Background: JM Financial Mutual Fund is one of India's first private sector mutual funds-an, integral parts of the first wave that commenced operations in 1993-94. JM Financial Asset Management Private Limited, the Asset Management Company of JM Financial Mutual Fund, is not a part of this joint venture. Sponsored by J.M. Financial and Investment Consultancy Services Pvt. Ltd., and co-sponsored by JM Financial Ltd., JM Financial Asset Management Private Limited started operations in December 1994 with a simultaneous launch of three funds-JM Liquid Fund (now JM Income Fund), JM Equity Fund, and JM balanced Fund. Today, JM Financial Mutual Fund offers a bouquet of funds that caters to the diverse needs of both its institutional and individual investors.
The fund house manages assets worth Rs 4787.56 crore at the end of March 2009.
JM Arbitrage Advantage Fund (G) an open-ended equity–diversified scheme launched in June 2006. The objective of the scheme to generate income through arbitrage opportunities emerging out of mis-pricing between the cash market and the derivatives market and through deployment of surplus cash in fixed income instruments. The minimum investment amount is Rs 5000 and in multiples of Rs 1 thereafter. The unit NAV of the scheme was Rs 12.47 as on 27 April 2009.
Portfolio: The total net assets of the scheme decreased by Rs 7.91 crore to Rs 290.28 crore in March 2009.
JM Arbitrage Advantage Fund (G) took fresh exposure to three stocks in March 2009. The scheme has purchased 1.20 lakh units (0.91%) of Bank of India, 1.11 lakh units (0.90%) of Bank of Baroda and 2.00 lakh units (0.57%) of Strides Arcolab.
The scheme exited completely from Sintex Industries by selling 9.15 lakh units (by 2.87%), Voltas by selling 20.89 lakh units (2.72%) and Bombay Rayon Fashions by selling 2.30 lakh units (0.71%) among others in March 2009.
Sector-wise, the scheme took no fresh exposure to any sector in March 2009.
Sector-wise, the scheme exited completely from Diversified–Large at 2.87%, Textiles-Products at 0.71% and Textiles–Manmade at 0.18% in March 2009
The scheme had highest exposure to Infosys Technologies with 1.85 lakh units (8.46% of portfolio size) followed by Hindustan Unilever with 6.07 lakh units (4.98%), Oil & Natural Gas Corporation with 1.62 lakh units (4.37%) and GTL with 4.95 lakh units (4.07%) among others in March 2009.
It reduced its exposure from Punjab National Bank by selling 3.57 lakh units to 7284 units (by 4.26%), ICICI Bank by selling 3.29 lakh units to 1.50 lakh units (3.85%), Housing Development Finance Corporation by selling 75501 units to 26522 units (3.30%) and Reliance Industries of India by selling 64780 units to 36206 units (2.62%) among others in March 2009.
Sector-wise, the scheme had highest exposure to Computers-Software–Large at 14.78% (from 7.45% in February 2009), followed by Oil Drilling/Allied Services at 5.09% (4.26%), Personal Care–Multinational at 4.98% (5.15%) and Telecommunications–Equipment at 4.07% (3.21%) among others in March 2009.
Sector wise, the scheme had reduced exposure from Banks-Private Sector to 3.26% (by 3.72%), Finance–Housing to 1.29% (by 3.30%), Refineries to 2.35% (by 2.52%) and Banks-Public Sector to 3.33% (by 2.51%) among others in March 2009.
Performance: The scheme underperformed the Sensex over most of the time periods.
Over three-month period ended as on 27 April 2009, the scheme posted returns of 1.64% underperforming the Sensex that posted returns of 26.30%. Over 6 month period, the scheme's returns surged by 3.10% underperforming the Sensex that rose 33.64%.
The returns of the scheme over one year period rose 7.49% outperforming the Sensex that plunged by 33.60%.
The fund house manages assets worth Rs 4787.56 crore at the end of March 2009.
JM Arbitrage Advantage Fund (G) an open-ended equity–diversified scheme launched in June 2006. The objective of the scheme to generate income through arbitrage opportunities emerging out of mis-pricing between the cash market and the derivatives market and through deployment of surplus cash in fixed income instruments. The minimum investment amount is Rs 5000 and in multiples of Rs 1 thereafter. The unit NAV of the scheme was Rs 12.47 as on 27 April 2009.
Portfolio: The total net assets of the scheme decreased by Rs 7.91 crore to Rs 290.28 crore in March 2009.
JM Arbitrage Advantage Fund (G) took fresh exposure to three stocks in March 2009. The scheme has purchased 1.20 lakh units (0.91%) of Bank of India, 1.11 lakh units (0.90%) of Bank of Baroda and 2.00 lakh units (0.57%) of Strides Arcolab.
The scheme exited completely from Sintex Industries by selling 9.15 lakh units (by 2.87%), Voltas by selling 20.89 lakh units (2.72%) and Bombay Rayon Fashions by selling 2.30 lakh units (0.71%) among others in March 2009.
Sector-wise, the scheme took no fresh exposure to any sector in March 2009.
Sector-wise, the scheme exited completely from Diversified–Large at 2.87%, Textiles-Products at 0.71% and Textiles–Manmade at 0.18% in March 2009
The scheme had highest exposure to Infosys Technologies with 1.85 lakh units (8.46% of portfolio size) followed by Hindustan Unilever with 6.07 lakh units (4.98%), Oil & Natural Gas Corporation with 1.62 lakh units (4.37%) and GTL with 4.95 lakh units (4.07%) among others in March 2009.
It reduced its exposure from Punjab National Bank by selling 3.57 lakh units to 7284 units (by 4.26%), ICICI Bank by selling 3.29 lakh units to 1.50 lakh units (3.85%), Housing Development Finance Corporation by selling 75501 units to 26522 units (3.30%) and Reliance Industries of India by selling 64780 units to 36206 units (2.62%) among others in March 2009.
Sector-wise, the scheme had highest exposure to Computers-Software–Large at 14.78% (from 7.45% in February 2009), followed by Oil Drilling/Allied Services at 5.09% (4.26%), Personal Care–Multinational at 4.98% (5.15%) and Telecommunications–Equipment at 4.07% (3.21%) among others in March 2009.
Sector wise, the scheme had reduced exposure from Banks-Private Sector to 3.26% (by 3.72%), Finance–Housing to 1.29% (by 3.30%), Refineries to 2.35% (by 2.52%) and Banks-Public Sector to 3.33% (by 2.51%) among others in March 2009.
Performance: The scheme underperformed the Sensex over most of the time periods.
Over three-month period ended as on 27 April 2009, the scheme posted returns of 1.64% underperforming the Sensex that posted returns of 26.30%. Over 6 month period, the scheme's returns surged by 3.10% underperforming the Sensex that rose 33.64%.
The returns of the scheme over one year period rose 7.49% outperforming the Sensex that plunged by 33.60%.
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