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First State Indian Subcontinent

Ranked 4 out of 19 in - India over 12 months
All calculations are in GBP

Managed by

David Gait

David Gait was born in Edinburgh in 1975 and holds a BA in Economics from Cambridge University and an MSc in Investment Analysis from Stirling Univerisity. David joined Stewart Ivory in 1997, the predecessor to First State Investments. He is responsible for evolving the emerging markets and Asia Pacific strategies and is the lead manager on the First State Asia Pacific Sustainability and First State Indian Subcontinent funds. David has been managing funds for over 11 years.


The Fund aims to achieve long-term capital growth. The Fund will comprise investments in a diversified portfolio of companies of the Indian subcontinent. The Fund concentrates on securities that are listed, traded or dealt in on Regulated Markets in the Indian subcontinent and instruments issued by companies established, operating or having a predominant part of their economic activities in the Indian subcontinent and listed on other Regulated Markets.


India over : 28/02/2014 - 28/02/2015

Total Return

Quarterly Performance

to 01/01/2015 Annual Q1 Q2 Q3 Q4
2014 51.1% 6.2% 13.0% 18.1% 6.6%
2013 1.9% 5.9% -5.5% -6.7% 9.2%
2012 24.0% 14.4% -7.4% 15.0% 1.8%
2011 -22.8% -7.5% 5.5% -10.9% -11.1%
2010 36.9% 13.1% 4.0% 12.6% 3.4%
2009 84.7% 1.2% 33.5% 24.8% 9.7%
2008 -42.3% -22.4% -17.9% 1.9% -11.1%
2007 54.3% -4.6% 17.0% 12.0% 23.4%

Month by Month Performance

Returns Vs Risk

Asset Allocation



Top 10 Holdings

Stock Size
Tech Mahindra Ltd ORD 7.02
Dr.Reddy's Laboratories Ltd ORD 7.00
Marico Ltd ORD 6.48
Kotak Mahindra Bank Ltd ORD 6.24
Housing Development Finance Corporation Ltd ORD 4.99
Idea Cellular Ltd ORD 4.94
Dabur India Ltd ORD 4.51
Tata Power Company Ltd ORD 3.98
Pidilite Industries Ltd ORD 3.79
HDFC Bank Ltd ORD 3.55

Registered For Sale In

  1. Austria
  2. Chile
  3. France
  4. Germany
  5. Netherlands
  6. Sweden
  7. Switzerland
  8. United Kingdom

Fund Info

  • Launch date15/11/2006
  • Share Class size175Mn
  • Base currencyGBP

Purchase Info

  • Min. initial investment1,000
  • Min. additional investment50


  • Annual management1.8%
  • Initial investment4

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First State soft closes Lau and Asante funds

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Fund of the Week: First State Indian Subcontinent

India has had its fair share of problems in recent months. Rocked by scandal since the Commonwealth Games, it is also enduring soaring inflation, with food prices remaining close to all time highs.

India managers express fears over obstacles to growth

Talk of India's growth potential is as high as ever, but fund managers in the country doubt whether it is really ready for the seismic shift in reform that is required to achieve status as the world’s next economic powerhouse.

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Tohani departs First State

David Gait and Angus Tulloch take on the management of the First State Indian Subcontinent fund after Tohani leaves the firm.

Performance is for the period shown (month end to month end, bid/bid, gross income reinvested, calculated in GBP).