Equity Funds continued their march ahead in the week ended August 19, 2005. Though the equity markets registered marginal gains, most fund categories raced ahead of their respective benchmarks. Bond funds continued their struggle against the rising yields.
EQUITY FUNDS
The Leader: After losing 1.71 per cent in the previous week, petro funds recovered in the week ended August 19, 2005. The two-fund category added 1.97 per cent.
The Laggards: Banking stocks seem to have hit a rough patch--the BSE Bankex was down in the negative zone for the third straight week. Though banking funds had managed to hold on to their gains, this time they ran out of gas and slipped 1.47 per cent as against the 1.40 per cent fall in the BSE Bankex. While the Reliance Banking lost 1.24 per cent, UTI Banking shed 1.71 per cent.
Diversified and tax-planning funds: Diversified equity funds added an average 1.03 per cent, while tax-planning funds gained 1.31 per cent last week. Both beat the 0.17 per cent return of the benchmark Sensex.
Top-5 diversified equity funds: Magnum Global (3.65 per cent), Magnum Emerging Businesses (3.37 per cent), Magnum Contra (3.24 per cent), Sundaram India Leadership (3.23 per cent), and Prudential ICICI Emerging STAR (3.04 per cent).
Bottom-5 diversified equity funds: Birla Advantage (-0.79 per cent), Birla MNC (-0.58 per cent), Reliance NRI Equity (-0.51 per cent), Birla India GenNext (-0.38 per cent), and Alliance Frontline Equity (-0.38 per cent).
Top-5 tax-planning funds: Principal Personal Tax Saver (3.03 per cent), HDFC Long Term Advantage (2.57 per cent), Tata Tax Saving (2.52 per cent), Magnum Taxgain (2.27 per cent), and Escorts Tax Plan (2.14 per cent).
Bottom-5 tax-planning funds: Libra Taxshield '96 (-0.38 per cent), Birla Equity Plan (-0.13 per cent), UTI Equity Tax Savings (0.09 per cent), Franklin India Taxshield (0.38 per cent), and HDFC Taxsaver (0.43 per cent).
Among rest of the equity categories, pharma funds zoomed 1.69 per cent to beat the 0.06 per cent loss of the benchmark BSE Healthcare index. Auto funds gained an average 0.54 per cent. Technology funds gained an average 1.63 per cent, while FMCG funds slipped 0.23 per cent last week.
Equity oriented hybrid funds, which normally maintain 60:40 equity, debt ratio, gained 0.56 per cent last week.
BOND FUNDS
Medium-term debt funds marginally improved their performance to add 0.08 per cent, while medium and long-term gilt funds managed 0.03 per cent last week. Debt short-term (0.10 per cent), floaters (0.10 per cent), ultra short-term (0.10 per cent) and short-term gilt (0.08 per cent) funds delivered positive returns. MIPs gained an average 0.18 per cent.
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