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S. Vaidya Nathan

INVESTORS, especially in the growth option, can consider cutting exposures partially in the Sundaram Mid-Cap Fund to lock into the gains of about 60 per cent in the NAV over the past year. The fund has capitalised on the sizeable re-rating of mid-cap stocks.

The fund has an aggressive strategy that tends to border on momentum investing. Such an approach, while delivering good returns when the markets are on an uptrend, can magnify downside risks.

Stocks in: Jubilant Organosys, Wockhardt, Godrej Consumer, Marico, Asea Brown Boveri, Indian Hotels, Aurobindo Pharma. Ashok Leyland, Shree Cement, Bharti Tele-Ventures, Blue Dart, Bongaigaon Refinery, Andhra Bank, Dabur and Rain Calcining were added to the portfolio,

Enhanced exposures: Holdings were stepped up in stocks such as India Nippon Electricals, Bharat Forge, Sundaram Clayton, Cadila Healthcare, Mahindra and Mahindra, Eicher Motors, Oriental Bank of Commerce, Punjab National Bank and SKF Bearings.

Stocks out: The fund cut its exposures in the stocks of SAIL, Canara Bank, Amtek Auto, Glenmark Pharmaceuticals and Aventis Pharma.

Pared exposures: Holdings were trimmed in stocks such as IPCA Labs, Century Textiles and Elgi Equipment,

Top ten: Jindal Iron, Aurobindo Pharma, Eicher, Bharat Forge, Punjab National Bank, Oriental Bank of Commerce, Great Eastern Shipping, Sesa Goa, Matrix Labs and IPCL.

Sector changes: Holdings in the chemicals, pharmaceuticals, bank and oil sectors were enhanced. Metal sector exposures have been trimmed. Cash position was cut by about 10 percentage points.

Fund flows: In August, net assets rose 30 per cent with NAV moving up by just about 16.5 per cent, This indicates sizeable inflows. The fund has an asset base of Rs 29.1 crore.

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