HDFC Top 200 Fund (G) Outperforms The Sensex Over All Time Periods - Dec 26, 2008

Background: HDFC Assets Management Company is sponsored by Housing Development Finance Corporation Limited (HDFC) and Standard Life Investment Ltd. HDFC incorporated in 1977 as the first specialized housing finance institution in India. HDFC AMC was incorporated on 10 December 1999, and today manages assets worth Rs. 44262 crore at the end of November 2008.

HDFC Top 200 Fund (G) an open-ended equity scheme launched in August 1996.The objective of the scheme is to generate long-term capital appreciation from a portfolio of equity investments among the largest quoted Indian Companies. The minimum investment amount is Rs.5000 and in multiples of Rs.100 thereafter. The unit NAV of the scheme was Rs.92.02 as on 23 December 2008.

Portfolio: The total net assets of the scheme decreased by Rs. 64.95 crore to Rs.1843.60 crore in November 2008.

HDFC Top 200 Fund (G) took fresh exposure to only one stock in November 2008. The scheme has purchased 20.00 lakh units (2.56%) of Hindustan Unilever in November 2008.

The scheme completely exited from GAIL (India) by selling 7.50 lakh units (0.84%), Ranbaxy Laboratories by selling 4.42 lakh units (0.39%) and Suzlon Energy by selling 10.99 lakh units (0.26%) among others in November 2008.

Sector-wise, the scheme took no fresh exposure to any sector in November 2008. Sector-wise, the scheme did not exit completely from any sector in November 2008.

The scheme had highest exposure to Infosys Technologies with 8.95 lakh units (6.04% of Portfolio Size) followed by Reliance Industries with 8.39 lakh units (5.16%), ICICI Bank with 25.02 lakh units (4.77%) and State Bank of India with 7.83 lakh units (4.62%) among others in November 2008.

It has reduced its exposure to Satyam Computer Services by selling 11.00 lakh units to 12.15 lakh units (by 2.10%), Larsen & Toubro by selling to 2.39 lakh units to 3.50 lakh units (by 1.11%), Housing Development Finance Corporation to 4.18 lakh units (0.53%) and Siemens by selling 2.94 lakh units to 7.15 lakh units (by 0.53%) among others in November 2008.

Sector-wise, the scheme had highest exposure to Computers - Software - Large at 11.34% (13.45% in October 2008), followed by Refineries at 10.78% (8.52%), Banks - Private Sector at 10.04% (11.05%) and Banks – Public Sector at 8.54% (7.80%) among others in November 2008.

Sector wise, the scheme had reduced exposure to Computers - Software - Large at 11.34% (by 2.11%), Engineering–Turnkey Services to 1.38% (1.11%), Banks - Private Sector at 10.04% (by 1.01%) and Electric Equipment to 3.92% (0.74%) among others in November 2008.

Performance: The scheme outperformed the category average over all time periods. It has outperformed the Sensex over all time periods.

Over three-month period ended as on 23 December 2008, the scheme posted negative return of 25.22% outperforming the category average that has posted the negative returns of 26.01%. It outperformed the Sensex that posted the negative return of 28.62% during the same period.

Since inception, the scheme posted 820.06% returns outperforming the category average of 75.66%.