Equity schemes continue their upward march, debt schemes steady: CRISIL~RRR
10 March 2006
CRISIL FundServices, in its monthly Risk Adjusted Return Ranking (CRISIL~RRR) of the performance of mutual fund schemes, has covered eleven mutual fund investment options and has ranked 244 schemes for the one-year period ended February 2006. The ranking covers 60 per cent of mutual funds 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 stock market continued its buoyancy in February 2006 with the BSE Sensex crossing the historic five-figure mark to close at 10370 during the month. The S&P CNX Nifty too scaled its all time high of 3074.70 points at the end of the month. FIIs continued to dominate the market and invested over $1.6 billion in equities during the month.
The benchmark S&P CNX Nifty delivered returns of 2.99 per cent during February 2006 while the CNX Midcap Index delivered 1.18 per cent. The money market continued to be tight though call rates eased below 7 per cent owing to RBI infused liquidity. The government also signaled a lowering of interest rates during the month with the reduction in yields of the post office Monthly Income Scheme to 8% from 9.2%.
The equity funds category benchmark, the CRISIL Fund~eX, generated a return of 50.29 per cent for the year-ended February 2006.
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Sundaram Select Midcap — Growth topped the category by moving up a notch to CRISIL~RRR 1.
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SBI Magnum Global Fund was at CRISIL~RRR 2
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SBI Magnum Multiplier Plus Scheme 1993 — Dividend retained its rank at CRISIL~RRR 3.
In the equity linked savings scheme (ELSS) category:
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SBI Magnum Tax Gain Scheme 1993 was at CRISIL~RRR 1
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HDFC Long Term Advantage Fund — Growth at CRISIL~RRR 2
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HDFC Tax Saver Fund — Growth was at CRISIL~RRR 3.
In the software sector category:
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Birla India Opportunities Fund - Plan B — Growth continued at CRISIL~RRR 1
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Birla Sun Life New Millennium Fund - Growth moved up five notches to CRISIL~RRR 2.
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SBI Magnum Sector Umbrella - Infotech Fund was at CRISIL~RRR 3.
