Professional Documents
Culture Documents
FOR EXAMPLE:
If the market value of the assets of a fund is Rs. 100,000
The total number of units issued to the investors is equal to 10,000.
Then the NAV of this scheme = (A)/(B), i.e. 100,000/10,000 or 10.00
Now if an investor 'X' owns 5 units of this scheme
Then his total contribution to the fund is Rs. 50 (i.e. Number of units held multiplied by
the NAV of the scheme).
Therefore, the investments in Mutual Funds is not risk free, but a good managed Fund
can give you regular and higher returns than when you can get from fixed deposits of a
bank etc.
SOME OF THE DISTINGUISHING CHARACTERISTICS OF MUTUAL FUNDS
INCLUDE THE FOLLOWING:
Investors purchase mutual fund shares from the fund itself (or through a broker
for the fund) instead of from other investors on a secondary market, such as the
New York Stock Exchange or NASDAQ Stock Market.
The price that investors pay for mutual fund shares is the fund's per share net
asset value (NAV) plus any shareholder fees that the fund imposes at the time of
purchase (such as sales loads).
Mutual fund shares are "redeemable," meaning investors can sell their shares
back to the fund (or to a broker acting for the fund).
Mutual funds generally create and sell new shares to accommodate new
investors. In other words, they sell their shares on a continuous basis, although
some funds stop selling when, for example, they become too large.
The investment portfolios of mutual funds typically are managed by separate
entities known as "investment advisers" that are registered with the SEC.
DO MORE READING.
Visit the library or buy some specialized books on mutual fund investing that will build
on what you have learned from this unit. Some useful references are: Mutual Funds for
Dummies by Eric Tyson, (For Dummies, 2007), Morningstar Guide to Mutual Funds:
Five-Star Strategies for Success (Wiley, 2007) and Common Sense on Mutual Funds:
New Imperatives for the Investor by John C. Bogle (Wiley, 2000).
SHAREHOLDER REPORTS
A mutual fund also must provide shareholders with annual and semi-annual reports
within 60 days after the end of the fund's fiscal year and 60 days after the fund's fiscal
mid-year. These reports contain a variety of updated financial information, a list of the
fund's portfolio securities, and other information.
PAST PERFORMANCE
A fund's past performance is not as important as you might think. Advertisements,
rankings, and ratings often emphasize how well a fund has performed in the past. But
studies show that the future is often different. This year's "number one" fund can easily
become next year's below average fund.
REVIEW PERIODICALLY
After you have selected your mutual fund, set up a regular review schedulegenerally
at the end of the yearto ensure its performance remains consistent with your
investment objectives and level of investment risk. Look at a fund's track record and
portfolio. Don't obsess over a mutual fund's double-digit return. Review the fund
company's prospectus before investing. You'll learn the goals and its strategy for
achieving them. Seek the advice of an accountant and/or a tax expert regarding the
implications of your investment before you buy. Who Can Help
An investor must mention clearly his name, address, number of units applied for and
such other information as required in the application form. He must give his bank
account number so as to avoid any fraudulent encashment of any cheque/draft issued by
the mutual fund at a later date for the purpose of dividend or repurchase. Any changes
in the address, bank account number, etc at a later date should be informed to the
mutual fund immediately.
Mutual funds face risks based on the investments they hold. 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 investors 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.
The dividend distributed by both debt funds and equity funds is tax-free in investors
hands. In case of EQUITY FUNDS, no dividend distribution tax is payable by the
mutual fund. However, in the case of DEBT FUNDS, the mutual fund has to pay a
Dividend Distribution Tax (12.5 % Surcharge @10% + education cess ( @2% on
Income Tax and surcharge) + secondary and higher education cess ( @1% on Income
Tax and surcharge i.e 14.1625% ) on the amount of dividend distributed to individuals
and HUFs and for other than Equity Oriented Funds ( except Money Market & Liquid
funds ) it is ( 20% + Surcharge @10% + education cess ( @2% on Income Tax and
surcharge) + secondary and higher education cess ( @1% on Income Tax and surcharge
i.e 22.66%.
In the case of short term capital gains (profits that accrue from the sale of
units within one year from the date of purchase) earned on the sale of EQUITY
FUNDS, tax is applicable as 15%+ applicable Surcharge + education cess ( @2% on
Income tax and surcharge) + secondary and higher education cess ( @1% on income
tax & surcharge) , subject to STT. Short term capital gains on DEBT FUNDS attract tax
at the personal income tax rate applicable to assessee and for FIIs it is 30%+ applicable
Surcharge + education cess ( @2% on Income tax and surcharge) + secondary and
higher education cess ( @1% on income tax & surcharge)
Long term capital gains (profits that accrue from the sale of units after one
year from the date of purchase) earned on the sale of EQUITY FUNDS are tax free in
hands of Investor. In case of DEBT FUNDS, long term capital gains computed as
( 10% without cost Inflation index benefit or 20% with cost inflation index benefit
whichever is lower + applicable Surcharge + education cess ( @ 2% on Income tax
and surcharge) + secondary and higher education cess ( @ 1% on Income Tax and
surcharge) to Investor and for Foreign Institutional Investors it is. (10 % + applicable
Surcharge + education cess ( @2% on Income Tax and surcharge) + secondary and
higher education cess ( @1% on Income Tax and surcharge).
ADVANTAGES OF MUTUAL FUNDS
Investing in mutual has various benefits, which makes it an ideal investment avenue.
Following are some of the primary benefits:
PROFESSIONAL MANAGEMENT
COSTFUL
DILUTION
TAXES
LACK OF CONTROL
PRICE UNCERTAINTY
COSTS DESPITE NEGATIVE RETURNS
COSTS CONTROL NOT IN THE HANDS OF AN INVESTOR-
NO CUSTOMIZED PORTFOLIOS
DIFFICULTY IN SELECTING A SUITABLE FUND SCHEME -
CHAPTER II- REGULATORY BODIES
Mutual funds in India are regulated by two following regulatory bodies. These
governing make rules and to make its functioning smooth so that care can be taken of
all the parties involve in the industry. To protect the interest of the investors, SEBI
formulates policies and regulates the mutual funds. It notified regulations in 1993 (fully
revised in 1996) and issues guidelines from time to time.SEBI approved Asset
Management Company (AMC) manages the funds by making investments in various
types of securities. Custodian, registered with SEBI, holds the securities of various
schemes of the fund in its custody
PREAMBLE
[ACT NO. 15 OF 1992]
The Preamble of the Securities and Exchange Board of India describes the basic
functions of the Securities and Exchange Board of India as:
..to protect the interests of investors in securities and to promote the development
of, and to regulate the securities market and for matters connected therewith or
incidental thereto
The revised regulations embodied far reaching changes in the regulation and
functioning of mutual funds. The revised regulations provide for:
Credit Cards,
Consumer Banking,
Corporate Banking,
Finance And Insurance,
Investment Banking,
Mortgage Loans,
Private Banking,
Private Equity,
Wealth Management
CONTACT
Bank of Baroda
Suraj Plaza-1, Sayaji Ganj,
Vadodara -390020
http://www.bankofbaroda.com
Phone : (0265)2361852
Fax : (0265)2362914
Baroda Pioneer Asset Management Company Limited is a joint venture between two
large and well-established financial services companies - Bank of Baroda and Pioneer
Investments. Baroda Pioneer Mutual Fund is positioned to serve the varied asset
management needs of investors in India through a range of equity, debt and money
market offerings. Since the formation of the joint venture in 2008, Baroda Pioneer has
been working to create an operational and servicing platform well suited to the exacting
requirements of our existing and potential investors.
The Company operates out of 40 locations in India and manages quarterly average
assets of about Rs. 9116.60 cr. for the quarter ending June 2016
With a focus on enhancing the overall customer experience, Baroda Pioneer Asset
Management Company is working towards:
1. Enhancing the existing product range to include products that will provide
investors with a much wider choice suited to their diverse needs and risk
profiles
2. Providing access to international product offerings through the range of
products available with Pioneer Investments across its global network
3. Providing superior and consistent investment performance through sound local
investment management supported by expertise available across the globe
4. Creating an increasing number of access points for investors through the vast
branch network of Bank of Baroda
5. Bringing in the highest levels of compliance and corporate governance
6. Introducing increasingly innovative and useful service features on an ongoing
basis
7. Making it easier for investors to receive prompt and efficient/effective/the best
levels of customer service
KEY PERSONNEL OF BARODA PIONEER MUTUAL FUND
Well-Established
With approx Rs. 3,385 Crore assets under its management, the fund house is
eligible and totally able to manage your investment very well.
Scope of the study is limited only to ELSS schemes. And moreover only those ELSS
schemes of various AMC s are taken in this study which are among top 7 in The AUM
as on 30 MAY 2017 and which are having a track record of 5 years.
The investor would naturally be interested in knowing that which scheme is better for
him. He would have to make intelligent decision that which funds to choose so that he
can get a good return on his investment. So to help the investor in choosing the right
fund by evaluating all the criteria is the motto of this study.
DATA COLLECTION
Both primary and secondary data is taken for this study (for the qtr ending may 2017)
and on the basis of this data all evaluation work has been done.
BETA
Beta is a fairly commonly used measure of risk. It basically indicates the level of
volatility associated with the fund as compared to the benchmark. A beta that is greater
than one means that the fund is more volatile than the benchmark, while a beta of less
than one means that the fund is less volatile than the index.
STANDARD DEVIATION
Standard Deviation allows you to evaluate the volatility of the funds. The Standard
Deviation of a fund measures this risk by measuring the degree to which the fund
fluctuates in relation to its mean return, the average return of a fund over a period of
time.
SHARPE RATIO
Sharpe ratio indicates the quality of returns. It shows the return given by fund per unit
of risk it takes. It measures fund performance in terms of total risk. The Sharpe ratio
measures the return of a mutual fund compared to the risk free rate of return. The risk
free rate of return is the 91-day t-bill rate.
R- SQUARED
R squared that measures the correlation. The R-squared of a fund advises investor if the
beta of a mutual fund is measured against an appropriate benchmark. R-squared values
range between 0 and 1, where 0 represents no correlation and 1 represents full
correlation. If a funds beta has an R-squared value that is close to 1, the beta of the
fund should be trusted. On the other hand, an R-squared value that is less than 0.5
indicates that the beta is not particularly useful because the fund is being compared
against an inappropriate benchmark.
ALPHA
Alpha is the difference between the returns one would expect from a fund, given its
beta, and the return it actually produces. An alpha of 1.0 means the fund produces a
return 1% higher than its beta would predict. An alpha of -1.0 means the fund produces
a return 1% lower.
As because of lack of time I have not calculated the various risk adjusted measures
and returns of the various ELSS schemes. Rather I have taken the secondary data so
this study relies on the accuracy of data. Secondly only those schemes of various
AMCS are taken which are among top 7 in the AUM as on 30 MAY 2017. Because of
it, many other ELSS funds are not evaluated.
An equity-linked saving scheme (ELSS) is a great investment option that offers the
twin benefits of tax saving and capital gains. According to the new Income Tax Act, Sec
80C investments in ELSS are allowed as deduction from the total income, up to
maximum Rs100, 000 in a financial year.
ELSS schemes have a three-year lock-in period, which works to the
investors benefit as the fund manager can have a portfolio of stocks that can out-
perform over a period of time. Equity Linked Saving Scheme is an open-ended equity
growth scheme that is offered by mutual funds in line with existing ELSS guidelines
.The investor also has the option to choose between growth and dividend options, and
systematic investment plans (SIP). The dividends earned in this scheme ELSS are tax
free. The returns at the maturity period are also tax free.
ELSS is the best option for investors who are looking with a time frame
of 3-5 years. The short term weakness in the market will glide down and will earn the
investor with better returns in the long run. The performance and the ability of the
stocks in the long run can never be beaten with any other financial instruments. The
ELSS beats mostly all the equity based mutual fund schemes. The minimum investment
that can be made on ELSS is Rs.500 and multiples of it. The fund should be allotted to
the investors to those who have applied with the prescribed form before March 31
every year. From the date of allotment the fund should be hold for three years. On the
completion of the three years the investor gets the option to tender the units for
repurchase.
In the case with the death of the investor the nominee will be able to
withdraw the investment only after a period of one year from the allotment date. ELSS
units are transferable, pledged, or assigned after the lock in period of three years. A
statement of accounts or certificate of investment will be acknowledged by the fund to
the investor. The fund will be terminated at the close of the tenth year from the year of
allotment of units.
The funds will also ensure that the funds of the plan are invested to the
extent of 80% in the specified securities. The funds should make sure that the
investments should be made within a period of six months from the date of closure of
the plan every year. The pending investments would be utilized in short term money
markets or other liquid instruments. After the completion of three years with a fund
they should make sure that they hold 20% of net assets of the plan in short term money
instruments and others which would enable them to redeem the investments for those
unit holders who wish to tender the units for repurchase. ELSS is one of the best
options and an excellent mode of investments.
In short we can say Equity Linked Saving Scheme is an open-ended
equity growth scheme that is offered by mutual funds in line with existing ELSS
guidelines. The investments under this type of scheme are subject to a lock-in period of
3 years and, as per the Finance Act 2005, are allowed the benefit of income deduction
up to Rs. 1,00,000. ELSS offers the benefits of tax saving and capital gains.
FEATURES
Individuals, Hindu Undivided Families (HUFs) and companies.
The units can be easily transferred by filling out a transfer form.
Nomination facility is available with ELSS.
A maximum investment of Rs 10,000 to claim an income tax rebate of 20 %
Open-ended mutual funds have no maturity period. However, to claim tax
rebate under Section 88, the minimum lock-in period is three years.
In the case of open-ended schemes, the units can be sold anytime after the initial
lock-in period of three years. In the case of closed-end schemes, the units can be
sold only on the due date specified.
ADVANTAGES OF ELSS
Lock-in for three years prevents unnecessary withdrawals and allows your
money to grow over a period of time
Investments in equity over a long-term delivers better returns than that of other
savings instruments and similar to other equity schemes
Tax savings and high returns
Long term investment in equities gives better returns than any other
investment instrument.
It gives tax benefits
Gives the flexibility to invest small amounts through a Systematic Investment
Plan (SIP)
TAX BENEFITS:
Dividends from mutual funds are fully exempt from income tax under Section 10(33).
Equity funds (schemes that invest 50 per cent of their funds in equity) are also exempt
from dividend tax. ELSSs offer under section 88 tax rebate on investments up to Rs
10,000 in a financial year. The difference between the selling price and the cost price is
taxable as capital gains in the year of sale, at 10 per cent or 20 per cent, depending on
whether or not you claim indexation benefits.
PLUSES
Possibility of high returns
Lock-in period of only three years
Easy transfer
Low tax incidence (10 per cent) on redemption
Efficient service, especially in the case of private mutual funds
MINUSES
High risk
Difficult to choose the right fund (But not if you use the services of the
Matchmaker!
Lets assume you invest Rs. 1 lakh this year in an ELSS scheme and you are in the
highest tax bracket.
Invested Amount = Rs. 1,00,000/-
Income Tax saved = Rs. 30,000 (30% tax slab)
Net amount Invested = Rs. 70,000/- (I have deducted the 30,000 because you get it
back up front after your investment as income tax benefit and you effectively
invested only Rs. 70,000)
Let us assume your equity investment grows at the rate of 15% per annum.
Investment value at the end of the First year = 1,15,000/-
Investment value at the end of the Second year = 1,32,250/-
Investment value at the end of the Third year = 1,52,087/-
Assuming you encashed your investment at the end of the 3rd year you will get Rs.
1,52,087/-
Profit you realized = Rs. 82,087/- (You invested only Rs. 70000 effectively remember
the tax saved)
Profit percentage = 117% (For 3 years together)
RETURNS % PER YEAR = 39%
A Return of 39% per annum is something we cannot expect in any other form of
investment. Thus ELSS schemes make one of the best investment options.
SIP SYSTEMATIC INVESTMENT PLAN ROUTE FOR ELSS
One of the best ways to invest in ELSS is to save and invest on a regular basis. A
Systematic Investment Plan (SIP) in ELSS gives the best combination of investments
available to investors. The minimum investment in an ELSS through the SIP route can
be as small as Rs 500.
SIP helps an investor take advantage of the fluctuations in the stock
markets by rupee cost averaging. Rupee cost averaging can be explained with the help
of the following example. If Rs 1,000 is invested a month at a price of Rs 20 a unit, the
investor will have bought 50 units (1,000/20). But at a price of Rs 10 per unit, he will
have bought 100 units (1000/10). Investing a fixed sum regularly means averaging out
the cost, as the investor gets fewer units when the price goes up and more when the
price goes down. An SIP ensures that an investor buys more when the markets are
falling and less when it's peaking. But if an investor backs out when the markets are
falling, he won't be buying and this will not get him to average his price, the primary
reason behind the success of investing through the SIP route.
When markets are falling, it's psychologically difficult for an investor to
enter. On the other hand, when the market is at a peak, a lot of investors enter the
market. Due to this, the investor ends up buying high and selling low. So, it's very
important to continue with the SIP even when the markets are falling.
In the current volatile market, starting an SIP would be beneficial to an investor as he
can take the benefit of highs as well as the lows and can average out his purchases.
WHY SIP?
A. BETA
B. STANDARD DEVIATION
C. SHARPE RATIO
D. R-SQUARED
E. ALPHAS
BETA
INTERPRETATION:-
BETA IS A MEASURE OF AN INVESTMENTS VOLATILITY VIS--VIS THE
MARKET. BETA OF LESS THAN 1 MEANS THAT THE SECURITY WILL BE
LESS VOLATILE THAN THE MARKET. A BETA OF GREATER THAN 1 IMPLIES
THAT THE SECURITY PRICE WILL BE MORE VOLATILE THAN THE MARKET.
ACCORDING TO BETA THE BEST ELSS FUND IS BIRLA SUNLIFE TAX RELIEF
96 FUND AND AT LAST ARE BNP LONG TERM EQUITY FUND AND RELIENCE TAX
SAVER ELSS FUND.
B.PERFORMANCE EVALUATION OF ELSS FUNDS
ON THE BASIS OF STANDARD DEVIATION
Standard Deviation allows you to evaluate the volatility of the funds. Put differently it
allows you to measure the consistency of he returns. Volatility is often a direct indicator
of the risk taken by the fund. The Standard Deviation of a fund measures this risk by
measuring the degree to which the fund fluctuates in relation to its mean return, the
average return of a fund over a period of time. A security that is volatile is also
considered higher risk because its performance may change quickly in either direction
at any moment. A fund that has a consistent four-year return of 3%, for example, would
have a mean, or average, of 3%. The Standard Deviations for this fund would then be
zero because the funds return in any given year does not differ formats four-tear mean
of 3%. On the other hand, a fund that in each of the last four years returned- 5%, 17%,
2% and 30% will have mean return of 11%.The fund Will also exhibit a high standard
deviation because each year the return of the fund differs from the mean return This
fund is therefore more risky because it fluctuates widely between negative and positive
returns within a short period.
INTERPRETATION:-
Standard deviation is a statistical measure of the range of an investments
performance. When a mutual fund has a high standard deviation, it means
its range of performance is wide, implying greater volatility.
William Sharpe created a metric for fund performance, which enables the ranking of
funds on risk-adjusted return basis. This measure is based on the comparison of excess
return per unit of risk, risk being measured by standard deviation. Excess return is
defined as the actual return of the fund less risk free rate. Higher the Sharpe ratio, better
the fund. Sharpe ratio indicates the quality of returns. It shows the return given by fund
per unit of risk it takes. It measures fund performance in terms of total risk. The Sharpe
ratio measures the return of a mutual fund compared to the risk free rate of return. The
risk free rate of return is the 91-day t-bill rate. This should be similar to money market
returns. Often this ratio is used to determine if a mutual fund is able to beat the money
market. The Trimark Select Growth Fund has a Sharpe ratio over the last 5 years of
0.57. The recent range of Sharpe Ratios for global equity funds went from as low a
1.11 to a high of 0.94. A positive Sharpe ratio means the fund did better on a risk
adjusted basis than the 91-day t-bill rate. In other words, the higher the Sharpe ratio, the
better. The Sharpe ratio tells you about history but it does not tell you anything about
the future. Just because a fund has a positive Sharpe ratio for the last 5 years does not
mean it will outperform money market instruments for the next 5 years.
INTERPRETATION: -
The Sharpe is a measure of risk-adjusted returns. It is calculated using
standard deviation and excess return to determine reward per unit of risk.
According to Sharpe Ratio the best ELSS fund is AXIS LONG TERM
EQUITY FUND and at last place is RELIENCE TAX SAVER ELSS
FUND
D.PERFORMANCE EVALUATION OF ELSS FUNDS
ON THE BASIS OF R-SQUARED
The success of Beta is dependent on the correlation of a fund to its benchmark or its
index. Thus whilst considering the beta of any security, you should also consider
another statistic-R squared that measures the correlation. The R-squared of a fund
advises investor if the beta of a mutual fund is measured against an appropriate
benchmark. Measuring the correlation of a funds movements to that of an index, R-
squared describes the level of association between the funds volatility and market risk,
more specifically, the degree to which a funds volatility is a result of the day-to-day
fluctuations experienced by the overall market.
R-squared values range between 0 and 1, where 0 represents no correlation and 1
represents full correlation. If a funds beta has an R-squared value that is close to 1, the
beta of the fund should be trusted. On the other hand, an R-squared value that is less
than 0.5 indicates that the beta is not particularly useful because the fund is being
compared against an inappropriate benchmark
INTERPRETATION:-
R-Squared is a statistical measure that represents the percentage of a fund
or securitys movements that can be explained by movements in a
benchmark index.
According to R- Squared the best ELSS fund are two BNP LONG TERM
EQUITY FUND & INVESCO INDIA TAX FUND and at last is FRANKLIN INDIA
TAX SHIELD FUND.
E. PERFORMANCE EVALUATION OF ELSS FUNDS
ON THE BASIS OF ALPHAS
Alpha is the difference between the returns one would expect from a fund, given its
beta, and the return it actually produces. An alpha of 1.0 means the fund produces a
return 1% higher than its beta would predict. An alpha of -1.0 means the fund produces
a return 1% lower. If a fund returns more than its beta then it has a positive alpha and if
it return less, then it has a negative alpha. Once the beta of a fund is known, alpha
compares the funds performance to that of the benchmarks risk-adjusted returns. It
allows you to ascertain if the funds return outperformed the market, given the same
amount of risk.
The higher a funds risk level, the greater the returns it must generate in order to
produce a high alpha. Normally one would like to see a positive alpha for all of the
funds you own. But a high alpha does not means a fund is doing a bad job nor is the
vice versa true. Because alpha measures the out-performance related to beta. So the
limitations that apply to beta would also apply to alpha. Alpha can be used to directly
measure the value added or subtracted by a funds manager.
INTERPRETATION: -
Alphas are perceived as a measurement of a portfolio managers
performance. The technical formula for calculating alpha is: (end price +
distribution price per share start price) / (start price)
A. 1 YEAR RETURN
B. 2 YEAR RETURN
C. 3 YEAR RETURN
D. 5 YEAR RETURN
E. AUM
INTERPRETATION:-
According to 1 YEAR RETURNS the best ELSS fund is RELIENCE TAX SAVER ELSS
FUND and at last is BNP LONG TERM EQUITY FUND
2 YEAR RETURN
INTERPRETATION:-
According to 2 year returns basis the best ELSS fund is DSP BLACKROCK TAX SAVER
FUND and at last is BNP LONG TERM EQUITY FUND
C.PERFORMANCE EVALUATION OF ELSS FUNDS
ON THE BASIS OF 3 YEAR RETURNS
3 YEAR RETURN
INTERPRETATION:-
According to 3 YEAR RETURNS the best ELSS fund is BIRLA SUNLIFE TAX RELIEF
96 FUND and at last place is BNP LONG TERM EQUITY FUND
D.PERFORMANCE EVALUATION OF ELSS FUNDS
ON THE BASIS OF 5 YEAR RETURNS
5 YEAR RETURN
INTERPRETATION:-
According to 5 year returns the best ELSS Fund is AXIS LONG TERM EQUITY FUND
And at last place is BNP LONG TERM EQUITY FUND
E.PERFORMANCE EVALUATION OF ELSS FUNDS
ON THE BASIS OF AUM
AUM
INTERPRETATION:-
According to AUM the best ELSS fund is AXIS LONG TERM EQUITY FUND and at last
place is INVESCO INDIA TAX FUND.
FINDINGS OF THE STUDY
ON THE BASIS OF BETA THE BEST ELSS FUND IS:-
BIRLA SUNLIFE TAX RELIEF 96 FUND
So the above are the different schemes which are coming out as best ELSS schemes in
the different criteria. But AXIS LONG TERM EQUITY FUND is the best ELSS scheme
as it has topped in the FOUR criterias which are chosen for the purpose of evaluation.
According to the study conducted via questionnaire the study which
conducted over 150 persons says that
Around 68% people have invested in mutual funds and they are an
employee of private firm.
The people who have invested in mutual funds and whose annual
income is Between 2 lakh to 4 lakh have invested more in
comparison to other categories.
Most of the people know about ELSS fund and the person comes in
tax slab have already invested in ELSS funds their investment
patter in ELSS fund is Monthly(SIP)
They all get information about the funds from the financial
consultants and financial institutions and at last form TV and
internet.
www.amfiindia.com
www.sebi.gov.in
www.sbimf.com
www.mutualfundsindia.com
www.valueresearchonline.com
www.utimf.com
www.hdfcmf.com
www.birlamf.com
www.licmf.com
www.icicimf.com
REFERENCE BOOKS:
NIL
EXIT LOAD
NAME OF HOLDING % NET ASSETS
TOP 5 HODINGS
RELIANCE INDUSTRIES 6.84
LARSEN & TOUBRO 6.43
RELIANCE INFRASTRUCTURE 4.91
INFOSYS TECHNOLOGIES 4.73
JINDAL STEEL & POWER 4.34
FINANCIAL 24.23
ENERGY 17.46
METALS 10.38
ENGINEERING 10.18
TECHNOLOGY 7.30
RETURNS
(AS ON 30 MAY 2017)
NIL
EXIT LOAD
NAME OF HOLDING % NET ASSETS
TOP 5 HODINGS
RELIANCE INDUSTRIES 6.00
RELIANCE PETROLEUM 3.96
INFOSYS TECHNOLOGIES 3.95
INDIAN OIL CORP. 3.94
JAI PRAKASH ASSOCIATES 3.74
ENERGY 20.51
SERVICES 10.56
METALS 9.95
CONSTRUCTION 8.80
ENGINEERING 8.67
RETURNS
(As on 30 MAY 2017)
FINANCIAL 16.55
FMCG 12.95
ENGINEERING 11.71
AUTOMOBILE 6.21
TECHNOLOGY 6.18
RETURNS
(AS ON 30 MAY 2017)
FINANCIAL 19.79
HEALTH CARE 11.04
ENERGY 9.42
TECHNOLOGY 9.31
FMCG 8.52
RETURNS
(AS ON 30 MAY 2017)
ENERGY 16.56
TECHNOLOGY 12.42
ENGINEERING 11.44
HEALTH CARE 10.34
FINANCIAL 9.79
RETURNS
(AS ON 30 MAY 2017)
FINANCIAL 24.42
ENERGY 19.91
COMMUNICATION 13.94
DIVERSIFIED 13.31
METALS 12.11
RETURNS
(AS ON 30 MAY 2017)
RETURNS
(AS ON 30 MAY 2017)