TRAINING PROJECT REPORT

ON
MUTUAL FUND IS THE BETTER INVESTMENT PLAN
A Training Project Report
SUBMITTED TO THE
PARTIAL FULFILLMENT OF TWO YEAR FULL TIME COURSE
MASTERS IN BUSINESS ADMINISTRATION
Acae!ic Se""ion #$%#&%'
PROJECT GUIDE: SUBMITTED BY:
Dr()anana pan*ar D+ar!,eer -+angar

Rajasthan T!hn"!a# Un"$%s"t&' ()ta
()ta *Rajasthan+
CERTIFICATE
T+i" i" to certi./ t+at M%, Dha%-$% (han.a% "t0ent o. MBA III "e!e"ter at
Ma+ari"+i Ar,in Internationa1 In"tit0te o. Tec+no1og/2 +a" co!p1ete Training Project
entit1e MUTUAL FUND IS THE BETTER INVESTMENT PLAN T+i" project +a"
3een co!p1ete a.ter "t0/ing .or one /ear in MBA co0r"e an .or partia11/ .01.i11ing t+e
re40ire!ent" .or a*ar o. MBA( T+e Major Re"earc+ Project +a" 3een con0cte 0ner
t+e g0iance o. Dr( )anana Pan*ar Fac01t/ o. MBA Dept( o. UCE an i" a" per nor!"(
D%, Van/ana Pan0a%
FACULTY & MBA Dept
Acae!ic 50ie ' UCE -ota

Date6
CERTIFICATE
T+i" i" to certi./ t+at M%, Dha%-$% (han.a% "t0ent o. MBA III "e!e"ter at UCE2 +a"
"03!itte Training Project Report entit1e MUTUAL FUND IS THE BETTER
INVESTMENT PLAN T+i" project +a" 3een co!p1ete a.ter "t0/ing .or one /ear in
MBA co0r"e an .or partia11/ .01.i11ing t+e re40ire!ent" .or a*ar o. MBA( T+e Training
Project Report +a" 3een e,a10ate an ,i,a&,oce con0cte 3/ t+e 0ner"igne pane1 o.
e7a!iner"( T+e project +a" 3een .o0n "ati".actor/80n"ati".actor/ an i" reco!!ene8not
reco!!ene .or acceptance(
Prof. Prof.
Internal Examiner External Examiner
Kota
Date6
DECLARATION
I D+ar!,eer -+angar St0ent o. MBA III /ear +ere3/ ec1are" t+at .or t+e p0rpo"e o.
Training Project Report I +a,e con0cte "t0/ on MUTUAL FUND IS THE BETTER
INVESTMENT PLAN .or t+e partia1 .01.i11!ent o. MBA egree( It i" !/ origina1
*or9(
P#a!:
S".nat1%
Dat:
ACKNOWLEDGEMENT
On co!p1etion o. !/ project on t+e topic MUTUAL FUND IS THE BETTER
INVESTMENT PLAN I *o01 1i9e to "a/ t+at it *a" an a3"o10te pri,i1ege .or !e to
*or9 0ner "0c+ a pre"tigio0" an pro.e""iona1 organi:ation(
I "incere1/ t+an9 Mr( -irti+*aj Sing+ Rana H(R( Manager ;Training< o. UTI A""et
Manage!ent Co!pan/ Lt( .or pro,iing !e an opport0nit/ to *or9 on t+i" project( I a!
,er/ o31ige to recei,e +i" in,a10a31e g0iance2 *+ic+ +e "pare .or !e .ro! +i" 30"/
"c+e01e(
I appreciate t+e "pontaneit/ an *i11ingne"" o. a11 t+e e!p1o/ee"2 !anage!ent an "ta.. o.
UTI !0t0a1 .0n *+o +e1pe !e 3/ gi,ing t+eir ,a10a31e .ee3ac9 "o t+at I co01
co!p1ete !/ "0r,e/ on e..ecti,ene"" o. training progra!!e a" o3"er,e in t+i"
organi:ation(
I ta9e t+i" opport0nit/ in !/ career to e7pre"" !/ "incere gratit0e an in e.tne"" to a11
t+o"e *+o !ae t+i" project a "0cce""( I *o01 1i9e to !ention t+at t+i" "enti!ent *i11
1inger on t+ro0g+o0t !/ 1i.e.
Unergoing training +ere ga,e !e a goo in"ig+t into t+e .0nctioning o. an organi:ation( I
*o01 a1"o 1i9e to t+an9 !/ teac+er" .or gi,ing !e a p1at.or! to 1earn "o !0c+(
DHARMVEER KHANGAR

PREFACE
It i" *e11 e,ient t+at *or9 e7perience i" an ini"pen"a31e part o. e,er/ pro.e""iona1
co0r"e( In t+e "a!e !anner practica1 training in an/ organi:ation i" a !0"t .or eac+ an
e,er/ ini,i0a1 t+e !anage!ent co0r"e( T+i" training gi,e" !ore 9no*1ege a3o0t
pre"ent corporate *or1( It a1"o +e1p" t+e ini,i0a1 to i!pro,e +i" "9i11" to a great e7tent
an a""e"" +i" per"ona1it/ in corporate 1i.e( C1a""roo! "t0/ i" no o03t 40ite i!portant
.or gaining t+eoretica1 9no*1ege2 30t practica1 i" e40a11/ .or *+o *ant" to pro,ie
+er"e1. t+e rea1 *or9ing en,iron!ent in an/ .ie1 o. "t0/ t+i" tr0e o. !anage!ent "t0ie"
*e11(
We genera11/ get t+eoretica1 9no*1ege o. !anage!ent( B0t t+i" 9no*1ege oe"n=t
pro,e to 3e ae40ate( In .0t0re !anage!ent "t0ent +a,e to *or9 in an organi:ation( B/
!ere1/ 9no*ing t+eoretica1 *+at !anage!ent i"2 *e are not capa31e o. app1/ing it(
Being a !anage!ent "t0ent2 I a1"o +a to 0nergo >? Da/" o. "0!!er training( I 0ner
too9 training at UTI MUTUAL FUND,
I +a,e !0c+ p1ea"0re in "03!itting t+e Project Report on MUTUAL FUND IS THE
BETTER INVESTMENT PLAN

DHARMVEER (HANGAR
E2ECUTIVE SUMMARY
In .e* /ear" !0t0a1 .0n +a" e!erge a" a too1 .or en"0ring one=" .inancia1 *e11 3eing(
M0t0a1 .0n" +a,e not on1/ contri30te to t+e Inia gro*t+ "tor/ 30t +a,e a1"o +e1pe
.a!i1ie" tap into t+e "0cce"" o. Inian in0"tr/( T+e !ain o3jecti,e o. t+e "t0/ i" to nee
o. .inancia1 a,i"or" .or !0t0a1 .0n in,e"tor" an ienti./ t+e con"0!er 3e+a,ior *it+
UTI M0t0a1 F0n( T+i" !0t0a1 .0n a""ociation o. Inia !aintain" a +ig+ pro.e""iona1 an
et+ica1 "tanar" in a11 area" o. operation o. t+e in0"tr/(
It a1"o reco!!en" an pro!ote" t+e top c1a"" 30"ine"" practice" an coe o.
con0ct *+ic+ i" .o11o*e 3/ !e!3er" an re1ate peop1e engage in t+e acti,itie"
o. !0t0a1 .0n an a""et !anage!ent( T+e agencie" *+o are 3/ an/ !ean"
connecte or in,o1,e in t+e .ie1 o. capita1 !ar9et" an .inancia1 "er,ice" a1"o
in,o1,e in t+i" coe o. con0ct o. t+e a""ociation(
AMFI interact" *it+ SEBI an *or9" accoring to SEBI" g0ie1ine" in t+e !0t0a1
.0n in0"tr/(
A""ociation o. M0t0a1 F0n o. Inia o repre"ent t+e 5o,ern!ent o. Inia2 t+e
Re"er,e Ban9 o. Inia an ot+er re1ate 3oie" on !atter" re1ating to t+e M0t0a1
F0n In0"tr/(
It e,e1op" a tea! o. *e11 40a1i.ie an traine Agent i"tri30tor"( It i!p1e!ent" a
progra! o. training an certi.ication .or a11 inter!eiarie" an ot+er engage in t+e
!0t0a1 .0n in0"tr/(
AMFI 0nerta9e" a11 Inia a*arene"" progra! .or in,e"tor" in orer to pro!ote
proper 0ner"taning o. t+e concept an *or9ing o. !0t0a1 .0n"(
At 1a"t 30t not t+e 1ea"t a""ociation o. !0t0a1 .0n o. Inia a1"o i""e!inate in.or!ation
on M0t0a1 F0n In0"tr/ an 0nerta9e" "t0ie" an re"earc+ eit+er irect1/ or in
a""ociation *it+ ot+er 3oie"
I "t0ie a3o0t t+e pro0ct" an "trategie" o. ot+er AMC" to 9no* *+/ peop1e pre.er to
in,e"t in t+o"e AMC"( T+i" project co,er" t+e topic @THE MUTUAL FUND IS
BETTER INVESTMENT PLANA( T+e ata co11ecte +a" 3een *e11 organi:e an
pre"ente( I +ope t+e re"earc+ .ining" an conc10"ion *i11 3e 0"e(
CONTENT
Certi.icate"
Dec1aration
Pre.ace
Ac9no*1ege!ent
E7ec0ti,e S0!!ar/
Cha3t% N)( Cha3t% na- Pa. N),
% Co!pan/ Pro.i1e
'&%#
# Concept0a1 Fra!e*or9
%'&>B
' Re"earc+ Met+oo1og/
>C&?$
> Ana1/"i" an Interpretation
?%&C'
? Fact" an Fining"
C>&C?
D Conc10"ion
CD
B
Reco!!enation an S0gge"tion" CB&CC
E0e"tionnaire
Bi31iograp+/
Anne70re
L"st )4 4".1%s

S, N), Dta"#s Pa. N)(

% Concept o. !0t0a1 .0n %
# Hierarc+ica1 "tr0ct0re in iagra! %$
' Str0ct0re accoring to t+e pro0ct o..ere 3/ UTI %%
> Categorie" o. !0t0a1 .0n" %D
? Ri"9 ,8" Ret0rn %F

INTRODUCTION
T+e SEBI reg01ation"2 %FF' e.ine" a !0t0a1 .0n a" @a .0n in t+e .or! o. a tr0"t 3/ a
"pon"or2 to rai"e !one/ 3/ t+e tr0"tee tro0g+ t+e "a1e o. 0nit" to t+e p031ic2 0ner one or
!ore "c+e!e"2 .or in,e"ting in "ec0ritie" in accorance *it+ t+e"e reg01ation"A
A !0t0a1 .0n i" a pro.e""iona11/&!anage .ir! o. co11ecti,e in,e"t!ent" t+at poo1"
!one/ .ro! !an/ in,e"tor" an in,e"t" it in "toc9"2 3on"2 "+ort&ter! !one/ !ar9et
in"tr0!ent"2 an8or ot+er "ec0ritie"( In a !0t0a1 .0n2 t+e .0n !anager2 *+o i" a1"o
9no*n a" t+e port.o1io !anager2 trae" t+e .0nG" 0ner1/ing "ec0ritie"2 rea1i:ing capita1
gain" or 1o""e"2 an co11ect" t+e i,ien or intere"t inco!e( T+e in,e"t!ent procee" are
t+en pa""e a1ong to t+e ini,i0a1 in,e"tor"( T+e ,a10e o. a "+are o. t+e !0t0a1 .0n2
9no*n a" t+e net a""et ,a10e per "+are ;NA)<2 i" ca1c01ate ai1/ 3a"e on t+e tota1 ,a10e
o. t+e .0n i,ie 3/ t+e n0!3er o. "+are" c0rrent1/ i""0e an o0t"taning(
S1!!ss "s a j)1%n&' n)t a /st"nat")n, I. *e 1oo9 .or e7a!p1e" to pro,e t+i" 40ote
t+an *e can .in !an/ 30t t+ere i" none 1i9e t+at o. UTI( Bac9 in t+e /ear %FC%2 .i,e
peop1e create +i"tor/ 3/ e"ta31i"+ing UTI an co!pan/ *+ic+ i" toa/ 9no*n a" UTI2
t+e 1arge"t .inancia1 "er,ice pro,ier o. Inia(
S1!!ss s1t%as )4 UTI
T+e "0cce"" "tor/ o. UTI i" ri,en 3/ C "0cce"" "0tra" aopte 3/ it na-#& t%1st'
"nt.%"t&' //"!at")n' !)--"t-nt' nt%3%"s' ha%/ 0)%5 an/ ta- 3#a&' #a%n"n.
an/ "nn)$at")n' -3ath& an/ h1-"#"t&, T+e"e are t+e ,a10e" t+at 3in "0cce"" *it+ UTI(
V"s")n )4 UTI
To 3e t+e !o"t pre.erre M0t0a1 .0n( UTI "+a11 ai! .or co!p1ete c0"to!er "ati".action2
3/ co!3ining it" +0!an an tec+no1ogica1 re"o0rce"2 to pro,ie *or1 c1a"" 40a1it/
"er,ice"( In t+e proce"" UTI "+a11 "tri,e to !eet an e7cee c0"to!erG" "ati".action an "et
in0"tr/ "tanar"(
M"ss")n
% T+e !o"t tr0"te 3ran2 a!ire 3/ a11 "ta9e+o1er"(
#( T+e 1arge"t an !o"t e..icient !one/ !anager *it+ g1o3a1 pre"ence(
'( T+e 3e"t in c1a"" c0"to!er "er,ice pro,ier(
>( Mo"t inno,ati,e an 3e"t *ea1t+ creator(
?( A "ocia11/ re"pon"i31e organi:ation 9no*n .or 3e"t corporate go,ernance(
Cha3t%67
COMPANY
PROFILE
COMPANY PROFILE
UTI M0t0a1 F0n *a" e"ta31i"+e a" UTI an co!pan/ 3/ .i,e c+artere acco0ntant"
0ring t+e /ear %FBF&C$2 an t+en it" *or9 *a" con.ine to a0it an ta7ation on1/( Later
on it i,er"i.ie into .inancia1 an acco0nting "er,ice" 0ring t+e /ear %FC%&C# *it+ a
capita1 o. r"(%?$$$$( it ac+ie,e it" .ir"t !i1e"tone a.ter it" .ir"t in,e"t!ent in tec+no1og/(
UTI 3eca!e a 9no*n na!e 0ring t+e /ear %FC?&CD *+en it .ora/e into capita1 !ar9et a"
regi"trar(
E$)#1t")n )4 UTI
It i" *e11 "ai t+at "0cce"" i" a jo0rne/ not a e"tination an *e can "ee it 3eing pro,e 3/
UTI !0t0a1 .0n( Uner t+i" "ection *e *i11 "ee t+at +o* t+i" @UTI an co!pan/A o.
%FC$ 3eca!e @UTI !0t0a1 .0nA o. #$$C( UTI 31o""o!e *it+ t+e "etting 0p o. it" .ir"t
3ranc+ at M0!3ai 0ring t+e /ear %FCB&CC( T+e t0rning point ca!e in t+e /ear %FCF *+en
it ecie to enter into one o. t+e not on1/ e!erging rat+er potentia1 .ie1 too i(e( "toc9
3ro9ing( It ae t+e .eat+er o. "toc9 3ro9ing into it" cap( At t+e "a!e ti!e it 3eca!e t+e
!e!3er o. H/era3a Stoc9 E7c+ange t+ro0g+ a""ociate .ir! UTI "ec0ritie" 1t an t+en
UTI ne,er 1oo9e 3ac9HH((it *ent on aing "er,ice" one a.ter anot+er2 it entere into
retai1 "toc9 3ro9ing in t+e /ear %FF$( UTI in,e"tor "er,ice center" *ere "et 0p in t+e /ear
%FF#( UTI *+ic+ a1rea/ enjo/e a *ie net*or9 t+ro0g+ it" in,e"tor "er,ice center"2
entere into .inancia1 pro0ct i"tri30tion "er,ice" in t+e /ear %FF'( One /ear !ore an
UTI *a" no* ea1ing into !0t0a1 .0n "er,ice" too in t+e /ear %FF> 30t it in=t "toppe
t+ere2 it "teppe into corporate .inance an in,e"t!ent 3an9ing in t+e /ear %FF?(
UTI=" "trateg/ +a" a1*a/" 3een 3eing t+e .ir"t entrant in t+e !ar9et( UTI again +it t+e
1i!e1ig+t 3/ 3eco!ing t+e .ir"t regi"trar in t+e co0ntr/ to 3e a*are ISO F$$# in t+e /ear
%FFB( T+en it "teppe into t+e ot+er !o"t +appening "ector i(e( IT ena31e "er,ice" 3/
e"ta31i"+ing it" o*n BPO 0nit" an at a gap o. j0"t % /ear it too9 t+e pat+ o. e&B0"ine""
t+ro0g+ it" *e3"ite ***(0ti!.(co! ( T+en it entere into in"0rance "er,ice" in t+e /ear
#$$% *it+ t+e 1a0nc+ o. it" retai1 ar! @UTI& t+e .in a po1i"6 /o0r per"ona1 .inance a,i"orA(
T+en in t+e /ear #$$# it 1a0nc+e it" PC5 ;Pri,ate C1ient 5ro0p< *+ic+ 1oo9" a.ter it"
Hig+ Net *ort+ Ini,i0a1" (an !aintain t+eir port.o1io an pro,ie" t+e! *it+ ot+er
.inancia1 "er,ice"( In t+e /ear #$$'2 it co!!ence "econar/ e3t an WDM traing(
It *a" a ecae *+ic+ "a* !an/ Inian co!panie" going g1o3a1H(("o *+/ t+e 1arge"t
.inancia1 "er,ice pro,ier o. Inia "+o01 1ag 3e+inI Hence2 UTI 1a0nc+e @UTI g1o3a1
"er,ice" 1i!iteA a.ter entering into a joint ,ent0re *it+ Co!p0ter"+are2 A0"tra1ia in t+e
/ear #$$>(t+e /ear #$$> a1"o "a* UTI entering into co!!oitie" !ar9eting t+ro0g+ UTI
co! trae(
Year #$$? "a* UTI e"ta31i"+ing a "eparate 3ranc+ .or it" in"0rance "er,ice" 0ner t+e
+ea @UTI in"0rance 3ro9ing 1tA an in t+e "a!e /ear2 a.ter 3eing i!pre""e *it+ t+e
rapi gro*t+ o. UTI "toc9 3ro9ing 1i!ite2 PC5 gro0p o. Hong -ong ac40ire #?J "ta9e
at -SBL( In t+e /ear #$$D2 UTI entere into one o. t+e +otte"t "ector o. pre"ent ti!e i(e(
rea1 e"tate t+ro0g+ UTI rea1t/K "er,ice" ;Inia< 1t( +ence2 *e can "ee no* UTI 3eing
e"ta31i"+e a" t+e 1arge"t .inancia1 "er,ice pro,ier o. t+e co0ntr/(
N)0 .%)13 !)ns"sts )4 8 h".h#& %n)0n/ nt"t"s 0h"!h a% as 4)##)0:
%( T+e .ir"t "ec0ritie" regi"tr/ to recei,e ISO F$$# certi.ication in Inia( Regi"tere *it+
SEBI a" Categor/ I Regi"trar2 i" N0!3er % Regi"trar in t+e Co0ntr/( T+e a*ar o. 3eing
LMo"t A!ire= Regi"trar i" one a!ong !an/ o. t+e ac9no*1ege!ent" *e recei,e .or
o0r c0"to!er .rien1/ an co!petent "er,ice"(
#( UTI "toc9 3ro9ing 1t( Con"i"t" o. .i,e 0nit" na!e1/ "toc9 3ro9ing "er,ic"2 epo"itor/
participant2 a,i"or/ "er,ice"2 i"tri30tion o. .inancia1 pro0ct"2 a,i"or/ "er,ice" an
pri,ate c1ient go0p"(
'( It i" regi"tere *it+ SEBI a" a categor/ % !erc+ant 3an9er( It" c1iente1e inc10e"inc10e
1eaing corporate2 State 5o,ern!ent"2 .oreign in"tit0tiona1 in,e"tor"2 p031ic an pri,ate
"ector co!panie" an 3an9"2 in Inian an g1o3a1 !ar9et"(
>( UTI in"0rance 3ro9ing 1t i" a1"o a part o. UTI "toc9 3ro9ing 1t( At UTI In"0rance
Bro9ing Li!ite 3ot+ 1i.e an non&1i.e in"0rance pro0ct" are pro,ie to retai1
ini,i0a1"2 +ig+ net&*ort+ c1ient" an corporate"(
?( T+e co!pan/ pro,ie" in,e"t!ent2 a,i"or/ an 3ro9erage "er,ice" in Inian
Co!!oitie" Mar9et"( An !o"t i!portant1/2 it o..er a *ie reac+ t+ro0g+ o0r 3ranc+
net*or9 o. o,er ##? 3ranc+e" 1ocate acro"" %C$ citie"(
D( UTI 51o3a1 i" a 1eaing 30"ine"" an 9no*1ege proce"" o0t"o0rcing Ser,ice"
Co!pan/ o..ering creati,e 30"ine"" "o10tion" to c1ient" g1o3a11/( It operate" in 3an9ing
an .inancia1 "er,ice"2 in0rance2 +ea1t+care an p+ar!ace0tica1"2 !eia 2 te1eco! an
tec+no1og/( It +a" it" "a1e" an 30"ine"" e,e1op!ent o..ice in Ne* Yor92 USA an t+e
o.."+ore g1o3a1 e1i,er/ center in H/era3a2 Inia
B( UTI Rea1t/ ;Inia< Li!ite i" engage in t+e 30"ine"" o. rea1 e"tate an propert/
"er,ice" o..ering6
B0/ing8 "e11ing8 renting o. propertie"
Ienti./ing ,a10a31e in,e"t!ent" opport0nitie" in t+e rea1 e"tate "ector
Faci1itating .inancia1 "0pport .or rea1 e"tate an in,e"t!ent" in propertie"
Rea1 e"tate port.o1io a,i"or/ "er,ice(
8. It i" a joint ,ent0re 3et*een Co!p0ter"+are2 A0"tra1ia an UTI Con"01tant" Li!ite2
Inia in t+e regi"tr/ !anage!ent "er,ice" in0"tr/(
O%.an"9at")n st%1!t1% )4 UTI
Ta19ing a3o0t t+e organi:ation "tr0ct0re o. UTI *e +a,e t+e 3oar o. irector" a" t+e
"0pre!e go,erning 3o/ 2 t+e c+air!an 3eing Mr( C part+a"art+/2 !r( ! /0gan+ar a" t+e
!anaging irector2 !r ! " ra!a9ri"+na an!r( Pra"a ,( pot10ri a" irector"(
T+e 3oar o. iretor" +ea t+e UTI gro0p2 Uti co!p0ter"+are" 1i!ite2 UTI in,e"tor"
"er,ice" 1t(2 UTI co!trae2 UTI "toc9 3ro9ing 1t(2 an UTI g1o3a1 "er,ice" 1t(
UTI gro0p 3eing t+e .1ag"+ip co!pan/ 1oo9" a.ter t+e .0nctiona1 epart!ent" "0c+ a"
corporate a..air"2 gro0p +0!an re"o0rce"2 .inance K acco0nting2 training K e,e1op!ent2
tec+no1og/ "er,ice" an corporate 40a1it/(
UTI co!p0ter"+are pri,ate 1i!ite .aci1itate" !0t0a1 .0n "er,ice"2 "+are regi"tr/ an
i""0e regi"tr/ *+erea" !erc+ant 3an9ing i" 1oo9e a.ter 3/ UTI in,e"tor "er,ice" 1t( UTI
"toc9 3ro9ing 1t +ea" it" anot+er 3ranc+ too i(e( UTI in"0rance 3ro9ing 1t( T+e "er,ice"
o..ere 3/ -SBL are6 "toc9 3ro9ing2 epo"itor/2 re"earc+2 i"tri30tion2 per"ona1 c1ient
gro0p an in"tit0tiona1 e"9 an .ina11/ t+e BPO "er,ice" are !anage 3/ UTI g1o3a1
"er,ice" 1t(
S3!t%1- )4 s%$"!s )44%/ :& UTI
UTI 3eing t+e top regi"trar an tran".er agent2 .0nction" a" regi"trar in !o"t o. t+e i""0e"
in t+e co0ntr/( Ta19ing a3o0t t+e !0t0a1 .0n "er,ice" o..ere 3/ UTI2 *e can get t+e
pro0ct" o. '' AMC" o,er +ere( it ea1" in 3ot+ c1o"e ene .0n" a" *e11 a" open ene
too( No* one !0"t 3e t+in9ing *+/ to get t+e !0t0a1 .0n" .ro! UTI in"tea o. getting it
irect1/ .ro! AMC"III*e +a,e great rea"on" .or it6 t+e .ir"t one 3eing M i. *e a,ai1 t+e
"er,ice" o. UTI t+en *e can get t+e in.or!ation a3o0t a11 t+e AMC" an t+eir pro0ct" at
a "ing1e p1ace a1ong *it+ e7pert reco!!enation" *+erea" at an AMC *e can get
in.or!ation a3o0t t+e pro0ct" o. t+at "peci.ic AMC on1/( An t+e "econ 3eing *ie
net*or9 o. UTIH(no*aa/" *e can .in UTI o..ice" at re!ote area" too(

A1ong *it+ t+e"e2 UTI i" ,er/ *e11 +an1ing t+e ro1e o. epo"itor/ participant( Being
regi"tere *it+ 3ot+ t+e epo"itorie" i(e(M NSDL ;nationa1 "ec0ritie" epo"itor/ 1t< an
CDSL ;centra1 epo"itor/ "er,ice" UTI can +a,e acce"" to 3ot+( It" *ie net*or9 a1"o
.aci1itate" it in i"tri30tion o. retai1 .inancia1 pro0ct"(
UTI 3e1ie,e" in 3eing 0pate a1*a/"( So it i" a1*a/" rea/ to 0"e 1ate"t tec+no1ogie" "o
t+at it" c1ient" a1*a/" in to0c+ *it+ t+e 1ate"t +appening" a1ong *it+ UTI( It o..er" e&
30"ine"" t+ro0g+ internet t+ro0g+ it" *e3"ite6 ***(0ti!.(co!( Ot+er t+an it2 it a1"o
pro,ie" it" ,ario0" "er,ice" t+ro0g+ SMS="(
UTI=" "er,ice" are not 1i!ite to it" in,e"tor" on1/ rat+er it" o..ering" are .or it" corporate
c1ient" an i"tri30tor" too( it i" ,er/ *e11 a*are o. t+e .act t+at in t+i" era o. nec9 to nec9
co!petition2 *e can=t ignore an/ o. t+e a"pect" o. o0r 30"ine""H("o t+ere=" a o..ering .or
e,er/3o/He,er/one=" *e1co!e at UTI(
UTI 3)s"t")n
E7ce11ence i" ne7t to not+ing an +ere at UTI e,er/3o/ trie" t+eir 3e"t to o..er e7ce11ent
"er,ice" to it" c1iente1e t+ro0g+ it" o..ering" !aintaining t+e UTI c01t0re *+ic+ inc10e"6
%( Contro11e an 1o* co"t "er,ice c01t0re6 UTI i" t+ere to "er,e it" c1ient at t+e !ini!0!
po""i31e co"t( it contro1" co"t 3/ it" ,ario0" co"t& c0tting tec+ni40e" an !ini!i:ation o.
a,oia31e co"t"(
#( Large ,o10!e proce""ing capa3i1it/6 Being t+e 1arge"t .inancia1 "er,ice pro,ier in t+e
co0ntr/2 it +a" t+e 0ni40e i"tinction o. operating it" acti,itie" on a 1arge "ca1e *+ic+
3ene.it" a11 t+e partie" coria11/(
'( A+erence to "trict ti!e "c+e01e6 UTI 9no*" t+at ti!e i" !one/ an trie" it 3e"t to
.ini"+ t+e ta"9 *it+in t+e "tip01ate ti!e "c+e01e(
>( E7perti"e in coorinating !01ti&1ocation re"pon"e"6 UTI +a" got a *ie net*or9 an
+ence one can .in it" 3ranc+e" at !o"t o. t+e p1ace" in Inia( T+0" it enjo/" it" pre"ence
e,er/*+ere an coorinate" a!ong it"e1. in "o1,ing t+e 40erie" an in re"poning to an/
"it0ation(
?(E7perti"e in !anaging inepenent entitie" "0c+ a" 3an9"2 po"t&o..ice etc(6 t+e *or9
c01t0re o. UTI an t+e et+ic" .o11o*e in"ie UTI !a9e" it" *or9.orce co!pati31e *it+
e,er/3o/2 "o t+e UTI peop1e e"ta31i"+e" goo coorination *it+ inepenent entitie" too(
D( Poo1ing o. gro0p re"o0rce"6 UTI gro0p con"i"t" o. eig+t "03"iiarie"2 "o it can ea"i1/
poo1 0p it" re"o0rce" .or acco!p1i"+!ent o. it" goa1"2 *+ene,er neee( T+e gro0p" can
+e1p eac+ ot+er *+ene,er t+ere are pea9" an 1o*"2 an e,en in t+e ca"e *+en t+e/ +a,e
+0ge target" j0"t a" *e "a* .e* /ear" 3ac92 Tata gro0p poo1ing it" re"o0rce" to ac40ire
Cor0"(
St3s )4 a!h"$-nt
T+e core co!petenc/ o. UTI 1ie" in t+e .o11o*ing point" 0e to *+ic+ it enjo/" a
co!petiti,e ege o,er it" co!petitor"( T+e .o11o*ing c01t0re aopte 3/ UTI !a9e" it a11
ti!e .a,orite a!ong it" c1iente1e6
%( Pro.e""iona11/ !anage 3/ 40a1i.ie an traine !anpo*er(
#( Uni40e1/ "tr0ct0re in&+o0"e "o.t*are an +ar*are epart!ent
'( E0er/ +an1ing *it+in >C +r"(
>( Strong "ecretaria12 acco0nting an a0it "/"te!"(
?( Uni40e *or9 c01t0re o. *or9ing B a/" a *ee9 in ' "+i.t"(
D( Un!atc+e net*or9 "preaing a11 o,er Inia(
A!h"$-nts s)1n/s s&n)n&-)1s t) UTI
T+e 1an!ar9" ac+ie,e 3/ UTI ,er/ *e11 e.ine it" "0cce"" "tor/( In t+e pre,io0" page"2
*e 1earnt +o* a co!pan/ "tarte 3/ .i,e c+artere acco0ntant"2 na!e a" UTI an
co!pan/ t0rne into toa/=" UTI gro0p2 t+e 1arge"t .inancia1 inter!eiar/ o. Inia( B0t
"0cce"" in=t ca!e to UTI at a .1o*2 t+e +ar *or9 an eication o. it" *or9.orce !ae
it *+at it i" toa/Hgra0a11/ it ac+ie,e t+e .o11o*ing 1an!ar9" an no* it +a" 3eca!e
*+at *e ca11 t+e UTI gro0p2 no* it i"6
%( Large"t inepenent i"tri30tor .or .inancia1 pro0ct"(
#( An a!ong t+e top ? "toc9 3ro9er(
'( An a!ong t+e top ' epo"itor/ participant"(
>( Large"t net*or9 o. 3ranc+e" K 30"ine"" a""ociate"(
?( ISO F$$# certi.ie operation" 3/ DN)(
D( An a!ong top %$ in,e"t!ent 3an9er"(
B( Aj0ge a" one o. t+e top ?$ IT 0"er" in Inia 3/ MIS "o0t+ A"ia(
C( .011& .1ege IT ri,en operation(
F( Inia=" no(% regi"trar K "ec0ritie" tran".er agent(
C#"nt# )4 UTI
UTI=" c01t0re +a" +e1pe UTI in ac+ie,ing "0c+ a i"tinct po"ition in t+e !ar9et *+ere it
can 3oa"t o. it" +0ge c1ient 3a"e( Be it a retai1 in,e"tor in,e"ting R"( ?$$ in a SIP in
Re1iance !0t0a1 .0n or 3e it t+e 1arge"t corporate +o0"e o. t+e co0ntr/6 Re1iance
in0"trie"& e,er/3o/ i" +eaing to*ar" UTI .or t+eir *ea1t+ !a7i!i:ation2 1et=" +a,e a
1oo9 at t+e c1iente1e o. UTI(
Accoring to t+e ata p031i"+e in /ear #$$B2 UTI "toc9 3ro9ing 1t( Operate" t+ro0g+
!ore t+an %#$$$ ter!ina1"2 !ore t+an #F$$$$ acco0nt" are !aintaine an co!!an"
o,er '(%>J !ar9et "+are o. NSE( T+e i"tri30tion "er,ice +a" acce"" to !ore t+an R"( >$
3i11ion A""et" 0ner Manage!ent( UTI 3eing a epo"itor/ participant *it+ 3ot+ NSDL
an CDSL !anage" !ore t+an B$$$$$ acco0nt" .ro! !ore t+an 'C$ 1ocation"( Ta19ing
a3o0t t+e regi"tr/ "er,ice"2 it !anage" o,er B?$ p031ic8 rig+t i""0e" at t+e "a!e ti!e2 it i"
!anaging o,er %D !i11ion port.o1io" a" regi"trar(

I. *e too9 a 1oo9 at "o!e o. t+e top corporate +o0"e" a,ai1ing t+e "er,ice" o. UTI t+en
*e +a,e6 Re1iance2 IOC2 IDBI2LIC2 Hin0"tan Uni1e,er2 Principa1 M0t0a1 F0n2 D0et"c+e
M0t0a1 F0n2 Yogo9a*a2 Marico In0"trie"2 Patni Co!p0ter"2 Morgan Stan1e/2
51en!ar92 CRISIL2 'M2 -ota9 Ma+inra Ban92 B+arti Te1e,ent0re2 In.o"/" Tec+no1ogie"2
Wipro2 In.o tec+2 IPCL2TATA con"01tanc/ "er,ice"2 UTI !0t0a1 .0n etc( T+0" in tota1
UTI "er,e" o,er %D !i11ion in,e"tor"(
UTI at ast%n 9)n
UTI "toc9 Bro9ing Lt *a" "tarte %% /r" ago i(e(M 0ring t+e /ear %FFD at Natin Da" roa
*+ic+ *a" 1ater on e"ta31i"+e a" t+e regiona1 +ea o..ice( Pre"ent1/ Mr( A1o9 C+at0r,ei
i" +eaing t+e ea"tern :one( Ta19ing a3o0t t+e :ona1 o..ice"2 UTI +a" :ona1 o..ice" at
-o19ata2 "o0t+ Benga12 nort+ Benga12 Nort+ ea"t2 N+ar9+an2 Bi+ar2 Ori""a an
C++atti"gar+( Eac+ :ona1 o..ice +a" got it" o*n :ona1 +ea"( UTI i" a !e!3er o. t+ree
"toc9 e7c+ange" o. Inia6 Nationa1 Stoc9 E7c+ange ;NSE<2 Bo!3a/ Stoc9 E7c+ange
;BSE< an H/era3a Stoc9 E7c+ange ;HSE<(
H"%a%!h"!a# St%1!t1% "n /"a.%a-
T+e a3o,e iagra! "+o*" t+e +ierarc+/ o. UTI "toc9 3ro9ing 1t( It can 3e ea"i1/
epicte .ro! t+e iagra! t+at t+e regiona1 +ea ;pre"ent1/ Mr( A1o9 C+at0r,ei< i" t+e
"0pre!e in t+e ea"tern region2 0ner *+o! t+e ,ario0" :ona1 +ea" operate an 0ner
t+e"e :ona1 +ea"2 t+e 3ranc+ +ea" operate( Bet*een eac+ 1e,e1 o t+e +ierarc+/2 t+ere
e7i"t" a coorinator2 *+o act" a" t+e .aci1itator 3et*een t+e i..erent +ea"(
St%1!t1% a!!)%/"n. t) th P%)/1!ts )44%/ :& UTI
RE5IONAL
HEADS
RE5IONAL
HEADS

UTI M1t1a# F1n/ S%$"!s
M0t0a1 .0n" +a,e "er,ing" .or e,er/3o/( W+ic+e,er t/pe o. in,e"tor /o0 are2 /o0 *i11
"0re1/ get a !0t0a1 .0n !eeting /o0r re40ire!ent"( B0t in,e"ting in !0t0a1 .0n" i" no
c+i1=" p1a/ t+ere.ore UTI !0t0a1 .0n a,i"or/ "er,ice" i" t+ere to g0ie in eac+ an
e,er/ "tep o. in,e"t!ent in !0t0a1 .0n" "o t+at t+e rea! o. *ea1t+ creation oe"n=t t0rn"
into nig+t!are"( It" o..ering" inc10e"6 pro0ct" o. a11 t+e '' !ajor AMC"2 re"earc+ report
a3o0t a11 t+e e7i"ting .0n" a" *e11 a" NFO"2 c0"to!i:e !0t0a1 .0n port.o1io" e"igne
.or ini,i0a1 a" *e11 a" in"tit0tiona1 c0"to!er"2 it not on1/ e"ign t+e port.o1io" rat+er it
o..er" contin0o0" port.o1io re,i"ion too epening on c+anging !ar9et o0t1oo9 an
e,o1,ing tren"2 it .0rt+er gi,e" acce"" to it" on1ine con"o1iate port.o1io "tate!ent( T+0"
UTI *it+ it" ,ario0" o..ering" !a9e" t+e in,e"tor .ee1 "a.e in t+i" /na!ic en,iron!ent o.
t+e Inian .inancia1 !ar9et(
UTI Co!p0ter"+are !0t0a1 .0n "er,ice" o..er" in,e"tor" "er,ice"2 i"tri30tor "er,ice" an
c1ient "er,ice"( It can 3e "ai t+at UTI i" eicate to*ar" pro,iing 40a1it/ "er,ice to a11
t+e"e t+ree .acet" o. t+e in,e"t!ent proce""(
UTI 3eing an inter!eiar/ i" *e11 regi"tere *it+ t+e A""ociation o. M0t0a1 F0n" o.
Inia ;AMFI<( UTI +a" got t+e regi"tration no OARN $$%CP .or !0t0a1 .0n"2 *+ic+ i"
PRODUCT
HEADS
HEA
PRODUCT
HEADS
HEA
M0t
0a1
.0n
"
M0t
0a1
.0n
"
In"0ra
nce
3ro9in
g
In"0ra
nce
3ro9in
g
co!!
oitie"
co!!
oitie"
Stoc9
3ro9ing
Stoc9
3ro9ing
Depo"i
tor/
partici
pant
Depo"i
tor/
partici
pant
Merc+
ant K
in,(3a
n9ing
Merc+
ant K
in,(3a
n9ing
PM
S
PM
S
Rea1t
/
Rea1t
/
De3t
i,i"i
on
De3t
i,i"i
on
!entione on e,er/ .or!( A.ter t+e proc0re!ent o. .or!" .ro! ,ario0" AMC"2 t+e .or!"
are pa""e on to it" ,ario0" :ona1 an 3ranc+ o..ice" ;a" per t+eir re40ire!ent"< an t+en
.0rt+er proce""ing i" one eit+er irect1/ or t+ro0g+ "03&3ro9er"(
UTI operate" t+ro0g+ it" "03& 3ro9er"2 a""ociate" an it" e7ce11ent poo1 o. o*n irect
e!p1o/ee"( T+e e!p1o/ee" are o..ere "a1ar/ 3/ UTI *+erea" t+e "03& 3ro9er" an
a""ociate" get certain co!!i""ion( UTI +a" B$ 3ranc+e" an ' .ranc+i"ee" in t+e ea"tern
region( A11 t+e *or9 o. !0t0a1 .0n" i" reg01ate .ro! Ra"+3e+ari a,en0e 3ranc+2 an
e7ten"ion o. t+e NDR 3ranc+(
T+e !ain "o0rce o. earning .or UTI i" t+e 3ro9erage o..ere 3/ t+e ,ario0" AMC" 9no*n
a" pa/&in( T+e a!o0nt o..ere !a/ ,ar/ .ro! AMC to AMC( A1"o2 t+e .ranc+i"ee" +a,e
to pa/ a certain a!o0nt e,er/ !ont+( No* UTI a1"o pa/ a certain a!o0nt to t+e "03
3ro9er" an a""ociate" 9no*n a" pa/&o0t( T+e pa/o0t i" ecie accoring to t+e
proc0re!ent one 3/ t+e!(
R!%1"t-nt
UTI +a" an en,ia31e poo1 o. /na!ic e!p1o/ee"( It" peop1e po*er +a" a great contri30tion
in !a9ing it t+e No( % .inancia1 inter!eiar/( A11 t+e e!p1o/ee" o. UTI ea1ing in !0t0a1
.0n" +a,e to go t+ro0g+ AMFI te"t( T+e recr0it!ent proce"" i" at par *it+ t+e in0"tr/
"tanar"2 it i" !o"t1/ one t+ro0g+ ca!p0" recr0it!ent .ro! rep0te B& "c+oo1"( Ot+er
t+an t+at2 it a1"o recr0it" t+ro0g+ irect inter,ie*" an 5D" a" per t+eir re40ire!ent(
UTI ne,er co!pro!i"e" *it+ 40a1it/ t+at=" t+e rea"on it i" e7ce11ing 3/ pro,iing 40a1it/
"er,ice" to a11 t+e in,e"tor"2 c1ient"2 AMC" etc( a""ociate *it+ it(
Cha3t%6;
CONCEPTUAL
FRAME<OR(
CONCEPTUAL FRAMEWOR-
It=s a## a:)1t -1t1a# 41n/:
<HAT IS MUTUAL FUND
BY STRUCTURE
BY NATURE
E>UITY 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
INVESTMENT STRATEGIES
<OR(ING OF A MUTUAL FUND
GUIDELINES OF THE SEBI FOR MUTUAL FUND
COMPANIES DISTRIBUTION CHANNELS
DOES FUND PERFORMANCE AND RAN(ING PERSIST@
PORTFOLIO ANALYSIS TOOLS
M1t1a# 41n/s
A !0t0a1 .0n i" a pro.e""iona11/&!anage .ir! o. co11ecti,e in,e"t!ent" t+at poo1"
!one/ .ro! !an/ in,e"tor" an in,e"t" it in "toc9"2 3on"2 "+ort&ter! !one/ !ar9et
in"tr0!ent"2 an8or ot+er "ec0ritie" in ot+er *or" *e can "a/ t+at A M0t0a1 F0n i" a
tr0"t regi"tere *it+ t+e Sec0ritie" an E7c+ange Boar o. Inia ;SEBI<2 *+ic+ poo1" 0p
t+e !one/ .ro! ini,i0a1 8 corporate in,e"tor" an in,e"t" t+e "a!e on 3e+a1. o. t+e
in,e"tor" 80nit +o1er"2 in e40it/ "+are"2 5o,ern!ent "ec0ritie"2 Bon"2 Ca11 !one/
!ar9et" etc(2 an i"tri30te" t+e pro.it"(
T+e ,a10e o. eac+ 0nit o. t+e !0t0a1 .0n2 9no*n a" t+e net a""et ,a10e ;NA)<2 i" !o"t1/
ca1c01ate ai1/ 3a"e on t+e tota1 ,a10e o. t+e .0n i,ie 3/ t+e n0!3er o. "+are"
c0rrent1/ i""0e an o0t"taning( T+e ,a10e o. a11 t+e "ec0ritie" in t+e port.o1io in
ca1c01ate ai1/( Fro! t+i"2 a11 e7pen"e" are e0cte an t+e re"01tant ,a10e i,ie 3/
t+e n0!3er o. 0nit" in t+e .0n i" t+e .0n=" NA)(
NAV A T)ta# $a#1 )4 th 41n/BBBBBB,
N), )4 sha%s !1%%nt#& "ss1/ an/ )1tstan/"n.
A/$anta.s )4 a MF
Q M0t0a1 F0n" pro,ie t+e 3ene.it o. c+eap acce"" to e7pen"i,e "toc9"
Q M0t0a1 .0n" i,er"i./ t+e ri"9 o. t+e in,e"tor 3/ in,e"ting in a 3a"9et o.
a""et"
Q A tea! o. pro.e""iona1 .0n !anager" !anage" t+e! *it+ in&ept+ re"earc+
inp0t" .ro! in,e"t!ent ana1/"t"(
Q Being in"tit0tion" *it+ goo 3argaining po*er in !ar9et"2 !0t0a1 .0n" +a,e
acce"" to cr0cia1 corporate in.or!ation2 *+ic+ ini,i0a1 in,e"tor" cannot
acce""(
H"st)%& )4 th In/"an -1t1a# 41n/ "n/1st%&
T+e !0t0a1 .0n in0"tr/ in Inia "tarte in %FD' *it+ t+e .or!ation o. Unit Tr0"t o.
Inia2 at t+e initiati,e o. t+e 5o,ern!ent o. Inia an Re"er,e Ban9( T+e +i"tor/ o.
!0t0a1 .0n" in Inia can 3e 3roa1/ i,ie into .o0r i"tinct p+a"e"(
F"%st Phas C 7DEF68G:
Unit Tr0"t o. Inia ;UTI< *a" e"ta31i"+e on %FD' 3/ an Act o. Par1ia!ent 3/ t+e Re"er,e
Ban9 o. Inia an .0nctione 0ner t+e Reg01ator/ an a!ini"trati,e contro1 o. t+e
Re"er,e Ban9 o. Inia( In %FBC UTI *a" e&1in9e .ro! t+e RBI an t+e In0"tria1
De,e1op!ent Ban9 o. Inia ;IDBI< too9 o,er t+e reg01ator/ an a!ini"trati,e contro1 in
p1ace o. RBI( T+e .ir"t "c+e!e 1a0nc+e 3/ UTI *a" Unit Sc+e!e %FD>( At t+e en o.
%FCC UTI +a R"(D2B$$ crore" o. a""et" 0ner !anage!ent(
S!)n/ Phas C 7D8G67DDH *Ent%& )4 P1:#"! S!t)% F1n/s+:
%FCB !ar9e t+e entr/ o. non& UTI2 p031ic "ector !0t0a1 .0n" "et 0p 3/ p031ic "ector
3an9" an Li.e In"0rance Corporation o. Inia ;LIC< an 5enera1 In"0rance Corporation
o. Inia ;5IC<( SBI M0t0a1 F0n *a" t+e .ir"t non& UTI M0t0a1 F0n e"ta31i"+e in N0ne
%FCB .o11o*e 3/ Canra 3an9 M0t0a1 F0n ;Dec CB<2 P0nja3 Nationa1 Ban9 M0t0a1 F0n
;A0g CF<2 Inian Ban9 M0t0a1 F0n ;No, CF<2 Ban9 o. Inia ;N0n F$<2 Ban9 o. Baroa
M0t0a1 F0n ;Oct F#<( LIC e"ta31i"+e it" !0t0a1 .0n in N0ne %FCF *+i1e 5IC +a "et 0p
it" !0t0a1 .0n in Dece!3er %FF$(At t+e en o. %FF'2 t+e !0t0a1 .0n in0"tr/ +a a""et"
0ner !anage!ent o. R"(>B2$$>crore"(
Th"%/ Phas C 7DDH6;IIH *Ent%& )4 P%"$at S!t)% F1n/s+:
%FF' *a" t+e /ear in *+ic+ t+e .ir"t M0t0a1 F0n Reg01ation" ca!e into 3eing2 0ner
*+ic+ a11 !0t0a1 .0n"2 e7cept UTI *ere to 3e regi"tere an go,erne( T+e er"t*+i1e
-ot+ari Pioneer ;no* !erge *it+ Fran91in Te!p1eton< *a" t+e .ir"t pri,ate "ector !0t0a1
.0n regi"tere in N01/ %FF'(
T+e %FF' SEBI ;M0t0a1 F0n< Reg01ation" *ere "03"tit0te 3/ a !ore co!pre+en"i,e
an re,i"e M0t0a1 F0n Reg01ation" in %FFD( T+e in0"tr/ no* .0nction" 0ner t+e SEBI
;M0t0a1 F0n< Reg01ation" %FFD( A" at t+e en o. Nan0ar/ #$$'2 t+ere *ere '' !0t0a1
.0n" *it+ tota1 a""et" o. R"( %2#%2C$? crore"(
F)1%th Phas C s"n! F:%1a%& ;IIH:
In Fe3r0ar/ #$$'2 .o11o*ing t+e repea1 o. t+e Unit Tr0"t o. Inia Act %FD' UTI *a"
3i.0rcate into t*o "eparate entitie"( One i" t+e Speci.ie Unerta9ing o. t+e Unit Tr0"t o.
Inia *it+ a""et" 0ner !anage!ent o. R"(#F2C'? crore" a" at t+e en o. Nan0ar/ #$$'2
repre"enting 3roa1/2 t+e a""et" o. US D> "c+e!e2 a""0re ret0rn an certain ot+er
"c+e!e"( T+e "econ i" t+e UTI M0t0a1 F0n Lt2 "pon"ore 3/ SBI2 PNB2 BOB an LIC(
It i" regi"tere *it+ SEBI an .0nction" 0ner t+e M0t0a1 F0n Reg01ation"( con"o1iation
an gro*t+( A" at t+e en o. Septe!3er2 #$$>2 t+ere *ere #F .0n"2 *+ic+ !anage a""et"
o. R"(%?'%$C crore" 0ner >#% "c+e!e"(
Cat.)%"s )4 -1t1a# 41n/s
M0t0a1 .0n" can 3e c1a""i.ie a" .o11o*6
Bas/ )n th"% st%1!t1%:
O3n6n// 41n/s6 In,e"tor" can 30/ an "e11 t+e 0nit" .ro! t+e .0n2 at an/ point
o. ti!e(
C#)s6n// 41n/s6 T+e"e .0n" rai"e !one/ .ro! in,e"tor" on1/ once( T+ere.ore2
a.ter t+e o..er perio2 .re"+ in,e"t!ent" cannot 3e !ae into t+e .0n( I. t+e .0n i"
1i"te on a "toc9" e7c+ange t+e 0nit" can 3e trae 1i9e "toc9" ;E(g(2 Morgan Stan1e/
5ro*t+ F0n<( Recent1/2 !o"t o. t+e Ne* F0n O..er" o. c1o"e&ene .0n"
pro,ie 1i40iit/ *ino* on a perioic 3a"i" "0c+ a" !ont+1/ or *ee91/(
Ree!ption o. 0nit" can 3e !ae 0ring "peci.ie inter,a1"( T+ere.ore2 "0c+ .0n"
+a,e re1ati,e1/ 1o* 1i40iit/(
Bas/ )n th"% "n$st-nt ):j!t"$:
EJ1"t& 41n/s: T+e"e .0n" in,e"t in e40itie" an e40it/ re1ate in"tr0!ent"( Wit+
.10ct0ating "+are price"2 "0c+ .0n" "+o* ,o1ati1e per.or!ance2 e,en 1o""e"(
Ho*e,er2 "+ort ter! .10ct0ation" in t+e !ar9et2 genera11/ "!oot+en" o0t in t+e 1ong
ter!2 t+ere3/ o..ering +ig+er ret0rn" at re1ati,e1/ 1o*er ,o1ati1it/( At t+e "a!e ti!e2
"0c+ .0n" can /ie1 great capita1 appreciation a"2 +i"torica11/2 e40itie" +a,e
o0tper.or!e a11 a""et c1a""e" in t+e 1ong ter!( Hence2 in,e"t!ent in e40it/ .0n"
"+o01 3e con"iere .or a perio o. at 1ea"t '&? /ear"( It can 3e .0rt+er c1a""i.ie a"6
i< Ine7 .0n"& In t+i" ca"e a 9e/ "toc9 !ar9et ine72 1i9e BSE "en"e7 or Ni.t/ i" trac9e(
T+eir port.o1io !irror" t+e 3enc+!ar9 ine7 3ot+ in ter!" o. co!po"ition an ini,i0a1
"toc9 *eig+tage"(
ii< E40it/ i,er"i.ie .0n"& %$$J o. t+e capita1 i" in,e"te in e40itie" "preaing acro""
i..erent "ector" an "toc9"(
iii< Di,ien /ie1 .0n"& it i" "i!i1ar to t+e e40it/ i,er"i.ie .0n" e7cept t+at t+e/
in,e"t in co!panie" o..ering +ig+ i,ien /ie1"(
i,< T+e !etric .0n"& In,e"t %$$J o. t+e a""et" in "ector" *+ic+ are re1ate t+ro0g+ "o!e
t+e!e(
e(g( &An in.ra"tr0ct0re .0n in,e"t" in po*er2 con"tr0ction2 ce!ent" "ector" etc(
,< Sector .0n"& In,e"t %$$J o. t+e capita1 in a "peci.ic "ector( e(g( & A 3an9ing "ector
.0n *i11 in,e"t in 3an9ing "toc9"(
,i< ELSS& E40it/ Lin9e Sa,ing Sc+e!e pro,ie" ta7 3ene.it to t+e in,e"tor"(
Ba#an!/ 41n/: T+eir in,e"t!ent port.o1io inc10e" 3ot+ e3t an e40it/( A" a
re"01t2 on t+e ri"9&ret0rn 1aer2 t+e/ .a11 3et*een e40it/ an e3t .0n"( Ba1ance
.0n" are t+e iea1 !0t0a1 .0n" ,e+ic1e .or in,e"tor" *+o pre.er "preaing t+eir
ri"9 acro"" ,ario0" in"tr0!ent"( Fo11o*ing are 3a1ance .0n" c1a""e"6
i< De3t&oriente .0n" &In,e"t!ent 3e1o* D?J in e40itie"(
ii< E40it/&oriente .0n" -In,e"t at 1ea"t D?J in e40itie"2 re!aining in e3t(
D:t 41n/: T+e/ in,e"t on1/ in e3t in"tr0!ent"2 an are a goo option .or
in,e"tor" a,er"e to iea o. ta9ing ri"9 a""ociate *it+ e40itie"( T+ere.ore2 t+e/
in,e"t e7c10"i,e1/ in .i7e&inco!e in"tr0!ent" 1i9e 3on"2 e3ent0re"2 5o,ern!ent
o. Inia "ec0ritie"M an !one/ !ar9et in"tr0!ent" "0c+ a" certi.icate" o. epo"it
;CD<2 co!!ercia1 paper ;CP< an ca11 !one/( P0t /o0r !one/ into an/ o. t+e"e
e3t .0n" epening on /o0r in,e"t!ent +ori:on an nee"(
i< Li40i .0n"& T+e"e .0n" in,e"t %$$J in !one/ !ar9et in"tr0!ent"2 a 1arge portion
3eing in,e"te in ca11 !one/ !ar9et(
ii< 5i1t .0n" ST& T+e/ in,e"t %$$J o. t+eir port.o1io in go,ern!ent "ec0ritie" o. an T&
3i11"(
iii< F1oating rate .0n" & In,e"t in "+ort&ter! e3t paper"( F1oater" in,e"t in e3t
in"tr0!ent" *+ic+ +a,e ,aria31e co0pon rate(
i,< Ar3itrage .0n& T+e/ generate inco!e t+ro0g+ ar3itrage opport0nitie" 0e to !i"&
pricing 3et*een ca"+ !ar9et an eri,ati,e" !ar9et( F0n" are a11ocate to e40itie"2
eri,ati,e" an !one/ !ar9et"( Hig+er proportion ;aro0n B?J< i" p0t in !one/ !ar9et"2
in t+e a3"ence o. ar3itrage opport0nitie"(
,< 5i1t .0n" LT& T+e/ in,e"t %$$J o. t+eir port.o1io in 1ong&ter! go,ern!ent "ec0ritie"(
,i< Inco!e .0n" LT& t/pica11/2 "0c+ .0n" in,e"t a !ajor portion o. t+e port.o1io in 1ong&
ter! e3t paper"(
,ii< MIP"& Mont+1/ Inco!e P1an" +a,e an e7po"0re o. B$J&F$J to e3t an an e7po"0re
o. %$J&'$J to e40itie"(
,iii< FMP"& .i7e !ont+1/ p1an" in,e"t in e3t paper" *+o"e !at0rit/ i" in 1ine *it+ t+at
o. t+e .0n(
In$st-nt st%at."s
7, S&st-at"! In$st-nt P#an: 0ner t+i" a .i7e "0! i" in,e"te eac+ !ont+ on a .i7e
ate o. a !ont+( Pa/!ent i" !ae t+ro0g+ po"t ate c+ e40e or irect e3it .aci1itie"(
T+e in,e"tor get" .e*er 0nit" *+en t+e NA) i" +ig+ an !ore 0nit" *+en t+e NA) i" 1o*(
T+i" i" ca11e a" t+e 3ene.it o. R0pee Co"t A,eraging ;RCA<
;, S&st-at"! T%ans4% P#an: 0ner t+i" an in,e"tor in,e"t in e3t oriente .0n an gi,e
in"tr0ction" to tran".er a .i7e "0!2 at a .i7e inter,a12 to an e40it/ "c+e!e o. t+e "a!e
!0t0a1 .0n(
H, S&st-at"! <"th/%a0a# P#an: i. "o!eone *i"+e" to *it+ra* .ro! a !0t0a1 .0n t+en
+e can *it+ra* a .i7e a!o0nt eac+ !ont+(
R"s5 $Ks, %t1%n
<)%5"n. )4 M1t1a# 41n/
T+e entire !0t0a1 .0n in0"tr/ operate" in a ,er/ organi:e *a/( T+e in,e"tor" 9no*n a"
0nit +o1er=" +ano,er t+eir "a,ing" to t+e AMC" 0ner ,ario0" "c+e!e"( T+e o3jecti,e o.
t+e in,e"t!ent "+o01 !atc+ *it+ t+e o3jecti,e o. t+e .0n to 3e"t "0it t+e in,e"tor"=
nee"( T+e AMC" .0rt+er in,e"t t+e .0n" into ,ario0" "ec0ritie" accoring to t+e
in,e"t!ent o3jecti,e( T+e ret0rn generate .ro! t+e in,e"t!ent" i" pa""e on to t+e
in,e"tor" or rein,e"te a" !entione in t+e o..er oc0!ent(
To protect t+e intere"t o. t+e in,e"tor"2 SEBI .or!01ate" po1icie" an reg01ate" t+e !0t0a1
.0n"( It noti.ie reg01ation" in %FF' ;.011/ re,i"e in %FFD< an i""0e" g0ie1ine" .ro!
ti!e to ti!e( SEBI appro,e A""et Manage!ent Co!pan/ ;AMC< !anage" t+e .0n" 3/
!a9ing in,e"t!ent" in ,ario0" t/pe" o. "ec0ritie"( C0"toian2 regi"tere *it+ SEBI2 +o1"
t+e "ec0ritie" o. ,ario0" "c+e!e" o. t+e .0n in it" c0"to/(
Accoring to SEBI Reg01ation"2 t*o t+ir" o. t+e irector" o. Tr0"tee Co!pan/ or 3oar
o. tr0"tee" !0"t 3e inepenent(
T+e A""ociation o. M0t0a1 F0n" in Inia ;AMFI< rea""0re" t+e in,e"tor" in 0nit" o.
!0t0a1 .0n" t+at t+e !0t0a1 .0n" .0nction *it+in t+e "trict reg01ator/ .ra!e*or9( It"
o3jecti,e i" to increa"e p031ic a*arene"" o. t+e !0t0a1 .0n in0"tr/( AMFI a1"o i"
engage in 0pgraing pro.e""iona1 "tanar" an in pro!oting 3e"t in0"tr/ practice" in
i,er"e area" "0c+ a" ,a10ation2 i"c1o"0re2 tran"parenc/ etc(
D)!1-nts %J1"%/
%( PAN !anator/
Proo. o. ientit/6 % p+oto PAN car
#( In ca"e o. non & p+oto PAN car in aition to cop/ o. PAN car an/ one o. t+e
.o11o*ing6 ri,ing 1icen"e8pa""port cop/8 ,oter i8 3an9 p+oto pa"" 3oo9(
Proo. o. are"" ;an/ o. t+e .o11o*ing< 6 Late"t te1ep+one 3i112 1ate"t e1ectricit/ 3i112
Pa""port2 1ate"t 3an9 pa""3oo983an9 acco0nt "tate!ent2 1ate"t De!at acco0nt "tate!ent2
,oter i2 ri,ing 1icen"e2 ration car2 rent agree!ent(
O44% /)!1-nt: an o..er oc0!ent i" i""0e *+en t+e AMC" !a9e Ne* F0n
O..er;NFO<( It" a,i"a31e to e,er/ in,e"tor to a"9 .or t+e o..er oc0!ent an rea it
3e.ore in,e"ting( An o..er oc0!ent con"i"t" o. t+e .o11o*ing6
Stanar O..er Doc0!ent .or M0t0a1 F0n" ;SEBI For!at<
S0!!ar/ In.or!ation
51o""ar/ o. De.ine Ter!"
Ri"9 Di"c1o"0re"
Lega1 an Reg01ator/ Co!p1iance
E7pen"e"
Conen"e Financia1 In.or!ation o. Sc+e!e"
Con"tit0tion o. t+e M0t0a1 F0n
In,e"t!ent O3jecti,e" an Po1icie"
Manage!ent o. t+e F0n
O..er Re1ate In.or!ation(
(& In4)%-at")n M-)%an/1-: A 9e/ in.or!ation !e!oran0!2 pop01ar1/ 9no*n a"
-IM2 i" attac+e a1ong *it+ t+e !0t0a1 .0n .or!( An t+0" e,er/ in,e"tor get to rea it(
It" content" are6
%( Na!e o. t+e .0n(
#( In,e"t!ent o3jecti,e
'( A""et a11ocation pattern o. t+e "c+e!e(
>( Ri"9 pro.i1e o. t+e "c+e!e
?( P1an" K option"
D( Mini!0! app1ication a!o0nt8 no( o. 0nit"
B( Benc+!ar9 ine7
C( Di,ien po1ic/
F( Na!e o. t+e .0n !anager;"<
%$( E7pen"e" o. t+e "c+e!e6 1oa "tr0ct0re2 rec0rring e7pen"e"
%%( Per.or!ance o. t+e "c+e!e ;"c+e!e ret0rn ,8"( 3enc+!ar9 ret0rn<
%#( Year& *i"e ret0rn .or t+e 1a"t ? .inancia1 /ear(
D"st%":1t")n !hann#s
M0t0a1 .0n" po""e" a ,er/ "trong i"tri30tion c+anne1 "o t+at t+e 01ti!ate c0"to!er"
oe"n=t .ace an/ i..ic01t/ in t+e .ina1 proc0re!ent( T+e ,ario0" partie" in,o1,e in
i"tri30tion o. !0t0a1 .0n" are6
%( Direct !ar9eting 3/ t+e AMC"6 T+e .or!" co01 3e o3taine .ro! t+e AMC" irect1/(
T+e in,e"tor" can approac+ to t+e AMC" .or t+e .or!"( "o!e o. t+e top AMC" o. Inia
areM Re1iance 2Bir1a S0n1i.e2 Tata2 SBI !agn0!2 -ota9 Ma+inra2 HDFC2 S0nara!2
ICICI2 Mirae A""et"2 Canara Ro3eco2 Lot0" Inia2 LIC2 UTI etc( *+erea" .oreign AMC"
inc10e6 Stanar C+artere2 Fran91in Te!p1eton2 Fie1it/2 NP Morgan2 HSBC2 DSP Meri11
L/nc+2 etc(
#( Bro9er8 "03 3ro9er arrange!ent"6 t+e AMC" can "i!01taneo0"1/ go .or 3ro9er8"03&
3ro9er to pop01ari:e t+eir .0n"( AMC" can enjo/ t+e a,antage o. 1arge net*or9 o. t+e"e
3ro9er" an "03 3ro9er"(eg6 -AR)Y 3eing t+e top .inancia1 inter!eiar/ o. Inia +a" t+e
greate"t net*or9( So t+e AMC" ea1ing t+ro0g+ -AR)Y +a" acce"" to !o"t o. t+e
in,e"tor"(
'( Ini,i0a1 agent"2 Ban9"2 NBFC6 in,e"tor" can proc0re t+e .0n" t+ro0g+ ini,i0a1
agent"2 inepenent 3ro9er"2 3an9" an "e,era1 non& 3an9ing .inancia1 corporation=" too2
*+ic+e,er +e .in" con,enient .or +i!(
C)sts ass)!"at/ L3nss
AMC" c+arge an ann0a1 .ee2 or e7pen"e ratio t+at co,er" a!ini"trati,e e7pen"e"2 "a1arie"2
a,erti"ing e7pen"e"2 3ro9erage .ee2 etc( A %(?J e7pen"e ratio !ean" t+e AMC c+arge"
R"%(?$ .or e,er/ R"%$$ in a""et" 0ner !anage!ent( A .0nG" e7pen"e ratio i" t/pica11/ to
t+e "i:e o. t+e .0n" 0ner !anage!ent an not to t+e ret0rn" earne( Nor!a11/2 t+e co"t"
o. r0nning a .0n gro* "1o*er t+an t+e gro*t+ in t+e .0n "i:e & "o2 t+e !ore a""et" in t+e
.0n2 t+e 1o*er "+o01 3e it" e7pen"e ratio(
L)a/s:
Ent%& L)a/KF%)nt6En/ L)a/ *I6;,;MJ< & It=" t+e co!!i""ion c+arge at t+e ti!e o.
30/ing t+e .0n to co,er t+e co"t o. "e11ing2 proce""ing etc(
EL"t L)a/KBa!56 En/ L)a/ *I,;M6;,;MN+ 6 It=" t+e co!!i""ion or c+arge pai *+en an
in,e"tor e7it" .ro! a !0t0a1 .0n2 it i" i!po"e to i"co0rage *it+ra*a1"( It !a/ re0ce
to :ero *it+ increa"e in +o1ing perio(
Mas1%"n. an/ $a#1at"n. -1t1a# 41n/s 3%4)%-an!
E,er/ in,e"tor in,e"ting in t+e !0t0a1 .0n" i" ri,en 3/ t+e !otto o. eit+er *ea1t+
creation or *ea1t+ incre!ent or 3ot+( T+ere.ore it=" ,er/ nece""ar/ to contin0o0"1/
e,a10ate t+e .0n"= per.or!ance *it+ t+e +e1p o. .act"+eet" an ne*"1etter"2 *e3"ite"2
ne*"paper" an pro.e""iona1 a,i"or" 1i9e UTI !0t0a1 .0n "er,ice"( I. t+e in,e"tor"
ignore t+e e,a10ation o. .0n"= per.or!ance t+en +e can 1o"e +o1 o. it an/ ti!e( In t+i"
e,er&c+anging in0"tr/2 +e can .ace an/ o. t+e .o11o*ing pro31e!"6
%( )ariation in t+e .0n"= per.or!ance 0e to c+ange in it" !anage!ent8 o3jecti,e(
#( T+e .0n"= per.or!ance can "1ip in co!pari"on to "i!i1ar .0n"(
'( T+ere !a/ 3e an increa"e in t+e ,ario0" co"t" a""ociate *it+ t+e .0n(
>( Beta2 a tec+nica1 !ea"0re o. t+e ri"9 a""ociate !a/ a1"o "0rge(
?( T+e .0n"= rating" !a/ go o*n in t+e ,ario0" 1i"t" p031i"+e 3/ inepenent rating
agencie"(
D( It can !erge into anot+er .0n or co01 3e ac40ire 3/ anot+er .0n +o0"e(
P%4)%-an! -as1%s
EJ1"t& 41n/s6 t+e per.or!ance o. e40it/ .0n" can 3e !ea"0re on t+e 3a"i" o.6 NA)
5ro*t+2 Tota1 Ret0rnM Tota1 Ret0rn *it+ Rein,e"t!ent at NA)2 Ann0a1i:e Ret0rn" an
Di"tri30tion"2 Co!p0ting Tota1 Ret0rn ;Per S+are Inco!e an E7pen"e"2 Per S+are
Capita1 C+ange"2 Ratio"2 S+are" O0t"taning<2 t+e E7pen"e Ratio2 Port.o1io T0rno,er
Rate2 F0n Si:e2 Tran"action Co"t"2 Ca"+ F1o*2 Le,erage(
D:t 41n/6 1i9e*i"e t+e per.or!ance o. e3t .0n" can 3e !ea"0re on t+e 3a"i" o.6 Peer
5ro0p Co!pari"on"2 T+e Inco!e Ratio2 In0"tr/ E7po"0re" an Concentration"2 NPA"2
3e"ie" NA) 5ro*t+2 Tota1 Ret0rn an E7pen"e Ratio(
L"J1"/ 41n/s: t+e per.or!ance o. t+e +ig+1/ ,o1ati1e 1i40i .0n" can 3e !ea"0re on t+e
3a"i" o.6 F0n Yie12 3e"ie" NA) 5ro*t+2 Tota1 Ret0rn an E7pen"e Ratio(
C)n!3t )4 :n!h-a%5"n. 4)% 3%4)%-an! $a#1at")n
E,er/ .0n "et" it" 3enc+!ar9 accoring to it" in,e"t!ent o3jecti,e( T+e .0n
per.or!ance i" !ea"0re in co!pari"on *it+ t+e 3enc+!ar9( I. t+e .0n generate" a
greater ret0rn t+an t+e 3enc+!ar9 t+en it i" "ai t+at t+e .0n +a" o0tper.or!e
3enc+!ar9 2 i. it i" e40a1 to 3enc+!ar9 t+en t+e corre1ation 3et*een t+e! i" e7act1/ % an
i. in ca"e t+e ret0rn i" 1o*er t+an t+e 3enc+!ar9 t+en t+e .0n i" "ai to 3e
0nerper.or!e(
S)- )4 th :n!h-a%5s a%
%( E40it/ .0n"6 !ar9et inice" "0c+ a" SKP CNR ni.t/2 BSE%$$2 BSE#$$2 BSE&PSU2
BSE ?$$ ine72 BSE 3an9er2 an ot+er "ect ora1 inice"(
#( De3t .0n"6 Intere"t Rate" on A1ternati,e In,e"t!ent" a" Benc+!ar9"2 I&Bo7 Tota1
Ret0rn Ine72 NPM T& Bi11 Ine7 Po"t&Ta7 Ret0rn" on Ban9 Depo"it" ,er"0" De3t F0n"(
'( Li40i .0n"6 S+ort Ter! 5o,ern!ent In"tr0!ent"= Intere"t Rate" a" Benc+!ar9"2 NPM
T& Bi11 Ine7
T) -as1% th 41n/=s 3%4)%-an!' th !)-3a%"s)ns a% 1s1a##& /)n 0"th:
i< Wit+ a !ar9et ine7(
a( F0n" .ro! t+e "a!e peer gro0p(
3( Ot+er "i!i1ar pro0ct" in *+ic+ in,e"tor" in,e"t t+eir .0n"(
F"nan!"a# 3#ann"n. 4)% "n$st)%s *%4, t) -1t1a# 41n/s+:
In,e"tor" are re40ire to go .or .inancia1 p1anning 3e.ore !a9ing in,e"t!ent" in an/
!0t0a1 .0n( T+e o3jecti,e o. .inancia1 p1anning i" to en"0re t+at t+e rig+t a!o0nt o.
!one/ i" a,ai1a31e at t+e rig+t ti!e to t+e in,e"tor to 3e a31e to !eet +i" .inancia1 goa1"( It
i" !ore t+an !ere ta7 p1anning(
St3s "n 4"nan!"a# 3#ann"n. a%:
A""et a11ocation(
Se1ection o. .0n(
St0/ing t+e .eat0re" o. a "c+e!e(
In ca"e o. !0t0a1 .0n"2 .inancia1 p1anning i" concerne on1/ *it+ 3roa a""et a11ocation2
1ea,ing t+e act0a1 a11ocation o. "ec0ritie" an t+eir !anage!ent to .0n !anager"( A .0n
!anager +a" to c1o"e1/ .o11o* t+e o3jecti,e" "tate in t+e o..er oc0!ent2 3eca0"e
.inancia1 p1an" o. 0"er" are c+o"en 0"ing t+e"e o3jecti,e"(
<h& has "t :!)- )n )4 th #a%.st 4"nan!"a# "nst%1-nts@
I. *e ta9e a 1oo9 at t+e recent "cenario in t+e Inian .inancia1 !ar9et t+en *e can .in t+e
!ar9et .1ooe *it+ a ,ariet/ o. in,e"t!ent option" *+ic+ inc10e" !0t0a1 .0n"2
e40itie"2 .i7e inco!e 3on"2 corporate e3ent0re"2 co!pan/ .i7e epo"it"2 3an9
epo"it"2 PPF2 1i.e in"0rance2 go12 rea1 e"tate etc( A11 t+e"e in,e"t!ent option" co01 3e
j0ge on t+e 3a"i" o. ,ario0" para!eter" "0c+ a"& ret0rn2 "a.et/ con,enience2 ,o1ati1it/
an 1i40iit/( Mea"0ring t+e"e in,e"t!ent option" on t+e 3a"i" o. t+e !entione
para!eter"2 *e get t+i" in a ta301ar .or!
Rt1%n Sa4t& V)#at"#"t& L"J1"/"t
&
C)n$n"
n!
EJ1"t& Hig+ Lo* Hig+ Hig+ Moerate
B)n/s Moerate Hig+ Moerate Moerate Hig+
C),
D:nt1%
s
Moerate Moerate Moerate Lo* Lo*
C), FDs Moerate Lo* Lo* Lo* Moerate
Ban5
D3)s"ts
Lo* Hig+ Lo* Hig+ Hig+
PPF Moerate Hig+ Lo* Moerate Hig+
L"4
Ins1%an!
Lo* Hig+ Lo* Lo* Moerate
G)#/ Moerate Hig+ Moerate Moerate 5o1
Ra#
Estat
Hig+ Moerate Hig+ Lo* Lo*
M1t1a#
F1n/s
Hig+ Hig+ Moerate Hig+ Hig+
We can ,er/ *e11 "ee t+at !0t0a1 .0n" o0tper.or! e,er/ ot+er in,e"t!ent option( On
t+ree para!eter" it "core" +ig+ *+erea" it=" !oerate at one( co!paring it *it+ t+e ot+er
option"2 *e .in t+at e40itie" gi,e" 0" +ig+ ret0rn" *it+ +ig+ 1i40iit/ 30t it" ,o1ati1it/ too
i" +ig+ *it+ 1o* "a.et/ *+ic+ oe"n=t !a9e" it .a,orite a!ong per"on" *+o +a,e 1o* ri"9&
appetite( E,en t+e con,enience in,o1,e *it+ in,e"ting in e40itie" i" j0"t !oerate(

No* 1oo9ing at 3an9 epo"it"2 it "core" 3etter t+an e40itie" at a11 .ront" 30t 1ag" 3a1/ in
t+e para!eter o. 0t!o"t i!portant i(e(M it "core" 1o* on ret0rn 2 "o it=" not an +appening
option .or per"on *+o can a..or to ta9e ri"9" .or +ig+er ret0rn( T+e ot+er option o..ering
+ig+ ret0rn i" rea1 e"tate 30t t+at e,en co!e" *it+ +ig+ ,o1ati1it/ an !oerate "a.et/
1e,e12 e,en t+e 1i40iit/ an con,enience in,o1,e are too 1o*( 5o1 +a,e a1*a/" 3een a
.a,orite a!ong Inian" 30t *+en *e 1oo9 at it a" an in,e"t!ent option t+en it e.inite1/
oe"n=t gi,e" a ,er/ 3rig+t pict0re( A1t+o0g+ it en"0re" +ig+ "a.et/ 30t t+e ret0rn"
generate an 1i40iit/ are !oerate( Si!i1ar1/ t+e ot+er in,e"t!ent option" are not at par
*it+ !0t0a1 .0n" an "er,e t+e nee" o. on1/ a "peci.ic c0"to!er gro0p( Straig+t.or*ar2
*e can "a/ t+at !0t0a1 .0n e!erge" a" a c1ear *inner a!ong a11 t+e option" a,ai1a31e(
T+e rea"on" .or t+i" 3eing6
I+ M1t1a# 41n/s !)-:"n th a/$anta. )4 a!h )4 th "n$st-nt 3%)/1!ts: !0t0a1
.0n i" one "0c+ option *+ic+ can in,e"t in a11 ot+er in,e"t!ent option"( It" princip1e o.
i,er"i.ication a11o*" t+e in,e"tor" to ta"te a11 t+e .r0it" in one p1ate( N0"t 3/ in,e"ting in
it2 t+e in,e"tor can enjo/ t+e 3e"t in,e"t!ent option a" per t+e in,e"t!ent o3jecti,e(
II+ D"s3ns th sh)%t!)-"n.s )4 th )th% )3t")ns: e,er/ ot+er in,e"t!ent option +a"
!ore or 1e"" "o!e "+ortco!ing"( S0c+ a" i. "o!e are goo at ret0rn t+en t+e/ are not "a.e2
i. "o!e are "a.e t+en eit+er t+e/ +a,e 1o* 1i40iit/ or 1o* "a.et/ or 3ot+H(1i9e*i"e2 t+ere
e7i"t" no "ing1e option *+ic+ can .it to t+e nee o. e,er/3o/( B0t !0t0a1 .0n" +a,e
e.inite1/ "orte o0t t+i" pro31e!( No* e,er/3o/ can c+oo"e t+eir .0n accoring to
t+eir in,e"t!ent o3jecti,e"(
III+ Rt1%ns .t a/j1st/ 4)% th -a%5t -)$-nts6 A" t+e !0t0a1 .0n" are !anage
3/ e7pert" "o t+e/ are rea/ to "*itc+ to t+e pro.ita31e option a1ong *it+ t+e !ar9et
!o,e!ent( S0ppo"e t+e/ preict t+at !ar9et i" going to .a11 t+en t+e/ can "e11 "o!e o.
t+eir "+are" an 3oo9 pro.it an can rein,e"t t+e a!o0nt again in !one/ !ar9et
in"tr0!ent"(
IV+ F#L":"#"t& )4 "n$st/ a-)1nt: Ot+er t+en t+e a3o,e !entione rea"on"2 t+ere e7i"t"
one !ore rea"on *+ic+ +a" e"ta31i"+e !0t0a1 .0n" a" one o. t+e 1arge"t .inancia1
inter!eiar/ an t+at i" t+e .1e7i3i1it/ t+at !0t0a1 .0n" o..er regaring t+e in,e"t!ent
a!o0nt( One can "tart in,e"ting in !0t0a1 .0n" *it+ a!o0nt a" 1o* a" R"( ?$$ t+ro0g+
SIP" an e,en R"( %$$ in "o!e ca"e"(
H)0 /) "n$st)%s !h))s :t0n 41n/s@
W+en t+e !ar9et i" .1ooe *it+ !0t0a1 .0n"2 it=" a ,er/ to0g+ jo3 .or t+e in,e"tor" to
c+oo"e t+e 3e"t .0n .or t+e!( W+ene,er an in,e"tor t+in9" o. in,e"ting in !0t0a1 .0n"2
+e !0"t 1oo9 at t+e in,e"t!ent o3jecti,e o. t+e .0n( T+en t+e in,e"tor" "ort o0t t+e .0n"
*+o"e in,e"t!ent o3jecti,e !atc+e" *it+ t+at o. t+e in,e"tor="( No* t+e to0g+ ta"9 .or
in,e"tor" "tart2 t+e/ !a/ carr/ on t+e .0rt+er proce"" t+e!"e1,e" or can go .or a,i"or"
1i9e UTI( O. co0r"e t+e in,e"tor" can "a,e t+eir !one/ 3/ going t+e irect ro0te i(e(
t+ro0g+ t+e AMC" irect1/ 30t it *i11 on1/ "a,e %&#(#?J ;entr/ 1oa< 30t co01 co"t t+e
in,e"tor" in ter!" o. ret0rn" i. t+e in,e"tor i" not an e7pert( So it i" a1*a/" a,i"a31e to go
.or MF a,i"or"( T+e !. a,i"or"= t+o0g+t" go 3e/on j0"t in,e"t!ent o3jecti,e" an rate
o. ret0rn( So!e o. t+e 3a"ic too1" *+ic+ an in,e"tor !a/ ignore 30t an !. a,i"or *i11
a1*a/" 1oo9 .or are a" .o11o*6
7, R13s !)st a$%a."n.: T+e in,e"tor" going .or S/"te!atic In,e"t!ent P1an" ;SIP< an
S/"te!atic Tran".er P1an" ;STP< !a/ enjo/ t+e 3ene.it" o. RCA ;R0pee Co"t A,eraging<(
R0pee co"t a,eraging a11o*" an in,e"tor to 3ring o*n t+e a,erage co"t o. 30/ing a
"c+e!e 3/ !a9ing a .i7e in,e"t!ent perioica11/2 1i9e R" ?2$$$ a !ont+ an no*aa/"
e,en a" 1o* a" R"( ?$$ or R"( %$$( In t+i" ca"e2 t+e in,e"tor i" a1*a/" at a pro.it2 e,en i.
t+e !ar9et .a11"( In ca"e i. t+e NA) o. .0n .a11"2 t+e in,e"tor" can get !ore n0!3er o.
0nit" an ,ice&,er"a( T+i" re"01t" in t+e a,erage co"t per 0nit .or t+e in,e"tor 3eing 1o*er
t+an t+e a,erage price per 0nit o,er ti!e(
T+e in,e"tor nee" to ecie on t+e in,e"t!ent a!o0nt an t+e .re40enc/( More .re40ent
t+e in,e"t!ent inter,a12 greater t+e c+ance" o. 3ene.iting .ro! 1o*er price"( In,e"tor" can
a1"o 3ene.it 3/ increa"ing t+e SIP a!o0nt 0ring !ar9et o*nt0rn"2 *+ic+ *i11 re"01t in
re0cing t+e a,erage co"t an en+ancing ret0rn"( W+erea" STP a11o*" in,e"tor" *+o +a,e
10!p "0!" to par9 t+e .0n" in a 1o*&ri"9 .0n 1i9e 1i40i .0n" an !a9e perioic
tran".er" to anot+er .0n to ta9e a,antage o. r0pee co"t a,eraging(
;, R:a#an!"n.: Re3a1ancing in,o1,e" 3oo9ing pro.it in t+e .0n c1a"" t+at +a" gone 0p
an in,e"ting in t+e a""et c1a"" t+at i" o*n( Trigger an "*itc+ing are too1" t+at can 3e
0"e to re3a1ance a port.o1io( Trigger .aci1itie" a11o* a0to!atic ree!ption or "*itc+ i. a
"peci.ie e,ent occ0r"( T+e trigger co01 3e t+e ,a10e o. t+e in,e"t!ent2 t+e net a""et
,a10e o. t+e "c+e!e2 1e,e1 o. capita1 appreciation2 1e,e1 o. t+e !ar9et inice" or e,en a
ate( T+e .0n" reee!e can 3e "*itc+e to ot+er "peci.ie "c+e!e" *it+in t+e "a!e
.0n +o0"e( So!e .0n +o0"e" a11o* "0c+ "*itc+e" *it+o0t c+arging an entr/ 1oa(
To 0"e t+e trigger an "*itc+ .aci1it/2 t+e in,e"tor nee" to "peci./ t+e e,ent2 t+e a!o0nt
or t+e n0!3er o. 0nit" to 3e reee!e an t+e "c+e!e into *+ic+ t+e "*itc+ +a" to 3e
!ae( T+i" en"0re" t+at t+e in,e"tor 3oo9" "o!e pro.it" an !aintain" t+e a""et a11ocation
in t+e port.o1io(
H, D"$%s"4"!at")n: Di,er"i.ication in,o1,e" in,e"ting t+e a!o0nt into i..erent option"( In
ca"e o. !0t0a1 .0n"2 t+e in,e"tor !a/ enjo/ it a.ter*ar" a1"o t+ro0g+ i,ien tran".er
option( Uner t+i"2 t+e i,ien i" rein,e"te not into t+e "a!e "c+e!e 30t into anot+er
"c+e!e o. t+e in,e"torG" c+oice(
For e7a!p1e2 t+e i,ien" .ro! e3t .0n" !a/ 3e tran".erre to e40it/ "c+e!e"( T+i"
gi,e" t+e in,e"tor a "!a11 e7po"0re to a ne* a""et c1a"" *it+o0t ri"9 to t+e principa1
a!o0nt( S0c+ tran".er" !a/ 3e one *it+ or *it+o0t entr/ 1oa"2 epening on t+e MFG"
po1ic/(
F, TaL 44"!"n!&: ta7 .actor act" a" t+e @7&.actorA .or !0t0a1 .0n"( Ta7 e..icienc/ a..ect"
t+e .ina1 eci"ion o. an/ in,e"tor 3e.ore in,e"ting( T+e in,e"tor" gain t+ro0g+ eit+er
i,ien" or capita1 appreciation 30t i. t+e/ +a,en=t con"iere t+e ta7 .actor t+en t+e/
!a/ en 1oo"ing(
De3t .0n" +a,e to pa/ a i,ien i"tri30tion ta7 o. %#(?$ per cent ;p10" "0rc+arge an
e0cation ce""< on i,ien" pai o0t( In,e"tor" *+o nee a reg01ar "trea! o. inco!e
+a,e to c+oo"e 3et*een t+e i,ien option an a "/"te!atic *it+ra*a1 p1an t+at a11o*"
t+e! to reee! 0nit" perioica11/( SWP i!p1ie" capita1 gain" .or t+e in,e"tor(
I. it i" "+ort&ter!2 t+en t+e SWP i" "0ita31e on1/ .or in,e"tor" in t+e %$&per&cent&ta7
3rac9et( In,e"tor" in +ig+er ta7 3rac9et" *i11 en 0p pa/ing a +ig+er rate a" "+ort&ter!
Capita1 gain" an "+o01 c+oo"e t+e i,ien option(
T+e capita1 gain i" 1ong&ter! ;*+ere t+e in,e"t!ent +a" 3een +e1 .or !ore t+an one /ear<2
t+e gro*t+ option i" !ore ta7 e..icient .or a11 in,e"tor"( T+i" i" 3eca0"e in,e"tor" can
reee! 0nit" 0"ing t+e SWP *+ere t+e/ *i11 +a,e to pa/ %$ per cent a" 1ong&ter! capita1
gain" ta7 again"t t+e %#(?$ per cent DDT pai 3/ t+e MF on i,ien"(
A11 t+e too1" i"c0""e o,er +ere are 0"e 3/ a11 t+e a,i"or" an +a,e +e1pe in,e"tor" in
re0cing ri"92 "i!p1icit/ an a..ora3i1it/( E,en t+en an in,e"tor nee" to e7a!ine co"t"2
ta7 i!p1ication" an !ini!0! app1ica31e in,e"t!ent a!o0nt" 3e.ore co!!itting to a
"er,ice(
M)st 3)31#a% st)!5s a-)n. 41n/ -ana.%s *as on 30
th
April 2008)
Co!pan/ Na!e no( o. .0n"
Re1iance in0"trie" 1i!ite #>>
Lar"en K to03ro 1i!ite #$D
ICICI 3an9 1i!ite #$#
State 3an9 o. Inia %CC
B+arti airte1 1i!ite %C>
B+arat +ea,/ e1ectrica1 1i!ite #$$
Re1iance co!!0nication ,ent0re" 1t %DF
In.o"/" tec+no1ogie" 1t %?F
Oi1K Nat0ra1 ga" corporation 1t( %?'
ITC 1t( %>'
We can ea"i1/ point o0t t+at re1iance in0"trie" 1i!ite e!erge" a" a tr0e *inner o,er +ere
attracting t+e attention o. a1!o"t#>> !anager" *e11 .o11o*e 3/ Lar"en K t0r3o 1t( ICICI
3an9 1t an B+arat +ea,/ e1ectrica1 1t( T+e ot+er co!panie" "0cceeing in getting a
p1ace at top %$ are SBI2 B+arti Airte1 1i!ite2 re1iance co!!0nication"2 In.o"/"
tec+no1ogie" 1i!ite2 ON5C an at 1a"t ITC 1t(
<hat a% th -)st #1!%at"$ s!t)%s 4)% -1t1a# 41n/ -ana.%s@
T+i" i" a 40e"tion o. 0t!o"t intere"t .or a11 t+e in,e"tor" e,en .or t+o"e *+o on=t in,e"t in
!0t0a1 .0n" 3eca0"e t+e in,e"t!ent" one 3/ t+e MF" act a" tren"etter"( T+e
in,e"t!ent" !ae 3/ t+e .0n !anager" are 0"e .or preiction( H0ge in,e"t!ent" a""0re
1i40iit/ an re.1ect" appo"iti,e pict0re *+erea" tig+t in,e"t!ent po1ic/ re.1ect" cr0nc+
an in,e"tor" !a/ 1oo9 .or*ar .or a g1oo!/ pict0re(
T+eir in,e"t!ent" "+o* t+at *+ic+ "ector i" +otI An *i11 "et t+e !ar9et tren"( T+e
e7pert !anage!ent o. t+e .0n" *i11 a1*a/" 1oo9 .or pro.ita31e an +ig+ pa/ing "ector"(
So *e can +a,e 1oo9e at !o"t 10crati,e "ector" to 9no* a3o0t t+e recent tren"6
*Source !one"control.co!# 20.0$.08)
S!t)% na- N), )4 MFs :tt"n. )n
"t
a0to!oti,e #??
3an9ing K .inancia1
"er,ice"
%FD
ce!ent K
con"tr0ction
#'B
con"0!er 0ra31e" ?%
cong1o!erate" #%C
c+e!ica1" #?F
con"0!er non
0ra31e"
%>D
engineering K capita1
goo"
'%B
.oo K 3e,erage" %B?
in.or!ation
tec+no1og/
#C>
!eia K
entertain!ent
#%C
Man0.act0ring #?F
!eta1"K !ining #B?
Mi"ce11aneo0" #?$
oi1 K ga" #F$
P+ar!ace0tica1" #?$
Ser,ice" #$$
Te1eco! #D>
To3acco %?$
Uti1it/ ##?
Fro! t+e a3o,e ata co11ecte *e can "a/ t+at engineering K capita1 goo" "ector +a"
e!erge a" t+e +otte"t a" !o"t o. t+e .0n" are 3etting on it( We can "a/ t+at t+i" "ector i"
on 3oo! an pre"ent" a 3rig+t pict0re( Ot+er t+an it ot+er "ector" on +eig+t are oi1 K ga"2
te1eco!2 !eta1" K !ining an in.or!ation tec+no1og/( Sector" per.or!ing a,erage are
a0to!oti,e2 ce!ent K con"tr0ction2 c+e!ica1"2 !eia K entertain!ent2 !an0.act0ring2
!i"ce11aneo0"2 p+ar!ace0tica1" an 0ti1it/( T+e "ector" *+ic+ are not "o .a,orite" are
3an9ing K .inancia1 "er,ice"2 cong1o!erate"2 con"0!er non& 0ra31e"2 .oo K 3e,erage"2
"er,ice" an to3acco( An t+e "ector *+ic+ .ai1e to attract t+e .0n !anager" i" con"0!er
0ra31e" *it+ j0"t ?% .0n" 3etting on it(
T+0" t+i" ana1/"i" not on1/ gi,e" a pict0re o. t+e !in"et o. .0n !anager" rat+er it a1"o
re.1ect" t+e 1i40iit/ e7i"ting in eac+ o. t+e "ector"( It i" not on1/ 0"e.01 .or in,e"tor" o.
!0t0a1 .0n" rat+er t+e in,e"tor" o. e40it/ an e3t too co01 ta9e a +int .ro! it( A""et
a11ocation 3/ .0n !anager" are 3a"e on "e,era1 re"earc+e" carrie on "o2 it i" a1*a/"
a,i"a31e .or ot+er in,e"tor" to ta9e a 1oo9 on it( It can 3e .0rt+er pre"ente in t+e .or! o.
a grap+ a" .o11o*6
S&st-at"! "n$st-nt 3#an *"n /ta"#s+
We +a,e a1rea/ !entione a3o0t SIP" in 3rie. in t+e pre,io0" page" 30t no* going into
etai1"2 *e *i11 "ee +o* t+e po*er o. co!po0ning co01 3ene.it 0"( In "0c+ ca"e2 e,er/
"!a11 a!o0nt" in,e"te reg01ar1/ can gro* "03"tantia11/( SIP gi,e" a c1ear pict0re o. +o*
an ear1/ an reg01ar in,e"t!ent can +e1p t+e in,e"tor in *ea1t+ creation( D0e to it"
0n1i!ite a,antage" SIP co01 3e ree.ine a" @a !et+oo1og/ o. .0n in,e"ting
reg01ar1/ to 3ene.it reg01ar1/ .ro! t+e "toc9 !ar9et ,o1ati1it/( In t+e 1ater "ection" *e *i11
"ee +o* ret0rn" generate .ro! "o!e o. t+e SIP" +a,e o0tper.or!e t+eir 3enc+!ar9 30t
3e.ore !o,ing on to t+at 1et" +a,e a 1oo9 at "o!e o. t+e top per.or!ing SIP" an t+eir
ret0rn .or % /ear6
S!h- A-)1nt NAV NAV Dat
T)ta#
A-)1nt
R#"an! /"$%s"4"/ 3)0%
s!t)% %ta"# 7III E;,GF HIKMK;II8 7FM;F,IG
R#"an! %.1#a% sa$"n.s J1"t& 7III ;;,;I8 HIKMK;II8 7HM8F,DFF
3%"n!"3a# .#):a# )33)%t1n"t"s
41n/ 7III 78,8E HIKMK;II8 7F;FG,G;8
D<S "n$st-nt )33)%t1n"t"s
41n/ 7III HM,H7 HIKMK;II8 7HGD7,7MG
BOB .%)0th 41n/ 7III F;,7F HIKMK;II8 7HGED,7M;
In t+e a3o,e c+art2 *e can "ee +o* i. *e "tart in,e"ting R"(%$$$ per !ont+ t+en *+at
ret0rn *e=11 get .or t+e tota1 in,e"t!ent o. R"( %#$$$( T+ere i" re1iance i,er"i.ie po*er
"ector retai1 gi,ing t+e !a7i!0! ret0rn" o. R"( #?#>($B per /ear *+ic+ co!e" to #%J
ro0g+1/( Ne7t *e can "ee i. an/3o/ *o01 +a,e 0nerta9en t+e SIP in Principa1 *o01
+a,e got ret0rn" o. app( %CJ( We can "ee re1iance reg01ar "a,ing" e40it/2 DWS
in,e"t!ent opport0nitie" an BOB gro*t+ .0n gi,ing ret0rn" o. %'(#$J2 %>(F#J2 an
%>(B>J re"pecti,e1/ *+ic+ i" greater t+an an/ ot+er !ont+1/ in,e"t!ent option"( T+0" *e
can ea"i1/ !a9e o0t +o* SIP i" 3ene.icia1 .or 0"( It" +a""1e .ree2 it .orce" t+e in,e"tor" to
"a,e an get t+e! into t+e +a3it o. "a,ing( A1"o pa/ing a "!a11 a!o0nt o. R"( %$$$ i" ea"/
an con,enient .or t+e!2 t+0" p0tting no pre""0re on t+eir poc9et"(
No* *e *i11 ana1/:e "o!e o. t+e e40it/ .0n SIP " o. Bir1a "0n&1i.e *it+ BSE #$$ an
3an9 .i7e epo"it" In a ta301ar .or!at a" *e11 a" grap+ica1(
Sc+e!e Na!e
NO( OF
INSTALMEN
TS
Origina1
in,
Ret0rn" at
BSE #$$
FUND
RETURNS
Bir1a SL ta7 re1ie. GFD %>> %>>$$$ ??'%F$ %DC>$$C
Bir1a SL e40it/ .0n %%> %%>$$$ 'CCB$% DDF#%F
Bir1a .ront1ine e40it/
.0n DD DD$$$ %?D#DF %C%%#B
In t+e a3o,e ca"e2 *e +a,e ta9en t+ree .0n" o. Bir1a "0n&1i.e na!e1/ Bir1a "0n&1i.e ta7
re1ie. =FD2 Bir1a "0n&1i.e e40it/ .0n an Bir1a "0n&1i.e .ront1ine e40it/ .0n( A11 t+e"e
t+ree .0n" .o11o* t+e "a!e 3enc+!ar9 i(e( BSE #$$( Here2 *e +a,e "+o*n +o* one
*o01 +a,e 3ene.itte i. +e *o01 +a,e p0t +i" !one/ into t+e"e "c+e!e" "ince t+eir
inception( An t+e a!o0nt e,en i" a !eager R"( %$$$ per !ont+(
Starting .ro! Bir1a .ront1ine e40it/ .0n2 *e co01 "pot t+at i. "o!eone *o01 +a,e
in,e"te R"( %$$$ per !ont+ re"01ting into tota1 in,e"t!ent o. R"( DD$$$ t+en it *o01
+a,e a!o0nte to r"(%?D#DF i. in,e"te in BSE #$$ *+erea" t+e .0n *o01 +a,e gi,en a
tota1 ret0rn o. R" %C%%#B( No* !o,ing ne7t to Bir1a "0n&1i.e e40it/ .0n2 a tota1
in,e"t!ent o. %%>$$$ .or a tota1 o. %%> !ont+" at BSE #$$ *o01 +a,e gi,en a tota1
ret0rn o. R"( 'CCB$% *+erea" t+e .0n ga,e a tota1 ret0rn o. R"( DDF#%F2 near1/ o031e t+e
ret0rn generate at BSE #$$( An no* t+e crea! o. a11 t+e in,e"t!ent"2 Bir1a "0n&1i.e ta7
re1ie. =FD( A tota1 in,e"t!ent o. R"( %>>$$$ .or a perio o. %# /ear" at BSE #$$ *o01
+a,e gi,en tota1 ret0rn" o. j0"t R"( ??'%F$ 30t t+e Bir1a "0n&1i.e ta7 re1ie. =FD ga,e an
0n3e1ie,a31e tota1 ret0rn o. R" %DC>$$C(
T+0" t+e a3o,e ca"e ,er/ *e11 e7p1ain" t+e po*er o. co!po0ning an ear1/ in,e"t!ent(
We +a,e "een +o* a !eager a!o0nt o. R"( %>>$$$ t0rne into R"( %DC>$$C( It !a/
appear 0n3e1ie,a31e .or !an/ 30t SIP" +a,e t0rne t+i" into rea1it/ an t+e po*er o.
co!po0ning i" "pea9ing 1o02 attracting !ore an !ore in,e"tor" to create *ea1t+
t+ro0g+ SIP"(
D)s 41n/ 3%4)%-an! an/ %an5"n. 3%s"st@
T+i" project +a" 3een a great 1earning e7perience .or !e( B0t t+e ana1/"e" t+at are carrie
on*ar t+e"e page" are rea11/ c1o"e to !/ +eart( A.ter ta9ing a 1oo9 at t+e ata pre"ente
3e1o*2 an e7pert !ig+t 0nere"ti!ate !/ e..ort"( One !ig+t t+in9 it a" a 3oring ta"9 an
can go .or recoring +i"toric NA)" "ince 1a"t % !ont+ in"tea o. recoring it ai1/(
B0t .ran91/ "pea9ing2 *+i1e trac9ing t+e NA)"2 I rea11/ e,e1ope "o!e "enti!ent" *it+
t+e"e .0n"( Rea11/ t+e 0p" an o*n" in t+e NA)" a..ecte !e a" i. I ! trac9ing !/ o*n
port.o1io( T+e port.o1io con"i"t" o. i..erent t/pe" o. .0n"( We can "ee "o!e .0n" are ?&
"tar rate 30t t+eir per.or!ance" are 3e1o* t+e 0nrate .0n"( We can a1"o .in "o!e
.0n" *+ic+ per.or!e ,er/ *e11 initia11/ 30t gra0a11/ ec1ine eit+er in "+ort& r0n or
1ong r0n( So!e .0n" +a,e +ig+ NA)S 30t t+e ret0rn" o..ere are 1o*( We can a1"o "ee
"o!e .0n" .o11o*ing "a!e 3enc+!ar9 an re.1ecting i,er"e NA) an ret0rn"( E,en it
can 3e "een t+at t+e e7pen"e ratio" .or ,ario0" .0n" ,arie" *+ic+ !a/ a..ect t+e 01ti!ate
ret0rn(
No* 3e.ore going into etai1"2 1et=" +a,e a 1oo9 at t+o"e .0n"6 in t+i" o*ngraing e40it/
!ar9et2 *e can ea"i1/ !a9e o0t t+at t+e % /ear ret0rn o. t+e .0n t+at *a" on %B
t+
o. apri1
co01 not 3e "0"taine ti11 % !ont+( One can "ort o0t t+at t+e pre"ent ret0rn o. .0n" +a"
ecrea"e a 1ot an "03"e40ent1/ it" NA) too +a" co!e o*n( A11 t+e .0n" are "+o*ing
negati,e ret0rn" .or t+e 1a"t % !ont+( E,en t+e t*o +/3ri .0n" are "+o*ing negati,e
!ont+1/ ret0rn"( T+at !ean" a11 t+o"e *+o 3o0g+t t+e"e .0n" a !ont+ 3ac9 !0"t 3e
e7periencing a negati,e ret0rn( A1t+o0g+ t+e ann0a1 ret0rn o. t+e .0n" +a,e gone o*n in
co!pari"on to *+at it *a" o..ering a !ont+ 3ac9( Sti11 t+e tota1 ret0rn i" po"iti,e( On an
a,erage t+e e40it/ .0n" are o..ering a ret0rn o. '$J ann0a11/2 in "pite o. a *ee9 e40it/
!ar9et(
No* c+ec9ing t+e ,a1iit/ o. .0n"= rating"2 *e can "ee t+at "o!e o. t+e .0n" are ? "tar
or > "tar rate 30t t+eir ret0rn" 1ag 3e+in t+e 0nrate .0n"( A1t+o0g+2 "ince t+e rating"
inc10e 3ot+ ri"9 an ret0rn "o it *i11 not 3e a tota1 j0"tice to j0ge t+e .0n" p0re1/ on a
ret0rn 3a"i" 30t "ti11 *e can go .or it j0"t to j0ge t+e! on t+e 3a"i" o. ret0rn" generate(
Loo9ing at t+e .0n"2 *e +a,e t+ree ? "tar rate .0n"2 one >"tar rate an "i7 0nrate
.0n"( In ot+er *a/2 *e +a,e "e,en e40it/ i,er"i.ie .0n"2 one e40it/ "pecia1t/2 one
+/3ri6 /na!ic a""et a11ocation an one +/3ri6 e3t oriente .0n( It i" not po""i31e to
co!pare eac+ an e,er/ .0n in etai1"( So I +a,e co!pare # .0n" o0t o. t+i" 1i"t on t+e
3a"i" o. t+eir ret0rn" an e7pen"e"(
Here DBS C+o1a opport0nitie" an ICICI Pr0 in.ra"tr0ct0re .o11o*" t+e "a!e 3enc+!ar9
SKP CNR NIFTY( In t+i" ca"e2 DBS C+o1a opport0nitie" i" a > "tar rate .0n *+erea"
ICICI Pr0 in.ra"tr0ct0re i" an 0nrate .0n( T+e "tar rating e.inite1/ gi,e" DBS a
co!petiti,e a,antage 30t no* 1et=" +a,e a 1oo9 at ot+er .actor"2 *e can "ee t+at ICICI
Pr0 +a" rea11/ per.or!e *or"e in t+e 1a"t !ont+( It" % !ont+ ret0rn i" &?(CJ *+erea"
DBS ga,e a ret0rn o. &'($BJ( E,en i. *e con"ier D !ont+" ret0rn or /ear1/ ret0rn"2
e.inite1/ DBS i" a *inner( We can ea"i1/ "pot t+e i..erence 3/ c+ange in t+eir ran9ing"
e,en( Con"iering % /r ret0rn2 *e can "pot DBS at no(? *+erea" ICICI at no(D 30t *+en
*e 1oo9 at t+e !ont+1/ rating"2 to o0r 01ti!ate "+oc92 DBS i" at ?# an ICICI .ar 3e+in at
%B# 30t i. *e 1oo9 at t+e /ear1/ ret0rn"2 t+en t+ere i" not !0c+ i..erence 3et*een t+e!2
DBS o..ering ret0rn" o. '?(%BJ *+erea" ICICI o..ering '>(#B( B0t 1oo9ing at t+e
e7pen"e"2 t+e e7pen"e" c+arge 3/ ICICI i" 1o*er to t+at o. DBS2 *+ic+ !a/ act a" t+e
01ti!ate .actor in c+oo"ing t+e .0n in a 1ong r0n(
Th1s at #ast 0 !an !)n!#1/ that %at"n.s a% t)ta##& "%%#$ant 4)% "n$st)%s, H% "s
0h& th& a% t)ta##& "%%#$ant t) "n$st)%:
%( M0t0a1 .0n rating" are 3a"e on t+e ret0rn" generate2 t+at i"2 appreciation o. net
a""et ,a10e2 3a"e on t+e +i"torica1 per.or!ance( So t+e/ re1/ !ore on t+e pa"t2
rat+er t+an t+e c0rrent "cenario(
#( A" ret0rn" p1a/ a 9e/ ro1e in eciing t+e rating"2 an/ c+ange in ret0rn" *i11 1ea to
re&rating o. t+e !0t0a1 .0n( I. /o0 c+oo"e /o0r !0t0a1 .0n on1/ on t+e 3a"i" o.
rating2 it *i11 3e a n0i"ance to 9eep rea1igning /o0r in,e"t!ent in 1ine *it+ t+e
re,i"ion o. t+e rating"(
'( T+e rating" on=t ,a10e t+e in,e"t!ent proce""e" .o11o*e 3/ t+e !0t0a1 .0n( A" a
re"01t2 a .0n .o11o*ing a certain proce"" !a/ 1o"e o0t to a .0n t+at +a" gi,en
"0perior ret0rn" on1/ 3eca0"e it +a" a "tar .0n !anager( B0t t+ere i" a +ig+er ri"9
a""ociate *it+ a "tar .0n !anager t+at t+e rating" on=t re.1ect( I. t+e "tar .0n
!anager 40it"2 it can t+ro* t+e *or9ing o. a !0t0a1 .0n o0t o. gear an t+0" a..ect
it" per.or!ance(
>( T+e rating" on=t "+o* t+e 1e,e1 o. et+ic" .o11o*e 3/ t+e .0n( A .0n or .0n
!anager t+at i" in,o1,e in a "ca! or .inancia1 irreg01aritie" *on=t get poor rating"
on t+e 3a"i" o. et+ic"( A" t+e "tar rating" 1oo9 at j0"t ret0rn"2 an/ *rongoing
carrie o0t 3/ t+e .0n or .0n !anager *i11 3e co!p1ete1/ ignore(
?( Rating" a1"o on=t con"ier t*o ,er/ i!portant .actor"6 tran"parenc/ an 9eeping
in,e"tor" in.or!e( T+ere are no negati,e rating" a*are to t+e .0n .or 3eing
in,e"tor&0n.rien1/(
D( Rating" on=t !atc+ t+e in,e"tor=" ri"9&appetite *it+ t+eir port.o1io( A" a !atter o.
.act2 in,e"t!ent" "+o01 3e one on1/ a.ter con"iering t+e ri"9 appetite o. t+e
in,e"tor( For e7a!p1e2 e40itie" !a/ not 3e t+e 3e"t in,e"t!ent ,e+ic1e .or a ,er/
con"er,ati,e in,e"tor( Ho*e,er rating" .ai1 to ta9e t+at into acco0nt(
Rating" "+o01 3e t+e "tarting point .or !a9ing an in,e"t!ent eci"ion( T+e/ are not t+e
3e a11 an en a11 o. !0t0a1 .0n in,e"t!ent"( T+ere are ot+er i!portant .actor" 1i9e
port.o1io !anage!ent2 age o. .0n" an !ore2 *+ic+ "+o01 3e ta9en into acco0nt 3e.ore
!a9ing an in,e"t!ent(
P)%t4)#") ana#&s"s t))#s
Wit+ t+e increa"ing n0!3er o. !0t0a1 .0n "c+e!e"2 it 3eco!e" ,er/ i..ic01t .or an
in,e"tor to c+oo"e t+e t/pe o. .0n" .or in,e"t!ent( B/ 0"ing "o!e o. t+e port.o1io
ana1/"i" too1"2 +e can 3eco!e !ore e40ippe to !a9e a *e11 in.or!e c+oice( T+ere are
!an/ .inancia1 too1" to ana1/:e !0t0a1 .0n"( Eac+ +a" t+eir 0ni40e "trengt+" an
1i!itation" a" *e11( T+ere.ore2 one nee" to 0"e a co!3ination o. t+e"e too1" to !a9e a
t+oro0g+ ana1/"i" o. t+e .0n"(
T+e pre"ent !ar9et +a" 3eco!e ,er/ ,o1ati1e an 30o/ant2 "o it i" getting i..ic01t .or t+e
in,e"tor" to ta9e rig+t in,e"ting eci"ion( "o t+e ea"ie"t a,ai1a31e option .or in,e"tor" i" to
c+oo"e t+e 3e"t per.or!ing .0n" in ter!" o. @ret0rn"A *+ic+ +a,e /ie1e !a7i!0!
ret0rn"(
B0t i. *e 1oo9 eep1/ to it2 *e can .in t+at t+e ret0rn" are i!portant 30t it i" a1"o
i!portant to 1oo9 at t+e L40a1it/= o. t+e ret0rn"( LE0a1it/= eter!ine" +o* !0c+ ri"9 a
.0n i" ta9ing to generate t+o"e ret0rn"( One can !a9e a j0g!ent on t+e 40a1it/ o. a .0n
.ro! ,ario0" ratio" "0c+ a" "tanar e,iation2 S+arpe ratio2 3eta2 tenor !ea"0re2 R&
"40are2 a1p+a2 port.o1io t0rno,er ratio2 tota1 e7pen"e ratio etc(
No* I +a,e co!pare t*o .0n" o. SBI on t+e 3a"i" o. "tanar e,iation2 3eta2 R&
"40are2 S+arpe ratio2 port.o1io t0rno,er ratio an tota1 e7pen"e ratio( So 3e.ore going into
etai1"2 1et=" +a,e a 1oo9 at t+e"e ratio"6
Stan/a%/ /$"at")n: in "i!p1e ter!" "tanar e,iation i" one o. t+e co!!on1/ 0"e
"tati"tica1 para!eter to !ea"0re ri"92 *+ic+ eter!ine" t+e ,o1ati1it/ o. a .0n( De,iation
i" e.ine a" an/ ,ariation .ro! a !ean ,a10e ;0p*ar K o*n*ar<( Since t+e !ar9et"
are ,o1ati1e2 t+e ret0rn" .10ct0ate e,er/ a/( Hig+ "tanar e,iation o. a .0n i!p1ie" +ig+
,o1ati1it/ an a 1o* "tanar e,iation i!p1ie" 1o* ,o1ati1it/(
Bta ana#&s"s: 3eta i" 0"e to !ea"0re t+e ri"9( It 3a"ica11/ inicate" t+e 1e,e1 o. ,o1ati1it/
a""ociate *it+ t+e .0n a" co!pare to t+e !ar9et( In ca"e o. .0n"2 a" co!pare to t+e
!ar9et( In ca"e o. .0n"2 3eta *o01 inicate t+e ,o1ati1it/ again"t t+e 3enc+!ar9 ine7( It
i" 0"e a" a "+ort ter! eci"ion !a9ing too1( A 3eta t+at i" greater t+an % !ean" t+at t+e
.0n i" !ore ,o1ati1e t+an t+e 3enc+!ar9 ine72 *+i1e a 3eta o. 1e"" t+an % !ean" t+at t+e
.0n i" !ore ,o1ati1e t+an t+e 3enc+!ar9 ine7( A .0n *it+ a 3eta ,er/ c1o"e to % !ean"
t+e .0n=" per.or!ance c1o"e1/ !atc+e" t+e ine7 or 3enc+!ar9(
T+e "0cce"" o. 3eta i" +ea,i1/ epenent on t+e corre1ation 3et*een corre1ation 3et*een a
.0n an it" 3enc+!ar9( T+0"2 i. t+e .0n=" port.o1io oe"n=t +a,e a re1e,ant 3enc+!ar9
ine7 t+en a 3eta *o01 3e gro""1/ inappropriate( For e7a!p1e i. *e are con"iering a
3an9ing .0n2 *e "+o01 1oo9 at t+e 3eta again"t a 3an9 ine7(
R6SJ1a%/ *R;+: R "40are i" t+e "40are o. LR= ;i(e(M coe..icient o. corre1ation<( It
e"cri3e" t+e 1e,e1 o. a""ociation 3et*een t+e .0n=" !ar9et ,o1ati1it/ an !ar9et ri"9( T+e
,a10e o. R& "40are range" .ro!$ to%( A +ig+ R& "40are ;!ore t+an $(C$< inicate" t+at
3eta can 3e 0"e a" a re1ia31e !ea"0re to ana1/:e t+e per.or!ance o. a .0n( Beta "+o01
3e ignore *+en t+e r&"40are i" 1o* a" it inicate" t+at t+e .0n per.or!ance i" a..ecte
3/ .actor" ot+er t+an t+e !ar9et"(
For e7a!p1e6
Ca"e % Ca"e #
R# $(D? $(CC
B %(# $(F
In t+e a3o,e ta31eR# i" 1e"" t+an $(C$ in ca"e %2 i!p1ie" t+at it *o01 3e *rong to !ention
t+at t+e .0n i" aggre""i,e on acco0nt o. +ig+ 3eta( In ca"e #2 t+e r& "40are i" !ore t+an
$(C? an 3eta ,a10e i" $(F( it !ean" t+at t+i" .0n i" 1e"" aggre""i,e t+an t+e !ar9et(
S+arpe ratio6 "+arp ratio i" a ri"9 to re*ar ratio2 *+ic+ +e1p" in co!paring t+e ret0rn"
gi,en 3/ a .0n *it+ t+e ri"9 t+at t+e .0n +a" ta9en( A .0n *it+ a +ig+er "+arpe ratio
!ean" t+at t+e"e ret0rn" +a,e 3een generate ta9ing 1e""er ri"9( In ot+er *or"2 t+e .0n i"
1e"" ,o1ati1e an /et generating goo ret0rn"( T+0"2 gi,en "i!i1ar ret0rn"2 t+e .0n *it+ a
+ig+er "+arp ratio o..er" a 3etter a,en0e .or in,e"ting( T+e ratio i" ca1c01ate a"6
Sha%3 %at") A *A$%a. %t1%n6 %"s5 4% %at+K stan/a%/ /$"at")n
P)%t4)#") t1%n)$% %at")6 Port.o1io t0rno,er i" a !ea"0re o. a .0nG" traing acti,it/ an
i" ca1c01ate 3/ i,iing t+e 1e""er o. p0rc+a"e" or "a1e" ;e7c10ing "ec0ritie" *it+
!at0ritie" o. 1e"" t+an one /ear< 3/ t+e a,erage !ont+1/ net a""et" o. t+e .0n( T0rno,er i"
"i!p1/ a !ea"0re o. t+e percentage o. port.o1io ,a10e t+at +a" 3een tran"acte2 not an
inication o. t+e percentage o. a .0nG" +o1ing" t+at +a,e 3een c+ange( Port.o1io
t0rno,er i" t+e p0rc+a"e an "a1e o. "ec0ritie" in a .0nG" port.o1io( A ratio o. %$$J2 t+en2
!ean" t+e .0n +a" 3o0g+t an "o1 a11 it" po"ition" *it+in t+e 1a"t /ear( T0rno,er i"
i!portant *+en in,e"ting in an/ !0t0a1 .0n2 "ince t+e a!o0nt o. t0rno,er a..ect" t+e .ee"
an co"t" *it+in t+e !0t0a1 .0n(
T)ta# L3nss %at")6 A !ea"0re o. t+e tota1 co"t" a""ociate *it+ !anaging an
operating an in,e"t!ent .0n "0c+ a" a !0t0a1 .0n( T+e"e co"t" con"i"t pri!ari1/ o.
!anage!ent .ee" an aitiona1 e7pen"e" "0c+ a" traing .ee"2 1ega1 .ee"2 a0itor .ee" an
ot+er operationa1 e7pen"e"( T+e tota1 co"t o. t+e .0n i" i,ie 3/ t+e .0nG" tota1 a""et"
to arri,e at a percentage a!o0nt2 *+ic+ repre"ent" t+e TER6
T)ta# L3ns %at") A *T)ta# 41n/ C)stsK T)ta# 41n/ Assts+
P%4)%-an! %3)%t an/ 3)%t4)#") ana#&s"s )4 -a.n1- J1"t& 41n/ an/ -a.n1-
-1#t"3#"% 3#1s a.a"nst th"% :n!h-a%5 BSE7II:
YTD 7M HM EM 7Y HY MY
Ma.n1
-
J1"t&
41n/
&
#'(B'J
F($#J &B(B%J &
%?(%CJ
#D(D%J >?($BJ >C(FDJ
Ma.n1
-
-1#t"3#
"% 3#1s
&
#D(%DJ
?(?BJ &
%%(#DJ
&
%C($$J
#%(>>J >?(#CJ ?F('%J
Bn!h
-a%5
BSE7I
I
&
%B(?'J
%%(B>J &#(?DJ %%(>BJ '$(B%J >$(>DJ >>(#>J
No* in t+e a3o,e ta31e2 *e +a,e t*o .0n" .ro! SBI i(e( !agn0! e40it/ .0n an
!agn0! !01tip1ier p10" .o11o*ing t+e "a!e 3enc+!ar9 i(e( BSE %$$( In t+i" ca"e2 *e +a,e
co!pare t+eir ret0rn" 0ring ,ario0" ti!e perio"( We +a,e t+eir ret0rn" YTD2 0ring
1a"t % !ont+2 '!ont+2 D !ont+"2 % /ear2 ' /ear an ? /ear( I. *e 1oo9 at a 1ong ter!
per"pecti,e2 t+en !agn0! !01tip1ier p10" tota11/ o0tper.or!e 3ot+ !agn0! e40it/ .0n
a" *e11 a" BSE %$$( In ca"e o. ? /ear ret0rn"2 neit+er t+e 3enc+!ar9 nor t+e !agn0!
e40it/ .0n "tan" an/*+ere near !01tip1ier p10"( It i" greater t+an e40it/ .0n 3/ %$('?J
an .ro! 3enc+!ar9 3/ %?($BJ( B0t in ca"e o. ' /ear ret0rn"2 "0re1/ !01tip1ier p10" ga,e
t+e !a7i!0! ret0rn 30t it .e11 "+arp1/ in co!pari"on to it" ? /r ret0rn( A >?(#CJ ret0rn
"core o,er e40it/ .0n j0"t 3/ a !argin o. $(#%J an 3enc+!ar9 3/ a !ere >(#CJ( No*
!o,ing o*n to % /r ret0rn2 *e can c1ear1/ "ee t+at BSE %$$ e!erge" a" a tr0e *inner(
T+e 3enc+!ar9 ga,e a ret0rn o. '$(B%J 30t 3ot+ t+e .0n" .ai1e to !atc+ it e,en(
B0t t+e 01ti!ate "0rpri"e co!e" *+en *e 1oo9 at t+e ata=" o. 1a"t D !ont+"( Here not on1/
t+e .0n !anager" .ai1e to 3eat or !atc+ t+e !ar9et( Rat+er t+e/ a1"o per.or!e a"
1aggar"2 gi,ing negati,e ret0rn"( W+en t+e BSE %$$ ga,e ret0rn" o. %%(>BJ2 t+e"e .0n"
*ere trai1ing 3/ #F(>BJ an #D(D?J *+ic+ i" a +0ge .ig0re( In t+e 1a"t ' !ont+" too2 3ot+
t+e .0n" *ere 3e+in 3"e%$$ 30t a11 t+e t+ree ga,e negati,e ret0rn" an t+e i..erence
3et*een t+e! an 3enc+!ar9 *a" narro*e o*n( Again2 0ring 1a"t % !ont+ ret0rn o.
a11 t+ree got po"iti,e 30t t+e .0n" a1*a/" re!aine 3e+in t+e 3enc+!ar9( T+e BSE %$$
o0t"core !01tip1ier p10" an e40it/ .0n 3/ D(%BJ an #(B#J re"pecti,e1/( Si!i1ar1/2 t+e
YTD ret0rn o. a11 ' i" negati,e e,en t+en t+e 3enc+!ar9 i" at a 3etter po"ition t+an t+e
.0n"(
Fro! t+e .o11o*ing ana1/"i" *e can in.er t+at in "pite o. a11 t+e "tep" ta9enM it i" not
a1*a/" po""i31e .or t+e .0n !anager" to a1*a/" 3eat t+e !ar9et( A1"o2 t+e pa"t
per.or!ance j0"t te11" t+e 3ac9gro0n an +i"tor/ o. t+e .0n2 3/ 1oo9ing at it *e cannot
interpret t+at t+e .0n *i11 per.or! in t+e "a!e *a/ in t+e .0t0re too(
Th /ata=s !an : 3%snt/ "n th 4)%- )4 a .%a3h as 4)##)0:
>1ant"tat"$ /ata
Rat")s Ma.n1- J1"t& 41n/ Ma.n1- -1#t"3#"% 3#1s
Stan/a%/ /$"at")n #D($$J #D(F$J
Bta $(FDJ $(F?J
%6sJ1a%/ $(C>J
Sha%3 %at") %(>DJ %(>#J
P)%t4)#") t1%n)$% '%J #?J
T)ta# L3ns %at") #(?J #(?J
Ana#&s"s
We can "ee t+at t+e "tanar e,iation o. 3ot+ t+e .0n" are !ore or 1e"" "a!e e,en
t+en t+e S(D o. !01tip1ier p10" i" greater t+an t+at o. e40it/ .0n 3/ $(F$J(
5enera11/ +ig+er t+e SD +ig+er i" t+e ri"9 an ,ice&,er"a( T+ere.ore2 !agn0!
!01tip1ier p10" i" ri"9ier t+an !agn0! e40it/ .0n(
T+e 3eta o. !agn0! e40it/ .0n i" +ig+er t+an t+at o. !agn0! !01tip1ier p10"(
T+ere.ore2 e40it/ .0n i" !ore ,o1ati1e t+an !01tip1ier p10"( B0t 3eta o. 3ot+ t+e
.0n" i" "!a11er t+an % t+at !ean" 3ot+ t+e .0n" are 1e"" ,o1ati1e t+an t+e !ar9et
ine7( A" r& "40are ,a10e" are !ore t+an $(C$ in 3ot+ t+e ca"e"2 *e can re1/ on t+e
0"age o. 3eta .or t+e ana1/"i" o. t+e"e .0n"(
A 1oo9 at t+e S+arpe ratio inicate" t+at !agn0! e40it/ +a" o0tper.or!e
!01tip1ier p10"( A +ig+er S+arpe ratio o. e40it/ .0n epict" t+at t+e"e ret0rn +a,e
3een generate ta9ing 1e""er ri"9 t+an t+e !01tip1ier p10"( It I" 1e"" ,o1ati1e t+an t+e
ot+er(
R&"40are o. 3ot+ t+e .0n" are greater t+an $(C$( it inicate" t+at 3eta can 3e 0"e
a" a re1ia31e !ea"0re to ana1/:e t+e per.or!ance o. t+e"e .0n"( Magn0! e40it/
.0n=" R& "40are i" +ig+er( So it" 3eta i" !ore re1ia31e(
Port.o1io t0rno,er ratio o. !agn0! e40it/ .0n i" +ig+er t+an !01tip1ier p10"( It
!ean t+e !anager i" .re40ent1/ c+0rning t+e port.o1io o. e40it/ .0n t+an o.
!01tip1ier p10"( It !a/ 1ea to an increa"e in e7pen"e" 30t co01 3e ignore i. co01
generate +ig+er ret0rn 3/ c+anging t+e co!po"ition o. port.o1io(
Tota1 e7pen"e ratio o. 3ot+ t+e .0n" are "a!e i(e(M #(?J
In th 4)%- )4 a !ha%t
Cha3t%6H
RESEARCH
METHODOLOGY
RESEARCH METHODOLOGY
Rsa%!h /s".n
T"t# )4 3%)j!t
O:j!t"$ )4 st1/&
T&3 )4 %sa%!h
Sa-3# s"9 an/ -th)/ )4 s#!t"n. sa-3#
Mth)/ )4 /ata ana#&s"s
S!)3 )4 st1/&
L"-"tat")ns )4 st1/&
O:j!t"$ )4 %sa%!h
T+e !ain o3jecti,e o. t+i" project i" concerne *it+ getting t+e opinion o.
peop1e regaring !0t0a1 .0n" an *+at t+e/ .ee1 a3o0t a,ai1ing t+e
"er,ice" o. .inancia1 a,i"or"(
I +a,e trie to e7p1ore t+e genera1 opinion a3o0t !0t0a1 .0n"( It a1"o
co,er" *+/8 *+/ not in,e"tor" are a,ai1ing t+e "er,ice" o. .inancia1
a,i"or"(
A1ong *it+ it a 3rie. intro0ction to Inia=" 1arge"t .inancia1 inter!eiar/2
UTI +a" 3een gi,en an it i" "+o*n t+at +o* t+e/ operate in !0t0a1 .0n
ept(
S!)3 )4 th st1/&
T+e re"earc+ *a" carrie on in t+e Ea"tern Region o. Inia( It i" re"tricte to
-o19ata *+ere it +a" got %% 3ranc+ o..ice" an ' .ranc+i"ee"( I +a,e ,i"ite
peop1e rano!1/ near3/ !/ 1oca1it/2 i..erent "+opping !a11"2 "!a11 retai1er" etc(
Data s)1%!s
Re"earc+ i" tota11/ 3a"e on pri!ar/ ata( Seconar/ ata can 3e 0"e on1/ .or
t+e re.erence( Re"earc+ +a" 3een one 3/ pri!ar/ ata co11ection2 an pri!ar/
ata +a" 3een co11ecte 3/ interacting *it+ ,ario0" peop1e( T+e "econar/ ata
+a" 3een co11ecte t+ro0g+ ,ario0" jo0rna1" an *e3"ite" an "o!e "pecia1
p031ication" o. UTI(
Sa-3#"n.
Sa-3#"n. 3%)!/1%: T+e "a!p1e i" "e1ecte in a rano! *a/2
irre"pecti,e o. t+e! 3eing in,e"tor or not or a,ai1ing t+e "er,ice" or not( It
*a" co11ecte t+ro0g+ !ai1" an per"ona1 ,i"it" to t+e 9no*n per"on"2 3/
.or!a1 an in.or!a1 ta19" an t+ro0g+ .i11ing 0p t+e 40e"tionnaire
prepare( T+e ata +a" 3een ana1/:e 3/ 0"ing t+e !ea"0re" o. centra1
tenencie" 1i9e !ean2 !eian2 !oe( T+e gro0p +a" 3een "e1ecte an t+e
ana1/"i" +a" 3een one on t+e 3a"i" "tati"tica1 too1" a,ai1a31e(
Sa-3# s"9:
T+e "a!p1e "i:e o. !/ project i" 1i!ite to #$$ on1/( O0t o. *+ic+ on1/
%'? peop1e atte!pte a11 t+e 40e"tion"( Ot+er D? not in,e"ting in MF"
atte!pte on1/ # 40e"tion"(
Sa-3# /s".n:
Data +a" 3een pre"ente *it+ t+e +e1p o. 3ar grap+2 pie c+art"2 1ine grap+"
etc(
L"-"tat")n:
%( Ti!e 1i!itation(
#( Re"earc+ +a" 3een one on1/ at -o19ata(
'( So!e o. t+e per"on" *ere not "o re"pon"i,e(
>( Po""i3i1it/ o. error in ata co11ection(
?( Po""i3i1it/ o. error in ana1/"i" o. ata 0e to "!a11 "a!p1e "i:e
Cha3t%6F
ANALYSIS
AND
AND

INTERPRETATION
INTERPRETATION
ANALYSIS AND INTEPRETATION
7, Stat-nt )4 th 3%):#-
@Ana1/"i" t+e per.or!ance o. !0t0a1 .0n *it+ re.erence to !0t0a1 .0n in0"tr/A
;, O:j!t"$s
To e,a10ate in,e"t!ent per.or!ance o. !0t0a1 .0n" in ter!" o. ri"9 an ret0rn(
To e7a!ine t+e .0n" "en"iti,it/ to t+e !ar9et .10ct0ation" in ter!" o. 3eta(
To .in o0t t+e .inancia1 per.or!ance o. !0t0a1 .0n "c+e!e"(
To apprai"e in,e"t!ent per.or!ance o. !0t0a1 .0n" *it+ ri"9 aj0"t!ent2 t+e
t+eoretica1 para!eter" a" "0gge"te 3/ S+arpe2 Tenor an Nen"en(
To ana1/:e t+e per.or!ance o. ,ario0" "c+e!e" o. !0t0a1 .0n"(
H, Mth)/)#).&
Met+oo1og/ i" a *a/ to "/"te!atica11/ "o1,e t+e re"earc+ pro31e!( It !a/ 3e 0ner"too
a" a "cience o. "t0/ing +o* re"earc+ i" one "cienti.ica11/(
T&3 )4 th st1/&:
Ds!%"3t"$ st1/&:
T+e t/pe o. t+e "t0/ or re"earc+ 0"e in t+i" project i" a e"cripti,e re"earc+ e"ign( It
!ain1/ in,o1,e" "0r,e/" an .act" .ining" en40irie" o. i..erent 9in"( T+e !ain
o3jecti,e o. e"cripti,e re"earc+ i" to e"cri3e t+e "tate o. a..air" a" it e7i"t" at pre"ent(
T&3 )4 /ata:
S!)n/a%& /ata:
@T+e ata ;p031i"+e or 0np031i"+e< *+ic+ +a,e a1rea/ 3een co11ecte an proce""e
3/ "o!e agenc/ or per"on an ta9en o,er .ro! t+ere an 0"e 3/ an/ ot+er agenc/ .or
t+eir "tati"tica1 *or9 are ter!e a" per"on an ta9en o,er .ro! t+ere an 0"e 3/ an/
ot+er agenc/ .or t+eir "tati"tica1 *or9 are ter!e a" "econar/ ataA(
Ana#&s"s an/ /"s!1ss")n
UTI D)-st"! O33)%t1n"t"s F1n/:
Nat0re o. t+e "c+e!e6 An open ene e40it/ "c+e!e
Sc+e!e o3jecti,e 6 To pro,ie 1ong ter! capita1 appreciation .ro! a port.o1io t+at i"
Pri!ari1/ in,e"te in co!panie"2 *+ic+ eri,e "igni.icant
Proportion o. t+eir re,en0e" .ro! o!e"tic Inian !ar9et econo!/(
In,e"t!ent pattern6 Mini!0! R"(?$$$ an in !01tip1e" o. R"(%
Date o. 1a0nc+ 6 %#&$F&#$$#
F0n "i:e 6 %%#(#F Cr(
NAV 3% 1n"t as )n H7
th
Jan1a%& ;I7H
5ro*t+ Option 6 R"( 'D(#C
Di,ien Option 6 R"( %D(DF
Bon0" Option 6 R"( 'D(#C
Benc+!ar9 6 BSE&%$$
L)a/ st%1!t1%
Entr/ 1oa 6 #(#?J .or in,e"t!ent o. 1e"" t+an R"2 % cr( No entr/ 1oa on
In,e"t!ent o. !ore t+an %cr(
E7it 1oa8CDSC 6 %J on t+e in,e"t!ent 3e1o* % cr( An reee!e *it+in %C$ a/"2
$(?J i. Reee!e a.ter %C$ 30t 3e.ore 'D? a/" an no e7it 1oa on
t+e in,e"t!ent o. !ore t+an % cr(
P)%t4)#") !)nst%1!t")n as )n H7
th
Jan1a%& ;I7H:
A""et" 0ner Manage!ent6 R"( %%#(#F crore"(
Ta31e %(%
Sector" an co!panie" J o. port.o1io
Ban9" %?(#B
Re.inerie"8!ar9eting F(BD
Te1eco! Q "er,ice" D(DC
Po*er e40ip!ent" ?($C
Di,er"i.ie& con"tr0ction >(B>
Stee1 >(>$
Pa""enger 8 0ti1it/ ,e+ic1e" '(B$
Cigarette" '(>F
Tran"!i""ion to*er" '($F
Oi1 e7p1oration8pro0ction #(D>
Con"tr0ction project" #(?$
Con"0!er e1ectronic" #('>
Ho0"ing .inance #(%?
P1a"tic pro0ct" #(%%
NBFC #($%
Ce!ent %(FC
Co!p0ter&+ar*are i(F#
P+ar!ace0tica1" %(C#
5a" tran"!i""ion8!ar9eting %(C$
Fa3ric" an gar!ent" %(BF
Ferti1i:er"&nitrogeno0" %(D>
Po*er %(?F
F1n/ 3%4)%-an! as )n H7
th
Jan1a%& ;I7H:
Ta31e %(#
Perio Act0a1 ret0rn Benc+!ar9 ret0rn
La"t one /ear %D(%$ %B(F?
La"t t*o /ear '%($# '#(%#
La"t t+ree /ear >%(%F 'C(F#
La"t .o0r /ear >'(#C >#(?C
La"t .i,e /ear >D('% >#($>

>1ant"tat"$ /ata:
Ta31e %('
S+arpe ratio $(F%C
Tre/ nor ratio #'(DF
Nen"en ration &>(FF
Int%3%tat")n:
B/ co!paring t+e"e t+ree ratio" t+e .0n gi,ing .air ret0rn t+at i" $(F%C 3/ ta9ing into
con"ieration o. tota1 ri"9 o. #'(%F 3eca0"e it !ea"0re" t+e re*ar to t+e tota1 ri"9( B/
e,a10ating neit+er tre/ nor ratio t+i" .0n per.or!ing *e11 it gi,e" #'(DF ret0rn" 3/ ta9ing
into con"ieration o. tota1 !ar9et ri"9 t+i" .0n ga,e t+e goo ret0rn 30t it can=t per.or!
0p to t+e 3enc+!ar9 ret0rn .or 1a"t t*o /ear" "o it ga,e negati,e re"01t in t+e Nen"en ratio(
UTI S#!t St)!5 F1n/:
Nat0re o. t+e "c+e!e6 An open ene gro*t+ "c+e!e
Sc+e!e o3jecti,e 6 To pro,ie 1ong ter! capita1 appreciation .ro! a port.o1io t+at i"
pri!ari1/ in,e"te in e40it/ an e40it/ re1ate "ec0ritie"(
In,e"t!ent pattern6 Mini!0! R"(?$$$ an in !01tip1e" o. R"(%
Date o. 1a0nc+ 6 $D&$?&%FFF
F0n "i:e 6 'D(?? Crore"
NAV 3% 1n"t as )n H7
th
Jan1a%& ;I7H
5ro*t+ Option 6 R"( 'D(C$
Di,ien Option 6 R"( %F(>>
Benc+!ar9 6 BSE&%$$
L)a/ st%1!t1%
Entr/ 1oa 6 #(#?J .or in,e"t!ent o. 1e"" t+an R"2% cr( No entr/ 1oa on
in,e"t!ent o. !ore t+an % cr(
E7it 1oa8CDSC 6 %J on t+e in,e"t!ent 3e1o* % cr( An reee!e *it+in %C$ a/"2
$(?J i. Reee!e a.ter %C$ 30t 3e.ore 'D? a/" an no e7it 1oa on
t+e in,e"t!ent o. !ore t+an % cr(
P)%t4)#") !)nst%1!t")n as )n H7
th
Jan1a%& ;I7H:
A""et 0ner !anage!ent R"('D(??crore"6
Ta31e %(>
S!t)%s an/ !)-3an"s N 3)%t4)#")
Ban9" %%('D
Re.inerie"8!ar9eting C(>F
Co!p0ter"&"o.t*are C(#B
Te1eco!&"er,ice" D(CC
Stee1 D($>
Financia1 in"tit0tion" ?(#>
Di,er"i.ie&con"tr0ction" >($D
Po*er e40ip!ent" '(DF
Ho0"ing .inance '(?$
Con"tr0ction project" '(>B
Ce!ent #(CC
Oi1 e7p1oration8pro0ction #(C%
In0"tria1 !inera1" #(C$
Cigarette" #(DB
Re"ientia18co!!ercia18"e: project" #(>>
Con"tr0ction ci,i1 #(#B
P1a"tic pro0ct" %(FF
Fa3ric" an gar!ent" %(F$
NBFC %(F$
Pa""enger80ti1it/ ,e+ic1e" %(CD
P+ar!ace0tica1" %(CD
Printing an p031i"+ing %(C>
S+ip 30i1ing %(C>
Stoc9 3ro9ing an a11ie %(C%
Oi1 e7p1oration %(''
CBLO8Repo8FD8Ca"+8Ot+er a""et" >(?D
F1n/ 3%4)%-an! as )n H7
th
Jan1a%& ;I7H:
Ta31e %(?
Perio Act0a1 ret0rn Benc+!ar9 ret0rn
La"t one /ear %B(B# %B(F?
La"t t*o /ear '%(C? '#(%#
La"t t+ree /ear >%(%B 'C(F#
La"t .o0r /ear 'C(C' >#(?C
La"t .i,e /ear %D($B ##(>F

>1ant"tat"$ /ata:
Ta31e %(D
S+arp ratio $(F>DD
Tre/nor ratio #'(CC
Nen"en ratio &%(F>

Int%3%tat")n:
B/ co!paring t+e"e ratio" t+e "+arp ratio "+o*" t+at t+e .0n per.or!ing 3etter an gi,ing
.air ret0rn t+at i" $(F>DD( B/ e,a10ating tre/ nor ratio t+i" .0n a31e to gi,e goo ret0rn"
t+at i" #'(CC 3/ con"iering !ar9et ri"9 o. %($%( T+i" .0n con"i"tent1/ per.or!ing *e11
3eca0"e it ga,e 1e"" negati,e ,a10e &%(F>2 it "+o*" t+at .0n generating goo ret0rn"(
UTI D"$"/n/ Y"#/ F1n/:
Nat0re o. t+e "c+e!e6 An open ene e40it/ "c+e!e(
Sc+e!e o3jecti,e 6 To pro,ie 1ong ter! capita1 appreciation an 8 or i,ien
Di"tri30tion 3/ in,e"ting preo!inant1/ in e40it/ an e40it/
Re1ate in"tr0!ent"2 *+ic+ o..er +ig+ i,ien /ie1(
In,e"t!ent pattern6 Mini!0! R"(?$$$ an in !01tip1e" o. R"(%
Date o. 1a0nc+ 6 #>&%$&#$$%
F0n "i:e 6 #C(CF Crore"
NAV 3% 1n"t as )n H7
th
Jan1a%& ;I7H
5ro*t+ Option 6 R"( %?(%#
Di,ien Option 6 R"( %'(B>
Bon0" option 6 R"( %?(%#
Benc+!ar9 6 BSE&%$$
L)a/ st%1!t1%
Entr/ 1oa 6 #(#?J .or in,e"t!ent o. 1e"" t+an R"( % cr( No entr/ 1oa on
in,e"t!ent o. !ore t+an % cr(
E7it 1oa8CDSC 6 %J on t+e in,e"t!ent 3e1o* % cr( An reee!e *it+in %C$ a/"2
$(?J i. Reee!e a.ter %C$ 30t 3e.ore 'D? a/" an no e7it 1oa on
t+e in,e"t!ent o. !ore t+an % cr(
P)%t4)#") !)nst%1!t")n as )n H7
th
Jan1a%& ;I7H:
A""et 0ner !anage!ent R"(#C(CFcrore"6
Ta31e %(B
S!t)%s an/ !)-3an"s N P)%t4)#")
Ban9" %?(#D
Re.inerie"8!ar9eting C(B%
Ferti1i:er"&nitrogeno0" B(%>
E1ectroe" ?(BF
Co!p0ter "o.t*are ?(>$
Ferti1i:er"&p+o"p+ate >(B$
LP58CN58PN58LN5 SUPPLIERS >(?'
Motor c/c1e"8"cooter" >(>F
S+ipping >(>C
Di,er"i.ie con"0!er goo" >('$
Oi1 e7p1oration8 pro0ction >(#B
In0"tria1 !inera1" '(DC
A71e" '($C
S+ip 30i1ing #(C?
Spinning cotton831ene #($>
Stee1 %(F$
Stee1 pro0ct" %(CB
Ce!ent %(D#
Stoc9 3ro9ing an a11ie %(%%
Petroc+e!ica1" $(B$
NBFC $($F
CBLO8Repo8FD8Ca"+8Ot+er a""et" ?(%%

P%4)%-an! )4 41n/ as )n H7
th
;I7H:
Ta31e %(C
Perio Act0a1 ret0rn Benc+!ar9 ret0rn
La"t one /ear %?(BB %B(F?
La"t t*o /ear #C(%> '#(%#
La"t t+ree /ear '?($C 'C(F#
La"t .o0r /ear >$($# >#(?C
La"t .i,e /ear %F(FB >'($'
>1ant"tat"$ /ata:
Ta31e %(F
S+arp ratio $(CB>
Tre/nor ratio ''(>C
Nen"en ration &D(%F
Int%3%tat")n:
B/ co!paring t+e"e ratio" t+e "+arp ratio" "+o*" t+at t+e .0n per.or!ing *e11 an gi,e"
ret0rn 1i9e $(CB> 3/ ta9ing tota1 ri"9 #D($B 3/ e,a10ating neit+er tre/ nor ratio t+i" .0n
a31e to gi,e goo ret0rn ''(>C 3/ con"iering !ar9et ri"9 o. $(C'( T+i" .0n ga,e Nen"en
o. &D(%F !ore Q,e ,a10e 3eca0"e .ir"t an 1a"t /ear it per.or! poor(
UTI L,I,O,N: *La%. !a3' Int%-/"at !a3' O33)%t1n"t"s' N0 O44%"n.+
F1n/:
Nat0re o. t+e "c+e!e6 An open ene i,er"i.ie e40it/ "c+e!e(
Sc+e!e o3jecti,e 6 To pro,ie !ei0! to 1ong ter! capita1 appreciation 3/ in,e"ting
in "toc9" acro"" t+e entire capita1 !ar9et capita1i:ation range(
In,e"t!ent pattern6 Mini!0! R"(?$$$ an in !01tip1e" o. R"(%
Date o. 1a0nc+ 6 #C&%#&#$$%
F0n "i:e 6 R"(?'(FDCrore"
NAV 3% 1n"t as )n H7
th
Jan1a%& ;I7H
5ro*t+ Option 6 R"( %D($B
Di,ien Option 6 R"( %D($B
Bon0" option 6 R"( %D($B
Benc+!ar9 6 BSE&%$$
L)a/ st%1!t1%
Entr/ 1oa 6 #(#?J .or in,e"t!ent o. 1e"" t+an R"2% cr( No entr/ 1oa on
in,e"t!ent o. !ore t+an % cr(
E7it 1oa8CDSC 6 %J on t+e in,e"t!ent 3e1o* % cr( An reee!e *it+in %C$ a/"2
$(?J i. Reee!e a.ter %C$ 30t 3e.ore 'D? a/" an no e7it 1oa on
t+e in,e"t!ent o. !ore t+an % cr(
P)%t4)#") !)nst%1!t")n as )n H7
th
Jan1a%& ;I7H:
A""et 0ner !anage!ent R"( ?'(FDcrore"6
Ta31e %(%$
S!t)%s an/ !)-3an"s N 3)%t4)#")
Ban9" %'(#$
Re.inerie"8!ar9eting C(>>
Co!p0ter Q"o.t*are B(C>
Te1eco!&"er,ice" D(%D
Stee1 ?(F%
Financia1 in"tit0tion" ?(%%
Di,er"i.ie&con"tr0ction >($B
Po*er e40ip!ent >($'
Ho0"ing .inance '($D
P+ar!ace0tica1" '(B#
Con"tr0ction project" '('D
Ce!ent #(C?
Re"ientia18co!!ercia18"e: project" #(BC
Cigarette" #(BC
Oi1 e7p1oration8pro0ction #(BD
Fa3ric" an gar!ent" #(?#
5a" tran"!i""ion8!ar9eting #('D
In0"tria1 !inera1" #(#?
Pa""enger80ti1it/ ,e+ic1e" #($$
S+ip 30i1ing %(FD
P1a"tic pro0ct" %(BF
NBFC %(>C
Stoc9 3ro9ing8a11ie %('?
Oi1 e7p1oration %('?
Ferti1i:er"&p+o"p+ate %(%>
Tran"!i""ion to*er" $(B?
CBLO8Repo8FD8Ca"+8Ot+er a""et" >($C
P%4)%-an! )4 41n/ as )n H7
th
;I7H:
Ta31e %(%%
Perio Act0a1 ret0rn Benc+!ar9 ret0rn
La"t one /ear %?(#$ %B(F?
La"t t*o /ear #D(B> '#(%#
La"t t+ree /ear '?(C# 'C(F#
La"t .o0r /ear" >$(%# >#(?C
La"t .i,e /ear" #?(>> 'B($F
>1ant"tat"$ Data:
Ta31e %(%#
S+arp ratio $(FC#
Tre/nor ratio #>(D>
Nen"en ratio &'(F#
Int%3%tat")n:
T+i" .0n ga,e t+e ret0rn o. $(FC# *it+ tota1 ri"9 o. #>($C2 "+o*" t+at t+i" .0n i"
per.or!ing *e11( B/ co!paring neit+er tre/ nor ratio it "+o*" t+at t+e .0n ga,e t+e !ore
ret0rn o. &'(F# *+ic+ "+o*" t+at t+e .0n can=t o0tper.or! e,en .or one ti!e(
UTI N"4t& 3#1s F1n/6
Nat0re o. t+e "c+e!e6 An open ene ine7 1in9e e40it/ "c+e!e(
Sc+e!e o3jecti,e 6 T+e o3jecti,e" o. t+e .0n i" to in,e"t in co!panie" *+o"e
Sec0ritie" are inc10e in t+e S K P CNR Ni.t/ Ine7(
In,e"t!ent pattern6 Mini!0! R"(?$$$ an in !01tip1e" o. R"(%
Date o. 1a0nc+ 6 #'&$#&#$$#
F0n "i:e 6 R"(%$(F$Crore"
NAV 3% 1n"t as )n H7
th
Jan1a%& ;I7H
5ro*t+ Option 6 R"( #?(BC
Di,ien Option 6 R"( %B(%D
Bon0" option 6 R"( #?(BC
Benc+!ar9 6 S K p CNR Ni.t/ Ine7(
L)a/ st%1!t1%
Entr/ 1oa 6 #(#?J .or in,e"t!ent o. 1e"" t+an R"2% cr( No entr/ 1oa on
In,e"t!ent o. !ore t+an % cr(
E7it 1oa8CDSC 6 %J on t+e in,e"t!ent 3e1o* % cr( An reee!e *it+in %C$ a/"2
$(?J i. Reee!e a.ter %C$ 30t 3e.ore 'D? a/" an no e7it 1oa on
In,e"t!ent o. !ore t+an % cr(
P)%t4)#") !)nst%1!t")n as )n H7
th
Jan1a%& ;I7H:
A""et 0ner !anage!ent R"( %$(F$ cr(6
Ta31e %(%'
S!t)%s an/ !)-3an"s N P)%t4)#")
Ban9" %%('D
Te1eco!&"er,ice" %%(#$
Re.inerie"8!ar9eting %$(B$
Co!p0ter"&"o.t*are F($B
O1i e7p1oration8pro0ction C(>B
Po*er B(D$
Po*er e40ip!ent" D('F
Stee1 >(?B
Di,er"i.ie&con"tr0ction '(>'
Cigarette" #(CD
Ho0"ing .inance #(D$
P+ar!ace0tica1" #($F
Ce!ent %(CF
Re"ientia18co!!ercia18"e: project %(DF
A10!in0! %(?'
Di,er"i.ie&con"0!er goo" %(>D
Copper K copper pro0ct" %('C
Pa""enger80ti1it/ ,e+ic1e" %('$
Motor c/c1e"8"cooter" %(%C
5a" tran"!i""ion8!ar9eting %(%$
Co!!ercia1 ,e+ic1e" $(?'
T ) 3roaca"ting an "o.t*are pro0ction $('F
CBLO8Repo8FD8Ca"+8Ot+er a""et" B(#%
P%4)%-an! )4 41n/ as )n H7
th
;I7H:
Ta31e %(%>
Perio Act0a1 ret0rn Benc+!ar9 ret0rn
La"t one /ear %%(#D %'(>>
La"t t*o /ear ##(B$ #?(C'
La"t t+ree /ear ''(>> '?(DD
La"t .o0r /ear '?(C? 'B(?B
>1ant"tat"$ Data:
Ta31e %(%?
S+arp ratio $(F'F
Tre/nor ratio #'(%D
Nen"en ratio &$('?D
Int%3%tat")n:
T+i" .0n ga,e t+e "+arper ratio t+at i" $(F'F "+o*e t+at2 .0n per.or!ing *e11 0ring
.i,e /ear" +i"tor/ *it+ tota1 ri"9 o. #D($B( 3/ e,a10ating tenor ratio2 t+e .0n ga,e ret0rn o.
#'(%D *it+ 1itt1e !ore !ar9et ri"9 o. $(F% an .0n per.or!ing *e11 0ring .i,e /ear" o.
+i"tor/ 3eca0"e it gi,e" ,er/ 1e"" i..erence 3et*een act0a1 an 3enc+!ar9 ret0rn &$('?D(
UTI TaL Sa$"n.s F1n/:
Nat0re o. t+e "c+e!e6 An open ene e40it/ 1in9e "a,ing" "c+e!e(
Sc+e!e o3jecti,e 6 T+e o3jecti,e" o. t+e .0n i" to generate !ei0! to 1ong ter!
gro*t+ o. capita1 a1ong *it+ inco!e ta7 re3ate(
In,e"t!ent pattern6 Mini!0! R"(?$$$ an in !01tip1e" o. R"(%
Date o. 1a0nc+ 6 #C&$'&#$$#
F0n "i:e 6 R"(?C(BD Crore"
NAV 3% 1n"t as )n H7
th
Jan1a%& ;I7H
5ro*t+ Option 6 R"( #F('B
Di,ien Option 6 R"( %>(>F
Bon0" option 6 R"( #F(>
Bn!h-a%5 : CN2 M"/!a3
L)a/ st%1!t1%
Ent%& #)a/ 6 #(#?J .or in,e"t!ent o. 1e"" t+an R"2% cr( No entr/ 1oa on
In,e"t!ent o. !ore t+an %cr(
EL"t #)a/KCDSC 6 %J on t+e in,e"t!ent 3e1o* % cr( An reee!e *it+in %C$ a/"2
$(?J i. Reee!e a.ter %C$ 30t 3e.ore 'D? a/" an no e7it 1oa on
t+e in,e"t!ent o. !ore t+an % cr(
P)%t4)#") !)nst%1!t")n as )n H7
th
Jan1a%& ;I7H:
A""et 0ner !anage!ent R"( ?C(BBcrore"6
Ta31e %(%D
S!t)%s an/ !)-3an"s N P)%t4)#")
Con"tr0ction project" C(B$
P+ar!ace0tica1" B(>$
Ban9" D(#C
LP58CN58LN5 SUPPLIER ?(DF
Re.inerie"8!ar9eting >(BB
Po*er e40ip!ent" >(D>
Traing >(?>
Per"ona1 care '(>?
Paint" '(>?
Ferti1i:er"&p+o"p+ate '(>%
Re"ientia18co!!ercia18"e: project" '('D
Financia1 in"tit0tion '($'
S+ip 30i1ing '($#
In0"tria1 !inera1" #(F?
P1a"tic pro0ct" #(CF
Fa3ric" an gar!ent" #(D'
Hote1" #(??
Stoc9 3ro9ing an a11ie #('C
Stee1 #(%B
Ferti1i:er" an nitrogeno0" #($D
Stee1 pro0ct" %(F>
Retai1ing %(F'
In0"tria1 e40ip!ent %(F$
Printing an p031i"+ing %(CF
S0gar %(?#
E1ectroe" %(?$
Co!p0ter "o.t*are %(?$
Oi1 e7p1oration %(>F
Air conitioner %(''
NBFC $($F
A10!in0! $($'
CBLO8Repo8FD8Ca"+8Ot+er a""et" '(D$
P%4)%-an! )4 41n/ as )n H7
th
;I7H:
Ta31e %(%B
Perio Act0a1 ret0rn Benc+!ar9 ret0rn
La"t one /ear $(D# %C('$
La"t t*o /ear ?('% 'C(>#
La"t t+ree /ear ''('B 'D(D'
La"t .o0r /ear >D(#C >F('F
La"t .i,e /ear '#('# 'C('D
>1ant"tat"$ /ata:
Ta31e %(%C
S+arp ratio $(B>%
Tre/ nor ratio #$(D>
Nen"en ratio &F(?%C

Int%3%tat")n:
S+arp ratio "+o*" t+e re*ar to tota1 ri"9 a""ociate *it+ .0n( T+at i" t+i" .0n ga,e t+e
ret0rn o. $(B%> *it+ ri"9 o. #D($%( T+e neit+er tre/ nor ratio "+o*" t+at t+e .0n
per.or!ance 3/ con"iering !ar9et ri"9 it ga,e 1e"" ret0rn #$(D> 3eca0"e t+e/ +a,e to
create a*arene"" o. t+e .0n to t+e peop1e( Beca0"e o. ne* categor/ or .0n t+e Nen"en
ratio a1"o ,er/ 1e"" t+at i" &F(?%C "+o*" t+at .0n per.or!ance not a31e to 3eat t+e
3enc+!ar9 ret0rn(
UTI G%)0th F1n/:
Nat0re o. t+e "c+e!e6 An open ene gro*t+ "c+e!e(
Sc+e!e o3jecti,e 6 T+e o3jecti,e" o. t+e .0n i" to generate 1ong ter! capita1
Appreciation .ro! a port.o1io t+at i" in,e"te preo!inant1/ in
E40it/ an e40it/ re1ate in"tr0!ent"(

In,e"t!ent pattern6 .or ne* in,e"tor R"(?$$$ an in !01tip1e" o. R"(%$$ t+erea.ter(
.or e7i"ting in,e"tor R"(%$$$ an in !01tip1e" o. R"(%$$ t+erea.ter(
Date o. 1a0nc+ 6 %%&$F&#$$$
F0n "i:e 6 R"(CF>(B$BCrore"
NAV 3% 1n"t as )n H7
th
Jan1a%& ;I7H
5ro*t+ Option 6 R"( DC(>'#
Di,ien Option 6 R"( ''(B%>
Bn!h-a%5 : SnsL
L)a/ st%1!t1%
Entr/ 1oa 6 #(#?J .or in,e"t!ent o. 1e"" t+an R"2? cr( No entr/ 1oa on
in,e"t!ent o. !ore t+an ? cr(
E7it 1oa8CDSC 6 %J on t+e in,e"t!ent 3e1o* ? cr( An reee!e *it+in 'D? a/"2
an no e7it 1oa on t+e in,e"t!ent o. !ore t+an ? cr(
P)%t4)#") !)nst%1!t")n as )n H7
th
Jan1a%& ;I7H:
A""et 0ner !anage!ent R"( CF>(B$Bcrore"6
Ta31e %(%F
S!t)%s )% "n/1st%& N P)%t4)#")
Petro1e0! pro0ct" D(%>
Ban9" ;"tate 3an9 o. Inia< ?(CC
Con"0!er non 0ra31e goo" ?(?'
P+ar!ace0tica1" ?($#
Finance >(DC
Ban9" ;ICICI 3an9< >('?
Te1eco! "er,ice" >('#
In0"tria1 capita1 goo" >('$
In0"tria1 capita1 goo" '(C$
In0"tria1 capita1 goo" '(?C
Tota1 o. ten e40it/ +o1ing" >B(D$
Tota1 e40it/ an e40it/ re1ate +o1ing" F'(%?
ICICI Ban9 1t( '(''
Nina1 Sa* 1t( %(DD
Tata1 e3t8!one/ !ar9et in"tr0!ent >(FF
Ot+er c0rrent a""et" ;Repo an CBLO< %(CD
5ran tota1 %$$
Net a""et" CF>(B$Bcr
P%4)%-an! )4 41n/ as )n H7
th
;I7H:
Ta31e %(#$
Perio Act0a1 ret0rn Benc+!ar9 ret0rn
La"t one /ear %D(?? %'(>F
La"t t*o /ear 'F(CF #?(#?
La"t t+ree /ear >#('# 'F(%%
La"t .o0r /ear ?%(># >$(#>
La"t .i,e /ear #F(B# %F(D%
>1ant"tat"$ /ata:
Ta31e %(#%
S+arp ratio >($$
Tre/nor ratio '$(CF
Nen"en ratio C('F
Int%3%tat")n:
T+i" .0n ga,e t+e "+arper ratio2 >($$D "+o*" t+at t+e .0n per.or!ing 3etter 0ring .i,e
/ear +i"tor/ *it+ t+e tota1 ri"9 o. B(B?( 3/ e,a10ating Tre/ nor ratio t+e .0n ga,e t+e
ret0rn o. '$(CF 3/ con"iering t+e 3eta ,a10e o. %($$' it "+o*" t+at e,en t+o0g+ in ,o1ati1e
conition t+e .0n per.or! *e112 t+e Nen"en ga,e t+e po"iti,e ret0rn o. C('$ it "+o*" t+at
act0a1 ret0rn i" !ore t+an 3enc+!ar9 ret0rn 0ring ? /ear +i"tor/ 3eca0"e it i" i..erence
3et*een act0a1 an 3enc+!ar9 ret0rn(
UTI EJ1"t& F1n/:
Nat0re o. t+e "c+e!e6 An open ene gro*t+ "c+e!e(
Sc+e!e o3jecti,e 6 T+e o3jecti,e" o. t+e .0n i" to generate 1ong ter! capita1
Appreciation
In,e"t!ent pattern 6 For ne* in,e"tor R"(?$$$ an in !01tip1e" o. R"(%$$ t+erea.ter(
For e7i"ting in,e"tor R"(%$$$ an in !01tip1e" o. R"(%$$ t+erea.ter(
Date o. 1a0nc+ 6 $%&$%&%FFF
F0n "i:e 6 R"(>2 B%D Cr(
NAV 3% 1n"t as )n H7
th
Jan1a%& ;I7H
5ro*t+ Option 6 R"( %CC(>#$
Di,ien Option 6 R"( >F(>>>
Bn!h-a%5 : S ? P CN2 MII
L)a/ st%1!t1%:
Entr/ 1oa 6 #(#?J .or in,e"t!ent o. 1e"" t+an R"2? cr( No entr/ 1oa on
in,e"t!ent o. !ore t+an ? cr(
E7it 1oa8CDSC 6 Ni1
P)%t4)#") !)nst%1!t")n as )n H7
th
Jan1a%& ;I7;:
A""et 0ner !anage!ent R"( >2B%Dcrore"6
Ta31e %(##
S!t)%s an/ "n/1st%& N P)%t4)#")
3an9" F(B'
Meia an entertain!ent >(D'
In0"tria1 capita1 goo" >(>#
In0"tria1 capita1 goo" >(%>
Ban9" '(F#
P+ar!ace0tica1" '(?$
Con"0!er non 0ra31e" '('$
Pe"ticie" '(#F
P+ar!ace0tica1" '(#$
In0"tria1 capita1 goo" '($F
Tota1 e40it/ +o1ing" >'(#B
Tota1 e40it/ an e40it/ re1ate +o1ing" FC($%
Nina1 "a* 1t( %(DC
Tota1 e3t8!one/ !ar9et in"tr0!ent %(DC
Ot+er C0rrent A"eet" $('%
5ran tota1 %$$
Net a""et" >B%D cr
P%4)%-an! )4 41n/ as )n H7
th
;I7H:
Ta31e %(#'
Perio Act0a1 ret0rn Benc+!ar9 ret0rn
1a"t one /ear F('> %>(F>
1a"t t*o /ear #>(>D #C(%B
La"t t+ree /ear >'(>' '>(FC
La"t .o0r /ear ?'($# >#(%'
La"t .i,e /ear >$(># #%(FF
>1ant"tat"$ /ata:
Ta31e %(#>
S+arp ratio '(B>
Tre/ nor ratio '#(FC
Nen"en ratio C(>>
Int%3%tat")n:
T+i" .0n ga,e t+e "+arp ratio o. '(B> t+at i" re*ar o. '(>B *it+ ri"9 o. B&BBJ an gi,ing
goo ret0rn to t+e in,e"tor( Neit+er tre/ nor ratio ga,e t+e ,a10e o. '#(FC !ean" it ga,e
t+e goo ret0rn *it+ o,erco!ing !ar9et ri"9 o. $(CC' an "0ccee in t+e per.or!ance(
T+e Nen"en ratio !ea"0re t+at .0n 3eat t+e 3enc+!ar9 ret0rn an ga,e t+e ret0rn o. C(>>(
UTI T)3 ;II F1n/s:
Nat0re o. t+e "c+e!e6 An open ene gro*t+ "c+e!e(
Sc+e!e o3jecti,e 6 T+e o3jecti,e" o. t+e .0n i" to generate 1ong ter! capita1
Appreciation .ro! a port.o1io o. e40it/ an e40it/&1in9e
In"tr0!ent" pri!ari1/ ra*n .ro! t+e co!panie" in BSE
#$$ ine7
In,e"t!ent pattern6 For ne* in,e"tor R"(?$$$ an in !01tip1e" o. R"(%$$ t+erea.ter(
For e7i"ting in,e"tor R"(%$$$ an in !01tip1e" o. R"(%$$ t+erea.ter(
Date o. 1a0nc+ 6 %%&%$&%FFD
F0n "i:e 6 R"(#2'D'(#D Crore"(
NAV 3% 1n"t as )n H7
th
Jan1a%& ;I7H
5ro*t+ Option 6 R"( %>B(B%C
Di,ien Option 6 R"( >C(C?C
Bn!h-a%5 : BSE SnsL
L)a/ st%1!t1%
Entr/ 1oa 6 #(#?J .or in,e"t!ent o. 1e"" t+an R"2? cr( No entr/ 1oa on
in,e"t!ent o. !ore t+an ? cr(
E7it 1oa8CDSC 6 %J on t+e in,e"t!ent 3e1o* ? cr( An reee!e *it+in 'D? a/"2
an no e7it 1oa on t+e in,e"t!ent o. !ore t+an ? cr(
P)%t4)#") !)nst%1!t")n as )n H7
th
Jan1a%& ;I7H:
A""et 0ner !anage!ent R"( #2'D'(#Dcrore"6
Ta31e %(#?
S!t)%s an/ "n/1st%& N P)%t4)#")
Ban9" ;ICICI Ban9< C(B?
Petro1e0! pro0ct" D(#F
So.t*are >(DD
Con"0!er non 0ra31e" '(D?
In0"tria1 capita1 goo" '(?#
Ban9";SBI< '(%?
P+ar!ace0tica1" #(B$
Te1eco! "er,ice" #(D?
T)ta# )4 t)3 tn J1"t& h)#/"n.s F7,7I
t)ta# J1"t& an/ J1"t& %#at/ h)#/"n.s DE,F8
D:tK-)n& -a%5t "nst%1-nt
Ra3o inia .inance pri,ate 1t( $(D'
ICICI 3an9 Lt( $(>#
t)ta# /:tK-)n& -a%5t "nst%1-nt 7,IM
Ot+er C0rrent A""et";inc10ing re,er"e
repo"=8CBLO
#(>B
5ran tota1 %$$($$
Net A""et" #2'D'(#D
Net a""et" ;in 1ac"< #'D2'#D(%B
P%4)%-an! )4 41n/ as )n H7
th
;I7H:
Ta31e %(#D
Perio Act0a1 ret0rn Benc+!ar9 ret0rn
La"t one /ear %?(B? %B(B?
La"t t*o /ear '%(>B '%(CD
La"t t+ree /ear >'($F 'D(F'
La"t .o0r /ear ?'(BF >#(#'
La"t .i,e /ear '#(#> #%(D?
>1ant"tat"$ /ata:
Ta31e %(#B
S+arp ratio >(%B
Tre/nor ratio '>(>'
Nen"en ratio C(##
Int%3%tat")n:
T+i" .0n per.or! *e11 an ga,e t+e "+arp ,a10e o. >(%% 3/ con"iering tota1 ri"9 B(#? an
tre/ nor ratio "+o*" t+at t+e .0n "0ccee in o,erco!ing !ar9et ri"9 an ga,e ret0rn o.
>'(>'J an Nen"en ga,e po"iti,e ret0rn C(## !ean" t+at .0n 3eat t+e 3enc+!ar9 ret0rn in
it" .i,e /ear +i"tor/(
UTI Ca3"ta# B1"#/% F1n/:
Nat0re o. t+e "c+e!e6 An open ene gro*t+ "c+e!e(
Sc+e!e o3jecti,e 6 T+e o3jecti,e" o. t+e .0n i" to generate 1ong ter! capita1
Appreciation in 1ong ter!
In,e"t!ent pattern6 .or ne* in,e"tor R"(?$$$ an in !01tip1e" o. R"(%$$ t+erea.ter(
For e7i"ting in,e"tor R"(%$$$ an in !01tip1e" o. R"(%$$ t+erea.ter(
Date o. 1a0nc+ 6 $%&$#&%FF>
F0n "i:e 6 R"(B?$(D' Cr(
NAV 3% 1n"t as )n H7
th
Jan1a%& ;I7H
5ro*t+ Option 6 R"( CC('DB
Di,ien Option 6 R"( '%(?%$
Bn!h-a%5 : S ? P CN2 MII
L)a/ st%1!t1%
Entr/ 1oa 6 #(#?J .or in,e"t!ent o. 1e"" t+an R"2? cr( No entr/ 1oa on
in,e"t!ent o. !ore t+an ? cr(
E7it 1oa8CDSC 6 Ni1
P)%t4)#") !)nst%1!t")n as )n H7
th
Jan1a%& ;I7H:
A""et 0ner !anage!ent R"(#2'D'(#Dcrore"6
Ta31e %(#C
S!t)%s an/ "n/1st%& N 3)%t4)#")
Ban9" D(%%
In0"tria1 pro0ct" D($D
Ban9" ?(?>
In0"tria1 capita1 goo" >(>B
A0to anci11arie" >(>D
In0"tria1 capita1 goo" >(%#
P+ar!ace0tica1" >($#
Ferro0" !eta1" '(F>
In0"tria1 pro0ct" '(F'
C+e!ica1" '(>'
Tota1 top ten e40it/ +o1ing" >D(%C
Tota1 e40it/ an e40it/ re1ate +o1ing" F?(B>
De3t8!one/ !ar9et in"tr0!ent"
Nina1 "a* Lt( %(FC
Tota1 e3t8!one/ !ar9et in"tr0!ent" %(FC
Ot+er c0rrent A""et";Inc10ing re,er"e repo8CBLO #(#C
5ran tota1 %$$($$
Net a""et" B?$(D'
P%4)%-an! )4 41n/ as )n H7
th
;I7H:
Ta31e %(#F
Perio Act0a1 ret0rn Benc+!ar9 ret0rn
La"t one /ear %>(CF %>(F>
La"t t*o /ear 'B($F #C(%B
La"t t+ree /ear 'D(?$ '>(FC
La"t .o0r /ear ?#(?D >#(%'
La"t .i,e /ear '$(#B #%(FF
>1ant"tat"$ /ata:
Ta31e %('$
S+arp ratio >(#F
Tre/ nor ratio ''(%B
Nen"en ratio &F(#$
Int%3%tat")n:
T+i" .0n a31e to co!pen"ate t+e ri"9 an po""i31e o. gi,ing ret0rn o. >(#F2 tre/ nor ga,e
t+e ret0rn o. ''(%BJ *it+ con"iering !ar9et ri"9 o. $(CB$C an a31e to 3eat t+e !ar9et
ri"9( Nen"en ga,e t+e ,a10e o. F(#$ "+o*" t+at t+e .0n 3eat t+e 3enc+!ar9 ret0rn an
ga,e t+e goo ret0rn to t+e in,e"tor(
UTI In/L F1n/: *SnsL 3#an+:
Nat0re o. t+e "c+e!e6 An open ene ine7 1in9e "c+e!e(
Sc+e!e o3jecti,e 6 T+e o3jecti,e" o. t+e .0n are to generate ret0rn" t+at are co!!on
*it+ t+e per.or!ance o. t+e "en"e72 "03ject to trac9ing recor(
In,e"t!ent pattern6 .or ne* in,e"tor R"(?$$$ an in !01tip1e" o. R"(%$$ t+erea.ter(
For e7i"ting in,e"tor R"(%$$$ an in !01tip1e" o. R"(%$$ t+erea.ter(
Date o. 1a0nc+ 6 %B&$B&#$$#
F0n "i:e 6 R"(BC($# Crore"
NAV 3% 1n"t as )n H7
th
Jan1a%& ;I7H
5ro*t+ Option 6 R"( %?>(#FBB
Bn!h-a%5 : SnsL
L)a/ st%1!t1%
Entr/ 1oa 6 Ni1
E7it 1oa8CDSC 6 %J on t+e in,e"t!ent 3e1o* ? cr( An reee!e *it+in 'D? a/"2
an no e7it 1oa on t+e in,e"t!ent o. !ore t+an ? cr(
P)%t4)#") !)nst%1!t")n as )n H7
th
Jan1a%& ;I7H:
A""et 0ner !anage!ent R"( BC($#crore"6
Ta31e %('%
S!t)%s an/ "n/1st%& N P)%t4)#")
Petro1e0! pro0ct" %>(C?
Ban9";ICICI< %$('F
In0"tria1 capita1 goo" B(F?
So.t*are D($#
Finance ?(?C
Te1eco! "er,ice" >(B'
Ban9";SBI< >(#F
Con"0!er Non 0ra31e" >(#>
Ban9;HDFC< '(DC
Te1eco! "er,ice" ;Re1iance
co!!0nication<
'(?C
Tota1 top ten e40it/ +o1ing" D?(#F
Tota1 e40it/ an e40it/ re1ate
+o1ing"
FC(?F
Ot+er C0rrent A""et";Repo8CBLO< %(>%
5ran tota1 %$$
Net A""et" BC($# cr"(
P%4)%-an! )4 41n/ as )n H7
th
;I7H:
Ta31e %('#
Perio Act0a1 ret0rn Benc+!ar9 ret0rn
La"t one /ear C(>B %>('B
La"t t*o /ear %C(DC #B(B?
La"t t+ree /ear '?('B >#(D>
La"t .o0r /ear 'D('> >>(>'
La"t .i,e /ear '#(DC 'F(?$
>1ant"tat"$ /ata:
Ta31e %(''
S+arp ratio #(D#
Tre/ nor ratio ##(>?
Nen"en ratio &%$(DF
Int%3%tat")n:
T+i" .0n i" a31e to co!pen"ate t+e ri"9 an po""i31e to gi,e t+e ret0rn o. #(D( tre/ nor
ga,e t+e nor!a1 ret0rn o. ##(>? *it+ 3eta o. $(F>F 3/ con"iering Nen"en ratio *e co!e to
9no* t+at t+e .0n +a" not per.or!e *e11 0ring .i,e /ear o. +i"tor/ *+ic+ ga,e t+e Q,e
,a10e o. &%$(DF(
UTI In/L P#an *N"4t& P#an+:
Nat0re o. t+e "c+e!e6 An open ene ine7 1in9e "c+e!e(
Sc+e!e o3jecti,e 6 T+e o3jecti,e" o. t+e .0n are to generate ret0rn" t+at are
co!!en"0rate *it+ t+e per.or!ance o. t+e ni.t/ "03ject to trac9ing recor(

In,e"t!ent pattern6 .or ne* in,e"tor R"(?$$$ an in !01tip1e" o. R"(%$$ t+erea.ter(
For e7i"ting in,e"tor R"(%$$$ an in !01tip1e" o. R"(%$$ t+erea.ter(
Date o. 1a0nc+ 6 %B&$B&#$$#
F0n "i:e 6 R"(>F(># cr(
NAV 3% 1n"t as )n H7
th
Jan1a%& ;I7H
5ro*t+ Option 6 R"( >D(DB?C
Bn!h-a%5 : S ? P CN2 N"4t&
L)a/ st%1!t1%
Entr/ 1oa 6 Ni1
E7it 1oa8CDSC 6 %J on t+e in,e"t!ent 3e1o* ? cr( An reee!e *it+in 'D? a/"
an no e7it 1oa on t+e in,e"t!ent o. !ore t+an ? cr(
P)%t4)#") !)nst%1!t")n as )n H7
th
Jan1a%& ;I7H:
A""et 0ner !anage!ent R"( >F(>#crore"6
Ta31e %('>
S!t)%s an/ "n/1st%& N P)%t4)#")
Petro1e0! pro0ct" %%(C'
Oi1 D(F>
Te1eco! "er,ice" ;B+arti airte1< ?('?
Po*er ?('%
Ban9";ICICI Ban9< >(%>
Te1eco! "er,ice";re1iance co!!0nication< >($?
Ban9";SBI< '(CB
In0"tria1 capita1 goo";Lar"en an T0r3o< '(?$
In0"tria1 capita1 goo";BHEL< '('%
Ferro0" !eta1" #(F%
Tota1 o. top ten e40it/ +o1ing" ?%(#%
Tota1 o. e40it/ an e40it/ re1ate +o1ing" FD(DD
Ot+er C0rrent A""et";Inc10ing Repo8CBLO< '('>
5ran tota1 %$$
Net A""et" >F(># cr(
P%4)%-an! )4 41n/ as )n H7
th
;I7H:
Ta31e %('?
Perio Act0a1 ret0rn Benc+!ar9 ret0rn
La"t one /ear B($D %'(F$
La"t t*o /ear %B(F% #B(>B
La"t t+ree /ear '%(CD 'B(DB
La"t .o0r /ear '>(C? >$(%'
La"t .i,e /ear '%(#D '?(C?
>1ant"tat"$ /ata:
Ta31e %('D
S+arp ratio #(>?
Tre/ nor ratio #'($D
Nen"en ratio &#(>F
Int%3%tat")n:
T+i" .0n ga,e t+e ret0rn o. #(>?J *it+ ri"9 o. B(FC2 t+e .0n not a31e to pro,ie 3etter
ret0rn to t+e in,e"tor2 3/ co!paring t+e neit+er tre/ nor ratio t+i" .0n ga,e t+e nor!a1
ret0rn o. #'($D *it+ 3eta o. $(CF>( Nen"en ratio pro,ie" t+at t+e .0n per.or!ing *e11 an
not "o goo an it ga,e t+e negati,e ,a10e o. &#(>F(
Cha3t%6M
FACT ? FINDINGS
FACT AND FINDINGS
S1--a%& )4 4"n/"n.s:
Fo11o*ing are t+e .ining" o. t+e UTI .0n"6
S+arp ratio inicate" t+at .0n per.or!ance 3/ con"iering o,era11 tota1 ri"9( So!e
.0n" are not a31e to per.or! *e11 3eca0"e o. tota1 ri"9 in,o1,e in t+e .0n"(
IN5 in,e"ting .0n" in t+e "o!e "e1ecte "ector"( So it i" not po""i31e to i,er"i./
t+e ri"9 a""ociate *it+ .0n"2 "o t+e/ +a,ing !ore "tanar e,iation(
Beca0"e o. ,o1ati1it/ in t+e !ar9et conition"( T+e .0n" are not a31e to cro"" t+e
3enc+!ar9 ret0rn "o .0n +o0"e" "+o01 concentrate on t+e !ar9et conition"(
B/ con"iering Nen"en ratio it "+o*" t+at no .0n +a" not cro""e !ore ti!e
3enc+!ar9 ret0rn "o t+at=" *+/ Nen"en ratio can=t gi,e t+e S,e ret0rn .or !an/
.0n"(
B/ con"iering neit+er tre/ nor ratio it "+o*" t+at t+e .0n per.or!" *e11 0ring ?
/ear" o. +i"tor/ an a31e to o,erco!e t+e !ar9et ri"9(
Fro! port.o1io con"tr0ction "+o*" t+at2 t+e .0n i,er"i.ie" it" ri"9 .or "o!e e7tent
"o t+e .0n a31e to gi,e S,e ret0rn 3a"e on Nen"en ratio(
In UTI a11 .0n" are +a,ing ,er/ 1e"" "tanar e,iation an it +e1p" t+e .0n to
generate goo ret0rn" on t+e .0n(
O0t o. "i7 .0n" 1a"t t*o .0n" t+at i" "en"e7 an ine7 got Q,e ,a10e 3a"e on
Nen"en ratio 3eca0"e t+e/ ga,e !ore pre.erence .or 3an9 epo"it"(
O0t o. "i7 e40it/ "c+e!e" !an/ .0n" are cro""e t+e 3enc+!ar9 ret0rn 3eca0"e o.
t+e *e11 !anage!ent o. .0n" an *e11 i,er"i./ing o. ri"9(
Cha3t%6E
CONCLUSION
CONCLUSION
@M0t0a1 .0n i" 3oo!ing "ector no* a a/" an it +a" 1ot o. "cope to generate inco!e an
pro,iing ret0rn to t+e in,e"tor2 t+e !0t0a1 .0n i" one o. t+e *a/ to e,e1op!ent o.
co0ntr/ an +e1p" to !o3i1i:ing ea !one/ in t+e econo!/ *+ic+ +e1p" to e,e1op t+e
econo!ic conition" o. t+e co0ntr/ an peop1e(
M0t0a1 .0n +e1p" t+e peop1e .or "t0/ing t+e !ar9et conition"2 it pro,iing 1ot o.
opport0nitie" to t+e peop1e .or re"earc+ *or9 an +e1p" t+e peop1e to 9no* t+e ne* t+ing"
going on aro0n t+e *or1( It ga,e t+e !ore 9no*1ege to t+e per"on2 3eca0"e it
i,er"i.ie" t+e ri"9 3/ in,e"ting in i..erent "ec0ritie"(A
Cha3t%6G
SUGESSTION
SUGGESTION
Fo11o*ing are t+e "0gge"tion" .or t+e 3ot+ .0n"(
T+e .0n +o0"e +a" to re0ce t+e tota1 ri"9 in,o1,e in t+e .0n in orer to increa"e
t+e ret0rn *it+ goo port.o1io con"tr0ction(
T+e .0n +o0"e "+o01 "e1ect t+e inno,ati,e *a/ o. port.o1io con"tr0ction an
"+o01 "ee t+e attracting area" o. in,e"ting .0n"(
T+e .0n +o0"e" "+o01 concentrate on t+e !ar9et conition" accoring to t+at t+e/
+a,e to "et t+e 3enc+!ar9 an in,e"t in i..erent "ector"(
T+e .0n +o0"e" "+o01 in,e"t in goo an attracting "ector" to re0ce "tanar
e,iation(
T+e .0n +o0"e "+o01 tr/ to re0ce 1itt1e !ore 3eta" in orer to generate !ore
ret0rn" to in,e"tor"(
In IN5 Nen"en ne,er ga,e t+e S,e ,a10e "o .0n +o0"e tr/ to cro"" t+e 3enc+!ar9
ret0rn an ac+ie,e t+e o3jecti,e" o. t+e .0n(
UTI .0n +o0"e ga,e t+e goo ret0rn it "+o*e 3/ "+arp ratio e,en t+o0g+ t+e/ +a,e
to re0ce t+e tota1 ri"9 3/ i,er"i./ing t+eir port.o1io an ac+ie,ing o3jecti,e"(
T+e UTI in,e"ting in i,er"i.ie" area" 30t not in 0pco!ing area" 1i9e rea1 e"tate an
in.ra"tr0ct0re 3etter to in,e"t in t+o"e area" to increa"e ret0rn(
UTI "ti11 it +a" to re0ce t+e "tanar e,iation to generate !ore ret0rn 3/ re0cing
tota1 ri"9 .actor" a""ociating *it+ !0t0a1 .0n"2 an ana1/"e" a11 t+e .actor"(
UTI +a" to concentrate on t+o"e .0n" *+ic+ are per.or!ing 1e"" t+an t+eir
3enc+!ar9 ret0rn an ta9e action" an ana1/"i" t+e !ar9et conition" an ta9e
correct "tep"(

>UESTIONNARIE
>UESTIONNAIRE
Ha,e /o0 in,e"te 8are /o0 intere"te to in,e"t in !0t0a1 .0n"I
Ye" O P No O P ;please attempt the next question<
W+at i" t+e !o"t i!portant rea"on .or not in,e"ting in !0t0a1 .0n"I
Lac9 o. 9no*1ege a3o0t !0t0a1 .0n" O P
Enjo/" in,e"ting in ot+er option O P
It" 3ene.it" are not eno0g+ to ri,e /o0 .or in,e"t!ent O P
No tr0"t o,er t+e .0n !anager" O P
W+ere o /o0 .in /o0r"e1. a" a !0t0a1 .0n in,e"torI
Tota11/ ignorant O P
Partia1 9no*1ege o. !0t0a1 .0n" O P
A*are on1/ o. an/ "peci.ic "c+e!e in *+ic+ /o0 in,e"te O P
F011/ a*are O P
W+ere .ro! /o0 p0rc+a"e !0t0a1 .0n"I
Direct1/ .ro! t+e AMC" O P
Bro9er" on1/ O P
Bro9er"8 "03&3ro9er" O P
Ot+er "o0rce" O P
W+ic+ .eat0re o. t+e !0t0a1 .0n" a110re /o0 !o"tI
Di,er"i.ication O P
Pro.e""iona1 !anage!ent O P
Re0ction in ri"9 an tran"action co"t O P
He1p" in ac+ie,ing 1ong ter! goa1" O P

Accoring to /o0 *+ic+ i" t+e !o"t "0ita31e "tage to in,e"t in !0t0a1 .0n"I
Yo0ng 0n!arrie "tage O P
Yo0ng Marrie *it+ c+i1ren "tage O P
Marrie *it+ o1er c+i1ren "tage O P
Pre&retire!ent "tage O P
Are /o0 a,ai1ing t+e "er,ice" o. per"ona1 .inancia1 a,i"or"I
YES O P NO O P
W+ic+ e7perti"e o. t+e per"ona1 .inancia1 a,i"or i" e!ane !o"tI
Port.o1io re,ie* K in,e"t!ent reco!!enation O P
P1anning to ac+ie,e "peci.ic .inancia1 goa1" O P
Managing a""et" in retire!ent O P
Acce"" to "pecia1i"t in area" "0c+ a" ta7 p1anning O P
W+at i" t+e !ajor rea"on .or 0"ing .inancia1 a,i"or"I
Want +e1p *it+ a""et a11ocation O P
Don=t +a,e ti!e to !a9e !/ o*n in,e"t!ent eci"ion O P
To e7p1ain ,ario0" in,e"t!ent option" O P
Want to !a9e "0re I a! in,e"ting eno0g+ to !eet !/ .inancia1 goa1" O P
W+at i" t+e !ajor rea"on .or not 0"ing .inancia1 a,i"orI
Ha,e acce"" to a11 re"o0rce" neee to in,e"t on o*n O P
Be1ie,e a,i"or" are too e7pen"i,e O P
Un"0re +o* to .in a tr0"t*ort+/ a,i"or O P
Want to 3e in contro1 o. o*n in,e"t!ent O P

BIBLIOGRAPHY
BIBLOGRAPHY
BOO( REFERENCES:
)(A(A)ADHANI ;#$$D<6 Sec0rit/ ana1/"i" an port.o1io !anage!ent2 Hi!a1a/a
p031i"+ing +o0"e( D
t+ eition
(
L(M(BHOLE ;#$$?<6 Financia1 in"tit0tion" an !ar9et2 Tata Mc5ra* Q +i11(
FISHER AND NORDEN ;#$$$<6 Sec0rit/ ana1/"i" an port.o1io !anage!ent2 prentice
+a11(
<EBSITES:

***(,a10ere"earc+on1ine(co!
***(a!.inia(co!
***(goog1e(co!
***(ingi!(co(in
***(+.c.0n(co!
***(in,e"tor"iea"(co!
Co!pan/ .act "+eet K No0rna1"
PUBLISHED MAGAOINES AND ARTICLES:
T+o!a" a,enport ;#$%$<6 @M0t0a1 .0n in,e"t!entA2 in,e"tor" Inia(
Sanja/ j Bi/ani "" ;#$%$<6 @An e!pirica1 ana1/"i" o. per.or!ance e,a10ation o. !0t0a1
.0n "c+e!e" in IniaA2 capita1 !ar9et ;ICFAI jo0rna1"<6
P( Pra"a Rao ;#$%%<6 @i"tri30tion c+anne1" in t+e !0t0a1 .0n in0"tr/A2 Mone/ !ar9et
;ICFAI jo0rna1"<(
Si+art+a Sri,a"ta,a ;#$%%<6 @rea1 e"tate .0n2 pre"ent conition" an .0t0re o. t+e .0nA
Capita1 !ar9et ;In,e"t!ent !anage!ent<(