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Aggressive But Rewarding

The fund was born under the umbrella of the erstwhile Zurich India AMC, and later taken over by HDFC AMC in early 2003. Considering the extra risk it takes, it has rewarded its investors

The fund was born under the umbrella of the erstwhile Zurich India AMC in 1994, and later taken over by HDFC AMC in early 2003.

Since 1994, the fund has grown by leaps and bounds. As on November 30, 2005, the fund had its largest ever size of Rs 1,046 crore.

The fund's portfolio underwent a complete overhaul after coming under the HDFC banner. Large-caps have made way for mid- and small-cap stocks.

However, in order to counter the newly acquired aggressive posture, the fund has also diversified its portfolio over 55-60 stocks--earlier it used to have only 25-30 stocks. Stock picks like CONCOR, Bharat Electronics, Ipca Labs, Aban Loyd, Balrampur Chini Mills, Hindustan Zinc, etc have proved to be multi baggers for the fund in the past few months.

The fund performed exceptionally good in 2004, when it stood at rank 5 out of 82 funds in the category clocking a gain of 47.71 per cent against the category average of 25.92 per cent. In 2005, it has performed quite in line with the category average, delivering 47.60 per cent to be ranked 46th in the category of 101 funds.

Considering the extra risk taken by the fund, it has always rewarded its investors.

Overall, the fund looks good for an investor seeking diversification coupled with decent returns. The fund's ability to contain losses in bearish market also makes it special.