Invil of Mauritius is top India-dedicated offshore fund

Mauritius-based India Value Investments (Invil) Fund has topped the charts for India-dedicated offshore funds for the year ended December 31, 2003.

The latest ranking of fund returns by UK-based mutual fund rating agency Forsyth Partners shows that the Birla Sunlife-managed India Advantage Fund ended the year at number two, followed by J P Morgan Fleming-managed Fleming Indian Investment Trust.

Mark Faber-managed India Capital Fund was at number four while LG India Fund, managed by Lloyd George Management, was fifth.

Invil has assets under management (AUM) of about Rs 70 crore. ASK Raymond James Securities (I) is the India advisor to the fund. Invil stood at the 4 position in 2002. Bharat Shah, chief executive officer and managing partner, ASK Raymond James, said: "The fund is focussed on areas where India's strength lies."

S K Mitra, director of financial services, Aditya Birla group, said: "The India Advantage Fund has been one of the top performers since its inception eight years backs. It was originally meant for institutional investors but we have modified it to accommodate non-resident high net worth individuals abroad".

The fund has over Rs 250 crore in AUM. Meanwhile, India-dedicated equity funds have received total inflows of $1.12 billion since January this year, which is more than 28 per cent of the total fresh money flowing into Asian (ex-Japan) equity funds.

According to Massachusetts-based EmergingPortfolio.com Fund Research, which tracks equity and bond fund flows across the globe, the total inflows into funds investing in Asia has been to the tune of $3.97 billion this year compared to $5.2 billion in all of 2003.