JPMorgan Indian Investment Trust plc - Ordinary Shares - J.P. Morgan Asset Management

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Manager Commentary

Fund Managers

In their words (as of 30 Sep 2016)

The Company's share price and net asset value underperformed the benchmark in September. Stock selection contributed to the underperformance, while sector allocation was positive but not enough to offset the contribution from stock selection. Performance was impacted by our overweight positions in cement stocks (ACC, Ambuja Cement and Ultratech Cement), and in Ashok Leyland and Jubilant Foodworks. The overweight in financials (HDFC Bank and Kotak Mahindra Bank) detracted from performance, as the stocks suffered from profit taking following a strong run this year. The underweight position in Reliance Industries also detracted. Underweights in expensive consumer staples (ITC and Hindustan Unilever) contributed positively. The overweight in Maruti Suzuki also contributed positively on the back of strong demand for its new mid-sized range of cars.


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AGM information

Annual General Meeting: 01 February 2017 12 noon at 60 Victoria Embankment, London, EC4Y 0JP

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Benchmark Source: MSCI. Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express of implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent.
Source:Morningstar (
3 Actual gearing: Represents the excess amount above shareholders' funds of total assets less cash/cash equivalents, expressed as a percentage of shareholders funds. If the amount calculated is negative, this represents a net cash position.
7 Non-Benchmark holdings (where held) are classified in the appropriate sector/region. Cash is net current assets and holdings used as cash substitutes if applicable.