ISSN 2277-5846

The International Journal Of Management

THE INTERNATIONAL JOURNAL OF MANAGEMENT ISSN 2277 – 5846I

ISSN 2277 - 5846

2277 - 5846

A Study On The Performance Of Selected Large Cap And

Small & Mid Cap Mutual Fund Schemes In India

Dr. R. Karrupasamy
Director, Department Of Management Studies, SNS College Of Technology
Coimbatore, India
Professor V. Vanaja
Associate Professor, Department of Management Studies, Sri Ramakrishna Engineering College
Coimbatore, India

Abstract:
Mutual fund is an investment vehicle that pools together the funds from investors by issuing units and investing the funds so
raised in securities in accordance with the objectives disclosed in the offer document. Wide variety of schemes are being
launched by mutual fund players which often confuse the investors. In this complex scenario, this study of Performance
evaluation would help the investors to choose the best schemes available and will also help the AUM’s in better portfolio
construction and can rectify the problems of underperforming schemes. The objective of the study is to evaluate the
performance of different mutual fund schemes (Large Cap, Small & Mid cap Equity Schemes) on the basis of returns and
comparison with their bench marks and also to appraise the performance of different category of funds using risk adjusted
measures as suggested by Sharpe, Treynor and Jensen. The study revealed the investors for investment below 2 years can
choose large cap schemes and investment beyond 3 years can be made in Small & mid cap schemes.

Key words: Performance Evaluation, Large Cap, Small & Mid cap Equity Schemes,
Bench Marks, AUM

1.Introduction
Mutual fund is suitable for the common man as it offers an opportunity to invest and diversified, professionally managed basket
of securities comparatively at low cost. The investors pool their money to the fund manager and the fund manager invest the
money in the securities and after generating returns passed back to the investors. “Mutual fund is a pool of money is invested in
accordance with the common objective stated before the investment to the investors.” The SEBI regulations 1993 defines a
mutual fund as “ a fund in the form of trust by a sponsor, to raise money by the trustees through the sale of units to the public,
unser one or more schemes, for investing in securities in accordance with these regulations” Mutual funds offers several
advantages over investment in single stocks, including diversification and professional management. A mutual fund can hold
investments in number of stocks, thus reducing the risk associated with any particular stock. Moreover, the transaction cost
associated with buying and selling individual stock is also low as it is spread over all the
mutual fund shareholders.

2.Review Of Literature
 Nalini Prava Tripathy (2004) evaluated the Performance of Tax Planning Schemes in India using six different
performance measures. The study revealed that majority of the schemes had not outperformed the market and also a
proper balance between selectivity and diversification was not maintained by the fund managers.
 Malik N.S and Suresh Kumar Mittal (2007) analysed the performance of 74 equity funds from 1986 to 2006 using the
S&P CNX Nifty as market benchmark and two risk-adjusted performance measures (Sharpe and Treynor’s Index). The
study indicated that the actively managed funds outperformed the market benchmark mostly over a longer period of time
(generally five years). In private sector category (26), 21.92 percent funds had outperformed and in public sector funds
(48), only 15.38 percent funds had outperformed the benchmark.

7 Vol 2 Issue 3 ( July, 2013) www.theijm.com

The International Journal Of Management

 Sowmya Guha Deb, Ashok Banerjee and B.B. Chakrabarti (2007) analysed 96 schemes and made an attempt to find the
stock selection and market timing abilities of the Indian Mutual fund managers using unconditional as well as conditional
approaches. The results revealed that Indian mutual fund managers lacked market timing skill but they exhibited stock
selection ability.
 Madhumita Chakraborthy, P.K. Jain and Vinay Kallianpur (2009) conducted the performance evaluation of some select
growth funds in terms of their returns and risk-adjusted approaches taking treasury bills as risk free asset and using BSE-
100 as benchmark index. The study revealed that the performance of funds were satisfactory and the fund managers
possessed indefinable performing capabilities.
 Bapna, Yogesh Mehta and Vishal Sood (2010) compared the performance of public and private sponsored nineteen
ELSS mutual funds by using the Sharpe ratio and using S&P CNX Nifty as a market benchmark for six years (2003-
2008). The study indicated that the private sponsored funds were able to outperform public sponsored funds.

3.Significance Of The Study

In India, Mutual funds have become a very popular and common source of wealth creation and investment for middle class
section of the economy. The reason being the traditional investment avenues like post office savings and bank deposits offer low
returns but do not provide hedge against inflation. The high return yielding equity shares are also not performed by the investors
as they cannot withstand the market fluctuations. Wealth management services provided by the institutions are costly and an
average investor cannot afford to these services. Therefore, people for their savings and wealth creation started preferring avenues
which provides diversification, professional management. These investors have found a good shelter with the mutual funds.
Mutual fund is the ideal investment vehicle in today’s complex financial scenario. Number of players both domestic and foreign in
the market and various schemes make the investors perplexed the investors in choosing the fund category and schemes.
Performance evaluation would help the investors to choose the best schemes available and will also help the AUM’s in better
portfolio construction and can rectify the problems of underperforming schemes.

4.Objectives of the study

 To evaluate the performance of different mutual fund schemes on the basis of returns and comparison with their bench
marks.
 To appraise the performance of different category of funds using risk adjusted measures as suggested by Sharpe, Treynor
and Jensen.
 To find out if there is a significant difference in the performance of different category of funds.

5.Research Methodology

5.1.Sample Selection
Mutual fund schemes which are in operation for more than a period of five years and performing during the period of study
(2007-2012) were selected for the present study. The mutual fund category selected for the study are Large cap and Small & Mid
cap.

S. No Type of the fund Nature of the fund

1 Large Cap Equity Mutual Funds that invest more than 75% in CRISIL-
defined Large Cap Stocks for a minimum of four out of six
months in each period over the last 2 years.
2 Small & Mid Cap Equity Mutual Funds that invest less than 45% in CRISIL-
defined Large Cap Stocks for a minimum of four out of six
months in each period over the last 2 years.
Table 1
5.2.Benchmark
Sensex, Nifty, CNX 500, S&P BSE 500 and category average were used Large cap equity schemes; S&P BSE Midcap, S&P
BSE 500 and S&P BSE Small cap and category average were used Small & mid cap schemes.

5.3.Data Collection
The data was collected from Newspapers, Books, Journals, Fact sheets of Mutual funds, websites of AMFI, SEBI,
valuereasearch online, moneycontrol.com etc.,

6.Performance Of Different Category Of Funds On The Basis Of Returns And Comparison With Their Bench Marks

6.1.Large Cap Equity Schemes

There were 82 large cap equity schemes, of which only 51 schemes were in operation for the last five years. Judgement sampling
technique was applied. The large cap schemes which has AUM more the Rs. 500 crores were selected for the study.

8 Vol 2 Issue 3 ( July, 2013) www.theijm.com

The International Journal Of Management

Mutual Fund Schemes AUM (Rs. cr.) 1yr 2yr 3yr 5yr
(Large Cap)
As on Dec-12

SBI Blue Chip Fund (G) 740.93 19.2 7.7 4.6 6.3
Birla SL Frontline Equity -A (G) 2,935.67 14.2 5.2 5.5 10
SBI Magnum Equity Fund (G) 1,083.86 10.1 4.8 5.4 8.2
UTI Leadership Equity Fund (G) 619.82 9.7 2.9 2.7 3.5
Reliance Top 200 Fund-RP (G) 823.61 9.5 3.8 5 6.6
Kotak 50 (G) 779.72 9.3 3.8 3.9 5.1
Reliance Equity Fund - RP(G) 1,117.08 9 1.8 -2.3 1
UTI Master Plus US (G) 908.5 8 3.9 4.8 4.4
Tata Pure Equity Fund (G) 585.97 7.9 5.3 4.1 8
UTI Mastershare (G) 2,418.03 6.2 2.5 4 6.8
Franklin India Bluechip (G) 5,040.43 5.6 3.5 5.2 9.5
UTI Opportunities Fund (G) 1,764.04 4.7 6.9 8.1 12.6
HDFC Top 200 Fund (G) 12,122.23 4.2 1.2 4.7 10.2
HSBC Equity Fund (G) 624.16 4.1 -0.1 1.5 3.1
UTI Top 100 Fund (G) 645.64 3.7 2.7 3.3 4.3
Sundaram Select Focus - RP (G) 600 3.3 -0.7 -0.1 2.4
DSP-BR Top 100 Equity - RP (G) 3,429.77 3.1 2.4 3.8 8
L&T Equity Fund (G) 2,614.55 3 0.5 4.6 8.8
CATEGORY AVERAGE 5.8 1.8 2.5 3.1
SENSEX 9 2.1 2.5 4.1
NIFTY 8.1 2.2 2.8 4.2
CNX 500 5.7 0.9 1 3.8
S&P BSE 500 5.3 0.4 0.9 3.7
Table 2

The above table depicts the performance of selected large cap funds for the period – 6 months, 1 year, 2 years, 3 years and 5 years.

6.1.1.Annualised Percentage Returns For The Last 5 Years

The table clearly reveals that compounded annualised percentage returns for the last 5 years ranges from 12. 6 to 1. The highest
return of 12.6 percent is given by UTI Opportunities Fund (G) followed by HDFC Top 200 Fund (G) and Birla SL Frontline
Equity -A (G) with 10.2 percent and 10 percent respectively. Reliance Equity Fund - RP(G) has recorded a minimum returns of 1
percent. 16 schemes have out performed the category average, 14 schemes outperformed the benchmark indices of Sensex, Nifty,
CNX 500 and S&P BSE 500.

6.1.2.Annualised Percentage Returns For The Last 3 Years

The table depicts that compounded annualised percentage returns for the last 3 years ranges from 8.1 percent to – 2.3 percent.
The highest return of 8.1 percent is registered by UTI Opportunities Fund (G) , followed by Birla SL Frontline Equity -A (G)
and SBI Magnum Equity Fund (G) with 5.5 percent and 5.4 percent respectively. Reliance Equity Fund - RP(G) has recorded a
minimum returns of – 2.3 percent . 16 schemes have out performed the category average and Sensex, 15 schemes outperformed
Nifty, all the 18 schemes selected for the study outperformed the benchmark indices of CNX 500 and S&P BSE 500.

6.1.3.Annualised Percentage Returns For The Last 2 Years

The table shows that compounded annualised percentage returns for the last 2 years ranges from 7.7 percent to – 0.7 percent.
The highest return of 7.7 percent is given by SBI Blue Chip Fund (G) which is followed by UTI Opportunities Fund (G) and Tata
Pure Equity Fund (G) with 5.5 percent and 5.4 percent respectively. Sundaram Select Focus - RP (G) has given a minimum

9 Vol 2 Issue 3 ( July, 2013) www.theijm.com

The International Journal Of Management

returns of – 0.7 percent . 14 schemes have outperformed the category average, 13 schemes have outperformed Sensex and Nifty,
15 schemes outperformed CNX 500 and 16 schemes outperformed the S&P BSE 500.

6.1.4.Returns For The Last 1 Year

The table clearly shows that returns for the last 1 year ranges from 19.2 percent to 3 percent. The highest return of 19.2 percent
is given by SBI Blue Chip Fund (G) which is followed by Birla SL Frontline Equity -A (G) and SBI Magnum Equity Fund
(G) with 14.2 percent and 10.1 percent respectively. L&T Equity Fund (G) has recorded a minimum returns of 3 percent . 10
schemes have outperformed the category average and CNX 500, 7 schemes have outperformed Sensex and Nifty and 11 schemes
outperformed the S&P BSE 500.
To conclude, majority of the large cap schemes outperformed the category averaged and the bench mark indices. Returns for the
last 1 year is maximum as it ranges from 19.2 percent to 3 percent.

6.2.Small & Mid Cap Schemes

There were 49 Small & Mid Cap equity schemes, of which only 45 schemes were in operation for the last five years. Judgement
sampling technique was applied. The large cap schemes which has AUM more the Rs. 500 crores were selected for the study.
Therefore the schemes selected for study are 12.

Mutual Fund Schemes AUM

(Rs. cr.) 1yr 2yr 3yr 5yr
Dec 12

SBI Emerging Busi (G) 989.23 22.8 19.4 15.4 12.2

Franklin India Prima Fund (G) 788.24 13.8 8.8 6.0 10.3

SBI Magnum Global Fund (G) 944.42 11.9 11.6 8.6 9.0

IDFC Premier Equity - A (G) 3,345.00 10.4 9.5 9.8 14.3

ICICI Pru Discovery Fund (G) 2,253.14 10.1 7.5 7.8 16.9

IDFC Sterling Equity Fund - G 1,305.49 9.1 7.1 7.1 14.9

Sundaram Select Midcap -RP (G) 2,086.81 5.4 4.2 4.3 10.7

HDFC MidCap Opportunities (G) 2,570.09 4.5 8.9 9.3 13.9

Reliance Long Term Equity (G) 1,052.62 3.3 1.2 2.3 6.6

DSP-BR Small & Mid Cap -RP (G) 1,265.39 1.4 1.8 4.1 10.9

UTI Master Value Fund (G) 655.86 1.2 -0.2 4.0 10.1

Birla SL Dividend Yield (G) 1,361.87 -0.2 3.1 6.5 14.5

CATEGORY AVERAGE 5.4 4.4 3.7 6.3
S&P BSE MIDCAP 8.1 2.2 2.8 4.2
S&P BSE 500 5.7 0.9 1.0 3.8
S&P BSE SMALLCAP 5.3 0.4 0.9 3.7
Table 3

The above table depicts the performance of selected Small & Mid Cap equity schemes for the period –6 months,
1 year, 2 years, 3years and 5 years.

6.2.1.Annualised Percentage Returns For The Last 5 Years

The table clearly reveals that compounded annualised percentage returns for the last 5 years ranges from 16.9 to 6.6 The highest
return of 16.9 percent is given by ICICI Pru Discovery Fund (G) followed by IDFC Sterling Equity Fund - G and Birla SL
Dividend Yield (G) with 13.8 percent and 11.9 percent respectively. Reliance Long Term Equity (G) has given a minimum
returns of 6.6 percent. All the 12 schemes selected for study outperformed the category average and benchmark indices of S&P
BSE Midcap, S&P BSE 500 and S&P BSE Small Cap.

10 Vol 2 Issue 3 ( July, 2013) www.theijm.com

The International Journal Of Management

6.2.2.Annualised Percentage Returns For The Last 3 Years

The table depicts that compounded annualised percentage returns for the last 3 years ranges from15.4 percent to 4.3 percent.
The highest return of 15.4 percent is registered by SBI Emerging Busi (G) , followed by IDFC Premier Equity - A (G) and HDFC
MidCap Opportunities (G) with 9.8 percent and 9.3 percent respectively. Reliance Long Term Equity (G) has recorded a
minimum returns of 2.3 percent . 11 schemes have out performed the category average and S&P BSE Midcap, all the 12
schemes selected for study outperformed S&P BSE 500 and S&P BSE Small Cap.

6.2.3.Annualised Percentage Returns For The Last 2 Years

The table clearly reveals that compounded annualised percentage returns for the last 2 years ranges from 19.4 to -0.2 The highest
return of 19.4 percent is given by SBI Emerging Busi (G) followed by SBI Magnum Global Fund (G) and IDFC Premier Equity -
A (G) with 11.6 percent and 9.5 percent respectively. UTI Master Value Fund (G) has given a minimum returns of -0.2
percent. 7 schemes have out performed the category average, 9 schemes has outperformed S&P BSE Midcap and 11 schemes has
outperformed S&P BSE Small Cap and S&P BSE 500.

6.2.4.Returns For The Last 1 Year

The table clearly reveals that the returns for the last 1 year ranges from 22.8 to -0.2 The highest return of 22.8 percent is given by
SBI Emerging Busi (G) followed by Franklin India Prima Fund (G) and SBI Magnum Global Fund (G) with 13.8 percent and
11.9 percent respectively. Birla SL Dividend Yield (G) has given a minimum return of -0.2 percent. 7 schemes have out
performed the category average and S&P BSE SMALLCAP and 6 schemes have outperformed the benchmark indices of S&P
BSE Midcap and S&P BSE 500.
To conclude, majority of the Small & Mid Cap schemes outperformed the category average and the bench mark indices with
regard to 1 year, 2 year , 3 year and 5 years compounded annualised returns. The returns of the Small & Mid Cap schemes are
more than the benchmark indices with regard to 3 year and 5 year returns when compared to 2 year and 1 year returns.

7.Performance of different category of funds using risk adjusted measures as suggested by Sharpe, Treynor and Jensen
While analysing a fund's historical returns, it is also imperative to look at its risk exposure, or in other words, consider the fund's
risk-adjusted returns. The quantitative ratios-Sharpe , Treynor and Jensen are the risk adjusted measures of performance.
Sharpe’s Index:
The Sharpe ratio is used to characterize how well the return of an asset compensates the investor for the risk taken, Higher the
Sharpe ratio better is the performance of the scheme and vice versa. When comparing two assets each with the expected return
against the same benchmark with return , the asset with the higher Sharpe ratio gives more return for the same risk.
Treynor’s Index:
The Treynor ratio relates excess return over the risk-free rate to the additional risk taken; however, systematic risk is used instead
of total risk. The higher the Treynor ratio, the better the performance of the portfolio under analysis.
Jensen Alpha:
The size of the alpha exhibits the stock’s unsystematic returns and its average return independence of market return if the fund
produces the expected return at the level of risk assumed, the fund would have an alpha equal to zero. A positive alpha indicates
that the manager produced return greater than expected for the risk taken. Alpha is calculated by comparing the fund’s actual
performance with the risk-adjusted expected return.

7.1.Large Cap Equity Schemes

Sharpe Treynor
S. No. Name of the Scheme Ratio Ratio Jensen

1 SBI Blue Chip Fund (G) 0.44546 1.50648 7.01328

2 Birla SL Frontline Equity -A (G) 0.35213 1.36428 4.5377

3 SBI Magnum Equity Fund (G) 0.25245 0.85695 2.13836

4 UTI Leadership Equity Fund (G) -0.5372 -1.7337 0.35432

5 Reliance Top 200 Fund-RP (G) -0.1115 -0.3627 1.29824

6 Kotak 50 (G) -0.3772 -1.1974 0.71456

7 Reliance Equity Fund - RP(G) -0.8666 -3.0263 -1.2967

8 UTI Master Plus US (G) -0.6609 -2.1901 -0.0644

9 Tata Pure Equity Fund (G) -0.0902 -0.3959 0.74231

11 Vol 2 Issue 3 ( July, 2013) www.theijm.com

The International Journal Of Management

Sharpe Treynor
S. No. Name of the Scheme Ratio Ratio Jensen

10 UTI Mastershare (G) -0.817 -3.875 -0.7548

11 Franklin India Bluechip (G) -0.2169 -3.7813 -0.2482

12 UTI Opportunities Fund (G) 0.47311 -3.3374 0.59575

13 HDFC Top 200 Fund (G) -0.38 -3.875 -1.1454

14 HSBC Equity Fund (G) -2.3603 -3.878 -3.311

15 UTI Top 100 Fund (G) -4.4557 - 4.187 -2.8004

16 Sundaram Select Focus - RP (G) -2.7365 -3.9546 -4.1643

17 DSP-BR Top 100 Equity - RP (G) -0.8645 2.9587 -2.2653

18 L&T Equity Fund (G) -0.6527 -4.927 -2.2167

Table 4

Table no. 4 reveals that the Sharpe’s index for 18 large cap equity schemes ranges from 0.47311 to -4.4557. Higher positive
values of sharpe ratio is found in the case of UTI Opportunities Fund (G), SBI Blue Chip Fund (G) and Birla SL Frontline Equity
-A (G). Treynor’s ratio ranges from 2.9587 to – 4.927. Higher positive values of Treynor ratio is found in case of DSP-BR Top
100 Equity - RP (G), SBI Blue Chip Fund (G) and Birla SL Frontline Equity -A (G). Jensen’s Alpha for Large cap equity
schemes ranges from 7.01328 to - 4.5377. Positive Alpha is recorded by 8 out of 18 schemes taken for the study. Higher positive
Alpha is found in case of SBI Blue Chip Fund (G), Birla SL Frontline Equity -A (G) followed by SBI Magnum Equity Fund (G).
SBI Blue Chip Fund (G) and Birla SL Frontline Equity -A (G) outperformed all the other schemes on the basis of Sharpe, Treynor
and Jensen’s measure of performance.

7.2.Small & Mid Cap Schemes

Treynor Jensen
S. No. Mutual fund Schemes Sharpe Ratio Ratio Alpha
1 SBI Emerging Busi (G) 2.3672 12.8976 12.711
2 Franklin India Prima Fund (G) 0.9926 3.5001 5.1368

SBI Magnum Global Fund (G)

3 2.2006 14.2392 4.3251
4
IDFC Premier Equity - A (G)
2.0164 16.5170 4.63628
5 ICICI Pru Discovery Fund (G) 0.9317 14.8685 4.64369
6
IDFC Sterling Equity Fund – G
0.8267 13.9002 3.5053
7 Sundaram Select Midcap -RP (G) -0.1135 -3.3129 -0.1308
8 HDFC MidCap Opportunities (G) 0.6898 -3.5467 1.09964
9 Reliance Long Term Equity (G) -1.3517 -16.5587 -2.7553
10 DSP-BR Small & Mid Cap -RP (G) -0.4434 6.3795 -2.5843
11 UTI Master Value Fund (G) -0.5970 16.3405 -3.071
12 Birla SL Dividend Yield (G) -0.0832 0.6244 -2.2696
Table 5

12 Vol 2 Issue 3 ( July, 2013) www.theijm.com

The International Journal Of Management

An analysis of Table no. 5 reveals that the Sharpe’s index for 12 small & mid cap equity schemes ranges from 2.3672 to -1.3517.
Higher positive values of sharpe ratio is found in the case SBI Emerging Busi (G), SBI Magnum Global Fund (G) and IDFC
Premier Equity - A (G). Treynor’s ratio ranges from 16.5170 to -16.559. Higher positive values of Treynor ratio is found in case
of IDFC Premier Equity - A (G), UTI Master Value Fund (G) and ICICI Pru Discovery Fund (G). Jensen’s Alpha for Small &
mid cap equity schemes ranges from 12.711 to -3.071. Positive Alpha is recorded by 7 out of 12 schemes taken for the study.
Higher positive Alpha is found in case of SBI Emerging Busi (G) , Birla Franklin India Prima Fund (G) followed by ICICI Pru
Discovery Fund (G). SBI Emerging Busi (G)and IDFC Premier Equity - A (G) outperformed all the other schemes on the basis of
Sharpe, Treynor and Jensen’s measure of performance in the Small & Mid cap category.

8.Findings
 Majority of the large cap schemes outperformed the category averaged and the
bench mark indices. Returns for the last 1 year is maximum in case of large cap schemes as it ranges from 19.2 percent to
3 percent.
 Majority of the Small & Mid Cap schemes outperformed the category average and
the bench mark indices with regard to 1 year, 2 year , 3 year and 5 years compounded annualised returns. The returns of
the Small & Mid Cap schemes are more than the benchmark indices with regard to 3 year and 5 year returns when
compared to 2 year and 1 year returns.
 SBI Blue Chip Fund (G) and Birla SL Frontline Equity -A (G) outperformed all the other schemes on the basis of Sharpe,
Treynor and Jensen’s measure of performance in Large cap category.
 SBI Emerging Busi (G)and IDFC Premier Equity - A (G) outperformed all the other schemes on the basis of Sharpe,
Treynor and Jensen’s measure of performance in the Small & Mid cap category.

9.Conclusion
Returns for the last 1 year is maximum in case of Large cap Schemes and returns of the Small & Mid Cap schemes are more than
the benchmark indices with regard to 3 year and 5 year returns. Hence, the investors for investment below 2 years can choose
large cap schemes and investment beyond 3 years can be made in Small & mid cap schemes.

10.References

1. Punithavathy Pandian (2007), “Security Analysis and Portfolio Management”, Vikas Publishing House Pvt Ltd., New
Delhi.
2. V. K. Bhalla, “Investment Management”, S. Chand, 2008, New Delhi.
3. Agarwal V. P, Financial Market Operations, Sahitya Bhawan Publications; Ed 2005, pp 239 – 240.
4. Deepa Chatterjee (2000), “ Growth of Mutual Funds in India”, Research Paper presented in IIM, Bombay.
5. Douglas . J. Cumming and Jeffrey . G. Macintosh, (2007)“Mutual Funds that invest in Private Equity – An Analysis of
Labour Sponsored Investment Funds” Cambridge Joournal of Economics, 31 (3) 2007, pp 445 - 487.
6. Gupta, Amitabh, (2002) “Investment Performance of Indian Mutual Funds: An Empirical Study”, Finance India,
Vol.XIV No.3, Sept. 2002, pp. 833-866
7. Lawrence Swinkels and Liam Tjong- A- Tjoe, “Can Mutual Funds Time Investment Styles?”, Journal of Asset
Management, Vol. 8 2007, pp 123 – 132.
8. Michael C. Jensen(1967) “The Performance of Mutual Funds in the period 1945 – 1964”, Journal of Finance, Vol. 23,
No. 2, pp 389-416.
9. Nalini Prava Tripathy (2004), “ Empirical Analysis on Performance Evaluation of Mutual Funds in India – A Study on
Equity Linked Saving Schemes”, The ICFAI Journal of Applied Finance, July PP 36-54.
10. Philpot and James (2000), “Performance Persistence and Management Skill in Non Conventional Bond Mutual Funds”,
Financial Services Review, Vol. 9, Issue 3, p 247- 254.
11. Sanjay Kant Khare, Southern Economist, January 15, 2007, pp 21- 29.
12. Sarma V.V.S, Management Accountant, April, 2005, Vol. 40; No. 4; pp 274 – 275.
13. Sowmya Guha Deb, Ashok Banerjee and B.B. Chakrabarti (2007), Market Timing and Stock Selection Ability of Mutual
Funds in India: An Empirical Investigation”, Vikalpa, Volume 32 No. 2, The Financial Review 33 (2), 127-144.+
14. William F. Sharpe, (1966) “Mutual Fund Performance”, Journal of Business, 39, No.1, Jan, pp. 119-138.

13 Vol 2 Issue 3 ( July, 2013) www.theijm.com