The Unit Trust of India services sector fund emerged top of the heap among the 31 state-run funds with a return of 37.4 per cent. They were second best overall behind privately run J.M. Basic Fund, which invests only in petroleum and petrochemical stocks. But all was not well for the Magnum series of funds managed by the State Bank of India funds management. It manages Rs 3,500 crore through eight equity funds which posted negative returns of between 31 and 50 per cent. Still, analysts say that investors should remember that stock market investments are normally for the long haul.
Performance is a medium to long-term measure.