India still a good news story, says Fiducian
The closing down of an India fund last week is not indicative of what is happening in the Indian market, according to Fiducian Portfolio Services.
Its own India fund recently earned a ‘recommended’ rating upgrade from Lonsec, and delivered a return of 4 per cent over the last three months and a 25 per cent return over the last 12 months.
The multi-manager fund is based in Sydney and its managers are based in India. It offers exposure to a portfolio of companies listed on Indian stock exchanges.
“The India story is going to continue for many years and could be of benefit to Australian investors who are serious about investing there,” said member of the Fiducian Investment team and manager of investment projects Jai Singh. “It was unfortunate that as reported in the media, the only listed investment company investing in Indian shares is closing down and is repaying capital to its investors. This is not indicative of the Indian market.”
Singh was referring to the winding down of India Equities Fund Limited, the first Australian investment company with a portfolio dedicated to Indian equities to be listed on the Australian Securities Exchange.
But Singh said Fiducian’s India Fund offering was going from strength to strength.
“Indeed it delivered a return of 4 per cent over the last three months when global and Australian share markets showed losses, and a return of 25 per cent over the last 12 months — even when the Australian currency strengthened by over 30 per cent against it,” said Singh.
Recommended for you
A former Sydney investment manager has pleaded guilty to two counts of insider trading regarding a potential takeover of Platinum Asset Management, having acquired $2.6 million of Platinum shares.
As the firm enters a new growth phase, Orbis Investments managing director Jason Ciccolallo has said it is looking to strengthen relationships with retail advisers to align with the firm’s institutional reputation.
The former director of United Global Capital has received a decision from the Administrative Review Tribunal regarding an appeal of his 10-year ban from providing financial services.
AMP-owned North has announced a senior manager appointment as the platform explores growth opportunities in its addressable adviser market.
