Living Dangerously - Magnum IT

If you look at the 1-year return of Magnum IT, it is nothing short of impressive. At around 147.74 per cent (March 31, 2010), it ranks amongst the top 10 in the entire category of equity funds That was the good news. The bad news is that its track record, as far as performance goes, is pretty spotty. Moreover, it has witnessed a fair amount of turnover where fund managers are concerned. Launched mid-1999, the fund got off to a really pathetic start. From 2000 to 2002, it managed to be consistent by maintaining its second worst performer spot all through those three years. Not that it was particularly impressive in 2003 and 2004 either. However, Magnum IT enjoyed a banner year in 2005. The reason? Sandip Sabharwal took over the fund that year and the result was that it catapulted to the No. 1 slot and changed its fortunes for the better. But that victory was short-lived. It began to gradually slip from that coveted position to underperform the category average in 2007. In 2008, it held the title as the worst performer in its category. Jayesh Shro

This article was originally published on May 12, 2010.