Widely read:
R Srinivasan, the Equity Head of SBI Mutual Fund manages equity assets of nearly Rs 5,544 crore across 5 funds - Magnum Balanced (MB), Magnum Equity (ME), Magnum Global (MG), SBI Contra (CO) and Emerging Businesses (EB).
His portfolio across the 5 funds consists of 97 Stocks, of which 64 are mid-and small-caps accounting for over 51 per cent of the net equity assets.
For Top bets, What has he sold, Best Picks and Mistakes : Gain/(Loss) amounts on stocks are based on quarterly portfolios and their closing prices on that date. The values are from June 2009 till date and are merely indicative and may not be exact. All figures indicate value in Rs unless mentioned.
Stocks that have lost money since June 2009
Large Cap
Reliance Industries -77 Cr
Cairn India -11 Cr
Airtel -10 Cr
Jindal Steel & Power -8 Cr
MID Cap
Crompton Greaves -10 Cr
Major loss due to huge position before 2008 which he continued to dilute till June 2011. Bought again in September 2011 only to lose and had to sell at a loss by December 2011, when he cleared all positions.
Petronet LNG -9 Cr
Made profit between June 2009 and September 2009. Has been accumulating since March 2012; the price has fallen though
Karur Vysya Bank -6 Cr
Bought in December 2012. Sold over 10 per cent in March 2013 amidst falling prices
Bajaj Finance -3 Cr
Bought in December 2012. Sold over 20 per cent in March 13.
Small Cap
Blue Star -34 Cr
Present for over 5 years now. Bought major chunks in June 2010, September 2011 and December 2011; Sold a major chunk in December 2010 and March 2012 only.
Royal Orchid Hotels -8 Cr
Present for over 5 years now. Broadly accumulated from September 2009 till December 2011. Has not sold large quantities though.
McDowell Holdings -7 Cr
Bought in December 2009 for the first time and broadly accumulated till December 2011. However, sold a large chunk in March 2012 only.
Turnover
From Jun 2009 to Dec 2010, the number of stocks fluctuated a lot. They reached the highest of 174 by March 2010. Since the beginning of 2011, the number of stocks have been scaled down on a q-o-q basis and have been in the range of 90-100 over the past 1 year.
Summary
The above inference from Srinivasan’s portfolio may not necessarily reflect his stock preference because of the different mandates of each of the 5 funds. For instance, in Magnum Equity the portfolio is anchored to the benchmark which can go significantly over- or under-weight on some positions. Some of the mid- and small-cap picks in which he lost, the relative position of the stocks in individual portfolios was not very significant.
Disclaimer: This content is for information only and should not be considered investment advice or a recommendation.
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