Investment objective and policy

The Fund aims to achieve capital growth over the long term (at least five years).

The Fund invests in shares of companies based in or where the majority of their activities take place in India, Pakistan, Sri Lanka or Bangladesh and that are listed on exchanges worldwide. The Fund invests in shares of high quality companies which are positioned to contribute to, and benefit from, sustainable development.

Investment decisions around high quality companies are based on three key points: (i) Quality of management. (ii) Quality of the company including its social usefulness, their environmental impacts and efficiency and responsible business practices. (iii) Quality of the company's finances and their financial performance. Sustainability is a key part of the approach.

The Fund may invest up to 10% in other funds. The Fund will only use derivatives to reduce risk or to manage the Fund more efficiently in limited cases.

Sustainable investment labels help investors find products that have a specific sustainability goal. This product does not have a UK sustainable investment label as it does not have a non-financial sustainability objective. Its objective is to achieve capital growth over the long-term by following its investment policy and strategy.

This page is updated monthly. Visit Fund literature page for Factsheets, Quarterly Reports, KIIDS and Prospectuses.

Stewart Investors Indian Subcontinent All Cap Fund

Overview of Stewart Investors Indian Subcontinent All Cap Fund performance

Fund name Fund type Currency Price Daily change Price date Factsheet
Stewart Investors Indian Subcontinent All Cap Class A (Acc) OEIC EUR 733.85 -0.42 06 Dec 2024

Fund information (as at 31/10/2024)

Fund launch date 15 November 2006
Share class launch date 01 May 2008
Fund size (€m) 829.0
UK Investment Assocation sector India
Benchmark MSCI India Net Index
Number of holdings 34
Fund managers Sashi Reddy/David Gait
Minimum investment €1000/€500 subsequent
Initial charge 0%
Ongoing charges^^ 1.8%
Share type ACCUMULATION
Sedol B2PF5X1
ISIN GB00B2PF5X11
Research rating** Morningstar®:Silver
Square Mile:Responsible AA
RSM:Rated

Top 10 holdings (as at 31/10/2024)

Stock name %
Mahindra & Mahindra Ltd. 8.7
Tube Investments of India Limited 7.6
Blue Dart Express Limited 5.1
Triveni Turbine Ltd 5.1
Cholamandalam Financial Holdings 5.0
HDFC Bank INR1 4.4
Aavas Financiers Ltd. 4.0
CG Power & Industrial Solutions Ltd 3.6
Dr. Reddy's Laboratories Ltd. 3.5
Cyient Limited 2.9

Performance

Annualised performance as at 31 Oct 2024

Annual performance (% in EUR) Share type 12 mths to 31 Oct 2024 12 mths to 31 Oct 2023 12 mths to 31 Oct 2022 12 mths to 31 Oct 2021 12 mths to 31 Oct 2020
Stewart Investors Indian Subcontinent All Cap Fund Class A (Acc) 23.6 -1.0 11.2 50.1 -2.1
Benchmark * - 29.2 -2.6 9.0 51.2 -6.7

Annualised performance as at 31 Oct 2024

Strategy
Fund
Benchmark *
Share type
Class A (Acc)
-
12 mths to 31 Oct 2024
23.6
29.2
12 mths to 31 Oct 2023
-1.0
-2.6
12 mths to 31 Oct 2022
11.2
9.0
12 mths to 31 Oct 2021
50.1
51.2
12 mths to 31 Oct 2020
-2.1
-6.7

Cumulative performance as at 31 Oct 2024

Cumulative performance (% in EUR) Share type Launch date 3mths 6mths 1yr 3yrs 5yrs 10yrs Since launch
Stewart Investors Indian Subcontinent All Cap Fund Class A (Acc) 01 May 2008 -4.0 9.3 23.6 36.0 99.9 185.6 612.4
Benchmark * - - -5.6 4.4 29.2 37.2 93.6 163.4 242.7

Cumulative performance as at 31 Oct 2024

Strategy
Fund
Benchmark *
Share type
Class A (Acc)
-
Launch date
01 May 2008
-
3mths
-4.0
-5.6
6mths
9.3
4.4
1yr
23.6
29.2
3yrs
36.0
37.2
5yrs
99.9
93.6
10yrs
185.6
163.4
Since launch
612.4
242.7

* MSCI India Net Index

These figures refer to the past. Past performance including simulated past performance is not a reliable indicator of future results. For investors based in countries with currencies other than that of the above, the return may increase or decrease as a result of currency fluctuations. The past performance shown here includes fees, any reinvested income and tax.

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Sector breakdown as at 31 Oct 2024

Country breakdown as at 31 Oct 2024

Fund level reporting to 30 June 2024

  • As at 30 June 2024, the Fund held 35 companies.
  • All companies (100%) were contributing to at least one human development pillar and, in total, were making 98 contributions to the pillars.
  • 22 companies (63%) were contributing to climate change solutions. These companies were contributing to 37 different solutions and, in total, were making 78 contributions to the solutions.

The social and environmental outcomes for the Fund are provided in the charts.

Full information on our ESG/Sustainability Fund reporting is available here.

Risk Factors

The value of investments and any income from them may go down as well as up and is not guaranteed. Investors may get back significantly less than the original amount invested.

The Fund may also experience the following risks:

Emerging market risk: Emerging markets tend to be more sensitive to economic and political conditions than developed markets. Other factors include greater liquidity risk, restrictions on investment or transfer of assets, failed/delayed settlement and difficulties valuing securities.

Currency risk: The Fund invests in assets which are denominated in other currencies; changes in exchange rates will affect the value of the Fund and could create losses. Currency control decisions made by governments could affect the value of the Fund's investments and could cause the Fund to defer or suspend redemptions of its shares.

Indian subcontinent risk: although India has seen rapid economic and structural development, investing there may still involve increased risks of political and governmental intervention, potentially limitations on the allocation of the Fund's capital, and legal, regulatory, economic and other risks including greater liquidity risk, restrictions on investment or transfer of assets, failed/delayed settlement and difficulties valuing securities.

For further information on risks, please refer to the Risk Factors section in the Company prospectus.

Investment should be made on the basis of the Prospectus and Key Investor Information Document. If you are in any doubt as to the suitability of any of our funds for your investment needs, please seek independent financial advice.

Fund name changes

As of end of 2024, please note that Stewart Investors strategies and the Funds within the UK First Sentier Investors ICVC and First Sentier Investors Global Umbrella Fund plc (Irish VCC) have been renamed. Please refer to our note via the link below for further information.

Important information

These figures refer to the past. Past performance is not a reliable indicator of future results. For investors based in countries with currencies other than EUR, the return may increase or decrease as a result of currency fluctuations.

All performance data for the Stewart Investors Indian Subcontinent All Cap Fund Class A (Accumulation) EUR as at specified date. Source for fund - Lipper IM / Stewart Investors. Performance data is calculated on a net basis by deducting fees incurred at fund level (e.g. the management fee and other fund expenses), save that it does not take account of initial charges or switching fees (if any). Income reinvested is included on a net of tax basis. Source for benchmark - MSCI, income reinvested net of tax. Since inception performance figures have been calculated from 01 May 2008.

* The benchmark for this Fund has been identified as a means by which investors can compare the performance of the Fund and has been chosen because its constituents most closely represent the scope of the investable assets. The benchmark is not used to limit or constrain how the portfolio is constructed nor is it part of a target set for Fund performance. Given the diverse nature of the constituent funds within the Specialist IA sector the manager does not compare performance of this Fund with its IA sector.

^ An initial charge of up to 4% may be levied in certain circumstances, including on regular savings plans and may be remitted as commission to an intermediary.

^^ The ongoing charge figure (OCF) is calculated on the same basis as for the Key Investor Information Document and represents the charges you will pay over a year for as long as you hold your investment and may vary from year to year. The OCF is made up of the annual management charge and additional expenses, but excludes portfolio transaction costs. For further information about charges and costs please visit https://www.firstsentierinvestors.com/uk/en/private/charges-overview.html.

** This does not constitute an investment recommendation and is not indicative of future results. Methodology available on rating provider's website.