Financial Daily from THE HINDU group of publications
Tuesday, Dec 06, 2005
Financial Daily from THE HINDU group of publications Tuesday, Dec 06, 2005 |
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Mutual Funds Markets - Stock Markets Indian equities find their way into global funds' portfolio Jayanta Mallick
Kolkota, Dec. 5 INDIAN equities are finding more place in global funds, which are usually meant for investments in the developed markets. Indian equities, which begun graduating into diversified non-emerging market funds on the basis of Morgan Stanley Capital International (MSCI) weightage with a token presence of 2 to 3 per cent of the overall portfolio, are now figuring prominently in certain global funds. According to Morningstar, a fund research organisation, lately Indian stocks are cropping up with increasing regularity in non-emerging market funds. At the top of the list is Janus Contrarian Fund, a fund that has typically stayed within the US borders, which has devoted 21 per cent to Indian stocks. Janus Overseas, another fund from the same stable, also has substantial exposure to Indian stocks. Morningstar has recently created a new category - India Equity - for monitoring and analysing. The new category consists of more than 40 fund classes. Most of these funds have come up in the last three years. Greater focus on Indian equities is becoming evident, as new India-specific equity funds are being created or marketed among new sets of investors. In the last couple of months, a Dublin-domiciled fund - India Opportunities Fund - with 35-stock portfolio, has evinced good response. A first Australia-managed Fidelity fund is now raising money for exclusive investment in Indian equities. Asian funds have also been increasing India exposures because of higher return, according to observers. Platinum Asset Management's Asia Fund with 30 per cent exposure in India stocks is an example. The other example is Aberdeen Asian Opportunities Fund, which has devoted 16.15 per cent to Indian equities. Eaton Vance Greater India A and B funds have topped in terms of earnings among the country funds in the Pacific/Asia (ex-Japan) category. The funds' return in the three months to October 28, 2005 has been over 23 per cent, 75 per cent in one year and around 56 per cent in three years.
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