Reliance Eqty Advantage sells engg, telecom, IT

Reliance Equity Advantage Fund dragged its exposure to engineering, telecom, technology, cement, metal and oil & gas. However, it increased it exposure to utilities and real estate. (View - What Reliance Equity Advantage Fund buying / selling?)

In the engineering space, it exited Suzlon Energy and sold Larsen and Toubro. But it bought Bharat Heavy Electricals. In telecom space it sold 4.4 lakh shares of Reliance Communications and bought Bharti Airtel.

In the technology pack, it sold over 3 lakh shares of Wipro, 2.34 lakh shares of HCL Technologies and 1.02 lakh shares of Infosys Technologies, however it bought I-Flex Solutions. In the cement sector, it exited Unitech.

In the metal pack, it exited Hindalco Industries and sold Sterlite Industries and Tata Steel. However, it freshly introduced Steel Authority of India and bought Jindal Stainless and Jindal Saw.

In the oil & gas sector, it sold 2.56 lakh shares Cairn India. But it bought Reliance Industries and 3.34 lakh shares of ONGC.

Buying was seen in utility space as it introduced NTPC and bought Tata Power, but it sold Reliance Infrastructure. In real estate space it bought DLF. In the banking space, it bought ICICI Bank, SBI and HDFC.

Reliance Industries, ONGC and Reliance Comm were the top stocks held by the scheme in May. Oil & Gas (18.18%), Banking (9.07%) and Technology (8.58%) were the top invested sectors in the scheme's portfolio. (Check out - Top stocks held by Reliance Equity Advantage Fund).

The equity exposure of the scheme has rose from 81.49% to 73.47%. The cash exposure of the scheme has increased from 3.82% to 6.15%. The total assets managed by the scheme were of Rs 2,149.39 crore as on May 31, 2008.
 
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