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Market gloom takes heavy toll on software funds

Apr 21, 2000

A study conducted by reveals that software funds have faced one of their worst declines in the last week as the NAVs of most software funds have fallen by over 20%. A sample of the leading software funds in the mutual fund industry reveals that the net asset values (NAVs) of all funds (except Kothari Pioneer Internet Oppor. Fund) fell by 20% or more in the last week. As software funds are languishing with over 1/5th of their NAVs shaved off in just a week, fund managers are wondering whether there will be any takers for software funds at current levels.

Open-ended, IT Schemes NAV
Last month Since
Alliance New Millennium Fund (Dividend) 9.9 -21.8% -31.5% -35.3%
Alliance New Millennium Fund (Growth) 9.8 -21.8% -31.5% -35.4%
Birla IT Fund (Growth) 23.4 -20.0% -27.2% 19.5%
Birla IT Fund (Dividend) 21.4 -20.0% -27.0% 19.6%
IL&FS eCOM Fund (Dividend) 8.5 -23.3% -31.7% -40.3%
IL&FS eCOM Fund (Growth) 8.5 -23.3% -31.7% -40.3%
Kothari Pioneer Internet Opport. Fund (Div) 8.7 -8.1% 0.0% -8.9%
Kothari Pioneer Internet Opport. Fund (Gr) 8.7 -8.1% 0.0% -8.9%
Kothari Pioneer Infotech Fund (Growth) 34.1 -20.2% -22.0% 231.0%
Kothari Pioneer Infotech Fund (Dividend) 23.3 -20.2% -21.6% 232.7%
Prudential ICICI Technology Fund (Dividend) 7.6 -20.5% -27.3% -27.3%
Prudential ICICI Technology Fund (Growth) 7.6 -20.5% -27.3% -27.3%
Magnum Sector Funds Umbrella - IT Fund 19.6 -26.3% -30.5% 175.0%
UTI Growth Sector Fund - Software 26.2 -26.0% -31.9% 106.7%

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