The equity portfolio changes made in the last 12 months (September 1997 to September 1998) has resulted in major allocation increases in FMCG sector from 3.75 per cent to 12.53 per cent; media from 0.93 per cent to 4.95 per cent; and pharmaceuticals from 4.37 per cent to 6.74 per cent. Major additions have been made in the food/beverages/tobacco sector where the current allocation is 5.17 per cent.

The fund has in the last one year exited from finance, paints, transportation and textiles sectors. The net assets of the fund on September 30, 1998 were Rs 72.87 crore against Rs 48.38 crore on September 30, 1997.Sectors in which the fund has reduced exposure are banks from 6.31 per cent to2.86 per cent; capital goods from 6.61 per cent to 0.77 per cent; downstream oil & gas from 3.72 to 1.69 per cent and information technology from 38.31 per cent to 19.60 per cent.

Among existing investments, the fund has increased weightages of HDFC Bank, Hindustan Petroleum, Zee Telefilms, Bata India, Hindustan Lever, Knoll Pharma and Vesuvius India. Other additions to the portfolio in the last one year include Hero Honda, Corporation Bank, Philips, Britannia, ITC, Nestle, BFL Software, Leading Edge, NIIT, Pentafour Software, Tata Infotech, Silverline Industries, Bausch & Lomb, Ponds, Hoechst Marion, Pfizer and Wyeth Lederle.

Among major disinvestments during the period include SBI, Satyam Computers, Birla Yamaha, Infosys Technologies, Bank of Baroda, HDFC, IFCI, Digital Equipment, Mastek, ICI, Glaxo, Container Corporation and Carrier Aircon.

According to the annual report for 1997-98 of the Alliance Capital Mutual Fund, the total assets under management were Rs 130 crore in domestic assets. Besides,Alliance Capital Asset Management also advised on the management of an additional Rs 340 crore assets held in the India Liberalisation Fund, an offshore India country fund. The annual report reveals an interesting trend in the Alliance '95. Sales of units under the scheme have jumped to 51,50,286 units in the year ended March 31, 1998 against only 2,69,197 units in the previous year. On the other hand, redemptions have come down to 179,86,573 units in 1997-98 from 182,85,664 units in the previous year.

The revenue account for the year ended March 31, 1998 shows that the Alliance '95 generated a surplus of Rs 9.32 crore. After dividend distribution of Rs 2.12 crore, the surplus transferred to the reserve fund was Rs 13.37 crore (this includes the unrealised appreciation in its investments on March 31, 1998).