September 17th, 2008 
Tushar Mathur
AIG, which is facing liquidity crisis, has seen NAV of its two Indian mutual funds go down in September by around 7 per cent. It has two plans called AIG India Equity Fund–Growth but one is for institutional investors and the other is for regular investors.
AIG group also has a $233,465,081 India-dedicated equity fund. AIG India Equity Fund was running “larger than normal cash portfolio” to protect the downside risk.
According to market sources, the local mutual funds run by AIG have not seen much of a redemption pressure.
“Redemptions have started, but it is still not abnormal,” said a mutual fund observer.
Holdings
AIG group has exposure in a number of small- and mid-cap companies. In terms of shareholding statistics as of June 30, 2008, AIG Offshore held 3.27 per cent stake in MindTree. AIG Trustee Co held 2.07 per cent in Gayatri Project. In AIA Engineering, AIG Global Investment Corporation held 1.3 per cent, while AIG Trustee Co held 1.14 per cent in Bharati Shipyard. In Sun Pharma, AIG Investment Corporation held 2.39 per cent. The group also held more than one per cent in Federal Bank and Nucleus Software.
In term of percentage of investment to the corpus size of the local funds, BHEL, Bharti Airtel, HDFC Bank, HDFC, IVRCL L&T, ONGC, RIL and SBI were among the top few.
The India-centric AIG equity fund for global investors has Infosys at the top slot of the list of investments followed by ITC, Bharti, Sun Pharma and ABB.
Posted in 
Tags: 
