| FMCG funds fare better than peers | |
| Newswire18 / Mumbai December 02, 2008, 0:21 IST | |
At a time when most equity funds witnessed sharp erosion in their net asset values, fast-moving consumer goods sector-dedicated funds fared better than the rest.
Although FMCG funds posted negative average returns, they were top performers over one-month, three-month, and six-month investment tenures. Over a one-year time frame, pharmaceutical funds were best performers while over two years, banking funds outperformed all categories.
Fund mangers prefer to invest in defensive sectors like FMCG and pharmaceuticals as they are less prone to recession and global uncertainty. Domestic mutual fund industry observed a non-business day Thursday because of the terror attacks in Mumbai, Association of Mutual Funds in India, chairman A P Kurian said.
Decline in equity markets hit returns of equity-oriented balanced funds over a one-year period until November 24.
Principal Mutual Fund is likely to launch a gold exchange traded fund in six months, Rajan Ghotgalkar, country head and managing director, said.
Goldman Sachs Mutual Fund, on November 25, filed offer documents for Goldman Sachs India Money Market Fund, according to Securities and Exchange Board of India.
Taurus Mutual Fund launched Taurus Liquid Plus Fund on November 24, that closed for initial subscription Nov 26, Nazish Ahmed, marketing head, said.
IDFC Mutual Fund said November 24 it may launch IDFC Tax Advantage (ELSS) Fund December 1, according to a fund house official.
DSP BlackRock Mutual Fund garnered around Rs 14 crore through DSP BlackRock FMP-6M-Series-7 during its new fund offer during November 24-25, a fund house official said.
IDFC Mutual Fund garnered close to Rs 15 crore from IDFC Fixed Maturity Plan - Quarterly Series 47, that was open from November 17-20.
Canara Robeco Income Fund, the small-sized medium-term debt plan from Canara Robeco Mutual Fund, was the top-performing scheme over various tenures among all medium-term debt plans.
ICICI Prudential Mutual Fund cut its stake in Ceat to 2.77 per cent after it sold 948,087 shares of the tyre company on November 18, the company informed the National Stock Exchange on November 28.
Morgan Stanley Growth Fund, a close-ended equity fund launched Jan 1994, will become open-ended from January next year.
Talks of Principal Mutual Fund being sold are baseless rumours, and the fund house is open to acquiring any other mutual fund business in the country, Rajan Ghotgalkar, country head and managing director, said on November 26.
Religare Mutual Fund received Securities and Exchange Board of India approval to acquire Lotus India Mutual Fund on November 26.
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