Internet2k4

Lightening Up on the India Fund

Good on the author for his play on this. I picked IFN on this dip (small position) over IIF, despite an MER that would normally be enough to put me off, on the basis that IFN substantially outperformed IIF in the earlier runup and is clearly more actively managed (50% versus 30% turnover) in a mysterious and risky market, so arguably earning some of those fees. It seems to me premium to NAV can be earned, in some cases, although of course fund management can be overpriced in the market, too. As a holder, I like the rights offering for taking my acquisition cost down while I slowly dollar-cost-average into this murky water.