Sectoral funds investing in technology and pharmaceuticals top the 12-month performance list among all

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equity fund categories with average net asset values (NAVs) rising over 140 per cent, data from Bajaj Capital shows. On the other side, categories such as infrastructure funds, fast-moving consumer goods (FMCG) funds and global funds are the laggards with NAVs gaining just between 82-90 per cent in the past one year.

With NAVs of information technology funds such as SBI Magnum Sector Umbrella — Infotech (176.03 per cent), ICICI Pru Technology (158.75 per cent), DSP BlackRock Technology (151.34 per cent), Franklin Infotech (146.47 per cent) and Birla Sun Life New Millennium (123.83 per cent) giving high returns, the category weighted average stands at 150.40 per cent. This puts tech funds in the first position among all equity funds.

Pharma funds occupy the second rank in the 14-member equity fund category list with Reliance Pharma (166.88 per cent), Franklin Pharma (148.48 per cent), SBI Magnum Sector Umbrella - Pharma (125.74 per cent) and UTI GSF-Pharma & Healthcare (88.90 per cent) delivering solid returns. This puts the category's weighted average return for the past 12 months (ending March 15, 2010) at 148.97 per cent.

Performances of flexi-cap funds (which invest across market capitalisation) such as L&T Multi-Cap, Mirae Asset India Opportunities, Franklin India High Growth Companies and HDFC Premier Multi-Cap have driven this set of funds’ weighted average to 112.25 per cent. Over 32 funds fit into this category.

"Almost all equity funds have given good performance after the stock market touched its low in March 2009. This will have helped most investors recoup losses made last year. If stock market continues to appreciate, this will help new mutual funds investors enter the industry," said Srikanth Meenakshi, director of fundsindia.com, a financial services platform.

Other equity fund categories, which have done well in the past 12 months, are tax-saving funds (109.2 per cent), value funds (108.1 per cent), pure large-cap funds (101.36 per cent), theme funds (95.67 per cent), index funds – the Sensex (92.77 per cent), index funds - Nifty (91.2 per cent) and balanced funds (89.63 per cent).

However, three fund categories don't seem to have done as well as their peers. Infra funds, which have a category weighted average of 82.48 per cent, do not appear to have done greatly because schemes such as JM Agri and Infrastructure, UTI Infrastructure and LICMF Infrastructure dragged the 22-member infra fund club down.

“Consistent bad performance is something to watch out for. But in the 12-month period surveyed, the worst equity fund categories have given extraordinary gains of 80-90 per cent. The next 12 months will be important because stocks will not repeat 2009 performance,” said Swapan Das, a financial planner.

Another category, which lies in the bottom rung of the 12-month performance list is FMCG funds, which has a category weighted average of 87 per cent.