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EXECUTIVE SUMMARY

The project has been carried out at KOTAK MAHINDRA ASSET MANAGEMENT
with the title Comparative Analysis Of Various Mutual Fund Schemes with respect
to Kotak Mahindra on the basis of Alpha, Beta, Mean, Standard Deviation, Sharpes
Ratio.
KOTAK MAHINDRA ASSET MANAGEMENT is known for an stimulating
environment with high levels of motivation, empowerment and recognition. The
company encourages an open and informal culture that values integrity, commitment,
teamwork and excellence in customer service. The company adopts a policy of strong
learning and development initiatives, which promotes day-to-day learning as well as
decision making.
They believes strength in their people, so it endeavor to surpass their expectation and
give them the best possible work environment and benefits that match the best in the
industry .The company attributes the success of the company to its people are key facts of
the company and it is their contribution that has enabled the company to achieve its
current statue. Since they deserve best, their best efforts have been to provide them with
the best environment culture and development opportunities possible.
Now a days every Mutual Fund Company is trying to survive in the present competitive
market. There are private, public and many foreign Mutual Fund companies and KOTAK
MAHINDRA ASSET MANAGEMENT is one of the best among the private and foreign
mutual fund companies.

CHAPTER - 2
Introduction

INTRODUCTION
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A mutual fund is a trust which pools the savings of a number of investor who
share a common financial goal. The money thus collected is invested by the fund
manager in different types of securities depending upon the objectives of scheme. These
could range from shares to debentures to money market instrument. The income earned in
these investments and the capital appreciation realized by the scheme is shared by its unit
holders in proportion to the number of units owned by them.
There are a lot of avenues available today in the financial market for an investor
with an investable surplus. He can invest in bank deposits, corporate debentures, and
bonds where there is low risk but low return. He may invest in stock of companies where
the risk is high and the returns are proportionately high. The recent trend in stock market
has shown that an average retail investor always lost with periodic bearish trends. People
began opting for portfolio managers with expertise in stock markets who would invest on
your behalf. Thus we had wealth management services provided by many institutions.
However they proved too costly for small investor. These investors have found a good
shelter with mutual funds.
Like most developed and developing countries the mutual fund cult has been
catching on in India. The reason for this interesting occurrence is:
1. Mutual fund makes it easy and less costly for investors to satisfy their needs for
capital growth, income and/or income preservation.
2. Mutual fund brings the benefits of diversification and money management to the
individual investor, providing an opportunity for financial success that was once
available only to a select few select few.
Research Objective:
1. To understand the performance of Various Mutual Funds using various tools.
2. To measure and compare the performance of selected mutual funds scheme of
different mutual fund companies and other asset management companies.
3. To give a brief idea about the benefits available from the Mutual Fund investment.
4. To give an idea of types of schemes available.
5. Explore the recent developments in the mutual fund of India.
6. To give an ideas about the regulations of Mutual Funds
Scope of Project:
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The schemes were categorized and selected on evaluating their performance and
relative risk. The scope of the project was mainly concentrated on the different category
of mutual fund such as equity schemes
Research Methodology
The data required for the study is mainly collected from the secondary data
source.
Secondary data source include:

Published material and annual reports of mutual fund companies.


Other published material of mutual funds.
Research based online portals.
Unpublished source also.

Sample profile:
The sample required for the study has been selected through random sampling method
from the available list of mutual fund schemes in the company. Broadly the sample of
nine mutual fund schemes related to equity funds.
The study has taken broad categories of:Equity Shares
Findings and Analysis
The collection of this information is based on the secondary probe. The information has
been collected through various books and internet. An attempt has been made to evaluate
the performance of the selected mutual fund schemes. Performance of mutual fund
schemes has been evaluated by using the following performance measures

Analyzing Mutual Fund using:4

1. Alpha:I came to know how particulars Mutual Fund schemes performed related to what
it was expected to do.
2. Beta:By comparing mutual funds on the basis of beta we come to know how volatile a
particular mutual fund is related to stock market is.
3. Mean:The simple mathematical average of a set of two or more numbers. The mean for
a given set of numbers can be computed in more than one way, including the arithmetic
mean method, which uses the sum of the numbers in the series, and the geometric mean
method.
4. Standard Deviation:The standard deviation of fund measures the risk by measuring the degree to
which the fund fluctuates in relation to its mean return.

5. Sharpes Ratio:A higher Sharpes ratio is better as it represents a higher return generated per unit
of risk.
6. N.A.V:NAV shows how much return an investor will get after liquidation of his mutual
fund.
7. CAPM:A model that describes the relationship between risk and expected return and that
is used in the pricing of risky securities.

Need of the Study


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1. The need of study arises for learning the variables available that distinguishing the
mutual fund of a company.
2. To know the risk and return associated with mutual fund.
3. To choose the best company for mutual investment for large cap, mid & small
cap, diversified equity funds and others.

Limitations:
1. To get an insight in the process of risk and return and deployment of funds by
fund manager is difficult.
2. The project is difficult to analyze each and every scheme of mutual funds to
create the awareness about risk and return.
3. The risk and return of mutual fund schemes can change according to the market
conditions.

CHAPTER - 3
Industry profile

Industry Profile: Mutual Funds


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It has been a little over 20 years since the asset management industry was opened up to
the entry of new players. The objective was to expand the business by widening and
depending the market for asset management products. The inclusion of asset management
products in the basket of traditional investment avenues such as cash-in-hand, corporate
and fixed deposits (FDs) saving accounts, stocks and gold was accepted to occur over
time.
Financial intermediaries become fund sponsors when they create and operate mutual
funds. Such funds are a type of Investment Company that pools money from the investing
public and collectively invests this money in stocks, bonds and money market
instruments. A mutual fund provides individual investors with a convenient form of
investing, professional management, broad diversification and liquidity.
The purpose of this tutorial is to show the investing public how to use a simple eightpoint, fund evaluation technique to select and monitor a mutual fund. But first we are
going to step back and put the mutual fund business into historical perspective, review
the operational workings of a fund and look at some of the broad issues related to today's
mutual fund industry.

HISTORY OF MUTUAL FUNDS


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The Indian mutual fund industry has come a long way since the inception of UTI
in 1963.
According to AMFI the evolution of industry can be broadly divided into four phases,
which mark its transaction from the period when UTI ruled the roost to a period of
competition and increased awareness among investors.
First Phase (1964-87)
UTI remained the only Mutual Fund player in the country till 1987. UTI started
its operation in July 1964 with a view to encouraging saving and investments and
participation in the income, profits and gains accruing to the corporation from the
acquisition, holdings, management and disposal of securities. UTI witnessed a slow and
steady growth over the 1970s and 1980s and by the end of 1988 it had a AUM of
Rs.67bn. It still constitutes to be the largest player in the domestic mutual fund industry
with AMU of RS.23500 cr. as on March 31st, 2005.
Second phase (1987-93)
Public sector mutual fund set up by public sector banks, Life Insurance
Corporation of India entered the market in 1987. The first known UTI fund was the SBI
mutual fund established in June 1987, followed by Canara Bank Mutual Fund in India in
December 1987, Punjab National Bank Mutual Fund (Aug 89), Indian Bank Mutual Fund
(Nov 89), Bank of India (Jun 90), Bank of Baroda Mutual Fund (Oct 92). LIC set up its
mutual fund in June 1989 while GIC had set up its mutual fund in December 1990.
During this period the total asset of the industry grew to about Rs.610bn with the total
No. of schemes increasing to about 167 by the end of 1994.
Third Phase (1993-2003)
This phase marked the entry of private sector funds. The phase also signaled the
intensification of the competition. Both domestic and foreign players entered the market,
offering a wide variety of schemes to investors. Kothari Pioneer Mutual fund was the first
private sector fund. To be established to be established in association with the foreign
funds. The opening up of the market to private players saw the international players like
Morgan Stanley, Jar Dine Fleming, JP Morgan, George Soros and Capital International
entering the market.
Fourth Phase (Since Feb 2003)
In February 2003 the Unit Trust of India Act 1963 was repealed and UTI was
bifurcated into two segments entities: Specified undertaking of the Unit Trust of India,
which is still under the government of India, and the UTI Mutual Fund Limited. This was
done in the wake of the severe payment crisis that the UTI suffered on an account of its
assured returns schemes of US 64 was the first scheme launched by UTI with the
significant equity exposure and the returns of which are not linked to the market.
Current Scenario
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The Indian Mutual fund industry has witnessed considerable growth since its
inception in 1963. The assets under management (AUM) have surged to Rs.4,173 billion
in Mar-09 from just Rs.250 million in Mar-65. In a span of 10 years (from 1999 to 2009),
the industry has registered a CAGR of 22.3%, albeit encompassing some shortfalls in
AUM due to business cycles.
The impressive growth in the Indian Mutual fund industry in recent years can
largely be attributed to various factors such as rising household savings, comprehensive
regulatory framework, favorable tax policies and introduction of several new products,
investor education campaign and role of distributors.
In the last few years, households income levels have grown significantly, leading
to commensurate increase in households savings. Household financial savings (at current
prices) registered growth rate of around 17.4% on an average during the period FY04FY08 as against 11.8% on an average during the period FY99-FY03. The considerable
rise in households financial savings, point towards the huge market potential of the
Mutual fund industry in India.
Besides, SEBI has introduced various regulatory measures in order to protect the
interest of small investors that augurs well for the long term growth of the industry. The
tax benefits allowed on mutual fund schemes (for example investment made in Equity
Linked Saving Scheme (ELSS) is qualified for tax deductions under section 80C of the
Income Tax Act) also have helped mutual funds to evolve as the preferred form of
investment among the salaried income earners.
Besides, the Indian Mutual fund industry that started with traditional products like
equity fund, debt fund and balanced fund has significantly expanded its product portfolio.
Today, the industry has introduced an array of products such as liquid/money market
funds, sector-specific funds, index funds, gilt funds, capital protection oriented schemes,
special category funds, insurance linked funds, exchange traded funds, etc.

SWOT Analysis:10

STRENGTHS:-

WEAKNESS:-

Large numbers of potential customers are base. Poor participation of retail investors.
Government support by way of tax
concession for MF investors.

Lack of focus.
Under performance

Volatility of bank interest rates.


Poor service condition.
Better scope for assessing market
information.

Distribution network is confines only to


metro cities.

Offers liquidity to the investors at any time.


Offers variety of products to the investors.
The size of market is large.
OPPORTUNITIES:-

THREATS:-

Huge untapped market in semi-urban and


rural areas.

Increasing competition among the players.


High level of volatility in the stock market.

High level of saving habit among the people.


Liberalized business environment.
Using on-line mode of trading systems.
Investment opportunities abound in the
international market.
Failure of non-bank financial company
operations.

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CHAPTER - 4
Company profile

Company Profile:12

Kotak Mahindra is one of India's leading financial institutions, offering complete


financial solutions that encompass every sphere of life. From commercial banking, to
stock broking, to mutual funds, to life insurance, to investment banking, the group caters
to the financial needs of individuals and corporate. The group has a net worth of
Rs.7,911cr and employs around 20,000 employees across its various businesses, servicing
around 7 million customer accounts through a distribution network of 1,716 branches,
franchisees and satellite offices across more than 470 cities and towns in India and offices
in New York, California, San Francisco, London, Dubai, Mauritius and Singapore.
Kotak Mahindra Asset Management Company Limited (KMAMC), a wholly owned
subsidiary of Kotak Mahindra bank Limited (KMBL), is the Asset Manager for Kotak
Mahindra Mutual Fund (KMMF). KMAMC started operations in December 1998 and has
approximately 7.5 Lac investors in various schemes. KMMF offers schemes catering to
investors with varying risk - return profiles and was the first fund house in the country to
launch a dedicated gilt scheme investing only in government securities. The company is
present in 76 cities and has 79 branches.
Our Vision

To positively contribute towards economic, environmental and social well-being


of communities through Corporate Social Responsibility agenda

Our Mission

Create a lasting value for communities by:


o Promoting and supporting education and other interventions for the under
privileged
o Encouraging employee volunteering
o Supporting Non-Governmental Organizations and other institutions with
financial and other resources to collectively deliver community initiatives

CSR Focus Areas

Promoting Education - Primary Focus Area

Enhancing vocational skills and livelihood projects

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Promoting preventive healthcare and sanitation

Reducing inequalities faced by socially and economically backward groups

Environmental Sustainability

Management Team:
Director

Mr. Uday S. Kotak

Director
Mr. Sukant S. Kelkar
Director
Mr. Chengalath Jayaram
Director
Mr. Bipin R. Shah,
Director
Mr. Gaurang Shah
Director
Mr. Pranab Kumar Datta
Director
Mr. Nalin Shah
Managing Directors

Mr. Nilesh Shah

Chief Operations Officer

Mr. R. Krishnan

Compliance Officer

Mr. Sandeep Kamath

Fund Managers:Chief Investment Officer- Equity

Mr. Harsha Upadhyaya


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Vice President

Harish Krishnan

Vice President

Mr. Pankaj Tibrewal

Associate Vice President

Mr. Deepak Gupta

Associate

Mr. Devender Singhal

CHAPTER - 5
Theoretical
background

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What Is A Mutual Fund?


Mutual Fund is a trust that pools the savings of number of investors who share a
common 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 appreciation realized is 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 and low risk.
The flow chart below describes broadly the working of mutual fund:

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

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Organization Of Mutual Fund


A mutual fund is a setup in the form of trust, which has sponsor, trustees, asset
management company(AMC), and custodian. The trust is established by sponsor or more
than one sponsor who is like a promoter of company. The trustee of mutual fund holds its
property for the benefit of unit holders. Asset management company (AMC) approved by
SEBI manages the funds by making investments in various types of securities. Custodian,
who registered with SEBI, holds these securities of the fund unit custody the trusties are
vested with the general power of superintendence and direction over AMC. They monitor
the performance and compliance of SEBI regulations by mutual funds.
SEBI regulations require that at least two third of the directors of trustee company
or board of trustees must be independent i.e. they should not be associated with sponsors.
Also 50% of the directors of the AMC must be independent. All mutual funds are
required to be registered with SEBI before they launch their schemes.

Types of Mutual Funds


Getting a handle on whats under the hood helps you become a better investor and put
together a more successful portfolio. To do this one must know the different types of
funds that cater to investor needs, whatever the age, financial position, risk tolerance and
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return expectations. The mutual fund schemes can be classified according to both their
investment objective (like income, growth, tax saving) as well as the number of units (if
these are unlimited then the fund is an open ended one while if there are limited units
then the fund is close-ended).

Types of funds

LIQUIDITY
OPEN-ENDED SCHEMES
CLOSE-ENDED SCHEMES

INVESTMENT
GROWTH SCHEMES
INCOME SCHEMES
BALANCED SCHEMES
MONEY-MARKET SCHEMES

OTHERS
TAX-SAVING SCHEME
SPECIAL SCHEMES

Classification According To Liquidity Structure:


OPEN-ENDED SCHEMES
When a fund is accepted and liquidated on a continuous basis by a MF Manager, It
is called as open ended scheme. The fund manager buys and sells units constantly as
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demanded by the investor. The capitalization of the fund changes constantly as it is


always open for the investor to buy or sell the units. The scheme provides excellent
liquidity facility to the investors. The buying and selling of units takes place at a declared
NAV (Net Asset Value).
.
CLOSE-ENDED SCHEMES
Schemes that have stipulated maturity period, limited capitalization and the units
are listed on the stock exchange are called close-ended schemes.
These schemes have historically seen a lot of subscription. This popularity is estimated to
be on account of firstly, public sector Mutual Funds having floated a lot of close-ended
income schemes with guaranteed returns and secondly easy liquidity on account of listing
on the stock exchanges.
Classification According To Investment Objectives:
OBJECTIVE
Mutual funds have specific investment objectives such as growth of capital, safety
of principal, current income or tax-exempt income. In general mutual funds fall into three
general categories:
Equity fund invest in shares or equity of companies. Fixed-income funds invest in
government or corporate securities that offer fixed rates of return. Balanced funds invest
in a combination of both stocks and bonds.

GROWTH FUNDS
It is MF schemes that offer the advantage of capital appreciation f the underling
investment such fund invest in growth oriented securities that are capable of appreciating
in he long run. The risk attached with such funds is relatively higher.
INCOME FUNDS
This scheme is customized to suit the needs of investors who are particular about
regular returns. The scheme offers maximum current income where by the income earned
by the units is distributed periodically there are two types of schemes, one that earns the
target constant income at relatively low risk while the other offers maximum possible
income.

BALANCED FUNDS
Such schemes have a mix of debt and equity in their portfolio of investments. The
portfolio is often shifted between debt and equity depending upon the prevailing market
conditions.
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MONEY MARKET FUND /LIQUID FUNDS


For the cautious investor, these funds provide a very high stability of principal
while seeking a moderate to high current income. They invest in highly liquid, virtually
risk free, short term debt securities of agencies of the Indian government, banks and
corporations and treasury bills. Because of their short-term investment, money market
mutual funds are able to keep a virtually constant unit price; only the yield fluctuates.
Other Schemes

TAX SAVING SCHEME


Certain MF schemes offers tax rebate on investments made in equity shares under
section 88 of income tax act. Income may be periodically distributed depending on
surplus. Subscriptions made up to Rs.10000 are eligible for tax rebate under section 88
for such scheme. The investment of the scheme includes investment in equity, preference
shares and convertible debentures and bonds to the extent 80-100% and rest in money
market instrument.
Special Funds

SECTOR FUNDS
Such fund invests in specific sectors of the economy. The specialized sectors may
include real state, infrastructure, oil and gas etc., offshore investments, commodities like
gold and silver.

INDEX FUNDS
Index funds generally bus shares in all the companies composing the BSESENSEX or NSE-NIFTY or other broad stock market indices. They are not suitable for
investors who must conserve their principal or maximize current income.
GILT FUNDS
These funds seek to generate returns through investments in govt. securities. Such
funds invest only in central and state govt. securities and REPO/ reverse REPO securities.
A portion of the corpus may be invested in call money markets to meet liquidity
requirements. Such funds carry very less risk. There prices are influenced only by
moment in interest rates.

Advantages Of Mutual Fund:The advantages of investing in a mutual fund are:


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Diversification:
Mutual funds invest in a broad range of securities. This limits investment risk by
reducing the effect of a possible decline in the value of any one security. Mutual fund
units holders can benefit from diversification techniques usually available only to
investors wealthy enough to buy significant positions in a wide variety of securities.
Professional Management:
Most mutual fund pay top light professionals to manage their investments. These
managers decide what securities the fund will buy and sell.

Regulatory Oversight:
Mutual funds are subject to many government regulations that protect investor
from fraud.

Liquidity:
It is easy to get your money out of a mutual fund. Write a cheque, make a call and
youve got the cash.
Convenience:
You can usually buy mutual fund shares by mail, phone or over the Internet.
Low Cost:
Mutual fund expenses are often no more than 1.5% of your investment. Expenses
for index funds are less than that, because index funds are not actively managed. Instead
they automatically buy stock in companies that are listed on a specific index.

Transparency:
Mutual fund schemes are said to be transparent because they show the clear
allocation of funds to Investors.
Flexibility:
Mutual funds are flexible because they change time to time and also if investor
wants his money back for the maturity of fund he/she can easily redeem it.

Drawbacks of Mutual Funds:Mutual funds have their drawbacks and may not be for everyone:
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1. No Guarantees:
No investment is risk free. If the entire stock market declines in value, the value
of mutual fund shares will go down as well, no matter how balanced the portfolio.
Investors encounter fewer risks when they invest in mutual funds than when they buy and
sell stocks on their own.
However, anyone who invests through a mutual fund runs the risk of losing money.
2. Fees and commissions:
All funds charge administrative fees to cover their day-to-day expenses. Some
funds also charge sales commission or loads to compensate brokers, financials
consultants, or financial planners. Even if you dont use a broker or other financial
advisor, you will pay a sales commission if you buy shares in a load fund.
3. Taxes:
During a typical year, most actively managed mutual funds sell anywhere from 20
to 70percent of the securities in their portfolios. If your fund makes a profit on its sales,
you will pay taxes on the income you receive, even if u reinvests the money you made.
4. Management Risk:
When you invest in a mutual fund, you depend on the funds manager to make the
right decisions regarding the funds portfolio. If the manager does not perform as well as
u had hoped, you might not make as much money on your investment as you expected.
Of course if you invest in Index Funds, you forego management risk, because these funds
do not employ managers.

Net Asset Value (NAV)


The net asset value of the fund is the cumulative market value of the asset fund
net of its liabilities. In other words, if the fund is dissolved or liquidated, by selling off all
the assets in the fund, this is the amount that the shareholders would collectively own.
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This gives rise to the concept of net asset value per unit, which is the value,
represented by the ownership of one unit in the fund. It is calculated simply by dividing
the net asset value of the fund by the number of units. However, most people refer
loosely to the NAV per unit as NAV, ignoring the per unit. We also abide by the same
convention.
Calculation of NAV
The most important part of the calculation is the valuation of the asset owned by
the fund. Once it is calculated, the NAV is simply the net value of the assets divided by
the number of units outstanding. The detailed methodology for the calculation of the asset
value is given below.
Asset value is equal to Sum of market value of shares/debentures
+Liquid assets/cash held, if any
+Dividends/interest accrued
Amount due to unpaid assets expenses accrued but not paid
How Long To Keep Investment To Get Maximum Returns:Get desired returns technically open ended funds you can withdraw your investments
even within a week, but to positive time frame is required are:
Funds
Time Period
Equity Funds
Balanced Funds
MIPs
Income Funds
Liquid Funds

3 Years (plus)
18 Months to 3 Years
1 Year (plus)
6 Months to 1 Year
Few days to 6 Months

What returns can I expect if I keep my money for suggested time frames:Funds
Sector funds
Balanced Funds
MIPs
Income Funds
Liquid Funds

Returns
22% to 25% p.a
15% to 18% p.a
12% to 15%p.a
10% to 12%p.a
7% to 9%p.a

The previous mentioned returns in the table are indicative and not assured. All
investments in MUTUAL FUNDS are securities and are subject to market risk and the
NAVs of the schemes may go up and down depending upon the factors and forces
affecting the securities market including the fluctuations in the internal rates. The past
performance of the mutual funds is not indicative of future performance.
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THE RISK RETURN GRAPHS FOR VARIOUS FUNDS

R
E

Sector Funds

T
U
R
N

Equity funds
Balanced funds
Income funds
Liquid funds

RISKS
The above graph shows the Risk and Returns generated by different funds. Liquid
funds are less risky and also generate less Return whereas sector funds are more risky but
generate more Returns by the example of above two funds is clear that Risk and Return
are directly proportional to each other. Other funds like equity funds, balanced funds and
equity funds are also fives the same percentage of Returns as the Risk involved.
Mutual Fund Investing Strategies:
1) Systematic Investment Plan (SIPs) :
These are best suited for young Peoples who have started their careers and needs to build
their wealth. Sips entail the investors to invest a fixed sum of money at regular intervals
in a mutual fund scheme the investor as chosen, an investor opting for a sip in xyz mutual
fund scheme will need to invest certain sum of money every month/quarter/half yearly in
the scheme. By investing through sip, one ends up buying more units when the price is
low and fewer units when the price is high. However, over a period of time these market
fluctuations are generally averaged. And the average cost of the investment is often
reduced. It is far better to invest small amount of money regularly, rather than save up to
make a large investment this is because while saving is in the lump sum, it may not earn
much interest.
2) Systematic withdrawal plan (SWPs):

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These plans are suited for people nearing retirement, In these plans, an investor invest in
a mutual fund scheme and is allowed to withdraw a fixed sum of money it regular
intervals to take care of its expenses.
3) Systematic Transfer Plan (STPs):
They allow investor to transfer on a periodic basis specified amount from one scheme to
another with in the same fund family-meaning two schemes belonging to the same
mutual fund. A transfer will be treated as redemption of units from the scheme from
which the transfer is made. Such redemption or investment will be at the applicable NAV.
This service allows the investor to manage is investments actively to achieve his objects.
Many funds do not even charge any transaction fees for his service-an added advantage
for the active investor.
Association of mutual funds in India:
With the increase in mutual fund players in India, a need for mutual fund
association in India was generated to function as a non-profit organization. Association of
mutual fund in India (AMFI) was incorporated on 22nd august 1995.
AMFI is an apex body of all asset management companies (AMC), which has
been registered with SEBI. Till date all the AMCs are that have launched mutual fund
schemes are its members. It functions under the supervision and guidelines of its Board
of Directors.
Association of mutual funds India has brought down the Indian Mutual Fund
Industry to a professional and healthy market with ethical lines enhancing and
maintaining standards. It follows the principle of both protecting and promoting the
interests of mutual funds as well as their unit holder.

The Objective of Association of Mutual Funds in India:


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The Association of Mutual funds of India works with 30 registered AMCs of the country.
It has certain defined objectives, which juxtaposes the guideline of its Board of Directors.
The objectives are as follows:

This mutual fund association of India maintaining high professional and ethical
standards gins all area of operation of the industry.
It also recommends and promotes the top class business practices and code of
conduct which is followed by members and related people engaged in the
activities of mutual fund and asset management. The agencies that are by any
means connected or involved In the field of capital markets and financial services
also involved in this code of conduct of the association.
AMFI interacts with SEBI and works according to SEBIs guideline in the mutual
fund industry.
Association of Mutual Fund of India do represent the Government of India, the
Reserve Bank of India and other related bodies on matters relating to the mutual
fund Industry.
It develops a team of well qualified and trained agent distributors .It implement
the programmer of training and certification for all intermediaries and other
engaged in the mutual fund industry.
AMFI undertakes all India awareness programmed for investors in order to
promote proper understanding of the concepts and working of mutual funds.
At last but not the least association of mutual fund of India also disseminate
Informations on Mutual Fund Industry and undertakes studies and research either
directly or in association with other bodies.

Recent Trends in Mutual Funds Industry


The most important trends in the mutual funds industry is the aggressive
expansion of the foreign owned mutual fund companies and decline of the companies
floated by nationalized banks and smaller private sector players, Many nationalized bank
got into the mutual fund business in the early nineties and got off to a good start due to
the stock market boom prevailing then. These bank did not really understand mutual fund
business and they just viewed it as another kind of banking activity.
Few hired specialized staff and generally chose to transfer staff from the parent
organizations. The performance of most of the schemes floated by these funds not good.
Some schemes had offered guaranteed returns and their parent organizations had
to bail out these AMCs by paying large amount of money as the difference between the
guaranteed and actual returns. The service level were also very bad.
Most of these AMCs have not been able to retain staff, float new schemes etc. and
it is doubtful whether, barring a few exception, they have serious plans of continuing the
activity in a major way. The experience of some of the AMCs floated by private sector
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Indian companies was also very similar. They quickly realized that the AMC business is a
business, which makes money in the long term and requires deep-pocketed support in the
intermediate years.
Some have sold out to foreign owned companies, same have merged with other
and there is general restructuring going on. The foreign owned companies have deep
pockets and come in here with the expectation of a long haul. They can be credited with
introducing many new practices such as new product innovation, sharp improvement in
services standards and disclosure, usage of technology, broker education and support etc.
In fact they forced the Industry to upgrade itself and service level of organizations like
UTI have improved dramatically in the last few years in response to the competition
provided by these.
Emerging Issues in Mutual Funds
Rating of Mutual Funds Schemes
Changes in Mutual Funds due to the Advent of Net
New norms of NPA Classification
Influence of Technology
Product Innovation
Indices for Mutual Funds
SEBI Mutual Fund Regulations
The regulation governing the functioning of mutual funds in India were
introduced by SEBI in Dec 1996. The objective of these regulations was to bring in
existence the regulatory norms for the formation, operation and management of mutual
funds in India. The regulation also laid down the broad guidelines or investment
valuation, investment restriction, advertising code and code of conduct for mutual funds
and AMCs.

Registration of mutual funds


1. Every mutual funds shall be registered with SEBI through an application
to be made by the sponsor in a prescribed format accompanied by an
application fee Rs. 25000.
2. Every mutual fund shall pay Rs.25 lakhs towards registration fee and
Rs.2.5 lakhs per annum as service fees.
3. Registration shall be granted by the board of fulfillment of conditions such
as sponsors, sound track record of 5yrs integrity, net worth etc.

28

Regulations for the trust

1. Mutual fund shall be constituted in the form of a trust under the provision of
Indian Registrations Act and provisions laid down by SEBI.
2. A trustee should be person of integrity, ability, and should not have been found
guilty or being convicted of any economic offence or violation of securities law.
At least 50%of the trustees shall be Independent trustees.
3. The trustees and the AMC with SEBIs prior approval shall enter into an
investment management agreement.
4. The trustees shall ensure the AMC has the necessary infrastructure and personnel.
5. The trustees shall ensure that AMC is monitoring security transaction with
brokers.
6. The trustees shall ensure that the EMC has been managing the scheme
independently.
7. The trustees should fulfill all its duties in order to protect the interest of the
investors.

Regulation for AMC

1. It should have a sound track record, reputation and fairness in transaction. The
sponsor or trustee should appoint an AMC with SEBIs approval.
2. The appointment of the AMC can be terminated by majority of trustees or by 75%
of unit holders.
3. The Director of AMCs should have adequate professional experience.
4. At least 50% of the director of AMC should not be associated with the sponsor or
its subsidiaries of the trustees.
5. The chairman of the AMC should not be trustee of any other mutual fund.
6. The AMC shall have a minimum net worth of Rs.10cr.
7. The AMC shall not act as an AMC for any other mutual funds.

Regulation for Custodians

1. The mutual fund shall appoint a custodian to carry out the custodian service for
the scheme of the fund.
2. The agreement with custodian shall be entered into with prior approval of
trustees.

29

Regulation for schemes of mutual funds

1. All the scheme to be launched by the AMC should be approved by the trustees
and are to be filled with SEBI.
2. The offer Document should contain adequate disclosures to enable the investors to
make informed decisions.
3. Advertisement of scheme should be in conformance with SEBIs code.
4. The listing of close ended schemes is mandatory and it should be listed on a
recognized stock exchange within 6 months of its subscriptions.
5. Unit of close ended schemes can be opened for redemption at a fixed interval.
6. The AMC shall specify in the offer document the minimum subscription to be
raised under the scheme. The AMC may repurchase, reissue the unit of close
ended schemes.
7. The unit of close ended schemes can be converted into open ended schemes. Any
scheme on mutual fund shall not be opened for subscription after 45 days.
8. The mutual fund and AMC shall be liable to refund the application money to the
applicants if minimum subscription is not received.
HOW TO INVEST IN MUTUAL FUND:

Step One Identify your Investment needs


Your financial goal will very, based on your age. Lifestyle, financial
independence, family commitments, and level of income and expenses among many
other factors. Therefore, the first step is to assess your needs. You can begin by defining
your investment objectives and need which could be regular income, buying a home of
finance a wedding od educate your children or a combination of all these needs, the
quantum of risk you are willing to take and your cash flow requirements.

Step Two Choose the Right Mutual fund


The important thing is to choose the right mutual fund scheme which suits your
requirements. The offer documents of the scheme tell you its objectives and provide
supplementary details like the track record of the other schemes managed by the same
fund manager. Some factors to evaluate before choosing a particular mutual fund are the
track record of the performance of the fund over the last few years in relation to the
appropriate yardstick and similar funds in the same category. Other factors could be the
portfolio allocation, the dividend yield and the degree of transparency as reflected in the
frequency and quality of their communications.

Step Three Select the ideal mix of Scheme


Investing in just mutual fund scheme may not meet all your investment needs.
You consider investing in a combination of schemes to achieve your specific goals.
30

Step Four Invest Regularly

The best Approach is to invest a fixed amount at specific intervals, say every
month. By investing a fixed sum each month, you buy fewer units when the price is
higher and more units when the price is low, bringing down your average cost per unit.
This is called rupee cost averaging and is a disciplined investment strategy followed by
investors all over the world. You can also avail the systematic investment plan facility
offered by many open end funds.

Step Five Start Early


It is desirable to start investing early stick to a regular investment plan. If you start
now, you will make more than if you wait and invest later. The power of compounding
lets you earn income on income and your money multiplies at a compounded rate of
return.

Step Six The final step


All you need to do now is to click here for online application forms of various
mutual funds schemes and start investing. You may reap the rewards in the year to come.
Mutual funds are suitable for every kind of investor whether starting a career or
retiring, conservative or risk taking, growth oriented or income seeking.

31

RIGHT TIME TO EXIT A MUTUAL FUND

When fund is not giving returns as expected.


When funds does not comply with its objective.
When funds expenses Ratio increases.
When the fund manager changes.
When there is a change in the life stage.
When enough has been earned.

Major mutual Funds Companies In India


1.
2.
3.
4.
5.
6.
7.
8.
9.

ABN Amro Mutual Fund


Birla Sun Life Mutual Fund
Bank of Baroda Mutual Fund
HDFC Mutual Fund
Ing Vysya Mutual Fund
Prudential ICICI Mutual Fund
Sahara Mutual Fund
Tata Mutual Fund
Kotak Mahindra Asset Management
Company

10. Unit Trust Of India Mutual Fund


11. Reliance Mutual Fund
12. Standard Chartered Mutual Fund
13. Franklin Templeton Mutual Fund
14. Morgan Stanley Mutual Fund
15. Escort Mutual Funds
16. Alliance Capital Mutual Fund
17. Benchmark Mutual Fund
18. Can Bank Mutual Fund

32

19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
33.
34.
35.
36.
37.
38.
39.
40.
41.
42.
43.
44.
45.
46.
47.
48.
49.
50.
51.
52.
53.
54.
55.
56.
57.
58.
59.
60.
61.
62.

CHAPTER - 6
Data analysis

63.
64.
65.
66.
67.
68.
69.
70.
71.
72.
73.
74.
75.
76.
77.
78.
79.
80.
81.
82.
83.
84.

Comparative Analysis Of Mutual Fund


Beta:

85.
It describes the relationship between the stocks returns and the index
returns. The beta value may be interpreted in the following manner, a 1% change in
Nifty index would cause a 1.024% (beta) change in the particular fund. It is the slope of
characteristics regression line.
86.
87.
It signifies that a fund with a beta of more than 1 willrise more than the
market and also fall more than the market. Thus, if one likes to beat the market on the
upside, it is best to invest in a high-beta fund. But one must keep in mind that such a fund
will also fall more than the market on the way down. So, over an entire cycle, returns
may not be much higher than the market.
88.
89.
Similarly, a low beta fund will rise less than the market on the way up and
lose less on the way up and lose less on the way down. When safety of investment is
important, a fund with beta of less than one is a better option. Such a fund may not gain
more than the market on the upside but it will protect returns better when market falls.
90.
91.
92. x
93.
xy ()( y)
n 94.
2
95.
n x 2 ( x )
96. =

97. Where,
98.
99. n= Number of days
100.
101.
x= Returns of the index
102.
103.
y= Returns of the fund
104.
105.
106.
107.
108.
109.
110.
111.
112.
113.
114.
115. Alpha:
116.
117. It indicates that the stock return is independent of the market return. If the
portfolio is well diversified, the alpha value would turn out to be zero. The intercept of
characteristic regression line is alpha.
118.
119. Alpha shows whether the particular fund has produced returns justifying
the risks it is taking by comparing its actual return to the one predicted by beta.
120.
121. Alpha can be seen a measure of a fund managers performance. This is
what the fund has earned over and above (or under) what it was expected to earn. Thus
this is the value added (or subtracted) by the fund managers investment decisions. This
can be clearly seen from the fact that index fund always have or should have, if they track
their index perfectly, an alpha of zero.
122.
123. Thus, a passive fund has an alpha of zero and an active funds alpha is a
measure of what the fund managers activity has contributed to the funds returns. On the
whole the positive alpha implies that a fund has performed better than expected, given its
level of risk. So, higher the alpha better the returns.
124.
125.
126.
= yx
127.
128.
129.
130. Where,

131.
132. y = Mean value of returns of the fund
133.
134. x = Mean value of returns of the index
135.
136. = Beta value of the fund
137.
138.
139.
140.
141.
142.
143.
144.
145.
146.
147.
148.
149. Correlation Co-efficient:
150.
151. It measures the nature and the extent of relationship between the stock market
index returns and a funds return in a particular period.
152.
153.
y
154.
155.

156.

x
157.
158.

159.
160. Co-Efficient
y Of Determination:

161.
of correlation of co-efficient is the co-efficient of determination. It
162. The square
2
gives the percentage
variation in the stocks return explained by the variation in the
2
x

market return.
n
163.
164. n xy( x)
r2
165.
r =
166.
167. Sharpes Ratio:
168.
169. Sharp ratio is similar to tenors ration the difference being, instead of beta we take
standard deviation. As standard deviation represents the total risk experienced by the

fund, it reflects the returns generated by undertaking all possible risks. A higher Sharpes
ratio is better as it represents a higher return generated per unit of risk.
170.
171.
172. S= RpRf
?p
173.
174.
175.
176.
177.
178. Where,
179. Rp = the expected return on the investors portfolio
180. Rf = the risk free rate of return
181. ?p = the portfolios standard deviation
182.
183.
184.
185.
186.
187.
188. Mean:
189.
190. The simple mathematical average of a set of two or more numbers. The
mean for a given set of numbers can be computed in more than one way, including the
arithmetic mean method, which uses the sum of the numbers in the series, and the
geometric mean method. However, all of the primary methods for computing a simple
average of a normal number series produce the same approximate result most of the time.
191.
192.
193. Mean = Sum Of X Values / N (Number Of Values)
194.
195. Standard Deviation:
196.
197. The degree that a single value in a group of values varies from the mean (average)
of the distribution. Standard deviation is a statistical measure that uses past performance
of an investment or portfolio to determine the potential range of future performance and
excess the probability of that performance. Standard deviation can be calculated for an
individual security or for the entire portfolio.
198.
199.
200.
( XM )
201.
S=
202.
n1
203.

204.
205.
206.
207.
208.
209.
210.
211.
212.
213.
214.
215.
216.
217.
218.
219.
220.
221.
222. The mutual fund schemes that are analyzed are divided into categories. The
schemes on the basis of these categories are:223.
Large Cap Funds
224.
a) Kotak 50Kotak 50 is the regular equity scheme launched by Kotak Mahindra. It
is the large cap fund category scheme in its equity sector.
225.
b) Kotak Classic Equity-Kotak Classic Equity Scheme is the regular equity scheme
launched by Kotak Mahindra. It is the large cap fund category scheme in its
equity sector.
226.
Mid Cap &Small Cap Funds
227.
a) Kotak Mid-Cap- Kotak Mid-Cap Scheme is the regular equity scheme launched
by Kotak Mahindra. It is the mid & small cap fund category scheme in its equity
sector.
228.
b) Kotak Equity Arbitrage- Kotak Equity Arbitrage is the regular equity scheme
launched by Kotak Mahindra. It is the mid & small cap fund category scheme in
its equity sector.
229.
c) Kotak Emerging Equity Scheme- Kotak Emerging Equity Scheme is the regular
equity scheme launched by Kotak Mahindra. It is the mid & small cap fund
category scheme in its equity sector.

230.
Diversified Funds
231.
a) Kotak Opportunities Fund- Kotak Opportunities Equity Scheme is the regular
equity scheme launched by Kotak Mahindra. It is the Diversified Fund category
scheme in its equity sector.
232.
b) Kotak Select Focus Fund- Kotak Select Focus Equity Scheme is the regular
equity scheme launched by Kotak Mahindra. It is the Diversified Fund category
scheme in its equity sector.
233.
234.
Others235.
a) Kotak Tax Saver-Kotak Tax Saver Equity Scheme is the regular equity scheme
launched by Kotak Mahindra. It is the Equity Linked Saving Scheme (ELSS)
category in its equity sector.
236.
b) Kotak Balance-Kotak Balance Equity Scheme is the regular equity scheme
launched by Kotak Mahindra. It is the Balanced Scheme category in its equity
sector.
237.
1. LARGE CAP FUNDS
238.
239. KOTAK 50
240.
241. As on August 31, 2015
242.
243. INVESTMENT INFOMATION
244.
245. Fund Type
246. Open-Ended
247. Investment Plan
248. Growth
249. Risk Grade
250. Average
251. Return Grade
252. Above Average
253. NAV
254. Rs.33.582 as on Sept 30, 2015
255. Net Assets*
256. Rs.709.52cr as on Jun 30, 2015
257.
258. *Quarterly Average
259.
260. ASSET ALLOCATION (%)
261. PERCENTAGE HELD
262. Equity
263. 98.31
264. Debt
265. 2.23
266. Others
267. -0.53
268.

269.
270.

ASSET ALLOCATION

equity
debt
others

271.
272.
273.
274. SCHEME PERFORMANCE
275.
276. 1 month 277. 3
278. 6
months
Months
282. 3.9
283. -0.1
284. -3.5

279.
year
285.

1
14.2

280. 3
years
286. 18.2
*

281. 5
years
287. 9.0*

288.
289. *returns over 1 year are annualized
290.
291.
292.
293.
KOTAK CLASSIC EQUITY SCHEME
294.
295. As on August 31, 2015
296.
297. INVESTMENT INFOMATION
298.
299. Fund Type
300. Open-Ended
301. Investment Plan
302. Equity Scheme
303. Risk Grade
304. Low
305. Return Grade
306. Average
307. NAV
308. Rs.34.339as on Sept 30, 2015

309. Net Assets*


311.
312. *Quarterly Average
313.
314. ASSET ALLOCATION (%)
316. Equity
318. Debt
320. Cash
322.

310.

Rs.114.50 as on Jun 30, 2015

315.
317.
319.
321.

PERCENTAGE HELD
98.03%
2.27%
-0.30%

ASSET ALLOCATION

Equity
Debt
Cash

323.
324.
325.
326. SCHEME PERFORMANCE
327.
328. 1 month 329. 3
330. 6
months
Months
334. 3.4
335. -2.2
336. -6.7
340.
341. *returns over 1 year are annualized
342.
343.
344.
345.
346.
347.
348.

331.
year
337.

1
8.3

332. 3
years
338. 8.3*

333. 5
years
339. 7.5*

349.
350.
351.
352.
353.
354.
355.
356.
357.
358.
359.
360.
361.
362.
363.
364.
Fund

379.
KOTAK 50

390.
KOTAK
391.
CLASSIC
392.
EQUITY
403.
404.
405.
406.
407.
408.
Fund

Comparisons:Snapshot
365. 367.
Rat Category
366.
Ing

368.
Launch

380. 381.
*** EQ-LC

382.
Dec 22,
383.
1998

393. 394.
EQ-LC

395.
Jan 01,
396.
2013

369.
Expense
370.
Ratio
371.
(%)
384.
2.61%
385.
(Mar 31,
386.
2015)
397.
3.10%
398.
(Mar 31,
399.
2015)

372.
1-Year
373.
Return
374.
(%)
387.
16.5%

375.
1-Year
376.
Rank

377.
Net
Asset
378.
(Cr)

388.
12

389.
Rs.1203

400.
12.4%

401.
55

402.
Rs.106

Fees & Details


409.
Rating

410.
Minimum
411.
Investment
412.
(Rs)

413.
Exit Load
414.
(Period)

415.
Expense
416.
Ratio

417.
Portfolio
418.
Manager
419.
(Tenure)

420.
KOTAK 50

421.
***

422.
Rs.5000

428.
KOTAK
429.
CLASSIC
430.
EQUITY
437.
438.
439.
440.
441.
442.
443.
444.
445.
446.
447.
448.
449.
450.
451.
452.
453.
454.
455.
456.
Scheme

431.
-

432.
Rs.5000

465.
KOTAK
466.
50
475.
KOTAK
476.
CLASSIC
477.
EQUITY
487.

423.
1%within
424.
365days
433.
-

425.
2.61%
434.
3.10%

426.
Harish
427.
Krishnan
435.
Harish
436.
Krishnan

NAV Details
457.
NAV
467.
Rs.
33.582
478.
Rs.
479.
34.339

458.
As On

459.
52-Week
460.
High
468.
469.
Sept 30, Rs.182.55
2015
480.
481.
Sept 30, Rs.21.45
2015

461.
As On
470.
Mar 02,
471.
2015
482.
Mar 02,
483.
2015

462.
52-Week
463.
Low
472.
Rs.147.98
484.
Rs.17.76

464.
As On
473.
Oct 16,
474.
2014
485.
Oct 16,
486.
2014

488.
489.
490.
491.
492.
Fund

Portfolio
493.
Rati
494.
ng

495.
Capitali
496.
zation

497.
Turn
498.
Over

499.
Credit
500.
Quality

501.
Interest
502.
Rate
503.
sensitivity

518.
KOTAK 50

519.
***

522.
37%

523.
-

524.

528.
KOTAK
529.
CLASSIC
530.
EQUITY
540.
541.
542.
543.
544.
545.
Fund

531.
-

520.
Large
521.
Cap
532.
Large
533.
Cap

534.
76%

535.
-

536.

557.
KOTAK 5O
558.
566.
KOTAK
567.
CLASSIC

504.
Aver
505.
age
506.
Cred
507.
it
508.
Qua
509.
lity
525.
-

510.
Aver
511.
age
512.
Matu
513.
rity
514.
(Yrs)

515.
Net
516.
Assets
517.
(Cr)

526.
-

527.
Rs.1203

537.
-

538.
-

539.
Rs.106

Risk Status
546.
Ratings

550.
Mean

551.
Standard
552.
Deviation

553.
Sharpe
554.
Ratio

555.
Beta

556.
Alpha

559.
***

547.
Fund
548.
Risk
549.
Grade
560.
Average

561.
17.43%

562.
15.25%

563.
0.70%

564.
1.08%

565.
4.99%

569.
-

570.
Low

571.
14.78%

572.
12.16%

573.
0.66%

574.
0.83%

575.
3.66%

568.
EQUITY
576. (As on Sep 30, 2015)
577.
578.
579. INTERPRETATION
580.
581. Beta:582.
Beta of Kotak 50 is the highest, this indicates that the risk profile of Kotak
50 equity fund is more. In above equity schemes have shown volatility as compared to
SENSEX. But Kotak classic equity has shown less volatility as compared to Kotak 50
equity scheme
583.
584. Alpha:585.
The highest return is given by Kotak 50 equity fund. As the alpha is
positive in both the schemes that means the schemes has performed better than expected
but among the equity schemes Kotak classic equity has given less returns.
586.
587. Mean:588.
The highest mean is given by Kotak 50 equity fund. Kotak classic equity
has also performed better but less compared to Kotak 50
589.
590. Standard deviation:591.
Kotak 50 equity fund has shown more deviation in this movement.
Therefore this fund has shown more volatility in its performance.
592.
593. Sharpes ratio:594.
The Sharpes ratio of Kotak 50 equity fund is highest suggesting that after
taking total risk into consideration the fund is giving good returns over and above the risk
free returns.
595.
596. NAV:597.
In this table as on Sept 30, 2015 Kotak Classic Equity Fund is having
highest NAV as compared to Kotak 50 Equity Fund. So in case of liquidation this fund
will give maximum returns.
598.
599.
600.

601.
602.
603.
604.
605.
606.
607. MID & SMALL CAP FUNDS
608.
609.
KOTAK MID-CAP
610.
611. As on August 31, 2015
612.
613. INVESTMENT INFOMATION
615. Fund Type
617. Investment Plan
619. Risk Grade
621. Return Grade
623. NAV
625. Net Assets*
627.
628. *Quarterly Average
629.
630. ASSET ALLOCATION (%)
632. Equity
634. Debt
636. Other
638.
639.

614.
616.
618.
620.
622.
624.
626.

Open-Ended
Equity
Above Average
Average
Rs.52.345as on Sept 30, 2015
Rs.338.11cr as on June 30, 2015

631.
633.
635.
637.

PERCENTAGE HELD
97.00%
2.03%
0.97%

640.

PERCENTAGE HELD

Equity
Debt
Other

641.
642. SCHEME PERFORMANCE
643.
644. 1
645. 3
646. 6
month
months
Months
650. 3.3
651. 652. -0.8
656.
657.
658.
659.
660.
661.
662.
663.
665.
667.
669.
671.
673.
675.
677.
678.
679.

647.
year
653.

1
20.6

648. 3
years
654. 24.4
*

649. 5
years
655. 12.
5*

*returns over 1 year are annualized


KOTAK EQUITY ARBITRAGE FUND - GROWTH
As on August 31, 2015
INVESTMENT INFOMATION
Fund Type
Investment Plan
Risk Grade
Return Grade
NAV
Net Assets*
*Quarterly Average

664.
666.
668.
670.
672.
674.
676.

Open-Ended
Equity Scheme
Below Average
Above Average
Rs.21.3526as on Sept 30, 2015
Rs.2,229.35cr as on Jun-30-2015

680.
681.
683.
685.
687.
689.

ASSET ALLOCATION (%)


Equity
Debt
Others

682.
684.
686.
688.

PERCENTAGE HELD
68.01%
29.00%
3.00%

PERCENTAGE HELD

Equity
Debt
Others

690.
691.
692.
693. SCHEME PERFORMANCE
694.
695. 1
696. 3
697. 6
698. 1
699. 3
month
months
Months
year
years
701. 0.4
702. 1.6
703. 3.5
704. 7.9 705. 8.8*
707.
708. *returns over 1 year are annualized
709.
710.
711.
KOTAK EMERGING EQUITY SCHEME
712.
713. As on August 31, 2015
714.
715. INVESTMENT INFOMATION
716.
717. Fund Type
718. Open-Ended
719. Investment Plan
720. Equity Scheme
721. Risk Grade
722. Above Average

700. 5
years
706. 8.7*

723. Return Grade


725. NAV
727. Net Assets*
729.
730. *Quarterly Average
731.
732. ASSET ALLOCATION (%)
734. Equity
736. Debt
738. Other
740.

724.
726.
728.

Below Average
Rs.26.028as on Sept 30, 2015
Rs.646.87cr as on Jun 30, 2015

733.
735.
737.
739.

PERCENTAGE HELD
92.92%
7.57%
-0.48%

PERCENTAGE HELD

Equity
Debt
Others

741.
742.
743. SCHEME PERFORMANCE
744.
745. 1
746. 3
747. 6
month
months
months
751. 3.9
752. 1.0
753. 1.6
757.
758.
759.
760.
761.
762.
763.

*returns over 1 year are annualized

748.
year
754.

1
24.7

749. 3
years
755. 28.2
*

750. 5
years
756. 14.
0*

764.
765.
766.
767.
768.
769.
770.
771.
772.
773.
774.
775.
776.
777.
778.
779.
780.
781.
782.
Fund

Comparisons:Snapshot
783. 785.
Ra Category
t
784.
Ing

786.
Launc
h

797.
KOTAK
798.
MID-CAP

799. 800.
*** SC&MC

801.
Jan 28,
802.
2005

809.
KOTAK
810.
EQUITY
811.
ARBITRAGE
812.
FUND
823.
KOTAK
824.
EMERGING
825.
EQUITY

813. 814.
*** SC&MC

815.
Sep 29,
816.
2005

826. 827.
*** SC&MC

828.
Mar 12,
829.
2007

787.
Expense
788.
Ratio
789.
(%)
803.
2.88%
804.
(Mar 31,
805.
2015)
817.
0.93%
818.
(Mar 31,
819.
2015)

790.
1-Year
791.
Return
792.
(%)
806.
22.95%

793.
1-Year
794.
Rank

795.
Net
Asset
796.
(Cr)

807.
51

808.
Rs.350

820.
7.9%

821.
25

822.
Rs.4693

830.
2.5%
831.
(Mar 31,
832.
2015)

833.
26.8%

834.
31

835.
Rs.755

SCHEME
836.
837.
838.
839.
840.
841.
Fund

853.
KOTAK
854.
MID-CAP
862.
KOTAK
863.
EQUITY
864.
ARBITRAGE
865.
FUND
873.
KOTAK
874.
EMERGING
875.
EQUITY
SCHEME
883.
884.
885.
886.
887.
888.
889.
890.
891.
Scheme

Fees & Details


842.
Ratin
g

855.
***

843.
Minimum
844.
Investment
845.
(Rs)
856.
Rs.5000

866.
***

867.
Rs.5000

876.
***

877.
Rs.5000

846.
Exit Load
847.
(Period)

848.
Expense
849.
Ratio

857.
1%within
858.
365days
868.
0.5%within
869.
90 days

859.
2.88%

878.
1%within
879.
365 days

880.
2.5%

870.
0.93%

850.
Portfolio
851.
Manager
852.
(Tenure)
860.
Pankaj
861.
Tibrewal
871.
Deepak
872.
Gupta

881.
Pankaj
882.
Tibrewal

NAV Details
892.
NAV

893.
As On

894.
52-Week
895.

896.
As On

897.
52-Week
898.

899.
As On

High
900.
KOTAK
901.
MID-CAP
910.
KOTAK
911.
EQUITY
912.
ARBITRAGE
921.
KOTAK
922.
EMERGING
923.
EQUITY SCHEME
932.
933.
934.
935.
936.
937.
938.
Fund
Rat
i
939.
ng

964.
KOTAK
965.
MID-CAP

902.
Rs.
52.345

Low

903.
Sept
30,
2015
913.
914.
Rs.
Sept
21.3526 30,
2015

904.
Rs.32.15

924.
Rs.
26.028

926.
Rs.27.87

925.
Sept
30,
2015

915.
Rs.21.45

905.
Aug 05,
906.
2015
916.
Mar 02,
917.
2015

907.
Rs.25.38

927.
Aug 05,
928.
2015

929.
Rs.20.65

918.
Rs.17.76

908.
Oct 16,
909.
2014
919.
Oct 16,
920.
2014
930.
Oct 16,
931.
2014

Portfolio
940.
Capital
i
941.
zation

966. 967.
*** Mid &
968.
Small
969.
Cap

942.
Turn
943.
Over

944.
Credit
945.
Qualit
y

946.
Interes
t
947.
Rate
948.
Sensiti
949.
vity

970.
40%

971.
-

972.
-

950.
Aver
951.
age
952.
Cred
953.
it
954.
Qua
955.
lity
973.
-

956.
Aver
957.
age
958.
Mat
u
959.
rity
960.
(Yrs
)
974.
-

961.
Net
962.
Assets
963.
(Cr)

975.
Rs.350

976.
KOTAK
977.
EQUITY
978.
ARBITRAG
E
989.
KOTAK
990.
EMERGING
991.
EQUITY
992.
SCHEME
1003.
1004.
1005.
1006.
1007.
1008.
1009.
1010.
1011.
1012.
1013.
1014.
Fund

979. 980.
*** Mid &
981.
Small
982.
Cap

983.
190
%

984.
-

985.
-

986.
-

987.
-

988.
Rs.469
3

993. 994.
*** Mid &
995.
Small
996.
Cap

997.
83%

998.
-

999.
-

1000.
-

1001. 1002.
Rs.755

1015.
Rating
s

1016.
Fund
1017.
Risk
1018.
Grade

1031.
KOTAK
1032.
MID-CAP
1040.
KOTAK
1041.
EQUITY
1042.
ARBITRAG
E

1033.
***

1034. A 1035.
bove
23.46
Average %

1043.
***

1044.
1046.
Below
8.41%
1045.
Average

Risk Status
1019.
Mean
1020.
(%)

1021.
Standard
1022.
Deviatio
n
1023.
(%)
1036.
18.55%

1024.
Sharp
e
1025.
Ratio
1026.
(%)
1037.
0.90%

1027.
Beta
1028.
(%)

1029.
Alpha
1030.
(%)

1038.
1.12
%

1039.
10.79
%

1047.
0.55%

1048.
3.07%

1049.
0.43
%

1050.
2.24%

1051.
1054.
1055.
1057.
KOTAK
***
Below
26.65
1052.
1056.
%
EMERGING
Average
1053.
EQUITY
SCHEME
1062. (As on Sep 30, 2015)

1058.
18.67%

1059.
1.07%

1060.
1.06
%

1061.
14.29
%

1063.

1064.
1065.
1066.
1067.
1068. INTERPRETATION
1069.
1070. Beta:1071.
1072.
Beta of Kotak Mid-Cap Equity Fund is highest among the different
schemes, which indicates the volatility in this specific scheme is more as compared to
other funds. But at the same time Kotak Emerging Equity Scheme has shown less risky
investment then Kotak Mid-Cap and Kotak Equity Arbitrage is the least risky fund
among others.
1073.
1074. Alpha:1075.
1076.
Alpha of Kotak Equity Arbitrage Fund is highest so highest return is given
by this fund. But the risk taken by this fund is less. Kotak Mid-Cap Fund has shown
volatility at par with SENSEX but among the equity this fund has given good return.
1077.
1078. Mean:1079.
1080.
The highest mean is given by Kotak Emerging Equity Fund. Kotak-Mid
Cap Equity has also performed better but less compared to by Kotak Emerging Equity
Fund
1081.
1082. Standard deviation:1083.
1084.
Kotak Emerging Equity Fund has shown more deviation as compared to
other schemes. Similarly Kotak Mid-Cap Equity Fund has also shown better deviation.
1085.
1086. Sharpes ratio:-

1087.
1088.
The Sharpes ratio of Kotak Equity Arbitrage Mid Cap Fund is highest
suggesting that after taking total risk into consideration the fund is giving good returns
over and above the risk free returns.
1089.
1090. NAV:1091.
1092.
In this table as on June 30, 2015 Kotak Mid-Cap Equity Fund is having
highest NAV as compared to other funds. So in case of liquidation this fund will give
maximum returns.
1093.
1094.
1095.
1096.
1097.
1098.
1099.
1100.
1101.
1102.
1103.
1104.
1105.
1106.
1107.
1108.
1109.
1110.
1111.
1112.
1113.
1114.
1115.
1116.
1117.
1118.
1119. DIVERSIFIED EQUITY FUNDS
1120.
1121. KOTAK OPPORTUNITIES
1122.
1123. As on August 31, 2015
1124.

1125.
1127.
1129.
1131.
1133.
1135.
1137.

INVESTMENT INFOMATION
Fund Type
Investment Plan
Risk Grade
Return Grade
NAV
Net Assets*

1139.
1140. *Quarterly Average
1141.
1142. ASSET ALLOCATION (%)
1144. Equity
1146. Debt
1148. Others
1150.

1126.
1128. Open-Ended
1130. Equity
1132. Average
1134. Average
1136. Rs.81.432as on Sept 30, 2015
1138.
Rs. 638.93cr as on
Jun 30, 2015

1143.
1145.
1147.
1149.

PERCENTAGE HELD
98.40%
0.00
1.60%

PERCENTAGE HELD

Equity
Debt
Others

1151.
1152.
1153.
1154.
1155.
1156. SCHEME PERFORMANCE
1157.
1158. 1
1159. 3
1160. 6
month
months
Months
1164. 2.7
1165. -1.0
1166. -3.5

1161. 1
year
1167. 15.7

1162. 3
1163. 5
years
years
1168. 20.0* 1169. 9.7*

1170.
1171. *returns over 1 year are annualized
1172.
1173.
1174.
1175. KOTAK SELECT FOCUS FUND
1176.
1177. As on August 31, 2015
1178.
1179. INVESTMENT INFOMATION
1181. Fund Type
1183. Investment Plan
1185. Risk Grade
1187. Return Grade
1189. NAV
1191. Net Assets*
1193.
1194. *Quarterly Average
1195.
1196. ASSET ALLOCATION (%)
1198. Equity
1200. Debt
1202. Cash
1204.

1180.
1182.
1184.
1186.
1188.
1190.
1192.

Open-Ended
Equity Scheme
Average
High
Rs.22.907as on Sept 30, 2015
3285cr as on Mar 31, 2015

1197.
1199.
1201.
1203.

PERCENTAGE HELD
93.24%
10.84%
-4.08%

PERCENTAGE HELD

Equity
Debt
Cash

1205.
1206.

1207.
1208. SCHEME PERFORMANCE
1209.
1210. 1
1211. 3
1212. 6
1213. 1
1214.
month
months
months
year
years
1216. 3.7
1217. 0.9
1218. -1.9 1219. 17.3
1220.
1222.
1223. *returns over 1 year are annualized
1224.
1225.
1226.
1227.
1228.
1229.
1230.
1231.
1232.
1233.
1234.
1235.
1236.
1237.
1238.
1239.
1240.
1241.
Comparisons:1242.
1243.
Snapshot
1244.
1245.
1246.
1247. 1249.
1250.
1251.
1254.
Fund
Ra Category Launc Expens 1-Year
t
h
e
1255.
1248.
1252.
Retur
Ing
Ratio
n
1253.
1256.
(%)
(%)
1261.
1264. 1265.
1267.
1269.
1272.
KOTAK
*** Diversifie Aug
2.5%
17.8%
1262.
d
25,
1270.
OPPORTUNITIE
1266.
1268.
(Mar
S
Equity
2004
31,
1263.
1271.
FUND
2015)

3
23.5

1215. 5
years
1221. 12.2

1257.
1Year
1258.
Rank

1259.
Net
Asset
1260.
(Cr)

1273.
50

1274.
Rs.126
5

1275.
KOTAK
1276.
SELECT
1277.
FOCUS FUND
1291.
1292.
1293.
1294.
1295.
1296.
Fund

1278. 1280.
*** Diversifie
1279. d
* 1281.
Equity
1282.

1285.
2.24%
1286.
(Mar
31,
1287.
2015)

1288.
19.1%

1289.
42

1290.
Rs.328
5

Fees & Details


1297.
1298.
Rating Minimum
1299.
Investment
1300.
(Rs)
1311.
1312.
***
Rs.5000

1308.
KOTAK
1309.
OPPORTUNITIES
1310.
FUND
1318.
1321.
1323.
KOTAK
***
5000
1319.
1322.
SELECT
*
1320.
FOCUS FUND
1329.
1330.
1331.
1332.
1333.
1334.
1335.
1336.
Scheme
NAV
As On
1343.
KOTAK
1344.
OPPORTUNITIES
1345.

1283.
Aug
20,
1284.
2009

1346.
Rs.
81.432

1347.
Sept
30,
2015

1301.
Exit Load
1302.
(Period)

1303.
Expense
1304.
Ratio

1313.
2% within
1314.
365days

1315.
2.5%

1324.
1%within
1325.
365 days

1326.
2.24%

1305.
Portfolio
1306.
Manager
1307.
(Tenure)
1316.
Harsha
1317.
Upadhaya
1327.
Harsha
1328.
Upadhaya

NAV Details
1337.
52-Week
1338.
High
1348.
Rs.87.76

1339.
As On
1349.
Aug06,
1350.
2015

1340.
52-Week
1341.
Low
1351.
Rs. 69.54

1342.
As On
1352.
Oct 16,
1353.
2014

FUND
1354.
1356.
1357.
KOTAKSELECT
Rs.
Sept
1355.
22.907 30,
FOCUS FUND
2015
1364.
1365.
1366.
Portfolio
1367.
1368.
1369.
1370. 1372.
1374.
Fund
Rat Capital Tur
i
i
n
1371. 1373.
1375.
Ng zation Ove
r

1395.
KOTAK
1396.
OPPORTUNITIE
S
1397.
FUND
1408.
KOTAK
SELECT
1409.
FOCUS FUND
1420.
1421.
1422.
1423.

1376.
Credit
1377.
Qualit
y

1359.
Aug 06,
1360.
2015

1378.
Interest
1379.
Rate
1380.
sensitivit
y

1398. 1399.
*** Divers1400.
ified
1401.
Equity

1402. 1403.
35% -

1404.
-

1410.
***
1411.
*

1414. 1415.
80% -

1416.
-

1412.
Diversi
1413.
fied
Equity

Risk Status
1424.

1358.
Rs.20.83

1361.
Rs.16.51

1381.
Ave
r
1382.
age
1383.
Cre
d
1384.
it
1385.
Qua
1386.
lity
1405.
-

1387.
Aver
1388.
age
1389.
Mat
u
1390.
rity
1391.
(Yrs
)

1362.
Oct 16,
1363.
2014

1392.
Net
1393.
Assets
1394.
(Cr)

1406. 1407.
Rs.126
5

1417. 1418. 1419.


Rs.328
5

1425.
Fund

1426.
Rating
s

1437.
KOTAK
1438.
OPPORTUNITIE
S
1439.
FUND
1447.
KOTAK
1448.
SELECT
1449.
FOCUS FUND

1440.
***

1458.
1459.

1450.
***
1451.
*

1427.
Fund
1428.
Risk
1429.
Grade
1441.
Average

1430.
Mean

1431.
Standard
1432.
Deviatio
n

1433.
Sharp
e
1434.
Ratio

1435.
Beta

1436.
Alph
a

1442.
19.09
%

1443.
14.09%

1444.
0.88%

1445.
0.97
%

1446.
7.22%

1452.
1453.
Average 21.88
%

1454.
14.86%

1455.
1.02%

1456.
1.02
%

1457.
9.77%

(As on Sep 30, 2015)

1460.
1461.
1462.
1463.
1464.
1465.
1466.
1467. INTERPRETATION
1468.
1469. Beta:1470.
Beta of Kotak Select Focus Equity Fund is highest among the different
schemes, which indicates the volatility in this specific scheme is more as compared to
other funds.
1471.
1472. Alpha:1473.
Alpha of Kotak Select Focus Equity Fund is highest so highest return is
given by this fund. But the risk taken by this fund is less.
1474.
1475. Mean:-

1476.
The highest mean is given by Kotak Select Focus Equity Fund. Kotak
opportunity equity fund has also performed better but less compared to by Kotak Select
Focus Equity Fund.
1477.
1478. Standard deviation:1479.
Kotak Select Focus Equity Fund has shown more deviation as compared
to other schemes. Similarly Kotak opportunity equity fund has also shown better
deviation.
1480.
1481. Sharpes ratio:1482.
The Sharpes ratio of Kotak Select Focus Equity Fund is highest
suggesting that after taking total risk into consideration the fund is giving good returns
over and above the risk free returns.
1483.
1484. NAV:1485.
In this table as on Sept 30, 2015, Kotak opportunity equity fund is having
highest NAV as compared to other funds. So in case of liquidation this fund will give
maximum returns.
1486.
1487.
1488.
1489.
1490.
1491.
1492.
1493.
1494.
1495.
1496.
1497.
OTHERS
1498.
1499. KOTAK TAX SAVER
1500.
1501. As on August 31, 2015
1502.
1503. INVESTMENT INFORMATION
1504.
1505. Fund Type
1506. Open-Ended
1507. Investment Plan
1508. Equity Scheme
1509. Risk Grade
1510. High
1511. Return Grade
1512. Average
1513. NAV
1514. Rs.30.599as on Sept 30, 2015

1515. Net Assets*


1517.
1518. *Quarterly Average
1519.
1520. ASSET ALLOCATION (%)
1522. Equity
1524. Debt
1526. Cash
1528.

1516. Rs.494.64cr as on Jun 30, 2015

1521.
1523.
1525.
1527.

PERCENTAGE HELD
97.35%
2.83%
-0.18%

PERCENTAGE HELD

Equity
Debt
Cash

1529.
1530.
1531.
1532.
1533.
1534. SCHEME PERFORMANCE
1535.
1536. 1
1537. 3
1538. 6
month
months
Months
1542. 3.5
1543. -1.2 1544. -4.6
1548.
1549. *returns over 1 year are annualized
1550.
1551.
1552. KOTAK BALANCE
1553.

1539. 1
year
1545. 18.2

1540. 3
years
1546. 17.6
*

1541. 5
years
1547. 8.3*

1554. As on August 31, 2015


1555.
1556. INVESTMENT INFOMATION
1558. Fund Type
1560. Investment Plan
1562. Risk Grade
1564. Return Grade
1566. NAV
1568. Net Assets*
1570.
1571. *Quarterly Average
1572.
1573. ASSET ALLOCATION (%)
1575. Equity
1577. Debt
1579. Others
1581.

1557.
1559.
1561.
1563.
1565.
1567.
1569.

Open-Ended
Equity Scheme
Average
Below Average
Rs.18.407as on Sept 30, 2015
Rs.44.61cr as on Jun 30, 2015

1574.
1576.
1578.
1580.

PERCENTAGE HELD
68.60%
31.30%
0.10%

PERCENTAGE HELD

Equity
Debt
Others

1582.
1583.
1584.
1585. SCHEME PERFORMANCE
1586.
1587. 1
1588. 3
1589. 6
month
months
Months
1593. 3.0
1594. -0.6
1595. -3.4
1599.

1590. 1
year
1596. -

1591. 3
years
1597. -

1592. 5
years
1598. -

1600. *returns over 1 year are annualized


1601.
1602.
1603.
1604.
1605.
1606.
1607.
1608.
1609.
1610.
1611.
1612.
1613.
1614.
1615.
1616.
1617.
1618.
Comparisons:1619.
1620.
Snapshot
1621.
1622.
1623.
1624. 1626.
1627.
Fund
Ra Category Launc
t
h
1625.
Ing
1638.
KOTAK
1639.
TAX
1640.
SAVER
1651.
KOTAK
1652.
BALANCE
1663.
1664.
1665.

1641. 1642.
*** ELSS

1653. 1654.
Balanced

1628.
Expense
1629.
Ratio
1630.
(%)
1643.
1645.
Nov 23, 2.66%
1644.
1646.
2005
(Mar 31,
1647.
2015)
1655.
1657.
Oct 01, 2.51%
1656.
1658.
2014
(Mar 31,
1659.
2015)

Fees & Details

1631.
1-Year
1632.
Return
1633.
(%)
1648.
20.1%

1634.
1-Year
1635.
Rank

1636.
Net
Asset
1637.
(Cr)

1649.
15

1650.
Rs.492

1660.
-

1661.
-

1662.
Rs.257

1666.
1667.
1668.
Fund

1680.
KOTAK
1681.
TAX
1682.
SAVER
1689.
KOTAK
1690.
BALANCE

1669.
Ratin
g

1683.
***

1691.
-

1670.
Minimum
1671.
Investment
1672.
(Rs)
1684.
Rs.500

1673.
Exit Load
1674.
(Period)

1675.
Expense
1676.
Ratio

1685.
0%

1686.
2.66%

1692.
Rs.1000
s

1693.
1%within
1694.
365days

1695.
2.51%

1698.
1699.
1700.
1701.
1702.
1703.
1704.
1705.
1706.
1707.
1708.
1709.
1710.
1711.
1712.
1713.
1714.
1715.
Scheme

1716.
NAV

1717.
As On

1724.
KOTAK
1725.

1727.
Rs.
30.599

1728.
Sept
30,

1677.
Portfolio
1678.
Manager
1679.
(Tenure)
1687.
Harsha
1688.
Upadhaya
1696.
Pankaj
1697.
Tibrewal &
Abhishek
Bisen

NAV Details
1718.
52-Week
1719.
High
1729.
Rs.32.84

1720.
As On
1730.
Aug 07,
1731.

1721.
52-Week
1722.
Low
1732.
Rs.25.68

1723.
As On
1733.
Oct 16,
1734.

TAX
1726.
SAVER
1735.
KOTAK
1736.
BALANCE
1747.
1748.
1749.
1750.
1751.
1752.
Fund

1778.
KOTAK
1779.
TAX
1780.
SAVER
1789.
KOTAK
1790.
BALANCE
1800.
1801.
1802.
1803.
1804.

2015
1737.
Rs.
1738.
18.407

1739.
Sept
30,
1740.
2015

2015
1741.
Rs.19.19

1742.
Mar 03,
1743.
2015

2014
1744.
Rs.17.46

1745.
Sep 29,
1746.
2015

Portfolio
1753.
Rat
i
1754.
ng

1755.
Capital
i
1756.
zation

1757.
Turn
1758.
Over

1759.
Credit
1760.
Qualit
y

1761.
Interest
1762.
Rate
1763.
sensitivit
y

1781. 1782.
*** ELSS

1783. 1784.
37% -

1785.
-

1791. 1792.
Diversi1793.
fied

1794. 1795.
121
%

1796.
-

Risk Status

1764.
Aver
1765.
age
1766.
Cre
d
1767.
it
1768.
Qua
1769.
lity
1786.
-

1770.
Aver
1771.
age
1772.
Mat
u
1773.
rity
1774.
(Yrs)

1775.
Net
1776.
Assets
1777.
(Cr)

1787. 1788.
Rs.49
2

1797. 1798. 1799.


Rs.25
7

1805.
Fund

1806.
Rating
s

1817.
KOTAK
1818.
TAX
1819.
SAVER
1827.
KOTAK
1828.
BALANCE

1820.
***

1807.
Fund
1808.
Risk
1809.
Grade
1821.
Average

1829.
-

1836.

1810.
Mean

1811.
Standard
1812.
Deviatio
n

1813.
Sharpe
1814.
Ratio

1815.
Beta

1816.
Alpha

1822.
17.18

1823.
16.29

1824.
0.64

1825.
1.10

1826.
4.60

1830.
1831.
Average 12.25

1832.
9.31

1833.
0.59

1834.
0.81

1835.
2.19

(As on Sep 30, 2015)

1837.
INTERPRETATION
1839.
1840. Beta:1841.
Beta of Kotak Tax Saver Equity Fund is highest among the different
schemes, which indicates the volatility in this specific scheme is more as compared to
other funds.
1842.
1843. Alpha:1844.
Alpha of Kotak Tax Saver Equity Fund is highest so highest return is
given by this fund. But the risk taken by this fund is less.
1845.
1846. Mean:1847.
The highest mean is given by Kotak Tax Saver Equity Fund. Kotak
Balance equity fund has also performed better but less compared to by Kotak Tax Saver
Equity Fund.
1848.
1849. Standard deviation:1850.
Kotak Tax Saver Equity Fund has shown more deviation as compared to
other schemes.
1851.
1852. Sharpes ratio:1838.

1853.
The Sharpes ratio of Kotak Tax Saver Equity Fund is highest suggesting
that after taking total risk into consideration the fund is giving good returns over and
above the risk free returns.
1854.
1855.
1856. NAV:1857.
In this table as on Sept 30, 2015 Kotak Tax Saver fund is having highest
NAV as compared to other funds. So in case of liquidation this fund will give maximum
returns.
1858.
1859.
1860.
1861.
1862.
1863.
1864.
1865.
1866.
1867.
1868.
1869.
1870.
1871.
1872.
1873.
1874.
1875.
1876.
1877.
1878.
1879.
1880.
1881.
1882.
1883.
1884.
1885.
1886.
1887.
1888.
1889.
1890.

CHAPTER - 7
Findings, suggestions
and conclusion

1891.
1892.
1893.
1894.
1895.
1896.
1897.
1898.
1899.
1900.
1901.
1902.
1903.
1904.
1905.
1906.
1907.
1908.
1909.
1910.
1911.
1912.

FINDINGS
1913.
1914. The following are the major findings of this study:
1915.
The NAV proves that the Kotak Opportunity Equity Scheme has the better
performance when compare to all.
1916.
Kotak Emerging Equity Scheme has the stable growth in market.
1917.
Kotak Select Focus showed a fluctuating trend in the market.
1918.
The Standard deviation proves that the Kotak Emerging Equity Scheme has the
high risk when compared to all.
1919.
Kotak Balance has medium risk when compared to all.
1920.
Kotak Equity Arbitrage has low risk when compared to all.
1921.
The BETA proves that the Kotak Mid-Cap has the more volatile compared in the
market.

1922.

1923.

The Sharpe's index ratio proves that the Kotak Equity Arbitrage Equity Fund has
the better performance when compared to all.

Kotak 50 and Kotak Classic Equity Schemes has performed best in the market
among other schemes.

Kotak Mid-Cap has also medium performance in the market.

Kotak Equity Arbitrage Scheme has least performing fund among all the funds.

1924.
1925.

1926.
1927.
1928.
1929.
1930.
1931.
1932.
1933.
1934.
1935.
1936.
1937.
1938.
1939.

SUGGESTIONS:1940.
1941.
After analyzing mutual funds on the basis of Alpha, Beta, Mean, Standard
Deviation, Sharpes Ratio, NAV i suggest:1942.
To investors:1943.
A. Large cap equity fund:1944.
a) For the investors who wants higher returns with high risk appetites go for: Kotak
50.
1945.
b) For investors who want moderate or good return with low risk appetite go for:
Kotak Classic Equity Fund.
1946.
B. Mid and small cap equity fund:1947.

a) For investor who wants higher return with high risk appetites go for: Kotak
Emerging Equity Scheme
1948.
b) For investors who want moderate return with low risk appetite go for: Kotak MidCap
1949.
c) For investors who want good return with low risk appetite go for: Kotak Equity
Arbitrage
1950.
C. Diversified equity fund:1951.
a. For investor who wants higher return with high risk appetites go for:
Kotak Select Focus
1952.
b. For investors who want moderate return with low risk appetite go for:
Kotak Opportunity
1953.
D. Other Funds:a. For investor who wants higher return with high risk appetites go
for: Kotak Tax Saver
1954.
b. For investors who want moderate return with low risk appetite go
for: Kotak Balance
1955.
1956.
To the company
1957.
1. Kotak Mahindra Asset Management should initiate financial knowledge drive to
attract more investors.
1958.
2. Kotak Mahindra Asset Management should launch financial inclusion program for
untapped market such as small towns, villages etc.
1959.
1960.
1961.
1962.
1963.
1964.
1965.

1966.
1967.
1968.
1969.
1970.
1971.
1972.
1973.
1974.
1975.
1976.
1977.
1978.
1979.
1980.
1981.
1982.
1983.
1984.
1985.
1986.
1987.
1988.
1989.

CONCLUSION
1990.
1991.
In order to study the concept of mutual fund we should note that a mutual
fund is trust that pools the money of several investors and manages investment on behalf.
The fund collects this money from investors through various schemes. Each scheme is
differentiated by its objectives of investments or in other words a broadly defined purpose
of how the collected money is going to be involved.
1992.
1993. Investor invests in mutual fund due to following advantages: they have
professional management, diversification, convenient administration, return potential,
low cost, liquidity.
1994.
1995. By comparing the above mentioned schemes I came to know the risk and
return relation between the specified schemes. Therefore investors before investing in any
Mutual Fund scheme they should study the risk and return relation. And if the risk and

return is been matched with their planning, then only the investors should go for Mutual
Fund schemes.
1996.
1997. So the future of mutual funds in India is bright, because it meets investors
needs perfectly. This will give boost to Indian investors and will attract foreign investors
also. It will lead to the growth of strong institutional framework that can support the
capital markets in the long run.
1998.
1999.
2000.

2001.
2002.
2003.
2004.
2005.
2006.
2007.
2008.
2009.
2010.
2011.
2012.
2013.
2014.
2015.
2016.
2017.
2018.
2019.
2020.
2021.
2022.
2023.
2024.
2025.
2026.
2027.
2028.
2029.
2030.
2031.
2032.
2033.
2034.

CHAPTER - 8
bibliography

2035.
2036.
2037.
2038.
2039.
2040.
2041.
2042.
2043.
2044.
2045.
2046.
2047.
2048.
2049.
2050.
2051.
2052.
2053.
2054.
2055.
2056.
2057.
2058.
2059.
2060.
2061.

2062.
2063.
2064.
2065. BIBLIOGRAPHY:
2066.

2067.
Websites:2068.
www.valuesearchonline.com

www.moneycontrol.com

www.investopidia.com

www.amfiindia.com

2069.
2070.
2071.
2072.

www.assetmanagement.kotak.com

2073.

www.mutualfund.com
2074.
2075.
2076.
Newspapers:2077.
Business Standards
2078.
Economic Times
2079.
2080.
Books:2081.
2082.
Authors
Books
2083.
V K Bhalla
Investment Management
2084.
I M Pandey
Financial Management 7thEdition
2085.
Preeti Singh
Portfolio Management
2086.
2087.
2088.
2089.
2090.
2091.
2092.
2093.

2094.

ABBREVIATION
2095.
2096.

2097.

1.

MF- Mutual Fund

2098.
2. AMC- Asset Management Company
2099.
3. SEBI- Securities Exchange Board Of India
2100.
4. DP- Depository Participants
2101.
5. PPF- Public Provident Fund
2102.
6. NAV- Net Asset Value
2103.
7. HNIs- High Net Worth Individuals
2104.
8. CRM- Customer Relationship Management
2105.
9. AUM- Asset Under Management
2106.
10.
SIP- Systematic Investment Plan
2107.
11.
STP- Systematic Transfer Plan
2108.
12. SWP- Systematic Withdrawal Plan
2109.