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April 26, 2000

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Kothari Pioneer Taxshield '95

Dhirendra Kumar

Kothari Pioneer Taxshield '95, is a close-ended equity linked tax saving scheme. The fund is currently open for repurchase at net asset value (NAV). The fund has till date given an annualised return of 32 per cent against 8.3 per cent by the Sensex.

As on March 16, 2000, besides the growth sectors, the fund also had stakes in the sectors of oil, banking and auto. During calendar 1999, the fund returned 267 per cent. During the one-year and quarter ending March 2000, the fund gained 81 per cent and 9.4 per cent respectively. For its quality portfolio, this fund will give favourable returns. Though, the current sectoral allocation of the fund is not available, the volatility of the fund shows that the fund has significant exposure to the software sector. During the recent post-Budget downslide, the fund lost 34 per cent while the Sensex fell by 16 per cent.

The fund initially mobilised Rs 90 crore. Launched at a time when the markets were in a strong bear grip, the fund with a predominant cyclical portfolio found the going really tough. Despite active management, the fund's NAV slid to a low of Rs 6.55 in December 1996.

The restructuring and consolidation of the fund in favour of the growth sectors of software, pharma and FMCG, in the latter half of 1997, helped it bounce back and improve its performance significantly. The fund started to outperform the Sensex from September 1997 onwards and by March 1998 the growth sectors accounted for 33 per cent of its portfolio.

Fund Basics          
Objective Size (Rs cr) NAV (Rs) 14/4/2000 Repurchase Price Sale Price (Rs) Total Returns
Tax planning 170 38.07 38.07 31.98%
Benchmark Comparisons (%)         31/3/2000
  1M 3M 6M 1Yr 3Yr
Fund -4.02 9.36 83.68 176.71 81.10
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          
Britannia          
Cipla          
Fulford          
HPCL          
Hero Honda          
ICICI          
ITC          
ICICI Bank          
Infosys          
Kirloskar Cummins          
MICO          
Mahindra & Mahindra          
Mastek          
Punjab Tractors          
Pfizer          
Satyam Computer          
Sierra Optima          
SmithKline Consumer          
Zee          

Source: Value Research

Mutual Funds

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