Reliance Equity Advantage Fund - Good bet for NIFTY plus return

Here is a note (see presentation below the text) on Reliance Equity Advantage Fund from Reliance Mutual Fund. The notes are self-explanatory and lavish on the India Growth Story and the relentless march of the Indian Indices in the Global Investor portfolios.
What happens if you take a long bet on the S&P CNX Nifty (NSE 50) stocks in the same sectoral proportion of the Nifty Index on a monthly basis upto 80% investment in the Index? And what if we try to outperform the Index (Nifty) by taking 20% exposure to non-Index stocks (called in Portfolio Management parlance as "Non-neutral positions"). That in essence, is what the new scheme of Reliance Mutual Fund all about - Reliance Equity Advantage Fund - open-ended Diversified Equity Scheme which just opened and closes 10th July, 2007.
USPs of the Fund:
Largest Mutual Fund House (Assets Under Management of over Rs.56000 crores) in India.
Fund House renowned for Aggressive, momentum-driven approach to Investing
Track Record of all new launches (from Reliance Equity Opportunities Fund to Reliance Long Term Equity Fund to Reliance Equity Fund to Reliance Power Fund) has been overall good.
Fund House contributes significantly to the share price of parent company Reliance Capital Ltd (Anil Ambani Venture) almost Rs.140/- per share of Reliance Capital. Fund House itself manages USD 11 Billion.
Some of the successful Schemes: Reliance Growth Fund/Reliance Vision Fund/ Reliance NRI Equity Fund/ Reliance Equity Opportunities Fund/ Reliance Power Fund/ Reliance Banking Fund.
Fund manages Schemes with Aggressive Cash Allocations (Sometimes the cash allocation goes upto 65% in markets which the Fund Manager believes is "peaked".
I am also attaching a confidential report on the valuation of Reliance Capital (which is just to give you an idea of the dynamics of what is driving one of the fastest-growing financial conglomerates in the Indian Financial Services Industry).
Worth considering are both Reliance Equity Advantage Fund (a proxy for Indian Benchmark Nifty Index - which is more robust than the bellweather popular Sensex) and Franklin India High Growth Companies (betting on all the growth engines of the Indian economy).

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