Treading cautiously

FUND PICK: Chola MIP

 

Returns in % as on May 5, 2005

Short-term funds and floating-rate funds lead the table as far as debt fund performances are concerned. 
 

Debt funds Average category returns (%)
	1 month	1 year
Liquid funds	0.4	4.9
Floating-rate funds	0.45	4.89
MIP	0	4.86
Gilt - short term	0.34	2.59
Debt - medium term	0.37	1.19
Income funds	0.18	-0.03
Gilt - long term	-0.14	-1.61

Monthly income plans have also put up a decent show, though returns have slowed down with the equity portion taking a beating in the recent weeks. Long-term gilt funds and income funds continued to suffer.
 

Leaders Monthly Income Plans
	1 month	1 year
HDFC MIP - long term	0.39	7.62
FT India MIP - Plan A	-0.7	6.66
HDFC MIP - short term	0.25	6.57
Prudential ICICI MIP	0.15	6.51
DSP ML Savings Plus - Mod.Fund	0.09	6.18
UTI - MIS - Advantage Fund	0.6	6.13
Reliance MIP	-0.16	5.69
Principal MIP Plus	-0.03	5.67
Kotak Income Plus	0.8	5.41
LIC MIP	-0.19	5.36

Among MIPs, HDFC MIP - long- and short-term plans - was among the top three, along with Franklin Templeton MIP. MIPs with higher equity exposure have outperformed their peers. 
 

Laggards Monthly income plans
	1 month	1 year
UTI Monthly Income Scheme	0.14	2.31
Alliance MIP	0.46	2.82
JM MIP	-0.13	3.05
ING Vysya MIP - Plan B	-0.14	3.29
HSBC MIP - Regular Plan	0.03	3.34
Tata MIP Plus	0.25	3.37
Deutsche MIP Fund - Plan B	-0.24	3.81
SBI Magnum MIP	-0.05	3.89
Birla MIP	-0.19	3.92
Tata Monthly Income Fund	0.37	4.17
Source: www.mutualfundsindia.com

HDFC MIP has an equity exposure of nearly 25 per cent, while other top performing funds like FT India MIP and UTI MIS - Advantage Fund have more than 20 per cent exposure to equities.