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Index
Chapter
No
Topic Page No.
1 Executive Summary
2 Introduction to Topic
3 Review of Literature
4 Company Profile
5 Objectives of the study
6 Scope of the study
7 Research Methodology
8 Data Analysis & Interpretation
9 Conclusion & Findings
10 Suggestion & Recommendation
11 Limitation
12 Bibliography
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EXECUTIVE
SUMMARY
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INTRODUCTION
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INTRODUCTION
Introduction Of Mutual Fund:
Mutual fund is a trust that pools the savings of a number of investors who share commonfinancial goal. This pool of money is invested in accordance with a stated objective. The joint
ownership of the fund is thus Mutual, i.e. the fund belongs to all investors. The money thus
collected is then invested in capital market instruments such as shares, debentures and other
securities. The income earned through these investments and the capital appreciations
realized are shared by its unit holders in proportion the number of units owned by them. Thus
a Mutual Fund is the most suitable investment for the common man as it offers an
opportunity to invest in a diversified, professionally managed basket of securities at arelatively low cost. A Mutual Fund is an investment tool that allows small investors access to
a well-diversified portfolio of equities, bonds and other securities. Each shareholder
participates in the gain or loss of the fund. Units are issued and can be redeemed as needed.
The funds Net Asset Value (NAV) is determined each day.
Definition-
Mutual funds are association or trusts of public members who wish to make investment in
the financial instrument or asset of the business sectors or corporate sectors for the mutual
benefits of its members. The fund collect the money of these member from their savings and
invest them in a diversified portfolio of financial asset with a view to reduce risk and
maximize their income and capital appreciation for distribution to its on profit earn basis
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Advantage of Mutual Fund
Professional management: - when you buy mutual fund you are also choosingmoney manager. This manager uses the money that you invest to buy and sell stock
that he carefully researched.
Well Regulated: - India mutual fund are regulated by the Securities and ExchangeBoard of India, which helps provide comfort to the investor. SEBI forces
transparencies on the mutual fund, which help the investor, make an informed choice.
SEBI requires the mutual fund to disclose their portfolios at least six monthly, which
help you keep track whether the fund is investing in line with its objectives or not.
Tax Advantage investing in mutual funds also enjoys several tax advantages.Dividends fromMutual fundare tax-free in the hands of the investor (This however
depends upon change in Finance Act).Also Capital Gain accrued from Mutual fund
Investment for a period of over one year is treated as long term capital appreciation
and is tax free.
Liquidity: - Mutual funds are typically very liquid investment. Unless they have apre-specified lock-in, your money will be available to you anytime you want.
Typically funds take a couple of day for returning your money to you, Since they are
very integrated with the banking system, most funds can send money directly to your
banking account.
Easy of process: - If you have a bank to invest in a mutual fund; it is as simple asthat! You need to fill in the application form, attach your PAN (typically for
transaction of greater than Rs.50, 000) and sign your cheque and you investment in a
fund is made.
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Convenience:- With features like dematerialized account statement, easysubscription and redemption processes, availability of NAVs and performance detail
through journals, newspaper and update and lot more; Mutual Funds are sure a
convenient way of investing.
Helps to fulfil our dream: - The investments we make are ultimately for someobjectives such as to buy a house, childrens education, marriage etc. And many of
them require a huge one-time investment. As it would usually not be possible raise
such large amount at short notice, we need to build the corpus over a longer period of
time, through small but regular investment. This is what SIP is all about. Small
investments, over period of time, results in large wealth and help fulfil our dreams &
aspirations.
Simplicity: -Begins a Mutual fund is easily well back has its upon line or mutualfund & minimum investment is small. Most company also has automatics purchase.
Plan where buy as little as $100 can be intervened as on monthly basis.
Economic of scale: - Because a mutual fund buys sale large amount or securities ata line its transaction cost are lower than you as on individual would pay.
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Disadvantage of Mutual Fund
Cost: -Mutual Fund does not exist solely to make you like easier all funds are in itprofit. The mutual fund in industry at buying cost under layers of Jargon. There cost
is so complicated that in this tutorial we have devoted an entire to the subject.
Dilution:- It is possible to handle too much diversification because fund have smallholding in so many different company high return from few institute often do not
make such difference on the overall return. Dilution is also the result or a successfully
way getting too big. When money power into funds that have strong success to marketoften has trouble finding a new concept to all investment is now new money concept.
Entry and Exit load:-Mutual funds are a victim of their own success. When a largebody like a fund invests in shares, the concentrated buying or selling in adverse price
movements lay at the time of buying, the fund ends up paying a higher price and
while selling it realize a lower price. This problem is especially severe in emerging
markets like India, where, excluding a few stocks, even the stocks in the Sensex are
not liquid. Let alone stocks in the NSE 50 or the CRISIL 500. So there is simply no
way that a fund can beat the Sensex or any other index, if it is blindly invests in the
same stocks as those in the Sensex and in the same proportion.
No control over costs:-The costs of the fund management process are deductedfrom the fund. This includes marketing and initial costs deducted at the time of entry
itself, called, Load. Then there is the annual asset management fee and expenses,
together called the expense ratio. Usually, the former is not counted while measuring
performance, while the latter is. A Standard 2 percent expense ratio means that,
everything else being equal, the fund manager under performs the benchmark index
by an equal amount.
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No tailor-made portfolio:-The portfolio of a fund does not remain constant. Theextent to which the portfolio changes is a function of the style of the individual fund
manager i.e. whether he is a buy and hold type of manager or one who aggressively
churns the fund. It is also depends on the volatility of the fund size i.e. whether thefund constantly receives fresh subscriptions and redemptions. Such portfolios changes
have associated costs of brokerage, custody fees, registration fees etc. that lowers the
portfolio return commensurately.
No Guarantee of return:-No investment is risk free. If the entire stock marketdeclines in value, the value of mutual fund shares will go down as well, no matter
how balanced the portfolio. Investors encounter fewer risks when they invest in
mutual funds than when they buy and sell stocks on their own. However, anyone who
invests through a mutual fund runs the risk of losing money.
Taxes:-During a typical year, most actively managed mutual funds sell anywherefrom 20 to 70 percent of the securities in their portfolios. If your fund makes a profit
on its sales, you will pay taxes on the income you receive, even if you reinvest the
money you made.
Management risk:-When you invest in a mutual fund, you depend on the fund'smanager to make the right decisions regarding the fund's portfolio. If the manager
does not perform as well as you had hoped, you might not make as much money on
your investment as you expected. Of course, if you invest in Index Funds, you forego
management risk, because these funds do not employ managers.
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Growth of Mutual Funds in India:-
The Mutual Fund industry in India has been on a roll as the asset under management
continues to see strong spurt in growth. The asset under management swelled to Rs. 167978
cr. by May 31st 2005 from Rs 101565 cr. in January 2000. This apart the industry has also
seen a spurt in the number of schemes on offer, which amount to 460 at present, catering to
varied needs of investors. A booming economy, soaring stock market, and a conductive
regulatory environment, amongst a slew of other factor have added to the growth of the
industry. Given a huge opportunity in sub-urban and ruler markets, which lie hitherto
untapped, and growing income level in the country, the industrys future looks bright.
The Phases of Growth: -
According to AMFI the evolution of industry can be broadly divided into four phases, which
mark its transaction from the period when UTI ruled the roost to a period of competition and
increased awareness among investors.
First Phase (1964-87)
UTI remained the only Mutual Funds player in the country till 1987. UTI started its operation
in July 1964 with a view to encouraging savings and investments and participation in the
income, profits and gains accruing to the cooperation from the Acquisition, holding,
management and disposal of securities. UTI witnessed a slow and steady growth over the
1970s and 1980s and by the end of 1988 it had an Asset under Management of Rs. 67
billions. It still continues to be the largest player in the Domestic Mutual Fund industry with
A Asset under Management of Rs.23500 Cores. as on March 31 st, 2005.
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Second Phase (1987-93)
Public Sector Mutual Funds set up by public sector banks, Life Insurance Corporation of
India and the General Insurance Corporation of India entered the market in 1987.The first
known UTI mutual fund was the SBI mutual fund established in June 1987, followed by
Canara Bank mutual fund in December 1987, Punjab National Bank mutual fund in August
1989,Indian Bank mutual fund in November 1989,Bank of India mutual fund in June 1990
and Bank of Baroda mutual fund in October 1992.LIC set up its mutual fund in June 1989
while GIC established its mutual fund in December 1990. During this period, the total asset
of the industry grew to about Rs.610 billions with the total No. of schemes increasing to
about 167 by the end of 1994.
Third Phase (1993-2003)
This phase marked the entry of private sector funds. The phase also signaled the
intensification of the competition. Both domestic and foreign players entered the market,
offering a wide variety of schemes to investors. Kothari Pioneer Mutual Fund was the first
private sector fund to be established in association with the foreign funds. The opening up of
the market to private players saw the international players like Morgan Stanley, Jar dine
Fleming, JP Morgan, George Soros and Capital International entering the market.
Fourth Phase (SINCE FEB 2003)
In February 2003 the Unit Trust of India Act 1963 was repealed and UTI bifurcated into two
separate entities. In the specified undertaking of the Unit Trust of India, is still under the
government of India and UTI Mutual Fund Limited. This was done in the wake of the severe
payment crisis that the UTI suffered on account of its assured return schemes of US64 that
finally resulted in an adverse impact on the Indian capital markets. US - 64 was the first
scheme launched by UTI with the significant equity exposure and the returns of which are not
linked to the market.
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Organization of A Mutual Fund: -
There are many entities involved and the diagram below illustrates the organizational set up
of a Mutual Fund:
Mutual Funds diversify their risk by holding a portfolio of instead of only one asset. This is
because by holding all your money in just one asset, the entire fortunes of your portfolio
depend on this one asset. By creating a portfolio of a variety of assets, this risk is
substantially reduced. Mutual Fund investments are not totally risk free. In fact, investing in
Mutual Funds contains the same risk as investing in the markets, the only difference being
that due to professional management of funds the controllable risks are substantially reduced.
A very important risk involved in Mutual Fund investments is the market risk. However, the
company specific risks are largely eliminated due to professional fund management.
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Classification of Mutual Fund
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Mutual funds can be classified as follows:
1 Based On Their StructureA. Open Ended Schemes-
Open-ended schemes do not have a fixed maturity period. Investors can
buy or sell units at NAV- related prices from and to the mutual fund on any business
day. The advantages of open ended schemes are: -
Any time exit option Any time enter option.
B. Close Ended Schemes-Close-ended schemes have fixed maturity periods. Investors can buy into these
funds during the period when these funds are open in the initial issue.
2. Based On Their Investment Objectives
A. Equity funds: These funds invest in equities and equity related instruments. Itcan be further classified as:
Index funds: In this case a key stock market index, like BSE Sensex or Nifty istracked. Their portfolio mirrors the benchmark index both in terms of composition
and individual stock weight ages.
Equity diversified funds: 100% of the capital is invested in equities spreadingacross different sectors and stocks.
Dividend yield fund: it is similar to the equity diversified funds except that theyinvest in companies offering high dividend yields.
Thematic funds: Invest 100% of the assets in sectors which are related to some ofthem.
Sector funds: Invest 100% of the capital in a specific sector. e.g. - A bankingsector fund will invest in banking stocks.
ELSS: Equity Linked Saving Scheme provides tax benefit to the investors.
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B. Balanced fund: Their investment portfolio includes both debt and equity. Following
are balanced funds classes
Debt-oriented funds -Investment below 65% in equities. Equity-oriented funds -Invest at least 65% in equities, remaining in debt.
C. Debt fund: They invest only in debt instruments, they invest exclusively in fixed-
income instruments like bonds, debentures, Government of India securities; and money
market instruments such as certificates of deposit (CD), commercial paper (CP) and call
money. They are classified as follow
Liquid funds- These funds invest 100% in money market instruments, a largeportion being invested in call money market.
Gilt funds ST- They invest 100% of their portfolio in government securities of andT-bills.
Floating rate funds - Invest in short-term debt papers. Floaters invest in debtinstruments which have variable coupon rate.
Arbitrage fund- They generate income through arbitrage opportunities due tomispricing between cash market and derivatives market. Funds are allocated to
equities, derivatives and money markets. Higher proportion (around 75%) is put in
money markets, in the absence of arbitrage opportunities.
Gilt funds LT- They invest 100% of their portfolio in long-term governmentsecurities.
Income funds LT- Typically, such funds invest a major portion of the portfolio inlong-term debt papers.
MIPs- Monthly Income Plans have an exposure of 70%-90% to debt and anexposure of 10%-30% to equities.
FMPs- fixed monthly plans invest in debt papers whose maturity is in line with thatof the fund.
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Risk v/s. Return:
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COMPANY
PROFILE
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COMPANY PROFILE
SBI Mutual Fund draws strength from India's premier and largest bank; the State
Bank of India. Set up on July 1, 1955, the State Bank of India is the largest banking operationin the country. Through years of commitment to service and national development, SBI has
grown into an instrument of social change. Today, it has 9,019 branches in India (excluding
over 700 branches of banking subsidiaries) and 51 offices in 31 countries spread over all time
zones.
SBI Mutual Fund has grown tremendously in terms of corpus as well as number of
investors. Today SBI is the largest Bank sponsoring Mutual Fund in the country. SBI has
launched 31 Schemes, of which 14 have been redeemed, yielding handsome returns to
investors. The fund has over Rs. 4,300 Crores as assets under management.
SBI is also the first Bank which sponsored Mutual Fund to launch an offshore fund,
the India Magnum Fund, with a corpus of around Rs. 225 Crores.
Today the Fund has an investor base of over 8 Lacs spread over 21 schemes. With a
large network over 35 collection branches, 26 Investor Service Centres, 3 Investor Service
Desks and 35 District Organizers, SBI constantly Endeavour to get closer to its growing
family of investors.
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Products
Every investor is unique.
At SBI Mutual Fund we know that every investor has unique financial goals andrequires a different set of products. Which is why, we have a wide range of schemes that
fulfill every kind of investors requirements. Each scheme is managed by devising a different
strategy which is reflective of the investors profile and carries with it different risks and
rewards.
There are five basic asset classes, which we manage, and variations of these five asset classes
from various products:
EQUITY SCHEMES DEBT / INCOME SCHEMES HYBRID SCHEMES LIQUID SCHEMES EXCHANGE TRADED SCHEMES
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Equity Schemes
The primary objective of the equity asset class is to provide capital growth / appreciation by
investing in the equity and equity related instruments of companies over medium to long
term.
Equity/ Growth Funds Magnum Multicap Fund Magnum Equity Fund Magnum Multiplier Plus 1993 SBI Blue Chip Fund Magnum Global Fund SBI One India Fund Magnum Midcap Fund
Sectoral Funds Magnum Sector Funds Umbrella-Emerging
Businesses Fund
Magnum Sector Fund Umbrella-Contra Fund Magnum Sector Funds Umbrella-FMCG Fund Magnum Sector Funds Umbrella-IT-Fund Magnum Sector Funds Umbrella-Pharma Fund
http://www.sbimf.com/Products/EquitySchemes/Magnum_Multicap_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/Magnum_Equity_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/Magnum_Multiplier_Plus_1993.aspxhttp://www.sbimf.com/Products/EquitySchemes/SBI_Blue_Chip_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/Magnum_Global_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/SBI_One_India_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/Magnum_Midcap_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/MSFU_-_Emerging_Businesses_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/MSFU_-_Emerging_Businesses_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/MSFU_-_Emerging_Businesses_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/MSFU_-_Emerging_Businesses_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/MSFU_-_Contra_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/MSFU_-_FMCG_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/MSFU_-_IT_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/MSFU_-_Pharma_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/MSFU_-_Pharma_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/MSFU_-_IT_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/MSFU_-_FMCG_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/MSFU_-_Contra_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/MSFU_-_Emerging_Businesses_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/MSFU_-_Emerging_Businesses_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/Magnum_Midcap_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/SBI_One_India_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/Magnum_Global_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/SBI_Blue_Chip_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/Magnum_Multiplier_Plus_1993.aspxhttp://www.sbimf.com/Products/EquitySchemes/Magnum_Equity_Fund.aspxhttp://www.sbimf.com/Products/EquitySchemes/Magnum_Multicap_Fund.aspx8/2/2019 Pawan Sb Imf
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Debt / Income Schemes
The schemes in this asset class generally invest in fixed income securities such as bonds,
corporate debentures, government securities (gilts), money market instruments, etc. and
provide regular and steady income to investors.
Magnum Children's Benefit Plan
Magnum Income Plus Fund - Saving Plan
Magnum Income Fund Floating Rate Plan - SavingsPlus Bond Plan
Magnum Income Fund Floating Rate Plan - LongTerm
Magnum Income Fund
SBI Dynamic Bond Fund
Magnum Gilt Fund - Short Term Plan
Magnum Gilt Fund - Long Term Plan
SBI Short Horizon Debt Fund - Short Term Fund
SBI Short Horizon Debt Fund - Ultra Short TermFund
http://www.sbimf.com/Products/DebtSchemes/Magnum_Childrens_Benefit_Plan.aspxhttp://www.sbimf.com/Products/DebtSchemes/Magnum_Income_Plus_Fund_Saving_Plan.aspxhttp://www.sbimf.com/Products/DebtSchemes/Magnum_Income_Fund_Floating_Rate_Saving_Plus_Bond.aspxhttp://www.sbimf.com/Products/DebtSchemes/Magnum_Income_Fund_Floating_Rate_Saving_Plus_Bond.aspxhttp://www.sbimf.com/Products/DebtSchemes/Magnum_Income_Fund_Floating_Rate_Saving_Plus_Bond.aspxhttp://www.sbimf.com/Products/DebtSchemes/Magnum_Income_Fund_Floating_Rate_Saving_Plus_Bond.aspxhttp://www.sbimf.com/Products/DebtSchemes/Magnum_Income_Fund_Floating_Rate_Plan_Long_Term.aspxhttp://www.sbimf.com/Products/DebtSchemes/Magnum_Income_Fund_Floating_Rate_Plan_Long_Term.aspxhttp://www.sbimf.com/Products/DebtSchemes/Magnum_Income_Fund_Floating_Rate_Plan_Long_Term.aspxhttp://www.sbimf.com/Products/DebtSchemes/Magnum_Income_Fund_Floating_Rate_Plan_Long_Term.aspxhttp://www.sbimf.com/Products/DebtSchemes/Magnum_Income_Fund.aspxhttp://www.sbimf.com/Products/DebtSchemes/SBI_Dynamic_Bond_Fund.aspxhttp://www.sbimf.com/Products/DebtSchemes/Magnum_Gilt_Fund_Short_Term.aspxhttp://www.sbimf.com/Products/DebtSchemes/Magnum_Gilt_Fund_Long_Term.aspxhttp://www.sbimf.com/Products/DebtSchemes/SBI_Short_Horizon_Debt_Fund_Short_Term_Fund.aspxhttp://www.sbimf.com/Products/DebtSchemes/SBI_Short_Horizon_Debt_Fund_Ultra_Short_Term_Fund.aspxhttp://www.sbimf.com/Products/DebtSchemes/SBI_Short_Horizon_Debt_Fund_Ultra_Short_Term_Fund.aspxhttp://www.sbimf.com/Products/DebtSchemes/SBI_Short_Horizon_Debt_Fund_Ultra_Short_Term_Fund.aspxhttp://www.sbimf.com/Products/DebtSchemes/SBI_Short_Horizon_Debt_Fund_Ultra_Short_Term_Fund.aspxhttp://www.sbimf.com/Products/DebtSchemes/SBI_Short_Horizon_Debt_Fund_Ultra_Short_Term_Fund.aspxhttp://www.sbimf.com/Products/DebtSchemes/SBI_Short_Horizon_Debt_Fund_Ultra_Short_Term_Fund.aspxhttp://www.sbimf.com/Products/DebtSchemes/SBI_Short_Horizon_Debt_Fund_Short_Term_Fund.aspxhttp://www.sbimf.com/Products/DebtSchemes/Magnum_Gilt_Fund_Long_Term.aspxhttp://www.sbimf.com/Products/DebtSchemes/Magnum_Gilt_Fund_Short_Term.aspxhttp://www.sbimf.com/Products/DebtSchemes/SBI_Dynamic_Bond_Fund.aspxhttp://www.sbimf.com/Products/DebtSchemes/Magnum_Income_Fund.aspxhttp://www.sbimf.com/Products/DebtSchemes/Magnum_Income_Fund_Floating_Rate_Plan_Long_Term.aspxhttp://www.sbimf.com/Products/DebtSchemes/Magnum_Income_Fund_Floating_Rate_Plan_Long_Term.aspxhttp://www.sbimf.com/Products/DebtSchemes/Magnum_Income_Fund_Floating_Rate_Saving_Plus_Bond.aspxhttp://www.sbimf.com/Products/DebtSchemes/Magnum_Income_Fund_Floating_Rate_Saving_Plus_Bond.aspxhttp://www.sbimf.com/Products/DebtSchemes/Magnum_Income_Plus_Fund_Saving_Plan.aspxhttp://www.sbimf.com/Products/DebtSchemes/Magnum_Childrens_Benefit_Plan.aspx8/2/2019 Pawan Sb Imf
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Hybrid Schemes
These schemes invest in a mixture of debt and equity securities in different proportions as
prescribed in the Scheme Information Document.
Magnum Balanced Fund
Magnum NRI Investment Fund - Flexi Asset Plan
Magnum Income Plus Fund - Investment Plan Magnum Monthly Income Plan
Magnum Monthly Income Plan Floater
SBI Capital Protection Oriented Fund Series I
SBI Capital Protection Oriented Fund Series II
SBI Capital Protection Oriented Fund Series III
http://www.sbimf.com/Products/HybridSchemes/Magnum_Balanced_Fund.aspxhttp://www.sbimf.com/Products/HybridSchemes/Magnum_NRI_Investment_Fund.aspxhttp://www.sbimf.com/Products/HybridSchemes/Magnum_Income_Plus_Fund_Investment_Plan.aspxhttp://www.sbimf.com/Products/HybridSchemes/Magnum_Monthly_Income_Plan.aspxhttp://www.sbimf.com/Products/HybridSchemes/Magnum_Monthly_Income_Plan_Floater.aspxhttp://www.sbimf.com/Products/HybridSchemes/SBI_Capital_Protection_Oriented_Fund_Series_I.aspxhttp://www.sbimf.com/Products/HybridSchemes/SBI_Capital_Protection_Oriented_Fund_Series_II.aspxhttp://www.sbimf.com/Products/HybridSchemes/SBI_Capital_Protection_Oriented_Fund_Series_III.aspxhttp://www.sbimf.com/Products/HybridSchemes/SBI_Capital_Protection_Oriented_Fund_Series_III.aspxhttp://www.sbimf.com/Products/HybridSchemes/SBI_Capital_Protection_Oriented_Fund_Series_II.aspxhttp://www.sbimf.com/Products/HybridSchemes/SBI_Capital_Protection_Oriented_Fund_Series_I.aspxhttp://www.sbimf.com/Products/HybridSchemes/Magnum_Monthly_Income_Plan_Floater.aspxhttp://www.sbimf.com/Products/HybridSchemes/Magnum_Monthly_Income_Plan.aspxhttp://www.sbimf.com/Products/HybridSchemes/Magnum_Income_Plus_Fund_Investment_Plan.aspxhttp://www.sbimf.com/Products/HybridSchemes/Magnum_NRI_Investment_Fund.aspxhttp://www.sbimf.com/Products/HybridSchemes/Magnum_Balanced_Fund.aspx8/2/2019 Pawan Sb Imf
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Liquid Schemes
The strategy for liquid funds include investments in short investment horizon, which includes
'cash' assets such as treasury bills, certificates of deposit and commercial paper.
Magnum InstaCash Fund
Magnum InstaCash Fund-Liquid Floater
SBI Premier Liquid Fund
Exchange Traded Schemes
ETFs are nothing but a basket of securities that are traded on the stock exchange.
SBI Gold Exchange Traded Scheme
http://www.sbimf.com/Products/LiquidSchemes/Magnum_InstaCash_Fund.aspxhttp://www.sbimf.com/Products/LiquidSchemes/Magnum_InstaCash_Fund-Liquid_Floater_Plan.aspxhttp://www.sbimf.com/Products/LiquidSchemes/SBI_Premier_Liquid_Fund.aspxhttp://www.sbimf.com/Products/ExchangedTradedSchemes/SBI_Gold_Exchange_Traded_Scheme.aspxhttp://www.sbimf.com/Products/ExchangedTradedSchemes/SBI_Gold_Exchange_Traded_Scheme.aspxhttp://www.sbimf.com/Products/ExchangedTradedSchemes/SBI_Gold_Exchange_Traded_Scheme.aspxhttp://www.sbimf.com/Products/LiquidSchemes/SBI_Premier_Liquid_Fund.aspxhttp://www.sbimf.com/Products/LiquidSchemes/Magnum_InstaCash_Fund-Liquid_Floater_Plan.aspxhttp://www.sbimf.com/Products/LiquidSchemes/Magnum_InstaCash_Fund.aspx8/2/2019 Pawan Sb Imf
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OBJECTIVES
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Objectives:-
To know the preferences for the portfolios.
To identify the factors affecting returns of Mutual funds.
To find out the risk affiliated while investing in Mutual funds and how itimpacts the investment decision.
Comparative study of SBI Mutual fund and other mutual fund (Reliance,Kotak Mahindra, HDFC, Tata, UTI)
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SCOPE
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RESEARCH
METHODOLOGY
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Research Methodology:-
Research methodology is an important tool in any research work. It acts as guideline
and road in completion of research. It is scientific search for data and information on as
particular topic research is search for knowledge.
Type of Research
The research study comes under the analytical research.
Data Sources:-
Secondary Source
Literary reviews Published Financial Reports , Audit Reports Website of SBI Mutual Funds Financial Books
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Data Analysis & Interpretation
Equity Schemes
Fund Name Fund Size (in cr.) Fund Returns (%) Risk Profile
Market
Cap
Assets 6m 1y 3y Standard
Deviation
MagnumCOMMA
15864.33 447.59 -1.92 -2.01 24.33 27.49
Magnum Contra 16432.52 2596.30 4.45 0.82 23.84 27.67
MagnumEmergingBusinesses
3069.82 455.79 1.82 17.55 50.94 33.95
Magnum Equity 84009.04 452.34 6.06 4.58 31.12 25.64
Magnum FMCG 17193.31 62.42 7.20 26.75 42.69 15.24
Magnum Global 4796.65 898.63 1.16 11.72 43.15 31.65Magnum IT 91285.23 40.90 21.30 4.57 46.76 27.35
Magnum Index 87884.39 31.47 7.38 1.03 24.83 26.94
Magnum Midcap 3142.41 216.63 0.37 6.16 34.41 36.87
MagnumMultiCap
33858.30 390.74 5.42 -2.00 21.26 25.99
MagnumMultiplier Plus
22465.79 1039.99 5.37 5.44 27.28 24.64
Magnum Pharma 11929.40 40.97 3.21 12.74 40.00 23.85
SBI ArbitrageOpportunities
21775.78 74.93 6.57 7.95 6.10 0.84
SBI Bluechip 50175.12 692.87 5.98 3.37 25.51 27.61
SBIInfrastructureFund Series 1
40163.29 739.53 -2.64 -7.42 15.97 29.30
SBI One India 26292.13 473.99 6.02 3.28 27.12 27.01
SBI PSU 36745.35 444.18 -1.80 -4.69 - -
SBI TaxAdvantage Series1
7115.35 4650.70 0.47 -3.08 23.98 -
SBI Tax
Advantage Series2
- - - - - -
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0
10000
20000
30000
40000
5000060000
70000
80000
90000
100000
MagnumC
OMMA
MagnumC
ontra
MagnumEm
ergingBusinesses
MagnumE
quity
MagnumF
MCG
MagnumG
lobal
MagnumI
T
MagnumI
ndex
MagnumM
idcap
MagnumM
ultiCap
Magn
umM
ultiplierPlus
MagnumP
harma
SBIArbitrageOpportunities
SBIBluechip
SBIInfrastruc
tureFundSeries1
SBIOneIndia
SBIPSU
SBITaxA
dvantageSeries1
SBITaxA
dvantageSeries2
FundS
ize(
inc
r.
)
Fund Name
Equity Schemes
Market Cap (in cr.)
0
500
1000
1500
2000
2500
3000
3500
4000
4500
5000
Magnum
COMMA
MagnumC
ontra
MagnumE
mergingB
usinesses
Magnu
mE
quity
Magn
umF
MCG
MagnumG
lobal
M
agnumI
T
MagnumI
ndex
Magnu
mM
idcap
Magnum
MultiCap
MagnumM
ultiplierPlus
MagnumP
harma
SBIArbitrageOpp
ortunities
SB
IBluechip
SBIInfrastructureFun
dSeries1
SBI
OneIndia
SBIPSU
SBITaxAdvantag
eSeries1
SBITaxAdvantag
eSeries2
FundS
ize(inc
r.)
Fund Name
Equity Schemes
Assets (in cr.)
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Interpretation
From the above table and graph,As per the fund size, as usual funds from SBI brands have largest Assets under Management(incr.) this shows the Brand SBI has no problem when it comes to raising funds. Like SBI Arbitrage
Opportunities has highest AUM in the schemes only preceded by other funds and Magnum ITposses highest value of the fund in the market.
As per the fund return , funds from SBI brand are in best funds, thats shows how well theportfolios are managed by the concerned Fund Managers. Magnum IT has performed very wellin last six months which shows the funds ability to withstand ups and downs in the market and
from last one year give lowest return as compared to last three year. It also gives fluctuating rateof returns.
As per risk profile , Standard Deviationis the measure which shows variability in the returns
from the mean return, therefore it is considered to be the direct measure of risk.As Both SBI funds have highest Standard Deviation, it shows that these funds aremost aggressive in nature than other funds.it shows that high risk high return.
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Debt / Income Schemes
Fund Name Fund Size (in cr.) Fund Returns (%) Risk Profile
MarketCap
Assets 6m 1y 3y StandardDeviation
MagnumFloating Rate LTRetail
- 5.25 4.85 9.76 6.75 0.35
MagnumFloating RateSaving PlusBond
- 56.17 4.65 9.73 7.06 0.23
Magnum GiltLong Term
- 154.21 5.34 8.01 3.09 3.33
Magnum GiltShort Term
- 24.24 5.09 8.86 4.86 0.91
Magnum Income - 45.81 5.47 10.41 6.28 1.88
Magnum IncomePlus Sav
- 1.91 3.25 7.10 4.39 0.93
SBI DynamicBond
- 70.33 6.66 12.90 7.66 1.93
SBI ShortHorizon DebtShort Term Inst
- 419.09 4.07 9.08 6.68 0.66
SBI ShortHorizon DebtUltra ST Inst
- 6233.10 4.59 9.30 6.84 0.15
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Interpretation
From the above table and graph,As per the fund size, SBI has own brands name in the market and largest Assets underManagement(in cr.) therefore no problem when it comes to raising funds from investors like SBIShort Horizon Debt Ultra ST Inst has highest AUM in the schemes only preceded by otherfunds .
As per the fund return , funds shows how well the portfolios are managed by the concernedFund Managers. SBI Dynamic Bond has performed very well in last six months, one year andalso last three year which shows the funds ability to withstand ups and downs in the market andalso give the fixed rate returns.
As per risk profile , Magnum Gilt Long Term funds have highest Standard Deviation, it showsthat these funds are most risky in nature than other funds..
0
1000
2000
3000
4000
5000
6000
7000
FundS
ize(
inc
r.
)
Fund Name
Debt / Income Schemes
Assets (in cr.)
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Interpretation
From the above table and graph,
As per the fund size, as usual funds from SBI brands have largest Assets under Management(incr.) this shows the Brand SBI and effective Marketing Strategy has no problem when it comes toraising funds. Like Magnum Balanced has highest AUM in the schemes and SBI CapitalProtection Oriented Fund Series 3posses highest value of the fund in the market.
As per the fund return , the portfolios are managed by the concerned Fund Managers.Magnum Income Plus Invhas performed very well in last six months which shows the fundsability to withstand ups and downs in the market and from last three year give highest return tothe investers.
As per risk profile , Standard Deviationis the measure which shows variability in the returnsfrom the mean return, therefore it is considered to be the direct measure of risk it shows thatMagnum Balanced is the highest risky fund.
0
50
100
150
200
250
300
350
400
FundS
ize
(inc
r.
)
Fund Name
Hybrid Schemes
Assets (in cr.)
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Liquid Schemes
Fund Name Fund Size (in
cr.)
Fund Returns
(%)
Risk Profile
Market
Cap
Assets 6m 1y 3y Standard
DeviationMagnumInstaCash
- 1628.72 4.47 8.97 6.44 0.13
MagnumInstaCash LiquidFloater
- 576.43 4.49 9.10 6.52 0.12
SBI PremierLiquid Inst
- 6810.15 4.60 9.20 6.53 0.14
Interpretation
From the above table and graph,
As per the fund size, SBI has effective marketing strategy and easy to raise funds. SBI PremierLiquid Inst has highest AUM in the schemes and fund return last three year give more return ascompare to last six month and one year and it shows that SBI Premier Liquid Inst funds aremost risky in nature than other funds.
0
1000
2000
3000
4000
5000
6000
7000
8000
Magnum InstaCash Magnum InstaCash
Liquid Floater
SBI Premier Liquid Inst
FundS
ize(
inc
r.
)
Fund Name
Liquid Schemes
Assets (in cr.)
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Exchange Traded Fund Schemes
Fund Name Fund Size (in cr) Fund Returns (%) Risk Profile
Market
Cap
Assets 6m 1y 3y Standard
Deviation
SBI Gold ETS - 909.14 6.68 36.90 - -
Interpretation
From the above table and graph, This fund traded on the stock exchange and returns depends
on stock market condition.
0
100
200
300
400
500
600
700
800
900
1000
SBI Gold ETS
FundS
ize(
inc
r.
)
Fund Name
ExchangeTraded Fund Scheme
Assets (in cr.)
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Comparative Study of SBI Mutual Fund Schemes with Others
Comparative Study of SBI Mutual Fund Scheme with other i.e., Reliance, Kotak Mahindra,
HDFC, Tata, UTI on the basis of following schemes:
Equity Large Cap Equity Mid Cap Equity Infrastructure Equity Tax gain
COMPARATIVE STUDY OF SBI
MUTUAL FUND SCHEMES WITH
OTHERS
Reliance HDFCKotak
MahindraTata UTI
On the basis of
followin schemes
Equity Large Cap Equity Mid Cap Equity Infrastructure Equity Tax gain
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Equity Large Cap
Fund Name Fund Size (in cr.) Fund Returns (%) Risk Profile
Market
CapAssets 6m 1y 3y Standard
Deviation
HDFC IndexNifty
88806.91 81.82 4.26 -5.26 24.89 26.57
Kotak Nifty ETF 84031.07 112.50 5.28 -3.83 - -
SBI MagnumIndex
878884.39 31.47 4.98 -4.47 26.90 26.94
Reliance IndexNifty
101052.34 60.38 5.26 -3.81 - -
Tata Index NiftyA
91781.61 9.45 4.95 -4.61 26.36 26.83
UTI Nifty Index 88955.43 174.43 4.64 -4.89 26.28 26.79
0
100000
200000
300000
400000500000
600000
700000
800000
900000
1000000
HDFC
Index
Nifty
Kotak
Nifty ETF
SBI
Magnum
Index
Reliance
Index
Nifty
Tata
Index
Nifty A
UTI Nifty
Index
FundS
iz
e(
inc
r,
)
Fund Name
Equity Large Cap Schemes
Market Cap (in cr.)
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Interpretation
From the above table and graph,Fund Size, as visible from table itself that,SBI Magnum Index with its Brand Name andeffective Marketing Strategy has no problem when it comes to raising fund from public. As perthe fund return of last three years all funds has performed very well as compare to last sixmonth and one year. The primary measure of risk i.e. Standard Deviation is highest for SBIMagnum Index which means it is the most risky fund in the category.
0
20
40
60
80
100
120140
160
180
200
HDFC Index
Nifty
Kotak Nifty
ETF
SBI
Magnum
Index
Reliance
Index Nifty
Tata Index
Nifty A
UTI Nifty
Index
FundS
ize(
inc
r.
)
Fund Name
Equity Large Cap Scheme
Assets (in cr.)
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Equity Mid Cap
Fund Name Fund Size (in cr.) Fund Returns (%) Risk Profile
Market
CapAssets 6m 1y 3y Standard
Deviation
HDFC Mid-CapOpportunities
4688.25 1700.35 3.09 11.96 44.29 24.49
Kotak Mid-Cap 4866.51 266.67 0.36 3.22 35.03 28.74
SBI MagnumMid-Cap
3142.41 216.63 -2.14 1.51 36.50 36.87
Reliance EquityOpportunities
15257.21 3159.22 6.12 5.96 45.09 27.94
Tata Growth 5631.32 38.82 0.62 4.96 34.44 28.16
UTI Mid-Cap 3155.34 282.59 -2.36 -0.20 37.44 28.68
0
2000
4000
6000
8000
10000
12000
14000
16000
18000
FundS
ize(
inc
r.
)
Fund Name
Equity Mid Cap Schemes
Market Cap (in cr.)
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Interpretation
From the above table and graph,Fund Size, as visible from table itself that, RelianceEquity Opportunities was using effective
Marketing Strategy to raise fund from public. As per the fund return of last three years all fundshas performed very well as compare to last six month and one year. The primary measure of riski.e. Standard Deviation is highest for SBIMagnum Mid-Cap which means it is the most riskyfund in the category.
0
500
1000
1500
2000
2500
3000
3500
FundS
ize(
inc
r.
)
Fund Name
Equity Mid Cap Schemes
Assets (in cr.)
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Equity Infrastructure
Fund Name Fund Size (in cr.) Fund Returns (%) Risk Profile
Market
CapAssets 6m 1y 3y Standard
Deviation
HDFCInfrastructure
12545.63 735.93 1.86 -6.95 32.12 32.80
RelianceInfrastructureRetail
5577.74 671.24 3.01 -13.87 - -
SBIInfrastructureFund Series 1
41237.15 739.33 -5.69 -10.46 17.80 29.30
Tata
Infrastructure36310.90 1154.69 -0.19 -8.91 21.93 29.52
UTIInfrastructure 33253.30 2045.80 -0.92 -10.25 13.44 27.49
0
5000
10000
15000
2000025000
30000
35000
40000
45000
FundS
ize
(inc
r.
)
Fund Name
Equity Infrastructure Schemes
Market Cap (in cr.)
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Interpretation
From the above table and graph,Fund Size, as visible from table itself that, SBI Infrastructure Fund Series 1 with its Brand
Name and effective Marketing Strategy has no problem when it comes to raising fund frompublic. As per the fund return of last three years all funds has performed very well as compareto last six month and one year. The primary measure of risk i.e. Standard Deviation is highest forHDFC Infrastructure which means it is the most risky fund in the category.
0
500
1000
1500
2000
2500
HDFC
Infrastructure
Reliance
Infrastructure
Retail
SBI
Infrastructure
Fund Series 1
Tata
Infrastructure
UTI
Infrastructure
FundS
ize(inc
r.
)
Fund Name
Equity Infrastructure Schemes
Assets (in cr.)
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Equity Tax gain
Fund Name Fund Size (in cr.) Fund Returns (%) Risk Profile
Market
CapAssets 6m 1y 3y Standard
Deviation
HDFC LTAdvantage
28876.17 819.52 4.91 1.49 37.18 24.73
Kotak Tax Saver 28957.28 427.41 4.20 -1.53 29.06 27.71
SBI MagnumTax gain
34647.55 4632.73 5.27 1.15 28.80 25.45
Reliance TaxSaver
9737.61 1841.22 5.90 5.63 34.56 25.96
Tata Tax Saving 38269.56 123.88 3.42 2.13 30.56 22.95
UTI Equity TaxSaving
43767.43 449.87 1.46 -2.22 24.75 23.33
0
5000
10000
15000
20000
25000
30000
35000
40000
45000
50000
FundS
ize(
inc
r.
)
Fund Name
Equity Tax gain Schemes
Market Cap (incr.)
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Interpretation
From the above table and graph,Fund Size, as visible from table itself that, SBI Magnum Tax gain SBI with its Brand Name
and effective Marketing Strategy has used to raise fund from public. As per the fund return oflast three years all funds has performed very well as compare to last six month and one year. TheStandard Deviation is highest for Kotak Tax Saver which means it is the most risky fund in thecategory.
0
500
1000
1500
2000
2500
3000
3500
40004500
5000
HDFC LT
Advantage
Kotak Tax
Saver
SBI
MagnumTaxgain
Reliance
Tax Saver
Tata Tax
Saving
UTI Equity
Tax Saving
FundS
ize(
inc
r.
)
Fund Name
Equity Tax gain Schemes
Assets (in cr.)
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Factors Affecting the Return of Mutual Fund:
The major affecting factors are to take decision in investment of Mutual Fund:
Inflation has always been one of the most important macroeconomic factoraffection the country. It represents the general price level of the country. Inflation
has always lowered the actual return from bank savings. Inflation risk also occurs
when prices rise faster than your returns.
Changes in Government Policy in general and changes in tax benefits applicableto mutual funds may impact the returns to investors in the respective Scheme
Changes in Government policy.
Changes in the market conditions, factors and forces affecting capital marketin particular, level of interest rates, various market related factors, settlement periods
and transfer procedures affect the return of mutual fund.
Changing interest rates affect both equities and bonds in many ways.
Units issued under the Schemes can go up or down depending on the factorsand forces affecting capital markets.
The Mutual Fund schemes are not guaranteeing or assuring any returns. TheMutual fund schemes are also not assuring that it will make monthly/Quarterly
dividend distributions, though it has every intention of doing so.
Past performance of the Sponsor / Investment Manager / Mutual Fund does notindicate the future performance of the Schemes and may not necessarily provide a
basis of comparison with other investments. The name of the Schemes do not in any
manner, indicate either the quality of the Schemes or its future prospects or returns.
Liquidity Risk can be partly mitigated by diversification, staggering of maturitiesas well as internal risk controls that lean towards purchase of liquid securities.
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Risks Associated with Mutual Funds:-
Investing in Mutual Funds, as with any security, does not come without risk. One of the most
basic economic principles is that risk and reward are directly correlated. In other words, the
greater the potential risk the greater the potential return. The types of risk commonlyassociated with Mutual Funds are:
Types of Risk Impact of Risk
Systematic Risk Systematic riskinfluences a large number ofassets. A significant political event, forexample, could affect several of the assets inyour portfolio. It is virtually impossible to
protect yourself against this type of risk.Market Risk At times the prices or yields of all the
securities in a particular market rise or falldue to broad outside influences. When thishappens, the stock prices of both anoutstanding, highly profitable company and afledgling corporation may be affected. Thischange in price is due to market risk.
Inflation Risk Sometimes it is referred to as loss ofpurchasing power. Whenever the rateof inflation exceeds the earnings on your investment,you run the risk that you will actually be able to buyless, not more.
Credit Risk In short, how stable is the company or entity to whichyou lend your money when you invest? How certainare you that it will be able to pay the interest you arepromised, or repay your principal when theinvestment matures?
Interest Rate Risk Changing interest rates affect both equitiesand bonds in many ways. Bond prices areinfluenced by movements in the interest ratesin the financial system. Generally, wheninterest rates rise, prices of the securities falland when interest rates drop, the pricesincrease. Interest rate movements in theIndian debt markets can be volatile leading tothe possibility of large price movements upor down in debt and money market securitiesand thereby to possibly large movements in
the NAV.
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Investment Risk
In the sectored fund schemes, investmentswill be predominantly in equities of selectedcompanies in the particular sectors.Accordingly, the NAV of the schemes arelinked to the equity performance of such
companies and may be more volatile than amore diversified portfolio of equities.
Liquidity Risk Thinly traded securities carry the danger of not beingeasily saleable at or near their real values. Thefund manager may therefore be unable toquickly sell an illiquid bond and this mightaffect the price of the fund unfavorably.Liquidity risk is characteristic of the Indianfixed income market.
Unsystematic Risk It is sometimes referred to as "specific risk".This kind of risk affects a very small numberof assets. An example is news that affects aspecific stock such as a sudden strike byemployees. Diversification is the only way toprotect yourself from unsystematic risk. (Wewill discuss diversification later in thistutorial).
Now that we've determined the fundamentaltypes of risk, let's look at more specific typesof risk, particularly when we talk aboutstocks and bonds.
http://www.investopedia.com/terms/d/diversification.asphttp://www.investopedia.com/terms/s/stock.asphttp://www.investopedia.com/terms/b/bond.asphttp://www.investopedia.com/terms/b/bond.asphttp://www.investopedia.com/terms/s/stock.asphttp://www.investopedia.com/terms/d/diversification.asp8/2/2019 Pawan Sb Imf
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CONCLUSION
AND FINDINGS
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Conclusion and Findings
The Affecting factors for return in Mutual fund are equity fund, diversification ofmutual fund. Inflation, Fluctuation in market, liquidity, credit risk, interest rate risk
current market conditions and alternative investment returns, investment strategy of
investors etc.
The most preferred Portfolio was Equity, the second most was Balance (mixture ofboth equity and debt), and the least preferred Portfolio was Debt portfolio
It is well known that now-a-days, mutual funds are the most popular & safe parameterfor the investor to invest. Keeping the present and future aspects regarding the mutual
fund in India, it is easy to conclude that market will give enough to an investor for along period.
The performance of mutual funds in term of mean rate of return and standarddeviation is easily understood and helps investors to decide which mutual funds are
performing well and mutual funds are not.
People with less experience were inclined towards investment in the Mutual Funds. Itattracted as a safer avenue as compared to share market
Maximum Number of Investors Preferred Growth Option for returns, the second mostpreferred Dividend Payout and then Dividend Reinvestment
The various types of risks are involved in the mutual fund schemes i.e. Systematicrisk,market risk, inflation risk, unsystematic risk, liquidity risk, investment risk, interest rate
risk etc.
Mutual Funds are more of an investment option than the speculative avenue. Peopletend to gain through long investments rather than through short term.
Mutual Fund is also getting more and more famous in Indian market as many privatecompanies innovating new funds as the investors demand
SBI mutual fund is best investment option for the investors who willing to take morerisk and want more return. These funds generate more return as the risk is also high
in this fund
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SUGGESTION
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Suggestion
With the developing economy of the country, scope of mutual fund is synonymouslyincreasing at all the geographical locations of the country. Therefore, branches of
brokers of mutual fund should be increased in Nagpur
For the investors who have small amount to invest but still they want to participatein equity or debt market, such investors should have to invest in Mutual Fund
Investors should go for mutual fund investment because mutual fund providemaximum return when compared with other traditional investment option available
Before investing in mutual fund investors should take into consideration variousanalytical tools available in market for measuring the performance of the schemes
There is lack of awareness among people about mutual funds so there should be moreadvertising and other promotional campaigns to make them aware.
People are more interested in investing in equity funds rather than debt funds becausecompanies are promoting more for equity funds. Companies should equally promote
debt funds also as the provide security to customers.
Companies should give knowledge to its customer about its computerized operationsto save their time and to make the operations easier.
The Asset Management Company must design the portfolio in such a way, toincrease the returns.
The Asset Management Company must dedicate itself, because it motivates theinvestors and potential investors to invest in Mutual Funds.
Interest amongst investors in the mutual fund market could be possible with theinitiatives of making them aware about the companies at top level and brokers at the
ground level
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LIMITATIONS
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Limitations:-
The study is limited only to the analysis of different schemes and itssuitability to different investors according to their risk-taking ability.
The study is based just on secondary data available from monthly fact sheets,websites and other books.
The study is limited to the detailed study of various schemes of Five AssetManagement Companies only.
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BIBLIOGRAPHY
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Bibliography
Books:-
Sr. N. Title Author Publication Edition
1 The Indian
Financial System
Bharati V. Pathak Pearson Second
2 Indian Financial
System
Dr. G Ramesh
Babu
Himalaya Publishing
House
First
3 Research
Methodology
C.R. Kothari New Age
InternationalPublisher
Second
Websites:-
www.sbimf.com
www.mutualfundsindia.com
www.valueresearchonline.com
www.moneycontrol.com
http://www.sbimf.com/http://www.mutualfundsindia.com/http://www.valueresearchonline.com/http://www.moneycontrol.com/http://www.moneycontrol.com/http://www.valueresearchonline.com/http://www.mutualfundsindia.com/http://www.sbimf.com/