India is an incredibly exciting market to invest in. Not only does it offer investors access to one of the fastest growing economies on the planet, but it’s also broad and deep, with over 5000 listed companies, and almost 500 companies with market capitalisation exceeding $1 billion.
Avinash Vazirani & Colin Croft, Investment Managers
Jupiter India Select's investment approach
The fund managers aim to provide a return, net of fees, higher than that provided by the MSCI India Index over the long term . Avinash and Colin focus on achieving long term capital growth through investments primarily in Indian companies.
Unconstrained by benchmark, style or market capitalisation, Avinash and Colin follow a disciplined “Growth At Reasonable Price” (GARP) investment philosophy by seeking to invest in best-in class growth companies which are trading on favourable valuations. This results in a diversified portfolio of stocks that are typically cheaper than the benchmark (on a price-to-earnings, price-to-cashflow, or price-to-book basis) and offer similar or better earnings growth.
When looking for investments, the team adopts a long-term owner mentality focussing on businesses which are cash generative, offer appealing returns on equity, have relatively low balance sheet risk, and importantly, are priced attractively for the earnings growth that they offer. This results in a portfolio that is diversified by sector and market capitalisation, offering well-priced exposure to a variety of growth drivers across India.
Historically, it has offered a materially lower valuation on a Price-to-earnings basis than the market and most of our key peers:
Why India
India is one of the world’s most exciting long-term growth stories. The South Asian country is the next emerging giant -like China in the 2000s, or Japan in the 1960s. With the country poised to become the world’s third largest economy in the next few years, we think no other country offers this combination of scale, governance and high-visibility growth. The long-term investment case for India is driven by a host of factors including favourable demographics, domestic consumption, technological adoption, and financial inclusion.
Most populous nation on earth
With favourable demographics
On track to become the third largest economy by 2028
(Source: CIA Factbook, Jan 2025)
- The Indian market has outperformed other major markets
- Superior forward earnings growth*
Since the turn of the Millenium, the MSCI India has outperformed the S&P 500 by 305 percentage points (in USD terms)
Meet the team
Avinash is the Investment Manager of the Indian Equities Strategy. Before joining Jupiter in 2007, 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.
Colin is an Investment Manager in the Global Emerging Market Equities team. Colin began his investment career in 2006. He has an Executive MBA.
Fund specific risks
- Currency (FX) Risk - The Fund can be exposed to different currencies and movements in foreign exchange rates can cause the value of investments to fall as well as rise.
- Pricing Risk - Price movements in financial assets mean the value of assets can fall as well as rise, with this risk typically amplified in more volatile market conditions.
- Emerging Markets Risk - Emerging markets are potentially associated with higher levels of political risk and lower levels of legal protection relative to developed markets. These attributes may negatively impact asset prices.
- Market Concentration Risk (Geographical Region/Country) - Investing in a particular country or geographic region can cause the value of this investment to rise or fall more relative to investments whose focus is spread more globally in nature.
- Derivative risk - The Fund may use derivatives to reduce costs and/or the overall risk of the Fund (this is also known as Efficient Portfolio Management or "EPM"). Derivatives involve a level of risk, however, for EPM they should not increase the overall riskiness of the Fund.
- Liquidity Risk - Some investments may be hard to value or sell at a desired time and price. In extreme circumstances this may affect the Fund's ability to meet redemption requests upon demand.
- Liquidity Risk (general) - During difficult market conditions there may not be enough investors to buy and sell certain investments. This may have an impact on the value of the Fund.
- Counterparty Default Risk - The risk of losses due to the default of a counterparty on a derivatives contract or a custodian that is safeguarding the Fund's assets.
For a more detailed explanation of risk factors, please refer to the “Risk Factors” section of the Prospectus.
Important information
The Fund has not been registered under the United States Investment Company Act of 1940, as amended, nor the United States Securities Act of 1933, as amended. None of the shares may be offered or sold, directly or indirectly in the United States or to any US Person, unless the securities are registered under the Act, or an exemption from the registration requirements of the Act is available. A US Person is defined as (a) any individual who is a citizen or resident of the United States for federal income tax purposes; (b) a corporation, partnership or other entity created or organized under the laws of or existing in the United States; (c) an estate or trust the income of which is subject to United States federal income tax regardless of whether such income is effectively connected with a United States trade or business.
Issued by Jupiter Asset Management Limited, registered address: The Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ is authorised and regulated by the Financial Conduct Authority. Issued in the EU by Jupiter Asset Management International S.A. (JAMI), registered address: 5, Rue Heienhaff, Senningerberg L-1736, Luxembourg which is authorised and regulated by the Commission de Surveillance du Secteur Financier. Issued by Jupiter Asset Management (Europe) Limited (the Manager), The Wilde-Suite G01, The Wilde, 53 Merrion Square South, Dublin 2, D02 PR63, Ireland which is registered in Ireland (company number: 536049) and authorised and regulated by the Central Bank of Ireland (number: C181816).
No part of this presentation may be reproduced in any manner without the prior permission of JAM/JAMI/JAMEL.