Alliance Capital Asset Management has disclosed the complete portfolio of its Alliance Liquid Income Fund, which was launched in February this year. The fund had received subscriptions of over Rs 28 crore.

It is 100 per cent invested in debt and money market securities. The debentures invested in are Kotak Mahindra Primus Limited Series A & Series B, Exide Industries, ITC Limited, EID Parry India, ITC Hotels, Sardar Sarovar Narmada Nigam, First Leasing Company of India, Anagram Finance, Ballarpur Industries, CIBA-CKD Biochem, Mangalore Refineries & Petrochem, Mahavir Spinning, Arvind Mills, Mukand Ltd and ESAB India.

The average portfolio maturity is 1.12 years and the gross portfolio yield is 17.38 per cent.

The fund had closed for subscription on March 3 and it re-opened for sale and repurchase on March 27. The opening NAV of the scheme was Rs 10.06.

The fund manager Ajai Kaul in a quarterly newsletter to investors has said that politics aside, this year both domestic institutions and investors/speculators are cleary back. Therefore on the back of a bold budget, he expects the market to be strong this year.

Alliance has also invited its investors wishing to re-enter the equity market in a controlled manner to consider the Alliance'95 Fund. The scheme is a balanced fund with a normal 60:40 equity:debt portfolio. Its 60 per cent equity investment has outperformed the BSE 200 index by 2.71 per cent in the period December'96 to March'97 and by 5.36 per cent in the period February'95 to March'97. The top ten scrips of the scheme are Digital Equipment India, Infosys Technologies, Satyam Computer Services, SBI, Carrier Aircon, Hindustan Petroleum, ITC, Marico Industries, Knoll Pharmaceuticals and Container Corporation of India.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.