Mumbai — For investors, India’s Prime Minister Narendra Modi is emerging as the best manager of companies. His government’s exchange traded fund of the top 10 state-owned firms has returned 31% in the past year, more than double the gains in the benchmark stock index, according to data compiled by Bloomberg. Investors who missed buying the fund three years ago will get an opportunity to do so on Wednesday as Modi seeks to raise 45-billion Indian rupees ($660m) selling new units. The fund’s tilt toward energy shares has helped it deliver market-beating returns as an agreement last year by OPEC to cut output sparked the biggest oil rally since 2009. The performance may be sustained as better-than-expected demand in China helps support a revival in commodity prices. An index of Indian oil stocks is up 3.5% since January 1 after rising 27% last year, and metal manufacturers are having their best start to a year since 2012. "The fund’s outlook is strong on hopes of a continuing upsurge i...
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