Friday, July 31, 2009

JM Equity Fund Outperforms The Over Three Months Time Period - July 31, 2009

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 Limited. 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 7770.86 crore at the end of June 2009. JM Equity Fund (G) an open-ended equity scheme launched in December 1994.

The objective of the scheme is to provide Optimum Capital growth and appreciation. The minimum investment amount is Rs.1000 and in multiples of Rs.500 thereafter. The unit NAV of the scheme was Rs 32.86 per unit as on 30 July 2009.

Portfolio: The total net assets of the scheme decreased by Rs 1.11 crore to Rs 51.81 crore in June 2009.

JM Equity Fund (G) took fresh exposure to one stock in June 2009. The scheme has purchased 70186 units (2.58%) of ITC.

The scheme exited completely from Punjab National Bank by selling 23672 units (3.00%) and GVK Power & Infrastructure by selling 3.01 lakh units (2.60%) in June 2009.

Sector-wise, the scheme took fresh exposure to Cigarattes at 2.58% in June 2009. Sector-wise, the scheme did not exit completely from any sector in June 2009.

The scheme had highest exposure to Reliance Infrastructure with 34352 units (10.72% of portfolio size) followed by IVRCL Infrastructure & Projects with 1.08 lakh units (7.21%), Bharti Airtel with 34751 units (5.38%) and Bombay Rayon Fashions with 1.49 lakh units (5.33%) among others in June 2009.

It reduced its exposure from State Bank of India by selling 12481 units to 12520 units (by 4.62%), Canara Bank by selling 49957 units to 49944 units (2.83%), Bombay Rayon Fashions by selling 346 units to 1.49 lakh units (1.08%) and Reliance Infrastructure to 34352 units (0.32%) among others in June 2009.

Sector-wise, the scheme had highest exposure to Telecommunications-Service Provider at 13.39% (from 12.75% in May 2009), followed by Power Generation & Supply at 10.87% (13.87%), Banks-Public Sector at 9.60% (20.26%) and Sugar at 8.14% (7.48%) among others in June 2009.

Sector wise, the scheme had reduced exposure from Banks-Public Sector to 9.60% (by 10.66%), Power Generation and Supply to 10.87% (by 3.00%), Textiles-Products to 5.33% (by 1.08%) and Oil Drilling/Allied Services to 3.71% (by 0.27%) among others in June 2009.

Performance: The performance of scheme is benchmarked against BSE Sensex. The scheme has outperformed the benchmark index over three months and six months time period, it underperformed the benchmark index over one month and 1 year time period.

The scheme has posted returns of 3.72% underperformed the BSE Sensex that increased by 6.17% over 1 month period ended 30 July 2009.

Over 3 months period, the scheme advanced by 40.33% outperformed the BSE Sensex that gained 39.64%. It fell by 3.92% underperformed the benchmark index that was up by 7.70% over 1 year period.

No comments: