Non IT global funds deliver positive returns
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After putting up a stellar show in 2019-2021, domestic mutual funds that invest in international equities took a back foot over the last one year due to fear of recession in key global markets including the US. Funds investing mainly in US IT stocks were hit hard and saw value erosion of upto 40 percent. While global funds across segments took a beating, few funds managed to deliver positive returns in the past year. Funds that had almost nil exposure to US IT stocks, having higher allocation to the agriculture, gold and copper commodity stocks performed better and delivered positive returns.
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