Goldman Sachs India Equity Portfolio

The fund's objective is to capture the growth potential of the Indian economy. This is an all-cap fund focused on investing in sound businesses. Company meetings are a crucial part of the process, and the team's ability to meet companies on the ground in India differentiates it from many in its peer group.

Our opinion

This is an all-weather India fund with a well-resourced and experienced team, based on the ground in India and Singapore. It has a solid investment process and we particularly like the many company meetings the team undertake. The manager has a very good and consistent track record. With the resources available to him there is no reason why he should not continue to outperform.

Fund manager

Hiren Dasani began managing this fund in June 2013. Based in Singapore, he joined the company in 2007 and is also co-head of the emerging markets equity team. Hiren achieved a Bachelor of Engineering (Chemical) from the University of Baroda in 1997 before working in fixed income at Prudential ICICI and then as a research analyst at SSKI Securities.

Like the population, investment opportunities in India are still young and growing.

Hiren DasaniFund manager

Investment process

The team start by evaluating the attractiveness of a company's industry. Highly competitive, capital-intensive industries with low returns may be ignored entirely. The team will then focus on the valuation of a business. Real cash flows are prioritised over paper profits and they only invest where they see the opportunity for a substantial gain. The team never say no to a meeting as they can always learn something about the industry, even if they have no intention of investing.

Risk

The fund is well diversified, holding between 80 and 90 holdings to reduce stock-specific risk. This is a single country fund with a mid and small-cap bias, so it is heavily dependent on the Indian economy and it will be volatile as a result. Investors should also be aware of the currency risk.

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