The Hindu Business Line : UTI Grandmaster to take new avatar

THE `Opportunities' bug has bit the country's largest fund house: Twelve years after it was launched, UTI Grandmaster is being re-named UTI Opportunities Fund.

The latter will soon appear with a larger corpus, thanks to some small equity schemes that will be merged into it.

Grandmaster, which currently has a diversified portfolio made up of stocks representing a wide range of sectors, will in its new avatar follow a very active investment strategy, the MF has informed investors.

The proposal to re-name and re-position Grandmaster follows "a lot of thinking" in UTI MF circles, explained Mr A.K. Sridhar, CIO, adding that the move is a continuation of the scheme rationalisation exercise.

The fund house had already brought about certain key changes on this front with the hope of generating greater efficiency and ease of operation, he pointed out.

"When the latest proposal is implemented, each of our equity products will be positioned even more sharply. The idea is to provide investors with an array of truly differentiated funds," Mr Sridhar observed.

Some of the scheme's top holdings (according to the end-February fact sheet) are TCS, SBI, Unitech, Infosys and Pfizer. The main sectors, to which considerable weightage has been provided, are technology, pharma and engineering.

Grandmaster, which has the Sensex as its benchmark index, essentially seeks to invest at least 80 per cent of its assets in equities and equity-related instruments, with the intention of providing long-term capital appreciation. Mr Vinay Kulkarni, who manages the fund, has recently mentioned that the fund will continue to invest in "undervalued growth stocks at appropriate time and level".

He particularly noted that IT outsourcing is expected to be a long-term story - as most IT companies are witnessing strong earnings growth, a momentum that is expected to continue in the foreseeable future. The smaller schemes that will be merged into Grandmaster will inflate its corpus substantially, it is pointed out.

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