Sharekhan's top equity fund picks: Sharekhan Mutual Funds Report dated October 10, 2006

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Sunil

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Oct 10, 2006, 11:23:53 PM10/10/06

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Mutual Gains

[October 10, 2006] Please see the attachment for details

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Summary of Contents

MUTUAL GAINS

Sharekhan's top equity fund picks

We have identified the best equity-oriented schemes available in the market today based on the following parameters: the past performance as indicated by the returns, the Sharpe ratio and Fama (net selectivity).

The past performance is measured by the returns generated by the scheme. Sharpe indicates risk-adjusted returns, giving the returns earned in excess of the risk-free rate for each unit of the risk taken.

FAMA measures the returns generated through selectivity, ie the returns generated because of the fund manager's ability to pick the right stocks. A higher value of net selectivity is always preferred as it reflects the stock picking ability of the fund manager.

Regards,
The Sharekhan Research Team

myac...@sharekhan.com

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