Overview

Talking factsheet

Our investment approach

Why India

Meet the team

Jupiter

INDIA SELECT

The Award listed here should not
be taken as a recommendation.

“India is an incredibly exciting market to invest in. Not only does it offer investors access to one of the fastest growing economies on the planet, but it’s also broad and deep, with over 5000 listed companies, and almost 500 companies with market caps north of $1 billion.”

Avinash Vazirani & Colin Croft, Investment Managers, and Leighton Riley, Investment Director

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Investment process

Bottom-up, “Growth at a Reasonable Price” approach

Idea generation

Quantitative screening

Broker
research

Structural
trends

Country
visits

Company meetings

Cash flow generation

Operational efficiency

Low balance-sheet risk

Well-priced quality

Portfolio Conviction-led diversified c. 60–80 stocks

~ 4,700 stocks

Radar screen
200–300 stocks

Watch list
10–20 stocks

Shortlist
5–10 stocks

PORTFOLIO

WHY INDIA

India has strong growth fundamentals 

The South Asian country is the next emerging giant -like China in the 2000s, or Japan in the 1960s. With the country poised to become the world’s third largest economy in the next few years, we think no other country offers this combination of scale, governance and high-visibility growth. The long-term investment case for India is driven by a host of factors including domestic consumption, favourable demographics, technology, and financial inclusion. 

Most populous nation on earth

With favourable demographics

On track to become the third largest economy by 2027

(Source: CIA Factbook, Jan 2024)

The Indian market has outperformed other major markets

Over 20 years, the MSCI India outperformed the S&P 500 by 97pp in USD terms

677.2

580.6

238.2

Past performance is no indication of current or future performance. Source: Bloomberg, as at 29.02.24.

Superior forward earnings growth*

14%

12%

11%

10%

4%

India

USA

China

MSCI EM

MSCI ACWI

*Two-years forward EPS growth. Source: CLSA, January 2024 (FY26 over FY24).

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*Two-years forward EPS growth. Source: CLSA, January 2024 (FY26 over FY24).

MSCI ACWI

4%

MSCI EM

10%

China

11%

USA

12%

14%

India

Superior forward earnings growth*

Past performance is no indication of current or future performance. Source: Bloomberg, as at 29.02.24.

238.2

580.6

677.2

Over 20 years, the MSCI India outperformed the S&P 500 by 97pp in USD terms

The Indian market has outperformed other major markets

With favourable demographics

Most populous nation on earth

The South Asian country is the next emerging giant -like China in the 2000s, or Japan in the 1960s. With the country poised to become the world’s third largest economy in the next few years, we think no other country offers this combination of scale, governance and high-visibility growth. The long-term investment case for India is driven by a host of factors including domestic consumption, favourable demographics, technology, and financial inclusion. 

India has strong growth fundamentals 

WHY INDIA

60–80 best ideas

Balance sheet liabilities matched 
by expected cash flows 

Efficient use of capital in context 
of price paid

Earnings backed by cash flows

Liquidity sufficient
for position size

Favourable changes in management or industry dynamics

Earnings underestimated
by street

Valuation attractive
vs. peers

IPOs

Visiting
India

Earnings
results

Thematic
ideas

Sell side 
analysts

Company
meetings

Quant
screen

Indian stock market

PORTFOLIO

Shortlist
5–10 stocks

Watch list
10–20 stocks

Radar screen
200–300 stocks

~ 4,700 stocks

Portfolio Conviction-led diversified c. 60–80 stocks

Well-priced quality

Low balance-sheet risk

Operational efficiency

Cash flow generation

Company meetings

Country
visits

Structural
trends

Broker
research

Quantitative screening

Idea generation

Bottom-up, “Growth at a Reasonable Price” approach

Investment process

scroll down

The Award listed here should not
be taken as a recommendation.

“India is an incredibly exciting market to invest in. Not only does it offer investors access to one of the fastest growing economies on the planet, but it’s also broad and deep, with over 5000 listed companies, and almost 500 companies with market caps north of $1 billion.”

Meet the team

Why India

Our investment approach

Talking factsheet

Overview

On track to become the third largest economy by 2027

Jupiter

Avinash Vazirani & Colin Croft, Investment Managers, and Leighton Riley, Investment Director