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This paper brings these issues to a unique data set that contains the monthly returns of European-domiciled equity mutual fund managers over a 20-year period. Specically, we ask whether an investor can outperform when she has access to country-specic managers across several developed European markets, and is allowed to rotate the portfolio allocation among the countries (and managers) as macroeconomic conditions in Europe evolve. If such a strategy does result in outperformance, we wish to know which country's local equity managers exhibit the best skills dur- ing a particular phase of the European business cycle. To address these points, we explore whether, under some macroeconomic conditions, a. | Deputy General Manager Investment Management Department SEBI IMD MC No.2 836 2011 January 07 2011 All Mutual Funds Asset Management Companies AMCs and Association of Mutual Funds in India AMFI Dear Sir Madam Sub Master Circular for Mutual Funds For effective regulation of the Mutual Fund Industry Securities Exchange Board of India SEBI has been issuing various circulars from time to time. In order to enable the industry and other users to have an access to all the applicable circulars at one place Master Circular for Mutual Funds has been prepared. This Master Circular is a compilation of all the circulars issued by SEBI on the above subject which are operational as on date of this circular. Yours faithfully Rakesh Bhanot MASTER CIRCULAR FOR MUTUAL FUNDS BY Securities Exchange Board of India 1. This Master Circular includes circulars issued upto December 31 2010. 2. In case of any inconsistency between the master circular and the applicable circulars the contents of the relevant circular shall prevail. 3. Master circular is a compilation of all the existing applicable circulars issued by Investment Management Department of SEBI issued to Mutual Funds. Efforts have been made to incorporate certain applicable provisions of existing circulars as on December 31 2010 issued by other Department Division of SEBI relevant to Mutual Funds. 2 Master Circular for Mutual Funds INDEX ABBREVIATIONS.5 CHAPTER 1.6 OFFER DOCUMENT FOR SCHEMES.6 CHAPTER 2. 16 CONVERSION AND CONSOLIDATION OF SCHEMES AND LAUNCH OF ADDITIONAL PLAN. 16 CHAPTER 3.22 NEW PRODUCTS.22 CHAPTER 4.26 RISK MANAGEMENT SYSTEM.26 CHAPTER 5.29 DISCLOSURES REPORTING NORMS.29 CHAPTER 6.38 GOVERNANCE NORMS.38 CHAPTER 7.59 SECONDARY MARKET ISSUES.59 CHAPTER 8.63 NET ASSET VALUE.63 CHAPTER 9.74 VALUATION.74 CHAPTER 10.94 LOADS FEES AND EXPENSES.94 CHAPTER 11.99 DIVIDEND DISTRIBUTION PROCEDURE .99 CHAPTER 12.102 INVESTMENT BY SCHEMES.102 CHAPTER 13.119 ADVERTISEMENTS .119 CHAPTER 14.135 3 Master Circular for Mutual .