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. 2396.77 crore at the end of June 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 27.93 per unit as on 1 July 2009.
Portfolio: The total net assets of the scheme increased by Rs 11.10 crore to Rs 57.43 crore in May 2009.
ING Core Equity Fund (G) took fresh exposure to three stocks in May 2009. The scheme has purchased 11997 units (1.97%) of Reliance Capital, 25020 units (0.83%) of Max India and 12574 units (0.28%) of Vardhman Textiles.
The scheme exited completely from Divis Laboratories by selling 5504 units (1.01%), Bharati Shipyard by selling 57167 units (1.00%), and Zydus Wellness by selling 7675 units (0.12%) in May 2009.
Sector-wise, the scheme took fresh exposure to Finance & Investments at 1.97%, Packaging at 0.83% and Textiles-Cotton/Blended at 0.28% in May 2009.
Sector-wise, the scheme did exit completely from Food-Processing-Indian at 0.12% in May 2009
The scheme had highest exposure to Reliance Industries with 20234 units (8.03% of portfolio size) followed by Bharti Airtel with 34969 units (4.99%), HDFC Bank with 16520 units (4.15%) and ICICI Bank with 31475 units (4.06%) among others in May 2009.
It reduced its exposure from Infosys Technologies by selling 4997 units to 13591 units (by 2.26%), Tata Consultancy Services by selling 9305 units to 35 units (1.26%), ITC to 1.15 lakh units (1.02%) and Indraprastha Gas by selling 31638 units to 43295 units (0.89%) among others in May 2009.
Sector-wise, the scheme had highest exposure to Refineries at 10.95% (from 10.54% in April 2009), followed by Banks-Public Sector at 9.39% (8.27%), Banks-Private Sector at 8.21% (7.18%) and Telecommunications-Service Provider at 6.12% (6.65%) among others in May 2009.
Sector wise, the scheme had reduced exposure from Computers-Software-Large to 3.79% (by 3.52%), Pharmaceuticals-Indian-Bulk Drugs to 1.46% (by 1.89%), Cigarettes to 3.70% (by 1.02%) and Pharmaceuticals-Indian-Bulk Drugs & Formulation to 5.30% (by 0.70%) among others in May 2009.
Performance: The performance of scheme is benchmarked against BSE 100. The scheme has underperformed the benchmark index over most of the time periods.
The scheme has posted returns of 0.22% outperformed the BSE 100 that declined 1.30% over 1 month period ended 01 July 2009.
Over 3 months period, the scheme advanced by 44.27% underperformed the BSE 100 that gained 52.29%.
It rose by 6.16% underperformed the benchmark index that was up by 13.43% over 1 year period.
The group has a 75% holding in this company. The fund house manages assets worth Rs. 2396.77 crore at the end of June 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 27.93 per unit as on 1 July 2009.
Portfolio: The total net assets of the scheme increased by Rs 11.10 crore to Rs 57.43 crore in May 2009.
ING Core Equity Fund (G) took fresh exposure to three stocks in May 2009. The scheme has purchased 11997 units (1.97%) of Reliance Capital, 25020 units (0.83%) of Max India and 12574 units (0.28%) of Vardhman Textiles.
The scheme exited completely from Divis Laboratories by selling 5504 units (1.01%), Bharati Shipyard by selling 57167 units (1.00%), and Zydus Wellness by selling 7675 units (0.12%) in May 2009.
Sector-wise, the scheme took fresh exposure to Finance & Investments at 1.97%, Packaging at 0.83% and Textiles-Cotton/Blended at 0.28% in May 2009.
Sector-wise, the scheme did exit completely from Food-Processing-Indian at 0.12% in May 2009
The scheme had highest exposure to Reliance Industries with 20234 units (8.03% of portfolio size) followed by Bharti Airtel with 34969 units (4.99%), HDFC Bank with 16520 units (4.15%) and ICICI Bank with 31475 units (4.06%) among others in May 2009.
It reduced its exposure from Infosys Technologies by selling 4997 units to 13591 units (by 2.26%), Tata Consultancy Services by selling 9305 units to 35 units (1.26%), ITC to 1.15 lakh units (1.02%) and Indraprastha Gas by selling 31638 units to 43295 units (0.89%) among others in May 2009.
Sector-wise, the scheme had highest exposure to Refineries at 10.95% (from 10.54% in April 2009), followed by Banks-Public Sector at 9.39% (8.27%), Banks-Private Sector at 8.21% (7.18%) and Telecommunications-Service Provider at 6.12% (6.65%) among others in May 2009.
Sector wise, the scheme had reduced exposure from Computers-Software-Large to 3.79% (by 3.52%), Pharmaceuticals-Indian-Bulk Drugs to 1.46% (by 1.89%), Cigarettes to 3.70% (by 1.02%) and Pharmaceuticals-Indian-Bulk Drugs & Formulation to 5.30% (by 0.70%) among others in May 2009.
Performance: The performance of scheme is benchmarked against BSE 100. The scheme has underperformed the benchmark index over most of the time periods.
The scheme has posted returns of 0.22% outperformed the BSE 100 that declined 1.30% over 1 month period ended 01 July 2009.
Over 3 months period, the scheme advanced by 44.27% underperformed the BSE 100 that gained 52.29%.
It rose by 6.16% underperformed the benchmark index that was up by 13.43% over 1 year period.
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