Mumbai: Nearly five months after Sandip Sabharwal took over as chief investment officer at JM Financial Mutual Fund, the high-profile fund manager has drawn major plans for the small-sized fund house. Restructure the portfolio of equity schemes and make the schemes grow by five-fold from the present Rs 600 crore to Rs 3,000 crore in two years. Currently, size of its fund house is around Rs 3,200 crore. Of which, nearly Rs 600 crore is equities.
About portfolio restructuring, it said, its approach will be sustained growth with lesser volatility. In some cases, the sector-wise allocation was effected, and in certain cases portfolios were completely changed. The Securities and Exchange Board of India's proposed move to admit short selling of stocks by institutions may benefit mutual funds. Normally, it could be 10-12 per cent depending on the stock and could touch 20 per cent on a longterm. Initially, the market regulator may permit short selling of stocks in the F&O category. The Nimesh-Kampani controlled JM Financial recently purchased its foreign partner Morgan Stanley's 49 stake in investment banking business for Rs 88.5 crore, while sold its equal stake in the broking JV for Rs 1,970 crore.
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