CRISIL FundServices, in its monthly Risk Adjusted Return Ranking (CRISIL~RRR) of the performance of mutual fund schemes, has covered 10 types of mutual fund investment options and has ranked 196 schemes for the one-year ended July 2005. The ranking covers 60 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.

The BSE Sensex scaled a new peak during the month ending above the 7600 mark, propelling total investor wealth in the equity markets to an all-time high. The midcaps outperformed the large caps with the CNX Midcap Index ending the month at 3408.90 after closing at 3059.93 in June 2005 delivering returns of 11.40 per cent during the month. The debt markets witnessed a surprise rally towards the end of the month as RBI kept all the key rates unchanged in its quarterly review of the indices. The month also saw the much expected revaluation of the Chinese currency Yuan. However, the surge in oil prices towards the end of the month resulted in the benchmark yield rising marginally from 6.88 per cent in June 2005 to 6.97 per cent in July 2005.

The equity funds category benchmark, the CRISIL Fund~eX, generated a return of 53.68 per cent for the year-ended July 2005.

In the software sector:

The income funds benchmark, the CRISIL Fund~dX, generated returns of 4.58 per cent for the year-ended July 2005. The top three schemes in the Income Funds category were:

In the debt- short term category:

The balanced fund category benchmark, the CRISIL Fund~bX, generated returns of 42.99 per cent for the year-ended June 2005.
· SBI Magnum Balanced Fund remained at CRISIL~RRR 1,
· HDFC Prudence Fund at CRISIL~RRR 2
· Tata Balanced Fund at CRISIL~RRR 3.

The liquid fund category benchmark, the CRISIL~LX, generated returns of 4.95 per cent for the year-ended June 2005. The topperformers in this category were:

In the floating rate fund category, JM Floater Fund - Short Term Plan continued to be at CRISIL~RRR 1, HDFC Floating Rate Income Fund - Short Term Plan was at CRISIL~RRR 2, and Tata Floating Rate Fund - Short Term was at CRISIL~RRR 3.

In the gilt-long category:
Reliance Gilt Securities Fund - Long Term Plan continued to be at CRISIL~RRR 1The next best performers were UTI Gilt Advantage Fund - Long Term Plan Principal G-Sec Fund - PF Plan at CRISIL~RRR 2 and CRISIL~RRR 3 respectively.