All mutual funds' categories delivered positive returns for the third successive week ended February 11, 2005. Interestingly, all the equity funds' categories beat their respective benchmarks last week.
Equity Funds
Auto funds ran ahead of other equity funds to emerge as the top gainers of last week. The two-fund category added 3.26 per cent and beat the 2.05 per cent return of their benchmark BSE Auto Index.
Rally in the IT stocks helped tech mutual funds deliver handsome returns--the category rose 2.04 per cent to outperform the BSE IT Index, which could gain only 1.27 per cent. Prudential ICICI Technology (3.01 per cent) and Alliance New Millenium (2.62 per cent) were the top two gainers, while Kotak Tech (1.15 per cent) and Magnum IT (1.23 per cent) failed even to beat the benchmark.
Petro funds, though lost some steam, but continued to move ahead and returned 1.86 per cent over the week as against an average 5.65 per cent return in the week ended February 4, 2005.
FMCG funds performed extremely well. The three-fund category zoomed as average 1.55 per cent as against the 2.35 per cent loss of benchmark BSE FMCG Index. In fact all the three FMCG funds, including Franklin FMCG, Magnum FMCG and Prudential ICICI FMCG, managed positive returns.
Equity diversified (1.63 per cent) and tax-planning funds (1.30 per cent) too did well to outperform the 0.23 per cent return of their benchmark BSE Sensex.
Among the diversified funds, Taurus Discovery Stock (4.22 per cent), Canequity Diversified (4.21 per cent), GIC Growth Plus II (3.99 per cent), Escorts Growth (3.91 per cent) and UTI Mid Cap (3.89 per cent) were the top five gainers of the week. ING Vysya Equity (-0.11 per cent), Principal Dividend Yield (-0.09 per cent) and UTI Large Cap (-0.09 per cent) lost over the week.
Moving to the tax-planning funds, Escorts Tax Plan (3.06 per cent), Prudential ICICI Tax Plan (2.99 per cent), Franklin India Taxshield (2.90 per cent), Libra Taxshield '96 (2.40 per cent) and Magnum Taxgain (2.28 per cent) gained the most over the week, while Alliance Capital Tax Relief '96 (-1.10 per cent), Sundaram Taxsaver (-0.98 per cent) and UTI Equity Tax Saving (-0.11 per cent) delivered negative returns.
Pharma funds (though gained the least among the equity funds) did well to deliver 0.11 per cent as against the negative 0.22 per cent return of the benchmark BSE Healthcare Index.
Equity-oriented hybrid funds also performed very well and added an average 1.50 per cent over the week.
Bond Funds
All bond funds categories managed positive returns for the third straight week. Income funds gained 0.31 per cent, while gilt medium and long-term funds added a handsome 0.70 per cent over the week. Gilt short-term funds (0.12 per cent), floaters (0.10 per cent), cash funds (0.09 per cent) and debt short-term funds (0.13 per cent) also delivered positive returns. MIPs, which maintain a small exposure to equities, rose 0.29 per cent in the week ended February 11, 2005.
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