International Journal of Economics And Business Management
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1 IAARD Journals eissn: International Journal of Economics And Business Management IAARD-International Journal of Economics and Business Management, 2017, 3,5-9 Performance Evaluation and Comparison of Select Mutual Fund Schemes in India B. Suryanarayana Reddy Principal, Jagruthi Degree P.G. College,Bhongir, Nalgonda, Telagana, India... Abstract: Mutual fund is a retail product designed to target small investors, salaried people and others who have limited or no knowledge of the market but would like to gain the benefits of investment in stock market. The small savings of all the investors are put together to increase the buying power and hire a professional manager to invest and monitor the money. As a result of large number of funds, selecting funds can be particularly challenging and difficult. Investors are therefore, increasingly concerned about fund selection and require detailed fund comparisons and advice. The present study focus on the comparison of select funds using Sharpe s and Tryenor s model and ranking accordingly. Keywords: Mutual Funds, Investment, Return, Risk, Sharpe s Model,.... Introduction Mehta, Sheetal (2003) observed that Monthly Investors expect huge returns from the funds Income Plan (MIP) aims to provide reasonable returns on a invested by them. Indian domestic savings as a percentage of monthly basis. While income funds have returned around 6- its GDP is 28%. Investors choose from various forms of 7% in the past six months, MIPs have delivered 7-20%. Most investment avenues like equity, debentures, gold, bank MIPs in the market allocate up to 20% of their portfolio for deposits, postal schemes, insurance, mutual funds etc. mutual investment in equity. The balance is invested in debt. This funds is one of the avenue which has changed the investment means MIPs were automatically more risky than pure debt pattern of small investors in India. As a medium to long term funds but less so than balanced funds. investment option, mutual funds are preferred as a suitable (S. Narayan Rao. et.al) Performance evaluation of investment option by investors. Indian mutual funds were measured in a bear market through Mutual fund refers to a fund which is raised by an relative performance index, risk- return analysis, Treynor s asset management company by pooling the savings of a ratio, Sharpe s ratio, Jensen measure and Fama s Measure number of investors who share a common financial goal. and the results suggested that most of mutual fund schemes Money which is collected is invested by the fund manager in in the sample were able to satisfy investor s expectations by securities to earn return in the form of interest and capital giving excess returns over expected returns based on both appreciation. The returns earned through the investments are premium for systematic risk and total risk. shared among unit holders in proportion to the units they Cutubertson Nitzsche and Sullivan (2005) used a own. Mutual funds are safer which provides steady returns bootstrap mythology to distinguish between skill and luck will low risks and high liquidity. when it comes to performance evaluation of mutual funds. The present study has been considered to evaluate The study pointed to the existence of genuine stock picking and compare the performance of select mutual funds and to ability among a small number of top performing UK equity rank them using Sharpe s index and Treynor s index. mutual funds. It was found that some of the top ranked equity Following are the some of the income funds and equity growth funds showed genuine stock picking skills, where as such ability was not found among small stock funds and general equity funds. It was also found that positive performance was attributable to luck. Objectives of the Study: 1. To evaluate the performance of select mutual fund schemes offered in India using measures of Sharpe s index and Treynor s index. 2. To compare and rank the performance of mutual funds. Literature Review A risk- adjusted measure of portfolio performance was used to estimate how much a manager s forecasting ability contributes to fund s return (Michael C. Jensen, 1967). (Turan M.S., et al, 2001) evaluated the performance of 54 listed schemes of mutual funds belonging to UTI, private and public sectors using risk adjusted return measures of Sharpe and Treynor and Jensen. The study concluded that fund managers adopt defensive strategy for portfolio management and the mutual fund industry had failed miserably. Research Methodology: For the purpose of the study, secondary data was used. To evaluate the performance of mutual funds three schemes were selected. The three schemes are: equity funds, MIP funds, balanced funds. Funds offered by different companies and institutions from each category were selected to analyze and compare. The various tools used for the study are average return, standard deviation, beta, and the performance measurement tools Sharpe index and Treynor index. Treasury bills return was considered as risk free return. One year time period was considered for the evaluation of performance of mutual funds. The funds were chosen randomly from the available ones. The Models: B. Suryanarayana Reddy Page No.5
2 IAARD-International Journal of Economics and Business Management, 2017, 3,5-9 The Sharpe ratio is a measure of the mean excess return per unit of risk in an investment asset. It is defined as St = R p - R f where Rp Avereage return to portfolio Rf Risk free rate of interest Deviation Sharpe s performance index gives a single value to be used for the performance ranking of various funds or portfolios. Sharpe index measures the risk premium of the portfolio relative to the total amount of risk in the portfolio. The risk premium is the difference between the portfolio s average rate of return and the risk less rate of return. The standard deviation of the portfolio indicates the risk. Ty = R p - R f Equity Fund: Sharpe s model Average return for 2006 to 2011 (annualized return) where Rp- Average return to portfolio Rf- Risk less rate of interest, Beta coeffecient According to Jack Treynor s, systematic risk or beta is the appropriate measure of risk as suggested by capital asset pricing model. The Treynor s measure realtes to the excess return on a portfolio to the portfolio beta. It reflects the excess return earned per unit of risk. This measure implicity assumes that the portfolio is well diversified. (ref:prassana chandra)treynor ratio is based on the concept of characteristic line. Characteristic line gives the relation between a given market return and fund s return. The fund s performance is measured in relation to market performance. Deviation( % ) (S t ) Birla sun life equity Canara Robeco Equity Fidelity JM HDFC Reliance Franklin Templeton UTI Religare In the category of equity fund, the average return of select equity fund ranges from the low of 3.69 % to high of 18.14%. The standard deviation ranges from to Equity Fund: Average return for 2006 to 2011 (annualized return) Β Birla sun life equity Canara Robe co Equity Fidelity JM HDFC Reliance Franklin Templeton UTI Religare In the category of equity fund, the average return of select equity fund ranges from the low of % to high of %. The Beta ranges from to B. Suryanarayana Reddy Page No.6
3 IAARD-International Journal of Economics and Business Management, 2017, 3,5-9 MIP (Income Fund): Sharpe s model Average return for 2006 to 2011 (annualized return) Deviation(%) Birla sun life insurance FT India MIP HDFC Income HSBC MIP(regular) HSBC MIP (savings) ICICI Prud Income ING Income JM MIP LIC MF MIP Reliance MIP Tata MIP (S t ) (11) (10) In the category of MIP fund, the average return of select equity fund ranges from the low of 2.33 % to high of 6.56%. The standard deviation ranges from -0.64% to 8.04%. MIP (Income Fund): Average return for 2006 to 2011 (annualized return) Birla sun life insurance 4.25 FT India MIP 4.39 HDFC Income 5.09 HSBC MIP(regular) 3.64 HSBC MIP (savings) 4.25 ICICI Prud Income 2.54 ING Income 4.27 JM MIP 3.25 LIC MF MIP 3.95 Reliance MIP 6.56 Tata MIP (10) (11) B. Suryanarayana Reddy Page No.7
4 IAARD-International Journal of Economics and Business Management, 2017, 3,5-9 In the category of MIP fund, the average return of select equity fund ranges from the low of % to high of 6.56 %. The Beta ranges from 0.03 to Balanced Funds: Sharpe s Model Birla Sun life 95 HDFC Balance Kotak Balance LIC MF Balance Reliance Regular savings Balanced Tata Balanced UTI Balanced Fund Average return for 2006 to 2011 (annualized return) Deviation (%) (S t ) In the category of Balanced fund, the average return of select equity fund ranges from the low of 6.48 % to high of 15.66%. The standard deviation ranges from 23.06% to 28.85% Birla Sun life 95 HDFC Balance Kotak Balance LIC MF Balance Reliance Regular savings Balanced Tata Balanced UTI Balanced Fund Average return for 2006 to 2011 (annualized return) In the category of balanced fund, the average return of select balanced fund ranges from the low of 6.48 % to high of %. The Beta ranges from 0.97 to 1.06 Findings: In the category of equity fund, the results of Sharpe s model indicated that fidelity fund has been performed well among the select mutual funds followed by JM equity fund and Franklin Templeton. The results of Treynor s model indicated that Fidelity has been performed well among the select mutual funds followed by Franklin Templeton and JM. In the category of MIP fund, the results of Sharpe s model ICICI Pru Income has performed well among the select mutual funds followed by JM MIP and HSBC MIP (savings). The results of Treynor s model indicated that Reliance MIP has performed well followed by HSBC MIP (savings) and FT India MIP. In the category of Balanced Funds, the results of Sharpe s model indicated that Reliance Regular savings Balanced has performed well among the select mutual funds followed by HDFC Balance and Birla Sun life 95. The results of Treynor s model indicated that HDFC Balance has performed well followed by Reliance Regular savings and Birla Sun life 95. B. Suryanarayana Reddy Page No.8
5 IAARD-International Journal of Economics and Business Management, 2017, 3,5-9 The worst performing mutual funds among the various categories can be identified. Reliance mutual fund from equity fund category, ING income from MIP category, LIC MF balance form the balanced funds are the worst performed funds for the period. Suggestions: While selecting the mutual funds, one should consider the long term performance along with the company s good will, future prospects, the various market factors like government policies, economic situations and the general trend in the particular sector. One can invest a small amount every month in selected mutual fund with SIP for a specific time period. An investor can take advantage of fluctuations in the stock market. Conclusion: Investing demands focus, constant attention and constant monitoring to prevent capital erosion. All Mutual fund companies have come forward with varying schemes to meet the needs of the populace. 2. Ippolito R A, Financial Analysts Journal, 42-50, l(49), Goetzmann W N and Ibbotson R G (1994), Journal of Portfolio Management, Vol. 20, pp Athanasious G Noulas, John A Papanastasiou and John Lazaridis, Managerial Finance, ,, Gordon J Alexander, Jonathan D Jones and Peter J Nigro, Managerial Finance, 5-29,23( 8), John N Sorros, Managerial Finance, 21-28, 29, Brian J Glenn, Managerial Finance, ,30(12), Volkman D A and Wohar M E, Journal of Financial Research, , 18, moneycontrol.com, References: 1. Navdeep aggarwal and Mohit Gupta (The ICFAI Journal of applied finance, B. Suryanarayana Reddy Page No.9
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