authors
Dr. Ritu Suri, Dr. Sucheta Gauba, Dr. A Porchelvi and Sarika Bhatnagar

abstract
This paper analyzes the returns and risk of large cap funds vis-a-vis their benchmark index, NIFTY 100 and explores the effect of COVID-19 on the returns of these funds. The study is based on the monthly returns of eleven large cap funds viz., Aditya Birla, Edelweiss large cap fund, Franklin India Bluechip Fund, Grow Large cap fund, HDFC Top 100 fund, ICICI Prudential, Invesco India Large cap fund, Kotak Bluechip fund, LIC MF Large cap fund, Mirae Asset Large cap fund, and Tata Large cap fund from 2014 to 2023. Further, in order to attain the three objectives of the study, we utilize independent t-test and the multiple regression model. The results of an independent t-test indicate that the returns of the eleven large cap funds are not significantly different from the returns of their benchmark index, NIFTY 100. Further, the results of the multiple regression model suggest that except LIC MF, the returns of these funds are almost similar to the NIFTY 100 index returns. We find that returns of LIC MF were significantly lower than the NIFTY 100 index returns during the last decade. Moreover, our findings indicate that except HDFC top 100 fund, the systematic risk associated with these funds is lower than that of the NIFTY 100 index. We find that the HDFC top 100 fund was slightly riskier as compared to the NIFTY 100 index. Additionally, we find that COVID-19 significantly increased the returns of Aditya Birla Sun Life Frontline Equity Fund and ICICI Prudential Bluechip Fund.