Kothari It Fund Nav Up 111%

Kothari Pioneer Infotech Fund continued its impressive performance during January. Assets under management stood at nearly seven hundred crore due to steady inflows during the month.

The net asset value (NAV) of the fund at Rs 37.76 (growth option) has appreciated by 111.21 per cent during the past three months and by 314.33 per cent since inception. The fund was launched on August 22, 1998.

The NAV of the dividend option at Rs 33 has appreciated by 111.22 per cent during the last three months and by 314.35 per cent after its launch. The fund has substantially increased its exposure to Satyam Computer, BFL Software and PSI Data during the past one month. The fund has bought HCL Technologies after aggressively participating in the initial public offering (IPO) of the company. The other new entrant is Kale Consultants. However, during the past one month the percentage of equity exposure to total assets under management has fallen from 89.03 per cent to 81.72 per cent. The fund seems to have made a conscious effort to set aside cash reserves to subscribe to forthcoming IPOs of infotech companies. Business Standard's ICE Index has appreciated by 158 per cent during the past three months and by 22 per cent in January.