A

Seminar to Present Case Study -I

Subject Code -OLMBA-309S
On Topic
Comparative Study and Analysis of Top 10
Mutual Funds in India
Presented by:
Kamal Jeet
Student: MBA (3rd Sem.)
Roll No.- 26012155219

Directorate of Open and Distance Learning

1
Guru Nanak Dev University
 What is Mutual Fund?
 Mutual fund is the an instrument which aggregates the

money from a lot of people who want to invest and have

similar objectives for making money, infuse it in assets that
meet the scheme’s declared goals.
 All MFs are handled by fund managers, who employ their

investment expertise, abilities through conducting the

required analysis, provide a considerably more lucrative
gains than any person could get alone.

2
 Mutual Fund Operation Flow Chart

Investors
Passed back to Pool Their
Money

Fund
Returns
Manager

Generates Invest In
Securitie
s

3
 Basic Terms:
Asset Management Company a highly regulated corporation

that combines money from people willing to invest and create a

portfolio.
NAV (Net Asset Value) The performance of a mutual fund

scheme is denoted by its NAV per unit. NAV per unit is the
market value of securities of a scheme divided by the total
number of units of the scheme on a given date
Exit Load “Exit load is a non-refundable cost paid to the AMC

when units are redeemed or transferred between mutual fund

schemes. At the moment of redemption/transfer, it is subtracted
4
from the NAV (selling price).”
Return “A typical investment's return is made up of two

parts. The most fundamental is the investment's periodic cash

receipts, which can be in the form of interest/dividends.
Another factor is the change in the value of the assets, which
is generally referred to as a capital gain or loss.”
Risk “The peril of keeping money in MFs is usually

connected with prospect of realizing lower returns than

planned. The premium that the person gets is the disparity
between necessary rate of return on mutual fund investments
and the return without any risk. Beta and standard deviations
5
can be used to quantify risk.”
 Aggressive
Growth Funds

Growth Funds

Specialty Funds

Option Income
Funds
Types of Mutual

Equity Funds
Diversified
Equity Funds
Equity Index
High Yield Debt Funds
Funds

Funds
Debt Funds Value Funds
Assured Return
Funds Dividend Yield
Funds

Balanced

Growth income
Hybrid Funds
fund

6 Asset Allocation
 Advantages of Mutual Fund Investment
 Professional Management
 Diversification
 Convenient Administration
 Transparency
 Flexibility
 Choice of Schemes
 Tax Benefits

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 Disadvantages of Mutual Fund Investment
 Fluctuating Returns
 No Control
 Costs
 Dilution
 Cash Drag

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 Objectives of Study
 To gain insight and comprehension about MFs
 To evaluate and compare the performance of top
performing mutual funds.
Methodology
 In this study secondary data is utilized as the foundation
for analysis
 The top ten asset management firms were chosen based
on their AUM (Assets Under Management) as of 19th
April 2023.
 Top 3 small cap, 3 mid cap and 4 big cap funds are
chosen based on performance.
 The data of selected Mfs is collected on the mentioned
date based of NAV.
9  The Data’s Period of reference ranges from 2018 to 2023.
 Top Ten Mutual Funds in India
Small Cap Fund Mid Cap Fund Large Cap Fund

SBI Small Cap Axis Mid-Cap Mirae Asset Large

Fund Fund Cap Fund -
Regular - Growth

HDFC Small Cap DSP Mid-Cap Kotak Bluechip

Fund Fund
Kotak Small Cap UTI Mid-Cap Fund ICICI Prudential
Fund Bluechip Fund
Edelweiss Large
Cap Fund
10
 Top Small Cap Mutual Funds
Small-cap mutual funds invest mostly in equities of small businesses with
growth prospects. These stocks have the potential to double or triple in value in
a few of years, but this also means that the return on these funds is highly
volatile. When it comes to selecting equities portfolios, the size of the company
is a crucial factor to consider. This is because the portfolio would have its own
set of opportunities and dangers, depending on the size of the organization.”

Table 1: Top 3 Small Cap Funds in India

NAME TYPE DATE NAV as on April
LAUNCHED 19,
2023 (in Cr)
SBI Small Cap Fund Growth Plan 09-Sep-2009 ₹ 110.95
(Regular)
HDFC Small Cap Growth Plan 03-Apr-2008 ₹ 81.49
Fund (Regular)
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Kotak Small Cap Growth Plan 02-Jan-2013 ₹ 161.50
 1. SBI Small Cap Fund
SCHEME DETAILS
Fund manager(s) – R. Srinivasan, Mohit Jain
Expense ratio – 1.68% (class average is 1.19%)
Benchmark – S &P BSE 250 Smallcap TRI
Type: Open Ended Fund.
Table 2:1-5Y Return by SBI Small Cap Fund
Investment Investment Current Absolute Yearly Division
Duration of ₹10000 on NAV Returns Returns Average
YTD 30-Dec-22 9730.80 -2.69% - 2.64%

1 Year 18-Apr-22 10513.90 5.14% 5.14% 6.05%

2 Year 16-Apr-21 13927.90 39.28% 17.96% 22.33%

3 Year 17-Apr-20 25106.80 151.07% 35.88% 39.91%

5 Year 18-Apr-18 19037.90 90.38% 13.73% 13.11%

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 Fig 1: Performance of SBI Small Cap Fund for the period of 2018-23

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Inference: This mutual fund has consistently performed over the benchmark
index that tracks the performance of companies with small market
capitalization since the 4th quarter of 2018 and has garnered returns 1.50%
lower than the industry average for regular investment type small cap funds for
the investment period of 5 years.

SBI Small Cap Fund Risk Factor

Beta Value = 0.75
Category Average = 0.83
Low Volatility
Here, the Beta value is equal to the category average; this implies that the stock
price tends to move with the market. Thus, it will have a systematic risk.
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 2. HDFC Small Cap Fund
SCHEME DETAILS
 Fund manager(s) – Chirag Setalvad
 Expense ratio – 1.84% (class average is 1.99%)
 Benchmark – S&P BSE 250 Smallcap TRI
 Type: Open Ended Fund.
Table 3: 1-5Y Return by HDFC Small Cap Fund
Investment Investment Current Absolute Yearly Division
Duration of ₹10000 NAV Returns Returns Average
YTD 30-Dec-22 10243.90 2.44% - 2.61%
1 Year 18-Apr-22 11074.50 10.75% 10.75% 4.02%
2 Year 16-Apr-21 15383.20 53.83% 23.96% 22.07%
3 Year 17-Apr-20 29150.40 191.50% 42.80% 40.57%
5 Year 18-Apr-18 18458.80 84.59% 13.03% 13.43%
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 Fig 2: Performance of HDFC Small Cap Fund for the period of 2018-23

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Inference: This mutual fund has consistently performed over the benchmark index that

tracks the performance of companies with small market capitalization since the 4th quarter

of 2018 and has garnered returns 1.99% lower than the industry average for direct

investment type small cap funds for the investment period of 5 years.

HDFC Small Cap Fund Risk Factor

Beta Value = 0.91

Category Average = 0.83

High Volatility

Here, the Beta value is more than the category average; this implies that the stock is riskier

and will likely offer high returns.

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 3. Kotak Small Cap Fund
SCHEME DETAILS
 Fund manager(s) – Pankaj Tibrewal
 Expense ratio – 1.69% (class average is 1.83%)
 Benchmark - Nifty Smallcap 250 Index TRI
 Type: Open Ended Fund.

Table 4: 1-5Y Return by Kotak Small Cap Fund

Investmen Investmen Current Absolute Yearly Division

t Duration t of NAV Returns Returns Average
₹10000

YTD 30-Dec-22 9983.40 -0.17% - 2.61%

1 Year 18-Apr-22 9865.30 -1.35% -1.35% 4.02%
2 Year 16-Apr-21 13901.30 39.01% 17.85% 22.07%
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3 Year 17-Apr-20 29526.40 195.26% 43.41% 40.57%
 Fig 3: Performance of Kotak Small Cap Fund for the period of 2018-23

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 Inference: The graph depicts the performance of Kotak Small Cap Fund for the period of
2018-23. This mutual fund has gradually improved its performance since the 4th quarter of
2018 and has garnered returns 2.65% higher than the industry average for direct investment
type small cap funds for the investment period of 5 years.

Kotak Small Cap Fund Risk Factor

Beta Value = 0.74
Category Average = 0.80
Low Volatility
Here, the Beta value is less than the category average; this implies that the stock is less
risky and will likely offer low returns.

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 Top Mid Cap Mutual Funds
“Mid cap MF schemes invest in stocks of mid-sized companies or equities with
medium market capitalizations, as their names suggest. The term 'cap' refers to the market
capitalization or size of the listed corporation in this context. The market capitalization of
mid-cap companies ranges from Rs.500 crore to Rs.10000 crore.”
Table 5: Top 3 Mid-Cap Mutual Funds in India
NAME TYPE DATE LAUNCHED NAV as on April 19,
2023 (in Cr)
Axis Mid-Cap Fund Growth Plan 18-Feb-2011 66.01
(Regular)
DSP Mid-Cap Fund Growth Plan 14-Nov-2006 85.46
(Regular)
UTI Mid-Cap Fund Growth Plan 01-Aug-2005 183.71
(Regular)
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 1. Axis Mid Cap Fund
SCHEME DETAILS
• Fund manager(s) –Ankit Agarwal
• Expense ratio – 1.95% (class average is 2.12%)
• Benchmark - Nifty Midcap 150 Index
• Type: Open Ended Fund.

Table 6: 1-5Y Return by Axis Mid Cap Fund

Investment Investment Current Absolute Yearly Division
Duration of ₹10000 NAV Returns Returns Average
YTD 30-Dec-22 9723.90 -2.76% - 2.81%
1 Year 18-Apr-22 10010.70 0.11% 0.11% 2.12%
2 Year 16-Apr-21 12541.90 25.42% 11.96% 13.66%
3 Year 17-Apr-20 22082.90 120.83% 30.19% 29.92%

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5 Year 18-Apr-18 16010.60 60.11% 9.87% 11.08%
 Fig 4:Performance of Axis Mid Cap Fund for the period of 2018-23

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Inference: The graph depicts the performance of Axis Mid Cap Fund for the period of

2018-23. This mutual fund has consistently performed over the benchmark index that tracks

the performance of companies with medium market capitalization since the 2 nd quarter of

2018 and has garnered returns 1.86% lesser than the industry average for direct investment

type mid cap funds for the investment period of 5 years.

Axis Mid Cap Fund Risk Factor

Beta Value = 0.8

Category Average = 0.85

Low Volatility

Here, the Beta value is less than the category average; this implies that the stock is less

risky and will likely offer low returns.

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 2. DSP Mid Cap Fund
SCHEME DETAILS
• Fund manager(s) –Ankit Agarwal
• Expense ratio – 1.95% (class average is 2.12%)
• Benchmark - Nifty Midcap 150 Index
• Type: Open Ended Fund.

Table 7: 1-5Y Return by DSP Mid Cap Fund

Investment Investment of Current Absolute Yearly Division

Duration ₹10000 NAV Returns Returns Average
YTD 30-Dec-22 9880.80 -1.19% - 2.81%
1 Year 18-Apr-22 9734.20 -2.66% -2.66% 2.12%
2 Year 16-Apr-21 11200.70 12.01% 5.82% 13.66%
3 Year 17-Apr-20 17598.50 75.98% 20.71% 29.92%
5 Year 18-Apr-18 14995.40 49.95% 8.44% 11.08%
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 Fig 5: Performance of DSP Mid Cap Fund for the period of 2018-23

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Inference: The graph depicts the performance of DSP Mid Cap Fund for the period of 2018-

23. This mutual fund has gradually improved its performance since the 4 th quarter of 2018 and

has garnered returns 4.84 % greater than the industry average for direct investment type small

cap funds for the investment period of 5 years.

DSP Mid Cap Fund Risk Factor

Beta Value = 0.85

Category Average = 0.91

Low Volatility

Here, the Beta value is less than the category average; this implies that the stock is less risky

and will likely offer low returns.

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 3. UTI Mid Cap Fund
SCHEME DETAILS
 Fund manager(s) – Ankit Agarwal
 Expense ratio – 1.95% (class average is 2.12%)
 Benchmark - Nifty Midcap 150 Index
 Type: Open Ended Fund.
Table 8: 1-5Y Return by UTI Mid Cap Fund

Investment Investment of Current Absolute Yearly Division

Duration ₹10000 NAV Returns Returns Average

YTD 30-Dec-22 9723.90 -2.76% - 2.81%

1 Year 18-Apr-22 10010.70 0.11% 0.11% 2.12%
2 Year 16-Apr-21 12541.90 25.42% 11.96% 13.66%
3 Year 17-Apr-20 22082.90 120.83% 30.19% 29.92%

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5 Year 18-Apr-18 16010.60 60.11% 9.87% 11.08%
 Fig 6: Performance of UTI Mid Cap Fund for the period of 2018-23

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Inference: The graph depicts the performance of UTI Mid Cap Fund for the period of
2018-23. This mutual fund showed unsatisfactory performance in the initial years and
improved performance over the benchmark index that tracks the performance of companies
with medium market capitalization since 4th quarter of 2018. It has garnered returns 4.82%
higher than the industry average for direct investment type mid cap funds for the investment
period of 5 years.

UTI Mid Cap Fund Risk Factor

Beta Value = 0.89
Category Average = 0.91
High Volatility
Here, the Beta value is less than the category average; this implies that the stock is less risky
and will likely offer high returns.

30
 Top Large Cap Mutual Funds
“Large Cap Mutual Funds infuse a larger percentage of their assets in firms with a high market
capitalization. These are well-known for providing steady returns throughout time. Large size
funds' companies are usually market leaders in their fields; therefore, they tend to stay more
stable amid market turbulence than smaller or mid-cap companies. Large-cap firms are more
likely to have a lot of market experience and a great track record of performance backed by
sound corporate governance.”
Table 9 : Top 4 Large Cap Mutual Funds in India
NAME TYPE DATE LAUNCHED NAV as on April 19,
2023 (in Cr)

Mirae Asset Large Cap Fund Growth Plan 04-Apr-2008 77.82

- Regular - Growth (Direct)

Kotak Bluechip Fund Growth Plan 29-Dec-1998 376.40

(Direct)
ICICI Prudential Bluechip Growth Plan 23-May-2008 68.39
Fund (Direct)
Edelweiss Large Cap Fund Growth Plan 20-May-2009 56.08
(Direct)
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1. Mirae Asset Large Cap Fund-Regular- Growth
SCHEME DETAILS
 Fund manager(s) – Gaurav Misra , Gaurav Khandelwal
 Expense ratio – 1.53% (class average is 2.09%)
 Benchmark – Nifty 100 TRI
 Type: Open Ended Fund.
Table 10: 1-5Y Return by Mirae Asset Large Cap Fund - Regular - Growth
Investment Investment of Current Absolute Yearly Division
Duration ₹10000 NAV Returns Returns Average
YTD 30-Dec-22 9716.30 -2.84% - 1.63%
1 Year 18-Apr-22 10108.70 1.09% 1.09% 2.39%
2 Year 16-Apr-21 12020.40 20.20% 9.61% 9.67%
3 Year 17-Apr-20 18385.10 83.85% 22.48% 21.77%
5 Year 18-Apr-18 16724.70 67.25% 10.83% 9.93%
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Fig 7: Performance of Mirae Asset Large Cap Fund - Regular - Growth for the period of
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2018-23
Inference: The graph depicts the performance of Mirae Asset Large Cap Fund - Regular -
Growth for the period of 2018-23. This mutual fund has experienced both an upward and
downward trend and thus, has performed similarly to the benchmark index since 2 nd Quarter
2018. It has garnered returns 3.74% higher than the industry average for regular investment
type large cap funds for the investment period of 5 years.

Mirae Asset Large Cap Fund Risk Factor

Beta Value = 0.96
Category Average = 0.89
High Volatility
Here, the Beta value is more than the category average; this implies that the stock is riskier
and will likely offer high returns.

34
 2. Kotak Bluechip Fund
SCHEME DETAILS
 Fund manager(s) – Mr. Harish Krishnan
 Expense ratio – 1.8% (class average is 2.09%)
 Benchmark – Nifty 100 TRI
 Type: Open Ended Fund.
Table 11: 1-5Y Return by Kotak Bluechip Fund
Investment Investment Current Absolute Yearly Division
Duration of ₹10000 NAV Returns Returns Average

YTD 30-Dec-22 9827.90 -1.72% - 1.63%

1 Year 18-Apr-22 10326.50 3.26% 3.26% 2.39%
2 Year 16-Apr-21 12110.60 21.11% 10.02% 9.67%
3 Year 17-Apr-20 19085.00 90.85% 24.02% 21.77%

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5 Year 18-Apr-18 16936.20 69.36% 11.11% 9.93%
 Fig 8: Performance of Kotak Bluechip Fund for the period of 2018-23
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Inference: The graph depicts the performance of Kotak Bluechip Fund for the period of
2018-23. This mutual fund has experienced both an upward and downward trend and
thus, has performed similarly to the benchmark index since Quarter 2 nd in 2018. It has
garnered returns 2.36% higher than the industry average for regular investment type
large cap funds for the investment period of 5 years.

Kotak Bluechip Fund Risk Factor

Beta Value = 0.94
Category Average = 1.02
High Volatility
Here, the Beta value is less than the category average; this implies that the stock is less
risky and will likely offer high returns.

37
 3. ICICI Prudential Bluechip Fund
SCHEME DETAILS
 Fund manager(s) – Anish Tawakley , Vaibhav Dusad , Sharmila D’mello
 Expense ratio –1.63% (class average is 2.09%)
 Benchmark – Nifty 100 TRI
 Type: Open Ended Fund.
Table 12: 1-5Y Return by ICICI Prudential Bluechip Fund

Investment Investment Current Absolute Yearly Division

Duration of ₹10000 NAV Returns Returns Average
YTD 30-Dec-22 9813.50 -1.86% - 1.63%
1 Year 18-Apr-22 10484.40 4.84% 4.84% 2.39%
2 Year 16-Apr-21 12845.60 28.46% 13.30% 9.67%
3 Year 17-Apr-20 19607.20 96.07% 25.14% 21.77%

38 5 Year 18-Apr-18 17012.40 70.12% 11.21% 9.93%

 Fig 9: Performance of ICICI Prudential Bluechip Fund for the period of 2018-23

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Inference: The graph depicts the performance of ICICI Prudential Bluechip Fund for the

period of 2018-23. This mutual fund has experienced both an upward and downward trend

and thus, has performed similarly to the benchmark index. It has improved performance since

the 2nd quarter of 2018 and has garnered returns 2.54% higher than the industry average for

regular investment type large cap funds for the investment period of 5 years.

ICICI Prudential Bluechip Fund Risk Factor

Beta Value = 0.90

Category Average = 0.95

High Volatility

Here, the Beta value is more than the category average; this implies that the stock is less risky

and will likely offer high returns.

40
 4. Edelweiss Large Cap Fund
SCHEME DETAILS
•Fund manager (Bhavesh Jain , Bharat Lahoti)
•Expense ratio – 2.43% (class average is 2.09%)
•Benchmark – Nifty 100
•Type: Open Ended Fund.

Table 13: 1-5Y Return by Edelweiss Large Cap Fund

Investment Investment Current Absolute Yearly Division

Duration of ₹10000 NAV Returns Returns Average
YTD 30-Dec-22 9953.90 -0.46% - 1.63%
1 Year 18-Apr-22 10515.70 5.16% 5.16% 2.39%
2 Year 16-Apr-21 12257.90 22.58% 10.68% 9.67%
3 Year 17-Apr-20 18612.70 86.13% 22.99% 21.77%
41 5 Year 18-Apr-18 16700.40 67.00% 10.80% 9.93%
 Fig. 10: Performance Edelweiss Large Cap Fund for the period of 2018-23

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 Inference: The graph depicts the performance of Edelweiss Large Cap Fund for the

period of 2018-23. This mutual fund has gradually improved its performance since the

2nd quarter of 2018 and has garnered returns 6.52% higher than the industry average for

regular investment type large cap funds for the investment period of 5 years.

Edelweiss Large Cap Fund Risk Factor

Beta Value = 0.93

Category Average = 0.96

High Volatility

Here, the Beta value is less than the category average; this implies that the stock is less

risky and will likely offer high returns.

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 Findings of the Study
Small Cap Funds
 “Small-cap funds offer a great potential for profit.
 These funds have a higher chance of outperforming the benchmark during market
highs.
 When the market is in a depression, however, the fund's NAV can change
dramatically.
 Small cap mutual funds have a history of providing exponential growth and return
when they invest in the appropriate stocks.
 “Over the course of 5 years, 2018-23, we can see that the top 3 performing mutual
funds have maintained a similar trend in performance in the SC category.
 The SBI is best performing fund among all of them, notably outperforming its peers
since 2018, with HDFC and Kotak Small Cap Fund following behind.”

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Mid-Cap Funds
 When compared to large size funds, these mutual funds have a faster growth rate but
also a higher risk. Mid-sized corporations have faster profitability and higher growth
rates than larger companies, but they are more volatile on the stock market.
 Because the underlying shares have lower market capitalizations and little liquidity,
these funds are prone to boom-and-bust cycles.
 “We can see that the top 3 performing mutual funds in the mid-cap category
have maintained a similar pattern in performance over the last 5 years, from 2018 to
23.
 The Axis Mid Cap Fund has outperformed the others, with the UTI Mid Cap Fund
coming in second. Following that, DSP mid cap fund all have remarkable success.”

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 Large-Cap Funds
 A very momentous advantage of such funds is steadiness they provide. These firms with a
proven track record also pay out consistent dividends.
 The underlying firms have a long history of consistent performance during market highs
and lows. Even in times of favorable market circumstances, these funds' returns may not
be extremely great, but they will be less volatile.
 “Over the span of 5 years, 2018-23, the top performing mutual funds in the big cap
category have maintained a consistent pattern in performance.
 Edelweiss Large Cap Fund outperforms the others, with ICICI Prudential Bluechip Fund
trailing closely behind. Following that, Kotak Bluechip Fund has a significant success,
followed by Mirae Asset Large Cap Fund, which have fairly similar growth rates. It is
also worth noting that all of the top-performing funds in this category are Regular Plans.”
 In the present market, the best performing big cap funds have varied NAVs, but their
performance trends have been consistent with market trends and have provided returns
46that are greater than the industry average.
 CONCLUSION
 Mutual funds are now the most suited investing option.
 Mutual funds meet the needs of investors who want to maximize profits while
minimizing risk.
 The MF industry has already surpassed the banking industry in terms of assets under
management, with mutual funds managing more assets than banks.
 Due to the increased rivalry in the industry, MFs companies are offering various kinds
of plans to appeal to the investors tastes.
 So stock market has been increasing for more than three years, which has helped to not
only safeguard but also grow the money deposited in mutual funds.”
 In comparison to large size equity-oriented funds, small-cap funds are extremely
hazardous and volatile.
 Small-cap investments are not an appropriate choice for rookies entering the market
due to the high risk aspect, but they are great for seasoned investors or those with a
47
high-risk appetite.
 Dividends are especially difficult to come by in small-cap funds because, unlike
bigger firms, smaller companies prefer to reinvest any gains in building their
business.
 “When compared to large cap funds, midcap funds are under-followed on the stock
market.
 This gives investors a great opportunity to get a lot of money out of their assets by
employing these funds.
 Mid-sized companies, on the other hand, produce quicker profitability and rapid
growth while also being more volatile on the stock market.
 Midcap funds are a great choice for investors who are willing to put up with the
volatility of these equities in exchange for exciting profits.”

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 When looking at the long-term performance of MFs, we can see that midcap funds have
routinely performed better than big funds. Indeed, an established according characteristic
of fund, this propensity is unlikely to alter very soon.
 “Large cap mutual funds are great for investors who wish to gain profits while
avoiding market volatility.
 These types of MFs are relatively less risky than their small and mid-cap equivalents,
but the funds' downside might be that the growth potential of the underlying equities is
restricted.
 Furthermore, the returns generated are smaller than those obtained from small size or
mid-market funds. These funds have been described as a suitable option for novice
investors or those who risk averse investments.”

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 Suggestion and Recommendation
 If investors want to invest their money with less risk they can invest in
mutual fund with proper knowledge about various funds and schemes are
available in mutual fund.
 To earn maximum returns from mutual fund, the investors must have clear
financial goals and decide your risk tolerance capacity

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 Thank You

51