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Shanthi Venkataraman

THE addition of Cipla to the holdings in pharmaceutical stocks, and exit from Gillette and Canara Bank are the main changes in the portfolio of UTI Grandmaster fund in April.

The pharmaceutical sector continues to be the largest holding of the fund, accounting for 13.6 per cent of the total assets. Besides the addition of Cipla to the portfolio, the paring of exposures in the stock of Ranbaxy appears to be the only change within the sector. The fund continues to step up its exposures in the stock of Federal Bank; the fund's holdings in the stock have more than doubled in April.

Exposures in Gujarat Ambuja have been pared by about 40 per cent. There was no change in the exposures to the stock of ACC, the only other cement stock in the portfolio. Consequently, the cement sector, which previously occupied the third slot among the top sector holdings, has given way to the petroleum sector and has slipped to the fourth position.

Another key stock in which holdings have been reduced is Infosys. Exposure to the stock has been cut by about 45 per cent, even as the fund has stepped up its holdings in Satyam Computer significantly. Exposures in stocks such as Thermax and Tata Power remained relatively unchanged.

Fund Facts: The fund was launched in April 1993. The size of the fund is Rs 42 crore. The minimum investment amount is Rs 5,000. The entry load is at 2 per cent. There is no exit load in the case of investments made after September 1, 2003. For investments made prior to the date, there would be an exit load of 2 per cent. The fund manager is Mr Vinay Kulkarni.

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