India 2030 Fund
The Fund seeks to outperform its benchmark, the MSCI India (Net) in AUD over rolling 5 year periods, with less volatility than the stated benchmark (For Wholesale Investors Only)
The India 2030 Fund is an unregistered unit trust, which invests with high conviction in 15-20 listed companies trading on Indian stock exchanges. The Fund aims to outperform its benchmark in AUD terms, after fees and over rolling 5 - 7 year periods.
The India 2030 Fund is managed by the team at IAIM. Stock selection and conviction level advice comes from our investment partner, Old Bridge Capital Management, based in Mumbai, India with a team of eight investment professionals.
This fund seeks to invest in themes that are closer to their cyclical low in ROE, which makes it difficult for them to find liquidity support in the market. The subsequent improvement in ROE leads to consensus led investment, resulting in an improvement in liquidity.
The Fund adopts a high conviction approach by investing in companies in India spread across 3-5 investment themes which can benefit over the course of the current decade.
The Fund is appropriate for High Net Worth investors seeking to benefit from investment themes which are leveraged to India growth story.
The focus of the fund is to monetise the success of India’s expected transition over the decade, by targeting sectors which will have structural tailwinds, supported by robust earnings growth and reasonable valuations. Typically, investors are lured by companies at the peak of their cycle. However, these companies trade at valuation multiples which tend to reflect historical growth in perpetuity.
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Themes |
Drivers |
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Urban Consumption |
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Digitisation, Energy Related and Capex |
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B2B, External Facing and Commodities |
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Agri Inputs and Related Industries |
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The Fund will invest in a portfolio of stocks of Indian companies either listed on stock exchanges in India or any other recognised global stock exchange.
The Fund may also invest in cash and cash equivalent instruments like short term money market securities as well as exchange derivatives for hedging purposes.
Asset Limits:
- Indian Listed Equities 70-100%
- Cash and Cash Equivalents 0-30%
- Derivatives 0-20%
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About India Avenue India Avenue Investment Management (IAIM) is a boutique investment company focused on providing investment solutions for clients in Australia and New Zealand who seek exposure to India’s growth potential through its capital markets.
The India Avenue Equity Fund is managed by the team at IAIM. The Fund has a bias towards companies which are experiencing strong growth driven by India’s fundamentals. The Indian economy’s robust ecosystem provides a tailwind for these companies which benefit from participating in growing addressable markets.
Additionally, if they have sound management and a strong business moat, it makes a compelling case for long-term investment.
At India Avenue Investment Management, our philosophy is built on two key tenets which is embedded into the portfolio construction of the India Avenue Equity Fund:
- India’s growth will be high relative to other countries in the world given its favourable fundamentals. This will create significant compounding investment opportunities operating within its ecosystem; and
- Investing in India’s equity markets provide a significant opportunity to generate long-term outperformance of historical looking market-capitalisation based benchmarks.
Whilst large capitalisation stocks of India are some of the most researched companies in the world (given local and foreign broker research operating in the markets), companies outside the Top-100 (by market capitalisation) are largely undiscovered and can emerge to be significant players in their industry given India’s fundamental tailwinds.
Early discovery of companies with strong potential to grow earnings in a sustainably compounded manner allows investors in Australia and New Zealand to benefit from the true growth story of India.
It is important to invest not only in India’s already established and robust businesses, but also in its emerging companies that grow their earnings at a much faster pace than GDP growth, until they approach a more mature profile.
OBCM is a boutique investment firm founded in 2015 by Kenneth Andrade, an industry veteran with significant experience in understanding India’s investment cycles, founder mentality and business ecosystem.
After a significant period of outperformance in India’s mutual fund industry (2005-2014), averaging 10% per annum relative to a broad industry benchmark (BSE 500), Kenneth set up OBCM and attracted some of India’s best stock picking talent to work with him.
The firm can count as its clients most of India’s Family Offices and Private Wealth firms/clients and also has an anchor client in a significant and well known US endowment fund.
OBCM is an adviser to the India Avenue in its existing equity product, the India Avenue Equity Fund.
Mugunthan spent three years in India as CIO of a boutique asset management business. In this period Mugunthan set up a foreign access vehicle to allow global investors to access India’s equity markets.
Mugunthan previously worked as Head of Portfolio Management for ANZ Wealth in Australia and has over 20 years of experience in portfolio construction, manager selection as well as credit and equity research at companies such as Macquarie Bank and Westpac. Mugunthan has also managed multi-asset, alternatives and global/emerging market share portfolios.
He has an MBA in Finance from the University of Technology, Sydney, a Graduate Diploma in Investment & Finance from the Financial Services Institute of Australia, and holds a Bachelor of Commerce (Finance) from the University of NSW, Sydney.
Rajeev has an extensive understanding of operations and structuring within Indian capital markets.
He was previously the CEO for ENAM Asset Management Company Pvt Ltd and has over two decade of experience in Operations, Finance, Legal & Compliance and Risk. Additionally, he has experience in setting up optimal structures for offshore vehicles investing into India.
Rajeev has global experience, having worked for ING Investment Management in Hong Kong and Singapore. He has a Bachelor of Commerce, Bachelor of General Laws and is a Chartered Accountant. He is also a qualified Chartered Financial Planner from Mumbai University.
Relevant Documents
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