International funds from Indian MFs

Principal Global Opportunities Fund (March 2004):
Minimum Foreign Investment=65%; The first international fund from India changed its strategy in August 2006 to become a feeder fund for Principal's Emerging Markets Fund

Franklin Asian Equity (Dec 2007):
Minimum Foreign Investment=65%;The scheme aims to generate capital appreciation by invest in companies in the Asian region, excluding Japan

Fidelity Internatioanl Opportunities Fund(Apr 2007):
A customised benchmark using the BSE-200 (65%) and MSCI AC Asia Pacific ex-Japan (35%)

DWS Global Thematic Offshore Fund (Aug 2007):
Minimum Foreign Investment=65%;The fund will invest predominantly in units of DWS Strategic Global Themes Fund registered in Singapore or similar mutual funds. The investment philosophy and strategy of the underlying fund will replicate the DWS Global Thematic Fund -registered in the U

DSP ML World Gold Fund(Aug 2007) :
The fund can invest 100% of its corpus internationally;The fund does not buy gold directly but invests in stocks of companies engaged in gold mining and production world over.

Birla Sunlife International Equity Plan A(Oct 2007):
Minimum investment in equity abroad=65%;S&P Global 1200 combines 29 local markets into 7 regional indices and finally into one basket of tradable stocks

ABN AMRO China-Indo Fund(Oct 2007)
Minimum foreign Investment =35%; The funmd looks for companies that may benefit from the anticipated long-term growth of China and India. The fund may also invest in other international equity and equity related securities.
HSBC Emerging Markets Fund ( Feb 2008)

The scheme invests in units of MFs from Brazil, China, Russia, India etc

KOTAK GLOBAL EMERGING MARKET FUND (FOF):
Minimum foreign Investment;provide long-term capital appreciation by investing in one or more overseas mutual fund schemes. The fund invests in T Rowe Price SICAV - Global Emerging Market Equity Fund


TATA INDO GLOBAL INFRASTRUCTURE FUND:
Minimum Foreign Investment=35%;
The fund invests in companies engaged in infrastructure and infrastructure related sectors worldwide

Even among the International theme, one can find the sub-theme as infrastructure or Gold or country specific/Region specific isues;

By Apr 2008, 13 such funds exists and hardly two of them have exceeded the limit prescribed. However, SEBI is taking anticipatory action along with RBI directing funds outside. On Apr 08, the Limit enhanced to USD 7 billion; Single MF limit US$300 million with a binding of 10% NAV of its funds; all other conditions remain same.

This is in addition to the overall limit of US$ 1 billion for MFs to invest in ETFs abroad.

RBI has been aggressively promoting overseas investment by the Indian mutual fund industry by raising its ceiling from $500 million in 1999 through $2 billion to $3 billion in October ’06, and then from $3 billion to $4 billion in April ’07 and then to $5 billion in Jan 2007.


Principal Global Opportunities — the first of the international funds, was launched in March 2004, a good five years after Indian funds were permitted to invest abroad