Mutual Funds And Its Comparative Analysis

End Term Project

Submitted to:

Dr. T P Ghosh

Submitted By:

Aarti Asarpota (SMBA 08001) Abhinav Bansal (SMBA 08003) Amandeep Singh Kohli (SMBA 08020) Gaurav Mishra (SMBA 08085) Kalpesh Gajria (SMBA 08097)

Table of Contents Pages Acknowledgement

3

Abstract

4

Chapter 1 – Introduction

5

1.1

Definition

5

1.2

How an Investor can earn through MFs

5

1.3

Characteristics of Mutual Fund

5

1.4

Types of Mutual Funds

6

1.5

Why invest in a Mutual Funds (Advantages & Disadvantages)

8

1.6

Structure of Mutual Funds

11

1.7

Other Types of Investment Companies

12

1.8

Loads or ―Fee of Salesperson‖

13

Recent Trends in Mutual Funds

14

Chapter 2 – Methodology

15

Chapter 3 – Applications and Interpretation

16

Chapter 4 – Data Analysis

20

Chapter 5 – Conclusion

24

References

25

Page 2 of 25

Acknowledgement

The successful completion of this Project may not have been possible, if not the kind assistance of our team members and many people who through their good-heart and knowledge supported a long way.

We wish to pay our gratitude to Dr. T P Ghosh, our faculty of Financial Markets and Institutions for giving us the opportunity of undertaking this Project where we got a chance to apply our classroom‘s learning, which lead to a successful completion of the Project and it will also help us to achieve our goals in long way.

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Abstract Over the past decades mutual funds have grown intensely in popularity and have experienced a considerable growth rate. Mutual funds are popular because they make it easy for small investors to invest their money in a diversified pool of securities. As the mutual fund industry has evolved over the years, there have arisen many questions about the nature of operations. This Report on ‗Mutual Funds‘ provides an in-depth coverage of the mutual fund industry and its operations in an interactive format. It is intended to familiarize with the basic concepts related to mutual funds. The Report first provides the fundamentals, explaining what mutual funds are and how they work. Recent trends in Mutual funds have also been shown. Data Analysis of Indian Large-Cap Mutual fund market has been done to give a comparative analysis of the top 6 funds in the category. Various factors surrounding the performance of these mutual funds are then highlighted along with a brief of various applications. Finally, the report depicts the conclusion.

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1.1 Definition As per the US Securities and Exchange Commission, a mutual fund is a company that pools money from many investors and invests the money in stocks, bonds, short-term money-market instruments, other securities or assets, or some combination of these investments. The combined holdings which the mutual fund owns are known as its portfolio. Each share represents an investor's proportionate ownership of the fund's holdings and the income those holdings generate. Mutual funds have a fund manager who invests the money on behalf of the investors by buying / selling stocks, bonds etc. Currently, the worldwide value of all mutual funds totals more than $US 26 trillion. The United States leads with the number of mutual fund schemes. There are more than 8000 mutual fund schemes in the U.S.A.

1.2 An investor can earn income from a mutual fund in the following ways: 1. Dividends on stocks or interest from bonds: A fund pays out nearly all of the income it receives over the year to fund owners in the form of a distribution. 2. Capital gains in the form of sale of securities that have increased in price: Most funds also pass on these gains to investors in a distribution. 3. Higher net asset value (NAV): If the market value of a fund‘s portfolio rises but is not sold by the fund manager, it increases the fund‘s NAV and the fund's shares increase in price. The investor can then sell his mutual fund shares for a profit.

1.3 Characteristics of Mutual Funds 1. Shares of a mutual fund are bought from the fund itself (or through a broker for the fund); they can‘t be bought on a secondary market like NYSE or Nasdaq. 2. On purchase, investors pay an amount equal to the fund's per share net asset value (NAV) plus any shareholder fees that the fund imposes at the time of purchase (such as sales loads).

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3. Redemption is a feature which allows shares of a mutual fund to be sold back by the investor to the fund at their approximate per share NAV, minus any fees the fund imposes at that time (such as deferred sales loads or redemption fees). 4. Being ‗open-ended‘ allows mutual funds to create and sell new shares to accommodate new investors. In other words, they sell their shares on a continuous basis, although some funds stop selling when, for example, they become too large. 5. The investment portfolios of mutual funds typically are managed by separate entities known as "investment advisers" that are registered with the SEC.

1.4 Types of Mutual funds There are more than 10,000 mutual funds in North America, each having different risks and rewards. Each fund has a predetermined investment objective that tailors the fund's assets, regions of investments and investment strategies. Most mutual funds fall into one of three main categories — equity funds (stocks), fixed income funds (bonds), and money market funds. All mutual funds are variations of these three asset classes. For example, while equity funds that invest in fast-growing companies are known as growth funds, equity funds that invest only in companies of the same sector or region are known as specialty funds. 1.4.1 Money market mutual funds It consists of short term debt instruments. These mutual funds carry lower risks than other mutual funds; in USA such funds can invest only in certain high-quality, short-term investments issued by the U.S. government, U.S. corporations, and state and local governments. Money market funds don‘t offer very high returns as they try to keep their net asset value (NAV) — which represents the value of one share in a fund — at a stable $1.00 per share. Loss of principle here is highly unlikely; but the NAV may fall below $1.00 if the fund's investments perform poorly. Investor losses have been rare, but they are possible. Inflation risk — the risk that inflation will outpace and erode investment returns over time — can be a potential concern for investors in money market funds.

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1.4.2 Bond/fixed income funds Bond funds invest primarily in securities known as bonds. A bond is a type of security that resembles a loan. When a bond is purchased, money is lent to the company, municipality, or government agency that issued the bond. In exchange for the use of this money, the issuer promises to repay the amount loaned (the principal; also known as the face value of the bond) on a specific maturity date. In addition, the issuer typically promises to make periodic interest payments over the life of the loan.

A bond fund share represents ownership in a pool of bonds and other securities comprising the fund‘s portfolio. Although there have been past exceptions, bond funds tend to be less volatile than stock funds and often produce regular income. For these reasons, investors often use bond funds to diversify, provide a stream of income, or invest for intermediate-term goals. Like stock funds, bond funds have risks and can make or lose money.

Types of Risk After a bond is first issued, it may be traded. If a bond is traded before it matures, it may be worth more or less than the price paid for it. The price at which a bond is traded can be affected by several types of risk. Credit Risk: It refers to the risk of loss of principal or loss of a financial reward resulting from a borrower's failure to repay a loan or otherwise meet a contractual obligation. It is lower for funds investing in insured or Treasury bonds and higher for those investing in junk bonds. Interest Rate Risk: The risk that the market value of the bonds will go down when interest rates go up. Because of this, an investor can lose money in any bond fund, including those that invest only in insured bonds or Treasury bonds. Funds that invest in longer-term bonds tend to have higher interest rate risk. Prepayment Risk: The chance that a bond will be paid off early. For example, if interest rates fall, a bond issuer may decide to pay off (or "retire") its debt and issue new bonds that pay a

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lower rate. When this happens, the fund may not be able to reinvest the proceeds in an investment with as high a return or yield. 1.4.3 Stock funds It represents the largest category of mutual funds; its objective is long term capital growth since historically, stocks have done better than other types of investments over the long term. Overall "market risk" poses the greatest potential danger for investors in stocks funds. Stock prices can fluctuate for a broad range of reasons — such as the overall strength of the economy or demand for particular products or services. Stock funds are of different types, some of which are given below: 

Growth funds focus on stocks that may not pay a regular dividend but have the potential for large capital gains.



Income funds invest in stocks that pay regular dividends.



Index funds aim to achieve the same return as a particular market index, such as the S&P 500 Composite Stock Price Index, by investing in all — or perhaps a representative sample — of the companies included in an index.



Specialty funds invest only in companies of the same sector or region.



Sector funds may specialize in a particular industry segment, such as technology or consumer products stocks.

1.5 Why Invest in a Mutual Fund? Mutual funds make saving and investing simple, accessible, and affordable. Mutual fund offers certain advantages to individual, amateur investors who trade in small denominations. 

Professional management: Theoretically, professional money managers research, select and monitor the performance of the securities the fund purchases. The mutual fund will have a fund manager that trades the pooled money on a regular basis. Thus investors who don‘t have the time or expertise to manage their portfolios find MFs convenient as it is a relatively inexpensive way of getting a full-time manager to make and monitor investments for them.

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

Diversification: Mutual funds typically own several different stocks in many different industries, sometimes going up to a hundred different stocks in large sized mutual funds. It

enables

diversification

and

spreading

of

risk

by investing

in

a

portfolio

of securities belonging to industries having inversely correlated income streams. 

Economies of Scale: Since mutual funds buy and sell a large amount of securities at a time, its transaction costs are lower than what an individual investor would pay for trading in securities. Also, because of the ‗pooling‘ of funds, individual investors can make investments in small denominations in the securities market which is not possible if they invest on their own.



Liquidity: Just like an individual stock, a mutual fund allows its investors to readily redeem their shares at the current NAV — plus any fees and charges assessed on redemption — at any time. The price per share at which the investors can redeem shares is known as the fund‘s net asset value (NAV). NAV is the current market value of all the fund‘s assets, minus liabilities, divided by the total number of outstanding shares.



Convenience: An investor can purchase or sell fund shares directly from a fund or through a broker, financial planner, bank or insurance agent, by mail, over the telephone, and increasingly by personal computer. He can also arrange for automatic reinvestment or periodic distribution of the dividends and capital gains paid by the fund. Funds may offer a wide variety of other services, including monthly or quarterly account statements, tax information, and 24-hour phone and computer access to fund and account information.



Protecting Investors: Not only are mutual funds subject to compliance with their selfimposed restrictions and limitations, they are also highly regulated by the federal government through the U.S. Securities and Exchange Commission (SEC). As part of this government regulation, all funds must meet certain operating standards, observe strict antifraud rules, and disclose complete information to current and potential investors. These laws are strictly enforced and designed to protect investors from fraud and abuse.

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Disadvantages of Mutual funds 

Hidden costs: The mutual fund industry tactfully buries costs under layers of jargon. These costs come despite of negative returns. Examples of such costs include sales charges, annual fees, and other expenses; and depending on the timing of their investment, investors may also have to pay taxes on any capital gains distribution they receive — even if the fund went on to perform poorly after they bought shares.



Lack of control: Investors typically cannot ascertain the exact make-up of a fund's portfolio at any given time, nor can they directly influence which securities the fund manager buys and sells or the timing of those trades.



Dilution: Because funds have small holdings in so many different companies, high returns from a few investments often don't make much difference on the overall return. Dilution is also the result of a successful fund getting too big. When money pours into funds that have had strong success, the manager often has trouble finding a good investment for all the new money.



Price Uncertainty: With an individual stock, one can obtain real-time (or close to real-time) pricing information with relative ease by checking financial websites or through a broker, as can one observe stock price changes by the hour or minute. By contrast, with a mutual fund, the price at which one purchases or redeems shares will typically depend on the fund's NAV, which the fund might not calculate until many hours after the order has been placed. In general, mutual funds must calculate their NAV at least once every business day, typically after the major U.S. exchanges close.



Taxes: Fund managers don't consider personal tax situation while making decisions regarding the fund. For example, when a fund manager sells a security, a capital-gains tax is triggered, which affects the profitability of an individual investor from the sale. It might have been more advantageous for the individual to defer the capital gains liability.

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1.6 Structure of Mutual Funds A mutual fund is usually either a corporation or a business trust (which is like a corporation). Like any corporation, a mutual fund is owned by its shareholders. Virtually all mutual funds are externally managed; they do not have employees of their own. Instead, their operations are conducted by affiliated organizations and independent contractors.

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1.7 Other Types of Investment Companies Mutual funds are one of four types of investment companies; the other three are open-end fund, closed-end funds and unit investment trusts. An Open-End Fund Company allows the investor to enter and exit at his convenience. Investors can buy funds even after the New Fund Offer (NFO) period is over. Hence when the fund sells units, the investor buys the units from the fund and when the investor wishes to redeem the units, the fund repurchases the units from the investor.

A Closed-End Fund is an investment company whose shares are publicly traded like stocks. As a result, the price of a closed-end fund share fluctuates based on supply and demand. If the share price is more than the value of its assets, then the fund is trading at a premium; if the share price is less, then it is trading at a discount. The assets of a closed-end fund are managed by a professional or a group of professionals choosing investments such as stocks and bonds to match the fund‘s objectives. A Unit Investment Trust (UIT) is an investment company that buys a fixed portfolio of stocks or bonds. A UIT holds its securities until the trust‘s termination date. When a trust is dissolved, proceeds from the securities are paid to shareholders. UITs often have a fixed number of shares or ―units‖ that are sold to investors in an initial public offering. If some shareholders redeem units, the UIT or its sponsor may purchase them and reoffer them to the public.

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1.8 Loads or "Fee for Salesperson"

Loads are just fees that a fund uses to compensate brokers or other salespeople for selling the mutual fund. Here is how certain loads work: 

Front-end loads – These are the simplest type of load where an investor pays the fee when he purchases the fund. This fee compensates a financial professional for his or her services. If he invests $1,000 in a mutual fund with a 5% Loads also known as "Fee for Salesperson" front-end load, $50 will pay for the sales charge, and $950 will be invested in the fund. By law, this charge may not exceed 8.5 percent of the investment although most fund families charge less than the maximum.



Back-end loads (also known as deferred sales charges) – These are a bit more complicated. In such a fund an investor pays a back-end load if he sells a fund within a certain time frame. A typical example is a 6% back-end load that decreases to 0% in the seventh year. The load is 6% if he sells in the first year, 5% in the second year, etc. If he doesn‘t sell the mutual fund until the seventh year, he doesn‘t have to pay the back-end load at all.



A no-load fund sells its shares without a commission or sales charge.

A load is the fee that pays for the service of a broker choosing the correct fund for an investor. According to this argument, the returns will be higher because the professional advice put investor into a better fund. There is little to no evidence that shows a correlation between load funds and superior performance. In fact, when an investor takes the fees into account, the average load fund performs worse than a no-load fund.

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Recent trends in Mutual Funds Market With $9.6 trillion in assets, the U.S. mutual fund industry remained the largest in the world at year-end 2008. Nevertheless, total net assets fell $2.4 trillion from year-end 2007‘s level, largely reflecting the sharp drop in equity prices experienced worldwide in 2008. Investor demand for mutual funds slowed in 2008 with net new cash flow to all types of mutual funds amounting to $411 billion, less than half the pace seen in 2007 which was $487 billion. Investor demand for certain types of mutual funds appeared to be driven in large part by deteriorating financial market conditions, especially in the second half of 2008. Stock mutual funds suffered substantial outflows, while inflows to U.S. government money market funds reached a record high. The U.S. mutual fund market, with $9.6 trillion in assets under management as of year-end 2008, remained the largest in the world, accounting for 51 percent of the $19.0 trillion in mutual fund assets worldwide.

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2. Methodology Adopted Methodology basically means the selection of the various methods and techniques in the research-conducted. The various steps include: 1. Selection of Sample 2. Application of various tools and techniques to obtain relevant information related to the case. 3. Collection of relevant data 4. Analysis and interpretation of data 5. Generation of final report The comparison of the funds is done using the Bar graphs and thus arriving at a conclusion using those graphs. The information in the report is assembled and organized from, US Securities and Exchange Commission, National Stock Exchange; plus extensive data from various companies are utilized for both collection and validation of data.

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3. Applications and Interpretations 

Calculating net asset value



Entry Loads



How to read a Mutual Fund table.

. 3.1 Calculating Net Asset Value

Assets

Rs. Crore

Liabilities

Rs. Crore

Shares

345

Unit Capital

300

Debentures

23

Reserves and Surplus

85.7

Money Market Instruments

12

Accrued Expenditure

1.5

Accrued Income

2.3

Other Current Liabilities

0.5

Other Current Assets

1.2

Deferred Revenue Expenditure

4.2

387.7 Units Issued (Crore)

30

Face Value (Rs.)

10

Net Assets (Rs.)

385.7

Net Asset Value (Rs.)

12.86

387.7

The above table shows a typical scheme balance sheet. Investments are shown under the assets column. Adding all assets gives the total of Rs. 387.7 crores. From this if we deduct the liabilities of 2 crores i.e. accrued expenditure + other current liabilities; we get 385.7 Crores of Net assets scheme. Page 16 of 25

The scheme has issued 30 crores units @ Rs. 10 each during the New fund offerings. This translates in Rs. 300 crores being earned by the scheme. This is represented by Unit Capital in the Balance Sheet. Thus, as of now the net assets worth of Rs. 385.7 crores are to be divided amongst 30 crore units. This means the scheme has a Net Asset Value or NAV of Rs. 12.86. NAV per share is the value of one share in the mutual fund, and it is the number that is quoted in newspapers.

3.2 Concept of Entry Loads Loads are charged to a scheme to meet its selling, marketing and distribution expenses. Loads can be charged at the time of entry, at the time of exit, as a fixed amount every year or in a staggered manner depending upon the time for which the investor is invested. Loads are charged as a percent of the NAV. Entry Load is charged when the investor enters the scheme. This is also known as front end load. Entry load can have an impact on the number of units being allotted to an investor.

Example: Without Entry Load

With Entry Load

Scheme NAV (Rs.)

10

10

Entry Load

0%

2.25%

Buying Price (Rs.) Investment (Rs.) Units Allotted

10 + 10 * 0% = 10 25,000 25,000/ 10 = 2500

10 + 10 * 2.25% = 10.225 25,000 25,000/ 10.225 = 2444.98

Annual Returns = 12%. NAV of the scheme will rise to 10 + 10 * 12% = 11.2

Profit/ Unit

11.2 – 10 = Rs. 1.2

11.2 – 10.225 = Rs. 0.975

Total Profit

1.2 * 2500 = 3000

0.975 * 2444.98 = 2583.86

Return on Investment

3000/ 25,000 = 12%

2583.86/ 25,000 = 9.54%

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It can be seen from the illustration that in case, the investor is bearing an entry load, his cost of buying increases, which translates into lesser number of units being allocated. When the NAV appreciates, his profit is reduced due to higher buying cost, which results in less Return on Investment (RoI).

3.3 How to read a Mutual Fund Table

Columns 1 & 2: 52 – Week Hi and Low – These show the highest and lowest prices the mutual fund has experienced over the previous 52-weeks (one year). This typically does not include the previous day's price. Column 3: Fund Name – This column lists the name of the mutual fund. The company that manages the fund is written above in bold type. Column 4: Fund Specifics – Different letters and symbols have various meanings. For example, "N" means no load, "F" is front end load, and "B" means the fund has both front and back-end fees. Column 5: Dollar Change – This states the dollar change in the price of the mutual fund from the previous day's trading. Page 18 of 25

Column 6: % Change – This states the percentage change in the price of the mutual fund from the previous day's trading. Column 7: Week High – This is the highest price the fund traded at during the past week. Column 8: Week Low – This is the lowest price the fund traded at during the past week. Column 9: Close – The last price at which the fund was traded is shown in this column. Column 10: Week's Dollar Change – This represents the dollar change in the price of the mutual fund from the previous week.

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4. Data Analysis The Project elicits an analysis of Equity – Large Cap Funds.

EQUITY LARGE CAP FUNDS These are the funds which have investment predominantly in large cap stock. These are the stocks which has a solid track record and sound fundamentals. These are the less risky stocks and hence generally have low growth rates when compares to small and mid-cap stocks.

In this category fund from SBI, Magnum Equity have been taken, since it has significant exposure to large cap stocks (92.16%) The following are the top performing funds in the category: a) Birla sun life frontline equity b) DSP Merill Lynch Top 100 Equity c) SUNDARAM BNP Paribas Select Focus d) RELIANCE VISION e) KOTAK 30 f) Magnum Equity

ANALYSIS 1. FUNDS’ RETURNS

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INTERPRETATION: 

In past six months, Birla sun life frontline equity is the winner, since it has fallen by only (9.53%) compared to highest fall in SUNDARAM BNP Paribas select Focus (17.66%). Also, Magnum Equity from SBI was not able to withstand ups and downs in the market witnessed in last six months since it has fallen by 16.33% which is the second highest fall.



In one year category, SUNDARAM BNP Paribas Select Focus top the charts, giving the highest return of 33.05%, when compared to the lowest of 16.26% given by RELIANCE VISION.



In three year category SUNDARAM BNP Paribas Select Focus top the charts giving solid return of 43.6% followed closely by DSP Merrill Lynch Top 100 Equity giving a return of 41.42% and KOTAK 30 giving a return of 40.82%.



In five year category KOTAK 30 top the chars giving a return of 50.13% while Magnum Equity stands at only 5th Position giving the return of 47.22%.

2. RISK ANALYSIS

Source: Value Research Online

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

Standard Deviation is the measure which shows variability in returns from the main return. Therefore, it is considered to be a direct measure to the risk. As per the Standard Deviation, SUNDARAM BNP PARIBAS SELECT FOCUS (29.85%) is having the highest risk in the category compared to lowest risk Birla Sun Life Frontline Equity (21.9%)



Sharpe Ratio means returns per unit of risk that a firm is able to generate. The higher the ratio better it is. The return per unit of risk is highest in case of Birla Sun Lire frontline Equity (1.51) while RELIANCE VISION is having one of the lowest Sharpe Ratio (1.18) indicating that fund is not able o generate enough return compared to the risk is taking while investing.



Beta shows the co-movement of funds return with Market rate of return. It measures volatility or risk. SUNDARAM BNP PARIBAS SELECT FOCUS is having highest Beta (1.15) in category signifying its aggressive nature. Since Beta is more than 1 it signifies the fund is highly sensitive to the rise or fall in the stock market. Birla Sunlife Frontline Equity is having lowest Beta (0.84) again signifying that it has the least risky profile in the category.



Alpha measures the excess return over and above the market return. A positive Alpha is a good sign for the fund. As per Alpha measure of risk, Birla Sun life Frontline equity is again the best fund in the category, giving the highest excess returns than the market fund, in the category, giving the highest excess returns than the market (6.46%). On the other hand RELIANCE VISION is not able to generate Alpha returns with lowest alpha generating fund in the category (0.09%).



R-Squared explains the change in return caused by market volatility. A moderate R-squared valued ranging between (65% - 85%) is considered good for portfolio. Among the funds DSP Merill Lynch Top 100 Equity is having highest values of 0.96 which tells us that all funds are significantly influenced by Market and thus not taking help of Professional Management at its optimum.

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3. PORTFOLIO ANALYSIS

INTERPRETATION: 

As per P/E Ratio Magnum Equity is the winner in the category, it is having highest ratio of 48.58 which means the investors are really confident about the fund and they are paying much higher than the earnings.



Portfolio Turnover measures the extent to which the fund is active in terms of dealings in the market. However, high turnover also implies that high transaction costs are charged to funds. In this category Magnum Equity has lowest turnover ratio (5) suggesting that Fund Manager managing the Fund without much changing in the portfolio and saving the transaction cost. On the other hand DSP Merill Lynch is having the highest portfolio turnover ratio of (321.82) thus incurring the highest transaction cost.



As per the fund size RELIANCE VISION is managing the highest fund of (3,864.67 crores) indicating its brand name and penetration in the market.



Concentration Level: As per this criterion, Magnum Equity is having highest Top five holdings in the category (36.09%) indicating that it is the least diversified fund in the category. Birla Sun life Frontline equity is having lowest (20.45%) top five holdings indicating that is the most diversified fund in the category thus taking advantage of diversification. Page 23 of 25

5. Conclusion The idea of mutual funds came into existence for the layman to get a piece of the market. For this purpose, they were created by professionals who built a portfolio of stocks based on their understanding of the market, so that its investors need not spend time buried in financial pages of Wall Street Journal or any other financial daily. The underlying benefit was risk diversification without having the need to dedicate any time to studying and following the markets.

Claims of superior performance are frequently made by financial companies to attract investors to buy shares in their funds. The fund managers claim that they beat the market in the past using their timing and selectivity skills. Studies find that there is little evidence for superior performance by mutual funds or their managers on an average. There are, however, periods during which a fund or a group of funds may perform well. For example, Fidelity's Magellan Fund produced excellent results during the 1980's. The conclusion most performance measurement studies draw from long term studies is that the returns an investor earns by investing in mutual funds are in-line with or less than what the investor should have earned based on the risk taken. Even if some mutual fund managers have superior skills, they charge fees commensurate with their skills, so that the benefits of their skills accrue to them and not to the investors. Investors, therefore, should invest in mutual funds for reasons of diversification, and not necessarily for superior performance.

After considering all three parameters for data analysis Birla Sunlife frontline equity tops the chart in investment by investors due to many reasons like highly diversified portfolio, high return per unit of risk, low standard deviation and its low volatility with change in the market.

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References

http://www.sec.gov/investor/pubs/inwsmf.htm http://www.kotakmutual.com/kmw/product/presentations/Kotak30.pdf http://www.thehindubusinessline.com/iw/2007/04/15/stories/2007041500690700.htm http://www.nse-india.com/ http://www.ici.org/research/stats/trends/trends_10_09 http://new.valueresearchonline.com/

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