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Shanthi Venkataraman

THE asset base of Franklin India Bluechip crossed Rs 2,000 crore in September, an increase of more than 80 per cent over the levels a year ago.

An increasing asset base calls for more active portfolio management on the part of the fund manager.

The fund exited the stocks of Dr Reddys and Sun Pharmaceuticals, which were the only pharmaceutical stocks in its portfolio, in September.

UltraTech CemCo was the other stock that was liquidated in September. Exposures to the stock of ICICI Bank were cut by more than 40 per cent. The fund also pared exposures in the stocks of Indian Rayon and HPCL.

It enhanced its exposure to the IT sector, which is the top sector holding, by ramping up its holdings in the stocks of Infosys and Satyam.

The fund also focused on the banking and commodity chemicals sectors, even as it reduced its exposure to the oil sector.

Other stocks in which exposures were enhanced include BPCL and MTNL. The holdings in a good number of stocks, such as Hindalco, Tata Motors, SBI, Asian Paints, Grasim, HCL Tech, TCS, Hero Honda, ONGC, ITC and Tata Steel were, however, unchanged.

Top ten holdings: Hindalco, SBI, Reliance, Grasim, Infosys, Satyam, HCL Tech, BPCL, HPCL and ITC.

Fund facts: The fund was launched in December 1993. It has generated an annual return of more than 25 per cent since its launch and about 45 per cent over the past one year. The minimum investment amount is Rs 5,000. The fund manager is Mr K.N. Siva Subramanian.

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