SBI Magnum Contra Fund augmented its weightage to oil & gas, pharma stocks, while slashed its exposure to cement, metal and banking sectors.

The analysis of the scheme for February 2008 shows that in the oil & gas sector, it bought Reliance Industries, but sold Indian Oil, HPCL, ONGC and BPCL. There was increase in the weightage of pharma sector though it sold Lupin, Ranbaxy, Cipla and Orchid Chemical owing to increase in the prices of the stocks held in the sector. It bought 4.30 lakh shares of ITC and 3.40 lakh shares of MTNL. (View - What is SBI Magnum Contra Fund buying / selling?)

In the cement & construction space, it sold Shree Cements, IVRCL Infra, India Cements, Nagarjuna Construction, Unitech and Jaiprakash Associates. It sold SAIL, Hindustan Zinc, Welspun Gujarat, JSW Steel and Tata Steel.

Reliance, Jaiprakash Associates and Welspun Gujarat were the top stocks held by the scheme in February. Oil & gas (12.55%), Engineering (11.27%) and Cements ( 10.54%) were the top invested sectors in the scheme's portfolio. (Check out - Top stocks held by SBI Magnum Contra Fund )

Cash in hand has increased from 3.04% to 5.89%. Equity exposure of the scheme has decreased from 96.66% to 93.76%. The total assets managed by the scheme was Rs 2467.25 crore as on February 29, 2008.
 
Over the last one year, SBI Magnum Contra Fund has yielded 34.3% returns as against 28.26% yielded by its benchmark BSE 100 as on March 14, 2008.

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