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

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.

FSSA’s investment philosophy centres on quality and a belief that a company’s management team is one of the most important elements. Agarwal and his team search for companies run by reputable management teams that manage risks well to help grow their businesses over the long term.

Agarwal invests in quality companies he believes can deliver predictable growth over the long term. He likes cash-generative businesses, which are in good financial health and could withstand periods of economic volatility. The manager also puts emphasis on businesses’ people and culture and only invests in companies he believes are run by management teams with integrity. The fund also invests 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, so it’s a higher-risk approach.