Surefin India Value Fund was up 5.5% for the March quarter, capping its full-year return at 0.5% for the year ending on March 31. In the fund’s annual report dated Aug. 27, Portfolio Manager Amitabh Singhi described the performance as “unsatisfactory,” adding that their returns were “terrible when compared to the main indices.” The best main index was up 16.9% for the year, while the BSE mid-cap index in India is down 3% and the small-cap index is down 11.6%.
Since inception in May 2001 the hedge fund has returned 3861.4 compared to 977.6 for the Sensex, 910.2 for the NIFTY and only 253.1 for the S&P 500.
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