Hdfc finance project report

SAAB MARFIN MBA

Project Report of the

Summer Internship Project

Topic- MUTUAL FUND COMPARISON AND ANALYSIS

BY BABASAB PATIL

MUTUAL FUND COMPARISON AND ANALYSIS

SAAB MARFIN MBA

Table of Contents

Sno Topic Page No

1 Executive Summary

2 Company Profile

3 Industry Profile

I IntroductionII History of Mutual fundsIII Regulatory frameworkIV Concept Of Mutual FundV Types of Mutual FundVI Advantages Of Mutual FundVII Terms Used In Mutual FundsVIII Fund managementIX RiskX Basis Of ComparisonsXI How to pick right fund

4 Systematic Investment Plan and Lump Sum investment

5 Rebalancing and its effects

6 Research Methodology

I Problem statementII Research Objective

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III Data sourceIV Data AnlysisV Scope of StudyVI Limitations

7 Findings and Analysis

8 Rankings

9 Conclusion

1 Executive Summary

The topic of this project is Mutual Fund Comparison and Analysis The mutual fundindustry in India has seen dramatic improvements in quantity as well as quality of

product and service offerings in recent years and hence here focus is oncomparing schemes of different mutual fund companies on different performanceparametrers Along with this project also touches on the aspect of Systematic

Investment Plan and Rebalancing

Project analysis past three years data of different mutual fund schemes Different

measures like beta Sharpe Treynor Jensen etc have been taken to analyse theperformance

An effort has been made to work on the concepts that have been taught in classalong with other useful parameters so that better study can be done

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2 Company Profile

Vision Statement

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HDFC Asset Management Company Ltd (AMC) was incorporated under theCompanies Act 1956 on December 10 1999 and was approved to act as an Asset

Management Company for the HDFC Mutual Fund by SEBI vide its letter dated July 32000

The registered office of the AMC is situated at Ramon House 3rd Floor HT ParekhMarg 169 Back bay Reclamation Churchgate Mumbai - 400 020

In terms of the Investment Management Agreement the Trustee has appointed theHDFC Asset Management Company Limited to manage the Mutual Fund The paid

up capital of the AMC is Rs 25161 crore

Zurich Insurance Company (ZIC) the Sponsor of Zurich India Mutual Fund following

a review of its overall strategy had decided to divest its Asset Managementbusiness in India The AMC had entered into an agreement with ZIC to acquire the

said business subject to necessary regulatory approvals

Following the decision by Zurich Insurance Company (ZIC) the sponsor of Zurich

India Mutual Fund to divest its Asset Management Business in India HDFC AMCacquired the schemes of Zurich India Mutual Fund effective from June 19 2003

HDFC AMC has a strong parentage ndash CO Sponsored by Housing DevelopmentFinance Corporation Limited (HDFC Ltd) and Standard Life Investment Limited the

investment arm of The Standard Life Group UK

The present equity shareholding pattern of the AMC is as follows

Housing Development Finance Corporation Limited was incorporated in 1977as the first specialized Mortgage Company in India its activities include

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housing finance and property related services (property identificationvaluation etc) training and consultancy HDFC Ltd contributes the 60 ofthe paid up equity capital of the AMC

Standard Life Insurance Limited is a leading Asset management company

with approximately US$ 282 billion of asset under management as on June30 2007 The company operates in UK Canada Hong Kong China Korea

Ireland and USA to ensure it is able to form a truly global investment viewSLI Ltd contributes the 40 of the paid up equity capital of the AMC

The AMC is managing 24 open-ended schemes of the Mutual Fund viz HDFCGrowth Fund (HGF) HDFC Balanced Fund (HBF) HDFC Income Fund (HIF) HDFCLiquid Fund (HLF) HDFC Long Term Advantage Fund (HLTAF) HDFC Childrens Gift

Fund (HDFC CGF) HDFC Gilt Fund (HGILT) HDFC Short Term Plan (HSTP) HDFCIndex Fund HDFC Floating Rate Income Fund (HFRIF) HDFC Equity Fund (HEF)

HDFC Top 200 Fund (HT200) HDFC Capital Builder Fund (HCBF) HDFC Tax Saver(HTS) HDFC Prudence Fund (HPF) HDFC High Interest Fund (HHIF) HDFC CashManagement Fund (HCMF) HDFC MF Monthly Income Plan (HMIP) HDFC Core amp

Satellite Fund (HCSF) HDFC Multiple Yield Fund (HMYF) HDFC Premier Multi-CapFund (HPMCF) HDFC Multiple Yield Fund Plan 2005 (HMYF-Plan 2005) HDFC

Quarterly Interval Fund (HQIF) and HDFC Arbitrage Fund (HAF)The AMC is alsomanaging 11 closed ended Schemes of the HDFC Mutual Fund viz HDFC LongTerm Equity Fund HDFC Mid-Cap Opportunities Fund HDFC Infrastructure Fund

HDFC Fixed Maturity Plans HDFC Fixed Maturity Plans - Series II HDFC FixedMaturity Plans - Series III HDFC Fixed Maturity Plans - Series IV HDFC FixedMaturity Plans - Series V HDFC Fixed Maturity Plans - Series VI HFDC Fixed

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- Series V HDFC Fixed Maturity Plans - Series VI HFDC Fixed Maturity Plans -Series VII and HFDC Fixed Maturity Plans - Series VIII

The AMC is also providing portfolio management advisory services and suchactivities are not in conflict with the activities of the Mutual Fund The AMC hasrenewed its registration from SEBI vide Registration No - PM INP000000506

dated December 8 2006 to act as a Portfolio Manager under the SEBI (PortfolioManagers) Regulations 1993

3 Industry Profile

I Introduction

The Indian mutual fund industry has witnessed significant growth in the past fewyears driven by several favourable economic and demographic factors such asrising income levels and the increasing reach of Asset Management Companies

and distributors However after several years of relentless growth the industrywitnessed a fall of 8 in the assets under management in the financial year

2008-2009 that has impacted revenues and profitability Whereas in 2009-10 theindustry is on the road of recovery

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II History of Mutual Funds

The mutual fund industry in India started in 1963 with the formation of Unit Trustof India at the initiative of the Government of India and Reserve Bank of India The

history of mutual funds in India can be broadly divided into four distinct phases

First Phase ndash 1964-87

Unit Trust of India (UTI) was established on 1963 by an Act of Parliament It was setup 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 fromthe RBI and the Industrial Development Bank of India (IDBI) took over the regulatory

and administrative control in place of RBI The first scheme launched by UTI wasUnit Scheme 1964 At the end of 1988 UTI had Rs6 700 Crores of assets undermanagement

Second Phase ndash 1987-1993 (Entry of Public Sector Funds)

1987 marked the entry of non- UTI public sector mutual funds set up by publicsector banks and Life Insurance Corporation of India (LIC) and General Insurance

Corporation of India (GIC) SBI Mutual Fund was the first non- UTI Mutual Fundestablished in June 1987 followed by Canbank Mutual Fund (Dec 87) PunjabNational Bank Mutual Fund (Aug 89) Indian Bank Mutual Fund (Nov 89) Bank of

India (Jun 90) Bank of Baroda Mutual Fund (Oct 92) LIC established its mutual fundin June 1989 while GIC had set up its mutual fund in December 1990

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At the end of 1993 the mutual fund industry had assets under management ofRs47 004 Crores

Third Phase ndash 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 familiesAlso 1993 was the year in which the first Mutual Fund Regulations came into beingunder which all mutual funds except UTI were to be registered and governed The

erstwhile Kothari Pioneer (now merged with Franklin Templeton) was the firstprivate sector mutual fund registered in July 1993

The 1993 SEBI (Mutual Fund) Regulations were substituted by a morecomprehensive 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 mergersand acquisitions As at the end of January 2003 there were 33 mutual funds with

total assets of Rs 1 21805 Crores The Unit Trust of India with Rs44 541 Croresof assets under management was way ahead of other mutual funds

Fourth Phase ndash since February 2003

In February 2003 following the repeal of the Unit Trust of India Act 1963 UTI was

bifurcated into two separate entities One is the Specified Undertaking of the UnitTrust of India with assets under management of Rs29 835 crores as at the end ofJanuary 2003 representing broadly the assets of US 64 scheme assured return

and certain other schemes The Specified Undertaking of Unit Trust of Indiafunctioning under an administrator and under the rules framed by Government of

India and does not come under the purview of the Mutual Fund Regulations

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The second is the UTI Mutual Fund Ltd sponsored by SBI PNB BOB and LIC It isregistered with SEBI and functions under the Mutual Fund Regulations With thebifurcation of the erstwhile UTI which had in March 2000 more than Rs76000

Crores of assets under management and with the setting up of a UTI Mutual Fundconforming to the SEBI Mutual Fund

The graph indicates the growth of assets over the years

Assets of the mutual fund industry touched an all-time high of Rs639000 crore(approximately $136 billion) in May aided by the spike in the stock market by over 50 percent in the last one month and fresh inflows in liquid funds data released by theAssociation of Mutual Funds in India (AMFI) shows yesterday

The countrys burgeoning mutual fund industry is expected to see its assetsgrowing by 29 annually in the next five years The total assets under management

in the Indian mutual funds industry are estimated to grow at a compounded annualgrowth rate (CAGR) of 29 per cent in the next five years the report by global

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consultancy Celent said However the profitability of the industry is expected toremain at its present level mainly due to increasing cost incurred to developdistribution channels and falling margins due to greater competition among fund

houses it said

III Regulatory Framework

Securities and Exchange Board of India (SEBI)

The Government of India constituted Securities and Exchange Board of India by anAct of Parliament in 1992 the apex regulator of all entities that either raise funds

in the capital markets or invest in capital market securities such as shares anddebentures listed on stock exchanges Mutual funds have emerged as an importantinstitutional investor in capital market securities Hence they come under the

purview of SEBI SEBI requires all mutual funds to be registered with them It issuesguidelines for all mutual fund operations including where they can invest what

investment limits and restrictions must be complied with how they should accountfor income and expenses how they should make disclosures of information to theinvestors and generally act in the interest of investor protection To protect the

interest of the investors SEBI formulates policies and regulates the mutual fundsMF either promoted by public or by private sector entities including one promotedby foreign entities are governed by these Regulations SEBI approved Asset

Management Company (AMC) manages the funds by making investments in varioustypes of securities Custodian registered with SEBI holds the securities of various

schemes of the fund in its custody According to SEBI Regulations two thirds of thedirectors of Trustee Company or board of trustees must be independent

Association of Mutual Funds in India (AMFI)

With the increase in mutual fund players in India a need for mutual fund

association in India was generated to function as a non-profit organisation

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Association of Mutual Funds in India (AMFI) was incorporated on 22nd August1995

AMFI is an apex body of all Asset Management Companies (AMC) which hasbeen registered with SEBI Till date all the AMCs are that have launched mutual fundschemes are its member It functions under the supervision and guidelines of its

Board of Directors

Association of Mutual Funds India has brought down the Indian MutualFund Industry to a professional and healthy market with ethical line enhancing

and maintaining standards It follows the principle of both protecting andpromoting the interests of mutual funds as well as their unit holders

The objectives of Association of Mutual Funds in India

The Association of Mutual Funds of India works with 30 registered AMCs of

the country It has certain defined objectives which juxtaposes the guidelines of itsBoard of Directors The objectives are as follows

This mutual fund association of India maintains high professional and ethicalstandards in all areas of operation of the industry

It also recommends and promotes the top class business practices and codeof conduct which is followed by members and related people engaged in theactivities of mutual fund and asset management The agencies who are by

any means connected or involved in the field of capital markets and financialservices also involved in this code of conduct of the association

AMFI interacts with SEBI and works according to SEBIs guidelines in themutual fund industry

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Association of Mutual Fund of India do represent the Government of Indiathe Reserve Bank of India and other related bodies on matters relating to theMutual Fund Industry

It develops a team of well qualified and trained Agent distributors Itimplements a program of training and certification for all intermediaries andother engaged in the mutual fund industry

AMFI undertakes all India awareness program for investors in order topromote proper understanding of the concept and working of mutual funds

At last but not the least association of mutual fund of India also disseminateinformation on Mutual Fund Industry and undertakes studies and researcheither directly or in association with other bodies

IV Concept of Mutual Fund

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 capitalmarket instruments such as shares debentures and other securities The incomeearned through these investments and the capital appreciations realized are shared

by its unit holders in proportion to the number of units owned by them Thus aMutual Fund is the most suitable investment for the common man as it offers an

opportunity to invest in a diversified professionally managed basket of securitiesat a relatively low cost The flow chart below describes the working of a mutualfund

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Mutual fund operation flow chart

Mutual funds are considered as one of the best available investments as compareto others They are very cost efficient and also easy to invest in thus by pooling

money together in a mutual fund investors can purchase stocks or bonds withmuch lower trading costs than if they tried to do it on their own But the biggest

advantage to mutual funds is diversification by minimizing risk amp maximizingreturns

Organization of a Mutual Fund

There are many entities involved and the diagram below illustrates the

organizational set up of a mutual fund

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V Types of Mutual Fund schemes in INDIA

Wide variety of Mutual Fund Schemes exists to cater to the needs such as financial

position risk tolerance and return expectations

Overview of existing schemes existed in mutual fund category BY STRUCTURE

Open - Ended Schemes An open-end fund is one that is available for subscriptionall through the year These do not have a fixed maturity Investors can convenientlybuy and sell units at Net Asset Value (NAV) related prices The key feature of

open-end schemes is liquidity

Close - Ended Schemes A closed-end fund has a stipulated maturity period whichgenerally ranging from 3 to 15 years The fund is open for subscription only duringa specified period Investors can invest in the scheme at the time of the initial

public issue and thereafter they can buy or sell the units of the scheme on thestock exchanges where they are listed In order to provide an exit route to theinvestors some close-ended funds give an option of selling back the units to the

Mutual Fund through periodic repurchase at NAV related prices SEBI Regulationsstipulate that at least one of the two exit routes is provided to the investor

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Interval Schemes Interval Schemes are that scheme which combines the featuresof open-ended and close-ended schemes The units may be traded on the stockexchange or may be open for sale or redemption during pre-determined intervals

at NAV related prices

Overview of existing schemes existed in mutual fund category BY NATURE

Equity fund These funds invest a maximum part of their corpus into equitiesholdings The structure of the fund may vary different for different schemes and

the fund managerrsquos outlook on different stocks The Equity Funds aresub-classified depending upon their investment objective as follows

-Diversified Equity Funds

-Mid-Cap Funds

-Sector Specific Funds

-Tax Savings Funds (ELSS)

Equity investments are meant for a longer time horizon thus Equity funds rankhigh on the risk-return matrix

Debt funds The objective of these Funds is to invest in debt papers Governmentauthorities private companies banks and financial institutions are some of the

major issuers of debt papers By investing in debt instruments these funds ensurelow risk and provide stable income to the investors

Gilt Funds Invest their corpus in securities issued by Government popularlyknown as Government of India debt papers These Funds carry zero Default risk butare associated with Interest Rate risk These schemes are safer as they invest in

papers backed by Government

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Income Funds Invest a major portion into various debt instruments such as bondscorporate debentures and Government securities

Monthly income plans ( MIPs) Invests maximum of their total corpus in debtinstruments while they take minimum exposure in equities It gets benefit of bothequity and debt market These scheme ranks slightly high on the risk-return matrix

when compared with other debt schemes

Short Term Plans (STPs) Meant for investment horizon for three to six monthsThese funds primarily invest in short term papers like Certificate of Deposits (CDs)and Commercial Papers (CPs) Some portion of the corpus is also invested in

corporate debentures

Liquid Funds Also known as Money Market Schemes These funds provides easyliquidity and preservation of capital These schemes invest in short-terminstruments like Treasury Bills inter-bank call money market CPs and CDs Thesefunds are meant for short-term cash management of corporate houses and are

meant for an investment horizon of 1day to 3 months These schemes rank low onrisk-return matrix and are considered to be the safest amongst all categories of

mutual funds

Balanced funds They invest in both equities and fixed income securities which arein line with pre-defined investment objective of the scheme These schemes aim toprovide investors with the best of both the worlds Equity part provides growth andthe debt part provides stability in returns

Further the mutual funds can be broadly classified on the basis of investment

parameter It means each category of funds is backed by an investment philosophywhich is pre-defined in the objectives of the fund The investor can align his owninvestment needs with the funds objective and can invest accordingly

By investment objective

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Growth Schemes Growth Schemes are also known as equity schemes The aim ofthese schemes is to provide capital appreciation over medium to long term Theseschemes normally invest a major part of their fund in equities and are willing to

bear short-term decline in value for possible future appreciation

Income Schemes Income Schemes are also known as debt schemes The aim of

these schemes is to provide regular and steady income to investors These schemesgenerally invest in fixed income securities such as bonds and corporate debentures

Capital appreciation in such schemes may be limited

Balanced Schemes Balanced Schemes aim to provide both growth and income by

periodically distributing a part of the income and capital gains they earn Theseschemes invest in both shares and fixed income securities in the proportionindicated in their offer documents

Money Market Schemes Money Market Schemes aim to provide easy liquiditypreservation of capital and moderate income These schemes generally invest in

safer short-term instruments such as treasury bills certificates of depositcommercial paper and inter-bank call money

Other schemes

Tax Saving Schemes

Tax-saving schemes offer tax rebates to the investors under tax laws prescribedfrom time to time Under Sec80C of the Income Tax Act contributions made to anyEquity Linked Savings Scheme (ELSS) are eligible for rebate

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Index Schemes

Index schemes attempt to replicate the performance of a particular index such as

the BSE Sensex or the Nifty 50 The portfolio of these schemes will consist of onlythose stocks that constitute the index The percentage of each stock to the totalholding will be identical to the stocks index weightage And hence the returns

from such schemes would be more or less equivalent to those of the Index

Sector Specific Schemes

These are the fundsschemes which invest in the securities of only those sectors or

industries as specified in the offer documents Ex- Pharmaceuticals Software FastMoving Consumer Goods (FMCG) Petroleum stocks etc The returns in these fundsare dependent on the performance of the respective sectorsindustries While these

funds may give higher returns they are more risky compared to diversified fundsInvestors need to keep a watch on the performance of those sectorsindustries andmust exit at an appropriate time

VI Advantages of Mutual Funds

Diversification ndash It can help an investor diversify their portfolio with a minimuminvestment Spreading investments across a range of securities can help to reduce

risk A stock mutual fund for example invests in many stocks This minimizes therisk attributed to a concentrated position If a few securities in the mutual fund

lose value or become worthless the loss maybe offset by other securities thatappreciate in value Further diversification can be achieved by investing in multiplefunds which invest in different sectors

Professional Management- Mutual funds are managed and supervised byinvestment professional These managers decide what securities the fund will buy

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and sell This eliminates the investor of the difficult task of trying to time themarket

Well regulated- Mutual funds are subject to many government regulations thatprotect investors from fraud

Liquidity- Its easy to get money out of a mutual fund

Convenience- we can buy mutual fund shares by mail phone or over the Internet

Low cost- Mutual fund expenses are often no more than 15 percent of our

investment Expenses for Index Funds are less than that because index funds arenot actively managed Instead they automatically buy stock in companies that arelisted on a specific index

Transparency- The mutual fund offer document provides all the information aboutthe fund and the scheme This document is also called as the prospectus or thefund offer document and is very detailed and contains most of the relevant

information that an investor would need

Choice of schemes ndash there are different schemes which an investor can choose fromaccording to his investment goals and risk appetite

Tax benefits ndash An investor can get a tax benefit in schemes like ELSS (equity linkedsaving scheme)

VII Terms used in Mutual Fund

Asset Management Company (AMC)An AMC is the legal entity formed by the sponsor to run a mutual fund The AMC isusually a private limited company in which the sponsors and their associates or

joint venture partners are the shareholders The trustees sign an investment

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agreement with the AMC which spells out the functions of the AMC It is the AMCthat employs fund managers and analysts and other personnel It is the AMC thathandles all operational matters of a mutual fund ndash from launching schemes to

managing them to interacting with investors

Fund Offer document

The mutual fund is required to file with SEBI a detailed information memorandumin a prescribed format that provides all the information about the fund and the

scheme This document is also called as the prospectus or the fund offer documentand is very detailed and contains most of the relevant information that an investorwould need

TrustThe Mutual Fund is constituted as a Trust in accordance with the provisions of theIndian Trusts Act 1882 by the Sponsor The trust deed is registered under the

Indian Registration Act 1908 The Trust appoints the Trustees who are responsibleto the investors of the fund

TrusteesTrustees are like internal regulators in a mutual fund and their job is to protect the

interests of the unit holders Trustees are appointed by the sponsors and can beeither individuals or corporate bodies In order to ensure they are impartial and fairSEBI rules mandate that at least two-thirds of the trustees be independent ie not

have any association with the sponsorTrustees appoint the AMC which subsequently seeks their approval for the work it

does and reports periodically to them on how the business being run

CustodianA custodian handles the investment back office of a mutual fund Its

responsibilities include receipt and delivery of securities collection of incomedistribution of dividends and segregation of assets between the schemes It also

track corporate actions like bonus issues right offers offer for sale buy back and

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open offers for acquisition The sponsor of a mutual fund cannot act as a custodianto the fund This condition formulated in the interest of investors ensures that theassets of a mutual fund are not in the hands of its sponsor For example Deutsche

Bank is a custodian but it cannot service Deutsche Mutual Fund its mutual fundarm

NAVNet Asset Value is the market value of the assets of the scheme minus its liabilities

The per unit NAV is the net asset value of the scheme divided by the number ofunits outstanding on the Valuation DateThe NAV is usually calculated on a dailybasis In terms of corporate valuations the book values of assets less liability

The NAV is usually below the market price because the current value of the fundrsquosassets is higher than the historical financial statements used in the NAV calculation

Market Value of the Assets in the Scheme + Receivables + Accrued Income- Liabilities - Accrued Expenses

NAV =------------------------------------------------------------------------------------------------

No of units outstanding

Receivables Whatever the Profit is earned out of sold stocks by the Mutual fund iscalled Receivables

Accrued Income Income received from the investment made by the Mutual FundLiabilities Whatever they have to pay to other companies are called liabilitiesAccrued Expenses Day to day expenses such as postal expenses Printing

Advertisement Expenses etc

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Calculation of NAV

Scheme ABNScheme Size Rs 5 00 00000 (Five Crores)

Face Value of Units Rs10-Scheme Size 5 00 00000--------------------------- = ------------------- = 50

00000Face value of units 10

The fund will offer 50 00000 units to Public

Investments Equity shares of Various CompaniesMarket Value of Shares is Rs10 00 00000 (Ten Crores)

Rs 10 00 00000NAV = -------------------------- = Rs20-

50 00000 units

Thus each unit of Rs 10- is Worth Rs20-

It states that the value of the money has appreciated since it is more than the facevalue

Sale price

Is the price we pay when we invest in a scheme Also called Offer Price It mayinclude a sales load

Repurchase price

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Is the price at which units under open-ended schemes are repurchased by theMutual Fund Such prices are NAV related

Redemption Price

Is the price at which close-ended schemes redeem their units on maturity Such

prices are NAV related

Sales load

Is a charge collected by a scheme when it sells the units Also called lsquoFront-endrsquoload Schemes that do not charge a load are called lsquoNo Loadrsquo schemes

Repurchase or lsquoBack-endrsquo Load

Is a charge collected by a scheme when it buys back the units from the unit holders

CAGR (compounded annual growth rate)

The year-over-year growth rate of an investment over a specified period of time

The compound annual growth rate is calculated by taking the nth root of the totalpercentage growth rate where n is the number of years in the period being

considered

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VIII Fund Management

Actively managed funds

Mutual Fund managers are professionals They are considered professionalsbecause of their knowledge and experience Managers are hired to actively manage

mutual fund portfolios Instead of seeking to track market performance activefund management tries to beat it To do this fund managers actively buy and sell

individual securities For an actively managed fund the corresponding index canbe used as a performance benchmark

Is an active fund a better investment because it is trying to outperform the marketNot necessarily While there is the potential for higher returns with active fundsthey are more unpredictable and more risky From 1990 through 1999 on average

76 of large cap actively managed stock funds actually underperformed the SampP500 (Source - Schwab Center for Investment Research)

Actively managed fund styles

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Some active fund managers follow an investing style to try and maximize fundperformance while meeting the investment objectives of the fund Fund stylesusually fall within the following three categories

Fund Styles

Value The manager invests in stocks believed to be currently undervalued bythe marketGrowth The manager selects stocks they believe have a strong potential for

beating the marketBlend The manager looks for a combination of both growth and value stocks

To determine the style of a mutual fund consult the prospectus as well as othersources that review mutual funds Dont be surprised if the information conflicts

Although a prospectus may state a specific fund style the style may change Valuestocks held in the portfolio over a period of time may become growth stocks andvice versa Other research may give a more current and accurate account of the

style of the fund

Passively Managed Funds

Passively managed mutual funds are an easily understood relatively safe approachto investing in broad segments of the market They are used by less experienced

investors as well as sophisticated institutional investors with large portfoliosIndexing has been called investing on autopilot The metaphor is an appropriate

one as managed funds can be viewed as having a pilot at the controls When itcomes to flying an airplane both approaches are widely used

a high percentage of investment professionals find index investing compelling forthe following reasons

Simplicity Broad-based market index funds make asset

allocation and diversification easy

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Management quality The passive nature of indexing eliminates any concernsabout human error or management tenureLow portfolio turnover Less buying and selling of securities means lower

costs and fewer tax consequencesLow operational expenses Indexing is considerably less expensive thanactive fund management

Asset bloat Portfolio size is not a concern with index fundsPerformance It is a matter of record that index funds have outperformed the

majority of managed funds over a variety of time periods

You make money from your mutual fund investment when

The fund earns income on its investments and distributes it to you in theform of dividendsThe fund produces capital gains by selling securities at a profit and

distributes those gains to youYou sell your shares of the fund at a higher price than you paid for them

IX Risk

Every type of investment including mutual funds involves risk Risk refers to the

possibility that you will lose money (both principal and any earnings) or fail tomake money on an investment A funds investment objective and its holdings are

influential factors in determining how risky a fund is Reading the prospectus willhelp you to understand the risk associated with that particular fund

Generally speaking risk and potential return are related This is the riskreturntrade-off Higher risks are usually taken with the expectation of higher returns atthe cost of increased volatility While a fund with higher risk has the potential for

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higher return it also has the greater potential for losses or negative returns Theschool of thought when investing in mutual funds suggests that the longer yourinvestment time horizon is the less affected you should be by short-term

volatility Therefore the shorter your investment time horizon the moreconcerned you should be with short-term volatility and higher risk

Defining Mutual fund risk

Different mutual fund categories as previously defined have inherently different

risk characteristics and should not be compared side by side A bond fund withbelow-average risk for example should not be compared to a stock fund withbelow average risk Even though both funds have low risk for their respective

categories stock funds overall have a higher riskreturn potential than bond funds

Of all the asset classes cash investments (ie money markets) offer the greatest

price stability but have yielded the lowest long-term returns Bonds typicallyexperience more short-term price swings and in turn have generated higher

long-term returns However stocks historically have been subject to the greatestshort-term price fluctuationsmdashand have provided the highest long-term returnsInvestors looking for a fund which incorporates all asset classes may consider a

balanced or hybrid mutual fund These funds can be very conservative or veryaggressive Asset allocation portfolios are mutual funds that invest in other mutualfunds with different asset classes At the discretion of the manager(s) securities

are bought sold and shifted between funds with different asset classes accordingto market conditions

Mutual funds face risks based on the investments they hold For example a bondfund faces interest rate risk and income risk Bond values are inversely related to

interest rates If interest rates go up bond values will go down and vice versaBond income is also affected by the change in interest rates Bond yields are

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directly related to interest rates falling as interest rates fall and rising as interestrise Income risk is greater for a short-term bond fund than for a long-term bondfund

Similarly a sector stock fund (which invests in a single industry such astelecommunications) is at risk that its price will decline due to developments in its

industry A stock fund that invests across many industries is more sheltered fromthis risk defined as industry risk

Following is a glossary of some risks to consider when investing in mutual funds

Call Risk The possibility that falling interest rates will cause a bond issuer toredeemmdashor callmdashits high-yielding bond before the bonds maturity dateCountry Risk The possibility that political events (a war national elections)

financial problems (rising inflation government default) or natural disasters(an earthquake a poor harvest) will weaken a countrys economy and causeinvestments in that country to decline

Credit Risk The possibility that a bond issuer will fail to repay interest andprincipal in a timely manner Also called default risk

Currency Risk The possibility that returns could be reduced for Americansinvesting in foreign securities because of a rise in the value of the US dollaragainst foreign currencies Also called exchange-rate risk

Income Risk The possibility that a fixed-income funds dividends will declineas a result of falling overall interest ratesIndustry Risk The possibility that a group of stocks in a single industry will

decline in price due to developments in that industry

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X Basis Of Comparison Of Various Schemes Of MutualFunds

BetaBeta measures the sensitivity of the stock to the market For example if beta=15 itmeans the stock price will change by 15 for every 1 change in Sensex It is also

used to measure the systematic risk Systematic risk means risks which are externalto the organization like competition government policies They arenon-diversifiable risks

Beta is calculated using regression analysis Beta can also be defined as thetendency of a securitys returns to respond to swings in the market A beta of 1

indicates that the securitys price will move with the market A beta less than 1means that the security will be less volatile than the market A beta greater than 1indicates that the securitys price will be more volatile than the market For example

if a stocks beta is 12 its theoretically 20 more volatile than the market

Betagt11thenxaggressivexstocks

If1betalt1xthen1defensive1stocksIf beta=1 then neutral

So itrsquos a measure of the volatility or systematic risk of a security or a portfolio incomparison to the market as a whole

Many utilities stocks have a beta of less than 1 Conversely most hi-techNASDAQ-based stocks have a beta greater than 1 offering the possibility of a

higher rate of return but also posing more risk

Alpha takes the volatility in price of a mutual fund and compares its risk adjusted

performance to a benchmark index The excess return of the fund relative to the

SAAB MARFIN MBA

returns of benchmark index is a fundamental ALPHA It is calculated as a returnwhich is earned in excess of the return generated by CAPM Alpha is oftenconsidered to represent the value that a portfolio manager adds to or subtracts

from a funds return A positive alpha of 10 means the fund has outperformed itsbenchmark index by 1 Correspondingly a similar negative alpha wouldindicate underperformanceof 1

If a CAPM analysis estimates that a portfolio should earn 35 return based on therisk of the portfolio but the portfolio actually earns 40 the portfolios alpha would

be 5 This 5 is the excess return over what was predicted in the CAPM modelThis 5 is ALPHA

Sharpe Ratio

A ratio developed by Nobel Laureate Bill Sharpe to measure risk-adjustedperformance It is calculated by subtracting the risk-free rate from the rate of

return for a portfolio and dividing the result by the standard deviation of theportfolio returns

The Sharpe ratio tells us whether the returns of a portfolio are because of smart

investment decisions or a result of excess risk This measurement is very usefulbecause although one portfolio or fund can reap higher returns than its peers it is

only a good investment if those higher returns do not come with too muchadditional risk The greater a portfolios Sharpe ratio the better its risk-adjustedperformance has been

Treynor Ratio

SAAB MARFIN MBA

The treynor ratio named after Jack Treynor is similar to the Sharpe ratio exceptthat the risk measure used is Beta instead of standard deviation This ratio thusmeasures reward to volatility

Treynor Ratio = (Return from the investment ndash Risk free return) Beta of theinvestment

The scheme with the higher treynor Ratio offers a better risk-reward equation for

the investor

Since Treynor Ratio uses Beta as a risk measure it evaluates excess returns only

with respect to systematic (or market) risk It will therefore be more appropriate fordiversified schemes where the non-systematic risks have been eliminatedGenerally large institutional investors have the requisite funds to maintain such

highly diversified portfolios

Also since Beta is based on capital asset pricing model which is empirically tested

for equity Treynor Ratio would be inappropriate for debt schemes

M- SQUARED

Modigliani and Modigliani recognized that average investors did not find the Sharpe

ratio intuitive and addressed this shortcoming by multiplying the Sharpe ratio bythe standard deviation of the excess returns on a broad market index such as theSampP 500 or the Wilshire 5000 for the same time period This yields the

risk-adjusted excess return This too is a significant and useful statistic as itmeasures the return in excess of the risk-free rate which is the basis from whichall risky investments should be measured

MndashSquared= [ (Ri ndash Rf) Sd Inv] Sd Mkt + RfOR

MndashSquared= Sharpe Ratio Sd Mkt + Rf

SAAB MARFIN MBA

Ri = Return from the investmentRf = Risk free return

Sd Inv= Standard Deviation InvestmentSd Mkt= Standard Deviation Market

Leverage Factor

It reports the comparison of the total risk in the fund with the total risk in the

market portfolio and can be used in making investment decisions It is calculatedby dividing market standard deviation by the fund standard deviation

Li = Standard deviation of the marketStandard deviation of the fund

for example a leverage factor greater than one implies that standard deviation ofthe fund is less than standard deviation of the market index and that the investor

should consider levering the fund by borrowing money and invest in that particularfund while this would tend to increase the risk of investment somewhat there

would be an greater than proportional increase in returns On the other handleverage factor less than one implies that the risk of fund is greater than risk ofmarket index and the investor should consider unlevering the fund by selling of the

part of the holding in the fund and investing the proceeds I a risk free securitysuch as treasury bill in this way returns on the investment reduce somewhat therewould be an greater than proportional reduction in risk

Standard Deviation

A measure of the dispersion of a set of data from its mean The more spread apartthe data is the higher the deviation Standard deviation is applied to the annualrate of return of an investment to measure the investments volatility (risk)

SAAB MARFIN MBA

A volatile stock would have a high standard deviation The standard deviation tellsus how much the return on the fund is deviating from the expected normal returns

Standard deviation can also be calculated as the square root of the variance

XI How To Pick The Right Mutual Fund

Identifying Goals and Risk ToleranceBefore acquiring shares in any fund an investor must first identify his or her goalsand desires for the money being invested Are long-term capital gains desired or

is a current income preferred Will the money be used to pay for college expensesor to supplement a retirement that is decades away One should consider the issue

of risk tolerance Is the investor able to afford and mentally accept dramatic swingsin portfolio value Or is a more conservative investment warranted Identifying risktolerance is as important as identifying a goal Finally the time horizon must be

addressed Investors must think about how long they can afford to tie up theirmoney or if they anticipate any liquidity concerns in the near future Ideallymutual fund holders should have an investment horizon with at least five years or

Style and Fund TypeIf the investor intends to use the money in the fund for a longer term need and iswilling to assume a fair amount of risk and volatility then the styleobjective he or

she may be suited for is a fund These types of funds typically hold a highpercentage of their assets in common stocks and are therefore considered to bevolatile in nature Conversely if the investor is in need of current income he or she

should acquire shares in an income fund Government and corporate debt are thetwo of the more common holdings in an income fund There are times when an

investor has a longer term need but is unwilling or unable to assume substantial

SAAB MARFIN MBA

risk In this case a balanced fund which invests in both stocks and bonds may bethe best alternative

Charges and FeesMutual funds make their money by charging fees to the investor It is important togain an understanding of the different types of fees that you may face when

purchasing an investmentSome funds charge a sales fee known as a load fee which will either be charged

upon initial investment or upon sale of the investment A front-end loadfee is paidout of the initial investment made by the investor while a back-end loadfee ischarged when an investor sells his or her investment usually prior to a set time

period To avoid these sales fees look for no-load funds which dont charge afront- or back-end loadfee However one should be aware of the other fees in ano-load fund such as the management expense ratio and other administration

fees as they may be very highThe investor should look for the management expense ratio The ratio is simply the

total percentage of fund assets that are being charged to cover fund expenses Thehigher the ratio the lower the investors return will be at the end of the yearEvaluating ManagersPast ResultsInvestors should research a funds past results The following is a list of questionsthat perspective investors should ask themselves when reviewing the historicalrecord

Did the fund manager deliver results that were consistent with general

market returnsWas the fund more volatile than the big indexes (it means did its returns varydramatically throughout the year)

This information is important because it will give the investor insight into how theportfolio manager performs under certain conditions as well as what historically

has been the trend in terms of turnover and return Prior to buying into a fund one

SAAB MARFIN MBA

must review the investment companys literature to look for information aboutanticipated trends in the market in the years ahead

Size of the FundAlthough the size of a fund does not hinder its ability to meet its investmentobjectives However there are times when a fund can get too big For example -

Fidelitys Magellan Fund Back in 1999 the fund topped $100 billion in assets andfor the first time it was forced to change its investment process to accommodate

the large daily (money) inflows Instead of being nimble and buying small and midcap stocks it shifted its focus primarily toward larger capitalization growth stocksAs a result its performance has suffered

Fund Transactional ActivityPortfolio Turnover

Measure of how frequently assets within a fund are bought and sold by themanagers Portfolio turnover is calculated by taking either the total amount of new

securities purchased or the amount of securities sold -whichever is less - over aparticular period divided by the total net asset value (NAV) of the fund Themeasurement is usually reported for a 12-month time period

Fund Performance MetricsHistorical Performance

The investor should see the past returns of the fund and should compare it withthe peer group fund

Whatever the objective the mutual fund is an excellent medium to accumulatefinancial assets and grow them over time to achieve any of these goals

SAAB MARFIN MBA

4 Systematic Investment Plan (SIP)

SIP is similar to a Recurring Deposit Every month on a specified date an amount you chooseis invested in a mutual fund scheme of your choice The dates currently available for SIPsare the 1st 5th 10th 15th 20th and the 25th of a month There are many benefits ofinvesting through SIP

Benefit 1Become A Disciplined Investor

Being disciplined - Itrsquos the key to investing success With the Systematic Investment Planyou commit an amount of your choice (minimum of Rs 500 and in multiples of Rs 100thereof) to be invested every month in one of our schemes

Think of each SIP payment as laying a brick One by one yoursquoll see them transform into abuilding Yoursquoll see your investments accrue month after month Itrsquos as simple as giving atleast 6 postdated monthly cheques to us for a fixed amount in a scheme of your choice Itrsquosthe perfect solution for irregular investors

Benefit 2Reach Your Financial Goal

Imagine you want to buy a car a year from now but you donrsquot know where thedown-payment will come from SIP is a perfect tool for people who have a specific futurefinancial requirement By investing an amount of your choice every month you can plan forand meet financial goals like funds for a childrsquos education a marriage in the family or acomfortable postretirement life

Benefit 3

SAAB MARFIN MBA

Take Advantage of Rupee Cost AveragingMost investors want to buy stocks when the prices are low and sell them when prices arehigh But timing the market is timeconsuming and risky A more successful investmentstrategy is to adopt the method called Rupee Cost Averaging We can reap this benefit byinvesting the amounts through a SIP

Benefit 4Grow Your Investment With Compounded Benefits

It is far better to invest a small amount of money regularly rather than save up to make onelarge investment This is because while you are saving the lump sum your savings may notearn much interestWith HDFC MF SIP each amount you invest grows through compounding benefits as wellThat is the interest earned on your investment also earns interest The following exampleillustrates this

Imagine Neha is 20 years old when she starts working Every month she saves and investsRs 5000 till she is 25 years old The total investment made by her over 5 years is Rs 3lakhsArjun also starts working when he is 20 years old But he doesnrsquot invest monthly Hegets a large bonus of Rs 3 lakhs at 25 and decides to invest the entire amount

Both of them decide not to withdraw these investments till they turn 50 At 50 NeharsquosInvestments have grown to Rs 4668273 whereas Arjunrsquos investments have grown to Rs3617084 Neharsquos small contributions to a SIP and her decision to start investing earlierthan Arjun have made her wealthier by over Rs 10 lakhsFigures based on 10 pa interest compounded monthly

Benefit 5Do All This EffortlesslyInvesting with SIP is easy Simply give us post-dated cheques or opt for an Auto Debit fromyour bank account for an amount of your choice (minimum of Rs 500 and in multiples ofRs 100 thereof) and wersquoll invest the money every month in a fund of your choice Theplans are completely flexible You can invest for a minimum of six months or for as long as

SAAB MARFIN MBA

you want You can also decide to invest quarterly and will need to invest for a minimum oftwo quarters

All you have to do after that is sit back and watch your investments accumulate

SIP and LUMPSUM Investment in HDFC EQUITY FUNDYEAR 2007-08

NAV SIP UNITS

Apr-07 1516 1000 6596306

May-07 15928 1000 6278173

Jun-07 16531 1000 6049131

Jul-07 1668 1000 5995175

Aug-07 16883 1000 5923223

Sep-07 18284 1000 5469323

Oct-07 2101 1000 4759638

Nov-07 20618 1000 4850225

Dec-07 22332 1000 4477819

Jan-08 18842 1000 5307292

Feb-08 18824 1000 5312367

Mar-08 16578 1000 6032091

SAAB MARFIN MBA

SIP UNITS 6705076AVERAGE UNIT PRICE=178968LUMPSUM 120001516= 79155AVERAGE UNIT PRICE=1516

YEAR 2008-09

NAV SIP UNITS

Apr-08 17819 1000 5611987

May08 1696 1000 5896226

Jun-08 14372 1000 6958119

Jul-08 15172 1000 6591306

Aug-08 15892 1000 6292316

Sep-08 14572 1000 6862429

Oct-08 11032 1000 9064375

Nov-08 10181 1000 9822411

PERIOD

NASeries

SAAB MARFIN MBA

Dec-08 11238 1000 8898618

Jan-09 10375 1000 9638183

Feb-09 98163 1000 1018714

Mar-09 10885 1000 9186786

YEAR 2009-10

NAV SIP UNITS

Apr-09 12707 1000 7869678

May09 1699 1000 5885919

Jun-0 17281 1000 5786702

101214161820

Mar09PERIOD

NAVSeries

SAAB MARFIN MBA

Jul-09 18535 1000 5395344

Aug-09 19303 1000 5180542

Sep-09 21182 1000 4720923

Oct-09 20902 1000 4784163

Nov-09 22432 1000 4457917

Dec-09 23101 1000 4328817

Jan-10 22493 1000 4445828

Feb-10 22339 1000 4476576

Mar10 23572 1000 4242375

SIP UNITS 615747

PERIODS

NAVSeries

SAAB MARFIN MBA

AVERAGE UNIT PRICE=194885LUMPSUM 1200012707= 944361AVERAGE UNIT PRICE=12707

In the year 2007-08 when the there is not much change in the opening and endingNAV there is not much difference in the units earned through SIP investment and

lump sum investmentThere is a constant decrease in the NAV of the fund and there is a noticeablechange in the opening and ending NAV for the year 2008-09 This fall in market

helps the investors in earning more units as the NAV is continuously going downAs the number of units earned increases as the average unit price of the mutualfund scheme decreases

In 2009-10 there continuous increase in the NAV and hence lump sum investmentgives more units compared to SIP investments Due to low number of units earned

the average unit price is more compared to lump sum investmentSIP investments are beneficial to investors in obtaining more units when the marketis down By investing in small amounts but in continuous manner investors can

reap benefits of market volatilitySIP investment benefits the investor as smallamount of money can be invested in a systematic manner hence not burdeninghimher with need to make large investment at one time Hence along with

convenience to the investors it also gives them advantage to reap the benefits ofhaving extra units when the markets are down

SAAB MARFIN MBA

5 Portfolio Rebalancing

Rebalancing is defined as the periodic adjustment of a portfolio to restore theoriginal asset allocation mix of your mutual fund portfolio If an investors

investment strategy or risk threshold has changed he can rebalance hisinvestments so that asset classes in the portfolio align with his new asset allocation

plan It is the process of selling assets that are performing well and buying assetsthat are underperforming Portfolio rebalancing is one of the very few ways togenerate additional returns for a portfolio without incurring any additional risk

Ex-if there is a portfolio with a 50stocks 50 bonds policy asset mix

If stocks return 25 return while bonds produce a 5 return stocks becomeoverweighed at the end of the year (54 vs 46) Rebalancing involves selling 4 in

stocks and buying 4 in bonds to bring the asset mix back to the desired 5050asset mix

SAAB MARFIN MBA

One of a very important step before rebalancing is to assign a strategic asset allocationplan appropriate to risk profile investment goals and time horizon

Rebalancing in volatile market

In rising stock markets people often take on more risk than theyre suited for as a resultof which they ended up with a larger percentage of stocks in their portfolios than their risklevels warranted Many even added to their already over weighted positions by buyingmore and more assuming the stellar performance trend would continue indefinitely butwhen the market began a sharp fall in 2000 their investments were poundedmdashmore thanthey likely expected and more than if had they rebalanced

Rebalancing effects

Financial Research studied a portfolio of 60 stocks and 40 bonds to see whatwould happen if no rebalancing took place As the stock market performed well from 1994to 1999 the portfolios 60 stock allocation grew to nearly 80 This portfolio becameover weighted in stocks just in time for the 2000 bear market

Without rebalancing a portfolio in the 1990s became too aggressive

SAAB MARFIN MBA

but the same mix of 60 stocks and 40 bonds starting in 2000 This time the stockmarket was falling By 2002 the portfolios allocation had flipped consisting of 40 stocksand 60 bonds

Without rebalancing a portfolio in the 2000s became too conservative

SAAB MARFIN MBA

The value of regular rebalancing

A regular rebalancing plan helps instill discipline in investing process In most cases arebalanced portfolio had lower risk and similar to slightly higher returns The chart belowshows what happened when we rebalanced a portfolio with a moderate risk profile annuallyfrom 1970 through 2006

Rebalancing lowered risk and increased returns

Source The Schwab Center for Financial Research with data from Ibbotson Associates Inc

SAAB MARFIN MBA

Rebalancing has proven to be more efficient than a buy and hold strategy over a fullmarket cycle and by rebalancing periodically back to the original weighting of the portfolioit has also been effective at risk reduction A buy and hold strategy can be more profitableover the short term as rebalancing sole driving force is to sell off what is up and buy whatis down Because of this it is possible to reduce your position in an asset class that is stillon the rise thus reducing your potential for short-term gains Overall or more preciselyover a full market cycle of (on average) 5-7 years rebalancing does add value

By rebalancing we can retain control of the overall risk of a portfolio In a volatile marketrebalancing could add to fees but it would also keep the portfolio on target for our goalsand in line with our desired level of risk

Advantages of rebalancing

1 It keeps portfoliorsquos risk within tolerable limit

2 It generates stable return

3 It will instill the discipline essential for investment success

4 By rebalancing the portfolio the investor systematically takes profit in these expenseasset classes and reinvests the proceeds into the underperforming assets

Analysis of investments in Equity and Debt and how rebalancing the portfolio will help in

-Risk Management

- Stability

- Maximize returns

SAAB MARFIN MBA

Understanding debt and equity

EquityPros - High returns Low risk in Long term High Liquidity

Cons - Risky not suitable for short term investment

Pros - Stable and assured returns Good investment for short term goals

Cons - Low returns

Equity + Debt- When we combine Equity and Debt returns are better than Debt but lessthan Equity but at the same time risk is also minimized and when we apply technique ofPortfolio Rebalancing both risk and returns are well managed

Each person should concentrate on both returns and risk

Case 1 Equity Debt goes up

Action Decrease the Equity part and shift it to Debt so that EquityDebt is same as earlierReason As our Equity has gone up we could loose a lot of it if something bad happens weshift the excess part to Debt so that it is safe and grows at least

Case 2 Equity Debt Goes Down

Action Decrease the Debt part and shift it to Equity so that Equity Debt is same as earlierReason As out Equity part has decreased we make sure that it is increased so that wedont loose out on any opportunity Limitations of this strategy is that once our equityexposure has gone up if we rebalance and bring down your Equity Exposure we will loose

SAAB MARFIN MBA

out on the profits if Equity provides great returns

Case 3 Understanding the Game of Equity and Debt

As we know that the markets are unexpected and they can go in any direction so its betterto be safe Many people are confused that if there equity has done very well then shall theybook profits and get out with money and wait for markets to come down so that they canreinvest Portfolio rebalancing is the same thing but a little different name andmethodology so once you get good profit in something which was risky you transfer somepart to non-risk Debt

The rebalancing analysis can be done with the help of an example

Eight sensex levels have been selected starting from 1st January 2007 till 1st June 2010semiannually The sensex levels on the below mentioned dates were

Dates Sensex1st January 07 13942241st July 07 14664261st January 08 20300711st July 08 12961681st January 09 9903461st July 09 14645471st January 10 17558731st June 10 1657203

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

Time periodReturns () Equity debt9

equity +debtwithout

rebalancing

equity+debtwith

rebalancingJan 07- July

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

As we can see clearly from the above table thatHence if we consistently rebalance

our portfolio we get more returns while reducing risk in our portfolio

Working note

(Assumption tax has been ignored for calculation purposes)

For equity 1 lack is the amount of investment we are getting 518 returns in thefirst quarter So it will be 1051787 Now in the next quarter return is 3844 so

the amount will be 105178713844=1456058

Similarly the rest calculations will be

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

So at the end the amount becomes 1188736

For debt 9

For 1st quarter 9100000=109000

For 2nd quarter 9109000=118810

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

For equity + debt (5050) of amount 100000 without rebalancing

(1188736+182802)2 = 1508378

For equity + debt (5050) of amount 100000 with rebalancing

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

So total capital now is =10708940 we can see that our 50000 in equity becomes5258935 and 50000 in debt becomes 54500 so in order to bring it to ouroriginal 5050 ratio we will now rebalance

2nd quarter 5010708940 =5354468 and

5010708940=5354468

Now this 54175 amount becomes the opening balance for quarter 2

Calculating the returns now

5354468 13844= 7412725

5354468 109 =583637

So the total capital now becomes=1324909 Now again 5354468 amount

becomes 7412725and 5354468 becomes 583637disrupting our 5050 ratio sowe will again rebalance it

For 3rd quarter

501324909=6624547

Calculating return in these two figures in equity the return is -3615 and in debtit is 9

66245476385=4229668

6624547109 =7220756

The total amount now is 1145042

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

The final amount will be 1061487

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

So the total is 1363374

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

So the final total is 1586687

Analysis

Comparing the debt+ equity with and without rebalancing

Calculating CAGR without rebalancing (1508378100000) 02857 - 1 =1246 pa

Calculating CAGR with rebalancing (1586687100000) 02857 - 1 = 1409 pa

So it can be concluded that with the help of rebalancing we are getting 226higher CAGR while reducing the risk and maintaining our desired portfolio

allocation

SAAB MARFIN MBA

I Problem Statement

Aim of the project is to analyze the performance flagship equity diversifiedschemes of six fund houses by calculating different performance measures for the

data of past three years Through this we aim to evaluate the performance in termsof risk and the returns of the schemes

II Research Objective

1 To compare the performance of various 5 star rated equity diversified mutualfund schemes over a period of three years

2 To compare the schemes with the returns of benchmark for the past threeyears

3 To identify the level of risk involved in investing in various equity diversifiedmutual fund schemes

II Data Sources

Primary data

SAAB MARFIN MBA

Most of the data about the schemes of HDFC has been provided by the HDFC AssetManagement Company

My industry mentor helped me obtain monthly portfolios and returns data ofschemes which were available to him and also helped me acquire data fromcompanyrsquos intranet

Secondary data

Data collection Secondary data is collected from various published journalscompany fact sheets books and from Internet

IV Data analysis

The data that has been collected for this study has been analysed by widely usedperformance parameters as

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

Other analysis are done by using graphs calculations tables etc

V Scope Of The Study

This study calculates different measures to compare equity diversified schemes ofdifferent fund houses For this study past three years data of the schemes and

their benchmarks have been taken into consideration It helps us see how the fundsstand in comparison with each other

SAAB MARFIN MBA

VI Limitations Of The Study

1 Time constraints Due to shortage or less availability of time it may be possible

that all the related and concerned aspects may not be covered in the project

2 Only past three year data has been taken in this project which might not give

complete scheme performance

3 Analysis done is limited to the availability of data

7 Findings And Analysis

Here six funds of different companies are taken which are rated 5 star by ValueResearch Ratings Value research Funds ratings are a composite measure ofhistorical risk adjusted returns In the case of equity and hybrid funds this rating is

based on the weighted average monthly returns for the last 3 and 5 ndash year periodIn the case of debt fund this rating is based on the weighted average weekly

returns for the last 18 months and 3 years period and in case of short term debtfunds ndashweekly returns for the last 18 months Each category must have a minimumof 10 funds to be rated Effective since July 2008additional qualifying criteria

whereby a fund with less than Rs 5 crore of average AUM in the past six monthswill not be eligible for ratingFive star indicate that a fund is in the 10 of its category in terms of historical risk

adjusted returns Four star indicate that fund is in the next 225 middle 35receive 3 star the next 225are assigned 2 star bottom 10 receive 1 star

For our study here six schemes have been selected

HDFC EQUITY FUND

SAAB MARFIN MBA

ICICI PRUDENTIAL DISCOVERY FUND

UTI OPPUTTUNITIES FUND

IDFC PREMIER EQUITY PLAN A

RELIANCE RSF FUND

SUNDARAN BNP PARIBAS SMILE REG-

SCHEME PROFILE

HDFC EQUITY FUND

AMC HDFC Asset Management Company Ltd

Fund Category Equity diversified

Scheme Plan Growth

Scheme Type Open Ended

Launch Date January 01 1995

Fund Manager Mr Prashant Jain

Benchmark SampP CNX 500

Assets (RS 63557

SAAB MARFIN MBA

crore)

AMC ICICI Prudential Asset Management Co Ltd

Scheme Plan Growth

Launch Date August 162004

Benchmark SampP CNX Nifty

Fund Manager Mr Sankaren Naren

Assets (RScrore) 10889

UTI OPPORTUNITIES FUND

AMC UTI Asset Management Co Ltd

Scheme Plan Growth

Launch Date July 162005

Benchmark BSE 100

Fund Manager Mr Harsh Upadhyaya

SAAB MARFIN MBA

AMC IDFC Asset Management Company Ltd

Scheme Plan Growth

Launch Date September 28 2005

Benchmark BSE 500

Fund Manager Mr Kenneth Andrade

RELIANCE RSF FUND

AMC RELAINCE Asset Management Co Ltd

Scheme Plan Growth

Launch Date June 82005

Benchmark BSE 100

Fund Manager Mr Arpit Malaviya

SAAB MARFIN MBA

SUNDARAM BNP PARIBAS SMILE REG-G

Scheme Plan Growth

Launch Date February 152005

Benchmark CNX midcap

Fund Manager Mr S Krishna Kumar

For all the above schemes returns of the past three years ie 2007-10 have beenconsidered Similarly returns are taken for the benchmarks of the respective schemesCalculation of different parameters like average return beta standard deviationsharpe ratio treynor ratio have been done for all the schemes for all years separately

AVERAGE MONTHLY RETURN

SCHEMES 2007-08 2008-09 2009-10

HDFC EQUITY FUND 172 (256) 595

ICICI PRUDENTIAL DISCOVERYFUND 111 (286) 750

UTI OPPORTUNITIES FUND 327 (183) 414

SAAB MARFIN MBA

IDFC PREMIER EQUITY PLANA 379 (331) 546

RELIANCE RSF FUND 438 (29) 577

SUNDARAM BNP PARIBASSMILE REG-G 265 (386) 630

The table above average monthly returns of the mutual fund schemes for 2007-082008-09 and 2009-10 During the period of analysis it was in the year 2009- 10 that thefunds have yielded the maximum return Among them the top return was provided byICICI Prudential Discovery Fund with a value of 75 The lowest return giving fund for theyear was UTI Opportunities Fund and the value was 414Performance in the year 2008-09 was the least in all the three years Least returns thisyear was from Sundaram BNP Paribas SMILE REG-G fund with the returns being -386 andhighest were of UTI Opportunities Fund with returns of -183 Low returns in this yearwere because of recession that hit the marketIn the year 2007-08 highest returns were given by Reliance RSF Fund with returns being438 and lowest returns were 111 of ICICI Prudential Discovery Fund

STANDARD DEVIATION

SCHEMES 2007-08 2008-09 2009-10HDFC EQUITY FUND 008 012 010

ICICI PRUDENTIAL DISCOVERYFUND 009 012 009

SAAB MARFIN MBA

UTI OPPUTTUNITIES FUND 009 010 008IDFC PREMIER EQUITY

PLANA 009 011 007RELAINCE RSF FUND 010 012 012

SUNDARAN BNP PARIBASSMILE REG-G 010 013 0 11

Standard Deviation of a fund depicts that how much the returns of the fund havedeviated from the mean level The higher the value of standard deviation the

greater will be the volatility in the funds returns In 2007-08 standard deviation of10 was highest among all for Reliance RSF Fund and Sundaram BNP Paribas SMILEREG-G meaning that the funds return fluctuated in either direction (up or down)

by 10 from its average return whereas HDFC Equity fund showed minimumdeviation of 8

In the year 2008-09 Sundaram BNP Paribas SMILE REG-G showed the maximumvolatility by having standard deviation of 13 UTI Opportunities Fund had theminimum standard deviation of 10

For the year 2009-10 Reliance RSF Fund was the most volatile fund with standarddeviation of 12 IDFC Premier Equity Plan A had the least value of 7

SAAB MARFIN MBA

UTI OPPORTUNITIES FUND 095 082 080IDFC PREMIER EQUITY

PLAN A 087 087 071RELAINCE RSF FUND 099 100 102

SUNDARAM BNP PARIBASSMILE REG-G 095 097 110

Beta measures the non- diversifiable risk of a portfolio Normally the value of beta liessomewhere between 04 and 19 In this case the sample involves only equity diversifiedschemes Therefore the beta lies at a range from 071 to 110 During the financial year2007- 08 Reliance RSF Fund was considered as the highest risky fund as it was havinghighest beta value of 099 The lowest risky fund was ICICI Prudential Discovery Fund witha beta of 084

In the year 2008- 09 high risky fund was Reliance RSF Fund and the value was 1 The lowrisky fund for this financial year was UTI Opportunities Fund and the value was 082

The high risky fund for the financial year 2009- 10 was Sundaram BNP Paribas SMILEREG-G Fund with the Beta value of 11 next was Relaince RSF Fund with beta of 102Lowrisk fund for this year was IDFC Equity Plan A with beta value of 071

SHARPE RATIO

SAAB MARFIN MBA

SCHEMES 2007-08 2008-09 2009-10HDFC EQUITY FUND 206 (340) 1144

UTI OPPUTTUNITIES FUND 411 (323) 994IDFC PREMIER EQUITY PLAN

A 611 (363) 1463RELIANCE RSF FUND 524 (364) 1048

The above table shows the Sharpe ratio of various schemes for the financial years 2007-082008-09 and 2009- 10 Sharpe ratio is a measure of the excess return per unit of risk inan investment asset of a trading strategy The Sharpe ratio is used to characterize how wellthe return of an asset compensates the investor for the risk taken The selected mutualfund schemes showed the best risk adjusted performance during the financial year 2009-10 Among them IDFC Equity Plan A was considered as the best one with a ratio of 1463The least performance was shown by UTI Opportunities Fund which has a ratio of 994

The performance of all selected mutual fund schemes was really low during the financialyear 2008- 09 Funds were even having negative Sharpe ratio The lowest risk adjustedperformance was shown by Reliance RSF Fund and the value was -364 UTI OpportunitiesFund which showed the risk adjusted performance with a Sharpe ratio of -323 which wasbest among all

In the year 2007-08 IDFC Premier Equity Plan A is the fund which has shown themaximum Sharpe ratio of 611 It means that the fund has provided the maximum riskadjusted return as compared to other funds The fund having the least Sharpe value is ICICIPrudential Discovery Fund with a value of 063

SAAB MARFIN MBA

TREYNOR RATIO

UTI OPPORTUNITIES FUND 037 (038) 099IDFC PREMIER EQUITY PLAN

A 060 (046) 146RELAINCE RSF FUND 053 (043) 101

Treynorrsquos ratio measures the fundrsquos performance in relation to the marketrsquos performanceThe table shows the Treynorrsquos ratio of selected mutual fund schemes for three financialyears 2007-082008-09 and 2009-10 It was during the financial year 2009- 10 that thefunds showed the highest performance among the three years of analysis All the fundswere having its highest Treynor ratio during this financial year Among them the topperforming fund was ICICI Prudential Discovery Fund The value was 173 The lowestperformance was shown by UTI Opportunities Fund The value was 099

The financial year 2008- 09 was a low performance year for almost all mutual fundschemes The returns reduced significantly as compared to previous financial year Someschemes showed even a negative Treynorrsquos ratio ICICI Prudential Discovery Fund is thefund which showed the maximum Treynorrsquos ratio during this financial year The value was-032 and the least performing fund was SUNDARAM BNP Paribas SMILE REG- G Fund Itsvalue was -047

In the year 2007-08 IDFC Equity Plan A Fund is having the maximum Treynorrsquos ratio of060 It means that the scheme has a better risk adjustedperformance as compared toother schemes The scheme having the lowest Treynor ratio is ICICI Prudential DiscoveryFund The ratio is 007 This shows that the fund is having a low risk adjusted performance

SAAB MARFIN MBA

JENSEN ALPHA

SCHEMES 2007-08 2008-09 2009-10HDFC EQUITY FUND (00109) (00026) 00110

ICICI PRUDENTIAL DISCOVERYFUND (00207) (00050) 00377

UTI OPPORTUNITIES FUND (00013) 00052 (00111)IDFC PREMIER EQUITY PLAN

A 00693 00097 (00005)RELAINCE RSF FUND 00235 (00342) 00045

SUNDARAM BNP PARIBASSMILE REG-G (00026) (00024) (00018)

Jensenrsquos performance index is used as a measure of absolute performance of the portfolioThe above table shows the Jensenrsquos alpha measure for the financial years2007-082008-09 and 2009- 10 In the year 2007-08 the highest riskadjusted performance isshown by IDFC Premier Equity Plan A with a value of 00693 The lowest risk- adjustedperformance was shown by ICICI Prudential Discovery Fund and the value was -00207

During the financial year 2008- 09 the least value was shown by Relaince RSF Fund andthe value was -00342 The highest risk adjusted performance for this financial year wasshown by IDFC Premier Equity Plan A and the value was 00097

For the year 2009-10 the highest Jensenrsquos measure is for ICICI Prudential Discovery Fundand the value is 00377 The lowest value is for UTI Opportunities Fund and it is -00111

SAAB MARFIN MBA

M^2(M SQUARE)

UTI OPPORTUNITIES FUND 04711 (03225) 09809IDFC PREMIER EQUITY

PLAN A 05952 (04399) 15624RELIANCE RSF FUND 05056 (03698) 10319

The M-squared is a performance measurement using return per unit of total risk asmeasured by the standard deviation The table above shows that in the year 2007-08 IDFCPremier Equity Plan A fund scored high on it with a value of 05952 and ICICI PrudentialDiscovery Fund showed least value with 010

In 2008-09 all the funds showed negative performance as the markets were down tooAmong all UTI Opportunities Fund showed best performance with value of -03225 andIDFC Equity Plan A gave the minimum value of -04399

For the year 2009-10 IFDC Premier Equity Plan A Fund showed highest values of 15624among all the funds And UTI Opportunities Fund had the minimum values of 098

SAAB MARFIN MBA

LEVERAGE FACTOR (Li)

The above table shows the leverage factor of various schemes for the financial years2007-08 2008-09 and 2009- 10 In 2007-08 leverage factor is highest for HDFC Equityfund this means that it has low fund standard deviation compared to market standarddeviation and hence investor should consider levering this fund by investing more in itSimilarly for IDFC Premier Equity plan A in 2008-09 and 2009-10 investor should considerto invest more as they are having leverage factor more than one

For year 2007-08 Reliance RSF Fund has the lowest Leverage factor and also less than onemeans fund standard deviation is more than market standard deviation and hence investorshould consider unlevering this fund by selling of part of holding in the fund Similarly forSundaram BNP Paribas SMILE REG- G fund in 2008-09 and ICICI Prudential Discovery Fundin 2009-10 investor should take similar steps as there leverage factor is less than one

SAAB MARFIN MBA

8 Rankings

2007-08

Rank Sharpe Treynor Jensen M2LeverageFactor

1IDFC PREMIEREQUITY PLAN A

IDFCPREMIEREQUITY PLANA

IDFC PREMIEREQUITY PLANA

IDFC PREMIEREQUITY PLAN A

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

UTIOPPORTUNITIESFUND

SUNDARAMBNP PARIBASSMILEREG-G

During the financial year 2007- 08 Treynorrsquos ratio Sharpe Jensenrsquos and

M-Squared measure rate IDFC Premier Equity Plan A as the best one whereasHDFC Equity Fund got the best rating in case of Leverage Factor Thus the best

picks of financial year 2007- 08 include HDFC Equity Fund IDFC Equity Plan A Reliance RSF Fund UTI Opportunities Fund

2008-09

SAAB MARFIN MBA

ICICIPRUDENTIALDISCOVERYFUND

UTIOPPORTUNITIES

FUNDIDFC PREMIEREQUITY PLAN A

2HDFC EQUITYFUND

UTIOPPUTTUNITIESFUND

HDFC EQUITYFUND

SUNDARAMBNP PARIBASSMILE REG-G

HDFC EQUITYFUND

HDFC EQUITYFUN

In the year 2008-09 according to Jensen Alpha and Leverage Factor IDFC EquityPlan A was the best performing fund whereas on the basis of M-Squared and

Sharpe ratio UTI OpportunitiesFund was the best in performance ICICI PrudentialDiscovery Fund did best on M-Squared Amongst the top three ranked fund were

Sundaram BNP Paribas SMILE REG and HDFC Equity Fund

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

In the year 2009-10 ICICI Prudential Discovery Fund performed well on Treynor

Ratio and Jensen Alpha whereas IDFC Premier Equity Plan A performed well onSharpe RatioM-Squared and Leverage Factor HDFC Equity Fund Reliance RSF Fund

UTI Opportunities fund were other funds that were also in the top three performingfunds

SAAB MARFIN MBA

9 Conclusion

In this study the performance of various mutual fund schemes in the equitydiversified segment was considered Analysis was based on the risk and returns ofvarious schemes On analysis it was revealed that there is a certain amount of risk

involved while investing in equity diversified schemes as the beta values ofschemes falls within a range of 071 and 110 The study also revealed the fact that

almost all the equity diversified schemes were affected in the year 2008-09 whenrecession had hit the market Values for average returns Sharpe and Treynor werelowest Whereas in the year 2009-10 when the market were recovering and

investors were again showing faith in the market schemes showed good riskadjusted performance as most of the schemes were having positive values in caseof the performance measures Schemes like IDFC Equity Plan A and HDFC Equity

Fund were the top performing schemes in different parameters for 2007-08 In2008-09 UTI Opportunities Fund IDFC Equity Plan A and ICICI Prudential Discovery

Fund were the best of all and in 2009-10 IDFC Equity Plan A and ICICI PrudentialDiscovery Fund performed the best

SAAB MARFIN MBA

The study is highly beneficial to the investors as it gives them chance to compareand analyze different scheme Thus the it helps the investors of all classes inseeing how the different five star rated funds stand in comparison with each other

Along with this we are also able to see that in the difference between Systematicand Lump sum investment We found out that if markets are down then then SIP

helps us in securing more units In todays time when market movements cannot bepredicted investors tend to go for SIP as it does help them take advantage of thelow market rates Also it removes the burden of investing large amount of money at

one time

Further the effects of rebalancing showed that the returns that were earned when

rebalancing was done was higher compared to the returns that were earned withoutrebalancing Hence setting rules for rebalancing your mutual fund portfolio and

adhering to those rules will ensure that you sell high and buy low in the process ofmaintaining the desired composition One need to decide up front how oftenheshe will rebalance their portfolio One should plan on doing it at least once a

year and possibly quarterly Also one should set target ranges and rebalance anyfunds as soon as they blow through the upper or lower end of their ranges

References

1 Naresh Malhotra Research Methodology

2 ReillyBrown Investment Analysis and Portfolio Management

3 wwwvalueresearchonlinecom

4 wwwmoneycontrolcom

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

It reports the comparison of the total risk in the fund with the total risk in the market portfolio and can be used in making investment decisions It is calculated by dividing market standard deviation by the fund standard deviation

Li = Standard deviation of the market

Standard deviation of the fund

for example a leverage factor greater than one implies that standard deviation of the fund is less than standard deviation of the market index and that the investor should consider levering the fund by borrowing money and invest in that particular fund while this would tend to increase the risk of investment somewhat there would be an greater than proportional increase in returns On the other hand leverage factor less than one implies that the risk of fund is greater than risk of market index and the investor should consider unlevering the fund by selling of the part of the holding in the fund and investing the proceeds I a risk free security such as treasury bill in this way returns on the investment reduce somewhat there would be an greater than proportional reduction in risk

References

SAAB MARFIN MBA

Table of Contents

Sno Topic Page No

1 Executive Summary

2 Company Profile

3 Industry Profile

I IntroductionII History of Mutual fundsIII Regulatory frameworkIV Concept Of Mutual FundV Types of Mutual FundVI Advantages Of Mutual FundVII Terms Used In Mutual FundsVIII Fund managementIX RiskX Basis Of ComparisonsXI How to pick right fund

4 Systematic Investment Plan and Lump Sum investment

5 Rebalancing and its effects

I Problem statementII Research Objective

SAAB MARFIN MBA

8 Rankings

9 Conclusion

1 Executive Summary

SAAB MARFIN MBA

2 Company Profile

Vision Statement

SAAB MARFIN MBA

3 Industry Profile

I Introduction

SAAB MARFIN MBA

houses it said

SAAB MARFIN MBA

Board of Directors

SAAB MARFIN MBA

-Mid-Cap Funds

SAAB MARFIN MBA

mutual funds

SAAB MARFIN MBA

Other schemes

Tax Saving Schemes

SAAB MARFIN MBA

Index Schemes

SAAB MARFIN MBA

Fund Offer document

SAAB MARFIN MBA

NAV =------------------------------------------------------------------------------------------------

SAAB MARFIN MBA

Calculation of NAV

Rs 10 00 00000NAV = -------------------------- = Rs20-

50 00000 units

Sale price

Repurchase price

SAAB MARFIN MBA

Redemption Price

Sales load

considered

SAAB MARFIN MBA

Fund Styles

style of the fund

SAAB MARFIN MBA

IX Risk

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

SAAB MARFIN MBA

the investor

M- SQUARED

SAAB MARFIN MBA

Leverage Factor

Standard Deviation

SAAB MARFIN MBA

Benefit 3

SAAB MARFIN MBA

NAV SIP UNITS

Apr-07 1516 1000 6596306

May-07 15928 1000 6278173

Jun-07 16531 1000 6049131

Jul-07 1668 1000 5995175

Aug-07 16883 1000 5923223

Sep-07 18284 1000 5469323

Oct-07 2101 1000 4759638

Nov-07 20618 1000 4850225

Dec-07 22332 1000 4477819

Jan-08 18842 1000 5307292

Feb-08 18824 1000 5312367

Mar-08 16578 1000 6032091

SAAB MARFIN MBA

YEAR 2008-09

NAV SIP UNITS

Apr-08 17819 1000 5611987

May08 1696 1000 5896226

Jun-08 14372 1000 6958119

Jul-08 15172 1000 6591306

Aug-08 15892 1000 6292316

Sep-08 14572 1000 6862429

Oct-08 11032 1000 9064375

Nov-08 10181 1000 9822411

PERIOD

NASeries

SAAB MARFIN MBA

Dec-08 11238 1000 8898618

Jan-09 10375 1000 9638183

Feb-09 98163 1000 1018714

Mar-09 10885 1000 9186786

YEAR 2009-10

NAV SIP UNITS

Apr-09 12707 1000 7869678

May09 1699 1000 5885919

Jun-0 17281 1000 5786702

101214161820

Mar09PERIOD

NAVSeries

SAAB MARFIN MBA

Jul-09 18535 1000 5395344

Aug-09 19303 1000 5180542

Sep-09 21182 1000 4720923

Oct-09 20902 1000 4784163

Nov-09 22432 1000 4457917

Dec-09 23101 1000 4328817

Jan-10 22493 1000 4445828

Feb-10 22339 1000 4476576

Mar10 23572 1000 4242375

SIP UNITS 615747

PERIODS

NAVSeries

SAAB MARFIN MBA

Rebalancing effects

SAAB MARFIN MBA

-Risk Management

- Stability

- Maximize returns

SAAB MARFIN MBA

Cons - Low returns

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

8 Rankings

9 Conclusion

1 Executive Summary

SAAB MARFIN MBA

2 Company Profile

Vision Statement

SAAB MARFIN MBA

3 Industry Profile

I Introduction

SAAB MARFIN MBA

houses it said

SAAB MARFIN MBA

Board of Directors

SAAB MARFIN MBA

-Mid-Cap Funds

SAAB MARFIN MBA

mutual funds

SAAB MARFIN MBA

Other schemes

Tax Saving Schemes

SAAB MARFIN MBA

Index Schemes

SAAB MARFIN MBA

Fund Offer document

SAAB MARFIN MBA

NAV =------------------------------------------------------------------------------------------------

SAAB MARFIN MBA

Calculation of NAV

Rs 10 00 00000NAV = -------------------------- = Rs20-

50 00000 units

Sale price

Repurchase price

SAAB MARFIN MBA

Redemption Price

Sales load

considered

SAAB MARFIN MBA

Fund Styles

style of the fund

SAAB MARFIN MBA

IX Risk

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

SAAB MARFIN MBA

the investor

M- SQUARED

SAAB MARFIN MBA

Leverage Factor

Standard Deviation

SAAB MARFIN MBA

Benefit 3

SAAB MARFIN MBA

NAV SIP UNITS

Apr-07 1516 1000 6596306

May-07 15928 1000 6278173

Jun-07 16531 1000 6049131

Jul-07 1668 1000 5995175

Aug-07 16883 1000 5923223

Sep-07 18284 1000 5469323

Oct-07 2101 1000 4759638

Nov-07 20618 1000 4850225

Dec-07 22332 1000 4477819

Jan-08 18842 1000 5307292

Feb-08 18824 1000 5312367

Mar-08 16578 1000 6032091

SAAB MARFIN MBA

YEAR 2008-09

NAV SIP UNITS

Apr-08 17819 1000 5611987

May08 1696 1000 5896226

Jun-08 14372 1000 6958119

Jul-08 15172 1000 6591306

Aug-08 15892 1000 6292316

Sep-08 14572 1000 6862429

Oct-08 11032 1000 9064375

Nov-08 10181 1000 9822411

PERIOD

NASeries

SAAB MARFIN MBA

Dec-08 11238 1000 8898618

Jan-09 10375 1000 9638183

Feb-09 98163 1000 1018714

Mar-09 10885 1000 9186786

YEAR 2009-10

NAV SIP UNITS

Apr-09 12707 1000 7869678

May09 1699 1000 5885919

Jun-0 17281 1000 5786702

101214161820

Mar09PERIOD

NAVSeries

SAAB MARFIN MBA

Jul-09 18535 1000 5395344

Aug-09 19303 1000 5180542

Sep-09 21182 1000 4720923

Oct-09 20902 1000 4784163

Nov-09 22432 1000 4457917

Dec-09 23101 1000 4328817

Jan-10 22493 1000 4445828

Feb-10 22339 1000 4476576

Mar10 23572 1000 4242375

SIP UNITS 615747

PERIODS

NAVSeries

SAAB MARFIN MBA

Rebalancing effects

SAAB MARFIN MBA

-Risk Management

- Stability

- Maximize returns

SAAB MARFIN MBA

Cons - Low returns

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

2 Company Profile

Vision Statement

SAAB MARFIN MBA

3 Industry Profile

I Introduction

SAAB MARFIN MBA

houses it said

SAAB MARFIN MBA

Board of Directors

SAAB MARFIN MBA

-Mid-Cap Funds

SAAB MARFIN MBA

mutual funds

SAAB MARFIN MBA

Other schemes

Tax Saving Schemes

SAAB MARFIN MBA

Index Schemes

SAAB MARFIN MBA

Fund Offer document

SAAB MARFIN MBA

NAV =------------------------------------------------------------------------------------------------

SAAB MARFIN MBA

Calculation of NAV

Rs 10 00 00000NAV = -------------------------- = Rs20-

50 00000 units

Sale price

Repurchase price

SAAB MARFIN MBA

Redemption Price

Sales load

considered

SAAB MARFIN MBA

Fund Styles

style of the fund

SAAB MARFIN MBA

IX Risk

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

SAAB MARFIN MBA

the investor

M- SQUARED

SAAB MARFIN MBA

Leverage Factor

Standard Deviation

SAAB MARFIN MBA

Benefit 3

SAAB MARFIN MBA

NAV SIP UNITS

Apr-07 1516 1000 6596306

May-07 15928 1000 6278173

Jun-07 16531 1000 6049131

Jul-07 1668 1000 5995175

Aug-07 16883 1000 5923223

Sep-07 18284 1000 5469323

Oct-07 2101 1000 4759638

Nov-07 20618 1000 4850225

Dec-07 22332 1000 4477819

Jan-08 18842 1000 5307292

Feb-08 18824 1000 5312367

Mar-08 16578 1000 6032091

SAAB MARFIN MBA

YEAR 2008-09

NAV SIP UNITS

Apr-08 17819 1000 5611987

May08 1696 1000 5896226

Jun-08 14372 1000 6958119

Jul-08 15172 1000 6591306

Aug-08 15892 1000 6292316

Sep-08 14572 1000 6862429

Oct-08 11032 1000 9064375

Nov-08 10181 1000 9822411

PERIOD

NASeries

SAAB MARFIN MBA

Dec-08 11238 1000 8898618

Jan-09 10375 1000 9638183

Feb-09 98163 1000 1018714

Mar-09 10885 1000 9186786

YEAR 2009-10

NAV SIP UNITS

Apr-09 12707 1000 7869678

May09 1699 1000 5885919

Jun-0 17281 1000 5786702

101214161820

Mar09PERIOD

NAVSeries

SAAB MARFIN MBA

Jul-09 18535 1000 5395344

Aug-09 19303 1000 5180542

Sep-09 21182 1000 4720923

Oct-09 20902 1000 4784163

Nov-09 22432 1000 4457917

Dec-09 23101 1000 4328817

Jan-10 22493 1000 4445828

Feb-10 22339 1000 4476576

Mar10 23572 1000 4242375

SIP UNITS 615747

PERIODS

NAVSeries

SAAB MARFIN MBA

Rebalancing effects

SAAB MARFIN MBA

-Risk Management

- Stability

- Maximize returns

SAAB MARFIN MBA

Cons - Low returns

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

3 Industry Profile

I Introduction

SAAB MARFIN MBA

houses it said

SAAB MARFIN MBA

Board of Directors

SAAB MARFIN MBA

-Mid-Cap Funds

SAAB MARFIN MBA

mutual funds

SAAB MARFIN MBA

Other schemes

Tax Saving Schemes

SAAB MARFIN MBA

Index Schemes

SAAB MARFIN MBA

Fund Offer document

SAAB MARFIN MBA

NAV =------------------------------------------------------------------------------------------------

SAAB MARFIN MBA

Calculation of NAV

Rs 10 00 00000NAV = -------------------------- = Rs20-

50 00000 units

Sale price

Repurchase price

SAAB MARFIN MBA

Redemption Price

Sales load

considered

SAAB MARFIN MBA

Fund Styles

style of the fund

SAAB MARFIN MBA

IX Risk

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

SAAB MARFIN MBA

the investor

M- SQUARED

SAAB MARFIN MBA

Leverage Factor

Standard Deviation

SAAB MARFIN MBA

Benefit 3

SAAB MARFIN MBA

NAV SIP UNITS

Apr-07 1516 1000 6596306

May-07 15928 1000 6278173

Jun-07 16531 1000 6049131

Jul-07 1668 1000 5995175

Aug-07 16883 1000 5923223

Sep-07 18284 1000 5469323

Oct-07 2101 1000 4759638

Nov-07 20618 1000 4850225

Dec-07 22332 1000 4477819

Jan-08 18842 1000 5307292

Feb-08 18824 1000 5312367

Mar-08 16578 1000 6032091

SAAB MARFIN MBA

YEAR 2008-09

NAV SIP UNITS

Apr-08 17819 1000 5611987

May08 1696 1000 5896226

Jun-08 14372 1000 6958119

Jul-08 15172 1000 6591306

Aug-08 15892 1000 6292316

Sep-08 14572 1000 6862429

Oct-08 11032 1000 9064375

Nov-08 10181 1000 9822411

PERIOD

NASeries

SAAB MARFIN MBA

Dec-08 11238 1000 8898618

Jan-09 10375 1000 9638183

Feb-09 98163 1000 1018714

Mar-09 10885 1000 9186786

YEAR 2009-10

NAV SIP UNITS

Apr-09 12707 1000 7869678

May09 1699 1000 5885919

Jun-0 17281 1000 5786702

101214161820

Mar09PERIOD

NAVSeries

SAAB MARFIN MBA

Jul-09 18535 1000 5395344

Aug-09 19303 1000 5180542

Sep-09 21182 1000 4720923

Oct-09 20902 1000 4784163

Nov-09 22432 1000 4457917

Dec-09 23101 1000 4328817

Jan-10 22493 1000 4445828

Feb-10 22339 1000 4476576

Mar10 23572 1000 4242375

SIP UNITS 615747

PERIODS

NAVSeries

SAAB MARFIN MBA

Rebalancing effects

SAAB MARFIN MBA

-Risk Management

- Stability

- Maximize returns

SAAB MARFIN MBA

Cons - Low returns

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

3 Industry Profile

I Introduction

SAAB MARFIN MBA

houses it said

SAAB MARFIN MBA

Board of Directors

SAAB MARFIN MBA

-Mid-Cap Funds

SAAB MARFIN MBA

mutual funds

SAAB MARFIN MBA

Other schemes

Tax Saving Schemes

SAAB MARFIN MBA

Index Schemes

SAAB MARFIN MBA

Fund Offer document

SAAB MARFIN MBA

NAV =------------------------------------------------------------------------------------------------

SAAB MARFIN MBA

Calculation of NAV

Rs 10 00 00000NAV = -------------------------- = Rs20-

50 00000 units

Sale price

Repurchase price

SAAB MARFIN MBA

Redemption Price

Sales load

considered

SAAB MARFIN MBA

Fund Styles

style of the fund

SAAB MARFIN MBA

IX Risk

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

SAAB MARFIN MBA

the investor

M- SQUARED

SAAB MARFIN MBA

Leverage Factor

Standard Deviation

SAAB MARFIN MBA

Benefit 3

SAAB MARFIN MBA

NAV SIP UNITS

Apr-07 1516 1000 6596306

May-07 15928 1000 6278173

Jun-07 16531 1000 6049131

Jul-07 1668 1000 5995175

Aug-07 16883 1000 5923223

Sep-07 18284 1000 5469323

Oct-07 2101 1000 4759638

Nov-07 20618 1000 4850225

Dec-07 22332 1000 4477819

Jan-08 18842 1000 5307292

Feb-08 18824 1000 5312367

Mar-08 16578 1000 6032091

SAAB MARFIN MBA

YEAR 2008-09

NAV SIP UNITS

Apr-08 17819 1000 5611987

May08 1696 1000 5896226

Jun-08 14372 1000 6958119

Jul-08 15172 1000 6591306

Aug-08 15892 1000 6292316

Sep-08 14572 1000 6862429

Oct-08 11032 1000 9064375

Nov-08 10181 1000 9822411

PERIOD

NASeries

SAAB MARFIN MBA

Dec-08 11238 1000 8898618

Jan-09 10375 1000 9638183

Feb-09 98163 1000 1018714

Mar-09 10885 1000 9186786

YEAR 2009-10

NAV SIP UNITS

Apr-09 12707 1000 7869678

May09 1699 1000 5885919

Jun-0 17281 1000 5786702

101214161820

Mar09PERIOD

NAVSeries

SAAB MARFIN MBA

Jul-09 18535 1000 5395344

Aug-09 19303 1000 5180542

Sep-09 21182 1000 4720923

Oct-09 20902 1000 4784163

Nov-09 22432 1000 4457917

Dec-09 23101 1000 4328817

Jan-10 22493 1000 4445828

Feb-10 22339 1000 4476576

Mar10 23572 1000 4242375

SIP UNITS 615747

PERIODS

NAVSeries

SAAB MARFIN MBA

Rebalancing effects

SAAB MARFIN MBA

-Risk Management

- Stability

- Maximize returns

SAAB MARFIN MBA

Cons - Low returns

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

3 Industry Profile

I Introduction

SAAB MARFIN MBA

houses it said

SAAB MARFIN MBA

Board of Directors

SAAB MARFIN MBA

-Mid-Cap Funds

SAAB MARFIN MBA

mutual funds

SAAB MARFIN MBA

Other schemes

Tax Saving Schemes

SAAB MARFIN MBA

Index Schemes

SAAB MARFIN MBA

Fund Offer document

SAAB MARFIN MBA

NAV =------------------------------------------------------------------------------------------------

SAAB MARFIN MBA

Calculation of NAV

Rs 10 00 00000NAV = -------------------------- = Rs20-

50 00000 units

Sale price

Repurchase price

SAAB MARFIN MBA

Redemption Price

Sales load

considered

SAAB MARFIN MBA

Fund Styles

style of the fund

SAAB MARFIN MBA

IX Risk

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

SAAB MARFIN MBA

the investor

M- SQUARED

SAAB MARFIN MBA

Leverage Factor

Standard Deviation

SAAB MARFIN MBA

Benefit 3

SAAB MARFIN MBA

NAV SIP UNITS

Apr-07 1516 1000 6596306

May-07 15928 1000 6278173

Jun-07 16531 1000 6049131

Jul-07 1668 1000 5995175

Aug-07 16883 1000 5923223

Sep-07 18284 1000 5469323

Oct-07 2101 1000 4759638

Nov-07 20618 1000 4850225

Dec-07 22332 1000 4477819

Jan-08 18842 1000 5307292

Feb-08 18824 1000 5312367

Mar-08 16578 1000 6032091

SAAB MARFIN MBA

YEAR 2008-09

NAV SIP UNITS

Apr-08 17819 1000 5611987

May08 1696 1000 5896226

Jun-08 14372 1000 6958119

Jul-08 15172 1000 6591306

Aug-08 15892 1000 6292316

Sep-08 14572 1000 6862429

Oct-08 11032 1000 9064375

Nov-08 10181 1000 9822411

PERIOD

NASeries

SAAB MARFIN MBA

Dec-08 11238 1000 8898618

Jan-09 10375 1000 9638183

Feb-09 98163 1000 1018714

Mar-09 10885 1000 9186786

YEAR 2009-10

NAV SIP UNITS

Apr-09 12707 1000 7869678

May09 1699 1000 5885919

Jun-0 17281 1000 5786702

101214161820

Mar09PERIOD

NAVSeries

SAAB MARFIN MBA

Jul-09 18535 1000 5395344

Aug-09 19303 1000 5180542

Sep-09 21182 1000 4720923

Oct-09 20902 1000 4784163

Nov-09 22432 1000 4457917

Dec-09 23101 1000 4328817

Jan-10 22493 1000 4445828

Feb-10 22339 1000 4476576

Mar10 23572 1000 4242375

SIP UNITS 615747

PERIODS

NAVSeries

SAAB MARFIN MBA

Rebalancing effects

SAAB MARFIN MBA

-Risk Management

- Stability

- Maximize returns

SAAB MARFIN MBA

Cons - Low returns

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

houses it said

SAAB MARFIN MBA

Board of Directors

SAAB MARFIN MBA

-Mid-Cap Funds

SAAB MARFIN MBA

mutual funds

SAAB MARFIN MBA

Other schemes

Tax Saving Schemes

SAAB MARFIN MBA

Index Schemes

SAAB MARFIN MBA

Fund Offer document

SAAB MARFIN MBA

NAV =------------------------------------------------------------------------------------------------

SAAB MARFIN MBA

Calculation of NAV

Rs 10 00 00000NAV = -------------------------- = Rs20-

50 00000 units

Sale price

Repurchase price

SAAB MARFIN MBA

Redemption Price

Sales load

considered

SAAB MARFIN MBA

Fund Styles

style of the fund

SAAB MARFIN MBA

IX Risk

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

SAAB MARFIN MBA

the investor

M- SQUARED

SAAB MARFIN MBA

Leverage Factor

Standard Deviation

SAAB MARFIN MBA

Benefit 3

SAAB MARFIN MBA

NAV SIP UNITS

Apr-07 1516 1000 6596306

May-07 15928 1000 6278173

Jun-07 16531 1000 6049131

Jul-07 1668 1000 5995175

Aug-07 16883 1000 5923223

Sep-07 18284 1000 5469323

Oct-07 2101 1000 4759638

Nov-07 20618 1000 4850225

Dec-07 22332 1000 4477819

Jan-08 18842 1000 5307292

Feb-08 18824 1000 5312367

Mar-08 16578 1000 6032091

SAAB MARFIN MBA

YEAR 2008-09

NAV SIP UNITS

Apr-08 17819 1000 5611987

May08 1696 1000 5896226

Jun-08 14372 1000 6958119

Jul-08 15172 1000 6591306

Aug-08 15892 1000 6292316

Sep-08 14572 1000 6862429

Oct-08 11032 1000 9064375

Nov-08 10181 1000 9822411

PERIOD

NASeries

SAAB MARFIN MBA

Dec-08 11238 1000 8898618

Jan-09 10375 1000 9638183

Feb-09 98163 1000 1018714

Mar-09 10885 1000 9186786

YEAR 2009-10

NAV SIP UNITS

Apr-09 12707 1000 7869678

May09 1699 1000 5885919

Jun-0 17281 1000 5786702

101214161820

Mar09PERIOD

NAVSeries

SAAB MARFIN MBA

Jul-09 18535 1000 5395344

Aug-09 19303 1000 5180542

Sep-09 21182 1000 4720923

Oct-09 20902 1000 4784163

Nov-09 22432 1000 4457917

Dec-09 23101 1000 4328817

Jan-10 22493 1000 4445828

Feb-10 22339 1000 4476576

Mar10 23572 1000 4242375

SIP UNITS 615747

PERIODS

NAVSeries

SAAB MARFIN MBA

Rebalancing effects

SAAB MARFIN MBA

-Risk Management

- Stability

- Maximize returns

SAAB MARFIN MBA

Cons - Low returns

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

houses it said

SAAB MARFIN MBA

Board of Directors

SAAB MARFIN MBA

-Mid-Cap Funds

SAAB MARFIN MBA

mutual funds

SAAB MARFIN MBA

Other schemes

Tax Saving Schemes

SAAB MARFIN MBA

Index Schemes

SAAB MARFIN MBA

Fund Offer document

SAAB MARFIN MBA

NAV =------------------------------------------------------------------------------------------------

SAAB MARFIN MBA

Calculation of NAV

Rs 10 00 00000NAV = -------------------------- = Rs20-

50 00000 units

Sale price

Repurchase price

SAAB MARFIN MBA

Redemption Price

Sales load

considered

SAAB MARFIN MBA

Fund Styles

style of the fund

SAAB MARFIN MBA

IX Risk

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

SAAB MARFIN MBA

the investor

M- SQUARED

SAAB MARFIN MBA

Leverage Factor

Standard Deviation

SAAB MARFIN MBA

Benefit 3

SAAB MARFIN MBA

NAV SIP UNITS

Apr-07 1516 1000 6596306

May-07 15928 1000 6278173

Jun-07 16531 1000 6049131

Jul-07 1668 1000 5995175

Aug-07 16883 1000 5923223

Sep-07 18284 1000 5469323

Oct-07 2101 1000 4759638

Nov-07 20618 1000 4850225

Dec-07 22332 1000 4477819

Jan-08 18842 1000 5307292

Feb-08 18824 1000 5312367

Mar-08 16578 1000 6032091

SAAB MARFIN MBA

YEAR 2008-09

NAV SIP UNITS

Apr-08 17819 1000 5611987

May08 1696 1000 5896226

Jun-08 14372 1000 6958119

Jul-08 15172 1000 6591306

Aug-08 15892 1000 6292316

Sep-08 14572 1000 6862429

Oct-08 11032 1000 9064375

Nov-08 10181 1000 9822411

PERIOD

NASeries

SAAB MARFIN MBA

Dec-08 11238 1000 8898618

Jan-09 10375 1000 9638183

Feb-09 98163 1000 1018714

Mar-09 10885 1000 9186786

YEAR 2009-10

NAV SIP UNITS

Apr-09 12707 1000 7869678

May09 1699 1000 5885919

Jun-0 17281 1000 5786702

101214161820

Mar09PERIOD

NAVSeries

SAAB MARFIN MBA

Jul-09 18535 1000 5395344

Aug-09 19303 1000 5180542

Sep-09 21182 1000 4720923

Oct-09 20902 1000 4784163

Nov-09 22432 1000 4457917

Dec-09 23101 1000 4328817

Jan-10 22493 1000 4445828

Feb-10 22339 1000 4476576

Mar10 23572 1000 4242375

SIP UNITS 615747

PERIODS

NAVSeries

SAAB MARFIN MBA

Rebalancing effects

SAAB MARFIN MBA

-Risk Management

- Stability

- Maximize returns

SAAB MARFIN MBA

Cons - Low returns

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

houses it said

SAAB MARFIN MBA

Board of Directors

SAAB MARFIN MBA

-Mid-Cap Funds

SAAB MARFIN MBA

mutual funds

SAAB MARFIN MBA

Other schemes

Tax Saving Schemes

SAAB MARFIN MBA

Index Schemes

SAAB MARFIN MBA

Fund Offer document

SAAB MARFIN MBA

NAV =------------------------------------------------------------------------------------------------

SAAB MARFIN MBA

Calculation of NAV

Rs 10 00 00000NAV = -------------------------- = Rs20-

50 00000 units

Sale price

Repurchase price

SAAB MARFIN MBA

Redemption Price

Sales load

considered

SAAB MARFIN MBA

Fund Styles

style of the fund

SAAB MARFIN MBA

IX Risk

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

SAAB MARFIN MBA

the investor

M- SQUARED

SAAB MARFIN MBA

Leverage Factor

Standard Deviation

SAAB MARFIN MBA

Benefit 3

SAAB MARFIN MBA

NAV SIP UNITS

Apr-07 1516 1000 6596306

May-07 15928 1000 6278173

Jun-07 16531 1000 6049131

Jul-07 1668 1000 5995175

Aug-07 16883 1000 5923223

Sep-07 18284 1000 5469323

Oct-07 2101 1000 4759638

Nov-07 20618 1000 4850225

Dec-07 22332 1000 4477819

Jan-08 18842 1000 5307292

Feb-08 18824 1000 5312367

Mar-08 16578 1000 6032091

SAAB MARFIN MBA

YEAR 2008-09

NAV SIP UNITS

Apr-08 17819 1000 5611987

May08 1696 1000 5896226

Jun-08 14372 1000 6958119

Jul-08 15172 1000 6591306

Aug-08 15892 1000 6292316

Sep-08 14572 1000 6862429

Oct-08 11032 1000 9064375

Nov-08 10181 1000 9822411

PERIOD

NASeries

SAAB MARFIN MBA

Dec-08 11238 1000 8898618

Jan-09 10375 1000 9638183

Feb-09 98163 1000 1018714

Mar-09 10885 1000 9186786

YEAR 2009-10

NAV SIP UNITS

Apr-09 12707 1000 7869678

May09 1699 1000 5885919

Jun-0 17281 1000 5786702

101214161820

Mar09PERIOD

NAVSeries

SAAB MARFIN MBA

Jul-09 18535 1000 5395344

Aug-09 19303 1000 5180542

Sep-09 21182 1000 4720923

Oct-09 20902 1000 4784163

Nov-09 22432 1000 4457917

Dec-09 23101 1000 4328817

Jan-10 22493 1000 4445828

Feb-10 22339 1000 4476576

Mar10 23572 1000 4242375

SIP UNITS 615747

PERIODS

NAVSeries

SAAB MARFIN MBA

Rebalancing effects

SAAB MARFIN MBA

-Risk Management

- Stability

- Maximize returns

SAAB MARFIN MBA

Cons - Low returns

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

houses it said

SAAB MARFIN MBA

Board of Directors

SAAB MARFIN MBA

-Mid-Cap Funds

SAAB MARFIN MBA

mutual funds

SAAB MARFIN MBA

Other schemes

Tax Saving Schemes

SAAB MARFIN MBA

Index Schemes

SAAB MARFIN MBA

Fund Offer document

SAAB MARFIN MBA

NAV =------------------------------------------------------------------------------------------------

SAAB MARFIN MBA

Calculation of NAV

Rs 10 00 00000NAV = -------------------------- = Rs20-

50 00000 units

Sale price

Repurchase price

SAAB MARFIN MBA

Redemption Price

Sales load

considered

SAAB MARFIN MBA

Fund Styles

style of the fund

SAAB MARFIN MBA

IX Risk

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

SAAB MARFIN MBA

the investor

M- SQUARED

SAAB MARFIN MBA

Leverage Factor

Standard Deviation

SAAB MARFIN MBA

Benefit 3

SAAB MARFIN MBA

NAV SIP UNITS

Apr-07 1516 1000 6596306

May-07 15928 1000 6278173

Jun-07 16531 1000 6049131

Jul-07 1668 1000 5995175

Aug-07 16883 1000 5923223

Sep-07 18284 1000 5469323

Oct-07 2101 1000 4759638

Nov-07 20618 1000 4850225

Dec-07 22332 1000 4477819

Jan-08 18842 1000 5307292

Feb-08 18824 1000 5312367

Mar-08 16578 1000 6032091

SAAB MARFIN MBA

YEAR 2008-09

NAV SIP UNITS

Apr-08 17819 1000 5611987

May08 1696 1000 5896226

Jun-08 14372 1000 6958119

Jul-08 15172 1000 6591306

Aug-08 15892 1000 6292316

Sep-08 14572 1000 6862429

Oct-08 11032 1000 9064375

Nov-08 10181 1000 9822411

PERIOD

NASeries

SAAB MARFIN MBA

Dec-08 11238 1000 8898618

Jan-09 10375 1000 9638183

Feb-09 98163 1000 1018714

Mar-09 10885 1000 9186786

YEAR 2009-10

NAV SIP UNITS

Apr-09 12707 1000 7869678

May09 1699 1000 5885919

Jun-0 17281 1000 5786702

101214161820

Mar09PERIOD

NAVSeries

SAAB MARFIN MBA

Jul-09 18535 1000 5395344

Aug-09 19303 1000 5180542

Sep-09 21182 1000 4720923

Oct-09 20902 1000 4784163

Nov-09 22432 1000 4457917

Dec-09 23101 1000 4328817

Jan-10 22493 1000 4445828

Feb-10 22339 1000 4476576

Mar10 23572 1000 4242375

SIP UNITS 615747

PERIODS

NAVSeries

SAAB MARFIN MBA

Rebalancing effects

SAAB MARFIN MBA

-Risk Management

- Stability

- Maximize returns

SAAB MARFIN MBA

Cons - Low returns

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

Board of Directors

SAAB MARFIN MBA

-Mid-Cap Funds

SAAB MARFIN MBA

mutual funds

SAAB MARFIN MBA

Other schemes

Tax Saving Schemes

SAAB MARFIN MBA

Index Schemes

SAAB MARFIN MBA

Fund Offer document

SAAB MARFIN MBA

NAV =------------------------------------------------------------------------------------------------

SAAB MARFIN MBA

Calculation of NAV

Rs 10 00 00000NAV = -------------------------- = Rs20-

50 00000 units

Sale price

Repurchase price

SAAB MARFIN MBA

Redemption Price

Sales load

considered

SAAB MARFIN MBA

Fund Styles

style of the fund

SAAB MARFIN MBA

IX Risk

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

SAAB MARFIN MBA

the investor

M- SQUARED

SAAB MARFIN MBA

Leverage Factor

Standard Deviation

SAAB MARFIN MBA

Benefit 3

SAAB MARFIN MBA

NAV SIP UNITS

Apr-07 1516 1000 6596306

May-07 15928 1000 6278173

Jun-07 16531 1000 6049131

Jul-07 1668 1000 5995175

Aug-07 16883 1000 5923223

Sep-07 18284 1000 5469323

Oct-07 2101 1000 4759638

Nov-07 20618 1000 4850225

Dec-07 22332 1000 4477819

Jan-08 18842 1000 5307292

Feb-08 18824 1000 5312367

Mar-08 16578 1000 6032091

SAAB MARFIN MBA

YEAR 2008-09

NAV SIP UNITS

Apr-08 17819 1000 5611987

May08 1696 1000 5896226

Jun-08 14372 1000 6958119

Jul-08 15172 1000 6591306

Aug-08 15892 1000 6292316

Sep-08 14572 1000 6862429

Oct-08 11032 1000 9064375

Nov-08 10181 1000 9822411

PERIOD

NASeries

SAAB MARFIN MBA

Dec-08 11238 1000 8898618

Jan-09 10375 1000 9638183

Feb-09 98163 1000 1018714

Mar-09 10885 1000 9186786

YEAR 2009-10

NAV SIP UNITS

Apr-09 12707 1000 7869678

May09 1699 1000 5885919

Jun-0 17281 1000 5786702

101214161820

Mar09PERIOD

NAVSeries

SAAB MARFIN MBA

Jul-09 18535 1000 5395344

Aug-09 19303 1000 5180542

Sep-09 21182 1000 4720923

Oct-09 20902 1000 4784163

Nov-09 22432 1000 4457917

Dec-09 23101 1000 4328817

Jan-10 22493 1000 4445828

Feb-10 22339 1000 4476576

Mar10 23572 1000 4242375

SIP UNITS 615747

PERIODS

NAVSeries

SAAB MARFIN MBA

Rebalancing effects

SAAB MARFIN MBA

-Risk Management

- Stability

- Maximize returns

SAAB MARFIN MBA

Cons - Low returns

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

-Mid-Cap Funds

SAAB MARFIN MBA

mutual funds

SAAB MARFIN MBA

Other schemes

Tax Saving Schemes

SAAB MARFIN MBA

Index Schemes

SAAB MARFIN MBA

Fund Offer document

SAAB MARFIN MBA

NAV =------------------------------------------------------------------------------------------------

SAAB MARFIN MBA

Calculation of NAV

Rs 10 00 00000NAV = -------------------------- = Rs20-

50 00000 units

Sale price

Repurchase price

SAAB MARFIN MBA

Redemption Price

Sales load

considered

SAAB MARFIN MBA

Fund Styles

style of the fund

SAAB MARFIN MBA

IX Risk

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

SAAB MARFIN MBA

the investor

M- SQUARED

SAAB MARFIN MBA

Leverage Factor

Standard Deviation

SAAB MARFIN MBA

Benefit 3

SAAB MARFIN MBA

NAV SIP UNITS

Apr-07 1516 1000 6596306

May-07 15928 1000 6278173

Jun-07 16531 1000 6049131

Jul-07 1668 1000 5995175

Aug-07 16883 1000 5923223

Sep-07 18284 1000 5469323

Oct-07 2101 1000 4759638

Nov-07 20618 1000 4850225

Dec-07 22332 1000 4477819

Jan-08 18842 1000 5307292

Feb-08 18824 1000 5312367

Mar-08 16578 1000 6032091

SAAB MARFIN MBA

YEAR 2008-09

NAV SIP UNITS

Apr-08 17819 1000 5611987

May08 1696 1000 5896226

Jun-08 14372 1000 6958119

Jul-08 15172 1000 6591306

Aug-08 15892 1000 6292316

Sep-08 14572 1000 6862429

Oct-08 11032 1000 9064375

Nov-08 10181 1000 9822411

PERIOD

NASeries

SAAB MARFIN MBA

Dec-08 11238 1000 8898618

Jan-09 10375 1000 9638183

Feb-09 98163 1000 1018714

Mar-09 10885 1000 9186786

YEAR 2009-10

NAV SIP UNITS

Apr-09 12707 1000 7869678

May09 1699 1000 5885919

Jun-0 17281 1000 5786702

101214161820

Mar09PERIOD

NAVSeries

SAAB MARFIN MBA

Jul-09 18535 1000 5395344

Aug-09 19303 1000 5180542

Sep-09 21182 1000 4720923

Oct-09 20902 1000 4784163

Nov-09 22432 1000 4457917

Dec-09 23101 1000 4328817

Jan-10 22493 1000 4445828

Feb-10 22339 1000 4476576

Mar10 23572 1000 4242375

SIP UNITS 615747

PERIODS

NAVSeries

SAAB MARFIN MBA

Rebalancing effects

SAAB MARFIN MBA

-Risk Management

- Stability

- Maximize returns

SAAB MARFIN MBA

Cons - Low returns

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

-Mid-Cap Funds

SAAB MARFIN MBA

mutual funds

SAAB MARFIN MBA

Other schemes

Tax Saving Schemes

SAAB MARFIN MBA

Index Schemes

SAAB MARFIN MBA

Fund Offer document

SAAB MARFIN MBA

NAV =------------------------------------------------------------------------------------------------

SAAB MARFIN MBA

Calculation of NAV

Rs 10 00 00000NAV = -------------------------- = Rs20-

50 00000 units

Sale price

Repurchase price

SAAB MARFIN MBA

Redemption Price

Sales load

considered

SAAB MARFIN MBA

Fund Styles

style of the fund

SAAB MARFIN MBA

IX Risk

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

SAAB MARFIN MBA

the investor

M- SQUARED

SAAB MARFIN MBA

Leverage Factor

Standard Deviation

SAAB MARFIN MBA

Benefit 3

SAAB MARFIN MBA

NAV SIP UNITS

Apr-07 1516 1000 6596306

May-07 15928 1000 6278173

Jun-07 16531 1000 6049131

Jul-07 1668 1000 5995175

Aug-07 16883 1000 5923223

Sep-07 18284 1000 5469323

Oct-07 2101 1000 4759638

Nov-07 20618 1000 4850225

Dec-07 22332 1000 4477819

Jan-08 18842 1000 5307292

Feb-08 18824 1000 5312367

Mar-08 16578 1000 6032091

SAAB MARFIN MBA

YEAR 2008-09

NAV SIP UNITS

Apr-08 17819 1000 5611987

May08 1696 1000 5896226

Jun-08 14372 1000 6958119

Jul-08 15172 1000 6591306

Aug-08 15892 1000 6292316

Sep-08 14572 1000 6862429

Oct-08 11032 1000 9064375

Nov-08 10181 1000 9822411

PERIOD

NASeries

SAAB MARFIN MBA

Dec-08 11238 1000 8898618

Jan-09 10375 1000 9638183

Feb-09 98163 1000 1018714

Mar-09 10885 1000 9186786

YEAR 2009-10

NAV SIP UNITS

Apr-09 12707 1000 7869678

May09 1699 1000 5885919

Jun-0 17281 1000 5786702

101214161820

Mar09PERIOD

NAVSeries

SAAB MARFIN MBA

Jul-09 18535 1000 5395344

Aug-09 19303 1000 5180542

Sep-09 21182 1000 4720923

Oct-09 20902 1000 4784163

Nov-09 22432 1000 4457917

Dec-09 23101 1000 4328817

Jan-10 22493 1000 4445828

Feb-10 22339 1000 4476576

Mar10 23572 1000 4242375

SIP UNITS 615747

PERIODS

NAVSeries

SAAB MARFIN MBA

Rebalancing effects

SAAB MARFIN MBA

-Risk Management

- Stability

- Maximize returns

SAAB MARFIN MBA

Cons - Low returns

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

-Mid-Cap Funds

SAAB MARFIN MBA

mutual funds

SAAB MARFIN MBA

Other schemes

Tax Saving Schemes

SAAB MARFIN MBA

Index Schemes

SAAB MARFIN MBA

Fund Offer document

SAAB MARFIN MBA

NAV =------------------------------------------------------------------------------------------------

SAAB MARFIN MBA

Calculation of NAV

Rs 10 00 00000NAV = -------------------------- = Rs20-

50 00000 units

Sale price

Repurchase price

SAAB MARFIN MBA

Redemption Price

Sales load

considered

SAAB MARFIN MBA

Fund Styles

style of the fund

SAAB MARFIN MBA

IX Risk

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

SAAB MARFIN MBA

the investor

M- SQUARED

SAAB MARFIN MBA

Leverage Factor

Standard Deviation

SAAB MARFIN MBA

Benefit 3

SAAB MARFIN MBA

NAV SIP UNITS

Apr-07 1516 1000 6596306

May-07 15928 1000 6278173

Jun-07 16531 1000 6049131

Jul-07 1668 1000 5995175

Aug-07 16883 1000 5923223

Sep-07 18284 1000 5469323

Oct-07 2101 1000 4759638

Nov-07 20618 1000 4850225

Dec-07 22332 1000 4477819

Jan-08 18842 1000 5307292

Feb-08 18824 1000 5312367

Mar-08 16578 1000 6032091

SAAB MARFIN MBA

YEAR 2008-09

NAV SIP UNITS

Apr-08 17819 1000 5611987

May08 1696 1000 5896226

Jun-08 14372 1000 6958119

Jul-08 15172 1000 6591306

Aug-08 15892 1000 6292316

Sep-08 14572 1000 6862429

Oct-08 11032 1000 9064375

Nov-08 10181 1000 9822411

PERIOD

NASeries

SAAB MARFIN MBA

Dec-08 11238 1000 8898618

Jan-09 10375 1000 9638183

Feb-09 98163 1000 1018714

Mar-09 10885 1000 9186786

YEAR 2009-10

NAV SIP UNITS

Apr-09 12707 1000 7869678

May09 1699 1000 5885919

Jun-0 17281 1000 5786702

101214161820

Mar09PERIOD

NAVSeries

SAAB MARFIN MBA

Jul-09 18535 1000 5395344

Aug-09 19303 1000 5180542

Sep-09 21182 1000 4720923

Oct-09 20902 1000 4784163

Nov-09 22432 1000 4457917

Dec-09 23101 1000 4328817

Jan-10 22493 1000 4445828

Feb-10 22339 1000 4476576

Mar10 23572 1000 4242375

SIP UNITS 615747

PERIODS

NAVSeries

SAAB MARFIN MBA

Rebalancing effects

SAAB MARFIN MBA

-Risk Management

- Stability

- Maximize returns

SAAB MARFIN MBA

Cons - Low returns

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

-Mid-Cap Funds

SAAB MARFIN MBA

mutual funds

SAAB MARFIN MBA

Other schemes

Tax Saving Schemes

SAAB MARFIN MBA

Index Schemes

SAAB MARFIN MBA

Fund Offer document

SAAB MARFIN MBA

NAV =------------------------------------------------------------------------------------------------

SAAB MARFIN MBA

Calculation of NAV

Rs 10 00 00000NAV = -------------------------- = Rs20-

50 00000 units

Sale price

Repurchase price

SAAB MARFIN MBA

Redemption Price

Sales load

considered

SAAB MARFIN MBA

Fund Styles

style of the fund

SAAB MARFIN MBA

IX Risk

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

SAAB MARFIN MBA

the investor

M- SQUARED

SAAB MARFIN MBA

Leverage Factor

Standard Deviation

SAAB MARFIN MBA

Benefit 3

SAAB MARFIN MBA

NAV SIP UNITS

Apr-07 1516 1000 6596306

May-07 15928 1000 6278173

Jun-07 16531 1000 6049131

Jul-07 1668 1000 5995175

Aug-07 16883 1000 5923223

Sep-07 18284 1000 5469323

Oct-07 2101 1000 4759638

Nov-07 20618 1000 4850225

Dec-07 22332 1000 4477819

Jan-08 18842 1000 5307292

Feb-08 18824 1000 5312367

Mar-08 16578 1000 6032091

SAAB MARFIN MBA

YEAR 2008-09

NAV SIP UNITS

Apr-08 17819 1000 5611987

May08 1696 1000 5896226

Jun-08 14372 1000 6958119

Jul-08 15172 1000 6591306

Aug-08 15892 1000 6292316

Sep-08 14572 1000 6862429

Oct-08 11032 1000 9064375

Nov-08 10181 1000 9822411

PERIOD

NASeries

SAAB MARFIN MBA

Dec-08 11238 1000 8898618

Jan-09 10375 1000 9638183

Feb-09 98163 1000 1018714

Mar-09 10885 1000 9186786

YEAR 2009-10

NAV SIP UNITS

Apr-09 12707 1000 7869678

May09 1699 1000 5885919

Jun-0 17281 1000 5786702

101214161820

Mar09PERIOD

NAVSeries

SAAB MARFIN MBA

Jul-09 18535 1000 5395344

Aug-09 19303 1000 5180542

Sep-09 21182 1000 4720923

Oct-09 20902 1000 4784163

Nov-09 22432 1000 4457917

Dec-09 23101 1000 4328817

Jan-10 22493 1000 4445828

Feb-10 22339 1000 4476576

Mar10 23572 1000 4242375

SIP UNITS 615747

PERIODS

NAVSeries

SAAB MARFIN MBA

Rebalancing effects

SAAB MARFIN MBA

-Risk Management

- Stability

- Maximize returns

SAAB MARFIN MBA

Cons - Low returns

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

mutual funds

SAAB MARFIN MBA

Other schemes

Tax Saving Schemes

SAAB MARFIN MBA

Index Schemes

SAAB MARFIN MBA

Fund Offer document

SAAB MARFIN MBA

NAV =------------------------------------------------------------------------------------------------

SAAB MARFIN MBA

Calculation of NAV

Rs 10 00 00000NAV = -------------------------- = Rs20-

50 00000 units

Sale price

Repurchase price

SAAB MARFIN MBA

Redemption Price

Sales load

considered

SAAB MARFIN MBA

Fund Styles

style of the fund

SAAB MARFIN MBA

IX Risk

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

SAAB MARFIN MBA

the investor

M- SQUARED

SAAB MARFIN MBA

Leverage Factor

Standard Deviation

SAAB MARFIN MBA

Benefit 3

SAAB MARFIN MBA

NAV SIP UNITS

Apr-07 1516 1000 6596306

May-07 15928 1000 6278173

Jun-07 16531 1000 6049131

Jul-07 1668 1000 5995175

Aug-07 16883 1000 5923223

Sep-07 18284 1000 5469323

Oct-07 2101 1000 4759638

Nov-07 20618 1000 4850225

Dec-07 22332 1000 4477819

Jan-08 18842 1000 5307292

Feb-08 18824 1000 5312367

Mar-08 16578 1000 6032091

SAAB MARFIN MBA

YEAR 2008-09

NAV SIP UNITS

Apr-08 17819 1000 5611987

May08 1696 1000 5896226

Jun-08 14372 1000 6958119

Jul-08 15172 1000 6591306

Aug-08 15892 1000 6292316

Sep-08 14572 1000 6862429

Oct-08 11032 1000 9064375

Nov-08 10181 1000 9822411

PERIOD

NASeries

SAAB MARFIN MBA

Dec-08 11238 1000 8898618

Jan-09 10375 1000 9638183

Feb-09 98163 1000 1018714

Mar-09 10885 1000 9186786

YEAR 2009-10

NAV SIP UNITS

Apr-09 12707 1000 7869678

May09 1699 1000 5885919

Jun-0 17281 1000 5786702

101214161820

Mar09PERIOD

NAVSeries

SAAB MARFIN MBA

Jul-09 18535 1000 5395344

Aug-09 19303 1000 5180542

Sep-09 21182 1000 4720923

Oct-09 20902 1000 4784163

Nov-09 22432 1000 4457917

Dec-09 23101 1000 4328817

Jan-10 22493 1000 4445828

Feb-10 22339 1000 4476576

Mar10 23572 1000 4242375

SIP UNITS 615747

PERIODS

NAVSeries

SAAB MARFIN MBA

Rebalancing effects

SAAB MARFIN MBA

-Risk Management

- Stability

- Maximize returns

SAAB MARFIN MBA

Cons - Low returns

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

Other schemes

Tax Saving Schemes

SAAB MARFIN MBA

Index Schemes

SAAB MARFIN MBA

Fund Offer document

SAAB MARFIN MBA

NAV =------------------------------------------------------------------------------------------------

SAAB MARFIN MBA

Calculation of NAV

Rs 10 00 00000NAV = -------------------------- = Rs20-

50 00000 units

Sale price

Repurchase price

SAAB MARFIN MBA

Redemption Price

Sales load

considered

SAAB MARFIN MBA

Fund Styles

style of the fund

SAAB MARFIN MBA

IX Risk

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

SAAB MARFIN MBA

the investor

M- SQUARED

SAAB MARFIN MBA

Leverage Factor

Standard Deviation

SAAB MARFIN MBA

Benefit 3

SAAB MARFIN MBA

NAV SIP UNITS

Apr-07 1516 1000 6596306

May-07 15928 1000 6278173

Jun-07 16531 1000 6049131

Jul-07 1668 1000 5995175

Aug-07 16883 1000 5923223

Sep-07 18284 1000 5469323

Oct-07 2101 1000 4759638

Nov-07 20618 1000 4850225

Dec-07 22332 1000 4477819

Jan-08 18842 1000 5307292

Feb-08 18824 1000 5312367

Mar-08 16578 1000 6032091

SAAB MARFIN MBA

YEAR 2008-09

NAV SIP UNITS

Apr-08 17819 1000 5611987

May08 1696 1000 5896226

Jun-08 14372 1000 6958119

Jul-08 15172 1000 6591306

Aug-08 15892 1000 6292316

Sep-08 14572 1000 6862429

Oct-08 11032 1000 9064375

Nov-08 10181 1000 9822411

PERIOD

NASeries

SAAB MARFIN MBA

Dec-08 11238 1000 8898618

Jan-09 10375 1000 9638183

Feb-09 98163 1000 1018714

Mar-09 10885 1000 9186786

YEAR 2009-10

NAV SIP UNITS

Apr-09 12707 1000 7869678

May09 1699 1000 5885919

Jun-0 17281 1000 5786702

101214161820

Mar09PERIOD

NAVSeries

SAAB MARFIN MBA

Jul-09 18535 1000 5395344

Aug-09 19303 1000 5180542

Sep-09 21182 1000 4720923

Oct-09 20902 1000 4784163

Nov-09 22432 1000 4457917

Dec-09 23101 1000 4328817

Jan-10 22493 1000 4445828

Feb-10 22339 1000 4476576

Mar10 23572 1000 4242375

SIP UNITS 615747

PERIODS

NAVSeries

SAAB MARFIN MBA

Rebalancing effects

SAAB MARFIN MBA

-Risk Management

- Stability

- Maximize returns

SAAB MARFIN MBA

Cons - Low returns

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

Index Schemes

SAAB MARFIN MBA

Fund Offer document

SAAB MARFIN MBA

NAV =------------------------------------------------------------------------------------------------

SAAB MARFIN MBA

Calculation of NAV

Rs 10 00 00000NAV = -------------------------- = Rs20-

50 00000 units

Sale price

Repurchase price

SAAB MARFIN MBA

Redemption Price

Sales load

considered

SAAB MARFIN MBA

Fund Styles

style of the fund

SAAB MARFIN MBA

IX Risk

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

SAAB MARFIN MBA

the investor

M- SQUARED

SAAB MARFIN MBA

Leverage Factor

Standard Deviation

SAAB MARFIN MBA

Benefit 3

SAAB MARFIN MBA

NAV SIP UNITS

Apr-07 1516 1000 6596306

May-07 15928 1000 6278173

Jun-07 16531 1000 6049131

Jul-07 1668 1000 5995175

Aug-07 16883 1000 5923223

Sep-07 18284 1000 5469323

Oct-07 2101 1000 4759638

Nov-07 20618 1000 4850225

Dec-07 22332 1000 4477819

Jan-08 18842 1000 5307292

Feb-08 18824 1000 5312367

Mar-08 16578 1000 6032091

SAAB MARFIN MBA

YEAR 2008-09

NAV SIP UNITS

Apr-08 17819 1000 5611987

May08 1696 1000 5896226

Jun-08 14372 1000 6958119

Jul-08 15172 1000 6591306

Aug-08 15892 1000 6292316

Sep-08 14572 1000 6862429

Oct-08 11032 1000 9064375

Nov-08 10181 1000 9822411

PERIOD

NASeries

SAAB MARFIN MBA

Dec-08 11238 1000 8898618

Jan-09 10375 1000 9638183

Feb-09 98163 1000 1018714

Mar-09 10885 1000 9186786

YEAR 2009-10

NAV SIP UNITS

Apr-09 12707 1000 7869678

May09 1699 1000 5885919

Jun-0 17281 1000 5786702

101214161820

Mar09PERIOD

NAVSeries

SAAB MARFIN MBA

Jul-09 18535 1000 5395344

Aug-09 19303 1000 5180542

Sep-09 21182 1000 4720923

Oct-09 20902 1000 4784163

Nov-09 22432 1000 4457917

Dec-09 23101 1000 4328817

Jan-10 22493 1000 4445828

Feb-10 22339 1000 4476576

Mar10 23572 1000 4242375

SIP UNITS 615747

PERIODS

NAVSeries

SAAB MARFIN MBA

Rebalancing effects

SAAB MARFIN MBA

-Risk Management

- Stability

- Maximize returns

SAAB MARFIN MBA

Cons - Low returns

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

Fund Offer document

SAAB MARFIN MBA

NAV =------------------------------------------------------------------------------------------------

SAAB MARFIN MBA

Calculation of NAV

Rs 10 00 00000NAV = -------------------------- = Rs20-

50 00000 units

Sale price

Repurchase price

SAAB MARFIN MBA

Redemption Price

Sales load

considered

SAAB MARFIN MBA

Fund Styles

style of the fund

SAAB MARFIN MBA

IX Risk

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

SAAB MARFIN MBA

the investor

M- SQUARED

SAAB MARFIN MBA

Leverage Factor

Standard Deviation

SAAB MARFIN MBA

Benefit 3

SAAB MARFIN MBA

NAV SIP UNITS

Apr-07 1516 1000 6596306

May-07 15928 1000 6278173

Jun-07 16531 1000 6049131

Jul-07 1668 1000 5995175

Aug-07 16883 1000 5923223

Sep-07 18284 1000 5469323

Oct-07 2101 1000 4759638

Nov-07 20618 1000 4850225

Dec-07 22332 1000 4477819

Jan-08 18842 1000 5307292

Feb-08 18824 1000 5312367

Mar-08 16578 1000 6032091

SAAB MARFIN MBA

YEAR 2008-09

NAV SIP UNITS

Apr-08 17819 1000 5611987

May08 1696 1000 5896226

Jun-08 14372 1000 6958119

Jul-08 15172 1000 6591306

Aug-08 15892 1000 6292316

Sep-08 14572 1000 6862429

Oct-08 11032 1000 9064375

Nov-08 10181 1000 9822411

PERIOD

NASeries

SAAB MARFIN MBA

Dec-08 11238 1000 8898618

Jan-09 10375 1000 9638183

Feb-09 98163 1000 1018714

Mar-09 10885 1000 9186786

YEAR 2009-10

NAV SIP UNITS

Apr-09 12707 1000 7869678

May09 1699 1000 5885919

Jun-0 17281 1000 5786702

101214161820

Mar09PERIOD

NAVSeries

SAAB MARFIN MBA

Jul-09 18535 1000 5395344

Aug-09 19303 1000 5180542

Sep-09 21182 1000 4720923

Oct-09 20902 1000 4784163

Nov-09 22432 1000 4457917

Dec-09 23101 1000 4328817

Jan-10 22493 1000 4445828

Feb-10 22339 1000 4476576

Mar10 23572 1000 4242375

SIP UNITS 615747

PERIODS

NAVSeries

SAAB MARFIN MBA

Rebalancing effects

SAAB MARFIN MBA

-Risk Management

- Stability

- Maximize returns

SAAB MARFIN MBA

Cons - Low returns

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

Fund Offer document

SAAB MARFIN MBA

NAV =------------------------------------------------------------------------------------------------

SAAB MARFIN MBA

Calculation of NAV

Rs 10 00 00000NAV = -------------------------- = Rs20-

50 00000 units

Sale price

Repurchase price

SAAB MARFIN MBA

Redemption Price

Sales load

considered

SAAB MARFIN MBA

Fund Styles

style of the fund

SAAB MARFIN MBA

IX Risk

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

SAAB MARFIN MBA

the investor

M- SQUARED

SAAB MARFIN MBA

Leverage Factor

Standard Deviation

SAAB MARFIN MBA

Benefit 3

SAAB MARFIN MBA

NAV SIP UNITS

Apr-07 1516 1000 6596306

May-07 15928 1000 6278173

Jun-07 16531 1000 6049131

Jul-07 1668 1000 5995175

Aug-07 16883 1000 5923223

Sep-07 18284 1000 5469323

Oct-07 2101 1000 4759638

Nov-07 20618 1000 4850225

Dec-07 22332 1000 4477819

Jan-08 18842 1000 5307292

Feb-08 18824 1000 5312367

Mar-08 16578 1000 6032091

SAAB MARFIN MBA

YEAR 2008-09

NAV SIP UNITS

Apr-08 17819 1000 5611987

May08 1696 1000 5896226

Jun-08 14372 1000 6958119

Jul-08 15172 1000 6591306

Aug-08 15892 1000 6292316

Sep-08 14572 1000 6862429

Oct-08 11032 1000 9064375

Nov-08 10181 1000 9822411

PERIOD

NASeries

SAAB MARFIN MBA

Dec-08 11238 1000 8898618

Jan-09 10375 1000 9638183

Feb-09 98163 1000 1018714

Mar-09 10885 1000 9186786

YEAR 2009-10

NAV SIP UNITS

Apr-09 12707 1000 7869678

May09 1699 1000 5885919

Jun-0 17281 1000 5786702

101214161820

Mar09PERIOD

NAVSeries

SAAB MARFIN MBA

Jul-09 18535 1000 5395344

Aug-09 19303 1000 5180542

Sep-09 21182 1000 4720923

Oct-09 20902 1000 4784163

Nov-09 22432 1000 4457917

Dec-09 23101 1000 4328817

Jan-10 22493 1000 4445828

Feb-10 22339 1000 4476576

Mar10 23572 1000 4242375

SIP UNITS 615747

PERIODS

NAVSeries

SAAB MARFIN MBA

Rebalancing effects

SAAB MARFIN MBA

-Risk Management

- Stability

- Maximize returns

SAAB MARFIN MBA

Cons - Low returns

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

NAV =------------------------------------------------------------------------------------------------

SAAB MARFIN MBA

Calculation of NAV

Rs 10 00 00000NAV = -------------------------- = Rs20-

50 00000 units

Sale price

Repurchase price

SAAB MARFIN MBA

Redemption Price

Sales load

considered

SAAB MARFIN MBA

Fund Styles

style of the fund

SAAB MARFIN MBA

IX Risk

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

SAAB MARFIN MBA

the investor

M- SQUARED

SAAB MARFIN MBA

Leverage Factor

Standard Deviation

SAAB MARFIN MBA

Benefit 3

SAAB MARFIN MBA

NAV SIP UNITS

Apr-07 1516 1000 6596306

May-07 15928 1000 6278173

Jun-07 16531 1000 6049131

Jul-07 1668 1000 5995175

Aug-07 16883 1000 5923223

Sep-07 18284 1000 5469323

Oct-07 2101 1000 4759638

Nov-07 20618 1000 4850225

Dec-07 22332 1000 4477819

Jan-08 18842 1000 5307292

Feb-08 18824 1000 5312367

Mar-08 16578 1000 6032091

SAAB MARFIN MBA

YEAR 2008-09

NAV SIP UNITS

Apr-08 17819 1000 5611987

May08 1696 1000 5896226

Jun-08 14372 1000 6958119

Jul-08 15172 1000 6591306

Aug-08 15892 1000 6292316

Sep-08 14572 1000 6862429

Oct-08 11032 1000 9064375

Nov-08 10181 1000 9822411

PERIOD

NASeries

SAAB MARFIN MBA

Dec-08 11238 1000 8898618

Jan-09 10375 1000 9638183

Feb-09 98163 1000 1018714

Mar-09 10885 1000 9186786

YEAR 2009-10

NAV SIP UNITS

Apr-09 12707 1000 7869678

May09 1699 1000 5885919

Jun-0 17281 1000 5786702

101214161820

Mar09PERIOD

NAVSeries

SAAB MARFIN MBA

Jul-09 18535 1000 5395344

Aug-09 19303 1000 5180542

Sep-09 21182 1000 4720923

Oct-09 20902 1000 4784163

Nov-09 22432 1000 4457917

Dec-09 23101 1000 4328817

Jan-10 22493 1000 4445828

Feb-10 22339 1000 4476576

Mar10 23572 1000 4242375

SIP UNITS 615747

PERIODS

NAVSeries

SAAB MARFIN MBA

Rebalancing effects

SAAB MARFIN MBA

-Risk Management

- Stability

- Maximize returns

SAAB MARFIN MBA

Cons - Low returns

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

Calculation of NAV

Rs 10 00 00000NAV = -------------------------- = Rs20-

50 00000 units

Sale price

Repurchase price

SAAB MARFIN MBA

Redemption Price

Sales load

considered

SAAB MARFIN MBA

Fund Styles

style of the fund

SAAB MARFIN MBA

IX Risk

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

SAAB MARFIN MBA

the investor

M- SQUARED

SAAB MARFIN MBA

Leverage Factor

Standard Deviation

SAAB MARFIN MBA

Benefit 3

SAAB MARFIN MBA

NAV SIP UNITS

Apr-07 1516 1000 6596306

May-07 15928 1000 6278173

Jun-07 16531 1000 6049131

Jul-07 1668 1000 5995175

Aug-07 16883 1000 5923223

Sep-07 18284 1000 5469323

Oct-07 2101 1000 4759638

Nov-07 20618 1000 4850225

Dec-07 22332 1000 4477819

Jan-08 18842 1000 5307292

Feb-08 18824 1000 5312367

Mar-08 16578 1000 6032091

SAAB MARFIN MBA

YEAR 2008-09

NAV SIP UNITS

Apr-08 17819 1000 5611987

May08 1696 1000 5896226

Jun-08 14372 1000 6958119

Jul-08 15172 1000 6591306

Aug-08 15892 1000 6292316

Sep-08 14572 1000 6862429

Oct-08 11032 1000 9064375

Nov-08 10181 1000 9822411

PERIOD

NASeries

SAAB MARFIN MBA

Dec-08 11238 1000 8898618

Jan-09 10375 1000 9638183

Feb-09 98163 1000 1018714

Mar-09 10885 1000 9186786

YEAR 2009-10

NAV SIP UNITS

Apr-09 12707 1000 7869678

May09 1699 1000 5885919

Jun-0 17281 1000 5786702

101214161820

Mar09PERIOD

NAVSeries

SAAB MARFIN MBA

Jul-09 18535 1000 5395344

Aug-09 19303 1000 5180542

Sep-09 21182 1000 4720923

Oct-09 20902 1000 4784163

Nov-09 22432 1000 4457917

Dec-09 23101 1000 4328817

Jan-10 22493 1000 4445828

Feb-10 22339 1000 4476576

Mar10 23572 1000 4242375

SIP UNITS 615747

PERIODS

NAVSeries

SAAB MARFIN MBA

Rebalancing effects

SAAB MARFIN MBA

-Risk Management

- Stability

- Maximize returns

SAAB MARFIN MBA

Cons - Low returns

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

Redemption Price

Sales load

considered

SAAB MARFIN MBA

Fund Styles

style of the fund

SAAB MARFIN MBA

IX Risk

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

SAAB MARFIN MBA

the investor

M- SQUARED

SAAB MARFIN MBA

Leverage Factor

Standard Deviation

SAAB MARFIN MBA

Benefit 3

SAAB MARFIN MBA

NAV SIP UNITS

Apr-07 1516 1000 6596306

May-07 15928 1000 6278173

Jun-07 16531 1000 6049131

Jul-07 1668 1000 5995175

Aug-07 16883 1000 5923223

Sep-07 18284 1000 5469323

Oct-07 2101 1000 4759638

Nov-07 20618 1000 4850225

Dec-07 22332 1000 4477819

Jan-08 18842 1000 5307292

Feb-08 18824 1000 5312367

Mar-08 16578 1000 6032091

SAAB MARFIN MBA

YEAR 2008-09

NAV SIP UNITS

Apr-08 17819 1000 5611987

May08 1696 1000 5896226

Jun-08 14372 1000 6958119

Jul-08 15172 1000 6591306

Aug-08 15892 1000 6292316

Sep-08 14572 1000 6862429

Oct-08 11032 1000 9064375

Nov-08 10181 1000 9822411

PERIOD

NASeries

SAAB MARFIN MBA

Dec-08 11238 1000 8898618

Jan-09 10375 1000 9638183

Feb-09 98163 1000 1018714

Mar-09 10885 1000 9186786

YEAR 2009-10

NAV SIP UNITS

Apr-09 12707 1000 7869678

May09 1699 1000 5885919

Jun-0 17281 1000 5786702

101214161820

Mar09PERIOD

NAVSeries

SAAB MARFIN MBA

Jul-09 18535 1000 5395344

Aug-09 19303 1000 5180542

Sep-09 21182 1000 4720923

Oct-09 20902 1000 4784163

Nov-09 22432 1000 4457917

Dec-09 23101 1000 4328817

Jan-10 22493 1000 4445828

Feb-10 22339 1000 4476576

Mar10 23572 1000 4242375

SIP UNITS 615747

PERIODS

NAVSeries

SAAB MARFIN MBA

Rebalancing effects

SAAB MARFIN MBA

-Risk Management

- Stability

- Maximize returns

SAAB MARFIN MBA

Cons - Low returns

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

Fund Styles

style of the fund

SAAB MARFIN MBA

IX Risk

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

SAAB MARFIN MBA

the investor

M- SQUARED

SAAB MARFIN MBA

Leverage Factor

Standard Deviation

SAAB MARFIN MBA

Benefit 3

SAAB MARFIN MBA

NAV SIP UNITS

Apr-07 1516 1000 6596306

May-07 15928 1000 6278173

Jun-07 16531 1000 6049131

Jul-07 1668 1000 5995175

Aug-07 16883 1000 5923223

Sep-07 18284 1000 5469323

Oct-07 2101 1000 4759638

Nov-07 20618 1000 4850225

Dec-07 22332 1000 4477819

Jan-08 18842 1000 5307292

Feb-08 18824 1000 5312367

Mar-08 16578 1000 6032091

SAAB MARFIN MBA

YEAR 2008-09

NAV SIP UNITS

Apr-08 17819 1000 5611987

May08 1696 1000 5896226

Jun-08 14372 1000 6958119

Jul-08 15172 1000 6591306

Aug-08 15892 1000 6292316

Sep-08 14572 1000 6862429

Oct-08 11032 1000 9064375

Nov-08 10181 1000 9822411

PERIOD

NASeries

SAAB MARFIN MBA

Dec-08 11238 1000 8898618

Jan-09 10375 1000 9638183

Feb-09 98163 1000 1018714

Mar-09 10885 1000 9186786

YEAR 2009-10

NAV SIP UNITS

Apr-09 12707 1000 7869678

May09 1699 1000 5885919

Jun-0 17281 1000 5786702

101214161820

Mar09PERIOD

NAVSeries

SAAB MARFIN MBA

Jul-09 18535 1000 5395344

Aug-09 19303 1000 5180542

Sep-09 21182 1000 4720923

Oct-09 20902 1000 4784163

Nov-09 22432 1000 4457917

Dec-09 23101 1000 4328817

Jan-10 22493 1000 4445828

Feb-10 22339 1000 4476576

Mar10 23572 1000 4242375

SIP UNITS 615747

PERIODS

NAVSeries

SAAB MARFIN MBA

Rebalancing effects

SAAB MARFIN MBA

-Risk Management

- Stability

- Maximize returns

SAAB MARFIN MBA

Cons - Low returns

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

Fund Styles

style of the fund

SAAB MARFIN MBA

IX Risk

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

SAAB MARFIN MBA

the investor

M- SQUARED

SAAB MARFIN MBA

Leverage Factor

Standard Deviation

SAAB MARFIN MBA

Benefit 3

SAAB MARFIN MBA

NAV SIP UNITS

Apr-07 1516 1000 6596306

May-07 15928 1000 6278173

Jun-07 16531 1000 6049131

Jul-07 1668 1000 5995175

Aug-07 16883 1000 5923223

Sep-07 18284 1000 5469323

Oct-07 2101 1000 4759638

Nov-07 20618 1000 4850225

Dec-07 22332 1000 4477819

Jan-08 18842 1000 5307292

Feb-08 18824 1000 5312367

Mar-08 16578 1000 6032091

SAAB MARFIN MBA

YEAR 2008-09

NAV SIP UNITS

Apr-08 17819 1000 5611987

May08 1696 1000 5896226

Jun-08 14372 1000 6958119

Jul-08 15172 1000 6591306

Aug-08 15892 1000 6292316

Sep-08 14572 1000 6862429

Oct-08 11032 1000 9064375

Nov-08 10181 1000 9822411

PERIOD

NASeries

SAAB MARFIN MBA

Dec-08 11238 1000 8898618

Jan-09 10375 1000 9638183

Feb-09 98163 1000 1018714

Mar-09 10885 1000 9186786

YEAR 2009-10

NAV SIP UNITS

Apr-09 12707 1000 7869678

May09 1699 1000 5885919

Jun-0 17281 1000 5786702

101214161820

Mar09PERIOD

NAVSeries

SAAB MARFIN MBA

Jul-09 18535 1000 5395344

Aug-09 19303 1000 5180542

Sep-09 21182 1000 4720923

Oct-09 20902 1000 4784163

Nov-09 22432 1000 4457917

Dec-09 23101 1000 4328817

Jan-10 22493 1000 4445828

Feb-10 22339 1000 4476576

Mar10 23572 1000 4242375

SIP UNITS 615747

PERIODS

NAVSeries

SAAB MARFIN MBA

Rebalancing effects

SAAB MARFIN MBA

-Risk Management

- Stability

- Maximize returns

SAAB MARFIN MBA

Cons - Low returns

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

IX Risk

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

SAAB MARFIN MBA

the investor

M- SQUARED

SAAB MARFIN MBA

Leverage Factor

Standard Deviation

SAAB MARFIN MBA

Benefit 3

SAAB MARFIN MBA

NAV SIP UNITS

Apr-07 1516 1000 6596306

May-07 15928 1000 6278173

Jun-07 16531 1000 6049131

Jul-07 1668 1000 5995175

Aug-07 16883 1000 5923223

Sep-07 18284 1000 5469323

Oct-07 2101 1000 4759638

Nov-07 20618 1000 4850225

Dec-07 22332 1000 4477819

Jan-08 18842 1000 5307292

Feb-08 18824 1000 5312367

Mar-08 16578 1000 6032091

SAAB MARFIN MBA

YEAR 2008-09

NAV SIP UNITS

Apr-08 17819 1000 5611987

May08 1696 1000 5896226

Jun-08 14372 1000 6958119

Jul-08 15172 1000 6591306

Aug-08 15892 1000 6292316

Sep-08 14572 1000 6862429

Oct-08 11032 1000 9064375

Nov-08 10181 1000 9822411

PERIOD

NASeries

SAAB MARFIN MBA

Dec-08 11238 1000 8898618

Jan-09 10375 1000 9638183

Feb-09 98163 1000 1018714

Mar-09 10885 1000 9186786

YEAR 2009-10

NAV SIP UNITS

Apr-09 12707 1000 7869678

May09 1699 1000 5885919

Jun-0 17281 1000 5786702

101214161820

Mar09PERIOD

NAVSeries

SAAB MARFIN MBA

Jul-09 18535 1000 5395344

Aug-09 19303 1000 5180542

Sep-09 21182 1000 4720923

Oct-09 20902 1000 4784163

Nov-09 22432 1000 4457917

Dec-09 23101 1000 4328817

Jan-10 22493 1000 4445828

Feb-10 22339 1000 4476576

Mar10 23572 1000 4242375

SIP UNITS 615747

PERIODS

NAVSeries

SAAB MARFIN MBA

Rebalancing effects

SAAB MARFIN MBA

-Risk Management

- Stability

- Maximize returns

SAAB MARFIN MBA

Cons - Low returns

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

SAAB MARFIN MBA

the investor

M- SQUARED

SAAB MARFIN MBA

Leverage Factor

Standard Deviation

SAAB MARFIN MBA

Benefit 3

SAAB MARFIN MBA

NAV SIP UNITS

Apr-07 1516 1000 6596306

May-07 15928 1000 6278173

Jun-07 16531 1000 6049131

Jul-07 1668 1000 5995175

Aug-07 16883 1000 5923223

Sep-07 18284 1000 5469323

Oct-07 2101 1000 4759638

Nov-07 20618 1000 4850225

Dec-07 22332 1000 4477819

Jan-08 18842 1000 5307292

Feb-08 18824 1000 5312367

Mar-08 16578 1000 6032091

SAAB MARFIN MBA

YEAR 2008-09

NAV SIP UNITS

Apr-08 17819 1000 5611987

May08 1696 1000 5896226

Jun-08 14372 1000 6958119

Jul-08 15172 1000 6591306

Aug-08 15892 1000 6292316

Sep-08 14572 1000 6862429

Oct-08 11032 1000 9064375

Nov-08 10181 1000 9822411

PERIOD

NASeries

SAAB MARFIN MBA

Dec-08 11238 1000 8898618

Jan-09 10375 1000 9638183

Feb-09 98163 1000 1018714

Mar-09 10885 1000 9186786

YEAR 2009-10

NAV SIP UNITS

Apr-09 12707 1000 7869678

May09 1699 1000 5885919

Jun-0 17281 1000 5786702

101214161820

Mar09PERIOD

NAVSeries

SAAB MARFIN MBA

Jul-09 18535 1000 5395344

Aug-09 19303 1000 5180542

Sep-09 21182 1000 4720923

Oct-09 20902 1000 4784163

Nov-09 22432 1000 4457917

Dec-09 23101 1000 4328817

Jan-10 22493 1000 4445828

Feb-10 22339 1000 4476576

Mar10 23572 1000 4242375

SIP UNITS 615747

PERIODS

NAVSeries

SAAB MARFIN MBA

Rebalancing effects

SAAB MARFIN MBA

-Risk Management

- Stability

- Maximize returns

SAAB MARFIN MBA

Cons - Low returns

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

SAAB MARFIN MBA

the investor

M- SQUARED

SAAB MARFIN MBA

Leverage Factor

Standard Deviation

SAAB MARFIN MBA

Benefit 3

SAAB MARFIN MBA

NAV SIP UNITS

Apr-07 1516 1000 6596306

May-07 15928 1000 6278173

Jun-07 16531 1000 6049131

Jul-07 1668 1000 5995175

Aug-07 16883 1000 5923223

Sep-07 18284 1000 5469323

Oct-07 2101 1000 4759638

Nov-07 20618 1000 4850225

Dec-07 22332 1000 4477819

Jan-08 18842 1000 5307292

Feb-08 18824 1000 5312367

Mar-08 16578 1000 6032091

SAAB MARFIN MBA

YEAR 2008-09

NAV SIP UNITS

Apr-08 17819 1000 5611987

May08 1696 1000 5896226

Jun-08 14372 1000 6958119

Jul-08 15172 1000 6591306

Aug-08 15892 1000 6292316

Sep-08 14572 1000 6862429

Oct-08 11032 1000 9064375

Nov-08 10181 1000 9822411

PERIOD

NASeries

SAAB MARFIN MBA

Dec-08 11238 1000 8898618

Jan-09 10375 1000 9638183

Feb-09 98163 1000 1018714

Mar-09 10885 1000 9186786

YEAR 2009-10

NAV SIP UNITS

Apr-09 12707 1000 7869678

May09 1699 1000 5885919

Jun-0 17281 1000 5786702

101214161820

Mar09PERIOD

NAVSeries

SAAB MARFIN MBA

Jul-09 18535 1000 5395344

Aug-09 19303 1000 5180542

Sep-09 21182 1000 4720923

Oct-09 20902 1000 4784163

Nov-09 22432 1000 4457917

Dec-09 23101 1000 4328817

Jan-10 22493 1000 4445828

Feb-10 22339 1000 4476576

Mar10 23572 1000 4242375

SIP UNITS 615747

PERIODS

NAVSeries

SAAB MARFIN MBA

Rebalancing effects

SAAB MARFIN MBA

-Risk Management

- Stability

- Maximize returns

SAAB MARFIN MBA

Cons - Low returns

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

SAAB MARFIN MBA

the investor

M- SQUARED

SAAB MARFIN MBA

Leverage Factor

Standard Deviation

SAAB MARFIN MBA

Benefit 3

SAAB MARFIN MBA

NAV SIP UNITS

Apr-07 1516 1000 6596306

May-07 15928 1000 6278173

Jun-07 16531 1000 6049131

Jul-07 1668 1000 5995175

Aug-07 16883 1000 5923223

Sep-07 18284 1000 5469323

Oct-07 2101 1000 4759638

Nov-07 20618 1000 4850225

Dec-07 22332 1000 4477819

Jan-08 18842 1000 5307292

Feb-08 18824 1000 5312367

Mar-08 16578 1000 6032091

SAAB MARFIN MBA

YEAR 2008-09

NAV SIP UNITS

Apr-08 17819 1000 5611987

May08 1696 1000 5896226

Jun-08 14372 1000 6958119

Jul-08 15172 1000 6591306

Aug-08 15892 1000 6292316

Sep-08 14572 1000 6862429

Oct-08 11032 1000 9064375

Nov-08 10181 1000 9822411

PERIOD

NASeries

SAAB MARFIN MBA

Dec-08 11238 1000 8898618

Jan-09 10375 1000 9638183

Feb-09 98163 1000 1018714

Mar-09 10885 1000 9186786

YEAR 2009-10

NAV SIP UNITS

Apr-09 12707 1000 7869678

May09 1699 1000 5885919

Jun-0 17281 1000 5786702

101214161820

Mar09PERIOD

NAVSeries

SAAB MARFIN MBA

Jul-09 18535 1000 5395344

Aug-09 19303 1000 5180542

Sep-09 21182 1000 4720923

Oct-09 20902 1000 4784163

Nov-09 22432 1000 4457917

Dec-09 23101 1000 4328817

Jan-10 22493 1000 4445828

Feb-10 22339 1000 4476576

Mar10 23572 1000 4242375

SIP UNITS 615747

PERIODS

NAVSeries

SAAB MARFIN MBA

Rebalancing effects

SAAB MARFIN MBA

-Risk Management

- Stability

- Maximize returns

SAAB MARFIN MBA

Cons - Low returns

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

SAAB MARFIN MBA

the investor

M- SQUARED

SAAB MARFIN MBA

Leverage Factor

Standard Deviation

SAAB MARFIN MBA

Benefit 3

SAAB MARFIN MBA

NAV SIP UNITS

Apr-07 1516 1000 6596306

May-07 15928 1000 6278173

Jun-07 16531 1000 6049131

Jul-07 1668 1000 5995175

Aug-07 16883 1000 5923223

Sep-07 18284 1000 5469323

Oct-07 2101 1000 4759638

Nov-07 20618 1000 4850225

Dec-07 22332 1000 4477819

Jan-08 18842 1000 5307292

Feb-08 18824 1000 5312367

Mar-08 16578 1000 6032091

SAAB MARFIN MBA

YEAR 2008-09

NAV SIP UNITS

Apr-08 17819 1000 5611987

May08 1696 1000 5896226

Jun-08 14372 1000 6958119

Jul-08 15172 1000 6591306

Aug-08 15892 1000 6292316

Sep-08 14572 1000 6862429

Oct-08 11032 1000 9064375

Nov-08 10181 1000 9822411

PERIOD

NASeries

SAAB MARFIN MBA

Dec-08 11238 1000 8898618

Jan-09 10375 1000 9638183

Feb-09 98163 1000 1018714

Mar-09 10885 1000 9186786

YEAR 2009-10

NAV SIP UNITS

Apr-09 12707 1000 7869678

May09 1699 1000 5885919

Jun-0 17281 1000 5786702

101214161820

Mar09PERIOD

NAVSeries

SAAB MARFIN MBA

Jul-09 18535 1000 5395344

Aug-09 19303 1000 5180542

Sep-09 21182 1000 4720923

Oct-09 20902 1000 4784163

Nov-09 22432 1000 4457917

Dec-09 23101 1000 4328817

Jan-10 22493 1000 4445828

Feb-10 22339 1000 4476576

Mar10 23572 1000 4242375

SIP UNITS 615747

PERIODS

NAVSeries

SAAB MARFIN MBA

Rebalancing effects

SAAB MARFIN MBA

-Risk Management

- Stability

- Maximize returns

SAAB MARFIN MBA

Cons - Low returns

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

the investor

M- SQUARED

SAAB MARFIN MBA

Leverage Factor

Standard Deviation

SAAB MARFIN MBA

Benefit 3

SAAB MARFIN MBA

NAV SIP UNITS

Apr-07 1516 1000 6596306

May-07 15928 1000 6278173

Jun-07 16531 1000 6049131

Jul-07 1668 1000 5995175

Aug-07 16883 1000 5923223

Sep-07 18284 1000 5469323

Oct-07 2101 1000 4759638

Nov-07 20618 1000 4850225

Dec-07 22332 1000 4477819

Jan-08 18842 1000 5307292

Feb-08 18824 1000 5312367

Mar-08 16578 1000 6032091

SAAB MARFIN MBA

YEAR 2008-09

NAV SIP UNITS

Apr-08 17819 1000 5611987

May08 1696 1000 5896226

Jun-08 14372 1000 6958119

Jul-08 15172 1000 6591306

Aug-08 15892 1000 6292316

Sep-08 14572 1000 6862429

Oct-08 11032 1000 9064375

Nov-08 10181 1000 9822411

PERIOD

NASeries

SAAB MARFIN MBA

Dec-08 11238 1000 8898618

Jan-09 10375 1000 9638183

Feb-09 98163 1000 1018714

Mar-09 10885 1000 9186786

YEAR 2009-10

NAV SIP UNITS

Apr-09 12707 1000 7869678

May09 1699 1000 5885919

Jun-0 17281 1000 5786702

101214161820

Mar09PERIOD

NAVSeries

SAAB MARFIN MBA

Jul-09 18535 1000 5395344

Aug-09 19303 1000 5180542

Sep-09 21182 1000 4720923

Oct-09 20902 1000 4784163

Nov-09 22432 1000 4457917

Dec-09 23101 1000 4328817

Jan-10 22493 1000 4445828

Feb-10 22339 1000 4476576

Mar10 23572 1000 4242375

SIP UNITS 615747

PERIODS

NAVSeries

SAAB MARFIN MBA

Rebalancing effects

SAAB MARFIN MBA

-Risk Management

- Stability

- Maximize returns

SAAB MARFIN MBA

Cons - Low returns

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

Leverage Factor

Standard Deviation

SAAB MARFIN MBA

Benefit 3

SAAB MARFIN MBA

NAV SIP UNITS

Apr-07 1516 1000 6596306

May-07 15928 1000 6278173

Jun-07 16531 1000 6049131

Jul-07 1668 1000 5995175

Aug-07 16883 1000 5923223

Sep-07 18284 1000 5469323

Oct-07 2101 1000 4759638

Nov-07 20618 1000 4850225

Dec-07 22332 1000 4477819

Jan-08 18842 1000 5307292

Feb-08 18824 1000 5312367

Mar-08 16578 1000 6032091

SAAB MARFIN MBA

YEAR 2008-09

NAV SIP UNITS

Apr-08 17819 1000 5611987

May08 1696 1000 5896226

Jun-08 14372 1000 6958119

Jul-08 15172 1000 6591306

Aug-08 15892 1000 6292316

Sep-08 14572 1000 6862429

Oct-08 11032 1000 9064375

Nov-08 10181 1000 9822411

PERIOD

NASeries

SAAB MARFIN MBA

Dec-08 11238 1000 8898618

Jan-09 10375 1000 9638183

Feb-09 98163 1000 1018714

Mar-09 10885 1000 9186786

YEAR 2009-10

NAV SIP UNITS

Apr-09 12707 1000 7869678

May09 1699 1000 5885919

Jun-0 17281 1000 5786702

101214161820

Mar09PERIOD

NAVSeries

SAAB MARFIN MBA

Jul-09 18535 1000 5395344

Aug-09 19303 1000 5180542

Sep-09 21182 1000 4720923

Oct-09 20902 1000 4784163

Nov-09 22432 1000 4457917

Dec-09 23101 1000 4328817

Jan-10 22493 1000 4445828

Feb-10 22339 1000 4476576

Mar10 23572 1000 4242375

SIP UNITS 615747

PERIODS

NAVSeries

SAAB MARFIN MBA

Rebalancing effects

SAAB MARFIN MBA

-Risk Management

- Stability

- Maximize returns

SAAB MARFIN MBA

Cons - Low returns

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

Benefit 3

SAAB MARFIN MBA

NAV SIP UNITS

Apr-07 1516 1000 6596306

May-07 15928 1000 6278173

Jun-07 16531 1000 6049131

Jul-07 1668 1000 5995175

Aug-07 16883 1000 5923223

Sep-07 18284 1000 5469323

Oct-07 2101 1000 4759638

Nov-07 20618 1000 4850225

Dec-07 22332 1000 4477819

Jan-08 18842 1000 5307292

Feb-08 18824 1000 5312367

Mar-08 16578 1000 6032091

SAAB MARFIN MBA

YEAR 2008-09

NAV SIP UNITS

Apr-08 17819 1000 5611987

May08 1696 1000 5896226

Jun-08 14372 1000 6958119

Jul-08 15172 1000 6591306

Aug-08 15892 1000 6292316

Sep-08 14572 1000 6862429

Oct-08 11032 1000 9064375

Nov-08 10181 1000 9822411

PERIOD

NASeries

SAAB MARFIN MBA

Dec-08 11238 1000 8898618

Jan-09 10375 1000 9638183

Feb-09 98163 1000 1018714

Mar-09 10885 1000 9186786

YEAR 2009-10

NAV SIP UNITS

Apr-09 12707 1000 7869678

May09 1699 1000 5885919

Jun-0 17281 1000 5786702

101214161820

Mar09PERIOD

NAVSeries

SAAB MARFIN MBA

Jul-09 18535 1000 5395344

Aug-09 19303 1000 5180542

Sep-09 21182 1000 4720923

Oct-09 20902 1000 4784163

Nov-09 22432 1000 4457917

Dec-09 23101 1000 4328817

Jan-10 22493 1000 4445828

Feb-10 22339 1000 4476576

Mar10 23572 1000 4242375

SIP UNITS 615747

PERIODS

NAVSeries

SAAB MARFIN MBA

Rebalancing effects

SAAB MARFIN MBA

-Risk Management

- Stability

- Maximize returns

SAAB MARFIN MBA

Cons - Low returns

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

Benefit 3

SAAB MARFIN MBA

NAV SIP UNITS

Apr-07 1516 1000 6596306

May-07 15928 1000 6278173

Jun-07 16531 1000 6049131

Jul-07 1668 1000 5995175

Aug-07 16883 1000 5923223

Sep-07 18284 1000 5469323

Oct-07 2101 1000 4759638

Nov-07 20618 1000 4850225

Dec-07 22332 1000 4477819

Jan-08 18842 1000 5307292

Feb-08 18824 1000 5312367

Mar-08 16578 1000 6032091

SAAB MARFIN MBA

YEAR 2008-09

NAV SIP UNITS

Apr-08 17819 1000 5611987

May08 1696 1000 5896226

Jun-08 14372 1000 6958119

Jul-08 15172 1000 6591306

Aug-08 15892 1000 6292316

Sep-08 14572 1000 6862429

Oct-08 11032 1000 9064375

Nov-08 10181 1000 9822411

PERIOD

NASeries

SAAB MARFIN MBA

Dec-08 11238 1000 8898618

Jan-09 10375 1000 9638183

Feb-09 98163 1000 1018714

Mar-09 10885 1000 9186786

YEAR 2009-10

NAV SIP UNITS

Apr-09 12707 1000 7869678

May09 1699 1000 5885919

Jun-0 17281 1000 5786702

101214161820

Mar09PERIOD

NAVSeries

SAAB MARFIN MBA

Jul-09 18535 1000 5395344

Aug-09 19303 1000 5180542

Sep-09 21182 1000 4720923

Oct-09 20902 1000 4784163

Nov-09 22432 1000 4457917

Dec-09 23101 1000 4328817

Jan-10 22493 1000 4445828

Feb-10 22339 1000 4476576

Mar10 23572 1000 4242375

SIP UNITS 615747

PERIODS

NAVSeries

SAAB MARFIN MBA

Rebalancing effects

SAAB MARFIN MBA

-Risk Management

- Stability

- Maximize returns

SAAB MARFIN MBA

Cons - Low returns

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

Benefit 3

SAAB MARFIN MBA

NAV SIP UNITS

Apr-07 1516 1000 6596306

May-07 15928 1000 6278173

Jun-07 16531 1000 6049131

Jul-07 1668 1000 5995175

Aug-07 16883 1000 5923223

Sep-07 18284 1000 5469323

Oct-07 2101 1000 4759638

Nov-07 20618 1000 4850225

Dec-07 22332 1000 4477819

Jan-08 18842 1000 5307292

Feb-08 18824 1000 5312367

Mar-08 16578 1000 6032091

SAAB MARFIN MBA

YEAR 2008-09

NAV SIP UNITS

Apr-08 17819 1000 5611987

May08 1696 1000 5896226

Jun-08 14372 1000 6958119

Jul-08 15172 1000 6591306

Aug-08 15892 1000 6292316

Sep-08 14572 1000 6862429

Oct-08 11032 1000 9064375

Nov-08 10181 1000 9822411

PERIOD

NASeries

SAAB MARFIN MBA

Dec-08 11238 1000 8898618

Jan-09 10375 1000 9638183

Feb-09 98163 1000 1018714

Mar-09 10885 1000 9186786

YEAR 2009-10

NAV SIP UNITS

Apr-09 12707 1000 7869678

May09 1699 1000 5885919

Jun-0 17281 1000 5786702

101214161820

Mar09PERIOD

NAVSeries

SAAB MARFIN MBA

Jul-09 18535 1000 5395344

Aug-09 19303 1000 5180542

Sep-09 21182 1000 4720923

Oct-09 20902 1000 4784163

Nov-09 22432 1000 4457917

Dec-09 23101 1000 4328817

Jan-10 22493 1000 4445828

Feb-10 22339 1000 4476576

Mar10 23572 1000 4242375

SIP UNITS 615747

PERIODS

NAVSeries

SAAB MARFIN MBA

Rebalancing effects

SAAB MARFIN MBA

-Risk Management

- Stability

- Maximize returns

SAAB MARFIN MBA

Cons - Low returns

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

Benefit 3

SAAB MARFIN MBA

NAV SIP UNITS

Apr-07 1516 1000 6596306

May-07 15928 1000 6278173

Jun-07 16531 1000 6049131

Jul-07 1668 1000 5995175

Aug-07 16883 1000 5923223

Sep-07 18284 1000 5469323

Oct-07 2101 1000 4759638

Nov-07 20618 1000 4850225

Dec-07 22332 1000 4477819

Jan-08 18842 1000 5307292

Feb-08 18824 1000 5312367

Mar-08 16578 1000 6032091

SAAB MARFIN MBA

YEAR 2008-09

NAV SIP UNITS

Apr-08 17819 1000 5611987

May08 1696 1000 5896226

Jun-08 14372 1000 6958119

Jul-08 15172 1000 6591306

Aug-08 15892 1000 6292316

Sep-08 14572 1000 6862429

Oct-08 11032 1000 9064375

Nov-08 10181 1000 9822411

PERIOD

NASeries

SAAB MARFIN MBA

Dec-08 11238 1000 8898618

Jan-09 10375 1000 9638183

Feb-09 98163 1000 1018714

Mar-09 10885 1000 9186786

YEAR 2009-10

NAV SIP UNITS

Apr-09 12707 1000 7869678

May09 1699 1000 5885919

Jun-0 17281 1000 5786702

101214161820

Mar09PERIOD

NAVSeries

SAAB MARFIN MBA

Jul-09 18535 1000 5395344

Aug-09 19303 1000 5180542

Sep-09 21182 1000 4720923

Oct-09 20902 1000 4784163

Nov-09 22432 1000 4457917

Dec-09 23101 1000 4328817

Jan-10 22493 1000 4445828

Feb-10 22339 1000 4476576

Mar10 23572 1000 4242375

SIP UNITS 615747

PERIODS

NAVSeries

SAAB MARFIN MBA

Rebalancing effects

SAAB MARFIN MBA

-Risk Management

- Stability

- Maximize returns

SAAB MARFIN MBA

Cons - Low returns

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

NAV SIP UNITS

Apr-07 1516 1000 6596306

May-07 15928 1000 6278173

Jun-07 16531 1000 6049131

Jul-07 1668 1000 5995175

Aug-07 16883 1000 5923223

Sep-07 18284 1000 5469323

Oct-07 2101 1000 4759638

Nov-07 20618 1000 4850225

Dec-07 22332 1000 4477819

Jan-08 18842 1000 5307292

Feb-08 18824 1000 5312367

Mar-08 16578 1000 6032091

SAAB MARFIN MBA

YEAR 2008-09

NAV SIP UNITS

Apr-08 17819 1000 5611987

May08 1696 1000 5896226

Jun-08 14372 1000 6958119

Jul-08 15172 1000 6591306

Aug-08 15892 1000 6292316

Sep-08 14572 1000 6862429

Oct-08 11032 1000 9064375

Nov-08 10181 1000 9822411

PERIOD

NASeries

SAAB MARFIN MBA

Dec-08 11238 1000 8898618

Jan-09 10375 1000 9638183

Feb-09 98163 1000 1018714

Mar-09 10885 1000 9186786

YEAR 2009-10

NAV SIP UNITS

Apr-09 12707 1000 7869678

May09 1699 1000 5885919

Jun-0 17281 1000 5786702

101214161820

Mar09PERIOD

NAVSeries

SAAB MARFIN MBA

Jul-09 18535 1000 5395344

Aug-09 19303 1000 5180542

Sep-09 21182 1000 4720923

Oct-09 20902 1000 4784163

Nov-09 22432 1000 4457917

Dec-09 23101 1000 4328817

Jan-10 22493 1000 4445828

Feb-10 22339 1000 4476576

Mar10 23572 1000 4242375

SIP UNITS 615747

PERIODS

NAVSeries

SAAB MARFIN MBA

Rebalancing effects

SAAB MARFIN MBA

-Risk Management

- Stability

- Maximize returns

SAAB MARFIN MBA

Cons - Low returns

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

NAV SIP UNITS

Apr-07 1516 1000 6596306

May-07 15928 1000 6278173

Jun-07 16531 1000 6049131

Jul-07 1668 1000 5995175

Aug-07 16883 1000 5923223

Sep-07 18284 1000 5469323

Oct-07 2101 1000 4759638

Nov-07 20618 1000 4850225

Dec-07 22332 1000 4477819

Jan-08 18842 1000 5307292

Feb-08 18824 1000 5312367

Mar-08 16578 1000 6032091

SAAB MARFIN MBA

YEAR 2008-09

NAV SIP UNITS

Apr-08 17819 1000 5611987

May08 1696 1000 5896226

Jun-08 14372 1000 6958119

Jul-08 15172 1000 6591306

Aug-08 15892 1000 6292316

Sep-08 14572 1000 6862429

Oct-08 11032 1000 9064375

Nov-08 10181 1000 9822411

PERIOD

NASeries

SAAB MARFIN MBA

Dec-08 11238 1000 8898618

Jan-09 10375 1000 9638183

Feb-09 98163 1000 1018714

Mar-09 10885 1000 9186786

YEAR 2009-10

NAV SIP UNITS

Apr-09 12707 1000 7869678

May09 1699 1000 5885919

Jun-0 17281 1000 5786702

101214161820

Mar09PERIOD

NAVSeries

SAAB MARFIN MBA

Jul-09 18535 1000 5395344

Aug-09 19303 1000 5180542

Sep-09 21182 1000 4720923

Oct-09 20902 1000 4784163

Nov-09 22432 1000 4457917

Dec-09 23101 1000 4328817

Jan-10 22493 1000 4445828

Feb-10 22339 1000 4476576

Mar10 23572 1000 4242375

SIP UNITS 615747

PERIODS

NAVSeries

SAAB MARFIN MBA

Rebalancing effects

SAAB MARFIN MBA

-Risk Management

- Stability

- Maximize returns

SAAB MARFIN MBA

Cons - Low returns

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

YEAR 2008-09

NAV SIP UNITS

Apr-08 17819 1000 5611987

May08 1696 1000 5896226

Jun-08 14372 1000 6958119

Jul-08 15172 1000 6591306

Aug-08 15892 1000 6292316

Sep-08 14572 1000 6862429

Oct-08 11032 1000 9064375

Nov-08 10181 1000 9822411

PERIOD

NASeries

SAAB MARFIN MBA

Dec-08 11238 1000 8898618

Jan-09 10375 1000 9638183

Feb-09 98163 1000 1018714

Mar-09 10885 1000 9186786

YEAR 2009-10

NAV SIP UNITS

Apr-09 12707 1000 7869678

May09 1699 1000 5885919

Jun-0 17281 1000 5786702

101214161820

Mar09PERIOD

NAVSeries

SAAB MARFIN MBA

Jul-09 18535 1000 5395344

Aug-09 19303 1000 5180542

Sep-09 21182 1000 4720923

Oct-09 20902 1000 4784163

Nov-09 22432 1000 4457917

Dec-09 23101 1000 4328817

Jan-10 22493 1000 4445828

Feb-10 22339 1000 4476576

Mar10 23572 1000 4242375

SIP UNITS 615747

PERIODS

NAVSeries

SAAB MARFIN MBA

Rebalancing effects

SAAB MARFIN MBA

-Risk Management

- Stability

- Maximize returns

SAAB MARFIN MBA

Cons - Low returns

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

Dec-08 11238 1000 8898618

Jan-09 10375 1000 9638183

Feb-09 98163 1000 1018714

Mar-09 10885 1000 9186786

YEAR 2009-10

NAV SIP UNITS

Apr-09 12707 1000 7869678

May09 1699 1000 5885919

Jun-0 17281 1000 5786702

101214161820

Mar09PERIOD

NAVSeries

SAAB MARFIN MBA

Jul-09 18535 1000 5395344

Aug-09 19303 1000 5180542

Sep-09 21182 1000 4720923

Oct-09 20902 1000 4784163

Nov-09 22432 1000 4457917

Dec-09 23101 1000 4328817

Jan-10 22493 1000 4445828

Feb-10 22339 1000 4476576

Mar10 23572 1000 4242375

SIP UNITS 615747

PERIODS

NAVSeries

SAAB MARFIN MBA

Rebalancing effects

SAAB MARFIN MBA

-Risk Management

- Stability

- Maximize returns

SAAB MARFIN MBA

Cons - Low returns

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

Jul-09 18535 1000 5395344

Aug-09 19303 1000 5180542

Sep-09 21182 1000 4720923

Oct-09 20902 1000 4784163

Nov-09 22432 1000 4457917

Dec-09 23101 1000 4328817

Jan-10 22493 1000 4445828

Feb-10 22339 1000 4476576

Mar10 23572 1000 4242375

SIP UNITS 615747

PERIODS

NAVSeries

SAAB MARFIN MBA

Rebalancing effects

SAAB MARFIN MBA

-Risk Management

- Stability

- Maximize returns

SAAB MARFIN MBA

Cons - Low returns

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

Rebalancing effects

SAAB MARFIN MBA

-Risk Management

- Stability

- Maximize returns

SAAB MARFIN MBA

Cons - Low returns

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

Rebalancing effects

SAAB MARFIN MBA

-Risk Management

- Stability

- Maximize returns

SAAB MARFIN MBA

Cons - Low returns

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

Rebalancing effects

SAAB MARFIN MBA

-Risk Management

- Stability

- Maximize returns

SAAB MARFIN MBA

Cons - Low returns

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

-Risk Management

- Stability

- Maximize returns

SAAB MARFIN MBA

Cons - Low returns

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

-Risk Management

- Stability

- Maximize returns

SAAB MARFIN MBA

Cons - Low returns

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

-Risk Management

- Stability

- Maximize returns

SAAB MARFIN MBA

Cons - Low returns

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

Cons - Low returns

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

Working note

1466426-13942241394224100 = 518

2030071-14664261466426 100 = 3844

1296168 ndash 20300712030071 100 = -3615

990346 ndash 12961681296168 100 = -2359

1464547 ndash 990346990346100 = 4788

1755853- 14645471464547 100 = 1989 and

1657203 -17558531755853 100 = -562

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

equity +debtwithout

rebalancing

equity+debtwith

07 518105178

7 109000 107090 1070894July 07- Jan

08 3844145605

8 118810 1322105 1324909Jan 08- July

08 -3615929669

8 129503 1112378 1145042

July 08 - Jan10 -2359

7103296 141158 1060993 1061487

Jan 09- July09 4788

1050439 153862 129459 1363774

July 09- Jan10 1989

1259391 167709 146830 1560313

Jan 10 - Jun10 -562

1188736 182802 1508378 1586687

Analysis

Working note

145605806385=9296698

929669807641=7103296

710329614788=1050439

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

105043911989=1259391

125939109438= 1188736

For debt 9

For 3rd quarter 9 118810=129503

For 4th quarter 9 129503=141158

For 5th quarter 9 141158=153862

For 6th quarter 9 153862=167709

For 7th quarter 9 167709=182802

(1188736+182802)2 = 1508378

1st quarter 5010517870= 5258935

50109000=54500

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

2nd quarter 5010708940 =5354468 and

5010708940=5354468

5354468 13844= 7412725

5354468 109 =583637

For 3rd quarter

501324909=6624547

66245476385=4229668

6624547109 =7220756

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

For 4th quarter

50 1145042=5725212 and

50 1145042= 57252

5725212 13843= 4374387

5725212109 = 6240481

For 5th quarter

501061487 =5307434

50 1061487 =5307434

530743414788= 7848634

5307434109= 5785103

For 6th quarter

50 1363374= 6816869

681686911989 = 8172744

6816869109 = 7430387

For 7th quarter

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

50 1560313= 7801565

78015659438 = 7363162

7801565109 = 8503706

Analysis

allocation

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

I Problem Statement

II Data Sources

Primary data

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

Secondary data

IV Data analysis

Treynor Ratio

Sharpe Ratio

Jensenrsquos Alpha

M Squared

Leverage Factor

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

HDFC EQUITY FUND

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

RELIANCE RSF FUND

SCHEME PROFILE

HDFC EQUITY FUND

Scheme Plan Growth

Assets (RS 63557

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

crore)

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

Scheme Plan Growth

Benchmark BSE 500

RELIANCE RSF FUND

Scheme Plan Growth

Benchmark BSE 100

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

Scheme Plan Growth

SCHEMES 2007-08 2008-09 2009-10

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

STANDARD DEVIATION

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

SHARPE RATIO

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

TREYNOR RATIO

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

JENSEN ALPHA

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

M^2(M SQUARE)

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

8 Rankings

2007-08

HDFC EQUITYFUND

2RELIANCE RSFFUND

RELIANCERSF FUND

RELIANCE RSFFUND

2008-09

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

UTIOPPORTUNITIES

2HDFC EQUITYFUND

HDFC EQUITYFUND

HDFC EQUITYFUN

2009-10

HDFC EQUITYFUND

3HDFC EQUITYFUND

HDFC EQUITYFUND

RELIANCE RSFFUND

HDFC EQUITYFUND

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

9 Conclusion

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

one time

References

5 wwwnseindiacom

6 wwwbseindiacom

7 wwwhdfcfundcom

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

SAAB MARFIN MBA

Sharpe Ratio

Treynor Ratio

Leverage Factor

References

Hdfc finance project report

Economy & Finance

hdfc mutual fund

hdfc infrastructure

fund management

hdfc longterm equity

hdfc equity fund hef

hdfc income fund hif

hdfc high

hdfc amcacquired