Financial Daily from THE HINDU group of publications
Sunday, May 23, 2004
Financial Daily from THE HINDU group of publications Sunday, May 23, 2004 |
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Investment World
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Mutual Funds Markets - Mutual Funds Kotak 30 Nath Balakrishnan
A sharp surge in inflows is the key feature of the Kotak 30 equity fund in April. Compared with assets of about Rs 125 crore at end-March 2004, the corresponding figure at the end of April was Rs 173 crore, a jump of about 40 per cent. The rise in assets has been accompanied by only a 7 per cent rise in the fund's net asset value over the one-month period; this is an indicator of net inflows into the fund in April. In the three-month period between February and April 2004 when the fund's benchmark, the BSE Sensex, gained a rather modest 5 per cent, the NAV of the fund has appreciated by over 13 per cent. The fund's ability to outperform its benchmark when markets were volatile appears to have fuelled inflows in April. The fund's objective is to generate returns by investing in a basket of about 30 stocks. Some of the key changes the fund's portfolio has seen in April include: Stocks in: CMC, Gujarat Ambuja Cement and Cipla are the three stocks that have been added afresh to the fund's portfolio. Stocks out: The fund has completely sold its holdings in Bharat Electronics, Sesa Goa and Power Trading Corporation (in which the entire holdings appears to have been sold as soon as the stock listed at a substantial premium to its initial offer price). Stepped up exposures: Bharti Tele-Ventures, Federal Bank, State Bank of India, M&M, BHEL, ACC and IOC are a few stocks in which the fund's holdings have been ramped up. Pared exposures: Key stocks on which the fund has reduced its holdings include Tata Telecom, HPCL, Grasim and Infosys. Fund facts: Kotak 30 has provided an annualised return of 26 per cent since its launch on December 1998. An entry load of 2 per cent is levied for purchases below Rs 2 crore; for higher purchase amounts, no entry load would be applicable. There is, however, no exit load. The fund, which is managed by Rushabh Sheth, has a minimum investment amount of Rs 5,000.
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