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S. Vaidya Nathan

INVESTORS can hold their exposures in HDFC Tax Plan 2000. Fresh investments can be contemplated in a phased manner by investors with a penchant for high risk.

The fund has an impressive track record over the last two-and-a-half years. The dominant investment theme has been mid-cap stocks. The fund has benefited from the rally in these in the first half of 2002 as well as in past four months.

It has shown the ability to move across this category of stocks, ahead of the broad market trends. The fund has returns of about 27 per cent per annum since its launch. During this period, the market shed 4.6 per cent per annum.

Stocks in: Bharat Petroleum, Mahrasashtra Seamless, Shree Cement and Carborundum Universal were added.

Enhanced exposures: Holdings in MICO, Alfa Laval, Goodlass Nerolac and Paper Products were stepped up.

Stocks out: The fund sold out its holdings in Ucal Fuel, perhaps as part of a profit-booking exercise.

Top ten holdings: Goodlass Nerolac, Alfa Laval, Vesuvius, Blue Star, Oriental Bank of Commerce, Paper Products, Carborundum Universal, MICO, Sundram Fasteners and Maharashtra Seamless.

Sector changes: Holdings in engineering, steel and chemical industry stocks were stepped up. Banks, auto parts, electrical equipment and household appliances' holdings were pared marginally. Cash/cash equivalents were cut from about 18 per cent of net assets to 13.2 per cent.

Fund flows: The fund has received modest inflows with net assets rising by about 15 per cent to Rs 13.8 crore. The NAV was up 9.1 per cent in June.

Fund facts: The fund was launched in late 2000. The minimum amount is Rs 500 There is an entry load of 2 per cent of the NAV. There is no exit load. There is a three-year lock-in period as investments are eligible for rebate under Section 88 of the Income-Tax Act.

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