PruICICI Income Plan ranked among 5 best Asia performers

Mumbai: Prudential ICICI AMC, India's largest private sector mutual fund, has transcended borders and is rubbing shoulders with Asia's best-managed funds.

In the recently announced survey of the 5 Best and Worst performing funds focused on Asia across 15 geographic categories by Lipper Asia (a Reuters company that tracks mutual funds), PruICICI Flexible Income Plan has featured among the 5 Best performers.

Says Prudential ICICI AMC chief investment officer Dileep Madgavkar: "We are delighted to see our Flexible Income Plan among the top performing funds. The Plan has been an innovative product idea, launched during a time when volatility became a regular feature in the Indian debt markets. Its ability to expand and shrink portfolio durations gives us the flexibility to ride on the volatilities that are now inherent in the debt markets."

An excellent example of proactive fund management philosophy, PruICICI Flexible Income Plan reduced the maturity from 13 years to close to three years post the recent announcement of the Monetary and Credit Policy, thus the PruICICI Flexible Income Plan stood to further benefit from the subsequent volatilities that the debt markets faced.

Lipper's data is ranked by percentage return based on March 2003 performances over February 2003. A separate column showing the performance during 2002 is also categorised along with the annual compounded returns for three years to the end of 2002 and five years to the end of 2002. PruICICI Flexible Income Plan has a corpus of around Rs 587.77 crore ($124.08 million) as on 31 March 2003.