Edelweiss Fund Insight: March 2010

Diversified funds: Cash balances move up sharplyUnlike, the large-cap and the mid-cap funds, absolutecash balances with the diversified funds have movedup significantly. This trend has been witnessed in thediversified fund category since December, 2009.Absolute cash balances have increased by ~INR 8.25bn in February against rise of ~INR 6.80 bn lastmonth.Cash balances a with diversified d funds stood atINR 47.9 bn against INR 39.60 bn in January. TotalAUMs under diversified funds stand at ~INR 743 bn atthe end of February, 2010.INR bn75706560555045403530Absolute cash balances and percentage cash14131310981077 66545 62Mar-09Apr-09May-09Jun-09Jul-09Aug-09Sep-09Oct-09Nov-09Dec-09Jan-10Feb-10Absolute Cash % Cash(%)Diversified funds currently hold 6.4% cash compared with the past one-year average of 7.75%.AUM Cash & EquivalentScheme(INR bn) Feb-10 Jan-10HDFC Top 200 65 8% 6%HDFC Equity 56 4% 3%ICICI Pru Infrastructure 39 15% 8%Reliance Vision-Ret 37 6% 7%Note: Diversified fund universe comprises of 99 equity schemes (growth option)15