IEX enters Parag Parikh Long Term Equity Fund

Our Bureau Chennai | Updated on August 10, 2020 Published on August 10, 2020

Indian Energy Exchange has entered the portfolio of Parag Parikh Long Term Equity Fund, the latter said in a release. Its top three holdings are Amazon (8.71 per cent), Alphabet (7.52 per cent) and Persistent Systems (6.77 per cent).

IEX now accounts for 0.66 per cent of its assets. IEX is the first and largest energy exchange in India providing a nationwide, automated trading platform for physical delivery of electricity, renewable energy certificates and energy saving certificates.

HDFC Bank has slipped out from the top three positions of the scheme. At June end, HDFC Bank had accounted for 6.93 per cent of the scheme.

The top 10 equity holdings of amount to 60.85 per cent of the portfolio. These include four overseas listings, it said and added: software, internet & technology and banks make up the top three sectors, comprising 42.56 per cent of the portfolio. Top five Indian companies in the portfolio were Persistent Systems, ITC, HDFC Bank, Bajaj Holding & MphasiS, while Amazon, Alphabet, Facebook, Suzuki Motor and Microsoft Corporation topped the list of overseas stocks.

As at July 31, 2020, 66.18 per cent was invested in Indian equities and 27.19 per cent in foreign equities. The residual 6.63 per cent is parked in TREPS etc and fixed deposit receipts.

As the end of July 31, assets under management stood at ₹4,014.26 crore. The scheme (on a lump sum investment) has produced a return of 18.61 per cent in one-year period ending July 31, 2020; for three years and five years, it gave out compounded annualised returns of 11.29 per cent and 11.42 per cent respectively.

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Published on August 10, 2020
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