The performance of mutual fund (MF) industry is at its lowest ebb with a large number of open-ended schemes posting negative returns and over 46 per cent of them trading at below par value.
Currently, the industry has more than Rs 93,101 crore of assets under management, which is spread across 35 mutual funds. Of which, Rs 58,285 crore is managed by UTI alone and the balance by private and public MFs.
For the quarter ended May 28, 58 of the 60 open-ended schemes analaysed have posted a negative return. The worst performer is ING Growth Portfolio with a negative return of 34.13 per cent.
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Followed by LIC's Dhansamriddhi (negative 28.56 per cent), Taurus's Starshare (negative 28.20 per cent) and Discovery Stock Fund (negative 25.12 per cent). SBI's Magnum Multiplier Plus Scheme 93, UTI's UGS 5000 and Mastershare 86 are the other schemes that posted negative returns.
Even on a time horizon of 12 months, the scene is no different. Returns on 49 of the 60 schemes analaysed continued to post negative returns. Shriram Interval Fund, with a negative return of 48.08 per cent is the worst performer. Followed by ING Growth Portfolio (negative 47.13 per cent), LIC's Dhansamriddhi (negative 44.11 per cent), Taurus Libra Leap (negative 35.98 per cent) and Birla's Advantage Fund (negative 34.88 per cent).
Close to 50 per cent of the schemes -- 28 of the 60 -- are trading below their par value. Prominent among these scheme are Franklin India Growth, LIC's Dhansamriddhi, GIC's Fortune '94, Indian Banks Ind Navratna, DSP Merrill Lynch Opportunities Fund, JM Equity Fund, ING's Growth Portfolio, SBI's Contra Fund and Magnum Fund.
The schemes that have put up a decent performance includes Alliance Equity Fund, Birla Advantage Fund, Kothari Bluechip, UTI's Masterplus '91, Reliance Vision Fund and Zurich Equity Fund.