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Canpep '92

Dhirendra Kumar

Canpep '92 is a close-ended equity linked tax saving scheme. The fund offers repurchase at 5 per cent discount to the previous Thursday's net asset value. The fund has till date declared two dividends of 12.5 per cent in 1994 and 10 per cent in January 2000. Sine its launch, it has given an annualised return of 10 per cent against 1.75 per cent by the Sensex.

The fund has been an underperformer during a large part of its tenure and stayed below par for a substantial part of 1993 and 1996-97. The fund gained momentum only with the market rise since October 1998. In its tenure of eight years, the fund gained the maximum during calendar 1999 returning 100 per cent. As on September 1999, the fund realigned its portfolio in favour of growth stocks in FMCG (32%), pharma (26%) and infotech (30%) sectors.

Besides, the fund has 6 per cent each in oil and gas and auto. The restructuring has significantly benefited the fund to gain 116 per cent and 36 per cent in the year and quarter ending February 2000. Canpep '92 is poised to deliver average performance and will benefit to some extent from the change in market sentiment in favour of its quality portfolio.

Launched in March 1992, the fund made investments at the peak of the 1992 rally. The fund was hurt by the market downslide after the scam till 1993. Despite its modest asset base, the fund has been passively managed. The initial portfolio of the fund -- large and mid cap stocks wildly diversified across sectors, remained so till March 1999.

Fund Basics
Objective	Size (Rs cr)	NAV (Rs) 30/3/2000	Repurchase Price	Resale Price	Total Returns
Tax planning	136.53	20.25	Bk. Clr.	—	10.07%
Benchmark Comparisons (%)					29/2/2000
	1M	3M	6M	1Yr	3Yr
Fund	11.96	36.59	44.28	116.16	36.55
Sensex	2.08	17.41	11.83	60.22	14.26
Nat. Index	11.52	46.89	50.80	118.54	27.62
Obj.Avg.	12.26	44.09	62.46	129.77	28.55
Top holdings (30/9/1999)					Net assets (%)
Hindustan Lever					13.49
Infosys					12.33
NIIT					7.36
Hoechst Marion					7.05
Ranbaxy					4.90
Indian Oil					3.87
Hero Honda					3.75
Nestle					3.75
German Remedies					3.24
Cadbury					3.18

Mutual Funds

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