Reliance Vision Fund increased exposure to technology, cement and oil while reduced weightage to metal and banking sectors. 

The scheme has raised investment in technology stocks ahead of its earnings season as normally Infosys Technologies starts earning season, which is the benchmark for every IT company. It has bought 1.29 lakh shares of Patni Computer, 1.07 lakh shares of Infosys Technologies and 0.45 lakh shares of TCS. (View - What is Reliance Vision Fund buying / selling?)

In the cement and construction space, it has made fresh investment in UltraTech Cement for 4.82 lakh shares and bought 1.03 lakh shares of Gammon India. In the pharma sector, it has bought 1.14 lakh shares of Divis Labs.

Buying was also seen in oil and telecom sectors as the scheme has bought 0.58 lakh shares of Reliance Industries, which is the top holding counter and 2.7 lakh shares of Reliance Communications, respectively.

In the media space, it has bought 1.2 lakh shares of TV18 and in the conglomerate, bought 1.31 lakh shares of Grasim Industries.

The scheme increased exposure to services sector as it bought 7.24 lakh shares of Indian Hotels and 4.26 lakh shares of Deccan Aviation. In the power, manufacturing and food & beverages segments, it has bought 0.59 lakh shares of Reliance Energy, 1.28 lakh shares of Bharat Forge and 3 lakh shares of Triveni Engineering, respectively.

On the other hand, Reliance Vision Fund has cut investment in the metal space as raw material prices for steel companies have increased which in turn put some margin pressure on these companies though they increased steel prices. Globally all metal prices increased. The scheme has sold 26 lakh shares of Hindalco and 7.54 lakh shares of Tata Steel.

It has pared some exposure to banking and financial space as it exited Indiabulls Financial Services, and sold 7.47 lakh shares of IDFC and 1.64 lakh shares of ICICI Bank. However, it has bought 3.66 lakh shares of SBI, India’s largest bank.

In the engineering segment, it has sold 3.85 lakh shares of Siemens while bought 1.09 lakh shares of Alstom Projects and took small exposure in L&T.

In the auto space, the scheme has offloaded 1.32 lakh shares of Maruti Suzuki while bought 0.56 lakh shares of Automotive Axles and also Tata Motors.

Reliance Industries, Divis Labs and SBI were the top stocks held by the scheme in March. Banking (12.38%), Engineering (10.95%) and Auto (9.67%) were the top invested sectors in the scheme's portfolio. (Check out - Top stocks held by Reliance Vision Fund).

The cash exposure of the scheme has increased from 5.31% to 8.46%. The total assets managed by the scheme was Rs 3,647 crore as on March 31, 2008.
 
Over the last one year, Reliance Vision Fund has yielded 18.4% returns as against 23.72% yielded by its benchmark BSE 100 as on April 15, 2008.

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