Prudential’s Eastspring Investments has launched the firm’s flagship fund tackling Indian growing economy for UK and European investors.
The India Discovery fund will invest in undervalued, out-of-favour companies and will be managed by portfolio manager Anand Gupta.
The fund will mirror the existing ICICI Prudential Value Discovery fund. Over a year, the fund has returned 7.89 per cent against 0.35 per cent of the S&P BSE 500 India INR index, according to Morningstar.
Gupta says: “India’s growth is expected to outpace the rest of the world’s major economies over the next few years.
“This will likely be supported by improved macroeconomic fundamentals, lower interest rates and longer-term reforms – there is thus an immense scope for successful investment there.
“Our team, which benefits from a compelling mix of expertise and a strong Indian footprint, is uniquely placed to help investors take full advantage of the Indian equity opportunity in this promising context.”
Eastspring head of distribution for Europe and Middle East Gordon Hogarth says: “We are looking forward to taking a strategy to market that mirrors the proven methodology of one of India’s long term best performing funds. I am confident that our capability will be assessed wherever there is interest in the Indian equity markets.”