The FMCG Fund has on date invested 53 per cent of the corpus and the top five scrips are Zee Telefilms, ITC, Hindustan Lever, Britannia and Nestle account for almost 39 per cent of total assets with Zee Telefilms alone having a weightage of 10.88 per cent.

The other scrips in the FMCG portfolio, in descending order by weightage, are Smithkline Consumer, Procter & Gamble, McDowell, Bata, Marico, Bausch & Lomb, Reckitt & Colman, Indian Shaving Products and Cadbury. Even with a low level of equity investment the NAV of the fund stands at Rs 10.37.

Its Pharma Fund has on date invested 66.7 per cent of its corpus and the NAV is at Rs 9.64. The top five scrips-Cipla, Glaxo, Dr Reddy's Lab, Hoechst Marion and Burroughs Wellcome- account for 34 per cent of totalassets with Cipla having the maximum weightage of 8.13 per cent.

The other scrips in the Pharma Fund are, in descending order by weightage, Pfizer, Ranbaxy Labs, Novartis India, Fulford India, Wyeth Lederle, E Merck, German Remedies, Smithkline Pharma, Alembic Chemicals, Sun Pharma, Wockhardt, Abbott Labs, Cheminor Drugs, Knoll Pharma and Nicholas Piramal. The Prudential FMCG Fund which also opened in March 1999 collected Rs 71 crore, according to industry sources. It is investing in phases and hopes to be fully invested by the end of this month. Its portfolio will be limited to food processing and consumer goods but excluding tobacco and alcohol.

Sources maintain that KPMF's FMCG Fund has a wider investment mix and includes not only tobacco but also entertainment as is evident from its investment in Zee Telefilms which it considers as a fast moving consumer brand. In addition, the fund would also take paints industry in this category as disclosed in its offer document.