According to the year-end March 31, 1999 report from the mutual fund, the restructuring exercise initiated by the fund paid rich dividends with all the fifteen schemes of the fund outperforming the benchmark Sensex. Year ended March 1999, the fund had Rs 1,777 crore of assets under its management with nearly eight lakh investors. According to a press release from the company, the top 100 scrips of the fund account for around 99 per cent of the total market value of the equities.

During the year to March 1999, of the fifteen schemes, five schemes of the fund registered a growth of more than 20 per cent, while 10 schemes registered more than 10 per cent growth as compared to the relativechange of negative four per cent in the BSE Sensex, for the same period under consideration.

During the year, the fund maintained income distribution of 12.50 per cent in the Cancigo scheme and 12.25 per cent in Cangilt scheme.

The fund has also declared a maiden income distribution of 6.5 per cent in the open ended Canpremium scheme. In addition to the existing open-ended schemes, Canganga and Canpremium, the mutual fund plans to convert three more growth schemes into open-ended schemes by May 1999.

Canbonus scheme would be the first growth scheme to be converted into an open-ended fund from May 3. Adjusting the two bonus issues, the NAV of the scheme works out to Rs 16.27 on March 31, 1999. The scheme will be offering repurchase facility at NAV price itself without any exit load. According to the company communique, the scheme grew by 8.50 per cent during the year.

Canexpo scheme, the first sectoral scheme to be launched in the country, envisages investment in companies with large export earnings.This scheme is now being converted into open-ended scheme from May 15. The scheme is invested in current favourites like the FMCG, Pharma and information technology sectors.

Canpep '93, the tax saving-cum-growth scheme launched in 1993, is being converted into an open-ended scheme from May 15. This scheme offers tax benefits under Sec 88 of the IT Act. According to the AMC this scheme has made three income distributions, aggregating to 41.5 per cent and the present NAV is Rs 15.07 as on March 31.