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Sunday, Dec 21, 2003

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Equity funds face outflows

  • There has been a steady increase in the scale of inflows into equity funds this year. This continued in November with inflows rising to Rs 1,904 crore. But investors continue to take profits with outflows at about Rs 2,000 crore. This has left the equity fund category with one more month of net outflows.

  • The assets under management of all funds was Rs 1,32,366 crore at the end of November, with private sector funds accounting for 76 per cent.

  • Inflows in November were Rs 44,382 crore and outflows at Rs 39,520 crore, leaving fund houses with an accretion of Rs 4,862 crore to their asset base.

  • Only liquid and money market funds had net inflows (Rs 6,400 crore). Apart from equity, gilt as well as conventional long-term oriented income funds witnessed net outflows of about Rs 1,500 crore.

  • UTI Mutual continues to top the chart in terms of assets under management (Rs 17,467 crore). But Prudential ICICI and Franklin Templeton, which now have assets in excess of Rs 15,000 crore under management, and HDFC Mutual Fund, whose assets are just below this threshold, run close and a shift in the asset-based rankings over the next few months cannot be ruled out.

  • Reliance Mutual Fund has announced a dividend of 60 per cent for the Reliance Growth Plan (Dividend Option).

    Investors as of December 18 are eligible to receive the dividend.

  • Alliance Capital Mutual has announced a dividend of 2 per cent for the quarterly dividend option of its income fund. The dividend is for the period ending December 15.

  • Tata Mutual has launched a floating-rate fund, which would invest in debt. This open-end fund will open for sale and redemption on an ongoing basis on December 26, 2003.

    BL Research Bureau

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