The Management of Mutual Funds

Transcription

1 The Management of Mutual Funds

2 G.V. Satya Sekhar The Management of Mutual Funds

3 Dr. G.V. Satya Sekhar MBA, Ph.D GITAM University India ISBN ISBN (ebook) DOI / Library of Congress Control Number: The Editor(s) (if applicable) and The Author(s) 2017 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. Th e use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Th e publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, express or implied, with respect to the material contained herein or for any errors or omissions that may have been made. Cover illustration: Apostrophe / Alamy Stock Photo Printed on acid-free paper Th is Palgrave Macmillan imprint is published by Springer Nature Th e registered company is Springer International Publishing AG Th e registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland

4 Contents 1 Introduction 1 2 Review of Literature 37 3 Corporate Governance 61 4 Benchmarking 95 5 Asset Management Portfolio Management Role of the Fund Manager 149 Appendix: Challenges Faced by Global Financial Markets, v

5 vi Contents Bibliography 171 Index 177

6 List of Figures Fig. 1.1 Mutual fund structure ( Source : Prepared by author) 4 vii

7 List of Tables Table 1.1 Mobilization of resources by mutual funds: (Rs. crore) 14 Table 1.2 Cumulative savings mobilized by financial institutions during Table 1.3 A select private sector mutual fund and foreign partners 15 Table 1.4 Growth of the mutual fund industry AUM 18 Table 1.5 Assets under management during April 2000 April Table 4.1 UTI Equity Fund-comparison with benchmark fund as on January 26, Table 4.2 SBI Blue Chip Fund Direct Plan (G) (Rank 1) comparison with benchmark fund as on January 26, Table 4.3 Birla Sun Life Frontline Equity Fund (G)( Rank 2) as on January 26, Table 4.4 SBI Magnum Equity Fund (G) (Rank-3) comparison with benchmark fund as on January 26, Table 4.5 HSBC Equity Fund (G) comparison with benchmark fund as on January 26, Table 4.6 HDFC Index Fund Sensex Plus Plan Direct Plan 103 ix

8 x List of Tables Table 4.7 HDFC Top 200 Fund (G) 104 Table 4.8 Kotak 50 Regular Plan (G) 104 Table 4.9 IDBI India Top 100 Equity Fund (G) 105 Table 4.10 ICICI Prudential Top 100 Fund (G) 105 Table 5.1 Projections of assets under management by 2020 (in billion US $) 114 Table 5.2 Changes to the MSMF Schemes 118 Table 5.3 PEG Model Derived by Peter Lynch 120 Table 5.4 Product positioning 121 Table 5.5 Asset management UTI Equity Fund 124 Table 5.6. Asset management SBI Blue Chip Fund Direct Plan (G) 124 Table 5.7 HDFC Index Fund Sensex Plus Plan Direct Plan 125 Table 5.8 HDFC Top 200 Fund (G) 125 Table 5.9 Birla Sun Life Frontline Equity Fund (G) 125 Table 5.10 J.P. Morgan India Equity Fund (G) 126 Table 5.11 Kotak 50 Regular Plan (G) 126 Table 5.12 IDBI India Top 100 Equity Fund (G) 126 Table 6.1 ICICI Growth Plan Fund 140 Table 6.2 Franklin India Bluechip Fund 141 Table 6.3 UTI Mastershare Fund 141 Table 6.4 Birla Advantage Fund 142 Table 6.5 Overall performance of the funds 142 Table 6.6 Ranking of select funds 143 Table 6.7 UTI Equity Fund 144 Table 6.8 SBI Blue Chip Fund direct plan (G) 144 Table 6.9 Birla Sun Life Frontline Equity Fund (G) 144 Table 6.10 SBI Magnum Equity Fund (G) 145 Table 6.11 HDFC Index Fund Sensex Plus Plan Direct Plan 145 Table 6.12 HDFC Top 200 Fund (G) 145 Table 6.13 J.P. Morgan India Equity Fund (G) 146 Table 6.14 Kotak 50 Regular Plan (G) 146 Table 6.15 IDBI India Top 100 Equity Fund (G) 146 Table 6.16 ICICI Prudential Top 100 Fund (G) 147 Table 7.1 Average assets under management in India, July to September Table 7.2 Type of fund and nature of investment 159