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JUPITER INDIA I

JUPITER INDIA I - Overview

Overview of JUPITER INDIA I Buy in ISA Buy in Investment Account

This is an equity fund targeting long term capital growth from companies either based in or operating in India. Manager Avinash Vazirani is based in London but has invested in India for over 15 years and visits the country several times a year. He favours fast growing companies with solid balance sheets and sound management, though deep value situations may also feature in the portfolio.

  • Standard Initial Charge 0.00%
  • Initial charge via Bestinvest 0.00%

Fund summary

Sector Specialist
Structure UNIT TRUST
Launched September, 2011
Size £774m
Yield 0.6%
Charging basis Income
Dividends paid Acc units only

Charges

Standard initial charge 0.00%
Initial charge via Bestinvest 0.00%
Additional bid/offer spread 0.00%
Annual management charge 0.75%
Ongoing charges figure 1.09%

Risks

Before investing make sure you have understood the risks relevant to the fund by reviewing our Risk Warnings section. Further information on the risks are contained in the fund's Key Information Investor Document, which we make available to you before you make a decision to invest, alternatively it is available on request.

Bestinvest view

No information available.

Portfolio

Allocation Proportion(%)
Equity 100
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 0
Allocation Proportion(%)
UK 1
Europe 1
North America 0
Japan 0
Pacific 3
Emerging Markets 95
Allocation Proportion(%)
Large Caps 51
Mid Caps 32
Small Caps 17
View all performance data for this fund

Investment process

The Fund aims to achieve long-term capital growth. It will invest primarily in companies which operate or reside in India. It may also invest in companies based in Pakistan, Sri Lanka and Bangladesh and in companies which derive a significant proportion of business from India. Stock ideas my come from broker contacts or be generated internally by manager Avinash Vazirani and his analyst. Though based in London, Vazirani visits India several times a year and will generally never invest in a company unless he has met the management and has access to them regularly. He describes himself as a GARP (Growth at a Reasonable Price) investor and prefers companies with high returns on equity, good payout ratios, good corporate governance that are cashflow generative. Pure growth stocks may sometimes be included in the portfolio as may deep value situations, though only where there is a catalyst for a re-rating. Vazirani is happy to build up large positions and hold them for several years.

Live feed

Bid price(inc) 114.73p
Accum units 114.73p
Fund commentary
Fund data updated on 20/09/19

Asset allocation

Allocation Proportion(%)
Equity 100
High yield bonds 0
Quality bonds 0
Property 0
Commodities 0
Hedge 0
Fund cash 0

Equity Geographic

Allocation Proportion(%)
UK 1
Europe 1
North America 0
Japan 0
Pacific 3
Emerging Markets 95

Equity Capitalisation

Allocation Propor
tion(%)
Large Caps 51
Mid Caps 32
Small Caps 17

Top 10 holdings

As at: 30/08/2019
7.0881%Hindustan Petroleum
6.4183%Godfrey Phillips India
5.5459%Interglobe Aviation Limited
4.778%Biocon
3.8147%Icici Bank
3.4781%Hdfc Bank Ltd
3.4759%Bharat Petroleum Corp
3.411%Icici Prudential Life Ins Co Ltd
3.3796%Gillette India
3.2108%State Bank Of India
Source: Trustnet

Sector breakdown

Financials 25%
Consumer Goods 24%
Health Care 14%
Oil & Gas 11%
Consumer Services 9%
Industrials 8%
Technology 4%
Money Market 3%
Utilities 1%
Basic Materials 0%

Portfolio details

80-100 stocks.

Constraints

Up to 10% of the portfolio may be invested in Pakistan, Sri Lanka and Bangladesh.
The portfolio usually has very little commonality with the benchmark and so performance can be expected to differ markedly on occasions.

Average monthly relative returns Bestinvest MRI
14/15 15/16 16/17 17/18 18/19   3 years 5 years Career 3 years 5 years Career
1.40% 0.70% 0.12% -1.38% -0.80%   -0.69% 0.01% 0.14% 7.10% 60.30% 87.30%
Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Avinash Vazirani

Manager. Vazirani joined Jupiter Asset Management in July 2007. In 2005 he founded Peninsular Capital Partners, an investment management firm focussed on managing equity assets in the Indian sub-continent. From 1997 to 2005 he was Chief Investment Officer, South Asia & Africa, for BNP Paribas Asset Management. In 1994 he set up and was in charge of the fund management activities of Global Emerging Markets Group (“GEM”) and became CEO of GEM Dolphin Investment Managers in 1995 a (joint venture with Brewin Dolphin). He launched the South Asia Access Fund and South Asia Value Fund, a fund of closed-end funds investing in India, in 1995. In 1992 Vazirani led the management buy-in of John Lusty Group, and served as its Chief Operating Officer until 1994. Vazirani qualified as a chartered accountant and worked at Price Waterhouse from 1986 to 1992.

Track record

Avinash Vazirani has 11.4 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.14%. During the worst period of relative performance (from October 2016 - July 2019) there was a decline of 29% relative to the index. The worst absolute loss has been 40%. Statistically, we estimate the probability that this fund manager is adding value, rather than being lucky, is 87%.

Periods of worst performance
Absolute -40% (December 2010 - August 2013)
Relative -29% (October 2016 - July 2019)

Other funds managed

Sector record since April 2008 (11 yrs)




About the MRI

Our unique indicator: the Bestinvest Manager Record Index (MRI) measures the likelihood that the fund manager is adding value through their decisions. It is based on their performance record over the course of their career, adjusted for the amount of risk taken. MRI is an important contributor to our fund rating system but it is also vital to take account of qualitative factors. It is also very important to select funds to form a cohesive portfolio with an appropriate overall risk level.

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