September, 2023
The Fiducian India Fund gained 3.8% in August, which was above the 1.1% return for the index (in Australian dollar terms). Over the last 12 months the Fund has gained 11.6%, compared to the index return of 9.7%. Large cap managers Tata (+17.3%) and SBI (+16.3%) have been the top performers over the last year.
The top stock contributors for the month included restaurant platform Zomato, Chemplast Sanmar and Persistent Systems. The main detractors were in the banking sector and included HDFC Bank, State Bank of India and ICICI Bank.
The most significant sector tilts in the Fund remain overweight positons in the Industrials and Financials sectors, which are set to benefit from the strong anticipated growth in the domestic economy, and underweight positions in the IT and telecommunications sectors, where underlying fund managers are broadly expecting a less positive growth outlook relative to other parts of the market, along with the more volatile resources sector. Companies with exposure to the capital spending cycle, as well as the manufacturing sector are also expected to perform strongly in the medium term.
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/IE23_m_08-3.pdfAugust, 2023
The Fiducian India Fund gained 3.8% in August, which was above the 1.1% return for the index (in Australian dollar terms). Over the last 12 months the Fund has gained 11.6%, compared to the index return of 9.7%. Large cap managers Tata (+17.3%) and SBI (+16.3%) have been the top performers over the last year.
The top stock contributors for the month included restaurant platform Zomato, Chemplast Sanmar and Persistent Systems. The main detractors were in the banking sector and included HDFC Bank, State Bank of India and ICICI Bank.
The most significant sector tilts in the Fund remain overweight positons in the Industrials and Financials sectors, which are set to benefit from the strong anticipated growth in the domestic economy, and underweight positions in the IT and telecommunications sectaors, where underlying fund managers are broadly expecting a less positive growth outlook relative to other parts of the market, along with the more volatile resources sector.
Companies with exposure to the capital spending cycle, as well as the manufacturing sector are also expected to perform strongly in the medium term.
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/IE23_m_08-2.pdfJuly, 2023
The Fiducian India Fund gained 0.6% in July, which was below the 2.0% return for the index (in Australian dollar terms). Over the last 12 months the Fund has gained 14.6%, compared to the index return of 14.9%. Large cap managers SBI (+20.9%) and Tata (+19.3%) have been the top performers over the last year.
The top stock contributors for the month included hospital operator Rainbow Children’s Medicare, ICICI bank, and restaurant platform Zomato. The main detractors were chemical company PI industries and HDFC Bank.
The most significant sector tilts in the Fund remain overweight positons in the Industrials and Financials sectors, which are set to benefit from the strong anticipated growth in the domestic economy, and underweight positions in the IT and telecommunications sectors, where underlying fund managers are broadly expecting a less positive growth outlook relative to other parts of the market, along with the more volatile resources sector. Companies with exposure to the capital spending cycle, as well as the manufacturing sector are also expected to perform strongly in the medium term.
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/IE23_m_07-1.pdfJune, 2023
The Fiducian India Fund gained 1.9% in June, which was above the 1.7% return for the index (in Australian dollar terms). Over the last 12 months the Fund has gained 22.8%, compared to the index return of 21.3%. Large cap managers SBI (+26.5%) and Tata (+26.1%) have been the top performers over the last year.
The top stock contributors for the month included Axis Bank, jewelry manufacturer Titan Co, and diversified conglomerate L&T India. There were no major detractors, with Navin Fluorine and SRF Limited lower for the month.
The most significant sector tilts in the Fund remain overweight positons in the Industrials and Financials sectors, which are set to benefit from the strong anticipated growth in the domestic economy, and underweight positions in the IT and telecommunications sectors, where underlying fund managers are broadly expecting a less positive growth outlook relative to other parts of the market, along with the more volatile resources sector. Companies with exposure to the capital spending cycle, as well as the manufacturing sector are also expected to perform strongly in the medium term.
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/ie23_m_06-1.pdfMay, 2023
The Fiducian India Fund gained 5.9% in May, which was above the 3.6% return for the index (in Australian dollar terms). Over the last 12 months the Fund has gained 16.9%, compared to the index return of 15.3%. Large cap managers Tata (+22.1%) and SBI (+21.6%) have been the top performers over the last year.
The top stock contributors for the month included Cholamandalam Investment, PVC pipe manufacturer Astral, and hospital operator Rainbow Children’s Medicare. The main detractors were in the banking sector, including HDFC bank and City Union Bank.
The most significant sector tilts in the Fund remain overweight positons in the Industrials and Financials sectors, which are set to benefit from the strong anticipated growth in the domestic economy, and underweight positions in the IT and telecommunications sectors, where underlying fund managers are broadly expecting a less positive growth outlook relative to other parts of the market, along with the more volatile resources sector. Companies with exposure to the capital spending cycle, as well as the manufacturing sector are also expected to perform strongly in the medium term.
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/ie23_m_05-1.pdfApril, 2023
The Fiducian India Fund gained 6.6% in April, which was above the 5.8% return for the index (in Australian dollar terms). Over the last 12 months the Fund has gained 1.9%, compared to the index return of 3.8%. Large cap managers Tata (+11.6%) and SBI (+9.8%) have been the top performers over the last year.
The top stock contributors for the month included food delivery and restaurant services business Zomato, industrial company Navin Fluorine and AU Small Finance Bank. Detractors included IT consulting business Infosys and consumer products company Hindustan Unilever.
The most significant sector tilts in the Fund remain overweight positons in the Industrials and Financials sectors, which are set to benefit from the strong anticipated growth in the domestic economy, and underweight positions in the IT and telecommunications sectors, where underlying fund managers are broadly expecting a less positive growth outlook relative to other parts of the market, along with the more volatile resources sector. Companies with exposure to the capital spending cycle, as well as the manufacturing sector are also expected to perform strongly in the medium term.
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/ie23_m_04.pdfMarch, 2023
The Fiducian India Fund gained 0.8% in March, which was below the 1.6% return for the index (in Australian dollar terms). Over the last 12 months the Fund has declined by 1.2%, compared to the index return of 2.1%. Large cap managers Tata (+10.2%) and SBI (+7.5%) have been the top performers over the last year.
The top stock contributors for the month included accessories manufacturer Titan Co and chemical conglomerate SRF Limited. Detractors included PVC pipe manufacturer Astral and air conditioning company Johnson Controls.
The most significant sector tilts in the Fund remain overweight positons in the Industrials and Financials sectors, which are set to benefit from the strong anticipated growth in the domestic economy, and underweight positions in the IT and telecommunications sectors, where underlying fund managers are broadly expecting a less positive growth outlook relative to other parts of the market, along with the more volatile resources sector.
Companies with exposure to the capital spending cycle, as well as the manufacturing sector are also expected to perform strongly in the medium term.
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/ie23_m_03.pdfFebruary, 2023
The Fiducian India Fund gained 2.3% in February, which was above the 1.4% return for the index (in Australian dollar terms). Over the last 12 months the Fund has declined by 2.3%, compared to the index return of 0.9%. Large cap managers Tata (+8.7%) and SBI (+6.1%) have been the top performers over the last year.
The top stock contributors for the month were Berger Paints, Navin Fluorine and Zomato. The main detractors for the month were City Union Bank, Vmart Retail and Chemplast Sanmar.
The most significant sector tilts in the Fund remain overweight positons in the Industrials and Financials sectors, which are set to benefit from the strong anticipated growth in the domestic economy, and underweight positions in the IT and telecommunications sectors, where underlying fund managers are broadly expecting a less positive growth outlook relative to other parts of the market, along with the more volatile resources sector. Companies with exposure to the capital spending cycle, as well as the manufacturing sector are also expected to perform strongly in the medium term.
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/ie23_m_02-1.pdfJanuary, 2023
The Fiducian India Fund declined by 6.3% in January, which was above the 5.9% fall for the index (in Australian dollar terms). Over the last 12 months the Fund has declined by 12.7%, compared to the index return of -7.7%. Large cap managers Tata (-2.7%) and SBI (-3.8%) have been the top performers over the last year.
The top contributors for the month were technology services company Persistent Systems and Max Financial Services. The main detractors were agricultural chemicals company PI Industries and food ordering platform Zomato.
The most significant sector tilts in the Fund remain overweight positons in the Industrials and Financials sectors, which are set to benefit from the strong anticipated growth in the domestic economy, and underweight positions in the IT and telecommunications sectors, where underlying fund managers are broadly expecting a less positive growth outlook relative to other parts of the market, along with the more volatile resources sector. Companies with exposure to the capital spending cycle, as well as the manufacturing sector are also expected to perform strongly in the medium term.
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/ie23_m_01.pdfDecember, 2022
The Fiducian India Fund declined by 5.3% in December, which was above the 5.5% fall for the index (in Australian dollar terms). Over the last 12 months the Fund has declined by 5.0%, compared to the index return of -0.5%. Large cap managers SBI (+5.5%) and Tata (+4.6%) has been the top performer over the last year.
The top contributors for the month were within the banking sector, with gains seen in Axis Bank, Federal Bank and AU Small Finance Bank. Chemical Manufacturer Chemplat Sanmar also rose strongly. The main detractors were Infosys, Reliance and Zomato.
The most significant sector tilts in the Fund remain overweight positons in the Industrials and Financials sectors, which are set to benefit from the strong anticipated growth in the domestic economy, and underweight positions in the IT and telecommunications sectors, where underlying fund managers are broadly expecting a less positive growth outlook relative to other parts of the market, along with the more volatile resources sector. Companies with exposure to the capital spending cycle, as well as the manufacturing sector are also expected to perform strongly in the medium term.
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/ie23_m_12-1.pdfNovember, 2022
The Indian stock market finished higher in November. Large cap stocks were again the best performers, recording gains of 3.9%, with mid-caps returning 1.9% and small caps returning 3.0%. The Metals (+6.5%), Oil & Gas (+5.8%) and Information Technology (+5.5%) sectors all finished higher for the month. Power (-3.5%), Consumer Durables (-2.37%) and Auto (-1.1%) were the only major sectors to finish lower.
Recent earnings updates continue to show positive trends for most companies. In aggregate, sales were 29% higher than last year, with profit growth a more modest 9%, reflecting the impact of higher input costs seen across most of the world. The market is currently forecasting earnings growth of 13% for Financial Year 2023, increasing to 19% the following year.
Economic data released during the month continued to be positive, supporting forecast GDP growth of around 7% for the coming year. This would make India one of the fastest growing economies in the world. Employment growth is strong, business confidence is high, consumer confidence is recovering and capital spending is also seeing high growth year-on-year. Export growth has moderated further, reflecting a slowing global economy.
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/ie23_m_11.pdfOctober, 2022
The Fiducian India Fund gained 1.4% in October, which was below the 3.1% rise for the index (in Australian dollar terms). Over the last 12 months the Fund has gained 3.7%, compared to the index return of 8.4%. Large cap manager Tata (+15.0%) has been the top performer over the last year.
The top contributor for the month was Axis Bank, with Larsen and Toubro and manufacturer Bharat Forge also recording gains. The key detractors were Home First Finance Co and Johnson Controls.
The most significant sector tilts in the Fund remain overweight positons in the Industrials and Financials sectors, which are set to benefit from the strong anticipated growth in the domestic economy, and underweight positions in the IT and telecommunications sectors, where underlying fund managers are broadly expecting a less positive growth outlook relative to other parts of the market, along with the more volatile resources sector. Companies with exposure to the capital spending cycle, as well as the manufacturing sector are also expected to perform strongly in the medium term.
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/ie23_m_10.pdfSeptember, 2022
The Fiducian India Fund gained 1.5% in September, which was above the 0.6% rise for the index (in Australian dollar terms). Over the last 12 months the Fund has declined 1.6%, compared to the index return of 0.0%. Larege cap manager SBI (+6.3%) has been the top performer over the last year.
The top contributors for the month were manufacturers Tube Investments and Astra, with accommodation providers Lemon Tree Hotels and Indian Hotels also reporting strong gains. Reliance Industries and PI Industries were the main detractors over the month.
The most significant sector tilts in the Fund remain overweight positons in the Industrials and Financials sectors, which are set to benefit from the strong anticipated growth in the domestic economy, and underweight positions in the IT and telecommunications sectors, where underlying fund managers are broadly expecting a less positive growth outlook relative to other parts of the market, along with the more volatile resources sector. Companies with exposure to the capital spending cycle, as well as the manufacturing sector are also expected to perform strongly in the medium term.
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/ie23_m_09.pdfAugust, 2022
The Fiducian India Fund gained 6.6% in August, which was above the 5.9% rise for the index (in Australian dollar terms). Over the last 12 months the Fund has declined 1.0%, compared to the index return of 1.8%. Small cap and mid cap stocks outperformed during the month, helping Sundaram (+8.1%) to be the best performing manager for the period.
Financial stocks once again led the way in August, with ICICI Bank, City Union Bank and Bajaj Finserve amongst the top contributors. Tube Investments was also materially stronger over the month. There were few material detractors, with chemical companies Chemplast Sanmar and Meghmani Finechem generating negative returns for the month.
The most significant sector tilts in the Fund remain overweight positons in the Industrials and Financials sectors, which are set to benefit from the strong anticipated growth in the domestic economy, and underweight positions in the IT and telecommunications sectors, where underlying fund managers are broadly expecting a less positive growth outlook relative to other parts of the market, along with the more volatile resources sector. Companies with exposure to the capital spending cycle, as well as the manufacturing sector are also expected to perform strongly in the medium term.
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/ie23_m_08.pdfJuly, 2022
The Fiducian India Fund gained 7.8% in July, which was slightly above the 7.7% rise for the index (in Australian dollar terms). Over the last 12 months the Fund has gained 0.5%, compared to the index return of 5.9%, as mid cap stocks, where the Fund has an overweight positioned, underperformed following a very strong run in the previous year. Tata Asset Management has been the best performer over this period, with a return of 9.9%.
Financial stocks were the main contributors for the month, with Federal Bank, City Union Bank and Bajaj Finserv recording good gains. Tube Investments was also materially stronger over the month. The main detractors for were Gland Pharma and Vmart Retail.
The most significant sector tilts in the Fund remain overweight positons in the Industrials and Financials sectors, which are set to benefit from the strong anticipated growth in the domestic economy, and underweight positions in the IT and telecommunications sectors, where underlying fund managers are broadly expecting a less positive growth outlook relative to other parts of the market, along with the more volatile resources sector. Companies with exposure to the capital spending cycle, as well as the manufacturing sector are also expected to perform strongly in the medium term.
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/ie23_m_07.pdfJune, 2022
The Fiducian India Fund declined by 3.0% in June, which was slightly above the 3.1% fall for the index (in Australian dollar terms). Over the last 12 months the Fund has declined 1.6%, compared to the index return of 1.0%. Tata Asset Management has been the best performer over this period, with a return of 7.3%. The top stock contributors for the month were concentrated in the automobile sector, with Maruti Suzuki, Ashok Leyland, And TVS Motor all recording gains. The main detractors were in the retail sector, with Vmart retail and Titan underperforming the market.
The most significant sector tilts in the Fund remain overweight positons in the Industrials and Financials sectors, which are set to benefit from the strong anticipated growth in the domestic economy, and underweight positions in the IT and telecommunications sectors, where underlying fund managers are broadly expecting a less positive growth outlook relative to other parts of the market, along with the more volatile resources sector. Companies with exposure to the capital spending cycle, as well as the manufacturing sector are also expected to perform strongly in the medium term.
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/ie23_m_06.pdfMay, 2022
The Fiducian India Fund declined by 7.6% in May, compared to the 7.0% fall for the index (in Australian dollar terms). Over the last 12 months the Fund has gained 5.7%, compared to the index return of 6.0%. Tata Asset Management has been the best performer over this period, with a return of 11.3%.
The top stock contributors for the month were spread across multiple sectors, and included Home First Finance, Hindustan Unilever, and automotive manufacturer Ashok Leyland. The key detractors for the month included some of last months winners, Shree Cement and AU Small Finance Bank.
The most significant sector tilts in the Fund remain overweight positons in the Industrials and Consumer sectors, which are set to benefit from the strong anticipated growth in the domestic economy, and underweight positions in the IT and telecommunications sectors, where underlying fund managers are broadly expecting a less positive growth outlook relative to other parts of the market, along with the more volatile resources sector. Companies with exposure to the capital spending cycle are also expected to perform strongly in the medium term.
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/ie23_m_05.pdfMarch, 2022
The Fund declined by 4.9% in March, behind the composite benchmark return of -4.2%. For the 12 months to the end of March, the Fund declined by 4.6%, which was 0.6% ahead of the benchmark. The MSCI Global Small Cap index (in US dollars) finished the month 1.4% higher, while the MSCI Emerging Markets Index (in US dollars) was down by 2.3%.
Global small caps slightly underperformed large company shares over the month, in contrast to the previous month’s out-performance by the small cap sector.
Emerging markets were weaker for the month, largely due to a decline in the Chinese market, an index heavyweight. After having previously apparently controlled the spread of the COVID-19 coronavirus (which originated in the central Chinese city of Wuhan), the country in now experiencing a new severe outbreak of the pandemic and it has resorted to strict lockdowns in a number of major cities to prevent its spread. The Chinese market declined by 6.1%, in contrast to a number of other Asian markets, including Korea, Singapore and Taiwan, which recorded gains for the month.
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/ie6_m_03.pdfFebruary, 2022
The Fiducian India Fund declined by 8.6% in February, compared to the -7.2% return for the index (in Australian dollar terms). Over the last 12 months the Fund has gained 23.5%, above the index return of 18.7%. Small and mid-cap manager Sundaram (+30.7%) has been the best performer, in part, reflecting the strong performance of that segment of the market. All managers outperformed the index over the year.
The top stock contributors for the month were spread across a number of industries, with fashion accessory company Titan Co, metals producer Hindalco, and finance company Cholamandalam all making a positive contribution. The main detractors for the month were City Union Bank, Au Small Finance Bank and cement producer Birla Corp.
The most significant sector tilts in the Fund remain overweight positions in the Industrials and Healthcare sectors, which are set to benefit from the strong anticipated growth in the domestic economy, and underweight positions in the IT and telecommunications sectors, where underlying fund managers are broadly expecting a less positive growth outlook relative to other parts of the market, along with the more volatile resources sector. Companies with exposure to the capital spending cycle are also expected to perform strongly in the medium term.
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/ie23_m_02.pdfDecember, 2021
The Fiducian India Fund declined 0.1% in December, compared to the 0.6% gain in the index (in Australian dollar terms). SBI (+1.1%) was the top performer, whilst the other managers trailed the index over the month. Over the last 12 months the Fund has gained 40.4%, well above the index return of 28.9%. Small and mid cap manager Sundaram (+49.9%) has been the best performer, in part, reflecting the strong performance of that segment of the market. All managers outperformed the index over the year.
The multinational IT service companies in the portfolio were the top contributors to performance, with strong gains from Mindtree, Infosys and Persistent Systems. The banking sector continued to be weak, with Bajaj Finserve, Au Small Finance and Kotak Mahindra Bank detracting from performance. The most significant sector tilts in the Fund are overweight positons in the Industrials and Healthcare sectors, which are set to benefit from the reopening of the economy, and underweight positions in the IT and telecommunications sectors, where underlying fund managers are broadly expecting a less positive growth outlook relative to other parts of the market along with the more volatile resources sector. Companies with exposure to the capital spending cycle are also expected to perform strongly in the medium term.
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/ie23_m_12.pdfOctober, 2021
The Fiducian India Fund fell by 3.8% in October, which was ahead of the 4.9% fall in the index (in Australian dollar terms). All managers in the fund finished the month modestly above index. Over the last 12 months the Fund has gained 52.6%, well above the index return of 41.7%. Small and mid cap manager Sundaram (+62.3%) has been the best performer, in part, reflecting the outperformance of that segment of the market.
A number of Financial Services stocks performed strongly during the month, with the top stock contributors to performance for the month including ICICI, Home First Financial, Federal Bank ad State Bank of India . Consumer goods company Hindustan Unilever and agricultural chemical company PI Industries were the main
detractors. A new manager was added to the Fund during the month, with EquiPoise joining as a manager in the mid-cap space. EquiPoise is a recently established boutique fund manager with a highly experienced team. The most significant sector tilts in the Fund are overweight positons in the Industrials and Healthcare sectors, which are set to benefit from the reopening of the economy, and underweight positions in the IT and telecommunications sectors, where underlying fund managers are broadly expecting a less positive growth outlook relative to other parts of the market. Companies with exposure to the capital spending cycle are also expected to perform strongly
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/IE23_m_08-1.pdfSeptember, 2021
The Fiducian India Fund gained 8.3% in August, underperforming the 10.1% rise in the index (in Australian dollar terms). Tata was the top performer (+9.9%) followed by Sundaram (+8.2%) and SBI (+7.2%). In a reversal of recent trends, large cap stocks led the gains in the market. This impacted the relative performance of the Fund, which is overweight the mid and small cap parts of the market. A 2.3% decline in the Indian Rupee also assisted performance for the month.
Over the last 12 months the Fund has gained 70.0%, well above the index return of 53.3%. Small and mid cap manager Sundaram (+76.0%) has been the best performer.
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/IE23_m_08-1.pdfAugust, 2021
The Fiducian India Fund gained 8.3% in August, underperforming the 10.1% rise in the index (in Australian dollar terms). Tata was the top performer (+9.9%) followed by Sundaram (+8.2%) and SBI (+7.2%). In a reversal of recent trends, large cap stocks led the gains in the market. This impacted the relative performance of the Fund, which is overweight the mid and small cap parts of the market. A 2.3% decline in the Indian Rupee also assisted performance for the month.
Over the last 12 months the Fund has gained 70.0%, well above the index return of 53.3%. Small and mid cap manager Sundaram (+76.0%) has been the best performer.
The top stock contributors to performance for the month included the IT outsourcing company Mindtree, financial services companies Bajaj Finserve, watches and accessories business Titan and agricultural chemicals company PI Industries. The main detractors were Au Small Finance Bank and cement company Birla Corp. The most significant sector tilts in the Fund are overweight positons in the Industrials and Consumer sectors, which are set to benefit from the reopening of the economy, and underweight positions in the IT and telecommunications sectors, where underlying fund managers are broadly expecting a less positive growth outlook relative to other parts of the market. Additionally, managers are beginning to see opportunities in the agricultural sector, thanks to higher soft commodity prices, positive seasonal conditions and supportive government policies. Companies with exposure to the capital spending cycle are also expected to outperform
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/IE23_m_08.pdfJuly, 2021
The Fiducian India Fund gained 5.6% in July, outperforming the 2.7% rise in the index (in Australian dollar terms). Sundaram was the top performer (+7.3%) followed by SBI (+4.4%) and Tata (+3.6%). A 2.1% decline in the Indian Rupee assisted performance for the month. Over the last 12 months the Fund has gained 60.1%, well above the index return of 41.6%. Small and mid cap manager Sundaram (+76.0%) has been the best performer.
The top stock contributors to performance for the month included financial services companies Bajaj Finserve, Au Small Finance Bank and ICICI Bank. Industrial conglomerate Birla Corp also performed strongly, along with IT outsourcing company Mindtree. The main detractors were pharmaceutical manufacturers Natco Pharma and Dr Reddy’s Laboratories.
The most significant sector tilts in the Fund are overweight positons in the Industrials and Consumer sectors, which are set to benefit from the reopening of the economy, and underweight positions in the IT and telecommunications sectors, where underlying fund managers are broadly expecting a less positive growth outlook relative to other parts of the market. Additionally, managers are beginning to see opportunities in the agricultural sector, thanks to higher soft commodity prices, positive seasonal conditions and supportive government policies. Companies with exposure to the capital spending cycle are also expected to outperform
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/IE23_m_07.pdfJune, 2021
The Fiducian India Fund gained 4.2% in June, outperforming the 1.7% rise in the index (in A$ terms). Sundaram was the top performer (+6.1%) followed by SBI (+2.8%) and Tata (+2.1%). Over the last 12 months the Fund has gained 57.5%, well above the index return of 44.0%. Small cap manager Sundaram (+72.8%) has been the best performer.
The top stock contributors to performance for the month included software company Tata Elxsi (+18.1%), electronics manufacturer Dixon Technologies (+9.8%) and pathology company Dr Lal PathLabs (10.7%). There were few significant detractors, with carbon and graphite manufacturer Graphite India(-14.7%) the biggest negative contributor.
The most significant sector tilts in the Fund are overweight positons in the Industrials and Consumer sectors, which are set to benefit from the reopening of the economy, and underweight positions in the IT and telecommunications sectors, where underlying fund managers are broadly expecting a less positive growth outlook relative to other parts of the market. Additionally, managers are beginning to see opportunities in the agricultural sector, thanks to higher soft commodity prices, positive seasonal conditions and supportive government policies
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/IE23_m_06.pdfApril, 2021
The Fiducian India Fund fell by 1.9% in April, outperforming a 3.1% fall in the index (in A$ terms). Sundaram was the best performer with a return of -0.7%, followed by Tata (-2.2%) and SBI (-3.3%)
Despite the large surge in COVID-19 cases and fatalities during the month, markets remained mostly stable. The large-cap segment of the market fell by 0.2%, mid-caps were up by 0.6% and small-caps were up by 4.9%. The 3% fall in the rupee versus the Australian dollar led to a negative benchmark return in Australian dollar terms. The Fund’s small-cap manager, Sundaram, performed best over the year with a return of +51.2%, followed by SBI with an increase of 34.8% and Tata with an increase of 29.6%. The currency was a major headwind during the year, with the Australian dollar appreciating by 19.6% versus the Rupee. The Fund outperformed the index by 10.2% with a return of 38.7% in $A terms over the year to the end of April.
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/IE23_m_04.pdfMay, 2021
The Fiducian India Fund gained 7.7% in May, underperforming the 8.8% rise in the index (in A$ terms). State Bank of India (SBI) was the top performer (+8.7%) followed by Tata (+7.9%) and Sundaram (+7.6%). Over the last 12 months the Fund has gained 58.5%, well above the index return of 47.3%. Small cap manager Sundaram (+73.6%) has been the best performer.
The top stock contributors to performance for the month included building materials company Birla Corporation (+36.7%), plastic manufacturer Astral Poly (+18.7%) and multinational IT outsourcing company MindTree (+14.8%). Key detractors included consumer electronics manufacturer Dixon Technologies (-4.1%) and engineering group Tube Investment (-4.0%)
The most significant sector tilts in the fund are overweight positons in the Industrials and Consumer sectors, which are set to benefit from the reopening of the economy, and an underweight positions in the IT and telecommunications sector, where underlying fund managers are broadly expecting a less positive growth outlook relative to other parts of the market.
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/IE23_m_05.pdfMarch, 2021
The Fiducian India Fund was up 5.1% in March, outperforming a 3.5% rise in the index (in A$ terms). Sundaram was the best performer with a return of 7.6%, followed by Tata (+3.5%) and SBI (2.8%)
During the month, small caps were the best segment of the market, rising 2.5%, versus a 1.0% gain for mid-caps, and a 0.9% gain for large-caps (all in local currency). Over the year to the end of March, the small-cap sector (+114.9%) out-performed both the mid-cap sector (+90.9%) and the large-cap sector (+71.5%), reflecting the rebound from lows during the pandemic. The Fund’s small-cap manager, Sundaram, performed best over the year with a return of +54.4%, followed by SBI with an increase of 48.2% and Tata with an increase of 38.8%. The currency was a major headwind during the year, with the Australian dollar appreciating by 20.1% versus the Rupee. The Fund underperformed the index by 0.6% with a return of 44.6% in $A terms over the year to the end of March.
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/IE23_m_03-1.pdfMarch, 2021
The Fiducian India Fund was up 5.1% in March, outperforming a 3.5% rise in the index (in A$ terms). Sundaram was the best performer with a return of 7.6%, followed by Tata (+3.5%) and SBI (2.8%)
During the month, small caps were the best segment of the market, rising 2.5%, versus a 1.0% gain for mid-caps, and a 0.9% gain for large-caps (all in local currency). Over the year to the end of March, the small-cap sector (+114.9%) out-performed both the mid-cap sector (+90.9%) and the large-cap sector (+71.5%), reflecting the rebound from lows during the pandemic. The Fund’s small-cap manager, Sundaram, performed best over the year with a return of +54.4%, followed by SBI with an increase of 48.2% and Tata with an increase of 38.8%. The currency was a major headwind during the year, with the Australian dollar appreciating by 20.1% versus the Rupee. The Fund underperformed the index by 0.6% with a return of 44.6% in $A terms over the year to the end of March.
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/IE23_m_03.pdfFebruary, 2021
The Fiducian India Fund was up 7.3% in February, outperforming a 4.5% rise in the index (in A$ terms). During the month, all three of the Fund’s managers outperformed the benchmark. SBI was the best performer with a return of 8.4%, followed by Sundaram (7.9%) and Tata (6.3%). During the month, small caps were the best segment of the market, rising 12.0%, versus a 10.5% gain for mid-caps, and a 6.7% gain for large-caps (all in local currency). Over the year to the end of February, the small-cap sector (+47.0%) outperformed both the mid-cap sector (+36.8%) and the large-cap sector (+30.4%). The Fund’s small-cap manager, Sundaram, performed best over the year with a return of +10.4%, followed by SBI with an increase of 6.0% and Tata with an increase of 3.7%. The currency was a major headwind during the year, with the Australian dollar appreciating by 21.2% versus the Rupee.
The Fund underperformed the index by 4.0% with a return of 4.9% in $A terms over the year to the end of February. Over the month, there were some large price moves within the portfolio, with over 40% of stocks up more than 10%. Some of the biggest winners included metals conglomerate Hindalco Industries that rose 50.6%, electronics manufacturer Dixon Technologies which was 40.7% higher and State Bank of India that was up 38.8%. There were few significant detractors in what was a strong month overall for the market, with fertilizer company Coromandel down 9.2% and pharmaceutical manufacturer Natco Pharma 8.7% weaker. The top performing sectors for the month were Metals (+24%), PSUs (+22%) and Power (+21%).
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/IE23_m_02.pdfJanuary, 2021
The Fiducian India Fund declined 1.3% in January, marginally lagging the 1.1% fall by the benchmark (in A$ terms). During the month, two of the Fund’s three managers underperformed the benchmark. SBI was the best performer with a return of 0.4%, followed by Tata (-0.6%) while Sundaram returned -2.5%.
During the month, in local currency terms, the broader market (S&P BSE Sensex) declined 3.1% and under-performed both the mid-cap sector (+0.8%) and the small-cap sector (- 0.6%). Over the year to end-January, the small-cap sector (+22.6%) out-performed both the mid-cap sector (+16.9%) and the broader market (+13.6%). The Fund’s small-cap manager, Sundaram, performed best over the year with a return of +0.1%, followed by Tata, which declined 4.4% and SBI, which declined 5.8%. The Fund under-performed the index by 4.5% with a return of -4.9% in $A terms over the year ended-January.
During January, minor securities changes were made to both the SBI and Sundaram portfolios. For the SBI portfolio, a new position in ICICI Prudential Life Insurance was established while a position in Bharti Airtel was reduced. For the Sundaram portfolio, a position in Kansai Nerolac Paints was exited while a new position in Tata Elxsi was established. Stocks that contributed to portfolio performance in January included Ashok Leyland Ltd (+15.2%), Cummins India Ltd (+14.8%) and TVS Motor Co Limited (+14.8%). Shares that detracted from portfolio performance were AstraZeneca Pharma India Ltd (- 21.5%), Kotak Mahindra Bank Ltd (-14.3%), ICICI Lombard General Insurance Ltd (-13.1%) and Dr Reddys Laboratories Ltd (-11.9%)
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/IE23_m_01.pdfDecember, 2020
The Fiducian India Fund rose 3.4% in December, lagging the 4,8% rise by the benchmark (in A$ terms). During the month, two of the Fund’s three managers under-performed the benchmark. SBI was the best performer with a return of 4.8%, followed by Tata (+4.1%) while Sundaram returned +2.6%.
During the month, in local currency terms, the broader market (S&P BSE Sensex) added 8.2% and out-performed both the mid-cap sector (+6.1%) and the small-cap sector (+7.2%). Over the 2020 calendar year, the small-cap sector (+32.1%) out-performed both the mid-cap sector (+19.9%) and the broader market (+15.7%). The Fund’s small-cap manager, Sundaram, performed best over the year with a return of +15.5%, followed by Tata, which rose by 2.8% and SBI, which declined 0.3%. The Fund out-performed the index by 1.4% with a return of +5.2% in $A terms over the 2020 calendar year.
During December, securities changes were made only to the SBI portfolio. For the SBI portfolio, new positions in Bharat Forge and Endurance Technologies were established while a position in ICICI Securities was exited. In addition, a position in Kotak Mahindra Bank was increased while positions in Reliance Industries and Bharti Airtel were decreased. Stocks that contributed to portfolio performance in December included L&T Technologies Services Ltd (+35.8%), Persistent Systems Ltd (+26.8%) and DLF Limited (+24.9%). Shares that detracted from portfolio performance were JK Cement Ltd (-7.2%), Orient Electric Ltd (-5.7%) and City Union Bank Ltd (-3.1%).
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/IE23_m_12.pdfNovember, 2020
The Fiducian India Fund rose 7.4% in November, out-performing the 7.2% rise by the benchmark (in A$ terms). During the month, two of the Fund’s three managers outperformed the benchmark. Tata was the best performer with a return of 7.8%, closely
followed by Sundaram (+7.6%) while SBI returned +7.0%. During the month, in local currency terms, the broader market (S&P BSE Sensex) added 11.5% and under-performed both the mid-cap sector (+13.54%) and the small-cap sector (+13.3%). Over the year to end-November, the small-cap sector (+24.4%) out-performed both the mid-cap sector (+12.1%) and the broader market (+7.0%). The Fund’s small-cap manager, Sundaram, performed best over the year with a return of +12.9%, followed by Tata, which rose by 3.7% and SBI, which declined 2.6%. The Fund marginally outperformed the index by 1.6% with a return of -1.7% in $A terms over the year to endNovember.
During November, no securities changes were made to any of the portfolios. Stocks that contributed to portfolio performance in November included Bajaj Finserv Ltd (+56.9%), Bajaj Finance Ltd (+47.8%), Cholamandalam Investment (+42.1%) and Tata Steel Limited (+40.5%). Shares that detracted from portfolio performance were Reliance Industries Ltd (-6.0%), Vinati Organics Ltd (-2.7%) and ICICI Securities Ltd (-2.8%).
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/IE23_m_11.pdfOctober, 2020
The Fiducian India Fund rose 4.8% in September, out-performing the 1.9% rise by the benchmark (in A$ terms). During the month, two of the Fund’s three managers out-performed the benchmark. Sundaram was the best performer with a return of 7.3%, while Tata returned +4.3% and SBI returned +0.3%.
During the month, in local currency terms, the broader market (S&P BSE Sensex) declined 1.5% and under-performed both the mid-cap sector (+3.7%) and the small-cap sector (+0.3%). Over the year to end-September, the small-cap sector (+12.9%) out-performed both the mid-cap sector (+4.3%) and the broader market (-1.6%). The Fund’s small-cap manager, Sundaram, performed best over the year with a return of +1.4%, followed by Tata, which declined by 8.0% and SBI, which declined 16.8%. The Fund under-performed the index by 0.4% with a return of -10.6% in $A terms over the year to end-September.
During September, securities changes were made to both the Sundaram and Tata portfolios. For the Sundaram portfolio, exposures to Mindtree Technologies and Bajaj Finserve were increased while exposure to Dixon Technologies was reduced. A new positions in Shree Cement was also established. For the Tata portfolio, a new position in ACC Ltd was established. A position in Larsen & Toubro was reduced. Exposure to Tata was somewhat reduced during the month.
Stocks that contributed to portfolio performance in September included Shree Cements (+50.0%), Persistent Systems (+36.2%), Vinati Organics (+32.4%) and AstraZeneca Pharma India (+22.9%). Shares that detracted from portfolio performance were Bharti Airtel (-18.1%), Axis Bank (-13.8%) and Bharat Petroleum Corp. (-13.1%).
File: https://commentary.quantreports.net/wp-content/uploads/2020/12/IE23_m_092.pdfticker: FPS0013AU
commentary_block: Array
factsheet_url:
https://www.fiducian.com.au/investments/specialist-funds/#india-fund
Read the latest fund profile and monthly report
release_schedule: Monthly
fund_features:
The Fiducian India Fund aims to provide investors with the opportunity to invest in a well-diversified range of companies listed on Indian stock exchanges. It is managed by carefully selected Indian fund managers who are based in India and have satisfied Fiducian’s selection criteria. This Fund gives investors the opportunity to invest in an economy that has been one of the fastest growing in the world in recent years.
- Aims to outperform the benchmark, the Bombay Stock Exchange 100 Index (BSE 100) in $A after fees, over rolling five-year periods.
- Asset allocation range : Indian Shares ( 75% – 100%), Cash (0% – 25%).
- Suit for investor seeking high return and tolerance to high level of risk.
manager_contact_details: Array
asset_class: Foreign Equity
asset_category: Global Other
peer_benchmark: Foreign Equity - Other Index
broad_market_index: Developed -World Index
structure: Managed Fund