PIA HSBC India Equity USD Ser B
Performance
Discrete performance - to last month end
| 31/03/20 to 31/03/21 |
31/03/21 to 31/03/22 |
31/03/22 to 31/03/23 |
31/03/23 to 31/03/24 |
31/03/24 to 31/03/25 |
|
|---|---|---|---|---|---|
| Fund | 78.6% | 15.9% | -11.4% | 33.0% | 1.6% |
| Sector | 56.9% | -7.6% | -11.7% | 9.3% | 5.7% |
| Rank | 47/285 | 37/291 | 117/290 | 25/297 | 219/319 |
| Quartile | 1 | 1 | 2 | 1 | 3 |
Annualised performance
| Annualised | ||||
|---|---|---|---|---|
| 3 Years to 31/03/25 |
5 Years to 31/03/25 |
10 Years to 31/03/25 |
||
| Fund | 6.2% | 19.9% | 5.5% | |
| Sector | 0.7% | 8.1% | 2.8% | |
| Rank | 29/292 | 15/284 | 21/221 | |
| Quartile | 1 | 1 | 1 | |
Top 10 Holdings
| Stock | % Weight |
|---|---|
| HDFC BANK LIMITED | 7.52 |
| RELIANCE INDUSTRIES LIMITED | 6.51 |
| LARSEN & TOUBRO LIMITED | 4.71 |
| DLF LTD | 4.46 |
| INFOSYS LIMITED | 4.44 |
| ICICI BANK LIMITED | 3.81 |
| SUN PHARMACEUTICAL INDUSTRIES LIMITED | 3.77 |
| HSBC Global Liquidity Funds PLC | 3.74 |
| ZOMATO | 3.08 |
| MCX INDIA LTD | 2.71 |
| Total | 44.75 |
Fund Aims
Objective: The investment strategy of the fund is to purchase units in the HSBC Indian Equity Fund (USD) - the underlying fund.
Underlying Fund Objective: The fund aims to provide capital growth of your investment over time. The fund will normally invest at least 90% of its assets in equity securities (i.e. shares) of companies of any size that are based in or which carry out most of their business in India. The fund may use financial derivative instruments for hedging and cash flow management. The fund is denominated in US dollars.
Fund Manager
Sanjiv Duggal is the Head of Asia Pacific and Indian Equities and has been working in the industry since 1991. Sanjiv joined HSBC in 1996 and was responsible for the management of Indian equities. Sanjiv moved into his current role in July 2013 and will continue to manage the flagship HSBC GIF Indian Equity Fund which he has been involved in running since he joined. Prior to joining HSBC, Sanjiv worked for the Hill Samuel Group where he spent nearly five years, initially in internal audit and latterly as an Emerging Markets fund manager. Sanjiv is a Chartered Accountant.
Nilang Mehta is an Associate Director in the Regional Equity Team and has been working in the industry since 1996. Nilang manages our Indian and ASEAN strategies. He joined HSBC Global Asset Management India in 2004 and subsequently relocated to Singapore in 2009 and to Hong Kong in 2014. Prior to joining HSBC, Nilang worked at Alliance Capital Asset Management and IDBI Principal Asset Management in India. He holds a Master’s degree in Commerce from University of Mumbai and is also a Chartered Accountant and a CFA charter holder.
Fund Overview
| Bid (15/04/2025) | 3.42 |
| Offer (15/04/2025) | 3.60 |
| Fund size (28/02/2025) | $1.53m |
| Underlying Fund size | $1663.31m |
| Number of holdings | 63 |
| Launch date | 28/10/2005 |
Fund Charges
| Annual Management Charge (AMC) | 1.70% |
| Further Costs | 0.39% |
| Yearly Total | 2.09% |
Asset Allocation
| International Equities | 98.69% | |
| Cash and Equivalents | -5.22% | |
| Other Assets | 6.54% |
Important Information
Because of changes in exchange rates the value of your investment, as well as any money you take from it, can go down as well as up.
Some funds may invest in ‘underlying’ funds or other investment vehicles. The performance of our fund, compared to what it’s invested in won’t be exactly the same. That can be due to additional charges, cash management (needed to help people to enter and leave our fund when they want), tax and the timing of investments (this is known as a fund’s dealing cycle, it varies between managers and can be several days).
Source of portfolio data: Broadridge. Source of performance data: FE fundinfo. We can’t predict the future. Past performance isn’t a guide to future performance. The figures shown are intended only to demonstrate performance history of the fund, after allowing for the impact of fund charges and further costs, but take no account of product charges, or any Annual Management Charge paid for by the deduction of units. Charges and further costs may vary in the future and may be higher than they are now. Fund performance is based upon the movement of the daily price and is shown as total return in the fund's currency of denomination with gross income reinvested. The value of your client’s investment can go down as well as up and the amount your client gets back may be less than they put in.
This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Asset Allocation
| International Equities | 98.69% | |
| Cash and Equivalents | -5.22% | |
| Other Assets | 6.54% |
Equity Sector Breakdown
| Industry | Supersector | Sector | Subsector | ||
|---|---|---|---|---|---|
| Financials | 27.64% | - | - | - | |
| Banks | - | 19.41% | - | - | |
| Banks | - | - | 19.41% | - | |
| Banks | - | - | - | 19.41% | |
| Financial Services | - | 5.97% | - | - | |
| Finance & Credit Services | - | - | 3.26% | - | |
| Consumer Lending | - | - | - | 3.26% | |
| Investment Banking & Brokerage Services | - | - | 2.71% | - | |
| Investment Services | - | - | - | 2.71% | |
| Insurance | - | 2.27% | - | - | |
| Non-life Insurance | - | - | 2.27% | - | |
| Insurance Brokers | - | - | - | 2.27% | |
| Industrials | 16.76% | - | - | - | |
| Industrial Goods & Services | - | 8.45% | - | - | |
| Aerospace & Defence | - | - | 2.05% | - | |
| Defense | - | - | - | 2.05% | |
| Industrial Support Services | - | - | 1.66% | - | |
| Industrial Suppliers | - | - | - | 1.66% | |
| Industrial Transportation | - | - | 1.41% | - | |
| Delivery Services | - | - | - | 1.41% | |
| Industrial Engineering | - | - | 1.21% | - | |
| Machinery: Agricultural | - | - | - | 1.21% | |
| General Industrials | - | - | 1.19% | - | |
| Paints & Coatings | - | - | - | 1.19% | |
| Electronic & Electrical Equipment | - | - | 0.94% | - | |
| Electrical Components | - | - | - | 0.94% | |
| Construction & Materials | - | 8.31% | - | - | |
| Construction & Materials | - | - | 8.31% | - | |
| Engineering & Contracting Services | - | - | - | 4.71% | |
| Cement | - | - | - | 3.60% | |
| Technology | 13.69% | - | - | - | |
| Technology | - | 13.69% | - | - | |
| Software & Computer Services | - | - | 13.69% | - | |
| Computer Services | - | - | - | 10.61% | |
| Consumer Digital Services | - | - | - | 3.08% | |
| Health Care | 8.23% | - | - | - | |
| Health Care | - | 8.23% | - | - | |
| Pharmaceuticals & Biotechnology | - | - | 6.37% | - | |
| Pharmaceuticals | - | - | - | 5.54% | |
| Biotechnology | - | - | - | 0.83% | |
| Health Care Providers | - | - | 1.86% | - | |
| Health Care Facilities | - | - | - | 1.86% | |
| Consumer Discretionary | 7.76% | - | - | - | |
| Automobiles & Parts | - | 3.91% | - | - | |
| Automobiles & Parts | - | - | 3.91% | - | |
| Automobiles | - | - | - | 3.05% | |
| Auto Parts | - | - | - | 0.86% | |
| Consumer Products & Services | - | 3.28% | - | - | |
| Personal Goods | - | - | 2.26% | - | |
| Luxury Items | - | - | - | 2.26% | |
| Leisure Goods | - | - | 1.02% | - | |
| Recreational Vehicles & Boats | - | - | - | 1.02% | |
| Travel & Leisure | - | 0.30% | - | - | |
| Travel & Leisure | - | - | 0.30% | - | |
| Travel & Tourism | - | - | - | 0.30% | |
| Retail | - | 0.27% | - | - | |
| Retailers | - | - | 0.27% | - | |
| Diversified Retailers | - | - | - | 0.27% | |
| Non-Classified | 6.54% | - | - | - | |
| Non-Classified | - | 3.74% | - | - | |
| Non-Classified | - | - | 3.74% | - | |
| Non-Classified | - | - | - | 3.74% | |
| Energy | 6.51% | - | - | - | |
| Energy | - | 6.51% | - | - | |
| Non-Renewable Energy | - | - | 6.51% | - | |
| Oil Refining and Marketing | - | - | - | 6.51% | |
| Real Estate | 6.38% | - | - | - | |
| Real Estate | - | 6.38% | - | - | |
| Real Estate Investment & Services | - | - | 6.38% | - | |
| Real Estate Holding and Development | - | - | - | 6.38% | |
| Consumer Staples | 5.83% | - | - | - | |
| Personal Care, Drug & Grocery Stores | - | 3.99% | - | - | |
| Personal Care, Drug & Grocery Stores | - | - | 3.99% | - | |
| Personal Products | - | - | - | 3.26% | |
| Food Retailers & Wholesalers | - | - | - | 0.73% | |
| Food, Beverage & Tobacco | - | 1.84% | - | - | |
| Beverages | - | - | 1.84% | - | |
| Soft Drinks | - | - | - | 1.84% | |
| Basic Materials | 4.35% | - | - | - | |
| Basic Resources | - | 3.80% | - | - | |
| Industrial Metals & Mining | - | - | 3.80% | - | |
| Iron & Steel | - | - | - | 3.80% | |
| Chemicals | - | 0.55% | - | - | |
| Chemicals | - | - | 0.55% | - | |
| Fertilizers | - | - | - | 0.55% | |
| Telecommunications | 1.53% | - | - | - | |
| Telecommunications | - | 1.53% | - | - | |
| Telecommunications Service Providers | - | - | 1.53% | - | |
| Telecommunications Services | - | - | - | 1.53% | |
| Cash and Equivalents | -5.22% | - | - | - | |
Regional Allocation
| Emerging Asia | 96.46% | |
| Non-Classified | 6.54% | |
| North America | 2.23% | |
| Cash and Equivalents | -5.22% |
Fixed Interest Currencies
| Non-Fixed Interest Assets | 96.95% | |
| US Dollar | 1.54% | |
| Cash | 1.52% |
Regional Breakdown
| Region | Country | ||
|---|---|---|---|
| Emerging Asia | 96.46% | - | |
India
|
- | 96.46% | |
| Non-Classified | 6.54% | - | |
| North America | 2.23% | - | |
United States
|
- | 2.23% | |
| Cash and Equivalents | -5.22% | - | |
Breakdown By Market Cap (%)
| Mega |
|
41.65% |
| Large |
|
26.32% |
| Medium |
|
14.74% |
| Small |
|
2.71% |
| Non-Classified |
|
19.81% |
| Cash |
|
-5.22% |
Top 10 Holdings
| Stock | % Weight | Sector | Country | |
|---|---|---|---|---|
| 1 | HDFC BANK LIMITED | 7.52% | Banks | India |
| 2 | RELIANCE INDUSTRIES LIMITED | 6.51% | Non-Renewable Energy | India |
| 3 | LARSEN & TOUBRO LIMITED | 4.71% | Construction & Materials | India |
| 4 | DLF LTD | 4.46% | Real Estate Investment & Services | India |
| 5 | INFOSYS LIMITED | 4.44% | Software & Computer Services | India |
| 6 | ICICI BANK LIMITED | 3.81% | Banks | India |
| 7 | SUN PHARMACEUTICAL INDUSTRIES LIMITED | 3.77% | Pharmaceuticals & Biotechnology | India |
| 8 | HSBC Global Liquidity Funds PLC | 3.74% | Managed Funds | Non-Classified |
| 9 | ZOMATO | 3.08% | Software & Computer Services | India |
| 10 | MCX INDIA LTD | 2.71% | Investment Banking & Brokerage Services | India |
Dual Aspect Equity Analysis
| UK Equities | Int'l Equities | UK Bonds | Int'l Bonds | UK Gilts | Property | Other | Cash & Equiv | Total | |
|---|---|---|---|---|---|---|---|---|---|
| Technology | - | 13.69% | - | - | - | - | - | - | 13.69% |
| Telecommunications | - | 1.53% | - | - | - | - | - | - | 1.53% |
| Financials | - | 27.64% | - | - | - | - | 0.92% | - | 28.56% |
| Real Estate | - | 6.38% | - | - | - | - | - | - | 6.38% |
| Consumer Discretionary | - | 7.76% | - | - | - | - | - | - | 7.76% |
| Consumer Staples | - | 5.83% | - | - | - | - | - | - | 5.83% |
| Energy | - | 6.51% | - | - | - | - | - | - | 6.51% |
| Health Care | - | 8.23% | - | - | - | - | 1.15% | - | 9.38% |
| Industrials | - | 16.76% | - | - | - | - | - | - | 16.76% |
| Basic Materials | - | 4.35% | - | - | - | - | - | - | 4.35% |
| Cash and Equivalents | - | - | - | - | - | - | - | -5.22% | -5.22% |
| Non-Classified | - | - | - | - | - | - | 4.47% | - | 4.47% |
Important Information
Because of changes in exchange rates the value of your investment, as well as any money you take from it, can go down as well as up.
Some funds may invest in ‘underlying’ funds or other investment vehicles. The performance of our fund, compared to what it’s invested in won’t be exactly the same. That can be due to additional charges, cash management (needed to help people to enter and leave our fund when they want), tax and the timing of investments (this is known as a fund’s dealing cycle, it varies between managers and can be several days).
The Industry Classification Benchmark is a product of FTSE International Limited and has been licensed for use.
This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Identification Codes
| Sedol Code | B0MSSJ6 |
| Mex Code | SBHIND |
| Isin Code | IE00B0MSSJ66 |
| Citi Code | TI99 |
Fund Charges
| Annual Management Charge (AMC) | 1.70% |
| Further Costs | 0.39% |
| Yearly Total | 2.09% |
Aims and Benchmark
| Aims | Objective: The investment strategy of the fund is to purchase units in the HSBC Indian Equity Fund (USD) - the underlying fund. Underlying Fund Objective: The fund aims to provide capital growth of your investment over time. The fund will normally invest at least 90% of its assets in equity securities (i.e. shares) of companies of any size that are based in or which carry out most of their business in India. The fund may use financial derivative instruments for hedging and cash flow management. The fund is denominated in US dollars. |
| Benchmark | S&P / IFCI India Gross |
| ABI Sector | Global Emerging Markets Equities |
Ratings
| FE Crown |  |
Important Information
Because of changes in exchange rates the value of your investment, as well as any money you take from it, can go down as well as up.
Some funds may invest in ‘underlying’ funds or other investment vehicles. The performance of our fund, compared to what it’s invested in won’t be exactly the same. That can be due to additional charges, cash management (needed to help people to enter and leave our fund when they want), tax and the timing of investments (this is known as a fund’s dealing cycle, it varies between managers and can be several days).
Charges and further costs may vary in the future and may be higher than they are now.
This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Risk Analysis
| Ratio | Value |
|---|---|
| Alpha | 6.08 |
| Beta | 0.68 |
| Sharpe | 0.19 |
| Standard Deviation | 14.41 |
| Info Ratio | 0.41 |
Risk Factors
| Risk Factor | Yes / No |
|---|---|
| Charges to Capital | No |
| Emerging Markets | Yes |
| Concentrated Portfolio | No |
| Smaller Companies | No |
| High Yield Bonds | No |
| Sector Specific | No |
| Geared Investments | No |
| Value of Investments | Yes |
| Investments Long Term | Yes |
| Property | No |
| Exchange Rate | Yes |
| Higher Risk | Yes |
| Performance Charges | No |
| Derivative Exposure | Yes |
| Offshore | Yes |
| Income Eroding Capital Growth | No |
| Umbrella Liabilities | No |
| New Fund | No |
| Solvency of Depository | No |
| Solvency of Bond Issuers | No |
| Ethical Restrictions | No |
| Liquidity | No |
| Returns Are Not Guaranteed | Yes |
| Inflation | Yes |
| Taxation and Tax Relief | Yes |
Fund Specific Risks
Emerging Markets
The fund invests in emerging markets. Generally less well regulated than the UK. There is an increased chance of political and economic instability with less reliable custody, dealing and settlement arrangements. The market(s) can be less liquid. If a fund investing in markets is affected by currency exchange rates, the investment could either increase or decrease. These investments therefore carry more risk.
Value of Investments
The value of investments, and any income can fall, as well as rise, so you could get back less than you invested. Neither capital nor income is guaranteed.
Investments Long Term
Investments should be regarded as long term and are not suitable for money which may be needed in the short term, you should always have a sufficient cash reserve.
Exchange Rate
This fund invests in securities outside the UK. The value of investments and any income from them may therefore decrease or increase as a result of changes in exchange rates between currencies.
Higher Risk
This fund is specifically aimed at sophisticated investors and is particularly high risk, because it concentrates on a region that may be exposed to unusual political or economic risks. You should only invest if you are comfortable with the specific risks pertaining to the fund in question. If you are not familiar with these you should ask us for a copy of the provider's key features and brochure.
Derivative Exposure
The fund invests in derivatives as part of its investment strategy, over and above their use for Efficient Portfolio Management (EPM). Investors should be aware that the use of these instruments can, under certain circumstances, increase the volatility and risk profile of the Fund beyond that expected of a fund that only invests in equities. The fund may also be exposed to the risk that the company issuing the derivative may not honour their obligations which in turn could lead to losses arising.
Offshore
The fund is not UK domiciled, and investors are not normally entitled to compensation through the UK Financial Services Compensation Scheme.
Returns Are Not Guaranteed
What you receive when you sell your investment is not guaranteed; it depends on how your investments perform.
Inflation
Inflation will reduce the real value of your investments in future.
Taxation and Tax Relief
Levels of taxation and tax relief are subject to change.
Important Information
Because of changes in exchange rates the value of your investment, as well as any money you take from it, can go down as well as up.
Some funds may invest in ‘underlying’ funds or other investment vehicles. The performance of our fund, compared to what it’s invested in won’t be exactly the same. That can be due to additional charges, cash management (needed to help people to enter and leave our fund when they want), tax and the timing of investments (this is known as a fund’s dealing cycle, it varies between managers and can be several days).
The risk factor definitions are provided by Broadridge. These definitions may differ from those of Prudential or any underlying fund manager. The data itself is provided by Prudential or the underlying fund manager.
This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
Important Information
Because of changes in exchange rates the value of your investment, as well as any money you take from it, can go down as well as up.
Some funds may invest in ‘underlying’ funds or other investment vehicles. The performance of our fund, compared to what it’s invested in won’t be exactly the same. That can be due to additional charges, cash management (needed to help people to enter and leave our fund when they want), tax and the timing of investments (this is known as a fund’s dealing cycle, it varies between managers and can be several days).
Source of performance data: FE fundinfo. We can’t predict the future. Past performance isn’t a guide to future performance. The figures shown are intended only to demonstrate performance history of the fund, after allowing for the impact of fund charges and further costs, but take no account of product charges, or any Annual Management Charge paid for by the deduction of units. Charges and further costs may vary in the future and may be higher than they are now. Fund performance is based upon the movement of the daily price and is shown as total return in the fund's currency of denomination with gross income reinvested. The value of your client’s investment can go down as well as up and the amount your client gets back may be less than they put in.
This factsheet is for investment professionals and is for information purposes only. Should you wish to present any of this content to your client, please refer to similar pages on pru.co.uk. You should refer to your client’s policy documentation and supporting brochures for fund availability, investment strategy, any product information and charges. Every care has been taken in populating this output, however it must be appreciated that neither Broadridge, Prudential nor their sources guarantee the accuracy, adequacy or completeness of this information or make any warranties regarding results from its usage.
The registered office of Prudential International is in Ireland at Fitzwilliam Court, Leeson Cl, Dublin 2, D02 TC95. Prudential International is a marketing name of Prudential International Assurance plc, a life assurance company operating from Ireland. Registration No. 209956. Prudential International Assurance plc is authorised and regulated by the Central Bank of Ireland and in the context of its UK regulated activities only, is authorised by the Prudential Regulation Authority and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request. Prudential International is part of the same corporate group as The Prudential Assurance Company Limited. Both The Prudential Assurance Company Limited and Prudential International are direct and indirect subsidiaries respectively of M&G plc, a company incorporated in the United Kingdom. The Prudential Assurance Company Limited is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America or Prudential plc, an international group incorporated in the United Kingdom.