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Stewart Investors Indian Subcontinent All Cap Class B - Accumulation (GBP)

Sell:435.68p Buy:435.68p Change: 3.45p (0.79%)
Prices as at 8 October 2025
Sell:435.68p
Buy:435.68p
Change: 3.45p (0.79%)
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 8 October 2025
Sell:435.68p
Buy:435.68p
Change: 3.45p (0.79%)
Prices as at 8 October 2025
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 does not feature on the Wealth Shortlist of funds our analysts believe have the potential to outperform their peers over the long term. This is not a recommendation to sell; however, if you are thinking of adding to your investments, we believe the Wealth Shortlist is a good place to start. View funds on the Wealth Shortlist »

This fund focuses specifically on the Indian Subcontinent, with the aim to provide long-term investment growth.

Jack Nelson and Doug Ledingham manage the fund. They’re experienced in managing funds investing in Asian companies but this is their first time running a fund investing solely on the Indian subcontinent.

This fund could help diversify the Asian and emerging markets portion of a globally-focused investment portfolio. A fund focused on a single emerging country is a high-risk option, so investors should expect volatility and it should only make up a small part of an investment portfolio.

Investors should note the small number of companies in the fund and some investments in smaller businesses makes it less liquid than some other Indian funds – this means some of investments might not be as easy or quick to sell if lots of investors try to sell at the same time.

Our view on the sector

Our view on the sector for this fund is not available.

Performance Analysis

The longer-term record of this fund is impressive, and it's performed better than the broader Indian stock market over the long term. However, this performance is attributed to the previous managers. The focus on the prospects of individual companies, rather than the sector they’re in, means the fund can often look quite different to the benchmark. As always, past performance isn't a guide to future returns.

Investment Philosophy

Stewart Investors and its fund managers base their approach on the same investment philosophy that dates back to 1988. The philosophy is founded on stewardship, and the team treat investors' capital as though it's their own. They aim to grow investors' wealth over the long term, while minimising losses during periods of uncertainty.

Process and Portfolio Construction

Nelson and Ledingham invest in quality companies they believe can deliver predictable growth over the long term. They like cash-generative businesses, which are in good financial health and could withstand periods of economic volatility. The managers also put emphasis on businesses’ people and culture and only invest in companies they believe are run by management teams with integrity. They also invest in some smaller companies, which are higher risk than their larger counterparts.

At the moment, most of the fund is invested directly in India. The investment process results in a concentrated fund of between 30-60 companies, although the fund is currently towards the lower end of that range. This means each company can have a significant impact on performance, although it’s a higher-risk approach.

question mark Manager Track Record Based on HL Quantitative Research

This information is currently unavailable.

Fund Track Record

08/10/20 to 08/10/21 08/10/21 to 08/10/22 08/10/22 to 08/10/23 08/10/23 to 08/10/24 08/10/24 to 08/10/25
Annual return 43.66% 12.35% 3.58% 17.44% -16.51%

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: Jack Nelson
Manager start date: 31 August 2025
Manager located in: Edinburgh

Joined the team in September 2011 as a graduate. Jack is lead manager of the Global Emerging Markets Leaders strategies. He holds a MA (Oxon) in Politics, Philosophy and Economics from Queen’s College, Oxford. Jack sits on the Stewart Investors Board.

Manager Name: Doug Ledingham
Manager start date: 31 August 2025
Manager located in: Edinburgh

Joined the team in October 2013, having been an intern with the company during 2013. Douglas is lead manager of the Asia Pacific and Japan All Cap strategy, as well as Pacific Assets Trust. He holds an MA in Business Studies and Accountancy from the University of Edinburgh. Douglas sits on the Stewart Investors Board.

Manager Name: Oliver Campbell
Manager start date: 31 August 2025
Manager located in: Singapore

Joined the team in May 2014. Previously, he was an analyst at CLSA for seven years and prior to that worked as a global emerging markets journalist. Oliver holds a BA (Hons) in Chinese and Management Studies from the University of Durham, a Diploma in Chinese language from Renmin University of China and an MSc in Finance (Economic Policy) from the School of Oriental and African Studies at the University of London.

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