The markets continued their southbound journey for yet another week with the BSE 200 index declining nearly 7 per cent. However, fund managers continued to outperform the markets with losses up to 2.5 per cent.
Since the start of Smart Portfolios, an investment of Rs 10 lakh in the BSE 200 index is now valued at Rs 5.79 lakh - a steep decline of almost 38 per cent. Similarly, our fund managers who started with Rs 10 lakh are having net negative returns of 11-16 per cent, barring Amar Ambani whose net asset value is down less than a per cent.
Smart Portfolios fund managers continued to exercise caution last week, with just 12 trades out of which just two were on the buy side. Despite different strategies and stock picks, one thing that is common among these fund managers is that they continue to maintain a high level of cashr upwards of 70 per cent.
CASH RICH
AMAR AMBANI
Vice President (Research), India Infoline
Amar Ambani's net asset value saw the least fall in percentage terms among the fund managers. His networth dropped to Rs 9.92 lakh from Rs 9.95 lakh. Last week, Ambani exited from NTPC by booking marginal gains.
| Top Holdings | % of assets | Cost (Rs) Price | Current price (Rs) | Value (Rs lakh) |
| Renuka Sugars | 2.03 | 74.80 | 67.20 | 0.20 |
| Reliance Comm | 1.62 | 251.30 | 160.15 | 0.16 |
| Total investments | 3.65 | - | - | 0.36 |
| Cash | 96.35 | - | - | 9.55 |
| Net worth | - | - | - | 9.92 |
| Returns (%) | -0.84 | - | - | - |
However, the other two stocks in his portfolio---RCom and Renuka Sugars---are now down over 36 per cent and 10 per cent respectively. His total investment stands at a mere Rs 36,000, while he continues to hold a whopping Rs 9.55 lakh in cash which is over 96 per cent of his total assets.
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GETTING LIGHTER
SADANAND SHETTY
Vice President, Kotak Securities
Despite exiting from three stocks last week, Sadanand Shetty continues to hold the most diverse portfolio among the Smart Portfolios fund managers with 11 stocks. Last week, Shetty exited from BHEL, Larsen & Toubro (L&T) and Everest Kanto. While he booked a 5 per cent gain in BHEL, he suffered a loss of 7 per cent and 18 per cent, on his investments in L&T and Everest Kanto, respectively.
| Top Holdings | % of assets | Cost (Rs) Price | Current price (Rs) | Value (Rs lakh) |
| Sun Pharma | 4.73 | 1038.47 | 1075.85 | 0.42 |
| Areva T&D | 4.31 | 185.31 | 178.10 | 0.38 |
| Reliance Ind | 3.90 | 1169.58 | 1153.15 | 0.35 |
| SBI | 3.52 | 1154.76 | 1041.75 | 0.31 |
| Allied Digital | 3.02 | 330.00 | 315.00 | 0.27 |
| Total investments | 30.08 | - | - | 2.67 |
| Cash | 69.92 | - | - | 6.21 |
| Net worth | - | - | - | 8.87 |
| Returns (%) | -11.25 | - | - | - |
Among his current holdings, only Sun Pharma (up 3.6 per cent) is in the green. HDIL (down 36.7 per cent) and Tata Steel (down 20.2 per cent) are major drags in his portfolio. His networth dropped to Rs 8.87 lakh--- down 2.5 per cent---from Rs 9.10 lakh. Sadanand's net total investments now stand at Rs 2.67 lakh, and he holds Rs 6.21 lakh in cash.
CHURN AGAIN
ANAND AGARWAL
Fund Manager, Reliance Money
Having churned his portfolio in the previous week, Anand Agarwal has yet again completely revamped his portfolio by exiting from Central Bank, SBI and Deccan Aviation, and reducing his holdings in Reliance Communications. He purchased 500 shares of Jet Airways.
| Top Holdings | % of assets | Cost (Rs) Price | Current price (Rs) | Value (Rs lakh) |
| Jet Airways | 9.55 | 163.25 | 160.10 | 0.80 |
| Reliance Comm | 1.91 | 176.10 | 160.15 | 0.16 |
| Total investments | 11.45 | - | - | 0.96 |
| Cash | 88.55 | - | - | 7.43 |
| Net worth | - | - | - | 8.39 |
| Returns (%) | -16.14 | - | - | - |
While he made a profit of 4.7 per cent on his investment in Deccan Aviation, he booked a significant loss of 16 per cent and 18 per cent, on his investment in Central Bank of India and SBI respectively. Currently, he holds a 2 per cent loss in Jet Airways, and 9 per cent in Reliance Communications. Agarwal's net worth stands at Rs 8.39 lakh, with Rs 7.43 lakh in cash.
PULLING IT DOWN
KASHYAP PUJARA
Fund Manager, ENAM Direct
Kashyap Pujara's portfolio value declined from Rs 8.54 lakh to Rs 8.39 lakh. In the only trade he executed last week, he averaged his investments in SBI by adding another 30 shares.
| Top Holdings | % of assets | Cost (Rs) Price | Current price (Rs) | Value (Rs lakh) |
| SBI | 8.69 | 1156.14 | 1041.75 | 0.73 |
| Sterlite | 5.71 | 410.13 | 239.45 | 0.48 |
| Century Tex | 3.81 | 343.87 | 160.00 | 0.32 |
| GAIL | 2.37 | 200.00 | 199.35 | 0.20 |
| Reliance Comm | 1.91 | 374.08 | 160.15 | 0.16 |
| Total investments | 22.48 | - | - | 1.89 |
| Cash | 77.52 | - | - | 6.51 |
| Net worth | - | - | - | 8.39 |
| Returns (%) | -16.06 | - | - | - |
The scrip now constitutes almost 9 per cent of his portfolio. Despite losses in the range of 42-57 per cent, Pujara continues to put his faith in Reliance Communications, Century Textiles and Sterlite. His current investments are valued at Rs 1.89 lakh and he holds Rs 6.51 lakh in cash.