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COMPARATIVE STUDY ON PERFORMANCE EVALUATION OF MUTUAL FUND SCHEMES OF INDIAN COMPANIES

The financial statements reviewed were subject to an independent audit and include disclosures specifically quantifying the value of the direct support. For security purchases, this disclosure includes the amount by which the purchase price exceeded fair market value (or the two figures necessary to calculate the difference), in all but one case. 11 Accordingly, full reliance was put on these disclosed figures when they were available, and assumptions regarding the fair value or the value of support were not necessary in these cases. . | BSBSrehErS Worlũ Journal ofArts Science Commerce E-ISSN 2229-4686 ISSN 2231-4172 COMPARATIVE STUDY ON PERFORMANCE EVALUATION OF MUTUAL FUND SCHEMES OF INDIAN COMPANIES Prof. Kalpesh P Prajapati Assistant Professor S.V Institute of Management Gujarat Technological University Ahmedabd Gujarat India. Prof. Mahesh K Patel Assistant Professor N.P College of Computer Studies Management Hemchandracharya North Gujarat University Patan Gujarat India. ABSTRACT In this paper the performance evaluation of Indian mutual funds is carried out through relative performance index risk-return analysis Treynor s ratio Sharp s ratio Sharp s measure Jensen s measure and Fama s measure. The data used is daily closing NAVs. The source of data is website of Association of Mutual Funds in India AMFI . The study period is 1st January 2007 to 31st December 2011. The results of performance measures suggest that most of the mutual fund have given positive return during 2007 to 2011. Keywords Mutual fund Risk-return Sharp ratio Treynor ratio Jensen ratio Fama International Refereed Research Journal www.researchersworld.com Vol-III Issue3 3 July 2012 47 BSBSrehErS Worlũ Journal ofArts Science Commerce E-ISSN 2229-4686 ISSN 2231-4172 INTRODUCTION Mutual Funds have become a widely popular and effective way for investors to participate in financial markets in an easy low-cost fashion while muting risk characteristics by spreading the investment across different types of securities also known as diversification. It can play a central role in an individual s investment strategy. They offer the potential for capital growth and income through investment performance dividends and distributions under the guidance of a portfolio manager who makes investment decisions on behalf of mutual fund unit holders. Over the past decade mutual funds have increasingly become the investor s vehicle of choice for long-term investment. It becomes pertinent to study the performance of the mutual fund. The relation between