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Banking sector funds have given an average return of 54.40 per cent over the past one year, according to Value Research. After this run-up, investors should not over-allocate to these funds, expecting similar returns in the near future.
A large part of these returns can be attributed to the base effect. “Between January and February last year, the markets had corrected, which is why you are getting an average return of 54 per cent. If you change the base to January 1 of last year, the return will be lower,” says Amit Premchandani, fund manager, UTI Banking Sector Fund.
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