Canbank MF does well

MUMBAI, May 27: Canbank Mutual Fund has performed well during the year 1997-98. Out of seven growth schemes of Canbank MF, four schemes outperformed the benchmark indices, Crisil 500 as well as BSE-Sensex. The Canexpo scheme achieved a growth of 25.76 per cent followed by Canpep 8217;93 scheme with 22.46 per cent.

The income schemes 8212; Cancigo and Cangilt schemes 8212; performed in line with their objectives and distributed income of 12.50 per cent and 12.25 per cent respectively. Both the schemes have built up good reserves with the NAV standing at Rs 1088.99 on face value of Rs 1000 in Cancigo scheme and Rs 11,32,491.55 on the face value of Rs 1,00,000 in Cangilt scheme.

Among the income-cum-growth schemes, Canstar scheme showed an improvement in NAV by nearly 18 per cent while Canstock scheme grew by over 13 per cent. During the year, the fund converted close ended Canpremium scheme to an open ended scheme. The open ended scheme has a corpus of Rs 52.36 crore and attained an NAV of 10.31 as on March31,1998 and achieved an annualised return of nearly 20 per cent. The latest NAV of the scheme as on May 22 stands at Rs 10.56.

The fund has an investor base of nearly nine lakh and an asset base of Rs 1796.15 crore as on March 31, 1998. The total corpus stood at Rs 1548.39 crore.