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THE IL&FS Growth and Value Fund has turned in an impressive performance in the past year, with a 57 per cent appreciation in NAV. The bulk of the returns was accumulated over the past three months.

The returns have come through a sizeable allocation to mid-cap stocks, combined with very aggressive portfolio management. Investors in the fund can hold on to their units.

But those looking at fresh investments should wait for the fund to prove itself over at least two market cycles before investing. With mid-cap stocks accounting for a lion's share of the portfolio, the fund carries a higher risk profile than that of ordinary diversified funds investing in large-cap stocks.

The fund has received sizeable fresh inflows in the three-month period between April 30 and July 31. The fund has invested the bulk of the inflows, with the result that the portfolio has seen a lot of upheavals during the three-month period.

Stocks in: The fund has been on a buying spree during the period, adding as many as 13 new stocks to its portfolio. Bajaj Auto, ACC and Saw Pipes made it to the top ten holdings.

Apollo Tyres, Century Textiles, Digital, Moser Baer, Sesa Goa, Lupin, Maharashtra Seamless, IPCL, Aurobindo Pharma and Amtek Auto were the other new additions to the portfolio.

Exposures enhanced: The fund added to its existing positions in Tata Steel, SBI, Grasim, Zee Telefilms, Infosys, HPCL, ITC, Bank of Baroda, United Phosphorus, Jindal Strips, Visualsoft and PNB.

Stocks out: The fund also sold out a range of its holdings during the three-month period. Among the stocks sold were Canara Bank, Hindustan Lever, Union Bank, ONGC, Titan Industries, NALCO, Wipro, GMDC and Cipla.

Exposures pared: The fund pared exposures in Tata Motors, BHEL, Oriental Bank of Commerce, Thermax and Crompton Greaves.

Aarati Krishnan

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