Market slide takes toll on growth funds - Views on News from Equitymaster

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Market slide takes toll on growth funds

Oct 3, 2000

The sharp fall in markets fuelled by fears of a petrol price hike, has taken its toll on diversified growth funds.

As always, the free-fall in the markets is evident most in the prices of software stocks. And for a change, even Hindustan Lever fell significantly during the week to below Rs 200. Given that software hogs over 30% allocation in most diversified growth portfolios, net asset values (NAVs) of these funds have witnessed a decline.

Open-ended, Growth Funds NAV
(Rs)
Last
week
Last
month
Last
year
Since
inception
Birla MNC Fund (Gr) 30.3 -3.3% -5.0% 37.7% 20.6%
Zurich(I) Capital Builder 11.8 -3.4% -9.1% -17.3% 3.4%
Sun F & C Value (Gr) 19.8 -3.5% -11.0% -9.7% 27.4%
Taurus Starshare 8.7 -3.5% -7.6% -6.4% -3.1%
Boinanza Exclusive Gr 7.0 -3.8% -8.6% -26.5% -4.2%
Grandmaster 1993 9.9 -3.8% -4.6% -30.2% -1.2%
Mastershare Plus 1991 20.6 -4.0% -6.7% -22.0% 4.2%
Canexpo 18.0 -4.0% -5.7% 5.5% 11.4%
Pru ICICI Growth (Gr) 21.9 -4.1% -1.6% 6.3% 40.9%
DSP ML Opportunities (Gr) 8.6 -4.1% -8.5% 0.0% -2.9%
Libra Leap 18.5 -4.2% -10.1% 21.0% 29.7%
DSP ML Equity Fund 16.7 -4.3% -8.3% -11.3% 24.5%
Canbonus 9.8 -4.3% -4.6% -27.3% 2.0%
UGS 10000 10.7 -4.5% -7.3% -24.5% 3.7%
Mastergain 1992 10.8 -4.7% -5.8% -20.6% 2.5%
IL&FS Gr & Val (Gr) 12.6 -4.8% -11.8% 0.0% 4.1%
Birla Advantage Fund 38.0 -5.0% -6.5% 16.1% 33.2%
JM Equity Fund (Gr) 10.2 -6.0% -10.1% -21.5% 0.9%
Mastergrowth 1993 16.8 -6.3% -9.5% -12.1% 8.1%

Markets are expected to react adversely to the petrol price hike. And although software companies will not be directly affected by the hike in petrol prices, if there is widespread selling, it is unlikely that software stocks will be spared. Old economy stocks will be bear the brunt of the petrol price hike and marketmen are sure to make a note of that. On the whole, the scenario for growth funds is not very encouraging, unless bargain hunters step in during the week.

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