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Mutual funds in India: a comprehensive review is an outcome of extensive research work carried out by Dr. Bhavinkumar A. Patel. The basic objectives of this book includes (A) In-depth analysis of mutual fund industry in India (B) Performance evaluation of selected growth oriented schemes operating in India by different blue chip companies and (C) Analysis of perception of investors, brokers and fund managers. This book focuses on the real life growth and development of the mutual fund industry in India considering different parameters like Assets Under Management (AUM), fund mobilized, redemption and repurchase of funds, total schemes launched and in operation under different categories, analysis of growth oriented mutual fund schemes by applying well established measures like Sharpe, Treynor, Jensen and Fama's Net Selectivity. Moreover, it also highlight the perception of investing community and mutual fund professionals. This book would surely provide strong platform to students and professors of finance, mutual fund research scholars, practicing mutual fund professionals and investing community at large.
A Mutual Fund is a trust that pools the savings of a number of investors who share a common financial goal. The money thus collected is then invested in capital market instruments such as shares, debentures and other securities. The income earned through these investments and the capital appreciation realised are shared by its unit holders in proportion to the number of units owned by them. Thus a Mutual Fund is the most suitable investment for the common man as it offers an opportunity to invest in a diversified, professionally managed basket of securities at a relatively low cost. Mutual Funds have played an important role in the growth of Indian Economy especially in Post Liberalization era (1991 onwards). Many ups and downs have been seen in the market since then. The book is a compilation of the ideas, thoughts and experiences of Mutual Funds in the Indian Economy and gives the glimpse of the Analysis and Performace in the selected Mutual funds. The book also help the researchers to frame the research plan on the strong fundamentals of Mutual Fund industry in future.
The prime objective of this book is to provide its readers with a full comprehensive text and contents of performance of mutual funds in India that covers the growth and development of Indian mutual fund industry, investment pattern of selected mutual fund schemes, evaluation of public and private sector mutual fund schemes and market timing ability. The contents of the book fulfill the requirement of the Doctoral Degree, Master of Business Administration, Master of Commerce and Bachelor of business Administration students. There are five chapters in the book with comprehensive coverage, examples, diagrams and tables.
The Purpose of this study is to measure the performance of closed-ended Mutual Funds and specify them into different categories for the guidance of investors. It also identifies Funds with high and low performance, according to their investment objectives. The study provides analytical comparison between different closed ended Mutual Fund companies providing significant guidance for Fund managers as well as the investors.
Financial sector liberalization was one of the major reforms, which have taken place in majority of the developing countries in the eighties. The major objectives of financial sector reform were to improve the allocative efficiency of resources and to accelerate the growth process of the real sector by removing structural deficiencies affecting the performance of financial institutions and financial markets. Internationally mutual funds are key contributors to the globalization of financial market and one of the main source of capital flows to emerging economies. Mutual funds in developed countries have become one of the main instruments for investing in emerging markets. The mutual fund industry is among the most successful recent financial innovation. The present research work is an attempt to analyse and compare different mutual fund schemes on various Yadsticks which helps in determining the future trends in mutual fund industry.
This book discusses on mutual fund industry in detail, the impact of various scrips on the performance of the mutual funds. The book also discusses on some of the tools and concepts to measure performance of mutual funds such as average daily return and risk in stock market to compare with the market indicator, Jenson's ratio, Treynor's ratio, Sharpe’s ratio, and Fama's model. In the final stage we also discuss about the Investment priorities of different Investors and evaluate on how investors view mutual funds. Also focuses on the investment procedure of mutual funds, investor’s preference regarding mutual funds, and motivational factors of mutual fund investors.
The Indian capital market has witnessed unprecedented developments and innovations particularly recent decades In the changed environment the mutual funds. The study focused on the portfolio diversification and financial performance of selected mutual funds the data consists of annualised Net Asset Value of the selected mutual funds from January 1st, 2000 to December 31st, 2009. Out of the 11 Mutual fund schemes in industry, six mutual fund schemes are identified for the purpose of this study. The criterion for identifying the Schemes is that, the scheme should have at least ten funds that have completed ten years of age. This book is updated version of my doctoral thesis entitled Mutual Funds: A Study on the Performance of Selected Funds submitted to the Andhra University for the degree of Doctor of Philosophy.
Mutual Fund is one of the most important mechanisms for indirect investment in financial markets, which provides better conditions in terms of risk and return, especially for amateur investors. This research examined the effect of fund size on the performance of Iranian mutual funds. The research was carried out on all Iranian mutual funds during 2007 to 2011.There are several aspects and dimensions in evaluating the performance of mutual funds, but this study focused on five aspects: namely Sharpe measure; Jensen differential measure; Treynor measure; Sortino measure and Information measure. Correlation coefficients between all the parameters were computed to assess the degree of relationship between fund size and performance of mutual funds. The findings highlighted no significant relationship between fund size and performance, whether Fixed Income Instruments or Big and Small Cap Stock mutual funds.
Mutual funds serve those individuals inclining to invest but lack the technical investment expertise. However, potential investors are perplexed while choosing the right scheme at the time of investment. This concise and compact text has identified mutual funds as less risky compared to equity shares. This book brings to light the panorama of Mutual fund industry in the world and in India. The book also discusses in detail the method of evaluating growth schemes, opinion of fund managers, brokers and investors. It would be best suited to fund managers to identify the determinants of success for mutual funds; attitude of investors towards mutual funds, factors contributing towards satisfaction of unit holders. It would be of great guide to students intending to carryout research relating to mutual funds. It would be an asset to the potential investors to know the criteria’s for choosing mutual fund organization and schemes. This book will highlight the policy makers the need to take steps to increase the attractiveness of mutual funds among investors.
In India,mutual funds have emerged to become the most important investment vehicle during the past five years due to fast growing economy,rising income levels,ease of on-line investing and wide ranging mutual fund product offerings.One of the main reasons for such growth is a large number of mutual fund product offerings and the associated investment styles,which is the central focus of this study.Managers adopt a variety of investment styles to offer wide ranging mutual fund plans which give rise to different performance levels.The task of today's fund manager has become complex and it is no more bundling a few stocks and try to outperform the market.To succeed in the highly competitive market place,fund managers need to make conscious choice regarding investment style as it may affect performance.The study attempts to develop Investment Style Index for measuring investment style of equity funds to find how investment styles affect the performance and is probably the first of its kind in Indian context as it attempts to quantify investment styles and relate it to performance of equity mutual funds.
This book is based on the research project which was done with Yes Bank and Max New York Life. It is the study of Unit Linked Insurance Plan of Max New York Life and how does the growth of the various insurance plans or the Net Asset Value (NAV) depends on the portfolio in which the investment has been made and the SENSEX. The various companies of different sectors have been carefully assessed which influence the growth rate of these plans. Along with this, it contains details about the various investment avenues which are available for the investors for investing their hard earned money for saving tax and maximising their wealth. The research contains vital information which can surely help the investors in selecting the Unit Linked Insurance Plans according to their incomes and savings. The decision making process is simplified through the facts found out during the research work. These facts are very essential to know by any investor before investing in any type of ULIPs. After reading this book, the readers will be able to understand the various concepts related to Investment and ULIPS and also the various factors on which the growth of their investment depends.
The mutual funds in India have registered significant growth and emerged as important financial intermediaries during the past decade or so,manifested by increased mobilization of funds and the increasing number of schemes and investors. To fulfill the expectations of millions of unit holders, the mutual funds are required to function as successful institutional investors. Evaluating performance of mutual fund managers vis-a-vis such a goal, is important for both the investors as well as the fund managers. Fund managers in India,periodically publish various performance reports using standard measures,which may not actually reflect the true investment performance of the funds. The present study evaluated the performance of the equity mutual funds in India during the period from 2000 to 2006,using a new framework.A number of new performance indicators are used for the purpose,and it is hoped that this attempt should highlight the efficiency and true competence of fund managers and augment the existing framework for identifying successful fund managers. It should benefit the investors, regulators, fund managers and other participants in the mutual fund industry in general.
Over the last few years, Indian economy and the capital market have witnessed phenomenal changes. One of the important developments has been the growth of mutual funds.Mutual funds,through out the world,are contributing to the growth of economies by channelizing surplus funds from small investors to the corporate sector.This book analyses the growth and pattern of development of mutual funds in India during the period 1964 -2000.It provides a detailed review of literature on performance of mutual funds in India and other developed economies in the world.Select mutual fund schemes have been evaluated simultaneously for selectivity and market timing skills of mutual fund managers.Apart from using the popular measures of performance,a two-step generalized varying parameter estimation process,adopted by Chen and Stockum,has been used to evaluate the selected schemes. This book should help understanding the Indian mutual fund industry and should be useful to researchers,academicians and professionals interested in mutual funds and other managed portfolios.
Mutual Fund is one of the most important mechanisms for indirect investment in financial markets, which provides better conditions in terms of risk and return, especially for amateur investors. This research examined the effects of mutual fund managers’ characteristics on the performance of Iranian mutual funds. The research was carried out on all Iranian mutual funds during 2007 to 2011. Generalized Lease Square (GLS) was employed to examine these effects. The results show that fund manager’s Age, MBA, Gender, and Tenure significantly influence fund performance.
This is a comprehensive study on Managed Funds industry, the main purpose of this study was to examine the mutual fund industry of Pakistan, to examine the assets allocation pattern of mutual funds, how efficiently they are allocated into various asset categories and how investors base their future investment decisions either on past performance or on the basis of risk, size of fund, and availability of alternative investment schemes. The study covers period from September 2007 to December 2013 quarterly data on funds flow and past performance were used. This study uses panel regression model to test the relationship between past performance and returns. I would like to conclude this with the words of Morgan Stanley Dean Witter, "In the end, not all asset management (mutual fund) companies will survive, [but] for firms that have built a 'culture of excellence' over the years, have segmented their customers efficiently, built brand, and delivered performance, the ongoing opportunities to take market share have never been more significant."