sbi mutual fund

ABSTRACT

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 capital

appreciation realized is shared by its unit holders in proportion to the number of units owned by

them. The term risk has a variety of meanings in business and everyday life. At its most general

level, risk is used to describe any situation where there is uncertainty about what outcome will

occur. Life is obviously very risky. Even the short term future is often highly uncertain. In

probability and statistics, financial management and investment management, risk is often used

in more specific sense to indicate possible variability of outcomes around some expected value.

This study aims to study the investor’s preference in selection of Mutual fund and measuring the

fund sponsor quality. 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. Being a part of

financial markets although mutual funds industry is responding very fast by analyze investor’s

perception and expectations.

INDUSTRY PROFILE

Investors all over the world are making fast money from mutual fund investments. It's true that

mutual funds are volatile in nature and its return is subjected to market risk. But if you are a

smart investor and is also quite aware of the well-performing MF in the market, then investment

not only becomes easy but also profitable and risk free. Here is the list of top 10 mutual funds in

which one would like to invest in 2013, as they were top performing MF in the last 12 months, as

stated by Mutual Funds India.

1. ICICI Prudential Banking and Financial Services Fund - Retail

Type: Open Ended

Fund Manager: Venkatesh Sanjeevi

Launch Date: August 22, 2008

Fund Size (in Crore): 209.2 as on November 30, 2012

Minimum Investment (in ): 5000

It is an Open-ended equity scheme that seeks to generate long-term capital appreciation to unit

holders from a portfolio that is invested predominantly in equity and equity related securities of

companies engaged in banking and financial services. However, there can be no assurance that

the investment objective of the Scheme will be realized.

The Net Asset Value (NAV) for the scheme is 22.52 as on December 21, 2012. The 52 week

high value of the scheme is 22.86 as on December 19, 2012 and 52 week low value was 13.24

as on Deccember 30, 2011.

Since its inception, the Risk Return Value (RRV) has been 20.60 percent and for the month has

been 7.75 percent. The Earnings Per Share (EPS) is 15.90 as on November 2012.

The top holdings are HDFC Bank, ICICI BANK, State Bank of India, IndusInd Bank, Mahindra

& Mahindra Financial Services, Union Bank Of India, Oriental Bank of Commerce, Yes Bank,

Federal Bank and ING Vysya Bank.

2. Reliance Media & Entertainment

Type: Open Ended

Launch Date: September 30, 2004



The primary investment objective of the Scheme is to generate consistent returns by investing in

equity / equity related or fixed income securities of media & entertainment and other associated

companies.



as on January 2, 2012.



The top holdings are Zee Entertainment Enterprises, Hathway Cable & Datacom, PVR, Hinduja

TMT, Sun TV, Jagran Prakashan, Dish TV India, Hindustan Media Ventures, HT Media and

Network 18 Media & Investments.

3. SBI Magnum Sector Funds Umbrella - FMCG

Type: Open Ended

Fund Manager: Saurabh Pant.

Launch Date: Jul 5, 1999



To provide the investors maximum growth opportunity through equity investments in stocks of

growth oriented sectors of the economy. There are five sub-funds dedicated to specific

investment themes viz. Information Technology,Pharmaceuticals, FMCG, Contrarian

(investment in stocks currently out of favour) and Emerging Businesses.






The top holdings are ITC, Glaxo Smithkline Consumer, Hindustan Unilever, Agro Tech Foods,

United Spirits, Emami, Kansai Nerolac Paints, Procter and Gamble Hygiene & Healthcare, VST

Industries and Dabur India.

4. SBI Magnum Sector Funds Umbrella - Emerg Buss Fund

Type: Open Ended

Fund Manager: Rama Iyer Srinivasan.

Launch Date: September 17, 2004



To provide the investors maximum growth opportunity through equity investments in stocks of

growth oriented sectors of the economy. There are five sub-funds dedicated to specific

investment themes viz. Information Technology, Pharmaceuticals, FMCG, Contrarian

(investment in stocks currently out of favour) and Emerging Businesses. The investment

objective of the Emerging Business Fund would be to participate in the growth potential

presented by various companies that are considered emergent and have export

orientation/outsourcing opportunities or are globally competitive by investing in the stocks

representing such companies.The fund may also evaluate emerging businesses with growth

potential and domestic focus.






The top holdings are Spicejet, Muthoot Finance, Shriram City Union Finance, Kansai Nerolac

Paints, Goodyear India, Petronet Lng, VST Industries, Hawkins Cooker, Page Industries and

United Spirits.

5. Reliance Banking Fund - Regular - Growth

Type: Open Ended

Fund Manager: Sanjay Parekh and Shrey Loonkar

Launch Date: May 26, 2003



The primary investment objective of the Scheme is to seek to generate continuous returns by

actively investing in equity and equity related or fixed income securities of companies in the

banking sector.


high value of the scheme is 119.36 as on December 19, 2012 and 52 week low value was

74.83 as on December 29, 2011.



The top holdings are ICICI BANK, HDFC Bank, Bajaj Finance, State Bank of India, Federal

Bank, Bank of Baroda, Axis Bank, Canara Bank, Oriental Bank of Commerce and ING Vysya

Bank.

6. Religare Banking

Type: Open Ended

Fund Manager: Amit Ganatra.

Launch Date: Jul 14, 2008



The investment objective of the Scheme is to generate long-term capital growth from a portfolio

of equity and equity-related securities of companies engaged in the business of banking and

financial services.



as on December 30, 2011.



The top holdings are ICICI BANK, HDFC Bank, Axis Bank, Jammu and Kashmir Bank, Karur

Vysya Bank, Federal Bank, Corporation Bank, ING Vysya Bank, Yes Bank and State Bank of

India.

7. GS Bank

Type: Open Ended

Fund Manager: Vishal Jain.

Launch Date: May 27, 2004



To provide investment return that closely corresponds to the returns of the securities as

represented by the CNX Bank Index.

The Net Asset Value (NAV) for the scheme is 1,251.62 as on December 21, 2012. The 52 week

high value of the scheme is 1,271.48 as on December 19, 2012 and 52 week low value was

807.07 as on December 30, 2011-.



The top holdings are HDFC Bank, ICICI BANK, State Bank of India, Axis Bank, Kotak

Mahindra Bank, IndusInd Bank, Bank of Baroda, Yes Bank, Punjab National Bank and Canara

Bank.

8. Principal Emerging Bluechip

Type: Open Ended

Fund Manager: Dhimant Shah.

Launch Date: Nov 12, 2008

Fund Size (in Crore): 286.45 as on Nov 30, 2012


The primary objective of the Scheme is to achieve long-term capital appreciation by investing in

equity & equity related instruments of mid cap & small cap companies.






The top holdings are Glaxo Smithkline Consumer, Amara Raja Batteries, Shree Cement, Divis

Laboratories, ICICI BANK, Jammu and Kashmir Bank, HCL Technologies, ING Vysya Bank,

Godrej Consumer Products and Apollo Tyres.

9. UTI Banking

Type: Open Ended

Fund Manager: Anoop Bhaskar and Arun Khurana

Launch Date: March 9, 2004



Investment objective is "capital appreciation" through investments in the stocks of the

companies/institutions engaged in the banking and financial services activities.






The top holdings are ICICI BANK, HDFC Bank, State Bank of India, Axis Bank, IndusInd

Bank, Bank of Baroda, Canara Bank, Punjab National Bank, Oriental Bank of Commerce and

Vysya Bank.

10. Reliance Shares Banking Exchange Traded Fund

Type: Open Ended

Fund Manager: Krishan Daga.

Launch Date: Jun 24, 2008



The investment objective of Reliance Banking Exchange Traded Fund (RBETF) is to provide

returns that, before expenses, closely correspond to the total returns of the securities as

represented by the CNX Bank Index. However, the performance of Scheme may differ from that

of the underlying index due to tracking error. There can be no assurance or guarantee that the

investment objective of RBETF will be achieved.

The Net Asset Value (NAV) for the scheme is 1,290.43 as on December 21, 2012. The 52 week

high value of the scheme is 1,310.79 as on December 19, 2012 and 52 week low value was

830.06 as on December 30, 2011.



The top holdings are HDFC Bank, ICICI BANK, State Bank of India, Axis Bank, Kotak

Mahindra Bank, IndusInd Bank, Bank of Baroda, Yes Bank, Punjab National Bank and Canara

Bank.

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

bring forward our expertise by consistently delivering value to our investors. We have a strong

and proud lineage that traces back to the State Bank of India (SBI) - India's largest bank. We are

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

management companies.

With our network of over 222 points of acceptance across India, we deliver value and nurture the

trust of our vast and varied family of investors.

Excellence has no substitute. And to ensure excellence right from the first stage of product

development to the post-investment stage, we are ably guided by our philosophy of ‘growth

through innovation’ and our stable investment policies. This dedication is what helps our

customers achieve their financial objectives.

Vision

“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.”

Services

Mutual Funds

Investors are our priority. Our mission has been to establish Mutual Funds as a viable investment

option to the masses in the country. Working towards it, we developed innovative, need-specific

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

Mutual Funds.

Today, we have been actively managing our investor's assets not only through our investment

expertise in domestic mutual funds, but also offshore funds and portfolio management advisory

services for institutional investors.

This makes us one of the largest investment management firms in India, managing investment

mandates of over 5.4 million investors.

Portfolio Management and Advisory Services

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.

We have excelled by understanding our investor's requirements and terms of risk / return

expectations, based on which we suggest customized asset portfolio recommendations. We also

provide an integrated end-to-end customized asset management solution for institutions in terms

of advisory service, discretionary and non-discretionary portfolio management services.

Offshore Funds

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.

FUND HOUSE EXPERTISE

Investment Expertise

The best investment strategies put together by the best minds, our Fund Managers. With a sharp

eye to monitor, gauge and understand the changes in the market, our fund managers and analysts

gear up to meet new challenging environments. Their ability to capture the growth potential of

Indian securities and manage complex portfolios as well as the drive to deliver optimum results

is their forte. With superior securities selection, incisive research, intensive coverage including

internal forecasts, active monitoring and regular tracking, our dedicated team ensures

minimization of risks while protecting our investor's interest. Always.

Investment Philosophy

Growth through innovation.

Our expert team of experienced and market savvy researchers prepare comprehensive analytical

and informative reports on diverse sectors and identify stocks that promise high performance in

the future.

What is innovation? Innovation is the process of turning ideas into concrete plans for progressive

growth. We always seek to provide our investors with opportunities for progressive growth

through our innovative products, superior stock selection and active portfolio management.

Accordingly, we also enhance and optimize asset allocation and stock selection based on internal

and external research. Derivatives are used to hedge and rebalance portfolios to keep the risk

factors at reasonable levels,

The three main phrases, which act as a guiding force for the investment performance, are as

follows:

Long-term capital appreciation for the investor: Our fund manager's view is not guided by

any momentum play but by the objective of generating sustainable performance for the

investor.

Superior stock selection: Our team is encouraged to be ahead of the rest of the industry in

terms of identifying new ideas & opportunities.

Active fund management: While the performance of all the funds is benchmarked against a

specific index, we do not encourage our investment team to replicate the index composition

with the fund portfolio.

Optimal Risk Management

Risk Management is an inherent part of any business. As one of the core focus areas, each of our

strategies is subject to close scrutiny on a continuous basis. Regulatory agencies around the

world are placing increasing pressure on institutions to measure and manage risk better. At SBI

Funds Management, we follow enterprise wide approach to risk management with a dedicated,

experienced and professional risk management team covering significant functions of the

organization. Risk Management focuses on:

Identifying actual and potential areas of risk

Assessing the adequacy of internal controls

Proposing risk mitigating measures and

Safeguarding investor interest through ongoing analysis and monitoring

Investment Objective

Setting benchmarks time and again. For our 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.

INVESTMENT TEAM

Navneet Munot

Executive Director & Chief Investment Officer

Erwan Keraudy

VP – Investments

Fund Managers - Equity

R. Srinivasan

Head - Equities

Jayesh Shroff

Fund Manager

Sohini Andani

Fund Manager

Richard D’Souza

Fund Manager

Ajit Dange

Fund Manager

Ruchit Mehta

Fund Manager

Raviprakash Sharma

Chief Dealer & Fund Manager

Saurabh Pant

Fund Manager

Tanmaya Desai

Fund Manager

Neeraj Kumar

Dealer

Fund Managers - Fixed Income

Rajeev Radhakrishnan

Head - Fixed Income

Dinesh Ahuja

Fund Manager

R Arun

Fund Manager

Dinesh Balachandran

Fund Manager

Portfolio Management Services

Nipa Ladiwala

Vice President – PMS (Institutional)

Aashish Wakankar

Vice President – PMS (Offshore)

Amruth Rao

Senior Fund Manager – PMS (Debt)

TRUSTEES

SBI Mutual Fund Trustee Company Private Limited (the “Trustee”), through its Board of

Directors discharge its obligations as Trustee of the SBI Mutual Fund. The Board of Directors of

SBI Mutual Fund Trustee Company Private Limited are as under:

Shri T.L. Palani Kumar

Independent

Shri C.M. Dixit

Independent

Ms. Sandra Martyres

Associate

Ms. Bharati Rao

Associate

Mr. Krishnamurthy Vijayan

Independent

Mr. Shriniwas Joshi

Independent

BOARD OF DIRECTORS - AMC

Mr. Pratip Chaudhuri

Chairman & Associate Director

Mr. Deepak Kumar Chatterjee

Managing Director & CEO

Mr. Shishir Joshipura

Independent Director

Dr. H. Sadhak


Mrs. Madhu Dubhashi


Dr. H. K. Pradhan


Mr. Jashvant Raval


Mr. Fathi Jerfel

Associate Director

Mr. Thierry Raymond Mequillet

Associate Director

Mr. Philippe Batchevitch

Alternate Director to Mr. Jerfel

MANAGEMENT TEAM

Mr. Deepak Kumar Chatterjee

MD & CEO

Mr. Philippe

Batchevitch

Deputy CEO

Mr. K. T. Ravindran

Executive Director & Chief Operating Officer

Mr. Navneet

Munot

Executive Director

& Chief

Investment Officer

Mr. R. S. Srinivas Jain

Executive Director & Chief Marketing Officer (Strategy and

International Business)

Mr. D. P. Singh

Executive Director

& Chief Marketing

Officer (Domestic

Business)

Ms. Aparna Nirgude

Chief Risk Officer

Mr. Rakesh

Kaushik

Senior Vice

President (Account

s &

Administration)

Ms. Vinaya Datar

CS & Compliance Officer

Mr. C. A. Santosh

Head - Customer

Service

PRODUCTS

Every investor is unique.

At SBI Mutual Fund we know that every investor has unique financial goals and requires a

different set of products. Which is why, we have a wide range of schemes that fulfill every kind

of investors’ requirements. Each scheme is managed by devising a different strategy which is

reflective of the investors profile and carries with it different risks and rewards.

There are six basic asset classes, which we manage, and variations of these six asset classes form

various products:

EQUITY SCHEMES

The primary objective of the equity asset class is to provide capital growth / appreciation by

investing in the equity and equity related instruments of companies over medium to long term.

Equity/ Growth Funds

SBI Magnum Equity Fund

SBI Magnum Global Fund

SBI BlueChip Fund

SBI Magnum Multicap Fund

SBI Magnum Multiplier Plus 1993

SBI Magnum Midcap Fund

Sectoral Funds

SBI Emerging Businesses Fund

SBI Contra Fund

SBI FMCG Fund

SBI IT Fund

SBI Pharma Fund

Thematic Funds

SBI Magnum COMMA Fund

SBI Infrastructure Fund

SBI PSU Fund

ELSS Funds

SBI Magnum Taxgain Scheme 1993

SBI Tax Advantage Fund - Series I

SBI Tax Advantage Fund - Series II

Index Funds

SBI Nifty Index Fund

Market Neutral Strategy

SBI Arbitrage Opportunities Fund

DEBT / INCOME SCHEMES

The schemes in this asset class generally invest in fixed income securities such as bonds,

corporate debentures, government securities (gilts), money market instruments, etc. and provide

regular and steady income to investors.

SBI Magnum Children's Benefit Plan

SBI Magnum Income Fund Floating Rate Plan - Savings Plus Bond Plan

SBI Magnum Income Fund Floating Rate Plan - Long Term

SBI Magnum Income Fund

SBI Dynamic Bond Fund

SBI Magnum Gilt Fund - Short Term Plan

SBI Magnum Gilt Fund - Long Term Plan

SBI Short Term Debt Fund

SBI Ultra Short Term Debt Fund

LIQUID SCHEMES

The strategy for liquid funds include investments in short investment horizon, which includes

'cash' assets such as treasury bills, certificates of deposit and commercial paper.

SBI Magnum InstaCash Fund

SBI Magnum InstaCash Fund - Liquid Floater

SBI Premier Liquid Fund

These schemes invest in a mixture of debt and equity securities in different proportions as

prescribed in the Scheme Information Document.

SBI EDGE Fund

SBI Magnum Balanced Fund

SBI Regular Savings Fund

SBI Magnum Monthly Income Plan

SBI Magnum Monthly Income Plan - Floater

SBI Capital Protection Oriented Fund - Series II

SBI Capital Protection Oriented Fund - Series III

FIXED MATURITY PLANS

These are closed ended debt schemes with a fixed maturity date and they invest in debt & money

market instruments maturing on or before the date of the maturity of the scheme.

SBI Debt Fund Series 13 MONTHS 13














SBI Debt Fund Series 366 DAYS 1






























EXCHANGE TRADED SCHEMES

Exchange Traded Funds/ Schemes (ETFs) are a basket of securities that are traded on the stock

exchange.

SBI Gold Exchange Traded Scheme

SBI SENSEX ETF

FUND OF FUNDS SCHEMES

A "Fund of Funds Scheme" means a mutual fund scheme that invests primarily in other schemes

of the same mutual fund or other mutual funds.

SBI Gold Fund

LITERATURE REVIEW

Mutual funds industry is a growing at a very fast rate India. Various studies and research has

been on this industry by experts. Here are the lists of few books that have been referred to for the

purpose of the study.

Mr. M. Jaidev in his book has “Investment policy and performance of Mutual Fund” has studied

the Indian Public Sector Mutual Funds. In this book he has covered risk, rate of return.

Investment policy and pricing of mutual funds. In this book he has done an empirical study

covering all aspects of mutual fund investment along with the regulatory framework.

Nalini Prava Tripathy in her book “Mutual Funds in India. Emerging Issues” provides a

detailed evaluation of investment management which is not only helpful for influencing

marketing operations but also for securities selection, investment research and timing and

resource allocation.

Dr H. Sadak in his book “Mutual Funds in India” has highlighted the importance of financial

institutions in India. The basically focuses on the growth and development of mutual funds in

India. The entire gamut of the theoretical aspects of the fund management has been critically

examined in the context of the performance of mutual funds and it provides an insight into fund

management and the areas of weakness.

Study by Laukkanen (2006) explains that varied attributes present in a product or service

facilitate customer’s achievement of desired end-state and the indicative facts of study show that

electronic services create value for customers in service consumption.

Brown & Goetzmann(1997) emphasis on mutual fund styles. Mutual funds are typically

grouped by their investment objectives or the ‘style’ of their managers. This approach is simple

to apply, yet it captures nonlinear patterns of returns that result from virtually all active portfolio

management styles. Classifications are superior to common industry classifications in predicting

cross-sectional future performance, as well as past performance, and also outperform

classifications based on risk measures and analogue portfolios. Interestingly, ‘growth’ funds

typically break down into several categories that differ in composition and strategy.

Syriopoulos (2002) gave its review on an analysis of investor’s risk perception towards mutual

funds services. Financial markets are constantly becoming more efficient by providing more

promising solutions to the investors. Being a part of financial markets although mutual funds

industry is responding very fast by analyze investor’s perception and expectations.

Spiegel (2004) covers analyzed the security returns follow linear factor model with constant

coefficients. This paper develops and estimates a Kalman filter statistical model to track time-

varying fund alphas and betas. Several tests indicate that relative to a rolling OLS model the

Kalman filter model produces more accurate fund factor loadings both in and out of sample.

Bergstresser (2007) stipulates that many investors purchase mutual funds through intermediated

channels, paying brokers or financial advisors for fund selection and advice. Brokers sold funds

exhibit no more skill at aggregate-level asset allocation than do funds sold through the direct

channel. Our results are consistent either with substantial non-tangible benefits delivered by the

brokerdistributed sector or with conflicts of interest between brokers and their clients.

Fama (2009) emphasis on the skills required for cross section of mutual funds returns. they

focuses on the aaggregate portfolio of U.S. equity mutual funds is close to the market portfolio,

but the high costs of active management show up intact as lower returns to investors. Bootstrap

simulations suggest that few funds produce benchmark adjusted expected returns sufficient to

cover their costs.

Ivković and weisbenner (2009) studied on Individual investor mutual fund flows. They studied

the relation between individuals mutual fund flows and funds characteristics, establishing three

key results. First, consistent with tax motivations, individual investors are reluctant to sell mutual

funds that have appreciated in value and are willing to sell losing funds. Second, individuals pay

attention to investment costs as redemption decisions are sensitive to both expense ratios and

loads.

Marco.et.al (2011) analysed the risk-taking behavior of a fund manager in response to prior

performance by conducting a comparative analysis between ethical and conventional investment

portfolios. The paper examined the influence on managerial risk taking of the compensation and

employment incentives.

Cederburg (2008) reviewed on the mutual fund investor behavior across the business cycle.

Mutual fund investor behavior changes across the business cycle. In economic expansions,

investors strongly display the documented behaviors of chasing returns and searching for

managerial skill. In contrast, recession investors do not chase returns and exhibit a weaker

tendency to seek alpha. Even before controlling for momentum, no smart money effect exists in

recessions.

Zhao (2004) reviewed fund families typically claim that closing a fund protects the fund superior

performance by preventing it from growing too large to be managed efficiently. Even though

funds with better performance and larger size are more likely to be closed, there is no evidence

that closing a fund can indeed protect its performance. Instead, fund closing decisions are more

likely to be motivated by spillover effects – by closing a star fund, the fund family signals its

superior performance and also bring investors attention and investments to other funds in the

family. Some evidence exists to suggest that the closing strategy is effective in generating higher

inflows into the rest of the family, at least in the short run.

REFERENCES

Brown & goetzmann (1997) Mutual fund styles. Journal of Financial Economics, Volume 43,

Issue 3, March 1997,Pages 373-399.

Bergstresser, Daniel B., Chalmers, John and Tufano, Peter, Assessing the Costs and Benefits

of Brokers in the Mutual Fund Industry (October 1, 2007). AFA 2006 Boston Meetings; HBS

Finance Working Paper No. 616981. Available at SSRN: http://ssrn.com/abstract=616981 or

doi:10.2139/ssrn.616981

Fama, Eugene F. and French, Kenneth R., Luck Versus Skill in the Cross Section of Mutual

Fund Returns (December 14, 2009). Tuck School of Business Working Paper No. 2009-56;

Chicago Booth School of Business Research Paper; Journal of Finance, Forthcoming.

Available at SSRN: http://ssrn.com/abstract=1356021

Ivković & weisbenner (2009) studied the research paper on Individual investor mutual fund

flows Journal of Financial Economics, Volume 92, Issue 2, May 2009,Pages 223-237.

Tripathy Nalini Prava “Mutual Funds in India. Emerging Issues” Vol - 1 (2007), 123-158.

Panwar Sharad and Madhumathi R “Characteristics and Performance of selected mutual

funds in India.”,(2005)

Riter, Jay, R1998, The buying and selling behavior of individual investors at the turn of the

year, journal of finance 43, 701-717.

Frazzini Andrea, “Dumb Money: Mutual Fund flows as the cross-section of stock returns”,

NCFM’s AMFI Material on mutual funds (workbook)

Nalini Prabha Tripathy, “Market Timing Abilities and Mutual Fund Performance- An

Empirical Investigation into Equity Linked Saving Schemes” (2006) XIMB Journal of

management, Vilakshan, April 2000, pp 6-8

Marco,et.al (2011) Ethical and conventional mutual fund managers show different risktaking

behavior? The Spanish Review of Financial Economics, Volume 9, Issue 1,January-June

2011, Pages 11-19.

Spiegel, Matthew I., Mamaysky, Harry and Zhang, Hong, Estimating the Dynamics of

Mutual Fund Alphas and Betas (October 25, 2004).Yale ICF Working Paper No. 03-03; EFA

2003 Annual Conference Paper No. 803; AFA 2004 San Diego Meetings. Available at

SSRN: http://ssrn.com/abstract=389740

Syriopoulos (2002), Risk aversion and portfolio allocation to mutual fund classes.

International Review of Economics & Finance, Volume 11, Issue 4,2002, Pages 427-447.

Zhao (2004) ,why are some mutual funds closed to new investors? Journal of Banking &

Finance, Volume 28, Issue 8, August 2004, Pages 1867-1887.

www.amfi.com

www.moneycontrol.com

http://business-standard.com/india/news/qa-sandesh-kirkire-kotak-mutual-fund/459181/

http://economictimes.indiatimes.com/Mutual_funds

sbi mutual fund

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