India Capital Fund Announces Record Investment Gains of +44.8%…

HONG KONG, June 22 /PRNewswire-Asia-FirstCall-AsiaNet/ –

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.