Journal of Management Research
Volume 17, Number 4 (October–December 2017)
ISSN: 0972-5814 Online ISSN: 0974-455X
Performance Attribution of Equity Diversified Growth Schemes Empirical Evidence from Indian Mutual Fund Industry
Chetna Vashisht, Mohit Gupta and Navdeep Aggarwal
| Abstract |
Empirical evidence on mutual fund performance has cited mainly two issues – measurement and persistence. Very few studies have laid stress on studying the attributes of mutual fund performance, and especially in Indian context this is missing. The present study fills the gap in this direction and has assessed the performance attributes of the selected sample. In addition the study has also attempted to study the attributes among various categories of mutual funds. The study has focused on 110 well diversified equity growth schemes for the period 2011-15 and found the presence of significant and positive relative return, significant and positive selection effect, negative but non-significant asset allocation effect using Brinson Hood Beebower model (Brinson et al., 1991). Significant differences have been found with respect to relative return, selection effect and asset allocation effect among various groups of mutual funds, categorized on different parameters.
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