The Hindu Business Line : ICICI Prudential Infrastructure Fund

ICICI Prudential Infrastructure Fund is an open-ended scheme with the objective of investing in industries which aid growth in infrastructure. This includes sectors such as banks, cement, construction and power.

Over the year, the fund pruned exposure to sectors such as ferrous metals, construction, capital goods and oil. Here are some portfolio changes it made over the past year.

The power sector, which is expected to witness huge capacity additions, appeared to be the fund’s favourite as it nearly doubled allocation to this segment. It accumulated stocks such as NTPC and Tata Power over the past six months, resulting in a four-fold increase in holdings in each of the stocks. Gujarat Industries Power was added to the existing portfolio.

Allocation to banking space appeared sizeable in comparison to peers. The fund missed the strong rally in HDFC Bank as the stock surged about 40 per cent after the fund’s exit in the last quarter. It instead added public sector giant State Bank of India to the portfolio. Exposures to ICICI Bank and Andhra Bank were reduced. Reliance Industries, a preferred stock for many a fund house, saw increased weight of 9.2 per cent to enter the fund’s top 10 holdings. The ferrous metals sector has been viewed cautiously by the fund even as it pruned exposure to Adhunik Metaliks in the past six months.

While allocation to the construction sector has not moved much relative to the increasing asset size, the fund stepped up exposure to Jaiprakash Associates. The stock has returned manifold gains for the fund. B. L Kashyap and Sons and Nagarjuna Construction were retained without much change in holding levels. Bharti Airtel was the lone stock to represent the telecom space even as its holdings over the past six months almost doubled.

The oil sector underwent minor rejig with increased exposure to frontline stock ONGC and pruning of holdings in Hindustan Oil Exploration. Cairn India was added.

In the capital goods space, the fund reduced allocation to Kalpataru Power Transmission and instead stepped up investments in Larsen and Toubro. Holdings in the cement space increased marginally with rise in exposure to Grasim Industries. Exposure to Birla Corporation, however, fell.

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