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Mutual Fund
Best Picks
Best Picks (Diversified)
The best picks are schemes that one can invest in with a long-term horizon. Thes
e schemes have a good
performance track record and are also rated by Value Research.
Birla Sun Life Equity Rating

This erstwhile Alliance fund, has evolved to be a steady, well-diversified, mult
i-cap offering that has
consistently beaten the category average. The number of stocks are around 50 and
the top 5
holdings add up to just around 20% of the assets, which remain evenly spread acr
oss large- and mid-
caps. The fund is suitable to be among the core holdings of one's portfolio.
DSP ML Opportunities Rating

DSPML Mutual Fund projects this fund as a tactical fund that attempts to maximis
e returns through
aggressive sector and stock specific calls. The fund believes in buy-and-hold st
rategy and has a
well-diversified portfolio dominated by large-caps. The fund has been consistent
ly rated four-star by
Value Research.
HDFC Equity Rating

HDFC Equity has beaten the category average every single calendar year since 199
7. Its ability to
identify opportunities at the right time is the key factor contributing to its s
uccess. Though the fund
maintains a large-cap bias, it does not hesitate to invest substantially in stoc
ks of smaller
companies, as and when there are opportunities to exploit.
SBI Magnum Contra Rating

The fund has consistently managed to stay ahead of the curve. The fund outperfor
med the category
in every quarter since 2003. The fund has struck a fine balance between riding o
n consensus sectors
and taking contrarian bets. The end product is a blended portfolio of growth and
value stocks. While
still holding on to its multi-cap orientation, the portfolio has expanded from 3
1 odd scrips to 57. We
continue to think that this is a topnotch pick.
Reliance Growth Rating

The largest mid-cap fund with asset under management of over Rs 3,500 crore, Rel
iance Growth has
been beating its peers by an impressive margin for the past so many years. In th
e past, the fund
followed a strategy of buy-and-hold for some stocks while in some it has gone fo
r a quick profit
taking. It is well known for its smart moves.
FUNDCARD
Equity: Diversified
FUNDCARD
Equity: Diversified
Portfolio Analysis
BIRLA SUN LIFE EQUITY Rating: «««.
Stated Objective
The fund seeks long-term growth of capital and regular

income through 90% investment in equities and 10% in
debt and money market portfolio.
Portfolio Manager
Mahesh Patil is manager since Nov 2005. Mr. Patil is
B.E (Electrical), MMS in Finance and Chartered Financial
Accountant from ICFAI, Hyderabad.
Analysis
Investment Information Investment Style

FUND STYLE
Launch 27-08-98 Growth Blend Value
Plans Growth, Dividend
Div Freq. NA
Min Investment(Rs.) 5000
Min SIP Investment(Rs.) 1000
Management Fee(%) 1.03(30/09/2007)
Expenses 2.13(30/09/2007)
Turnover 110(30/09/2007) Fund Style Details Fund S&P CNX Nifty
Benchmark BSE 200
Total Stocks 57 50
Entry Load: 2.25% for investment less than Rs 5 crores. P/E Ratio 45.80 26.90
Exit Load :0.50% for investment less than Rs.5 crores if
redeemed within 6 months.
P/B Ratio 6.28 6.14
Avg Mkt Cap(Cr.) 16569 126614
Large Medium SmallCapitalisation
This erstwhile Alliance fund seems to be regaining
its days of glory but without the brashness of its
youth. After a dazzling performance of 280 per
cent (1999) and a miserable two years (2001, 2002), it
now seems to be back on track.
Like a chameleon, this one constantly changed its
colours. In its initial years, it was a dangerously
focused offering with extreme concentration in few
technology stocks, followed by a stream of small hold-
ings. It paid off handsomely before falling in the dol-
drums. What followed (since 2003) were smaller port-
folios of 30-35 stocks with the top five holdings con-
suming 35 per cent of the assets. This brought in the
much needed sectoral diversity.
A good move at this time was the identification of the
mid-cap rally early enough.
In September 2005 the fund was acquired by Birla Sun
Life. The natural consequence was a significant toning
down of the aggression. The number of stocks gradual-
ly rose to around 50 and the top 5 holdings now add up
to just around 20 per cent of the assets, which remain
evenly spread across large- and mid-caps. What s
more, the fund manager does not hesitate to shift a
considerable part of assets to cash at the first sign of
trouble.
Despite this ongoing transformation, the fund has
evolved to be a steady, well-diversified, multi-cap offer-
ing that has consistently beaten the category average.
With erratic performances and concentrated portfolios
being a trend of the past, this fund is suitable to be
among the core holdings of your portfolio.
Market Cap % Composition (%)
Large 48.81 Equity 86.11
Mid 43.62 Debt 6.55
Small 7.16 Cash 7.34
Top 10 Holdings
Company Sector P/E %Asset
Reliance Comm.(CP) Technology --6.55
ICICI Bank Financial 33.25 4.19
United Breweries Financial 98.30 3.46
Reliance Industries Energy 27.10 3.39
B H E L Basic/Eng. 34.49 3.30
Crompton Greaves Basic/Eng. 43.01 3.26
Reliance Communications Technology 40.45 2.80
Bharti Airtel Technology 28.65 2.59
Siemens Basic/Eng. 55.74 2.51
Oil & Natural Gas Corpn. Energy 13.30 2.24
Top 10 Sector Allocation
Growth of Rs 1,000 SIP
Growth of Rs 10,000
Sector % of % in 5-year
Weightings Stocks Nifty High Low
Basic/Eng. 12.76 6.71 22.07 5.82
Construction 10.54 3.18 14.41 1.26
Diversified 1.84 4.53 9.30 1.15
Energy 13.95 32.46 13.95 0.46
Financial 17.74 14.17 18.91 3.63
Health Care 1.04 2.24 13.09 1.04
Metals 7.67 8.20 10.94 0.13
Services 6.77 0.41 13.84 5.82
Technology 10.91 20.54 23.95 9.20
Textiles 2.05 NA 9.71 0.57
History
2008 (YTD) 2007 2006 2005 2004 2003 Risk Analysis
Fund
.... Benchmark
NAV* (Rs) 253.93 307.06 180.72 126.52 82 56.89
Total Return (%) -17.30 69.91 42.84 54.29 44.14 118.72
+/-S&P CNX Nifty (%) -0.99 15.14 3.01 17.95 33.46 46.82
Net Assets (Rs.Cr) 1380.77 1533.84 459.93 309.74 261.15 282.72
*Last disclosed NAV for the calendar year
Performance (%) Trailing Returns (%)
Qtr 1 Qtr 2 Qtr 3 Qtr 4 Total Total +/-Growth of
2007 -3.58 19.16 15.71 27.80
2006 23.06 -16.10 21.29 14.06
2005 -2.10 15.50 26.23 8.10
2004 -2.20 -6.79 20.44 31.28
2003 -5.88 27.70 32.66 37.18
2002 11.59 -1.39 -9.81 9.70
All data as on January 31, 2008. Returns up to one year are
absolute and those above are compounded annualised.
69.91 S&P CNX Nifty Rs 10,000
42.84 3 Months -7.29 5.64 9271.00
54.29 1 Years 35.89 10.06 13589.00
44.14 3 Years 47.25 11.59 31927.57
118.72 5 Years 59.14 21.55 102069.68
8.87 SinceLaunch 40.89 20.29 253966.35
Volatility Measurements
Standard Deviation 24.80 Beta 0.92
R-Squared 0.85 Alpha 10.66
Sharpe Ratio 1.51
Best/Worst Ret (%) Best(Period) Worst(Period)
Month 44.32(12/99-01/00) -35.10(03/00-04/00)
Quarter 114.79(11/99-02/00) -47.70(02/00-05/00)
Year 354.26(02/99-02/00) -59.42(04/00-04/01)
Bull Phase Returns (%)
The Recent Rally (15/06/06-08/01/08) 85.29
Bear Phase Returns (%)
The Crash (08/01/08-21/01/08) -17.63
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FUNDCARD
Portfolio Analysis
Equity: Diversified
FUNDCARD
Portfolio Analysis
Equity: Diversified
DSPML OPPORTUNITIES
Rating: «««.
Stated Objective
Investment Information
The scheme seeks to achieve long-term capital appreci-Launch 10-04-00
ation by responding to the dynamically changing Indian
economy by moving across sectors such as the
Div Freq.
NA
lifestyle, pharma, cyclical and technology.
Portfolio Manager
Management Fee(%) 1.02(30/09/2007)
Anup Maheshwari is manager since Nov 2006. Mr. Expenses 1.94(30/09/2007)
Maheshwari holds a BCom Degree and is an MBA from Turnover 61.84(30/09/2007)
IIM (Lucknow). Benchmark S&P CNX Nifty
Entry Load: 2.25% for investment less than Rs.5 crores.
Exit Load: 1 % for redemption within 179 days & 0.50%
for redemption within 180-364 days
Analysis
DSPML Mutual Fund projects DSPML
Opportunities as a tactical fund that will attempt
to maximise returns through aggressive sector
and stock specific calls. It began life that way in April
2000. However, tech meltdown that year saw its NAV
crash soon after, forcing the fund to dilute its aggressive
stance. Since then, it is run more like any other
diversified equity fund.
In the five-year period ended February 3, 2006, the
fund's 50 per cent return makes it one of the good
funds in the category. The fund has been consistently
rated four-star by Value Research.
The fund's launch coincided with the tech bubble bust.
Worse, nearly half of the portfolio allocated to tech
stocks made the fund bleed heavily. It started below par
and lost 15 per cent by the end of 2000.
Though it diluted some aggression, yet it remained
heavily invested in tech stocks. The strategy bombed.
Tech stocks continued to bleed. By mid-September, the
fund's initial investors had lost more than 45 per cent of
their assets. By now, the fund management was convinced
that it was time for introspection. The fund started
to buy more stocks and cut exposure to individual
stocks and sectors.
Today, it has a well-diversified portfolio dominated by
large-caps. Lately, the fund is showing signs of regaining
aggression. However, that is limited to one or two
sectors. At the stock level, there's no sign of any
aggression though. Except for a brief period in late
2001 and mid 2003, tech stocks have dominated the
portfolio. The fund believes in buy-and-hold strategy.
Grasim Industries, which the fund held since start, has
turned a multi-bagger. Reliance Industries is the top
holding of the fund accounting for 4.26 per cent of its
portfolio.
Growth of Rs 10,000
Fund
.... Benchmark
History
2008 (YTD) 2007 2006 2005 2004 2003
NAV* (Rs)
Total Return (%)
+/-S&P CNX Nifty (%)
Net Assets (Rs.Cr)
75.357
-16.16
0.15
1548.92
89.885
59.85
5.08
1826.48
56.232
43.96
4.13
1468.17
39.06
49.88
13.55
785.01
26.06
30.37
19.69
625.02
19.99
137.98
66.07
469.99
Qtr 1 Qtr 2 Qtr 3
Performance (%)
Qtr 4 Total
Trailing Returns (%)
Total +/-Growth of
2007 -7.23 16.99 15.02 28.05
2006 23.66 -10.79 14.74 13.74
2005 0.88 5.36 27.55 10.56
2004 -0.30 -10.34 17.01 24.63
2003 -2.74 32.56 31.67 40.18
2002 20.06 1.12 -11.34 16.83
43.96 3 Months -5.89 7.04 9411.00
49.88 1 Years 33.43 7.60 13343.00
30.37 3 Years 42.94 7.28 29205.28
137.98 5 Years 55.64 18.05 91328.45
25.75 SinceLaunch 29.5 13.52 75377.57
FUND STYLE
Investment Style
Growth Blend Value

Fund Style Details Fund S&P CNX Nifty
Total Stocks 94 50
P/E Ratio 40.34 26.90
P/B Ratio 6.90 6.14
Avg Mkt Cap(Cr.) 21556 126614
Mid 35.41 Debt 0.01
Top 10 Holdings
SBI Financial 21.54 4.28
Jai Prakash Associates Diversified 74.99 3.60
Deccan Chronicle Holdings Services 18.37 2.57
Aditya Birla Nuvo Diversified 101.38 2.52
Karur Vysya Bank Financial 13.55 2.27
Reliance Communications Technology 40.45 2.25
Axis Bank Financial 43.09 2.25
Grasim Industries Diversified 13.52 2.17
Automobile 2.98 3.56 12.86 2.98
Basic/Eng. 6.38 6.71 10.88 4.31
Construction 3.53 3.18 8.12 1.65
Cons. ND 5.84 3.99 13.19 2.44
Diversified 14.99 4.53 20.91 11.06
Energy 13.51 32.46 13.95 4.44
Financial 17.23 14.17 17.23 4.71
Metals 6.33 8.20 8.22 1.38
Services 11.14 0.41 11.34 0.61
Technology 12.32 20.54 25.31 12.32
Risk Analysis
Sharpe Ratio 1.43
Month 22.96(05/00-06/00) -28.41(05/06-06/06)
Quarter 45.75(09/03-12/03) -28.60(01/01-04/01)
Year 166.83(04/03-04/04) -44.87(09/00-09/01)
The Recent Rally (15/06/06-08/01/08) 73.31
The Crash (08/01/08-21/01/08) -18.13
FUNDCARD
Equity: Diversified
FUNDCARD
Equity: Diversified
Portfolio Analysis
HDFC EQUITY Rating: «««.
Stated Objective
Launch 24-12-94
The scheme seeks to provide long-term capital appreci-
ation by predominantly investing in high growth compa-
Div Freq. NA
nies.
Portfolio Manager Management Fee(%) 0.88(30/09/2007)
Expenses 1.82(30/09/2007)
Prashant Jain is manager since Jun 2003. Mr. Jain is a
Turnover 56.62(30/09/2007)
B. Tech. from IIT, Kanpur and PGDM from IIM,
Benchmark S&P CNX 500
Bangalore. Entry Load: 2.25% for investment less than Rs 5 crore.
Exit Load:0 %
Analysis
This perennial winner has a massive fan following.

And rightly so! Like a magician repeating a trick,
HDFC Equity has beaten the category average
every single calendar year since 1997. Its ability to
identify opportunities at the right time is the key factor
contributing to its success. For example, when the
Supreme Court halted PSU disinvestment in September
2003, the fund sold its entire energy holding and built a
fresh position in March 2004, when PSU stocks started
rallying.
Though the fund maintains a large-cap bias, it does not
hesitate to invest substantially in stocks of smaller
companies, as and when there are opportunities to
exploit. Currently, large-caps account for 51 per cent of
the assets while the mid- and small-cap allocations
stand at 42 and 6 per cent respectively. The fund manager
has always boldly ridden his convictions. He
refrains from taking cash calls and prefers to remain
fully invested at all times. Historically, his portfolio has
been a focussed 25-30 stocks. But the complexion of
the fund seems to be changing on this front. The number
of stocks has increased to over 45. And, the concentration
in the top five holdings has been moderated
from 35-40 per cent about a year ago, to just around
25 per cent now.
This is probably not reflective of his stance but rather
an adjustment to the size. Investors have flocked to this
fund in droves making it the largest diversified equity
offering of Rs 5,000 crore. And this very factor may be
detrimental to the strategy of the fund. The fund s ability
to identify opportunities and take meaningful exposure
in them will be neutralised by its increasing size. The
fund has displayed ample spunk till date, but it remains
to be seen how it fares from here on.
Growth of Rs 10,000
Fund
.... Benchmark
History
2008 (YTD) 2007 2006 2005 2004 2003
NAV* (Rs)
Total Return (%)
Net Assets (Rs.Cr)
188.42
-15.63
0.68
4716.57
223.324
53.61
-1.16
5491.36
145.386
35.86
-3.97
3937.74
107.009
62.70
26.36
2185.24
65.769
27.53
16.85
1148.64
51.573
126.30
54.39
977.98
Qtr 1 Qtr 2 Qtr 3
Performance (%)
Qtr 4 Total
Total +/-Growth of
2007 -1.91 15.93 10.60 22.14
2006 18.82 -10.48 17.56 8.65
2005 1.63 10.37 26.15 15.00
2004 0.05 -11.57 19.88 20.24
2003 -2.33 34.59 29.75 32.67
2002 21.58 -1.26 -9.62 14.47
35.86 3 Months -10.4 2.53 8960.00
62.70 1 Years 24.46 -1.37 12446.00
27.53 3 Years 43.43 7.77 29506.66
126.30 5 Years 53.06 15.47 84005.66
24.20 SinceLaunch 25.1 13.24 188481.97
FUND STYLE
Investment Style
Growth Blend Value

Total Stocks 47 50
P/E Ratio 29.65 26.90
P/B Ratio 5.72 6.14
Avg Mkt Cap(Cr.) 14917 126614
Mid 48.00 Debt 1.68
Top 10 Holdings
Zee Entertainment Ent. Services 44.75 4.63
Suzlon Energy Basic/Eng. 37.83 4.14
Divi's Laboratories Ltd. Health Care 27.68 3.50
I T C Cons. ND 24.22 3.30
United Phosphorus Ltd. Chemicals 93.73 3.29
Dr. Reddy's Lab Health Care 14.57 3.20
Larsen & Toubro Diversified 56.37 3.09
Automobile 7.09 3.56 24.81 6.03
Basic/Eng. 11.99 6.71 17.68 8.11
Chemicals 6.96 NA 7.56 3.00
Cons. ND 9.45 3.99 12.46 1.00
Energy 4.71 32.46 15.17 1.89
Financial 16.31 14.17 16.60 3.12
Health Care 11.49 2.24 11.49 0.13
Metals 6.08 8.20 6.08 0.10
Services 9.09 0.41 11.56 0.46
Technology 9.82 20.54 27.94 8.43
Risk Analysis
Sharpe Ratio 1.53
Month 26.81(03/98-04/98) -26.50(05/06-06/06)
Quarter 47.11(12/98-03/99) -34.72(02/00-05/00)
Year 179.39(10/98-10/99) -40.23(03/00-03/01)
The Recent Rally (15/06/06-08/01/08) 64.13
The Crash (08/01/08-21/01/08) -14.00
FUNDCARD
Equity: Diversified
FUNDCARD
Equity: Diversified
Portfolio Analysis
MAGNUM CONTRA Rating: ««««.
Stated Objective
The scheme aims to invest in undervalued scrips, which

are out of flavour but have the potential to show attractive
growth in long-term.
Portfolio Manager
Pankaj Gupta is manager since May 2007. Mr. Gupta is
a Commerce Graduate and MBA from IIM, Luchnow.
Analysis

Mid 41.05 Debt 0.30
Top 10 Holdings
Welspun-Guj Stahl Rohren Metals 24.70 4.37
Tata Steel Metals 11.02 3.33
Mahindra & Mahindra Automobile 18.58 3.23
Infosys Technologies Technology 20.35 2.91
B H E L Basic/Eng. 34.49 2.80
Sintex Industries Diversified 32.41 2.73
Growth of Rs 10,000
Automobile 10.56 3.56 25.39 4.90
Basic/Eng. 8.44 6.71 13.53 5.21
Construction 6.36 3.18 23.38 2.49
Cons. ND 5.87 3.99 9.81 1.02
Diversified 13.60 4.53 15.08 2.44
Energy 15.51 32.46 22.74 0.55
Financial 9.09 14.17 13.89 0.24
Metals 10.67 8.20 19.48 2.40
Services 5.10 0.41 10.20 1.14
Technology 6.20 20.54 15.42 0.45
History
2008 (YTD) 2007 2006 2005 2004 2003 Risk Analysis
Fund
.... Benchmark
NAV* (Rs) 51.74 62.36 37.5 24.92 14.58 13.41
Total Return (%) -17.03 66.29 50.48 70.92 64.49 114.43
+/-S&P CNX Nifty (%) -0.72 11.53 10.65 34.58 53.81 42.53
Net Assets (Rs.Cr) 2453.58 2812.90 1423.23 742.13 146.93 9.77
Performance (%) Trailing Returns (%)
Qtr 1 Qtr 2 Qtr 3 Qtr 4 Total Total +/-Growth of
2007 -5.20 18.06 17.63 26.31
2006 29.45 -10.14 15.32 12.17
2005 9.60 10.51 30.46 8.16
2004 -0.97 1.17 24.18 32.21
2003 -5.26 26.54 28.08 39.66
2002 29.70 8.61 -15.14 11.04
Launch 03-07-99
Div Freq. NA
Management Fee(%) 0.75(30/09/2007)
Expenses 1.92(30/09/2007)
Turnover 10(30/09/2007)
Benchmark BSE 100
Entry Load: 2.25% for investment less than Rs 5 crore.
Exit Load:1% for investment less than Rs 5 crores if
redeemed within 6 months.
Magnum Contra has consistently managed to
stay ahead of the curve. The fund outperformed
the category in every quarter since
2003. It emerged as the second and third best fund in
2004 and 2005 and was pretty impressive last year too.
It has the third highest risk adjusted return in its category,
i.e. for every unit of risk undertaken, the fund gives
you more bang for your buck. When the market slips, it
tends to fall much less than the category average as
well.
But don't get misled by the name. When it was true to
its calling, its stock picks and sector moves made it an
awfully bold choice. But somewhere down the road it
shed its contrarian image.
However, we don t see it as a sign that it has run out of
gas. In all fairness, the contrarian instinct does surface
now and then. The fund's moderate stance in technology
and financial services, for instance. Or it's significant
holding of metal stocks. Kudos to the fund manager for
maintaining status quo on its auto holdings (Tata
Motors and Maruti Udyog) when the tide turned against
the sector after the first interest rate hike in December
2006.
The fund has struck a fine balance between riding on
consensus sectors and taking contrarian bets. The end
product is a blended portfolio of growth and value
stocks.
While still holding on to its multi-cap orientation, the
portfolio has expanded from 31 odd scrips to 57. As
long as the fund manager finds value in the stocks, he
continues to hold them and does not resort to aggressive
churning.
We continue to think that this is a topnotch pick.
50.48 3 Months -6.45 6.48 9355.00
70.92 1 Years 33.42 7.59 13342.00
64.49 3 Years 52.85 17.19 35710.53
114.43 5 Years 66.54 28.95 128112.88
32.74 SinceLaunch 34.93 16.45 130963.71
FUND STYLE
Investment Style
Growth Blend Value

Total Stocks 63 50
P/E Ratio 25.51 26.90
P/B Ratio 5.88 6.14
Avg Mkt Cap(Cr.) 22514 126614
Sharpe Ratio 1.65
Month 27.86(03/04-04/04) -32.03(02/00-03/00)
Quarter 43.00(09/03-12/03) -42.69(02/00-05/00)
Year 160.39(04/03-04/04) -46.39(10/99-10/00)
The Recent Rally (15/06/06-08/01/08) 73.02
The Crash (08/01/08-21/01/08) -17.70
FUNDCARD
Equity: Diversified
FUNDCARD
Equity: Diversified
Portfolio Analysis
RELIANCE GROWTH Rating: ««««.
Stated Objective
Launch 07-10-95
The scheme aims at long term growth of capital through
Plans Growth, Dividend, Bonus
research based investment approach. The funds will be
Div Freq. NA
invested in Equity and equity related instruments ,and
there will be an exposure to debt and money market
instruments also.
Management Fee(%) 1(30/09/2007)
Expenses 1.83(30/09/2007)
Turnover 50(30/09/2007)
Portfolio Manager
Benchmark BSE 100
Entry Load: 2.25% for invest.< Rs 2 crs.&1.25% for
Sunil Singhania is manager since Jan 2004. He holds a invest. > Rs 2 crs. but < Rs
5 crs. will be charged.
B.Com, a CFA and an FCA degree. Exit Load :1% for inves. <Rs.5 crs. if red. with
in 6
mnths & 0.50% for invest. <Rs.5 cr.s if red. after 6
months but before 1 year.
Analysis
The largest mid-cap fund with asset under management
of over Rs 3,500 crore, Reliance Growth has
been beating its peers by an impressive margin for
the past so many years.
After the 2001 dotcom crash, the fund has made a
smart comeback in 2002 with a return of 55.75 per
cent, the second-best among the 59 funds. Since then
it maintained a top quartile position for the next four
calendar years. However, in 2006 the fund was ranked
53 among 145 with a return of 41 per cent.
While the fund's allocation to large-, mid- and small-
caps keep oscillating, over the past one year, the exposure
to small-cap stocks has increased from around 15
per cent to over 23 per cent. In the past, the fund followed
a strategy of buy-and-hold for some stocks while
in some it has gone for a quick profit taking. It is well
known for its smart moves. In 2001, the fund maintained
a higher exposure to PSU and technology stocks.
The holdings in FMCG stocks helped the fund generate
second-best return in its category in 2002. Following
the rally in bank and auto stocks in 2003, the fund
increased exposure in both sectors.
Over the past six months, this fund has increased exposure
in metals, while paring holdings in engineering,
technology and financial services.
However, being a mid-cap fund, Reliance Growth's huge
asset size remains a concern. For a mid-cap fund, the
ability to take aggressive positions in small stocks gets
diluted with increasing size.
As of now, the fund boasts of one of the most enviable
performance records. But to remains to be seen
whether it can continue to do so with its huge asset
base. The fund had shut its doors to fresh investments
in April last year. But in August 2006 it again resumed
tacking in fresh investments.
Growth of Rs 10,000
Fund
.... Benchmark
History
2008 (YTD) 2007 2006 2005 2004 2003
NAV* (Rs)
Total Return (%)
Net Assets (Rs.Cr)
390.86
-17.14
-0.83
5696.39
471.73
76.85
22.09
6411.49
266.74
41.00
1.17
2984.53
189.18
68.73
32.39
2079.28
112.12
42.57
31.89
971.10
78.64
155.66
83.75
479.96
Qtr 1 Qtr 2 Qtr 3
Performance (%)
Qtr 4 Total
Total +/-Growth of
2007 -2.70 18.46 13.13 35.62
2006 21.45 -13.16 17.68 13.60
2005 6.57 12.66 29.46 8.55
2004 -4.11 -7.61 27.21 26.50
2003 -8.06 36.56 39.98 45.47
2002 22.08 25.92 -9.75 12.26
41.00 3 Months -3.44 9.49 9656.00
68.73 1 Years 41.3 15.47 14130.00
42.57 3 Years 51.74 16.08 34938.18
155.66 5 Years 67.29 29.70 131023.71
55.75 SinceLaunch 34.64 20.84 391024.11
FUND STYLE
Investment Style
Growth Blend Value

Total Stocks 29 50
P/E Ratio 42.36 26.90
P/B Ratio 6.56 6.14
Avg Mkt Cap(Cr.) 11032 126614
Mid 43.08 Debt 0.00
Top 10 Holdings
Divi's Laboratories Ltd. Health Care 27.68 3.93
Jindal Saw Metals 15.25 3.83
Jindal Steel & Power Metals 33.99 3.76
Adani Enterprises Services 80.04 3.04
Guj. Mineral Devp. Corpn. Energy 24.22 2.86
JSW Steel Metals 8.59 2.74
New Delhi Television Services 267.14 2.51
Bank of Baroda Financial 10.08 2.44
Basic/Eng. 3.59 6.71 19.68 3.59
Chemicals 5.51 NA 9.72 1.35
Diversified 4.91 4.53 11.69 3.40
Energy 9.30 32.46 10.76 1.03
Financial 5.21 14.17 9.68 1.95
Health Care 5.65 2.24 11.11 4.97
Metals 10.32 8.20 13.02 4.75
Others 19.51 NA 29.06 5.66
Services 6.70 0.41 6.70 1.02
Technology 3.31 20.54 11.66 3.31
Risk Analysis
Sharpe Ratio 1.57
Month 50.82(12/99-01/00) -31.69(05/06-06/06)
Quarter 86.37(10/99-01/00) -44.99(02/00-05/00)
Year 229.36(01/99-01/00) -56.73(03/00-03/01)
The Recent Rally (15/06/06-08/01/08) 86.62
The Crash (08/01/08-21/01/08) -17.55
ICICIdirect Research Desk,
ICICI Securities Limited,
Ground Floor, 163, Mafatlal House,
H.T. Parekh Marg, Backbay Reclamation,
Churchgate, Mumbai 400 020
research@icicidirect.com
Disclaimer
The information contained in this newsletter has been obtained from sources cons
idered to be authentic and reliable. However, ICICI Securities Limited (I-
Sec) is not responsible for any error or inaccuracy or for any losses suffered o
n account of information contained in this newsletter. For Risk factors and othe
r
details, prospective investors are advised to refer to the full offer document o
f the respective schemes of the Mutual funds. The data and information
provided in this newsletter is not advice, professional or otherwise, and should
not be relied upon as such. Neither the information, nor any opinion contained
in this newsletter constitutes a solicitation or offer by I-Sec to buy or sell a
ny mutual fund units or provide any investment advice or service. I-Sec or their
employees have or may have an outstanding buy or sell position or holding in the
mutual fund units mentioned herein. The investments discussed in the
newsletter may not be suitable for all investors. Investors must make their own
investment decisions based on their specific investment objectives and
financial position and using such independent advisors, as they believe necessar
y. The display, description or references to any products, services,
publications or links in this newsletter shall not constitute an endorsement by
I-Sec.

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