FoF Overseas Mutual Funds in India
Updated June 2026 · 31 active funds · data from AMFI NAVs
An overseas Fund of Funds invests Indian investors' money into foreign markets, typically by holding units of an international ETF or fund that tracks a global index such as the Nasdaq 100, S&P 500, or a broad world or emerging-market index. Under SEBI's framework these are FoFs that route capital abroad, and the industry operates within RBI/SEBI overseas investment limits - which is why some international FoFs periodically pause fresh inflows when industry-wide caps are reached. What the fund holds is foreign equities (or occasionally foreign bonds) via the underlying scheme, so it carries full equity-market risk of that geography plus an extra factor most domestic funds lack: currency risk. Returns to an Indian investor depend both on the foreign index's performance and on the rupee's movement against the underlying currency (usually the US dollar), since the fund's NAV is reported in INR. These funds are used to diversify beyond Indian markets and gain exposure to global technology or developed-market giants. The default benchmark on FindMF is the relevant foreign index expressed in INR (e.g. Nasdaq 100 or S&P 500 in rupee terms), and FindMF computes returns, volatility, and drawdown from AMFI-published NAVs under one disclosed methodology; benchmark-relative metrics appear only where that index series is available in our feed.
Who it suits: Investors seeking geographic diversification into global markets who accept added currency risk and possible inflow restrictions.
22% of the 27 funds here with a computed alpha beat their benchmark over the measured window (positive alpha). Past performance is not indicative; this is analysis, not advice.
| # | Scheme | 1Y | 3Y | 5Y | Sharpe | Max DD | TER | AUM |
|---|---|---|---|---|---|---|---|---|
| 1 | Mirae Asset Global X Artificial Intelligence & Technology ETF Fund of Fund Mirae Asset | +69.79% | +39.98% | - | 1.50 | -27.2% | 0.14% | ₹378 Cr |
| 2 | HSBC Global Emerging Market Fund HSBC | +63.87% | +27.78% | +11.41% | 0.36 | -29.9% | 1.41% | ₹135 Cr |
| 3 | DSP Global Innovation Overseas Equity Omni FoF DSP | +34.99% | +27.31% | - | 0.72 | -27.6% | 1.17% | ₹1.2K Cr |
| 4 | HSBC Global Emerging Markets Fund HSBC | +62.91% | +26.94% | +10.66% | 0.33 | -30.5% | 0.50% | ₹232 Cr |
| 5 | Kotak Global Emerging Market overseas Equity Omni FOF Kotak Mahindra | +58.64% | +26.31% | +11.12% | 0.35 | -29.0% | 1.76% | ₹656 Cr |
| 6 | DSP World Mining Overseas Equity Omni FoF DSP | +83.52% | +25.79% | +16.17% | 0.52 | -34.2% | 1.67% | ₹175 Cr |
| 7 | Invesco India - Invesco Global Consumer Trends Fund of Fund Invesco | +32.32% | +25.38% | +4.90% | 0.08 | -50.7% | 0.58% | ₹536 Cr |
| 8 | HDFC Developed World Overseas Equity Passive FOF HDFC | +34.99% | +25.18% | - | 0.70 | -19.6% | 0.21% | ₹1.5K Cr |
| 9 | Axis Global Innovation Fund of Fund Axis | +30.78% | +23.75% | +13.77% | 0.44 | -30.8% | 0.82% | ₹675 Cr |
| 10 | Invesco India - Invesco Global Equity Income Fund of Fund Invesco | +25.20% | +22.84% | +17.00% | 0.68 | -20.4% | 0.84% | ₹220 Cr |
| 11 | Axis Global Equity Alpha Fund of Fund Axis | +24.79% | +22.27% | +14.75% | 0.60 | -19.9% | 0.81% | ₹1.8K Cr |
| 12 | Kotak Global Innovation Overseas Equity Omni FOF Kotak Mahindra | +33.36% | +22.13% | - | 0.22 | -40.0% | 1.26% | ₹600 Cr |
| 13 | Aditya Birla Sun Life Global Excellence Equity Fund Of Fund - Retail Aditya Birla Sun Life | +26.08% | +21.66% | +14.86% | 0.53 | -28.9% | 0.68% | ₹202 Cr |
| 14 | PGIM India Global Equity Opportunities Fund of Fund PGIM India | +23.91% | +20.21% | +10.16% | 0.20 | -43.4% | 0.56% | ₹1.5K Cr |
| 15 | Mirae Asset Global Electric & Autonomous Vehicles Equity Passive FOF Mirae Asset | +82.24% | +19.92% | - | 0.68 | -30.4% | 0.24% | ₹63 Cr |
| 16 | Aditya Birla Sun Life Global Emerging Opportunities Fund Aditya Birla Sun Life | +23.41% | +19.42% | +11.20% | 0.37 | -22.5% | 0.61% | ₹255 Cr |
| 17 | ICICI Prudential Global Advantage Fund (FOF) ICICI Prudential | +28.53% | +18.54% | +9.28% | 0.23 | -27.1% | 0.59% | ₹384 Cr |
| 18 | DSP Global Clean Energy Overseas Equity Omni FoF DSP | +59.80% | +18.47% | +13.21% | 0.45 | -26.5% | 1.78% | ₹101 Cr |
| 19 | Sundaram Global Brand Theme - Equity Active FOF Sundaram | +24.78% | +18.32% | +12.37% | 0.46 | -24.2% | 1.37% | ₹155 Cr |
| 20 | PGIM India Global Select Real Estate Securities Fund of Fund PGIM India | +24.84% | +15.31% | - | 0.02 | -27.4% | 0.78% | ₹56 Cr |
Ranked by trailing return (3Y where available, else 1Y) on funds with at least one year of history. Returns, Sharpe, drawdown and TER are computed independently from AMFI NAVs - see methodology. No paid placement.
Frequently asked questions
How is an overseas FoF taxed in India?
Overseas FoFs invest abroad and therefore hold under 65% in Indian equity, so they are taxed as debt/non-equity funds. For units bought on or after 1 April 2023, the entire capital gain is taxed at your income-tax slab rate regardless of how long you hold, with no LTCG rate or indexation benefit. This applies even though the fund itself holds foreign equities. Plan for slab-rate taxation rather than the 12.5% equity LTCG rate.
What is a reasonable expense ratio, and how do I compare overseas FoFs?
Overseas FoFs add a domestic wrapper fee on top of the underlying foreign fund's cost, so the all-in cost is higher than a directly held domestic index fund. Compare the FoF expense ratio, the underlying fund tracked, and the index it follows. Two funds tracking the same foreign index (say S&P 500) are best compared on total cost and tracking consistency. FindMF shows the disclosed expense ratio and NAV-based INR returns.
How does currency affect my returns?
Your return has two parts: how the foreign index moves and how the rupee moves against the underlying currency, usually the US dollar. If the foreign market rises but the rupee strengthens against the dollar, your INR return is reduced; if the rupee weakens, it is boosted. This currency layer adds volatility that a domestic index fund does not have. FindMF's NAV-based returns already reflect the INR value, so currency effects are embedded in the figures shown.
Why might an overseas FoF stop accepting new money?
India has industry-wide regulatory limits on how much can be invested abroad. When the mutual fund industry collectively approaches those caps, AMCs sometimes suspend fresh purchases or SIPs into international funds until headroom reopens. This is a structural feature of overseas investing, not a fund-specific problem. Check whether a scheme is currently accepting inflows before planning an SIP.