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AFTER an unimpressive start, the IL&FS Growth and Value Fund registered a sharp improvement in performance over the past year. Investors can stay with the fund. However, this is still too short a time-frame to assess fund management.

Fresh investments can be contemplated after the fund displays consistent performance for at least three years over different market cycles. The fund's portfolio appears quite actively managed, judging from the number of changes between March 31 and April 30. During this period, the fund has stepped up its exposure to banking stocks.

The fund made the following changes to its portfolio during the month of April 2003:

Stocks added: Zee Telefilms, Wipro, Canara Bank, Grasim and United Phosphorus.

Stocks sold: The fund completely exited holdings in Wockhardt, ICICI Bank, HCL Technologies.

Exposures enhanced: The fund made a range of additions to its existing holding. HPCL, Infosys, Tisco, Ranbaxy, SBI, Bank of Baroda Telco, Union Bank of India and Oriental Bank of Commerce were the stocks that saw significant additions to holdings.

Exposures pared: The fund pared exposure to Reliance Industries, PNB and GMDC.

Sectoral weights: The net effect of these changes was to increase the banking sector exposure from 16.6 per cent of the assets to 20.8 per cent.

Exposures were also enhanced to pharma stocks (8.6 per cent). On the other hand, the fund's exposure to oil and gas stocks (7.8per cent) and IT fell (6 per cent). The fund retained a significant cash position at the end of April, amounting to around 12 per cent of the assets.

Fund facts: IL&FS Growth and Value Fund was launched in October 1999. The fund carries an entry load of 2 per cent. Its current asset size stands at around Rs.95 crore. It accepts minimum investments of Rs 5,000 and offers a semi-annual, annual dividend plan apart from the Growth option.

Aarati Krishnan

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