A

SUMMER internship PROJECT (SIP) REPORT

ON
ICICI PRUDENTIAL MUTUAL FUND
“COMPARISION STUDY ABOUT EQUITY FUNDS Vs. HYBRID FUNDS”
Submitted to NIIS INSTITUTE BUSINESS ADMINISTRATION, BHUBANESWAR in
partial fulfillment of the requirement for award of the Master of Business
Administration (MBA) under BPUT, Raurkela

Submitted By
Name: - Mr. RAJESH RANJAN BISOI
Registration No: - 2406280120

Under The guidance of

Internal guide External guide
Name: - Dr. MINATI DAS Name: - MR. RANJAN KUMAR SANTI
(Faculty, NIBA)

NIIS Institute of Business Administration (NIBA)

Bhubaneswar-752054
 NIIS Institute of Business Administration (NIBA)
Bhubaneswar-752054

DECLARATION
I do hereby declare that the Summer report entitled, “COMPARISION
STUDY ABOUT EQUITY FUNDS Vs. HYBRID FUNDS” Submitted to NIIS
INSTITUTE OF BUSINESS ADMINISTRATION, Bhubaneswar in partial
fulfillment of the requirement for the award of MBA degree, is a record of original
research work done by me during the period of my study (2024-26) in the
Department of Management, NIIS Group of Institutions, Bhubaneswar, affiliated to
BPUT, Raurkela under the guidance of Dr. MINATI DAS & that this Summer
report has not been submitted anywhere else for any other degree/diploma.

Date: - Signature of student

 NIIS Institute of Business Administration (NIBA)
Bhubaneswar-752054

ACKNOWLEDGEMENT

It is with profound gratitude that I express my sincere thanks to Dept of

Management and all the faculty members of NIIS Institute of Business
Administration for their constant encouragement during my study.

I would like to express my profound gratitude to my HOD, Management and

Internal guide Dr. MINATI DAS, NIIS Group of Institutions who utilized their
valuable time able to guide my project work in “COMPARISION STUDY ABOUT
EQUITY FUNDS Vs. HYBRID FUNDS” & Their simplicity, Self affecting humility
and genuine affection for student community have been an inspiration.

I sincerely express my deep sense of gratitude to, all the faculty members of
Dept. of Management or guiding and cooperating me in completing the report. I am
indebted to all our friends for their encouragement and support rendered for their
successful completion of the project. Lastly no words can express my debt gratitude
to my parents and thanks to all my relatives for their cooperation.

Signature of student
 [Company Letter head]

TO WHOM IT MAY CONCERN

This is to certify that Mr. RAJESH RANJAN BISOI, S/o Mr. MADHUSUDAN BISOI, a
student of MBA,2ndyear of NIIS INSTITUTE OF BUSINESS ADMINISTRATION,
Bhubaneswar has successfully completed 8 weeks of internship programmed in our
firm. During the period of internship programmed he was found punctual, hardworking
and inquisitive.

On behalf of the firm, we wish Mr. RAJESH RANJAN BISOI all the very best in his future
career endeavors.

Date: External Guide

Place:
 NIIS Institute of Business Administration (NIBA)
Bhubaneswar-752054

CERTIFICATE BY INTERNAL GUIDE

This is to be certify that the Summer report entitled,

“COMPARISION STUDY ABOUT EQUITY FUNDS Vs. HYBRID FUNDS”
Submitted to NIIS Group of Institutions in partial fulfillment of the requirement for
the award of MBA, is a record of original research work done by Dr. MINATI DAS
during the period of his study (2024-26) in the department Management, NIIS Group
of Institutions ,Bhubaneswar , affiliated to BPUT, Raurkela under my guidance &
that this report has not been submitted anywhere else for any other degree/diploma.

Date: Internal Guide

Place:
 INTRODUCTION TO CareerFinex

CareerFinex, established in 2015, is a rapidly growing financial education and

services firm based in Bhubaneswar, Odisha. Their core mission is to empower
individuals with essential knowledge and tools in personal finance, wealth creation,
and financial independence.

 Core Services
1. Mutual Fund & Share Market Training CareerFinex offers structured training
programs designed to demystify investing in mutual funds and stock markets. These
courses are led by finance professionals and emphasize hands-on learning.

2. Training & Placement Support The organization provides career guidance and
facilitates campus placement opportunities. While they offer placement assistance,
ultimate employment depends on individual placement.

3. Event Management Beyond finance, CareerFinex handles planning and executing

social and corporate events, providing a holistic professional development experience.

4. Loan Advisory Services they also assist clients in accessing various loans—business,
personal, home, and through guidance and finance.

 Vision & Values

 Educate for Financial Freedom: The Company is dedicated to enhancing
financial literacy, enabling people to set and achieve goals confidently.

 Professionalism & Accessibility: CareerFinex prides itself on a professional

staff and 24/7 support, ensuring learners have the resources and help they
need.

 Strong Placement Support: Though they don’t guarantee jobs, they actively
 connect learners with corporate opportunities and help them prepare for
interview.

 Achievements & Reputation

 Over 2,000 projects handled across training, events, and loan facilitation.

 Received 100 awards and garnered 30+ notable client endorsements,

reflecting trust and quality in the industry.

 Endorsements from professionals at ICICI Bank, HDFC Bank, RBL Bank,

and Aditya Birla Capital, highlighting both service excellence and
placement.

 Project Relevance

In aiming to compare large-, mid-, and small-cap mutual funds, CareerFinex serves
as a fitting case study. Their practical training programs—and emphasis on real-world
analysis—provide a strong empirical foundation for evaluating how different fund
categories perform and align with investor profiles.

 •History of CareerFinex

Founded in 2015 in Bhubaneswar, Odisha, CareerFinex has grown into a robust

financial education and services hub.

 Early Beginnings
 Founder & Vision: Established by MR. RANJAN KUMAR SANTI who
holds an MBA (HR & Finance), along with NISM and NCFM
certifications. With over ten years of experience at reputed financial
institutions—including Religare, Axis Bank, HDFC Bank, and ICICI
Bank—he envisioned a platform to empower individuals toward financial
freedom.

 His mission was straightforward yet impactful: to build a firm that educates
people on personal finance, wealth creation, and achieving financial
independence.

 Growth & Evolution

 Since its inception in 2015, CareerFinex has evolved into one of
Odisha’s fastest-growing providers in:
 o Mutual fund and stock market training
o Loan advisory services (covering business, personal, home, and auto loans)
o Training & placement assistance
o Event management services.

 Milestones & Community Impact

 CareerFinex has successfully executed 2,000+ projects spanning training
sessions, events, and loan facilitation.

 The firm has earned 100 awards and garnered over 30 client endorsements,
signaling both industry recognition and client satisfaction

 Distinguished testimonials from professionals at leading banks—like ICICI,

HDFC, RBL Bank, and Aditya Birla Capital—highlight the effectiveness of
their placement support and training programs.
 CONTENT
Page no.
Chapter-I --------------------------------------------------------------- 1 -13
1.1 Introduction
1.2 Literature Review
1.3 Brief explanation of the topic
1.4 Purpose of the Study
1.5 Limitation of the Study

Chapter-II. ------------------------------------------------------------------------- 14-21

2.1 Organization’s profile
2.2 Duration of the internship, location, and department of the internship
2.3 Word done during the internship period
(Day to day activities of the work place, target achieved, if any and the experience gained,
learning outcomes)

Chapter-III -------------------------------------------------------------- 22-24

3.1 Objectives of the study
3.2 Research methodology of the study

Chapter-IV ---------------------------------------------------------------- 25-31

4.1 Data Analysis
4.2 Findings
4.3 Interpretation

Chapter-V ------------------------------------------------------------- 32-35

5.1 Summary
5.2 Conclusions
5.3 Recommendation

6. Bibliography and References

[Appropriate style APA, MLA, Harvard, Chicago style etc.]

7. Appendices
[Pictures, Survey questionnaire and the three Evaluation Exhibit Forms]
CHAPTER
I
1.1 Introduction
Definition of Mutual Fund:
A mutual fund is a financial investment vehicle that pools money from multiple
investors to invest in a diversified portfolio of securities such as stocks, bonds, money
market instruments, or other assets. It is managed by professional fund managers who
allocate the fund’s capital to generate returns for the investors.

Each investor owns units, which represent a portion of the holdings of the fund. The
value of these units is based on the Net Asset Value (NAV), which fluctuates with the
market value of the fund’s assets.

Example:

If 1,000 investors each invest ₹10,000 in a mutual fund, the total pool is ₹1 crore. The
fund manager then uses that money to invest in a variety of stocks and bonds to earn
returns for all investors.

Importance of Mutual Funds

1. Diversification:

Mutual funds invest in a mix of assets (stocks, bonds, etc.), which helps reduce risk.
If one investment performs poorly, others may perform well and balance out the loss.

2. Professional Management:

They are managed by experienced fund managers who make informed investment
decisions based on market research and analysis, which is helpful for investors who lack
the time or expertise.

3. Liquidity:

Most mutual funds (especially open-ended ones) allow investors to buy or sell units
at any time, providing easy access to money.

4. Affordability:

Investors can start with a small amount (even ₹500 or ₹1,000 through SIPs in India),
making mutual funds accessible to middle-class and small investors.
5. Transparency and Regulation:

Mutual funds are regulated by SEBI (in India), which ensures that they operate in a
transparent and fair manner. Regular updates and disclosures keep investors informed.

6. Tax Benefits:

Some mutual funds, like ELSS (Equity Linked Savings Scheme), offer tax
deductions under Section 80C of the Income Tax Act (India).

7. Goal-Based Investing:

Mutual funds help investors plan for specific financial goals such as education,
home purchase, or retirement by offering various schemes suited for short-term, medium-
term, and long-term goals.

8. Economies of Scale:

Pooling money from many investors allows mutual funds to buy and manage large
portfolios at lower costs than individual investors would face.

Objective of Mutual Fund

1. Capital Appreciation:

 To grow the invested capital over time by investing in equity or growth-oriented

schemes.

 Suitable for long-term investors looking for wealth creation.

2. Income Generation:

 To provide regular income through dividends or interest.

 Achieved by investing in debt funds, money market instruments, or hybrid funds.

3. Diversification of Risk:

 To reduce investment risk by spreading the money across various asset classes
(stocks, bonds, etc.) and sectors.

4. Liquidity:

 To offer easy access to money, especially in open-ended funds where investors can
buy or redeem units anytime.

5. Professional Fund Management:

  To allow investors to benefit from expert fund managers who make investment
decisions on their behalf.

6. Accessibility and Convenience:

 To make investing easy for small investors by allowing low minimum investment
amounts and offering systematic investment options (like SIPs).

7. Tax Efficiency:

 Some mutual funds (like ELSS) offer tax benefits under Section 80C of the Income
Tax Act. ELSS are also called tax saving schemes since they offer tax exemption of
up to Rs. 150,000 from your annual taxable income under Section 80C of the
Income Tax Act.

Limitation of Mutual Fund

1. No Control Over Investment Decisions:

Investors do not have a say in which securities the fund manager selects. If you
prefer managing your portfolio or choosing specific assets, this can be a drawback.

2. Costs and Fees:

Mutual funds charge management fees and other expenses (like expense ratios and
load charges), which can eat into returns, especially in actively managed funds.

3. Lock-in Periods (in some funds):

Certain mutual funds, such as ELSS (Equity Linked Saving Schemes), have a lock-
in period where you cannot withdraw money before a specific time.

4. Market Risk:

Mutual funds are subject to market fluctuations. There's no guaranteed return, and
you may lose money if the market performs poorly.

5. Over-diversification:

While diversification reduces risk, too much diversification can dilute potential
returns. Some funds may hold hundreds of securities, limiting the impact of high-
performing assets.

6. Tax Inefficiency:

Frequent buying and selling within the fund can lead to capital gains, which might
be taxable for the investor even if they have not sold their mutual fund units.
7. Difficulty in Evaluating Performance:

It may be difficult to compare mutual funds or judge a fund manager’s skill due to
complex strategies and changing market conditions.

8. Liquidity Constraints (for some funds):

Not all mutual funds are equally liquid. For example, close-ended funds or funds
that invest in real estate or small-cap stocks may have liquidity issues.

Scope of Mutual Fund

1. Diversification of Investment:

Mutual funds invest in a variety of securities such as stocks, bonds, government

securities, etc., reducing the overall risk through diversification.

2. Accessibility to Small Investors:

They offer an opportunity for small investors to participate in the capital market
with relatively low initial investments.

3. Professional Fund Management:

Mutual funds are managed by qualified and experienced fund managers who make
investment decisions on behalf of investors.

4. Liquidity:

Investors can easily buy or sell mutual fund units on any business day, providing
high liquidity.

5. Variety of Schemes:

There are different types of mutual funds to meet various investment objectives like
Equity Funds, Debt Funds, Hybrid Funds, Tax-saving Funds (ELSS), and
Sectoral/Thematic Funds

6. Transparency and Regulation:

Mutual funds in India are regulated by SEBI (Securities and Exchange Board of
India), ensuring transparency and investor protection.

7. Tax Benefits:

Certain mutual fund schemes like ELSS offer tax deductions under Section 80C of the
Income Tax Act.
8. Capital Market Development:

Mutual funds help in deepening and expanding the capital market by channelizing savings
into productive investments.

9. Retirement and Goal Planning:

Mutual funds can be used for long-term wealth creation and to meet financial goals
such as retirement, education, or home purchase.

Types of Mutual Fund

1. Based on Structure

a) Open-ended Mutual Funds

 These funds do not have a fixed maturity period.

 Investors can buy or sell units at any time at the Net Asset Value (NAV).

 Example: Most equity mutual funds are open-ended.

b) Close-ended Mutual Funds

 These have a fixed maturity period (e.g., 3 or 5 years).

 Investors can only invest during the initial offer period.

 Units are traded on stock exchanges.

 Example: Fixed Maturity Plans (FMPs)

c) Interval Funds

 These combine features of both open-ended and close-ended funds.

 Investors can buy/sell units only at specific intervals.

2. Based on Asset Class

a) Equity Mutual Funds

 Invest mainly in stocks/equities of companies.

 High risk, but potentially high returns over the long term.

 Sub-types include Large-cap funds, Mid-cap funds, Small-cap funds, Multi-cap

funds, and Sectoral/Thematic funds
b) Debt Mutual Funds

 Invest in fixed income instruments like bonds, debentures, treasury bills.

 Less risky than equity funds.

 Suitable for conservative investors.

 Sub-types include Liquid funds, Short-term funds, Income funds, and Gilt funds

c) Hybrid Mutual Funds

 Invest in a mix of equity and debt instruments.

 Balance risk and return.

 Sub-types include

 Balanced funds, Monthly income plans (MIPs), and Arbitrage funds

d) Money Market Funds

 Invest in short-term debt instruments like Treasury bills, certificates of deposit.

 Very low risk and suitable for parking surplus money for short periods.

e) Gold Funds

 Invest in gold or gold-related instruments.

 Useful for investors who want to invest in gold without physically holding it.

3. Based on Investment Objectives

a) Growth Funds

 Aim for capital appreciation over a long period.

 Invest primarily in equities.

 Suitable for long-term investors.

b) Income Funds

 Aim to provide regular income by investing in fixed-income securities.

 Suitable for retirees and conservative investors.

c) Tax-Saving Funds (ELSS - Equity Linked Saving Schemes)

 Offer tax benefits under Section 80C of the Income Tax Act.

 Have a lock-in period of 3 years.

4. Based on Risk Level

 High Risk: Small-cap equity funds, sectoral funds.

 Moderate Risk: Hybrid funds, balanced funds.

 Low Risk: Debt funds, liquid funds.

5. Other Specialized Mutual Funds

a) Index Funds

 Track and mimic a particular index like Nifty or Sensex.

 Passive management with lower fees.

b) Fund of Funds (FoF)

 Invest in other mutual funds rather than direct securities.

c) International Funds

 Invest in global markets.

 Useful for portfolio diversification.

1.2 Literature Review

1. Evolution and Growth of Mutual Funds

The mutual fund industry has witnessed significant growth over the past few
decades. According to Ippolito (1992), the rise in mutual fund popularity is linked to
increased investor awareness and the professional management of assets. The Indian
mutual fund industry, in particular, has seen exponential growth since the liberalization of
the economy in the 1990s (Gupta, 2004).

2. Performance Analysis

Sharpe (1966) introduced the Sharpe Ratio as a tool to assess mutual fund
performance by adjusting returns based on risk. Later studies, such as those by Jensen
(1968), focused on fund managers' ability to generate returns above the market
benchmark. More recent Indian studies by Madhusoodanan and Thiripalraju (2001)
showed that while some mutual funds outperform the market, most show average or
below-average returns over time.
3. Investor Behaviour and Preferences

Sinha (2004) highlighted that investor preferences are influenced by factors such as
past performance, fund reputation, and NAV (Net Asset Value). Research by Desigan et
al. (2006) showed that most Indian investors consider safety, return, and liquidity when
selecting mutual funds. Behavioural finance studies have also revealed that investors often
make emotional decisions rather than rational ones, impacting fund inflows and
redemptions.

4. Risk and Return

Elton, Gruber, and Blake (1995) studied the relationship between mutual fund
returns and the associated risk. Their findings suggested that while higher returns are
possible, they often come with increased volatility. In India, studies by Singh and Vanita
(2002) found that equity funds tend to be more volatile but potentially more rewarding
compared to debt or hybrid funds.

5. Regulatory Framework and Reforms

The regulatory environment greatly influences mutual fund operations. SEBI

(Securities and Exchange Board of India) plays a vital role in regulating mutual fund
schemes in India. Reforms introduced by SEBI, such as expense ratio limits and disclosure
norms, have enhanced transparency and investor protection (SEBI Annual Report, various
years).

6. Technological Advancements and Digital Platforms

Recent literature has noted the impact of technology on mutual fund distribution.
Kumar (2019) emphasized that digital platforms and robo-advisors have improved investor
access and reduced costs, contributing to higher mutual fund penetration, especially
among millennials.

1.3 Brief explanation of the topic

Mutual funds have become a key investment tool for both retail and institutional
investors, offering diversification and professional management. Among equity funds it’s
includes Large cap, Mid cap, Small cap, Multi cap, and Flexi cap funds represent major
categories based on market capitalization and Hybrid funds includes Multi Asset Fund,
Hybrid Aggressive fund. Numerous studies have examined the risk-return characteristics,
performance patterns, and investment suitability of these categories. This Brief
explanation of the topic summarizes relevant research to support a comparative analysis of
these fund types.
A) Equity Funds

1. Large Cap Fund:

Invests in companies with large market capitalisation (Top 100 companies by

market cap in India). The Companies like Reliance Industries, TCS, Infosys, HDFC Bank,
etc. Large Cap Funds are Stable and well-established companies. Large Cap Funds are
best for Lower risk compared to other equity funds. It is Suitable for low to moderate risk
investors.

2. Mid Cap Fund:

Invests in mid-sized companies (Ranked 101–250 by market cap). The Companies

like Voltas, Mphasis, Tata Power. Mid Cap Funds are best for Higher growth potential
than large caps. Mid Cap Funds are suitable for Moderate to high risk. It is Suitable for
investors with medium-term goals and moderate risk tolerance.

3. Small Cap Fund:

Invests in smaller companies (Ranked 251 and below by market cap). That
Companies with high growth potential but smaller in size. Small Cap Funds are best for
High risk, high return potential, highly volatile. It is Best for long-term investors with
high-risk appetite.

4. Multi Cap Fund:

Invests in all three – large, mid, and small-cap stocks. SEBI Mandate Must invest
at least 25% each in large, mid, and small caps. It is Diversified exposure across market
caps. It is Balanced risk and return. It is Suitable for investors looking for a diversified
portfolio with moderate risk.

5. Flexi Cap Fund:

Invests flexibly across large, mid, and small caps with no minimum restriction. Fund
Manager's Role Can shift allocation based on market conditions. It is High flexibility and
dynamic allocation. Risk level depends on how the fund is managed. It is Suitable for
investors who trust the fund manager’s strategy.

B) Hybrid Funds

 Multi Asset Fund

 Definition:

A Multi Asset Fund is a mutual fund that invests in multiple asset classes, such as:
Equity (stocks), Debt (bonds), and Gold or other commodities. As per SEBI (Securities
and Exchange Board of India), a Multi Asset Fund must invest in at least three asset
classes, with minimum 10% in each.

 Objective:

 To diversify investments and reduce risk.

 Generate steady returns by balancing high-risk and low-risk assets.

 Example Allocation:

 Equity – 60%

 Debt – 20%

 Gold – 20%

 Who should invest:

 Investors seeking moderate returns with diversification.

 Ideal for those who want lower volatility compared to pure equity funds.

 Hybrid Aggressive Fund (also called Aggressive Hybrid Fund)

 Definition:

An Aggressive Hybrid Fund is a type of hybrid mutual fund that invests mostly in
equity along with some portion in debt. As per SEBI (Securities and Exchange Board of
India) Equity: 65% to 80% and Debt: 20% to 35%

 Objective:

 To offer higher returns than conservative hybrid funds, with controlled risk due to
the debt component.

 Who should invest:

 Investors with moderate to high risk tolerance.

 Suitable for long-term wealth creation with some stability from debt.

1.4 Purpose of the Study

The main purpose of conducting a comparison study between equity funds and
hybrid funds is to help investors and researchers understand the key differences in terms of
risk, return, investment strategy, and suitability based on investor goals. The specific
objectives of this study are:

1. To analyse the investment pattern of equity and hybrid funds in terms of asset
allocation and portfolio composition.

2. To evaluate the performance of equity and hybrid funds in terms of returns over
various time periods.

3. To assess the risk levels associated with both types of funds and understand their
volatility.

4. To identify the suitability of equity and hybrid funds for different types of
investors based on their risk appetite and investment horizon.

5. To provide insights to investors for making informed decisions while selecting

mutual fund schemes.

6. To compare the cost structure such as expense ratio, exit load, and other charges
involved.

7. To study the role of fund managers in managing the performance of both fund
types.

8. To offer recommendations for potential investors looking for optimal fund options
based on market conditions and financial goals.

This study ultimately aims to enhance awareness and assist investors in choosing
between equity and hybrid funds as per their risk tolerance and investment objectives.

1.5 Limitations of the Study

1. Limited Sample Size:
The study may be based on a small number of funds or respondents, which may not
represent the entire market accurately.
2. Time Constraints:
The performance of mutual funds varies with time. A short study period may not
reflect long-term trends or risks.
3. Data Availability:
Access to updated and comprehensive financial data of all funds may be restricted,
affecting the depth of analysis.
4. Market Volatility:
The comparison is affected by market fluctuations, which can temporarily distort
fund performance.
5. Investor Behaviour:
Individual risk preferences and financial goals vary, making it hard to generalize
findings for all types of investors.
6. Subjectivity in Evaluation:
The criteria used for comparison (like returns, risk, asset allocation) may be
subjective and differ across studies.
7. Lack of Consideration of Tax Implications:
The study may not include the impact of taxes on returns, which can vary depending
on fund type and investor profile.
8. Geographical Limitation:
The study may be focused on funds operating in a specific region (e.g., India),
limiting its global applicability.
CHAPTER
II
2.1 Organization’s Profile
ICICI PRUDENTIAL MUTUAL FUND-COMPANY PROFILE
 ICICI Prudential Mutual Fund is the mutual fund business of ICICI Prudential
Asset Management Company Limited (ICICI Pru AMC), founded in June 1993
as a joint venture between ICICI Bank (51%) and Prudential PLC (49%).

 Headquartered in Bandra Kurla Complex, Mumbai, and registered with SEBI in

October 1993, it was originally named ICICI Mutual Fund and later renamed
ICICI Prudential Mutual Fund by SEBI order in April 2007.

 Scale & Reach

 As of February 28, 2025, it managed total assets of approximately ₹7,78,354 crore
across 117 schemes covering equity, debt, hybrid, ETFs, sector/thematic funds, and
more.

 Some sources report up to 285 schemes with AUM nearing ₹9,83,726 crore as of
June 2025.

 ICICI Prudential AMC is consistently ranked among the top 2–3 AMCs in India,
alongside SBI and UTI Mutual Funds.

 Ownership & Structure

 Operates as a trust under the Indian Trusts Act, with the trustee being ICICI
Prudential Trust Ltd.

 Sponsored jointly by ICICI Bank Limited and Prudential PLC. Prudential PLC
holds a significant minority stake and is related via its subsidiary, Eastspring
Investments.

 Key Leadership
 MD & CEO: Mr. Nimesh Shah (leading AMC since 2007).

 Chief Investment Officer (Equity): Mr. Sankaran Naren, known for his value-
investing approach, also heads flagship funds such as ICICI Pru Value Discovery
Fund (>₹30,000 Cr AUM).
  CIO (Fixed Income): Rahul Goswami, leading debt investments and strategy.

 Additional portfolio leaders include Manish Banthia, Priyanka Khandelwal,

Nishit Patel, and Vaibhav Dusad along with Mrinal Singh, Kayzad Eghlim, and
others overseeing Equity, Real Estate, and ETF products depending on the schemes.

 Product & Services

 ICICI Prudential AMC offers:

o Over 100 mutual fund schemes: equity (~60+), debt (~18), hybrid (~11), plus
thematic, sectoral, ETFs, solution-oriented, and real estate portfolios.

 Equity Funds: Bluechip Fund, Value Discovery Fund, Midcap Fund, etc.
 Debt Funds: Corporate Bond Fund, Gilt Fund, Ultra Short- Term Fund
 Hybrid Funds: Balanced Advantage Fund, Equity & Debt Fund
 ETFs & Index Funds: Nifty 50 ETF, Bharat 22 ETF, Nifty Quality
30 Index Fund
 Sectoral/Thematic Funds: Infrastructure Fund, Technology Fund, EV &
Automotive ETF
 Fund of Funds & International Exposure: Resumed in July 2025 after
SEBI approval
o PMS (Portfolio Management Services): tailored high-net-worth and
institutional mandates.

o Real Estate Investment Advisory: launched in 2007 targeting institutional and

HNI clients.

 Recent Developments
 ICICI Prudential Bluechip Fund became the category’s largest large-cap fund
with ₹68,033 crore AUM as of April 30, 2025, receiving expert recommendations
under volatile market environments.

 The AMC recently launched the ICICI Prudential Active Momentum Fund, a
new strategy blending price and earnings momentum and focusing on sustainable
alpha across small and mid-caps while managing risk and turnover.

 In March–April 2025, they introduced the ICICI Prudential Nifty EV & New Age
Automotive ETF, targeting the EV ecosystem and component manufacturers; open
to both demat and non-demat investors via an FOF structure.
  The AMC was the first in India to launch a Silver ETF and has recently introduced
new funds like the Nifty EV & New Age Automotive ETF and Nifty Top 15 Equal
Weight Fund (Mint, 2022; Economic Times, 2025a).

2.2 DURATION OF INTERNSHIP, LOCATION AND DEPARTMENT

OF INTERNSHIP
The internship at ICICI Prudential Mutual Fund, Bhubaneswar branch, was
undertaken as part of the academic curriculum in the field of finance and investment
management. The internship spanned a duration of one months, from June 2025 to July
2025.

During the internship, the student was placed in the Sales and Distribution
Department. The responsibilities included:
 Understanding and promoting mutual fund products such as SIPs, ELSS, and
hybrid funds.
 Assisting with client onboarding and KYC documentation.
 Observing distributor meetings and learning the operational workflows of an
AMC.
 Supporting the branch team in day-to-day investor servicing task.

The experience provided practical exposure to real-world mutual fund operations,

product positioning, and client interaction, enhancing the student’s understanding of
financial markets and mutual fund distribution channels.
 LOCATION OF THE COMPANY

 THERED HIGHLITED AREA INDICATES THE EXACT

LOCATION.
2.3 WORK DONE DURING THE INTERNSHIP PERIOD
During the internship at ICICI Prudential Mutual Fund, Bhubaneswar branch, from
June to July 2025, the intern was placed in the Sales and Distribution Department. The
primary responsibilities included:

 Assisting the branch manager and sales executives in promoting mutual fund
schemes to retail clients.

 Conducting presentations and discussions with walk-in customers regarding SIP

(Systematic Investment Plan), ELSS (Equity-Linked Savings Scheme), and
Balanced Advantage Funds.

 Preparing reports on customer queries, investment preferences, and monthly sales

targets.

 Following up with potential investors and updating lead status using CRM tools.

 Helping process KYC documents, SIP application forms, and monitoring

transaction records for new folios.
 Target Achieved

 The internship involved achieving the following specific goals and deliverables:

 Target was given 10 clients for mutual fund investment but achieved 2 clients that
means only 20% achieved.

 Completed and submitted a detailed report on competitor fund performance

analysis, comparing large-cap, mid-cap, and hybrid funds.

 Contributed to a branch campaign that generated over

₹6.5 lakh in SIP commitments over a two-month period.

 Assisted in organizing 3 investor awareness programs, contributing to the

distribution of over 100 brochures and fund leaflets.

 These targets were completed under the guidance of the branch sales manager and
verified by the internship mentor.
 Experience Gained

 The internship provided valuable insights and hands-on experience in the financial
services sector. Key takeaways include:
 A thorough understanding of mutual fund structure, regulatory requirements, and
fund categories (e.g., equity, debt, hybrid).
 Improved communication and client handling skills through daily interaction with
investors and distributors.
 Exposure to the back-office operations of a mutual fund distributor, including
compliance, documentation, and transaction processing.
 Development of analytical skills by preparing fund comparison reports and
tracking NAV trends and market movements.
 A clear understanding of how relationship building and product knowledge drive
investor trust in financial services.
This internship acted as a stepping stone toward a career in investment advisory, wealth
management, and financial product distribution.
CHAPTER
III
3.1 Objectives of Study
The main objectives of conducting a comparative study between equity funds and hybrid
funds are as follows:

1. To Understand the Nature of Both Funds:

To analyse the structure, investment composition, and risk-return profile of equity
funds and hybrid funds.

2. To Compare the Performance:

To evaluate and compare the historical returns, volatility, and risk-adjusted
performance of equity and hybrid mutual funds.

3. To Assess Suitability for Different Investors:

To understand which type of fund is more suitable for different investor categories
based on their risk appetite, investment horizon, and financial goals.

4. To Analyse the Risk Factors:

To identify and compare the levels of risk involved in both types of funds and how
they are managed.

5. To Study the Asset Allocation Strategy:

To examine the allocation between equity and debt in hybrid funds and how it
differs from pure equity funds.

6. To Evaluate Fund Management Strategies:

To observe how fund managers of equity and hybrid funds strategize their
investments based on market conditions.

7. To Help Investors Make Informed Decisions:

To provide insights that can guide individual and institutional investors in choosing
the appropriate mutual fund category.

8. To Highlight the Advantages and Limitations:

To explore the strengths and weaknesses of both fund types in terms of growth
potential, stability, and income generation.

3.2 Research Methodology of the Study

The research methodology outlines the process and tools used to carry out the comparison
study between Equity Funds and Hybrid Funds. The key components are:
1. Research Design

The study adopts a descriptive research design, which is suitable for comparing the
features, risks, and returns of equity and hybrid funds.

2. Sources of Data

 Primary Data: Not applicable, as the study relies mainly on secondary sources.

 Secondary Data: Collected from mutual fund websites (e.g., ICICI Prudential,
HDFC, SBI), AMFI reports, SEBI publications, fund fact sheets, and financial
journals.

3. Sampling Method

A purposive sampling method is used to select a few top-performing equity and hybrid
funds from various AMCs for analysis.

4. Tools and Techniques Used

 Comparative Analysis: To compare returns, risks (standard deviation, beta), asset

allocation, and fund performance.

 Graphical Representation: Charts and graphs are used for a visual comparison of
fund performances.

5. Period of Study

The data is collected for the past 3 to 5 years to analyse consistency and performance
trends over time.

6. Limitations

 Only selected mutual funds are considered.

 Market conditions may influence past performance, which may not predict future
outcomes.
CHAPTER
IV
4.1 Data Analysis
Equity Fund
ICICI Prudential Mutual Fund (Large Cap Fund)
Net Asset Value (NAV) ₹ 108.68
Inception Year 17 Years (23-05-2008)
Expenses Ratio 1.42
Asset Size ₹ 72336.05 Cr
Average Performance 15.56%

PERFOMANCE

Period 1 Year 2 Year 3 Year 5 Year 10 Year 15 Year Since Inception

Lumpsum 4.33% 18.81% 18.23% 21.60% 13.55% 13.90% 14.87%
SIP 6.93% 13.26% 17.31% 18.10% 16.11% 15.21% 15.56%

ICICI Prudential Mutual Fund (Mid Cap Fund)

Net Asset Value (NAV) ₹ 292.89
Inception Year 21 Years (23-09-2004)
Expenses Ratio 1.86
Asset Size ₹ 6824.44 Cr
Average Performance 16.52%

PERFOMANCE

Period 1 Year 2 Year 3 Year 5 Year 10 Year 15 Year

20 Since
Year Inception
Lumpsum 5.63% 26.12% 22.03% 27.57% 14.41% 15.23% 15.67% 17.57%
SIP 11.99% 18.30% 22.74% 22.50% 18.47% 18.17% 16.32% 16.52%

ICICI Prudential Mutual Fund (Small Cap Fund)

Net Asset Value (NAV) ₹ 87.19
Inception Year 18 Years (17-10-2007)
Expenses Ratio 1.78
Asset Size ₹ 8565.6 Cr
Average Performance 16.60%
 PERFOMANCE

Period 1 Year 2 Year 3 Year 5 Year 10 Year 15 Year Since Inception

Lumpsum 0.01% 15.64% 18.12% 30.28% 15.09% 15.34% 12.89%
SIP 6.82% 10.67% 16.53% 20.93% 19.12% 17.26% 16.60%

ICICI Prudential Mutual Fund (Flexi Cap Fund)

Net Asset Value (NAV) ₹ 18.39
Inception Year 4 Years (12-07-2021)
Expenses Ratio 1.69
Asset Size ₹ 17945.86 Cr
Average Performance 17.53%
PERFOMANCE

Period 1 Year 2 Year 3 Year Since Inception

Lumpsum 2.85% 19.54% 17.87% 16.20%
SIP 6.09% 13.40% 17.55% 17.53%

ICICI Prudential Mutual Fund (Multi Cap Fund)

Net Asset Value (NAV) ₹ 784.73
Inception Year 24 Years (28-09-2001)
Expenses Ratio 1.73
Asset Size ₹ 15532.54 Cr
Average Performance 17.50%
PERFOMANCE

Period 1 Year 2 Year 3 Year 5 Year 10 Year 15 Year 20 Since

Year Inception
Lumpsum 1.74% 20.25% 20.50% 24.54% 13.94% 13.92% 15.18% 20.03%
SIP 5.69% 14.07% 19.58% 20.45% 16.93% 16.04% 14.94% 17.50%

Hybrid Fund
ICICI Prudential Mutual Fund (Aggressive Hybrid Fund)
Net Asset Value (NAV) ₹ 387.25
Inception Year 26 Years (03-11-1999)
Expenses Ratio 1.56
Asset Size ₹ 44552.28 Cr
Average Performance 16.33%
 PERFOMANCE

Period 1 Year 2 Year 3 Year 5 Year 10 Year 15 Year 20 Since

Year Inception
Lumpsum 5.90% 19.36% 19.27% 24.78% 15.05% 15.68% 15.17% 15.24%
SIP 8.81% 14.29% 18.23% 20.43% 17.71% 16.81% 15.65% 16.33%

ICICI Prudential Mutual Fund (Multi-Asset Fund)

Net Asset Value (NAV) ₹ 747.96
Inception Year 23 Years (31-10-2002)
Expenses Ratio 1.39
Asset Size ₹ 62013.62 Cr
Average Performance 17.60%
PERFOMANCE

Period 1 Year 2 Year 3 Year 5 Year 10 Year 15 Year

20 Since
Year Inception
Lumpsum 9.74% 18.35% 19.15% 23.14% 14.87% 14.20% 16.57% 20.88%
SIP 10.78% 15.10% 18.01% 20.06% 17.32% 15.98% 15.51% 17.60%

The analysis aims to evaluate the performance and investor perception of Equity
Funds and Hybrid Funds based on various parameters such as returns, risk, investment
horizon, and preference.

4.2 Findings
1. Risk Level:

o Equity Funds carry higher risk due to major exposure to stock markets.

o Hybrid Funds offer comparatively lower risk because they invest in both
equity and debt instruments.

2. Returns:

o Equity Funds tend to provide higher returns over the long term, suitable for
aggressive investors.

o Hybrid Funds provide moderate but stable returns, ideal for conservative or
moderate investors.
3. Volatility:

o Equity funds show higher price volatility due to market fluctuations.

o Hybrid funds are less volatile as debt instruments provide a cushion during
market downturns.

4. Investment Horizon:

o Equity funds are more suitable for long-term goals (5 years or more).

o Hybrid funds can be considered for medium-term investment horizons (3–5

years).

5. Taxation:

o Both funds are taxed differently based on their equity exposure.

o Equity-oriented hybrid funds enjoy similar tax benefits as equity funds.

6. Suitability:

o Equity funds are more suitable for investors with a high-risk appetite and
long-term goals.

o Hybrid funds suit first-time investors or those with moderate risk tolerance.

7. Portfolio Diversification:

o Hybrid funds provide better diversification as they include both equity and
debt.

o Equity funds primarily focus on capital appreciation through stocks.

8. Performance Consistency:

o Hybrid funds generally offer more consistent performance in volatile markets.

o Equity funds can outperform over time but are more inconsistent in the short
term.

9. Fund Management Style:

o Equity funds require more active management to handle market volatility.

o Hybrid funds follow a balanced approach, reducing the need for frequent
portfolio changes.

10.Investor Preference:

 Younger, risk-tolerant investors tend to prefer equity funds.

  Retired or conservative investors lean toward hybrid funds for stability and regular
income.

4.3 Interpretation
The comparative study between equity funds and hybrid funds provides valuable
insights into their performance, risk levels, investor preferences, and suitability based on
investment goals.

1. Return Potential: Equity funds generally offer higher returns over the long term
because they invest predominantly in stocks. However, this comes with higher
market volatility and risk. Hybrid funds, on the other hand, provide moderate
returns as they balance investments between equity and debt instruments.

2. Risk Profile: Hybrid funds have a lower risk profile compared to pure equity funds
because of their debt component, which acts as a cushion during market downturns.
This makes hybrid funds more suitable for conservative or moderate-risk
investors.

3. Investor Suitability: Equity funds are ideal for aggressive investors with a long-
term horizon and high-risk tolerance, aiming for capital appreciation. Hybrid
funds are more suited for first-time investors, retired individuals, or those looking
for a balanced portfolio with moderate growth and income stability.

4. Volatility and Stability: Equity funds tend to be more volatile, reacting strongly to
market fluctuations. Hybrid funds offer more stability, making them attractive
during uncertain or bearish market conditions.

5. Tax Efficiency: Tax treatment may vary based on the fund structure. Equity-
oriented hybrid funds may still enjoy similar tax benefits as pure equity funds if
their equity exposure exceeds 65%, while debt-oriented hybrid funds are taxed
like debt funds, often resulting in higher tax liabilities.

6. Portfolio Diversification: Hybrid funds inherently provide diversification between

asset classes, reducing overall portfolio risk. Equity funds require investors to
diversify on their own to manage risk effectively.

7. Liquidity and Flexibility: Both fund types generally offer good liquidity, but
hybrid funds provide more flexibility by adjusting their equity-debt allocation in
response to market conditions.
CHAPTER
v
5.1 Summary

This study focuses on comparing Equity Funds and Hybrid Funds, which are
two major categories of mutual funds. Equity Funds primarily invest in stocks and aim for
higher returns with higher risk, while Hybrid Funds invest in a mix of equity and debt
instruments to balance risk and return.

The study evaluates these funds based on various parameters such as return
potential, risk level, investment objective, suitability for investors, and performance
over time. It highlights that Equity Funds are suitable for aggressive investors looking for
long-term capital growth, whereas Hybrid Funds are ideal for moderate investors seeking a
combination of growth and stability.

The analysis concludes that the choice between Equity and Hybrid Funds should
depend on the investor's risk appetite, investment horizon, and financial goals. The
study helps investors make informed decisions by understanding the trade-off between risk
and return in these fund categories.

5.2 Conclusion
The comparative study between equity funds and hybrid funds reveals that both
investment options serve different investor needs based on their risk appetite, investment
goals, and time horizons. Equity funds primarily invest in stocks and are suitable for
investors seeking high returns and who can withstand market volatility. In contrast, hybrid
funds offer a balanced mix of equity and debt instruments, making them ideal for
moderate risk-takers seeking both growth and stability.

The study concludes that:

 Equity funds offer potentially higher returns but come with higher risks.

 Hybrid funds provide diversification and reduce risk through asset allocation,
though returns may be comparatively moderate.

 Investment choice should be aligned with the investor’s financial goals, risk profile,
and investment horizon.

 Hybrid funds can serve as a good entry point for new investors, while equity funds
are more suited for aggressive, long-term investors.
Thus, both funds have their own merits, and a proper understanding of their structure and
risk-return trade-off is essential for informed investment decisions.

5.3 Recommendation
Mutual funds offer a wide range of investment options to cater to different
financial goals, risk tolerances, and time horizons. Based on investor needs, the following
recommendations are made:

1. For Conservative Investors (Low Risk Appetite):

 Recommended Fund Type: Debt Funds or Liquid Funds

 Example Funds:

o HDFC Short Term Debt Fund

o SBI Liquid Fund

 Reason: These funds offer relatively stable returns with low risk and are suitable for
short-term goals or capital preservation.

2. For Moderate Investors (Medium Risk Appetite):

 Recommended Fund Type: Hybrid Funds (Balanced or Aggressive Hybrid)

 Example Funds:

o ICICI Prudential Equity & Debt Fund

o HDFC Hybrid Equity Fund

 Reason: These funds provide a balance between equity and debt exposure, suitable
for medium-term goals with moderate returns.

3. For Aggressive Investors (High Risk Appetite):

 Recommended Fund Type: Equity Mutual Funds

o Large Cap Funds (for relatively stable growth):

 SBI Bluechip Fund

  Axis Bluechip Fund

o Mid Cap & Small Cap Funds (for high growth potential):

 Nippon India Small Cap Fund

 Kotak Emerging Equity Fund

 Reason: Higher long-term returns but with higher volatility; suitable for long-term
wealth creation.

4. For Tax-Saving Investors:

 Recommended Fund Type: ELSS (Equity Linked Savings Scheme)

 Example Funds:

o Mirae Asset Tax Saver Fund

o Axis Long Term Equity Fund

 Reason: These funds qualify for tax deductions under Section 80C and have a 3-
year lock-in.

Bibliography and Reference

1. APA Style (7th Edition)

References:

 Bodie, Z., Kane, A., & Marcus, A. J. (2021). Investments (12th ed.). McGraw-Hill
Education.

 Chandra, P. (2020). Investment analysis and portfolio management (6th ed.). Tata
McGraw-Hill.

 Association of Mutual Funds in India. (2023). Mutual fund industry data and
resources. https://www.amfiindia.com

 SEBI. (2023). Investor Education – Mutual Funds. https://www.sebi.gov.in

 Singh, Y. P. (2022). Performance evaluation of mutual funds in India: A

comparative study. Journal of Financial Markets, 15(2), 101–117.
 2. MLA Style (9th Edition)

Works Cited:

 Bodie, Zvi, et al. Investments. 12th ed., McGraw-Hill Education, 2021.

 Chandra, Prasanna. Investment Analysis and Portfolio Management. 6th ed., Tata
McGraw-Hill, 2020.

 “Mutual Fund Industry.” Association of Mutual Funds in India, 2023,

www.amfiindia.com.

 “Mutual Fund Education.” Securities and Exchange Board of India, 2023,

www.sebi.gov.in.

 Singh, Yogendra P. “Performance Evaluation of Mutual Funds in India: A

Comparative Study.” Journal of Financial Markets, vol. 15, no. 2, 2022, pp. 101–
117.

3. Harvard Style

References:

 Bodie, Z., Kane, A. and Marcus, A.J., 2021. Investments. 12th ed. New York:
McGraw-Hill Education.

 Chandra, P., 2020. Investment Analysis and Portfolio Management. 6th ed. New
Delhi: Tata McGraw-Hill.

 Association of Mutual Funds in India, 2023. Mutual fund data. [online] Available
at: https://www.amfiindia.com [Accessed 3 Aug. 2025].

 Securities and Exchange Board of India, 2023. Investor education: Mutual funds.
[online] Available at: https://www.sebi.gov.in [Accessed 3 Aug. 2025].

 Singh, Y.P., 2022. Performance evaluation of mutual funds in India: A comparative

study. Journal of Financial Markets, 15(2), pp.101–117.

4. Chicago Style (Author-Date)

References:

 Bodie, Zvi, Alex Kane, and Alan J. Marcus. 2021. Investments. 12th ed. New York:
McGraw-Hill Education.
 Chandra, Prasanna. 2020. Investment Analysis and Portfolio Management. 6th ed.
New Delhi: Tata McGraw-Hill.

 Association of Mutual Funds in India. 2023. “Mutual Fund Industry Data.”

Accessed August 3, 2025. https://www.amfiindia.com.

 Securities and Exchange Board of India. 2023. “Mutual Fund Investor Education.”
Accessed August 3, 2025. https://www.sebi.gov.in.

 Singh, Yogendra P. 2022. “Performance Evaluation of Mutual Funds in India: A

Comparative Study.” Journal of Financial Markets 15 (2): 101–117.
 Appendices

1. ICICI Prudential Mutual Fund Logo:

2. Branch Office Image:

 3. ICICI Mutual Fund Website Screenshot:

4. Questionary
Section A: Demographic Information

1. Name: __________________________

2. Age:

(a) Below 20 [ ] (b) 21–30 [ ] (c) 31–40 [ ] (d) 41–50 [ ]

(e) Above 50 [ ]

3. Gender:

(a) Male [ ] (b) Female [ ] (c) Other [ ]

4. Occupation:

(a) Student [ ] (b) Salaried [ ] (c) Business [ ] (d) Retired [ ]

(e) Other: ___________

5. Education Qualification:
 (a) Below 10th [ ] (b) 10th–12th [ ] (c) Graduate [ ]

(d) Postgraduate [ ] (e) Professional Degree [ ]

6. Monthly Income:

(a) Below ₹20,000 [ ] (d) ₹20,001–₹40,000 [ ]

(b) ₹40,001–₹60,000 [ ] (e) ₹60,001–₹80,000 [ ]

(c) Above ₹80,000 [ ]

Section B: Awareness and Knowledge

7. Have you heard about mutual funds?

(a) Yes [ ] (b) No [ ]

8. If yes, how did you first learn about mutual funds?

(a) TV/Radio [ ] (b) Internet [ ] (c) Friends/Family [ ]

(d) Financial Advisor [ ] (e)Others: ___________

9. How would you rate your knowledge about mutual funds?

(a) Very Poor [ ] (c) Poor [ ] (e) Average [ ]

(b) Good [ ] (d) Excellent [ ]

10.Do you know the different types of mutual funds (Equity, Debt, Hybrid, etc.)?

(a) Yes [ ] (b) No [ ]

Section C: Investment Behaviour

11.Have you ever invested in a mutual fund?

(a) Yes [ ] (b) No [ ]

12.If yes, how long have you been investing?

(a) Less than 1 year [ ] (c) 3–5years [ ]

(b) 1–3 years [ ] (d) More than 5 years [ ]

13.What type of mutual funds do you prefer?

(a) Equity Funds [ ] (b) Debt Funds [ ]

(c) Hybrid Funds [ ] (d) Index Funds [ ]

(e) Other: ___________

 14.What is your primary objective for investing in mutual funds?

(a) Wealth Creation [ ] (d) Tax Savings [ ]

(b) Retirement Planning [ ] (e) Others: ___________

(c) Children’s Education [ ]

15.Through which mode do you invest in mutual funds?

 (a) Online platforms [ ] (c) Banks [ ]

 (b)Agents/Advisors [ ] (d)Direct with AMC [ ]

Section D: Perception and Satisfaction

16.Are you satisfied with the returns from mutual fund investments?

(a)Very Satisfied [ ] () Neutral [ ] () Very Dissatisfied [ ]

(b)Satisfied [ ] () Dissatisfied [ ]

17.What factors do you consider before investing in a mutual fund? (Tick all that
apply)

(a) Past Performance [ ] (d) Fund Manager Reputation [ ]

(b) Risk Level [ ] (e) Expense Ratio [ ]

(c)Lock-in Period [ ]

18.Would you recommend mutual funds to others?

(a) Yes [ ] (b) No [ ]

19.What do you think are the biggest risks in mutual fund investments?

 (a) Market Risk [ ] (d) Lack of Knowledge [ ]

 (b) Mis-selling [ ] (e) Others: ___________

 (c) Hidden Charges [ ]

20.What suggestions would you like to give to make mutual funds more investor-
friendly?