Financial Daily from THE HINDU group of publications
Sunday, Apr 11, 2004
Financial Daily from THE HINDU group of publications Sunday, Apr 11, 2004 |
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Investment World
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Mutual Funds Markets - Mutual Funds UTI Pharma and Healthcare Fund Nath Balakrishnan
A REDUCTION of exposures across all the frontline MNC pharma companies operating in the domestic market marks the only significant change in the portfolio of the UTI Pharma and Healthcare Fund. The constituents of the fund have remained the same compared with the holdings in February.Of the stocks in which exposures have been trimmed, Ranbaxy figures at the top of the list with the fund having offloaded 32,000 shares; in spite of this exercise, Ranbaxy contribution to the fund's net asset value continues to remain the highest. Other stocks in which exposures have been pruned include some of the leading names from the MNC firmament such as GlaxoSmithKline (which announced its legal merger with Burroughs Wellcome last month), Aventis, Merck and Novartis. Among domestic outfits, key stocks in which exposures have been reduced are Wockhardt, Cipla and Dr. Reddy's. In the case of Dr Reddy's, the fund does not appear to have taken a negative view on the court ruling that prohibited the company from launching a version of Pfizer's blockbuster anti-hypertensive drug in the US market, if the quantum in the reduction of holdings is any indication. Stocks in which exposures have remained unchanged include Sun Pharma, Nicholas Piramal, Orchid Chemicals, IPCA, Aurobindo Pharma, Shasun Chemicals, Pfizer, Abbott Labs and Wyeth Lederle. The fund has also participated in the initial public offer of Biocon. Ranbaxy, Cipla, Dr Reddy's, Wockhardt, Pfizer, Sun Pharma, Aventis, GlaxoSmithKline, Nicholas Piramal and IPCA make up the fund's top ten holdings. Total assets under management have declined from Rs 105.7 crore at the end of February to Rs 94.3 crore at the end of March. Launched in May 1999, the fund has returned close to 80 per cent over a one-year period (reckoned as of end February) and 12.7 per cent since inception. The fund, which is managed by Mr.Sanjay Dongre, has a minimum investment amount of Rs 5,000.
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