Canada's largest Indian-focused mutual fund is currently No.1
TORONTO, Nov. 27, 2014 /CNW/ - Excel Funds Management Inc. ("Excel Funds") is pleased to announce that the Excel India Fund is expected to maintain its industry leading performance as the Indian equity market climbs higher.
Established in 1998, the Excel India Fund is currently the largest and longest-running mutual fund in Canada, focused solely on investing in India. For the 1 year period ending October 31, 2014, the Fund is up 51.1% making it the best performing mutual fund in Canada, according to the GlobeFund and Morningstar Canada websites.
Falling inflation and lower interest rates have been accompanied by accelerating economic growth in India, which is on track to reach an annual rate of approximately 7% to 8%. According to Bhim D. Asdhir, President and Chief Executive Officer of Excel Funds, comprehensive reforms introduced by India's new majority government is a recipe for success. They will remove the barriers to growth, support massive infrastructural development, improve the legal, tax and regulatory systems, promote greater mobility of capital and encourage foreign and private investments.
India, the world's largest democracy, imports a majority of its oil requirements whose price reached a 4-year low following today's surprising OPEC announcement that it will maintain its production ceiling of 30 million barrels per day.
"We believe that Indian equities will continue to surge on the back declining inflation, and consequently lower interest rates, resulting from falling oil prices – potentially enhancing the performance of the Excel India Fund," says David Kunselman, Senior Portfolio Manager at Excel Investment Counsel Inc.
"Falling oil prices in particular, combined with a decline in the price of gold, another large Indian import, has resulted in consumer-price inflation falling to a 5 year low of 5.5% currently," says Kunselman. "This, according to analysts, could lead to a cut in interest rates as early as next Tuesday," he adds. He claims that "although Indian equities are rising, their valuations remain attractive, supported by an acceleration in corporate earnings."
The Excel India Fund is managed on-the-ground by Birla Sun Life Asset Management, one of the largest and most respected asset managers in India , who have first-hand knowledge and direct access to the companies in which they invest in.
About Excel Funds
Established in 1998, Excel Funds is a pioneer in investing in emerging markets in Canada, offering the widest selection of emerging markets funds to Canadian investors. Through its network of sub-advisors, Excel Funds has access to over 200 local portfolio managers and analysts around the world. Excel Funds on-the ground sub-advisors, proprietary asset allocation model and best-in-class portfolio managers contribute to the firm being recognized as "The Authority in Emerging Markets" in Canada.
Certain statements in this press release may be viewed as forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, intentions, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "is expected", "anticipates", "plans", "estimates" or "intends" (or negative or grammatical variations thereof), or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements including as a result of changes in the general economic and political environment, changes inapplicable legislation, and the performance of the mutual fund after completion of the merger. Actual events or results may differ materially from such forward-looking statements as a result of risks facing the mutual fund, most of which are beyond the control of the mutual fund. There are no assurances that the mutual fund can fulfill such forward-looking statements and the mutual fund does not undertake any obligation to update such statements.
SOURCE: Excel Funds Management Inc.
For further information: Media Contact: David Kunselman, Senior Portfolio Manager and Chief Compliance Officer, Excel Investment Counsel Inc., (905) 624-7730