In comparison, the BSE sensex has appreciated by 4.31 per cent and Nifty by 7.36 per cent during the same period.

DSP Equity Fund seeks long term capital appreciation through investments mainly in equities.

Under normal conditions, the fund will have a 90 per cent exposure in equities and balance in the money market. The fund follows a top-down approach in identifying stocks opportunities.

This includes evaluation of key economic variables, analysis of sectors and then identifying stock opportunities within these sectors. While picking stocks within the preferred sectors, the fund seeks both value and growth opportunities.

The Rs 26 crore fund currently has a 79 per cent exposure in equities while around 21 per cent is the money at call. In fact, during its tenure so far, the fund has had an above average exposure in cash. The fund had a 18 per centexposure in cash in September 1997.

The fund has a 20 crore equity exposure spread across 38 stocks. The average holding size is Rs 52 lakh. The fund has improved its concentration level from September, 1997 when the Rs 21.45 crore equity exposure was accounted for by 47 stocks. The top ten holdings account for almost 45 per cent of the net assets.

Though the portfolio is a blend of growth and value, it has a tilt towards growths stocks. The weighted average price to book value of the portfolio is around 4.5 per cent which is higher than the 1.29 per cent of Templeton IGF while much lower than the figure of over 6 of most of the "growth" funds.

The weighted average three year earnings growth is over 60 per cent which is in line with the "growth" portfolios. The average price earning of the portfolio is 23.52 which is again in line with "growth" portfolios.

Though the fund is well diversified in various sectors, the Infotech bias is again evident.

While Tata Infotech is the top holding, Infosysfigures in the top ten. The other infotech stocks in the portfolio are NIIT, Satyam and Cybertech Systems. Together these five stocks account for 18.67 per cent of equity holdings.

The fund is mostly invested in large cap stocks with over 60 per cent of the portfolio accounted for by stocks with a market cap of over Rs 1000 crore.

The fund also has an exposure in 10 stocks with a market cap of less than Rs 200 crore. These stocks account for around 20 per cent of the portfolio. DSP Equity Fund has had a good start. Launched on April 15, 1997 the fund has appreciated by 43 per cent till date.

Though the 3 per cent entry load makes the fund non-competitive, for those who are willing to pay the entry cost the best way to enter the fund is through the systematic investment plan.