Twenty-one of the 28 equity schemes managed by the Unit Trust of India have outperformed the Sensex during the period first quarter between July and September 1999.
As against 15.06 per cent rise in BSE Sensex, thirteen equity schemes of UTI have shown a growth of 19 per cent to 49 per cent. Ten other funds have managed net income in the range of 4 per cent to 18 per cent (16 per cent to 72 per cent annualised) in the same period.
As, at the end of September 30, 1999, UTI managed 28 schemes with unit capital of about Rs 6,155 crore and market value of investments of Rs 10,816 crore.
As per the UTI release, the schemes have been actively trading on their portfolio and booked substantial profits. The income for the quarter, net of provisions and expenses, as percentage to unit capital is more than 25 per cent in some of the schemes like MEP 91, MEP 93, MEP 96, Master Index Fund and Primary Equity Fund. Scheme-wise performance follows:
Primary Equity Fund-95
The NAV of the scheme has improved by 31.15 per cent from Rs 13.45 on June 30, 1999 to Rs 17.64 on September 30, 1999 as compared to an increase of 15.06 per cent in the BSE Sensex during the same time period.
Currently, the scheme's top investments are in software (23.2 per cent), FMCG (15.44 per cent), life sciences (14.8 per cent), automobiles (7.66 per cent), engineering (7.55 per cent), petrochemicals (3.7 per cent) and metals (2.57 per cent). Over the last year, the scheme has been restructured and the number of companies in the portfolio is being brought down by selling the marginal holdings.
Equity Opportunity Fund-96
The NAV of the scheme has increased by 19.58 per cent from Rs 10.47 as on June 30, 1999 to Rs 12.52 as on September 30, 1999. The scheme has invested about 35 per cent in FMCG sector, 30 per cent in software, 9 per cent in engineering sector, 8.5 per cent in pharmaceuticals and 7 per cent in auto sector. According to UTI, the scheme plans to invest in such stocks which are not fully valued in FMCG and software sectors to capture growth.
