Foreign funds have been on selling spree since October 2024. US-based foreign portfolio investors (FPIs) have experienced the maximum decline in the value of their equity portfolio amid the current market sell-off by off-shore funds. The United States is the largest source of FPI investment in India, constituting roughly half of the FPIs flows into the country. The data assumes significance as US Funds have been realigning their investment strategies after Donald Trump took over as the president. The uncertainty due to Trump tariffs has hit markets around the world, including India. The value of F PI holdings in dollar terms touched a 15-month low in February. Total FPI holdings stand at $713 billion compared to $931 billion in September, down 24 percent. In rupee terms, the value has registered a steeper fall from the highs of September 2024. FPIs held assets worth Rs 78 lakh crore in September 2024 compared to Rs 62 lakh cr in February 2025, a 22 percent fall. Norway’s foreign funds managed to perform better than other countries since September 2024, registering lower falls than the industry average. This could be due to the fact that Norges Bank is a long-term investor and doesn’t sell its portfolio during market downturns.