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Jupiter India Inclusive - Accumulation (GBP)

Sell:93.43p Buy:93.43p Change: 0.38p (0.41%)
Prices as at 12 August 2020
Sell:93.43p
Buy:93.43p
Change: 0.38p (0.41%)
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
Prices as at 12 August 2020
Sell:93.43p
Buy:93.43p
Change: 0.38p (0.41%)
Prices as at 12 August 2020
You can buy or sell holdings in this fund through a Stocks and Shares ISA, Lifetime ISA, SIPP or Fund and Share Account
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 investing in Indian companies. He started his fund management career in 1995 when he set up his first Indian fund, and he's run this fund since launch in 2008. We are impressed with the manager's commitment to investing in India and willingness to invest in areas overlooked by others. He now also has the support of assistant fund manager Aimee Truesdale.

We think India has excellent long-term growth potential, though a fund focused on a single emerging country is a high-risk option so it should only make up a small portion of an investment portfolio. This fund could sit well alongside those that invest across the globe or more broadly across Asia. Investments in smaller companies could boost growth but are also higher risk, so a long investment outlook is essential.

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

Vazirani has delivered strong returns for investors since his fund management career began more than two decades ago. Long-term performance of Jupiter India has been good, outperforming the FTSE India Index. Past performance is not a guide to the future though.

Our analysis shows the fund's focus on small and medium-sized companies has helped performance over the long term. However, since the start of 2018 the share prices of smaller businesses have been much weaker than larger ones and this has hurt the fund. Some of the manager's individual stock picks also haven't gone well over this time.

We expect the focus on smaller companies to boost long-term growth, but it increases volatility and risk, and so does the fact the fund invests in a single emerging country. Investors should be prepared to see the fund perform quite differently to the broader Indian stock market and its peers, especially over shorter periods. Overall, we like the fact Jupiter India invests differently. This gives it the potential to perform better than the Indian market, as it has done over longer periods, though the reverse is also true.

Investment Philosophy

The managers use a GARP (Growth at a Reasonable Price) investment philosophy. This means they look for companies that grow their earnings consistently, and whose shares can be bought at a price that doesn't reflect this earnings potential. Once this potential is recognised by more investors, the share price could rise.

Process and Portfolio Construction

Detailed research is used to find companies that meet the managers' criteria. These businesses should generate good cash flows, have low debts, have something that differentiates them from the competition, and be run by a committed management team. Longer-term trends that could shape India's economy and how businesses operate are also taken into account. For example, the rising spending power of a growing middle class and political reforms that could help businesses function more efficiently and grow.

The managers also take regular trips to India to meet company management, other business people, and government officials. This helps them gain a broad understanding of the economy and specific industries.

This fund invests in Indian companies of any size, but it focuses more on small and medium-sized companies than many other India funds. Vazirani is also prepared to invest a meaningful amount of the fund in his highest-conviction ideas. Both of these factors means the fund can look quite different to its benchmark and peers, and so too can performance.

question mark Manager Track Record Based on HL Quantitative Research

  • JGF-JGF INDIA SELECT-L USD
  • Jupiter India Acc
  • FTSE India TR
FROM: TO:


Fund Track Record

12/08/15 to 12/08/16 12/08/16 to 12/08/17 12/08/17 to 12/08/18 12/08/18 to 12/08/19 12/08/19 to 12/08/20
Annual return 18.75% 15.58% -5.86% -16.50% -12.25%

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.

Fund Management Group Comment

Launched in 1985 as a specialist boutique, Jupiter has grown to be one of the UK's most successful and respected investment management groups. Jupiter currently manages assets spread across a range of UK and offshore mutual funds, multi-manager products, hedge funds, institutional mandates and investment companies. Jupiter has gained a reputation for achieving outperformance across a broad variety of portfolios specialising in different markets, including UK equities, Europe and bonds.

Information about the fund

Fund manager biography

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