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May 5, 2000

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Kothari Pioneer Taxshield '96

Dhirendra Kumar

Kothari Pioneer Taxshield '96 is a close-ended equity-linked tax-saving scheme due for redemption in March 2006. The fund is currently open for repurchase at net asset value (NAV). KP Taxshield '96 has given an annualised return of 31 per cent since its launch against 9.06 per cent by the Sensex.

Though the fund has always been diversified across cyclicals and growth sectors, the maximum gain of 173 per cent during calendar 1999, and a 5 per cent fall in the last quarter ending March 2000, suggests a tilt in favour of the infotech sector. Given the fund's quality portfolio, it will give favourable returns but with high volatility.

Faced with a bear market subsequent to its launch, the fund successfully managed to guard its assets and started to consistently outperform the Sensex after August 1997. The fund initially started off with a portfolio comprising of a diversified bundle of large and small cap stocks from the cyclical sector.

However by March 1998, the fund had pared its holdings in cyclicals to accommodate scrips from infotech and pharma. Cyclicals, infotech and pharma accounted for 37, 21 and 10 per cent respectively of the top 75 per cent of the portfolio in March 1998. Over time, the fund also shifted its preference towards large cap stocks.

Fund Basics          
Objective Size (Rs cr) NAV (Rs) 26/4/2000 Repurchase Price Sale Price (Rs) Total Returns
Tax planning 52.85 28.18 28.18 30.95%
Benchmark Comparisons (%)         31/3/2000
  1M 3M 6M 1Yr 3Yr
Fund -6.83 -4.77 41.44 87.63 54.51
Sensex -8.18 -0.09 4.97 33.73 14.17
Nat. Index -11.88 10.58 31.12 75.74 25.63
Obj.Avg. -10.88 7.96 38.20 75.32 26.47
Top holdings (16/3/2000)          
Bharat Petroleum          
Crisil          
Crest Communication         
Fulford          
German Remedies          
HDFC          
HPCL          
Hoechst Marion          
MRF          
Mastek          
NIIT          
Nalco          
PSI Data          
Ramco          
Ramco Systems          
SKF Bearings          
Satyam Computer          
Siemens          
Sundaram Clayton          
TVS Suzuki          

Source: Value Research

Mutual Funds

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