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| UTI Int India becomes the best performer in equity fund |
| Press Trust of India / Dubai Nov 16, 2009, 14:12 IST |
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India focused equity fund, UTI International India IT has become the best performing equity fund for sale in the Gulf Cooperation Council (GCC), gaining almost 46 per cent over the quarter.
A Fund Market Insight report by Lipper said according to the latest figures, twelve of the 20 top-performing equity funds in the region were invested in the emerging markets, particularly India and Russia.
Equity funds registered for sale in the GCC continued the uptrend during the second quarter gaining 16.31 per cent on an average, bringing year-to-date performance to almost 39 per cent.
The report said by the end of September 2009, almost all equity categories listed in the Lipper ended the quarter on a positive note. The report also graded funds which were invested in emerging markets, as the best performers of the quarter.
Equity Indonesia gained 33.74 per cent, Equity Russia increased 32.75 per cent, and Equity Emerging Markets Europe rose 30.21 per cent.
Focusing on funds invested in the GCC, Equity United Arab Emirates recorded the best return, posting a 22.64 per cent quarterly return. During the first half of 2009, conventional funds, gaining 12.87 per cent for third quarter 2009, performed better than Islamic funds.
The report said the situation is mainly ascribable to the lack of Islamic funds invested in emerging markets.
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