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A Comparative Study on Performance of Selected Mutual Funds with reference

to Indian Context

Article · January 2016

DOI: 10.5958/2249-7315.2016.00106.4

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 Asian Journal
Asian Research Consortium of Research in
Social Sciences
and
Asian Journal of Research in Social Sciences and Humanities
Vol. 6, No. 5, May 2016, pp. 96-107. Humanities
ISSN 2249-7315 www.aijsh.com
A Journal Indexed in Indian Citation Index
DOI NUMBER:

A Comparative Study on Performance of Selected Mutual

Funds with reference to Indian Context

Satheesh Kumar Rangasamy*; Dr. Vetrivel T**; Athika M***

*Assistant Professor,
School of Management Nehru College of Engineering and Research Centre,
Pampady Thrissur Kerala, India.
**Professor and Head,
Department of Management Studies,
Velalar College of Engineering and Technology,
Erode, Tamilnadu, India.
***Free- Lancer.
Former Financial Consultant,
Geogit BNP Paribas LTD,
Cochin.

Abstract
The research article is titled as comparative study on performance of selected mutual funds with
reference to Indian context. The main objective of the study is to evaluate the performance of
mutual funds and facilitate the retail investors in decision making. Data are taken from the NSE,
BSE, money control and value research online data sources. The main tools used for the study are
Simple Average Method, Standard Deviation, Ranking Method and Simple Comparative Analysis.
The findings of the study revealed that TATA Balanced fund provided high average return than
other categories of fund. Birla sun life cash plus and BNP Paribas Overnight fund has lowest
standard deviation. According to Sharpe ratio BNP Paribas Overnight fund has shown good
performance followed by Birla sun life cash plus and Reliance liquid fund. This study enabled the
researcher to suggest the retail investor to invest their money in to the best fund.

Keywords: Mutual Fund, Net Asset Value, Return, Net Asset Worth, Fund Performance, Risk,
Investment.
________________________________________________________________________________

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 Rangasamy et al. (2016). Asian Journal of Research in Social Sciences and Humanities,
Vol. 6, No.5, pp. 96-107.

I. Introduction
Mutual funds mobilize savings from a large number of investors and invest these funds in shares
and other securities. The concept of mutual funds was conceived to pool resources of the small
investors and deploys the same in the capital market through participation in the equity and other
debt instrument. Mutual fund offer investors a diversified portfolio and also professional
management at low cost. Over the past decade, mutual funds have increasingly become the
investor’s vehicle of choice for long-term investment. Indian economy as a whole undergoing
complete reforms in terms of RBI’s interest rate cut and regulating the bank transactions through
Permanent Account Number besides the bad signs like volatile exchange prices, changes in oil
prices. Due to all of the above reasons, financial market inadvertently facing slowdown.
Obviously, mutual fund performances are subject to the market performance. In this given
situation, this study aims to analyze and evaluate the performance of different categories mutual
fund houses and also to find out which fund performs better than its peers in that particular
category. The researcher concentrated on equity fund, balanced fund, liquid fund, index fund, gilt
fund and income fund categories. The major private sector mutual funds include ICICI Prudential
Mutual Fund, Birla Sun Life Mutual Fund, HDFC Mutual Fund, Tata Mutual Fund, Reliance
Mutual Fund and BNP Paribas Mutual Fund to name a few.

1.1 Basic Concepts and Terms

Asset Management Company

An Asset Management Company (AMC) is a highly regulated organization that pools money
from investors and invests the same in a portfolio. They charge a small management fee, which is
normally 1.5 per cent of the total funds managed.

NAV

Net Asset Value of the fund is the cumulative market value of the assets of the fund.NAV per unit
is simply the net value of assets divided by the number of units outstanding.

Exit Load

The non refundable fee paid to the Asset Management Company at the time of redemption/
transfer of units between schemes of mutual funds is termed as exit load. It is deducted from the
NAV (selling price) at the time of such redemption/ transfer.

Redemption price and Re-purchasing Price

Redemption price is the price received on selling units of open-ended scheme. If the fund does
not levy an exit load, the redemption price will be same as the NAV. The redemption price will
be lower than the NAV in case the fund levies an exit load. Repurchase price is the price at which
a close-ended scheme repurchases its units. Repurchase can either be at NAV or can have an exit
load.

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Vol. 6, No.5, pp. 96-107.

Return

Return on a typical investment consists of two components. The basic is the periodic cash receipts
(or income) on the investment, either of interest or dividends. The second component is the
change in the price of the assets-commonly called the capital gain or loss.

Risk

Risk in holding securities is generally associated with the possibility that realized returns will be
less than expected returns. The difference between the required rate of returns on mutual fund
investment and the risk free return is the risk premium. Risk can be measured in terms of Beta &
standard deviations.

1.2 Risks involved in investing in Mutual Funds

Mutual Funds do not provide assured returns. Their returns are linked to their performance. They
invest in shares, debentures and deposits. All these investments involve an element of risk. The
unit value may vary depending upon the performance of the company and companies may default
in payment of interest/principal on their debentures/bonds/deposits. Besides this, the government
may come up with new regulation which may affect a particular industry or class of industries.
All these factors influence the performance of Mutual Funds.

1.3 Selection of Best Mutual Fund

Choice of any scheme would depend to a large extent on the investor preferences. For an investor
willing to undertake risks, equity funds would be the most suitable as they offer the maximum
returns. Debt funds are suited for those investors who prefer regular income and safety. Gilt funds
are best suited for the medium to long-term investors who are averse to risk. Balanced funds are
ideal for medium to long-term investors who are willing to take moderate risks. Liquid funds are
ideal for Corporate, institutional investors and business houses who invest their funds for very
short periods. Tax Saving Funds are ideal for those investors who want to avail tax benefits.

II. Review of Literature

Friend, et al., (1962) made an extensive and systematic study on 152 mutual funds found that
mutual fund schemes had earned an average annual return of 12.4 percent, while their composite
benchmark earned a return of 12.6 percent and its alpha value was negative with 20 basis points.

Loomba (2011) evaluated the performance and growth of Indian mutual funds vis-a-vis the Indian
equity market. Kruskal Wallis H-test was applied to know whether the returns significantly differ
or not and the results indicated that the returns of schemes do not differ significantly.

Irwin, Brown, FE (1965) analyzed issues linking to investment policy, portfolio turnover rate,
performance of mutual funds and its impact on the stock markets. They acknowledged that
mutual funds had a significant impact from the price movement in the stock market. They
concluded that on an average, funds did not perform better than the composite markets and there
was no continual relationship between portfolio turnover and fund performance.

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 Rangasamy et al. (2016). Asian Journal of Research in Social Sciences and Humanities,
Vol. 6, No.5, pp. 96-107.

Sarish, (2012) studied Mutual funds and the benefits of investing in mutual fund, its drawbacks. It
explored the potential of mutual funds in India with all problems, complexities and variables, and
suggesting the means and ways of meeting the challenges for developing the mutual funds in
tandem with its potential of economic growth.

Bansal and Kumar,( 2012) attempted to study the performance of selected mutual funds schemes
based on risk-return relationship models, also compared with return on equity shares of different
sectors of Indian economy. The analysis has been made on the basis of mean return, beta, Sharpe
ratio, Treynor ratio, and Jensen Alpha. The overall Analysis finds UTI schemes being best
performers and others showing below average performance.

Bhaskar Biswas, (2012), investigated out performance and under performance of diversified
funds, by studying the performance of some ten best and ten worst performing diversified equity
mutual funds for the period from 2009 to 2012. Selected diversified equity funds have been
analyzed through arithmetic mean return, risk analyzed by standard deviation, beta measures for
market sensitivity, alpha measures the risk return relationship and Sharpe ratio measures the risk
premium of portfolio.

Dhanda, Batra and Anjum, (2012) attempted to study a performance evaluation of selected open
ended schemes in terms of risk and return relationship. Rate of return method, Beta, Standard
Deviation, Sharpe and Treynor ratio has been used.BSE-30 has been used as a benchmark to
study the performance of mutual funds in India. The findings of the study revealed that only three
schemes have performed better.

Bansal, Garg and Saini, (2012), examined the performance of selected mutual fund schemes that
the risk profile of the aggregate mutual fund universe can be accurately compared by a simple
market index that offers comparative monthly liquidity, returns, systematic & unsystematic risk
and complete fund analysis by using the special reference of Sharpe & Treynor’s ratio.

III. Research Methodology

3.1 Objectives of the Study

 To do a comparative performance analysis of selected mutual fund schemes in various

categories.

 To achieve a comprehensive understanding regarding the Indian mutual fund industry.

 To help the retail investors in decision making in selected categories’ mutual fund schemes.

3.2 Sources of Data

Data are taken from the NSE, BSE, money control and value research online data sources.

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 Rangasamy et al. (2016). Asian Journal of Research in Social Sciences and Humanities,
Vol. 6, No.5, pp. 96-107.

3.3 Tools used for Analysis

The major tools used for analysis are

 Simple Average Method and Standard Deviation Method

 Simple Comparitive Analysis Method and Ranking Method

3.4 Limitations of the Study

 Selection of the schemes for the study is very difficult task because there are a wide variety
of schemes in each selected category. So the study is restricted to the selected schemes of
asset management companies.

 The results of the study is confined to the present scenario of the market, as the market in
India are so unpredictable in nature and future aspects of the mutual funds may be very
different from the study conducted.

IV. Analysis of Mutual Fund Performance

Mutual fund performance can be analyzed through performance measurement ratios which are
used in portfolio analysis. The most commonly used composite measures are Treynor, Sharpe,
and Jensen ratio to evaluate mutual funds and rank accordingly. Composite portfolio performance
measures have the flexibility of combining risk and return performance into a single value. In this
article, researcher used only Sharpe’s Performance index to assess the Mutual fund performance
in addition to the above mentioned tools.

Table No- 4.1: Performance Evaluation of Equity Funds

(Return in percentage)

Year Rank
FUNDS Average Std. Avg. Std.
2011 2012 2013 2014 2015 Return dvtn Return dvtn

SBI Magnum -24.23 38.23 7.58 47.86 7.99 15.49 28.55 1 2

Blue chip
Fund
Birla Sun Life
Frontline -22.93 36.07 9.25 44.72 1.10 13.64 27.30 2 3
Equity Fund

HDFC Top -24.30 32.43 4.05 46.52 -6.09 10.52 28.75 3 1

200 Fund
Source: Secondary data

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 Rangasamy et al. (2016). Asian Journal of Research in Social Sciences and Humanities,
Vol. 6, No.5, pp. 96-107.

Interpretation

Table 4.1 shows the performance of equity funds of SBI Magnum Blue Chip Fund, HDFC Top
200 Fund and Birla Sun Life Frontline Equity Fund from 2011 to 2015. In 2015, SBI Magnum
Blue Chip Fund gave a noticeable return than HDFC Top 200 Fund and Birla Sun Life Frontline
Equity Funds. While comparing average return for 5 years, SBI Magnum Blue Chip Fund has
performed better than other two. Birla Sun Life Frontline Equity Funds shows comparatively low
fluctuations as compared with SBI Magnum and HDFC Top 200 fund. So, Birla Sun Life
Frontline Equity Funds is best suited to an investor who is averse of risk.

Table No- 4.2: Performance Evaluation of Index Funds

(Return in percentage)

Year Rank
FUNDS Avg Std. Avg. Std.
2011 2012 2013 2014 2015 Return dvn Return dvn
HDFC Index
Fund -20.63 28.53 6.04 35.58 -4.69 8.96 23.25 1 1
ICICI
Prudential Nifty -23.62 26.50 7.95 32.47 -3.63 7.93 22.78 2 3
Index Fund
LIC Nomura
MF Index Fund -23.85 27.65 6.54 31.07 -4.10 6.70 22.80 3 2
Source: Secondary data

Interpretation

Table 4.2 shows the performance of index funds of HDFC Index Fund, ICICI Prudential Index
Fund and LIC Nomura MF Index Fund from 2011 to 2015. In 2015, none of the funds from Index
Fund gave a noticeable return due to high market slowdown. ICICI Prudential Index Funds shows
comparatively low fluctuations and HDFC Index Fund has high amount of fluctuation.

Table No- 4.3: Performance Evaluation of Income Funds

(Return in percentage)

Year Rank
FUNDS Average Std. Avg.Rtn Std.
2011 2012 2013 2014 2015 Return dvtn dvtn
Birla Sun
Life Income 8.34 10.70 2.65 16.03 4.56 8.45 5.27 1 2
Plus Fund
HDFC
Income Fund 6.29 10.51 2.17 15.67 5.32 8.0 5.23 2 3
ICICI
Prudential 6.97 10.21 0.86 15.67 5.08 8.0 5.56 2 1
Income Fund
Source: Secondary data

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 Rangasamy et al. (2016). Asian Journal of Research in Social Sciences and Humanities,
Vol. 6, No.5, pp. 96-107.

Interpretation

Table 4.3 shows the performance of income funds of ICICI Prudential Income Fund, Birla Sun
Life Income Plus and HDFC Income Fund from 2011 to 2015. During the last year HDFC
Income Fund has performed better than other two funds. While comparing average return for five
years, the fund of Birla Sun Life Income Plus has performed better than other two. The standard
deviation of these scheme lies between 5.23percent to 5.56 percent. HDFC Income Funds shows
comparatively low fluctuations and ICICI Prudential Income Fund shows high amount of
fluctuation.

Table No- 4.4: Performance Evaluation of Balanced Funds

(Return in percentage)
Year Rank
FUNDS Avg. Std. Avg.Rtn Std.
2011 2012 2013 2014 2015 Return dvtn dvtn
TATA
Balanced -12.02 30.55 7.54 49.61 6.97 16.53 23.86 1 3
Fund
HDFC
Prudence -15.83 30.08 2.06 51.76 0.29 13.67 26.95 3 1
Fund
Reliance RSF
Balanced -19.27 33.86 3.52 43.20 8.73 14 24.95 2 2
Fund
Source: Secondary data

Interpretation

From the above Table 4.4 it is inferred that, TATA balanced fund have fetched high return during
the year 2015. While comparing average return for the last five years, the Reliance RSF Balanced
Funds has performed better than other two. The standard deviation of these scheme ranges from
23% to 27%. TATA Balanced Fund shows comparatively low fluctuations and HDFC Prudential
Fund has high amount of fluctuation.

Table No- 4.5: Performance Evaluation of Liquid Funds

(Return in percentage)
Year Avg. Std. Rank
FUNDS Return dvtn Avg.Rtn Std.
2011 2012 2013 2014 2015 dvtn
Birla Sun Life
Cash Plus 9.02 9.71 9.32 9.18 8.38 9.1 0.49 1 3
BNP Paribas
Overnight 9.09 9.75 9.24 9.03 8.22 9.06 0.55 2 2
Fund
Reliance
Liquid Fund- 8.98 9.24 8.51 8.43 7.64 8.56 0.61 3 1
Cash plan
Source: Secondary data

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 Rangasamy et al. (2016). Asian Journal of Research in Social Sciences and Humanities,
Vol. 6, No.5, pp. 96-107.

Interpretation

Table 4.5 depicts the performance of liquid funds of Birla Sun Life Cash Plus, BNP Paribas
Overnight Fund and Reliance Liquid Fund from 2011 to 2015. BNP Paribas Overnight Fund has
performed better than other two funds during the year 2015. According to the average return
calculations, BNP Paribas Overnight Fund has highest average return. All the funds from liquid
fund category have lowest standard deviation. It is inferred that liquid fund been the good choice
for the investor to have it as one of option for constructing a good portfolio of investment.

Table No- 4.6: Performance Evaluation of Gilt Funds

(Return in percentage)

Year Rank
FUNDS Avg. Std. Avg.Rtn Std.
2011 2012 2013 2014 2015 Return dvtn dvtn
IDFC G-Sec
Fund 9.89 12.97 6.35 16.46 5.99 10.33 4.45 1 3
SBI Magnum
Gilt LTP 5.77 10.97 6.43 19.90 7.35 10.08 5.84 2 1
Fund
Birla Sun
Life G -Sec 6.96 11.21 17.54 5.49 8.85 5.69 3 2
Fund 3.05
Source: Secondary data

Interpretation

From the above Table 4.6, it is inferred that IDFC G-Sec Fund has given average return of 10.33
percent in the last year and in terms of standard deviation it has lowest deviation as it is compared
with other funds in the same category.

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 Rangasamy et al. (2016). Asian Journal of Research in Social Sciences and Humanities,
Vol. 6, No.5, pp. 96-107.

Table No- 4.7: Ranking of Funds based on Average Return and its Standard
Deviation

Serial Category Funds Average Over Std.dvn Over

No: Return all all
(in percent) Rank Rank
1 Equity Funds SBI Magnum Blue 15.49 2 28.55 17
chip Fund
2 Equity Funds Birla Sun Life 13.64 5 27.30 16
Frontline Equity Fund
3 Equity Funds HDFC Top 200 Fund 10.52 6 28.75 18
4 Index Funds HDFC Index Fund 8.96 11 23.25 12
5 Index Funds ICICI Prudential Nifty 7.93 16 22.78 10
Index Fund
6 Index Funds LIC Nomura MF 6.70 18 22.80 11
Index Fund
7 Income Funds Birla Sun Life Income 8.45 14 5.27 6
Plus Fund
8 Income Funds HDFC Income Fund 7.99 17 5.23 5
9 Income Funds ICICI Prudential 8.0 15 5.56 7
Income Fund
10 Balanced Funds TATA Balanced Fund 16.53 1 23.86 13
11 Balanced Funds HDFC Prudence Fund 13.67 4 26.95 15
12 Balanced Funds Reliance RSF 14 3 24.95 14
Balanced Fund
13 Liquid Funds Birla Sun Life Cash 9.1 9 0.49 1
Plus
14 Liquid Funds BNP Paribas 9.06 10 0.55 2
Overnight Fund
15 Liquid Funds Reliance Liquid Fund- 8.56 13 0.61 3
Cash plan
16 Gilt Funds IDFC G-Sec Fund 10.33 7 4.45 4
17 Gilt Funds SBI Magnum Gilt 10.08 8 5.84 9
LTP Fund
18 Gilt Funds Birla Sun Life G -Sec 8.85 12 5.69 8
Fund

Interpretation

From the Ranking method, it is found out that TATA Balanced Fund stood first rank with 16.53
percent of average return, followed by SBI Magnum Blue chip Fund with 15.49 percent of average
return and LIC Nomura MF Index Fund has secured last rank with the 6.70 percent of average
return. From the Ranking method, it is also found out that Birla Sun Life Cash Plus stood first with
the lowest standard deviation of 0.49, followed by BNP Paribas Overnight Fund with the score of
0.61 and HDFC Top 200 Fund had the highest Standard Deviation of 28.75.

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 Rangasamy et al. (2016). Asian Journal of Research in Social Sciences and Humanities,
Vol. 6, No.5, pp. 96-107.

Table No-4.8: Net Asset Worth and Net Asset Value of selected Mutual Fund

Serial Category Funds **Net Asset *Net Asset Sharpe

No: Worth (Rs. Value (In Ratio
in crores ) Rupees)
1 Equity Funds SBI Magnum Blue chip 3624.4 27.21 0.80
Fund
2 Equity Funds Birla Sun Life Frontline 10489.9 150.04 0.54
Equity Fund
3 Equity Funds HDFC Top 200 Fund 12487.8 291.09 0.19

4 Index Funds HDFC Index Fund 121 32.66 0.16

5 Index Funds ICICI Prudential Nifty Index 164.1 71.54 0.19

Fund
6 Index Funds LIC Nomura MF Index 15.9 41.56 0.12
Fund
7 Income Funds Birla Sun Life Income Plus 3975.1 63.71 -0.02
Fund
8 Income Funds HDFC Income Fund 3154.1 32.70 0.04

9 Income Funds ICICI Prudential Income 3516.8 44.56 0

Fund
10 Balanced Funds TATA Balanced Fund 5320.7 161.09 0.08

11 Balanced Funds HDFC Prudence Fund 8484.9 339.52 0.42

12 Balanced Funds Reliance RSF Balanced 1835.2 38.54 0.64

Fund
13 Liquid Funds Birla Sun Life Cash Plus 21494.7 239.82 5.97

14 Liquid Funds BNP Paribas Overnight 1006.4 2295.28 6.66

Fund
15 Liquid Funds Reliance Liquid Fund-Cash 4665.1 2365.10 3.80
plan
16 Gilt Funds IDFC G-Sec Fund 976.8 17.25 0.46
17 Gilt Funds SBI Magnum Gilt LTP Fund 2505.4 31.52 0.67
18 Gilt Funds Birla Sun Life G -Sec Fund 930.5 42.17 0.11
(*NAV as on Feb 5, 2016 and ** Net Asset Worth as on Dec 31, 2015)

Interpretation

From the table it is inferred that Reliance Liquid Fund had the highest Net Asset Value of
Rs.2365.10, followed by BNP Paribas Overnight Fund with Net Asset Value of Rs.2295.28.
Among the selected fund categories, Birla Sun life Cash Plus has the highest Net Asset worth of
Rs. 21494.7 crore under Asset Management.

According to Sharpe ratio, BNP Paribas Overnight Fund has provided better return for the same
risk and followed by Birla Sun Life Cash Plus equivalently, the same return for lower risk.

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 Rangasamy et al. (2016). Asian Journal of Research in Social Sciences and Humanities,
Vol. 6, No.5, pp. 96-107.

V. Results
From the Ranking method, it is found out that TATA Balanced Fund stood first rank with 16.53
percent of average return, followed by SBI Magnum Blue chip Fund with 15.49 percent of
average return and LIC Nomura MF Index Fund has secured last rank with the 6.70 percent of
average return.

From the Ranking method, it is also found out that Birla Sun Life Cash Plus stood first with the
lowest standard deviation of 0.49, followed by BNP Paribas Overnight Fund with the score of
0.61 and HDFC Top 200 Fund had the highest Standard Deviation of 28.75. From the table it is
inferred that, Reliance Liquid Fund had the highest Net Asset Value of Rs.2365.10, followed by
BNP Paribas Overnight Fund with Net Asset Value of Rs.2295.28. Among the selected fund
categories, Birla Sun life Cash Plus has the highest Net Asset worth of Rs. 21494.7 crore under
Asset Management.

According to Sharpe ratio, BNP Paribas Overnight Fund has provided better return for the same
risk and followed by Birla Sun Life Cash Plus equivalently, the same return for lower risk.

VI. Discussions
It is not advisable to invest in equity fund category as the market undergoing fluctuations asset
component are subject to high risk.

Debt and liquid funds offered decent returns than the equity and indexed funs in 2015. It is
suggested that investment in the debt and liquid funds will fetch fair returns in the forthcoming
year also.

It is also adviced to the investors that , Investors have to make an investment in the funds which
has the standard deviation and has the positive sharpe ratio as indicated in the table.

VII. Conclusion
This study helped the investigator in understanding the different categories of mutual fund, the
nature of the market, and the best performing mutual fund from a selected pool of mutual fund.
This enabled the researcher in suggesting the retail investor the best mutual fund company to invest
his or her money. The study is very relevant in today’s financial market context and will form basis
for the performance evaluation of the mutual funds in future also.

The performance of mutual fund are measured by different performance evaluation technique like
Ranking, Average Return, Standard Deviation, Sharpe Ratio and outcome from an evaluation will
let the investor to invest in to the right categories of mutual fund.

VIII. References

Books

Sankaran Sundar. (2010) Indian Mutual Funds Handbook, Vision Books Pvt. Ltd, New Delhi.

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Vol. 6, No.5, pp. 96-107.

Journals

Friend et.al, (1962). “A Study of Mutual Funds” U.S. Securities and Exchange Commission, USA.

Irwin, Brown, FE, et al., “A Study of Mutual Funds: Investment Policy and Investment Company
Performance” reprinted in Hsiu-kwangwer and Alan Jzakon (Ed.) Elements of
Investments, New York: Holt, Renchart and Winston, (1965), pp.371-385.

Treynor Jack L, (1965) “How to Rate Management of Investment Funds”, Harvard Business
Review, Vol. 43(1), pp. 63-75.

Sharpe, William F (1966) “Mutual Fund Performance”, The Journal of Business, Vol. 39(1),
pp.119-138.

Sarish,(2012). A study of opportunities and challenges for mutual fund in India: vision 2020.
VSRD International journal of business & management research VSRD-IJBMR, (4):
167-178.

Sukhwinder Kaur Dhanda, Dr. G.S.Batra, Dr Bimal Anjum, (2012). Performance Evaluation of
Selected open ended mutual Funds in India. International Journal of Marketing, Financial
Services & Management Research. 1(1):29-38.

Bhaskar Biswas, (2013). Investigation of Outperformance and Underperformance of Some Selected

Diversified Equity Fund Schemes in Indian Mutual Fund Industry. International Journal of
Marketing, Financial Services & Management Research, (2):96-116.

Sandeep Bansal, Sanjeev Kumar, (2012). Evaluation of Risk-Adjusted Performance of Mutual

Funds in India, 2(2):215-229.

Jatinder Loomba, (2011).Investigating Performance of Equity-Based Mutual Fund Schemes and

Comparison with Indian Equity Market. Asian Journal of Research in Banking and
Finance, 1(3):94-111.

Prather, L. (2012). Portfolio Risk Management Implications of Mutual Fund Investment Objective
Classifications. Journal of Financial Risk Management, 1, 33-37.
doi: 10.4236/jfrm.2012.13006.

Website

http://www.valueresearchonline.com/funds/default.asp Retrieved on 8/02/2016.

http://www.moneycontrol.com
http://www.nseindia.com
http://www.bseindia.com
http://www.researchmethodology.com/wiki/terms
http://shodhganga.inflibnet.ac.in/bitstream/10603/687/10/10_chapter2.pdf

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