PMS schemes' cash levels fall in June as benchmark indices rebound

Fifty two, or 37%, of the 142 schemes under consideration had a cash holding of less than 5 per cent at the end of June, as against 43 in May

Fund managers of portfolio management services (PMS) schemes decreased cash levels in June as the benchmark indices rebounded and they scouted for beaten-down names, especially in the financial sector. 

Fifty two, or 37 per cent, of the 142 schemes under consideration had a cash holding of less than 5 per cent at the end of June, as against 43 in May. The number of schemes holding cash in excess of 10 per cent reduced to 51 in June, from 56 in the previous month. 

Fifty eight schemes reduced their cash holding in June, while 37 raised it. Of the former,