Key Factors

Our India Equity Fund is a concentrated strategy investing in Indian equities, aiming to deliver a high excess return. The strategy offers an attractive opportunity for investors to benefit from the high growth potential from Indian companies, driven by the dynamic domestic economy, Modi-reform and young population.

• Benchmark: MSCI India
• Holdings: 40-50 stocks
• Outperformance target: 4%-6% p.a
• Tracking Error Range: usually 6%-10% p.a
• More than 15 years track record – fund incepted in January 2007

Investment Philosophy

We believe the most effective way to add value consistently in India is through original fundamental research and analysis; market inefficiencies at the individual stock-level are much greater than at the macro-level. Thus, we spend most time and resource here and stock selection is our primary source of added value.

Investment Approach

• Bottom-up approach is based on fundamental research, supported by a large number of visits to Indian companies, including their suppliers and clients by our highly experienced portfolio management team
• Stock selection is supported by a country specific India stock model with a sector overlay
• Leverage on the established investment management platform of the core team. Lead manager Vipul Mehta is dedicated to managing India equities portfolios since their inception. All India equity specialists are natives; understand the culture, key issues and opportunities. They travel frequently to India and meet with the management teams of companies, suppliers, employees, etc., but are based at NAM Singapore away from the ‘noise’ of the Indian marketplace
• We follow a wide and unconstrained investment universe (typically non-market cap biased) which offers us the greatest opportunity and flexibility to select stocks which look attractive on our initial screening. However, we maintain a concentrated investment with 40-50 high conviction stocks to achieve high excess return

Awards and Ratings 

Morningstar Overall Ratings as at 30-06-2025. Copyright © Morningstar 2025. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied, adapted or distributed; (3) is not warranted to be accurate, complete or timely; and (4) do not constitute advice of any kind, whether investment, tax, legal or otherwise. User is solely responsible for ensuring that it complies with all laws, regulations and restrictions applicable to it. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information, except where such damages or losses cannot be limited or excluded by law in your jurisdiction. Past performance is no guarantee of future results. Morningstar rating based on Nomura Funds Ireland – India Equity Fund I USD.

Potential Significant Risks

Emerging markets or less developed countries may face more political, economic or structural challenges than developed countries. This means your money is at greater risk.