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Clear out junk files and repair common Windows errorsFree Scan →Scan for outdated or missing drivers - takes under a minuteDriver Scan →To check an Indian mutual fund’s foreign exposure, use two documents together: the scheme’s latest dated portfolio disclosure for what it actually held, and its Scheme Information Document (SID) or offer document for what it is allowed and intended to hold. Add the disclosed foreign securities, overseas exchange-traded funds (ETFs) and foreign funds using the same reporting date and divide by total scheme assets to estimate the allocation. Then trace any pooled vehicle to its own holdings, list the currencies represented, and look for explicit hedging or currency-derivative disclosures. An overseas allocation percentage alone cannot tell you the fund’s net currency exposure.
Start with the right distinction: mandate versus actual portfolio
A mutual fund’s offer document describes its investment objective, permitted instruments, overseas-investment intention, risk factors and limits. Those are boundaries and permissions, not a statement of the current portfolio. The latest portfolio disclosure is a dated snapshot of the securities and values the scheme reported on that date. Holdings and weights can change after the reporting date.
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| Document | What it answers | What it cannot answer by itself |
|---|---|---|
| Latest portfolio disclosure | Which foreign securities, overseas ETFs or other funds the scheme held, and their reported values or weights on a stated date | What the scheme is permitted to buy in the future, or its current position after the reporting date |
| SID or offer document | The investment objective, permitted instruments, stated overseas-investment intention, exposure limits and foreign-investment risks | The scheme’s actual allocation today |
| Underlying vehicle’s disclosure | Companies, countries and sectors held by an overseas ETF or foreign fund, when look-through data is published | Information that the vehicle does not disclose, or the scheme’s own hedge position |
| Consolidated Account Statement (CAS) | Your account-level transactions and holdings across mutual funds and other securities held in demat accounts | The scheme’s underlying foreign-securities portfolio |
SEBI’s overseas-investment guidance treats foreign securities and overseas ETFs as disclosure categories. It also calls for overseas investments to be shown in half-yearly portfolio reporting under a separate “Foreign Securities” heading, with later guidance referring to “Foreign Securities/overseas ETFs.” These disclosure concepts are useful for locating information, but an older circular’s numerical limit should not be treated as a current universal limit.
Step 1: identify the exact scheme and the newest dated portfolio
- Use the asset-management company’s official scheme page. Confirm the exact scheme name, plan and option. A direct plan and a regular plan normally invest in the same portfolio, but you should still verify that the document belongs to the scheme and plan you own.
- Download the most recent portfolio file. Record the portfolio’s “as of” date, not merely the file-download date. If a monthly and half-yearly file are both available, use the newest file that clearly lists the holdings and values.
- Check whether the disclosure is complete. Look for a holdings table, total net assets (or total scheme assets), security names, country or exchange information, units, market value and portfolio percentage. Note any statement that values are unaudited, estimated or unavailable.
- Save the document. A portfolio is historical evidence. Keeping the file and its reporting date lets you reproduce your calculation when the next disclosure arrives.
Do not substitute a factsheet with no security-level table when your question is about underlying holdings. A factsheet can be a useful starting point, but the dated portfolio is the document that supports a holding-by-holding calculation.
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Step 2: read the SID for the permitted range and risk language
Search the SID or offer document for “overseas,” “foreign securities,” “international,” “global,” “foreign currency,” “ETF,” “derivatives,” and “hedging.” Read the investment objective and the sections describing eligible instruments, geographic exposure, limits and risks.
Record the mandate in a worksheet
- The maximum or target overseas exposure stated for the scheme, with the document’s date and wording.
- Whether the scheme may buy individual foreign securities, overseas ETFs, units of another fund, American depositary receipts, global index instruments or derivatives.
- Whether the scheme describes a dedicated overseas fund manager or a feeder structure.
- Risks named by the document, such as exchange-rate movement, foreign-market settlement, political or regulatory change, liquidity and taxation.
- Any language on currency forwards, futures, options or other derivatives used to hedge or manage foreign-currency risk.
Write the limit exactly as a permission or ceiling. For example, “the SID permits up to X” is not equivalent to “the scheme currently holds X.” If the document is old, check whether a later addendum or revised SID changes the wording.
Step 3: extract the actual overseas positions
In the portfolio table, start with the section titled “Foreign Securities” or “Foreign Securities/overseas ETFs.” Also inspect sections for units of overseas funds, global ETFs, cash in foreign-currency accounts and derivative positions. A foreign issuer listed in India and a security listed on an overseas exchange may be presented differently, so read the security description rather than relying only on the exchange column.
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Classify each line item
| Category | What to record | Why it matters |
|---|---|---|
| Direct foreign security | Issuer, security type, country or market, currency, market value and portfolio percentage | Provides the clearest link between the scheme and the foreign company or government |
| Overseas ETF | ETF name, domicile or market when stated, currency, value and portfolio percentage | The ETF is the scheme’s reported holding; its own portfolio is needed for company-level look-through |
| Other overseas fund | Fund name, manager or vehicle type when stated, value and percentage | Underlying countries and issuers depend on the vehicle’s disclosure |
| Foreign-currency cash or receivable | Currency, amount and whether it is included in total assets | Cash can affect currency exposure even when it is not an equity holding |
| Currency derivative | Instrument, notional or market value if reported, currency pair and stated purpose | May offset or alter the currency risk of securities, but notional value is not automatically a net hedge ratio |
Keep direct securities separate from pooled vehicles. Combining them into one number can hide whether the fund owns companies itself or obtains exposure through another fund.
Step 4: calculate the disclosed overseas allocation
If the portfolio gives values, add the foreign holdings that belong in your definition of overseas exposure and divide that sum by total scheme assets for the same reporting date:
Estimated disclosed overseas allocation = (sum of reported overseas holdings ÷ total scheme assets) × 100
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This is a practical calculation from the portfolio’s reported figures, not a regulator-prescribed formula. State your inclusion rule. For example, say whether you included overseas ETFs, foreign funds, foreign-currency cash and derivatives, and whether you excluded domestic securities that merely earn revenue abroad.
Use one denominator and one date
- Use the total scheme assets reported for the portfolio’s “as of” date.
- Do not divide a month-end foreign-holdings value by a different month’s assets.
- Do not add portfolio percentages that use different denominators or dates.
- If the portfolio provides only percentages, report the disclosed percentages and explain that you could not independently recompute them.
- If a line item has no value, mark it as not stated rather than assigning zero.
Illustration only: if a portfolio reports foreign holdings worth 18 units and total scheme assets of 100 units on the same date, the arithmetic estimate is 18%. That example does not describe any particular scheme.
Step 5: look through ETFs and other pooled vehicles
A scheme that owns an overseas ETF may show only the ETF’s name and value. To identify the companies, sectors and countries beneath it, obtain the ETF or underlying fund’s own holdings disclosure for a date close to the scheme’s portfolio date.
- Copy the exact vehicle name and identifier from the scheme portfolio.
- Find the vehicle issuer’s official holdings file, factsheet or regulatory report.
- Record the vehicle’s reporting date, total assets and top holdings.
- Map the underlying companies, countries and currencies to the percentage of the vehicle represented by each.
- Multiply the scheme’s value in the vehicle by each underlying weight if you need an approximate look-through amount.
- Label the result as an estimate and align the dates; the vehicle may have traded between its report and the scheme’s report.
SEBI’s cited guidance requires disclosure of foreign securities and overseas ETFs, but it does not guarantee that every scheme publishes complete look-through data for every third-party vehicle. If the vehicle’s underlying holdings are unavailable, say “look-through data not available in the reviewed disclosures” and stop there. Do not infer constituents from an index name alone.
Prevent double counting
Do not add an ETF’s underlying companies to the scheme’s direct holdings as additional scheme assets. The ETF is the scheme-level position; the companies are a decomposition of that same position. If the scheme also owns one of those companies directly, show the direct position and the look-through portion separately before adding them to estimate total economic exposure.
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One free scan finds every outdated or missing driver and matches the right update for your exact hardware.Free scan · exact hardware matchStep 6: map countries, regions and issuers
Country exposure is not always the same as the company’s headquarters. Use the classification supplied by the portfolio or underlying vehicle and state the basis: domicile, primary listing, country of incorporation or index classification. If the document does not specify a basis, do not present your own classification as an official one.
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Build a country-and-issuer table
| Field | Direct holding | Look-through holding |
|---|---|---|
| Issuer or company | Name shown in the scheme portfolio | Name shown in the ETF or fund’s holdings file |
| Country or region | Use the scheme’s stated classification | Use the underlying vehicle’s stated classification |
| Currency | Security or settlement currency, if disclosed | Underlying security currency, not merely the ETF trading currency |
| Weight | Scheme portfolio percentage | Vehicle weight multiplied by the scheme’s vehicle allocation, clearly labelled as estimated |
| Date | Scheme portfolio “as of” date | Underlying vehicle’s holdings date |
This table helps distinguish a genuinely diversified global allocation from one concentrated in a single country, sector or mega-cap group. It also exposes date mismatches that can make look-through percentages appear more precise than they are.
Step 7: identify the currencies represented
Currency analysis has three separate layers:
- Security currency: the currency in which a share, bond or other instrument is denominated.
- Trading or settlement currency: the currency in which an ETF or security is bought and sold on a particular exchange.
- Economic exposure: the currency movements that affect the value of the underlying assets and the fund’s net asset value.
An ETF can trade in one currency while holding securities denominated in several others. Therefore, the currency printed beside the ETF’s exchange listing is not, by itself, the scheme’s net currency exposure.
Where to look for currency information
- Check the scheme portfolio for a currency column, foreign-currency amount or exchange listing.
- Read the ETF or underlying fund’s factsheet for base currency, share-class currency and the currencies of its holdings.
- Search the SID, annual or half-yearly report and portfolio notes for “hedged,” “unhedged,” “forward,” “future,” “option,” “currency derivative” and “foreign-currency account.”
- Check whether the document describes a policy, an instrument that was actually held, or only a power to use derivatives.
A SEBI-hosted scheme information document describes currency derivatives as possible hedging tools, subject to applicable approvals and conditions. That example establishes that such instruments can be part of a scheme’s stated toolkit; it does not establish the hedge status of another scheme or a universal net-exposure figure.
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To estimate net currency exposure, you would need, at minimum, the currency split of the underlying assets and the size, direction, maturity and currency pair of hedging instruments. Many retail disclosures do not provide all of those fields in one place.
Use a three-level conclusion
| Evidence available | Defensible wording |
|---|---|
| The portfolio lists currency derivatives with sufficient notional and direction, and the underlying currency mix is available for a comparable date | “The disclosures permit an estimate of gross currency exposure and the disclosed hedge position; the result remains date-specific.” |
| The SID permits hedging or derivatives, but the latest portfolio does not show a position or hedge ratio | “The scheme may use the stated instruments, but the latest documents do not establish whether it was hedged on the portfolio date.” |
| Only the overseas allocation or ETF trading currency is shown | “Net currency exposure cannot be calculated from the available disclosure.” |
Never call a scheme fully hedged because it owns a hedged ETF, unless the vehicle’s documentation clearly identifies the share class and hedge methodology. Conversely, do not call it unhedged merely because no hedge appears in a short factsheet; verify the detailed portfolio and reports first.
How to compare two funds fairly
Comparison is meaningful only when the dates and definitions match. Use a worksheet with these columns:
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| Comparison axis | Fund A | Fund B |
|---|---|---|
| Portfolio “as of” date | Record exact date | Record exact date |
| Actual disclosed overseas allocation | Portfolio-derived percentage and inclusion rule | Portfolio-derived percentage and inclusion rule |
| Permitted limit or target | SID wording and document date | SID wording and document date |
| Direct foreign securities | Names, countries and weights | Names, countries and weights |
| Exposure through ETFs or other funds | Vehicle names and values | Vehicle names and values |
| Underlying issuers | Shown, estimated or unavailable | Shown, estimated or unavailable |
| Currencies represented | Security and underlying currencies where stated | Security and underlying currencies where stated |
| Hedging disclosure | Policy, actual instrument or not stated | Policy, actual instrument or not stated |
| Disclosure quality | Age, missing fields and date alignment | Age, missing fields and date alignment |
A fund with a smaller reported overseas percentage may still have substantial currency sensitivity if its holdings are concentrated in one currency and unhedged. A fund with a larger percentage may have broader currency diversification or a disclosed hedge. The documents, not the headline allocation, determine which conclusion is supportable.
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Common mistakes and how to correct them
Confusing a permitted maximum with a holding
Mistake: Treating the SID’s ceiling as the current allocation.
Correction: Quote the limit from the SID and calculate actual exposure from the latest portfolio as separate fields.
Ignoring the portfolio date
Mistake: Presenting a dated snapshot as today’s position.
Correction: Put the “as of” date beside every allocation and weight, and update the calculation when a newer portfolio is published.
Using an ETF’s trading currency as total currency risk
Mistake: Assuming an ETF traded in a particular currency gives exclusive exposure to that currency.
Correction: inspect the ETF’s underlying holdings and any hedged or unhedged share-class designation.
Assuming no look-through means no exposure
Mistake: Omitting an overseas ETF because its constituents are not listed in the scheme portfolio.
Correction: Count the ETF as the scheme-level foreign holding and mark the underlying issuer breakdown as unavailable if the vehicle does not publish it.
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Relying on CAS for security-level analysis
Mistake: Searching the Consolidated Account Statement for foreign companies and currencies.
Correction: Use CAS to confirm your account-level units and transactions; use the scheme portfolio and related fund disclosures for underlying securities.
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Inferring a hedge from permission alone
Mistake: Turning “may use currency derivatives” in the SID into “is hedged.”
Correction: Look for an actual derivative position, hedge description or vehicle-level hedging policy. If it is absent, report that the net exposure is not established.
Adding incompatible numbers
Mistake: Combining a foreign-holdings value from one month with total assets from another, or adding look-through weights to the ETF itself.
Correction: align dates and denominators, and treat look-through figures as a decomposition rather than extra assets.
When the disclosure is insufficient
It is legitimate to finish the review with an uncertainty statement. A useful statement identifies exactly what is known and what is missing:
- “The latest portfolio, dated [date], reports foreign securities and overseas ETFs equal to [reported or calculated amount] of total assets using the stated denominator.”
- “The scheme’s SID permits or describes [instrument or limit], but that permission does not show the current position.”
- “The overseas ETF’s underlying holdings were [available/not available] for a comparable date.”
- “The documents list [currencies or trading currency], but they do not provide enough information to calculate net currency exposure or a hedge ratio.”
Do not replace missing information with a guess, an old circular’s number or an assumption that all foreign assets move together. SEBI’s investor-education materials include mutual-fund learning resources for beginner, intermediate and advanced readers, but current scheme-specific portfolio documents remain the evidence for a particular allocation.
A repeatable review checklist
- Exact scheme, plan and option confirmed.
- Latest portfolio downloaded and “as of” date recorded.
- Foreign Securities/overseas ETFs section located.
- Direct securities, ETFs, other funds, cash and derivatives classified separately.
- Total assets and overseas values use the same date and denominator.
- Calculation rule written beside the percentage.
- ETF or fund look-through checked, with unavailable data labelled.
- Countries, regions, issuers and security currencies recorded from the documents.
- Trading currency distinguished from underlying currency.
- Hedging language separated into permission, policy and actual position.
- CAS used only for account-level confirmation.
- Every conclusion qualified by disclosure date and completeness.
What a sound conclusion looks like
A defensible review can state the scheme’s actual disclosed overseas allocation, the permitted range in its SID, the direct and pooled routes used to obtain exposure, the countries and issuers identified through available look-through data, and the currencies shown in the documents. It should also state when dates do not align or when the documents do not reveal a net hedge position. That level of precision is more useful than labelling a fund simply “international,” “hedged” or “unhedged.”
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