Rankings stable despite volatility

CRISIL-CPR (QUARTERLY) RANKINGS OF MUTUAL FUND SCHEMES FOR JUNE '05

Steady performance of income schemes continued in the first quarter.

CRISIL FundServices' Composite Performance Ranking (CRISIL-CPR) for the quarter ended June 2005 covered 169 schemes across nine categories covering 61 per cent of the mutual fund industry's assets under management.

The CRISIL-CPR serves as a guide to fund investors in terms of asset allocations and in picking the best performing schemes.

After the consolidation witnessed during the first quarter of 2005, stock markets moved up sharply in the second quarter.

The steady performance of income schemes witnessed in the first quarter continued during the course of the quarter ended June 2005.

The bond market discounted and eventually absorbed volatility in global crude prices, a round of domestic auto-fuel price hikes and the hike in the US interest rates.

In the equity diversified category, 47 schemes were ranked on CRISIL-CPR parameters.

DSP Merrill Lynch Equity Fund, Reliance Growth Fund, SBI Magnum Industry Umbrella-Contra Fund, Sundaram Select Midcap and SBI Magnum Global Fund are at CRISIL-CPR 1. CRISIL-CPR 1 indicates "Very Good Performance" among the peers.

In the Equity-Linked Savings Schemes (ELSS) category, SBI Magnum Tax Gain Scheme 1993 tops the chart at CRISIL-CPR 1. In the income category, Principal Income Fund and UTI Bond Fund were at CRISIL-CPR 1. Among debt-short term schemes, Reliance Short Term Fund has moved up the rankings to end the quarter at CRISIL-CPR 1.

In the liquid category, HDFC Cash Management Fund - Savings Plan and UTI Liquid Cash Plan retained their CRISIL-CPR 1 ranks. J M Floater Fund - Short Term Plan and HDFC Floating Rate Income Fund - Short Term Plan topped the floating-rate schemes category at CRISIL-CPR 1.

In the gilt-long category, Templeton India G-Sec Fund - Long Term Plan retained its CRISIL-CPR 1 rank.