Literature Review:
Dr. Sandeep Bansal, Deepak Garg and Sanjeev K Saini (2012), have studied Impact of Sharpe
Ratio & Treynor’s Ratio on Selected Mutual Fund Schemes. This paper examines the
performance of selected mutual fund schemes, that the risk profile of the aggregate mutual
fund universe can be accurately compared by a simple market index that offers comparative
monthly liquidity, returns, systematic & unsystematic risk and complete fund analysis by
using the special reference of Sharpe ratio and Treynor’s ratio.
Dr. K. Veeraiah and Dr. A. Kishore Kumar (Jan 2014),conducted a research on Comparative
Performance Analysis of Select Indian Mutual Fund Schemes. This study analyzes the
performance of Indian owned mutual funds and compares their performance. The
performance of these funds was analyzed using a five year NAVs and portfolio allocation.
Findings of the study reveals that, mutual funds out perform naïve investment. Mutual
funds as a medium-to-long term investment option are preferred as a suitable investment
option by investors.
Dr. Yogesh Kumar Mehta (Feb 2012), has studied Emerging Scenario of Mutual Funds in
India: An Analytical Study of Tax Funds. The present study is based on selected equity funds
of public sector and private sector mutual fund. Corporate and Institutions who form only
1.16% of the total number of investors accounts in the MFs industry, contribute a sizeable
amount of Rs. 2,87,108.01 crore which is 56.55% of the totalnet assets in the MF industry. It
is also found that MFs did not prefer debt segment.
Dr Surender Kumar Gupta and Dr. Sandeep Bansal (Jul 2012),have done a Comparative
Study on Debt Scheme of Mutual Fund of Reliance and Birla Sunlife.This study provides an
overview of the performance of debt scheme of
mutual fund of Reliance, and Birla Sunlife with the help of Sharpe Index after calculating Net
Asset Values and Standard Deviation. This study reveals that returns on Debt Schemes are
close to Benchmark return (Crisil Composite Debt Fund Index: 4.34%) and Risk Free Return:
6% (average adjusted for last five year).
Prof. V. Vanaja and Dr. R. Karrupasamy (2013), have done a Study on the Performance of
select Private Sector Balanced Category Mutual Fund Schemes in India. This study of
performance evaluation would help the investors to choose the best schemes available and
will also help the AUM’s in better portfolio construction and can rectify the problems of
underperforming schemes. The objective of the study is to evaluate the performance of
select Private sector balanced schemes on the basis of returns and comparison with their
bench marks and also to appraise the performance of different category of funds using risk
adjusted measures as suggested by Sharpe, Treynor and Jensen.
E. Priyadarshini and Dr. A. Chandra Babu (2011), have done Prediction of The Net Asset
Values of Indian Mutual Funds Using Auto- Regressive Integrated Moving Average (Arima).
In this paper, some of the mutual funds in India had been modeled using Box-Jenkins
autoregressive integrated moving average (ARIMA) methodology. Validity of the models was
tested using standard statistical techniques and the future NAV values of the mutual funds
have been forecasted.
Dr. Ranjit Singh, Dr. Anurag Singh and Dr. H. Ramananda Singh (August 2011),have done
research on Positioning of Mutual Funds among Small Town and Sub-Urban Investors. In the
recent past the significant proportion of the investment of the urban investor is being
attracted by the mutual funds. This has led to the saturation of the market in the urban
areas. In order to increase their investor base, the mutual fund companies are exploring the
opportunities
in the small towns and sub-urban areas. But marketing the mutual funds in these areas
requires the positioning of the products in the minds of the investors in a different way. The
product has to be acceptable to the investors, it should be affordable to the investors, it
should be made available to them and at the same time the investors should be aware of it.
The present paper deals with all these issues. It measures the degree of influence on
acceptability, affordability, availability and awareness among the small town and sub-urban
investors on their investment decisions.
Prof. Kalpesh P Prajapati and Prof. Mahesh K Patel (Jul 2012),have done a Comparative
Study On Performance Evaluation of Mutual Fund Schemes Of Indian Companies. In this
paper the performance evaluation of Indian mutual funds is carried out through relative
performance index, risk-return analysis, Treynor's ratio,Sharp's ratio, Sharp's measure,
Jensen's measure, and Fama's measure. The data used is daily closing NAVs. The source of
data is website of Association of Mutual Funds in India (AMFI). The study period is 1st
January 2007 to 31st December, 2011. The results of performance measures suggest that
most of the mutual fund have given positive return during 2007 to 2011.
C.Srinivas Yadav and Hemanth N C (Feb 2014), have studied Performance of Selected Equity
Growth Mutual Fundsin India: An Empirical Study during 1st June 2010 To 31st May 2013.
The study evaluates 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. Thestudy conducted with 15 equity growth
Schemes (NAV ) were chosen from top 10 AMCs ( based on AUM) for the period 1st June
2010 to 31st may 2013(3 years).
Rashmi Sharma and N. K. Pandya (2013), have done an overview of Investing in Mutual
Fund. In this paper, structure of mutual fund, comparison between investments in mutual
fund and other investment options and
calculation of NAV etc. have been considered. In this paper, the impacts of various
demographic factors on investors’ attitude towards mutual fund have been studied. For
measuring various phenomena and analyzing the collected data effectively and efficiently
for drawing sound conclusions, drawing pie charts has been used and for analyzing the
various factors responsible for investment in mutual funds.
Rahul Singal, Anuradha Garg and Dr Sanjay Singla (May 2013), have done Performance
Appraisal of Growth Mutual Fund. The paper examines the performance of 25 Growth
Mutual Fund Schemes. Over the time period Jan 2004 to Dec 2008. For this purpose three
techniques are used (I) Beta (II) Sharpe Ratio (III) Treynor Ratio. Rank is given according to
result drawn from this scheme and comparison is also made between results drawn from
different schemes and normally the different are insignificant. Literature Review:
Dr. Sandeep Bansal, Deepak Garg and Sanjeev K Saini (2012), have studied Impact of Sharpe
Ratio & Treynor’s Ratio on Selected Mutual Fund Schemes. This paper examines the
performance of selected mutual fund schemes, that the risk profile of the aggregate mutual
fund universe can be accurately compared by a simple market index that offers comparative
monthly liquidity, returns, systematic & unsystematic risk and complete fund analysis by
using the special reference of Sharpe ratio and Treynor’s ratio.
Dr. K. Veeraiah and Dr. A. Kishore Kumar (Jan 2014),conducted a research on Comparative
Performance Analysis of Select Indian Mutual Fund Schemes. This study analyzes the
performance of Indian owned mutual funds and compares their performance. The
performance of these funds was analyzed using a five year NAVs and portfolio allocation.
Findings of the study reveals that, mutual funds out perform naïve investment. Mutual
funds as a medium-to-long term investment option are preferred as a suitable investment
option by investors.
Dr. Yogesh Kumar Mehta (Feb 2012), has studied Emerging Scenario of Mutual Funds in
India: An Analytical Study of Tax Funds. The present study is based on selected equity funds
of public sector and private sector mutual fund. Corporate and Institutions who form only
1.16% of the total number of investors accounts in the MFs industry, contribute a sizeable
amount of Rs. 2,87,108.01 crore which is 56.55% of the totalnet assets in the MF industry. It
is also found that MFs did not prefer debt segment.
Dr Surender Kumar Gupta and Dr. Sandeep Bansal (Jul 2012),have done a Comparative
Study on Debt Scheme of Mutual Fund of Reliance and Birla Sunlife.This study provides an
overview of the performance of debt scheme of
mutual fund of Reliance, and Birla Sunlife with the help of Sharpe Index after calculating Net
Asset Values and Standard Deviation. This study reveals that returns on Debt Schemes are
close to Benchmark return (Crisil Composite Debt Fund Index: 4.34%) and Risk Free Return:
6% (average adjusted for last five year).
Prof. V. Vanaja and Dr. R. Karrupasamy (2013), have done a Study on the Performance of select
Private Sector Balanced Category Mutual Fund Schemes in India. This study of performance
evaluation would help the investors to choose the best schemes available and will also help the
AUM’s in better portfolio construction and can rectify the problems of underperforming schemes.
The objective of the study is to evaluate the performance of select Private sector balanced schemes
on the basis of returns and comparison with their bench marks and also to appraise the performance
of different category of funds using risk adjusted measures as suggested by Sharpe, Treynor and
Jensen.
E. Priyadarshini and Dr. A. Chandra Babu (2011), have done Prediction of The Net Asset Values of
Indian Mutual Funds Using Auto- Regressive Integrated Moving Average (Arima). In this paper, some
of the mutual funds in India had been modeled using Box-Jenkins autoregressive integrated moving
average (ARIMA) methodology. Validity of the models was tested using standard statistical
techniques and the future NAV values of the mutual funds have been forecasted.
Dr. Ranjit Singh, Dr. Anurag Singh and Dr. H. Ramananda Singh (August 2011),have done research on
Positioning of Mutual Funds among Small Town and Sub-Urban Investors. In the recent past the
significant proportion of the investment of the urban investor is being attracted by the mutual funds.
This has led to the saturation of the market in the urban areas. In order to increase their investor
base, the mutual fund companies are exploring the opportunities
in the small towns and sub-urban areas. But marketing the mutual funds in these areas requires the
positioning of the products in the minds of the investors in a different way. The product has to be
acceptable to the investors, it should be affordable to the investors, it should be made available to
them and at the same time the investors should be aware of it. The present paper deals with all
these issues. It measures the degree of influence on acceptability, affordability, availability and
awareness among the small town and sub-urban investors on their investment decisions.
Prof. Kalpesh P Prajapati and Prof. Mahesh K Patel (Jul 2012),have done a Comparative Study On
Performance Evaluation of Mutual Fund Schemes Of Indian Companies. In this paper the
performance evaluation of Indian mutual funds is carried out through relative performance index,
risk-return analysis, Treynor's ratio,Sharp's ratio, Sharp's measure, Jensen's measure, and Fama's
measure. The data used is daily closing NAVs. The source of data is website of Association of Mutual
Funds in India (AMFI). The study period is 1st January 2007 to 31st December, 2011. The results of
performance measures suggest that most of the mutual fund have given positive return during 2007
to 2011.
C.Srinivas Yadav and Hemanth N C (Feb 2014), have studied Performance of Selected Equity Growth
Mutual Fundsin India: An Empirical Study during 1st June 2010 To 31st May 2013. The study
evaluates 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. Thestudy conducted with 15 equity growth Schemes (NAV ) were chosen
from top 10 AMCs ( based on AUM) for the period 1st June 2010 to 31st may 2013(3 years).
Rashmi Sharma and N. K. Pandya (2013), have done an overview of Investing in Mutual Fund. In this
paper, structure of mutual fund, comparison between investments in mutual fund and other
investment options and
calculation of NAV etc. have been considered. In this paper, the impacts of various demographic
factors on investors’ attitude towards mutual fund have been studied. For measuring various
phenomena and analyzing the collected data effectively and efficiently for drawing sound
conclusions, drawing pie charts has been used and for analyzing the various factors responsible for
investment in mutual funds.
Rahul Singal, Anuradha Garg and Dr Sanjay Singla (May 2013), have done Performance Appraisal of
Growth Mutual Fund. The paper examines the performance of 25 Growth Mutual Fund Schemes.
Over the time period Jan 2004 to Dec 2008. For this purpose three techniques are used (I) Beta (II)
Sharpe Ratio (III) Treynor Ratio. Rank is given according to result drawn from this scheme and
comparison is also made between results drawn from different schemes and normally the different
are insignificant. Literature Review:
Dr. Sandeep Bansal, Deepak Garg and Sanjeev K Saini (2012), have studied Impact of Sharpe Ratio &
Treynor’s Ratio on Selected Mutual Fund Schemes. This paper examines the performance of selected
mutual fund schemes, that the risk profile of the aggregate mutual fund universe can be accurately
compared by a simple market index that offers comparative monthly liquidity, returns, systematic &
unsystematic risk and complete fund analysis by using the special reference of Sharpe ratio and
Treynor’s ratio.
Dr. K. Veeraiah and Dr. A. Kishore Kumar (Jan 2014),conducted a research on Comparative
Performance Analysis of Select Indian Mutual Fund Schemes. This study analyzes the performance of
Indian owned mutual funds and compares their performance. The performance of these funds was
analyzed using a five year NAVs and portfolio allocation. Findings of the study reveals that, mutual
funds out perform naïve investment. Mutual funds as a medium-to-long term investment option are
preferred as a suitable investment option by investors.
Dr. Yogesh Kumar Mehta (Feb 2012), has studied Emerging Scenario of Mutual Funds in India: An
Analytical Study of Tax Funds. The present study is based on selected equity funds of public sector
and private sector mutual fund. Corporate and Institutions who form only 1.16% of the total number
of investors accounts in the MFs industry, contribute a sizeable amount of Rs. 2,87,108.01 crore
which is 56.55% of the totalnet assets in the MF industry. It is also found that MFs did not prefer
debt segment.
Dr Surender Kumar Gupta and Dr. Sandeep Bansal (Jul 2012),have done a Comparative Study on
Debt Scheme of Mutual Fund of Reliance and Birla Sunlife.This study provides an overview of the
performance of debt scheme of
mutual fund of Reliance, and Birla Sunlife with the help of Sharpe Index after calculating Net Asset
Values and Standard Deviation. This study reveals that returns on Debt Schemes are close to
Benchmark return (Crisil Composite Debt Fund Index: 4.34%) and Risk Free Return: 6% (average
adjusted for last five year).
Prof. V. Vanaja and Dr. R. Karrupasamy (2013), have done a Study on the Performance of select
Private Sector Balanced Category Mutual Fund Schemes in India. This study of performance
evaluation would help the investors to choose the best schemes available and will also help the
AUM’s in better portfolio construction and can rectify the problems of underperforming schemes.
The objective of the study is to evaluate the performance of select Private sector balanced schemes
on the basis of returns and comparison with their bench marks and also to appraise the performance
of different category of funds using risk adjusted measures as suggested by Sharpe, Treynor and
Jensen.
E. Priyadarshini and Dr. A. Chandra Babu (2011), have done Prediction of The Net Asset Values of
Indian Mutual Funds Using Auto- Regressive Integrated Moving Average (Arima). In this paper, some
of the mutual funds in India had been modeled using Box-Jenkins autoregressive integrated moving
average (ARIMA) methodology. Validity of the models was tested using standard statistical
techniques and the future NAV values of the mutual funds have been forecasted.
Dr. Ranjit Singh, Dr. Anurag Singh and Dr. H. Ramananda Singh (August 2011),have done research on
Positioning of Mutual Funds among Small Town and Sub-Urban Investors. In the recent past the
significant proportion of the investment of the urban investor is being attracted by the mutual funds.
This has led to the saturation of the market in the urban areas. In order to increase their investor
base, the mutual fund companies are exploring the opportunities
in the small towns and sub-urban areas. But marketing the mutual funds in these areas requires the
positioning of the products in the minds of the investors in a different way. The product has to be
acceptable to the investors, it should be affordable to the investors, it should be made available to
them and at the same time the investors should be aware of it. The present paper deals with all
these issues. It measures the degree of influence on acceptability, affordability, availability and
awareness among the small town and sub-urban investors on their investment decisions.
Prof. Kalpesh P Prajapati and Prof. Mahesh K Patel (Jul 2012),have done a Comparative Study On
Performance Evaluation of Mutual Fund Schemes Of Indian Companies. In this paper the
performance evaluation of Indian mutual funds is carried out through relative performance index,
risk-return analysis, Treynor's ratio,Sharp's ratio, Sharp's measure, Jensen's measure, and Fama's
measure. The data used is daily closing NAVs. The source of data is website of Association of Mutual
Funds in India (AMFI). The study period is 1st January 2007 to 31st December, 2011. The results of
performance measures suggest that most of the mutual fund have given positive return during 2007
to 2011.
C.Srinivas Yadav and Hemanth N C (Feb 2014), have studied Performance of Selected Equity Growth
Mutual Fundsin India: An Empirical Study during 1st June 2010 To 31st May 2013. The study
evaluates 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. Thestudy conducted with 15 equity growth Schemes (NAV ) were chosen
from top 10 AMCs ( based on AUM) for the period 1st June 2010 to 31st may 2013(3 years).
Rashmi Sharma and N. K. Pandya (2013), have done an overview of Investing in Mutual Fund. In this
paper, structure of mutual fund, comparison between investments in mutual fund and other
investment options and
calculation of NAV etc. have been considered. In this paper, the impacts of various demographic
factors on investors’ attitude towards mutual fund have been studied. For measuring various
phenomena and analyzing the collected data effectively and efficiently for drawing sound
conclusions, drawing pie charts has been used and for analyzing the various factors responsible for
investment in mutual funds.
Rahul Singal, Anuradha Garg and Dr Sanjay Singla (May 2013), have done Performance Appraisal of
Growth Mutual Fund. The paper examines the performance of 25 Growth Mutual Fund Schemes.
Over the time period Jan 2004 to Dec 2008. For this purpose three techniques are used (I) Beta (II)
Sharpe Ratio (III) Treynor Ratio. Rank is given according to result drawn from this scheme and
comparison is also made between results drawn from different schemes and normally the different
are insignificant. Literature Review:
Dr. Sandeep Bansal, Deepak Garg and Sanjeev K Saini (2012), have studied Impact of Sharpe Ratio &
Treynor’s Ratio on Selected Mutual Fund Schemes. This paper examines the performance of selected
mutual fund schemes, that the risk profile of the aggregate mutual fund universe can be accurately
compared by a simple market index that offers comparative monthly liquidity, returns, systematic &
unsystematic risk and complete fund analysis by using the special reference of Sharpe ratio and
Treynor’s ratio.
Dr. K. Veeraiah and Dr. A. Kishore Kumar (Jan 2014),conducted a research on Comparative
Performance Analysis of Select Indian Mutual Fund Schemes. This study analyzes the performance of
Indian owned mutual funds and compares their performance. The performance of these funds was
analyzed using a five year NAVs and portfolio allocation. Findings of the study reveals that, mutual
funds out perform naïve investment. Mutual funds as a medium-to-long term investment option are
preferred as a suitable investment option by investors.
Dr. Yogesh Kumar Mehta (Feb 2012), has studied Emerging Scenario of Mutual Funds in India: An
Analytical Study of Tax Funds. The present study is based on selected equity funds of public sector
and private sector mutual fund. Corporate and Institutions who form only 1.16% of the total number
of investors accounts in the MFs industry, contribute a sizeable amount of Rs. 2,87,108.01 crore
which is 56.55% of the totalnet assets in the MF industry. It is also found that MFs did not prefer
debt segment.
Dr Surender Kumar Gupta and Dr. Sandeep Bansal (Jul 2012),have done a Comparative Study on
Debt Scheme of Mutual Fund of Reliance and Birla Sunlife.This study provides an overview of the
performance of debt scheme of
mutual fund of Reliance, and Birla Sunlife with the help of Sharpe Index after calculating Net Asset
Values and Standard Deviation. This study reveals that returns on Debt Schemes are close to
Benchmark return (Crisil Composite Debt Fund Index: 4.34%) and Risk Free Return: 6% (average
adjusted for last five year).
Prof. V. Vanaja and Dr. R. Karrupasamy (2013), have done a Study on the Performance of select
Private Sector Balanced Category Mutual Fund Schemes in India. This study of performance
evaluation would help the investors to choose the best schemes available and will also help the
AUM’s in better portfolio construction and can rectify the problems of underperforming schemes.
The objective of the study is to evaluate the performance of select Private sector balanced schemes
on the basis of returns and comparison with their bench marks and also to appraise the performance
of different category of funds using risk adjusted measures as suggested by Sharpe, Treynor and
Jensen.
E. Priyadarshini and Dr. A. Chandra Babu (2011), have done Prediction of The Net Asset Values of
Indian Mutual Funds Using Auto- Regressive Integrated Moving Average (Arima). In this paper, some
of the mutual funds in India had been modeled using Box-Jenkins autoregressive integrated moving
average (ARIMA) methodology. Validity of the models was tested using standard statistical
techniques and the future NAV values of the mutual funds have been forecasted.
Dr. Ranjit Singh, Dr. Anurag Singh and Dr. H. Ramananda Singh (August 2011),have done research on
Positioning of Mutual Funds among Small Town and Sub-Urban Investors. In the recent past the
significant proportion of the investment of the urban investor is being attracted by the mutual funds.
This has led to the saturation of the market in the urban areas. In order to increase their investor
base, the mutual fund companies are exploring the opportunities
in the small towns and sub-urban areas. But marketing the mutual funds in these areas requires the
positioning of the products in the minds of the investors in a different way. The product has to be
acceptable to the investors, it should be affordable to the investors, it should be made available to
them and at the same time the investors should be aware of it. The present paper deals with all
these issues. It measures the degree of influence on acceptability, affordability, availability and
awareness among the small town and sub-urban investors on their investment decisions.
Prof. Kalpesh P Prajapati and Prof. Mahesh K Patel (Jul 2012),have done a Comparative Study On
Performance Evaluation of Mutual Fund Schemes Of Indian Companies. In this paper the
performance evaluation of Indian mutual funds is carried out through relative performance index,
risk-return analysis, Treynor's ratio,Sharp's ratio, Sharp's measure, Jensen's measure, and Fama's
measure. The data used is daily closing NAVs. The source of data is website of Association of Mutual
Funds in India (AMFI). The study period is 1st January 2007 to 31st December, 2011. The results of
performance measures suggest that most of the mutual fund have given positive return during 2007
to 2011.
C.Srinivas Yadav and Hemanth N C (Feb 2014), have studied Performance of Selected Equity Growth
Mutual Fundsin India: An Empirical Study during 1st June 2010 To 31st May 2013. The study
evaluates 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. Thestudy conducted with 15 equity growth Schemes (NAV ) were chosen
from top 10 AMCs ( based on AUM) for the period 1st June 2010 to 31st may 2013(3 years).
Rashmi Sharma and N. K. Pandya (2013), have done an overview of Investing in Mutual Fund. In this
paper, structure of mutual fund, comparison between investments in mutual fund and other
investment options and
calculation of NAV etc. have been considered. In this paper, the impacts of various demographic
factors on investors’ attitude towards mutual fund have been studied. For measuring various
phenomena and analyzing the collected data effectively and efficiently for drawing sound
conclusions, drawing pie charts has been used and for analyzing the various factors responsible for
investment in mutual funds.
Rahul Singal, Anuradha Garg and Dr Sanjay Singla (May 2013), have done Performance Appraisal of
Growth Mutual Fund. The paper examines the performance of 25 Growth Mutual Fund Schemes.
Over the time period Jan 2004 to Dec 2008. For this purpose three techniques are used (I) Beta (II)
Sharpe Ratio (III) Treynor Ratio. Rank is given according to result drawn from this scheme and
comparison is also made between results drawn from different schemes and normally the different
are insignificant.
