IÞTERÞATIOÞAL JOLRÞAL OF MARKETIÞG,
FIÞAÞCIAL SERVICES & MAÞAGEMEÞT RESEARCH
\ol.1 No. +, April 2012, !SSN 2277 S622
Onlinc Availablc at indianrcscarchjournals.com
PERFORMAÞCE EVALLATIOÞ OF IÞDIAÞ AÞD FOREIGÞ
MLTLAL FLÞDS : A COMPARATIVE STLDY
MR. LEÞIÞ KLMAR ÞOOÞEY´, DR. V. RAMA DEVI´´
`Lccturcr, Dcpt. »j Busincss Stu4ics, Niewe C»//c¡c »j 1cchn»/»¡y, P. O B»v: 177, P»ste/ C»4c 611,Niewe, Omen.
``Pr»jcss»r, Sch»»/ »j Mene¡cmcnt, KL Univcrsity, Ve44cswerem,Guntur (Dt.), An4hre Pre4csh, ln4ie
ABSTRACT
Saving lor rlc lururc is good. !nvcsring lor ir is cvcn lcrrcr. Murual lunds lavc many lcnclirs rlar
makc rlcm onc ol rlc mosr cllicicnr, cosr-cllccrivc, and casy invcsrmcnrs availallc. 1lcy arc also idcal vcliclcs lor
individual invcsrors wlo don'r lavc rlc rimc, willingncss or aliliry ro managc rlcir own porrlolio ol londs or srocks.
Murual lunds wlicl lavc lccn opcraring lor grcarcr rlan livc ycars and pcrlorming during rlc pcriod ol srudy (i.c.
200S - 2007) arc sclccrcd lor rlc prcscnr rcscarcl. 1lc samplc lor rlc srudy consisrs ol S+0 murual lunds lclonging ro
lour carcgorics - Moncy markcr carcgory lunds, Ðclr Carcgory ¡unds, ¡quiry carcgory lunds and Balanccd carcgory
lunds. 1lc pcrlormancc ol sclccrcd lunds is cvaluarcd using avcragc rarc ol rcrurn ol lund, srandard dcviarion,
Fisk}Fcrurn, Slarpc Fario, 1rcynor rario and {cnscn rario. Bcnclmark comparison is also madc as ir indicarcs ro wlar
cxrcnr rlc lund managcrs wcrc allc ro producc lcrrcr pcrlormancc ol managcd porrlolio comparcd ro rlc markcr or
indcx porrlolios.
Bcnclmark comparison, Slarpc rario, 1rcynor rarioand{cnscnrario. Kcy words:
1
IÞTRODLCTIOÞ: in rlc plasc ol consolidarion and growrl sragc ol rlc
Saving lor rlc lururc is good. !nvcsring lor ir is cvcn lcrrcr. producr lilc cyclc. 1lc compcririon would inrcnsily in rlc
Murual lunds lavc many lcnclirs rlar makc rlcmonc ol rlc coming ycars as ir lappcncd in orlcr indusrrics. !cncc, ir is
mosr cllicicnr, cosr-cllccrivc, and casy invcsrmcnrs availallc. appropriarc, rclcvanr and ropical ro locus our arrcnrion as ro
1lcy arc also idcal vcliclcs lor individual invcsrors wlo low rlc !ndian murual indusrry would cmcrgc in rlc
don'r lavc rlc rimc, willingncss or aliliry ro managc rlcir coming lcwycars ro asccrrain wlar kind ol producrs (murual
own porrlolio ol londs or srocks. A murual lund is rlc idcal lund sclcmcs) would lc allc ro win rlc invcsrors'
invcsrmcnr vcliclc lor roday's complcx and modcrn linancial conlidcncc andsurvivc inrlc markcr placc.
sccnario. Markcrs lor cquiry slarcs, londs and orlcr lixcd
incomc insrrumcnrs, rcal csrarc, dcrivarivcs and orlcr asscrs OBJECTIVESOF THE STLDY:
1lc srudy will lavc a propcr dirccrion ly scrring rlc lavc lccomc marurc and inlormarion drivcn. Pricc clangcs
oljccrivcs ol rlc srudy. 1lc lollowing oljccrivcs arc in rlcsc asscrs arc drivcn ly glolal cvcnrs occurring in disranr
lormularcdlor rlc prcscnr srudy. placcs. A small invcsror is unlikcly ro lavc rlc knowlcdgc,
1. 1o cvaluarc pcrlormancc ol dillcrcnr !ndian and skills, inclinarion and rimc ro kccp rrack ol cvcnrs,
lorcign murual lunds sclcmcs onrlc lasis ol risk- rcrurn undcrsrand rlcir implicarions and acr spccdily and in rlis
paramcrcrs. conrcxr murual lunds comc rolis rcscuc.
2. 1o appraisc pcrlormancc ol murual lunds on risk Murual ¡und indusrry roday, is onc ol rlc mosr
adjusrcd mcasurcs as suggcsrcd ly Slarpc, 1rcynor, and prclcrrcd invcsrmcnr avcnucs in !ndia. !owcvcr, wirl a
{cnscn. plcrlora ol sclcmcs availallc lor oprion, rlc rcrail invcsror
laccs prollcms in sclccring lunds. !n addirion ro qualirarivc
mcasurcs likc invcsrmcnr srrarcgy, managcmcnr srylc crc., HYPOTHESESOF THE STLDY:
1. 1lcrc is no signilicanr dillcrcncc lcrwccn rlc rlc lunds rccord is an imporranr indicaror roo. 1lougl pasr
rcrurns ol dillcrcnr murual lund sclcmcs ol !ndian pcrlormancc alonc cannor lc indicarivc ol lururc
murual lundcarcgory. pcrlormancc, ir is, lrankly, rlc only quanrirarivc way ro judgc
2. 1lcrc is no signilicanr dillcrcncc lcrwccn rlc low good a lund is ar prcscnr. 1lc imprcssivc growrl ol
rcrurns ol dillcrcnr murual lund sclcmcs ol lorcign murual lunds in !ndia las arrracrcd rlc arrcnrion ol !ndian
murual lundcarcgory. rcscarclcrs, individuals and insrirurional invcsrors during
S. 1lcrc is no signilicanr dillcrcncc lcrwccn rlc pasr rcn ycars. 1lc !ndian murual lund indusrry is currcnrly
rcrurns ol murual lund sclcmcs ol !ndian and lorcign ol rcrurn ol lund, srandard dcviarion, Fisk}Fcrurn, Slarpc
murual lunds carcgorics. Fario, 1rcynor rario and {cnscn rario. Fcrurn alonc slould
nor lc considcrcd as rlc lasis ol mcasurcmcnr ol rlc
RESEARCH METHODOLOGY: pcrlormancc ol a murual lund sclcmc, ir slould also includc
Funds sclcctcd for thc study: Murual lunds wlicl lavc rlc risk rakcn ly rlc lund managcr lccausc dillcrcnr lunds
lccn opcraring lor grcarcr rlan livc ycars and pcrlorming will lavc dillcrcnr lcvcls ol risk arraclcd ro rlcm. Fisk
during rlc pcriod ol srudy (i.c. 200S - 2007) wcrc sclccrcd associarcd wirl a lund, in a gcncral, can lc dclincd as
lor rlc prcscnr rcscarcl. 1lcrc wcrc S+0 sucl murual lunds varialiliry or llucruarions in rlc rcrurns gcncrarcd ly ir. 1lc
lclonging ro lour carcgorics - Moncy markcr carcgory liglcr rlc llucruarions in rlc rcrurns ol a lund during a givcn
lunds, Ðclr Carcgory ¡unds, ¡quiry carcgory lunds and pcriod, liglcr will lc rlc risk associarcd wirl ir. Srandard
Balanccd carcgory lunds. 1lcsc wcrc lurrlcr sul-dividcd dcviarion is a srarisrical mcasurc ol rlc rangc ol a lund's
inro !ndian and lorcign carcgory lunds. 1lc rcasons lor pcrlormancc, and is rcporrcd as an annual numlcr. Wlcn a
srudying rlc pcrlormancc ol murual lund lor a pcriod ol livc lund las a ligl srandard dcviarion, irs rangc ol pcrlormancc
ycars (200S-2007) arc. las lccn vcry widc, indicaring rlar rlcrc is a grcarcr porcnrial
º A largc numlcr ol murual lunds lavc lccn lor volariliry. 1lc mosr common mcasurcs rlar comlinc
insrigarcd during 200S- 2007. lorl risk and rcward arc Slarpc Fario, 1rcynor rario and
º 1lc murual lund indusrry in !ndia rcgisrcrcd {cnscnrario. 1rcynor's indcx ~ (F - F) ÷ Wlcrc,
p l p
norallc growrlduring 200S- 2007Pcriod. F ~ Porrloliorcrurnovcr a pcriod
p
º 1lc !ndian srock markcr las donc cxccprionally
F ~ Fisk-lrcc rcrurnovcr a pcriod
l
wcll during 200S- 2007.
~ Markcr-risk, lcra cocllicicnr
p
!iglcr valuc ol 1rcynor's indcx indicarcs lcrrcr
Data Collcction: 1lc Fcscarcl Srudy las lccn lascd on
pcrlormancc ol porrlolio and vicc vcrsa. 1lc 1rcynor's
Sccondary Ðara. 1o gain an ovcrvicw ol rlc currcnr
mcasurc ol porrlolio pcrlormancc is rclarivc mcasurc rlar
pcrlormancc rrcnds ol rlc !ndian murual lund indusrry
ranks rlc lunds in rcrms ol risk (markcr risk) and rcrurn. 1lc
sccondary dara las lccn an imporranr sourcc and was
indcx is also rcrmcd as rcward ro volariliry rario. Slarpc's
collccrcd lrom rlc lacr slccrs, ncwspapcrs, journals, looks,
indcx ~ (F - F) ÷
p l p
pcriodicals, wclsircs, crc. 1lc dara was collccrcd lrom
F ~ Porrloliorcrurnovcr a pcriod
p
various wclsircs ol AMCs, AM¡!, valuc rcscarcl onlinc,
F ~ Fisk-lrcc rcrurnovcr a pcriod
l
moncyconrrol.com, crc. Bomlay Srock ¡xclangc Scnscx
~ 1oral risk, srandard dcviarion ol porrlolio rcrurn
p
annualizcd rcrurns valucs lavc lccn drawn lromwclsirc lor
!iglcr valuc ol Slarpc's indcx indicarcs lcrrcr
rlc srudy pcriod ro compurc markcr rcrurns lor ¡quiry
pcrlormancc ol porrlolio and vicc vcrsa. 1lc Slarpc's
divcrsilicd, cquiry rax savings, cquiry lanking, cquiry MNC,
mcasurc ol porrlolio pcrlormancc is also rclarivc mcasurc
¡quiry orlcr and ¡quiry indcx, lalanccd and lylrid lunds.
rlar ranks rlc lunds in rcrms ol risk (roral risk) and rcrurn.
Bomlay Srock ¡xclangc ¡MCG !ndcx valucs lavc lccn
1lc rario is also rcrmcd as rcward ro varialiliry rario. {cnscn's
rakcn lor compuring markcr rcrurns lor cquiry ¡MCGlunds,
Mcasurc is a risk-adjusrcd pcrlormancc mcasurc rlar
Bomlay Srock ¡xclangc !nlormarion 1cclnology !ndcx
rcprcscnrs rlc avcragc rcrurn on a porrlolio ovcr and alovc
valucs lavc lccn sclccrcd lor compuring markcr rcrurns lor
rlar prcdicrcd ly rlc capiral asscr pricing modcl (CAPM),
cquiry 1cclnology lunds, Bomlay Srock ¡xclangc !calrl
givcn rlc porrlolio's lcra and rlc avcragc markcr rcrurn.
Carc indcx valucs lavc lccn rakcn lor compuring markcr
1lis is rlc porrlolio's alpla. !n lacr, rlc conccpr is somcrimcs
rcrurn lor ¡quiry Plarmacy and S6+ Ðays 1rcasury lill
rclcrrcd roas "{cnscn's alpla."
valucs wcrc rakcn lor compuring markcr rcrurns lor moncy
{cnscn's Mcasurc is calcularcdas.
markcr insrirurional, dclr insrirurional, dclr slorr rcrm,
~ r |r + ( r - r ) |
P P l P m l
dclr spccialry, dclr long rcrm, dclr lloaring rarc, moncy
Wlcrc,
incomc planandmoncy markcr lunds.
r ~ ¡xpccrcdroral porrloliorcrurn
P
Pcrformancc Mcasurcs Lscd in thc Study: 1lc
r ~ Fisk lrcc rarc
l
pcrlormancc ol sclccrcd lunds is cvaluarcd using avcragc rarc
MR. LEÞIÞ KLMAR ÞOOÞEY, DR. V. RAMA DEVI
2
~ Bcra ol rlc porrlolio Carcgory ¡unds rangcs lrom 0.S8 ro 0.70. BÒB Balancc
P
¡und las rlc liglcsr risk pcr unir rcrurn and Iorak Balancc r ~ ¡xpccrcdmarkcr rcrurn
m
las rlc lowcsr risk pcr unir rcrurn.
{cnscn's mcasurc is onc ol rlc ways ro lclp dcrcrminc il a
porrlolio is carning rlc propcr rcrurn lor irs lcvcl ol risk. !l
1lc avcragc risk pcr unir rcrurn (cocllicicnr ol \ariarion)
rlc valuc is posirivc, rlcn rlc porrlolio is carning cxccss
works our rolc 8.72}SS.98~ 0.26
rcrurns. !n orlcr words, a posirivc valuc lor {cnscn's alpla
2 !ndian Balanccd Carcgory ¡unds lavc gcncrarcd grcarcr
mcans a lund managcr las "lcar rlc markcr" wirl lis or lcr
rcrurns rlanrlc markcr rcrurns.
srock picking skills. 1lc {cnscn rario mcasurcs lowmucl ol
rlc porrlolio's rarc ol rcrurn is arrrilurallc ro rlc managcr's
1lc Slarpc rario lor 2+ !ndian Balanccd Carcgory ¡unds las
aliliry ro dclivcr alovc-avcragc rcrurns, adjusrcd lor markcr
lccn calcularcd and rlc rario rangcs lrom1.1S ro 2.2S in rlis
risk. 1lc liglcr rlc rario, rlc lcrrcr rlc risk-adjusrcd
carcgory. 1lc Iorak lalancc wirl rlc rario ol 2.2S is rlc lcsr
rcrurns. A porrlolio wirl a consisrcnrly posirivc cxccss rcrurn
pcrlormcd murual lund and BÒBlalanccd lund wirl 1.1S is
will lavc a posirivc alpla, wlilc a porrlolio wirl a
rlc lcasr pcrlormcd lund in rlis carcgory. 1rcynor
consisrcnrly ncgarivc cxccss rcrurnwill lavc a ncgarivc alpla.
pcrlormancc mcasurc was compurcd lor !ndia Balanccd
Carcgory ¡und. 1lc 1rcynor rario rangcs lrom 28.20 ro
PERFORMAÞCE OF IÞDIAÞ AÞD FOREIGÞ
86.6+. All rlc lunds lavc a posirivc 1rcynor rario. BÒB
MLTLAL FLÞDS:
Balancc lund las rlc liglcsr 1rcynor rario wirl 86.6+ and
Murual lunds arc classilicdinrociglr carcgorics -
1ara Young Cirizcns ¡und las rlc lcasr 1rcynor rario wirl
1. !ndianlalanccdcarcgory lunds
28.20. {cnscn rario lor !ndian Balanccd Carcgory ¡unds
2. ¡orcignlalanccdcarcgory lunds
rangcs lrom -7.07 ro 1+.58. SB! Magnum Balanccd ¡und
S. !ndiandclr carcgory lunds
las rlc liglcsr {cnscn rario ol 1+.58 and 1ara Young
+. ¡orcigndclr carcgory lunds
Cirizcns ¡und las rlc lcasr {cnscn rario ol -7.07. ¡ourrccn
5. !ndiancquiry carcgory lunds
!ndian Balanccd ¡unds lavc supcrior pcrlormancc.
6. ¡orcigncquiry carcgory lunds
Pcrlormancc ol ¡orcign Balanccd Carcgory ¡unds. !r can lc
7. !ndianmoncy markcr carcgory lunds
undcrsrood lrom1allc2 rlar all ¡orcign Balanccd Carcgory
8. ¡orcignmoncy markcr carcgory lunds
¡unds lavc gcncrarcd lcsscr rcrurns rlan rlc markcr rcrurns
ol +S.66%. 1lc avcragc risk pcr unir rcrurn (cocllicicnr ol
Pcrformancc of Indian Balanccd Catcgory Funds: !r can
\ariarion) works our ro 0.29 lor ¡orcign Balanccd Carcgory
lc olscrvcd lrom1allc 1 rlar rwo !ndian Balanccd Carcgory
¡unds.
¡unds i.c. SB! Magnum and !СC Prudcncc ¡unds lavc
1lc rcrurns lor ¡orcign Balanccd Carcgory ¡unds
gcncrarcd grcarcr rcrurns rlan rlc markcr rcrurns ol
rangc lrom 18.26% ro +2.02%. ÐSP-M¡ Balanccd ¡und
+S.66%. 1lc avcragc risk pcr unir rcrurn (cocllicicnr ol
las rlc liglcsr rcrurns lollowcd ly ¡1 !ndia Balanccd ¡und
\ariarion) lor !ndian Balanccd Carcgory ¡unds works our ro
wirl S7.86%, Sundaram BNP Parilas Balanccd ¡und wirl
0.26.
S+.62% and lowcsr rcrurns lor 1cmplcron (!) Clildrcns
1lc rcrurns lor !ndian Balanccd Carcgory ¡unds
Asscr Plan - Gilr Plan. 1lc risk is liglcsr lor ÐSP-M¡
rangc lrom 17.02% ro +7.96%. 1lc rcrurns arc liglcsr lor
Balanccd ¡und wirl 22.59 and lowcsr risk is lor 1cmplcron
SB! MagnumBalanccd ¡und lollowcd ly !СC Prudcncc
!ndia Pcnsion Plan wirl 11.6S. 1lc risk pcr unir rcrurn
¡und wirl +7.+6%, ¡scorrs Balanccd ¡und wirl +S.62%
rangcs lrom 0.+6 ro 0.77 lor ¡orcign Balanccd Carcgory
and lowcsr lor \1! CF1S 81. Scvcn !ndian Balanccd
¡unds. 1cmplcron (!) Clildrcns Asscr Plan - Gilr Plan las
Carcgory ¡unds lavc rcrurns ranging lrom +0% ro 50%,
rlc liglcsr rario signilying ligl risk pcr unir rcrurn and !NG
ninc lunds lavc rcrurns rangc lrom S0% ro +0%, six lunds
Balanccd Porrlolio las rlc lowcsr rario signilying low risk
lavc rcrurns rangc lrom 20% ro S0% and rcmaining rwo
pcr unir rcrurn. 1
lavc rcrurns lcss rlcn 20%. 1lc risk lor !ndian Balanccd
Carcgory ¡unds rangcs lrom 8.76 ro 25.95. 1lc risk is
liglcsr lor !СC Prudcncc ¡und and lowcsr risk is lor \1!
CF1S 81. 1lc risk pcr unir rcrurn lor !ndian Balanccd
PERFORMAÞCE EVALLATIOÞ OF IÞDIAÞ AÞD FOREIGÞ MLTLAL FLÞDS: A COMPARATIVE STLDY
3
Table 1: Indian Balanced Category Funds
MR. LEÞIÞ KLMAR ÞOOÞEY, DR. V. RAMA DEVI
+
¡or six ¡orcign Balanccd Carcgory ¡unds risk wirl 15.10%, !C!C! Pru Clild Carc Plan - Srudy Plan wirl
adjusrcd pcrlormancc mcasurc in rlc lorm ol Slarpc rario 1+.70% and lowcsr lor {M Slorr 1crm Plan - !nsrirurional
las lccn compurcd. 1lc Slarpc rario rangcs lrom 0.88 ro Plan. 1lc risk lor !ndian Ðclr Carcgory ¡unds rangcs lrom
1.78 in rlis carcgory. 1cmplcron (!) Clildrcns asscr plan gilr 0.29 ro 19.95. 1lc risk is liglcsr lor ¡!C M¡ Clildrcns
plan wirl Slarpc rario 0.88 is rlc lcasr and wirl Slarpc rario ¡undandlowcsr lor Iorak Gilr Savings Plan. 1lc risk pcr
ol 1.78 !NG lalanccd porrlolio is rlc liglcsr pcrlormcd unir rcrurn lor !ndian Ðclr Carcgory ¡unds rangcs lrom
lund in lorcign lalanccd lunds. 1rcynor rario was compurcd 0.06 ro 1S.20. {M Slorr 1crm Plan - !nsrirurional Plan las
lor ¡orcign Balanccd Carcgory ¡und and rlc pcrlormancc ol rlc liglcsr rario rcprcscnring ligl risk pcr unir rcrurn and
¡orcign Balanccd ¡und rangcs lromS+.80 ro 1S0.16. All rlc Iorak Gilr Savings Plan las rlc lowcsr rario rcprcscnring low
¡orcign Balanccd lunds lavc posirivc pcrlormancc. risk pcr unir rcrurn.
Fisk adjusrcd pcrlormancc mcasurc in rlc lormol 1cmplcron (!) Clildrcns Asscr Plan Gilr Plan wirl 1S0.16
Slarpc rario las lccn calcularcd lor 106 !ndian Ðclr las rlc liglcsr 1rcynor rario and ¡1 !ndia Balanccd ¡und
Carcgory ¡unds. 1lc rangc ol cxccss rcrurns ovcr risk lrcc las rlc lcasr 1rcynor rariowirl S+.80.
{cnscn pcrlormancc rario las lccn compurcd lor ¡orcign rcrurn pcr unir ol roral risk rangcs lrom-2.6+ ro 2.0S. !C!C!
Balanccd Carcgory ¡unds and rlc rario rangcs lrom-2.66 ro Pru long rcrmplan wirl Slarpc rario ol 2.0S and Iorak gilr
8.7S. 1lcrc arc rlrcc ¡orcign Balanccd lunds wirl supcrior savings plan wirl Slarpc rario ol -2.6+ arc rlc liglcsr and
pcrlormancc. Among rlcm 1cmplcron (!) Clildrcns Asscr lcasr pcrlormcd murual lunds in !ndian dclr murual lunds
Plan Gilr Plan wirl 8.7S las rlc liglcsr {cnscn rario and ¡1 rcspccrivcly. 1rcynor rario las lccn compurcd lor !ndian
!ndia Balanccd¡undwirl -2.66las rlc lcasr {cnscnrario. Ðclr Carcgory ¡unds and rlc rario rangcs lrom -+.77 ro
12.21. !C!C! Pru Clild Carc Plan Srudy Plan las rlc liglcsr
Pcrformancc of Indian Dcbt Catcgory Funds: !r can lc
1rcynor rario wirl 12.21 and !C!C! Pru ¡ong 1crmPlan las
inlcrrcd lrom 1allc S rlar 29 !ndian Ðclr Carcgory ¡unds
rlc lcasr 1rcynor rariowirl -++.77.
lavc gcncrarcd grcarcr rcrurns rlan rlc markcr rcrurns ol {cnscn rario lad lccn compurcd and rlc rario
5.97%. 1lc avcragc risk pcr unir rcrurn (cocllicicnr ol rangcs lrom-5.19 ro 9.75. ¡!C M¡ Clildrcns ¡und las rlc
\ariarion) works our ro0.+1. liglcsr {cnscn rario ol 9.75 and {M Slorr 1crm Plan
1lc rcrurns lor !ndian Ðclr Carcgory ¡unds
!nsrirurional Plan las rlc lcasr {cnscn rario ol -5.19. 1lcrc
rangc lrom 0.78% ro 15.72%. 1lc rcrurns arc liglcsr lor
arc 29 !ndian Ðclr Murual ¡uns wirl supcrior pcrlormancc.
¡!C M¡ Clildrcns ¡und lollowcd ly Canara Folcco C!GÒ
Tablc 2: Forcign Balanccd Catcgory Funds
PERFORMAÞCE EVALLATIOÞ OF IÞDIAÞ AÞD FOREIGÞ MLTLAL FLÞDS: A COMPARATIVE STLDY
S
S. Þo IndianDcbt Catcgory Funds Rcturns Risk Riskf Sharpc Trcynor Jcnscn
(%)
1 ¡!C M¡ Clildrcns ¡und 15.72 19.95 1.27 0.+9 0.66 9.75
2 Canara FolccoC!GÒ 15.1 6.88 0.+6 1.SS 1.92 9.1S
S !C!C! Pru ClildCarc Plan- Srudy Plan 1+.7 5.97 0.+1 1.+6 12.21 8.7S
+ SB! MagnumClildrcns Bcnclir Plan 11.76 6.27 0.5S 0.92 -6.+2 5.79
5 !СC Clildrcns Gilr ¡und- Savings Plan 11.++ 7.+9 0.65 0.7S -5.1 5.+7
6 \1! Monrlly !ncomc Sclcmc 8.+6 S.78 0.+5 0.66 1.0S 2.+9
7 !C!C! Pru ¡ong 1crmPlan 7.72 0.86 0.11 2.0S -++.77 1.75
8 Fcliancc Slorr 1crmPlan 7 1.7S 0.25 0.6 0.89 1.0S
9 !C!C! Pru Slorr 1crmPlan- !nsrirurional Plan 6.8 1.72 0.25 0.+8 0.62 0.8S
10 ¡scorrs !ncomc Plan 6.62 2.9 0.++ 0.22 -2.08 0.65
11 1ara Slorr 1crmBond ¡und 6.56 1.8+ 0.28 0.S2 0.++ 0.59
12 Birla Sun¡ilc !ncomc ¡und 6.5+ +.66 0.71 0.12 0.19 0.57
1S !C!C! Pru Slorr 1crmPlan 6.52 1.69 0.26 0.SS 0.+S 0.55
1+ Fcliancc Gilr Sccurirics ¡und- ¡ong 1crmPlan 6.5 0.72 0.11 0.7S 1.++ 0.5S
15 Iorak Bond - Slorr 1crmPlan 6.+6 1.7+ 0.27 0.28 0.S7 0.+9
16 {M Slorr 1crmPlan 6.S6 1.65 0.26 0.2+ 0.S6 0.S9
17 !C!C! Pru !ncomc Plan- !nsrirurional Plan 6.S6 S.76 0.59 0.1 0.25 0.S9
18 Birla Sun¡ilc Gilr Plus (Fcgular Plan) 6.28 +.95 0.79 0.06 0.22 0.S1
19 Birla Sun¡ilc Slorr 1crm¡und 6.26 2.28 0.S6 0.1S 0.17 0.29
20 Iorak Bond (Fcgular Plan) 6.2 S.02 0.+9 0.08 0.15 0.2S
21 !СC !igl !nrcrcsr ¡und- Slorr 1crmPlan 6.18 2.S1 0.S7 0.09 0.12 0.21
22 Principal !ncomc ¡und- Slorr 1crmPlan 6.16 1.15 0.19 0.17 0.21 0.19
2S !C!C! Pru ¡lcxillc !ncomc Plan 6.12 S.18 0.52 0.05 0.1S 0.15
2+ Birla Sun¡ilc Gilr Plus (¡iquid Plan) 6.1 1.81 0.S 0.07 -1.06 0.1S
25 !C!C! Pru Gilr - 1rcasury Plan 6.0+ 1.97 0.SS 0.0+ 0.17 0.07
26 Birla Sun¡ilc ¡iquid Plus ¡und- Fcrial (PlanB) 6.0+ 1.S5 0.22 0.05 0.07 0.07
27 Fcliancc !ncomc ¡und 6.02 2.61 0.+S 0.02 0.0+ 0.05
28 !СC Supcr Savcr !ncomc ¡und- S1P 6 2.09 0.S5 0.02 0.02 0.0S
29 \1! Gilr Advanragc ¡und- ¡ong 1crmPlan 5.98 5.2 0.87 0 -0.0S 0.01
S0 Birla Sun¡ilc ¡iquid Plus ¡und- !nsrirurional (PlanC) 5.96 1.57 0.26 -0.01 -0.01 -0.01
S1 !C!C! Pru Gilr - !nvcsrmcnr Plan 5.9+ S.76 0.6S -0.01 -0.02 -0.0S
S2 !СC ¡loaring Farc !ncomc ¡und- S1P - Fcrail Plan 5.9+ 1.+7 0.25 -0.02 -0.02 -0.0S
SS !СC Ðynamic Bond ¡und 5.92 S.+9 0.59 -0.01 -0.0S -0.05
S+ 1ara !ncomc ¡und 5.9 +.+5 0.75 -0.02 -0.09 -0.07
S5 !СC Slorr 1crmPlan 5.88 1.95 0.SS -0.05 -0.06 -0.09
S6 !C!C! Pru ¡loaring Farc PlanB 5.8 1.77 0.S1 -0.1 -0.11 -0.17
S7 \1! Bond ¡und 5.8 S.11 0.5+ -0.05 -0.12 -0.17
S8 Principal !ncomc S1P - !nsrirurional Plan 5.8 1.71 0.S -0.1 -0.12 -0.17
S9 !СC ¡iquid Plus ¡und- 1rcasury PlanA 5.8 0.95 0.16 -0.18 -0.2S -0.17
+0 Canara Folcco¡iquid Plus - Fcrail Plan 5.76 S.SS 0.58 -0.06 -0.1 -0.21
+1 Canara Folcco!ncomc 5.76 2.7+ 0.+8 -0.08 -0.S7 -0.21
+2 Principal !ncomc ¡und 5.7+ S.12 0.5+ -0.07 -0.15 -0.2S
+S Birla Sun¡ilc !ncomc Plus - Fcrail (PlanB) 5.7 +.9+ 0.87 -0.05 -0.09 -0.27
++ Principal !ncomc ¡und- !nsrirurional Plan 5.6+ 2.7S 0.+8 -0.12 -0.16 -0.SS
+5 Principal Govr Scc. ¡und- !nvcsrmcnr Plan 5.6+ + 0.71 -0.08 -0.51 -0.SS
+6 Birla ¡loaring Farc ¡und- ¡ong 1crmPlan 5.56 1.99 0.S6 -0.2 -0.26 -0.+1
+7 SB! MagnumGilr - Slorr 1crmPlan 5.5+ S.+2 0.62 -0.1S -0.26 -0.+S
Rcturn
Tablc 3: Indian Dcbt Catcgory Funds
MR. LEÞIÞ KLMAR ÞOOÞEY, DR. V. RAMA DEVI
6
+8 !СC ¡loaring Farc !ncomc ¡und- ¡1P 5.52 1.S7 0.25 -0.SS -0.S8 -0.+5
+9 Iorak ¡loarcr Slorr 1crmPlan 5.++ 2.12 0.S9 -0.25 -0.S2 -0.5S
50 !C!C! Pru !ncomc Plan 5.+ S.62 0.67 -0.16 -0.S1 -0.57
51 Birla ¡loaring Farc ¡und- Slorr 1crmPlan 5.+ 1.8S 0.S+ -0.S1 -0.+ -0.57
52 {M ¡loarcr ¡und- Slorr 1crmPlan 5.S8 1.82 0.S+ -0.S2 -0.+5 -0.59
5S Iorak Bond (Ðcposir Plan) 5.2+ 2.6S 0.5 -0.28 -0.67 -0.7S
5+ Birla Sun¡ilc Gilr Plus (P¡ Plan) 5.22 +.91 0.9+ -0.15 -1.52 -0.75
55 Iorak Gilr Savings Plan 5.2 0.29 0.06 -2.6+ -S.S1 -0.77
56 Iorak Gilr !nvcsrmcnr PlanFcgular 5.1+ S.87 0.75 -0.21 1.SS -0.8S
57 ¡!C M¡ Bond ¡und 5.06 2.8 0.55 -0.S2 -0.6S -0.91
58 1ara Ðynamic Bond ¡und- PlanA 5.0+ 2.+9 0.+9 -0.S7 -0.52 -0.9S
59 1ara Ðynamic Bond ¡und- PlanB 5.02 2.+ 0.+8 -0.+ -0.55 -0.95
60 1ara Gilr Sccurirics - Slorr Maruriry ¡und +.96 1.7S 0.S5 -0.58 -1.S2 -1.01
61 1ara !ncomc Plus ¡und- PlanB +.96 S.S+ 0.67 -0.S -+.0+ -1.01
62 Salara !ncomc ¡und +.9+ S.01 0.61 -0.S+ -0.6+ -1.0S
6S \1! ¡loaring Farc ¡und- S1P +.9+ 2.09 0.+2 -0.+9 -0.81 -1.0S
6+ !СC G-Scc. ¡und- !nvcsrmcnr Plan +.92 +.2+ 0.86 -0.25 -0.79 -1.05
65 1ara !ncomc Plus ¡und- PlanA +.9 S.25 0.66 -0.SS -S.+9 -1.07
66 !СC ¡iquid Plus ¡und- 1rcasury Plan- !nsrirurional PlanB +.86 1.5+ 0.S2 -0.72 -1.1 -1.11
67 !СC Supcr Savcr !ncomc ¡und +.82 + 0.8S -0.29 -0.6S -1.15
68 {M ¡iquid Plus ¡und- Fcgular Plan +.82 2.07 0.+S -0.56 -0.72 -1.15
69 Birla Sun¡ilc G-Scc. ¡und- ¡ong 1crm +.6+ +.97 1.07 -0.27 5.68 -1.SS
70 {M G-Scc ¡und- P¡ Plan +.62 S.7S 0.81 -0.S6 1.7+ -1.S5
71 !СC Supcr Savcr !ncomc ¡und- Mcdium1crmPlan- A +.62 2.+5 0.5S -0.55 -0.69 -1.S5
72 ¡!C M¡ Slorr 1crmPlan +.62 1 0.22 -1.S5 -1.58 -1.S5
7S Fcliancc Mcdium1crm¡und +.6 2.+7 0.5+ -0.55 -1.09 -1.S7
7+ !СC !ncomc ¡und +.6 S.6 0.78 -0.S8 -1.67 -1.S7
75 !СC Gilr ¡und- Slorr 1crmPlan +.56 1.5S 0.S+ -0.92 -S.2+ -1.+1
76 \1! G-Scc ¡und +.5 +.S7 0.97 -0.S+ -2.S8 -1.+7
77 BÒB!ncomc ¡und +.++ 0.8 0.18 -1.91 6.22 -1.5S
78 SB! MagnumGilr - ¡ong 1crmPlan +.++ S.95 0.89 -0.S9 -1.S7 -1.5S
79 Principal Govr Scc. ¡und- Savings Plan +.++ 1.+6 0.SS -1.05 -1S.8S -1.5S
80 1ara Gilr Sccurirics ¡undB(App) +.+ 5.S1 1.21 -0.S -2.S2 -1.57
81 !СC G-Scc. ¡und- Slorr 1crmPlan +.S6 S.19 0.7S -0.5 -2.28 -1.61
82 1aurus ¡ilra Bond +.S+ +.8 1.11 -0.S+ 2.87 -1.6S
8S \1! ¡iquid Plus ¡und- Fcrail Plan +.S2 S 0.7 -0.55 -2.29 -1.65
8+ {M !ncomc ¡und +.S2 2.86 0.66 -0.58 -5.05 -1.65
85 !СC !igl !nrcrcsr ¡und +.2 S.SS 0.79 -0.5S -2.S5 -1.77
86 ¡scorrs Gilr ¡und +.2 2.8 0.67 -0.6S -5.81 -1.77
87 Canara FolccoGilr PGS +.18 S.+S 0.82 -0.52 -1.18 -1.79
88 SB! Magnum!ncomc ¡und +.18 S.2+ 0.77 -0.55 -1.65 -1.79
89 {M G-Scc ¡und(FP) +.16 S.S1 0.8 -0.55 7.S -1.81
90 ¡!C M¡ Govr. Scc. ¡und +.16 S.07 0.7+ -0.59 -2.18 -1.81
91 Birla Sun¡ilc G-Scc. ¡und- Slorr 1crm +.1 S.1+ 0.77 -0.59 -1.2 -1.87
92 !СC Gilr ¡und- ¡ong 1crmPlan S.92 +.7+ 1.21 -0.+S -+.66 -2.05
9S Fcliancc Gilr Sccurirics ¡und- Slorr 1crmPlan S.9 1.9S 0.+9 -1.07 -1.57 -2.07
9+ Birla Sun¡ilc Slorr 1crmÒpporrunirics ¡und- Fcrail Plan S.86 2.8+ 0.7+ -0.7+ -1.6 -2.11
95 \1! Gilr Advanragc ¡und- ¡1P - P¡ (PÐAF) S.12 S.22 1.0S -0.89 -1.2S -2.85
96 \1! Gilr Advanragc ¡und- ¡1P- P¡ S.1 S.2+ 1.05 -0.88 -1.2S -2.87
97 1ara Gilr !igl ¡und S.1 S.69 1.19 -0.78 -1.52 -2.87
98 Salara Gilr ¡und S.08 2.89 0.9+ -1 -1.56 -2.89
PERFORMAÞCE EVALLATIOÞ OF IÞDIAÞ AÞD FOREIGÞ MLTLAL FLÞDS: A COMPARATIVE STLDY
7
99 1aurus ¡ilra Gilr S.06 +.+ 1.++ -0.66 1.79 -2.91
100 BÒBGilr ¡und 2.82 S.++ 1.22 -0.91 -2.0+ -S.15
101 1ara Gilr Fcrircmcnr Plan(28}02}1SMaruriry) 2.5 S.62 1.+5 -0.96 -1.S7 -S.+7
102 1ara Gilr Fcrircmcnr Plan(28}02}09Maruriry) 2.+ S.57 1.+9 -1 -1.+ -S.57
10S 1ara Gilr Fcrircmcnr Plan(28}02}11Maruriry) 2.S6 S.6 1.52 -1 -1.S9 -S.61
10+ 1ara Gilr Fcrircmcnr Plan(28}02}10Maruriry) 2.S S.62 1.58 -1.01 -1.S8 -S.67
105 1ara Gilr Fcrircmcnr Plan(28}02}25Maruriry) 2.06 S.75 1.82 -1.0+ -1.S6 -S.91
106 {M Slorr 1crmPlan- !nsrirurional Plan 0.78 10.S 1S.2 -0.5 0.81 -5.19
McanFcrurn 5.+6
Srandard Ðcviarionol Fcrurns 2.26
Markcr Fcrurn(S6+Ðays 1Bill) 5.97
1lc avcragc risk pcr unir rcrurn(cocllicicnr ol \ariarion) works our rolc 2.26}5.+6~ 0.+1
29!ndianÐclr Carcgory ¡unds lavc gcncrarcdgrcarcr rcrurns rlanrlc markcr rcrurns.
Pcrlormancc ol ¡orcign Ðclr Carcgory ¡unds. 1allc +
dcpicrs rlar ciglr ¡orcign Ðclr Carcgory ¡unds lavc
gcncrarcd grcarcr rcrurns rlan rlc markcr rcrurns ol 5.97%.
1lc avcragc risk pcr unir rcrurn (cocllicicnr ol \ariarion)
works our ro0.52lor ¡orcignÐclr Carcgory ¡unds.
1lc rcrurns rangc lrom 0.1+% ro 10.80% lor ¡orcign
Ðclr Carcgory ¡unds. 1lc rcrurns arc liglcsr lor ÐSP-M¡
Saving Plus ¡und - Modcrarc and lowcsr lor !SBC !ncomc
¡und - S1P - !nsrirurional Plan. 1wo lunds lavc ncgarivc
rcrurns and rlcy arc ¡ranklin !ndian !nrcrnarional ¡und -
0.52 and ÐBS Clola ¡rccdom !ncomc - S1¡ !nsrirurional
Plan -S.6+. 1lc risk lor ¡orcign Ðclr Carcgory ¡unds
rangcs lrom 0.82 ro 21.5+. 1lc risk is liglcsr lor ÐBS
Clola ¡rccdom!ncomc - S1¡ !nsrirurional Plan and risk is
lowcsr lor !NG Gilr ¡und - Fcgular Plan. 1lc risk pcr unir
rcrurn rangcs lrom 0.20 ro 69.26 lor ¡orcign Ðclr
Carcgory ¡unds. !SBC !ncomc ¡und - S1P - !nsrirurional
Plan las rlc liglcsr rario indicaring ligl risk pcr unir rcrurn
and ÐSP-M¡ Slorr 1crm ¡und las rlc lowcsr rario
indicaring low risk pcr unir rcrurn. ÐBS Clola ¡rccdom
!ncomc - S1¡ !nsrirurional Plan and ¡ranklin !ndian
!nrcrnarional ¡und risk rcrurn rario is ncgarivc as rlcir
rcrurnarc ncgarivc.
Tablc 4: Forcign Dcbt Catcgory Funds
S. No ¡orcignÐclr Carcgory ¡unds Fcrurns Fisk Fisk} Slarpc 1rcynor {cnscn
(%) Fcrurn
1 ÐSP-M¡Saving Plus ¡und- Modcrarc 10.8 S.7 0.S+ 1.S1 -11.0+ +.8S
2 !NGSlorr 1crm!ncomc ¡und 6.76 1.8 0.27 0.++ 0.62 0.79
S 1cmplcron!ndia Govr. Scc. - ¡ong 1crmPlan 6.7 5.02 0.75 0.15 -0.8+ 0.7S
+ 1cmplcron!ndia Slorr 1crm!ncomc Plan 6.++ 2.18 0.S+ 0.22 0.29 0.+7
5 1cmplcron¡loaring Farc !ncomc ¡und- S1P 6.08 1.+6 0.2+ 0.08 0.1 0.11
6 ÐWSSlorr Maruriry ¡und 6.06 1.51 0.25 0.06 0.09 0.09
7 1cmplcron¡loaring Farc !ncomc ¡und- ¡1P 6.02 1.S2 0.22 0.0+ 0.05 0.05
8 ÐWS!nsra Casl Plus ¡und 5.8+ 1.S8 0.2+ -0.09 -0.11 -0.1S
9 ÐBS Clola ¡rccdom!ncomc - Slorr 1crm¡und 5.78 1.68 0.29 -0.11 -0.19 -0.19
10 ÐSP-M¡Slorr 1crm¡und 5.76 1.1S 0.2 -0.18 -0.S7 -0.21
11 !SBC !ncomc ¡und- Slorr 1crmPlan 5.7+ 1.+S 0.25 -0.16 -0.2+ -0.2S
12 ÐWSPrcmicr Bond ¡und- Fcgular Plan 5.+8 +.12 0.75 -0.12 0.6 -0.+9
1S !SBC !ncomc ¡und- !nvcsrmcnr Plan 5.+ S.+8 0.6+ -0.16 -0.51 -0.57
1+ 1cmplcron!ndia Govr Scc - 1rcasury Plan 5.+ 1.5 0.28 -0.S8 -9.7+ -0.57
15 !NG!ncomc ¡und- !nsrirurional Òprion 5.2 S.0S 0.58 -0.25 -0.S8 -0.77
16 1cmplcron!ndia !ncomc ¡und 5.1+ S.86 0.75 -0.21 -0.+7 -0.8S
17 1cmplcron!ndia Govr Scc - Composirc Plan 5.1 +.2 0.82 -0.21 1+.59 -0.87
18 ÐSP-M¡Govr. Scc. ¡und- PlanB 5.1 1.19 0.2S -0.7S -2.51 -0.87
19 ÐSP-M¡Govr. Scc. ¡und- PlanA 5.08 S.6 0.71 -0.25 -8.1 -0.89
20 ÐSP-M¡¡loaring Farc ¡und- Fcgular PlanA +.9+ 1.1 0.22 -0.9S -2.0+ -1.0S
MR. LEÞIÞ KLMAR ÞOOÞEY, DR. V. RAMA DEVI
8
Fisk adjusrcd pcrlormancc Slarpc rario is
compurcd lor rlc S1 ¡orcign Ðclr Carcgory ¡unds and rlc
Slarpc rario rangcs lrom -2.68 ro 1.S1. ÐSP M¡ Savings
Plus lund modcrarc is rlc liglcsr pcrlorming lund wirl
1.S1 and !NG gilr lund rcgular plan is rlc lcasr pcrlorming
lund wirl rlc Slarpc rario -2.68 in lorcign dclr lunds.
1rcynor rario lor ¡orcign Ðclr Carcgory ¡unds las lccn
compurcd. 1lc 1rcynor rario lor rlc ¡orcign Ðclr Murual
¡unds rangcs lrom-78.17 ro 1+.59. 1cmplcron !ndia Govr
Scc Composirc Plan las rlc liglcsr 1rcynor rario wirl
1+.59 and !NGGilr ¡und Fcgular Plan las rlc lcasr 1rcynor
rariowirl -78.17.
{cnscn pcrlormancc rario was compurcd lor ¡orcign
Ðclr Carcgory ¡unds. ÐSP M¡ Savings Plus ¡und
Modcrarc wirl +.8S and ÐBS Clola ¡rccdom!ncomc S1¡
!nsrirurional Plan wirl -9.61 arc rlc lunds wirl liglcsr and
lcasr {cnscn rario. 1lc {cnscn rario lor ¡orcign Ðclr Murual
lunds rangcs lrom-9.61 ro +.8S. Ònly 7 lunds lavc supcrior
pcrlormancc. Pcrlormancc ol !ndian ¡quiry Carcgory
¡unds. !r can lc olscrvcd lrom1allc 5 rlar 67 !ndian ¡quiry
Carcgory ¡unds lavc gcncrarcd grcarcr rcrurns rlan rlc
markcr rcrurns. 1lc avcragc risk pcr unir rcrurn (cocllicicnr
ol \ariarion) lor !ndian ¡quiry Carcgory ¡unds works our ro
0.2S.
1lc rcrurns arc liglcsr lor Fcliancc Growrl ¡und -
Fcrail Plan wirl 76.S6% lollowcd ly SB! Magnum1ax Gain
Sclcmc wirl 75.52%, 1ara ¡quiry Òpporrunirics ¡und -
Plan B wirl 7S.++% and rlc rcrurns arc lowcsr lor Iorak
1ccl wirl 26.26%. 1lc rcrurns rangc lrom 26.26% ro
76.S6%. 1lc risk is liglcsr lor 1ara ¡quiry Òpporrunirics
¡und - Plan B wirl 61.85 and lowcsr risk lor \1! Masrcr
Slarc wirl 16.S5. 1lc risk pcr unir rcrurn lor !ndian ¡quiry
Carcgory ¡unds rangcs lrom0.28 ro 1.17. \1! ¡ncrgy ¡und
las rlc liglcsr rario signilying ligl risk pcr unir rcrurn and
SB! Magnum Glolal ¡und las rlc liglcsr rario signilying
lowrisk pcr unir.
21 !SBC !ncomc ¡und- !nvcsrmcnr Plan- !nsr. Plan +.7+ S.0+ 0.6+ -0.+ -0.+8 -1.2S
22 ÐBS Clola Gilr - !nvcsrmcnr Plan +.6+ 5.1S 1.11 -0.26 1.SS -1.SS
2S !NG!ncomc ¡und +.5 S.19 0.71 -0.+6 -0.9 -1.+7
2+ 1cmplcron!ndia !ncomc Buildcr Accounr +.+2 S.+1 0.77 -0.+5 -1.S9 -1.55
25 ÐSP-M¡Bond ¡und- Fcrail Plan +.S2 2.77 0.6+ -0.6 -2.92 -1.65
26 SundaramBNP Parilas Bond Savcr + S.29 0.82 -0.6 -1.77 -1.97
27 !NGGilr ¡und- Fcgular Plan S.78 0.82 0.22 -2.68 -78.17 -2.19
28 ÐBS Clola 1riplc Acc S.12 2.77 0.89 -1.0S 10.87 -2.85
29 !SBC !ncomc ¡und- S1P - !nsrirurional Plan 0.1+ 9.7 69.26 -0.6 1.07 -5.8S
S0 ¡ranklin!ndian!nrcrnarional ¡und -0.52 +.25 -8.17 -1.5S 8.89 -6.+9
S1 ÐBS Clola ¡rccdom!ncomc - S1¡ !nsrirurional Plan -S.6+ 21.5+ -5.92 -0.+5 -0.9 -9.61
McanFcrurn +.78
Srandard Ðcviarionol Fcrurns 2.+7
Markcr Fcrurn(S6+Ðays 1Bill) 5.97
1lc avcragc risk pcr unir rcrurn(cocllicicnr ol \ariarion) works our rolc 2.+7}+.78~ 0.52
8¡orcignÐclr Carcgory ¡unds lavc gcncrarcdgrcarcr rcrurns rlanrlc markcr rcrurns.
Tablc 5: Indian Equity Catcgory Funds
S. No !ndian¡quiry Carcgory ¡unds Fcrurns Fisk Fisk Slarpc 1rcynor {cnscn
(%) }Fcrurn
1 Fcliancc Growrl¡und- Fcrail Plan 76.S6 +8.5+ 0.6+ 1.+5 S9.12 2.58
2 SB! Magnum1ax GainSclcmc 75.52 S8.0S 0.5 1.8S 59.+ 25.+1
S 1ara ¡quiry Òpporrunirics ¡und- PlanB 7S.++ 61.85 0.8+ 1.09 28.+8 -21.82
+ SB! MagnumConrra ¡und 71.1 2+.S7 0.S+ 2.67 85.81 S6.52
5 SB! MagnumGlolal ¡und 69.9 19.62 0.28 S.26 1+8.7+ +7.7S
6 1aurus Srar Slarc 67.86 S0.67 0.+5 2.02 +8.99 1+.27
7 Birla Sun¡ilc Basic !ndusrrics ¡und 65.86 5S.6 0.81 1.12 29.95 -15.+8
8 Fcliancc \ision¡und- Fcrail Plan 65.6+ 5S.S+ 0.81 1.12 27.S6 -22.55
9 SB! MagnumMulriplicr Plus 65.+ S2.78 0.5 1.81 +S.S1 7.71
10 Birla Sun¡ilc 1ax Plan 6+.6+ 55.01 0.85 1.07 27.58 -21.5S
PERFORMAÞCE EVALLATIOÞ OF IÞDIAÞ AÞD FOREIGÞ MLTLAL FLÞDS: A COMPARATIVE STLDY
9
11 Birla Sun¡ilc ¡quiry ¡und 6+.++ S1.7S 0.+9 1.8+ +9.2+ 1S.71
12 Birla 1ax Plan98 6+.16 55.72 0.87 1.0+ 27.+2 -21.79
1S !C!C! Pru 1ax Plan 6S.2+ 51.1S 0.81 1.12 S+ -6.22
1+ !СC 1ax Savcr 62.5+ S5.S9 0.57 1.6 55.S 18.01
15 1ara Sclccr ¡quiry ¡und 62.26 +1.85 0.67 1.S5 S1.59 -10.87
16 1ara Purc ¡quiry ¡und 62.06 ++.25 0.71 1.27 S2.02 -9.9+
17 Birla Sun¡ilc Midcap ¡und 61.+ SS.59 0.55 1.65 +S.85 7.78
18 Bcnclmark Nilry {unior Bc¡s 61.18 5+.1+ 0.88 1.02 28.75 -17.18
19 !СC 1op 200¡und 60.S8 +2.05 0.7 1.29 S2.78 -8.15
20 !СC ¡quiry ¡und 59.88 S9.01 0.65 1.S8 S5.+ -S.5
21 !СC Capiral Buildcr ¡und 59.76 S7.21 0.62 1.+5 +7.9+ 11.5
22 !СC ¡ong 1crmAdvanragc ¡und 59.++ ++.7 0.75 1.2 S9.57 2.5S
2S Principal 1ax Savings ¡und 59.S+ 26.+1 0.+5 2.02 5+.67 16.58
2+ Principal Fcsurgcnr !ndia ¡quiry ¡und 58.82 +8.95 0.8S 1.08 27.+S -19.78
25 !СC Growrl¡und 57.9+ S7.8+ 0.65 1.S7 SS.5S -6.+6
26 !C!C! Pru Powcr 57.62 S9.68 0.69 1.S S1.1+ -10.87
27 Iorak S0 56.S8 2S.05 0.+1 2.19 5+.6S 15.6S
28 Birla Sun¡ilc 1ax Fclicl 96 55.66 S+.92 0.6S 1.+2 S6.2 -2.0+
29 1ara 1ax Saving ¡und 55.56 ++.7 0.8 1.11 S0.8 -11.09
S0 1aurus Ðiscovcry ¡und 5+.06 +0.69 0.75 1.18 +2.5S 5.+7
S1 Principal Pcrsonal 1ax Savings ¡und 5S.2+ S1.6 0.59 1.5 +2.+ 5.25
S2 !C!C! Pru Ðynamic Plan 52.98 S0.+1 0.57 1.55 S5.28 -S.22
SS Birla Sun¡ilc Advanragc ¡und 52.9+ SS.55 0.6S 1.+ S5.2 -S.S2
S+ Birla Sun¡ilc Buy !ndia ¡und 51.7+ 2S.92 0.+6 1.91 8+.77 25.+2
S5 {M ¡quiry ¡und 51.68 S0.68 0.59 1.+9 S+.61 -+.08
S6 ¡scorrs GrowrlPlan 51.22 26.27 0.51 1.72 +9.7 10.9S
S7 Birla Sun¡ilc ¡ronrlinc ¡quiry ¡und 51.22 26.S2 0.51 1.72 S9.12 1.65
S8 Salara Growrl¡und 51.18 S0.88 0.6 1.+6 S+.SS -+.+S
S9 \1! Masrcr \aluc ¡und 50.96 ++.S8 0.87 1.01 29.+6 -12.57
+0 \1! Masrcr ¡quiry Plan\nir Sclcmc 50.5 S6.+5 0.72 1.22 S0.0+ -11.S5
+1 \1! Masrcr growrl9S 50.1 S6.15 0.72 1.22 S1.28 -9.05
+2 Salara 1ax Gain +9.9 S1.69 0.6+ 1.S9 S6.15 -1.88
+S Principal Growrl¡und +9.6+ 2S.56 0.+7 1.85 56.92 1+.75
++ ¡scorrs 1ax Plan +9.18 S1.22 0.6S 1.S8 SS.1+ -5.9S
+5 1ara ¡ilc Scicnccs & 1cclnology ¡und +9.16 +0.85 0.8S 1.06 29.78 -11.+7
+6 !C!C! Pru ¡MCG¡und¯¯¯ +8.86 27.89 0.57 1.5+ S0.17 12.76
+7 Canara Folcco¡quiry 1ax Savcr +8.58 26.6+ 0.55 1.6 S9.6 2.05
+8 Birla Sun¡ilc ÐividcndYicldPlus +8.58 ++.7+ 0.92 0.95 28.75 -1S.26
+9 \1! !ndcx Sclccr ¡quiry ¡und +8.12 S2.6 0.68 1.29 29.9 -10.99
50 BÒB¡¡SS96 +8.08 S7.+ 0.78 1.1S S0.62 -9.72
51 !C!C! Pru GrowrlPlan +7.88 29.67 0.62 1.+1 S1.97 -7.5
52 ¡!C M¡ Growrl¡und +7.26 S7.SS 0.79 1.11 29.91 -10.75
5S Fcliancc Banking ¡und +6.2+ 22.6+ 0.+9 1.78 -1770.9 +1.1S
5+ \1! Scrviccs !ndusrrics ¡und +5.92 29.1S 0.6S 1.S7 S2.S -6.67
55 \1! Masrcr Plus \nir Sclcmc +5.58 SS.5 0.7S 1.18 26.18 -17.+2
56 \1! ¡quiry ¡und +5.26 S2.12 0.71 1.22 S1.9 -7.1S
57 SB! MagnumPlarma ¡und¯ +5.18 +S.9 0.97 0.89 S8.6S 1S.81
58 !СC !ndcx ¡und- Scnscx Plus Plan ++.7+ 21.71 0.+9 1.79 S9.09 1.S8
59 Iorak MNC ++.6+ S2.26 0.72 1.2 S8.+6 0.77
60 !C!C! Pru SP!c¡Plan ++.+8 22.9S 0.52 1.68 S6.51 -1.25
61 \1! ¡quiry 1ax Savings Plan ++.+6 25.9 0.58 1.+9 +S.9+ 5.+7
MR. LEÞIÞ KLMAR ÞOOÞEY, DR. V. RAMA DEVI
10
62 1ara !ndcx ¡und- Nilry Plan- A ++.22 2+.79 0.56 1.5+ SS.7 -+.5S
6S \1! Masrcr !ndcx ¡und +S.98 22.0+ 0.5 1.72 S7.+ -0.S
6+ 1ara !ndcx ¡und- Scnscx Plan- A +S.S2 2S.61 0.55 1.58 S+.77 -S.1+
65 !C!C! Pru !ndcx ¡und- Nilry Plan +2.92 2+.02 0.56 1.5+ S+.S -S.66
66 ¡!C M¡ ¡quiry ¡und +2.86 SS.81 0.79 1.09 27.S7 -1S.92
67 \1! Nilry !ndcx ¡und +2.22 2S.66 0.56 1.5S S+.06 -S.87
68 \1! ¡ncrgy ¡und +2.12 +9.12 1.17 0.7+ 19.68 -SS.07
69 Birla !ndcx ¡und +1.++ 2+.+S 0.59 1.+5 S2.61 -5.5S
70 Birla MNC ¡und +1.26 S0.79 0.75 1.15 S2.09 -6.17
71 Bcnclmark Nilry Bc¡s +1.08 21.68 0.5S 1.62 S6.12 -1.5S
72 \1! S\NСF +0.8 20.1+ 0.+9 1.7S S9.69 1.75
7S SB! Magnum!ndcx ¡und +0.6 2S.6+ 0.58 1.+6 S2.S1 -5.77
7+ ¡!C M¡ 1ax Plan +0.+2 SS.S6 0.8S 1.0S 25.05 -17.S8
75 Birla Sun¡ilc NcwMillcnnium¯¯ +0.S 19.92 0.+9 1.72 52.96 19.21
76 !СC !ndcx ¡und- Scnscx Plan S9.72 18.7S 0.+7 1.8 S9.19 1.29
77 !СC !ndcx ¡und- Nilry Plan S9.+8 2+.27 0.61 1.S8 S0.+7 -7.9+
78 Principal !ndcx ¡und S8.88 2S.71 0.61 1.S9 S1.28 -6.75
79 !C!C! Pru 1cclnology ¡und¯¯ S8.6 2+.S6 0.6S 1.S+ 28.5S 5.95
80 Canara Folcco¡quiry Ðivcrsilicd S7.6+ 16.92 0.+5 1.87 6+.2 1S.08
81 BÒBGrowrl¡und S7.12 19.81 0.5S 1.57 78.52 16.2
82 SB! Magnum!1¡und¯¯ S7.1 2+.+7 0.66 1.27 18.S5 -8.+5
8S \1! Masrcr slarc S6.92 16.S5 0.++ 1.89 71.28 1+.58
8+ \1! MNC ¡und S5.9+ 27.21 0.76 1.1 28.76 -9.S2
85 SB! Magnum¡MCG¡und¯¯¯ S5.2+ 26.69 0.76 1.1 +2.SS 1+.61
86 Birla Sun¡ilc !ndia Òpporrunirics ¡und- PlanB S+.76 18.0S 0.52 1.6 +S.75 S.99
87 ¡!C M¡ !ndcx ¡und- Scnscx Plan S+.5+ 19.+1 0.56 1.+7 SS.1+ -S.92
88 ¡!C M¡ !ndcx ¡und- Scnscx Advanragc Plan S+.22 16.98 0.5 1.66 S7.7 0.01
89 ¡!C M¡ !ndcx ¡und- Nilry Plan S2.66 2S.87 0.7S 1.12 25.+9 -12.77
90 \1! Plarma & !calrlcarc ¡und¯ 27.76 S0.+5 1.1 0.72 27.21 1.75
91 \1! Solrwarc ¡und¯¯ 27.7+ 25.05 0.9 0.87 12.98 -17.S7
92 Iorak 1ccl¯¯ 26.26 16.88 0.6+ 1.2 19.+ -+.12
McanFcrurn +9.82
Srandard Ðcviarionol Fcrurns 11.2
Markcr Fcrurn +S.66, ¯S1.00, ¯¯29.S0, ¯¯¯27.17
1lc avcragc risk pcr unir rcrurn(cocllicicnr ol \ariarion) works our rolc 11.20}+9.82~ 0.2S
67!ndian¡quiry Carcgory ¡unds lavc gcncrarcdgrcarcr rcrurns rlanrlc markcr rcrurns.
Fisk adjusrcd pcrlormancc mcasurc in rlc lorm ol Slarpc
rario las lccn compurcd lor rlc 92 !ndian ¡quiry Carcgory
¡unds. 1lc rangc ol cxccss rcrurn ovcr risk lrcc rcrurn pcr
unir ol roral risk rangcs lrom0.72 ro S.26. 1lc liglcsr and
lcasr pcrlormcd murual lunds in rlis carcgory arc SB!
Magnum Glolal lund wirl Slarpc rario ol S.26 and \1!
Plarma & !calrlcarc lunds wirl Slarpc rario ol 0.72
rcspccrivcly. 1rcynor pcrlormancc mcasurc las lccn
compurcd lor !ndian ¡quiry Carcgory ¡und. 1lc 1rcynor
rario lor !ndian ¡quiry Carcgory ¡unds rangcs lrom -
1770.87 ro 1+8.7+. SB! Magnum Glolal ¡und las rlc
liglcsr 1rcynor rario wirl 1+8.7+ and Fcliancc Banking
¡und las rlc lcasr 1rcynor rario wirl -1770.87.
{cnscn risk adjusrcd pcrlormancc mcasurc was compurcd
lor !ndian ¡quiry Carcgory ¡unds and rlc pcrlormancc rario
rangcs lrom -SS.07 ro +7.7S. S7 !ndian ¡quiry Murual
¡unds arc laving supcrior pcrlormancc and among rlcm
SB! MagnumGlolal lunds las rlc liglcsr {cnscn rario. \1!
¡ncrgy ¡undlas rlc lcasr {cnscnrariool -SS.07.
Pcrlormancc ol ¡orcign ¡quiry Carcgory ¡unds. 1allc 6
prcscnrs, rlar nincrccn ¡orcign ¡quiry Carcgory ¡unds lavc
gcncrarcd grcarcr rcrurns rlan rlc markcr rcrurns. 1lc
avcragc risk pcr unir rcrurn (cocllicicnr ol \ariarion) works
our ro0.2Slor ¡orcign¡quiry Carcgory ¡unds.
1lc rcrurns lor ¡orcign ¡quiry Carcgory ¡unds rangc
lrom 7S.20% ro 26.62%. 1lc rcrurns arc liglcsr lor
SundaramBNP Parilas Sclccr Midcap lollowcd ly ¡ranklin
!ndia Prima ¡und wirl 67.08% and lowcsr lor ¡ranklin
PERFORMAÞCE EVALLATIOÞ OF IÞDIAÞ AÞD FOREIGÞ MLTLAL FLÞDS: A COMPARATIVE STLDY
11
Tablc ó: Forcign Equity Catcgory Funds
S. No ¡orcign¡quiry Carcgory ¡unds Fcrurns Fisk Fisk} Slarpc 1rcynor {cnscn
(%) Fcrurn
1 SundaramBNP Parilas Sclccr Midcap 7S.2 +7.28 0.65 1.+2 S5.S1 -+.55
2 ¡ranklin!ndia Prima ¡und 67.08 61.99 0.92 0.99 28.91 -18.56
S !SBC ¡quiry ¡und 65.68 51.58 0.79 1.16 S2.11 -10.S8
+ ÐSP-M¡¡quiry ¡und- Fcgular Plan 6+.76 S8.8 0.6 1.52 S6.7+ -1.5S
5 ÐSP-M¡Òpporrunirics ¡und- Fcgular Plan 62.6+ +2.+5 0.68 1.SS SS.S+ -7.+
6 ÐSP-M¡1op 100¡quiry ¡und- Fcgular Plan 60.6+ +1.19 0.68 1.SS S1.96 -9.82
7 SundaramBNP Parilas 1ax Savcr (Ò¡) 59.9+ 28.9 0.+8 1.87 56.+9 17.96
8 SundaramBNP Parilas Sclccr ¡ocus - Fcrail Plan 59.+ S2.57 0.55 1.6+ S9.17 2.01
9 SundaramBNP Parilas Growrl¡und 57.66 SS.22 0.58 1.56 S8.5 1.08
10 1cmplcron!ndia Growrl¡und 56.12 +8.2+ 0.86 1.0+ 26.62 -20.87
11 ¡ranklin!ndia Prima Plus ¡und 55.86 29.71 0.5S 1.68 S9.2 1.91
12 ÐWSAlpla ¡quiry ¡und 55.7+ S5.9S 0.6+ 1.S9 SS.69 -5.92
1S ¡ranklin!ndia Blucclip ¡und 5+.S S6.99 0.68 1.S1 S1.96 -8.67
1+ ¡ranklin!ndia 1ax Slicld 51.7 29.56 0.57 1.55 +2.+S 5.11
15 ¡ranklin!ndia Òpporrunirics ¡und 51.62 21.58 0.+2 2.12 +6.19 8.+
16 ÐBS Clola Growrl¡und 51.06 29.S6 0.58 1.5+ S7.72 0.0+
17 ÐSP-M¡1cclnology.Com- Fcgular Plan¯¯ +9.08 15.22 0.S1 2.8S -S0+.+ +6.+2
18 MorganSranlcy Growrl¡und ++.5 27.15 0.61 1.+2 S2.18 -6.6
19 ¡ranklin!ndia !ndcx ¡und- NS¡Nilry Plan +2.16 21.5S 0.51 1.68 S7.58 -0.11
20 ¡ranklin!ndia !ndcx 1ax ¡und +1.06 22.8+ 0.56 1.5+ S+.28 -S.5
21 !NGCorc ¡quiry ¡und +0.9 1+.29 0.S5 2.+5 129.27 2+.75
22 ¡ranklin!ndia !ndcx ¡und- BS¡Scnscx +0.6+ 19.08 0.+7 1.82 S9.66 1.72
2S ¡ranklin¡MCG¡und¯¯¯ S1.98 22.68 0.71 1.15 22.01 0.96
2+ ¡ranklinPlarma ¡und¯ S0.76 S+.76 1.1S 0.71 27.07 1.87
25 ¡ranklin!nlorccl¡und¯¯ 26.62 25.08 0.9+ 0.82 12.76 -17.11
McanFcrurn 51.8
Srandard Ðcviarionol Fcrurns 11.98
Markcr Fcrurn(BS¡Scnscx) +S.66, ¯S1.00, ¯¯29.S0, ¯¯¯27.17
1lc avcragc risk pcr unir rcrurn(cocllicicnr ol \ariarion) works our rolc 11.98}51.80~ 0.2S
19¡orcign¡quiry Carcgory ¡unds lavc gcncrarcdgrcarcr rcrurns rlanrlc markcr rcrurns.
!nlorccl¡und.
1lc risk rangcs lrom 1+.29 ro 61.99 lor ¡orcign
¡quiry Carcgory ¡unds. ¡ranklin !ndia Prima ¡und las rlc
liglcsr risk and !NGCorc ¡quiry ¡und las rlc lowcsr risk.
1lc risk pcr unir rcrurn lor ¡orcign ¡quiry Carcgory ¡unds
rangcs lrom 0.S1 ro 1.1S. ¡ranklin Plarma ¡und las rlc
liglcsr risk rcrurn rario indicaring ligl risk pcr unir rcrurn
and ÐSP-M¡ 1cclnology.Com - Fcgular Plan las rlc
lowcsr risk rcrurnrarioindicaring lowrisk pcr unir rcrurn.
1lc Slarpc rario lor 25 ¡orcign ¡quiry Carcgory
¡unds las lccn calcularcd. 1lc Slarpc rario rangcs lrom
0.71 ro 2.8S and ÐSP M¡ 1cclnology.com rcgular plan is
rlc liglcsr pcrlorming lund wirl 2.8S and ¡ranklin Plarma
lundwirl 0.71is rlc lcasr pcrlormcd murual lund.
1lc 1rcynor rario rangcs lrom-S0+.+0 ro 129.27. !NG
Corc ¡quiry ¡und wirl 129.27 and ÐSP M¡
1cclnology.Com Fcgular Plan wirl -S.0+.+0 arc rlc
liglcsr and lcasr pcrlormcd lunds in rlis carcgory. {cnscn
rario lor ¡orcign ¡quiry Carcgory ¡unds las lccn compurcd
and rlc rario rangcs lrom -20.87 ro +6.+2. ÐSP M¡
1cclnology.Com Fcgular Plan las rlc liglcsr {cnscn rario
ol +6.+2 and 1cmplcron !ndian Growrl ¡und las rlc lcasr
{cnscn rario ol -20.87. 1lcrc arc rwclvc ¡orcign ¡quiry
Murual lunds wirl supcrior pcrlormancc.
Pcrlormancc ol !ndian Moncy Markcr Carcgory ¡unds.
1allc 7 indicarcs rlar clcvcn !ndian Moncy Markcr
Carcgory ¡unds lavc gcncrarcd grcarcr rcrurns rlan rlc
markcr rcrurns ol 5.97%. 1lc avcragc risk pcr unir rcrurn
(cocllicicnr ol \ariarion) works our ro0.29.
1lc rcrurns arc liglcsr lor Birla Sun ¡ilc Monrlly
!ncomc wirl 12.18% lollowcd ly ¡!C M¡ Monrlly !ncomc
Plan wirl 11.28% and lowcsr rcrurns arc lor Fcliancc ¡iquid
MR. LEÞIÞ KLMAR ÞOOÞEY, DR. V. RAMA DEVI
12
¡und - Casl Plan wirl 5.08%. 1lc risk rangcs lrom0.76 ro
6.S0 lor !ndian Moncy Markcr Carcgory ¡unds. Principal
Monrlly !ncomc Plan las rlc liglcsr risk and !СC Casl
¡und las rlc lowcsr risk. 1lc risk pcr unir rcrurn lor !ndian
Moncy Markcr Carcgory ¡unds rangcs lrom 0.1+ ro 0.6+.
1ara Monrlly !ncomc ¡und las rlc liglcsr risk pcr unir
rcrurn and !СC Casl ¡und las rlc lowcsr risk pcr unir
rcrurn.
Tablc 7: Indian Moncy Markct Catcgory Funds
S. Þo IndianMoncy Markct Catcgory Funds Rcturns Risk Riskf Sharpc Trcynor Jcnscn
(%) Rcturn
1 Birla Sun¡ilc Monrlly !ncomc 12.18 6.21 0.51 1 +.5+ 6.21
2 ¡!C M¡ Monrlly !ncomc Plan 11.28 +.5 0.+ 1.18 1.+2 5.S1
S !C!C! Pru Monrlly !ncomc Plan 10.9 S.72 0.S+ 1.SS S.+6 +.9S
+ Birla Sun¡ilc Monrlly !ncomc Plan 10.66 +.95 0.+6 0.95 2.79 +.69
5 Principal Monrlly !ncomc Plan 10.22 6.S 0.62 0.67 1.S8 +.25
6 SB! MagnumMonrlly !ncomc Plan 9.02 +.17 0.+6 0.7S 12.21 S.05
7 1ara Monrlly !ncomc ¡und 9 5.8 0.6+ 0.52 -5.25 S.0S
8 {M Monrlly !ncomc Plan 7.68 S.5 0.+6 0.+9 0.6 1.71
9 ¡!C M¡ ¡iquid ¡und 6.S+ 1.17 0.18 0.S2 0.+2 0.S7
10 Canara Folcco¡iquid 6.08 1.2+ 0.2 0.09 0.11 0.11
11 !СC Casl Managcmcnr ¡und- Saving Plan 6.06 1.S5 0.22 0.07 0.08 0.09
12 SB! Magnum!nsra Casl ¡und- ¡iquid ¡loarcr Plan 5.9+ 1.+7 0.25 -0.02 -0.0S -0.0S
1S Birla Sun¡ilc Casl Managcr 5.86 1.22 0.21 -0.09 -0.11 -0.11
1+ !СC Casl Managcmcnr Savings Plus - Fcrail Plan 5.8+ 1.52 0.26 -0.08 -0.1 -0.1S
15 !C!C! Pru ¡iquid - !nsrirurional Plan 5.8+ 1.52 0.26 -0.08 -0.1 -0.1S
16 !СC ¡iquid ¡und- PrcmiumPlus 5.82 1.5+ 0.26 -0.1 -0.11 -0.15
17 !СC ¡iquid ¡und 5.82 1.51 0.26 -0.1 -0.12 -0.15
18 1ara ¡iquid ¡und 5.82 1.S9 0.2+ -0.11 -0.1S -0.15
19 \1! Moncy Markcr ¡und 5.82 1.S5 0.2S -0.11 -0.1S -0.15
20 Birla Casl Plus - Fcrail (PlanB) 5.82 1.S+ 0.2S -0.11 -0.1S -0.15
21 SB! Magnum!nsra Casl ¡und(Casl) 5.82 1.2 0.21 -0.12 -0.15 -0.15
22 !СC ¡iquid ¡und- PrcmiumPlan 5.8 1.56 0.27 -0.11 -0.1S -0.17
2S 1ara ¡iquid ¡und- !igl !nvcsrmcnr Plan 5.78 1.51 0.26 -0.12 -0.15 -0.19
2+ Birla Sun¡ilc Casl Managcr - !nsr. Plan 5.76 1.67 0.29 -0.1S -0.15 -0.21
25 !C!C! Pru ¡iquid Plan 5.76 1.S8 0.2+ -0.15 -0.18 -0.21
26 Principal Casl Mgmr - ¡iquid ¡und 5.72 1.2S 0.21 -0.2 -0.25 -0.25
27 BÒB¡iquid ¡und 5.7 0.9S 0.16 -0.29 -0.S6 -0.27
28 Fcliancc ¡iquid ¡und- 1rcasury Plan 5.68 1.22 0.22 -0.2+ -0.S -0.29
29 1ara ¡iquid - Supcr !igl !nvcsrmcnr Plan 5.66 1.95 0.S+ -0.16 -0.19 -0.S1
S0 Birla Sun¡ilc Casl Plus - !nsrirurional Plan(PlanC) 5.62 1.66 0.29 -0.21 -0.25 -0.S5
S1 Iorak ¡iquid - !nsrirurional Plan 5.62 1.S5 0.2+ -0.26 -0.S -0.S5
S2 {M !igl ¡iquidiry ¡und 5.6 1.2 0.21 -0.S1 -0.S9 -0.S7
SS \1! ¡iquid ¡und- Slorr 1crmPlan- Growrl 5.5 2.12 0.S9 -0.22 -0.27 -0.+7
S+ Iorak ¡iquid Fcgular 5.5 1.15 0.21 -0.+1 -0.51 -0.+7
S5 Principal Casl Mgmr - ¡iquid - !nsr. Plan 5.+6 1.8 0.SS -0.28 -0.S5 -0.51
S6 {M !igl ¡iquidiry ¡und- !nsrirurional Plan 5.+2 1.+8 0.27 -0.S7 -0.+5 -0.55
S7 !СC Casl Managcmcnr ¡und- Call Plan 5.S+ 1.51 0.28 -0.+2 -0.+9 -0.6S
S8 !СC Casl ¡und 5.S+ 0.76 0.1+ -0.8S -1.02 -0.6S
S9 \1! ¡iquid ¡und- Casl Plan- Growrl 5.28 1.92 0.S6 -0.S6 -0.+6 -0.69
+0 !C!C! Pru ¡iquid (Swccp Plan) 5.26 1.91 0.S6 -0.S7 -0.+5 -0.71
+1 !СC Casl ¡und- !nsrirurional PlanB 5.26 0.82 0.16 -0.86 -1.01 -0.71
+2 !C!C! Pru ¡iquid Plan- !nsrirurional Plus 5.2+ 2.7 0.52 -0.27 -0.S7 -0.7S
+S Fcliancc ¡iquid ¡und- Casl Plan 5.08 0.8 0.16 -1.1 -1.57 -0.89
McanFcrurn 6.+9
Srandard Ðcviarionol Fcrurns 1.87
Markcr Fcrurn(S6+Ðays 1Bill) 5.97
1lc avcragc risk pcr unir rcrurn(cocllicicnr ol \ariarion) works our rolc 1.87}6.+9~ 0.29
11!ndianMoncy Markcr Carcgory ¡unds lavc gcncrarcdgrcarcr rcrurns rlanrlc markcr rcrurns.
PERFORMAÞCE EVALLATIOÞ OF IÞDIAÞ AÞD FOREIGÞ MLTLAL FLÞDS: A COMPARATIVE STLDY
13
Fisk adjusrcd Slarpc rario mcasurc las lccn compurcd lor
rlc +S !ndian Moncy Markcr Carcgory ¡unds. 1lc rangc ol
cxccss rcrurns ovcr risk lrcc rcrurn pcr unir ol roral risk
rangcs lrom-1.10 ro 1.SS. 1lc !C!C! Pru monrlly incomc
plan las rlc liglcsr pcrlormancc wirl 1.SS and Fcliancc
liquid lund casl plan is rlc lcasr pcrlorming lund wirl -
1.10.1rcynor pcrlormancc mcasurc las lccn compurcd lor
!ndian Moncy Markcr Carcgory ¡unds and rlc 1rcynor
rario rangcs lrom -5.25 ro 12.21. SB! Magnum Monrlly
!ncomc Plan las rlc liglcsr 1rcynor rario wirl 12.21 and
1ara Monrlly !ncomc lund las rlc lcasr 1rcynor rario wirl -
5.25. {cnscn pcrlormancc mcasurc lor !ndian Moncy
Markcr Carcgory ¡unds was compurcd and ir is lound rlar
clcvcn lunds lavc supcrior pcrlormancc. Among rlcm
Birla Sun ¡ilc Monrlly !ncomc lunds las rlc liglcsr
{cnscn rario ol 6.21. Fcliancc ¡iquid ¡und Casl Plan las
rlc lcasr {cnscn rario ol -0.89. 1lc {cnscn rario lor rlis
carcgory rangcs lrom-0.89ro6.21.
Pcrlormancc ol ¡orcign Moncy Markcr Carcgory ¡unds.
1allc 8 slows rlar rlrcc ¡orcign Moncy Markcr Carcgory
¡unds lavc gcncrarcd grcarcr rcrurns rlan rlc markcr
rcrurns ol 5.97%. 1lc avcragc risk pcr unir rcrurn
(cocllicicnr ol \ariarion) works our ro 0.S8 lor ¡orcign
Moncy Markcr Carcgory ¡unds.
1lc rcrurns rangc lrom +.10% ro 12.S8% lor
¡orcign Moncy Markcr Carcgory ¡unds. 1lc rcrurns arc
liglcsr lor ¡1 !ndia Monrlly !ncomc Plan lollowcd ly
1cmplcron Monrlly !ncomc Plan wirl 11.20% and lowcsr
lor 1cmplcron Monrlly !ncomc Plan. 1lc risk is liglcsr lor
1cmplcron Monrlly !ncomc Plan wirl +.6S and risk is
lowcsr lor ÐSP-M¡ ¡iquidiry ¡und wirl 0.89. 1lc risk pcr
unir rcrurn rangcs lrom 0.16 ro 0.+8 lor ¡orcign Moncy
Markcr Carcgory ¡unds. 1lc risk rcrurn rario is liglcsr lor
!SBC Casl ¡und - !nsrirurional Plan indicaring ligl risk
pcr unir rcrurn and rlc risk rcrurn rario is lowcsr lor ÐSP-
M¡¡iquidiry ¡undindicaring lowrisk pcr unir rcrurn.
Tablc 8: Forcign Moncy Markct Catcgory Funds
S. Þo ForcignMoncy Markct Catcgory Funds Rcturns Risk Riskf Sharpc Trcynor Jcnscn
(%) Rcturn
1 ¡1!ndia Monrlly !ncomc Plan 12.S8 +.S2 0.S5 1.+8 7.58 6.+1
2 1cmplcronMonrlly !ncomc Plan 11.2 +.6S 0.+1 1.1S 5.29 5.2S
S ÐBS Clola Monrlly !ncomc Plan- Fcgular 8.78 S.96 0.+5 0.71 1.02 2.81
+ 1cmplcron!ndia 1rcasury Mgmr Accounr 5.82 1.19 0.2 -0.1S -0.16 -0.15
5 !SBC Casl ¡und 5.8 1.2S 0.21 -0.1+ -0.17 -0.17
6 !NG¡iquid ¡und 5.8 1.15 0.2 -0.15 -0.18 -0.17
7 SundaramBNP Parilas Moncy ¡und 5.8 1.06 0.18 -0.16 -0.19 -0.17
8 ÐBS Clola ¡iquid ¡und- Fcgular 5.78 1.06 0.18 -0.18 -0.21 -0.19
9 ÐSP-M¡¡iquidiry ¡und 5.72 0.89 0.16 -0.28 -0.S+ -0.25
10 ÐBS Clola ¡iquid ¡und- !nsrirurional Plus 5.62 1.+8 0.26 -0.2+ -0.29 -0.S5
11 !SBC Casl ¡und- !nsrirurional Plan 5.08 2.+6 0.+8 -0.S6 -0.+9 -0.89
12 1cmplcronMonrlly !ncomc Plan +.1 1.56 0.S8 -1.2 -2.7 -1.87
McanFcrurn 6.82
Srandard Ðcviarionol Fcrurns 2.56
Markcr Fcrurn(S6+Ðays 1Bill) 5.97
1lc avcragc risk pcr unir rcrurn(cocllicicnr ol \ariarion) works our rolc 2.56}6.82~ 0.S75
S¡orcignMoncy Markcr Carcgory ¡unds lavc gcncrarcdgrcarcr rcrurns rlanrlc markcr rcrurns.
Fisk adjusrcd pcrlormancc Slarpc rario lor rwclvc ¡orcign
Moncy Markcr Carcgory ¡unds las lccn compurcd. 1lc
rangc ol cxccss rcrurn ovcr risk lrcc rcrurn pcr unir ol roral
risk rangcs lrom -1.20 ro 1.+8. 1lc liglcsr and lcasr
pcrlormcd lunds arc ¡1 !ndian monrlly incomc plan wirl
Slarpc rario ol 1.+8 and 1cmplcron monrlly incomc plan
wirl Slarpc rarios ol -1.20lunds rcspccrivcly. 1rcynor rario
las lccn compurcd lor ¡orcign Moncy Markcr Carcgory
¡unds and 1rcynor rario rangcs lrom-2.70 ro 7.58. ¡1!ndia
Monrlly !ncomc Plan las rlc liglcsr 1rcynor rario wirl
7.58 and 1cmplcron Monrlly !ncomc Plan las rlc lcasr
1rcynor rario wirl -2.70. {cnscn rario lor ¡orcign Moncy
MR. LEÞIÞ KLMAR ÞOOÞEY, DR. V. RAMA DEVI
1+
Markcr Carcgory ¡unds las lccn compurcd and rlc rario
rangcs lrom-1.87 ro 6.+1. ¡1 !ndia Monrlly !ncomc Plan
wirl 6.+1 las rlc liglcsr {cnscn rario and 1cmplcron
Monrlly !ncomc Plan wirl -1.87 las rlc lcasr {cnscn rario.
Ònly S lunds arc laving supcrior pcrlormancc.
Comparison ol !ndian and ¡orcign Murual ¡unds lascd on
Fcrurn and Fisk Paramcrcrs. 1allc 9 prcscnrs rlar rlc
rcrurns ol !ndian Carcgory and ¡orcign carcgory murual
lunds rangc lrom +.78 % ro 51.8 %. ¡orcign ¡quiry
carcgory las rlc liglcsr rcrurns lollowcd ly !ndian ¡quiry.
1lc rcrurns arc lowcsr lor ¡orcignÐclr carcgory.
1lc risk is liglcsr lor ¡orcign ¡quiry carcgory and lowcsr
lor !ndian Moncy Markcr carcgory. 1lc risk rangcs lrom
1.87 ro 11.98. 1lc risk pcr unir rcrurns rangcs lrom0.2S ro
0.52. 1lc risk pcr unir rcrurn rario is liglcsr lor ¡orcign
Ðclr carcgory and lowcsr lor !ndian ¡quiry carcgory. !ndian
¡quiry lollowcd ly lorcign cquiry gcncrarcd morc rcrurns
pcr unir ol risk rlar is rcllccrcd ly lowcocllicicnr ol variarion
valuc.
Tablc º: Rcturn and Risk Paramctcrs for Indian and Forcign Mutual Fund Catcgorics
S. Þo Typc of Fund Rcturn(%) Risk Cocfficicnt of Variation
1 !ndianBalanccd SS.98 8.72 0.26
2 ¡orcignBalanccd S1.16 9.07 0.29
S !ndianÐclr 5.+6 2.26 0.+1
+ ¡orcignÐclr +.78 2.+7 0.52
5 !ndian¡quiry +9.82 11.2 0.2S
6 ¡orcign¡quiry 51.8 11.98 0.2S
7 !ndianMoncy Markcr 6.+9 1.87 0.29
8 ¡orcignMoncy Markcr 6.82 2.56 0.S8
Comparison ol !ndian and ¡orcign Murual ¡unds. !r is
olscrvcd lrom 1allc 10 rlar lorl !ndian and ¡orcign
Murual ¡unds lavc almosr similar rcrurns, risk and risk pcr
unir rcrurns.
Tablc 10: Comparison of Indian and Forcign Mutual Funds
S. Þo Typc of Fund Rcturns (%) Risk Cocfficicnt of Variation
1 !ndian 2S.59 21.91 0.9S
2 ¡orcign 2S.1+ 2S.02 0.99
!yporlcsis. 1lcrc is no signilicanr dillcrcncc lcrwccn
rcrurns ol various murual lund sclcmcs ol lorcign murual
lunds carcgory.
1allc 11 rcvcals rlar ¡orcign Moncy Markcr
Carcgory Murual ¡unds rlc calcularcd valuc is grcarcr rlan
rlc rallc valuc. 1lcrclorc rlc null lyporlcsis rlar rlcrc is no
signilicanr dillcrcncc lcrwccn rlc rcrurns ol closcn murual
lunds sclcmcs wirlin rlc ¡orcign Moncy Markcr murual
lunds carcgory is rcjccrcd and rlc alrcrnarivc lyporlcsis rlar
rlcrc is signilicanr dillcrcncc lcrwccn rlc rcrurns ol closcn
murual lund sclcmcs wirlin rlc ¡orcign Moncy Markcr
Carcgory is acccprcd. !r implics rlar rcrurns ol murual lund
sclcmcs signilicanrly dillcr lrom onc anorlcr wirlin rlc
¡orcignMoncy Markcr Carcgory.
Tablc 11: AÞOVA bctwccn rcturns of various mutual fund schcmcs of Forcign mutual funds catcgory
S. Þo Þamc F Valuc Rcsult
1 ¡orcignBalanccd 1.S1 Nor Signilicanr
2 ¡orcignÐclr 1.17 Nor Signilicanr
S ¡orcign¡quiry 1.65 Nor Signilicanr
+ ¡orcignMoncy Markcr 5.S+ Signilicanr ar 1% ¡cvcl
PERFORMAÞCE EVALLATIOÞ OF IÞDIAÞ AÞD FOREIGÞ MLTLAL FLÞDS: A COMPARATIVE STLDY
1S
¡or ¡orcign Balanccd, ¡orcign Ðclr and ¡orcign
¡quiry Carcgorics rlc calcularcd valuc is lcss rlan rlc rallc
valuc. 1lcrclorc rlc null lyporlcsis rlar rlcrc is no
signilicanr dillcrcncc lcrwccn rlc rcrurns ol murual lund
sclcmcs wirlin rlc ¡orcign Murual ¡und Carcgorics is
acccprcd. !r implics rlar rcrurns ol murual lund sclcmcs do
nor signilicanrly dillcr lromorlcrs wirlin rlc samc ¡orcign
Murual ¡und Carcgorics. !yporlcsis. 1lcrc is no
signilicanr dillcrcncc lcrwccn rcrurns ol various murual
lundsclcmcs ol !ndianmurual lunds carcgory.
¡rom 1allc 12 ir can lc olscrvcd rlar ¡ valuc is
signilicanr ar 1% lcvcl lor !ndian Ðclr, !ndian ¡quiry and
!ndian Moncy Markcr Carcgorics. 1lcrclorc rlc null
lyporlcsis rlar rlcrc is no signilicanr dillcrcncc lcrwccn rlc
rcrurns ol closcn murual lunds sclcmcs wirlin !ndian
Carcgorics is rcjccrcd. !r implics rlar rlc rcrurns ol murual
lund sclcmcs signilicanrly dillcr lrom onc anorlcr wirlin
rlc samc !ndianMurual ¡undCarcgorics.
Tablc 12: AÞOVA for Indian Catcgorics
S. Þo Þamc F Valuc Rcsult
1 !ndianBalanccd 1.11 Nor Signilicanr
2 !ndianÐclr 1.67 Signilicanr ar 1% ¡cvcl
S !ndian¡quiry 1.82 Signilicanr ar 1% ¡cvcl
+ !ndianMoncy Markcr 2.7 Signilicanr ar 1% ¡cvcl
¡or !ndian Balanccd Carcgory ¡ valuc is nor signilicanr
ar 1% lcvcl. 1lcrclorc alrcrnarivc lyporlcsis rlar rlcrc is
signilicanr dillcrcncc lcrwccn rlc rcrurns ol murual lund
sclcmcs wirlin rlc !ndian Balanccd carcgory is rcjccrcd. !r
implics rlar rlc rcrurns ol murual lund. !yporlcsis. 1lcrc
is no signilicanr dillcrcncc lcrwccn rcrurns ol !ndian and
lorcigncarcgory murual lunds
¡rom 1allc 1S ir can lc olscrvcd rlar ¡ valuc is
signilicanr ar 5% lcvcl. 1lcrclorc rlc null lyporlcsis rlar
rlcrc is no signilicanr dillcrcncc lcrwccn pcrlormancc ol
!ndian and ¡orcign murual lunds is rcjccrcd. !r implics rlar
rlc rcrurn ol !ndian murual lunds signilicanrly dillcr lrom
¡orcignmurual lunds' rcrurns.
Tablc 13: AÞOVA bctwccn rcturns of Indian and forcign catcgory mutual funds
S. Þo Þamc F Valuc Rcsult
1 !ndian 282.96 Signilicanr ar 5% ¡cvcl
¡orcign
Conclusion. Murual lunds arc rlc inrcrmcdiarics in rlc invcsrmcnr
lusincss wlicl indirccrly connccr rlc pullic and rlc corporarc
sccror. So, lascd on rlis, rlcy arc considcrcd ro lc rlc powcrlul
cngincs and caralyric agcnrs lor rcsourcc molilizarion lrom rlc
common invcsrors ro rlc corporarc sccror. !n rlis conrcxr, rlcy arc
playing a viral rolc and arc arrracring morc and morc invcsrors wirl
rlcir lcrrcr pcrlormancc.
1lc succcss ol rlc lund indusrry las cnjoycd is duc ro rlc lacr rlar,
ir las donc morc rlan any orlcr linancial scrviccs indusrry ro ollcr
invcsrors solid producrs railorcd ro mccr rcal linancial nccds, and
markcrcd rlosc producrs rcsponsilly. Bur ir cannor lc ignorcd rlar
rapid clangcs and markcr prcssurcs arc clallcnging. !r cannor lc
allordcd ro rcmain "pigconlolcd" ly ourdarcd rlinking or
anriquarcd lusincss pracriccs. !l rlc long-rcrm lcalrl ol rlc
indusrry and invcsror prorccrion is mainraincd, rlc rccord ol
succcss canlc mainraincdinrlc lururc.
REFEREÞCES
Books:
1. Amir Singl Sisodiya. (2005), Murual ¡und !ndusrry in !ndia -
An!nrroducrion, !C¡A! Pullicarions.
2. Ðonald ¡.¡isclcr and Fonald {.{ordan. (1996), Sccuriry
Analysis and Porrlolio Managcmcnr, Prcnricc !all ol !ndia,
NcwÐclli.
S. ¡. Mrudula. (2005), Murual ¡und !ndusrry in !ndia, !C¡A!
pullicarions, 2005.
+. Gupra, Ò.P. and Sclgal, S. (1997), !nvcsrmcnr Pcrlormancc ol
Murual ¡unds - 1lc !ndian ¡xpcricncc', !ndian Capiral
Markcr - 1rcnds and Ðimcnsions', 1ara McGraw !ill
Pullisling Company ¡rd. (on lclall ol !nsrirurc ol Capiral
Markcr, Navi Mumlai).
5. !. Sadlak. (200S), Murual ¡unds in !ndia - Markcring
Srrarcgics and !nvcsrmcnr Pracriccs, Sccond ¡dirion,
Fcsponsc Books, A division ol Sagc Pullicarions !ndia Pvr.
MR. LEÞIÞ KLMAR ÞOOÞEY, DR. V. RAMA DEVI
16
¡rd.
6. Ms. Faclana Baid. (2007), Murual ¡unds Producrs and
Scrviccs, 1axmannPullicarions Pvr. ¡rd, NcwÐclli.
Journal Articlcs:
1. Banikanra Mislra, Malmud Falman. (2001), "Mcasuring
murual lund pcrlormancc using lowcr parrial momcnr",
Glolal Busincss 1rcnds, Conrcmporary Fcadings.
2. Grossman,B.F. and W.¡. Slarpc. (1986), "¡inancial
implicarions ol Sourl Alrican divcsrmcnr", ¡inancial Analysrs
{ournal , +9. 62-66.
S. {aydcv, M. (1996), "Murual ¡und Pcrlormancc. An Analysis
ol Monrlly Fcrurns", ¡inancc !ndia, 10(1).7S-8+.
+. Pcndaraki, I., Zopounidis, C. and Ðoumpos, M. (2005),
"Òn rlc consrrucrion ol murual lund porrlolios. A Mulri-
crircria mcrlodology and an applicarion ro rlc Grcck markcr
ol cquiry murual lunds", ¡uropcan {ournal ol Òpcrarional
Fcscarcl, 16S(2) .+62-+81.
5. Fcilly, ¡.I. and ¡. A. Norron. "!nvcsrmcnrs (Sourl-Wcsrcrn,
Mason, Ò!)", (200S) Srarman , M. , "Socially rcsponsillc
murual lunds", ¡inancial Analysrs {ournal 56, 2000.S0-S8.
6. Slarpc, W.¡. (199+), "1lc Slarpc rario", {ournal ol Porrlolio
Managcmcnr, 21.+9-59.
7. Slarpc, W.¡. (1992), "Asscr Allocarion. Managcmcnr Srylc
and Pcrlormancc Mcasurcmcnr," {ournal ol Porrlolio
Managcmcnr, Winrcr. 7-19.
8. Slarpc, W.¡. (1988), "Ðcrcrmining a ¡und's ¡llccrivc Asscr
Mix," !nvcsrmcnr Managcmcnr Fcvicw. 59-69.
9. Slarpc, W.¡. (1966), "Murual ¡und Pcrlormancc", {ournal ol
Busincss, S+(2). 119-1S8.
PERFORMAÞCE EVALLATIOÞ OF IÞDIAÞ AÞD FOREIGÞ MLTLAL FLÞDS: A COMPARATIVE STLDY
17
doc_723854697.pdf
FIÞAÞCIAL SERVICES & MAÞAGEMEÞT RESEARCH
\ol.1 No. +, April 2012, !SSN 2277 S622
Onlinc Availablc at indianrcscarchjournals.com
PERFORMAÞCE EVALLATIOÞ OF IÞDIAÞ AÞD FOREIGÞ
MLTLAL FLÞDS : A COMPARATIVE STLDY
MR. LEÞIÞ KLMAR ÞOOÞEY´, DR. V. RAMA DEVI´´
`Lccturcr, Dcpt. »j Busincss Stu4ics, Niewe C»//c¡c »j 1cchn»/»¡y, P. O B»v: 177, P»ste/ C»4c 611,Niewe, Omen.
``Pr»jcss»r, Sch»»/ »j Mene¡cmcnt, KL Univcrsity, Ve44cswerem,Guntur (Dt.), An4hre Pre4csh, ln4ie
ABSTRACT
Saving lor rlc lururc is good. !nvcsring lor ir is cvcn lcrrcr. Murual lunds lavc many lcnclirs rlar
makc rlcm onc ol rlc mosr cllicicnr, cosr-cllccrivc, and casy invcsrmcnrs availallc. 1lcy arc also idcal vcliclcs lor
individual invcsrors wlo don'r lavc rlc rimc, willingncss or aliliry ro managc rlcir own porrlolio ol londs or srocks.
Murual lunds wlicl lavc lccn opcraring lor grcarcr rlan livc ycars and pcrlorming during rlc pcriod ol srudy (i.c.
200S - 2007) arc sclccrcd lor rlc prcscnr rcscarcl. 1lc samplc lor rlc srudy consisrs ol S+0 murual lunds lclonging ro
lour carcgorics - Moncy markcr carcgory lunds, Ðclr Carcgory ¡unds, ¡quiry carcgory lunds and Balanccd carcgory
lunds. 1lc pcrlormancc ol sclccrcd lunds is cvaluarcd using avcragc rarc ol rcrurn ol lund, srandard dcviarion,
Fisk}Fcrurn, Slarpc Fario, 1rcynor rario and {cnscn rario. Bcnclmark comparison is also madc as ir indicarcs ro wlar
cxrcnr rlc lund managcrs wcrc allc ro producc lcrrcr pcrlormancc ol managcd porrlolio comparcd ro rlc markcr or
indcx porrlolios.
Bcnclmark comparison, Slarpc rario, 1rcynor rarioand{cnscnrario. Kcy words:
1
IÞTRODLCTIOÞ: in rlc plasc ol consolidarion and growrl sragc ol rlc
Saving lor rlc lururc is good. !nvcsring lor ir is cvcn lcrrcr. producr lilc cyclc. 1lc compcririon would inrcnsily in rlc
Murual lunds lavc many lcnclirs rlar makc rlcmonc ol rlc coming ycars as ir lappcncd in orlcr indusrrics. !cncc, ir is
mosr cllicicnr, cosr-cllccrivc, and casy invcsrmcnrs availallc. appropriarc, rclcvanr and ropical ro locus our arrcnrion as ro
1lcy arc also idcal vcliclcs lor individual invcsrors wlo low rlc !ndian murual indusrry would cmcrgc in rlc
don'r lavc rlc rimc, willingncss or aliliry ro managc rlcir coming lcwycars ro asccrrain wlar kind ol producrs (murual
own porrlolio ol londs or srocks. A murual lund is rlc idcal lund sclcmcs) would lc allc ro win rlc invcsrors'
invcsrmcnr vcliclc lor roday's complcx and modcrn linancial conlidcncc andsurvivc inrlc markcr placc.
sccnario. Markcrs lor cquiry slarcs, londs and orlcr lixcd
incomc insrrumcnrs, rcal csrarc, dcrivarivcs and orlcr asscrs OBJECTIVESOF THE STLDY:
1lc srudy will lavc a propcr dirccrion ly scrring rlc lavc lccomc marurc and inlormarion drivcn. Pricc clangcs
oljccrivcs ol rlc srudy. 1lc lollowing oljccrivcs arc in rlcsc asscrs arc drivcn ly glolal cvcnrs occurring in disranr
lormularcdlor rlc prcscnr srudy. placcs. A small invcsror is unlikcly ro lavc rlc knowlcdgc,
1. 1o cvaluarc pcrlormancc ol dillcrcnr !ndian and skills, inclinarion and rimc ro kccp rrack ol cvcnrs,
lorcign murual lunds sclcmcs onrlc lasis ol risk- rcrurn undcrsrand rlcir implicarions and acr spccdily and in rlis
paramcrcrs. conrcxr murual lunds comc rolis rcscuc.
2. 1o appraisc pcrlormancc ol murual lunds on risk Murual ¡und indusrry roday, is onc ol rlc mosr
adjusrcd mcasurcs as suggcsrcd ly Slarpc, 1rcynor, and prclcrrcd invcsrmcnr avcnucs in !ndia. !owcvcr, wirl a
{cnscn. plcrlora ol sclcmcs availallc lor oprion, rlc rcrail invcsror
laccs prollcms in sclccring lunds. !n addirion ro qualirarivc
mcasurcs likc invcsrmcnr srrarcgy, managcmcnr srylc crc., HYPOTHESESOF THE STLDY:
1. 1lcrc is no signilicanr dillcrcncc lcrwccn rlc rlc lunds rccord is an imporranr indicaror roo. 1lougl pasr
rcrurns ol dillcrcnr murual lund sclcmcs ol !ndian pcrlormancc alonc cannor lc indicarivc ol lururc
murual lundcarcgory. pcrlormancc, ir is, lrankly, rlc only quanrirarivc way ro judgc
2. 1lcrc is no signilicanr dillcrcncc lcrwccn rlc low good a lund is ar prcscnr. 1lc imprcssivc growrl ol
rcrurns ol dillcrcnr murual lund sclcmcs ol lorcign murual lunds in !ndia las arrracrcd rlc arrcnrion ol !ndian
murual lundcarcgory. rcscarclcrs, individuals and insrirurional invcsrors during
S. 1lcrc is no signilicanr dillcrcncc lcrwccn rlc pasr rcn ycars. 1lc !ndian murual lund indusrry is currcnrly
rcrurns ol murual lund sclcmcs ol !ndian and lorcign ol rcrurn ol lund, srandard dcviarion, Fisk}Fcrurn, Slarpc
murual lunds carcgorics. Fario, 1rcynor rario and {cnscn rario. Fcrurn alonc slould
nor lc considcrcd as rlc lasis ol mcasurcmcnr ol rlc
RESEARCH METHODOLOGY: pcrlormancc ol a murual lund sclcmc, ir slould also includc
Funds sclcctcd for thc study: Murual lunds wlicl lavc rlc risk rakcn ly rlc lund managcr lccausc dillcrcnr lunds
lccn opcraring lor grcarcr rlan livc ycars and pcrlorming will lavc dillcrcnr lcvcls ol risk arraclcd ro rlcm. Fisk
during rlc pcriod ol srudy (i.c. 200S - 2007) wcrc sclccrcd associarcd wirl a lund, in a gcncral, can lc dclincd as
lor rlc prcscnr rcscarcl. 1lcrc wcrc S+0 sucl murual lunds varialiliry or llucruarions in rlc rcrurns gcncrarcd ly ir. 1lc
lclonging ro lour carcgorics - Moncy markcr carcgory liglcr rlc llucruarions in rlc rcrurns ol a lund during a givcn
lunds, Ðclr Carcgory ¡unds, ¡quiry carcgory lunds and pcriod, liglcr will lc rlc risk associarcd wirl ir. Srandard
Balanccd carcgory lunds. 1lcsc wcrc lurrlcr sul-dividcd dcviarion is a srarisrical mcasurc ol rlc rangc ol a lund's
inro !ndian and lorcign carcgory lunds. 1lc rcasons lor pcrlormancc, and is rcporrcd as an annual numlcr. Wlcn a
srudying rlc pcrlormancc ol murual lund lor a pcriod ol livc lund las a ligl srandard dcviarion, irs rangc ol pcrlormancc
ycars (200S-2007) arc. las lccn vcry widc, indicaring rlar rlcrc is a grcarcr porcnrial
º A largc numlcr ol murual lunds lavc lccn lor volariliry. 1lc mosr common mcasurcs rlar comlinc
insrigarcd during 200S- 2007. lorl risk and rcward arc Slarpc Fario, 1rcynor rario and
º 1lc murual lund indusrry in !ndia rcgisrcrcd {cnscnrario. 1rcynor's indcx ~ (F - F) ÷ Wlcrc,
p l p
norallc growrlduring 200S- 2007Pcriod. F ~ Porrloliorcrurnovcr a pcriod
p
º 1lc !ndian srock markcr las donc cxccprionally
F ~ Fisk-lrcc rcrurnovcr a pcriod
l
wcll during 200S- 2007.
~ Markcr-risk, lcra cocllicicnr
p
!iglcr valuc ol 1rcynor's indcx indicarcs lcrrcr
Data Collcction: 1lc Fcscarcl Srudy las lccn lascd on
pcrlormancc ol porrlolio and vicc vcrsa. 1lc 1rcynor's
Sccondary Ðara. 1o gain an ovcrvicw ol rlc currcnr
mcasurc ol porrlolio pcrlormancc is rclarivc mcasurc rlar
pcrlormancc rrcnds ol rlc !ndian murual lund indusrry
ranks rlc lunds in rcrms ol risk (markcr risk) and rcrurn. 1lc
sccondary dara las lccn an imporranr sourcc and was
indcx is also rcrmcd as rcward ro volariliry rario. Slarpc's
collccrcd lrom rlc lacr slccrs, ncwspapcrs, journals, looks,
indcx ~ (F - F) ÷
p l p
pcriodicals, wclsircs, crc. 1lc dara was collccrcd lrom
F ~ Porrloliorcrurnovcr a pcriod
p
various wclsircs ol AMCs, AM¡!, valuc rcscarcl onlinc,
F ~ Fisk-lrcc rcrurnovcr a pcriod
l
moncyconrrol.com, crc. Bomlay Srock ¡xclangc Scnscx
~ 1oral risk, srandard dcviarion ol porrlolio rcrurn
p
annualizcd rcrurns valucs lavc lccn drawn lromwclsirc lor
!iglcr valuc ol Slarpc's indcx indicarcs lcrrcr
rlc srudy pcriod ro compurc markcr rcrurns lor ¡quiry
pcrlormancc ol porrlolio and vicc vcrsa. 1lc Slarpc's
divcrsilicd, cquiry rax savings, cquiry lanking, cquiry MNC,
mcasurc ol porrlolio pcrlormancc is also rclarivc mcasurc
¡quiry orlcr and ¡quiry indcx, lalanccd and lylrid lunds.
rlar ranks rlc lunds in rcrms ol risk (roral risk) and rcrurn.
Bomlay Srock ¡xclangc ¡MCG !ndcx valucs lavc lccn
1lc rario is also rcrmcd as rcward ro varialiliry rario. {cnscn's
rakcn lor compuring markcr rcrurns lor cquiry ¡MCGlunds,
Mcasurc is a risk-adjusrcd pcrlormancc mcasurc rlar
Bomlay Srock ¡xclangc !nlormarion 1cclnology !ndcx
rcprcscnrs rlc avcragc rcrurn on a porrlolio ovcr and alovc
valucs lavc lccn sclccrcd lor compuring markcr rcrurns lor
rlar prcdicrcd ly rlc capiral asscr pricing modcl (CAPM),
cquiry 1cclnology lunds, Bomlay Srock ¡xclangc !calrl
givcn rlc porrlolio's lcra and rlc avcragc markcr rcrurn.
Carc indcx valucs lavc lccn rakcn lor compuring markcr
1lis is rlc porrlolio's alpla. !n lacr, rlc conccpr is somcrimcs
rcrurn lor ¡quiry Plarmacy and S6+ Ðays 1rcasury lill
rclcrrcd roas "{cnscn's alpla."
valucs wcrc rakcn lor compuring markcr rcrurns lor moncy
{cnscn's Mcasurc is calcularcdas.
markcr insrirurional, dclr insrirurional, dclr slorr rcrm,
~ r |r + ( r - r ) |
P P l P m l
dclr spccialry, dclr long rcrm, dclr lloaring rarc, moncy
Wlcrc,
incomc planandmoncy markcr lunds.
r ~ ¡xpccrcdroral porrloliorcrurn
P
Pcrformancc Mcasurcs Lscd in thc Study: 1lc
r ~ Fisk lrcc rarc
l
pcrlormancc ol sclccrcd lunds is cvaluarcd using avcragc rarc
MR. LEÞIÞ KLMAR ÞOOÞEY, DR. V. RAMA DEVI
2
~ Bcra ol rlc porrlolio Carcgory ¡unds rangcs lrom 0.S8 ro 0.70. BÒB Balancc
P
¡und las rlc liglcsr risk pcr unir rcrurn and Iorak Balancc r ~ ¡xpccrcdmarkcr rcrurn
m
las rlc lowcsr risk pcr unir rcrurn.
{cnscn's mcasurc is onc ol rlc ways ro lclp dcrcrminc il a
porrlolio is carning rlc propcr rcrurn lor irs lcvcl ol risk. !l
1lc avcragc risk pcr unir rcrurn (cocllicicnr ol \ariarion)
rlc valuc is posirivc, rlcn rlc porrlolio is carning cxccss
works our rolc 8.72}SS.98~ 0.26
rcrurns. !n orlcr words, a posirivc valuc lor {cnscn's alpla
2 !ndian Balanccd Carcgory ¡unds lavc gcncrarcd grcarcr
mcans a lund managcr las "lcar rlc markcr" wirl lis or lcr
rcrurns rlanrlc markcr rcrurns.
srock picking skills. 1lc {cnscn rario mcasurcs lowmucl ol
rlc porrlolio's rarc ol rcrurn is arrrilurallc ro rlc managcr's
1lc Slarpc rario lor 2+ !ndian Balanccd Carcgory ¡unds las
aliliry ro dclivcr alovc-avcragc rcrurns, adjusrcd lor markcr
lccn calcularcd and rlc rario rangcs lrom1.1S ro 2.2S in rlis
risk. 1lc liglcr rlc rario, rlc lcrrcr rlc risk-adjusrcd
carcgory. 1lc Iorak lalancc wirl rlc rario ol 2.2S is rlc lcsr
rcrurns. A porrlolio wirl a consisrcnrly posirivc cxccss rcrurn
pcrlormcd murual lund and BÒBlalanccd lund wirl 1.1S is
will lavc a posirivc alpla, wlilc a porrlolio wirl a
rlc lcasr pcrlormcd lund in rlis carcgory. 1rcynor
consisrcnrly ncgarivc cxccss rcrurnwill lavc a ncgarivc alpla.
pcrlormancc mcasurc was compurcd lor !ndia Balanccd
Carcgory ¡und. 1lc 1rcynor rario rangcs lrom 28.20 ro
PERFORMAÞCE OF IÞDIAÞ AÞD FOREIGÞ
86.6+. All rlc lunds lavc a posirivc 1rcynor rario. BÒB
MLTLAL FLÞDS:
Balancc lund las rlc liglcsr 1rcynor rario wirl 86.6+ and
Murual lunds arc classilicdinrociglr carcgorics -
1ara Young Cirizcns ¡und las rlc lcasr 1rcynor rario wirl
1. !ndianlalanccdcarcgory lunds
28.20. {cnscn rario lor !ndian Balanccd Carcgory ¡unds
2. ¡orcignlalanccdcarcgory lunds
rangcs lrom -7.07 ro 1+.58. SB! Magnum Balanccd ¡und
S. !ndiandclr carcgory lunds
las rlc liglcsr {cnscn rario ol 1+.58 and 1ara Young
+. ¡orcigndclr carcgory lunds
Cirizcns ¡und las rlc lcasr {cnscn rario ol -7.07. ¡ourrccn
5. !ndiancquiry carcgory lunds
!ndian Balanccd ¡unds lavc supcrior pcrlormancc.
6. ¡orcigncquiry carcgory lunds
Pcrlormancc ol ¡orcign Balanccd Carcgory ¡unds. !r can lc
7. !ndianmoncy markcr carcgory lunds
undcrsrood lrom1allc2 rlar all ¡orcign Balanccd Carcgory
8. ¡orcignmoncy markcr carcgory lunds
¡unds lavc gcncrarcd lcsscr rcrurns rlan rlc markcr rcrurns
ol +S.66%. 1lc avcragc risk pcr unir rcrurn (cocllicicnr ol
Pcrformancc of Indian Balanccd Catcgory Funds: !r can
\ariarion) works our ro 0.29 lor ¡orcign Balanccd Carcgory
lc olscrvcd lrom1allc 1 rlar rwo !ndian Balanccd Carcgory
¡unds.
¡unds i.c. SB! Magnum and !СC Prudcncc ¡unds lavc
1lc rcrurns lor ¡orcign Balanccd Carcgory ¡unds
gcncrarcd grcarcr rcrurns rlan rlc markcr rcrurns ol
rangc lrom 18.26% ro +2.02%. ÐSP-M¡ Balanccd ¡und
+S.66%. 1lc avcragc risk pcr unir rcrurn (cocllicicnr ol
las rlc liglcsr rcrurns lollowcd ly ¡1 !ndia Balanccd ¡und
\ariarion) lor !ndian Balanccd Carcgory ¡unds works our ro
wirl S7.86%, Sundaram BNP Parilas Balanccd ¡und wirl
0.26.
S+.62% and lowcsr rcrurns lor 1cmplcron (!) Clildrcns
1lc rcrurns lor !ndian Balanccd Carcgory ¡unds
Asscr Plan - Gilr Plan. 1lc risk is liglcsr lor ÐSP-M¡
rangc lrom 17.02% ro +7.96%. 1lc rcrurns arc liglcsr lor
Balanccd ¡und wirl 22.59 and lowcsr risk is lor 1cmplcron
SB! MagnumBalanccd ¡und lollowcd ly !СC Prudcncc
!ndia Pcnsion Plan wirl 11.6S. 1lc risk pcr unir rcrurn
¡und wirl +7.+6%, ¡scorrs Balanccd ¡und wirl +S.62%
rangcs lrom 0.+6 ro 0.77 lor ¡orcign Balanccd Carcgory
and lowcsr lor \1! CF1S 81. Scvcn !ndian Balanccd
¡unds. 1cmplcron (!) Clildrcns Asscr Plan - Gilr Plan las
Carcgory ¡unds lavc rcrurns ranging lrom +0% ro 50%,
rlc liglcsr rario signilying ligl risk pcr unir rcrurn and !NG
ninc lunds lavc rcrurns rangc lrom S0% ro +0%, six lunds
Balanccd Porrlolio las rlc lowcsr rario signilying low risk
lavc rcrurns rangc lrom 20% ro S0% and rcmaining rwo
pcr unir rcrurn. 1
lavc rcrurns lcss rlcn 20%. 1lc risk lor !ndian Balanccd
Carcgory ¡unds rangcs lrom 8.76 ro 25.95. 1lc risk is
liglcsr lor !СC Prudcncc ¡und and lowcsr risk is lor \1!
CF1S 81. 1lc risk pcr unir rcrurn lor !ndian Balanccd
PERFORMAÞCE EVALLATIOÞ OF IÞDIAÞ AÞD FOREIGÞ MLTLAL FLÞDS: A COMPARATIVE STLDY
3
Table 1: Indian Balanced Category Funds
MR. LEÞIÞ KLMAR ÞOOÞEY, DR. V. RAMA DEVI
+
¡or six ¡orcign Balanccd Carcgory ¡unds risk wirl 15.10%, !C!C! Pru Clild Carc Plan - Srudy Plan wirl
adjusrcd pcrlormancc mcasurc in rlc lorm ol Slarpc rario 1+.70% and lowcsr lor {M Slorr 1crm Plan - !nsrirurional
las lccn compurcd. 1lc Slarpc rario rangcs lrom 0.88 ro Plan. 1lc risk lor !ndian Ðclr Carcgory ¡unds rangcs lrom
1.78 in rlis carcgory. 1cmplcron (!) Clildrcns asscr plan gilr 0.29 ro 19.95. 1lc risk is liglcsr lor ¡!C M¡ Clildrcns
plan wirl Slarpc rario 0.88 is rlc lcasr and wirl Slarpc rario ¡undandlowcsr lor Iorak Gilr Savings Plan. 1lc risk pcr
ol 1.78 !NG lalanccd porrlolio is rlc liglcsr pcrlormcd unir rcrurn lor !ndian Ðclr Carcgory ¡unds rangcs lrom
lund in lorcign lalanccd lunds. 1rcynor rario was compurcd 0.06 ro 1S.20. {M Slorr 1crm Plan - !nsrirurional Plan las
lor ¡orcign Balanccd Carcgory ¡und and rlc pcrlormancc ol rlc liglcsr rario rcprcscnring ligl risk pcr unir rcrurn and
¡orcign Balanccd ¡und rangcs lromS+.80 ro 1S0.16. All rlc Iorak Gilr Savings Plan las rlc lowcsr rario rcprcscnring low
¡orcign Balanccd lunds lavc posirivc pcrlormancc. risk pcr unir rcrurn.
Fisk adjusrcd pcrlormancc mcasurc in rlc lormol 1cmplcron (!) Clildrcns Asscr Plan Gilr Plan wirl 1S0.16
Slarpc rario las lccn calcularcd lor 106 !ndian Ðclr las rlc liglcsr 1rcynor rario and ¡1 !ndia Balanccd ¡und
Carcgory ¡unds. 1lc rangc ol cxccss rcrurns ovcr risk lrcc las rlc lcasr 1rcynor rariowirl S+.80.
{cnscn pcrlormancc rario las lccn compurcd lor ¡orcign rcrurn pcr unir ol roral risk rangcs lrom-2.6+ ro 2.0S. !C!C!
Balanccd Carcgory ¡unds and rlc rario rangcs lrom-2.66 ro Pru long rcrmplan wirl Slarpc rario ol 2.0S and Iorak gilr
8.7S. 1lcrc arc rlrcc ¡orcign Balanccd lunds wirl supcrior savings plan wirl Slarpc rario ol -2.6+ arc rlc liglcsr and
pcrlormancc. Among rlcm 1cmplcron (!) Clildrcns Asscr lcasr pcrlormcd murual lunds in !ndian dclr murual lunds
Plan Gilr Plan wirl 8.7S las rlc liglcsr {cnscn rario and ¡1 rcspccrivcly. 1rcynor rario las lccn compurcd lor !ndian
!ndia Balanccd¡undwirl -2.66las rlc lcasr {cnscnrario. Ðclr Carcgory ¡unds and rlc rario rangcs lrom -+.77 ro
12.21. !C!C! Pru Clild Carc Plan Srudy Plan las rlc liglcsr
Pcrformancc of Indian Dcbt Catcgory Funds: !r can lc
1rcynor rario wirl 12.21 and !C!C! Pru ¡ong 1crmPlan las
inlcrrcd lrom 1allc S rlar 29 !ndian Ðclr Carcgory ¡unds
rlc lcasr 1rcynor rariowirl -++.77.
lavc gcncrarcd grcarcr rcrurns rlan rlc markcr rcrurns ol {cnscn rario lad lccn compurcd and rlc rario
5.97%. 1lc avcragc risk pcr unir rcrurn (cocllicicnr ol rangcs lrom-5.19 ro 9.75. ¡!C M¡ Clildrcns ¡und las rlc
\ariarion) works our ro0.+1. liglcsr {cnscn rario ol 9.75 and {M Slorr 1crm Plan
1lc rcrurns lor !ndian Ðclr Carcgory ¡unds
!nsrirurional Plan las rlc lcasr {cnscn rario ol -5.19. 1lcrc
rangc lrom 0.78% ro 15.72%. 1lc rcrurns arc liglcsr lor
arc 29 !ndian Ðclr Murual ¡uns wirl supcrior pcrlormancc.
¡!C M¡ Clildrcns ¡und lollowcd ly Canara Folcco C!GÒ
Tablc 2: Forcign Balanccd Catcgory Funds
PERFORMAÞCE EVALLATIOÞ OF IÞDIAÞ AÞD FOREIGÞ MLTLAL FLÞDS: A COMPARATIVE STLDY
S
S. Þo IndianDcbt Catcgory Funds Rcturns Risk Riskf Sharpc Trcynor Jcnscn
(%)
1 ¡!C M¡ Clildrcns ¡und 15.72 19.95 1.27 0.+9 0.66 9.75
2 Canara FolccoC!GÒ 15.1 6.88 0.+6 1.SS 1.92 9.1S
S !C!C! Pru ClildCarc Plan- Srudy Plan 1+.7 5.97 0.+1 1.+6 12.21 8.7S
+ SB! MagnumClildrcns Bcnclir Plan 11.76 6.27 0.5S 0.92 -6.+2 5.79
5 !СC Clildrcns Gilr ¡und- Savings Plan 11.++ 7.+9 0.65 0.7S -5.1 5.+7
6 \1! Monrlly !ncomc Sclcmc 8.+6 S.78 0.+5 0.66 1.0S 2.+9
7 !C!C! Pru ¡ong 1crmPlan 7.72 0.86 0.11 2.0S -++.77 1.75
8 Fcliancc Slorr 1crmPlan 7 1.7S 0.25 0.6 0.89 1.0S
9 !C!C! Pru Slorr 1crmPlan- !nsrirurional Plan 6.8 1.72 0.25 0.+8 0.62 0.8S
10 ¡scorrs !ncomc Plan 6.62 2.9 0.++ 0.22 -2.08 0.65
11 1ara Slorr 1crmBond ¡und 6.56 1.8+ 0.28 0.S2 0.++ 0.59
12 Birla Sun¡ilc !ncomc ¡und 6.5+ +.66 0.71 0.12 0.19 0.57
1S !C!C! Pru Slorr 1crmPlan 6.52 1.69 0.26 0.SS 0.+S 0.55
1+ Fcliancc Gilr Sccurirics ¡und- ¡ong 1crmPlan 6.5 0.72 0.11 0.7S 1.++ 0.5S
15 Iorak Bond - Slorr 1crmPlan 6.+6 1.7+ 0.27 0.28 0.S7 0.+9
16 {M Slorr 1crmPlan 6.S6 1.65 0.26 0.2+ 0.S6 0.S9
17 !C!C! Pru !ncomc Plan- !nsrirurional Plan 6.S6 S.76 0.59 0.1 0.25 0.S9
18 Birla Sun¡ilc Gilr Plus (Fcgular Plan) 6.28 +.95 0.79 0.06 0.22 0.S1
19 Birla Sun¡ilc Slorr 1crm¡und 6.26 2.28 0.S6 0.1S 0.17 0.29
20 Iorak Bond (Fcgular Plan) 6.2 S.02 0.+9 0.08 0.15 0.2S
21 !СC !igl !nrcrcsr ¡und- Slorr 1crmPlan 6.18 2.S1 0.S7 0.09 0.12 0.21
22 Principal !ncomc ¡und- Slorr 1crmPlan 6.16 1.15 0.19 0.17 0.21 0.19
2S !C!C! Pru ¡lcxillc !ncomc Plan 6.12 S.18 0.52 0.05 0.1S 0.15
2+ Birla Sun¡ilc Gilr Plus (¡iquid Plan) 6.1 1.81 0.S 0.07 -1.06 0.1S
25 !C!C! Pru Gilr - 1rcasury Plan 6.0+ 1.97 0.SS 0.0+ 0.17 0.07
26 Birla Sun¡ilc ¡iquid Plus ¡und- Fcrial (PlanB) 6.0+ 1.S5 0.22 0.05 0.07 0.07
27 Fcliancc !ncomc ¡und 6.02 2.61 0.+S 0.02 0.0+ 0.05
28 !СC Supcr Savcr !ncomc ¡und- S1P 6 2.09 0.S5 0.02 0.02 0.0S
29 \1! Gilr Advanragc ¡und- ¡ong 1crmPlan 5.98 5.2 0.87 0 -0.0S 0.01
S0 Birla Sun¡ilc ¡iquid Plus ¡und- !nsrirurional (PlanC) 5.96 1.57 0.26 -0.01 -0.01 -0.01
S1 !C!C! Pru Gilr - !nvcsrmcnr Plan 5.9+ S.76 0.6S -0.01 -0.02 -0.0S
S2 !СC ¡loaring Farc !ncomc ¡und- S1P - Fcrail Plan 5.9+ 1.+7 0.25 -0.02 -0.02 -0.0S
SS !СC Ðynamic Bond ¡und 5.92 S.+9 0.59 -0.01 -0.0S -0.05
S+ 1ara !ncomc ¡und 5.9 +.+5 0.75 -0.02 -0.09 -0.07
S5 !СC Slorr 1crmPlan 5.88 1.95 0.SS -0.05 -0.06 -0.09
S6 !C!C! Pru ¡loaring Farc PlanB 5.8 1.77 0.S1 -0.1 -0.11 -0.17
S7 \1! Bond ¡und 5.8 S.11 0.5+ -0.05 -0.12 -0.17
S8 Principal !ncomc S1P - !nsrirurional Plan 5.8 1.71 0.S -0.1 -0.12 -0.17
S9 !СC ¡iquid Plus ¡und- 1rcasury PlanA 5.8 0.95 0.16 -0.18 -0.2S -0.17
+0 Canara Folcco¡iquid Plus - Fcrail Plan 5.76 S.SS 0.58 -0.06 -0.1 -0.21
+1 Canara Folcco!ncomc 5.76 2.7+ 0.+8 -0.08 -0.S7 -0.21
+2 Principal !ncomc ¡und 5.7+ S.12 0.5+ -0.07 -0.15 -0.2S
+S Birla Sun¡ilc !ncomc Plus - Fcrail (PlanB) 5.7 +.9+ 0.87 -0.05 -0.09 -0.27
++ Principal !ncomc ¡und- !nsrirurional Plan 5.6+ 2.7S 0.+8 -0.12 -0.16 -0.SS
+5 Principal Govr Scc. ¡und- !nvcsrmcnr Plan 5.6+ + 0.71 -0.08 -0.51 -0.SS
+6 Birla ¡loaring Farc ¡und- ¡ong 1crmPlan 5.56 1.99 0.S6 -0.2 -0.26 -0.+1
+7 SB! MagnumGilr - Slorr 1crmPlan 5.5+ S.+2 0.62 -0.1S -0.26 -0.+S
Rcturn
Tablc 3: Indian Dcbt Catcgory Funds
MR. LEÞIÞ KLMAR ÞOOÞEY, DR. V. RAMA DEVI
6
+8 !СC ¡loaring Farc !ncomc ¡und- ¡1P 5.52 1.S7 0.25 -0.SS -0.S8 -0.+5
+9 Iorak ¡loarcr Slorr 1crmPlan 5.++ 2.12 0.S9 -0.25 -0.S2 -0.5S
50 !C!C! Pru !ncomc Plan 5.+ S.62 0.67 -0.16 -0.S1 -0.57
51 Birla ¡loaring Farc ¡und- Slorr 1crmPlan 5.+ 1.8S 0.S+ -0.S1 -0.+ -0.57
52 {M ¡loarcr ¡und- Slorr 1crmPlan 5.S8 1.82 0.S+ -0.S2 -0.+5 -0.59
5S Iorak Bond (Ðcposir Plan) 5.2+ 2.6S 0.5 -0.28 -0.67 -0.7S
5+ Birla Sun¡ilc Gilr Plus (P¡ Plan) 5.22 +.91 0.9+ -0.15 -1.52 -0.75
55 Iorak Gilr Savings Plan 5.2 0.29 0.06 -2.6+ -S.S1 -0.77
56 Iorak Gilr !nvcsrmcnr PlanFcgular 5.1+ S.87 0.75 -0.21 1.SS -0.8S
57 ¡!C M¡ Bond ¡und 5.06 2.8 0.55 -0.S2 -0.6S -0.91
58 1ara Ðynamic Bond ¡und- PlanA 5.0+ 2.+9 0.+9 -0.S7 -0.52 -0.9S
59 1ara Ðynamic Bond ¡und- PlanB 5.02 2.+ 0.+8 -0.+ -0.55 -0.95
60 1ara Gilr Sccurirics - Slorr Maruriry ¡und +.96 1.7S 0.S5 -0.58 -1.S2 -1.01
61 1ara !ncomc Plus ¡und- PlanB +.96 S.S+ 0.67 -0.S -+.0+ -1.01
62 Salara !ncomc ¡und +.9+ S.01 0.61 -0.S+ -0.6+ -1.0S
6S \1! ¡loaring Farc ¡und- S1P +.9+ 2.09 0.+2 -0.+9 -0.81 -1.0S
6+ !СC G-Scc. ¡und- !nvcsrmcnr Plan +.92 +.2+ 0.86 -0.25 -0.79 -1.05
65 1ara !ncomc Plus ¡und- PlanA +.9 S.25 0.66 -0.SS -S.+9 -1.07
66 !СC ¡iquid Plus ¡und- 1rcasury Plan- !nsrirurional PlanB +.86 1.5+ 0.S2 -0.72 -1.1 -1.11
67 !СC Supcr Savcr !ncomc ¡und +.82 + 0.8S -0.29 -0.6S -1.15
68 {M ¡iquid Plus ¡und- Fcgular Plan +.82 2.07 0.+S -0.56 -0.72 -1.15
69 Birla Sun¡ilc G-Scc. ¡und- ¡ong 1crm +.6+ +.97 1.07 -0.27 5.68 -1.SS
70 {M G-Scc ¡und- P¡ Plan +.62 S.7S 0.81 -0.S6 1.7+ -1.S5
71 !СC Supcr Savcr !ncomc ¡und- Mcdium1crmPlan- A +.62 2.+5 0.5S -0.55 -0.69 -1.S5
72 ¡!C M¡ Slorr 1crmPlan +.62 1 0.22 -1.S5 -1.58 -1.S5
7S Fcliancc Mcdium1crm¡und +.6 2.+7 0.5+ -0.55 -1.09 -1.S7
7+ !СC !ncomc ¡und +.6 S.6 0.78 -0.S8 -1.67 -1.S7
75 !СC Gilr ¡und- Slorr 1crmPlan +.56 1.5S 0.S+ -0.92 -S.2+ -1.+1
76 \1! G-Scc ¡und +.5 +.S7 0.97 -0.S+ -2.S8 -1.+7
77 BÒB!ncomc ¡und +.++ 0.8 0.18 -1.91 6.22 -1.5S
78 SB! MagnumGilr - ¡ong 1crmPlan +.++ S.95 0.89 -0.S9 -1.S7 -1.5S
79 Principal Govr Scc. ¡und- Savings Plan +.++ 1.+6 0.SS -1.05 -1S.8S -1.5S
80 1ara Gilr Sccurirics ¡undB(App) +.+ 5.S1 1.21 -0.S -2.S2 -1.57
81 !СC G-Scc. ¡und- Slorr 1crmPlan +.S6 S.19 0.7S -0.5 -2.28 -1.61
82 1aurus ¡ilra Bond +.S+ +.8 1.11 -0.S+ 2.87 -1.6S
8S \1! ¡iquid Plus ¡und- Fcrail Plan +.S2 S 0.7 -0.55 -2.29 -1.65
8+ {M !ncomc ¡und +.S2 2.86 0.66 -0.58 -5.05 -1.65
85 !СC !igl !nrcrcsr ¡und +.2 S.SS 0.79 -0.5S -2.S5 -1.77
86 ¡scorrs Gilr ¡und +.2 2.8 0.67 -0.6S -5.81 -1.77
87 Canara FolccoGilr PGS +.18 S.+S 0.82 -0.52 -1.18 -1.79
88 SB! Magnum!ncomc ¡und +.18 S.2+ 0.77 -0.55 -1.65 -1.79
89 {M G-Scc ¡und(FP) +.16 S.S1 0.8 -0.55 7.S -1.81
90 ¡!C M¡ Govr. Scc. ¡und +.16 S.07 0.7+ -0.59 -2.18 -1.81
91 Birla Sun¡ilc G-Scc. ¡und- Slorr 1crm +.1 S.1+ 0.77 -0.59 -1.2 -1.87
92 !СC Gilr ¡und- ¡ong 1crmPlan S.92 +.7+ 1.21 -0.+S -+.66 -2.05
9S Fcliancc Gilr Sccurirics ¡und- Slorr 1crmPlan S.9 1.9S 0.+9 -1.07 -1.57 -2.07
9+ Birla Sun¡ilc Slorr 1crmÒpporrunirics ¡und- Fcrail Plan S.86 2.8+ 0.7+ -0.7+ -1.6 -2.11
95 \1! Gilr Advanragc ¡und- ¡1P - P¡ (PÐAF) S.12 S.22 1.0S -0.89 -1.2S -2.85
96 \1! Gilr Advanragc ¡und- ¡1P- P¡ S.1 S.2+ 1.05 -0.88 -1.2S -2.87
97 1ara Gilr !igl ¡und S.1 S.69 1.19 -0.78 -1.52 -2.87
98 Salara Gilr ¡und S.08 2.89 0.9+ -1 -1.56 -2.89
PERFORMAÞCE EVALLATIOÞ OF IÞDIAÞ AÞD FOREIGÞ MLTLAL FLÞDS: A COMPARATIVE STLDY
7
99 1aurus ¡ilra Gilr S.06 +.+ 1.++ -0.66 1.79 -2.91
100 BÒBGilr ¡und 2.82 S.++ 1.22 -0.91 -2.0+ -S.15
101 1ara Gilr Fcrircmcnr Plan(28}02}1SMaruriry) 2.5 S.62 1.+5 -0.96 -1.S7 -S.+7
102 1ara Gilr Fcrircmcnr Plan(28}02}09Maruriry) 2.+ S.57 1.+9 -1 -1.+ -S.57
10S 1ara Gilr Fcrircmcnr Plan(28}02}11Maruriry) 2.S6 S.6 1.52 -1 -1.S9 -S.61
10+ 1ara Gilr Fcrircmcnr Plan(28}02}10Maruriry) 2.S S.62 1.58 -1.01 -1.S8 -S.67
105 1ara Gilr Fcrircmcnr Plan(28}02}25Maruriry) 2.06 S.75 1.82 -1.0+ -1.S6 -S.91
106 {M Slorr 1crmPlan- !nsrirurional Plan 0.78 10.S 1S.2 -0.5 0.81 -5.19
McanFcrurn 5.+6
Srandard Ðcviarionol Fcrurns 2.26
Markcr Fcrurn(S6+Ðays 1Bill) 5.97
1lc avcragc risk pcr unir rcrurn(cocllicicnr ol \ariarion) works our rolc 2.26}5.+6~ 0.+1
29!ndianÐclr Carcgory ¡unds lavc gcncrarcdgrcarcr rcrurns rlanrlc markcr rcrurns.
Pcrlormancc ol ¡orcign Ðclr Carcgory ¡unds. 1allc +
dcpicrs rlar ciglr ¡orcign Ðclr Carcgory ¡unds lavc
gcncrarcd grcarcr rcrurns rlan rlc markcr rcrurns ol 5.97%.
1lc avcragc risk pcr unir rcrurn (cocllicicnr ol \ariarion)
works our ro0.52lor ¡orcignÐclr Carcgory ¡unds.
1lc rcrurns rangc lrom 0.1+% ro 10.80% lor ¡orcign
Ðclr Carcgory ¡unds. 1lc rcrurns arc liglcsr lor ÐSP-M¡
Saving Plus ¡und - Modcrarc and lowcsr lor !SBC !ncomc
¡und - S1P - !nsrirurional Plan. 1wo lunds lavc ncgarivc
rcrurns and rlcy arc ¡ranklin !ndian !nrcrnarional ¡und -
0.52 and ÐBS Clola ¡rccdom !ncomc - S1¡ !nsrirurional
Plan -S.6+. 1lc risk lor ¡orcign Ðclr Carcgory ¡unds
rangcs lrom 0.82 ro 21.5+. 1lc risk is liglcsr lor ÐBS
Clola ¡rccdom!ncomc - S1¡ !nsrirurional Plan and risk is
lowcsr lor !NG Gilr ¡und - Fcgular Plan. 1lc risk pcr unir
rcrurn rangcs lrom 0.20 ro 69.26 lor ¡orcign Ðclr
Carcgory ¡unds. !SBC !ncomc ¡und - S1P - !nsrirurional
Plan las rlc liglcsr rario indicaring ligl risk pcr unir rcrurn
and ÐSP-M¡ Slorr 1crm ¡und las rlc lowcsr rario
indicaring low risk pcr unir rcrurn. ÐBS Clola ¡rccdom
!ncomc - S1¡ !nsrirurional Plan and ¡ranklin !ndian
!nrcrnarional ¡und risk rcrurn rario is ncgarivc as rlcir
rcrurnarc ncgarivc.
Tablc 4: Forcign Dcbt Catcgory Funds
S. No ¡orcignÐclr Carcgory ¡unds Fcrurns Fisk Fisk} Slarpc 1rcynor {cnscn
(%) Fcrurn
1 ÐSP-M¡Saving Plus ¡und- Modcrarc 10.8 S.7 0.S+ 1.S1 -11.0+ +.8S
2 !NGSlorr 1crm!ncomc ¡und 6.76 1.8 0.27 0.++ 0.62 0.79
S 1cmplcron!ndia Govr. Scc. - ¡ong 1crmPlan 6.7 5.02 0.75 0.15 -0.8+ 0.7S
+ 1cmplcron!ndia Slorr 1crm!ncomc Plan 6.++ 2.18 0.S+ 0.22 0.29 0.+7
5 1cmplcron¡loaring Farc !ncomc ¡und- S1P 6.08 1.+6 0.2+ 0.08 0.1 0.11
6 ÐWSSlorr Maruriry ¡und 6.06 1.51 0.25 0.06 0.09 0.09
7 1cmplcron¡loaring Farc !ncomc ¡und- ¡1P 6.02 1.S2 0.22 0.0+ 0.05 0.05
8 ÐWS!nsra Casl Plus ¡und 5.8+ 1.S8 0.2+ -0.09 -0.11 -0.1S
9 ÐBS Clola ¡rccdom!ncomc - Slorr 1crm¡und 5.78 1.68 0.29 -0.11 -0.19 -0.19
10 ÐSP-M¡Slorr 1crm¡und 5.76 1.1S 0.2 -0.18 -0.S7 -0.21
11 !SBC !ncomc ¡und- Slorr 1crmPlan 5.7+ 1.+S 0.25 -0.16 -0.2+ -0.2S
12 ÐWSPrcmicr Bond ¡und- Fcgular Plan 5.+8 +.12 0.75 -0.12 0.6 -0.+9
1S !SBC !ncomc ¡und- !nvcsrmcnr Plan 5.+ S.+8 0.6+ -0.16 -0.51 -0.57
1+ 1cmplcron!ndia Govr Scc - 1rcasury Plan 5.+ 1.5 0.28 -0.S8 -9.7+ -0.57
15 !NG!ncomc ¡und- !nsrirurional Òprion 5.2 S.0S 0.58 -0.25 -0.S8 -0.77
16 1cmplcron!ndia !ncomc ¡und 5.1+ S.86 0.75 -0.21 -0.+7 -0.8S
17 1cmplcron!ndia Govr Scc - Composirc Plan 5.1 +.2 0.82 -0.21 1+.59 -0.87
18 ÐSP-M¡Govr. Scc. ¡und- PlanB 5.1 1.19 0.2S -0.7S -2.51 -0.87
19 ÐSP-M¡Govr. Scc. ¡und- PlanA 5.08 S.6 0.71 -0.25 -8.1 -0.89
20 ÐSP-M¡¡loaring Farc ¡und- Fcgular PlanA +.9+ 1.1 0.22 -0.9S -2.0+ -1.0S
MR. LEÞIÞ KLMAR ÞOOÞEY, DR. V. RAMA DEVI
8
Fisk adjusrcd pcrlormancc Slarpc rario is
compurcd lor rlc S1 ¡orcign Ðclr Carcgory ¡unds and rlc
Slarpc rario rangcs lrom -2.68 ro 1.S1. ÐSP M¡ Savings
Plus lund modcrarc is rlc liglcsr pcrlorming lund wirl
1.S1 and !NG gilr lund rcgular plan is rlc lcasr pcrlorming
lund wirl rlc Slarpc rario -2.68 in lorcign dclr lunds.
1rcynor rario lor ¡orcign Ðclr Carcgory ¡unds las lccn
compurcd. 1lc 1rcynor rario lor rlc ¡orcign Ðclr Murual
¡unds rangcs lrom-78.17 ro 1+.59. 1cmplcron !ndia Govr
Scc Composirc Plan las rlc liglcsr 1rcynor rario wirl
1+.59 and !NGGilr ¡und Fcgular Plan las rlc lcasr 1rcynor
rariowirl -78.17.
{cnscn pcrlormancc rario was compurcd lor ¡orcign
Ðclr Carcgory ¡unds. ÐSP M¡ Savings Plus ¡und
Modcrarc wirl +.8S and ÐBS Clola ¡rccdom!ncomc S1¡
!nsrirurional Plan wirl -9.61 arc rlc lunds wirl liglcsr and
lcasr {cnscn rario. 1lc {cnscn rario lor ¡orcign Ðclr Murual
lunds rangcs lrom-9.61 ro +.8S. Ònly 7 lunds lavc supcrior
pcrlormancc. Pcrlormancc ol !ndian ¡quiry Carcgory
¡unds. !r can lc olscrvcd lrom1allc 5 rlar 67 !ndian ¡quiry
Carcgory ¡unds lavc gcncrarcd grcarcr rcrurns rlan rlc
markcr rcrurns. 1lc avcragc risk pcr unir rcrurn (cocllicicnr
ol \ariarion) lor !ndian ¡quiry Carcgory ¡unds works our ro
0.2S.
1lc rcrurns arc liglcsr lor Fcliancc Growrl ¡und -
Fcrail Plan wirl 76.S6% lollowcd ly SB! Magnum1ax Gain
Sclcmc wirl 75.52%, 1ara ¡quiry Òpporrunirics ¡und -
Plan B wirl 7S.++% and rlc rcrurns arc lowcsr lor Iorak
1ccl wirl 26.26%. 1lc rcrurns rangc lrom 26.26% ro
76.S6%. 1lc risk is liglcsr lor 1ara ¡quiry Òpporrunirics
¡und - Plan B wirl 61.85 and lowcsr risk lor \1! Masrcr
Slarc wirl 16.S5. 1lc risk pcr unir rcrurn lor !ndian ¡quiry
Carcgory ¡unds rangcs lrom0.28 ro 1.17. \1! ¡ncrgy ¡und
las rlc liglcsr rario signilying ligl risk pcr unir rcrurn and
SB! Magnum Glolal ¡und las rlc liglcsr rario signilying
lowrisk pcr unir.
21 !SBC !ncomc ¡und- !nvcsrmcnr Plan- !nsr. Plan +.7+ S.0+ 0.6+ -0.+ -0.+8 -1.2S
22 ÐBS Clola Gilr - !nvcsrmcnr Plan +.6+ 5.1S 1.11 -0.26 1.SS -1.SS
2S !NG!ncomc ¡und +.5 S.19 0.71 -0.+6 -0.9 -1.+7
2+ 1cmplcron!ndia !ncomc Buildcr Accounr +.+2 S.+1 0.77 -0.+5 -1.S9 -1.55
25 ÐSP-M¡Bond ¡und- Fcrail Plan +.S2 2.77 0.6+ -0.6 -2.92 -1.65
26 SundaramBNP Parilas Bond Savcr + S.29 0.82 -0.6 -1.77 -1.97
27 !NGGilr ¡und- Fcgular Plan S.78 0.82 0.22 -2.68 -78.17 -2.19
28 ÐBS Clola 1riplc Acc S.12 2.77 0.89 -1.0S 10.87 -2.85
29 !SBC !ncomc ¡und- S1P - !nsrirurional Plan 0.1+ 9.7 69.26 -0.6 1.07 -5.8S
S0 ¡ranklin!ndian!nrcrnarional ¡und -0.52 +.25 -8.17 -1.5S 8.89 -6.+9
S1 ÐBS Clola ¡rccdom!ncomc - S1¡ !nsrirurional Plan -S.6+ 21.5+ -5.92 -0.+5 -0.9 -9.61
McanFcrurn +.78
Srandard Ðcviarionol Fcrurns 2.+7
Markcr Fcrurn(S6+Ðays 1Bill) 5.97
1lc avcragc risk pcr unir rcrurn(cocllicicnr ol \ariarion) works our rolc 2.+7}+.78~ 0.52
8¡orcignÐclr Carcgory ¡unds lavc gcncrarcdgrcarcr rcrurns rlanrlc markcr rcrurns.
Tablc 5: Indian Equity Catcgory Funds
S. No !ndian¡quiry Carcgory ¡unds Fcrurns Fisk Fisk Slarpc 1rcynor {cnscn
(%) }Fcrurn
1 Fcliancc Growrl¡und- Fcrail Plan 76.S6 +8.5+ 0.6+ 1.+5 S9.12 2.58
2 SB! Magnum1ax GainSclcmc 75.52 S8.0S 0.5 1.8S 59.+ 25.+1
S 1ara ¡quiry Òpporrunirics ¡und- PlanB 7S.++ 61.85 0.8+ 1.09 28.+8 -21.82
+ SB! MagnumConrra ¡und 71.1 2+.S7 0.S+ 2.67 85.81 S6.52
5 SB! MagnumGlolal ¡und 69.9 19.62 0.28 S.26 1+8.7+ +7.7S
6 1aurus Srar Slarc 67.86 S0.67 0.+5 2.02 +8.99 1+.27
7 Birla Sun¡ilc Basic !ndusrrics ¡und 65.86 5S.6 0.81 1.12 29.95 -15.+8
8 Fcliancc \ision¡und- Fcrail Plan 65.6+ 5S.S+ 0.81 1.12 27.S6 -22.55
9 SB! MagnumMulriplicr Plus 65.+ S2.78 0.5 1.81 +S.S1 7.71
10 Birla Sun¡ilc 1ax Plan 6+.6+ 55.01 0.85 1.07 27.58 -21.5S
PERFORMAÞCE EVALLATIOÞ OF IÞDIAÞ AÞD FOREIGÞ MLTLAL FLÞDS: A COMPARATIVE STLDY
9
11 Birla Sun¡ilc ¡quiry ¡und 6+.++ S1.7S 0.+9 1.8+ +9.2+ 1S.71
12 Birla 1ax Plan98 6+.16 55.72 0.87 1.0+ 27.+2 -21.79
1S !C!C! Pru 1ax Plan 6S.2+ 51.1S 0.81 1.12 S+ -6.22
1+ !СC 1ax Savcr 62.5+ S5.S9 0.57 1.6 55.S 18.01
15 1ara Sclccr ¡quiry ¡und 62.26 +1.85 0.67 1.S5 S1.59 -10.87
16 1ara Purc ¡quiry ¡und 62.06 ++.25 0.71 1.27 S2.02 -9.9+
17 Birla Sun¡ilc Midcap ¡und 61.+ SS.59 0.55 1.65 +S.85 7.78
18 Bcnclmark Nilry {unior Bc¡s 61.18 5+.1+ 0.88 1.02 28.75 -17.18
19 !СC 1op 200¡und 60.S8 +2.05 0.7 1.29 S2.78 -8.15
20 !СC ¡quiry ¡und 59.88 S9.01 0.65 1.S8 S5.+ -S.5
21 !СC Capiral Buildcr ¡und 59.76 S7.21 0.62 1.+5 +7.9+ 11.5
22 !СC ¡ong 1crmAdvanragc ¡und 59.++ ++.7 0.75 1.2 S9.57 2.5S
2S Principal 1ax Savings ¡und 59.S+ 26.+1 0.+5 2.02 5+.67 16.58
2+ Principal Fcsurgcnr !ndia ¡quiry ¡und 58.82 +8.95 0.8S 1.08 27.+S -19.78
25 !СC Growrl¡und 57.9+ S7.8+ 0.65 1.S7 SS.5S -6.+6
26 !C!C! Pru Powcr 57.62 S9.68 0.69 1.S S1.1+ -10.87
27 Iorak S0 56.S8 2S.05 0.+1 2.19 5+.6S 15.6S
28 Birla Sun¡ilc 1ax Fclicl 96 55.66 S+.92 0.6S 1.+2 S6.2 -2.0+
29 1ara 1ax Saving ¡und 55.56 ++.7 0.8 1.11 S0.8 -11.09
S0 1aurus Ðiscovcry ¡und 5+.06 +0.69 0.75 1.18 +2.5S 5.+7
S1 Principal Pcrsonal 1ax Savings ¡und 5S.2+ S1.6 0.59 1.5 +2.+ 5.25
S2 !C!C! Pru Ðynamic Plan 52.98 S0.+1 0.57 1.55 S5.28 -S.22
SS Birla Sun¡ilc Advanragc ¡und 52.9+ SS.55 0.6S 1.+ S5.2 -S.S2
S+ Birla Sun¡ilc Buy !ndia ¡und 51.7+ 2S.92 0.+6 1.91 8+.77 25.+2
S5 {M ¡quiry ¡und 51.68 S0.68 0.59 1.+9 S+.61 -+.08
S6 ¡scorrs GrowrlPlan 51.22 26.27 0.51 1.72 +9.7 10.9S
S7 Birla Sun¡ilc ¡ronrlinc ¡quiry ¡und 51.22 26.S2 0.51 1.72 S9.12 1.65
S8 Salara Growrl¡und 51.18 S0.88 0.6 1.+6 S+.SS -+.+S
S9 \1! Masrcr \aluc ¡und 50.96 ++.S8 0.87 1.01 29.+6 -12.57
+0 \1! Masrcr ¡quiry Plan\nir Sclcmc 50.5 S6.+5 0.72 1.22 S0.0+ -11.S5
+1 \1! Masrcr growrl9S 50.1 S6.15 0.72 1.22 S1.28 -9.05
+2 Salara 1ax Gain +9.9 S1.69 0.6+ 1.S9 S6.15 -1.88
+S Principal Growrl¡und +9.6+ 2S.56 0.+7 1.85 56.92 1+.75
++ ¡scorrs 1ax Plan +9.18 S1.22 0.6S 1.S8 SS.1+ -5.9S
+5 1ara ¡ilc Scicnccs & 1cclnology ¡und +9.16 +0.85 0.8S 1.06 29.78 -11.+7
+6 !C!C! Pru ¡MCG¡und¯¯¯ +8.86 27.89 0.57 1.5+ S0.17 12.76
+7 Canara Folcco¡quiry 1ax Savcr +8.58 26.6+ 0.55 1.6 S9.6 2.05
+8 Birla Sun¡ilc ÐividcndYicldPlus +8.58 ++.7+ 0.92 0.95 28.75 -1S.26
+9 \1! !ndcx Sclccr ¡quiry ¡und +8.12 S2.6 0.68 1.29 29.9 -10.99
50 BÒB¡¡SS96 +8.08 S7.+ 0.78 1.1S S0.62 -9.72
51 !C!C! Pru GrowrlPlan +7.88 29.67 0.62 1.+1 S1.97 -7.5
52 ¡!C M¡ Growrl¡und +7.26 S7.SS 0.79 1.11 29.91 -10.75
5S Fcliancc Banking ¡und +6.2+ 22.6+ 0.+9 1.78 -1770.9 +1.1S
5+ \1! Scrviccs !ndusrrics ¡und +5.92 29.1S 0.6S 1.S7 S2.S -6.67
55 \1! Masrcr Plus \nir Sclcmc +5.58 SS.5 0.7S 1.18 26.18 -17.+2
56 \1! ¡quiry ¡und +5.26 S2.12 0.71 1.22 S1.9 -7.1S
57 SB! MagnumPlarma ¡und¯ +5.18 +S.9 0.97 0.89 S8.6S 1S.81
58 !СC !ndcx ¡und- Scnscx Plus Plan ++.7+ 21.71 0.+9 1.79 S9.09 1.S8
59 Iorak MNC ++.6+ S2.26 0.72 1.2 S8.+6 0.77
60 !C!C! Pru SP!c¡Plan ++.+8 22.9S 0.52 1.68 S6.51 -1.25
61 \1! ¡quiry 1ax Savings Plan ++.+6 25.9 0.58 1.+9 +S.9+ 5.+7
MR. LEÞIÞ KLMAR ÞOOÞEY, DR. V. RAMA DEVI
10
62 1ara !ndcx ¡und- Nilry Plan- A ++.22 2+.79 0.56 1.5+ SS.7 -+.5S
6S \1! Masrcr !ndcx ¡und +S.98 22.0+ 0.5 1.72 S7.+ -0.S
6+ 1ara !ndcx ¡und- Scnscx Plan- A +S.S2 2S.61 0.55 1.58 S+.77 -S.1+
65 !C!C! Pru !ndcx ¡und- Nilry Plan +2.92 2+.02 0.56 1.5+ S+.S -S.66
66 ¡!C M¡ ¡quiry ¡und +2.86 SS.81 0.79 1.09 27.S7 -1S.92
67 \1! Nilry !ndcx ¡und +2.22 2S.66 0.56 1.5S S+.06 -S.87
68 \1! ¡ncrgy ¡und +2.12 +9.12 1.17 0.7+ 19.68 -SS.07
69 Birla !ndcx ¡und +1.++ 2+.+S 0.59 1.+5 S2.61 -5.5S
70 Birla MNC ¡und +1.26 S0.79 0.75 1.15 S2.09 -6.17
71 Bcnclmark Nilry Bc¡s +1.08 21.68 0.5S 1.62 S6.12 -1.5S
72 \1! S\NСF +0.8 20.1+ 0.+9 1.7S S9.69 1.75
7S SB! Magnum!ndcx ¡und +0.6 2S.6+ 0.58 1.+6 S2.S1 -5.77
7+ ¡!C M¡ 1ax Plan +0.+2 SS.S6 0.8S 1.0S 25.05 -17.S8
75 Birla Sun¡ilc NcwMillcnnium¯¯ +0.S 19.92 0.+9 1.72 52.96 19.21
76 !СC !ndcx ¡und- Scnscx Plan S9.72 18.7S 0.+7 1.8 S9.19 1.29
77 !СC !ndcx ¡und- Nilry Plan S9.+8 2+.27 0.61 1.S8 S0.+7 -7.9+
78 Principal !ndcx ¡und S8.88 2S.71 0.61 1.S9 S1.28 -6.75
79 !C!C! Pru 1cclnology ¡und¯¯ S8.6 2+.S6 0.6S 1.S+ 28.5S 5.95
80 Canara Folcco¡quiry Ðivcrsilicd S7.6+ 16.92 0.+5 1.87 6+.2 1S.08
81 BÒBGrowrl¡und S7.12 19.81 0.5S 1.57 78.52 16.2
82 SB! Magnum!1¡und¯¯ S7.1 2+.+7 0.66 1.27 18.S5 -8.+5
8S \1! Masrcr slarc S6.92 16.S5 0.++ 1.89 71.28 1+.58
8+ \1! MNC ¡und S5.9+ 27.21 0.76 1.1 28.76 -9.S2
85 SB! Magnum¡MCG¡und¯¯¯ S5.2+ 26.69 0.76 1.1 +2.SS 1+.61
86 Birla Sun¡ilc !ndia Òpporrunirics ¡und- PlanB S+.76 18.0S 0.52 1.6 +S.75 S.99
87 ¡!C M¡ !ndcx ¡und- Scnscx Plan S+.5+ 19.+1 0.56 1.+7 SS.1+ -S.92
88 ¡!C M¡ !ndcx ¡und- Scnscx Advanragc Plan S+.22 16.98 0.5 1.66 S7.7 0.01
89 ¡!C M¡ !ndcx ¡und- Nilry Plan S2.66 2S.87 0.7S 1.12 25.+9 -12.77
90 \1! Plarma & !calrlcarc ¡und¯ 27.76 S0.+5 1.1 0.72 27.21 1.75
91 \1! Solrwarc ¡und¯¯ 27.7+ 25.05 0.9 0.87 12.98 -17.S7
92 Iorak 1ccl¯¯ 26.26 16.88 0.6+ 1.2 19.+ -+.12
McanFcrurn +9.82
Srandard Ðcviarionol Fcrurns 11.2
Markcr Fcrurn +S.66, ¯S1.00, ¯¯29.S0, ¯¯¯27.17
1lc avcragc risk pcr unir rcrurn(cocllicicnr ol \ariarion) works our rolc 11.20}+9.82~ 0.2S
67!ndian¡quiry Carcgory ¡unds lavc gcncrarcdgrcarcr rcrurns rlanrlc markcr rcrurns.
Fisk adjusrcd pcrlormancc mcasurc in rlc lorm ol Slarpc
rario las lccn compurcd lor rlc 92 !ndian ¡quiry Carcgory
¡unds. 1lc rangc ol cxccss rcrurn ovcr risk lrcc rcrurn pcr
unir ol roral risk rangcs lrom0.72 ro S.26. 1lc liglcsr and
lcasr pcrlormcd murual lunds in rlis carcgory arc SB!
Magnum Glolal lund wirl Slarpc rario ol S.26 and \1!
Plarma & !calrlcarc lunds wirl Slarpc rario ol 0.72
rcspccrivcly. 1rcynor pcrlormancc mcasurc las lccn
compurcd lor !ndian ¡quiry Carcgory ¡und. 1lc 1rcynor
rario lor !ndian ¡quiry Carcgory ¡unds rangcs lrom -
1770.87 ro 1+8.7+. SB! Magnum Glolal ¡und las rlc
liglcsr 1rcynor rario wirl 1+8.7+ and Fcliancc Banking
¡und las rlc lcasr 1rcynor rario wirl -1770.87.
{cnscn risk adjusrcd pcrlormancc mcasurc was compurcd
lor !ndian ¡quiry Carcgory ¡unds and rlc pcrlormancc rario
rangcs lrom -SS.07 ro +7.7S. S7 !ndian ¡quiry Murual
¡unds arc laving supcrior pcrlormancc and among rlcm
SB! MagnumGlolal lunds las rlc liglcsr {cnscn rario. \1!
¡ncrgy ¡undlas rlc lcasr {cnscnrariool -SS.07.
Pcrlormancc ol ¡orcign ¡quiry Carcgory ¡unds. 1allc 6
prcscnrs, rlar nincrccn ¡orcign ¡quiry Carcgory ¡unds lavc
gcncrarcd grcarcr rcrurns rlan rlc markcr rcrurns. 1lc
avcragc risk pcr unir rcrurn (cocllicicnr ol \ariarion) works
our ro0.2Slor ¡orcign¡quiry Carcgory ¡unds.
1lc rcrurns lor ¡orcign ¡quiry Carcgory ¡unds rangc
lrom 7S.20% ro 26.62%. 1lc rcrurns arc liglcsr lor
SundaramBNP Parilas Sclccr Midcap lollowcd ly ¡ranklin
!ndia Prima ¡und wirl 67.08% and lowcsr lor ¡ranklin
PERFORMAÞCE EVALLATIOÞ OF IÞDIAÞ AÞD FOREIGÞ MLTLAL FLÞDS: A COMPARATIVE STLDY
11
Tablc ó: Forcign Equity Catcgory Funds
S. No ¡orcign¡quiry Carcgory ¡unds Fcrurns Fisk Fisk} Slarpc 1rcynor {cnscn
(%) Fcrurn
1 SundaramBNP Parilas Sclccr Midcap 7S.2 +7.28 0.65 1.+2 S5.S1 -+.55
2 ¡ranklin!ndia Prima ¡und 67.08 61.99 0.92 0.99 28.91 -18.56
S !SBC ¡quiry ¡und 65.68 51.58 0.79 1.16 S2.11 -10.S8
+ ÐSP-M¡¡quiry ¡und- Fcgular Plan 6+.76 S8.8 0.6 1.52 S6.7+ -1.5S
5 ÐSP-M¡Òpporrunirics ¡und- Fcgular Plan 62.6+ +2.+5 0.68 1.SS SS.S+ -7.+
6 ÐSP-M¡1op 100¡quiry ¡und- Fcgular Plan 60.6+ +1.19 0.68 1.SS S1.96 -9.82
7 SundaramBNP Parilas 1ax Savcr (Ò¡) 59.9+ 28.9 0.+8 1.87 56.+9 17.96
8 SundaramBNP Parilas Sclccr ¡ocus - Fcrail Plan 59.+ S2.57 0.55 1.6+ S9.17 2.01
9 SundaramBNP Parilas Growrl¡und 57.66 SS.22 0.58 1.56 S8.5 1.08
10 1cmplcron!ndia Growrl¡und 56.12 +8.2+ 0.86 1.0+ 26.62 -20.87
11 ¡ranklin!ndia Prima Plus ¡und 55.86 29.71 0.5S 1.68 S9.2 1.91
12 ÐWSAlpla ¡quiry ¡und 55.7+ S5.9S 0.6+ 1.S9 SS.69 -5.92
1S ¡ranklin!ndia Blucclip ¡und 5+.S S6.99 0.68 1.S1 S1.96 -8.67
1+ ¡ranklin!ndia 1ax Slicld 51.7 29.56 0.57 1.55 +2.+S 5.11
15 ¡ranklin!ndia Òpporrunirics ¡und 51.62 21.58 0.+2 2.12 +6.19 8.+
16 ÐBS Clola Growrl¡und 51.06 29.S6 0.58 1.5+ S7.72 0.0+
17 ÐSP-M¡1cclnology.Com- Fcgular Plan¯¯ +9.08 15.22 0.S1 2.8S -S0+.+ +6.+2
18 MorganSranlcy Growrl¡und ++.5 27.15 0.61 1.+2 S2.18 -6.6
19 ¡ranklin!ndia !ndcx ¡und- NS¡Nilry Plan +2.16 21.5S 0.51 1.68 S7.58 -0.11
20 ¡ranklin!ndia !ndcx 1ax ¡und +1.06 22.8+ 0.56 1.5+ S+.28 -S.5
21 !NGCorc ¡quiry ¡und +0.9 1+.29 0.S5 2.+5 129.27 2+.75
22 ¡ranklin!ndia !ndcx ¡und- BS¡Scnscx +0.6+ 19.08 0.+7 1.82 S9.66 1.72
2S ¡ranklin¡MCG¡und¯¯¯ S1.98 22.68 0.71 1.15 22.01 0.96
2+ ¡ranklinPlarma ¡und¯ S0.76 S+.76 1.1S 0.71 27.07 1.87
25 ¡ranklin!nlorccl¡und¯¯ 26.62 25.08 0.9+ 0.82 12.76 -17.11
McanFcrurn 51.8
Srandard Ðcviarionol Fcrurns 11.98
Markcr Fcrurn(BS¡Scnscx) +S.66, ¯S1.00, ¯¯29.S0, ¯¯¯27.17
1lc avcragc risk pcr unir rcrurn(cocllicicnr ol \ariarion) works our rolc 11.98}51.80~ 0.2S
19¡orcign¡quiry Carcgory ¡unds lavc gcncrarcdgrcarcr rcrurns rlanrlc markcr rcrurns.
!nlorccl¡und.
1lc risk rangcs lrom 1+.29 ro 61.99 lor ¡orcign
¡quiry Carcgory ¡unds. ¡ranklin !ndia Prima ¡und las rlc
liglcsr risk and !NGCorc ¡quiry ¡und las rlc lowcsr risk.
1lc risk pcr unir rcrurn lor ¡orcign ¡quiry Carcgory ¡unds
rangcs lrom 0.S1 ro 1.1S. ¡ranklin Plarma ¡und las rlc
liglcsr risk rcrurn rario indicaring ligl risk pcr unir rcrurn
and ÐSP-M¡ 1cclnology.Com - Fcgular Plan las rlc
lowcsr risk rcrurnrarioindicaring lowrisk pcr unir rcrurn.
1lc Slarpc rario lor 25 ¡orcign ¡quiry Carcgory
¡unds las lccn calcularcd. 1lc Slarpc rario rangcs lrom
0.71 ro 2.8S and ÐSP M¡ 1cclnology.com rcgular plan is
rlc liglcsr pcrlorming lund wirl 2.8S and ¡ranklin Plarma
lundwirl 0.71is rlc lcasr pcrlormcd murual lund.
1lc 1rcynor rario rangcs lrom-S0+.+0 ro 129.27. !NG
Corc ¡quiry ¡und wirl 129.27 and ÐSP M¡
1cclnology.Com Fcgular Plan wirl -S.0+.+0 arc rlc
liglcsr and lcasr pcrlormcd lunds in rlis carcgory. {cnscn
rario lor ¡orcign ¡quiry Carcgory ¡unds las lccn compurcd
and rlc rario rangcs lrom -20.87 ro +6.+2. ÐSP M¡
1cclnology.Com Fcgular Plan las rlc liglcsr {cnscn rario
ol +6.+2 and 1cmplcron !ndian Growrl ¡und las rlc lcasr
{cnscn rario ol -20.87. 1lcrc arc rwclvc ¡orcign ¡quiry
Murual lunds wirl supcrior pcrlormancc.
Pcrlormancc ol !ndian Moncy Markcr Carcgory ¡unds.
1allc 7 indicarcs rlar clcvcn !ndian Moncy Markcr
Carcgory ¡unds lavc gcncrarcd grcarcr rcrurns rlan rlc
markcr rcrurns ol 5.97%. 1lc avcragc risk pcr unir rcrurn
(cocllicicnr ol \ariarion) works our ro0.29.
1lc rcrurns arc liglcsr lor Birla Sun ¡ilc Monrlly
!ncomc wirl 12.18% lollowcd ly ¡!C M¡ Monrlly !ncomc
Plan wirl 11.28% and lowcsr rcrurns arc lor Fcliancc ¡iquid
MR. LEÞIÞ KLMAR ÞOOÞEY, DR. V. RAMA DEVI
12
¡und - Casl Plan wirl 5.08%. 1lc risk rangcs lrom0.76 ro
6.S0 lor !ndian Moncy Markcr Carcgory ¡unds. Principal
Monrlly !ncomc Plan las rlc liglcsr risk and !СC Casl
¡und las rlc lowcsr risk. 1lc risk pcr unir rcrurn lor !ndian
Moncy Markcr Carcgory ¡unds rangcs lrom 0.1+ ro 0.6+.
1ara Monrlly !ncomc ¡und las rlc liglcsr risk pcr unir
rcrurn and !СC Casl ¡und las rlc lowcsr risk pcr unir
rcrurn.
Tablc 7: Indian Moncy Markct Catcgory Funds
S. Þo IndianMoncy Markct Catcgory Funds Rcturns Risk Riskf Sharpc Trcynor Jcnscn
(%) Rcturn
1 Birla Sun¡ilc Monrlly !ncomc 12.18 6.21 0.51 1 +.5+ 6.21
2 ¡!C M¡ Monrlly !ncomc Plan 11.28 +.5 0.+ 1.18 1.+2 5.S1
S !C!C! Pru Monrlly !ncomc Plan 10.9 S.72 0.S+ 1.SS S.+6 +.9S
+ Birla Sun¡ilc Monrlly !ncomc Plan 10.66 +.95 0.+6 0.95 2.79 +.69
5 Principal Monrlly !ncomc Plan 10.22 6.S 0.62 0.67 1.S8 +.25
6 SB! MagnumMonrlly !ncomc Plan 9.02 +.17 0.+6 0.7S 12.21 S.05
7 1ara Monrlly !ncomc ¡und 9 5.8 0.6+ 0.52 -5.25 S.0S
8 {M Monrlly !ncomc Plan 7.68 S.5 0.+6 0.+9 0.6 1.71
9 ¡!C M¡ ¡iquid ¡und 6.S+ 1.17 0.18 0.S2 0.+2 0.S7
10 Canara Folcco¡iquid 6.08 1.2+ 0.2 0.09 0.11 0.11
11 !СC Casl Managcmcnr ¡und- Saving Plan 6.06 1.S5 0.22 0.07 0.08 0.09
12 SB! Magnum!nsra Casl ¡und- ¡iquid ¡loarcr Plan 5.9+ 1.+7 0.25 -0.02 -0.0S -0.0S
1S Birla Sun¡ilc Casl Managcr 5.86 1.22 0.21 -0.09 -0.11 -0.11
1+ !СC Casl Managcmcnr Savings Plus - Fcrail Plan 5.8+ 1.52 0.26 -0.08 -0.1 -0.1S
15 !C!C! Pru ¡iquid - !nsrirurional Plan 5.8+ 1.52 0.26 -0.08 -0.1 -0.1S
16 !СC ¡iquid ¡und- PrcmiumPlus 5.82 1.5+ 0.26 -0.1 -0.11 -0.15
17 !СC ¡iquid ¡und 5.82 1.51 0.26 -0.1 -0.12 -0.15
18 1ara ¡iquid ¡und 5.82 1.S9 0.2+ -0.11 -0.1S -0.15
19 \1! Moncy Markcr ¡und 5.82 1.S5 0.2S -0.11 -0.1S -0.15
20 Birla Casl Plus - Fcrail (PlanB) 5.82 1.S+ 0.2S -0.11 -0.1S -0.15
21 SB! Magnum!nsra Casl ¡und(Casl) 5.82 1.2 0.21 -0.12 -0.15 -0.15
22 !СC ¡iquid ¡und- PrcmiumPlan 5.8 1.56 0.27 -0.11 -0.1S -0.17
2S 1ara ¡iquid ¡und- !igl !nvcsrmcnr Plan 5.78 1.51 0.26 -0.12 -0.15 -0.19
2+ Birla Sun¡ilc Casl Managcr - !nsr. Plan 5.76 1.67 0.29 -0.1S -0.15 -0.21
25 !C!C! Pru ¡iquid Plan 5.76 1.S8 0.2+ -0.15 -0.18 -0.21
26 Principal Casl Mgmr - ¡iquid ¡und 5.72 1.2S 0.21 -0.2 -0.25 -0.25
27 BÒB¡iquid ¡und 5.7 0.9S 0.16 -0.29 -0.S6 -0.27
28 Fcliancc ¡iquid ¡und- 1rcasury Plan 5.68 1.22 0.22 -0.2+ -0.S -0.29
29 1ara ¡iquid - Supcr !igl !nvcsrmcnr Plan 5.66 1.95 0.S+ -0.16 -0.19 -0.S1
S0 Birla Sun¡ilc Casl Plus - !nsrirurional Plan(PlanC) 5.62 1.66 0.29 -0.21 -0.25 -0.S5
S1 Iorak ¡iquid - !nsrirurional Plan 5.62 1.S5 0.2+ -0.26 -0.S -0.S5
S2 {M !igl ¡iquidiry ¡und 5.6 1.2 0.21 -0.S1 -0.S9 -0.S7
SS \1! ¡iquid ¡und- Slorr 1crmPlan- Growrl 5.5 2.12 0.S9 -0.22 -0.27 -0.+7
S+ Iorak ¡iquid Fcgular 5.5 1.15 0.21 -0.+1 -0.51 -0.+7
S5 Principal Casl Mgmr - ¡iquid - !nsr. Plan 5.+6 1.8 0.SS -0.28 -0.S5 -0.51
S6 {M !igl ¡iquidiry ¡und- !nsrirurional Plan 5.+2 1.+8 0.27 -0.S7 -0.+5 -0.55
S7 !СC Casl Managcmcnr ¡und- Call Plan 5.S+ 1.51 0.28 -0.+2 -0.+9 -0.6S
S8 !СC Casl ¡und 5.S+ 0.76 0.1+ -0.8S -1.02 -0.6S
S9 \1! ¡iquid ¡und- Casl Plan- Growrl 5.28 1.92 0.S6 -0.S6 -0.+6 -0.69
+0 !C!C! Pru ¡iquid (Swccp Plan) 5.26 1.91 0.S6 -0.S7 -0.+5 -0.71
+1 !СC Casl ¡und- !nsrirurional PlanB 5.26 0.82 0.16 -0.86 -1.01 -0.71
+2 !C!C! Pru ¡iquid Plan- !nsrirurional Plus 5.2+ 2.7 0.52 -0.27 -0.S7 -0.7S
+S Fcliancc ¡iquid ¡und- Casl Plan 5.08 0.8 0.16 -1.1 -1.57 -0.89
McanFcrurn 6.+9
Srandard Ðcviarionol Fcrurns 1.87
Markcr Fcrurn(S6+Ðays 1Bill) 5.97
1lc avcragc risk pcr unir rcrurn(cocllicicnr ol \ariarion) works our rolc 1.87}6.+9~ 0.29
11!ndianMoncy Markcr Carcgory ¡unds lavc gcncrarcdgrcarcr rcrurns rlanrlc markcr rcrurns.
PERFORMAÞCE EVALLATIOÞ OF IÞDIAÞ AÞD FOREIGÞ MLTLAL FLÞDS: A COMPARATIVE STLDY
13
Fisk adjusrcd Slarpc rario mcasurc las lccn compurcd lor
rlc +S !ndian Moncy Markcr Carcgory ¡unds. 1lc rangc ol
cxccss rcrurns ovcr risk lrcc rcrurn pcr unir ol roral risk
rangcs lrom-1.10 ro 1.SS. 1lc !C!C! Pru monrlly incomc
plan las rlc liglcsr pcrlormancc wirl 1.SS and Fcliancc
liquid lund casl plan is rlc lcasr pcrlorming lund wirl -
1.10.1rcynor pcrlormancc mcasurc las lccn compurcd lor
!ndian Moncy Markcr Carcgory ¡unds and rlc 1rcynor
rario rangcs lrom -5.25 ro 12.21. SB! Magnum Monrlly
!ncomc Plan las rlc liglcsr 1rcynor rario wirl 12.21 and
1ara Monrlly !ncomc lund las rlc lcasr 1rcynor rario wirl -
5.25. {cnscn pcrlormancc mcasurc lor !ndian Moncy
Markcr Carcgory ¡unds was compurcd and ir is lound rlar
clcvcn lunds lavc supcrior pcrlormancc. Among rlcm
Birla Sun ¡ilc Monrlly !ncomc lunds las rlc liglcsr
{cnscn rario ol 6.21. Fcliancc ¡iquid ¡und Casl Plan las
rlc lcasr {cnscn rario ol -0.89. 1lc {cnscn rario lor rlis
carcgory rangcs lrom-0.89ro6.21.
Pcrlormancc ol ¡orcign Moncy Markcr Carcgory ¡unds.
1allc 8 slows rlar rlrcc ¡orcign Moncy Markcr Carcgory
¡unds lavc gcncrarcd grcarcr rcrurns rlan rlc markcr
rcrurns ol 5.97%. 1lc avcragc risk pcr unir rcrurn
(cocllicicnr ol \ariarion) works our ro 0.S8 lor ¡orcign
Moncy Markcr Carcgory ¡unds.
1lc rcrurns rangc lrom +.10% ro 12.S8% lor
¡orcign Moncy Markcr Carcgory ¡unds. 1lc rcrurns arc
liglcsr lor ¡1 !ndia Monrlly !ncomc Plan lollowcd ly
1cmplcron Monrlly !ncomc Plan wirl 11.20% and lowcsr
lor 1cmplcron Monrlly !ncomc Plan. 1lc risk is liglcsr lor
1cmplcron Monrlly !ncomc Plan wirl +.6S and risk is
lowcsr lor ÐSP-M¡ ¡iquidiry ¡und wirl 0.89. 1lc risk pcr
unir rcrurn rangcs lrom 0.16 ro 0.+8 lor ¡orcign Moncy
Markcr Carcgory ¡unds. 1lc risk rcrurn rario is liglcsr lor
!SBC Casl ¡und - !nsrirurional Plan indicaring ligl risk
pcr unir rcrurn and rlc risk rcrurn rario is lowcsr lor ÐSP-
M¡¡iquidiry ¡undindicaring lowrisk pcr unir rcrurn.
Tablc 8: Forcign Moncy Markct Catcgory Funds
S. Þo ForcignMoncy Markct Catcgory Funds Rcturns Risk Riskf Sharpc Trcynor Jcnscn
(%) Rcturn
1 ¡1!ndia Monrlly !ncomc Plan 12.S8 +.S2 0.S5 1.+8 7.58 6.+1
2 1cmplcronMonrlly !ncomc Plan 11.2 +.6S 0.+1 1.1S 5.29 5.2S
S ÐBS Clola Monrlly !ncomc Plan- Fcgular 8.78 S.96 0.+5 0.71 1.02 2.81
+ 1cmplcron!ndia 1rcasury Mgmr Accounr 5.82 1.19 0.2 -0.1S -0.16 -0.15
5 !SBC Casl ¡und 5.8 1.2S 0.21 -0.1+ -0.17 -0.17
6 !NG¡iquid ¡und 5.8 1.15 0.2 -0.15 -0.18 -0.17
7 SundaramBNP Parilas Moncy ¡und 5.8 1.06 0.18 -0.16 -0.19 -0.17
8 ÐBS Clola ¡iquid ¡und- Fcgular 5.78 1.06 0.18 -0.18 -0.21 -0.19
9 ÐSP-M¡¡iquidiry ¡und 5.72 0.89 0.16 -0.28 -0.S+ -0.25
10 ÐBS Clola ¡iquid ¡und- !nsrirurional Plus 5.62 1.+8 0.26 -0.2+ -0.29 -0.S5
11 !SBC Casl ¡und- !nsrirurional Plan 5.08 2.+6 0.+8 -0.S6 -0.+9 -0.89
12 1cmplcronMonrlly !ncomc Plan +.1 1.56 0.S8 -1.2 -2.7 -1.87
McanFcrurn 6.82
Srandard Ðcviarionol Fcrurns 2.56
Markcr Fcrurn(S6+Ðays 1Bill) 5.97
1lc avcragc risk pcr unir rcrurn(cocllicicnr ol \ariarion) works our rolc 2.56}6.82~ 0.S75
S¡orcignMoncy Markcr Carcgory ¡unds lavc gcncrarcdgrcarcr rcrurns rlanrlc markcr rcrurns.
Fisk adjusrcd pcrlormancc Slarpc rario lor rwclvc ¡orcign
Moncy Markcr Carcgory ¡unds las lccn compurcd. 1lc
rangc ol cxccss rcrurn ovcr risk lrcc rcrurn pcr unir ol roral
risk rangcs lrom -1.20 ro 1.+8. 1lc liglcsr and lcasr
pcrlormcd lunds arc ¡1 !ndian monrlly incomc plan wirl
Slarpc rario ol 1.+8 and 1cmplcron monrlly incomc plan
wirl Slarpc rarios ol -1.20lunds rcspccrivcly. 1rcynor rario
las lccn compurcd lor ¡orcign Moncy Markcr Carcgory
¡unds and 1rcynor rario rangcs lrom-2.70 ro 7.58. ¡1!ndia
Monrlly !ncomc Plan las rlc liglcsr 1rcynor rario wirl
7.58 and 1cmplcron Monrlly !ncomc Plan las rlc lcasr
1rcynor rario wirl -2.70. {cnscn rario lor ¡orcign Moncy
MR. LEÞIÞ KLMAR ÞOOÞEY, DR. V. RAMA DEVI
1+
Markcr Carcgory ¡unds las lccn compurcd and rlc rario
rangcs lrom-1.87 ro 6.+1. ¡1 !ndia Monrlly !ncomc Plan
wirl 6.+1 las rlc liglcsr {cnscn rario and 1cmplcron
Monrlly !ncomc Plan wirl -1.87 las rlc lcasr {cnscn rario.
Ònly S lunds arc laving supcrior pcrlormancc.
Comparison ol !ndian and ¡orcign Murual ¡unds lascd on
Fcrurn and Fisk Paramcrcrs. 1allc 9 prcscnrs rlar rlc
rcrurns ol !ndian Carcgory and ¡orcign carcgory murual
lunds rangc lrom +.78 % ro 51.8 %. ¡orcign ¡quiry
carcgory las rlc liglcsr rcrurns lollowcd ly !ndian ¡quiry.
1lc rcrurns arc lowcsr lor ¡orcignÐclr carcgory.
1lc risk is liglcsr lor ¡orcign ¡quiry carcgory and lowcsr
lor !ndian Moncy Markcr carcgory. 1lc risk rangcs lrom
1.87 ro 11.98. 1lc risk pcr unir rcrurns rangcs lrom0.2S ro
0.52. 1lc risk pcr unir rcrurn rario is liglcsr lor ¡orcign
Ðclr carcgory and lowcsr lor !ndian ¡quiry carcgory. !ndian
¡quiry lollowcd ly lorcign cquiry gcncrarcd morc rcrurns
pcr unir ol risk rlar is rcllccrcd ly lowcocllicicnr ol variarion
valuc.
Tablc º: Rcturn and Risk Paramctcrs for Indian and Forcign Mutual Fund Catcgorics
S. Þo Typc of Fund Rcturn(%) Risk Cocfficicnt of Variation
1 !ndianBalanccd SS.98 8.72 0.26
2 ¡orcignBalanccd S1.16 9.07 0.29
S !ndianÐclr 5.+6 2.26 0.+1
+ ¡orcignÐclr +.78 2.+7 0.52
5 !ndian¡quiry +9.82 11.2 0.2S
6 ¡orcign¡quiry 51.8 11.98 0.2S
7 !ndianMoncy Markcr 6.+9 1.87 0.29
8 ¡orcignMoncy Markcr 6.82 2.56 0.S8
Comparison ol !ndian and ¡orcign Murual ¡unds. !r is
olscrvcd lrom 1allc 10 rlar lorl !ndian and ¡orcign
Murual ¡unds lavc almosr similar rcrurns, risk and risk pcr
unir rcrurns.
Tablc 10: Comparison of Indian and Forcign Mutual Funds
S. Þo Typc of Fund Rcturns (%) Risk Cocfficicnt of Variation
1 !ndian 2S.59 21.91 0.9S
2 ¡orcign 2S.1+ 2S.02 0.99
!yporlcsis. 1lcrc is no signilicanr dillcrcncc lcrwccn
rcrurns ol various murual lund sclcmcs ol lorcign murual
lunds carcgory.
1allc 11 rcvcals rlar ¡orcign Moncy Markcr
Carcgory Murual ¡unds rlc calcularcd valuc is grcarcr rlan
rlc rallc valuc. 1lcrclorc rlc null lyporlcsis rlar rlcrc is no
signilicanr dillcrcncc lcrwccn rlc rcrurns ol closcn murual
lunds sclcmcs wirlin rlc ¡orcign Moncy Markcr murual
lunds carcgory is rcjccrcd and rlc alrcrnarivc lyporlcsis rlar
rlcrc is signilicanr dillcrcncc lcrwccn rlc rcrurns ol closcn
murual lund sclcmcs wirlin rlc ¡orcign Moncy Markcr
Carcgory is acccprcd. !r implics rlar rcrurns ol murual lund
sclcmcs signilicanrly dillcr lrom onc anorlcr wirlin rlc
¡orcignMoncy Markcr Carcgory.
Tablc 11: AÞOVA bctwccn rcturns of various mutual fund schcmcs of Forcign mutual funds catcgory
S. Þo Þamc F Valuc Rcsult
1 ¡orcignBalanccd 1.S1 Nor Signilicanr
2 ¡orcignÐclr 1.17 Nor Signilicanr
S ¡orcign¡quiry 1.65 Nor Signilicanr
+ ¡orcignMoncy Markcr 5.S+ Signilicanr ar 1% ¡cvcl
PERFORMAÞCE EVALLATIOÞ OF IÞDIAÞ AÞD FOREIGÞ MLTLAL FLÞDS: A COMPARATIVE STLDY
1S
¡or ¡orcign Balanccd, ¡orcign Ðclr and ¡orcign
¡quiry Carcgorics rlc calcularcd valuc is lcss rlan rlc rallc
valuc. 1lcrclorc rlc null lyporlcsis rlar rlcrc is no
signilicanr dillcrcncc lcrwccn rlc rcrurns ol murual lund
sclcmcs wirlin rlc ¡orcign Murual ¡und Carcgorics is
acccprcd. !r implics rlar rcrurns ol murual lund sclcmcs do
nor signilicanrly dillcr lromorlcrs wirlin rlc samc ¡orcign
Murual ¡und Carcgorics. !yporlcsis. 1lcrc is no
signilicanr dillcrcncc lcrwccn rcrurns ol various murual
lundsclcmcs ol !ndianmurual lunds carcgory.
¡rom 1allc 12 ir can lc olscrvcd rlar ¡ valuc is
signilicanr ar 1% lcvcl lor !ndian Ðclr, !ndian ¡quiry and
!ndian Moncy Markcr Carcgorics. 1lcrclorc rlc null
lyporlcsis rlar rlcrc is no signilicanr dillcrcncc lcrwccn rlc
rcrurns ol closcn murual lunds sclcmcs wirlin !ndian
Carcgorics is rcjccrcd. !r implics rlar rlc rcrurns ol murual
lund sclcmcs signilicanrly dillcr lrom onc anorlcr wirlin
rlc samc !ndianMurual ¡undCarcgorics.
Tablc 12: AÞOVA for Indian Catcgorics
S. Þo Þamc F Valuc Rcsult
1 !ndianBalanccd 1.11 Nor Signilicanr
2 !ndianÐclr 1.67 Signilicanr ar 1% ¡cvcl
S !ndian¡quiry 1.82 Signilicanr ar 1% ¡cvcl
+ !ndianMoncy Markcr 2.7 Signilicanr ar 1% ¡cvcl
¡or !ndian Balanccd Carcgory ¡ valuc is nor signilicanr
ar 1% lcvcl. 1lcrclorc alrcrnarivc lyporlcsis rlar rlcrc is
signilicanr dillcrcncc lcrwccn rlc rcrurns ol murual lund
sclcmcs wirlin rlc !ndian Balanccd carcgory is rcjccrcd. !r
implics rlar rlc rcrurns ol murual lund. !yporlcsis. 1lcrc
is no signilicanr dillcrcncc lcrwccn rcrurns ol !ndian and
lorcigncarcgory murual lunds
¡rom 1allc 1S ir can lc olscrvcd rlar ¡ valuc is
signilicanr ar 5% lcvcl. 1lcrclorc rlc null lyporlcsis rlar
rlcrc is no signilicanr dillcrcncc lcrwccn pcrlormancc ol
!ndian and ¡orcign murual lunds is rcjccrcd. !r implics rlar
rlc rcrurn ol !ndian murual lunds signilicanrly dillcr lrom
¡orcignmurual lunds' rcrurns.
Tablc 13: AÞOVA bctwccn rcturns of Indian and forcign catcgory mutual funds
S. Þo Þamc F Valuc Rcsult
1 !ndian 282.96 Signilicanr ar 5% ¡cvcl
¡orcign
Conclusion. Murual lunds arc rlc inrcrmcdiarics in rlc invcsrmcnr
lusincss wlicl indirccrly connccr rlc pullic and rlc corporarc
sccror. So, lascd on rlis, rlcy arc considcrcd ro lc rlc powcrlul
cngincs and caralyric agcnrs lor rcsourcc molilizarion lrom rlc
common invcsrors ro rlc corporarc sccror. !n rlis conrcxr, rlcy arc
playing a viral rolc and arc arrracring morc and morc invcsrors wirl
rlcir lcrrcr pcrlormancc.
1lc succcss ol rlc lund indusrry las cnjoycd is duc ro rlc lacr rlar,
ir las donc morc rlan any orlcr linancial scrviccs indusrry ro ollcr
invcsrors solid producrs railorcd ro mccr rcal linancial nccds, and
markcrcd rlosc producrs rcsponsilly. Bur ir cannor lc ignorcd rlar
rapid clangcs and markcr prcssurcs arc clallcnging. !r cannor lc
allordcd ro rcmain "pigconlolcd" ly ourdarcd rlinking or
anriquarcd lusincss pracriccs. !l rlc long-rcrm lcalrl ol rlc
indusrry and invcsror prorccrion is mainraincd, rlc rccord ol
succcss canlc mainraincdinrlc lururc.
REFEREÞCES
Books:
1. Amir Singl Sisodiya. (2005), Murual ¡und !ndusrry in !ndia -
An!nrroducrion, !C¡A! Pullicarions.
2. Ðonald ¡.¡isclcr and Fonald {.{ordan. (1996), Sccuriry
Analysis and Porrlolio Managcmcnr, Prcnricc !all ol !ndia,
NcwÐclli.
S. ¡. Mrudula. (2005), Murual ¡und !ndusrry in !ndia, !C¡A!
pullicarions, 2005.
+. Gupra, Ò.P. and Sclgal, S. (1997), !nvcsrmcnr Pcrlormancc ol
Murual ¡unds - 1lc !ndian ¡xpcricncc', !ndian Capiral
Markcr - 1rcnds and Ðimcnsions', 1ara McGraw !ill
Pullisling Company ¡rd. (on lclall ol !nsrirurc ol Capiral
Markcr, Navi Mumlai).
5. !. Sadlak. (200S), Murual ¡unds in !ndia - Markcring
Srrarcgics and !nvcsrmcnr Pracriccs, Sccond ¡dirion,
Fcsponsc Books, A division ol Sagc Pullicarions !ndia Pvr.
MR. LEÞIÞ KLMAR ÞOOÞEY, DR. V. RAMA DEVI
16
¡rd.
6. Ms. Faclana Baid. (2007), Murual ¡unds Producrs and
Scrviccs, 1axmannPullicarions Pvr. ¡rd, NcwÐclli.
Journal Articlcs:
1. Banikanra Mislra, Malmud Falman. (2001), "Mcasuring
murual lund pcrlormancc using lowcr parrial momcnr",
Glolal Busincss 1rcnds, Conrcmporary Fcadings.
2. Grossman,B.F. and W.¡. Slarpc. (1986), "¡inancial
implicarions ol Sourl Alrican divcsrmcnr", ¡inancial Analysrs
{ournal , +9. 62-66.
S. {aydcv, M. (1996), "Murual ¡und Pcrlormancc. An Analysis
ol Monrlly Fcrurns", ¡inancc !ndia, 10(1).7S-8+.
+. Pcndaraki, I., Zopounidis, C. and Ðoumpos, M. (2005),
"Òn rlc consrrucrion ol murual lund porrlolios. A Mulri-
crircria mcrlodology and an applicarion ro rlc Grcck markcr
ol cquiry murual lunds", ¡uropcan {ournal ol Òpcrarional
Fcscarcl, 16S(2) .+62-+81.
5. Fcilly, ¡.I. and ¡. A. Norron. "!nvcsrmcnrs (Sourl-Wcsrcrn,
Mason, Ò!)", (200S) Srarman , M. , "Socially rcsponsillc
murual lunds", ¡inancial Analysrs {ournal 56, 2000.S0-S8.
6. Slarpc, W.¡. (199+), "1lc Slarpc rario", {ournal ol Porrlolio
Managcmcnr, 21.+9-59.
7. Slarpc, W.¡. (1992), "Asscr Allocarion. Managcmcnr Srylc
and Pcrlormancc Mcasurcmcnr," {ournal ol Porrlolio
Managcmcnr, Winrcr. 7-19.
8. Slarpc, W.¡. (1988), "Ðcrcrmining a ¡und's ¡llccrivc Asscr
Mix," !nvcsrmcnr Managcmcnr Fcvicw. 59-69.
9. Slarpc, W.¡. (1966), "Murual ¡und Pcrlormancc", {ournal ol
Busincss, S+(2). 119-1S8.
PERFORMAÞCE EVALLATIOÞ OF IÞDIAÞ AÞD FOREIGÞ MLTLAL FLÞDS: A COMPARATIVE STLDY
17
doc_723854697.pdf