MMPS '93, a growth-oriented scheme, is the largest scheme in the SBI Mutual Fund stable. During the initial launch period, the scheme had attracted 19 lakh investors and collected approximately Rs 970 crore. At present, the scheme has 12 lakh investors with a corpus of Rs 450 crore and investible funds amounting to Rs 650 crore.

Initially launched as a close-ended scheme, it went open-ended on April 1, 1998. "The recent conversion of MMPS '93 into an open-ended one was very well-received by investors with 95 per cent opting to stay in the scheme," says SBI MF managing director Naimatullah.

"The improved performance of the scheme is attributed to restructuring and consolidation of the schemes holdings with the top 50holdings accounting for over 90 per cent of the scheme's investments," adds Naimatullah.

The top ten equity holdings of the schemes include HLL, SBI, Hindalco, HDFC, Reliance, Bhel, Punjab Tractors, HPCL, Gujarat Ambuja and Bajaj Auto."We intend to share the capital appreciation under the scheme with investors through periodic dividends," notes Naimatullah.

Another well performing scheme of SBI Mutual Fund is the Magnum Multiplier Scheme 1990 which was launched as a close-ended scheme and went open-ended in January 1, 1998. It has a unit capital of Rs 113.34 crore with three lakh investors and a current corpus of around Rs 100 crore. This scheme has been consistently sharing its appreciation with investors and has, so far, given a cumulative dividend of 85 per cent. The NAV of this scheme stands at Rs 12.05 as on May 5.

Magnum Open Fund 1995 has done a lot of pruning and the current NAV of Rs 11.34 reflects that the new portfolio is sensex-sensitive. Among its top ten scrips are HLL, Reliance, MTNL andHPCL.