Transcript
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A Project Report
On
MUTUAL FUND
AS AN INVESTMENTOPTION
Submitted By:
Ms. SHRUTI SHETTY Ms. JAYASHRI AYYAR
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DECLARATION
I, SHRUTI SHETTY & JAYASHRI AYYARofRIZVI ACADEMY OF MANAGEMENT
hereby declare that I have completed this project on MUTUAL FUND AS AN
INVESTMENT OPTION. in the Academic Year 2009-2010. The information submitted is
true and original to the best of my knowledge.
Signature of the Student Signature of the Student
(SHRUTI SHETTY) (JAYASHRI AYYAR)
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RIZVIMANAGEMENTINSTITUTES
CERTIFICATE
I, Ms.Sheetal hereby certify that SHRUTI SHETTY & JAYASHRI AYYAROfRIZVI
ACADEMY OF MANAGEMENT has completed this project on MUTUAL FUND AS AN
INVESTMENT OPTION in the Year2009. The information submitted is true and original to
the best of my knowledge.
Signature of Project Guide
(Ms.Shital)
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ACKNOWLEDGEMENT
This project was a great learning experience for me. During this project I have interacted with
many people to whom I should be always obliged, and thankful. Though this project bears our
name we would like to say that it was a joint efforts all the people who we are acknowledging.
This project bears the imprints of these hard to forget people.
First of all I would like to acknowledge Ms.Sheetal who has been a helping hand for us while
making it. Who guided us in every possible aspect and also a special thanks to HDFC MUTUAL
FUND for giving us the opportunity to undergo this summer training in such a prestigious and
professional organization and also for their immense contribution towards execution and completion of
this project.
Secondly I would like to appreciate my college, for giving me an opportunity to make a project
on such a wonderful topic, which added a lot to my knowledge and also a special thank to our
Project Guide Prof Chetan Kadam and Prof.Gaurav Chedha.
Next I would like to mention and appreciate our parents for cooperating with us while making
this project.
My overriding debt continues to be my lovely friends who provided me with the time, support,
and inspiration needed to prepare this project
ITS TRULY OUR PROJECT.
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Contents
1. INVESTMENT ....................................................................................................................................... 7
Definition ..................................................................................................................................... 7
What Does Investment Mean ....................................................................................................... 7
Investment Options ............................... ............................... ....................... ................................ . 8
Why Should You Invest ............................ ............................. ...................... ................................ .. 8
Factors Which Influence The Decision To Invest ........................................................................... 9
Past market trends: ....................................................................................................................... 9
Your risk appetite:........................................................................................................................ 9
Investment horizon:...................................................................................................................... 9 Investible surplus: ........................................................................................................................ 9
Investment need: .......................................................................................................................... 9
Expected returns: ......................................................................................................................... 9
2. MUTUAL FUND ..................................................................................................................................10
Definition: ..................................................................................................................................10
Advantage of Mutual FUND ........................................................................................................11
Disadvantage Of Mutual Fund ....................................................................................................15
Risk Factor .................................................................................................................................16
3. Mutual Funds Industry in India ...........................................................................................................17
4. Types of Mutual Funds .......................................................................................................................19
5. Mutual Fund Operation Flow Chart ......................... ................................ ...................... ..................... 22
6. Organizational Structure Of Mutual Fund .......................... ................................ ...................... ........... 23
7. CATEGORIES OF MUTUAL FUND: ....................... ................................ ...................... ........................... 27
8. SWOT Analysis of Mutual Fund .......................................................................................................... 33
9. SWOT ANALYSIS OF HDFC MUTUAL FUND & RELIANCE MUTUAL FUND ........................... ................... 35
Swot analysis of HDFC Mutual Fund ................................................................................................... 35
Swot analysis of Reliance Mutual Fund .............................................................................................. 36
10. HDFC FLEXINDEX PLAN ..................................................................................................................... 37
y One think That HDFC has & Reliance Doesnt That is HDFC FLEXINDEX PLAN ...................... 37
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What is HDFC FLEXINDEX PLAN? .................................................................................................... 37
How does HDFC FLEXINDEX PLAN work? ................................................................................ 37
Illustration ..................................................................................................................................... 37
11. Reliance Mutual Fund Has SECTOR Specific Schemes Which HDFC Doesnt have? ............................ 4 0
Reliance Banking Fund ........................................................................................................................... 41
Reliance Diversified Power Sector Fund ................................................................................................. 42
Reliance Pharma Fund ........................................................................................................................... 43
Reliance Media & Entertainment Fund .................................................................................................. 44
12. TOP MUTUAL FUND SCHEME OF HDFC & RELIANCE ......................................................................... 45
HDFC EQUITY FUND ............................................................................................................................... 45
HDFC Equity Fund .................................................................................................................................. 46
HDFC Top 200 Fund ............................................................................................................................... 47
HDFC Top 200 Fund ............................................................................................................................... 48
Reliance Vision ...................................................................................................................................... 49
Reliance Vision ......................................................................................................................................50
Reliance Growth Fund ...........................................................................................................................51
Reliance Growth Fund ...........................................................................................................................52
Reliance Growth Fund ...........................................................................................................................53
13. Future Outlook ................................................................................................................................54
BIBLIOGRAPHY .......................................................................................................................................56
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It is important that an investor who chooses to invest in a any fund takes the time to research
what investment is best for him/her. Furthermore, once the investor has chosen a particular
fund, it is extremely important that he/she read over the fund information very carefully.
1. INVESTMENT
Definition
Money committed or property acquired for future income. Trade off between risk and reward
while aiming for incremental gain and preservation of the invested amount (principal). In
contrast, speculation aims at 'high gain or heavy loss,' and gambling at 'out of proportion gain or
total loss.'
Two main classes of investment are (1) Fixed income investment such as bonds, fixed deposits,
preference shares, and (2) Variable income investment such as business ownership (equities),
property ownership. In economics, investment means creation of capital or goods capable of
producing other goods or services. Expenditure on education and health is recognized as an
investment in human capital, and research and development in intellectual capital. Return on
investment (ROI) is a key measure of a firm's performance.
WhatDoes Investment Mean
There is a clear difference between saving and investment.
Savings:
Savings are generally funds that you set aside to meet your future needs. These could be taking
your family for a small holiday or buying an electronic item. Another important feature of
savings is that these can be accessed relatively quickly. The most universal way of saving is in to
a bank account ('savings' account) where the money is available to you on demand.
Investments:
An investment, on the other hand, is what helps you meet your longer term needs and larger
financial goals. There is some level of risk attached to all types of investments and this is what
determines the returns on your investments. The higher the risk, the greater the chances of a
higher return. There are various investment types along the risk-return spectrum.
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Investment Options
An investor has numerous investment options to choose from, depending on his risk profile and
expectation of returns. Different investment options represent a different risk-reward trade off.
Low risk investments are those that offer assured, but lower returns, while high risk investmentsprovide the potential to earn greater returns. Hence, an investors risk tolerance plays a key role
in choosing the most suitable investment.
Banks today provide a range of investment options, including international investing, investing
in commodities, stocks, bonds, precious metals and investment funds. Other options for investing
include certificates of deposit, futures and investment clubs.
All investment options have their inherent risk and benefits. For instance, international investing
is prone to social, political, economic and currency risks, while fixed income investing is prone
to interest risks.
There are various investment options available some of them are:
Savings Bank Account
Money Market Funds (also known as liquid funds)
Bank Fixed Deposit (Bank FDs)
Post Office Savings Schemes (POSS)
Public Provident Fund (PPF)
Company Fixed Deposits (FDs)
Bonds and Debentures
Mutual Funds
Life Insurance Policies
Equity Shares
Why Should You Invest
Inflation is constantly increasing the cost of goods and services and eating into the value ofyour income and wealth. You need to save money and invest it well so that the value of everyrupee is augmented.
Higher life-expectancy means people live longer and hence, need more money to maintaintheir living standards.
Investing selectively allows you to enjoy tax benefits. By investing wisely you can improve your standard of living and create wealth for the future
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Factors Which Influence The Decision To Invest
Past market trends:
Sometimes history repeats itself; sometimes markets learn from their mistakes. You need tounderstand how various asset classes have performed in the past before planning yourfinances.
Your risk appetite:
The ability to tolerate risk differs from person to person. It depends on factors such as yourfinancial responsibilities, your environment, your basic personality, etc. Therefore,
understanding your capacity to take on risk becomes a crucial factor in investment decisionmaking.
Investment horizon:
How long can you keep the money invested? The longer the time-horizon, the greater are thereturns that you should expect. Further, the risk element reduces with time.
Investible surplus:
How much money are you able to keep aside for investments? The investible surplus plays a
vital role in selecting from various asset classes as the minimum investment amounts differand so do the risks and returns.
Investment need:
How much money do you need at the time of maturity? This helps you determine the amountof money you need to invest every month or year to reach the magic figure.
Expected returns:
The expected rate of returns is a crucial factor as it will guide your choice of investment.Based on your expectations, you can decide whether you want to invest heavily into equitiesor debt or balance your portfolio.
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2. MUTUAL FUND
Definition:
An open-ended fund operated by an investment company which raises money from
shareholders and invests in a group of assets, in accordance with a stated set of objectives.
mutual funds raise money by selling shares of the fund to the public, much like any other type
of company can sell stock in itself to the public. Mutual funds then take the money they receive
from the sale of their shares (along with any money made from previous investments) and use
it to purchase various investment vehicles, such as stocks, bonds and money market
instruments. In return for the money they give to the fund when purchasing shares,shareholders receive an equity position in the fund and, in effect, in each of its underlying
securities. For most mutual funds, shareholders are free to sell their shares at any time,
although the price of a share in a mutual fund will fluctuate daily, depending upon the
performance of the securities held by the fund. Benefits of mutual funds include diversification
and professional money management. Mutual funds offer choice, liquidity, and convenience,
but charge fees and often require a minimum investment. A closed-end fund is often incorrectly
referred to as a mutual fund, but is actually an investment trust. There are many types of
mutual funds, including aggressive growth fund, asset allocation fund, balanced fund, blend
fund, bond fund, capital appreciation fund, clone fund, closed fund, crossover fund, equity
fund, fund of funds, global fund, growth fund, growth and income fund, hedge fund, income
fund, index fund, international fund, money market fund, municipal bond fund, prime rate
fund, regional fund, sector fund, specialty fund, stock fund, and tax-free bond fund.
Hence in short,
A Mutual Fund is a trust that pools the savings of a number of investors who share a
common financial goal.
The money thus collected is then invested in capital market instruments such as shares,
debentures and other securities.
The income earned through these investments and the capital appreciation realised are
shared by its unit holders in proportion to the number of units owned by them.
Thus a Mutual Fund is the most suitable investment for the common man as it offers an
opportunity to invest in a diversified, professionally managed basket of securities at a relatively
low cost.
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Advantage of Mutual FUND
Diversification:
Dont put all your eggs in one basket. We have all heard these words many times. In investingthis is certainly true. If you invest your nest egg in the stock of a single company and somethingunforeseen happens, i.e., the company goes bankrupt, new technology makes the companysproduct obsolete, etc., you could wipe out your entire investment.
A major attraction to mutual funds is the diversification they offer investors. A typical fund willhave dozens, or perhaps, hundreds of different securities in their portfolio. A poor performanceby one of the companies in the portfolio will have much less of an effect on the total return and
safety of your principal. Every dollar you have invested in a mutual fund has this diversification.
Professional Management:
Professional management is another key attraction to mutual funds. The average investor justdoes not have the time or experience needed to make informed and profitable decisions.
Fund managers perform extensive economic and financial research. They may visit dozens orhundreds of companies and talk with hundreds of top business executives in a years time. Theystudy balance sheets, trade publications, research reports, marketing reports and a myriad ofother financial data. When you buy shares in a mutual fund you are getting this professional
management for a relatively very low fee. The typical management fee of a mutual fund is 1/2 of1% of that funds assets on a yearly basis. On a $5,000 investment, this is a yearly fee of $25.00.Professional money management has always been available to institutions and wealthyindividuals. Now it is available to everyone through mutual funds.
Low Cost
Even if you had the time, the experience, and the knowledge necessary to profitably select yourown stocks and the wherewithal to properly diversify, you cannot do it as cheaply as a mutualfund can. Even using discount brokers you will pay up to two percent or more in commissions -even more using a full service broker. You will pay again when you sell. Because they may buy
millions of dollars worth of stock at a time, mutual funds are able to negotiate brokers fees tothe bare minimum.
Using no-load mutual funds there are no sales charges - 100% of your money is being investedfor you. There are even funds which have no minimum initial investment or minimumsubsequent investment - you can start investing with as little as $100.00 or even less!
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Ease of Recordkeeping:
Mutual funds handle all the paperwork and recordkeeping necessary to keep track of your
investment transactions. They will mail your dividend checks promptly or reinvest them inadditional shares (the choice is yours). They will provide accurate year-end summaries of allyour transactions for income tax purposes. If you have any questions many are available 24hours a day via a toll-free phone call.
Dollar-Cost-Averaging:
If you fear you will invest in a mutual fund right before the market goes into a nose dive, youshould consider dollar-cost-averaging. This is a technique of investing a set amount of money atregular intervals, monthly or quarterly, rather than a lump sum all at once. You invest the sameamount of money regardless of whether the stock market is going up or down. In fact, this
strategy will turn the ups and downs of the market into an advantage.
Lets look at an example:
Suppose you will have $100.00 available to invest for each of the next four months. You areinterested in a mutual fund whose shares are currently selling for $10.00 each. You invest yourinitial $100.00 and get 10 shares in return. The next month, despite the fact the market dropped -your shares are now trading at $5.00 - you again invest your $100.00 and this time you receive20 shares. Lets assume by the next month the market has recovered and the shares are againtrading at $10.00. You invest your $100.00 and receive 10 shares. The next month finds themarket continuing its rise and your shares are now selling for $12.50. You invest your $100.00
and receive 8 shares.
Lets see how you have done:
Monthly
InvestmentPrice
Shares
Purchased
100 10.00 10
100 5.00 20
100 10 10
100 12.50 8
$400 48
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Average share cost - $8.33 ($400 / 48)Ending share price - $12.50
You have invested a total of $400.00 and own 48 shares at an average price of $8.33 per share.Your 48 shares are worth a total of $600.00 - you have made a profit of $200.00 in a mixed
market.
Investing A Lump Sum:
Single
InvestmentPrice
Shares
Purchased
400 10.00 40
$400 40
Average share cost - $10.00 ($400 / 40)Ending share price - $12.50Had you invested the whole $400.00 in the first month you would have received 40 shares at theprice of $10.00 each. Those shares would now be worth $500.00 for a gain of $100.00. Certainlya good return (using our example) but only 50% as well as using dollar-cost-averaging.
The stock market will always fluctuate. This is a way to take advantage of that fluctuation.Dollar-cost-averaging guarantees that you will always buy more shares when the price of theshares are lower and less shares when the price is higher. It doesnt take a lot of brilliance or hardwork - just discipline. You must invest the same amount every month (or every quarter).
Liquidity:
Mutual fund investors can cash in their shares at any time and receive the current value of theirholdings. The fund is always ready to redeem (buy back) its shares. Most funds will allow you touse a wire transfer to transfer the funds directly to your bank account. Many funds also have acheck writing privilege - if you need your money in a hurry, simply write a check. Many fundsalso provide for redemption via a toll-free phone call.
Family of Funds:
Many mutual funds are part of a family of funds (a group of funds managed by the samecompany but with different investment objectives). The advantage to this is an option known asan exchange privilege or fund switching. Fund switching has become quite popular as fundcompanies have made it easy to move your money from one fund to another, usually with only atoll-free telephone call.
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Switching is an easy and convenient way to take advantage of changing market conditions. If thestock market began to decline, for instance, and your money was in a stock fund, you mightconsider switching your investment into a money market fund within the same family.
Convenience:
Mutual fund shares are easy to buy. Generally, no-load funds have a toll-free number an investor(or potential investor) can call for information. Some fund companies have even set up retailcenters for investors. Many have payroll deduction plans and some funds, with properauthorization, will deduct and invest on a regular basis a specified amount from the shareholdersbank account.
You can automatically reinvest all dividends and capital gains distributions allowing you tocompound your earnings. Conversely, you have the option of automatic withdrawal - you mayelect to have your earnings and/or part of your principal sent to you, or anyone you designate, ona regular basis (so called check-a-month plan).
Many funds offer checkwriting privileges. This can be very helpful when you need to have quickaccess to your money.
Mutual funds are excellent vehicles for retirement investing. The generally long-term nature ofmutual fund investing fits well with the long-term objectives of investing for retirement.
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Disadvantage Of Mutual Fund
i. No Guarantees: No investment is risk free. If the entire stock market declines in value, the value of
mutual fund shares will go down as well, no matter how balanced the portfolio. Investors encounter
fewer risks when they invest in mutual funds than when they buy and sell stocks on their own.
However, anyone who invests through a mutual fund runs the risk of losing money.
ii. Fees and commissions: All funds charge administrative fees to cover their day-to-day expenses.
Some funds also charge sales commissions or "loads" to compensate brokers, financial consultants,
or financial planners. Even if you don't use a broker or other financial adviser, you will pay a sales
commission if you buy shares in a Load Fund.
iii. Taxes: During a typical year, most actively managed mutual funds sell anywhere from 20 to 70
percent of the securities in their portfolios. If your fund makes a profit on its sales, you will pay taxes
on the income you receive, even if you reinvest the money you made. as you had hoped, you might
not make as much money on your investment as you expected. Of course, if you invest in Index
Funds, you forego management risk, because these funds do not employ managers.
iv. Management risk: When you invest in a mutual fund, you depend on the fund's manager to make
the right decisions regarding the fund's portfolio. If the manager does not perform as well
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RiskFactor
i. Market risk
If the overall stock or bond markets fall on account of macro economic factors, the value of stock orbond holdings in the fund's portfolio can drop, thereby impacting the NAV.
ii. Non-market risk
Bad news about an individual company can pull down its stock price, which can negatively affect funds
holding a large quantity of that stock. This risk can be reduced by having a diversified portfolio that
consists of a wide variety of stocks drawn from different industries.
iii. Interest rate risk
Bond prices and interest rates move in opposite directions. When interest rates rise, bond prices fall and
this decline in underlying securities affects the NAV negatively. How bad the damage will be is
dependant on factors such as maturity profile, liquidity etc.
iv. Credit risk
Bonds are debt obligations. So when the funds invest in corporate bonds, they run the risk of thecorporate defaulting on their interest and principal payment obligations and when that risk crystallizes,
it leads to a fall in the value of the bond causing the NAV of the fund to take a beating
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3. Mutual Funds Industry in India
The origin of mutual fund industry in India is with the introduction of the concept of mutual fund
by UTI in the year 1963. Though the growth was slow, but it accelerated from the year 1987
when non-UTI players entered the industry.
In the past decade, Indian mutual fund industry had seen a dramatic imporvements, both
qualitywise as well as quantitywise. Before, the monopoly of the market had seen an ending
phase, the Assets Under Management (AUM) was Rs. 67bn. The private sector entry to the fund
family rose the AUM to Rs. 470 bn in March 1993 and till April 2004, it reached the height of
1,540 bn.
The mutual fund (MF) industry had witnessed a bullish growth of 11.95% in total asset under
management (AUM) to Rs 6,64,450 crore as on 31 May 2009 from Rs 5,93,516 crore as on 30
April 2009. The Average Asset Under Management (AAUM) of MFs surged 15.94% to Rs
6,39,129.82 crore for the month of May 2009 compared with Rs 5,51,254.22 crore in April 2009.
AAUM of fund of funds.
The main reason of its poor growth is that the mutual fund industry in India is new in the
country. Large sections of Indian investors are yet to be intellectuated with the concept. Hence, it
is the prime responsibility of all mutual fund companies, to market the product correctly abreast
of selling.
The mutual fund industry can be broadly put into four phases according to the development ofthe sector. Each phase is briefly described as under.
First Phase 1964-87
Unit Trust of India (UTI) was established on 1963 by an Act of Parliament. It was set up by the
Reserve Bank of India and functioned under the Regulatory and administrative control of the
Reserve Bank of India. 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. The firstscheme launched by UTI was Unit Scheme 1964. At the end of1988 UTI had Rs.6,700 crores of
assets under management.
Second Phase 1987-1993 (Entry of Public Sector Funds)
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Entry of non-UTI mutual funds. SBI Mutual Fund was the first followed by Canbank Mutual Fund
(Dec 87), Punjab National Bank Mutual Fund (Aug 89), Indian Bank Mutual Fund (Nov 89), Bank
of India (Jun 90), Bank of Baroda Mutual Fund (Oct 92). LIC in 1989 and GIC in 1990. The end of
1993 marked Rs.47,004 as assets under management.
Third Phase 1993-2003 (Entry of Private sector Funds)
With the entry of private sector funds in 1993, a new era started in the Indian mutual fund
industry, giving the Indian investors a wider choice of fund families. Also, 1993 was the year in
which the first Mutual Fund Regulations came into being, under which all mutual funds, except
UTI were to be registered and governed. The erstwhile Kothari Pioneer (now merged with
Franklin Templeton) was the first private sector mutual fund registered in July 1993.
The 1993 SEBI (Mutual Fund) Regulations were substituted by a more comprehensive and
revised Mutual Fund Regulations in 1996. The industry now functions under the SEBI (Mutual
Fund) Regulations 1996.
The number of mutual fund houses went on increasing, with many foreign mutual funds setting
up funds in India and also the industry has witnessed several mergers and acquisitions. As at
the end of January 2003, there were 33 mutual funds with total assets of Rs. 1,21,805 crores.
The Unit Trust of India with Rs.44,541 crores of assets under management was way ahead of
other mutual funds.
Fourth Phase since February 2003
This phase had bitter experience for UTI. It was bifurcated into two separate entities. One is the
Specified Undertaking of the Unit Trust of India with AUM of Rs.29,835 crores (as on January
2003). The Specified Undertaking of Unit Trust of India, functioning under an administrator and
under the rules framed by Government of India and does not come under the purview of the
Mutual Fund Regulations.
The second is the UTI Mutual Fund Ltd, sponsored by SBI, PNB, BOB and LIC. It is registered with
SEBI and functions under the Mutual Fund Regulations. With the bifurcation of the erstwhile
UTI which had in March 2000 more than Rs.76,000 crores of AUM and with the setting up of a
UTI Mutual Fund, conforming to the SEBI Mutual Fund Regulations, and with recent mergers
taking place among different private sector funds, the mutual fund industry has entered its
current phase of consolidation and growth. As at the end of September, 2004, there were 29
funds, which manage assets of Rs.153108 crores under 421 schemes.
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4. Types of Mutual Funds
Functional Mutual Fund Scheme
Open-Ended Schemes:
y Investor can sell and repurchase its unit at NAV or NAV-related price.
y Need not to be listed on the stock exchange
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y Investor can enter and exit any time during the life of the fund.
y No fixed redemption period.
y It is very liquid.
Close-end Scheme:
y Fixed maturity period ranging from two to five year.
y Investor can spend when scheme is launched and scheme remain open for period not
exceeding 45 days.
y Investor can buy units only from the market, when subscription is over thereafter units
are listed on the stock exchange where they are bought and sold.
Interval Scheme:
It is the combination of open-ended & close-ended scheme. They are open for sale or redemption
during predetermined interval @ NAV-related prices.
Investment Objective Scheme
Growth Fund:
y Objective is to give capital appreciation from medium term to long term.
y Investment done mostly in equity shares with significant growth potential & offer high
return to the investor in long term.
y Risk is high because no guarantee or assurance of return.
y It is usually close ended and listed on stock exchange.
Income Fund
y Aim to provide safety of investments & regular income to investor.
y Instrument is used for investment purpose are gilt scheme, commercial papers,
debentures, bonds.
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y Risk and return is low in income fund as compare to growth fund.
Balanced Fund
It provides capital appreciation and regular income as the investment in balanced in equity and
debt instrument.
Money Market Funds
y Investment is done in the short term money market instruments like T-bills and
Certificate of deposits.
y Highly liquid with low rate of return.
y Corporate invest in these funds to park their short term surplus funds.
Other
Load Fund
Schemes which charge s load i.e. brokerage exp, communication exp.
Index Funds
It replicated the portfolio of a particular index such as BSE & NSE Sensex.
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5. Mutual Fund Operation Flow Chart
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6. Organizational Structure Of Mutual Fund
Sponsor
Akin to the Promoter of the company,
Contribute min 40% of net worth of AMC,
Posses sound financial record over five years period,
Establishes the Fund,
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Gets it registered with the SEBI,
Forms a trust, & appoints Board of trustee.
Trustees
Holds assets on behalf of unit holders in trust.
Trustees are caretaker of unit holders money.
Two third of the trustees shall be independent persons (not associated with the
sponsor).
Trustees ensure that the system, processes & personnel are in place.
Resolves unit holders GRIEVANCES.
Appoint AMC & Custodian, & ensure that all activities are accordance with the SEBI
regulation.
Custodian
Holds the funds securities in safekeeping,
Settles securities transaction for the fund,
Collects interest & dividends paid on securities,
Records information on corporate actions.
Examples of custodian
HDFC CITY BANK
ABN AMRO IIT CORPORATE SERVICES
SBI INDIA STANDARD CHARTRED
SHCIL DEUTSCHE BANK
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Asset Management Company
Floats schemes & manages according to SEBI.
Can not undertake any other business activity, other than portfolio mgmt services.
75% of unit holders can jointly terminate appointment of AMC.
At least 50% of independent directors.
Chairman of AMC can not be a trustee of any MF.
Examples of AMC
UTI ICICI Prudential Reliance
SBI Canbank ING Vysya
Stanchart Taurus HSBC
Distributor / Agents
Sell units on the behalf of the fund.
It can be bank, NBFCs, individuals.
Banker
Facilitates financial transactions,
Provides remittance facilities.
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Registrar & Transfer Agent
Maintains records of unit holders accounts & transactions
Disburses & receives funds from unit holder transactions.
Prepares & distributes a/c settlements,
Tax information, handles unit holder communication,
Provides unit holder transaction services.
Examples ofR & T Agents
CAMS KARVY
MCS Ltd Datamatics
MN Dastoor & Co IIT Corporate Services
Computeronics TCS
ICICI Infotec UTI ISL
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7. CATEGORIES OF MUTUAL FUND:
Mutual funds can be classified as follow:
Based on their structure:
Open-ended funds: Investors can buy and sell the units from the fund, at any point of time.
Close-ended funds: These funds raise money from investors only once. Therefore, after the offer
period, fresh investments can not be made into the fund. If the fund is listed on a stocks exchange
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the units can be traded like stocks (E.g., Morgan Stanley Growth Fund). Recently, most of the
New Fund Offers of close-ended funds provided liquidity window on a periodic basis such as
monthly or weekly. Redemption of units can be made during specified intervals. Therefore, such
funds have relatively low liquidity.
Based on their investment objective:
Equity funds: These funds invest in equities and equity related instruments. With fluctuating
share prices, such funds show volatile performance, even losses. However, short term
fluctuations in the market, generally smoothens out in the long term, thereby offering higher
returns at relatively lower volatility. At the same time, such funds can yield great capital
appreciation as, historically, equities have outperformed all asset classes in the long term. Hence,
investment in equity funds should be considered for a period of at least 3-5 years. It can be
further classified as:
i) Index funds- In this case a key stock market index, like BSE Sensex or Nifty is tracked. Their
portfolio mirrors the benchmark index both in terms of composition and individual stock
weightages.
ii) Equity diversified funds- 100% of the capital is invested in equities spreading across different
sectors and stocks.
iii) Dividend yield funds- it is similar to the equity diversified funds except that they invest in
companies offering high dividend yields.
iv) Thematic funds- Invest 100% of the assets in sectors which are related through some theme.
e.g. -An infrastructure fund invests in power, construction, cements sectors etc.
v) Sector funds- Invest 100% of the capital in a specific sector. e.g. - A banking sector fund will
invest in banking stocks.
vi) ELSS- Equity Linked Saving Scheme provides tax benefit to the investors.
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Balanced fund: Their investment portfolio includes both debt and equity. As a result, on the risk-
return ladder, they fall between equity and debt funds. Balanced funds are the ideal mutual funds
vehicle for investors who prefer spreading their risk across various instruments. Following are
balanced funds classes:
i) Debt-oriented funds -Investment below 65% in equities.
ii) Equity-oriented funds -Invest at least 65% in equities, remaining in debt.
Debt fund: They invest only in debt instruments, and are a good option for investors averse to
idea of taking risk associated with equities. Therefore, they invest exclusively in fixed-income
instruments like bonds, debentures, Government of India securities; and money market
instruments such as certificates of deposit (CD), commercial paper (CP) and call money. Put
your money into any of these debt funds depending on your investment horizon and needs.
i) Liquid funds- These funds invest 100% in money market instruments, a large portion being
invested in call money market.
ii) Gilt funds ST- They invest 100% of their portfolio in government securities of and T-bills.
iii) Floating rate funds - Invest in short-term debt papers. Floaters invest in debt instrumentswhich have variable coupon rate.
iv) Arbitrage fund- They generate income through arbitrage opportunities due to mis-pricing
between cash market and derivatives market. Funds are allocated to equities, derivatives and
money markets. Higher proportion (around 75%) is put in money markets, in the absence of
arbitrage opportunities.
v) Gilt funds LT- They invest 100% of their portfolio in long-term government securities.
vi) Income funds LT- Typically, such funds invest a major portion of the portfolio in long-term
debt papers.
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vii) MIPs- Monthly Income Plans have an exposure of 70%-90% to debt and an exposure of
10%-30% to equities.
viii) FMPs- fixed monthly plans invest in debt papers whose maturity is in line with that of the
fund.
INVESTMENT STRATEGIES
1. Systematic Investment Plan: under this a fixed sum is invested each month on a fixed date of a
month. Payment is made through post dated cheques or direct debit facilities. The investor gets
fewer units when the NAV is high and more units when the NAV is low. This is called as the
benefit of Rupee Cost Averaging (RCA)
2. Systematic Transfer Plan: under this an investor invest in debt oriented fund and give
instructions to transfer a fixed sum, at a fixed interval, to an equity scheme of the same mutual
fund.
3. Systematic Withdrawal Plan: if someone wishes to withdraw from a mutual fund then he can
withdraw a fixed amount each month.
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RISK V/S. RETURN:
Equity schemes
The investments of these schemes will predominantly be in the stock markets and endeavor willbe to provide investors the opportunity to benefit from the higher returns which stock markets
can provide. However they are also exposed to the volatility and attendant risks of stock markets
and hence should be chosen only by such investors who have high risk taking capacities and are
willing to think long term. Equity Funds include diversified Equity Funds, Sectoral Funds and
Index Funds. Diversified Equity Funds invest in various stocks across different sectors while
sectoral funds which are specialized Equity Funds restrict their investments only to shares of a
particular sector and hence, are riskier than Diversified Equity Funds. Index Funds invest
passively only in the stocks of a particular index and the performance of such funds move with
the movements of the index.
Debt schemes
Debt Funds invest only in debt instruments such as Corporate Bonds, Government Securities and
Money Market instruments either completely avoiding any investments in the stock markets as in
Income Funds or Gilt Funds or having a small exposure to equities as in Monthly Income Plans
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or Children's Plan. Hence they are safer than equity funds. At the same time the expected returns
from debt funds would be lower. Such investments are advisable for the risk-averse investor and
as a part of the investment portfolio for other investors.
BALANCED SCHEMES
Magnum Balanced Fund invests in a mix of equity and debt investments. Hence they are less
risky than equity funds, but at the same time provide commensurately lower returns. They
provide a good investment opportunity to investors who do not wish to be completely exposed to
equity markets, but is looking for higher returns than those provided by debt funds.
Running a successful Mutual Fund requires complete understanding of the peculiarities of the
Indian Stock Market and also the psyche of the small investors. This study has made an attempt
to understand the financial behavior of Mutual Fund investors in connection with the preferencesof Brand (AMC), Products, Channels etc. I observed that many of people have fear of Mutual
Fund. They think their money will not be secure in Mutual Fund. They need the knowledge of
Mutual Fund and its related terms. Many of people do not have invested in mutual fund due to
lack of awareness although they have money to invest. As the awareness and income is growing
the number of mutual fund investors are also growing.
Brand plays important role for the investment. People invest in those Companies where they
have faith or they are well known with them. There are many AMCs in Dehradoon but only
some are performing well due to Brand awareness. Some AMCs are not performing well
although some of the schemes of them are giving good return because of not awareness aboutBrand. Reliance, UTI, SBIMF, ICICI Prudential etc. they are well known Brand, they are
performing well and their Assets Under Management is larger than others whose Brand name are
not well known like Principle, Sunderam, etc.
Distribution channels are also important for the investment in mutual fund. Financial Advisors
are the most preferred channel for the investment in mutual fund. They can change investors
mind from one investment option to others. Many of investors directly invest their money
through AMC because they do not have to pay entry load. Only those people invest directly who
know well about mutual fund and its operations and those have time.
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8. SWOT Analysis of Mutual Fund
Strength :
SEBI/AMFI have taken an Active role in protectinginvestor interests through Regulations,Certifications, Code of Conduct.
Open Product Architecture i.e. Distributors offer a range Of Mutual Fund products to choose
from it.
Has often acted as a Counterbalance to equity Market volatility, market Liquidity.
Weakness :
Limited Channels of Distribution i.e. Banks and Agents account for more than70% of
distribution of Mutual Funds- e-channels have not Evolved as a source for Acquiring customers
Lack of adequate effort on The part of Wealth Managers/distributors in Educating the market
about Mutual Products has resulted In low levels of penetration
Absence of such global Product policy on Overseas Mutual Fund products to be Offered in the
Indian Market
Shortage of skilled and Competent Financial Advisors
Opportunity :
Mutual Fund Investment as a% of Household Savings Invested in Financial Assets Less than 1%
Robust performance of Indian Capital Markets vis--vis Their counterparts abroad
HNWI/Mass affluent growing At a CAGR of 22%.Estimated that there are15.4 million Indian
household
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Proportion of New Money Increasing as a result of Economic growth. Investors Are taking a
more active part
In their financial affairs
Resident individuals Permitted to invest upto$25,000 in asset abroad. Attractive for overseas
Mutual Funds
Mutual Funds in India Permitted to invest upto10%Of their net assets abroad in Foreign
securities subject to a
Maximum of $50 Million
Threats :
Large number of substitutes Available to the Indian investor-Deposits, equities, Real estate
In India low risk Investment products like PPFOffer higher returns
Investments abroad will need To be closely tracked to ensure That the source of funds is
Legitimate and to protect Against Money Laundering-Onus on Banks to ensure the Same
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9. SWOT ANALYSIS OF HDFC MUTUAL FUND &
RELIANCE MUTUAL FUND
Swotanalysis of HDFC Mutual Fund
Strength:
Good brand name of the company in all over india.
Flexible products
Expertise in the field of mutual fund
Sound financial resources of the company as well as sponsors. Strong communication network all over the country.
Weakness:
Less awareness regarding mutual fund among investors
Yet to build strong distribution network
Cannot tap rural market
Opportunities:
Untapped rural market
Lack of competitive products to suit clients investment objective
Threat:
The numbers of players are increasing which further increases the competition.
Product innovation is done by other asset management companies and are able to collect
large amounts.
Customer mindsets are still rigid and they mostly prefer traditional pattern of investments.
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Swotanalysis ofReliance Mutual Fund
Strength:
Reliance mutual fund a part of the Anil Dhirubhai Ambani Group(ADAG) is one of the
fastest growing mutual fund company in the country
Reliance mutual fund offers investors a well-rounded portfolio of products to meet
varying investor requirements
Reliance mutual fund has a presence over 118 cities across the contry
It has an investor base of 2 million and manages assets over Rs.88388 as on April 30
2009 (source www.amfiindia.com)
Strong and consistent fund management team
Investor friendly personal and technological support
Brand name- Reliance mutual fund is a brand name among customers
Good image between customers
Weaknesses:
Less existence in rural areas
Less expenditure on promotional schemes
Opportunities:
First company to launch equity fund with hedging feature which aim to minimize risk
Good perception among customers
Threat:
Lot of competitors in market
Mutual fund doesnt guarantee or assure dividend/ bonus
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10. HDFC FLEXINDEX PLAN
y One think That HDFC has & Reliance Doesnt That is HDFC
FLEXINDEX PLAN
What is HDFC FLEXINDEX PLAN?
It empowers you to automatically transfer yourinvestments from select Debt/Liquid Schemes toselect equity Schemes of HDFC Mutual Fund at closing BSE SENSEX levels of your choice.
o Equities are probably the only asset class where investors are comfortablebuying at a higher price and vice-a-versa Warren Buffet
o Be fearful when others are greedy and greedy when others are fearful WarrenBuffet
o Investors find it very difficult to invest due to various reasons when markets falland thereby are unable to benefit from high returns of equities
o HDFC FLEXINDEX PLAN offers investors a tool to plan their investments. ThePlan prevents investors from the indecision of investing or not investing inbear/volatile market conditions
How does HDFC FLEXINDEX PLAN work?
Investors can invest in HDFC Mutual Funds select Debt/Liquid Schemes and choose four BSESENSEX levels of their choice to transfer amounts to HDFC Mutual Fund range of select equitySchemes
Illustration
Source
SchemeHDFC Liquid Fund
Investment
Amount
Rs. 1,00,000
Target
SchemeHDFC Top 200 Fund Options
Four BSE SENSEX levels* Flexible Fixed
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stages of
switch
execution
Instalment
option**
Instalment
option
I 9000 15% 25%
II 11000 20% 25%
III 8500 40% 25%
IV 8000 25% 25%
Total 100 100
* Investors to fill this column with BSE SENSEX levels in multiples of500 points. ** Please note that
under Flexible Instalment option, the minimum percentage in each row should be 10%.
As per the illustration, under the Fixed Instalment option Rs. 25,000 each will be transferred from HDFCLiquid Fund automatically to HDFC Top 200 Fund when the specified BSE SENSEX level is reached. Under
Flexible Instalment option, Rs. 40,000will be transferred into the Target Scheme at the specified BSE
SENSEX level at stage III of the illustration.
What is duration of the HDFC FLEXINDEX PLAN?
The validity of the HDFC FLEXINDEX PLAN is 1 year from date of registration
On completion of one year from the date of registration, in case the Triggers indicated by the investors
remain inactive, the proportionate registered amount will be automatically transferred into the Target
Scheme in 6 equal monthly instalments on 1st of every month
In case investors decide to opt out of the facility, they can give a written request to cease the Trigger
facility
How does one benefit by the HDFC FLEXINDEX PLAN?
Facilitates an entry to equities at SENSEX levels of your choice and takes advantage of market volatility
o Invest at a targeted level and do not miss out on an opportunity; it enablesautomatic decision making at levels with which you are comfortable.
o Investments are into select equity schemes with long term track recordo Initial investment in Liquid/Debt Schemes help you to earn income till
investments are transferred to equity funds .o Take advantage of the market movements without the hassle of constant trackingo
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Source Scheme Target Schemes
HDFC Cash Management
Fund Call Plan, Savings Plan and Treasury
Advantage Plan
HDFC Growth Fund
HDFC Liquid Fund HDFC Equity Fund
HDFC Liquid Fund Premium Plan HDFC Top 200 Fund
HDFC Floating Rate Income
Fund Short Term Plan
HDFC Capital Builder
Fund
HDFC Index Fund
HDFC Core & Satellite
Fund
HDFC Premier Multicap
Fund
HDFC Prudence Fund
HDFC Balanced Fund
Minimum registration amount in Source Scheme: Rs. 50,000 and in multiples of Rs. 1,000thereafter.
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11. Reliance Mutual Fund Has SECTOR Specific
Schemes Which HDFC Doesnt have?
The SECTOR SPECIFIC FUNDS OF RELIANCE ARE:
1.Reliance Banking Fund
2.Reliance Diversification Power Sector Fund
3.Reliance Pharma Fund
4.Reliance Media & Entertainment Fund.
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Reliance Banking Fund
(NAV as on 14-08-2009 Rs. 62.60)
Fund category Equity - Sector Fund
Scheme plan Growth
Scheme type Open Ended
Launch date May 26, 2003
Fund manager Mr. Sunil Singhania
Objective:
The primary investment objective of the Scheme is to seek to generate continuous returns by
actively investing in equity / equity related or fixed income securities of banks.
Asset (Rs crore) 942.29 ( June 30, 2009)
Dividend (%) 20.00 ( November 02, 2007)
NAV returns
Duration Percentage
1 week 1.61
1 month 11.13
6 months 63.42
9 months 62.17
1 year 25.57
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Reliance Diversified Power Sector Fund
(NAV as on 14-08-2009 Rs. 67.85)
Fund category Equity - Sector Fund
Scheme plan Growth
Scheme type Open Ended
Launch date May 08, 2004
Fund manager Mr. Sunil Singhania
Objective:
The primary investment objective of the Scheme is to generate consistent returns by investing
in equity / equity related or fixed income securities of power and other companies associated
with the power sector.
Asset (Rs crore) 5292.29 ( June 30, 2009)
Dividend (%) 20.00 ( March 27, 2009)
NAV returns
Duration Percentage
1 week 3.65
1 month 11.78
6 months 69.1
4
9 months 74.03
1 year 15.94
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Reliance Pharma Fund
(NAV as on 14-08-2009 Rs. 30.17)
Fund category Equity - Sector Fund
Scheme plan Growth
Scheme type Open Ended
Launch date June 05, 2004
Fund manager Mr. Sailesh Raj Bhan
Objective:
The primary investment objective of the Scheme is to generate consistent returns by investing in
equity / equity related or fixed income securities of Pharma and other associated companies.
Asset (Rs crore) 114.36 ( June 30, 2009)
Dividend (%) 15.00 ( March 19, 2008)
NAV returns
Duration Percentage
1 week 5.91
1 month 17.66
6 months 64.88
9 months 68.66
1 year 24.05
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Reliance Media & Entertainment Fund
(NAV as on 14-08-2009 Rs. 21.01)
Fund category Equity - Sector Fund
Scheme plan Growth
Scheme type Open Ended
Launch date September 30, 2004
Fund manager Mr. Sailesh Raj Bhan
Objective:
The primary investment objective of the Scheme is to generate consistent returns by investing
in equity / equity related or fixed income securities of media & entertainment and other
associated companies.
Asset (Rs crore) 127.21 ( June 30, 2009)
NAV returns
Duration Percentage
1 week 3.96
1 month 15.24
6 months 44.29
9 months 54.43
1 year -10.18
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12. TOP MUTUAL FUND SCHEME OF HDFC &
RELIANCE
HDFC EQUITY FUND
a) Growth:
Fund category Equity - Diversified
Scheme plan Growth
Scheme type Open Ended
Launch date January 01, 1995
Fund manager Mr. Prashant Jain
Objective:
Aims at providing capital appreciation through investments predominantly in equity oriented
securities
Asset (Rs crore) 3870.81 ( June 30, 2009)
Dividend (%) 30.00 ( March 19, 2009)
NAV returns
Duration Percentage
1 week 2.06
1 month 10.64
6 months 72.39
9 months 77.20
1 year 17.92
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HDFC Equity Fund
b)Dividend:
Fund category Equity - Diversified
Scheme plan Dividend
Scheme type Open Ended
Launch date January 01, 1995
Fund manager Mr. Prashant Jain
Objective:
Aims at providing capital appreciation through investments predominantly in equity oriented
securities.
Asset (Rs crore) 3870.81 ( June 30, 2009)
Dividend (%) 30.00 ( March 19, 2009)
NAV returns
Duration Percentage
1 week 2.06
1 month 10.64
6 months 50.04
9 months 54.23
1 year 2.62
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HDFC Top 200 Fund
a) Growth:
Fund category Equity - Diversified
Scheme plan Growth
Scheme type Open Ended
Launch date October11, 1996
Fund manager Mr. Prashant Jain
Objective:
To generate long term capital appreciation by investing in a portfolio of equities and equity
linked instruments drawn from the BSE 200 Index.
Asset (Rs crore) 3689.12 ( June 30, 2009)
Dividend (%) 30.00 ( March 05, 2009).
NAV returns
Duration Percentage
1 week 1.91
1 month 9.92
6 months 69.97
9 months 75.91
1 year 19.85
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HDFC Top 200 Fund
b) Dividend:
Fund category Equity - Diversified
Scheme plan Dividend
Scheme type Open Ended
Launch date October11, 1996
Fund manager Mr. Prashant Jain
Objective:
To generate long term capital appreciation by investing in a portfolio of equities and equity
linked instruments drawn from the BSE 200 Index.
Asset (Rs crore) 3689.12 ( June 30, 2009)
Dividend (%) 30.00 ( March 05, 2009)
NAV returns
Duration Percentage
1 week 1.91
1 month 9.92
6 months 48.38
9 months 53.58
1 year 4.64
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Reliance Vision
a) Growth:
Fund category Equity - Diversified
Scheme plan Growth
Scheme type Open Ended
Launch date October 08, 1995
Fund manager Mr. Ashwani Kumar
Objective:
Seeks to provide long term capital appreciation by primarily investing in growth oriented
stocks.
Asset (Rs crores) 3453.33 (June 30, 2009)
Dividend (%) 20.00 (March 20, 2009)
NAV returns
Duration Percentage
1 week 1.70
1 month 12.35
6 months 45.99
9 months 47.73
1 year 2.76
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Reliance Vision
a)Dividend:
Fund category Equity - Diversified
Scheme plan Dividend
Scheme type Open Ended
Launch date October 08, 1995
Fund manager Mr. Ashwani Kumar
Objective:
Seeks to provide long term capital appreciation by primarily investing in growth oriented stocks.
Asset (Rs crore) 3453.33 (June 30, 2009)
Dividend (%) 20.00 (March 20, 2009)
NAV returns
Duration Percentage
1 week 1.70
1 month 12.35
6 months 45.99
9 months 47.73
1 year 2.76
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Reliance Growth Fund
a)Growth:
Fund category Equity - Diversified
Scheme plan Growth
Scheme type Open Ended
Launch date October 08, 1995
Fund manager Mr. Sunil Singhania
Objective:
The primary investment objective of the scheme is to achieve long term growth of capital
through a research based investment approach.
Asset (Rs crore) 5171.20 ( June 30, 2009)
Dividend (%) 20.00 ( March 20, 2009)
NAV returns
Duration Percentage
1 week 2.17
1 month 13.94
6 months 71.36
9 months 67.88
1 year 9.45
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Reliance Growth Fund
b)Dividend:
Fund category Equity - Diversified
Scheme plan Dividend
Scheme type Open Ended
Launch date October 08, 1995
Fund manager Mr. Sunil Singhania
Objective:
The primary investment objective of the scheme is to achieve long term growth of capital
through a research based investment approach.
Asset (Rs crore) 5171.20 ( June 30, 2009)
Dividend (%) 20.00 ( March 20, 2009)
NAV returns
Duration Percentage
1 week 2.17
1 month 13.94
6 months 60.15
9 months 56.91
1 year 2.29
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Reliance Growth Fund
c)Bonus:
Fund category Equity - Diversified
Scheme plan Bonus
Scheme type Open Ended
Launch date October 08, 1995
Fund manager Mr. Sunil Singhania
Objective:
The primary investment objective of the scheme is to achieve long term growth of capital
through a research based investment approach.
Asset (Rs crore) 5171.20 (June 30, 2009)
Dividend (%) 20.00 (March 20, 2009)
NAV returns
Duration Percentage
1 week 2.17
1 month 13.94
6 months 71.37
9 months 67.90
1 year 9.46
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13. Future Outlook
The Indian Mutual Fund Industry is one of the fastest growing sectors in the Indiancapital and financial markets with 38 Asset Management Companies currently
operating in the country (as on 31st
March 2009). Over the last few years, the
Mutual Fund industry has grown at a remarkable pace of 30 per cent CAGR per
annum.
The Total Average Industry Asset under Management (AUM) is 6, 89,946.10
crore as on July 2009. (Source AMFI).The Mutual Fund Industry in India has
seen dramatic improvements in quantity as well as quality of product and service
offerings in recent years.
In terms of percentage, Baroda Pioneer MF, Taurus MF, JPMorgan MF, EdelweissMF and DBS Chola MF witnessed maximum surge in AUM. Their holding saw30-85% increment on MoM basis.
In terms of value, Reliance MF assets stood at Rs 1,02,730 crore, up 16% versusRs 88,388 crore in the month of April. Other AMCs that saw significant rise in
AUM included HDFC MF, ICICI Prudential MF, UTI MF and Kotak MahindraMF.
MF Assets UnderManagement (Rs in crore)
Month AUM Change %Change*
Jan 460,949 39,833 8.64
Feb 500,973 40,024 7.99
Mar 493,287 -7,686 -1.56
April 551
,300 58,013
10.52May 639,130 87,830 13.74
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According to KPMG Indias recent released in June 2009 industry AUM is likely
to continue to grow in the range of 15 to 25 per cent from the period 2010 to 2015
based on the pace of economic growth. In the event of quick revival and positive
reinforcement of growth drivers identified, KPMG in India is of the view that the
iIndian Mutual Fund Industry may grow in the range of 15 to 18 per cent in the
period from 2010 to 2015, resulting in AUM of Rs 15 lakh to 17 lakh crores in2015.
MFApr-09(Rs cr)
May-09(Rs cr)
Change(Rs cr)
Reliance MF 88,388 102,730 14,342HDFC MF 63,881 75,406 11,525
ICICI PrudentialMF 56,049 65,550 9,501
UTI MF 54,490 63,438 8,948
Kotak MahindraMF 21,648 28,338 6,690
Birla Sun LifeMF 51,829 56,586 4,757
IDFC MF 16,028 20,139 4,111
SBI MF 30,875 34,441 3,566
FranklinTempleton MF 20,634 23,618 2,984
LIC MF 26,115 28,599 2,483
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BIBLIOGRAPHY
www.moneyoutlookindia.com
www.dictionaryreference.com
www.economictimes.com
www.moneycontrol.com
www.amfindia.com
www.onlineresearchonline.com
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