Your Long Term Equity Fund has contained downside well in the last one year. What would you attribute this to? How much is your international exposure responsible for this performance?
The US markets have outperformed the Indian markets in the recent past and having around 30 per cent of our portfolio outside India has surely contributed to the performance of the fund. Having global diversification balances the portfolio and reduces overall volatility, thereby limiting the downside, as all markets do not move in tandem. Basically, we are reducing the country-specific risk by diversifying outside of India.
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