PineBridge India US Equity Fund NFO

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PineBridge India US Equity Fund The scheme is open for subscription from November 29 to December 13

PineBridge India-US Equity Fund (PBIUSEF) is an open-ended global equity fund of fund (FoF). The scheme intends generate optimum long-term returns. It is a new fund offering from PineBridge Investment AMC (India). The AMC had taken over all the schemes of AIG Global AMC (India) in October 2011.

NFO PERIOD: The scheme is open for subscription from November 29 to December 13.

ASSET ALLOCATION:

 

It is anticipated by PBI-USEF that it will invest 95-100 per cent in units of PineBridge US Large Cap Fund (PB-USLCF) and keep 0-5 per cent in cash and cash-equivalents. The underlying fund, in turn, has an asset allocation where a minimum 66.67 per cent is invested in equities.

UNDERLYING FUND & BENCHMARK:

 

Equity exposure of PB-USLCF, the underlying fund, is only in USlisted firms that are a part of Russell 1000 Index or S&P 500 Index. Performance of the new domestic scheme offering, PBI-USEF, will, therefore, be bench marked to the perfor mance of S&P 500 Total Return Net Index in US dollar value as converted into Indian rupee value using RBI's reference rate EXPENSE for rupee-dollar.

RATIO & LOAD:

The scheme will levy an annual recurring expense ratio that across various categories of expenses can aggregate to 3.12 per cent.

This new scheme essentially gives Indian investors an exposure to US equities. There have been a few new domestic fund offerings giving US equity exposure to Indian investors over the past 18 months. So investors have a choice. But since PBI-USEF is entering the scene now, the timing needs to be looked at. S&P 500 Total Return Index, which the new scheme will be benchmarked to, crossed its all-time high in March, and is now even 30 per cent higher than that all-time high level. In other words, at current levels, the US equity market is way above all earlier peaks. There are conflicting opinions among analysts whether the very sharp momentum in US markets will sustain or not. Investors need to be aware of this difference in expectations before taking new, or further, exposure to US equity market. Existing domestic US-focused equity funds or FoFs have given the highest return in the last one year among all domestic global equity funds or FoFs. But they do not have a long track record of beyond one to two years. Over the long-term, particularly looking at the five-year CAGR of returns as of now, emerging market funds, Asian market funds and globally diversified funds have delivered the best returns for domestic investors seeking an international equity exposure.

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