If there is one thing that can be said about the first half of 2025, it is the historical levels of global uncertainty and paradigm shifts occurring across the globe. The United States is no longer interested in being a fully open economy to everyone, and European policymakers are finally coming out of a period of underinvestment. Amidst all this change, Indian markets have remained resilient, backed by strong economic fundamentals.
The first part of the year started off on a volatile and aggressive note, where most Indian assets delivered negative returns. However, as we move forward, the robustness of the Indian economy combined with fiscal and monetary support ensured recovery of all the corrections and ended the first half of the year almost flat year to date. Nifty 500 TRI delivered 6.5% over the last 6 months, while our US Fund basket delivered 2.2% and Non-US Fund basket delivered 4.6% over the same period.
Although our mutual fund basket has lagged behind benchmarks over the past six months, we remain confident in India’s robust macroeconomic fundamentals. We believe these strengths will drive positive performance through the remainder of the year for our portfolio.
Amid this dynamic market environment, mutual fund industry veteran Ritesh Jain, in partnership with Eastern Financiers—one of India’s premier wealth management firms—launched NRIZEN.com. This platform is tailored specifically for Non-Resident Indian (NRI) investors, offering curated mutual fund portfolios crafted to navigate diverse market conditions and capitalize on macroeconomic trends.
A Strategy Rooted in Macro Themes
Ritesh Jain’s fund selection is informed by his deep macroeconomic insights, with a strong focus on high-growth themes such as:
- Rising nominal GDP
- Import substitution
- Growth in the manufacturing sector
- Expansion in electronics and alternative energy
Unlike conventional diversified equity mutual funds—often skewed toward India’s service sector—Ritesh Jain’s portfolios emphasize India’s manufacturing renaissance, aligning with the country's broader economic pivot.
NRIZEN offers two distinct fund baskets:
- One for NRIs based in the US and Canada
- Another for NRIs residing in other parts of the world
As of June 30, 2025, the US and Canada portfolio has delivered over 2.2% year-to-date (YTD) returns, and the portfolio constructed primarily for clients other than US and Canada delivered 4.6% returns.
Attached below is the absolute and risk-adjusted performance of our portfolio relative to the Nifty 500 TRI benchmark.
| Portfolio | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | 2024 total returns | 2025 YTD | Cumulative Perf. |
|---|---|---|---|---|---|---|---|---|---|
| US/Canada Basket | 4.9% | 13.6% | 9.3% | -6.9% | -7.3% | 10.2% | 21.3% | 2.2% | 24.0% |
| Non-American Basket | 9.7% | 13.6% | 5.8% | -8.6% | -5.1% | 10.3% | 31.8% | 4.6% | 26.0% |
| Nifty 500 TRI | 4.4% | 11.8% | 7.8% | -7.3% | -4.4% | 11.5% | 16.5% | 6.5% | 24.1% |
| Risk Metrics |
2024 | 2025 | ||
|---|---|---|---|---|
| Standard Deviation | Sharpe Ratio | Standard Deviation | Sharpe Ratio | |
| US Fund Basket | 10.3% | 1.4 | 21.0% | -0.2 |
| Non US Fund Basket | 12.2% | 2.0 | 19.4% | 0.0 |
| NIFTY 500 TRI | 14.1% | 0.7 | 19.5% | 0.1 |
Outlook: Long-Term Confidence Amid Short-Term Noise
While markets may face short-term uncertainties, we see this as a reset that sets the stage for a fresh rally, underpinned by strong economic fundamentals and supportive policy measures. We believe our mutual fund allocation is well-positioned to identify tomorrow’s leaders, particularly as India’s manufacturing growth story unfolds over the next 7 to 10 years.
We believe our basket of mutual funds is strategically focused on sectors best positioned to benefit from policy-driven initiatives aimed at enhancing self-reliance and expanding domestic manufacturing capacity with energy independence—key themes in an economy witnessing rising per capita income and declining poverty levels.
Whether you're an NRI, OCI holder, or even a resident Indian investor looking for macro-aligned opportunities, you can explore and invest in these top-performing portfolios through NRIZEN.com.
