In the past fortnight, the markets have soared to new highs, powered by investments of about $1 billion by foreign institutional investors. However, fund managers' portfolios have failed to reflect the market exuberance.
Three of the six portfolio managers actively churned their portfolios since the beginning of the year and gained the most in the current rally.
With gains of 17 per cent, Ankit Agarwal of Centrum was the only portfolio manager to outperform the benchmark CNX 500, which gained 14.73 per cent since the beginning of the current Smart Portfolio season (October 2013). (Click here for table)
Vinay Khattar
Head of research-retail capital markets, Edelweiss Financial Services
Gains in Crompton Greaves, Larsen & Toubro, Apollo Tyres, Punjab National Bank and Financial Technologies helped Khattar gain in line with the benchmark index. Currently, his top holdings include Century Textiles & Industries, Bharat Forge, Wipro, Tata Motors and Mahindra & Mahindra.
With cash balance of about Rs 1 lakh, Khattar's portfolio is valued at Rs 11.45 lakh, a 14.49 per cent rise.
Ankit Agarwal
Vice-president-fund manager, Centrum Broking
Through the last two months, Agarwal was very active and accumulated several frontline names such as Bharti Airtel, Larsen & Toubro, ICICI Bank, Tata Motors and YES Bank. Bharat Forge, CMC, Gujarat Pipavav Port and Emami are some of the other names he is positive on.
"While it seems like a pre-election rally, considering markets are near all-time highs and the macroeconomic environment is still weak, there could be some interim correction," says Agarwal. On the positive side, the recent up-move gave a good entry point for various defensives, which could help tide over any volatility in the run-up to the elections, he adds.
Agarwal's net worth stands at Rs 11.71 lakh, up 17.12 per cent, with cash balance of Rs 2.04 lakh.
Sunil Jain
Head (equity research-retail), Nirmal Bang
Jain was fairly active, adding names such as Aurobindo Pharma, Lakshmi Machine Works, VST Tillers Tractors and Marksans Pharma to his portfolio. Currently, his top holdings include ITC, Escorts, Lupin, CCL Products (India) and Astra Microwave Products.
Jain's net worth is Rs 11.32 lakh, a 13.21 per cent gain. He holds cash balance of Rs 5.69 lakh.
Sachin Shah from Emkay and Phani Sekhar from Angel Broking have largely remained on the sidelines since the beginning of the year. Both termed the inactivity a tactical market call. Shah added Wipro and Biocon, while Sekhar picked GIC Housing Finance.
Phani Sekhar's portfolio value slipped into the negative, down 1.8 per cent, while Shah's portfolio rose a nominal four per cent. Taher Badshah has been inactive through the past three months. His portfolio underperformed, with a four per cent gain.
For Smart Portfolios, visit www.smartinvestor.in/sp
