GIFT City Funds Returns and Performance: How to Check and Compare

By Anup Vatyani, AMFI-registered Mutual Fund Distributor (ARN 106715)
Last reviewed October 2026

The short answer. GIFT City funds do not have one "return". Each fund's performance depends on what it holds, its costs and, for a US Dollar fund investing in India, how the rupee moves against the dollar. Most of these funds are new, so this page does not list returns or rank funds. Instead it shows you where to find the numbers and how to read them properly.

Where to find a fund's performance

NAV history: on the fund house's GIFT City page. Links to each fund house are in the GIFT City fund list.
Monthly factsheet: returns over set periods, against a benchmark, plus holdings and costs.
Offer document: fees, exit loads, the benchmark and the currency.
For a feeder fund: also check the underlying Indian fund it invests in, which usually has a much longer record. See feeder funds.

Why the rupee changes your return

An inbound GIFT City fund is held in US Dollars but invests in India. Your dollar return is the Indian return adjusted for what the rupee did against the dollar. A simple illustration, not any fund's actual result:

Illustration: Indian portfolio up 10% in rupees

Rupee steady10.0% in USD
Rupee falls 3% against USD6.7% in USD
Rupee rises 3% against USD13.3% in USD

Dollar return = (1 + rupee return) × (1 + change in rupee's value against the dollar) − 1. Hypothetical figures, before costs.

What else affects the number you get

Factors that affect GIFT City fund returns
Factor	Why it matters
Costs	A feeder fund adds its own fee on top of the underlying fund's fee.
Currency	The rupee–dollar movement, as above.
Timing	Units are allotted at the NAV when your money arrives; transfers take days.
Tax	In India and in your country of residence. See taxation.
TCS (residents)	Not a cost if you claim it back, but it ties up cash. See the TCS calculator.

How to review a GIFT City fund fairly

1
Same currency
Compare USD with USD
2
Same period
And at least a few years if available
3
Against its benchmark
Not against a different market
4
After all costs
Including feeder layers
5
After your tax
Where you live

Five checks before you compare any two funds.

Red flags

Returns quoted for a period shorter than a year, or without a benchmark.
A rupee return presented as if it were a dollar return.
Anyone promising or guaranteeing returns. Mutual fund investments are subject to market risks.

Common questions

What returns do GIFT City funds give?

There is no single figure. Each fund's return depends on what it holds, its costs and, for a US Dollar fund investing in India, how the rupee moves against the dollar. Most GIFT City funds are new, so their track records are short. Check each fund's latest factsheet on the fund house's website.

Where can I check a GIFT City fund's performance?

On the fund house's own website: the NAV history, monthly factsheet and offer document. For a feeder fund, also look at the underlying Indian fund it invests in, which usually has a longer history.

Why doesn't this site show GIFT City fund returns or rankings?

Short histories in a new market can mislead, and returns shown without context are not a sound basis for a decision. This site is educational and does not rank funds. It explains how to read performance so you can judge it yourself.

Do GIFT City funds give better returns than Indian mutual funds?

Not necessarily. A feeder fund holding the same Indian portfolio has extra costs and currency effects, so in rupee terms it will usually trail the underlying fund slightly. Its purpose is holding the investment in dollars, not higher returns.

How does the rupee affect GIFT City fund returns?

For a US Dollar fund investing in India, a weaker rupee reduces the dollar return and a stronger rupee adds to it. For a fund investing abroad, a resident Indian gains from a weaker rupee when converting back.

Official sources

Rules change. Check the current position with the authority that sets it.

IFSCA Directory of regulated entities — Check that a Fund Management Entity is registered.
IFSCA — International Financial Services Centres Authority — The regulator for all financial services in GIFT IFSC.
AMFI — Association of Mutual Funds in India — Verify a Mutual Fund Distributor's ARN.

Have a question about how this works?

Anup Vatyani explains GIFT City fund structures and the investment process in plain English. Educational conversation only, not personalised advice.

Talk to Anup

This page is educational and is not investment, tax or legal advice. Figures and rules are as understood at the date shown and can change; check the official sources and the scheme's offer documents. Investments are subject to market risks; read all scheme-related documents carefully.