Financial Daily from THE HINDU group of publications
Sunday, Jun 02, 2002
Markets - Mutual Funds
Prima Plus: Hold
INVESTORS in Prima Plus can stay invested. But those looking for diversified funds, especially when stock prices are at lower levels, need consider this fund only if they already have exposures to diversified funds that focus on frontline stocks such as Bluechip, Templeton India Growth and Zurich India Equity, among others.
Prima Plus is more appropriate for investors who want to improve their portfolio returns by taking more risks. The fund is invested in a sprinkling of mid-cap stocks and some frontline stocks. It is aggressively managed, with the portfolio turned over frequently. In April, the following were the key changes to its portfolio:
New stocks: Tata Steel, Gillette and GlaxoSmithKline were added.
Stocks out: Vysya Bank, Bajaj Auto, Ashok Leyland, Kotak Mahindra, Raymond and ICICI Bank moved out of the portfolio.
Enhanced exposures: The fund has stepped up exposures to ICICI, ITC, BHEL, Satyam Computer, Britannia, Aventis Pharma, Digital GlobalSoft, Gujarat Gas, Ranbaxy and Pfizer.
Pared exposures: Holdings were cut in stocks such as Wockhardt, BPCL, CRISIL, HPCL and Hero Honda.
Fund flows: The fund has an asset base of Rs 131.89 crore. It has had inflows in April with assets growing 3.35 per cent even as the NAV declined marginally by 0.05 per cent. The fund cut its equity exposure from close to 100 per cent to 95 per cent.
Top ten holdings: Hero Honda, Ranbaxy, Pfizer, Cipla, Infosys, HCL Technologies, Hindalco, BPCL, HPCL and ITC.
Sectoral funds: The fund enhanced exposures in the FMCG sector while paring exposures the in finance, oil and auto sectors.
Fund facts: The fund was launched in September 1994. It offers entry at a 2 per cent load. There is no exit load. The manager is Mr R. Sukumar. The fund has turned in returns of 15.5 per cent, 20.7 per cent and 27.6 per cent in the last three months, one year and five years respectively. Since launch, the returns are at 12.0 per cent and it has comfortably outperformed the market.
S. Vaidya Nathan
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