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| Closed-End Funds | |||||||||||||||||||||||||||||||
| A closed-end fund is an exchange listed mutual fund which has a finite number of shares. The closed end fund shares have a net asset value (NAV) which is calculated daily. Although the break-up or liquidation value of the closed end fund will be the same as the NAV, the shares of the closed end fund trade up or down on the listing exchange based on market demand and trends. Sometimes these can trade at a deep discount or premium to the NAV, although arbitrage activity has lessened this phenonmenon. | |||||||||||||||||||||||||||||||
The India Fund, Inc. (IFN)
The most well known of the closed end India funds trading in the US are the India Fund, Inc. (IFN) organized by The Blackstone Group. In the last five years, The India Fund, Inc. has returned almost 500% excluding dividends:
As discussed above, the IFN shares trade at a discount/premium to NAV:
The above two charts are reproduced from Nuveen Investments excellent site: www.etfconnect.com Top 25 Holdings (as of 1/31/08) (% of Portfolio)
Asset Allocation by Sector (as of 1/31/08)
As of March of 2008, the India Fund has been managed by a seven person portfolio management team under the leadership of Punita Kumar-Sinha. Punita Kumar-Sinha is the Portfolio Manager and Chief Investment Officer for both the India Fund and The Asia Tigers Fund, and a Senior Managing Director of The Blackstone Group. The Morgan Stanley India Investments Fund (IIF)
Another well known US-listed India closed end stock fund is the Morgan Stanley India Investments Fund (IIF). The Morgan Stanley India Fund was incorporated in 1993 and is managed by Morgan Stanley Investment Management, Inc. In the last five years, the Morgan Stanley India Investment Fund has also returned nearly 500%:
As discussed above, the share price and the NAV are not always the same and the share price can trade at a discount/premium to the NAV based on market conditions:
The above two charts are reproduced from Nuveen Investments excellent site: www.etfconnect.com Top 10 Holdings as of 1/31/08 (% of Portfolio)
Asset Allocation by Sector (as of 1/31/08)
The complete holdings for IIF as of 12/31/07 were: As of March 2008, the Morgan Stanley India Investment Fund (IIF) team was led by Ruchir Sharma, Managing Director. Ruchir is head of the Global Emerging Markets Equity team and a member of the Global Tactical Asset Allocation Investment Committee. He joined Morgan Stanley in 1996 and has 14 years of investment experience. Prior to joining the firm, he worked with Prime Securities (Delhi), a non-banking financial services firm, where he helped run the firm''s foreign exchange business. Ruchir is a columnist withNewsweek and writes for publications such as The Wall Street Journal. He is also a contributor to The Economic Times, India's leading financial daily, and has been writing a regular column on global financial markets since 1991. Ruchir received a B.A. with honors in commerce from the Shri Ram College of Commerce, Delhi. |
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