CRISIL FundServices, in partnership with CNBC-TV18, yesterday presented the CNBC-TV18 – CRISIL Mutual Fund Awards for outstanding mutual fund performance for the year 2008. Birla Sun Life AMC, with 5 awards and 5 nominations, won the prestigious Mutual Fund House of the Year Award for the second year in a row. Birla Sun Life AMC also won the Debt Mutual Fund House of the Year Award while the Equity Mutual Fund House of the Year Award was awarded to DSP BlackRock AMC. The Most Innovative Fund of the Year honour went to UTI’s Wealth Builder Fund-Series II.
According to Mr. S. Venkataraman, Senior Director - Research, CRISIL, “The awards have grown to be an industry benchmark in evaluating performance of mutual fund schemes in India. The selection for the awards are underpinned by CRISIL FundServices’ robust, unbiased, objective and unique Composite Performance Ranking (CRISIL~CPR) methodology. We have always endeavoured to align the award with the changing profile of the industry and the market environment. Accordingly, this year we have introduced three new categories – Most Innovative Fund of the Year, Debt Mutual Fund House of the Year and Equity Mutual Fund House of the Year.”
Commenting on the trends witnessed in the awards this year, Mr. Krishnan Sitaraman, Head – CRISIL FundServices, said, “The year 2008 was very challenging for equity markets, due to which equity mutual funds too were under tremendous pressure. In this backdrop equity funds which performed relatively better are the ones which focused on the basics of good investing - diversification and investing in stocks with good fundamentals.
Also, equity funds with a large cap focus did better than those primarily investing in mid caps and small caps.”On the debt side, the last few months of 2008 saw interest rates falling, resulting in gilt funds and bond funds giving good returns. CRISIL FundServices’ research reveals that funds which had invested in securities with longer duration and focused on maintaining good credit quality of their portfolios did well. The analysis also revealed that, after a long time, debt funds out-performed equity funds, a trend observed during the equity market downturn from early 2000 after the end of the technology led boom.
The Award function held in Mumbai was attended by leaders from various fund houses, luminaries from India's financial services sector including senior regulators, bankers, distributors and analysts.
According to Mr. S. Venkataraman, Senior Director - Research, CRISIL, “The awards have grown to be an industry benchmark in evaluating performance of mutual fund schemes in India. The selection for the awards are underpinned by CRISIL FundServices’ robust, unbiased, objective and unique Composite Performance Ranking (CRISIL~CPR) methodology. We have always endeavoured to align the award with the changing profile of the industry and the market environment. Accordingly, this year we have introduced three new categories – Most Innovative Fund of the Year, Debt Mutual Fund House of the Year and Equity Mutual Fund House of the Year.”
Commenting on the trends witnessed in the awards this year, Mr. Krishnan Sitaraman, Head – CRISIL FundServices, said, “The year 2008 was very challenging for equity markets, due to which equity mutual funds too were under tremendous pressure. In this backdrop equity funds which performed relatively better are the ones which focused on the basics of good investing - diversification and investing in stocks with good fundamentals.
Also, equity funds with a large cap focus did better than those primarily investing in mid caps and small caps.”On the debt side, the last few months of 2008 saw interest rates falling, resulting in gilt funds and bond funds giving good returns. CRISIL FundServices’ research reveals that funds which had invested in securities with longer duration and focused on maintaining good credit quality of their portfolios did well. The analysis also revealed that, after a long time, debt funds out-performed equity funds, a trend observed during the equity market downturn from early 2000 after the end of the technology led boom.
The Award function held in Mumbai was attended by leaders from various fund houses, luminaries from India's financial services sector including senior regulators, bankers, distributors and analysts.
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