The Hindu Business Line : 10-year scorecard: Diversified equity funds run `a mixed course'

The number of diversified equity funds that have stayed alive for a decade or more is quickly attaining critical mass. With about 30 funds possessing a track record of at least 10 years, it is now easier to map performance over a longer period, an exercise that shows how extremely diverse their returns have been.

While LIC MF's Growth Fund has given a mere 0.26 per cent since inception, the likes of HDFC Top 200, Franklin Bluechip and Reliance Growth have topped the returns chart with over 28 per cent, 29 per cent and 33 per cent respectively.

Many of the funds that have firmly made it to the 10-year list belong to older players such as UTI MF and SBI MF (among public sector entities) and Franklin Templeton and HDFC among the private sector ones. There are one-off names such as Birla Advantage, JM Equity and Prudential ICICI Power as well.

Funds that have delivered at least 25 per cent since launch include Franklin Bluechip and Franklin Prima, both of which trace their beginning to the former Kothari Pioneer. Also, HDFC Top 200 (originally with the erstwhile Zurich) and two funds in the Reliance MF stable — Reliance Vision and Reliance Growth — are in this bracket.

The relative under-performers, according to figures released by Value Research and pertaining to October 31, include LIC Equity (5.06 per cent), Tata Growth (9.97 per cent) and Canfortune (10.18 per cent). Those that stand in the middle include HDFC Capital Builder (15.16 per cent), SBI Magnum Global (16.12 per cent) and Templeton India Growth (21.3 per cent).

Among the funds that are nearing their 10-year mark are DSP Merrill Lynch Equity (28 per cent since 1997), Prudential ICICI Growth (29 per cent since 1998) and Tata Pure Equity (34 per cent since 1998).

As many as four diversified funds launched by UTI MF — Master Growth, Master Plus, Master Value and Mastershare — are well over a decade old. Their returns have ranged between 15.8 per cent and 27.4 per cent.

Further, three funds managed under the Taurus umbrella — Bonanza Exclusive, Discovery Stock and Starshare — have also traversed at least 10 years. Their returns have varied between 3.2 per cent and 14.5 per cent.

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