FUND BEAT / Baring all |
The Economic Times
US-64, the largest and oldest mutual fund in the market, has announced its top holdings. These are Reliance Industries, Reliance petroleum, HFCL, ITC, Infosys Technologies, Global Telesystems, SSI, Satyam Computer, ICICI and Mahanagar Telephone Nigam Ltd. Together these scrips constitute 53.3 per cent of the funds assets. The top 5 scrips constitute 37.11 per cent of the funds assets. For the quarter ending March 31, 2000, the net income of the scheme was Rs 738 crore. The total reserves of the scheme have also grown to Rs 4,223 crore.
UTI has also declared dividends of 16 and 20 per cent in its Mastershare and Grandmaster schemes respectively. The record date for both these dividends is May 20, 2000. In a separate move UTI has decided to issue a common application form for eight of its equity funds. these are Masterplus 91, Mastergain 92, Mastergrowth, Grandmaster 93, Primary Equity Fund, UGS 10,000, Master Index Fund and Nifty Index Fund.
UTI has also announced that, inspite of the volatility in infotech scrips, it will continue to maintain a 25 per cent exposure to this sector in its equity schemes.
Sun F&C Mutual fund is in the process of launching a high risk-high return fund called Resurgent India Equity Fund. This fund will concentrate on generating long term capital appreciation. The funds investment spectrum will consist of companies which are in the process of restructuring, privatising or growing through acquisition. Due to the high risks associated with this fund, the minimum investment will be Rs 5 lakh and in multiples of Rs 1 lakh thereafter. The initial offer period of the fund extends till May 25, 2000 and units will be available at Rs 10.
Sun F&C is also leveraging the power of the internet to make its schemes more accesible to potential existing as well as potential investors. Investors can now buy and sell the Asset Management Companys mutual fund schemes over the web.
IDBI Mutual Fund has recently issued its statement of Scheme(s)/Plan(s) portfolio. A look at the portfolio of the funds Tax I-NIT96 scheme reveals high concentration levels. The top 10 scrips constititute 69.81 per cent of the funds total assets. These are Infosys Technologies, Satyam Computers, Hindustan Lever, Zee Telefilms, Aptech, Gujarat Ambuja Cement Sun Pharmaceuticals, Reliance Industries, ITC, and Cipla Laboratories.
TATA Mutual Fund has decided to introduce a 10 per cent equity component into the portfolio of its income fund. According to the Asset Management Company, the step is a move to dilute the impact of the higher dividend distribution tax proposed in this years budget. As on March 31, 2000 Tata Income Fund had a 6.27 per cent equity component in the funds growth option. The equity holding in the dividend option was 0.57 per cent.