Key observations
± Equity diversified NAVs ended sharply higher this fortnight
after witnessing a decline last fortnight. The category average
delivered +4.4% returns, outperforming the BSE Sensex (+4%) this
fortnight. Many of midcap and largecap funds outperformed and occupied
the top quartile of the category. Among the large corpus, top gainers
on a fortnightly basis were Reliance Equity Opportunities Fund
(+6.7%), Birla Sun Life Mid Cap Fund (+6.5%), HDFC Equity Fund (+6.3%)
and Sundaram BNP Paribas Select Focus (+6.3%).
± On a fortnightly basis, bank-oriented funds topped the
sectoral chart delivering an average return of 7%. The only sectoral
fund NAV that ended in the red was JM Telecom Sector Fund. Its NAV was
down by 1.2% on a fortnightly basis. Many FMCG and Infrastructure
underperformed the sectoral category namely Canara Robeco
Infrastructure Fund (+1.9%), Sahara Infrastructure Fund (+1.6%) and
ICICI Prudential FMCG (0.3%).
± Among the ELSS category, most of funds' NAVs ended on a
positive note. Out of 39 funds, 28 outperformed the BSE Sensex
benchmark during this fortnight. Among the large corpus, Birla Sun
Life Tax Relief '96 outperformed the category and was up by 6.2%. It
was closely followed by HDFC Taxsaver Fund (up by5.9%) and Kotak
Taxsaver Fund (up by 5.8%) on a fortnight basis.
± Among the balanced fund category, capital protection funds
underperformed during this fortnight. On an average, capital
protection funds posted a nominal return of 0.9%. However, funds with
higher exposure to equity delivered a positive return. Tata Balanced
Fund with a return of 5.7% outperformed the Crisil Balanced Fund Index
by 200bps. It was followed by Kotak Dynamic Asset Allocation Fund
(+5.2%) and HDFC Prudence Fund (+4.4%).
± Among the ETF category, Banks ETF were among the top two funds
on a fortnightly basis. Bank BeES and Reliance Banking ETF witnessed a
positive growth of ~7.9% on this fortnight. This fortnight, the price
of yellow metal spiked to new highs in the domestic and international
market. After crossing Rs16,000 this fortnight, gold is now heading
towards the Rs17,000-mark per 10 gram. Parallel effect was visible in
Gold ETFs on a fortnightly basis, delivering positive returns of 5.5%
on a fortnightly basis.
Please find attached details on the same.
Warm Regards,
India Infoline Research Team
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