO, THE SBI MUTUAL
FUNDS SHOWED THE HIGHEST SHARPE’S RATIO OF 0.36 FOLLOWED BY AXIS MUTUAL FUND WITH 0.23
.WHICH MEANS THE HIGH VALUE OF SHARPES INDICATES THAT THE FUND’S PERFORMANCE IN
ACCORDANCE TO SYSTEMATIC RISK IS HIGH.ADITYA BIRLA MUTUAL FUNDS SHOWED NEGATIVE VALUE
WITH -0.09 INDICATES THAT THE FUNDS PERFORMANCE IS LOW.
conclusion
• MUTUAL FUNDS ARE ONE OF THE MOST HIGHLY GROWING PRODUCTS IN
FINANCIAL SERVICES MARKET.MUTUAL FUNDS ARE SUITABLE FOR ALL TYPES OF
INVESTORS FROM RISK ADVERSE TO RISK BEARER.MUTUAL FUND HAVE MANY
OPTIONS OF RETURNS,RISK FREE RETURN,MARKET ASSOCIATED RETURNS.
• Mutual fund makes you disciplined in your savings, Every month you are
forced to keep aside a fixed amount , As it helps you make money over the
long term. Since you get more units when the NAV drops and fewer when it
rises, the cost averages out over time. Also, a number of mutual funds do not
charge an entry load if you opt for mutual funds.
suggestions
• The performance of mutual funds depends on the previous years net asset value
(nav) of fund. all the schemes are performing well but the futures are very
uncertain. So asset management company should take the various steps.
• The asset management company (amc) should launch more diversified funds so that
the risk becomes minimum.
• Try to reduce the fund chargers and other charges which helps to invest more funds
in the security markets and earn good returns .
• Concentrate on differentiating the portfolio of their mutual funds then their
competitors mutual fund .
bibilography and references
Books: “Security Analysis and portfolio Management” by Donald Fischer & Ronald
Jordan, 6th edition published by prentice Hall 1995.
• MUTUAL FUND IN INDIA:
S. Krishna murthy, second edition, chandra bose culcutta.
• Financial services - M Y KHAN
• Fact sheets of SBI, UTI, RELIANCE MUTUAL FUNDS.
Web sites:
• www.amfi .com
• Www. Money control.com
• www.historical nifty.yahoofinancial.com
• www.networthstockbroking in
• www.sharekan.com
Journal:
• Author by kannan, & Nedunchez Indian “A comparative study on performance of
private mutual funds”Economic panorama issue date, 60/10/2005
• Sisodiya, Amith Singh, “Mutual funds performance-Comparative analysis” ICFAI,
15/7/2004.