Widely read:
Seventy four diversified equity funds have already touched their all time high despite the Sensex being 180 points below its all time high of 15,794. We certainly have to salute these fund managers.
Among these 74 are five funds that reached a 52-week high over the previous day's NAV: Taurus Discover Stock (1.8%), ICICI Pru Infrastructure (1.32%), ABN AMRO Dividend Yield (1.3%), Principal Junior Cap (1.29%) and JM Equity (1.19%).
Few funds hit the target by just moving their positions: DBS Chola Midcap Fund (0.03%), JM Emerging Leaders (0.1%), Escorts High Yield Equity (0.12%), Baroda Global (0.15%), Escorts Growth Fund (0.18%).
On a deeper analysis, we observed no trends which lead these funds to their new highs. They comprised of mid-cap funds (52%), large-cap funds (42%) and small-cap funds (6%). No particular market cap significantly dominated. Secondly, the performance of these funds over the last one month varies between a huge range of 8.67% to 2.97% i.e. JM HI FI and Reliance Equity Advantage.
So we can safely say that it is the skill of the fund manager along with market upside that accounted for these 74 funds touching a new high.
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