‘Table of Content Deckrstion Certfeate Certicate ffom the Company Acknowlage ments Tbk of Cements List of Chars (Graphs Anstact CHAPTER 1 INTRODUCTION CHAPTER 11 COMPANY PROFILE HAPTER RESEARCH METHODOLOG' 31 INTRODUCTION 32. STATEMENT OF THE PROBLEM 33. OBIECTIVES OF THE STUDY 34 SOURCES OF STUDY 35 LIMITATIONS CHAPTER 1V INDUSTRY OVERVIEW GHAPTER Vv DATA ANALYSIS ANDINTERPRETATION GHAPTER VE FINDINGS, CONCLUSION ANDSUGGESTIONS 5.1 LEARNING 10 a3 aABSTRACT Small ivestors can ako invest in mutual find and cared a fiir rate of rstum with ess risk compare tn shares. Mutual find alco provides the henefit. of prafissonal inenegement, dversifeation, expert kmwkdge, tac beneits etc. Consumer invests a part of tir savings nto Mutual funds wih various objectives & choows the scheme depewing upon their objective. Muusl ind & expected a better option for the Comumers at presert, They ate finncal intermediaries comemed wilh chaineliing the saving of those individual who have excess suplus, There are miny imestment options avaible with the Consumers, hut mutual find i difirent fiom other ia terms of rs return, liguidiy, proftabliy, amsparemy ete. and wil be ining the momentum in upcoming day. In this sty an attempt is aude 1 undersand the factors which are perceived as impostant by she investors whle ineding in mutual finds, The investors of mutal finds were suneyed trough a structired questiomaite This study focused on the consumers perception towards muual find as an investment option in Bangalore city fem ‘Karmaaks, Ths revealed the varous factors that drive the scheme section of consumers &pavepton abou Muual fad ‘The data colkctod through primay research i: arsed & also the respondent were made aware of the project & interview of many People those why were coming at the Reliance Mittal Find Bangalore Branch was done. This Project covers the topic “Perception of consurers towards Mutual Funds, The data colecied fas been well orgariad and presented, hope the cexearch flings aad conchsion will be of we. L.LINTRODUCTION Maal find & a ype of proisionlly mamged colbeive inestment vehek that pools money ffom many investors to purchase securties who shares a common financitl goa. Te morey this colketed & then imesied in capital murket instuments such 35 shares, debemures & other secures. The income eared through these investments and the capital appreciation read is shared by 4s writ holder in proporten 10 the wo. of units owned by them. Thus, a mutual find is the most suitable investment fr a common man a8 it offers an opportunity to invest in a diersied, professionally managed hasket of secuites at rately low costMutual finds mest in tise broad chuses of Sania ascot Stocks: Fuuity rebied instuments. Bonds: Dett struments that have a maturly of more than om year, Cash: Debt instruments tht hive a mitariy of kss than one year For e.g Til Conmereial papers et 1.2 Depending on te assets mix MFs schemes are chstified imo tree broad categories a. Equity schemes: This schem: invest there bul of the corpus #5-95 per cox in equily shares or equty Inked instunents and the balance in cath Falling ate the types of aguty schemes Diversified equity schemes: These schemes invest broadly lato. diversified Pprtioio of equty stocks. Typicaly such schemes have 20-50 siocks form wile rage of husks, Fore. Relance Vion And, ev. Tnslex Schemes: These schemes invest is corpus in a basket of equity stocks hit ‘comprises @ given stock market index such thet S&P nity index, with exch stock hing assigned 4 weighage equal to what ¢ hac in the index ax a seaih index scheme appreciaes or deprecstes reavely to the Index. Sectoral Scheme: A sectoral scheme imests its corpus in the equity stocks of a given sector such a power, tekcommmncation, automobile. For eg. Relance Phan fas ‘Tax planning Schemes: Also known as ELSS (Eauty faked Saving Schemes) fe open 1 intnidak, Subject to such condition & Imation, as preserbed unier section 80 C of Income ‘Tax Act and subscription to these schemes can be deducted before computing taxable income, For e.g. Reliance ‘Tax saver (ELS) fund. Asbitrage funds: Arbirage finds iiwest in Ue secures or any otber financial imtumemt which can be sinutancow purchased and soll at diferent prices in diforert prices and diferem: rms. thé dirence in price is the profit that the imvesior eams Arbitrage exits 2s a resut of murket iefivemes: it provides a mecharism to ensure that the prices do not deviate substantially fiom fi vabe for bg periods of tine1b Hybrid Schemes Hybrid schemes, als» referred to as balanced schemes invests in a mix of equity and elt instruments, A hybrid schemes may be equity oriented, dett oriented or variable ‘Asets slbeaion schemes, + Equity- oriented: These schemes may consist of equity of approx. 60 por cent ‘ofthe porto & the balince in the debt instruments Debt oriented schemes: The most popular debt oriented schemes in Inf ace Menthly lncome phn which typicaly comtinte $5.90 per cent of the debt ‘component typeally bons. © Variable asset allocation schemes. In thi schon the proportion of equity & debt & often varied on the bask of some of the objecthe erterion, The location to equty increases when the market fas and decreases when the market rises wherein the alleation to debt dacreaces when market fille & increases when nurket ries, ¢.Debt Schemes Debt schemes invest in debt iastuments Vis. Bonds & Cash, # Gilt schemes: Government seaurties schemes mest only in gnernment bonds ie, 80-85 per cent of the compus wil be invested in t & remaining in cash These schemes may have varying maturty Short-term medium, term or bng term. +) Mined det schemes: Mined debt schemes imest 50-40 per ceat ofeerpus in government bor; 40-55 per cont & invested in corporate Bonds 7 the hake i invested in cash + Floating Rate Debt schemes: Fhoating rate debt schemes imests in a Portiln conprsing substanly of fbatng rate debt bonds, fixed rate bonis swapped for the doating rate retums & cash * Cash Schemes: Also Known as fyuil setemes, invests pimarly in money market instunens lke ‘THbil, Commercial paper, cerifeae of deposit & deposi. wit bank ‘They ako invest ia short term bonds. ‘The average portilp maturiy of such schemes ss than 150ays. Presenly cash Schemes accounts for te largest share ofthe mutual find in India 6Depending upon the structure mutual funds are divided into three categories Open Ended schemes: An open enied scheme offers units for sake wihut speefyng any duration for redemption. It remains open (aivays) 10 accept money fiom investors and have en obligation to return money back to the investors, Such ‘scheme does not have any fixod mitrty and is meant to be eamied on tl itis cchsed down under any of the nies of the reaubtions Ths gies investors the flexbiliy to enter or exit from the scheme based on their inlivdwal needs, Some Uunt-hoHes may ext fom the scheme, wholly or partly, but this does not affect the centimily of the scheme and i contimes operations with the remsini Close Ended Schemes: These are schemes bunched by muiual_ iar houses, wherein, one can invest only during the new find offer period. Once this is over, ‘ow cannot imest, ‘These schemes can have a debt or equity mandate, Ako, they have @ pre-specided mauriy perbd er a lock-in, aller which the scheme may cher become open-ended or wid ip its operitions and retura the investmem to the imesion, calubted in accordance with the net asset valte (NAV) on the maturity dae. However, the second option is rarely ewicised for equity chse- nied scheaes, ‘Thee schemes are sed on ether the BSE or the NSE after the NFO period ends. The NAV & generaly disclosed on a weekly bass. The find manager can munwge the investment beter because the comps fund & ‘svaikble for the enti duration of the scheme and he ie not requis the linidity to take care of redemption, Interval Schemes: lmerval schemes combine the benefits of open ead and closed cont schemes. These essentkly ae chsed end finds, but bezome open ended at pre spociied intervals by opening for sale at repurclase on a regubsr basis a imervals on pre-specified dates, Invesiom can buy or sell the units of these Schemes at an interval which is speciied in the schemes document. For examp, in case of a Monthly Interval Fund, investors can buy or sell the units every month fon te speciied dates, ‘Ihe unks cannot be bought er sold on other dates. Thismeans the scheme is open end only on the speciied tansaction date and is Bee ccbsed end fund on other dats, 1.3 KEY CONCEPT + NM [Not Asset Value is the market vahis of the schomes minus is licbibis, ‘The per unt NAV i the net astet vals of the scheme divided by the number of uunts outstanding on the vabation date According to SEB, MFs are required 10 pubkh there NAV atleast twice in a kading newspaper. NAY calculation: Assets —Debts Wo ofoutstanding Unis Nec Asset Value Debis = Liabilities + Accrued Expenses. SIP: Systematic Investment Pn (SIP) is an option where a fixed amount is itmested in a omtual fand scheme at regular inenals. For example. imest? 1,000 in a mutual find every mon It's a dsciplned investment phun and helps reduce propensity 40 market fuctuatons, It is a convenient tool that helps to preserve capital and ako render signiicant wealth creation in the long-run SIP investments takes advantage of rupee cost averaging, Fig 4: Systematic Investment Plan =< (=) = (==) Sources: Own deta+ STP: In Systematic Transér Pn, al money is imested in a mitaal find in Debt (Equity) schomes and wits are sold every momh and i imosied ito another ruta! find schemes ie. Equity (Deb0\There are two types of STP: Fixed and Capial appreciation In Fixed pln means 2 fixed sum will be tansfered to the taiget mutual finds, on the other hand in Capital Appreciaion, only the amount of eapial which is appreciated gets uansfarred, at was the orginal harp sun ‘amount invested in the sturt is proected. Capital Appreciation choice is only wih, 3 ig Systematic Imestment Plan Both pity Sours: Own daa fi © SWP: If investor redeams unis in mutal finds every mom and get X deposited i your Bank accounts, t's calkd SWP (systermi Wahirawal Pha) , which recommended toliguidste mutual finds corpus Figured Proce of STP FUND A. FUND 8+ Rupee Cost Averaging: Rupee Cost Averaging is an effoctive mechanism which helps in clmiting the need to time the market, Under this method, one need not be comemed about when and how much to invest. A fixed sum of money can be lawesed regualy and over time it averages out the costs. Say, om lives: €1000 a mmnth, and, the pre of the sebcied muual find scheme unit is 10 in the first mom, you wil get 100 unis In the next mom i the unit prve fill to €9, you are alowed 111 unis. In the thid month, if the price drops fiber to 88, it can get you 125 mts This, by imesing ® 3000 over three ‘months, you will get 336 unis. On the ober hand. if the enire smum was lawesed inthe frst month ite, you woull tave gained just 300 unts, In case of SIPS the avemge uni cost is uboue 8.9 as compared tee 10 in case of mp sum limestments, Thus, SIPs help bwer the average uni cost and can buy you more | Expenses Ratio: The on-going expeme of the mutual find represented by te expenses ratio or mangement experse ratio (MER). The expense ratio inches the cost of iri the ind manager abo kiown as management Re, Wis cost & berween 05-10 por cent of the assets on average The others are administrative cost which inhaler expenses such as postage, record keeping, casiomer senices etc, expenses towards paying brokerage conmisions & towards advertising & promotion of the fund, On the whole te expenses ratio ranges fom 0.2% as high as 20 percem, The average equity find charges arcunt 1.396-15%. 1.4 ORGANISATIONAL STRUCTURE, Tre bebw gien disgram iustrtes the yanous euftes invelved & organisational setup ofa! fis, igure 4: Organisation of Mutual FundsSporsors: A sponsor is an ety that sets up the muna und, Sporsor sets up a mutual find wo earn money by delng fun! management Largely, a sponsor can be compared wil promote: of acompany. Sponsor docs the follwing inportast activities: © Sponsor creates a Pubic Thus: under Indian Trust Act, 1882 (this trst becomes ‘the muual unt # Spouser appois ustees to manage tae wust wilh the approval of SEBI. Sponsor restos an Assot Managemen! Company under Companies Ast, 1956, Which wil act a6 the Imesiment Manager for the Matual Fund. Sponsor applies ant resisters the tnst as a Mutual Fund with SEBL © Sponsor apples and tegters the trust as a Mutual Fund with SEBI + Foreg Spomor of Relanve mutual find is Rekance capital Linited. Mutual ford: The mutual find is constiuted as a tnt under the Indian trust Act, 1881 & regitered with SEBI & beneiciates of the tnst are the investors. ‘Trustees: The tnitce is e mtioml entity that cannot contract ints own mame, so the trust loners into contract: in the mame of the tasces. Appointed by the sponsce, the tates can be ether indniduals or a corporate body (a tustee company). For e.g mustee of relarce mutual fund & Reiamce capital sustee co. limited. Asset Mamgement Company: The Ascet Management Company(AMC), ako referred as the investmert mnsger, is a separate conpany appointed by the tustees to run the ‘mutual find, Retance Capital Asset Mamgemem company bas been appoitted as the ‘Aset Management Company [AMC] of Relawe Muual Fund by the Triste: of Reiuce Mutual Fu aCustodian: The custodian handks the imvestments buck office operutions of a mutual find. It looks after the receipt & daivery of cecurties, collection of income, dstibation of Dividend, ‘The spomsors can't act as a custodian Reghtram trumfer Agents: It lands investor celted service such as issuing nis, redeeming unis, sending fact shoots, annual repots & so on Reliance Capital Asset Maragement Linited has appointed M/s, Karvy Computershare Pvt. Limited 0 ct asthe Registar and Tramsfr Agent tothe Schemes of Reliance Mutual Fund 13 Advantages of Mutual Funds Convenience & Fair pricing: Muual finds are common and easy 19 buy. They ypealy Iaive low rnin investments) and they are uaded only once per day at the ckwing net assot value (NAV) This olivine: prce fuctuntion tiroughcut the day and various atbiage oppertnitios that day traders practice Diversification: ‘The pool of momey colkced na muiual fund scheme is imested in various secures. Indhvdual investors can scarcely achieve such diversfcation on ther con leading to reduced risk. Professional management: When investment are dore in mia fis, the investors se releved of the chores associted with managing imestments on tet own because it is immnaged by professionals who decide when 1 buy & when to sell Their decison is supported by investment research and analysis, whereas the the inva! imestor many lack in expertie Liquidity: Units & shares of the finds can he traded in secondary market or sol hack at noted repurchase price. ‘Well regulated: Investment to mutual finds § regulated by SEBI. Assured allotme lmestors are assured of fem allment when they apply forthe units orshares of mmtisl finds, imestment ix a aibject to bit ander tax-saving schemes 2Tax advantage: lvestnent to mfual finds i tix-exempt ie. they do not need to pay tax cithor on interest income or capil gin (both short term. long term) Dividend distributed by mutual funds is tax-exempt Inthe hands to recipient Tramsparemy: I is the most uamparent funchl inermediary s the investor is aware of imestimnt objective, is asset allocation pattem, is pertfolo compostion, NAV ek. Its periodical performance can be ess tracked, Small Imestments: An individual can participate in < mua find schemes even if they want to make a smal investment wherein the most of the schemes are having a minimum mesmo: benween 1000-5000, Disadvantages: The investor has to bear an entiylext load, expenses of manning @ sautual find COMPANY PROFILE Relinee Mun! Fund (RMPY "Mutual Fund’) & one of Indi’s leading Mutual Funds, wit Average Asceis Urelar Mansgement (AAUM) of Rs. 1,038,542 Crores (Jan to Ma 14Quarter) and 55.08 Lakh fobs. Gist Mar 14) Reliance Mutual Fund, a part of the Kelle Group, & one of the sist growing mutual finds ia India, RMP fers imesiors a wel-sounded portfolio of products to meet varying imesor requirements ard has presence in 179 cee across the county. Relince Mutual BFind comtnty endeavors i» hunch imovatve products and customer service intiaives to increase vse 1 imestors, Refince Capial Asset Management Limited (RCAM') is the asset mamger of Retiree Mutual Fund, RCAM is a subsidiary of Reliance Capital Limited (RCL). Presently, RCL holds 65.23% of is total issued and paid-ip equity share capital ani the abe of is isued and paid up equity share capital is hedt by other turchelders which iclales Nippon Lit Imuarce Conpany (NLM, holding 26% of RCAM's total sued and paid ap equiy share capil, NLI scguied he said 26% shareholding in RCAM on Augist 17.2012. Relince Copia! Ltd. is one of India’s leading and fastest growing priate sector fnsncial services companies, and ranks among the top 3 private secor dnancal services and banking companiss, i tems of net work, Refance Capital Lid. has interests in assot enagenent, Hi snd general insurance, private equity and proprittary imestments, stock: broking and other financial services Reliance Mutual Fund Spomsars Relanee Gopial Linked Trstee Relance pial Trate Co: Limted Relance Copia Ast Marae. Investment Manager /AMC ce - “The Sponsor te Trace Rie Inesnent Statutory Detail Manger are incorporated under the companies. Act, 1956 a3.1 INTRODUCTION Te expectation of investor phys a vial role in the financial markets determining price of the cecurties, the vohme traded & various cther fareial operation in actual practice These “expectation” of investors are inthenced by thet “perception” of how the fimd shoudl perform and human generaly rebte perception w actin, “The evidence of prevalewe of such psychobgy state is seen among muusl fund imestors in India. For the imesios who do mt hive the tine & expertise o analyse and invest in stacks aad bonds, fautuil find offer a viable investreit altemitive to then, This # because mut finds provide the hensfi of cheap access 10 expensive stocks slong with the proféssonal aunagenent Mutual find divesifes the rsk of the lavestor by invesing in a basket of assels. A team of probssional fund manager manages them wih in-depth research put dem lavesunant analysis. Beng lastuions with good bayginiy power in marke, mutual find bare secess to crucial corporate information which individual imostors camot access, But even though the mutual fund Indusry came ino being in 1963 an iniiaive of Govt of India & RBI wih the fomation of Unit Trst of Indi the iadusty Stil Licks te patteipstion of retail investors && is very less compared 10 otters imestors So the preset auly tas ken yp to know the perception of reuil investor about the rautual funds & what the fctors arethat ilucnses the investineat decision 3.2 STATEMENT OF THE PROBLEM. ‘The nual fined industry stil lacks the partbipation of zeta imester when compared to other investment schemes even though the industry manages the portfolio of ‘avestment by professioms & offer benefis like diversification ete 32 OBJECTIVES OF THE STUDY To know abou the perception of imestors towards muual nds To know sbout the fictors prefemed by the investors whie investing in mutal ‘unas a3.4 SOURCES OF DATA Two types of data wore taken into comiderstion ie, Primary data and Secondary data, + Primary Data: Di 1 collection of dats by peniend itervewing and suney. # Secondary Data: Inditect colketion of dita fom sources containing past amt recent infrmatin tke Relince mutual find brochures, Aan publications Books, Jou, Newspapers, Company manuals ete RESEARCH INSTRUMENTS +A cbse ended quesioamike was conlwted for my suney. Questimnaire cconssting of x set of questions mde to he filed hy varios respontents SAMPLING PLAN Sampling Unit: Bangalore ct. * Sample size: ‘The sanpk conssts of 102 respondents, The sample was drawn fiom wak in customers of Refance Mutual Fuad Lid The selection of the respondents was done on simple random sapling method Respondent includes Businessmen, IT poftssonals & other prospective avestors + Data collection Method: Ineniew & Tekphony suvey 35 LIMITATIONS 1, Sampk size was imied to 102 because of United time which is sll to represent te ‘whole popubtion 2. The research was linited to Bangalore city only and if the same research would hive been caried in another city, the resus may vary. 3. Sometines the respons becane of ther business didn't able to concentate while flng up the questions, However the researcher tried there level best to overvome the limitation by explaining the importance of research 4. The sudy has a limitation of not being undertaken over an extended petiod of time nurket ups & downs which have a siguifeant influence over investor perception 64.1 MUTUAL FUND HISTORY: ‘The mutual fund Industry was an initiative of Govt. of India & RBI and came into being in 1963 with the formation of Unit Trust of India. The MES history in India is broadly divided into four pases: First phase: 1964-1987 Unt Trust of India (UTI) was established fx 1963 by an Act of Parlament It was set p by te Resere Bank of Inia ani fincioned under the Regubtory and organizational comml of the Reserve Bank of India & ber on 1978 UTI was de-lnked fom the RBL and te Indusuil Devekpmen Bank of Inga (DBD wok over the egabtory aml sdnisisrative control in place of RBL The dint scheme bunched by Unit That of India was Unt Scheme 1964 At the end of 1988 LITT had Rs, 6.700 croves of assets undar snenegement Second Phase: 1987-1993 (Entry of Publi sector funds) In 1987 pubic sector mutual funds were set up by public sector banks, LIC & GIC (General insurance corporaton) SBI Mutual Fund was the fist non-UTL Murua Fund cstabshed i June 1987 folbwed by Canara bunk Mutual Fund ia Dec 1987, Punjab National Banke Mutual Fund in Aug 1989, Indian Banke Mund Fund in Nov 1989, Bank of Indian Jin 1990, Bank of Baroda Mul Fund in Oct 1992. LIC established its ‘mutual find in June 1989 while GIC had set up its mul find in December 1999. ‘Third phase: 1993-2008 (Entry of Private sector funds) ‘Te Indian imesors got 2 wiler choke of imesiment with ery of privne sector Sand in the year 1993 and i the same year the fist Mutual Pund Regubtion came in to being, Under which all MFs wore regitered & govemed exhidng UTL The Kotha pioneer ow merged with Franklin Templeton was the fist priate sector mutual find resstered in year 1998, Tre 1993 SEBI (Mutual Fund) Regubtions were substimted by a more comprenenmsve snd revised Mutual Fund Regubtioas in 1996 and later on Mutual finds in India vfiwetined under the SEB! (Mutual Fund) Regulaions 1995. With increasing stu fund owes, many foreign mut! finds were seting yp finds in India and ako the indasty has witnessed several mergers and acquisitions As at the end of Jamary 2003. thee were 33 muual funds with tual assets of Rs, 121,808 crores & in 2014 the nuxber hus essed 0 44, The Unt Trust of Ina with Rs, 44.541 crores of assets under wenaganent vas way ahead of other amtual finds Fourth Phase: Since February 2003 In Februsry 2013, the Unt trust of Ini Act 1963 was separated ints two entities. One is the specifed undertaking of the Unit Trust of India representing broadly, the assets of US 64 schemes, assured return & certain other schemes wih the AUM of Rs.29 835 crores as atthe end of the Janay 2003 7 functioning under the tuks famed by the Govt of Indes Sdoesi't come under Mutel Fund Regulations The second UTI Mutual Funds, sponsored by State Bank of India, Punjab National Bank, Bank of Baroda & Lif Insurance Corporation of India, regitered wih SEBI and finctoning under the purvew of Mutual Funds Regulation, Figure 5: Growth in AUM a42. The Indian Mutual find industry is one of the fastest growing & one of the most compettive segments in BFSI sector, Fiom a single player nempoly market in 1964 the Indian mutual find industry bas evelved lato & igh goth and competiive market supported by a fivcunbk ecommic & demographic fcor sich increase in income, ancl eracy ele, As of 2013, tere are 45 assets mangement compan operating in India & the total asset under management (ALUM) stood at R5.7.66 villon. However, afer several yeuts of content growth with peak year were carly 2000 the gowth rate of the AMCs have come down from the peak vel & the industry winess a consistent decline of 634% & 5.1% ints AUM duing FYI1 & FY12 resp. The decine in AUM could be a resull of many factors such uncertainty in economic conditions, change in regubtory guidelines. No eutry bod, guidelines on tamacia charges suingent KYC mums, tightening cvabtion & advertising oorm, which came into beg in a very small duration, lick ofheakty partcipation fom a kuge partof county. Amidst volaticy & uncerimty in the market, Indian muna! fond (in terms of Average asset under management) has shown growth tate of 239% for the yese ended March 2013 which was higher compared to 129% growth tale i year embed March 2012. The iadusty has 4 CAGR of 18% from PY 2009-2013. Average Asset under management stood at INR 8.140 billon as of September 2013 which showed an increase de was INR 8800 billoa as of December 2013. Pigure 6: Geowth in Average AUM. 8.000.000 cor 000000 z eesro1e mee 16198790 5.922.500 6.000000 5.000000 | 4.173.000 I — 4.000.000 3.000000 | - 2.000.000 1,000,000 2000 2010 2011 2012019 0% 8.164.017 ‘Sources: ANAIndian snutusl fund industry has evolwed over the yours & though it has gown at a CAGR of 15% fiom FYO7-FYI3, the growth perfimmarce in the recent year has been rater passive India's AUM penetration as a po cont of GDP is between 5-6 per cont, while ts 7 per com for U.S, 31 per cent fer South Attica The Indian MF industry & highly concemted. There are 44 AMCs operating in Inda but aporox. 8Oper cent of AUM is concentrated wih the 8 leading phyers. Figure 7: Market share of leading mutual funds (Basis AUM) Sales ‘ Relance mtualfend fcc pucenta Mutaat Fund urimatatrund Sources: AMEI, Date as of September 2013 AUM siete by Imesor segment Figure 8 AUM composition (Investor segment) Investor Segment menusis igh Networh India Sourees: AMEI, Date as September 2013Investrent in mutual finds consiutes comporates, Bares & financial Institution, FIs, HI & raai ineston, Corporates investmem comitute around 19% of Ast under ‘oenagement and mminly focuses on debyimoney market funds with an objective of shon- tem retums & liquidity management. HNIs has emerged as the fisiest growing amongst the investor segmem which constiutes around 28% and has gown at the rate of 20% (approx. over the period of FY 10 — FY 3with the prefreace for the debt ovited funds. Ratads share of AUM & 20% which is gowing at a lower rate in the absence of mutual find awareness &¢ bwer dstibition reach, Indian stock markets have experienced coment retum in the recent past. Higher Infatbn & imonsbtent economic growth Ins wowed the retal imesor whose main objecthe & to get good retum with Kess amount of risk. In such scenario, the investor divered the funds ftom the equity murket to liqudmoney market & debt AUM, The ceauity-debt mix is determined largely by the performnce of the capital markets & interest rte eyclss. AUMSs in debt & liquid money market have seen an increase in FY M4 due to artiipation of RBI rate cuts and deste for investors to seek a fixed retum Debt crewed products wi a mutuy perked of less than 3 years have guid mst uansaction in tom of absolite set new money, wih an ineroae in asset under management of INR 1,000 bilton indicating clear shit in investor interest from aqiity i seoett tines, Gold ETFs fhas grown at an extremely fis pace over the bt fw years due to popubrity of gold as an investment Figure9: AUM composition by Product category oe 0 sear so soa so stquyoremes ton settorened a not it meyer 2% 1% “ va na ns Sepa ‘Sources; AMI, Date as of Sepiember 2013Geographical Distribution ‘The mtu finds industry & yet 10 spread is reach beyond Tier I eties & is tighiy concentrated in op 5 cies in Inda ie, Mundi, Debi Bangalore, Chena & Kolkata which contrbues 74% (approx.) as of September 2013 whereas top 35 css comrbute 90,02 per coit of the inlusty AUM. One of the prine focuses of the induty & focusing ondeveloping the penetration rat & inoreasing is presence in Tee Il & Tir Il cites. Figure 10: AUM Geographical Distribution March 2013 step Seties eat2ocites Sources: AMEI Key policy amouncements in union budget 2013 + Asapurtof de budget speech, te Faunce Minister anounced the following + Invoduction of 4 dedicated debt segment on the stock exchange on which debt nual find schemes cane traded Manual find dstibutors to he alowed as members inthe minal find segment of the stock exchange # Penson finis ant provident fimis to be permited t imest h exhange traded funds, debt mutual finds and asset backed securesEmergence of Investment advisor In the recent few years fom abolshng entry bads on nutual finds to a host of other measures, SEBI has been boking at increasing reguation with a view to improve the investment climate. Recent, SEBL his amourel a new seres of reguatons goveming imesunent adviors, The regultion was male with the intent of emuring the cegulatin, of individual, fim ard corporstion: providing investment advice to invostors & was, simed at drawing a distinction between agents and advisers why provide financial advice (othe imestor for 2 fee but wil net seek a commision fom the AMC for drectine mesos toward imesting ina panicular scheme/plan. "This regulation was alo undenaken 1 ensue tha the advisory tumtions of investment companies wil not be rantiated by the desire to cam disuibutor commisins or comnissons fom product munuficturers ding to a potentil confict of interest. SEBI cureitly has permitted only 1 imestment advisers have recefvel licenses, Key challenges: + Investor mentality India is si a rebtively under penevated market when it comes to paying for fimncidl advice. Most investors are not comfortable paving a fee when it comes to receiving financial advice and even more so i years where tbe maiket sees greater vobilly amd when there may be potenial keses on investments, In the pest, HNIs who have the knowkdge and wherewithal to appoint someone to rmanige their fhances hive paid for advice. However, in the muse affuent segnent. paying for advice sil remains a relatively nascent concept # Lack of investor awareness As opposed to developed markets, faancial avaremess and leracy of the average Indian investor & rebtvey low. Given the propemity of tie Indian investor to prefer savings in physical form tke real estate, housing and gokl, investments in MP linstmments axe mlatively bbw computed 10 these other instruments, ME intruments consitued 3% of Indian fimncial aswets as opposed to gold and real site which contibuted ~46% of francal assels, Inreasing awareness to piomow MF investment will remain a key challenge 2Blurred lines between the adviser and distributor Whi SEBI Ins wied w draw a foe betwoon adveers and déibutors, there nny stil be some potential grey aress. Advisers can sill ear commissions ant their imesors may not be aware of the same. Furthermore, distibutors ako provide informal advice to imvesters, while stil receiving commissions ffom product, rmurufacture's which ate wot in ae wilh the regulations by SEBI, However, regubions can ligely help ensure that fhancial advicers who wil be charging fe fr ther services wil bok at recommenting divect schemeiphn of the AMCs which have demonstrated a consétent trick record of find perfomance and have song brand equity uke market, Given that they would book a mesor rtembn and te inaeasiag shite of the walk, investment advisers may mot be incenthised 10 Bou" any particular product and may hok st the inerest ofthe investor Key challenges 1o MES Industry Lack of financial education and awareness Investors nced to be made aware of thir fimneal gooks and the means to actieve the same, AMI & SEBI slong wih the indisry are rmking effrts fr imesior's awareness campaign, Fund houses are aso mmndted by regulation to invest 2 per cent from the scheme expenses towards, investor awareness campaign, Limited distribution Network Disuibution of He products to the smulkr cits in absence of qualty datrbation ingastrctare is a key swe, Fund houses needs infastructare lke branches, adequite number of relationship managers & sales service staff in these bestions tobe able to increase their sales volume coming fiom these demogaphics. Distribution Cost Cost of establbling a dbubuioa nework ia B-15 elles & que high 1 & cost peer transaction or the bow sales volume that makes it ecomonically chalenging Caltaral bins towards physical assets As of FY13, 46% of the total infivdal wealth ia India & invested in physical assets (Gold & Real estates) whereas contribution to MBs in the asset portfofo is very bw. Insane prodwts constiuie 17% of the indivdual savings in the imncial asses, whereas the share of MES is auch lower tan 32 %. 241.Gender Cummtaive equency | recent | vant recent | recat ait WF = AF aT Te “jeul a Tow Tea Findings: The tcbk shows that 73.5% inwesters in Mud Fur are Males and only 26.5% imesions are em. Interpretations: The bk iterprets that mes ae mere Beely 10 anes fe macu fands then women, 2Age Frsmeny | Poca | Wai Riven | —Oimmiine Recent Ta 3) ar ay ar 200 so) ss] sta] #13] vais 300 wt 124] om | 2 ‘Tota 10} 000) Findings: ‘he above table shows that 30(29.4%) mumber of respondent are below the age of 30, 56,5494) ate between age of 30-40, 13(12.7%) are berween 40-50 4 3(2.99%) are above $0. Interpretation It can be seen mujerity of the popuistion invesing in mtu finds are fiom age goup 30-40. 2s3. Occupation © Taqueny | Fexeu | Vand Peceat]) —Gumine Ta ys 3 w 20 wo] 184 rsa wa na 2 bl ona ug] on 400 ne) Fy 980 500 | 20) 2a 00 To, wa) 908 1009] Findings: The table shows that amind 78.46 of investors in Munual finds ate private enployees and 12% are Gow. employees where in students, rated & otler together comtittes 10%. Interpretations: The valid perventage shows that omphyees working in privite sector fe more iterssted investing in Muna dunds 4.Anmal Income Feweny | Foceat | Vall Recent] —Gumiline Tar 7 7 20 a) os 2a ‘Total 102) to04] 1000) Findings: The ubb shows that wound 52% of vesponleus fas under income category of 5-10 ka atl 24.59% flyin the category of 2-5he Interpretations: This shows that the income parameter is not a valid reaKon to sy employee invest in Mutat finds, since majoriy of he population esming wound 5-10 Lac invest in funds, whereas only small percentge (18%) Eaming 10 luc and abowe are terested a investing. 26$.Anmual Savine Recent Ta = 7 7a 200 s| se ssa] 2ss| aia 300 2 | om 400 fi 2s] ‘00 ‘Toa 1) on 1009] Findings: The table shows that around 55.9% of respontem fils under the saving caegory of and 50,000-2,00,000 and 21,6¥6 las savings of 2,00,000.5,00,000 and 19.6% ofthe Livestors has savings ss uaaw 50,000. Interpretations: he imjorty of the population (60%) was abl to make a maximum saving of in the range of $0,000- 2, 00.000 subsequently the income range of majority of | respoents fk in the range of $-10 he. 6.Ammal Income & savings ree OST Reanon Conelation TT Chislabe b seaTeaAT aT OOM ere aE D: Annual Income E: Annual Savngs 2Findings: The Condiaton table shows thit people with higher saluy are having higher savings where the correhiion between income and saving is coming wp to 7. It shows that both the variables are highly conelted Interpretations: There & a sreng rebtionship between tle two varabks Le claaages in anmual income is suongly ccrrebied with changes in the anual suviag. Here Pearson's '8 0.66%. This umber is cbse 1 | 7.Which age group prefers to invest more in mutual funds? mest By Fsueny | Rei] Vall Rican] —Cnmine Taveuni Tr 357) xr BM Wale Fwounbee ) 433) 000 Unfvounble i) 28s 286 Ta so] 1009] 1000) 403) Vaid Favourable vo} 69) 163] rr) Unfvounble af asa] 69] sc Sou Vid Fwvounbe asa 33] sono] Findings: For tke above amiss he respouse of investors nere favourable (highly Gnourable, Gnourable) & unfavourable (somewhat fvoursble, nol vary Bivourable & not ata favourabe) from the age group of bebw 20, 30-40,.40-50 & S08 above. Interpretation The above output shows that the age group of 40-50 with 76.9% profrs ‘autual fund the mest 28. Which range of savings results more as investment in mutual fund? States Tai a 10 Missing ° ag i 5 ising ° i sa 2 ising ° +00 ising ° Findings: The sable shows that around 55.9% of respontew fils under the saving category of and 50,000-2,00,000 arid 21.6% has savings of 2,00,000.5,00,000 and 19.6% ofthe investors has savings ss than 50,000. Interpretations: he murty of the populton (60%) was abk to make a maximum saving of in Ue range of 50,000- 2, 00,000 subsequently tke income range Of majorly of responders fall in the range of 5-10 be. E aay | PR] WT Cam thowwat | af Sct] suf a pe om ma sme} sel ji wu fooomne |) aa] tums |] 3] a] 2Less than 50000 2=50,000-200000 3=2,00,000-5,00,000 4=5,00,000 & above. Findings: The shove table shows, fiom the 20 respondent which bad savings Jess than 50,000 amongst them 55% fivours the mutual find & 45% dossi't favours the mutual find. Sinibrly investors having cavings. between 50,000 10 2,08,000, amongst them 35.1% doesn't fours & 64.9 favours the mutual fund. Investors having savings between 2,00,000 to 5,00,000 , amongs them 23.3% doesn’t favours whe 72.2% favourable fauiude towards mumual find Lvestor with saving & 5,00,000 & above las he 66.7% finourable sttiude towards investment ix Mutual Sands Interpretation: Investor with moe amount of saving hes a higher percentige of nourable attitudes towards investment in Muusl find, Here the investor with savings benween 2,00,000 ~5.00,000 lus highest vourable atttude towards imesme 29. Regression Mow | wanihes | Wats] Wetba aah & Biter N.Lo° ‘ Dapeadem VEE T b.Allrqustedvaiahks entend 1: Manal Pad sty Mz Liquidity N: Flexibility 0: Good Rew PrProfessivmal Management QzPax Benefit R: Diversification S:Lodk-In petiod Modsl Summary TET] —R | RSqae | AdasedR [Sa nor aay Suse Btimte T a 7 Ta 0 TPeano Coma S TNO ANOVA aT Tamasgas| a | Mensur | FS Regeatbe Ta 7 a 1 Residue sus) as 33 b.Prdicios: (Constant, P,M.R,Q.N.LO aL al 137] 253] 967] Bs 3] 08 a | ale | al al i | Ss) SS) a OS Interpretation: The above output tsble shows that flexibility has sigifeance kvel less than 08. Findings: The above ble shows that desliy i consileed as an importa: Geir Ua infuences the perception of imesior to invest in Mua! fd 210, Which factors affect the selection of the mutual fund scheme? asics Hatered Removed Bate Renoved BREW Y 7" wc .28 ‘Dependent rane T 1: Mutual Fund T: Minimal initia! investment UU: Fund performance ‘V: Funds Reputation W. Sclenes porto of avestnent X: Emty é& Ext Load: Diselsue of the infrmation, perbnke report & vation Z:NAV Dissbsure AA: Tax Benefits tet Summary Moat |B) Rea | Ade [Sr de Square site {a Prdktom Contam ARTE OWT Ina ‘Simot Sues] a] MeanSquae | —F Se esa Tar 5 Tals] Sit] a0 ‘Toul co] pI ‘Depeaien VET 2Caicent! vettcients | ied Intel fr B [Sa bror] ee Toe] Upper TCoastansy | 25] TT Ta) | a v w]e] aos} oe} a us} 39 y sos} us| ce] 8] 251) 38 Z a so} a “ as “a Depenleni ae Interpretation: Fund performance has sgrificance kel is 47 which is bes than 0S nd thus is the significant factor Findings: Fund performance is perceived to bethe most mportaa factor for the section ofthe scheme, ”11, Logistic Regression (Cassitcaon Table"? AGE Poona TO] a] Care, Seno 200 4 d | vera Fecenags 139] The cut vais 500 Vaviateswot inthe Kain Tae] at] Se T Ts | N on) 1) one o au 0 ° 74) 1) 3x6 R 4) 1) 9 son t 2063 yo acy u n) as x Lass 1) 228 aa. an) f 3sOnmnitns Tests of Mil. Concent a Model sais) to] Interpretation: The sisificance of omibis mel i more than 05 & the model is fi [Sep] PetReod] Cod Sal] Naps F SS Same T Tar] 7 = Interpretation: The value of Nagelkerke R square is greater than .5.This shows that the sample can be projected as popubtion omenet Pedeed AGE Pocsmaas TH 3 5 = ae sep 20 6 ] sas] 6‘Vaviles inthe Fgation BSE Wa] at] c a] ar] 9] Tsay R sow) m0) 1} on} ax s sas} x0] oor 1} sx} sn w se] m] a a L <9) sit) 3s 1} os] a M sa] mn) ta 1} an] vas seps o. <4] 38) 1} as} at P ai} sis} ato 1} su} ta v top} ou} 2a) 1 is} 270 y ta} es} ssi 1} oa. so} su] 1} st} tar zZ mi} 38) sa 1} aca}. AA as] su] 1} 00] Tees cnend ona ETE MOR TORR TAN Interpretation: The above uble can be infared as ftom perecived by femues are Aivengcaion beneits (R) 13.731 thn mab, Fund reputaioaV) 4336 tines the mab, Lockimperid (8) is 7308 times than male, schemes. ponfolin of investment) 386iimes the male consider it as an important factor Findings: In order to hulwence the women invesors the AMCS should be conserving the folowing floes as import +) Divesification Bovelts Fund Reputstin © Lock-in Petod ‘© Schemes perth of investment 212 Factor analysis: Descriptive Statstes Nem] Sd tevaie | Amy Tr TT THT 17 N 37617 Lia mm Pp 2283 399 mm jo 30176 sos i le 34509 oss) im AMO and Hartt Test RivechicjerOnin Newucl Sanping AGS a] Approx ChiSguare Burletts Testor Sphescty DE 2s Interpretation: Barllt’s test is. snether inticatin of the stength of the rebionshin fawong varkbles, This tests the mull hypothesis that the conelatin maui is an identity muir, An dently matix & a mux in which all of the diagowal ebments are 1 and all off dingyml cits are 0, the Bartkts test of spleriity is sigifican, That &, ts ssiocisied probabilty i ess thin O05, In fict, i actually 0.000, This means that comelaion matrix i not an entity: matric Tie appmx. ch-sjuare statis from the KMO & bartkit’s Test is 474.395 with 28 Uegee of feedom, which is sigiican at oo kvels Te KMO. sats (0.786) is igeater than 05. Hence factor ambsk & consileed as an appropriae teclnque for fiber ams of dats Findings: The toil number of vatisbks consideration for the mutual find rebted malysis cules eight Bartett’s test of spherity & Kaser-Meyber OlkikKMO) 2easire of sampling adequacy wer wed to examine the appropriaines: of fctor analysis, Thi | Enc T TH 7 Nw Lax) sso] P Lon 5 jo Low =| Re Lon ee ‘Beran Medindia Conponen Analysis Interpretation: The next item fiom the output is @ table of corumundlites which shows how much of the variance in the variables has been accounted for by the extadted factors, Fer instance $5 % of the variznce in filly is accounted for while 77.71% of the varkance in Iquidity ie seoounted for, tal Variance Explained Ce a tongs totng pe fens fox | frum foes | frame fae > fir Jin fewonr fron |isus fase fron |inae user few fae foc os [30 faa fos Brian Neiiod Hapa COnpoRSHT ARDS 2Interpretation: Inthe andyss we retin only those componens with eigen valios gear thant, From the above tabk, ¢ can be noted that thew are two ficors wih eigen vale seater than one, The perceniage of valve exphined by component 1 & component 2 are 53.516% & 66:981% respectively cy ‘he seree pt is a graph of the eigen values agsind all the factors. ‘The guph i wetul lo detrmibe nunber of faciors 10 be relainad. The poiu of inkrest b where Ue ewe ‘saits to fltten It can be soon that the cune begins to ation afer fostor two. ‘Therefore only two factors have een retined (Compnent Merit T 7 T oy 77 Ny sot 1a P 20] ste @ ms] 08 R sm] 06 ‘Barton Natbod Fahad ‘conponest AnabsiFactor score for the 1*'factor: 863¥X1 +.878*X2 +.901"N 4.812 "0 + 389"? + ESQ 4.618°R+.267°S Factor score for the 2"!factor: -119°%X1 + .001*X2+.196"N 4041 °0 + -619°P + -045*Q +.0664R + 796°S Retaed Component Metric! Capa T a TH I san| bo P 385) =k jo mis] 09 R om) -070 (Conponen Analysis. Kaiser Noman, Interpretation It can be inferred tat pritcipal component i oxphined by safsty(l) Liquid M)FExbilty (N), Geod Remm (0), Professional management (P), Tax benefit (Q, Divewification (R) and principal compotert 2 is Lock-in period (S), aLearning + Factors that consumer perceives tobe important hie investing in muta! finds ‘+ How to coniuct survey through personal interviews. How mutual find couki be beneficial for the customers. © Various figons which phys @ sinicam 108 in sekecting mal finds as an imestnent avenue & abo in seketion of schemes # The awarsness of customer about mutual finds The inmporunce ofcommunicstion dil in corporate aFINDINGS 1. eis observed that 866 of mvesions are interested to invest ther money in open ended finds the reason can be attriuted to & comerionce to enter and ext at any time &e 14% ines prefered 10 invest in close envied fins because they are ng term inwestors as well as they want some tax berets 2. Ampiyst all other ivesumea avenues like FDs, Equiy, Dest © mutual furs, ‘nxexoms prefared FDs the most 3. Onan average 55% cF the imestors wil keep investing in mutual fins for 1-3 yeas, 4. The sty, lguidityS fewbity are the impoctam factors which are 10 be the important while comidering Muual funds 3s ivesting.aveme, 5. Fund performunce i perceived to be she important factor while seleting the schon, 6. Tre mjoriy of the pepubsion (60%) was abl to make a maximum saving of in the rage of 50,000- 2, O0.0U0 subsequently he income range of majority of respondents fails nde range of5-10 be. 7. Investor wih more amount of saving has © higher pereentage of fivourable sttitudes towards investment in Mutual find, Here the imestor with savings between 2,00,000 — 5,00.000 ins Hishest fiyowable attiud> towards investment aCONCLUSION Matus finds are good sourve of tum for majority of hourcbolis and itis partcwaly \wefit for the peop who are booking for bss risky investment, However, average ‘mesos are stil restreting the choices to comentonal options ke sok and fixed deposits when the murket is fooded with coumless ivestment opportunities, with mutual finds, Thi (s because of lack of igosmntion abou how muual funds work, whieh makes fmuny investors doubt towards mutual find investments, In fact, many a times, people ‘mesing in mumal finds too a unckar shout hnw hey finction an how one can rmunige them. So the organizations which are offering mumsl finds have to provide complete information to the prospective unesiors reiting to mutual fumls, THe govermmem abo hes 10 lake some measures 10 excourage people 10 lest in mutt finds, Governmect prescribed a common format for al mutual funds schemes to disclose their portolos at hil yestly imervak. MPs are raquinmd to dichse vatious types of insruments and percentage of investment in exch seri to the toal NAV. It & belbwed that these measures coukd ift the confidence of investor towards mutual find industry which has been crippled fer yearsSUGGESTION 1. More aumber of open-ended schemes should be brought into market by the companiss due » focus of investor towards lui ty: 2. Many investors aie stil sestrsting their choices to the nom governmental options like gold and fixed deposits. even the market & flooded with countless investment oppertuniies. This is because of fick of awareness about mutual finds which makes smuny investors restict ther choice to traditional options Hke gold and fixed deposits. So, awareness rebting 10 ruta! funds musi be increased among the hvestars Lo encourage hem to invest in mata fins, 3. AMCs should be tamparert as possible ad follow the mrms stipubied by the regulary auboriy & AMFI h omer o gan conflence of invests and this Duikl the ge in the mmiket Heme, dscbsure of ivestaent cbjectives & announcement of NAV on every trading day it shoud be facused upon 4. Mulipk: promodowal programs on TV and radios even in regonel kanguages coukd hep in croaing heter comect and industry avareness, Social media can abo emerge as a chanel to create awareness about anutusl find products and to help establish better comect specily with youth & Cominwed provisions of distict adoption programs and uki-city radia campaigis by AMEL 5. Provide conpkie information rekithg to mul funds: Even ampng the imestors who inves in mutual finds are unclear about how they finetion and how to manage them. So, proper ingormation must be provided to the mvesiows in oer to increase the byaly among the imesors. Increased use of onlie tools to hep in providing saks bterstue, giovance sedrasal caning om routine tamactions and alowing for emy switchevsdemption bonveon mubiple mutual find instumerts 6. Investors’ fee must be reduced by reducing paper work: Investors fe includes unigenent foe, dstrbution fe, and adminstiative costs, etc, which are generaly deducted fom the asset vale Ths cin be posible if the iwvestmem & made witeut agent and ifthe paper work is reduced 7. Whle educatinggproviding inforvation to the iwestor the companies shoul keep the factor which & reveakd in the staly which is not perceived to the iavestor eg TAX bent, safety ete. should be focussed upon 4QUESTIONNAIRE Conmuimer Awareness of Murua junds Name -— Email -— Age © |Bebw 30 © 30-40 © 40-50 © 50.8 Above Gender © Make © | Femile Occupation ‘Studen, Private employee Govt. employee 29 95 Sclermployed Retted 5 otters Amnual Income © | Bebow 2,00,000 © |2mesue ar© |5mc-10ke © |10ke &above ‘Aunual saving 5 Less tn 50,000 '50,000-2.00,00 2.00.000-5,00,000 aa0 5,00 0008 abore What is your attitude towards various investment avenues? Hi Somewiat Note ae Favourabe = favour Favour Favourbie ied c © c depcst Euiiy ° c c Den € ° © c Mina ° ° ° fund How did you come to know about Mutual funds? “Advertseme nts Fiend Broker 2299 (Others What isthe purpose for investing in Mutual funds? 5 \Weath Goreration 5 Income generation © leapiat apprecaun © | Retwement pring Net at all favourble© lotes Rate the following paramcters which enables you to invest into nmitual fund 1 2 3 4 fey ¢ o| c ‘ Liquidity © c e © Flexbility o e| ° © Gooden e o © Profesional © e| ° ° Management Tax Benes ° ° © DWvesiieatbn © c ° © brancits Lock in perbd « ° © 2 c Rate following attibules that affects your selection of Mutual funds & specific schemes Hishiy somewhat Not very Inport Important inporant—imporant Mion init ° . ° e Fund patmnce © c © © record ae © ic c ce repuiaton scheme: parin of 6 e c e imestnent Biny & 6 ° © © 49 Notat al ampoctantHighiy ssomewiat Important Important inportant Exit bad Dicbsxe inforoution . . peri report & valuation Nay © © ° disclosure TAX © ° © hens (On the basis ofduration which plan do you prefer? © Short term © JUtre short mm © Long tm (On anaverage how long you would keepinvesting in mutual fund? 5 Less than 1 year © | ta yoars © |sSyems © More than years Which scheme would you prefer? © Opencnded © |chseemiea Not very inportant ovata lnpoctant Being an investor, are you avare of various portfolios offered by Asset ‘management companies’? © (Mos© | Som 2 © |Few © \None Which of the following performance measure are you avare of? Rewen Standard devition } © Ratios(Shurpe, ‘Treymor, Jensen) a None esting info Mutal fund, where would you prefer to look for MIs performance? © Newspapers © © | AMBL website Mutual finds websites © lots Would you like to know more shout mutaal fund? © \ves © |No If not invested in mutual funds, What has been the reason? © [Lack of kncwbdge © [Pind other investments bette FDs, Gobi ete) © Othe reanors