India Investment Fund
IIF CUSIP: 61745C105
India Investment Fund
IIF CUSIP: 61745C105

India Investment Fund

IIF CUSIP: 61745C105
 
 
 
 
Investment Approach
We seek long-term capital appreciation through investments primarily in equity securities of Indian Issuers following a disciplined investment process that integrates top-down sector allocation with bottom-up stock selection. The investment team focuses on companies that they believe have quality management, upward price and earnings momentum in underpenetrated industries, and identifiable catalysts to unleash earnings growth.
 
 
Pricing & Performance

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. For the most recent month-end performance figures, please select the "month" timeframe or call 1-800-548-7786. Investment returns and principal value will fluctuate and fund shares, when redeemed, may be worth more or less than their original cost. For additional important information, please click here.

As of 11/30/2019

As of 12/11/2019

As of 11/30/2019

As of 12/11/2019


Performance of $10,000 invested
Performance of $10,000 invested

    
Past performance is not indicative of future results.
 
 
Average Annual Total Returns (NAV) As of 11/30/2019 As of 09/30/2019
1 YR 3 YRS 5 YRS 10 YRS Since Inception
IIF (%) 1.39 5.36 3.76 6.04 9.35
MSCI India (Net) Index (%) 5.82 10.84 3.47 4.06 6.91
1 YR 3 YRS 5 YRS 10 YRS Since Inception
IIF (%) -0.53 0.68 4.72 6.10 9.21
MSCI India (Net) Index (%) 4.73 6.53 3.84 4.09 6.80
2018 2017 2016 2015 2014
IIF (%) -18.68 46.21 5.28 -0.37 45.57
MSCI India (Net) Index (%) -7.30 38.76 -1.43 -6.12 23.87
 
Average Annual Total Returns
As of 11/30/2019
TIMEFRAME IIF USD (%) MSCI India (Net) Index (%)
1 Yr 1.39 5.82
3 Yrs 5.36 10.84
5 Yrs 3.76 3.47
10 Yrs 6.04 4.06
Since Inception 9.35 6.91
As of 09/30/2019
TIMEFRAME IIF USD (%) MSCI India (Net) Index (%)
1 Yr -0.53 4.73
3 Yrs 0.68 6.53
5 Yrs 4.72 3.84
10 Yrs 6.10 4.09
Since Inception 9.21 6.80
TIMEFRAME IIF USD (%) MSCI India (Net) Index (%)
2018 -18.68 -7.30
2017 46.21 38.76
2016 5.28 -1.43
2015 -0.37 -6.12
2014 45.57 23.87
Past performance is not indicative of future results.
 
 
Distributions
 
Record Date Ex-Date Payable Date Net Investment Income ($ per share) Long-Term Capital Gains ($ per share) Short-Term Capital Gains ($ per share) Total Capital Gains ($ per share)
12/21/2018 12/20/2018 01/15/2019 0.000000 3.824700 0.000000 3.824700
06/29/2018 06/28/2018 07/13/2018 0.023784 2.216000 0.031600 2.247600
12/22/2017 12/21/2017 12/29/2017 0.000000 3.965500 0.354900 4.320400
Record Date Ex-Date Payable Date Net Investment Income ($ per share) Long-Term Capital Gains ($ per share) Short-Term Capital Gains ($ per share) Total Capital Gains ($ per share)
12/21/2018 12/20/2018 01/15/2019 0.000000 3.824700 0.000000 3.824700
06/29/2018 06/28/2018 07/13/2018 0.023784 2.216000 0.031600 2.247600
12/22/2017 12/21/2017 12/29/2017 0.000000 3.965500 0.354900 4.320400
 
 
Composition As of 10/31/2019
  Fund
Common Stocks 93.99
Futures Contracts 0.08
  Fund
Financials 36.84
Information Technology 12.00
Industrials 11.50
Materials 8.09
Health Care 7.52
Utilities 6.41
Consumer Discretionary 5.41
Energy 3.83
Communication Services 2.38
Other 0.08
  Fund
Indian Rupee 93.99
US Dollar 0.08


Geography As of 10/31/2019
  Fund
India 93.99
Singapore 0.08


Holdings As of 10/31/2019
Fund
Icici Bank Ltd 7.42
Axis Bank Ltd 7.20
Infosys Ltd 6.58
Larsen and Toubro Ltd 5.55
HDFC Bank Ltd 4.95
Shree Cements Ltd 4.05
Petronet Lng Ltd 3.83
Apollo Hospitals Enterprises Ltd 3.81
Eicher Motors Ltd 3.55
Sbi Life Insurance Co. Ltd 3.40
Total 50.34


 
 
Portfolio Managers
Ruchir Sharma
Head of Emerging Markets and Chief Global Strategist
25 years industry experience
Ashutosh Sinha
Managing Director
25 years industry experience
Amay Hattangadi
Managing Director
21 years industry experience
 
 
 

Where the net expense ratio is lower than the gross expense ratio, certain fees have been waived and/or expenses reimbursed. These waivers and/or reimbursements will continue for at least one year from the date of the applicable fund’s current prospectus (unless otherwise noted in the applicable prospectus) or until such time as the fund's Board of Directors /Trustees acts to discontinue all or a portion of such waivers and/or reimbursements. Absent such waivers and/or reimbursements, returns would have been lower. Expenses are based on the fund's current annual report.

Growth of Investment illustration is based on an initial investment of $10,000 made since fund inception, assumes reinvestment of dividends and capital gains and application of fees. Results are hypothetical.

Please keep in mind that high double-digit returns are highly unusual and cannot be sustained. Investors should also be aware that these returns were primarily achieved during favorable market conditions. 

The Net Asset Value (NAV) per share is determined by dividing the value of the fund's portfolio securities, cash and other assets, less all liabilities, by the total number of common shares outstanding. The common share market price is the price the market is willing to pay for shares of the fund at a given time. Total return assumes an investment at the beginning of the period, reinvestment of all distributions for the period in accordance with the fund's dividend reinvestment plan, and sale of all shares at the end of the period.

Subject to change daily. Fund information and Portfolio Composition are provided for informational purposes only, and should not be deemed as a recommendation to buy or sell any security or securities in the sectors and countries presented. Monthly Holdings are updated 15 calendar days after month-end.

The repurchase information only represents shares repurchased as part of a share repurchase program and does not account for any shares repurchased through a tender offer.

RISK CONSIDERATIONS
There is no assurance that a portfolio will achieve its investment objective. Portfolios are subject to market risk, which is the possibility that the market values of securities owned by the portfolio will decline and that the value of portfolio shares may therefore be less than what you paid for them. Accordingly, you can lose money investing in this portfolio. Please be aware that this portfolio may be subject to certain additional risks. Share prices also tend to be volatile and there is a significant possibility of loss. Concentration in a single region may make the portfolio more volatile than one that invests globally. In general, equities securities’ values also fluctuate in response to activities specific to a company. Investments in foreign markets entail special risks such as currency, political, economic, market and liquidity risks. The risks of investing in emerging market countries are greater than the risks generally associated with investments in foreign developed countries. Derivative instruments may disproportionately increase losses and have a significant impact on performance. They also may be subject to counterparty, liquidity, valuation, correlation and market risks. Illiquid securities may be more difficult to sell and value than public traded securities (liquidity risk). Non-diversified Portfolios often invest in a more limited number of issuers. As such, changes in the financial condition or market value of a single issuer may cause greater volatility.

MSCI India Index
 measures the performance of the Indian equity market.

These indices do not include any expenses, fees or sales charges, which would have lower performance. The indices are unmanaged and should not be considered an investment. It is not possible to invest directly in an index.

Closed end funds, unlike open end funds, are not continuously offered. There is a one-time public offering and once issued, shares of closed end funds are sold in the open market through a stock exchange. NAV per share is determined by dividing the value of the trust's portfolio securities, cash and other assets, less all liabilities and preferred shares, by the total number of common shares outstanding. The common share market price is the price the market is willing to pay for shares of the trust at a given time.

Morgan Stanley Investment Management (MSIM) is the asset management division of Morgan Stanley.

 
 

WAM is the weighted average maturity of the portfolio. The WAM calculation utilizes the interest-rate reset date, rather than a security's stated final maturity, for variable- and floating- rate securities. By looking to a portfolio's interest rate reset schedule in lieu of final maturity dates, the WAM measure effectively captures a fund's exposure to interest rate movements and the potential price impact resulting from interest rate movements.

 

WAL is the weighted average life of the portfolio. The WAL calculation utilizes a security's stated final maturity date or, when relevant, the date of the next demand feature when the fund may receive payment of principal and interest (such as a put feature). Accordingly, WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions.

 

Tracking error and information ratio are calculated using the Portfolio's Blended Index (added October 2, 2013), as this is a better representation of the Portfolio's global multi-asset strategy. The investment team manages the Portfolio relative to this Blended Index.

 

Excess return versus Custom Benchmark is calculated using the Portfolio's Blended Index based on the period since it was added as a benchmark on October 2, 2013.

 

NTM = Next Twelve Months

 

LTM = Last Twelve Months

 

Because the Portfolio had not commenced operations as of the most recent fiscal year end, no portfolio turnover rate is available for the Portfolio.

 

The Reorganization occurred on January 6, 2015. The inception date reflects the inception date of the Private Fund.

 

Global equities is represented by the MSCI All Country World Index.

 

Net exposure % calculated as [(MV of long cash security and derivative positions)-(absolute value of MV in short derivative positions)]/(portfolio MV)

 

Gross exposure % calculated as [(MV of long cash security and derivative positions)+(absolute value of MV in short derivative positions)]/(portfolio MV).

 

Fixed income net and gross exposure is duration adjusted (U.S. Treasury 10-Year equivalents)

 

Security ratings disclosed above have been obtained from Standard & Poor's Ratings Group ("S&P"). S&P's credit ratings express its opinion about the ability and willingness of an issuer to meet its financial obligations in full and on time.'AAA' is the highest rating. Any rating below 'BBB-' rating is considered non-investment grade. Ratings are relative and subjective and are not absolute standards of quality. Ratings apply only to the underlying holdings of the portfolio and does not remove market risk. "NR" or "Not Rated" indicates that no rating has been requested, that there is insufficient information on which to base a rating, or that S&P does not rate a particular obligation as a matter of policy. Futures are not rated.

 

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