Out of the 28 funds, SBI Magnum Income Fund - Growth leads the pack with the highest positive return of 58.71 per cent during the study period. The funds NAV rose from Rs 10.85 to Rs 17.22. The asset of the fund has 50.75 per cent in government securities (G-Secs), 43.99 per cent in non-convertible debentures (NCDs) and 5.26 per cent in the money market and other equivalents.
Among the NCDs, SBI Magnum Income Funds had highest investments in Reliance Industries (5.76 per cent as on December 31,2002). The fund size of the scheme was Rs 1,321.89 crore as on December 31,2002.
IDBI-Principal Income Fund - GP comes second with a positive return of 16.27 per cent as its NAV rose from Rs 12.29 to Rs 14.29. The scheme has highest investment (45.24 per cent) in G-Secs, followed by NCDs of Reliance (4.69 per cent) and ACC (2.48 per cent), among others. The fund size of the scheme was Rs 665.81 crore as on December 31, 2002. The inception date of the scheme was October 25, 2000.
Grindlays Super Saver Income Fund - G and Alliance Income Fund - G came next, registering positive returns of 15.51 per cent and 15.46 per cent, respectively. While NAV of Templeton India Income Fund - G rose from Rs 19.03 to Rs 21.95, Reliance Income Fund - G schemes NAV rose from Rs 16.52 on January 27, 2002, to Rs 18.99 on January 27, 2003, registering a positive return of 14.95 per cent.
The top five, in terms of NAV as on January 27, 2003, are Templeton India Income Fund-G (Rs 21.95), Alliance Income Fund-G (Rs 21.14), Alliance Income Fund-54EA-G (Rs 21.13), Alliance Income Fund-54EB-G (Rs 21.00) and Tata Income Fund-App (90 days) (Rs 20.18). Among them, the highest rise in NAV was witnessed in the case of Alliance Income Fund-G. Out of 28 Income Funds schemes, three schemes NAV declined during the study period.