The Hindu Business Line : Bank funds score a century

Banking sector funds have scored a century, 100 per cent on an average for the one-year period ended July 23, 2007. This allows them to vault over all other sectoral funds categories – tech (61 per cent), pharma (41 per cent), auto (33 per cent) and FMCG (20 per cent).

Reliance MF’s bank fund, leading with 103 per cent during this period, is invested in SBI, Federal Bank, ICICI Bank and Bank of Baroda, which figure among its top holdings in end-June. UTI MF’s product, which has delivered 97 per cent, has ICICI Bank, SBI, UTI Bank and HDFC Bank, according to data compiled by Value Research.

Banking stocks currently account for a critical part of diversified equity funds’ portfolios, including that of newcomer JP Morgan India Equity Fund. Banking/finance is its second-largest (sector-wise) holding, HDFC and HDFC Bank being among the top 15 stocks as on June 29.

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