With the fund rising by a neat 29.3 per cent, it has created a surplus of over Rs 6 crore for its unitholders. The corpus of the fund has risen from Rs 20.75 crore to Rs 26.5 crore as on November 30, 1998.

As the fund is overweight on pharmaceutical sector, the fund manager says that the pharma sector has had a good run till now but a small correction in the sector is expected. ``The sector is worth investment in the long term as the insurance sector and the exclusive marketing rights opening up, offers good long term opportunity,'' said the fund manager and vice-presidentof Reliance Capital Asset Management Company. On the state of the markets, the fund manager maintains that there is plenty of opportunity in these market conditions and there is limited downside to the markets.

The good performance of the fund can also be gauged from the good appreciation it has been able to book on some companies like ITC whose acquisition cost for the fund was Rs 626 and the current market price of the scrip is Rs 720. E Merck, with an acquisition cost of Rs 259, has risen by 46.71 per cent to Rs 380; Pfizer with an acquisition cost of Rs 637 has risen to Rs 867 by 36.1 per cent and Burroughs Wellcome at an acquisition cost of Rs 421 has given an appreciation of 42.51 per cent at current market price of Rs 600.

The current Top 15 holdings of the fund as on November 30 comprise of ITC, Pfizer, Reliance Industries, Burroughs Wellcome, Silverline Industries, ACC, Bharat Petroleum, Godfrey Philips, Rallis India, ICICI, Telco, German Remedies, Tata Tea, Colourchem and E Merck.

RelianceGrowth Fund along with Reliance Vision were the first funds to offer no-load from the beginning and all the initial issue expenses were borne by the asset management company. In its three year period, it has managed to stay ahead of the sensex with the gap in outperformance reaching new heights now, and has managed to hold fort even as the Sensex has been touching new lows.