The Satyam episode dented the portfolios of our fund managers last week. While the benchmark, BSE 200 index, dropped over 4 per cent, our fund managers registered losses in the range of just 0.5 - 3 per cent, thanks to some smart profit taking.
Since the start of Smart Portfolios on September 1, 2008, the benchmark index is now down 36.9 per cent, in terms of net asset value at Rs 6.31 lakh as against Rs 10 lakh. Amar Ambani’s net worth now stands at Rs 9.94 lakh, down 0.6 per cent, Anand Agarwal’s at Rs 8.47 lakh, down 15.3 per cent, Kashyap Pujara’s at Rs 8.59 lakh, down 14.05 per cent and Sadanand Shetty’s at Rs 9.16 lakh, down 8.43 per cent.
Trading activity was slightly subdued with the bias, excluding Sadanand Shetty, on the sell side - out of a total of 21 trades executed last week, 12 were on the sell side. Anand Agarwal topped the list with seven sell transactions, followed by Kashyap Pujara’s four. Sadanand Shetty was in all buy mode with five purchase orders.
SLIPS INTO RED
Amar Ambani
Vice President (Research)
India Infoline
Amar Ambani, the only fund manager in the positive zone till the previous week, slipped into the negative zone following the sudden steep fall in the markets. His net returns slipped from +0.3 per cent to -0.6 per cent. Reliance Communications was a major drag in his portfolio, which accounted for a loss of nearly 26 per cent.
| Top Holdings | % of assets | Cost (Rs) Price | Current price (Rs) | Value (Rs lakh) |
| NTPC | 2.68 | 179.82 | 177.50 | 0.27 |
| Renuka Sugars | 2.08 | 74.80 | 68.80 | 0.21 |
| Reliance Comm | 1.88 | 251.30 | 186.50 | 0.19 |
| Total investments | 6.64 | - | - | 0.66 |
| Cash | 93.36 | - | - | 9.28 |
| Net worth | - | - | - | 9.94 |
| Returns (%) | -0.60 | - | - | - |
He also holds Renuka Sugars and NTPC with a loss of 8 per cent and 1 per cent, each. He averaged his cost price of NTPC by buying 50 more shares. At the same time, he exited from Pyramid Saimira for a loss of nearly 8 per cent. At the end of the week, Ambani continues to hold a whopping 93.4 per cent of cash at Rs 9.28 lakh.
TIMELY EXIT
Anand Agarwal
Fund Manager
Reliance Money
Anand Agarwal's portfolio value declined around 1.2 per cent from Rs 8.57 lakh to Rs 8.47 lakh. The depreciation could have been much steeper had it not been for some smart profit-taking just ahead of the big fall. Anand had Satyam in his portfolio, but he sold it on Monday for a profit of 9 per cent. Profit-taking in Jet Airways, Cummins, Sintex and Satyam saw his portfolio value go up by 5.25 per cent.
| Top Holdings | % of assets | Cost (Rs) Price | Current price (Rs) | Value (Rs lakh) |
| Central Bank | 2.43 | 45.25 | 41.20 | 0.21 |
| SBI | 2.17 | 1330.00 | 1224.00 | 0.18 |
| Jet Airways | 1.82 | 178.04 | 154.50 | 0.15 |
| Total investments | 6.38 | - | - | 0.54 |
| Cash | 93.61 | - | - | 7.92 |
| Net worth | - | - | - | 8.46 |
| Returns (%) | -15.33 | - | - | - |
However, despite the gains his net worth depreciated as the stock value of Central Bank of India, SBI and remaining Jet Airways shares plunged. Anand holds a whopping 93.6 per cent of cash at Rs 7.92 lakh. He holds nearly 75 per cent of his net worth in cash at Rs 6.42 lakh.
TOP PERFORMER
Kashyap Pujara
Fund Manager
ENAM Direct
Kashyap Pujara Fund Manager, ENAM Direct
Kashyap Pujara once again saw the least value erosion last week. His net worth declined by a marginal 0.5 per cent to Rs 8.59 lakh from Rs 8.63 lakh in the preceding week. Partial profit-taking in Sterlite and exit from ICICI Bank saved his day.
| Top Holdings | % of assets | Cost (Rs) Price | Current price (Rs) | Value (Rs lakh) |
| Sterlite | 6.40 | 410.13 | 275.20 | 0.55 |
| SBI | 5.70 | 1201.25 | 1224.00 | 0.49 |
| Century Tex | 3.84 | 343.87 | 165.00 | 0.33 |
| GAIL | 2.36 | 200.00 | 203.00 | 0.20 |
| Reliance Comm | 2.17 | 374.08 | 186.50 | 0.19 |
| Total investments | 20.49 | - | - | 1.76 |
| Cash | 79.51 | - | - | 6.83 |
| Net worth | - | - | - | 8.59 |
| Returns (%) | -14.05 | - | - | - |
However, he continues to carry significant losses in Sterlite, Century Textiles and Reliance Communications. He also added GAIL to his portfolio. Last week, he made purchases worth Rs 20,000, while he sold stocks worth Rs 84,920. He holds nearly 80 per cent of his net worth in cash at Rs 6.83 lakh.
STILL IN BUY MODE
Sadanand Shetty
Vice President
Kotak Securities
Sadanand Shetty with all buy orders last week, saw the steepest cut of over 3 per cent in net worth last week. His portfolio value decreased from Rs 9.45 lakh to Rs 9.16 lakh. He hasn't sold a single stock since December, 15. Last week, he added two new stocks to his portfolio - Tata Steel and Power Finance.
| Top Holdings | % of assets | Cost (Rs) Price | Current price (Rs) | Value (Rs lakh) |
| Sun Pharma | 4.66 | 1038.47 | 1094.00 | 0.43 |
| Areva T&D | 4.59 | 185.31 | 195.50 | 0.42 |
| BHEL | 4.18 | 1294.51 | 1417.70 | 0.38 |
| SBI | 4.01 | 1154.76 | 1224.00 | 0.37 |
| Reliance Ind | 3.75 | 1169.58 | 1145.20 | 0.34 |
| Total investments | 40.83 | - | - | 3.74 |
| Cash | 59.17 | - | - | 5.42 |
| Net worth | - | - | - | 9.16 |
| Returns (%) | -8.43 | - | - | - |
At the same time, he upped his holdings in HDIL and Sun Pharma. He continues to hold as much as 14 stocks in his portfolio. Of these, eight are giving him positive returns as on date. Despite exposure in so many stocks, he continues to hold a little over 59 per cent in cash at Rs 5.42 lakh.
