Financial Daily from THE HINDU group of publications
Monday, Oct 06, 2003
Financial Daily from THE HINDU group of publications Monday, Oct 06, 2003 |
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Investment World
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Mutual Funds Markets - Mutual Funds LIC Dhansamriddhi: Pare exposures Suresh Krishnamurthy
Similar to most equity funds, LIC Dhansamriddhi has also had inflows into the fund in August 2003. The net assets under management increased to Rs 6.55 crore from Rs 4.51 crore at the end of July 2003. However, this has not had any major impact on the cash position. The fund has remained almost fully invested. Interestingly, for such a small fund, Dhamsamriddhi holds a diversified portfolio, with about 27 stocks. More interestingly, the fund did not have any exposure to BPCL and HPCL at the end of August 2003. This should have helped its performance in September 2003. Exposures enhanced: The fund bought into stocks such as Ranbaxy Labs, Amtek Auto, Hindustan Lever, Infosys Technologies, Canara Bank, ONGC and MTNL. It also added to its exposures in Indian Oil Corporation. Exposures pared: The fund reduced its holdings in the stocks of Satyam Computer and Hero Honda. In addition, the weight of stocks such as Larsen & Toubro, Reliance Industries, Oriental Bank of Commerce, Gas Authority and ACC have come down, though the number of stocks held has not changed. Evidently, the fund has opted not to invest fresh inflows in these shares, leading to a reduction in their weight in the portfolio. The top five picks are Ranbaxy Labs, Satyam Computer, Reliance Industries, Maruti Udyog and Larsen & Toubro. The top five account for about 37 per cent of net assets.
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