List of international mutual funds in India 2020 (with classification)

Last Updated on July 14, 2020 at 9:46 pm

This is a listing and classification of international mutual funds available in India as on July 2020 classified by their investment mandate to serve as a ready reckoner for investors attempting to navigate this category.

It should be recognised that international mutual funds come in different varieties. They can be classified in terms of investment mandate: (1) diversified across countries and sectors; (2) regional or limited to a country, continent or region and (3) thematic, limited to a particular investment sector or topic.

They can also be classified in terms of how they invest: (1) direct investment in international stocks either actively or passively and (2)indirect investment using either an international ETF or index fund.

As of July 2020, there are 39 international mutual funds. We shall classify them in terms of their investment mandate as that is the primary criterion for selection. The direct or indirect investment classification is then for determining overall investment costs and other risks (eg. fund manager risk).

All international funds are taxed like non-equity funds. Gains from units less than or equal to three years old are taxed as per slab and gains from older units are taxed at 20% plus cess after indexation. See examples here: How indexation benefit lowers tax on debt, gold and international mutual funds. In fact, this tax rule applies to all mutual funds that hold less than 65% Indian equity (directly or via ETFs). This 65% is an annual average.

Thumb rules for selecting international mutual funds

1. The fund needs to international not just US-based which is immature. It is better to avoid regional or thematic funds and stick to a truly global portfolio. Naturally, this means lower returns but also lower concentration risk. While a crisis in the US would affect other world markets (and vice versa), not all markets move up at the same time or at the same pace. A global fund would balance risk and reward better.
2. The investment needs to be significant at least 20% to make a difference: not 5% or 10% which is childish. See: How much US stocks should your portfolio hold?
3. The benefit of “diversification” is not some extra return but lower volatility of the overall portfolio which must be measured to find out the impact
4. the contribution must be periodically rebalanced and this means paying tax as per slab on gains and ignoring exit loads
5. After shortlisting truly global funds, the performance and costs must be evaluated. We shall look at detailed reviews soon.

If you ready for all this, then the next study is to study the fund landscape.

Full list of International mutual funds 2020

This is the unclassified full list of international funds. The classification with investment mandate is given below.

Regional International Funds

USA

1. Edelweiss US Technology Equity FOF The primary investment objective of the scheme is to seek to provide long term capital growth by investing predominantly in JPMorgan Funds – US Technology Fund, an equity fund which invests primarily in US technology companies with strong fundamentals
2. Edelweiss US Value Equity Offshore Fund FOF The primary investment objective of the Scheme is to seek to provide long term capital growth by investing predominantly in the JPMorgan Funds – US Value Fund, an equity fund which invests primarily in a value style biased portfolio of US companies.
3. Franklin India Feeder – Franklin U.S. Opportunities Fund FOF The Fund seeks to provide capital appreciation by investing predominantly in units of Franklin U. S. Opportunities Fund, an overseas Franklin Templeton mutual fund, which primarily invests in securities in the United States of America.
4. ICICI Pru US Bluechip Equity Fund The investment objective of ICICI Prudential US Bluechip Equity Fund is to provide long term capital appreciation to investors by primarily investing in equity and equity-related securities of companies listed on recognized stock exchanges in the United States of America. The Scheme shall also invest in ADRs/GDRs issued by Indian and foreign companies.
5. Motilal Oswal S&P 500 Index Fund The Scheme seeks an investment return that corresponds to the performance of the S&P 500 Index subject to tracking error. See review: Motilal Oswal S&P 500 Index Fund: What return can I expect from this?
6. Motilal Oswal Nasdaq 100 FOF. The investment objective of the Scheme is to seek returns by investing in units of Motilal Oswal Nasdaq 100 ETF.
7. Nippon India US Equity Opp Fund. The primary investment objective is to provide long term capital appreciation to investors by primarily investing in equity and equity-related securities of companies listed on the recognized stock exchanges in the of the US and the secondary objective is to generate consistent returns by investing in debt and money market securities in India.

Emerging Markets

Countries like Brazil, Russia, India, China and South Africa (among others) are often referred to as emerging markets

1. HSBC Global Emerging Markets Fund The primary investment objective of the Scheme is to provide long term capital appreciation by investing predominantly in units/shares of HSBC Global Investment Funds – Global Emerging Markets Equity Fund.
2. Edelweiss Emerging Markets Opp Eq. Offshore Fund. The primary investment objective of the Scheme is to seek to provide long term capital growth by investing predominantly in the JPMorgan Funds – Emerging Markets Opportunities Fund, an equity fund which invests primarily in an aggressively managed portfolio of emerging market companies.
3. Kotak Global Emerging Mkt Fund FOF The investment objective of the scheme is to provide long-term capital appreciation by investing in an overseas mutual fund scheme that invests in a diversified portfolio of securities as prescribed by SEBI from time to time in global emerging markets.

Europe

1. Edelweiss Europe Dynamic Equity Off-shore Fund FOF The primary investment objective of the Scheme is to seek to provide long term capital growth by investing predominantly in the JPMorgan Funds – Europe Dynamic Fund, an equity fund which invests primarily in an aggressively managed portfolio of European companies.
2. Invesco India Feeder – Invesco Pan European Equity Fund FOF To generate capital appreciation by investing predominantly in units of Invesco Pan European Equity Fund, an overseas equity fund which invests primarily in equity securities of European companies with an emphasis on larger companies.
3. Franklin India Feeder – Franklin European Growth Fund. The Fund seeks to provide capital appreciation by investing predominantly in units of Franklin European Growth Fund, an overseas equity fund which primarily invests in securities of issuers incorporated or having their principal business in European countries.
4. PGIM India Euro Equity Fund FOF. The primary investment objective of the Scheme is to generate long term capital growth from a diversified portfolio of units of overseas mutual funds.

Asia

1. Franklin Asian Equity Fund An open-end diversified equity fund that seeks to provide medium to long term appreciation through investments primarily in Asian Companies/sectors (excluding Japan) with long term potential across market capitalisation.
2. Edelweiss ASEAN Equity Off-Shore Fund FOF The primary investment objective of the Scheme is to provide long term capital growth by investing predominantly in JPMorgan Funds – JF ASEAN Equity Fund, an equity fund which invests primarily in companies of countries which are members of the Association of South-East Asian Nations (ASEAN).
3. HSBC Global Consumer Opportunities Fund FOF The primary investment objective of the Scheme is to provide long term capital appreciation by investing predominantly in units of HSBC Global Investment Funds (HGIF) China Consumer Opportunities Fund (Underlying scheme).
4. Nippon India Japan Equity Fund The primary investment objective is to provide long term capital appreciation to investors by primarily investing in equity and equity-related securities of companies listed on the recognized stock exchanges of Japan and the secondary objective is to generate consistent returns by investing in debt and money market securities of India.
5. Nippon India ETF Hang Seng BeES The investment objective of the Scheme is to provide returns that, before expenses, closely correspond to the total returns of securities as represented by Hang Seng Index of Hang Seng Data Services Limited., by investing in the securities in the same proportion as in the Index.
6. Edelweiss Gr China Equity Off-Shore Fund FOFThe primary investment objective of the Scheme is to provide long term capital appreciation by investing in JPMorgan Funds – Greater China Fund, an equity fund which invests primarily in a diversified portfolio of companies that are domiciled in, or carrying out the main part of their economic activity in, a country of Greater China region.

Other Countries

1. HSBC Brazil Fund FOF The primary investment objective of the Scheme is to provide long term capital appreciation by investing predominantly in units/shares of HSBC Global Investments Funds (HGIF) Brazil Equity Fund. The Scheme may, at the discretion of the Investment Manager, also invest in the units of other similar overseas mutual fund schemes, which may constitute a significant part of its corpus. The Scheme may also invest a certain proportion of its corpus in money market instruments and / or units of liquid mutual fund schemes, in order to meet liquidity requirements from time to time.

Thematic International Funds

1. Aditya Birla SL Global Real Estate Fund FOF. An open-ended fund-of-funds Scheme that predominantly invests in “ING (L) Invest Global Real Estate Fund”, a global real estate fund that has the flexibility to invest in real estate securities across the world
2. DSP World Agriculture Fund FOF. The primary investment objective of the Scheme is to seek capital appreciation by investing predominantly in units of BlackRock Global Funds World Agriculture Fund (BGF – WAF).
3. DSP World Energy Fund The primary investment objective of the Scheme is to seek capital appreciation by investing predominantly in the units of BlackRock Global Funds – World Energy Fund and BlackRock Global Funds – New Energy Fund.
4. DSP World Mining Fund The primary investment objective of the Scheme is to seek capital appreciation by investing predominantly in the units of BlackRock Global Funds – World Mining Fund.
   DSP World Gold Fund-Reg(G) An open-ended Fund of Funds scheme seeking to generate capital appreciation by investing predominantly in units of BlackRock Global Funds – World Gold Fund (BGF-WGF). The Scheme may, at the discretion of the Investment Manager, also invest in the units of other similar overseas mutual fund schemes, which may constitute a significant part of its corpus.

Diversified (global) International Funds

1. Aditya Birla SL Intl. Equity Fund-B. An open-ended diversified equity scheme with an objective to generate long-term growth of capital, by investing predominantly in a diversified portfolio of equity and equity-related securities in the domestic and international markets.
2. DSP Global Allocation Fund FOF. The primary investment objective of the Scheme is to seek capital appreciation by investing predominantly in units of BlackRock Global Funds – Global Allocation Fund (BGF – GAF). The Scheme may also invest in the units of other similar overseas mutual fund schemes, which may constitute a significant part of its corpus. The Scheme may also invest a certain portion of its corpus in money market securities and/ or money market/liquid schemes of DSP BlackRock Mutual Fund, in order to meet liquidity requirements from time to time.
3. DSP US Flexible Equity Fund FOF. The primary investment objective of the Scheme is to seek capital appreciation by investing predominantly in units of BGF US Flexible Equity Fund (70% US). The Scheme may, at the discretion of the Investment Manager, also invest in the units of other similar overseas mutual fund schemes, which may constitute a significant part of its corpus.
4. ICICI Pru Global Advantage Fund FOF Primary objective to generate returns by investing in units of one or more mutual fund schemes / ETFs (managed by ICICI Prudential Mutual Fund or any other Mutual Fund(s)) which predominantly invest in international markets. A certain corpus of the Scheme will also be invested in units of domestic mutual fund schemes/ETFs managed by ICICI Prudential Mutual Fund or any other Mutual Fund(s).
5. ICICI Pru Global Stable Equity Fund FOF. To provide adequate returns by investing in the units of one or more overseas mutual fund schemes, which have the mandate to invest globally. Currently, the Scheme intends to invest in the units/shares of Nordea 1 – Global Stable Equity Fund – Unhedged (N1 – GSEF – U). The fund manager may also invest in one or more other overseas mutual fund schemes, with similar investment policy/fundamental attributes and risk profile and is in accordance with the investment strategy of the Scheme.
6. Invesco India Feeder – Invesco Global Equity Income Fund FOF To provide capital appreciation and/or income by investing predominantly in units of Invesco Global Equity Income Fund, an overseas equity fund which invests primarily in equities of companies worldwide.
7. Sundaram Global Brand Fund FOF To achieve capital appreciation by investing in units of Sundaram Global Brand Fund, Singapore as a feeder fund.
8. Principal Global Opportunities Fund FOF The investment objective of the Scheme is to provide long term capital appreciation by predominantly investing in overseas mutual fund schemes, and a certain portion of its corpus in Money Market Securities and/or units of Money Market / Liquid Schemes of Principal Mutual Fund.
9. PGIM India Global Equity Opp Fund FOF The primary investment objective of the Scheme is to generate long term capital growth from a diversified portfolio of units of overseas mutual funds.

Ideally, an international mutual fund should be diversified across geographical regions/countries and across investment themes. From this list, it should be clear that less than 10 funds qualify. In future posts, we shall explore the funds in the diversified list.

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