The Hindu Business Line : SBI Magnum IT Fund returns put at 104%

Value Research that tracks the performance of mutual funds has shown that even as the IT sector has grown by 69 per cent over the past one year, SBI Magnum IT Fund's annual return has been 104.40 per cent.

SBI Magnum IT Fund, launched in July 1999, performed consistently in the last one year and has even outperformed the benchmark BSE IT index by a decent margin. It has managed large-cap as well as mid-cap stocks, across software products and the services sector.

DSPML Tech

DSPML Technology.com, with an annual return of 82.84 per cent, follows SBI Magnum IT Fund. Other mutual funds such as UTI Software and Prudential ICICI Technology have recorded returns of 82.61 per cent and 76.71 per cent, respectively, followed by Birla Sun Life New Millennium (76.01 per cent) and Franklin Infotech (75.57 per cent). Kotak Tech, though returned a lowly 68.50 per cent for the year.

The increasing demand for software products and the rise of business process outsourcing has generated interest among international investors in the IT sector. However, the performance of individual companies differed based on their capacity to tackle wage inflation and currency volatility.

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