Fund Profile


Disclosure – Non-Independent Marketing Communication

This is a non-independent marketing communication commissioned by JPMorgan Indian. The report has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on the dealing ahead of the dissemination of investment research.

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JPMorgan Indian (JII) seeks to generate capital growth over the long term through a portfolio of Indian companies. JII is managed by Ayaz Ebrahim, co-head of the Asia Pacific Regional team, who draws on the work of a large team of specialist analysts looking at Asian equities which provide context for the Indian market. Ayaz was recently joined by Amit Mehta and Sandip Patodia on the management team following the decision of Rajendra Nair to leave JPMorgan. There will be full continuity of process, however, as this is built on a stable and consistent framework shared across the JPMorgan regional team.

Ayaz and the team believe that high-quality companies which have strong financials and steady earnings’ growth potential are best placed to provide superior returns to shareholders as India develops. The financial sector is the largest weighting in the portfolio, followed by IT and consumer discretionary. These are the sectors that the team see as the principal beneficiaries of India’s development.

JII’s Performance over a five-year period has been disappointing, the NAV total return significantly behind the benchmark. Largely, this is owing to decisions on individual stocks, specifically underweight positions in Reliance Industries and Infosys. Perhaps partly as a result, the Discount has widened out to 22.6% at the time of writing, which compares to a five-year average of 14.1%. Buybacks and a tender offer, first due in 2025, should provide some support to the rating.

JII is the largest India specialist investment trust on the market, and this has contributed to it having the lowest ongoing charges’ figure (OCF) in the AIC India sector of 0.83%.

Analyst's View

We believe that India offers strong long-term growth attractions and is set to follow a development path similar to that of China, which should provide attractive opportunities for the long-term investor. Ayaz and the team believe India it to be approximately 15 years behind China. Key to its prospects is a myriad of secular structural drivers including its growing population and labour force that is highly educated, increasingly skilled and cheap. We think the JPMorgan EMAP team have a disciplined and attractive investment process which provides the potential for alpha generation, notwithstanding disappointing recent returns. Given the structured, repeatable process, we expect full continuity of approach after the departure of Rajendra Nair from the management team.

At the time of writing, Indian stocks have recovered well and indices are trading comfortably higher than pre-covid levels. However, Ayaz and the team are wary of valuations in the market, especially since the economic environment has become highly uncertain amidst global central banks raising interest rates to combat inflation. Thus, as they do not feel the need to use gearing, they sit on a small net cash position.

JII is not alone amongst its peer group in trading at a wide discount; we believe that this is due partly to the perception of higher risk associated with a single-country fund, as well as JII’s underperformance. We believe that investors looking for access to aligning with India’s long-term development prospects could find the wide discount an attractive potential booster to returns.


  • Long-term growth potential in India, boosted by recent business-friendly reforms
  • Shares trading on wide discount
  • JII is the cheapest India trust on an OCF basis, and the largest and most liquid


  • Stock-picking has hindered relative returns in recent years
  • Cautious investment approach with no gearing could hold back returns in up-trending markets
  • Single-country funds bring extra volatility and country-specific political and economic risks
Continue to Portfolio

Fund History

09 Feb 2024 Fund Analysis
JII has delivered improved performance under a new management team…
10 Jan 2024 Definitely maybe
Fund flows and discounts may shed some light on a once-in-a-generation opportunity…
13 Jul 2023 Fund Analysis
JII invests in one of the most exciting growth stories in markets…
26 Oct 2022 Fund Analysis
JII offers access to India’s long-term potential at a significant discount…
15 Sep 2022 Same same but different
We discuss the case for emerging markets at different stages of development…
21 Dec 2021 Fund Analysis
JII offers access to the long-term growth story in India on a significant discount…
08 Dec 2021 We are the (ESG) champions
Investment trusts tend to be amongst the best-performing ESG strategies in the combined open- and closed-ended universe…
14 Apr 2021 Fund Analysis
JII is the largest and cheapest trust offering exposure to the growth opportunities in India…
31 Mar 2021 East End boys and West End girls
Our analysts debate whether the US or Asian stock markets will deliver the best returns over the next decade…
20 Oct 2020 Fund Analysis
JII is trading on an extremely wide discount relative to its history…
07 Oct 2020 Five ways to play Indian equities
India is struggling economically – but could there be a value opportunity in the stock market?
13 Mar 2020 Fund Analysis
JII owns a portfolio of high-quality companies benefitting from India’s dramatic secular development…
05 Aug 2019 Fund Analysis
JPMorgan Indian (JII) owns a portfolio of Indian equities, with a bias to quality, invested over the long term...
30 Nov 2017 Race ready?
We analyse the outlook for emerging markets and, in particular, the genuine active funds that focus on them…
08 Nov 2017 Straight talking...
Bronwyn Curtis OBE, chairman of JPMorgan Asian, tells us why making the tough decisions and addressing the elephant in the room are her forte...
27 Sep 2017 Fund Analysis
A growth-orientated Indian equity trust with a track record of long-term outperformance run by a highly-experienced management team...
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