India hedge funds perform best on Modi factor
They are heading for strongest return in five years after Modi's election win
Add BT as a preferred source[SINGAPORE] Hedge funds investing in India have become the world's best performers this year on expectations that Prime Minister Narendra Modi will revive Asia's third largest economy.
The funds investing in the South Asian nation have returned 26 per cent this year through July, according to Eurekahedge Pte. That compares with an average 3.5 per cent gain for those investing in Asia, 1.9 per cent for Greater China, 1.2 per cent for Japan, 3.8 per cent for North America and 1.1 per cent for Europe, the Singapore-based data provider said.
India-focused hedge funds are set for the strongest return in five years after Modi secured the nation's largest election victory since 1984 in May. The prime minister has pledged to restore economic growth, rein in inflation and the budget deficit, as well as revive stalled projects to boost investor confidence.
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