labels: crisil, investment - general, mutual funds
Equity bull run continues, debt schemes lacklustre: CRISIL~RRRnews
08 May 2006

CRISIL FundServices, in its monthly Risk Adjusted Return Ranking (CRISIL~RRR) of the performance of mutual fund schemes, has covered twelve mutual fund investment options and has ranked 243 schemes for the one-year period ended April 2006. The ranking covers 52 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 Indian equity market continued its three-year bull run through April 2006 wherein the BSE Sensex breached the 12000 barrier to close the month at 12043 points while the S&P CNX Nifty closed at 3557 points. The S&P CNX Nifty delivered returns of 4.56 per cent while the CNX Midcap Index delivered 9.86 per cent during April 2006.

Mutual Funds replaced FIIs as the market movers during the month with net investments aggregating Rs3,121 crore compared to Rs538 crore in net investment from FIIs. In the previous month, FIIs were net buyers to the extent of Rs6,532 crore in equities while mutual funds were net buyers to the extent of Rs4,483 crore.

The money market came out of its tightness as liquidity improved during the month. Overnight rates dropped from 6.43 per cent at the beginning of the month and remained around the reverse repo rate (5.5 per cent) during most of the month to close at 5.68 per cent. The RBI's Annual Policy Statement for FY07 also indicated no rate hike, contrary to market expectations.

The Equity Funds category benchmark, the CRISIL Fund~eX, generated a return of 80.17 per cent for the year-ended April 2006. Sundaram Select Midcap - Growth continued to top the category at CRISIL~RRR 1. DSP Merrill Lynch India T.I.G.E.R. Fund - Growth moved up by one notch to CRISIL~RRR 2 while Franklin India Flexi Cap Fund - Growth moved up by three notches to CRISIL~RRR 3.

In the equity linked savings scheme (ELSS) category:

  • Principal Tax Saving Fund moved up two notches to CRISIL~RRR 1
  • Prudential ICICI Tax Plan - Growth also moved up two notches to CRISIL~RRR 2
  • SBI Magnum Tax Gain Scheme 1993 was at CRISIL~RRR 3.

The income funds benchmark, the CRISIL Fund~dX, generated returns of 4.32 per cent for the year-ended April 2006.

  • LICMF Bond Fund - Growth continued to top the category at CRISIL~RRR 1
  • UTI Bond Fund - Growth continued at CRISIL~RRR 2.
  • DBS Chola Triple Ace - Regular - Cumulative entered the rankings at CRISIL~RRR 3 position.

In the debt- short term category;

  • Reliance Short Term Fund - Growth continued to top the charts at CRISIL~RRR 1
  • Kotak Bond Short Term Plan - Growth continued at CRISIL~RRR 2
  • HSBC Income Fund - Short Term Plan - Growth continued AT CRISIL~RRR 3

The CRISIL STBEX, the benchmark for short-term income funds, generated returns of 4.49 per cent for the year-ended April 2006.

In the balanced fund category benchmark, the CRISIL Fund~bX, generated returns of 56.05 per cent for the year-ended April 2006

  • Tata Balanced Fund - Growth moved up three notches to occupy the first place at CRISIL~RRR 1
  • Birla Sun Life 95 Fund - Growth moved up by a notch to CRISIL~RRR 2.
  • Sundaram Balanced Fund - Growth was at CRISIL~RRR 3 position.

The liquid fund category benchmark, the CRISIL~LX, generated returns of 5.39 per cent for the year-ended April 2006.

  • UTI Liquid Cash Plan - Growth continued to occupy the first position at CRISIL~RRR 1
  • Reliance Liquid Fund - Treasury Plan - Growth continued at CRISIL~RRR 2
  • Sundaram Money Fund - Growth moved up by one notch to be at CRISIL~RRR 3.

In the floating rate long term fund category:

  • Reliance Floating Rate Fund - Growth ranked CRISIL~RRR 1
  • JM Floater Fund - Long Term Plan - Growth CRISIL~RRR 2
  • HDFC Floating Rate Income Fund - Long Term Plan - Growth CRISIL~RRR 3.

In the floating rate short term fund category:

  • HDFC Floating Rate Income Fund - Short Term Plan - Growth ranked CRISIL~RRR 1
  • JM Floater Fund - Short Term Plan - Growth, ranked CRISIL~RRR 2
  • Tata Floating Rate Fund - Short Term - Growth ranked CRISIL~RRR 3.
CRISIL Risk-Adjusted Return Ranking for the period ended April 30, 2006
General Equity Funds CRISIL RRR for Apr '06 CRISIL RRR for Mar '06
Sundaram Select Midcap
1
1
DSP Merrill Lynch India T.I.G.E.R. Fund
2
3
Franklin India Flexi Cap Fund
3
6
Equity Linked Savings Schemes (ELSS)
Principal Tax Saving Fund
1
3
Prudential ICICI Tax Plan - Growth
2
4
SBI Magnum Tax Gain Scheme 1993
3
2
Balanced
Tata Balanced Fund - Growth
1
4
Birla Sun Life 95 Fund - Growth
2
3
Sundaram Balanced Fund - Growth
3
2
Sector Funds
Birla India Opportunities Fund - Plan B - Growth
1
1
SBI Magnum Sector Umbrella - Infotech Fund
2
6
Prudential ICICI Technology Fund - Growth
3
5
Income Funds
LICMF Bond Fund - Growth
1
1
UTI Bond Fund - Growth
2
2
DBS Chola Triple Ace - Regular - Cumulative
3
NA
Debt-Short Term
Reliance Short Term Fund - Growth
1
1
Kotak Bond Short Term Plan - Growth
2
2
HSBC Income Fund - Short Term Plan - Growth
3
3
Monthly Income Plan (MIP)
HDFC Multiple Yield Fund - Growth
1
NA
UTI Monthly Income Scheme - Growth
2
1
Prudential ICICI MIP Plan - Cumulative
3
7
Gilt-Long
LICMF G-Sec Fund - Growth
1
1
SBI Magnum Gilt Fund - Long Term - Growth
2
4
Principal G-Sec Fund - PF Plan - Growth
3
5
Index (Ranked by Tracking Error)
UTI Nifty Index Fund - Growth
1
1
UTI Master Index Fund - Growth
2
2
Franklin India Index Fund - NSE Nifty Plan - Growth
3
3
Floating Rate Long Term
Reliance Floating Rate Fund - Growth
1
NA
JM Floater Fund - Long Term Plan - Growth
2
NA
HDFC Floating Rate Income Fund - Long Term Plan - Growth
3
NA
Floating Rate Short Term
HDFC Floating Rate Income Fund - Short Term Plan - Growth
1
NA
JM Floater Fund - Short Term Plan - Growth
2
NA
Tata Floating Rate Fund - Short Term - Growth
2
NA
  One Year Six months Three months
Liquid Funds Apr '06 Mar '06 Apr '06 Mar '06 Apr '06 Mar '06
UTI Liquid Cash Plan - Growth
1
1
1
1
1
1
Reliance Liquid Fund - Treasury Plan - Growth
2
2
2
2
2
3
Sundaram Money Fund - Growth
3
4
3
3
3
2

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Equity bull run continues, debt schemes lacklustre: CRISIL~RRR