Fund managers of equity schemes are having a wonderful time as these schemes have posted returns higher than the benchmark Bombay Stock Exchange Sensex between April 25 and August 21.

All the 156 equity schemes, for which data is available, reported positive returns ranging between 6.4 per cent to 65.6 per cent.

Nearly 97 equity schemes, accounting for 62 per cent of the total 156, outperformed the Sensex between the period.

During this period, the Sensex gained 40.1 per cent (1171.36 points) whereas these 97 schemes posted returns between 40.7 per cent and 65.6 per cent.

These schemes also out performed the S&P CNX Nifty which appreciated 40.7 per cent (376.65 points).

Twenty five schemes out-performed the two broad-based indices -- the BSE 500 and S&P CNX 500 -- which gained 52.3 per cent and 51.2 per cent respectively in this period.

Of the 97 schemes which outperformed the Sensex, 13 were from the Templeton Mutual Fund stable, followed by 11 schemes of UTI Mutual Fund, nine of HDFC Mutual Fund, six each from the SBI Mutual Fund, Sundaram Mutual Fund and Tata Mutual Fund houses and five each of Birla Sun Life Mutual Fund and Prudential ICICI Mutual Fund.

Prudential ICICI Tax Fund, with a corpus of around Rs 32.25 crore (Rs 322.5 million), emerged as the biggest gainer during the period.

The fund posted the highest return of 65.6 per cent in net asset value (NAV) which grew from Rs 11.86 on April 25 to Rs 19.64 on August 21.

As of July, 2003, the fund had higher exposure to automobile stocks (16.71 per cent of the total NAV), refineries (15.11 per cent), banks (9.17 per cent), information technology (8.94 per cent), metals and mining (8.25 per cent) and pharmaceuticals (8.14 per cent).

The fund's top five holdings include, Trent (7.22 per cent of NAV), Eicher Motors (7.19 per cent), Bongaigaon Refinery (6.33 per cent), IBP (5.86 per cent) and IDBI (4.90 per cent).

Tata Equity Opportunity-B Fund, which posted a 64.4 per cent gain in its NAV, ranked second with its NAV moving up from Rs 7.67 to Rs 12.61.

Sun F&C Resurgent India Equity Fund was the third biggest gainer as its NAV rose 64 per cent from Rs 12.79 to Rs 20.98.

Among other prominent gainers, Reliance Growth Fund reported a 63.5 per cent growth in NAV, Birla Equity Plan (63.4 per cent), Franklin India Prima Fund (63.2 per cent), HDFC Top 200 Fund (60.3 per cent), Taurus Star Share (56.8 per cent), LIC Dhansamriddhi and Tata Pure Equity 56.4 per cent each.

Among the industry major UTI Mutual Fund's equity schemes, UTI Mastergain posted the highest return of 50.2 per cent.

The scheme's NAV rose from Rs 8.98 to Rs 13.49. UTI GSF Service Fund also reported a smart 46.9 per cent growth in its NAV which went up from Rs 12.48 to Rs 18.33.

The fund's other gainers include, UTI GSF Petro Fund (NAV up 46.4 per cent), UTI MEP 1999 (45.1 per cent), UTI MEP 1998 (43.8 per cent), UTI Grand Master (42.9 per cent) and UTI Nifty Index Fund-2000 (42.3 per cent).