September 2007 was an awesome month for Indian equity market. It witnessed one of the fastest bull run wherein the benchmark indices conquered milestones one after the other at breakneck pace.

The BSE Sensex covered the journey from 16000 to 17000 in just six trading day. The Nifty also covered 1000 points journey to 5000 mark in record time of 253 days. So, how have mutual funds been performing in these outstanding bull markets?  

In the equity-diversified category 28 funds out of the 186 funds outperformed both BSE Sensex and NSE Nifty, while 32 funds outperformed the Nifty. The BSE Sensex gained 15.3% during the last one month, and the Nifty gained 15.2%. In the equity tax saving category, five scheme out-performed the broader indices. 

Among diversified schemes, Sundaram S.M.I.L.E Fund (G), Taurus Discovery Fund , Sundaram Equity Multiplier (G)  and Sundaram Select Focus (G) were top performers. However UTI India Lifestyle Fund(G), DBS Chola Global Advantage (G), and Franklin (I) Smaller Co's (G) under-performed the markets by highest margins. 

Mutual Fund - Gainers & Losers

Among equity tax saving schemes, Taurus Libra Tax Shield (up 20.7%), Sundaram Tax Saver (up 18.2%), Escorts Tax Plan (up 16.4%), Birla Tax Relief 96 (up 16.3%), and DWS Tax Saving Fund (up 15.7%) were the out-performers, while JM Equity Tax Saver - Sr I (up 8.4%), HDFC Long Term Advantage (up 9.4%) and ING Tax Saving (up 9.9%) gained the least.