ICICI Pru Infrastructure Fund (G) outperforms the Sensex over all time periods

ICICI Asset Management Company Ltd manages ICICI prudential Mutual Fund. A joint venture between Prudence Plc, UK's leading insurance company and ICICI Bank Ltd. India's premier financial institution. ICICI Prudential Mutual Fund house has Rs. 54903.69 crore assets under management at the end of November 2007.

ICICI Pru Infrastructure Fund (G) an open-ended scheme launched in September 2004. The objective of the scheme is to seek to generate capital appreciation and income distribution to unit holders by investing predominantly in equity/ equity related securities of the companies belonging to the infrastructure industries and balance in debt securities and money market instruments including call money. However, there can be no assurance that the investment objective of the plan will be realized. The minimum investment amount is Rs 5000 and in multiples of Rs 1 thereafter. The unit NAV of the scheme was Rs.34.01 as on 10 December 2007.

Portfolio: The total net assets of the scheme increased by Rs.470.41 crore to Rs. 4009.21 crore in November 2007.

ICICI Pru Infrastructure Fund (G) took fresh exposure to thirteen new stocks in November 2007. The scheme has purchased 70.70 lakh units (3.75%) of Cairn India, 46.58 lakh units (3.00%) of Steel Authority of India, 18.11 lakh units (1.94%) of GAIL (India) and 10.00 lakh units (1.68%) of Reliance Communication in November 2007.

The scheme completely exited from J K Cements by selling 3.33 lakh units (0.18%), and Punjab National Bank by selling 69,889 units (0.10%) in November 2007.

Sector-wise, the scheme took fresh exposure Electric Equipment at 1.99%, Mining / Minerals / Metals at 1.29%, and Electronics – Components at 0.91%, Cables – Telephone at 0.11% and Finance & Investments at 0.01% in November 2007.

Sector-Wise, the scheme did not completely exited from any sector in November 2007.

The scheme had highest exposure to Reliance Industries with 13.48 lakh units (9.58% of Portfolio) followed by Jindal Steel & Power with 2.25 lakh units (7.59%), NTPC with 1.00 crore units (5.90%), ICICI Bank with 17.76 lakh units (5.25%) and Larsen & Toubro with 4.99 lakh units (5.15%) among others in November 2007.

It reduced its exposure to Oil & Natural Gas Corporation by selling 5.65 lakh to 7.97 lakh units (by 2.48%), NTPC by selling 19.74 lakh units to 1.00 crore units (by 2.20%) and Bharti Airtel by selling 4.99 lakh units to 15.00 lakh units (by 2.17%), among others in November 2007.

Sector-wise, the scheme had highest exposure to Power Generation And Supply at 11.11% (from 12.38% in October 2007), followed by Refineries at 9.58% (8.63%), Steel - Sponge Iron at 7.59% (7.55%) and Construction at 6.92% (7.34%) among others in November 2007.

Sector wise, the scheme had reduced exposure to Banks - Public Sector to 0.95% (by 1.52%), Power Generation And Supply to 11.11% (by 1.27%) Diversified - Mega to 5.84% (by 0.70%) and Telecommunications - Service Provider to 5.20% (by 0.49%) among others in November 2007.

Performance: The scheme outperformed the category average over most of the time periods. It has outperformed the sensex over all time periods.

Over three-month period ended as on 10 December 2007, the scheme posted 46.53% of returns outperforming the category average of 29.08%. It outperformed the sensex that posted 28.07% returns during the same period.

Since inception, the scheme posted 225.45% returns under performing the category average of 326.24%.