INDIA FUND $26.02 (New York symbol IFN; Shares outstanding: 38.6 million; Market cap: $1.0 billion; 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 has hurt the country’s growth, but it could still expand by as much as 6% this year.
The $1.1-billion India Fund’s top holdings are: Reliance Industries (conglomerate), 9.9%; Infosys Technologies (software), 9.1%; Bharti AirTel (telecom), 4.7%; Housing Development Finance, 4.0%; Oil & Natural Gas Corporation, 3.0%; HDFC Bank, 2.7%; Bharat Heavy Electricals (engineering and manufacturing), 2.7%; Jindal Steel & Power, 2.7%; ICICI Bank, 2.6%; and State Bank of India, 2.3%.
India Fund holds stocks in the following major industries: finance, 21.1%; industrial, 16.4%; energy, 15.4%; computer software and programing, 12.9%; electronics and electrical equipment, 9.6%; vehicles and transportation, 6.8%; telecommunications, 6.5%; consumer non-durables, 2.8%; pharmaceuticals, 2.6%; engineering, 1.9%; metals and mining, 1.7%; food, 1.3%; and chemicals, 1.0%.
We still like the long-term outlook for Indian stocks. India Fund is up 102.0% since its March 2009 low of $12.88. The fund sells for a 4.3% discount to its net asset value. Its MER is 1.28%.
India Fund is a buy for aggressive investors.
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