Fund Evaluator:
Kotak India Equity Fund Class I (INDIX)
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Best Performing in India Equity Over the Last Year
| -8.0% | Matthews India Investor (MINDX) |
| -11.1% | Wasatch Emerging India Investor (WAINX) |
| -13.9% | Kotak India Equity Fund Class I (INDIX) |
| -14.2% | Kotak India Equity Fund Class Investor (INDAX) |
| -15.6% | Q India Equity Investor (QINRX) |
Fund Details
Kotak India Equity Fund Class I Overview
Kotak India Equity Fund Class I (INDIX) is an actively managed International Equity India Equity fund. ALPS launched the fund in 2011.
The investment seeks to achieve long-term capital appreciation. Under normal circumstances, the fund will invest at least 80% of its net assets, plus any borrowings for investment purposes, in equity and equity-linked securities of “Indian companies.” Equity securities in which the fund can invest may include common stocks, preferred stocks, convertible securities, rights and warrants to buy common stocks. The Advisor intends to invest in companies of all capitalization sizes.
About Kotak India Equity Fund Class I (INDIX)
There are 1 members of the management team with an average tenure of 2.76 years: Amit Jain (2023). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: MSCI India NR USD index with a weighting of 100% and Morningstar India NR USD index with a weighting of 100%. Kotak India Equity Fund Class I has 41 securities in its portfolio. The top 10 holdings constitute 43.2% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Kotak India Equity Fund Class I is part of the Equity global asset class and is within the International Equity fund group. Kotak India Equity Fund Class I has 93.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 5.7%. There is 93.6% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Kotak India Equity Fund Class I has 0.6% of the portfolio in cash.
Assets Under Management
The fund has $25 million in total assets, which is below the $65 million average for the India Equity category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
INDIX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Kotak India Equity Fund Class I expense ratio is high compared to funds in the India Equity category. Kotak India Equity Fund Class I has an expense ratio of 0.93%, which is 27% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Kotak India Equity Fund Class I has a portfolio turnover rate of 53%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 34% for the India Equity category.
Recently, in the month of June 2026, Kotak India Equity Fund Class I returned 2.1%, which earned it a grade of C, as the India Equity category had an average return of 3.6%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Kotak India Equity Fund Class I has a trailing yield of 4.58%, which is above the 1.43% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Kotak India Equity Fund Class I Grades
Year to date, the fund has returned -11.1%, 3.4 percentage points worse than the category, which translates into a grade of D. The fund has returned -13.9% over the past year (grade of C), 3.4% over the past three years (grade of D) and 2.9% per year over the past five years (grade of D) and 7.3% per year over the past 10 years (grade of B).
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INDIX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| INDIX Return (NAV) | 2.1% | 6.1% | -13.9% | 3.4% | 2.9% | 7.3% |
| INDIX Grade | C | F | C | D | D | B |
| +/- Category | -1.5% | -4.8% | -1.9% | -1.0% | -0.3% | -0.1% |
| India Equity Avg | 3.6% | 10.9% | -12.0% | 4.4% | 3.2% | 7.4% |
| INDIX Tax Cost Ratio | na | na | 1.9% | 2.0% | 1.6% | 1.1% |
INDIX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| INDIX Return (NAV) | -11.1% | 2.4% | 11.3% | 17.2% | -12.4% | 26.8% | 14.6% | 8.6% | -12.2% | 40.2% | 4.3% |
| INDIX Grade | D | A | C | C | B | B | C | C | D | C | A |
| +/- Category | -3.4% | 2.8% | -2.1% | 0.5% | 4.6% | 0.5% | -0.5% | 0.4% | -1.3% | -2.4% | 2.2% |
| India Equity Avg | -7.7% | -0.4% | 13.3% | 16.7% | -16.9% | 26.3% | 15.1% | 8.2% | -10.8% | 42.6% | 2.2% |
| Risk Measures | |
| Standard Deviation: | 13.4% |
| Total Risk Index: | 1.10 - Above Average |
| Category Risk Index: | 0.88 - Low |
| Category Risk Grade: | A (13% Rank) |
| Beta: | 0.47 |
| R-Squared: | 25% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 4.6% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $224 Mil |
| Fund Total Assets: | $ 25 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 53% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 2.8 years | |||
| Average Tenure: 2.8 years | |||
| Managers (Year): Jain Amit (2023) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 41 |
| % in Top 10 Holdings: | 43.2% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 93.6% |
Portfolio Allocation |
|
| Domestic Stock: | 5.7% |
| Foreign Stock: | 93.6% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.6% |
Purchase Information
| Fund Family: | ALPS |
| Phone Number: | 866-759-5679 |
| Website: | www.alpsfunds.com |
| Status: | Open |
| Inception Date: | February 14, 2011 |
| Min. Initial Purchase: | $100,000 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 2.00% |
| 12b-1 Fee: | 0.00% |
Expenses and Fees | |
| Expense Ratio (%): | 0.93% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.28% |
| Share Class: | Kotak India Equity Fund Class I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
