While cash and banking stocks emerged as major parking slots for equity funds in March 2009, companies in the engineering and capital goods segment were among the biggest losers compared with the deployment of funds in March 2008.
A sector-wise break-up of investment data by Plexus Management Services reveals that in actively managed open-ended equity funds (diversified, mid cap, tax plan, infrastructure, dynamic and theme fund) for March 2009, it is seen that the allocation into cash stands at 14.3 per cent from 7.4 per cent in March 2008.
The movement into cash has also gone up in absolute terms by Rs 1,548 crore in absolute terms even as equity funds as a category lost Rs 51,985 crore over the period.
The exposure of equity funds to engineering and capital goods has gone down from 6.4 per cent to 1.9 per cent, representing an absolute drop of Rs 6,886 crore.
The movement of funds into the banking sector has gone up from 8.2 per cent to 9.6 per cent and follows cash. The chemicals and pharmaceuticals sectors come next.
While the mutual fund industry was down 8 per cent in its assets under management in March 2009 from what it had in March 2008, open-ended equity funds were down by almost 40 per cent. The assets under management for the category has come down from Rs 131,285 crore in March 2008 to Rs 79,300 crore in March 2009.