TABLE OF CONTENTS

ABSTRACT......................................................................................................... ..........2
INTRODUCTION................................................................................................. ..........3
MAHINDRA & MAHINDRA FINANCIAL SERVICES LIMITED : .......................................3
Company Profile :.................................................................................................3
MUTUAL FUND :..................................................................................... ..................4
ORGANISATION OF A MUTUAL FUND:......................................................................4
IMPORTANT CHARACTERISTICS OF A MUTUAL FUND...............................................5
OBJECTIVES OF A MUTUAL FUND:............................................................................5
ADVANTAGES OF MUTUAL FUNDS:...........................................................................5
TYPES OF MUTUAL FUNDS:......................................................................................5
MUTUAL FUND SCHEME TYPES:...............................................................................6
DIFFERENT MODES OF RECEIVING THE INCOME EARNED FROM MUTUAL FUND
INVESTMENTS................................................................................................ ..........7
RISKS AND RETURNS CALCULATION AND ANALYSIS...................................................8
RISKS ASSOCIATED WITH MUTUAL FUNDS:-............................................................8
BETA, ALPHA AND STANDARD DEVIATION :.............................................................9
BRIEF OVERVIEW OF THE SELECTED FUNDS :........................................................11
RISK AND RETURN CALCULATION :........................................................................12
Reliance Growth Fund – Growth..........................................................................12
HDFC Equity Fund - Growth................................................................................15
Fidelity Equity Fund – Growth.............................................................................19
HSBC Equity Fund – Growth................................................................................22
ICICI prudential Dynamic Plan – Growth.............................................................25
ANALYSIS :..................................................................................... ........................28
FURTHER SCOPE OF STUDY :...................................................................................31
 ABSTRACT

The project contains the brief description of the mutual fund industry in general. The top 5 equity mutual
funds has been decided based on their total Asset Under Management ( AUM ) presently. The funds that
are selected for study are :

1. Reliance Growth Fund- Growth ( AUM : Rs. 3142.92 Cr. as on 27th Feb, 2009 )

2. HDFC Equity Fund- Growth ( AUM : Rs. 2331.76 Cr. as on 27th Feb, 2009 )

3. Fidelity Equity Fund- Growth ( AUM : Rs. 1776.75 Cr. as on 27th Feb, 2009 )

4. HSBC Equity Fund – Growth ( AUM : Rs. 1017.2 Cr. as on 27th Feb, 2009 )

5. ICICI Prudential Dynamic Plan- Growth ( AUM : Rs. 1013.63 Cr. as on 27th Feb, 2009 )

The Net Asset Value ( NAV ) of each of these top mutual funds over the last one year is taken in account
to find out the standard deviation of each of the funds. These are taken into account to measure the returns
of those funds. The returns are compared with that of their benchmark index return. Using the NAV value
of these mutual funds, beta(β) co-efficient of each of them has been calculated to know whether they are
less risky, average risky or high risky funds. Similarly, Alpha(α), and standard deviation(α) also
calculated to understand the risk and return profile of the selected funds. The returns of these funds over
the last one year are also be analyzed.

The project will also contain the portfolio analysis of the funds and their share of investments in different
sectors. This will help us to analyze which sectors hold the major investments of these funds. Primary
data will be collected using questionnaire to understand the awareness of people as a risk diversified
investment instrument.

2
 INTRODUCTION

MAHINDRA & MAHINDRA FINANCIAL SERVICES LIMITED :

Company Profile :

A subsidiary of Mahindra & Mahindra Limited, it is one of India’s leading non-banking finance
companies. Focused on the rural and semi-urban sector, it provides finance for utility vehicles, tractors
and cars and has the largest network of branches covering these areas. The company’s vision is to be the
leading Rural Finance Company and continue to retain the leadership for Mahindra products and its goal
is to be the preferred provider of retail financing services in the rural and semi-urban areas of India, while
strategy is to provide a range of financial products and services to its customers through our nationwide
distribution network.

Product Portfolio :

Mahindra Finance have a wide range of products and services, with something to suit everyone’s needs.
Right from finance for two wheelers, tractors, farm equipment, cars and utility vehicles to commercial
vehicles and construction equipment, we also have a group of experts providing investment advice,
surveying available market products and choosing the most suitable to our customers’ needs.

The company is all-encompassing of clients’ needs. So while it believes in making assets easily available,
it also believes in catering to those who want to create wealth from these assets. Its Investment Advisory
Services act as an avenue to help create and multiply wealth.

Recently it has received the necessary permission from Reserve Bank of India (RBI) to start the
distribution of Mutual Fund products through our network. Hitherto it was only participating in the
liability requirements of its customers but with a mutual fund distribution business, it can also participate
in their asset allocation.

Recently, the company has launched its own fixed deposit scheme which has been rated FAA+ by CRISIL
which indicates high safety. Currently, the company has a network of 442 offices in India.

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MUTUAL FUND :

A Mutual Fund is a trust that pools the savings of a number of investors who share a common financial
goal. The money thus collected is then invested in 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 to 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 in a diversified,
professionally managed basket of securities at a relatively low cost. The flow chart below describes
broadly the working of a Mutual Fund.

A Mutual Fund is a body corporate registered with the Securities and Exchange Board of India (SEBI)
that pools up the money from individual/corporate investors and invests the same on behalf of the
investors/unit holders, in Equity shares, Government securities, Bonds, Call Money Markets etc, and
distributes the profits. In the other words, a Mutual Fund allows investors to indirectly take a position in a
basket of assets.
Mutual Fund is a mechanism for pooling the resources by issuing units to the investors and investing
funds in securities in accordance with objectives as disclosed in offer document. Investments in securities
are spread among a wide cross-section of industries and sectors thus the risk is reduced. Diversification
reduces the risk because all stocks may not move in the same direction in the same proportion at same
time. Investors of mutual funds are known as unit holders. The investors in proportion to their
investments share the profits or losses. The mutual funds normally come out with a number of schemes
with different investment objectives which are launched from time to time. A Mutual Fund is required to
be registered with Securities Exchange Board of India (SEBI) which regulates securities markets before it
can collect funds from the public.

ORGANISATION OF A MUTUAL FUND:

There are many entities involved and the diagram below illustrates the organizational set up of a Mutual
Fund:

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Mutual Funds diversify their risk by holding a portfolio
of instead of only one asset. This is because by holding
all your money in just one asset, the entire fortunes of
your portfolio depend on this one asset. By creating a
portfolio of a variety of assets, this risk is
substantially reduced.

Mutual Fund investments are not totally risk free. In fact, investing in Mutual Funds contains the same
risk as investing in the markets, the only difference being that due to professional management of funds
the controllable risks are substantially reduced. A very important risk involved in Mutual Fund
investments is the market risk. However, the company specific risks are largely eliminated due to
professional fund management.

IMPORTANT CHARACTERISTICS OF A MUTUAL FUND

· A Mutual Fund actually belongs to the investors who have pooled their Funds. The ownership of the
mutual fund is in the hands of the Investors.
· A Mutual Fund is managed by investment professional and other service providers, who earns a fee for
their services, from the funds.
· The pool of Funds is invested in a portfolio of marketable investments.
· The value of the portfolio is updated every day.
· The investor’s share in the fund is denominated by “units”. The value of the units changes with change
in the portfolio value, every day. The value of one unit of investment is called net asset value (NAV).
· The investment portfolio of the mutual fund is created according to the stated investment objectives of
the Fund.

OBJECTIVES OF A MUTUAL FUND:

· To Provide an opportunity for lower income groups to acquire without much difficulty, property in the
form of shares.
· To Cater mainly of the need of individual investors, whose means are small.
· To Manage investors portfolio that provides regular income, growth,
Safety, liquidity, tax advantage, professional management and diversification.

ADVANTAGES OF MUTUAL FUNDS:

· Reduced Risk.
· Diversified investment.
· Botheration free investment.
· Revolving type of investment (Reinvestment).
· Selection and timings of investment.
· Wide investment opportunities.
· Investments care.
· Tax benefits.

TYPES OF MUTUAL FUNDS:

1. OPEN-ENDED MUTUAL FUNDS: -

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The holders of the shares in the Fund can resell them to the issuing Mutual Fund company at the time.
They receive in turn the net assets value (NAV) of the shares at the time of re-sale. Such Mutual Fund
Companies place their funds in the secondary securities market. They do not participate in new issue
market as do pension funds or life insurance companies. Thus they influence market price of corporate
securities. Open-end investment companies can sell an unlimited number of Shares and thus keep going
larger. The open-end Mutual Fund Company Buys or sells their shares. These companies sell new shares
NAV plus a Loading or management fees and redeem shares at NAV. In other words, the target amount
and the period both are indefinite in such funds.

2. CLOSED-ENDED MUTUAL FUNDS:-

A closed–end Fund is open for sale to investors for a specific period, after which further sales are closed.
Any further transaction for buying the units or repurchasing them, Happen in the secondary markets,
where closed end Funds are listed. Therefore new investors buy from the existing investors, and existing
investors can liquidate their units by selling them to other willing buyers. In a closed end Funds, thus the
pool of funds can technically be kept constant. The asset management company (AMC) however, can buy
out the units from the investors, in the secondary markets, thus reducing the amount of funds held by
outside investors. The price at which units can be sold or redeemed Depends on the market prices, which
are fundamentally linked to the NAV. Investors in closed end Funds receive either certificates or
Depository receipts, for their holdings in a closed end mutual Fund.

MUTUAL FUND SCHEME TYPES:

Equity Diversified Schemes

These schemes mainly invest in equity. They seek to achieve long-term capital appreciation by
responding to the dynamically changing Indian economy by moving across sectors such as Lifestyle,
Pharma, Cyclical, Technology, etc.
¨ Sector Schemes
These schemes focus on particular sector as IT, Banking, etc. They seek to generate long-term capital
appreciation by investing in equity and related securities of companies in that particular sector.
¨ Index Schemes
These schemes aim to provide returns that closely correspond to the return of a particular stock market
index such as BSE Sensex, NSE Nifty, etc. Such schemes invest in all the stocks comprising the index in
approximately the same weightage as they are given in that index.
¨ Exchange Traded Funds (ETFs)
ETFs invest in stocks underlying a particular stock index like NSE Nifty or BSE Sensex. They are similar
to an index fund with one crucial difference. ETFs are listed and traded on a stock exchange. In contrast,
an index fund is bought and sold by the fund and its distributors.
¨ Equity Tax Saving Schemes
These work on similar lines as diversified equity funds and seek to achieve long-term capital appreciation
by investing in the entire universe of stocks. The only difference between these funds and equity-
diversified funds is that they demand a lock-in of 3 years to gain tax benefits.
Dynamic Funds
These schemes alter their exposure to different asset classes based on the market scenario. Such funds
typically try to book profits when the markets are overvalued and remain fully invested in equities when
the markets are undervalued. This is suitable for investors who find it difficult to decide when to quit
from equity.
¨ Balanced Schemes

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These schemes seek to achieve long-term capital appreciation with stability of investment and current
income from a balanced portfolio of high quality equity and fixed-income securities.
¨ Medium-Term Debt Schemes
These schemes have a portfolio of debt and money market instruments where the average maturity of the
underlying portfolio is in the range of five to seven years.
¨ Short-Term Debt Schemes
These schemes have a portfolio of debt and money market instruments where the average maturity of the
underlying portfolio is in the range of one to two years.
¨ Money Market Debt Schemes
These schemes invest in debt securities of a short-term nature, which generally means securities of less
than one-year maturity. The typical short-term interest-bearing instruments these funds invest in Treasury
Bills, Certificates of Deposit, Commercial Paper and Inter-Bank Call Money Market.
¨ Medium-Term Gilt Schemes
These schemes invest in government securities. The average maturity of the securities in the scheme is
over three years.
¨ Short-Term Gilt Schemes
These schemes invest in government securities. The securities invested in are of short to medium term
maturities.
¨ Floating Rate Funds
They invest in debt securities with floating interest rates, which are generally linked to some benchmark
rate like MIBOR. Floating rate funds have a high relevance when interest rates are on the rise helping
investors to ride the interest rate rise.
¨ Monthly Income Plans (MIPS)
These are basically debt schemes, which make marginal investments in the range of 10- 25% in equity to
boost the scheme’s returns. MIP schemes are ideal for investors who seek slightly higher return that pure
long-term debt schemes at marginally higher risk.

DIFFERENT MODES OF RECEIVING THE INCOME EARNED FROM

MUTUAL FUND INVESTMENTS

Mutual Funds offer three methods of receiving income:

¨
Growth Plan
In this plan, dividend is neither declared nor paid out to the investor but is built into the value of the NAV.
In other words, the NAV increases over time due to such incomes and the investor realizes only the capital
appreciation on redemption of his investment.
¨ Income Plan
In this plan, dividends are paid-out to the investor. In other words, the NAV only reflects the capital
appreciation or depreciation in market price of the underlying portfolio.
¨ Dividend Re-investment Plan
In this case, dividend is declared but not paid out to the investor, instead, it is reinvested back into the
scheme at the then prevailing NAV. In other words, the investor is given additional units and not cash as
dividend.

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 RISKS AND RETURNS CALCULATION AND ANALYSIS

RISKS ASSOCIATED WITH MUTUAL FUNDS:-

Investing in Mutual Funds, as with any security, does not come without risk. One of the most basic
economic principles is that risk and reward are directly correlated. In other words, the greater the
potential risk the greater the potential return. The types of risk commonly associated with Mutual Funds
are:

1) MARKET RISK

Market risk relates to the market value of a security in the future. Market prices fluctuate and are
susceptible to economic and financial trends, supply and demand, andmany other factors that cannot be
precisely predicted or controlled.

2) POLITICAL RISK

Changes in the tax laws, trade regulations, administered prices, etc are some of the many political factors
that create market risk. Although collectively, as citizens, we have indirect control through the power of
our vote individually, as investors, we have virtually no control.

3) INFLATION RISK

Interest rate risk relates to future changes in interest rates. For instance, if an investor invests in a long-
term debt Mutual Fund scheme and interest rates increase, the NAV of the scheme will fall because the
scheme will be end up holding debt offering lower interest rates.

4) BUSINESS RISK

Business risk is the uncertainty concerning the future existence, stability, and profitability of the issuer of
the security. Business risk is inherent in all business ventures. The future financial stability of a company
cannot be predicted or guaranteed, nor can the price of its securities. Adverse changes in business
circumstances will reduce the market price of the company’s equity resulting in proportionate fall in the
NAV of the Mutual Fund scheme, which has invested in the equity of such a company.

5) ECONOMIC RISK

Economic risk involves uncertainty in the economy, which, in turn, can have an adverse effect on a
company’s business. For instance, if monsoons fail in a year, equity stocks of agriculture-based
companies will fall and NAVs of Mutual Funds, which have invested in such stocks, will fall
proportionately.

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BETA, ALPHA AND STANDARD DEVIATION :

Beta

Risk is an important consideration in holding any portfolio. The risk in holding securities is generally
associated with the possibility that realized returns will be less than the returns expected.
Risks can be classified as Systematic risks and Unsystematic risks.

• Unsystematic risks:

These are risks that are unique to a firm or industry. Factors such as management capability,
consumer preferences, labour, etc. contribute to unsystematic risks. Unsystematic risks are
controllable by nature and can be considerably reduced by sufficiently diversifying one's
portfolio.

• Systematic risks:

These are risks associated with the economic, political, sociological and other macro-level
changes. They affect the entire market as a whole and cannot be controlled or eliminated merely
by diversifying one's portfolio.

What is Beta?

The degree to which different portfolios are affected by these systematic risks as compared to the effect
on the market as a whole, is different and is measured by Beta. To put it differently, the systematic risks of
various securities differ due to their relationships with the market. The Beta factor describes the
movement in a stock's or a portfolio's returns in relation to that of the market returns. For all practical
purposes, the market returns are measured by the returns on the index (Nifty, Mid-cap etc.), since the
index is a good reflector of the market.

Methodology / Formula

Beta is calculated as :
Covariance ( Kj, Km)
β = ------------------------------------

Variance ( Km )

where,
Kj is the returns on the portfolio or stock - DEPENDENT VARIABLE

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Km is the market returns or index - INDEPENDENT VARIABLE
Variance is the square of standard deviation.
Covariance is a statistic that measures how two variables co-vary, and is given by:

Where, N denotes the total number of observations, and and respectively represent the arithmetic
averages of x and y.

In order to calculate the beta of a portfolio, multiply the weightage of each stock in the portfolio with its
beta value to arrive at the weighted average beta of the portfolio

Alpha (α)

Alpha( α) gives us the how much the security or the fund has outperformed ( for positive values of Alpha)
or underperformed ( for negative values of Alpha ) the market portfolio or its benchmark index.

The measurement of Alpha is given by the formula :

Alpha (α) =( Kj – βKm)

Where,

Kj = Rate of return of the security or portfolio fund.

Km = Rate of return of market portfolio or benchmark return.

Standard Deviation (σ)

Standard Deviation is a statistical tool, which measures the variability of returns from the expected value,
or volatility. It is denoted by sigma(σ) . It is calculated using the formula mentioned below:

Where, is the sample mean, xi’s are the observations (returns), and N is the total number of
observations or the sample size.

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BRIEF OVERVIEW OF THE SELECTED FUNDS :

1. Reliance Growth Fund – Growth : ( Launch Date : September 08, 1995 )

Fund Type : Open-ended

Fund Category : Equity – diversified.

AUM : Rs. 3142.92 Cr. as on 27.02.09.

Benchmark Index : BSE 100.

2. HDFC Equity Fund – Growth : ( Launch Date : December 08, 1994 )

Fund Type : Open-ended

Fund Category : Equity – diversified.

AUM : Rs. 2331.76.92 Cr. as on 27.02.09.

Benchmark Index : S&P CNX 500.

3. Fidelity Equity Fund – Growth : ( Launch Date : April 19, 2005)

Fund Type : Open-ended

Fund Category : Equity – diversified.

AUM : Rs. 1776.75 Cr. as on 27.02.09.

Benchmark Index : BSE 200.

4. HSBC Equity Fund – Growth : ( Launch Date : December 03, 2002 )

Fund Type : Open-ended

Fund Category : Equity – diversified.

AUM : Rs. 1776.75 Cr. as on 27.02.09.

Benchmark Index : BSE 200.

5. ICICI Prudential Dynamic Plan – Growth : ( Launch Date : October 18, 2002)

Fund Type : Open-ended

Fund Category : Equity – diversified.

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 AUM : Rs. 1013.63 Cr. as on 27.02.09.

Benchmark Index : S&P CNX Nifty.

RISK AND RETURN CALCULATION :

Reliance Growth Fund – Growth

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 -0.2463 -0.2395 Cov(Kj, Km)= Var(Km)=
5.4594 8.8810

Data source : 1. www.amfiindia.com

2. www.bseindia.com

Beta (β) of the fund for the last one year = (5.4594/8.8810) = 0.61.
Beta value of 0.61 means that the fund is less risky than its benchmark index and if the return of the benchmark
index rose by 10%, the return of the fund would have rose by 6.1%.

Alpha (α) of the fund for the last one year = -0.2463-(0.61*(-0.2395)) = -0.10.
Alpha value of -0.10 implies that the fund return has underperformed the benchmark index by 0.10% over the
last one year.

Standard Deviation (σ) of the fund for the last one year = sqrt( 3.9302 ) = 1.9824.
Standard Deviation of 1.9824 means the variability of returns or the risk factor is the fund is 1.9824% during the
Period.

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HDFC Equity Fund - Growth

15
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 5.5326 6.5326
Data source : 1. www.amfiindia.com
2. www.nse-india.com

Beta (β) of the fund for the last one year = (5.5326/6.5326) = 0.85.
Beta value of 0.85 means that the fund is less risky than its benchmark index and if the return of the benchmark
index rose by 10%, the return of the fund would have rose by 8.5%.

Alpha (α) of the fund for the last one year = -0.2298-(0.85*(-0.2481)) = -0.020.
Alpha value of -0.020 implies that the fund return has underperformed the benchmark index by 0.020% over
the last one year.

Standard Deviation (σ) of the fund for the last one year = sqrt( 5.0101 ) = 2.2383.
Standard Deviation of 2.2383 means the variability of returns or the risk factor is the fund is 2.2383% during the
Period.

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18
Fidelity Equity Fund – Growth

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 -0.2060 -0.2567 Cov(Kj, Km)= Var(Km)=
5.5947 7.1140

Data source : 1. www.amfiindia.com

2. www.bseindia.com

Beta (β) of the fund for the last one year = (5.5947/7.1140) = 0.79
Beta value of 0.79 means that the fund is less risky than its benchmark index and if the return of the benchmark
index rose by 10%, the return of the fund would have rose by 7.9%.

Alpha (α) of the fund for the last one year = -0.2060-(0.79*(-0.2567)) = -0.004.
Alpha value of -0.004 implies that the fund return has underperformed the benchmark index by 0.004% over
the last one year.

Standard Deviation (σ) of the fund for the last one year = sqrt( 4.4882 ) = 2.1185.
Standard Deviation of 2.1185 means the variability of returns or the risk factor is the fund is 2.1185% during the
Period.

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HSBC Equity Fund – Growth

22
23
 Kj = Km = Cov(Km, Km)= Var(Km)=
-0.1851 -0.2567 5.3174 7.1140

Data source : 1. www.amfiindia.com

2. www.bseindia.com

Beta (β) of the fund for the last one year = (5.3174/7.1140) = 0.75
Beta value of 0.75 means that the fund is less risky than its benchmark index and if the return of the benchmark
index rose by 10%, the return of the fund would have rose by 7.5%.

Alpha (α) of the fund for the last one year = -0.1851-(0.75*(-0.2567)) = 0.007
Alpha value of 0.007 implies that the fund return has overperformed the benchmark index by 0.007% over the
last one year.

Standard Deviation (σ) of the fund for the last one year = sqrt( 4.0775 ) = 2.0193.
Standard Deviation of 2.0193 means the variability of returns or the risk factor is the fund is 2.0193% during the
Period.

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ICICI prudential Dynamic Plan – Growth

25
26
 Kj = Km = Cov(Kj, Km)= Var(Km)=
-0.1828 - 0.2075 5.5028 7.2218

Data source : 1. www.amfiindia.com

2. www.nse-india.com

Beta (β) of the fund for the last one year = (5.5028/7.2218) = 0.76
Beta value of 0.76 means that the fund is less risky than its benchmark index and if the return of the benchmark
index rose by 10%, the return of the fund would have rose by 7.6%.

Alpha (α) of the fund for the last one year = -0.1828-(0.76*(-0.2075)) = -0.025
Alpha value of -0.025 implies that the fund return has underperformed the benchmark index by 0.025% over the
last one year.

Standard Deviation (σ) of the fund for the last one year = sqrt( 4.4634 ) = 2.1127.
Standard Deviation of 2.1127 means the variability of returns or the risk factor is the fund is 2.1127% during the
period.

27
ANALYSIS :

28
Name of the Fund

Beta(β)

Alpha (α)

Standard Deviation(σ)

Reliance Growth Fund-

Growth

0.61

-0.10

1.9824

HDFC Equity Fund -

Growth

0.85

-0.020

2.2383

Fidelity Equity Fund -

Growth

0.79

-0.004

2.1185

HSBC Equity Fund –

Growth

0.75

0.007

2.0193

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1. All the funds are having beta less than one during the last one year, which shows they are less
risky compared to their benchmark index during this period.

2. Out of this five funds HDFC Equity fund(G) comes out to be the most aggressive with having
beta of 0.85 and Reliance Growth Fund(G) is the least aggressive (beta of 0.61).

3. All the funds except HSBC Equity Fund (G) are having negative Alpha.

4. The riskiest fund during the period is HDFC Equity Fund having standard deviation of 2.2383
and the least risky fund is Reliance Growth Fund (G) which is having standard deviation of
1.9824.

5. If we look at the last one year (from 27th Feb,2009) return, though all the funds have given
negative return, they have actually performed better than their benchmark index. ICICI Prudential

Dynamic Plan(G) has given the best return among the five selected funds with a return of
-38.80% where its benchmark index (S&P CNX Nifty)has given -44.20% return. Reliance
Growth Fund(G) has given a return of -47.10% and performed the worst during the period. Its
benchmark index (BSE 100) has given a return of -49.3% during this period.

6. It has been also observed that the returns of all the funds have been more volatile during the
months of October and November of 2008 and volatility has decreased in the months of February,
2009.

7. The 52 week high NAV for Reliance Growth Fund(G) is 373.69 ( on 05.05.08 ) and 52 week low
NAV is 193.034 ( on 24.02.09 ). For HDFC equity fund(G), the 52 week NAV is 180.716 ( on
03.03.08 ) and 52 week low NAV is 97.093 ( on 20.11.08 ). The 52 week high and low NAV for
Fidelity equity fund is 26.291 ( on 02.05.08 ) and 14.475 ( on 20.11.08 ) respectively. Its value for
HSBC equity fund is 97.161 ( on 02.05.08 ) and 52.957 ( on 27.10.08 ). Again, for ICICI
Prudential Dynamic Fund (G), the 52 week high NAV is 80.342 ( on 05.05.08 ) and 52 week low
NAV is 43.459 ( on 27.10.08 ).

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FURTHER SCOPE OF STUDY :

The calculation and analysis of risks and returns of each selected mutual funds has been done as per the
specified schedule. A comparative analysis is also done between the five funds.

The future work will consists of the study of the portfolio of each of the funds. It will be found out what
proportion of the invested amount the funds are investing in equities and also the top 10 equity holdings
of each of the funds. The proportion of investments of the funds invested in different sectors and also in
different type of stocks ( like large cap, mid cap and small cap stocks ) will also be found out and
analyzed.

Thus, it will give an overall view of the risks and returns of the selected funds over the last one year and
also analysis of their portfolio to understand the variability of returns over the last one year.

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