JPMorgan Indian (ticker: JII) was the first Indian trust to be launched in 1994. After a slow start and multiple manager changes, it produced a very strong period of relative returns from 1997 to 2016, comfortably outperforming the Indian market during this period. Its performance has been weaker on a relative basis since and the discount to NAV has widened from around 10% to 20%. The management team has been refreshed in the last few years with a new line-up that has shifted the focus of the portfolio more towards higher-quality companies. JII has just passed its latest five-year continuation...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
India Capital Growth (ticker: IGC) was launched in 2005 and raised £75m to invest in small- and mid-sized Indian companies, particularly illiquid opportunities that its managers believed to offer additional value. Its first few years were difficult with its cautious approach leading to it largely missing out when the Indian market moved substantially higher in both 2006 and 2009. A new management team was brought in over the course of 2010 and 2011 and they reshaped the portfolio, increasing the number of stocks and focusing on more liquid and faster-growing businesses. The trust's manager reb...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
Ashoka India Equity (ticker: AIE) joined the London market in July 2018 but only managed to raise £46m in its IPO due to concerns over how high oil prices might affect the Indian economy. It focuses on stock selection rather than making sectoral, macro, or market timing calls and has been the best-performing Indian trust since its launch. Ashoka has frequently traded at a premium rating and regular issuance has seen the share count rise from 46m to 111m. With its share price more than doubling as well, its market cap has climbed to £234m. Ashoka is run by White Oak Capital Management, which wa...
This is a premium article for our subscribers.
Please log in below to read it, or find out how to join the Money Makers Circle.
© 2026 Money Makers