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International Journal of Accounting Research

.: Home > International Journal of Accounting Research > 2014 > Volume 2 Number 1 > Syed Husain Ashraf* and Dhanraj Sharma

Performance Evaluation of Indian Equity Mutual Funds against Established Benchmarks Index

Syed Husain Ashraf* and Dhanraj Sharma
Department of Commerce, Aligarh Muslim University, Aligarh, India
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 themarket, 7are 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.
Keywords :
Equity mutual funds; Benchmark index; Performance evaluation; Risk-return analysis; Regression analysis

Date Deposited : 31 Mar 2016 12:00

Last Modified : 31 Mar 2016 12:11

Official URL: http://www.omicsonline.com/open-access/ArchiveIJAR/previousissue-international-journal-accounting-research-open-access.php

Volume 2, Number 1, December 2014

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