SBI International Access ‐ US Equity FoF Review

Published on / By M. Pattabiraman Twitter: @pattufreefincal

Published: March 4, 2021 at 10:44 am

Last Updated on December 29, 2021

This is a review of SBI International Access ‐ US Equity FoF (fund of fund) currently in its NFO period up to March 15th 2021. It will invest in mutual fund schemes/ETFs
that invest in US markets and will be e benchmarked to S&P 500 Index, after converting it to Indian Rupee.

It will invest (for a start) in an established US-centric fund (the underlying fund) – Amundi Funds – US Pioneer Fund. In this review, we evaluate the performance of this underlying fund.

The last ten years NAV movement (in USD) is hardly inspiring.

Last 10 years NAV movement of AMUNDI FUNDS US PIONEER FUND - I2 USD (C) compared with S and P 500 Total Return in USD
Last ten years NAV movement of AMUNDI FUNDS US PIONEER FUND – I2 USD (C) compared with S and P 500 Total Return in USD

The 3,5 and 7-year rolling returns also say the same story: the underlying fund of SBI International Access ‐ US Equity FoF has failed to beat the S&P 500 (USD) consistently. Rolling returns means every possible 3,5 and 7-year investment window over the last ten years NAV history of Amundi Funds – US Pioneer Fund.

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    3 years rolling returns of AMUNDI FUNDS US PIONEER FUND - I2 USD (C) compared with S and P 500 Total Return in USD
    Three years rolling returns of AMUNDI FUNDS US PIONEER FUND – I2 USD (C) compared with S and P 500 Total Return in USD
    5 years rolling returns of AMUNDI FUNDS US PIONEER FUND - I2 USD (C) compared with S and P 500 Total Return in USD
    Five years rolling returns of AMUNDI FUNDS US PIONEER FUND – I2 USD (C) compared with S and P 500 Total Return in USD
    7 years rolling returns of AMUNDI FUNDS US PIONEER FUND - I2 USD (C) compared with S and P 500 Total Return in USD
    Seven years rolling returns of AMUNDI FUNDS US PIONEER FUND – I2 USD (C) compared with S and P 500 Total Return in USD

    This means the margin of past underperformance will be higher if we factor in the SBI fund’s expenses (notably the regular plan!). Therefore we recommend that investors stay away from SBI International Access ‐ US Equity FoF.

    Those who want “US stock exposure” are better off with Motilal Oswal S&P 500 Index Fund (What return can I expect from this?) provided they appreciate the importance of asset allocation and regular rebalancing:

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      Pattabiraman editor freefincalDr M. Pattabiraman(PhD) is the founder, managing editor and primary author of freefincal. He is an associate professor at the Indian Institute of Technology, Madras. He has over nine years of experience publishing news analysis, research and financial product development. Connect with him via Twitter or Linkedin, or YouTube. Pattabiraman has co-authored three print books: (1) You can be rich too with goal-based investing (CNBC TV18) for DIY investors. (2) Gamechanger for young earners. (3) Chinchu Gets a Superpower! for kids. He has also written seven other free e-books on various money management topics. He is a patron and co-founder of “Fee-only India,” an organisation promoting unbiased, commission-free investment advice.
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