Financial Daily from THE HINDU group of publications
Sunday, May 02, 2004
Financial Daily from THE HINDU group of publications Sunday, May 02, 2004 |
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Investment World
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Mutual Funds Markets - Mutual Funds Alliance Basic Industries S. Vaidya Nathan
ENHANCED exposures to the oil, gas & petrochemicals sector and reduced holdings in two-wheeler and banking sector stocks are the prominent changes in the January-March quarter. Alliance Basic Industries has been on of the superior performers over the past 15 months and has a good long-term track record. ONGC, Chennai Petroleum and IPCL have been added to the portfolio, even as holdings in Reliance Industries have been stepped up. There have two small-cap stocks that have been added to the portfolio - PSL Holdings and Alok Industries. The former has recently bagged orders in excess of $100 million and the latter is perceived as one of the better-placed plays in the textile space when quota restrictions are removed from January 1, 2005. In the auto sector, the fund has stepped up its exposures to Maruti Udyog and pared exposures in Tata Motors. The fund appears to have taken a more positive view about the prospects for a pure car-sector play. It has cut its exposures to Bajaj Auto by 25 per cent. Other stocks in which exposures have been cut partially are Jammu & Kashmir Bank, Punjab National Bank and Jindal Iron & Steel. The fund is an early entrant in these three stocks and appears to have booked profits. Stocks from the banking sector now account for 25 per cent of assets. Prominent stocks where the fund has not made any changes are SBI, Hindustan Petroleum, Hindalco, Canara Bank and Container Corporation of India. The asset base has remained flat at about Rs 100 crore. The fund has cut its cash position from 15 per cent to 8 per cent. The top ten stocks in the portfolio are Maruti, Jindal Iron & Steel, Tata Motors, Punjab National Bank, State Bank of India, Jammu & Kashmir Bank, Bajaj Auto, United Phosphorus, Siemens and Canara Bank. Fund Facts: Alliance Basic Industries was launched in early 2000. The minimum amount is Rs 5,000. There is an entry load of 2 per cent. There is no exit load. The fund manager is Mr Dhawal Mehta.
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