Fund Description

The fund invests substantially all of its assets in the Portfolio, a separate registered investment company with the same investment objective and policies as the fund. Under normal market conditions, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of companies in India. India investments can also include securities trading in the form of depositary receipts, such as American Depositary Receipts and Global Depositary Receipts. It is non-diversified, may invest across market capitalizations, including smaller companies, and may invest in private placements. It may hedge currency risk with forwards and options, and may use index or stock futures for cash-flow management, limited to 20% of total assets. At times, the fund's investments may be focused in one or more sectors. Security selection combines top-down macro-thematic and bottom-up quantitative and qualitative analysis, considering factors such as quality, governance, size, liquidity, management track record, and valuations.