Fidelity, Invesco look to buy into India’s coronavirus-led stock slump
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Last Updated: Apr 23, 2021, 01:13 PM IST
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Synopsis
Concerns that a fresh round of lockdown-like rules triggered by the new virus wave will derail India’s nascent economic recovery have made the benchmark S&P BSE Sensex Asia’s worst performer in April.
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By Moxy Ying, Abhishek Vishnoi and Ishika Mookerjee
Even as traders in India fret over how much more pain the nation’s uncontrolled coronavirus surge will inflict on local stocks, some seasoned investors are getting ready to dip their toes back into the market.
Fidelity, Invesco Look to Buy Into Indiaâs Virus-Led Stock Slump
Apr 23 2021, 10:33 PM
April 23 2021, 9:48 AM
April 23 2021, 10:33 PM
(Bloomberg) Even as traders in India fret over how much more pain the nationâs uncontrolled coronavirus surge will inflict on local stocks, some seasoned investors are getting ready to dip their toes back into the market.
(Bloomberg) Even as traders in India fret over how much more pain the nationâs uncontrolled coronavirus surge will inflict on local stocks, some seasoned investors are getting ready to dip their toes back into the market.
Concerns that a fresh round of lockdown-like rules triggered by the new virus wave will derail Indiaâs nascent economic recovery have made the benchmark S&P BSE Sensex Asiaâs worst performer in April, bringing it on the verge of technical correction this week. Weakening sentiment has also seen foreign funds turn net sellers of local shares after a six-month buying spree.
Fidelity, invesco look to buy into India s coronavirus-led stock slump business-standard.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from business-standard.com Daily Mail and Mail on Sunday newspapers.
The firm said the mandate and remit of the funds would be unchanged by the move.
“The focus of the funds continues to be identifying companies with quality attributes through a rigorous bottom-up stockpicking approach. Key characteristics of the funds such as concentration, high active share, low turnover and strong ESG credentials will be retained, and in some cases enhanced.”
According to FE Analytics, the GEM fund had returned 41% over one year to 31 March, 2021, versus returns of 32% by the emerging market sector within the Australian Core Strategies universe.
Performance of Fidelity GEM fund versus emerging market sector over one year to 31 March 2021