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Kotak-30, a large-cap-oriented fund, has consistently beaten its benchmark – the Nifty – over one, three and five year periods. With a little over 30 stocks in its portfolio, the fund holds a compact portfolio.
The movement in the fund's assets over the July-Dec period reveals that, while the fund's corpus has increased 39.7 per cent to Rs 660 crore, the NAV has risen 51.5 per cent to Rs 113.8 per unit. This indicates that there may have been some redemptions from the fund.
Sector moves: Banking, a sector that has had a good year, is the top sector holding of the fund with a 14.4. per cent allocation. The 'happening' capital goods (13.2 per cent) sector and petroleum (10 per cent) were also among the top allocations.
Given the run-up in prices of capital goods stocks and uncertainty in the sustained profitability of petroleum companies due to rising global oil prices, these sectors need close watching. Interestingly, in a contrarian move, the textiles sector exposure has more than doubled to 4.2 per cent in the last six months. The construction sector has also seen increased exposures.
Predictably, the IT sector, whose stocks have under-performed because of fears on macro cues, have seen exposures more than halved. Incidentally, this sector was the top holding in end-June for the fund. The telecom services sector has also seen reduced exposures as has the pharmaceuticals segment. The power sector, which has had a good run in the past year, was a fresh entrant in the portfolio.
Stock Moves: Bank of Baroda and Sesa Goa, that doubled in price over the past six months, find themselves in the portfolio. Tata Power and Punj Lloyd, that more than doubled in the same period, are also in. Other important additions include Axis Bank, Suzlon Energy, GAIL and IOC.
HCL Technologies and Satyam Computer, underperformers in the past year, have exited the portfolio. Surprisingly, Reliance Petroleum, the toast of most funds has been exited. Other heavyweight stocks that exited completely are HDFC Bank, Hindustan Unilever and Sun Pharmaceuticals.
Reliance Industries (7.9 per cent), the fund's top holding, has remained with the fund during this period. Aditya Birla Nuvo (4.2 per cent) which was among the marginal holdings in the portfolio six months ago, finds itself among the top holdings now. Two interesting mid-caps in the 'held then and now' category are ABG Shipyard and Patel Engineering.
Other heavyweights retained are L&T, BHEL, SBI, ICICI Bank, ONGC Reliance Communications, and Sterlite Industries. The other top-performing stock is Jaiprakash Associates.
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