The Sensex has been at the same levels when compard on Sept-30 of 2006 and Sept-30th of 2008 – 12,454 and 12,860 levels. So neat enough to compare the performance of fund managers ?
Now does this means the fund manager underperformed ? No, Not yet. What has happened is during the course of our SIP investments, we continued to BUY units when the SENSEX was 18,000, 20,000 etc. The carnage in the equity markets was really bad and personally I would have expected the fund manager to anticipate and move towards cash. However, he did not, but held on to Good Companies except ICICI Bank which has led to some under performance.
HSBC Equity Fund is fairly new compared to the other four, but SIP should help one to get comparable returns in the long run as their fund manager is equally smart and experienced.