Description
Reliance Mutual Fund is one of India's largest brokerage and securities distribution house in India. It is new to Securities market but still among the top 5 performing company leaving far behind the oldest companies
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
EXECU!"E SUMM#R$
Now a day, there is a tough competition in financial avenues due to increase in the
investment products. People can get many investment options to invest their savings. Selecting
one from the many available options considering many associated factors is a very complex
process.
Reliance Mutual Fund is one of ndia!s largest bro"erage and securities distribution
house in ndia. t is new to Securities mar"et but still among the top # performing company
leaving far behind the oldest companies. t is considered to be one of the leading investment
bro"ing houses catering to the needs of both institutional and non$institutional investor
categories with presence all over the country through franchisees and co$coordinators.
n this pro%ect studied the schemes of Reliance Mutual fund and their returns in
various period of time which helped me in "nowing how the various schemes are performing
and the reasons behind it. also came to "now the ris" associated with the various schemes and
how ris" and returns are related. &ence my topic of study is “Comparative study on
performance of Equity Schemes of Reliance Mutual Fund.”
%esi&n of the Study
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
'eed for the Study(
'he study will help the organi(ation in "nowing how the )*uity schemes of the company+s are
performing and which schemes are preferred most by the investors.
)*+ectives of the Study
• 'o "now the Performance of the preferred e*uity of Reliance Mutual Fund.
• 'o understand the concept of Mutual Fund its wor"ing, mechanism and types traded in
ndia.
• 'o compare the ris" and return associated with the )*uity Schemes of Reliance Mutual
Fund.
• 'o "now which scheme of )*uity of Reliance Mutual Fund is most preferred by the
investors and what factors they consider while investing in reliance mutual fund.
• 'o evaluate the performance Sharpe+s and 'reynor+s index are used
Scope of the study
For the study )*uity schemes of Reliance Mutual Fund were scanned whose
corpus value is more than #,, crores to compare their performance by calculating ris" and
return associated with these schemes. -lso a survey was conducted on Reliance nvestors to
"now the most preferred )*uity scheme by the nvestors and what factors ma"e them nvest
in Reliance mutual Fund
'o evaluate the performance of the scheme and funds have applied sharp+s index .
'reynor+s index .
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
,imitations of the study(
? 'he data collection was strictly confined to secondary sources. Primary data was
associated with only the survey conducted on the investors.
? /ollecting historical N-0 is very difficult.
? Selection of schemes for study is very difficult because lot of 0arieties in e*uity Schemes
echniques of analysis(
-. Return(
Return on a typical investment consists of two components. 'he basic is the periodic cash
receipts 1or income2 on the investment, either in the form of interest or dividends. 'he second
component is the change in the price of the assets$commonly called the capital gain or loss.
'his element of return is the difference between the purchase price and the price at which the
assets can be or is sold3 therefore, it can be again or a loss.
'he return has been calculated as under4
N-0t 5 N-0t$6
Portfolio return4 Rit 7$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
N-0t$6
8here Rit is the difference between Net -sset 0alues for two consecutive days dividend by the
N-0 of the preceding day.
M.indt 5 M.indt$6
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Mar"et return4 Rmt 7$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
M.indt$6
8here Rmt is the difference between mar"et indices of two consecutive days dividend by
the mar"et index for the preceding day
.. Ris/ (
Ris" is neither good nor bad. Ris" in holding securities is generally associated with the
possibility that reali(ed returns will be less than expected returns. 'he difference between the
re*uired rate of returns on mutual fund investment and the ris" free return is the ris" premium.
Ris" can be measured in terms of 9eta . standard deviations.
? Standard deviation
t is used to measure the variation in individual returns from the average expected returns
over a certain period. Standard deviation is used in the concept of ris" of a portfolio of
investments. &igher standard deviation means a greater fluctuation in expected return.
Standard deviation 1S:2 7;< var
8here 0ar 7 variance
0ar7 ? p 1r
i
$)1r22
=
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
• 0eta (
9eta measures the systematic ris" and shows how prices of securities respond to the
mar"et forces. t is calculated by relating the return on a security with return for the mar"et. 9y
convention, mar"et will have beta 6.,.Mutual fund is said to be volatile, more volatile or less
volatile. f beta is grater than 6 the stoc" is said to be ris"ier than mar"et. f beta is less than
6,the indication is that stoc" is less ris"y in comparison to mar"et. f beta is (ero then the ris" is
the same as that of the mar"et. Negative beta is rare.
? = n?xy-(?x)( ?y)
n?x
2
-(?x)
2
8here n7 number of days
> 7rolling returns of the NS) index
?7 rolling returns of the schemes
1. Sharpe inde2
Sharpe index measures ris" premium of a portfolio, relative to the total amount of ris" in
the portfolio. Sharpe index summari(es the ris" and return of a portfolio in a single measure
that categori(es the performance of funds on the ris"$ ad%usted basis. 'he larger the Sharpe+s
index the portfolio over performs the mar"et and vise versa.
8here
s
t
7 Sharpe+s index
R
p
7 portfolio return
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
R
f
7 Ris" free rate of return 1@.#AB2
S:7 Standard :eviation of the port folio
S
t3
R
45
R
f
S%
6. reynor7s !nde2
'reynor+s model is on the concept of the characteristics straight line. 'he characteristics
line has drawn a relationship between the mar"et return and a specific portfolio without ta"ing
into consideration any direct ad%ustment for ris". t is also "nown as reward to volatility ratio
and is defined as4
'he formula for 'reynor+s ndex is4
Portfolio avg return 1Rp2 5 ris"$free rate of interest 1Rf2
'reynor index 1'n2 7 $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
9eta coefficient of portfolio 19p2
Rp $Rf
'n 7 $$$$$$$$$$$$$$$$$$$$$$$$$
9p
t measures portfolio ris" in terms of beta, which is weighted average of individual
security beta. 'he ratio is investors, for who the fund represents only a fraction of their total
assets. 'he higher the ratio better is the performance.
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
!'R)%UC!)'
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
-n investment means employment of funds on assets 1i.e. securities or mutual funds or
any of the investment avenues2 with the aim of earning of income as well as capital
appreciation. 'here are mainly two attributes while investing to any of the means, i.e. time and
ris". 'here are mainly four ob%ectives, which the investments activities will carry on those are 4
• Return
• Ris"
• Ci*uidity
• &edge against inflation
• Safety
'here are many alternatives which investment avenues are open to the investors to suit
their needs and nature .'he selection of investment alternatives are depends up on the re*uired
level of return and the ris" tolerance level. 'hese alternatives range from financial securities to
traditional non$securities investment.
Follo8in& are the various investment alternatives.
Negotiable and fixed income securities
• )*uity shares
• Preference share
• :ebentures
• 9onds
• ndira vi"as patra .Disan 0i"as patra
• Eovernment securities
• Money mar"et securities 1i.e. treasury bill, commercial paper, certificate of
:eposit etc2
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
'on5ne&otia*le securities
• 9an" deposit
• Post office deposit
• N9F/ deposit
• 'ax saving schemes
• Public provident fund scheme
• National saving scheme
• Cife insurance
• Mutual funds
• Real estate
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Securities
/ompanies raise funds to finance their pro%ects through various methods. 'he promoters
can bring their own money or barrow from the financial institutions or mobili(es capital by
issuing securities. 'he funds F may be raised through issue of fresh share at per or
premium. Preference shares debenture or global depository receipts. 'hese are mainly two
mar"ets which any company can raise their funds3 those are primary mar"et and secondary
mar"et .the companies raise funds for the following purposes4
• 'o promote a new company
• 'o expand an existing company
• 'o diversify the production
• 'o meet the regular wor"ing capital re*uirement
• 'o capitali(e the reserves.
'E9 !SSUE M#R:E ;4R!M#R$ M#R:E<
Stoc" available for the first time is offered through new issue mar"et. 'he issuer may be a
new company or an existing company. 'hese issues may be of new type or the secure used in
the past. n the new mar"et the issuer can be consider as a manufacturers. 'he issuing house,
investing ban"er and bro"er act as the channel of distributing for new issue. 'hey ta"e the
responsibility of selling the stoc" to the public
'he primary mar"et provides a direct lin" between the prospective investors and
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Company. he main survives function of the primary mar/et are(
• Grigination
• Hnderwriting
• :istribution
he main o*+ectives of 'SE are as follo8s.
? 'o establish the nation wide trading facility for )*uities, :ebt instruments and hybrids.
? 'o ensure e*ual access to investors all over the country through appropriate
communication networ".
? 'o enable shorter settlement cycle and boo" entry settlement system.
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
!'R)%UC!)' ) =E MUU#, FU'%
Mutual Funds are dynamic financial institutions, which play a crucial role in an economy my
mobili(ing a lin" between savings and the capital mar"et. 'herefore the activities of Mutual
Funds have both short and long term impact on the savings and capital mar"ets and the national
economy. Mutual Funds thus assist the process of financial deepening and intermediation. 'hey
mobili(e Funds in the savings mar"et and act as complementary to ban"ing, at the same time
they also compete with ban"s and other financial institutions. n the process stoc" mar"et
activities are also significantly influenced by Mutual Funds. 'he scope and efficiency of Mutual
Funds are influenced by overall economic fundamentals, the interrelationship between the
financial and real sector, the nature of development of the savings and capital mar"ets, mar"et
structure, institutional arrangements and overall policy regime.
ME#'!'>
- MH'H-C FHN: S - /GMMGN PGGC GF MGN)? N'G 8&/& '&) N0)S'GRS
PC-/) '&)R /GN'R9H'GNS '&-' -R) 'G 9) N0)S'): N -//GR:-N/)
8'& - S'-'): G9I)/'0).
Mutual fund is a mechanism for pooling the resources by issuing units to the investors
-nd investing funds in securities in accordance with ob%ectives as disclosed in offer document
nvestments in securities are spread across a wide cross$section of industries and sectors and thus
the ris" is reduced. :iversification reduces the ris" because all stoc"s may not move in the same
direction in the same proportion at the same time. Mutual fund issues units to the investors in
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
accordance with *uantum of money invested by them. nvestors of mutual funds are "nown as
unit holders.
'he investors in proportion to their investments share the profits or losses. 'he mutual funds
normally come out with a number of schemes with different investment ob%ectives, which are
launches from time to time. - mutual fund is re*uired to be registered with Securities and
)xchange 9oard of ndia 1S)92, which regulates securities mar"ets before it can collect funds
from the public.
#*out Reliance Capital #sset Mana&ement ,td.
Reliance /apital -sset Management Cimited 1R/-M2, a company registered under the
/ompanies -ct, 6A#J was appointed to act as the nvestment Manager of Reliance Mutual Fund.
Reliance /apital -sset Management Cimited is a wholly owned subsidiary of Reliance /apital
Cimited, the sponsor. 'he entire paid$up capital 16,,B2 of Reliance /apital -sset Management
Cimited is held by Reliance /apital Cimited.
Reliance /apital -sset Management Cimited was approved as the -sset Management
/ompany for the Mutual Fund by S)9 vide their letter no M-RP<6=JK<A# dated Iune L,,
6AA#. 'he Mutual Fund has entered into an nvestment Management -greement 1M-2 with
R/-M dated May 6=, 6AA# and was amended on -ugust 6=, 6AA@ in line with S)9 1Mutual
Funds2 Regulations, 6AAJ. Pursuant to this M-, R/-M is authorised to act as nvestment
Manager of Reliance Mutual Fund. 'he networth of the -sset Management /ompany including
preference shares as on March L6, =,,# is Rs.L,.6L crores. Reliance Mutual Fund has launched
twenty five Schemes till date, namely4 Reliance 0ision Fund 1September 6AA#2, Reliance Erowth
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Fund 1September 6AA#2 Reliance ncome Fund 1:ecember 6AA@2, Reliance Ci*uid Fund 1March
6AAM2, Reliance Medium 'erm Fund 1-ugust =,,,2, Reliance Short 'erm Fund 1:ecember
=,,=2, Reliance Fixed 'erm Scheme 1March =,,L2, Reliance 9an"ing Fund 1May =,,L2,
Reliance Eilt Securities Fund 1Iuly =,,L2, Reliance Monthly ncome Plan 1:ecember =,,L2,
Reliance :iversified Power Sector Fund 1March =,,K2 Reliance Pharma Fund 1 May =,,K2,
Reliance Floating Rate Fund 1-ugust =,,K2, Reliance Media . )ntertainment Fund 1September
=,,K2, Reliance NR )*uity Fund 1Gctober =,,K2, Reliance NR ncome Fund 1Gctober =,,K2,
Reliance ndex Fund 1Ianuary =,,#2, Reliance )*uity Gpportunities Fund 1February =,,#2,
Reliance Fixed Maturity Fund $ Series 1March =,,#2, Reliance Fixed Maturity Fund $ Series
1-pril =,,#2, Reliance Regular Saving Fund 1May =,,#2, Reliance Ci*uidity Fund 1Iune =,,#2,
Reliance 'ax Saver 1)CSS2 Fund 1Iuly =,,#2, Reliance Fixed 'enor Fund 1November =,,#2 and
Reliance )*uity Fund 1Feb =,,J2.
R/-M has been registered as a portfolio manager vide S)9 Registration No.
NP,,,,,,K=L and renewed effective 6st -ugust, =,,L.R/-M has commenced these activities.
t has been ensured that "ey personnel of the -M/, the systems, bac" office, ban" and securities
accounts are segregated activity wise and there exists systems to prohibit access to inside
information of various activities. -s per S)9 Regulations, it will further ensure that -M/ meets
the capital ade*uacy re*uirements, if any, separately for each such activity.
RUSEES( 'rustees are li"e internal regulators in a mutual fund, and their %ob is to protect the
interest of unitholders. Sponsors appoint trustees. 'rustees appoint the -M/, which,
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
subse*uently see" their approval for the wor" it does, and reports periodically to them on how
the business is being run. 'rustees float and mar"et schemes, and secure necessary approvals.
'hey chec" if the -M/+s investments are within defined limits and whether the fund+s assets are
protected. 'rustees can be held accountable for financial irregularities in the mutual fund.
CUS)%!#'( - custodian handles the investment bac" office of a mutual fund. ts
responsibilities include receipt and delivery of securities, collection of income, distribution of
dividends, and segregation of assets between schemes. 'he sponsor of a mutual fund mutual fund
cannot act as a custodian to the fund. 'his condition, formulated in the interest of investors,
ensures that the assets of mutual fund are not in the hands of its sponsor.
RE>!SR#R ( Registrars, also "nown as transfer agents, handle all investor$related services.
'his includes issuing and redeeming units, sending fact sheet and annual reports. Some fund
houses handle such functions in$house.
SRUCURE )F MUU#, FU'% !' !'%!#(
'rustees S)9 Sponsor
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Gperations -M/
Fund Manager Mar"et < Sales
Mutual Fund
Schemes
nvestor
>R)9= )F MUU#, FU'%S(
'he ndian mutual fund as passed through three phases. 'he first phase was between 6AJK and
6AM@ and only player was the trust of ndia, which had a total asset of Rs. J@,,<$ crores and the
end of 6AMM.the second phase is between 6AM@ and 6AAL during which period M funds were
established 1J by ban"s and one each by C/ and E/2. 'he total asset under management had
grown to Rs.J6, ,=M<$ crores at and of 6AAK and the numbers of schemes were 6J@.
'he third began with the entry of private and foreign sectors in the mutual fund industry in 6AAL.
Dothari pioneer mutual fund was the first fund to be established by the private sector in
association with a foreign fund.
-s at the end of financial year =,,, 1L6 march2 L= funds were functioning with Rs. 6,6L,,,#
crores as total asset under management. -s on august end =,,,, there were LL with LA6 schemes
and assets under management with Rs. 6,,=,MKA crores.
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
'he securities and exchange board of ndia 1S)92 came out with comprehensive regulation in
6AAL, which defined the structure of mutual fund and asset management companies for the first
time. /urrently there are LK of mutual fund organi(ations in ndia managing over Rs.6, ,=,,,,<$
crore
• First investors pool their money in Mutual fund through franchisee or agents or himself in
particular scheme.
• Fund manager collect that money and diversify that money in different securities.
• 'hen that securities generate return.
• 'hat returns will passed bac" to the investors.
=E %!FFERE' $4ES )F MUU#, FU'%S(
Schemes accordin& to Maturity 4eriod (
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
- mutual fund scheme can be classified into open$ended scheme or close$ended scheme
depending on its maturity period.
)pen5ended Fund? Scheme
-n open$ended fund or scheme is one that is available for subscription and repurchase on a
continuous basis. 'hese schemes do not have a fixed maturity period. nvestors can conveniently
buy and sell units at Net -sset 0alue 1N-02 related prices, which are declared on a daily basis.
'he "ey feature of open$end schemes is li*uidity.
Close5ended Fund? Scheme
- close$ended fund or scheme has a stipulated maturity period e.g. #$@ years. 'he fund is open
for subscription only during a specified period at the time of launch of the scheme. nvestors can
invest in the scheme at the time of the initial public issue and thereafter they can buy or sell the
units of the scheme on the stoc" exchanges where the units are listed. n order to provide an exit
route to the investors, some close$ended funds give an option of selling bac" the units to the
mutual fund through periodic repurchase at N-0 related prices. S)9 Regulations stipulate that
at least one of the two exit routes is provided to the investor i.e. either repurchase facility or
through listing on stoc" exchanges. 'hese mutual funds schemes disclose N-0 generally on
wee"ly basis.
Schemes accordin& to !nvestment )*+ective(
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
- scheme can also be classified as growth scheme, income scheme, or balanced scheme
considering its investment ob%ective. Such schemes may be open$ended or close$ended schemes
as described earlier. Such schemes may be classified mainly as follows4
>ro8th ? Equity )riented Scheme
'he aim of growth funds is to provide capital appreciation over the medium to long$ term. Such
schemes normally invest a ma%or part of their corpus in e*uities. Such funds have comparatively
high ris"s. 'hese schemes provide different options to the investors li"e dividend option, capital
appreciation, etc. and the investors may choose an option depending on their preferences. 'he
investors must indicate the option in the application form. 'he mutual funds also allow the
investors to change the options at a later date. Erowth schemes are good for investors having a
long$term outloo" see"ing appreciation over a period of time.
!ncome ? %e*t )riented Scheme
'he aim of income funds is to provide regular and steady income to investors. Such schemes
generally invest in fixed income securities such as bonds, corporate debentures, Eovernment
securities and money mar"et instruments. Such funds are less ris"y compared to e*uity schemes.
'hese funds are not affected because of fluctuations in e*uity mar"ets. &owever, opportunities of
capital appreciation are also limited in such funds. 'he N-0s of such funds are affected because
of change in interest rates in the country. f the interest rates fall, N-0s of such funds are li"ely
to increase in the short run and vice versa. &owever, long$term investors may not bother about
these fluctuations.
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
0alanced Fund
'he aim of balanced funds is to provide both growth and regular income as such schemes invest
both in e*uities and fixed income securities in the proportion indicated in their offer documents.
'hese are appropriate for investors loo"ing for moderate growth. 'hey generally invest K,$J,B
in e*uity and debt instruments. 'hese funds are also affected because of fluctuations in share
prices in the stoc" mar"ets. &owever, N-0s of such funds are li"ely to be less volatile compared
to pure e*uity funds.
Money Mar/et or ,iquid Fund
'hese funds are also income funds and their aim is to provide easy li*uidity, preservation of
capital and moderate income. 'hese schemes invest exclusively in safer short$term instruments
such as treasury bills, certificates of deposit, commercial paper and inter$ban" call money,
government securities, etc. Returns on these schemes fluctuate much less compared to other
funds. 'hese funds are appropriate for corporate and individual investors as a means to par" their
surplus funds for short periods.
>ilt Fund
'hese funds invest exclusively in government securities. Eovernment securities have no default
ris". N-0s of these schemes also fluctuate due to change in interest rates and other economic
factor as is the case with income or debt oriented schemes.
!nde2 Funds
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
ndex Funds replicate the portfolio of a particular index such as the 9S) Sensitive index, S.P
NS) #, index 1Nifty2, etc 'hese schemes invest in the securities in the same weight age
comprising of an index. N-0s of such schemes would rise or fall in accordance with the rise or
fall in the index, though not exactly by the same percentage due to some factors "nown as
Ntrac"ing errorN in technical terms. Necessary disclosures in this regard are made in the offer
document of the mutual fund scheme. 'here are also exchange traded index funds launched by
the mutual funds, which are traded on the stoc" exchanges.
Sector specific funds?schemes
'hese are the funds<schemes, which invest in the securities of only those sectors or industries as
specified in the offer documents. ).g. Pharmaceuticals, Software, Fast Moving /onsumer Eoods
1FM/E2, Petroleum stoc"s, etc. 'he returns in these funds are dependent on the performance of
the respective sectors<industries. 8hile these funds may give higher returns, they are more ris"y
compared to diversified funds. nvestors need to "eep a watch on the performance of those
sectors<industries and must exit at an appropriate time. 'hey may also see" advice of an expert.
a2 Savin& Schemes
'hese schemes offer tax rebates to the investors under specific provisions of the ncome 'ax -ct,
6AJ6 as the Eovernment offers tax incentives for investment in specified avenues. e.g. )*uity
Cin"ed Savings Schemes 1)CSS2. Pension schemes launched by the mutual funds also offer tax
benefits. 'hese schemes are growth oriented and invest pre$dominantly in e*uities. 'heir growth
opportunities and ris"s associated are li"e any e*uity$oriented scheme.
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
,oad or no5load Fund
- Coad Fund is one that charges a percentage of N-0 for entry or exit. 'hat is, each time one
buys or sells units in the fund, a charge will be payable. 'his charge is used by the mutual fund
for mar"eting and distribution expenses. Suppose the N-0 per unit is Rs.6,. f the entry as well
as exit load charged is 6B, then the investors who buy would be re*uired to pay Rs.6,.6, and
those who offer their units for repurchase to the mutual fund will get only Rs.A.A, per unit. 'he
investors should ta"e the loads into consideration while ma"ing investment as these affect their
yields<returns. &owever, the investors should also consider the performance trac" record and
service standards of the mutual fund, which are more important. )fficient funds may give higher
returns in spite of loads. - no$load fund is one that does not charge for entry or exit. t means the
investors can enter the fund<scheme at N-0 and no additional charges are payable on purchase
or sale of units.
#dvanta&es of Mutual Fund@
• 4rofessional Mana&ement4 Oualified professionals manage your money but they are not
alone. 'hey have a research team that continuously analyses the performance and
prospects of companies. 'hey also select suitable investment to achieve the ob%ective of
the scheme, so you see that it is a continues process that ta"es time and expertise that will
add value to your investment. 'hese fund managers are in a better position to manage
investments and get a higher return.
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
• %iversification4 the /lichP, Q
n+t put all your eggs in one bas"etR. Really applies to the
concept of intelligent investing. :iversification lowers the ris" of loss by spreading your
money across various industries it is a rare occasion when all stoc"s decline at the same
time and in the same proportion.
• Choice of schemes4 Mutual Fund offers a variety of schemes that will suit individuals
needs over a lifetime. 8hen you enter a new stage in your life, all you need to do is sit
down with your investments advisers who will help you to re$arrange your portfolio to
suit your altered life style.
• #fforda*ility4 -s small investors, we may find that it is not possible to buy shares of
larger corporations. Mutual funds generally buy and sell securities in large volumes,
which allow investors to benefit from lower trading costs. 'he smallest investor can get
started on mutual funds because of the minimal investment re*uirements. 8e can invest
with a minimum of Rs. #,, in Systematic nvestment Plan 1SP2 on a regular basis.
• a2 *enefits4 nvestments held by investors for a period of 6= months or more *ualify for
capital gains and will be taxed accordingly. 'hese investments also get the benefit of
indexation. -nd also the dividend received by an investor is tax free in the hands of
investors.
• ,iquidity4 with open$end funds, we can redeem all or part of investment any time when
we wish and receive the current value of the shares or the N-0 related price. Funds are
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
more li*uid than most investments in shares, deposits and bonds and the process is
standardi(e, ma"ing it *uic" and efficient so that we can get your cash in hand as soon as
possible.
• Rupees Cost #vera&in&4 'hrough using this concept of investing the same amount
regularly, mutual funds give you the advantage of getting the average unit price over the
long$term. 'his reduces your ris" and also allows you to discipline yourself by actually
investing every month or *uarterly and not ma"ing sporadic investments.
• he ransparency of Mutual Funds4 'he performance of a mutual fund is reviewed by
various publications and rating agencies, ma"ing it easy for investors to compare one to
the other. Gnce we became part of mutual fund scheme, we were provided with regular
updates, for example daily N-0s, as well as information on the specific investments
made and the fund manager+s strategy and out loo" of the scheme.
• Re&ulations of Mutual Funds4 -ll mutual funds are re*uired to register with S)9.
'hey are obliged to follow strict regulations designed to protect investors. -ll operations
are also regularly monitored by the S)9.
%isadvanta&es )f Mutual Fund
Mutual funds have their dra8*ac/s and may not *e for everyone(
• 'o >uarantees4 No investment is ris" free. f the entire stoc" mar"et declines in value,
the value of mutual fund shares will go down as well, no matter how balanced the
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
portfolio. nvestors encounter fewer ris"s when they invest in mutual funds than when
they buy and sell stoc"s on their own. &owever, anyone who invests through a mutual
fund runs the ris" of losing money.
• Fees and commissions4 -ll funds charge administrative fees to cover their day$to$day
expenses. Some funds also charge sales commissions or NloadsN to compensate bro"ers,
financial consultants, or financial planners. )ven if you don!t use a bro"er or other
financial adviser, you will pay a sales commission if you buy shares in a Coad Fund.
• a2es( :uring a typical year, most actively managed mutual funds sell anywhere from =,
to @, percent of the securities in their portfolios. f your fund ma"es a profit on its sales,
you will pay taxes on the income you receive, even if you reinvest the money you made.
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
C)'E'S
$ )r&aniAation 4rofile
$ Samplin&
$ %ate Collection Methods
$ Measurin& ools
RE,!#'CE M)'E$
The Mutual Fund
#*out Reliance Mutual Fund
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Reliance Mutual Fund 1RMF2 has been established as a trust under the ndian 'rusts -ct, 6MM=
with Reliance /apital Cimited 1R/C2, as the Settlor<Sponsor and Reliance /apital 'rustee /o.
Cimited 1R/'/C2, as the 'rustee.
RMF has been registered with the Securities . )xchange 9oard of ndia 1S)92 vide registration
number MF<,==<A#<6 dated Iune L,, 6AA#. 'he name of Reliance /apital Mutual Fund has been
changed to Reliance Mutual Fund effective 66th. March =,,K vide S)9!s letter no.
M:<PSP<KA#M<=,,K date 66th. March =,,K. Reliance Mutual Fund was formed to launch
various schemes under which units are issued to the Public with a view to contribute to the
capital mar"et and to provide investors the opportunities to ma"e investments in diversified
securities.
he main o*+ectives of the rust are (
• 'o carry on the activity of a Mutual Fund as may be permitted at law and formulate and
devise various collective Schemes of savings and investments for people in ndia and
abroad and also ensure li*uidity of investments for the Hnit holders3
• 'o deploy Funds thus raised so as to help the Hnit holders earn reasonable returns on
their savings
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
• 'o ta"e such steps as may be necessary from time to time to reali(e the effects without
any limitation
"isionB Mission C Mar/et Strate&y
"ision statement 5
Q)mpowering everyone to live their dreamR
Mission statement5
Q'o offer unparalleled value by providing the customer transparent, convenient and
effective anytime$anywhere integrated financial transaction capabilityR
Mar/etin& strate&y5 to provide
? Simple, easy$to$understand, safe and secure trading platform<software
? Hncomplicated, easy$to$understand bro"erage<trading cost structure without any
riders
? )asy access to the financial mar"et through convenient modes of distribution
? Sound, genuine, unbiased advise individual investments.
%etail Study a*out the company
'he easiest, fastest and most convenient way to carry out your financial transactions is now at
your fingertipsS Reliance Money offers you the widest range of asset classes to trade in4 )*uity,
:erivatives, /ommodities and Forex. -lso invest on$line in Mutual Funds, PGs and nsurance
products 1Cife . Eeneral2. -ll this through one single window. Reliance Money is a state$of$the$
art financial transaction platform, which enables you to conduct your financial transactions in
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
cost effective, convenient and secure manner. Reliance Money has introduced several never .
before features and thereby changed the way you will invest4
6. Flat Fees instead of 0ro/era&e $ Put your money into investments, not into bro"erage. Pay a
flat fee of Rs. #,,<$ and transact as much you want upto Rs. 6crore or for = months 1whichever is
earlier2. t.s never happened before anywhere in the worldS
=. radin& :ios/s $ No matter if you don.t have access to a computer or the nternet. ?ou will
find exclusive Reliance Money 'rading Dios"s at convenient locations throughout your city.
'hese internet$enabled Dios"s bring the mar"et to you, wherever you are.
L. Security o/en $ 'he Reliance Money security to"en is so hi$tech, it almost defies belief. 'his
small, portable plastic device flashes a uni*ue number that changes every LJ seconds, ensuring
that the number used for an earlier transaction is discarded. 'his number wor"s over and above
your normal login and password, serving as a third level of protection that guarantees your
account total safety.
K. Call ' rade $ ?ou don.t have to access your computer to trade or invest.8ith our /all N
'rade facility, you can place orders over the phone.
#. Multiple )fferin&s $ -long with e*uity, you can also trade < invest in /ommodities 1gold,
silver, base metals and other agri commodities to name a few2, :erivatives, Forex 1R9 allows
you to remit HST=#,,,, per calendar year2, Mutual Funds, PGs and nsurance products 1Cife .
Eeneral2.
J. 9idest 'et8or/( Reliance Money has a networ" of branches all over the country with
associates who will assist you with your financial investment re*uirements.
@. )ther value 5 added Services( $Reliance Money provides4
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
U Research, mar"et views and stoc" views from independent experts, with an enviable
trac" record
U C0) news fromw Iones, /apital Mar"et and /ommodities /ontrol
U /)Gs. < experts. views on economy and the financial mar"et
U Personal Finance planning tools that help you plan your investments, retirement, tax etc.
U Portfolio 'rac"er that will help you trac" your investments from one single
screen
U Ris" -naly(er to analy( e your ris" profile and get a suitable investment portfolio plan
using our -sset -llocator.
U Dnowledge /entre will help you understand investing and trading basics and also delve
into advanced concepts li"e trading strategies
U Mar"et 8atch, a uni*ue tool that will help you trac" your favorite companies. Iust
configure it and get real time *uotes, news, views, result etc. Gur technology allows you to
detach it from the main screen and place it on your des"top.
4roducts and Services
- product for every need4 Reliance Money is the most comprehensive platform which allows you
to invest in Shares, Mutual Funds, :erivatives 1Futures . Gptions2, /ommodities, Forex, PGs,
nsurance and other financial products. Simply put, we offer you a product for almost every
investment need.
!nvestin& in Mutual Funds(
Reliance Money brings you a uni*ue, hassle$free and paperless way to invest in Mutual Funds.
?ou can now invest on$line in Mutual Funds through Reliance Money No more filling
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
application forms manually or any going through other paperwor". ?ou need no signatures or
proof of identity for investing. Gnce you place a re*uest for investing in a particular fund, there
are no manual processes involved. ?our ban" funds are automatically debited or credited while
simultaneously crediting or debiting your unit holdings.?ou also get control over your
investments with on$line order confirmations and order status trac"ing. ?ou get to "now the
performance of your investments through online updation of your portfolio with current N-0s.
Reliance Money offers you various options while investing in Mutual Funds4
Purchase4 9uying of Mutual Fund units is very convenient without the hassles of filling in the
applications manually. Redemption4 -s with Purchases, redemptions too can be done online.
Switch4 ?ou can shift money from one scheme to another in the same mutual fund house, with
the clic" of a button.
Reliance Mutual Funds
Equity Schemes :
Reliance Equity Fund (
1-n open$ended diversified )*uity Scheme.2 'he primary investment ob%ective of the scheme is
to see" to generate capital appreciation . provide long$term growth opportunities by investing in
a portfolio constituted of e*uity . e*uity related securities of top 6,, companies by mar"et
capitali(ation . of companies which are available in the derivatives segment from time to time
and the secondary ob%ective is to generate consistent returns by investing in debt and money
mar"et securities.
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Reliance a2 Saver ;E,SS< Fund (
1-n Gpen$ended )*uity Cin"ed Savings Scheme.2 'he primary ob%ective of the scheme is to
generate long$term capital appreciation from a portfolio that is invested predominantly in e*uity
and e*uity related instruments.
Reliance Equity )pportunities Fund (
1-n Gpen$)nded :iversified )*uity Scheme.2 'he primary investment ob%ective of the scheme is
to see" to generate capital appreciation . provide long$term growth opportunities by investing in
a portfolio constituted of e*uity securities .e*uity related securities and the secondary ob%ective
is to generate consistent returns by investing in debt and money mar"et securities.
Reliance "ision Fund (
1-n Gpen$ended )*uity Erowth Scheme.2 'he primary investment ob%ective of the Scheme is to
achieve long term growth of capital by investment in e*uity and e*uity related securities through
a research based investment approach.
Reliance >ro8th Fund (
1-n Gpen$ended )*uity Erowth Scheme.2 'he primary investment ob%ective of the Scheme is to
achieve long term growth of capital by investment in e*uity and e*uity related securities through
a research based investment approach.
Reliance !nde2 Fund (
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
1-n Gpen )nded ndex Cin"ed Scheme.2 'he nvestment Gb%ective under the Nifty Plan is to
replicate the composition of the Nifty, with a view to endeavor to generate returns, which could
approximately be the same as that of Nifty. 'he nvestment Gb%ective under the Sensex plan is to
replicate the composition of the Sensex, with a view to endeavor to generate returns, which could
approximately be the same as that of Sensex.
Reliance 'R! Equity Fund (
1-n open$ended :iversified )*uity Scheme.2 'he Primary investment ob%ective of the scheme is
to generate optimal returns by investing in e*uity or e*uity related instruments primarily drawn
from the /ompanies in the 9S) =,, ndex.
%e*t?!ncome Schemes
'he aim of income funds is to provide regular and steady income to investors. Such
schemes generally invest in fixed income securities such as bonds, corporate debentures,
Eovernment securities and money mar"et instruments. Such funds are less ris"y compared
to e*uity schemes. 'hese funds are not affected because of fluctuations in e*uity mar"ets.
&owever, opportunities of capital appreciation are also limited in such funds. 'he N-0s of
such funds are affected because of change in interest rates in the country. f the interest rates
fall, N-0s of such funds are li"ely to increase in the short run and vice versa. &owever,
long term investors may not bother about these fluctuations.
Debt Schemes :
Reliance Monthly !ncome 4lan (
1-n Gpen )nded Fund. Monthly ncome is not assured . is sub%ect to the availability of
distributable surplus 2 'he Primary investment ob%ective of the Scheme is to generate regular
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
income in order to ma"e regular dividend payments to unitholders and the secondary ob%ective is
growth of capital.Primarily the investment shall be made in debt and money mar"et securities
1i.e. M,B2 with a small exposure 1i.e. upto =,B2 in e*uity.
Reliance >ilt Securities Fund 5 Short erm >ilt 4lan C ,on& erm >ilt 4lan(
Gpen$ended Eovernment Securities Scheme2 'he primary ob%ective of the Scheme is to generate
Gptimal credit ris"$free returns by investing in a portfolio of securities issued and guaranteed by
the central Eovernment and State Eovernment
Reliance !ncome Fund (
1-n Gpen$ended ncome Scheme2 'he primary ob%ective of the scheme is to generate optimal
returns consistent with moderate levels of ris". 'his income may be complemented by capital
appreciation of the portfolio. -ccordingly, investments shall predominantly be made in :ebt .
Money nstruments.
Reliance Medium erm Fund (
1-n Gpen )nd ncome Scheme with no assured returns.2 'he primary investment ob%ective of the
Scheme is to generate regular income in order to ma"e regular dividend payments to unitholders
and the secondary ob%ective is growth of capital
Reliance Short erm Fund (
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
1-n Gpen )nd ncome Scheme2 'he primary investment ob%ective of the scheme is to generate
stable returns for investors with a short investment hori(on by investing in Fixed ncome
Securities of short term maturity.
Reliance ,iquid Fund (
1Gpen$ended Ci*uid Scheme2. 'he primary investment ob%ective of the Scheme is to generate
optimal returns consistent with moderate levels of ris" and high li*uidity. -ccordingly,
investments shall predominantly be made in :ebt and Money Mar"et nstruments.
Reliance Fi2ed erm Scheme (
1/lose$ended ncome Scheme2 'he primary ob%ective of the Scheme is to see" to achieve regular
returns < growth of capital by investing in a portfolio of fixed income securities normally
maturing in line with the time profile of the plan with the ob%ective of limiting interest rate
volatility.
Reliance Floatin& Rate Fund (
1-n Gpen )nd ncome Scheme2 'he primary ob%ective of the scheme is to generate regular
income through investment in a portfolio comprising substantially of Floating Rate :ebt
Securities 1including floating rate securiti(ed debt and Money Mar"et nstruments and Fixed
Rate :ebt nstruments swapped for floating rate returns2. 'he scheme shall also invest in Fixed
rate debt Securities 1including fixed rate securitised debt, Money Mar"et nstruments and
Floating Rate :ebt nstruments swapped for fixed returns
Reliance 'R! !ncome Fund (
1-n Gpen$ended ncome scheme2 'he primary investment ob%ective of the Scheme is to generate
optimal returns consistent with moderate levels of ris"s. 'his income may be complimented by
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
capital appreciation of the portfolio. -ccordingly, investments shall predominantly be made in
debt nstruments.
Reliance Fi2ed Maturity Fund 5 Series ! (
1- /lose )nded ncome Scheme2 'he primary investment ob%ective of the Scheme is to see" to
achieve regular returns < growth of capital by investing in a portfolio of fixed income securities
normally maturing in line with the time profile of the Plan with the ob%ective of limiting interest
rate volatility.
Reliance Fi2ed Maturity Fund 5 Series !! (
1- closed ended ncome Scheme2 'he primary investment ob%ective of the Scheme is to see" to
achieve growth of capital by investing in a portfolio of fixed income securities normally
maturing in line with the time profile of the respective plans.
Reliance ,iquidity Fund (
1-n Gpen $ ended Ci*uid Scheme2 'he investment ob%ective of the Scheme is to generate
optimal returns consistent with moderate levels of ris" and high li*uidity. -ccordingly,
investments shall predominantly be made in :ebt and Money Mar"et nstruments.
%e*t )ption ( 'he primary investment ob%ective of this plan is to generate optimal returns
consistent with moderate level of ris". 'his income may be complemented by capital
appreciation of the portfolio. -ccordingly investments shall predominantly be made in :ebt .
Money Mar"et nstruments.
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Equity )ption ( 'he primary investment ob%ective is to see" capital appreciation and or
consistent returns by actively investing in e*uity < e*uity related securities.
Sector Specific Schemes
'hese are the funds<schemes which invest in the securities of only those sectors or industries as
specified in the offer documents. e.g. Pharmaceuticals, Software, Fast Moving /onsumer Eoods
1FM/E2, Petroleum stoc"s, etc. 'he returns in these funds are dependent on the performance
of the respective sectors<industries. 8hile these funds may give higher returns, they are
more ris"y compared to diversified funds. nvestors need to "eep a watch on the performance
of those sectors<industries and must exit at an appropriate time.
Sector Specific Schemes
Sector Funds are specialty funds that invest in stoc"s falling into a certain sector of the economy.
&ere the portfolio is dispersed or spread across the stoc"s in that particular sector. 'his type of
scheme is ideal for investors who have already made up their mind to confine ris" and return to a
particular sector
Reliance Banking Fund
Reliance Mutual Fund has an Gpen$)nded 9an"ing Sector Scheme which has the primary
investment ob%ective to generate continuous returns by actively investing in e*uity < e*uity
related or fixed income securities of ban"s.
Reliance Diversified Poer Sector Fund
Reliance :iversified Power Sector Scheme is an Gpen$ended Power Sector Scheme. 'he primary
investment ob%ective of the Scheme is to see" to generate consistent returns by actively investing
in e*uity < e*uity related or fixed income securities of Power and other associated companies.
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Reliance Pharma Fund
Reliance Pharma Fund is an Gpen$ended Pharma Sector Scheme. 'he primary investment
ob%ective of the Scheme is to generate consistent returns by investing in e*uity < e*uity related or
fixed income securities of Pharma and other associated companies.
Reliance !edia " Entertainment Fund
Reliance Media . )ntertainment Fund is an Gpen$ended Media . )ntertainment sector scheme.
'he 'he primary investment ob%ective of the Scheme is to generate consistent returns by
investing in e*uity < e*uity related or fixed income securities of media . entertainment and other
associated companies.
N-0 or Net -sset 0alue of the fund is the cumulative mar"et value of the assets of the fund net
of its liabilities. N-0 per unit is simply the net value of assets divided by the number of units
outstanding. 9uying and selling into funds is done on the basis of N-0$related prices. N-0 is
calculated as follows4
N-07 Mar"et value of the fund+s investmentsVReceivablesV-ccrued ncome.
Ciabilities$-ccrued )xpenses
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Methodolo&y
%ata sources (
• Primary :ata4 Primary data was collected by administering *uestionnaire. t is
systematic collection of information directly from the Reliance Mutual Fund
nvestors . 'he basic purpose of collecting primary data is to "now the preferred
)*uity Schemes of Reliance Mutual funds
• Secondary data4 Secondary data+s are collected from Reliance website, financial
%ournals, recent Fact sheet of Reliance mutual fund relating to mutual funds
Samplin&
Sample si(e4 #, Reliance Mutual fund nvestors
-rea of research4 9elgaum /ity.
Research approach4 Survey method.
Research nstrument4 Ouestionnaire.
.
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
W
C)'E'S
$ Results C %iscussion 8ith Charts C >raphs
$ SummaryB Conclusion C a 4roposed #ction 4lan 8ith Resource Requirements C
4ro+ected 0enefits to the )r&aniAation
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
4ERF)RM#'CE
C)M4#R!SM )F
MUU#, FU'%
SC=EMES
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Equity diversified schemes
'here is lot of variety schemes offered by -M/s. )*uity diversified is one of the scheme
offered by the -M/ .the selection criteria of schemes is totally depend on the fund si(e and age
of the fund. 'he scheme, which has the corpus value, is more than #,,/rs .
'he following are the e*uity$diversified schemes in the selected funds. at the current date
as ,J<,L<,@
a*les for fund siAe
Reliance Mutual Fund Equity schemes
Scheme name Fund siAe %)! FU'%
C,#SS
Reliance )*uity Fund 1E2
KL#A.J ,L<,@<,J ):
Reliance )*uity Gpportunities Fund
1E2
=LM#.J# ,L<,@<,# ):
Reliance Erowth Fund 1E2
L=JL.@6 ,A<,M<A# ):
Reliance 0ision Fund 1E2
[email protected] ,A<,@<A# ):
Reliance 'ax Saver 1)CSS2 Fund
1E2
6#,6.@M ,M<=L<,# )'S
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
-. Return(
'ame of Scheme
%)!
;1D?D1?DE<
Returns ;annualiAed<
Fyrs
#v&
return
- yr .yr 1yr 6yr Fyr
Reliance Erowth Fund 1E2
-GG.F. KM.=6 AL.=L M,.K, =@.=6 #L.JK J,.#K
Reliance 0ision Fund 1E2
-1E.HF #,.K# J=.J= J,.#J LK.K6 M6.K= #@.MA
Reliance 'ax Saver 1)CCS2
Fund1E2
66#.6AL [email protected] 6,J.A6 #L.,= =A.@@ 6M.,@ #6.,#
Reliance )*uity
Gpportunities Fund 1E2
K#.K=,J KM.=K JL.M# @,.KJ L=.6@ $=.=K K=.#,
Reliance )*uity Fund 1E2
=J.#= L=.K@ LA.,L =M.,, A.A@ ,.,, [email protected]@
N-0
t
5 N-0
t$6
4ortfolio return( R
it
7$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
N-0
t$6
8here Rit is the difference between Net -sset 0alues for two consecutive days dividend by the
N-0 of the preceding day.
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
.. Ris/
? 0eta
Scheme name F years av& returnI 0eta
Reliance Erowth Fund 1E2 J,.#K ,.A6
Reliance 0ision Fund 1E2 #@.MA ,.AM
Reliance 'ax Saver 1)CCS2 Fund1E2 #6.,# ,.AL
Reliance )*uity Gpportunities Fund 1E2 K=.#, ,.AJ
Reliance )*uity Fund 1E2 [email protected]@ ,.AK
X Returns are annuali(ed
? = n?xy-(?x)( ?y)
n?x
2
-(?x)
2
8here n7 number of days
> 7rolling returns of the NS) index
?7 rolling returns of the schemes
9eta describes the relationship between the stoc"+s return and the index returns. it describes
the ris" in the portfolio with comparing mar"et ris" as 6 .
f beta 76
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Gne percent changes in mar"et index return causes exactly one percent change in the stoc"
returns. it indicates that the stoc" moves in tandem with the mar"et .
f 9eta Y6
'hen the stoc" is less volatile compared to the mar"et.
f 9eta Z6
'hen the stoc" is more volatile compared to the mar"et. 'he stoc" value
8ith more then 6 beta value is considered to be ris"y.
f 0eta 5ve4 native 9eta indicates that the stoc" returns moves in the opposite direction to the
mar"et return.
Standard deviation
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
t is used to measure the variation in individual returns from the average expected
returns over a certain period. Standard deviation is used in the concept of ris" of a
portfolio of investments. &igher standard deviation means a greater fluctuation in
expected return.
'ame of Scheme
%)!
;1D?D1?DE<
Returns ;annualiAed< Fyrs
#v&
return
S% - yr .yr 1yr 6yr Fyr
Reliance Erowth Fund 1E2
-GG.F. KM.=6 AL.=L M,.K, =@.=6 #L.JK J,.#K =L.##
Reliance 0ision Fund 1E2
-1E.HF #,.K# J=.J= J,.#J LK.K6 M6.K= #@.MA 6#.KL
Reliance 'ax Saver
1)CCS2 Fund1E2
66#.6AL [email protected] 6,J.A6 #L.,= =A.@@ 6M.,@ #6.,# L,.#A
Reliance )*uity
Gpportunities Fund 1E2
K#.K=,J KM.=K JL.M# @,.KJ L=.6@ $=.=K K=.#, =J.,,
Reliance )*uity Fund 1E2
=J.#= L=.K@ LA.,L =M.,, A.A@ ,.,, [email protected]@ 6K.#A
Standard deviation 1S:2 7;< var
8here 0ar 7 variance
0ar7 ? p 1r
i
$)1r22
=
Return C Ris/
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
'ame of Scheme %)!;1D?D1?DE<
# yrs avg
returns sd *eta
Reliance Erowth Fund 1E2 L=JL.@6 J,.#K =L.## ,.A6
Reliance 0ision Fund 1E2 [email protected] #@.MA 6#.KL ,.AM
Reliance 'ax Saver 1)CCS2 Fund1E2 6#,6.@M #6.,# L,.#A ,.AL
Reliance )*uity Gpportunities Fund 1E2 =LM#.J# K=.#, =J.,, ,.AJ
Reliance )*uity Fund 1E2 KL#A.J [email protected]@ 6K.#A ,.AK
Sharpe7s
Sharpe+s index measures the ris" premium of the portfolio relative to the total amt of ris"
in the portfolio. 'his ris" premium is the difference between the portfolio+s average rate of return
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
and the ris" less rate of return. 'he index assigns the highest values to assets that have best ris"$
ad%usted average rate of returns.
'ame of Scheme %)!;1D?D1?DE<
# yrs avg
returns
rp rf sd st
Reliance Erowth Fund 1E2 L=JL.@6 J,.#K M =L.## =.=L
Reliance 0ision Fund 1E2 [email protected] #@.MA M 6#.KL L.=L
Reliance 'ax Saver 1)CCS2 Fund1E2 6#,6.@M #6.,# M L,.#A 6.K,
Reliance )*uity Gpportunities Fund 1E2 =LM#.J# K=.#, M =J.,, 6.LL
Reliance )*uity Fund 1E2 KL#A.J [email protected]@ M 6K.#A 6.L=
8here
st 7Sharpe+s index
Rp7portfolio return
Rf7Ris" free rate of return 1M B2
S:7 standard deviation of the port folio
S
t3
R
45
R
f
S%
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
!nterpretation(
Reliance "ision Fund ;>< is performin& 8ell and is ran/ed 'o - accordin& to Sharpe7s as
it is &ivin& hi&her returns compared to other Schemes.
'ame of Scheme %)!;1D?D1?DE<
# yrs avg
returns
rp rf 0eta tn
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Reliance Erowth Fund 1E2 L=JL.@6 J,.#K M ,.A6 #@.@K
Reliance 0ision Fund 1E2 [email protected] #@.MA M ,.AM #,.A6
Reliance 'ax Saver 1)CCS2 Fund1E2 6#,6.@M #6.,# M ,.AL KJ.=A
Reliance )*uity Gpportunities Fund 1E2 =LM#.J# K=.#, M ,.AJ L#.AK
Reliance )*uity Fund 1E2 KL#A.J [email protected]@ M ,.AK =,.J6
reynor7s !nde24
n 'reynor+s higher the ratio higher the performance.
'n 7'reynor+s index
Rp7portfolio return
Rf7Ris" free rate of return 1M B2
Formula
n3
R
45
R
f
0eta
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
!nterpretation(
Reliance >ro8th Fund ;>< is performin& 8ell and is ran/ed 'o - accordin& to reynor7s
inde2 as it is &ivin& hi&her returns compared to other Schemes accordin& to him and also the
ris/ involved is less
4erformance Evaluation a*les
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Name of the scheme
%)!
;1D?DH?DH< Rp 0eta S% Sharpe7s reynor7s
Reliance Erowth Fund 1E2 L=JL.@6 J,.#K ,.A6 =L.## =.=L #@.@K
Reliance 0ision Fund 1E2 [email protected] #@.MA ,.AM 6#.KL L.=L #,.A6
Reliance 'ax Saver 1)CCS2
Fund1E2 6#,6.@M #6.,# ,.AL L,.#A 6.K, KJ.=A
Reliance )*uity Gpportunities
Fund 1E2 =LM#.J# K=.#, ,.AJ =J.,, 6.LL L#.AK
Reliance )*uity Fund 1E2 KL#A.J [email protected]@ ,.AK 6K.#A 6.L= =,.J6
#nalysis of Survey
1.Sources from Investors came to know about Reliance Mutual fund
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Frequency Percent alid Percent !umulative
Percent
alid Friends"Relatives 1# #$.% #$.% #$.%
&ews'a'ers"
Televisions
( 1$.% 1$.% )*.%
+rokers",-ents 1. )#.% )#.% (%.%
Financial
!onsultants
1/ )%.% )%.% 1%%.%
Total /% 1%%.% 1%%.%
Sources from Investors came to know about Relaince Mutual fund
Sources from Investors came to know about Relaince Mutual fund
Financial !onsultant
+rokers",-ents
&ews'a'ers"Televisio
Friends"Relatives
F
r
e
q
u
e
n
c
y
#%
1%
%
nterpretation4
For the popularity of the mutual funds all the means contributed all most e*ually but the
dominated factor in these factors is advice from the 9ro"ers<-gents, which contributed around
L=B followed by the financial agents at L,B.
#.Reliance Schemes most 'referred by investors
Frequency Percent alid
Percent
!umulative
Percent
alid 0quity )% .%.% .%.% .%.%
1ebt #% $%.% $%.% 1%%.%
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Total /% 1%%.% 1%%.%
Reliance Schemes most 'referred by investors
Reliance Schemes most 'referred by investors
1ebt 0quity
F
r
e
q
u
e
n
c
y
$%
)%
#%
1%
%
nterpretation4
J,B of the respondents prefer e*uity schemes as investors now days are ready to ris"
because they are getting good returns, whereas K,B of the respondents prefer debt schemes.
. )a.Reliance equity fund
Frequency Percent alid
Percent
!umulative
Percent
alid 1 2 1*.% 1*.% 1*.%
# 1 #.% #.% #%.%
$ )% .%.% .%.% *%.%
/ 1% #%.% #%.% 1%%.%
Total /% 1%%.% 1%%.%
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Reliance equity fund
Reliance equity fund
/ $ # 1
P
e
r
c
e
n
t
(%
.%
/%
$%
)%
#%
1%
%
nterpretation4
Reliance e*uity fund is ran"ed K
th
by ma%ority of the nvestors as the returns are not so
high compared to the other Schemes of )*uity.
)b.Reliance equity 3''ortunity fund
Frequency Percent alid
Percent
!umulative
Percent
alid 1 1 #.% #.% #.%
# 2 1*.% 1*.% #%.%
$ 1% #%.% #%.% $%.%
/ )% .%.% .%.% 1%%.%
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Total /% 1%%.% 1%%.%
Reliance equity 3''urtunity fund
Reliance equity 3''urtunity fund
/ $ # 1
P
e
r
c
e
n
t
(%
.%
/%
$%
)%
#%
1%
%
nterpretation4
Reliance )*uity opportunity fund is ran"ed #
th
by J,B of the nvestors investing in Reliance
mutual fund as the returns are low and also ris"ier compared to other K schemes.
)c.Reliance 4rowth fund
Frequency Percent alid
Percent
!umulative
Percent
alid 1 #. /#.% /#.% /#.%
# ) ..% ..% /*.%
) 1* )..% )..% 2$.%
$ ) ..% ..% 1%%.%
Total /% 1%%.% 1%%.%
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Reliance 4rowth fund
Reliance 4rowth fund
$ ) # 1
P
e
r
c
e
n
t
.%
/%
$%
)%
#%
1%
%
)d. Reliance ision fund
Frequency Percent alid Percent !umulative
Percent
alid 1 # $.% $.% $.%
# #$ $*.% $*.% /#.%
) 1. )#.% )#.% *$.%
$ ( 1$.% 1$.% 2*.%
/ 1 #.% #.% 1%%.%
Total /% 1%%.% 1%%.%
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Reliance ision fund
Reliance ision fund
/ $ ) # 1
P
e
r
c
e
n
t
.%
/%
$%
)%
#%
1%
%
)e.Reliance Ta5 Saver607SS
Frequency Percent
alid 1 1# #$.%
# 1$ #*.%
) 1/ )%.%
/ 2 1*.%
Total /% 1%%.%
Reliance Ta5 Saver607SS
Reliance Ta5 Saver607SS
/ ) # 1
P
e
r
c
e
n
t
$%
)%
#%
1%
%
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Ka. Safety
Frequency Percent alid
Percent
!umulative
Percent
alid 1 1% #%.% #%.% #%.%
# )) ...% ...% *..%
/ # $.% $.% 2%.%
. / 1%.% 1%.% 1%%.%
Total /% 1%%.% 1%%.%
Safety
Safety
. / # 1
P
e
r
c
e
n
t
(%
.%
/%
$%
)%
#%
1%
%
nterpretation4
Gut of the #, respondents JJ B of them have rated = to safety because every investors
needs safety in his investment made but also some of them have given least preference to safety
because as we "now Qhigher the ris" higher the returnR.
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Kb. Rate of Return
Rate of Return
Rate of Return
/ $ ) # 1
P
e
r
c
e
n
t
(%
.%
/%
$%
)%
#%
1%
%
nterpretation4
JJB of the respondents have ran"ed rate of return as No 6 ran"ing this is because of the
changing trend where people are ready to ta"e ris" but they expect good returns and higher return
each time.
Frequency Percent alid
Percent
!umulative
Percent
alid 1 )) ...% ...% ...%
# 2 1*.% 1*.% *$.%
) 1 #.% #.% *..%
$ # $.% $.% 2%.%
/ / 1%.% 1%.% 1%%.%
Total /% 1%%.% 1%%.%
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Kc. 7iquidity
Frequency Percent alid Percent!umulative
Percent
alid 1 # $.% $.% $.%
# 1 #.% #.% ..%
) 2 1*.% 1*.% #$.%
$ #. /#.% /#.% (..%
/ 1# #$.% #$.% 1%%.%
Total /% 1%%.% 1%%.%
nterpretation4
Gut of the #,
respondents #=B of
them have ran"ed
li*uidity as K
th
,
whereas only 6,B of
them have ran"ed L
rd
which shows li*uidity is given least preference when compared to other
factors.
Kd. Ta5 +enefit
7iquidity
7iquidity
/ $ ) # 1
P
e
r
c
e
n
t
.%
/%
$%
)%
#%
1%
%
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Frequency Percent alid
Percent
!umulative
Percent
alid # # $.% $.% $.%
) #. /#.% /#.% /..%
$ 2 1*.% 1*.% ($.%
/ 1 #.% #.% (..%
. 1# #$.% #$.% 1%%.%
Total /% 1%%.% 1%%.%
Ta5 +enefit
Ta5 +enefit
. / $ ) #
P
e
r
c
e
n
t
.%
/%
$%
)%
#%
1%
%
nterpretation4
#=B of the respondents have ran"ed L
rd
for tax benefit which shows people give
importance for tax benefit as it saves the investors money.
$e. +rand name
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Frequency Percent alid
Percent
!umulative
Percent
alid # / 1%.% 1%.% 1%.%
) # $.% $.% 1$.%
$ 1) #..% #..% $%.%
/ 1* )..% )..% (..%
. 1# #$.% #$.% 1%%.%
Total /% 1%%.% 1%%.%
+rand name
+rand name
. / $ ) #
P
e
r
c
e
n
t
$%
)%
#%
1%
%
nterpretation4
LJB of the respondents have ran"ed #
th
to 9rand which shows importance is given to
brand name of the company in which investors are investing as it is shows the credit worthiness
of the company.
Kf. Fle5ibility
Frequency Percent alid
Percent
!umulative
Percent
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
alid 1 / 1%.% 1%.% 1%.%
) 1# #$.% #$.% )$.%
/ 1# #$.% #$.% /*.%
. #1 $#.% $#.% 1%%.%
Total /% 1%%.% 1%%.%
Fle5ibility
Fle5ibility
. / ) 1
P
e
r
c
e
n
t
/%
$%
)%
#%
1%
%
nterpretation4
K=B of the respondents have ran"ed J
th
to Flexibility which shows not much importance
is given to flexibility as far as investors are getting good return from the schemes.
#a. Reliance Mutual Fund
Frequency Percent alid
Percent
!umulative
Percent
alid 1 1$ #*.% #*.% #*.%
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
# )$ .*.% .*.% 2..%
$ # $.% $.% 1%%.%
Total /% 1%%.% 1%%.%
Reliance Mutual Fund
Reliance Mutual Fund
$ # 1
P
e
r
c
e
n
t
*%
.%
$%
#%
%
nterpretation4
Ma%ority of the respondents have ran"ed Reliance mutual funds as =
nd
when compared to
the other K companies so this shows that in a short span of time Reliance has made a good image
in the eyes of the investors.
#b. 81F! Mutual Fund
Frequency Percent alid
Percent
!umulative
Percent
alid 1 # $.% $.% $.%
# 1 #.% #.% ..%
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
) )/ (%.% (%.% (..%
$ 2 1*.% 1*.% 2$.%
/ ) ..% ..% 1%%.%
Total /% 1%%.% 1%%.%
81F! Mutual Fund
81F! Mutual Fund
/ $ ) # 1
P
e
r
c
e
n
t
*%
.%
$%
#%
%
nterpretation4
Ma%ority of the investors have ran"ed &:F/ mutual fund as L
rd
when compared to other
mutual fund so comparatively it is doing well.
#c. Franklin Tem'leton Mutual Fund
Frequency Percent alid Percent !umulative
Percent
alid 1 )# .$.% .$.% .$.%
# 1/ )%.% )%.% 2$.%
) # $.% $.% 2*.%
$ 1 #.% #.% 1%%.%
Total /% 1%%.% 1%%.%
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Franklin tem'leton Mutual Fund
Franklin tem'leton Mutual Fund
$ ) # 1
P
e
r
c
e
n
t
(%
.%
/%
$%
)%
#%
1%
%
nterpretation4
Fran"lin has been ran"ed NG 6 mutual fund company by the respondents when compared
to the other mutual funds as it has maintained its returns over a long period of time.
#d. 9TI mutual Fund
Frequency Percent alid
Percent
!umulative
Percent
alid 1 1 #.% #.% #.%
) 1% #%.% #%.% ##.%
$ / 1%.% 1%.% )#.%
/ )$ .*.% .*.% 1%%.%
Total /% 1%%.% 1%%.%
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
9TI mutual Fund
9TI mutual Fund
/ $ ) 1
P
e
r
c
e
n
t
*%
.%
$%
#%
%
nterpretation4
Ma%ority of the investors are not preferring H' mutual funds as their returns are very low
when compared to their previous records and so it is been ran"ed K
th
by the investors.
#e. I!I!I mutual fund
Frequency Percent
alid 1 1 #.%
) ) ..%
$ )) ...%
/ 1) #..%
Total /% 1%%.%
nterpretation4
Ma%ority of the
investors are not
I!I!I mutual fund
I!I!I mutual fund
/ $ ) 1
P
e
r
c
e
n
t
(%
.%
/%
$%
)%
#%
1%
%
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
preferring H' mutual funds as their returns are very low when compared to other L companies
but it is ran"ed K
th
that shows it is performing good than H' mutual fund.
Findin&s
• L=B of the nvestors have come to "now about Reliance mutual fund through
9ro"ers<-gents followed by L,B who have come to "now through Financial
/onsultants
• J,B of the nvestors are giving more preference to )*uity schemes as they are giving
higher return whereas K,B of them prefer :ebt Schemes because of the Safety they
provide
• #=B of the investors prefer Reliance Erowth Fund followed by Reliance 0ision Fund and
other Schemes.
• JJB of the investors give most importance to Rate of return as they expect higher and
higher returns followed by Safety as it is also important aspect of investors.
• Reliance Mutual Fund is Ran"ed =
nd
by the nvestors i.e. JMB of them have ran"ed
Reliance as =
nd
and Fran"lin 'empleton is Ran"ed 6
st
.
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
SU>>ES!)'S
• &olding a seminar and presentations or nvestors meet in the stoc" bro"ing firm help the
investors to remove any misconception regarding the Mutual Fund and this will create
awareness of Mutual fund.
• -gents are the main person who influences the investment decision. /ompany can hire
fresh graduates train them and sponsor for the -MF exam %ust li"e insurance companies
who conduct R:- training. 'his will increase the feet on street for the mutual fund
companies.
• /ompany has to provide timely services to its customers so that it can compete with its
competitors li"e Fran"lin 'empleton and &:F/.
C)'C,US!)'
-fter the analysis made on the performance of )*uity Schemes of Reliance
Mutual Fund can conclude that )*uity schemes are most preferred by nvestors and overall
Reliance 0ision Fund and Reliance Erowth scheme are doing extremely well in the mar"et
satisfying the customer wants of high returns and also through survey conducted it is clear
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
that Reliance is performing *uite well so it has been ran"ed =
nd
among the selected
companies. From the study we also came to "now that according to Sharpe [s Reliance
0ision fund is ran"ed First but according to 'reynor+s Reliance growth fund is ran"ed First.
C)'E'S
$ JUES!)'#REE
$ #''EXURE
$ 0!0,)>R#4=$
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
JUES!)''#!RE
:ear Sir<Madam4
4ersonal %etails(
• Name 4 \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\
• -ddress 4 \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\
• Gccupation 4 \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\
• /ontact No 4 \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\
6. &ow did you come to "now about Reliance mutual Fund]
Friends <Relatives News papers < maga(ines
9ro"ers<-gents Financial consultants.
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Gther\\\\\\\\\\\\\\\\\\\\\\\\\
=. 8hich Schemes of Reliance Mutual fund would you prefer the most]
)*uity Schemes :ebt Scheme
L. 8hich )*uity Scheme you prefer the most in Reliance Mutual Fund]
1Ran" them from 6 to #, 6 being the most preferred and # being the least2
Reliance Erowth ^ W
Reliance 0ision Fund ^ W
Reliance )*uity Gpportunity Fund ^ W
Reliance 'ax Saver 1)CSS2 Fund ^ W
Reliance )*uity Fund ^ W
K. 8hat factors do you consider while investing in mutual fund]
1Ran" them from 6 to J. No6 for preferred and No J for least preferred2
Safety Rate of return
Ci*uidity 'ax benefit
Flexibility 9rand Name
#. &ow would you rate Reliance mutual fund when compared to the other mutual
Fund] 1Ran" them from 6 to #, 6 being the &ighest . # being the lowest2.
Reliance ^ W
&:F/ ^ W
Fran"lin 'empleton ^ W
H' ^ W
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Pru // ^ W
=#': $)U
-nnexure
:etails about top schemes
RE,!#'CE "!S!)' FU'%
RE,!#'CE >R)9= FU'%
Structure Gpen ended )*uity Erowth Scheme
nception :ate ,M<6,<6AA#
/orpus L=JL.@6
Structure Gpen ended )*uity Erowth Scheme
nception :ate ,M<6,<6AA#
/orpus [email protected] crore
Minimum nvst #,,,
Fund Manager -shwini Dumar
)ntry Coad =.=#B
)xit Coad Nil
nvestment Gb%ective 'he primary investment ob%ective of the scheme is to achieve
long$term growth of capital by investment in e*uity and
e*uity$related securities through a research$based investment
approach.
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Minimum nvst #,,,
Fund Manager Sunil Singhania
)ntry Coad =.=#B
)xit Coad Nil
nvestment Gb%ective 'he primary investment ob%ective of the scheme is to achieve
long$term growth of capital by investing in e*uity and e*uity
related securities through a research$based
investment approach.
RE,!#'CE #X S#"ER FU'%
Structure Gpen ended )*uity Erowth Scheme
nception :ate ==<,A<=,,#
/orpus 6#,6.@M
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Minimum nvst #,,
Fund Manager -shwani Dumar
)ntry Coad =.=#B
)xit Coad Nil
nvestment Gb%ective 'he primary ob%ective of the scheme is to generate long$term
capital appreciation from a portfolio that is invested
predominantly in e*uity and e*uity$related instruments.
RE,!#'CE EJU!$ )44URU'!$ FU'%
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
RE,!#'CE EJU!$ FU'%
Structure Gpen ended )*uity Erowth Scheme
nception :ate L6<,L<=,,#
/orpus Rs =,LM#.J# crore
Minimum nvst #,,,
Fund Manager .Sailesh Ra% 9han
)ntry Coad =.=#B
)xit Coad Nil
nvestment Gb%ective 'he primary investment ob%ective of the scheme is to see" to
generate capital appreciation and provide long$term growth
opportunities by investing in a portfolio constituted
of e*uity securities . e*uity$related securities and the
secondary ob%ective is to generate consistent returns by
investing in :ebt and Money Mar"et securities.
Structure Gpen ended )*uity Erowth Scheme
nception :ate L,<,L<=,,J
/orpus Rs KL#A.J crore
Minimum nvst #,,,
Fund Manager .Sailesh Ra% 9han
)ntry Coad =.=#B
)xit Coad Nil
nvestment Gb%ective 'he primary investment ob%ective of the scheme is to see" to
generate capital appreciation and provide long$term growth
opportunities by investing in a portfolio constituted
opportunities by investing in a portfolio constituted of e*uity
and e*uity related securities of top 6,, companies by mar"et
capitali(ation and of companies which are available in the
derivatives segment from time to time and the secondary
ob%ective is to generate consistent returns by
investing in debt and money mar"et securities.
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
0i*lio&raphy
• Reliance Fact Sheets
• nvest smart financial Iournal
8ebsites
$ www.myris.com
$ www.reliancemf.com
$ www.e*uitymaster.com
doc_703024804.doc
Reliance Mutual Fund is one of India's largest brokerage and securities distribution house in India. It is new to Securities market but still among the top 5 performing company leaving far behind the oldest companies
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
EXECU!"E SUMM#R$
Now a day, there is a tough competition in financial avenues due to increase in the
investment products. People can get many investment options to invest their savings. Selecting
one from the many available options considering many associated factors is a very complex
process.
Reliance Mutual Fund is one of ndia!s largest bro"erage and securities distribution
house in ndia. t is new to Securities mar"et but still among the top # performing company
leaving far behind the oldest companies. t is considered to be one of the leading investment
bro"ing houses catering to the needs of both institutional and non$institutional investor
categories with presence all over the country through franchisees and co$coordinators.
n this pro%ect studied the schemes of Reliance Mutual fund and their returns in
various period of time which helped me in "nowing how the various schemes are performing
and the reasons behind it. also came to "now the ris" associated with the various schemes and
how ris" and returns are related. &ence my topic of study is “Comparative study on
performance of Equity Schemes of Reliance Mutual Fund.”
%esi&n of the Study
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
'eed for the Study(
'he study will help the organi(ation in "nowing how the )*uity schemes of the company+s are
performing and which schemes are preferred most by the investors.
)*+ectives of the Study
• 'o "now the Performance of the preferred e*uity of Reliance Mutual Fund.
• 'o understand the concept of Mutual Fund its wor"ing, mechanism and types traded in
ndia.
• 'o compare the ris" and return associated with the )*uity Schemes of Reliance Mutual
Fund.
• 'o "now which scheme of )*uity of Reliance Mutual Fund is most preferred by the
investors and what factors they consider while investing in reliance mutual fund.
• 'o evaluate the performance Sharpe+s and 'reynor+s index are used
Scope of the study
For the study )*uity schemes of Reliance Mutual Fund were scanned whose
corpus value is more than #,, crores to compare their performance by calculating ris" and
return associated with these schemes. -lso a survey was conducted on Reliance nvestors to
"now the most preferred )*uity scheme by the nvestors and what factors ma"e them nvest
in Reliance mutual Fund
'o evaluate the performance of the scheme and funds have applied sharp+s index .
'reynor+s index .
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
,imitations of the study(
? 'he data collection was strictly confined to secondary sources. Primary data was
associated with only the survey conducted on the investors.
? /ollecting historical N-0 is very difficult.
? Selection of schemes for study is very difficult because lot of 0arieties in e*uity Schemes
echniques of analysis(
-. Return(
Return on a typical investment consists of two components. 'he basic is the periodic cash
receipts 1or income2 on the investment, either in the form of interest or dividends. 'he second
component is the change in the price of the assets$commonly called the capital gain or loss.
'his element of return is the difference between the purchase price and the price at which the
assets can be or is sold3 therefore, it can be again or a loss.
'he return has been calculated as under4
N-0t 5 N-0t$6
Portfolio return4 Rit 7$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
N-0t$6
8here Rit is the difference between Net -sset 0alues for two consecutive days dividend by the
N-0 of the preceding day.
M.indt 5 M.indt$6
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Mar"et return4 Rmt 7$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
M.indt$6
8here Rmt is the difference between mar"et indices of two consecutive days dividend by
the mar"et index for the preceding day
.. Ris/ (
Ris" is neither good nor bad. Ris" in holding securities is generally associated with the
possibility that reali(ed returns will be less than expected returns. 'he difference between the
re*uired rate of returns on mutual fund investment and the ris" free return is the ris" premium.
Ris" can be measured in terms of 9eta . standard deviations.
? Standard deviation
t is used to measure the variation in individual returns from the average expected returns
over a certain period. Standard deviation is used in the concept of ris" of a portfolio of
investments. &igher standard deviation means a greater fluctuation in expected return.
Standard deviation 1S:2 7;< var
8here 0ar 7 variance
0ar7 ? p 1r
i
$)1r22
=
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
• 0eta (
9eta measures the systematic ris" and shows how prices of securities respond to the
mar"et forces. t is calculated by relating the return on a security with return for the mar"et. 9y
convention, mar"et will have beta 6.,.Mutual fund is said to be volatile, more volatile or less
volatile. f beta is grater than 6 the stoc" is said to be ris"ier than mar"et. f beta is less than
6,the indication is that stoc" is less ris"y in comparison to mar"et. f beta is (ero then the ris" is
the same as that of the mar"et. Negative beta is rare.
? = n?xy-(?x)( ?y)
n?x
2
-(?x)
2
8here n7 number of days
> 7rolling returns of the NS) index
?7 rolling returns of the schemes
1. Sharpe inde2
Sharpe index measures ris" premium of a portfolio, relative to the total amount of ris" in
the portfolio. Sharpe index summari(es the ris" and return of a portfolio in a single measure
that categori(es the performance of funds on the ris"$ ad%usted basis. 'he larger the Sharpe+s
index the portfolio over performs the mar"et and vise versa.
8here
s
t
7 Sharpe+s index
R
p
7 portfolio return
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
R
f
7 Ris" free rate of return 1@.#AB2
S:7 Standard :eviation of the port folio
S
t3
R
45
R
f
S%
6. reynor7s !nde2
'reynor+s model is on the concept of the characteristics straight line. 'he characteristics
line has drawn a relationship between the mar"et return and a specific portfolio without ta"ing
into consideration any direct ad%ustment for ris". t is also "nown as reward to volatility ratio
and is defined as4
'he formula for 'reynor+s ndex is4
Portfolio avg return 1Rp2 5 ris"$free rate of interest 1Rf2
'reynor index 1'n2 7 $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
9eta coefficient of portfolio 19p2
Rp $Rf
'n 7 $$$$$$$$$$$$$$$$$$$$$$$$$
9p
t measures portfolio ris" in terms of beta, which is weighted average of individual
security beta. 'he ratio is investors, for who the fund represents only a fraction of their total
assets. 'he higher the ratio better is the performance.
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
!'R)%UC!)'
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
-n investment means employment of funds on assets 1i.e. securities or mutual funds or
any of the investment avenues2 with the aim of earning of income as well as capital
appreciation. 'here are mainly two attributes while investing to any of the means, i.e. time and
ris". 'here are mainly four ob%ectives, which the investments activities will carry on those are 4
• Return
• Ris"
• Ci*uidity
• &edge against inflation
• Safety
'here are many alternatives which investment avenues are open to the investors to suit
their needs and nature .'he selection of investment alternatives are depends up on the re*uired
level of return and the ris" tolerance level. 'hese alternatives range from financial securities to
traditional non$securities investment.
Follo8in& are the various investment alternatives.
Negotiable and fixed income securities
• )*uity shares
• Preference share
• :ebentures
• 9onds
• ndira vi"as patra .Disan 0i"as patra
• Eovernment securities
• Money mar"et securities 1i.e. treasury bill, commercial paper, certificate of
:eposit etc2
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
'on5ne&otia*le securities
• 9an" deposit
• Post office deposit
• N9F/ deposit
• 'ax saving schemes
• Public provident fund scheme
• National saving scheme
• Cife insurance
• Mutual funds
• Real estate
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Securities
/ompanies raise funds to finance their pro%ects through various methods. 'he promoters
can bring their own money or barrow from the financial institutions or mobili(es capital by
issuing securities. 'he funds F may be raised through issue of fresh share at per or
premium. Preference shares debenture or global depository receipts. 'hese are mainly two
mar"ets which any company can raise their funds3 those are primary mar"et and secondary
mar"et .the companies raise funds for the following purposes4
• 'o promote a new company
• 'o expand an existing company
• 'o diversify the production
• 'o meet the regular wor"ing capital re*uirement
• 'o capitali(e the reserves.
'E9 !SSUE M#R:E ;4R!M#R$ M#R:E<
Stoc" available for the first time is offered through new issue mar"et. 'he issuer may be a
new company or an existing company. 'hese issues may be of new type or the secure used in
the past. n the new mar"et the issuer can be consider as a manufacturers. 'he issuing house,
investing ban"er and bro"er act as the channel of distributing for new issue. 'hey ta"e the
responsibility of selling the stoc" to the public
'he primary mar"et provides a direct lin" between the prospective investors and
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Company. he main survives function of the primary mar/et are(
• Grigination
• Hnderwriting
• :istribution
he main o*+ectives of 'SE are as follo8s.
? 'o establish the nation wide trading facility for )*uities, :ebt instruments and hybrids.
? 'o ensure e*ual access to investors all over the country through appropriate
communication networ".
? 'o enable shorter settlement cycle and boo" entry settlement system.
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
!'R)%UC!)' ) =E MUU#, FU'%
Mutual Funds are dynamic financial institutions, which play a crucial role in an economy my
mobili(ing a lin" between savings and the capital mar"et. 'herefore the activities of Mutual
Funds have both short and long term impact on the savings and capital mar"ets and the national
economy. Mutual Funds thus assist the process of financial deepening and intermediation. 'hey
mobili(e Funds in the savings mar"et and act as complementary to ban"ing, at the same time
they also compete with ban"s and other financial institutions. n the process stoc" mar"et
activities are also significantly influenced by Mutual Funds. 'he scope and efficiency of Mutual
Funds are influenced by overall economic fundamentals, the interrelationship between the
financial and real sector, the nature of development of the savings and capital mar"ets, mar"et
structure, institutional arrangements and overall policy regime.
ME#'!'>
- MH'H-C FHN: S - /GMMGN PGGC GF MGN)? N'G 8&/& '&) N0)S'GRS
PC-/) '&)R /GN'R9H'GNS '&-' -R) 'G 9) N0)S'): N -//GR:-N/)
8'& - S'-'): G9I)/'0).
Mutual fund is a mechanism for pooling the resources by issuing units to the investors
-nd investing funds in securities in accordance with ob%ectives as disclosed in offer document
nvestments in securities are spread across a wide cross$section of industries and sectors and thus
the ris" is reduced. :iversification reduces the ris" because all stoc"s may not move in the same
direction in the same proportion at the same time. Mutual fund issues units to the investors in
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
accordance with *uantum of money invested by them. nvestors of mutual funds are "nown as
unit holders.
'he investors in proportion to their investments share the profits or losses. 'he mutual funds
normally come out with a number of schemes with different investment ob%ectives, which are
launches from time to time. - mutual fund is re*uired to be registered with Securities and
)xchange 9oard of ndia 1S)92, which regulates securities mar"ets before it can collect funds
from the public.
#*out Reliance Capital #sset Mana&ement ,td.
Reliance /apital -sset Management Cimited 1R/-M2, a company registered under the
/ompanies -ct, 6A#J was appointed to act as the nvestment Manager of Reliance Mutual Fund.
Reliance /apital -sset Management Cimited is a wholly owned subsidiary of Reliance /apital
Cimited, the sponsor. 'he entire paid$up capital 16,,B2 of Reliance /apital -sset Management
Cimited is held by Reliance /apital Cimited.
Reliance /apital -sset Management Cimited was approved as the -sset Management
/ompany for the Mutual Fund by S)9 vide their letter no M-RP<6=JK<A# dated Iune L,,
6AA#. 'he Mutual Fund has entered into an nvestment Management -greement 1M-2 with
R/-M dated May 6=, 6AA# and was amended on -ugust 6=, 6AA@ in line with S)9 1Mutual
Funds2 Regulations, 6AAJ. Pursuant to this M-, R/-M is authorised to act as nvestment
Manager of Reliance Mutual Fund. 'he networth of the -sset Management /ompany including
preference shares as on March L6, =,,# is Rs.L,.6L crores. Reliance Mutual Fund has launched
twenty five Schemes till date, namely4 Reliance 0ision Fund 1September 6AA#2, Reliance Erowth
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Fund 1September 6AA#2 Reliance ncome Fund 1:ecember 6AA@2, Reliance Ci*uid Fund 1March
6AAM2, Reliance Medium 'erm Fund 1-ugust =,,,2, Reliance Short 'erm Fund 1:ecember
=,,=2, Reliance Fixed 'erm Scheme 1March =,,L2, Reliance 9an"ing Fund 1May =,,L2,
Reliance Eilt Securities Fund 1Iuly =,,L2, Reliance Monthly ncome Plan 1:ecember =,,L2,
Reliance :iversified Power Sector Fund 1March =,,K2 Reliance Pharma Fund 1 May =,,K2,
Reliance Floating Rate Fund 1-ugust =,,K2, Reliance Media . )ntertainment Fund 1September
=,,K2, Reliance NR )*uity Fund 1Gctober =,,K2, Reliance NR ncome Fund 1Gctober =,,K2,
Reliance ndex Fund 1Ianuary =,,#2, Reliance )*uity Gpportunities Fund 1February =,,#2,
Reliance Fixed Maturity Fund $ Series 1March =,,#2, Reliance Fixed Maturity Fund $ Series
1-pril =,,#2, Reliance Regular Saving Fund 1May =,,#2, Reliance Ci*uidity Fund 1Iune =,,#2,
Reliance 'ax Saver 1)CSS2 Fund 1Iuly =,,#2, Reliance Fixed 'enor Fund 1November =,,#2 and
Reliance )*uity Fund 1Feb =,,J2.
R/-M has been registered as a portfolio manager vide S)9 Registration No.
NP,,,,,,K=L and renewed effective 6st -ugust, =,,L.R/-M has commenced these activities.
t has been ensured that "ey personnel of the -M/, the systems, bac" office, ban" and securities
accounts are segregated activity wise and there exists systems to prohibit access to inside
information of various activities. -s per S)9 Regulations, it will further ensure that -M/ meets
the capital ade*uacy re*uirements, if any, separately for each such activity.
RUSEES( 'rustees are li"e internal regulators in a mutual fund, and their %ob is to protect the
interest of unitholders. Sponsors appoint trustees. 'rustees appoint the -M/, which,
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
subse*uently see" their approval for the wor" it does, and reports periodically to them on how
the business is being run. 'rustees float and mar"et schemes, and secure necessary approvals.
'hey chec" if the -M/+s investments are within defined limits and whether the fund+s assets are
protected. 'rustees can be held accountable for financial irregularities in the mutual fund.
CUS)%!#'( - custodian handles the investment bac" office of a mutual fund. ts
responsibilities include receipt and delivery of securities, collection of income, distribution of
dividends, and segregation of assets between schemes. 'he sponsor of a mutual fund mutual fund
cannot act as a custodian to the fund. 'his condition, formulated in the interest of investors,
ensures that the assets of mutual fund are not in the hands of its sponsor.
RE>!SR#R ( Registrars, also "nown as transfer agents, handle all investor$related services.
'his includes issuing and redeeming units, sending fact sheet and annual reports. Some fund
houses handle such functions in$house.
SRUCURE )F MUU#, FU'% !' !'%!#(
'rustees S)9 Sponsor
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Gperations -M/
Fund Manager Mar"et < Sales
Mutual Fund
Schemes
nvestor
>R)9= )F MUU#, FU'%S(
'he ndian mutual fund as passed through three phases. 'he first phase was between 6AJK and
6AM@ and only player was the trust of ndia, which had a total asset of Rs. J@,,<$ crores and the
end of 6AMM.the second phase is between 6AM@ and 6AAL during which period M funds were
established 1J by ban"s and one each by C/ and E/2. 'he total asset under management had
grown to Rs.J6, ,=M<$ crores at and of 6AAK and the numbers of schemes were 6J@.
'he third began with the entry of private and foreign sectors in the mutual fund industry in 6AAL.
Dothari pioneer mutual fund was the first fund to be established by the private sector in
association with a foreign fund.
-s at the end of financial year =,,, 1L6 march2 L= funds were functioning with Rs. 6,6L,,,#
crores as total asset under management. -s on august end =,,,, there were LL with LA6 schemes
and assets under management with Rs. 6,,=,MKA crores.
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
'he securities and exchange board of ndia 1S)92 came out with comprehensive regulation in
6AAL, which defined the structure of mutual fund and asset management companies for the first
time. /urrently there are LK of mutual fund organi(ations in ndia managing over Rs.6, ,=,,,,<$
crore
• First investors pool their money in Mutual fund through franchisee or agents or himself in
particular scheme.
• Fund manager collect that money and diversify that money in different securities.
• 'hen that securities generate return.
• 'hat returns will passed bac" to the investors.
=E %!FFERE' $4ES )F MUU#, FU'%S(
Schemes accordin& to Maturity 4eriod (
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
- mutual fund scheme can be classified into open$ended scheme or close$ended scheme
depending on its maturity period.
)pen5ended Fund? Scheme
-n open$ended fund or scheme is one that is available for subscription and repurchase on a
continuous basis. 'hese schemes do not have a fixed maturity period. nvestors can conveniently
buy and sell units at Net -sset 0alue 1N-02 related prices, which are declared on a daily basis.
'he "ey feature of open$end schemes is li*uidity.
Close5ended Fund? Scheme
- close$ended fund or scheme has a stipulated maturity period e.g. #$@ years. 'he fund is open
for subscription only during a specified period at the time of launch of the scheme. nvestors can
invest in the scheme at the time of the initial public issue and thereafter they can buy or sell the
units of the scheme on the stoc" exchanges where the units are listed. n order to provide an exit
route to the investors, some close$ended funds give an option of selling bac" the units to the
mutual fund through periodic repurchase at N-0 related prices. S)9 Regulations stipulate that
at least one of the two exit routes is provided to the investor i.e. either repurchase facility or
through listing on stoc" exchanges. 'hese mutual funds schemes disclose N-0 generally on
wee"ly basis.
Schemes accordin& to !nvestment )*+ective(
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
- scheme can also be classified as growth scheme, income scheme, or balanced scheme
considering its investment ob%ective. Such schemes may be open$ended or close$ended schemes
as described earlier. Such schemes may be classified mainly as follows4
>ro8th ? Equity )riented Scheme
'he aim of growth funds is to provide capital appreciation over the medium to long$ term. Such
schemes normally invest a ma%or part of their corpus in e*uities. Such funds have comparatively
high ris"s. 'hese schemes provide different options to the investors li"e dividend option, capital
appreciation, etc. and the investors may choose an option depending on their preferences. 'he
investors must indicate the option in the application form. 'he mutual funds also allow the
investors to change the options at a later date. Erowth schemes are good for investors having a
long$term outloo" see"ing appreciation over a period of time.
!ncome ? %e*t )riented Scheme
'he aim of income funds is to provide regular and steady income to investors. Such schemes
generally invest in fixed income securities such as bonds, corporate debentures, Eovernment
securities and money mar"et instruments. Such funds are less ris"y compared to e*uity schemes.
'hese funds are not affected because of fluctuations in e*uity mar"ets. &owever, opportunities of
capital appreciation are also limited in such funds. 'he N-0s of such funds are affected because
of change in interest rates in the country. f the interest rates fall, N-0s of such funds are li"ely
to increase in the short run and vice versa. &owever, long$term investors may not bother about
these fluctuations.
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
0alanced Fund
'he aim of balanced funds is to provide both growth and regular income as such schemes invest
both in e*uities and fixed income securities in the proportion indicated in their offer documents.
'hese are appropriate for investors loo"ing for moderate growth. 'hey generally invest K,$J,B
in e*uity and debt instruments. 'hese funds are also affected because of fluctuations in share
prices in the stoc" mar"ets. &owever, N-0s of such funds are li"ely to be less volatile compared
to pure e*uity funds.
Money Mar/et or ,iquid Fund
'hese funds are also income funds and their aim is to provide easy li*uidity, preservation of
capital and moderate income. 'hese schemes invest exclusively in safer short$term instruments
such as treasury bills, certificates of deposit, commercial paper and inter$ban" call money,
government securities, etc. Returns on these schemes fluctuate much less compared to other
funds. 'hese funds are appropriate for corporate and individual investors as a means to par" their
surplus funds for short periods.
>ilt Fund
'hese funds invest exclusively in government securities. Eovernment securities have no default
ris". N-0s of these schemes also fluctuate due to change in interest rates and other economic
factor as is the case with income or debt oriented schemes.
!nde2 Funds
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
ndex Funds replicate the portfolio of a particular index such as the 9S) Sensitive index, S.P
NS) #, index 1Nifty2, etc 'hese schemes invest in the securities in the same weight age
comprising of an index. N-0s of such schemes would rise or fall in accordance with the rise or
fall in the index, though not exactly by the same percentage due to some factors "nown as
Ntrac"ing errorN in technical terms. Necessary disclosures in this regard are made in the offer
document of the mutual fund scheme. 'here are also exchange traded index funds launched by
the mutual funds, which are traded on the stoc" exchanges.
Sector specific funds?schemes
'hese are the funds<schemes, which invest in the securities of only those sectors or industries as
specified in the offer documents. ).g. Pharmaceuticals, Software, Fast Moving /onsumer Eoods
1FM/E2, Petroleum stoc"s, etc. 'he returns in these funds are dependent on the performance of
the respective sectors<industries. 8hile these funds may give higher returns, they are more ris"y
compared to diversified funds. nvestors need to "eep a watch on the performance of those
sectors<industries and must exit at an appropriate time. 'hey may also see" advice of an expert.
a2 Savin& Schemes
'hese schemes offer tax rebates to the investors under specific provisions of the ncome 'ax -ct,
6AJ6 as the Eovernment offers tax incentives for investment in specified avenues. e.g. )*uity
Cin"ed Savings Schemes 1)CSS2. Pension schemes launched by the mutual funds also offer tax
benefits. 'hese schemes are growth oriented and invest pre$dominantly in e*uities. 'heir growth
opportunities and ris"s associated are li"e any e*uity$oriented scheme.
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
,oad or no5load Fund
- Coad Fund is one that charges a percentage of N-0 for entry or exit. 'hat is, each time one
buys or sells units in the fund, a charge will be payable. 'his charge is used by the mutual fund
for mar"eting and distribution expenses. Suppose the N-0 per unit is Rs.6,. f the entry as well
as exit load charged is 6B, then the investors who buy would be re*uired to pay Rs.6,.6, and
those who offer their units for repurchase to the mutual fund will get only Rs.A.A, per unit. 'he
investors should ta"e the loads into consideration while ma"ing investment as these affect their
yields<returns. &owever, the investors should also consider the performance trac" record and
service standards of the mutual fund, which are more important. )fficient funds may give higher
returns in spite of loads. - no$load fund is one that does not charge for entry or exit. t means the
investors can enter the fund<scheme at N-0 and no additional charges are payable on purchase
or sale of units.
#dvanta&es of Mutual Fund@
• 4rofessional Mana&ement4 Oualified professionals manage your money but they are not
alone. 'hey have a research team that continuously analyses the performance and
prospects of companies. 'hey also select suitable investment to achieve the ob%ective of
the scheme, so you see that it is a continues process that ta"es time and expertise that will
add value to your investment. 'hese fund managers are in a better position to manage
investments and get a higher return.
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
• %iversification4 the /lichP, Q
n+t put all your eggs in one bas"etR. Really applies to theconcept of intelligent investing. :iversification lowers the ris" of loss by spreading your
money across various industries it is a rare occasion when all stoc"s decline at the same
time and in the same proportion.
• Choice of schemes4 Mutual Fund offers a variety of schemes that will suit individuals
needs over a lifetime. 8hen you enter a new stage in your life, all you need to do is sit
down with your investments advisers who will help you to re$arrange your portfolio to
suit your altered life style.
• #fforda*ility4 -s small investors, we may find that it is not possible to buy shares of
larger corporations. Mutual funds generally buy and sell securities in large volumes,
which allow investors to benefit from lower trading costs. 'he smallest investor can get
started on mutual funds because of the minimal investment re*uirements. 8e can invest
with a minimum of Rs. #,, in Systematic nvestment Plan 1SP2 on a regular basis.
• a2 *enefits4 nvestments held by investors for a period of 6= months or more *ualify for
capital gains and will be taxed accordingly. 'hese investments also get the benefit of
indexation. -nd also the dividend received by an investor is tax free in the hands of
investors.
• ,iquidity4 with open$end funds, we can redeem all or part of investment any time when
we wish and receive the current value of the shares or the N-0 related price. Funds are
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
more li*uid than most investments in shares, deposits and bonds and the process is
standardi(e, ma"ing it *uic" and efficient so that we can get your cash in hand as soon as
possible.
• Rupees Cost #vera&in&4 'hrough using this concept of investing the same amount
regularly, mutual funds give you the advantage of getting the average unit price over the
long$term. 'his reduces your ris" and also allows you to discipline yourself by actually
investing every month or *uarterly and not ma"ing sporadic investments.
• he ransparency of Mutual Funds4 'he performance of a mutual fund is reviewed by
various publications and rating agencies, ma"ing it easy for investors to compare one to
the other. Gnce we became part of mutual fund scheme, we were provided with regular
updates, for example daily N-0s, as well as information on the specific investments
made and the fund manager+s strategy and out loo" of the scheme.
• Re&ulations of Mutual Funds4 -ll mutual funds are re*uired to register with S)9.
'hey are obliged to follow strict regulations designed to protect investors. -ll operations
are also regularly monitored by the S)9.
%isadvanta&es )f Mutual Fund
Mutual funds have their dra8*ac/s and may not *e for everyone(
• 'o >uarantees4 No investment is ris" free. f the entire stoc" mar"et declines in value,
the value of mutual fund shares will go down as well, no matter how balanced the
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
portfolio. nvestors encounter fewer ris"s when they invest in mutual funds than when
they buy and sell stoc"s on their own. &owever, anyone who invests through a mutual
fund runs the ris" of losing money.
• Fees and commissions4 -ll funds charge administrative fees to cover their day$to$day
expenses. Some funds also charge sales commissions or NloadsN to compensate bro"ers,
financial consultants, or financial planners. )ven if you don!t use a bro"er or other
financial adviser, you will pay a sales commission if you buy shares in a Coad Fund.
• a2es( :uring a typical year, most actively managed mutual funds sell anywhere from =,
to @, percent of the securities in their portfolios. f your fund ma"es a profit on its sales,
you will pay taxes on the income you receive, even if you reinvest the money you made.
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
C)'E'S
$ )r&aniAation 4rofile
$ Samplin&
$ %ate Collection Methods
$ Measurin& ools
RE,!#'CE M)'E$
The Mutual Fund
#*out Reliance Mutual Fund
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Reliance Mutual Fund 1RMF2 has been established as a trust under the ndian 'rusts -ct, 6MM=
with Reliance /apital Cimited 1R/C2, as the Settlor<Sponsor and Reliance /apital 'rustee /o.
Cimited 1R/'/C2, as the 'rustee.
RMF has been registered with the Securities . )xchange 9oard of ndia 1S)92 vide registration
number MF<,==<A#<6 dated Iune L,, 6AA#. 'he name of Reliance /apital Mutual Fund has been
changed to Reliance Mutual Fund effective 66th. March =,,K vide S)9!s letter no.
M:<PSP<KA#M<=,,K date 66th. March =,,K. Reliance Mutual Fund was formed to launch
various schemes under which units are issued to the Public with a view to contribute to the
capital mar"et and to provide investors the opportunities to ma"e investments in diversified
securities.
he main o*+ectives of the rust are (
• 'o carry on the activity of a Mutual Fund as may be permitted at law and formulate and
devise various collective Schemes of savings and investments for people in ndia and
abroad and also ensure li*uidity of investments for the Hnit holders3
• 'o deploy Funds thus raised so as to help the Hnit holders earn reasonable returns on
their savings
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
• 'o ta"e such steps as may be necessary from time to time to reali(e the effects without
any limitation
"isionB Mission C Mar/et Strate&y
"ision statement 5
Q)mpowering everyone to live their dreamR
Mission statement5
Q'o offer unparalleled value by providing the customer transparent, convenient and
effective anytime$anywhere integrated financial transaction capabilityR
Mar/etin& strate&y5 to provide
? Simple, easy$to$understand, safe and secure trading platform<software
? Hncomplicated, easy$to$understand bro"erage<trading cost structure without any
riders
? )asy access to the financial mar"et through convenient modes of distribution
? Sound, genuine, unbiased advise individual investments.
%etail Study a*out the company
'he easiest, fastest and most convenient way to carry out your financial transactions is now at
your fingertipsS Reliance Money offers you the widest range of asset classes to trade in4 )*uity,
:erivatives, /ommodities and Forex. -lso invest on$line in Mutual Funds, PGs and nsurance
products 1Cife . Eeneral2. -ll this through one single window. Reliance Money is a state$of$the$
art financial transaction platform, which enables you to conduct your financial transactions in
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
cost effective, convenient and secure manner. Reliance Money has introduced several never .
before features and thereby changed the way you will invest4
6. Flat Fees instead of 0ro/era&e $ Put your money into investments, not into bro"erage. Pay a
flat fee of Rs. #,,<$ and transact as much you want upto Rs. 6crore or for = months 1whichever is
earlier2. t.s never happened before anywhere in the worldS
=. radin& :ios/s $ No matter if you don.t have access to a computer or the nternet. ?ou will
find exclusive Reliance Money 'rading Dios"s at convenient locations throughout your city.
'hese internet$enabled Dios"s bring the mar"et to you, wherever you are.
L. Security o/en $ 'he Reliance Money security to"en is so hi$tech, it almost defies belief. 'his
small, portable plastic device flashes a uni*ue number that changes every LJ seconds, ensuring
that the number used for an earlier transaction is discarded. 'his number wor"s over and above
your normal login and password, serving as a third level of protection that guarantees your
account total safety.
K. Call ' rade $ ?ou don.t have to access your computer to trade or invest.8ith our /all N
'rade facility, you can place orders over the phone.
#. Multiple )fferin&s $ -long with e*uity, you can also trade < invest in /ommodities 1gold,
silver, base metals and other agri commodities to name a few2, :erivatives, Forex 1R9 allows
you to remit HST=#,,,, per calendar year2, Mutual Funds, PGs and nsurance products 1Cife .
Eeneral2.
J. 9idest 'et8or/( Reliance Money has a networ" of branches all over the country with
associates who will assist you with your financial investment re*uirements.
@. )ther value 5 added Services( $Reliance Money provides4
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
U Research, mar"et views and stoc" views from independent experts, with an enviable
trac" record
U C0) news from
w Iones, /apital Mar"et and /ommodities /ontrolU /)Gs. < experts. views on economy and the financial mar"et
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?ou can now invest on$line in Mutual Funds through Reliance Money No more filling
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
application forms manually or any going through other paperwor". ?ou need no signatures or
proof of identity for investing. Gnce you place a re*uest for investing in a particular fund, there
are no manual processes involved. ?our ban" funds are automatically debited or credited while
simultaneously crediting or debiting your unit holdings.?ou also get control over your
investments with on$line order confirmations and order status trac"ing. ?ou get to "now the
performance of your investments through online updation of your portfolio with current N-0s.
Reliance Money offers you various options while investing in Mutual Funds4
Purchase4 9uying of Mutual Fund units is very convenient without the hassles of filling in the
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Reliance Mutual Funds
Equity Schemes :
Reliance Equity Fund (
1-n open$ended diversified )*uity Scheme.2 'he primary investment ob%ective of the scheme is
to see" to generate capital appreciation . provide long$term growth opportunities by investing in
a portfolio constituted of e*uity . e*uity related securities of top 6,, companies by mar"et
capitali(ation . of companies which are available in the derivatives segment from time to time
and the secondary ob%ective is to generate consistent returns by investing in debt and money
mar"et securities.
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Reliance a2 Saver ;E,SS< Fund (
1-n Gpen$ended )*uity Cin"ed Savings Scheme.2 'he primary ob%ective of the scheme is to
generate long$term capital appreciation from a portfolio that is invested predominantly in e*uity
and e*uity related instruments.
Reliance Equity )pportunities Fund (
1-n Gpen$)nded :iversified )*uity Scheme.2 'he primary investment ob%ective of the scheme is
to see" to generate capital appreciation . provide long$term growth opportunities by investing in
a portfolio constituted of e*uity securities .e*uity related securities and the secondary ob%ective
is to generate consistent returns by investing in debt and money mar"et securities.
Reliance "ision Fund (
1-n Gpen$ended )*uity Erowth Scheme.2 'he primary investment ob%ective of the Scheme is to
achieve long term growth of capital by investment in e*uity and e*uity related securities through
a research based investment approach.
Reliance >ro8th Fund (
1-n Gpen$ended )*uity Erowth Scheme.2 'he primary investment ob%ective of the Scheme is to
achieve long term growth of capital by investment in e*uity and e*uity related securities through
a research based investment approach.
Reliance !nde2 Fund (
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
1-n Gpen )nded ndex Cin"ed Scheme.2 'he nvestment Gb%ective under the Nifty Plan is to
replicate the composition of the Nifty, with a view to endeavor to generate returns, which could
approximately be the same as that of Nifty. 'he nvestment Gb%ective under the Sensex plan is to
replicate the composition of the Sensex, with a view to endeavor to generate returns, which could
approximately be the same as that of Sensex.
Reliance 'R! Equity Fund (
1-n open$ended :iversified )*uity Scheme.2 'he Primary investment ob%ective of the scheme is
to generate optimal returns by investing in e*uity or e*uity related instruments primarily drawn
from the /ompanies in the 9S) =,, ndex.
%e*t?!ncome Schemes
'he aim of income funds is to provide regular and steady income to investors. Such
schemes generally invest in fixed income securities such as bonds, corporate debentures,
Eovernment securities and money mar"et instruments. Such funds are less ris"y compared
to e*uity schemes. 'hese funds are not affected because of fluctuations in e*uity mar"ets.
&owever, opportunities of capital appreciation are also limited in such funds. 'he N-0s of
such funds are affected because of change in interest rates in the country. f the interest rates
fall, N-0s of such funds are li"ely to increase in the short run and vice versa. &owever,
long term investors may not bother about these fluctuations.
Debt Schemes :
Reliance Monthly !ncome 4lan (
1-n Gpen )nded Fund. Monthly ncome is not assured . is sub%ect to the availability of
distributable surplus 2 'he Primary investment ob%ective of the Scheme is to generate regular
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
income in order to ma"e regular dividend payments to unitholders and the secondary ob%ective is
growth of capital.Primarily the investment shall be made in debt and money mar"et securities
1i.e. M,B2 with a small exposure 1i.e. upto =,B2 in e*uity.
Reliance >ilt Securities Fund 5 Short erm >ilt 4lan C ,on& erm >ilt 4lan(
Gpen$ended Eovernment Securities Scheme2 'he primary ob%ective of the Scheme is to generate
Gptimal credit ris"$free returns by investing in a portfolio of securities issued and guaranteed by
the central Eovernment and State Eovernment
Reliance !ncome Fund (
1-n Gpen$ended ncome Scheme2 'he primary ob%ective of the scheme is to generate optimal
returns consistent with moderate levels of ris". 'his income may be complemented by capital
appreciation of the portfolio. -ccordingly, investments shall predominantly be made in :ebt .
Money nstruments.
Reliance Medium erm Fund (
1-n Gpen )nd ncome Scheme with no assured returns.2 'he primary investment ob%ective of the
Scheme is to generate regular income in order to ma"e regular dividend payments to unitholders
and the secondary ob%ective is growth of capital
Reliance Short erm Fund (
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
1-n Gpen )nd ncome Scheme2 'he primary investment ob%ective of the scheme is to generate
stable returns for investors with a short investment hori(on by investing in Fixed ncome
Securities of short term maturity.
Reliance ,iquid Fund (
1Gpen$ended Ci*uid Scheme2. 'he primary investment ob%ective of the Scheme is to generate
optimal returns consistent with moderate levels of ris" and high li*uidity. -ccordingly,
investments shall predominantly be made in :ebt and Money Mar"et nstruments.
Reliance Fi2ed erm Scheme (
1/lose$ended ncome Scheme2 'he primary ob%ective of the Scheme is to see" to achieve regular
returns < growth of capital by investing in a portfolio of fixed income securities normally
maturing in line with the time profile of the plan with the ob%ective of limiting interest rate
volatility.
Reliance Floatin& Rate Fund (
1-n Gpen )nd ncome Scheme2 'he primary ob%ective of the scheme is to generate regular
income through investment in a portfolio comprising substantially of Floating Rate :ebt
Securities 1including floating rate securiti(ed debt and Money Mar"et nstruments and Fixed
Rate :ebt nstruments swapped for floating rate returns2. 'he scheme shall also invest in Fixed
rate debt Securities 1including fixed rate securitised debt, Money Mar"et nstruments and
Floating Rate :ebt nstruments swapped for fixed returns
Reliance 'R! !ncome Fund (
1-n Gpen$ended ncome scheme2 'he primary investment ob%ective of the Scheme is to generate
optimal returns consistent with moderate levels of ris"s. 'his income may be complimented by
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
capital appreciation of the portfolio. -ccordingly, investments shall predominantly be made in
debt nstruments.
Reliance Fi2ed Maturity Fund 5 Series ! (
1- /lose )nded ncome Scheme2 'he primary investment ob%ective of the Scheme is to see" to
achieve regular returns < growth of capital by investing in a portfolio of fixed income securities
normally maturing in line with the time profile of the Plan with the ob%ective of limiting interest
rate volatility.
Reliance Fi2ed Maturity Fund 5 Series !! (
1- closed ended ncome Scheme2 'he primary investment ob%ective of the Scheme is to see" to
achieve growth of capital by investing in a portfolio of fixed income securities normally
maturing in line with the time profile of the respective plans.
Reliance ,iquidity Fund (
1-n Gpen $ ended Ci*uid Scheme2 'he investment ob%ective of the Scheme is to generate
optimal returns consistent with moderate levels of ris" and high li*uidity. -ccordingly,
investments shall predominantly be made in :ebt and Money Mar"et nstruments.
%e*t )ption ( 'he primary investment ob%ective of this plan is to generate optimal returns
consistent with moderate level of ris". 'his income may be complemented by capital
appreciation of the portfolio. -ccordingly investments shall predominantly be made in :ebt .
Money Mar"et nstruments.
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Equity )ption ( 'he primary investment ob%ective is to see" capital appreciation and or
consistent returns by actively investing in e*uity < e*uity related securities.
Sector Specific Schemes
'hese are the funds<schemes which invest in the securities of only those sectors or industries as
specified in the offer documents. e.g. Pharmaceuticals, Software, Fast Moving /onsumer Eoods
1FM/E2, Petroleum stoc"s, etc. 'he returns in these funds are dependent on the performance
of the respective sectors<industries. 8hile these funds may give higher returns, they are
more ris"y compared to diversified funds. nvestors need to "eep a watch on the performance
of those sectors<industries and must exit at an appropriate time.
Sector Specific Schemes
Sector Funds are specialty funds that invest in stoc"s falling into a certain sector of the economy.
&ere the portfolio is dispersed or spread across the stoc"s in that particular sector. 'his type of
scheme is ideal for investors who have already made up their mind to confine ris" and return to a
particular sector
Reliance Banking Fund
Reliance Mutual Fund has an Gpen$)nded 9an"ing Sector Scheme which has the primary
investment ob%ective to generate continuous returns by actively investing in e*uity < e*uity
related or fixed income securities of ban"s.
Reliance Diversified Poer Sector Fund
Reliance :iversified Power Sector Scheme is an Gpen$ended Power Sector Scheme. 'he primary
investment ob%ective of the Scheme is to see" to generate consistent returns by actively investing
in e*uity < e*uity related or fixed income securities of Power and other associated companies.
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Reliance Pharma Fund
Reliance Pharma Fund is an Gpen$ended Pharma Sector Scheme. 'he primary investment
ob%ective of the Scheme is to generate consistent returns by investing in e*uity < e*uity related or
fixed income securities of Pharma and other associated companies.
Reliance !edia " Entertainment Fund
Reliance Media . )ntertainment Fund is an Gpen$ended Media . )ntertainment sector scheme.
'he 'he primary investment ob%ective of the Scheme is to generate consistent returns by
investing in e*uity < e*uity related or fixed income securities of media . entertainment and other
associated companies.
N-0 or Net -sset 0alue of the fund is the cumulative mar"et value of the assets of the fund net
of its liabilities. N-0 per unit is simply the net value of assets divided by the number of units
outstanding. 9uying and selling into funds is done on the basis of N-0$related prices. N-0 is
calculated as follows4
N-07 Mar"et value of the fund+s investmentsVReceivablesV-ccrued ncome.
Ciabilities$-ccrued )xpenses
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Methodolo&y
%ata sources (
• Primary :ata4 Primary data was collected by administering *uestionnaire. t is
systematic collection of information directly from the Reliance Mutual Fund
nvestors . 'he basic purpose of collecting primary data is to "now the preferred
)*uity Schemes of Reliance Mutual funds
• Secondary data4 Secondary data+s are collected from Reliance website, financial
%ournals, recent Fact sheet of Reliance mutual fund relating to mutual funds
Samplin&
Sample si(e4 #, Reliance Mutual fund nvestors
-rea of research4 9elgaum /ity.
Research approach4 Survey method.
Research nstrument4 Ouestionnaire.
.
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
W
C)'E'S
$ Results C %iscussion 8ith Charts C >raphs
$ SummaryB Conclusion C a 4roposed #ction 4lan 8ith Resource Requirements C
4ro+ected 0enefits to the )r&aniAation
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
4ERF)RM#'CE
C)M4#R!SM )F
MUU#, FU'%
SC=EMES
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Equity diversified schemes
'here is lot of variety schemes offered by -M/s. )*uity diversified is one of the scheme
offered by the -M/ .the selection criteria of schemes is totally depend on the fund si(e and age
of the fund. 'he scheme, which has the corpus value, is more than #,,/rs .
'he following are the e*uity$diversified schemes in the selected funds. at the current date
as ,J<,L<,@
a*les for fund siAe
Reliance Mutual Fund Equity schemes
Scheme name Fund siAe %)! FU'%
C,#SS
Reliance )*uity Fund 1E2
KL#A.J ,L<,@<,J ):
Reliance )*uity Gpportunities Fund
1E2
=LM#.J# ,L<,@<,# ):
Reliance Erowth Fund 1E2
L=JL.@6 ,A<,M<A# ):
Reliance 0ision Fund 1E2
[email protected] ,A<,@<A# ):
Reliance 'ax Saver 1)CSS2 Fund
1E2
6#,6.@M ,M<=L<,# )'S
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
-. Return(
'ame of Scheme
%)!
;1D?D1?DE<
Returns ;annualiAed<
Fyrs
#v&
return
- yr .yr 1yr 6yr Fyr
Reliance Erowth Fund 1E2
-GG.F. KM.=6 AL.=L M,.K, =@.=6 #L.JK J,.#K
Reliance 0ision Fund 1E2
-1E.HF #,.K# J=.J= J,.#J LK.K6 M6.K= #@.MA
Reliance 'ax Saver 1)CCS2
Fund1E2
66#.6AL [email protected] 6,J.A6 #L.,= =A.@@ 6M.,@ #6.,#
Reliance )*uity
Gpportunities Fund 1E2
K#.K=,J KM.=K JL.M# @,.KJ L=.6@ $=.=K K=.#,
Reliance )*uity Fund 1E2
=J.#= L=.K@ LA.,L =M.,, A.A@ ,.,, [email protected]@
N-0
t
5 N-0
t$6
4ortfolio return( R
it
7$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$$
N-0
t$6
8here Rit is the difference between Net -sset 0alues for two consecutive days dividend by the
N-0 of the preceding day.
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
.. Ris/
? 0eta
Scheme name F years av& returnI 0eta
Reliance Erowth Fund 1E2 J,.#K ,.A6
Reliance 0ision Fund 1E2 #@.MA ,.AM
Reliance 'ax Saver 1)CCS2 Fund1E2 #6.,# ,.AL
Reliance )*uity Gpportunities Fund 1E2 K=.#, ,.AJ
Reliance )*uity Fund 1E2 [email protected]@ ,.AK
X Returns are annuali(ed
? = n?xy-(?x)( ?y)
n?x
2
-(?x)
2
8here n7 number of days
> 7rolling returns of the NS) index
?7 rolling returns of the schemes
9eta describes the relationship between the stoc"+s return and the index returns. it describes
the ris" in the portfolio with comparing mar"et ris" as 6 .
f beta 76
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Gne percent changes in mar"et index return causes exactly one percent change in the stoc"
returns. it indicates that the stoc" moves in tandem with the mar"et .
f 9eta Y6
'hen the stoc" is less volatile compared to the mar"et.
f 9eta Z6
'hen the stoc" is more volatile compared to the mar"et. 'he stoc" value
8ith more then 6 beta value is considered to be ris"y.
f 0eta 5ve4 native 9eta indicates that the stoc" returns moves in the opposite direction to the
mar"et return.
Standard deviation
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
t is used to measure the variation in individual returns from the average expected
returns over a certain period. Standard deviation is used in the concept of ris" of a
portfolio of investments. &igher standard deviation means a greater fluctuation in
expected return.
'ame of Scheme
%)!
;1D?D1?DE<
Returns ;annualiAed< Fyrs
#v&
return
S% - yr .yr 1yr 6yr Fyr
Reliance Erowth Fund 1E2
-GG.F. KM.=6 AL.=L M,.K, =@.=6 #L.JK J,.#K =L.##
Reliance 0ision Fund 1E2
-1E.HF #,.K# J=.J= J,.#J LK.K6 M6.K= #@.MA 6#.KL
Reliance 'ax Saver
1)CCS2 Fund1E2
66#.6AL [email protected] 6,J.A6 #L.,= =A.@@ 6M.,@ #6.,# L,.#A
Reliance )*uity
Gpportunities Fund 1E2
K#.K=,J KM.=K JL.M# @,.KJ L=.6@ $=.=K K=.#, =J.,,
Reliance )*uity Fund 1E2
=J.#= L=.K@ LA.,L =M.,, A.A@ ,.,, [email protected]@ 6K.#A
Standard deviation 1S:2 7;< var
8here 0ar 7 variance
0ar7 ? p 1r
i
$)1r22
=
Return C Ris/
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
'ame of Scheme %)!;1D?D1?DE<
# yrs avg
returns sd *eta
Reliance Erowth Fund 1E2 L=JL.@6 J,.#K =L.## ,.A6
Reliance 0ision Fund 1E2 [email protected] #@.MA 6#.KL ,.AM
Reliance 'ax Saver 1)CCS2 Fund1E2 6#,6.@M #6.,# L,.#A ,.AL
Reliance )*uity Gpportunities Fund 1E2 =LM#.J# K=.#, =J.,, ,.AJ
Reliance )*uity Fund 1E2 KL#A.J [email protected]@ 6K.#A ,.AK
Sharpe7s
Sharpe+s index measures the ris" premium of the portfolio relative to the total amt of ris"
in the portfolio. 'his ris" premium is the difference between the portfolio+s average rate of return
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
and the ris" less rate of return. 'he index assigns the highest values to assets that have best ris"$
ad%usted average rate of returns.
'ame of Scheme %)!;1D?D1?DE<
# yrs avg
returns
rp rf sd st
Reliance Erowth Fund 1E2 L=JL.@6 J,.#K M =L.## =.=L
Reliance 0ision Fund 1E2 [email protected] #@.MA M 6#.KL L.=L
Reliance 'ax Saver 1)CCS2 Fund1E2 6#,6.@M #6.,# M L,.#A 6.K,
Reliance )*uity Gpportunities Fund 1E2 =LM#.J# K=.#, M =J.,, 6.LL
Reliance )*uity Fund 1E2 KL#A.J [email protected]@ M 6K.#A 6.L=
8here
st 7Sharpe+s index
Rp7portfolio return
Rf7Ris" free rate of return 1M B2
S:7 standard deviation of the port folio
S
t3
R
45
R
f
S%
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
!nterpretation(
Reliance "ision Fund ;>< is performin& 8ell and is ran/ed 'o - accordin& to Sharpe7s as
it is &ivin& hi&her returns compared to other Schemes.
'ame of Scheme %)!;1D?D1?DE<
# yrs avg
returns
rp rf 0eta tn
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Reliance Erowth Fund 1E2 L=JL.@6 J,.#K M ,.A6 #@.@K
Reliance 0ision Fund 1E2 [email protected] #@.MA M ,.AM #,.A6
Reliance 'ax Saver 1)CCS2 Fund1E2 6#,6.@M #6.,# M ,.AL KJ.=A
Reliance )*uity Gpportunities Fund 1E2 =LM#.J# K=.#, M ,.AJ L#.AK
Reliance )*uity Fund 1E2 KL#A.J [email protected]@ M ,.AK =,.J6
reynor7s !nde24
n 'reynor+s higher the ratio higher the performance.
'n 7'reynor+s index
Rp7portfolio return
Rf7Ris" free rate of return 1M B2
Formula
n3
R
45
R
f
0eta
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
!nterpretation(
Reliance >ro8th Fund ;>< is performin& 8ell and is ran/ed 'o - accordin& to reynor7s
inde2 as it is &ivin& hi&her returns compared to other Schemes accordin& to him and also the
ris/ involved is less
4erformance Evaluation a*les
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Name of the scheme
%)!
;1D?DH?DH< Rp 0eta S% Sharpe7s reynor7s
Reliance Erowth Fund 1E2 L=JL.@6 J,.#K ,.A6 =L.## =.=L #@.@K
Reliance 0ision Fund 1E2 [email protected] #@.MA ,.AM 6#.KL L.=L #,.A6
Reliance 'ax Saver 1)CCS2
Fund1E2 6#,6.@M #6.,# ,.AL L,.#A 6.K, KJ.=A
Reliance )*uity Gpportunities
Fund 1E2 =LM#.J# K=.#, ,.AJ =J.,, 6.LL L#.AK
Reliance )*uity Fund 1E2 KL#A.J [email protected]@ ,.AK 6K.#A 6.L= =,.J6
#nalysis of Survey
1.Sources from Investors came to know about Reliance Mutual fund
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Frequency Percent alid Percent !umulative
Percent
alid Friends"Relatives 1# #$.% #$.% #$.%
&ews'a'ers"
Televisions
( 1$.% 1$.% )*.%
+rokers",-ents 1. )#.% )#.% (%.%
Financial
!onsultants
1/ )%.% )%.% 1%%.%
Total /% 1%%.% 1%%.%
Sources from Investors came to know about Relaince Mutual fund
Sources from Investors came to know about Relaince Mutual fund
Financial !onsultant
+rokers",-ents
&ews'a'ers"Televisio
Friends"Relatives
F
r
e
q
u
e
n
c
y
#%
1%
%
nterpretation4
For the popularity of the mutual funds all the means contributed all most e*ually but the
dominated factor in these factors is advice from the 9ro"ers<-gents, which contributed around
L=B followed by the financial agents at L,B.
#.Reliance Schemes most 'referred by investors
Frequency Percent alid
Percent
!umulative
Percent
alid 0quity )% .%.% .%.% .%.%
1ebt #% $%.% $%.% 1%%.%
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Total /% 1%%.% 1%%.%
Reliance Schemes most 'referred by investors
Reliance Schemes most 'referred by investors
1ebt 0quity
F
r
e
q
u
e
n
c
y
$%
)%
#%
1%
%
nterpretation4
J,B of the respondents prefer e*uity schemes as investors now days are ready to ris"
because they are getting good returns, whereas K,B of the respondents prefer debt schemes.
. )a.Reliance equity fund
Frequency Percent alid
Percent
!umulative
Percent
alid 1 2 1*.% 1*.% 1*.%
# 1 #.% #.% #%.%
$ )% .%.% .%.% *%.%
/ 1% #%.% #%.% 1%%.%
Total /% 1%%.% 1%%.%
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Reliance equity fund
Reliance equity fund
/ $ # 1
P
e
r
c
e
n
t
(%
.%
/%
$%
)%
#%
1%
%
nterpretation4
Reliance e*uity fund is ran"ed K
th
by ma%ority of the nvestors as the returns are not so
high compared to the other Schemes of )*uity.
)b.Reliance equity 3''ortunity fund
Frequency Percent alid
Percent
!umulative
Percent
alid 1 1 #.% #.% #.%
# 2 1*.% 1*.% #%.%
$ 1% #%.% #%.% $%.%
/ )% .%.% .%.% 1%%.%
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Total /% 1%%.% 1%%.%
Reliance equity 3''urtunity fund
Reliance equity 3''urtunity fund
/ $ # 1
P
e
r
c
e
n
t
(%
.%
/%
$%
)%
#%
1%
%
nterpretation4
Reliance )*uity opportunity fund is ran"ed #
th
by J,B of the nvestors investing in Reliance
mutual fund as the returns are low and also ris"ier compared to other K schemes.
)c.Reliance 4rowth fund
Frequency Percent alid
Percent
!umulative
Percent
alid 1 #. /#.% /#.% /#.%
# ) ..% ..% /*.%
) 1* )..% )..% 2$.%
$ ) ..% ..% 1%%.%
Total /% 1%%.% 1%%.%
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Reliance 4rowth fund
Reliance 4rowth fund
$ ) # 1
P
e
r
c
e
n
t
.%
/%
$%
)%
#%
1%
%
)d. Reliance ision fund
Frequency Percent alid Percent !umulative
Percent
alid 1 # $.% $.% $.%
# #$ $*.% $*.% /#.%
) 1. )#.% )#.% *$.%
$ ( 1$.% 1$.% 2*.%
/ 1 #.% #.% 1%%.%
Total /% 1%%.% 1%%.%
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Reliance ision fund
Reliance ision fund
/ $ ) # 1
P
e
r
c
e
n
t
.%
/%
$%
)%
#%
1%
%
)e.Reliance Ta5 Saver607SS
Frequency Percent
alid 1 1# #$.%
# 1$ #*.%
) 1/ )%.%
/ 2 1*.%
Total /% 1%%.%
Reliance Ta5 Saver607SS
Reliance Ta5 Saver607SS
/ ) # 1
P
e
r
c
e
n
t
$%
)%
#%
1%
%
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Ka. Safety
Frequency Percent alid
Percent
!umulative
Percent
alid 1 1% #%.% #%.% #%.%
# )) ...% ...% *..%
/ # $.% $.% 2%.%
. / 1%.% 1%.% 1%%.%
Total /% 1%%.% 1%%.%
Safety
Safety
. / # 1
P
e
r
c
e
n
t
(%
.%
/%
$%
)%
#%
1%
%
nterpretation4
Gut of the #, respondents JJ B of them have rated = to safety because every investors
needs safety in his investment made but also some of them have given least preference to safety
because as we "now Qhigher the ris" higher the returnR.
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Kb. Rate of Return
Rate of Return
Rate of Return
/ $ ) # 1
P
e
r
c
e
n
t
(%
.%
/%
$%
)%
#%
1%
%
nterpretation4
JJB of the respondents have ran"ed rate of return as No 6 ran"ing this is because of the
changing trend where people are ready to ta"e ris" but they expect good returns and higher return
each time.
Frequency Percent alid
Percent
!umulative
Percent
alid 1 )) ...% ...% ...%
# 2 1*.% 1*.% *$.%
) 1 #.% #.% *..%
$ # $.% $.% 2%.%
/ / 1%.% 1%.% 1%%.%
Total /% 1%%.% 1%%.%
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Kc. 7iquidity
Frequency Percent alid Percent!umulative
Percent
alid 1 # $.% $.% $.%
# 1 #.% #.% ..%
) 2 1*.% 1*.% #$.%
$ #. /#.% /#.% (..%
/ 1# #$.% #$.% 1%%.%
Total /% 1%%.% 1%%.%
nterpretation4
Gut of the #,
respondents #=B of
them have ran"ed
li*uidity as K
th
,
whereas only 6,B of
them have ran"ed L
rd
which shows li*uidity is given least preference when compared to other
factors.
Kd. Ta5 +enefit
7iquidity
7iquidity
/ $ ) # 1
P
e
r
c
e
n
t
.%
/%
$%
)%
#%
1%
%
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Frequency Percent alid
Percent
!umulative
Percent
alid # # $.% $.% $.%
) #. /#.% /#.% /..%
$ 2 1*.% 1*.% ($.%
/ 1 #.% #.% (..%
. 1# #$.% #$.% 1%%.%
Total /% 1%%.% 1%%.%
Ta5 +enefit
Ta5 +enefit
. / $ ) #
P
e
r
c
e
n
t
.%
/%
$%
)%
#%
1%
%
nterpretation4
#=B of the respondents have ran"ed L
rd
for tax benefit which shows people give
importance for tax benefit as it saves the investors money.
$e. +rand name
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Frequency Percent alid
Percent
!umulative
Percent
alid # / 1%.% 1%.% 1%.%
) # $.% $.% 1$.%
$ 1) #..% #..% $%.%
/ 1* )..% )..% (..%
. 1# #$.% #$.% 1%%.%
Total /% 1%%.% 1%%.%
+rand name
+rand name
. / $ ) #
P
e
r
c
e
n
t
$%
)%
#%
1%
%
nterpretation4
LJB of the respondents have ran"ed #
th
to 9rand which shows importance is given to
brand name of the company in which investors are investing as it is shows the credit worthiness
of the company.
Kf. Fle5ibility
Frequency Percent alid
Percent
!umulative
Percent
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
alid 1 / 1%.% 1%.% 1%.%
) 1# #$.% #$.% )$.%
/ 1# #$.% #$.% /*.%
. #1 $#.% $#.% 1%%.%
Total /% 1%%.% 1%%.%
Fle5ibility
Fle5ibility
. / ) 1
P
e
r
c
e
n
t
/%
$%
)%
#%
1%
%
nterpretation4
K=B of the respondents have ran"ed J
th
to Flexibility which shows not much importance
is given to flexibility as far as investors are getting good return from the schemes.
#a. Reliance Mutual Fund
Frequency Percent alid
Percent
!umulative
Percent
alid 1 1$ #*.% #*.% #*.%
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
# )$ .*.% .*.% 2..%
$ # $.% $.% 1%%.%
Total /% 1%%.% 1%%.%
Reliance Mutual Fund
Reliance Mutual Fund
$ # 1
P
e
r
c
e
n
t
*%
.%
$%
#%
%
nterpretation4
Ma%ority of the respondents have ran"ed Reliance mutual funds as =
nd
when compared to
the other K companies so this shows that in a short span of time Reliance has made a good image
in the eyes of the investors.
#b. 81F! Mutual Fund
Frequency Percent alid
Percent
!umulative
Percent
alid 1 # $.% $.% $.%
# 1 #.% #.% ..%
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
) )/ (%.% (%.% (..%
$ 2 1*.% 1*.% 2$.%
/ ) ..% ..% 1%%.%
Total /% 1%%.% 1%%.%
81F! Mutual Fund
81F! Mutual Fund
/ $ ) # 1
P
e
r
c
e
n
t
*%
.%
$%
#%
%
nterpretation4
Ma%ority of the investors have ran"ed &:F/ mutual fund as L
rd
when compared to other
mutual fund so comparatively it is doing well.
#c. Franklin Tem'leton Mutual Fund
Frequency Percent alid Percent !umulative
Percent
alid 1 )# .$.% .$.% .$.%
# 1/ )%.% )%.% 2$.%
) # $.% $.% 2*.%
$ 1 #.% #.% 1%%.%
Total /% 1%%.% 1%%.%
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Franklin tem'leton Mutual Fund
Franklin tem'leton Mutual Fund
$ ) # 1
P
e
r
c
e
n
t
(%
.%
/%
$%
)%
#%
1%
%
nterpretation4
Fran"lin has been ran"ed NG 6 mutual fund company by the respondents when compared
to the other mutual funds as it has maintained its returns over a long period of time.
#d. 9TI mutual Fund
Frequency Percent alid
Percent
!umulative
Percent
alid 1 1 #.% #.% #.%
) 1% #%.% #%.% ##.%
$ / 1%.% 1%.% )#.%
/ )$ .*.% .*.% 1%%.%
Total /% 1%%.% 1%%.%
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
9TI mutual Fund
9TI mutual Fund
/ $ ) 1
P
e
r
c
e
n
t
*%
.%
$%
#%
%
nterpretation4
Ma%ority of the investors are not preferring H' mutual funds as their returns are very low
when compared to their previous records and so it is been ran"ed K
th
by the investors.
#e. I!I!I mutual fund
Frequency Percent
alid 1 1 #.%
) ) ..%
$ )) ...%
/ 1) #..%
Total /% 1%%.%
nterpretation4
Ma%ority of the
investors are not
I!I!I mutual fund
I!I!I mutual fund
/ $ ) 1
P
e
r
c
e
n
t
(%
.%
/%
$%
)%
#%
1%
%
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
preferring H' mutual funds as their returns are very low when compared to other L companies
but it is ran"ed K
th
that shows it is performing good than H' mutual fund.
Findin&s
• L=B of the nvestors have come to "now about Reliance mutual fund through
9ro"ers<-gents followed by L,B who have come to "now through Financial
/onsultants
• J,B of the nvestors are giving more preference to )*uity schemes as they are giving
higher return whereas K,B of them prefer :ebt Schemes because of the Safety they
provide
• #=B of the investors prefer Reliance Erowth Fund followed by Reliance 0ision Fund and
other Schemes.
• JJB of the investors give most importance to Rate of return as they expect higher and
higher returns followed by Safety as it is also important aspect of investors.
• Reliance Mutual Fund is Ran"ed =
nd
by the nvestors i.e. JMB of them have ran"ed
Reliance as =
nd
and Fran"lin 'empleton is Ran"ed 6
st
.
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
SU>>ES!)'S
• &olding a seminar and presentations or nvestors meet in the stoc" bro"ing firm help the
investors to remove any misconception regarding the Mutual Fund and this will create
awareness of Mutual fund.
• -gents are the main person who influences the investment decision. /ompany can hire
fresh graduates train them and sponsor for the -MF exam %ust li"e insurance companies
who conduct R:- training. 'his will increase the feet on street for the mutual fund
companies.
• /ompany has to provide timely services to its customers so that it can compete with its
competitors li"e Fran"lin 'empleton and &:F/.
C)'C,US!)'
-fter the analysis made on the performance of )*uity Schemes of Reliance
Mutual Fund can conclude that )*uity schemes are most preferred by nvestors and overall
Reliance 0ision Fund and Reliance Erowth scheme are doing extremely well in the mar"et
satisfying the customer wants of high returns and also through survey conducted it is clear
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
that Reliance is performing *uite well so it has been ran"ed =
nd
among the selected
companies. From the study we also came to "now that according to Sharpe [s Reliance
0ision fund is ran"ed First but according to 'reynor+s Reliance growth fund is ran"ed First.
C)'E'S
$ JUES!)'#REE
$ #''EXURE
$ 0!0,)>R#4=$
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
JUES!)''#!RE
:ear Sir<Madam4
4ersonal %etails(
• Name 4 \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\
• -ddress 4 \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\
• Gccupation 4 \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\
• /ontact No 4 \\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\\
6. &ow did you come to "now about Reliance mutual Fund]
Friends <Relatives News papers < maga(ines
9ro"ers<-gents Financial consultants.
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Gther\\\\\\\\\\\\\\\\\\\\\\\\\
=. 8hich Schemes of Reliance Mutual fund would you prefer the most]
)*uity Schemes :ebt Scheme
L. 8hich )*uity Scheme you prefer the most in Reliance Mutual Fund]
1Ran" them from 6 to #, 6 being the most preferred and # being the least2
Reliance Erowth ^ W
Reliance 0ision Fund ^ W
Reliance )*uity Gpportunity Fund ^ W
Reliance 'ax Saver 1)CSS2 Fund ^ W
Reliance )*uity Fund ^ W
K. 8hat factors do you consider while investing in mutual fund]
1Ran" them from 6 to J. No6 for preferred and No J for least preferred2
Safety Rate of return
Ci*uidity 'ax benefit
Flexibility 9rand Name
#. &ow would you rate Reliance mutual fund when compared to the other mutual
Fund] 1Ran" them from 6 to #, 6 being the &ighest . # being the lowest2.
Reliance ^ W
&:F/ ^ W
Fran"lin 'empleton ^ W
H' ^ W
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Pru // ^ W
=#': $)U
-nnexure
:etails about top schemes
RE,!#'CE "!S!)' FU'%
RE,!#'CE >R)9= FU'%
Structure Gpen ended )*uity Erowth Scheme
nception :ate ,M<6,<6AA#
/orpus L=JL.@6
Structure Gpen ended )*uity Erowth Scheme
nception :ate ,M<6,<6AA#
/orpus [email protected] crore
Minimum nvst #,,,
Fund Manager -shwini Dumar
)ntry Coad =.=#B
)xit Coad Nil
nvestment Gb%ective 'he primary investment ob%ective of the scheme is to achieve
long$term growth of capital by investment in e*uity and
e*uity$related securities through a research$based investment
approach.
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Minimum nvst #,,,
Fund Manager Sunil Singhania
)ntry Coad =.=#B
)xit Coad Nil
nvestment Gb%ective 'he primary investment ob%ective of the scheme is to achieve
long$term growth of capital by investing in e*uity and e*uity
related securities through a research$based
investment approach.
RE,!#'CE #X S#"ER FU'%
Structure Gpen ended )*uity Erowth Scheme
nception :ate ==<,A<=,,#
/orpus 6#,6.@M
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
Minimum nvst #,,
Fund Manager -shwani Dumar
)ntry Coad =.=#B
)xit Coad Nil
nvestment Gb%ective 'he primary ob%ective of the scheme is to generate long$term
capital appreciation from a portfolio that is invested
predominantly in e*uity and e*uity$related instruments.
RE,!#'CE EJU!$ )44URU'!$ FU'%
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
RE,!#'CE EJU!$ FU'%
Structure Gpen ended )*uity Erowth Scheme
nception :ate L6<,L<=,,#
/orpus Rs =,LM#.J# crore
Minimum nvst #,,,
Fund Manager .Sailesh Ra% 9han
)ntry Coad =.=#B
)xit Coad Nil
nvestment Gb%ective 'he primary investment ob%ective of the scheme is to see" to
generate capital appreciation and provide long$term growth
opportunities by investing in a portfolio constituted
of e*uity securities . e*uity$related securities and the
secondary ob%ective is to generate consistent returns by
investing in :ebt and Money Mar"et securities.
Structure Gpen ended )*uity Erowth Scheme
nception :ate L,<,L<=,,J
/orpus Rs KL#A.J crore
Minimum nvst #,,,
Fund Manager .Sailesh Ra% 9han
)ntry Coad =.=#B
)xit Coad Nil
nvestment Gb%ective 'he primary investment ob%ective of the scheme is to see" to
generate capital appreciation and provide long$term growth
opportunities by investing in a portfolio constituted
opportunities by investing in a portfolio constituted of e*uity
and e*uity related securities of top 6,, companies by mar"et
capitali(ation and of companies which are available in the
derivatives segment from time to time and the secondary
ob%ective is to generate consistent returns by
investing in debt and money mar"et securities.
“Comparative study on performance of Equity Schemes of
Reliance Mutual Fund.”
0i*lio&raphy
• Reliance Fact Sheets
• nvest smart financial Iournal
8ebsites
$ www.myris.com
$ www.reliancemf.com
$ www.e*uitymaster.com
doc_703024804.doc