By Indika Sakalasooriya
During the month of May, the Sri Lanka Fund continued to remain above the liquid Milanka index, and its size grew to US $ 3.18 million, the latest fact sheet released by the Fund said.
Sri Lanka Fund, an open-ended fund incorporated in Cayman Island is managed by Guardian Fund Management Limited. The promoter of the fund is the Ceylon Guardian Investment Trust PLC, which is a subsidiary of Carson Cumberbatch PLC.
According to the fact sheet, the fund’s investments in premier blue chip John Keells Holdings Plc and Central Finance Plc have mainly contributed to the growth of its Net Asset Value.
“The value of our investment in John Keells Holdings Plc, the company with the highest portfolio weighting, grew due to the conglomerate recording an annual result which exceeded expectations of the industry as a whole”
“One of the recent investments, namely Central Finance Plc, in the banking and finance sector grew in value during the month under consideration backed by the growth in the leasing industry due to the reductions in vehicle tariffs coupled with reductions in general lease rates,” the fact sheet noted.
The Fund has a 26 percent exposure to the banking, finance and insurance sectors.
The other sectors it has made investments are, manufacturing and construction (20 percent), diversified holdings (21 percent), hotels and travels (6 percent), beverage, food and tobacco (25 percent) and plantations (2 percent).
Sri Lanka Fund was initiated in 1993 and was re-launched in August 2010.
source - www.dailymirror.lk
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