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Goldman Sachs India Equity Portfolio

Elite Rated by FundCalibre

The fund’s objective is to capture the growth potential of the Indian economy. This is an all-cap, bottom-up fund focused on investing in sound businesses. Company meetings are a crucial part of the process, and the team’s ability to meet many companies on the ground in India differentiates it from many in its peer group.

Company Description

Goldman Sachs Asset Management, with over 2000 professionals in over 30 offices worldwide, was established in 1988. It provides investment products within fixed income, equity, commodities and real estate.

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Fund Manager

The lead fund manager is Prashant Khemka. Prashant joined GSAM in 2000 and he has 17 years of investment experience. Prashant is also the chief investment officer of Emerging Markets Equity strategies at GSAM. Prashant is ably supported by Hiren Dasnai, the head of the GSAM India equity research team. Hiren has been working at GSAM since 2007.

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Like the population, investment opportunities in India are still young and growing

Prashant Khemka & Hiren Dasnai - Fund Managers

The Investment Process

The team start by evaluating the attractiveness of a company’s industry. Highly competitive, capital-intensive industries with low returns may be ignored entirely. The team will then focus on the valuation of a business. Real cash flows are prioritised over paper profits and they only invest where they see the opportunity for a substantial gain. The team never say no to a meeting as they can always learn something about the industry, even if they have no intention of investing.

Risk

The fund is well diversified; it holds between 80 and 90 holdings which helps to reduce stock-specific risk. This is a single country fund with a mid and small-cap bias, so it is heavily dependent on the Indian economy and it will be volatile as a result. Investors should also be aware of the currency risk. India traditionally has quite high inflation which can weaken the domestic currency and hurt overseas investors.

Our Opinion

This is an all weather India fund with a well resourced and experienced team based on the ground in India and Singapore. It has a solid investment process, we particularly like the many company meetings the team undertake. The manager has a very good and consistent track record. With the resources available to him there is no reason why he should not continue to provide alpha for investors at a reasonable cost.

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