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Indian Subcontinent All Cap
The strategy was launched in 2006. It invests in the shares of between 30-60 companies in the Indian region.
You can see all of the companies that this strategy invests in by filtering on our Portfolio Explorer tool.
- We define investment risk as losing clients’ money – this means we focus on looking after your money as well as growing it
- Companies must contribute to sustainable development and make a positive impact towards a more sustainable future. Portfolio Explorer >
- We invest in high-quality companies with exceptional cultures, strong franchises and resilient financials. How we pick companies >
- We avoid companies linked to harmful activities and engage and vote for positive change. Our position on harmful products >
Quarterly updates
Strategy update: Q4 2024
Indian Subcontinent All Cap strategy update: 1 October - 31 December 2024
One question we increasingly encounter when speaking to clients is: “isn’t India expensive now”? We can understand why clients are asking this, after all the MSCI India index has risen over 85% in the five years to end December 2024 and has increased by over 12% over the past 12 months alone.1
Two answers spring to mind here: firstly, that we are not investing in the index, we are trying to find the highest-quality companies we can and secondly, we keep a keen eye on valuations and position sizes to try and ensure our investments deliver good, long-term returns whilst also protecting capital. We still see lots of reasons to be positive about the outlook for our India holdings.
We have found a few new ideas at acceptable valuations and during the period we purchased Narayana Health (India: Health Care) which is supplying affordable, private healthcare in India. We also increased our holding in insurer ICICI Lombard (India: Financials).
We sold Mahindra Finance (India: Financials) as we struggled to build confidence in how the business was going to grow in the future.
We slightly trimmed our holdings in Mahindra & Mahindra (India: Consumer Discretionary) and Dr. Lal PathLabs (India: Health Care) due to higher valuations. Our belief in their long-term success remains strong.
More generally, we continue to assess all our investments from an individual company perspective, trying to understand the quality of the people and businesses that we are backing with your money. We are doing our best not to overpay for these investments and to hold them for a long time. We continue to believe that this is essential for protecting client money invested (capital preservation) and growth.
[1] Source: FactSet. USD total returns.