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Money > Mutual Funds > Fund File August 21, 2000 |
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CanexpoDhirendra Kumar Background
Performance
Though the fund remained below par till December 1998, the portfolio revamp initiated in 1997 helped it outperform the broad indices beginning 1998. The fund weeded out junk stocks in the portfolio in favour of consumer, pharmaceuticals and software stocks, adding to the fund's liquidity and focus. The fund has witnessed a remarkable turnaround since revamp. Over the trailing three-year period ending July 31, 2000 the fund has given an annualised return of 35.31%, which is in line with top performing diversified equity funds during the period. Over the period the fund has increasingly become over-weight on technology stocks, with an allocation of 40 percent in early 1999 to a high as 60 percent in the June 2000. In July, Canexpo has reduced its exposure in favour of pharmaceutical and consumer stocks. Its sector concentration apart, the fund has consistently been overweight on its top holding -- Infosys Technologies, which has registered handsome gains over the years. As on July 31, 2000 Infosys accounts for almost 40 per cent of the portfolio. The concentrated bets yielded the fund a whopping 240 per cent through 1999 till February 2000. On the other hand, the fund slipped 40 percent from its peak levels to its low since the ICE stocks meltdown. Despite the sharp fall, the fund has remained overweight in infotech stocks, with a 62 per cent weightage as on July 31, 2000. Outlook
Source: Value Research
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