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Gilt funds look up

Sep 26, 2000

Net asset values (NAVs) of gilt funds are looking up. This is largely due to some buying interest in government securities (gilts) subsequent to the fall in yields with the rise in crude prices.

Open-ended, Gilt Schemes NAV
K Gilt Serial 2007 (Gr) 11.0 0.5% 0.7% 0.0% 11.4%
K Gilt Serial 2005 (Gr) 10.0 0.4% 1.2% 0.0% 0.3%
Cangilt PGS (Gr) 10.7 0.4% 1.1% 0.0% 9.4%
LIC Govt. Sec. (Gr) 10.9 0.3% 1.1% 0.0% 11.1%
JM G-Sec (PFP) (Gr) 11.4 0.3% 1.0% 0.0% 14.6%
Zurich(I) Sov Gilt (PT)(Gr) 10.1 0.3% 0.9% 0.0% 2.2%
K Gilt Investment (Gr) 12.1 0.3% 0.8% 10.3% 11.3%
Pru ICICI Gilt(IP)(Gr) 11.3 0.3% 0.9% 11.5% 11.3%
K Gilt Serial 2003 (Gr) 11.0 0.3% 0.9% 0.0% 9.6%

(The above table shows only gilt funds that have posted over 0.3% rise in last week)

Gilts have witnessed some buying subsequent to the rise in bond yields. Last week gilt yields had climbed significantly after the crude shock. The buying was to take advantage of the fall in prices, and this helped propel NAVs of gilt funds. The recent rise in gilt prices is a temporary phenomenon and does not in any way indicate any letup in concerns pertaining to crude prices. So long as crude concerns persist, bond yields will be under pressure.

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