UTI Mutual Fund topped the tally of CRICIL Fund Rank 1 schemes with 7 of its funds in the top cluster as per the latest Crisil Mutual Fund Rankings for the quarter ended March 2013. This was followed by SBI Mutual Fund with 6 funds. The rankings saw 46 out of 470 funds in the top cluster followed by 93 funds in the second cluster.
The 7 top cluster schemes from UTI MF include UTI India Lifestyle Fund, UTI MNC Fund, UTI Dividend Yield Fund, UTI Equity Fund, UTI Opportunities Fund and UTI Bond Fund. UTI MF has remained without a chief executive for more than 2 years now.
The CRISIL Research report also makes a mention of category returns. With negative returns of 5.3 %, large-cap oriented equity funds underperformed its benchmark CNX Nifty index, which gave negative returns of 3.7 %. Diversified equity funds (-6.9 %) also underperformed its benchmark CNX 500 index (6.43 %). Small and Mid-cap funds (-10.1 %), on the other hand, outperformed their benchmark
CNX Midcap index, giving negative returns of about 13 %. In the debt segment, all categories except for Long - Term Gilt Funds outperformed their respective benchmark indices.
According to CRISIL Research, top-ranked funds from large cap, diversified and small and mid-cap categories beat their benchmarks on the back of allocations in information technology (IT), telecom and fast-moving consumer goods (FMCG).
On the other hand, lower-ranked funds had a higher exposure to banks, construction, capital goods & metals that gave negative returns.
Within debt categories, gilt funds were the top performers during the quarter, followed by income funds. The performance was primarily on account of fall in interest rates. Bond prices and yields move in opposite directions and hence fall in interest rates benefits long-term debt oriented funds.
The RBI cut the repo rate by 0.25% points each on January 29 and March 19, 2013. This resulted in a fall in the 10-year government bond yield from 8.05 % to 7.95 % over the quarter. The RBI also cut the cash reserve ratio (CRR) by 0.25% points on January 29, 2013.
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