Performance: The fund has generated a return of 47 per cent for the past one year and outpaced its benchmark CNX Nifty by 3 percentage points. After the 2006 correction, the fund under-performed the Nifty, in line with its peers. Howe ver, its recent performance (over the past quarter) is encouraging. The fund has delivered better returns through the systematic investment plan (SIP) route over longer time frames, as compared to investments made through the lumpsum route. This suggests significant volatility in the NAV, especially on the downside, over the past few years.

Portfolio Overview: The fund has a portfolio of 30 stocks, going by its latest fact sheet. The top 10 stocks account for 48 per cent of the portfolio and the top three sectors, IT, banking and telecom together cornered 35 per cent o f the assets. The IT sector continues to be the preferred choice for close to a year, despite underperformance by key stocks such as Infosys and TCS. However, bank stocks such as HDFC Bank and State Bank of India were picked up at the right time and have turned in healthy returns. The few stocks added outside the Nifty basket were Patel Engineering, ABG Shipyard and Jaiprakash Associates. Since the portfolio has a limited number of stocks, individual calls have a significant impact on overall performance.

Fund facts: The fund was launched in 1998 and Mr Krishna Sanghvi manages it. The minimum one-time investment is Rs 5,000. The NAV per unit is Rs 79.48.

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