Canbank MF outperforms BSE

It says that the restructuring exercise initiated by the fund paid rich dividends will all the fifteen schemes of the fund outperforming the benchmark Sensex. For the year ended March 1999, of the 15 schemes five schemes registered a growth of more than 20 per cent, while ten schemes registered more than 10 per cent growth as compared to the relative change of negative four per cent in the BSE Sensex, for the same period ended March 1999.

During the year, the fund maintained income distribution of 12.50 per cent in the Cancigo scheme and 12.25 per cent inCangilt scheme. The fund has also declared a maiden income distribution of 6.5 per cent in the open ended Canpremium scheme. In addition to the existing open-ended schemes Canganga and Canpremium, the mutual fund plans to convert three more growth schemes into open-ended schemes by May 1999.

Canbonus scheme would be the first growth scheme to be converted into an open-ended fund from May 3. Adjusting the two bonus issues, the NAV of the scheme works out to Rs 16.27 on March 31, 1999. The scheme will be offering repurchase facility at NAV price itself without any exit load.