Financial Daily from THE HINDU group of publications
Sunday, Jan 19, 2003
Financial Daily from THE HINDU group of publications Sunday, Jan 19, 2003 |
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Investment World
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Mutual Funds Markets - Mutual Funds HDFC Tax Plan: Invest S. Vaidya Nathan
FRESH investments can be considered in HDFC Tax Plan 2000 as the fund has had a fairly good track record since launch. It has performed well in more recent time periods as well. The fund has benefited from a sharp focus on mid-cap stocks, though this does enhance the risk element. It may be appropriate for investors comfortable with a high-risk profile. Investments in the scheme are eligible for the 15 per cent rebate under Section 88 of the Income-Tax Act. Investors can opt for the Growth Option. The fund has adopted an aggressive and offbeat stock selection strategy that has paid off so far. But in the past two months, the portfolio has remained largely unchanged. The portfolio turnover ratio in the past two months has been less than 20 per cent. The following changes were made in November 2002: Stocks in: MICO and Clariant — two more mid-cap stocks — were added. Stocks out: The fund cut exposures fully in the Merck stock. Enhanced exposures: It increased its holdings in Berger Paints, Union Bank of India and Siemens India. Pared exposures: The fund virtually refrained from any selling barring the dropping of Merck from the portfolio. Top ten holdings: Alfa Laval, Ucal Fuel, Sundram Fasteners, Atlas Copco, Syndicate Bank, Container Corporation of India, Satyam Computers, Vesuvius India, State Bank of India and Siemens. Sector allocations: Exposures in the pharma sector were cut while the cash position, banks and auto sectors have been enhanced. Fund flows: With a 9.5 per cent rise in net assets and 4.3 per cent in NAV, the fund has had modest inflows. It is a small fund with an asset base of Rs 5.6 crore. Fund facts: HDFC Tax Plan 2000 was launched in January 2000. This is an open-end tax savings scheme with Dividend and Growth Options. The fund had paid a 12 per cent dividend in March 2002. The minimum investment amount is Rs 500. There is an entry load of 2 per cent.
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