With the slide in equity markets escalating, diversified growth funds are reeling from the shock and are witnessing their net asset values (NAVs) take a tumble.

Open-ended, Growth Schemes	NAV (Rs)	Last week	Last month	Last year	Since inception
BSE - 30		-9.7%	-4.8%	-10.1%	-
S&P CNX Nifty		-8.7%	-3.9%	-4.3%	-
S&P CNX 500		-10.4%	-3.4%	-4.2%	-
Mastergrowth 1993	18.0	-9.0%	-4.6%	-4.2%	9.1%
JM Equity Fund (Gr)	10.8	-9.1%	-4.3%	-15.5%	2.1%
Alliance Equity Fund (Gr)	37.1	-9.1%	-0.2%	44.5%	87.5%
Taurus Starshare	9.0	-9.1%	-3.3%	-1.4%	-2.6%
DSP ML Equity Fund	17.5	-9.5%	-5.3%	-5.8%	26.3%
Birla Advantage Fund	38.7	-9.7%	-6.1%	18.4%	33.8%
Libra Leap	19.3	-9.9%	-4.5%	25.3%	31.3%
Sun F & C Value (Gr)	20.5	-10.1%	-5.5%	-3.3%	29.1%
IL&FS Gr & Val (Gr)	13.3	-10.9%	-6.8%	0.0%	9.4%
Sun F&C Emerg Tech (Gr)	6.3	-11.6%	-6.4%	0.0%	-27.0%
Magnum Global Fund	11.2	-12.3%	-4.3%	-12.1%	4.1%
Magnum Equity Fund	14.7	-13.6%	-0.2%	7.3%	15.7%
ING Growth (Gr)	17.5	-13.7%	-7.1%	32.5%	52.7%
Zurich(I) Capital Builder	10.7	-17.8%	-16.9%	-23.7%	2.0%
Zurich (I) Top 200(Gr)	13.0	-20.4%	-17.9%	-30.5%	12.5%

The table above tells everything. Most of the funds in our sample have underperformed all the benchmark indices, which is a testimony to how difficult fund managers have found coping with falling stock prices subsequent to the crude shock.

As is the case with every rise and slide these days, software stocks have been in the limelight. And as most diversified growth funds are heavily biased towards software, their NAVs have drifted downwards¦and fast.

However subsequent to the fall in prices, software stocks are attractively places as far as valuations are concerned, and this could trigger some buying interest. Another trigger could be in the form of quarterly results, which software companies will be announcing by the first week October.

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