NEW DELHI, May 5: Kothari Pioneer's open-end growth fund, Bluechip has restored the entry load of 3 per cent with effect from May 1. The entry load had been removed for a period of two months, starting March 1 to attract fresh funds in the scheme. Kothari Pioneer Asset Management Company had, instead put a 1.5 per cent exit load on redemption of investment in less than one year. Bluechip saw an inflow of over Rs 1 crore during the two-month period."Well, the corpus of Bluechip has gone up when the entry load was removed for a two-month period, but it is not only on account of withdrawal of the load. "The performance of Bluechip has also helped in attracting fresh funds," points out a senior official of the AMC. The latest net asset value of Bluechip is Rs 18.47, while the corpus has gone up to close to Rs 17 crore on account of fresh inflows.
Bluechip has generated a return of 57.1 per cent during the year ended March 31, 1998 against an appreciation of 15.82 per cent in the Sensex.
Till March, 1998,the scheme had a 80 per cent exposure in equities with top 20 holdings heavily tilted in favour of information technology and pharmaceutical stocks. The top ten holdings, as on March 31, 1998 are MTNL, HDFC, Infosys, Satyam Computer, Smithkline Pharma, Digital, Pfizer, BSES, HPCL and BPCL.
According to the fund manager of Bluechip, the fund continues to be positive on infotech and oil sectors and also non-cyclical sectors of pharmaceuticals and FMCG.
The other two open-end growth funds from Kothari Pioneer AMC are Prima and Prima Plus. While Prima has generated a negative return of 6.16 per cent for the year ended March 31, 1998, Prima Plus has seen an appreciation of 22.39 per cent.
The gains from restructuring of Prima portfolio have begun to accrue as fund has given a return of 6.2 per cent in the last three months. The current NAV of Prima and Prima Plus is Rs 11.33 and Rs 9.23, respectively.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
