Financial Daily from THE HINDU group of publications
Sunday, Dec 15, 2002
Financial Daily from THE HINDU group of publications Sunday, Dec 15, 2002 |
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Investment World
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Mutual Funds Markets - Mutual Funds HDFC Growth: Hold/Avoid fresh exposures
UNITHOLDERS in HDFC Growth Fund can stay invested for the present. The performance of the fund has improved in the last 12 months with positive returns of 14.4 per cent as against a negative 1.8 per cent for the BSE Sensitive Index. But overall, the performance since launch has been rather inconsistent with negative returns of 8 per cent. It has outperformed the markets though during this period but largely due to the performance of the last 12 months. In this backdrop, fresh exposures can be avoided as better options are available in diversified schemes and it may also be better to allow for a larger time-frame to view the fund's performance across various types of market conditions. The fund is well diversified and fairly actively managed. It had a portfolio turnover of 41.1 per cent in November 2002. The following were the changes to the portfolio in November 2002: Stocks in: The fund has added Union Bank of India to the portfolio. Stocks out: The fund has cut exposures fully in stocks such as Corporation Bank, Mahavir Spinning, Britannia and Dr Reddy's Laboratories, Alfa Laval, Siemens, Cosmo Films, Vesuvius and ITC. Enhanced exposures: The fund has stepped up exposures in Infosys, Bajaj Auto, Container Corp, Bharat Electronics, Pared exposures: The fund has partially pared exposures in stocks such as Syndicate Bank, Bharat Petroleum, Hindustan Lever, Satyam Computer, JB Chemicals, MRO Tek, Hero Honda and Sundram Fasteners. Sector changes: The fund has reduced exposures in the pharmaceutical and oil and gas sectors and has a higher allocation in auto and IT stocks. Top ten holdings: Infosys, Reliance, Ranbaxy, Hero Honda, Container Corp, State Bank of India, Bharat Petroleum, Asian Paints, Cipla and ITC.
S. Vaidya Nathan
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