When investors ask, “Which country does this fund belong to?” or “Where is this company listed?”, the question often hides a familiar bias: the belief that a company’s fortunes are defined by the flag it flies under.
Value today moves faster than geography. Factories may stand in one nation, headquarters in another, and customers scattered across continents. Supply chains, shareholders, and balance sheets have long outgrown the borders drawn on maps.

Tencent, headquartered in China, owns gaming studios in Finland, invests in U.S. entertainment, and operates platforms across Asia. Booking.com, registered in the Netherlands, shapes travel choices from Cape Town to Kolkata.
In today’s markets, a company’s passport tells you where it’s registered, not where it truly belongs. Its real address is wherever it earns, innovates, and grows

Why “Home Country” No Longer Explains Performance

Investors often assume that owning a U.S. company means exposure only to the U.S. economy. The reality is far broader.

• Puma, based in Germany, now earns a significant share of its sales outside Europe. As of Q2 2025, the company generated about 20 % of its revenue in the U.S., while Europe and Asia contributed the rest, reflecting its shift toward global markets (Reuters, July 2025).
• Brookfield, listed in Canada, manages renewable, infrastructure, and real-estate assets across 50 + countries, spanning North America, Europe, Asia, and Latin America (Company data, 2025).
• BYD, headquartered in China, exported over 20 % of its vehicles in 2025, with electric buses and passenger cars now sold in Europe, Latin America, and Southeast Asia. Even after its first quarterly sales dip since 2020, its international share continues to expand (Reuters, October 2025).
• Nintendo, Japan’s cultural icon, continues to earn most of its profits overseas. In the first quarter of FY 2026, nearly 80 % of its platform sales came from outside Japan, led by North America and Europe (Reuters / Nintendo IR, August 2025).

These examples show that “home country” has become a legal detail rather than a business truth.

How the DSP Global Equity Fund (GIFT City) Approaches It

The DSP Global Equity Fund (GIFT City) is built for a world without rigid borders.
Its philosophy is simple: respect valuations, not nationalities.

• Global diversification by earnings – The fund invests in companies that generate revenue across continents, limiting dependence on any single economy.
• Valuation discipline – Selection is driven by fundamentals such as cash flows, margins, and growth potential, rather than by where the company is listed.
• Resilience and optionality – Businesses with geographically diverse income streams are better positioned to withstand regional slowdowns.

Owning such companies means participating in the larger story of human progress, where consumption, innovation, and technology advance together across many markets.

Investing Beyond Borders

In a world where capital moves faster than borders can define it, the question is no longer “Which country does this fund belong to?” It is “Where in the world do these businesses earn their money?”

Markets reward fundamentals, not passports. They value performance, not proximity.
Respect valuations, not borders. Own quality businesses wherever they are.