Jupiter India I

Single country equity fund targeting long term capital growth.

  • 115.52p
    Price (Inc)

    These are the shares in the fund that pay out an income to clients. The income is made up of the total dividends – the money a company can pay out to its investors – from the companies in the fund.

  • -
    Price (Acc)

    These are the shares in the fund that don’t pay out an income to clients. Any dividends – the money a company can pay out to its investors – are reinvested into companies in the fund. Despite no income, the shares should be worth more over time. Good incentive, eh?

  • 0.00%

    Initial charge

    Some funds charge you when you first invest, which is aptly known as the initial charge. They’re usually between 3-5% but at Bestinvest, we usually don’t charge you a penny!

  • 0.75%
    Annual management charge

    This is how much the fund management company charges to run the fund. It’s like paying a babysitter, dog sitter or house sitter (that makes well-informed, heavily researched changes to improve your baby/dog/house when needed).

  • 1.09%
    Ongoing charges

    This stands for Ongoing Charges Figure. It’s the cost of running a fund and includes admin fees, manager fees, administration costs, etc.

  • 0.60%
    Yield

    How much the fund is currently paying out in income to investors. It’s NOT to be confused with the overall growth of a fund – a very different thing indeed. It’s also NOT a guarantee of future pay-outs, just a snapshot. This is more what it’s not than what it is…

Prices as at 17 February 2020

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.

Fund summary

Sector Specialist
Structure UNIT TRUST
Launched September, 2011
Size £669m
Yield 0.60%
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%

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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.

Manager research

Average monthly relative returns

  • 15/16 0.95%
  • 16/17 0.78%
  • 17/18 -0.48%
  • 18/19 -1.60%
  • 19/20 -0.43%

Bestinvest MRI

  • 3 years -0.84%
  • 5 years -0.16%
  • Career 0.13%
  • 3 years 2.00%
  • 5 years 42.50%
  • Career 86.90%

Performance figures are based on the average of monthly percentage returns relative to the benchmark index.

Avinash Vazirani

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 11.8 years experience of managing mutual funds in this sector. Over this period the average monthly return relative to the benchmark index has been +0.13%. During the worst period of relative performance (from October 2016 - December 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 -40.00% (December 2010 - August 2013)
Relative -29.00% (October 2016 - December 2019)

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.

Allocation

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Top 10 holdings

Data accurate as at 29 November 2019

8.1712% Godfrey Phillips India
6.9386% Hindustan Petroleum
5.638% Biocon
4.6768% Interglobe Aviation Limited
4.2792% Bharat Petroleum Corp
3.9563% State Bank Of India
3.8659% Icici Bank
3.5699% Hdfc Bank Ltd
3.4404% Fortis Healthcare (India) Ltd
3.1087% Nestle India
Source: Trustnet

Sector breakdown

Consumer Goods 26.00%
Financials 24.00%
Health Care 14.00%
Oil & Gas 11.00%
Consumer Services 8.00%
Industrials 7.00%
Technology 4.00%
Money Market 2.00%
Utilities 1.00%
Telecommunications 1.00%

Portfolio

80-100 stocks.

Constraints

Up to 10% of the portfolio may be invested in Pakistan, Sri Lanka and Bangladesh.

Key Investor Information

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