Final Report on HDFC Mutual Fund by RAJ

7/29/2019 Final Report on HDFC Mutual Fund by RAJ

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A ProjectReport

OnPERFORMANCE ANALYSIS

OF SCHEMES OF

HDFC MUTUAL

Submitted to

In partial fulfillment for the course ofPost Graduate Diploma in Management

Under the Supervision of: Submitted By:

Prof. MEENU BALI YAN RAJ KISHOR VERMA

Faculty(Finance) Batch: PGDM 2009-2011

Roll No: 0911101037

Mangalmay Institute of Management Studies (Greater Noida)


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INDEX

CH .

No.

Parti culars Page No.

Certi fi cate from the Mentor i

Declaration 4

Preface 5

Acknowledgement 6

Objective of study 7

1 Introduction 8-18

1.1 Introduction 9

1.2 What is Mutual F und 10

1.3 How is a mutual fund set up? 11

1.4 What is Net Asset Value (NAV) of a scheme? 11

1.5 Scope for Development of Mutual Fund 12

1.6Benefi ts of Mutual F unds

12-171.7 I nvestment criteria 18

2 About HDFC Mutual F und. 20-29

2.1 Why HDFC Mutual Fund 21

2.2 Sponsors 22-23

2.3 Trustee 23

2.4 Achi evements and Awards 24-25

2.5 HDFC Mutual Fund Product 26-27

2.6 Product of Mutual Fund Categories Wise 28-29

3 Research Methodology. 30-33


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3.1 Research Design. 31-32

3.2 Data Coll ection. 32-33

4 Analysis of Data 34-51

4.1 HDFC Growth Fund 354.2 I nvestment Objective 36

4.3 I nvestment Pattern 37

4.4 I nvestment Strategy 38

4.5 Portfol io - Holdings (as on February 28, 2011) 40

4.6 Returns 41

4.7 SIP Returns 41-42

4.8HDFC Growth Fund - Growth Returns

43-444.9 HDFC GrowthFund - Growth Holdings 45

4.9.1 Sectoral Holdings 46

4.9.2 Asset Allocations 47

5Findings

53

6 Conclusion 54-55

7 Recommendation And Suggestion 56-58

8 Biblography 59-60

9 THANKS 61
http://money.sulekha.com/hdfc-growth-fund-growth_mutual-fund_returnshttp://money.sulekha.com/hdfc-growth-fund-growth_mutual-fund_holdingshttp://money.sulekha.com/hdfc-growth-fund-growth_mutual-fund_holdingshttp://money.sulekha.com/hdfc-growth-fund-growth_mutual-fund_returns


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I, undersigned Mr. Raj Kishor Verma, hereby declare that the project

report entitled PERFORMANCE ANALYSIS OF SCHEMES OF HDFC

MUTUAL FUNAD under the guidance of PROF. MEENU BALIYAN

submitted in partial fulfillment of the requirements for the award of the degree of

Post Graduate Diploma in Management, from Mangalmay Institute of

Management Study is my original workresearch studyCarried out during

24th

May,2010 to 24th July, 2010 and not submitted for the award of any other

degree/diploma/fellowship or other similar titles or prizes to any other

institution/organization or university by any other person.

Signature

Raj Kishor Verma0911101037


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Practice makes it more perfect

The customers are very important and play a very crucial role in any process of

marketing. Today the customers are kings of the market because the customers

loyalty and customers preference are built by the products and services offered to the

customers and they seek for more benefits and moneys worth for the amount they

spend. But these services and products are delivered to the end customers only by the

Retailers who work as the end medium in the whole chain of sales. That is where the

concept of Retailers preference and Retailers behaviour comes because the Retailers

make the marketers rethink about designing their services; because of the important

role they play in the whole chain. They have to think about the market strategies,

Retailer behaviour, Retailers taste etc also. Many marketers are smart enough to

understand Retailers needs, wants and demands and perform beyond their expectation

i.e. they delight them. it provides them growth , profitability and creativity with lot of

inventions


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It is my pleasure to extend my deep gratitude to Prof. Meenu Baliyan,

Faculty Guide, Mangalmay I nstitute of Management Studies, Gr. Noida,

for the help, cooperation and guidance received from her throughout the

tenure of this project.

I would like to take this opportunity to thank all other faculty members at

Mangalmay Institute of Management Studies, Gr. Noida, U.P, for their

cooperation.

Finally, I would also like to take this opportunity to thank all Executives ofREIGARE Securi ticewho took out time to go through our documents and provideme positive criticism. The project would not have been a value addition without thehelp of the above stated people.

Raj Kishor VermaMIMSRoll no. 0911101037


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OBJECTIVE OF THE STUDY

Indian financial system has been expiring the vast effect of globalization i.e.

drastic interest rate cut, political disturbances, security scam etc have scattered the

common investors perception in selecting various investment portfolio. Most of the

security holders have lost their confidence in newly come-up corporate sectors for

investment. Looking to the situation, it is quite encouraging to analyze how the HDFC

Mutual Fund able to trap the deposits by introducing various schemes and how it

protects the interest of the investors.

The main study is based on the performance and analysis of various schemes

with reference to HDFC Mutual Fund that is a leading mutual fund industry in India.

The total performance analysis of financial instruments with reference to

the HDFC Mutual Fund has got objectives. This are as follows:-

To know the performance of the different schemes.

The comparative study of HDFC Mutual Fund with other mutual

funds.

To know the investment pattern of the investors in different

schemes.

The benefits made from the investment on the different schemes.

To know the ranking of the HDFC Mutual Fund Schemes.

To know the diversify portfolio of HDFC Mutual Fund.

To know the service which HDFC Mutual Fund is providing to its

investors with compare to other mutual funds.


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INTRODUCTION


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INTRODUCTION

The financial market plays a crucial role in the in the economic

development of a country b y facilitating the allocation of scarce resources.

Financial markets essentially involve the allocation of resources. This can

be thought of as the bra in of the en tire ec onomi c sys tem, the locu s of

central decision-making; if they fail, not only will the sectors profit be

lower than would otherwise have been, but the performance of the entire

economic system may be impaired.

The efficiency of financial market how ever, depends on the existence of

active and efficient financial intermediaries in the system. Deposit taking

institutional investor is the important financial intermediaries involved in

the task of allocating assets. Structural changes in the financial market

have induced a reverse trend in financial intermediation, i.e. financial

disintermediation, in which the central role of banking is being taken over

by inves tment institutions and ins titut ional inves tors . The shift from a

credit-based system to a financial has initiated the process of

disintermediation, and capital market based factors like insuran ce, pension

funds and mutual funds are increasingly playing the central role.

The reforms have successfully dismantled the entry barriers, with the

result that today there are domestic and foreign financial institutions, like

mutual funds, broking firms and insurance companies, operating in the

Indian market. The introduction of capital adequacy norms, prudential

regulation and world class regulatory mechanisms to protect the interest of

investor, besides the strict requirement of disclosure, have given a boost

to the confidence of domestic and foreign investors. The Indian economy

has slowly integrated itself with the global econom y and financial market.


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1.What is a Mutual Fund?

Mutual fund is a mechanism for pooling the resources by issuing units to the investors

and investing funds in securities in accordance with objectives as disclosed in offer

document.

Investments in securities are spread across a wide cross-section of industries and

sectors and thus the risk is reduced. Diversification reduces the risk because all stocks

may not move in the same direction in the same proportion at the same time. Mutual

fund issues units to the investors in accordance with quantum of money invested by

them. Investors of mutual funds are known as unit holders. The profits or losses are

shared by the investors in proportion to their investments. The mutual funds normally

come out with a number of schemes with different investment objectives which are

launched from time to time.

A mutual fund is required to be registered with Securities and Exchange Board of

India (SEBI) which regulates securities markets before it can collect funds from the

public.


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1.1 - How is a mutual fund set up?

A mutual fund is set up in the form of a trust, which has sponsor, trustees, asset

Management Company (AMC) and custodian. The trust is established by a sponsor or

more than one sponsor who is like promoter of a company. The trustees of the mutual

fund hold its property for the benefit of the unit holders. Asset Management Company

(AMC) approved by SEBI manages the funds by making investments in various types

of securities.

Custodian, who is registered with SEBI, holds the securities of various schemes of the

fund in its custody. The trustees are vested with the general power of superintendence

and direction over AMC. They monitor the performance and compliance of SEBI

Regulations by the mutual fund.

SEBI Regulations require that at least two thirds of the directors of trustee company

or board of trustees must be independent i.e. they should not be associated with the

sponsors. Also, 50% of the directors of AMC must be independent. All mutual funds

are required to be registered with SEBI before they launch any scheme. However,

Unit Trust of India (UTI) is not registered with SEBI (as on January 15, 2002).

1.2 - What is Net Asset Value (NAV) of a scheme?

The performance of a particular scheme of a mutual fund is denoted by Net Asset

Value (NAV).

Mutual funds invest the money collected from the investors in securities markets. In

simple words, Net Asset Value is the market value of the securities held by the

scheme. Since market value of securities changes every day, NAV of a scheme also

varies on day to day basis. The NAV per unit is the market value of securities of a

scheme divided by the total number of units of the scheme on any particular date. For

example, if the market value of securities of a mutual fund scheme is Rs 200 lakhs

and the mutual fund has issued 10 lakhs units of Rs. 10 each to the investors, then the


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NAV per unit of the fund is Rs.20. NAV is required to be disclosed by the mutual

funds on a regular basis - daily or weekly - depending on the type of scheme.

1.3 - Scope for Development of Mutual Fund

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. India has a burgeoning population of middle class now estimated

around 300 million. A typical Indian middle class family can have liquid savings

ranging from Rs.2 to Rs.10 Lacs today. Investments in Banks are liquid and safe, but

with the falling rate of interest offered by Banks on Deposits, it is no longer attractive.

At best a part can be saved in bank deposits, but what is the other sources of

investment for the common man? Mutual Fund is the ready answer. Viewed in this

sense globally India is one of the best markets for Mutual Fund Business, so also for

Insurance business. This is the reason that foreign companies compete with one

another in setting up insurance and mutual fund business units in India. The sheer

magnitude of the population of educated white collar employees provides unlimited

scope for development of Mutual Fund Business in India.

1.4 - Benefits of Mutual Funds


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There are numerous benefits of investing in mutual funds and one of the key reasons

for its phenomenal success in the developed markets like US and UK is the range of

benefits they offer, which are unmatched by most other investment avenues. We haveexplained the key benefits in this section. The benefits have been broadly split into

universal benefits, applicable to all schemes, and benefits applicable specifically to

open-ended schemes.

1. Professional Management

The investor avails of the services of experienced and skilled professionals who

are backed by a dedicated investment research team which analyses the

performance and prospects of companies and selects suitable investments to

achieve the objectives of the scheme.

2. Diversification

Mutual Funds invest in a number of companies across a broad cross-section of

industries and sectors. This diversification reduces the risk because seldom do

all stocks decline at the same time and in the same proportion. You achieve this

diversification through a Mutual Fund with far less money than you can do on

your own.

3. Convenient Administration

Investing n in a Mutual Fund reduces paperwork and helps you avoid

many problems such as bad deliveries, delayed payments and unnecessary

follow up with brokers and companies. Mutual Funds save your time and

make investing easy and convenient.


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4. Return Potential

Over a medium to long-term, Mutual Funds have the potential to provide a

higher return as they invest in a diversified basket of selected securities.

5. Low Costs

Mutual Funds are a relatively less expensive way to invest compared to directly

investing in the capital markets because the benefits of scale in brokerage,

custodial and other fees translate into lower costs for investors.

6. Liquidity

In open-ended schemes, you can get your money back promptly at net asset

value related prices from the Mutual Fund itself. With close-ended schemes, you

can sell your units on a stock exchange at the prevailing market price or avail of

the facility of direct repurchase at NAV related prices which some close-ended

and interval schemes offer you periodically.

7. Transparency

You get regular information on the value of your investment in addition to

disclosure on the specific investments made by your scheme, the proportion

invested in each class of assets and the fund manager's investment strategy and

outlook.

8. Flexibility

Through features such as regular investment plans, regular withdrawal plans and

dividend reinvestment plans, you can systematically invest or withdraw funds

according to your needs and convenience.


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9. Choice of Schemes

Mutual Funds offer a family of schemes to suit your varying needs over a

lifetime.

10.Well Regulated

All Mutual Funds are registered with SEBI and they function within the

provisions of strict regulations designed to protect the interests of investors. The

operations of Mutual Funds are regularly monitored by SEBI.

11.Understanding and Managing Risk

All investments whether in shares, debentures or deposits involve risk: share

value may go down depending upon the performance of the company, the

industry, state of capital market and the economy; generally, however longer the

term, lesser the risk; companies may default in payment of interest/principal on

their deposits/bonds debentures; the rate of interest on investment may fall short

of the rate of inflation reducing the purchasing power.

While risk cannot be eliminated, skillful management can minimize risk. Mutual

fund helps to reduce risk through diversification and professional management.

The experience and expertise of Mutual Fund managers in selecting

fundamentally sound securities and timing their purchases and sales help them

to build a diversified portfolio that minimize risk and maximizes returns.

12.Tax Benefits

The incomes under Mutual Funds are much more Tax efficient than any fixed

income security due to the following benefits:-


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Section 80L of the income Tax Act ,1961 enables tax free income up to

rs 15000 and dividends from MF s are eligible for this benefit.

When you invest for over a year, the tax payable on encashment is

Long term Capitals gains tax at 20%. Once also get an indexationbenefit which has been approximately 8% per year. This reduces the

taxable income and thus decreases the tax liability.

There is also an opportunity to set off capital losses against gains from

income schemes.

Full exemption from capital gains tax as it comes under Section

54EA/EB of the income tax Act.

One has to pay tax only when he encash units, but have to pay tax on

the interest earned on other debt instruments every year on an accrual

basis, even though he receives the interest later. This generates higher

post tax returns compared to other debt instruments.

Tax is just like a monster that frightens a number of individuals through out

the nation. There are just tow way to fight with this monater:

. Conceal/Depress Income

. Make tax efficient investments.

Perhaps the second option is far better than the first as it gives the peace of

mind together with a feeling that one is a responsible citizen of the nation.

With increasing amount of awareness that is taking birth in the minds of

investors, mutual fund has become cynosure of the eye of the several

investors.

The taxes available are two kinds:

. To the mutual fund- as explained below in No 1

. To the Investor- as explained below in No 2


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1. Mutual Fund Taxation

. Mutual fund is fully exempted from the tax under Section10 (23D) of the

Income Tax Act1961.

. It receives all income without deduction at source.

. Mutual funds do not have to pay tax on trading profit, short term capital

gain, dividend income, underwriting commission, placement fees, long

term capital gains, other income, etc.

2. Benefits to the Investors

There are number of benefits that the investor of a mutual fund avail.

These are discussed as follows:

.Resident Unit Holders- In case of an individual or Hindu Undivided

Families (HUFs), income by way of dividends, if any from unit of

schemes of the fund together with other income on specified

investment/deposit are except from tax within the overall limit of

Rs.15000/- specified under Section80L of the I.T. Act,1961. Since

dividends from shares no longer invite dividend tax and hence the whole

limit is available for mutual fund dividends.

. Tax deduction at source- as per Section196A of the Income Tax Act,

1961, no deduction of tax at source is made from any income payable to

the unit holders. This implies that there is no tax deduction at source for

redemption up to any limit.

As per Section194k of the I.T.Act 1961, deduction of tax at source is not

made if the dividend income from a mutual fund does not exceed Rs10000

per annum.


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1.5 Investment criteria

Lower cost

It is a lower cost of investment as compare to other mode of investment

option in the market. Here the investor can invest a minimum of Rs500

in the scheme of ELSS (Equity Link Saving Scheme).

Less paper work

Here less paper work is require than other. The investor give his detail

information like his/her name,age,address,phone no., pan card no,

nominee name and address(in case of minor) and three full signature of

the candided.

No cash Transactions

Investor need not require paying cash, instead of cash investor has to

pay cheque or demand draft. Which help to prevent misappropriation

and also save the tax. Here the investor just writes the product name of

mutual fund and sign on it. It also saves the time.

No Age Bar

There is no age bar of investor here any age group can invest in mutual

fund. In case of minor(below 18 year) there is a nominee, so a child can

invest through his guardian and a person having age of 70 also invest in

mutual fund ,which is not possible in other investments.


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Service or any kind of income group

A service holder or any kind of income group or a student or

unemployed people can invest in mutual fund but the person is arational human being having sound knowledge of investment company.


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ABOUTHDFC MUTUAL FUND


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2.1 Why HDFC Mutual Fund?

HDFC Mutual Fund is one of the largest mutual funds and well-established fund

house in the country with consistent and above average fund performance across

categories since its incorporation on December 10, 1999. While our past experience

does make us a veteran, but when it comes to investments, we have never believed

that the experience is enough.

Our Investment Philosophy

The single most important factor that drives HDFC Mutual Fund is its belief to give

the investor the chance to profitably invest in the financial market, without constantly

worrying about the market swings. To realize this belief, HDFC Mutual Fund has set

up the infrastructure required to conduct all the fundamental research and back it up

with effective analysis. Our strong emphasis on managing and controlling portfolio

risk avoids chasing the latest fads and trends.

We OfferWe believe, that, by giving the investor long-term benefits, we have to constantly

review the markets for new trends, to identify new growth sectors and share this

knowledge with our investors in the form of product offerings. We have come up with

various products across asset and risk categories to enable investors to invest in line

with their investment objectives and risk taking capacity. Besides, we also offer

Portfolio Management Services.

Our Achievements

HDFC Asset Management Company (AMC) is the first AMC in India to have been

assigned the CRISIL Fund House Level 1 rating. This is its highest Fund

Governance and Process Quality Rating which reflects the highest governance levels

and fund management practices at HDFC AMC It is the only fund house to have been

assigned this rating for two years in succession. Over the past, we have won a number

of awards and accolades for our performance


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2.2 SPONSORS

Housing Development Finance Corporation Limited (HDFC). HDFC

was incorporated in 1977 as the first specialized Mortgage Company in India. HDFC

provides financial assistance to individuals, corporate and developers for the purchase

or construction of residential housing. It also provides property related services (e.g.

property identification, sales services and valuation), training and consultancy. Of

these activities, housing finance remains the dominant activity. HDFC has a client

base of around 12 lac borrowers, around 8 lac depositors, over 1.08 lac shareholders

and 50,000 deposit agents, as at March 31, 2008. HDFC has raised funds from

international agencies such as the World Bank, IFC (Washington), USAID, DEG,

ADB and KfW, international syndicated loans, domestic term loans from banks and

insurance companies, bonds and deposits. HDFC has received the highest rating for

its bonds and deposits program for the thirteenth year in succession. HDFC Standard

Life Insurance Company Limited, promoted by HDFC was the first life insurance

company in the private sector to be granted a Certificate of Registration (on October

23, 2000) by the Insurance Regulatory and Development Authority to transact life

insurance business in India.

Standard Life Investments Limited. The Standard Life Assurance Company

was established in 1825 and has considerable experience in global financial markets.

The company was present in the Indian life insurance market from 1847 to 1938 when

agencies were set up in Kolkata and Mumbai. The company re-entered the Indian

market in 1995, when an agreement was signed with HDFC to launch an insurance

joint venture. On April 2006, the Board of The Standard Life Assurance Company

recommended that it should demutualise and Standard Life plc float on the London

Stock Exchange. At a Special General Meeting held in May voting members

overwhelmingly voted in favour of this. The Court of Session in Scotland approved

this in June and Standard Life plc floated on the London Stock Exchange on 10th July

2006. Standard Life Investments is a leading asset management company, with

approximately US$ 267 billion as at March 31, 2008, of assets under management.


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The company operates in the UK, Canada, Hong Kong, China, Korea, Ireland, Paris,

Sydney and the USA to ensure it is able to form a truly global investment view. In

order to meet the different needs and risk profiles of its clients, Standard Life

Investments Limited manages a diverse portfolio covering all of the major markets

world-wide, which includes a range of private and public equities, government and

company bonds, property investments and various derivative instruments

2.3 TRUSTEE

HDFC Trustee Company Limited, a company incorporated under the Companies Act,

1956 is the Trustee to HDFC Mutual Fund vide the Trust deed dated June 8, 2000, as

amended from time to time. HDFC Trustee Company Ltd is wholly owned subsidiaryof HDFC

The Board of Directors of HDFC Trustee company Limited consists

of the following eminent persons.

Mr. Anil Kumar Hirjee

Mr. James Aird

Mr. Shishir K. Diwanji

Mr. Ranjan Sanghi

Mr. V. Srinivasa Rangan


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2.4 ACHIEVEMENT AND AWARDSCNBC - TV 18 - CRISIL Mutual Fund of the Year Awards 2008 :

HDFC Prudence Fund was the only scheme that won the CNBC - TV 18 - CRISIL

Mutual Fund of the Year Award 2008 in the Most Consistent Balanced Fund under

CRISIL ~ CPRfor the calendar year 2007 (from amongst 3 schemes).

HDFC Cash Management Fund - Savings Plan was the only scheme that won the

CNBC - TV 18 - CRISIL Mutual Fund of the Year Award 2008 in the Most

Consistent Liquid Fund under CRISIL ~ CPRfor the calendar year 2007 (from

amongst 5 schemes).

HDFC Cash Management Fund - Savings Plan was the only scheme that won the

CNBC - TV 18 - CRISIL Mutual Fund of the Year Award 2008 in the Liquid

SchemeRetail Category for the calendar year 2007 (from amongst 19 schemes).

Lipper Fund Awards 2008:

HDFC Equity Fund - Growth has been awarded the 'Best Fund over Ten Years' in

the 'Equity India Category' at the Lipper Fund Awards 2008 (form amongst 23

schemes). It was awarded the Best Fund over ten years in 2006 and 2007 as well.

2008 makes it three in a row.

Lipper Fund Awards 2009 :

HDFC Equity Fund - Growth has been awarded the 'Best Fund over Ten Years' in the

'Equity India Category' (form amongst 34 schemes) and HDFC Prudence Fund

Growth Planin the Mixed Asset INR Aggressive Category (from amongst 6

schemes), have been awarded the Best Fund over 10 Years by Lipper Fund Awards

India 2009.


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ICRA Mutual Fund Awards2008 :

HDFC MF Monthly Income Plan - Long Term Plan - Ranked a Seven Star Fund

and has been awarded the Gold Award for "Best Performance" in the category of

"Open Ended Marginal Equity" for the three year period ending December 31,2007 (from amongst 27 schemes)

HDFC High Interest Fund - Short Term Plan - Ranked a Five Star Fund

indicating performance among the top 10% in the category of"Open Ended Debt -

Short Term" for one year period ending December 31, 2007 (from amongst 20

schemes).

HDFC Prudence Fund - Ranked a Five Star Fund indicatingperformance among

the top 10% in the category of"Open Ended Balanced" for the three year period

ending December 31, 2007 (from amongst 16 schemes)


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2.5 HDFC MUTUAL FUND PRODUCTS

Equity Funds

HDFC Growth Fund

HDFC Long Term Advantage Fund

HDFC Index Fund

HDFC Equity Fund

HDFC Capital Builder Fund

HDFC Tax saver

HDFC Top 200 Fund

HDFC Core & Satellite Fund

HDFC Premier Multi-Cap Fund

HDFC Long Term Equity Fund

HDFC Mid-Cap Opportunity Fund

Balanced Funds

HDFC Children's Gift Fund Investment Plan

HDFC Children's Gift Fund Savings Plan

HDFC Balanced Fund

HDFC Prudence Fund

Debt Funds

HDFC Income Fund

HDFC Liquid Fund

HDFC Gilt Fund Short Term Plan

HDFC Gilt Fund Long Term Plan

HDFC Short Term PlanHDFC Floating Rate Income Fund Short Term Plan

HDFC Floating Rate Income Fund Long Term Plan

HDFC Liquid Fund - PREMIUM PLAN

HDFC Liquid Fund - PREMIUM PLUS PLAN

HDFC Short Term Plan - PREMIUM PLAN

HDFC Short Term Plan - PREMIUM PLUS PLAN

HDFC Income Fund Premium Plan

HDFC Income Fund Premium plus Plan


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HDFC High Interest Fund

HDFC High Interest Fund - Short Term Plan

HDFC Sovereign Gilt Fund - Savings Plan

HDFC Sovereign Gilt Fund - Investment Plan

HDFC Sovereign Gilt Fund - Provident Plan

HDFC Cash Management Fund - Savings Plan

HDFC Cash Management Fund - Call Plan

HDFCMF Monthly Income Plan - Short Term Plan

HDFCMF Monthly Income Plan - Long Term Plan

HDFC Cash Management Fund - Savings Plus Plan

HDFC Multiple Yield Fund

HDFC Multiple Yield Fund Plan 2005


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2.6PRODUCTS OF MUTUAL FUND CATAGORIESWISE

EQUITY/ GROWTH FUND

CHILDRENS GIFT FUND

LIQUID FUND

DEBT/ INCOME FUND


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EQUITY/ GROWTH FUND DEBT/INCOME FUNDHDFC Growth Fund

HDFC Top 200 Fund

HDFC Core and Satellite Fund

HDFC Index Fund - Sensex Plan

HDFC Index Fund - Sensex Plus Plan

HDFC Balanced Fund

HDFC Long Term Advantage Fund

(ELSS)

HDFC Long Term Equity Fund

HDFC Infrastructure Fund

HDFC Capital Builder Fund

HDFC Premier Multi-Cap

HDFC Index Fund - Nifty Plan

HDFC Arbitrage Fund

HDFC Equity Fund

HDFC Prudence Fund

HDFC TaxSaver (ELSS)

HDFC Mid-Cap Opportunities Fund

HDFC MF Monthly Income Plan - Short

Term Plan

HDFC Multiple Yield Fund

HDFC Income Fund

HDFC Short Term Plan

HDFC Gilt Fund - Short Term Plan

HDFC Floating Rate Income Fund -Short

Term Plan

HDFC Cash Management Fund - Savings

Plus Plan

HDFC MF Monthly Income Plan - Long

Term Plan

HDFC Multiple Yield Fund - Plan 2005

HDFC High Interest Fund

HDFC High Interest Fund - Short term

Plan

HDFC Gilt Fund - Long Term Plan

HDFC Floating Rate Income Fund - Long

Term Plan

CHILDRENS GIFT FUND LIQUID FUNDHDFC Children's Gift Fund - Investment

Plan

HDFC Children's Gift Fund - Savings Plan

HDFC Liquid Fund

HDFC Liquid Fund Premium Plan

HDFC Liquid Fund Premium Plus Plan

HDFC Cash Management FundCall

HDFC Cash Management Fund - Savings

Plan
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METHODOLOGYOF

THE STUDY


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3.Research M ethodology

Since the study undertaken by me is related to the PERFORMANCE NANLYSIS

OF SCHEMES OF HDFC MUTUAL FUND the means adopted for collection of

various facts and data were in the form of personal observation, officials documents,

and directly interacting with the officers concerned and also directly interacting with

the existing customers as well as new customer formed. It was an exploratory

research. Work is mainly emphasized on the secondary data. The secondary data was

obtained through the following means for the purpose of the project work.

Annual reports of companies

Journals and Magazine. Budgeted manuals

Audited balance sheet and profit and loss account.

Companys website

Previous Performance

For Every Comprehensive research a proper research methodology is indispensable &

it has to be properly conceived. The methodology adopted by me is as follows:-

3.1 Research Design

Problem Identification

@ Find out Portfolio - Holdings (as on February 28, 2011)Company wise as well as

Industry wise.

@ Find deviation of calculated from standard or Norms

@ Calculating the Investment Pattern

@ Information about firms assets, liabilities, revenue, expenditure, bankers,

Investment etc.

@ Find out the SIP Return of last 15 years.

@ Find out the HDFC Growth Fund - Growth Returns of last 5 years.@ Information about firms loan, security, stock level & other financial information.
http://money.sulekha.com/hdfc-growth-fund-growth_mutual-fund_returnshttp://money.sulekha.com/hdfc-growth-fund-growth_mutual-fund_returns


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@ Find our Asset allocation and Sector wise holding.

@ Whether the growth oriented mutual funds are offering the advantages of

Diversification, Market timing and Selectivity of Securities to their investors

@ This study provides a proper investigation for logical and reasonable comparison

and selection of the funds.

What is Primary & Secondary Data?

Primary data are those data which are collected for the first time, taking a sample,

representing a population. It is not a published data, it is problem specific data

collected by the researcher, first time. When primary data is published by researcher,

it becomes the secondary data for everybody, other than the researcher.

Secondary data are those data, which are already published. It may be useful for

many other person than the researcher who has published it. There are many sources

of secondary data.

Informal Interviews.

Discussions with officer concerned.

3.2 Data Collection

My data collection sources was Secondary Data of HDFC EQUITY GROWTH

Mutual fund i.e:-

SECONDARY DATA

The secondary data was obtained through the following means for the purpose of the

project work.

Annual reports of companies

Journals and Magazine.

Budgeted manuals

Audited balance sheet and profit and loss account.


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Companys website

Previous Performance


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ANALYSIS OF DATA


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4.1HDFC Growth Fund

HDFC Growth fund, an open-ended growth scheme, applies an investment

approach based on a set of well established but flexible principles that

emphasize the concept of sustainable economic earnings cash return on

investment. The objective is to identify business with superior growth

prospects nd good management at a reasonable price. The five basic principles

that serve the foundation for this approach are as follows:

Focus on the long termInvestment confers proportionate ownership of the business

Maintain a margin safety

Maintain a balanced outlook on the market

Discipline approach to selling.

The investment philosophy rests on a two-pronged approach. 60-80% of the

portfolio will aim to stay invested for most of the time in large cap stocks that

satisfy the above investment criteria. This allocation to large cap stocks also

ensures greater liquidity in the portfolio. 20-40% of the portfolio will be

invested in companies of scale that are either large market share holder


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4.2 Investment Objective

The investment objective of the Scheme is to achieve capital appreciation.

Basic Scheme Information

Nature of Scheme Open Ended Growth Scheme

Inception Date January 01, 1995

Option/Plan Dividend Option,Growth Option. The DividendOption offers Dividend Payout and ReinvestmentFacility.

Entry Load

(purchase / additionalpurchase / switch-in)

NIL

(With effect from August 1, 2009)

Exit Load

(as a % of the Applicable

NAV)

In respect of each purchase / switchin of units, an ExitLoad of 1.00% is payable if Units are redeemed /switched-out within 1 year from the date ofallotment..

No Exit Load is payable if Units are redeemed /switched-out after 1 year from the date of allotment.

Minimum ApplicationAmount

For new investors :Rs.5000 and any amount thereafter.For existing investors : Rs. 1000 and any amountthereafter.

Lock-In-Period Nil

Net Asset Value

Periodicity

Every Business Day.

Redemption Proceeds Normally despatched within 3 business Days

Tax Benefits

(As per present Laws)

Please click for details

Current Expense Ratio (#)

(Effective Date 22nd May

2009)

On the first 100 crores average weekly net assets2.50%On the next 300 crores average weekly net assets2.25%On the next 300 crores average weekly net assets2.00%On the balance of the assets 1.75%

(#) Any change in the expense ratio will be updated within two working days.
http://www.hdfcfund.com/KC/ContentDisplay.aspx?ReportID=5CEFCAD6-63C3-47AE-B448-5209341FB627http://www.hdfcfund.com/KC/ContentDisplay.aspx?ReportID=5CEFCAD6-63C3-47AE-B448-5209341FB627http://www.hdfcfund.com/KC/ContentDisplay.aspx?ReportID=5CEFCAD6-63C3-47AE-B448-5209341FB627


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Plan Name NAV Date NAV Amount

Dividend Option 25 Mar 2011 46.5160

Growth Option 25 Mar 2011 275.3550

4.3 Investment Pattern

The asset allocation under the Scheme will be as follows :

Sr.No. Asset Type (% of Portfolio) Risk Profile

1 Equities and Equity Related Instruments 80 - 100 Medium toHigh

2 Debt & Money Market Instruments 0 - 20 Low toMedium

Investment in Securitised debt, if undertaken, would not exceed 20% of the net assets of

the scheme.

The Scheme may also invest upto 25% of net assets of the Scheme in derivatives such

as Futures & Options and such other derivative instruments as may be introduced from

time to time for the purpose of hedging and portfolio balancing and other uses as may be

permitted under the Regulations.

The Scheme may also invest a part of its corpus, not exceeding 40% of its net assets, in

overseas markets in Global Depository Receipts (GDRs), ADRs, overseas equity, bonds

and mutual funds and such other instruments as may be allowed under the Regulations

from time to time. Also refer to the Section on Policy on off-shore Investments by the

Scheme(s).

Subject to the Regulations and the applicable guidelines, the Scheme may, engage in

Stock Lending activities. Also refer to Section on Stock Lending by the Fund.

If the investment in equities and related instruments falls below 70% of the portfolio of the

Scheme at any point in time, it would be endeavoured to review and rebalance the

composition.

Notwithstanding anything stated above, subject to the regulations, the asset allocation

pattern indicated above may change from time to time, keeping in view market

conditions, market opportunities, applicable regulations and political and economic

factors. It may be clearly understood that the percentages stated above are only

indicative and are not absolute and that they can vary substantially depending upon the

perception of the AMC, the intention being at all times to seek to protect the NAV of thescheme. Such changes will be for short term and defensive considerations. Provided


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further and subject to the above, any change in the asset allocation affecting the

investment profile of the Scheme and amounting to a change in the Fundamental

Attributes of the Scheme shall be effected in accordance with sub-regulation (15A) of

regulation 18 of SEBI regulations.

4.4 Investment StrategyIn order to provide long term capital appreciation, the Scheme will invest predominantly in

growth companies. Companies selected under this portfolio would as far as practicable

consist of medium to large sized companies which:

are likely achieve above average growth than the industry;

enjoy distinct competitive advantages, and

have superior financial strengths.

The aim will be to build a portfolio, which represents a cross-section of the strong growth

companies in the prevailing market. In order to reduce the risk of volatility, the Scheme

will diversify across major industries and economic sectors.

Fund Manager:

Mr. Prashant Jain (since Jun 19, 03)

Mr. Miten Lathia - Dedicated Fund Manager - Foreign Securities


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4.5 Portfolio - Holdings (as on February 28, 2011)

Company Industry+ % to NAV

EQUITY & EQUITY RELATED

State Bank of India Banks 8.22

ICICI Bank Ltd. Banks 6.36

Reliance Industries Ltd. Petroleum Products 4.90

Tata Consultancy Services Ltd. Software 4.52

Infosys Technologies Ltd. Software 4.47

Titan Industries Ltd. Consumer NonDurables

4.31

Bank of Baroda Banks 4.24

Coal India Ltd. Minerals/Mining 3.50

Tata Steel Ltd. Ferrous Metals 2.74

GAIL (India) Ltd. Gas 2.54

Total of Top Ten Equity Holdings 45.80Total Equity & Equity Related Holdings 96.38

Total Money Market Instrument & Other

Credit Exposures (aggregated holdings in a

single issuer)

0.00

Cash margin / Earmarked cash for Futures &Options

0.32

Other Cash, Cash Equivalents and Net CurrentAssets

3.30

Grand Total 100.00

Net Assets (Rs. In Lakhs) 8,27,194.70

Note : $ Sponsor


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4.6 ReturnsHDFC

Equity Fund

(NAV as at evaluation date 28-Feb-11, Rs.261.288 Per unit)

Date Period NAV PerUnit (Rs.)

Returns(%) ^

BenchmarkReturns (%) #

March 30,2007

Last 1431 days 142.602 16.7** 7.96**

August 27,2010

Last Six months(185 days)

274.276 -4.74* -6.67*

February 26,2010

Last 1 Year (367days)

223.385 16.87** 2.88**

February 28,

2008

Last 3 Years

(1096 days)

188.246 11.54** -1.2**

February 28,2006

Last 5 Years(1826 days)

116.840 17.45** 9.81**

February 28,2001


19.880 29.36** 16.14**

February 28,1996


7.370 26.83** 12.54**

January 1,1995

Since Inception(5902 days)

10.000 22.36** 9.54**

*Absolute Returns ** Compounded Annualised Returns # S&P CNX 500 ^ Past

performance may or may not be sustained in the future


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4.7 SIP Returns

SIPInvestments

Since Inception

15 Year 10 Year 5 Year 3 Year 1 Year

TotalAmountInvested(Rs.)

194,000 180,000 120,000 60,000 36,000 12,000

Market Valueas onFebruary 28,2011 (Rs.)

2,777,138.40

2,333,906.07

615,083.91

95,703.64

54,764.97

11,813.42

Returns(Annualised)

*(%)

28.64% 30.07% 30.75% 18.77%

29.17%

-2.89%

BenchmarkReturns(Annualised)(%)#

15.01% 15.81% 18.98% 8.37% 14.13%

-12.06

%

Market Valueof SIP inBenchmark#

741,123.72 661,528.69

325,712.17

74,058.65

44,437.44

11,210.90


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-15.00%

-10.00%

-5.00%

0.00%

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

Since

Inception

15 Year 10 Year 5 Year 3 Year 1 Year

Returns (Annualised)*(%)

Benchmark Returns

(Annualised)(%)#
http://money.sulekha.com/hdfc-growth-fund-growth_mutual-fund_returns


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4.8 HDFC Growth Fund - Growth Returns

Duration MF Returns MF Category Returns

1 day 01.07 01.14

1 week -00.61 -00.09

1 month 02.43 -00.90

3 months 05.85 01.67

6 months 06.46 02.72

1 year 30.45 20.10

3 years 14.35 03.99

5 years 24.85 05.82
http://money.sulekha.com/hdfc-growth-fund-growth_mutual-fund_returnshttp://money.sulekha.com/hdfc-growth-fund-growth_mutual-fund_returnshttp://money.sulekha.com/hdfc-growth-fund-growth_mutual-fund_returns


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-5

0

5

10

15

20

25

30

35

1 month 3 months 6 months 1 year 3 years 5 years

MF Returns

MF Category Returns


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4.9HDFC Growth Fund - Growth Holdings

Top Holdings as on 31 Jul 2010

Company Percentage

Infosys Technologies 6.82

ITC 5.99

ITC 5.86

Oil & Natural Gas Corporation 5.77


7%

6%

6%

6%

5%

70%

Top Holdings as on 31 Jul 2010

Infosys Technologies

ITC

ITC

Oil & Natural Gas Corporation

Infosys Technologies

Other
http://money.sulekha.com/hdfc-growth-fund-growth_mutual-fund_holdingshttp://money.sulekha.com/infosys-technologieshttp://money.sulekha.com/infosys-technologieshttp://money.sulekha.com/itchttp://money.sulekha.com/itchttp://money.sulekha.com/itchttp://money.sulekha.com/itchttp://money.sulekha.com/oil-natural-gas-corporationhttp://money.sulekha.com/oil-natural-gas-corporationhttp://money.sulekha.com/infosys-technologieshttp://money.sulekha.com/infosys-technologieshttp://money.sulekha.com/infosys-technologieshttp://money.sulekha.com/oil-natural-gas-corporationhttp://money.sulekha.com/itchttp://money.sulekha.com/itchttp://money.sulekha.com/infosys-technologieshttp://money.sulekha.com/hdfc-growth-fund-growth_mutual-fund_holdings


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4.9.1 Sectoral Holdings

Industry Percentage

Banks-Pub Sector 8.19

Pharma-Ind. BD & Formlns 7.67

Oil Exploration 7.27

Ent. Media/Content 6.71

Computer-SW-Major 5.69

23%

22%

20%

19%

16%

Sectoral Holdings

Banks-Pub Sector

Pharma-Ind. BD & Formlns

Oil Exploration

Ent. Media/Content

Computer-SW-Major


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4.9.2 Asset Allocations

Asset Percentage

Cash 0.97

Debt & Money Market 0.76

Equity 98.27

Total 100.00

Cash

1%

Debt & Money

Market

1%

Equity

98%

Asset Allocations


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HDFC Growth Fund - Growth Holdings

All Top Holdings as on 31 Jul 2010

Company Percentage


ITC 5.99

ITC 5.86




ITC 5.67

ICICI Bank 5.59

ICICI Bank 5.53



ICICI Bank 5.26

State Bank of India 5.16

Bharat Petroleum Corporation 4.98

Bharat Petroleum Corporation

4.88



Bharat Petroleum Corporation 4.56

Crompton Greaves 4.51

Coromandel International

4.46
http://money.sulekha.com/infosys-technologieshttp://money.sulekha.com/infosys-technologieshttp://money.sulekha.com/itchttp://money.sulekha.com/itchttp://money.sulekha.com/itchttp://money.sulekha.com/itchttp://money.sulekha.com/oil-natural-gas-corporationhttp://money.sulekha.com/oil-natural-gas-corporationhttp://money.sulekha.com/infosys-technologieshttp://money.sulekha.com/infosys-technologieshttp://money.sulekha.com/infosys-technologieshttp://money.sulekha.com/infosys-technologieshttp://money.sulekha.com/itchttp://money.sulekha.com/itchttp://money.sulekha.com/icici-bankhttp://money.sulekha.com/icici-bankhttp://money.sulekha.com/icici-bankhttp://money.sulekha.com/icici-bankhttp://money.sulekha.com/oil-natural-gas-corporationhttp://money.sulekha.com/oil-natural-gas-corporationhttp://money.sulekha.com/oil-natural-gas-corporationhttp://money.sulekha.com/oil-natural-gas-corporationhttp://money.sulekha.com/icici-bankhttp://money.sulekha.com/icici-bankhttp://money.sulekha.com/state-bank-of-indiahttp://money.sulekha.com/state-bank-of-indiahttp://money.sulekha.com/bharat-petroleum-corporationhttp://money.sulekha.com/bharat-petroleum-corporationhttp://money.sulekha.com/bharat-petroleum-corporationhttp://money.sulekha.com/bharat-petroleum-corporationhttp://money.sulekha.com/state-bank-of-indiahttp://money.sulekha.com/state-bank-of-indiahttp://money.sulekha.com/state-bank-of-indiahttp://money.sulekha.com/state-bank-of-indiahttp://money.sulekha.com/bharat-petroleum-corporationhttp://money.sulekha.com/bharat-petroleum-corporationhttp://money.sulekha.com/crompton-greaveshttp://money.sulekha.com/crompton-greaveshttp://money.sulekha.com/coromandel-internationalhttp://money.sulekha.com/coromandel-internationalhttp://money.sulekha.com/coromandel-internationalhttp://money.sulekha.com/crompton-greaveshttp://money.sulekha.com/bharat-petroleum-corporationhttp://money.sulekha.com/state-bank-of-indiahttp://money.sulekha.com/state-bank-of-indiahttp://money.sulekha.com/bharat-petroleum-corporationhttp://money.sulekha.com/bharat-petroleum-corporationhttp://money.sulekha.com/state-bank-of-indiahttp://money.sulekha.com/icici-bankhttp://money.sulekha.com/oil-natural-gas-corporationhttp://money.sulekha.com/oil-natural-gas-corporationhttp://money.sulekha.com/icici-bankhttp://money.sulekha.com/icici-bankhttp://money.sulekha.com/itchttp://money.sulekha.com/infosys-technologieshttp://money.sulekha.com/infosys-technologieshttp://money.sulekha.com/oil-natural-gas-corporationhttp://money.sulekha.com/itchttp://money.sulekha.com/itchttp://money.sulekha.com/infosys-technologies


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Zee Entertainment Enterprises 4.25

Sun Pharmaceutical Industries 4.23

Sun Pharmaceutical Industries

4.22



Sun Pharmaceutical Industries 4.10


Housing Development Finance Corporation

4.03

Housing Development Finance Corporation 3.94

Housing Development Finance Corporation 3.89


Bank of Baroda 3.73

Exide Industries

3.71

Bank of Baroda 3.44

Bank of Baroda 3.37

Coromandel International 3.32

Solar Industries India 3.15

Biocon 2.97

Exide Industries 2.90



HT Media 2.70

HT Media 2.60
http://money.sulekha.com/zee-entertainment-enterpriseshttp://money.sulekha.com/sun-pharmaceutical-industrieshttp://money.sulekha.com/sun-pharmaceutical-industrieshttp://money.sulekha.com/sun-pharmaceutical-industrieshttp://money.sulekha.com/sun-pharmaceutical-industrieshttp://money.sulekha.com/crompton-greaveshttp://money.sulekha.com/crompton-greaveshttp://money.sulekha.com/zee-entertainment-enterpriseshttp://money.sulekha.com/zee-entertainment-enterpriseshttp://money.sulekha.com/sun-pharmaceutical-industrieshttp://money.sulekha.com/sun-pharmaceutical-industrieshttp://money.sulekha.com/crompton-greaveshttp://money.sulekha.com/crompton-greaveshttp://money.sulekha.com/housing-development-finance-corporationhttp://money.sulekha.com/housing-development-finance-corporationhttp://money.sulekha.com/housing-development-finance-corporationhttp://money.sulekha.com/housing-development-finance-corporationhttp://money.sulekha.com/housing-development-finance-corporationhttp://money.sulekha.com/housing-development-finance-corporationhttp://money.sulekha.com/zee-entertainment-enterpriseshttp://money.sulekha.com/zee-entertainment-enterpriseshttp://money.sulekha.com/bank-of-barodahttp://money.sulekha.com/bank-of-barodahttp://money.sulekha.com/exide-industrieshttp://money.sulekha.com/exide-industrieshttp://money.sulekha.com/bank-of-barodahttp://money.sulekha.com/bank-of-barodahttp://money.sulekha.com/bank-of-barodahttp://money.sulekha.com/bank-of-barodahttp://money.sulekha.com/bank-of-barodahttp://money.sulekha.com/coromandel-internationalhttp://money.sulekha.com/coromandel-internationalhttp://money.sulekha.com/solar-industries-indiahttp://money.sulekha.com/solar-industries-indiahttp://money.sulekha.com/bioconhttp://money.sulekha.com/bioconhttp://money.sulekha.com/exide-industrieshttp://money.sulekha.com/exide-industrieshttp://money.sulekha.com/solar-industries-indiahttp://money.sulekha.com/solar-industries-indiahttp://money.sulekha.com/solar-industries-indiahttp://money.sulekha.com/solar-industries-indiahttp://money.sulekha.com/ht-mediahttp://money.sulekha.com/ht-mediahttp://money.sulekha.com/ht-mediahttp://money.sulekha.com/ht-mediahttp://money.sulekha.com/ht-mediahttp://money.sulekha.com/ht-mediahttp://money.sulekha.com/solar-industries-indiahttp://money.sulekha.com/solar-industries-indiahttp://money.sulekha.com/exide-industrieshttp://money.sulekha.com/bioconhttp://money.sulekha.com/solar-industries-indiahttp://money.sulekha.com/coromandel-internationalhttp://money.sulekha.com/bank-of-barodahttp://money.sulekha.com/bank-of-barodahttp://money.sulekha.com/exide-industrieshttp://money.sulekha.com/bank-of-barodahttp://money.sulekha.com/zee-entertainment-enterpriseshttp://money.sulekha.com/housing-development-finance-corporationhttp://money.sulekha.com/housing-development-finance-corporationhttp://money.sulekha.com/housing-development-finance-corporationhttp://money.sulekha.com/crompton-greaveshttp://money.sulekha.com/sun-pharmaceutical-industrieshttp://money.sulekha.com/zee-entertainment-enterpriseshttp://money.sulekha.com/crompton-greaveshttp://money.sulekha.com/sun-pharmaceutical-industrieshttp://money.sulekha.com/sun-pharmaceutical-industrieshttp://money.sulekha.com/zee-entertainment-enterprises


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Bharti Airtel 2.55

HT Media 2.53

Biocon

2.43

Biocon 2.34

Coromandel International 2.30

Bharti Airtel 2.26

Nagarjuna Construction Co. 2.23
http://money.sulekha.com/bharti-airtelhttp://money.sulekha.com/bharti-airtelhttp://money.sulekha.com/ht-mediahttp://money.sulekha.com/ht-mediahttp://money.sulekha.com/bioconhttp://money.sulekha.com/bioconhttp://money.sulekha.com/bioconhttp://money.sulekha.com/bioconhttp://money.sulekha.com/coromandel-internationalhttp://money.sulekha.com/coromandel-internationalhttp://money.sulekha.com/bharti-airtelhttp://money.sulekha.com/bharti-airtelhttp://money.sulekha.com/nagarjuna-construction-cohttp://money.sulekha.com/nagarjuna-construction-cohttp://money.sulekha.com/nagarjuna-construction-cohttp://money.sulekha.com/bharti-airtelhttp://money.sulekha.com/coromandel-internationalhttp://money.sulekha.com/bioconhttp://money.sulekha.com/bioconhttp://money.sulekha.com/ht-mediahttp://money.sulekha.com/bharti-airtel


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HDFC Growth Fund - Growth

Fund manager Srinivas Rao Ravuri

Objective

Aims to generate long term capital appreciation from a

portfolio that is invested predominantly in equity and equity

related instruments.

Assets 851.75 ( 31-May-10)

Fund category EquityDiversified

Fund Family HDFC Mutual

Launch Date 11-Sep-00

Scheme type Open Ended

Scheme option Growth

AddressRamon House, 3Rd Floor, H.T. Parekh Marg, 169, Backbay

Reclamation, Churchgate, Mumbai400020

Phone +91-22-66316333

Fax +91-22-22821144

Email [email protected]

Website www.hdfcfund.com
http://money.sulekha.com/hdfc-growth-fund-growth_mutual-fundmailto:[email protected]:[email protected]://www.hdfcfund.com/http://www.hdfcfund.com/http://www.hdfcfund.com/mailto:[email protected]://money.sulekha.com/hdfc-growth-fund-growth_mutual-fund


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5.FINDINGS


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FINDINGS

My research is on HDFC GROWTH FUND. From the investors point of

view.

As far as analysis is concerned, we found out that the HDFC Growth Fund

was among the best performers fund. Although all the funds are affected by

the global meltdown, (recession) still HDFC Growth Fund has better

performed comparing to other funds for its systematic and unsystematic risk. It

offers advantages of diversification, market timing, and selectivity. In the

comparison of sample of funds, HDFC Growth fund is found highly

diversified fund and because of high diversification, it has reduced the total

risk of portfolio.

In the last it has given a return of 30.45% ,in last 3 years 14.35% and in last 5

years 24.85%. So it has a good track record.

In SIP Plan it has given 28.64% annual return science inscription.

Further, other funds were found very poor in diversification, market timing,

and selectivity. For the further clarification, we too studied the portfolio ofHDFC Growth fund.

One of the findings that I came across is that generally, a good model of asset

classes is the one that can explain a large portion of the variance of returns on

the assets and there were some stocks in the fund portfolio, which were not

aligned with strategy of the fund portfolio.

The optimal situation involves the selection that proceeds from sensible

assumptions, is carefully and logically constructed, and is broadly consistent

with the data while collecting the stocks for the portfolio. The portfolio was

showing constructive outcome in long time horizon and the results can be

improved by making the minor changes in fund portfolio.

Hence, the portfolio theory teaches us that investment choices are made on the

basis of expected risk and returns and these expectations can be satisfied by

having right mix of assets.


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6.CONCLUSION


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CONCLUSION

Mutual fund has become one of the important sources for investing. It is quite likely

that a more efficient portfolio can be constructed directly from funds. Thus, the two-

step process of choosing an asset allocation based on the information about

benchmark indexes and then choosing funds in each category may be one of the best

realistically attainable approaches. To use this approach to portfolio selection

effectively, investors would benefit from estimates of future asset returns, risks and

correlations, as well as from fund managements disclosure of future asset exposures

and appropriate benchmarks.

It has been a great opportunity for me to get a first experience of Mutual Funds. My

study is to get the feel of how the work is carried out in relation to funds portfolio

aspect. I got an opportunity in relation to the documentation and also the portfolio

analysis that have been carrying out in facilitating the investor and the fund manager.


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7.RECOMMENDATION &

SUGGESTION


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RECOMMENDATION

Considering the above analysis, it can be noted that the growth oriented mutual funds

HDFC Growth Fund have performed better than their benchmark indicators. Other

funds did not perform well even some performed negatively. Though HDFC Growth

Fund have performed better than the benchmark of their systematic risk (volatility)

but with respect to total risk the fund have not outperformed the Market Index.

Growth oriented mutual funds are expected to offer the advantages of Diversification,

Market timing and Selectivity. In the sample HDFC Growth Fund is found to be

diversified fund and because of high diversification, it has reduced total risk of the

portfolio. Whereas, others are low diversified and because of low diversification their

total risk is found to be very high. Further, the fund managers of these underperforming funds are found to be poor in terms of their ability of market timing and

selectivity.

The fund manager of HDFC Growth Fund fund can improve the returns to the

investors by increasing the systematic risk of the portfolio, which in turn can

be done by identifying highly volatile shares. Alternatively, these can take

advantage by diversification, which goes to reduce the risk if the same return

is given to the investor at a reduced risk level, the compensation for risk might

seem adequate.

The fund manager can divide all securities into several asset classes and tries

to construct an efficient portfolio based on expected returns, risk, and

correlations of indexes representing these asset classes. The investment should

be done in the bench mark indexes to get an efficient portfolio in such a way

that no other combination of these indexes would result in a portfolio with a

higher return for a given level of risk.


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SUGGESTION

From Investor point of view:

For the long time horizon HDFC GROWTH Mutual Fund are almost safe and

it was given a good return. But it is totally depend upon the market situation

and fluctuations.

The previous performance may not be sustain in the future, so there is no

guarantee that the same performance will continue.

The Mutual fund are subject to market risk please read the document carefully

before investing.

HDFC GROWTH Fund has performed very well in the past and the risk of

investor is moderate because of good diversification of fund. HDFC Growth

Fund have performed better than the benchmark of their systematic risk

(volatility).

So this is a good fund to invest and to get a good return.


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8. Bibliography

The Reference Book s

Author1. Security Analysis and Portfolio Management (sixth Edition 1995) by

Donald E. Fisher and Ronald J. Jordan. Publication: Pearson education.

2. The Indian Financial System (second edition) by Bharati V. Pathak.

Published by Dorling Kindersley (India) Pvt. Ltd., licensees of Pearson

Education in South Asia.

3. Security Analysis and Portfolio Management by Khan and Jain.

Magazines: Money Outlook (May &June 2009)

Business world (May & June 2009)

News Papers- Economics Times, Business Today.

Websites www.hdfcfund.com

www.amfiindia.com

www.moneycontrol.com
http://www.hdfcfund.com/http://www.hdfcfund.com/http://www.amfiindia.com/http://www.amfiindia.com/http://www.moneycontrol.com/http://www.moneycontrol.com/http://www.moneycontrol.com/http://www.amfiindia.com/http://www.hdfcfund.com/


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www.sebi.gov.in

www.bseindia.com

www.nseindia.com

www.mutualfundsindia.com

www.valueresearch.com

www.indiainfoline.com

www.in.finance.yahoo.com

www.investing.businessweek.com

www.businessline.com
http://www.sebi.gov.in/http://www.sebi.gov.in/http://www.bseindia.com/http://www.bseindia.com/http://www.nseindia.com/http://www.nseindia.com/http://www.mutualfundsindia.com/http://www.mutualfundsindia.com/http://www.valueresearch.com/http://www.valueresearch.com/http://www.indiainfoline.com/http://www.indiainfoline.com/http://www.in.finance.yahoo.com/http://www.in.finance.yahoo.com/http://www.investing.businessweek.com/http://www.investing.businessweek.com/http://www.businessline.com/http://www.businessline.com/http://www.businessline.com/http://www.investing.businessweek.com/http://www.in.finance.yahoo.com/http://www.indiainfoline.com/http://www.valueresearch.com/http://www.mutualfundsindia.com/http://www.nseindia.com/http://www.bseindia.com/http://www.sebi.gov.in/


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Final Report on HDFC Mutual Fund by RAJ

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