Four largest Indian hedge funds manage cumulatively $6.55bn. So where is the ‘smart money’ betting on in the Indian stock market.
HSBC GIF Indian Equity Fund (AUM of $2.3bn) top 10 holdings include Cairn Energy, Jindal Steel & Power, Wipro, HCL Tech, TCS, Maruti Udyog, Idea Cellular, Aditya Birla Nuvo, DLF, Glenmark. Cash: 2.39% (Seems to be betting on out-of favour stocks)
Aberdeen Global Indian Equity Fund (AUM of $1.5bn) top 10 holdings are HDFC, Infosys, Satyam, Hero Honda, ICICI, GSK Pharma, Grasim, HUL, ITC, Bharti Airtel. Cash: 2.4% (Ofcourse the fund exited Satyam after 31st Dec’08 )
JP Morgan India Fund (AUM of $1.42bn) top 10 holdings include Infosys, HDFC Bank, HDFC, RIL, ICICI, Bharti Airtel, BHEL, ITC, NTPC and L&T. Cash: 10.5% as on 31st Jan’09. (Quality names should do better this year)
Fidelity India Focus Fund (AUM of $1.33bn) top holdings include ICICI, United Spirits, MCX, Suzlon, Tata Motors, Financial Technologies, Pantaloon, SBI, Piramal Healthcare, HDFC Bank. Fully invested. (Investing in stocks where funding is the key issue)