Keeping balance

FUND PICK/ FT India Balanced Fund

As on April 30, 2004

Value (Cr)

Net assets (%)

Motor Industries Co

7.55

6.51

SBI

7.00

6.00

Grasim Industries

7.00

5.86

Satyam Computer

7.00

5.67

Maruti Udyog

6.00

5.16

Britannia

5.00

4.33

Hindalco

5.00

4.17

Thermax

4.35

3.75

Bharat Electronics

4.00

3.25

Exide Inds.

4.00

3.00

Hindustan Petroleum

3.00

3.00

Bhel

2.93

2.53

Infosys

2.57

2.22

Corporation Bank

2.56

2.21

TOP DEBT HOLDINGS (30/04/2004)

HDFC

5.20

4.48

Lakshmi General Fin

5.19

4.47

Citicorp Finance

4.86

4.19

Power Grid Corp

4.50

3.87

ICICI Bank

3.95

3.40

 However, the fund has compensated its investors for the volatility by delivering higher risk-adjusted returns.  In 2004 so far, the secondary markets have gone through a bearish phase and this is reflected in the fund's year-to-date return of -5.64 per cent but this is still better than the category average of -8.36 per cent.  There has been higher activity in G-Secs with frequent portfolio churning.  Outlook: Investors who can handle some volatility for superior returns will appreciate the fund.