Die besten Indien Aktienfonds

Die Fondsmanager der besten Indien Aktienfonds haben Fragen zu den makroökonomischen Faktoren der Assetklasse, der Beziehung zwischen Indien und China, sowie den Gewichtungen und Performances ihrer Produkte beantwortet. Wo liegen Risiken bei Indien Aktien?

e-fundresearch: "Welche makroökonomischen Faktoren sind für Indien Aktien derzeit am wichtigsten? Sind dies internationale oder inländische Faktoren?"

Manish Sha, Co-Fondsmanager (Lead-Fondsmanager Wojciech Stanislawski), "Comgest Growth India" (05.10.2010): "The strength of India is in its domestic economy. Growth is domestic led. Exports including service exports account for less than 20% of the GDP.
Dependency ration is low i.e. proportion of children and old age people to working age adults is low and will remain so for a generation.
Banks NPA’s are low and Corporate balance sheets are not stretched. Otherwise we pay no big attention to macroeconomic factors due to our bottom up approach."

Richard Chow, CFA, Head of Asia Ex-Japan Growth Equities, "ACMBernstein – India Growth Portfolio" (06.10.2010): "Availability of foreign capital would be one of the key drivers for the Indian economy. India is a high growth economy with investment demand outpacing domestic savings. This gap between investments & domestic savings needs to be funded through foreign capital. The high need for foreign capital is reflected in the high current account deficit of around 3%. It is funded largely through portfolio inflows currently.

Foreign capital inflows can be broadly broken up into portfolio flows (equities and debt raised by corporates borrowing offshore) and FDI or Foreign Direct Investments.

We believe FDI tends to be more stable than portfolio flows and therefore should be encouraged. Accelerating FDI will need improved governance, structural reforms and infrastructure - all of which have slowed down recently. The Government's ability to fund infrastructure is restricted due to fiscal deficit already at about 5% levels.

Portfolio inflows are strong and threatening to cross the 2007 peaks, but are a function of the fickle risk appetite of global investors and international liquidity.

The other main driver is the rising inflation. Inflation measured through wholesale prices index peaked at about 11% in April and has eased since to 8.5% in August. But, we don’t believe we are out of the woods yet. Inflation measured through the primary articles index has risen from 15.4% in end August to 18.3% on 18 September. The crux of the problem appears to be that the demand is growing significantly faster than supply. The longer term solution is to increase supply through more investments. But, in the shorter term, the central bank may opt for higher interest rates to cool down demand.