Tata Infra Fund buys banking,cement sells engg

Tata Infrastructure Fund has increased its exposure to Banking & Financial Services, Cement & Construction, Metals & Mining Oil & Gas and Utilities sectors while has reduced its exposure to Engineering & Capital Goods sector. (View - What is Tata Infrastructure Fund buying / selling?)

A study of the portfolios managed by the Tata Infrastructure Fund as on December 31, 2008 shows that in the banking space, it has introduced Rural Electrification Corporation and LIC Housing Finance. The scheme has bought ICICI Bank, Housing Development Finance Corporation and State Bank of India, while has sold Punjab National Bank.

In the Cement & Construction sector, Nagarjuna Construction Co., Jaiprakash Associates and IVRCL Infrastructure are bought. In the Metals & Mining pack, it has bought Welspun Gujarat Stahl Roh, Jindal Steel & Power while has sold Tata Steel and Sterlite Industries (India). The scheme has exited Jindal Saw.

In the Oil & Gas space, the scheme has introduced, but exited GAIL India. It has bought Reliance Industries, Oil and Natural Gas Corporation and Aban Offshore and has sold Indian Oil Corporation.

In the Telecom sector, Bharti Airtel is bought. In the Shipping space, Mercator Lines is sold. In the Utilities sector, Power Grid Corporation of India is bought.

In the Engineering & Capital Goods segement, it has bought Punj Lloyd, Cummins India, Areva T&D and Bharat Heavy Electricals while has sold Larsen and Toubro, Crompton Greaves. The scheme has exited Kalpataru Power Transmission, BEML, Emco, Elecon Engineering Company and Voltas.

HDFC Bank, BHEL and PNB were the top stocks held by the scheme in December. Banking (24.20%), Engineering (18.62%) and Oil & Gas (9.72%) were the top invested sectors in the scheme's portfolio. (Check out - Top stocks held by Tata Infrastructure Fund).

The equity exposure of the scheme has increased from 71.13% to 77.03% and cash exposure has decreased from 16.87% to 15.03%. The total assets managed by the scheme were Rs 1527.52 crore as on December 31, 2008.
 
Over the last one year, Tata Infrastructure Fund has yielded -58.5% returns as against 54.3% yielded by its benchmark Sensex as on January 12, 2009.

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