Equity mutual funds continued to reward investors on back of a favourable stock market in the week ended May 20, 2005. Barring pharma funds, all equity categories signed off the week on a positive note. The pack of gainers was lead by tech funds.
Bond funds too gained in the week. Good news on the international crude oil and domestic inflation fronts cheered the bond market and helped debt funds deliver positive returns.
EQUITY FUNDS
The Leaders: The seven-member tech funds' category surged last week--they gained 2.29 per cent. However, this was not enough to beat the 4.10 per cent return of the benchmark BSE IT Index. Kotak Tech was the most impressive with a 4.47 per cent rise. A rally in scrips including Infosys, Wipro and Satyam (top holdings of the fund) helped Kotak Tech. All other tech funds failed to beat the benchmark.
The Laggards: Pharma funds were under pressure. The five-fund category lost 0.61 per cent but did well to beat the 0.74 per cent fall in the benchmark BSE Healthcare Index. Only Reliance Pharma could deliver positive return last week--the fund gained 0.21 per cent.
Diversified and tax-planning funds: Diversified equity funds gained 0.69 per cent, while tax-planning funds ended the week up an average 0.74 per cent, same as the gain of the benchmark Sensex.
Top-5 diversified equity funds: Taurus Starshare (2.22 per cent), Taurus Discovery Stock (2.14 per cent), Reliance NRI Equity (2.10 per cent), GIC Growth Plus II (2.08 per cent), and Chola Opportunities (2 per cent).
Bottom-5 diversified equity funds: UTI Basic Industries (-1 per cent), Tata Equity PE (-0.89 per cent), UTI Master Value (-0.70 per cent), Alliance Basic Industries (-0.54 per cent), and HDFC Capital Builder (-0.38 per cent).
Top-5 tax-planning funds: Prudential ICICI Tax Plan (1.45 per cent), ING Vysya Tax Savings (1.27 per cent), Tata Tax Saving (1.23 per cent), Birla Equity Plan (1.19 per cent), and LICMF Tax Plan (1.12 per cent).
Bottom-5 tax-planning funds: Magnum Taxgain (-0.40 per cent), Libra Taxshield '96 (0.06 per cent), Franklin India Index Tax (0.16 per cent), UTI Equity Tax Savings (0.38 per cent), and HDFC Long Term Advantage (0.45 per cent).
Auto and banking funds gained 1.11 and 0.54 per cent, respectively, while petro funds added 0.02 per cent. The FMCG funds gained 1.03 per cent, outperforming the 0.41 per cent gain of the benchmark BSE FMCG index.
Equity oriented hybrid funds, which normally maintain 60:40 equity, debt ratio, added 0.57 per cent last week.
BOND FUNDS
All the bond funds' categories posted positive returns last week. Medium-term debt funds gained 0.19 per cent, while gilt medium & long-term category added 0.30 per cent. Debt short-term (0.14 per cent), floaters (0.10 per cent), ultra short-term (0.09 per cent) and short-term gilt (0.11 per cent) funds too delivered positive returns. MIPs added 0.24 per cent.
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