A COMPARATIVE STUDY ON THE PERFORMANCE OF NIFTY 50 AND EQUITY FUNDS UNDER TIER-II OF NATIONAL PENSION SCHEME

The National Pension Scheme (NPS) is a defined contribution and a corporate pension fund that provides financial assistance to all Indian citizens. There are two types of accounts in the National Pension Scheme: Tier I and Tier II. Tier I is a mandatory deposit pension fund account and Tier II is a voluntary pension account. Tier I and Tier II is are consisted of different assets namely, equity, government security and alternative asset. The equity schemes are directly linked with the market. The return of all the fund managers in equity schemes are not same as the portfolio of all the fund managers are not same. Secondary data has been collected from respective websites of Pension Fund Managers and has been used to calculate mean, SD, Variance, and Correlation to predict the performance of equity funds. ANOVA and T-test have been for assessing the comparative analysis of the different fund managers under equity scheme in tier II. As per the study, LIC PF and ICICI PF are the best performer during the study period. The performance of SBI PF is poor among other equity funds under Tier-II of NPS during the study period. In term of risk, LIC PF is the higher risky equity fund and UIT PF is the lowest risky equity fund under Tier-II of NPS. It can be said that investors need to be high-risk taker to invest in that LIC PF. Through the risk analysis during said period of time, it is found that the ability to observe risk differs in equity funds under Tier-II of NPS. The main reason for this being a voluntary account of Tier -II. As there is no lock-in period in this account, the investors mostly use for a short-term purpose. In the recent decision of the government, Tier-II offers a lock-in period for 3 years with tax benefit. This decision may be affected the investment pattern of the investors. KEY WORDS: - National Pension Scheme, Performance, Equity Scheme, Nifty 50

Financing Sources of Exploration Works in the Light of Risk Related to their Activity

The article presents an overview of the determinants of exploration works and the definition of the role of junior mines in those processes. Junior mines, as special purpose vehicles, focus on the stages of exploration and documenting of the deposits, without going into theoperational stage related to the exploitation. Due to their nature, those entities finance their activities with equity capital in the formof share issues on the capital markets, addressing their proprietory securities to investors who accept a high level of risk. The largeststock exchanges on which the exploration companies obtain the required funds have been identified, and the trends that complementcapital raising, concerning the involvement of private equity funds, have been presented.

Evaluation of investment funds through different performance measures

Purpose - The aim of this study is to examine the evaluation of Brazilian equity funds from different performance measures. Theoretical framework - In the literature, several indexes are available that can be used to evaluate the performance of investment funds. Design/methodology/approach - Monthly return data were collected from 1,901 Brazilian equity funds. Fund performance was estimated using four indexes: the Sharpe ratio, the Sortino ratio, Jensen’s alpha, and the Treynor ratio. Findings - The results showed that all four performance measures are positively associated. This means that there are no significant differences in the ranking of Brazilian equity funds in terms of performance. Research, Practical & Social implications - The comparison of different performance indexes contributes to the literature on the subject by providing further data for researchers to adequately define the indexes considered in studies on the performance of funds. Originality/value - This study fills a gap in the literature regarding the analysis of performance measures of investment funds. Keywords - Mutual funds. Equity funds. Performance.

A STUDY ON INVESTORS PERCEPTION TOWARDS LARGE-CAP EQUITY ORIENTED MUTUAL FUNDS IN INDIA

The large-cap equity fund is one of the mutual fund schemes and fund mobilized under this scheme is invested in equity securities of large-capitalized companies. This scheme is highly preferred scheme for investment by those who want to receive reasonably high return with less risk. The present study analyzes the profile, perception and satisfaction level of retail investors in large-cap equity funds. This study is based on both primary and secondary data. The study concludes that the majority of the investors are mid-aged people and men investors are more than women. Most of the investors have graduation and belong to the small saving group. The investors have moderately satisfied with large-cap fund investment on an average basis.

Brazilian Monetary Policy’s Influence on Investment Funds’ Allocation in Corporate Bonds

The aim of this paper is to understand how monetary policy influence investment funds’ allocation in corporate bonds. This assumption is in line with the perspective that several factors influence funds’ allocation process, especially changes in a country's economic scenario. The sample of this study is comprised of 352 equity funds and 1,085 multimarket funds, during the period from December 2009 to July 2020. I used multivariate regression with panel data for hypotheses testing. I noted a small percentage of funds’ investment in corporate bonds, in other words, only about 1.3% of total net of asset. In addition, multimarket funds used to invest more in debentures than equity funds. Concerning the regression model, the interest rate (Selic) had a positive association with funds’ amount allocated in corporate bonds. It is a result of Brazilian context, whose corporate bonds are indexed according to DI rate. As expected, I observed a positive relationship between inflation rate and funds’ investment in debentures, which reveals that the fear of deflation causes investors to increase the percentages invested in corporate debt securities. As respects funds’ features, time and minimum balance, do not guarantee more investment in corporate bonds. Thus, this paper contributes to the literature for bringing monetary policy closer to capital market and discussing an emerging country’s funds industry. In this way, it is relevant because it involves an important source of credit for companies, based on data from institutional investors.

Alleviating the burden of diabetes with Health Equity Funds: Economic evaluation of the health and financial risk protection benefits in Cambodia

In Cambodia, diabetes caused nearly 3% of the country’s mortality in 2016 and became the fourth highest cause of disability in 2017. Providing sufficient financial risk protection from health care expenditures may be part of the solution towards effectively tackling the diabetes burden and motivating individuals to appropriately seek care to effectively manage their condition. In this study, we aim to estimate the distributional health and financial impacts of strategies providing financial coverage for diabetes services through the Health Equity Funds (HEF) in Cambodia. The trajectory of diabetes was represented using a Markov model to estimate the societal costs, health impacts, and individual out-of-pocket expenditures associated with six strategies of HEF coverage over a time horizon of 45 years. Input parameters for the model were compiled from published literature and publicly available household survey data. Strategies covered different combinations of types of diabetes care costs (i.e., diagnostic services, medications, and management of diabetes-related complications). Health impacts were computed as the number of disability-adjusted life-years (DALYs) averted and financial risk protection was analyzed in terms of cases of catastrophic health expenditure (CHE) averted. Model simulations demonstrated that coverage for medications would be cost-effective, accruing health benefits ($27 per DALY averted) and increases in financial risk protection ($2 per case of CHE averted) for the poorest in Cambodia. Women experienced particular gains in health and financial risk protection. Increasing the number of individuals eligible for financial coverage also improved the value of such investments. For HEF coverage, the government would pay between an estimated $28 and $58 per diabetic patient depending on the extent of coverage and services covered. Efforts to increase the availability of services and capacity of primary care facilities to support diabetes care could have far-reaching impacts on the burden of diabetes and contribute to long-term health system strengthening.

Introducing Hedge Funds

This introduction reviews recent research on hedge funds. The Handbook of Hedge Funds comprises 21 chapters from authors around the world. The chapters describe hedge fund industry governance, flows, limited partnership contracts, compensation, fund strategies, performance, activism, effects on investee firms, misconduct, misreporting, fraud, and financial regulation. Further, the chapters highlight differences with other types of intermediaries, such as private equity funds and mutual funds. The chapters feature both US and international analyses. This introductory chapter summarizes papers that appear in the handbook, provide a theoretical framework for research on hedge funds, and highlight research trends on topic.