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S. Vaidya Nathan

INVESTORS in Prudential ICICI Growth Fund can consider paring exposures taking advantage of the run-up in the NAV in the last three months. The NAV is up by about 19 per cent.

A host of other equity funds have done better in this period. Investors can consider a switch to Bluechip, Prima, HDFC Prudence or HDFC Equity, which have a superior and more consistent track record.

Prudential ICICI Growth is an actively managed scheme. It made the following changes to its portfolio in April-June:

Stocks in: Siemens, Aban Loyd, ITC, Maruti, HDFC, BPCL, IBP, Larsen & Toubro, Saw Pipes, Gujarat Ambuja Cements, ACC, LIC Housing Finance, IPCL and Neyveli Lignite were added.

Enhanced exposures: Holdings in BHEL, ABB, HPCL and Punjab National Bank.

Stocks out: Andhra Bank, Canara Bank, Zee Telefilms, Bharat Earth Movers, Tata Chemicals, Reliance Industries, MTNL, Essel Propack, Bajaj Auto, Divi's, Indo Gulf, MphasiS BFL, ITC, Trent, Tata Tea, Hindalco and TVS Motors were moved out.

Pared exposures: Holdings were reduced in Jindal Steel, i-Flex solutions, Ranbaxy Labs, UTI Bank, SBI, Mahindra & Mahindra, Tata Steel, Ashok Leyland and Tata Engineering,

Top ten holdings: Tata Engineering, SBI, Ranbaxy, HPCL, Infosys, Tata Steel, Ashok Leyland, Reliance, Mahindra & Mahindra and Canara Bank.

Sector changes: Exposures to cement, oil and diversified companies were stepped up. IT and banking sector holdings were cut. The fund has also move into an almost-fully invested state, with just 0.53 per cent of assets in cash at the end of June. In May, it was about 10 per cent.

Fund flows: The fund has had outflows with net assets rising by just 11 .6 per cent in June even as the NAV was up 23.8 per cent. The net assets moved up from Rs 275 crore to Rs 308 crore.

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