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It invests 80-90 per cent of its net assets in Sensex stocks. It does not replicate Sensex weightage. Only 10-20 per cent is invested in stocks which are not Sensex constituents. which ensures its large-cap orientation at all times. The fund has always been part of Value Research's Large Cap Category. The fund has generally held less than 5 per cent in cash. However, in 2008, cash allocation did exceed 10 per cent which was soon invested back in equity without any opportunity loss in a recovering market.

 

Performance

The fund has posted a decent return of nearly 21 per cent since its launch, beating its benchmark and peers. In 9 of its 10-year history, the fund has delivered above average returns among large cap funds. In the frothy market of 2007 the fund slipped to the bottom quartile.

 

Despite its limited and defined stock universe tied to the Sensex, the fund managed the lean years better than the Sensex. In 2008 it fell 47 per cent vs 52 fall in Sensex and again in 2001 when it fell 21 per cent while Sensex was down 25 per cent.

 

Understandably, the fund carries a top-heavy portfolio. Currently, the top-10 holdings account for 56 per cent of net assets. Earlier, the top holding of the fund had attained a 15 per cent weight occasionally. However, since 2010 the fund has not let its top holding exceed 10 per cent of its net assets. Despite its selectivity and discretion, the top sector weights of the fund have deviated from benchmark sector weights. Currently, it is underweight in financials and technology while overweight in FMCG as well as chemicals.

 

The portfolio has 19 per cent allocation to non-Sensex stocks as on March 2013. Prominent among those are Solar Industries, Federal Bank, P&G, BPCL, India Glycols, Navneet Publications, Kirloskar Pneumatic and Ultratech Cement. This component has significantly boosted its returns over time.

 

Why invest?

A good choice for risk averse investors looking for stable returns. The fund also holds promise in a rising market for a dominantly large cap portfolio.

Happy Investing!!

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