Infotech Funds Outperform Sensex

Twenty-five schemes having huge exposure in information technology stocks outperformed the Bombay Stock Exchange Sensex by a wide margin. Equity-oriented funds taken up for the study, clocked an average return of 12.1 per cent between August 4 and August 25, while the Sensex rose 5.1 per cent.

SBI Magnum IT fund topped the gainers list a hefty return of 24 per cent. The scheme has large exposure in front-line infotech stocks such as Infosys Technologies, Satyam Computer and SSI. The three stocks have reported an appreciation of over 30 per cent since August 4. ING Growth Fund, which has over 50 per cent exposure in IT stocks, ranked second in gainers list with NAV appreciation of 21.7 per cent.

 

Chola Freedom, ranked third, clocked 20 per cent growth in NAV. Kothari Pioneer Info Fund, ranked fourth, registered NAV growth of 18.8 per cent. SBI Magnum Taxgain '93 saw 18.7 per cent, Canexpo 17.1 per cent, Alliance Tax relief 16.9 per cent, Canpep 16.8 per cent, Birla Advantage and Birla equity plan 16.7 per cent each were in the top of the order of the gainers list.