The performance of the scheme has also improved considerably with the net asset value of the scheme moving up from Rs 14.75 as on December 16, 1998 to touch a high of Rs 17.62 according to the last published NAV on March 12, 1999.

The scheme has a consistent dividend record besides rewarding investors with rights and bonuses. Additionally, the rumour doing the rounds is that the scheme will be converted into an open-ended fund ahead of its redemption in December 2003. Currently, Mastershare is trading on the bourses at a discount of 28.66 per cent to the NAV. Since its inception, the scheme has given a return of 26.61 per cent while for the last one year has registered a negative return of4.35 per cent and for the last quarter has registered a return of 4.35 per cent.

``The scheme in the first year of operation had given an eight per cent dividend payout followed by a stream of dividend payouts in each year with the dividend touching a high of 20 per cent in 1993-94 and the scheme for the last four years has been given out a dividend of 16 per cent", said an analyst tracking the scheme.

The scheme has also paid bonuses and dividend in the intervening period. If the scheme maintains a dividend payout of 16 per cent in the current year the yield at the current market price of Rs 12 works out to 13.33 per cent tax free. The scheme has witnessed consolidation of its portfolio, with the reduction in the number of scrips to 260 from 292.

With net assets of Rs 1,535.62 crore, the portfolio comprise of investments in sectors like FMCG, pharmaceutical, telecom and refineries and petrochemicals with HLL, ITC and Telco having the highest weight in the portfolio.