60% equity schemes underperform Sensex

% chg*

9-Mar52- wk high Magnum Taxgain41.5559.41-11.55 JM Equity-G32.3240.58-20.35 LICMF Equity-G18.779423.02-18.42 JM Auto Sector-G19.6323.81-17.56 Franklin India Opp-G22.9427.78-17.42 ABN AMRO Oppor18.47722.19-16.73 UTI Infrastructure-G25.1230.13-16.63 Escorts Growth Fund-G48.797558.30-16.30 Tata Select Equity-G43.152651.52-16.24 Magnum Midcap-G20.3424.22-16.02 * % change over 52-week high of February 2007  The fund houses, however, booked profits during ongoing technical correction with net sales of Rs 1,229 crore in the first five trading days after the Sensex peak.  They were net buyers selectively and between February 15 and 28, they bought Rs 1,157 crore worth securities. The fund houses turned net sellers after the Budget, with net sales Rs 208 crore on March 2, Rs 380 crore on March 7 and Rs 384 crore on March 9.  The biggest losers are auto sector funds, down 16 per cent followed by banking funds (down 14 per cent), tax planning funds (down 12.4 per cent), diversified and index funds (down 12 per cent each). The single digit fall was noticed in technology funds, FMCG funds, pharmaceutical funds and other speciality funds.  The technical correction has affected new funds more than the existing ones as net assets value of most new funds have gone below their offer prices. However, few old funds have also suffered set back with net assets value of a dozen odd funds is currently 20 per cent away from their 52-week lows.  The fund houses that hit most in this correction phase have been Birla Assets management, DSB Chola, Franklin Templeton, HDFC Assets Management, ING Vysya, Kotak Mutual funds, SBI, Sundaram BNP, Tata Assets Management and UTI Mutual funds.  The net assets value of equity schemes managed by these fund houses have declined by over 10 per cent over their peak value in February.