ICICI Pru Services Industries: Construction Trebled

ICICI Pru Services Industries is an open-ended equity scheme that seeks to infuse in companies belonging to the service industries across various market capitalisation segments. Over the six months ended December 2007, its assets expanded 50 per cent and the NAV moved up 40 per cent. Here is a look at the portfolio churn in the above period. In the past six months, the fund trebled its exposure to the construction sector. Holdings in Patel Engineering surged four-fold, the stock cornering 7 per cent of the portfolio.

ICICI Bank, HDFC Bank and Bank of Baroda were accumulated while PSU banks Andhra Bank, Punjab National Bank and Union Bank of India moved out. State Bank of India was added afresh. Asset allocation to the IT sector declined marginally. Holdings in mid-cap stock Nucleus Software were pruned by more than 50 per cent even as MphasiS BFL Software moved out completely. NIIT and Satyam Computer Services were new additions. The fund appeared to vary its strategy in the capital goods space. During the market correction in February 2007, exposure to the sector, which was 11 per cent of the portfolio, was brought down substantially.