UTI, India's largest mutual fund, said about 10.3 per cent of the corpus was invested in the software sector and 16.7 per cent in cyclicals.

"Hindustan Lever continues to be the largest holding accounting for 19.4 per cent of the Rs 1.31 billion corpus as on August 30, 1999," it said.

UTI said a recent restructuring of the scheme's portfolio by increasing its exposure to economy-related stocks has paid dividends.