Mumbai: Eleven out of the top 15 equity funds globally were Indian during 1997-2007, according to mutual fund tracker Lipper’s latest list.

Apart from this, offshore funds HSBC GIF Indian Equity AD USD and Birla Mutual Fund’s India Advantage that invest in Indian equities also feature among the top 15. HSBC GIF Indian Equity AD USD and Birla Mutual Fund’s India Advantage are funds domiciled in Luxemburg and Mauritius, respectively.

Birla Sun Life Tax Relief ‘96, an equity-linked savings scheme was adjudged the best-performing equity fund in India and ranked third in the world over a 10-year period.

Investments in the scheme with a three-year lock-in period is eligible for tax benefits under section 80C of the Income Tax Act, 1961.

Lipper evaluated the performance of 6,302 equity funds globally. The schemes were required to have a track record of minimum 10 years (December 31, 1997, to December 31 2007). Rankings were based on 10-year annual compounded return for the period ending December 31.

Source : DNA