As many as 24 mutual fund schemes have net asset value (NAV) lower than US-64, the Unit Trust of India's flagship scheme.
The NAV of US-64 is currently pegged at Rs 6. Except for Canglobal, a balanced scheme from the Canbank Mutual Fund house, no other balanced scheme has a NAV below US-64's. Canglobal's NAV stood at Rs 5.01 as of Wednesday, the latest date for which data is available.
The other 23 schemes with NAVs less than US-64 were all equity oriented -- 12 are from the private sector and the rest are from public sector fund houses. However, the 12 private sector schemes manage funds amounting to a mere 6 per cent of the total US-64 corpus.
Technology funds have been the worst hit, with nearly eight such schemes featuring in the list of funds with NAVs lower than US-64's.
Kotak Mahindra Tech Fund managed a corpus of Rs 42.2 crore and had the least NAV at Rs 2.76 as on January 2, 2001.
Pioneer ITI Internet Opportunity Fund had the largest corpus among the 24 schemes at Rs 219.4 crore. The scheme's current NAV is Rs 4.76. Alliance New Millennium, with a corpus more than Rs 200 crore, has an NAV of Rs 4.1. IL&FS ECom Fund has an NAV of Rs 2.84. The scheme has a portfolio holding of Rs 35 crore. Prudential ICICI Tech Fund followed with an NAV of Rs 2.96 and a corpus of Rs 158 crore.
