Sun F&C MF schemes witness heavy redemptions in first half

Jai Kumar NR

New Delhi, Oct 30: Sun F&C Mutual Fund seems to have witnessed heavy redemptions across all its schemes during the first half of the current fiscal. Reflecting the heavy outflows from the mutual fund, the combined unit capital of its seven schemes plunged by Rs 150.59 crore during the half-year period ended September 30, 2001.

The seven schemes include equity-related funds like Sun F&C Value Fund, Sun F&C Balanced Fund, Sun F&C Emerging Technologies Fund and Sun F&C Resurgent India Equity Fund and income schemes like Sun F&C Money Value Fund (both bond and liquid options) and Sun F&C Monthly Income Plan. In line with the sharp decline in unit capital of these schemes, the total assets under management plunged by almost Rs 181 crore according to the unaudited half-yearly results. Schemes like Money Value Fund , Balanced Fund and Emerging Technologies Fund mainly bore the brunt.

The bond fund’s unit capital has fallen by Rs 95.88 crore from Rs 211.51 crore as on March 31, 2001 to Rs 115.63 crore as on September 30, 2001. Thanks to the heavy redemptions in bond fund which was in line with the industry trend, the corpus took a hit of Rs 109.85 crore. While Liquid Option Normal Plan’s unit capital zoomed from Rs 9.1 crore to Rs 22.1 crore, Liquid Option Daily Dividend Plan’s capital fell by Rs 20.08 crore, from Rs 67.6 crore to Rs 47.55 crore.

Equity-related schemes like balanced fund and technology schemes have seen their unit capital shrink by Rs 19.07 crore and Rs 19.8 crore. The balanced fund, which is running a negative reserve of Rs 36.82 crore, has seen its assets fall by Rs 17.43 crore, from Rs 65.96 crore to Rs 46.89 crore. The investor loss in the technology fund is also huge as it is running a negative reserve of Rs 116.94 crore. The current corpus of the scheme at Rs 43.64 crore is way below its current unit capital of Rs 160.59 crore. To top it, assets have also dipped by Rs 19.8 crore during the half-year period.

The other losers include Sun F&C Value Fund (unit capital fall Rs 2.49 crore), Sun F&C Monthly Income Plan (Rs 4.47).