A TRAINING REPORT

ON

PERFORMANCE ANALYSIS OF BOI AXA ASSET MANAGEMENT ON

HYBRID FUND- GROWTH FUND
Submitted to:

Satyug Darshan Institute of Engineering and Technology

By:
(KAJAL BHATI)
Roll No: -2051226
Batch 2016–2019
In Partial Fulfillment of
Bachelor of Business Administration
(IIFBS)
MAHARSHI DAYANAND UNIVERSITY
ROHTAK (HARYANA)
(APRIL 2018)

SatyugDarshan Institute of Engineering and Technology

BhupaniLalpur Road, Village Bhupani

Faridabad - 121002, NCR, Haryana, India

1
 DECLARATION

I, KAJAL BHATI hereby declare that this project report is the record of authentic work
carried out during the time period from 1st APRIL.2018 to 20th APRIL.2018 by me in the
partial fulfillment of the requirement for the award of degree BBA (Industry
integrated). This piece of work has not been submitted to any other University or Institute
for the award of any degree/diploma earlier.

(signature)

KAJAL BHATI

Date:

2
 BONAFIDE CERTIFICATE

This is to certify that MS. KAJAL of SatyugDarshan Institute of Engineering and Technologyhas
successfully completed the project work titled “ PERFORMANCE ANALYSIS OF BOI AXA ASSET
MANAGEMENT FOR HYBRID FUND- GROWTH FUND” in partial fulfillment of requirement for
the completion of bachelor’s in business administration (IIFSB) course as prescribed by the
MaharshiDayanand University, Rohtak, (HARYANA).

This project report is the record of authentic work carried out by her during the period from
to. she has worked under my guidance.

(SIGNATURE)

DR. SAPNA TANEJA

Assistant Professor, BBA Department
Project Guide (Internal)
Date:

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 ACKNOWLEDGEMENT

It is a matter of Great Pleasure for me in submitting the project report on

PERFORMANCE ANALYSIS OF BOI AXA ASSET MANAGEMENT FOR HYBRID
FUND- GROWTH FUND for the fulfillment of the requirement of my course.

I am thankful to and owe a deep gratitude to all those who have helped me in preparing
this report. Words seem to be inadequate to express my sincere thanks to DR. SAPNA
TANEJA her valuable guidance, constructive criticism, untiring efforts and immense
encouragement during the entire course of the study due to which my efforts have been
rewarded.

Also, not to be forgotten are the Lecturers of BBA IIFBS who contributed their ideas and
suggestion.

Kajal bhati

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 PREFACE

Many students may have work on this project in different way/styles. I have also tried to
work on this project in a different way.

It was for the first time I got the opportunity to work in such a prestigious and well-known
organization. And things which I have experienced in my training time are going to help
me throughout my life time. I have worked on this project with great enthusiasm and zeal.
I have tried to cover almost all the things which I have experienced and learned from the
company’s management.

KAJAL BHATI

Date:

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 TABLE OF CONTENT

S. No PARTICULARS PAGE NO.

1. Introduction to the study

2. Company Profile

3. Literature Review

4. Research Methodology
4.1 Research Design
4.2 Data Collection
4.3 Scope of the study
4.4 Objective of the study
4.5 Limitations of the study

5. Data Analysis & Interpretation

6. Findings &Conclusion

7. Bibliography

Annexure

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7
 CHAPTER 1

INTRODUCTION

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A mutual fund is a trust that pools the savings of a number of investors who share a common
financial goal. The money thus collected is invested in capital market instruments such as shares,
debentures, and other securities. The income earned through these investments is shared by its
unit holders in proportion to the number of units owned by them. Thus a Mutual Fund is the most
suitable investment for the common man as it offers an opportunity to invest in a diversified,
professionally managed basket of securities at a relatively low cost.

Investments in securities are spread across a wide cross section of industries and sectors and
thereby reduce the risk. Asset Management Companies (AMCs) normally come out with a
number of schemes with different investment objectives from time to time. A mutual fund is
required to be registered with the Securities and Exchange Board of India (SEBI), which
regulates securities markets before it can collect funds from the public.

HISTORY OF MUTUAL FUNDS:

Prof. K Geert Rouwenhorst in 'The Origins of Mutual Funds', states that the origin of pooled
investing concept dates back to the late 1700s in Europe, when "a Dutch merchant and broker
invited subscriptions from investors to form a trust to provide an opportunity to diversify for
small investors with limited means." The emergence of "investment pooling" in England in the
1800s brought the concept closer to the US shores.

The enactment of two British laws, the Joint Stock Companies Acts of 1862 and 1867, permitted
investors to share in the profits of an investment enterprise and limited investor liability to the
amount of investment capital devoted to the enterprise. Shortly thereafter, in 1868, the Foreign
and Colonial Government Trust was formed in London.

It resembled the US fund model in basic structure, providing "the investor of moderate means the
same advantages as the large capitalists by spreading the investment over a number of different
stocks." More importantly, the British fund model established a direct link with the US securities
markets, helping finance the development of the post-Civil War US economy.

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The Scottish American Investment Trust, formed in February 1873, by fund pioneer Robert
Fleming, invested in the economic potential of the US, chiefly through American railroad bonds.
Many other trusts followed them, who not only targeted investment in America, but led to the
introduction of the fund investing concept on the US shores in the late 1800s and the early 1900s.
The first mutual or 'open-ended' fund was introduced in Boston in March 1924. The
Massachusetts Investors Trust, which was formed as a common law trust, introduced important
innovations to the investment company concept by establishing a simplified capital structure,
continuous offering of shares, and the ability to redeem shares rather than holding them until
dissolution of the fund and a set of clear investment restrictions as well as policies.

The stock market crash of 1929 and the Great Depression that followed greatly hampered the
growth of pooled investments until a succession of landmark securities laws, beginning with the
Securities Act, 1933 and concluded with the Investment Company Act, 1940, reinvigorated
investor confidence. Renewed investor confidence and many innovations led to relatively steady
growth in industry assets and number of accounts.

MUTUAL FUND INDUSTRY IN INDIA:

The mutual fund industry in India started in 1963 with the formation of Unit Trust of India
(UTI) at the initiative of the Reserve Bank of India (RBI) and the Government of India. The
objective then was to attract small investors and introduce them to market investments. Since
then, the history of mutual funds in India can be broadly divided into six distinct phases.

Phase I (1964-87): Growth Of UTI:

In 1963, UTI was established by an Act of Parliament. As it was the only entity offering mutual
funds in India, it had a monopoly. Operationally, UTI was set up by the Reserve Bank of India
(RBI), but was later delinked from the RBI. The first scheme, and for long one of the largest
launched by UTI, was Unit Scheme 1964.

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Later in the 1970s and 80s, UTI started innovating and offering different schemes to suit the needs
of different classes of investors. Unit Linked Insurance Plan (ULIP) was launched in 1971. The
first Indian offshore fund, India Fund was launched in August 1986. In absolute terms, the
investible funds corpus of UTI was about Rs 600 crores in 1984. By 1987-88, the assets under
management (AUM) of UTI had grown 10 times to Rs 6,700 crores.

Phase II (1987-93): Entry of Public Sector Funds:

The year 1987 marked the entry of other public sector mutual funds. With the opening up of the
economy, many public sector banks and institutions were allowed to establish mutual funds. The
State Bank of India established the first non-UTI Mutual Fund, SBI Mutual Fund in November
1987. This was followed by Canbank Mutual Fund,LIC Mutual Fund, Indian Bank Mutual Fund,
Bank of India Mutual Fund, GIC Mutual Fund and PNB Mutual Fund. From 1987-88 to 1992-
93, the AUM increased from Rs 6,700 crores to Rs 47,004 crores, nearly seven times. During
this period, investors showed a marked interest in mutual funds, allocating a larger part of their
savings to investments in the funds.

Phase III (1993-96): Emergence of Private Funds:

A new era in the mutual fund industry began in 1993 with the permission granted for the entry of
private sector funds. This gave the Indian investors a broader choice of 'fund families' and
increasing competition to the existing public sector funds. Quite significantly foreign fund
management companies were also allowed to operate mutual funds, most of them coming into
India through their joint ventures with Indian promoters.

The private funds have brought in with them latest product innovations, investment management
techniques and investor-servicing technologies. During the year 1993-94, five private sector fund
houses launched their schemes followed by six others in 1994-95.

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Phase IV (1996-99): Growth And SEBI Regulation:

Since 1996, the mutual fund industry scaled newer heights in terms of mobilization of funds and
number of players. Deregulation and liberalization of the Indian economy had introduced
competition and provided impetus to the growth of the industry.

A comprehensive set of regulations for all mutual funds operating in India was introduced with
SEBI (Mutual Fund) Regulations, 1996. These regulations set uniform standards for all funds.
Erstwhile UTI voluntarily adopted SEBI guidelines for its new schemes. Similarly, the budget of
the Union government in 1999 took a big step in exempting all mutual fund dividends from
income tax in the hands of the investors. During this phase, both SEBI and Association of
Mutual Funds of India (AMFI) launched Investor Awareness Programme aimed at educating the
investors about investing through MFs.

Phase V (1999-2004): Emergence of a Large and Uniform Industry:

The year 1999 marked the beginning of a new phase in the history of the mutual fund industry in
India, a phase of significant growth in terms of both amount mobilized from investors and assets
under management. In February 2003, the UTI Act was repealed. UTI no longer has a special
legal status as a trust established by an act of Parliament. Instead it has adopted the same
structure as any other fund in India - a trust and an AMC.

UTI Mutual Fund is the present name of the erstwhile Unit Trust of India (UTI). While UTI
functioned under a separate law of the Indian Parliament earlier, UTI Mutual Fund is now under
the SEBI's (Mutual Funds) Regulations, 1996 like all other mutual funds in India.

The emergence of a uniform industry with the same structure, operations and regulations make it
easier for distributors and investors to deal with any fund house. Between 1999 and 2005 the size
of the industry has doubled in terms of AUM which have gone from above Rs 68,000 crores to
over Rs 1,50,000 crores.

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Phase VI (From 2004 Onwards): Consolidation and Growth:

The industry has lately witnessed a spate of mergers and acquisitions, most recent ones being
the acquisition of schemes of Allianz Mutual Fund by Birla Sun Life, PNB Mutual Fund by
Principal, among others. At the same time, more international players continue to enter India
including Fidelity, one of the largest funds in the world.

ADVANTAGES OF MUTUAL FUNDS:

Mutual fund investments in stocks, bonds and other instruments require considerable expertise
and constant supervision, to allow an investor to take the right decisions. Small investors usually
do not have the necessary expertise and time to undertake any study that can facilitate informed
decisions. While this is the predominant reason for the popularity of mutual funds, there are
many other benefits that make mutual funds appealing.

Diversification Benefits:

Diversified investment improves the risk return profile of the portfolio. Optimal diversification
has limitations due to low liquidity among small investors. The large corpus of a mutual fund as
compared to individual investments makes optimal diversification possible. Due to the pooling
of capital, individual investors can derive benefits of diversification.

Low Transaction Costs:

Mutual fund transactions are generally very large. These large volumes attract lower brokerage
commissions and other costs as compared to smaller volumes of the transactions that individual
investors enter into. The brokers quote a lower rate of commission due to two reasons. The first
is competition for the institutional investors business. The second reason is that the overhead cost
of executing a trade does not differ much for large and small orders. Hence for a large order
these costs spread over a large volume enabling the broker to quote a lower commission rate.

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Availability of Various Schemes:

There are four basic types of mutual funds: equity, bond, hybrid and money market. Equity funds
concentrate their investments in stocks. Similarly bond funds primarily invest in bonds and other
securities. Equity, bond and hybrid funds are called long-term funds. Money market funds are
referred to as short-term funds because they invest in securities that generally mature in about
one year or less. Mutual funds generally offer a number of schemes to suit the requirement of the
investors.

Professional Management:

Management of a portfolio involves continuous monitoring of various securities and innumerable

economic variables that may affect a portfolio's performance. This requires a lot of time and
effort on part of the investors along with in-depth knowledge of the functioning of the financial
markets. Mutual funds are managed by fund managers generally with knowledge and experience
whose time is solely devoted to tracking and updating the portfolio. Thus investment in a mutual
fund not only saves time and effort for the investor but is also likely to produce better results.

Liquidity:

Liquidating a portfolio is not always easy. There may not be a liquid market for all securities
held. In case only a part of the portfolio is required to be liquidated, it may not be possible to see
all the securities forming a part of the portfolio in the same proportion as they are represented in
the portfolio; investing in mutual funds can solve these problems. A fund house generally stands
ready to buy and sell its units on a regular basis. Thus it is easier to liquidate holdings in a
Mutual Fund as compared to direct investment in securities.

Returns:

In India dividend received by investors is tax-free. This enhances the yield on mutual funds
marginally as compared to income from other investment options. Also in case of long-term
capital gains, the investor benefits from indexation and lower capital gain tax.

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Flexibility:
Features of a MF scheme such as regular investment plan, regular withdrawal plans and dividend
reinvestment plan allows investors to systematically invest or withdraw funds according to the
needs and convenience.

Well Regulated:

All mutual funds are registered with SEBI and they function within the provisions of strict
regulations designed to protect the interest of investors. The SEBI regularly monitors the
operations of an AMC.

STRUCTURE OF MUTUAL FUNDS IN INDIA:

In India, the mutual fund industry is highly regulated with a view to imparting operational
transparency and protecting the investor's interest. The structure of a mutual fund is determined
by SEBI regulations. These regulations require a fund to be established in the form of a trust
under the Indian Trust Act, 1882. A mutual fund is typically externally managed. It is now an
operating company with employees in the traditional sense.

Instead, a fund relies upon third parties that are either affiliated organizations or independent
contractors to carry out its business activities such as investing in securities. A mutual fund
operates through a four-tier structure. The four parties that are required to be involved are a
sponsor, Board of Trustees, an asset management company and a custodian.

Sponsor: A sponsor is a body corporate who establishes a mutual fund. It may be one person
acting alone or together with another corporate body. Additionally, the sponsor is expected to
contribute at least 40% to the net worth of the AMC. However, if any person holds 40% or more
of the net worth of an AMC, he shall be deemed to be a sponsor and will be required to fulfill the
eligibility criteria specified in the mutual fund regulation.

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Board Of Trustees: A mutual fund house must have an independent Board of Trustees, where
two-thirds of the trustees are independent persons who are not associated with the sponsor in any
manner. The Board of Trustees of the trustee company holds the property of the mutual fund in
trust for the benefit of the unit-holders. They are responsible for protecting the unit-holder's
interest.

Asset Management Company: The role of an AMC is highly significant in the mutual fund
operation. They are the fund managers i.e. they invest investors' money in various securities
(equity, debt and money market instruments) after proper research of market conditions and the
financial performance of individual companies and specific securities in the effort to meet or beat
average market return and analysis. They also look after the administrative functions of a mutual
fund for which they charge management fee.

Custodian: The mutual fund is required by law to protect their portfolio securities by placing
them with a custodian. Nearly all mutual funds use qualified bank custodians. Only a registered
custodian under the SEBI regulation can act as a custodian to a mutual fund.

Over the years, with the involvement of the RBI and SEBI, the mutual fund industry has evolved
in a big way giving investors an opportunity to make the most of this investment avenue. With a
proper structure in place, the industry has been able to cater to more number of investors. With
the increase in awareness about mutual funds several new players have joined the bandwagon.

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 Types of Mutual Funds based on structure
 Open-Ended Funds: These are funds in which units are open for purchase or redemption
through the year. All purchases/redemption of these fund units are done at prevailing NAVs.
Basically these funds will allow investors to keep invest as long as they want. There are no
limits on how much can be invested in the fund. They also tend to be actively managed which
means that there is a fund manager who picks the places where investments will be made.
These funds also charge a fee which can be higher than passively managed funds because of
the active management. THey are an ideal investment for those who want investment along
with liquidity because they are not bound to any specific maturity periods. Which means that
investors can withdraw their funds at any time they want thus giving them the liquidity they
need.
 Close-Ended Funds: These are funds in which units can be purchased only during the initial
offer period. Units can be redeemed at a specified maturity date. To provide for liquidity, these
schemes are often listed for trade on a stock exchange. Unlike open ended mutual funds, once
the units or stocks are bought, they cannot be sold back to the mutual fund, instead they need
to be sold through the stock market at the prevailing price of the shares.
 Interval Funds: These are funds that have the features of open-ended and close-ended funds
in that they are opened for repurchase of shares at different intervals during the fund tenure.
The fund management company offers to repurchase units from existing unitholders during
these intervals. If unitholders wish to they can offload shares in favour of the fund.

Types of Mutual Funds based on asset class

 Equity Funds: These are funds that invest in equity stocks/shares of companies. These are
considered high-risk funds but also tend to provide high returns. Equity funds can include
specialty funds like infrastructure, fast moving consumer goods and banking to name a few.
they are linked to the markets and tend to
 Debt Funds: These are funds that invest in debt instruments e.g. company debentures,
government bonds and other fixed income assets. They are considered safe investments and
provide fixed returns. These funds do not deduct tax at source so if the earning from the
investment is more than Rs. 10,000 then the investor is liable to pay the tax on it himself.

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 Money Market Funds: These are funds that invest in liquid instruments e.g. T-Bills, CPs etc.
They are considered safe investments for those looking to park surplus funds for immediate
but moderate returns. Money markets are also referred to as cash markets and come with risks
in terms of interest risk, reinvestment risk and credit risks.
 Balanced or Hybrid Funds: These are funds that invest in a mix of asset classes. In some
cases, the proportion of equity is higher than debt while in others it is the other way round.
Risk and returns are balanced out this way. An example of a hybrid fund would be Franklin
India Balanced Fund-DP (G) because in this fund, 65% to 80% of the investment is made in
equities and the remaining 20% to 35% is invested in the debt market. This is so because the
debt markets offer a lower risk than the equity market.

Types of Mutual Funds based on investment objective

 Growth funds: Under these schemes, money is invested primarily in equity stocks with the
purpose of providing capital appreciation. They are considered to be risky funds ideal for
investors with a long-term investment timeline. Since they are risky funds they are also ideal
for those who are looking for higher returns on their investments.
 Income funds: Under these schemes, money is invested primarily in fixed-income instruments
e.g. bonds, debentures etc. with the purpose of providing capital protection and regular income
to investors.
 Liquid funds: Under these schemes, money is invested primarily in short-term or very short-
term instruments e.g. T-Bills, CPs etc. with the purpose of providing liquidity. They are
considered to be low on risk with moderate returns and are ideal for investors with short-term
investment timelines.
 Tax-Saving Funds (ELSS): These are funds that invest primarily in equity shares.
Investments made in these funds qualify for deductions under the Income Tax Act. They are
considered high on risk but also offer high returns if the fund performs well.
 Capital Protection Funds: These are funds where funds are are split between investment in
fixed income instruments and equity markets. This is done to ensure protection of the principal
that has been invested.

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 Fixed Maturity Funds: Fixed maturity funds are those in which the assets are invested in
debt and money market instruments where the maturity date is either the same as that of the
fund or earlier than it.
 Pension Funds: Pension funds are mutual funds that are invested in with a really long term
goal in mind. They are primarily meant to provide regular returns around the time that the
investor is ready to retire. The investments in such a fund may be split between equities and
debt markets where equities act as the risky part of the investment providing higher return and
debt markets balance the risk and provide lower but steady returns. The returns from these
funds can be taken in lump sums, as a pension or a combination of the two.

Types of Mutual Funds based on specialty

 Sector Funds: These are funds that invest in a particular sector of the market e.g.
Infrastructure funds invest only in those instruments or companies that relate to the
infrastructure sector. Returns are tied to the performance of the chosen sector. The risk
involved in these schemes depends on the nature of the sector.
 Index Funds: These are funds that invest in instruments that represent a particular index on an
exchange so as to mirror the movement and returns of the index e.g. buying shares
representative of the BSE Sensex.
 Fund of funds: These are funds that invest in other mutual funds and returns depend on the
performance of the target fund. These funds can also be referred to as multi manager funds.
These investments can be considered relatively safe because the funds that investors invest in
actually hold other funds under them thereby adjusting for risk from any one fund.
 Emerging market funds: These are funds where investments are made in developing
countries that show good prospects for the future. They do come with higher risks as a result
of the dynamic political and economic situations prevailing in the country.
 International funds: These are also known as foreign funds and offer investments in
companies located in other parts of the world. These companies could also be located in
emerging economies. The only companies that won’t be invested in will be those located in the
investor’s own country.

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 Global funds: These are funds where the investment made by the fund can be in a company in
any part of the world. They are different from international/foreign funds because in global
funds, investments can be made even the investor's own country.
 Real estate funds: These are the funds that invest in companies that operate in the real estate
sectors. These funds can invest in realtors, builders, property management companies and even
in companies providing loans. The investment in the real estate can be made at any stage,
including projects that are in the planning phase, partially completed and are actually
completed.
 Commodity focused stock funds: These funds don’t invest directly in the commodities. They
invest in companies that are working in the commodities market, such as mining companies or
producers of commodities. These funds can, at times, perform the same way the commodity is
as a result of their association with their production.
 Market neutral funds: The reason that these funds are called market neutral is that they don’t
invest in the markets directly. They invest in treasury bills, ETFs and securities and try to
target a fixed and steady growth.
 Inverse/leveraged funds: These are funds that operate unlike traditional mutual funds. The
earnings from these funds happen when the markets fall and when markets do well these funds
tend to go into loss. These are generally meant only for those who are willing to incur massive
losses but at the same time can provide huge returns as well, as a result of the higher risk they
carry.
 Asset allocation funds: The asset allocation fund comes in two variants, the target date fund
and the target allocation funds. In these funds, the portfolio managers can adjust the allocated
assets to achieve results. These funds split the invested amounts and invest it in various
instruments like bonds and equity.
 Gift Funds: Gift funds are mutual funds where the funds are invested in government securities
for a long term. Since they are invested in government securities, they are virtually risk free
and can be the ideal investment to those who don’t want to take risks.
 Exchange traded funds: These are funds that are a mix of both open and close ended mutual
funds and are traded on the stock markets. These funds are not actively managed, they are
managed passively and can offer a lot of liquidity. As a result of their being managed
passively, they tend to have lower service charges (entry/exit load) associated with them.

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 Types of Mutual Funds based on risk
 Low risk: These are the mutual funds where the investments made are by those who do not
want to take a risk with their money. The investment in such cases are made in places like the
debt market and tend to be long term investments. As a result of them being low risk, the
returns on these investments is also low. One example of a low risk fund would be gift funds
where investments are made in government securities.
 Medium risk: These are the investments that come with a medium amount of risk to the
investor. They are ideal for those who are willing to take some risk with the investment and
tends to offer higher returns. These funds can be used as an investment to build wealth over a
longer period of time.
 High risk: These are those mutual funds that are ideal for those who are willing to take higher
risks with their money and are looking to build their wealth. One example of high risk funds
would be inverse mutual funds. Even though the risks are high with these funds, they also
offer higher returns.

How to choose the right mutual fund

With so many different types of mutual funds available in the market, picking one that suits
specific investment needs the most is not an easy task. The simplest advice that can be given in
that regard is to first understand your own needs. The next step would be to figure out what your
goal is? Is it to build wealth quickly, at a moderate pace or at a slow pace. Once that is decided
the last main thing to consider is the risk you are willing to take. The highest returns are general
observed to come from the funds offering the highest risks. So if you want returns quickly and
are willing to take risks than that is the fund to go for. If your objective is to build wealth slowly
then going in for a medium or low risk mutual fund is ideal.

Since mutual funds always come with a factor of risk associated with them, no matter how small,
it is imperative that investors read their policy documents carefully before investing. It would
also be a good idea to read the document to ensure that they, the investors, have understood
exactly what they have invested in and all the facilities that are available to them with that
investment.

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Company profile

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BOI AXA Investment Managers Private Limited as the name suggest, is a joint venture between
Bank of India and AXA Investment Managers. This AMC is part of the global AXA Group
which is one of the world’s largest players in the Financial Protection industry.

Bank of India was founded on 7th September, 1906 by a group of eminent businessmen from
Mumbai. The Bank was under private ownership and control till July 1969 prior to being a
nationalized along with 13 other leading banks in India. Bank of India has branches all over the
India which number in excess of 4,545. Presently, Bank of India has an overseas presence in 22
countries spread over 5 continents – with 56 offices including 5 Subsidiaries, 5 Representative
Offices and 1 Joint Venture.

Founded in 1994, AXA IM is an asset management company fully owned and backed by the
AXA Group, a world leader in financial protection. AXA IM provides both local and global
investment solutions for a wide variety of clients, ranging from the AXA Group and its insurance
companies, to institutional investors such as pension funds, insurance companies, corporates,
non-profits, family offices and sovereign wealth funds as well as distributors – both wholesale
and retail Investment Managers. AXA IM is one of the world's leading AMCs and features assets
under management (AUM) of € 582 billion as recorded on 30.6.2014. AXA IM employs more
than 2500 employees that represent 60 nationalities and operate across 30 cities across 21
countries in Europe, the Americas, Asia and the Middle East.

On May 7, 2012, Bank of India (BOI) acquired a 51% stake in the then Bharti AXA Investment
Managers Private Limited (BAIM) and Bharti AXA Trustee Services Private Limited (BATS)
companies. Subsequent to this acquisition and BOI became a partner in the JV along with AXA
Investment Managers ("AXA IM") and the Fund was renamed as BOI AXA Mutual Fund.
Subsequently, the erstwhile BAIM was renamed as BOI AXA Investment Managers Private
Limited, and BATS was re-named as BOI AXA Trustee Services Private Limited.

The partnership brings together Bank of India’s massive network across India and experience in
the Indian market with AXA’s global expertise in financial management globally.

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Top Management team of BOI AXA Mutual Funds features Sandeep Dasgupta as the Chief
Executive Officer, Mr. Atul Roongta as Chief Operating Officer, Arun Prasad G as Head of
Sales and Business Development, Mr. Alok Singh as Fund Manager and Head of Investments,
Mr. David Pezarkar as Head of Equities and Board of Directors include Mr. Melwyn Rego, Mr.
Bruno Guilloton, Mr. Sudhir Chand, Mr. Sanjay Gupta, Mr. Atul Sahasrabuddhe, Mr S.C. Kalia.

Benefits of Investing in Mutual Funds

 Mutual Funds are considered safe investment options as they are regulated by SEBI which
saves the Investor from any fraudulent activities by the mutual fund companies/fund
managers.
 Dividends earned are tax free if the securities are held for more than a year.
 Mutual funds are considered to be liquid if most of the schemes are liquidated within 3 days
and some liquid funds can be liquidated overnight.
 Investing and redeeming BOI AXA Mutual Fund is a very easy and hassle free task.
 Portfolio maintained by the BOI AXA Mutual Funds is always maintained by averaging the
risk and the return, investor can expect good rate of return while featuring a balanced risk.
 Investor can also choose for Systematic Investment Planning by which he can save some
part of his monthly income in the mutual funds and in long term can make more money for
his future goals.
 BOI AXA Mutual Funds believes in complete transparency and publishes regular reports
regarding the status of its various investments and an investor can view this portfolio at any
time.

Funds of BOI AXA Mutual Fund

Equity fund

Equity funds are sometimes also called as stock funds. The primarily objective of these funds is
to facilitate capital appreciation by investing a major portion of the funds in stocks while a
smaller portion may be in bonds, notes and other debt-related securities. An Equity fund can be

24
an open-ended or a closed-ended fund which allows the investor to invest a small amount of
money in a diversified portfolio. Experienced fund managers often do this to minimize the risk
associated with investing in equity markets.

Fund Name Fund Highlight

Open-Ended Equity Scheme, Long-Term Capital Growth,

Invests in Equity & Related Products across the
BOI AXA Equity Fund capitalization, Generate Income

Open-Ended Equity Linked Savings Scheme, ELSS

Scheme, 3 Years Lock-in Period, Tax Deduction under
section 80 C, Invests in Equity & Related Securities across
BOI AXA Tax Advantage Fund the market capitalization

Open-Ended Sector Scheme, Capital Growth Over Long

Term, Invests in Equity and Related Securities of
BOI AXA Manufacturing & companies working on manufacturing and infrastructure
Infrastructure Fund domain

Hybrid fund

These funds seek to balance the risk and high capital appreciation of equity investments with the
lower risk and more consistent returns provided by debt investments. Following are the leading
hybrid fund choices you can opt for through BOI AXA Mutual Funds.

25
Fund Name Fund Highlights

Open-Ended Income Scheme, Capital Appreciation over

Long-Term, Invests majorly in Debt & Money Market
BOI AXA Regular Return Fund – Securities, some part in invested in equity & Related
Growth Securities about 20%

Open-Ended Dynamic Fund, Long Term Returns, Low

BOI AXA Equity Debt Rebalancer Volatility, Disciplined and Balanced allocation of funds
Fund – Growth between equity and debt securities

Open-Ended Equity Scheme, Long Term Capital

Appreciation, Income Distribution, Invests in fixed
BOI AXA Mid-Cap Equity & Debt income securities and also invests in equities of midcap
Fund – Growth companies

Debt fund
Debt funds are usually preferred by risk-averse individuals who seek to generate returns at rates
that are higher than those offered by investment options such as fixed deposits. The following are
the top debt fund option offered by this leading AMC. .

Fund Name Fund Highlights

BOI AXA Treasury Advantage Open-Ended Income Scheme, Lower Risk, High Liquidity,
Fund-Retail Plan-Growth Invests in Debt & Money Market Securities

BOI AXA Liquid Fund-Retail Open-Ended Liquid Scheme, Lower Risk, High Liquidity,
Plan-Growth Invests in Debt & Money Market Securities

26
BOI AXA Short Term Income Open-Ended Liquid Scheme, Generates Income, Invests in
Fund – Growth Diversified Portfolio of Debt & Money Market Securities

BOI AXA Corporate Credit Open-Ended Debt Fund, Capital Appreciation over Long
Spectrum Fund Term, Invests in corporate debt across the credit spectrum

Fund Managers
Mr. David Pezarkar

Mr. David Pezarkar has completed his Bachelor’s Degree in Arts with a major in Economics and
Post Graduation as a PGDM from Narsee Monjee Institute of Management. He is currently
working as Fund Manager in BOI AXA Mutual Fund and has experience of over 20 years as a
fund manager. His prior experience in the industry has also included equity research.

Funds mamnaged by mr David pezarker

 BOI AXA Equity Fund

 BOI AXA Manufacturing and Infrastructure Fund
 BOI AXA Midcap Equity & Debt Fund (Equity Portion)
Mr. Saurabh Kataria

Mr. Saurabh Kataria has a Bachelor’s Degree in Commerce (Hons.) and has completed his MBA
from ICFAI Business School, Hyderabad. He is currently managing multiple funds for BOI
AXA Mutual Fund and has an experience of over 8 years in the financial domain. Prior to
associating with BOI AXA Mutual Fund, he was working with Askar Capital Private Equity, and
also worked with Goldman Sachs and Irevna Research Funds Managed by Mr. Saurabh Kataria

 BOI AXA Tax Management Fund

 BOI AXA Equity Debt Rebalancer Fund (Equity Portion)

27
Mr. Alok Singh

Mr. Alok Singh is working as a fund manager with BOI AXA Mutual Fund from past 4 years
and has total of 14 years’ experience in financial domain out of which he has 9 years of
experience in the Mutual Fund Industry.
Funds Managed by Mr. Alok Singh
 BOI AXA Regular Return Fund
 BOI AXA Equity Debt Rebalancer Fund ( Debt Portion)
 BOI AXA Midcap Equity & Debt Fund
 BOI AXA Liquid Fund
 BOI AXA Short Term Income Fund
 BOI AXA Corporate Credit Spectrum Fund

Mr. Piyush Baranwal

Mr. Piyush Baranwal has a CFA Certification and he has also completed his B.E. from Manipal
Institute of Technology and completed his PGDBM (Finance) from S.P. Jain Institute of
Management & Research. He is working as a fund manager in BOI AXA Mutual Fund in Fixed
Income. Prior to this, he has worked with Morgan Stanley Investment Management as fund
manager and credit assessment. He has overall 7 years of experience where he has worked on
different profiles in finance domain like Trading, Fund Management and Credit Assessment.

Funds Managed by Mr. Piyush Baranwal

 BOI AXA Midcap Equity & Debt Fund (Debt Portion)

 BOI AXA Treasury Advantage Fund
 BOI AXA Liquid Fund
 BOI AXA Short Term Income Fund

PMS (Portfolio Management Services)

BOI AXA Investment Managers Pvt. Ltd. (BAIIM) is a SEBI registered Portfolio Manager.
BAIM is operation Portfolio Management Services after BAIM got license for PMS on 28 June,
2010. PMS services offered by BAIM are customized as per client requirements and

28
specifications. Regular contact with the PMS team and client leads to better benefits for the
clients.

How to Buy on PaisaBazaar.com?

Paisabazaar.com has made the buying of mutual funds very easy. Anyone can log on to
paisabazaar.con or can download the app on a smartphone to make mutual fund purchases at
their convenience. By verifying the mobile number through the simple process of one time
password, we just have to choose the mutual funds option and then we have to provide the
personal details, contact details and the bank details. All available mutual fund options will be
displayed based on your chosen category and filters. On choosing the BOI AXA Mutual Fund
options, you can easily purchase the mutual fund scheme of your choice by following the
instructions that are provided. For any support you can always call the toll free number 1800-
208-8877.

We all must take steps to secure our financial future and we can start doing that from the day we
start earning by means of different investment options. But many investors just depend on the
conventional methods of investments like FD and RD in Banks or Post Office Savings Scheme.
Mutual Funds are a much better option to invest in which can give better returns on investments
as they outperform increasing inflation. Investment options that banks provide such as FD and
RD barely beat inflation, which effectively means we don’t earn anything over and above our
investment at the time of maturity.

Let’s say we have invested Rs. 1000 today and the prevailing rate of inflation is 6%. After one
year if the bank gives Rs. 1080 at the rate of 8% p.a. as the maturity amount, it means that we
have actually received 2% as interest on our investment. This is not the case with mutual funds,
mutual funds can give much higher returns usually around 10-14% and within different schemes
of mutual funds a person can choose the returns to opt for according to his risk taking ability and
financial need. Directly investing in equities such as shares needs lots of experience and
knowledge - this often takes years to attain. Through mutual funds we can invest in equities and
debts with the help of experienced fund managers, hence it is a much safer bet than direct equity
investments.

29
REVIEW OF
LITERATURE

30
Bogle (1992) ranked equity mutual funds by one year total return for each year over the period
1980–1990. For each year, he reported the rank of funds that were top twenty performers in the
previous year and found that the previous year ranks do not indicate the future ranks. Some other
studies in early 1990s suggested that mutual funds have persistent performance. Grinblatt and
Titman (1992) examined a sample of 279 funds for the period 1975–1984. They calculated the
excess returns ‘alpha’ for each fund by using regression analysis technique. The results indicated
a weak support for the hypothesis that average performance persists over time.

Hendricks et al. (1993) studied 165 no–load growth-oriented mutual funds for 1974–1988.
They measured the extent to which relative performance of these funds can be predicted and
found positive performance persistence in returns in shorter periods . Brown and Goetzmann
(1995) analysed surviving and non surviving funds over a period of 1976–1988 and found the
evidence of performance persistence, especially in losing mutual funds .

Malkiel (1995) also studied a sample of surviving and non surviving funds for 1971–1991 and
found some evidence of performance persistence during 1970s but not in 1980s . Elton et al.
(1996) evaluated the performance persistence for a sample of 181 funds during 1977–1993. Their
findings supported the existence of performance persistence in short as well as in long run .
Carhart (1997) studied a sample of 1,892 diversified equity funds over a period of January 1962
to December 1993 using two models: the CAPM described by Sharpe (1964) and Linter (1965)
and a four-factor model. He found persistence in mutual fund performance mainly for the short
time period .

Wermers (1997) analysed the survivorship bias free mutual fund database on the period
December 31, 1974 to 1994. Findings of the study confirmed the momentum effects on stock
returns and concluded that the performance persistence was mainly driven by the persistent use
of active momentum investment strategies . Cai et al. (1997) studied a sample of 64 open-ended
mutual funds during a period of January, 1981 to December, 1992 to examine the persistence in
performance of Japanese funds. They found a little evidence of performance persistence for the
period studied . In 1998, Detzel and Weigand (1998) used a sample of 61 open ended mutual

31
funds for the period 1975–1995 and investigated the factors contributing to persistence in mutual
fund performance. They found that firm size and investment style characteristics contributed to
explain persistence . Cortez et al. (1999) investigated twelve Portuguese funds over the four year
period from April 1994 to March, 1998 by using contingency table methodology, odds ratio test,
chi-square test, Yates continuity correction and Fisher’s exact pvalue. The analysis revealed
some persistence in performance on a quarterly basis . Allen and Tan (1999) examined ten U.K
based funds for the period 1989–1995 by using contingency table analysis, ordinary least square
regression analysis, chi square test and spearman rank correlation coefficient analysis. They
found persistence in raw and risk adjusted returns for long run but not in very short run .
Hallahan (1999) examined the Australian investment funds namely rollover funds during the
period of 1989–1993 and suggested that past performance of a fund was an unreliable guide to
predict its future performance .

Roy and Deb (2004) evaluated Indian mutual funds on the issue of performance persistence by
using Fama and MacBeth (1973) methodology. They studied 133 open ended Indian mutual
funds over a period 1992–2003 and found that past fund performance predicts the future fund
returns significantly . Among the studies conducted on performance persistence during late
2000’s, Agudo and Magallon (2005) studied European equity funds in Spain for a period of July,
1994 to June, 2000 by using parametric and non parametric techniques. The parametric tests
indicated scarce existence of persistence in the performance while non parametric methodology
revealed the existence of same . Bilson et al. (2005) analysed Australian retail superannuation
funds over a period from September, 1991 to June, 2000 and used raw returns, Sharpe ratio,
single factor model and multi factor models by Carhart (1997) and Gruber (1996). They found no
evidence of performance persistence over a one year period but the same was found over a three
year period . Chander (2005) examined 80 Indian mutual fund schemes from public as well as
the private sector over a period of three years from January, 1998 to December, 2002. Author
found the absence of performance persistence phenomenon in Indian mutual funds . Christensen
(2005) analysed 47 Danish mutual funds for a period of January, 1996 to June, 2003 by applying
both parametric and non parametric methodologies and concluded that the returns for Danish
mutual funds were non persistent . Huij and Derwall (2005) studied 3,316 bond funds during

32
1990–2003 and showed that past fund performance predicted their future performance . Bauer et
al. (2006) examined a sample of 143 New Zealand mutual funds for a period of 1990 to 2003 by
applying multi factor and single factor performance models. They found strong evidence of
persistence in risk adjusted returns for a short term

In some other Indian studies, Sehgal and Jhanwar (2007) examined a sample of 59 mutual fund
schemes for the period of January, 2000 to December, 2004 and found no evidence of
performance persistence . However, mixed results were obtained by Deb et al. (2008) when they
tested equity mutual funds in India over a period from January 2000 to 55 June 2005 for raw
returns, tracking error and information ratio. They found persistence in performance in case of
growth funds, but no such evidence was found in case of equity linked saving schemes . Kaur A.
(2011) tested 37 equity oriented mutual fund schemes for the period of eight years i.e. from April
1, 2003 to March 31, 2011 by applying parametric and non-parametric techniques. She found a
little evidence of performance persistence in the sample mutual fund schemes .

Same authors, Droms and Walker (1996) again examined 151 equity mutual funds that were
in continuous operation for 20 year period from 1971 to 1990. They structured extended models
of cross-sectional / time–series regression and again showed that fund performance was not
related to their size . Philpot. J. et al. (1998) employed time series cross- sectional analysis on 27
bond mutual funds from 1982 to 1993. They found the presence of economies of scale in bond
funds as their performance was directly related to their asset size . Indro et al. (1999) studied 683
domestic, actively managed mutual funds from Morningstar database for the duration 1993 to
1995. They found that over a certain range of mutual fund sizes, results are lower for small sized
fund, but further increase in their size increases their performance and hence, the relationship
between fund size and performance is curvilinear . Among the major studies on asset size
conducted in 2000’s, Dahlquist. M. et al (2000) studied 210 Swedish mutual funds from the end
of 1992 to the end of 1997 and provided mixed results for the impact of asset size of the funds on
their performance. They concluded that larger equity funds tend to perform less well than the
smaller equity funds, however, larger bond funds have performed better than the smaller bond

33
funds . Gregoriou and Fabrice (2001) examined hedge funds and fund of hedge funds from
1994– 1999. They concluded that mutual fund size does not influence their performance .
Likewise, Peterson et al. (2001) analysed cross sectional data of mutual funds over a period from
1992–2000 and found that fund size does not affect their performance .

34
 RESEARCH
METHODOLOGY

35
Research always starts with a question or a problem. Its purpose is to question through the
application of the scientific method. It is a systematic and intensive study directed towards a
more complete knowledge of the subject studied. Marketing research is the function which
links the consumer, customer and public to the marketer through information- information
used to identify and define marketing opportunities and problems generate, refine, and
evaluate marketing actions, monitor marketing actions, monitor marketing performance and
improve understanding of market as a process.

Research specifies the information required to address these issues, designs, and the method
for collecting information, manage and implemented the data collection process, analyses the
results and communicate the findings and their implication. I have prepared our project as
descriptive type, as the objective of the study demands the answers of the question related to
find the potentiality of Mutual Funds of bank of india AXA company.

Research Process
As marketing research is a systemic and formalized process, it follows a certain sequence of
research action. The marketing process has the following steps:

Formulating the problems

Developing objectives of the research

Designing an effective research plan

Data collection techniques

Evaluating the data and preparing a research report

Sampling Technique: The sample size has been taken by non-random convenience
sampling technique.


36
Data Collection: After the research methodology, research problem in marketing has been
identified and selected; the next step is together the requisite data. There are two types of
data collection method – primary data and secondary data. In our live project; we decided
primary data collection method because our study nature does not permit to apply
observational method. In survey approach we had selected a questionnaire method for taking
a customer view because it is feasible from the point of view of our subject & survey
purpose. Data has been collected both from primary as well as secondary sources as
described below:

There are two types of data collection method use in my project report.

 Primary data
 Secondary data

For my project, as a researcher I decided on Secondary data collection method is used by

referring to various websites, books, magazines, journals and daily newspapers for collecting
information regarding project under study.

Research Design: Descriptive Design

37
SCOPE OF THE STUDY
The study is mainly limited to the performance analysis of BOI AXA Aasset management
company of growth fund with the help of tools and risk. Further has covered three year time
period .The study is helping to identiy volatile of mutual fund.
There are many fund operating in the mutual fund. But this study is limited to the mutual fund of
BOI AXA ASSET MANAGEMENT COMPANY.
The scope of the study is confined to the mutual fund.The study includes data related to the fund
movement of boi axa asset management company in mutual fund .
I have choose the topic “performance analysis of boi axa growth fund”.

OBJECTIVE OF THE STUDY:

 To gain in dpth understanding of the mutual funds.

 To know how the bank of india mutual funds are participating in the stock market.

 To analysis the performance of equity Mutual fund.

 To find out the better investment product for the investors.

 To study the performance of growth fund.

LIMITATIONS

38
1. The data collected for thea tudy is secondary in nature.

2. The product under study is restricted to only mutual fund.

3. The analysis is limited to financial performance of the mutual funds.

4. The time period is very short.

5. The study is restricted to only one company i.e. Bank of india AXA .

39
 DATA ANALYSIS
AND
INTERPRETATION

QUARTER-1

NAVE DATE Net Asset NAVE NET NAV NET

Value DATE ASSET DATE ASSET
VALUE
6-Apr-15 16.2987 5-May-15 16.2783 1-Jun-15 16.3689
7-Apr-15 16.3112 6-May-15 16.186 2-Jun-15 16.2721
40
 8-Apr-15 16.3371 7-May-15 16.1236 3-Jun-15 16.2334
9-Apr-15 16.3762 8-May-15 16.1609 4-Jun-15 16.1955
9-Apr-15 16.3762 11-May-15 16.2769 5-Jun-15 16.2266
10-Apr-15 16.3795 12-May-15 16.194 8-Jun-15 16.1984
13-Apr-15 16.3976 13-May-15 16.2363 9-Jun-15 16.2033
15-Apr-15 16.3805 14-May-15 16.256 10-Jun-15 16.2203
16-Apr-15 16.3606 15-May-15 16.2653 11-Jun-15 16.134
17-Apr-15 16.3393 18-May-15 16.3134 12-Jun-15 16.1194
20-Apr-15 16.2928 19-May-15 16.3345 15-Jun-15 16.1557
21-Apr-15 16.278 20-May-15 16.342 16-Jun-15 16.1647
22-Apr-15 16.2903 21-May-15 16.3315 17-Jun-15 16.2053
23-Apr-15 16.2806 22-May-15 16.3528 18-Jun-15 16.2815
24-Apr-15 16.2468 25-May-15 16.3526 19-Jun-15 16.3106
27-Apr-15 16.207 26-May-15 16.3421 22-Jun-15 16.3497
28-Apr-15 16.2477 27-May-15 16.3352 23-Jun-15 16.3602
29-Apr-15 16.2334 28-May 16.3328 24-Jun-15 16.3456
30-Apr-15 16.2121 29-May 16.3898 25-Jun-15 16.3426
26-Jun-15 16.354
29-Jun-15 16.3113
30-Jun-15 16.3392

AVERAGE NAV

MONTHS NAV
APRIL 16.308
MAY 16.284
JUNE 16.259

41
 NAV
16.32
16.31
16.3
16.29
16.28
16.27 NAV
16.26
16.25
16.24
16.23
APRIL MAY JUNE

INTERPRETATION:

In this chart that we can see that the avaerage nav of april is little bit higher then as compare to
may and june. The nav of the april that is 16.308 and the nav of may and june that is 16.284and
16.259.The cahrt shows that there is no big difference between the nav’s.

QUARTER 2 (JULY-SEPTEMBER)

NAV date Net NAV DATE Net Asset NAV DATE Net Asset
Asset Value Value
Value
1-Jul-15 16.3901 3-Aug-15 16.5818 1-Sep-15 16.4752

42
 2-Jul-15 16.4106 4-Aug-15 16.5864 2-Sep-15 16.4567
3-Jul-15 16.4113 5-Aug-15 16.6153 3-Sep-15 16.4844
6-Jul-15 16.4476 6-Aug-15 16.6319 4-Sep-15 16.4184
7-Jul-15 16.4515 7-Aug-15 16.6193 7-Sep-15 16.3445
8-Jul-15 16.4039 10-Aug-15 16.6153 8-Sep-15 16.4061
9-Jul-15 16.3994 11-Aug-15 16.5917 9-Sep-15 16.4843
10-Jul-15 16.4199 12-Aug-15 16.5416 10-Sep-15 16.4846
13-Jul-15 16.4377 13-Aug-15 16.5717 11-Sep-15 16.5031
14-Jul-15 16.4593 14-Aug-15 16.6384 14-Sep-15 16.55
15-Jul-15 16.4744 17-Aug-15 16.6691 15-Sep-15 16.524
16-Jul-15 16.4942 19-Aug-15 16.6849 16-Sep-15 16.5235
17-Jul-15 16.5089 20-Aug-15 16.6389 18-Sep-15 16.601
20-Jul-15 16.5128 21-Aug-15 16.61 21-Sep-15 16.6057
21-Jul-15 16.4776 24-Aug-15 16.3942 22-Sep-15 16.5461
22-Jul-15 16.5378 25-Aug-15 16.4635 23-Sep-15 16.5599
23-Jul-15 16.5437 26-Aug-15 16.4589 24-Sep-15 16.5548
24-Jul-15 16.5128 27-Aug-15 16.5281 28-Sep-15 16.5273
27-Jul-15 16.4648 28-Aug-15 16.5464 29-Sep-15 16.6449
28-Jul-15 16.4753 31-Aug-15 16.5239 30-Sep-15 16.7513
29-Jul-15 16.4902
30-Jul-15 16.5082
31-Jul-15 16.5695

43
AVERAGE NAV:

MONTHS NAV
JULY 16.468
AUGUST 16.576
SEPTEMBER 16.522

NAV
16.6
16.58
16.56
16.54
16.52
16.5
NAV
16.48
16.46
16.44
16.42
16.4
JULY AUGUST SEPTEMBER

INTERPRETATION-

The above chart shows that NAV is higher in august which is approx 16.57 and in july it is 16.47
which is lower as compare to august and september AS that er can see that the nav in july and
september that is 16.468 and 16.522. so this shows there is no big differences betwwn the nav’

44
 QUARTER 3 (OCTOBER-DECEMBER)

NAV date Net Asset NAV date Net Asset NAV date Net Asset
Value Value Value

1-Oct-15 16.7401 2-Nov-15 16.8166 1-Dec-15 16.8661

5-Oct-15 16.8437 3-Nov-15 16.8274 2-Dec-15 16.8515
6-Oct-15 16.8391 4-Nov-15 16.818 3-Dec-15 16.8583
7-Oct-15 16.8553 5-Nov-15 16.7871 4-Dec-15 16.8141
8-Oct-15 16.8439 6-Nov-15 16.7888 7-Dec-15 16.811
9-Oct-15 16.8499 9-Nov-15 16.7724 8-Dec-15 16.7625
12-Oct-15 16.8385 10-Nov-15 16.737 9-Dec-15 16.7174
13-Oct-15 16.8494 13-Nov-15 16.7702 10-Dec-15 16.7518
14-Oct-15 16.8697 16-Nov-15 16.7791 11-Dec-15 16.729
15-Oct-15 16.9033 17-Nov-15 16.7937 14-Dec-15 16.7112
16-Oct-15 16.9116 18-Nov-15 16.7677 15-Dec-15 16.7474
19-Oct-15 16.931 19-Nov-15 16.8149 16-Dec-15 16.8029
20-Oct-15 16.9222 20-Nov-15 16.8095 17-Dec-15 16.849
21-Oct-15 16.9078 23-Nov-15 16.8124 18-Dec-15 16.8245
23-Oct-15 16.9102 24-Nov-15 16.8286 21-Dec-15 16.84
26-Oct-15 16.8768 26-Nov-15 16.8353 22-Dec-15 16.8398
27-Oct-15 16.8679 27-Nov-15 16.8301 23-Dec-15 16.9031
28-Oct-15 16.8508 30-Nov-15 16.8248 28-Dec-15 16.9539
29-Oct-15 16.8173 302.4136 29-Dec-15 16.9538
30-Oct-15 16.7989 30-Dec-15 16.9473
337.2274 31-Dec- 16.9691
353.5037

45
AVERAGE NAV

MONTHS NAV
OCTOBER 16.861
NOVEMBER 16.801
DECEMBER 16.830

NAV
16.87
16.86
16.85
16.84
16.83
16.82
NAV
16.81
16.8
16.79
16.78
16.77
OCTOBER NOVEMBER DECEMBER

INTERPRETATION-
The above chart shows that in the october the nav is higher then as compare to november and
december.the average price of the october is the16.86 which is more then last two months i.e
nov and dec.

46
 QUARTER 4(JANUARY-MARCH)

NAV date Net Asset NAV date Net Asset NAV date Net Asset
Value Value Value
1-Jan-16 17.0216 1-Feb-16 16.8474 1-Mar-16 16.8085
4-Jan-16 16.9753 2-Feb-16 16.7638 2-Mar-16 16.853
5-Jan-16 16.9652 3-Feb-16 16.7062 3-Mar-16 16.8851
6-Jan-16 16.982 4-Feb-16 16.7227 4-Mar-16 16.8899
7-Jan-16 16.9057 5-Feb-16 16.7642 8-Mar-16 16.8923
8-Jan-16 16.9178 8-Feb-16 16.7501 9-Mar-16 16.9089
11-Jan-16 16.9069 9-Feb-16 16.7119 10-Mar-16 16.8873
12-Jan-16 16.8888 10-Feb-16 16.6743 11-Mar-16 16.8965
13-Jan-16 16.8961 11-Feb-16 16.5845 14-Mar-16 16.9369
14-Jan-16 16.8567 12-Feb-16 16.5834 15-Mar-16 16.9349
15-Jan-16 16.7757 15-Feb-16 16.6935 16-Mar-16 16.9542
18-Jan-16 16.6989 16-Feb-16 16.6158 17-Mar-16 16.9816
19-Jan-16 16.769 17-Feb-16 16.6398 18-Mar-16 17.013
20-Jan-16 16.7343 18-Feb-16 16.6739 21-Mar-16 17.0843
21-Jan-16 16.7222 22-Feb-16 16.6932 22-Mar-16 17.1067
22-Jan-16 16.7925 23-Feb-16 16.6185 23-Mar-16 17.1105
25-Jan-16 16.785 24-Feb-16 16.5773 28-Mar-16 17.0868
27-Jan-16 16.8067 25-Feb-16 16.5267 29-Mar-16 17.0792
28-Jan-16 16.7874 26-Feb-16 16.6029 30-Mar-16 17.1447
29-Jan-16 16.85 29-Feb-16 16.6916 31-Mar-16 17.1502
337.0378 333.4417 339.6045

47
AVERAGE NAV:

MONTHS NAV
JANUARY 16.852
February 16.672
MARCH 16.980

NAV
17.05
17
16.95
16.9
16.85
16.8
16.75 NAV
16.7
16.65
16.6
16.55
16.5
JANUARY February MARCH

48
INTERPRETATION-
The above chart shows that the NAV of March is higher as compared to January and February .The price
of nav in march 16.980 which is bit higher to january and february.In this case there is bit differences
between the nav’s.

QUARTER 1 (2016) (APRIL-JUNE)

NAV date Net Asset NAV date Net Asset NAV date Net Asset
Value Value Value

4-Apr-16 17.3682 2-May-16 17.5222 1-Jun-16 17.7102

5-Apr-16 17.2813 3-May-16 17.5195 2-Jun-16 17.7349
6-Apr-16 17.2872 4-May-16 17.5093 3-Jun-16 17.7431
7-Apr-16 17.269 5-May-16 17.5141 6-Jun-16 17.7408
11-Apr-16 17.3307 6-May-16 17.512 7-Jun-16 17.767
12-Apr-16 17.3782 9-May-16 17.5733 8-Jun-16 17.7869
13-Apr-16 17.4213 10-May-16 17.5829 9-Jun-16 17.7856
18-Apr-16 17.4773 11-May-16 17.5852 10-Jun-16 17.7797
20-Apr-16 17.4946 12-May-16 17.6061 13-Jun-16 17.7586
21-Apr-16 17.5059 13-May-16 17.5976 14-Jun-16 17.7563
22-Apr-16 17.5255 16-May-16 17.6077 15-Jun-16 17.7924
25-Apr-16 17.5066 17-May-16 17.6284 16-Jun-16 17.7752
26-Apr-16 17.5461 18-May-16 17.6196 17-Jun-16 17.7849
27-Apr-16 17.5521 19-May-16 17.5825 20-Jun-16 17.8142
28-Apr-16 17.5019 20-May-16 17.5728 21-Jun-16 17.8211
29-Apr-16 17.5149 23-May-16 17.5596 22-Jun-16 17.8227
278.9608 24-May-16 17.5513 23-Jun-16 17.832
25-May-16 17.6021 24-Jun-16 17.7883
26-May-16 17.6378 27-Jun-16 17.8211
27-May-16 17.6736 28-Jun-16 17.83
30-May-16 17.6877 29-Jun-16 17.8874
31-May-16 17.6972 30-Jun-16 17.9244

49
 386.9425 391.4568

AVERAGE NAV

MONTH NAV
APRIL 17.435
MAY 17.588
JUNE 17.793

NAV
17.9

17.8

17.7

17.6

17.5 NAV

17.4

17.3

17.2
APRIL MAY JUNE

INTERPRETATION-
IN the above chart shows that the nav of june is little higher then as compare to other two
months .The average nav of june that is 17.793and average nav of april that is 17.435 and the
average nav of may that is 17.588.so there is no big difference between nav’s.

50
 QUARTER 2 (JULY-SEPTEMBER)

NAV Net Asset NAV date Net Asset NAV Net Asset
date Value Value date Value

1-Jul-16 17.9765 1-Aug-16 18.4038 1-Sep-16 18.5812

4-Jul-16 18.0146 2-Aug-16 18.3753 2-Sep-16 18.605
5-Jul-16 18.0315 3-Aug-16 18.3304 6-Sep-16 18.6666
7-Jul-16 18.0194 4-Aug-16 18.3284 7-Sep-16 18.6732
8-Jul-16 18.0114 5-Aug-16 18.4117 8-Sep-16 18.6997
11-Jul-16 18.0558 8-Aug-16 18.4276 9-Sep-16 18.666
12-Jul-16 18.1003 9-Aug-16 18.4335 12-Sep-16 18.5951
13-Jul-16 18.1029 10-Aug-16 18.3938 14-Sep-16 18.5999
14-Jul-16 18.1192 11-Aug-16 18.4187 15-Sep-16 18.6156
15-Jul-16 18.1323 12-Aug-16 18.4457 16-Sep-16 18.6544
18-Jul-16 18.1278 16-Aug-16 18.4483 19-Sep-16 18.652
19-Jul-16 18.1526 18-Aug-16 18.4868 20-Sep-16 18.6539
20-Jul-16 18.2014 19-Aug-16 18.5024 21-Sep-16 18.6623
21-Jul-16 18.2065 22-Aug-16 18.4696 22-Sep-16 18.7488
22-Jul-16 18.2321 23-Aug-16 18.4695 23-Sep-16 18.7569
25-Jul-16 18.277 24-Aug-16 18.505 26-Sep-16 18.7488
26-Jul-16 18.2752 25-Aug-16 18.4958 27-Sep-16 18.7535
27-Jul-16 18.2996 26-Aug-16 18.4862 28-Sep-16 18.7693
28-Jul-16 18.3646 29-Aug-16 18.4918 29-Sep-16 18.6555
29-Jul-16 18.3766 30-Aug-16 18.5432 30-Sep-16 18.7182
363.0773 31-Aug-16 18.5724 373.4759
387.4399

51
AVERAGE OF NAV

MONTHS NAV
JULY 18.154
AUGUST 18.449
SEPTEMBER 18.673

NAV
18.8
18.7
18.6
18.5
18.4
18.3
NAV
18.2
18.1
18
17.9
17.8
JULY AUGUST SEPTEMBER

In this chart that you can see that the average nav of september is little bit higher then as
compared to july and august.The nav of september that is 18.673 and the nav in august that is
18.449 and nav in july that is 18.154.so there is minor difference between the nav’s.

52
 QUARTER3(OCTOBER-DECEMBER)

NAV date Net Asset Value NAV date Net Asset Value NAV date Net Asset Value
3-Oct-16 18.7791 1-Nov-16 18.846 1-Dec-16 18.8666
4-Oct-16 18.8226 2-Nov-16 18.7917 2-Dec-16 18.8133
5-Oct-16 18.8374 3-Nov-16 18.756 5-Dec-16 18.8288
6-Oct-16 18.8188 4-Nov-16 18.6964 6-Dec-16 18.8364
7-Oct-16 18.7969 7-Nov-16 18.7427 7-Dec-16 18.74
10-Oct-16 18.8252 8-Nov-16 18.7662 8-Dec-16 18.7778
13-Oct-16 18.7822 9-Nov-16 18.7679 9-Dec-16 18.7812
14-Oct-16 18.7778 10-Nov-16 18.7952 13-Dec-16 18.7209
17-Oct-16 18.7652 11-Nov-16 18.6438 14-Dec-16 18.6939
18-Oct-16 18.8385 15-Nov-16 18.5559 15-Dec-16 18.6572
19-Oct-16 18.8314 16-Nov-16 18.6277 16-Dec-16 18.6602
20-Oct-16 18.8444 17-Nov-16 18.6086 19-Dec-16 18.6456
21-Oct-16 18.8545 18-Nov-16 18.618 20-Dec-16 18.6321
24-Oct-16 18.8608 21-Nov-16 18.638 21-Dec-16 18.6427
25-Oct-16 18.8566 22-Nov-16 18.6664 22-Dec-16 18.5718
26-Oct-16 18.8341 23-Nov-16 18.7259 23-Dec-16 18.536
27-Oct-16 18.8163 24-Nov-16 18.768 26-Dec-16 18.4634
28-Oct-16 18.832 25-Nov-16 18.8015 27-Dec-16 18.514
338.7738 28-Nov-16 18.7818 28-Dec-16 18.5507
29-Nov-16 18.8289 29-Dec-16 18.6234
30-Nov-16 18.889 30-Dec-16 18.6604
393.3156 392.2164

53
AVERAHE NAV

MONTHS NAV
OCTOBER 18.820
NOVEMBER 18.729
DECEMBER 18.769

NAV
18.84
18.82
18.8
18.78
18.76
NAV
18.74
18.72
18.7
18.68
OCTOBER NOVEMBER DECEMBER

INTERPRETATION
In this figure that we can see that the average nav of october is bit higher than as compared to
november and december.this chart showing that that the average nav of october that is 18.820
and the average nav of the november that is 18.8729and the nav in december 18.769.

54
 QUARTER 4(JAN-MARCH)

NAV date Net Asset NAV date Net NAV date Net Asset
value Asset Value
Value
2-Jan-17 12.2427 1-Feb-17 12.3456 1-Mar-17 12.271
3-Jan-17 12.2472 2-Feb-17 12.363 2-Mar-17 12.2547
4-Jan-17 12.2774 3-Feb-17 12.3886 3-Mar-17 12.2586
5-Jan-17 12.293 6-Feb-17 12.4092 6-Mar-17 12.2809
6-Jan-17 12.2888 7-Feb-17 12.4079 7-Mar-17 12.2708
9-Jan-17 12.2876 8-Feb-17 12.349 8-Mar-17 12.27
10-Jan-17 12.3018 9-Feb-17 12.3313 9-Mar-17 12.2682
11-Jan-17 12.3296 10-Feb-17 12.3486 10-Mar-17 12.2607
12-Jan-17 12.335 13-Feb-17 12.3422 14-Mar-17 12.2941
13-Jan-17 12.3246 14-Feb-17 12.3266 15-Mar-17 12.3118
16-Jan-17 12.3297 15-Feb-17 12.3081 16-Mar-17 12.3422
17-Jan-17 12.3483 16-Feb-17 12.3415 17-Mar-17 12.3443
18-Jan-17 12.3559 17-Feb-17 12.3561 20-Mar-17 12.3638
19-Jan-17 12.3583 20-Feb-17 12.3649 21-Mar-17 12.3616
20-Jan-17 12.3278 22-Feb-17 12.3626 22-Mar-17 12.3586
23-Jan-17 12.3439 23-Feb-17 12.3694 23-Mar-17 12.3729
24-Jan-17 12.3762 27-Feb-17 12.3669 24-Mar-17 12.3719
25-Jan-17 12.4117 28-Feb-17 12.2719 27-Mar-17 12.3685
27-Jan-17 12.335 222.3534 29-Mar-17 12.3
30-Jan-17 12.3271 30-Mar-17 12.3219
31-Jan-17 12.3069 31-Mar-17 12.3556
258.7485 258.6021

55
AVERAGE NAV
MONTHS NAV
JANUARY 12.321
FEBRUARY 12.353
MARCH 12.314

NAV
12.36

12.35

12.34

12.33

12.32 NAV

12.31

12.3

12.29
JANUARY FEBRUARY MARCH

INTERPRETATION:
IN this chart that we can see that the average nav of february is little higher then as compare to
january and march.And the average nav of february that is 12.353 and the avearge nav of the
march that is 12.314 and the nav of the january that is 12.321.

56
 QUARTER 1(2017) (APRIL –JUNE)
NAV date NetAsset NAV date NetAssetV NAV date NetAssetVal
Value alue ue
3-Apr-17 12.3897 2-May-17 12.4339 1-Jun-17 12.4394
5-Apr-17 12.4285 3-May-17 12.4466 2-Jun-17 12.4537
6-Apr-17 12.4189 4-May-17 12.4532 5-Jun-17 12.4685
7-Apr-17 12.4187 5-May-17 12.4509 6-Jun-17 12.4589
10-Apr-17 12.4432 8-May-17 12.4706 7-Jun-17 12.4848
11-Apr-17 12.4693 9-May-17 12.4815 8-Jun-17 12.5073
12-Apr-17 12.4668 11-May-17 12.5075 9-Jun-17 12.5369
13-Apr-17 12.4647 12-May-17 12.4839 12-Jun-17 12.5229
17-Apr-17 12.4625 15-May-17 12.5346 13-Jun-17 12.5338
18-Apr-17 12.444 16-May-17 12.5518 14-Jun-17 12.535
19-Apr-17 12.4659 17-May-17 12.5503 15-Jun-17 12.5426
20-Apr-17 12.4786 18-May-17 12.509 16-Jun-17 12.5415
21-Apr-17 12.4878 19-May-17 12.4877 19-Jun-17 12.5421
24-Apr-17 12.5167 22-May-17 12.4636 20-Jun-17 12.552
25-Apr-17 12.535 23-May-17 12.4315 21-Jun-17 12.5482
26-Apr-17 12.4182 24-May-17 12.4067 22-Jun-17 12.5372
27-Apr-17 12.4148 25-May-17 12.4534 23-Jun-17 12.5047
28-Apr-17 12.4244 26-May-17 12.3964 27-Jun-17 12.4666
224.1477 29-May-17 12.3814 28-Jun-17 12.3677
30-May-17 12.3816 29-Jun-17 12.396
31-May-17 12.4168 30-Jun-17 12.3939
261.6929 262.3337

57
AVERAGE NAV
MONTHS NAV
APRIL 12.321
MAY 12.353
JUNE 12.314

NAV
12.36

12.35

12.34

12.33

12.32 NAV

12.31

12.3

12.29
APRIL MAY JUNE

INTERPRETATION:
In this figure that we can see that the average nav of may is little bit higher then as compared to
other months . this chart showing that the average nav of the may that is 12.353 and the average
nav of april that is 12.321 and the average nav in june that is 12.312.

58
QUARTER 2 (JULY –SEPTEMBER)

NAV Net NAV date Net NAV date Net Asset

date Asset Asset Value
Value Value
3-Jul-17 12.407 1-Aug-17 12.506 1-Sep-17 12.5479
4-Jul-17 12.4151 2-Aug-17 12.5122 4-Sep-17 12.5376
5-Jul-17 12.451 3-Aug-17 12.503 5-Sep-17 12.5661
6-Jul-17 12.4671 4-Aug-17 12.5011 6-Sep-17 12.5816
7-Jul-17 12.4788 7-Aug-17 12.5537 7-Sep-17 12.59
10-Jul-17 12.5158 8-Aug-17 12.5236 8-Sep-17 12.5984
11-Jul-17 12.5237 9-Aug-17 12.4842 11-Sep-17 12.6115
12-Jul-17 12.5573 10-Aug-17 12.4209 12-Sep-17 12.6114
13-Jul-17 12.5934 11-Aug-17 12.4206 13-Sep-17 12.5873
14-Jul-17 12.5541 14-Aug-17 12.4754 14-Sep-17 12.6057
17-Jul-17 12.5729 16-Aug-17 12.5159 15-Sep-17 12.6213
18-Jul-17 12.5667 18-Aug-17 12.519 18-Sep-17 12.6599
19-Jul-17 12.595 21-Aug-17 12.5174 19-Sep-17 12.6693
20-Jul-17 12.6053 22-Aug-17 12.5073 20-Sep-17 12.6706
21-Jul-17 12.6205 23-Aug-17 12.537 21-Sep-17 12.6505
24-Jul-17 12.6288 24-Aug-17 12.5481 22-Sep-17 12.579
25-Jul-17 12.6322 28-Aug-17 12.5696 25-Sep-17 12.5542
26-Jul-17 12.5187 29-Aug-17 12.4597 26-Sep-17 12.5706
27-Jul-17 12.5048 30-Aug-17 12.4985 27-Sep-17 12.4258
28-Jul-17 12.5058 31-Aug-17 12.5207 28-Sep-17 12.4404
31-Jul-17 12.5097 250.0939 29-Sep-17 12.4707
263.2237 264.1498

59
AVERAGE NAV
MONTHS NAV
JULY 12.534
AUGUST 12.505
SEPTEMBER 12.579

NAV
12.6
12.58
12.56
12.54
12.52 NAV
12.5
12.48
12.46
JULY AUGUST
SEPTEMBER

INTERPRETATION

60
The chart shows that the nav in september is higher then as compared to the july and august ‘s
nav.in this chart that we can see that the nav of september that is 12.579 and the average nav of
july that is 12.534 and nav in august that is 12.505.so there is no differences in nav’s.

61
 QUARTER 3 (OCTOBER-DECEMBER)
NAV date Net Asset NAV date Net Asset NAV date Net Asset
Value Value Value
3-Oct-17 20.377 1-Nov-17 20.6922 4-Dec-17 20.7573
4-Oct-17 20.4136 2-Nov-17 20.7279 5-Dec-17 20.7774
5-Oct-17 20.4517 3-Nov-17 20.7591 6-Dec-17 20.742
6-Oct-17 20.4821 6-Nov-17 20.7554 7-Dec-17 20.8202
9-Oct-17 20.4907 7-Nov-17 20.7179 8-Dec-17 20.8918
10-Oct-17 20.5625 8-Nov-17 20.6532 11-Dec-17 20.8708
11-Oct17 20.4974 9-Nov-17 20.6944 12-Dec-17 20.8469
12-Oct-17 20.5218 10-Nov-17 20.6766 13-Dec-17 20.7921
13-Oc17 20.5412 13-Nov-17 20.6838 14-Dec-17 20.794
16-Oct-17 20.5944 14-Nov-17 20.6783 15-Dec-17 20.8596
17-Oct-17 20.5836 15-Nov-17 20.6006 18-Dec-17 20.88
18-Oct-17 20.5896 16-Nov-17 20.6325 19-Dec-17 20.946
23-Oct-17 20.5605 17-Nov-17 20.6508 20-Dec-17 20.9571
24-Oct-17 20.5764 20-Nov-17 20.7186 21-Dec-17 20.9741
25-Oct-17 20.5362 21-Nov-17 20.6991 22-Dec-17 21.0139
26-Oct-17 20.5777 22-Nov-17 20.7174 26-Dec-17 21.0538
27-Oct-17 20.6135 23-Nov-17 20.7538 27-Dec-17 21.0343
30-Oct-17 20.6418 24-Nov-17 20.7736 28-Dec-17 21.036
31-Oct-17 20.6772 27-Nov-17 20.7929 29-Dec-17 21.0966
390.2889 28-Nov-17 20.8243 397.1439
29-Nov-17 20.8675
30-Nov-17 20.8749
455.9448

62
AVERAGE N

NAV
21

20.9

20.8

20.7

20.6 NAV

20.5

20.4

20.3
OCTOBER NOVEMBER DECEMBER

63
INTERPRETATION;
IN this chart that we can see that the average nav of november is little higher then as compare to
october nd november.In december the average nav is 20.902 and the nav of the october and
november that is 20.542 and 20.725 .

QUARTER 4 (JAN-MARCH)
NAV date Net Asset NAV date Net NAV date Net Asset
Value Asset Value
Value
1-Jan-18 21.117 1-Feb-18 21.0904 1-Mar-18 20.9894
2-Jan-18 21.1225 2-Feb-18 20.9262 5-Mar-18 20.935
3-Jan-18 21.1963 5-Feb-18 20.858 6-Mar-18 20.9098
4-Jan-18 21.2239 6-Feb-18 20.7772 7-Mar-18 20.8628
5-Jan-18 21.2853 7-Feb-18 20.925 8-Mar-18 20.8761
8-Jan-18 21.3511 8-Feb-18 20.9917 9-Mar-18 20.865
9-Jan-18 21.3531 9-Feb-18 21.0104 12-Mar-18 20.9338
10-Jan-18 21.3325 12-Feb-18 21.0932 13-Mar-18 21.0097
11-Jan-18 21.3395 14-Feb-18 21.0765 14-Mar-18 20.9914
12-Jan-18 21.3449 15-Feb-18 21.0385 15-Mar-18 21.0349
15-Jan-18 21.3701 16-Feb-18 20.9661 16-Mar-18 21.0448
16-Jan-18 21.2519 20-Feb-18 20.8889 19-Mar-18 21.0073
17-Jan-18 21.2741 21-Feb-18 20.8581 20-Mar-18 20.97
18-Jan-18 21.2063 22-Feb-18 20.8357 21-Mar-18 20.9939
19-Jan-18 21.2333 23-Feb-18 20.9123 22-Mar-18 20.9656
22-Jan-18 21.2874 26-Feb-18 20.9479 23-Mar-18 20.9302
23-Jan-18 21.3229 27-Feb-18 20.9675 26-Mar-18 20.9433
24-Jan-18 21.2736 28-Feb-18 20.9933 27-Mar-18 21.0441
25-Jan-18 21.2459 377.1569 28-Mar-18 21.0163
29-Jan-18 21.2177 398.3234
30-Jan-18 21.1449

64
 31-Jan-18 21.1181
467.6123

AVERAGE NAV
MONTHS NAV
JANUARY 21.255
FEBRUARY 20.953
MARCH 20.964

NAV
21.3
21.25
21.2
21.15
21.1
21.05
NAV
21
20.95
20.9
20.85
20.8
JANUARY FEBRUARY MARCH

INTERPRETATION;
65
The above chart shows that the nav in jaunuary is higher then as compared to other two months
nav.As we can see that average nav in january that is 21.255 and the nav in february and march
that is 20.953 and 20964. So there is little bit differences betwwn them.

Comparison between 3 year Average nav (2016-2018)

YEAR(2015- year(2016-17) YEAR(2017-

MONTHS 16) 18
april 16.308 17.435 12.321
may 16.284 17.588 12.353
jun 16.259 17.793 12.314
july 16.468 18.154 12.534
august 16.576 18.499 12.505
september 16.522 18.673 12.579
october 16.861 18.82 20.542
november 16.801 18.729 20.725
december 18.83 18.769 20.902
january 16.852 12.321 21.255
february 16.672 12.353 20.953
march 16.981 12.314 20.964

66
 25

20

15

10
YEAR(2015-16)
5 year(2016-17)
YEAR(2017-18
0

IN this chart we can

CHAPTER 6
67
FINDINGS, SUGGESTION AND CONCLUSION

FINDINGS:
 From the data interpretation ,we found that in most of the quarter is giving a positive
rturn to the investor.
 Performance of schema is directly related with the time factor.i.e.as we invest for a
longer duration then it will give the high and risk free return to the fixed investor.
 Investing in these scheme s of company is more beneficial thean investing your money in
bank account(fixed account)
 Investing in this schemes will be better for those investor who want a growth of investing
amount with minimum risk
 In each quarter of the year 2015-2016 the nav was going up after the first month of each
quarter.
 Positive NAVshows positive growth in the scheme.

68
CONCLUSION
Hybrid funds as the name suggests have portfolio exposure to both equity and fixed income in
different proportions.The fund income in different proportions.The fund managers of hybrid
schemes actively manage the asset allocation within range specified in their investment mandate
.Hybrid fund offer solution to wide variety of medium to long term investment goals and risk
profiles.

BOI AXA ASSET MANAGEMENT COMPANY is one of the top list companies in mutuall
fund.The net asset value of HYBRID CONSERVATIVE-GROWTH FUNDschema show a high
and risk free return for the investor.

69
.THEREFORE,I would suggest the investor to invest in the schema for a longer duration to
generate a good return.

BIBLIOGRAPHY

WEBSITES

 www.valueresearchonline.com
 www.moneycontrol.com
 www.boiaxa.com
 WWW.wikipedia.com
 www.amfiindia.com

70
ANNEXURE

71
 Apr May jun jul aug sep oct nov dec jan feb Mar
16.299 16.278 16.369 16.39 16.58 16.475 16.74 16.817 16.866 17.022 16.8474 16.809
16.311 16.186 16.272 16.411 16.59 16.457 16.844 16.827 16.852 16.975 16.7638 16.853
16.337 16.124 16.233 16.411 16.62 16.484 16.839 16.818 16.858 16.965 16.7062 16.885
16.376 16.161 16.196 16.448 16.63 16.418 16.855 16.787 16.814 16.982 16.7227 16.89
16.376 16.277 16.227 16.452 16.62 16.345 16.844 16.789 16.811 16.906 16.7642 16.892
16.38 16.194 16.198 16.404 16.62 16.406 16.85 16.772 16.763 16.918 16.7501 16.909
16.398 16.236 16.203 16.399 16.59 16.484 16.839 16.737 16.717 16.907 16.7119 16.887
16.381 16.256 16.22 16.42 16.54 16.485 16.849 16.77 16.752 16.889 16.6743 16.897
16.361 16.265 16.134 16.438 16.57 16.503 16.87 16.779 16.729 16.896 16.5845 16.937
16.339 16.313 16.119 16.459 16.64 16.55 16.903 16.794 16.711 16.857 16.5834 16.935
16.293 16.335 16.156 16.474 16.67 16.524 16.912 16.768 16.747 16.776 16.6935 16.954

72
 16.278 16.342 16.165 16.494 16.68 16.524 16.931 16.815 16.803 16.699 16.6158 16.982
16.29 16.332 16.205 16.509 16.64 16.601 16.922 16.81 16.849 16.769 16.6398 17.013
16.281 16.353 16.282 16.513 16.61 16.606 16.908 16.812 16.825 16.734 16.6739 17.084
16.247 16.353 16.311 16.478 16.39 16.546 16.91 16.829 16.84 16.722 16.6932 17.107
16.207 16.342 16.35 16.538 16.46 16.56 16.877 16.835 16.84 16.793 16.6185 17.111
16.248 16.335 16.36 16.544 16.46 16.555 16.868 16.83 16.903 16.785 16.5773 17.087
16.233 16.333 16.346 16.513 16.53 16.527 16.851 16.825 16.954 16.807 16.5267 17.079
16.212 16.39 16.343 16.465 16.55 16.645 16.817 16.954 16.787 16.6029 17.145
16.354 16.475 16.52 16.751 16.799 16.947 16.85 16.6916 17.15
16.311 16.49 16.969
16.339 16.508
16.57

Ap may jun jul aug sep jan feb mar

Oct nov Dec
17.3682 17.5222 17.7102 17.9765 18.4038 18.5812 12.2427 12.3456 12.271
18.7791 18.846 18.8666
17.2813 17.5195 17.7349 18.0146 18.3753 18.605 12.2472 12.363 12.255
18.8226 18.7917 18.8133
17.2872 17.5093 17.7431 18.0315 18.3304 18.6666 12.2774 12.3886 12.259
18.8374 18.756 18.8288
17.269 17.5141 17.7408 18.0194 18.3284 18.6732 12.293 12.4092 12.281
18.8188 18.6964 18.8364
17.3307 17.512 17.767 18.0114 18.4117 18.6997 12.2888 12.4079 12.271
18.7969 18.7427 18.74
17.3782 17.5733 17.7869 18.0558 18.4276 18.666 12.2876 12.349 12.27
18.8252 18.7662 18.7778
17.4213 17.5829 17.7856 18.1003 18.4335 18.5951 12.3018 12.3313 12.268
18.7822 18.7679 18.7812
17.4773 17.5852 17.7797 18.1029 18.3938 18.5999 12.3296 12.3486 12.261
18.7778 18.7952 18.7209
17.4946 17.6061 17.7586 18.1192 18.4187 18.6156 12.335 12.3422 12.294
18.7652 18.6438 18.6939
17.5059 17.5976 17.7563 18.1323 18.4457 18.6544 12.3246 12.3266 12.312
18.8385 18.5559 18.6572
17.5255 17.6077 17.7924 18.1278 18.4483 18.652 12.3297 12.3081 12.342
18.8314 18.6277 18.6602

73
17.5066 17.6284 17.7752 18.1526 18.4868 18.6539 12.3483 12.3415 12.344
18.8444 18.6086 18.6456
17.5461 17.6196 17.7849 18.2014 18.5024 18.6623 12.3559 12.3561 12.364
18.8545 18.618 18.6321
17.5521 17.5825 17.8142 18.2065 18.4696 18.7488 12.3583 12.3649 12.362
18.8608 18.638 18.6427
17.5019 17.5728 17.8211 18.2321 18.4695 18.7569 12.3278 12.3626 12.359
18.8566 18.6664 18.5718
17.5149 17.5596 17.8227 18.277 18.505 18.7488 12.3439 12.3694 12.373
18.8341 18.7259 18.536
278.9608 17.5513 17.832 18.2752 18.4958 18.7535 12.3762 12.3669 12.372
18.8163 18.768 18.4634
17.6021 17.7883 18.2996 18.4862 18.7693 12.4117 12.2719 12.369
18.832 18.8015 18.514
17.6378 17.8211 18.3646 18.4918 18.6555 12.335 222.3534 12.3
338.774 18.7818 18.5507
17.6736 17.83 18.3766 18.5432 18.7182 12.3271 12.322
18.8289 18.6234
17.6877 17.8874 363.0773 18.5724 373.4759 12.3069 12.356
18.889 18.6604
17.6972 17.9244 387.4399 258.7485 258.602
393.316 392.216
386.9425 391.4568

APR MAY JUN JUL AUG SEP OCT NOV DEC JAN FEB MAR
12.39 12.4339 12.4394 12.407 12.506 12.5479 20.377 20.6922 20.7573 21.117 21.09 20.989

12.429 12.4466 12.4537 12.4151 12.5122 12.5376 20.4136 20.7279 20.7774 21.123 20.926 20.935

12.419 12.4532 12.4685 12.451 12.503 12.5661 20.4517 20.7591 20.742 21.196 20.858 20.91

12.419 12.4509 12.4589 12.4671 12.5011 12.5816 20.4821 20.7554 20.8202 21.224 20.777 20.863

12.443 12.4706 12.4848 12.4788 12.5537 12.59 20.4907 20.7179 20.8918 21.285 20.925 20.876

12.469 12.4815 12.5073 12.5158 12.5236 12.5984 20.5625 20.6532 20.8708 21.351 20.992 20.865

12.467 12.5075 12.5369 12.5237 12.4842 12.6115 20.4974 20.6944 20.8469 21.353 21.01 20.934

12.465 12.4839 12.5229 12.5573 12.4209 12.6114 20.5218 20.6766 20.7921 21.333 21.093 21.01

12.463 12.5346 12.5338 12.5934 12.4206 12.5873 20.5412 20.6838 20.794 21.34 21.077 20.991

12.444 12.5518 12.535 12.5541 12.4754 12.6057 20.5944 20.6783 20.8596 21.345 21.039 21.035

12.466 12.5503 12.5426 12.5729 12.5159 12.6213 20.5836 20.6006 20.88 21.37 20.966 21.045

12.479 12.509 12.5415 12.5667 12.519 12.6599 20.5896 20.6325 20.946 21.252 20.889 21.007

12.488 12.4877 12.5421 12.595 12.5174 12.6693 20.5605 20.6508 20.9571 21.274 20.858 20.97

12.517 12.4636 12.552 12.6053 12.5073 12.6706 20.5764 20.7186 20.9741 21.206 20.836 20.994

12.535 12.4315 12.5482 12.6205 12.537 12.6505 20.5362 20.6991 21.0139 21.233 20.912 20.966

12.418 12.4067 12.5372 12.6288 12.5481 12.579 20.5777 20.7174 21.0538 21.287 20.948 20.93

12.415 12.4534 12.5047 12.6322 12.5696 12.5542 20.6135 20.7538 21.0343 21.323 20.968 20.943

74
 12.424 12.3964 12.4666 12.5187 12.4597 12.5706 20.6418 20.7736 21.036 21.274 20.993 21.044

224.148 12.3814 12.3677 12.5048 12.4985 12.4258 20.6772 20.7929 21.0966 21.246 377.157 21.016

12.3816 12.396 12.5058 12.5207 12.4404 390.2889 20.8243 397.1439 21.218 398.323

12.4168 12.3939 12.5097 250.0939 12.4707 20.8675 21.145

263.2237 264.1498 20.8749 21.118

455.9448 467.612

75