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Income funds escape unscathed - Views on News from Equitymaster
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  • Oct 19, 2000

    Income funds escape unscathed

    While equity markets are on a downhill journey, income funds have been relatively insulated from erosion.

    Open-ended, Growth†Schemes NAV(Rs) Last week Last month Last year Since inception
    Alliance Equity Fund (Gr) 32.4 -6.1% -14.2% 13.4% 71.9%
    DSP ML Opportunities (Gr) 7.7 -6.2% -15.4% 0.0% -12.8%
    JM Equity Fund (Gr) 9.1 -6.3% -17.6% -28.4% -1.0%
    Canexpo 16.1 -6.3% -14.0% -11.9% 9.5%
    Mastergrowth 1993 14.9 -6.3% -18.7% -26.6% 6.3%
    Sun F & C Value (Gr) 17.6 -6.5% -16.5% -24.4% 22.3%
    GIC Growth Plus II 13.1 -7.1% -20.0% -10.9% 5.7%
    Boinanza Exclusive Gr 6.2 -7.2% -15.5% -34.6% -6.2%
    Magnum Equity Fund 12.5 -7.6% -22.9% -16.8% 13.8%
    Grandmaster 1993 8.9 -7.7% -15.0% -40.7% -2.7%
    Magnum Global Fund 9.7 -8.3% -20.8% -26.1% 1.3%
    Sun F&C Emerg Tech (Gr) 5.3 -8.4% -16.7% 0.0% -37.6%
    K 30 14.2 -8.5% -13.6% -11.9% 36.8%
    Libra Leap 16.0 -8.5% -20.1% -10.0% 24.6%
    Magnum Multiplier Plus 1993 15.2 -8.7% -21.5% -32.3% 7.0%
    IDBI Equity Fund (Gr) 9.3 -9.5% -16.1% -28.5% -0.5%
    K MNC 8.4 -10.0% -17.9% 0.0% -10.3%
    ING Growth (Gr) 14.5 -12.6% -25.3% 3.7% 31.3%
    ††Date : 17 October, 2000

    (The above table only shows diversified growth funds that have fallen by over 6.0% in the last week)

    While equity fund managers arenít exactly thrilled these days, income fund managers have some reason to smile. This is because unlike their growth counterparts, net asset values (NAVs) of income funds havenít been affected by the recent slump in equity markets. On the contrary, some income funds have reported a moderate increase over the week as well as the month.

    Open-ended, Income†Schemes NAV
    K P Child. Asset 13.0 0.4% 0.9% 10.2% 13.4%
    Deposit I-NIT 1997 (Plan 54EB) 11.9 0.4% 0.5% 9.1% 9.6%
    DSP ML Bond (Gr) 14.9 0.3% 1.1% 10.7% 11.9%
    Tata Income Fund (Reg Inc.) 10.1 0.2% -0.4% 9.2% 12.5%
    UTI Bond Fund 13.1 0.2% 1.3% 10.1% 11.8%
    Magnum Liquibond Inc (Gr) 12.3 0.2% 0.9% 9.7% 11.2%
    K P Inc. Builder (Gr) 14.9 0.2% 0.9% 10.0% 12.7%
    Chola Freedom Inc (Reg) 10.1 0.2% 0.1% 8.4% 9.7%
    JF India Bond Fund (Inc) 10.6 0.2% 1.0% 7.9% 11.0%
    Escorts Inc. Plan (Gr) 13.5 0.2% 0.7% 12.1% 13.2%
    K P Treasury Mgmt (Gr) 1244.4 0.2% 0.7% 9.9% 9.2%
    Birla Cash Plus (Gr) 13.6 0.2% 0.7% 9.3% 9.6%
    Tata Inc. (R) (Mthly) 10.2 0.2% 0.4% 0.0% -0.1%
    Alliance Cash Manager 1238.9 0.2% 0.7% 9.6% 9.2%
    DSP ML Liquidity (Gr) 12.4 0.2% 0.8% 8.5% 8.5%
    Magnum Insta Cash (Cash) 11.4 0.2% 0.9% 9.0% 9.5%
    ING Income (Gr) 11.6 0.2% 0.7% 8.9% 10.5%
    Reliance Income (Gr) 13.7 0.2% 1.1% 10.5% 12.0%
    Birla Income Plus B 18.3 0.2% 1.1% 10.4% 14.2%
    IL&FS Bond Fund (Gr) 112.9 0.2% 1.0% 9.2% 10.0%
    Magnum Insta Cash (Gr) 10.7 0.2% -0.2% -6.0% 5.0%
    K P Inc. Builder (Mon) 13.2 0.2% -0.1% 6.9% 6.8%
    LIC Bond Fund (Gr) 12.0 0.2% 1.0% 12.9% 13.2%

    (The above table only shows income funds that have risen by over 0.2% in the last week)

    So income funds have outperformed growth funds in a big way. Growth fund investors will not be too pleased with that. Because higher risk entails higher returns, and growth fund investors havenít seen too much of that lately. As the market downslide seems to find no support at current level, its anybodyís guess where the markets are headed. This will give some more reason to growth fund investors to frown.



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