The Bluechip Fund, which invests in large cap bluechip shares, gained 6.15 per cent during the period April-June, 1998 compared to a 16.61 per cent fall posted by the BSE Sensex in the same period. The fund's major holdings include Satyam Computer, Infosys, Digital Equipments, Tata Infotech, HDFC, TVS Suzuki etc. The scheme's net asset value (NAV) as on June 30 stands at Rs 16.92.

Similarly, its Prima Fund, a scheme which invests in mid and small cap shares improved marginally by 0.51 per cent compared to the 13.11 per cent fall in Crisil 500 index. During June, the scheme has underperformed the Crisil 500 index. Major exposures of the fund include Satyam Computer, Pfizer, Raymond, HDFC, Madras Refineries etc. Its NAV as on June 30 stood at Rs 9.91.

Prima Plus,which invests in large and mid cap stocks has registered a growth of 10.05 per cent against a 13.11 per cent decline in Crisil 500 index. Higher allocation to leaders in sectors such as IT, oil and gas, health care, telecom, FMCG and automobiles is said to have helped the fund post good growth. Major exposures include Infosys, Tata Infotech, Wipro, BPCL, HPCL etc. The funds NAV as on June 30 was Rs 8.76.

The AMC has opined that although the market began on a positive note this fiscal, the nuclear tests and the resultant downgrade by Moody's, continuing problems in S E Asia forcing FIIs to sell in emerging markets, swadeshi budget which was seen as a roll back of reforms and imposition of curbs on short sales took their toll on the market.

The AMC's Income Builder Fund, a fixed income scheme, has posted an average annualised yield of 18.57 per cent for the growth option and 18.08 per cent for the dividend option. Their NAV stood at Rs 11.63 and Rs 10.59, respectively. It expects the interest rates forcorporate debt instruments to go up by 0.5 per cent to 1 per cent depending on industrial growth. The fund, as a result, plans to deploy most of the cash in short term instruments and shift to longer maturity instruments after watching the developments in the market in the next month. The performance of the Money Market Account, a scheme investing in money market securities, has also been good. The average annualised yield was 10.51 per cent compared to annualised average yield of five to eight per cent offered by bank deposits.

The Pension Plan, a tax savings debt fund investing in quality bond and debentures has underperformed and the AMC has attributed this to thin trading in securities owned by the fund.