After nearly 5 years of stagnation and decline, the overseas assets of mutual funds rose by 31% to ₹4,499 crore in FY 19 according to an RBI Survey released on 17th September. Much of this increase was a result of some foreign markets and currencies doing better than India, but these funds are beginning to see some investor interest. If we strip out the effect of rupee depreciation and look at US dollar assets, these rose from USD 528 million to USD 650 million in FY 19, a roughly 23% increase. However they still have some way to go before they attain the previous peak of USD 721 million reached in March 2014. Their total level is also a tiny fraction of the ₹23.7 lakh crore size of the Indian mutual fund industry indicating the huge scope for geographic diversification that lies ahead.