Business Daily from THE HINDU group of publications
Sunday, Aug 20, 2006
Business Daily from THE HINDU group of publications Sunday, Aug 20, 2006 |
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Investment World
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Mutual Funds Markets - Mutual Funds Columns - Portfolio Moves Suresh Parthasarathy
Birla Advantage Fund aims to achieve long-term growth of capital, at relatively moderate levels of risk through diversified investment. In extremely volatile market conditions, the fund will reduce the exposure to equity to below 70 per cent and increase asset allocation to debt. We take a look at the churn in its portfolio between April 2006 and July 2006.The net assets are down along with the market by 23 per cent during the period and the assets under management are Rs 425 crore. The fund has 31 stocks, the top ten accounting for 48 per cent of the portfolio Sectors: The fund has pruned exposures in sectors such as capital goods, cement, consumer non-durables, pharmaceuticals and hotels. In the same period it stepped up holdings in software, banks and telecom services. Exposure to stocks such as Larsen & Toubro and BHEL were pared while the fund exhibited interest in Siemens and stepped up its exposure by close to 150 per cent from its past quarter holdings. In the cement space, the fund booked profit in Associated Cement Companies and Grasim Industries and completely exited from unlisted stock, Dharti Dredging & Construction. Pharma stocks under-performed the market over the past year. GlaxoSmithKline Pharma, Pfizer were pruned and the fund also sold 50 per cent of its holdings in Aventis Pharma. Ferrous metals lost fancy, with the fund trimming 40 per cent of its holdings in Tata Steel. Construction stocks, which zoomed to dizzy heights in the recent bull-run, appear to have lost favour. Gammon India and Nagarjuna Construction were pared.
Software stocks were re-rated on back of good guidance from Infosys Technologies. The fund stepped up holdings in the stock and it retained the top slot in the portfolio. Exposure to Satyam Computers and TCS were enhanced. Banking, the under-performer for the past year, shot back into the limelight on the back of the recent hike in interest rates. The fund took interest in the sector and increased exposure. State Bank of India was trimmed along with Punjab National Bank. However, it enhanced exposure to UTI Bank. The fund booked profits partially in Bharti Airtel. Reliance Industries was the only stock added afresh. Fund Facts: Birla Advantage Fund was launched in February 1995 and is managed by Mr Ajay Argal.
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