The Hindu Business Line : US-95: Well-balanced

INVESTORS can hold their exposures in the US-95, a balanced fund of UTI Mutual Fund. Its track record across different time periods has been fairly good. The fund has maintained exposures in the 53 per cent to 60 per cent range.

The equity and debt components of the portfolio have been actively managed. The fund has generated returns of about 28 per cent over the past one year. The returns of the income and growth option have been 16.3 per cent and 4.1 per cent respectively since launch in 1995.

Stocks in: Zee Telefilms, Procter & Gamble Hygiene, Grasim, Tata Power, Digital GlobalSoft, MRF, Gabriel India, HDFC, Cummins India and UTI Bank.

Enhanced exposures: Madras Cements, Reliance Industries, Ingersoll Rand, Larsen & Toubro, Tata Motors, Voltas and Elgi Equipments.

Stocks out: ABB, Canara Bank, Dr Reddy's Labs, Goodlass Nerolac Paints, National Aluminium, Oriental Bank of Commerce and Siemens India.

Pared exposures: Financial Technologies, Ashok Leyland, Bata India, Bharat Forge, Hindustan Petroleum (HPCL), Bajaj Auto, Bharat Electronics, ITC, Bharat Petroleum (BPCL), U B, Ranbaxy Labs, Indian Oil and Lakshmi Auto Components.

Top ten holdings: Madras Cements, Tata Motors, Wyeth Lederle, Larsen & Toubro, Elgi Equipments, Sundram Fasteners, Essel Propack, MICO, GAIL and MRF.

Fund flows: In September, there has only been a modest increase of 3.6 per cent in the net assets, despite the rally in equity prices. Net assets at the end of September were about Rs 225 crore.

Asset allocation: Exposure to equities has been stepped up by 1.5 percentage points to about 60 per cent. Holdings of corporate bonds have slipped by less than a percentage point to 23.6 per cent.

The fund has increased its holdings of government securities by five percentage points to 13.2 per cent even as cash and cash equivalents have decline by a like quantum.

S. Vaidya Nathan

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