Mumbai: JP Morgan Asset Management India Pvt. Ltd. has started with a 47-stock portfolio overweight on industrial, infrastructure, technology, telecom and cement sectors in its maiden equity scheme, its first factsheet showed.
JP Morgan India Equity Fund, launched in April, is underweight on financial, oil and gas, consumer and auto sectors vis-a-vis its benchmark BSE 200 index.
“Our portfolio reflects our positive view on the continuing capital investment in both the infrastructure and industrial sectors,” the fund house said in its message to investors explianing its overweight position in the sectors.
The BSE Capital Goods index has risen about 42% as on July 10 this year as compared with a 9% gain in India’s benchmark BSE index.
The fund house said it was confident about the prospects of the telecom sector. “Clarity on the valuation of the tower businesses could be a key sector trigger.”
The fund was almost fully invested at the end of June with only 3.2% of its Rs 1100 crore held as cash, the fund’s factsheet showed.
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