Nov 1, 1999|
Sun F&C dumps software scrips
In a significant move, Sun F&C Mutual Fund (MF) has cut down exposure to software stocks. This was reported by a leading financial daily.
With the realignment of the fund portfolio, software sector's contribution has plunged to 10% as on September 30, 1999, from 34.9% in the previous quarter. The fund's portfolio had appreciated considerably thanks to its large exposure to software stocks. In this period, the fund had given a return of 31.1%, outperforming the BSE Senzex by 15%. This is attributed to the fantastic appreciation in stock prices over the past few months.
The fund manager, Gul Tekchandani, has increased exposure to cyclicals (cement) as it very bullish on the economy and with the fact that the development of infrastructure is the main point on the government's agenda. He has therefore resolved to invest in fundamentally strong stocks and book profits in software scrips. It appears, that he remains very bullish on the prospects of software training companies (NIIT, SSI and LCC Infotech).
Some fund managers have reduced exposure to software stocks as they believe that Y2K fears may see a decline in software stocks over the next few months. Even markets have witnessed some selling in software counters.
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