The Hindu Business Line : Sundaram BNP Select Midcap: Capital goods in top slot

Sundaram BNP Paribas Select Midcap Fund’s assets have grown significantly over the past year. From Rs 854 crore during the same period last year, the assets under management at the end of June 2007 were Rs 2,151 crore. During this intervening period, Mr N. Prasad took over as fund manager. The fund re-jigged its portfolio over the three months to June 2007, making the following changes.

The NAV grew by 10 per cent over the quarter, while its overall asset size declined marginally.

The fund, which held close to 25 per cent of its assets in cash, has of late deployed the cash portion. In the latest portfolio, the cash position was less than 3 per cent. The fund has a diversified portfolio of 107 stocks. One-fourth of them were added during this quarter. The top three sectors accounted for 40 per cent of the assets.

Capital goods continue to occupy the top slot in the portfolio. ABG Shipyard, Bharati Shipyard and South East Asian Marine were added afresh, while exposure to Cummins, Jain Irrigation, Kirloskar Oil Engines, Kirloskar Brothers and SKF India were enhanced. The fund pared exposures to Esab, HEG and Bharat Electronics.

With an enhanced allocation to metals, the fund stepped up exposure to Ashapura Minechem, Kirloskar Ferrous Industries, Monnet Ispat Energy and Usha Martin. Maharastra Seamless was the new addition.

The sector weight for financial services went up two-fold during the quarter. Federal Bank, ING Vysya Bank and Yes Bank were added while exposures to Andhra Bank, Bank of India, Centurion Bank of Punjab and the recently listed Indian Bank were enhanced. The fund sold its entire holdings in the stocks of Bank of Maharastra and Karur Vysya Bank.

Allocation to the media and entertainment sector went up substantially and a host of stocks found their way into the portfolio, including Dish TV India, Global Broadcast News, PVR, Zee entertainment Enterprises, NDTV and UTV Software.

Divi’s Laboratories, a recent strong performer, was added in June along with Fortis Healthcare. Biocon moved out of the portfolio completely and holdings in Torrent Pharmaceuticals were increased. Birla Corporation, Gateway Distriparks, GE Shipping, IVRCL Infrastructure, MICO and Tata Tea were added.

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