India Capital Fund Announces Record Investment Gains of +44.8% for May

    HONG KONG, June 22 /CNW/ -- 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: or


For further information:

For further information: India Capital Management Ltd, +230-467-3000,
fax, +230-467-4000, or

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