Restructuring and consolidation of portfolio is beginning to pay dividends for Magnum Multiplier Scheme, 1990. Launched as a closed-end fund on Janaury 1, 1991, the scheme went open-end on December 31, 1997. The scheme continues to outpeform its benchmark, the BSE Sensex. While the Sensex has fallen by 21.02 per cent in nearly 10 months between December 31, 1997 and October 14, 1998, the net asset value of the fund has risen by 3.21 per cent during the same period. The fund has thus outperformed the sensex by 24.23 per cent.

The latest portfolio as on October 23, 1998 reveals that the scheme has the highest exposure to HLL with a weight of 14.16 per cent. The other scrips include Dabur, Indian Shaving Products, Satyam Computers, BFL Software, Infosys Technologies, DSQ Software, Pentafour Software, Sierra Optima, Digital Equipment, Ingersoll Rand, Cummins, BHEL, ESAB India, Amara Raja Batteries, Revathi CP Equipment, ITW Signode, Shriram Honda Power Equipment, Bata India,Bausch & Lomb and CarrierAircon.

MSGF buy back

Morgan Stanley Growth Fund has bought back 2.26 crore units from the secondary market during the first six months of the current fiscal. The number of outstanding units has fallen from 80.15 crore to 77.89 crore. As a result, the unit capital as on September 30, 1998 stands at Rs 778.91 crore against Rs 801.5 crore on March 31, 1998. The average market price on the Mumbai Stock Exchange for the six months has been Rs 6.10.

This means the fund pumped in Rs 13.78 crore to buyback the units. On the other hand, the buyback operation will help buoy the unit premium reserve since the fund has bought back at an average discount of Rs 3.90 per unit (issue price of Rs 10).

IAF raises Rs 3 crore

The close-ended eight-year private equity fund from IL&FS Venture Corporation's (IVC),t he India Auto Ancillary Fund (IAF), which will invest primarily in the Indian auto ancillary sector, completed the first closing of the IAF on October 28, with a targetedcapital of $ 30 million (Rs 3 crore). The fund has been sponsored by Infrastructure Leasing and Financial Services.