Top 10 equity funds' assets perk up 2.91%

Assets under management of the top 10 equity schemes in June rose 2.91 per cent at Rs 366.52 billion over May, as per data collated by NewsWire18.

In May, the assets had risen 7.85 per cent. The industry's overall assets fell 3.17 per cent at Rs 4.008 trillion in June.

Benchmark Mutual's Banking BeES continued to be the country's largest equity scheme, registering an asset growth of 11.74 per cent, the highest among top 10 funds. 

Scheme	June	May	Change%
Benchmark Bank BeES	65.316	58.455	11.74
HDFC Equity Fund	45.166	44.411	1.7
Reliance Growth Fund	39.239	37.759	3.92
Reliance Equity Fund	36.37	38.005	(-) 4.30
Franklin India Flexi Cap Fund	34.519	34.711	(-) 0.55
Morgan Stanley Growth Fund	32.91	31.81	3.46
Reliance Vision Fund	31.034	29.704	4.48
Fidelity Equity Fund	29.893	28.911	3.4
Reliance Equity Opportunities Fund	26.632	26.677	(-) 0.17
Franklin India Bluechip Fund	25.443	25.73	(-) 1.12
Total	366.521	356.173	2.91

However, the scheme's asset growth was much lower than the almost 50 per cent jump that it witnessed in May. It continued to outperform the CNX Bank Index, which rose 6.57 per cent, month-on-month, in June.

The only change in position in the charts was Reliance Growth Fund moving up a notch to occupy the third slot, displacing Reliance Equity Fund.

While Reliance Growth Fund witnessed an asset growth of 3.92 per cent, fourth-ranked Reliance Equity Fund's assets saw the steepest asset erosion of 4.30 per cent among the rest.

In June, Bombay Stock Exchange's Sensex and National Stock Exchange's Nifty rose 0.66 per cent and 0.52 per cent, respectively.

Despite the rise in key indices, schemes like Reliance Equity Fund, Franklin India Bluechip Fund and Reliance Equity Opportunities Fund failed to shine in June, witnessing a drop in their assets.