How India dedicated funds fared in 2008

There are about 120 or so India dedicated hedge funds. Assets under management of India dedicated funds is down from $31bn in Jan’08 to around $10bn in Nov’08. Here are performance of 41 dedicated funds year-to date with their AUMs. Figures in brackets are “As of”

HSBC GIF Indian Equity Fund AUM of $2263.82mn (31/10/08 ) compared to $8.5bn as on 30/11/07. Down 61.52% (15/12/08 ). So one can sense heavy redemptions in this fund. The fund is managed by Sanjiv Duggal who has an uncanny ability to be bearish before the market does. This was justified in April 2004, April 2006 and Dec 2007.

Top holdings: Cairn Energy,Jindal Steel & Power, HCL Tech. Fully invested.

Helios Strategic Fund, a hedge fund managed by Samir Arora, is down 66.83% (30/11/08 )

Blackstone India Fund AUM of $638.5mn as on 30/11/08 (Marginal cash holdings of 2.6%). Down 64.5% YTD. Close ended fund so there is no redemption pressures here.

Arisaig India Fund AUM is $285mn (Marginal Cash holding of 3.3%) as on 30/11/08 . Down 67.3% YTD. On Redemptions: US Endowment and Foundation accounts for 60% of their invested capital, are more inclined to add to their holdings in emerging markets which have, due to market action, fallen well below target levels.

AIG India Equity Fund AUM of $123.12mn (30/11/08 ) down 58.8% (30/11/08 ). Top holdings: Bharti, Sun Pharma and Infy. 

CAAM Funds India AUM of $533.62mn is down 64.45% (18.12.08 ). Top holdings: RIL, Infy and HDFC. Cash: 2.64 (30.11.08)

CAAM Funds India Infrastructure AUM of $21.54mn is down 65.16% (18.12.08). Cash: 5% (30.11.08)

DWS India Equity Fund (Deutsche Bank Group) AUM of SGD 697.49mn (02/01/09) is down 65.34% (02.01.09).

DWS Invest Indian Equities AUM of 15.9mn Euro (30.11.08) is down 60.8%. Cash: 6.5%

DWS India Fund AUM of 190.5mn Euro (30.11.08) is down 60.5%. Cash: 10%

Mirae Asset India Discovery AUM of $375.45mn is down 47.16%. Cash: 10.28% (15.11.08)

Mirae Asset India Infra Sector AUM of $89.12mn is down 58.41%

Mirae Asset India Solomon AUM of $356.89mn is down 50.53%. Cash: 12.4% (15.11.08)

Atlantis India Oppurtunities Fund AUM of $7.8mn as on 30/10/08. Down 71.3% YTD.

Aberdeen’s New India Investment Trust AUM of  61mn pounds as on 31/10/08. Down 36% YTD

Aberdeen Global Indian Equity Fund AUM of SGD $2.3bn is down 47.4% (31/10/08)

India Value Investments Ltd AUM of $20mn as on 31/10/08 is down 58.22% YTD (12/12/08). Divis Labs is their largest holding.

Shanti Asset Management AUM of $392mn is down 72.5% YTD (11/12/08)

Excel India Fund AUM of $180.53mn Canadian dollar (30/11/08) is down 53.58% YTD

Matthews India Fund AUM of $316.6mn (30/11/08) is down 65.14% YTD

Charlemagne Capital’s Magna India Fund AUM of Euro 4.6mn (31/10/08) is down 70% YTD

Fidelity’s India Focus Fund GBP AUM of 822mn Sterlings (31/10/08) is down 60% YTD

Blackrock’s BGF India Fund AUM of $438mn (31/10/08) is down 63.2%. Top holdings: RIL, Infy, HUL

BCV’s AMC Indiac Fund AUM of CHF 31.1mn (11/12/08) is down 63.16%. Top holdings RIL, Infy, HDFC Bank

Lyxor ETF MSCI India AUM of $78.35mn (31/10/08) is down 55.24%.

JP Morgan’s JF India Fund AUM of $1458.4mn (12/12/08) is down 64.33% (30/11/08). Top holdings: Infy, HDFC, HDFC Bank (31/10/08)

BNP Paribas Parvest India AUM of $187.72mn (30/09/08) is down 52%. RIL, ONGC, HUL

Pictet’s Indian Equities AUM of $222mn (12/12/08) is down 63.8%. Cash holdings: 6.1% as on 28/11/08.

Schroder ISF Indian Equities AUM of $31.8mn (12/12/08) down 62.35% (31/10/08)

Morgan Stanley Indian Equity Fund AUM of $18.6mn is down 68.53% (30/11/08)

Morgan Stanley India Investment Fund AUM of $286mn is down 67.68% (30/11/08) . Cash holdings: 8% (31/10/08). Its a closed-end fund so no redemptions here .

WisdomTree India Earnings Fund AUM of $160mn (12/12/08) is down 54.49% (31/10/08)

JP Mogan India Fund AUM of $9.49mn (12/12/08) is down 63%.

Nomura India Equity Fund AUM of Rs 345.60crs ($70mn) is down 59.86% (30/11/08)

Franklin India Growth Fund AUM of $32mn is down 54% (30/11/08)

Eaton Vance Greater India Fund AUM of $673.65mn (30/09/08) is down 65.86% (11/12/08). Cash 4.24% (30/09/08)

Melchior Selected Trust: Indian Oppurtunities Fund AUM of $16.2mn (30/11/08) is down 81.1%. Cash holdings is very high at 34.55%. The Fund is managed by U.R Bhat of Dalton Capital Advisors.

Fidelity India Fund AUM of Australian $80mn (12/12/08) is down 50% (31/10/08)

DPF India Oppurtunities Fund, a closed-ended investment fund AUM of Canadian $129mn (30/9/08) is down 71.34% (30/11/08)

Jupiter India Fund launched on 29.02.08 with an AUM of $60mn is down just 11.1%. Cash holdings: 14.26%. Top holdings: Godfrey Phillips, Opto Circuits and Bharti Airtel (31/10/08)

There are funds like Antara India Evergreen Fund which was liquidated in Nov’08,  Boyer Allan India Fund in Dec’08 and there was some which launched new fund like Brevan Howard India Opportunities Fund with some $75mn capital during the year.

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5 responses to “How India dedicated funds fared in 2008

  1. Hi Devesh,

    I am currently a MBA student studying finance. Like you I am too eager to make my mark in the capital markets more so in the growing indian hedge fund space.

    I read your blog on the performance on the indian hedge funds. thanks for the information. I would be grateful if you could let me know the source of the above data so that i too can independently track the indian HFs.

    thanks.

  2. I did a Google Search on India dedicated funds. You can find out the details of funds on the Funds website. Here, basically, i have tried to put the collated data at a single place. Also many of the funds mentioned in my post are Offshore funds rather than hedge funds. If you want to track Indian Hedge Fund industry then you have to subscribe to premium services of Hedge Fund Intelligence and Morningstar.

  3. Thanks devesh! aprreciate you sharing the information with me.

    also, i think there was a fund by monsoon capital which shut down as early as may this year. it was a small-midcap fund. one can only imagine what the performance would be had it been around to witness sept-oct!!!

    Also, as per my understanding there isnt any difference between an offshore or a hedge fund. From our perspective (India), since they are all domiciled out of countries like mauritius or cayman or singapore they are OFFSHORE. and in terms of hedge funds, they can vary in strategies from being a long only to long/ short or arbitrage etc.

    Do correct me if my understanding of the terminology is wrong.

    thanks and would like to keep in touch with you.

  4. I think retail investors cannot invest in hedge fund whereas they can in an offshore fund.

    Monsoon Capital’s funds were down 45% in the first three months, so i wont be surprised if it was liquidated later on, even though they were one of the best performing fund last year. As Buffett says,”Its only when the tide turns, one knows who was swimming naked”!

  5. Monsoon India Inflection Fund holds 1.27% stake in Opto Circuits as on 30th Sept’08, so I dont think the fund has wind-up.

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