Financial Daily from THE HINDU group of publications
Friday, Mar 17, 2006
Financial Daily from THE HINDU group of publications Friday, Mar 17, 2006 |
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Markets - Mutual Funds Theme-based NFOs provide good returns Nilanjan Dey
Kolkata , March 16 Here's interesting news for those who came in late into equity funds, especially the new fund offers (NFOs) that hit the market in 2005. Most mid-cap funds launched last year delivered at least 25 per cent over the past six months, a record surpassed by many of the thematic schemes during this period. Funds that set the pace in the mid-cap category include those managed by SBI, Kotak and HSBC, each of which has delivered around 30 per cent over the past half-year. At the other end are schemes such as Sahara Mid Cap and Tata Mid Cap, which have provided about 17 per cent and 20 per cent respectively. In contrast, theme-based schemes such as Tata Infrastructure, SBI Magnum COMMA and Birla India GenNext have done better, a review conducted by SKP Securities, a distributor, has established. While the first has provided 40 per cent or so, the others have each given 26 per cent during the period. The review, it may be mentioned, took into account the fact that 2005 was a particularly active year in terms of equity NFOs. Several dozen funds were introduced, a list that includes a few tax-saving products as well as those that may be categorised as dividend yield funds, infrastructure sector funds, service sector funds and contra funds. Not more than a handful of the newly launched schemes have actually completed a full year, it is pointed out. Those that have include Chola Multi Cap, Sundaram SMILE, Tata Infrastructure and Kotak Mid Cap. Their one-year returns in ascending order, as compiled by SKP, are roughly 49 per cent, 58 per cent, 72 per cent and 73 per cent.
Against benchmarks
How do these compare against what has been delivered by the key indices over the same stretch of time? The 50-share Nifty and the 30-share Sensex provided 30.28 per cent and 34.12 per cent respectively over six months. The two indices gave 47.84 per cent and 56.17 per cent over one year. Among the new schemes that have trailed the indices in recent times are HDFC Premier Multi-Cap (27 per cent), Principal Junior Cap (22 per cent), Standard Chartered Classic Equity (22 per cent) and JM Emerging Leaders (10 per cent). On another front, Kotak Contra and UTI Dividend Yield have provided 18 per cent and 23 per cent respectively.
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