Financial Daily from THE HINDU group of publications
Sunday, Apr 14, 2002

Investment World
Features
Stocks
Port Info
Archives

Group Sites

Investment World - Mutual Funds
Markets - Mutual Funds


Pioneer ITI FMCG: Pare exposures

WITH returns of around 12.6 per cent since launch, the Pioneer ITI Index Fund has comfortably outperformed the BSE FMCG index, which lost 22 per cent in value since the fund's launch.

However, given the relatively high valuation levels for the universe of FMCG stocks now and the poor industry growth rates in recent times, this sector appears unlikely to outperform the broad markets in the event of a further rally in equities.

This is also evident from the trend over the past quarter. Between December 2001 and now, the BSE Sensex has returned 15 per cent in value, while the BSE FMCG Index managed a mere 2 per cent. Though the Pioneer ITI FMCG Fund, generated higher returns of 6 per cent, has still trailed the narrow indices.

The fund's portfolio is less frequently churned than some of the other Pioneer ITI funds. The fund made the following changes to its portfolio between February 28 and March 31:

Stocks added: No new addition was made over this period.

Stocks sold: The fund completely liquidated its holdings in Zee Telefilms and Reckitt Benckiser over this period.

Holdings enhanced: The fund added to its existing holdings in Britannia and Bata India during the month.

Holdings pared: Exposures were pared in ITC, SmithKline Consumer, and Godrej Consumer, leaving all other holdings unchanged.

Fund facts: The Pioneer ITI FMCG Fund was launched in March 1999. The fund is open-ended and charges an entry load of 2 per cent. It is managed by Mr K. N. Sivasubramaniam. The co-sponsors of Pioneer ITI recently announced a proposal to sell their stake in the AMC to the Franklin Templeton group.

However, given that the plans for the schemes and the fund management team are still unclear, this may not have any immediate bearing on investment decisions.

Aarati Krishnan

Send this article to Friends by E-Mail

Stories in this Section
Tea — pale and watery


Tea: Positive policy changes
So, what's for tea?
Coffee: Brewing still
`We want to deliver a better mix' -- — Mr P. T. Siganporia, Deputy Managing Director, Tata Tea
Uneven tax field for domestic manufacture
Mastershare 86: Hold/Avoid fresh exposures
Sundaram Bond Saver: Invest
UTI Services Fund: Cut exposures and book profits
Pioneer ITI FMCG: Pare exposures
MIP '97: Take cash, avoid rollover
Focussing on theme funds
Warrants from UTI
Wockhardt: Buy
Infosys: Sell now and buy at lower levels
MphasiS BFL: Sell/Buy on declines
Unichem Lab: Book profits early
Swaraj Mazda: Hold
TNPL: Hold
US tightens visa rules
Transit visa on Air France
Medium-size software companies -- Exaggerated valuations
Frontline software companies -- Lessons from the returns
Endowment assurance policies -- Rest assured, with caution
Techs keep Sensex in positive zone
IPCL moves up on divestment hopes
Positive trend in Sterlite Optical
Nasdaq at crucial juncture
Bonds carry downside bias
Volumes decline on bourses
Interest wanes on index puts
Reliance Industries remains active
Options help guide
Futures guide
Revolve with Amex
Krishna Bhagya Jala Nigam: Invest (Medium-to-high risk)
TVS Srichakra: On a smooth ride
Income received outside India
Two-wheeler market: Gathering speed
UTI's assured return schemes -- Hardly reassuring?
Investing abroad: Sensible restriction on mutual funds
Does investing abroad generate higher returns?
It Adds Up!


The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | Home |

Copyright 2002, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line