A study conducted by equitymaster.com reveals that software funds have faced one of their worst declines in the last week as the NAVs of most software funds have fallen by over 20%.

A sample of the leading software funds in the mutual fund industry reveals that the net asset values (NAVs) of all funds (except Kothari Pioneer Internet Oppor. Fund) fell by 20% or more in the last week. As software funds are languishing with over 1/5th of their NAVs shaved off in just a week, fund managers are wondering whether there will be any takers for software funds at current levels.

Open-ended, IT Schemes	NAV (Rs)	Last week	Last month	Since inception
Alliance New Millennium Fund (Dividend)	9.9	-21.8%	-31.5%	-35.3%
Alliance New Millennium Fund (Growth)	9.8	-21.8%	-31.5%	-35.4%
Birla IT Fund (Growth)	23.4	-20.0%	-27.2%	19.5%
Birla IT Fund (Dividend)	21.4	-20.0%	-27.0%	19.6%
IL&FS eCOM Fund (Dividend)	8.5	-23.3%	-31.7%	-40.3%
IL&FS eCOM Fund (Growth)	8.5	-23.3%	-31.7%	-40.3%
Kothari Pioneer Internet Opport. Fund (Div)	8.7	-8.1%	0.0%	-8.9%
Kothari Pioneer Internet Opport. Fund (Gr)	8.7	-8.1%	0.0%	-8.9%
Kothari Pioneer Infotech Fund (Growth)	34.1	-20.2%	-22.0%	231.0%
Kothari Pioneer Infotech Fund (Dividend)	23.3	-20.2%	-21.6%	232.7%
Prudential ICICI Technology Fund (Dividend)	7.6	-20.5%	-27.3%	-27.3%
Prudential ICICI Technology Fund (Growth)	7.6	-20.5%	-27.3%	-27.3%
Magnum Sector Funds Umbrella - IT Fund	19.6	-26.3%	-30.5%	175.0%
UTI Growth Sector Fund - Software	26.2	-26.0%	-31.9%	106.7%

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