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Sundaram BNP Tax Saver is an equity linked savings scheme fund that invests predominantly in large-cap stocks. The fund has been among the top quartile of performers in the ELSS category over the past year. During volatile market conditions over the past six months, it has bettered the performance of peers such as HDFC Tax Saver, Principal Tax Saver and Birla Sun Life Tax Relief 96. The fund's January portfolio reveals that it has over 60 stocks, making for a highly diversified portfolio.
During the period from August 2007 to January 2008, the fund's corpus rose by over 75 per cent to Rs 402 crore, while the NAV per unit increased 31.8 per cent to Rs 39.7. This, despite a dividend payout in December, indicates a net inflow into the fund in this period. The cash position in end-January was at 7.5 per cent of the assets, up from 5 per cent six months ago.
Sector Moves: Financial Services (21.3 per cent) and Energy (19.3 per cent) have remained the top two sector holdings for the August-January period and have also seen increased exposures. Both these sectors have had a good run in the past year. The construction sector exposure has been quadrupled to 7.7 per cent of the portfolio currently, as has been the case with the automobiles sector as well. Consumer goods and metals (the sector which declined the maximum in the January correction) have seen increased exposures. Industrial manufacturing has seen exposures pared to half its earlier levels, while telecom and cement exposures have been trimmed to a third of earlier levels.
Stock Moves: Essar Oil (3.9 per cent), a stock that has tripled in value in the six-month period, was added to the portfolio and is the top holding for the fund. Jindal Steel and Power, Adlabs, and Emkay Shares, three stocks that have clocked over cent per cent returns during this period find their way in. ONGC, BPCL, Unitech, Reliance Capital and Maruti Suzuki are the other important additions.
Many frontline stocks such as L&T, Reliance Petroleum, SAIL and Reliance Communications have exited in this period. Stocks that have had a rather sluggish run in the August-January period, such as Everonn Systems, Zee Entertainment, HUL and Dish TV, have also been shown the door.
Tata Motors, SBI, Reliance Energy, NDTV, Tata Steel, Nestle and Bharti Airtel are key stocks that remained in the portfolio during this period.
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