A

Comprehensive Project
“Performance Analysis of Equity Mutual Funds in India: A Comparative Study”
Submitted to
Faculty of Management

In partial fulfilment of the requirement of the award for the degree of Master
of Business Administration

GLS University

Under the guidance of

DR. CHARMY THAKKAR

Submitted by
NAME ENROLLMENT NO
ANJALI CHAVDA 202300620010134
HITESHI SHAH 202300620010439

MBA Semester IV

Batch: 2023-2025

i
ii
iii
 PREFACE

The Indian mutual fund industry has witnessed remarkable growth over the past few decades,
driven by increasing investor participation, regulatory improvements, and the proliferation of
diverse investment products. Among these, equity mutual funds have gained significant
traction as an avenue for wealth creation and portfolio diversification. The performance
evaluation of equity mutual funds is crucial for investors, fund managers, and policymakers,
as it provides insights into risk-adjusted returns, investment strategies, and market efficiency.

This study, titled "Performance Analysis of Equity Mutual Funds in India: A Comparative
Study," aims to evaluate and compare the performance of large-cap, mid-cap, and small-cap
mutual funds based on key financial metrics such as the Sharpe Ratio, Treynor Ratio, and
Jensen Alpha. By analyzing funds across these three categories, this research seeks to provide
a comprehensive understanding of their relative strengths and weaknesses, enabling investors
to make informed decisions.

The study encompasses a rigorous examination of historical data, market trends, and
statistical models to ensure a robust and objective analysis. The findings will contribute to
existing literature on mutual fund performance and serve as a valuable reference for
academics, financial professionals, and retail investors

iv
 ACKNOWLEDGEMENT

This research project would not have been possible without the guidance, support, and
encouragement of several individuals and institutions.

First and foremost, I extend my heartfelt gratitude to my mentor and advisor, whose
insightful guidance and constructive feedback have been invaluable in shaping this study.
Their expertise in finance and investment analysis has greatly enhanced the quality and depth
of this research.

I am also deeply thankful to my guide Dr Charmy Thakkar and faculty members at GLS for
providing the necessary academic support and resources to conduct this study effectively.
Their encouragement has been instrumental in refining my analytical approach.

Furthermore, I would like to express my appreciation to the financial experts and industry
professionals who shared their insights and perspectives on the Indian mutual fund landscape.
Their inputs have provided practical relevance to this study.

Finally, I am grateful to my family and friends for their unwavering support and
encouragement throughout this journey. Their belief in my abilities has been a constant
source of motivation.

v
 EXECUTIVE SUMMARY

This study, Performance Analysis of Equity Mutual Funds in India: A Comparative Study,
aims to evaluate and compare the performance of large-cap, mid-cap, and small-cap equity
mutual funds in the Indian market. By analyzing the risk-return characteristics of these fund
categories, the study provides insights into their relative performance and suitability for
different investor profiles.

The research evaluates 10 mutual funds from each category—large-cap, mid-cap, and small-
cap—using key financial performance metrics such as the Sharpe Ratio, Treynor Ratio, and
Jensen Alpha. These indicators help measure risk-adjusted returns, systematic risk exposure,
and fund managers' ability to generate excess returns over the benchmark.

Key findings suggest that:

 Large-cap funds exhibit lower volatility and stable returns, making them suitable for
risk-averse investors.

 Mid-cap funds offer a balance between risk and return, showing higher growth
potential but with moderate risk.

 Small-cap funds deliver higher returns in bullish markets but come with significant
volatility and downside risks.

The study highlights the importance of diversification and risk assessment in mutual fund
selection. It provides actionable insights for investors, fund managers, and policymakers to
make informed decisions regarding equity mutual fund investments in India.

vi
INDEX
CHAPTER1: INTRODUCTION...............................................................................................1
1.1 Introduction to Topic........................................................................................................3
1.2 Industry Overview............................................................................................................4
1.3 PESTEL Analysis of the Financial Services Industry......................................................6
1.4 Porter’s Five Forces Analysis of the Financial Services Industry....................................8
CHAPTER 2: COMPANY PROFILE.......................................................................................9
2.1 LARGE CAP FUND COMPANIES-.............................................................................10
2.2 MIDCAP FUND COMPANIES.....................................................................................23
2.3 SMALL CAP FUND COMPANIES..............................................................................33
CHAPTER3: LITERATURE REVIEW..................................................................................43
3.2 Research Gap:.................................................................................................................68
CHAPTER4:RESEARCH METHODOLOGY....................................................................69
4.1 Need of the Study:..........................................................................................................70
4.2 Scope of the Study:.........................................................................................................71
4.3 Research Questions:.......................................................................................................71
4.4 Objectives of the Study:.................................................................................................71
4.5 Research Design:............................................................................................................71
4.6. Data Collection:.............................................................................................................72
4.7. Sampling Plan:...............................................................................................................72
4.8. Limitations of the Study................................................................................................72
CHAPTER 5: DATA ANALYSIS...........................................................................................73
CHAPTER 6: FINDINGS AND RECOMMENDATION.................................................98
6.1 FINDINGS.....................................................................................................................99
6.2 RECOMENDATIONS.................................................................................................101
CHAPTER 7: CONCLUSION...............................................................................................102
REFERENCES.......................................................................................................................104

vii
LIST OF CHARTS

5.1 Comparison of Sharpe Ratio of all the Large Cap Funds

5.2 Comparison of Standard Deviation of all the Large Cap Funds
5.3 Comparison of Treynor Ratio of all the Large Cap Funds
5.4 Comparison of Beta (Bp) of all the Large Cap Funds
5.5 Comparison of Jensen Ratio of all the Large Cap Funds
5.6 Comparison of Covariance (COV) of all the Large Cap Funds
5.7 Comparison of Correlation (COR) of all the Large Cap Funds
5.8 Comparison of Variance (VAR) of all the Large Cap Funds
5.9 Comparison of Sharpe Ratio of all the Mid Cap Funds
5.10 Comparison of Standard Deviation (STDEV) of all the Mid Cap Funds
5.11 Comparison of Treynor Ratio of all the Mid Cap Funds
5.12 Comparison of Beta (Bp) of all the Mid Cap Funds
5.13 Comparison of the Jensen ratio of all the Mid Cap Funds
5.14 Comparison of Covariance (COV) of all the Mid Cap Funds
5.15 Comparison of Correlation (COR) of all the Mid Cap Funds
5.16 Comparison of Variance (VAR) of all the Mid Cap Funds
5.17 Comparison of Sharpe Ratio of all the Small Cap Funds
5.18 Comparison of Standard Deviation (STDEV) of all the Small Cap Funds
5.19 Comparison of Treynor Ratio of all the Small Cap Funds
5.20 Comparison of Beta (Bp) of all the Small Cap Funds
5.21 Comparison of Jensen Ratio of all the Small Cap Funds
5.22 Comparison of Covariance (COV) of all the Small Cap Funds
5.23 Comparison of Correlation (COR) of all the Small Cap Funds
5.24 Comparison of Variance (VAR) of all the Small Cap Funds

viii
LIST OF TABLES

5.1 Comparison of Sharpe Ratio of all the Large Cap Funds

5.2 Comparison of Standard Deviation of all the Large Cap Funds
5.3 Comparison of Treynor Ratio of all the Large Cap Funds
5.4 Comparison of Beta (Bp) of all the Large Cap Funds
5.5 Comparison of Jensen Ratio of all the Large Cap Funds
5.6 Comparison of Covariance (COV) of all the Large Cap Funds
5.7 Comparison of Correlation (COR) of all the Large Cap Funds
5.8 Comparison of Variance (VAR) of all the Large Cap Funds
5.9 Comparison of Sharpe Ratio of all the Mid Cap Funds
5.10 Comparison of Standard Deviation (STDEV) of all the Mid Cap Funds
5.11 Comparison of Treynor Ratio of all the Mid Cap Funds
5.12 Comparison of Beta (Bp) of all the Mid Cap Funds
5.13 Comparison of the Jensen ratio of all the Mid Cap Funds
5.14 Comparison of Covariance (COV) of all the Mid Cap Funds
5.15 Comparison of Correlation (COR) of all the Mid Cap Funds
5.16 Comparison of Variance (VAR) of all the Mid Cap Funds
5.17 Comparison of Sharpe Ratio of all the Small Cap Funds
5.18 Comparison of Standard Deviation (STDEV) of all the Small Cap Funds
5.19 Comparison of Treynor Ratio of all the Small Cap Funds
5.20 Comparison of Beta (Bp) of all the Small Cap Funds
5.21 Comparison of Jensen Ratio of all the Small Cap Funds
5.22 Comparison of Covariance (COV) of all the Small Cap Funds
5.23 Comparison of Correlation (COR) of all the Small Cap Funds
5.24 Comparison of Variance (VAR) of all the Small Cap Funds

ix
CHAPTER1: INTRODUCTION

1
(source: https://www.fundsindia.com/academy/how-to-analyze-mutual-funds)

2
1.1 Introduction to Topic

Equity mutual funds play a pivotal role in the investment landscape of India, offering a route
for individual investors to gain exposure to the stock market without directly managing
individual securities. These funds pool money from various investors to invest in a diversified
portfolio of stocks, aiming to generate long-term capital appreciation. With the growing
interest in financial markets and the increasing number of retail investors, equity mutual
funds have become one of the most preferred investment vehicles in India, especially among
those seeking to achieve higher returns relative to traditional investment options like fixed
deposits and government bonds.

This comparative study focuses on analyzing the performance of equity mutual funds in
India, with a particular emphasis on comparing various fund categories such as large-cap,
mid-cap, and small-cap equity funds. The study seeks to evaluate the risk-adjusted returns of
these funds, considering factors such as the fund’s ability to generate returns relative to the
market, volatility, and the overall financial health of the mutual fund house.

Key factors influencing the performance of equity mutual funds include fund manager
expertise, market conditions, asset allocation strategy, and the economic environment. By
comparing the returns and performance of different fund categories, this study aims to
identify the most efficient strategies for long-term wealth creation and guide investors in
making informed investment decisions.

The objective of this study is not only to analyze the past performance of equity mutual funds
in India but also to provide insights into how these funds react to various market conditions,
assess the impact of different strategies employed by fund managers, and help investors better
understand risk-return profiles. Through this comprehensive analysis, the study seeks to
provide valuable recommendations for investors on optimal fund selection based on their risk
tolerance and investment objectives.

3
1.2 Industry Overview
1.Introduction
L financial services industry is a crucial pillar of the global economy, facilitating capital flow,
wealth creation, and economic stability. It encompasses a wide range of businesses, including
banking, insurance, investment management, mutual funds, fintech, stock markets, real estate
finance, and credit services. This industry serves individuals, corporations, and governments,
enabling transactions, wealth accumulation, risk management, and financial planning.

In India, the financial services sector is regulated by key institutions like the Reserve Bank of
India (RBI), Securities and Exchange Board of India (SEBI), Insurance Regulatory and
Development Authority of India (IRDAI), and Pension Fund Regulatory and Development
Authority (PFRDA).

2. Overview of Key Segments

1. Banking – Includes commercial banks, cooperative banks, payment banks, and small
finance banks. They offer deposits, loans, and credit facilities.

2. Insurance – Life insurance, general insurance, and health insurance help individuals
and businesses mitigate risks.

3. Capital Markets – Stock exchanges (NSE, BSE), brokerage firms, and investment
banks facilitate trading of securities like stocks and bonds.

4. Mutual Funds and Asset Management – Asset managers pool money from investors to
invest in diversified portfolios.

5. Fintech – Digital payment companies (e.g., Paytm, PhonePe), blockchain, robo-

advisors, and peer-to-peer lending platforms drive innovation.

6. Non-Banking Financial Companies (NBFCs) – Provide loans, asset financing, and

microfinance services.

4
(source: https://stock.adobe.com/in/search/images?k=pestle+analysis)

5
1.3 PESTEL Analysis of the Financial Services Industry
1. Political Factors

 Government Regulations: Policies by regulatory bodies like SEBI (India), SEC

(USA), and FCA (UK) impact financial services.

 Taxation Policies: Changes in corporate tax rates, capital gains taxes, and GST affect
investment strategies.

 Monetary & Fiscal Policies: Interest rate decisions by central banks (RBI, Federal
Reserve) influence lending, borrowing, and market liquidity.

 Political Stability: Unstable governments or geopolitical tensions impact investor

confidence and financial market performance.

2. Economic Factors

 Inflation & Interest Rates: High inflation erodes purchasing power, affecting
investments, while changing interest rates influence lending and borrowing costs.

 Employment Rates: Higher employment boosts disposable income, increasing

demand for banking, insurance, and investment services.

 Stock Market Performance: Strong capital markets attract more investors to mutual
funds, stocks, and ETFs.

3. Social Factors

 Demographic Shifts: Younger generations (Millennials & Gen Z) prefer digital

banking and fintech solutions, driving innovation in financial services.

 Consumer Trust & Confidence: Trust in financial institutions, especially post-

recession or fraud scandals, impacts customer retention.

 Income Distribution: Rising middle-class wealth creates new opportunities for wealth
management and financial advisory services.

 Cultural Attitudes Toward Debt & Savings: In some cultures, saving is prioritized
over borrowing, impacting demand for loans and credit cards.

6
4. Technological Factors

 FinTech & Digital Payments: The rise of mobile banking, UPI (India), AI-driven
financial advisory, and blockchain is transforming financial services.

 Cybersecurity & Data Protection: Increased digital transactions raise risks of cyber
threats, requiring strong security measures.

 Artificial Intelligence & Automation: AI-driven investment strategies, robo-advisors,

and automated lending improve efficiency.

 RegTech (Regulatory Technology): Technology aids in compliance management,

fraud detection, and anti-money laundering (AML) measures.

5. Environmental Factors

 Sustainable Investing: The rise of ESG (Environmental, Social, Governance)

investing influences financial services firms to offer green bonds and sustainable
funds.

 Climate Change Risks: Insurance companies face higher claims due to climate
disasters, affecting risk assessment and pricing.

 Regulations on Green Finance: Governments encourage green loans, sustainable

investments, and climate risk disclosures.

6. Legal Factors

 Regulatory Compliance: Stringent laws like SEBI (India), GDPR (Europe), and
Dodd-Frank (USA) shape financial services.

 Consumer Protection Laws: Regulations to protect investors from fraud,

misrepresentation, and unfair practices.

 Digital Banking & Privacy Laws: Regulations on fintech, cryptocurrency, and data
privacy impact the industry's growth.

 Employment & Labor Laws: Compliance with workplace regulations, fair wages, and
financial sector employment standards.

7
1.4 Porter’s Five Forces Analysis of the Financial Services Industry
Porter’s model helps analyze competitive forces shaping the industry:

1. Threat of New Entrants – Moderate to High

 High regulatory barriers (RBI, SEBI compliance) limit entry

 Fintech startups and digital banking have reduced traditional barriers
 Need for significant capital investment in infrastructure and trust-building

2. Bargaining Power of Suppliers – Moderate

 Banks rely on central banks and financial institutions for liquidity

 Technology providers (cloud computing, cybersecurity) hold some leverage
 Regulatory authorities set compliance frameworks

3. Bargaining Power of Buyers – High

 Customers can switch between banks, NBFCs, or fintech alternatives easily

 Online comparison platforms increase transparency in pricing
 Customization and value-added services drive consumer choices

4. Threat of Substitutes – High

 Fintech solutions (P2P lending, robo-advisors) are replacing traditional services

 Cryptocurrency and decentralized finance (DeFi) present alternatives to banking
 Insurance and investment products are evolving with digital innovation

5. Industry Rivalry – High

 Presence of large global and domestic players (banks, NBFCs, fintech firms)
 Price wars in loans, mutual funds, and digital payments
 Differentiation based on customer service, digital experience, and innovation

8
CHAPTER 2: COMPANY
PROFILE

9
2.1 LARGE CAP FUND COMPANIES-
1) HDFC Ltd. (Housing Development Finance Corporation Ltd.)

Overview:
HDFC Ltd. was one of India’s leading housing finance companies, established in 1977. It
played a major role in providing home loans to individuals and businesses, promoting home
ownership across the country. Over the years, HDFC diversified into various financial
services, including banking, asset management, insurance, and real estate investment.

Merger with HDFC Bank:

In July 2023, HDFC Ltd. merged with HDFC Bank, making it one of the largest financial
institutions in India. This merger aimed to create a stronger banking entity with enhanced
lending capabilities and financial services.

Key Offerings:

 Home loans and mortgage solutions

 Loans against property

 Developer financing

 Rural housing finance

 Insurance (Life & General through HDFC Life & HDFC Ergo)

 Asset management and mutual funds (HDFC AMC)

HDFC Bank Overview:

HDFC Bank is one of India’s largest private sector banks, known for its strong financial
performance and wide range of banking products. It offers retail banking, corporate banking,
treasury services, and digital banking solutions.

10
Key Facts:

 Headquarters: Mumbai, Maharashtra

 CEO: Sashidhar Jagdishan (as of 2024)

 Market Position: Among the top private banks in India

 Network: Over 8,000 branches across India.

HDFC Large Cap Fund

Overview:
HDFC Large Cap Fund is an open-ended equity mutual fund that primarily invests in large-
cap companies with strong financials and growth potential. This fund is managed by HDFC
Asset Management Company (HDFC AMC), one of India's leading mutual fund houses.

Investment Strategy:

The fund focuses on blue-chip companies that are market leaders in their respective
industries. These companies generally have stable earnings, strong management, and long-
term growth potential.

Key Features:

 Investment in top 100 companies based on market capitalization

 Aims for long-term wealth creation with moderate risk

 Suitable for investors looking for stable returns over time

 Managed by experienced fund managers at HDFC AMC

Performance & Returns:

 The fund has delivered consistent returns over the years, outperforming many
benchmarks.

 Investors with a long-term horizon benefit from compounding and lower volatility
compared to mid-cap or small-cap funds.

11
Risk & Suitability:

 Suitable for investors with moderate risk appetite

 Recommended for long-term investment (5+ years)

 Market fluctuations can impact short-term returns

Conclusion:

HDFC Bank, post-merger with HDFC Ltd., remains a financial powerhouse in India. HDFC
Large Cap Fund, managed by HDFC AMC, is a strong investment option for those seeking
exposure to large-cap stocks with growth potential. Investors looking for stability and
consistent performance can consider this fund as part of their portfolio.

12
2)Axis Bank

Overview:
Axis Bank is one of India's leading private sector banks, offering a wide range of financial
services to individuals, businesses, and corporations. Established in 1993, it has grown
significantly, providing banking and investment solutions to millions of customers across the
country.

Merger with Axis Bank:

Axis Bank completed the acquisition of Citibank India's consumer business for ₹11,603 crore
in March 2023. This merger included Citibank's credit cards, retail banking, and wealth
management services, strengthening Axis Bank’s position in India's financial sector and
expanding its customer base.

Key Offerings:

 Retail Banking (Savings & Current Accounts, Loans, Credit Cards)

 Corporate & SME Banking

 Investment Banking

 Treasury & Wealth Management Services

 Digital Banking & Payment Solutions

Key Facts:

 Headquarters: Mumbai, Maharashtra

 CEO: Amitabh Chaudhry (as of 2024)

 Market Position: Among the top private sector banks in India

 Network: Over 5,000 branches and 15,000+ ATMs across India

13
Axis Large Cap Fund

Overview:
Axis Large Cap Fund is an open-ended equity mutual fund that primarily invests in large-cap
companies with strong financials and growth potential. Managed by Axis Asset Management
Company (Axis AMC), this fund aims to deliver long-term capital appreciation.

Investment Strategy:

The fund focuses on well-established companies that are market leaders in their respective
industries. These companies generally have strong management, stable earnings, and good
growth potential.

Key Features:

 Investment in top 100 companies based on market capitalization

 Aims for long-term capital growth with moderate risk

 Suitable for investors seeking stability and steady returns

 Managed by experienced professionals at Axis AMC

Performance & Returns:

 The fund has consistently delivered competitive returns compared to benchmark

indices.

 Investors with a long-term horizon benefit from steady capital appreciation.

Risk & Suitability:

 Suitable for investors with a moderate risk appetite

 Recommended for long-term investment (5+ years)

 Market fluctuations may impact short-term performance

Conclusion:

Axis Bank continues to be a major player in India's financial sector, offering diverse banking
services. Axis Large Cap Fund, managed by Axis AMC, provides investors with an
opportunity to invest in large-cap stocks with strong growth potential, making it a preferred
choice for long-term wealth creation.

14
3) ICICI Bank Ltd.

Overview:
ICICI Bank is one of India’s largest private sector banks, providing a wide range of financial
products and services to individuals, businesses, and corporates. Established in 1994, it has
grown into a leading banking institution with a strong presence in retail and corporate
banking.

Merger with ICICI Bank:

ICICI Bank has expanded through key mergers, including with ICICI Ltd. (2002), Bank of
Madura (2001), Sangli Bank (2007), and Bank of Rajasthan (2010). These mergers
strengthened its retail presence, branch network, and overall market position in India.

Key Offerings:

 Retail Banking: Savings & current accounts, personal loans, home loans, auto loans,
credit cards

 Corporate Banking: Business loans, working capital financing, treasury services

 Wealth Management & Investment Services

 Digital Banking & Payment Solutions

Key Facts:

 Headquarters: Mumbai, Maharashtra

 CEO: Sandeep Bakhshi (as of 2024)

 Market Position: Among the top private sector banks in India

 Network: Over 6,000 branches and 17,000+ ATMs across India

Financial Strength & Market Presence:

ICICI Bank has a strong balance sheet with consistent revenue growth. It is known for its
innovative digital banking solutions and customer-centric approach. The bank is also listed
on stock exchanges in India and the U.S. (NYSE).

15
ICICI Prudential Large Cap Fund

Overview:
ICICI Prudential Large Cap Fund is an open-ended equity mutual fund that invests in large-
cap companies. Managed by ICICI Prudential Asset Management Company (ICICI Pru
AMC), this fund aims to provide stable returns by focusing on established, financially strong
businesses.

Investment Strategy:

The fund primarily invests in the top 100 companies by market capitalization, ensuring
stability and long-term growth potential.

Key Features:

 Investment in blue-chip companies with proven track records

 Focus on consistent and sustainable returns over the long term

 Managed by experienced professionals at ICICI Prudential AMC

 Suitable for investors looking for stable equity exposure

Performance & Returns:

 The fund has shown steady growth and aims to outperform market benchmarks over
time.

 It is ideal for investors with a long-term investment horizon who seek capital
appreciation.

Risk & Suitability:

 Moderate risk investment option

 Best suited for long-term investors (5+ years)

 Subject to market fluctuations and economic conditions

Conclusion:

ICICI Bank is a leading player in retail and corporate banking, while ICICI Prudential Large
Cap Fund offers stable, long-term wealth creation through large-cap investments.

16
4) SBI (State Bank of India)

Overview:
State Bank of India (SBI) is India’s largest public sector bank, established in 1955. With a
strong legacy, it provides a wide range of banking and financial services, including retail
banking, corporate banking, investment banking, and insurance. SBI plays a key role in
India’s financial sector and has a significant presence in both urban and rural areas.

Merger with SBI Bank:

State Bank of India (SBI) merged with its five associate banks and Bharatiya Mahila
Bank in 2017, consolidating its position as India’s largest public sector bank. This
merger enhanced SBI’s market presence, operational efficiency, and customer reach
across the country.

Key Offerings:

 Retail Banking (Savings & Current Accounts, Personal Loans, Home Loans)

 Corporate Banking & SME Financing

 Investment Banking & Treasury Services

 Insurance (Life & General through SBI Life & SBI General)

 Asset Management & Mutual Funds (SBI Mutual Fund)

 Digital Banking & Payment Solutions

Key Facts:

 Headquarters: Mumbai, Maharashtra

 Chairman: Dinesh Kumar Khara (as of 2024)

 Market Position: India’s largest commercial bank

 Network: Over 22,000 branches and 60,000+ ATMs across India

 Global Presence: Operates in over 30 countries

17
SBI Large Cap Fund

Overview:
SBI Large Cap Fund is an open-ended equity mutual fund managed by SBI Mutual Fund. It
primarily invests in large-cap companies that are market leaders in their sectors, offering
stability and growth potential for investors.

Investment Strategy:
The fund focuses on well-established companies with strong financials and sustainable
business models. These companies generally have a long track record of performance and are
less volatile compared to mid-cap or small-cap stocks.

Key Features:

 Investment in the top 100 companies based on market capitalization

 Aims to generate long-term capital appreciation

 Managed by experienced professionals at SBI Mutual Fund

 Ideal for investors seeking stable returns with moderate risk

Performance & Returns:

 The fund has shown consistent performance over the years, making it a popular
choice for investors

 Suitable for long-term investments (5+ years) to benefit from compounding and
steady growth

Risk & Suitability:

 Suitable for investors with moderate risk appetite

 Recommended for long-term wealth creation

 Market fluctuations may impact short-term returns

18
Conclusion:

SBI, as India’s largest public sector bank, continues to be a financial leader, providing a
range of services to individuals and businesses. SBI Large Cap Fund, managed by SBI
Mutual Fund, is a strong investment option for those looking for exposure to large-cap
companies with growth potential. Investors seeking stability and steady returns can consider
this fund as part of their portfolio.

19
5) Kotak Mahindra Bank
Overview:
Kotak Mahindra Bank is one of India’s leading private sector banks, offering a wide range of
financial services across banking, investment, and asset management. Founded in 1985 as
Kotak Mahindra Finance Ltd., it became a full-fledged bank in 2003 after receiving a banking
license from the Reserve Bank of India (RBI).

Merger with Kotak Mahindra:

In 2015, Kotak Mahindra Bank merged with ING Vysya Bank, strengthening its market position and
expanding its branch network. This merger enhanced Kotak's customer base, product offerings, and
operational efficiency across India.

Key Offerings:

 Retail Banking Services

 Corporate Banking

 Wealth Management

 Loans (Home, Personal, Business, and Vehicle Loans)

 Investment and Insurance Products

 Digital Banking Solutions

Key Facts:

 Headquarters: Mumbai, Maharashtra

 CEO: Uday Kotak (as of 2024)

 Market Position: Among India's top private sector banks

 Network: Over 1,800 branches across India

Growth & Achievements:

 One of the fastest-growing banks in India

 Strong focus on technology-driven banking solutions

20
  Diversified financial services portfolio

Kotak Large Cap Fund

Overview:
Kotak Large Cap Fund is an open-ended equity mutual fund that primarily invests in large-
cap companies with strong financials and long-term growth potential. Managed by Kotak
Mahindra Asset Management Company (Kotak AMC), the fund aims to generate stable
returns with lower risk compared to mid-cap and small-cap funds.

Investment Strategy:

The fund focuses on investing in top 100 companies based on market capitalization, ensuring
stability and growth potential.

Key Features:

 Investment in well-established, financially strong companies

 Aims for long-term wealth creation with moderate risk

 Suitable for investors looking for stability and steady growth

 Managed by experienced fund managers at Kotak AMC

Performance & Returns:

 The fund has delivered consistent returns over the years, often outperforming
benchmark indices.

 It provides a balanced approach to equity investment with reduced volatility.

Risk & Suitability:

 Suitable for investors with moderate risk appetite

 Recommended for long-term investment (5+ years)

 Market fluctuations can impact short-term returns

21
Conclusion:

Kotak Mahindra Bank continues to be a leading financial institution in India, offering

comprehensive banking and investment solutions. The Kotak Large Cap Fund is a strong
choice for investors seeking exposure to blue-chip stocks with long-term growth potential.
With its focus on stability and consistent performance, it remains a preferred investment
option for those looking to build wealth over time.

22
2.2 MIDCAP FUND COMPANIES
1) Motilal Oswal Asset Management Company (AMC)

Overview:

Motilal Oswal AMC is a leading investment firm in India, known for its equity-focused
investment philosophy. Established with a strong research-driven approach, it provides a
range of mutual funds catering to investors with different risk appetites.

Merger & Expansion:

 Motilal Oswal AMC has not been involved in any major mergers but has been
expanding its alternative investment portfolio.

 It has strengthened its presence in structured finance and equity-focused funds, aiming
for long-term wealth creation.

Key Offerings:

 Equity Mutual Funds (Large, Mid, Small Cap)

 Debt Funds & Hybrid Funds

 Portfolio Management Services (PMS)

 Alternative Investment Funds (AIFs)

Motilal Oswal Midcap Fund

Overview:

Motilal Oswal Midcap Fund is an open-ended equity mutual fund that invests in mid-cap
companies with high growth potential. It follows a long-term investment approach based on
strong fundamental research.

Investment Strategy:

 Focuses on mid-cap companies with sustainable competitive advantages.

 Uses a bottom-up stock selection approach, emphasizing business quality and

earnings growth.

23
Key Features:

 Investment in companies ranked 101-250 by market capitalization

 Aims for long-term capital appreciation

 Managed by experienced fund managers at Motilal Oswal AMC

Performance & Returns:

 The fund has delivered strong historical returns, outperforming many benchmarks
over time.

 Investors benefit from long-term compounding and stable mid-cap exposure.

Risk & Suitability:

 Suitable for investors with a moderate to high-risk appetite

 Recommended for investors with a 5+ year investment horizon

Conclusion:

Motilal Oswal AMC continues to expand its financial offerings, focusing on research-backed
investments. Motilal Oswal Midcap Fund is a strong choice for investors seeking high-
growth mid-cap opportunities with a well-managed investment strategy.

24
2) Invesco Asset Management Company

Overview:

Invesco AMC is part of Invesco Ltd., a global investment giant with operations in over 25
countries. In India, it offers a wide range of mutual fund products, catering to both retail and
institutional investors.

Merger & Expansion:

 No major mergers or acquisitions have occurred in Invesco AMC recently.

 The company has been expanding its ETF and passive investment strategies.

Key Offerings:

 Equity Mutual Funds (Large, Mid, Small Cap)

 Debt & Hybrid Funds

 International Funds & Thematic Funds

 ETFs & Index Funds

Invesco India Midcap Fund

Overview:

Invesco India Midcap Fund is an open-ended equity scheme investing in mid-cap stocks with
strong earnings growth potential.

Investment Strategy:

 Identifies mid-cap stocks with strong financials and competitive advantages.

 Uses a combination of growth and value investing strategies.

Key Features:

 Invests in high-potential mid-cap companies for long-term capital appreciation.

 Well-diversified portfolio to manage sectoral risks.

 Managed by expert fund managers at Invesco AMC.

25
Performance & Returns:

 The fund has outperformed benchmarks consistently, delivering strong risk-adjusted

returns.

 Suitable for investors aiming for long-term wealth creation.

Risk & Suitability:

 Best suited for investors with a moderate-to-high-risk tolerance.

 Recommended for investors with long-term investment goals.

Conclusion:

Invesco AMC’s strong global expertise and research-driven approach make it a reliable fund
house. Invesco India Midcap Fund is an attractive option for investors seeking exposure to
mid-cap companies with strong fundamentals.

26
3) Sundaram Asset Management Company

Overview:
Sundaram Asset Management Company (Sundaram AMC) is a leading mutual fund house in
India, known for its strong expertise in equity and debt investments. It is a wholly-owned
subsidiary of Sundaram Finance, one of India's oldest and most trusted financial services
companies.

Merger:
Sundaram AMC has consistently expanded its portfolio by merging with various financial
entities to enhance its investment capabilities. It has strengthened its position in the mid-cap
segment through strategic acquisitions and organic growth.

Key Offerings:

 Equity Mutual Funds (Mid-cap, Small-cap, Thematic Funds)

 Debt Mutual Funds

 Hybrid Mutual Funds

 Portfolio Management Services (PMS)

 Alternative Investment Funds (AIFs)

Key Facts:

 Headquarters: Chennai, Tamil Nadu

 CEO: Sunil Subramaniam (as of 2024)

 Market Position: Leading mid-cap focused fund house in India

Sundaram Mid Cap Fund

Overview:
Sundaram Mid Cap Fund is an open-ended equity mutual fund focusing on mid-cap
companies with high growth potential. The fund aims to provide long-term capital
appreciation by investing in fundamentally strong companies.

27
Investment strategy:

The fund follows a bottom-up stock selection approach, focusing on companies with strong
balance sheets and future growth prospects.

Key Features:

 Investment in mid-cap companies with high growth potential

 Aims for long-term wealth creation with moderate-to-high risk

 Managed by experienced fund managers at Sundaram AMC

Performance & Returns:

 Consistent performance over the years, often outperforming benchmarks

 Suitable for long-term investors looking for high-growth opportunities

Risk & Suitability:

 Suitable for investors with a higher risk appetite

 Recommended for a long-term investment horizon (5+ years)

 Mid-cap stocks may experience short-term volatility

Conclusion:
Sundaram AMC remains a strong player in the mid-cap investment segment, providing
investors with high-growth opportunities. Sundaram Mid Cap Fund is a solid choice for
investors looking to diversify their portfolio with mid-cap stocks.

28
4) UTI Asset Management Company

Overview:
UTI Asset Management Company (UTI AMC) is one of India's oldest and most respected
mutual fund houses. Established in 1964, UTI has been a pioneer in the Indian mutual fund
industry, offering a wide range of investment products across equity, debt, and hybrid
categories.

Merger:
Over the years, UTI has collaborated with various financial entities, strengthening its market
position through mergers and acquisitions to enhance its investment offerings in the mid-cap
segment.

Key Offerings:

 Equity Mutual Funds (Large-cap, Mid-cap, Small-cap)

 Debt Funds

 Index Funds

 Exchange Traded Funds (ETFs)

 Retirement Solutions

Key Facts:

 Headquarters: Mumbai, Maharashtra

 CEO: Imtaiyazur Rahman (as of 2024)

 Market Position: Leading public-sector mutual fund house in India

UTI Mid Cap Fund

Overview:
UTI Mid Cap Fund is an open-ended equity mutual fund that invests primarily in mid-cap
companies, aiming to provide long-term capital appreciation.

29
Investment strategy:

The fund follows a research-driven approach, identifying mid-cap companies with strong
earnings growth and competitive advantages.

Key Features:

 Focus on mid-cap companies with sustainable business models

 Diversified portfolio across sectors

 Managed by expert fund managers at UTI AMC

Performance & Returns:

 Strong track record of delivering high returns over the long term

 Provides an opportunity to invest in high-growth mid-cap stocks

Risk & Suitability:

 Suitable for investors willing to take moderate-to-high risks

 Ideal for long-term wealth creation (5+ years)

 Potential for short-term volatility in market downturns

Conclusion:
UTI AMC continues to be a leader in the mutual fund industry, with UTI Mid Cap Fund
offering excellent mid-cap investment opportunities for investors looking for long-term
growth.

30
5) Edelweiss Financial Services Limited: Company Profile

Edelweiss Asset Management

Overview:
Edelweiss Asset Management is a subsidiary of Edelweiss Group, one of India's leading
financial services firms. The company provides a diverse range of investment solutions,
including equity, debt, and alternative investments.

Merger:
Edelweiss AMC has expanded its presence through various acquisitions and mergers,
strengthening its product offerings and growing its mid-cap investment portfolio.

Key Offerings:

 Equity Mutual Funds (Mid-cap, Small-cap, Thematic)

 Debt Mutual Funds

 Hybrid Funds

 Alternative Investment Funds (AIFs)

 International Funds

Key Facts:

 Headquarters: Mumbai, Maharashtra

 CEO: Radhika Gupta (as of 2024)

 Market Position: A rapidly growing player in the mid-cap mutual fund space

Edelweiss Mid Cap Fund

Overview:
Edelweiss Mid Cap Fund is an open-ended equity mutual fund that primarily invests in mid-
cap stocks, aiming to generate long-term capital appreciation.

investment strategy:

The fund employs a combination of fundamental analysis and sectoral trends to identify mid-
cap companies with strong potential for future growth.

31
Key Features:

 Focuses on mid-cap companies with robust financials

 Aims for long-term capital appreciation with higher risk

 Diversified sectoral allocation

Performance & Returns:

 Consistently strong performance compared to industry benchmarks

 Suitable for investors seeking exposure to high-growth mid-cap stocks

Risk & Suitability:

 Suitable for aggressive investors with a high-risk appetite

 Recommended for long-term investment (5+ years)

 Short-term volatility may be significant

Conclusion:
Edelweiss AMC has established itself as a strong competitor in the mid-cap investment space.
Edelweiss Mid Cap Fund provides an excellent option for investors looking to capitalize on
high-growth opportunities in the mid-cap segment.

32
2.3 SMALL CAP FUND COMPANIES
1) Quant Mutual Fund

Overview:

Established in 1996, Quant Mutual Fund is one of India's pioneering asset management
companies, known for its dynamic and active investment strategies. The firm offers a diverse
range of mutualfund schemes across various asset classes, catering to the varied needs of
investors.

Merger:

In 2018, Quant Mutual Fund expanded its market presence by acquiring Escorts Mutual
Fund, enhancing its product offerings and strengthening its position in the mutual fund
industry.

Key Offerings:

 Equity Mutual Funds (Large-cap, Mid-cap, Small-cap)

 Debt Mutual Funds

 Hybrid Funds

 Thematic and Sectoral Funds

Key Facts:

 Headquarters: Mumbai, Maharashtra

 Market Position: Known for its agile investment approach and notable performance in
the small-cap segment.

Quant Small Cap Fund

Overview:

The Quant Small Cap Fund is an open-ended equity scheme that primarily invests in small-
cap stocks, aiming to achieve long-term capital appreciation.

33
Investment Strategy:

The fund employs a dynamic investment approach, utilizing quantitative models and market
indicators to identify high-potential small-cap companies.

Key Features:

 Focus on small-cap companies with robust growth prospects.

 Active portfolio management to capitalize on market opportunities.

 Aims for long-term wealth creation with a higher risk-reward profile.

Performance & Returns:

The fund has demonstrated strong performance, often outperforming its benchmark and peers
over various time horizons.

Risk & Suitability:

 Suitable for investors with a high-risk appetite seeking exposure to the small-cap
segment.

 Recommended investment horizon is long-term (5+ years) to mitigate short-term

volatility.

Conclusion:

Quant Mutual Fund has solidified its reputation in the small-cap investment space through
strategic expansion and a research-driven approach. The Quant Small Cap Fund offers
investors an opportunity to capitalize on the growth potential of emerging companies, backed
by dynamic and active fund management.

34
2) Franklin Templeton Mutual Fund

Overview:

Franklin Templeton Mutual Fund is part of Franklin Resources, Inc., a global investment
management organization with a significant presence in India. The firm offers a wide array of
mutual fund schemes across different asset classes, supported by extensive research and
global expertise.

Merger:

In 2002, Franklin Templeton expanded its footprint in India by acquiring Pioneer ITI Mutual
Fund, enhancing its product range and market presence.

Key Offerings:

 Equity Mutual Funds (Large-cap, Mid-cap, Small-cap)

 Debt Mutual Funds

 Hybrid Funds

 International Funds

Key Facts:

 Headquarters: Mumbai, Maharashtra

 Market Position: A well-established player with a strong track record in equity and
debt fund management.

Franklin India Smaller Companies Fund

Overview:

35
The Franklin India Smaller Companies Fund focuses on investing in small-cap companies,
aiming to provide long-term capital appreciation by identifying potential leaders of
tomorrow.

Investment Strategy:

The fund adopts a bottom-up approach, selecting companies with strong management,
competitive advantages, and sustainable growth potential.

Key Features:

 Diversified portfolio across sectors and industries.

 Emphasis on fundamentally sound companies with scalable business models.

 Aims to capitalize on the under-researched small-cap segment.

Performance & Returns:

Historically, the fund has delivered competitive returns, leveraging its research-driven
approach to identify outperforming stocks.

Risk & Suitability:

 Ideal for investors willing to accept higher volatility in pursuit of significant long-
term gains.

 A long-term investment horizon (5+ years) is recommended to navigate market

fluctuations.

Conclusion:

Through strategic acquisitions and a commitment to research-driven investment, Franklin

Templeton Mutual Fund has reinforced its position in the small-cap segment. The Franklin
India Smaller Companies Fund offers investors a pathway to participate in the growth of
emerging enterprises with strong fundamentals.

36
3) DSP Mutual Fund

Overview:
DSP Mutual Fund is one of India’s leading asset management companies, offering a diverse
range of investment solutions, including equity, debt, and hybrid funds. It is known for its
disciplined investment approach and extensive research-driven strategies.

Merger:
While DSP Mutual Fund has not been involved in any major mergers, the firm has focused
on organic growth and expanding its product offerings. In 2018, DSP Group acquired full
ownership of the asset management business after parting ways with BlackRock.

Key Offerings:

 Equity Mutual Funds (Large-cap, Mid-cap, Small-cap)

 Debt Mutual Funds

 Hybrid Funds

 International Funds

Key Facts:

 Headquarters: Mumbai, Maharashtra

 Market Position: A respected name in the mutual fund industry, particularly known
for its performance in the equity segment.

DSP Small Cap Fund

Overview:
The DSP Small Cap Fund is an open-ended equity scheme that invests primarily in small-cap
companies, aiming for long-term capital appreciation.

37
Investment strategy:

The fund follows a bottom-up stock selection approach, focusing on identifying high-

potential small-cap businesses with strong fundamentals.

Key Features:

 Focuses on small-cap stocks with robust financials

 Aims to achieve high long-term growth

 Diversified sectoral allocation

Performance & Returns:

 The fund has consistently outperformed benchmarks and peers in the small-cap
segment.

 It is suitable for investors seeking high-growth opportunities.

Risk & Suitability:

 Suitable for aggressive investors with a high-risk appetite.

 Recommended for long-term investment (5+ years).

 Short-term volatility can be significant.

Conclusion:
DSP Mutual Fund has built a strong reputation in the small-cap investment space through its
research-driven approach. The DSP Small Cap Fund provides an attractive option for
investors looking to invest in high-potential emerging companies.

38
4) HSBC Mutual Fund

Overview:
HSBC Mutual Fund is a part of HSBC Asset Management, a global investment management
firm offering a range of mutual fund schemes across equity, debt, and hybrid asset classes. It
leverages global expertise to provide strong, research-driven investment strategies.

Merger:
In 2022, HSBC Asset Management acquired L&T Mutual Fund, significantly expanding its
presence in the Indian mutual fund industry. This merger strengthened HSBC’s product
portfolio and distribution network in India.

Key Offerings:

 Equity Mutual Funds (Large-cap, Mid-cap, Small-cap)

 Debt Mutual Funds

 Hybrid Funds

 Thematic and International Funds

Key Facts:

 Headquarters: Mumbai, Maharashtra

 Market Position: A globally recognized player with an expanding presence in India's

mutual fund market.

HSBC Small Cap Fund

Overview:
The HSBC Small Cap Fund is an open-ended equity scheme that focuses on investing in
small-cap stocks to generate long-term capital growth.

39
Investment Strategy:

The fund follows a mix of fundamental and quantitative analysis to identify promising small-
cap companies with strong growth potential.

Key Features:

 Primarily invests in small-cap stocks with scalable business models.

 Aims to capture early-stage growth opportunities in emerging sectors.

 Diversified portfolio to mitigate risks.

Performance & Returns:

 Demonstrates a competitive track record in delivering strong returns.

 Suitable for investors looking for long-term capital appreciation.

Risk & Suitability:

 Suitable for aggressive investors with a long-term investment horizon (5+ years).

 Higher volatility due to exposure to small-cap stocks.

Conclusion:
With the strategic acquisition of L&T Mutual Fund, HSBC Mutual Fund has strengthened its
position in India’s mutual fund market. The HSBC Small Cap Fund presents an opportunity
for investors to benefit from high-growth small-cap stocks backed by a globally trusted fund
manager.

40
5) Nippon India Mutual Fund

Overview:
Nippon India Mutual Fund (formerly Reliance Mutual Fund) is one of India’s largest asset
management companies, known for its diversified investment offerings and strong retail
investor base.

Merger:
In 2019, Reliance Nippon Life Asset Management became Nippon India Mutual Fund after
Nippon Life Insurance acquired full ownership from Reliance Capital. This acquisition
provided the company with a more stable ownership structure and enhanced global
credibility.

Key Offerings:

 Equity Mutual Funds (Large-cap, Mid-cap, Small-cap)

 Debt Mutual Funds

 Hybrid Funds

 International Funds

 Index and ETF Funds

Key Facts:

 Headquarters: Mumbai, Maharashtra

 Market Position: One of the largest and most trusted mutual fund houses in India.

Nippon India Small Cap Fund

41
Overview:
The Nippon India Small Cap Fund is an open-ended equity scheme that focuses on investing
in small-cap companies with strong growth potential.

Investment Strategy:

The fund follows a bottom-up stock selection approach, identifying high-growth small-cap
stocks with strong management and sustainable business models.

Key Features:

 Invests in small-cap stocks with high return potential.

 Focuses on diversification across sectors to reduce risk.

 Long-term wealth creation strategy.

Performance & Returns:

 Consistently among the top-performing small-cap funds in India.

 Offers high growth potential but with higher volatility.

Risk & Suitability:

 Suitable for aggressive investors with a high-risk appetite.

 Recommended for long-term investors (5+ years) willing to withstand market

fluctuations.

Conclusion:
Nippon India Mutual Fund has established itself as a leading player in the Indian mutual fund
industry with a strong track record in small cap investing. The Nippon India Small Cap Fund
offers an excellent opportunity for investors seeking exposure to high-growth potential small-
cap stocks.

42
CHAPTER3: LITERATURE
REVIEW

43
(source: https://www.grammarly.com/blog/academic-writing/literature-review/)

44
 Tripathi, S., & Japee, D. G. P. (2020) The Indian capital market offers a range of investment
opportunities to enable investors to diversify their holdings across multiple industries and ensure a
lucrative return. Open-end funds are one type of financial product that guarantees investors the
lowest risks and the highest possible return. The expansion and advancement of diverse mutual fund
products has been demonstrated to be one of the most effective catalysts for significant investment
growth in the capital market. In this situation, careful observation and assessment of mutual funds
became crucial. As a result, picking profitable mutual funds to invest in could be crucial. This
research examines the equities mutual funds available for purchase from various fund companies in
India; it primarily focuses on the performance of particular equity (large-cap, mid-cap, and small-
cap) open-end fund schemes concerning the correlation between risk and return. The primary goal
of this research project is to use statistical measures like Sharpe ratio, standard deviation, beta, and
Jenson's alpha to analyze the financial performance of particular open-end fund schemes. Ten of the
fifteen funds, the researcher said, did well in a very turbulent market. The study discovered that
before making an investment, an investor needs to take the fund's risk ratio into account. Investors
will find great assistance in the research study's conclusions when making future investing decision.

Hadaa, B., & Suri, A. K. (2020) Investors in mutual funds frequently search for a standard by
which to judge a mutual fund plan. An equity mutual fund scheme's success is influenced by
several variables. The fund age is one of these variables. The question of whether older funds
outperform their younger counterparts or whether younger funds outperform older funds in terms
of returns is sometimes up for debate. The goal of the current study is to examine the relationship
between fund age and equity mutual fund scheme performance in India. A total of nine fund
houses' open-ended equity plans totaling 65 assets under management were chosen and introduced
between December 31st, 2010 and December 31st, 2010. Every year during the period,
researchers gathered data on the plan returns. From 2014 to 2018. Between the scheme return and
the fund's age in months on an annual basis, both parametric and non-parametric correlation
coefficients were discovered for the five years between 2014 and 2018. For the years 2014, 2015,
2016, and 2017, the results indicate a negative association between the fund age and scheme
returns; however, for the year 2018, there is a positive correlation. This indicates that, throughout
the last five years, younger funds have outperformed elder funds during four of those years. The
research will assist investors in choosing mutual fund schemes that are both.

45
Ji, X., Zhang, Y., Mirza, N., Umar, M., & Rizvi, S. K. A. (2021)One of the main components of
creating a carbon-neutral economy is the encouragement of carbon-neutral investments. For
emerging economies with restricted financial markets, this is even more crucial. This research
examines 6519 actively managed mutual funds in the BRICS after classifying them into black,
brown, and green categories according to their investment holdings. The analysis is based on
monthly data collected between 2011 and 2019. Green funds perform better than their peers across
the board and within-country evaluation, according to our comparative performance analysis. We
also record the market timing skill and volatility of green funds, which are primarily lacking in
high emission funds. The outcomes were true for different performance definitions. Our results
also show that Chinese green funds outperform international ones. This is explained by the
numerous environmentally sustainable economic practices that China has implemented over time.
We suggest a number of changes that could improve the flexibility of a carbon-neutral investment
environment in light of the findings.

Bhattacharjee, J., Singh, R., & Kajol, K. (2020) This paper's goal is to conduct a thorough
assessment of the research on many facets of equity investment risk perception. It also seeks to
highlight particular issues for further investigation. In order to gain insight from the existing
research, a thorough and methodical examination of the literature is conducted with the goal of
determining the factors that determine the perception of risk associated with equity shares and
how that perception affects equity investment behavior. The study discovered that the axiomatic
approach, sociocultural group approach, emotional reactions, marketing mix approach, and
psychometric approach are the primary methods for measuring risk perception. Additionally, it is
discovered that the primary elements influencing risk perception include heuristics, economic
crises, emotional responses, framing effects, loss aversion, and demographics. These findings
have some bearing on investment decisions. conduct llike prudent portfolio management, market-
linked investing, successful entrepreneurship, and retirement planning. A deeper comprehension
of risk perception will assist policymakers in raising investor risk perception levels, which will
enhance the country's investment culture.

46
Zheng, Y., Osmer, E., & Zheng, L. (2020) The capacity of mutual fund managers to time
aggregate investor sentiment is examined in this research. According to our findings, mutual fund
managers adjust the market exposure of their funds in response to shifts in investor opinion.
According to the out-of-sample analysis, top sentiment timers—which protect against unusually
high market sentiment—produce returns that are around 3% greater annually than those of bottom
sentiment timers. These outcomes hold true even outside of times of crisis. Furthermore, our
findings indicate that the capacity to time sentiment, particularly the ability to hedge against
sentiment, is more likely to be linked to larger and older funds, but the propensity to chase
sentiment is strongly influenced by the mutual fund manager's fee level. After adjusting for
alternate sentiment, our findings remain strong. measurements, different timing skills, and
multiple hazards.

Bhuva, K. K., & Bantwa, A. (2020) The longevity of mutual fund performance is the subject of
this research. Fund returns are a common target of academic inquiry. The purpose of this study is
to evaluate the performance of a few large- and mid-cap mutual fund schemes in the Indian
mutual fund market from 2007 to 2011. The effectiveness of particular schemes is assessed using
several metrics, including as Treynor, Jenson, Sharpe, and FAMA, as well as average returns,
systematic risk, and unsystematic risk. Upon thorough examination, it is discovered that every
plan sampled—aside from two—performed better than the market. Better-performing plans are
exposed to more risk, confirming the well-established link between high risk and high return. The
results also showed that most of the schemes had sufficient diversification, with almost 60% of the
strategies were able to outperform the market thanks to fund managers' improved stock selecting
abilities. The results of the t-test computations indicate that, over the long term, there is no
difference in the returns from large cap and mid cap mutual funds. Based on a comparison of
mutual fund returns and the market, it can be observed that large cap mutual funds
underperformed the market in 2008 and 2011, but only mid cap mutual funds underperformed the
market in 2011.

Virparia, V. (2022) The mutual fund sector has grown dramatically during the last 20 years. The
relevance of the mutual fund sector in India has expanded due to the rise in the number of
schemes that have mobilized more funds in recent years. Mutual funds come with a variety of
schemes, including large-cap, mid-cap, and small-cap funds, making it challenging for investors to
select the appropriate scheme from the wide range of possibilities.The performance analysis of
mutual fund schemes based on large, mid, and small caps was the primary emphasis of this study.
This analysis aids investors in making decisions based on current risk and return scenarios. Each

47
of these mutual funds is evaluated separately using various metrics, including Sharpe's, Standard
Deviation, Beta, and annual returns. Jensen's ΐlрhа ratio, Treynor's ratio, and others.

Das, S. K., Das, S., & Seth, S. (2023) Assets under Management (AUM) in the Indian mutual
fund industry have grown significantly, from a pitiful Rs. 25 crores in 1964 to an astounding Rs.
36.59 lakh crores in August 2021. Equity Regardless of industry or size, multi-cap mutual funds
often buy in stocks of businesses from across the stock market. These funds thus offer much-
needed diversification. In a direct plan, the investor chooses to make a direct mutual fund
investment without going via an agent or distributor. The direct plan has a lower expense ratio
than a conventional plan because there is no middleman commission, which increases returns.
Following the COVID-19 outbreak, there has been a protracted crisis in the stock markets that has
had a significant dampening effect. in the overall world situation. It has also had an impact on the
mutual fund industry in India. Nevertheless, despite all the bad news, the COVID-19 effect has
given Indian investors cause for optimism as they work to regain their faith in this new normal.
This has been the case for the past year. Against this background, the current research paper looks
at the performance of four open-ended Equity Multi-cap Mutual Funds' direct plans, which are
based on specific parameters: Baroda Multi-Cap Fund (BMF), ICICI Prudential Multi-Cap Fund
(IPMF), Invesco India Multi-Cap Fund (IIMF), and Nippon India Multi-Cap Fund (NIMF). This
eight-year study, based on secondary data, runs from 2013 to 2021. The funds were chosen based
on the criterion of net assets exceeding Rs. 1,000 crores as of August 31, 2021. The funds had
double-digit returns during the period, according to the results. the duration of the study period.
Throughout the course of the research, IPMF and NIMF underperformed the benchmark and
continued to be riskier. Moreover, NIMF continued to be the riskiest fund for the duration of the
study. In terms of risk-adjusted return, IIMF continued to be the top performer across the one,
five, and eight-year periods. Over the course of the study, NIMF continued to be the most
aggressive fund and BMF to be the most defensive. The IIMF fund managers were successful in
selecting high-quality stocks after one, five, and eight years. Throughout the study period, the
fund managers of NIMF performed appallingly and were unable to select high-quality stocks.
According to RSQ values, BMF was the fund with the best diversification performance over the
course of the study.

Madhavi Latha, C. H., & Sreedevi. (2024) Investing in mutual funds is currently the easiest and
best way to get wealthy. Professionals with full-time jobs who specialize in returns and can
diversify your investments oversee mutual funds. The primary benefits of investing in mutual
funds are their accessibility and ease of use. In this case, the policy is to spread the risk rather than

48
place all of your eggs in one basket. Understanding your investing needs is the first step towards
choosing the right mutual fund, as it influences your choice of mutual funds. Mutual funds can be
categorized as large, mid, or small-cap funds based on their market capitalization. The purpose of
this study is to comprehend how large, mid, and small-cap mutual funds performed over seven
years in India, from 2015 to 2022. The purpose is to comprehend these funds' performance and
instruct investors on how to select the best mutual fund for their financial situation. In this study,
the performance of thirty large-cap mutual funds and thirty mid- and small-cap mutual funds is
compared for the first, third, and fifth years. The analysis showed that during the study period,
there was little difference in the performance of large, mid, and small-cap mutual funds. However,
when comparing their Alpha, Beta, Sharpe, and Sortino ratios to those from the first, third, and
fifth years, some differences show higher ratios may indicate higher long-term returns. This
highlights how crucial fund expertise knowledge is to managers in selecting the right financial
resources to maximize profits. An investor will learn from this study how to select the best mutual
fund for their investment.

Sharma, K., & Tripathi, S. (2023) The present research examines the risk characteristics and
performance of Indian mutual fund schemes across multiple market capitalization groups, namely
small-cap, mid-cap, and Large-cap funds. The study analyses the annual returns over a range of
investment periods (1 year, 2 years, 3 years, 5 years, and 10 years), as well as risk metrics like
Treynor's Ratio, Jenson's Alpha, Beta, Sharpe, and Standard Deviation. By analyzing past
performance, the conclusions shed light on the risk profiles and growth potential of mutual fund
schemes. Depending on their investing goals and risk tolerance, investors can use the findings to
make informed decisions. The goal of the research is to assist investors in understanding the risk-
return trade-off and selecting suitable mutual fund schemes, fund managers, and financial advisors
for every market capitalisation class.

Mathur, P. (2021). For average investors, mutual funds are among the best options for investing.
Mutual funds offer a variety of schemes tailored to meet various investment goals and are
transparent, professionally managed, and reasonably priced. The most well-liked mutual fund
scheme among investors is the equity fund scheme. When it comes to equity funds, Multi Cap
Funds and Large Cap Funds are the most well-liked options for investors looking to gain from a
diversified stock portfolio. This analysis compares the performance of well-known large-cap and
multi-cap funds using their respective returns as a basis. For this purpose, the performance of ten
eminent funds under both of the chosen categories has been examined over a five-year period.
Their performance has also been contrasted with the BSE 200 and Nifty 500, the two most

49
diversified benchmark indices in India. Researchers have also attempted to determine whether or
not these funds' performance differs noticeably from one another.

Kumar, S., & Sabharwal, A. (2024) For the novice investor in particular, mutual fund investing
offers a simple entry point into the stock market. Investing in mutual funds is accessible to all,
regardless of age or stock market experience. However, given that investors have different risk
tolerances and financial objectives, choosing the best mutual fund scheme can be difficult. In
order to help these investors who are having trouble choosing a scheme, this study will analyse
various mutual fund schemes and identify those that provide higher returns at lower risk. The
study assesses the risk and return characteristics of the different mutual fund schemes that were
used in the investigation. The current discussion compares the returns by taking into account the
systematic and unsystematic risk of particular schemes within each category using a variety of
ratios, including Jensen's, Sharpe, and Treynor. The study's five-year period runs from April 1,
2017, to March 31, 2022. It uses data from secondary sources such as Moneycontrol, books,
journals, and the official websites of pertinent financial organisations. By Treynor ratio, Edelweiss
Large Cap Fund-A(G) performs better than BNP Paribas Large Cap Fund (G) in the large cap
fund space. These metrics are based on measures developed by Sharpe and Jensen. Edelweiss Mid
Cap Fund (G) consistently outperforms its peers among mid-cap schemes on all assessed ratios.
Based on Jensen's, Sharpe, and Treynor ratios, Axis Small Cap Fund-Regular (G) is the small cap
fund that offers the best returns. In the end, this research helps investors navigate the challenges
involved in choosing mutual funds by providing information about which funds most closely
match their investment goals and preferred risk-return ratio. The results show that different fund
categories have different return patterns, and some funds outperform their peers on different return
metrics. According to the study's findings, Axis Small Cap Mutual Fund-Regular (G) is the best
small cap mutual fund, Edelweiss Mid Cap Mutual Fund (G) is the best mid cap fund, and BNP
Paribas Large Cap Mutual Fund (G) is the best large cap scheme. The ramifications imply that
investors can make well-informed choices based on their preferences for risk and return; large-cap
funds, for example, offer stability, mid-cap funds, moderate returns, and small-cap funds, better
growth prospects with a greater ability to tolerate risk.

Venkatesh, P., & Revathi, D. S. (2020) Investors can make profitable returns on their
investments through a variety of avenues in India. Investing in mutual funds, as opposed to other
financial products, guarantees investors the lowest possible risk and the highest possible return.
The necessity and extent of mutual fund operations have grown in tandem with the focus on
improving investment diversification and increasing domestic savings. Studying the mutual fund

50
business and its performance became crucial as a result. The purpose of this study is to assess the
performance of a few particular Indian mutual fund schemes based on their daily net asset value
(NAV) over a five-year period, from 2015 to 2019. Ten open-ended, growth-oriented equity funds
have been chosen as a sample for the research. Investors can use the results of the evaluation of
the funds' performance using the Treynor index, Jensen alpha, and Sharpe index to help them
make better investment decisions.

Melkani, B. C., & Pathak, V. (2022) Although the Indian mutual fund industry has grown
significantly since its founding in 1963, it still lags well behind developed nations and most
emerging markets in the world. Encouraging households to invest their modest savings in capital
assets in order to improve their risk-adjusted returns is one of the mutual fund industry's most
significant roles. The goal of this study was to compare the return, net flow, and expense ratio of
mutual funds that are categorised into three main categories: large cap, mid cap, and small cap.
Data on the chosen variables were collected over an 11-year span, from 2011 to 2021, and one-
way ANOVA was used for analysis. Results of the study showed that small cap funds have the
highest mean return, followed by mid cap and large cap funds. Based on the study's findings, it
was determined that there is currently no discernible difference between the returns of large-cap,
mid-cap, and small-cap funds. According to this study's variable net flow analysis, large cap funds
have the highest average net flow, followed by small and mid cap funds. This study's findings led
it to the conclusion that the net flows of large cap, mid cap, and small cap funds differ
significantly from one another. Large cap funds have the lowest average expenses, followed by
small and mid cap funds. Based on According to the study's findings, the expenses ratios of large-
cap, mid-cap, and small-cap funds differ significantly from one another.

Sharma, K., & Joshi, P. (2021) In the last ten years, the mutual fund industry has responded
quickly to the Indian financial market by offering investors more promising options. The asset
under management (AUM) of the Indian mutual fund industry was 26.85 trillion rupees as of
September 30, 2020, according to data from the Association of Mutual Fund India. As of
September 30, 2010, the total assets under management (AUM) in the Indian mutual fund industry
was 6.57 trillion rupees. In ten years, the Indian mutual fund business has expanded by about four
times. The quantity and quality of product and service offerings in the Indian mutual fund industry
have dramatically improved over the past year. This study attempted to examine the results of
particular debt, equity, and hybrid fund schemes, assess the risk-return relationship and market
volatility of the chosen mutual fund schemes, and compare the performance of the chosen Debt,
Equity, and Hybrid mutual fund schemes. A number of financial tools, including the Treynor

51
Ratio, Jenson Ratio, Sharpe Ratio, Standard Deviation, Beta, and Rate of Return, were used to
accomplish the evaluation. The information was gathered from the different approved websites
and fund factsheets. The majority of the funds chosen for the study, according to this analysis,
perform averagely or worse than average when it comes to CRISIL Rank. Debt mutual fund
schemes are the top performers among the chosen funds according to CRISIL Rank. The majority
of the funds did better than the Jenson, Treynor, and Sharpe ratios.

Safiuddin, S. K., & Hasan, M. (2022) Most individual investors find it challenging to recognise
and diversify their investments across different portfolios. Financial intermediaries known as
mutual funds gather the assets of investors and allocate them across a variety of securities,
including stocks, bonds, and money market instruments, in a well-diversified portfolio. This
makes it easier for us to fully benefit from fund diversification.Investors and scholars have taken
notice of it because of the mutual fund industry's remarkable growth in India. In order to
understand the performance of equity-based mutual funds, the current study focusses on earlier
research projects carried out by various academics and researchers. Examining the body of
research in peer-reviewed journals, articles, seminars, and conference proceedings—both
domestically and internationally—is the aim of this article. A total of thirty studies Articles are
examined. The study provides a thorough review of a wide range of research on the topics that
encourage investing in equity-based mutual funds, including investment goals, time horizons, fund
types, return on investment, and market volatility. In order to give the user a sense of the extent of
research on equity-based mutual funds, I have presented the results of several studies.

Murthy, J., Anjaneyulu, M. S. R., Bhatt, M. H., & Kumar, M. D. S. (2022) This study uses
relative performance to assess the performance of Indian mutual funds. The returns from the fund
schemes have been calculated using the daily closing NAV of various schemes. For the market
portfolio, NSE-Nifty has been utilised. ANOVA, Treynor Index, Sharpe Index, Standard
Deviation, and risk and return analysis are used to evaluate mutual fund performance. The Indian
Mutual Fund Association is the data source. The study will run from April 2019 to March
2022.The findings imply that during the study period, the majority of mutual funds generated
positive returns. The best way to invest in the capital market is through mutual funds

Nicolescu, L., Tudorache, F. G., & Androniceanu, A. (2020) Financial markets support
economic development, which makes them crucial to global economies. Three chosen cases—
Hungary, Slovakia, and Romania—are the subject of this paper's analysis of the emerging
financial markets in Central and Eastern Europe. In these nations, the capital markets are

52
examined by evaluating mutual fund performance and risk by contrasting it with stock exchanges.
The evolution of mutual funds and the evolution of the stock markets were compared using
statistical documentation and statistical empirical research. The global financial and economic
crisis also occurred during the analysis period, which clearly affected the analysis's findings. The
study's key conclusions include the following: mutual funds outperformed other options in terms
of returns and risks than stock exchanges during times of economic unrest; during times of
economic distress, investors shift from high-risk assets (equity) to low-risk assets (bonds and
monetary assets); the development of mutual funds and stock exchanges in these three nations
showed more similarities than differences, indicating shared traits at the regional level. According
to the study's findings, mutual funds perform better than stock markets, particularly when the
economy is struggling. Fund administrators might take this into account when choosing their asset
portfolio and promoting their funds to investors.

Arora, R., & Raman, T. V. (2020) Everyone, regardless of wealth, can participate in the Indian
capital market through mutual funds, which are managed by professionals. Mutual funds have
become the most popular financial instrument in India during the last several years. Since many
investors are making money from mutual funds because of investors' greater knowledge and
awareness, there is no question that investors' acceptance of mutual funds as an investment vehicle
has grown. Investing in mutual funds carries a lower level of risk than buying stocks directly. To
build a diversified portfolio, the fund manager must generate returns. They consider a wide range
of parameters, including risk, returns, fund size, scheme type, etc. The study tries to examine
Using volatility measurements like standard deviation, beta, and information ratios like Treynor,
Jensen's Alpha, Sharpe, Treynor, Fama's Measure, and expense ratios, a portfolio review of
specific equity diversified schemes is conducted. Research data is gathered from secondary data
sources and chosen from 10 AMCs and 30 mutual fund schemes.

Singh, L., Dixit, N., Girahiya, N., & Vaishnav, M. (2024) The mutual fund sector has grown
dramatically over the last two decades. The relevance of the Indian mutual fund business has
benefited from the rise in the number of schemes and the increased fund mobilisation in recent
years. Investors find it challenging to select the best scheme from the various possibilities
accessible because mutual funds come in a variety of schemes, including large cap, mid size, and
small cap funds.The performance analysis of mutual fund schemes based on large, mid, and small
caps was the specific emphasis of this study. This analysis aids investors in making decisions
based on risk and returns in the present. Each of these mutual funds uses a different set of metrics,

53
including annual returns, standard deviation, beta, and Sharpe’s Rаtiо,Treynоr's Rаtiо, Jensen's
Аlрhа Rаtiо..

Bhargava, M., Hameed, A., Babu, T., Sharma, R., Chinnaiyan, R., & Sungheeth, A. (2024,
February). Mutual funds are investment vehicles that diversify across several asset types in order
to reduce risk. Interestingly, since the first COVID-caused market meltdown in April 2020, there
has been a significant increase in the number of retail investors, which has raised trading volumes
and affected market pricing. It is determined that there is not much of a correlation between the
NIFTY 50 and mutual funds. A low portfolio beta and above-average returns are characteristics of
optimal mutual fund investing; the beta should ideally be between 0.5 and 1. Funds with little
volatility could not react much to market declines, but they also might not react much to market
gains. Investment products with a beta value close to 0 are advantageous options during national
or economic crises. According to a 2019–2023 study that covers the COVID era, several mutual
fund houses have redirected their investments to safer asset classes in an effort to reduce
significant losses. Retail investors are impacted by this strategic change, which affects how their
investments performed throughout the period under observation.

Gami, P. (2020) One tool for investing money is a mutual fund. Investors can profit from a
variety of mutual fund plans. Since 2010, India has emerged as one of the biggest and most
significant developing market countries. About 20 mutual fund types, including sectors funds, big,
small, mid, multi-cap, value, hybrid, and multi-asset allocation schemes, have lost money in the
past several months as a result of the pandemic. The banking sector funds have seen yet another
significant decline in the past month. For the past year, this industry has been coping with the
NPA and NBFC crises in addition to the COVID-19 danger.

Panigrahi, C. M. A., Mistry, M., Shukla, R., & Gupta, A. (2020) An organisation that pools the
capital of several investors and uses it to purchase stocks, bonds, debt, and other securities is
known as a mutual fund. One of the industries in India that is expanding the fastest is mutual
funds, which are also very important to the country's capital market. An open-ended equity
diversified fund, the equity-linked savings plan offers investors a tax benefit under section 80 C of
the Income Tax Act of 1961. Up to Rs. 45,000 in tax benefits are available to Rs. 1.5 lakh
"income" at 30% tax, excluding surcharge. Investors must choose the best ELSS funds to meet
their demands, though, because there are a lot of them accessible. The purpose of this research
article is to assess the performance of the top five ELSS schemes of major mutual funds in India

54
using a variety of metrics, including Jensen, Sharpe, and beta ratios. In order to help investors
reach their financial goals, it also recommends appropriate ELSS programs. According to the data,
most funds have outperformed in terms of Treynor's Ratio and Sharpe Ratio, providing consistent
and noteworthy outcomes throughout time.

Guimarães, T. M., & Malaquias, R. F. (2023) In this study, we examined the risk-adjusted
performance of Environmental, Social, and Governance (ESG)-related funds, considering the
COVID-19 pandemic and times of financial hardship. 3,840 equity mutual funds covering the
years January 2006–December 2020 make up the database. Every year, we used the Returns-
Based Style Analysis to categorise each fund as either conventional or ESG-related based on daily
returns; all funds in the "Equities - Sustainability / Governance" category were also regarded as
ESG-related mutual funds. The four-factors model was used to evaluate the performance for each
year using daily data. The primary findings show that during times of financial restriction, ESG-
related funds generally offered superior risk-adjusted returns. These findings imply that when
markets decline, investors typically get improved risk-adjusted returns on green fund investments.
A comparable outcome was noted for the COVID-19 era, indicating that, according to the
strategies and processes employed, ESG-related funds outperformed "conventional" funds during
the pandemic.

Danial, M., Iftikhar, N., & Shah, S. Q. A. (2023). Examining the factors influencing mutual
fund returns in developed and emerging economies has been the focus of earlier research.
Empirical studies on the relationship between multifactor models and mutual fund results in
developing nations are scarce, nevertheless. The question of whether fund managers can produce
additional returns for investors was raised by the contradictory literature on the effectiveness of
the literature. The Capital Asset Pricing Model (CAPM), the Fama-French three-factor model, the
Carhart four-factor model, Treynor-Mazuy, and Fama Net-Selectivity are among the multifactor
models that will be used in this study to analyse mutual fund returns in order to fill this research
gap. The market, growth, value, and momentum elements are the four factors used in the first
three models' analysis of the funds. The study's findings show that the risk given its substantial
significance across all three models, the premium element is essential to comprehending mutual
fund results. However, in both the Carhart and Fama-French models, the size and value
components were determined to be negligible. Furthermore, the Carhart model did not find the
momentum element to be substantial. Interestingly, the Treynor-Mazuy and Fama Net-Selectivity
models were used to evaluate the timing and selectivity skills of mutual fund managers in actively
managed funds. This was further supported by the considerable alpha found in all multifactor

55
models. Additionally, the study's findings point to the market's inefficiencies. An additional return
on investment could be obtained by the investors. But according to Treynor-Mazuy and Fama,
managers are crucial in producing the anomalous returns relevance of the net-selectivity
paradigm. The market risk premium should also be taken into account by investors when
calculating their investment returns.

Choksi, M., & Bhatt, P. (2020) The introduction of mutual funds into the Indian financial system
was intended to give average investors access to a somewhat safer investment option. The goal of
this study was to comprehend the performance of a few large-cap mutual funds in India. For
research purposes, 15 A selection of large-cap mutual funds has been made. Using a variety of
instruments and methods, including average return, standard deviation, beta, Sharpe ratio, Jensen
ratio, and Treynor ratio, the secondary data was taken into account for the performance analysis.
The results suggest that, out of the chosen funds, the DSP Top 100 Equity Fund, ICICI Prudential
Bluechip Equity Fund, and LIC MF Large cap Fund had the highest returns.

Chauhan, Y., Mishra, A. K., & Parikh, B. (2023) In an emerging market setting, we assess how
investors have learnt from previous fund performance and subsequent capital allocation choices in
mutual funds. We find that prior fund-family performances provide investors in India with
additional information about the funds' capacity to produce excess returns. We look at two
potential ways that investors can watch fund-family performance and how it affects future fund
flows: the shared skill effect and the negative correlation effect. We find that when the common
skill impact outweighs the negative correlation effect, fund-family performance outperforms
individual fund performance. According to our research, investors can learn about the alpha-
generating capabilities of funds by using fund-family resources. All things considered, our
findings demonstrate the fresh learning viewpoint of Indian fund investors

Ji, X., Chen, X., Mirza, N., & Umar, M. (2021) There are major socioeconomic advantages to
using renewable energy sources. Typically, the states provide the funding for these kinds of
endeavours. Nonetheless, the expanding scope calls for further financial market involvement. By
contrasting the performance of alternative energy-focused equity funds with that of their
traditional counterparts, we evaluate the appeal of renewable investing in this article. The sample
comprises 3886 funds from 19 Eurozone nations and covers a ten-year period from 2010 to 2019.
According to our research, renewable energy funds lack market and volatility timing and perform
worse than their conventional rivals and market benchmarks. According to these findings,
investors who choose environmentally friendly investment funds must pay more for their

56
selection, which detracts from the funds’ perceived financial appeal. We suggest that the EU
member states take legislative, regulatory, and fiscal action to create a favourable investment
climate and make renewables feasible.

Gangi, F., Daniele, L. M., Varrone, N., Vicentini, F., & Coscia, M. (2021) The effect of
gender diversity (GD) in investment management teams on equity mutual funds’ interest in target
firms’ environmental, social, and governance (ESG) policies is examined in this research. The
effects of GD have been examined from two angles: the relationship between the percentage of
women in management teams and the use of ESG screens, as well as the function of critical mass
theory in team decision-making. We find that the proportion of women and critical mass have a
favourable effect on the ESG rating of investment portfolios, based on a sample of 212 European
equities mutual funds over the 2014–2018 study period. The present study’s findings contribute to
the body of knowledge on the GD effect and ESG screening, while offering more proof for Equity
mutual funds look for target companies with the best ESG performance and sustainable growth.

Hung, P. H., Lien, D., & Kuo, M. S. (2020). In Taiwan's equity fund industry, this study looks
at the connections between window dressing (WD), portfolio concentration, fund flows, and fund
performance. According to our empirical research, the WD phenomenon is present in equities
mutual funds with underperforming fund managers who are more prone to engage in WD
practices. This is more likely to happen for funds with concentrated investments in their top ten
shareholdings, and the year-end WD impact is stronger, indicating that fund managers are more
likely to make their portfolios look better at that time than at other quarter-ends. Higher WD
activity funds typically perform poorly during the quarter, but at the end of the quarter, they have
a higher (smaller) percentage of winning (loser) stocks. Near quarter-ends, fund managers also
usually sell losers at cheaper prices and buy winners at higher ones. Long-term fund flows are
lower for funds in the highest WD quintile, and long-term performance is worse for funds with
more WD activities. Lastly, the agency problem has a stronger correlation with fund managers'
portfolio rebalancing than with momentum trading or tax-loss selling.

Hensawang, S. M. (2022) Given the popularity of equity mutual funds among investors, it is
beneficial to identify performance variables. Fund characteristics, fundamentals, and outside
variables are all considered as determinants in this research. Analysing the effect of these
variables on the performance of Thai equity mutual funds is the goal. Performance is assessed
using return and risk-adjusted performance metrics such as Jensen's alpha, Treynor ratio, and

57
Sharpe ratio. A random sample of 216 equity mutual funds was selected between 2016 and 2020.
Multiple linear regression is performed to analyse the effect. The findings show that return is
negatively impacted by volatility and liquidity. Risk-adjusted performance is negatively impacted
by fund age, market return, and changes in the consumer price index. Sharpe ratio and return are
positively impacted by GDP. The money supply has a favourable impact on Jensen's alpha, return,
and the Sharpe ratio. The impact of fund size, unit trust sales, management fees, equity debt,
return on equity, and asset turnover is negligible. Because the effects are immediate and do not
require lag time, the study supports risk-adjusted performance.

Kwon, S., Lowry, M., & Qian, Y. (2020) Broader access to cash from a dispersed group of
shareholders has historically been a major benefit of being a publicly traded company. Private
companies have also had greater access to this type of funding in recent years. The number of
mutual funds that participate in private markets and the dollar amount of these investments made
by private firms have dramatically increased over the last 20 years, as we detail. We assess a
number of factors that might be involved in this trend, including venture capitalists (VCs) looking
for new investors to support higher valuations, mutual funds seeking higher risk-adjusted returns
and initial public offering (IPO) allocations, and companies looking for additional capital to delay
public listing. The first two factors are significant, according to the results.

Eisele, A., Nefedova, T., Parise, G., & Peijnenburg, K. (2020) The way mutual fund groups
determine the cost of internal transactions between related funds is examined in this research. The
pricing of deals crossed internally (cross-trades) and twin trades done with external counterparties
are compared using a data set of four million stock transactions. We discover that the price of
cross-trades is purposefully adjusted to reallocate performance among sister funds, even though
they should lower transaction costs for both trading parties. Additionally, we show that many
cross-trades are backdated. We talk about the ramifications for the present regulatory discussion
and the literature on fund performance

Pástor, Ľ., & Vorsatz, M. B. (2020) We offer a thorough examination of the movements and
performance of actively managed equities mutual funds in the United States throughout the
COVID-19 pandemic of 2020. Contrary to popular belief, we find that the majority of active funds
underperformed passive benchmarks throughout the crisis. Both funds with high star ratings and
those with high sustainability ratings do well. Although not significantly, fund outflows surpass
pre-crisis levels. Funds with excellent sustainability ratings, particularly those related to the
environment, and those that implement exclusion criteria are preferred by investors. The fact that

58
investors are still concerned about sustainability amid this significant crisis indicates that they see
it as a need rather than a luxury item.

Iglesias Garcia, J. M., Otero Gonzalez, L., & Duran Santomil, P. (2022). The performance of
several value investing techniques for Eurozone stock mutual funds has been examined in this
research. We conducted an empirical investigation into the implications of applying this
technique, along with its various variations, to large-cap equity funds. This has made it possible
for us to evaluate various value investment approaches and determine which yield the highest
returns. The next phase in this study was to examine the sensitivity of investors' profitability in
accordance with how effective mutual fund selection is based on specific ratios, or a potential
combination of multiple ratios, since they are specified by parameters, or ratios. Our findings
confirm that when investing in Eurozone equity, a strategy that combines quality (high ROA) and
value (undervalued stocks) yields successful outcomes mutual funds.

DeHaan, E., Song, Y., Xie, C., & Zhu, C. (2021) Although mutual funds account for 58% of
retirement assets and 32% of the US equities market, ordinary investors routinely choose the
wrong products. According to theory, fund managers' creation of needlessly complicated
disclosures and fee structures to mislead investors and hide subpar performance is partly to blame
for bad decisions. Investigating this "strategic obfuscation" notion empirically presents the
challenge of distinguishing between complexity that is managed and complexity that results from
natural variations among funds. We look at obfuscation among S&P 500 index funds, which offer
very different fees but have essentially the identical rules, risks, and gross returns. We discover
evidence that funds are trying to hide high costs using custom complexity measures created for
mutual funds. This research enhances our comprehension of the reasons behind investors' poor
mutual fund selections and the persistence of price dispersion in homogeneous index funds. We
also go over scholarly research on company disclosures and insights for mutual fund regulation.

Shanmugam, V. P., & Ali, K. A. (2021) People are having a harder time making ends meet as a
result of COVID-19 and the global lockdown. Individuals worry about their money, finances,
employment, and lives. This study examined how the viral outbreak from December 2019 to May
2020 affected the mutual fund sector in India. For this study, a sample of 25 equity-oriented direct
growth funds has been taken into consideration in order to examine their performance as well as

59
the variations by sector. The findings indicate that while some funds had a recovery during the
period, the majority of the funds saw a sharp decline in value.

Susmitha, K., Kamal, G., Latha, P. H., Trisha, N., Rohitha, G., Raju, K., & Sai, K. (2022).By
giving fund managers decision-making authority, small investors can use mutual funds to meet
their need for market assets. Prior scholarly research has indicated that mutual funds have been
operating in accordance with benchmark requirements. The only people who have continuously
outperformed the others are recent top performers. A bad mutual fund .In the past, businesses have
done noticeably worse. This article evaluates the success of the Equity Growth Plan schemes for
the five mutual fund companies that were selected. The evaluation period lasts for 60 months,
from April 2017 to March 2021. A benchmark index, instruments like standard deviation, and
risk-adjusted techniques like the Sharpe, Treynor, and Jenson ratios are used to calculate beta. The
study contributes to the body's understanding of mutual fund providers' growth prospects in
particular the corpus of recent research and could help improve the calibre of well-informed
investor decisions. According to the study, the development plans provided by the chosen mutual
fund companies did not outperform the benchmark index during the study period. Even though
long-term investments have a lower chance of producing consistent returns than risk-free return
investments, mutual fund schemes advise making them in order to maximise returns. The large
cap funds are a representation of reliable firm investments. When making long-term investments,
risk-averse investors should hold onto their money for at least five years. The fund may not yield a
healthy return right away.

Bhattacharjee, A. (2020) With reference to sector-specific schemes, the paper evaluates the
performance of mutual fund (MF) schemes in India. 21 open-ended equity schemes are taken into
consideration for this reason, and evaluated using the Treynor, Jensen, M-, R-, and information
ratios as well as the Sharpe and Treynor ratios. The Treynor ratio, Sharpe ratio, Jensen alpha, and
M-squared measure are applied as absolute measures among the ones chosen; they do not contrast
the schemes' returns with those of their benchmarks. The ranks that the measurements assigned
have also been subjected to correlation analysis. According to the analysis, most of the schemes
routinely and effectively outperform their respective benchmarks in terms of returns. Additionally,
the study discovered that the rankings determined using absolute measurements were quite are
observed to be strongly related to one another, and there is no discernible paired association

60
between the information ratio and absolute measures. The article will assist investors in choosing
reliable sectoral mutual fund schemes that are available in India.The article's uniqueness stems
from the fact that very few studies have evaluated the sectoral MF schemes' performance in India.
Furthermore, the majority of research evaluate the performance of MF schemes using
conventional ratios. As a result, this piece significantly adds to the body of existing material.

Nagarajan, R., & Chopra, A. (2021) The COVID-19 epidemic is causing an unpredictable shock
to the global economy. The global economy is seeing a slowdown in share market values,
particularly a decline in the value of mutual funds. The main reasons why businesses and
entrepreneurs invested in mutual funds were to enhance their Net Assets Value (NAV), play a
safer role, and convert their risk into return. The purpose of this study is to provide an overview of
the mutual fund situation in India during the COVID-19 pandemic. Therefore, the suggested
model focusses on evaluating mutual fund performance in both the public and private sectors and
aims to determine the effect of COVID 2019 on mutual funds by comparing their performance
before and during the pandemic. The writer has employed correlation for determining how
COVID 2019 and mutual funds are related. By contrasting the returns over the last three months
and over a year, this article primarily discusses the reasons why investors experience economic
fluctuations and the performance of leading mutual businesses. COVID 2019 influences
practically every industry, including manufacturing, construction, business, and agriculture. The
COVID 2019 pandemic affects every sector, but it mostly affects society and the economy. As the
economy recovers, inflation and the foreign exchange rate rise, which impacts the entire nation. It
will be beneficial that the author of this report listed the impacted sectors, their current
performance, and the performance of the various fund kindsso that the reader can examine the
impacted regions. With the aid of a survey and statistical methods, the article came to a conclusion
on whether investors could continue with their investment regardless of how the crisis affected our
economy or make a subsequent payment and hold for a while.

Mahapatra, R., & Das, K. K. (2022) In the Indian corporate sector, equity funds are essential to
the growth of commerce and business in the industry. The organization's financial health is
reflected in the equity fund's composition and its proportion of the overall capitalisation. Since
they are the true owners of the company, equity shareholders are the true stakeholders. Companies
raise a portion of the necessary cash from both individuals and institutions in the form of equity
shares. The investment in equity-linked mutual funds makes a significant contribution. The goal
of the current study is to answer several issues on equity fund investment, trends, stakeholder
return, performance, etc. In order to comprehend the current problems, it is necessary to reflect on

61
earlier studies in these fields and develop a enduring model to address these issues. Descriptive
statistics, regression models using ANOVA, and other statistical methods are used in the study to
analyse secondary data.

Madhavi Latha, C. H., & Sreedevi. (2024) Today, investing in mutual funds is the most
effective and straightforward approach to build money. Professionals with full-time jobs who
specialise in returns and can diversify your assets oversee mutual funds. Affordability and
convenience are the primary benefits of investing in mutual funds. Instead of putting all the eggs
in one basket, the policy here is to spread the risk. Understanding the investing needs that
underpin mutual fund selection is the first step towards finding the best mutual fund. Mutual funds
are categorised as large, mid, and small cap funds based on their market capitalisation.
Understanding the performance of large, mid, and small cap mutual funds over a seven-year
period is the goal of the current study in India between 2015 and 2022. Understanding these funds'
performance and teaching investors how to select the best mutual fund for their investments are
the goals. The study compares the performance of 30 large-cap mutual funds and 30 mid- and
small-cap mutual funds over the first, third, and fifth years.The study found that the performance
of large, mid, and small cap mutual funds over the study period did not differ significantly.
However, when compared to the first, third, and fifth years, there are variations in their Apha,
Beta, Sharpe, and Sortino ratios, suggesting that the higher the ratios, the greater the likelihood of
longer-term gains. This highlights the need to have an in-depth understanding in India between
2015 and 2022. The goal is to comprehend how performance fund managers select the best funds
to maximise profits. An investor will learn how to select the best mutual funds for their
investment from this study.

Srivastava, G., Srivastava, N., & Srivastava, N. (2023) A mutual fund is a collection of funds
managed by an investment company.Low A mutual fund is a collection of funds managed by an
investment company. Its advantages include low transaction costs, a diverse portfolio, and skilled
management. In the current financial environment, investing in mutual funds is one of the most
popular financial strategies. Consequently, a great deal of effort has been put into the mutual fund
analysis. About 27 months were spent on the investigation, from January 1, 2020, to April 28,
2022.The era was chosen in order to reveal the performance of particular mutual funds as a result
of the stock market's improbable behaviour.The study looks at the performance of mutual fund
schemes. According to market capitalisation, there are 25 mutual fund schemes providing growth

62
options. The funds were chosen at random. Mutual fund performance was calculated using
Treynor measurement, Sharpe measurement, M-square, and Sharpe Differential. The purpose of
the hypotheses was to determine whether fund managers' stock selection skills and the fund's risk-
adjusted performance differed significantly. According to the study's findings, sample plans offer
investors positive compensated returns in proportion to the amount of market risk they incur. The
study shows that the sample schemes perform consistently over time based on IR metrics. The
results of the study demonstrated that fund managers in various funds were successful at their
fund selectivity skills but not at their market timing abilities when using the unconditional models,
TM and HM Models.

Kumar, J., Prasad, S., & Anand, P. (2021) A country's financial system is essential to the
growth and development of its economy. To encourage an investment culture, the Indian
government introduced the Equity Linked Savings Scheme (ELSS) in 1992. Tax-saving mutual
funds, sometimes referred to as equity mutual funds, are a well-liked method for small investors to
combine their risk capital. Program investments are tax deductible. Consequently, this study has
been determined to satisfy the goals of the investors. Examining the effectiveness of ten Asset
Management Companies' (AMCs) tax-saving plans over a ten-year period, from 2011–12 to
2019–20, is the goal of the study. The Net Asset Values (NAVs) of ELSS funds are contrasted
with a reference value. Statistics like the Treynor, Sharpe, and Jensen tests, standard deviation,
beta, and anticipated return. They use risk-adjusted performance procedures.The analysis found
that while some mutual fund strategies performed poorly and underperformed, others
outperformed their market returns. It is evident that the private sector has fared better in the
mutual fund industry than the public sector when comparing the relative performance of tax-
saving mutual funds using the Sharpe, Treynor, Jensen, and Eugene Fama performance indicators.
Using SPSS software to analyse various correlation analyses of performance measures, it is found
that kandellstau_b provides a higher correlation coefficient value than spearman ranked order
correlation.

Kaur, J., & Chaudhary, R. (2021) The Indian financial market has seen a notable increase in
ethical investing within the past ten years. Investors are paying more attention to the operations of
ethical funds as a result of the growing emphasis on social responsibility and their
significance.their effects on the community. It's yet unclear if investing in ethical funds has an
impact on portfolio return performance. Using data from 2014–15 to 2019–20, this study
examined the performance of many ethical mutual fund schemes and contrasted them with the
benchmark index (NIFTY 500 Shariah Index) in order to answer this question. The risk-return

63
profile, Sharpe's ratio, Treynor's ratio, and Jensen's alpha metrics were used to gauge the sample
schemes' performance. According to the findings, during the study period, nine out of 10 ethical
schemes performed better than the benchmark index. This suggests that ethical funds had lower
risk and had positive returns. As a matter of policy, financial institutions and investment funds
ought to create stock and fund plans that take ethical issues into account.

Karibasappa, T. (2020) Institutions that manage mutual funds are vital to a nation's economic
growth. In many developed nations, a robust mutual fund market is essential to economic
expansion. India provides a range of financial products by opening its market to various
investments. The performance analysis used in this study is based on done at Sharekhan Ltd. for
mutual funds. Investors' money is used by mutual funds to purchase stocks, bonds, and other
investments. They assist in lowering the investors' transaction costs. Since past performance does
not determine future performance, investors do not need to pay attention to past mutual fund
performance. Companies that offer mutual funds give investors information that lacks the ability
to respond to changes in the financial market. The notion of mutual funds is extremely simple to
comprehend. Being a successful investor in a mutual fund doesn't require any prior expertise or
understanding of economics or financial markets. They provide the investors several advantages.
In addition to offering investors numerous market updates, mutual funds also offer a variety of
recommendations for investing in various schemes. Its market reach is extensive. Thousands of
different types of investment instruments are available for purchase by a single mutual fund firm.

BM, L., Chakraborty, S., Kumar Ghosh, B., & Shenoy U, R. (2021) This review's main goal
is to demonstrate a comprehensive examination of key elements in the literature on bond funds
and their conceptual advancements using trending bibliometric analysis. There is a small quantity
of research in these topics in the academic literature, according to the study, which was carried out
using the Scopus database, which discovered 354 scholarly articles during a 40-year period from
1982 to 2021. An explicit view of the existing research is obtained by looking at the authors,
publications, topic groups, keyword distribution, country of publishing, trends, and the most often
referenced articles. Therefore, in order to get fact-based insight into popular themes in the bond
amphitheater, the current review identifies the body of existing research, analyzes it, and
illustrates the key patterns funds. Three research fronts—performance measurements, risk
approaches, and bond fund flows—are also specifically identified in the review. Lastly, the study's
conclusions would encourage scholars, practitioners, and researchers to go deeper into the field in
order to gain a better understanding of trends and empirical research.

64
Maheen, M. S. (2021) This paper's goal is to investigate the actively managed funds' alleged
ability to outperform amid a market decline. This widely held belief has been put to the test by
looking at how Indian equity mutual funds performed during the pandemic. Instead of utilizing
OLS estimation using a sample of 1271 schemes for five months, from March 1, 2020, to July 31,
2020, the conditional alphas are estimated using lagged instrumental variables using the fixed
effect/LSDV estimator and the sys-GMM estimator respectively. The results show that actively
managed Indian mutual funds do not have the ability to outperform the market; rather, they move
in tandem with it. The use of fixed effect and GMM It helps investors identify lucrative
investment possibilities during times of crises.

Biswas, S., Pamucar, D., & Mukhopadhyaya, J. N. (2022) Using criteria based on risk, return,
and market perception, this study looks at how COVID-19 affected the performance of a few
equity linked savings scheme (ELSS) funds in India during two distinct time periods: June 2019
(before to COVID-19) and June 2021 (post-COVID-19). We employ a hybrid multi-criteria
decision-making (MCDM) paradigm that combines alternative measurement and ranking based on
compromise solution (MARCOS) with level-based weight assessment (LBWA). We use Kendall's
concordance coefficient to measure the group harmony. In the sensitivity analysis, we discover
that the result is stable and validated. As far as we are aware, this is the first study of its sort to
evaluate the effects of COVID-19 on ELSS fund asset management companies (AMC) from a
variety of angles. The inability of AMCs to sustain their rankings and performance points to a
highly competitive and fragmented character of India's expanding ELSS funds.

Ali, M. A., Aqil, M., Alam Kazmi, S. H., & Zaman, S. I. (2023) Considering conflicting risk
metrics, the aim of this research is to determine the effectiveness of mutual funds in Pakistan, a
rising market. We have evaluated the risk-adjusted performance of mutual funds' open-ended
equities funds. The choice of equity funds was made because they align with the 100-index proxy
benchmark. It will be more acceptable to choose equity funds because the 100-index is likewise
followed by stocks and equity funds, which also include equity investments. Thus, the scope of
this analysis is restricted to equities funds that are traded in Pakistan. The novelty of this study is
its introduction of the Martin or Ulcer ratio, which is rarely used in Pakistani literature. Due to the
financial market crisis in 2008, which lasted for two to three years until the market returned to
normal, this study will also only look at the years 2011 to 2019 and leave out the years 2008 to
2011. The idea of market efficiency was not sufficiently refuted by the statistics and probability
values. The figures back up the efficient market theory, which holds that even skilled and
knowledgeable fund managers with good market knowledge are unable to outperform the market;

65
in other words, the average returns of the market and each fund are equal. Conversely, the risk-
adjusted returns, which include the Treynor, Jensen's, Ulcer, and Sharpe measures, are all
generally negative. Qualitative factors might influence whether the returns are equal to or lower
than the market and risk-free returns. The qualitative elements that influence fund returns, such as
managers' qualifications, fund goodwill, political unpredictability, and macroeconomic
circumstances, can be investigated further.

Kumar, S., Srivastava, M., & Prakash, V. (2023) Investors and mutual fund investment
businesses are under a lot of pressure to produce superior returns while lowering risk for their
holdings. However, it is now more difficult to forecast future mutual fund returns because of the
significant volatility in comparison to the investment company and another factor influencing the
GDP. The fund managers managing the portfolio must know all the different options for
investment and how to choose them for the purpose of achieving the overall objectives. Industry
4.0 plays an important role in taking care of business while we invest money in the mutual fund
industry. In this paper, we briefly introduce the mutual fund with state of an art review of different
aspects of the analysis and performance measures associated with the mutual fund investment.

Venugopal, M., & Sophia, S. (2020) The study's objective is to identify the more effective
performance metric amid the financial crisis. To do this, we chose the January–July 2020
epidemic period and examined the various performance ratios for our sample of 1416 Indian
equity funds. After that, we chose several performance ratios and ranked them according to
various performance metrics to display the overall difference. Lastly, we note that the best
performance metric available in volatile markets is the adjusted Sharpe ratio.

Mochkabadi, K., & Volkmann, C. K. (2020) A new field of study within the larger field of
entrepreneurship is equity crowdfunding. The groundwork for a promising topic of study has been
laid by the steady advancement of research activities since 2012. Equity crowdfunding research is
still in its early stages, and scholarly knowledge is still few and dispersed despite continuous
scientific debates. 113 journal contributions and gray papers published between 2012 and 2017 are
the subject of our systematic literature assessment, which aims to clarify this disjointed field and
further the scientific process. We describe the state of the equity crowdfunding industry with a
focus on two areas, based on a thorough examination of identified publications. To demonstrate
the scientific advancement, we first do a descriptive analysis of equity crowdfunding research.
Second, we do a thematic analysis to identify prominent themes and sub-themes within each of the
five perspectives—capital market, entrepreneur, institutional, investor, and platform—in which

66
we classify pertinent contributions. Our analysis identifies a number of attractive avenues for
promoting additional developments in the field of equity crowdfunding research.

Murthy, J., Anjaneyulu, M. S. R., Bhatt, M. H., & Kumar, M. D. S. (2022) This study uses
relative performance to assess the performance of Indian mutual funds. The returns from the fund
schemes have been calculated using the daily closing NAV of various schemes. For the market
portfolio, NSE-Nifty has been utilized. ANOVA, Treynor Index, Sharpe Index, Standard
Deviation, and risk and return analysis are used to evaluate mutual fund performance. The Indian
Mutual Fund Association is the data source. The trial will run from April 2019 to March 2022.The
result suggest that most of the mutual fund given positive return during the study period. Mutual
fund is finest avenue for investment in capital market.

Behera, S., & Narender, S. (2023) Organizations use performance evaluation to assess and
measure the job performance of their personnel. This abstract provides an overview of
performance assessment, its importance, and the essential aspects to consider when designing and
implementing effective performance evaluation systems. Employee performance evaluations can
be used to provide feedback, identify strengths and deficiencies, and match employee performance
with organizational objectives. Its objective is to improve performance, foster employee
development, and promote overall company success. The goal of this abstract is to investigate the
role of performance evaluations in establishing accountability, motivating employees, and
developing a culture of continuous development. It demonstrates how well-executed performance
management systems boost productivity, employee engagement, and talent retention.

67
3.2 Research Gap:
While many studies have analyzed mutual fund performance, most focus on large-cap funds,
often neglecting the comparative analysis of mid-cap and small-cap funds. This leaves a gap
in understanding how these categories, which may offer higher returns but come with more
risk, perform relative to large-cap funds. Few studies incorporate risk-adjusted metrics like
the Sharpe Ratio or Treynor Ratio to assess whether the returns justify the risk taken by
investors. Additionally, there is limited India-specific research comparing all three fund
categories. This study aims to fill that gap by offering a detailed comparison of large-cap,
mid-cap, and small-cap mutual funds in the Indian market, focusing on both returns and risk-
adjusted performance.

68
 CHAPTER4:RESEARCH
METHODOLOGY

69
4.1 Need of the Study:
Students often learn theoretical concepts in finance, but analyzing mutual fund performance
using real data helps bridge the gap between theory and practice. By evaluating large-cap,
mid-cap, and small-cap mutual funds, students can understand how different risk-return
profiles influence investor choices.

Application of Financial Metrics

The study allows students to practically apply financial performance measures such as:

 Sharpe Ratio (Risk-adjusted return per unit of total risk)

 Treynor Ratio (Risk-adjusted return per unit of systematic risk)

 Jensen Alpha (Excess return over the expected return based on market risk)

This hands-on application helps in learning how financial analysts assess mutual funds.

Benchmarking Against Market Indices

Students can compare mutual funds with market indices like NIFTY 50, NIFTY Midcap
150, and NIFTY Smallcap 250 to analyze whether active fund management is delivering
better returns than passive investments.

Risk Management & Portfolio Diversification

The study helps students understand diversification strategies by examining how mutual
funds mitigate risks across different market capitalizations. This is crucial for financial
planning and wealth management roles.

Identifying Trends and Investor Behavior

By analyzing historical fund performance over the past 10 years, students can identify
patterns in market trends, economic cycles, and investor preferences. This insight is valuable
for future investment strategies.

70
4.2 Scope of the Study:
Evaluates the performance of large-cap, mid-cap, and small-cap equity mutual funds in India
over the past 10 years using Sharpe Ratio, Treynor Ratio, and Jensen Alpha. Assesses risk-
return dynamics, volatility, and diversification benefits through variance, covariance, and
correlation analysis. Benchmarks mutual funds against key indices like NIFTY 50, NIFTY
Midcap 150, and NIFTY Smallcap 250 to compare active and passive fund management
effectiveness. Provides practical insights into market trends, investor behavior, and portfolio
optimization strategies to support informed investment decisions.

4.3 Research Questions:

Which equity mutual fund category (large-cap, mid-cap, or small-cap) has performed better
in terms of returns over the last decade?

How do these mutual funds compare in terms of risk-adjusted returns (e.g., Sharpe Ratio,
Treynor Ratio)?

What are the market conditions or economic factors influencing the performance of these
funds?

4.4 Objectives of the Study:

 To compare the performance of large-cap, mid-cap, and small-cap equity mutual
funds in India.
 To evaluate risk-adjusted returns using metrics like the Sharpe Ratio, Treynor Ratio,
and Jensen Alpha.
 To analyze the relationship between mutual fund returns using correlation and
covariance, helping investors understand diversification benefits.
 To assess the volatility of mutual fund returns through variance, aiding in risk
evaluation and portfolio optimization.

4.5 Research Design:

The study will use a quantitative research design, analyzing historical data on the
performance of equity mutual funds in India. The data will be analyzed using statistical tools
to compare returns and risk metrics across different fund categories.

71
4.6. Data Collection:
Secondary data will be collected from mutual fund databases, financial websites, and reports
from asset management companies. The data will include returns, fund size, and other
performance indicators for large-cap, mid-cap, and small-cap funds over the past decade.

4.7. Sampling Plan:

A sample of equity mutual funds from each category (large-cap, mid-cap, and small-cap) will
be selected based on factors like popularity, fund size, and consistency of returns. Funds with
a track record of 10 years will be included in the analysis.

4.8. Limitations of the Study

• It focuses only on equity mutual funds with a 10-year track record, excluding newer
funds.

• Fund selection is based on popularity and consistency, which may introduce bias.

• The study relies on secondary data, which may not fully reflect real-time market
conditions.

72
CHAPTER 5: DATA ANALYSIS

73
5.1 Comparison of Sharpe Ratio of all the Large Cap Funds
No. Fund Name Sharpe Ratio
1 HDFC Large Cap Fund 0.1358
2 AXIS Bluechip Fund 0.1247
3 ICICI Prudential Bluechip fund 0.1821
4 SBI Bluechip fund 0.1543
5 KOTAK Bluechip Fund 0.1558
6 NIFTY 50 0.1048

5.1 Comparison of Sharpe Ratio of all the Large Cap

Funds
0.2 0.1821
0.1543 0.1558
0.16 0.1358 0.1247
ICICI Prudential BLuechip

0.12 0.1048
HDFC Large Cap Fund

KOTAK Bluechip Fund

AXIS Bluechip Fund

SBI Bluechip fund

0.08
0.04

NIFTY 50
0
fund

1 2 3 4 5 6

INTERPRETATION:

The Sharpe Ratio measures the risk-adjusted return of an investment, meaning how much
excess return a fund generates per unit of risk taken. A higher Sharpe Ratio indicates better
risk-adjusted performance.In this case, ICICI Prudential Bluechip Fund has the highest
Sharpe Ratio (0.1821), suggesting it has offered the best returns relative to the risk taken
among the listed funds. KOTAK Bluechip Fund (0.1558) and SBI Bluechip Fund (0.1543)
follow closely, showing decent risk-adjusted returns. HDFC Large Cap Fund (0.1358) and
AXIS Bluechip Fund (0.1247) have lower Sharpe Ratios, indicating slightly lower efficiency
in generating returns for the risk taken. NIFTY 50, with the lowest Sharpe Ratio (0.1048),
suggests that investing in this index yielded the least risk-adjusted returns compared to the
mutual funds.Overall, actively managed funds in this list have outperformed the NIFTY 50
index in terms of risk-adjusted returns. However, the differences are not too large, meaning
the additional risk taken by these funds may not be significantly rewarded.

74
5.2 Comparison of Standard Deviation of all the Large Cap Funds
No. Fund Name Standard Deviation
1 HDFC Large Cap Fund 0.3603
2 AXIS Bluechip Fund 0.3496
3 ICICI Prudential Bluechip fund 0.3531
4 SBI Bluechip fund 0.3533
5 KOTAK Bluechip Fund 0.3538
6 NIFTY 50 0.3568

5.2 Comparison of Standard Deviation of all the Large Cap Funds

0.362
0.3603
0.36

0.358 0.3568
0.356
0.3538
0.354 0.3531 0.3533

0.352

0.35 0.3496

0.348

0.346

0.344
HDFC Large

SBI Bluechip

NIFTY 50
Bluechip

Bluechip
KOTAK
Cap Fund

Fund

Fund
ICICI Pru-

BLuechip
AXIS

dential

fund
fund

INTERPRETATION:

Standard deviation measures the volatility or risk of an investment—higher values indicate

more price fluctuations. In this data, HDFC has the highest standard deviation (0.3603),
meaning it experienced the most price variability among the listed companies. Axis Bank
(0.3496) has the lowest, suggesting relatively stable returns. The other banks, ICICI (0.3531),
SBI (0.3533), and Kotak (0.3538), have similar volatility levels. Nifty 50 (0.3568) also shows
moderate fluctuations. Overall, the data suggests that all these companies have similar risk
levels, with HDFC being slightly more volatile and Axis being the least volatile.

75
5.3 Comparison of Treynor Ratio of all the Large Cap Funds

No. Fund Name Treynor Ratio

1 HDFC Large Cap Fund 0.0534
2 AXIS Bluechip Fund 0.041
3 ICICI Prudential Bluechip fund 0.0624
4 SBI Bluechip fund 0.0535
5 KOTAK Bluechip Fund 0.0539
6 NIFTY 50 0.0374

5.3 Comparison of Treynor Ratio of all the Large Cap Funds

0.0624
0.06 0.0534 0.0535 0.0539
0.041
ICICI Prudential BLuechip fund

0.0374
0.04
HDFC Large Cap Fund

KOTAK Bluechip Fund

AXIS Bluechip Fund

0.02 SBI Bluechip fund

NIFTY 50
0

1 2 3 4 5 6

INTERPRETATION:

The Treynor Ratio measures returns earned in excess of the risk-free rate per unit of market
risk (beta). A higher Treynor Ratio indicates better risk-adjusted returns. In this chart, ICICI
Bank (0.0624) has the highest ratio, meaning it delivered the best returns relative to market
risk. Kotak (0.0539) and SBI (0.0535) follow, showing decent performance. HDFC (0.0534)
and Axis (0.041) have lower ratios, suggesting less efficient use of risk. Nifty 50 has the
lowest (0.0374), indicating it provided the least reward for market risk taken. Overall, ICICI
stands out as the best performer among them.

76
5.4 Comparison of Beta (Bp) of all the Large Cap Funds

No. Fund Name Beta (Bp)

1 HDFC Large Cap Fund 0.916
2 AXIS Bluechip Fund 1.0645

3 ICICI Prudential Bluechip fund 1.0303

4 SBI Bluechip fund 1.0183

5 KOTAK Bluechip Fund 1.0235

6 NIFTY 50 1

5.4 Comparison of Beta (Bp) of all the Large Cap Funds

1.1 1.0645
1.05 1.0303 1.0183 1.0235
1
1
0.95 0.916
0.9
ICICI Prudential BLuechip fund

0.85
HDFC Large Cap Fund

KOTAK Bluechip Fund

AXIS Bluechip Fund

SBI Bluechip fund

0.8

NIFTY 50

1 2 3 4 5 6

INTERPRETATION:

Beta measures a fund's sensitivity to market movements. A beta of 1 means the fund moves
in line with the market, while a beta greater than 1 indicates higher volatility than the market.
In this chart, Axis (1.0645) has the highest beta, meaning it is the most volatile and reacts
more strongly to market changes. ICICI (1.0303), SBI (1.0183), and Kotak (1.0235) also
have betas slightly above 1, suggesting they are slightly more volatile than the market. HDFC
(0.916) has the lowest beta, meaning it is less volatile and moves less aggressively compared
to the market. Nifty 50 has a beta of 1, acting as the benchmark for comparison.

77
5.5 Comparison of Jensen Ratio of all the Large Cap Funds
No. Fund Name Jensen Ratio
1 HDFC Large Cap Fund 0.0209
2 AXIS Bluechip Fund 0.0038

3 ICICI Prudential Bluechip fund 0.0235

4 SBI Bluechip fund 0.0151

5 KOTAK Bluechip Fund 0.0169
6 NIFTY 50 0.00

5.5 Comparison of Jensen Ratio of all the Large Cap Funds

0.025 0.0235
0.0209
0.02 0.0169
0.0151
0.015
0.01
0.0038
0.005
0
ICICI Prudential BLuechip fund
HDFC Large Cap Fund

KOTAK Bluechip Fund

0
AXIS Bluechip Fund

SBI Bluechip fund

NIFTY 50

1 2 3 4 5 6

INTERPRETATION:

The Jensen Ratio measures a fund's risk-adjusted return compared to the market. A higher
Jensen Ratio indicates better performance relative to the expected return based on its risk
(beta). In this chart, ICICI (0.0235) has the highest Jensen Ratio, suggesting it has generated
the best risk-adjusted returns among the funds. HDFC (0.0209) also performed well, followed
by Kotak (0.0169) and SBI (0.0151). Axis (0.0038) has the lowest positive Jensen Ratio,
meaning it barely outperformed the market. Nifty 50 has a Jensen Ratio of 0, indicating it
performed exactly as expected with no additional risk-adjusted returns.

78
5.6 Comparison of Covariance (COV) of all the Large Cap Funds
No. Fund Name Covariance (COV)

1 HDFC Large Cap Fund 0.0005176

2 AXIS Bluechip Fund 0.0005027

3 ICICI Prudential Bluechip fund 0.0005097

4 SBI Bluechip fund 0.0005091

5 KOTAK Bluechip Fund 0.0005113

5.6 Comparison of Covariance (COV) of all the Large Cap Funds

0.00052 0.0005176
0.000515 0.0005113
0.0005097 0.0005091
0.00051 ICICI Prudential BLuechip fund

0.000505 0.0005027
HDFC Large Cap Fund

KOTAK Bluechip Fund

AXIS Bluechip Fund

SBI Bluechip fund

0.0005
0.000495

1 2 3 4 5

INTERPRETATION:

COV (Covariance) measures how a fund's returns move in relation to the market. A higher
covariance indicates that the fund's returns tend to move more closely with market returns. In
this chart, HDFC (0.000518) has the highest covariance, meaning its returns have a stronger
relationship with the market compared to the other funds. Kotak (0.000511) and ICICI
(0.00051) also show a high correlation with market movements. SBI (0.000509) is slightly
lower, while Axis (0.000503) has the lowest covariance, indicating its returns are less aligned
with the overall market. This suggests that Axis may be slightly less influenced by market
trends than the other funds.

79
5.7 Comparison of Correlation (COR) of all the Large Cap Funds
No. Fund Name Correlation (COR)

1 HDFC Large Cap Fund 0.9905

2 AXIS Bluechip Fund 0.9913

3 ICICI Prudential Bluechip fund 0.9954

4 SBI Bluechip fund 0.9936

5 KOTAK Bluechip Fund 0.9963

5.7 Comparison of Correlation (COR) of all the Large Cap Funds

0.997 0.9963
0.996 0.9954
0.995
0.994 0.9936

0.993
0.992 0.9913
0.991 0.9905
0.99
0.989
0.988
0.987
HDFC Large Cap AXIS Bluechip ICICI Prudential SBI Bluechip KOTAK Bluechip
Fund Fund BLuechip fund fund Fund
1 2 3 4 5

INTERPRETATION:

COR (Correlation) measures how closely a fund's returns move in relation to the market, with
values closer to 1 indicating a stronger relationship. In this chart, Kotak (0.9963) has the
highest correlation, meaning its returns move almost in sync with market trends. ICICI
(0.9954) and SBI (0.9936) also show a very high correlation, suggesting they closely follow
market movements. Axis (0.9913) and HDFC (0.9905) have slightly lower correlations but
still exhibit strong alignment with market performance. Overall, all funds in the chart have a
very high correlation with the market, meaning their performance is heavily influenced by
overall market trends.

80
5.8 Comparison of Variance (VAR) of all the Large Cap Funds
No. Fund Name Variance (VAR)

1 HDFC Large Cap Fund 0.0005277

2 AXIS Bluechip Fund 0.000497

3 ICICI Prudential Bluechip fund 0.0005067

4 SBI Bluechip fund 0.0005073

5 KOTAK Bluechip Fund 0.0005089

5.8 Comparison of Variance (VAR) of all the Large Cap Funds

0.00054
0.0005277
0.00053
0.00052
0.0005067 0.0005073 0.0005089
0.00051
ICICI Prudential BLuechip fund

0.0005 0.000497
HDFC Large Cap Fund

KOTAK Bluechip Fund

AXIS Bluechip Fund

SBI Bluechip fund

0.00049
0.00048

1 2 3 4 5

INTERPRETATION:

VAR (Variance) measures the dispersion of a fund’s returns, indicating how much the returns
fluctuate over time. In this chart, HDFC (0.000528) has the highest variance, meaning it
experiences the most fluctuations in returns. Axis (0.000497) has the lowest variance,
suggesting more stable returns compared to the other funds. ICICI, SBI, and Kotak have
similar variance values, indicating moderate fluctuations in their returns. A higher variance
means higher risk, but also the potential for higher returns. Overall, all the funds have
relatively close variance values, suggesting a similar level of risk exposure.

81
5.9 Comparison of Sharpe Ratio of all the Mid Cap Funds
No. Fund Name Mid Cap Sharpe Ratio

1 Motilal Oswal Mid Cap Fund 0.3607

2 Invesco Mid Cap Fund 0.3013
3 Sundaram Mid Cap Fund 0.2401
4 UTI Mid Cap Fund 0.2124
5 Edelweiss Mid Cap Fund 0.3210
6 NIFTY150 0.2858

5.9 Comparison of Sharpe Ratio of all the Mid Cap Funds

0.4
0.3607
0.35
0.321
0.3013
0.3 0.2858

0.25 0.2401
0.2124
0.2

0.15

0.1

0.05

0
Motilal Oswal Invesco Mid Sundaram UTI Mid Cap Edelweiss Mid NIFTY150
Mid Cap Fund Cap Fund Mid Cap Fund Fund Cap Fund
1 2 3 4 5 6

INTERPRETATION:

The Sharpe Ratio is a key measure of risk-adjusted returns, helping investors assess how well
a mutual fund compensates for the risk taken. Among the selected mid-cap funds, Motilal
Oswal Mid Cap Fund has the highest Sharpe Ratio (0.3607), indicating the best risk-adjusted
performance. This suggests that for each unit of risk, this fund has delivered the highest
excess returns compared to its peers.Edelweiss Mid Cap Fund (0.3210) and Invesco Mid Cap
Fund (0.3013) also show strong risk-adjusted returns, performing better than the benchmark
NIFTY150 Mid Cap Index (0.2858). This implies that these funds have provided higher
returns relative to their risk compared to the broader mid-cap market.On the other hand,
Sundaram Mid Cap Fund (0.2401) and UTI Mid Cap Fund (0.2124) have lower Sharpe
Ratios, suggesting that their returns have not been as efficient in compensating for the risks
undertaken. Investors seeking mid-cap exposure may prefer funds with higher Sharpe Ratios
for better risk-adjusted returns, but other factors like expense ratios, fund strategy, and market
conditions should also be considered.

82
5.10 Comparison of Standard Deviation (STDEV) of all the Mid Cap Funds
No. Fund Name Standard Deviation (STDEV)
1 Motilal Oswal Mid Cap Fund 0.3627

2 Invesco Mid Cap Fund 0.3546

3 Sundaram Mid Cap Fund 0.3573

4 UTI Mid Cap Fund 0.3572

5 Edelweiss Mid Cap Fund 0.3594

6 NIFTY150 0.3617

5.10 Comparison of Standard Deviation (STDEV) of all the MidCap

Funds
0.364
0.3627
0.362 0.3617

0.36 0.3594

0.358 0.3573 0.3572

0.356
0.3546
0.354

0.352

0.35
Motilal Oswal Invesco Mid Sundaram UTI Mid Cap Edelweiss Mid NIFTY150
Mid Cap Fund Cap Fund Mid Cap Fund Fund Cap Fund
1 2 3 4 5 6

INTERPRETATION:

The Standard Deviation (STDEV) measures the volatility of a fund's returns. A higher
standard deviation means the fund's returns fluctuate more, indicating higher risk.In this
chart, Motilal Oswal (0.3627) and NIFTY150 (0.3617) have the highest standard deviations,
meaning they are the most volatile. Invesco (0.3546) has the lowest standard deviation,
suggesting it is the least risky among the funds listed. Sundaram (0.3573), UTI (0.3572), and
Edelweiss (0.3594) have similar levels of volatility, indicating moderate risk.Overall, all
funds show relatively high volatility, but Invesco is the least risky, while Motilal Oswal is the
most volatile.

83
5.11 Comparison of Treynor Ratio of all the Mid Cap Funds
No. Fund Name Treynor Ratio

1 Motilal Oswal Mid Cap Fund 0.1484

2 Invesco Mid Cap Fund 0.1027

3 Sundaram Mid Cap Fund 0.0841

4 UTI Mid Cap Fund 0.0742

5 Edelweiss Mid Cap Fund 0.1162

6 NIFTY150 0.1034

5.11 Comparison of Treynor Ratio of all the Mid Cap Funds

0.16
0.1484
0.14

0.12 0.1162
0.1027 0.1034
0.1
0.0841
0.08 0.0742

0.06

0.04

0.02

0
Motilal Oswal Invesco Mid Sundaram UTI Mid Cap Edelweiss Mid NIFTY150
Mid Cap Fund Cap Fund Mid Cap Fund Fund Cap Fund
1 2 3 4 5 6

INTERPRETATION:

The Treynor Ratio measures a fund's risk-adjusted return based on its systematic risk (Beta).
A higher Treynor Ratio indicates better performance in generating returns per unit of market
risk.In this chart, Motilal Oswal (0.1484) has the highest Treynor Ratio, meaning it has
delivered the best risk-adjusted return among the funds. Edelweiss (0.1162) and Invesco
(0.1027) also performed well, with ratios close to the NIFTY150 benchmark (0.1034).
Sundaram (0.0841) and UTI (0.0742) have lower Treynor Ratios, indicating they provided
less return per unit of risk.

84
5.12 Comparison of Beta (Bp) of all the Mid Cap Funds
No. Fund Name Beta (Bp)

1 Motilal Oswal Mid Cap Fund 0.9719

2 Invesco Mid Cap Fund 1.0403

3 Sundaram Mid Cap Fund 1.0208

4 UTI Mid Cap Fund 1.0223

5 Edelweiss Mid Cap Fund 0.9925

6 NIFTY150 1

5.12 Comparison of Beta (Bp) of all the Mid Cap Funds

1.06
1.0403
1.04
1.0208 1.0223
1.02
1
1 0.9925

0.98 0.9719

0.96

0.94

0.92
Motilal Oswal Invesco Mid Sundaram UTI Mid Cap Edelweiss Mid NIFTY150
Mid Cap Fund Cap Fund Mid Cap Fund Fund Cap Fund
1 2 3 4 5 6

INTERPRETATION:

Beta (β) measures a fund's sensitivity to market movements. A beta of 1 means the fund
moves in line with the market, while a beta above 1 indicates higher volatility, and a beta
below 1 suggests lower volatility than the market.In this chart, Invesco (1.0403) has the
highest beta, meaning it is the most volatile and reacts more strongly to market fluctuations.
Sundaram (1.0208), UTI (1.0223), and Edelweiss (0.9925) have betas close to 1, indicating
they move almost in sync with the market. Motilal Oswal (0.9719) has the lowest beta,
making it slightly less volatile than NIFTY150, which has a benchmark beta of 1. Overall,

85
Invesco is the most aggressive fund, while Motilal Oswal is the least volatile, making it a
relatively safer option.

5.13 Comparison of the Jensen ratio of all the Mid Cap Funds
No. Fund Name Jensen Ratio

1 Motilal Oswal Mid Cap Fund 0.0324

2 Invesco Mid Cap Fund -0.0037
3 Sundaram Mid Cap Fund -0.0184
4 UTI Mid Cap Fund -0.0284
5 Edelweiss Mid Cap Fund 0.0123
6 NIFTY150 0.00

5.13 Comparison of the Jensen ratio of all the Mid Cap Funds
0.04
0.0324
0.03

0.02
0.0123
0.01
0
0
Motilal Oswal Invesco Mid Sundaram UTI Mid Cap Edelweiss Mid NIFTY150
Mid Cap Fund -0.0037
Cap Fund Mid Cap Fund Fund Cap Fund
-0.01 1 2 3 4 5 6

-0.02 -0.0184

-0.03 -0.0284

-0.04

INTERPRETATION:

The Jensen Ratio measures a fund’s risk-adjusted excess return over the expected market
return. A positive Jensen Ratio indicates that the fund has outperformed its expected return,
while a negative value suggests underperformance. In this chart, Motilal Oswal (0.0324) and
Edelweiss (0.0123) have positive values, meaning they have generated better risk-adjusted
returns than the market. Invesco (-0.0037), Sundaram (-0.0184), and UTI (-0.0284) have
negative values, indicating they underperformed relative to their expected returns. NIFTY150
has a benchmark value of 0.00, meaning it represents the market performance. Overall,
Motilal Oswal performed the best, while UTI had the weakest performance.

86
5.14 Comparison of Covariance (COV) of all the Mid Cap Funds
No. Fund Name Covariance (COV)

1 Motilal Oswal Mid Cap Fund 0.0005197

2 Invesco Mid Cap Fund 0.0005153

3 Sundaram Mid Cap Fund 0.0005214

4 UTI Mid Cap Fund 0.0005211

5 Edelweiss Mid Cap Fund 0.0005242

5.12 Comparison of Covariance (COV) of all the Mid Cap Funds

0.000526
0.0005242
0.000524

0.000522 0.0005214 0.0005211

0.0005197
0.00052

0.000518

0.000516 0.0005153

0.000514

0.000512

0.00051
Motilal Oswal Invesco Sundaram UTI Edelweiss
1 2 3 4 5

INTERPRETATION:

Covariance (COV) measures how a fund's returns move in relation to the market. A higher
value indicates that the fund's returns fluctuate more closely with market movements, while a
lower value suggests less correlation.In this chart, Edelweiss (0.0005242) and Sundaram
(0.0005214) have the highest covariance, meaning their returns are more aligned with market
movements. Invesco (0.0005153) has the lowest covariance, suggesting slightly less
synchronization with the market.Overall, all funds have similar covariance values, indicating
they are highly correlated with the market, moving in the same direction as broader market
trend .

87
5.15 Comparison of Correlation (COR) of all the Mid Cap Funds
No. Fund Name Correlation (COR)

1 Motilal Oswal Mid Cap Fund 0.9745

2 Invesco Mid Cap Fund 0.9883

3 Sundaram Mid Cap Fund 0.9924

4 UTI Mid Cap Fund 0.9922

5 Edelweiss Mid Cap Fund 0.9919

5.15 Comparison of Correlation (COR) of all the Mid Cap Funds

0.995 0.9924 0.9922 0.9919

0.99 0.9883

0.985

0.98

0.9745
0.975

0.97

0.965
Motilal Oswal Mid Invesco Mid Cap Sundaram Mid UTI Mid Cap Edelweiss Mid
Cap Fund Fund Cap Fund Fund Cap Fund
1 2 3 4 5

INTERPRETATION:

Correlation (COR) measures how closely a fund's returns move in relation to the market on a
scale from -1 to 1. A value closer to 1 indicates a strong positive correlation, meaning the
fund moves in sync with the market.In this chart, Sundaram (0.9924), UTI (0.9922), and
Edelweiss (0.9919) have the highest correlation with the market, meaning their returns
closely follow market trends. Motilal Oswal (0.9745) has the lowest correlation, but it is still
highly aligned with the market.Overall, all funds exhibit strong market correlation,
suggesting that their performance is significantly influenced by overall market movements.

88
5.16 Comparison of Variance (VAR) of all the Mid Cap Funds
No. Fund Name Variance (VAR)

1 Motilal Oswal Mid Cap Fund 0.0005348

2 Invesco Mid Cap Fund 0.0005111

3 Sundaram Mid Cap Fund 0.0005191

4 UTI Mid Cap Fund 0.0005186

5 Edelweiss Mid Cap Fund 0.0005251

5.16 Comparison of Variance (VAR) of all the Mid Cap Funds

0.00054
0.0005348
0.000535

0.00053
0.0005251
0.000525
0.0005191 0.0005186
0.00052

0.000515
0.0005111
0.00051

0.000505

0.0005

0.000495
Motilal Oswal Invesco Mid Cap Sundaram Mid UTI Mid Cap Edelweiss Mid
Mid Cap Fund Fund Cap Fund Fund Cap Fund
1 2 3 4 5

INTERPRETATION:

Variance (VAR) measures the volatility of a fund's returns. A higher variance means greater
fluctuations in returns, while a lower variance indicates more stable performance.In this
chart, Motilal Oswal (0.0005348) has the highest variance, meaning it experiences the most
fluctuations. Invesco (0.0005111) has the lowest variance, indicating more stable returns
compared to the others. The other funds, Sundaram (0.0005191), UTI (0.0005186), and
Edelweiss (0.0005251), have similar levels of volatility.Overall, all funds have comparable
risk levels, but Motilal Oswal appears slightly more volatile, while Invesco is the most stable.

89
5.17 Comparison of Sharpe Ratio of all the Small Cap Funds
No Fund Name Sharpe Ratio
1 Quant Small Cap Fund 0.3656
2 Franklin Small Cap Fund 0.2414
3 DSP Small Cap Fund 0.3127
4 HSBC Small Cap Fund 0.3598
5 Nippon Small Cap Fund 0.3999
6 Nifty 250 0.2216

5.17 Comparison of Sharpe Ratio of all the Small Cap Funds

0.45
0.3999
0.4
0.3656 0.3598
0.35
0.3127
0.3
0.2414
0.25 0.2216
0.2

0.15

0.1

0.05

0
Quant Small Franklin Small DSP Small HSBC Small Nippon Small Nifty 250
Cap Fund Cap Fund Cap Fund Cap Fund Cap Fund
1 2 3 4 5 6

INTERPRETATION:

The Sharpe Ratio measures risk-adjusted returns, indicating how effectively a fund
compensates for the risk taken. Among the selected small-cap funds, Nippon Small Cap Fund
has the highest Sharpe Ratio (0.3999), suggesting it has delivered the best returns relative to
its risk. Quant Small Cap Fund (0.3656) and HSBC Small Cap Fund (0.3598) also
demonstrate strong risk-adjusted performance, making them attractive choices for investors
seeking high returns with managed risk.DSP Small Cap Fund (0.3127) performs well but falls
slightly behind the top funds in risk-adjusted efficiency. Franklin Small Cap Fund (0.2414)
has a lower Sharpe Ratio, indicating comparatively lower returns per unit of risk. Notably, all
selected funds have outperformed the Nifty 250 Small Cap Index (0.2216), suggesting that
active fund management in the small-cap segment has been effective. Investors should
consider these ratios alongside other factors like fund strategy, market conditions, and
personal risk appetite when making investment decisions.

90
5.18 Comparison of Standard Deviation (STDEV) of all the Small Cap Funds
No Fund Name Standard Deviation (STDEV)
1 Quant Small Cap Fund 0.3574

2 Franklin Small Cap Fund 0.3529

3 DSP Small Cap Fund 0.3574

4 HSBC Small Cap Fund 0.3591

5 Nippon Small Cap Fund 0.3632

6 Nifty 250 0.3709

5.18 Comparison of Standard Deviation (STDEV) of all the Small

Cap Funds
0.375
0.3709
0.37

0.365 0.3632

0.36 0.3591
0.3574 0.3574

0.355 0.3529

0.35

0.345

0.34
Quant Small Franklin Small DSP Small HSBC Small Nippon Small Nifty 250
Cap Fund Cap Fund Cap Fund Cap Fund Cap Fund
1 2 3 4 5 6

INTERPRETATION:

Standard Deviation (STDEV) measures the volatility of a fund’s returns. A higher standard
deviation indicates higher risk, as the fund's returns fluctuate more widely.In this chart, Nifty
250 (0.3709) has the highest standard deviation, meaning it experiences the most price
fluctuations. Nippon (0.3632) and HSBC (0.3591) also show relatively high volatility. On the
other hand, Franklin (0.3529) has the lowest standard deviation, indicating more stable
returns. Quant (0.3574) and DSP (0.3574) fall in the middle range.Investors preferring lower
risk may choose funds with lower standard deviation, while those willing to take on more risk
for higher returns might consider funds with higher standard deviation.

91
5.19 Comparison of Treynor Ratio of all the Small Cap Funds
No Fund Name Treynor Ratio

1 Quant Small Cap Fund 0.1538

2 Franklin Small Cap Fund 0.0758

3 DSP Small Cap Fund 0.1006

4 HSBC Small Cap Fund 0.1185

5 Nippon Small Cap Fund 0.1382

6 Nifty 250 0.0822

5.19 Comparison of Treynor Ratio of all the Small Cap Funds

0.18

0.16 0.1538
0.1382
0.14
0.1185
0.12
0.1006
0.1
0.0822
0.08 0.0758

0.06

0.04

0.02

0
Quant Small Franklin Small DSP Small HSBC Small Nippon Small Nifty 250
Cap Fund Cap Fund Cap Fund Cap Fund Cap Fund
1 2 3 4 5 6

INTERPRETATION:

The Treynor Ratio measures the risk-adjusted return of a fund based on systematic risk
(beta), with a higher ratio indicating better compensation for risk taken.In this chart, Quant
(0.1538) has the highest Treynor Ratio, meaning it delivers the best risk-adjusted return
relative to market risk. Nippon (0.1382), HSBC (0.1185), and DSP (0.1006) also show strong
performance. On the other hand, Franklin (0.0758) and Nifty 250 (0.0822) have the lowest
Treynor Ratios, suggesting they provide weaker returns for the level of market risk
taken.Overall, Quant performs the best in risk-adjusted terms, while Franklin and Nifty 250
lag behind.

92
5.20 Comparison of Beta (Bp) of all the Small Cap Funds
No Fund Name Beta (Bp)
1 Quant Small Cap Fund 0.8499

2 Franklin Small Cap Fund 1.1236

3 DSP Small Cap Fund 1.1107

4 HSBC Small Cap Fund 1.0904

5 Nippon Small Cap Fund 1.0516

6 Nifty 250 1

5.20 Comparison of Beta (Bp) of all the Small Cap Funds

1.2 1.1236 1.1107 1.0904
1.0516
1
1
0.8499
0.8

0.6

0.4

0.2

0
Quant Small Franklin Small DSP Small Cap HSBC Small Nippon Small Nifty 250
Cap Fund Cap Fund Fund Cap Fund Cap Fund
1 2 3 4 5 6

INTERPRETATION:

Beta (β) measures a fund's sensitivity to market movements. A beta of 1 means the fund
moves in line with the market, while a beta greater than 1 indicates higher volatility
compared to the market. A beta less than 1 suggests the fund is less volatile than the
market.In this chart, Franklin (1.1236) and DSP (1.1107) have the highest beta, meaning they
are more volatile than the market. HSBC (1.0904) and Nippon (1.0516) also show slightly
higher volatility. On the other hand, Quant (0.8499) has the lowest beta, making it the least
sensitive to market fluctuations. Nifty 250 has a beta of 1, serving as the market
benchmark.Investors looking for aggressive, high-risk funds might prefer those with a higher
beta, while those seeking stability may opt for funds with a lower beta.

93
5.21 Comparison of Jensen Ratio of all the Small Cap Funds
No Fund Name Jensen Ratio

1 Quant Small Cap Fund 0.0719

2 Franklin Small Cap Fund -0.0162

3 DSP Small Cap Fund 0.0123

4 HSBC Small Cap Fund 0.0329

5 Nippon Small Cap Fund 0.0551

6 Nifty 250 0.00

5.21 Comparison of Jensen Ratio of all the Small Cap Funds

0.08
0.0719

0.06 0.0551

0.04 0.0329

0.02
0.0123

0
0
Quant Small Franklin Small DSP Small HSBC Small Nippon Small Nifty 250
Cap Fund Cap Fund Cap Fund Cap Fund Cap Fund
1 2 3 4 5 6
-0.02 -0.0162

-0.04

INTERPRETATION:

The Jensen Ratio (Jensen's Alpha) measures a fund's ability to generate excess returns over
the expected market return, adjusted for risk. A higher value indicates better performance.In
this chart, Quant (0.0719) has the highest Jensen Ratio, meaning it has outperformed its
expected return the most. Nippon (0.0551) and HSBC (0.0329) also show positive alpha,
indicating good risk-adjusted excess returns. DSP (0.0123) has a lower but still positive
alpha, while Franklin (-0.0162) has a negative Jensen Ratio, meaning it has underperformed
relative to expectations. Nifty 250 (0.00) serves as the benchmark, with no excess
return.Overall, Quant is the best performer, while Franklin has underperformed compared to
market expectations.

94
5.22 Comparison of Covariance (COV) of all the Small Cap Funds
No Fund Name Covariance (COV)

1 Quant Small Cap Fund 0.000502772

2 Franklin Small Cap Fund 0.000518317

3 DSP Small Cap Fund 0.00053129

4 HSBC Small Cap Fund 0.000534439

5 Nippon Small Cap Fund 0.000542791

5.22 Comparison of Covariance (COV) of all the Small Cap Funds

0.00055
0.000542791
0.00054
0.000534439
0.00053129
0.00053

0.00052 0.000518317

0.00051
0.000502772
0.0005

0.00049

0.00048
Quant Small Franklin Small DSP Small Cap HSBC Small Cap Nippon Small
Cap Fund Cap Fund Fund Fund Cap Fund
1 2 3 4 5

INTERPRETATION:

Covariance (COV) measures how a fund's returns move in relation to the market. A higher
covariance indicates that the fund’s returns fluctuate more closely with the market.In this
chart, Nippon (0.000542791) has the highest covariance, meaning its returns are the most
aligned with the market’s movements. HSBC (0.000534439) and DSP (0.00053129) also
show strong market correlation, while Franklin (0.000518317) and Quant (0.000502772)
have lower covariance, suggesting their returns are slightly less influenced by overall market
trends.Overall, funds with higher covariance tend to move in sync with the market, while
those with lower covariance may provide diversification benefits.

95
5.23 Comparison of Correlation (COR) of all the Small Cap Funds
No Fund Name Correlation (COR)

1 Quant Small Cap Fund 0.9329

2 Franklin Small Cap Fund 0.974
3 DSP Small Cap Fund 0.9859
4 HSBC Small Cap Fund 0.9871
5 Nippon Small Cap Fund 0.991

5.23 Comparison of Correlation (COR) of all the Small Cap Funds

1 0.991
0.9859 0.9871
0.99
0.98 0.974
0.97
0.96
0.95
0.94 0.9329
0.93
0.92
0.91
0.9
Quant Small Cap Franklin Small DSP Small Cap HSBC Small Cap Nippon Small
Fund Cap Fund Fund Fund Cap Fund
1 2 3 4 5

INTERPRETATION:

Correlation (COR) measures how closely a fund's returns move in relation to the market, with
values ranging from -1 (inverse relation) to 1 (perfect correlation).In this chart, Nippon
(0.991) has the highest correlation, meaning its performance is almost perfectly aligned with
market movements. HSBC (0.9871) and DSP (0.9859) also show strong market correlation,
indicating they move similarly to the overall market. Franklin (0.974) has a slightly lower
correlation, while Quant (0.9329) has the lowest correlation, suggesting it moves somewhat
independently compared to the others. Funds with high correlation move in sync with the
market, while those with lower correlation may offer some diversification benefits.

96
5.24 Comparison of Variance (VAR) of all the Small Cap Funds
No Fund Name Variance (VAR)

1 Quant Small Cap Fund 0.00051934

2 Franklin Small Cap Fund 0.00050631

3 DSP Small Cap Fund 0.00051916

4 HSBC Small Cap Fund 0.00052412

5 Nippon Small Cap Fund 0.00053633

5.24 Comparison of Variance (VAR) of all the Small Cap Funds

0.00054
0.00053633
0.000535
0.00053
0.00052412
0.000525
0.00051934 0.00051916
0.00052
0.000515
0.00051
0.00050631
0.000505
0.0005
0.000495
0.00049
Quant Small Franklin Small DSP Small Cap HSBC Small Cap Nippon Small
Cap Fund Cap Fund Fund Fund Cap Fund
1 2 3 4 5

INTERPRETATION:

Variance (VAR) measures the dispersion of a fund’s returns, indicating how much the returns
fluctuate over time. A higher variance suggests greater volatility, while a lower variance
indicates more stability.In this chart, Nippon (0.00053633) has the highest variance, meaning
it experiences the most fluctuation in returns. HSBC (0.00052412) and DSP (0.00051916)
also show relatively high volatility. On the other hand, Franklin (0.00050631) has the lowest
variance, indicating more stable returns. Quant (0.00051934) falls in the mid-range.Investors
seeking stability may prefer funds with lower variance, while those willing to take on more
risk for potentially higher returns might opt for funds with higher variance.

97
CHAPTER 6: FINDINGS AND
RECOMMENDATION

98
6.1 FINDINGS

Performance and Risk Characteristics Across Fund Categories

 Large-Cap Funds: These funds invest primarily in well-established, financially stable

companies with large market capitalizations. They offer lower risk and consistent
returns, making them ideal for conservative investors seeking long-term stability.
These funds tend to perform wellduring market downturns due to their lower volatility
and strong financial backing.
 Mid-Cap Funds: These funds invest in medium-sized companies that have the
potential for higher growth than large-cap companies but come with moderate risk.
They balance risk and return, offering greater upside potential than large-cap funds
while being less volatile than small-cap funds. They tend to perform well in growth
phases of the market but may experience higher fluctuations during downturns.

 Small-Cap Funds: These funds focus on smaller, high-growth potential companies.

They typically offer the highest returns but also come with significant volatility.
During bull markets, small-cap funds tend to outperform large and mid-cap funds due
to their aggressive growth strategies. However, during bear markets or economic
downturns, they face greater risks and potential losses due to lower financial
resilience.

Risk-Adjusted Return Metrics: Sharpe, Treynor, and Jensen Ratios

 Large-Cap Funds: These funds generally have the highest Sharpe, Treynor, and
Jensen ratios, indicating strong risk-adjusted returns. Due to their stability and well-
diversified nature, they generate relatively predictable returns compared to mid- and
small-cap funds.

 Small-Cap Funds: Despite their high return potential, small-cap funds tend to have
lower Treynor and Jensen ratios during volatile periods, reflecting their higher market
risk. However, in bullish markets, these funds often generate superior returns
compared to large- and mid-cap funds. Investors with higher risk tolerance may find
small-cap funds attractive for long-term capital appreciation.

99
Diversification and Market Fluctuations

 Diversifying investments across large-cap, mid-cap, and small-cap funds helps

investors mitigate risks and minimize overall market fluctuations. Large-cap funds
provide stability, mid-cap funds offer balanced exposure, and small-cap funds enable
high-growth opportunities.

 Funds with lower correlation to broader market indices, such as the Quant Small Cap
Fund, help reduce portfolio risk and enhance diversification. By including funds with
different risk-return profiles, investors can achieve more consistent long-term returns.

Volatility and Variance Among Small-Cap Funds

 Among small-cap funds, some exhibit extreme price fluctuations due to their exposure
to emerging businesses with uncertain earnings.

 Nippon Small Cap Fund shows the highest variance, indicating higher volatility and
potential for rapid price swings. This makes it suitable for aggressive investors who
can handle short-term risks for potentially higher long-term returns.

 In contrast, Franklin Small Cap Fund demonstrates greater stability within the small-
cap category, with relatively lower variance and more predictable returns. It provides
an option for investors seeking exposure to small-cap stocks with slightly lower risk
compared to other small-cap funds.

100
6.2 RECOMENDATIONS
Investment Strategy:

 Investors seeking high risk-adjusted returns should consider Quant Small Cap Fund
for small-cap exposure and ICICI Prudential Bluechip Fund for large-cap
investments.
 Franklin Small Cap Fund underperformed across all risk-adjusted metrics, making it
less attractive.
 Mid-cap funds have varied risk-return profiles, and Motilal Oswal Mid Cap Fund
provides the best balance of returns per unit of risk.

Risk Management & Portfolio Diversification:

 Funds with lower variance such as Invesco Mid Cap Fund offer more stable returns.
 High correlation funds like Nippon Small Cap Fund are strongly tied to market
movements, making them less useful for diversification.
 Investors looking for lower market dependence should consider Quant Small Cap
Fund, which has the lowest correlation.

Sector Allocation:

 Large-cap funds are relatively stable and provide long-term value.

 Mid-cap funds like Motilal Oswal Mid Cap Fund have higher volatility but can be
beneficial for risk-tolerant investors.
 Small-cap funds offer the highest potential returns but come with increased risk,
making them suitable for aggressive investors.

101
CHAPTER 7: CONCLUSION

102
The comparative analysis of equity mutual funds in India highlights the importance of
selecting fundsbased on risk-adjusted returns, market conditions, and investor objectives. The
key findings of the study indicate that:

 Large-cap funds provide stability and are ideal for conservative investors seeking
long-term wealth creation with lower volatility.

 Mid-cap funds offer a balanced approach, providing higher growth potential than
large-cap funds while maintaining moderate risk.

 Small-cap funds exhibit high growth potential but come with increased volatility,
making them suitable for aggressive investors.

A well-diversified investment strategy across these categories helps in mitigating market

fluctuations. Funds with lower correlation, such as Quant Small Cap Fund, provide better
diversification benefits. Additionally, fund manager expertise and macroeconomic factors
like inflation and interest rate changes play a significant role in performance variations.

The study concludes that mutual funds remain an essential tool for wealth creation in India's
financial markets. Investors who make informed decisions based on Sharpe Ratio, Treynor
Ratio, and Jensen Alpha can optimize their portfolios effectively. A disciplined approach
focusing on long-term investment and periodic portfolio reviews can maximize returns while
minimizing risks

103
REFERENCES

104
Tripathi, S., & Japee, D. G. P. (2020). Performance evaluation of selected equity mutual

funds in India. gap gyan-a global journal of social sciences.

Hadaa, B., & Suri, A. K. (2020). The effect of fund age on the performance of equity mutual

fund schemes in India. International Journal of Innovation, Creativity and Change, 13(1),

1333-1351.

Ji, X., Zhang, Y., Mirza, N., Umar, M., & Rizvi, S. K. A. (2021). The impact of carbon

neutrality on the investment performance: Evidence from the equity mutual funds in

BRICS. Journal of Environmental Management, 297, 113228.

Bhattacharjee, J., Singh, R., & Kajol, K. (2020). Risk perception in respect of equity shares:

A Literature review and future research agenda. DLSU Business & Economics Review, 30(1),

1-14.

Zheng, Y., Osmer, E., & Zheng, L. (2020). Can mutual funds time investor

sentiment?. Review of Quantitative Finance and Accounting, 54(4), 1449-1486.

Bhuva, K. K., & Bantwa, A. (2020). Risk, return & performance evaluation of selected

mutual fund schemes–a study on large & mid cap funds. Journal of Management and

ScienceISSN, 2250-1819.

Virparia, V. (2022). Performance analysis of mutual funds in India. International Journal of

Management, Public Policy and Research, 1(3), 22-34.

Das, S. K., Das, S., & Seth, S. (2023). Performance of Mutual Funds in India: A Study with

Reference to Select Equity Multi-Cap Funds. Management Journal for Advanced

Research, 3(1), 8-14.

105
Madhavi Latha, C. H., & Sreedevi. (2024). A Comparative Analysis of Large, Mid and Small

Cap Mutual Funds Performance in India. In Artificial Intelligence and Economic

Sustainability in the Era of Industrial Revolution 5.0 (pp. 301-309). Cham: Springer Nature

Switzerland.

Sharma, K., & Tripathi, S. (2023). Performance Analysis and Risk Assessment of Indian

Mutual Fund Through SIPs: A Comparative Study of Small, Mid, and Large Cap

Funds. Vidya–A Journal of Gujarat University

Mathur, P. (2021). Comparative Analysis of performance of mutual funds: a study of

prominent multi cap and large cap funds. Contemporary Issues And Recent Advances In

Management, Commerce, Economics, 23.

Kumar, S., & Sabharwal, A. (2024). An Evaluation of Large Cap, Mid Cap, and Small Cap

Mutual Funds: Return, Risk, and Investor Considerations. International Journal of Banking,

Risk & Insurance.

Venkatesh, P., & Revathi, D. S. (2020). A Study on Performance Analysis of Selected

Mutual Fund Schemes in India. Solid State Technology, 63(2S).

Melkani, B. C., & Pathak, V. (2022). Comparative analysis of return, net flow and expense

ratio of selected open–ended mutual fund schemes. International Journal of Engineering and

Management Research e-ISSN, 2250-0758.

Sharma, K., & Joshi, P. (2021). A Comparative Study On Performance Evaluation Of

Selected Debt, Equity And Hybrid Mutual Fund Schemes In India. Gap Gyan-A Global

Journal Of Social Sciences, 4(2), 34-40.

Safiuddin, S. K., & Hasan, M. (2022). Performance Analysis of Equity-Based Mutual Funds

in India: A Review of Selected Literature. Empirical Economics Letters, 21.

106
Murthy, J., Anjaneyulu, M. S. R., Bhatt, M. H., & Kumar, M. D. S. (2022). Performance

evaluation of mutual funds: A study on selected equity mutual funds In India. Journal of

Positive School Psychology, 6(9), 1124-1132.

Nicolescu, L., Tudorache, F. G., & Androniceanu, A. (2020). Performance risk analysis on

mutual funds versus stock exchanges in young financial markets. Journal of International

Studies (2071-8330), 13(1).

Arora, R., & Raman, T. V. (2020). A study on performance evaluation of equity mutual funds

schemes in India. International Journal of Financial Engineering, 7(02), 2050017.

Singh, L., Dixit, N., Girahiya, N., & Vaishnav, M. (2024). Performance Analysis And

Strategic Insights Into Equity, Debt, And Hybrid Mutual Funds: A Comparative Study In

India. Educational Administration: Theory and Practice, 30(5), 2849-2856.

Bhargava, M., Hameed, A., Babu, T., Sharma, R., Chinnaiyan, R., & Sungheeth, A. (2024,

February). Dynamics of Mutual Funds in Response to Market Changes: A Post-COVID

Analysis (2019-2023). In 2024 4th International Conference on Innovative Practices in

Technology and Management (ICIPTM) (pp. 1-6). IEEE.

Gami, P. (2020). An analysis of factors affecting equity mutual fund performance. National

level Paper Presentation, 186.

Panigrahi, C. M. A., Mistry, M., Shukla, R., & Gupta, A. (2020). A study on performance

evaluation of equity linked saving schemes (ELSS) of mutual funds. NMIMS Journal of

Economics and Public Policy, 5(1).

107
Guimarães, T. M., & Malaquias, R. F. (2023). Performance of equity mutual funds

considering ESG investments, financial constraints, and the Covid-19 pandemic. BBR.

Brazilian Business Review, 20(1), 18-37.

Danial, M., Iftikhar, N., & Shah, S. Q. A. (2023). Analyzing the performance of Pakistan

equity mutual funds using multifactor models: Pre-covid analysis. Business Management and

Strategy, 14(2), 296-328

Choksi, M., & Bhatt, P. (2020). Performance Analysis of Mutual Funds: A Study on Selected

Large Cap Mutual Funds In India. Sambodhi (UGC care journal), 43, 04-57.

. Chauhan, Y., Mishra, A. K., & Parikh, B. (2023). Fund family versus mutual fund

performance: evidence from the Indian investors’ perspective. Journal of Asset

Management, 24(4), 268-283.

Ji, X., Chen, X., Mirza, N., & Umar, M. (2021). Sustainable energy goals and investment

premium: Evidence from renewable and conventional equity mutual funds in the Euro

zone. Resources Policy, 74, 102387.

Gangi, F., Daniele, L. M., Varrone, N., Vicentini, F., & Coscia, M. (2021). Equity mutual

funds' interest in the environmental, social and governance policies of target firms: Does

gender diversity in management teams matter?. Corporate Social Responsibility and

Environmental Management, 28(3), 1018-1031.

Hung, P. H., Lien, D., & Kuo, M. S. (2020). Window dressing in equity mutual funds. The

Quarterly Review of Economics and Finance, 78, 338-354.

Hensawang, S. M. (2022). Effect of mutual fund fundamentals and characteristics on their

performance: an empirical study of Thai equity mutual funds. Cuadernos de

Economía, 45(128), 13-24.

108
Kwon, S., Lowry, M., & Qian, Y. (2020). Mutual fund investments in private firms. Journal

of Financial Economics, 136(2), 407-443

Eisele, A., Nefedova, T., Parise, G., & Peijnenburg, K. (2020). Trading out of sight: An

analysis of cross-trading in mutual fund families. Journal of Financial Economics, 135(2),

359-378.

Pástor, Ľ., & Vorsatz, M. B. (2020). Mutual fund performance and flows during the COVID-

19 crisis. The Review of Asset Pricing Studies, 10(4), 791-833.

Iglesias Garcia, J. M., Otero Gonzalez, L., & Duran Santomil, P. (2022). Value investing:

application of different strategies to equity mutual funds. Spanish Journal of Finance and

Accounting/Revista Española de Financiación y Contabilidad, 51(2), 213-231.

DeHaan, E., Song, Y., Xie, C., & Zhu, C. (2021). Obfuscation in mutual funds. Journal of

Accounting and Economics, 72(2-3), 101429.

Shanmugam, V. P., & Ali, K. A. (2021). Impact of COVID-19 pandemic on equity-oriented

mutual funds: A preliminary analysis of Indian mutual funds industry. International Journal

of Financial Engineering, 8(01), 2150006.

Susmitha, K., Kamal, G., Latha, P. H., Trisha, N., Rohitha, G., Raju, K., & Sai, K. (2022).

The Performance of Selected Equity Growth Fund: An Analysis of the Indian Stock

Market. NeuroQuantology, 20(8), 3566.

Bhattacharjee, A. (2020). Performance Evaluation of Sectoral Mutual Fund Schemes:

Evidence from India. International Journal of Financial Management, 10(4), 26-34.

Nagarajan, R., & Chopra, A. (2021, November). Performance Analysis of Indian Mutual

Funds During Covid-2019. In International Conference on Business and Technology (pp.

337-356). Cham: Springer International Publishing.

109
Mahapatra, R., & Das, K. K. (2022). Problems and prospects of top equity fund in Indian

corporate sector: A performance study of top equity funds. International Journal of

Financial Engineering, 9(04), 2250026.

Madhavi Latha, C. H., & Sreedevi. (2024). A Comparative Analysis of Large, Mid and Small

Cap Mutual Funds Performance in India. In Artificial Intelligence and Economic

Sustainability in the Era of Industrial Revolution 5.0 (pp. 301-309). Cham: Springer Nature

Switzerland.

Srivastava, G., Srivastava, N., & Srivastava, N. (2023). An Empirical Analysis of

Performance Measurement and Market Timing Ability of Mutual Fund Managers in an

Unprecedented Economic Environment in India. resmilitaris, 13(2), 4251-4265.

Kumar, J., Prasad, S., & Anand, P. (2021). Performance of Tax Saving Mutual Fund

Schemes: A Case Study of Selectedasset Management Companies Operating in India. Design

Engineering, 1(6), 1512-1536.

Kaur, J., & Chaudhary, R. (2021). A Performance Evaluation of Ethical Mutual Funds:

Evidence from India.

Karibasappa, T. (2020). Performance analysis of selected mutual funds with special reference

to Sharekhan Ltd. Malaya Journal of Matematik, S (2), 4916-4920

BM, L., Chakraborty, S., Kumar Ghosh, B., & Shenoy U, R. (2021). Overview of bond

mutual funds: A systematic and bibliometric review. Cogent Business & Management, 8(1),

1979386.

Maheen, M. S. (2021). Impact of COVID-19 on the performance of emerging market mutual

funds: evidence from India. Future Business Journal, 7, 1-8.

110
Biswas, S., Pamucar, D., & Mukhopadhyaya, J. N. (2022). A multi-criteria-based analytical

study of the impact of COVID-19 on ELSS fund performance. International Journal of

Management and Decision Making, 21(4), 339-378

Ali, M. A., Aqil, M., Alam Kazmi, S. H., & Zaman, S. I. (2023). Evaluation of risk adjusted

performance of mutual funds in an emerging market. International journal of finance &

economics, 28(2), 1436-1449.

Kumar, S., Srivastava, M., & Prakash, V. (2023). Challenges and opportunities for mutual

fund investment and the role of industry 4.0 to recommend the individual for

speculation. New Horizons for Industry 4.0 in Modern Business, 69-98.

Venugopal, M., & Sophia, S. (2020). Examining Sharpe ratio, ASR, Sortino, Treynor and

Info ratio in Indian equity mutual funds during the pandemic. Malathy Venugopal and

Sharon Sophia, Examining Sharpe Ratio, ASR, Sortino, Treynor and Info Ratio in Indian

Equity Mutual Funds during the Pandemic, International Journal of Management, 11(11).

Mochkabadi, K., & Volkmann, C. K. (2020). Equity crowdfunding: a systematic review of

the literature. Small Business Economics, 54, 75-118.

Murthy, J., Anjaneyulu, M. S. R., Bhatt, M. H., & Kumar, M. D. S. (2022). Performance

evaluation of mutual funds: A study on selected equity mutual funds In India. Journal of

Positive School Psychology, 6(9), 1124-1132.

Behera, S., & Narender, S. (2023). A STUDY ON PERFORMANCE EVALUATION OF

SELECTED EQUITY ORIENTED MUTUAL FUNDS AT RELIANCE

MUTUALFUNDS. International Journal of Marketing Management, 11(3), 96-107.

111
112