Mumbai, Sept 17: The software fund from Unit Trust of India's Growth Sector Funds has seen its net asset value vault by 37.4 per cent in a short span of 3 months. An umbrella fund with with five sectoral options, the Growth Sector Funds had hit the market for initial subscription in may/June this year and mobilised Rs 66 crore. The five funds of IT, pharma, brand, services and petro will re-open for fresh subscription from September 18.The performance of other sectoral options pales in comparison with the IT fund. The pharma fund is a distant second with a growth of 19.3 per cent to Rs 11.93. While the petro fund has appreciated by 5.2 per cent to Rs 10.52 (NAV as on September 16), the NAV of services fund has gained a meagre 1.9 per cent to Rs 10.19. The NAV of the brand fund was Rs 10.70 as on September 16.
The corpus of software fund, with a unit capital of Rs 16.63 crore, has rallied to Rs 23 crore. The fund has 12 scrips in the portfolio with Infosys being the top holding. Other scrips includeSatyam Computer, HCL Infosystems, Pentafour, VisualSoft, NIIT and Zee Telefilms. The spurt in NAV is apparent since the prices of most of the IT scrips have zoomed since June. For instance, the fund holds a substantial chunk of investments in Infosys which has galloped from Rs 3074 on June 15 to Rs 6080 on September 16. Another holding, Sonata Software has rallied from Rs 277 to Rs 557 during the same period. The scrip closed at Rs 601 on September 17.
VisualSoft has moved up from Rs 827 to Rs 2115. The combined corpus under the umbrella fund has gained by over 18 per cent to Rs 78 crore from the initial mobilisation of Rs 66 crore. The share of the IT fund, which was 24 per cent in the initial collection, has now moved up to 30 per cent.
Despite a strong portfolio, the brand fund has failed to generate substantial gains, since most of the moolah has been invested in scrips from the fast-moving consumer goods sector. The scrips from the FMCG sector have, so far, not participated in the current run on thebourses.
Some of the scrips in the brand fund include HLL, ITC, Nestle, Trent, P&G, Dabur, Indian Shaving, Cadbury, Archies Greetings, Nirma and Marico. The scrips in the services fund include EIH, MTNL, Concor, ABB, Infosys, NIIT, Crisil, Apollo Hospital, Blue Dart, SBI and HDFC Bank. The petro fund has nine scrips with HPCL, ONGC, Castrol and BPCL being the top four holdings.
Each of the funds will now declare NAV on a daily basis. The minimum investment in each of the funds is Rs 5,000 with no entry load while there is an exit load of 3 per cent. However, the lateral shift (from one fund to the other in Growth Sector Funds) will be at NAV.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
Printer-friendly page