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March 10, 2000
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Fund Pick: Zurich India Equity FundBackground
Performance
A sizeable part of the fund's portfolio turned illiquid. At its worst, the fund's net asset value fell to a low of Rs 5.15 in December 1996. The fund started with a Rs 55 crore asset base. Followed by its under-performance, it faced redemption. The fund's portfolio was totally restructured in December 1996. The fund is totally out of illiquid stocks. The sustained restructuring of the fund in 1998 yielded results in the rising market during 1999. Currently, the fund is almost fully invested in equities. The fund now has 46 per cent allocation to software stocks, 22 per cent to consumer companies, 7 per cent to pharma stocks and 6 per cent to automobiles. The fund is spread over 19 stocks with Infosys and Mastek being the biggest bets accounting for 20 per cent each, followed by 8 per cent in Vikas WSP. The biggest bet in pharma is on Pfizer accounting for 7 per cent of the fund's assets. Besides, the fund has a stake in publishing major Macmillan (4 per cent of the fund's assets). Outlook
Source: Value Research |
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