INTRODUCTION

Mutual fund is a mechanism for pooling the resources by issuing units to the

investors and investing funds in securities in accordance with objectives as disclosed in

offer document.

Investments in securities are spread across a wide cross-section of industries and

sectors and thus the risk is reduced. Diversification reduces the risk because all stocks

may not move in the same direction in the same proportion at the same time. Mutual

fund issues units to the investors in accordance with quantum of money invested by

them. Investors of mutual funds are known as unit holders.

The profits or losses are shared by the investors in proportion to their

investments. The mutual funds normally come out with a number of schemes with

different investment objectives which are launched from time to time. A mutual fund is

required to be registered with Securities and Exchange Board of India (SEBI) which

regulates securities markets before it can collect funds from the public.

A mutual fund is set up in the form of a trust, which has sponsor, trustees,

Asset Management Company (AMC) and custodian. The trust is established by a sponsor

or more than one sponsor who is like promoter of a company. The trustees of the mutual

fund hold its property for the benefit of the unit holders. Asset Management Company

(AMC) approved by SEBI manages the funds by making investments in various types of

securities. Custodian, who is registered with SEBI, holds the securities of various

schemes of the fund in its custody. The trustees are vested with the general power of

superintendence and direction over AMC. They monitor the performance and

compliance of SEBI Regulations by the mutual fund.

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 NEED OF THE STUDY

 Mutual funds are dynamic financial intuitions which play crucial role in an

economy by mobilizing savings and investing them in the capital market.

 The activities of Mutual funds have both short and long term impact on the

savings in the capital market and the national economy.

 Mutual funds, trust, assist the process of financial deepening &

intermediation.

 To banking at the same time they also compete with banks and other financial

intuitions.

 India is one of the few countries to day which maintain a study growth rate is

domestic savings.

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 SCOPE OF THE STUDY

The study is limited to the analysis made on two major types of schemes

offered by six banks. Each scheme is calculated in term of their risk and return using

different performance measurement theories. The reasons for such performance is

immediately analyzed in the commentary. Column charts are used to reflect the

portfolio risk and return.

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 OBJECTIVES

 A study on analysis of mutual funds in Karvy Stock Broking Ltd,.

 To know the different mutual fund schemes in Karvy Stock Broking Ltd

mutual Fund.

 To know how the Karvy Stock Broking Ltd are participating in the stock

market.

 To know the overall performance of the Karvy Stock Broking Ltd.

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 METHODOLOGY

Meaning of research:

The method and technique that are used for conducting the research.

Research methodology is a systemic way of solving research problem this

methodology includes all the stages of research such as research process, research

design, sampling design, data collection, data analysis, data interpretation and data

presentation.

Research Process:

This is the process of conducting entire research in such away to solve the

research problem. It includes identification of problem conducting the research and

interpretation of the data and reporting.

Data collection:

The objective of the present study can be accomplished by conducting a

systematic research to know the effect of Karvy Stock Broking Ltd Schemes on the

Business.

a. Primary data:

The information presented in the report is primary data, i.e. the data

Collected from the “Karvy Stock Broking Ltd”.

b. Secondary data:

Secondary data is taken from

 Website

 Karvy Stock Broking Ltd 2013-2018

 Security Analysis

 Brocuhers

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Tools for data analysis:

To analyse the information (or) data collected form Branch Manager and

various financial Statements the following tools are used:

 Percentages

 Averages

 Range

 Graphs

 Bar Chart

LIMITATIONS

 The product is restricted to only mutual funds.

 The data is only limited to financial performance of the mutual funds.

 The comparison for the financial performance of the company is taken only for 5

years.

 Time period of study is limited to 45 days only.

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 LITERATURE REVIEW

MUTUAL FUND

Mutual fund is a trust that pools money from a group of investors

(sharing common financial goals) and invest the money thus collected into asset

classes that match the stated investment objectives of the scheme. Since the stated

investment objective of a mutual fund scheme generally forms the basis for an

investor's decision to contribute money to the pool, a mutual fund can not deviate

from its stated objectives at any point of time.

Every Mutual Fund is managed by a fund manager, who using

his investment management skills and necessary research works ensures much better

return than what an investor can manage on his own. The capital appreciation and

other incomes earned from these investments are passed on to the investors (also

known as unit holders) in proportion of the number of units they own.

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 When an investor subscribes for the units of a mutual fund, he

becomes part owner of the assets of the fund in the same proportion as his

contribution amount put up with the corpus (the total amount of the fund). Mutual

Fund investor is also known as a mutual fund shareholder or a unit holder.

Any change in the value of the investments made into capital market

instruments (such as shares, debentures etc) is reflected in the Net Asset Value (NAV)

of the scheme. NAV is defined as the market value of the Mutual Fund scheme's

assets net of its liabilities. NAV of a scheme is calculated by dividing the market

value of scheme's assets by the total number of units issued to the investors.

For example:

a. If the market value of the assets of a fund is Rs. 1,00,000

b. The total number of units issued to the investors is equal to 10,000.

c. Then the NAV of this scheme = (A)/(B), i.e. 100,000/10,000 (or) 10.00

d. Now if an investor 'X' owns 5 units of this scheme

e. Then his total contribution to the fund is Rs. 50 (i.e. Number of units held

multiplied by the NAV of the scheme)

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Mutual fund in India

Unit Trust of India was the first mutual fund set up in India in the year

1963. In early 1990s, Government allowed public sector banks and institutions to set

up mutual funds.

In the year 1992, Securities and exchange Board of India (SEBI) Act was

passed. The objectives of SEBI are to protect the interest of investors in securities and

to promote the development of and to regulate the securities market.

As far as mutual funds are concerned, SEBI formulates policies and

regulates the mutual funds to protect the interest of the investors. SEBI notified

regulations for the mutual funds in 1993. Thereafter, mutual funds sponsored by

private sector entities were allowed to enter the capital market. The regulations were

fully revised in 1996 and have been amended thereafter from time to time. SEBI has

also issued guidelines to the mutual funds from time to time to protect the interests of

investors.

All mutual funds whether promoted by public sector or private sector

entities including those promoted by foreign entities are governed by the same set of

Regulations. There is no distinction in regulatory requirements for these mutual funds

and all are subject to monitoring and inspections by SEBI.

You can make money from a mutual fund in three ways:

a. Income is earned from dividends on stocks and interest on bonds.

b. If the fund sells securities that have increased in price, the fund has a capital

gain.

c. If fund holdings increase in price but are not sold by the fund manager, the

fund's shares increase in price. You can then sell your mutual fund shares for a

profit.

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ADVANTAGES OF MUTUAL FUND

a. Portfolio Diversification: Mutual Funds invest in a well-diversified portfolio of

securities which enables investor to hold a diversified investment portfolio

(whether the amount of investment is big or small).

b. Professional Management: Fund manager undergoes through various research

works and has better investment management skills which ensure higher returns to

the investor than what he can manage on his own.

c. Less Risk: Investors acquire a diversified portfolio of securities even with a small

investment in a Mutual Fund. The risk in a diversified portfolio is lesser than

investing in merely 2 or 3 securities.

d. Low Transaction Costs: Due to the economies of scale (benefits of larger

volumes), mutual funds pay lesser transaction costs. These benefits are passed on

to the investors.

e. Liquidity: An investor may not be able to sell some of the shares held by him

very easily and quickly, whereas units of a mutual fund are far more liquid.

f. Choice of Schemes: Mutual funds provide investors with various schemes with

different investment objectives. Investors have the option of investing in a scheme

having a correlation between its investment objectives and their own financial

goals. These schemes further have different plans/options

g. Transparency: Funds provide investors with updated information pertaining to

the markets and the schemes. All material facts are disclosed to investors as

required by the regulator.

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h. Flexibility: Investors also benefit from the convenience and flexibility offered by

Mutual Funds. Investors can switch their holdings from a debt scheme to an equity

scheme and vice-versa. Option of systematic (at regular intervals) investment and

withdrawal is also offered to the investors in most open-end schemes.

i. Safety: Mutual Fund industry is part of a well-regulated investment environment

where the interests of the investors are protected by the regulator. All funds are

registered with SEBI and complete transparency is forced.

DISADVANTAGES OF MUTUAL FUND

a. Costs Control Not in the Hands of an Investor: Investor has to pay investment

management fees and fund distribution costs as a percentage of the value of his

investments (as long as he holds the units), irrespective of the performance of the

fund.

b. No Customized Portfolios: The portfolio of securities in which a fund invests is a

decision taken by the fund manager. Investors have no right to interfere in the

decision making process of a fund manager, which some investors find as a

constraint in achieving their financial objectives.

c. Difficulty in Selecting a Suitable Fund Scheme: Many investors find it difficult

to select one option from the plethora of funds/schemes/plans available. For this,

they may have to take advice from financial planners in order to invest in the right

fund to achieve their objectives.

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 TYPES OF MUTUAL FUNDS

Open-end Funds:

Funds that can sell and purchase units at any point in time are classified

as Open-end Funds. The fund size (corpus) of an open-end fund is variable (keeps

changing) because of continuous selling (to investors) and repurchases (from the

investors) by the fund. An open-end fund is not required to keep selling new units to

the investors at all times but is required to always repurchase, when an investor wants

to sell his units. The NAV of an open-end fund is calculated every day.

Closed-end Funds:

Funds that can sell a fixed number of units only during the New Fund

Offer (NFO) period are known as Closed-end Funds. The corpus of a Closed-end

Fund remains unchanged at all times. After the closure of the offer, buying and

redemption of units by the investors directly from the Funds is not allowed. However,

to protect the interests of the investors, SEBI provides investors with two avenues to

liquidate their positions:

a. Closed-end Funds are listed on the stock exchanges where investors can

buy/sell units from/to each other. The trading is generally done at a discount to

the NAV of the scheme. The NAV of a closed-end fund is computed on a

weekly basis (updated every Thursday)

b. Closed-end Funds may also offer "buy-back of units" to the unit holders. In

this case, the corpus of the Fund and its outstanding units do get changed.

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Load Funds: Mutual Funds incur various expenses on marketing, distribution,

advertising, portfolio churning, fund manager’s salary etc. Many funds recover these

expenses from the investors in the form of load. These funds are known as Load

Funds. A load fund may impose following types of loads on the investors:

Entry Load – Also known as Front-end load, it refers to the load charged to an

investor at the time of his entry into a scheme. Entry load is deducted from the

investor’s contribution amount to the fund.

Exit Load – Also known as Back-end load, these charges are imposed on an investor

when he redeems his units . Exit load is deducted from the redemption proceeds to an

outgoing investor.

Deferred Load – Deferred load is charged to the scheme over a period of time.

Contingent Deferred Sales Charge (CDSS) –The percentage of exit load reduces as

the investor stays longer with the fund. This type of load is known as Contingent

Deferred Sales Charge.

No-load Funds: All those funds that do not charge any of the above mentioned

loads are known as No-load Funds.

a. Tax-exempt Funds -Funds that invest in securities free from tax are known as

Tax-exempt Funds.All open-end equity oriented funds are exempt from

distribution tax .Long term capital gains and dividend income in the hands of

investors are tax-free.

b. Non-Tax-exempt Funds-Funds that invest in taxable securities are known as

Non-Tax-exempt Profits arising out of sale of units by an investor within 12

months of purchase are categorized as short-term capital gains, which are taxable.

Sale of units of an equity oriented fund is subject to Securities Transaction Tax

(STT). STT is deducted from the redemption proceeds to an investor

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BROAD MUTUAL FUND TYPES :

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 Equity Funds:

Equity funds are considered to be the more risky funds as compared

to other fund types, but they also provide higher returns than other funds. It is

advisable that an investor looking to invest in an equity fund should invest for long

term i.e. for 3 years or more. There are different types of equity funds each falling

into different risk bracket. In the order of decreasing risk level, there are following

types of equity funds:

a. Aggressive Growth Funds: In Aggressive Growth Funds, fund managers aspire

for maximum capital appreciation and invest in less researched shares of

speculative nature. Because of these speculative investments Aggressive Growth

Funds become more volatile and thus, are prone to higher risk than other equity

funds.

b. Growth Funds: Growth Funds also invest for capital appreciation (with time
horizon of 3 to 5 years) but they are different from Aggressive Growth Funds in

the sense that they invest in companies that are expected to outperform the market

in the future. Without entirely adopting speculative strategies, Growth Funds

invest in those companies that are expected to post above average earnings in the

future.

c. Diversified Equity Funds: Except for a small portion of investment in liquid

money market, diversified equity funds invest mainly in equities without any

concentration on a particular sector’s. These funds are well diversified and reduce

sector-specific or company-specific risk. However, like all other funds diversified

equity funds too are exposed to equity market risk. One prominent type of

diversified equity fund in India is Equity Linked Savings Schemes (ELSS).

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d. Equity Index Funds: Equity Index Funds have the objective to match the
performance of a specific stock market index. The portfolio of these funds

comprises of the same companies that form the index and is constituted in the

same proportion as the index. Equity index funds that follow broad indices (like

Nifty, Sensex) are less risky than equity index funds that follow narrow sectoral

indices (like BSE or CNX Bank Index etc). Narrow indices are less diversified

and therefore, are more risky.

e. Speciality Funds: Speciality Funds have stated criteria for investments and their
portfolio comprises of only those companies that meet their criteria. Criteria for

some speciality funds could be to invest/not to invest in particular

regions/companies. Speciality funds are concentrated and thus, are comparatively

riskier than diversified funds. There are following types of speciality funds:

 Sector Funds: Equity funds that invest in a particular sector/industry of the

market are known as Sector Funds. The exposure of these funds is limited to a

particular sector (say Information Technology, Auto, Banking,

Pharmaceuticals or Fast Moving Consumer Goods) which is why they are

more risky than equity funds that invest in multiple sectors.

 Foreign Securities Funds: Foreign Securities Equity Funds have the option to

invest in one or more foreign companies. Foreign securities funds achieve

international diversification and hence they are less risky than sector funds.

However, foreign securities funds are exposed to foreign exchange rate risk

and country risk.

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  Mid-Cap or Small-Cap Funds: Funds that invest in companies having lower

market capitalization than large capitalization companies are called Mid-Cap

or Small-Cap Funds. Market capitalization of Mid-Cap companies is less than

that of big, blue chip companies (less than Rs. 2500 crores but more than Rs.

500 crores) and Small-Cap companies have market capitalization of less than

Rs. 500 crores. Market Capitalization of a company can be calculated by

multiplying the market price of the company's share by the total number of its

outstanding shares in the market

Money Market/Liquid Funds

Money market / liquid funds invest in short-term (maturing within one year) interest

bearing debt instruments. These securities are highly liquid and provide safety of

investment, thus making money market / liquid funds the safest investment option

when compared with other mutual fund types. However, even money market / liquid

funds are exposed to the interest rate risk. The typical investment options for liquid

funds include Treasury Bills (issued by governments), Commercial papers (issued by

companies) and Certificates of Deposit (issued by banks).

 Hybrid Funds:

As the name suggests, hybrid funds are those funds whose portfolio

includes a blend of equities, debts and money market securities. Hybrid funds have an

equal proportion of debt and equity in their portfolio. There are following types of

hybrid funds in India:

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a. Balanced Funds: The portfolio of balanced funds include assets like debt

securities, convertible securities, and equity and preference shares held in a

relatively equal proportion. The objectives of balanced funds are to reward

investors with a regular income, moderate capital appreciation and at the same

time minimizing the risk of capital erosion. Balanced funds are appropriate for

conservative investors having a long term investment horizon

b. Growth-and-Income Funds: Funds that combine features of growth funds and

income funds are known as Growth-and-Income Funds. These funds invest in

companies having potential for capital appreciation and those known for issuing

high dividends. The level of risks involved in these funds is lower than growth

funds and higher than income funds.

 Debt/IncomeFunds:

Funds that invest in medium to long-term debt instruments issued

by private companies, banks, financial institutions, governments and other entities

belonging to various sectors (like infrastructure companies etc.) are known as Debt /

Income Funds. Debt funds are low risk profile funds that seek to generate fixed

current income (and not capital appreciation) to investors. In order to ensure regular

income to investors, debt (or income) funds distribute large fraction of their surplus to

investors. Although debt securities are generally less risky than equities, they are

subject to credit risk (risk of default) by the issuer at the time of interest or principal

payment. To minimize the risk of default, debt funds usually invest in securities from

issuers who are rated by credit rating agencies and are considered to be of

"Investment Grade". Debt funds that target high returns are more risky. Based on

different investment objectives, there can be following types of debt funds.

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a. Diversified Debt Funds: Debt funds that invest in all securities issued by entities

belonging to all sectors of the market are known as diversified debt funds. The

best feature of diversified debt funds is that investments are properly diversified

into all sectors which results in risk reduction. Any loss incurred, on account of

default by a debt issuer is shared by all investors which further reduces risk for an

individual investor.

b. Focused Debt Funds: Focused debt funds are narrow focus funds that are

confined to investments in selective debt securities, issued by companies of a

specific sector or industry or origin. Some examples of focused debt funds are

sector, specialized funds that invest only in Tax Free Infrastructure or Municipal

Bonds. Because of their narrow orientation, focused debt funds are more risky as

compared to diversified debt funds. Although not yet available in India, these

funds are conceivable and may be offered to investors very soon.

c. Assured Return Funds: Although it is not necessary that a fund will meet its

objectives or provide assured returns to investors, but there can be funds that come

with a lock-in period and offer assurance of annual returns to investors during the

lock-in period. Any shortfall in returns is suffered by the sponsors or the Asset

Management Companies (AMCs). These funds are generally debt funds and

provide investors with a low-risk investment opportunity.

d. High Yield Debt Funds: However, the security of investments depends upon the

net worth of the guarantor to safeguard the interests of investors, SEBI permits

only those funds to offer assured return schemes whose sponsors have adequate

net-worth to guarantee returns in the future. In the past, UTI had offered assured

return schemes that assured specified returns to investors in the future. UTI was

not able to fulfill its promises and faced large shortfalls in returns.

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e. Fixed Term Plan Series: Fixed Term Plan Series usually are closed-end schemes

having short term maturity period (of less than one year) that offer a series of

plans and issue units to investors at regular intervals. Unlike closed-end funds,

fixed term plans are not listed on the exchanges. Fixed term plan series usually

invest in debt / income schemes and target short-term investors. The objective of

fixed term plan schemes is to gratify investors by generating some expected

returns in a short period.

 GiltFunds:

Also known as Government Securities in India, Gilt Funds invest in

government papers having medium to long term maturity period. Issued by the

Government of India, these investments have little credit risk (risk of default) and

provide safety of principal to the investors. However, like all debt funds, gilt funds

too are exposed to interest rate risk. Interest rates and prices of debt securities are

inversely related and any change in the interest rates results in a change in the NAV of

debt/gilt funds in an opposite direction.

 Others:

a. Commodity Funds: Those funds that focus on investing in different

commodities or commodity futures contracts are termed as Commodity Funds. A

commodity fund that invests in a single commodity or a group of commodities is a

specialized commodity fund and a commodity fund that invests in all available

commodities is a diversified commodity fund and bears less risk than a specialized

commodity fund. “Precious Metals Fund” and Gold Funds (that invest in gold,

gold futures or shares of gold mines) are common examples of commodity funds.

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b. Real Estate Funds: Funds that invest directly in real estate or lend to real estate

developers or invest in shares/securitized assets of housing finance companies, are

known as Specialized Real Estate Funds. The objective of these funds may be to

generate regular income for investors or capital appreciation.

c. Exchange Traded Funds(ETF): Exchange Traded Funds provide investors with

combined benefits of a closed-end and an open-end mutual fund. Exchange

Traded Funds follow stock market indices and are traded on stock exchanges like

a single stock at index linked prices. The biggest advantage offered by these funds

is that they offer diversification, flexibility of holding a single share (tradable at

index linked prices) at the same time. Recently introduced in India, these funds

are quite popular abroad.

d. Fund of Funds: Mutual funds that do not invest in financial or physical assets,

but do invest in other mutual fund schemes offered by different AMCs, are known

as Fund of Funds. Fund of Funds maintain a portfolio comprising of units of other

mutual fund schemes, just like conventional mutual funds maintain a portfolio

comprising of equity/debt/money market instruments or non financial assets.Fund

of Funds provide investors with an added advantage of diversifying into different

mutual fund schemes with even a small amount of investment, which further helps

in diversification of risks. However, the expenses of Fund of Funds are quite high

on account of compounding expenses of investments into different mutual fund

schemes.

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Risk Hierarchy of Different Mutual Funds:

Thus, different mutual fund schemes are exposed to different

levels of risk and investors should know the level of risks associated with these

schemes before investing. The graphical representation here under provides a clearer

picture of the relationship between mutual funds and levels of risk associated with

these funds:

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MUTUAL FUND STRUCTURE

The SEBI (Mutual Funds) Regulations 1993 define a mutual fund (MF) as a

fund established in the form of a trust by a sponsor to raise monies by the Trustees

through the sale of units to the public under one or more schemes for in vesting in

securities in accordance with these regulations.

These regulations have since been replaced by the SEBI (Mutual Funds)

Regulations, 1996. The structure indicated by the new regulations is indicated as

under.

The mutual fund needs to be constituted in the form of a trust and the instrument

of the trust should be in the form of a deed registered under the provisions of the

Indian Registration Act, 1908.

The sponsor is required to contribute at lease 40% of the minimum net worth

(Rs.10 crore) of the asset management company. The board of trustees manages the

MF and the sponsor executes the trust deeds in favour of the trustees. It is the job of

the MF trustees to see that schemes floated and managed by the AMC appointed by

the trustees are in accordance with the trust deed and SEBI guidelines.

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 Sponsor Company Establishes the MF.Has to put
(E.g. Prudential, ICICI) 40%
of networth

Managed by a Board of
Trustees

Mutual Fund Hold unit-holders funds in MF

(E.g. Prudential, ICICI, enter into an agreement with
Mutual Fund) SEBI and ensure compliance

AMC Float MF funds

(e.g. prudential ICICI Asset Manages the fund as per SEBI
Management Company) guidelines and AMC agreement

Custodian Provide custodial

services(holds securities)

Registrar Provides registrar and transfer

services,matains detailed record

Distributors Provides the network for

distribution of the scheme to
the investors

Choosing a fund

The first step to investing in Mutual Fund is to define the objective of

investing. You should clearly lay down the purpose for which you desire to invest.

There are several schemes tailor made to meet certain personal financial goals

(children's education, marriage, retirement etc.) which can be availed of. You should

define the tenure of investment and the risk appetite you have. Thereafter, you can

24
select a fund type that best meets your need i.e. income schemes, liquid schemes, tax

saving schemes, equity schemes etc. Given the plethora of fund options available to

you, you can then choose the particular fund that you are comfortable with.

You can choose the fund on various criteria but primarily these can be the following:

 The track record of performance of schemes over the last few years managed by

the fund

 Quality of management and administration

 Parentage of the Mutual Fund

 Quality and adequacy of disclosures

 Service levels

 The price at which you can enter/exit (i.e. entry load / exit load) the scheme and

its impact on overall return

 The market price of the units of the scheme (where available) to see the

discount/premium that the market .assigns to the stated NA V of the scheme

 Independent rating of the schemes.

Performance Measures of Mutual Funds

Mutual Fund industry today, with about 34 players and more than five

hundred schemes, is one of the most preferred investment avenues in India. However

with a plethora of schemes to choose from the retail investor faces problems in

selecting funds. Factors such as investment strategy and management style are

qualitative, but the funds record is an important indicator too. Though past

25
performance alone cannot be indicative of future performance, it is, frankly, the only

quantitative way to judge how good a fund is at present. Therefore, there is a need to

correctly assess the past performance of different mutual funds.

Worldwide, good Mutual fund companies over are known by their

AMCs and this fame is directly linked to their superior stock selection skills. For

mutual funds to grow, AMCs must be held accountable for their selection of stocks. In

other words, there must be some performance indicator that will reveal the quality of

stock selection of various AMCs.

Return alone should not be considered as the basis of measurement

of the performance of a mutual fund scheme. It should also include the risk taken by

the fund manager because different funds will have different levels of risk attached to

them. Risk associated with a fund, in a general, can be defined as variability or

fluctuations in the returns generated by it. The higher the t1uctuations in the returns of

a fund during a given period, higher will be the risk associated with it. These

fluctuations in the returns generated by a fund are resultant of two guiding forces.

First, general market fluctuations, which affect all the securities,

present in the market, called market risk or systematic risk and second, fluctuations

due to specific securities present in the portfolio of the fund, called unsystematic risk.

The most important and widely used measures of performance are:

 Treynor Measure

 Sharpe Measure

 Jenson Model

 Fame Model

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Trevor Measure

Developed by Jack Trey nor, this performance measure evaluates funds

on the basis of Tenor’s Index. This Index is a ratio of return generated by the fund

over and above risk free rate of return (generally taken to be the return on securities

backed by the government, as there is no credit risk associated), during a given period

and systematic risk associated with it (beta). Symbolically, it can be represented as:

Tenor’s index (Ti) = (Ri - Rf)/Bi

Where, Ri represents return on fund, Rf is risk free rate of return and Hi is beta

of the fund. All risk-averse investors would like to maximize this value. While a high

and positive Tenor’s Index shows a superior risk-adjusted performance of a fund, a

low and negative Tenor’s Index is an indication of unfavorable performance.

Sharpe Measure

In this model, performance of a fund is evaluated on the basis of Sharpe Ratio,

which is a ratio of returns generated by the fund over and above risk free rate of return

and the total risk associated with it. According to Sharpe, it is the total risk of the fund

that the investors are concerned about. So, the model evaluates funds on the basis of

reward per unit of total risk. Symbolically, it can be written as:

Sharpe Index (Si) = (Ri – Rf)/Si

Where, Si is standard deviation of the fund.

While a high and positive Sharpe Ratio shows a superior risk-adjusted performance

of a fund, a low and negative Sharpe Ratio is an indication of unfavorable

performance.

27
Comparison of Sharpe and Treynor

Sharpe and Treynor measures are similar in a way, since they both

divide the risk premium by a numerical risk measure. The total risk is appropriate

when we are evaluating the risk return relationship for well diversified portfolios. On

the other hand, the systematic risk is the relevant measure of risk when we are

evaluating less than fully diversified portfolios or individual stocks. For a well-

diversified portfolio the total risk is equal to systematic risk. Rankings based on total

risk (Sharpe measure) and systematic risk (Trey nor measure) should be identical for a

well-diversified portfolio,as the total risk is reduced to systematic risk. Therefore, a

poorly diversified fund that ranks higher on Trey nor measure, compared with another

fund that is highly diversified, will rank lower on Sharpe Measure.

Jenson Model

Jenson’s model proposes another risk adjusted performance measure.

This measure was developed by Michael Jenson and is sometimes referred to as the

Differential Return Method. This measure involves evaluation of the returns that the

fund has generated vs. the returns actually expected out of the fund given the level of

its systematic risk. The surplus between the two returns is called Alpha, which

measures the performance of a fund compared with the actual returns over the period.

Required return of a fund at a given level of risk (Bi) can be calculated as:

Ri = Rf+ Bi (Rm – Rf)

Where, Rm is average market return during the given period. After calculating it

alpha can be obtained by subtracting required return from the actual return of the

fund. Higher alpha represents superior performance of the fund and vice versa.

28
Limitation of this model is that it considers only systematic risk not the entire risk

associated with the fund and an ordinary investor cannot mitigate unsystematic risk,

as his knowledge of market is primitive.

Fame Model

The Eugene Fame model is an extension of Jenson model. This model compares

the performance, measured in terms of returns, of a fund with the required return

commensurate with the total risk associated with it. The difference between these two

is taken as a measure of the performance of the fund and is called net selectivity. The

net selectivity represents the stock selection skill of the fund manager, as it is the

excess return over and above the return required to compensate for the total risk taken

by the fund manager. Higher value of which indicates that fund manager has earned

returns well above the return commensurate with the level of risk taken by him.

Required return can be calculated as: Ri = Rf + Si/Sm*(Rm – Rf)

Where, Sm is standard deviation of market returns. The net selectivity is then

calculated by subtracting this required return from the actual return of the fund.

Among the above performance measures, two models namely, Trey nor measure and

Jenson model use systematic risk based on the premise that the unsystematic risk is

diversifiable. These models are suitable for large investors like institutional investors

with high risk taking capacities as they do not face paucity of funds and can invest in

a number of options to dilute some risks.

For them, a portfolio can be spread across a number of stocks and sectors.

However, Sharpe measure and Fame model that consider the entire risk associated

with fund are suitable for small investors, as the ordinary investor lacks the necessary

skill and resources to diversified. Moreover, the selection of the fund on the basis of

29
superior stock selection ability of the fund manager will also help in safeguarding the

money invested to a great extent. The investment in funds that have generated big

returns at higher levels of risks leaves the money all the more prone to risks of all

kinds that may exceed the individual investors’ risk appetite.

Sector mutual funds

Sector mutual funds are those mutual funds that restrict their investments to

a particular segment or sector of the economy. Also known as thematic funds, these

funds concentrate on one industry such as infrastructure, banking, technology, energy,

real estate, power heath care, FMCG, pharmaceuticals etc. The idea is to allow

investors to place bets on specific industries or sectors, which have strong growth

potential.

These funds tend to be more volatile than funds holding a diversified portfolio

of securities in many industries. Such concentrated portfolios can produce tremendous

gains or losses, depending on whether the chosen sector is in or out of favour.

Sectoral mutual funds come in the high risk high reward category and are not suitable

for investors having low risk apetite.

Generally, mutual fund houses avoid launching sectoral funds as they are

seasonal in nature and do well only in cycles. Since these funds focus on just one

sector of the economy, they limit diversification and the fund manager’s ability to

capitalise on other sectors, if the specific sectors aren’t doing well. Unless a particular

sector is doing very well and its long term growth prospects look bright, it advisable

not to trade in sector funds.

Value funds are those mutual funds that tend to focus on safety rather

than growth, and often choose investments providing dividends as well as capital

30
appreciation. They invest in companies that the market has overlooked, and stocks

that have fallen out of favour with mainstream investors, either due to changing

investor preferences,a poor quarterly earnings report, or hard times in a particular

industry.

Investing in value fund involves identifying fundamentally sound stocks that

are trading at a discount to their fair value. The fund manager buys these stocks and

holds them until the stock bounce backs to its fair value. The fund managers identify

undervalued stocks in the market on the basis of fundamental analysis techniques. In

this process stocks with low price to earnings ratios are tagged. These stocks are then

closely reviewed to see which ones have the greatest growth potential and are paying

high dividends.

Negatives of Value Funds

Though value funds are perceived as safe investments, since they have low

volatility and are long-term investments, in reality it may not be so. These

undervalued stocks can trade at discounted prices for an extended period of time,

thereby reducing the amount of return relative to the risk associated with the

investment.

Suitability of Value Funds

Value style of investing works particularly well during a bear phase in the

stock markets. During this time, the fund manager has more opportunities to invest in

stocks trading at a discount to their fair value. By buying low and selling high, value

funds take on lower risk than growth funds, which tend to buy high and sell higher.

Thus value funds are particularly suitable for investors with a moderate risk profile.

As value funds react slowly to market movements, they can be a good instrument of

investment for those investors who are due to retire shortly.

31
 Definition and Features of the Sector Funds:

The Sector Funds are structured in this particular manner in order to take

advantage of growth of particular type of industry. The Sector Funds can offer

tremendous profit to the investor if the funds are carefully chosen. The authorities to

the Sector Funds in India are the Association of Mutual Funds of India (AMFI),

which operates in accordance with the laid down guidelines of the Securities and

Exchange Board of India (SEBI). Moreover, investments in Sector Funds offer tax

exemptions to the investors (Chapter III of the Income Tax Act, 1961). With the

growth of the Indian industries the financial markets have undergone tremendous

transformation. The rise of different sectors has necessitated structuring of sector

specific funds to attract substantial amount of money for the growth of a specific

sector in India.

Sector Funds: in India are those funds which make investments in those sectors that

have been specified in the prospectus of the funds. The various sectors in which the

Sector- Specific Funds in India make investments are software, petroleum stocks,

power, and pharmaceuticals.

Mutual fund in India:

Mutual fund in India is a sort of trust that collects money from many

investors and is managed by a group of fund managers. Mutual fund in India makes

investments in call money, equities, debentures, and bonds.

The current value of Mutual fund in India is calculated regularly and it is reflected in

the fund's Net Asset Value (NAV) that is declared at regular intervals of time. The

Net Asset Value (NAV) of the Mutual fund in India keeps fluctuating with the

changes that happen in the bond market and equity.

32
 Definition of Sector- Specific Funds in India:

Sector- Specific Funds in India are those funds that make investments only

in those industries or sectors that have been specified in the prospectus of the funds.

Sector- Specific Funds in India usually make investments in sectors such as power,

pharmaceuticals, petroleum, and technology. The amount of returns that Sector-

Specific Funds in India give depends totally on the performance of the industries or

sectors in which investments have been made. Sector- Specific Funds in India give

very high returns but at the same time they are also very risky in comparison to the

funds that are diversified. This is the reason that the investors that have invested in

Sector- Specific Funds in India need to carefully watch the operation of those

industries or sectors and then at the correct time make an exit.

Main mutual fund companies that have launched Sector- Specific Funds in India

are:

 Prudential ICICI Mutual Fund

 Birla Sun Life Mutual Fund

 Franklin Templeton India Mutual Fund

 Unit Trust of India Mutual Fund

33
 SECTOR FUND

A sector fund is a mutual fund or exchange-traded fund that concentrates its

investments in a single sector of the market. A sector is a slice of the market that is

focused on the same line of business. For example, Bank of America is in the

financial services sector, while Wal-Mart is in the consumer services sector.

Three Common Characteristics of Sector Funds

There are three characteristics that are common among sector funds:

a. Focused on stocks within a certain business or industry

b. Concentrated number of holdings

c. More volatile than the overall stock market

How Many Sectors Are There for Sector Funds?

It depends who you ask. There are several organizations which have formally

divided the market into various sectors and subsets of sectors. In other words, Wal-

Mart is in the consumer services sector, but it can be further categorized as a discount

store. Bank of America and Allstate are both in the financial services sector, but upon

further categorizing, Bank of America is in the banking sector while Allstate is in the

insurance sector. You can invest in most of these sectors through a mutual fund or

exchange-traded fund.

34
 Morningstar and Sector

Funds as for sector fund investing Morningstar takes a stab at labeling the

various categories of sector funds in eight categories:

a. Technology

b. Financials

c. Communications

d. Utilities

e. Natural Resources

f. Healthcare

g. Real Estate

h. Precious Metals

Trendy Sector

Funds Although Morningstar’s eight sectors are helpful in categorizing

sector funds, the trend has been to identify an increasing number of sectors and create

products (mutual funds, exchange-traded funds, etc.) based on those sectors. Your head

might spin when you’re trying to pick a fund in the healthcare sector. In that case, you

might run across a fund focused on identifying companies that develop products and

services that detect and treat cancer. You can also buy a fund that focuses on investing

in companies that manage nursing homes and hospitals.

35
 Sector Funds for Diversification

If you’re planning a steak dinner and only have a salad on the side, you

might want to add another dish -- I like sweet potato casserole. Just the same, if you

have a 401(k) that has limited investment options and you find yourself with a lack of

representation in one sector or another, you can turn to sector funds in your IRA or

brokerage account to fill the void.

If you invest in individual stocks and you’re uncomfortable investing in

stocks within a particular sector, then you may benefit from sector funds. You can

diversify your portfolio by adding the neglected sector via a sector fund.

Sector Funds for Speculation

Speculative investing entails placing bets on stocks or funds that you think

will soar in value. It’s a risky proposition, as speculators generally try to make huge

profits in a very short period. Although I am not a fan of speculative investing, if you

want to speculate with a small portion of your portfolio based on a hunch you have

about a particular stock, you might be better off buying the sector fund that holds the

stock. That way, if you’re wrong about the stock, at least you are diversified among

your other holdings.

36
 ARTICLES/JOURNALS

Review 1:

Mutual Fund Tax Clienteles

Author: CLEMENS SIALM and LAURA STARKS

Vol. 67, No. 4 (AUGUST 2012), pp. 1397-1422

Source: The journal of finance

Abstract:

Mutual funds are held by investors in taxable and tax-qualified retirement

accounts. We investigate whether the characteristics, investment strategies, and

performance of mutual funds held by these diverse tax clienteles differ. Examining

both mutual fund distributions and mutual fund holdings, we find that funds held

primarily by taxable investors choose investment strategies that result in lower tax

burdens than funds held primarily in tax-qualified accounts. Despite these differences,

we find no evidence that any investment constraints that may arise from these tax-

efficient investment strategies result in performance differences between funds held

by different tax clienteles.

37
Review 2:

The Economics of Mutual Funds

Author: David K. Musto

_ Vol. 3, (2011), pp. 159-172

Source: Annual Review of Financial Economics

Abstract:

This review surveys the literature on the economics of mutual funds in

general, and open-end mutual funds in particular. This mutual fund design has been

very successful, though it carries risks that have recently been realized at large scales.

It also frustrates the analysis of performance in ways only recently appreciated.

Among the topics reviewed are tax efficiency, transactions costs, risk shifting,

window dressing, governance, marketing, price setting, and concerns that arise at the

family level.

38
Review 3:

Social Responsible Mutual Funds

Author: MEIR STATMAN_

Vol. 56, No. 3, May - Jun., 2000, , pp. 30-39

Source: Financial Analysist

Abstract:

Conversations about socially responsible investing are difficult because

they combine facts with beliefs. Proponents of socially responsible investing believe

that combining social goals with investments does good; opponents believe that such

combinations are unwise or even illegitimate. In this article, I try to separate facts

from beliefs. I report that the Domini Social Index, an index of socially responsible

stocks, did as well as the S&P 500 Index over the 1990-98 period. Socially

responsible mutual funds did worse than the S&P 500 and the DSI but no worse than

conventional mutual funds.

39
Review 4:

Evaluating the Mutual Fund Performance

Author: S.P.KOTHARI AND JEROLD B.WARNER_

Vol. 56, No. 5, Oct., 2001, , pp. 1985-2010

Source: The Journal of Finance

Abstract:

We study standard mutual fund performance measures, using simulated

funds whose characteristics mimic actual funds. We find that performance measures

used in previous mutual fund research have little ability to detect economically large

magnitudes (e.g., three percent per year) of abnormal fund performance, particularly

if a fund's style characteristics differ from those of the value-weighted market

portfolio. Power can be substantially improved, however, using event-study

procedures that analyze a fund's stock trades. These procedures are feasible using

time-series data sets on mutual fund portfolio holdings.

40
Review 5:

Mutual Fund: Growth, Performance and Prospects

Author: MADHU S PANIGRAHI _

Vol. 31, No. 12 (Mar. 23, 1996), pp. 765+767+769-771+773+775

Source: Economic and Political

Abstract:

Conversations about socially responsible investing are difficult because

they combine facts with beliefs. Proponents of socially responsible investing believe

that combining social goals with investments does good; opponents believe that such

combinations are unwise or even illegitimate. In this article, I try to separate facts

from beliefs. I report that the Domini Social Index, an index of socially responsible

stocks, did as well as the S&P 500 Index over the 1990-98 period. Socially

responsible mutual funds did worse than the S&P 500 and the DSI but no worse than

conventional mutual funds.

41
 INDUSTRY PROFILE

History of the Indian Mutual Fund Industry

The mutual fund industry in India started in 1963 with the

formation of Unit Trust of India, at the initiative of the Government of India and

Reserve Bank .The objective then is to attract the small investors and introduce them

to market investments. Since then, the history of mutual funds in India can be broadly

divided into four distinct phases.

First Phase – 1964-87:

Unit Trust of India (UTI) was established on 1963 by an Act of

Parliament. It was set up by the Reserve Bank of India and functioned under the

Regulatory and administrative control of the Reserve Bank of India. In 1978 UTI was

de-linked from the RBI and the Industrial Development Bank of India (IDBI) took

over the regulatory and administrative control in place of RBI. The first scheme

launched by UTI was Unit Scheme 1964. At the end of 1988 UTI had Rs.6,700 crores

of assets under management. The mutual Funds Industry in India not only started with

UTI, but still count UTI as its largest Player with the largest corpus of investible funds

among all Mutual Funds currently opening in India.

For the period of 1987-88

Table No: 1 Source: Secondary Data

Amount Mobilized Assets Under Management

Name (Rs. Crores) (Rs. Crores)

UTI 2,175 6,700

Total 2,175 6,700

42
Second Phase – 1987-1993 (Entry of Public Sector Funds):

1987 marked the entry of non- UTI, public sector mutual funds set up by

public sector banks and Life Insurance Corporation of India (LIC) and General

Insurance Corporation of India (GIC). SBI Mutual Fund was the first non- UTI

Mutual Fund established in June 1987 followed by Mutual Fund (Dec 87), Punjab

National Bank Mutual Fund (Aug 89), Indian Bank Mutual Fund (Nov 89), Bank of

India (Jun 90), Bank of Baroda Mutual Fund (Oct 92). LIC established its mutual fund

in June 1989 while GIC had set up its mutual fund in December 1990. At the end of

1993, the mutual fund industry had assets under management of Rs.47,004 crores.

From 1987to 1992-93, the fund industry expanded nearly seven times in terms of

Assets under Management, as seen in the following figures:

For the period of 1992-93

Table No: 2 Secondary Data

Amount Mobilized Assets Under Management

Name
(Rs.Crores) ( Rs.Crores)

UTI 11,057 38,247

Public Sector 1,964 8,757

Total 13,021 47,004

43
Third Phase – 1993-2003 (Entry of Private Sector Funds):

With the entry of private sector funds in 1993, a new era started in the Indian

mutual fund industry, giving the Indian investors a wider choice of fund families.

Also, 1993 was the year in which the first Mutual Fund Regulations came into being,

under which all mutual funds, except UTI were to be registered and governed. The

erstwhile Kothari Pioneer (now merged with Franklin Templeton) was the first private

sector mutual fund registered in July 1993.The 1993 SEBI (Mutual Fund) Regulations

were substituted by a more comprehensive and revised Mutual Fund Regulations in

1996. The industry now functions under the SEBI (Mutual Fund) Regulations 1996.

The number of mutual fund houses went on increasing, with many foreign mutual

funds setting up funds in India and also the industry has witnessed several mergers

and acquisitions. As at the end of January 2003, there were 33 mutual funds with total

assets of Rs. 1,21,805 crores. The Unit Trust of India with Rs.44,541 crores of assets

under management was way ahead of other mutual funds.

Fourth Phase – since February 2003:

In February 2003, following the repeal of the Unit Trust of India Act 1963 UTI was

bifurcated into two separate entities. One is the Specified Undertaking of the Unit

Trust of India with assets under management of Rs.29,835 crores as at the end of

January 2003, representing broadly, the assets of US 64 scheme, assured return and

certain other schemes. The Specified Undertaking of Unit Trust of India, functioning

under an administrator and under the rules framed by Government of India and does

not come under the purview of the Mutual Fund Regulations.

44
 The second is the UTI Mutual Fund Ltd, sponsored by SBI, PNB, BOB and LIC. It

is registered with SEBI and functions under the Mutual Fund Regulations. With the

bifurcation of the erstwhile UTI which had in March 2000 more than Rs.76,000 crores

of assets under management and with the setting up of a UTI Mutual Fund,

conforming to the SEBI Mutual Fund Regulations, and with recent mergers taking

place among different private sector funds, the mutual fund industry has entered its

current phase of consolidation and growth. As at the end of October 31, 2003, there

were 31 funds, which manage assets of Rs.126726 crores under 386 schemes. The

graph indicates the growth of assets over the years

Fig: 1.GROWTH IN ASSETS UNDER MANAGEMENT

Unit holding pattern of mutual funds industry as on March 31, 2003

SEBI has done an analysis of the unit holding pattern of mutual funds

industry as on March 31, 2003. The details are given below: -

45
  Mutual Funds Industry Unit holding Pattern

From the data collected from the mutual funds, the following has been observed:-

a. As on March 31, 2003 there are a total number of 1.6 crore investors accounts

(it is likely that there may be more than one folio of an investor which might

have been counted more than once and actual number of investors would be

less) holding units of Rs. 79,601 crore. Out of this total number of investors

accounts, 1.56 crore are individual investors accounts, accounting for 97.42%

of the total number of investors accounts and contribute Rs.32,691 crore

which is 41.07% of the total net assets.

b. Corporate and institutions who form only 2.04% of the total number of

investors accounts in the mutual funds industry, contribute a sizeable amount

of Rs.45,470 crore which is 57.12% of the total net assets in the mutual funds

industry.

c. The NRIs/OCBs and FIIs constitute a very small percentage of investors

accounts (0.54%) and contribute Rs.1440.18crore (1.81%) of net assets.

46
 The details of unit holding pattern are given in the following table:

Table No: 3 Secondary Data

UNIT HOLDING PATTERN OF MUTUAL FUNDS INDUSTRY

% To Total
No of %To Total
Category Investors NAV(Rs.Crore)
Investors A/C NAV
A/C

Individuals 15,557,506 97.42 32,691.12 41.07

NRIs/OCBs 84,311 0.53 878.51 1.10

FIIs 2,058 0.01 561.67 0.71

Corporate/

Institutions/Ot 324,979 2.04 45,469.53 57.12

hers

TOTAL 15,968,854 100.00 79,600.83 100.00

 Private/Public Sector Mutual Funds Unit holding Pattern:

From the analysis of data on unit holding pattern of Private Sector Mutual

Funds the following observations are made:-

a. Out of a total of 1.6 crore investors accounts in the mutual funds industry, 42.93

lakh investors accounts i.e. 27% of the total investors accounts are in private

sector mutual funds whereas the 1.17 crore investors accounts ie.73% are with the

public sector mutual funds which includes UTI Mutual Fund. However, the

private sector mutual funds manage 71.2% of the net assets whereas the public

sector mutual funds own only 28.8% of the assets.

47
b. UTI Mutual Fund has 97. 12 lakh investors’ accounts which is 60.82% of the

total investor’s accounts in the mutual funds industry.

Details of unit holding pattern of private sector and public sector mutual funds

are:

Table No: 4 Secondary Data

UNIT HOLDING PATTERN OF PRIVATE SECTOR MFS

No. Of % To Total NAV(Rs. %To Total

Category
Investors A/C Investors A/C Crore) NAV

Individuals 4001841 93.23 17956.48 31.68

NRIs/OCBs 38416 0.89 723.02 1.28

FIIs 1317 0.03 528.51 0.93

Corporate/

Institutions/ 250972 5.85 37465.91 66.11

Others

TOTAL 4292546 100.00 56673.92 100.00

48
RECENT TRENDS IN MUTUAL FUND INDUSTRY:

The most important trend in the mutual fund industry is the aggressive

expansion of the foreign owned mutual fund companies and the decline of the

companies floated by nationalized banks and smaller private sector players.

Many nationalized banks got into the mutual fund business in the early nineties

and got off to a good start due to the stock market boom prevailing then. These

banks did not really understand the mutual fund business and they just viewed it as

another kind of banking activity.

The performance of most of the schemes floated by these funds was not good.

Some schemes had offered guaranteed returns and their parent organizations had to

bail out these AMCs by paying large amounts of money as the difference between the

guaranteed and actual returns.

The service levels were also very bad. Most of these AMCs have not been able

to retain staff, float new schemes etc. and it is doubtful whether, barring a few

exceptions, they have serious plans of continuing the activity in a major way.

The experience of some of the AMCs floated by private sector Indian companies

was also very similar. They quickly realized that the AMC business is a business,

which makes money in the long term and requires deep-pocketed support in the

intermediate years. Some have sold out to foreign owned companies, some have

merged with others.

The foreign owned companies have deep pockets and have come in here with the

expectation of a long haul. They can be credited with introducing many new practices

such as new product innovation, sharp improvement in service standards and

disclosure, usage of technology, broker education and support etc.

49
 - Yours Online personal Finance Advisor

KARVY – BACKGROUND:

In 1982, a group of Hyderabad –based practicing Chartered Accountants

started Karvy Consultants Limited with a capital of Rs. 1,50,000 offering auditing and
taxation services initially. Later, it forayed into the Registrar and Share Transfer
activities and subsequently into financial services. All along, Karvy’s strong work
ethic and professional background leveraged with Information Technology enabled it
to deliver quality to the individual.
A decade of commitment, professional integrity and vision helped Karvy
achieve a leadership position. In its field when it handled the largest number of issues
ever handled in the history of the Indian stock Market in a year. Thereafter, Karvy
made inroads into a host of capital-market services, - corporate and Retail – which
proved to be a sound business synergy.

Today, Karvy has access to millions of Indian shareholders, besides

companies, banks, financial institutions and regulatory agencies. Over the past one
and half decades, Karvy has evolved as a veritable link between Industry, finance and
people. In January 1998, Karvy became the first Depository Participant in Andhra
Pradesh. An ISO 9002 company, Karvy’s commitment to quality and retail reach has
made it an integrated Financial Services Company.

CORE VALUES:

Karvy’s adherence to its core values – integrity, enterprise and innovation has
earned it an enviable reputation amongst all the intermediaries and regulatory
authorities of the capital and financial markets.
Karvy capability has now been extended service global customers. The foray
into global processing services began in 1999 to cater to health care industry needs.

50
 The first step Medical Transcription a service then required capability in
understanding a customer’s voice, conversion to text with timeliness and accuracy and
completion to a legally acceptable framework will now provide its service globally.

VISION:
Karvy’s aspiration of establishing itself as an integrated financial services
company is propelled by a vision that is shared by its entire work force. Towards this
end, Karvy has dedicated itself to:
 To have a single minded focus on investor services;
 To establish Karvy as a household name for financial services;
 To set industry standards;
 To establish a leadership position in all chosen areas of business.

KARVY’S PHILOSOPHY:
Karvy’s core activities provide insights into the reasons for its consistent,
positive performance.
 Assistance beyond service
 Leadership through Quality
 Innovation & Market Creation
 Relationship Building
 Integrity & Transparency

51
KARVY’S COMPETITIVE EDGE:
 Human Resources
 Training
 Technology
 Software
 Mailroom
RANGE OF SERVICES
 Issue Servicing
 Corporate Shareholder Servicing
 Mutual Fund Investor Service
 Asset Financing
 Merchant Banking & Underwriting Services
 Corporate Advisory Financing & Project Financing
 Retail Financial Products
 Karvy Depositor Services
 Electronic Custodial Services
 Depository Participant
 Investor Services
 Karvy - The OTCEI Dealer
 Medical Transcription
 Financial Products Marketed Through Karvy:
 Initial Public Offerings
 Fixed Income Products
 Fixed Deposits
 Debt Instruments
 Bonds
 Mutual Funds
 Tax Saving Schemes

 Personal Banking Products

 Personal Loans & insurance

52
GROUP COMPANIES & DIVISIONS:

 KARVY CONSULTANTS LIMITED: Deals in Registrar and Investment

Services
 KARVY SECURITIES LIMITED: Deals in distribution of various
investment products, viz., equities, mutual funds, bonds and debentures, Fixed
deposits, insurance policies for the investor
 KARVY INVESTOR SERVICES LIMITED: Deals in Issue management,
Investment Banking and Merchant Banking,
 KARVY STOCK BROKING LIMITED: Deals in buying and selling equity
shares and debentures on the National Stock Exchange (NSE), the Hyderabad
Stock Exchange (HSE) and the Over-The-Counter Exchange of India
(OTCEI),

ALLIANCES:

Karvy has a strategic alliance with Jardine Fleming India Securities Limited
(JFISL) – one of Asia’s most prestigious investment bankers – to leverage on the
latter’s investment banking expertise. This would augment the retail distribution
reach and provide the Indian access to the best global and local insights on financial
markets. Jardine is a respected investment banker with a demonstrated track-record
of delivering value to its clients spread over 43 countries. It is ranked amongst the
world’s TOP 3 Foreign Institutional Investors (FIIs).

QUALITY POLICY:

To achieve and retain leadership, Karvy shall aim for complete customer
satisfaction, by combining its human and technological resources, to provide superior
quality financial services. In the process, Karvy will strive to exceed Customer’s
expectations.

53
QUALITY OBJECTIVES:

As per the Quality Policy, Karvy will:

 Build in-house processes that will ensure transparent and harmonious
relationships with its clients and investors to provide high quality of services.
 Establish a partner relationship with its investor service agents and vendors that
will help in keeping up its commitments to the customers.
 Provide high quality of work life for all its employees and equip them with
adequate knowledge & skills so as to respond to customer’s needs.
 Continue to uphold the values of honesty & integrity and strive to establish
unparalleled standards in the business ethics.
 Use state-of-the art information technology in developing new and innovative
financial products and services to meet the changing needs of investors and
clients.
 Strive to be a reliable source of value-added financial products and services and
constantly guide the individuals and institutions in making a judicious choice of
same.
 Strive to keep all stake-holders (shareholders, clients, investors, employees,
suppliers and regulatory authorities) proud and satisfied.

KARVY–KEY PEOPLE:

Board of Directors – Karvy Consultants Limited

C. Parthasarathy - Chairman And Managing Director

M. Yugandhar - Managing Director
M.S. Ramakrishna - Director
Prasad V Potluri - Director
Dr. P.V.S. Jaganmohan Rao – Company Secretary
Price Water House, Hyderabad – Auditors
Bankers: UCO Bank, Bank Of Baroda, HDFC Bank, Standard Chartered Grindlays
Bank.
Registered Office: “Karvy House”,46, Avenue 4, Street No.1, Banjara Hills,
Hyderabad, Andhra Pradesh, India.

54
KARVY MUTUAL FUND SERVICES (MFS DIVISION)

- building a heritage of confidence –

There is a wide range of mutual fund services available at KARVY
MUTUAL FUND SERVICES to the various categories like Asset Management
Companies, Investors, Distributors and General Users. We can use mutual fund
services through web also, the web site is karvymfs.com, with a click of the mouse we
can enter into the karvy mutual fund services, this provides Interactive Fund Service
to query for account related details and register specific services requests.

Since its inception in 1982, Karvy has demonstrated a dedication coupled with
dynamism that has inspired trust for various segments – corporate, government bodies
and individuals. Karvy has since been performing a pivotal role as the intermediary –
the interface – between these players.

With Mutual Funds emerging as a distinct asset class, Karvy has made a
strategic choice to leverage the power of latest technology to provide a cutting edge to
its services. This, today, service nearly 40% of the asset management companies
(AMCs) across an extensive network of service centers with assets under service in
excess of Rs.10,000 crores.

Karvy’s ability to mass customize and offer a diverse range of products for
diverse range of customers has helped mutual fund companies to uniquely position
themselves in the market place. These diverse range of services cut across multiple
delivery channels – service centers, web, mobile phones, call center – has brought
hone the benefits of technology to investors, distributors, and the mutual funds.

Going forward, it shall strive to create new products and services, which
would address the needs of the end customer. Its single-minded focus in delivering
products for customers has given the distinguished position of being the preferred
provider of financial services in the country. These services can be broadly
categorized as below:

 Investor Services
 Distributor Services
 AMC Services

55
 a) INVESTOR SERVICES:
- Keeping ahead with the changing investor expectations -

Investor is a person who invests in the mutual funds in the mutual funds
concept. He placed in the bottom of the structure, but he plays a pivotal role, without
investor we cannot imagine the mutual funds. There is a wide range of investor
services provided by karvy mutual fund services to the investors and also Mutual
Fund Investors have the convenience of logging on to the web site and utilize various
account related services. To utilize these web services the investor has to first register
himself with the karvymfs.com in the investor services with the web site, the
karvymfs.com gives authorized ID and Password to the registered user, with a click of
the mouse he can gets the services, without authorized ID and Password he cannot get
the services. The major online services for investors can be categorized as below:

 View their account statements online

 Get a snapshot of all their investment serviced by Karvy:
 Portfolio Valuation Services
 NAV Broadcast Services
 NAV Alert Services
 Receive Account statements by email
Apart from the afore-mentioned services, any visitor from the web site has the
option to know Mutual Fund Concepts, check out the latest NAVs of his/her favorite
Mutual Funds, etc., obtain dividend information, get the latest load structure information
etc.

b) DISTRIBUTOR SERVICES:
- Re-defining service -

Karvy recognizes the distributor, as on invaluable customer, in the Mutual Fund

transaction chain. Keeping this in mind, Karvy has engineered several initiatives for the
distributors and for the benefit of his clients.

56
 AMC SERVICES:

- your partners in progress -

There is wide range of AMC Services provided by Karvy Mutual Fund Services to the
registered Asset Management Company’s (AMCs).The AMC can now viewing investor
information and requesting various reports related to the investor, is possible through the
web site also, just by the click of the mouse. In order to use the respective AMC services
on the site, Mutual Fund AMCs must enter into agreement with Karvy Consultants Limited,
whereby users are assigned a User ID and Password at the fund level. AMC may use this
ID and Password to access all the site services. It provides registered AMCs can check out
various ONLINE and MAIL-BACK services and gets an update on the investments of its
investors.

Online Services:
1. Investor Account Statements
2. Query on application number
3. Query on investors’ name
Mail-Back Services:

1. Transaction Reports

2. Net Assets Under Management Report

3. Asset Movement Report

4. Slab Report

5. Status-wise holdings report

c) GENERAL/INFORMATION SERVICES:
In addition to the afore-mentioned services Karvy mfs provides general or
information services to the users. These services can be broadly classified as below:

1. Dividend History

2. Fund Information

3. Load Structures

4. Special Products

5. Karvy Network

57
MUTUAL FUNDS AT KARVY
The Mutual Fund umbrella of Karvy consists both Open-ended and Close-ended
Mutual Funds. The following are the various mutual fund AMCs for which Karvy
acts as a Registrar.
1) BOB Mutual Fund
2) BOI Mutual Fund
3) DEUTSCHE Mutual Fund
4) GIC Mutual Fund
5) IDBI Mutual Fund
6) IL & FS Mutual Fund
7) MORGAN STANLEY Growth Fund
8) PNB Mutual Fund
9) RELIANCE Capital Mutual Fund
10) SBI Mutual Fund
11) UTI Mutual Fund

58
 DATA ANALYSIS & INTERPRETATION

For the purpose of Data analysis and interpretation the following mutual funds have

been chosen:

a. SBI Magnum Equity Fund Growth

b. Birla Sun Life 95 Growth

c. HDFC Equity Fund- (D) Dir-Growth

d. Kotak 50-(D)-Fund

Each product has been analyzed using the following tools and the results

tabulated, presented graphically and the evaluation of the same has been given under

the caption 'Interpretation' below the graph.

The fund NAV’s are compared with the bench mark of nifty for the analysis.

59
 For analysis Net Asset Value (NAV) of the Four AMC’S
for the period of 26th November 2018 to 23rd December 2018
SBI
HDFC
Market Magnum Birla Sun
Equity Fund Kotak 50
Date Level Equity life 95
- (D)- Dir - (D)-Fund
(NIFTY) fund Growth
Growth
Growth
26-Nov-2018 8200.7 22.6 153.49 58.3
41.98
27-Nov-2018 8246.3 24.7 171.83 58.54
42.31
28-Nov-2018 8248.25 24.19 169.29 58.77
42.41
01-Dec-2018 8282.7 24.36 166.42 59.04
42.71
02-Dec-2018 8284 23.2 156.96 59.22
42.71
03-Dec-2018 8395.45 22.68 157.06 59.81
43.3
04-Dec-2018 8378.4 22.25 155.27 59.78
43.31
05-Dec-2018 8127.35 22.14 155.17 57.95
42.01
08-Dec-2018 8102.1 22.5 157.86 57.92
42.05
09-Dec-2018 8234.6 22.06 155.48 58.94
42.63
10-Dec-2018 8284.5 22.37 156.85 59.18
42.82
11-Dec-2018 8323 22.48 158.7 59.53
43.13
12-Dec-2018 8299.4 22.13 158.3 59.2
43.09
15-Dec-2018 8277.55 21.68 155.66 59.03
43.16
16-Dec-2018 8494.15 21.61 154.46 60.4
44.27
17-Dec-2018 8513.8 21.21 153.25 60.27
44.32
18-Dec-2018 8550.7 21.74 154.09 60.49
44.58
19-Dec-2018 8695.6 22.12 154.91 61.06
45.2
22-Dec-2018 8729.5 21.97 154.34 61.65
45.39
23-Dec-2018 8761.4 22.21 155.49 61.75
45.63
Average 8371.473 22.51 157.744 59.54 43.35

60
 Calculations of Risk of SBI Magnum Equity fund Growth
For the period of 26th November 2018 to 23rd December 2018

SBI Magnum Equity

Date Market Level ( NIFTY) Returns fund Growth Returns
26-Nov-2018 8200.7 22.6
27-Nov-2018 8246.3 45.6 24.7 2.1
28-Nov-2018 8248.25 1.95 24.19 -0.51
01-Dec-2018 8282.7 34.45 24.36 0.17
02-Dec-2018 8284 1.3 23.2 -1.16
03-Dec-2018 8395.45 111.45 22.68 -0.52
04-Dec-2018 8378.4 -17.05 22.25 -0.43
05-Dec-2018 8127.35 -251.05 22.14 -0.11
08-Dec-2018 8102.1 -25.25 22.5 0.36
09-Dec-2018 8234.6 132.5 22.06 -0.44
10-Dec-2018 8284.5 49.9 22.37 0.31
11-Dec-2018 8323 38.5 22.48 0.11
12-Dec-2018 8299.4 -23.6 22.13 -0.35
15-Dec-2018 8277.55 -21.85 21.68 -0.45
16-Dec-2018 8494.15 216.6 21.61 -0.07
17-Dec-2018 8513.8 19.65 21.21 -0.4
18-Dec-2018 8550.7 36.9 21.74 0.53
19-Dec-2018 8695.6 144.9 22.12 0.38
22-Dec-2018 8729.5 33.9 21.97 -0.15
23-Dec-2018 8761.4 31.9 22.21 0.24
Average 28.035 -0.0195

STANDARD DEVIATION 2.71 2.0

BETA 0.21

61
Graphical Presentation of SBI Magnum Equity Fund-Growth For
the month of November 2018 to December 2018

300

200

100

Column1
0
Column2

-100

-200

-300

Interpretation:

SBI Magnum Equity Fund-Growth has been analyzed and it is found that there is a

negative growth. However on the basis of the average returns of SBI there is a

negative growth 0.71 as against the index average of negative 0.21 the beta being less

than 1 the stock is not highly volatile.

62
 Calculations of Risk of Birla Sun life 95 Growth
For the period of 26th November 2018 to 23rd December 2018

Date Market Level ( NIFTY) Returns Birla Sun life 95 Growth Returns

26-Nov-2018 8200.7 153.49

27-Nov-2018 8246.3 45.6 171.83 18.34

28-Nov-2018 8248.25 1.95 169.29 -2.54

01-Dec-2018 8282.7 34.45 166.42 -2.87

02-Dec-2018 8284 1.3 156.96 -9.46

03-Dec-2018 8395.45 111.45 157.06 0.1

04-Dec-2018 8378.4 -17.05 155.27 -1.79

05-Dec-2018 8127.35 -251.05 155.17 -0.1

08-Dec-2018 8102.1 -25.25 157.86 2.69

09-Dec-2018 8234.6 132.5 155.48 -2.38

10-Dec-2018 8284.5 49.9 156.85 1.37

11-Dec-2018 8323 38.5 158.7 1.85

12-Dec-2018 8299.4 -23.6 158.3 -0.4

15-Dec-2018 8277.55 -21.85 155.66 -2.64

16-Dec-2018 8494.15 216.6 154.46 -1.2

17-Dec-2018 8513.8 19.65 153.25 -1.21

18-Dec-2018 8550.7 36.9 154.09 0.84

19-Dec-2018 8695.6 144.9 154.91 0.82

22-Dec-2018 8729.5 33.9 154.34 -0.57

23-Dec-2018 8761.4 31.9 155.49 1.15

Average 28.035 0.1

Standard deviation 2.71 0.91

Beta 0.32

63
Graphical Presentation of Birla Sun life 95 Growth For the month of
November 2018 to December 2018

10000
9000
8000
7000
6000
5000 Series1
4000 Series2
3000
Series3
2000
1000
0

Interpretation:

Birla Sun life 95 Growth have been analyses and it is found that there is a

negative growth. However on the basis of the average returns of Birla Sun life there is

a negative growth 0.14 as against the index average of negative 0.32 the beta being

less than 1 the stock is not highly volatile.

64
 Calculations of Risk of HDFC Equity Fund - (D) - Dir - Growth

For the period of 26th November 2018 to 23rd December 2018

HDFC Equity Fund

Date Market Level ( NIFTY) returns - (D)- Dir - Growth returns

26-Nov-2018 8200.7 58.3

27-Nov-2018 8246.3 45.6 58.54 0.24
28-Nov-2018 8248.25 1.95 58.77 0.23
01-Dec-2018 8282.7 34.45 59.04 0.27
02-Dec-2018 8284 1.3 59.22 0.18
03-Dec-2018 8395.45 111.45 59.81 0.59
04-Dec-2018 8378.4 -17.05 59.78 -0.03
05-Dec-2018 8127.35 -251.05 57.95 -1.83
08-Dec-2018 8102.1 -25.25 57.92 -0.03
09-Dec-2018 8234.6 132.5 58.94 1.02
10-Dec-2018 8284.5 49.9 59.18 0.24
11-Dec-2018 8323 38.5 59.53 0.35

12-Dec-2018 8299.4 -23.6 59.2 -0.33

15-Dec-2018 8277.55 -21.85 59.03 -0.17

16-Dec-2018 8494.15 216.6 60.4 1.37
17-Dec-2018 8513.8 19.65 60.27 -0.13
18-Dec-2018 8550.7 36.9 60.49 0.22
19-Dec-2018 8695.6 144.9 61.06 0.57
22-Dec-2018 8729.5 33.9 61.65 0.59
23-Dec-2018 8761.4 31.9 61.75 0.1
Average 28.035 0.181

Standard deviation 2.71 0.41

Beta 0.18

65
 Graphical Presentation of HDFC Equity Fund - (D) - Dir - Growth

For the month of December 2018

21-Nov-36
15-Mar-23
6-Jul-09
28-Oct-95
18-Feb-82
26-Nov-18
11-Jun-68
Series 1
3-Oct-54
Series 2
24-Jan-41
18-May-27
8-Sep-13
0-Jan-00
1 2 3 4 5 6 7 8 9 1011121314151617181920

Interpretation:

HDFC Equity Fund - (D) - Dir - Growth have been analyzed and it is found

that there is a positive growth. However on the basis of the average returns of HDFC

Equity Fund - Dir - Growth there is a negative growth 0.41 as against the index

average of negative 0.14 the beta being less than 0.18 the stock is not highly volatile.

66
 Calculations of Risk of Kotak 50 (D)

For the period of 26th November 2018 to 23rd December 2018

HDFC Equity Fund

Date Market Level ( NIFTY) returns - (D)- Dir - Growth returns

26-Nov-2018 8200.7 41.98

27-Nov-2018 8246.3 45.6 42.31 0.33
28-Nov-2018 8248.25 1.95 42.41 0.1
01-Dec-2018 8282.7 34.45 42.71 0.3
02-Dec-2018 8284 1.3 42.71 0
03-Dec-2018 8395.45 111.45 43.3 0.59
04-Dec-2018 8378.4 -17.05 43.31 0.01
05-Dec-2018 8127.35 -251.05 42.01 -1.3
08-Dec-2018 8102.1 -25.25 42.05 0.04
09-Dec-2018 8234.6 132.5 42.63 0.58
10-Dec-2018 8284.5 49.9 42.82 0.19
11-Dec-2018 8323 38.5 43.13 0.31
12-Dec-2018 8299.4 -23.6 43.09 -0.04
15-Dec-2018 8277.55 -21.85 43.16 0.07
16-Dec-2018 8494.15 216.6 44.27 1.11
17-Dec-2018 8513.8 19.65 44.32 0.05
18-Dec-2018 8550.7 36.9 44.58 0.26
19-Dec-2018 8695.6 144.9 45.2 0.62
22-Dec-2018 8729.5 33.9 45.39 0.19
23-Dec-2018 8761.4 31.9 45.63 0.24
Average 28.035 0.19

Standard deviation 2.71 0.41

Beta 0.37

67
Graphical presentation of Kotak 50 (D)For the month of December
2018

300

200

100

Series 1
0
Series 2

-100

-200

-300

Interpretation:

Kotak 50 (D) has been analyzed and it is found that there is a negative growth.

However on the basis of the average returns of Kotak 50 (D) there is a negative

growth 0.21 as against the index average of negative 0.18 the beta being less than 0.57

the stock is not highly volatile.

68
 Sharp index and Treynor index are calculated
For the month of Novembet 2018 to December 2018

Sharp's Treynor
Return Risk(std Beta
Rf
Name of the Fund (Rm) dev) (β) (Rm- (Rm-
Rf)/σ Rf)/β

SBI Magnum Equity

-0.0195 2.01 0.21 0.06 -
Fund Growth
-0.03955 0.37857
0.1 0.91 0.32 0.06
Birla Sun life 95 Growth
0.043956 0.125
HDFC Equity Fund - (D)
0.18 0.41 0.17 0.06
- Dir - Growth
0.025417 0.1666

Kotak 50 (D) 0.19 0.94 0.37 0.06

-0.18556 0.1416

The graphical representation of Sharp Index:

0.00
Sharpe's Index
-0.05

-0.10

-0.15

-0.20

-0.25

-0.30

Interpretation:

 From the above table and graph we can know that Birla sunlife and HDFC

are giving good returns and they are in first position.

 And the second position is SBI

69
The graphical representation of TREYNER Index:

Trenyor's Ratio
0.00
-0.10
-0.20
-0.30
-0.40
-0.50
-0.60
-0.70
-0.80

Interpretation:

 From the above table and graph we can know HDFC is performing well and

it is in first position

 And the second position is SBI

 The general trend in the reduction of the market price for various mutual

funds studied is not encouraging the stock market index has also been

falling continuously because of general economic slowdown however the

funds are ranked considering sharp and Trenyors in the order of

performances

70
FINDINGS:

 SHARPE’S:

As per Sharpe performance measure, a high Sharpe ratio is preferable as it

indicates a superior risk adjusted performance of a fund. From the above table Birla

Sun life 95 Growth and show a better risk-adjusted performance out of top4 AMC’S.

 TREYNOR’s:

As per Treynor’s ratio the Treynor’s reward to volatility - having high

positive index is favorable. Therefore, as per this ratio also HDFC Equity Fund -

(D)- Dir - Growth is preferable.

71
SUGGESTIONS:

These are the few exact as regards investment in MF’s taken from

the book with “Marketing for the 90’s” given by the Wall Street. Check your letter of

offer of funds prospectus to guard yourselves against any hidden fees. Ensue that the

funds track record is the same as that of the current management. Avoid mutual funds

that charge exit fees at the back end door (fees charged by MF from the unit holders at

the time to redemption of the units). Buy the funds with no sale charged loads. (a load is

a charge by the fund when investor buys it is called the entry load or when he sells is

called the exit load).

If the charge is heavy by the mutual fund to discourage the investors

from taking short positions in the funds units because too many investors sell their units

at a time then the fund has to sell its holdings to meet the obligations that yield into vital

of the fines overall return. Most short funds like guilt funds (these are the funds which

can be invested only in government securities and treasury bills thus the investors have

an opportunity to buy risk free securities). These funds yield a better return than a money

market fund. It is good for the investors who desire safety of principal amount. Money

market funds (these funds in views in money market instruments such as treasury bills,

govt.bonds, certificates of bank deposits, commercial deposits). They charge no loads,

however loads are limited by SEBI to 7%.Check funds performance in bear as well as

the bull market. Guard fund risk by checking its portfolio for diversification volatility.

72
Recommendations and Suggestions to AMCS:

a. Brand building:

Brand building is an exercise, which every business enterprise will

have. Brand is the soul of an institution; it survives on it, lives with it and cherishes it.

Example: BIRLA SUNLIFE MUTUAL FUND has a brand, every bank, insurance

companies; mutual fund companies have got their own brands.

b. Strength full Strategies:

Every AMC should try to turn into a more modern, a more vibrant, a more

transparent and regulatory compliance institution. It is with this in mind, every

institution should try to come up with verity of different type of products to fill

different investment objectives

c. Marketing tools for total quality achievement:

 Large Network.

 Effective Man power

 Distribution across the Market

 Customer relations(Building better relationships)

 Value added service

 Better transparency level

 Building brand name as a disciplined player.

73
d. Innovation:

MutualFund industry can be classified morely into three categories like

equity, debt and balanced. And there is also complexive in nature. Fund managers are

not able to reach niche market. The products are should be innovative that can meet

niche market. Here MF should follow the FMCG industry innovative strategy.

The Ground rules of Mutual Fund Investing

 Assess yourself

 Try to understand where the money is going

 Don't rush in picking funds, think first

 Invest. Don’t speculate

 Don’t put all the eggs in one basket

 Be regular

 Do your homework

 Find the right funds

 Keep track of your investments

 Know when to sell your mutual funds

74
CONCLUSIONS

 From the study analysis conducted it is clear that in EQUITY FUNDS-BIRLA

SUNLIFE MUTUAL FUND is performing very well.

 Investing in the HDFC EQUITY FUND-(D)-DIR- (GROWTH ) will leads to

profits.

 By seeing the overall performance HDFC MUTUAL FUND is performing very

well.

 The prospective investors are needed to be made aware of the investment in

mutual funds.

 The Industry should keep consistency and transparency in its management and

investors objectives.

 There is 100% growth of mutual fund as foreign AMCS are in queue to enter the

Indian markets.

 Mutual funds can also perctrate in to rural areas.

75
 BIBLIOGRAPHY

 Business & Economic, By Amitabh Gupta, Pulished by Anmol

Publications Pvt. Ltd.

 Indian Mutual Funds Handbook By Sundar Sankaran, Published by

A Guide for Industry Professionals and Intelligent Investors (3rd
Revised Edition).

 Guide to Indian Mutual Fund, By Ankit Gala & Jitendra Gala,

Published by Buzzingstock Publishing House.

Websites
1. www.karvy.com
2. www.karvycvomputershare.com
3. http://www.moneycontrol.com/mutual-funds/amc-details/LI
4. http://www.amfiindia.com/

76