The Hindu Business Line : Sundaram Mid-Cap: Hold

INVESTORS in Sundaram Mid-Cap can stay with the fund as it has done fairly well in its one-year tenure, helped by a sharp, across-the-board rally in mid-cap stocks.

Over the last year, the fund turned in returns of about 39 per cent. Sundaram Mid-Cap has been aggressively managed with major changes in the portfolio in June. Inflows of about Rs 9.5 crore also led to a significant rise in the number of stocks added to the portfolio. The key trends in June were:

Stocks in: The following now form part of the portfolio: Tamil Nadu Newsprint, i-Flex solutions, Matrix Labs, Sundaram Clayton, Jubilant Organosys, Moser Baer, IPCA Labs, Jindal Iron, UCAL Fuel, Hughes Software, Glenmark Pharma, Eicher Motor, Punjab National Bank, SAW Pipes, SAIL, Oriental Bank, Shree Cements, Elgi Equipments.

Enhanced exposures: Holdings were increased in MRF, Sundram Fasteners, Aban Loyd Chiles, Bharat Forge, Tata Tea, Thermax, Mahindra & Mahindra, IPCL, India Glycols, Century Textiles, Bongaigaon Refineries, Arvind Mills, Vijaya Bank, Andhra Bank and Rashtriya Chemicals.

Stocks out: Allahabad Bank, Union Bank, Syndicate Bank, Asahi India, Tata Chemicals, Medicorp, SKF, Alstom, Kochi Refineries, ABB, Karur Vysya Bank, and TVS Motor.

Pared exposures: Holdings in Crompton Greaves and Indo Gulf were cut.

Top ten holdings: Jindal Steel , Oriental Bank, Glenmark Pharma, SAIL, Mahindra & Mahindra, Arvind Mills, Aban Loyd, Century Textiles, IPCA Labs and IPCL.

Sector changes: Banks, metals and chemicals are sectors where exposures were cut sharply. Engineering and construction materials have found favour. Cash levels at 13.3 per cent are up 7 percentage points.

Fund flows: The fund received sizeable inflows with net assets more than doubling to Rs 18.7 crore. The NAV was up just 2.3 per cent.

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