Analysis: Mirae Asset Emerging Bluechip Fund

Mar 31, 2014, 06.06 PM IST | Source: Moneycontrol.com

In terms of individual stocks Amara Raja batteries was the top holding with Federal bank, Divis labs, Gateway Distriparks, IPCA labs, ICICI Bank Apollo Tyres and GMDC being some other holdings.

Like this story, share it with millions of investors on M3

In terms of individual stocks Amara Raja batteries was the top holding with Federal bank, Divis labs, Gateway Distriparks, IPCA labs, ICICI Bank Apollo Tyres and GMDC being some other holdings.

Nature: Equity oriented open ended

Inception: July 2010

Assets under Management: Rs 201 crore at the end of February 2014

Fund Manager: Neelesh Surana

Analysis:

The fund is a mid cap focused fund that invests in companies with a market cap of at least Rs 100 crores but which are not a part of the top 100 stocks by market cap. At the end of September 2012 the fund had the highest exposure to banks at 15 per cent of the portfolio. Pharma, auto ancillary and consumer non durables are the other sectors that had a prominent place in the portfolio. Around 7 per cent of the total portfolio was present in cash and cash equivalents. In terms of individual stocks Amara Raja batteries was the top holding with Federal bank, Divis labs, Gateway Distriparks, IPCA labs, ICICI Bank Apollo Tyres and GMDC being some other holdings. The CNX Midcap index was the benchmark index and the fund was an outperformer over the one and two year time periods.
Six months later banks managed to increase their share in the portfolio to 18 per cent. Pharma, consumer non durables and auto ancillaries were some of the other leading sectors in the portfolio. The cash component in the portfolio had come below 5 per cent. The portfolio turnover ratio was at 0.83 times. Federal bank was the top individual holding in the portfolio. Amara Raja Batteries, ICICI Bank, ING Vysya Bank, IPCA Labs, Divis Labs and Gateway Distriparks were some of the other leading holdings. The fund was an outperformer over the one and two year time periods ended March 2013.
By the end of September 2013 Pharma had toppled banks as the top sector in the portfolio. Consumer non durables and auto ancillaries were the other leading sectors in the portfolio. The fund portfolio turnover ratio remained steady. Tech Mahindra was now the top individual holding in the portfolio. IPCA labs, Amara Raja Batteries, ICICI Bank, Divis Labs, Federal bank and ING Vysya bank were some of the other top holdings in the portfolio. The fund was an outperformer over the one and three year time periods ended September 2013.
Banks continued to slide in the sector exposure front and at the end of February 2014 they were in the third position after Pharma and software. The portfolio turnover ratio decreased to below 0.75 times. At the same time the cash and cash equivalents in the portfolio reached near the 5 per cent mark. Tech Mahindra continued to be the top individual holding in the portfolio with Divis Labs, IPCA labs, Amara Raja Batteries, Motherson Sumi, ICICI Bank, Godfrey Phillips and Gateway Distriparks being some other leading ones. The fund was an outperformer over the one and three year time periods ended December 2013.
The fund had maintained discipline over the years and its stock selection and fund management skills have provided outperformance for its unit holders. This fund is suitable for investors looking for an exposure to mid caps for a period of 3 years and more.

READ MORE ON Mirae Asset Emerging Bluechip Fund, Divis Labs, Divis Laboratories, IPCA labs, Ipca Laboratories, Amara Raja Batteries, Motherson Sumi, Motherson Sumi Systems, ICICI Bank, Godfrey Philips, Godfrey Phillips India, Gateway Distriparks

Buy & sell politicians on Power Play
- the political stock exchange