Despite a turbulent year, fresh investments continue to flow in at Tata Asset Management Company. In the first eight months of the current fiscal ended October 31, 2000, the AMC has seen the unit capital of its nine open-ended schemes gallop by Rs 158 crore or 30 per cent to Rs 692 crore. In other words, the AMC has sold 15.8 crore units (of Rs 10 each) till October 31. However, the actual quantum of inflows in the funds would be different since the units are sold at an NAV-linked price and not at face value. On the other hand, assets under management have remained static at Rs 825 crore since the NAVs have dropped due to fall in the markets and have thus negated the impact of fresh inflows.
Among the biggest gainers, Tata Income's unit capital has vaulted from Rs 264 crore to Rs 345 crore while the AMC's conservative balanced fund, Tata Young Citizens' unit capital has moved up from Rs 28 crore to Rs 52 crore. Aimed at investments for children, inflows into Tata Young shot up after the Unit Trust of India terminated its assured return scheme, Rajlakshmi Unit Plan '92 and asked investors to either redeem their investments or shift money to other UTI funds. Some of the aggressive equity funds of the AMC like Tata Tax Saving and Tata IT have also seen a jump in unit capital.
The four equity funds of Tata Mutual have outperformed the broad market indices with Tata Pure Equity posting a one-year return of 37.43 per cent on October 31, 2000 against an average return of (-)2.98 per cent from a basket of 54 diversified equity funds.
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