The Hindu Business Line : Kotak Global India

Kotak Global India is a diversified equity scheme that aims at capturing the growth potential of globally competitive companies. We take a look at the portfolio churn over the three months ended February 2007. In this period, the asset size came down by 15 per cent, without much change in its NAV per unit. This may indicate that fund sustained its performance but saw exits.

The fund reduced exposure to IT stocks but stepped up exposure to capital goods, which cornered the top slot with 16.6 per cent of the total assets. Holdings in Thermax increased while that in Siemens stayed pretty much the same. The fund however, pruned exposure to ABB and Larsen and Toubro.

Consumer non-durables sector underwent a minor re-jig as the fund pared exposure to stocks such as Tata Tea, Asian Paints and Rajesh Exports. Recently listed stock Hanung Toys and Textiles was added to the portfolio.

In the pharmaceuticals space, the fund trebled its holdings in mid-cap stock Jubilant Organosys while exposure to IPCA Laboratories was reduced. Sun Pharmaceuticals was accumulated.

ICICI Bank was the lone stock to represent the banking sector, and accounted for 3.3 per cent of the portfolio. With a cut in asset allocation to IT, exposure to software stocks came down. Frontline stock Infosys underwent pruning by 50 per cent. TCS, Sasken Communication and Subex Azure were also trimmed while newly listed Tech Mahindra and Tanla Solutions were added.

The fund reduced exposure to auto ancillaries, with its holdings in Sundram Fasteners falling 85 per cent. Amtek Auto also underwent pruning. In the auto space, Mahindra and Mahindra, which did not see much price movement over the past quarter, was trimmed. The fund, instead added mid-cap stock ANG Auto.

Non-ferrous metals, one of the more volatile sectors in the market over the last year, lost favour as holdings in Sterlite Industries, were pared. This is the only stock the fund holds in this segment. Among other stocks, Suzlon Energy and Lupin lost sheen and moved out of the portfolio while Sesa Goa, United Phosphorus and Zee Entertainment were new additions.

Fund facts: Kotak Global India Fund was launched in January 2004. Mr Nikunj Doshi and Mr Anurag Jain manage the fund. The assets under management were Rs 111.8 crore as of February 2007.

Suresh Parthasarathy

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