Escolar Documentos
Profissional Documentos
Cultura Documentos
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The data and information collected from secondary sources have een analy-ed" *e used &icrosoft ,)cel to analy-e data" *e take different theories from our te)t ook" Then we
.
*here, is the return on portfolio" /'0 is /et 'sset 0alue at market price" 1t1 is the time period"
$is%#
&utual Funds diversify our portfolio y investin! in various securities 2 minimi-e the risk ecause &utual funds are not like volatile as other secondary market shares" 3isk of these mutual funds need to e used to do comparative analysis of two sector mutual funds" Total risk can e measured with the help of standard deviation of returns%
.
Page6 *here,
is the avera!e e)cess return of the portfolio over risk free return" "
. *here,
is Sharpe1s 3eward to varia ility
#i$itations:
The ma$or limitations of this report are% +ac% of ,no(ledge and -.&erience# e
The main limitation of this term paper is that, we are in the learnin! phase, hence no professional e)perience" 'naly-in! the data with theoretical knowled!e only, may not the main limitation of this term paper" !ime constraint# Page6 sufficient" Here, we consider our lack of e)perience and knowled!e re!ardin! real world, is
(f time were more, we would !ive more time and this term paper would e more !ood and useful"
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diversity of activity of financial institutions, market and instruments" The financial structure is composed of two sets of elements5 namely, financial instruments and financial institutions" (n the conte)t of Ban!ladesh, an efficient and developed financial system is essential for transferrin! capital from savers to investors and to channeli-e scarce resources to ma)imi-e production, #Financial &arket can e thou!ht of as the rain of the entire economic system, the central locus of decision makin!6" (n fact, the financial system1s contri ution to !rowth lies precisely in its a ility to increase efficiency in financial deepenin! throu!h via le and effective financial market and financial instruments and profita le interaction with the pro!ressive !lo ali-ation" The financial system of Ban!ladesh consists of Ban!ladesh Bank 7BB8 as the central ank, 9 State :wned +ommercial Banks 7S+B8, ; !overnment owned speciali-ed anks, <= private anks, > forei!n anks and ?> non@ ank financial institutions" The financial system also em races &icro credit or!ani-ation, insurance companies, stock e)chan!es and co@operative anks"
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and total e)penditure as shares of ADP stood at E"?< percent and BB"=Dpercent respectively" :verall fiscal deficit as share of ADP reached 9"CC percent at the end of the first half of FJB< as a!ainst the yearly tar!et of 9"; percent" Pu lic sector credit !rew at >"E percent durin! HB FJB< while the !rowth rate of private sector credit was BC"; percent" Ban!ladesh1s financial sector has shown remarka le resilience to the upholdin! !lo al financial turmoil and slowin! !rowth in hi!h income countries, lar!ely due to the country1s insulation from international capital markets and the ne!li!i le role of forei!n portfolio investors" This resilience also derives partly from stren!thened policy frameworks and macroeconomic fundamentals"
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domestic ankin! system and proceeded to reor!ani-e and rename the various anks" Forei!n@owned anks were permitted to continue doin! usiness in Ban!ladesh" The insurance usiness was also nationali-ed and ecame a source of potential investment funds" +ooperative credit systems and postal savin!s offices handled service to small individual and rural accounts" The new ankin! system succeeded in esta lishin! reasona ly efficient procedures for mana!in! credit and forei!n e)chan!e" The primary function of the credit system throu!hout the B>DCs was to finance trade and the pu lic sector, which to!ether a sor ed D=F of total advances" The !overnmentIs encoura!ement durin! the late B>DCs and early B>;Cs of a!ricultural development and private industry rou!ht chan!es in lendin! strate!ies" &ana!ed y the Ban!ladesh Krishi Bank, a speciali-ed a!ricultural ankin! institution, lendin! to farmers and fishermen dramatically e)panded" The num er of rural ank ranches dou led etween B>DD and B>;=, to more than <,<<C" Denationali-ation and private industrial !rowth led the Ban!ladesh Bank and the *orld Bank to focus their lendin! on the emer!in! private manufacturin! sector"
(t shows the wei!hted avera!e deposit 7*'D38 and lendin! 7*'G38 rates and the spread 7(3S8 of all anks from end Lune ?CCB to end Septem er ?CC;" The (3S as measured y the difference etween wei!hted avera!e lendin! and deposit rates of commercial anks, shows a !enerally declinin! trend since Lune ?CCB e)cept for few deviations" The spread etween lendin! and deposits rate declined y B"E percenta!e points while deposit rates increased y C"B percenta!e points and lendin! rates decreased y B"9 percenta!e points respectively etween Lune ?CCB to Septem er ?CC; resultin! from persistent efforts of BB to encoura!e the anks to reduce (3S to reasona le level to facilitate investment and !rowth" The IRS in the banking sector of major South Asian countries shows that Sri Lanka has the highest spread followed by Pakistan, angladesh, and India!
!a*le# +ending and De&osits $ates and /$S in Sout Asian 0ountries
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Stand y Facility 7+BSF8I to implement the financin! pro!ram with a cost of USH =D"CC million" The leasin! sector, a vital se!ment of financial sector has contri uted si!nificantly over the year, in spite of many constrains like tremendous competition with the ankin! sector of the country, challen!es and re!ulatory chan!es 7withdrawal of depreciation allowance8 which are affectin! adversely on the usiness" *ith the +hallen!es of time, the overall !rowth of the leasin! usiness, achieved throu!h diversification of products and services and a!!ressive marketin! is indicative of the industry1s contri ution to our national economy" The total investment y the financial institutions 7non@ ank8 up to Lune ?CC; was BDT >E"; illion which is E"9BF hi!her than that of previous year" They have e)ecuted leases and dis ursed loan a!!re!atin! Tk"<>"=> illion durin! ?CC; which is around<<F !rowth compared to its previous year" +apital market investment was a ove Tk"E illion" The financial institutions maintained recovery level of >=F which is of an international standard 'mon! ?> /BF(s, one is !overnment owned, B= are local 7private8 and the other B< are esta lished under $oint venture with forei!n participation" Ban!ladesh Bank has introduced a policy for loan and lease classification provisionin! for /BF(s from Decem er ?CCC on a half yearly Basis"
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dis ursement methods with focus on low risk industrial se!ments and instill monitorin! mechanisms in order to reduce risks associated with their assets"
etter
"e#ertheless, the contribution of " $Is to industrial financing still remains #ery small! %uring
Luly@Decem er ?CC;, the share of the /BF(s in total dis ursed industrial loans was only 9"? percent" &ore than ;C percent of the loans dis ursed y /BF(s were term lendin! as their capital structure provides etter support for term financin! rather than workin! capital financin!" Total classified loan of all /BF(s stood at Tk"D"B illion in Decem er ?CC; a!ainst their total outstandin! loan of Tk"BCE"B illion showin! a classified loan to total outstandin! ratio of E"D percent which was D"B percent at the end of Decem er ?CCD" The return on equity 73:,8, which shows the earnin! capacity of shareholder1s ook value investment, shows si!nificant variation across /BF(s" (n Lune ?CC;, the hi!hest 3:, is o served for (D+:G 7?9"B percent8 followed y Prime Finance 7??"> percent8 and DBH 7?C"> percent8" :n the other hand, 3:,s of several /BF(s were lower than the industry avera!e and the interest rate on deposits indicatin! requirements on the part of these /BF(s to access oth low cost fundin! and ensure etter portfolio mana!ement to improve performance"
/on@Bank Financial (nstitutions are an important part of financial system in Ban!ladesh" /BF(s operations are re!ulated under the Financial (nstitutions 'ct, B>><" The /BF(s consist of investment, finance, leasin! companies etc" There were ?> financial institutions operatin! in Ban!ladesh as of <B Decem er ?CCE" :f these one is !overnment owned, B= are local 7private8 and the other B< are esta lished under $oint venture with forei!n participation" Ban!ladesh Bank has introduced a policy for loan and lease classification and provisionin! for /BF(s from Decem er ?CCC on a half@yearly asis" 'mon! the ?> financial institutions, B? have een listed in the stock e)chan!es up to <B Decem er ?CCE to stren!then financial capa ility and the rest are under process to e listed in due course"
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for life insurance were esta lished in Ban!ladesh" SB+ was actin! as the sole insurer of !eneral insurance till B>;9" Between B>;= to B>;; first !eneration of private !eneral insurance companies were emer!ed as Ban!ladesh Aovernment allowed the private sector to conduct usiness in all areas of insurance for the first time in B>;9" ' total of BE private !eneral insurance companies were re!istered in that phase" (n B>>E another ; private !eneral insurance companies were re!istered" The third !eneration of private !eneral insurance companies, which included B; companies, came into operation etween B>>> and ?CCB" The !eneral insurance market in Ban!ladesh now consists of 9< private sector insurance companies and B state owned insurance company" (nsurance +orporation 7amendment8 'ct B>>C provides that =CF of all insurance usiness relatin! to any pu lic property or to any risk or lia ility appertainin! to any pu lic property shall e placed with the SB+ and the remainin! =CF of such usiness may e placed with this corporation or with any other insurers in Ban!ladesh" But for practical reason and in a!reement with the (nsurance 'ssociation of Ban!ladesh SB+ underwrites all the pu lic sector usiness and =CF of that usiness is distri uted amon! the e)istin! 9< private !eneral insurance companies equally under /ational +o@ insurance Scheme" (nsurance is not a new idea or proposition to the people of Ban!ladesh" ' out half a century ack, durin! the British re!ime in the then (ndia, some insurance companies started insurance usiness, particularly life, in this part of the world" Thus, (nsurance industry in Ban!ladesh passed throu!h a century@lon! history of evolution, and is still stru!!lin! to achieve maturity" 'fter li eration, as part of the nationali-ation process, the industry was nationali-ed y a Presidential :rder" Su sequently, in the process of denationali-ation, private sector companies were allowed to operate in the industry side y side with two state@owned corporations" +onsequent to that, a !ood num er of insurance companies emer!ed in a small economy which resulted in tou!h and unhealthy competition"
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!lo ally accepted scheme to share ownership of economic development with !eneral pu lic" The +apital market, an important in!redient of the financial system, plays a si!nificant role in the economy of the country!
Regulatory bodies:
The Securities and ,)chan!e +ommission e)ercises powers under the Securities and ,)chan!e +ommission 'ct B>><" (t re!ulates institutions en!a!ed in capital market activities" Ban!ladesh Bank e)ercises powers under the Financial (nstitutions 'ct B>>< and re!ulates institutions en!a!ed in financin! activities includin! leasin! companies and venture capital companies"
Total Number of #ompanies Total Number of %utual &unds Total Number of 'ebentures Total Number of Treasury (onds Total Number of #orporate (onds
23$ 35 ! 2$2 3
The total num er of listed securities is 9;>" Product of capital market in Ban!ladesh consists of a8 Shares, 8 De entures, c8 &utual funds, d8 Bonds" %otal n&'(er o) $hares*+erti)i,ates%otal /&'(er o) $hares 1 2&t&al 3&nd +erti)i,ates o) 4ll Listed $e,&rities %otal /&'(er o) $hares o) 4ll Listed +o'panies %otal /&'(er o) +erti)i,ates o) 4ll Listed 2&t&al 3&nds %otal /&'(er o) 4ll Listed De(ent&res %otal /&'(er o) 4ll Listed 7ov. %-Bonds %otal /&'(er o) 4ll Listed +orporate Bonds ./o. in 'n0 1952!0 165!65 25762 ./o. in 6 0000 !09 55002 75069
(n our Ban!ladeshi +apital market the total num er of shares of all listed companies is BE,9E=mn" Derivatives, Future and options are not traded in our capital market" Total )ssued #apital of : *&igure Tk. in mn+ 7"./$37 4ll Listed $e,&rities 2.2/0"5 4ll +o'panies $hares 25/7$" 4ll 2&t&al 3&nds $ 0 4ll De(ent&res 50$/$$3 4ll Listed 7ovt. %-Bonds 7/0." 4ll Listed +orporate Bonds Ban!ladeshi +apital market consists of only D,CE>mn issued capital for listed corporate onds" So, Bond market in Ban!ladesh is not well esta lished" 'nd +apital &arket consists of only ?=,DB>mn issued capital for mutual funds" "7 ./! 2 2 35$ 3/57" *&igure ,S- in mn+ $0/!70.52
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4ll Listed $e,&rities 4ll +o'panies $hares 4ll 2&t&al 3&nds 4ll De(ent&res
2a<
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9;"==F of total market capitali-ation is the financial sector in Ban!ladesh" 'mon! those, anks contri ute ?D">9F to the total capitali-ation" &utual funds contri ute only B"EEF to the total capitali-ation of our +apital &arket"
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99"B<F of total turnover is the financial sector in Ban!ladesh" 'mon! those, Banks contri ute hi!hest BD"<;F to the total turnover in our capital market" 'nd mutual funds contri ute only ?"E>F to the total turnover in our capital market amon! the financial sector in Ban!ladesh"
There were ?> /BF(s operatin! in Ban!ladesh as of ?CC;" :f these institutions, B is !overnment owned, B= are local 7private8, and the other B< are esta lished under $oint@ venture arran!ements with forei!n institutions" The minimum capital requirement of /BF(s is Tk?=C million" The ma$or usiness of most /BF(s is leasin!, althou!h some are also en!a!ed in merchant ankin! and housin! finance" 's leasin! usiness is the ma$or usiness of /BF(s and most of the /BF(s are multi product financial intermediaries, our industry analysis focus on the performance of /BF(s of Ban!ladesh and throu!h /BF(s we hi!hli!hts leasin! usiness of Ban!ladesh" The operations of /BF(s in Ban!ladesh are re!ulated y the B'/AG'D,SH B'/K" /on ank financial institutions 7/BF(s8 are licensed and controlled y the Financial (nstitutions 'ct of B>><" These institutions
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+arry on the usiness of underwritin! or acquisition of, or the investment or reinvestment in, shares, stocks, onds, de entures, or securities issued y the !overnment or any local authority5 ,n!a!e in hire@purchase transactions, includin! leasin! of machinery or equipment5 Finance venture capital5 Provide loans for house uildin! and property purchases5 and Use their capital to invest in companies"
!otal 8utstanding
?,>C?"C =
BCC
<,E99"B ?
BCC
=,<B;"< B
BCC
E,D;;"; E
BCC
D,<B9"= C
BCC
(n a market with considera le competitive pressures from anks and other financial institutions, the leasin! industry has shown si!nificant resilience" (ts total assets !rew at an annual avera!e rate of <9F durin! ?CC?O?CCE" Gease financin! constitutes =9"=F of the total lon!@term assets in the country1s financial sector, with the rest consistin! mainly of term financin!" Geasin! companies offer their services to industries such as te)tiles, chemicals, services, pharmaceuticals, transport, food and evera!e, leather products, and construction and en!ineerin!"
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standards and financial instruments" (n addition, the challen!es associated with fair value estimation processes, which have een amplified y the current market crisis, underscore the importance of hi!h quality audits" 's such, the Basel +ommitteeIs focus is on the followin! areas% ankers1 and supervisors1 reliance on e)ternal auditors1 e)pertise and $ud!ments5 hi!h@quality audits which enhance market confidence particularly in times of severe market stress5 and increasin! reliance on hi!h@quality ank audits to complement supervisory processes" For Ban!ladesh, policies are needed to maintain international auditin! standard to avoid e)posure to financial risks of different types"
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A &utual $und is a trust $und established with the intention of in#esting a pool of sa#ings in #arious type of securities for the benefit of in#estors! A small in#estor is unable to di#ersify his portfolio simply because of inade(uate amount a#ailable for in#estment! A mutual fund pro#ides a means of di#ersification of in#estment to small in#estors! Initially a mutual fund collects the funds from small in#estors and then they are in#ested into the securities of different types, thus di#ersifying the portfolio! The &utual $und ser#es as a link between the public and the capital market!
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?an-11 3e(-11 2ar,h 4pr-11 2a<-11 ?&n-11 ?&l-11 4&g-11 $ep-11 @,t-11 /ov-11
D$= 7eneral Inde> 619 . 2 !"17. 9 5275.1" 50"2.95 !79 ."7 509".19 5" 0.1 5195.6 !9"7.09 !205.07 !!0"."7
's a retail investor, it is not possi le for us to invest in our capital market" The inde) in Lanuary ?CBB was EB>;";?" But in /ovem er ?CBB the DS, !eneral inde) was only 99C<"<D" so the market is more volatile and the portfolio risk is also hi!h"
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(nd of period
!an+ rate
Call $oney $ar+et>s 1eighted average interest rates on !orro1ing #ending ++!,/!)+*!.) /!)* 0!,+*!/. ++!2+ +2!*. +*!-+ /!11 -!0. -!)+ .!)+ -!.) )!*1 ,!,2 .!.. ,!., ,!/1 ,!+/ ++!,/!)+*!.) /!)* 0!,+*!/. ++!2+ +2!*. +*!-+ /!11 -!0. -!)+ .!)+ -!.) )!*1 ,!,2 .!.. ,!., ,!/1 ,!+/
Schedule ban+s> 1eighted average interest rates on eposits ,!./ ,!),!0+ 1!*, 1!21!21 1!.2 1!-* /dvances ++!.++!-+ ++!/) +2!*2 +2!+1 +2!-2 +2!)) +2!,.
Spread
%611: ?anuary "ebruary March /pril May ?une ?uly /ugust Septe$ber October %616: ?anuary "ebruary March /pril May ?une ?uly /ugust Septe$ber October
)!** )!** )!** )!** )!** )!** )!** )!** )!** )!** )!** )!** )!** )!** )!** )!** )!** )!** )!** )!**
@igh Inflation:
$ate of /nflation 9as measured *y 0P/, *ase <==5-=6; Point to &oint Mont ly A1erage9!(el1e Mont ; 8cto*er, 20<< BB"9?F BC"B;F Se&tem*er, 20<< BB">DF >"D>F 8cto*er, 20<0 E";EF ;"B?F
The point to point inflation rate in Ban!ladesh is BB"9?F" (t is relatively hi!h compared to :cto er, ?CBC"
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+*!** **
RB./#I !C! R/CB! !/SIC ! !# .B!/#I B''/R/ /!) !/-C I"IC IS#/MI -!# '@( CI'D BC!# IC! (!# -CC!# .RIM( SOB'@( /S' @/C/ /#) /R/"/@ SI!#
,!** )!**? 1!** )!**? 1!** 1!**? 1!)* )!)* -!)* -!)* ,!** )!** )!.) -!**? /!** .!**? +2!** -!)*? 1!)* )!** ,!**? 0!)* ,!**? 1!** )!)* )!)* ,!)* -!** .!)*
-!** -!** -!** )!-* -!** -!)* -!2) -!** 2!** )!** -!** 2!)* -!** )!** ,!** )!** .!** )!** )!** .!)* 2!1)
-!2) -!** -!2) )!/* -!** )!** -!.* )!** 2!)* )!** 1!** -!** )!** )!** 1!** )!)* )!)* )!2) )!)* .!)* .!**
-!)* -!** -!)* ,!-* -!** 0!** -!-* ,!** -!** )!** 1!)* -!)* ,!)* )!** 1!)* ,!** )!)* )!2) ,!** .!)* .!2)
-!1) -!** -!1) ,!0* -!** 0!)* -!)* 1!** 2!** )!** 1!1) /!2) 1!*) )!** 1!1) 1!** 0!** )!)* /!** .!)* .!)*
)!** -!** )!** 1!2* -!** /!** -!)* 0!** 2!** )!** /!** /!)* 1!.*
0!)*? /!)* 0!)* 0!)* +*!** ** 0!)* ++!** ? +2!** +2!** ** +2!** ** +2!** ** 0!** ++!** ? +2!** +2!** **
/!**? /!)*? +*!** +*!** +*!)* ? ++!** /!** /!)* +*!** ** /!** /!2) /!)* +*!)* ** /!** +2!** ** ++!** ** +2!** ** +2!** ** 0!** ++!** ** /!)* +2!** ** ++!** ** +2!** ** +2!** ** 0!** ++!** ** /!)* n>a
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+2!** ** )!** +2!** ** /!2) +2!** ** 0!** +2!** ** ++!** +2!** ** ** /!** +2!** ** +*!** +2!** ** ** .!)* ++!** ? +2!** .!)* +2!**
/!**? +*!** ++!** +2!** +2!** +2!** ? ** ** ** +2!** +2!** 1!**? +*!** 0!)*? ** +2!** ? +2!** ++!2) +2!** +2!** n>a n>a ** ** +2!** +2!** +2!** +2!** ** ** ** ** +2!** +2!** 1!1) 1!1) ** ** +2!** +2!** ++!** n>a ** ** ** +2!** +2!** +2!** +2!** ** ** ** ** +2!** +2!** n>a n>a ** ** +2!** +2!** ++!** +*!** ** ** ** ** ++!** ++!** /!** /!**? ? ? +2!10 +2!** +2!** +2!** +2!** n>a n>a
B'C@) !/-A#/ M(RC/ -'I#( O-( !/-C (EIM .R(MI( R "IRS' S(CB S'/- / R 'RBS' !/-C MB'B/ # 'RBS' !/-C /SI/ !C!#
-!**? )!** ,!** ,!**? /!*) )!** ,!** ,!)* )!** ,!** ,!)*? ,!1) )!)*? /!)* 1!2)? 0!**
-!** 1!** -!** .!** -!** 1!)* -!** -!** )!)* -!)* -!** -!** )!** .!** .!** .!)* .!)* -!** )!** +!)*
-!** 0!** ,!)* -!** )!** 0!** )!** -!)* 1!** 1!)* -!2) -!2) 1!** 1!** .!** .!)* .!1) -!** )!** )!**
*!**? 0!)* COMM( 2!1)? RCI/# !& 0!** S'/-&C@ 2!**? /R' 0!** @/!I! -!1) S!I -!. )!)* 1!**
** ++!** ** /!** /!2) /!)* +2!** ** 1!** 1!)* /!** +2!** ** -!** -!** -!** +2!** ** )!2) )!)* ,!** +2!** ** 0!** 0!** 0!** +2!** ** +*!** +*!2) +*!)* +2!** ** ** ** ** )!** )!)* )!)* +2!** ** 0!1) 0!1) 0!1) +2!** ** 0!)* /!** /!** +2!** ** -!)* )!** ,!** +2!** ? +.!** ,!** 1!** /!** +*!** ? +2!** 0!** 0!)* /!** +2!** ** 1!1) 0!** 0!)* ,!)*? +2!** 1!** 1!2) 1!)* ++!** ? +2!** )!** 0!1) /!** ,!2)? +2!** -!** -!+* -!2) +*!2) ? ++!** -!** -!** -!** +2!** ** -!** -!** -!** )!** 1!** )!** 1!.* )!** /!*)
** ++!** ** +2!** ** +2!** ** +2!** ** +2!** ** +2!** ** +2!** ** +2!** ** +2!** ** +2!** ** +2!** ? +.!** +*!** ? +2!** +2!** ** ,!)*? +2!** +2!** ** ,!)*? +2!** +*!)* ? ++!** +2!** **
** ++!** ** +2!** ** +2!** ** +2!** ** +2!** ** +2!** ** +2!** ** +2!** ** +2!** ** +2!** ** +2!** ** +*!** ? +2!** +2!** ** ,!)*? +2!** ++!-* ? +2!** 1!**? +2!** +*!1) ? ++!2) +*!** ? +2!** +2!** ** 1!)*
++!** ++!** ** ** n>a n>a n>a +2!** ** +2!** ** n>a ++!** ** +2!** ** n>a n>a )!**? +*!** /!))? +*!)* ,!1)? 1!)* ++!** ? ++!)* +*!** ** n>a +2!** ** +2!** ** n>a ++!** ** +2!** ** n>a n>a )!**? +*!** /!))? +2!** ,!)*? 0!** ++!2) ? +2!** +*!** **
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The interest rate !iven y the ank to the customers is not enou!h to compensate the inflation rate of our country" The inflation rate is hi!h" That1s why as a retail investor we are not interested to invest in the ank"
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#iFuidity: &ost mutual funds allow shareholders to sell shares at any time, without penalty 7unlike +Ds, for e)ample8" :f course, there are fees associated with sellin! shares, so frequent tradin! can e costly" >uic% access to your money and &utual Funds can e ou!ht and sold on any usiness day" /ffordability: (nvestors don1t need lots of money to invest in mutual fund as the minimum investment in mutual fund starts from B,CCC taka" ' &utual Fund ecause of its lar!e corpus allows even a small investor to take the enefit of its investment strate!y" #o1 Costs: &utual Funds are a relatively less e)pensive way to invest compared to directly investin! in the capital markets ecause the enefits of scale in rokera!e, custodial and other fees translate into lower costs for investors" They can escape themselves from this kind of costs" So they can invest in minimum cost" 3eturn ad$ustment is also easier for them" 'a4 !enefits: The ta) enefits that &utual Funds investors en$oy at the moment are the treatment of lon!@term capital !ains" Dou le ta)ation can e avoided y investin! in &utual funds for lon!@term" Ta) enefit increases their profita ility so they are very interested to invest in mutual fund" 'ransparency: ' mutual fund is operated y a fund mana!er, who makes investment decisions ased on the fund1s prospectus" This is a le!al document filed with the Securities and ,)chan!e +ommission that e)plains the fund1s o $ectives, investment strate!ies, risks, performance, and distri ution policy, fees and e)penses, and fund mana!ement" ' potential investor can read the prospectus to determine if the fund suits his or her own investment needs" The investor !ets re!ular information on the value of his investment in addition to disclosure on the specific investments made y the fund, the proportion invested in each class of assets and the fund mana!erIs investment strate!y and outlook"
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2&t&al 3&nd Ind&str< in Bangladesh .4s o) De,e'(er5 20100 4ssets 9nder 2&t&al 3&nd .%a#a in 2n0 4ssets 9nder 2&t&al 3&nd in ter's o) 2ar#et +apitali8ation 4ssets 9nder 2&t&al 3&nd to 7DP Ratio "95 7 1.2!; 0.6!;
Until Decem er, ?CBC there are <= mutual funds in Ban!ladesh" These are mana!ed asset mana!ement companies such as '(&S, BDBG, (+B, (+B '&+G, 3'+,, G3 AG:B'G"
Number of %utual &unds No. of 1pen end funds No. of #lose end funds No. of 2sset management companies
"5 ! "1 12
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The !rowth of mutual funds industry did not comply with the market !rowth" 'ssets under mutual funds increased at a +'A3 of ?<F in last = years, ut industry capitali-ation percenta!e total market is !radually decreasin!" The market capitali-ation
of mutual fund industry is only BF of total capitali-ation, whereas in (ndia it is B=F and in Pakistan ;F of total market capitali-ation" So the re!ulatory concern a out more mutual funds in Ban!ladesh was totally illo!ical, rather more mutual funds would lessen more speculative tradin!, which would eventually rin! more sta ility in the market"
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&any anks and financial institutions are in the queue with the proposals for their funds" ' num er of proposals for new mutual funds are awaitin! approval" +urrent performance of the mutual funds in the secondary market of Ban!ladesh has not yet een noteworthy" The return is well elow the annuali-ed market return of appro)imately ?>F in the Dhaka Stock ,)chan!e" 3eali-in! this hi!h demand@supply !ap in the private placement and (P:, in the recent times, there have een many new issuers of mutual funds who have already finished the formalities with the re!ulators, and many others whose proposals are on the oard positively" This is essentially a stron! si!nal for the development of an or!anic capital market, offerin! a safe alternative investment avenue for the investors that really can reduce the e)cessive and a!!ressive dependence on equity stocks" 'lthou!h at the pre@(P: or (P: phase, investors are profitin! well, the secondary market for mutual funds has remained much less profita le" Since investors are not really impressed y the mar!inal performance of the mutual funds5 they feel reluctant to put money in them in the secondary market" &any of the investors have complained of waitin! too lon! for a point difference enefit or facin! forced sale to avoid further loss and recover he opportunity loss" Therefore, the consequence is clear" ' dull secondary market for mutual funds has een restrictin! investors from takin! advanta!e properly, and thus makin! more and more investors
ne!ative towards them" Gess demand in the secondary market is essentially makin! the (P:s or Private placements much less attractive since investors at these sta!es fear losin! money, or even illiquidity of their investment" ' couple of potential fund issuers have recently e)pressed a fear of illiquidity for their potential new fund issues" This is quite rational and almost inevita le"
There are B? asset mana!ement companies operated in our country" They mana!ed <= mutual funds" (n these B? asset mana!ement companies, the mutual fund industry is dominated y E asset mana!ement companies" There are 9 open end mutual funds in Ban!ladesh, amon! these < mana!ed y (+B and another one is mana!ed y Prime Finance"
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Ban!ladesh mutual fund industry !rew at ?<F as a!ainst the !lo al avera!e of 9F" :ver the period, the mutual fund industry in mature market like the US and France !rew at 9F while some of the emer!in! markets like +hina and (ndia e)ceeded the !rowth witnessed in the Ban!ladeshi market" Ban!ladesh has een amon!st the fast !rowin! markets for the mutual funds since ?CC="
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(nvestment in mutual fund in Ban!ladesh comprised only BF of national savin!s, whereas in (ndia it1s around ;F" 0ountry ?anglades /ndia Percentage of Aational Sa1ings BF ;F
'sset under mutual fund industry !rowth is not a diverse event from the economy" (ts !rowth depends not only in capital market !rowth, ut also in economic !rowth as well" Ban!ladesh1s ADP is !rowin! at a EF" /ational savin!s as a percenta!e of ADP has !rown ?;F to <?F from ?CC=@?CCE to ?CC>@?CBC"
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(nvestment &ana!ement Services of Ban!ladesh Gimited 7popularly known as '(&S of Ban!ladesh8 was re!istered in Decem er B>>;, which emer!ed as the first purpose @ uilt private asset mana!ement company of the country" The company was formally inau!urated on 'u!ust ?>, B>>> y the Finance &inister and remained as the only one of its kind for the ne)t decade in Ban!ladesh"
'(&S of Ban!ladesh Gimited mana!es B? mutual funds" These are% '(&S F(3ST AU'3'/T,,D &UTU'G FU/D A3'&,,/ &UTU'G FU/D :/,% o o S+H,&, :/, S+H,&, T*:
3,G('/+, F(3ST &UTU'G FU/D &TB F(3ST &UTU'G FU/D PUB'G( B'/K F(3ST &UTU'G FU/D '/DH'/( G(F, &UTU'G FU/D (DG+ F(3ST &UTU'G FU/D 'A3'/( &UTU'G FU/D B3'+ P3:0(D,/T &UTU'G FU/D '(&S S,+:/D P3:B'SH( &UTU'G FU/D +:/T(/,/T'G &UTU'G FU/D
A/MS First @uaranteed Mutual Fund BE; &illion Taka &ay ?;, ?CCC
Redemption at maturity on June 30, 2015 after original maturity of five years ended in June 2005. Originally the capital of the Fund as under ritten at redemption !y "#$% and &"'( during the initial five years of life. $ater in 2005 the unitholders resolved to reduce the guarantee to 50) under ritten only !y &"'(. *his translates that 50) of the paid+up capital loss ,difference !et een the face value and net asset value hen the latter is lo er- ill !e !orne !y &"'( at the time of redemption.
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Manager S&onsors
!rustee 0ustodian
A/MS of ?anglades +imited (PD+ of Ban!ladesh Gimited, Sandhani Gife (nsurance +ompany Gimited, Pan!aea Partners 7BD8 Gimited, (DG+ of Ban!ladesh Gimited, Southeast Bank Gimited, Uttara Finance 2 (nvestments Gimited, Sandhani +redit +ooperative Society Gimited, Ban!ladesh (ndustrial Finance +o" Gtd Ban!ladesh Aeneral (nsurance +ompany Gimited 7BA(+8 Standard +hartered Bank
't the end of Lune, ?CBC its /et 'sset 0alue per share increases to taka =";9" But its /'0 per share at the end of Lune, ?CCE was taka B"C?" (ts face value per share is B taka each"
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Cear Eune, 2006 Eune, 200F Eune, 200G Eune, 200= Eune, 20<0
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'lthou!h its reported performance is !ood" But its mutual fund does not !ive re!ular dividend to its shareholder" (n the recent year it !ives to its shareholders D?"=CF cash dividend and DCF onus" This mutual fund !ives the onus share to its shareholders at ?CC=@?CCE and ?CC>@?CBC"
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A/MS of ?anglades +imited Arameen Bank Arameen Fund Standard +hartered Bank
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Cear Eune, 2006 Eune, 200F Eune, 200G Eune, 200= Eune, 20<0
This mutual fund was listed on Septem er C9, ?CC=" The face value of the mutual fund is ten taka each" This mutual fund1s /et 'sset 0alue per share at market price increases over the year"
(n the first year, its earnin!s per share is low" (ts amount was C"CCCEC=DE= taka" 'fter the operation of its first year, its ,PS increases over the year" (ts ,PS increases to B?"B;<D at the end of Lune, ?CBC
Cear Eune, 2006 Eune, 200F Eune, 200G Eune, 200= Eune, 20<0
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(t did not !ive any dividend its shareholders at its operation of its B st year" But at ?CC;@ ?CC> it !ives to DBF dividend to its shareholders" This mutual fund does not !ive re!ular dividend to its shareholders"
.erfor$ance /nalysis of Mutual "unds Managed by IC! /sset Manage$ent Co$pany #i$ited:
Investing in Financial Market as a Retail Investor through Mutual Funds
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(+B 'sset &ana!ement +ompany Gtd" is a su sidiary of (nvestment +orporation of Ban!ladesh 7(+B8" The +ompany was created as a part of the restructurin! pro!ramme of (+B under +apital &arket Development Pro!ramme 7+&DP8 initiated y the Aovernment of Ban!ladesh and the 'sian Development Bank" The +ompany was incorporated as a pu lic limited company with an authorised capital of Tk" B"CC illion and a paid up capital of Tk" =C"CC million under the +ompanies 'ct, B>>9 with the re!istrar of Loint Stock +ompanies and Firms on = Decem er, ?CCC" The +ompany o tained license on B9 :cto er, ?CCB from the Securities and ,)chan!e +ommission under Securities and ,)chan!e +ommission 7&utual Fund8 3ules, ?CCB to carry out the mutual fund activities"
.roducts:
( + B ' & + G : P , /@, / D F U / D% (+B '&+ Unit Fund (+B '&+G Pension HoldersI Unit Fund ( + B ' & + G +G:S,@, / D F U / D%
(+B '&+G First &utual Fund (+B '&+G (slamic &utual Fund (+B '&+G First /3B &utual Fund (+B '&+G Second /3B &utual Fund Prime Finance First &utual Fund
Taka BC"CC crore Luly ?B, ?CC< Taka BCC 7:ne Hundred Taka :nly8 =C units of BCC Taka each Page6
%lose+end mutual fund of 10 yeara tenure
!a. Status
#ividend income is ta. free upto *0. 25000.00. "nvestment in the fund !y an individual assesse ill 2ualify for ta. credit under section 33,2- of the "ncome *a. ordinance, 1453.
/0? AM0+ (+B +apital &ana!ement Gtd, a su sidiary of (+B (nvestment +orporation of Ban!ladesh 7(+B8 (nvestment +orporation of Ban!ladesh 7(+B8
"inancial .erfor$ance of IC! /MC# 1st Mutual "und: -/= per Share at Mar+et .rice:
/'0 per share of (+B '&+G Bst &utual fund increases over the year" 't the end of Lune, ?CBC it increases to tk EB>">;" (ts face value per share is tk BCC each"
BDC">> Eune, 200G Eune, 200= Eune, 20<0 ?>="E9 <=E"=C EB>">;
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Taka BCC 7:ne Hundred Taka :nly8 =C units of BCC Taka each
*a. re!ate as per income ta. ordinance, 1453.
/0? AM0+ (+B +apital &ana!ement Gtd, a su sidiary of (+B (nvestment +orporation of Ban!ladesh 7(+B8 (nvestment +orporation of Ban!ladesh 7(+B8
"inancial .erfor$ance of IC! /MC# Isla$ic Mutual "und: -/= per Share at Mar+et .rice:
/'0 per share of (+B '&+G B st &utual fund increases over the year" 't the end of Lune, ?CBC it increases to tk 9>"DE" (ts face value per share is tk BCC each" (t is performin! lower than (+B '&+G Bst &utual Fund"
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Cear Eune, 2006 Eune, 200F Eune, 200G Eune, 200= Eune, 20<0
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Cear Eune, 2006 Eune, 200F Eune, 200G Eune, 200= Eune, 20<0
's its ,PS increases in the financial year Luly, ?CC> to Lune ?CBC, it !ives <=F dividend to its shareholders at the financial year" Gike (+B '&+G B st &utual Fund, (+B '&+G (slamic &utual Fund does not !ive any onus share to its shareholders"
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The return of G3 Alo al &utual fund is ne!ative" That1s why reward to varia ility is also ne!ative" So, we can say that the performance of G3 Alo al &utual fund is not satisfactory"
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The return for 3eliance :ne mutual fund is positive and the return is C"CC? 7weekly8" The reward to varia ility is also positive" But this cannot e said that the performance is satisfactory
ate 62&68&%611 68&68&%611 1,&68&%611 %1&68&%611 %9&68&%611 6,&69&%611 11&69&%611 19&69&%611 %0&69&%611 69&6G&%611 10&6G&%661 %%&6G&%611 %G&6G&%611 60&16&%611 1*&16&%611 %6&16&%611 %8&16&%611 6*&11&%611 18&11&%611 %,&11&%611 61&1%&%611 69&1%&%611
-/=7Share +*!)+ +*!)2 +*!)1 +*!12 +*!12 +*!)0 +*!)0 +*!)+*!)) +*!-0 +*!-) +*!-. +*!-0 +*!-+ +*!.1 +*!./ +*!.0 +*!.+.!2. +2!,) ++!+. +*!)1
The return for ,BG /3B mutual fund is ne!ative" So we can say that the performance of ,BG mutual fund is not satisfactory"
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ate %*&60&%611 %2&60&%611 6%&62&%611 6G&62&%611 12&62&%611 %*&62&%611 *6&62&%611 68&68&%611 1,&68&%611 %1&68&%611 %9&68&%611 6,&69&%611 11&69&%611 19&69&%611 %0&69&%611 69&6G&%611 10&6G&%661 %%&6G&%611 %G&6G&%611 60&16&%611 1*&16&%611 %6&16&%611 %8&16&%611 16&11&%611 18&11&%611 %,&11&%611 61&1%&%611 69&1%&%611
-/=7Share +*!21 +*!. +*!.+ +*!.2 +*!.2 +*!.+ +*!.0 +*!-2 +*!-, +*!-/ +*!-/ +*!-+ +*!-) +*!-) +*!). +*!). +*!-0 +*!-+*!,) +*!)1 +*!)1 +*!), +*!-+ +*!+*!., +*!-) +*!-+ +*!2-
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The return of Southeast ank Bst mutual fund is positive and the reward to varia ility is also positive" But the performance of Southeast ank mutual fund is not so much satisfactory"
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ate 1G&60&%611 %2&60&%611 6%&62&%611 6G&62&%611 12&62&%611 %*&62&%611 *6&62&%611 68&68&%611 1,&68&%611 %1&68&%611 %9&68&%611 6,&69&%611 11&69&%611 19&69&%611 %0&69&%611 69&6G&%611 10&6G&%661 %%&6G&%611 %G&6G&%611 60&16&%611 1*&16&%611 %6&16&%611 %8&16&%611 16&11&%611 18&11&%611 %,&11&%611 61&1%&%611 69&1%&%611
-/=7Share +*!-+*!-) +*!-0 +*!)+ +*!)+ +*!). +*!)0 +*!1 +*!1. +*!1+ +*!1 +*!1+ +*!1. +*!1+*!1) +*!10 +*!11 +*!1/ +*!0+ +*!02 +*!0+ +*!00 +*!/+ +*!/+*!/1 ++!*. ++!*2 ++!*2
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)6&66%%G966* *!**.2002.?+!+/)/,,-0)
The performance of & L +st &utual fund is not satisfactory because of negati#e return and negati#e reward to #ariability!
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ate %,&6%&%61 1 *1&6*&%61 1 %9&6,&%61 1 %2&60&%61 1 *6&62&%61 1 %9&68&%61 1 %0&69&%61 1 %G&6G&%61 1 %8&16&%61 1 %,&11&%61 1 69&1%&%61 1
-/= /!-) /!//!,/!21 /!10 +*!.0 +*!*+ /!02 /!22 /!.+ 0!/0
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ate %8&61&%61 1 %,&6%&%61 1 *1&6*&%61 1 %9&6,&%61 1 %2&60&%61 1 *6&62&%61 1 %9&68&%61 1 %0&69&%61 1 %G&6G&%61 1 %8&16&%61 1 %,&11&%61 1 69&1%&%61 1
-/=7Share +*!+/!-, +*!*0 /!1. /!-+ /!01 +*!-1 +*!*/ /!/) /!2/ /!.1 /!*0
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/F/+ /slamic Mutual Fund-<# 7rice ..5 N2<=Share ;"<E 7rice=N2< D;F
First Eanata ?an% Mutual Fund# 7rice 7.. Latest N2< ;"D; 7rice=N2< ;DF
(+B '&+G <rd /3B &"F"% 7rice Latest N2< 7." ;"B> 'i>idend ?ield $2..5@ 7rice=N2< >EF Page6
P oeni. Finance <st Mutual Fund# 7rice 7 'i>idend yield $ .2"@ Latest N2< ;";< 7rice=N2< D>F
/F/0 ?an% First Mutual Fund# 7rice !. Latest N2< BC">; 7rice=N2< DDF
D?7 First Mutual Fund# 7rice !.7 Latest N2< >"=E 7rice=N2< >BF
Prime ?an% <st /0? AM0+ Mutual Fund# 7rice 7.5 Latest N2< >"C= 7rice=N2< ;<F
@reen Delta Mutual Fund# 7rice 7.2 Latest N2< ;";> 7rice=N2< ;BF
6rameen %.&.one )#( 2%#L $st N4( %.&. )#( 2%#L 2nd N4( %.&. 6rameen 1ne:Scheme TAo 7rime &inance &irst %utual &und 3(L &irst %utual &und )#( 2%#L 2nd %.&. )#( 3mployees 7ro>ident %utual &und 1ne Trust (ank $st %utual &und
$rom the abo#e mutual fund we ha#e selected according to di#idend yield, Price>"AB per unit, "AB change from the pre#ious period etc!
Prime Finance First &utual Fund Trust Bank Bst &utual Fund ,BG First &utual Fund (+B '&+G Bst &"F" (+B '&+G (slamic &"F"
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4ss&'ptions<
* e assumed the followin! thin!s% *e have collected the weekly ended closin! price of E mutual funds"" *e have taken the data from BC Lanuary ?CBC to ?E Lune ?CBB" *e have taken /'0 for the selected E companies" DS, !eneral inde) has een used as a market return" *e have assumed risk@free rate ;"=CF annually" 's our calculation is weekly we converted this annual rate weekly"
Portfolio construction<
The main o $ective of these portfolios is to optimi-e the ,)cess 3eturn per unit of risk "(n determinin! the optimum portfolio the followin! steps were followed@ B" Unad$usted price of the selected E securities were collected and input" ?" *e have taken /'0 of these E securities"
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<" 'fter calculatin! the inde) the return of each security was calculated y ad$ustin! the price with the inde)" 9" /e)t the e)cess return for each security was calculated ased on the risk free rate of investment" =" Then we calculated the percenta!e of investin! different securities when short@ sale is not allowed"
/F/0 P$/M-
C"CCC9B = @ C"CCCEE
C"CCC9? C"CCB?;?
C"CC? C"CB=
9 B
's the risk free rate of (+B(SG'&(+ and prime mutual fund is !rater we e)cluded these two mutual funds"
From this ta le we sorted the e)cess return over the eta from lar!est to smallest to !et the companies which are !ivin! e)cess return over the eta hi!her to lower and constructed the followin! ta le%
9 Ri RF : 9 Ri RF : i 2 ei I
< T3UST 2 ,BG 4 5 (F(+ (+B'&+G Bst C"CC?C= C"CBBB? C"CC?C?? @C"CC;<<< C"CC?=> C"CC<E=E C"CC?;= C"CC=BC?
i 2 ei
B"9C?B ,@CD B"EDC? ,@CD D"??E,@ BB B"E9>= ,@CE
9 R j R F : J
2 ei
C"CCCBB= C"CCCBD= B"D9,@CD C"CCCBD9
Ci
2 ei
C"CCCCCCCCC? DC C"CCCCCCCCC= >? C"CCCCCCCCC= >C C"CCCCCCCC9E C
So, the +ut@off rate is C"CCCCCCCCCC=>?" the investment wei!ht is !iven elow% T4,ST 3(L )&)# )#(2%#L$st 0.00 357 C"C?B;9< C"CBD<B> C">=E9;?
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mar%et 1ariance mar%et return &ortfolio return &ortfolio *etaImar%et 1ariance &ortfolio 1ariance
(f we invest in this portfolio we will !et C"C<9DF return weekly assumin! C"CCE<?D>= risk"
Conclusion
The capital market of Ban!ladesh is now very much volatile" &utual funds can make a role in makin! the market well" ' small investor is una le to diversify his portfolio simply ecause of inadequate amount availa le for investment" ' mutual fund provides a means of diversification of investment to small investors" (nitially a mutual fund collects the funds from small investors and then they are invested into the securities of different types, thus diversifyin! the portfolio" *e can invest in mutual fund as it reduces risks , &a)imi-e the security and e)pectation on investment opportunities, provides liquidity in the financial market" /n our stoc% mar%et t ere are 4F mutual funds no(. All of t em are doing (ell. ! ese are &ro1ing good mar%et return to t e general in1estors. Je a1e tried to ma%e a &ortfolio *y mutual funds. 7ere (e selected 6 mutual funds. ! en (e made ( ic securities can &ro1ide ig er return. Je also calculated t e &ortion of in1esting in t ose securities.
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'ppendi)
Date 5-Ean-<0 <2-Ean-<0 <=-Ean-<0 26-Ean-<0 2-Fe*-<0 =-Fe*-<0 <6-Fe*-<0 24-Fe*-<0 2-Mar-<0 =-Mar-<0 <6-Mar-<0
/0?AM0+<S! /'0 =C9"= D =BD"E B =?C"= = =<>"< 9 ==;"D ; ==D"9 9 ==9"> = ==9"= D =C?"B = 9>;"C ; 9>D"D ? (+B'&+GIs 3eturn C"C?=;9<D;; C"CC=ED>>=? C"C<EC>E9<E C"C<EC99C=9 @C"CC?<>;C;? @C"CC99EE;9; @C"CCCE;9D9E @C"C>9=?<E;= @C"CC;BC=B9; @C"CCCD??DD=
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&arket (nde) 9,ED;" C= 9,D>9" DB 9,>=E" D9 =,?9<" 9= =,=C<" <; =,EC<" B> =,D9=" D; =,ECD" <D =,=EC" =E =,9CC" 9C =,9EC" D=
&arket 3eturn C"C?9><; C"C<<D>? C"C=D;9< C"C9>=D? C"CB;B<E C"C?=9= @C"C?9C> @C"CC;<= @C"C?;; C"CBBBDE
24-Mar-<0 40-Mar-<0 6-A&r-<0 <4-A&r-<0 20-A&r-<0 2F-A&r-<0 5-May-<0 <<-May-<0 <G-May-<0 25-May-<0 <-Eun-<0 G-Eun-<0 <5-Eun-<0 22-Eun-<0 2=-Eun-<0 6-Eul-<0 <4-Eul-<0 20-Eul-<0 2F-Eul-<0 4-Aug-<0 <0-Aug-<0 <F-Aug-<0 25-Aug-<0 40-Aug-<0 5-Se&-<0
=C9"> E =C9"= < =CC"B 9>>"? =C>"= ; =?E"D B =<B"B D =E;"; E =D<"9 D =;E"C ? EC="D = ECD"< ? E<;"C ? EBD"D > EB>"> ; E<>"< = EE9"9 B ED;"; > EDC"? 9 E>E"D E EDC"E 9 ED9"> B E;D"; = EEE"? ; E;D"C >
C"CB9=9E<<B @C"CCC;=B==< @C"CC;D;C99> @C"CCBD>>E9 C"C?CD><?E> C"C<<EB=>B> C"CC;9EDE=; C"CDC>=E=E; C"CC;BC<>?D C"C?B;;9<B; C"C<<EEDD>< C"CC?=>B;?; C"C=C=9>>=D @C"C<BDCD9D C"CC<=99;>9 C"C<B?9?>9< C"C<>B>EC=; C"C?BD><DD? @C"CB?D9B<;D C"C<>=ED>BE @C"C<D9;D;CB C"CCE<EDC=? C"CB>BD?>?D @C"C<B<=;=;B C"C<B?<<BB=
=,=B;" >9 =,=<<" E? =,=C?" D= =,=??" ED =,EC;" >C =,E99" B> =,=<9" E= =,D?;" ?< =,;DE" == =,>;;" >9 E,B=?" <> E,BDE" 9> E,<<?" ?B E,?CD"=E E,BD?"=9 E,<=9"DC E,<;B"C9 E,9E;"?< E,?;D"=< E,9;<">< E,EE?">E E,E<<"9D E,DDD">E E,E?C"<< E,;;>";;
C"CBCE== C"CC?EEB @C"CC==; C"CC<E?B C"CB=EB9 C"CCE?>? @C"CB>9B C"C<9>DE C"C?=;>< C"CB>B?= C"C?D?>B C"CC<>B> C"C?=?BB @C"CB>E; @C"CC=E9 C"C?>=BB C"CC9B9= C"CB<EE9 @C"C?D>9 C"C<B?<E C"C?DEBB @C"CC99< C"C?BD;? @C"C?<?E Page6 C"C9CDB=
G-Se&-<0 2<-Se&-<0 2G-Se&-<0 5-8ct-<0 <2-8ct-<0 <=-8ct-<0 26-8ct-<0 2-Ao1-<0 =-Ao1-<0 <<-Ao1-<0 24-Ao1-<0 40-Ao1-<0 6-Dec-<0 <5-Dec-<0 2<-Dec-<0 02.0<.20<< 0=.0<.20<< <6.0<.20<< 25.0<.20<< 40.0<.20<< 06.02.20<< <4.02.20<< 20.02.20<< 2F.02.20<< 0F.04.20<< <4.04.20<<
EDB"? E E>C"C B DC="? > D<?"? 9 D9C"= D=C"C = D;E"? E D;="; > ;C;"; < ;BB"B ;=B"D = ;=C"? D ;=;"B = ;<E"E ; ;BE"< < ;C>"= < D>;"> B D9>"C D D?<"B E>;"= ; D=; E;C"9 = <CB"C > E?9"; 9 =D<"D = EB="> <
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