The Hindu Business Line : ING Vysya Midcap Fund

ING Vysya Midcap Fund was launched in mid-2005, when mid-caps were still in favour and turned in good returns within the first few months. In the correction in mid-caps that followed, the fund met with redemption pressure. Against the Rs 182 crore collected during initial subscription, its asset base is down to almost one-fourth of its size and stands at Rs 44.8 crore.

The fund has 40 stocks in its portfolio, its holdings spread across 26 sectors. During the May-August quarter, exposure to such sectors as banks, pharmaceuticals, steel, cement, power equipment and textiles was enhanced. It cut holdings in software, hotel, shipping and sugar.

The fund marginally stepped up asset allocation to Kotak Mahindra Bank, Centurion Bank of Punjab and Syndicate Bank. The banking sector underwent a re-rating on the back of the hike in interest rates, with the BSE Bankex appreciating 35 per cent for the quarter.

Pfizer was the new entrant in the pharma sector, while allocation to multinational company Wyeth increased marginally. Exposure to the steel segment was enhanced. Usha Martin stepped into the portfolio, while holdings were trimmed in Maharashtra Seamless. Madras Cements, that has comfortably surged past its May high, witnessed partial profit-booking. Century Textiles was added, while exposure to the cement sector was enhanced.

In power equipment, the fund enhanced exposure in Thermax and added Crompton Greaves.

Holdings in textile stocks were enhanced, with Aditya Birla Nuvo moving in and cornering 2 per cent of the holdings. the stake in Raymond was unchanged.

Software underwent a minor rejig, with the fund accumulating shares in Infotech Enterprises even as it announced a split and bonus.

Newly-listed company Tech Mahindra made an entry, while the fund completely moved out of offbeat stock Usha Martin Infotech.

In engineering, the fund booked profit in the Bharat Earth Movers and pared exposures in Engineers India.

Sugar stocks, which had a sharp run-up early this year only to crash in the last couple of months, witnessed profit-booking. While Bajaj Hindusthan moved out, Balrampur Chini was added afresh.

Shipping stock Varun Shipping lost the fund's fancy and two-third of the shares were sold. The fund is managed by Mr Manish Bhandari.

More Stories on : Mutual Funds | Mutual Funds | Portfolio Moves

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page