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Jupiter India Class X - Accumulation (GBP)

Sell:224.40p Buy:224.40p Change: 4.65p (2.03%)
Prices as at 30 March 2026
Sell:224.40p
Buy:224.40p
Change: 4.65p (2.03%)
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 30 March 2026
Sell:224.40p
Buy:224.40p
Change: 4.65p (2.03%)
Prices as at 30 March 2026
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 a wealth of experience investing in Indian companies. He began his investment career in 1994 and joined Jupiter in 2007, launching the Jupiter India fund shortly after. With such a long career focused on the Indian market, Vazirani has built up considerable knowledge of the country’s investment opportunities and wider economy. We view this as one of his greatest strengths.

Co-manager Colin Croft has worked alongside Vazirani since 2021. After joining Jupiter in 2006 as an equity analyst, Croft has managed funds investing across Asia and emerging Europe.

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 a diversified investment portfolio. We think it could work well alongside other Asian funds that focus on the wider region 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. We typically expect the fund to perform better than the market when its rising. Remember past performance isn’t a guide to future returns.

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 strong, there will be times when the fund won’t perform as well as the market.

Investment Philosophy

The managers use a 'GARP' (Growth at a Reasonable Price) investment philosophy to help narrow down the more than 6,000 listed companies in India. They seek businesses that generate strong cash flow, are financially robust, and whose share price doesn't reflect its potential to grow profits.

Process and Portfolio Construction

The managers spend a lot of time understanding a company's management team to ensure the company is run prudently. They also analyse domestic trends, such as demographic change or government reform, that could benefit companies in the long run.

They use a wide range of sources to help them generate ideas. Quantitative screens provide a regular feed of company information and share price performance. They also use external analysts to better understand a company’s position within the market. Initial public offerings (companies that sell their shares to investors for the first time) have been plentiful in India recently, providing an additional pipeline of potential opportunities for the managers to explore. That said, the managers find the IPO market a difficult area to add value, so don’t invest in new listings very often.

This results in a final portfolio of around 60-80 companies. 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.

While ESG factors are considered in the research process, this fund doesn’t have a sustainable mandate. Investors should be aware that this fund has one of the highest ESG risk profiles of the funds under our research coverage. It’s also one of the most carbon intensive and a number of companies in the fund are involved with the extraction of fossil fuels. These companies could face increased regulatory scrutiny and operational challenges, potentially impacting the fund's future performance. While funds invested in India tend to have higher ESG risk, this fund has material investments in oil & gas and tobacco companies.

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

27/03/21 to 27/03/22 27/03/22 to 27/03/23 27/03/23 to 27/03/24 27/03/24 to 27/03/25 27/03/25 to 27/03/26
Annual return 23.19% 2.30% 62.42% 2.65% -9.86%

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

Avinash is the Investment Manager of the Indian Equities Strategy. Before joining Jupiter, Avinash was Managing Partner of Peninsular Capital Partners LLP, which he founded in 2005. Prior to this, he was CIO (South Asia and Africa) of BNP Paribas Asset Management. He was also CEO of GEM Dolphin Investment Managers from 1994 until its sale in 1997. He began his investment career in 1994. Avinash is a qualified Chartered Accountant. He is a Trustee of The London Clinic, a Non-Executive Director of the UK India Business Council and a former Trustee and Chair of Pratham UK, a charity focussed on children's education in India.

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

Colin Croft is an Investment Manager in the Global Emerging Market Equities team. Colin joined Jupiter in August 2006 after completing an Executive MBA from London Business School. Since then he has accumulated ~19 years of experience investing across Global Emerging Markets, focusing solely on India in more recent years.

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