Background: The ING Group established its presence in India in 1992, when it opened a representative office of the ING Bank. It opened its first branch in Mumbai in 1994. ING Group has promoted ING Investment Management (India) Private Limited as a company incorporated in India for the purpose of carrying on asset management activities.
The group has a 75% holding in this company. The fund house manages assets worth Rs. 2422.31 crore at the end of May 2009. ING Core Equity Fund (G) an open-ended equity scheme launched in March 1999. The objective of the scheme to provide long-term capital appreciation from a portfolio that is invested predominantly in equity and equity related securities.
The portfolio is designed to have concentrated holding with reasonable risk limits, rather than an unproductive and excess diversification and would be overweight in growth stocks. This scheme was merged on 19 May 2008 with ING Select Stocks Fund (name changed to ING Core Equity Fund).
The minimum investment amount is Rs 5000 and in multiples of Re 1 thereafter. The unit NAV of the scheme was Rs 28.17 per unit as on 3 June 2009.
Portfolio: The total net assets of the scheme increased by Rs 6.47 crore to Rs 46.32 crore in April 2009.
ING Core Equity Fund (G) took fresh exposure to four stocks in April 2009. It has purchased 40034 units (2.03%) of Hindustan Unilever, 57816 units (1.50%) of HEG, 49900 units (1.09%) of Indian Bank and 5504 units (1.01%) of Divis Laboratories.
The scheme exited completely from Yes Bank by selling 1.50 lakh units (1.88%), Power Finance Corporation by selling 42999 units (1.56%), Glaxosmithkline Pharma by selling 4446 units (1.22%) and IVRCL Infrastructures & Projects by selling 20172 units (0.61%) in April 2009.
Sector-wise, the scheme took fresh exposure to Personal Care-Multinational at 2.03% and Electrodes-Graphites at 1.50% in April 2009.
Sector-wise, the scheme exited completely from Finance-Term-Lending Institutions at 1.56% and Pharmaceuticals-Multinational at 1.22% in April 2009.
The scheme had highest exposure to Reliance Industries with 20325 units (7.91% of portfolio size) followed by Infosys Technologies with 18588 units (6.05%), Bharti Airtel with 35076 units (5.67%) and ITC with 1.15 lakh units (4.72%) among others in April 2009.
It reduced its exposure to Tata Consultancy Services by selling 9995 units to 9340 units (by 1.35%), Tata Power Company by selling 6986 units to 4546 units (by 1.34%), Ranbaxy Laboratories by selling 14993 units to 25007 units (by 0.76%) and Oil & Natural Gas Corporation by selling 3015 units to 17191 units (by 0.75%) among others in April 2009.
Sector-wise, the scheme had highest exposure to Refineries at 10.54% (from 9.46% in March 2009), followed by Banks-Public Sector at 8.27% (5.46%), Computers-Software-Large at 7.31% (8.36%) and Banks-Private Sector at 7.18% (7.62%) among others in April 2009.
Sector wise, the scheme had reduced exposure to Power Generation and Supply to 2.45% (by 1.50%), Computers-Software-Large to 7.31% (by 1.05%), Pharmaceuticals-Indian-Bulk Drugs & Formulation to 6.00% (by 0.89%) and Oil Drilling/Allied Services to 3.21% (by 0.75%) among others in April 2009.
Performance: The performance of scheme is benchmarked against BSE 100. The scheme has underperformed the benchmark index over all time periods.
The scheme has posted returns of 27.58% underperforming the BSE 100 that gained 34.12% over 1 month period ended 3 June 2009. Over 3 months period, the scheme advanced by 65.90% underperforming the benchmark index that gained 81.30%. It fell 12.49% more than the benchmark index that declined by 7.78% over 1 year period.
The group has a 75% holding in this company. The fund house manages assets worth Rs. 2422.31 crore at the end of May 2009. ING Core Equity Fund (G) an open-ended equity scheme launched in March 1999. The objective of the scheme to provide long-term capital appreciation from a portfolio that is invested predominantly in equity and equity related securities.
The portfolio is designed to have concentrated holding with reasonable risk limits, rather than an unproductive and excess diversification and would be overweight in growth stocks. This scheme was merged on 19 May 2008 with ING Select Stocks Fund (name changed to ING Core Equity Fund).
The minimum investment amount is Rs 5000 and in multiples of Re 1 thereafter. The unit NAV of the scheme was Rs 28.17 per unit as on 3 June 2009.
Portfolio: The total net assets of the scheme increased by Rs 6.47 crore to Rs 46.32 crore in April 2009.
ING Core Equity Fund (G) took fresh exposure to four stocks in April 2009. It has purchased 40034 units (2.03%) of Hindustan Unilever, 57816 units (1.50%) of HEG, 49900 units (1.09%) of Indian Bank and 5504 units (1.01%) of Divis Laboratories.
The scheme exited completely from Yes Bank by selling 1.50 lakh units (1.88%), Power Finance Corporation by selling 42999 units (1.56%), Glaxosmithkline Pharma by selling 4446 units (1.22%) and IVRCL Infrastructures & Projects by selling 20172 units (0.61%) in April 2009.
Sector-wise, the scheme took fresh exposure to Personal Care-Multinational at 2.03% and Electrodes-Graphites at 1.50% in April 2009.
Sector-wise, the scheme exited completely from Finance-Term-Lending Institutions at 1.56% and Pharmaceuticals-Multinational at 1.22% in April 2009.
The scheme had highest exposure to Reliance Industries with 20325 units (7.91% of portfolio size) followed by Infosys Technologies with 18588 units (6.05%), Bharti Airtel with 35076 units (5.67%) and ITC with 1.15 lakh units (4.72%) among others in April 2009.
It reduced its exposure to Tata Consultancy Services by selling 9995 units to 9340 units (by 1.35%), Tata Power Company by selling 6986 units to 4546 units (by 1.34%), Ranbaxy Laboratories by selling 14993 units to 25007 units (by 0.76%) and Oil & Natural Gas Corporation by selling 3015 units to 17191 units (by 0.75%) among others in April 2009.
Sector-wise, the scheme had highest exposure to Refineries at 10.54% (from 9.46% in March 2009), followed by Banks-Public Sector at 8.27% (5.46%), Computers-Software-Large at 7.31% (8.36%) and Banks-Private Sector at 7.18% (7.62%) among others in April 2009.
Sector wise, the scheme had reduced exposure to Power Generation and Supply to 2.45% (by 1.50%), Computers-Software-Large to 7.31% (by 1.05%), Pharmaceuticals-Indian-Bulk Drugs & Formulation to 6.00% (by 0.89%) and Oil Drilling/Allied Services to 3.21% (by 0.75%) among others in April 2009.
Performance: The performance of scheme is benchmarked against BSE 100. The scheme has underperformed the benchmark index over all time periods.
The scheme has posted returns of 27.58% underperforming the BSE 100 that gained 34.12% over 1 month period ended 3 June 2009. Over 3 months period, the scheme advanced by 65.90% underperforming the benchmark index that gained 81.30%. It fell 12.49% more than the benchmark index that declined by 7.78% over 1 year period.
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