SUMMER INTERNSHIP REPORT

ON
AN ANALYSIS ON RETURNS OF SBI AND HDFC MUTUAL
FUND(2011-2015)
“Submitted in the partial fulfillment for the requirement of Post
Graduate Diploma in Management in International Business”
PGDM-IB

Submitted to: Submitted by:

Dr. Mukul Mishra

(Associate Professor) Disha sagar
Roll no:13
Batch-2017-19

Jagannath International Management School

Kalkaji, New Delhi
 TABLE OF CONTENTS
TOPIC PAGE NO
INTRODUCTION TO THE TOPIC 1
COMPANY PROFILE AND OVERVIEW 3
DEFINITION OF MUTUAL FUND 7
OBJECTIVE OF STUDY 12
HDFC MUTUAL FUND 21
SBI MUTUAL FUND 26
RESEARCH METHODOLOGY 34
ANALYSIS AND FINDINGS 35
LITREATURE REVIEW 39
CONCLUSION 42
QUESTIONNAIRES 43
BIBLIOGRAPHY 45
 ACKNOWLEDGEMENT

Knowledge is an experience gained in life, it is the choicest

possession, which should not be shelved but should be happily
shared with others. It is the supreme art of the teacher to awaken
joy in creative expression and knowledge.”The success of any
project is the result of hard work and endeavor of not one but
many people and in this project is no different. I take this as a
prospect to a vow that it was an achievement to have succeeded
in my mentorship project, which would not have been possible
without the guidance of-

Director : Dr. J.K Batra

Internal Mentor : Dr. Mukul Mishra
External Mentor : Mr. Nitin Ambardar
 DECLARATION
I, DISHA SAGAR, ROLL NO-13, PGDM (IB), student of JAGANNATH
INTERNATIONAL MANAGEMENT SCHOOL, KALKAJI hereby declare that the project
report on “comparative study on Mutual Funds in India (With reference to SBI and
HDFC mutual fund)” is an original and authenticated work done by me.

I further declare that it has not been submitted elsewhere by any other person in any
other institutes for the award of any degree or diploma.

Disha Sagar

PGDM(IB)
 EXECUTIVE SUMMARY
A mutual fund is a scheme in which several people invest their money for a financial
clause. The collected money is invested in capital markets and the money which they
earned, is divided based on the number of units which they hold.

The Mutual fund industry was started in India in a small way with the UTI creating what
was effectively a small savings division within the RBI. This was fairly successful for the
next 25 years as it gave investors good returns. Due to this RBI gave a go ahead to
public sector banks and financial institution to start mutual funds in India and their
success gave way to private sector mutual funds.

The advantages of mutual funds are Portfolio Diversification, liquidity, Professional

management, ease of companies, less risk, low transaction cost, safety.

The disadvantages of mutual funds are cost, fees, no control over investments,
profitability of high returns reduced significantly and personal tax situation is not
considered

Mutual funds have to follow specific rules and regulations which are prescribed by the
SEBI.AMFI is the apex body of all the Asset management companies and is registered
with the SEBI. Association of mutual funds of India has brought down the Indian mutual
fund industry to a professional and healthy market with ethical lines enhancing.

There are many types of mutual fund in India. You can classify on the basis of BY
STRUCTURE(open ended schemes, close ended schemes and interval schemes),BY
NATURE(equity fund, debt fund, balanced fund),BY INVESTMENT OBJECTIVE(growth
schemes, income schemes, balanced schemes and money market schemes),OTHER
SCHEMES(tax savings schemes, index schemes, sector specific sectors).

Mutual funds are very easy to buy and sell. You can buy mutual funds directly from
company or broker. Before investing in mutual funds one has to look at all the factors
like performance of the mutual funds from last 5 years, the returns given by the mutual
funds from last 5years and the company’s net worth has to be considered.

There are two types of mutual funds in India. Public sector mutual funds and private
sector mutual fund. In public sector mutual funds there are UTI Mutual fund, State Bank
of India mutual funds, Bank of Baroda mutual funds and In Private sector mutual funds
there are Birla Sunlife Insurance, HDFC mutual fund, ICICI prudential mutual fund,
Reliance mutual fund etc.

The most trend of mutual funds is the aggressive expansion of Mutual funds. Nowadays
there is a lot of competition within the mutual fund as there are lot of private sector and
public sector mutual funds have entered the industry.

Returns comparison has been done between two mutual fund companies like HDFC
mutual fund and SBI mutual fund. In this comparison we have taken small and middle
companies. In which markets they have invested the investors money and how the
returns for the 5 years has been done. In which markets they have invested the
investors money and how the returns for the 5 years has been done. It gives you an
idea how you can and where you can invest.
 CHAPTER-1
INTRODUCTION TO
THE TOPIC
Analysis of Mutual Funds in India (with reference to SBI and
HDFC mutual funds)

INTRODUCTION
The objective of the study is to analyze, in detail the growth pattern
of the mutual funds industry in India and to evaluate performance of
different schemes floated by most preferred Mutual Funds in public
fund in public and private sector.

The Main Objectives of this project.

 To Study about the Mutual Funds in India

 To Study about returns of the Mutual Funds
 To give brief Idea about mutual funds available in India
 To give an idea about the schemes available
 To study market trends in mutual funds.
 To study some mutual fund companies and their funds
 To give idea about the regulation of mutual fund
 To study about mutual fund schemes

Many individuals own mutual funds today. Indeed mutual fund

industry is very big. It comprises of many investors financial assets,
whether for retirement or taxable saving purposes. To a large
extent, mutual funds are investment vehicle for the majority of
households in India.

The overall study of my study on this project is to know which

companies provide better returns HDFC Mutual funds & SBI Mutual
Funds and also calculate their returns from last 5 years. We have
to examine carefully all the possibility while calculating the returns. I
am doing my Project on “Small & Midcap companies”. We have to
make comparison so it is very useful for investment. The mutual
fund comes out with different schemes that varies from time to time.
Organization of Mutual Funds
 CHAPTER-2
COMPANY
INTRODUCTION
About Bajaj Capital
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As a Bajaj Capital client, you’ll work with a personal relationship
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Our Business Model : 360Financial Assessment
Our propriety 360 financial assessment tool is a unique simulation
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It has three step process:
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The “know your client” principle is in the heart of our business. We
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Our second step, is to evaluate what schemes or product will
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At Bajaj Capital, a handshake is the beginning of a wonderful
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Bajaj Capital arranges taxable and tax-free bonds from Central
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Mutual Funds
Mutual Funds give you market related, realistic returns through
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Financial Planning is the process of meeting your life's goals
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Investment Planning
Everyone should have secure savings for a rainy day. Once
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Cash Flow Budgeting
We analyze your income, expenses, assets and liabilities to see
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Protection for yourself and your family (Insurance planning)
Your greatest asset during your working years is your ability to
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Future Goal Funding
Children's education and marriage planning: One of the most
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Asset purchase
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Tax Planning
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 Mutual Funds in India

The mutual fund industry in India began in 1963 with the

formation of the Unit Trust of India (UTI) as an initiative of the
Government of India and the Reserve Bank of India. Much
later, in 1987, SBI Mutual Fund became the first non-UTI
mutual fund in India.

The year 1963 heralded a new era of Mutual funds in India.

His was marked by the entry of private companies in the
sector. After the Securities and Exchange Board of India
(SEBI) Act was passed in 1992, the SEBI Mutual Fund
Regulations came into being in 1996. Since then, the Mutual
fund companies have continued to grow exponentially with
foreign institutions setting shop in India, through joint
ventures and acquisitions.

As the industry expanded, a non-profit organization, the

Association of Mutual Funds in India (AMFI), was established
on 1995. Its objective is to promote healthy and ethical
marketing practices in the Indian mutual fund Industry. SEBI
has made AMFI certification mandatory for all those engaged
in selling or marketing mutual fund products.
Major Mutual Fund Companies in India

Public Sector Mutual Fund

 Bank of Baroda Mutual fund

 State Bank of India Mutual Fund
 LIC Mutual Fund
 UTI Mutual Fund
 Canara Bank Mutual Fund

Private Sector Mutual Fund

 ABN AMRO Mutual Fund

 Birla Sun Life Mutual Fund
 HDFC Mutual Fund
 HSBC Mutual Fund
 ICICI Prudential Mutual Fund
 Tata Mutual Fund
 Standard Chartered Mutual Fund
 Morgan Stanley Mutual Fund
 Alliance Capital Mutual Fund
 Franklin Templeton Mutual Fund
 Reliance Mutual Fund
 DSP Blackrock Mutual Fund

These above are the Various Mutual Funds in India which has given a good
return
HDFC Mutual Fund

HDFC Mutual Fund has been constituted as a trust in accordance with the
provisions of the Indian Trusts Act, 1882, as per the terms of the trust deed
dated June 8, 2000 with Housing Development Finance Corporation
Limited (HDFC) and Standard Life Investments Limited as the Sponsors /
Settlers and HDFC Trustee Company Limited, as the Trustee. The Trust
Deed has been registered under the Indian Registration Act, 1908. The
Mutual Fund has been registered with SEBI, under registration code
MF/044/00/6 on June 30,2000.
HDFC Asset Management Company Limited (AMC)

HDFC Asset Management Company Ltd (AMC) was incorporated

under the Companies Act, 1956, on December 10, 1999, and was
approved to act as an Asset Management Company for the HDFC
Mutual Fund by SEBI vide its letter dated July 3, 2000.

In terms of the Investment management Agreement, the trustee

has appointed HDFC Asset Management Company Limited to
manage the mutual funds. As per the terms of the Investment
Management Agreement, the AMC will conduct the operations of
the Mutual Fund and manage assets of the schemes, including the
schemes launched from time to time.

Funds Managed by HDFC Mutual Fund.

 EquityFund
 BalancedFunds
 IncomeFund
Achievement of HDFC

 HDFC Asset Management company (AMC) is the first AMC in

India to have been assigned the CRISIL Fund House -
1rating.
 This is the highest fund governance and process quality
rating which reflect the highest governance levels and fund
management practices at HDFC AMC.
 It is only fund house to have been assigned this rating for 2 years
insuccession

Comparing Returns of HDFC Mutual Fund for Last 5 years

Investment Info:

Investment Objective: The investment objective of the scheme is

to generate long-term capital growth from an actively managed
portfolio of equity and equity-related securities including equity
derivatives.
As per the above chart you can see HDFC Mutual Fund is open ended. Its
average asset size is 859.76 crores. HDFC Introduced small and midcap
growth fund in 2008. Since then it has given goodreturns.

Performance of different Mutual fund

Asset allocation of Mutual funds

The below diagram shows how much Equity has contributed to the Mutual Funds
Top sector Holdings & percentage Allocation
Sector Name Percentage
allocation
Financial Services
20.08 %
Pharma 13.28 %

Consumer Goods 11.02 %

Industrial 9.85 %
Manufacturing
Construction 8.74 %

HDFC Mutual Fund NAV

The mutual fund NAV denotes a price at which units of a mutual fund can be
bought or sold. The market value of a fund’s holdings, less expenses is the
net asset value. Per unit NAV is calculated by dividing the net asset value of
the mutual fund schemes by the number of units outstanding on the valuation
date.

The below NAV calculation shows the returns of HDFC Mutual Funds with
help of graph.
Performance Analysis of HDFC Mutual Fund

All returns are compounded annualized for a period greater than 1 year,
and absolute for a period of 1 year or less. Performance and SIP returns as
of 21/09/2016. Statistical ratios are for a period of 3-year as of 21/09/2016.
SIP purchases are assumed to be on the 1st of every month. Expense ratio
is as disclosed at monthly frequency
 SBI MUTUAL FUND
The SBI mutual fund Private Ltd is a joint venture between “The
state bank of India” and Societe Generale Asset management
(France).The fund manages over Rs 42,100 crore of assets and
has a diverse profile of Investors actively parking their investments
across 38 activeschemes.

At SBI Mutual Fund we know that every investor has unique

financial goals and requires a different sets of products. Which is
why we have a wide range of schemes that fulfills every kind of
Investors requirements. Each scheme is managed by devising a
different strategy which is reflective of the investors profile and
carries with different risks and rewards.

Vision:- “To be the most preferred and the largest fund house for
all asset classes, with a consistent track record of excellent returns
and best standards in customer service, product innovation,
technology and HR practices.”

SBI Funds Management has emerged as one of the largest player

in India advising various financial institutions, pension funds, and
local and international asset management companies.

SBI Funds makes one of the largest investment management firms

in India, managing investment mandates of over 5.4 million
investors.

EQUITY FUNDS & SCHEMES

The Primary objective of the equity asset class is to provide

capital growth / appreciation by Investing in the equity & equity
related instrument companies over medium and long term.

There are range of Schemes available which fulfill Every Kind of

Investors Requirements. Each Scheme Provides different strategy
which is reflective of the investors profile and carries with it different
risks and rewards.

1. Equity Schemes

2. Debt/Income Schemes

3. Liquid Scheme.

4. Hybrid Schemes.

5. Fixed Maturity Plans

6. Exchange Traded Schemes

Comparing Returns of SBI Mutual Fund for 5 years

Investment Info

Investment Objective: The Scheme seeks to generate income

and long-term capital appreciation by investing in a diversified
portfolio of predominantly equity and equity related securities of
companies identified as industry leaders. However, there can be no
assurance that the investment objective of the Scheme will be
realized and the Scheme does not assure or guarantee any
returns.

As per the above chart you can see SBI Mutual Fund is open ended. Its
average asset size is
753.50 crores. SBI introduced small and midcap growth fund in
2009. Since then it has given good returns.

Performance of the SBI Mutual Fund

 SBI Mutual Fund NAV.

The mutual fund NAV denotes a price at which units of a

mutual fund can be bought or sold. The market value of a
fund’s holdings, less expenses is the net asset value. Per
unit NAV is calculated by dividing the net asset value of the
mutual fund schemes by the number of units outstanding on
the valuationdate.
Performance Analysis of SBI Mutual

Performance of the fund on last 5 years

All returns are compounded annualized for a period greater than 1

year, and absolute for a period of 1 year or less. Performance and
SIP returns as of 21/09/2016. Statistical ratios are for a period of 3-
year as of 21/09/2016. SIP purchases are assumed to be on the
1st of every month. Expense ratio is as disclosed at monthly
frequency.
 RESEARCH METHODOLOGY

1.Research Design:-

A) Problem Defining:- In a competitive market there are

multiple mutual funds working in the Indian market. It is
necessary to know mutual fund as the performance of the
mutual fund decides the future of Mutual Fund Company. In
my study I have compared returns of 5 years of the two
mutual funds that is HDFC Mutual funds & SBI Mutualfunds.

B) Types of Research: - This research is qualitative and

analytical in nature. Qualitative research talks about the
quality of the research work & analytical research is
concerned with determining validity of hypothesis based on
analysis of factscollected.

c) Data Collection Design:-

1) Sources of Data

PrimaryData:-Ihaveusedquestionnaireasprimarysource
for collecting data for my study.

Secondary Data:- I have collected secondary data from

various mutual funds books , from various mutual fund
websites.

2) Sampling: - It represents the whole population. It is a

process of choosing samples from whole populations. I have

chosen some people who have invested in Mutualfunds.

3) Sampling Size: - It represents how many candidates

you have chosen to fill up your questionnaire. I had chosen
sample of 50candidates.

4) Sampling Technique: - Questionnaire sampling is

something that is sent to the candidates who want to invest in

mutual funds. By Questionnaire you can understand peoples
taste & preferences so it is easy toconvince.

5) Data Interpretation: - Data Interpretation is that in which

we analyses the whole collected data & try to give it in simple

words that isunderstandable.
 CHAPTER-3
ANALYSIS AND
FINDINGS
 FINDINGS AND SUGGESTIONS

1) What Kind of Investment you prefer the most?

This graph shows 42.1% Investors prefer to deposit their

money in provident fund whereas21.1% deposit their money
in fixed deposit and 15.8% of them invest their money in
saving account
2) While investing your Money, which factor you prefer most?

This graph shows 42.1% of Investors look for low risk

whereas 31.6% of investors look for high return and 21.1% of
the Investors look for Liquidity.

3) Have you ever Invested Money in Mutual Fund?

This graph shows 57.9% of investors who are investing have

said yes whereas 42.1% of them have said no.

4) In Which kind of Mutual Fund you would like toInvest?

This graph shows the 52.9% of Investors who would like to invest in
public companieswhereas 47.1% of the investor would like to invest
in private companies
 5) In which Mutual Fund have you invested?

This graph shows the 35.7 % of Investors want to invest in

ICICI prudential funds whereas only 28.6% of the investor
want to invest in HDFC Mutual Fund

6) When you invest in Mutual Funds which mode of investment

will you prefer?

This shows the percentage of investors who are willing to Invest in

Systematic Investment Plan (SIP) that is 85.7% than one type of
investment
 CONCLUSION

Mutual Fund Industry now represents perhaps most appropriate opportunity

for most Investors. The financial market is most sophisticated and complex.
Investors need required knowledge to invest in the mutual fund industry.
Mutual fund industry also gives good returns if the markets are high and
you can also suffer losses if the market does not do well or while investing
fund manager makes some mistakes during investment of Mutual Funds.
Mutual Fund Returns are compared on the basis of performance of
the stock market. If the stock market do well than the fund in which
you have invested will also do well. As the markets are diversified
the loss is minimal.In my above research I had compared SBI
mutual fund & HDFC Mutual fund. I had compared 5 years returns
which Both the Mutual Funds have given good returns after a
specified period.Since Inception SBI mutual fund has given good
returns of 20 % where as HDFC mutual fund has given a return of
only 14%.

But still Investors prefer to invest their money in Private mutual

funds in the long run as they feel that they would get goodreturns.

But looking at both the Mutual Funds three year ratio SBI Mutual
Fund has given a good

return of 42 % where as HDFC has given a return of 25%.

“So as per my suggestion it is best for Investor to invest in

SBI mutual fund as it has given good returns”.
 QUESTIONNAIRE
1. What kind of investment you prefer the most?

 Saving account

 Fixed Deposit

 Insurance

 Mutual Funds

 Shares/debentures

 PF

2. While investing your money, which factor you prefer the

most?

 Liquidity

 Low risk

 High return

 Company reputation

3. Have you ever invested in Mutual funds?

 Yes

 No

4. In which kind of mutual fund you would like to invest?

 Public

 Private

5. In which mutual fund have you invested?

 SBI mutual fund

  UTI

 HDFC mutual fund

 ICICI Prudential fund

6. When you invest in Mutual funds which mode of

investment will you prefer?

 One time investment

 Systematic Investment Plan(SIP)

PERSONAL DETAILS:

7. Age

 Above 18

 18-25

 25-30

 50 above

8. Gender

 Female

 Male

 Others

9. Occupation

 Student

 House-wife

 Working
  Self employed

10. Income

 Below 1 lakhs

 Between 1-2 lakhs

 Between 2-5 lakhs

 Above 5 lakhs
 BIBLOGRAPHY

Website

www,sbimf.com
www.hdfcmf.com
www.amfiindia.com
www.mutualfundsindia.com
www.research gate.com
Books on Mutual Funds in India (D. V. Ingle)