A fund manager's real test comes when he has to swim against the tide and bet on stocks that are not witnessing best of times. The move may be deemed risky but if it pays off it leads to windfall gains for the fund.
We have arrived at a list of companies which may not have been luckier on the bourses but have been able to find place in the equity mutual funds' portfolio.
To find out such holdings, we have filtered companies which have lost more than half of their value in the past one year ending November 30, 2013. But, at the same time, the number of shares held with mutual funds has increased over this period. We have excluded companies which had a stock spilt or gave bonus in the past one year.
Also, companies in which only index funds or ETFs were invested are not part of the list. It includes Jaiprakash Power Ventures which operates the largest hydroelectric power plant in the private sector in India. It is the biggest company (as per the market cap) in the list. It has seen a decline in the net profits in the past two quarters. The company had to shut down its 400 megawatt Vishnuprayag Hydro-Power plant in Uttarakhand due to unprecedented flash floods in June 2013.
Pratibha Industires has seen the highest percentage increase in the number of shares. Though three of Sahara's funds, Growth, Infrastructure Fixed Pricing and Power and Natural Resources have exited the stock, Reliance Regular Savings Equity has added the stock in its portfolio in the past one year.
A stand-out position
* Companies that have lost more than half of their value in the past one year ending November 2013 have been selected
* Jaiprakash Power Ventures is the biggest such company on the list, in terms of market cap
* Pratibha Industires has seen the highest increase in the number of shares
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