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Jupiter India Class X - Accumulation (GBP)

Sell:265.86p Buy:265.86p Change: 2.88p (1.07%)
Prices as at 21 November 2024
Sell:265.86p
Buy:265.86p
Change: 2.88p (1.07%)
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Invest now
Prices as at 21 November 2024
Sell:265.86p
Buy:265.86p
Change: 2.88p (1.07%)
Prices as at 21 November 2024
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Invest now
The selling price currently displayed is higher than the buying price. This can occur temporarily for a variety of reasons; shortly before the market opens, after the market closes or because of extraordinary price volatility during the trading day.

Our view on this Fund

This fund is on the Wealth Shortlist of funds our analysts believe have the potential to outperform their peers over the long term. However, this is not a recommendation to buy.

Avinash Vazirani has plenty of experience of investing in Indian companies. He started his investment career in 1994 and joined Jupiter in 2007, launching the Jupiter India fund soon after. Having spent such a long period of time focusing on India, Vazirani has unrivalled knowledge of Indian companies, the economy, and the themes set to develop over the coming years. We view this as one of his greatest strengths and admire his commitment to this area.

Since January 2022, Vazirani has been supported by assistant manager, Colin Croft. Croft joined Jupiter in 2006 as an equity analyst and has gone on to manage funds focused on Asia and Emerging Europe. We have spent time getting to know Croft as an investor and are impressed so far. That said, our conviction in this fund currently lies with Vazirani given his length of experience.

The fund's focus on a single emerging country makes it a higher-risk option so it should only make up a small portion of an investment portfolio. We think it could work well alongside other emerging market funds with a focus on larger companies or as part of a broader globally diversified portfolio focused on long-term growth.

Our view on the sector

India's biggest asset is its young population. Around a quarter of the world's under-25s live there and as more young people move to the cities, and their aspirations grow, lifestyles are changing. There's a large and growing middle class of several hundred million people who are likely to fuel the next leg of economic growth. India has world class companies and entrepreneurs, but it's yet to achieve its full potential. Political uncertainty and corruption have hampered progress and this highlights the higher-risk nature of investing in emerging markets. We think India has significant long-term growth potential, but a long-term view is essential.

Performance Analysis

Avinash Vazirani has invested in India for decades and built a strong track record over this time. Since he launched this fund in February 2008, he's outperformed the IA India/Indian Subcontinent sector average and the benchmark.

Our analysis suggests this performance is down to talented stock picking and being exposed to the right sectors. Remember past performance is not a guide to future returns.

Given the funds bias towards small and medium-sized companies, the fund can be more volatile than its peers and the benchmark. We typically expect the fund to perform better than the market when its rising, but investments in smaller businesses can impact performance, both good and bad. For example, during 2018-20 the share prices of smaller businesses were much weaker than larger ones which held back performance. Investors should be aware the fund is likely to be more sensitive, and could underperform, during periods of market stress or when larger companies outperform.

We like the fact Jupiter India invests differently. This gives it the potential to perform better than the Indian market, though the reverse is also true. Whilst recent performance has been exceptionally strong, investors shouldn't expect further periods of such strong performance.

Investment Philosophy

To help whittle down an investable universe of over 6,000 companies, the managers' 'GARP' (Growth at a Reasonable Price) investment philosophy helps focus their efforts. Companies should generate strong cash flow, be financially robust and valued at a share price that doesn't reflect their earnings potential. As a result, the fund tends to look 'cheaper' than the Indian market across several valuation metrics.

Process and Portfolio Construction

The managers spend a lot of time understanding a company's management team to ensure it's run prudently. They also analyse long-term trends that companies could benefit from such as financial inclusion, government reform and demographics.

To help generate new ideas, the managers use a wide range of sources. Quantitative screens provide a daily feed of company information and performance. They also use external analysts and have regular conversations with members of Jupiter's global emerging markets and Asia team. Initial public offerings (companies that sell their shares to investors for the first time) have been popular in India in recent years and provide a good pipeline of potential opportunities for the managers to analyse.

This results in a final portfolio of around 60-80 companies with the managers finding most opportunities in financials, industrials, and healthcare. The fund can invest in companies of any size, but invests more in higher-risk small and medium-sized companies than the broader Indian stock market.

question mark Manager Track Record Based on HL Quantitative Research

  • JGF-JGF INDIA SELECT-L USD
  • Jupiter India Fund L-Class...
  • FTSE India TR
FROM: TO:


Source: Refinitiv Lipper

Fund Track Record

21/11/19 to 21/11/20 21/11/20 to 21/11/21 21/11/21 to 21/11/22 21/11/22 to 21/11/23 21/11/23 to 21/11/24
Annual return -8.19% 50.06% 5.10% 22.04% 29.81%

Please remember past performance is not a guide to future returns. Where no data is shown, figures are not available. This information is provided to help you choose your own investments, remember they can fall as well as rise in value so you may not get back the original amount invested.

Information about the fund

Fund manager biography

manager photo
Manager Name: Colin Croft
Manager start date: 29 February 2008
Manager located in: London

Colin Croft joined Jupiter in 2006. Colin has managed the Jupiter Emerging European Opportunities Fund since March 2014 and was co-manager of the fund from January 2010. He has also managed the Jupiter New Europe SICAV since January 2015, after being co-manager of the fund since January 2010.

manager photo
Manager Name: Avinash Vazirani
Manager start date: 29 February 2008
Manager located in: London

Avinash Vazirani joined Jupiter in 2007 as Head of the South Asia Equities Team. He manages the Jupiter India Fund and the Jupiter India Select SICAV (which acquired the assets of the Peninsular South Asia Access Fund, which he ran from launch in July 1995). Prior to joining Jupiter, Avinash was CIO (South Asia and Africa) of BNP Paribas Asset Management; he later left to found Peninsular Capital Partners LLP in 2005, where he was Managing Partner. He was also the CEO of GEM Dolphin Investment Managers from 1994 until its sale in 1997. Avinash is a qualified Chartered Accountant.

Data policy - All information should be used for indicative purposes only. You should independently check data before making any investment decision. HL cannot guarantee that the data is accurate or complete, and accepts no responsibility for how it may be used. Benchmark data provided subject to this disclaimer.
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Invest now