Penserra Capital Management LLC Takes Position in The India Fund, Inc. (NYSE:IFN)

Penserra Capital Management LLC bought a new position in shares of The India Fund, Inc. (NYSE:IFN) during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund bought 252,059 shares of the investment management company’s stock, valued at approximately $4,794,000. Penserra Capital Management LLC owned about 0.81% of The India Fund at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in IFN. International Assets Investment Management LLC grew its position in shares of The India Fund by 1,850.8% in the 3rd quarter. International Assets Investment Management LLC now owns 40,811 shares of the investment management company’s stock valued at $7,760,000 after acquiring an additional 38,719 shares during the period. Quarry LP acquired a new stake in The India Fund in the 2nd quarter valued at about $619,000. Concurrent Investment Advisors LLC acquired a new stake in The India Fund in the 3rd quarter valued at about $881,000. Sea Otter Advisors LLC bought a new position in The India Fund during the second quarter worth about $1,179,000. Finally, Raymond James & Associates increased its position in The India Fund by 168.3% during the second quarter. Raymond James & Associates now owns 349,100 shares of the investment management company’s stock worth $6,235,000 after buying an additional 218,980 shares during the last quarter. 10.76% of the stock is owned by institutional investors.

The India Fund Stock Performance

NYSE:IFN opened at $17.10 on Monday. The India Fund, Inc. has a 12-month low of $16.62 and a 12-month high of $21.25. The stock’s 50 day moving average price is $18.20 and its two-hundred day moving average price is $18.07.

The India Fund Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, January 10th. Shareholders of record on Thursday, November 21st will be issued a dividend of $0.93 per share. This is an increase from The India Fund’s previous quarterly dividend of $0.49. The ex-dividend date is Thursday, November 21st. This represents a $3.72 annualized dividend and a yield of 21.75%.

About The India Fund

The India Fund, Inc is a close ended equity mutual fund launched and managed by Aberdeen Standard Investments (Asia) Limited. The fund invests in public equity markets of India. It seeks to invest in stocks of small-cap, mid-cap, and large-cap companies. The fund employs a quantitative and fundamental analysis with a bottom-up stock picking and asset allocation approach to create its portfolio.