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Banking Funds outclass in June July 18, 2012
We bring you an update on the Fundsupermart Equity Fund Index (FEFI) performance as well as the best and the worst performing funds on Fundsupermart.com.
Author : iFAST Research Team


 Banking Funds outclass in June

FEFI PERFORMANCE UPDATE

The Sensex and Nifty delivered an impressive performance in June and recovered the losses incurred in the previous two months.  The expectations of a rate cut in the mid-quarter monetary policy review supported the positive performance of equity at the start of the month. While the market was disappointed with the halt in the rate cut, clarity on GAAR and some positive cues from the Euro-zone supported the positive performance. The Sensex started the month at 15965 and closed at 17430 posting an absolute positive return of 7.47%. The foreign institutional investors (FIIs) remained net sellers in June while domestic financial institutions (mutual funds) were net buyer. FEFI began the month with 1,773 points and ended with a gain of 98 points at 1,896, up by 5.47% on a month-on-month basis.

It can be clearly seen from chart 1 that the FEFI has underperformed the Sensex on a monthly basis but manage to outperform on a year-to-date basis.

Chart 1: Comparative performance of FEFI with SENSEX since 31 December 2011

Fefi June 12

 

MARKET UPDATE

Most of the equity indices on the Bombay Stock Exchange (BSE) delivered positive returns for the month of June. The returns from all the indices ranged from 0.12% to 13.71%. The BSE Midcap and Smallcap index underperformed the broader indices like the Sensex and S&P CNX Nifty. The BSE Midcap and Smallcap indices posted returns of 4.16% and 4.35% respectively, whereas Sensex and S&P CNX Nifty gave returns of 7.47% and 7.20% respectively.

The BSE Capital Goods index outperformed, delivering 13.71% on a monthly basis. The interest rate sensitive sectors fared well on the expectation of reversal of interest rate cycle. BSE Consumer Durables was the worst performing sector in June posting returns of 0.12%.

Table 1: FEFI Index levels

  FEFI Year-to-date (%) Month-to-date(%)
31 December 2011 1648.62 - -
31 January 2012 1837.89 11.48 11.48
29 February 2012 1929.56 17.04 4.99
30 March 2012 1922.68 16.62 -0.36
30 April 2012 1902.88 15.42 -1.03
31 May 2012 1797.31 9.02 -5.55
29 June 2012 1895.57 14.98 5.47

 

TOP 5 FUNDS ON FUNDSUPERMART.COM

Banking Funds were the top performers in June. Out of the top 5 slots, 4 were occupied by the Banking Funds. The probable reversal of the interest rate cycle could be the reason for outperformance of banking stocks.

UTI Banking Sector Fund was the top performer in June returning 10.63%.

 

Table 2: Top 5 Equity Funds on Fundsupermart.com in June 2012

 
Category
MTD
YTD
UTI Banking Sector Fund (G)
Banking
10.63%
31.75%
Religare Banking Fund (G)
Banking
9.69%
26.94%
JM Core 11 Fund (G)
Multicap
9.43%
27.61%
Taurus Banking & Financial Services Fund (G)
Banking
9.23%
NA
Sundaram-Select Thematic Funds-Financial Services Opportunities Fund(G)
Banking
9.19%
22.88%

 

BOTTOM 5 FUNDS ON FUNDSUPERMART.COM

Commodity funds have taken a beaten and the bottom five slots were dominated by the Global category. Global funds focused on commodities as well as a China-focussed fund featured here

Table 3: Bottom 5 Equity Funds on Fundsupermart.com in June 2012

 
Category
MTD
YTD
Birla Sun Life Commodity Equity Fund -Global Precious Metals Plan (G)
Global
-2.39%
-12.25%
ING Global Commodities Fund (G)
Global
-0.95%
-6.03%
Mirae Asset China Advantage Fund (G)
Global
-0.53%
5.10%
Birla Sun Life International Equity Fund -A(G)
Global
-0.35%
7.85%
Edelweiss Select Midcap Fund (G)
Mid & Smallcap
0.00%
10.73%

Disclaimer: iFAST and/or its content and research team’s licensed representatives may own or have positions in the mutual funds of any of the Asset Management Company mentioned or referred to in the article, and may from time to time add or dispose of, or be materially interested in any such. This article is not to be construed as an offer or solicitation for the subscription, purchase or sale of any mutual fund. No investment decision should be taken without first viewing a mutual fund's scheme information document including statement of additional information. Any advice herein is made on a general basis and does not take into account the specific investment objectives of the specific person or group of persons. Investors should seek for professional investment, tax, and legal advice before making an investment or any other decision. Past performance and any forecast is not necessarily indicative of the future or likely performance of the mutual fund. The value of mutual funds and the income from them may fall as well as rise. Opinions expressed herein are subject to change without notice. Please read our disclaimer on the website.Please read our disclaimer in the website. Risk Factors: Mutual funds, like securities investments, are subject to market risks and there is no guarantee against loss in the Scheme or that the Scheme’s objectives will be achieved. As with any investment in securities, the NAV of the Units issued under the Scheme can go up or down depending on various factors and forces affecting capital markets. Past performance of the Sponsor/the AMC/the Mutual Fund does not indicate the future performance of the Scheme. The name of the Scheme does not in any manner indicate the quality of the Scheme, its future prospects or returns. Please read the Statement of Additional Information and Scheme Information Document carefully before investing.



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