The happenings on the Rating Radar in November
02-Dec-2008 •Research Desk
Another month of 2008 has gone by with no change in the Indian stock market story. The prevailing market downturn is now almost a year old and November was no different from the months that preceded it. The month ended with the Sensex languishing in four digits after having had a see-saw ride all through.
The effects of the stock markets were felt on the mutual fund industry as well with almost every mutual fund category having a tough time surviving the turmoil. The Value Research Fund Ratings manifested the turbulent times witnessed by various mutual funds. Here's a lowdown on the happenings in the Value Research Fund Ratings in the month of November 2008.
Yet again, the top of the mountain was occupied by Birla Sun Life Mutual Fund. The AMC has refused to let go of its vertex for quite a few months. And in November, it has gone on to strengthen its position. In the earlier months, Birla Sun Life had the highest number of 5-star rated funds but lagged behind ICICI Prudential when it came to having the most number of 5-star and 4-star rated funds. However, that has changed in November. Birla Sun Life has not only the most 5-star funds (6) but the most 4- and 5-star funds combined (17). Following it is ICICI Prudential with five 5-star funds and nine 4-star funds. The third position is shared by Franklin Templeton by Tata Mutual Fund, both AMCs having two 5-star funds and 11 4-star funds.
In November, as many as 13 funds moved up to the elite 5-star category, out of which six were equity funds: DSPBR T.I.G.E.R., Kotak Opportunities, Sundaram BNP Paribas CAPEX Opp Reg (Dividend and Growth), UTI Dividend Yield and UTI Infrastructure lost their 5-star rating and made way for DWS Alpha Equity, DSPBR Equity, HDFC Growth, Kotak 30, Sahara Growth and Magnum Contra. All of these funds moved up from 4-stars.
The Value Research Fund Rating family got bigger by 12 in November. Of the 12 new members, ICICI Prudential Index Retail earned the 5-star status straight away.
Overall, there were 62 upgrades and 57 downgrades while 361 funds maintained a status quo.
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