"Debt funds were in the limelight as global factors, along with local inflationary concerns, led to equities taking a hit. Gilt funds assets recorded the highest growth by about 43 per cent over the three months ended March 2008," Crisil FundServices head Krishnan Sitaraman said.
A subdued equity market and corporate advance tax outflows in March saw average mutual fund industry assets under management (AUMs) at the end of the quarter at Rs 5.38 trillion, a decline of 2.54 per cent over the three-month period, the report said.
The average AUM of the industry had reached an all-time high of Rs 5.75 trillion in January 2008 due to robust performance of equity markets in the beginning of the quarter.
According to Crisil Composite Performance Rankings (CRISIL-CPR) of 305 mutual fund schemes across 18 categories for the quarter ended March 31, in the large-cap-oriented equity schemes category, DWS Alpha Equity Fund continued at