Widely read:
With the dawn of the financial year 2000-2001, five of the close-ended Equity linked Savings Schemes (ELSS) which were launched in March 1991 were redeemed on March 31 2001. These are- Canpep '91 from Canbank Mutual Fund, Dhan 80CCB(1)-Cum from LIC Mutual Fund, MELS '91 from SBI Mutual Fund, MEP '91 from Unit Trust of India, PNB ELSS '91 from PNB Mutual Fund.
Canpep '91 started off with a mop up of Rs 235 crore. However, frequent redemption pruned the portfolio to Rs 54 crore as on September 2000. The Fund has posted a return of 1.79% till March 14, 2001, grossly under performing the benchmark BSE Sensex which posted a return of 11% during same time.
Magnum Equity Linked Scheme '91(MELS), since its inception has posted an annualised return of 9.83% till March 14, 2001 and has under performed the BSE Sensex, which returned 12.34% during the same time. The constant outflows from the scheme since 1994 have contributed to the portfolio size squeezing to a mere Rs 18 crore from a level of Rs 119 crore. Backed up by a tech heavy portfolio with a weightage of 45%, the fund gave its best in March 2000, as NAV galloped up to Rs 65 (on Rs 10 face value), with a rally in IT stocks.
Magnum Equity Plan'91 (MEP) has given an annualized return of 9.67% till March 14, 2001, tracing the benchmark Sensex which returned 11.7% during the same time. The Fund's NAV reached its peak of Rs 52 in March 2000, a time when technology stocks were on fire.
Punjab National Bank (PNB) ELSS which kicked off with a measly corpus, had of Rs 6 crore under its fold as on September 30 2000. The fund has given a since launch return of 1.97% trailing far behind the benchmark BSE Sensex, which posted a return of 12.81% till March 14 2001.
Dhan 80CCB(1)(Cumulative option) has emerged as a winner amongst all by returning an annualized 10.94% till March 14 2001, thereby beating the benchmark BSE Sensex which returned a negative of 1.55% for the same time.
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