JPMorgan Indian’s interims for the six months ended 31 March 2015 show the fund producing a total return on net assets of 26.8% well ahead of the Company’s benchmark index, the MSCI India Index (in sterling terms), which returned +14.3% over the period. The return to shareholders was +26.7%, reflecting a stable discount which moved only marginally over the six months.
The report says the portfolio was positioned for a domestic cyclical recovery. The overweight positions in financials and in the cement sector, and the underweight position in global cyclical stocks were the key contributors to the performance. Unfortunately they didn’t go into more specific detail.
JII : JPMorgan Indian hits sweet spot in its market