The London-based investment group J P Morgan has ranked Unit Trust of India's IT Fund as the number one among the Indian country funds over the last five years.
The ranking was as per the J P Morgan report in its 'Global Emerging Markets Country Funds - Monthly 02 December 2002,' which said the Indian IT Fund was ranked first over periods of one year, six months and four weeks.
The India IT Fund Ltd. is an open-ended investment company incorporated in Mauritius and invests substantially in all of its assets in India through a domestic scheme managed by UTI.
The principle objective of the Fund is to achieve capital appreciation through investment in a portfolio of equity and equity-linked securities of the Indian Information technology companies listed in India.
The fund, which is being managed by Ajay Argal, may also invest up to 10 per cent of its NAV in unlisted equity and equity-linked securities of Indian Information technology companies and up to 10 per cent of its NAV in equity and equity-linked securities traded outside India, such as ADRs and GDRs.
The top 5 and top 10 stocks accounted for 89.6 per cent and 96 per cent respectively of the portfolio as on November 29 this year and the Fund size was about $45 million.
The top 5 stocks in the portfolio are Infosys, Wipro, Satyam Computers, Digital Globalsoft and HCL Technologies.
The fund has among its shareholders some of the biggest institutional investors in UK, Europe and the USA.
UNI
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