Asia Pacific Journal of Research Vol: I Issue XIV, February 2014 ISSN: , E-ISSN

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1 PERFORMANCE OF SELECTED EQUITY GROWTH MUTUAL FUNDS IN INDIA AN EMPIRICAL STUDY DURING 1 ST JUNE 2010 TO 31 ST MAY C.Srinivas Yadav, Asst.Professor, Dept.of commerce, Sri Sathya Sai Institute of Higher Learning, Brindavan Campus. csrinivasyadav@sssihl.edu.in 2 Hemanth N C, Student (II MFM Class), Dept.of commerce,sri Sathya Sai Institute of Higher Learning, Brindavan Campus ABSTRACT The study we have undertaken is to evaluate performance of selected growth equity funds in India, carried out using portfolio performance evaluation techniques such as Sharpe and Treynor measure. S&P CNX NIFTY has been taken as the benchmark. The study conducted with 15 equity growth Schemes (NAV ) were chosen from top 10 AMCs ( based on AUM) for the period 1 st June 2010 to 31 st may 2013(3 years). Key words: AMC, NAV, S&P CNX NIFTY, Sharpe and Treynor measure Introduction: The NIFTY closing balance on 1 st June 2010(16,572.03), 1 st June 2011(18,608.8), 1 st June 2012(15,965.16) and 31 st may 2013(19,760.30). This is indication of movement of index once in positive ( ), negative ( ) then positive( ) every investor would like know the how securities are doing. The study has done to help investors to take decisions like buy, sell and hold the mutual funds NAV performance of open-ended schemes. Literature review William.F.Sharpe (1966) has done pioneering work on evaluation portfolio using risk adjusted return and risk, chose 34 open-ended mutual funds for the period 1954 to the annual returns of these 34 schemes and the variability was analysed and findings were that the schemes with greater variability offered greater returns. M.Jayadeva (1996) evaluated the performance of two growth oriented mutual fund schemes i.e., Mastergain of UTI and Magnum express of SBI mutual fund. he used studied during June 1992 to march 1994,with help of Jensen, treynor and Sharpe measures. The study found that the alpha values of Mastergain is positive, which indicates that it offers superior returns where as Magnum Page 1

2 express offers inferior returns as the alpha is negative. The reward to volatility of the Mastergain is higher than the benchmark. Subha and Bharathi (2007) have done an empirical study on the performance of selected openended mutual funds schemes in India. 51 open-ended mutual fund schemes across the various AMCs have been chosen for the empirical study. The NAVs from 1 st October 2012 to 30 th September 2005 has been chosen for the analysis. The reason for selecting this time period is that the sensex has crosses 8000 mark and the stock market has seen various changes. They have taken the weekly yields on the 91- day Treasury bill from the annual report of RBI for the same period and it has been used as the risk free rate of return. S&P CNX nifty which accounts 25 sectors of the economy has been use as the benchmark index. Sharpe ratio, Treynor ratio and Jensen differential returns measure are the various measures used in this particular study. The analysis showed that out of 51 schemes selected 18 schemes outperformed the benchmark and the remaining 33 funds could not generate more returns than that of the market. The Jensen s measure alpha shows a positive value for 98% of the funds indicating that most of the funds generated good returns. The coefficient of determination values were very low, which goes on to show that the Indian mutual fund industry is not diversified adequately. Swaroop Debashi (2009) attempted to study the performance of selected schemes of Indian mutual funds with the help of risk-return relationship models. The analysis was mainly based on various measures such as, beta, coefficient of determination, mean return, Sharpe ratio,treynor ratio and Jensen alpha. The objective of the study was to analyse the returns per degree of risk shown by the mutual fund schemes of both public sector and private sector. The period of study is 1997 to They mainly targeted at analysing equity based open-ended mutual funds. NSE NIFTY has been used as the benchmark index. The study found that UTI mutual fund schemes and Franklin Templeton schemes have performed best in the public and private sector respectively. They found that those funds which outperformed the market index were having high R 2 values indicating that the funds were well diversified. The Jensen alpha proved that UTI and SBI outperformed the other funds. Seven schemes have shown negative alpha indicating the failure of those fund managers to forecast the price of securities. Bhuvneshwari and selvam (2011) undertook a study to evaluate the performance of equity mutual funds with dividend option based on risk and return relationship. A sample of 12 mutual fund companies were chosen based on the availability of daily NAVs for whole of the study period for different types of schemes. The sample was categorised into institutions sponsored, private sector, joint ventures and foreign mutual funds. The study period was from January to December The various tools for the analysis are NAV returns, market returns and linear regression. The risk-return measure showed positive returns for 25 schemes out of 35 schemes and it also proved that there is no significant alpha for the funds which showed positive returns. The beta value did not show significant positive relation for more than 50% of the schemes which goes on to prove that there is no positive relationship between the risk and return of sample schemes when compared with the market. They also found that 13 schemes with the dividend option suffered heavily from the market risk. They concluded that Birla equity plan, LICMFF growth fund and Birla sun life equity fund were the top 3 performers. Sukhwinder Kaurdhana et.al. (2012) studied the performance of selected open ended schemes with respect to their risk and return, considering NAVs and the BSE sensex.statistical approach Page 2

3 was used to study the performance. Rate of return method, SD, Beta, Sharpe ratio and Treynor ratio has been used. for the purpose of analysis ten growth schemes of open ended mutual funds are taken and BSE sensex 30 was considered as the benchmark to measure the comparative performance.the data that is considered is for the period starting from 1 st April 2009 and ending on 31 st march 2011.interest rates on the fixed deposits has been taken as the risk free rate for both and which was 6.75% and 8.25% respectively. They have examined the comparative performance of mutual fund schemes with the help of rate of return method, Beta and SD. Reward for variability and volatility was measured through Sharpe and Treynor. They found that in the year HDFC capital builder fund was the top performer. They also found that the Birla sun life advantage fund has more risk than that of the benchmark. In except ING core equity fund and Kotak select focus fund all schemes outperformed BSE sensex and except one all were able to provide more than the benchmark reward for variability and volatility. In the year all the schemes were outperformed by the benchmark. Their study concludes that HDFC top 200 fund, HDFC capital builder and UTI opportunities funds were meeting the expectations of the investors in terms of risk and return. Kalpesh and Patel (2012) evaluated the performance of Indian mutual funds through relative performance index, risk-return analysis, Trenor s ratio, Sharpe measure, Jensons measure and Fama s measure. Top five asset management companies are selected as per AUM as on 30 th September The sample consists of HDFC, ICICI prudential life, Reliance, UTI, Birla Sun Life. Five equity diversified mutual funds schemes each from selected AMC s is selected randomly for the study. The BSE SENSEX is used as a proxy for the market return. Data is taken from January 2007 to December 2011.for this study the yield to maturity of 364 days Treasury bill is taken as risk free rate of return. The study indicated that all the five AMC s selected by them for the study showed positive return during the period of study. HDFC and Reliance mutual fund have outperformed the benchmark return. The beta of all the selected mutual fund companies is less than one, which indicates that the funds are less volatile than the index. In , most of the schemes outperformed the benchmark.treynor s index revealed that the reliance and HDFC mutual funds offered better return for the same level of risk exposure in comparison to the sample of five AMC s chosen. The Sharpe s index of HDFC mutual fund was highest, indicating that it was the best performer. Thyagarajan (2012) attempted to study the growth of the mutual fund industry, the recent developments and the innovations that has been taken place in India. This research mainly focused on Franklin Templeton, HDFC and ICICI prudential mutual fund. The study is for the period The study looked at the performance in order to find out the risk adjusted returns in comparison with their Benchmark indices. The study also conducted a survey to know the investors preferences among mutual fund house and also preferences among the scheme types. The study also consisted of distributors analysis which was carried out in order to know the significant role played by the distributors in influencing the investment decision of an individual. The study found that higher NAV do not necessarily mean that the fund is a very good performer. A fund which consistently performs and which has the ability to outperform the others in the industry and the benchmark is a good performer. The risk adjusted return found out with the help of Sharpe ratio for most of the schemes outperformed the benchmark index. The study observed that the Sharpe ratio for ICICI prudential short term plan was highest, indicating its good performance. The survey conducted on the investors preferences revealed that investors Page 3

4 would like to invest majorly in the growth and income schemes only. The survey of the distributors revealed that the way the distributors explain the features and advantages of the fund influences the investment decision of the investor to a great extent. Mallikarjuna and Rani (2013) measures the risk adjusted performance of few selected balanced mutual fund schemes in India. Ten schemes offered by various asset management companies have been chosen for the period 2010 to The various measures considered are Mean returns, Sharpe ratio, treynor ratio, Jensen alpha and Fama s decomposition measure. The main idea behind the performance evaluation is the comparison of the returns obtained by the schemes through active management by the fund manager. The S&P CNX nifty has been chosen as the Benchmark index. It was observed that during the period of study except kotak balanced fund which had monthly average risk of 6.93 where as market had monthly average risk of 4.45 all the selected schemes had defensive beta values. The Treynor ratio showed that 4 out of the 10 schemes outperformed the benchmark index in 2011 and in total during the study period schemes performed better than the market. The Sharpe ratio revealed that except kotak balanced fund and JM balanced fund all the remaining schemes outperformed the benchmark index. The study concluded by saying that the poor returns can be mainly attributed to the lack of professional management, poor stock picking skills of the fund managers and inadequate diversification. Mohmed Zaheeruddin et, al, (2013) evaluated the performance of mutual funds in India with special reference to selected financial intermediaries. The objective was to investigate the performance of the mutual funds with the help of tools of return, standard deviation and beta. The three AMCs selected for the study are HDFC, Birla sun life and ICICI. The benchmark index was S&P CNX nifty index. The null hypothesis of the study was that the performance evaluation of funds using the performance ratio improves performance of companies and enables the investors to recognize and select the benchmarking companies. They found that the Sharpe ratio of ICICI focused blue chip equity fund was highest (0.18) and so is the treynor ratio of ICICI blue chip fund. The fund which outperformed the benchmark index of CNX nifty index was ICICI focused blue chip fund. The Jensen alpha of ICICI was high which again reiterated that ICICI focused blue chip fund equity fund was the best performer. In contrary, the Birla sun life mutual fund had the highest risk. They concluded by saying that mutual funds are one of the best avenues available for Indian investors, if properly assessed and invested it can give big returns with minimal risk. Research Methodology Research Gap: All researcher in the their study have used sharpe and treynor measures, finds best performer everybody have different finding, that inspired us to take research during 2010 to 2013, we would like to know which open fund is performing better. we have used rank correlation to measure,whether rank are consistent or not. Statement of the problem: Page 4

5 Every individual would like to save money in the safe place and gain for meeting his investment objective, his enquiry in to various mutual funds and know which firm is doing better and how to evaluate them such doubt will be solved in this study Need and significance of the study: Every rational human wants gets maximum return with minimum risk, investors quest to know which AMC s schemes so has invest or hold or sell in case of already bought out. This study helps the investors to know, which the best as per their risk appetite is. SCOPE OF THE STUDY The scope of the study is done by considering historical data of NAV of sample of 15 equity mutual fund schemes during the years 2010 and Objectives: To examine comparative performance of selected open ended schemes with S&P CNX Nifty. Evaluate the performance of selected Mutual fund schemes in terms of their return-risk and using various portfolio evaluation techniques to identify the best fund performer. Sample: In this study an attempt has been made to study 15 equity growth mutual fund Schemes across top ten AMCs ( Based on AUM) for the period 1st June 2010 to 31st May The list of top ten AMCs are shown below. The 15 schemes based on the investment pattern of their portfolio i.e., 75% equity in portfolio Data sources: The data for the analysis has been collected form secondary sources. The data is collected from various websites for various secondary are as follows: The NAV of all the schemes has been taken from the market return i.e. S&P CNX Nifty Index return has been taken from and risk free returns (the average return on the 364 day treasury bill for three periods i.e., 7%, 8.40% and 7.9% for , and respectively) from STATISTICAL TECHNIQUES Risk and return The daily NAV of all the schemes were taken and the log normal returns of all the schemes were found out. The average returns of Log normal returns of NAV and closing index prices. The risk that is associated with the mutual fund schemes is captured with the help of two measure i.e. Beta and standard deviation. The beta is used to measure the systematic risk and the total risk is the standard deviation. Sharpe measure This measure is used to find out the percentage of returns generated over and above risk-free rate and the total risk. Treynor measure Page 5

6 This measure is used to find out the ratio of returns generated over and above the risk- free rate and Systematic risk. PERIOD OF THE STUDY The period that is considered for the current study is three years which is 1st June 2010 to 31st May LIMITATION OF THE STUDY The study consider only secondary data & quantitative data but not primary data and qualitative data (i.e., investors views and perception on the scheme & fund manager experience and team of AMC staff ). It consider data of past three years only, Past performance may or may not sustain in the future, is subject to market risk. Data analysis and interpretation: TABLE 1: ANNUAL RETURNS OF SELECTED SCHEMES Sl no. Name of the Schemes Average 1 HDFC Growth Fund - Growth Option 13.00% -9.08% 11.56% 5.16% 2 Reliance Equity Fund-Growth Plan-Growth Option -4.32% % 21.02% 1.21% 3 ICICI Prudential Top 100 Fund - Regular Plan - Growth 12.03% -3.64% 14.21% 7.53% 4 Birla Sun Life Equity Fund-Plan B(Growth) 3.47% % 17.29% 2.41% 5 Birla Sun Life India Opportunities Fund-Plan B (Growth) 5.17% -9.13% 3.44% -0.17% 6 Birla Sun Life Top 100 Fund -Growth Option 13.52% -8.96% 20.24% 8.27% 7 Kotak Emerging Equity Scheme Growth 2.41% -3.26% 13.96% 4.37% 8 Reliance Quant Plus Fund -Growth Option 15.46% % 16.12% 6.64% 9 Reliance Top 200 Fund- Growth Plan -Growth Option 12.81% -8.01% 15.72% 6.84% 10 Kotak Classic Equity Scheme---Growth 2.66% -4.02% 19.24% 5.96% 11 Kotak-Mid-Cap-Growth 9.42% -7.16% 14.59% 5.62% 12 DSP BlackRock Equity Fund - Regular Plan - Growth 11.90% -9.83% 10.61% 4.23% 13 IDFC Equity Fund-Regular Plan-Growth 12.13% % 21.16% 7.49% 14 UTI - Equity Fund-Growth Option 14.00% -5.41% 20.13% 9.58% 15 SBI Magnum Equity Fund- REGULAR PLAN - Growth 10.88% -6.54% 18.13% 7.49% Market return(s&p CNX nifty) 11.26% % 19.52% 6.21% The above table shows that except Birla sun life India opportunities Fund-Plan B (Growth) all the schemes have generated positive returns over the 3 year time period. Out of 15 selected schemes 7 have outperformed the Benchmark. In the year as the market itself was down we can see its effect on the schemes. All schemes have posted negative growth in the year In the year only 4 schemes (Reliance Equity Fund-Growth Plan-Growth Option, Birla Sun Life Top 100 Fund -Growth Option, IDFC Equity Fund-Regular Plan-Growth and UTI - Equity Fund-Growth Option) have performed better than the market. The 3 year annual return shows that UTI - Equity Fund-Growth Option scheme has given the maximum return (9.58%). Page 6

7 TABLE 2: ANNUAL STANDARD DEVIATION Slno. Name of the Schemes average 1 HDFC Growth Fund - Growth Option 14.60% 17.46% 13.19% 15.08% 2 Reliance Equity Fund-Growth Plan-Growth Option 15.51% 19.81% 14.49% 16.61% 3 ICICI Prudential Top 100 Fund - Regular Plan - Growth 14.87% 19.37% 11.91% 15.38% 4 Birla Sun Life Equity Fund-Plan B(Growth) 16.10% 17.18% 13.29% 15.52% 5 Birla Sun Life India Opportunities Fund-Plan B (Growth) 14.00% 17.12% 10.03% 13.71% 6 Birla Sun Life Top 100 Fund -Growth Option 15.71% 17.32% 12.75% 15.26% 7 Kotak Emerging Equity Scheme Growth 16.40% 14.39% 10.80% 13.86% 8 Reliance Quant Plus Fund -Growth Option 17.34% 21.12% 14.05% 17.50% 9 Reliance Top 200 Fund- Growth Plan -Growth Option 16.07% 19.41% 12.86% 16.11% 10 Kotak Classic Equity Scheme---Growth 15.29% 16.80% 12.04% 14.71% 11 Kotak-Mid-Cap-Growth 16.20% 15.76% 12.32% 14.76% 12 DSP BlackRock Equity Fund - Regular Plan - Growth 14.21% 16.99% 12.88% 14.70% 13 IDFC Equity Fund-Regular Plan-Growth 17.24% 20.01% 13.34% 16.86% 14 UTI - Equity Fund-Growth Option 14.61% 15.74% 11.37% 13.91% 15 SBI Magnum Equity Fund- REGULAR PLAN - Growth 13.97% 17.19% 12.34% 14.50% Market SD(S&P CNX nifty) 17.25% 20.24% 13.39% 16.96% CHART 1: ANNUAL STANDARD DEVIATION The above table shows the standard deviation of all the 15 schemes chosen. Standard deviation is the measure of the riskiness of the schemes. In except for one scheme (Reliance Quant plus Fund -Growth Option) all other schemes are less riskier than that of the market and SBI Magnum Equity Fund- REGULAR PLAN - Growth was the least risky scheme (13.97%). In Reliance Quant Plus Fund -Growth Option (21.12%) scheme had higher standard deviation than that of the market indicating the high risky nature of the scheme. One interesting observation that we can make here is that, the Deviations of all the Schemes in the year are lower when compared to the year , indicating the low volatility of the market in the year The average Standard deviation column shows that the scheme Reliance Quant Plus Fund -Growth Option is the most volatile scheme of all the selected schemes (17.50%),and the least volatile scheme is Birla Sun Life India Opportunities Fund-Plan B (Growth) (13.71%). TABLE 3: BETA VALUES OF THE SELECTED SCHEMES Page 7

8 Slno. Name of the Schemes average 1 HDFC Growth Fund - Growth Option Reliance Equity Fund-Growth Plan-Growth Option ICICI Prudential Top 100 Fund - Regular Plan - Growth Birla Sun Life Equity Fund-Plan B(Growth) Birla Sun Life India Opportunities Fund-Plan B (Growth) Birla Sun Life Top 100 Fund -Growth Option Kotak Emerging Equity Scheme Growth Reliance Quant Plus Fund -Growth Option Reliance Top 200 Fund- Growth Plan -Growth Option Kotak Classic Equity Scheme---Growth DSP BlackRock Equity Fund - Regular Plan Growth IDFC Equity Fund-Regular Plan-Growth UTI - Equity Fund-Growth Option SBI Magnum Equity Fund- REGULAR PLAN Growth Kotak-Mid-Cap-Growth The beta values of the selected 15 schemes range between 0.66 and Except Reliance Quant Plus Fund -Growth Option (1.02) all the other schemes have beta lesser than 1. This indicates that except Reliance Quant Plus Fund -Growth Option scheme all the other schemes are having defensive beta values. The beta values indicate the systematic risk of the schemes. The above table and chart indicates that the least risky scheme is Birla Sun Life India Opportunities Fund- Plan B (Growth) (0.66) and the most risky scheme is Reliance Quant Plus Fund -Growth Option (1.02). An interesting observation that is made here is that the only scheme which is more risky than that of the market is Reliance Quant Plus Fund -Growth Option. TABLE 4: SHARPE RATIO OF SELECTED SCHEMES Slno. Name of the Schemes year average 1 HDFC Growth Fund - Growth Option Reliance Equity Fund-Growth Plan-Growth Option ICICI Prudential Top 100 Fund - Regular Plan - Growth Birla Sun Life Equity Fund-Plan B(Growth) Birla Sun Life India Opportunities Fund-Plan B (Growth) Birla Sun Life Top 100 Fund -Growth Option Kotak Emerging Equity Scheme Growth Page 8

9 8 Reliance Quant Plus Fund -Growth Option Reliance Top 200 Fund- Growth Plan -Growth Option Kotak Classic Equity Scheme---Growth Kotak-Mid-Cap-Growth DSP BlackRock Equity Fund - Regular Plan - Growth IDFC Equity Fund-Regular Plan-Growth UTI - Equity Fund-Growth Option SBI Magnum Equity Fund- REGULAR PLAN - Growth Market return(s&p CNX nifty) Table 4 shows the Sharpe ratio of the selected schemes as well as the Benchmark. Out of the 15 selected schemes 7 schemes have outperformed the market in terms of the Sharpe ratio. In the year schemes posted negative Sharpe values, which shows that their risk adjusted returns for the year has been negative. In the year all the schemes have posted negative Sharpe ratio and Birla Sun Life Equity Fund-Plan B(Growth) scheme (-1.28) has been the worst performer. The top performers in the year are UTI - Equity Fund-Growth Option (1.08) and IDFC Equity Fund-Regular Plan-Growth (0.99). Birla Sun Life India Opportunities Fund-Plan B (Growth) is the only scheme to post negative Sharpe ratio and 5 schemes have outperformed the market in The average column in the table and the chart itself shows that on an average 7 schemes have performed better than the market and 8 schemes have shown negative Sharpe ratio. The average column also shows that UTI - Equity Fund-Growth Option scheme has been the best performer (0.23) TABLE 5: TREYNOR RATIO OF THE SELECTED SCHEMES Slno. Name of the Schemes Average 1 HDFC Growth Fund - Growth Option Reliance Equity Fund-Growth Plan-Growth Option ICICI Prudential Top 100 Fund - Regular Plan - Growth Birla Sun Life Equity Fund-Plan B(Growth) Birla Sun Life India Opportunities Fund-Plan B (Growth) Birla Sun Life Top 100 Fund -Growth Option Kotak Emerging Equity Scheme Growth Reliance Quant Plus Fund -Growth Option Reliance Top 200 Fund- Growth Plan -Growth Option Kotak Classic Equity Scheme---Growth Kotak-Mid-Cap-Growth DSP BlackRock Equity Fund - Regular Plan - Growth Page 9

10 13 IDFC Equity Fund-Regular Plan-Growth UTI - Equity Fund-Growth Option SBI Magnum Equity Fund- REGULAR PLAN - Growth Market return(s&p CNX nifty) The table 5 shows the results pertaining to the Treynor index of al the 15 selected schemes as well as the benchmark. In the year out of the 15 Schemes have outperformed the benchmark and 5 schemes have negative Treynor values. And Reliance Quant Plus Fund - Growth Option (0.09 ) and UTI - Equity Fund-Growth Option (0.09) have been the top performers. In all the schemes have negative Treynor values and 6 schemes (i.e. HDFC Growth Fund - Growth Option, Reliance Equity Fund-Growth Plan-Growth Option, Birla Sun Life India Opportunities Fund-Plan B (Growth), Birla Sun Life Equity Fund-Plan B(Growth), Birla Sun Life Top 100 Fund -Growth Option and Kotak-Mid-Cap-Growth) have not been able to beat the benchmark. Except Birla Sun Life India Opportunities Fund-Plan B (Growth) all the other schemes have positive Treynor values in the year The average column of the table 5 shows that 9 out of the 15 schemes have posted negative values, and the best performer has been UTI - Equity Fund-Growth Option. SUMMARY AND CONCLUSION: In this study an attempt was made to analyze the equity growth mutual funds. For the present study 15 equity growth mutual fund schemes across 10 AMCs were chosen. The scheme with the growth objective is only considered and not any other objective. The Study period is 3 years (1 st June 2010 to 31 st may 2013). The NAV data of all the selected schemes has been taken form the AMFI INDIA website. The daily log normal returns of the schemes are used as the returns and the average returns are used to find out the ratios under different measures. The systematic risk is captured by the beta values that were found out taking S&P CNX NIFTY as the benchmark. The total risk is addressed by the Standard deviation. The average return on the 364 day treasury bill for three periods is 7%, 8.40% and 7.9% for , and respectively and it has been taken as the risk free rate for those particular years in order to find out returns and ratios under different measures. The statistical measures used for the purpose of analysis are Sharpe and treynor measure. The schemes are ranked under each of the measure and assuming equal weighs the final rank has also been given. The empirical reports showed that many schemes failed to beat the benchmark return in the long run. It can be attributed mainly to the disproportionate risk and return relationship and low average beta of the schemes. Birla Sun Life India Opportunities Fund-Plan B (Growth) scheme has miserably failed to generate positive returns due to low beta that it has assumed where as UTI - Equity Fund-Growth Option scheme has generated max returns in the sample that is chosen in spite of its below average beta. This study reported that UTI - Equity Fund-Growth Option scheme has secured rank 1 under all the measures and hence it has been the best perform. Scope of further study: Page 10

11 Researcher can extended by increasing sample size taking equity linked mutual fund which issued by AMC in India, the researcher can also use other portfolio model to assess the results such as Jenson s alpha and Fama s measure for better understanding of performance from various models, even consider qualitative aspects like experience of fund manager, investment pattern, size of the fund, past performance of other funds held by fund manager in past etc. BIBLIOGRAPHY AND REFERENCES 1. Sharpe, W. (1966), Mutual Fund Performance, The Journal of Business, Vol. 39, Issue s1, pp Jaydev M. (1996) Mutual Funds Performance, an Analysis of Monthly Returns, Finance India, Vol.10, Issue 1, PP James L Kuhle and ralpha A Pope (2000), A comprehensive long-term performance analysis of load vs. No-load mutual funds, Journal of financial and strategic decisions, vol.13, no Sapar, Narayan Rao and Madava, Ravindran (2003), Performance Evaluation of Indian Mutual Funds Madhumathi, S. P. (2005). Characteristics & performance evaluation of selected Mutual Funds in India, 7. 9th Indian Institute of Capital Market Conference. 8. Anand and Murugaiah (2006), Analysis of Components of Investment Performance - An Empirical Study of Mutual Funds in India 10th Indian Institute of Capital Markets Conference Subha and Bharathi (2007), An empirical study on performance of select mutual fund schemes in India, Journal of contemporary research in management, vol.1, no Agrawal (2007), Measuring Performance of Indian Mutual Funds, Prabhandan Tanikniqui, 1, 1: Satyha Swaroop Debashish, (2009) Investigating performance of Equity-based mutual fund schemes in Indian scenario, KCA Journal of Business Management, volume 2, issue (2). 13. Manzoor Ahmad and Udaya samajpathi (2010), evaluation of stock selection skills and market timing abilities of Indian mutual fund managers, Management insight, vol.6, no Agrawal, Deepak (2011), Measuring Performance of Indian Mutual Funds, Finance India Zakri Y. B. (2012), The relative performance of equity index ETFs and equity index mutual funds, European Journal of Finance and banking Research, vol.5, no.5 28, pp Page 11

12 17. Sukhwinder Kaurdhana et.al (2012), Performance evaluation of selected open ended mutual funds in India, International journal of marketing, financial services and management research, vol.1 no Bansal (2012), Evaluation of risk-adjusted performance of mutual funds in India, IJRESS, volume 2, issue Prajapati and patel (2012), Comparative study on performance evaluation of mutual fund schemes of Indian companies, Journal of arts science and commerce, vol.3, issue 3(3), pp Ali, Rizwan and Naseem, Muhammad Akram and Rehman, Ramiz Ur (2011), Performance Evaluation of mutual funds Nooney and Rama Devi (2012), Performance evaluation of Indian and foreign mutual funds: A comparative study, International journal of marketing, financial services and management research, vol Shantanu Mehta and charmi shah (2012), Preference of investors for Indian mutual funds and its performance evaluation, Pacific business review international, vol.5, issue Thyagarajan (2012), performance evaluation of Indian mutual fund industry from with special reference to Franklin Templeton, HDFC and ICICI prudential mutual funds, ninth AIMS international conference on management. 25. Mallikarjuna Rao and Ranjeeta Rani (2013), Risk adjusted performance evaluation of selected balanced mutual fund schemes in India, scholars world-international refereed multidisciplinary journal of contemporary research, vol.1, issue.2.pp Mohmed Zaheeruddin et, al (2013), Performance evaluation of mutual funds in India with special reference to selected financial intermediaries, IOSR-JBM, vol.7, issue.2, pp REFFERENCES: Page 12