Head To Head

HEAD-TO-HEAD: Fidelity versus FSSA

FSA compares two India equity products: the Fidelity India Focus Fund and the FSSA Indian Subcontinent Fund.

by Rupert Walker 11 June 202112 June 2021

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Samuel Lo, Morningstar

Introduction

Indian shares hit record highs this week, led by financials and energy stocks, as more countries lifted pandemic restrictions, while international investors seemed to shrug off recent high US inflation figures.

Meanwhile, daily cases of the new form of coronavirus in India stayed below 100,000 for four consecutive days, encouraging the southern Indian state of Karnataka, home to the tech hub Bengaluru, to say it would ease some pandemic curbs in a phased manner, reported Reuters.

So far this year, the MSCI India index is up 15.08%, out-stripping both the MSCI World index (12.86%) and the S&P 500 (13.61%), according to FE Fundinfo data.

Against this background, FSA asked Samuel Lo, analyst at Morningstar, to select two India equity products for comparison: the Fidelity India Focus Fund and the FSSA Indian Subcontinent Fund.

	Fidelity	FSSA
Size	$1.95bn	$380m
Inception	2004	1999
Managers	Amit Goel	Vinay Agarwal, Sreevardhan Agarwal
Three-year cumulative return	36.00%	21.69%
Three-year annualised return	10.22%	6.13%
Three-year annualised alpha	2.87	0.21
Three-year annualised volatility	22.05%	18.43%
Three-year information ratio	0.61	-0.13
Morningstar star rating	****	****
Morningstar analyst rating	Neutral	Gold
FE Crown fund rating	***	**
OCF (retail share class)	1.94%	1.91%

Source: FE Fundinfo, Morningstar. (Data in US dollars, 4 June 2021)

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