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EXECUTIVE SUMMARY
With no of working people increasing per family the income of the households have increased and as a
result number of investment tools have increased and so is the demand for sound professional advice
on investment tools. Investment options are insurance, bank fixed deposits, PPF, MUTUAL FUND, NSC
etc.
MFs are essential investment vehicles where the number of investors who share a common financial
goal pools their saving together and invest accordingly. Each unit of any of the various schemes
represent the proportion of pool owned by the unit holder (investor). There are number of mutual fund
companies in India. NAV (net asset value) i.e. nothing but appreciation or reduction in net asset value of
the concerned scheme. This declared by the company from time to time the mutual schemes are
managed by respective ASSET MANAGEMENT COMPANIES (AMC). These AMC are either alone or in
collaboration with reputed international companies?
Mutual fund an investment vehicle with the moderate risk and high returns. What have investor gone
trough in past year or so and how investor shou ld go about in present situation.
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INTRODUCTION
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THE HISTORY OF MUTUAL FUNDS
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STRUCTURE OF THE INDIAN MUTUAL FUND INDUSTRY
Pvt. Sector
28%
Institutions
& Bank
Sponsored
7%
UTI
65%
Pvt. Sector
38%
Institutions
& Bank
Sponsored8%
UTI
54%
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RECENT TRENDS IN MUTUAL FUND INDUSTRY
MUTUAL FUNDS IN INDIA (1964-2009)
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1999-2009 YEAR OF THE FUNDS
FUTURE SCENARIO
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CONCEPT OF A MUTUAL FUND
BENEFITS OF INVESTING IN MUTUAL FUNDS
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CONSTITUTION OF A MUTUAL FUND
STRUCTURE OF MUTUAL FUNDS IN INDIA
THE FUND SPONSOR
MUTUAL FUNDS AS TRUSTS
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TRUSTEES
THE ASSET MANAGEMENT COMPANY
CUSTODIANS AND DEPOSITORIES
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BANKERS
TRANSFER AGENTS
DISTRIBUTORS
TYPES OF MUTUAL FUNDS
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Income
56%
Equity
11%
Balanced
17%
Money
Market
10%
Gilt
4%
ELSS
2%
Assets Under Managment Under Different
Types
OF Schemes As On September 30, 2009
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THE REGULATORY FRAMEWORK OF MUTUAL FUNDS IN INDIA
SEBI THE CAPITAL MARKETS REGULATOR
SEBI (MUTUAL FUNDS) REGULATIONS, 1996
y
y
y
y
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y
y
y
y
y
y
y
y
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y
y
y
y
y
y
y
y
y
y
y
y
y
y
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y
y
y
y
y
y
y
y
y
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y
y
y
y
y
y
y
y
y
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APPROACHES TO PORTFOLIO MANAGEMENT
PASSIVE FUND MANAGEMENT: INDEX FUNDS
ACTIVE FUND MANAGEMENT
GROWTH VS. VALUE INVESTING: A CONTRAST IN STYLES
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VALUE INVESTING BARGAIN HUNTERS
GROWTH INVESTING CONCENTRATE ON THE PRODUCT NOT THE PRICE
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GROWTH STOCKS AND VALUE STOCKS
DIFFERENT STYLES FOR DIFFERENT SEASONS
DEBT PORTFOLIO MANAGEMENT
CLASSIFICATION OF DEBT SECURITIES
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SIZE AND BREAKUP OF INDIAN DEBT MARKET
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j
j
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j
j
j
j
j
MEASURES OF BOND (DEBT SECURITIES) YIELD
RISKS IN INVESTING IN BONDS
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DEBT INVESTMENT STRATEGIES
y
y
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y
y
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INVESTING IN MUTUAL FUNDS
ASSET ALLOCATION DETERMINING OF THE PORTFOLIO MIX
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WHAT IS ASSET ALLOCATION?
INVESTMENT GOALS
RISK TOLERANCE
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INVESTMENT HORIZON
PERSONAL CIRCUMSTANCES
ASSET ALLOCATION DETERMINING THE RIGHT MIX
DIFFERENT ASSET ALLOCATION MODELS
BENJAMIN GRAHAMS 50/50 BALANCE
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50/50 PORTFOLIO OF MUTUAL FUNDS
STRATEGIC ASSET ALLOCATION
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THE LIFE CYCLE STAGE
THE EARLY WORKING YEARS - 25-40 YEARS
THE LATER WORKING YEARS - 40- 50 YEARS
THE PRE AND POST RETIREMENT YEARS - 50 -70 YEARS
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THE WEALTH CYCLE GUIDE
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FIXED VS. FLEXIBLE ASSET ALLOCATION
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MODEL PORTFOLIOS
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Source: Bogle On Mutual Funds
Investment Goal
Accumulation Distribution
Older
Younger
Age
STOCKS/BONDS
70/30 50/50
60/4080/20
ASSETALLOCAT
ION
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SELECTING SPECIFIC FUND MANAGERS AND THEIR SCHEMES
SELECTING THE RIGHT MUTUAL FUND: THE BOGLE APPROACH
SELECTING THE EQUITY FUNDS
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SELECTING A DEBT/BOND/INCOME FUND
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SELECTING A MONEY MARKET FUND.
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SELECTING A BALANCED MUTUAL FUND:
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