But for how long? That would depend a lot on how the markets oscillate in the coming months. But for the time being, fund houses will not want to be bothered about such irrelevant details.

Diversified growth funds picked up some steam last week on the back of a surge in IT stocks. This is also the reason IT funds witnessed a rise in net asset values (NAVs).

Open-ended, Growth Funds	NAV (Rs)	Last week	Last month	Last year	Since inception
BSE - 30	-	5.8%	3.3%	14.5%	-
S&P CNX - 50	-	5.3%	5.3%	20.4%	-
CRISIL 500	-	5.0%	0.0%	12.6%	-
Canexpo	17.9	4.7%	-13.2%	22.6%	11.8%
Birla Advantage Fund	37.3	2.5%	-13.8%	42.3%	33.6%
Grandmaster 1993	9.6	2.1%	-8.5%	-24.7%	-1.6%
ING Growth (Gr)	16.5	2.0%	-15.5%	44.2%	51.4%
Zurich(I) Equity (Gr)	18.9	1.7%	-13.6%	15.1%	13.2%
IL&FS Gr & Val (Gr)	12.9	1.4%	-18.8%	0.0%	6.7%
IDBI Equity Fund (Gr)	10.6	1.4%	-12.3%	-5.4%	2.3%
K P Bluechip (Gr)	22.2	1.2%	-12.3%	41.9%	29.5%
Mastergrowth 1993	18.0	1.1%	-15.0%	2.2%	9.2%
Templeton Growth Fund	12.4	0.7%	-10.1%	33.2%	8.8%
K 30	17.9	0.7%	-13.5%	23.2%	39.0%
GIC Growth Plus II	15.8	0.6%	-16.1%	39.8%	8.9%
K P Prima Plus (Gr)	21.9	0.5%	-10.6%	25.8%	16.3%
Mastershare Plus 1991	21.6	0.4%	-13.0%	-12.5%	4.8%
Zurich (I) Top 200	15.2	0.2%	-11.2%	-13.5%	17.4%
Sun F&C Emerg Tech (Gr)	6.3	0.2%	-13.4%	0.0%	-26.1%
Alliance Equity Fund (Gr)	34.0	0.1%	-13.7%	67.7%	85.9%
Pru ICICI Growth (Gr)	20.7	0.0%	-15.2%	21.0%	40.2%
GIC Fortune 1994	6.4	0.0%	-6.8%	-12.5%	-6.8%
GIC D'MAT	8.1	0.0%	-10.6%	0.0%	-29.7%
Libra Leap	19.2	-0.1%	-7.3%	49.0%	32.3%
Sun F & C Value (Gr)	20.4	-0.2%	-15.5%	5.8%	29.9%
DSP ML Equity Fund	17.6	-0.3%	-15.8%	-0.8%	27.5%
Mastergain 1992	11.0	-0.4%	-13.0%	-10.4%	2.8%
JM Equity Fund (Gr)	10.5	-0.5%	-13.7%	-12.9%	1.5%
Franklin India (Gr)	7.0	-0.6%	-12.1%	0.0%	-32.1%
DSP ML Opportunities (Gr)	8.5	-0.7%	-17.6%	0.0%	-3.6%
Tata Pure Equity	12.5	-0.7%	-16.3%	30.8%	45.5%
K P Prima Fund (Gr)	21.0	-0.8%	-5.9%	9.5%	11.7%
Boinanza Exclusive Gr	7.2	-0.8%	-8.3%	-21.8%	-3.4%
Canbonus	9.8	-0.9%	-13.3%	-20.9%	2.2%
Magnum Global Fund	10.7	-1.0%	-17.8%	-2.6%	3.2%
K MNC	10.1	-1.1%	-4.2%	0.0%	7.7%
Zurich(I) Capital Builder	12.7	-1.3%	-8.3%	-7.1%	4.7%
Birla MNC Fund (Gr)	30.7	-1.5%	-5.9%	67.9%	21.3%
Taurus Starshare	8.9	-1.9%	-11.5%	9.9%	-2.9%
Sundaram Growth	13.1	-2.3%	-13.2%	7.8%	21.3%
UGS 10000	11.1	-2.4%	-9.4%	-17.8%	6.3%
Magnum Multiplier Plus 1993	18.1	-2.5%	-18.4%	6.6%	9.8%
Reliance Vision Fund	19.1	-2.8%	-9.0%	22.6%	14.0%
Primary Equity Fund	14.9	-2.9%	-12.7%	0.3%	7.8%
Magnum Equity Fund	13.0	-3.1%	-20.9%	14.8%	14.5%

It is yet uncertain how much one can read into this performance. And as the table indicates, not all growth funds have benefited equally from the rise in IT stocks. It is therefore safe to assume that those that have benefited have higher IT allocations.

The relief to growth funds is of a temporary nature, which can be gauged from the returns over the last month, which are still very much in negative territory. Even fund managers seem to believe that the market as it stands currently is a trading one, with little focus. So while there is relief for growth funds at the moment, this could turn to desperation the next time you read an update on personalfn.com.

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