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The international funds gave an average return of around 22.58% in the last one year, an analysis by ETMutualFunds showed. There were around 61 schemes in the international fund category that have completed one year of existence.The toppers were from Mirae Asset Mutual Fund. Mirae Asset NYSE FANG+ETF FoF and Mirae Asset S&P 500 Top 50 ETF FoF gave 80.22% and 48.54% returns respectively in the last one year. <iframe title="Top 10 international funds in one year" aria-label="Bar Chart" id="datawrapper-chart-npO1y" src="https://et-infographics.indiatimes.com/graphs/npO1y/1/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="334" data-external="1"></iframe><script type="text/javascript">!function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data["datawrapper-height"][t]+"px";e[r].style.height=i}}}))}();</script>Are you wondering how Mirae Asset NYSE FANG+ETF FoF has managed to deliver this performance? “Largely, this performance is reflection of reduction of various uncertainties that were prevailing in the first of half of 2023, for example, recession probability has gone down, inflation has reduced due to rate hike but same didn't have anticipated adverse impact on growth and employment US economy has remained on solid growth trajectory for the entire 2023 calendar year. Inflation is still elevated but has cooled down. In fact, at the start of year, market was anticipating 4-6 rate cut of 25bps each, However, there has been revision in that estimate, as result we have seen correction in the US market for the month of April 2024,” said Siddharth Srivastava, Head - ETF Product & Fund Manager, Mirae Asset Investment Managers.Also Read | Debt mutual funds vs bank FDs: Where to invest for higher returns?He added, “Apart from macro-economic tailwind, the corporate earnings of Magnificent 7 has been upbeat and better than expected. For instance, on 12Month trailing basis as on April 30, 2023, the EPS for NYSE FANG+ Index in last 12 month has grown from 164 to 240 i.e. almost 47% in USD terms compared to 21% growth in NASDAQ-100 Index. So the combination of cooling of macro-economic uncertainty along with corporate earning growth of magnificent seven has contributed to this return.”Edelweiss US Technology Equity FOF and DSP Global Innovation FoF delivered 48.38% and 45.92% in the said period. PGIM India Emerging Markets Equity Fund Aditya Birla SL Global Excellence Equity FoF delivered 32.55% and 32.48% returns respectively. Axis Greater China Equity FoF and Edelweiss Gr China Equity Off-Shore Fund delivered 3.28% and 2.55% returns respectively in the last one year. DSP World Agriculture Fund and Mahindra Manulife Asia Pacific REITs FOF lost around 6% in the said period. The international funds investing in the greater china economy have been the laggards. Should one invest in these funds? “Contrary to expectations, China's reopening rebound in 2023 proved disappointing with its property market continuing to be a major overhang. The growth in China has picked up in recent months aided by policy stimulus which should continue to benefit in the near term. We think that property market downturn is likely to continue to be a drag on the market in the near term. In the long term, due to demographic challenges and diversification of the global value chain, we expect that the growth rate of China will recover but the long-term growth trend may be slower than the earlier pre COVID norms,” said Srivastava.“Though China may face uncertainties, valuations are discounted and fundamentals appear to be improving, though not at the pace at which we desire. Despite the government’s efforts to stabilize the economy, it will likely take time for these policies to translate into growth. We expect monthly data to fluctuate. We are cautious on China from a broad perspective due to underlying issues mentioned earlier and sustained positive indicators on the economy is needed to alter the view but we do see tactical opportunities in the non-property, non-financial sector at attractive valuations amidst pessimism. We like Chinese tech companies, the digital economy sector and that is evident in earnings as well,” he adds.He further added, “ If you look as on March 31, 2024, 12M trailing EPS of Hang Seng Index has grown by 5.6%, CSI 300 Index has seen EPS growth of -4% whereas Hang Seng TECH Index has seen earnings change from 118 to 200 i.e. 70% growth in the EPS. The valuations of Chinese tech are reasonably attractive from a long-term investment perspective, for 3-4 yr. investment horizon from here on.”Sebi told mutual funds to stop fresh subscriptions in overseas ETFs with effect from April 1 as the $1 billion investment limit is about to get breached. After this many mutual funds stopped accepting fresh investments in their overseas ETFs.The limits are expected to be breached and fund houses not accepting investments, should one worry about their investments? “Investors need not worry as the limit imposed by the regulator is on the fresh investment. Investor’s can anytime redeem their money. All the AMC’s are facilitating seamless redemption in their schemes. In case of ETFs, investor’s are requested to look at the Intraday Net Asset Value (I-NAV) being published by AMC on their website before their trade and prefer to use limit order while buying and selling ETFs on exchange,” said the fund manager.Also Read | RIL, ITC and Infosys among top 10 stock holdings of Mirae Asset Mutual Fund in AprilIn the last six months, international funds gave an average return of 14.48%. In the last three and five years these schemes gave an average return of 5.29% and 10.18% returns respectively. After seeing this performance by the international funds, should you invest in these funds?“In the US, corporate earnings for the first quarter generally exceeded expectations with a higher-than-expected growth rate compared to forecasts. As per FactSet, for March 2024 (Q1 2024), 92% of the constituents of S&P 500 Index have declared their earnings. 78% of S&P 500 companies have reported a positive EPS surprise (i.e. actual EPS higher than the market consensus) and 59% of S&P 500 companies have reported a positive revenue surprise (i.e. actual revenue higher than the market consensus),” said Siddharth.He adds, “Further, in the month of April 2024, there was a significant shift in market sentiment regarding the Federal Reserve’s potential actions as the probability and magnitude of rate cuts decreased leading to investors realizing that the inflation and interest rates are not coming down as quickly as was expected at the beginning of the year. For instance, during the last quarter of 2023, the market was expecting at least three rate cuts starting from June 2024, however, the current consensus is of one 25bps rate cut (if any).”He recommends, “For CY 2024, consensus estimate is for (year-over-year) earnings growth of 11.1% as per FactSet. Overall we remain neutral on the US as valuations are stretched, though any reasonable dip should be viewed as a potentially good entry point to participate in the US market especially in tech. For the China market, we remain cautious and prefer the non-real estate and non-banking sector, preferably largely in Tech and digital economy. The earnings have been good by the underlying companies however the market hasn’t rewarded them due to cautious outlook on macro-economic and geopolitical uncertainty. While valuations are very attractive and tactical investment makes sense, we suggest that only investors with high risk appetite and who are comfortable with high volatility may seek tactical exposure in the Chinese market.”International funds cater to different broad international markets, commodities, foreign indices, among others. That means you should pay extra attention to your investments in international funds. Pay extra attention to which geography or indices you are investing in. Also, you should keep in mind that geographical diversification always doesn't translate into great returns. Developed markets, by definition, offer modest returns. An emerging market like India might offer better returns over a long period. That is why overseas funds are not recommended to small investors. They are mostly recommended to investors with very large portfolios looking to diversify across geographies.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)If you have any mutual fund queries, message on ET Mutual Funds on Facebook/Twitter. We will get it answered by our panel of experts. Do share your questions on ETMFqueries@timesinternet.in alongwith your age, risk profile, and twitter handle.

Ever since voting for Lok Sabha elections began on April 19, foreign institutional investors (FIIs) have sold Indian stocks worth around Rs 37,700 crore, translating into an average daily sell-off of Rs 1,800 crore in the last 21 trading sessions.Reflecting the increased nervousness on Dalal Street on the probable outcome of Lok Sabha election, market's fear gauge India VIX has also shot up by about 67% to fresh 52-week high levels.Unfazed by both India VIX and FII selling, fearless desi boys are not only holding their fort but also buying the dip non-stop without batting an eyelid.In the last 21 trading days, DIIs (domestic institutional investors) have spent around Rs 60,000 crore. At the end of April month, mutual funds were sitting on a cash pile as big as Rs 1.36 lakh crore and therefore have enough dry powder to absorb any sell-off by foreign investors.But why are FIIs selling? One of the popular theories on the Street is that FIIs do not want to take any election-related risk at a time when the market is near all-time high levels. Nifty is just one lucky day away from breaking old records while the market capitalisation of all listed stocks on BSE has already crossed the $5 trillion mark for the first time ever.Also read | Worried about election results? Top 39 stock ideas for a ballot-proof portfolioMarket insiders say that FIIs do not want to take any chances as in the 2004 Lok Sabha elections, when UPA had unexpectedly stormed into power, Sensex had crashed 15% in a single day.Foreign investors have a tendency to avoid uncertainty and are probably locking in the profits they made last year.The Chinese are making profit-booking from India easier as Hong Kong's Hang Seng has shot up by 16% during the last one month. "The China trade is coming back as investors believe that all the bad is already priced in. It is looking attractive tactically, if not structurally. A reallocation game is happening as investors are betting on the short-term recovery of the Chinese markets," points out ArunaGiri N, Founder and CEO of TrustLine Holdings.Trading at PE levels of around 20, India is relatively expensive than cheap markets like Hong Kong where the PE is around 10."The market valuations are quite high. We anticipate the market remaining volatile after June 4th. Once the election concludes, all eyes will be on the July budget announcement, triggering more speculation and potential market swings. The high market valuations could act as a barrier to significant market gains, but there's also a possibility of a downturn," said Sunil Damania, Chief Investment Officer, MojoPMSFII behaviour could also be a direct response to the ongoing geopolitical crisis in the Middle East and the strength of US bond yields. Also read | Stock market people will get tired after June 4 election results, says PM Modi(Data: Ritesh Presswala)(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

The shares of Indian Emulsifier listed on the NSE SME platform on Wednesday with a premium/discount of 225.8%. The stock debuted at Rs 430 as against an issue price of Rs 132.Ahead of the listing, the company's shares were trading with a premium of Rs 250 in the unlisted market.The IPO, which was completely a fresh equity issue of 32.11 lakh shares, received an overwhelming response from investors with an overall subscription of over 450 times at close.The net proceeds from the public offer will be used for funding of capital expenditure for our company towards purchase of plant, machinery, working capital requirements and general corporate purposes.Founded in 2011, Indian Emulsifier designs and manufactures CNC, NC and conventional metal forming machines which caters to the industrial sector requirement for metal fabrication solutions.Also Read: Awfis Space Solutions IPO. 10 things to know before subscribing to the issue The company's wide spectrum of metal forming machines includes press brake machines, shearing machines, plate rolling machines, iron workers machines, hydraulic presses and busbar bending, cutting & punching machines.It provides manufacturers with vital precision machines which are required for metal cutting and forming operations. The company's machines are utilized across a wide gamut of industries such as automotive, steel, pre-engineered building, furniture, HVAC, agricultural equipment, road construction equipment, elevators, food processing machinery, metalworking workshops and many others.Indian Emulsifier offered over 600 variants of metal forming machines and during the last 3 fiscals and the nine months period ended December 23. It has supplied 1657 machines to over 1150 customers."Our ability to provide a wide range of machines has helped us garner customers engaged in various sectors such as metal fabrication, pre-engineered building, agriculture, kitchen equipment, machinery manufacturing, automotive, food processing, furniture, HVAC, elevators, steel etc," the company said.India's chemical sector, which is currently estimated to be worth $220 billion in 2022 and is anticipated to grow to $300 billion by 2025 and $1 trillion by 2040.For the period ended December 2023, the company clocked revenues of Rs 48.7 crore and net profit of Rs 6.75 crore.Ekadrisht Capital acted as the lead manager to the issue and Maashtila Security Services was the registrar.

Days after a division bench of the Delhi High Court ruled in favour of SpiceJet, the private carrier on Wednesday said it will seek a refund of Rs 450 crores from former promoter Kalanithi Maran and KAL Airways.SpiceJet paid Rs 730 crore to Maran and his firm already. Out of this amount, Rs 580 crore is the principal amount, along with the interest component of Rs 150 crore.ALSO READ: Delhi HC sets aside order upholding arbitral award in favour of Kalanithi Maran and against SpiceJetHowever, after the Delhi HC's Division Bench ruled in favour of the company, it will now seek a refund of Rs 450 crore, the company said in a stock exchange filing."With the setting aside of the impugned order, SpiceJet is set to receive a refund of Rs 450 crore," the Ajay Singh-led company said."The appeal brought forth by SpiceJet and Ajay Singh challenged several critical issues related to the award of refund and the justification of interest in the case," SpiceJet added.Delhi HC's Division Bench bench comprising Justices Yashwant Varma and Ravinder Dudeja on May 17 allowed the appeals filed by SpiceJet challenging the single judge's July 31, 2023 order. The matter was remanded back to the concerned court to consider the petitions challenging the arbitral award again.

The initial public offer (IPO) of Awfis Space Solutions has opened for subscription today and will close on May 24. The IPO includes a fresh share sale of Rs 128 crore and an offer-for-sale (OFS) of up to 1.22 crore shares.Promoter Peak XV Partners V and other shareholders Bisque and Link Investment Trust are participating in the OFS.Ahead of the issue launch, Awfis Space Solutions has mobilised over Rs 268 crore from anchor investors. Marquee names that subscribed to the IPO include Goldman Sachs, EastBridge Capital Master Fund, HDFC Mutual Fund (MF), ICICI Prudential MF among others.The company said it plans to utilise the net proceeds from the fresh issue of shares for expansion and establishing new centres, working capital requirements and general corporate purposes.Awfis Space Solutions IPO previewMost analysts assigned a subscribe rating to this IPO as the company is a leader in a large and growing marketplace. It has diverse space sourcing and demand strategies."The issue is available at reasonable valuations on an absolute basis. Considering the FY24 annualized EBITDA of 2,377 million on a post issue basis, the company is going to list at a EV/EBITDA of 11.25x with a market cap of Rs 2658 crore. Hence, we advise investors to subscribe to the issue," said Marwadi Financial Services.Awfis Space Solutions IPO price bandThe company has fixed a price band of Rs 364-383 per share, where investors can bid for 39 shares in one lot. At the upper end, the company plans to raise around Rs 599 crore and is valued at Rs 2,659 crore.About 75% in the IPO is reserved for qualified institutional bidders (QIBs), while 15% is reserved for non-institutional investors and the remaining 10% for retail investors.Awfis Space Solutions GMPAhead of the issue opening, the company's shares are trading with a premium of Rs 165 in the unlisted market.Other DetailsAwfis is the largest flexible workspace solutions company in India as on December 2023, based on total number of centers.The company provides a wide spectrum of flexible workspace solutions ranging from individual flexible desk needs to customized office spaces for start-ups, small and medium enterprises as well as for large corporations and multinational corporations.Its operating revenue for the nine months ended December 2023 came in at Rs 616 crore. For FY23, the company’s operating revenue had more than doubled from FY22 at Rs 545 crore.Awfis, however, continues to incur losses. For the April-December 2023 period, the company reported a loss after tax of Rs 18.9 crore. For FY23, its net loss came in at Rs 46.6 crore, compared with Rs 57.3 crore in FY22.ICICI Securities, Axis Capital, IIFL Securities, Emkay Global Financial Services are the book running lead managers to the issue.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)