Equity mutual funds slide up to 7% in a week; tech funds lead losses
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Taking Stock
Equity mutual funds lost up to 7% last week, with 613 schemes, including mutual funds and SIFs, ending in the red during the period. Here are the top 15 laggards (Source: ACE MF).
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Market direction
Last week, the BSE Sensex fell 2.36% and the Nifty50 declined 1.91%. Globally, the Hang Seng dropped 1.45% and the Dow Jones slipped 0.42%, while the S&P 500 and Nasdaq gained 0.78% and 1.77%, respectively.
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Tech funds dominate losers
Around 11 technology-focused funds, HDFC Technology Fund, Tata Digital India Fund, Aditya Birla SL Digital India Fund, ICICI Prudential Technology Fund, Kotak Technology Fund, SBI Technology Opportunities Fund, Franklin India Technology Fund, Invesco India Technology Fund, WOC Digital Bharat Fund, LIC MF Technology Fund, and Motilal Oswal Digital India Fund, declined between 3.14% and 7.17% last week.
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HDFC Transportation and Logistics Fund
The transportation-focused HDFC Transportation and Logistics Fund fell 2.96% during the week.
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Quantum ESG Best in Class Strategy Fund
Quantum ESG Best in Class Strategy Fund declined 2.77% over the same period.
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Last two
SBI Quant Fund and UTI Transportation & Logistics Fund posted losses of 2.67% and 2.66%, respectively, last week.
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Other laggards
Another 433 funds delivered negative returns ranging from 0.01% to 2.62%, while around four schemes remained flat.
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Positive performers
About 161 funds delivered positive returns during the week, led by international funds with gains ranging from 0.01% to 4.22%.