ISSN - 2250 - 1991Volume : 1 Issue : 5 May 2012` 200

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Journal for All Subjects

INDEXSr. No. Title Author Subject Page No.

1 Convergence of India Gaap with International GAAP / IFRS

Prof. Kalola Rimaben A. Accountancy 1-3

2 Global Scenario of Business Ethics With Corporate Governance

Prof. Dr.Kishor V. Bhesaniya

Accountancy 4-6

3 VAT & ACCOUNTING Miss. Mira J. Bhanderi Accountancy 7-8

4 Carbon Trading: An Emerging Business Dr. Basanta Khamrui, Dilip Kumar Karak

Commerce 9-11

5 Developments in Indian Non Life Insurance Industry Ms.Kiran Sood, Ms.Supriya Tandon

Commerce 12-14

6 Parameters And Costs Influencing Transportation Decisions In Small Manufacturing Firms

Vipul Chalotra,Prof Neetu Andotra

Commerce 15-17

7 Foreign Trade Policy of India (2009-14) Dr. M. K. MARU Commerce 18-20

8 “A Comparative Analysis on Profitability of Selected Petroleum Industries”

Dr. Ramesh A. Dangar Commerce 21-23

9 An Empirical study on Consumer Awareness on Internet Banking in Gujarat

Dr. Vinod K. Ramani Commerce 24-26

10 Study of Factors Affecting HNIs’ Preferences for their Banks in South Mumbai Area

Shri. Arvind A. Dhond Commerce 27-31

11 Promotion mix straregy of jammu and kashmir co-operatives supply and marketing federation limited in jammu district of J&K state

Tarsem Lal Commerce 32-35

12 Intelligent Brain Tumor Tissue Segmentation from Magnetic Resonance Image using forward and backward anisotropic diffusion

S.Nithya Roopa,P. Vasanthi Kumari

Computer Science

36-38

13 Share of Women in Total Family Income – A Two Group Discriminant Analysis

Dr.A.Shyamala Economics 39-41

14 Socio-Economic Evaluation of Shg’s in Bidar District of Karnataka

Dr.Sangappa V. Mamanshetty

Economics 42-44

15 The Development of Chemical and Petrochemicals Industry in Gujarat

Dr.D.G.Ganvit Economics 45-46

16 How Can Primary Teachers Help To Assist The Development Of Positive Self-Esteem In Students Through Their Ordinary Teaching Practice?

Jigar L. Dave Education 47-48

17 Primary Mission Of Colleges Jigar L. Dave Education 49

18 Effectiveness of Readers Theatre on English Reading Comprehension

Ramesh B. Sakhiya Education 50-51

19 The Role of a Computerized Package on EFL Students' Writing Skills

Abdallah Ahmad, Baniabdelrahman, Abdulaziz A. Abanomey

Education 52-57

20 The Use of Team Teaching and its Effect on Saudi EFL Students' English Proficiency

Abdallah Ahmad, Baniabdelrahman, Abdulaziz A. Abanomey

Education 58-63

21 Study and Development of Road Traffic Noise Model Bhavna K. SutharV. R. Gor, A. K. Patel

Engineering 64-66

22 Weather Forecast Using Artificial Neural Network Laxmikant Raskar, Rohit Waghchaure, Md. Danish Raza,Mayuresh Lande

Engineering 67-68

23 Pavement Subgrade Stabilisation with Rice Husk Ash Patil N. L.,Dr. Sanjay Sharma,Dr. Hemant Sood

Engineering 69-71

24 Study of Precipitation and Stream Flow Data- A Case Study of Kim Basin

Prashant A. Ramani Engineering 72-76

25 “Estimation of Revised Capacity for Deo Reservoir of Gujarat, India”

Hiral Shah,N. N. Borad, R. K. Jain

Engineering 77-79

26 Nanotechnology in Cellular Lightweight Concrete Mr. Nakul Shah, Prof. Jayeshkumar Pitroda

Engineering 80-82

27 Plate Load (Model) Test for Bearing Capacity of Layered Deposite

Patel Ankit D., B.R. Dalwadi

Engineering 83-85

28 Effect of Service Bridge on natural frequency of structurally coupled multistory building

Upadhyay Nishith H., Prof. A.N. Desai

Engineering 86-88

29 “Controling the Soil & Land Pollution in Sabarkantha District by Using an App Lication of Remote Sensing and Geographical Information System”

Gaurang J Patel,R.B Khasiya

Engineering 89-91

30 Control The Soil Erosion & Land Pollution By Flood Reduction in The Tapi River,Surat District, Gujarat, India.

Harshad M.Rajgor,K B Khasiya

Engineering 92-95

31 Methodology for managing irrigation canal system with optimum irrigation scheduling for Meshwo irrigation Scheme

Jitendrasinh D. Raol, Roshani A.Patel,Prof S.A.Trivedi

Engineering 96-98

32 Analyis of regional water supply scheme in rural areas (Case Study: Kutch)

Niketa Patel Engineering 99-103

33 Security For Near Field Communication in Cell Phone Biren M Patel, Vijay B Ghadhvi,Mr Ashish Kumar

Engineering 104-106

34 Heterogeneous Traffic Flow Simulation at Urban Roundabout using ‘VISSIM’

Dipti S. Thanki, Asst. Prof. Ashutosh K. Patel

Engineering 107-109

35 Planning of Facilities for Pedestrian Movement in Urban Area: A Case Study of Vadaj Circle, Ahmedabad

Hitesh A. Patel,Pinak. S. Ramanuj

Engineering 110-113

36 Planning for Non-Motorized Transportation Jignesh C.Prajapati, Prof. N.G.Raval

Engineering 114-116

37 Intersection Design for Pedestrians and Cyclist Jignesh C.Prajapati, Prof. N.G.Raval

Engineering 117-120

38 Theoretical Consideration for optimum irrigation scheduling for irrigation Scheme

Jitendrasinh D. Raol, Prof S.A.Trivedi

Engineering 121-124

39 Overall Equipment Effectiveness Measurement and Review of Total Productive Maintenance

Kadiya Pinjal, Navinchandra

Engineering 125-128

40 To Study the Effect Of Stiffness on the Expansion Joint of a Building Subjected to Earthquake Forces

M.D.SHAH, P. G. Patel Engineering 129-132

41 Side Friction and Side Friction Factor (FARIC) In Ahmedabad Road Link

Parmar Dushyant J, Asst. Prof. Ashutosh K. Patel

Engineering 133-134

42 Fiber Reinforced Selfcompacting Concrete Patel Nikunj R,Elizabeth George

Engineering 135-137

43 Modal Analysis of Helical Gear Purusharth J. Patel,D.A. Patel

Engineering 138-140

44 Impact Strength of Ternary Blended Steel fiber Reinforced concrete

Samir M. Gami., D.A.Sinha

Engineering 141-143

45 Identify issues of traffic movement at landside area & remedial measures

Samir P. Mulani,Prof- Naurdin Hajiani

Engineering 144-147

46 Identification of Truck Transportation Issues at a Junction: a case study of Sarkhej Area

Himanshu. B. Shrimali, Prof- Naurdin Hajiani

Engineering 148-152

47 Assessment of Vehicular Carbon Footprint and its Reduction Measures

Chintan Patel,Prof. H.K.Dave

Engineering 153-155

48 Study of Solar Air Heaters with Different Operating Configurations

Ajaypalsinh Gangasinh Barad

Engineering 156-158

49 Traffic Flow Characteristics on Roads of Small Urban Centre

Axay S. Shah,Dr. L.B.Zala

Engineering 159-162

50 Failure in tensile testing on single lap multi-fastener joint with bolted connection

Jagdish N.Prajapati, Dr.Rajula.k.Gujjar, Prof.M.M.Pomal

Engineering 163-167

51 Study Of Infiltration Capacity At Anjar, Kutch Ravi C Ahir, Sagar D Patel

Engineering 168-169

52 Comparison of Temperature-Base Methods For Calculating Reference Evapotranspiration With Standard Penman-Monteith Method

M.R.Popat, S.N.Chavda, B.H.Pandit

Engineering 170-172

53 Electronic customer relationship management: benefits and trend

Tanuja Nair Engineering 173-174

54 VIRTUAL CLASS ROOM USING MOBILE AD-HOC NETWORK

Gaurav Katariya, Yogesh Parkhe, Devendra Patil,Pawan Pawar

Engineering 175-176

55 PARKING EVALUATION: A CASE STUDY OF AMUL DAIRY ROAD ANAND

Jaydipsinh P. Chudasama, Dr. L.B.Zala

Engineering 177-180

56 ENERGY ANALYSIS OF SOLAR AIR HEATER BY USING DIFFERENT TYPES OF ABSORBER PLATES

Vivek B. Patel,Dr. L.B.Zala

Engineering 181-183

57 Effect of Aspect Ratio W/L ,Body Bias ,and supply Voltage (vDD) for NMOS & PMOS transistor.

Rubina Siddiqui, Angeeta Hirwe, Rahul Parulkar

Engineering 184-186

58 Spider diversity of Wan Wild life Sanctuary, Vidharbha , India.

Taktode N.M. Environment 187-188

59 The Initial Human Behavioural Response to Rapid On set Natural Disaster: Earthquake

S.S. Patil, K.L. Karkare, I.B. Ghorade

Environmental Science

189-190

60 Spatio-temporal Distribution of Surface Water for Irrigation in Satara District of Maharashtra: An Analytical Study

Pawar D. H., Jadhav K.R.

Geography 191-193

61 Nagarcha wadh v kushi bhumi upyog badal nanded-vaghan ek abhyas pahani

Prof. Mane Deshmukh R. S., Dr. S. B Rathod

Geography 194-196

62 Socio-Economic and Nutritional Status of Children with Mental Retardation

Dr. S. S. Vijayanchali Home Science 197-199

63 Motivating Employees under Adverse Conditions Dr Alpesh B Joshi Human Resource

200-202

64 “Strategic Human Resource Management” Dr. M. Venkatasubba Reddy, B. Swetha,S. Jaya Krishna

Human Resource Management

203-204

65 Identifying Crosscutting Concerns for Software Requirement Engineering

Velayutham Pavanasam, Chandrasekaran Subramaniam

Information Technology

205-207

66 Gate pass Automation with Image,Barcode reading and Biometrics

Sumant C. Murke,Tejas N. Athavale, Sangram A. Nalawade

Information Technology

208-210

67 Plight of Rape Victims With Special Reference to India Dr. Monica Narang, Richa Sabharwal

Law 211-212

68 Libraries: An Essential Tool for the Advancement of Knowledge Resources & Research in Recent Era

Dr. Umesh Patel Library Science 213-215

69 An Analytic Study of BA/BSc/BCA/BCom Part I General English Syllabus Prescribed by the University of Jammu

Dr. Wajahat Hussain Literature 216-217

70 A Study on Quality of Work Life Dr.N.Thenpandian Management 218-219

71 Best HR Practices Kavita Trivedi Management 220-221

72 A Study on Employee Retention Practices of Automobile Industry in INDIA

Dr.K.Balanaga Gurunathan, Ms. V.Vijayalakshmi

Management 222-224

73 A Study on Innovation for Organizational Excellence in Health Care Industry in a Private Multi-Speciality Organization

Dr. C. Swarnalatha,T.S. Prasanna

Management 225-227

74 “Performance measurement of Top 10 Mutual Funds with the help of Sharpe, Treynor & Jenson Model”

Monal Patel, Dr. Deepak H. Tekwani

Management 228-230

75 Strategic Expansion for Growth A Case Study on Codescape Consultants Pvt Ltd. (Infinite Possibilities)

Akshay Arora,Abhilansh Bhargava, Preeti Sharma

Management 231-232

76 Role Of Education In Innovation For Economic Development - A Case Study

Dr. Ananthapadhmanabha Achar

Management 233-238

77 ROLE OF HR PROFESSIONAL IN DEALING DISCIPLINARY PROCEEDINGS CONSTRUCTIVELY - AN OVERVIEW

C Santhanamani, Dr. N. Panchanatham

Management 239-241

78 Power of Advertising Supriya Tandon Management 242-244

79 Enhancing Employee Engagement: A Need of The Hour Urmila Vikas Patil Management 245-247

80 Role of E-Learning to Enhance Qualities of Physical Education Teachers and Coaches

Gohil Rajendrasinh K. Physical Education

248-250

81 “Eco – Environmental Study on Nutrient Removal Potential of Eichhornia Crassipes from Domestic Wastewater”

D. K. Patel, V. K. Kanungo

Science 251-253

82 Aphasia – a loss of linguistic faculty Dr Alpesh B Joshi Social Sciences 254-256

83 Workaholism – A Modern Day Nuisance Dr Alpesh B Joshi Social Sciences 257-258

84 Vartman me Dalit Varg ki Samasya Dr. H. L. Chavda Sociology 259-260

Volume : 1 | Issue : 5 | May 2012 ISSN - 2250-1991

228 X PARIPEX - INDIAN JOURNAL OF RESEARCH

Research Paper

* MBA Scholar, Late Smt. S. G. Patel Inst. of Mgt. Studies, Gujarat

** Assistant Professor, Late Smt. S. G. Patel Inst. of Mgt. Studies, Gujarat Technological University, Gujarat

Management

“Performance measurement of Top 10 Mutual Funds with the help of Sharpe, Treynor &

Jenson Model”

* Monal Patel ** Dr. Deepak H. Tekwani

Keywords : Treynor Model, Sharpe Model, Jenson Model and MTP

Mutual fund performance can be analyzed through performance measurement ratios which are used in portfolio analysis. Here we have used Treynor, Sharpe, and Jensen ratio to evaluate mutual funds and rank them accordingly for the Mutual Fund investors. Composite portfolio performance measures have the flexibility of combining risk and return performance into a single value. The most commonly used composite measures are: Treynor, Sharpe and Jensen measures. While Treynor measures only the systematic risk summarized by beta, Sharpe concentrates on total risk of the mutual fund.

ABSTRACT

Introduction:Mutual funds are one of the most highly growing instruments in financial services market. Mutual funds are suitable for all types of investors from risk adverse to risk bearer.

Size of the IndustryThis industry has indeed come a very long way with only 34 players in the market and more than 480 schemes.

Geographical distribution All the major cities of the country

Output per annumThe industry has grown in size and manages total assets of more than $30351 million.

Percentage in world market

Assets under management as a percentage of GDP is less than 5% in India as compared to 70% in the US, 67% in France and 37% in Brazil.

Market capitalizationThe Indian mutual funds retail market, is growing at a CAGR of about 30%,

In order to apply the measure of performance evaluation, I have chosen top ten Mutual Funds based on Blue chip com-panies list as per market return for equity large, mid, & small cap fund, for debt large, mid, small cap & balanced schemes to representing portfolio, these are Principal Large Cap Fund, DSP Black rook Micro Cap Fund, Religare mid Cap Fund, HDFC Monthly Income Plan, Templeton India Short Term In-come Plan, UTI Charitable Religious Trust Society, ICICI Pru-dential Child Care Gilt Plan, DSP Black rook Savings Manager Fund, ICICI Prudential Child Care Gilt Plan, Baroda Pioneer Gilt Fund, Gold Benchmark Exchange Traded Scheme.

Latest Developments in Mutual Fund Industry: The Indian mutual funds retail market, growing at a CAGR

of about 30%, is forecasted to reach US$ 300 Billion by 2015.

Income and growth schemes made up for majority of As-sets under Management (AUM) in the country. At about 84% (as on March 31, 2008), private sector Asset Man-agement Companies account for majority of mutual fund sales in India.

Objectives of the study: To know the mutual fund investors awareness about in-

vesting into mutual fund schemes

To evaluate investment performance of selected mutual funds in terms of risk and return.

Also to analyze the performance of mutual fund schemes on the basis of various parameters.

Development of Hypothesis:Hypothesis 1: There is significant difference between Risk & Return.

H0: There is significant difference between Risk & Return.

H1: There is no significant difference between Risk & Return.

Hypothesis 2: 67% of investors are highest influenced by tak-ing lower risk regarding investment in mutual fund schemes.

H0: 67% of investors are highest influenced by taking lower risk regarding investment in mutual fund schemes.

H1: More than 67% of investors are highest influenced by tak-ing lower risk regarding investment in mutual fund schemes.

Testing of Hypothesis:Chi Square TestHypothesis 1: Their risk-return pattern is towards invest-ment in mutual fund schemeStep 1:H0: There is significant difference between Risk & Return.

H1: There is no significant difference between Risk & Return.

No. Oi Ei Oi-Ei (Oi-Ei)2 (Oi-Ei)2/Ei1 26 12.35 13.65 186.3225 15.08682 9 16.53 -7.53 56.7009 3.43023 3 9.12 -6.12 37.4544 4.10684 31 35.1 -4.1 16.8100 0.47895 61 46.98 14.02 196.5604 4.18396 16 25.92 -9.92 98.4064 3.79657 8 17.55 -9.55 91.2025 5.19678 17 23.49 -6.49 42.1201 1.79319 29 12.96 16.04 257.2816 19.8520Total 57.9250

Volume : 1 | Issue : 5 | May 2012 ISSN - 2250-1991

PARIPEX - INDIAN JOURNAL OF RESEARCH X 229

c2cal = =57.9250

d.f = (r-1) (c-1)

= (3-1) (3-1)

= 2 * 2

= 4

Step 3: α = 5%

Step 4: χ2tab = 9.488

Step 5: χ2cal> χ2tab

ConclusionH0 is rejected, H1 is accepted, and i.e. there is no significant relationship between risk & return. This shows that risk & re-turn are directly correlated with each other, if investors take more risk than they can get more returns.

Hypothesis 2: For taking lower riskX=127 n=200 p^=127/200=0.635 p=0.67 q=0.33

Step 1: H0: 67% of investors are highest influenced by taking lower risk regarding investment in mutual fund schemes.

H1: More than 67% of investors are highest influenced by tak-ing lower risk regarding investment in mutual fund schemes.

Step 2:

Zcal= = = - 1.0527

Step 3: α=5%

Step 4: Ztab at α=5% from the normal distribution table is = - 1.645

Step 5: Zcal < Ztab

Conclusion: here, we can fail to reject our null hypothesis

So, we can reject H1, it means not more than 67% (less than 67%) of investors are highest influenced by taking lower risk regarding investment in mutual fund schemes.

It means not more than 67% (less than 67%) of investors are highest influenced by taking lower risk regarding investment in mutual fund schemes.

Analysis and Discussion:The most important and widely used measures of perform-ance are:

• The Treynor Measure• The Sharpe Measure• Jenson Model

In order to determine the risk-adjusted returns of investment portfolios, several well-known authors have worked since 1960s to develop composite performance indices to evaluate a portfolio by comparing alternative portfolios within a par-ticular risk class. The most important and widely used meas-ures of performance are: The Treynor Measure, The Sharpe Measure, and Jenson Model.

First We can see the performance of various funds by using Treynor, Sharpe and Jensen ratio and then we have assigned ranks to these funds according to all ratios, higher ratio of fund get higher rank and so on.

(Figures are for 1 year)

Sr. No. Schemes Return on

portfolioRisk free rate Beta Std.

deviationMarket return Sharpe Ratio Treynor Ratio Jenson Ratio

Rp Rf β σ Rm Rp-Rf/σ Rp-Rf/β (Rf+(Rm-Rp)*β)1 Principal Large Cap Fund 31.07 12.36 1.50 53.99 4.0868 30.8411 22.8300 -0.0498

2 DSP Black rook Micro Cap Fund 19.40 7.72 1.10 33.71 4.47866 19.1710 12.3818 4.1545

3 Religare mid Cap Fund 51.36 8.86 1.20 55.49 6.38138 51.2003 43.9767 5.8857

4 HDFC Monthly Income Plan 15.52 7.67 0.87 17.87 6.94548 15.0908 6.7039 7.0397

5 Templeton India Short Term Income Plan 9.70 4.79 0.54 11.17 5.36742 9.2711 0.8900 5.1039

6 UTI Charitable Religious Trust Society 8.34 7.58 0.47 9.33 9.79923 7.5276 -7.7877 8.6230

7 ICICI Prudential Child Care Gilt Plan 24.00 7.72 1.25 26.38 6.47441 23.7074 17.8240 6.1630

8 DSP Black rook Savings Manager Fund 18.70 6.42 0.82 22.45 4.54783 18.4140 10.8707 4.8848

9 Baroda Pioneer Gilt Fund 13.29 12.13 0.58 15.96 11.9776 12.5300 -7.6238 12.0416

10Gold Benchmark Exchange Traded Scheme

26.45 6.00 1.16 31.75 10.2875 26.2610 21.2776 10.9735

Source: www.bluechip.co.in/mutualfund/returnscalculator

Volume : 1 | Issue : 5 | May 2012 ISSN - 2250-1991

230 X PARIPEX - INDIAN JOURNAL OF RESEARCH

Interpretation:Above table shows performance of various funds by using Treynor, Sharpe and Jensen ratio. Now we can rank funds according to all ratios, higher ratio of fund get higher rank and so on. The table on next page shows rank of funds according to each ratio.

Rank Sharpe Treynor Jenson 1 Religare mid cap fund (51.2003) Religare mid cap fund (43.9767) Baroda Pioneer Gilt (12.0416)2 Principal Large cap fund (30.8411) Principal Large cap fund (22.8300) Gold Benchmark ETF (10.9735)3 Gold Benchmark ETF (26.2610) Gold Benchmark ETF (21.2776) UTI Charitable Trust (8.6230)4 ICICI - Child care (23.7074) ICICI - Child care (17.8240) HDFC MIP (7.0397)5 DSP BR Micro cap (19.1710) DSP BR Micro cap (12.3818) ICICI - Child care (6.1630)6 DSP BR Saving fund (18.4140) DSP BR Saving fund (10.8707) Religare mid cap fund (5.8857)7 HDFC MIP (15.0908) HDFC MIP (6.7039) Templeton SIP (5.1039)8 Baroda Pioneer Gilt (12.5300) Templeton SIP (0.8900) DSP BR Saving fund (4.8848)9 Templeton SIP (9.2711) Baroda Pioneer Gilt (-7.6238) DSP BR Micro cap (4.1545)10 UTI Charitable Trust (7.5276) UTI Charitable Trust (-7.7877) Principal Large cap fund (-0.0498)

Key findings of the study:From the above evaluation, we can conclude that Religare mid cap fund-Growth get highest rank in two ratios that are according to Sharpe and Treynor method, and there is also good correlation between all ratio results. This study shows the performance analysis by using measurement ratio’s, we can define well diversified funds among all funds. We have used the same method for all funds available in market and rank accordingly. Arrange funds according to ascending or-der of Sharpe ratio, Treynor ratio, and Jensen ratio and then give first rank to highest ratio, second to second highest and so on. In this study, you can see that well diversified fund rank among some number of selected funds. Top five funds in ranking are almost same in all three measurements. So from our analysis we found that Religare mid cap fund-Growth se-cure highest rank in two ratios and it must be a value added Fund in a normal Investors portfolio.

Conclusion:By using top ten schemes as per market return for equity large, mid, & small cap fund; for debt large, mid, small cap & balanced schemes to representing portfolio.

Religare mid cap fund:- Well diversified, because it invests almost in all

sectors. In addition, top 10 holdings do not contribute more than 30%, no any sector, other than banking; con-tribute more than 10% holding. So it decrease standard deviation i.e. risk.

- It invests in all three areas i.e. large, mid, and small cap companies.

• Banking, agriculture, pharmaceutical, and I.T. are major contributor in this fund. As per our opinion, these sectors always show high growth and it will give good return in future also.

• Mutual fund is subject to market risk, despite of that it have low risk than stock market. This is proved in per-formance evaluation section of this report. Performance evaluation measurement ratios i.e. Treynor, Sharps and Jensen’s are used by fund managers to take decision of investment and to diversify portfolio.

• Thus by looking to top 5 schemes as per Sharpe, Trey-nor & Jensen model of performance measurement tools for their portfolio selection, Investors can maximize their return.

REFERENCES

1) Arugaslan and Ajay (2008)”performance of international mutual fund investors” Journal of finance, volume. 51, no. 5 | 2) Dietze, Oliver and Macro (2009) “On persistence in mutual funds’ performance.” Journal of Finance, vol. 52, no. 1 (March): 57-82. | 3) INTERNATIONAL JOURNAL OF REASEARCH IN COMMERCE & MANAGEMENT-VOLUME NO. 1 (1995), ISSUE NO. 8 (DECEMBER) | 4) Leite and Cortez (2006) Mutual fund Research team, journal of finance, (June 2004) | 5) Dr. Rao, Narayan “Performance Evaluation of Indian Mutual Funds”, www.ssrn.com, paper no.433100 and PP.1-24 | 6) Panwar,Sharad and Dr. Madhumathi (2006), “Characteristics and performance evaluation of selected mutual funds in India”, www.ssrn.com, paper no.876402 and PP. 1-19 | 7) Stehle,Richard and Grewe,Olaf (2001), “Long-Run Performance of German Stock Mutual Funds”, www.ssrn.com, paper no.271452 and PP. 1-32 | 8) Carlos,Juan (2005), “Portfolio Performance: Factors or Benchmarks?”, www.ssrn.com, paper no.760204 and PP. 1-26 | 9) Rao,D.N (2006), “Investment styles and Performance of Equity Mutual Funds India”, www.ssrn.com, paper no. 922595 and PP. 1-30Books and magazines: 1) Security analysis & Portfolio management by Prasanna Chandra | 2) Portfolio Management by S. Kevin | 3) For getting knowledge regarding performance measurement of investors’ portfolio with 10 different mutual fund schemes I used “INVESTMENT ANALYSIS & PORTFOLIO MENAGEMENT” by Reilly & Brown, 8th Edition, Cengage Learning India Private Ltd. | 4) Research methodology: methods & technique [2nd edition] by C.R.Kothari, new AGE International Ltd, publishers.Websites: 1. http://www.investopedia.com/articles/mutualfund/09/analyzing-mutual-fund-risk.asp#ixzz1WEBg4pMK 2. www.moneycontrol.com 3. www.mutualfundindia.com 4. www.bluechip.co.in/mutualfund/returnscalculator5. http://www.raosoft.com/samplesize.html6. http://www.mutualfundsindia.com/div_home.asp7. http://www.moneycontrol.com/mutual-funds/performance-tracker/returns

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