Templeton India Equity Income Fund

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Call 0 94 8300 8300 (India)

 

We like this fund for its nimble feet that straddle across market cycles to provide consistent returns. A healthy dose of international diversification further adds to its lure.

 

Strategy

The fund adopts a long term disciplined approach and follows the value style along with focus on stocks with attractive dividend yields, both in India and overseas; in emerging markets like Taiwan, Korea and Turkey. The fund's international allocation has not crossed 35 per cent of the equity portion since launch despite the leeway to go up to 50 per cent. And equity exposure remains above 90 per cent all the times.
Also, the fund's holdings are spread across all sectors with a tiny portfolio of less than 20 stocks.

 

Performance

The fund has had a smooth sailing all along. In 2009 it did spectacularly well as it beat the category average by 24 per cent, though investors are still waiting for an encore. While its downside protection is raved about more, its returns during the favourable market are equally good; evident as they are from the fact that it has been able to beat its benchmark in all years barring 2007.

Coming to the portfolio, stocks like Sundaram Finance, Tata Chemicals, ICICI, Bank, ONGC, HCL Infosystems, Grasim Industries and Tata Investment Corp. have been part of the portfolio since the beginning. Significantly, Sundaram Finance, Tata Chemicals and ICICI Bank have contributed over half of the fund's profits from Indian equity, since 2008. Historically, it has had a high exposure to metals and it did not come down even in 2008. The perseverance paid off in 2009 when BSE metals gave a breathtaking return of 233 per cent. It has also increased its exposure to financials in the past 2 years.

Individual stocks such as SAIL, Hindalco, Tata Steel and Usha Martin have incurred losses for the fund, over a period beginning from 2008. Sesa Goa is the only stock that has contributed positively. GAIL, Reliance Industries and ONGC, within the energy sector, have also pulled down returns over this period.

 

Why invest?

International exposure, quality downside protection and matching category returns during market turnaround are some of the qualities that are hard to ignore.

Happy Investing!!

We can help. Call 0 94 8300 8300 (India)

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You can write back to us at PrajnaCapital [at] Gmail [dot] Com

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