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Market high fails to spur

Equity funds are still some time away from regaining investors' confidence

Despite markets touching new highs, equity mutual funds have failed to attract investors. As per the AMFI data, investors have pulled out Rs 5,588 crore from equity funds including ELSS funds in the past six months ending September 2013. However, this includes three months when the net inflows amounted to Rs 2,098 crore.

So, to find out which funds caught investors' fancy and which saw an exit, we estimated the net inflows and net outflows from all open-end equity schemes. For our estimation, we took quarterly average net assets separately and quarterly average NAV for each plan.

One thing which comes out is that people have pulled out of funds despite a high pedigree attached to some of them. HDFC Top 200 and HDFC Equity, the two biggest funds, witnessed a high pullout from investors.

However, offshore funds focused on US markets are rejoicing owing to renewed investor interest in them. Three US focused funds, one each from Franklin Templeton, DSP BlackRock and ICICI fund houses, saw net inflows during this period as per our estimation.