A Comparative Study on performance evaluation of selected large cap and midcap mutual fund schemes in India.

- Akash Dholakiya, Student, Faculty of Management, GLS University, Ahmedabad
- Prof. Ashok Bantwa, Assistant Professor, Faculty of Management, GLS University, Ahmedabad

Abstract:

This study has been carried out to evaluate the performance of selected 5 Large cap Mutual Fund Schemes and 5 Mid cap Mutual Fund Schemes during the study period of last five year from 1 st April, 2015 to 31 st March, 2020. An attempt has been made to evaluate the fund’s performance, level of diversification and manager’s ability to pick the undervalued stocks. The study revealed that except one all the sampled schemes have performed better than market. The study revealed that except two all the sampled schemes have performed better than market. The study also revealed that about 60% of the schemes were able to beat the market with help of better stock selection skill of fund managers. Overall, Mirae Asset Large cap Fund – Regular – Growth, HDFC Mid-Cap Opportunities Fund – Growth, DSP Mid-Cap Fund – Regular Plan – Growth, Kotak Emerging Equity – Growth are among the best performing funds among the sampled schemes, in terms of all the different performance evaluation measures. Overall performance of different large cap and mid cap mutual fund schemes as measured by different parameters. The parameters of ratios like sharp, Jensen ratio, Treynor ratio, Fama ratio, Portfolio return, R-square, portfolio risk, beta of various schemes the mid cap mutual fund schemes are better than the large cap mutual fund schemes. From the t-test calculations shows that there is no difference between returns from large cap mid cap mutual funds in long run. From the return comparison of mutual funds and market, in 2015 & 2020 Mid Cap Mutual Fund Schemes Are better Performing than the Large Cap Mutual Fund Schemes. Only 2020 market shows negative return Otherwise in all years mutual funds are performing better than the market. It is also proved that in risk comparison also in all years mutual funds risks are less than the market risks.

Keywords:

Mutual Fund, Performance Evaluation, Large cap and Mid cap Mutual Fund, Comparative Study, Sharp, Jensen, Treynor, FAMA, Portfolio return, R-Square, Overall performance of mutual Fund Schemes, Systematic risk, Mutual Fund Schemes in India, Comparative analysis

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