CH : 1 INTRODUCTION OF MUTUAL FUND.

A mutual fund offers investors the opportunity to pool their money with other investors in
an investement that’s managed by professional investement managers mutual fund invest
in stocks ,bonds or other securities according to each funds s objective.which indicate
your contribution to a particular scheme you can purchase or redeem this units as need
as per net assest value .

Usually (NAV) of a mutual fund changes daily according to the underline assests of the
fund.

Mutual fund operates as per the guideline set by security exchange board of india (SEBI)
Mutual fund investement are subject to market risk the investor need to understand and
verified the offer document before investing

In mutual fund two way investment can done lumsump period of investment or
graduation.

WHAT IS A MUTUAL FUND ?

A mutual fund is a professionally managed investment fund that pools money from
many investor to perchance securities. Mutual fund has advantage or disadvantage
compared to direct investing in individual securities . the primary advantage s of mutual
funds are that the y provided economics of scale , a higher level of diversification they
provided liquidity , and they managed by [professional investor in mutual fund pay
various fees and expenses.

HISTROY OF MUTUAL FUND

The mutual fund was born from a financial crisis that staggered euorope in the earlier 1770s
the british east india company has borrowed heavily during the preceding boom years to
support its ambitious colonial interests, particularly in north America where unrest would
culminate in revolution in a few short years.

Against this backdrop , a dutch merchant, andriaan van ketwich, had the foresight to pool
money from a number of subscribes to form an investment trust – the world’s first mutual
fund – in 1774 . the financial risk to the mainly small investors was spread by diversifying
across a number of European countries and the American colonies, where investments were
backed by income from plantations, an early version of today’s mortgage- backed securities.

IMPORTANCE OF MUTUAL FUND

Mutual fund provides a host of benefits which make them important. Let’s look at the
importance of mutual funds as listed below.

CONVENIENCE

For investors , one of the most prominent benefits that mutual funds provide is convenience .
by investing in a single fund, they can again access to a board range of the financial market.
A typical diversified equality fund can spread out the money across tens of stocks with some
portion invested in fixed income securities as well.

DIVERSIFICATION

Further, if an investor wants to focus on one segment of the market , for instsnce,large-cap
stocks, funds focused on this segments can spread out the investment across multiple large-
cap stocks in just one transaction of purchasing the fund. If the investor were to try to do that
themselves, it would take a lot of effort, transaction cost , and time createon individuals
la+rge-cap stockes portfolio. The situation with investing in bonds is even more difficult if
one tries to do it individually rather than taking the fund routes.

EASE OF INVESTMENT.

Apart from this, mutual funds are easy to buy and sell. One can either engage the services of
a distributor or agent to transacts in funds or do it over the internet themselves. In the case of
latter, the transaction amount is debited from or comes directly to the bank account
depending on whether a fund has been bought or sold.

SPOILT FOR CHOICE.

This feature follows from the convenience aspects discussed above . investors have several
choices when it comes to mutual funds and given their investment objectives , funds provide
eccess to a wide range of financial instrument , sectors and strategies

DISADVANTAGE OF MUTUAL FUND.

Although mutual funds can be beneficial in many ways , they are not for everyone.

NO CONTROL OVER PORTFOLIO.

If you invest in a fund , you give up all control of your portfolio to the mutual fund money
manager who run it.

CAPITAL GAINS.

Anytime you sell stock, you ‘taxed opn your gains . however, in a mutual , you re taxed
when the fund distributes gains . it made from selling individual holding even if you
haven’t sold your shares if the fund has high turnover ,or sells holding often, capital gain
distributions could be an annual event.

FEES AND EXPENSES

Some mutual funds may assess asales charge on all purchases also known as a load this is
what it costs to get into the fund the expenses ratio is expressed as a percentage and is
what you pay annually as a portion of your account value . the average for managed funds
is around 1.5% alternative , index funds charge much lower expenses (0.25% on average )
because they are not actively managed. Since the expenses ratio will eat into gains on an
annual basis, closely compare expenses ratio for different fund.

OVER- DIVERSIFICATION.

Although there are many benefits of diversification , there are pitalls of being over-
diversified. Think of it like a sliding scale. The more securities you hold, the less likely you
are to feel their individual return on your overall portfolio. What this means is that
throught risk will be reduced , so too will the potential for gains. This may be an understood
trade – off with diversification but too much diversification can negate the reason you want
market exposure in the first place.

CASH DRAG

Mutual funds need to maintain assest in cash to satisfy investor redemptions and to maintain
liquidity for purchases. However, investor s still pay to have funds sitting in cash because
annual expenses are assessed on all fund assests ,regardless of whether they invested or not.

IMPORTANCE OF MUTUAL FUND.

FUNDS
 Mutual funds provide a host of benefits which make them important lets look at the
important point .

CONVENIENCE:

For investors, one of the most prominent benefits that mutual funds provide is convenience .
by investing in a single fund, they can gain access to a broad range of the financial market. A
typical diversified equality fund can spread out the money across tens of stocks with some
portion invested in fixed income securities as well.

EASE OF INVESTMENT.

Apart from this , mutual funds are easy to buy and sell . one either engage the services of a
distributor or agent to transact in funds or do it over the internet themselves. In the case of
latter, the transaction amount is debited from or comes directly to the bank account linked to
the mutual fund account depending on whether a fund has been bought or sold.

PROFESSIONAL MANAGEMENT:

This is one of the factors, which is a key highlight of the importance of mutual funds. Due to
lack of expertise several investors don’t have the confidence in taking the financial market
route to grow their wealth . they feel they have limited or no capability to invest in stocks and
bonds on their own and do not have the time to keep tracking their investments even if they
manage to invest on their own.

Mutual funds take care of this issue by providing the expertise of the fund manager and their
team of analysts, which perform the analysis of financial markets and instruments on a daily
basis. They charge a fee for their professional services, which are bundled into the expense
ratio of a mutual fund.

Some fund managers also invest in the same fund(s) that they manage , thus making them
accountable for their performance; they have a stake in the fund doing well . this expertise
and experience in money management make mutual funds a great vehicle for investors.

This assumes a lot of importance for investors as by investing minimal time and energy, they
can add a variety of instruments to their investment portfolio.

TYPES OF MUTUAL FUND.

MONEY MARKET FUNDS.

These funds invest in short-term fixed income securities such as government bonds, treasury
bills, bankers, acceptances, commercial paper and certificates of deposit . they are generally a
safer investment, but with a lower potential return then other types of $ 10 per security .

FIXED INCOME FUNDS.

These funds buy investments that pay a fixed rate of return like government bonds,
investment-grade corporate bonds and high-yield corporate bonds. They aim to have money
coming into the fund on a regular basis, mostly throught interest that the fund earns. High-
yield corporate bond funds are generally riskier than funds that hold government and
investment- grade bonds.

EQUITY FUNDS.

These funds invest in stocks. These funds aim to grow faster than money market or fixed
income funds, so there is usually a higher risk that you could lose money. You can choose
from different types of equality funds including those that specialize in growth stocks (which
don’t usually pay dividends), income funds (which hold stocks that pay large dividends ,
value stocks, large –cap stocks, mid- cap stocks ,small-cap stocks, or combination of these.

BALANCED FUNDS.

This funds invest in a mix of equityies and fixed income securities . they try to balanced the
aim of achieving the higher return

INDEX FUNDS.

This funds aim to track the performance of a specific intex such has the s&p composite index
the value of the mutual fund will go up or down as the index goes up or down. Index fund
typically have lower costs then actively managed mutual fund because the portfolio manager
doest have to do as much rearch or make aa many investment decisions

SPECIALITY FUNDS.

This funds focus on specialized mandates such as real eestated , commodities or socially
responsible .for eg a socially responsible fund invest in company that support in one mental
stewaradship, human rights ,diversity, and may avoid companies involved in alcohol, tobacco
,gambling , weapons, and the military .

FUND – OF- FUNDS.

This funds invest in other funds smililar to balanced funds, they try to make asset allocation
and diversification easier for the investor. The MER for fund - of – funds tend to be higher
than stand - alone mutual funds.

4 COMMON TOP DOWN APPROCHES TO INVESTING

TOP – DOWN APPROACH.: looks at the big economic picture, and then finds industry or
countries that look like they are going to do well. Then invest in specific companies with in
choosen industry od country

BOTTOM –UP APPROACH.

Focuses on selecting specific companies that are doing well no matter what the prospests are
for there for there industry or the economy.

A COMBINATION OF TOP – DOWN AND BOTTOM –UP APPROACH.ES.

A portfolio manager managing a global portfolio can decided which country to favour based
on a top – down analysis but build the portfolio of stocks with in each country based on a
bottom –up analysis.

TECHNICL ANALYSIS –

Attempt s to forecast the direction of investment prices that studying past market data. You
can
learn about a funds”s investment strategy by readings it FUND FACTS and smppilfied.
Prospectus.

HOW TO BUY A MUTUAL FUND

If you are planning to start investing in mutual fund , here a complete guide.

WHAT YOU NEED TO GET STARTED WITH MUTUAL FUNDS INVESTING ?

TO start ivesting in a fund scheme you need a PAN, bank account and KYC(know your
client) compliant. The banks account should be in the name of the investor the magnatic ink
character recognitions (MICR) AND INDIAN FINANCIAL SYSTEM CODE (IFSC) details
are mentioned on every cheque leaf and it is common for and agent or distributor seek a
cancelled back cheque leaf

HOW TO GET YOUR KYC ?

The need for KYC is to comply with the market redulator SBEI in accordance with the
prevention of money lendering act , 2002(“PMLA”), which underpgo changes from time to
time.

KYC process is investor friendly and is uniformed across various SEBI regulated
intermedaires in the security market such as mutual funds , portfolio manager depository
participates, stock borker venture capital funds collective investments schemes and other this
way ,a singleKYC aluminates duplication of the KYC process across this intermediaries and
makes investing more friendly

Documents required to be submitted along with KYC application.

Recent passport size photogragh

Proof of identitied such as copy of pan card UIN(adhar) or a passport or voter ID or diving
licience.

Proof of address passport or diving licinesee or ration card register lease \sale agreement of
residence all latest bank A/C statement or passbook or lastest telephone bill(only landline) or
latest electricity bill or latest gas bill which are not older than there month.

If will need to submitted copies of all this documents by self that attesting them along with
orginals . in case the original of any document is not produced for verification, then the
copies should properly attestes by entities authorized for attesting the document in case your
useable to furnished proper document, it could result in delays in getting a KYC.

CH NO.2 INDUSTRY PROFILE.

,Aditya Birla Sun Life AMC Limited (formerly

known as Birla Sun Life Asset Management
Company Limited), the investment manager
of Aditya Birla Sun Life Mutual Fund
(formerly known as Birla Sun Life Mutual
Fund), is a joint venture between the Aditya
Birla Group and the Sun Life Financial Inc. of
Canada. The joint venture brings together
the Aditya Birla Group's experience in the
Indian market and Sun Life's global
experience

Established in 1994, Aditya Birla Sun Life Mutual Fund (ABSLMF), is co-sponsored
by Aditya Birla Capital Limited (ABCL) and Sun Life (India) AMC Investments Inc.

Having total domestic assets under management (AUM) of close to Rs.2423 billion
for the quarter ended December 31st, 2018, ABSLMF is one of the leading Fund
Houses in India based on domestic average AUM as published by the Association of
Mutual Funds of India (AMFI). ABSLMF has an impressive mix of reach, a wide
range of product offerings across equity, debt, balanced as well as structured asset
classes and sound investment performance, and around 6.8 million investor folios as
of December 31st, 2018.

ditya Birla Capital Limited (ABCL), is the financial services platform of the Aditya
Birla Group. With a strong presence across the life insurance, asset management,
private equity, corporate lending, structured finance, project finance, general
insurance broking, wealth management, equity, currency and commodity broking,
online personal finance management, housing finance, pension fund management
and health insurance business, ABCL is committed to serving the end-to-end
financial services needs of its retail and corporate customers. Anchored by more
than 17,000 employees, ABCL has a nationwide reach and more than 2,00,000
agents / channel partner.
 investment Objective
Investment objective is to save tax while growing your money through Equity
Invesments

This product is suitable for investors who are

seeking
 Long term capital growth

 Investments in equity and equity related securities, with tax benefit under
section 80C, subject to eligibility

Fund Details
 Fund Type - Open-Ended

 Class - Equity

 Category - ELSS

 Min Investment - Rs. 500/

Fund Performance

1. What are Aditya Birla

Sunlife Mutual Funds
(ABSLMF)?
Aditya Birla Sun Life Mutual Fund was established
in 1994 as a joint venture between Aditya Birla
Group and Sun Life Financial Inc. of Canada. The
fund house deals in 4 main fund classes, namely,
Equity Funds, Debt Funds, Income Funds and
ELSS Funds, all with good crisil rating. It has
completed more than 20 years in its journey to
offer wealth creation solutions to its customers.

 How to Invest in
ABSLMF?
Whether you are a seasoned investor or a novice
in this area, investing in ABSLMF is made very
simple with ClearTax. You can visit ClearTax to
pick from a diverse list of handpicked funds that
are designed keeping in mind the risk profile and
investment objective of investors. You can be
assured of a hassle-free quick process of selecting
any product from your favorite fund house –
ABSLMF, with Cleartax. This requires just
one KYC formality that will take not more than 7
minutes of your time. ClearTax makes investing
simple for you.
The process is very simple on ClearTax.
Step 1: Select the fund(s) and the amount you
want to invest every month
Step 2: Provide your details
Step 3: Make payment and you are done
Process and documents
required to invest in
ABSLMF via ClearTax
Money laundering and corruption can cripple the
economy and the stability of our country. Here,
Know Your Customer (KYC) and In-Person
Verification (IPV) can help a financial institution
significantly. However, ClearTax doesn’t believe in
inconveniencing their investors. So they have
enabled a way to do KYC in a quick and simple
way. What’s more, if investing via ClearTax Save,
the investor needs to do it only once for their first
investment.
KYC is necessary for all fund houses. If you are
investing through ClearTax, you need to do your
KYC just once. The same KYC will be used for all
your future investments.
KYC verification through ClearTax is a very simple
process.
. Using OTP sent to your Aadhaar-registered
mobile number OR
ii. By uploading photos/scans of the required
documents
ID Proofs: You can submit Xerox copy of PAN
Card, Passport, Aadhaar Card, Voter ID or Driving
License. Other central government approved
documents like NREGA job card are also
accepted.
Residential proofs: You can submit the same ID
proof (except PAN) if the address on it is your
current residential address. Rental/lease
agreement, most utility bill, and ration card can
also serve the purpose. If your permanent address
and correspondence address is not the same, then
submit proof for both.

 Top 5 Funds: ABSLMF

 
Top 5 ABSLMF 1yr Return 3yr Return

Aditya Birla Sun Life Advantage Fund 8.60 11.28

Aditya Birla Sun Life Equity Fund 9.89 12.87

Aditya Birla Sun Life Floating Rate Fund 6.87 7.38

Aditya Birla Sun Life Focused Equity Fund 7.49 8.73

 Aditya Birla Sun Life Frontline Equity Fund 8.41 9.08

5. ABSLMF: Equity
ABSLMF Equity Funds are medium to high-risk
funds invested in stocks and equities that offer
investors dynamic returns on their investments.
The schemes are designed for long term capital
appreciation and are curated to meet investment
needs based on individual risk appetite.
EQUITY
 
Scheme Name Risk 5 year Fund Objective
return
(%)

Aditya Birla Sun Life Moderately 16.35 The scheme aims at achieving long term growth of capital b
Frontline Equity high across various industries in line with the benchmark index
Fund the fund’s assets in equity and equity related securities

Aditya Birla Sun Life Moderately 16.34 The scheme attempts to generate capital appreciation in th
Equity Hybrid ’95 high equity, fixed-income and money market securities. The fun
Fund distribution of dividend. Investors who are eager to take ex
investing in this.

Aditya Birla Sun Life Moderately 21.55 It is an open-ended scheme which maintains a portfolio of
Equity Fund high large cap, mid cap, small cap stocks. The scheme aims to ac
allocating 90% of the fund’s assets in equity and equity-rel
securities.

Aditya Birla Sun Life Moderately 21.81 Being an open-ended growth scheme, it generates capital a
Advantage Fund high equity and equity related securities and maintaining a dive
earning returns is leveraging on the dynamic business cycle

Aditya Birla Sun Life Moderately 16.90 Being an open-ended fund, the scheme aims to achieve ca
Focused Equity high large-cap equity shares of up to 30 companies. The scheme
Fund equity and equity-related securities in the form of a concen

Scheme Risk 5 year Fund Objective

Name return
 (%)

Aditya Moderately 16.35 The scheme aims at achieving long term growth of capital by maintai
Birla Sun high diversified across various industries in line with the benchmark index
Life allocates 100% of the fund’s assets in equity and equity related secur
Frontline
Equity
Fund

Aditya Moderately 16.34 The scheme attempts to generate capital appreciation in the long ter
Birla Sun high investing in equity, fixed-income and money market securities. The fu
Life Equity generation and distribution of dividend. Investors who are eager to ta
Hybrid ’95 hint of debt may consider investing in this.
Fund

Aditya Moderately 21.55 It is an open-ended scheme which maintains a portfolio of diversified

Birla Sun high across the large cap, mid cap, small cap stocks. The scheme aims to a
Life Equity the long term allocating 90% of the fund’s assets in equity and equity
Fund money market securities.

Aditya Moderately 21.81 Being an open-ended growth scheme, it generates capital appreciatio
Birla Sun high investments in equity and equity related securities and maintaining a
Life approach. The basis of earning returns is leveraging on the dynamic b
Advantag fundamental research approach.
e Fund

Aditya Moderately , the16.90

scheme aims to achieve capital appreciation in the long term by investing in large-
Birla
companies.
Sun The
high
scheme is suitable for investors who want to invest in equity and equity-related securities in the f
Life
Focused
Equity
Fund
 ABSLMF : Tax Saving
Funds
The ABSLMF Tax Saving Funds are also known
as Equity Linked Saving Schemes that help
investors save taxes under Section 88 of the
Income Tax Act.

 ABSLMF: Equity
ABSLMF Equity Funds are medium to high-risk
funds invested in stocks and equities that offer
investors dynamic returns on their investments.
The schemes are designed for long term capital
appreciation and are curated to meet investment
needs based on individual risk appetite.
EQUITY
 

. ABSLMF : Tax Saving

Funds
 The ABSLMF Tax Saving Funds are also known
as Equity Linked Saving Schemes that help
investors save taxes under Section 88 of the
Income Tax Act.
Scheme Name Risk 5 year Fund Objective
return
(%)

Aditya Birla Sun Moderately 21.89 It is an open-ended ELSS Scheme which has a lock-in period of
Life Tax Relief high benefit under section 80C of the Income Tax Act. The scheme
96 enable capital appreciation through investment in equity and

ABSLMF : Debt Funds

The ABSLMF Debt Funds are designed to function
as tax-saving instruments that offer investors
medium returns with much more safety and
reliability in comparison to equity funds.
Scheme Name Risk 5 year Fund Objective
return
(%)

Aditya Birla Sun Moderate 9.14 It is an open ended scheme which aims to invest in a
Life Treasury mix of high quality corporate bonds and G Secs issued
Optimizer Fund by Banks, Public Sector Undertakings and Public
Financial Institutions in India to generate reasonable
returns and liquidity over the short run. By
maintaining a diversified portfolio, the fund manager
aims at keeping the portfolio risk at reasonably low
 levels.

Aditya Birla Sun Moderate 9.12 It is an Open ended debt scheme which invests in a
Life Medium Term mix of debt and money market instruments in order
Plan to generate regular income. The income thus
generated is distributed among the unitholders by
means of regular dividend payments over the medium
term.

Aditya Birla Sun Moderately 8.62 It is an open-ended debt scheme which invests in debt
Life Savings Fund Low and money market instruments to provide reasonable
returns and investment liquidity during the short run.
The fund manager follows a conservative strategy
  which emphasises on higher post-tax returns along
with liquidity as one of its key drivers.

Aditya Birla Sun Moderate 8.55 It is an open-ended debt scheme which invests in a
Life Short Term mix of debt and money market instruments to
Opportunities generate income with capital growth during the short
Fund run. The fund manager focuses on delivering higher
returns by identifying and selectively investing in
  mispriced credit opportunities in the market. The fund
generates income by way of interest accrued on
higher yielding investment grade bonds.

Aditya Birla Sun Moderately 8.55 It is an open-ended debt scheme which invests in in
Life Floating Rate Low different types of floating rate debt and money
Fund – Long Term market instruments to generate income with capital
Plan appreciation during the short run. Those who need to
leverage from rising interest rates over medium to
  longer term may go for this. The fund manager may
allocate some part of fund’s assets in fixed rate debt
securities too.

 
8. ABSLMF : Hybrid
Funds
The ABSLMF Hybrid Funds are aimed at
delivering risk adjusted returns by means of
investing in a combination of fixed income
instruments and equities. It optimizes the
advantage of pairing the growth potential of
equities with the relative stability that is offered by
income investments.
Scheme Name Risk 5 year return (%) Fund Objective

Name Risk 5 year Fund Objective

return
(%)

Aditya Birla Moderately 2.06 It is an open-ended fund of funds scheme which invests excl
Sun Life high Gold ETF which in turn, invests in physical gold of 99.5% p
Gold Fund comfortable with bearing moderately high risk may go for th

9. About ABSLMF
Established in 1994, Aditya Birla Sun Life Mutual
Fund (formerly known as Birla Sun Life Mutual
Fund), is a joint venture between the Aditya Birla
Group and the Sun Life Financial Inc. of Canada.
The joint venture blends the experience of Aditya
Birla Group in the Indian market and the global
experience of Sun Life.
ABSLMF is co-sponsored by Sun Life (India) AMC
Investments Inc and Aditya Birla Capital Limited
(ABCL). It has a far reaching network of 150
branches and other distribution channels in India.
ABSLMF endeavours towards increasing the
reach and depth of mutual funds in the country. It
is relentlessly functioning to make mutual funds a
viable proposition across a wider set of investors
and advisors across India.
Among its various efforts includes user-friendly
services, smart solutions and conveniences which
makes mutual fund processes simple for both
investors as well as distribution partners. ABSLMF
provides variety of schemes like debt and treasury
products, sector specific equity schemes, hybrid
and monthly income funds, fund of fund schemes
and offshore funds.
Aditya Birla Capital Limited (ABCL) is the holding
company of all the financial services businesses of
the Aditya Birla Group. It is committed to serving
the end-to-end financial services needs of its retail
and corporate customers across the life insurance,
private equity, asset management, structured
finance, project finance, corporate lending, general
insurance broking, equity, currency, wealth
management, and commodity broking, housing
finance, pension fund management, online
personal finance management, and health
insurance business.

10. Top ABSLMF Fund

Managers
ABSLMF has a solid mix of expertise and
experience in their fund managers who have the
acumen to identify opportunities and the dexterity
to maneuver portfolios to achieve optimal returns.
(B)

Birla Sun Life SWOT

Analysis, Competitors &
USP
Posted in Banking & Financial Services, Total Reads: 10232

SWOT analysis of Birla Sun Life analyses the

brand/company with its strengths, weaknesses,
opportunities & threats. Birla Sun Life is one of the
leading brands in the banking & financial services
sector. The table below also lists the top Birla Sun Life
competitors and elaborates Birla Sun Life
segmentation, targeting, positioning & USP.

SWOT analysis of Birla Sun Life analyses the

brand/company with its strengths, weaknesses,
opportunities & threats. Birla Sun Life is one of the
leading brands in the banking & financial services
sector. The table below also lists the top Birla Sun Life
competitors and elaborates Birla Sun Life
segmentation, targeting, positioning & USP.

Analysis of Birla Sun Life. Strengths are:

1. Has Network of 600 branches and advisors spread over 1500
2. Backed By Aditya Birla Brand and Sun Life financial services
3.  Emphasis on Customer Satisfaction through Transparent Fun
4. Strong Capital Base

Here are the weaknesses in the Birla Sun Life SWOT

Analysis:
1.  Low Presence in Rural Market
2. Lesser advertising as compared to competitors

Opportunities Followin
Analysis
1.  Grow
 2

Better awareness amongst people for getting

insurance

The thre
as menti
1.  Econo
Threats 2.  Entry

Better awareness amongst people for getting

insurance

The thre
as menti
1.  Econo
Threats 2.  Entry

Aditya Birla Sun Life Mutual Fund

Key Information
Mutual Fund Aditya Birla Sun Life Mutual Fund

Setup Date Dec-23-1994

 Incorporation Date Sep-05-1994

Sponsor Aditya Birla Capital Ltd. / Sun Life (India)

AMC Investments Inc.

Aditya Birla Sun Life Trustee Private

Trustee
Limited

Chairman Mr. Kumar Mangalam Birla

CEO / MD Mr. A. Balasubramanian

CIO N.A

Compliance
Ms. Hemanti Wadhwa
Officer

Investor Service
Ms. Keerti Gupta
Officer

Assets Managed Rs. 246479.65 crore (Mar-31-2019)

Literature review.

Birla sunlife mutual fund provide so many fund option

like equity, debt fund category.in equity fund option
there two option like open ended and close ended
fund.in open ended fund there is no locking period you
can invest any time and exit ant time.but in close
ended fund you can any time but before three year you
can not exit. Birla sun life front line equity come under
open ended fund large cap fund . it is fully market link
fund.there exposer in so many blue chip stock .return
of this fund is superb.5 year growth is 15%
annualized .my experience with this fund is good.i am
investing in this since 5 years.i recommend this fund to
so many my friend and  they get more return then
market.

 have been investing in Mutual Fund schemes of Birla

Sun Life from past 6 months. I have invested in total 3
schemes and have done so after comparing it with
most of the schemes available in market from other
AMCs based on their past performances.

ABSL has some very high return funds specially in mid

caps and multi cap category. They have been
consistently outperforming most of their peers.

I highly recommend their funds for all investor.

The mutual funds in India have always been thumping
their chest about how transparent their dealings are.
Here is an example to the contrary. I switched between
two funds in Birla Sunlife and the AMC took all of
seven days to allot units in the fund I switched into.
Even considering the fact that the fund I switched out
of is an international fund, I found it very difficult to
digest that it takes seven business days, in this era of
online trading, wire transfers, internet and RTGS, to
realise funds from sale of securities.
So I requested for a bank reconciliation statement to
verify whether it did really take seven days but Birla
AMC refused my request without assigning any
reason. I complained to SEBI but the AMC merely
repeats what it has been saying all along- that the
allotment was done within the regulqtory time.

The truth is that SEBI has not regulated allotment at all

and has left it to the AMC to allot on the day the funds
are made available to it. Unfortunately, without
directing the AMC to furnsh proof, SEBI accepts such
inane replies and closes the case.

Can anyone call this being transparent? Why should

Birla AMC refuse my request unless they have
something to hide! Yes, they are as transparent as a
piece of tintec glass!



 ...
The mutual funds in India have always been thumping
their chest about how transparent their dealings are.
Here is an example to the contrary. I switched between
two funds in Birla Sunlife and the AMC took all of
seven days to allot units in the fund I switched into.
Even considering the fact that the fund I switched out
of is an international fund, I found it very difficult to
digest that it takes seven business days, in this era of
online trading, wire transfers, internet and RTGS, to
realise funds from sale of securities.

So I requested for a bank reconciliation statement to

verify whether it did really take seven days but Birla
AMC refused my request without assigning any
reason. I complained to SEBI but the AMC merely
repeats what it has been saying all along- that the
allotment was done within the regulqtory time.

The truth is that SEBI has not regulated allotment at all

and has left it to the AMC to allot on the day the funds
are made available to it. Unfortunately, without
directing the AMC to furnsh proof, SEBI accepts such
inane replies and closes the case.

Aditya Birla Sun Life

Equity Funds

Can anyone call this being transparent? Why should

Birla AMC refuse my request unless they have
something to hide! Yes, they are as transparent as a
piece of tintec glass!


 Should I shift from Aditya Birla Sun Life Small Cap Fund to a
mid cap mutual fund 
  have been investing Rs 3,000 per month in Aditya Birla
Sun Life Small Cap Fund since November 2017 with the
help of an agent. I have two questions: One, I have
researched and found out that mid cap schemes are
better than small cap schemes; can I shift to a mid cap
scheme? Two,can I get rid of the agent and continue with
the investment without his help? If yes, how?
-Hirabmay Hota.

 ...
 There are no good or bad mutual fund categories. Every
mutual fund category is meant for different kind of investor.
Mid cap schemes are good for aggressive investors who want
to create corpus for their long-term financial goals. Small cap
schemes are good for extra aggressive investors who are
ready to take a lot of risk to earn extra returns and create
funds for their long-term goals. Both mid cap and small cap
schemes are recommended to aggressive investors who can
stomach lot of risk and volume.




ditya Birla Sun Life Mutual Fund (ABSL Mutual Fund)

is a joint venture between Aditya Birla Group, an
Indian conglomerate, and Sun Life Financial, a
Canada-based financial services company. As per
data published by AMFI (Association of Mutual Funds
in India) as of 30th September 2018, the average AUM
(AAUM) of this fund house was in excess of Rs. 2.5
lakh crore making it one of the largest AMCs in India.
Some of the popular schemes from Aditya Birla Sun
Life Mutual Fund (based on AUM) are Aditya Birla Sun
Life Liquid Fund, Aditya Birla Sun Life Frontline Equity
Fund and Aditya Birla Sun Life Savings Fund.

Equity mutual funds of Aditya Birla Sun Life Mutual

Fund are required to invest primarily in equities as well
as equity derivatives. Equity investments can be either
large, mid or small cap with allocations to different
equities varying based on the type of ABSL AMC
equity fund. Know more about equity schemes

Trailing Returns of All Aditya

Birla Sun Life Equity
Schemes*
1 Year Returns
ABSL Equity Mutual Fund Scheme
(Trailing)
Aditya Birla SL CEF-Global Agri(G) 5.41%

Aditya Birla SL Digital India Fund(G) 32.36%

Aditya Birla SL Dividend Yield Fund(G) -15.49%

Aditya Birla SL Equity Advantage Fund(G) -14.87%

Aditya Birla SL Equity Fund(G) -5.72%

Aditya Birla SL Focused Equity Fund(G) -4.73%

Aditya Birla SL Frontline Equity Fund(G) -4.61%

Aditya Birla SL Global Commodities Fund(G) 2.44%

Aditya Birla SL Global Real Estate Fund(G) 11.25%

Aditya Birla SL Gold ETF 7.95%

Aditya Birla SL Gold Fund(G) 6.39%

Aditya Birla SL Index Fund(G) 0.42%

Aditya Birla SL India GenNext Fund(G) -2.93%

Aditya Birla SL Intl. Equity Fund-A(G) 19.68%

Aditya Birla SL Intl. Equity Fund-B(G) -4.24%

Aditya Birla SL Mfg. Equity Fund(G) -11.56%

Aditya Birla SL Midcap Fund(G) -14.80%

Aditya Birla SL MNC Fund(G) -3.39%

Aditya Birla SL Nifty ETF 1.83%

Aditya Birla SL Pure Value Fund(G) -21.73%

Aditya Birla SL Sensex ETF -5.36%

Aditya Birla SL Small Cap Fund(G) -22.38%

Aditya Birla SL Tax Plan(G) -4.71%

Aditya Birla SL Tax Relief ’96(G) -4.05%

ABSL Mutual Fund Equity Schemes 1 Year Returns (Rolling)

Aditya Birla SL Banking & Financial Services -10.29%

Fund(G)
Aditya Birla SL CEF-Global Agri(G) 10.40%

Aditya Birla SL Digital India Fund(G) 29.50%

Aditya Birla SL Dividend Yield Fund(G) -14.44%

Aditya Birla SL Equity Advantage Fund(G) -15.02%

Aditya Birla SL Equity Fund(G) -6.83%

Aditya Birla SL Focused Equity Fund(G) -5.96%

Aditya Birla SL Frontline Equity Fund(G) -5.51%

Aditya Birla SL Global Commodities Fund(G) 9.16%

Aditya Birla SL Global Real Estate Fund(G) 8.66%

Aditya Birla SL Gold ETF 7.45%

Aditya Birla SL Gold Fund(G) 6.98%

Aditya Birla SL Index Fund(G) 1.17%

Aditya Birla SL India GenNext Fund(G) -4.86%

Aditya Birla SL Infrastructure Fund(G) -24.01%

Aditya Birla SL Intl. Equity Fund-A(G) 23.78%

Aditya Birla SL Intl. Equity Fund-B(G) -4.04%

Aditya Birla SL Mfg. Equity Fund(G) -12.41%

Aditya Birla SL Midcap Fund(G) -16.76%

Aditya Birla SL MNC Fund(G) -3.80%

Aditya Birla SL Nifty ETF 2.44%

Aditya Birla SL Pure Value Fund(G) -21.13%

Trailing Returns of All Aditya

Birla Sun Life Debt
Schemes*
1 Year Returns
SL Mutual Fund Debt Scheme
(Rolling)
Aditya Birla SL Active Debt Multi-Mgr
3.10%
FoF(G)

Aditya Birla SL Banking & PSU Debt(G)

Aditya Birla SL Corp Bond Fund(G)

Aditya Birla SL Credit Risk Fund(G)

Aditya Birla SL Dynamic Bond Fund(G)

Aditya Birla SL Dynamic Bond Fund-DAP(G)

Aditya Birla SL FRF-Long Term Plan(G)

Aditya Birla SL G-Sec Fund(G)

Aditya Birla SL Income Fund(DAP)

Aditya Birla SL Income Fund(G)

Aditya Birla SL Liquid Fund(G)

Aditya Birla SL Low Duration Fund(G)

Aditya Birla SL Medium Term Plan(G)

Aditya Birla SL Money Manager Fund(G)

Aditya Birla SL Savings Fund(DAP)

Aditya Birla SL Savings Fund(G)

Aditya Birla SL Short Term Opp Fund(G)

What is Debt Fund?

A debt fund is a type of mutual fund which
predominantly invests in fixed-income securities such
as government securities, corporate bonds, certificate
of deposit and other money market instruments.

Who Should Invest in Debt

Funds?
Debt funds are a suitable investment option for
conservative investors who do not want to undertake
much risk and are comfortable with earning returns
which are although high but lower than equity funds.
Debt funds are suitable for all investment horizons, be
it as short as 1 day, 1-3 months or as long as 15 years.

How Do Debt Funds

Generate Returns?
Debt funds generate returns in the following 2 ways:
1. Interest Income: The fixed income
securities/bonds which they hold feature a
predetermined interest rate termed as the coupon
rate and provide them with an interest amount at
periodic intervals.
2. Portfolio Valuation Change: Debt funds
generate returns by change in value of their
individual holdings. The value of their bonds and
other fixed income holdings changes due to
 economy-wide interest rate and credit rating
movements.

Top 5 Debt Funds

Fund Name 1 Year Return

Reliance Gilt Securities Fund 9.69%

Franklin India Dynamic Accrual Fund 8.84%

SBI Magnum Medium Duration Fund 7.43%

ICICI Prudential All Seasons Bond Fund 7.20%

Axis Dynamic Bond Fund 7.88%

(Data as April 30, 2019; Source: Fund Factsheets)

Tax Treatment of Debt Funds
A mutual fund provides returns in 2 forms – Dividends
and Capital Gains and both are taxed differently. The
tax on dividends known as a dividend distribution tax
(DDT) is paid by the fund house to the government on
behalf of the investors by deducting the same from
his/her return earnings. Thus, an investor is not
required to pay any tax on received dividends.
The capital gains earned on mutual funds attract a
Capital Gains Tax and that is taxable at the hands of
the investor. The capital gains tax treatment of debt
funds is as follows:
Nature of Tax Holding Period

Short Term Capital Gains Tax Up to 36 months

Long Term Capital Gains Tax More than 36 months

 Types of Debt Funds

As mentioned above, there are many types of debt
mutual funds, suiting diverse investors. The
primary differentiating factor between debt funds is
the maturity period of the instruments they invest
in. Here are the different types of debt funds:

. Dynamic Bond Funds

As the name suggests, these are ‘dynamic’ funds,
which means that the fund manager keeps
changing portfolio composition according to
changing interest rate regime. Dynamic bond
funds have a fluctuating average maturity period
because these funds take interest rate calls and
invest in instruments of longer as well as shorter
maturities.
b. Income Funds
Income Funds can also take a call on interest
rates and invest in debt securities with different
maturities, but most often, income funds invest in
securities that have long maturities. This makes
them more stable than dynamic bond funds. The
average maturity of income funds is around 5-6
years.

c. Short-Term and Ultra Short-

Term Debt Funds
These are debt funds that invest in instruments
with shorter maturities, ranging from 1 to 3 years.
Short-term funds are ideal for conservative
investors as these funds are not largely affected
by interest rate movements.

d. Liquid Funds
Liquid funds invest in debt instruments with a
maturity of not more than 91 days. This makes
them almost risk-free. Rarely have liquid funds
seen negative returns. These funds are better
alternatives to savings bank accounts as they
provide similar liquidity with higher returns. Many
mutual fund companies offer instant redemption on
liquid fund investments through special debt cards.

 Gilt Funds
Gilt Funds invest in only government securities –
high-rated securities with a very low credit risk. It’s
because the government seldom defaults on the
loan it takes in the form of debt instruments. This
makes gilt funds ideal for risk-averse fixed income
investors.

f. Credit Opportunities Funds

These are relatively newer debt funds. Unlike
other debt funds, credit opportunities fundsdon’t
invest according to the maturities of debt
instruments. These funds try to earn higher returns
by taking a call on credit risks or by holding lower-
rated bonds that come with higher interest rates.
Credit opportunities funds are relatively riskier debt
funds.
g. Fixed Maturity Plans
Fixed maturity plans (FMP) are closed-ended debt
funds. These funds also invest in fixed income
securities like corporate bonds and government
securities. All FMPs have a fixed horizon for which
your money will be locked-in. This horizon can be
in months or years. However, you can invest only
during the initial offer period. It is like a fixed
deposit that can deliver superior, tax-efficient
returns but do not guarantee returns.
CH.2.

Birla sunlife mutual fund provide so many fund option

like equity, debt fund category.in equity fund option
there two option like open ended and close ended
fund.in open ended fund there is no locking period you
can invest any time and exit ant time.but in close
ended fund you can any time but before three year you
can not exit. Birla sun life front line equity come under
open ended fund large cap fund . it is fully market link
fund.there exposer in so many blue chip stock .return
of this fund is superb.5 year growth is 15%
annualized .my experience with this fund is good.i am
investing in this since 5 years.i recommend this fund to
so many my friend and  they get more return then
market.
 Name: rajesh
Location: Mumbai
Birla Sunlife small and mid cap mutual fund is one of
the best in mutual fund industry as it is an attractive
robust fund giving higher returns instead of its open
ended feature.

It is an equity scheme investing its funds in small and

mid cap companies.

NAV of this fund is Rs. 36.12 as on date and it has

given returns ranging between 17% - 25% p.a

It has been given a 5 star rating by CRISIL, so it is said

to be a 5 star rated fund in the MF industry.

It is an open ended fund where customer can exit from

the fund and redeem the amount anytime when he
requires.

Birla Sunlife is an old trusted company in market

where one can invest without thinking so much still he
will be able to get better returns as compared to other
open ended funds in the market.
NAME. RITI

LOCATION. GURAGOA



  ...
Birla Sun Life Tax Relief 96 (An Open Ended Equity
Linked Savings Scheme(ELSS) with a secure of 3
years) This item I chose on the grounds that it gives
long haul capital development and does interests in
value and value related securities, with tax break
under segment 80C. The SIP accomplished for recent
years have given normal return of 15 to 18% band.
The NAV upgrades and articulations are sent month to
month. This prescribed for assessment arranging and
for long haul riches creation. A SIP of as little as
Rs.500 can be effectively done every month. The store
chief has great reputation 7 Birla is put stock in brand
in Mutual reserve industry.


CH NO 3 RESERCH METHODOLOGY.

ADITYA BIRLA SUN LIFE MUTUAL FUND (CASE STUDY)

 ...

Case Study: Birla Sun Life Asset Management Company -

Harting a Unique Success Trajectory
Kaushik Roy, Indian Institute of Management Calcutta

Sougata Ray, Indian Institute of Management Calcutta

CASE DESCRIPTION

Birla Sun Life Asset Management Company (BSL AMC) has been
one of the most successful companies operating in the Indian
mutual fund space. However, contrary to most of the industry
players and the prima facie trend, BSL AMC focussed on debt
funds to drive its success story. Interestingly the incumbent
Chief Executive Officer, Balasubramanian, has been with the
company since 1994 with a significant exposure to the
Investments function.

This case begins with an illustrated narration of the Indian

mutual fund industry. Subsequently, the case examines the
different value drivers, the top management characteristics and
possible support from the equity partners, which aided the
sustained competitive advantage of the organisation.
Keywords

Mutual Funds, Asset Management Company, Asset under

Management, Indian Mutual Fund Industry.
Introduction

“Till 1999, the journey was very good. We were the number 1
equity fund and the number 1 debt fund also. But post-1999,
after technology bubble collapse, as an organisation we did go
through some issues. It was in 2006 when I was given the
responsibility of the entire investment team. Till 2006, we
couldn’t settle either in investment-side or in the CEO’s position
and in 2008-2009, we incurred loss. Then from organization
point of view – I think probably the Chairman Mr. Birla Ajay
Srinivasan (CEO of ABFSG) and Mr. Pankaj Razdan (Deputy CEO,
ABFSG) thought that let’s make Bala [affectionately
for Balasubramanian] as the CEO of the company. That was
2009. When I took charge I think the assets should have been
somewhere around 40,000 crores and today we are about 1
lakh crores,”

Balasubramanian, Chief Executive Officer of Birla Sun Life Asset

Management Company (henceforth referred to as “BSL AMC”),
on a fine afternoon in May, 2015.
During those troubled times, the company reinforced its
business position by focussing on debt funds. But this
presented a dilemma for the future. Sunny Singh, Executive
Advisor to the CEO, noted,

“In 2008-2009, industry AUM (Assets under Management) grew

by 3% but BSLAMC grew by 42% and our growth was mainly
driven by duration products helping us earn higher revenue.
Due to the consistent performance in debt category, BSLAMC
gained more assets in debt funds helping AMC to sustain and
improve profitability…Having done that in 2013 the fund house
turned bullish towards equity. We are the largest debt fund
house in the country and in the last few years we have seen a
huge growth as an equity fund house as well.”

The Indian Mutual Fund Industry

Mutual Funds are a vehicle for collective investment. Investors

pool in their money to be managed collectively by an expert
fund manager. The primary advantage of mutual fund for
investors is the access to investment experts who can manage
the pool of money with desired goal of investment like steady
returns with reduced risk or maximize the gains with a
proportionate higher risk. And since it is done collectively, even
small investors can afford to pay for those services.

The process of establishing a mutual fund starts with a sponsor.

The sponsor acts like a promoter and appoints a trust. The
sponsors or the trustee then appoint an asset management
company (AMC). Subsequently, the mutual fund appoints a
custodian who provides custodial services for the schemes of
the fund. Various schemes are then floated by the fund house
and this is driven by the investment objectives as defined by
the Fund House keeping the end investors in mind.
Once different funds/products are designed and approved by a
mutual fund player, the product specs are shared with the
Marketing team. The products are marketed and sales are
primarily driven by the distribution channel. In India, the
individual retail agents and banks play a crucial role in the
product sales. The performance of those products is managed
by a fund manager, who generally has a team of traders/dealers
for day-to-day investment of the accumulated funds by
transacting in equity and debt instruments. The success of a
fund is often driven by its distribution footprint and the
performance (i.e., the capital appreciation, which is the return
on investment to the end customers).

The mutual fund schemes may be classified into various types.

This categorisation is based on the investment objectives like
the time and the duration of investment, expected return, risk
of investment, etc. The product classification broadly falls under
the categories of Debt Funds, Equity Funds, Liquid Fund and
Hybrid Mutual Funds. An investor looking for steady returns,
medium risk levels with capital preservation may go for debt
funds. Debt funds mainly invest in various debt instruments. An
investor looking to maximize returns with a high risk appetite
may prefer to invest in equity. Equity finds primarily invest in
common stock. Liquid funds carry least amount of risk and
provide returns that are higher than a savings account. Based
on the various investment strategies, fund managers create
hybrid funds that are a mix of debt, equity and liquid funds.

OBJECTIVE OF STUDY
The objective of study is that investor can know all the return
was given in the mutual fund the know all very well study of
share and use some basic idealogy to good investment or
return was given to that amount.
C summary of