Fund managers underperform

Vinay Khattar was the sole fund manager to escape the bear trap, as he mopped up cash at the right time.

Given the tricky market conditions it would be interesting to see how the fund managers turn things around.

Ajay Parmar
Ajay Parmar was on the sidelines for the last one week. However, his heavy exposure to midcap and smallcap stocks cost him dearly. His net worth dropped 9.7 per cent to Rs 9.87 lakh. Gitanjali Gems was the top laggard in his profile. It was down almost 48 per cent from his cost price. It was followed by Zuari Industries, Gulf Oil Corporation, Manali Petrochem and LIC Housing Finance. Of the 22 stocks in his portfolio, only seven are trading below his cost price. Parmar holds just Rs 8,866 as cash.

AJAY PARMAR, head research institutional equities, Emkay
Top Holdings	Cost price (Rs)	Current price (Rs)	Value (Rs lakh)
Unichem Labs	185.98	249.35	1.25
Natco Pharma	291.03	292.05	0.80
eClerx Services	546.00	695.80	0.70
Chambal Ferts	75.38	73.85	0.59
Bajaj Auto	1485.45	1532.65	0.54
Total investments			9.78
Cash			0.09
Net worth			9.87

Shishir Bajpai
Shishir Bajpai experienced a topsy-turvy week, wherein his net worth declined 8.7 per cent to Rs 12.02 lakh. At first he had raised cash by exiting from almost all his holdings. However, he made fresh purchases mid-week. But an eventual sell-off on Thursday weighed on his portfolio value. Bajpai holds 12 stocks in his portfolio and all are currently trading below his cost price. Delta Corp and Orchid Chemicals were the major laggards in his net worth. Delta and Orchid were both down 15.7 per cent and 12.3 per scent, respectively. Hindalco, 3i Infotech and Indiabulls Real Estate were the other major losers. Bajpai holds just Rs 2,900 cash.
 

SHISHIR BAJPAI, senior vice president, IIFL Private Wealth
Top Holdings	Cost price (Rs)	Current price (Rs)	Value (Rs lakh)
Tata Motors-DVR	803.80	776.75	1.17
Selan Explorations	401.05	383.35	1.15
Cipla	368.90	349.90	1.05
Hindalco	227.65	209.75	1.05
3i Infotech	55.45	52.35	1.05
Total investments			11.99
Cash			0.03
Net worth			12.02

Siddarth Bhamre
Siddarth Bhamre�s net worth declined 9 per cent to Rs 9.14 lakh. He executed just one trade last week, when he invested Rs 23,000 in 3i Infotech. Bhamre holds 20 stocks in his portfolio and currently all are trading below his cost price. Hindustan Construction is the major dragger, down 35 per cent. JK Tyre & Industries, Kingfisher Airlines, Electrosteel Castings, Century Textiles, Moser Baer, Unitech and IVRCL Infrastructures were the other major losers, down over 20 per cent each.
 

SIDDARTH BHAMRE, head-equity derivatives, Angel Broking
Top Holdings	Cost price (Rs)	Current price (Rs)	Value (Rs lakh)
Reliance Inds	1,034.60	984.50	0.74
CESC	372.75	360.10	0.72
Great Offshore	379.20	353.30	0.71
Aban Offshore	809.00	670.30	0.54
McLeod Russel	232.60	195.55	0.49
Total investments			9.14
Cash			0.00
Net worth			9.14

Vinay Khattar
Vinay Khattar seems to have had sensed the market correction as he was able to raise cash just in time. In the first half of the week, he sold stocks worth Rs 10.20 lakh and then in the second half he bought shares worth Rs 3.91 lakh. Khattar�s net worth declined just 1.2 per cent to Rs 10.22 lakh and he still holds Rs 4.38 lakh in cash. He has seven stocks in his portfolio, currently all below his cost price. Barring Delta Corp, which is down 6.4 per cent from his cost price, others are down 0.3-3.8 per cent each.
 

VINAY KHATTAR, head�research of WAIS, Edelweiss
Top Holdings	Cost price (Rs)	Current price (Rs)	Value (Rs lakh)
Shree Renuka	76.55	76.35	0.99
Lupin	446.70	439.10	0.99
Bharti Airtel	350.15