ICICI Pru Infrastructure Fund has increased its exposure to banking, power and telecom sectors while reduced to engineering, oil, metals, and cement and construction sectors. (View - What is ICICI Pru Infrastructure Fund buying / selling?)

Buying was seen in the banking space. The scheme has made fresh entry into Centurion Bank of Punjab (CBoP) in May. HDFC Bank merged CBoP with itself and given 1 share of Rs 10 each for every 29 shares of Re 1 each held by shareholders of CBoP with June 16, 2008 being the record date. CBoP has stopped trading since June 9, 2008.

The scheme has also freshly bought 4.34 lakh shares of HDFC. It has increased stake in ICICI Bank and Kotak Mahindra Bank by 4.98 lakh shares and 2.14 lakh shares.

It also raised exposure to power stocks; bought 69 lakh shares of NTPC and made fresh buy into Suzlon Energy with 5.3 lakh shares. However, it sold 4.4 lakh shares of Gujarat Industries Power. In the trading business of power, it has made fresh buy into PTC India with 9.96 lakh shares.

Telecom is another space, wherein it has bought 3.45 lakh shares of Bharti Airtel and 1.44 lakh shares of Reliance Communication. However, the scheme sold 2.59 lakh shares of Tata Communications. However, it has exited Finolex Cables.

It has made fresh entry into chemical space, as it bought over 14 lakh shares of Reliance Petroleum.

On the other hand, ICICI Pru Infrastructure Fund has cut exposure to the engineering sector. It has sold 5 lakh shares of Mundra Port, 2.7 lakh of Siemens, 1.7 lakh of L&T, 1.4 lakh of Cummins and 1.2 lakh of BHEL. However, it has bought 2.28 lakh shares of Voltas and 0.9 lakh of Crompton Greaves.

There was a mixed trend in the oil & gas sector, as it sold 2.1 lakh shares of Reliance Industries, and exited Cairn India and HPCL. However, it has purchased 3.6 lakh shares of ONGC and made fresh entry into GAIL with 9.45 lakh shares.

In the metal segment, the scheme has sold 9.68 lakh shares of Sterlite, 4.22 lakh of Usha Martin and 1.5 lakh of Adhunik Metaliks. However, it has bought 2 lakh shares of SAIL.

ICICI Pru Infra has made huge sell off in cement and construction space, wherein it has sold 13.37 lakh shares of JP Associates, 5.77 lakh of Nagarjuna Construction, 3.4 lakh of Birla Corporation, 2.95 lakh of Ambuja Cements, 2.39 lakh of India Cements and 1 lakh of Patel Engineering. However, it has made fresh buy into ACC with 5.65 lakh shares.

In the casting space, it has sold 11.95 lakh shares of Electosteel Castings and in the services sector, it sold 1.95 lakh shares Indian Hotels.

Reliance Industries, L&T and BHEL were the top stocks held by the scheme in May. Engineering (18.53%), Oil & Gas (13.01%) and Banking (10.15%) were the top invested sectors in the scheme's portfolio. (Check out - Top stocks held by ICICI Pru Infrastructure Fund).

The cash exposure of the scheme has dropped from 11.34% to 6.56%. The total assets managed by the scheme were of Rs 4,204 crore as on May 31, 2008.
 
Over the last one-year, ICICI Pru Infrastructure Fund has yielded 24.7% returns as against 8.59% yielded by its benchmark S&P CNX Nifty as on June 9, 2008.

For more Mutual Fund Action in Market click here