A COMPARATIVE STUDY ON RISK VS RETURN ANALYSIS IN

CRISIL RATED MUTUAL FUND SCHEMES WITH SPECIAL

REFERENCE TO SUNDARAM MIDCAP FUND WITH ITS PEER
GROUPS

PROJECT REPORT

Submitted by

RAJA R
711920631079

In partial fulfillment for the award of degree of

MASTER OF BUSINESS ADMINISTRATION

DEPARTMENT OF MANAGEMENT STUDIES

KV INSTITUTE OF MANAGEMENT AND INFORMATIONAL STUDIES

COIMBATORE – 641107

MAY 2022
 DECLARATION

I affirm that the project work titled “A COMPARATIVE STUDY ON RISK VS RETURN
ANALYSIS IN CRISIL RATED MUTUAL FUND SCHEMES WITH SPECIAL
REFERENCE TO SUNDARAM MIDCAP FUND WITH ITS PEER GROUPS” being
submitted in partial fulfillment for the award of degree of Master of Business Administration
is the original work carried out by me. It has not formed the part of any other project work
submitted for award of any degree ordiploma, either in this or any other university.

Date: Signature of the Candidate

RAJA R
711920631079
 BONAFIDE CERTIFICATE

Certified that this report titled “A COMPARATIVE STUDY ON RISK VS RETURN

ANALYSIS IN CRISIL RATED MUTUAL FUND SCHEMES WITH SPECIAL
REFERENCE TO SUNDARAM MIDCAP FUND WITH ITS PEER GROUPS” is the
bonafide work of RAJA R (711920631079) who carried out the work under my supervision.
Certified further that tothe best of my knowledge the work reported herein does not form part of
any other thesisor dissertation on the basis of which a degree or award was conferred on an earlier
occasion on this or any other candidate.

Signature of the Guide

Mrs. S.Saranya Jegajothi
Assistant Professor

Counter Signed by Principal

Submitted to project work Viva-voce Examination held on

Internal Examiner External Examiner

 ABSTRACT

Investment is the sacrifice of certain present value for some uncertain future reward. In other
words, an investment can be defined as commitment of funds to one or more assets that will
be held over some future time period. Broadly, an investment decision is a trade-off between
risk and return. A mutual fund is a special type of institution that acts as an investment
instrument. Apart from the many advantages that investing in mutual funds provide like
diversification, professional management, the ease of investment process has proved to be a
major enabling factor.
The objective of the study is to compare the risk versus return on CRISIL Rated Mutual fund
schemes with reference to Sundaram Midcap Fund with its peer groups, to measure the
performance of Midcap Mutual Fund Schemes with its Benchmark Index, to analyse the
schemes performance fund using Sharpe Ratio & Treynor Ratio, to evaluate the performance
of midcap fund schemes using Jensen Ratio, to figure out the performance of midcap fund
using Sortino Ratio.
The research design followed in this part is analytical study. The study enters on comparing
equity mid cap funds with respect to risk, return. However, with the objective and scope of
the study in mind, it was decided to base the study on return series of midcap funds. The tools
used were Standard deviation, Beta, Alpha, Sharpe ratio, Treynor ratio and Jensen alpha.
The major finds were all the funds are giving good recovery after COVID fall. There is a
sharp recovery noted in Aditya Birla Sun Life Midcap Fund from 1.55 (2020) to 3.68 (2021).
It is followed by ICICI Prudential Midcap Fund from 1.91 (2020) to 3.35 (2021) whereas
Sundaram Midcap Fund has a Steady growth from 1.32 (2020) to 2.95 (2021)
In the CRISIL rated selected schemes, SBI Magnum Midcap Fund are performing well in mist
of the situation due to its liquidity and fund managers effective handling of portfolio. If they
continue this trend, they will outperform other competitors in the industry.
A mutual fund is the powerful investment option that has the potential to generate long term
wealth for investors. If the investor would like to invest in mutual funds, then give priority to
rating provided by CRISIL. Past performance is not guaranteed to future returns. Mutual funds
are subject to market risk.
 ACKNOWLEDGEMENT

An endeavor over a long period can be successful only with the advice and support from
many well-wishers. Words are inadequate to express my profound and deep sense of gratitude
to those who helped me for bringing out this project successfully.

I express my sincere thanks to Mr. D CHINNASAMY Correspondent, of KV Institute

of Management and Information Studies, for all the encouragement given to me to complete
this project work.

I express my sincere thanks to Dr. C.KUMAR, B.E., MBA. PMP., CISM., Ph.D.,
Managing Director, of KV Institute of Management and Information Studies, for all the
encouragement given to me to complete this project work.

I owe a great deal of gratitude to Dr. M.VIDHYA, M.Com, MBA, M.Phil., Ph.D.,
Principal / Director in the Department of Management Studies for all the facilities to complete
my project successfully.

I am much indebted to Mrs. S.SARANYA JEGAJOTHI BE., MBA. and Associate

Professor in the Department of Management Studies under whose guidance and efforts, I have
successfully completed my project work.

I am indebted to MY PARENTS, FAMILY MEMBERS & FRIENDS for their love,

encouragement, care and consideration. But for them, I would not have been what I am today.

Above all, I thank the ALMIGHTY LORD.

 TABLE OF CONTENT

CHAPTE CHAPTERS PAGE

RNO NO
ACKNOWLEDGEMENT

ABSTRACT
LIST OF TABLES

LIST OF CHARTS

I 1. INTRODUCTION 1

1.1 INTRODUCTION OF MUTUAL FUND 1

1.2 CONCEPT OF MUTUAL FUND 2

1.3 ORIGIN OF MUTUAL FUNDS 4

1.4 HISTORY OF MUTUAL FUNDS IN INDIA 4

1.5 MUTUAL FUNDS IN INDIA 7

1.6 GROWTH OF MUTUAL FUND IN INDIA 8

1.7 TYPES OF MUTUAL FUND SCHEMES IN INDIA 9

1.8 COMPANY PROFILE 16

1.9 SELECTION PARAMETERS FOR MUTUAL FUND 23

1.10 RISK FACTORS OF MUTUAL FUNDS 24

1.11 CREDIT RATING 25

1.12 OBJECTIVE 29
1.13 NEED FOR THE STUDY 29

1.14 SCOPE OF THE STUDY 29

1.15 LIMITATIONS 30

II 2. REVIEW OF LITERATURE 41
III 3 RESEARCH METHODOLOGY 42

3.2 RESEARCH DESIGN 42

3.3 NATURE OF DATA 42

3.4 SOURCES OF DATA 42

3.5 FACTSHEET 42

3.6 SCHEMES USED FOR ANALYSIS 42

3.7 TOOLS USED FOR ANALYSIS 43

IV 4. ANALSIS AND INTERPRETATION 47
V 5. CONCLUSION 61
5.1 FINDING 61

5.2 SUGGESTIONS 62

5.3 CONCLUSION 63

5.4 BIBLIOGRAPHY 63

5.5 BOOK OF SOURCE 65

5.6 WEB SOURCE 65

 INTRODUCTION

INTRODUCTION OF MUTUAL FUND

MUTUAL FUNDS
There are a lot of investment avenues available today in the financial market for an investor
with an investable surplus. He can invest in Bank Deposits, Corporate Debentures, and Bonds
where there is low risk but low return. He may invest in Stock of companies where the risk is high
and the returns are also proportionately high. The recent trends in the Stock Market have shown
that an average retail investor always lost with periodic bearish tends. People began opting for
portfolio managers with expertise in stock markets who would invest on their behalf. Thus, we had
wealth management services provided by many institutions. However, they proved too costly for
a small investor. These investors have found a good shelter with the mutual funds.
Investment is the sacrifice of certain present value for some uncertain future reward. In other
words, an investment can be defined as commitment of funds to one or more assets that will be
held over some future time period. Broadly, an investment decision is a tradeoff between risk and
return. A mutual fund is a special type of institution that acts as an investment instrument. Apart
from the many advantages that investing in mutual funds provide like diversification, professional
management, the ease of investment process has proved to be a major enabling factor.
Savings for the future is good. Investing for it is even better. Mutual funds have many benefits that
make them one of the most efficient, cost effective, easy investment options available. They are
also ideal vehicles for individual investors who don‟t have the time, willingness or ability to
manage their own portfolio of bonds or stocks. The Indian mutual fund industry is one of fastest
growing sectors in the Indian capital and financial markets. The mutual fund industry in India has
been dramatic improvements in quality as well as quantity of products and service offerings in
recent years.
All these developments will lead to far more participation by the retail investors and ample of job
opportunities for young Indians in the mutual fund industry.

This module is designed to meet the requirements of both the investors as well as the industry
professionals, mainly those proposing to enter the mutual fund industry and therefore require a
foundation in the subject.

1
 CONCEPT OF MUTUAL FUND
A mutual fund is a common pool of money into which investors place their contributions that
are to be invested in accordance with a stated objective. The ownership of the fund is thus joint or
“mutual”; the fund belongs to all investors. A single investor‟s ownership of the fund is in the
same proportion as the amount of the contribution made by him or her bears to the total amount of
the fund.
Mutual Funds are trusts, which accept savings from investors and invest the same in diversified
financial instruments in terms of objectives set out in the trusts deed with the view to reduce the
risk and maximize the income and capital appreciation for distribution for the members. A Mutual
Fund is a corporation and the fund manager‟s interest is to professionally manage the funds
provided by the investors and provide a return on them after deducting reasonable management
fees.
The objective sought to be achieved by Mutual Fund is to provide an opportunity for lower income
groups to acquire without much difficulty financial assets. They cater mainly to the needs of the
individual investor whose means are small and to manage investors portfolio in a manner that
provides a regular income, growth, safety, liquidity and diversification opportunities.
DEFINITION
“Mutual funds are collective savings and investment vehicles where savings of small (or
sometimes big) investors are pooled together to invest for their mutual benefit and returns
distributed proportionately”.
“A mutual fund is an investment that pools your money with the money of an unlimited number of
other investors. In return, you and the other investors each own shares of the fund. The fund’s
assets are invested according to an investment objective into the fund’s portfolio of investments.
Aggressive growth funds seek long-term capital growth by investing primarily in stocks of fast-
growing smaller companies or market segments. Aggressive growth funds are also called capital
appreciation funds”.

2
CONCEPTS OF MUTUAL FUNDS

INVESTOR FUND MANAGER

POOL IN
THEIR
MONEY

PASSED MUTUAL INVESTS IN

BACK SECURITIES
FUNDS

GENERATES

RETURNS SECURITIES
Figure 1.1 Concepts of Mutual Funds
Why Select Mutual Fund?
The risk return trade-off indicates that if investor is willing to take higher risk, then
correspondingly he can expect higher returns and vise versa if he pertains to lower risk instruments,
which would be satisfied by lower returns. For example, if an investor opt for bank FD, which
provide moderate return with minimal risk. But as he moves ahead to invest in capital protected
funds and the profit-bonds that give out more return which is slightly higher as compared to the
bank deposits but the risk involved also increases in the same proportion. Thus, investors choose
mutual funds as their primary means of investing, That doesn‟t mean mutual fund investments risk
free. This is because the money that is pooled in are not invested only in debts funds which are
less risky but are also invested in the stock markets which involves a higher risk but can expect
higher returns. Hedge fund involves a very high risk since it is mostly traded in the derivatives
market which is considered very volatile.

3
 ORIGIN OF MUTUAL FUNDS
The mutual fund was born from a financial crisis that staggered Europe in the early 1770s.
The British East India Company had borrowed heavily during the preceding boom years to support
its ambitious colonial interests, particularly in North America where unrest would culminate in
revolution in a few short years.
As expenses increased and revenue from colonial adventures fell, the East India Company sought
a bailout in 1772 from the already stressed British treasury. It was the "Original too big to fail
corporation" and the repercussions were felt across the continent and indeed around the world. At
the same time, the Dutch were facing their own challenges, expanding and exploring like the
British and taking "copy-cat risks" in a pattern that has drawn parallels to the banking crisis of
2008.
The number of mutual fund houses went on increasing, with many foreign mutual funds setting up
funds in India and also the industry has witnessed several mergers and acquisitions. As at the end
of January 2003, there were 33 mutual funds with total assets of Rs. 1,21,805 crores. The Unit
Trust of India with Rs. 44,541 crores of assets under management was way ahead of other mutual
funds.
HISTORY OF MUTUAL FUNDS IN INDIA
The mutual fund industry in India started in 1963 with the formation of Unit Trust of India,
at the initiative of the Government of India and Reserve Bank. The history of mutual funds in India
can be broadly divided into four distinct phases
FIRST PHASE – 1964-87 UTI ESTABLISHMENT
Unit Trust of India (UTI) was established on 1963 by an Act of Parliament. It was set up by
the Reserve Bank of India and functioned under the Regulatory and administrative control of the
Reserve Bank of India. In 1978 UTI was de-linked from the RBI and the Industrial Development
Bank of India (IDBI) took over the regulatory and administrative control in place of RBI. The first
scheme launched by UTI was Unit Scheme 1964. At the end of 1988 UTI had Rs.6,700 crores of
assets under management.

4
SECOND PHASE – 1987-1993 (ENTRY OF PUBLIC SECTOR FUNDS)
31987 marked the entry of non- UTI, public sector mutual funds set up by public sector banks
and Life Insurance Corporation of India (LIC) and General Insurance Corporation of India (GIC),
SBI Mutual Fund was the first non- UTI Mutual Fund established in June 1987 followed by Can
bank Mutual Fund (Dec 87). Punjab National Bank Mutual Fund (Aug 89), Indian Bank Mutual
Fund (Nov 89), Bank of India (Jun 90), Bank of Baroda Mutual Fund (Oct 92). LIC established its
mutual fund in June 1989 while GIC had set up its mutual fund in December 1990. At the end of
1993, the mutual fund industry had assets under management of Rs.47,004 crores.
THIRD PHASE – 1993-2003 (ENTRY OF PRIVATE SECTOR FUNDS)
With the entry of private sector funds in 1993, a new era started in the Indian mutual fund
industry, giving the Indian investors a wider choice of fund families. Also, 1993 was the year in
which the first Mutual Fund Regulations came into being, under which all mutual funds, except.
UTI were to be registered and governed. The erstwhile Kothari Pioneer (now merged with Franklin
Templeton) was the first private 33sector mutual fund registered in July 1993.
The 1993 SEBI (Mutual Fund) Regulations were substituted by a more comprehensive and revised
Mutual Fund Regulations in 1996. The industry now functions under the SEBI (Mutual Fund)
Regulations 1996.
The number of mutual fund houses went on increasing, with many foreign mutual funds setting up
funds in India and also the industry has witnessed several mergers and acquisitions. As at the end
of January 2003, there were 33 mutual funds with total assets of Rs. 1,21,805 crores. The Unit
Trust of India with Rs. 44,541 crores of assets under management were ahead of other mutual
funds.
FOURTH PHASE-SINCE FEBRUARY 2003
In February 2003, following the repeal of the Unit Trust of India Act 1963 UTI was bifurcated
into two separate entities. One is the Specified Undertaking of the Unit Trust of India with assets
under management of Rs.29,835 crores as at the end of January 2003, representing broadly, the
assets of US 64 scheme, assured return and certain other schemes. The Specified Undertaking of
Unit Trust of India, functioning under an administrator and under the rules framed by Government
of India and does not come under the purview of the Mutual Fund Regulations.
The second is the UTI Mutual Fund Ltd, sponsored by SBI, PNB, BOB and LIC. It is registered
with SEBI and functions under the Mutual Fund Regulations. With the bifurcation of the erstwhile

5
UTI which had in March 2000 more than Rs.76,000 crores of assets under management and with
the setting up of a UTI Mutual Fund, conforming to the SEBI Mutual Fund Regulations, and with
recent mergers taking place among different private sector funds, the mutual fund industry has
entered its current phase of consolidation and growth. As at the end of September, 2004, there
were 29 funds, which manage assets of Rs.153108 crores under 421 schemes.
FIFTH PHASE (CURRENT) -SINCE MAY 2014
Taking cognisance of the lack of penetration of MFs, especially in tier II and tier III cities,
and the need for greater alignment of the interest of various stakeholders, SEBI introduced several
progressive measures in September 2012 to "re-energize" the Indian Mutual Fund industry and
increase MFs penetration.
In due course, the measures did succeed in reversing the negative trend that had set in after the
global melt-down and improved significantly after the new Government was formed at the Centre.
Since May 2014, the Industry has witnessed steady inflows and increase in the AUM as well as
the number of investor folios (accounts).
 The Industry's AUM crossed the milestone of 10 Trillion (10 Lakh Crore) for the first time
as on 31st May 2014 and in a short span of two years the AUM size has crossed
215lakhcrores in July 2016.
 The overall size of the Indian MF Industry has grown from ₹ 6.59 trillion as on 31st January
2012 to ₹ 38.01 trillion as on 31st January 2021, the highest AUM ever and a five-fold
increase in a span of less than 10 years.
 The MF industry‟s AUM has grown from ₹ 17.37 trillion as on January 31, 2017 to ₹ 38.01
trillion as on January 31, 2022, more than two-fold increase in span of 5 years.
 The no. of investor folios has gone up from 5.38 crore folios as on January 31, 2017 to
12.21 crore as on January 31, 2022, more than two-fold increase in a span of 5 years.
 On an average 11.55 lakhs new folios are added every month in the last 5 years since
January 2017.

MF Distributors have been providing the much needed last mile connect with investors,
particularly in smaller towns and this is not limited to just enabling investors to invest in
appropriate schemes, but also in helping investors stay on course through bouts of market volatility
and thus experience the benefit of investing in mutual funds.

6
 MUTUAL FUNDS IN INDIA
The Indian mutual fund industry is witnessing a rapid growth as a result of infrastructural
development, increase in personal financial assets and rise in foreign participation. With the
growing risk appetite. rising income, and increasing awareness, mutual funds in India are
becoming a preferred investment option compared to other investment vehicles is like fixed
deposits (FDs) and postal savings that are considered safe but give comparatively low returns,
according to "Indian Mutual fund industry"
SIZE OF THE INDUSTRY
The size of Indian Mutual Fund industry has grown and now has the boast of having
dominance in the industry. In April 2008 the total Asset Under management popularly known as
AUM has increased from Rs.101565 crores Jan 2000 to Rs.567601.98crores.
According to AMFI in India, the growth of mutual fund industry has been exceptional. The
industry has indeed come a very long way with only 34 players in the market and more than 480
schemes.
DOMESTIC AND EXPORT SHARE
The growth of Mutual fund industry, penetration levels in India are low as compared to other
global economies. AUM as a percentage of GDP is less than 5% in India as compared to 70% in
the USA. 67% in the France and 37% in Brazil. The industry has grown in size and manages total
assets of more than $30351 million. Of the various sectors, private sectors accounts for nearly 91%
of the resources mobilized showing their overwhelming dominance in the market. Individuals
constitute 98.4% of the total number of investors and contribute US S12062 million, which is
55.16% of the net asset under management.
EMPLOYMENT OPPORTUNITIES
Indian mutual fund industry is laying an active role in the capital market today and is one of
the fastest growing industries in the country. The industry offers multiple career option to the
youths irrespective of their academic subjects. Due to the participation of the private players and
many financial institutions into the mutual funds markets, they have further `widened the scope of
employment in sector.

7
 GROWTH OF MUTUAL FUND IN INDIA
The second is the UTI Mutual Fund, sponsored by SBI, PNB, BOB and LIC. It is registered
with SEBI and functions under the Mutual Fund Regulations. With the bifurcation of the erstwhile
UTI which had in March 2000 more than Rs. 76,000 crores of assets under management and with
the setting up of a UTI Mutual Fund, conforming to the SEBI Mutual Fund Regulations, and with
recent mergers taking place among different private sector funds, the mutual fund industry has
entered its current phase of consolidation and growth. The graph indicates the growth of assets
over the years.

Figure 1.2 Growth of Asset Under Management

8
 TYPES OF MUTUAL FUND SCHEMES IN INDIA

Figure 1.3 Types of Mutual Fund Schemes in India

Mutual fund schemes are structured differently. Some schemes are open for purchase and
repurchase on a perpetual basis. Once the scheme is launched, the scheme remains open for
transactions, and hence the name of this category of schemes is open-ended funds.
Classification of Mutual funds
The mutual funds in India are classified into two main types based on various characteristics
like:
 Based on Lock-in period
 Based on Type of Investments made

Based on Lock-in period, they are classified as:

 Open-ended schemes
 Close-ended schemes
 Interval funds

9
 1. Open Ended Schemes
An open-end fund is one that is available for subscription all through the year. These do
not have a fixed maturity. Investors can conveniently buy and sell units at Net Asset Value
("NAV") related prices. The key feature of open-end schemes is liquidity
2. Close Ended Schemes
A closed-end fund has a stipulated maturity period which generally ranging from 3 to 15
years. The fund is open for subscription only during a specified period. Investors 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 stock exchanges where they are listed. In order to provide an
exit route to the investors, some close-ended funds give an option of selling back the units
to the Mutual Fund through periodic repurchase at NAV related prices. SEBI Regulations
stipulate that at least one of the two exit routes is provided to the investor.
3. Interval Schemes
Interval Schemes are that scheme, which combines the features of open-ended and close
ended schemes. The units may be traded on the stock exchange or may be open for sale or
redemption during pre-determined intervals at NAV related prices.

Based on the type of investment, they are classified as:

 Equity-oriented funds
 Debt- oriented funds
 Hybrid funds

I. Equity oriented funds

These are the most popular types of funds, which involves the investor to make investments
in Stock market. They help them to get in diversified assets. These funds are classified to be of
high risk. Also, they give about high returns. In this, about 85-90% of the funds are invested in
stock markets. They are further classified into:
 Sectoral funds
 Index funds
 ELSS funds
 Dividend-yield funds

10
1. Sectoral funds

These are mutual funds that invest in a specific sector. These can be sectors like infrastructure,
banking, mining, etc. or specific segments like mid-cap, small-cap or large-cap segments.
2. Index funds

Index funds invest their capital based on specific indexes. For example, if the Index funds
follow Nifty 50 and the particular fund A has 30% weight age in it, then the index funds also invest
30% of funds in fund A.
3. ELSS funds

ELSS funds invest at least about 80% of their funds in equity and equity-based investments.
They are eligible for getting tax deductions under section 80 C under the Income tax, 1963.
4. Dividend yield funds

Dividend yield funds invest at-least 65% of the funds in divided yielding stocks in nature.
II. Debt-oriented schemes
A debt mutual fund scheme invests in debt papers like government and corporate bonds, money
market. Debt oriented schemes invest about 90% of their funds in government securities like T-
Bills, G-secs, debentures etc. They are classified into various funds based on the timeline of
redemption such as:
a) Ultra-liquid funds- 3-6 months
b) Low duration- 6-12 months
c) Short duration- 1-3 years
d) Medium duration- 3-4 years
e) Long duration - 7 years
f) Dynamic- Varying time bonds
g) Corporate bonds- 80% of funds invested in corporate securities.
h) Gilt funds- 80% of funds invested in Government securities.

11
The returns of a debt mutual comprises of
 Interest income
 Capital appreciation/depreciation in the value of the security due to changes in market
dynamics

These ratings are issued by independent rating organizations such as CARE, CRISIL and ICRA.
Ratings are one amongst various criteria used by the fund houses to evaluate the credit worthiness
of issuers of fixed income securities. There is a wide range of fixed income or debt mutual funds
available to suit the needs of different investors, based on their
 Investment horizon
 Ability to bear risk

III. Hybrid funds

A hybrid fund consists of characteristics of both equity and debt-oriented Mutual funds. It
involves investing in both Equity and Debt oriented instruments It consists of various types based
on weightage given to Equity and debt as follows:
i. Conservative funds:
It involves investing about 75-90% of the funds in Debt-based schemes and 10-25% of the
funds in Equity-based schemes.
ii. Aggressive funds:
It involves investing about 65-80% of the funds in Equity-based schemes and 20-35% of
the funds in Equity-based scheme

NET ASSET VALUE

The true worth of a unit of the mutual fund scheme is otherwise called Net Asset Value (NAV)
of the scheme. When the investment activity is profitable, the true worth of a unit increases. When
there are losses, the true worth of a unit decreases. The NAV is also the net realizable value per
unit in case the scheme is to be liquidated–how much money could be generated if all the holdings
of the scheme are sold and converted into cash.
NAV disclosures, rounding-off of NAV, cut-off time for various commercial transactions, time
stamping and uniformity in calculation of sale and purchase price area. The areas covered through
regulatory provisions under this head.

12
  Higher the interest, dividend and capital gains earned by the scheme, higher would be the
NAV.
 Higher the appreciation in the investment portfolio, higher would be the NAV.
 Lower the expenses, higher would be the NAV.

ADVANTAGES OF MUTUAL FUND

1. Professional Management

Mutual funds offer investors the opportunity to earn an income or build their wealth through
professional management of their investible funds. There are several aspects to such professional
management viz. investing in line with the investment objective, investing based on adequate
research, and ensuring that prudent investment processes are followed.
2. Affordable Portfolio Diversification

Investing in the units of a scheme provide investors the exposure to a range of securities held
in the investment portfolio of the scheme in proportion to their holding in the scheme. Thus, an
investor can get proportionate ownership in a diversified investment portfolio even for a small
investment of Rs. 500 in a mutual fund scheme.
3. Economies Of Scale

Pooling of large sum of money from many investors makes it possible for the mutual fund to
engage professional managers for managing investments. Individual investors with small amounts
to invest cannot, by themselves, afford to engage such professional management.
4. Transparency

An investor is well served if relevant information is available on time. Availability of such

information is critical for taking informed investment decision. The structure of the mutual funds
and the regulations by SEBI have ensured that investors get such transparency about their
investments. There are three essential places from where the investor can get enough information
for taking informed decisions, viz., scheme related documents (SID, SAI, and KIM), portfolio
disclosures, and the NAV of the scheme. Incidentally, even a prospective investor can access all
this information.

13
 5. Liquidity

At times, investors in financial markets are stuck with a security for which they can‟t find a
buyer–worse, at times they can‟t find the company they invested in. Such investments, whose
value the investor cannot easily realize in the market, are technically called illiquid investments
and may result in losses for the investor.
6. Tax Deferral

Mutual funds are not liable to pay tax on the income they earn. If the same income were to be
earned by the investor directly, then tax may have to be paid in the same financial year. Mutual
funds offer options, whereby the investor can let the money grow in the scheme for several years.
By selecting such options, it is possible for the investor to defer the tax liability. This helps
investors to legally build their wealth faster than would have been the case, if they were to pay tax
on the income each year.
7. Tax Benefits

Specific schemes of mutual funds (Equity Linked Savings Schemes) give investors the benefit
of deduction of the amount subscribed (up to Rs. 150,000 in a financial year), from their income
that is liable to tax. This reduces their taxable income, and therefore the tax liability.
8. Convenient Options

The options offered under a scheme allow investors to structure their investments in line with
their liquidity preference and tax position. There are also transaction conveniences like the ability
to withdraw only part of the money from the investment account, ability to invest additional
amount to the account, setting up systematic transactions, etc.
9. Investment Comfort

Once an investment is made with a mutual fund, they make it convenient for the investor to
make further purchases with very little documentation. This simplifies subsequent investment
activity.
10. Regulatory Comfort

The regulator, Securities and Exchange Board of India (SEBI), has mandated strict checks and
balances in the structure of mutual funds and their activities. Mutual fund investors benefit from
such protection.

14
 11. Systematic Approach to Investments

Mutual funds also offer facilities that help investors invest amounts regularly through a
Systematic Investment Plan (SIP); or withdraw amounts regularly through a Systematic
Withdrawal Plan (SWP); or move money between different kinds of schemes through a Systematic
Transfer Plan (STP). Such systematic approaches promote investment discipline, which is useful
in long-term wealth creation and protection.
LIMITATIONS OF MUTUAL FUND
1. Lack Of Portfolio Customization

Some brokerages offer Portfolio Management Services to large investors. In a PMS, the investor
has better control over what securities are bought and sold on his behalf. The investor can get a
customized portfolio in case of PMS.
On the other hand, a unit-holder in a mutual fund is just one of several thousand investors in a
scheme. Once a unit-holder has bought into the scheme, investment management is left to the fund
manager (within the broad parameters of the investment objective). Thus, the unit holder cannot
influence what securities or investments the scheme would invest into.
2. Choice Overload

There are multiple mutual fund schemes offered by several mutual fund houses and multiple
options within those schemes which makes it difficult for investors to choose between them.
Greater dissemination of industry information through various media and availability of
professional advisors or mutual fund distributors in the market helps investors handle this
overload.
3. No Control Over Costs

All the investor‟s money is pooled together in a scheme. Costs incurred for managing the scheme
are shared by all the Unit-holders in proportion to their holding of units in the scheme. Therefore,
an individual investor has no control over the costs in a scheme.

15
 COMPANY PROFILE

Sundaram Finance Limited was established in 1954, When Sri T. S. Santhanam, the Founder,
envisioned the future of hire-purchase finance in India. The company was started with a paid-up
capital of Rs. 2 Lakhs and promoted by Madras Motor & General Insurance Company which was
then one of the leading insurance companies in India prior to nationalization in 1971.
Started with the primary objective of financing the purchase of commercial vehicles, the company,
has today grown into one of the most trusted financial services groups in India. It has a nation-
wide presence of nearly 640 branches, over two lakh depositors and three lakh commercial vehicle
and car finance customers.
Today, Sundaram Finance Limited has a diversified presence in Mutual Funds, Housing Finance,
General Insurance, IT, Business Process Outsourcing and Retail Distribution of a wide array of
financial services and products.
The company‟s Diamond Jubilee in August 2014 was preceded by the birth centenary of its
Founder in November 2012.
The company is registered with the Reserve Bank of India (RBI) as a Systematically Important
Deposit Accepting Non-Banking Financial Company.
As of December 2017, the company has a market capitalization of ₹26,000 crore and operates
through more than 640 branches across the country.

SUBSIDIARIES AND JOINT VENTURE

The company has six subsidiaries and manages assets worth ₹69 billion (US$920 million) and has
over 4,000 employees as of March 2017. Through various subsidiaries, the group is in the business
of life insurance, asset management, private equity, corporate finance, structured finance,
insurance broking, wealth management, equity broking, currency broking, commodity broking,
financial advisory services, housing finance, pension fund management and health insurance.

16
In 2017–18, Sundaram Finance demerged its non-financial investments in automotive and
manufacturing businesses into a separate company called Sundaram Finance Holdings Limited
(SFHL). SFHL holds minority stakes in a number of TVS Group companies including Sundaram
Clayton, Turbo Energy, Wheels India, Brakes India and Axles India.
The six subsidiaries of Sundaram Finance are:
 Sundaram Finance Holdings
 Sundaram Home Finance (formerly Sundaram BNP Paribas Home Finance)
 Sundaram Asset Management Company
 Sundaram Fund Services
 Sundaram Trustee Company
 LGF Services

ABOUT SUNDARAM MUTUAL FUNDS

Sundaram asset management company Ltd., the holding organization of Sundaram mutual funds,
is a fully owned subsidiary of one of Indian‟s oldest and most respected NBFs Sundaram finance
limited (SFL). Established in 1996, At the time of its inception in 1996, the AMC was co-
sponsored by Sundaram Finance Limited and Stewart Newton Holdings (Mauritius).
Sundaram asset Management Company, manages funds that cater to the investment needs of
investors with different risk, reward and liquidity preferences. True to Sundaram brand, they put
the retail saver at the core of what they do. Their deep commitment to making mutual funds
accessible to everyone is the impetus that drives their expansion. They have over 80+ branches
across India, with an office in Dubai and wholly owned subsidiary in Singapore. The company has
26 years of experience in fund management, with more than Rs. 54,000 crores in assets under
management and over 3.5 million customers.
The company has a chequered history, with multiple acquisitions and counter-acquisitions
throughout its existence. Its parent organization, Sundaram Finance Ltd., was incorporated back
in 1954, becoming one of the first financial organizations to be formed in independent India. With
a relatively meagre paid-up capital of Rs. 2 Lakh, their primary objective at the time was to fund
the purchase of passenger as well as commercial vehicles. The company became public in 1972
and has since then dealt in various areas of finance including but not limited to mutual funds,
general insurance, home and car finance, and financial services distribution.

17
As of now, Sundaram Finance Ltd. Is one of the largest financial institutions in India with reported
net assets worth over Rs. 28,000 and annual gross revenue of over Rs. 5000 Crore.
Sundaram AMC was formed in 1996 in a bid to separate Sundaram‟s Mutual fund division from
its core financing operations. Sundaram has had a long association with the Newton group, which
co-funded the AMC at the time. In 2002, however, Newton Investment 12 Management was
acquired by Mellon Financial Corporation. Sundaram took the opportunity to acquire Newton
group‟s holding in the merged company.
Another company that Sundaram AMC has a history with is the French financial giant, BNP
Paribas Asset Management (BNP PAM), which acquired a 49.9% equity stake at Sundaram AMC
in the year 2006. The joint venture, however, was short-lived.
In 2010, BNP PAM had to relieve its stake at Sundaram Mutual Fund as it acquired the Fortis
group, and government regulations dictate that a company can only promote one mutual fund.
Since then, Sundaram AMC has been a fully-owned subsidiary of Sundaram Finance Ltd.
The AMC has a diverse portfolio of mutual funds in multiple segments including equity, debt,
liquid and fixed income funds. They have astute 21member investment team, comprising of fund
managers, analysts, dealers and economists, who are at the forefront of financial services. With a
robust retail connection, Sundaram has earned the loyalty of a vast clientele who trust their
investor-friendly approach and long-term outperformance. With a total AUM exceeding Rs.
37,000 Crore, Sundaram is among the top asset management companies in India. Currently ranked
14th in the crowded Asset Management industry, they have reported AUM growth at an impressive
CAGR of 16% aggregated over a decade. In all, Sundaram has 93 schemes that investors can
choose from.
Sundaram Mutual funds has handled over 5.6 million client folios in its decorated history. As of
FY18, they have 13.69 million active folios. They have an extensive distribution network with
over 35,000 empanelled distributors in their ranks.
They were the first AMC to launch mutual funds in emerging fields such as Leadership, Rural
India, Capex, Mid-Cap and Micro cap.
With its headquarters in Chennai, Sundaram Mutual Funds has made customer satisfaction its top
priority. They have one of the most robust customer-care operations, with 93 centres spread across
the length and breadth of the country. They also have a fully-owned asset management subsidiary
in Singapore and a branch office in Dubai

18
A fully owned subsidiary of one of the India‟s oldest and most respected NBFCs – Sundaram
Finance Limited (SFL). Established in 1996, Sundaram Asset Management Company, manages
funds that cater to the investment needs of investors with different risk, reward and liquidity
preferences.
True to the Sundaram brand, we put the retail saver at the core of what they do. Our deep
commitment to making mutual funds accessible to everyone is the impetus that drives our
expansion. We have over 80+ branches across India, with an office in Dubai and a wholly owned
subsidiary in Singapore.
3.5 million customers
25 years of expertise in fund management
₹54,000+ crores Assets Under Management
Trustee in the best funds available in the market. A team of experts, handling more than 4500 funds
from over 35 AMCs, help you pick quality funds that satiate your appetite for making the right
investment decisions.
TEAM’S GUIDANCE
• In-depth financial research
• Focus on growth and value creation
• Annual portfolio review on investments
• Dedicated investment officer
• Personalized service

VISION
“To be the most respected NBFC in the Country”.
MISSION
To deliver the “Sundaram Experience” to all customers, big and small, in keeping with the ethos
of the Company.
SUNDARAM MUTUAL ADVANTAGE
 Products in equity, fixed-income and liquid fund spaces that cater to a range of risk, return
and liquidity preferences of investors
 A strong research team together with robust processes forms the backbone of the Fund
Management team

19
  Innovative thought leadership – First to launch funds in new themes like Mid-caps, Capex,
Leadership, Rural India and Micro caps and Services
 Portfolio Management Services (PMS) and Alternative Investment Funds (AIF) for high
net worth individuals (HNIs) through our Sundaram Alternates business
 Enhancing value for stakeholders while upholding the highest degree of ethics.

SCHEMES
SCHEMES NAV Returns since Average AUM
inception
Sundaram Large Cap ₹ 14.1435 18.4% ₹3208.95 Crores
Fund
Sundaram Focused ₹109.1312 15.9% ₹704.94 Crores
Fund
Sundaram Tax ₹320.5148 18.7 % ₹954.29 Crores
Savings Fund
Sundaram Mid Cap ₹707.0331 24.4 % ₹7386.53 Crores
Fund
Sundaram Large And ₹56.1902 14.6 % ₹746 Crores
Mid Cap Fund
Sundaram Global ₹23.8413 8.5 % ₹138.3 Crores
Brand Fund
Sundaram Small Cap ₹147.8647 17.6 % ₹2155.73 Crores
Fund
Sundaram Multi Cap ₹241.5631 15.8 % ₹ Crores
Fund
Sundaram ₹117.7221 10.8 % ₹ Crores
Aggressive Hybrid
Fund
Sundaram Balanced ₹27.3965 10% ₹ Crores
Advantage Fund
Sundaram Liquid ₹1874.7365 7% ₹3169.8 Crores

20
Fund
Sundaram Equity ₹54.0731 8.1 % ₹ Crores
Savings Fund
Sundaram Ultra ₹2336.8844 5.8 % ₹1386.2 Crores
Short Duration Fund
Sundaram Corporate ₹33.321 7.1% ₹1081.4 Crores
Bond
Sundaram Banking ₹35.1433 7.5% ₹1009.8 Crores
& PSU Debt Fund
Sundaram Nifty 100 ₹108.1528 11% ₹ Crores
Equal Weight Fund
Sundaram Debt ₹24.9904 7.5 % ₹33.6 Crores
Oriented Hybrid
Fund
Sundaram Arbitrage ₹12.2285 3.3 % ₹ Crores
Fund
Sundaram Dividend ₹85.3045 13.2 % ₹249.95 Crores
Fund
Sundaram Services ₹20.3339 24.3 % ₹2037.91 Crores
Fund
Sundaram Rural And ₹57.347 11.7 % ₹1226.18 Crores
Consumption Fund
Sundaram Financial ₹58.5263 14 % ₹506.13 Crores
Services
Opportunities Fund
Sundaram ₹49.7625 10.6 % ₹656.54 Crores
Infrastructure
Advantage Fund
Sundaram Low ₹2948.111 7.1 % ₹565.2 Crores
Duration Fund

21
Sundaram Short ₹37.9312 7.3 % ₹389 Crores
Duration Fund
Sundaram Overnight ₹1127.6902 4% ₹599.7 Crores
Fund
Sundaram Money ₹12.089 5.6 % ₹48 Crores
Market Fund
Sundaram Medium ₹69.9387 7.6 % ₹63.3 Crores
Term Bond Fund
Sundaram ₹144.5195 16.4 % ₹2076.88 Crores
Diversified Equity
Fund
REWARDS
 In 2017, Sundaram Asset Management Company Limited was awarded Asia‟s Top 100
Money Managers by Institutional Investor Magazine
 In 2018, Sundaram Asset Management Company Limited was awarded one of the Best
BFSI Brands 2018 by Economic Times
 In 2018, Mr. Sunil Subramaniam, MD, was recognized as one of “Most Promising Business
Leaders of Asia 2018” by the Times Group ▪ In 2019, Sundaram Asset management
Company Limited was awarded one of the Best Brands by Economic Times
 In 2019, Mr. Sunil Subramaniam, MD, was recognized as one of “Most Influential
Business Leaders of Asia 2019” by the Times Group
 In 2019, Mr. Rahul Baijal, Senior Fund Manager, was ranked #1 Equity Fund Manager
between October 2016-‟19 among 165 other Fund Managers by CityWire. The Economic
Times Best BFSI Brands Award 2021
 Best Brand Award at the Tamil Nadu Brand Leadership Awards 2020 by the World
Marketing Congress
 Innovative Launch Campaign of the Year 2020 for Sundaram Bluechip Fund at the Global
Marketing Excellence Awards by the World Marketing Congress
 In 2020, Mr. Sunil Subramaniam, MD, was recognized as one of “Most Promising Business
Leaders of Asia 2020” by the Times Group
 CNBC TV18 and Asia One - India‟s Greatest Brands and Leaders (2020-2021)

22
 SELECTION PARAMETERS FOR MUTUAL FUND
Your objective
The first point to note before investing in a fund is to find out whether your objective matches with
the scheme. It is necessary, as any conflict would directly affect your prospective. Returns.
Similarly, you should pick schemes that meet your specific needs. Examples: pension plans,
children‟s plans, sector-specific schemes, etc.
Your risk capacity and capability
This dictates the choice of schemes. Those with no risk tolerance should go for debt. Schemes, as
they are relatively safer. Aggressive investors can go for equity investments. Investors that are
even more aggressive can try schemes that invest in specific industry or sectors.
Fund Manager’s and scheme track record
Since you are giving your hard earned money to someone to manage it, it is imperative that he
manages it well. It is also essential that the fund house you choose has excellent track record. It
also should be professional and maintain high transparency in operations. Look at the performance
of the scheme against relevant market benchmarks and its competitors. Look at the performance
of a longer period, as it will give you how the scheme fared in different market. Conditions.
Cost factor
Though the AMC fee is regulated, you should look at the expense ratio of the fund before investing.
This is because the money is deducted from your investments. A higher entry load or exit load also
will eat into your returns. A higher expense ratio can be justified only by superlative returns. It is
very crucial in a debt fund, as it will devour a few percentages from your modest returns.
RISK
Risk is the variability of returns. The risk has been calculated on the basis of the daily closing
NAVs. Standard Deviation and Beta have been used in the study for risk analysis.
Risk refers to the possibility that the actual outcome of an investment will deviate from its expected
outcome.
 Possibility of loss or injury
 Variability of return
 The degree or probability of loss
Components of risk are systematic risk and unsystematic risk
Systematic Risk

23
Systematic risk caused by the external factors of the company it is uncontrollable by the company.
Unsystematic risk
Unsystematic risk caused by the internal factors of an organization that affects a particular
business.
RISK FACTORS OF MUTUAL FUNDS
1. The Risk-Return Trade-Off

The most important relationship to understand is the risk-return trade-off. Higher the risk greater
the returns/loss and lower the risk lesser the returns/loss Hence it is up to you, the investor to
decide how much risk you are willing to take. In order to do this, you must first be aware of the
different types of risks involved with your investment decision.
2. Market Risk

Sometimes prices and yields of all securities rise and fall. Broad outside influences affecting the
market in general lead to this. This is true, may it be big corporations or smaller mid-sized
companies. This is known as Market Risk. A Systematic Investment Plan (“SIP”) that works on
the concept of Rupee Cost Averaging (“RCA”) might help mitigate this risk.

3. Credit Risk

The debt servicing ability (may it be interest payments or repayment of principal) of a company
through its cash flows determines the Credit Risk faced by you. This credit risk is measured by
independent rating agencies like CRISIL who rate companies and their paper, A „AAA‟ rating is
considered the safest whereas a „D‟ rating is considered poor credit quality. A well-diversified
portfolio might help mitigate this risk.

4. Inflation Risk

Things people talk about

“Rs. 100 today is worth more than Rs. 100 tomorrow.”
“Remember the time when a bus ride cost 50 paise?”
The root cause, Inflation is the loss of purchasing power over time. A lot of times people make
conservative investment decisions to protect their capital but end up with a sum of money that can
buy less than what the principal could at the time of the investment. This happens when inflation

24
grows faster than the return on your investment. A well-diversified portfolio with some investment
equities might help mitigate this risk.
5. Interest Rate Risk

In a Free market economy, interest rates are difficult if not impossible to predict. Changes in
interest rates affect the prices of bonds as well as equities. If interest rates rise the prices of bonds
fall and vice versa. Equity might be negatively affected as well in a rising interest rate environment.
A well-diversified portfolio might help mitigate this risk.
6. Political/Government Policy Risk

Changes in government policy and political decision can change the investment environment. They
can create a favorable environment for investment or vice versa.
7. Liquidity Risk

Liquidity risk arises when it becomes difficult to sell the securities that one has purchased.
Liquidity Risk can be partly mitigated by diversification, staggering of maturities as well as
internal risk controls that lean towards purchase of liquid securities.
CREDIT RATING
Credit rating is, essentially, the symbolic indicator of the current opinion of the rating agency
regarding the relative ability and willingness of the issuer of a financial (debt) instrument to meet
the (debt) service obligations as and when they arise. It provides a relative ranking of the credit
quality of debt/financial instruments or their grading according to investment qualities. In other
words, credit rating provides a simple system of gradation by which the relative capacities of
companies (borrowers) to make timely repayment of interest and principal on a particular type of
debt/financial instrument can be noted.
Credit rating, however, is neither a general purpose evaluation of a corporate entity nor an overall
assessment of the credit risk likely to be involved in all the debts/ financial instruments
contracted/to be contracted by such issuers. A rating is specific to a debt/financial instrument and
is intended to grade different and specific instruments in terms of the credit risk associated with
the particular instruments.
Although it is an opinion expressed by an independent professional organisation, on the basis of a
detailed study of all the relevant factors, the rating does not amount to any recommendation to
buy, hold or sell an instrument as it does not take into consideration factors such as market prices,

25
personal risk preferences of an investor and such other considerations, which may influence an
investment decision.
As a fee based financial advisory service, credit rating is, obviously, extremely useful to investors,
corporates (borrowers), banks, and financial institutions. For the investors, it is an indicator
expressing the underlying credit quality of an (debt) issue programme. The investor is fully
informed about the company as any effect of changes in business/economic conditions on the
company is evaluated and published regularly by the rating agencies. The corporate borrower can
raise funds at a cheaper rate, with a good rating. It minimizes the role of 'name recognition' and
lesser-known companies can also approach the market on the basis of their rating. Fund ratings are
useful to the banks and other financial institutions when they decide on lending and investment
strategies.
Although credit rating has been a long established part of the financial mechanism abroad, it is of
relatively recent origin in the country. The first rating agency, the Credit Rating Information
Services of India Ltd. (CRISIL), was started in 1988. Initially, it played a rather subdued role,
presumably because institutional investors did not require the wisdom of a rating agency. In the
changed scenario where corporates are increasingly dependent on the public, the removal of
restrictions on interest rates and the stipulation of a mandatory credit rating of a number of
instruments, since 1991 by the Government/SEBI, credit rating have emerged as a critical element
in the functioning of the Indian debt/financial markets. In response to the ever increasing role of
credit rating, two more agencies were set up, the Information and Credit Rating Services (ICRA)
Ltd. in 1990 and the Credit Analysis and Research (CARE) Ltd. In 1990 and 1993, respectively.
The first private sector credit rating institution was set up as a joint venture between the JM
Financials, Alliance Group and the international rating agency Duffs and Phelps, in 1995, known
as Phelps Credit Rating India Ltd. It is now known as FITCH India Ltd. In addition to the mandated
ratings, these agencies are also diversifying into other instruments/sectors. Unlike abroad,
unsolicited rating is still not done in India. Nevertheless, the increasing recognition to credit rating
in the emerging financial services industry in the country marks a major transition from a corporate
culture where names mattered to one where abstract gradings count.

26
CRISIL
The CRISIL was set up in 1988 jointly by the ICICI, UTI, LIC, GIC, SBI and ADB along with a
number of other financial instructions. The objective of this institution is to rate the debit
obligations of Indian companies on a voluntary basis with a view to providing the investors a guide
as to the risk of timely payment of interest and principal by the company. The rating is at present
confined only to fixed deposits, debentures, preference-shares and short-term instruments like
commercial papers. The CRlSIL does not rate equity shares or the performance of the company as
a whole. The ratings are specifically meant for the instruments referred to above
CRISIL has revised the symbols and definitions of its long-term and short-term credit ratings on
debt instruments, structured finance instruments, and debt mutual fund schemes. This is in
compliance with a June 15, 2011, Securities and Exchange Board of India (SEBI) circular,
“Standardisation of Rating Symbols and Definitions,” which mandates the use of common rating
symbols and rating definitions by all credit rating agencies (CRAs). As per the circular, all CRAs
are required to revise their rating symbols and definitions as recommended by SEBI. Accordingly,
CRISIL has effected changes in rating symbols and definitions with effect from July 11, 2011. The
rating symbols and definitions of the following class of instruments have been revised:
a) Long-term debt instruments
b) Short-term debt instruments
c) Long-term structured finance instruments
d) Short-term structured finance instruments
e) Long-term mutual fund schemes
Long-Term Debt instruments
Earlier Rating Symbol Revised Rating Symbol
AAA CRISIL AAA
AA CRISIL AA
A CRISIL A
BBB CRISIL BBB
BB CRISIL BB
-B CRISIL B
C CRISIL C
D CRISIL D

27
Long term debt instruments
Revised Rating Revised rating definition as stipulated by SEBI in its Circular No.
symbol CIR/MIRSD/4/2011 dated June 15, 2011
CRISIL AAA Instruments with this rating are considered to have the highest degree of
(Highest Safety safety regarding timely servicing of financial obligations. Such instruments
carry lowest credit risk.
CRISIL AA Instruments with this rating are considered to have high degree of safety
(High Safety) regarding timely servicing of financial obligations. Such instruments carry
very low credit risk.
CRISIL A Instruments with this rating are considered to have adequate degree of
(Adequate Safety) safety regarding timely servicing of financial obligations. Such instruments
carry low credit risk.
CRISIL BBB Instruments with this rating are considered to have moderate degree of
(Moderate Safety) safety regarding timely servicing of financial obligations. Such instruments
carry moderate credit risk.
CRISIL BB Instruments with this rating are considered to have moderate risk of default
(Moderate Risk) regarding timely servicing of financial obligations.
CRISIL B (High Instruments with this rating are considered to have high risk of default
Risk) regarding timely servicing of financial obligations.
CRISIL C (Very Instruments with this rating are considered to have very high risk of default
High Risk) regarding timely servicing of financial obligations.
CRISIL D Instruments with this rating are in default or are expected to be in default
(Default) soon.

28
 OBJECTIVE
1. To compare the risk versus return on CRISIL Rated Mutual fund schemes with reference
to Sundaram Midcap Fund with its peer groups.
2. To measure the performance of Midcap Mutual Fund Schemes with its Benchmark Index.
3. To analyze the schemes performance fund using Sharpe Ratio & Treynor Ratio
4. To evaluate the performance of midcap fund schemes using Jensen Ratio
5. To figure out the performance of midcap fund using Sortino Ratio.

NEED FOR THE STUDY

The main purpose of doing this project was to know about mutual fund and how its functioning.
This helps to know in detail about mutual fund industry right from the inception stage, growth and
future prospects.
It is appropriate to consider risk and return of each fund to yield better returns before taking
investment decision. Here, present study is an attempt of identifying risk and returns of equity mid
cap funds and comparing the same with benchmark returns and peers to help mutual fund investors
in choosing better funds as investment avenues. The basis need of the study to compare the
performance of Sundaram mid cap fund and to know in which kind of fund the investor would like
to invest in.

SCOPE OF THE STUDY

Present study focuses on equity segment and best rated mutual funds by CRISIL Ratings were
chosen for the study. The study focuses on the comparison of risk and return of mid cap fund with
its peer groups and benchmark index to identify overperforming and underperforming mutual fund
schemes.
The study will help to know the preference of the clients or investors in selecting the Asset
management company, Portfolio, mode of investment, and option for getting return and so on they
prefer.
The study also helps to investor to decide a suitable and profitable scheme in shorter period. Mid
cap mutual fund schemes performance will be evaluated with NIFTY MIDCAP 150 returns.
Equity mid cap funds were evaluated for the period of 2017-2021. Under the mid cap scheme, 10
companies were taken in sample in the study.

29
LIMITATIONS
 The comparison of mutual funds has been done within respective schemes only.
 The benchmark has been selected based on the information in the factsheet of the respected
funds.
 Mutual funds and all securities investments are subject to market risk because of uncertain
future.
 The project is limited to the selected mutual fund schemes

30
 2. REVIEW OF LITERATURE

1. Arunkumar and Ponniah (2021). A STUDY ON INVESTOR AWARENESS AND

ATTITUDE TOWARDS INVESTMENT IN MUTUAL FUND. In this study the author
has achieved a specific objective and savings are made to meet an unforeseen event. Various
statistical measures such as chi-square and correlation methods are used to collect data.
From the primary data, the classification of investment needs is analyzed. It was found in a
study 11% of the investors disagree to invest on the basis of debt mutual funds. Another
data was found on classification of mutual funds investment satisfied the investors. It was
found 4% of the investors disagree based on legality. In a study it was found that only 1%
of the investors invest on retirement benefits. It would be better to attract with various
schemes that would fetch higher profits with lower investment as the investors at the age
group of 45 and above have less years of earning capacity.

2. SHIVAM TRIPATHI and GURUDUTTA P. JAPEE, (2020). PERFORMANCE

EVALUATION OF SELECTED EQUITY MUTUAL FUNDS IN INDIA. in this study
the author deals with the equity mutual funds that are offered for investment by the varied
fund houses in India, this study mainly focused on the performance of selected equity (large-
cap, mid-cap, small cap) open-end fund schemes in terms of a risk-return relationship. The
most objective of this research work is to analyse the financial performance of selected
open-end fund schemes through statistical parameters like (Jenson‟s alpha, beta, standard
deviation, Sharpe ratio). The researcher concluded that 10 funds out of 15 performed well
in a highly volatile market. The researcher found that an investor must consider risk ratios
of the fund before investing. The findings of this research study are going to be help full to
investors for his future investment decisions.

3. Venkatesh, Selvakumar, ShanthiRevathi and Maran, (2020). A Study on Performance

Analysis of Selected Mutual Fund Schemes in India. In this study, the author aims to
evaluate the performance of a few selected mutual fund schemes of India on the basis of
their daily net asset value (NAV) for the period of five years from 2015-2019. A sample of

31
 10 open-ended, growth oriented equity funds has been selected for the study. The
performance of the funds is evaluated using Sharpe index, Treynor index and Jensen alpha
whose results will be useful for investors for taking better investment decisions.

4. Thoufiqulla and Venkatrama Raju, (2020). “Performance Analysis Of Selected

Mutual Funds With Special Reference To Share Khan Ltd”. A well-established Mutual
fund market is the key factor for economic growth in many developed counties. India opens
the market for different investment to provide variety of financial products. This study is
based on performance analysis of mutual funds conducted at Share khan Ltd. Mutual fund
utilizes the funds of the investors in order to invest them in the bonds, stocks or other types
of investments. They help to reduce the transaction cost to the investors. For investor there
is no need to pay attention towards the past performance of the mutual fund because this
past performance does not decide the future mutual fund performance

5. Margi Choksi and Priyanka Bhatt, (2020). Performance analysis of mutual funds: a
study on selected large cap mutual funds in India. In this study, the researcher has tried
to understand the performance of selected large cap mutual funds in India. For the study
purpose 15 large cap mutual funds has been selected. The Secondary data has been
considered for the performance analysis and it was achieved by using various tools and
techniques like average return, standard deviation, beta, Sharpe ratio, Jensen ratio and
Treynor ratio. The findings depicts that DSP Top 100 Equity Fund, ICICI Prudential
Bluechip Equity Fund and LIC MF Large cap Fund showed highest return among the
selected funds.

6. Sanjana Halarnkar and Roshan Usapkar, (2020). An Empirical Analysis On

Performance of Mutual Fund In India: A Study on Large Cap, Mid Cap, And Small
Cap Mutual Funds. In this paper, the author analysed the performance of the mutual funds
considering its market size that defined into Large Cap, Mid Cap and Small Cap mutual
funds of India against the Market representative NSE NIFTY50 Index. Worldwide most
used models for the performance evaluation of mutual funds specifically Sharpe Measure,

32
 Treynor Measure, Jenson Measures were used for the analysis. The study concludes that as
per the returns of the mutual fund all sample funds have beaten the market index during the
study period but in terms of risk return trade-off analysis, the study witnessed that fund
management has failed to adjust systematic risk as well as the total risk of sample size,
irrespective of fund size.

7. Mahesh And Sujatha, (2020). A study on the Risk and Return Analysis of Mutual
Funds (Equity Midcap). In this paper the author deals with identifying the better
performing equity midcap funds among the selected group of funds by considering various
parameters to help the advisors suggest the investors in choice of their investment. This
study driven with Need for the study of doing this work is to know about mutual funds and
its functions. This helps to know in detail about mutual fund industry right from its inception
stage, growth and future prospects and it also helps in understanding different schemes of
mutual funds. The data obtained is analysed using mathematical models and present value
method analysis.

8. Madhavi, (2019). Performance and Evaluation of SBI Mutual Funds in India. The
study focuses on the performance evaluation of selected SBI Mutual Funds schemes which
have been playing a vital role in the Indian economy. A Mutual fund is an organization
which comes into existence through a sponsor. In India mutual funds come into existence
in 1964 with the establishment of UTI through a separate Act in parliament.

9. Sivabagyam, Shruthi, Vidya, Suganya and Sandhiya, (2019). A Research on Risk

Return Analysis of Selected Growth Option Mutual Fund Schemes in India. In this
study, the author evaluates and compares the performance of 26 large-cap equity schemes
of five Asset Management Companies. The researcher has analyzed the performance of
Large-Cap Equity Mutual Funds of Select Asset Management Companies and to compare
the performance of Large-Cap Equity Mutual Funds of Select Asset management
Companies. The methodology of the present study includes sampling, data collection and
data analysis tools used for the study. The present research study is based on purely

33
 secondary data. The NAV data has been obtained from Association of Mutual funds of India
(AMFI) website and other secondary data obtained from books, journals and respective
mutual fund websites. In this research study, financial tools Sharpe Index, Treynor‟s Index
and Jensen Alpha etc., are applied for processing the data to give reliable conclusion.

10. Suresh A.S, (2019). Trade-Off between Risk and Return of Selected Midcap stocks
listed in BSE. In this study the author compares the performance of each stock taking BSE
Mid cap index as benchmark. The study is purely based on secondary data collected from
BSE. The data were collected based on monthly prices of the selected mid cap stocks, and
with the help of monthly prices annual return were calculated for a period of 5 years. The
study shows that WockHardt Pharmaceuticals, Cyient software and Torrent
Pharmaceuticals have given highest returns during the study period. Whereas the return of
Union bank is lowest during the same period. The beta of all the stocks are positive except
Mindtree Software Ltd, indicating that all the shares carry a higher risk.

11. Guruprasad, (2019). “Mutual Fund Industry in India. An analytical study of Various
Brands and Schemes – Study on Financial Performance and Customer preference”.
In this study, the author had an attempt is made to understand the Performance and
Preference of the Mutual funds products/services in India and analysed it from the
Marketing and Finance perspective. Hence, the research analysis consists of tools and
techniques of Marketing research to understand the customer preference and Financial
analysis to understand the various Mutual Funds Performance. The study from the survey
found that the awareness of the Mutual funds has increase over a period of time. This is also
confirmed by the progress of the industry overall and emergence of number of schemes.
The people which influence the investors in investing in mutual funds are agents, relatives
and people.

12. SRIDEVI, (2018). Performance Analysis of Mutual Funds-A Study on Selected Mid
Cap and Small Cap Funds. In this research paper, an attempt is made to compare the
performance of balanced mutual fund schemes between midcap and small cap fund on the

34
 basis of return and risk evaluation. The analysis was achieved by assessing various financial
tests like Average Return, Sharpe Ratio, Treynor Ratio, Jensen‟s Ration, Standard
Deviation, Beta and Alpha. The analysis has reported diversified and varied results.

13. Benjamin, (2018). High Returns and Low Volatility: The Case for Mid-Cap Stocks. In
this study, the author examines excess risk-adjusted returns generated by mid-cap firms with
an average market equity between $2.4 billion and $5.5 billion in 2017. Researchers have
vigorously concentrated on the small firm effect since its identification in the early 1980s,
leading investors to overweight small-cap securities. Additional investments in the small-
cap segment caused the small-cap anomaly to weaken. This study finds that excess returns
of small-cap firms compared to mid-cap firms are not statistically significant in the periods
1946 – 2017 and 1982 -2017. However, mid-cap firms generate significantly higher 3-year
average returns relative to small and large-cap firms after the initial identification of the
small-cap anomaly (1982 – 2017). Further, mid-cap securities generate a higher risk-
adjusted return after the small-cap anomaly was identified. However, the results suggest the
anomaly is not a result of the growth potential of firms within the segment. Additionally,
the results suggest non-size related factors such as book-to-market and operating
profitability have the smallest impact on mid-cap securities. Therefore, this study concludes
excess returns generated by mid-cap securities represent a true anomaly that is not
dependent upon non-size related factors.

14. Rashmi Chaudhary, (2018). RISK RETURN ANALYSIS OF SELECTED MID CAP
MUTUAL FUND SCHEMES IN INDIA. In this paper author have done, the Midcap
funds provide the investors with a huge opportunity to seek fast growth in their investments
using these funds. The present research article is an attempt to evaluate the performance of
selected mid cap mutual fund schemes in India for the study period 2003 to 2016. The risk
return analysis reveals that all selected schemes performed better than the benchmark return
during the study period. The average performance of sample schemes was also outstanding
throughout the study period.

35
15. Ratish Gupta and Shruti Maheshwari, (2017) “An Empirical Study on Performance
of Diversified Equity Mutual Funds with Special Reference to Large cap and Midcap
Funds” In this study the author has evaluated the risk and return of the various large cap
and mid cap funds using financial performance evaluation techniques like Sharpe measure,
Treynor, R2, Standard deviation and beta. Selected funds are compared to their respective
market index. In order to analyse their ability to out perform the benchmark and also asses
risk of investing in these schemes. The result of the study tells that small investors can
expect a double digit returns if they keep a healthy ratio of large cap and mid cap funds in
their portfolio.

16. Nalla Bala Kalyan, Subramanyam (2017). A Research on Performance of SBI

Bluechip Fund at SBI Mutual Funds in India. In this paper the author have are measured
funds as low risk since the underlying securities are from well establishes, stable companies
with a history of paying dividends and maintaining value despite fluctuations in the
adjoining markets. The research period selected for the comparison was from 2014- 2016.
The result said that the fund performed well but it yields low returns in 2015 and 2016when
compared to 2014 due to external factors and it has moderately low risk. But still it the best
scheme suggestible to the investors who are interested to invest in Bluechip Companies.

17. Venkataraman and Thilak Venkatesan, (2016). Evaluation of Growth of Mutual

Funds and Exchange Traded Funds in India. In this study, the author analysed the
passive ETF‟s & prominent Mutual funds both active and passive to justify superior returns
at lower risk. The research was based on secondary data, for a period of 5 years i.e. from
2010 to 2015.The various tools used were Sharpe Ratio, Jenson‟s Alpha, Treynor‟s Ratio
and Tracking error. The study recommends fund houses to implement proactive strategies
to reduce tracking error and make ETF‟s a better alternative for investment.

36
18. Bajracharya (2016). Performance of Five Mutual Funds of Nepal Stock Exchange
Trade (NEPSE). This paper focused on evaluating the performance of five mutual funds
of NEPSE on the basis of monthly returns compared to benchmark return. Risk adjusted
performance measures suggested by Jenson, Treynor, Sharpe and statistical models are
employed. It is found that, most of the mutual funds have performed better according to
Jenson and Treynor measures but not up to the benchmark on the basis of Sharpe ratio.
However, few mutual funds are well diversified and have reduced its unique risk.

19. Ravichandran and Iswarya (2016) “A Study on Performance of Risk and Return on
Selected Mutual Funds” In this study tells that a proper evaluation measure will remove
confusion and help small investors to choose about level of investment in many mutual fund
schemes, so as to maximise the returns. The main objective of the study is to study and
analyse the 5 years annual growth return given in their schemes. Methodology used for the
study is based on only secondary data. Tools used for the study Sharpe, Treynor and Jenson
models. The performance of risk based mutual fund scheme 23 using CAPM. The result of
the study tells that in the long run the private and public sector companies have performed
better than the public sector.

20. Bhagyasree and Kishori, (2016). A study on Performance of mutual funds in India.
The study is based on the performance of mutual fund by considering various published
journal papers. As a result, from the investor‟s point of view, it is important not only to
know how the portfolio managers perform, but also to understand investment policies.
Similarly, at the macro level it is worth examining the performance of fund managers as a
whole to see whether they provide value added to portfolio or they are just full benefits from
investors. And the superior performance in the past does not necessarily mean that it will
continue into the future. This is because superior performance may be due to either a
manager‟s skill or good luck. Therefore, it is interesting to understand the characteristics of
funds and to know the performance and this helps investors to understand how to select
their schemes.

37
21. Priya Deepa M, Hemavathy Ramasubbian, (2015). A Comparative Study on
Performance of Equity Mutual Funds. The better returns makes out better investment the
mutual funds provides out with various fields and has given out the higher level of
performance for the past few years the mutual funds has been growing at faster rate and
none the small investor can make investment and save for the future. The main objective of
this study is find out the maximum returns gained by the top most companies and the result
shows that the maximum level of returns and minimum level of risk is in Smallcap funds
and next to that midcap funds stands with good returns. The tools used for analysis is annual
return.

22. Hemendra Gupta (2015) from this research of “Study on Performance of Sensex and
evaluation of investing lump sum or regular investment in equity in risk and return
for investors” the author has shown that there is no substantial difference between Risk
and Return but SIP is a very good way of investment. It is proved right that savings is equal
to income deducted from expenses. The observation is to have a good income you should
spend time in the market.

23. Ramanujam and Bhuvaneswari (2015) evaluated Growth and performance of Indian
Mutual fund industry for the period of April 2004 to March 2014 from the view point of
different parameters like asset under management, sector wise mutual fund sale, Scheme
wise resource mobilization, total number of schemes. They pointed out that the investor
preference towards financial assets is increasing as all the parameters had shown a
tremendous increasing growth rate.

24. Suchita Shukla, (2015). A comparative performance evalution of selected mutual

funds. In this study, the author have taken 5 categories of mutual fund i.e. mid & small cap,
large-cap, multi cap, infrastructure and hybrid. In these 5 categories and 3 mutual funds
each have been identified based on their returns. The objectives of this study was to analyse

38
 the financial performance in terms of risk –return relationship of selected mutual fund
schemes (5 categories ×3 mutual fund= 15 schemes) through the statistical parameters such
as alpha, beta, standard deviation, r-squared, Sharpe ratio. For the period covered in the
study it can be inferred that Infrastructure and Mid & Small Cap funds have performed
better than the benchmark, large cap and hybrid funds on return parameters. This can be
attributed to change in business sentiments and focus on infrastructure which has led to
increase in estimated growth prospects for the same.

25. Vikas Choudhary, and Preeti Sehgal Chawla (2014). Performance Evaluation of
Mutual Funds: A Study of Selected Diversified Equity Mutual Funds in India. In this
research paper an attempt is made to analyze the performance of the growth oriented equity
diversified schemes on the basis of return and risk evaluation. The analysis was achieved
by assessing various financial tests like Average Return, Sharpe Ratio, Treynor Ratio,
Standard Deviation, Beta and Coefficient of Determination. The data has been taken from
various websites of mutual fund schemes and from amfiindia.com. The analysis depicts that
majority of funds selected for study have outperformed under Sharpe Ratio as well as
Treynor Ratio.
26. Umesh Maiya, (2014). A Study on Risk Perception of The Mutual Fund Investors In
Udupi District. In this study the author‟s primary objective is to study the risk perception
of mutual fund investors of Udupi district. The relevant data has been collected through
questionnaires where in, convenience random sampling has been employed. Majority of the
investors perceive that investment in mutual funds involves moderate risk. There is an
existence of a significant relationship between age and risk perception of mutual fund
investors. A significant relationship has also been observed sharma between income of the
investors and their risk perception.

27. Ravikumar, (2013). In their paper the author evaluated the performance of selected
Indian mutual fund schemes in terms of five performance measures (a) Sharpe ratio (b)
Treynor ratio (c) Jensen measure (d) Sharpe differential return measure (e)Fame‟s
mechanisms of investment performance using attuned monthly NAV of 60 schemes from
10 mutual funds for the five year dated, that is, from April 2000 to March 2005. Two

39
 Benchmark Portfolios (a) Market Index (b) Set of Fundexes was used for this purpose.
Monthly antiquated on 91-days Treasury Bills was used as a surrogate for risk free rate of
return.

28. Sharma & Pandya (2013) have done A Review of Investing in Mutual Funds. In this
paper, the structure of mutual funds, examination between investments in mutual fund and
other investment alternatives and calculation of NAV, and so forth have been thought of. In
this paper, the effects of different segment factors on investors' perspectives towards mutual
funds have been contemplated. For estimating different marvels and dissecting the gathered
information successfully and effectively for making sound determinations, drawing pie
graphs has been utilized and for examining the different variables answerable for investment
in mutual funds.

29. Krunal Kishorchandra Bhuva and Ashok Bantwa, (2012). Risk, return &
performance evaluation of selected mutual fund schemes – a study on large & mid cap
funds. This paper studies the persistence of mutual fund performance. This study intends
to examine the performance of selected Large cap and Mid cap mutual fund schemes of
Indian Mutual fund industry during the study period 2007 to 2011. The performance of
selected schemes is evaluated in terms of average returns, systematic risk, and unsystematic
risk and by using different measures like: Sharpe, Jenson,
Treynor and FAMA. After detailed analysis it is found that except two all the sampled
schemes have performed better than market. Supporting the established relationship of high
risk - high return, better performing schemes are exposed to higher risk. The findings also
revealed that majority of the schemes were adequately diversified and about 60% of the
schemes were able to beat the market with help of better stock selection skill of fund
managers. Finding from the t-test calculations shows that there is no difference between
returns from large cap mid cap mutual funds in long run. From the return comparison of
mutual funds and market, in 2008 & 2011 large cap are underperforming than market and
in 2011 only mid cap mutual funds are showing less return than market returns.

40
30. Kalpesh.p.prajapati,mahesh.k.patel (2012). COMPARATIVE STUDY ON
PERFORMANCE EVALUATION OF MUTUAL FUND SCHEMES OF INDIAN
COMPANIES. In this paper the performance evaluation of Indian mutual funds is carried
out through relative performance index, risk-return analysis, Treynor's ratio, Sharp's ratio,
Sharp's measure, Jensen's measure, and Fama's measure. The data used is daily closing
NAVs. The source of data is website of Association of Mutual Funds in India (AMFI). The
study period is 1st January 2007 to 31st December, 2011. The results of performance
measures suggest that most of the mutual fund have given positive return during 2007 to
2011. The study found out that out of 35 sample schemes, eleven showed significant t-
values and all other 24 sample schemes did not prove significant relationship between the
risk and return. According to t-alpha values, majority (32) of the sample schemes' returns
were not significantly different from their market returns and very few number of sample
schemes' returns were significantly different from their market returns during the study
period.

41
 CHAPTER-III

RESEARCH METHODOLOGY

Research methodology is a systematically solving the research problem. It is the procedure by

which researcher goes about their work of describing explaining and phenomenon are mythology.
RESEARCH DESIGN
The research design followed in this part is analytical study.
The study enters on comparing equity mid cap funds with respect to risk, return. However with the
objective and scope of the study in mind, it was decide to base the study on return series of midcap
funds.
NATURE OF DATA
The nature of data used in the part of research is secondary data.
SOURCES OF DATA
The main sources of data used in the part is the historic returns of the Mutual funds (Net Asset
Value) were retrieved based on daily returns from AMFI website and the index data taken from
National Stock Exchange website. The periods taken for calculations on daily basis over a period
of 01/01/2016 to 31/12/2021. Data for daily closing Benchmark index was collected from the
website of National Stock Exchange
FACTSHEET
A factsheet, fact sheet or fact file is a single page document containing essential information about
a product, substance, service or other topic. Factsheets are frequently used to provide information
to an end user, consumer or member of the public in concise, simple language. They generally
contain key safety points, operating instructions or basic information about a topic depending on
the purpose of the fact sheet.
SCHEMES USED FOR ANALYSIS
MIDCAP FUND
1. Sundaram Midcap Fund
2. Aditya Birla Sun Life Midcap Fund
3. Axis Midcap Fund
4. HDFC Midcap Opportunities Fund

42
 5. ICICI Prudential Midcap Fund
6. Kotak Emerging Equity Fund
7. Nippon India Growth Fund
8. SBI Magnum Midcap Fund
9. TATA Midcap Growth Fund
10. UTI Midcap Fund

RETURN
Return is the essential propelling power that determines venture. It speaks to the reward for
undertaking venture. Components of returns are current return and capital return Current return: Is
the occasional pay, for example, profit or premium, created by the speculation. It is estimated as
the occasional salary in connection to the starting cost of the venture.
Capital return
It is reflected in the price change it is simply the price appreciation (or depreciation) divided by
the beginning price of the asset.
Therefore, Total return = Current return + Capital return
Tools used for analysis
1. Net Asset Value
2. Return
3. Standard Deviation
4. Beta
5. Alpha
6. Sharpe‟s ratio
7. Treynor‟s ratio
8. Jensen Alpha
1. Net Asset Value (NAV)
The true worth of a unit of the mutual fund scheme is otherwise called Net Asset Value
(NAV) of the scheme. When the investment activity is profitable, the true worth of a unit
increases. When there are losses, the true worth of a unit decreases. The NAV is also the
net realizable value per unit in case the scheme is to be liquidated–how much money could
be generated if all the holdings of the scheme are sold and converted into cash.

43
 NAV disclosures, rounding-off of NAV, cut-off time for various commercial transactions,
time stamping and uniformity in calculation of sale and purchase price area.
The areas covered through regulatory provisions under this head.
 Higher the interest, dividend and capital gains earned by the scheme, higher would
be the NAV.
 Higher the appreciation in the investment portfolio, higher would be the NAV.
 Lower the expenses, higher would be the NAV.
2. Return
It is the primary motivating force that drives investment. It represents the reward for
undertaking investment. The annual returns of the schemes were computed by using the
following equation
It is a change between present price and previous price.
Return = [(Today’s price – Yesterday’s price) / Yesterday’s price] * 100
Where, Rpt = NAV (t) – NAV (t-1)/ NAV (t-1)
Rpt = return on fund scheme
NAV (t) = Net Asset Value of the scheme at the end of „t‟,
NAV (t-1) = Net Asset Value of the scheme at the end of the period „t-1‟
3. Standard Deviation
Standard deviation is nothing but a total risk includes both Systematic and Unsystematic
risk, it tries to measure the variability of returns from the expected value.
Standard Deviation (σ) =√ (�−��) 2 / �−1
Where, R= Return,
Ra= Average Return
4. Beta
It measures the volatility or systematic risk of a security with comparison to the market as
a whole. Beta is a risk that cannot be diversified. Also called as volatility between the fund
and benchmark.
The concept of beta for measuring the riskiness of a stock is, if an investor selects stock
with low betas (i.e., (beta<1), then the investor will suffer less in a falling market. Of course,
at the same time investor will also stand to gain less than the market average in rising
market. In case, an investor is prepared to take greater risk then he can choose stock with

44
 higher betas (beta>1) in order to gain more than the market average in a rising market. At
the same time, the investor should be prepared to lose more than the market average, in case
the market crashes. However, it is desirable to choose stocks with betas varying between
0.5 to 1.5.
Beta (β) = (R – Ra) * (Rm – R ma) / (Rm – R ma)2
Where, RM = Market Return,
RMA = Average Market Return
5. Alpha
Alpha is a measure of investment‟s performance on a risk-adjusted basis. It takes the
volatility (price risk) of a security or fund portfolio and compares its risk – adjusted
performance to a benchmark index. The excess return of the investment relative to the return
of the benchmark index is in its Alpha. Simply stated, alpha is often considered to represent
the value that a portfolio manager adds or subtracts from a fund portfolio‟s return. An alpha
1.0 means the fund has outperformed its benchmark index by 1%. Correspondingly, an
alpha of -1.0 would indicate an underperformance of 1%. For investors, the higher alpha
the better.
Alpha (α) = Rp – (RF+(RM-RF)*β
Where, RP = Portfolio return
RF = Risk free rate of return
RM = Benchmark return
β = Beta
6. Sharpe ratio
Sharpe ratio measures the performance of the fund in terms of the return earned above the
return which is risk free. Total risk is what matter in this measure. So, reward as a unit of
total risk is evaluated by the model.
Negative Sharpe ratio indicates performance which is unfavourable while a positive ratio
shows a performance which is superior and risk adjusted.
Sharpe index= portfolio return (Rp) – risk free rate of return (Rf)

Standard deviation of the portfolio return

Sharpe Ratio (σ) = (�p – ��)/σ
Where, Rp = Portfolio return

45
 Rf = Risk free rate of return
σ = Standard deviation of the portfolio return
7. Treynor’s Measure
Jack Treynor developed this. Treynor‟s Index is excess return generated above risk free
return expressed as per unit of beta which is a measure of systematic risk.
Negative Treynor‟s index is an indication of unfavourable performances which is
unfavourable and a positive index shows a performance which is superior and risk adjusted.
It measures the returns earned in excess of that which could have been earned on investment
that has no diversifiable risk.
Treynor Ratio = Portfolio average return (Rp) – risk free rate of return (Rf)

Beta coefficient of portfolio

Treynor’s Ratio (β) = (�P – �f)/β
Where, Rp = Portfolio return,
Rf = Risk free rate of return and
β = Beta
8. Jensen’s ratio
Jensen‟s model proposes another hazard balanced execution measure. Michael Jenson built
up this measure and is something alluded as the differential return strategy. This measure
includes assessment of profits that the fund has produced vs the arrival in reality out of the
fund at the level of systematic risk. The surplus between the two returns in called Alpha,
which estimates the execution of a fund contrasted and the real returns over the period can
be calculated
It measures the risk-adjusted performance of a security or portfolio in relation to the
expected market return.
Jensen Ratio = (Rp – Rf) – β (Rm -Rf)
Where, Rp = Portfolio return
Rf = Risk free rate of return
Rm= Market Return and
β= Beta

46
 CHAPTER 4
ANALYSIS AND INTERPRETATION
TABLE 4.1 RETURN
Return = [(Today’s price – Yesterday’s price) / Yesterday’s price] * 100
S.NO SCHEMES 2017 2018 2019 2020 2021
1 Sundaram Midcap 2.77 -1.18 0.19 1.32 2.95
Fund
2 Aditya Birla Sun 2.91 -1.12 -0.10 1.55 3.68
Life Midcap Fund
3 Axis Mid Cap 2.86 0.46 1.12 2.07 3.12
Fund
4 HDFC Midcap 2.73 -0.70 0.21 2.06 2.98
Opportunities
Fund
5 ICICI Prudential 2.88 -0.65 0.17 1.91 3.35
Midcap Fund
6 Kotak Emerging 2.75 -0.81 0.80 2.01 3.37
Equity Fund
7 Nippon India 2.83 -0.67 0.65 2.09 3.45
Growth Fund
8 SBI Magnum 2.25 -1.29 0.20 2.52 3.82
Midcap Fund
9 TATA Midcap 2.70 -0.85 0.81 2.12 3.08
Growth Fund
10 UTI Midcap Fund 2.74 -1.05 0.17 2.64 3.28

INFERENCE
From the above table, it is inferred that all the funds are giving good recovery after COVID fall.
There is a sharp recovery noted in Aditya Birla Sun Life Midcap Fund from 1.55 (2020) to 3.68
(2021). It is followed by ICICI Prudential Midcap Fund from 1.91 (2020) to 3.35 (2021) whereas
Sundaram Midcap Fund has a Steady growth from 1.32 (2020) to 2.95 (2021)

47
 CHART 4.1 Return

RETURN
5.00

4.00

3.00

2.00

1.00

0.00

-1.00

-2.00

2017 2018 2019 2020 2021

48
 TABLE 4.2 STANDARD DEVIATION

Standard Deviation (σ) =√ (�−��) 2 / �−1

S.NO SCHEMES 2017 2018 2019 2020 2021
1 Sundaram Midcap 2.11 4.14 3.54 8.74 3.14
Funds
2 Aditya Birla Sun 1.94 4.41 3.85 8.53 2.66
Life Midcap Fund
3 Axis Mid Cap 1.33 4.14 2.46 6.01 2.62
Fund
4 HDFC Midcap 1.94 4.32 3.61 8.25 2.73
Opportunities
Fund
5 ICICI Prudential 2.13 3.83 3.42 9.19 3.03
Midcap Fund
6 Kotak Emerging 2.15 4.31 3.55 8.29 2.51
Equity Fund
7 Nippon India 1.48 4.27 3.18 8.49 3.24
Growth Fund
8 SBI Magnum 2.02 4.86 3.58 8.66 2.52
Midcap Fund
9 TATA Midcap 3.23 4.96 3.31 7.49 2.31
Growth Fund
10 UTI Midcap Fund 1.86 4.31 3.61 7.73 2.73

INFERENCE
From the above table it is inferred that all the have good recovery after COVID fall. It has a sharp
recovery noted on Axis Midcap Fund from 6.01 (2020) to 2.62 (2021). It is followed by TATA
Midcap Fund from 7.49 (2020) to 2.31 (2021). Sundaram Midcap fund has a Steady Growth from
8.74 (2020) to 3.14 (2021)

49
 CHART 4.2 Standard Deviation

STANDARD DEVIATION
10.00
9.00
8.00
7.00
6.00
5.00
4.00
3.00
2.00
1.00
0.00

2017 2018 2019 2020 2021

50
 TABLE 4.3 BETA

Beta (β) = (R – Ra) * (Rm – R ma) / (Rm – R ma)2

S.NO SCHEMES 2017 2018 2019 2020 2021
1 Sundaram 0.57 0.64 0.81 1.00 0.51
Midcap Funds
2 Aditya Birla 0.86 0.55 0.73 0.93 0.32
Sun Life
Midcap Fund
3 Axis Mid Cap 0.63 0.77 1.03 1.31 0.80
Fund
4 HDFC Midcap 0.93 0.75 0.78 1.01 0.75
Opportunities
Fund
5 ICICI 0.26 1.91 0.75 0.89 0.44
Prudential
Midcap Fund
6 Kotak Emerging 0.99 0.70 0.82 0.99 0.81
Equity Fund
7 Nippon India 0.62 0.63 0.76 0.84 0.51
Growth Fund
8 SBI Magnum 0.35 -2.50 0.70 0.91 0.55
Midcap Fund
9 TATA Midcap 0.33 -1.47 0.97 1.13 0.62
Growth Fund
10 UTI Midcap 0.98 1.63 0.75 1.05 1.32
Fund

51
INFERENCE
From the above table, it is inferred that all the funds are giving a good recovery after COVID fall.
There is a sharp recovery noted in TATA Midcap Fund from 1.13 (2020) to 0.62 (2021) and it is
followed by Kotak Emerging Equity Fund from 0.99 (2020) to 0.88 (2021). Whereas Sundaram
Midcap Fund has a steady Growth from 1.00 (2020) to 0.51 (2021).

CHART 4.3 Beta

BETA
2.50

2.00

1.50

1.00

0.50

0.00

-0.50

-1.00

-1.50

-2.00

-2.50

-3.00

2017 2018 2019 2020 2021

52
 TABLE 4.4 ALPHA

Alpha (α) = Rp – (RF+(RM-RF)*β

S.NO SCHEMES 2017 2018 2019 2020 2021

1 Sundaram Midcap Funds 0.84 -1.56 0.32 -2.28 1.28

2 Aditya Birla Sun Life Midcap 0.03 -0.46 0.08 -0.73 0.03
Fund
3 Axis Mid Cap Fund 0.75 1.26 1.37 -0.75 0.83

4 HDFC Midcap Opportunities 2.73 0.21 0.40 -0.40 0.52

Fund

5 ICICI Prudential Midcap 2.33 -3.12 0.11 -0.34 1.88

Fund

6 Kotak Emerging Equity Fund -0.56 0.03 1.01 -0.39 0.72

7 Nippon India Growth Fund 0.73 -0.004 0.78 0.29 0.06

8 SBI Magnum Midcap Fund 0.92 33.64 0.38 -0.30 2.03

9 TATA Midcap Growth Fund 1.95 19.68 1.06 -0.06 1.06

10 UTI Midcap Fund -0.55 9.31 0.11 -0.01 -1.08

INFERENCE
From the above table it is inferred that all the funds are giving a good recovery after COVID fall.
There is a sharp recovery noted in SBI Magnum Midcap Fund from -0.30 (2020) to 2.03 (2021)
and it is followed by ICICI Prudential Midcap Fund from -0.34 (2020) to 1.88 (2021) whereas
Sundaram Midcap Fund has a steady growth from -2.28 (2020) to 1.28 (2021)

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 CHART 4.4 Alpha

ALPHA
2.50
2.00

1.50
1.00

0.50
0.00

-0.50
-1.00

-1.50
-2.00

-2.50
-3.00

2017 2018 2019 2020 2021

54
 TABLE 4.5 SHARPE RATIO

Sharpe Ratio (σ) = (�p – ��)/σ

S.NO SCHEMES 2017 2018 2019 2020 2021

1 Sundaram Midcap Funds 1.28 -0.30 0.04 0.14 0.92

2 Aditya Birla Sun Life Midcap 1.47 -0.27 -0.04 0.17 1.36
Fund
3 Axis Mid Cap Fund 2.10 0.09 0.46 0.33 1.16

4 HDFC Midcap Opportunities 1.37 -0.18 0.04 0.24 1.07

Fund

5 ICICI Prudential Midcap Fund 1.33 -0.19 0.03 0.20 1.08

6 Kotak Emerging Equity Fund 1.25 -0.20 0.21 0.23 1.32

7 Nippon India Growth Fund 1.87 -0.17 0.19 0.24 1.05

8 SBI Magnum Midcap Fund 1.08 -0.28 0.04 0.28 1.49

9 TATA Midcap Growth Fund 0.82 -0.18 0.23 0.27

1.31
10 UTI Midcap Fund 1.44 -0.26 0.03 0.33 1.18

INFERENCE
From the above table, it is inferred that all the funds are giving good recovery after COVID fall.
There is a sharp recovery noted in SBI Magnum Midcap Fund from 0.28 (2020) to 1.49 (2021)
and it is followed by Aditya Birla Sun Life Midcap Fund from 0.17 (2020) to 1.36 (2021).
Sundaram Midcap Fund has a steady growth from 0.14 (2020) to 0.92 (2021)

55
 CHART 4.5 Sharpe ratio

SHARPE RATIO
2.50

2.00

1.50

1.00

0.50

0.00

-0.50

2017 2018 2019 2020 2021

56
 TABLE 4.6 TREYNOR RATIO

Treynor’s Ratio (β) = (�P – �f)/β

S.NO SCHEMES 2017 2018 2019 2020 2021

1 Sundaram Midcap Funds 4.73 -1.96 0.16 1.25 5.65

2 Aditya Birla Sun Life 3.30 -2.16 -0.23 1.59 11.18

Midcap Fund

3 Axis Mid Cap Fund 4.46 0.51 1.11 1.52 3.79

4 HDFC Midcap 2.88 -1.02 0.18 1.98 3.88

Opportunities Fund

5 ICICI Prudential Midcap 10.99 -0.38 0.14 2.07 7.39

Fund

6 Kotak Emerging Equity 2.71 -1.99 0.20 1.22 2.91

Fund

7 Nippon India Growth Fund 4.44 -1.96 0.02 1.53 4.84

8 SBI Magnum Midcap Fund 6.19 0.74 -0.62 1.88 5.15

9 TATA Midcap Growth 8.02 0.97 0.18 1.16 3.35

Fund

10 UTI Midcap Fund 2.72 0.69 0.14 2.46 2.44

INFERENCE
From the above table, it is inferred that all the funds are giving good recovery after COVID fall.
There is a sharp recovery noted in Aditya Birla Sun Life Midcap Fund from 1.59 (2020) to 11.18
(2021) and it is followed by ICICI Prudential Midcap Fund from 2.07 (2020) to 7.39 (2021)
whereas Sundaram Midcap Fund has a steady growth from 1.25 (2020) to 5.65 (2021)

57
 CHART 4.6 Treynor ratio

TREYNOR RATIO
12.00

10.00

8.00

6.00

4.00

2.00

0.00

-2.00

-4.00

2017 2018 2019 2020 2021

58
 TABLE 4.7 JENSEN RATIO

Jensen Ratio = (Rp – Rf) – β (Rm -Rf)

S.NO SCHEMES 2017 2018 2019 2020 2021
1 Sundaram Midcap Funds 0.81 -0.54 0.31 -2.28 1.25

2 Aditya Birla Sun Life 0.02 -0.49 0.06 -0.73 0.81

Midcap Fund

3 Axis Mid Cap Fund 2.70 1.25 1.37 -0.73 0.81

4 HDFC Midcap Opportunities -0.36 0.19 0.39 -0.40 0.51

Fund

5 ICICI Prudential Midcap 2.28 -3.06 0.10 -0.35 1.84

Fund

6 Kotak Emerging Equity -0.56 0.01 0.99 -0.40 0.70

Fund

7 Nippon India Growth Fund 0.71 -0.03 0.76 0.28 1.98

8 SBI Magnum Midcap Fund 1.02 33.41 0.36 0.30 2.00

9 TATA Midcap Growth Fund 1.42 19.52 1.06 -0.62 1.03

10 UTI Midcap Fund -0.55 9.35 0.10 -0.002 -1.06

INFERENCE
From the above table, it is inferred that all the funds are giving good recovery after COVID fall.
There is a sharp recovery noted in SBI Magnum Midcap Fund from 0.30(2020) to 2.00(2021) and
it is followed by Nippon India Growth Fund from 0.28 (2020) to 1.98 (2021). Whereas Sundaram
Midcap Fund has a steady growth from -2.28 (2020) to 1.25 (2021)

59
 CHART 4.7 Jensen Ratio

JENSEN RATIO
40.00
35.00
30.00
25.00
20.00
15.00
10.00
5.00
0.00
-5.00

2017 2018 2019 2020 2021

60
 CHAPTER-V
CONCLUSION

FINDINGS
From the overall performance ranking evaluation of the midcap funds
 From the table 4.1, it is inferred that all the funds are giving good recovery after COVID
fall. There is a sharp recovery noted in Aditya Birla Sun Life Midcap Fund from 1.55
(2020) to 3.68 (2021). It is followed by ICICI Prudential Midcap Fund from 1.91 (2020)
to 3.35 (2021) whereas Sundaram Midcap Fund has a Steady growth from 1.32 (2020) to
2.95 (2021)
 From the table 4.2, it is inferred that all the have good recovery after COVID fall. It has a
sharp recovery noted 6.01 (2020) to 2.62 (2021). It is followed by TATA Midcap Fund
from 7.49 (2020) to 2.31 (2021). Sundaram Midcap fund has a Steady Growth from 8.74
(2020) to 3.14 (2021)
 From the table 4.3, it is inferred that all the funds are giving a good recovery after COVID
fall. There is a sharp recovery noted in TATA Midcap Fund from 1.13 (2020) to 0.62
(2021) and it is followed by Kotak Emerging Equity Fund from 0.99 (2020) to 0.88 (2021).
Whereas Sundaram Midcap Fund has a steady Growth from 1.00 (2020) to 0.51 (2021).
 From the table 4.4, it is inferred that all the funds are giving a good recovery after COVID
fall. There is a sharp recovery noted in SBI Magnum Midcap Fund from -0.30 (2020) to
2.03 (2021) and it is followed by ICICI Prudential Midcap Fund from -0.34 (2020) to 1.88
(2021) whereas Sundaram Midcap Fund has a steady growth from -2.28 (2020) to 1.28
(2021)
 From the table 4.5, it is inferred that all the funds are giving good recovery after COVID
fall. There is a sharp recovery noted in SBI Magnum Midcap Fund from 0.28 (2020) to
1.49 (2021) and it is followed by Aditya Birla Sun Life Midcap Fund from 0.17 (2020) to
1.36 (2021). Sundaram Midcap Fund has a steady growth from 0.14 (2020) to 0.92 (2021)
 From the table 4.6, it is inferred that all the funds are giving good recovery after COVID
fall. There is a sharp recovery noted in Aditya Birla Sun Life Midcap Fund from 1.59
(2020) to 11.18 (2021) and it is followed by ICICI Prudential Midcap Fund from 2.07

61
 (2020) to 7.39 (2021) whereas Sundaram Midcap Fund has a steady growth from 1.25
(2020) to 5.65 (2021)
 From the table 4.7, it is inferred that all the funds are giving good recovery after COVID
fall. There is a sharp recovery noted in SBI Magnum Midcap Fund from 0.30(2020) to 2.00
(2021) and it is followed by Nippon India Growth Fund from 0.28 (2020) to 1.98 (2021).
Whereas Sundaram Midcap Fund has a steady growth from -2.28 (2020) to 1.25 (2021)

SUGGESTIONS
 In the CRISIL rated selected schemes, SBI Magnum Midcap Fund are performing well in
mist of the situation due to its liquidity and fund managers effective handling of portfolio.
If they continue this trend, they will outperform other competitors in the industry
 Sundaram Midcap Fund is also performing well on the rate of return yard stick and in some
of the ratio analysis, even though the benchmarks are lower than the Sundaram Midcap
fund schemes
 SBI Magnum Midcap Fund has higher return of sharpe ratio of 1.49 with Standard
Deviation of 2.52 and Beta of 0.55
 Here, SBI Magnum Midcap Fund has 0.55 has beta value less than 1 which is low risky
fund.
 Generally, for assessing the risk of a fund we have to look over the beta value whether it is
less than 1 or greater than 1. If it is less than 1, it is low risky fund and if it is greater than
1, it is high risky fund.
 SBI Magnum Midcap Fund has higher Sharpe ratio of 1.49 (2021) which generate excess
return for each unit of risk taken. Sundaram Midcap Fund has also give 0.92 (2021) with
positive sharpe ratio and good to invest for a long term,
 Aditya Birla Sun Life Midcap Fund of higher Treynor ratio11.18 (2021) which are exposed
to least market risk and Sundaram Midcap Fund has also given 5.65 (2021) has exposed to
least market risk.
 SBI Magnum Midcap Fund 2.00 (2021) has been able to generate more return than the
expected theoretical return and Sundaram Midcap Fund has also given 1.25 (2021) excess
return than the expected theoretical return with positive Jensen ratio and good to invest in
long term.

62
  Previous performance of the funds reveals the reliability in the market giving hope for the
investors.
 Credit ratings are also a tool for the investors to access the fund performance and reliability.

CONCLUSION
A mutual fund is the powerful investment option that has the potential to generate long term wealth
for investors. I have selected and analyzed the top rating funds in CRISIL and that has performed
very well and gives higher returns. If the investor would like to invest in mutual funds, then give
priority to rating provided by CRISIL. Past performance is not guaranteed to future returns. Mutual
funds are subject to market risk. Before invest in mutual funds read the documents carefully.
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BOOK SOURCE
 Pandey, I. M. (2011). Essentials of FINANCIAL MANAGEMENT. VIKAS
PUBLISHING HOUSE PVT LTD.
 Jain, A. K. (2022). Essentials of International Financial Management. GITAN
Publications.

WEB SOURCE
www.sundarammutual.com
www.amfiindia.com
www.nseindia.com
www.bseindia.com
www.googlescholar.com
www.semanticscholar.com
www.ssrn.com
www.mutualfundsahihai.com
www.advisorkhoj.com
www.valueresearchonline.com
www.moneycontrol.com
www.economictimes.com
www.grow.com

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