The Hindu Business Line : Sundaram Mid-Cap: Hold

INVESTORS with a penchant for high risk can stay invested in the Sundaram Mid-Cap Fund. The fund is aggressively managed and appears to be trying to take advantage of momentum in the markets. Investors who have lower risk appetite levels can consider paring exposures to lock into the returns of 40 per cent since its launch.

Despite the aggressive management of the portfolio, the fund has out-performed its benchmark by about three percentage points. The following changes were made in July.

Stocks in: Neyveli Lignite, Great Eastern Shipping, SKF Bearings, UTI Bank, Canara Bank, Sesa Goa, Balrampur Chini Mills, Tata Power, Amtek Auto, Hughes Software, Jindal Iron, Cadila Healthcare, Lupin, Burroughs Wellcome, TVS Motor, India Nippon and Aventis Pharma.

Enhanced exposures: Holdings in SAIL, Century Textiles, Sundaram Clayton, Matrix Labs and Tamil Nadu Newsprint have been stepped up.

Stocks out: MRF, Crompton Greaves, Jubilant Organosys, Indo Gulf, Moser Baer, Tata Tea, Federal Bank, Shree Cements, Vijaya Bank, Bongaigoan Refineries, Rashtriya Chemicals and Fertilisers, Arvind Mills and Andhra Bank.

Pared exposures: Holdings in Elgi Equipment, Oriental Bank of Commerce, Eicher Motor, Mahindra & Mahindra and Bharat Forge have been cut.

Top ten holdings: Jindal Steel, SAIL, Century Textiles, Glenmark Pharmaceuticals, Sesa Goa, Great Eastern Shipping, Hughes Software, Matrix Labs, Aban Loyd Chiles and IPCL.

Sector changes: Holdings in stocks in the banks, textiles, power, food products, chemicals and construction materials have been reduced. Metals, pharmaceuticals, automobile and auto ancillaries and diversified companies are areas where exposures have been stepped up significantly. The top sector holding now is pharma.

Fund flows: The fund has received sizeable inflows with net assets rising by 25.7 per cent to Rs 23.5 crore. The NAV was up 5.9 per cent in July.

: The fund was launched in July 2002. The minimum amount is Rs 5,000. There is an entry load of 2 per cent of the NAV. There is no exit load. The manager is Mr Anand Radhakrishnan.<137>

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