| As on April 30, 2005 | Value (Cr) | Net assets
(%) |
| IDBI | 78.46 | 10 |
| Neyveli Lignite | 65.68 | 8 |
| Bajaj Auto | 53.64 | 7 |
| Citifinancial Consumer Finance | 51.45 | 6 |
| Hindalco Inds (debenture) | 46.56 | 6 |
| Power Finance Corp | 41.01 | 4.99 |
| Panatone Finvest | 39.99 | 4.87 |
| Industrial Development Finance | 29.84 | 3.63 |
| Citicorp Finance | 25.00 | 3.04 |
| Export-Import Bank | 20.02 | 2.44 |
| Citibank | 18.17 | 2.21 |
| Reliance Industries | 16.73 | 2.03 |
| Tata Power | 15.53 | 1.89 |
| HDFC | 15.00 | 1.83 |
| Hindalco Ind (equity) | 14.24 | 1.73 |
| Jet Airways India | 13.71 | 1.67 |
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| During the launch the fund started on a small scale managing assets worth around Rs 43 crore in November 2000. Later after being rechristened as FT India MIP in 2002 it achieved a maximum size of Rs 1,984 crore in May 2004. It is now the largest fund in the category with an AUM (assets under management) of Rs 854 crore as on March 31, 2005. |
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| With the exception of May 2004, the fund has proved to be one of the highest yielding funds in the category. This is because it has managed the volatile phases well enough by actively managing its equity exposure and average maturity of its debt securities. |
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| Taking a look at its scorecard, one can notice the fact its three-year (12.45 per cent annualised) and two-year trailing returns (14.01 per cent annualised) are clearly the best in category. |
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| In its initial days the fund had managed to reap heavy profits by taking longer interest calls. For instance, between January 2001 and March 2004, when yields were sliding, its average maturity of debt holdings on an average was 3.97 years. |
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| However, in the current scenario the fund has adjusted its average maturity by bringing it down to 2.07 years since March 2004 onwards. |
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| Also it has improved the quality of debt by maintaining more than 61.82 per cent of its net assets in AAA securities as on March 31, 2005, compared to nearly 35 per cent as on March 31, 2004. |
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| On the equity side, it has maintained an exposure averaging around 18 per cent through the year ending March 31, 2005. During the same period the category average for equity exposure was around 12 per cent. |
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| The fund has always maintained a concentration of large-caps in its equity portfolio and has distributed and diversified its portfolio over 30-35 large cap growth stocks across various sectors. |
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| Being one of the most aggressive funds, FT India MIP is also one of the most prolific funds in its category. An investor with an appetite for volatility would like this fund. | Returns in % as on May 12, 2005 | | | FMCG sectoral funds continued to lead other equity fund categories as far as one-year returns are concerned. Equity diversified funds were not doing too badly either, with the category averages hovering around 35 per cent.
| Debt funds | | Average category returns (%) | | | 1 month | 1 year | | FMCG | 4.95 | 53 | | Tax Planning | 2.54 | 44 | | Technology | -0.74 | 42 | | Diversified | 1.68 | 35 | | Auto | 7.32 | 33.68 | | Banking | -1 | 31.77 | | Pharma | 2.52 | 19.63 | | Index | -1.12 | 17.90 | | Petroleum | 0.79 | 10.14 | | Sensex | -0.12 | 20.50 |
Leading diversified funds have largely outperformed the Sensex, though most schemes in the top 10 are mid-cap funds. Leading diversified funds like SBI Magnum Global, Reliance Growth and Franklin India Prima Fund were clear outperformers vis-
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