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Fund managers underperform

Source : BUSINESS_STANDARD
Last Updated: Thu, Dec 09, 2010 19:51 hrs

The sudden bearish phase in the markets has taken a heavy toll on Smart Portfolios. The benchmark S&P CNX 500 index’s portfolio value saw a sharp cut of 5.7 per cent in the last five trading days. On the other hand, the fund managers’ portfolio value saw deeper cuts of 9-10 per cent each.

Vinay Khattar was the sole fund manager to escape the bear trap, as he mopped up cash at the right time.

Given the tricky market conditions it would be interesting to see how the fund managers turn things around.

Ajay Parmar
Ajay Parmar was on the sidelines for the last one week. However, his heavy exposure to midcap and smallcap stocks cost him dearly. His net worth dropped 9.7 per cent to Rs 9.87 lakh. Gitanjali Gems was the top laggard in his profile. It was down almost 48 per cent from his cost price. It was followed by Zuari Industries, Gulf Oil Corporation, Manali Petrochem and LIC Housing Finance. Of the 22 stocks in his portfolio, only seven are trading below his cost price. Parmar holds just Rs 8,866 as cash.
 

AJAY PARMAR, head research institutional equities, Emkay
Top Holdings Cost
price (Rs)
Current
price (Rs)
Value
(Rs lakh)
Unichem Labs 185.98 249.35 1.25
Natco Pharma 291.03 292.05 0.80
eClerx Services 546.00 695.80 0.70
Chambal Ferts 75.38 73.85 0.59
Bajaj Auto 1485.45 1532.65 0.54
Total investments     9.78
Cash      0.09
Net worth     9.87

Shishir Bajpai
Shishir Bajpai experienced a topsy-turvy week, wherein his net worth declined 8.7 per cent to Rs 12.02 lakh. At first he had raised cash by exiting from almost all his holdings. However, he made fresh purchases mid-week. But an eventual sell-off on Thursday weighed on his portfolio value. Bajpai holds 12 stocks in his portfolio and all are currently trading below his cost price. Delta Corp and Orchid Chemicals were the major laggards in his net worth. Delta and Orchid were both down 15.7 per cent and 12.3 per scent, respectively. Hindalco, 3i Infotech and Indiabulls Real Estate were the other major losers. Bajpai holds just Rs 2,900 cash.
 

SHISHIR BAJPAI, senior vice president, IIFL Private Wealth
Top Holdings Cost
price (Rs)
Current
price (Rs)
Value
(Rs lakh)
Tata Motors-DVR 803.80 776.75 1.17
Selan Explorations 401.05 383.35 1.15
Cipla 368.90 349.90 1.05
Hindalco 227.65 209.75 1.05
3i Infotech 55.45 52.35 1.05
Total investments     11.99
Cash      0.03
Net worth     12.02

Siddarth Bhamre
Siddarth Bhamre’s net worth declined 9 per cent to Rs 9.14 lakh. He executed just one trade last week, when he invested Rs 23,000 in 3i Infotech. Bhamre holds 20 stocks in his portfolio and currently all are trading below his cost price. Hindustan Construction is the major dragger, down 35 per cent. JK Tyre & Industries, Kingfisher Airlines, Electrosteel Castings, Century Textiles, Moser Baer, Unitech and IVRCL Infrastructures were the other major losers, down over 20 per cent each.
 

SIDDARTH BHAMRE, head-equity derivatives, Angel Broking
Top Holdings Cost
price (Rs)
Current
price (Rs)
Value
(Rs lakh)
Reliance Inds 1,034.60 984.50 0.74
CESC 372.75 360.10 0.72
Great Offshore 379.20 353.30 0.71
Aban Offshore 809.00 670.30 0.54
McLeod Russel 232.60 195.55 0.49
Total investments     9.14
Cash      0.00
Net worth     9.14

Vinay Khattar
Vinay Khattar seems to have had sensed the market correction as he was able to raise cash just in time. In the first half of the week, he sold stocks worth Rs 10.20 lakh and then in the second half he bought shares worth Rs 3.91 lakh. Khattar’s net worth declined just 1.2 per cent to Rs 10.22 lakh and he still holds Rs 4.38 lakh in cash. He has seven stocks in his portfolio, currently all below his cost price. Barring Delta Corp, which is down 6.4 per cent from his cost price, others are down 0.3-3.8 per cent each.
 

VINAY KHATTAR, head–research of WAIS, Edelweiss
Top Holdings Cost
price (Rs)
Current
price (Rs)
Value
(Rs lakh)
Shree Renuka 76.55 76.35 0.99
Lupin 446.70 439.10 0.99
Bharti Airtel 350.15 338.45 0.98
Dr.Reddy's Lab 1820.15 1812.50 0.98
Idea Cellular 70.80 68.10 0.95
Total investments     5.74
Cash      4.38
Net worth     10.13




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