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Bank-based mutual funds offer 5.43% return to investors in 2024 so far – Market Laggards

Market Laggards
Bank-based mutual funds gave an average return of 5.43% in 2024 so far. There were 18 schemes in the category in the period, according to the data by ACE MF.

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Two schemes offer double-digit returns

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Two schemes offer double-digit returns

​Two schemes have offered double-digit return in 2024 so far. Quant BFSI Fund and SBI Banking & Financial Services Fund gave 19.10% and 10.29% returns, respectively.

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Oldest scheme offer 4.03%

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Oldest scheme offer 4.03%

Nippon India Banking & Financial Services Fund, the oldest scheme in the category, offered 4.03% return in 2024 so far. The scheme was launched in May 2003 and had an AUM of Rs 5,541.71 crore as of April 2024.

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ICICI Pru Banking & Fin Serv Fund

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ICICI Pru Banking & Fin Serv Fund

ICICI Pru Banking & Fin Serv Fund, the largest scheme in the category based on the assets managed, gave 3.85% returns in 2024 so far. The scheme had an AUM of Rs 7,423.84 crore as of April 2024.

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Only one loser
Only one scheme in the category gave a negative return. LIC MF Banking & Financial Services Fund lost 1.06% in 2024 so far.

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Benchmark performance
These schemes are benchmarked against Nifty Financial Services — TRI and S&P BSE BANKEX — TRI. These benchmarks gave 2.94% and 3.71%, respectively, in 2024 so far.

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Looking to invest?
One should refrain from making investment or redemption decisions based on the above exercise. One should always consider risk appetite, investment horizon, and goals before making investment decisions.

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