HONG KONG, June 22 /PRNewswire-Asia-FirstCall/ -- The India Capital Fund (ICF), a long-term absolute return fund, returned 44.8% in May, net of all fees, vs. a gain of 36.5% in dollar terms for India's Sensex index. ICF has gained 61.4% YTD, vs 56.6% for the USD Sensex.

India Capital Management (ICM), sole advisor to India Capital Fund, is among the longest standing investment managers in India. Its investors are primarily university endowments, foundations and high-net worth investors. The ICF invests in a long-term concentrated research driven portfolio of stocks. ICM's other funds, India Capital Opportunities 1 (ICO1) and India Institutional Fund (IIF) returned 51.6% and 69.1% respectively in May.

ICF was almost fully invested ahead of the Indian election results, announced on Saturday, May 16th, which was followed by a 17% rise on the Indian market on Monday, May 18th in less than two minutes of trading. "Everyone who invests in India suddenly had to get more invested," said a spokesperson for India Capital Management. "Whatever happens next in the market, it is clear that there is for the first time in 18 years an Indian government that wants to reform and liberalize and, now, has the ability to do it. The long-term impact will be very positive."

    For further details please contact:

     India Capital Management Ltd
     IFS Court, 28 Cybercity, Ebene, Mauritius
     Tel:   +230-467-3000
     Fax:   +230-467-4000
     Email: ifs@ifsmauritius.com or scott@indiacapmgt.com

SOURCE India Capital Management Ltd

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