INTRODUCTION

Mutual Fund

A mutual fund is an investment vehicle in which a pool of investors collectively put forward
funds to an investment manager to make investments on their behalf. The fund is regulated by
the Securities Exchange Commission, or SEC.

When involved with a mutual fund, each investor benefits proportionally to the amount of
money they invested. Mutual funds may invest in stocks, bonds, money market instruments,
or other assets. Depending on the vehicle of investment and redemption patterns, mutual fund
investment can offer tax benefits.

The advantages of mutual funds are the ability to diversify a portfolio across industries, low
fees, and availability of professional expertise in the guise of fund managers. The
disadvantages of mutual funds are that they do not provide ownership of underlying holdings
to investors; hence, investors do not have much say on the composition and constituents of
mutual funds. Mutual funds are also more expensive and riskier as compared to index funds.

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 Basics of Mutual Funds

Mutual funds can be a good opportunity for small or individual investors to benefit from a
professionally managed investment portfolio. They usually invest in a large number of
securities, and their performance is tracked as the change in the market cap of the fund,
which itself is determined by the performance of the underlying investments.

Mutual funds charge a sales commission, known as load, as well as management fees related
to the fund’s administration. While all funds charge management or administration fees, there
are funds in the market that are no-load, meaning they do not charge a sales commission. The
returns of a mutual fund are based on the performance of its constituents.

Therefore, skill and expertise is required to pick equities that provide desired returns. Highly-
trained professionals function as fund managers for mutual funds. You can use fund rankings
issued by research firms like Morningstar and Standard & Poor to select funds. Buying shares
of a mutual fund does not give investors voting rights in a company; instead the fund
manager votes on their behalf.

However, since mutual funds generally incorporate hundreds of different securities, it does
give investors the benefit of diversification of their portfolios. The value of a share of mutual
fund is called the net asset value per share, or the NAV. The price is determined by taking the
net value of all the securities in the fund and dividing by the outstanding shares.

Mutual funds can be open-ended or closed-ended. An open-ended mutual fund issues an

unlimited number of shares in the open market and redeems them at market value from
investors. The share price of an open-end fund is based on the net asset value of its
constituents. Closed-end mutual funds function in the opposite manner i.e., they issue a fixed
number of shares and redemption is not allowed. Instead, the only way for an investor to
“redeem” a share is by selling it to someone else.

Therefore, their price is based on the dynamics of supply and demand and they always trade
at a discount to the net asset value of their constituents.

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 Types of Mutual Funds

Broadly there are four types of mutual funds. They are as follows:

• Equity Mutual funds: Equity mutual funds consist of collections of stocks of

companies. Investors can allocate funds to funds based on their goals. For
example, growth funds are focused on stocks of companies with significant
growth potential in the future. Income funds include stocks of companies that
pay regular dividends.
• Money Market mutual funds: Money market mutual funds invest in short-term
debt issued by corporates, government, state, and municipalities. For example,
they might invest in US treasuries and debt issued by established companies
like Apple Inc. or Exxon. The aim of this type of mutual fund is to generate
income while minimizing risk.
• Bond funds: Bond funds are considered conservative investments and provide
fixed income to investors in such funds. Like money market mutual funds,
their investment portfolio is restricted to government and corporate debt. They
are generally favored for retirement planning.
• Balanced Funds: Balanced funds aim to strike a balance between equity and
bond investing. They are long term funds that incorporate a mix of stocks and
bonds in a given ratio. For example, they might have 60% stocks and 40%
bonds. Rebalancing these funds on a periodic basis adjusts their composition
to prevailing economic conditions. Some are rebalanced based on the
investor’s goals. For example, they might incorporate a more conservative
approach close to retirement.

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 Tax Implications of Mutual Funds

The tax implications of mutual funds depend on the investment vehicle used to conduct the
transactions. If mutual funds are traded from inside a retirement account, then capital gains
accruing from the sale are deferred. If, however, the trades occur outside a retirement
account, then the investor is responsible for paying the prevailing capital gains tax.

Dividends from the mutual fund or redemption of units contained within the fund are also
taxed at regular rates for income and capital gains.

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 Pros and Cons of Mutual Funds

The benefits of mutual funds are as follows:

• Mutual funds are available in various flavors and help diversify a portfolio
across sectors and industries.
• Mutual funds enable regular investors, who do not have much knowledge
about the markets, to access sophisticated and professional expertise of fund
managers at low costs.
• Active mutual funds that take large positions in stocks can make a significant
difference to the performance of that equity and generate profits for investors
who hold shares in that fund.
• Mutual funds are a liquid market, meaning it is relatively easy to trade and
find a buyer for them. The same cannot be said for several assets.

The drawbacks of mutual funds are as follows:

• Mutual funds do not offer ownership of shares. Therefore, it is not possible for
investors to select or pick the composition of a fund to align with their values.
• Mutual fund fees can add up over time. According to 2016 research by the
Investment Company Institute (ICI), the after-fee return for $1,000 annual
investment averaging 7% return over 30 years for mutual funds is $86,000.
Index funds offer $99,000 over the same timeframe due to lower management
fees.
• While they are a type of mutual fund, index funds have become more popular
in recent times as compared to regular index funds. This is because they are
cheaper and less risky. Unlike mutual funds, whose constituents are selected
with rigorous analysis, index funds stick to a tried-and-tested formula and
track indices.
• For those who hold very few units of mutual funds, returns can be negligible
or very low, especially when they are compared to similar equity investments.

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 Why Select Mutual Fund?

The risk return trade-off indicates that if investor is willing to take higher risk, then
correspondingly, he can expect higher returns and vise-versa if he pertains to lower risk
instruments, which would be satisfied by lower returns. For example, if an investor opt for
bank FD, which provide moderate return with minimal risk. But as he moves ahead to invest
in capital protected funds and the profit-bonds that give out more return which is slightly
higher as compared to the bank deposits but the risk involved also increases in the same
proportion. Thus, investors choose mutual funds as their primary means of investing, as
Mutual funds provide professional management, diversification, convenience and liquidity.
That doesn’t mean mutual fund investments risk free. This is because the money that is
pooled in are not invested only in debts funds which are less risk but are also invested in the
stock markets which involves a higher risk but can expect higher returns. Hedge fund
involves a very high risk since it is mostly traded in the derivatives market which is
considered very volatile.

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 FUTURE PROSPECT OF MUTUAL FUNDS IN INDIA

• Financial experts believe that the future of Mutual Funds in India will be very bright.
It has been estimated that by March-end of 2010, the mutual fund industry of India
will reach Rs 40,90,000 crore, taking into account the total assets of the Indian
commercial banks. In the coming 10 years the annual composite growth rate is
expected to go up by 13.4%.
• 100% growth in the last 6 years.
• Number of foreign AMC's are in the queue to enter the Indian markets like Fidelity
Investments, US based, with over US$1trillion assets under management worldwide.
• Our saving rate is over 23%, highest in the world. Only channelizing these savings in
mutual funds sector is required.
• We have approximately 29 mutual funds which is much less than US having more
than 800. There is a big scope for expansion.
• 'B' and 'C' class cities are growing rapidly. Today most of the mutual funds are
concentrating on the 'A' class cities. Soon they will find scope in the growing cities.
• Mutual fund can penetrate rural like the Indian insurance industry with simple and
limited products. SEBI allowing the MF's to launch commodity mutual funds.
• Emphasis on better corporate governance.

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 MUTUAL FUND PROVIDER COMPANY

1) Axis Asset Management Co Ltd

Axis Asset Management Co Ltd is a privately owned investment manager. It was established
in the year 2009.
The company is headquartered in Mumbai, India. The company manages equity, fixed
income, and balanced mutual funds and hedge funds for its clients. It is one of the top 10
mutual fund companies in India. The firm also invests in gold for some of its funds. Axis
Asset Management Company Ltd operates as a subsidiary of Axis Bank Ltd.
74.99% share of the AMC is held by Axis Bank while the rest 24% is held by Schroder
Singapore Holdings Private Limited.
The Axis MF AMC was incorporated back in October 2009 and has since abided by its three
pillars:

I. Outside-in view – Communicate with customers in their language to assist better in taking
the right investment decision.

II. Long-term wealth creation – Encourage investors to create a long-term investment strategy
and play a critical role in their wealth management.

III. Long-term relationship – Build relationships beyond finances.

As of March 31, 2022, the AMC has reported Assets Under Management (AMU) for schemes
of Axis Mutual Funds at Rs. 2,60,335.18 for the quarter.
It has 31 investment teams operating across 19 nations in the Middle East, Europe, America,
and Asia. The product line up of Axis Mutual Fund includes over 53 different schemes. It is
present in over 100 cities and has over 98 lakh active investor accounts.

Axis Asset Management Company Limited's operating revenues range is Over INR 500
cr for the financial year ending on 31 March, 2022. It's EBITDA has increased by 62.67
% over the previous year. At the same time, it's book networth has increased by 55.62 %.
Other performance and liquidity ratios.

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 Description: The company provides investment management services. It offers manages
mutual funds as well as offers portfolio management and advisory services.

Products & Services: manages mutual funds as well as offers portfolio management and
advisory services.
Category: Service Provider

The current status of Axis Asset Management Company Limited is - Active.

The last reported AGM (Annual General Meeting) of Axis Asset Management Company
Limited, per our records, was held on 18 July, 2022. Also, as per our records, its last balance
sheet was prepared for the period ending on 31 March, 2022.

SOME OF AXIS MUTUAL FUNDS IN INDIA

FUND
1Y SIZE (in
FUND NAME CATEGORY RISK RETURNS RATINGS Cr.)
₹
Axis small Cap Fund Equity Very High 10.50% 5 Star 11,358.00
₹
Axis Mid Cap Fund Equity Very High 1.20% 5 Star 19,741.00
₹
Axis Bluechip Fund Equity Very High -1.10% 5 Star 36,891.00
Low to ₹
Axis Corporate Debt Fund Debt Moderate 4.40% 5 Star 2,994.00
Low to ₹
Axis Banking & PSU Debt Fund Debt Moderate 4.10% 5 Star 13,183.00

Axis Small Cap Fund Direct Growth

Fund Performance: The fund's annualized returns for the past 3 years & 5 years has been
around 24.84% & 18.56%. The Axis Small Cap Fund comes under the Equity category
of Axis Mutual Funds.

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Minimum Investment Amount: Lump sum minimum amount for Axis Small Cap Fund is
₹500 and for SIP, it is ₹100.

Axis MidCap Direct Plan Growth

Fund Performance: The fund's annualized returns for the past 3 years & 5 years has been
around 17.98% & 15.21%. The Axis Midcap Fund comes under the Equity category
of Axis Mutual Funds.

Minimum Investment Amount: Lump sum minimum amount for Axis Midcap Fund is
₹500 and for SIP, it is ₹100.

Axis Bluechip Fund Direct Plan Growth

Fund Performance: The fund's annualized returns for the past 3 years & 5 years has been
around 10.98% & 12.03%. The Axis Bluechip Fund comes under the Equity category
of Axis Mutual Funds.

Minimum Investment Amount: Lump sum minimum amount for Axis Bluechip Fund is
₹500 and for SIP, it is ₹100.

Axis Corporate Debt Fund Direct Growth

Fund Performance: The fund's annualized returns for the past 3 years & 5 years has been
around 6.89% & 7.32%. The Axis Corporate Debt Fund comes under the Debt category
of Axis Mutual Funds.

Minimum Investment Amount: Lump sum minimum amount for Axis Corporate Debt
Fund is ₹5,000 and for SIP, it is ₹1,000.

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Axis Banking & PSU Debt Direct Plan Growth

Fund Performance: The fund's annualized returns for the past 3 years & 5 years has been
around 5.78% & 7.25%. The Axis Banking & PSU Debt Fund comes under
the Debt category of Axis Mutual Funds.

Minimum Investment Amount: Lump sum minimum amount for Axis Banking & PSU
Debt Fund is ₹5,000 and for SIP, it is ₹1,000.

Top Fund Managers

1. Mr. Jinesh Gopani

Jinesh Gopani has a combined experience of 13 years in capital markets. Out of that, he
spent 4 years in managing equity funds. An MMS in Finance from Mumbai University, he
has been the Fund Manager of Equities at Axis Asset Management Company Ltd. since
2011. He held the post of Assistant Fund manager of Equities prior to this position.

Before becoming part of Axis Mutual Fund, he was associated with Birla Sun Life Asset
Management Company Ltd. as the Portfolio Manager. He was also the Portfolio Manager
and Research Analyst at Voyager India Capital Pvt. Ltd. earlier.

The key funds that Mr. Gopani manages are Axis Long Term Equity Fund, Axis Growth
Opportunities Fund, and Axis Focused 25 Fund.

2. Mr. Shreyash Devalkar

Shreyash Devalkar is a Bachelor of Chemical Engineering degree from UDCT, Mumbai

and an MMS in Finance from Jamnalal Bajaj Institute of Management Studies.

Mr. Devalkar began his career as an Executive Engineer at Larsen & Toubro Limited back
in 1999. He then moved on to become a manager at Calyon Bank in 2003. In 2004, he was
hired as an Analyst at JP Morgan Services India Ltd. From there, he went on to become
the Vice President of Research at IDFC Capital Ltd. Mr. Devalkar later on became the
Vice President of Investments at IDFC Asset Management Company Ltd.

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BNP Paribas Asset Management India Private Ltd hired him as an Equity Analyst in the
PMS division in 2011. The same year, he became the Fund Manager of Equities of the
same company.

Mr. Devalkar has served as the Senior Fund Manager of Axis Bank Mutual Fund
investment schemes since 2016.

Some of the key funds that Shreyash Devalkar manages include Axis Multicap Fund, Axis
Mid Cap Fund, and Axis Bluechip Fund. The Axis Bluechip Fund registered a 21.5%
return in FY 2017-18, a considerable growth compared to Bluechip Funds of other AMCs.

3. Mr. Anupam Tiwari

Anupam Tiwari is the Fund Manager of Equity of Axis Mutual Funds since 2016. He was
also the Senior Equity Analyst at Reliance Capital Asset Management Company Ltd.,
where he primarily functioned across sectors including infrastructure, utilities, media, and
capital goods.

Mr. Tiwari also managed mid cap and large cap portfolios as Equity Fund Manager in
Reliance Life Insurance Company Limited later on. He also held the same position at
Principal PNB Mutual Fund after moving on from the previous company.

Few of the funds that Anupam Tiwari manages are Axis Small Cap Fund, Axis Equity
Saver Fund, and Axis Dynamic Equity Fund.

4. Mr. Ashish Naik

Ashish Naik is a PGDBM in Finance and Marketing from XLRI, Jamshedpur. He is also a
Chartered Financial Analyst (CFA) and Financial Risk Manager (FRM). Mr. Naik also
holds a degree in Bachelor in Computer Engineering from the University of Mumbai.

He initially began his career as a Software Engineer from Hexaware Technologies. He

later on joined Goldman Sachs as a Sell-side Equity Research Analyst and performed
various duties like creating financial models for Korean and Malaysian banks. Mr. Naik
joined Axis Mutual Fund in 2009 as a Research Analyst. His primary roles included risk
analysis, portfolio performance, marketing mutual funds, analysing industry structure, etc.

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He received the position of Assistant Fund Manager at Axis in 2016 and Fund Manager in
2018.

The key funds that Ashish Naik manages include Axis Regular Saver Fund, Axis Equity
Hybrid Fund, Axis Children’s Gift Fund - Compulsory Lock-In, Axis Triple Advantage
Fund, and Axis NIFTY ETF.

5. Mr. Viresh Joshi

Viresh Joshi functions as the Fund Manager and the Chief Trader at Axis. An MBA in
Finance, he has a capital market experience of more than 20 years.

He has represented domestic buy side investors of ETFs, equity derivatives, and equity at
several round-table conferences like TradeTech and FIX. Mr. Joshi was previously
associated with ICICI Securities and BNP Paribas Securities.

6. Mr. R. Sivakumar

R. Sivakumar holds a BTech degree from the Indian Institute of Technology, Madras and
an MBD degree from the Indian Institute of Management, Ahmedabad.

He started his career as a Research and Investment Analyst in Zurich India AMC & ITC
Threadneedle AMC back in 1998. Mr. Sivakumar has also been the Fund manager of
Fixed Income at Sundaram Asset Management Company Ltd. He has also played the role
of Fund Manager in Fortis Investments, where he later became the Chief Operating
Officer.

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2) Aditya Birla Sun Life Mutual Fund (Aditya Birla)

Birla Sun Life Asset Management Company Ltd is the joint venture between the Aditya Birla
Group and Sun Life Financial Inc of Canada. The company was founded in the year 1994. It
has emerged as one of the top flagships of Mutual funds business managing assets of a large
investor base.
It is offering a range of investment options including diversified and sector-specific equity
schemes, hybrid and monthly income funds etc. It is offering a wide range of treasury
products, debt, and offshore funds. It is one of the top mutual fund companies in India.

Headquartered in Mumbai, it was previously named Birla Sun Life Asset Management
Company Limited. It was established in 1994 and has successfully completed 25 years in
the Indian financial landscape.

Both the parent companies, Aditya Birla Group and Sun Life Financial, Inc., are
significant financial companies with a rich legacy of wealth creation and management. The
Aditya Birla Group is the 3rd largest business conglomerate in India, with gross revenue in
excess of $41 billion.

Sun Life, on the other hand, is one of the largest life insurance providers in the world with
investment management as their other area of expertise. It ranks 236th on the Fortune 500
list.

ABSLMF is currently one of the largest asset management companies operating in India.
With cumulative average assets under management (AUM) of Rs. 295804.91 Crore as of
March 31, 2022.

Aditya Birla Sun Life Mutual Fund primarily deals in four classes of funds:

i. Equity funds

ii. Income funds

iii. Debt funds

iv. ELSS funds

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 The primary commitment of ABSLMF is to increase mutual fund penetration in India. As
of May 2019, there are over 83.2 million mutual fund folios in India aggregating over Rs.
25.43 trillion. It has quadrupled in the past decade alone, and ABSLMF has had a defining
role in it.

BSLAMC is one of the leading asset managers in India, servicing around 7.9 million
investor folios with a pan India presence across 280 plus locations which include
metropolises and small times alike.

ABSLMF takes an active approach in making the entire mutual fund management process
straightforward and transparent to ease it for both investors and channel partners. Their
portfolio of financial products and services include sector-specific equity options, treasury
and debt products, fund of fund schemes and hybrid income funds, to name a few.

SOME OF ADITYA BIRLA SUNLIFE MUTUAL FUNDS IN INDIA

FUND
1Y SIZE (in
FUND NAME CATEGORY RISK RETURNS RATINGS Cr.)
Aditya Birla Sun Life Asset ₹
Allocator FoF Fund Other High 3.0% 5 Star 159.00
Aditya Birla Sun Life Floating Low to ₹
Rate Direct Fund Debt Moderate 5.2% 5 Star 13,015.00
Aditya Birla Sun Life Balanced ₹
Advantage Fund Hybrid Very High 6.8% 4 Star 6,707.00
Aditya Birla Sun Life Financial
Planning FoF Conservative Plan Moderately ₹
Fund Other High 4.8% 4 Star 14.00
Aditya Birla Sun Life Dynamic ₹
Bond Retail Fund Debt Moderate 7.0% 4 Star 1,779.00

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Aditya Birla Sun Life Asset Allocator FoF Direct Growth

Fund Performance: The fund's annualized returns for the past 3 years & 5 years has been
around 13.71% & 9.69%. The Aditya Birla Sun Life Asset Allocator FoF Fund comes
under the Other category of Aditya Birla Sun Life Mutual Funds.

Minimum Investment Amount: Lump sum minimum amount for Aditya Birla Sun Life
Asset Allocator FoF Fund is ₹1,000 and for SIP, it is ₹1,000.

Min Investment Amt ₹1,000

AUM ₹159Cr

1Y Returns 3.0%

Aditya Birla Sun Life Floating Rate Direct Fund Growth

Fund Performance: The fund's annualized returns for the past 3 years & 5 years has been
around 5.8% & 6.85%. The Aditya Birla Sun Life Floating Rate Direct Fund comes under
the Debt category of Aditya Birla Sun Life Mutual Funds.

Minimum Investment Amount: Lump sum minimum amount for Aditya Birla Sun Life
Floating Rate Direct Fund is ₹1,000 and for SIP, it is ₹1,000.

Min Investment Amt ₹1,000

AUM ₹13,015Cr

1Y Returns 5.2%

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Aditya Birla Sun Life Balanced Advantage Fund Direct Growth

Fund Performance: The fund's annualized returns for the past 3 years & 5 years has been
around 11.69% & 9.38%. The Aditya Birla Sun Life Balanced Advantage Fund comes
under the Hybrid category of Aditya Birla Sun Life Mutual Funds.

Minimum Investment Amount: Lump sum minimum amount for Aditya Birla Sun Life
Balanced Advantage Fund is ₹100 and for SIP, it is ₹100.

Min Investment Amt ₹100

AUM ₹6,707Cr

1Y Returns 6.8%

Aditya Birla Sun Life Financial Planning FoF Conservative Plan Direct Growth

Fund Performance: The fund's annualized returns for the past 3 years & 5 years has been
around 9.83% & 7.98%. The Aditya Birla Sun Life Financial Planning FoF Conservative
Plan Fund comes under the Other category of Aditya Birla Sun Life Mutual Funds.

Minimum Investment Amount: Lump sum minimum amount for Aditya Birla Sun Life
Financial Planning FoF Conservative Plan Fund is ₹500 and for SIP, it is ₹500.

Min Investment Amt ₹500

AUM ₹14Cr

1Y Returns 4.8%

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Aditya Birla Sun Life Dynamic Bond Retail Fund Direct Growth

Fund Performance: The fund's annualized returns for the past 3 years & 5 years has been
around 7.31% & 5.75%. The Aditya Birla Sun Life Dynamic Bond Retail Fund comes
under the Debt category of Aditya Birla Sun Life Mutual Funds.

Minimum Investment Amount: Lump sum minimum amount for Aditya Birla Sun Life
Dynamic Bond Retail Fund is ₹1,000 and for SIP, it is ₹1,000.

Top Fund Managers

1. Mr. Satyabrata Mohanty

Mr. Satyabrata Mohanty is the Head of Mixed Assets at ABSLMF. A chartered accountant
by training, Mr. Mohanty has been associated with the Aditya Birla for over 20 years. He
joined the organisation in 1998 as a management trainee and has since then served it in
various capacities. He moved over to their asset management division, where he became a
co-head in 2003. His equity management career began in 2009 in the same organisation,
and his career trajectory has been an upward curve ever since.

During various points in his tenure, Mr. Mohanty has managed Advantage Funds,
Dividend Yield Plus, India Reforms and Special Situations Funds. His most preferred
investments are in companies which show a robust growth pattern (CAGR of 20% and
above) over a long period. Banking and financial service have traditionally been his
favourite areas of investment.

Mr. Mohanty has managed some of the most high-performing funds at Birla Mutual
Fund such as Aditya Birla Sun Life Advantage Fund, Aditya Birla Sun Life India Reforms
Fund, Aditya Birla Sun Life Special Situations Fund and Aditya Birla Sun Life Dividend
Yield Plus Fund.

2. Mr. Maneesh Dangi

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Mr. Maneesh Dangi is the Co-Chief Investment Officer at ABSLMF, heading the Fixed
Income Investment division of the company. Mr. Dangi, an MBA in Finance and FRM,
has been associated with the firm since January 2006.

Before joining the Aditya Birla Group, Mr. Dangi was the Head of Fixed-Income
Investment Consultancy and Merchant Banking at Pioneer Investcorp. With an experience
spanning over two decades, he has pulled off some of the most impressive investment
portfolios at ABSLMF, where he managed a team of 22 analysts and fund managers who
collectively manage funds worth over Rs. 1.5 Lakh Crore.

Mr. Dangi manages 19 schemes worth more nearly Rs. 44,000 Crore. His impressive
investment portfolio comprises of Aditya Birla Sun Life Credit Risk Fund, Aditya Birla
Sun Life Short Term Opportunities Fund, Aditya Birla Sun Life Corporate Bond Fund, and
Aditya Birla Sun Life Banking & PSU Debt Fund.

3. Mr. Mohit Sharma

A PGDCM holder from the prestigious Indian Institute of Management- Calcutta, Mr.
Mohit Sharma is associated with Birla Sun Life Mutual Funds since October of 2015.
Before joining the Birla-led AMC, Mr. Sharma used to run his private health-tech business
since 2012. His career started with a one-year stint at Irevna Ltd. (a subsidy of credit
report company CRISIL) as an Equity Research analyst. He has also served multiple stints
at leading financial institutions in the country such as Standard Chartered Bank (2007-
2011), and ICICI Bank Ltd. (2006-2007).

At ABSLMF, Mr. Sharma has been involved in managing funds most of which have
returned over 8% YoY. His portfolio of fund management comprises of Aditya Birla Sun
Life Balanced Advantage Fund, Aditya Birla Sun Life Low Duration Fund, Aditya Birla
Sun Life Fixed Term Plan and ABSL Money manager Fund, among others.

4. Mr. Dhaval Gala

Mr. Dhaval Gala, a former student of the N.L. Dalmia Institute of Management Studies &
Research with a Post Graduate Degree in Business Management (Finance), is one of the
most dynamic fund managers at Aditya Birla Mutual Funds. Prior to his association with

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the AMC, Mr. Gala had gained considerable experience at leading financial companies
like J.P. Morgan Chase India and B&K Securities.

At ABSLMF, Mr. Gala heads the Birla Sun Life Banking & Financial Services Funds
division along with his senior colleague, Mr. Satyabrata Mohanty. He manages a total
AuM of nearly Rs. 1,900 Crore.

5. Ms. Sunaina da Cunha

Ms. Sunaina de Cunha has been one of the most consistent employees of Aditya Birla Sun
Life Mutual Funds since 2004. Ms. Cunha started her career at Aditya Birla Group after
obtaining her CFA Charter Holder from CFA Institute in Virginia. She also went to FMS,
Delhi from where she earned a master’s degree in Business Administration.

Ms. Cunha’s portfolio of funds is impressive, to say the least. She manages 13 schemes
with a cumulative AuM of over Rs. 91,000 Crore. Among several others, she manages the
following funds- Aditya Birla Sun Life Liquid Fund, Aditya Birla Sun Life Savings Fund,
and Aditya Birla Sun Life Credit Risk Fund.

6. Mr. Pranay Sinha

Mr. Pranay Sinha has the distinction of attending both IIT-Kharagpur and IIM-Calcutta,
from where he obtained his PGDM in Finance. Mr. Sinha has a rich corporate experience
of over 13 years, over a decade out of which is in Fund Management and Currency
Trading.

Mr. Sinha joined ABSLMF back in 2014 and quickly made his way to the top of the chain
by managing some of the most profitable funds. Prior to his association with ABSLMF, he
had worked in various capacities at major companies like BNP Paribas Bank, ICICI
Prudential Asset Management Company Limited and Morgan Stanley Investment
Management Pvt. Ltd.

At ABSLMF, Mr. Sinha overlooks 20 schemes with a new AuM of over Rs. 21,500 Crore.

7. Mr. Kaustabh Gupta

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A chartered accountant and CFA by qualification, Mr. Kaustabh Gupta is one of the
sharpest financial brains at Aditya Birla Sun Life Mutual Fund. As a senior fund manager,
Mr. Gupta has managed some of the most consistent schemes at ABSLMF. He brings with
himself 14 years of rich experience, working in different domains such as liquidity
management,

treasury finance, and fund management. Mr. Gupta was previously a part of the Ass et
Liability Management team at ICICI bank before leaving the post to join ABSLMF in
2009.

Mr. Gupta is now responsible for managing 24 schemes with a cumulative AuM in excess
of Rs. 1.29 Lakh Crore. Among his highest grossing schemes are Aditya Birla Sun Life
Government Securities Fund, Aditya Birla Sun Life Corporate Bond Fund, Aditya Birla
Sun Life Banking & PSU Debt Fund and Aditya Birla Sun Life Short Term Opportunities
Fund.

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3) Franklin Templeton Asset Management India Pvt Ltd

It is one of the top performing mutual fund companies in India. Franklin Templeton
Investments’ inception dates back to 1947. Since its foundation, the company has offered
asset management service for retail, institutional, and high-value clients.

It not only offers mutual funds but also other investment vehicles like exchange traded
funds (ETFs), private funds, and separately-managed accounts. Under these vehicles, the
company offers schemes like equity, fixed income, multi-asset, and alternatives. Franklin
Templeton Investments also offers a platform for portfolio, trading, research, and
investment risk management.

Currently, Franklin Templeton has presence in over 34 countries. It has more than 600
investment professionals and employs in excess of 9,500 individuals. The company has
$724.1 billion assets under management worldwide.

Franklin Templeton in India

Franklin Templeton Investments began its operations in India back in 1996 under the name
Templeton Asset Management India Pvt. Ltd. The trust, Franklin Templeton Mutual Fund,
is registered with SEBI under the registration number MF/026/96/8.

The first fund that the company offered in September 1996 was the Templeton India
Growth Fund. In India, the Franklin Templeton has 21 funds that have completed 10 years
and several others that have crossed the 20-year mark.

Back in 2002, the company acquired another fund house - Pioneer ITI AMC Ltd. (a joint
venture between Pioneer and the Investment Trust of India) to become the largest mutual
fund in India after Unit Trust of India.

Franklin Templeton Investments is one of the few asset management companies that offer
an in-house registrar for its clients for better service management and quality.The
company also offers loyalty programs where clients can get to engage with the fund
management team, get invited to external management development programs, annual
thought leadership platforms, and other extensive engagement events.

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 List of Franklin Templeton Mutual Funds in India

FUND
1Y SIZE (in
FUND NAME CATEGORY RISK RETURNS RATINGS Cr.)
₹
Franklin India Flexi Cap Fund Equity Very High 6.6% 4 Star 10,431.00
₹
Templeton India Value Fund Equity Very High 15.9% 3 Star 826.00
₹
Franklin Build India Direct Fund Equity Very High 11.9% 3 Star 1,214.00
Franklin India Focused Equity ₹
Fund Equity Very High 10.2% 3 Star 8,414.00
₹
Franklin India Taxshield Fund Equity Very High 6.90% 3 Star 4,908.00

Franklin India Flexi Cap Fund Direct Growth

Fund Performance: The fund's annualized returns for the past 3 years & 5 years has been
around 18.97% & 11.14%. The Franklin India Flexi Cap Fund comes under
the Equity category of Franklin Templeton Mutual Funds.

Minimum Investment Amount: Lump sum minimum amount for Franklin India Flexi Cap
Fund is ₹5,000 and for SIP, it is ₹500.

Templeton India Value Fund Direct Plan Growth

Fund Performance: The fund's annualized returns for the past 3 years & 5 years has been
around 23.02% & 10.65%. The Templeton India Value Fund comes under
the Equity category of Franklin Templeton Mutual Funds.

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Minimum Investment Amount: Lump sum minimum amount for Templeton India Value
Fund is ₹5,000 and for SIP, it is ₹500.

Franklin Build India Direct Fund Growth

Fund Performance: The fund's annualized returns for the past 3 years & 5 years has been
around 19.64% & 11.14%. The Franklin Build India Direct Fund comes under
the Equity category of Franklin Templeton Mutual Funds.

Minimum Investment Amount: Lump sum minimum amount for Franklin Build India
Direct Fund is ₹5,000 and for SIP, it is ₹500.

Franklin India Focused Equity Fund Direct Growth

Fund Performance: The fund's annualized returns for the past 3 years & 5 years has been
around 19.19% & 12.03%. The Franklin India Focused Equity Fund comes under
the Equity category of Franklin Templeton Mutual Funds.

Minimum Investment Amount: Lump sum minimum amount for Franklin India Focused
Equity Fund is ₹5,000 and for SIP, it is ₹500.

Franklin India Taxshield Direct Growth

Fund Performance: The fund's annualized returns for the past 3 years & 5 years has been
around 16.43% & 10.54%. The Franklin India Taxshield Fund comes under
the Equity category of Franklin Templeton Mutual Funds.Minimum Investment
Amount: Lump sum minimum amount for Franklin India Taxshield Fund is ₹500 and for
SIP, it is ₹500.

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Top Fund Managers

1. Mr. Anand Vasudevan

Mr. Anand Vasudevan is a B.Tech from Indian Institute of Technology, Madras, PGDM
from Indian Institute of Management, Calcutta, and Master of Finance from the London
Business School. He is currently the Senior Vice President and Head of Equity at Franklin
Templeton Mutual Fund in India.

Prior to joining Franklin Templeton, he was the Equity Research Analyst at the Dresdner
Kleinwort Wasserstein in 2001. Later, he moved to Keefe, Bruyette & Woods, Inc. as the
Equity Research Analyst in 2004.

Anand Vasudevan joined Templeton Asset Management India Pvt. Ltd. in 2007. Since
2008, he is also the Head of Research. He currently manages the Franklin India Bluechip
Fund and Franklin India Flexi Cap Fund.

2. Mr. Anand Radhakrishnan

Mr. Anand Radhakrishnan is a B.Tech in Chemical Engineering from the Anna University,
Chennai, PGDM from Indian Institute of Management, Ahmedabad, and also a Chartered
Financial Analyst (CFA).

Mr. Radhakrishnan has been associated with the investment management sector since
1994. He was initially the Deputy Manager of Equity Research at SBI Funds Management
Ltd. Previously; he worked at Sundaram Mutual Fund for 8 consecutive years.

He is currently the Chief Investment Officer in the company. Previously, he held the
position of Senior Vice President, Portfolio Manager and Head of Portfolio Analytics
at Franklin Templeton Mutual Fund.

Mr. Radhakrishnan manages the Franklin India Bluechip Fund, Franklin India Infotech
Fund, Franklin India Taxshield, Franklin India Prima Plus, FT India Dynamic PE Ratio
Fund of Funds, FT India Life Stage Fund of Funds, and equity portfolio of all hybrid
funds.

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3. Ms. Roshi Jain

Ms. Roshi Jain holds a PGDM degree from the Indian Institute of Management,
Ahmedabad. She is also Chartered Financial Analyst and Chartered Accountant.

Ms. Jain began her career with S.R Batliboi. She then joined the Research Division of
Goldman Sachs Group Inc. Singapore/ Hong Kong in 2002. Two years later, she moved to
Goldman Sachs, London.

She is currently the Assistant Vice President, Equities Research Analyst, and Co-Portfolio
Manager at Franklin Templeton Mutual Fund. Her areas of expertise include power, retail,
engineering, construction, and cement in India and ASEAN region.

4. Mr. Anil Prabhudas

Mr. Anil Prabhudas holds a Bachelor of Commerce from the University of Mumbai. He is
also a Chartered Accountant from the Institute of Chartered Accountants of India.

Mr. Prabhudas was part of the Pioneer ITI team back in 1994 before being acquired by
Templeton Asset Management India Pvt. Ltd. He is responsible for providing research
support on sugar, metals, packaging, hotels, and FMCG industries.

He has held multiple positions in the company. Mr. Prabhudas was the Assistant Vice
President and Portfolio Manager of Franklin India Taxshield 99, Franklin India Index Tax
Fund, and Franklin India Index Fund - NSE Nifty Plan, Franklin India Index Fund - BSE
Sensex Plan, and Franklin FMCG Fund.

He is currently the Fund Manager of Franklin India Opportunities Fund, Franklin India
Taxshield Fund, FT India Monthly Income Plan, FT India Balanced Fund, Templeton
India Pension Plan, and Templeton India Children’s Asset Plan.

5. Mr. Janakiraman Rengaraju

Mr. Janakiraman Rengaraju is a B.Tech from the Government College of Technology,

Coimbatore and PGDM from the Indian Institute of Management, Bangalore. He is also a
Chartered Financial Analyst (CFA).

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Mr. Rengaraju initially worked with UTI Securities, Mumbai. Later, he joined Indian
Syntans Group, where he was responsible for managing the investment corpus.

He is currently the Assistant Vice President, Portfolio Manager, and Senior Research
Analyst of Equities. Mr. Rengaraju’s areas of expertise include telecom, media, and
automobiles. Some of the Franklin Templeton Mutual Funds he manages include Franklin
India Prima Plus and Franklin India Prima fund.

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 Scope of the Study

The main purpose of doing this project was to know about mutual fund and its functioning.
This helps to know in details about mutual fund industry right from its inception stage,
growth and future prospects. It also helps in understanding different schemes of mutual
funds. Because my study depends upon prominent funds in India and their schemes like
equity, income, balance as well as the returns associated with those schemes. Ultim ately
this would help in understanding the benefits of mutual funds to investors.

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 Objectives of the Study

1. To give a brief idea about the benefits available from Mutual Fund investment.
2. To discuss about the market trends of Mutual Fund investment.
3. To study Mutual Fund Distribution Channels.
4. To study Marketing strategies of Mutual Funds.
5. To Explore the recent developments in the mutual funds in India.
6. To give an idea about the regulations of mutual funds.

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 Methodology

This Report is based on secondary data through online. One of the most important users of
Research Methodology is that it helps in identifying the problem, collecting, analysing the
required information or data and providing an alternative solution to the problem. It also
helps in collecting the vital information that is required by the Top Management to assist
them for the better decision making both day to day decisions and critical ones.

a) Research Design: Descriptive Design.

b) Data Collection Method: Online Study, different websites and articles.

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 Limitation of the Study

• The lack of information sources for the analysis part.

• The data presented here is taken from the online source which may not be the accurate
or the effective one.
• Time and money are critical factors limiting this study.

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 Data Analysis and Interpretation

Data 01 :-

Data Analysis :- From the above table we can figure out the Highest sharpe Ratio for
the 5 years of 15 Mutual fund provider companies.

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Interpretation:- The above graph depicts that the Sharpe Ratio of 15 different
Bluechip funds of last five years i.e. from 2015-2019. Thus by comparing all the 15 funds
it is clear that the highest Sharpe ratio among all the funds was 0.6701 in 2017 of BNP
Paribus Large cap Fund.

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 Data 02:-

Data Analysis :- From the above data we can figure out the Highest Treynor Ratio for the 5
years of 15 mutual fund provider Companies.

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Interpretation :- The above graph depicts that the Treynor Ratio of 15 different
Bluechip funds of last five years i.e. from 2015-2019. Accordingly by comparing all the 15
funds it can be depicted that the highest Treynor ratio was 4.4223 in 2017 of India bulls
Bluechip Fund.

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 Data 03 :-

Data Analysis :- From the above Data we can figure out the Highest Jensen Ratio for the
5 year of 15 mutual fund provider companies.

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 Jensen Ratio
1

0.9

0.8

0.7

0.6
Rates

0.5

0.4

0.3

0.2

0.1

Funds Name

Interpretation :- The above graph depicts that the Jenson Ratio of 15 different
Bluechip funds of last five years i.e. from 2015-2019. The highest Jenson ratio was 0.3847
in 2017 of Edelweiss Large cap Fund.

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 Return

0
1
2
3
4
5
6
7
8
9

1
Axis Bluechip Fund

Mirae Asset Large Cap

2
Fund

Nippon India Large Cap

3
mutual fund provider companies.
Fund

4
Edelweiss Large Cap Fund

5
IIFL India Large Cap Fund
Data 04 :-

Funds Name
5 Yearly Returns
BNP Paribas Large Cap

6
Fund

Canara RobeccoBluechip

7
Fund

8
Kotak Bluechip Fund

9
HDFC Top 100 Fund

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Data Analysis :- From the above data we can figure out the 5 yearly return and rank of 9
 FINDINGS:

• The data analysis shows that the majority of the funds were negatively
affected during demonetization.
• Additionally Maximum number of funds have shown major drop in performance in
the category of Large Cap mutual Funds. However the investment advisors of
various Asset Management Company laid down that Mutual Funds investor
should put emphasize on the importance of the available market information.
• The name of the fund manager, investment objective, returns, cost, sector
allocation and top ten holdings may be concentrated by the investment advisors.
• From the above analysis it can be seen that the highest Sharpe ratio among all the
funds was 0.6701 in 2017 of BNP Paribus Large cap Fund and the lowest level
Sharpe ratio is of HDFC Top 100 Fund in 2018 was 0.0752.
• In addition from the data, Treynor ratio was 4.4223 in 2017 of India bulls Bluechip
Fund was highest and HDFC Top 100 Fund in 2018 was 0.6467 which is lowest
among all.
• It can be seen that 15 funds shows different return while comparing.The highest
Jenson ratio was 0.3847 in 2017 of Edelweiss Large cap Fund and the lowest
Jenson ratio of HDFC Top 100 Fund in 2018 was 0.0095.
• DSP Top 100 Equity Fund, ICICI Prudential Bluechip Equity Fund and LIC MF
Large cap Fund are the star performer with highest return among the chosen top 15
funds.
• To contrary Mirae Asset Large Cap Fund, Edelweiss Large Cap Fund and Kotak
Bluechip Fund showed the least returns amongchoosen15 mutual funds.

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 SUGGESTIONS:

Large cap schemes in mutual funds are generally aimed at those investors who look for
secure return without taking any risk of fluctuations in returns. So because of such factors, in
the times of adverse situations many portfolio managers advise the clients to invest into large
cap mutual fund schemes. But large cap schemes cannot give you the above expected returns
hence; it is quite imperative to have realistic idea about risk and returns while investing into
large cap mutual fund schemes.

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 Swot Analysis

Strength :- Weakness :-

➢ Strong client base. ➢ Lack of office space.

➢ Individual client base specific ➢ Lack of ground agent.
service.
➢ Very good corporate contacts.
➢ More than 16 years of experience.

Opportunity :- Threats :-

➢ Rapid expanding asset management ➢ High market competition.

market. ➢ Competing with already established
➢ More demand for quality advisor big market leaders like Kotak
provider. Securities, IC Securities.
➢ Increase number of people interested ➢ Growing individual competitor.
in investing.

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 Conclusion

Mutual Funds now represent perhaps most appropriate investment opportunity for most
investors. As financial markets become more sophisticated and complex, investors need a
financial intermediary who provides the required knowledge and professional expertise on
successful investing. As the investor always try to maximize the returns and minimize the
risk. Mutual fund satisfies these requirements by providing attractive returns with affordable
risks. The fund industry has already overtaken the banking industry, more funds being under
mutual fund management than deposited with banks. With the emergence of tough
competition in this sector mutual funds are launching a variety of schemes which caters to the
requirement of the particular class of investors. Risk takers for getting capital appreciation
should invest in growth, equity schemes. Investors who are in need of regular income should
invest in income plans. The stock market has been rising for over three years now. This in
turn has not only protected the money invested in funds but has also to helped grow these
investments. This has also instilled greater confidence among fund investors who are
investing more into the market through the MF route than ever before. Reliance India mutual
funds provide major benefits to a common man who wants to make his life better than
previous. The mutual fund industry as a whole gets less than 2 per cent of household savings
against the 46 per cent that go into bank deposits. Some fund managers say this only indicates
the sector's potential. "If mutual funds succeed in chipping away at bank deposits, even a
triple digit growth is possible over the next few years.

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 Bibliography

https://groww.in/mutual-funds/amc/axis-mutual-funds

https://groww.in/mutual-funds/amc/aditya-birla-sunlife-mutual-funds

https://groww.in/mutual-funds/amc/franklin-templeton-mutual-funds

https://www.researchgate.net/publication/351121829_PERFORMANCE_ANALYSIS_OF_MUTUA
L_FUNDS_A_STUDY_ON_SELECTED_LARGE_CAP_MUTUAL_FUNDS_IN_INDIA

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