Cash holdings of PMS schemes decline in April: Report

Cash holdings of several PMS schemes declined in April as more investments were made after markets recovered. Over a third of the 122 PMS schemes had a little over 10 percent in cash in April, Business Standard reported citing data from PMS Bazaar.

This was after a significant increase in cash positions following the market plunge in March. PMS schemes held cash in the range of 20-65 percent at the time, the report said.

Moneycontrol could not independently verify the report.

Also read: Top 5 PMS scheme managers bought these 25 stocks in April; worth a look?

However, 13 PMS schemes also recorded an increase in cash holdings in April over March. "This could be due to fresh investments by investors who wanted to deploy more cash to take advantage of the prevailing situation and fund managers playing it safe in anticipation of a further fall," PMS Bazaar said in the note.

33 PMS schemes, such as Kotak AMC’s Pharma fund, outperformed benchmark index Nifty in April, Moneycontrol reported on May 8.

"Our strategy is having a well-balanced portfolio of large-caps & mid-small caps with a mix of companies offering large exports potential and market leadership in the domestic pharma market," Anshul Saigal, Head – PMS, KMAMC told Moneycontrol.