New Delhi, March 10: Assets under Alliance New Millennium Fund are close to Rs 1,000 crore with the net asset value soaring to Rs 18.10 as on March 8, 2000. Satyam Computer Services, with a weight of 15.4 per cent as on March 1, 2000, is the top holding of the fund. The other stocks with over 10 per cent weight are Global Tele-Systems (10.9 per cent) and Infosys Technologies (10.6 per cent). The fund had gone open-end on February 28 with its NAV at Rs 15, thereby generating a 50 per cent return in a little over one month. The fund invests in the three high growth sectors of information technology, telecom and media, thereby focussing on the convergence theme.Alliance New Millennium Fund was part of the sectoral series, Alliance Buy India and Alliance Basic Industries being the other two funds. The IPO of the three funds, which had opened for subscription on December 15, 1999, closed on January 15, 2000. The three funds had garnered Rs 700 crore during the IPO with New Millennium taking the lion's share at Rs 540 crore.
The top 10 holdings of New Millennium account for 81.3 per cent of the total portfolio. Interestingly, TV-18 does not figure in the top 10 holdings of the fund although the general perception is that listing of the TV-18 IPO at Rs 1800 against the offer price of Rs 180 boosted the NAV of the fund. The number 10 holding of the fund is NIIT with a weight of only 2.7 per cent as on March 1, 2000.
The over 80 per cent growth in NAV in less than two months is attributed to the galloping prices of the top four stocks - Satyam, Global Tele, Infosys and HFCL. While Satyam has shot up from Rs 2374 at the beginning of this year to Rs 6564 as on March 8, the price of Global Tele has also more than trebled from Rs 1034 to Rs 3309 in the same period. Infosys, after its stock split in the ratio of 2:1 in January at around Rs 12,000 levels, has seen a sharp run with its price at Rs 12,388 on March 9 (or Rs 24,776 for a Rs 10 share). Last but not the least, Himachal Futuristic has also more than trebled since January to Rs 2320 from Rs 731.
However, the other funds of the sectoral series are languishing below par. While Alliance Buy India has an NAV of Rs 8.51 as on March 8, Alliance Basic Industries has seen a marginal dip in NAV to Rs 9.30. Alliance Buy had gone open-end at Rs 10.05 but the post-budget hammering of FMCG and pharma stocks has seen its NAV go down by 15.32 per centre to current levels. The top five holdings of the fund are Zee, HLL, Dr Reddy's, Tata Tea and Sri Adhikari Brothers. The net assets under the fund are now estimated at Rs 101.55 crore.
The NAV of Basic Industries, which had opened at Rs 9.57 on February 28, has dipped by 2.82 per cent to Rs 9.30. The fund has an estimated Rs 42.53 crore worth of assets under management. The fund has a considerable weightage to the financial sector with HDFC Bank, HDFC, Times Bank and ICICI Bank figuring in the top ten holdings with a combined weight of 29.5 per cent. The top holding of the fund is Sterlite Industries. Other holdings are M&M, L&T, Grasim, Nalco and Cummins India.
Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.