Fund manager Prashant Jain told The Financial Express that debt holdings, all AAA-rated instruments, are very liquid and can be disposed off at a short notice. Incidentally, the fund still has debt papers worth Rs 17.60 crore on January 15, 1999. The funds will be re-invested once the redemption commitments crystallise and are fully met. According to Jain, the fund has been a consistent performer since its portfolio restructuring was over by March, 1997. It has since returned an annualised 18 per cent in the next 21-month period to December 31, 1998. Jain revealed that the fund benefited by exiting from several illiquid stocks which were non-performing. Onhis investment strategy, Jain said: ``We follow a policy of controlling risks by limiting company-specific exposures. Unlike other funds, we have never allowed our exposure to software industry to exceed 20 per cent.''

``Recently, we have booked profits in Satyam Computers, Telco etc. Major additions have been MRF and Smithkline Beecham Consumer Healthcare. One of the dark horses in our portfolio is Macmillan India which has yielded excellent results,'' he added.

Macmillan still figures among the top five scrips in the fund portfolio along with NIIT, Vikas WSP, Telco and HPCL. ``We are one of the rare funds to have this scrip which is an industry leader,'' Jain claimed.