Seven months after its launch in August 2004, the Fidelity Investments India Focus Fund has broken t...
Seven months after its launch in August 2004, the Fidelity Investments India Focus Fund has broken through the $1bn assets under management mark.
Managed by Michael Gordon, chief investment officer for the Asia Pacific ex-Japan region, the fund invests primarily in shares listed in India and also holds the stocks of non-Indian companies which draw a large part of their income from the country.
Gordon is supported by an investment team based in Mumbai. The fund typically holds between 80 and 100 stocks and takes a long-term approach to investing. The portfolio is tilted towards small and mid-cap companies, where the investment team believes there are more interesting investment opportunities at present. The benchmark is the MSCI India Index.
The fund, which also has a sterling share class for UK investors, has attracted large asset inflows from a range of parties from both Europe and Asia, including private individuals, private banks and private client stockbrokers.
The fund is Luxembourg domiciled. The minimum investment is £1,000. The initial charge is 3.5% and the annual management charge is 1.5%.
Gordon said: "The rapid rise in India's middle classes who now have a considerable amount of disposable income is fuelling a strong consumption trend. This should help contribute to economic growth of over 6% per annum into the medium term."
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