A Project Report on

“A COMPARATIVE STUDY OF PERFORMANCE GROWTH PLAN

OF ICICI MUTUAL FUND ” AND SBI MUTUAL FUND”
DMSR

(An Autonomous Institution)

Affiliated to

In partial fulfillment for the award of the degree

of Master of Business Administration

Submitted by

HARSHADA RAJU

UGALE

Under the Guidance of

Dr. AFSAR SHEIKH

Department of Management Science and Research

Academic Year 2022-2023

1
 Department Of Management Science And Research

Academic Year 2022-

2023 CERTIFICATE

This is to certify that HARSHADA RAJU UGALE has submitted the project report titled,

“A COMPARATIVE STUDY OFPERFORMANCE GROWTH PLAN OF ICICI MUTUAL

FUND AND SBI MUTUAL FUND” towards the partial fulfillment of MASTER OF

BUSINESS ADMINISTRATION degree examination. This has not been submitted for any

otherexamination and does not form part of any other course undergone by the candidate.

It is further certified that she has ingeniously completed her project as prescribed by

GUIDE NAME (Co-ordinator)

Dr. Afsar Sheikh Dr. Sonali Gadekar

Place: Date:

2
 NAAC Re-Accredited “A” Grade Autonomous

Institution

Academic Year 2022-2023

DECLARATION

I here-by declare that the project with title “A COMPARATIVE STUDY OF PERFORMANCE

GROWTH PLAN OF ICICI MUTUAL FUND AND SBI MUTUAL FUND” has been completed

by me in partial fulfillment of MASTER OF BUSINESS ADMINISTRATION degree

examination as prescribed by this has not been submitted for any other examination and

does not form the part of any other course undertaken by me.

Place: Harshada Raju Ugale

Date:

3
 Academic Year 2022-2023

ACKNOWLEGMENT

With immense pride and sense of gratitude, I take this golden opportunity to express my sincere

regards to Dr. Swati Kathaley, Principal, I am extremely thankful to my Project Guide Dr.

Afsar Sheikh for his guidance throughout the project. I tender my sincere regards to Co-

ordinator, Dr. Sonali Gadekar for giving me guidance, suggestions and invaluable

encouragement which helped me in the completion of the project. I will fail in my duty if I do not

thank the Non-Teaching staff of the college for their Co-operation. I would like to thank all those

who helped me in making this project complete and successful.

Place: Harshada Raju Ugale

Date:

4
 INDEX

SR. NO NAME OF CHAPTER PAGE NO.

1. Introduction 6-12

2. Company profile 13-21

3. Review of literature 22-24

4. Objectives of study 25-26

5. Scope of study 27-28

6. Research methodology 29-30

Hypothesis

7. Data analysis and interpretation 31-39

8. Findings 40-41

9. Conclusion 42-43

10. Suggestion and recommendation 44-45

11. Bibliography 46-47

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INTRODUCTION

6
INTRODCUTION

FINANCIAL MANAGEMENT

The significance of this function is not only seen in the 'Line' but also in the capacity of 'Staff' in

overall Financial management which refers to the efficient and effective management of

money (funds) in such a manner as to accomplish the objectives of the organization. It is the

specialized function directly associated with the top administration of a company. It has

been defined differently by different experts in thefield.

It includes how to raise the capital, how to allocate it i.e. capital budgeting. Not onlyabout

long term budgeting but also how to allocate the short term resources like current assets. It

also deals with the dividend policies of the shareholders.

DEFINITION FINANCIAL MANAGEMENT

“Financial Management is the Operational Activity of a business that is responsible for

obtaining and effectively utilizing the funds necessary for efficient operation.” By Joseph

Massie. "Financial management is concerned with raising financial resources and their

effective utilization towards achieving the organizational goals."

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IMPORTANCE AND SIGNIFICANCE OF THE TOPIC

The Project report covers analytical study of the financials. Financials of the organization

helps in assessing the financial position of the organization. It also help in the process of

budgeting i.e. in estimating the income which in turn helps in planning future expenses

of the organization such as investment, expansion plan andother day to day expenses. It also

helps management in decision making process at various levels, strategies tactical and

operational level decision making. The study would help in understanding the financial

position of the company bycovering variousratiosof the Company.

What is mean by mutual fund?

Mutual funds are pools of money that are managed by an investment company. Theyoffer

investors a variety of goals, depending on the fund and its investment charter. Some funds,

for example, seek to generate income on a regular basis. Others seek topreserve an investor's

money. Still others seek to invest in companies that are growing at a rapid pace. Funds can

impose a sales charge, or load, on investors when they buyor sell shares. Many funds these

days are no load and impose no sales charge. Mutual funds are investment companies

regulated by the Investment Company Act of 1940.Related: open-end fund, closed-end fund.

8
Concept of mutual funds

A mutual fund is a trust that pools the savings of a no. 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 appreciations realized are shared by its unit holders in proportion to the number of

units owned by them. Thus a mutual fund is themost suitable investment for the common man

as it offers an opportunity to invest indiversified, professionally managed basket of securities

at a relatively low cost.

Historical Aspect

Mutual fund firstly was established in 1822 in the form of Society General De Belguique. It

mainly gains the progress in Switzerland & little in franc and Germany inits initial days. The

first investment trust “The foreign and colonial govt. trust” Wasfounded in London in 1868.

Indian Scenario of Mutual Fund

The origin of mutual fund industry in India is with the introduction of the concept of by UTI in

the year 1963. Through the growth was slow, but it accelerated from theyear 1987 when non-

UTI players entered in industry. The mutual fund industry goes through four phases:

9
• First phase 1964-87 (Establishment of UTI).

• Second phase 1987-93 (Entry of public sector funds).

• Third phase 1993-2003 (Entry of a private sector funds).

• Fourth phase since feb.2003 (Bifurcated of UTI).

In the first phase, UTI was established in 1963 by an act of parliament. In 1978 it was

delinked from RBI & the IDBI took over the control of UTI. In second phase, SBI entered as

first non-UTI mutual fund provider then it was followed by can bank (Dec. 87). PNB (Aug

89) & LIC in 1989. In third phase, the private sector entered in it. The Erstwhile Kothari

pioneer (now merged with Franklin Templeton) was first registered in July 1993 in mutual

fund. In revised registration of SEBI I n1993 the industry functions under SEBI. And the fourth

phase had bitter experience for UTI. It was bifurcated into two separate entities. One is the

specified under taking of UTI with AUM of 29,835cr. The second is UTI mutual fund ltd.

Sponsored by SBI, PNB, BOB and LIC& it is registered with SEBI.

10
 Types of Mutual Fund

Special
Structure schemes

OpenEnded Growth

Close Income Indexschemes

Internal Balanced
Sectorschemes

11
Advantages of Mutual Funds

 Diversification.

 Professional Management.

 Liquidity (mainly in case of opened mutual funds).

 Regulatory.

 Convenience.

 Lowcost.

 Reduction of transaction cost.

 Diverse returns.

Advantages to Industrial concern

 Tax relief.

 Attract foreign Capital.

 Reduction / Diversification of risk.

12
Drawbacks of Mutual fund

 No guaranties.

 Fees & Commission

 Taxes.

 Management Risk.

Investment Plans/Options:

• Direct Plan :

Under direct plan investors can invest directly with a fund house where in no agent or

distributor is involved and thus they can save on costs. The direct plan has a separate NAV,

which is generally higher than normal or regular plan as direct plan charges lower expenses

because it does not entail paying any commission to agent/distributor and thus gets reflected

in the form of higher NAV.

• Regular or Normal Plan:

Under regular or normal plan investors can invest through an agent or distributor in order to

avail their investment advice/services. The regular plan too has a separate NAV, which is

generally lower than direct plan as former charges higher expenses in order to pay

commission
13
to an intermediary involved.

14
Investment Options

 Growth Option :

Under growth option, dividends are not paid out to the unit holders. Income attributable to

the unit holders continues to remain invested in the scheme and is reflected in the NAV of

units under this option. Investors can realize capital appreciation if any, by way of an

increase in NAV of their units by redeeming them.

 Dividend Payout Option :

Dividends are paid out to the unit holders under this option. However, the NAV of theunits

falls to the extent of the dividend paid out and applicable statutory levies.

 Dividend Re-investment Option:

The dividend that accrues on units under option is re-invested back into the scheme at ex-

dividend NAV. Hence investors receive additional units on their investments in lieu of

dividends.

15
COMPANY PROFILE

16
 COMPANY PROFILE

SBI MUTUAL FUND

SBI mutual fund is a bank sponsored fund house with its corporate headquarters in Mumbai, india.

It is a joint venture between the state bank of india, an Indian multinational, public sector banking

and financial services company and amundi, a European assest management company.

The mutual fund industry in india originally began in 1963 with the unit tust of india (UTI) as a

government of india and the reserve bank of india initiative. Launched in 1987, SBI mutual fund

became the first non-UTI mutual fund in india. In July 2004, state bank of india decided to divest 37

percent of its holding in its mutual fund, SBI funds management Pvt Ltd, to society general

asset management, for an amount in excess of $35 million. Post-divestment, state bank of india’s

stake in the mutual fund arm came down to 67%. In may 2011, Amundi picked up 37% stake in SBI

funds management, that was held by society general asset management, as part of a global move to

merge its asset management business with credit Agricola.

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SBI MUTUAL FUND

SBI Mutual Fund is India’s largest bank sponsored mutual fund and has an enviable track

record in judicious investments and consistent wealth creation. SBI mutual fund is the Joint

Venture between SBI and AMUNDI (France), one of the world's leading fund management

companies. A totatl of over 5.8 million investors have reposed their faith in the wealth

generation expertise of the mutual fund.

SBI Mutual Fund today said it has appointed Auradha Rao as Managing Director and Chief

Executive Officer. He takes over from Deepak Chatterjee who is now an advisorto the fund

house. On November 13, 2013, State Bank of India closed at Rs 1697.85,up Rs 22.40, or

1.34 percent. The 52-week high of the share was Rs 2550.00 and the 52-week low was Rs

1452.90.

With 25 years of rich experience in fund management, SBI Funds Management Pvt. Ltd.

brings forward the expertise by consistently delivering value to the investors. SBI mutual

funds have a strong and proud lineage that traces back to the State Bank of India (SBI) -

India's largest bank.

The Vision of SBI mutual funds is, “To be the most preferred and the largest fund house for

all asset classes, with a consistent track record of excellent returns and best standards in

customer service, product innovation, technology and HR practices.” The mission has been

to establish Mutual Funds as a viable investment option to the masses in the country.

18
Working towards it, SBI mutual fund developed innovative, need-specific products and

educated the investors about the added benefits of investing in capital markets via Mutual

Funds.

19
SBI Funds Management has emerged as one of the largest player in India advising various

financial institutions, pension funds, and local and international asset management

companies. SBI mutual fund management have excelled by understanding the investor's

requirements and terms of risk / return expectations, based on which they suggest

customized asset portfolio recommendations. They also provide an integrated end-to-end

customized asset management solution for institutions in terms of advisory service,

discretionary and non- discretionary portfoliomanagement service.

SBI Funds Management has been successfully managing and advising India's dedicated

offshore funds since 1988. SBI Funds Management was the 1st bank sponsored asset

management company fund to launch an offshore fund called 'SBI Resurgent India

Opportunities Fund' with an objective to provide our investors with opportunities for long-term

growth in capital, through well-researched investments in a diversified basket of stocks of Indian

Companies.

SBI Mutual Fund is India’ s largest bank sponsored mutual fund and has a track record in

judicious investments and consistent wealth creation. The fund tracesits lineage to SBI -

India’ s largest banking enterprise. The institution has grown immensely since its inception

and today it is India's largest bank, patronized by over80% of the top corporate houses ofthe

country.

SBI Mutual Fund is a joint venture between the State Bank of India and Society General Management,

one of the world’ s leading fund management companies that manages over US$ 500 Billion

worldwide.
20
SBI Mutual is the first bank-sponsored fund to launch an off shore fund

Resurgent India Opportunities Fund.

Investment Objective:-

Setting benchmarks time again For investors.

Our objective is to endeavor to outperform our benchmarks through well researched

investments in Indian equities. This is achieved by implementing an active management style

based on fundamental analysis, leading to the construction of a portfolio. It could be

blended, large cap, mid cap, or specific sector oriented - which aims at capturing the growth

potential of Indian equities.

Mutual Fund Schemes Provided By SBI

 SBI Gold Fund | Gold ETF | Invest in Gold | Gold Fund India - SBI Mutual Fund

To returns provided by SBI Gold Exchange Traded Scheme (SBI GETS). Asset Allocation

Instrument Mutual Fund. However, the Fund Manager may invest inany other scheme of a

mutual fund registered ...& Calculators NRI Corner Investor Camps Voting Policy

Television Commercials KEY DETAILS NAV Scheme Information Document Scheme Fact

Sheet Common KIM and Application form Dividend History HOW ... a Distributor

LEARNING

21
CENTER MF Basics MF Guide Mutual Fund Coach.

22
 SBI Mutual Fund | Monthly Market View

Mount CIO–SBI funds management private limited (mutual funds’ investments are subject

to market risks, read all scheme related documents carefully.) top copyright 2010 SBI

mutual fund. Sitemap. NRI corner investor camps voting policy scheme annual report archives

equity outlook debt outlook. mutual fund coach assets , e-magazine ask for title view archive

august 2012markets moved in a narrow range as FII flows provided the support amidst the

negative news flow.

 Financial Tools and Calculators | Goals Calculator | SBI Mutual Fund

Notice Mutual Funds’ Investments are subject to market risks, read all scheme related

document carefully. NRI Corner Investor Camps Voting PolicyScheme Annual Report how

to invest Online Now Investor which financial scheme will help you the fairytale into a

reality. The data generated herein is completely and solely based on the information/details

provided by you in response to the questions presumptions/assumptions. Such information

and the resultant data are provided onlyfor user's convenience.

 SBI MF - Balanced - Magnum Balanced Fund – Highlights

For relatively higher returns than those provided by debt funds. key benefit magnum

balanced fund invests & calculators NRI corner investor camps votingpolicy television

commercials key details NAV scheme information documentscheme fact sheet common and

application form dividend history how a distributor learning.

23
 SBI MF - KYC Procedure - List of Documents

Mutual Funds’ investments are subject to market risks, read all scheme related documents

carefully. SBI Mutual Funds Management Private Limited (Ajoint venture in mutual funds.

Power of Attorney granted to its managers, officers or employees to transact business for

proof of address for an individual can be provided by the Karta. Non individuals (PAN)

Mandatory/Authority to invest). Trusts, foundations, NGO's Charitable Bodies,Clubs/Mutual

Fund Schemes. SBI MF - Disclaimer

This web site is limited to information on mutual funds. Information on this web site &

Calculators NRI Corner Investor Camps Voting Policy Scheme Annual Report how to invest

online to SBI Mutual Fund, and its products is for information purposes only and should not be

relied upon of the information that an interested party may desire. SBI Mutual Fund does not

give any guarantee.

24
PRUDENTIAL ICICI MUTUAL FUND

The mutual fund of ICICI is a joint venture with Prudential PLC. Of America, one of the

largest life insurance companies in the USA. Prudential ICICI mutual fund was setup on

th
13 of Oct. 1993 with two sponsors.

ICICI Bank started as a wholly owned subsidiary of ICICI Limited, an Indian financial

institution, in 1994. Four years later, when the company offered ICICI Bank's shares to the

public, ICICI's shareholding was reduced to 46%. In the year 2000, ICICI Bank offered made

an equity offering in the form of ADRs on the New York Stock Exchange (NYSE), thereby

becoming the first Indian company and the first bank or financial institution from non-Japan

Asia to be listed on the NYSE. In the next year, it acquired the Bank of Madura Limited in

an all-stock amalgamation. Later in the year and the next fiscal year, the bank made

secondary market sales to institutional investors.

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ICICI was formed in 1955 at the initiative of the World Bank, the Government of India and

representatives of Indian industry. The principal objective was to create a development

financial institution for providing medium– term and long– term project financing to Indian

businesses. In the 1990s, ICICI transformed its business from a development financial

institution offering only project finance to a diversified financial services group offering a wide

variety of products and services, both directly and through a number of subsidiaries and

affiliates like ICICI Bank. In 1999, ICICI become the first Indian company and the first bank

orfinancial institution from non– Japan Asia to be listed on the NYSE.

After consideration of various corporate structuring alternatives in the context of the

emerging competitive scenario in the Indian banking industry, and the move toward s

universal banking, the managements of ICICI and ICICI Bank formed the view that the

merger of ICICI with ICICI Bank would be the optimal strategic alternative for both

entities, and would create the optimal legal structure for the ICICI group's universal banking

strategy. The merger would enhance value for ICICI shareholders through the merged entity's

access to low– cost deposits, greater opportunities for earning fee–based income and the

ability to participate in the payments system and provide transaction– banking services. The

merger would enhance value for ICICI Bank shareholders through a large capital base and

scale of operations, seamless access to ICICI's strong corporate relationships built up

over five decades, entry into new business segments, higher market share in various

business segments, particularly fee– based services, and access to the vast talent pool of ICICI

and its subsidiaries.

26
In October 2001, the Boards of Directors of ICICI and ICICI Bank approved the merger of ICICI and

two of its wholly– owned retail finance subsidiaries, ICICI Personal Financial Services

Limited and ICICI Capital Services Limited, with ICICI Bank. The merger was approved by

shareholders of ICICI and ICICI Bank in January 2002, by the High Court of Gujarat at Ahmedabad

in March 2002, and by the High Court of Judicature at Mumbai and the Reserve Bank of India in

April 2002. Consequent to the merger, the ICICI group's financing and banking operations, both

wholesale and retail, have been integrated in a single entity

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 Products and Schemes of SBI mutual fund:-

 Equity funds.

 Balanced funds.

 Debt funds

 Children’s funds.

Other Players in Mutual Fund:-

 Bank ofBaroda mutual fund (BOB MF) 30OCT. 1992.

 Benchmark mutual funds (June 12, 2001).

 Birla Sun life MF (1871).

 Chola mutual fund (3 Jan. 1997).

 Can bank mutual fund (Dec. 19, 1987).

th
 LIC mutual fund (19 June, 1989).

 Reliance mutual fund (30June, 1995).

 Sahara mutual fund (18 July, 1996).

 GIC (General Insurance Corporation of India). Etc.

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REVIEW OF LITRATURE

29
 LITERATURE REVIEW

1. Lubos pastor, M Blair vorsatz (2020) During the COVID-19 crisis, they examine the

performance and flows of active stock mutual funds in the United States. We discover

that most active funds underperform passive benchmarks, which contradicts the popular

belief that active funds thrive in downturns. This underperformance is especially

pronounced when compared to the benchmark. 500 indexes, but it can also be seen when

compared to style benchmarks.

2. Pliar Grau- Carles,Luis Minguel Donecel (2019) Financial performance

measurements are used by market investors to evaluate fund managers investment skills

and select the best fund managers for their investments. The Sharpe ratio is the most

commonly used financial performance indicator, however it has some flaws. Alternative

measurements have been created by scholars and practitioners to compensate for the

Sharpe ratio's inadequacies. This study looked into the most commonly used performance

measurements. Their findings were assessed by ranking various investments

3. Prabhat kumar Tripathi (2019) over the last few years, the mutual fund sector has

grown at a breakneck rate, with new products tailored to investors' needs and slew of

new companies joining the market. The purpose of this research is to examine the numerous

SBI mutual funds and ICICI prudential mutual funds debt funds.

30
4. Shivnangi Agarwal (2017) Mutual fund investing has grown in popularity in recent

years because it provides investors with the best risk-adjusted returns. The Indian market

is no different, with mutual funds having grown by a factor of ten over the years. As of 2016,

the Indian mutual fund industry was flooded with over 2,000 mutual fund schemes, each

offering larger returns than its contemporaries. This makes it difficult for the average

investor to choose the best portfolio to invest in, necessitating a thorough examination of

the funds' performance. While knowing and analyzing mutual fund performance in the

past does not guarantee future results, it can provide insight into how the fund is likely to

perform in thefuture.

5. Malcolm Wardlaw (2020) By exploiting mutual fund outflow-induced price pressure to

identify non fundamental price fluctuation, a wide and fast rising literature investigates

the influence of misevaluation on business policy. I show that the usual method for

calculating outflow-induced price pressure mistakenly yields a measure that is a direct

function of a stock's actual realized return during the previous quarter, which calls into

question its basic orthogonally. Outflows produce a relatively minor quarterly fall in

returns after removing these direct measures of return, with no following reversal, and

many established results in this literature no longer hold on to.

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OBJECTIVE OF STUDY

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Objectives:

 To evaluate the performance of selected growth schemes using ICICI and SBI Mutual Fund.

 To examinetheperformanceof selected schemes onthe basisofriskand return.

 To study a comparative performance analysis for the selected mutual funds for five years.

 To analyze the risk and returnsof ICICI and SBI mutual fund schemes.

 To achieve a comprehensive understanding regarding the ICICI and SBI mutual fund

schemes

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SCOPE OF STUDY

34
 SCOPE OF THE PROJECT:

 Scope ofthe study is limited to the sample of Mutual Fund listed on ICICI and SBI.

 Scope of the study is further limited to the data for the period of five years.

 The study is based on secondary data collected from annual report of ICICI and SBI and website

of ICICI and SBI.

35
Research Methodology

36
 RESEARCH METHODOLOGY

DEFINITION

Research Methodology is a way to find out the result of a given problem on a specific matter

or problem that is also referred as research problem. In Methodology, researcher uses

different criteria for solving/searching the given research problem. Different sources use

different type of methods for solving the problem. If we think about the word “

Methodology”

, it is the way of searching or solving the research problem.

RESEARCH DESIGN

Research design can be thought of as the structure of research. It is the glue that holds all the

elements in a research project together. Research design is a vital part of the research study.

It is the logical and systematic planning and directing of piece of research. It is the master

plan and blue print of the entire study.

Primary Data:

The objective of Primary data is formulated on the basis of research

objectives. Objectives set the guidelines and directions of research planning formulating the

objectives offer the best feasible means of solution. There are many methods of collecting

primary data and the main methods include:

 Surveys

 Observation
37
Secondary Data:

After deciding objective looked for collecting and studying secondary data. It

includedbooks, collect information from company. Study of secondary data gave an insight

into the problem into hand. It also provides clues and helped in designing primary research.

 Magazines

 Book

 Websites

 Reports

 Available projects and Thesis

HYPOTHESIS

 Null Hypothesis : H0: Growth plan of ICICI mutual fund are beneficial than the

growth plan of SBI mutual fund.

 Alternative Hypothesis : H1: Growth plan of ICICI mutual fund are not beneficial

than the growth plan of SBI mutual Fund.

38
 DATA ANALYSIS
AND
INTERPRETATION

39
 DATA ANALYSIS & INTERPRETATION:

Table 1.1 FINANCIAL PERFORMANCE EVALUATION OF MUTUAL FUND SCHEMES

Calculated value of balanced fund schemes

Name of the 5 years Beta Standard Trey nor Jensen’ Sharpe Ranking
scheme average Devation ratio Alpha ratio a/β
return
SBI Multi-Asset 10.93 0.70 0.36 0.07 -2.60 0.14 -3.72
Dir Gr

SB I Balanced 14.65 0.80 1.32 0.11 0.00 0.07 0.00

Adv. Dir

SBI Equity’s 12.05 0.85 0.65 0.07 -3.10 0.09 -3.64

saving Dir
Gr
SBI Hybrid 9.85 0.75 0.08 0.05 -4.22 0.50 -5.63
debt Dir
Gr
SBI Hybrid 14.84 0.85 1.37 0.10 -0.31 0.06 -0.36
Eq Dir Gr
ICICI Pru 12.94 0.65 0.88 0.11 -0.05 0.08 -0.08
balanced
Adv.Dir Gr
ICICI Pru 11.25 0.65 0.44 0.08 -1.75 0.12 -2.68
regular savings
Dir Gr
ICICI Pru multi- 14.52 0.80 1.28 0.11 -0.09 0.07 -0.11
assets

ICICI Pru 10.22 0.85 0.17 0.05 -4.93 0.24 -5.80

Equity saving
Dir Gr
ICICI Pru 14.84 0.82 1.37 0.11 0.00 0.06 0.00
equity & debt
Dir Gr
ICICI Pru child 15.08 0.84 1.43 0.11 0.00 0.06 0.00
care study Dir

40
Evaluation of the performance of balanced fund Schemes

The average return values for the schemes selected for the study are presented in Table 1.1.
The results show that all schemes obtained lower returns than the market returns out of 15
balanced schemes. ICICI Pru Child Care Study Dir of ICICI Prudential Asset Management
Company ltd Equity Savings Dir Gr's lowest return on investment.11 schemes produce
double- digit returns from 15 schemes. Durable average returns during this period were
slightly below the market return of the ICICI Pru Child Care Study Dir and SBI Hybrid Eq
Dir Gr. When the sample fund was examined in terms ofrisk, it had a low level of variability
in its returns. ICICI Pru Child Care Study Dir. took a high risk and generated good returns
successfully from managed by ICICI Prudential Asset Management Companyltd.

ICICI Pru Care Study Dir and ICICI Pru Equity & Debt Dir Gr under the leadership of
ICICI Prudential Asset Management Company ltd have been shown to be more risky, but
less risky compared to the market portfolio of other schemes in this category.

ICICI Pru Equity & Debt Dir Gr, ICICI Pru Child Care Study Dir, Nippon India Balanced
Adv. Dir Gr and SBI Balanced Adv. Dir Gr show show higher and equal Trey nor Index,
Indicates the adequate return per unit of systematic risk taken from investors invest in a
well- diversified portfolio of mutual funds. Increased positive Alpha value shows improved
performance in the schemes. The analysis reveals the negative value of the alpha of all 15
schemes; it means all the schemes performing below the market return.

The table also shows the value of the reward to the variability ratio of Sharpe. The
return per unit risk is excessive, i.e., per unit of standard deviation. This is the result of the
return.
The positive index value shows good results.

41
 Calculated value of balanced fund schemes

Name of the 5 years Beta Standard Trey nor Jensen’ Sharpe Ranking
scheme average Devation ratio Alpha ratio a/β
return
SBI Focused 30 10.93 0.70 0.36 0.07 -2.60 0.14 -3.72
Dir Gr

SBI Small Adv. 14.65 0.80 1.32 0.11 0.00 0.07 0.00
Dir
SBI Capital 12.05 0.85 0.65 0.07 -3.10 0.09 -3.64
Builder value
Dir Gr
SBI Mid-cap 9.85 0.75 0.08 0.05 -4.22 0.50 -5.63
opportunities
Dir Gr
SBI Flexi cap 14.84 0.85 1.37 0.10 -0.31 0.06 -0.36
Dir Gr
ICICI Pru 12.94 0.65 0.88 0.11 -0.05 0.08 -0.08
midcap Dir Gr
ICICI Pru 11.25 0.65 0.44 0.08 -1.75 0.12 -2.68
small cap Dir
Gr
ICICI Pru 14.52 0.80 1.28 0.11 -0.09 0.07 -0.11
blue-chip Dir
Gr
ICICI Pru 10.22 0.85 0.17 0.05 -4.93 0.24 -5.80
focused Equity
Dir Gr
ICICI Pru 14.84 0.82 1.37 0.11 0.00 0.06 0.00
value discovery
Dir Gr
ICICI Pru 15.08 0.84 1.43 0.11 0.00 0.06 0.00
banking & fin
Svcs Dir Gr

ICICI Pru 17.03 0.98 0.10 0.11 6.49 1.15 6.62

multicar Dir
Gr
ICICI Pru 13.46 0.94 0.86 0.08 3.35 0.09 3.56
infrastructure
Dir Gr

Table1.2

42
Performance Evaluation of Equity Diversified Fund Schemes

Table 1.2 shows that 10 percent of the equity diversified funds schemes were lower than the
market average return. The results indicated that out of 22 equity diversified fund schemes,
higher returns were achieved by all schemes in comparison to return son the market, except
four. No scheme has negative values. ICICI Pru Banking & Fin Svcs Dir Gr managed by
ICICI Prudential Asset Management Company Ltd Shares 1st place on average return.

Most schemes are less risky compared to market risks with respect to risks. The standard
deviation differs between the 0.03 and 1.03 in the table. ICICI Pru Focused Equity Dir Gr
and SBI Mid-Cap Opportunities Dir Gr show less variance in the return sand ICICI Pru
Banking & Fin Svcs Dir Gr displays the highest variability in return. Betavaries from
minimum 0.07 to 1.08 for the Scheme as it is observed.

It is further noted that the highest risks were born by Nippon India Large Cap Dir Gr, Value
Dir Gr, and also sufficient returns were made to investors.

Seven plans contain more than one beta system (i.e. beta) which means that these plans tend
to be more risky portfolio than the market portfolio. In addition, 1 ended to hold portfolios
with a similar risk to market portfolios.

Some 15 schemes are beta-less than one (i.e. beta on the market), suggesting that these
schemes tend to be less risky than those on the market. Increased positive alpha value
shows improved performance. The Table analysis shows that no alpha scheme shows a
negative value.

43
 Calculated value of debt fund schemes

Name of the 5 years Beta Standar Trey Jensen’ Sharpe Rankin

scheme averag d nor Alpha ratio g a/β
e Devation ratio
return
SBI banking& 8.93 1.36 0.36 0.07 -2.60 0.14 -3.72
PSU debt Dir
Gr
SBI corporate 8.98 0.82 1.32 0.11 0.00 0.07 0.00
bond Dir
SBI Credit 9.16 -0.8 0.65 0.07 -3.10 0.09 -3.64
risk debt Dir
Gr
SBI dynamic 7.33 1.13 0.08 0.05 -4.22 0.50 -5.63
debt Dir Gr

SBI floating 8.15 0.42 1.37 0.10 -0.31 0.06 -0.36

rate debt
whys Dir
Gr
SBI Gilt Dir Gr 7.33 0.52 0.88 0.11 -0.05 0.08 -0.08

SBI Income Dir 8.15 1.26 0.44 0.08 -1.75 0.12 -2.68
Gr
SBI income Dir 8.81 0.44 1.28 0.11 -0.09 0.07 -0.11
Gr

SBI low 7.96 0.66 0.17 0.05 -4.93 0.24 -5.80

duration Dir
Gr
SBI M/T debt 8.12 1.25 1.37 0.11 0.00 0.06 0.00
Dir Gr
SBI money 7.28 0.72 1.43 0.11 0.00 0.06 0.00
market Dir Gr

SBI S/T debt 8.66 1.06 0.10 0.11 6.49 1.15 6.62
Dir Gr
ICICI Pru 10.82 0.94 0.86 0.08 3.35 0.09 3.56
all seasons
bond Dir Gr
Table1.3

41
Performance Evaluation of Debt Fund Schemes

The values of the average yields of the selected schemes are shown in Table 1.3. From

38 debt fund schemes introduced by selected mutual fund companies, the findings are

clear. In comparison to the market return on all 38 schemes, 100 percent of debt fund

schemes are below market returns. Only 10 percent of schemes receive daverage

double digit returns. Only one scheme i.e., Nippon India U/ST duration Dir

Grindicates a negative return. The table contains 38 schemes with a systemic risk (b). It

is important to note that 50% of systems are beta-low (i.e. market beta) which means

that they are less risky than market portfolios. These schemes are also less risky.

Higher average returns compared to other schemes in the table. SBI Credit Risk

DebtDir Gr, ICICI Pru Floating Interest Dir Gr, You have positive schemes with a

negative beta. Beta in the table varies from -4.8 to 5.24. ICICI Pru Long Term Bond

Dir Gr indicates higher beta of 5.24 in the table implies that the scheme was

designed to hold more risky portfolios than the portfolio in the market.

The table value of Sharp's variability compensation shows that 43 percent of schemes
have unfavourable results in relation to risk. 90% of funds show a positive Trinor
index indicating the appropriate return per unit of systemic risk undertaken for
investors investing in mutual funds in order to create a properly diversified portfolio. It is
surprising that 10% of the schemes were poor than risk-free returns (6 percent).

42
 Liquid fund scheme calculated values

Name of the 5 years Beta Standard Trey Jensen’ Sharpe Ranking

scheme average Devation nor Alpha ratio a/β
return ratio
SBI liquid Dir 8.93 1.36 0.36 0.07 -2.60 0.14 -3.72
Gr

ICICI Pru 8.98 0.82 1.32 0.11 0.00 0.07 0.00

liquid Dir Gr

Market 9.16 -0.8 0.65 0.07 -3.10 0.09 -3.64

Index

Table 1.4

Liquid Fund schemes performance evaluation

The values of average returns on the liquid schemes chosen for this study are shown
in Table 1.4. Results indicate that all three schemes generated an average return
lower than their market yield. Out of these three schemes, higher return when
compared to other schemes. No scheme providing negative return in the table.The
systemic risk (b) of three schemes is presented in Table 1.4. It is observed that two of
the systems havebeta less than market beta, thereby implying that these schemes
have more or less risky portfolios than the market portfolio. Compared with other
schemes in this category, the Gr was more risky.

Thus, the discussion above shows that the majority of sample funds have lower
returns than the market return but all schemes have achieved higher returns than a
risk-free security return.

43
 Calculated values of ELSS fund (Tax planning fund) schemes

Name of the 5 years Beta Standard Trey nor Jensen’ Sharpe Ranking
scheme average Devation ratio Alpha ratio a/β
return
SBI Tax Dir Gr 14.78 0.97 0.32 0.09 -1.66 0.27 -1.71

SBI L/T 19.23 0.97 1.90 0.13 2.79 0.07 2.88

advantage Dir
Gr
Market Index 16.57 1

Table 1.5

Tax planning fund schemes performance evaluation

The average ELSS return levels selected for the study are given in Table 1.5. The

results have shown that only one scheme has achieved higher returns than the market

return in the four tax planning schemes. The highest return generated from the SBI

L/T Advantage Dr Gr scheme of SBI AMC and the lowest returns. Every scheme

produces a double-digit return.

The results show that the return on the market was better compared to all

schemes. The study shows that sampling schemes were better than returns without

risk and one SBI L/T Advantage scheme Dir Gr has been better than the average

market return. With regard to risk, all sample schemes, except for one, have taken

a lower risk than market risk. Further more, the beta varies between 0.32 and 2.14

for the scheme. Many schemes have betas below one (i.e. betas on the market),

that means that the portfolios of these schemes tend to be less risky than the market

portfolio.

44
FINDINGS

45
FINDINGS

 Most schemes are less risky compared to market risks with respect to risks. The standard deviation

differs between the 0.03 and 1.03 in the table. ICICI Pru Focused Equity Dir Gr and SBI Mid-Cap

Opportunities Dir Gr show less variance in the returns and ICICI Pru Banking &

Fin Svcs Dir Gr displays the highest variability in return. Beta varies from minimum 0.07 to 1.08 for the

Scheme as it is observed.

 SBI Capital Builder Value Dir Gr has been better than others and is number-one based on the

Jensen Ranking followed by ICICI Pru Banking & Fin Svcs Dir Gr.

 The table value of Sharp's variability compensation shows that 43 percent of schemes have

unfavorable results in relation to risk. 90% of funds show a positive Tri nor index indicating the

appropriate return per unit of systemic risk undertaken for investors investing in mutual funds in

order to create a properly diversified portfolio. It is surprising that 10% of the schemes were poor

than risk-free returns (6 percent).

 The values of average returns on the liquid schemes chosen for this study are shown in Table 1.4.

Results indicate that all three schemes generated an average return lower than their market yield. Out of

these three schemes, higher return when compared to other schemes. No scheme providing negative

return in the table. The systemic risk (b) of three schemes is presented in Table 1.4. It is observed that

two the systems have beta less than market beta, thereby implying that these schemes have more or

less risky portfolios than the market portfolio. Compared with other schemes in this category, the Gr

was
46
more risky.

47
 The results show that the return on the market was better compared to all schemes. The study

shows that sampling schemes were better than returns without risk and one SBI L/T

Advantage scheme Dir Gr has been better than the average market return. With regard to

risk, all sample schemes, except for one, have taken a lower risk than market risk. Furthermore,

the beta varies between 0.32 and 2.14 for the scheme. Many schemes have betas below one

(i.e. betas on the market), that means that the portfolios of these schemes tend to be less risky

than the market portfolio.

 The results show that the return on the market was better compared to all schemes. The analysis

showed that the sample schemes were better than the return without risk and were better than

the average market return.

48
CONCLUSION

49
 CONCLUSION:

 To conclude we can say that mutual fund is a very much profitable tool for investment

because of its low cost of acquiring fund, tax benefit, and diversification of profits & reduction

of risk.

 Many investors who have invested in mutual fund have invested with SBI and them also

thinks that it provides better returns than ICICI.

 In my study I was supposed to do comparative analyses the mutual fund of SBI & ICICI and

I had Found that people consider SBI better than ICICI.

 But ICICI have also respondents and it can increase its investors by improving itself in

Some term.

50
SUGGESTION AND RECOMMENDATION

51
SUGGESTION AND RECOMMENDATION:

In my study I have found some limitations. For that I can suggest both companies

following suggestions or areas of improvement.

 ICICI bank should try to provide better returns to its investors as compare to
SBI. Companies should try to invest in better securities for better profits.

 Both companies should try to satisfy their customer by better customer services or by
improving customer relationship management.

 Companies should try to make people initiative towards risk .

 Investors should be made fully aware of the concepts of mutual fund & all the
terms and conditions.

 It should more emphasize in advertising, as it is the most powerful tool to position

ant brand in the Mindset of customers.

 The hypothesis is taken under consideration that the “SBI mutual funds give higher
and better Return” is accepted.

52
BIBLIOGRAPHY

53
 BIBLIOGRAPHY:

 Annual Report of SBI Bank

 Research Methodology, 2004, C.P. KOTHARI, new age international publishers.

 Financial Markets and Service, 2009, E.Gordon & K. Natragan, Himalaya Publishing House.

 Financial service management, 2014, Thakur publication.

 Invest India by Dr. Uma Shashikant

 A guide for mutual funds by SBI Bank

 Offer documents of SBI magnum mid cap fund

54
Websites:-

1. www.SBImf.com

2. www.icicibank.com

3. www.amfindia.com

4. www.mutualfundindia.com

5. www.google.com

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