Mirae Asset Emerging Bluechip Fund is an open ended fund with highest exposure in Pharma, consumer non-durables, and auto ancillaries sectors. This fund has been a consistent outperformer and is recommended for investors with conservative approach, reckons Arnav Pandya
Nature: Equity oriented Small & Mid cap
Inception: July 2010
Assets under Management: Rs 104 crore at the end of March 2012
Fund Manager: Gopal Agrawal and Neelesh Surana
Analysis: The author can be reached at Disclaimer: Views expressed in this article are entirely personal.
This is a mid cap fund that seeks to invest in companies that are not in the top 100 list by market capitalisation. At the end of July 2010, the fund had the highest exposure to Pharma at 14 per cent of the portfolio. The only other sector with an exposure of more than 10 per cent was banks. Media and entertainment had the third highest weightage in the portfolio. In terms of the individual stocks, Lupin was the top holding followed by Rallis India, Andhra Bank, HPCL, and HT Media. The benchmark of the fund was the CNX Midcap Index and since the fund had just commenced operations nearly 20 per cent of the assets were still in cash and cash equivalents. By the end of December2010, the top two sectors in the portfolio remained the same though their exposure was down slightly from the position seen earlier. Auto ancillaries was now the third sector in terms of weightage while media and entertainment had slipped to the sixth spot. Lupin continued to be the top holding with less than 4 per cent of the portfolio and this was followed by Oracle, Federal Bank, Rallis India and HT Media. The fund had more than 10 per cent of its portfolio in cash and cash equivalents and it was outperforming its benchmark since inception. The fund continued to add to its assets under management and by the end of May 2011 it had a slightly different portfolio in terms of the sector exposure from what was seen some time earlier. Consumer non-durables was now the top sector with 15 per cent of the portfolio followed by Pharma and banks. Rallis India had displaced Lupin from the top spot in terms of the individual stock exposure but with all the top stocks having an exposure of less than 4 per cent the difference was marginal. Some of the other holdings with a significant presence were Crompton Greaves, Andhra Bank, Oracle, and Federal bank. The fund was comfortably outperforming its benchmark since inception. At the end of December 2011 the fund had increased exposure to the top three sectors from the situation seen several months earlier. Consumer non-durables remained the top sector with an 18 per cent exposure though Pharma and banks now also had a double digit exposure. The cash holding was now down to just below 2 per cent which meant that the fund had deployed most of the amount available with it.
The author can be reached at Disclaimer: Views expressed in this article are entirely personal.
Disclaimer: Views expressed in this article are entirely personal.