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‘GARP' is back in style in India. In tandem, GLIN has outshone its factor ETF peers this year. Rebalancing uncertainties aside, GLIN remains poised for outperformance.
By Angus Shillington, Deputy Portfolio Manager, Emerging Markets Equity Angus Shillington recently sat down with Barron's to discuss why infrastructure is key to Prime Minister Modi's ambitions to make India a global manufacturing center. India is making significant strides in expanding its infrastructure with a focus on building more roads and railroads.
Indian equities have continued their march higher this year. The recent election result isn't ideal but shouldn't derail the structural trend either. GARP-oriented GLIN is a worthy consideration in the face of post-election uncertainties.
Registered investment advisors are likely hearing plenty about the performance of India stocks and related ETFs. That stands to reason because over the past three years, the MSCI India Index nearly kept pace with the S&P 500 while crushing the MSCI Emerging Markets Index.
The MSCI India Index has been higher by 33.4% over the past three years. And some of the relevant exchange traded funds have performed even better than that.
It's been widely documented that Indian stocks have been the stars among large emerging markets for some time now. Over the past three years, the MSCI India Index returned 33% while the MSCI Emerging Markets Index slumped 15.5%.
India's stock market has been a standout performer in recent times. The winning trend can continue in the coming months on the election hopes.
Though they've retreated a bit in recent days, India stocks and related ETFs are off to strong starts in 2024. The MSCI Emerging Markets Index is saddled with a year-to-date loss.
India's long-term growth prospects remain promising, due to favorable demographic trends and ongoing economic reforms, However, concerns over stretched valuations persist.
VanEck India Growth Leaders ETF (GLIN) provides exposure to 80 Indian companies with favorable fundamental traits. India's growth landscape continues to surprise to the upside and post elections in May, infrastructure spending will likely ramp up. We close with some thoughts on why GLIN isn't the most suitable vehicle to gain exposure to India.