Review: Indian specialist backs cyclical recovery
JPMorgan Indian Investment Trust (JII) has performed strongly over the past six months, as a landslide election victory for pro-reform Narendra Modi of the BJP sparked a major reappraisal of the stock market. The trust seeks capital growth from a portfolio of companies chosen for their quality, value and growth characteristics. The managers take a long-term view and made an early move into cyclical stocks, which hurt performance during the ‘taper tantrum’ in mid-2013, but has helped drive returns since the turn of the year. A move down the capitalisation spectrum has seen turnover tick up, but it remains within a long-term range below 40%. The discount – although above 10% – is around average levels, perhaps reflecting greater caution towards single-country funds.JPMorgan Indian Investment Trust is an investment trust company. Co. invests in a portfolio of equity and equity-related securities of Indian companies and also in companies which earn a material part of their revenues from India. Co. employs JPMorgan Funds Limited (JPMF) as its Alternative Investment Fund Manager. JPMF delegates the management of Co.'s portfolio to JPMorgan Asset Management (UK) Limited.
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