PROJECT REPORT ON

EQUITY MUTUAL FUNDS

AT BAJAJ CAPITAL, BHUBANESWAR

Submitted By:
MANORANJAN PATRA
BM0308BM048
In partial fulfillment of requirement for PGDM
Bharatiya Vidya Bhavan, Bhubaneswar Kendra, ORISSA

Under the guidance of

Mr. Sambit Mohanty Mr. T.N. Shukla
Branch Manager Faculty
Bajaj Capital, Bhubaneswar Bharatiya Vidya Bhavan

BHUBANESWAR KENDRA

BHAVAN’S CENTRE FOR COMMUNICATION & MANAGEMENT

1
 39,KHARVEL NAGAR,UNIT-III,BBSR-751001,ORISSA
NAGAR,UNIT 751001,ORISSA

JUNE-2009

STUDENT DECLARATION

I hereby undertake and declare that this submission is my original

work and, to the best of my knowledge and belief, it contains no
material previously published or written by another person nor
material which has been accepted for the award of any other
degree or diploma of any Institute or other University of higher
learning , except where due acknowledgement has been made in
the text.

Signature

Name of Student: Manoranjan Patra

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Registration No. BIM0308BM048

Certificate by guide

This is to certify that work entitled Project title” Equity Mutual Funds” is a
piece of work done ne by Student’s name Manoranjan Patra under my
guidance and supervision for the partial fulfillment of degree of PGDBM,
Bharatiya Vidya Bhavan, Bhubaneswar.

To the best of my knowledge and belief the thesis:

a. Embodies the work of the candidate himself.

b. Has duly been completed.
c. Fulfills the requirements of the rules and regulations relating to the
summer internship of the institute.
d. Is up-toto the standard both in respect to contents and language for
being referred to the examiner.

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 Signature of the Faculty Guide
Name of Faculty guide:
guide Mr. .T.N. Shukla
Date:

CERTIFICATE OF APPROVAL
This is to certify that the report entitled:

“EQUITY MUTUAL FUNDS”

In BAJAJ CAPITAL LIMITED

BHUBANESWAR

Submitted by Mr. MANORANJAN PATRA (Regn.No BIMO308BMO48), BIMO308BMO48)

Bharatiya Vidya Bhavan,
havan, Bhubaneswar
Bhubaneswar Kendra, Orissa towards partial
fulfillment of the requirements for the award of the degree of Post Graduate
Diploma in Management (PGDM) is a bona fide record of the work carried out by
her under the able guidance of Mr.T.N.SHUKLA, faculty, Bharatiya
Bhar Vidya
Bhavan, Bhubaneswar Kendra, Orissa.
Orissa

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VICE PRINCIPAL DIRECTOR DEAN

ACKNOWLEDGEMENT

With regard to my Project with Equity Mutual Funds I would like

to thank each and every one who offered help, guideline and
support whenever required.

First and foremost I would like to express gratitude

to Manager BAJAJ CAPITAL and other staffs for their support
and guidance in the Project work. I am extremely grateful to my
guide, Mr. Sambit Mohanty for his valuable guidance and
timely suggestions.

I would like to thank my faculty guide

Mr.T.N.Shukla
r.T.N.Shukla of Bharatiya Vidya B
Bhavan for constant
encouragement
ncouragement and valuable guidance & support for this
project.

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 MANORANJAN PATRA

Contents
Executive summary

Chapter I
 Objective
 Scope
 Limitation

Chapter II
 Introduction
 Company Profile
 Product profile

Chapter III
 Review Of Literature
 Research Methodology
Chapter IV
Mutual funds
(Description & Classification)

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Chapter V

 Equity Mutual Funds And Its Performance

 How To Select an Equity Fund
 Data Analysis and Interpretation
 Findings
 Conclusion

Annexure

 Bibliography

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 EXECUTIVE SUMMARY

Researcher had undergone this project in, Bajaj Capital Ltd. Bhubaneswar, as a
partial fulfillment of Post Graduate Diploma in Management of the BCCM,
Bhubaneswar. The project assigned to me is –“EQUITY MUTUAL FUNDS”.

This project
roject has done on equity mutual funds and specially on equity or growth
mutual funds, which reveals the –

 People’s knowledge about mutual fund.

 People’s choice about investment portfolio in mutual fund.

 Performance
erformance of equity mutual funds in the market.

 Cause of choosing equity based mutual funds.

The principal methodology adopted in the project was

conclusive surveys, which was conducted with the help of questionnaires and in
depth interview
erview with the same for the collection of primary data, and Internet,
previous project report, magazines etc., were used for secondary data.

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Chapter – 1

 OBJECTIVES

 SCOPE

 LIMITATIONS

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 OBJECTIVES

The overall objectives of this project are as under:

under

 To know market status of equity funds.

 To know performance of equity funds.

 To know the cause of choosing equity funds.

 To know how equity funds work.

 To know the best equity fund available in the market.

market

 To undergo through the Summer Training for the partial fulfillment of the
PGDM program of BCCM, Bhubaneswar.

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 Scope

All the fingers of a hand are not the same. People differ from each other upon their
income, expenditure, saving habits, environment, etc. Their requirement also
differs from each other as per the above factors. Due to this the financial
requirement and ability to get the investment requirement differ from person to
person so the financial market especially the Mutual Fund market caters to a vast
area from each of these aspects stated above.

This project is based on the Equity

Equity funds, which is a brief
analysis on the equity or growth mutual funds.
funds As the project report is fully based
on secondary data and it can be used to have the exact figure of investment in
Mutual Funds, especially in equity funds.
funds. Also the report can be used for decision
making by knowing the opinion of customer, the management can
can take decision
accordingly. The proper analysis on the equity funds
funds and the past performance of
these funds will help the layman to take decision for investing in mutual funds and
maximizing the percentage of equity funds in his portfolio.

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 Limitations

I. There is vast information

information about mutual funds, which cannot
can be given
at a time in the report.
II. Some comparisons cannot
can be done due to the nature of the funds.
III. New funds are entering the market and booming,
booming, so their past records
cannot
not be given for their non-existence in the market.
IV. As mutual funds performance is calculated by comparing the current
records with its past
pas performances of a long period (1 yr.,3 yr.,5 yr,)
one cannot do research by giving only current data.

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CHAPTER-II

 INTRODUCTION

 COMPANY PROFILE

 PRODUCT PROFILE

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 Introduction

Mutual fund is a trust that pools the savings of a number of investors who share a common
financial goal. This pool of money is invested in accordance with a stated objective. The joint
ownership of the fund is thus “Mutual”, i.e. the fund belongs to all investors.
investors. The money thus
collected is then invested in capital market instruments such as shares, debentures and other
securities. The income earned through these investments and the capital appreciations realized
are shared by its unit holders in proportion
proporti the number of units owned by them.

Thus a Mutual Fund is the most suitable investment for the common man as it
offers an opportunity to invest A Mutual Fund is an investment tool that allows small investors
access to a well-diversified
ersified portfolio of equities, bonds and other securities. Each shareholder
participates in the gain or loss of the fund. Units are issued and can be redeemed as needed. The
funds Net Asset value (NAV) is determined each day.

Equity mutual funds are also known as stock mutual funds. Equity mutual funds
invest pooled amounts of money in the stocks of public companies. Stocks represent part
ownership, or equity, in companies, and the aim of stock
stock ownership is to see the value of the
companies increase over time. Stocks are often categorized by their market capitalization (or
caps), and can be classified in three basic sizes: small, medium, and large. Many mutual funds
invest primarily in companiess of one of these sizes and are thus classified as large-cap,
large mid-cap
or small-cap funds.

Equity fund managers employ different styles of stock picking when they make
investment decisions for their portfolios. Some fund managers use a value approach
app to stocks,
searching for stocks that are undervalued when compared to other similar companies. Another
approach to picking is to look primarily at growth, trying to find stocks that are growing faster
than their competitors, or the market as a whole. Some managers buy both kinds of stocks,
building a portfolio of both growth and value stocks. Since equity funds invest in stocks, they
have the potential to generate more returns. On the other hand they carry greater risks too.

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 Though still now the financial crisis is going on except the past week, the stock
market had a bad time going on,
on the equity mutual funds are continuously giving more and
more returns to the customers. So the equity funds are on the peak
eak now. As mutual funds are
slowly and steadily becoming the most preferable investment now a day,, the preference for
equity funds is growing.

Instead of market downside, more and more people are now investing; new
investors are entering the market. Household saving contribute about 75 to 80 percent to the
level of national savings. From about 10 percent saving of GDP in 1950, domestic savings
have increased to 27.40 percent of GDP in 2004-2005. During these five decades, the level of
GDP has grown substantially and with that, the level of savings too has grown in absolute and
relative terms. The level of savings can be stepped up to 30 percent or even more of GDP,
provided investors are assured of a reasonable real
real rate of return and are offered adequate
fiscal incentives .Mutual funds, especially the equity funds will one of the leaders in the
investment market.

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 Company profile

History and Corporate Profile of Bajaj Capital Limited

Bajaj Capitals Limited was incorporated in 1964 at New Delhi. It started as an investment
consultancy company rendering advice for profitable investments in Company Deposits and
Shares. Since then the organizations has grown by leaps and bounds, at present they have a
network of 65 self owned offices and thousands of Broker Associates spread across the country
enable them to be one of the India's largest retail fund mobiliser for debit instruments.
instruments And in 34
years , they have also became India’s best
best known corporate fund raiser in the shape of fixed
deposits/debentures/bonds/units/mutual funds/gift hedged
funds/gift-hedged securities, equity shares/inter
shares/inter-
corporate deposits etc. They are also providing Car finance, Insurance – both life and general,
specialized NRI services,
ervices, Financial Planning etc. services for our clients. They added a new
dimension to the industrial finance in India in each in early 60's by innovating a new financial
instrument: Company Deposits.

About 5,000 prospective investors daily visit our various offices throughout the country to
seek our expert investment guidance. Bajaj Capital started its operations from New Delhi. After
its success in New Delhi, it extended its activities to other
other metropolitan cities of India i.e.
i.
Bombay, Calcutta and Madras in order to cater to the needs of lakhs of investors and thousands
of corporate clients. After its success in these metropolitan cities, Bajaj Capital opened offices in
other important cities of India like Bangalore, Ahmedabad, Hyderabad, Lucknow,
Luckno Chandigarh,
Ghaziabad, Noida, Faridabad, etc.. In addition to its offices at these places Bajaj Capital has
about 8,000 representatives Broker Associates in all the nooks and corners of India.

In order to help its non-resident

non Indian investor clients, to make investments in
corporatee and other securities in India, Bajaj Capital has its associates
ssociates in UK, ie. Bajaj Capital
(UK) Limited.

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Bajaj Capital has NRI clients in USA, UK, West
West Germany, Italy, Netherland, Denmark,
Australia, Canada, France, New Zealand, Mauritius, Thailand, Singapore, UAE, Kuwait, Dubai,
Egypt, Saudi Arabia, etc. and is providing them a complete range of services.

Now after 34 years of its working,

working, Bajaj Capital is geographically present in all the
nooks and corners of India and also has presence in important countries of the world through its
Broker Associates and Clients.

Bajaj Capital is one of the largest mobiliser of Public savings in India

ia in shape of various
financial instruments like Companies Fixed Deposits, Unit trust of India's Schemes, Mutual
Funds, Bonds, Debentures, Small Savings Schemes, Equities, etc.

They have one of the largest “retail network” among all the financial intermediaries
intermed in the
country today with 63 full fledged offices manned by about 300 financial experts and a strong
team of over 6000 agents/representatives strategically located in every nook and corner of India.

Over the last 34 years of operations they have developed

developed a loyal and dedicated clientele
of over 5,25,000 individually investors and nearly 2000 institutional investors.

In addition to investment planning and services, they are offering to their clients a
complete range of “personal Financial Planning” products
products including Insurance, Auto Finance,
Finance against property/Securities, etc.

Main Group of Companies

1. Bajaj Capital Limited
SEBI approved Merchant Bankers and Investment Consultants/Dealer on OTC Exchange of
India.

2. Bajaj Capital Financial Services

(Member, Delhi Stock Exchange Association Ltd.)

3. Bajaj Capital (UK) Limited

(Investment Services for NRIs & FIIs)

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 Meaning of the BAJAJ CAPITAL Logo
Our logo depicts Lord Ganesha who is the source of all our values and ethics in business.

o The large ears of Lord Ganesha remind us to hear more. We listen carefully to our
clients to understand their needs.
o The weight of the trunk on the mouth symbolises silence. We work silently,
without blowing our own trumpet.
o The long trunk symbolises continuous
continuous exploration. We explore all avenues to
provide the best investment opportunities for our clients.
o The heavy posture of Ganesha symbolises stability. We help our clients to attain
financial stability through wise investments.
o Lord Ganesha is known as the remover of obstacles and bestower of prosperity.
We emulate His example and try our best to help our clients attain prosperity by
proper financial planning.
o Our logo has a yellow background. Yellow is the colour of gold, which
symbolises wealth. According
According to Vedic lore, it is also the colour associated with
Brihaspati, the guru and counsellor of the Gods. We offer our clients sage counsel
to make their wealth grow.
o The letters are in red. Red is the colour of rajas, “ symbolising power and
incessant
nt activity. It symbolises our aggressive quest for your well-being
well and
happiness.
o The white streak represents the trunk of Lord Ganesha. White is the colour of
satva guna, and implies our selfless commitment to your life-long
life long happiness

First Time First

 Bajaj Capital Limited is the first Corporate Body in India engaged in financial
Services/merchant banking activities. It was incorporated in 1963.
 Bajaj Capital is the first Merchant Banking company in India which introduced new
financial instruments, i.e.. “Company Deposits” in early 1960's First “ Fixed Deposit Receipt”
and “Application Form” were designed by them on behalf of Oberoi Hotels EIL Limited
(Formely known as Associated Hotels of India Ltd.)
 Bajaj Capital is the first Merchant Banking company in India to start full fledged Merchant
Banking activities i.e. Financial Supermarket way back in 1963: managing public issues,

18
 dealing in Equity/Preference shares, bonds, Fixed Deposits, Inter Corporate Deposits, Tax
Savings schemes, mutual Fund Schemes, etc.
 Bajaj Capitals is the first Merchant Banking company in India to open branches throughout
the country. Now, we have 65 branches, 7000 sub-
sub brokers and 5 lacs regular investor clients
in every nook and corner of India.
 Bajaj Capital is the first and the only Retail Merchant Banking company in India where about
7000 to 8000 prospective investors visit everyday in its various offices.

 Bajaj Capital is the first Merchant Banking /Financial services Company which has a team of
300 professionals like Chartered Accountants, MBA's, Bankers, Financial Experts, etc.

 Bajaj Capital is the first Merchant Banking company which has its in-house
in house Credit Rating
Department in order to protect the interests of its investor clients.

 Bajaj Capitals is the first company

comp which has its in-house
house Legal Cell which provides free
legal aid to its clients.

 Bajaj Capital is the first Merchant Banking Company in India to open an office in United
Kingdom – Bajaj Capital (UK) Ltd.

“ WE ARE ALWAYS STRIVING TO GIVE THE BEST SERVICES

SERVICES AND
FACILITIES TO OUR CORPORATE AND INDIVIDUAL CLIENTS.”

“With Us Sky Is not The Limit, It is the beginning”

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 WHO'S WHO IN BAJAJ CAPITAL LIMITED

SL. DESIGNATION Name

1. Chairman Mr.K.K. Bajaj

2. Managing Director Mr. Rajiv Bajaj

3. Vice President(operations& new projects) Mr. Sanjiv Bajaj
4. Director and Chief Executive Mr. Anil K. Chopra
5. Director & Head(Sub-Broker
Broker Division) Mr. C.P. Bhatia
6. Director & Head(Systems Developments) Mr. Ravi Kapoor
7. Financial Controller Mr. B.B. Suri
8. Manager(Institutional Investment) Mr. Vijay Pal Singh
9. Company Secretary Mr. Raman Bawa
10. Manager(Money Market) Mr. Ranpreet Singh
11. Manager(Accounts & taxation) Mr. P. K. Birla
12. Manager (EDP)
P) Mr. Rakesh Sharma
13. Manager (Administration) Col. J.S. Oberoi
14. Manager(HRD) Ms. Anita Gambhir
15. Regional Co-ordination
ordination Manager Mr. Raj K. Dhall
16. Regional Co-ordination
ordination Manager Mr. Rajiv Sharma
harma
17. Regional Co-ordination
ordination Manager Mr. R.S. Barthwal
18. Regional Co-ordination
ordination Manager Mr. K.S. Rana
19. Regional Manager
er (South) Mr. George Thomas
20. Regional Manager (West) Mr. Harish Sabharwal
21. Regional Manager (East) Mr. Biman Chakravarthy
22. Regional Manager (East) Mr. P.K. Mitra
23. Manager ( Sub-Brokers
Brokers Division) Mr. Manish Chopra

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 8 Reasons why to invest through Bajaj Capital Limited

1. Old Establishment – Bajaj Capital is one of the oldest and largest Investment Consultancy
Company in India in operation since 1964. In fact, companies Fixed Deposit line was
introduced for the first time in India in early 1960's by Bajaj Capital.
2. Vast and Modern Infrastructure
Infrastructu – Bajaj Capital has a vast network of 65 offices spread all
over the country. It covers all Metros and other important financial centres. They have a team
of over 300 highly experienced employees including MBAs, Cas, Financial Analysts,
Investment Consultants, Law Graduates and Stock Market experts. Our operations are fully
computerised.
3. SEBI Authorisation – Bajaj Capital is authorised by Securities & Exchange Board of India
(SEBI), a Government body specially created for investor's protection. As per recent
notification SEBI has warned that “Dealing with unregistered Brokers is risky and SEBI will
not be in a position to entertain any complaints against such unregistered Brokers.
4. After Sales Service – “Service with a smile” is their motto. Their investment Consultant are
specially trained to provide highly personalised and professional advice to their investor
clients. Their role does not end when the client has made the investment. They are known for
their excellent “After Sales Services”.

5. Vast Variety of “Schemes” -- They offer the largest variety of investment schemes suited to
individual requirements of their clients keeping in view their return expectation. They are full
fledged “Financial Supermarket” offering advice to their clients for investment
investment in the
following schemes :--
A) Fixed Deposit with Government Companies and other reputed
reputed Public limited companies
(choice
choice of over 200 companies)

B) Mutual Funds – Both Growth and Income Schemes

C) Unit trust of India – All Schemes

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 D) New issues of Share/Debenture

E) Taxable and Tax-free Bonds

F) Portfolio Advisory Services for high net worth clients.

G) Trading in UTI 1964 and Public Sector Bonds – Taxable and Tax free

H) Investment Advisory Services for Non-Resident

Non Indians.

6) Investor Protection – They have a full fledged investor protection cell which currently
monitors/analyses performance and health of companies helping them give unbiased
investment advice.

7) Large number Of Satisfied Clients – Last but not the least, their biggest strength is their
vast and dedicated clientele of around 52,500 individual investor spread all over India. The
list of their clients includes cream of Indian Society retired Governors,
Governor Diplomats,
Bureaucrats, and top Corporate Executives, Army & Civil officers and Housewives etc..
Around 2,000 Trusts and institutions also value their expert professional advice and deal
through them.

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 Mission, Aims & Objectives of Bajaj Capital

Bajaj Capital's Mission Statement

The focus of our organization is to be the most useful, reliable and efficient provider of Financial
Services. It is our continuous Endeavour to be a trustworthy advisor to our clients, helping them
achieve their financial goals.

Our Aims

 To serve our clients with utmost dedication and integrity so that we exceed their
expectations and build enduring relationships.
 To offer unparalleled quality of service through complete knowledge of products,
constant innovationn in services and use of the latest technology.
 To always give honest and unbiased financial advice and earn our clients' everlasting
trust.
 To serve the community by educating individuals on the merits of Financial Planning and
in turn help shape a financially strong society.
 To create value for all stake holders by ensuring profitable growth.
 To build an amicable environment that accords respect to every individual and permits
their personal growth.
 To utilize the power of teamwork to function as a family and build a seamless
organization.

Strength of Bajaj Capital

SEBI Registration
Bajaj Capital Limited is a Category - I Merchant Banker registered with SEBI, bearing
Registration No. INM000010544, valid through September 30, 2008.

Professionals at your service

Bajaj Capital's Investment Banking Services are delivered by the Investment Banking Group, a
crack team of highly qualified, experienced and motivated professionals.

Comprehensive Service
We provide a range of highly specialized services that are customized to meet your specific
needs. We are capable of handling everything, right from basic paperwork to devising creative,
innovative and sophisticated solutions to meet the unique problems of our clients.

Strong Research Base

Bajaj Capital is a strongly research-driven
research driven organization. The Bajaj Capital Centre for Investment

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Research comprises highly qualified and talented professionals who constantly monitor the
market and collect, collate, analyses and disseminate valuable information.
information. BCCIR works in
close coordination with the Investment Banking Group, providing vital inputs on a daily basis.

Unparalleled Reach
With over 120 offices in 50 cities and a network of over 10,000 Advisor Associates, we assure
you a pan-India reach.

Unblemished Reputation
Bajaj Capital has an unblemished track record of over 40 years, and is among one of the most
respected Financial Services companies in the country.

Excellent Industry Relationships

Bajaj Capital enjoys extremely cordial relationships with
with major institutions in the financial
markets such as banks, insurance companies, mutual fund houses, PF Trusts, educational trusts,
etc.
The company is also given the “THE BEST WORKPLACES 2008” & “THE SMART
WORKPLACE AWARD”.

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 Services of Bajaj Capital

We offer a wide spectrum of Investment Banking Services to our clients in the Private and Public
sectors.
IPOs/FPOs
As part of our Issue Management services, we:

 Lead Manage public offerings of Equity and Debt under Book Built as well as Fixed
Price Methods
 Provide issue management services
 Syndicate, underwrite and distribute the securities to a nationwide client base
 We have consistently been one of the largest
largest mobilisers of funds for debt and fixed
income securities.

Private Placements/Preferential Issues

As part of our Private Placement and Preferential Issues services, we:

 Advice our clients on regulatory norms and compliance requirements

 Structure and design
sign the instrument(s) along with their valuations
 Draft the necessary resolutions and shareholders agreements/documents
 Identify the prospective investors
 Negotiate the terms of investment

Takeovers/Acquisitions/Consolidation

We provide advisory services

ices to our clients on potential takeover targets with the objective of
taking over of the management/assets/businesses/brands. This includes

 Working out takeover strategies a€“

a friendly as well as hostile
 Offering advice on regulatory and compliance norms
 Working out takeover/acquisition costs and budget
 Drafting advertisements, offer documents, share purchase agreements/documents
 Offering advice on funding options and post-acquisition
post acquisition consolidation strategies.
stra

 Buy-backs and De-listing

listing
Buy-back and de-listing
listing are reverse corporate interventions in the capital of the
enterprise. Our services in this regards includes:
 Advising our clients on necessity, need and requirement of buy-backs
buy backs given certain
capital
tal market conditions ,working out optimal buy-back
buy back pricing strategies offering
advice on the most suitable mode and method of buy-back
buy back apart from relevant regulatory
and compliance norms .
25
  Drafting offer documents, advising
advising on funding options and post buy-back
buy business
strategies. Project Finance / Term Loans / Working Capital Syndication
We work very closely with a large number of banks in public and private sector apart
from the government-owned
owned banksNegotiating interest rates and other terms and
conditions
ons with the interested banks and obtaining sanction letters
Offering advice on loan agreements and documents, and loan drawl schedules.

Advisory Services for Corporate and Capital Structuring and Restructuring

Consolidation and divestment of businesses, entities, and units have become very prominent
activity with regard to consolidation of shareholding; enhancing the Market Valuation and
generating Cash Reserves. We advise our clients on Corporate and Capital Structuring and
Restructuring with the clear objective
bjective of enhancing valuations of the enterprise in the long-term.
long

FCCBs/GDRs/ADRs
We provide advisory and consultancy services to corporate on how to raise funds from the
overseas capital markets. Our overseas associates facilitate and advise our clients through us.
Accordingly, we help our clients to design and structure the instruments, and prepare term
sheets. In addition, we also offer advice on regulatory and compliance norms documentation,
raising funds from identified investors listing and trading
t in securities.

Wide range services of Bajaj Capital

We offer a comprehensive range of services including financial planning and investment advice,
and the entire gamut of financial instruments and investment products of almost all major
companies, both
oth public and private. In addition, we also provide investment assistance by
helping you complete all the formalities, and help you keep regular track of your investments.

These services and products are delivered through our network of 109 Bajaj Capital Investment
Centers located all over the country.

We are also a SEBI-approved

approved Category I Merchant Banker.
Banker. We raise resources for over 1,000
top institutions and corporate houses every year, and offer specialized services to Non-Resident
Indian (NRIs) and High Net worth Clients.
Clients

What you can expect from of Bajaj Capital

 Sound, research-based
based advice
 Unbiased, independent and need-based
need advice
 Prompt, courteous service
 Honest, ethical dealings, Accesability

26
 FINANCIAL PLANNING SERVICES

✔ Investment planning
✔ Retirement planning
✔ Insurance planning
✔ Children's future planning
✔ Tax planning
✔ Short term cash flow planning
Team:

They have a well trained professional team comprising MBA's, CA's, CS's, Financial Analysts,
Financial Planners, Investment Experts,
Experts Insurance Experts, and Law Graduates.
Generations of trust :
Families have trusted them with their investment over three generations – from Father to Son to
Grandson. They have used their Investment Advisory and Financial Planning schemes to achieve
lifetime investment success. They believe that experience can be bought but trust has to be
earned.
1) Their Greatest asset is the trust of their clients which they have reposed in them for over 4
decades.
2) They enjoy the patronage of over half a million investors
inve across India.

Clientele – Their Biggest Asset :

 They are recognized as one of the largest fund mobilisers in the country. The investors
constitute a community of over 6 lac individual investors and over 2500 institutions like
Corporates, Charitable Trusts, Educational institutions, NGO's and Scientific Research
Organizations.
 They are truly independent and unbiased investment advisors, suggesting
uggesting products and
services that are best suited for them.
 As one of the oldest investment Advisory Companies, they have a research team that
helps them scan through hundreds of products from across the market place, to pick only
those that truly meet their needs.
 They can be doubly sure that the advice they will give to them will be totally impartial.

27
What is an investment Centre?
✔ Bajaj Capitals innovated the concept of Investment Centres back in 1964.
✔ An investment Centre is a retail shop where you can walk in to get free advice on where,
when and how to invest your money.
✔ Bajaj Capitals complete range of Investment
Investment Advisory products and Financial Planning
Services are available through its chain of investments Centres all over India.
Investment Advisory Products offered by Bajaj Capitals:

 Company Fixed Deposits: ---

Company fixed deposits offer better returns than bank deposits with minimum lock-in-
lock
periods. Bajaj Capitals offer you a range of 300 Company Fixed Deposits.

 Bonds and Debentures: ---

Bajaj Capital arranges Government of India Relief Bonds, which
whi are tax-free
free bonds. We also
offer infrastructure Bonds (Tax Saving Bonds),Capital Gains Tax Saving Bonds, Bonds from
Central and State Government institutions.

 Mutual Funds: ---

Mutual Funds are the only investment option that gives you market related, realistic returns
through proper diversification of risks by investing in debt and equity instruments. Bajaj Capitals
offers you a range of over 100 Equity Funds, Debt Funds, and Liquid Funds.

 Life Insurance: ---

Life insurance provides for dependants in case of a mishap. It replaces earning power if disabled,
and protects your ability to meet accumulation, education and marriage goals.

 General Insurance: ---

General insurance provides for auto, home and personal liability protection to protect you from a
stroke of misfortune that would take away the wealth you earned for so many years.

 Pension Schemes: ---

A Pension Schemes is a savings plan that provides you with income during retirement.

28
 Housing Loans: ---
They arrange for housing loans at their doorsteps,
doorsteps, from leading Housing Finance Companies,
offering competitive interest rates.

 Car/Scooter insurance: ---

They offer automobile solutions to safeguard their vehicle from every mishap, ensuring them
very easy and hassle-free
free procedures.

Financial Planningg Services Offered By Bajaj Capitals:

Capitals ---
Financial Planning is the process of meeting their life's goal through proper management of their
finances. At Bajaj Capitals they are dedicated to the Financial Planning approach and give them
advice only after understanding
derstanding their financial needs.

Financial Planning Includes: ---

Investment Planning: --
At Bajaj Capitals they help their clients to plan investments so that they may reach
their personal goals by investing according to the risks that they can bear. After planning they
implement their recommend mix of investments.

✔ Cash Flow Budgeting – They analyse clients income expenses, assets and liabilities to see
which budgeting techniques can help them reach their current and long term financial goals.
✔ Protection for yourself and your family (Insurance Planning):
Planning): The insurance policies
helps them protect themselves and their dependent s (if any) against any unforeseen odds.

Future Goals Funding :--

 Children's education and marriage planning:
planning -- They help their clients start planning and
saving for their children's higher education and marriage well in advance by suggesting
prudent investment avenues.
 Asset Purchase: -- They help them accumulate funds to purchase a house , car or other assets
by suggesting monthly savings plans and other investment instruments to make your money

29
 grow to the required amounts.
 Tax Planning: -- They help them reach their personal goals by planning their taxes and by
helping them invest in tax saving instruments that fit their personal portfolio and situation.
 Retirement Planning: --- To ensure that their clients enjoy their retirement without financial
hardships, they urge them to make their own pension plans like Public Provident Fund, with
their help.
Bajaj Capital's
Capital' Specialty Service Groups :

 “PREMIER CLIENT GROUP” offers Wealth Management Services for High Net Worth
Individuals.
They offer tailor made investments Advisory and Financial Planning Services exclusively to
meet the needs of high net worth individuals. Some of the additional services offered are:

✔ Value added service assignments.

✔ Dedicated relationship managers
✔ Periodic portfolio reviews.
✔ Regular updates of portfolio valuation
✔ Need-Based advice.
FINANCIAL PLANNING GROUP” offers comprehensive Financial Planning Services for long
term investors.
They take a comprehensive approach to planning their future by including in each
financial plan, solutions in all the following areas:

➔ Investment Planning
➔ Insurance Plannning
➔ Cash Flow Budgeting
➔ Goal Planning
➔ Tax planning
➔ Retirement planning

30
 Bajaj Capitals Value Added Services:

 Regular Information Update – They keep their clients updated on the latest opportunities in
the World of Investments.
 Need based Advice – They give their clients customized advice only after understanding
their needs and priorities.
 Research Based Advice – Their professional research helps their clients with advice that is
thorough and based on dynamics, Government policies and a close monitoring
monitoring of global
developments.
 Free investment health check – They help their clients achieve their financial goals by
assessing their risks tolerance level and recommend them a suitable asset allocation model.
 Door-to-door service – They have a vast network
network of branches all over India, helping you to
get services at your doorsteps.
 Regular Information – They keep their clients updated on the latest opportunities in the world
of investments through their in-house
in publications.
 Accessibility – They have branches spread out across India, covering almost every nook and
corner of the country.
 Tailor made Solutions – Clients get easy transactions through our “investment Centres” even
with a mere phone call.
 Specialisation in all Client Segments – They offer Financial Planning for housewives,
celebrities, professionals, ambassadors, army officers and others.
 24-Hour Availability – They are available to their clients 24 hours a day, on their websites,
www.bajajcapital.com.

31
 Bajaj Capital's in-house
in publications For Investors :

 Bajaj Capital investors India:

India --- A monthly magazine, that helps their clients take the right
decision in matters relating to investments, based on the principles of financial planning.
 Money Multiplying News: -- A fortnightly magazine that helps clients choose their best
options available for them for investments
investment during that period.
 Investors Select Lists: -- A monthly list of the latest investment options covering all financial
products like Company FDs, Equity Mutual Funds, Debt Mutual Funds, Insurance Schemes,
and others.
 Investment Outlook : -- A monthly research
research report that gives an overview of the debt and
equity markets. Also gives a technical trend analysis of the market.
 Tax Planning Guide: -- An annual guide that educates the client how on how to avail certain
exemptions, deductions, rebates, and relieves,
relieves, in order to minimize their tax liability.
 Guide to Financial Independence:
Independence -- A practical financial guide on how to be financially
independent.
 Voluntary Retirement Scheme Guide:
Guide: A special guide that helps clients plan their finances
according to their needs after they take voluntary retirement

Reasons why invest only through Bajaj Capitals?

 40 Years of service to investors – Bajaj Capital is one of the oldest and largest Investment
Advisory Companies in India, in operation since 1964.
 Nationwide Presence and modern Infrastructure:
Infrastructure -- Bajaj Capitals has a vast network of 96
offices all over the country and a team of over 450 highly motivated professionals. Their
operations are fully computerised.
 SEBI Authorization – Securities and Exchange Board of
of India (SEBI) is an authorised
merchant bankers, investment advisors and financial planners.
 After sales service – Their role doesn't end when clients have made their investments. They
feel obliged to solve their queries even after they have invested with them.
 Vast variety of schemes – They are full-fledged
full fledged “ financial Supermarket” offering advice to
their clients on a large variety of financial products.

32
 Research Centre – They have large Research Centre, where experts constantly monitor and
analyse the industry,
ndustry, economy and various schemes performances to give them unbiased
investment advice.
 Independent Investment Advice – They are one of India's few independent Investment
Advisory companies. They are not promoted by any bank, mutual fund or NBFC, and are
ar
hence able to give truly neutral advice.
 Strength – Their largest strength is their vast and dedicated clientele of around 6 lac
individual investors all over India.
 Bajaj Capital now introduces 360 degree financial investments.

Experience the power of Bajaj Capital's 360º Financial Planning

The only thing permanent in life is change. Times change. People change. So does life. You
expect life to be much better tomorrow than it is today. Tomorrow, you hope to fulfill all your
dreams and aspirations. But what hat happens if things take an untoward turn? Or, if there is an
eventuality? Perhaps it's time for you to change the way you plan your investment.
investment.

33
 Product profile
Fixed Deposits

 CANFIN HOMES LTD

 CEAT LIMITED
 HDFC LIMITED
 HUDCO
 ICICI HOME FINANCE
 J.K. LAXMI CEMENT LTD.
 J.K. INDUSTRIES LTD.
 JAGATJIT INDUSTRIES LTD.
 JAIPRAKASH ASSOCIATES LTD.
 JCT LIMITED
 JINDAL STEEL & POWER LTD.
 JK PAPER LIMITED
 KERALA TRAN DEV. FIN LTD.
 LIC HOUSI NG FINANCE LTD.
 MADRAS FERTILIZERS LTD.
 NATIONAL HOUSING BANK(SUNIDHI SCHEME)
 PNB HOUSING FINANCE
 SHRIRAM PISTON & RINGS LTD.
 SIDBI
 SURYA ROSHNI LTD.
 TATA MOTORS LTD.
 TELEVISION LTD.
 LUCAS-TVS
TVS LTD.
 DELPHI-TVS
TVS DIESEL SYSTEMS LTD.

LIFE INSURANCE COMPANIES

ANIES

 BIRLA SUNLIFE
 AVIVA
 ICICI PRUDENTIAL
 KOTAK MAHINDRA
 LIC
 RELIANCE LIFE INSURANCE

34
  SBI LIFE
 TATA AIG
 BAJAJ ALLIANZ
 ING VAISYA

MUTUAL FUNDS
Equity funds

 SBI Magnum Sector Fund umbrela

 SBI Magnum Index Fund
 SBI Magnum Multicap ap Fund
 SBI Magnum Multiplier
 SBI Magnum Tax Gain
 SBI Growth Fund
 Tata Growth Fund
 Birla Advantage Fund
 DSP ML Equity Fund
 DSP ML TOP 100 Equity Fund
 Franklin India Bluechip Fund
 HDFC Equity Fund
 HDFC Growth Fund
 HDFC TOP 200 Fund
 Prudential ICICI Discovery Fund
 Prudential ICICI Growth Fund
 Prudential ICICI Power Fund
 Reliance Growth Fund
 Sundaram India Leadership Fund
 Sundaram Select Focus
ocus Fund
 ABN AMRO Equity Fund
 HDFC MUTUAL FUND

Balanced fund

 Duetche Mutual fund

 Sundaram Debt fund
 UTI debt funds
 SBI Debt fund series
 Sundaram balanced fundss
 SBI Mutual fund
 Birla Balance Fund

35
  DSP ML Balanced Fund
 FT India Balanced Fund
 HDFC Balanced Fund
 HDFC Prudence Fund
 Prudential ICICI Balance Fund
 Sundaram Balanced Fund
 Tata Balanced Fund
 Birla sunlife Mutual Fund
und

Debt funds

 HDFC
 HSBC
 SBI Magnum Income Plus Fund
 SBI Magnum gilt fund
 SBI Magnum Income Fund
 SBI Magnum Monthly Income Plan
 Templeton Floating Rate Income Fund - STP
 Birla Floating Rate Income Fund - STP
 Templeton Floating Rate Income Fund - LTP
 Deutsche Floating
ating Rate Fund
 HDFC Floating Rate Income Fund - STP
 HDFC Floating Rate Income Fund - LTP
 Deutsche Floating Rate Fund
 Grindlays Floating Rate Fund
Fu -LTP
 Grindlays Floating Rate Fund - STP
 SBI Magnum fund NRI
 Prudential ICICI Floating Rate Fund - LTP

Liquid funds

 Duetche Mutual fund

 Institutional Income Fund
 SBI Magnum Insta Cash Fund
 SBI Magnum Insta Cash
 Sundaram Equity funds
 SBI Sector Umbrela
 UTI Equity funds

36
Chapter – III

 REVIEW OF LITERATURE

 RESEARCH METHODOLOGY

37
 REVIEW OF LITERATURE
To give a complete shape of project report, the researcher have given through the following
books, journals and websites about which I have given detail below.

BOOK

 “INVESTMENT” by BODIE, MARCUS,PITABAS MOHANTY

Findings : To know aout the investments done in the market

JOURNALS & REPORTS

 “PORTFOLIO ORGANSIER” OF ICFAI UNIVERSITY PRESS

Findings: Current
urrent knowledge about mutual fund and equity market

 “INVESTORS INDIA” OF BAJAJ CAPITAL

Findings: All information about investment instruments

 ECONOMIC TIMES

 AMFI(BASIC MODULE)

Findings: complete knowledge about mutual funds

WEBSITES

 www.mutufundsindia.com

 www.amfiindia.com

 www.mfea.com

Findings: complete knowledge about mutual funds

 www.sebigov.in

38
 Findings: Security Exchange Board of india’s home website ,which gives knowledge
about both mutual funds and equity
equ market

 www.nse.com
Findings: To find out whether these funds are performing better or not with

Comparison to the benchmarks

 www.bajajcapital.com

findings: Investors switch between different funds at different times,and

dyanamically managee their portfolio in order to achieve high returns. This task of
managing the mutual funds portfolio is done on their behalf by fund of funds.

RESEARCH METHODOLOGY

Reasearch Design

Research design of my project is analytical

Sources of data

The data which I have collected are from secondary sources from the industry profile, different
journals, books
ks and different websites written above.

39
Chapter-IV

 MUTUAL FUNDS

(Description & Classification)

Classification

40
 Mutual funds
Mutual Fund is an instrument of investing money. Nowadays, bank rates have fallen down and
are generally below the inflation rate. Therefore, keeping large amounts of money in bank
ba is not
a wise option, as in real terms the value of money decreases over a period of time.

One of the options is to invest the money in stock market. But a common investor is
not informed and competent enough to understand the intricacies of stock market. This is where
mutual funds come to the rescue.

A mutual fund is a group of investors operating through a fund manager to

purchase a diverse portfolio of stocks or bonds. Mutual funds are highly cost efficient and very
easy to invest in. By pooling money together in a mutual fund, investors can purchase stocks or
bonds with much lower trading costs than if they tried to do it on their own. Mutual fund issues
units to the investors in accordance with quantum of money invested by them. Investors of
mutual funds are known as “Unitholders
Unitholders”.

The profits or losses are shared by the investors in proportion to their investments.
The mutual funds normally come out with a number of schemes with different differen investment
objectives, which are launched from time to time. A mutual fund is required to be registered
with Securities and Exchange Board of India (SEBI) which regulates securities
securities markets before
it can collect funds from the public.

Investments
nvestments may be in stocks, bonds, money market securities or some combination
of these. Those securities are professionally & efficiently managed on behalf of the
shareholders, and each investor holds a pro rata share of the portfolio -- entitled to any profits
when the securities are sold, but subject to any losses in value as well.

A mutual fund is just the connecting bridge or a financial intermediary that

allows a group of investors to pool their money together with a predetermined investment
i
objective. The mutual fund will have a fund manager who is responsible for investing the
gathered money into specific securities (stocks or bonds). When you invest in a mutual fund,
you are buying units or portions of the mutual fund and thus on investing becomes a
shareholder or unit holder of the fund.
fund The investors profit and loss are determined as per the
units of mutual funds they hold as per the NAVs.

41
NAV = Total value of the fund……………….
No. of shares currently issued and outstanding

History of the Indian mutual fund industry:

The government of India set up Unit Trust of India in 1963 by an act on parliament. UTI
functioned under the regulatory and administrative control of the Reserve Bank of India till
1978. The Industrialal Development Bank of India took over the regulatory and administrative
control that year. The first scheme launched by UTI was Unit Scheme 1964 or the infamous Unit
64. The second phase of the mutual fund industry began with the public sector banks and Life L
Insurance Corporation of India and General Insurance Corporation of India setting up their own
mutual funds in 1987. Finally, in 1993 Kothari Pioneer (now merged with Franklin Templeton)
became the first private sector mutual fund to start operations in
in the country. A host of private
sector as well as foreign funds set up shop after that. In 1996, a comprehensive and revised
Mutual Fund regulation was put in place. The industry now functions under Sebi (Mutual Fund)
regulations, 1996.

The industry facedd its toughest challenge when the US 64 fiasco shattered the confidence of
investors. However, in 2003, the government bifurcated the erstwhile UTI. One entity manages
the assets of US 64 and some assured return schemes. The other is a regular mutual fund working
under the Sebi regulations. Thanks to the boom in the stock market, UTI managed to clean up its
act and continue to enjoy the confidence of several investors. The whole industry also came out
of the controversy without any major setbacks.

Categorie of mutual funds:

Categories
Mutual funds can be classified as follow:

 Based on their structure:

 Open-ended funds: Investors can buy and sell the units from the fund, at any point of
time.

 Close-ended funds: These funds raise money from investors only once. Therefore, after
the offer period, fresh investments can not be made into the fund. If the fund is listed on a
stocks exchange the units can be traded like stocks (E.g., Morgan Stanley Growth Fund).
Recently,
y, most of the New Fund Offers of close-ended
close ended funds provided liquidity window
on a periodic basis such as monthly or weekly. Redemption of units can be made during
specified intervals. Therefore, such funds have relatively low liquidity.
42
  Based on their investment
estment objective:
Equity funds: These funds invest in equities and equity related instruments. With
fluctuating share prices, such funds show volatile performance, even losses. However,
short term fluctuations in the market, generally smoothens out in the
the long term, thereby
offering higher returns at relatively lower volatility. At the same time, such funds can
yield great capital appreciation as, historically, equities have outperformed all asset
classes in the long term. Hence, investment in equity funds
funds should be considered for a
period of at least 3-55 years. It can be further classified as:

i) Index funds- In this case a key stock market index, like BSE Sensex or Nifty is tracked.
Their portfolio mirrors the benchmark index both in terms of composition
composition and individual stock
weightages.

ii) Equity diversified funds- 100% of the capital is invested in equities spreading across different
sectors and stocks.

iii|) Dividend yield funds- it is similar to the equity diversified funds except
except that they invest in
companies offering high dividend yields.

iv) Thematic funds- Invest 100% of the assets in sectors which are related through some theme.
e.g. -An
An infrastructure fund invests in power, construction, cements sectors etc.

v) Sector funds- Invest 100% of the capital in a specific sector. e.g. - A banking sector fund will
invest in banking stocks.

vi) ELSS- Equity Linked Saving Scheme provides tax benefit to the investors.

Balanced fund: Their investment portfolio includes both debt and equity. As a result, on the
risk-return
return ladder, they fall between equity and debt funds. Balanced funds are the ideal mutual
funds vehicle for investors who prefer spreading their risk across various instruments. Following
are balanced funds classes:

i) Debt-oriented funds -Investment

Investment below 65% in equities.

ii) Equity-oriented funds -Invest

Invest at least 65% in equities, remaining in debt.

43
Debt fund: They invest only in debt instruments, and are a good option for investors averse to
idea of taking risk associated with equities. Therefore, they invest exclusively in fixed-income
fixed
instruments like bonds, debentures, Government of India securities; and money market
instruments such as certificates of deposit (CD), commercial paper (CP) and call money. Put
your
ur money into any of these debt funds depending on your investment horizon and needs.

i) Liquid funds- These funds invest 100% in money market instruments, a large portion being
invested in call money market.

ii)Gilt funds ST- They invest 100% of their portfolio

portfolio in government securities of and T-bills.
T

iii)Floating rate funds - Invest in short-term

short term debt papers. Floaters invest in debt instruments
which have variable coupon rate.

iv)Arbitrage fund- They generate income through arbitrage opportunities due to mis-pricing
between cash market and derivatives market. Funds are allocated to equities, derivatives and
money markets. Higher proportion (around 75%) is put in money markets, in the absence of
arbitrage opportunities.

v)Gilt funds LT- They invest 100% of their portfolio in long-term

term government securities.

vi) Income funds LT- Typically, such funds invest a major portion of the portfolio in long-term
long
debt papers.

vii) MIPs- Monthly Income Plans have an exposure of 70%-90%

70% 90% to debt and an exposure of
10%-30% to equities.

viii)FMPs- fixed monthly plans invest in debt papers whose maturity is in line with that of the
fund.

44
 Risk v/s. return:

Working of mutual fund

45
Chapter - V

 EQUITY MUTUAL FUNDS AND ITS PERFORMANCE

 HOW TO SELECT AN EQUITY FUND
 DATA
ATA ANALYSIS AND INTERPRETATION
 FINDINGS
 CONCLUSION

46
 Equity funds

Equity mutual funds are also known as stock mutual funds. Equity mutual funds invest pooled
amounts of money in the stocks of public companies. Stock funds can be distinguished by
several properties. Funds may have a specific style, for example, value or growth Stocks
represent part ownership, or equity, in companies, and the aim of stock ownership is to see the
value of the companies increase over time. Stocks
Stocks are often categorized by their market
capitalization (or caps), and can be classified in three basic sizes: small, medium, and large.
Many mutual funds invest primarily in companies of one of these sizes and are thus classified
as large-cap, mid-cap or small-cap
small funds. Funds which involve some component of stock
picking are said to be actively managed, whereas index funds try as well as possible to mirror
specific stock market indices

Equity fund managers employ different styles of stock picking when they make investment
decisions for their portfolios. Some fund managers use a value approach to stocks, searching
for stocks that are undervalued when compared to other similar companies. Another approach
to picking is to look primarily at growth, trying toto find stocks that are growing faster than
their competitors, or the market as a whole. Some managers buy both kinds of stocks, building
a portfolio of both growth and value stocks. Since equity funds invest in stocks, they have the
potential to generate more
ore returns. On the other hand they carry greater risks too.

Fund assets are typically mainly in stock, with some amount of cash, which is generally quite
small, as opposed to bonds, notes, or other
oth securities. The objective of an equity fund is long-
long
term
m growth through capital gains, although historically dividends have also been an
important source of total return. Specific equity funds may focus on a certain sector of the
market or may be geared toward a certain level of risk.

Equity funds are of following types –

 Index funds -

Index funds invest in securities to mirror a market index, such as the S&P 500. An
index fund buys and sells securities in a manner that mirrors the composition of the selected
index. The fund's performance tracks the underlying index's performance. Turnover of
securities in an index fund's portfolio is minimal. As a result, an index fund generally has
lower management costs than other types of fund

47
 Index Funds replicate
replicate the portfolio of a particular index such as the BSE Sensitive

index, S&P NSE 50 index (Nifty), etc these schemes invest in the securities in the same

weight age comprising of an index. NAVs of such schemes would rise or fall in accordance

with the rise

se or fall in the index, though not exactly by the same percentage due to some

factors known as “ tracking error” in technical terms. Necessary disclosures in this regard are

made in the offer document of the mutual fund scheme. There are also exchange traded index

funds launched by the mutual funds, which are traded on the stock exchanges.
exchanges.

TOP 10 OPEN ENDED INDEX FUNDS

Rank Scheme Name Date NAV Last 12 Since

(Rs.) Months Inception

1 HDFC Index Fund - Sensex Plus Jun 18 , 2009 161.71 -1.29

1.29 26.26
Plan
2 ICICI Prudential Index Fund Jun 18 , 2009 39.47 -4.86
4.86 20.65

3 LIC MF Index Fund - Sensex Jun 18 , 2009 25.51 -6.5 16.4

Advantage Plan - Growth

4 Birla Sun Life Index Fund - Jun 18 , 2009 42.56 -7.19

7.19 23.92
Growth
5 ING Nifty Plus Fund - Growth Jun 18 , 2009 21.21 -7.34
7.34 15.18

6 Franklin India Index Fund - NSE Jun 18 , 2009 33.48 -7.38

7.38 19.37
Nifty Plan - Growth

7 HDFC Index Fund - Nifty Plan Jun 18 , 2009 37.74 -7.38

7.38 20.58

8 Franklin India Index Fund - BSE Jun 18 , 2009 40.04 -7.51

7.51 19.16
Sensex Plan - Growth

9 Canara Robeco Nifty Index - Jun 18 , 2009 22.62 -7.52

7.52 18.98
Growth
10 UTI Nifty Fund - Growth Jun 18 , 2009 26.67 -7.65
7.65 11.06

48
 Growth funds - A growth
growt fund invests in the stocks of companies that are growing
rapidly. Growth companies tend to reinvest all or most of their profits for research and
development rather than pay dividends. Growth funds are focused on generating capital gains
rather than income.
Growth funds are those mutual funds that aim to achieve capital appreciation
apprec by
investing in growth stocks. They focus on those companies, which are experiencing
significant earnings or revenue growth, rather than companies that pay out dividends. Growth
funds tend to look for the fastest-growing
fastest companies in the market. Growth wth managers are
willing to take more risk and pay a premium for their stocks in an effort to build a portfolio of
companies with above--average average earnings momentum or price appreciation.
In India, growth funds became popular after the tremendous growth of the Indian
companies during the post economic reforms period. The rapid growth of Indian industry
attracted investors’ money to sectors of high growth and as a result growth funds came into
being.

Objective of Growth Funds

The objective of growth

wth funds is to achieve capital appreciation by in stocks of those
companies, which are registering significant earnings or revenue growth. Growth funds offer
tremendous opportunities for growth, when the financial market is bullish.

In general, growth funds

unds are more volatile than other types of funds, rising more than other
funds in bull markets and falling more in bear markets. Only aggressive investors, or those
with enough time to make up for short-term
short term market losses, should buy these funds.

 Dividend Yield Funds or Value Funds -

This is a fund that invests in "value" stocks. Companies rated as value
stocks usually are older, established businesses that pay dividends. In this types of mutual
fund, the co. gives part of it profit to mutual fund holders,
ho , which is called dividend.

 Thematic funds –
Thematic funds identify themes based on global trends or unique criteria as part of their stock
picking guidelines. Some funds may focus
focus on just one major theme as the backbone for their
investment process. DWS Global Themes Equity Fund and DBS Shenton Global
Opportunities Fund are example of global equity funds that have explicit global themes.
A thematic fund invests in a single theme, but there are several sectors within it, maybe as
many as 12-15
15 sectors, so it’s pretty diversified in that sense. The theme is not just one or two
sectors, rather a broader opportunity encompassing several sectors. For instance, the
outsourcing opportunity
portunity is not restricted to technology; it includes manufacturing and pharma
among other sectors. The capital goods and infrastructure theme includes several sectors.
49
  Sectoral Funds –
These are the funds/schemes which invest in the securities of only those sectors or industries as
specified in the offer documents. e.g. Pharmaceuticals, Software, Fast Moving Consumer
Goods (FMCG), Petroleum stocks, etc. The returns in these funds are dependent
dep on the
performance of the respective sectors/industries. While these funds may give higher returns,
they are more risky compared to diversified funds. Investors need to keep a watch on the
performance of those sectors/industries and must exit at an appropriate time.
TOP10 OPENENDED SECTORAL EQUITY FUNDS

Rank Scheme Name Date NAV Last 12 Since

(Rs.) Months Inception

1 Reliance Banking Fund - Growth Jun 18 , 2009 58.58 17.22 33.82

2 UTI Thematic Banking Sector Jun 18 , 2009 26.11 15.02 19.94

Fund - Growth

3 UTI Thematic Transportation Jun 18 , 2009 14.83 7.39 7.75

and Logistics Fund - Growth

4 Sahara Infrastructure Fund - Jun 18 , 2009 14.06 5.79 11.2

Variable Pricing - Growth

5 Sahara Infrastructure Fund - Jun 18 , 2009 13.75 5.01 10.43

Fixed Pricing - Growth

6 Taurus Infrastructure Fund - Jun 18 , 2009 10.86 4.12 3.67

Growth
7 Reliance Pharma Fund - Growth Jun 18 , 2009 25.34 3.06 20.26

8 Reliance Diversified Power Sector Jun 18 , 2009 59.12 1.54 -12.86

Fund - Institutional - Growth

9 Reliance Diversified Power Sector Jun 18 , 2009 60.45 1.4 42.16

Fund - Growth

10 UTI MNC Fund - Growth Jun 18 , 2009 34.79 1.16 13.14

50
  Diversified Equity Funds –

A mutual fund scheme that achieves the benefits of diversification by investing in the stocks
of companies across a large number of sectors. As a result, it minimizes the risk of exposure
to a single company or sector. Diversified equity fund is a fund, thathat seeks to invest only on
equities, except for a very small portion in liquid money market securities, but is not focused
on any one or few sectors or shares, may be termed a diversified equity fund. While exposed
to all equity price risk diversified equity
equity fund seek to reduce the sector or stock specific risk
through diversification. They have mainly market risk expose. Such general proposal proposes
but diversified funds are clearly at the lower risk level than the growth funds

TOP10 OPEN-ENDED
ENDED DIVERSIFIED EQUITY FUNDS

Rank Scheme Name Date NAV Last 12 Since

(Rs.) Months Inception
1 Sundaram BNP Paribas Financial Jun 18 , 12.66 26.04 25.94
Services Opportunities Fund - 2009
Retails - Growth
2 Sundaram BNP Paribas Media & Jun 18 , 12.02 20.06 20.06
Entert Opportunities Fund - Retails 2009
- Growth
3 JM Mid Cap Fund - Growth Jun 18 , 19.51 11.93 14.38
2009
4 Birla Sun Life Dividend Yield Plus - Jun 18 , 50.55 10.13 29.27
Growth 2009
5 UTI Opportunities Fund - Growth Jun 18 , 18.56 8.41 17.11
2009
6 ICICI Prudential Focused Equity Jun 18 , 10.6 6.64 5.59
Fund - Institutional I - Growth 2009
7 Sahara Growth Fund - Growth Jun 18 , 63.42 6.18 31.14
2009
8 Benchmark Equity And Derivative Jun 18 , 11.18 6.12 7.06
Opportunities Fund - Growth 2009
9 HDFC Top 200 - Growth Jun 18 , 138.98 5.82 23.22
2009
10 ICICI Prudential Focused Equity Jun 18 , 10.49 5.64 4.57
Fund - Retail - Growth 2009

51
 ELSS – Equity Linked Saving Scheme provides tax benefit to the investors. They operate
like any other growth fund ( and that’s why are as risky). However, as investor in these
schemes gets an income-taxtax rebate of 20 per cent (for a maximum of Rs 10,000) under
section 88. Essentially an incentive for the investor ( who is otherwise investing in fixed-
fixed
income instruments like the Public Provident Fund primarily for saving tax on his or her
annual salary or business income) a chance to participate in capital appreciation that can be
delivered by investing in equity shares. That’s also why these schemes also come with a
three-year lock- in period. Also while other tax planning schemes
schemes guarantee returns, an
ELSS offers no such assurance.

TOP10 OPENENDED ELSS(TAX) FUNDS

Rank Scheme Name Date NAV Last 12 Since

(Rs.) Months Inception
1 Sahara Taxgain - Growth Jun 18 , 24.87 3.86 27.72
2009
2 Sundaram BNP Paribas Taxsaver Jun 18 , 32.77 0.92 16.38
- (Open Ended Fund) - Growth 2009
3 Reliance Tax Saver Fund - Jun 18 , 13.8 0.06 9.14
Growth 2009
4 Taurus Taxshield - Growth Jun 18 , 25.59 -0.81 13.3
2009
5 HDFC Taxsaver - Growth Jun 18 , 142.11 -1.34 24.55
2009
6 HSBC Tax Saver Equity Fund - Jun 18 , 10.25 -2.08 0.99
Growth 2009
7 Religare Tax Plan - Growth Jun 18 , 11.12 -2.2 4.39
2009
8 Fidelity Tax Advantage Fund - Jun 18 , 13.74 -3.76 10.08
Growth 2009
9 Franklin India Taxshield - Jun 18 , 138.88 -3.87 29.44
Growth 2009
10 Franklin India Index Tax Fund Jun 18 , 32.84 -6.88 15.38
2009

52
 How to Select an Equity Fund
Compare a fund with its peers:
peers

One of the basic fundamental of benchmarking is to evaluate funds with in the same category.
For example, if you are evaluating the performance of a thematic fund, say IT based fund,
then you should compare its performance with another similar IT based
based fund. Comparing it
with banking sector fund for example will not give the correct picture. Comparing a fund over
stock market cycle (boom and bust) will give investors a good idea about how the fund has
fared.

Compare returns against those of the benchmark

bench index:

Every fund mentions a benchmark index in the Offer Document. It can be BSE 100, BSE 200,
Nifty or any other index. The benchmark index serves as a guidepost for both the fund
manager and the investor. Compare how the fund has fared against the benchmark index over
a period of 3-55 years. The funds that have outperformed their benchmark indices during stock
market volatility must be given a close look.

Compare against the fund's own performance:

performance

Apart from comparing a fund with its peers and benc

benchmark
hmark index, investors should evaluate
its historical performance. By evaluating a fund against its own historical performance, you
can get an idea about consistent performers.

Current scenario of equity funds

With stock markets reigning at its all time high, Equity is the buzzword these days. All kinds
of investors without caring a damn about their risk profiles are looking at investing in
equities and / or equity funds. Large corporate houses too have been lured by the equity
mania. As a result of this, Mutual Funds are raking in huge monies in the equity segment.

The total AUM of the industry stood at Rs.164674.07

Rs.164674.07 crores as on June
2007.. Out of this Rs. 42,461 crores representing almost 26% was in the equity segment. This
is ann increase of over 80% in the last one year. The mutual fund with highest equity funds
under management is UTI MF, having almost Rs. 7,800 crores
crore in its kitty. Among the private
sector players, Franklin Templeton is at the top with an equity corpus of Rs. 6637.4 crores.
HDFC MF comes next with Rs. 4559.24 crores in its equity segment. The five top funds in
this category account for 58% of the total equity funds in the mutual funds industry. True to
the general perception about mutual funds that they are a means
m eans of diversifying across stocks,
the diversified equity schemes had the highest corpus with over 80% of the funds
f in equities
among the top 5 players below.
53
 100
80
60
40
20
0
DIVERSIFIED TAX PLANNING INDEX SECTOR

Over the last six months the equity corpus of the industry swelled by more than Rs. 12,000
crores. In this the diversified schemes and tax planning schemes saw rise of about Rs. 12,650
crores and Rs. 232.2 crores respectively. But there was a fall in the corpuscorpus of index and
sectoral schemes. Major gainers in the equity segment over last 6 months remained Reliance
MF, which mopped up Rs. 1888 crores. Franklin closely followed at Rs. 1809 crores.crore HDFC
Mutual Fund was at a distant third place growing by Rs. 1435 1435 crores and Tata MFs equity
corpus inflated by Rs. 1151 crores.
crore . But the major factor helping in this growth remained the
New Fund Offer made by each of these AMCs.

So diversified equity funds has the better preference than the other equity funds because of its
diversification of stocks and ELSS schemes are giving better return due to their locking
system of 3 years as long term investments.

54
 Yearly return of equity mutual funds sector wise(Table-1)

SECTORS 2007 2008

AUTO
UTI TRANSPORTATION AND LOGISTICS 17.37 49.39
JM AUTO SECTOR 0.97 59.17
BANK
RELIANCE BANKING RETAIL 66.49 39.32
UTI BANKING SECTOR REG 76.95 46.32
JM FINANCIAL SERVICES SECTOR 95.11 58.18
FMCG
ICICI PRUDENTIAL FMCG 42.75 27.43
MAGNUM FMCG 28.38 33.03
FRANKLIN FMCG 23.03 45.38
INDEX FUNDS
TATA INDEX SENSEX B 0 0.06
ICICI PRUDENTIAL INDEX RETAIL 46.63 50.39
UTI SUNDER 46.65 50.77
ICICI PRUDENTIAL SPICE 46.78 51.49
FRANKLIN INDIA INDEX NSE NIFTY 52.22 52.11
PRINCIPAL INDEX 53.62 52.42
LICMF INDEX NIFTY 54.79 52.73
MAGNUM INDEX 56.46 53.26
HDFC INDEX NIFTY 65.34 53.49
UTI NIFTY INDEX 52.21 51.99
CANARA ROBECO NIFTY INDEX 49.48 51.50

INTERPRETATION:-The The above table shows return of sector-wisewise mutual funds in 2007
and 2008. In auto sector, both of the funds gives better return in 2008 than 2007.
2007 This effect is
done due to the upside of the automobile market in 2008.. But the automobile sectorised
mutual funds have given better result in comparison to its return in the equity market.
market In case
of the banking sectors, rn 2007 was the more profitable than 2008, both in the equity sector
and in the mutual fund industry. The banking sector faced a heavy loss in 2007. That’s why it
affected the banking funds. Except the Allahabad Bank,
Bank no bank gave better return than the
previous year. In case of the FMCG sector equity funds, one fund have given better result in
2008 and the other two funds had comparatively less return than 2007.And the index funds area
depended on the index - SENSEX & NIFTY , and the stock market is volatile in its nature,
some earned better return and others earned poor return.

55
 Return of equity funds monthly, quarterly, half-yearly,
half yearly, yearly and in 3 years

Funds,which gave good return as on 18th june 2009

(Table-2)

Performance in different time periods(IN

periods %)
Scheme Name
1 Mth % 3 Mths % 6 Mths % 1 Yr % 3 Yrs %
DBS Chola Midcap Fund - 10.74 75.78 50.27 -12.99 10.26
Growth
JM Basic Fund - Growth 9.42 102.98 60.21 -37.34 6.14

JM Mid Cap Fund - Growth 10.70 70.54 76.56 11.93 6.81

JM Small & Mid-Cap Fund - 13.53 81.23 26.87 -58.12 N/A
Regular - Growth
Principal Junior Cap Fund - 8.90 91.77 68.49 -0.21 11.10
Growth
Sahara Midcap Fund - 12.38 80.73 54.21 -7.75 12.29
Growth
SBI Magnum Midcap Fund - 13.88 88.41 58.50 -24.90 4.65
Growth
SBI Magnum Sector 14.94 89.94 55.77 -21.58 4.05
Umbrella - Emerging
Businesses - Growth
Sundaram BNP paribas capex 9.26 81.24 50.01 -9.83 16.04
opportunities fund- Growth

Taurus Infrastructure Fund - 16.15 108.5 77.74 4.12 N/A

Growth

INTERPRETATION

The Table-2 is showing the best equity funds return as per 1 month,3 months, 6 months, 1 year
and 3 years. From the above funds, TAURUS INFRASTRUCTURE FUND-GROWTH FUND GROWTH has the

56
best return in 1 month, 3 months, and 6 months. In 1 year, JM MIDCAP FUND-GROWTH
FUND and
in 3 years, SUNDARAM BNP PARIBAS CAPEX OPPORTUNITIES FUND-GROWTH FUND GROWTH are the
best performer. But from overall point of view, all midcap funds have given the good return and
all good performers are the growth funds.

So, it is clear that mid-cap

mid cap funds and growth funds are the good performers in the
mutual fund field.
ld. Also the mid cap co.s are performing good in the recession time, they are also
the good performers in mutual fund.

EQUITY FUNDS GIVING BAD RETURN

Table-3

SCHEMES 1 month 3 months 6 months 1 year 3 years

HDFC Arbitrage Fund - IP - 0.19 1.17 3.08 7.36 N/A

Growth
HDFC Arbitrage Fund - Retail - 0.18 1.11 2.95 7.10 N/A
Growth

ICICI Prudential Equity & 1.07 1.23 3.10 6.58 N/A

Derivatives Fund - I O - IP -
Growth
ICICI Prudential Equity & 1.08 1.08 2.86 6.26 N/A
Derivatives Fund - I O - Retail -
Growth
IDFC Arbitrage Fund - Plan A 0.42 0.61 1.97 5.41 N/A
(Regular) - Growth

The above table shows the equity

equity funds ,which gave bad return. Two of the above table are
arbitrage funds and the other twos are derivatives fund. As derivatives are related to the
anticipation, and the security market is in the recession period, these funds are giving more and
more less return.

57
 EQUITY FUNDS SECTOR WISE RETURN IN %

PHARMA SECTOR

Table-4

SCHEMES 1 month 3 months 6 months 1 year 3 years

Franklin Pharma Fund - 11.12 42.97 38.25 -0.77 8.98
Growth
Reliance Pharma Fund - 13.81 44.99 32.24 3.06 18.47
Growth
SBI Magnum Sector Umbrella 15.41 57.21 37.54 -22.95 -4.85
- Pharma - Growth
UTI Growth Sector Fund - 7.24 27.85 19.89 -12.93 5.85
Pharma and Healthcare -
Growth

INTERPRETATION –

In pharma sector, in 1 month and 3 months SBI MAGNUM UMBRELLA has the best return, in
6 months, FRANKLIN PHARMA FUND has the best return. But in long term periods,
RELIANCE PHARMA FUND is the best. Pharma sector is the only sector , which is giving
always a reasonable return to its customers, even
even in the recession period. Both in the share
market and equity funds, it is not a looser. This sector is a trusted sector for investment.
Ranbaxy, Dr.Reddy’s
eddy’s are giving reasonable return always in spite of slowdown. This also affect
the pharma sector equity funds.

58
 INFOTECH SECTOR

Table-5

SCHEMES 1 month 3 month 6 month 1 year 3 years

Birla Sun Life New 5.47 56.75 32.50 -26.23

26.23 2.05
Millennium - Growth
DSP BlackRock 10.19 53.89 32.36 -26.03
26.03 12.26
Technology.com Fund - Reg -
Growth
Franklin Infotech Fund - 10.96 45.48 38.58 -21.53
21.53 -2.13
Growth
ICICI Prudential Technology 13.81 52.07 37.17 -32.36
32.36 -0.67
Fund - Growth
Kotak Tech Fund 5.54 43.03 33.59 -25.09
25.09 -6.25
Tata Life Sciences and 14.07 61.03 57.79 -2.47 9.32
Technology Fund - Appr

INTERPRETATION –

Here, in 1month, 3 months, 6 months and in 1 year performance, the TATA LIFE SCINCES
AND TECHNOLOGY FUNDS-APPR
FUNDS APPR has the best return and in 3 years, DSP BLACKROCK
TECHNOLOGY.COM FUND has the best return. As here given returns are the returns of the
top performers of these sectors, it shows that this sector is not giving better return in
comparison with other sectors.

59
 BANKING AND FINANCIAL SERVICES SECTOR

Table-6

SCHEMES 1 month 3 months 6 months 1 year 3 years

JM Financial Services Sector -0.10 44.15 1.23 -32.52 N/A
Fund - Growth
Reliance Banking Fund - -1.87 79.19 42.54 17.22 32.49
Growth
Reliance Banking Fund - IP - -1.87 79.19 42.54 N/A N/A
Growth
Religare Banking Fund - 0.51 65.97 29.63 N/A N/A
Growth
Sahara Banking and Financial 0.42 86.82 72.72 N/A N/A
Services Fund - Growth
Sundaram BNP Paribas -2.61 82.03 37.53 26.04 N/A
Financial Services
Opportunities Fund - Ret -
Growth

INTERPRETATION

In one month, return of all are below 1. In 3 months and 6 months SAHARA BANKING BANKI AND
FINANCIAL SERVICES FUND has the highest return . In 1 year, SUNDARAM BNP
PARIBAS FINANCIAL SERVICES FUND is the best and in 3 years, there exists only the
RELIANCE BANKING FUND and it also gave good return 32.49%. So, overally SAHARA
BANKING AND FINANCIAL SERVICES FUND is the better scheme in banking and financial
service sector. This sector is going in loss now. No bank except Allahabad Bank gave better
result in 2008. Though
ough SBI and some other banks have given reasonable return 2009, banking
sector funds are still giving negative return. Here it can be seen that in 3 month return ,they have
given good result, but in one month, their return is poor, because currently fall of banking stocks.
So current return are below 1.

60
 INFRASTRUCTURE SECTOR

Table-7

SCHEMES 1 month 3 months 6 months 1 year 3 years

AIG Infrastructure and 5.97 63.95 44.65 -9.41 N/A
Economic Reform Fund - IP -
Growth
Birla Sun Life Infrastructure 3.31 69.27 48.95 -4.20 14.97
Fund - Plan A - Growth
Canara Robeco Infrastructure 1.43 66.90 53.76 -3.68 18.60
Fund - Growth
ICICI Prudential Banking and 0.62 71.00 37.17 N/A N/A
Financial Services Fund -
Retail - Growth
ICICI Prudential FMCG - 7.86 22.64 14.76 -21.80 4.94
Growth
ICICI Prudential Infrastructure 0.39 46.45 34.85 -6.38 N/A
Fund - FII Growth
ICICI Prudential Infrastructure 0.34 46.17 34.40 -7.08 25.00
Fund - Growth
Sahara Infrastructure Fund - 6.95 63.56 51.78 5.79 19.76
Variable Pricing - Growth
Taurus Infrastructure Fund - 16.15 108.05 77.74 4.12 N/A
Growth
Tata Infrastructure Fund - 2.82 59.97 41.26 -12.19 17.83
Growth

INTERPRETATION

As per the above table,

ble, TAURUS IFRASTRUCTURE FUND is the leader, which is giving the
best return, but in long term periods (1
( year and 3 years), SAHARA INFRASTRUCTURE
FUND is the best player. The infrastructure sector has the growth period now and it is the sector,
which is giving the best return in the equity funds. Infrastructure funds are also the leaders in the
overall equity funds. AMCs are nown introducing more and more NFOs in this sector.
61
 TAX SAVING SCHEMES

Table-8

SCHEMES 1 month 3 months 6 months 1 year 3 years

Bharti AXA Tax Advantage 2.07 66.16 N/A N/A N/A

Fund - Eco - Growth
Bharti AXA Tax Advantage 2.07 66.05 N/A N/A N/A
Fund - Reg - Growth
Birla Sun Life Tax Plan - 4.53 53.01 37.30 -12.71
12.71 N/A
Growth
Birla Sun Life Tax Relief 96 - 2.15 67.43 48.35 -10.13
10.13 N/A
Growth
Canara Robeco Equity 1.82 68.61 N/A N/A N/A
Taxsaver - Growth
DBS Chola Taxsaver Fund - 5.15 70.93 49.42 -9.70 5.81
Growth
ICICI Prudential Taxplan - 7.48 61.05 46.06 -12.52
12.52 7.01
Growth
ING Tax Saving Fund - 7.81 60.49 45.31 -25.03
25.03 1.34
Growth
JM Tax Gain Fund - Growth 7.94 55.17 33.08 -35.34
35.34 N/A
Sahara Taxgain - Growth 6.81 58.82 42.78 3.86 16.76

INTERPRETATION

This table shows the tax saving schemes return. In 1 month, ING TAX SAVING FUND is the
best return giver. In 3 months and 6 months, DBS CHOLA TAXSAVER is the best player. But
in long term period both in 1 year and 3 years, the SAHARA TAXGAIN GROWTH FUND is
the fund which gave the highest return. Though most of them are the new comers in the market,
but SAHARA TAXGAIN is the best player in the tax saver schemes.

62
 Findings

 Equity funds are the funds having both high risk and high return.

 Pure equity funds are volatile in nature.

 Growth equity funds are giving good return .

 Mid cap equity funds are also giving good return.

 Sectoral equity funds have also high risk – high return and they can be volatile as the
share market.

 Though equity funds have risks, they

they are still giving better return and also the preference
of the mutual fund holders.

 In 2007 and 2008, Diversified equity funds were the best preferences ,but now it is the
equity funds has the better market.

63
 CONCLUSION

The Mutual fund industry is on uprising moment. It have a good prospect in our country. Due to
the pure volatility in the stock market, people are now looking for the mutual fund market for
their big investments. As share market has high risk high return, and people are looking for better
return but with safety, they choose mutual funds and mainly the equity funds those are giving
better return in the market. As People have better knowledge about the share markets, they are
choosing equity funds for their investment, but I have done my research in an analytical view,
that’s why I m presented the analysis for what people should choose the equity funds for their
investments. The NFOs are entering the market, mainly based on the infrastructure sectorised
funds.. The equity funds are the only market, in which more and more types of funds can be
created as per the situations. Now global funds ,which contains the investment in foreign co.s are
a new concept of equity funds Though equity funds are not always affected
affected by the stock market,
but it can be affected by its volatility. So, the investors should have better knowledge about the
portfolio of the funds before investing in it . It is no doubt that equity funds have a bright future
in Indian Investment Market andd it is now is in the way of the excellence.

64
 BIBLIOGRAPHY

To prepare my report I have taken the help of some websites & books.

These are :

www.mfea.com

www.mutualfundindia.com

www.amfiindia.com

www.sebigov.in

“INVESTMENT” BY BODDI, KANE, MARCUS,PITABAS MOHANTY

INVESTMENT ANALYSIS
NALYSIS & PORTFOLIO MANAGEMENT” BY
PRASANNA CHANDRA.

65