INTRODUCTION

I - COMPANY PROFILE

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1.1ORGANISATIONAL STUDY

1.1.1 Industry profile

Edelweiss, a rare flower found in Switzerland. You will discover in our identity: A graphic flower that represents ideas. Around it, the protective arms of the letter e: We believe ideas create wealth, but values protect it. It is the practice of this core thought that has led to Edelweiss becoming one of the leading financial services company in India. Its current businesses include investment banking, securities broking, and investment management. We provide a wide range of services to corporations, institutional investors and high net-worth individuals. The core inspiring thought of ideas creating wealth and values protecting it is tr anslated into an approach that is led by entrepreneurship and creativity and protected by intellectual rigor, research and analysis. The Edelweiss Group is a conglomerate of 44 entities including 39 Subsidiaries and 4 Associate companies (September-09), engaged in the business of providing financial services, primarily linked to the capital markets. Edelweiss Capital Limited (www.edelcap.com), incorporated in 1995, today has emerged as one of Indias leading integrated financial services conglomerates. The Edelweiss Group offers one of the largest ranges of products and services spanning varied asset classes and diversified consumer segments. The Groups product offerings are broadly divided into Investment Banking, Brokerage Services, Asset Management and Financing. The companys research driven approach and consistent ability to capitalize on emerging market trends has enabled it to foster strong relationships across corporate, institutional and HNI clients. Edelweiss Capital Limited now employs about 1200 employees, leveraging a strong partnership culture and unique model of employee ownership. It is a listed company since December 2007 under the symbols NSE: EDELWEISS, BSE: 532922

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1.1.2 Origin and development of the industry:

The Company is promoted by Mr. Rashesh Shah and Mr. Venkatchalam Ramaswamy. Mr. Rashesh Shah, cofounder of Edelweiss, is a science graduate from Mumbai University and has done his MBA from IIM, Ahmedabad. He has been associated with the Company since 1995 as CEO and MD. Prior to this, he was the head of research, Prime Securities Private Ltd. He has also been part of a World Bank aided program for exportoriented projects at ICICI.Mr. Venkatchalam Ramaswamy is an Engineering Graduate from Karnataka University and holds a masters degree in Business Administration from University of Pittsburgh. Prior to joining Edelweiss, he was a fund manager at Spartek Emerging Opportunities of India fund. He has also worked as Assistant Manager at ICICI, where his primary responsibilities involved project appraisal, financial modelling and disbursement of loans & grants. Mr. Ramaswamy is the co-founder of Edelweiss and is the head of the Investment Banking Division.Edelweiss Capital Ltd is a diversified financial services organization, which

provides a wide range of products and services such as investment banking, institutional equities, wealth management, and wholesale financing services to corporate, institutions, and high net worth individuals. The Company, currently operating from 43 offices, is well poised to exploit the huge potential offered by the fast growing financial sector owing to its integrated business model and strong relationships with its clients.

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1.1.3 Growth and present status of the industry

Company has always been a growth-hungry organization and our ability to seek out adjacent opportunities remains constant. Strong economic growth, increased geographic penetration, growth of SMEs and the increasing need for capital among Indian corporations are expected to continue to drive Indias financial services industry. The Company is already well established in domains such as investment banking. Moreover, it plans to invest a large part of its IPO in prepaying of loans, enhance margins with stock exchanges and establish new offices. Based on our valuation and analysis of the business along with the industrys growth prospects, we believe that the valuation looks attractive. Therefore, we recommend investors to subscribe with a long term horizon on account of the Companys higher margins and strong financial performance.

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2.1 Profile of the Organization

2.1.1 Origin of the Organization:

The Company is promoted by Mr. Rashesh Shah and Mr. VenkatchalamRamaswamy. Mr. Rashesh Shah, cofounder of Edelweiss, is a sciencegraduate from Mumbai University and has done his MBA from IIM, Ahmedabad. He has been associated with the Company since 1995 as CEO and MD. Prior to this, he was the head of research, Prime Securities PrivateLtd. He has also been part of a World Bank aided program for exportoriented projects at ICICI.Mr. Venkatchalam Ramaswamy is an Engineering Graduate from Karnataka University and holds a masters degree in Business Administration from University of Pittsburgh. Prior to joining Edelweiss, he was a fund manager at Spartek Emerging Opportunities of India fund. He has also worked as Assistant Manager at ICICI, where his primary responsibilities involved project appraisal, financial modelling and disbursement of loans & grants. Mr. Ramaswamy is the co-founder of Edelweiss and is the head of the Investment Banking Division.It is offering 8.3 mn shares to raise Rs. 6.08 bn to Rs. 6.91 bn to Enhance margins with stock exchanges, prepay loans, establish new offices and upgrade its technology. We see this issue as an investment opportunity because the Company:

Has an integrated business model, which specializes in providing a wide range of financial products and services such as investment banking, institutional equities, wealth management, and wholesale finance. Is well positioned to leverage growing financial sector in India and become a significant market player, especially in areas like investment banking, institutional equities etc.

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 Has a strong research platform with research products, such as fundamental and alternative research, catering to institutions and HNIs. Is an established brand with strong track record of high growth and profitability. Is strongly focused on nurturing & maintaining strong business relationships with corporate & institutional clients.

3.1 Functional Departments of the Organization

Business Overview

Edelweiss operations are broadly divided into Agency and Capital business lines. The Agency business line includes Investment Banking, Broking - both Institutional and HNI/Retail, Asset Management and Investment advisory and distribution services. The Capital business line includes Financing and Treasury Operations. The strategies employed ensure that broadly one-third of the total revenues are contributed by each of Agency fee & commission, Treasury Arbitrage & Trading income and Interest income thereby achieving the intended diversification in revenue streams.

Investment Banking
Edelweiss has one of the most extensive product offerings within Investment Banking in India, catering to different market and client segments. The verticals within Investment Banking include Equity capital markets and Advisory services which offer Mergers & Acquisitions 6|Page

Advisory, Private Equity Syndication, Structured Finance Advisory, Real Estate Advisory and Infrastructure Advisory. Edelweiss leadership position in Mid-market space is reflected in the # 1 ranking in both Bloomberg tables for Mid-market Private Equity placements in CY2007 and Prime Database league tables for IPOs in Mid-market segment in FY2008. It was adjudged winner in the Best Merchant Banker category in the Outlook Money NDTV Profit Awards 2008.

3.2 Broking

Institutional Equities
Edelweiss has one of the leading institutional equities businesses in India backed by a large and experienced research team and a large and diversified client base. Intense servicing, seamless execution and innovative research products have helped Edelweiss build strong relationships with over 300 institutional investors, including FIIs and domestic institutional investors. Research coverage presently extends to over 145 companies across 16 sectors accounting for nearly 70% of total market capitalization. The quality and caliber of research associated with Edelweiss is widely regarded across the institutional community. Our commitment to provide cutting edge research has resulted in a pioneering effort to provide online research to our clients through the portal www.edelresearch.com with smart features of sorting of information, analysis and archiving.

HNI Broking
Edelweiss offers dedicated brokerage services to high net-worth individuals with a strong emphasis on building long-term relationships with clients. Product offerings include specialized trading execution for active trading clients and structured products like equity linked capital protection products.

Wealth Advisory & Investment Services

The Primary focus is on understanding each client's profile including life style, risk appetite, growth expectations, current financial position and income requirements to create comprehensive and tailored investment strategies. 7|Page

The broad range of offerings includes asset allocation advisory to Structured Products, Portfolio Management, Mutual Funds, Insurance, Derivatives Strategies, Direct Equity, Private Equity, and Real Estate Funds etc.

Retail Initiatives
Retail Broking and Distribution are the new initiatives of the Group under its Retail Business strategy. An online retail broking portal www.edelweiss.in is operational and provides advisory and research based broking services. Distribution business focuses on giving advice and analyzing the best financial product options available in the market. It involves the distribution of the full range of third party financial products and services including IPO syndication for the retail customer. For the half year ended September 30, 2009 Edelweiss is ranked #2 in NIB (non institutional bidder) category and is ranked 4th in Retail category by the number of applications in IPOs as per Prime Database. Edelweiss also secured 1st rank in NIB category both in NHPC and OIL India IPOs by the number of applications.

Asset Management
Alternative Asset Management focuses on advisory/management expertise for India focused Multi-Strategy Fund, Real Estate Fund and a Bonds Fund. Recent Initiatives that have been announced include setting up an ARC for which RBI registration has been received. On the Domestic AMC side, Edelweiss Mutual Fund has launched a mix of debt and equity funds. The focus of this business is on broad basing the product portfolio.

Financing
With a deep knowledge and understanding of capital markets, the Company s primary offering in the financing business includes collateralized loan products such as promoter funding, loans against shares, IPO financing, loans against ESOPs etc. Its prudent financing norms and a conservative margin of safety ensures low or nil nonperforming loans.

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Treasury

The Treasury Operations in Edelweiss is similar to that of a Treasury in a Commercial Bank and focuses on liquidity management and capital preservation. This business adopts a multistrategy/multi-book approach to diversify and grow its portfolio while imparting liquidity in the balance sheet. The Company follows a disciplined and conservative approach to cash management with emphasis on strong risk policies.

Corporate Debt Syndication

Our Debt Syndication Desk focuses on origination, sales, trading and research. It has gained a strong foothold and visibility in the market.

Ranked #2 as

per Prime Database in Short Term Debt Placement for FY09. We mobilized Rs.397.6 bn in

256 deals in <1 year segment with a 21.7% market share.

Ranked # 2 as per the Prime Database in CP placement for FY09, raising Rs. 69.87 bn from 129
15.3% market share.

deals with a

Also ranked # 11 by Bloomberg in Indian Domestic Bonds Market League Table for FY09. We
mobilized Rs. 39.2 billion in >1 year paper across 52 deals in this period.

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II RESEARCH OBJECTIVE

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OBJECTIVES OF THE STUDY

To find out the Preferences of the investors for Asset Management Company. To know the Preferences for the portfolios. To know why one has invested or not invested in Edelweiss Mutual fund To find out the most preferred channel. To know why investors want to invest in debt funds. To find out the requirements of the investors in debt funds.

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III RESEARCH METHEDOLOGY

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Research Methodology
This report is based on primary as well secondary data, however primary data collection was given more importance since it is overhearing factor in attitude studies. One of the most important users of research methodology is that it helps in identifying the problem, collecting, analyzing the required information data and providing an alternative solution to the problem .It also helps in collecting the vital information that is required by the top management to assist them for the better decision making both day to day decision and critical ones.

Data sources:
Research is totally based on primary data. Secondary data can be used only for the reference. Research has been done by primary data collection, and primary data has been collected by interacting with various people. The secondary data has been collected through various journals and websites.

Duration of Study:
The study was carried out for a period of 45 days, from 2nd jan to 15 feb 2012.

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Sampling:

Sampling procedure:

The sample was selected of them who are the customers/visitors of EDELWEISS, , irrespective of them being investors or not or availing the services or not. It was also collected through personal visits to persons, by formal and informal talks and through filling up the questionnaire prepared. The data has been analyzed by using mathematical/Statistical tool.

Sample size:

The sample size of my project is limited to 200 people only. Out of which only 120 people had invested in Mutual Fund. Other 80 people did not have invested in Mutual Fund.

Sample design:

Data has been presented with the help of bar graph, pie charts, line graphs etc

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IV - LIMITATION

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Limitation:
Some of the persons were not so responsive. Possibility of error in data collection because many of investors may have not given actual answers of my questionnaire. Sample size is limited to 200 visitors of Edelweiss Broking Pvt Ltd, Jayanagar Branch, Bangalore out of these only 120 had invested in Mutual Fund. The sample size may not adequately represent the whole market. Some respondents were reluctant to divulge personal information which can affect the responses. One of the limitation is that Edelweiss Mutual funds is launched two years before, so investors will not invest in this, because this mutual fund is new in market. This is the one of the major limitation that investors do not believe in this fund as compared to HDFC and UTI Mutual Fund. validity of all

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CHAPTER I LITERATURE REVIEW

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Literature Review

In few years Mutual Fund has emerged as a tool for ensuring ones financial well being. Mutual Funds have not only contributed to the India growth story but have also helped families tap into the success of Indian Industry. As information and awareness is rising more and more people are enjoying the benefits of investing in mutual funds. The main reason the number of retail mutual fund investors remains small is that nine in ten people with incomes in India do not know that mutual funds exist. But once people are aware of mutual fund investment opportunities, the number who decide to invest in mutual funds increases to as many as one in five people. The trick for converting a person with no knowledge of mutual funds to a new Mutual Fund customer is to understand which of the potential investors are more likely to buy mutual funds and to use the right arguments in the sales process that customers will accept as important and relevant to their decision.This Project gave me a great learning experience and at the same time it gave me enough scope to implement my analytical ability. The analysis and advice presented in this Project Report is based on market research on the saving and investment practices of the investors and preferences of the investors for investment in Mutual Funds. This Report will help to know about the investors Preferences in Mutual Fund means Are they prefer any particular Ass et Management Company (AMC), Which type of Product they prefer, Which Option (Growth or Dividend) they prefer or Which Investment Strategy they follow (Systematic Investment Plan or One time Plan). This Project as a whole can be divided into two parts. The first part gives an insight about Mutual Fund and its various aspects, the Company Profile, Objectives of the study, Research Methodology. One can have a brief knowledge about Mutual Fund and its basics through the Project. The second part of the Project consists of data and its analysis collected through survey done on 200 people. For the collection of Primary data I made a questionnaire and surveyed of 200 people. I also taken interview of many People those who were coming at the MY OFFICE where I done my Project. I visited other AMCs in BANGALORE to get some knowledge related to my topic. I studied about the products and strategies of other AMCs in BANGALORE to know why people prefer to invest in those AMCs. This Project covers the topic COMPARISON OF EDELWEISS MUTUAL FUNDS WITH ITS PEERS. The data collected has been well organized and presented. I hope the research findings and conclusion will be of use. 18 | P a g e

MUTUAL FUNDS

ALL ABOUT MUTUAL FUNDS

WHAT IS MUTUAL FUND BY STRUCTURE BY NATURE EQUITY FUND DEBT FUNDS BY INVESTMENT OBJECTIVE OTHER SCHEMES PROS & CONS OF INVESTING IN MUTUAL FUNDS ADVANTAGES OF INVESTING MUTUAL FUNDS DISADVANTAGES OF INVESTING MUTUAL FUNDS MUTUAL FUNDS INDUSTRY IN INDIA MAJOR PLAYERS OF MUTUAL FUNDS IN INDIA HISTORY OF THE INDIAN MUTUAL FUND INDUSTRY CATEGORIES OF MUTUAL FUNDS

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INTRODUCTION
Introduction to mutual fund and its various aspects

Mutual fund is a trust that pools the savings of a number of investors who share a common financial goal. This pool of money is invested in accordance with a stated objective. The joint ownership of the fund is thus Mutual, i.e. the fund belongs to all investors. The money thus collected is then invested in capital market instruments such as shares, debentures and other securities. The income earned through these investments and the capital appreciations realized are shared by its unit holders in proportion 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. A Mutual Fund is an investment tool that allows small investors access to a well-diversified portfolio of equities, bonds and other securities. Each shareholder participates in the gain or loss of the fund. Units are issued and can be redeemed as needed. The funds Net Asset value (NAV) is determined each day. Investments in securities are spread across a wide crosssection of industries and sectors and thus the risk is reduced. Diversification reduces the risk because all stocks may not move in the same direction in the same proportion at the same time. Mutual fund issues units to the investors in accordance with quantum of money invested by them. Investors of mutual funds are known as unit holders.

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CONCEPT OF MUTUAL FUNDS

Many investors with common financial objectives pool their money.

Investors ,on a proportionate basis, get mutual fund units for some contributed to the pool.

The money collected from the investors is invested into shares debentures and securities by the fund manager.

The fund manager realizes the gains and losses, and collect dividends or interest income.

Any capital gains or losses on such investments are passed on to the investors in propotion of the number of units held by them.

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When an investor subscribes for the units of a mutual fund, he becomes part owner of the assets of the fund in the same proportion as his contribution amount put up with the corpus (the total amount of the fund). Mutual Fund investor is also known as a mutual fund shareholder or a unit holder.

Any change in the value of the investments made into capital market instruments (such as shares, debentures etc) is reflected in the Net Asset Value (NAV) of the scheme. NAV is defined as the market value of the Mutual Fund scheme's assets net of its liabilities. NAV of a scheme is calculated by dividing the market value of scheme's assets by the total number of units issued to the investors.

Advantages of mutual fund

Portfolio Diversification Professional management Reduction / Diversification of Risk Liquidity Flexibility & Convenience Reduction in Transaction cost Safety of regulated environment Choice of schemes Transparency

Disadvantage of mutual fund

No control over Cost in the Hands of an Investor No tailor-made Portfolios Managing a Portfolio Funds Difficulty in selecting a Suitable Fund Scheme

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HISTORY
The mutual fund industry in India started in 1963 with the formation of Unit Trust of India, at the initiative of the Government of India and Reserve Bank. Though the growth was slow, but it accelerated from the year 1987 when non-UTI players entered the Industry. In the past decade, Indian mutual fund industry had seen a dramatic improvement, both qualities wise as well as quantity wise. Before, the monopoly of the market had seen an ending phase; the Assets Under Management (AUM) was Rs67 billion. The private sector entry to the fund family raised the Aum to Rs. 470 billion in March 1993 and till April 2004; it reached the height if Rs. 1540 billion. The Mutual Fund Industry is obviously growing at a tremendous space with the mutual fund industry can be broadly put into four phases according to the development of the sector. Each phase is briefly described as under.

First Phase 1964-87 Unit Trust of India (UTI) was established on 1963 by an Act of Parliament by the Reserve Bank of India and functioned under the Regulatory and administrative control of the Reserve Bank of India. In 1978 UTI was delinked from the RBI and the Industrial Development Bank of India (IDBI) took over the regulatory and administrative control in place of RBI. The first scheme launched by UTI was Unit Scheme 1964. At the end of 1988 UTI had Rs.6,700 crores of assets under management.
Second Phase 1987-1993 (Entry of Public Sector Funds)

1987 marked the entry of non- UTI, public sector mutual funds set up by public sector banks and Life Insurance Corporation of India (LIC) and General Insurance Corporation of India (GIC). SBI Mutual Fund was the first non- UTI Mutual Fund established in June 1987 followed by Canbank Mutual Fund (Dec 87), 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 established its mutual fund in June 1989 while GIC had set up its mutual fund in December 1990.At the end of 1993, the mutual fund industry had assets under management of Rs.47,004 crores.

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Third Phase 1993-2003 (Entry of Private Sector Funds) 1993 was the year in which the first Mutual Fund Regulations came into being, under which all mutual funds, except UTI were to be registered and governed. The erstwhile Kothari Pioneer (now merged with Franklin Templeton) was the first private sector mutual fund registered in July 1993. The 1993 SEBI (Mutual Fund) Regulations were substituted by a more comprehensive and revised Mutual Fund Regulations in 1996. The industry now functions under the SEBI (Mutual Fund) Regulations 1996. As at the end of January 2003, there were 33 mutual funds with total assets of Rs. 1,21,805 crores. Fourth Phase since February 2003 In February 2003, following the repeal of the Unit Trust of India Act 1963 UTI was bifurcated into two separate entities. One is the Specified Undertaking of the Unit Trust of India with assets under management of Rs.29,835 crores as at the end of January 2003, representing broadly, the assets of US 64 scheme, assured return and certain other schemes The second is the UTI Mutual Fund Ltd, sponsored by SBI, PNB, BOB and LIC. It is registered with SEBI and functions under the Mutual Fund Regulations. consolidation and growth. As at the end of September, 2004, there were 29 funds, which manage assets of Rs.153108 crores under 421 schemes.

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Categories

Based on their structure

Based on investments objectives

Index Fund Dividend Yield Fund Equity Diversified Fund Thematic Fund ELSS

OPEN ENDED

Equity funds

MUTUA L FUNDS

Debt Oriented Fund Balanced funds Equity Oriented Fund Liquid Fund Guit Fund Debt funds CLOSE ENDED Floating Rate Fund Income Fund FMPs MIPs Arbitrage Fund

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Classification of mutual funds

Based on their structure:
Open-ended funds: Investors can buy and sell the units from the fund, at any point of time. Close-ended funds: These funds raise money from investors only once. Therefore, after the offer
period, fresh investments can not be made into the fund. If the fund is listed on a stocks exchange the units can be traded like stocks (E.g., Morgan Stanley Growth Fund). Recently, most of the New Fund Offers of close-ended funds provided liquidity window on a periodic basis such as monthly or weekly. Redemption of units can be made during specified intervals. Therefore, such funds have relatively low liquidity.

Based on their investment objective:

Equity funds: These funds invest in equities and equity related instruments. With fluctuating share prices,
such funds show volatile performance, even losses. However, short term fluctuations in the market, generally smoothens out in the long term, thereby offering higher returns at relatively lower volatility. At the same time, such funds can yield great capital appreciation as, historically, equities have outperformed all asset classes in the long term. Hence, investment in equity funds should be considered for a period of at least 3-5 years. It can be further classified as: i) Index funds- In this case a key stock market index, like BSE Sensex or Nifty is tracked. Their mirrors the benchmark index both in terms of composition and individual stock weightages. ii) Equity diversified funds- 100% of the capital is invested in equities spreading across different sectors and stocks. iii|) Dividend yield funds- it is similar to the equity diversified funds except that they invest in companies offering high dividend yields. 26 | P a g e portfolio

iv) Thematic funds- Invest 100% of the assets in sectors which are related through some theme. e.g. -An infrastructure fund invests in power, construction, cements sectors etc. v) Sector funds- Invest 100% of the capital in a specific sector. e.g. - A banking sector fund will invest in banking stocks. vi) ELSS- Equity Linked Saving Scheme provides tax benefit to the investors.

Balanced fund: Their investment portfolio includes both debt and equity. As a result, on the risk-return ladder,
they fall between equity and debt funds. Balanced funds are the ideal mutual funds vehicle for investors who prefer spreading their risk across various instruments. Following are balanced funds classes: i) Debt-oriented funds -Investment below 65% in equities. ii) Equity-oriented funds -Invest at least 65% in equities, remaining in debt.

Debt fund: They invest only in debt instruments, and are a good option for investors averse to idea of taking
risk associated with equities. Therefore, they invest exclusively in fixed-income instruments like bonds, debentures, Government of India securities; and money market instruments such as certificates of deposit (CD), commercial paper (CP) and call money. Put your money into any of these debt funds depending on your investment horizon and needs. i) Liquid funds- These funds invest 100% in money market instruments, a large portion being invested in call money market. ii) Gilt funds ST- They invest 100% of their portfolio in government securities of and T-bills. iii) Floating rate funds - Invest in short-term debt papers. Floaters invest in debt instruments which have variable coupon rate. v) Gilt funds LT- They invest 100% of their portfolio in long-term government securities. vi) Income funds LT- Typically, such funds invest a major portion of the portfolio in long-term debt papers.

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vii) MIPs- Monthly Income Plans have an exposure of 70%-90% to debt and an exposure of 10%-30% to equities. viii) FMPs- fixed monthly plans invest in debt papers whose maturity is in line with that of the fund.

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RISK V/S. RETURN

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COMPETITORS OF EDELWEISS MUTUAL FUND

Some of the main competitors of Edelweiss Mutual Fund in Bangalore as Follows:

ICICI Mutual Fund RELIANCE Mutual Fund UTI Mutual Fund BIRLA SUN LIFE Mutual Fund HDFC Mutual Fund

SCHEMES
Fund Detail OF EDELWEISS
VR Category Debt: Gilt Medium and Long Term Open Ended ---------

Type Load

Entry Load Exit Load

Nil Nil

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Payout
Current Scheme Other option Reinvestment Payout Payout history Growth Dividend No ---------------

Investment Details
Minimum Investment (RS) Subsequent Investment(RS) Minimum Withdrawal(RS) Minimum Balance Pricing Method 5000 1000 1000 -----Forward

Systematic Investment Plan

SIP Initial Investment Additional Investment(RS) YES ------500

Systematic Withdrawal Plan

Initial Investment(RS) Min. SWP Withdrawal(RS) 31 | P a g e -----------1000

Transfer

Swap Switch over cut off time STP

No ------YES

2. Scheme Of UTI Gilt Fund

Fund Detail
VR Category Debt: Gilt Medium and Long Term Open Ended ---------

Type Load

Entry Load Exit Load

Nil Nil

Payout
Current Scheme Other option Reinvestment Payout Payout history 32 | P a g e Growth Dividend Quarterly No Direct Credit --------

Investment Details

Minimum Investment (RS) Subsequent Investment(RS) Minimum Withdrawal(RS) Minimum Balance Pricing Method

5000 1000 1000 -----Forward

Systematic Investment Plan

SIP Initial Investment Additional Investment(RS)

YES -------------

Systematic Withdrawal Plan

Initial Investment(RS) Min. SWP Withdrawal(RS)

-----------------------

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Transfer

Swap Switch over cut off time STP

YES 15 No

Note :- Investors can switch over to other schemes of the AMC at the applicable load

3. RELIANCE Gilt Fund

VR Category Debt: Gilt Medium and Long Term Open Ended ---------

Type Load

Entry Load Exit Load

Nil Nil

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Payout
Current Scheme Other option Reinvestment Payout Payout history Growth Dividend Monthly No ---------------

Investment Details

Minimum Investment (RS) Subsequent Investment(RS) Minimum Withdrawal(RS) Minimum Balance Pricing Method

10000 -------------------------Forward

Systematic Investment Plan

SIP Initial Investment Additional Investment(RS)

YES -------------

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Systematic Withdrawal Plan

Initial Investment(RS) Min. SWP Withdrawal(RS)

-------------------

Transfer

Swap Switch over cut off time STP

No 15 YES

4. HDFC Gilt Fund

Fund Detail
VR Category Debt: Gilt Medium and Long Term Open Ended ---------

Type Load

Entry Load Exit Load

Nil 0.25 % for redemption within 90 days

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Payout

Current Scheme Other option Reinvestment Payout Payout history

Growth Dividend Quarterly No Direct Credit --------

Investment Details

Minimum Investment (RS) Subsequent Investment(RS) Minimum Withdrawal(RS) Minimum Balance Pricing Method

5000 1000 1000 -----Forward

Systematic Investment Plan

SIP Initial Investment Additional Investment(RS)

YES ------500

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Systematic Withdrawal Plan

Initial Investment(RS) Min. SWP Withdrawal(RS)

3000 500

Transfer

Swap Switch over cut off time STP

YES 15 No

Note :- Investors can switch over to other open-ended schemes of the AMC.

5. ICICI Gilt Treasury Fund

Fund Detail
VR Category Type Load Debt: Gilt Short Term Open Ended

Entry Load Exit Load

Nil Nil

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Payout
Current Scheme Other option Reinvestment Payout Payout history Growth ----------No Direct Credit --------

Investment Details
Minimum Investment (RS) Subsequent Investment(RS) Minimum Withdrawal(RS) Minimum Balance Pricing Method 5000 5000 500 -----Forward

Systematic Investment Plan

SIP Initial Investment Additional Investment(RS)

YES ------1000

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Systematic Withdrawal Plan

Initial Investment(RS) Min. SWP Withdrawal(RS)

--------500

Transfer
Swap Switch over cut off time STP YES 15 No

Note:- One can transfer investments between the various open-end schemes
offered by the AMC at the applicable load.

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1.

CHAPTER - II FINDINGS

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DATA ANALYSIS & INTERPRETATION

1. (a) Age distribution of the Investors of Bangalore.

Age Group No. Investors <= 30 of 10 31-35 20 36-40 35 41-45 25 46-50 18 >50 12

Investors invested in Mutual Fund

40 35 30 25 20 35 15 25

10
5 0 <=30 10

20

18 12

31-35

36-40

41-45

46-50

>50

Age group of the Investors

Interpretation:
According to this chart out of 120 Mutual Fund investors of Bangalore the most are in the age group of 36-40 yrs. i.e. 25%, the second most investors are in the age group of 41-45yrs i.e. 20% and the least investors are in the age group of below 30 yrs.

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(b). Educational Qualification of investors of Bangalore

Educational Qualification Graduate/ Post Graduate Under Graduate Others Total

Number of Investors 88 25 7 120

6% 23% 71%

Graduate/Post Graduate

Under Graduate

Others

Interpretation:
Out of 120 Mutual Fund investors 71% of the investors in Bangalore are Graduate/Post Graduate, 23% are Under Graduate and 6% are others (under HSC).

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c). Occupation of the investors of Bangalore. Occupation

. Govt. Service Pvt. Service Business Agriculture and horticulture Others

No. of Investors
25 50 30 6 8

No. of Investors

60 50 40 30 20 10 0 Govt. Service Pvt. Service Business 25 50 30 6 Agriculture 8 Others

Occupation of the customers

Interpretation:
In Occupation group out of 120 investors, 38% are Pvt. Employees, 25% are Businessman, 29% are Govt. Employees, 3% are in Agriculture and 5% are in others.

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(d). Monthly Family Income of the Investors of Bangalore. Income Group

<=15,000 15001-25,000 25,001-35,000 35,001-45,000 >50,000

No. of Investors
5

14 26 45 30

Monthly Family Income

Monthly Family Income

45 26 14 5 <=15 15-25 25-35 35-45 >50 30

Interpretation:
In the Income Group of the investors of Bangalore, out of 120 investors, 36% investors that is the maximum investors are in the monthly income group Rs. 35,001 to Rs. 45,000, Second one i.e. 27% investors are in the monthly income group of more than Rs. 50,000 and the minimum investors i.e. 4% are in the monthly income group of below Rs. 15,000

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(2) Investors invested in different kind of investments. Kind of Investments No. of Respondents

Fixed deposits Insurance Mutual Fund Shares/Debentures Gold/Silver Real Estate

148 152 120 50 30 65

Kinds of Investment

70 45 60 120 140 152 0 100 200

No.of Respondents

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Interpretation: From the above graph it can be inferred that out of 200 people, 97.5% people have
invested in Fixed Deposits, 76% in Insurance, , 60% in Mutual Fund, 25% in Shares or Debentures, 15% in Gold/Silver and 32.5% in Real Estate.

3. Preference of factors while investing

Factors (a) Liquidity (b) Low Risk (c) High Return (d) Trust

No. Respondents

of 45

55

70

30

15%

22%

35%

28%

Liquidity

Low Risk

High Return

Trust

Interpretation:
Out of 200 People, 35% People prefer to invest where there is High Return, 28% prefer to invest where there is Low Risk, 22% prefer easy Liquidity and 15% prefer Trust

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4. Awareness about Mutual Fund and its Operations

Response No. of Respondents

Yes 120

No 80

33%

67%

Yes

No

Interpretation:
From the above chart it is inferred that 67% People are aware of Mutual Fund and its operations and 33% are not aware of Mutual Fund and its operations.

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5. Source of information for customers about Mutual Fund

Source of information Advertisement Peer Group Bank Financial Advisors No. of Respondents 18 25 30 62

80 No. of Respondents 60 40 62 20

18
0

25

30 Bank Financial Advisors

Advertisement Peer Group

Source of Information

Interpretation:
From the above chart it can be inferred that the Financial Advisor is the most important source of information about Mutual Fund. Out of 135 Respondents, 46% know about Mutual fund Through Financial Advisor, 22% through Bank, 19% through Peer Group and 13% through Advertisement.

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6. Investors invested in Mutual Fund

Response YES No. of Respondents 130 70 NO Total 200

No 35%

Yes 65%

Interpretation:
Out of 200 People, 65% have invested in Mutual Fund and 35% do not have invested in Mutual Fund.

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7. Reason for not invested in Mutual Fund

Reason Not Aware Higher Risk Not any Specific Reason

No. of Respondents

70 10 20

20% 10% 70%

Not Aware

Higher Risk

Not Any

Interpretation:
Out of 100 people, who have not invested in Mutual Fund, 70% are not aware of Mutual Fund, 20% said there is likely to be higher risk and 10% do not have any specific reason.

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8. Investors invested in different Assets Management Co. (AMC)

Name of AMC
EDELWEISS UTI HDFC Reliance ICICI Prudential Kotak Others

No. of Investors 25 60 85 75 56 45 52

52 85 Name of AMC 45 25 56 75 60 0 50 No. of Investors 100

Interpretation:
In Bangalore most of the Investors preferred Hdfc and Reliance Mutual Fund. Out of 120 Investors 62.5% have invested in hdfc, only 46% have invested in reliance, 47% in ICICI Prudential, 37.5% in others and 12.5% in Edelweiss. 52 | P a g e

9 . Reason for invested in EDEWEISS :-

Reason
Associated EDEWEISS Better Return Agents Advice with

No. of Respondents
25

5 15

33% 56% 11%

Associated with EDELWEISS

Better Return

Agents Advice

Interpretation:
Out of 45 investors of Edelweiss 56% have invested because of its association with Edelweiss , 33% invested on Agents Advice, 11% invested because of better return.

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10. Reason for not invested in EDELWEISS

Reason
Not Aware Less Return Agents Advice

No. of Respondents
25 18 22

34%

38%

28%

Not Aware

Less Return

Agent's Advice

Interpretation:
Out of 65 people who have not invested in EDELWEISS, 38% were not aware with Edelweiss, 28% do not have invested due to less return and 34% due to Agents Advice.

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11. Preference of Investors for future investment in Mutual Fund

Name of AMC
EDELWEISS UTI HDFC Reliance ICICI Prudential Kotak Others

No. of Investors 30 50 95 74 62 40 50

Others Kotak Name of AMC ICICI Prudential Reliance HDFC UTI EDEWEISS 0 30

50 40 62 74 95 50

20

40

60

80

100

No. of Investors

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Interpretation:
Out of 120 investors, 68% prefer to invest in HDFC, 64% in Reliance, 62.5% in ICICI , 50% in KOTAK and others 37.5% in UTI and 29% in Edelweiss Mutual Fund.

12. Channel Preferred by the Investors for Mutual Fund Investment

Channel No. of Respondents Financial Advisor 50 BANK 40 AMC 10

10%
40% 50%

Financial Advisor

Bank

AMC

Interpretation:
Out of 120 Investors 50% preferred to invest through Financial Advisors, 40% through BANKS and 10% through AMC.

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13. Mode of Investment Preferred by the Investors:-

Mode of Investment No. of Respondents

One time Investment 78

Systematic Investment Plan (SIP) 42

35%

65%

One time Investment

SIP

Interpretation:
Out of 120 Investors 65% preferred One time Investment and 35 % Preferred through Systematic Investment Plan.

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14. Preferred Portfolios by the Investors

Portfolio
Equity Debt Balanced

No. of Investors
48 54 18

15% 45%

40%

Equity

Debt

Balance

Interpretation:
From the above graph 45% preferred Debt Portfolio, 40% preferred Equity portfolio and 15% preferred Balance

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15. Preference of Investors whether to invest in Sectorial Funds Response Yes No No. of Respondents 25 95

21%

79%

Yes

No

Interpretation:
Out of 120 investors, 79% investors do not prefer to invest in Sectorial Fund because there is maximum risk and 21% prefer to invest in Sectorial Fund.

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FUND NAME

Laun ch Date

Catego ry

Rating s

Risk Grad es

Retu rn grad e

1Ye ar retu rn

Expen se Ratio

Debt: Jul-2009 Edelwei ss Gilt fund HDFC Gilt Long term ICICI prudent ial Gilt Treasur y PF Reliance Gilt Securities Retail
UTI GILT FUND

Gilt & Above Avg. Low 3.11

Medium Long Term

1.24

Debt: Jul-2001 Medium

Gilt & Avg. Avg. 4.87 0.50

Long Term

Debt: Jan-2004

Gilt --5.77 1.25

Short Term

------

Debt: Aug-2008 Medium

Gilt & Above Avg. Avg. 6.35 1.47

Long Term Debt: Jan-2002 Medium Long Term Gilt &

Below Avg.

Above Avg.

8.13

1.50

Interpretation
From the above table there are different-2 Gilt funds. According to their risk grade Edelweiss and Reliance Gilt funds have more risk grade as compared to HDFC and UTI Mutual funds..The ratings are also given according to their risk and return gradings. The UTI Gilt Advantage Long terms fund has good 1 year returns as compared to

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their other peers. Because UTI Gilt fund has Below average risk grade and Above average return grade..Edelweiss Mutual Fund has above average risk grade

According to the Performance of the Gilt Funds

Fund Name

1Month Return (%)

1Month Rank

6Month Return (%)

6Month Rank

1-Year Return (%)

1Year Rank

3-Year Return (%)

3Year Rank

5-Year Return (%)

5Year Rank

Edelweiss Fund

Gilt -1.54

50/54

1.45

49/51

3.11

49/50

--

--

--

--

HDFC Gilt Long- -1.00 term ICICI Prudential 0.07 Gilt Treasury PF Reliance Gilt -0.46

41/54

2.97

44/51

4.87

43/50

5.21

20/47

5.94

23/40

14/16

3.20

14/16

5.77

12/15

5.48

3/14

8.54

2/11

12/54

4.36

23/51

6.35

22/50

4.85

23/47

--

--

Securities Retail UTI Gilt -0.72 26/54 4.09 26/51 8.13 12/50 5.87 14/47 7.48 20/40

Advantage Longterm

Interpretation
According to the performance of these Gilt funds ranking and returns has been given . The rankings and Returns are given on the basis of monthly and yearly. In this 1month ranking ICICI Prudential Gilt fund is giving Positive returns and EDELWEISS Gilt fund is giving negative returns in terms of percentage. From the Ranking view out of 54 ranks of 1 month EDELWEISS Rank is 50th and reliance rank is 12th .

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According to the Portfolio of the Gilt Funds

Fund Name Edelweiss Fund

Turnover(%) Gilt --

Average Maturity (Yrs) 8.30

HDFC Gilt Long- -term ICICI Prudential --

10.76

3.03

Gilt Treasury PF Reliance Gilt -13.01

Securities Retail UTI Advantage term Gilt 956.48 Long9.59

Interpretation
From this portfolio only UTI gilt fund has highest turnover % . Others gilts funds has no turnover values. Related to the average maturity of these gilt funds, RELIANCE and HDFC has good maturity . then after EDELWEISS 62 | P a g e

has 8.30 yrs average maturity. Becose Gilt funds are for long terms. These funds Gives high Return in long term maturity.

According to the Risk and Volatility of the Gilt Funds

Fund Fund Name Risk Grade Edelweiss Gilt Fund Above Avg. HDFC Gilt Long-term ICICI Prudential Avg. Gilt --

Standard

Sharpe

Deviation Ratio 3.27 -0.10

Beta

Alpha

RSquared 0.15

0.20

-0.15

2.94 0.83

0.26 0.45

0.21 0.26

0.97 0.04

0.21 0.07

Treasury PF Reliance Retail Gilt Securities Above Avg. 2.81 0.93 0.19 2.81 0.19 3.91 0.23 0.24 1.12 0.15

UTI Gilt Advantage Long- Below term Avg.

Interpretation
In the Risk and Volatility of these Gilt funds there are certain things that helps the investors to choose a right funds. These are standard deviation, sharpe ratio, beta, alpha and r-squared. Standard deviation and Beta of funds should not be more. Becose higher the standard deviation and beta expose to higher risk. Icici prudential Gilt fund has lower standard deviation 0.83 as compared to their peers.R-squared should be lies between 0.8-1.0.

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According to the NAV Detail of the Gilt Funds

Fund Name Edelweiss Gilt-G

Chg. NAV As on from previous 11.03 Mar 2012 30, 0.03

52 Weeks High 11.21

As on

52 Weeks Low 29, 10.58

As On

Feb 2012

May 2011

5,

HDFC Gilt 20.86 Long-termG ICICI Pru 17.21

Mar 2012

30, 0.02

21.09

Mar 2012

7, 19.76

May 2011

5,

Mar 2012

29, 0.00

17.24

Mar 2012

22, 16.25

May 2011

11,

Gilt Tre PF

Reliance Gilt Securities Retail-G

13.02

Mar 2012

29, -0.01

13.11

Mar 2012

14, 12.19

Nov 2011

11,

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UTI

Gilt 21.88

Mar 2012

29, 0.01

22.05

Mar 2012

7, 20.23

Mar 2011

31,

Advantage Long-termG

Interpretation
From the NAV values HDFC gilt fund and UTI gilt fund has highest NAV as compared to other gilt funds. This means that HDFC and UTI Gilt Mutual Funds have highest NAV Values. EDELWEISS NAV is the 11.03 .The highest NAV of 52 weeks of EDELWEISS is 11.21 .

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CHAPTER III SUMMARY OF FINDINGS

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FINDINGS
In Bangalore in the Age Group of 36-40 years were more in numbers. The second most Investors were in the age group of 41-45 years and the least were in the age group of below 30 years. In Bangalore most of the Investors were Graduate or Post Graduate and below HSC there were very few in numbers. In Occupation group most of the Investors were Private employees, the second most Investors were Businessman and the least were associated with Agriculture. In family Income group, between Rs. 35,001- 45,000 were more in numbers, the second most were in the Income group of more than Rs.50,000 and the least were in the group of below Rs. 15,000. About all the Respondents had Fixed Deposits, 76% Invested in Fixed Deposits, Only 60% Respondents invested in Mutual fund. Mostly Respondents preferred High Return while investment, the second most preferred Low Risk then liquidity and the least preferred Trust. Only 67% Respondents were aware about Mutual fund and its operations and 33% were not. Among 200 Respondents only 60% had invested in Mutual Fund and 40% did not have invested in Mutual fund. Out of 80 Respondents 81% were not aware of Mutual Fund, 13% told there is not any specific reason for not invested in Mutual Fund and 6% told there is likely to be higher risk in Mutual Fund.

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Most of the Investors had invested in Reliance or HDFC Fund, ICICI Prudential has also good Brand Position among investors, EDELWEISS places after UTI according to the Respondents.

Out of 55 investors of EDELWEISS 64% have invested due to its association with the Brand EDELWEISS, 27% Invested because of Advisors Advice and 9% due to better return. Most of the investors who did not invested in EDELWEISS due to not Aware of EDELWEISS, the second most due to Agents advice and rest due to Less Return. For Future investment the maximum Respondents preferred Reliance Mutual Fund, the second most preferred ICICI Prudential, SBIMF has been preferred after them. 60% Investors preferred to Invest through Financial Advisors, 25% through AMC (means Direct Investment) and 15% through Bank. 65% preferred Investment. The most preferred Portfolio was Debt, the second most was Equity and the least preferred Portfolio was Balanced (mixture of both equity and debt) portfolio. Most of the Investors did not want to invest in Sectorial Fund, only 21% wanted to invest in Sectorial Fund. One Time Investment and 35% preferred SIP out of both type of Mode of

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Scope of the study

A big boom has been witnessed in Mutual Fund Industry in recent times. A large number of new players have entered the market and trying to gain market share in this rapidly improving market. The research was carried on in Bangalore had been sent at one of the branch of Edelweiss at Bangalore where I completed my Project work. I surveyed on my Project Topic Comparison of Edelweiss Mutual Funds with Its Peers. The study will help to know the preferences of the customers, which company, portfolio, mode of investment, option for getting return and so on they prefer. This project report may help the company to make further planning and strategy. This study will also help to know me that which gilt mutual fund is good for long term or which is for short term. , which mutual fund gives the highest NAV and Dividends.

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CHAPTER IV CONCLUSION AND SUGGESTION

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CONCLUSION
Running a successful Mutual Fund requires complete understanding of the peculiarities of the Indian Stock Market and also the psyche of the small investors. This study has made an attempt to understand the financial behavior of Mutual Fund investors in connection with the preferences of Brand (AMC), Products, Channels etc. I observed that many of people have fear of Mutual Fund. They think their money will not be secure in Mutual Fund. They need the knowledge of Mutual Fund and its related terms. Many of people do not have invested in mutual fund due to lack of awareness although they have money to invest. As the awareness and income is growing the number of mutual fund investors are also growing

In the End I would like to conclude that in gilt funds there are many schemes and many funds. Some funds are giving good returns. From my observation I have seen that people want good returns where they are investing their money. In gilt funds , these funds gives higher returns and these funds are low risky , because these are

debt funds. In my comparison the UTI AND HDFC are giving good returns for long term. But EDELWEISS Gilt fund is for short term.

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Suggestions
The most vital problem spotted is of ignorance. Investors should be made aware of the benefits. Nobody will invest until and unless he is fully convinced. Investors should be made to realize that ignorance is no longer bliss and what they are losing by not investing.

Mutual funds offer a lot of benefit which no other single option could offer. But most of the people are not even aware of what actually a mutual fund is? They only see it as just another investment option. So the advisors should try to change their mindsets. The advisors should target for more and more young investors. Young investors as well as persons at the height of their career would like to go for advisors due to lack of expertise and time.

Mutual Fund Company needs to give the training of the Individual Financial Advisors about the Fund/Scheme and its objective, because they are the main source to influence the investors.

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Before making any investment Financial Advisors should first enquire about the risk tolerance of the investors/customers, their need and time (how long they want to invest). By considering these three things they can take the customers into consideration.

Younger people aged under 35 will be a key new customer group into the future, so making greater efforts with younger customers who show some interest in investing should pay off.

Customers with graduate level education are easier to sell to and there is a large untapped market there. To succeed however, advisors must provide sound advice and high quality.

Systematic Investment Plan (SIP) is one the innovative products launched by Assets Management companies very recently in the industry. SIP is easy for monthly salaried person as it provides the facility of do the investment in EMI. Though most of the prospects and potential investors are not aware about the SIP. There is a large scope for the companies to tap the salaried persons.

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BIBLIOGRAPHY

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NEWS PAPERS OUTLOOK MONEY MUTUAL FUND HAND BOOK WWW.EDELWEISS.COM WWW.MONEYCONTROL.COM WWW.AMFIINDIA.COM WWW.VALUERESEARCHONLINE.COM WWW. MUTUALFUNDSINDIA.COM

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APPENDIX

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Annexure

1. (a) Age distribution of the Investors of Bangalore. (a)<=30 (b)31-35 (c)36-40 (d)41-45 (e)46-50 (f)>50
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(b). Educational Qualification of investors of Bangalore.

(a) Graduate/Post graduate (b) Under Graduate (c) Others

c) Occupation of the investors of Bangalore. (a) Govt. Service (b) Private Service (c) Businessman (d) Agriculture and Horticultute (e) Others

(d). Monthly Family Income of the Investors of Bangalore.

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(a)<=15000 (b) 15001-25000 (c) 25001-35000 (d) 35001-45000 (e) >50000

2 . Investors invested in the different kinds of the investments. (a) Fixed Deposits (b) Insurance (c) Mutual Funds (d) Shares/Debentures (e) Gold/Silver (f) Real estate

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3. Preference of factors while investing. (a) Liquidity (b) Low Risk (c) High Return (d) Trust

4. Awareness about Mutual Fund and its Operations. (a) Yes (b) No

5. Source of information for customers about Mutual Fund. (a) Advertisement (b) Peer Groups (c) Banks (d) Financial Advisors
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6 .Investors invested in Mutual Fund.

(a) Yes (b) No

7 .Reason for not invested in Mutual Fund. (a) Not Aware (b) High Risk (c) No Any Specific Reason

8 .Investors invested in different Assets Management Co. (AMC) (a) EDELWEISS (b) UTI (c) HDFC (d) RELIANCE (e) ICICI PRUDENTIAL
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(f) KOTAK (g) OTHERS

9 . Reason for invested in EDEWEISS (a) Associate with Edelweiss (b) Better return (c) Agent Advice

10. Reason for not invested in EDELWEISS. (a) Not Aware (b) Less Return (c) Agent Advise

11 . Preference of Investors for future investment in Mutual Fund. (a) EDELWEISS (b) UTI (c) HDFC
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(d) RELIANCE (e) ICICI PRUDENTIAL (f) KOTAK (g) OTHERS

12 . Channel Preferred by the Investors for Mutual Fund Investments. (a) Financial Advisors (b) Banks (c) AMC

13 . Mode of Investment Preferred by the Investors. (a)One time investment (b) Systematic Investment Plan (SIP)

14 . Preferred Portfolios by the Investors. (a) Equity (b) Debt

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(c) Balanced

15 . Preference of Investors whether to invest in Sectorial Funds. (a) Yes (b) No

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