Ind Navratna, the closed-end equity fund is due for redemption on July 31, 1999. The fund was launched at the end of the 1993-94 bull-run. Initially the fund gained to touched a high of Rs 11.71 in November 1994. From its initial gains, the fund also paid a lavish dividend of 15 percent. Interestingly, this payout was made despite a below par NAV. The fund has been on a consistent decline since then. Like most other funds launched around the same time, the fund landed in small and mid cap IPO's. However, the fund till date has been unable to get rid of junk stocks from its portfolio while most other contemporary funds have been restructured of which many are on the their recover path or booming. Ind Navratna has been the worst performing equity fund since its launch and over most time periods. Based on its latest portfolio as on March 31, 1999 the fund has made some inroads in quality growth stocks without any impact on NAV. Investors should redeem their investments in Ind Navratna.