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S.K SOMAIYA COLLEGE OF ARTS, SCIENCE & COMMERCE
VIDYAVIHAR (EAST), MUMBAI - 400077
PROECT ON!
"STUDY OF MUTUAL FUND IN INDIA #ITH REFERNCE TO HDFC
MUTUAL FUND$
MASTERS OF COMMERCE
(BANKING & FINANCE)
PART % (SEM)
(0%'-0%)
S*+/!
I P1213 F333+ 5 6 22+8
F52 6 A912/ 5 6 D:2 5
MASTERS OF COMMERCE
(BANKING & FINANCE)
BY
KHUSHBU V PESHAVARIA
ROLL NO ! 4
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DECLARATION
I KHUSHBU V PESHAVARIA student of class M;5+ (BANKING &
FINANCE) PART % (SEM-%), ROLL NO 4, academic year 0%'-0% Studying
at S.K. SOMAIYA COLLEGE OF ARTS, SCIENCE AND COMMERCE,
hereby declare that the work done on the project Entitle “ STUDY OF MUTUAL
FUND IN INDIA #ITH REFERANCE TO HDFC LTD$ is true and original
and any Reference used in this project is duly acknowledged.
DATE!
PLACE: MM!"#
SIGNATURE OF STUDENT
(KHUSHBU V PESHAVARIA)
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CERTIFICATE
$his is to certify that MISS KHUSHBU V PESHAVARIA, studying in M;5+ (BANKING &
FINANCE) PART % (SEM-%), ROLL NO. 4, academic year 0%'-0% at S.K.SOMAIYA
COLLEGE OF ARTS, SCIENCE & COMMERCE has completed the project on PROECT GUIDE? >PRINCIPAL?
%%%%%%%%%%%%%%%%%%%% %%%%%%%%%%%%%%%%%%%
E@TERNAL E@AMINER MR RAVIKANT
>CO-ORDINATOR?
DECLARATION BY GUIDE
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#, the undersigned &rof. %%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%%% has guided
KHUSHBU V PESHAVRIA , R'(( )' ! 4 for her project. She has
completed the project on “ STUDY OF MUTUAL FUND IN INDIA #ITH
REFERANCE TO HDFC LTD $ successfully.
#, hereby declare that information pro*ided in this project is true as per the
best of my knowledge.
(P25. )
P25; G/
ACKNO#LEDGEMENT
#t gi*es me immense pleasure to present a project on + S/ 5 +13 / 96
22; 5 HDFC LTD "s a M.com student it is a great honor to undergo a
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project work at an post graduate le*el and # would like to thank the ni*ersity of
Mumbai for gi*ing me such a golden opportunity.
# am eternally grateful to almighty god for gi*ing me the spirit to put in my best
effort towards my project. # owe my sincere gratitude to DR. SANGEETAKOHLI, the principal of our college. # am also thankful to my project guide MR
BOSCO PETER for his *aluable guidance and for pro*iding an insight to the
subject.
# am also obliged to the library staff of S.-.Somaiya ollege for the numerous
books made me a*ailable for the handy reference.
"lthough, # ha*e taken e*ery care to check mistake and misprint yet it is difficultto claim perfection. "ny error, omission and suggestion brought to my notice, will
be thankfully acknowledged by me.
I/SR )'. /"&$ER )"ME &"0E )'
1 M$"( 2)3 '4ER 4#E5 6 1.1 #)$R'3$#') 7 1.8 M2 "S #)4ES$ME)$ &("$2'RM 9
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1. "34")$"0E '2 M2 11 1.; 3#S"34")$"0ES '2 M2 18
8 "$E0'R#ES '2 M$"( 2)3 1
8.1 "$E0'R#ES '2 M2 1; 8.8 #)4ES$ME)$ S$R"$E0< 17 8. 3#S$R#!$#') /"))E( 17
'R0")#="$#') S$R$RE > RE0("$'R<"$/'R#$< '2 M2 19
.1 'R0")#="$#') S$R$RE '2 M2 8? .8 RE0("$'R< "$/'R#$< '2 M2 88
; /32 "M 'M&")< '4ER4#E5 87 ;.1 /32 'M&")< &R'2#(E 89 ;.8 /32 'M&")< '4ER4#E5 ?
@ /32 M2 &R'3$S ; @.1 &R'3$S '2 /32 M$"( 2)3 @ @.8 "M '2 /32 4S '$/ER 'M&")#ES 6
@. /32 0R'5$/ 2)3 &'R$2'(#'")"
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Chapter no:1
MUTUAL FUND OVERVIEW
%.% INTRODUCTION TO MUTUAL FUND
"n in*estment *ehicle that is made up of a pool of funds collected from many in*estors for
the purpose of in*esting in securities such as stocks, bonds, money market instruments and
similar assets. Mutual funds are operated by money managers, who in*est the fundBs capital
and attempt to produce capital gains and income for the fundBs in*estors. " mutual fundBs
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portfolio is structured and maintained to match the in*estment objecti*es stated in its
prospectus.
" mutual fund is a common pool of money into which in*estors place their contributions
that are to be in*ested in accordance with a stated objecti*e. $he benefits to in*estors in
buying units of mutual funds come primarily from di*ersification, professional money
management, and taC benefits.
Schemes in a mutual fund are managed by a professional in*estment manager Dcalled a 2und
Manager who has many years of rele*ant eCperience and is hence likely to manage the
in*estments better than an indi*idual in*estor. )ormally, different 2und Managers manage
schemes in*esting in different asset classes, i.e. eFuity schemes and debt schemes Dbonds,
debentures are usually managed by separate 2und Managers.
" mutual fund is normally formed as a $rust and is go*erned by a !oard of $rustees G see
diagram below. $he $rustees in turn appoint an in*estment ad*isor to manage the *arious
schemes launched by the mutual fund. $his in*estment ad*isor is called an "sset
Management ompany D"M. $he "M is responsible for marketing and selling the
schemes, in*esting the funds collected by it and ser*icing the in*estors. $he "M is
responsible to the $rustees and has to take their appro*al for all major actions taken inconnection with the mutual fund. $o help the "M in its daily acti*ities, it appoints
specialists in different areas H a Registrar > $ransfer DR>$ "gent , a ustodian and one or
more !anks.
%. MUTUAL FUND AN INVESTMENT PLATFORM
Mutual fund is an in*estment company that pools money from small in*estors and in*ests
in a *ariety of securities, such as stocks, bonds and money market instruments. Most openHend
Mutual funds stand ready to buy back Dredeem its shares at their current net asset *alue, which
depends on the total market *alue of the fundBs in*estment portfolio at the time of
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redemption. Most openHend Mutual funds continuously offer new shares to in*estors. #t is also
known as an openHend in*estment company, to differentiate it from a closedHend in*estment
company.
Mutual funds in*est pooled cash of many in*estors to meet the fundBs stated in*estment
objecti*e. Mutual funds stand ready to sell and redeem their shares at any time at the funds
current net asset *alue: total fund assets di*ided by shares outstanding.
#n Simple 5ords, Mutual fund is a mechanism for pooling the resources by issuing units to
the in*estors and in*esting funds in securities in accordance with objecti*es as disclosed in
offer document.
#n*estments in securities are spread across a wide crossHsection of industries and sectors
and thus the risk is reduced. 3i*ersification reduces the risk because not all stocks may mo*e
in the same direction in the same proportion at the same time. Mutual fund issues units t o the
in*estors in accordance with Fuantum of money in*ested by them. #n*estors of Mutual fund
are known as unit holders. $he profits or losses are shared by the in*estors in proportion to their
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INVEST IN VARIETY
OF STOCKS/BONS
! A R K E T " F #
$ C T $ A T I O N S %
INVEST T&EIR
!ONEY
! $ T $ A # F $
N S
& E ! E S
I N V E S T O R
PROFIT/#OSS FOR!
PORTFO#IO OF
INVEST!ENT
PROFIT/#OSS FRO!
INIVI$A#
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in*estments. $he Mutual funds normally come out with a number of schemes with different
in*estment objecti*es which are launched from time to time.
#n #ndia, " Mutual fund is reFuired to be registered with Securities and ECchange !oa rd
of #ndia DSE!# which regulates securities markets before it can collect funds from the public.
#n Short , a Mutual fund is a common pool of money in to which in*estors with
common in*estment objecti*e place their contributions that are to be in*ested in accordance
with the state d in*estment objecti*e of the scheme. $he in*estment manager would in*est the
money collected from the in*estor in to assets that are definedI permitted by the stated
objecti*e of the scheme. 2or eCample, a n eFuity fund would in*est eFuity and eFuity
related instruments and a debt fund would in*est in bonds, debentures, gilts etc. Mutual fund is
a suitable in*estment for the common ma n a s it offers an 'porto unity to in*est in a
di*ersified, professionally managed basket of securities at a relati*ely low cost.
%. ADVANTAGES OF MUTUAL FUND
S.
N5
.
A/11: P12;3128
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%.P52535
D28;15
Mutual 2unds in*est in a wellHdi*ersified portfolio of securities which
enables in*estor to hold a di*ersified in*estment portfolio Dwhether the
amount of in*estment is big or small.
. P2588513M11:+
2und manager undergoes through *arious research works and has better
in*estment management skills which ensure higher returns to the
in*estor than what he can manage on his own.
. L88 R8
#n*estors acFuire a di*ersified portfolio of securities e*en with a small
in*estment in a Mutual 2und. $he risk in a di*ersified portfolio is lesser
than in*esting in merely 8 or securities.
4.
L59
T2181;5
C588
3ue to the economies of scale Dbenefits of larger *olumes, mutual
funds pay lesser transaction costs. $hese benefits are passed on to the
in*estors.
'. L/"n in*estor may not be able to sell some of the shares held by him *ery
easily and Fuickly, whereas units of a mutual fund are far more liFuid.
.C65; 5
S;6+8
Mutual funds pro*ide in*estors with *arious schemes with different
in*estment objecti*es. #n*estors ha*e the option of in*esting in a
scheme ha*ing a correlation between its in*estment objecti*es and their
own financial goals. $hese schemes further ha*e different plansIoptions
7. T21812;
2unds pro*ide in*estors with updated information pertaining to the
markets and the schemes. "ll material facts are disclosed to in*estors as
reFuired by the regulator.
. F3*3
#n*estors also benefit from the con*enience and fleCibility offered by
Mutual 2unds. #n*estors can switch their holdings from a debt scheme
to an eFuity scheme and *iceH*ersa. 'ption of systematic Dat regular
inter*als in*estment and withdrawal is also offered to the in*estors in
most openHend schemes.
J. S1
Mutual 2und industry is part of a wellHregulated in*estment
en*ironment where the interests of the in*estors are protected by the
regulator. "ll funds are registered with SE!# and complete transparency
is forced.
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%.4 DISADVANTAGE OF INVESTING IN MUTUAL FUNDS
S.
N5
.
D81/11: P12;3128
%.
C588 C5253
N5 6
H1/8 5 1
I852
#n*estor has to pay in*estment management fees and fund
distribution costs as a percentage of the *alue of his in*estments Das
long as he holds the units, irrespecti*e of the performance of the
fund.
.
N5
C85+/
P525358
$he portfolio of securities in which a fund in*ests is a decision taken
by the fund manager. #n*estors ha*e no right to interfere in the
decision making process of a fund manager, which some in*estors
find as a constraint in achie*ing their financial objecti*es.
.
D;3
S3;: 1
S1*3 F/
S;6+
Many in*estors find it difficult to select one option from the plethora
of fundsIschemesIplans a*ailable. 2or this, they may ha*e to take
ad*ice from financial planners in order to in*est in the right fund to
achie*e their objecti*es.
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CHAPTER : 2
CATEGORIES OF MUTUAL FUND
.% CATEGORIES OF MUTUAL FUND
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A
E
N
H
I
T
R
T
R
A
E
N
H
I
T
R
T
R
F:2!%.
M13 /8 ;1 * ;3188/ 18 53359!
B18/ 5 62 82;2!
O-// /8! #n*estors can buy and sell the units from the fund, at any point of
time.
C358-// /8! $hese funds raise money from in*estors only once. $herefore, after
the offer period, fresh in*estments cannot be made into the fund. #f the fund is listed on a
stocks eCchange, the units can be traded like stocks DE.g., Morgan Stanley 0rowth 2und.
Recently, most of the )ew 2und 'ffers of closeHended funds pro*ided liFuidity window
on a periodic basis such as monthly or weekly. Redemption of units can be made during
specified inter*als. $herefore, such funds ha*e relati*ely low liFuidity.
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2' BASE ON INVEST!ENT OB(ECTIVE
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M13 /8 ;1 * ;3188/ 18 53359!
B18/ 5 62 8+ 5*;!
E /8: $hese funds in*est in eFuities and eFuity related instruments. 5ith
fluctuating share prices, such funds show *olatile performance, e*en losses. /owe*er,
short term fluctuations in the market, generally smoothens out in the long term, thereby
offering higher returns at relati*ely lower *olatility. "t the same time, such funds can
yield great capital appreciation as, historically, eFuities ha*e outperformed all asset
classes in the long term. /ence, in*estment in eFuity funds should be considered for a period of at least H@ years. #t can be further classified as:
%. I/ /8H #n this case a key stock market indeC, like !SE SenseC or )ifty is tracked.
$heir portfolio mirrors the benchmark indeC in terms of both composition and indi*idual stock
weightages.
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EBT F$NSBA#ANCE
F$NS
E)$ITY F$NS
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. E /28/ /8- 1??J of the capital is in*ested in eFuities spreading across
different sectors and stocks.
. D// 3/ /8- it is similar to the eFuityHdi*ersified funds eCcept that they in*est in
companies offering high di*idend yields.
4. T6+1; /8- #n*est 1??J of the assets in sectors which are related through some theme.
e.g. H"n infrastructure fund in*ests in power, construction, cements sectors etc.
'. S;52 /8- #n*est 1??J of the capital in a specific sector. e.g. H " banking sector fund will
in*est in banking stocks.
A. ELSSH EFuity (inked Sa*ing Scheme pro*ides taC benefit to the in*estors
.
B131;/ /! $heir in*estment portfolio includes both debt and eFuity. "s a result, on
the riskHreturn ladder, they fall between eFuity and debt funds. !alanced funds are the
ideal mutual funds *ehicle for in*estors who prefer spreading their risk across *arious
instruments. 2ollowing are balanced funds classes:
1 D*-52/ /8 -#n*estment below A@J in eFuities.
8 E-52/ /8 -#n*est at least A@J in eFuities, remaining in debt.
D* /! $hey in*est only in debt instruments, and are a good option for in*estors
a*erse to idea of taking risk associated with eFuities. $herefore, they in*est eCclusi*ely in
fiCedHincome instruments like bonds, debentures, 0o*ernment of #ndia securitiesK and
money market instruments such as certificates of deposit D3, commercial paper D&
and call money. &ut your money into any of these debt funds depending on your
in*estment horiLon and needs.
%. L/ /8- $hese funds in*est 1??J in money market instruments, a large portion
being in*ested in call money market.
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. G3 /8 ST- $hey in*est 1??J of their portfolio in go*ernment securities of and $H
bills.
. F351: 21 /8 - #n*est in shortHterm debt papers. 2loaters in*est in debt
instruments, which ha*e *ariable coupon rate.
4. A2*21: /- $hey generate income through arbitrage opportunities due to missH
pricing between cash market and deri*ati*es market. 2unds are allocated to eFuities,
deri*ati*es and money markets. /igher proportion Daround 6@J is put in money
markets, in the absence of arbitrage opportunities.
'. G3 /8 LT- $hey in*est 1??J of their portfolio in longHterm go*ernment securities.
. I;5+ /8 LT- $ypically, such funds in*est a major portion of the portfolio in longH
term debt papers.
7. MIP8- Monthly #ncome &lans ha*e an eCposure of 6?JH9?J to debt and an eCposure of
1?JH?J to eFuities.
. FMP8- fiCed monthly plans in*est in debt papers whose maturity is in line with that of
the fund.
H59 12 /8 /2 2+8 5 62 28 253!
EFuity 2unds /igh le*el of return, but has a high le*el of risk too
3ebt funds Returns comparati*ely less risky than eFuity funds
(iFuid and Money
Market funds
&ro*ide stable but low le*el of return
%. INVESTMENT STRATEGIES
%. S8+1; I8+ P31! nder this, a fiCed sum is in*ested each month on a fiCed date
of a month. &ayment is made through postHdated cheFues or direct debit facilities. $he in*estor
gets fewer units when the )"4 is high and more units when the )"4 is low. $his is called as the
benefit of Rupee ost "*eraging DR"
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. S8+1; T2182 P31! nder this, an in*estor in*est in debtHoriented fund and gi*e
instructions to transfer a fiCed sum, at a fiCed inter*al, to an eFuity scheme of the same mutual
fund.
. S8+1; #6/21913 P31! if someone wishes to withdraw from a mutual fund then he
can withdraw a fiCed amount each month.
. DISTRIBUTION CHANNELS!
Mutual funds posses a *ery strong distribution channel so that the ultimate customers doesnt
face any difficulty in the final procurement. $he *arious parties in*ol*ed in distribution of
mutual funds are:
%. D2; +12: * 6 AMC8! the forms could be obtained from the "Ms directly. $he
in*estors can approach to the "Ms for the forms. some of the top "Ms of #ndia areK
Reliance ,!irla Sunlife, $ata, S!# magnum, -otak Mahindra, /32, Sundaram, ###, Mirae
"ssets, anara Robeco, (otus #ndia, (#, $# etc. whereas foreign "Ms include: Standard
hartered, 2ranklin $empleton, 2idelity, & Morgan, /S!, 3S& Merill (ynch, etc.
. B252 8* *252 1221:+8: the "Ms can simultaneously go for brokerIsubHbroker to populariLe their funds. "Ms can enjoy the ad*antage of large network of these brokers and
sub brokers.
. I//13 1:8, B18, NBFC! in*estors can procure the funds through indi*idual agents,
independent brokers, banks and se*eral nonH banking financial corporations too, whiche*er he
finds con*enient for him.
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CHAPTER NO:!
ORGANI"ATION STRUCTURE #
REGULATOR$
AUTHORIT$ OF MUTUAL FUND
.% ORGANISATION STRUCTURE OF MUTUAL FUND!
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THE STRUCTURE CONSISTS OF:
SPONSOR
Sponsor is the person who acting alone or in combination with another body corporate
establishes a mutual fund. Sponsor must contribute at least ;?J of the net worth of the
#n*estment managed and meet the eligibility criteria prescribed under the Securities and
ECchange !oard of #ndia DMutual 2und Regulations, 199A. $he sponsor is not responsible or
liable for any loss or shortfall resulting from the operation of the Schemes beyond the initial
contribution made by it towards setting up of the Mutual 2und.
TRUST
$he Mutual 2und is constituted as a trust in accordance with the pro*isions of the #ndian $rusts
"ct, 1778 by the Sponsor. $he trust deed is registered under the #ndian Registration "ct, 19?7.
TRUSTEE
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$rustee is usually a company Dcorporate body or a !oard of $rustees Dbody of indi*iduals. $he
main responsibility of the $rustee is to safeguard the interest of the unit holders and ensure that
the "M functions in the interest of in*estors and in accordance with the Securities and
ECchange !oard of #ndia DMutual 2unds Regulations, 199A, the pro*isions of the $rust 3eed
and the 'ffer 3ocuments of the respecti*e Schemes. "t least 8Ird directors of the $rustee are
independent directors who are not associated with the Sponsor in any manner.
ASSET MANAGEMENT COMPANY (AMC)
$he "M is appointed by the $rustee as the #n*estment Manager of the Mutual 2und. $he "M
is reFuired to be appro*ed by the Securities and ECchange !oard of #ndia DSE!# to act as an
asset management company of the Mutual 2und. "t least @?J of the directors of the "M are
independent directors who are not associated with the Sponsor in any manner. $he "M must
ha*e a net worth of at least 1? cores at all times.
REGISTRAR AND TRANSFER AGENT
$he "M if so authoriLed by the $rust 3eed appoints the Registrar and $ransfer "gent to the
Mutual 2und. $he Registrar processes the application form, redemption reFuests and dispatches
account statements to the unit holders. $he Registrar and $ransfer agent also handles
communications with in*estors and updates in*estor records.
. REGULATORY AUTHORITY OF MUTUAL FUND
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.8.1 Role of SE!# Dsecurities eCchange board of #ndia
$here was no uniform regulation of the mutual funds industry till a few years ago. $he $# was
regulated by a special "ct of &arliament while funds promoted by public sector banks weresubject to R!# 0uidelines of uly 1979. $he Securities > ECchange !oard of #ndia DSE!# was
formed in 199 as a capital market regulator. 'ne of its responsibilities was to regulate the
mutual fund industry and it came up with comprehensi*e regulations for the industry in 199.
$he rules for the formation, administration and management of mutual funds in #ndia were
clearly laid down. Regulations also prescribed disclosure reFuirements.
$he regulations were thoroughly re*iewed and reHnotified in 3ecember 199A. $he re*ised
guidelines tighten the accounting and disclosure reFuirements in line with recommendations of
$he ECpert ommittee on "ccounting &olicies, )et "sset 4alues and &ricing of Mutual 2unds.
$he SE!# DMutual 2unds Regulations, 199A ha*e been further amended in 1996, 1997 and
1999. $oday, all mutual funds are regulated by SE!#. Efforts ha*e been made to bring $#
schemes under SE!#Bs ambit with the result that all schemes, with the eCception of nit A;, are
now regulated by the capital market regulator.
.. SEBI G/3 5 M13 F/ SE!# Regulation "ct 199A
Establishment of a Mutual 2und:
#n #ndia mutual fund play the role as in*estment with trust, some of the formalities laid down by
the SE!# to be establishment for setting up a mutual fund. "s the part of trustee sponsor the
mutual fund, under the #ndian $rust "ct, 1778, under the trustee company are represented by a
board of directors. !oard of 3irectors is appoints the "M and custodians. $he board of trusteesmade rele*ant agreement with "M and custodian. $he launch of each scheme in*ol*es in*iting
the public to in*est in it, through an offer documents.
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3epending on the particular objecti*e of scheme, it may open for further sale and repurchase of
units, again in accordance with the particular of the scheme, the scheme may be wound up after
the particular time period.
1. $he sponsor has to register the mutual fund with SE!#
8. $o be eligible to be a sponsor, the body corporate should ha*e a sound track record and a
general reputation of fairness and integrity in all his business transactions.
.. R53 5 AMFI (A885;15 M13 F/ I/1
"M2#, the apeC body of all the registered asset management companies was incorporated on
"ugust 88, 199@ as a nonprofit organiLation. "ll the asset management companies that ha*e
launched mutual fund schemes are its members. 'ne of the objecti*es of "M2# is to promote
in*estorsB interest by defining and maintaining high ethical and professional standards in the
mutual fund industry. $he "M2# code of ethics sets out the standards of good practices to be
followed by the asset management companies in their operations and in their dealings with
in*estors, intermediaries and public. "M2# code has been drawn up to encourage adherence
to standards higher than those prescribed by the regulations for the benefits of in*estors in
the mutual fund industry.
$he members of "sset Management ompanies D"M ha*e always carried out the
responsibility of introducing new mutual fund schemes under the go*ernance and guidelines
of its !oard of 3irectors. "ssociation of Mutual 2unds in #ndia has played a significant role
in creating a healthy and professional market for mutual funds. #t has ele*ated the standard of
the mutual fund in*estment patterns by introducing more beneficiary schemes to attract more
in*estors. $he "ssociation of Mutual 2unds is also the main go*erning body of all "sset
Management ompanies D"M. $he "ssociation of Mutual 2unds in #ndia D"M2# has
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been registered with the Securities and ECchange !oard of #ndia DSE!#. $he main principle
religiously followed by "M2# is to protect and promote the mutual funds along with the
in*estors or shareholders.
T6 A885;15 5 M13 F/8 I/1 D"M2# is dedicated to de*eloping the #ndian
Mutual 2und #ndustry on professional, healthy and ethical lines and to enhance and maintain
standards in all areas with a *iew to protecting and promoting the interests of mutual funds and
their unit holders.
"M2# working group on !est &ractices for sales and marketing of Mutual 2unds under the
hairmanship of Shri !. 0. 3aga, 2ormer ECecuti*e 3irector of nit $rust of #ndia with Shri
4i*ek Reddy of &ioneer #$#, Shri "lok 4ajpeyi of 3S& Merrill (ynch, Shri )ikhil -hattau of
Sun 2 > and Shri handrashekhar Sathe, 2ormerly of -otak Mahindra Mutual 2und has
suggested formulation of guidelines and code of conduct for intermediaries and this work has
been ably done by a subHgroup consisting of Shri !. 0. 3aga and Shri 4i*ek Reddy.
..4 O*;8 5 AMFI!
• $o define and maintain high professional and ethical standards in all areas of operation of
mutual fund industry.
• $o recommend and promote best business practices and code of conduct to be followed
by members and others engaged in the acti*ities of mutual fund and asset management including
agencies connected or in*ol*ed in the field of capital markets and financial ser*ices.
• $o interact with the Securities and ECchange !oard of #ndia DSE!# and to represent to
SE!# on all matters concerning the mutual fund industry.
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• $o represent to the 0o*ernment, Reser*e !ank of #ndia and other bodies on all matters
relating to the Mutual 2und #ndustry.
• $o de*elop a cadre of well trained "gent distributors and to implement a programme of
training and certification for all intermediaries and others engaged in the industry.
• $o undertake nation wide in*estor awareness programme so as to promote proper
understanding of the concept and working of mutual funds.
• $o disseminate information on Mutual 2und #ndustry and to undertake studies and
research directly andIor in association with other bodies.
• $o take regulate conduct of distributors including disciplinary actions Dcancellation of
"R) for *iolations of ode of onduct.
• $o protect the interest of in*estorsIunit holders.
..' C5/ 5 ;5/; 5 AMFI 52 M13 F/!
5ith an aim to check the flow of illicit money into mutual funds and safeguard the interest of
in*estors, industry body "M2# has re*ised its code of conduct guidelines for the fund houses and
distributors.
#n a 86Hpoint re*ised code of conduct document for M2 intermediaries, the "ssociation of
Mutual 2unds in #ndia D"M2# has added fresh directi*es to protect in*estors from potential
frauds, insisted on -now
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#t has asked intermediaries to pro*ide all documents of its in*estors in terms of the "nti Money
(aunderingI ombating 2inancing of $errorism reFuirements.
$he "M2# has also asked the intermediaries to ensure that the in*estors address and contact
details filled in the mutual fund application form are their own, and not of any third party, so that
the in*estors are protected from any potential fraudulent acti*ities.
5here*er the reFuired information is not a*ailable in the application form, intermediary ha*e
been asked to make reasonable efforts to obtain accurate and updated information from the
in*estor.
“#ntermediaries should abstain from filling wrongI incorrect information or information of their
own or of their employees, officials or agents as the in*estors address and contact details in the
application form, e*en if reFuested by the in*estor to do so,N the re*ised code says.
$he industry body, which also acts as a selfHregulatory organisation, has also asked
intermediaries to abstain from tampering with the application forms submitted by in*estors,
including by inserting, deleting or modifying any information in the form pro*ided by the
in*estor.
"M2# had last re*ised the code of conduct for M2 intermediaries in September 8??9. Mutual
fund intermediaries were go*erned by "M2# 0uidelines and )orms for #ntermediaries, drafted in
8??8.
$he entities working in mutual fund segment ha*e also been asked to pro*ide their cooperation
and support to "Ms D"sset Management ompanies, "M2#, regulatory authorities and
applicable due diligence agencies in relation to the acti*ities of the intermediary or any
regulatory reFuirement.
"M2# has directed intermediaries to maintain the reFuisite documentation in respect of the
+"d*isory or ECecution 'nly ser*ices pro*ided by them to the in*estors.
“3o not indulge in fraudulent or unfair trade practices of any kind while selling units of Schemes
of any mutual fund,N "M2# has told the intermediaries.
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“Selling of units of schemes of any mutual fund by any intermediary directly or indirectly by
making false or misleading statement, concealing or omitting material facts of the scheme,
concealing the associated risk factors of the schemes or not taking reasonable care to ensure
suitability of the scheme to the in*estor will be construed as fraudulentI unfair trade practice,N it
said.
.8.A #mportant aspects of "M2#:
• "M2# pro*ides professionalism and a proper balance in the mutual fund /82.
• #t promotes the highlyHefficient *888 21;;8 as well as the code of conduct in
the mutual fund industry among its members and those who are in*ol*ed in mutual/
8+8.
• "M2# is registered with SE!# and follows its suggestions while eCecuting its
acti*ities.
• "M2# also represents the G52+ 5 I/1, the Reser*e !ank of #ndia and other
related higher authority bodies in the mutual fund operations.
• #t also pro*ides 21: 25:21+8 to hone the skills of those who are in*ol*ed in
mutual fund in*estments and also de*elops a team of efficient and skilled agents.
• "M2# also carries out *arious ;1+1:8 and awareness programs to inform the
indi*iduals about the *18; ;5; of mutual fund in*estments.
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CHAPTER NO: %
HDFC AMC COMPAN$ OVERVIEW
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4.% HDFC COMPANY PROFILE
HDFC M13 F/
K I52+15
M13 F/ /32 Mutual 2und
S D1 unH?H8???
I;525215 D1 3ecH1?H1999
S5852 /ousing 3e*elopment 2inance orporation (imited, Standard (ife #n*estments (imited
T28 /32 $rustee ompany (imited
C612+1 )."
CEO MD Mr. Milind !ar*e
CIO Mr. &rashant ain
C5+31; O;2 Mr. Sells D/32 Mutual 2und I MIs /aribhakti > o. D/32 "M
C85/18 /32 !ank (imited > itibank )."
R:82128 omputer "ge Management Ser*ices (td.
A//288 “/( /ouseN, 8nd 2loor, /.$. &arekh Marg, 1A@H1AA, !ackbay Reclamation, hurchgate,Mumbai ;???8?
T365 N58. AA1 A
F1 N58. 8878 11;;
E-+13 cliserOhdfcfund.com
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=urich #nsurance ompany D=#, the Sponsor of =urich #ndia Mutual 2und, following a re*iew
of its o*erall strategy, had decided to di*est its "sset Management business in #ndia. $he "M
had entered into an agreement with =# to acFuire the said business, subject to necessary
regulatory appro*als.
'n obtaining the regulatory appro*als, the Schemes of =urich #ndia Mutual 2und has now
migrated to /32 Mutual 2und on une 19, 8??.
$he "M is also pro*iding portfolio management I ad*isory ser*ices and such acti*ities are not
in conflict with the acti*ities of the Mutual 2und. $he "M has renewed its registration from
SE!# *ide Registration )o. H &M I #)&??????@?A dated 3ecember 88, 8??? to act as a &ortfolio
Manager under the SE!# D&ortfolio Managers Regulations, 199. $he ertificate of Registration
is *alid from anuary 1, 8??; to 3ecember 1, 8??A.
B512/ 5 D2;528
$he !oard of 3irectors of the /32 "sset Management ompany (imited D"M consists of
the following eminent persons.
Mr. 3eepak S. &arekh hairman of the board
Mr. ). -eith Skeoch E' of Standard (ife #n*estments (td.
Mr. -eki M. Mistry "ssociate director
Mr. ames "ird #n*estment director
Mr. &. M. $hampi #ndependent director
Mr. /umayun 3hanrajgir #ndependent director
3r. 3eepak !. &hatak #ndependent director
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http://www.hdfcfund.com/AboutUs/ContentDisplay.aspx?ReportID=6FB6DAE8-3AEB-42C4-9C99-2455176C5F62#DeepakS.Parekhhttp://www.hdfcfund.com/AboutUs/ContentDisplay.aspx?ReportID=6FB6DAE8-3AEB-42C4-9C99-2455176C5F62#N.KeithSkeochhttp://www.hdfcfund.com/AboutUs/ContentDisplay.aspx?ReportID=6FB6DAE8-3AEB-42C4-9C99-2455176C5F62#KekiM.Mistryhttp://www.hdfcfund.com/AboutUs/ContentDisplay.aspx?ReportID=6FB6DAE8-3AEB-42C4-9C99-2455176C5F62#JamesAirdhttp://www.hdfcfund.com/AboutUs/ContentDisplay.aspx?ReportID=6FB6DAE8-3AEB-42C4-9C99-2455176C5F62#P.M.Thampihttp://www.hdfcfund.com/AboutUs/ContentDisplay.aspx?ReportID=6FB6DAE8-3AEB-42C4-9C99-2455176C5F62#HumayunDhanrajgirhttp://www.hdfcfund.com/AboutUs/ContentDisplay.aspx?ReportID=6FB6DAE8-3AEB-42C4-9C99-2455176C5F62#HumayunDhanrajgirhttp://www.hdfcfund.com/AboutUs/ContentDisplay.aspx?ReportID=6FB6DAE8-3AEB-42C4-9C99-2455176C5F62#DeepakB.Phatakhttp://www.hdfcfund.com/AboutUs/ContentDisplay.aspx?ReportID=6FB6DAE8-3AEB-42C4-9C99-2455176C5F62#DeepakB.Phatakhttp://www.hdfcfund.com/AboutUs/ContentDisplay.aspx?ReportID=6FB6DAE8-3AEB-42C4-9C99-2455176C5F62#DeepakS.Parekhhttp://www.hdfcfund.com/AboutUs/ContentDisplay.aspx?ReportID=6FB6DAE8-3AEB-42C4-9C99-2455176C5F62#N.KeithSkeochhttp://www.hdfcfund.com/AboutUs/ContentDisplay.aspx?ReportID=6FB6DAE8-3AEB-42C4-9C99-2455176C5F62#KekiM.Mistryhttp://www.hdfcfund.com/AboutUs/ContentDisplay.aspx?ReportID=6FB6DAE8-3AEB-42C4-9C99-2455176C5F62#JamesAirdhttp://www.hdfcfund.com/AboutUs/ContentDisplay.aspx?ReportID=6FB6DAE8-3AEB-42C4-9C99-2455176C5F62#P.M.Thampihttp://www.hdfcfund.com/AboutUs/ContentDisplay.aspx?ReportID=6FB6DAE8-3AEB-42C4-9C99-2455176C5F62#HumayunDhanrajgirhttp://www.hdfcfund.com/AboutUs/ContentDisplay.aspx?ReportID=6FB6DAE8-3AEB-42C4-9C99-2455176C5F62#DeepakB.Phatak
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Mr. /oshang S. !illimoria #ndependent director
Mr. Rajeshwar Raj !ajaaj #ndependent director
Mr. 4ijay Merchant #ndependent director
Ms. Renu S. -arnad oint managing director
Mr. Milind !ar*e Managing director
M2. D1 P126, the hairman of the !oard, is associated with /32 (td. in his capacity
as its ECecuti*e hairman.
Mr. &arekh joined /32 (td. in a senior management position in 1967. /e was inducted as
5holetime 3irector of /32 (td. in 197@ and was appointed as the ECecuti*e hairman in
199.
M2. N. K6 S5;6 is associated with Standard (ife #n*estments (imited as its hief
ECecuti*e and is responsible for all company business and in*estment operations within
Standard (ife #n*estments (imited.
M2. K M. M82 is an associate director on the !oard. /e is the 4iceHhairman >
Managing 3irector of /ousing 3e*elopment 2inance orporation (imited D/32 (td. /e is
with /32 (td. since 1971 and was appointed as the ECecuti*e 3irector of /32 (td. in
199. /e was appointed as the 3eputy Managing 3irector in 1999, Managing 3irector in 8???
and 4ice hairman > Managing 3irector in 8??6.
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http://www.hdfcfund.com/AboutUs/ContentDisplay.aspx?ReportID=6FB6DAE8-3AEB-42C4-9C99-2455176C5F62#HoshangS.Billimoriahttp://www.hdfcfund.com/AboutUs/ContentDisplay.aspx?ReportID=6FB6DAE8-3AEB-42C4-9C99-2455176C5F62#RajeshwarRajBajaajhttp://www.hdfcfund.com/AboutUs/ContentDisplay.aspx?ReportID=6FB6DAE8-3AEB-42C4-9C99-2455176C5F62#VijayMerchanthttp://www.hdfcfund.com/AboutUs/ContentDisplay.aspx?ReportID=6FB6DAE8-3AEB-42C4-9C99-2455176C5F62#RenuS.Karnadhttp://www.hdfcfund.com/AboutUs/ContentDisplay.aspx?ReportID=6FB6DAE8-3AEB-42C4-9C99-2455176C5F62#MilindBarvehttp://www.hdfcfund.com/AboutUs/ContentDisplay.aspx?ReportID=6FB6DAE8-3AEB-42C4-9C99-2455176C5F62#HoshangS.Billimoriahttp://www.hdfcfund.com/AboutUs/ContentDisplay.aspx?ReportID=6FB6DAE8-3AEB-42C4-9C99-2455176C5F62#RajeshwarRajBajaajhttp://www.hdfcfund.com/AboutUs/ContentDisplay.aspx?ReportID=6FB6DAE8-3AEB-42C4-9C99-2455176C5F62#VijayMerchanthttp://www.hdfcfund.com/AboutUs/ContentDisplay.aspx?ReportID=6FB6DAE8-3AEB-42C4-9C99-2455176C5F62#RenuS.Karnadhttp://www.hdfcfund.com/AboutUs/ContentDisplay.aspx?ReportID=6FB6DAE8-3AEB-42C4-9C99-2455176C5F62#MilindBarve
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in*estment management company of the Standard (ife 0roup and is owned 1??J by $he
Standard (ife "ssurance ompany.
5ith global assets under management of approCimately SP17A.;@ billion as at March 1, 8??@,
Standard (ife #n*estments (imited is one of the worldBs major in*estment companies and is
responsible for in*esting money on behalf of fi*e million retail and institutional clients
worldwide. 5ith its headFuarters in Edinburgh, Standard (ife #n*estments (imited has an
eCtensi*e and de*eloping global presence with operations in the nited -ingdom, #reland,
anada, S", hina, -orea and /ong -ong. #n order to meet the different needs and risk
profiles of its clients, Standard (ife #n*estments (imited manages a di*erse portfolio co*ering all
of the major markets worldHwide, which includes a range of pri*ate and public eFuities,
go*ernment and company bonds, property in*estments and *arious deri*ati*e instruments. $he
companyBs current holdings in - eFuities account for approCimately 8J of the market
capitaliLation of the (ondon Stock ECchange.
Chapter no:&
HDFC MUTUAL FUND PRODUCTS
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'.% HDFC MUTUAL FUND PRODUCTS
E F/8
• /32 0rowth 2und
• /32 (ong $erm "d*antage 2und
• /32 #ndeC 2und
• /32 EFuity 2und
• /32 apital !uilder 2und
• /32 $aC sa*er
• /32 $op 8?? 2und
• /32 ore > Satellite 2und
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• /32 &remier MultiHap 2und
• /32 (ong $erm EFuity 2und
• /32 MidHap 'pportunity 2und
B131;/ F/8
• /32 hildrenBs 0ift 2und #n*estment &lan
• /32 hildrenBs 0ift 2und Sa*ings &lan
• /32 !alanced 2und
• /32 &rudence 2und
D* F/8
• /32 #ncome 2und
• /32 (iFuid 2und
• /32 0ilt 2und Short $erm &lan
• /32 0ilt 2und (ong $erm &lan
•/32 Short $erm &lan
• /32 2loating Rate #ncome 2und Short $erm &lan
• /32 2loating Rate #ncome 2und (ong $erm &lan
• /32 (iFuid 2und H &REM#M &(")
• /32 (iFuid 2und H &REM#M &(S &(")
• /32 Short $erm &lan H &REM#M &(")
• /32 Short $erm &lan H &REM#M &(S &(")
• /32 #ncome 2und &remium &lan
• /32 #ncome 2und &remium plus &lan
• /32 /igh #nterest 2und
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• /32 /igh #nterest 2und H Short $erm &lan
• /32 So*ereign 0ilt 2und H Sa*ings &lan
• /32 So*ereign 0ilt 2und H #n*estment &lan
• /32 So*ereign 0ilt 2und H &ro*ident &lan
• /32 ash Management 2und H Sa*ings &lan
• /32 ash Management 2und H all &lan
• /32M2 Monthly #ncome &lan H Short $erm &lan
• /32M2 Monthly #ncome &lan H (ong $erm &lan
• /32 ash Management 2und H Sa*ings &lus &lan
• /32 Multiple
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$ata Mutual 2und 87,?;@ 87,7@6 718 8.9?
3eutsche Mutual 2und 8?,68? 8@,89 ;,A?9 88.8;
(>$ Mutual 2und 88,81 8;,87? 8,?A6 9.1
Sundaram Mutual 2und 8?,99A 88,18; 1,187 @.6
Religare #n*esco Mutual 2und 19,@19 81,@9; 8,?6@ 1?.A
M 2inancial Mutual 2und 11,A6A 1@,7@7 ;,178 @.78
&Morgan Mutual 2und 1;,A7; 18,;@@ H8,889 [email protected]
(# )'MR" Mutual 2und 11,1 11,1@6 8; ?.81
!aroda &ioneer Mutual 2und 6,88@ 9,@8 8,?6 1.9
/S! Mutual 2und 6,77? 6,7; H6 H?.;6
anara Robeco Mutual 2und 6,?67 6,81 1@ 1.9?
0oldman Sachs Mutual 2und 6,66@ 6,18 HA; H7.8A
#3!# Mutual 2und @,@@A 6,?1A 1,;A? 8A.86
&R#)#&"( Mutual 2und A,;69 A,A8; 1;; 8.8
#ndiabulls Mutual 2und ,A91 @,19A 1,@?@ ;?.66
$aurus Mutual 2und ;,177 ;,A@A ;A7 11.17
!)& &aribas Mutual 2und ;,17 ;,A7 ;99 18.?6
Motilal 'swal Mutual 2und 8,6;; ,987 1,17@ ;.17
!'# "Q" Mutual 2und 8,8 8,771 @;9 8.@;
nion -! Mutual 2und 8,A6@ 8,A68 H H?.18
Mirae "sset Mutual 2und 1,971 8,;86 ;;A 88.@?
&ramerica Mutual 2und 8,18@ 8,AA 8;1 11.
Edelweiss Mutual 2und 1,1;7 1,@6 ;8; A.9@
&eerless Mutual 2und 7@; 7A? 6 ?.66
uantum Mutual 2und @9; A18 17 .?
&&2"S Mutual 2und @98 A?; 18 8.?A
##2( Mutual 2und 99 ;18 1 .81
Escorts Mutual 2und 869 ?? 81 6.;6
Sahara Mutual 2und 1; 18; H1? H6.AA
Shriram Mutual 2und @ 8 ;.AA
T513 %,7,7 %,%4,' 7,04 .
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'nce you register for /32 mutual funds, your /32 bank sa*ings account will be linked to
in*estment ser*ices.
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HDFC B131;/ F/: #t is a balanced openHended fund where in*estments are made in
eFuity and debt.
HDFC C52 1/ S133 F/: 'penHended fund in*esting in stocks which are performing
below the true *alue.
HDFC T5 00 F/: $his fund in*ests in the eFuities and instruments linked with eFuity but
are drawn from the companies listed in the !SE 8?? #ndeC.
HDFC G2596 F/: 'penHended fund and in*ests primarily in eFuities and instruments
linked with eFuity.
'. HDFC G2596 F/ P52535 A1388
S;5213 A335;15 5 A888()
!anks 1A.6
&harmaceuticals 1?.9
Media > Entertainment 7.;7
onsumer )on 3urables 6.9;
&etroleum &roducts 6.68
#ndustrial apital 0oods A.A?
$elecom H Ser*ices @.?
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"uto "ncillaries @.?
2inance .;8
Software .1
hemicals 8.;1
2ertilisers 8.8;
2errous Metals 1.98
onstruction 1.;7
$ransportation 1.8;
'il 1.18
onstruction &roject ?.7@
&aper &roducts ?.7@
#ndustrial &roducts ?.81
Engineering ?.17
ash,ash EFui*alents and )eturrent "ssets
18.A6
$'$"( 1??
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#t reFuires a lot of research and constant watch on the capital market for a fund manager to
analyLe the portfolio of the particular fund. # took the secondary data from the fund re*iew of the
article corner from $he !usiness (ine web site. # comprehended the analysis and concluded my*iew as stated below.
/32 0rowth 2und in*ests in stocks across market capitalisations. 3espite a largeHcap bias, mid
and small cap stocks account for 87 per cent of the portfolio. $he fund has managed to
consistently beat its benchmark SenseC o*er oneH, threeH and fi*eHyear periods.
#n the latest portfolio, the fund has in*ested in as many as @8 stocks across 17 different sectors
making it a fairly di*ersified portfolio. $his may indicate net inflows into the fund.
S;52 M58! $here is a fair bit of stability in terms of top sector holdings in the portfolio.!anks D1A.9 per cent and pharmaceuticals D1?.6 per cent sectors continue to be the top two
sector holdings, although eCposures ha*e been a bit reduced.
!anks and consumer nonHdurables also figure among top holdings in the fund, and ha*e seen
increased eCposures o*er the SeptemberH2ebruary period. 5hile capital goods and banks ha*e
done well in the past year, they ha*e been among the worst hit in the recent meltdown.
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$he respecti*e sector indices were beaten down by o*er 8@ per cent in the last couple of months.
onstruction and predictably, software eCposures ha*e been pared in the siCHmonth period.
#nterestingly, media and entertainment D7.;7 per cent, which were not part of the portfolio siC
months ago is now in the top ten sector holdings for the fund. $he power sector has been eCited,
while telecom ser*ices and auto ancillaries eCposures ha*e been increased substantially.
S5; M58: Most stocks are those whose prices ha*e fallen during SeptemberH2ebruary,
include stocks such as =ee Entertainment, /$ Media and 3r ReddyBs (abs.
$he fund has also taken profit booking opportunities, with se*eral stocks whose prices rose
between A?H1?@ per cent ha*e been eCited. $hese include, "Cis !ank, /anung $oys and $ata
&ower. 'ther highHprofile eCits include 3(2, /&(, RanbaCy (abs, and &unj (loyd.
Reliance #ndustries, S!#, ')0 and !/E( are the stocks retained by the fund during the period
and are among the fundBs top holdings.
'.4 T8 5 288 1885;1/ 96 +13 / 8+8
"s we know that mutual funds offer a *ariety of schemes, it is also considered to be a di*ersified
in*estment *ehicle which means that to a large eCtent because of its feature of di*ersification it
reduces your risk, but remember it does not eliminate your risk completely which means that if
you decide to in*est in eFuity market or in debt market through mutual funds the risk associated
with those markets still remain with you. Maybe the impact of that through the mutual fund is
much less then as compared to if you were to in*est directly in those. #f you talk about eFuity
funds there are certain risks eFuated with eFuity markets, for eCample there are macroeconomic
risks. "s we know that stocks prices are always sensiti*e to what is happening in economies, be
it local economy, be it international economies, how is the currency doing, what is happening to
the interest rate, where is the inflation, how are the companies performing, all these factors ha*e
an impact on the stock prices. So as long as the economy is doing *ery well that would reflect in
the stock prices and that would reflect in your )et "sset 4alue D )"4 . So always remember that macroeconomic factors will ha*e an impact on your in*estments there. Second risk is the
liFuidity risk. $here are always going to be some stocks in the portfolio which may not be that
liFuid and also it depends on the nature of fund that you are in*ested in. 2or eCample, if you are
in*ested in a large cap stock there there is no problem of liFuidity because all these large cap
stocks are Fuite liFuid, but if you are in*ested in a small cap fund the liFuidity is going to be an
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issue and there is also a risk of *olatility. 5e know that eFuity market by nature is *olatile. So
whene*er you in*est in eFuity funds keep at the back of your mind that you may ha*e to face
*olatility from time to time and be prepared for that. #f you talk about debt funds, debt funds
again there is a risk of interest rate. $here is an in*erse relationship between interest rates and the
bond prices which means that e*ery time the interest rate goes down there are certain types of
debt funds which will do *ery well and there are certain types of funds that will not do *ery well.
So always keep an eye on emerging interest rate scenario. $here is also a risk of credit risk. 5hat
is that credit riskT 5hen you in*est in a bond fund the money is ultimately in*ested in some
securities. E*ery security is actually rated. Make sure that when you in*est in a fund, the fund
has in*ested in higher grade in*estment securities because the company can default in terms of
paying interest or principal or both. $he third risk as in the eFuity market there is also a risk of
liFuidity. E*en though there is a secondary debt market, but it is not ha*ing that much of a depth
today so there can always be some securities in the fund which the fund may find difficult to
liFuidate.
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CONCLUSIONS!
Mutual fund has become one of the important sources for in*esting. #t is Fuite likely that a more
efficient portfolio can be constructed directly from funds. $hus, the twoHstep process of choosing
an asset allocation based on the information about benchmark indeCes and then choosing funds
in each category may be one of the best realistically attainable approaches. $o use this approach
to portfolio selection effecti*ely, in*estors would benefit from estimates of future asset returns,
risks and correlations, as well as from fund managements disclosure of future asset eCposures
and appropriate benchmarks.
#t has been a great opportunity for me to get a first eCperience of Mutual 2unds. My study is to
get the feel of how the work is carried out in relation to funds portfolio aspect. # got an
opportunity in relation to the documentation and also the portfolio analysis that ha*e been
carrying out in facilitating the in*estor and the fund manager.
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BIBLOGRAPHY
B558!
1. Security "nalysis and &ortfolio Management DsiCth Edition 199@ by 3onald E.
2isher and Ronald . ordan. &ublication: &earson education.
8. $he #ndian 2inancial System Dsecond edition by !harati 4. &athak. &ublished by
3orling -indersley D#ndia &*t. (td., licensees of &earson Education in South
"sia.
#*88
• www.hdfcfund.com
• www.amfiindia.com
• www.moneycontrol.com
• www.sebi.go*.in
• www.bseindia.com
• www.nseindia.com
• www.mutualfundsindia.com
• www.*alueresearch.com
•
www.indiainfoline.com
• www.in.finance.yahoo.com
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