Fund manager Michael Gordon, who is Fidelity’s chief investment officer for Asia Pacific, is based in Hong Kong but is backed up by his team in Mumbai. He has over 20 years’ investment experience with Rothchilds and Schroders as well as Fidelity. The performance of the fund so far has been impressive, with a gain of over 37 per cent against a 32 per cent rise in the index. This fund, which has a sterling share class for UK investors, has proved popular in Europe and Asia as well as in the US. The outlook for the Indian stockmarket is outstanding because of the rapid rise in India’s middle classes, who now have large amounts of disposable income. This factor is fuelling a strong consumption trend. Growth is also particularly strong in the outsourcing information technology sector. Gordon forecasts that economic growth should be over 6 per cent a year over the medium term and believes there are many excellent opportunities for investment. The team take a long-term approach to investing, with a portfolio tilting towards small and mid-cap companies where most of the more interesting investment opportunities exist. The fund typically holds between 80 and 100 stocks. Around 22 per cent is held in the information technology sector, with 17 per cent in energy, 13 per cent in consumer staples and 12 per cent in consumer discretionary. The portfolio is around 99 per cent invested in Indian companies, with the small balance in non-Indian companies which derive a significant portion of earnings from India. This fund is certainly a sensible investment for all bigger growth portfolios.