Financial Daily from THE HINDU group of publications
Sunday, Apr 06, 2003
Financial Daily from THE HINDU group of publications Sunday, Apr 06, 2003 |
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Investment World
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Mutual Funds Markets - Mutual Funds Franklin India Prima Plus: Hold
THIS diversified equity fund from the Franklin Templeton stables (the fund migrated to Franklin Templeton from Pioneer ITI) has substantially outperformed the indices over a five-year period. But the long-term track record is inferior to that of Franklin India Bluechip Fund. Investors can hold on to their current investments in the fund. In terms of its choice of stocks and sectoral exposures, the Prima Plus is substantially different from the Bluechip Fund. By end of February 2003, pharmaceuticals was the fund's largest sectoral exposure, followed by IT and oil and gas. In contrast, the Bluechip Fund had banking as its top sector, followed by oil and gas and IT. While the Prima Plus has a smattering of mid-cap stocks, Bluechip is predominantly a large-cap fund. Prima Plus made the following changes to its portfolio during the month of February 2003: Stocks added: Reliance Industries, GAIL and Divis Labs were key additions to the portfolio. Stocks sold: The fund completely exited its positions in Cummins, Polaris, GE Shipping. Exposures added: The fund enhanced its existing positions in Ashok Leyland, ICICI Bank, Siemens, Indian Hotels, Hindustan Lever, HCL Technologies, Bajaj Auto and BPCL during the month. Exposures pared: Exposures to SBI, Satyam Computers, Nestle, Ranbaxy and Cipla were reduced. Sectoral preference: The fund's exposure to pharma stocks declined over the month, from 21 to 18 per cent of the assets. Exposure to IT too slumped from 18 per cent to 16 per cent. The fund pegged up exposures to oil and gas stocks and FMCG stocks. It remains almost fully invested with just around 2 per cent of the assets held in cash.
Aarati Krishnan
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