INDIA FUND $17.40 (New York symbol IFN; Shares outstanding: 38.6 million; Market cap: $672.3 million; CWA Rating: Aggressive) mainly invests in large-cap Indian stocks. Blackstone Group manages the fund.
India’s economy has grown by more than 9% annually over the last few years. The global recession will hurt the country’s growth, but it could still expand by as much as 7% this year.
The $671.1-million India Fund’s top holdings are: Reliance Industries (conglomerate), 12.3%; Infosys Technologies (software), 9.6%; Bharti AirTel (telecom), 7.4%; Hindustan Unilever (consumer products), 5.5%; ITC, Ltd. (various industries), 4.5%; Housing Development Finance, 4.0%; Oil & Natural Gas Corporation, 3.7%; Bharat Heavy Electricals (engineering and manufacturing), 3.6%; State Bank of India, 3.3%; HDFC Bank, 3.2%; and Power Finance Corp., 2%.
India Fund holds stocks in the following major industries: finance, 20.4%; petroleum related, 17.8%; industrial, 13.0%; computer software and programing, 11.0%; electronics and electrical equipment, 10.0%; telecommunications, 9.0%; vehicles and transportation, 5.4%; consumer non-durables, 5.3%; pharmaceuticals, 3.8%; engineering, 1.7%; food, 1.3%; metals and mining, 0.8%; and chemicals, 0.5%.
We still like the long-term outlook for Indian stocks. India Fund now sells for a 2% premium above the value of its assets. That’s not unreasonable given India’s strong growth prospects.
India Fund is a buy for aggressive investors.
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