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L&T India Special Situations fund has a discerning eye that spots opportunities from afar. Sensibly, there is ample large cap exposure to meet any untoward fallout due to this inclination.
Strategy
Special situations have been defined as those which are out of ordinary and therefore present interesting stock picking opportunities: companies with recovery potential, those whose growth potential may not be fully recognised by the market, those with hidden or undervalued assets, companies with interesting product pipelines, those undertaking corporate restructuring or companies which could be potential candidates for mergers and acquisitions-related activities.
Performance
Since its investment mandate is not run-of-the-mill, the fund had a roller-coaster ride performance-wise which continued till 2010. But in the last 3 years the fund has done better than the category average and that turnaround has come courtesy its bets finally paying off after years of indifference.
As far as its portfolio is concerned, it follows a buy and hold approach but only in the case of select few such as TCS, SBI, KPIT Cummins, FAG Bearings, CEAT and Corporation Bank. Of these, the fund has lost money only in SBI and CEAT.
The fund has also recently re-entered Future Retail and Jyothy Laboratories. While Jyothy Laboratories has made money over the last 3 years, Future Retail has posted losses overall. Its investments have gone above 6.50 per cent only in large cap stocks like SBI, ICICI Bank and Sun Pharmaceuticals. Looking at ICICI Bank and SBI, while they have made money over the last 3-year period, the same doesn't hold true for returns over the last 5 years. There are still losses to be covered.
The fund also suffered big blows in the technology sector in which its exposure to Tech Mahindra and Mahindra Satyam, erstwhile Satyam Computers, alone accounting for rS 100 crore loss. But at the same time, the fund has also picked some good-performing small caps like FAG, KPIT and Balrampur Chini.
Why invest?
Though the frequent fund manager change is a dampener, since the past 12 months the fund is ahead of the category average by as much as 7 per cent.
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