JPMorgan India Growth & Income (JIGI)

JPMorgan India Growth & Income (JIGI) is the only trust focussed on Indian equities offering a competitive yield, as a result of its enhanced Dividend strategy, which pays out 4% of the year-end NAV as equal quarterly payments over the next year. This approach does not affect managers Amit Mehta and Sandip Patodia’s approach of identifying high-quality companies from across the Indian market, which they back with conviction in a relatively concentrated Portfolio of 50 to 60 holdings. Their flexible approach has meant that whilst the trust has one of the highest percentages of large caps in the peer group, there is still a notable amount in small and mid caps.

In the past year, the managers have added to stocks that align with some of the structural drivers of the Indian economy, including an increase in consumer spending and ongoing financial inclusion as the country and the population become wealthier. This has resulted in an overweight to the financial sector, although stocks will always be selected on a bottom-up basis, with the managers looking for high-quality firms with growth potential that are trading at a reasonable valuation.

The new dividend strategy was introduced in 2025 alongside a number of strategic initiatives, including a name change to JPMorgan India Growth & Income to reflect the new policy, a reduction in the Charges, an increase in share buybacks and a triannual tender offer, with the next one coming in 2028. This resulted in the Discount narrowing notably to its current level of c. 7%, considerably narrower than the trust’s own five-year average of 16%.