Reliance mutual fund - Free Essay Example

Sample details Pages: 29 Words: 8735 Downloads: 2 Date added: 2017/06/26 Category Statistics Essay Did you like this example? INTRODUCTION OF RELIANCE MUTUAL FUND Overview Reliance Mutual Fund (RMF) is one of Indias leading Mutual Funds, with Average Assets Under Management (AAUM) of Rs. 1,22,252 CRORES and an investor base of over 72.40 Lacs. (AAUM and investor count as of November 2009) For its 7.3 million investors, RMF offers a well-rounded portfolio of products that meet varying requirements. They are served from offices across 226 locations in India, offices in Dubai, Singapore, Mauritius and UK Don’t waste time! Our writers will create an original "Reliance mutual fund" essay for you Create order Reliance Mutual Fund, a part of the Reliance Anil Dhirubhai Ambani Group, is one of the fastest growing mutual funds in the country. RMF offers investors a well-rounded portfolio of products to meet varying investor requirements and has presence in 118 cities across the country. Reliance Mutual Fund constantly endeavors to launch innovative products and customer service initiatives to increase value to investors. Reliance Mutual Fund schemes are managed by Reliance Capital Asset Management Limited., a subsidiary of Reliance Capital Limited, which holds 93.37% of the paid-up capital of RCAM, the balance paid up capital being held by minority shareholders. Reliance Capital Ltd. is one of Indias leading and fastest growing private sector financial services companies, and ranks among the top 3 private sector financial services and banking companies, in terms of net worth. Reliance Capital Ltd. has interests in asset management, life and general insurance, private equity and proprietary investments, stock broking and other financial services. Sponsor: Reliance Capital Limited Trustee: Reliance Capital Trustee Co. Limited Investment Manager or Asset Manager: Reliance Capital Asset Management Limited Statutory Details: The Sponsor, the Trustee and the Investment Manager are incorporated under the Companies Act 1956. Reliance Mutual Fund (RMF) has been established as a trust under the Indian Trusts Act, 1882 with Reliance Capital Limited (RCL), as the Settlor/Sponsor and Reliance Capital Trustee Co. Limited (RCTCL), as the Trustee. RMF has been registered with the Securities Exchange Board of India (SEBI) vide registration number MF/022/95/1 dated June 30, 1995. The name of Reliance Capital Mutual Fund has been changed to Reliance Mutual Fund effective 11th. March 2004 vide SEBIs letter no. IMD/PSP/4958/2004 date 11th. March 2004. Reliance Mutual Fund was formed to launch various schemes under which units are issued to the Public with a view to contribute to the capital market and to provide investors the opportunities to make investments in diversified securities The main objectives of the Trust are: To carry on the activity of a Mutual Fund as may be permitted at law and formulate and devise various collective Schemes of savings and investments for people in India and abroad and also ensure liquidity of investments for the Unit holders; To deploy Funds thus raised so as to help the Unit holders earn reasonable returns on their savings and To take such steps as may be necessary from time to time to realize the effects without any limitation. Risk Factors: Mutual Funds and securities investments are subject to market risks and there is no assurance or guarantee that the objectives of the Scheme will be achieved. As with any investment in securities, the NAV of the Units issued under the Scheme can go up or down depending on the factors and forces affecting the capital markets. Past performance of the Sponsor/AMC/Mutual Fund is not indicative of the future performance of the Scheme. The Sponsor is not responsible or liable for any loss resulting from the operation of the Scheme beyond their initial contribution of Rs.1 lakh towards the setting up of the Mutual Fund and such other accretions and additions to the corpus. The NAV of the Scheme may be affected, interalia, by changes in the market conditions, interest rates, trading volumes, settlement periods and transfer procedures. The Mutual Fund is not assuring that it will make periodical dividend distributions, though it has every intention of doing so. All dividend dist ributions are subject to the availability of distributable surplus in the Scheme. Vision Statement To be a globally respected wealth creator with an emphasis on customer care and a culture of good corporate governance Mission Statement To create and nurture a world-class, high performance environment aimed at delighting our customers Corporate Governance Corporate Governance Policy: Reliance Capital Asset Management Ltd. has a vision of being a leading player in the Mutual Fund business and has achieved significant success and visibility in the market. However, an imperative part of growth and visibility is adherence to Good Conduct in the marketplace. At Reliance Capital Asset Management Ltd., the implementation and observance of ethical processes and policies has helped us in standing up to the scrutiny of our domestic and international investors. Management: The management at Reliance Capital Asset Management Ltd. is committed to good Corporate Governance, which includes transparency and timely dissemination of information to its investors and unit holders. The Board of Directors of RCAM is a professional body, including well-experienced and knowledgeable Independent Members. Regular Audit Committee meetings are conducted to review the operations and performance of the company. Employees: Reliance Capital Asset Management Ltd. has at present, a code of conduct for all its officers. It has a clearly defined prohibition on insider trading policy and regulations. The management believes in the principles of propriety and utmost care is taken while handling public money, making proper and adequate disclosures. All personnel at Reliance Capital Asset Management Ltd are made aware of their rights, obligations and duties as part of the Dealing Policy laid down in terms of SEBI guidelines. They are taken through a well-designed HR program, conducted to impart work ethics, the Code of Conduct, information security, Internet and e-mail usage and a host of other issues. One of the core objectives of Reliance Capital Asset Management Ltd. is to identify issues considered sensitive by global corporate standards, and implement policies/guidelines in conformity with the best practices as an ongoing process. Reliance Mutual Fund Schemes: Equity/Growth Schemes The aim of growth funds is to provide capital appreciation over the medium to long- term. Such schemes normally invest a major part of their corpus in equities. Such funds have comparatively high risks. These schemes provide different options to the investors like dividend option, capital appreciation, etc. and the investors may choose an option depending on their preferences. The investors must indicate the option in the application form. The mutual funds also allow the investors to change the options at a later date. Growth schemes are good for investors having a long-term outlook seeking appreciation over a period of time. Debt/Income Schemes The aim of income funds is to provide regular and steady income to investors. Such schemes generally invest in fixed income securities such as bonds, corporate debentures, Government securities and money market instruments. Such funds are less risky compared to equity schemes. These funds are not affected because of fluctuations in equity markets. However, opportunities of capital appreciation are also limited in such funds. The NAVs of such funds are affected because of change in interest rates in the country. If the interest rates fall, NAVs of such funds are likely to increase in the short run and vice versa. However, long term investors may not bother about these fluctuations. Sector Specific Schemes These are the funds/schemes which invest in the securities of only those sectors or industries as specified in the offer documents. e.g. Pharmaceuticals, Software, Fast Moving Consumer Goods (FMCG), Petroleum stocks, etc. The returns in these funds are dependent on the performance of the respective sectors/industries. While these funds may give higher returns, they are more risky compared to diversified funds. Investors need to keep a watch on the performance of those sectors/industries and must exit at an appropriate time. They may also seek advice of an expert. Exchange Traded Funds (ETFs) Exchange Traded Funds (ETFs) are usually passively managed mutual fund schemes tracking a benchmark index and reflect the performance of that index. These schemes are listed on the stock exchange and therefore have the flexibility of trading like a share on the stock exchange. It can also be looked as a security that tracks an index, a commodity or a basket of assets like an index fund, but trades like a stock on an exchange, thus experiencing price changes throughout the day as it is bought and sold. Fixed Maturity Plans (FMPs) Fixed Maturity Plans (FMPs) are basically debt oriented investment schemes with a pre-specified tenure offered by mutual funds. FMPs invest in a portfolio of debt instruments whose maturity coincides with the maturity of the concerned FMP. The primary objective of a FMP is to generate income while aiming to protect the capital by investing in a portfolio of debt and money market securities. Since FMPs are available with several maturity options, one can invest in the relevant plan depending upon his investment horizon and the requirement of cash flows. Interval Fund / Fixed Maturity Plan Reliance Interval Fund (A Debt Oriented Interval Scheme): The investment objective of the scheme is to seek to generate regular returns and growth of capital by investing in a diversified portfolio of Central and State Government securities and other fixed income/ debt securities normally maturing in line with the time profile of the plan with the objective of limiting interest rate volatility. Reliance Fixed Horizon Fund Plan C (A close-ended scheme): The primary investment objective of the scheme is to seek to generate regular returns and growth of capital by investing in a diversified portfolio of Central and State Government securities and other fixed income/ debt securities normally maturing in line with the time profile of the scheme with the objective of limiting interest rate volatility. Reliance Fixed Horizon Fund (A close-ended income scheme): The primary investment objective of the scheme is to seek to generate regular returns and growth of capital by investing in a diversified portfolio of Central and State Government securities and other fixed income/ debt securities normally maturing in line with the time profile of the scheme with the objective of limiting interest rate volatility. Reliance Fixed Horizon Fund (A closed-ended income scheme): The primary investment objective of the scheme is to seek to generate regular returns and growth of capital by investing in a diversified portfolio of Central and State Government securities and other fixed income/ debt securities normally maturing in line with the time profile of the plan with the objective of limiting interest rate volatility. Reliance Fixed Horizon Fund (A closed-ended income scheme): The primary investment objective of the scheme is to seek to generate regular returns and growth of capital by investing in a diversified portfolio of Central and State Government securities and other fixed income/ debt securities normally maturing in line with the time profile of the plan with the objective of limiting interest rate volatility. Reliance Fixed Horizon Fund (A closed-ended income scheme): The primary investment objective of the scheme is to seek to generate regular returns and growth of capital by investing in a diversified portfolio of Central and State Government securities and other fixed income/ debt securities normally maturing in line with the time profile of the plan with the objective of limiting interest rate volatility. Reliance Fixed Horizon Fund (A closed-ended income scheme): The primary investment objective of the scheme is to seek to generate regular returns and growth of capital by investing in a diversified portfolio of Central and State Government securities and other fixed income/ debt securities normally maturing in line with the time profile of the plan with the objective of limiting interest rate volatility. Reliance Fixed Horizon Fund (A closed-ended income scheme): The primary investment objective of the scheme is to seek to generate regular returns and growth of capital by investing in a diversified portfolio of Central and State Government securities and other fixed income/ debt securities normally maturing in line with the time profile of the plan with the objective of limiting interest rate volatility. Reliance Fixed Horizon Fund (A closed-ended income scheme): The primary investment objective of the scheme is to seek to generate regular returns and growth of capital by investing in a diversified portfolio of Central and State Government securities and other fixed income/ debt securities normally maturing in line with the time profile of the plan with the objective of limiting interest rate volatility. Reliance Fixed Horizon Fund (A closed-ended income scheme): The primary investment objective of the scheme is to seek to generate regular returns and growth of capital by investing in a diversified portfolio of Central and State Government securities and other fixed income/ debt securities normally maturing in line with the time profile of the plan with the objective of limiting interest rate volatility. Portfolio management services: Overview Reliance Portfolio Management Services is an exclusive offering from the portfolio management division of Reliance Capital Asset Management Ltd., a wholly owned subsidiary of Reliance Capital Ltd., Reliance Capital Asset Management Ltd. is also the investment manager for Reliance Mutual Fund schemes wherein it manages assets worth over Rs. 42,200 crores (as on Feb 28, 2007) Reliance Portfolio Management Services is a premium financial service, offering innovative exclusive products through discretionary advisory services. Our expertise has earned the trust of thousands of high net-worth individual/ institutional investors and created a family that is constantly growing. Reliance Portfolio Management Services can conduct your investments with true finesse coupled with passion and innovation. Reliance Portfolio Management Services is a part of Reliance Capital Asset Management Ltd., a wholly owned subsidiary of Reliance Capital Ltd. Reliance Capital Ltd. is one of Indias leading and fastest growing private sector financial services companies, and ranks among the top 3 private sector financial services and banking companies, in terms of net worth. Reliance Capital Ltd. has interests in asset management, life and general insurance, private equity and proprietary investments, stock broking and other financial services Organizational philosophy When it comes to managing investments what one needs is the fine harmony and the scale of an orchestra. Essentially, this translates to a special kind of skill that understands the finer nuances and appreciates the subtle notes. Only then can the instrumentation deliver a consistently enhanced performance. Now, you can get that kind of superior orchestration for your investment portfolio. Introducing Reliance Portfolio Management Services (Reliance PMS), a premium financial offering for select investors. An exclusive service, where a diligent team of talented professionals with diverse skill sets orchestrate your investments to deliver optimum returns. And a consistently laudable performance. Investmant philosophy A rich canvas of melodies.. At Reliance PMS you can expect a multitude of innovative investment options to serve varying investment objectives. The spectrum of asset classes traverses from the traditional asset classes, such as equities, fixed income or gold, to emerging ones, such as structured products or realty. Their Aim: To traverse the journey of your wealth creation with you by leveraging these asset options. They constantly endeavor to deliver competitive returns through a conservative and a diligent fund management framework, that is supported by rigorous analysis and a proven investment methodology The keynotes to perfection Minimizing Risks, Optimizing Gains All great scores being with a plan. To make beautiful music and surpass all expectations. Their strategy is quite similar. An increasing investor base is a reflection of the trust that investors repose in us, which we respect. Hence the safety of our investors assets is of utmost priority and this is the foundation of our investment philosophy. At Reliance PMS, they view every portfolio with the diligence of a musician composing a new score. Fine-tuning. Enhancing. Improving. Constantly working towards superior orchestration of your portfolio. Naturally, this is only possible if the foundation is sound. Strong investments, pure harmonies what we believe in Strong melodies call for a fine conductor. Reliance Portfolio Management Services can conduct your investments with utmost perfection. Our investment beliefs form the core of what we do. Our foundation is based on five key elements: Canvas, Concentration, Cash and Flexibility, Customisation and Customer Service. And it is with this rock solid base that we plan a fine crescendo for your investments Reliance PMS advantage: you As a Reliance PMS customer, we get a lot more than just superior portfolio management. We get the advantage of a solid and reputable track record backed by the expertise of a sound and stable investment team. Their philosophy lays considerable emphasis on an intensive research based, bottom-up, stock picking approach with a bias towards customizing the product offerings for our investors and business associates. They strongly believe that our investments should be adaptable enough to succeed in any market situation. Which is why our investment philosophy revolves around a solid bottom-up approach. So its true, when you invest with Reliance PMS, its certain that you will have all your investments in perfect sync. The composers score fund management Process All great scores begin with a plan. To make beautiful music and surpass all expectations. Their process is quite similar. All potential investment opportunities are subjected to extensive research, which includes analysis of various macro and micro economic indicators, related to specific sector company and or industry. This coupled with company visits and extensive interaction facilitates a data pool, which becomes the foundation of the process. Following are various services or investment schemes offered by Reliance Portfolio Management: 1). Absolute freedom option: This investment option is a highly flexible one with a very direct focus. To make the most of investment openings across a wide gamut of large cap, mid cap and small cap stocks. The aim of this product is to deliver positive absolute returns. It plans to do this by focusing on research based value investing to cover potentially investment-worthy companies. Investment Time Horizon: 3 years more Minimum Investment Amount : Resident Indian: INR 1 Crore Non Resident Indian: INR 2 Crores 2). Large cap option: This portfolio model endeavors to generate capital appreciation by investing in companies drawn primarily from the Top 250 companies. These companies are ranked on the basis of market capitalization. The focus over here is on companies with a proven track record and a favorable medium to long-term outlook. Investment Time Horizon: 3 years more Minimum Investment Amount : Resident Indian: INR 1 Crore Non Resident Indian: INR 2 Crores 3). Small Mid cap option: Capital appreciation through bottom up stock picking is of priority here with a special emphasis on the small and mid-cap space. Incisive and keen research is the backbone of this product. A dedicated research team will initiate portfolio building by discovering businesses that are relatively new and less tracked. Investment Time Horizon: 3 years more Minimum Investment Amount : Resident Indian: INR 1 Crore Non Resident Indian: INR 2 Crores 4). Concentrated option: The investment objective of concentrated option is to achieve long term capital appreciation from equity and equity related investments. This investment option endeavors to invest disproportionate corpus in large and mid cap high growth companies that would be able to compound wealth over medium to long term. Investment Time Horizon: 3 years more Minimum Investment Amount: Resident Indian: Resident Indian: INR 1 Crore Tranche 1: INR 50 Lacs Tranche 2: INR 25 Lacs* Tranche 3: INR 25 Lacs* Non Resident Indian: INR 1 Crores 5). Emerging sector opportunity option: The Trinity Option which is a part of Emerging Sector Opportunity Option shall invest in a combination of sectors in order to cater to specific investor requirements and market conditions. The Trinity Series will look at investment opportunities in Natural Resources, Infrastructure Capital Goods and Financial Services. The Trinity Series offer the investors an opportunity to be part of the emerging sectors which would be the engines of growth and key drivers of the Indian economy Investment Time Horizon: 3 years more Minimum Investment Amount : Resident Indian: INR 1 Crore Non Resident Indian: INR 1 Crores Fixed income schemes under portfolio management services: All Season Debt Shield Aggressive Returns Option: A highly flexible investment option, which offers a diversified investment portfolio across ratings and the yield curve. Fixed Maturity Option: A relatively protective investment option with investments predominantly locked for the duration of the scheme. In certain scenarios, there might be partial redemption allowed, without a significant impact on the portfolio returns. Liquidity Option: The underlying tone of this investment option is to essentially provide the investors with superior returns as compared to traditional open-ended money market schemes. Blended Debt Plus Best of Funds Option Under this option, investments shall be made in units of different mutual funds. This option is designed to achieve even greater diversification than traditional mutual funds. Structured products solution: Structured Products are Investment instruments that combine at least one derivative with assets such as equity and fixed income securities. Such products are fast emerging as an alternate asset class among HNI/ Institutional investors providing opportunities that capture potential upsides of the equity universe with capital protection. Customized solutions: At Reliance PMS believe in delivering more than what the customer expects, customized solutions are just a step towards it. Customized solutions are investments specially created to meet needs that cannot be met from the standardized financial instruments available in the market. Customized solutions capture the characteristics of traditional and nontraditional investments with financial instruments. The strategic combination of these components provides control and flexibility to address those investors whose investment objective is not met through traditional investments available. AMC (Asset Management Company) of Reliance Mutual fund: A company that invests its clients pooled fundinto securities that match its declared financial objectives. Asset management companies provide investors with more diversification and investing options than they would have by themselves. Mutual funds, hedge funds andpension plans are all run by asset management companies. These companies earn income by charging service fees to their clients. AMCs offer their clients more diversificationbecause they have a larger pool of resources than the individual investor.Pooling assets together and paying out proportional returns allows investors to avoid minimum investment requirements often required when purchasing securities on their own,as well as the ability toinvest in a larger set of securities with a smaller investment AMC has to discharge mainly three functions as under: Taking investment decisions and making investments of the funds through market dealer/brokers in the secondary market securities or directly in the primary capital market or money market instruments Realize fund position by taking account of all receivables and realizations, moving corporate actions involving declaration of dividends,etc to compensate investors for their investments in units; and Maintaining proper accounting and information for pricing the units and arriving at net asset value (NAV), the information about the listed schemes and the transactions of units in the secondary market. AMC has to feed back the trustees about its fund management operations and has to maintain a perfect information system. Structure of AMC: RCAM has been appointed as the Asset Management Company of Reliance Mutual Fund by The Trustee vide Investment Management Agreement (IMA) dated May 12, 1995 and executed between Reliance Capital Trustee Co. Limited and Reliance Capital Asset Management Ltd. and amended on August 12, 1997 in line with SEBI (Mutual Funds) Regulations, 1996). Reliance Capital Asset Management Ltd.(RCAM) is an unlisted Public Limited Company incorporated under the Companies Act, 1956 on February 24, 1995, having its registered office at Reliance House, Near. Mardia Plaza, Off. C.G. Road, Ahmedabad, 380 006 and its Corporate Office at One Indiabulls Centre, Tower 1, Jupiter Mills Compound , 841, Senapati Bapat Marg, Elphinstone Road, Mumbai 400 013. Directors of the company include Amitabh Jhunjhunwala, a senior executive of ADAG. Amitabh Chaturvedi is the managing director of the AMC. As of end August 2006, Reliance mutual fund has Rs 28,753 crore of assets under management. Reliance Equity Fund, launched by Reliance MF in early 2006, is the largest mutual find scheme in the country with a fund size of over Rs 5,500 crore. The net worth of the Asset Management Company based on audited accounts as on March 31, 2009 is Rs. 841.32 Crore. Here is a list of mutual funds of Reliance which includes Debt/Income Funds , Equity Funds and Sector Specific Funds. Latest NAV Scheme Name NAV (Net Asset Value) Date Reliance Medium Term Fund-Retail Plan Growth Plan Bonus Option 13.4254 03-Dec-2009 Reliance Medium Term Fund-Retail Plan Growth Plan Growth Option 18.7981 03-Dec-2009 Reliance Medium Term Fund-Retail Plan Monthly Dividend Plan 10.3827 03-Dec-2009 Reliance Medium Term Fund-Retail Plan Quarterly Dividend Plan 10.8016 03-Dec-2009 Reliance NRI Income Fund-Dividend Plan-Dividend Option 11.8741 03-Dec-2009 Reliance NRI Income Fund-Growth Plan-Growth Option 11.8741 03-Dec-2009 Reliance Short Term Fund-Dividend Re-investment Plan 10.6417 03-Dec-2009 Reliance Short Term Fund-Growth Plan 17.1406 03-Dec-2009 Reliance Short Term Fund-Quarterly Dividend Plan 13.5299 03-Dec-2009 Reliance Banking Fund-Dividend Plan-Dividend Option 31.2926 03-Dec-2009 Reliance Banking Fund-Growth Plan-Bonus Option 78.4123 03-Dec-2009 Reliance Banking Fund-Growth Plan-Growth Option 78.4123 03-Dec-2009 Reliance Diversified Power Sector Fund-Dividend Plan-Dividend 47.6648 03-Dec-2009 Reliance Diversified Power Sector Fund-Growth-Bonus 76.6486 03-Dec-2009 Reliance Diversified Power Sector Fund-Growth-Growth 76.6486 03-Dec-2009 Reliance Equity Fund-Dividend Plan-Dividend Option 15.1151 03-Dec-2009 Reliance Equity Fund-Growth Plan-Bonus Option 15.1151 03-Dec-2009 Reliance Equity Fund-Growth Plan-Growth Option 15.1151 03-Dec-2009 Reliance Equity Opportunities Fund-Dividend Plan-Dividend Option 19.3456 03-Dec-2009 Reliance Equity Opportunities Fund-Growth Plan-Bonus Option 27.3863 03-Dec-2009 Reliance Equity Opportunities Fund-Growth Plan-Growth Option 27.3863 03-Dec-2009 Reliance Growth Fund-Dividend Plan-(D) 53.3177 03-Dec-2009 Reliance Growth Fund-Growth Plan-Bonus Option 68.9535 03-Dec-2009 Reliance Growth Fund-Growth Plan-Growth Option 415.6732 03-Dec-2009 Reliance Media Entertainment Fund-Dividend Plan-Dividend Option 18.0409 03-Dec-2009 Reliance Media Entertainment Fund-Growth Plan-Bonus Option 25.0919 03-Dec-2009 Reliance Media Entertainment Fund-Growth Plan-Growth Option 25.0919 03-Dec-2009 Reliance NRI Equity Fund-Dividend Plan-Dividend Option 20.382 03-Dec-2009 Reliance NRI Equity Fund-Growth Plan-Bonus Option 34.2542 03-Dec-2009 Reliance NRI Equity Fund-Growth Plan-Growth Option 34.2542 03-Dec-2009 Reliance Pharma Fund-Dividend-Dividend 31.2834 03-Dec-2009 Reliance Pharma Fund-Growth Plan-Bonus 41.9474 03-Dec-2009 Reliance Pharma Fund-Growth Plan-Growth 41.9474 03-Dec-2009 Reliance Regular Savings Fund-DEBT OPTION -Growth Option 12.4072 03-Dec-2009 Reliance Regular Savings Fund-EQUITY OPTION-Growth Option 27.3386 03-Dec-2009 Reliance Regular Savings Fund-BALANCED OPTION-Growth Option 18.9998 03-Dec-2009 Reliance Vision Fund-DIVIDEND PLAN-D 42.6779 03-Dec-2009 Reliance Vision Fund-GROWTH PLAN-Bonus Option 41.431 03-Dec-2009 Reliance Vision Fund-GROWTH PLAN-Growth Option 246.6464 03-Dec-2009 Reliance Liquidity Fund-Bonus Plan-Bonus Option 5-Jan-2006 Reliance Liquidity Fund-Dividend Plan-Daily Dividend Reinvestment 10.0031 03-Dec-2009 Reliance Liquidity Fund-Dividend Plan-Monthly Dividend Plan 13.6835 03-Dec-2009 Reliance Liquidity Fund-Dividend Plan-Weekly Dividend Reinvesment 10.0086 03-Dec-2009 Reliance Liquidity Fund-Growth Plan-Growth Option 13.6835 03-Dec-2009 Reliance Tax Saver (ELSS) Fund-Dividend Plan-Dividend Option 13.6406 03-Dec-2009 Reliance Tax Saver (ELSS) Fund-Growth Plan-Growth Option 17.4974 03-Dec-2009 Reliance Gold Exchange Traded Fund-Dividend Payout Option 1752.9959 03-Dec-2009 Working of AMC: RCAM has been registered as a Portfolio Manager vide SEBI Registration No. INP000000423 and renewed effective 1st August, 2006. Investment Management, also known as Asset Management is simply the managing of clients money. Investment Management is known as the other side of the finance business. They are the buy side. Unlike, Investment Bankers, who create stocks and bonds for others to buy, investment managers buy the stocks and bonds for clients in attempts to produce maximum growth. Investment Bankers advise and inform managers of new stocks or bonds being issued along with the research behind the companies or institutions offering the stocks. The manager then decides whether to buy or not from the investment banker. The investment banker gets a commission for carrying out the trade of stock or bond. The investment manager gets paid based on the amount of money he is managing for a client but gets paid whether or not he gains or loses money. Asset Management companies typically look for investment bankers because they have quantitative analysis skills, which are necessary to evaluate companies. Management consultants are also valued because they are able to quickly immerse themselves and get to know a given industry. The AMC has also been rendering advisory services in respect of Emergent India Investment Limited, an offshore fund for investment in India. RCAM has commenced these activities. It has been ensured that key personnel of the AMC, the systems, back office, bank and securities accounts are segregated activity wise and there exists systems to prohibit access to inside information of various activities. As per SEBI Regulations, it will further ensure that AMC meets the capital adequacy requirements, if any, separately for each such activity. However, there is no conflict of interest between various business activities carried on by Asset Management Company. RELIANCE EQUITY FUND-GROWTH: Reliance Equity Fund is an Open-Ended Equity Growth Scheme. Reliance Equity Fund is an aggressive diversified equity scheme Reliance Equity Fund is to seek to generate capital appreciation and provide long term growth opportunities by investing in a portfolio constituted of equity securities and equity related securities. The fund has a high portfolio turnover ratio. It has Instrument type such as Equity Equity related Instruments and Debt Money Market Instruments. INTRODUCTION OF ICICI PRUDENTIAL MUTUAL FUND: An overview of ICICI Prudential Mutual Fund: ICICI Prudential Mutual Fund was set up in May, 1998 and it has the parentage of ICICI Bank as well as of Prudential plc. ICICI Prudential Mutual Fund has attained an important position in the Mutual Fund industry in India. This mutual fund company has started a large number of schemes so that it can meet the different investment needs of its investors. The total assets under the management of ICICI Prudential Asset Management Co. Ltd. came to around Rs. 160 crores in May 1998. The total number of funds that ICICI Prudential Mutual Fund managed in December, 2007 was 35 and the total assets under its management stood at about Rs. 56,820.11 crores. Key Information Mutual Fund ICICI Prudential Mutual Fund Setup Date Oct-13-1993 Incorporation Date Jun-22-1993 Sponsor Prudential Plc and ICICI Bank Ltd. Trustee ICICI Prudential Trust Ltd. Chairman Mr. K. V. Kamath CEO / MD Mr. Nimesh Shah CIO Mr. Nilesh Shah Compliance Officer Mr. Ranganath Athreya Investor Service Officer Ms. Kamaljeet Saini Assets Managed Rs. 82138.97 crore (Nov-30-2009) Other Details Auditors M/s N. M. Raiji Company Custodians HDFC Bank Limited Registrars Computer Age Management Services Pvt. Ltd. AMC ICICI Prudential Asset Management Co. Ltd. Objective The Scheme seeks to generate regular returns through investments made in Gilts. Asset (Rs 84.22 crore)( October 31, 2009) Various schemes launched by ICICI Prudential Mutual Fund are: ICICI Prudential Liquid Plan ICICI Prudential Long Term ICICI Prudential GILT Fund- Investment Option ICICI Prudential Flexible Income Plan ICICI Prudential Child Care Plan ICICI Prudential Monthly Income Plan ICICI Prudential Growth Plan ICICI Prudential Discovery Fund ICICI Prudential Infrastructure Fund Major locations of the branch offices of ICICI Prudential Mutual Fund are: Chandigarh Ahmadabad Chennai Goa Cuttack Bhubaneswar Guwahati Fund Facts We are unique and thats why whats right for someone else may not be right for us. So is the case with our investment needs. As an investor we could be very cautious or very aggressive or someone who would like to maintain a balance ICICI Prudential Mutual Fund, understand this reality and therefore to meet the investment needs of different kinds of investors we offer a range of solutions that enable them to create a portfolio of the tenor, return and risk that they desire. On the debt market side, from simple parking solutions for efficient utilization of each rupee for each day, to long term interest rate view-based products, their range spans varying time horizons and incomes. Their debt products are managed to minimize liquidity credit risks and also manage interest rate risks. They come with periodic dividend and growth options to enable you to choose your income streams in a manner most efficient for your needs. On the equity market side, their equity funds offer a choice of size, sectors, themes and styles to enable participation in the broad market and its segments. The chart below plots schemes offered by ICICI Prudential Mutual Fund on a risk-return scale that helps you zero-in on the relevant schemes that match your risk taking ability and the returns you ICICI Prudential Long Term Floating Rate Plan Much as we may dislike it, interest rates change constantly in response to changes in the underlying fundamentals. Every change in interest rates impacts the value of our fixed income portfolio i.e increase in rates reduces the value of what we hold, and vice versa. If interest rates on instruments in the portfolio keep getting reset according to the prevailing market rates, we may be able to focus on the interest income, without undue worry about its impact on our portfolio value. ICICI Prudential Long Term Floating Rate Plan enables such a focus on interest rates, creating a portfolio that responds to these changes and minimizes their impact. ICICI Prudential Long Term Floating Rate Plan further extends this benefit by tapping into products whose interest rates are benchmarked to longer term rates. Investment Philosophy ICICI Prudential Long Term Floating Rate Plan is a debt fund that invests predominantly in debt securities with a floating rate of interest. The majority of floating rate instruments in the portfolio are benchmarked to the 1 year INBNK rate and the rest are benchmarked to a short term rate like the Mibor with resets taking place at 3 month / 6 month intervals. This also ensures that the portfolio has limited interest rate risk. The portfolio also invests in fixed rate securities, but spreads out its investments such that parts of the portfolio mature regularly, enabling redeployment at newer rates. The portfolio also uses the interest rate swap market to swap fixed rates for floating rates. During times of increases in interest rates, the Plan enables focus on the interest income, rather than losses in portfolio value. Benefits ICICI Prudential Long Term Floating Rate Plan offers the following key benefits: Focus on accrual income that derives from floating rate instruments. Reduced interest rate risk of longer term instruments. Performance See performance for the fund in the graph below: Investor Profile Investors who believe that interest rates in the short to medium term could increase. Investors who prefer floating rate interest income, over gains / losses from changes in portfolio value This fund is ideal for: ICICI Prudential Income Plan Our need to keep some money in fixed return instruments stems from a need to earn regular income, or from an aversion to risk. ICICI Prudential Income Plan is for those investors who seek to deploy part of their funds in fixed income products as a conscious investment option. The fund enables you to earn a total return-made up of both interest income and changes in the value of capital, a facility that comes only with debt funds that do not restrict themselves to generating merely interest income. As market interest rates change, the value of your portfolio also changes, creating a total return portfolio in debt securities. Benefits: ICICI Prudential Income Plan offers the following key benefits: Strategic deployment of funds in the debt markets as part of an overall asset allocation to fixed income securities. Participation in markets that are large and institution-dominated. Potential to earn total return from both interest and capital gains, with the attendant risks of capital loss as well. See performance for the fund in the graph below: Investor Profile This fund is ideal for: Investors seeking exposure to long term debt markets. Investors seeking to earn total return rather than interest income alone. Investors seeking to participate in a portfolio of debt securities over the long term. ICICI Prudential Child Care Plan Give Your Child the license to dream Our child wants to be a surgeon one day, an astronaut the next day and may be a fashion designer the day after. So small yet children dream so big, even if the dream changes every day. Education, however, is fast becoming a very expensive proposition for which you need to start planning from today. Even as your child takes off on his/her flights of fancy, you need to be firmly rooted on the ground, managing your financial resources so as to give your child the best education. ICICI Prudential Child Care Plan is an investment instrument specially designed to help you give your child a head start in life. It offers two options Gift and Study, for the differing needs of parents with children in differing age groups. Gift Option (Suitable if your child is in age group of 1-13 years.) Study Option (Suitable if your child is in age group of 13-17 years.) Investment Philosophy This plan normally invests 65-100% of your money in equity and equity related securities. The other 0-35% is normally invested in debt securities to seek stability to your investments. Debt Equity ICICI Prudential Child Care Plan Gift offers the following key benefits: Scholarship Program: We have specially designed a scholarship programme to provide financial assistance to deserving and meritorious students to pursue their higher education. Personal Accident Cover (for resident applicants): Till your child attains the age of 18 or till units are redeemed (whichever is earlier), you as her parent / legal guardian will be eligible for a Personal Accident Cover equivalent to 10 times the value of the Units you have purchased (value at purchase price) subject to a maximum of limit of Rs. 5 lakhs See performance for the fund in the graph below: This fund is ideal for: Consider this plan if your child is in the age group of 1-13 years and you are looking to save over a long term horizon ICICI Prudential FMCG Fund It is not always the case that we like our investments to be diversified across sectors. There are times when we believe that a particular sector might do better than the others, and therefore choose to increase your exposure to that sector. Sector funds enable spiking a diversified portfolio with sharper sectoral focus, as a strategic means to managing their asset allocation. ICICI Prudential FMCG Fund is a diversified sector fund that invests in companies which are benefiting from the consumption boom in the Indian economy. Investment Philosophy ICICI Prudential FMCG Fund is an open-ended equity fund, that predominantly invests in companies with a retail and consumption focus. The portfolio is made up of fewer number of scrips, chosen to reflect the prospects of the FMCG sector. Within the broad definition of the sector, scrips are held across sub sectors like food, retail distribution, apparel, and consumables. A smaller allocation to other sectors is permitted, purely for defensive considerations. The fund adopts a bottom-up stock selection strategy to choose its investments. Benefits ICICI Prudential FMCG Fund offers the following key benefits: Enables the investor to allocate his equity assets according to his sectoral preferences and use the fund to implement his views on the sector. The fund also enables investors to diversify in terms of style into sharply focused thematic fund investing in FMCG sector. See performance for the fund in the graph below: Investor Profile This fund is ideal for: Investors who like to sacrifice some diversification, in the interest of pursuing a sector strategy. Investors who view the fund in the context of their existing portfolio, rather than choose the fund as a stand alone product. Investors who prefer the FMCG sector for their investments. Systematic investing: One of the simplest and most sensible ways of investing, especially when you are just starting off on your Investment journey is to use the Systematic Investing Option. ICICI Prudential Mutual Fund allows you to invest systematically through the following 3 different systematic investing options which allow you to make your transactions whether purchasing a new fund, transferring between funds or redeeming from a fund in a systematic and disciplined manner. 1. ICICI Prudential Systematic Investment Plan (ICICI Prudential SIP) ICICI Prudential SIP allows you to make your investments in periodic installments instead of a lump sum amount. This has the following advantages: It helps you start small, with as low as Rs. 1000 per month. It helps you reduce the risk of mistiming the market. It helps you buy more units when the market is down and fewer units when the market is up. Thus reducing the cost of entry. 2. ICICI Prudential Systematic Transfer Plan (ICICI Prudential STP) ICICI Prudential STP allows you to make a lump sum investment in a money-market or a debt oriented ICICI Prudential Scheme and subsequently transfer partial amounts to any equity oriented ICICI Prudential Scheme at regular intervals. This way your money continues to earn while it waits to be fully deployed in the equity scheme of your choice. You can choose from three frequencies(weekly, monthly and quarterly) if you wish to transfer your investments from one scheme to another. 3. ICICI Prudential Systematic Withdrawal Plan (ICICI Prudential SWP) ICICI Prudential SWP operates like the reverse of ICICI Prudential SIP. It allows you to systematically withdraw your existing investment in a ICICI Prudential Mutual Fund scheme by redeeming your units in periodic installments instead of all at one go. As in the case of the SIP, this helps you reduce your risk of mistiming your exit from a particular scheme. Portfolio management services: ICICI Prudential Portfolio Managers, a division of ICICI Prudential Asset Management Company, is created especially to meet the investment needs of a select clientele who require focused portfolios. As Portfolio Managers, they endeavor that every portfolio created by them reflects the values on which ICICI Prudential has been built. A commitment towards transparency and service. Add to that, a strong research driven investment process. Since the aim is to create a portfolio that suits our requirements, they will first try and understand our needs and investment objectives and on that basis offer us portfolios that best suit our objectives. Information and accessibility is the key By providing us with information that is updated on a daily basis and unmatched interactivity, a whole new era in portfolio management has now been ushered in. A first in the industry; via a password protected website, we will have access to : A portfolio disclosure statement where the entire portfolio will be disclosed. A financial summary comprising the Income Statement and Balance Sheet. A detailed client account statement that allows you to track your inflows and outflows. A transaction statement listing all the transactions made. Calculations of capital gains Comprehensive performance tracking Convenience and customization through their services: One more advantage of being with them is that we will have a team to support us. Initially, we will interface with a Customer Relationship Manager your one point contact, and a personal Portfolio Manager our portfolio investment guide, to discuss in depth and understand our investment objectives, our risk-return appetite and establish required service levels. On the basis of this, they shall evolve a portfolio that is best-suited for us. Thereafter, their Customer Relationship Manager will periodically interact with us for any other clarifications and services that may require. Product Range: Aggressive Portfolio This portfolio is aimed at investors who are looking for higher returns. The portfolio is constructed with a value-orientation and with adequate diversification, but which will at times take on certain aggressive positions. Depending on the market conditions these could include a greater exposure to high beta / mid-cap / illiquid stocks, an exposure in momentum stocks etc. Dividend Yield Portfolio This portfolio endeavours to generate superior risk-adjusted returns through a combination of dividend income and capital appreciation. This portfolio may be considered appropriate for investors with a relatively low risk appetite, who wish to earn potentially higher returns, offered through the equity markets. It is also suitable for investors looking for tax-efficient investment options that offer the scope for high-returns. Investments are proposed to be made primarily in stocks that offer an attractive dividend yield. Portfolio Manager seeks to pay particular attention to the dividend track record, sustainability of free cash flows / dividends, industry prospects, management quality, business fundamentals etc., with an attempt to include only high-quality companies in the portfolio. Deep Value Portfolio The objective of the portfolio is to generate returns over the long term, by investing in a diversified portfolio of undervalued stocks. Various parameters may be used to judge the degree of under valuation of the stocks including, but not limited to, price/earnings (p/e), price/book (p/book), dividend yield (DY), price/cash flow, replacement cost, valuations relative to history/sector/markets, etc. Due attention will be paid to qualitative parameters such as management quality, industry prospects, liquidity etc. The Focused Portfolio The Focused Portfolio endeavours to generate capital appreciation by taking concentrated positions in stocks and sectors. Greater concentration of the portfolio will increase both the risks and potential returns from the portfolio. The Focused Portfolio is not limited by any particular theme / sector / market capitalization and has the flexibility to choose between stocks across themes / sectors / investment styles Preservation of Investment Amount (Asset Shield) In addition to the above portfolios, the Portfolio Manager also offers products to meet specific objectives such as products endeavouring to preserve Investment Amount. Portfolio Manager would endeavour preservation of a certain percentage of the Investment Amount by investing in a mix of fixed income andequity derivatives (these could include both call and put options on indices or individual stocks) in such a manner so that the same endeavours to preserve the stated percentage of the Investment Amount while attempting to enhance returns by the use of equity derivatives. Arbitrage opportunities between the cash and futures market may also be undertaken (more specifically described in the section below) as part of the fixed income component. Herein the portfolio is invested in a mix of fixed income mutual funds / securities and equity derivatives in such a manner so that the same endeavours to preserve the stated percentage of the Investment Amount while at the same time an attempt w ould be made to enhance returns by the use of equity derivatives. Infrastructure Portfolio The infrastructure portfolio will invest in companies that are directly or indirectly linked to the infrastructure theme. This could include sectors such as construction, capital goods, power, cement, metals, banking, logistics and other related sectors/sub-sectors. Diversified Portfolio The portfolio will have a defined tenure. The Portfolio Manager has discretion to invest in a combination of different asset classes including but not limited to listed equities, equity related instruments, or other unlisted securities/instruments (private equity) including but not limited to units issued by SEBI Registered Venture Capital Funds and money market instruments. The terms of tenure of the product, subscription and redemption etc. will be as per the agreement executed with the Investor. AMC (Asset Management Company) of ICICI PRUDENTIAL MUTUAL FUND: ICICI Prudential Mutual Funds Asset Management Company (AMC) is ICICI Prudential Asset Management Co. Ltd. ICICI Prudential Asset Management Company, a joint venture between Prudential, U.K.s leading insurance company and ICICI Bank Ltd., Indias largest private sector bank, is the investment manager for ICICI Prudential Mutual Fund. ICICI Prudential Mutual Fund is the largest and amongst the fastest growing mutual funds in the country with a rapidly growing family of over 14.50 lakh investors. The objective of ICICI Prudential Asset Management Co. Ltd. is to provide distribution of income and also capital appreciation to the shareholders by investing mainly in equity that is related to the shares of the companies that belong to the development of infrastructure and the rest in debt shares and instruments of money market that includes call money. The total asset of ICICI Prudential Asset Management Co. Ltd amounted to Rs. 4783.65 crores as on 31st December. Prudential Plc holds 55 per cent of the asset management company and the balance by ICICI Bank. In a span of just over six years, Prudential ICICI Asset Management Company has emerged as one of the largest asset management companies in the country. The Company manages a comprehensive range of schemes to meet the varying investment needs of its investors spread across 68 cities in the country. The management is headed by Pankaj Razdan, managing director and the fund management team is headed by Nilesh Shah, chief investment officer. Here is a list of mutual funds of Prudential ICICI which includes Equity Funds, Balanced Funds and Debt Fund: Latest NAV Scheme Name NAV (Net Asset Value) Date ICICI Prudential Child Care -Study Plan 25.4292 04-Dec-2009 ICICI Prudential Child Care- Gift Plan 47.40 04-Dec-2009 ICICI Prudential Flexible Income Plan Premium-Daily Dividend Plan 105.7350 04-Dec-2009 ICICI Prudential Flexible Income Plan Premium-Weekly Dividend Plan 105.4473 04-Dec-2009 ICICI Prudential Flexible Income Plan Premium-Growth 168.7494 04-Dec-2009 ICICI Prudential Gilt Fund Investment Plan PF Option 18.1512 04-Dec-2009 ICICI Prudential MIP-Cumulative 23.7857 04-Dec-2009 ICICI Prudential MIP-Dividend-Half Yearly 12.3215 04-Dec-2009 ICICI Prudential MIP-Dividend-Monthly 11.4345 04-Dec-2009 ICICI Prudential MIP-Dividend-Quarterly 12.2172 04-Dec-2009 ICICI Prudential Services Industries Fund-Dividend Plan 11.66 04-Dec-2009 ICICI Prudential Services Industries Fund-Growth Plan 15.50 04-Dec-2009 ICICI Prudential Discovery Fund Institutional Option I Growth 17.13 04-Dec-2009 ICICI Prudential Discovery Fund-DIVIDEND OPTION 19.20 04-Dec-2009 ICICI Prudential Discovery Fund-GROWTH OPTION 38.90 04-Dec-2009 ICICI Prudential Dynamic Plan-Dividend Option 17.8967 04-Dec-2009 ICICI Prudential Dynamic Plan-Growth Option 88.6655 04-Dec-2009 ICICI Prudential Dynamic Plan-Institutional Option I 13.7599 04-Dec-2009 ICICI Prudential Emerging Star Fund Institutional Option I 11.65 04-Dec-2009 ICICI Prudential Emerging Star Fund-Dividend 15.78 04-Dec-2009 ICICI Prudential Emerging Star Fund-Growth 28.87 04-Dec-2009 ICICI Prudential Equity Derivatives Fund-Income Optimiser Plan-Institutional Dividend Option 10.49 04-Dec-2009 ICICI Prudential Equity Derivatives Fund-Income Optimiser Plan-Institutional Growth Option 12.60 04-Dec-2009 ICICI Prudential Equity Derivatives Fund-Income Optimiser Plan-Retail Dividend Option 10.39 04-Dec-2009 ICICI Prudential Equity Derivatives Fund-Income Optimiser Plan-Retail Growth Option 12.50 04-Dec-2009 ICICI Prudential Equity Derivatives Fund-Wealth Optimiser Plan-Retail Dividend Option 11.44 04-Dec-2009 ICICI Prudential Equity Derivatives Fund-Wealth Optimiser Plan-Retail Growth Option 12.07 04-Dec-2009 ICICI Prudential FMCG Plan-Dividend Option 31.17 04-Dec-2009 ICICI Prudential FMCG Plan-Growth Option 52.32 04-Dec-2009 ICICI Prudential Growth Plan- Institutional Option I Growth 16.61 04-Dec-2009 ICICI Prudential Growth Plan-Dividend Option 19.58 04-Dec-2009 ICICI Prudential Growth Plan-Growth Option 119.60 04-Dec-2009 ICICI Prudential Index Fund 47.1625 04-Dec-2009 Comparative study of Reliance and ICICI Prudential Mutual Fund: Both the mutual funds are Indias top most mutual funds in India. Both of them have a large market share in Indian mutual fund industry. But if we compare both of them then Reliance have the more market share then ICICI Prudential mutual fund. It can be shown with the following chart which on the basis of their market share: Now from the above it is very clear that Reliance mutual fund has 16.39 % market share whereas ICICI prudential has only 9.83 % market share. And after such largest market share, Reliance mutual fund has become the top most mutual funds in Indian industry. In March, 2006, the Reliance mutual fund emerged as the largest private sector fund house in the country, overtaking Prudential ICICI which has been holding that position for many years. We can also compare them on the basis of NAV of last 5 years and give them ranks which can be shown as follows: Top 10 Funds -Period(Last 5 Years) Rank Scheme Name Date NAV (Rs.) Last 5 Years % 1 Reliance Diversified Power Sector Fund Growth Dec 4 , 2009 76.5693 45.6041 2 Reliance Growth Growth Dec 4 , 2009 414.8059 32.7926 3 SBI Magnum Tax Gain Scheme 93 Growth Dec 4 , 2009 56.59 32.7603 4 SBI Magnum Sector Umbrella Contra Fund Growth Dec 4 , 2009 54.47 32.754 5 Sundaram BNP Paribas Select Midcap Growth Dec 4 , 2009 132.0091 32.5712 6 SBI Magnum Multiplier Plus 93 Growth Dec 4 , 2009 73.28 30.2626 7 Reliance Banking Fund Growth Dec 4 , 2009 77.7619 30.2353 8 HDFC Equity Fund Growth Dec 4 , 2009 229.298 30.1271 9 HDFC Top 200 Growth Dec 4 , 2009 178.938 29.8821 10 ICICI Prudential Dynamic Plan Growth Dec 4 , 2009 88.6655 29.6373 According to this ranking also reliance stood in the first position in terms of net asset value with the total value worth Rs. 414.8059. Now if we talk about their schemes, both of them have the different investment schemes for different purposes like growth, fixed income etc. Like I have earlier shown the chart of ICICI schemes which is as follows: And Reliance has basically following schemes: Sector Specific Schemes Debt/Income Schemes Equity/Growth Schemes Fixed Maturity Plans (FMPs) On the other hand we can also compare them on the following basis: Top of Form Bottom of Form SnapShot Performance Risk Volatility Investment Details NAV Details Fund Name Launch Date Category Rating Risk Grade Return Grade 1 Year Return Expense Ratio ICICI Prudential Growth 1998-06Jun-1998 Equity-Diversified 3 Star below Average Average 86.64 2.33 Reliance Growth 1995-10Oct-1995 Equity-Diversified 5 Star Average Above Average 111.72 1.81 Fund Name 1-Month Return (%) 1-Month Rank 6-Month Return (%) 6-Month Rank 1-Year Return (%) 1-Year Rank 3-Year Return (%) 3-Year Rank 5-Year Return (%) 5-Year Rank ICICI Prudential Growth 10.68 187 19.08 145 86.64 162 8.49 85 24.50 38 Reliance Growth 13.49 55 24.27 84 111.72 59 16.66 15 32.89 1 Fund Name NAV As on Chg. from previous 52 Weeks High As on 52 Weeks Low As On ICICI Pru Growth-G 120.03 Dec 3, 2009 0.04 120.17 Dec 1, 2009 63.32 Mar 9, 2009 Reliance Growth-G 415.67 Dec 3, 2009 2.91 415.67 Dec 3, 2009 183.38 Mar 9, 2009 Conclusion: So from the above we can conclude that a Mutual Fund is a trust that pools the savings of a number of investors who share a common financial goal. Mutual Fund is a mechanism for pooling the resources by issuing units to the investors and investing funds in securities in accordance with objectives as disclosed in offer document. The main objective of mutual funds is to provide an opportunity for lower income groups to acquire without much difficulty, property in the form of shares. And as I already told that Reliance mutual fund and ICICI Prudential mutual fund both are growing at a very fast pace. And both are contributing a lot in the Indian financial sector and to the Indian economy. But Reliance mutual fund is growing at a more rate than ICICI Prudential mutual fund.

Brain Injury Enhances Fear Learning And Excitatory Processes

The article, Concussive brain injury enhances fear learning and excitatory processes in the amygdala by Maxine L. Reger, Andrew M. Poulos, Floyd Buen, Christopher C. Giza, David A. Hovda, and Michael S Fanselow took a close look into the fears and behaviors generated in rats two days after suffering trauma to the brain. This particular article was discovered by searching the keywords: brain injury and amygdala, in the PubMed database. By searching those keywords, the database was able to pull up numerous articles discussing the two topics, but I felt that Reger et al (2012) demonstrated a clear association between the topics. The article brings about a question of whether or not there is a link between brain injuries, posttraumatic stress disorder, commonly referred to as PTSD, and the changes involved in the excitatory and inhibitory processes involved in the amygdala. In order to examine such a link, the authors performed a number of tests on adult Sprague-Dawley rats to test their hypothesis as well as to investigate the neurobiological correlation between concussion and PTSD. To further assess these correlations, it is imperative to explore the methods used to conduct this study. The experiment was conducted using adult male Sprague-Dawley rats from the Charles River Laboratories in Hollister, California. The rats were housed in cages, two rats per cage, for a 12 hour light/dark cycle. The investigation began by combining the use of lateralShow MoreRelatedHuman Sexual Response Essay8571 Words   |  35 PagesI. Introduction to the human sexual response A.Definition of sexual arousal B.Differentiation of cognitive vs reflex erection C.Models of sexual response patterns D.Intro to central vs peripheral nervous systems E.General intro to the brain areas activated in arousal F.Gender differences and why we’re only considering boys II. Information processing of sexual stimuli (1st component of sexual response) A.Detection of sexually-salient stimuli III. General arousal raising mechanismsRead MoreGenetically Modifying for Smarter Living Things2651 Words   |  11 Pagestopic for debate among professionals and the general public alike. For instance, some value the benefits of modifying foods to contain greater nutritional benefits, yield larger crop sizes, and have resistance to many diseases. Alternatively, others fear the undetermined risks for consuming scientifically altered organisms long-term, and deem the act of tampering with the makeup of living things unethical. Even more controversial, is the modern idea of using genetic modification techniques to createRead MoreAdrenal Gland9709 Words   |  39 Pagesfasciculata. The primary glucocorticoid released by the adrenal gland in the human is cortisol and corticosterone in many other animals. Its secretion is regulated by the hormone ACTH from the anterior pituitary. Upon binding to its target, cortisol enhances metabolism in several ways: * It stimulates the release of amino acids from the body * It stimulates lipolysis, the breakdown of fat * It stimulates gluconeogenesis, the production of glucose from newly-released amino acids and lipids Read MoreUse Of Traditional Chinese Medicine During The Treatment Of Schizophrenia Essay7976 Words   |  32 Pagesresponses (DSM-IV, 2000). Disorganized speech may be present in a variety of ways. For example, when responding to a question the person may give an answer which has little or no relevance to the question, change subjects, or make up words. Thought processes may be incomplete so there may be impairment in speech. When a schizophrenic’s behavior is considered â€Å"disorganized† it may mean that may not be able to carry out simple tasks of brushing their teeth or bathing. They may completely neglect personal

Broken April and The Thief and the Dogs Essay Example For Students

Broken April and The Thief and the Dogs Essay Both books Broken April and The Thief and the Dogs revolve entirely around revenge. The revenge in both these books is to the highest degree different. We can see this difference mainly in the motives and methods of the protagonists. In Broken April, the Kanun1 forced the revenge exhibited by Gjorg. We must remember that Gjorg wanted to end traditional war between his family and Zefs because death made him sick, not just the prospect of dying but also Zefs death. Also he has nothing against Zef or his family but the fact that he has to kill Zef because legislation called for it. On the other hand in The Thief and the Dogs, Said felt angry about the way that Ilish reported his thieving activities to the police and the manner in which his wife, Nabawaiyya, was part of the plot to put him in jail. Though he acted as though he had made his peace with it, he was determined to strike like fate2 as they had besides taking away his freedom, his riches and his pride, had also kept away his daughter, Sana, from him and this angered him the most. The episode that really strengthened his resolve was when Sana refused to recognize and seemed scared of him. Said felt that prison lashings had not been as cruel as3 his daughter not recognizing him. This made Said sad but he then felt that the only way to get his daughter back would be to murder Ilish and Nabawaiyya, thus justifying his revenge. The way in which the characters take their revenge has an impact on the society they live in and the way this society expresses their feelings towards these characters is completely different in the two books. In Broken April we see that Gjorg was not accepted by society and was shamed and even socially ostracized until he had avenged his brother. This can be seen in the silent ways that society prodded him to take his revenge such as the manner in which the shirt that was worn by his brother when he had been killed, which was stained with his blood, was hung up unwashed as a reminder to Gjorg that he had not yet avenged his brothers death. Also there were small things such as people whispering behind Gjorgs back and the passing of cups below the leg to signify the uncompleted task. Gjorg redeemed himself the day he killed Zef Kryeqyqe, as Albanian society required him to avenge the death of his brother under the Kanun. Gjorg too walked in the procession4 that was going for Zefs burial and funeral. This is very unnatural as after killing Zef he would have been greeted by hostility by the Kryeqyqe clan as he had killed one of them, but the Kanun justifies this so that Gjorg could go to the deceaseds funeral even though he was the one who murdered him. A year and a half after the day his brother had been killed, his mother had finally washed the shirt he had worn that day5 which signified that Gjorg had taken revenge and would now be accepted by society for killing Zef. In The Thief and the Dogs we see that Said was accepted by society after he had served time for his crime. This is evident from the instance when Said decides to confront Ilish about his daughter and is treated quite amicably by the detective and other on-lookers even if their actions seem slightly superficial. This is also extended to Saids meeting with Rauf, his old friend, who greets him and offers him food and gives him good advice. Later on he also meets with an old colleague who offers his aid, reassuring Said that if theres anything he needs,6 Tarzan would be at Saids service. 7 In this manner we see that Said is accepted by society even if it is slightly superficial at times. If I set eyes on you again, Rauf bellowed, Ill squash you like an insect. 8 .ue733679702a38d3d3bbd81fc66a9b521 , .ue733679702a38d3d3bbd81fc66a9b521 .postImageUrl , .ue733679702a38d3d3bbd81fc66a9b521 .centered-text-area { min-height: 80px; position: relative; } .ue733679702a38d3d3bbd81fc66a9b521 , .ue733679702a38d3d3bbd81fc66a9b521:hover , .ue733679702a38d3d3bbd81fc66a9b521:visited , .ue733679702a38d3d3bbd81fc66a9b521:active { border:0!important; } .ue733679702a38d3d3bbd81fc66a9b521 .clearfix:after { content: ""; display: table; clear: both; } .ue733679702a38d3d3bbd81fc66a9b521 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .ue733679702a38d3d3bbd81fc66a9b521:active , .ue733679702a38d3d3bbd81fc66a9b521:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ue733679702a38d3d3bbd81fc66a9b521 .centered-text-area { width: 100%; position: relative ; } .ue733679702a38d3d3bbd81fc66a9b521 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ue733679702a38d3d3bbd81fc66a9b521 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ue733679702a38d3d3bbd81fc66a9b521 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ue733679702a38d3d3bbd81fc66a9b521:hover .ctaButton { background-color: #34495E!important; } .ue733679702a38d3d3bbd81fc66a9b521 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ue733679702a38d3d3bbd81fc66a9b521 .ue733679702a38d3d3bbd81fc66a9b521-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ue733679702a38d3d3bbd81fc66a9b521:after { content: ""; display: block; clear: both; } READ: Anais Nin Biography EssayThis is what Rauf had to say after he had caught Said trying to steal from his house. Saids life was finished, spent to no purpose; he was a hunted man9 because his attempt at killing Ilish had been unsuccessful and he had killed a Shaban Husayn instead and was now being closely pursued for a murder he had committed by mistake. The papers accused Said of being mad, craving for power and blood10 as he had bungled yet another murder attempt this time on Rauf. Rauf used this opportunity to turn the people against Said by giving interviews and showing him in a very bad light for having killed, now, two innocent bystanders. These incidents drove society to shun Said Mahran once again as in their eyes he refused to reform himself. While analysing the deaths of Said and Gjorg, a major coincidence I found was that both were killed when they were in pursuit of certain women, Nur and Diana respectively. Their love for the women brought them out of their hiding places and into vulnerable positions. Gjorg left the road on which killing of men under the blood feud was prohibited. Gjorg heard from someone that the black carriage11 had been seen there and this was the carriage with the pretty woman. 12 This is what motivated Gjorg to leave the protected road and go to a road where the blood feud was allowed. As soon as he got onto this road he heard the fateful words, Gjorg, give my greeting to Zef Krye 13 Said also left the refuge of the Sheikhs house to meet Nur one last time because he was very sure that his death was near. He did not meet her and was killed in the graveyard overlooking her house. This is an odd similarity where both men tried to meet the women in their lives but were killed before they could. For a moment the world seemed to have gone absolutely still14 for Gjorg as he was shot dead. But as we see the rest of the paragraph that Gjorg seems to be subconscious and is aware of what is going on around him. He slowly becomes aware as does the reader that the hands15 that turn him on his back, that keep the rifle close to his right in accordance with the rules16 are Gjorgs himself. This points to one possible conclusion that Gjorg is not so conscious to what is happening around him but is simply reliving or remembering certain landmark events in his life. Slowly the silence was spreading, until all the world seemed gripped in a strange stupefaction17 in Saids mind and he seemed rather calm much like Gjorg at then end of his life. But Saids train of thought is slightly different at this point as he still seems slightly concerned about getting away and hopes that he must have won. 18 This contrasts from Gjorgs death as Said doesnt seem to be thinking so much of his life and succumbs to his wounds quicker than Said. Thus we can see that though both protagonists carry out revenge for very different reasons and do so in very different ways they meet the same end, as justice seems to have been served. If the two characters are compared one tends to sympathize with Gjorg for his helplessness and chide Said for his recklessness

Summer Sport Camp at State University Essay Example

Summer Sport Camp at State University Essay 14th MANCO Linear Programming Approach for Irrigation Scheduling – A case Study H. MD. AZAMATHULLA, Senior Lecturer, River Engineering and Urban Drainage Research Centre (REDAC), Universiti Sains Malaysia, Engineering Campus, 14300 Nibong Tebal, Pulau Pinang, Malaysia; email: [emailprotected] usm. my, [emailprotected] com (author for correspondence) AMINUDDIN AB GHANI, Professor, REDAC, Universiti Sains Malaysia, email: [emailprotected] usm. my NOR AZAZI ZAKARIA, Professor, REDAC, Universiti Sains Malaysia, email: [emailprotected] usm. my CHANG CHUN KIAT, Science Officer, REDAC, Universiti Sains Malaysia, email: [emailprotected] sm. my Abstract There is an increasing awareness among irrigation planners and engineers to design and operate reservoir systems for maximum efficiency to maximize their benefits. Accordingly, significant work has been done on reservoir operation for known total irrigation demand and on the optimal allocation of water available to crops at the farm lev el. Very few studies have been conducted to derive optimal reservoir operation policies integrating the reservoir operation with the on-farm utilisation of water by the various crops. This present paper deals with the development of model Linear Programming (LP) to be applied to real-time reservoir operation in an existing Chiller reservoir system in Madhya Pradesh, India. Keywords: Cropping pattern, Water resource management, Irrigation management, Optimization 1. Introduction In most developing countries, a huge share of the limited budget goes to creating facilities for irrigation. Construction of reservoirs requires very high investment and also causes socioeconomic and environmental issues. Water in the reservoir has multiple claimants and needs to be optimally utilized to generate maximum benefits through proper operation, which must remain consistent despite uncertain future inflows and demands. According to the World Commission on Dams, many large storage projects worldwide are failing to produce the anticipated benefits (Labadie, 2004). Similarly, small storage projects made for local areas in developing countries, like India, are also failing to meet expectations. We will write a custom essay sample on Summer Sport Camp at State University specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Summer Sport Camp at State University specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Summer Sport Camp at State University specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The main cause identified at various levels of discussion, as reported by Labadie (2004), is inadequate consideration of the more mundane operation and maintenance issues once the project is completed. For existing reservoirs, optimum operation is critical, since all the expected benefits are based on timely water releases to meet the stipulated demand. Real-time operation of a reservoir requires making relatively quick decisions regarding releases based on short-term information. Decisions are dependant on the storage in the reservoir and information available in the form of forecast hydrologic and meteorological parameters. This is especially important during floods and power generation, where the system has to respond to changes very quickly and may need to adapt rapidly (Mohan et al. 1991). For reservoir systems operated for irrigation scheduling, real-time operation is not very common because of longer decision steps. Traditionally, the reservoirs meant for irrigation purposes are operated on heuristics and certain rules derived from previous experiences. This defies the concept of water-management; much of the water is lost, which in turn leads to loss of revenue. In the early 1960s, mathematical programming techniques became popular for reservoir planning and operation; pertinent literature is available. An excellent review of the topic is given by Yeh (1985), followed by Labadie (2004) and Wurbs (1993). Along with simulation studies, Linear Programming (LP), Dynamic Programming (DP) and Non Linear Programming (NLP) are the most popular modelling techniques. A comparative study on the applicability and computational difficulties of these models is presented by Mujumdar and Narulkar (1993). Many of the aforementioned techniques have been implemented in realistic scenarios, and many reservoir systems worldwide are operated based on the decision rules generated from these techniques. However, there exists a gap between theory and practice, and full implementation has not been achieved yet (Labadie, 2004). 1 14 15 February 2009 Kuching, Sarawak The basic difficulty a reservoir manager faces is to take a real-time optimum decision regarding releases according to the future demand and inflow. This leads to the problem of optimization of the stochastic domain. Two approaches of stochastic optimization are practised: i) Explicit Stochastic Optimization (ESO), which works on probabilistic descriptors of random inputs directly and ii) Implicit Stochastic Optimization (ISO), which is based on historical, generated or forecasted values of the inputs through the use of Time Series Analysis or other Probabilistic approaches. The ESO approach has computational difficulties; ISO methods are simple, but require an additional forecasting model for real time operation. In the case of irrigation reservoirs, decision making at the reservoir level depends upon the water demand arising at the field level. In order to operate the reservoir in the best possible way, it becomes imperative to understand the processes occurring in the crop-soil-water-atmosphere system. This helps not only in the estimation of accurate demands, but also ensures optimum utilisation of water. If the processes at the field level are also modelled properly and integrated with the reservoir level model, the goal of water management can be achieved in the best possible way. Dudley et al. (1971) pioneered the integration of the systems in the determination of optimal irrigation timing under limited water supply using a Stochastic DP model. Dudley and his associates then improved the model (Dudley and Burt, 1973; Dudley, 1988; Dudley and Musgrave, 1993). Vedula and Mujumdar (1992, 1993) and Vedula and Nagesh Kumar (1996) have also contributed to this area. Their approach was to derive a steady state reservoir operation policy while maximizing the annual crop yield. DP-SDP and LP-SDP were used in the modelling. However, for real-time reservoir operation, Vedula and Nagesh Kumar (1996) stressed the need to forecast inflows and rainfall in the current season to implement the steady state operation policy. As a result, the ESO model has to be supplemented with an ISO model to get a policy for the current period. As an extension to the work of Vedula and Mujumdar (1992), a significant contribution to the real-time reservoir approach was presented by Mujumdar and Ramesh (1997). They addressed the issue of short term real-time reservoir operation by forecasting the inflow for the current period, a crop production state variable and a soil moisture state variable. Their work was based on SDP, but had all the limitations of SDP regarding the curse of dimensionality. Against this background, a model for the derivation of real-time optimal operating policy for a reservoir under a multiple crop scenario is proposed in the present study. The primary issue is that the reservoir gets inflows during the wet season (monsoon season) and is operated for irrigation in the dry season (non-monsoon season). The reservoir storage and the soil moisture level are considered to be the principal state variables, and the irrigation depths are the decision variables. An optimal allocation model is embedded in the integrated model to evaluate the irrigation water depth supplied to different crops whenever a competition for water exists amongst various crops. The model also serves as an irrigation-scheduling model because it specifies the amount of irrigation for any given fortnight. The impact on crop yield due to water deficits and the effect of soil moisture dynamics on crop water requirements are taken into account. Moreover, a root growth model is adopted to consider the effects of varying root depths on moisture transfer. The only stochastic element in the season is the evapotranspiration. The handling of stochasticity has been accomplished through dependability based forecasting in an ISO model. The rest of the variables, such as soil moisture status and the reservoir storage status, at the beginning of any period are considered to be state variables. The basic formulation is based on a LP model and is later transformed into a GA framework. 2. The Model Formulation and Concept The real-time operation model proposed in the present study integrates the reservoir level and a field level decision (Figure 3). It considers the soil-moisture status and the reservoir storage as the state variables and the applied irrigation depths as decision variables. The formulation is based on the conceptual model for soil moisture accounting and the reservoir storage continuity relationships. A major emphasis is laid on maintaining soil moisture in a state such that the evapotranspiration from the crops takes place at a rate that achieves better results in the form of increased yields from the crops. To assess the timing of irrigation water application, the soil moisture status of the crop is an important parameter. Whenever the soil moisture status approaches a critical limit, irrigation is applied. Thus, the soil moisture status is monitored either by physical measurement or through soil moisture models. Soil moisture models are more popular since they do not require a lot of instrumentation to be installed in the field. Soil moisture models can be formulated either by a physical approach (Fedders et al. , 1978) or a conceptual approach (Rao, 1987). The conceptual approach has been used by Rao et al. (1988), Rao et al. (1990) and 2 14th MANCO Hajilal et al. (1998) for the problem of irrigation scheduling. Vedula and Mujumdar (1992) utilised the conceptual model in their study. The same concept is adopted in the present study. Figure 3 Flow chart of real-time operation of reservoir 3 14 15 February 2009 Kuching, Sarawak 3. The Conceptual Model In the conceptual model for the Crop-Soil-Water-Atmosphere (CSWA) system, the basic assumption is that the soil acts as a reservoir, the main inputs to the reservoir are rainfall irrigation, and the main outputs are evapotranspiration, percolation and drainage. The extent of the reservoir is considered to be up to the effective root zone at the particular time. The soil water reservoir is governed by a continuity equation: ? ik +1 ED ik +1 ? ? ik ED ik ? IRR ik + AET i k = RF k (1) The conceptual model stated by Eq. 1 is used to compute the irrigation to be applied for the LP model with area as a decision variable. The following parameters are important for the conceptual model. Figure 1 shows the sketch for the conceptual reservoir. In the context of the conceptual model two parameters are important: IRRk RFk AETk EDk ?k Figure 1 Conceptual model Variation of Evapotranspiration with the Available Soil Moisture Evapotranspiration as a function of the available soil moisture is expressed as: k AETi k = PETi k if aai ? Zww (2) or AETi k = k aai PETi k Zww where AETi k (3) is the actual evapotranspiration that has occurred from crop i in fortnight k (mm), PETi k is the potential evapotranspiration in a particular geographical location (mm), Zww is the critical available moisture limit (mm/cm) = (Zf? Zw) d, Zf is the field capacity for the soil (mm/cm), Zw is the permanent wilting k point for the soil (mm/cm), d is the depletion factor and assumed to be 0. 5 in the present study, and a ai is the average available soil moisture over a fortnight (mm/cm). The average available soil moisture over a fortnight is given by ik + aik +1 a= 2. 0 k ai where otherwise aik = ? ik ? Zw if aik Zww aik = Zww k +1 A similar expression can be used for ai . 4 14th MANCO Root Zone Depth Growth The root depth data in relation to the time stages are prepared according to the Linear Root Growth Model (adopted by Narulkar, 1995). The model assumes that maximum root depth is achieved at the start of the yield formation stage. It remains at the maximum depth until the maturity stage. A minimum depth of 15 cm is considered in the first fortnight to account for the conditions of bare soil and an area with sparse crops. The root depth model is shown in Figure 2. Life span of group Growth stages of group V F G Root Depth Max. Depth Figure 2 Root Depth growth model Relative Yield Ratio The yield of a crop is affected by water deficits and the rate of evapotranspiration. The rate of evapotranspiration tends to decrease depending on the available moisture content. There are many methods to model the phenomenon. However, the model used in the present study is the most commonly-adopted model. The relative yields are computed on the basis of the expression given by Doorenbos and Kassam (1979) Yai AETi k ? k? = 1 ? Ky ? 1 ? ? PET k ? ? Ymi i? ? (4) Equation (4) gives a yield ratio for a single period only. However, the aggregate effect of moisture deficits over all fortnights of crop growth is also evaluated. The final yield ratios computed for the crop during various time periods of a season is computed by a multiplicative model (Rao et al. , 1990). The determination of the yield ratio is very important since they reflect the operation policy for an irrigation system. The expression is given by ? AETi k Yai ncr ? = ? ?1 ? Ky k ? 1 ? ? PET k ? Ymi i =1 ? i ? (5) Water Requirements of the Crops The model derived for an optimal crop pattern uses predetermined irrigation demands. On the basis of this, the optimisation model selects an appropriate area for an individual crop. The irrigation demands are determined using the conceptual model stated in Eq. 1. The irrigation requirements may be calculated by substituting a value of critical soil moisture content instead of soil moisture in either of the fortnights k and k+1 and replacing the values of actual evapotranspiration by potential evapotranspiration and rearranging the terms of Eq. : ( ) IRRik = ? cr EDik +1 ? EDik + PETi k (6) 5 14 15 February 2009 Kuching, Sarawak where ? cr is the critical soil moisture content below which the actual evapotranspiration may fall below the potential rate. 4. Integrated LP Formulation In the objective function, the weighted sum of all the actual evapotranspiration values is maximised. The weights are assigned according to the yield response factors for ind ividual crops in individual periods. The objective is to maximise the actual evpotranspiration rate to minimise the deficits in the yields. The available soil moisture in any time period in the objective function is indirectly maximised: ncr np ? a k + aik +1 ? Ky k MaxZ = ? ? ? i ? 2. 0 ? Zww i =1 k =1 ? (7) subject to the following constraints: 1. Soil moisture continuity ? aik + aik +1 ? PET = RF k ? 2. 0 ? Zww ? ? ik +1 EDik +1 ? ? ik EDik ? IRRik + ? (8) ? ik +1 ? aik +1 ? bik +1 = ZW (9) where with physical bounds ? ik +1 ? 4. 0 a 2. k +1 i (10) ? 0. 9 (11) Reservoir continuity ncr A k S k +1 ? B k S k + ? i =1 S k +1 ? 31. 1 5. IRRik * AREAik = ? ID ? Ao RE k Eff (Maximum Reservoir Capacity M m3) (12) (13) Crop Simulation Model The optimisation model presented above yields some irrigation depth values that are based on forecasted values for the reference evapotranspiration. This reference evapotranspiration, in turn, is based on a dependability model. However, the actual evapotranspiration value differs from these values, and thus, before going into the next fortnight, the soil moisture status must be updated with the applied irrigation and actual climatic factors. The formulation for crop simulation is as follows: First compute the final soil moisture with the following relation ? ik = (? ik +1 EDik +1 + IRRik ? Fkcik APET k + ARF k ) / EDik If (14) ? ik +1 3. 1 ?k ? Fkcik +1 APET k +1 Fkcik +1 APET k +1 ZW + ARF k +1 ? ? i EDik + IRRik +1 ? + ? 2. 0 2. 0 ? EDik +1? ik +1 = ? k +1 k +1 Fkci APET EDik +1 2. 0 ( ) (15) or 6 14th MANCO ? ? ik = ? ik ? 1 ? EDik ? 1 ? ? Fkcik APET ? Fkcik APET Fkcik APET + Zw + ARF k + IRRik ? ? EDik ? 2 . 0 2 . 0 2 . 0 ? (16) or ? k ? 1 ? k ? 1 Fkcik APET ? Fkcik APET Fkcik APET ? k k ? ? = i ? EDi ? Zw? ? ? EDi ? ? + IRRi + ? ? 2. 0 2. 0 2. 0 ? ? ? ? k i (17) The computed soil moisture status of the crops is used in the next fortnight to compute the demand. . Stochastic Analysis of Evapotranspiration It was previously stated that the data regarding the climatic factors is uncertain in nature and the determination of these factors beforehand is impossible. However, there is a general trend to assume the expected values for these factors and carry out the operation. The concept does not give a clear picture of the actual scenario and the appropriate weights f or the individual growth stage of the crops are not assigned. The present study proposes a different method of forecasting the expected values for the climatic factors. The method of analysis starts with the computations of dependability values of reference evapotranspiration factors from the available data. The dependability of realisation of any stochastic variable is defined as the probability of equalling or exceeding that variable with a particular value. Mathematically, P(x ? X ) (18) where P (. ) is the probability and x is the variable under consideration and X is a stipulated value of the variable. A traditional method of estimation of the dependability value is the use of standard frequency formulae (e. . Wiebull’s formula or Hazen’s formula). In the present study, a detailed probability analysis for the data is performed. The data is fitted to a standard probability distribution and the best fitting distribution is tested through the Kolmogorov Smirnov Test (Haan, 1977). Once the values corresponding to different dependabilities are evaluated, dependability values for reference evapotranspiration are assumed to be different in different growth stages. The analysis is performed on the basis of the yield response factor. A high yield response factor signifies greater sensitivity towards the deficits, and thus, a higher level of dependability is assumed for the evapotranspiration data and a lower level of dependability is assumed for the rainfall data. This will ensure a higher value of irrigation required for the crop in the sensitive period. As a result, the crop will be safeguarded against any poor moisture content conditions. 7. LP Model Formulation for Optimal Cropping Pattern At the start of each dry season, depending on the storage volume in the reservoir, the crop pattern must be determined. To evaluate the crop pattern, another LP model is used. In this model, irrigation depths are calculated from Eq. (6). The formulation is as follows: The objective function is MaxZ = C1 X1+ C2 X2+ C3 X3 (19) which is subject to the following constraints: 1. Total available area X1+X2+X3? A (20) where X1, X2, and X3 are the decision variables related to the area of individual crops;C1, C2, and C3 are the cost coefficient for each crop in Indian Rupees (1 US $ = 50 INR); and A is the maximum area available for irrigation. 2. Area of each individual crop: 7 14 15 February 2009 Kuching, Sarawak The area under each crop is required to be constrained; thus, there are lower and upper bounds on the area under each crop. The lower bounds indicate the minimum area that can be allocated to a crop, while the upper bound indicates the maximum. In the present study, the lower bounds were defined for all the crops except cash crops, while the upper bounds were defined considering the present cropping pattern. The constraints can be expressed as Li? Xi? Mi (21) here Li corresponds to the lower bound of the area for the ith crop and Mi corresponds to the upper bound on the area of the ith crop. 8. Model Application The developed models were applied to the Chiller reservoir system in Madhya Pradesh, India (Latitude 23o23’ N and Longitude 76o18’ E). In the central part of India, many reservoir projects have been constructed for irrigation, but no irrigation is available from these reservoirs during the mon soon period (from June to September). The area receives about 90 to 95 % of its rainfall during the Monsoon season. The rainfall then becomes runoff to the reservoirs. These reservoirs are designed to contain the runoff in the monsoon season, but there is no runoff during non-monsoon months. The present formulations are specially suited for these types of reservoirs. Non-monsoon rainfall is rare and provides little runoff. A systematic data base was prepared for the various physical features of the reservoirs, including the meteorological and hydrological data such as evapotransiration, details of crops in the command area, details of net returns from individual crops and soil properties collected from the College of Agriculture, Indore, India. . Results and Discussion Optimum Crop Pattern A separate computer program was run before the real time operation program to determine the optimum crop pattern for all possible storage values. The results of the optimum crop pattern are stated in Table 1. The results indicate that from a storage level of 31. 10 M m3 to a storage level of 26. 06 M m3, the cropping pattern is same as the one that has been adopt ed in the project formulation. However, below a storage level of 26. 06 M m3, the crop pattern changes suddenly, and wheat (ordinary) is not recommended by the model. The area of wheat (hybrid) also gets reduced when the rainfall storage is below this level. However, the area for Gram is full, up to a storage level of 15. 83 M m3. The change in cropping pattern indicates that efficient water usage is maintained. Table 1 Optimum Cropping Pattern for Different Live Storage Values Area (ha) for different crops Live storage (M m3) Wheat (ordinary) Gram Wheat (hybrid) 4. 3230 342. 910 120. 00 8. 2379 427. 580 500. 00 12. 3246 15. 8632 20. 7581 26. 0986 28. 8610 30. 1250 31. 1000 300. 0 300. 0 300. 0 300. 0 1084. 015 1100. 000 1100. 00 1100. 000 1100. 000 1100. 000 1100. 000 500. 00 855. 00 1434. 00 1700. 00 1700. 00 1700. 00 1700. 00 Results from Real-Time Operation Model The real-time operation model gives an optimal operating policy for the available storage in the present fortnight considering the future. The model also yields the values of irrigation to be applied to individual crops in the fields. In the wake of deficient water supplies, the model distributes the available water over the time for different crops optimally. The sample results of the present model are stated in Table 2. The available moisture to the crops is not affected, and generally the soil remains at the upper limit of the available soil-moisture. This 8 14th MANCO is because the crop pattern is predicted according to the availability of the storage in the reservoir. The results are indicative of successful application of the real-time operation strategy proposed in the present work. Table 2 Sample Results Showing the Soil Moisture, Available Soil Moisture, Storage, and Irrigation to be applied for Different Crops for a Real-Time Reservoir Operation Model (LP) Live Storage in the Reservoir 31. 1 M m3 FORTNIGHT PARAMETER 1 2 3 4 5 6 7 8 9 10 11 Reservoir Storage (M m3 ) 29. 28 28. 17 26. 30 22. 22 Crop 1) Soil Moisture (mm/cm) 3. 76 3. 89 3. 84 3. 07 2) Available soil Moisture 0. 9 0. 9 0. 9 0. 87 (mm/cm) 3) Applied Irrigation (mm) 53. 62 90. 63 92. 87 36. 04 Crop 1) Soil Moisture (mm/cm 3. 90 3. 07 3. 28 3. 15 2) Available soil Moisture 0. 9 0. 87 0. 9 0. 9 (mm/cm) 3) Applied Irrigation (mm) 68. 76 22. 27 60. 67 41. 59 Crop 1) Soil Moisture (mm/cm 4. 00 2) Available soil Moisture 0. 9 (mm/cm) 3) Applied Irrigation (mm) 94. 21 19. 68 14. 64 10. 87 Wheat (ordinary) 3. 54 3. 30 3. 22 0. 9 . 9 0. 9 5. 62 4. 24 3. 63 3. 60 3. 17 0. 9 4. 0 0. 9 -. 163. 9 8. 44 23. 02 GRAM 3. 28 3. 66 0. 9 0. 9 19. 94 102. 6 3. 23 0. 9 3. 47 0. 9 37. 64 53. 15 Wheat (hybrid) 3. 06 3. 48 3. 32 0. 86 0. 9 0. 9 0. 00 33. 17 3. 28 0. 9 3. 38 0. 9 3. 18 0. 9 3. 19 0. 9 37. 19 162. 9 0. 00 36. 09 0. 0 3. 4 0. 9 26. 96 127. 9 78. 89 Relative Yield Ratios Relative yield ratios computed for different crops at different live storage values are shown in Table 3. The relative yield ratios for all the crops become one if live storage in the reservoir is equal to or greater than 28. 9 M m3. The GA model is found to be better for application in real world operation of the reservoir. Table 3 Relative Yield Ratio for Different Live Storage Values Computed With a Real-Time Reservoir Operation Model Relative yield ratio for Live different crops storage LP (M m3 ) Wheat Gram Wheat (hybrid) (ordinary) 4. 3230 0. 9677 1. 000 8. 2362 0. 9083 1. 000 12. 3246 0. 9576 1. 000 0. 989 1. 000 20. 7581 26. 0986 1. 000 0. 987 0. 987 0. 911 0. 952 28. 8610 1. 000 0. 987 1. 000 30. 1250 31. 1000 10. 15. 8632 1. 000 1. 000 1. 000 1. 000 1. 000 1. 000 Conclusion A real-time model using an integrated Linear Programming Model for a reservoir system meant for irrigation has been developed in the present study to obtain an optimal reservoir operating policy that incorporates field level decisions, while also deciding the appropriate time and amount of water to release from the reservoir. 9 14 15 February 2009 Kuching, Sarawak From the analysis, the following conclusions can be drawn: The developed model can be successfully applied to irrigation supporting reservoir systems. Furthermore, the models ensure an optimum reservoir release over different time periods. In addition, they also ensure optimum allocation of the available water over the different crops in the fields. While allocating the water to different crops in the fields, the model takes into account the critical growth stages of the crops and allocates sufficient water to each crop to safeguard it against any ill effects of water deficits. The optimum crop pattern model used in the study will only allow productive irrigation, so the amount of wasted water is reduced. Acknowledgements The authors would like to express sincere thanks to Universiti Sains Malaysia for the financial support of this work. Nomenclature AETi k k Actual evapotranspiration in period k from crop i (mm) APET ARFk Ak and BK Ao d Actually occurring potential evapotranspiration in period k (mm) Actual rainfall value in the fortnight k Constants relating the storage to reservoir evaporation Area of spread at dead storage level Depletion factor EDik Effective root zone depth of a crop i in period k (cm) k +1 i ED Effective root zone depth of a crop i in period k+1 (cm) Eff Fkcik ID Overall efficiency Crop evapotranspiration coefficient Industrial supply from the reservoir (mandatory release) IRRik Irrigation applied to crop i in stage k (mm) k Ky Yield response factors for a crop i in period k PETi k RE RF k Potential evapotranspiration in a particular geographical location (mm) Rate of evaporation in fortnight k k Sk Sk+1 Zf Zw Zww Rainfall in period k (mm) Reservoir storage at the beginning of period k Reservoir storage at the end of period k Field capacity for the soil (mm/cm) Permanent wilting point for the soil (mm/cm) Critical available moisture limit (mm/cm) ? ik ? ik +1 Final soil moisture in a particular time stage k for a particular crop i (mm/cm) Yai Ymi Actual crop yield Maximum crop yield Initial soil moisture in the time stage k in for a crop i (mm/cm) 10 14th MANCO References 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 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