Equity mutual funds followed the dip in the stock markets last week. Barring FMCG funds, all other equity mutual funds' categories incurred losses. Debt funds, though, managed the steep fall in the bond yields well.
EQUITY FUNDS
Top Gainer: The three-member FMCG funds were the only category to have delivered positive returns last week. With a gain of 0.44 per cent, FMCG funds also beat the negative 3.38 per cent loss of benchmark BSE FMCG Index. Franklin FMCG was the top gainer of the week with a return of 0.97 per cent. Prudential ICICI FMCG (0.22 per cent) and Magnum FMCG (0.14 per cent) followed.
Top Loser: Banking funds, the top gainers of the week ended March 11, 2004, lost the most last week. The two-fund category shed 3.25 per cent to underperform the 1.30 per cent loss of benchmark BSE Bankex.
Pharma funds were the next big losers of the week. The five-fund category skidded 2.85 per cent to underperform the 2.29 per cent loss of benchmark BSE Healthcare Index. UTI Pharma & Healthcare fund lost the most at 3.49 per cent.
The two-fund categories of petro and auto funds also ended the week in red and lost 2.61 and 1.77 per cent, respectively.
Tech funds too suffered. The seven-fund category ended the week down 0.63 per cent, same as their benchmark BSE IT Index. Franklin Infotech was the only technology fund that delivered a positive return of 0.11 per cent. Prudential ICICI Technology (-1.43 per cent), Alliance New Millennium (-0.93 per cent) and DSPML Technology.com (-0.91 per cent) underperformed the benchmark index.
Diversified and tax-planning funds: While diversified equity funds beat the 2.24 per cent return of Sensex, tax-planning funds fell short of the benchmark index. The two categories lost 2.13 and 2.41 per cent, respectively.
Top-5 Diversified Funds: Reliance NRI Equity (-0.21 per cent), Chola Opportunities (-0.45 per cent), Chola Multi Cap (-0.64 per cent), Canequity Diversified (-0.86 per cent), and Franklin India Flexi Cap (-1 per cent)
Bottom-5 Diversified Funds: Tata Select Equity (-3.73 per cent), UTI India Advantage Equity Fund (-3.45 per cent), Taurus Starshare (-3.43 per cent), HDFC Equity (-3.37 per cent) and Birla Advantage (-3.35 per cent).
Top-5 Tax-planning Funds: BoB ELSS '96 (-0.76 per cent), LICMF Tax Plan (-1.31 per cent), Franklin India Taxshield (-1.40 per cent), Prudential ICICI Tax Plan (-1.61 per cent), and HDFC Long Term Advantage (-1.80 per cent).
Bottom-5 Tax-planning Funds: Libra Taxshield '96 (-3.97 per cent), Tata Tax Saving (-3.40 per cent), UTI Equity Tax Savings (-3.12 per cent), Sundaram Taxsaver (-2.94 per cent) and Birla Equity Plan (-2.90 per cent).
Equity-oriented hybrid funds, which normally maintain a 60:40 equity, debt ratio ended the week down 1.26 per cent.
BOND FUNDS
Bond funds managed the slump in the bond market quite well. Debt medium-term (0.03 per cent), debt short-term (0.10 per cent), floaters (0.10 per cent), cash funds (0.09 per cent) and gilt short-term funds (0.05 per cent) delivered positive returns.
MIPs, which maintain a small exposure to equities, though fell 0.20 per cent last week. Gilt medium and long-term funds too ended down 0.06 per cent.
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