Summary of Investment Objective
The India Fund seeks to maximise total return. The Fund invests at least 70% of its total assets in the equity securities of companies domiciled in, or exercising the predominant part of their economic activity in, India. (In normal market conditions the Fund will invest exclusively via the Subsidiary).
Fund Manager's Report (as at Jun 30, 2010)
The Fund outperformed its benchmark over the quarter.
The Fund's underweight position in the materials sector and its overweight position in healthcare positively impacted performance relative to the benchmark, whereas the underweight position in utilities and the ovrweight position in industrials negatively impacted performance relative to the benchmark.
With the global scenario remaining a little uncertain, the Fund continues to look for medium-term opportunities and key market trends, while maintaining a significant defensive allocation to safeguard against a general market correction. The Fund has maintained concentration in consumer-oriented sectors, while staying posied to benefit from the government's infrastructure impetus. Over the last three months, the Fund has strongly added to its positions in financials and industrials and reduced exposure to healthcare, consumer discretionary and consumer staples. The Fund hgas significantly reduced its exposure to Piramal Healthcare.
Domestically, the first half of the year has been positive, with the growth outlook having improved, government reforms having gathered pace and the fiscal situation having strengthened. India, for now, seems to be in a sweet spot from a medium- to long-term perspective, with strong consumption demand, a turnaround in the the investment cycle and impetus in terms of the infrastructure, which could lead to upside over the years. While foreign fund flows and the monsoon remain key variables that could influence the direction of the equity market in the near to medium term, inherently strong fundamentals make the country well poised to deliver 8.5%-9.0% economic growth in FY11.
Fund Fact (as at Jul 31, 2010 )
| Status | Sub-Fund of Luxembourg SICAV |
| Fund Manager | Nick Scott |
| Re-Launch Date | Apr 28, 2006 |
| Base Currency | USD ($) |
| Additional Dealing Currencies | EUR (€), GBP (£) |
| Benchmark | S&P IFC Emg Mkts Invest India |
| Morningstar Sector | Equity India |
| Total Fund Size (m) | USD ($) 768.4 |
| EUSD Fund Attributes | |
| EUSD Fund Status | out of scope |
| Fees | % |
| Annual Management Fee (A shares) | 1.50 |
| Initial Charge (A shares) | 5 |
| Codes | |
| ISIN | LU0248272758 |
| Bloomberg Equity Ticker | MLINA2D |
| Reuters Page Id | LU0248272758.LUF |
| Swiss Valoren Number | 2525326 |
| CUSIP | L1049J452 |
| Research Ratings | |
| Morningstar Qualitative Rating | Standard |
| S&P Fund Management Rating | A |
| Fund Risk Statistics | |||
|---|---|---|---|
| Name | 3 Years | 5 Years | Since Launch |
| Beta | 0.89 | 0.92 | 0.91 |
| Volatility (Annualised Standard Deviation) | |||
| India Fund | 38.2% | 33.5% | 32.5% |
| S&P IFC Emg Mkts Invest India | 42.5% | 36.2% | 35.2% |
Risk Grading
Low
High
Non-distributing
Important Information
The information on this website is available to Qualified Investors and Professionals in some jurisdictions on a limited private placement basis subject to applicable laws and regulations in the country of distribution. The information is confidential and should not be reproduced or distributed to persons other than the recipient.
The investment objective stated above is a summary of the main objectives of the Fund. Please refer to the BGF prospectus for full details.
A limited range of BGF sub-funds have a distributor status A share class that seeks to comply with UK Distributor Status requirements. Please contact the Manager for more information.
This Fund was previously known as the BlackRock Specialist Investment Funds (MLSIF) India Fund. At midnight on 28th April 2006 assets were transferred into the BGF India Fund. Past performance of the MLSIF India Fund has been maintained. DSP BlackRock Fund Managers (DSP BLK) are the investment advisors to the subsidiary BlackRock India Equities Fund (Mauritius) Limited. In normal market conditions the BGF India Fund will invest exclusively via the subsidiary.
The fund invests a large portion of assets which are denominated in other currencies; hence changes in the relevant exchange rate will affect the value of the investment. The fund invests in economies and markets which may be less developed. Compared to more established economies, the value of investments may be subject to greater volatility due to increased uncertainty as to how these markets operate. The fund typically invests in smaller company shares which can be more unpredictable and less liquid than those of larger company shares. Past performance is not a guide to future performance and should not be the sole factor of consideration when selecting a product. All financial investments involve an element of risk. Therefore, the value of your investment and the income from it will vary and your initial investment amount cannot be guaranteed.
BlackRock Global Funds (BGF) is an open-ended investment company established in Luxembourg which is available for sale in certain jurisdictions only. BGF is not available for sale in the U.S. or to U.S. persons. Product information concerning BGF should not be published in the U.S. It is recognised under Section 264 of the Financial Services and Markets Act 2000. BlackRock Investment Management (UK) Limited is the UK distributor of BGF. Most of the protections provided by the UK regulatory system, and the compensation under the Financial Services Compensation Scheme, will not be available. A limited range of BGF sub-funds have a distributor status A sterling share class that seeks to comply with UK Distributor Status requirements. Subscriptions in BGF are valid only if made on the basis of the current Prospectus, the most recent financial reports and the Simplified Prospectus which are available on our website. Prospectuses, Simplified Prospectuses and application forms may not be available to investors in certain jurisdictions where the Fund in question has not been authorised.
Sources: Fund – BlackRock Investment Management (UK) Limited (BIM(UK)L), Indices - Datastream, BIM(UK)L. Quartiles - Standard & Poor's. BIM(UK)L Risk Grading: High Risk (on a scale of Low, Medium, Medium/High and High). This grading applies to Funds with emerging market, small capitalisation, or narrowly focused/concentrated equity mandates, which may restrict liquidity and increase the volatility of returns. It should only be used for comparison with other BlackRock Global Funds (BGF) and, in particular, should not be used in comparison with Funds not provided by BIM(UK)L. The grading is indicative of the level of risk of a particular Fund and is not supposed to be a guarantee of likely returns. If you are in any doubt as to the level of risk that you should take, you should seek Independent Advice. BIM(UK)L Risk Grading: High Risk (on a scale of Low, Medium, Medium/High and High). This grading applies to Funds with emerging market, small capitalisation, or narrowly focused/concentrated equity mandates, which may restrict liquidity and increase the volatility of returns. It should only be used for comparison with other BlackRock Global Funds (BGF) and, in particular, should not be used in comparison with Funds not provided by BIM(UK)L. The grading is indicative of the level of risk of a particular Fund and is not supposed to be a guarantee of likely returns. If you are in any doubt as to the level of risk that you should take, you should seek Independent Advice.Performance is shown as at Jul 31, 2010 in USD on a NAV price basis with income reinvested. Fund performance figures are calculated net of fees.