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Bumper year for JPMorgan India

JP Morgan Indian Investment Trust results for the year ended 30 September 2014 have been published. It was a great year for the trust as it delivered a return on net assets of 38.9% and a return to shareholders of 44.4%, both ahead of the 37.5% return on the MSCI India Index.

The manager’s report says the bulk of the positive contribution came from stock selection in the automobile and bank sectors. In the automobile sector, overweight exposures to Maruti Suzuki India and Tata Motors were the most successful, as the share prices of those stocks significantly outperformed on the back of improvement in four–wheeler sales volumes. In the bank sector, they maintained significantly overweight exposure to several privately owned banks, which proved to be successful. The largest positive contributors were overweight positions in HDFC Bank, Indusind Bank, Axis Bank, IDFC Ltd and Kotak Mahindra Bank. The share prices of these banks significantly outperformed the market on the back of strong loan growth.

On the negative side, underweight positions in the construction & engineering sector and in the domestic defensive sectors, such as IT services, pharmaceuticals and tobacco, detracted from performance.

JII : Bumper year for JPMorgan India

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