Absolute Investment Advisers LLC Invests $770,000 in The India Fund, Inc. (NYSE:IFN)

Absolute Investment Advisers LLC purchased a new stake in shares of The India Fund, Inc. (NYSE:IFN) during the fourth quarter, HoldingsChannel reports. The institutional investor purchased 48,915 shares of the investment management company’s stock, valued at approximately $770,000.

Several other institutional investors have also added to or reduced their stakes in the business. International Assets Investment Management LLC increased its holdings in 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 worth $7,760,000 after buying an additional 38,719 shares in the last quarter. Concurrent Investment Advisors LLC purchased a new position in shares of The India Fund during the third quarter valued at approximately $881,000. Rivernorth Capital Management LLC purchased a new position in shares of The India Fund during the third quarter valued at approximately $607,000. Stifel Financial Corp lifted its position in The India Fund by 24.3% during the third quarter. Stifel Financial Corp now owns 55,049 shares of the investment management company’s stock valued at $1,047,000 after purchasing an additional 10,764 shares during the period. Finally, Penserra Capital Management LLC purchased a new stake in The India Fund in the third quarter worth approximately $4,794,000. 10.76% of the stock is currently owned by hedge funds and other institutional investors.

The India Fund Trading Up 1.3 %

Shares of IFN opened at $16.09 on Monday. The firm has a fifty day simple moving average of $16.41 and a two-hundred day simple moving average of $17.58. The India Fund, Inc. has a 1-year low of $15.60 and a 1-year high of $21.25.

The India Fund Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 10th. Stockholders of record on Thursday, November 21st were paid a $0.93 dividend. This represents a $3.72 annualized dividend and a dividend yield of 23.12%. The ex-dividend date of this dividend was Thursday, November 21st. This is a boost from The India Fund’s previous quarterly dividend of $0.49.

The India Fund Company Profile

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.