Stewart Investors Indian Subcontinent All Cap - fund manager change

First Sentier Investors, the parent company of Stewart Investors, has announced that Stewart’s investment management responsibilities have transitioned to FSSA Investment Managers, another of the group’s subsidiaries.

As a result, Jack Nelson and Doug Ledingham, the previous managers of the Stewart Investors Indian Subcontinent All Cap fund, have left the business.

Sree Agarwal, part of FSSA, became the fund’s lead manager on 14 November and is supported by co-manager Rizi Mohanty.

Agarwal joined FSSA in 2014 and has managed the FSSA Indian Subcontinent All-Cap fund since 2019, becoming lead manager in 2024. Mohanty joined FSSA in 2016 and manages a number of funds that invest across Asia. He became co-manager of the FSSA Indian Subcontinent All-Cap fund in 2024.

Why is this change happening?

Sashi Reddy and David Gait, who managed the fund for many years prior to Nelson and Ledingham, left Stewart Investors in August 2025. This led First Sentier Investors to carry out a strategic review of the Stewart Investors business and to the decision that the remaining investment team didn’t have the required experience or resource to manage the group’s funds over the long term.

Stewart Investors’ funds have therefore transitioned to FSSA. The two teams previously worked together as one investment team before splitting in 2015. This means their investment philosophy and process are broadly aligned, with stewardship a core part of the philosophy.

What does this mean for investors?

Given the common approach between investment teams at FSSA and Stewart, there’s a degree of overlap between their funds. Our analysis indicates around 30% of the Stewart Investors Indian Subcontinent All Cap and FSSA Indian Subcontinent All-Cap funds is the same.

The new managers will transition the Stewart Investors fund to more closely mirror their existing FSSA fund. This will involve selling companies they don’t have as much conviction in or believe have as much room for long-term growth. Some companies they have greater conviction in will be added to the fund. FSSA expect around 25% of the fund to transition within the next couple of months, with the remaining changes happening over the coming year.

Although the Stewart and FSSA teams have shared a similar approach, every fund manager has their own views, which means there have been some differences between the two funds. The Stewart Investors Indian Subcontinent All Cap fund has tended to invest more in industrials companies. Conversely, the FSSA Indian Subcontinent All Cap fund has more invested in financials. These differences will reduce over time.

Our view

The Stewart Investors team saw several changes this year, including losing its two most experienced investors in Gait and Reddy. This was disappointing for a team that has historically been stable, and one whose culture we have historically rated highly.

We continue to have a positive view of the culture at FSSA. The team is led by Martin Lau who we have long held in high regard as an investor. He also puts a lot of thought into mentorship of his colleagues, including fund managers and analysts, as well as succession planning. Fund managers at FSSA also have the option to own a stake in the business, which encourages them to commit to the team for the long term.

We recently met Sree Agarwal to find out more about his views and get to know him better as an investor. We believe he invests with the same philosophy as the wider team at FSSA and has relevant experience in managing funds that invest in India. While we believe he has the capabilities to manage this fund, this was our first meeting and we’ll continue to form a view of him as an investor.

We’re pleased to see that changes to the fund are being considered carefully. The process is taking place gradually in order to minimise the impact on investors and to manage the associated costs of buying and selling shares. We’ll continue to track these changes over the coming months.

The Stewart Investors Indian Subcontinent All Cap fund doesn’t currently feature on the Wealth Shortlist. We’ll continue to monitor performance and any changes and inform investors if our views change.

This isn't a recommendation to make any changes to an investment portfolio. Investors should make sure any investments match their investment goals and attitude to risk and are held as part of a diversified portfolio. If you're not sure if an investment is suitable for your circumstances, please seek personal advice.

Past performance is not a guide to the future. Source: Lipper IM to 30/11/2025.

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