alexa Performance Evaluation of Indian Equity Mutual Funds against EstablishedBenchmarks Index | OMICS International | Abstract
ISSN: 2472-114X

International Journal of Accounting Research
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Research Article

Performance Evaluation of Indian Equity Mutual Funds against EstablishedBenchmarks Index

Syed Husain Ashraf* and Dhanraj Sharma

Department of Commerce, Aligarh Muslim University, Aligarh, India

*Corresponding Author:
Syed Husain Ashraf
Department of Commerce, Aligarh Muslim University, Aligarh, India
Tel: 919412653056
E-mail: [email protected]

Received date: November 09, 2013; Accepted date: January 30, 2014; Published date: February 07, 2014

Citation: Ashraf SH, Sharma D (2014) Performance Evaluation of Indian Equity Mutual Funds against Established Benchmarks Index. Int J Account Res 2:113. doi: 10.4172/2472-114X.1000113

Copyright: © 2014 Ashraf SH et al. This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.

 

Abstract

In this paper, an attempt has been made to analyses the performance of equity mutual funds industry against risk free rate and benchmarks return over the five years. The samples consists 10 growths oriented- open ended- equity mutual fund schemes belong to 5 public and 2 private mutual fund companies. Results are tested through risk-return analysis, Coefficient of Variation, Treynor’s ratio, Sharp’s ratio, Jensen’s measure, Fama’s measure and Regression analysis. The data used is monthly closing NAVs and benchmark market index closing for the study period of April 2007 to March 2012. The risk return analysisrevealed that out of 10 schemes 3 have underperform the market, 7 are found to havelower total risk than the market and all the schemes have given returns higher than risk free rates. The Treynor ratio of all the mutual funds scheme are over perform the benchmark market index and Sharpe ratio of 3 mutual funds scheme underperform the benchmark market index. The result of regression analysis suggests that benchmark market return index has statistically significant impact on mutual fund return at 5% level of significance

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