Balanced funds remain subdued - Views on News from Equitymaster

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Balanced funds remain subdued

Nov 30, 2000

Buoyant markets havenít lifted balanced fund NAVs (net asset values) in a big way. Both the major market indices BSE-30 and S&P CNX Nifty have appreciated by 4% over the week to close at 4,024 and 1,270 (as on 28th November) respectively.

The BSE-30, which crossed the 4,000-point mark this week, has witnessed significant buying in old economy counters viz. ACC, TISCO, TELCO, L&T and BHEL.

Open-ended, Balanced†Schemes NAV
(Rs)
Last
week
Last
month
Last
year
Since
inception
BSE-30 - 4.2% 9.0% -15.3% -
S&P CNX Nifty - 4.0% 7.6% -8.7% -
CRISIL-500 - 4.0% 9.0% -12.4% -
Dhanavikas (1) 8.2 2.9% 9.0% -21.9% -2.5%
K P Balanced (Gr) 8.4 2.2% 5.4% 0.0% -21.2%
Sundaram Balanced Fund (Gr) 9.7 2.0% 5.3% 0.0% -4.3%
Cantriple 19.8 2.0% 8.1% -9.0% 5.4%
Zurich(I) Prudence (Gr) 19.8 1.5% 6.7% -3.3% 16.3%
DSP ML Balanced (Gr) 10.7 1.3% 5.7% -7.1% 4.8%
Unit Scheme-1995 (Gr) 190.2 1.1% 3.1% 39.0% 21.7%
HDFC Balanced Fund (Gr) 10.0 1.0% 2.8% 0.0% 1.0%
JM Balanced Fund (Gr) 15.9 0.8% 2.6% 1.5% 9.2%
Sun F&C Balanced (Gr) 8.0 0.8% 6.5% 0.0% -24.9%
Tata Young Citizens 10.5 0.7% 2.7% 0.3% 17.0%

However, balanced funds were unable to take the advantage of the buying in old economy. Most of the balanced funds have underperformed the markets. The equity portion of most balanced fund ranges from about 60-65%, with fixed income securities (gilts, corporate debt) accounting for the balance. TMT (technology, media, telecom) continues to hog the lionís share of the equity portion with old economy stocks relegated to the sidelines. As old economy stocks are in the limelight for the past few days, tech-heavy balanced funds were unable to ride home the advantage.

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