Financial Daily from THE HINDU group of publications
Sunday, Jun 01, 2003
Financial Daily from THE HINDU group of publications Sunday, Jun 01, 2003 |
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Investment World
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Mutual Funds Markets - Mutual Funds Columns - Fund Watch Income funds see large inflows
About 88 per cent of the inflows have moved towards private sector funds. The assets under management at the end of April 2003 were Rs 89,238 crore. Of the assets under management, private sector funds accounted for 72 per cent. 99 per cent of the inflows have gone into income funds - Rs 26806 crore into short term funds and Rs 14234 towards the conventional income funds, Equity funds had a share of less than a percentage point in the total inflows. A similar pattern is evident in the trends in redemption as well. But both the short term and long term funds have had net inflows. 83 per cent of the assets are in income schemes. About 12 per cent of assets is in equity funds. The top five funds are UTI Mutual Fund (Rs 13,532 crore), Prudential ICICI Mutual Fund (Rs 10,623 crore) and HDFC Mutual Fund (Rs 10,782 crore). Birla dividend yield: Birla SunLife Mutual Fund has fixed May 30 as the record date for Birla Dividend Yield Plus. The rate of dividend will be decided by the Trustees subject to the availability of distributable surplus. Templeton MIP: Franklin Templeton India Mutual Fund has announced a dividend of .44 per cent for the Monthly Dividend Plan of Templeton Monthly Income Plan. The dividend is for 28 days and the record date was May 23. PruICICI business day: The definition of a business day has been altered by PruICICI Mutual Fund for its PruICICI Liquid Plan and PruICICI Short Term Plan. This is to enable transactions on Sunday. Fresh investments and redemption requests will be accepted on Saturday. But redemption proceeds will be paid only in the case of an emergency. In PruICICI Income Plan, investors can choose between the dividend payout or the dividend re-investment option. The former will be the default option in case investors do not specifically exercise their choice. Birla Cash Plus: Birla SunLife Mutual Fund has indicated that a dividend would be declared every day for Birla Cash Plus (Retail and Institutional Dividend Plan). The actual payment of dividend and frequency would depend on the availability of distributable surplus. Candiversified: Canbank Mutual Fund is to launch to an equity fund, Candiversified. The fund will be benchmarked against the BSE 200. The fund will focus on large-cap and mid-cap stocks and will invest at least 85 per cent in equities. The fund has filed with the Securities and Exchange Board of India for approval. Canbank Mutual Fund has an asset base of Rs 1,300 crore, predominantly in debt-oriented schemes. US-64 to DRF: The assets of US-64 are to become part of the Development Reserve Fund from May 31. The fund has technically been terminated on this day as the Special Liquidity Package for repurchase has ended. Investors in US-64 have the option of receiving cash or the 6.75 per cent tax-free bond of the Government of India.
BL Research Bureau
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