Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

F&C calls time on 20-year-old India fund

F&C calls time on 20-year-old India fund

F&C has closed its Indian Investment Company, an open-ended fund launched in 1993, after it became subscale.

At its liquidation, the fund contained assets of £6 million. ‘As it didn’t have critical mass, we felt winding the company up was the right thing to do for its shareholders,’ a spokesperson for F&C told Wealth Manager.

Managed by Sam Mahtani since inception, the fund’s performance had been dull of late. Through the three years to the end of 2013, it lost 31% while the MSCI India index dropped by 23.9% in dollar terms.

Mahtani pursued a high-conviction approach, with his five largest holdings accounting for 50% of the portfolio. His largest position was a 12.5% weighting to Tata Consultancy Services, with financials as his principal sector exposure.

He remains as director of emerging-market equities at F&C, where he continues to run the £38 million F&C Global Emerging Markets Portfolio fund. This too is overweight India, which represents 12% of the portfolio compared with less than 7% of the fund’s MSCI Emerging Markets benchmark. Mahtani has recently added to the fund’s stakes in ITC, Cairn and HDFC Bank.

Over the three years to the end of 2013, the fund lost 14.9% compared with a decline of 6.1% from its benchmark index in dollar terms.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Video special: what Scottish DFMs think of SNP election flop

Video special: what Scottish DFMs think of SNP election flop

As delegates gathered for Citywire Scotland, we asked them their take on the election.

Play Keith Skeoch: 'passive has a part to play'

Keith Skeoch: 'passive has a part to play'

In the third part our series, Skeoch outlines his vision for Standard Aberdeen.

2 Comments Play Keith Skeoch: why I believe markets will make 'substantial returns'

Keith Skeoch: why I believe markets will make 'substantial returns'

In an exclusive interview, Standard Life CEO Keith Skeoch tells us why he takes an optimistic view on markets just about everywhere.

Read More
Your Business: Cover Star Club

Profile: Rathbones' fund boss on spotting emerging talent

1 Comment Profile: Rathbones' fund boss on spotting emerging talent

A great fund manager is really easy to spot, says Mike Webb, chief executive of Rathbones Unit Trust Management

Wealth Manager on Twitter