Financial Daily from THE HINDU group of publications
Sunday, Feb 15, 2004
Financial Daily from THE HINDU group of publications Sunday, Feb 15, 2004 |
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Mutual Funds Markets - Mutual Funds Indian investments pay off for US MFs BL Research Bureau
DOMESTIC mutual funds in the US have benefited from investing in India says a PR Newswire release citing a Standard & Poor's research into US funds investing in Indian stocks. The news release says, that according to S&P research, the average domestic mutual fund in the US with at least 10 per cent of their assets invested in India stocks returned 65.40 per cent in 2003. During the same period, Sensex and Nifty gained about 74 per cent. Interestingly, news release also adds that while $ 7 billion flowed into Indian equity, the amount is likely to swell to $ 20 billion in 2004. It says that Eaton Vance Greater India Fund, which has 100 per cent exposure to India, gained 117.3 per cent in 2003. This compares favourably with the performance of diversified equity funds operating in India. Diversified Indian equity funds on an average gained just less than 100 per cent in 2003 although there were several equity funds such as HSBC Equity, Templeton India Growth, Franklin India Bluechip and HDFC Equity that notched returns of more than 100 per cent.
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