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| Sunday, 21 July 2002 |
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| News Business Features Editorial
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Fund management company records 56% growth, beats ASPI Ceybank Unit Trust (CUT) and Ceybank Century Growth Fund (CCGF) have recorded a 56 per cent growth in the financial year 2001/02, said the Unit Trust Management Company Ltd. (UTMCL). The Ceybank Unit Trust has beaten the market (All Share Price Index - ASPI) by a 10.4 per cent margin to lead the unit trust industry in the financial year ended March 31, 2002. The Ceybank Century Growth Fund has beaten the ASPI by a 9.8 per cent margin to lead the growth funds in the country. CUT beat the ASPI by a 7.4 per cent margin in the financial year 2000/01 and by a 10.2 per cent margin in FY 99/00, thus showing consistent performance. The CCGF beat the ASPI by 4.7 per cent in FY 00/01 and 7.8 per cent in FY 99/00. Both funds have paid increased dividends of 0.40 cents per unit to the unit holders. Ceybank Unit Trust became the largest equity-linked unit trust fund in the country while Century Growth Fund is the largest growth fund. According to the management report, the CUT bid price appreciated by 56.22 per cent against the market appreciation of 45.8 per cent, an over-performance of 10.42 per cent during FY 01/02. The company's active investment strategy enabled it to significantly outperform the ASPI during the year. The equity investment changed from 63 per cent of the deposited property to 76 per cent to suit the different market conditions which prevailed during the year. With the restructuring of the equity portfolio, under-performing illiquid stocks were transformed to blue chips. Investment in these shares enabled the fund to perform during market downturns and upturns. "The strategy paid off as the pre-election rally of the market continued with political stability and the announcement of proposed economic reforms," UTMCL said. UTMCL said that it was continuing the restructuring process, recording a capital loss of Rs 42.3 million by selling equity worth Rs 100.6 million as against a loss of Rs 9.6 million in the previous year. As a prudent measure, Rs 0.69 million has been provided in 2001/02 to write off non-performing equities. UTMCL is optimistic about the future especially due to the forecast recovery in the global economy as well as that of Sri Lanka. The major shareholders of UTMCL are Bank of Ceylon, Sri Lanka Insurance Corporation, Carson Cumberbatch and Unit Trust of India. The CEO of UTMCL is Chitra Sathkumara. |
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