Growth fund NAVs witness freefall - Views on News from Equitymaster

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Growth fund NAVs witness freefall

Oct 13, 2000

The repercussions of the current market slump can be felt, rather seen, in the net asset values (NAVs) of diversified growth funds. With equity markets heading southwards fast, fund managers aren't exactly having the time of their lives. As highlighted by us yesterday, they are being to forced to sell stocks at lower levels to meet redemption requests.

The impact of the market slide on growth fund NAVs has been significant. This is more than evident from the table below. Observe the fall in NAVs over the last week, and one begins to understand why growth fund investors are feeling jittery.

Open-ended, Growth Schemes NAV
(Rs)
Last
week
Last
month
Last
year
Since
inception
BSE - 30 - -5.6% -19.0% -27.5% -
S&P CNX Nifty - -4.3% -17.5% -19.8% -
S&P CNX 500 - -7.1% -21.4% -22.8% -
K P Prima Plus (Gr) 20.4 -4.0% -15.4% -11.3% 14.5%
GIC Fortune 1994 6.1 -4.1% -13.1% -27.6% -7.7%
Zurich(I) Capital Builder 9.6 -4.2% -15.3% -25.1% 2.7%
Canglobal 6.8 -4.2% -13.5% -39.4% 5.3%
K P Bluechip (Gr) 20.8 -4.2% -15.7% -0.1% 27.4%
DSP ML Opportunities (Gr) 8.2 -4.3% -18.7% 0.0% -7.0%
Primary Equity Fund 14.6 -4.4% -10.3% -22.1% 7.1%
JM Equity Fund (Gr) 9.8 -4.4% -19.4% -27.9% 0.1%
Alliance Equity Fund (Gr) 34.5 -4.5% -16.7% 20.5% 78.2%
Alliance Equity Fund (Div) 25.0 -4.5% -16.7% 21.0% 78.4%
Mastergain 1992 10.5 -4.7% -15.5% -25.9% 2.1%
Magnum Global Fund 10.2 -4.7% -23.1% -22.9% 2.3%
Pru ICICI Growth (Gr) 20.8 -5.0% -17.8% -7.4% 37.1%
Magnum Equity Fund 13.1 -5.1% -26.7% -13.6% 14.3%
Mastergrowth 1993 15.9 -5.6% -20.4% -22.1% 7.2%
GIC D'MAT 7.4 -5.6% -13.2% -35.0% -32.8%
ING Growth (Gr) 16.1 -5.6% -21.5% 12.1% 41.9%
Libra Leap 17.5 -5.8% -19.1% -1.6% 27.6%
Taurus Starshare 8.1 -6.6% -19.0% -20.8% -4.1%
UGS 10000 10.0 -6.6% -16.7% -29.7% 0.5%
Birla Advantage Fund 35.0 -7.3% -20.1% -7.3% 31.0%
Magnum Multiplier Plus 1993 16.0 -7.4% -33.1% -27.7% 7.7%
GIC Growth Plus II 14.1 -8.5% -16.4% -1.9% 6.9%
(The above table only shows diversified growth funds that have fallen by over 4.0% in the last week)

As the market slide shows no signs of abating, fund NAVs are going to be hit that much harder. It remains to be seen how patient investors are going to remain in such a scenario.

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