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Equity schemes in negative territory, debt cautious: CRISIL news
06 May 2005


CRISIL FundServices, in its monthly Risk Adjusted Return Ranking (CRISIL~RRR) of the performance of mutual fund schemes, has ranked 193 schemes for the one-year ended April 2005, covering 10 types of mutual fund investment options and 64 per cent of the industry assets under management (AUM). The CRISIL~RRR measures performance of the schemes not only on the returns given by the schemes over the period of analysis but also the risk they took to get those returns.

Says Krishnan Sitaraman, head, financial sector ratings, CRISIL, "Subsequent to the 25 basis point hike in the reverse repo rate by the RBI in its credit policy for 2005-06, investor sentiment in the debt market has remained cautious". The performance of the equity market was unimpressive in April 2005 on account of profit booking and lower than expected indicators from some corporates. The total purchases in the equity segment by the mutual fund industry stood at Rs. 1428 crore by April end.

The 'equity funds' category benchmark, the CRISIL Fund~eX, generated a return of 18.11 per cent for the year-ended April 2005. Sundaram Select Midcap topped the charts at CRISIL~RRR 1 in the category, followed by Franklin India Prima Fund and SBI Magnum Global Fund were at CRISIL~RRR 2 and CRISIL~RRR 3 respectively.

In the 'software sector', Alliance New Millennium Fund was at CRISIL~RRR 1, having moved up one notch over its previous ranking. Birla India Opportunities Fund - Plan B was at CRISIL~RRR 2 and Prudential ICICI Technology Fund was at CRISIL~RRR 3.

The CRISIL Fund~dX generated returns of 0.27 per cent for the year-ended April 2005. The top three schemes in the Income Funds category were Reliance Income Fund at CRISIL~RRR 1, UTI Bond Fund at CRISIL~RRR 2, and HSBC Income Fund - Investment Plan at CRISIL~RRR 3.

In the 'debt - short term category', UTI Liquid Short Term Plan maintained consistency at CRISIL~RRR 1, followed by Principal Income Fund - Short Term Plan and Kotak Bond Short Term Plan at CRISIL~RRR 2 and CRISIL~RRR 3 respectively. The CRISIL STBEX, the benchmark for short-term income funds, generated returns of 2.96 per cent for the year-ended April 2005.

The 'gilt funds' benchmark, the CRISIL MF~Gilt Index, generated a negative return of 2.06 per cent for the year-ended April 2005. Reliance Gilt Securities Fund - Long Term Plan at CRISIL~RRR 1, UTI Gilt Advantage Fund - Long Term Plan at CRISIL~RRR 2, and DSP Merrill Lynch Govt Sec Fund (Plan A) at CRISIL~RRR 3 were the best performing schemes in the Gilt-Long category.

The 'liquid fund' category benchmark, CRISIL~LX, generated annualised monthly returns of 4.72 per cent for the year-ended April 2005. The top performers in this category were Alliance Cash Manager at CRISIL~RRR 1, Sundaram Money Fund at CRISIL~RRR 2, and Templeton India Treasury Management Account at CRISIL~RRR 3.

The 'balanced fund' category benchmark, the CRISIL Fund~bX, portrayed a return of 17.52 per cent for the year-ended April 2005. Tata Balanced Fund topped the charts at CRISIL~RRR 1. It was followed by Sundaram Balanced Fund and SBI Magnum Balanced Fund at CRISIL~RRR 2 and CRISIL~RRR 3 respectively.

The CRISIL MIPEX, the benchmark for MIP schemes, generated returns of 0.50 per cent for the year-ended April 2005. In the Monthly Income Plan (MIP) category, the top performers were DSP Merrill Lynch Savings Plus Fund - Moderate at CRISIL~RRR 1, Prudential ICICI MIP Plan - Cumulative at CRISIL~RRR 2, and Tata Monthly Income Fund - Appreciation at CRISIL~RRR 3.

In the Floating Rate fund category, HDFC Floating Rate Income Fund - Short Term Plan was at CRISIL~RRR 1, Grindlays Floating Rate Fund was at CRISIL~RRR 2, and JM Floater Fund - Short Term Plan was at CRISIL~RRR 3.

CRISIL Risk-Adjusted Return Ranking for the period ended April 30, 2005.

General Equity Funds

CRISIL RRR for Apr 05

CRISIL RRR for Mar 05

Sundaram Select Midcap - Growth

1

1

Franklin India Prima Fund - Growth

2

2

SBI Magnum Global Fund

3

3

Balanced

 

 

Tata Balanced Fund - Growth

1

2

Sundaram Balanced Fund - Growth

2

1

SBI Magnum Balanced Fund - Dividend

3

4

Sector Funds

 

 

Alliance New Millennium Fund - Growth

1

2

Birla India Opportunities Fund - Plan B - Growth

2

1

Prudential ICICI Technology Fund - Growth

3

3

Income Funds

 

 

Reliance Income Fund - Growth

1

1

UTI Bond Fund - Growth

2

7

HSBC Income Fund - Investment Plan - Growth

3

3

Debt-Short Term

 

 

UTI Liquid Short Term Plan - Growth

1

1

Principal Income Fund - Short Term Plan - Growth

2

2

Kotak Bond Short Term Plan - Growth

3

3

Monthly Income Plan (MIP)

 

 

DSP Merrill Lynch Savings Plus Fund - Moderate - Growth

1

1

Prudential ICICI MIP Plan - Cumulative

2

2

Tata Monthly Income Fund - Appreciation

3

4



Gilt-Long

 

 

Reliance Gilt Securities Fund - Long Term Plan - Growth

1

1

UTI Gilt Advantage Fund - Long Term Plan - Growth

2

2

DSP Merrill Lynch Govt Sec Fund (Plan A) - Growth

3

4

Index

 

 

UTI Nifty Index Fund

1

1

UTI Master Index Fund

2

2

Franklin India Index Fund - NSE Nifty Plan - Dividend

3

3

Floating Rate Funds

 

 

HDFC Floating Rate Income Fund - Short Term Plan - Growth

1

1

Grindlays Floating Rate Fund - Growth

2

2

JM Floater Fund - Short Term Plan - Growth

3

3



 

One Year

Six months

Three months

Liquid Funds

Apr 05

Mar 05

Apr 05

Mar 05

Apr 05

Mar 05

Alliance Cash Manager - Growth

1

1

9

1

13

14

Sundaram Money Fund - Growth

2

3

4

11

5

4

Templeton India Treasury Management Account - Growth

3

13

12

16

16

18


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Equity schemes in negative territory, debt cautious: CRISIL