Fund manager Ashburton sees spark in India

Mumbai

WHILE funds in May were selling Indian equities at the fastest pace in 22 months and buying Chinese stocks instead, Ashburton Investments Ltd was doing the opposite.

Falling valuations have "presented an excellent opportunity to build positions" in India at the expense of China, said Jonathan Schiessl, the head of equities at the UK-based Ashburton, which oversees US$12 billion. His India equity fund has returned 79 per cent since its launch about three years ago, according to Mr Schiessl.