Uti Offshore Funds Corpus Tops $1 Billion

The total asset size of the Unit Trust of India's offshore funds have crossed the US$1 billion mark.

As on February 12, 2000, the corpus size in rupee terms was Rs 4393 crore.

Leading the pack among the funds is the India IT Fund which has a size of 575.7 million or Rs 2512.6 crore. The fund was launched in January 1997 with an initial corpus of US $50 million raised in two tranches with a lock-in period of 3 years.

The fund had been made open ended since September 1999 and has since then raised US$25 million. During the period from January to December 1999, the Net Asset Value of the fund has grown by 456 per cent and was quoted at US$109 per unit as on February 11, 2000.

 

The top ten holding in the IT fund portfolio include Infosys, Wipro, Satyam Computers, NIIt, Mastek, Aptech, SSI, BFL Software and Visual Software.

The second largest fund is the India Growth Fund with a total corpus of Rs 1261.6 crore equivalent to US$289.1 million. The fund, a close ended perpetual fund was launched in August 1988 and listed on the New York Stock Exchange. During calendar year 1999, the NAV of the fund has grown by 125.45 per cent.

Among the top ten holdings in the portfolio are SSI, Zee, Satyam Computers, Mastek, DSQ Software and HLL.

The India Fund, an open ended fund with a corpus size of Rs 435.7 crore or $99.8 million as launched in August 1986. This was the first off shore offering from UTI and is currently listed on the London and Dublin Stock Exchanges. During calendar year 1999, the NAV of the fund has grown by 108 per cent.

The latest corpus size of India Access Fund and PSU Fund stand at Rs 116.1 crore and Rs 67 crore, respectively.