Why do these foreign funds love Adani Group companies?

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Editor's note: What would you call it if, year after year, certain foreign funds invested the bulk of their assets in the companies belonging to one corporate group? Despite the stocks reaching all-time highs, these funds have seldom booked profits and reduced their holding in the group companies.  That is just what a set of foreign funds or foreign portfolio investors (FPIs in market parlance) who appear to be obsessed with stocks of Adani Group companies have done. Despite the recent rally in the Adani stocks, when the group entered the coveted $100 billion dollar club, these funds have rarely booked profits.  For Elara India Opportunities Fund, the only India opportunity seems to lie with the Gujarat-headquartered group—97% of its net worth comes from Adani companies.  It’s the same for Albula Investment Fund Ltd, with 95% of its net worth coming from Adani Group stocks. For Cresta Fund, 97% of its net worth is from just three Adani group companies, while 96% of Apms Investment Fund Ltd’s net worth comes from four Adani companies. More of the same for LTS Investment Fund …