Mutual Funds Articlenew

PERFORMANCE EVALUATION OF SELECTED MUTUAL
FUND SCHEMES IN SELECTED COMPANIES

Abstract
India is witnessing a big boom in mutual fund industry. Mutual Fund
industry today, with about 34 players and more than five hundred schemes, is
one of the most preferred investment avenues in India. However, with a
plethora of schemes to choose from, the retail investor faces problems in
selecting funds. Factors such as investment strategy and management style
are qualitative, but the funds record is an important indicator too. Though past
performance alone cannot be indicative of future performance, it is, frankly,
only quantitative way to judge how good a fund is at present. Therefore, there
is a need to correctly assess the past performance of different mutual funds.
Return alone should not be considered as the basis of measurement of the
performance of a mutual fund scheme, it should also include the risk taken by
the fund manager because different funds will have different levels of risk
attached to them. Risk associated with a fund, in a general, can be defined as
variability or fluctuations in the returns generated by it. The higher the
fluctuations in the returns of a fund during a given period, higher will be the
risk associated with it. By using the risk return relationship, we try to assess
the competitive strength of the mutual funds vis--vis one another in a better
way.
Mutual Funds constitute a part of wide spectrum of financial services involving
management of funds by investing in various financial instruments on behalf
of various individuals by others. Individuals interested to invest in the financial
instruments provide the money to the mutual funds that do the requisite
research and invest it appropriately. Thereby the investors avoid, direct
investment with the financial market and hence avoid any disadvantage that
may accrue to him because of asymmetric information. The study deals with
the performance of various mutual funds and compares it with the respective
bench mark index in the market. Sharpe & Treynor method, beta, standard
deviation is used.
INTRODUCTION
Mutual Fund is essentially a mechanism of pooling together the savings
of a large number of investors for collective investments and is a type of
professionally managed collective investment vehicle that pools money from
many investors to purchase securities with the objective of attractive yields
and appreciation in their value. Mutual funds are an important segment of the
financial system. Though past performance alone cannot be indicative of
1
future performance, it is the only quantitative way to judge how good a fund is
at present. Therefore, there is a need to correctly assess the past
performance of different mutual funds. Mutual Funds have a fund manager
who invests the money on behalf of the investors by buying / selling stocks,
bonds etc.
This article is focused on evaluating the performance of Equity fund Scheme
and Balanced Scheme. This is based on evaluating the schemes of LIC, UTI,
Prudential ICICI and Reliance. The schemes are evaluated on the basis of
risk- adjusted returns. The measures used for evaluating the performance of
mutual funds are Sharpe Ratio and Treynor Ratio. The measure used to
compare the performance of the public sector mutual fund companies with the
private sector mutual fund companies is Weighted Average Method.
Objectives of the study:
To examine the benefits available for Mutual Fund Investment.
To analyze which scheme will be better from investor point of view

among selected schemes.
To evaluate and create an ideal portfolio consisting the selected mutual

fund schemes which will earn highest possible returns and will
minimize the risk.
To analyze the performance of selected Mutual fund schemes on the

basis of various parameters.
Scope of the study:
The scope of the study is mainly connected to Equity fund scheme

Growth option and Dividend option and Balanced scheme Growth
option and Dividend option of selected mutual funds.
The ideal portfolio is created by analyzing the risk pattern of the

selected schemes and distributing the overall risk to earn maximum
returns.
RESEARCH METHODOLOGY
DATA COLLECTION
The Methodology used for collecting information is through secondary data.
Source of data: Collecting the data from the Funds Fact sheets and World
Wide Web. Various Websites has given information of their latest NAV (NET
ASSET VALUE), Portfolio and assets allocation of each Mutual Fund.
Limitations of the study

2
Only open ended funds has been considered

The study is taken up from 01-10-2012 to 31-03-2013 that is a half
yearly periods in which an analysis of NAV and returns of 4 funds are
undertaken on DAILY basis of the period of the study.
DATA ANALYSIS AND INTERPRETATION

As a part of data analysis the following selected mutual funds & schemes has
been taken.
1). LIC Mutual Fund
Life Insurance Corporation of India set up LIC Mutual Fund on 19th
June 1989 and contributed Rs. 2 Crores towards the corpus of the Fund. LIC
Mutual Fund was constituted as a Trust in accordance with the provisions of
the Indian Trust Act, 1882.
LIC EQUITY FUND SCHEME:
Scheme Type: Open Ended Equity Scheme
Plans/Options: Growth Option and Dividend Option
LIC BALANCED SCHEME:
Scheme Type: Open Ended Scheme
UTI Mutual Fund
UTI Mutual Fund is managed by UTI Asset Management Company Private
Limited (Established: 14 January, 2003) who has been appointed by the UTI
Trustee Company Private Limited for managing the schemes of UTI Mutual
Fund and the schemes transferred / migrated from UTI Mutual Fund.
UTI EQUITY FUND SCHEME:
UTI BALANCED SCHEME
Plans/Options: Dividend Option and Growth Option
Prudential ICICI Mutual Fund:
Prudential ICICI Asset Management Company, in a span of just over
eight years, has forged a position of pre-eminence in the Indian Mutual Fund
industry as one of the largest asset management companies in the country
with assets under management of Rs. 23559.60 crores (as of March 31,
2009). The Company manages a comprehensive range of schemes to meet
the varying investment needs of its investors spread across 68 cities in the
country. The two sponsors for Prudential ICICI Mutual Fund are Prudential
and ICICI Bank.
PRUDENTIAL ICICI EQUITY FUND SCHEME

Plans/Options: Dividend Option and Growth Option
PRUDENTIAL ICICI BALANCED SCHEME
RELIANCE MUTUAL FUND:
Reliance Mutual Fund (RMF) is one of Indias leading Mutual Funds,
with Assets Under Management (AUM) of Rs. 36,927 crore (AUM as on 31st
December 2009) and an investor base of over 2.8 million. Reliance Mutual
Fund, a part of the Reliance - Anil Dhirubhai Ambani Group, is one of the
fastest growing mutual funds in the country.
RELIANCE EQUITY FUND SCHEME
RELIANCE BALANCED SCHEME
NET ASSET VALUE:
A unit is basic measure of investment in a mutual fund.Each scheme / plan
will have a different market value is called the Net asset value or simply NAV.
since market value of the underlying securities changes every day, NAV of a
scheme also varies on a day to day basis.
NAV = TOTAL ASSETS- TOTAL LIABILITIES/NUMBER OF UNITS
Tools and Techniques

The Sharpe Measure:
In this model, performance of a fund is evaluated on the basis of
Sharpe ratio, which is a measure developed to calculate risk adjusted returns.
The Sharpe ratio is the difference between the annualized return (Rp) and the
risk free return ( Rf ) divided by the Standard Deviation ( SD ), during the
specified period.
SHARPE RATIO = (Rp Rf )
While a high and positive Sharpe ratio shows a superior risk adjusted
performance of a fund, a low and negative Sharpe ratio is an indicator of
unfavorable performance.
4
TREYNOR MEASURE:
Developed by Jack Treynor, this performance measure evaluates
funds on the basis of Treynors index.
TREYNORS INDEX = Rp Rf
Where Rp represents return on fund, Rf is risk free rate of return and

is beta of the fund. All risk averse investors would like to maximize the value.
While a high and positive Treynors index shows a superior risk adjusted
performance of a fund, a low and negative Treynors index is an indication of
unfavorable performance.
Calculation of Sharpe Index Ratio for the period October 2012 March 2013
EQUITY FUND SCHEME GROWTH OPTION
Calculation of Average Return

Average Return = Total Return / Number of Months
COMPANY NAME
RELIANCE
ICICI
LIC
UTI
MONTH
( R)
( R)
( R)
( R)
Oct-12
0.4283
0.541
1.6155
4.9956
Nov-12
0.4439
0.5474
4.8179
4.7556
Dec-12
0.5478
0.5619
1.7121
5.2185
Jan-13
0.5381
0.5741
1.7758
5.3311
Feb-13
0.4962
0.5901
1.6943
5.1788
Mar-13
0.4454
0.6023
1.6363
5.0139
TOTAL
2.8997
3.4168
13.2519
30.4935
AVERAGE RETURN
0.483283333 0.569466667
2.20865
5.08225
Sharpe Index Ratio = (Rp Rf)/

Standard Deviation =[(R Average Return) ^2]/n
Rf = Risk free rate is 7.5%
PARTICULARS
AVERAGE RETURN
STANDARD DEVIATION
SHARPE INDEX RATIO
RANK
RELIANCE
ICICI
LIC
UTI
0.4832
0.5694
2.2086
5.0822
0.0467
0.3065
1.168
0.195
8.740899358 1.613050571 1.826712329 25.67794872
II
IV
SHARPE INDEX RATIO
III

30
25
20
15
RATIO IN TIMES
10
5
0
RELIANCE
ICICI
LIC
UTI
INTERPRETATION
From this analysis, UTI Performance is better than the other Mutual Fund
companies in case of growth option. UTI ranks first with the highest Sharpe Index
ratio of 25.6779, with the highest average return of 5.0822 and with the Standard
Deviation of 0.195 followed by RELIANCE, with the Sharpe Index Ratio of 8.7408,
LIC with the Sharpe Index Ratio of 1.8267 and ICICI with the Sharpe Index Ratio
1.6130. This shows that Higher the risk higher the return.
EQUITY FUND SCHEME DIVIDEND OPTION
Calculation of Average Return

COMPANY NAME
RELIANCE
ICICI
LIC
UTI
MONTH
( R)
( R)
( R)
( R)
Oct-12
0.4283
0.2798
0.0276
4.3001
Nov-12
0.4439
0.2863
0.0329
4.2984
Dec-12
0.4978
0.2986
0.0688
4.4985
Jan-13
0.5381
0.3086
0.0939
4.6027
Feb-13
0.4862
0.3221
0.0617
4.4547
Mar-13
0.4297
0.3321
0.0389
4.1834
TOTAL
2.824
1.8275
0.3238
26.3378
AVERAGE RETURN
0.470666667 0.304583333 0.053966667 4.389633333
Sharpe Index Ratio = (Rp Rf)/
Standard Deviation =[(R Average Return)^2]/n

PARTICULARS
RELIANCE
ICICI
LIC
UTI
AVERAGE RETURN
0.4707
0.3045
0.0539
4.3896
STANDARD DEVIATION
0.0395
0.0187
0.0227
0.1415
SHARPE INDEX RATIO
10.01772152 12.27272727 -0.92951542 30.49187279
III
II
IV
I
RANK
SHARPE INDEX RATIO

INTERPRETATION
From this analysis, UTI Performance is better than the other Mutual Fund
companies in case of dividend option. UTI ranks first with the highest Sharpe Index
ratio of 30.4918, with the highest average return of 4.3896 and with the highest
Standard Deviation of 0.1415 followed by ICICI, with the Sharpe Index Ratio of
12.2727, Reliance with the Sharpe Index Ratio of 10.0177 and LIC with the Sharpe
Index Ratio -0.9295. This shows that Higher the risk higher the return.
BALANCED SCHEME GROWTH OPTION
COMPANY NAME RELIANCE ICICI

LIC
UTI
MONTH
( R)
( R)
( R)
( R)
Oct-12
1.4413
4.2792
4.7973
7.4011
Nov-12
1.4569
4.3301
4.8179
7.4342
Dec-12
1.5386
4.5217
4.9555
7.6969
Jan-13
1.5939
4.7044
5.0197
7.8777
Feb-13
1.5102
4.5866
4.9387
7.6675
Mar-13
1.4288
4.5039
4.8884
7.5205
TOTAL
8.9697 26.9259 29.4175 45.5979
AVERAGE RETURN
1.49495 4.48765 4.902917 7.59965
Sharpe Index Ratio =(Rp Rf) /

Standard Deviation =[(R Average Return)^2]/n
PARTICULARS
RELIANCE
ICICI
LIC
UTI
AVERAGE RETURN
1.4949
4.4876
4.9029
7.5996
STANDARD DEVIATION
0.0583
0.1451
0.0776
0.1654
SHARPE INDEX RATIO
24.35506003 30.41075121 62.21520619 45.49334946
IV
III
I
II
RANK
INTERPRETATION
From this analysis, LIC Performance is better than the other Mutual Fund
companies in case of dividend option. LIC ranks first with the highest Sharpe Index
ratio of 60.2152, with the highest average return of 7.5996 and with Standard
Deviation of 0.0766 followed by UTI, with the Sharpe Index Ratio of 45.4933, ICICI
with the Sharpe Index Ratio of 30.4107 and RELIANCE with the Sharpe Index Ratio
24.3550. This shows that Higher the risk higher the return.
8
BALANCED SCHEME DIVIDEND OPTION
COMPANY NAME RELIANCE
ICICI
LIC
UTI
Oct-12
0.3694
0.5984
0.1188
Nov-12
0.381
0.6162
0.1258
Dec-12
0.427
0.6742
0.1525
Jan-13
0.4581
0.7297
0.1642
Feb-13
0.3141
0.694
0.1494
Mar-13
0.2306
0.6687
0.1397
TOTAL
2.1802
3.9812
0.8504
AVERAGE RETURN 0.363366667 0.663533333 0.141733333
1.2593
1.2185
1.2411
1.2877
2.4672
1.1956
8.6694
1.4449
Sharpe Index Ratio =(Rp Rf ) /

Standard Deviation = [(R Average Return) ^2]/n
PARTICULARS
RELIANCE ICICI
LIC
UTI
AVERAGE RETURN
0.3633
0.6635
0.1417
1.4449
STANDARD DEVIATION
0.0744
0.0443
0.0163
0.4931
SHARPE INDEX RATIO
3.875 13.28442438 4.09202454 2.778138309
III
I
II
IV
RANK
14
12
10
8
RATIO IN TIMES
6
4
2
0
RELIANCE
ICICI
LIC
UTI
INTERPRETATION
From this analysis, ICICI Performance is better than the other Mutual Fund
companies in case of dividend option. ICICI ranks first with the highest Sharpe Index
ratio of 13.2844, with the average return of 0.6635 and with Standard Deviation of
0.0433 followed by LIC, with the Sharpe Index Ratio of 4.0920, RELIANCE with the
Sharpe Index Ratio of 3.875 and UTI with the Sharpe Index Ratio 2.7781. This
shows that Higher the risk higher the return.
Calculation of Treynor Ratio for the period October 2012 March 2013
Treynor Ratio= (Rp- Rf) /
Average Return on portfolio = Rp
The Systematic Risk measured by Beta ().
If = 1 Indicates securities is having average Rate of Systematic Risk
> 1 Securities Return fluctuate more than the Market Return
< 1 Securities returns are less sensitive to changes in the Market Returns
Risk free rate is 7.5%
PARTICULARS
AVERAGE RETURN
BETA
TREYNOR RATIO
RANK
= Rf
RELIANCE
ICICI
LIC
UTI
0.4832
0.5694
2.2086
5.0822
1.06
1.13
1.08
0.99
0.38509434 0.437522124 1.975555556 5.057777778
IV
III
10
II
6
5
4
3
RATIO IN TIMES
2
1
0
RELIANCE
ICICI
LIC
UTI
INTERPRETATION:
From the above analysis, UTI Performance is better than other Mutual Fund
Companies in case Growth option. UTI ranks first with highest Treynor ratio of
5.0577 followed by LIC, with the Treynor Ratio of 1.9755, ICICI, with the Treynor
Ratio of 0.4375 and RELIANCE with the Treynor Ratio of 0.385. This highest
Treynor Ratio indicates the superior risk adjusted performance of the fund.
Treynor Ratio = (Rp - Rf)/
< 1 Securities Returns are less sensitive to changes in the Market Returns
PARTICULARS
AVERAGE RETURN
BETA
TREYNOR RATIO
RANK
RELIANCE
ICICI
LIC
UTI
0.4707
0.3045
0.0539
4.3896
1.06
1.13
1.08
0.99
0.373301887 0.203097345 -0.01953704 4.358181818
II
III
TREYNOR RATIO FOR
11
IV
5
4.5
4
3.5
3
2.5
2
1.5
1
0.5
0
-0.5
RATIO IN TIMES
RELIANCE
ICICI
LIC
UTI
INTERPRETATION
From the above analysis UTI performance is better than other Mutual Fund
Companies in case of Dividend Option. UTI ranks first with the highest Treynor ratio
of 4.3581, RELIANCE with the Treynor Ratio of 0.3733, ICICI with the Treynor Ratio
of 0.0.03 and LIC with the Treynor Ratio of -0.0195. This highest Treynor ratio is an
indicator of favorable performance.
Treynor Ratio =(Rp- Rf)/
Risk free rate is 7.5% =Rf
PARTICULARS
AVERAGE RETURN
BETA
SHARPE INDEX RATIO
RANK
RELIANCE
ICICI
LIC
UTI
1.4949
4.4876
4.9029
7.5996
1.01
1.33
1.37
1.12
1.405841584 3.317744361 3.524014599 6.718392857
IV
III
12
II
TREYNOR RATIO FOR

8
7
6
5
4
RATIO IN TIMES
3
2
1
0
RELIANCE
ICICI
LIC
UTI
INTERPRETATION
From the above analysis, UTI Balanced Scheme performance is better than
other Mutual Fund Companies in case of Growth Option. UTI ranks first with the
highest Treynor ratio of 6.7183 followed by, LICwith the Treynor Ratio of 3.524, ICICI
with the Treynor Ratio of 3.3177 and RELIANCE with the Treynor Ratio of 1.4058.
This highest Treynor ratio is an indicator of highest performance of the fund.
Treynor Ratio= (Rp - Rf)/
Average Return on portfolio= Rp
Risk free rate is 7.5% = Rf
PARTICULARS
AVERAGE RETURN
BETA
TREYNOR RATIO
RANK
RELIANCE
ICICI
LIC
UTI
0.3633
0.6635
0.1417
1.4449
1.01
1.33
1.37
1.12
0.285445545 0.442481203 0.048686131
1.223125
III
II
TREYNOR RATIO FOR

13
IV
1.4
1.2
1
0.8
0.6
RATIO IN TIMES
0.4
0.2
0
RELIANCE
ICICI
LIC
UTI
INTERPRETATION
From the above analysis, UTI Balanced scheme performance is better than other
Mutual Fund Companies in case of Dividend option. UTI ranks first with the highest
Treynor ratio of
1.2231 followed by, ICICI with the Treynor Ratio of
0.4424,RELIANCE with the Treynor Ratio of 0.2854 and LIC with the Treynor Ratio
of 0.0486. This highest Treynor Ratio is an indicator of superior risk adjusted
performance of the fund.
FINDINGS
FROM EQUITY FUND SCHEME (GROWTH OPTION)
1. Sharpe Ratio: UTI performance is ranked as first with the highest Sharpe
Index Ratio of 25.6779 and with the highest Standard Deviation of 0.195
followed by RELIANCE, LIC and Prudential ICICI. This shows that higher the
risk higher the return.
2. Treynor Ratio: UTI performance is again ranked as first with the highest
Treynor Ratio of 5.0577, followed by LIC, Prudential ICICI and RELIANCE.
PUBLIC SECTOR VS PRIVATE SECTOR
The public sector mutual fund companys performance is better than the
private sector mutual fund companies in case of two ratios viz., Sharpe Ratio
andTreynor Ratiofrom equity fund scheme (Growth Option).
FROM EQUITY FUND SCHEME (DIVIDEND OPTION)

1. Sharpe Ratio: UTI performance is ranked as first with the highest Sharpe
Index Ratio of 30.4918 and with the highest Standard Deviation of 0.1415,
followed by ICICI, RELIANCE and Prudential ICICI. This shows that higher
the risk higher the return.
14
2. Treynor Ratio: UTI performance is again ranked as first in case of Treynor

ratio with the highest Treynor Ratio of 4.3581, followed by RELIANCE,
Prudential ICICI and LIC.
PUBLIC SECTOR VS. PRIVATESECTOR
The public sector mutual fund companies performance is better than the
and Treynor Ratio from equity fund scheme(Dividend Option).
FROM BALANCED SCHEME (GROWTH OPTION)
1. Sharpe Ratio:LIC performance is ranked as first with the highest Sharpe
Index Ratio of 60.2152 and with the Standard Deviation of 0.0766, followed
by UTI, Prudential ICICI and RELIANCE.
2. Treynor Ratio: UTI Balanced Scheme performance is ranked as first with
the highest Treynor Ratio of 6.7183, followed byLIC, Prudential ICICI and
RELIANCE.
Higher the Treynor Ratio is an indicator of favorable
performance.
PUBLIC SECTOR VS. PRIVATE SECTOR
The public sector mutual fund companies performance is better than the
and Treynor Ratio from Balanced scheme (Growth Option).
FROM BALANCED SCHEME (DIVIDEND OPTION)
1. Sharpe Ratio: Prudential ICICI performance is ranked as first with the
highest Sharpe Index Ratio of 13.2844, and with the Standard Deviation of
0.0433, followed by LIC, reliance and UTI. This shows that higher the risk,
higher the return.
2. Treynor Ratio: UTI Balanced scheme performance is ranked as first with the
highest Treynor Ratio of 1.2231, followed by Prudential ICICI, RELIANCE and
LIC.
PUBLIC SECTOR VS. PRIVATE SECTOR
1) The private sector mutual fund companies performance is better than the
public sector mutual fund companies in case of Sharpe Ratio.
2) The public sector mutual fund companies performance is better than the
private sector mutual fund companies in case ofTreynor Ratio.
RECOMMENDATIONS
1. Any Investor who wants to invest in the Mutual Fund Company they
must know about Mutual Fund and how they work.
2. Investor should have to see the performance of Mutual Fund Company
before investing.
15
3. They have to see the past records of the Mutual Fund Company for
example as NAV RETURNS and Annualized Returns.
4. Before investment in Mutual Fund , one should know :
a. The Growth rate of Dividend.
b. Whether the percentage of NAV is continuously increasing or
not.
c. Must have knowledge about the past performance and also the
performance of Mutual Fund Manager.
d. Select a right scheme which should have less risk and high
returns that suits for saving profile.
e. See whether there is any fluctuation in the dividend
f. Select those schemes which give high returns.
CONCLUSION
Mutual Funds are the ideal investment vehicle for todays complex and
modern financial scenario. The last few years have been very exciting for the mutual
funds Industry in India. New players have come in, while others have decided to
close shop by either selling off or merging with others. Product innovation is now
pass with the game shifting to performance delivery in fund management as well
as service. The public sector mutual fund companies performance is better than the
private sector mutual fund companies in case of Equity fund Scheme (Growth and
Dividend option).
The public sector mutual fund Companies outperforms the private sector
mutual fund companies of the two ratios viz., Sharpe Ratio, Treynor Ratio in case
Balanced Scheme(Growth option).But in case of Balanced scheme(Dividend option)
the private company is performing well for Sharpe ratio and public company is
performing well for Treynor ratio. We can arrive at the conclusion that indeed existing
funds have surpassed newer ones by a mile and we would be much better off
sticking to existing funds with excellent track records than running after fancy terms,
names &themes.
BIBLOGRAPHY
Articles:
1. Hindu Newspaper (daily), Economic Times of India (daily), Financial
Express(daily)
2. Business world(weekly)
3. Published Articles on Mutual Funds
16
Book:
Security analysis and Portfolio Management by PunithavathyPandian.
Websites:
www.google.com
www.amfi.com
www.moneycontrol.com
www.religaremf.com
17
APPENDICES
TABLE: NO: 1
CALCULATION OF AVERAGE RETURN FOR THE MONTH OCTOBER, 2012
EQUITY FUND SCHEME (GROWTH OPTION)
RETURN = (NAV 10 / 10) * 100
RELIANCE
ICICI
LIC
UTI
S.no
NAV
RETURNS NAV
RETURNS NAV
RETURNS NAV
RETURNS
1
14
40
16
60
27
170
61
510
2 14.451
44.51 15.32
53.2 26.316 163.16 59.97
499.7
3 14.598
45.98 15.33
53.3 26.554 165.54 60.46
504.6
4 14.452
44.52 15.33
53.3 26.424 164.24 59.99
499.9
5 14.195
41.95 15.34
53.4 26.101 161.01 59.57
495.7
6 14.303
43.03 15.35
53.5 26.214 162.14
59.9
499
7 14.205
42.05 15.37
53.7 25.983 159.83 59.52
495.2
8 14.376
43.76 15.35
53.5 26.228 162.28 60.03
500.3
9 14.351
43.51 15.37
53.7 26.041 160.41 59.86
498.6
10 14.332
43.32 15.37
53.7 26.041 160.41 59.95
499.5
11 14.189
41.89 15.41
54.1 25.892 158.92 59.68
496.8
12 14.189
41.89 15.41
54.1 25.892 158.92 59.68
496.8
13 14.398
43.98 15.38
53.8 26.208 162.08 60.36
503.6
14 14.276
42.76 15.41
54.1 26.07
160.7 60.12
501.2
15 14.404
44.04 15.41
54.1 26.227 162.27 60.46
504.6
16 14.367
43.67 15.41
54.1 26.105 161.05 60.23
502.3
17 14.344
43.44
15.4
54 26.171 161.71 60.33
503.3
18 14.223
42.23 15.41
54.1 26.171 161.71
59.8
498
19 14.129
41.29 15.41
54.1 26.036 160.36 59.72
497.2
20 14.03
40.3 15.42
54.2 25.743 157.43 59.07
490.7
21 14.139
41.39 15.42
54.2 25.84
158.4 59.38
493.8
TOTAL RETURNS
899.51
1136.2
3392.57
10490.8
AVERAGE RETURNS
42.83381
54.10476
161.551
499.5619
18
TABLE: NO: 2
CALCULATION OF AVERAGE RETURN FOR THE MONTH NOVEMBER, 2012
RETURN = (NAV 10 / 10) * 100
RELIANCE
ICICI
LIC
UTI
S.No
NAV
RETURNS NAV
RETURNS NAV
RETURNS NAV
RETURNS
1 14.208
42.08 15.42
54.2 57.85
478.5 59.67
496.7
2 14.315
43.15 15.41
54.1 58.288 482.88 60.18
501.8
3
14.3
43 15.42
54.2 58.324 483.24 60.18
501.8
4 14.318
43.18 15.41
54.1 58.406 484.06 60.39
503.9
5 14.45
44.5 15.42
54.2 58.647 486.47 60.64
506.4
6 14.401
44.01 15.45
54.5 58.505 485.05
60.4
504
7 14.297
42.97 15.46
54.6 58.205 482.05 59.98
499.8
8 14.546
45.46 15.46
54.6 58.261 482.61 59.99
499.9
9 14.546
45.46 15.47
54.7 58.261 482.61 59.99
499.9
10 14.534
45.34 15.49
54.9 57.973 479.73 59.49
494.9
11 14.316
43.16 15.49
54.9 57.492 474.92 59.06
490.6
12 14.275
42.75
15.5
55 57.294 472.94 58.93
489.3
13 14.247
42.47 15.49
54.9 57.393 473.93 58.78
487.8
14 14.339
43.39 15.51
55.1 57.698 476.98 59.14
491.4
15 14.378
43.78 15.51
55.1 57.798 477.98 59.38
493.8
16 14.41
44.1 15.51
55.1 57.875 478.75 59.34
493.4
17 14.491
44.91 15.51
55.1 57.937 479.37 59.64
496.4
18 14.705
47.05
15.5
55 58.564 485.64 60.41
504.1
19 14.816
48.16 15.58
55.8 59.227 492.27 61.34
513.4
20 14.907
49.07
59.592 495.92 14.208
42.08
TOTAL RETURNS
887.99
1040.1
9635.9
9511.38
AVERAGE RETURNS
44.3995
54.74211
481.795
475.569
19
TABLE: NO: 3
CALCULATION OF AVERAGE RETURN FOR THE MONTH DECEMBER, 2012
RETURN = (NAV 10 / 10) * 100
RELIANCE
ICICI
LIC
UTI
S.No
NAV
RETURNS NAV
RETURNS NAV
RETURNS NAV
RETURNS
1 14.965
49.65 15.58
55.8 27.176 171.76 61.87
518.7
2 15.038
50.38 15.58
55.8 27.214 172.14 61.95
519.5
3 15.055
50.55 15.58
55.8 27.321 173.21 62.16
521.6
4 15.117
51.17 15.57
55.7 27.197 171.97 62.41
524.1
5 15.04
50.4 15.58
55.8 27.172 171.72
62.2
522
6 15.069
50.69 15.58
55.8 27.088 170.88 62.09
520.9
7 15.008
50.08 15.59
55.9 27.038 170.38 61.95
519.5
8 14.994
49.94
15.6
56 26.916 169.16 61.94
519.4
9 14.83
48.3 15.63
56.3 27.039 170.39 61.66
516.6
10 14.935
49.35 15.61
56.1 26.896 168.96 62.02
520.2
11 14.899
48.99 15.62
56.2 27.097 170.97 62.01
520.1
12 14.979
49.79 15.62
56.2 27.221 172.21 62.31
523.1
13 15.042
50.42 15.63
56.3 27.205 172.05 62.74
527.4
14 15.068
50.68 15.64
56.4 26.925 169.25 62.55
525.5
15 14.861
48.61 15.67
56.7 26.995 169.95 61.85
518.5
16 14.872
48.72 15.65
56.5 27.212 172.12 61.96
519.6
17 14.961
49.61 15.66
56.6 27.086 170.86 62.51
525.1
18 14.869
48.69 15.65
56.5 27.255 172.55 62.23
522.3
19 14.961
49.61 15.66
56.6 27.246 172.46 62.57
525.7
20 25.016 150.16 15.68
56.8
62.72
527.2
TOTAL RETURNS
1095.79
1123.8
3252.99
10437
AVERAGE RETURNS
54.7895
56.19
171.21
521.85
20
TABLE: NO: 4
CALCULATION OF AVERAGE RETURN FOR THE MONTH JANUARY, 2013
RETURN = (NAV 10 / 10) * 100
RELIANCE
ICICI
LIC
UTI
S.No
NAV
RETURNS NAV
RETURNS NAV
RETURNS NAV
RETURNS
1 15.184
51.84 15.67
56.7 27.474
174.74 63.06
530.6
2 15.29
52.9
15.7
57 27.585
175.85 63.37
533.7
3 15.36
53.6 15.69
56.9 27.684
176.84
63.5
535
4 15.423
54.23
15.7
57 27.701
177.01 63.69
536.9
5 15.379
53.79 15.69
56.9 27.579
175.79 63.56
535.6
6 15.415
54.15
15.7
57 27.627
176.27 63.62
536.2
7 15.372
53.72 15.72
57.2 27.578
175.78 63.28
532.8
8 15.34
53.4 15.71
57.1 27.586
175.86 63.12
531.2
9 15.334
53.34 15.73
57.3 27.608
176.08 62.73
527.3
10 15.491
54.91 15.71
57.1 27.955
179.55 63.27
532.7
11 15.537
55.37 15.73
57.3 28.09
180.9 63.64
536.4
12 15.336
53.36 15.75
57.5 27.782
177.82 63.07
530.7
13 15.369
53.69 15.74
57.4 27.988
179.88 63.28
532.8
14 15.453
54.53 15.74
57.4 28.042
180.42 63.54
535.4
15 15.532
55.32 15.75
57.5 28.103
181.03 63.61
536.1
16 15.412
54.12 15.78
57.8 27.85
178.5 63.281 532.81
17 15.437
54.37 15.77
57.7 27.829
178.29 63.21
532.1
18 15.235
52.35
15.8
58 27.661
176.61 62.843 528.43
19 15.45
54.5 15.78
57.8 27.661
176.61 63.386 533.86
20 15.47
54.7 15.79
57.9 27.915
179.15 63.379 533.79
21 15.335
53.35
15.8
58 27.746
177.46 63.128 531.28
22 15.326
53.26 15.77
57.7 27.743
177.43 63.179 531.79
23 15.292
52.92 15.84
58.4 27.66
176.6 63.419 534.19
TOTAL RETURNS
1237.72
1320.6
4084.47
12261.65
AVERAGE RETURNS
53.81391
57.41739
177.5857
533.1152
TABLE: NO: 5
21
CALCULATION OF AVERAGE RETURN FOR THE MONTH FEBRUARY, 2013

RETURN = (NAV 10 / 10) * 100
RELIANCE
ICICI
LIC
UTI
S.No
NAV
RETURNS NAV
RETURNS NAV
RETURNS NAV
RETURNS
1
15.314
53.14
15.84
58.4
27.396
173.96
63.263
532.63
2
15.16
51.6
15.87
58.7
27.36
173.6
62.874
528.74
3
15.089
50.89
15.86
58.6
27.188
171.88
62.685
526.85
4
15.169
51.69
15.87
58.7
27.202
172.02
62.655
526.55
5
15.077
50.77
15.86
58.6
27.13
171.3
62.353
523.53
6
15.984
59.84
15.87
58.7
26.989
169.89
61.912
519.12
7
15.956
59.56
15.87
58.7
26.995
169.95
61.836
518.36
8
14.988
49.88
15.87
58.7
27.151
171.51
62.15
521.5
9
14.915
49.15
15.9
59
27.199
171.99
62.16
521.6
10
14.754
47.54
15.91
59.1
26.964
169.64
61.673
516.73
11
14.77
47.7
15.9
59
26.986
169.86
61.577
515.77
12
14.824
48.24
15.91
59.1
27.066
170.66
61.579
515.79
13
14.957
49.57
15.91
59.1
27.066
170.66
62.061
520.61
14
14.963
49.63
15.91
59.1
27.17
171.7
62.116
521.16
15
14.668
46.68
15.94
59.4
26.708
167.08
61.225
512.25
16
14.72
47.2
15.93
59.3
26.723
167.23
61.31
513.1
17
14.717
47.17
15.94
59.4
26.717
167.17
61.276
512.76
18
14.485
44.85
15.94
59.4
26.321
163.21
60.465
504.65
19
14.566
45.66
15.96
59.6
26.503
165.03
60.801
508.01
20
14.178
41.78
15.97
59.7
26.027
160.27
59.804
498.04
TOTAL RETURNS
992.54
1180.3
3388.61
10357.75
AVERAGE RETURNS
49.627
59.015
169.4305
517.8875
TABLE: NO: 6
CALCULATION OF AVERAGE RETURN FOR THE MONTH MARCH, 2013
22
RETURN = (NAV 10 / 10) * 100
RELIANCE
ICICI
LIC
UTI
NAV
RETURNS NAV
RETURNS NAV
RETURNS NAV
RETURNS
1
14.347
43.47
16
60
26.104
161.04
59.971
499.71
2
14.212
42.12
16
60
26.034
160.34
59.635
496.35
3
14.447
44.47
15.99
59.9
26.451
164.51
60.391
503.91
4
14.549
45.49
15.99
59.9
26.635
166.35
60.685
506.85
5
14.65
46.5
15.99
59.9
26.834
168.34
60.096
500.96
6
14.784
47.84
15.99
59.9
27.135
171.35
61.816
518.16
7
14.759
47.59
16.02
60.2
27.092
170.92
61.89
518.9
8
17.703
77.03
16.01
60.1
26.945
169.45
61.483
514.83
9
14.502
45.02
16.02
60.2
26.665
166.65
60.944
509.44
10
14.696
46.96
16
60
26.946
169.46
61.392
513.92
11
14.58
45.8
16.02
60.2
26.754
167.54
61.058
510.58
12
14.454
44.54
16.03
60.3
26.651
166.51
60.685
506.85
13
14.171
41.71
16.05
60.5
26.205
162.05
59.902
499.02
14
13.866
38.66
16.03
60.3
25.908
159.08
59.232
492.32
15
13.793
37.93
16.06
60.6
25.756
157.56
58.863
488.63
16
13.803
38.03
16.04
60.4
25.7
157
58.631
486.31
17
13.759
37.59
16.06
60.6
25.591
155.91
58.399
483.99
18
13.703
37.03
16.07
60.7
25.647
156.47
58.567
485.67
19
13.866
38.66
16.08
60.8
25.844
158.44
59.004
490.04
TOTAL RETURNS
846.44
1144.5
3108.97
9526.44
AVERAGE RETURNS 44.54947
60.23684
163.63
501.3916
S.No
TABLE: NO: 7
23
EQUITY FUND SCHEME (DIVIDEND OPTION)

RETURN = (NAV 10 / 10) * 100
RELIANCE
ICICI
LIC
UTI
S.No
NAV
RETURNS NAV
RETURNS NAV
RETURNS NAV
RETURNS
1
14
40
13
30
10
0
54
440
2
14.451
44.51
12.74
27.4
10.371
3.71
53.01
430.1
3
14.598
45.98
12.74
27.4
10.465
4.65
53.44
434.4
4
14.452
44.52
12.75
27.5
10.413
4.13
53.03
430.3
5
14.195
41.95
12.76
27.6
10.286
2.86
52.66
426.6
6
14.303
43.03
12.76
27.6
10.331
3.31
52.95
429.5
7
14.205
42.05
12.78
27.8
10.24
2.4
52.61
426.1
8
14.376
43.76
12.76
27.6
10.336
3.36
53.06
430.6
9
14.351
43.51
12.78
27.8
10.262
2.62
52.92
429.2
10
14.332
43.32
12.78
27.8
10.262
2.62
52.99
429.9
11
14.189
41.89
12.81
28.1
10.204
2.04
52.75
427.5
12
14.189
41.89
12.81
28.1
10.204
2.04
52.75
427.5
13
14.398
43.98
12.79
27.9 10.3208
3.208
53.35
433.5
14
14.276
42.76
12.81
28.1
10.274
2.74
53.14
431.4
15
14.404
44.04
12.81
28.1
10.336
3.36
53.44
434.4
16
14.367
43.67
12.82
28.2
10.288
2.88
53.24
432.4
17
14.344
43.44
12.8
28
10.314
3.14
53.33
433.3
18
14.223
42.23
12.81
28.1
10.314
3.14
52.86
428.6
19
14.129
41.29
12.82
28.2
10.26
2.6
52.79
427.9
20
14.029
40.29
12.82
28.2
10.145
1.45
52.22
422.2
21
14.139
41.39
12.82
28.2
10.183
1.83
52.49
424.9
TOTAL RETURNS
899.5
587.7
58.088
9030.3
27.98571
2.766095
430.0143
TABLE: NO: 8
24

RETURN = (NAV 10 / 10) * 100
RELIANCE
ICICI
LIC
UTI
S.No
NAV
RETURNS NAV
RETURNS NAV
RETURNS NAV
RETURNS
1
14.208
42.08
12.82
28.2
10.24
2.4
52.75
427.5
2
14.315
43.15
12.81
28.1
10.33
3.3
53.19
431.9
3
14.3
43
12.82
28.2
10.34
3.4
53.19
431.9
4
14.318
43.18
12.81
28.1
10.369
3.69
53.38
433.8
5
14.45
44.5
12.82
28.2
10.421
4.21
53.6
436
6
14.401
44.01
12.85
28.5
10.41
4.1
53.39
433.9
7
14.297
42.97
12.85
28.5
10.319
3.19
53.02
430.2
8
14.546
45.46
12.85
28.5
10.319
3.19
53.03
430.3
9
14.546
45.46
12.85
28.5
10.319
3.19
53.03
430.3
10
14.534
45.34
12.86
28.6
10.223
2.23
52.59
425.9
11
14.316
43.16
12.88
28.8
10.14
1.4
52.2
422
12
14.275
42.75
12.88
28.8
10.14
1.4
52.1
421
13
14.247
42.47
12.88
28.8
10.165
1.65
51.96
419.6
14
14.339
43.39
12.88
28.8
10.241
2.41
52.28
422.8
15
14.378
43.78
12.89
28.9
10.262
2.62
52.49
424.9
16
14.41
44.1
12.89
28.9
10.26
2.6
52.46
424.6
17
14.491
44.91
12.89
28.9
10.284
2.84
52.72
427.2
18
14.705
47.05
12.89
28.9
10.46
4.6
53.4
434
19
14.816
48.16
12.88
28.8
10.636
6.36
54.22
442.2
20
14.907
49.07
12.96
29.6
10.716
7.16
54.68
446.8
TOTAL RETURNS
887.99
572.6
65.94
8596.8
AVERAGE RETURNS
44.3995
28.63
3.297
429.84
TABLE: NO: 9
25
RETURN = (NAV 10 / 10) * 100
RELIANCE
ICICI
LIC
UTI
NAV
RETURNS NAV
RETURNS NAV
RETURNS NAV
RETURNS
1
14.965
49.65 12.96
29.6 10.694
6.94 54.69
446.9
2
15.038
50.38 12.95
29.5 10.71
7.1 54.76
447.6
3
15.055
50.55 12.96
29.6 10.725
7.25 54.95
449.5
4
15.117
51.17 12.94
29.4 10.767
7.67 55.17
451.7
5
15.04
50.4 12.96
29.6 10.718
7.18 54.98
449.8
6
15.069
50.69 12.95
29.5 10.708
7.08 54.89
448.9
7
15.008
50.08 12.96
29.6 10.675
6.75 54.76
447.6
8
14.994
49.94 12.97
29.7 10.655
6.55 54.76
447.6
9
14.83
48.3
13
30 10.607
6.07
54.7
447
10
14.935
49.35 12.98
29.8 10.656
6.56 54.82
448.2
11
14.899
48.99 12.99
29.9 10.599
5.99 54.82
448.2
12
14.979
49.79 12.99
29.9 10.679
6.79 55.08
450.8
13
15.042
50.42
13
30 10.727
7.27 55.46
454.6
14
15.068
50.68
13
30 10.721
7.21 55.29
452.9
15
14.861
48.61 13.02
30.2 10.611
6.11 54.69
446.9
16
14.872
48.72 13.01
30.1 10.638
6.38 54.79
447.9
17
14.961
49.61 13.02
30.2 10.724
7.24 55.27
452.7
18
14.869
48.69 13.01
30.1 10.674
6.74 55.03
450.3
19
14.961
49.61 13.02
30.2 10.741
7.41 55.33
453.3
20
15.016
50.16 13.03
30.3 10.737
7.37 55.46
454.6
TOTAL RETURNS
995.79
597.2
137.66
8997
AVERAGE RETURNS
49.7895
29.86
6.883
449.85
S.No
TABLE: NO: 10
RETURN = (NAV 10 / 10) * 100
26
RELIANCE
ICICI
LIC
UTI
S.No
NAV
RETURNS NAV
RETURNS NAV
RETURNS NAV
RETURNS
1 15.184
51.84
13.03
30.3 10.827
8.27 55.76
457.6
2 15.291
52.91
13.05
30.5 10.871
8.71 56.04
460.4
3 15.36
53.6
13.04
30.4
10.91
9.1 56.15
461.5
4 15.423
54.23
13.05
30.5 10.917
9.17 56.32
463.2
5 15.379
53.79
13.05
30.5 10.868
8.68
56.2
462
6 15.415
54.15
13.05
30.5 10.887
8.87 56.25
462.5
7 15.372
53.72
13.07
30.7 10.868
8.68 56.96
469.6
8 15.34
53.4
13.06
30.6 10.871
8.71 55.81
458.1
9 15.334
53.34
13.08
30.8
10.88
8.8 55.47
454.7
10 15.491
54.91
13.06
30.6 11.016
10.16 55.95
459.5
11 15.537
55.37
13.08
30.8
11.07
10.7 56.28
462.8
12 15.336
53.36
13.09
30.9 10.949
9.49 55.77
457.7
13 15.369
53.69
13.09
30.9
11.03
10.3 55.96
459.6
14 15.453
54.53
13.09
30.9 11.051
10.51 56.19
461.9
15 15.532
55.32
13.09
30.9 11.075
10.75 56.24
462.4
16 15.412
54.12
13.12
31.2 10.975
9.75 55.955 459.55
17 15.437
54.37
13.11
31.1 10.967
9.67 55.893 458.93
18 15.235
52.35
13.13
31.3 10.901
9.01 55.569 455.69
19 15.45
54.5
13.12
31.2 10.901
9.01 56.048 460.48
20 15.47
54.7
13.13
31.3 11.001
10.01 56.042 460.42
21 15.335
53.35
13.13
31.3 10.934
9.34 55.821 458.21
22 15.326
53.26
13.11
31.1 10.933
9.33 55.865 458.65
23 15.292
52.92
13.17
31.7
10.9
9 56.078 460.78
TOTAL RETURNS
1237.73
710
216.02
10586.21
TABLE: NO: 11
RETURN = (NAV 10 / 10) * 100
27
RELIANCE
ICICI
LIC
UTI
NAV
RETURNS NAV
RETURNS NAV
RETURNS NAV
RETURNS
1 15.314
53.14 13.17
31.7 10.796
7.96 55.94
459.4
2 15.16
51.6 13.19
31.9 10.782
7.82 55.596 455.96
3 15.089
50.89 13.19
31.9 10.714
7.14 55.428 454.28
4 15.169
51.69 13.19
31.9 10.72
7.2 55.402 454.02
5 15.077
50.77 13.19
31.9 10.691
6.91 55.135 451.35
6 14.984
49.84 13.19
31.9 10.636
6.36 54.745 447.45
7 14.956
49.56 13.19
31.9 10.638
6.38 54.678 446.78
8 14.988
49.88
13.2
32
10.7
7 54.955 449.55
9 14.915
49.15 13.22
32.2 10.719
7.19 54.964 449.64
10 14.754
47.54 13.23
32.3 10.626
6.26 54.534 445.34
11 14.77
47.7 13.22
32.2 10.635
6.35 54.449 444.49
12 14.824
48.24 13.23
32.3 10.666
6.66 54.45
444.5
13 14.957
49.57 13.23
32.3 10.666
6.66 54.877 448.77
14 14.963
49.63 13.23
32.3 10.707
7.07 54.925 449.25
15 14.668
46.68 13.25
32.5 10.525
5.25 54.138 441.38
16 14.72
47.2 13.24
32.4 10.531
5.31 54.213 442.13
17 14.717
47.17 13.25
32.5 10.529
5.29 54.183 441.83
18 14.485
44.85 13.26
32.6 10.373
3.73 53.466 434.66
19 14.566
45.66 13.27
32.7 10.445
4.45 53.363 433.63
20 14.178
41.78 13.28
32.8 10.257
2.57 51.504 415.04
TOTAL RETURNS
972.54
644.2
123.56
8909.45
AVERAGE RETURNS
48.627
32.21
6.178
445.4725
S.No
TABLE: NO: 12
RETURN = (NAV 10 / 10) * 100
28
RELIANCE
ICICI
LIC
UTI
S.No
NAV
RETURNS NAV
RETURNS NAV
RETURNS NAV
RETURNS
1 14.347
43.47
13.3
33 10.287
2.87 51.648 416.48
2 14.212
42.12
13.3
33 10.26
2.6 51.358 413.58
3 14.447
44.47 13.29
32.9 10.424
4.24 52.009 420.09
4 14.549
45.49
13.3
33 10.497
4.97 52.263 422.63
5 14.65
46.5 13.29
32.9 10.575
5.75 52.617 426.17
6 14.784
47.84 13.29
32.9 10.694
6.94 53.237 432.37
7 14.759
47.59 13.32
33.2 10.677
6.77 53.224 432.24
8 14.703
47.03 13.31
33.1 10.619
6.19 52.95
429.5
9 14.502
45.02 13.32
33.2 10.504
5.04 52.489 424.89
10 14.696
46.96
13.3
33 10.619
6.19 52.872 428.72
11 14.58
45.8 13.32
33.2 10.543
5.43 52.584 425.84
12 14.454
44.54 13.33
33.3 10.503
5.03 52.263 422.63
13 14.171
41.71 13.34
33.4 10.327
3.27 51.588 415.88
14 13.866
38.66 13.33
33.3 10.21
2.1 51.011 410.11
15 13.793
37.93 13.36
33.6 10.15
1.5 50.693 406.93
16 13.803
38.03 13.34
33.4 10.128
1.28 50.493 404.93
17 13.759
37.59 13.35
33.5 10.085
0.85 50.294 402.94
18 13.703
37.03 13.36
33.6 10.107
1.07 50.439 404.39
19 13.866
38.66 13.37
33.7 10.185
1.85 50.815 408.15
TOTAL RETURNS
816.44
631.2
73.94
7948.47
AVERAGE RETURNS
42.97053
33.22105
3.891579
418.3405
TABLE: NO: 13
BALANCED SCHEME (GROWTH OPTION)
29
RETURN = (NAV 10 / 10) * 100
RELIANCE
ICICI
LIC
UTI
NAV
RETURNS NAV
RETURNS NAV
RETURNS NAV
RETURNS
1
25
150
54
440
59
490
86
760
2 24.705 147.05 53.08
430.8 58.23
482.3 83.44
734.4
3 24.796 147.96 53.21
432.1 58.483
484.83
83.9
739
4 24.524 145.24 52.98
429.8 58.164
481.64 83.35
733.5
5 24.424 144.24 52.77
427.7 57.673
476.73
83.8
738
6 24.542 145.42 53.04
430.4 58.983
489.83 83.93
739.3
7 24.321 143.21 52.53
425.3 57.57
475.7
83.5
735
8 24.485 144.85 52.81
428.1 57.924
479.24
84.2
742
9
24.4
144 52.65
426.5 57.903
479.03 83.92
739.2
10 24.381 143.81 52.73
427.3 57.903
479.03 84.05
740.5
11 24.269 142.69 52.46
424.6 57.545
475.45 83.81
738.1
12 24.269 142.69 53.05
430.5 57.545
475.45 83.81
738.1
13 24.536 145.36 52.88
428.8 57.947
479.47 84.62
746.2
14 24.441 144.41 52.83
428.3 57.738
477.38 84.25
742.5
15 24.457 144.57 52.73
427.3 57.925
479.25 84.52
745.2
16 24.346 143.46 52.71
427.1 57.836
478.36 84.23
742.3
17 24.334 143.34 52.48
424.8 58.056
480.56 84.37
743.7
18 24.208 142.08 52.48
424.8 58.056
480.56 83.86
738.6
19 24.097 140.97 52.07
420.7 57.846
478.46 83.91
739.1
20 23.987 139.87 52.35
423.5 57.461
474.61 83.23
732.3
21 24.153 141.53
57.658
476.58 83.55
735.5
TOTAL RETURNS
3026.75
8558.4
10074.46
15542.5
AVERAGE RETURNS
144.131
427.92
479.7362
740.119
S.No
TABLE: NO: 14
RETURN = (NAV 10 / 10) * 100
30
RELIANCE
ICICI
LIC
UTI
S.No
NAV
RETURNS NAV
RETURNS NAV
RETURNS NAV
RETURNS
1 24.296 142.96 52.61
426.1 57.85
478.5 83.96
739.6
2 24.408 144.08 52.89
428.9 58.288 482.88 84.43
744.3
3 24.401 144.01 52.68
426.8 58.324 483.24 84.25
742.5
4 24.451 144.51 53.25
432.5 58.406 484.06 84.43
744.3
5 24.608 146.08 53.47
434.7 58.647 486.47
84.7
747
6 24.574 145.74 53.29
432.9 58.505 485.05 84.58
745.8
7 24.468 144.68 53.11
431.1 58.205 482.05
84.3
743
8 24.523 145.23 53.37
433.7 58.261 482.61 84.25
742.5
9 24.523 145.23 53.37
433.7 58.261 482.61 84.25
742.5
10 24.656 146.56 53.23
432.3 57.973 479.73 83.98
739.8
11 24.39
143.9 53.08
430.8 57.492 474.92
83.6
736
12 24.348 143.48 53.11
431.1 57.294 472.94 83.49
734.9
13 24.312 143.12 52.86
428.6 57.393 473.93 83.45
734.5
14 24.497 144.97 53.07
430.7 57.698 476.98 83.81
738.1
15 24.55
145.5 53.24
432.4 57.798 477.98 83.98
739.8
16 24.575 145.75 53.22
432.2 57.875 478.75 83.95
739.5
17 24.596 145.96 53.42
434.2 57.937 479.37 84.16
741.6
18 24.856 148.56 53.82
438.2 58.564 485.64 84.91
749.1
19 25.101 151.01 54.37
443.7 59.227 492.27 85.75
757.5
20 25.254 152.54 54.56
445.6 59.592 495.92 86.61
766.1
TOTAL RETURNS
2913.87
8660.2
9635.9
14868.4
AVERAGE RETURNS
145.6935
433.01
481.795
743.42
TABLE: NO: 15
RETURN = (NAV 10 / 10) * 100
31
RELIANCE
ICICI
LIC
UTI
NAV
RETURNS NAV
RETURNS NAV
RETURNS NAV
RETURNS
1 25.215 152.15 54.68
446.8 59.507 495.07
86.7
767
2 25.344 153.44 54.83
448.3 59.547 495.47 86.86
768.6
3 25.397 153.97 54.84
448.4 59.649 496.49 86.89
768.9
4 25.499 154.99 55.09
450.9 59.82
498.2 87.09
770.9
5 25.464 154.64 54.97
449.7 59.627 496.27 86.98
769.8
6 25.491 154.91 55.08
450.8 59.681 496.81 87.15
771.5
7 25.343 153.43 54.94
449.4 59.656 496.56 86.98
769.8
8 25.301 153.01
55
450 59.554 495.54 86.83
768.3
9 25.206 152.06 54.92
449.2 59.257 492.57 86.44
764.4
10 25.28
152.8 55.21
452.1 59.436 494.36 86.73
767.3
11 25.303 153.03 55.35
453.5 59.354 493.54 86.65
766.5
12 25.407 154.07 55.49
454.9 59.599 495.99 87.14
771.4
13 25.502 155.02 55.75
457.5 59.892 498.92 87.36
773.6
14 25.487 154.87 55.63
456.3 59.796 497.96 87.37
773.7
15 25.206 152.06 55.12
451.2 59.245 492.45
86.6
766
16 25.341 153.41 55.17
451.7 59.379 493.79 86.68
766.8
17 25.483 154.83 55.55
455.5 59.634 496.34 87.16
771.6
18 25.432 154.32
55.4
454 59.345 493.45 86.87
768.7
19 25.485 154.85 55.61
456.1 59.572 495.72
87.4
774
20 25.545 155.45 55.71
457.1 59.552 495.52
87.5
775
TOTAL RETURNS
3077.31
9043.4
9911.02
15393.8
AVERAGE RETURNS
153.8655
452.17
495.551
769.69
S.No
TABLE: NO: 16
RETURN = (NAV 10 / 10) * 100
32
RELIANCE
ICICI
LIC
UTI
S.No
NAV
RETURNS NAV
RETURNS NAV
RETURNS NAV
RETURNS
1 25.787 157.87 56.17
461.7 59.883
498.83 88.16
781.6
2 25.864 158.64 56.61
466.1 60.296
502.96 88.49
784.9
3 25.993 159.93 56.79
467.9 60.317
503.17 88.77
787.7
4 26.054 160.54 56.84
468.4 60.13
501.3 88.86
788.6
5 25.988 159.88 56.75
467.5 60.162
501.62
88.9
789
6 25.975 159.75 56.87
468.7 59.972
499.72 89.03
790.3
7 25.981 159.81 56.89
468.9 59.978
499.78 88.86
788.6
8 25.94
159.4
57.1
471 59.763
497.63 88.64
786.4
9 26.029 160.29 56.79
467.9 60.268
502.68 88.24
782.4
10 26.234 162.34 57.19
471.9 60.475
504.75
89.1
791
11 26.287 162.87 57.53
475.3 60.136
501.36 89.54
795.4
12 25.963 159.63 57.12
471.2 60.42
504.2 88.87
788.7
13 26.045 160.45 57.33
473.3 60.505
505.05 89.26
792.6
14 26.032 160.32 57.37
473.7 60.642
506.42 89.03
790.3
15 26.04
160.4 57.41
474.1 60.299
502.99
89.2
792
16 25.885 158.85 57.24
472.4 60.136
501.36 88.836 788.36
17 25.899 158.99 57.02
470.2 59.914
499.14 88.722 787.22
18 25.651 156.51 56.78
467.8 59.914
499.14
88.1
781
19 25.834 158.34 57.33
473.3 60.475
504.75 88.788 787.88
20 25.921 159.21
57.3
473 60.242
502.42 88.751 787.51
21 25.79
157.9 57.29
472.9 60.294
502.94 88.61
786.1
22 25.719 157.19 57.13
471.3 60.123
501.23 88.554 785.54
23 25.692 156.92 57.18
471.8
88.576 785.76
TOTAL RETURNS
3666.03
10820.3
11043.44
18118.87
AVERAGE RETURNS
159.3926
470.4478
501.9745
787.777
TABLE: NO: 17
RETURN = (NAV 10 / 10)
33
RELIANCE
ICICI
LIC
UTI
S.No
NAV
RETURNS NAV
RETURNS NAV
RETURNS NAV
RETURNS
1 25.568 155.68 57.02
470.2 59.881 498.81 88.191 781.91
2 25.585 155.85 56.69
466.9 59.771 497.71
87.9
779
3 25.393 153.93
56.4
464 59.61
496.1 87.535 775.35
4 25.494 154.94 56.45
464.5 59.627 496.27 87.627 776.27
5 25.337 153.37 56.26
462.6 59.527 495.27 87.536 775.36
6 25.247 152.47 56.07
460.7
59.3
493 87.215 772.15
7 25.251 152.51 55.95
459.5 59.324 493.24 87.12
771.2
8 25.241 152.41 56.09
460.9 59.535 495.35 87.258 772.58
9 25.256 152.56 56.25
462.5 59.654 496.54 87.211 772.11
10 25.07
150.7 55.89
458.9 59.478 494.78 86.549 765.49
11 25.012 150.12 55.61
456.1
59.4
494 86.506 765.06
12 25.05
150.5 55.75
457.5 59.493 494.93 86.497 764.97
13 25.169 151.69 56.12
461.2 59.493 494.93 86.938 769.38
14 25.16
151.6 56.08
460.8 59.936 499.36 86.923 769.23
15 24.881 148.81 55.51
455.1 59.308 493.08 85.912 759.12
16 24.907 149.07 55.45
454.5 59.286 492.86 85.898 758.98
17 24.827 148.27 55.27
452.7 59.367 493.67 85.93
759.3
18 24.563 145.63 54.71
447.1 58.701 487.01 85.034 750.34
19 24.688 146.88 55.12
451.2 58.898 488.98 85.455 754.55
20 24.346 143.46 54.64
446.4 58.159 481.59 84.272 742.72
TOTAL RETURNS
3020.45
9173.3
9877.48
15335.07
AVERAGE RETURNS
151.0225
458.665
493.874
766.7535
TABLE: NO: 18
RETURN = (NAV 10 / 10) * 100
34
RELIANCE
ICICI
LIC
UTI
NAV
RETURNS NAV
RETURNS NAV
RETURNS NAV
RETURNS
1
24.396
143.96
54.8
448
58.374
483.74
84.593
745.93
2
24.3
143
54.77
447.7
58.153
481.53
84.314
743.14
3
24.574
145.74
55.22
452.2
58.812
488.12
85.197
751.97
4
24.706
147.06
55.47
454.7
59.059
490.59
85.701
757.01
5
24.828
148.28
55.7
457
59.364
493.64
86.117
761.17
6
24.995
149.95
56.09
460.9
59.879
498.79
86.764
767.64
7
24.93
149.3
56.04
460.4
59.902
499.02
86.752
767.52
8
24.79
147.9
55.82
458.2
59.752
497.52
86.479
764.79
9
24.516
145.16
55.4
454
59.353
493.53
85.997
759.97
10
24.646
146.46
55.66
456.6
59.786
497.86
86.402
764.02
11
24.483
144.83
55.48
454.8
59.544
495.44
86.094
760.94
12
24.373
143.73
55.34
453.4
59.321
493.21
85.794
757.94
13
23.998
139.98
54.92
449.2
58.647
486.47
84.897
748.97
14
23.693
136.93
54.37
443.7
58.369
483.69
84.1
741
15
23.634
136.34
54.14
441.4
58.004
480.04
83.931
739.31
16
23.611
136.11
54.07
440.7
58.077
480.77
83.787
737.87
17
23.59
135.9
54.03
440.3
57.944
479.44
83.689
736.89
18
23.617
136.17
54.04
440.4
58.037
480.37
83.943
739.43
19
23.795
137.95
54.39
443.9
58.419
484.19
84.354
743.54
TOTAL RETURNS
2714.75
8557.5
9287.96
14289.05
450.3947
488.84
752.0553
S.No
TABLE: NO: 19
BALANCED SCHEME (DIVIDEND OPTION)
RETURN = (NAV 10 / 10) * 100
35
RELIANCE
ICICI
LIC
UTI
S.No
NAV
RETURNS NAV
RETURNS NAV
RETURNS NAV
RETURNS
1
14
40
16
60
11
10
22
120
2 13.887
38.87 16.09
60.9 11.269
12.69 22.49
124.9
3 13.938
39.38 16.13
61.3 11.309
13.09 22.62
126.2
4 13.785
37.85 16.06
60.6 11.256
12.56 22.47
124.7
5 13.729
37.29
16
60 11.161
11.61 22.59
125.9
6 13.795
37.95 16.08
60.8 11.221
12.21 22.63
126.3
7 13.671
36.71 15.93
59.3 11.121
11.21 22.51
125.1
8 13.764
37.64 16.01
60.1 11.209
12.09
22.7
127
9 13.716
37.16 15.96
59.6 11.205
12.05 22.63
126.3
10 13.705
37.05 15.99
59.9 11.205
12.05 22.66
126.6
11 13.642
36.42 15.91
59.1 11.136
11.36
22.6
126
12 13.642
36.42 15.91
59.1 11.136
11.36
22.6
126
13 13.792
37.92 16.09
60.9 11.214
12.14 22.81
128.1
14 13.739
37.39 16.04
60.4 11.173
11.73 22.71
127.1
15 13.748
37.48 16.02
60.2 11.209
12.09 22.79
127.9
16 13.685
36.85 15.99
59.9 11.192
11.92 22.71
127.1
17 13.679
36.79 15.98
59.8 11.235
12.35 22.75
127.5
8 13.068
30.68 15.91
59.1 11.235
12.35 22.61
126.1
19 13.545
35.45 15.91
59.1 11.194
11.94 22.62
126.2
20 13.484
34.84 15.79
57.9 11.12
11.2 22.44
124.4
21 13.577
35.77 15.87
58.7 11.158
11.58 22.53
125.3
TOTAL RETURNS
775.91
1256.7
249.58
2644.7
AVERAGE RETURNS
36.9481
59.84286
11.88476
125.9381
TABLE: NO: 20
RETURN = (NAV 10 / 10) * 100
36
RELIANCE
ICICI
LIC
UTI
NAV
RETURNS NAV
RETURNS NAV
RETURNS NAV
RETURNS
1 13.657
36.57 15.95
59.5 11.195
11.95 22.64
126.4
2 13.72
37.2 16.04
60.4 11.28
12.8 22.76
127.6
3 13.716
37.16 15.97
59.7 11.287
12.87 22.71
127.1
4 13.744
37.44 16.15
61.5 11.303
13.03 22.76
127.6
5 13.833
38.33 16.21
62.1 11.349
13.49 22.83
128.3
6 13.814
38.14 16.16
61.6 11.322
13.22
22.8
128
7 13.754
37.54 16.11
61.1 11.264
12.64 22.73
127.3
8 13.785
37.85 16.18
61.8 11.274
12.74 22.71
127.1
9 13.785
37.85 16.18
61.8 11.274
12.74 22.71
127.1
10 13.86
38.6 16.14
61.4 11.215
12.15 21.64
116.4
11 13.71
37.1
16.1
61 11.126
11.26 21.54
115.4
12 13.686
36.86
16.1
61 11.087
10.87 21.52
115.2
13 13.666
36.66 16.03
60.3 11.107
11.07
21.5
115
14 13.77
37.7 16.09
60.9 11.166
11.66
21.6
116
15
13.8
38 16.14
61.4 11.185
11.85 21.64
116.4
16 13.814
38.14 16.14
61.4 11.188
11.88 21.63
116.3
17 13.826
38.26
16.2
62 11.212
12.12 21.69
116.9
18 13.972
39.72 16.32
63.2 11.333
13.33 21.88
118.8
19 14.11
41.1 16.49
64.9 11.462
14.62
22.1
121
20 14.196
41.96 16.55
65.5 11.532
15.32 22.32
123.2
TOTAL RETURNS
762.18
1232.5
251.61
2437.1
AVERAGE RETURNS
38.109
61.625
12.5805
121.855
S.No
TABLE: NO: 21
RETURN = (NAV 10 / 10) * 100
37
RELIANCE
ICICI
LIC
UTI
S.No
NAV
RETURNS NAV
RETURNS NAV
RETURNS NAV
RETURNS
1 14.174
41.74 16.58
65.8 11.516
15.16 22.34
123.4
2 14.246
42.46 16.63
66.3 11.524
15.24 22.38
123.8
3 14.276
42.76 16.63
66.3 11.543
15.43 22.39
123.9
4 14.334
43.34
16.7
67 11.576
15.76 22.44
124.4
5 14.314
43.14 16.67
66.7 11.539
15.39 22.41
124.1
6 14.329
43.29
16.7
67 11.549
15.49 22.46
124.6
7 14.246
42.46 16.66
66.6 11.545
15.45 22.41
124.1
8 14.222
42.22 16.68
66.8 11.525
15.25 22.38
123.8
9 14.169
41.69 16.65
66.5 11.469
14.69 22.28
122.8
10 14.211
42.11 16.74
67.4 11.502
15.02 22.35
123.5
11 14.223
42.23 16.78
67.8 11.486
14.86 22.33
123.3
12 14.282
42.82 16.82
68.2 11.534
15.34 22.46
124.6
13 14.335
43.35 16.91
69.1 11.59
15.9 22.51
125.1
14 14.327
43.27 16.87
68.7 11.572
15.72 22.51
125.1
15 14.169
41.69 16.71
67.1 11.469
14.69 22.32
123.2
16 14.245
42.45 16.73
67.3 11.493
14.93 22.34
123.4
17 14.325
43.25 16.84
68.4 11.542
15.42 22.46
124.6
18 14.296
42.96
16.8
68 11.486
14.86 22.39
123.9
19 14.326
43.26 16.86
68.6 11.53
15.3 22.52
125.2
20 14.359
43.59 16.89
68.9 11.526
15.26 22.55
125.5
TOTAL RETURNS
854.08
1348.5
305.16
2482.3
AVERAGE RETURNS
42.704
67.425
15.258
124.115
TABLE: NO: 22
RETURN = (NAV 10 / 10) * 100
38
RELIANCE
ICICI
LIC
UTI
S.No
NAV
RETURNS NAV
RETURNS NAV
RETURNS NAV
RETURNS
1 14.495
44.95 17.03
70.3 11.59
15.9 22.72
127.2
2 14.539
45.39 17.17
71.7 11.654
16.54
22.8
128
3 14.612
46.12 17.22
72.2 11.671
16.71 22.88
128.8
4 14.646
46.46 17.24
72.4 11.675
16.75
22.9
129
5 14.609
46.09 17.21
72.1 11.638
16.38 22.91
129.1
6 14.601
46.01 17.25
72.5 11.645
16.45 22.94
129.4
7 14.604
46.04 17.25
72.5 11.608
16.08
22.9
129
8 14.581
45.81 17.31
73.1 11.609
16.09 22.84
128.4
9 14.632
46.32 17.22
72.2 11.567
15.67 22.74
127.4
10 14.747
47.47 17.34
73.4 11.665
16.65 22.96
129.6
11 14.776
47.76 17.45
74.5 11.705
17.05 23.07
130.7
12 14.594
45.94 17.32
73.2 11.64
16.4
22.9
129
13 14.641
46.41 17.38
73.8 11.695
16.95
23
130
14 14.633
46.33
17.4
74 11.711
17.11 22.94
129.4
15 14.638
46.38 17.41
74.1 11.738
17.38 22.99
129.9
16 14.55
45.5 17.36
73.6 11.671
16.71 22.892 128.92
17 14.558
45.58 17.29
72.9 11.64
16.4 22.863 128.63
18 14.419
44.19 17.22
72.2 11.597
15.97 22.703 127.03
19 14.522
45.22 17.38
73.8 11.597
15.97 22.88
128.8
20 14.571
45.71 17.37
73.7 11.505
15.05 22.87
128.7
21 14.497
44.97 17.37
73.7 11.66
16.6 22.834 128.34
22 14.457
44.57 17.32
73.2 11.67
16.7 22.819 128.19
23 14.442
44.42 17.34
73.4 11.637
16.37 22.825 128.25
TOTAL RETURNS
1053.64
1678.5
377.88
2961.76
AVERAGE RETURNS
45.81043
72.97826
16.42957
128.7722
TABLE: NO: 23
RETURN = (NAV 10 / 10) * 100
39
RELIANCE
ICICI
LIC
UTI
S.No
NAV
RETURNS NAV
RETURNS NAV
RETURNS NAV
RETURNS
1 14.372
43.72 17.29
72.9 11.59
15.9 22.726 127.26
2 14.382
43.82 17.19
71.9 11.569
15.69 22.651 126.51
3 14.274
42.74
17.1
71 11.538
15.38 22.557 125.57
4 14.331
43.31 17.12
71.2 11.541
15.41 22.58
125.8
5 14.242
42.42 17.06
70.6 11.521
15.21 22.557 125.57
6 14.192
41.92
17
70 11.478
14.78 22.494 124.94
7 12.794
27.94 16.97
69.7 11.482
14.82 22.45
124.5
8 12.789
27.89 17.01
70.1 11.523
15.23 22.485 124.85
9 12.797
27.97 17.06
70.6 11.546
15.46 22.473 124.73
10 12.703
27.03 16.95
69.5 11.512
15.12 22.303 123.03
11 12.673
26.73 16.86
68.6 11.497
14.97 22.292 122.92
12 12.693
26.93
16.9
69 11.515
15.15 22.289 122.89
13 12.752
27.52 17.02
70.2 11.515
15.15 22.403 124.03
14 12.748
27.48
17
70 11.601
16.01 22.399 123.99
15 12.607
26.07 16.83
68.3 11.479
14.79 22.139 121.39
16 12.62
26.2 16.81
68.1 11.475
14.75 22.135 121.35
17 12.579
25.79 16.76
67.6 11.491
14.91 22.143 121.43
18 12.446
24.46 16.59
65.9 11.362
13.62 21.912 119.12
19 12.509
25.09 16.71
67.1
11.4
14 22.021 120.21
20 12.336
23.36 16.57
65.7 11.257
12.57 21.716 117.16
TOTAL RETURNS
628.39
1388
298.92
2467.25
AVERAGE RETURNS
31.4195
69.4
14.946
123.3625
TABLE: NO: 24
RETURN = (NAV 10 / 10) * 100
40
RELIANCE
ICICI
LIC
UTI
S.No
NAV
RETURNS NAV
RETURNS NAV
RETURNS NAV
RETURNS
1 12.361
23.61 16.62
66.2 11.299
12.99 21.799 117.99
2 12.312
23.12 16.59
65.9 11.256
12.56 21.729 117.29
3 12.451
24.51 16.74
67.4 11.383
13.83 21.954 119.54
4 12.518
25.18 16.82
68.2 11.431
14.31 22.084 120.84
5 12.58
25.8 16.89
68.9 11.49
14.9 22.191 121.91
6 12.665
26.65 17.01
70.1 11.59
15.9 22.358 123.58
7 12.632
26.32 16.99
69.9 11.594
15.94 22.355 123.55
8 12.561
25.61 16.92
69.2 11.565
15.65 22.285 122.85
9 12.422
24.22
16.8
68 11.488
14.88 22.16
121.6
10 12.488
24.88 16.88
68.8 11.572
15.72 22.265 122.65
11 12.405
24.05 16.82
68.2 11.525
15.25 22.185 121.85
12 12.35
23.5 16.78
67.8 11.482
14.82 22.108 121.08
13 12.16
21.6 16.65
66.5 11.351
13.51 21.877 118.77
14 12.005
20.05 16.49
64.9 11.298
12.98 21.672 116.72
15 11.975
19.75 16.42
64.2 11.227
12.27 21.628 116.28
16 11.964
19.64 16.39
63.9 11.241
12.41 21.591 115.91
17 11.953
19.53 16.38
63.8 11.215
12.15 21.566 115.66
18 11.967
19.67 16.39
63.9 11.233
12.33 21.631 116.31
19 12.057
20.57 16.49
64.9 11.307
13.07 21.737 117.37
TOTAL RETURNS
438.26
1270.7
265.47
2271.75
AVERAGE RETURNS
23.06632
66.87895
13.97211
119.5658
41

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PERFORMANCE EVALUATION OF SELECTED MUTUAL

FUND SCHEMES IN SELECTED COMPANIES

Objectives of the study:

To examine the benefits available for Mutual Fund Investment.

To analyze which scheme will be better from investor point of view

To evaluate and create an ideal portfolio consisting the selected mutual

To analyze the performance of selected Mutual fund schemes on the

Scope of the study:

The scope of the study is mainly connected to Equity fund scheme

The ideal portfolio is created by analyzing the risk pattern of the

Limitations of the study

Only open ended funds has been considered

DATA ANALYSIS AND INTERPRETATION

PRUDENTIAL ICICI EQUITY FUND SCHEME

Tools and Techniques

Where Rp represents return on fund, Rf is risk free rate of return and

Calculation of Average Return

Sharpe Index Ratio = (Rp Rf)/

SHARPE INDEX RATIO

EQUITY FUND SCHEME GROWTH OPTION

Calculation of Average Return

Sharpe Index Ratio = (Rp Rf)/

Standard Deviation =[(R Average Return)^2]/n

SHARPE INDEX RATIO

COMPANY NAME RELIANCE ICICI

Sharpe Index Ratio =(Rp Rf) /

Sharpe Index Ratio =(Rp Rf ) /

EQUITY FUND SCHEME GROWTH OPTION

TREYNOR RATIO FOR

EQUITY FUND SCHEME DIVIDEND OPTION

TREYNOR RATIO FOR

TREYNOR RATIO FOR

BALANCED SCHEME DIVIDEND OPTION

FROM EQUITY FUND SCHEME (DIVIDEND OPTION)

2. Treynor Ratio: UTI performance is again ranked as first in case of Treynor

CALCULATION OF AVERAGE RETURN FOR THE MONTH FEBRUARY, 2013

RETURN = (NAV 10 / 10) * 100

EQUITY FUND SCHEME (DIVIDEND OPTION)

CALCULATION OF AVERAGE RETURN FOR THE MONTH NOVEMBER, 2012

RETURN = (NAV 10 / 10) * 100

RETURN = (NAV 10 / 10) * 100

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