Manager firm
River Global Investors
Manager(s)
Gaurav Narain
Structure
other
AIC sector
India / Indian Subcontinent
Domicile
Guernsey
Base currency
GBP
Launched
2005-12-22
Latest factsheet
2026-03-30
Snapshot date
2025-08-31
Manager firm
River Global Investors
Manager(s)
Gaurav Narain
Structure
other
AIC sector
India / Indian Subcontinent
Domicile
Guernsey
Base currency
GBP
Launched
2005-12-22
Latest factsheet
2026-03-30
Snapshot date
2025-08-31
Share price
160.30p
NAV / share
180.46p2026-05-07
Premium / discount
-11.17%
Fund size
£103m
OCF
1.25%
Performance fee
—
Gearing
—
Dividend yield
—
| Period | Return | Benchmark | Vs |
|---|---|---|---|
| 1m | -9.4% | -12.6% | +3.2pp |
| 3m | -16.9% | -16.5% | -0.4pp |
| 6m | -13.4% | -15.8% | +2.4pp |
| 1y | -11.2% | -14.5% | +3.3pp |
| 3y | 20.3% | 28.0% | -7.7pp |
| 5y | 43.7% | 44.8% | -1.1pp |
| since_inception | 293.2% | 322.4% | -29.2pp |
| # | Holding | Sector | Country | Weight |
|---|---|---|---|---|
| 1 | RBL Bank | — | — | 5.5% |
| 2 | Skipper | — | — | 4.8% |
| 3 | Federal Bank | — | — | 4.8% |
| 4 | Multi Commodity Exchange | — | — | 4.7% |
| 5 | Affle India | — | — | 4.2% |
| 6 | City Union Bank | — | — | 3.8% |
| 7 | IDFC Bank | — | — | 3.7% |
| 8 | Dixon Technologies | — | — | 3.6% |
| 9 | Neuland Laboratories | — | — | 3.6% |
| 10 | Ccl Products India | — | — | 3.6% |
In March, Indian equity markets declined sharply, the Sensex declined 11.5%, the mid-cap and small cap indices declined 11.2% and 10.9% respectively, in local currency terms. All sectors declined, led by banks (-17%), realty (-16.8%) and auto (-15.5%). Despite the risk-off environment, domestic institutional investors remained supportive, recording strong net inflows of US$15.4bn, offsetting foreign institutional outflows of US$12.1bn. The Indian Rupee depreciated by 4% against the US Dollar, reflecting heightened external pressures. CPI inflation stayed contained at 3.2% in February, but rising geopolitical tensions clouded the outlook. The US-Iran conflict and disruption at the Strait of Hormuz pushed oil above US$100, raising risks of imported inflation, a wider current account deficit, and currency pressure. The government responded by cutting fuel excise duties and prioritising natural gas supply to soften the domestic impact. India's macroeconomic fundamentals remain resilient, supported by robust FX reserves and policy flexibility. The ability to partly offset supply disruptions through increased imports from Russia, amid a supportive US stance, has helped mitigate vulnerabilities. At portfolio level, stocks posted positive returns, led by Atlanta Electricals (+28%), Aether Industries (+14%), and Affle India (+5%). Negative returns came from Jyothy Labs (-22%), JK Lakshmi (-22%) and PSP Projects (-21%).
Manager firm
River Global Investors
Manager(s)
Gaurav Narain
Structure
other
AIC sector
India / Indian Subcontinent
Domicile
Guernsey
Base currency
GBP
Launched
2005-12-22
Latest factsheet
2026-03-30
Snapshot date
2025-08-31
Share price
160.30p
NAV / share
180.46p2026-05-07
Premium / discount
-11.17%
Fund size
£103m
OCF
1.25%
Performance fee
—
Gearing
—
Dividend yield
—
| Period | Return | Benchmark | Vs |
|---|---|---|---|
| 1m | -9.4% | -12.6% | +3.2pp |
| 3m | -16.9% | -16.5% | -0.4pp |
| 6m | -13.4% | -15.8% | +2.4pp |
| 1y | -11.2% | -14.5% | +3.3pp |
| 3y | 20.3% | 28.0% | -7.7pp |
| 5y | 43.7% | 44.8% | -1.1pp |
| since_inception | 293.2% | 322.4% | -29.2pp |
| # | Holding | Sector | Country | Weight |
|---|---|---|---|---|
| 1 | RBL Bank | — | — | 5.5% |
| 2 | Skipper | — | — | 4.8% |
| 3 | Federal Bank | — | — | 4.8% |
| 4 | Multi Commodity Exchange | — | — | 4.7% |
| 5 | Affle India | — | — | 4.2% |
| 6 | City Union Bank | — | — | 3.8% |
| 7 | IDFC Bank | — | — | 3.7% |
| 8 | Dixon Technologies | — | — | 3.6% |
| 9 | Neuland Laboratories | — | — | 3.6% |
| 10 | Ccl Products India | — | — | 3.6% |
In March, Indian equity markets declined sharply, the Sensex declined 11.5%, the mid-cap and small cap indices declined 11.2% and 10.9% respectively, in local currency terms. All sectors declined, led by banks (-17%), realty (-16.8%) and auto (-15.5%). Despite the risk-off environment, domestic institutional investors remained supportive, recording strong net inflows of US$15.4bn, offsetting foreign institutional outflows of US$12.1bn. The Indian Rupee depreciated by 4% against the US Dollar, reflecting heightened external pressures. CPI inflation stayed contained at 3.2% in February, but rising geopolitical tensions clouded the outlook. The US-Iran conflict and disruption at the Strait of Hormuz pushed oil above US$100, raising risks of imported inflation, a wider current account deficit, and currency pressure. The government responded by cutting fuel excise duties and prioritising natural gas supply to soften the domestic impact. India's macroeconomic fundamentals remain resilient, supported by robust FX reserves and policy flexibility. The ability to partly offset supply disruptions through increased imports from Russia, amid a supportive US stance, has helped mitigate vulnerabilities. At portfolio level, stocks posted positive returns, led by Atlanta Electricals (+28%), Aether Industries (+14%), and Affle India (+5%). Negative returns came from Jyothy Labs (-22%), JK Lakshmi (-22%) and PSP Projects (-21%).