PERFORMANCE EVALUATION OF SELECT EQUITY ORIENTED MUTUAL FUNDS SCHEMES IN INDIA

2020 ◽  
pp. 96-101
Author(s):  
Dr. Kingshuk Adhikari ◽  
Prof. Nikhil Bhusan Dey ◽  
Mahfuz Alom Mazumder
Keyword(s):  
Performance Evaluation ◽  
Mutual Funds ◽  
Mutual Fund ◽  
Growth Options ◽  
Long Period ◽  
Large Numbers ◽  
The World ◽  
Different Types ◽  
Areas Of Interest ◽  
Better Than

The performance evaluation of mutual fund schemes is one of the most popular areas of interest not only for the mutual fund investors but also for the researchers of developed as well as developing countries of the world. A large numbers of mutual fund schemes exist in the market and it is really difficult for the researchers to analyse the performance of mutual fund schemes over a long period of time. Further, mutual fund schemes offered by different AMCs are of different types not only in terms of their features but also in terms of their operational nomenclature. The present study makes an attempt to analyse the performance of ten equity oriented mutual fund schemes with growth options over a period of ten years from April 2005 to March 2015. In order to evaluate the performance of mutual fund schemes, the study examines the return, risk and risk-adjusted returns using Sharpe, Treynor, and Jensen measures. Out of ten schemes selected for the study, eight schemes have performed better than the market during the study period and so far as risk is concerned out of ten schemes selected two schemes have been considered more risky as compared to benchmark Index. Sharpe, Treynor and Jensen ratio of all the select schemes are positive during the study period which implies good performance of the schemes during the study period. KEY WORDS: - Performance, Equity, Return, Risk, Sharpe, Treynor, Jensen

Performance evaluation of Pakistan’s mutual fund industry

2019 ◽  
Vol 12 (2) ◽  
Author(s):  
Ayesha Iraj ◽  
Syed Mohsin Ali
Keyword(s):  
Performance Evaluation ◽  
Mutual Funds ◽  
Mutual Fund ◽  
Factor Model ◽  
The Body ◽  
Body Of Knowledge ◽  
The Us ◽  
Fund Industry ◽  
Mutual Fund Industry ◽  
Better Than

In order to evaluate the performance of mutual fund industry in various financial markets a wide variety of researches have been conducted, which lead to different results. As Pakistani mutual fund industry is much younger as compared to the US and UK fund industries and thus limited work has been done to evaluate Pakistani mutual fund industry. Over the past few years the industry had showed a phenomenal growth and it makes it worthwhile to study the performance of mutual funds. The aim of this research study is to validate the Fama French 3-Factor Model and Carhart 4-Factor Model. Also this research attempts to test that which one of the included model performs better than the other so as to check there preferred suitability in measuring and evaluating the mutual fund performance in Pakistan. The monthly data of 323 open ended mutual funds for the period of 2008 to 2018 is analyzed. The GRS model validation test was applied, the results of the test found that the Carhart 4-Factor Model performed much better than the Fama French 3-Factor Model and from the CAPM as well. This research contributes to the body of knowledge by providing academicians and practitioners more knowledge regarding multifactor asset pricing model so as to make better investment decisions. Keywords: Mutual funds, performance evaluation, CAPM, Fama-French 3- factor model, Carhart 4-factor model

Robust Benchmarking of Indian Mutual Funds-A Partial Frontier Approach

2015 ◽  
Vol 5 (2) ◽  
Author(s):  
Ram Pratap Sinha
Keyword(s):  
Decision Making ◽  
Performance Evaluation ◽  
Mutual Funds ◽  
Mutual Fund ◽  
Multi Criteria Decision Making ◽  
Risk Framework ◽  
Programming Techniques ◽  
Risk Free Rate ◽  
Risk Ratios ◽  
Free Rate

Performance analysis of mutual funds is usually made on the basis of return-risk framework. Traditionally, excess return (over risk-free rate) to risk ratios were used for the purpose mutual fund evaluation. Subsequently, the application of non-parametric mathematical programming techniques in the context of performance evaluation facilitated multi-criteria decision making. However,the estimates of performance on the basis of conventional programming techniques like DEA and FDH are affected by the presence of outliers in the sample observations. The present, accordingly uses more robust benchmarking techniques for evaluating the performance od sectoral mutual fund schemes based on observations for the second half of 2010. The USP of the present study is that it uses two partial frontier techniques (Order-m and Order- a) which are less susceptible to the problem of extreme data.

scholarly journals Mutual fund investors perception in India-a study

2017 ◽  
Vol 7 (1.1) ◽  
pp. 60
Author(s):  
R. Udhayasankar ◽  
K. Maran
Keyword(s):  
Mutual Funds ◽  
Mutual Fund ◽  
Financial Risk ◽  
Fund Raising ◽  
Factors Affecting ◽  
Derivative Instruments ◽  
Different Types ◽  
Small Investors ◽  
Investment Option ◽  
Short Span

Mutual fund is four decades old in India.  It was started by UTI during the year 1964 with few schemes for small investors. During this short span of time it has made tremendous growth in Indian small investors. But now a day’s its volume of investors and sources of investment also growing tremendous level. Moreover mutual fund scheme have added new dimension to overcome financial risk of small investors and also in fund raising capacity of corporate sectors. Mutual fund investors can diversify even more by purchasing different kind of stocks which will helps to spreading out investors’ money across different types of derivative instruments and hence it reduces the risk tremendously up to certain extent and it is automatically diversify in a predetermined category of investments. This serves bridge work between small investors and corporate sectors likewise considering those points in this paper is an attempt to know the investors’ perceptions towards selected mutual funds. This paper makes an attempt to identify various factors affecting perception of investors regarding investment in mutual funds. The findings will helpful to identify the investors’ interest base and factors clearly and it reveals that the investors consider mutual funds as flexible investment option and it creates interest of investment among small investors.

scholarly journals Innovations & Technology Based Initiatives in Mutual Fund Distribution Intermediation in India

2019 ◽  
Vol 9 (2) ◽  
pp. 4747-4753
Keyword(s):  
Mutual Funds ◽  
Financial Institutions ◽  
Mutual Fund ◽  
Financial Services ◽  
Recent Past ◽  
Indian Government ◽  
Point Of Sale ◽  
The World ◽  
Areas Of Concern ◽  
The Ideal

The world of financial services is changing in ways that are more dramatic than we would have foreseen even five years ago. Taking a leaf from evolving ecosystem around mobile telephony, many financial institutions are using smart technology to remodel their branches into smarter point of sale. This has given a genesis to a terminology of “emerging distribution intermediaries” in financial services. Mutual funds (MF) being the combiner of various savings instruments are regarded as the ideal investment vehicle for today’s complex and modern financial scenario. But its penetration is poor. One of the major levers to increase penetration is innovations in distributing MF products. Considering this, Indian government & regulator have taken many policies reforms & IT initiatives towards increasing retail participation in Mutual Funds and equity markets in recent past. Through this paper, researcher has attempted to critically analyze these initiatives. Apart from highlighting various innovations in MF distributions, this paper will also highlight the present state of online Mutual Fund trading platforms. Further, the paper attempts to highlight the areas of concern, augmentation and intervention in this space.

scholarly journals FACTORS INFLUENCING THE INVESTORS TO INVEST IN MUTUAL FUNDS: AN EMPIRICAL ANALYSIS

2020 ◽  
Vol 6 (9) ◽  
pp. 45-52
Author(s):  
Bishwajit Rout ◽  
Sangeeta Mohanty
Keyword(s):  
Mutual Funds ◽  
Mutual Fund ◽  
Exchange Traded Funds ◽  
Equity Fund ◽  
Index Funds ◽  
Money Market Funds ◽  
Wide Range ◽  
Different Types ◽  
Fund Industry ◽  
Mutual Fund Industry

Indian mutual fund industry started with traditional products like equity fund, debt fund and balanced fund and later significantly increased it’s product base. Today, the industry has introduced a wide range of products such as money market funds, sector specific funds, index funds, gilt funds, insurance linked funds, exchange traded funds, and marching towards reality funds. The different types of schemes offered by the Indian mutual fund industry provide several options of investment to common man. What is noteworthy is that bulk of the mobilization has been by the private sector mutual funds rather than bank sponsored mutual funds. Through this paper the author has attempted to focus on the the factors that motivate the investors to invest in mutual funds.

NEW DEA PERFORMANCE EVALUATION INDICES AND THEIR APPLICATIONS IN THE AMERICAN FUND MARKET

2008 ◽  
Vol 25 (04) ◽  
pp. 421-450 ◽  
Author(s):  
RUIYUE LIN ◽  
ZHIPING CHEN
Keyword(s):  
Performance Evaluation ◽  
Mutual Funds ◽  
Mutual Fund ◽  
Risk Measures ◽  
Relative Performance ◽  
Programming Approach ◽  
Data Envelopment ◽  
Performance Variation ◽  
Mathematical Programming Approach ◽  
Return Distributions

The data envelopment analysis (DEA) method is a mathematical programming approach to evaluate the relative performance of portfolios. Considering that the risk input indicators of existing DEA performance evaluation indices cannot reflect the pervasive fat tails and asymmetry in return distributions of mutual funds, we originally introduce new risk measures CVaR and VaR into inputs of relevant DEA indices to measure relative performance of portfolios more objectively. To fairly evaluate the performance variation of the same fund during different time periods, we creatively treat them as different decision making units (DMUs). Different from available DEA applications which mainly investigate the American mutual fund performance from the whole market or industry aspect, we analyze in detail the effect of different input/output indicator combinations on the performance of individual funds. Our empirical results show that VaR and CVaR, especially their combinations with traditional risk measures, are very helpful for comprehensively describing return distribution properties such as skewness and leptokurtosis, and can thus better evaluate the overall performance of mutual funds.

scholarly journals The Impact of Macroeconomic Variables on Mutual Funds Performance in Ghana

2021 ◽  
pp. 34-53
Author(s):  
Cai Li ◽  
Rosemond Atampokah ◽  
Helena Akolpoka ◽  
Priscilla Avonie ◽  
Baku R. Kwame
Keyword(s):  
Mutual Funds ◽  
Mutual Fund ◽  
Fund Performance ◽  
Foreign Portfolio Investment ◽  
Macroeconomic Variables ◽  
Macroeconomic Conditions ◽  
Fund Managers ◽  
The World ◽  
World Champion ◽  
The Impact

Development across the globe has been an agenda many citizens of the world champion irrespective of the area, sector or discipline within which it is being advocated. Politically, socially, and in the world of economics, mutual fund has gained significance within country’s economic environment. The phenomenal growth in the financial market of mutual funds can be attributed to the increase in the various financial schemes available, improvement in fund mobilization, as well as the growth of investments in the country. We examined the impact of macroeconomic variables on mutual fund performance of all mutual fund companies in Ghana over the period of 2008 to 2016. We performed correlation analysis, hence examined the co-movement of the returns from the selected funds with the key macroeconomic variables. We find macroeconomics variables positively affect the returns of funds. The effect comes by the amount of money available for investments. We further find exchange rate as the strongest macroeconomic variable affects the performance of mutual funds in Ghana. We established that Ghana receives a significant amount of foreign portfolio investment (FPI), where investors in other countries bring in their money to make investment on our financial markets. Our results provide evidence for fund managers on approach in dealing with macroeconomic conditions and its volatilities.

scholarly journals How to Direct a Mutual-Fund Portfolio by Walking Through Common Strategies

2019 ◽  
Vol 8 (4) ◽  
pp. 513-516
Keyword(s):  
Mutual Funds ◽  
Portfolio Management ◽  
Mutual Fund ◽  
Know How ◽  
The World ◽  
Game Plan ◽  
Fund Portfolio ◽  
The Way

The way to portfolio management is to have at every that you hold quickly too. The best cash supervisors on the world are powerful in light of the way that they have a request to direct cash and they have a game plan to contribute. What is needed is a sound academic framework for settling on decisions and the ability to keep sentiments from expending that structure." Most people contribute to finishing a target, the most generally perceived being retirement and school. Making a game plan upgrades your conceivable outcomes of advancement, despite for shorter-term funds destinations like a house in advance portion, excursion or auto. Right when contributing for a target, consider these requests. At the point when will I require my speculation, the amount of will I require, what is the best record sort, assessable or cost-advantaged. Answers to these request will help choose the measure of danger you can take, the sum you need to contribute and what kind of record you should consider, after we have manufactured your portfolio of mutual funds, we have to know how to look after it. Here, we discuss how to deal with a mutual-fund portfolio by strolling through four basic techniques.

scholarly journals Performance Evaluation Of 802.11P Vanets With Different Duty Cycles

2021 ◽  
Author(s):  
Rishabh Kumar
Keyword(s):  
Performance Evaluation ◽  
Duty Cycle ◽  
Multimedia Applications ◽  
The Road ◽  
Duty Cycles ◽  
Large Numbers ◽  
The World ◽  
On The Road ◽  
Delay Tolerant ◽  
Service Channels

With the improvement in technology, the number of vehicles on the roads has increased tremendously over the last decade. As large numbers of vehicles are on the road it has become almost a necessity to improve the driving conditions, provide all the facilities and to make sure that driving is safe for drivers around the world. To utilize this information the vehicle has to alternately switch between control (CCH) and service channels (SCH) effectively. So, in our work we evaluate the performance of vehicles on control and service channels with different duty cycle such that no critical message is missed and multimedia applications can be used concurrently. For this purpose we developed 802.11p simulator and the experiments proved that CCH should use duty cycle of 0.6 as delay tolerant data has to be transmitted over it and SCH should work on 0.3 which is delay insensitive, but generates revenue for the industry by using different multimedia applications as requested by the user.

scholarly journals A Comparative Study on Performance of Open and Close-ended Mutual Funds in Pakistan

2015 ◽  
Vol 1 (1) ◽  
pp. 300
Author(s):  
Waqas Ahmad ◽  
Muhammad Sohaib Roomi ◽  
Muhammad Ramzan ◽  
Muhammad Zia-ur-Rehman ◽  
Sajjad Ahmad Baig
Keyword(s):  
Financial Crisis ◽  
Comparative Study ◽  
Mutual Funds ◽  
Mutual Fund ◽  
Portfolio Performance ◽  
Sample Period ◽  
Market Portfolio ◽  
Fund Industry ◽  
Mutual Fund Industry ◽  
Better Than

This paper is based on the comparison of Pakistani open-ended and close-ended mutual funds performance. That study focus on income, balance and equity schemes of open-ended and close-ended mutual funds. The performance of these funds evaluates using Sortino measure, Shrape measure, Treynor measure, Jenssen differtial measure and Inforamtion measure. The sample for the study consists of 73 funds from 2007 to 2012. Results show open-ended mutual funds performance is better than close-ended mutual funds. KSE (market portfolio) performance is grater over the all sample base mutual funds. Most risk adjusted funds returns are negative, which probably due to mutual fund industry set back by financial crisis during sample period.  

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