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Top-Performing India Hedge Fund Says Stocks Have Risen Too Fast

  • True Beacon One outperformed Nifty 50 Index by 29% this year
  • Markets have run up ahead of fundamentals, Kamath says

A top-performing Indian hedge fund that was bold enough to load up local shares in the depth of the March selloff is now turning cautious on the country’s stock market after a stellar rebound.

True Beacon One, which manages about 3 billion rupees ($40 million) of Indian equities, has trimmed its bullish bets on stocks and is keeping 80% of its investments hedged, according to Nikhil Kamath, the co-founder and chief investment officer of the fund. The one-year-old fund has outperformed the NSE Nifty 50 Index by 29% this year, making it one of the best performers among local peers, data provided by the asset manager show.