TAILIEUCHUNG - CRISIL Mutual Fund Ranking

Apart from banking regulation, more general legislative aspects, both in relation to micro-lenders and micro-borrowers, have a bearing on the development of microfinance in a given country. This is the case with tax laws, legal provisions in relation to self-entrepreneurship, interest rate ceilings, usury rates, etc. The different frameworks are key determinants and have led to a broad variety of institutional forms and business models for microfinance lending in Europe. 6 As a result, there is noticeable diversity in the various types of microfinance providers, like development agencies, micro-banks, banks (incl. savings banks, and cooperative banks), and non-bank financial institutions (we. | RESEARCH CRISI Mutual FundZ Ranking For the quarter ended December 31 2011 CRISIL MutualFundRanking Equity funds stick to defensive bets amidst market volatility Indian equity funds continued to increase their exposure to defensive sectors like pharmaceuticals and consumer non durables during the quarter ended December 2011 amidst the ongoing market volatility. In addition equity funds raised their holdings in the information technology IT sector on the back of increase in earnings prospects for the sector due to sharp depreciation of the rupee against the US dollar. Equity funds however cut their exposure to sectors such as banks which declined on worries of slowing growth and increase in nonperforming assets NPAs . The weak equity trend over the year continued in the latest quarter with the benchmark S P CNX Nifty declining over 6 per cent in the quarter and by 24 per cent in 2011 following weak global and domestic cues. On the global front the Euro Zone debt crisis continued to impact markets while on the domestic front high inflation and interest rates along with lack of policy initiatives from the government added to weak market sentiments. A silver lining was the performance of the fast-moving consumer goods FMCG the pharmaceutical and the IT sectors - the only ones to give positive returns. The CNX IT index was the biggest gainer across sectoral indices up over 8 per cent in the quarter while CNX FMCG and CNX Pharma were up per cent and per cent respectively. The IT sector benefitted from the sharp depreciation of the rupee in recent months which enhanced the earning prospects of the export oriented sector. Further equity funds have continuously increased their exposure to FMCG and pharma sectors over the past four quarters. Historically these defensive sectors limit the downside in returns in falling markets. However these sectors are trading at higher than their historical price to earnings P E ratios. Such a portfolio allocation reflects the .

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