The Hindu Business Line : <I>Chola Global Advantage </I>

In January 2006, Chola Global Advantage Fund had about 25 stocks in its portfolio and had increased its cash holding between October 2005 and January 2006; about 50 per cent of the net assets are invested in stocks with a market capitalisation of over Rs 2,000 crore.

Satyam Computer Services retained the top slot and accounted for 6 per cent of the fund's net assets. Infosys continued to enjoy the 4 per cent allocation but slipped from the top five holdings of the fund.

Surging order books and improved Q3 results may have prompted the company to increase exposure to the capital goods sector.

Preferred sectors: Industrial capital goods overtook auto ancillaries as the sector with maximum allocation. Thermax, Balkrishna Industries and Crompton Greaves were accumulated.

In the auto ancillary space, MICO made unceremonious exit, while Bharat Forge and Amtek Auto were partially sold. Automotive Axles made a fresh entry.

Pharma stocks underwent some reshuffling. While the fund completely exited Nicholas Piramal and Sun Pharmaceuticals, it bought into Dishman.

Making way: Software appeared to have lost favour. Wipro and Geodesic Information Systems exited the portfolio, while mid-cap software stock Infotech Enterprises was added.

The stock delivered returns of about 40 per cent during the said period.

In the textile space, newly listed stock Celebrity Fashions entered the portfolio while Arvind Mills was sold.

Micro Inks, Dabur India and Tata Metaliks were other stocks that took the exit route.

Positive sentiments in the tea sector may have prompted accumulation of Tata Tea.

Strategy: Chola Global Advantage Fund aims at long term capital appreciation and income distribution.

Its strategy is to invest in Indian companies that have export competitiveness or companies that are expanding their business by foraying into global markets.

Fund facts: The scheme, launched in May 2005, is managed by Mr Tridib Pathak.

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